MIRA INFORM REPORT

Report Date :

16.11.2012

IDENTIFICATION DETAILS

Name :	MANIKA MOULDS PRIVATE LIMITED
Registered Office :	Aar-Pee Centre, 601/605, 6^th Floor, GUFIC Compound, MIDC, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.04.1996
Com. Reg. No.:	11-099111
Capital Investment / Paid-up Capital :	Rs.200.000 millions
CIN No.: [Company Identification No.]	U74999MH1996PTC099111
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20410F
PAN No.: [Permanent Account No.]	AABCM4545Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of Various kinds/types of Plastic Moulded Products.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1600000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge external borrowing recorded by the company which can be threat to the company’s liquidity. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with same caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	23 April 2012

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	23 April 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Corporate Office :	AAR-PEE Centre, 601/605, 6^th Floor, GUFIC Compound, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-28200992/42234300
Fax No.:	91-22-28200996
E-Mail :	info@manikamoulds.com bhavin@manikmoulds.com marketing@manikamoulds.com
Website :	http://www.manikamoulds.com
Area :	3500sq.fts (Approximately)
Location :	Owned

DIRECTORS

As on: 30.09.2011

Name :

Mr. Nikunj Mohanlal Kapadia

Designation :

Director

Address :

Flat 601, Gada Residency, Plot No.20, Saurabh Vallabh Society, 4^th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

05.05.1947

Qualification :

BSC

Date of Appointment :

25.04.1996

DIN :

00877120

Name :

Mrs. Malti Nikunj Kapadia

Designation :

Director

Address :

Flat 601, Gada Residency, Plot No.20, Saurabh Vallabh Society, 4^th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

27.04.1950

Date of Appointment :

25.04.1996

DIN :

00905146

Name :

Mr. Munjal Nikunj Kapadia

Designation :

Director

Address :

Flat 601, Gada Residency, Plot No.20, Saurabh Vallabh Society, 4^th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

15.08.1977

Qualification :

Graduate in Plastic Technologies

Date of Appointment :

25.04.1996

DIN :

00876921

Other Directoship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999MH1996PTC099111	MANIKA MOULDS PRIVATE LIMITED	Director	25/04/1996	25/04/1996	Active	NO
2	U25200MH1999PTC118168	MANIKA TECHNOPLAST PRIVATE LIMITED	Director	5/2/1999	5/2/1999	Active	NO

Name :

Mr. Mihir Nikunj Kapadia

Designation :

Director

Address :

Flat 703, Gada Residency, Plot No.20, Saurabh Vallabh Society, 4^th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

09.04.1979

Qualification :

BE in Production Engineering, Pain Plastically

Date of Appointment :

28.06.1997

DIN :

00877316

Other directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999MH1996PTC099111	MANIKA MOULDS PRIVATE LIMITED	Director	28/06/1997	28/06/1997	Active	NO
2	U25200MH1999PTC118168	MANIKA TECHNOPLAST PRIVATE LIMITED	Director	5/2/1999	5/2/1999	Active	NO

Name :

Mr. Pratik Nikunj Kapadia

Designation :

Director

Address :

Flat 601, Gada Residency, Plot No.20, Saurabh Vallabh Society, 4^th Road, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

02.11.1983

Qualification :

Post Graduate in Plastic Technology

Date of Appointment :

05.11.2001

DIN :

00877370

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Nikunj Mohanlal Kapadia	4000000
Malti Nikunj Kapadia	4000000
Munjal Nikunj Kapadia	4000000
Mihir Nikunj Kapadia	4000000
Pratik Nikunj Kapadia	4000000
Total	20000000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of Various kinds/types of Plastic Moulded Products.
Products :	· Automotive Battery Casings · Maintenance Free Battery Casings · Industrial Battery Casings · Motorcycle Battery Casing · Inverter Battery Casings

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Injection Moulding Items	Pcs.	12780 mts per annum	63986467

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· Bank of Baroda, Pushpa Kunj Nehru Road, Santacruz (East), Mumbai - 400055, Maharashtra, India

· State Bank of India, Mid Corporate Loan Administrative Unit, R T O Lane, Four Bungalows, Andheri (West), Mumbai – 400053, Maharashtra, India

· State Bank of India, Industrial Finance Branch Sakinaka, 1st Floor, Saki Vihar Road, Sakinaka, Andheri (East), Mumbai - 400072, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	162.583	68.634
Foreign currency loans banks secured	42.661	43.077
Working capital loans banks secured	282.871	111.213
Loans taken for vehicles secured	1.365	0.476
Total	489.480	223.400
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	15.915	1.637
Other debt unsecured	0.288	0.199
Total	16.203	1.836

Banking Relations :	--
Auditors :
Name :	D G Thakarar and Associates Chartered Accountants
Address :	B/14, Shubhlaxmi, 2nd Floor, 8th Road, Santacruz (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-26102890 (3 Lines)
Fax No.:	91-22-26102890 (Extn. 23)
Email :	cadgta@yahoo.com
PAN :	AAKPS6941E
Subsidiary Company :	Aquline Inc. FZE (United Arab Emirates)

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		200.000	90.000	90.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		200.318	132.698	34.041
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		400.318	222.698	124.041
LOAN FUNDS
1] Secured Loans		489.480	223.400	143.685
2] Unsecured Loans		16.203	1.836	13.507
TOTAL BORROWING		505.683	225.236	157.192
DEFERRED TAX LIABILITIES		9.104	0.812	0.000
TOTAL		915.105	448.746	281.233
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		320.974	191.261	133.364
Capital work-in-progress		72.517	20.523	0.000
INVESTMENT		1.695	1.695	1.695
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	335.160	112.048	60.705
	Sundry Debtors	325.153	183.997	86.545
	Cash & Bank Balances	55.334	14.319	7.835
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	102.054	108.610	63.308
Total Current Assets		817.701	418.974	218.393
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	234.273	118.262	58.613
	Other Current Liabilities	6.561	35.898	2.110
	Provisions	57.808	29.547	11.496
Total Current Liabilities		298.642	183.707	72.219
Net Current Assets		519.059	235.267	146.174
MISCELLANEOUS EXPENSES		0.860	0.000	0.000
TOTAL		915.105	448.746	281.233

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1598.914	981.254
		Other Income	NA	NA
		TOTAL (A)	NA	NA	712.258
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		282.855	312.866	670.805 (Including Finance and depreciation)
Less	FINANCIAL EXPENSES (D)		69.310	170.557
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		213.545	142.309
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.510	21.176
	PROFIT BEFORE TAX (E-F) (G)		180.035	121.133	41.453
Less	TAX (H)		22.405	19.289	10.315
	PROFIT AFTER TAX (G-H) (I)		157.630	101.844	31.138
Less	Adjustment of Taxation		0.011	0.028	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		73.098	24.441	0.803
Less	APPROPRIATIONS
		Transfer to General Reserve	150.400	50.000	7.500
		Dividend	0.000	2.700	0.000
		Tax on Dividend	0.000	0.459	0.000
	BALANCE CARRIED TO THE B/S		80.317	73.098	24.441
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	68.083	78.787	56.276
	TOTAL EARNINGS		68.083	78.787	56.276
	IMPORTS
		Raw Materials	144.489	63.052	0.000
	TOTAL IMPORTS		144.489	63.052	0.000
	Earnings Per Share (Rs.)		7.88	11.31	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	4.37
Net Profit Margin (PBT/Sales)	(%)	11.26	12.34	NA
Return on Total Assets (PBT/Total Assets}	(%)	15.81	19.85	11.78
Return on Investment (ROI) (PBT/Networth)		0.45	0.54	0.33
Debt Equity Ratio (Total Liability/Networth)		2.01	1.84	1.84
Current Ratio (Current Asset/Current Liability)		2.73	2.27	3.05

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The Registered Office of the company has been shifted from 22-Amilandhara Society Andheri (W) Mumbai Maharashtra India 400058 to the present address w.e.f.24.09.2007

Nature of Operation:

Manika Moulds Private Limited is a company formed and registered under companies Act, 1956. The principal activity of company is manufacturing of various kind/types of plastic Moulded products at Silvasa and Uttarakhand.

Bankers Charges Report as per Registry

Corporate identity number of the company	U74999MH1996PTC099111
Name of the company	MANIKA MOULDS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Aar-Pee Centre, 601/605, 6^th Floor, GUFIC Compound, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India sumit.mittal@icicibank.com
Nature of instrument creating charge	Deed of Hypothecation Dated 12th JULY,2012
Date of instrument Creating the charge	12.07.2012
Amount secured by the charge	Rs.150.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the terms and conditions agreed between the bank and the company. Terms of Repayment As per the terms and conditions agreed between the bank and the company. Margin As per the terms and conditions agreed between the bank and the company. Extent and Operation of the charge First pari passu charge on the company's current assets.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The whole of the Current Assets of the Borrower namely Stocks of Raw Material, Stock in Process, Semi Finished and Finished Goods, Consumable Stores and Spares, Bills Receivable and Book Debts and all other movables, both present and future, whether in the possession or under the control of the Borrower or not, whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of these presents be brought into or upon or be stored or be in or about all the Borrower's factories, premises and godowns or whereever else the same may be or be held by any party to the order or disposition of the Borrower or in the course of transit or on high seas or on order of delivery.

BUSINESS OPERATIONS:

The Company continues to retain it’s leadership position in it’s business segment.

Total Revenue for the company has increased from 1031.100 millions to Rs. 1718.100 millions - a growth of 66.64%. Directors are pleased to inform that the Company has registered a growth of 65.84% in operating profit (PBIDT) during the year which shows consistency with growth in revenue. The operating Profit before tax has increased to Rs. 180.000 millions from Rs. 121.100 millions in the previous year showing thereby a growth of 48.63%.

FIXED ASSETS:

· Factory Gala

· Plant and Machinery

· Moulds

· Factory Equipment

· Electrical Installations

· Computer

· Furniture and fixture

· Office Equipment

· Air Conditioner

· Cycle

AS PER WEBSITES DETAILS:

Board of Director:

Mr. Nikunj Kapadia, Chairman

The visionary and strategist Chairman lay the very foundation of Manika by his foresight, planning and meticulous financial discipline. Focused not only on performance and controls, but also on people and goals, he has created leaders who now lead Manika to greater heights.

Mr. Munjal Kapadia, CEO, Managing Director

A graduate in Plastic Technology he heads Finance, Strategy and Business development. A fire brand leader charges up people with his high energy and charisma. He has spearheaded the growth of the company from single machine operation to a multi location, multi product manufacturing organization, and now the largest in the country in its product segment.

Mr. Mihir Kapadia, Executive Director

Mr. Mihir Kapadia, a B.E. in Production Engineering and a post graduate in Plastics Technology, he heads the operations of all plants. His passion for systems & processes and eye for detail has ensured high efficiency in operations and greater throughput. He has been instrumental in conceptualization and implementation of new projects, as well as strategic product design and development.

Mr. Pratik Kapadia, Director - Marketing

A post graduate in plastic technology Mr. Pratik spearheads Marketing division of Manika. He has developed new markets for the company in India and Abroad and personally holds key Customer accounts.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.96
UK Pound	1	Rs.87.10
Euro	1	Rs.70.03

INFORMATION DETAILS

Report Prepared by :

DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
-RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		36

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.