MIRA INFORM REPORT

Report Date :

12.10.2012

IDENTIFICATION DETAILS

Name :	LATIYAL HANDICRAFTS PRIVATE LIMITED
Registered Office :	Latiyal Vatika, Pal Road, Jodhpur-342007, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.05.2005
Com. Reg. No.:	17-020853
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U74994RJ2005PTC020853
TAN No.: [Tax Deduction & Collection Account No.]	JDHL01281A
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Indian Handicrafts
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (37)

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

Maximum Credit Limit :	USD 230000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The liquidity position of the company appears to be under pressure as it has huge external borrowings. However, the company has recorded a growth of almost 25% in its turnover during the 2011 over last year. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some 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	SHORT TERM BANK FACILITIES : A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	23.03.2012

Rating Agency Name	CARE
Rating	LONG TERM BANK FACILITIES : BB
Rating Explanation	Moderate risk of default
Date	23.03.2012

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 / Factory :	Latiyal Vatika, Pal Road, Jodhpur-342007, Rajasthan, India
Tel. No.:	91-291-2747810/ 2741873/ 2745482
Fax No.:	91-291-2748680
E-Mail :	neelambhandari00@gmail.com info@latiyalhandicrafts.com sales@latiyalhandicrafts.com sds109@rediffmail.com
Website :	http://www.latiyalhandicrafts.com

DIRECTORS

As on 14.07.2011

Name :	Mr. Radhey Shyam Ranga
Designation :	Director
Address :	57, Jwala Vihar, Jodhpur, Jodhpur-342008, Rajasthan, India
Date of Appointment :	30.05.2006
DIN No.:	00350148

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74994RJ2006PTC022085	ADITYA HANDICRAFTS PRIVATE LIMITED	Director	15/02/2006	15/02/2006	Strike off	NO
2	U74994RJ2005PTC020853	LATIYAL HANDICRAFTS PRIVATE LIMITED	Director	30/05/2006	30/05/2006	Active	NO
3	U15141RJ1991PTC006349	SARAS VEG OIL PRIVATE LIMITED	Director	29/04/2008	29/04/2008	Active	NO

Name :	Mr. Dev Narayan Ranga
Designation :	Director
Address :	57, Jwala Vihar, Jodhpur, Jodhpur-342008, Rajasthan, India
Date of Appointment :	30.05.2006
DIN No.:	00350195

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74994RJ2005PTC020853	LATIYAL HANDICRAFTS PRIVATE LIMITED	Director	30/05/2006	30/05/2006	Active	NO
2	U15141RJ1991PTC006349	SARAS VEG OIL PRIVATE LIMITED	Director	29/04/2008	29/04/2008	Active	NO

Name :	Mr. Ganesh Kumar Ranga
Designation :	Director
Address :	57, Jwala Vihar, Jodhpur, Jodhpur-342008, Rajasthan, India
Date of Appointment :	30.05.2006
DIN No.:	01398725
Name :	Mrs. Gayatri Ranga
Designation :	Director
Address :	H No. 57, Jawala Vihar, Near Kothari Hospital, Chopasni Housing Board, Jodhpur-342001, Rajasthan, India
Date of Appointment :	30.05.2006
DIN No.:	01503801
Name :	Mr. Pradyumna Ranga
Designation :	Director
Address :	H No. 57, Jawala Vihar, Near Kothari Hospital, Chopasni Housing Board, Jodhpur-342001, Rajasthan, India
Date of Appointment :	30.05.2006
DIN No.:	01503838

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74994RJ2005PTC020853	LATIYAL HANDICRAFTS PRIVATE LIMITED	Director	30/05/2006	30/05/2006	Active	NO
2	AAA-0976	EMERGING ESTATES LLP	Designated Partner	18/03/2010	18/03/2010	Active	NO

KEY EXECUTIVES

Name :	Ms. Neelam Bhandari
Designation :	Practicing Company Secretary
Address :	Mohan Niwas, near Mumal Beauty Parlour, 1^st B Road, Sardarpura, Jodhpur, Rajasthan, India
Qualification :	B.Com and ACS

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.07.2011

Names of Shareholders	No. of Shares
Radhe Shyam Ranga	68700
Ganesh Ranga	725200
Dev Narayan Ranga	68700
Gayatri Ranga	68700
Pradyumna Ranga	68700
Total	1000000

List of Allottees

As on 25.11.2011

Names of Allottees	No. of Shares Allotted
Radhe Shyam Ranga	66300
Pradyumna Ranga	101300
Radhe Shyam Ranga (HUF)	60000
Gayatri Ranga	66300
Madhu Ranga	30000
Jaya Ranga	20000
Sonu Ranga	15000
Total	358900

Equity Share Breakup (Percentage of Total Equity)

As on 14.07.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Indian Handicrafts
Products :	Handicraft Items

GENERAL INFORMATION

Bankers :

• State Bank of Bikaner and Jaipur, Sardarpura Branch, Jodhpur, Rajasthan, India
• Punjab National Bank, Ratanada Branch, Ratanada Colony, Jodhpur-342001, Rajasthan, India
• HDFC Bank Limited

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Punjab National Bank, Jodhpur (Packing credit limit account secured by way of hypothecation over stock and book debts and other current assets of the company alongwith personal guarantee of the directors of the company and collateral security of Factory land and Buildings)	72.992	71.928
Car loan	0.000	1.908
Punjab National Bank, Jodhpur (Term Loan account secured by way of Equitable mortgage of factory land and building and hypothecation over plant and Machinery and other immovable assets of the company alongwith personal guarantee of director of the company)	26.638	26.416
Total	99.630	100.252
Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors and their relatives	17.087	11.274
Total	17.087	11.274

Banking Relations :	--
Auditors :
Name :	H.B. Mertia and Company Chartered Accountants
Address :	155, Patrakar Colony, New Power House Road Circle, Jodhpur-342001, Rajasthan, India
Tel. No.:	91-291-2623707/ 3299734
Fax No.:	91-291-2623707
E-Mail :	hmertia@gmail.com
PAN No.:	AHEPM1226F

CAPITAL STRUCTURE

After 14.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1358900	Equity Shares	Rs. 10/- each	Rs.13.589 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 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		10.000	10.000	10.000
2] Share Application Money		12.325	0.000	0.000
3] Reserves & Surplus		34.208	26.758	20.192
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		56.533	36.758	30.192
LOAN FUNDS
1] Secured Loans		99.630	100.252	50.742
2] Unsecured Loans		17.087	11.274	0.000
TOTAL BORROWING		116.717	111.526	50.742
DEFERRED TAX LIABILITIES		1.757	1.510	0.000
TOTAL		175.007	149.794	80.934
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		68.814	59.229	14.001
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	90.962	78.046	50.882
	Sundry Debtors	43.795	11.888	18.118
	Cash & Bank Balances	3.839	2.461	0.304
	Other Current Assets	3.104	2.941	13.178
	Loans & Advances	8.724	13.458	2.079
Total Current Assets		150.424	108.794	84.561
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.568	13.629	16.028
	Other Current Liabilities	5.129	4.975	1.188
	Provisions	0.339	0.469	0.447
Total Current Liabilities		45.036	19.073	17.663
Net Current Assets		105.388	89.721	66.898
MISCELLANEOUS EXPENSES		0.805	0.844	0.035
TOTAL		175.007	149.794	80.934

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	202.277	161.698	140.073
		Other Income	7.356	12.499	12.980
		TOTAL (A)	209.633	174.197	153.053
Less	EXPENSES
		Manufacturing and Direct Expenses	198.856	169.342	155.404
		Administrative and Selling Expenses		15.626	12.955
		Preliminary Expenses written off		0.075	0.035
		Loss on Sales of Assets		0.078	0.018
		Prior Period Item		0.111	0.000
		Increase / Decrease in Stock		[27.164]	[29.432]
		TOTAL (B)	198.856 [Including Financial Expenses and Depreciation]	158.068	138.980
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			16.129	14.073
Less	FINANCIAL EXPENSES (D)			5.158	4.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			10.971	9.573
Less/ Add	DEPRECIATION/ AMORTISATION (F)			1.087	0.863
	PROFIT BEFORE TAX (E-F) (G)		10.777	9.884	8.710
Less	TAX (I)		3.327	2.102	0.523
	PROFIT AFTER TAX (G-I) (J)		7.450	7.782	8.187
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.758	20.192	11.899
Less	Previous Year Income and Fringe Benefit Tax		NA	0.071	[0.106]
Less	Earlier year Deferred tax provided fro		NA	1.145	0.000
	BALANCE CARRIED TO THE B/S		NA	26.758	20.192
	EARNINGS IN FOREIGN CURRENCY		198.043	161.698	0.000
	Earnings Per Share (Rs.)		7.45	7.78	8.08

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.68	4.47	5.35
Net Profit Margin (PBT/Sales)	(%)	5.33	6.11	6.22
Return on Total Assets (PBT/Total Assets}	(%)	4.92	5.88	8.84
Return on Investment (ROI) (PBT/Networth)		0.19	0.27	0.29
Debt Equity Ratio (Total Liability/Networth)		2.86	3.55	2.27
Current Ratio (Current Asset/Current Liability)		3.34	5.70	4.79

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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	No
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	No
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

Operations:

The turnover of the company during the year increased by almost 25% and stood at Rs.202.277 Millions during the financial year as against Rs.161.698 Millions achieved last year. The company has earned a net profit before tax of Rs.10.777 Millions as against the net profit of Rs.9.884 Millions for the preceding previous year. The directors are hopeful to achieve further better growth during the current financial year as well.

Bankers Charges Report as per Registry

Corporate identity number of the company	U74994RJ2005PTC020853
Name of the company	LATIYAL HANDICRAFTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Latiyal Vatika, Pal Road, Jodhpur-342007, Rajasthan, India E-mail id : neelambhandari00@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10048001
Type of charge	Immovable Property Any interest in immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Punjab National Bank, Ratanada Branch, Ratanada Colony, Jodhpur-342001, Rajasthan, India E-mail Id : cojdhitd@pnb.co.in
Nature of instrument creating charge	Packing credit agreement(hypothecation dtd. 12/12/11 Guarantee agreement dtd. 12/12/11 To secure pc limit of Rs.72.500 Millions, FOBP/FOBNLC limit of Rs.17.500 Millions, PNB export gold card Rs.14.500 Millions Total limit of Rs.104.500 Millions
Date of instrument Creating the charge	12.12.2011
Amount secured by the charge	Rs.104.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base rate +0.75% presently 11.50% subject to change from time to time as per bank /RBI/FEDAI guidelines Terms of Repayment On demand Margin 15% Extent and Operation of the charge Ext. of 1st charge on entire current assets, present & future including entire stocks, book debts, loan & advances etc. Ext. of eq. Mortgage of residential house situated at P No. 57 A, B and Strip Land At Khasra No. 101, Jwala Vihar, Jodhpur measuring total 5600 sq. feet in the name of Sh. Radhey Shyam Ranga, Sh. Dev Narayan Ranga, Smt. Gayatri Devi Ranga, Sh. Ganesh Ranga. Ext. of EM of L and B situated at B125-126 Phase II Boranada Industrial Area, Jodhpur in the name of Saras Veg Oil Private Limited
Short particulars of the property charged	Ext. of 1st charge on entire current assets, present and future including entire stocks, book debts, loan and advances etc. Ext. of eq. Mortgage of residential house situated at P No. 57 A, B and Strip Land At Khasra No. 101, Jwala Vihar, Jodhpur measuring total 5600 sq. feet in the name of Sh. Radhey Shyam Ranga, Sh. Dev Narayan Ranga, Smt. Gayatri Devi Ranga, Sh. Ganesh Ranga. Ext. of EM of L and B situated at B 125-126 Phase II Boranada Industrial Area, Jodhpur in the name of Saras Veg Oil Private Limited Ext. of EM of factory L and B situated at F 683 to 686 and G 687 to 689, IVth Phase Boranada Industrial Area, Jodhpur measuring 12000 sq. Meter in the name of Sh. Dev Narayan Ranga (Prop. Rajdev Art Palace)
Date of instrument modifying the charge	26.09.2009
Particulars of the present modification	PC limit has been enhanced from Rs.42.500 Millions to Rs.72.500 Millions 20% stand by limit (PNB expo gold card) of Rs. 12.000 Millions has been enhanced to Rs.14.500 Millions Reduction in margin by 10% in PCL i.e. From existing 25% to 15% Total FBWC facilities now stands to Rs.104.500 Millions

Fixed Assets:

· Building

· Plant and Machinery

· Computers and Printers

· Furniture and Fixtures

· Equipments

· Car

· Factory Land and Building

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 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.53.07
UK Pound	1	Rs.84.95
Euro	1	Rs.68.24

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		37

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.