MIRA INFORM REPORT

Report Date :

02.04.2013

IDENTIFICATION DETAILS

Name :	NIPPON PAINT (INDIA) PRIVATE LIMITED (w.e.f.30.05.2006)
Formerly Known As :	NIPSEA PAINTS AND CHEMICALS PRIVATE LIMITED
Registered Office :	Plot No. K – 8(1), Phase – II, SIPCOT Industrial Park, Mambakkam Village, Sriperumbudur – 602105, Tamilnadu
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	19.01.2006
Com. Reg. No.:	05-069356
Capital Investment / Paid-up Capital :	Rs. 4122.247 Millions
CIN No.: [Company Identification No.]	U74999TN2006PTC069356
TAN No.: [Tax Deduction & Collection Account No.]	CHEN06551G
PAN No.: [Permanent Account No.]	AACCN2352F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Enamel Paint and Interior Emulsion
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 12000000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an old well established Nippon Paint Group. The directors are experience businessman. Company is one of the largest supplies of paint in Asia. However, the operation in India is not faring well. There appear substantial accumulated losses. Trade relations are reported to be fair. Business is active. Payments are 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

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 1 :	Plot No. K – 8(1), Phase – II, SIPCOT Industrial Park, Mambakkam Village, Sriperumbudur – 602105, Tamilnadu, India
Tel. No.:	91-44-37175555 91-124-2309221
Fax No.:	91-44-37175577 91-124-2309218
E-Mail :	finance@nipponpaint.co.in
Website :	www.nipponpaint.com
Corporate Office :	No.6, Massi Building, Ganpathi Colony, Ekkathuthangal, Chennai-600032, Tamilnadu, India
Tel. No.:	91-44-43928892
Fax No.:	91-44-43928880
Factory 2 :	Survey No.6 to 22, Taloja, Ambarnath Road, Ghotchal Village, Post Ghot Camp, Taluka Panvel-410208, District Raigad, Maharashtra, India
Marketing Office :	KRM Centre, 9^th Floor, East Wing, No.2, Harrington Road, Chetpet, Cehnnai-600031, Tamilnadu, India
Tel. No.:	91-44-42982222
Fax No.:	91-44-42982200
Pune IU :	S-196, MIDC, Bhosari, Pune-411026, Maharashtra, India
Tel. No.:	91-20-30685600
Fax No.:	91-20-30685603
Branch Office :	Located at: Bangalore Chennai Gurgaon Hyderabad Karnataka Gujarat Madhya Pradesh Cochin Pune Bhiwandi Nagpur Punjab New Delhi Uttar Pradesh Rajasthan Trichy Vijaywada Madurai Rajasthan

DIRECTORS

AS ON 30.06.2012

Name :	Mr. Yip Wai Meng
Designation :	Managing Director
Address :	364/2, 2^nd Floor, Kannu Arcade, Gurgaon – 120001, Haryana, India
Date of Birth/Age :	27.05.1951
Date of Appointment :	24.01.2006
DIN No.:	00020531

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	U74899DL2006PTC145139	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	24/01/2006	24/01/2006	Active	YES
2	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Managing director	25/04/2011	24/01/2006	Active	NO
3	U24222HR2004PTC037267	NIPPON PAINT AND SURFACE CHEMICALS PRIVATE LIMITED	Managing director	25/04/2011	25/01/2006	Active	NO
4	U24110MH2006PTC166277	PCTS SPECIALTY CHEMICALS (INDIA) PRIVATE LIMITED	Director	18/12/2006	18/12/2006	Active	NO

Name :	Mr. Goh Hup Jin
Designation :	Additional Director
Address :	45, Leedon Road City, Singapore 267856
Date of Birth/Age :	06.04.1953
Date of Appointment :	24.01.2006
DIN No.:	00260523

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	U74899DL2006PTC145139	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	24/01/2006	24/01/2006	Active	YES
2	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	09/04/2007	24/01/2006	Active	NO
3	U24222HR2004PTC037267	NIPPON PAINT AND SURFACE CHEMICALS PRIVATE LIMITED	Additional director	25/01/2006	25/01/2006	Active	NO

Name :	Mr. Kang Woei Shin
Designation :	Additional Director
Address :	No.26, Lorong Tanjong, Jalan Langgar, Alor Setar, Kedah, Malaysia
Date of Birth/Age :	28.09.1978
Date of Appointment :	03.10.2007
DIN No.:	01831886

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	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	09/05/2008	03/10/2007	Active	NO
2	U24222HR2004PTC037267	NIPPON PAINT AND SURFACE CHEMICALS PRIVATE LIMITED	Director	09/05/2008	03/10/2007	Active	NO

Name :	Mr. Wee Siew Kim
Designation :	Director
Address :	6, John Road, Singapore-298865
Date of Birth/Age :	03.02.1950
Date of Appointment :	29.03.2010
DIN No.:	03040686

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	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	25/05/2010	29/03/2010	Active	NO
2	U24222HR2004PTC037267	NIPPON PAINT AND SURFACE CHEMICALS PRIVATE LIMITED	Director	25/05/2010	29/03/2010	Active	NO

Name :	Mr. Testsuro Fujita
Designation :	Director
Address :	9-6-209, I-Chome Mukonoso, Amagasaki-City, Hyogo, Japan-661003
Date of Birth/Age :	25.09.1958
Date of Appointment :	25.05.2010
DIN No.:	03149077

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	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	25/05/2010	25/05/2010	Active	NO
2	U24222HR2004PTC037267	NIPPON PAINT AND SURFACE CHEMICALS PRIVATE LIMITED	Director	25/05/2010	25/05/2010	Active	NO

Name :	Mr. Masaru Sumida
Designation :	Director
Address :	6-26-2903, Mukogawa-Cho, Takarazuka, Hyogo, Japan-6650844
Date of Birth/Age :	24.09.1956
Date of Appointment :	25.04.2011
DIN No.:	03532825

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	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	25/04/2011	25/04/2011	Active	NO
2	U24222HR2004PTC037267	NIPPON PAINT AND SURFACE CHEMICALS PRIVATE LIMITED	Director	25/04/2011	25/04/2011	Active	NO

Name :	Mr. Sakao Hira
Designation :	Director
Address :	2-11-3, Kosugaya, Sakae-Ku, Yokohama City, Japan-2470007
Date of Birth/Age :	24.01.1954
Date of Appointment :	11.05.2012
DIN No.:	05291615

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	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	11/05/2012	11/05/2012	Active	NO
2	U24222HR2004PTC037267	NIPPON PAINT AND SURFACE CHEMICALS PRIVATE LIMITED	Director	11/05/2012	11/05/2012	Active Bottom of Form

Name :	Mr. Ho Yuen Sang
Designation :	Director
Address :	19, Taihwan Drive, Singapore-555529
Date of Birth/Age :	24.10.1960
Date of Appointment :	11.05.2012
DIN No.:	05299921

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	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	11/05/2012	11/05/2012	Active	NO
2	U24222HR2004PTC037267	NIPPON PAINT AND SURFACE CHEMICALS PRIVATE LIMITED	Director	11/05/2012	11/05/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Vivek Jain
Designation :	Secretary
Address :	WA-94, 1^st Floor, Krishna Mandir Marg, Shakarpur, Delhi-110092, India
Date of Birth/Age :	14.01.1969
Date of Appointment :	07.07.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2012

Names of Shareholders	No. of Shares
Nipsea Holdings International Limited,	206112350
Nippon Paint Company Limited,	206112350
TOTAL	412224700

AS ON 30.06.2012

Equity Shares Break Up	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Enamel Paint and Interior Emulsion
Products :	Weatherbond Sumo Medifresh Satinglo

PRODUCTION STATUS (AS ON : 31.12.2011)

Particulars	Unit	Installed Capacity	Actual Production
Paints	Lt	52740000	16359387

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Francis Charles and Associates Chartered Accountant
Address :	25/11 A, 1^st Street, Bunder Garden, Perambur, Chennai – 600011, Tamilnadu, India
Tel. No.:	91-44-25593263/ 45058325
Mobile No.:	91-9840942501/ 9840345077
E-Mail :	francischarlesassociates@yahoo.co.in
PAN No.:	AABFF6369A
Associates :	· Nipsea Management Company Pte Limited · Nipsea Holdings International Limited, Hong Kong · Nippon Paint Company Limited, Japan · Nippon Paint (M) Sdn Bhd., Malaysia · Guangzhou Nippon Paint Company Limited, China · Nippon Paint (Singapore) Company Pte. Limited, Singapore · Nippon Paint (Thailand) Company Limited, Thailand · Nippe Trading Company Limited, Japan · Wuthelam Holdings Pte Limited, Singapore

CAPITAL STRUCTURE

AS ON 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
448000000	Equity Shares	Rs.10/- each	Rs. 4480.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
412224700	Equity Shares	Rs.10/- each	Rs. 4122.247 Millions

AS ON 11.05.2012

Authorised Capital : Rs. 5200.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 5173.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		4122.247	3122.247	2503.247
2] Share Application Money		329.127	200.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(1268.456)	(918.346)	(713.543)
NETWORTH		3182.918	2403.901	1789.704
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3182.918	2403.901	1789.704
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1469.375	921.449	666.184
Capital work-in-progress		417.052	624.410	68.948
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1056.144	420.446	370.486
	Sundry Debtors	401.258	294.374	158.371
	Cash & Bank Balances	352.992	350.099	598.604
	Other Current Assets	0.610	1.605	0.021
	Loans & Advances	279.101	270.941	393.740
Total Current Assets		2090.105	1337.465	1521.222
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	509.461	280.699	329.979
	Other Current Liabilities	124.848	94.372	15.289
	Provisions	159.305	104.352	121.382
Total Current Liabilities		793.614	479.423	466.650
Net Current Assets		1296.491	858.042	1054.572
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3182.918	2403.901	1789.704

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income	2849.298	1971.966	1512.939
		Other Income
		TOTAL	2849.298	1971.966	1512.939
Less	EXPENSES
		Office Expenses	3199.408	2176.710	1760.431
		Administrative Expenses
		Advertising Expenses
		TOTAL	3199.408	2176.710	1760.431
	PROFIT / (LOSS) BEFORE TAX		(350.110)	(204.744)	(247.492)
Less	TAX		(0.001)	0.059	0.618
	PROFIT / (LOSS) AFTER TAX		(350.109)	(204.803)	(248.110)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(918.346)	(713.543)	(465.433)
	BALANCE CARRIED TO THE B/S		(1268.455)	(918.346)	(713.543)
	IMPORTS
		Capital Goods	0.298	0.000	3.818
		Finished Goods	99.005	68.751	281.854
	TOTAL IMPORTS		99.303	68.751	285.672
	Earnings / (Loss) Per Share (Rs.)		(0.85)	(0.75)	(1.31)

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	(12.29)	(10.39)	(16.40)
Return on Total Assets (PBT/Total Assets}	(%)	(9.84)	(9.06)	(11.31)
Return on Investment (ROI) (PBT/Networth)		(0.11)	(0.09)	(0.14)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.63	2.79	3.26

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	No
24]	Banking facility details	No
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	No
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	No

NOTE

The Registered Office of the company has been shifted from 346/2, Kannu Arcade, 2^nd Floor, Main M G Road, Gurgaon – 120001, Haryana, India to the present address w.e.f. 25.07.2008

FIXED ASSETS

· Computer Software

· Leasehold Land

· Freehold Land

· Plant and Machinery

· Building

· Factory Equipments

· Laboratory Equipments

· Electrical Fittings and Installation

· Furniture and Fittings

· Office Equipments

· Computers

· Vehicles

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. 54.38
UK Pound	1	Rs. 82.32
Euro	1	Rs. 69.54

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

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.