MIRA INFORM REPORT

Report Date :

03.04.2013

IDENTIFICATION DETAILS

Name :	NEELA SYSTEMS LIMITED
Registered Office :	4/8, Piramal Industrial Premises Co-Operative Society Limited, S.V. Road, Goregaon (West), Mumbai – 400 062, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.10.2007
Com. Reg. No.:	11-175261
Capital Investment / Paid-up Capital :	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U41000MH2007PLC175261
TAN No.: [Tax Deduction & Collection Account No.]	MUMN15624A
PAN No.: [Permanent Account No.]	AACCN6144P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Engineering goods for Pharmaceuticals Industries.
No. of Employees :	More than 250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1755000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company fine track record. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and condition.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A (Long Term Rating)
Rating Explanation	Adequate degree of safety. It carry low credit risk.
Date	September 2012

Rating Agency Name	CRISIL
Rating	A 1 (Short Term Rating)
Rating Explanation	Highest degree of safety. It carry low credit risk.
Date	September 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

LOCATIONS

Registered Office :	4/8, Piramal Industrial Premises Co-Operative Society Limited, S.V. Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India
Tel. No.:	91-22-40888444
Fax No.:	91-22-28747129
E-Mail :	vcjain@neelasystemslimited.com contact@neelasystemslimited.com
Website :	http://www.neelasystemslimited.com
Location :	Owned
Corporate Office :	4/5, 4/6, Piramal Industrial Premises Co-Operative Society Limited, S.V. Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India
Factory and Warehouse :	Gat No.456/ 467/ 438/ 204/ 205, Village Usar Kudus, Taluka Wada, District Thane – 421 303, Maharashtra, India
Tel. No.:	91-22-40888444
Fax No.:	91-2526-220035
Area :	1250000 sq ft (Factory) 45000 sq ft (Warehouse)
Location :	Owned

DIRECTORS

As on 04.07.2012

Name :	Mr. Himanshu Virendra Shah
Designation :	Managing Director
Address :	Flat-1101, Sanghvi Villa, Plot No.73, S.V. Road, TPS VI, Andheri (West), Mumbai – 400 058, Maharashtra, India
Date of Birth/Age :	17.05.1964
Qualification :	B.Sc.
Experience :	25 Years
Date of Appointment :	22.10.2007
DIN No.:	00012867
Name :	Mr. Pramod Chaudhori
Designation :	Director
Address :	‘Kinnari’, 6, Vee Nimbkar Co-op, Hsg. Society, 80/4, Opposite Baner Road, Aundh, pune – 400107, Maharashtra, India
Date of Birth/Age :	26.11.1949
Date of Appointment :	06.01.2012
DIN No.:	00196415
Name :	Mr. Gajanand Nabar
Designation :	Director
Address :	Orchid, Flat No. 601, Holy Cross Road, IC Colony, Borivali (West), Mumbai – 400103, Maharashtra, India
Date of Birth/Age :	16.11.1963
Qualification :	06.01.2012
DIN No.:	00714569
Name :	Mr. Shivaraman Krishnan Iyer
Designation :	Director
Address :	B – 1901, Runwal Pride, Behind R- Mall, L.B.S. Marg, Mulund (West), Mumbai- 400080, Maharashtra, India
Date of Birth/Age :	28.01.1967
Date of Appointment :	06.01.2012
DIN No.:	00503487
Name :	Mr. Nitin Amin
Designation :	Director
Address :	304, Azalia Apartments, S. No. 287, Baner Road, Baner, Pune – 411045, Maharashtra, India
Date of Birth/Age :	01.01.1961
Date of Appointment :	06.01.2012
DIN No.:	01759174

KEY EXECUTIVES

Name :	Ms. Jaya Vinay Singh
Designation :	Company Secretary
Address :	5, Gayatri Chawl, Gayatri Compound, Thakur Complex, Kandivali (East), Mumbai - 400101, Maharashtra, India
Date of Birth/Age :	20.04.1986
Date of Appointment :	15.12.2011
PAN No :	CDLPS1497P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 04.07.2012

Names of Shareholders	No. of Shares
Himanshu Shah jointly with Manisha H. Shah jointly with Sunanda Shah	2490000
Praj Industries Limited, India	2505000
Pramod Madhukar Cahudhari jointly with Parimal Cahudhari	**4960
Parimal Pramod Cahudhari jointly with Pramod Cahudhari	**10
Pramod Cahudhari jointly with Parimal Pramod Cahudhari as a Trustees of Moriyaset Trust	**10
Bipeen Yashwant Valame	**10
Gajanan Nabar	**10
Total	5000000

Note :

** Shares held as a Nominee of Praj Industries Limited.

Equity Share Break up (Percentage of Total Equity)

As on 04.07.2012

Category	Percentage
Bodies corporate	50.20
Directors or relatives of Directors	49.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Engineering goods for Pharmaceuticals Industries.

Products :

product Description	ITC Code
Skid & Parts	73089090
Pipe or Tube Fittings	73072900

GENERAL INFORMATION

Customers :

· Merck

· Aurobindo

· Lupin

· Panacea Biotec

· Shasun

· Aurobindo Pharma

· Cadila Healthcare Limited

· Dishman Pharma Healthcare

· Wockhardt

· L’Oreal

· NecLife

· Ranbaxy

· Glenmark

· Unichem

· Shasun

· Colgate

· Savita

No. of Employees :

More than 250 (Approximately)

Bankers :

· State Bank of India, Industrial Finance Branch, Near Chincholi Phatak, S.V. Road, Malad West, Mumbai – 400 064, Maharashtra, India

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

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-Term Borrowings
Term Loans
From Banks	24.000	47.996
Short-Term Borrowings
Loans Repayable On Demand
Cash Credit Loan	189.544	169.709
Car Loan	0.000	0.733
Total	213.544	218.438

Note :

Terms Loan from Bank is repaid by a equal monthly installment of Rs. 20.000 Millions per month.

The Company has a Term Loan facility from bankers secured by first charge on Company's entire Fixed Assets acquired or to be acquired, wherever situated. It is further collaterally secured by mortgage of Land at Wada of the Company.

The Facilities from State Bank of India are further Collaterally Secured by way of Equitable Mortgage on Office Premises at 4/8 and 4/5, Piramal Industrial Estate and also by way of extension of Equitable Mortgage on Residential Flat, 1101 of Himanshu Shah (Managing Director ).

Cash Credit Balance with State Bank of India is secured by first charge on the company’s entire stock of raw materials, packing materials, semi finished and finished goods, consumables stores and spares, book debts and is collaterally secured by charge on the fixed assets of the company.

Cash Credit facilities with State Bank of India is further secured by first charge on Company's entire current assets both present and future, wherever situated. It is further collaterally secured by mortgage of Land at Wada of the Company

The facilities from State Bank of India Bank are further collaterally secured by way of Equitable Mortgage on Office Premises at 4/8 and 5/8 Piramal Industrial Estate and also by way of extension of Equitable Mortgage on Residential flat, 1101 of Himanshu Shah (Managing Director).

The balance of Fixed Deposits with State Bank Of India of Rs.16.400 million is charged to lenders SBI as margin money for Bank Guarantee and Letter of Credit and also as security for cash credit account.

Banking Relations :	--
Auditors :
Name :	Dhanraj Jain and Associates Chartered Accountants
Address :	31, Shubh Commercial Premises Co-operative Society Limited, Opposite Temptation Hotel, Akurli Station Road, Kandivali (East), Mumbai - 400 101, Maharashtra, India
PAN No.:	AAGPJ5394J
Associate Entities :	· Neela Traders

CAPITAL STRUCTURE

As on 04.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		50.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		388.979	270.285	188.722
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		438.979	320.285	238.722
LOAN FUNDS
1] Secured Loans		213.544	218.438	216.131
2] Unsecured Loans		0.000	10.000	31.800
TOTAL BORROWING		213.544	228.438	247.931
DEFERRED TAX LIABILITIES		0.928	6.753	5.058
TOTAL		653.451	555.476	491.711
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		320.179	262.168	237.720
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	162.872	260.731	224.927
	Sundry Debtors	214.248	196.014	188.365
	Cash & Bank Balances	50.800	55.611	34.136
	Other Current Assets	5.569	2.732	0.000
	Loans & Advances	152.057	115.933	67.395
Total Current Assets		585.546	631.021	514.823
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.938	157.824	143.950
	Other Current Liabilities	57.694	91.767	102.397
	Provisions	120.642	88.122	14.909
Total Current Liabilities		252.274	337.713	261.256
Net Current Assets		333.272	293.308	253.567
MISCELLANEOUS EXPENSES		0.000	0.000	0.424
TOTAL		653.451	555.476	491.711

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	928.106	762.493	585.140
		Other Income	8.930	11.290	5.909
		TOTAL	937.036	773.783	591.049
Less	EXPENSES
		Cost of materials consumed	486.721	450.569	335.184
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	1.286	(37.790)	30.578
		Employee benefit expense	77.605	71.809	62.590
		Other expenses	100.368	98.545	54.040
		Prior period items	11.222	0.000	0.000
		TOTAL	677.202	583.133	482.392
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		259.834	190.650	108.657
Less	FINANCIAL EXPENSES		37.375	32.838	5.039
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		222.459	157.812	103.618
Less/ Add	DEPRECIATION/ AMORTISATION		35.395	20.738	6.972
	PROFIT BEFORE TAX		187.064	137.074	96.646
Less	TAX		62.370	49.512	35.546
	PROFIT AFTER TAX		124.694	87.562	61.100
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		122.515	50.952	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	N.A	10.000	5.000
		Proposed Dividend	N.A	6.000	4.400
		Provision for Dividend Tax	N.A	0.996	0.748
	BALANCE CARRIED TO THE B/S		N.A	122.515	50.952
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	39.968	50.725	2.019
	TOTAL EARNINGS		39.968	50.725	2.019
	IMPORTS
		Raw Materials	55.554	65.716	N.A
		Consumables Import	4.709	1.114	N.A
	TOTAL IMPORTS		60.263	66.830	N.A
	Earnings Per Share (Rs.)		29.94	17.51	16.46

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	13.31	11.32	10.34
Net Profit Margin (PBT/Sales)	(%)	20.16	17.98	16.52
Return on Total Assets (PBT/Total Assets}	(%)	20.65	15.35	12.84
Return on Investment (ROI) (PBT/Networth)		0.43	0.43	0.40
Debt Equity Ratio (Total Debt /Networth)		0.49	0.71	2.13
Current Ratio (Current Asset/Current Liability)		2.32	1.87	1.97

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	Yes
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U41000MH2007PLC175261
Name of the company	NEELA SYSTEMS LIMITED
Address of the registered office or of the principal place of business in India of the company	4/8, Piramal Industrial Premises Co-Operative Society Limited, S.V. Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India Email : vcjain@neelasystemslimited.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Inventories, bills, outstanding monies, etc
Particular of charge holder	ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat- 390015, Maharashtra, India Email : shanthi.venkatesan@icicibank.com
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	05.06.2012
Amount secured by the charge	Rs. 500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest For Rupee Term loan: BR + 2.25 % (Presently BR is at 9.75%). For Cash Credit: BR + 2.25 %+ applicable interest tax or other statutory levy, if any (Presently BR is at 9.75%). Terms of Repayment Term Loan - 25 equal monthly repayment of 2.0 million at the end of every month from the date of first disbursement. WC - On Demand Margin Uniform Margin of 25% against all components of inventory. Margin for Book Debts - 25% Extent and Operation of the charge Current Assets and Receivables have been hypothecated for WC facility by way of 1st Charge and Current Assets along with Moveable properties and Receivables have been hypothecated for Rupee Facilities by way of 2nd Charge. Others Not Available
Short particulars of the property or asset(s) charged (including complete address and location of the property)	For TL -Second charge by the way of Hypothecation of the Borrower's entire stock of raw material, semi finished and finished goods, consumable stores and spares and such other movables including book debts, bills whether documentary or clean, outstanding monies, receivables both present and future in a form and manner satisfactory to the bank, ranking pari passu with other participatory bank For CC - First charge by the way of Hypothecation of the Borrower's entire stock of raw material, semi finished and finished goods, consumable stores and spares and such other movables including book debts bills whether documentary or clean, outstanding monies, receivables both present and future in a form and manner satisfactory to the bank, ranking pari passu with other participatory bank

UNSECURED LOAN :

(Rs. In Millions)

particulars	As on 31.03.2012	As on 31.03.2011
Loans And Advances From Directors	0.000	10.000
Total	0.000	10.000

FINANCIAL RESULTS :

During the financial year ended 31st March, 2012, the Company has earned total income of Rs. 937.036 millions. The Company has earned a profit of Rs. 124.694 millions after providing provisions for depreciation of Rs. 35.395 millions and Taxation of Rs. 62.370 millions.

FIXED ASSETS :

· Office Building

· Factory Building

· Plant and Machinery

· Office Equipments

· Computer Equipments

· Furniture and Fixtures

· 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.54.33
UK Pound	1	Rs.82.72
Euro	1	Rs.69.82

INFORMATION DETAILS

Report Prepared by :

RSMK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.