MIRA INFORM REPORT

Report Date :

28.08.2013

IDENTIFICATION DETAILS

Name :	LUNARMECH MACHINENFABRIK LIMITED (w.e.f. 30.05.1996)
Formerly Known As :	PRIMO LUNARMECH MACHINENFABRIK LIMITED
Registered Office :	311-312, Gateway Plaza, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.06.1994
Com. Reg. No.:	11-078792
Capital Investment / Paid-up Capital :	Rs. 40.391 Millions
CIN No.: [Company Identification No.]	U74999MH1994PLC078792
TAN No.: [Tax Deduction & Collection Account No.]	MUML02350F
PAN No.: [Permanent Account No.]	AAACL1123G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Supplier and Exporter of Machinery and Equipment for Petrochemical and Man-made Fiber Industries.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 643000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an well established company having a satisfactory track record. Financially company seems to be performing well. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Milind
Designation :	Accounts Department
Contact No.:	91-22-25700959
Date :	22.08.2013

LOCATIONS

Registered Office/ Head Office :	311-312, Gateway Plaza, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-25700959/ 25700960/ 42141800
Fax No.:	91-22-25700489/ 25701155
E-Mail :	lunare@bom3net.in acctsmem@lunarmech.com lunarmech@vsnl.com admin@lumarmec.com
Website :	http://www.lunarmec.com
Location :	Owned
Factory 1 :	320/18, 40 Shed Areal, G.I.D.C., Vapi - 396195l, Valsad, Gujarat, India
Tel. No.:	91-260-432427/ 431667/ 3981502/ 3981504
Fax No.:	91-260-431325
E-Mail :	lunarvapi@vsnl.com lunare@bom3net.in adminvapi@lunarmec.com
Factory 2 :	2347, C1, 3^rd Phase, G.I.D.C, Vapi - 396195, Valsad, Gujarat, India
Factory 3 :	318/1, 40 Shed Areal, Vapi - 396195, Valsad, Gujarat, India

DIRECTORS

As on: 27.09.2012

Name :	Mr. Ram Rupchand Advani
Designation :	Chairman
Address :	Sainara, Flat No.2, 10^th Floor, Cuffe Parade, Mumbai - 400005, Maharashtra, India
Date of Birth/Age :	23.11.1934
Date of Appointment :	06.06.1994
DIN No.:	00168804
Name :	Mr. Gordhan Alidas Jaising
Designation :	Managing Director
Address :	1901/B, Lake Castle, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India
Date of Birth/Age :	20.07.1944
Date of Appointment :	06.06.1994
DIN No.:	00168998
Name :	Mrs. Rani Gordhandas Jaising
Designation :	Director
Address :	1901/B, Lake Castle, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India
Date of Birth/Age :	03.08.1946
Date of Appointment :	06.06.1994
DIN No.:	00168893
Name :	Mrs. Jhanveeka Rajesh Ahuja
Designation :	Director
Address :	A/1002, Lake Castle, Hiranandani Garden, Powai, Mumbai - 400076, Maharashtra, India
Date of Birth/Age :	25.05.1974
Date of Appointment :	11.02.2008
DIN No.:	02147069
Name :	Mrs. Hritika Dilip Ahuja
Designation :	Director
Address :	43, Sea Lord-A, Cuffe Parade, Mumbai - 400005, Maharashtra, India
Date of Birth/Age :	03.05.1970
Date of Appointment :	11.02.2008
DIN No.:	02173725
Name :	Winfried Thomas Schultheis
Designation :	Director
Address :	Offenbach AM Main, AM Entensee, Germany – 73.
Date of Birth/Age :	03.03.1968
Date of Appointment :	14.02.2009
DIN No.:	03161036
Name :	Winfried Thomas Schultheis
Designation :	Alternate Director to Winfried
Address :	Offenbach AM Main, AM Entensee, Germany, Germany – 73.
Date of Birth/Age :	26.01.1970
Date of Appointment :	14.02.2009

KEY EXECUTIVES

Name :	Mr. Milind
Designation :	Accounts Department
Name :	Mr. Praful
Designation :	Finance Executive

MAJOR SHAREHOLDERS

As on 27.09.2012

Names of Shareholders	No. of Shares
Gordhan Alidas Kaising	2419998
Rani Gordhan Jaising	129998
Ram Rupchand Advani	30000
Hritika Dilip Ahuja	60001
Jhanvika Rajesh Ahuja	60001
Upendra J Sheth	1
S Lakshminaryanam	1
Winfried I Schultheris on behalf of Manfred W. Schultheis on behalf of Vibra Maschinenfabrik Gmbh and Company, Germany	1479085
Total	4179085

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2012

Category	Percentage
Bodies corporate	35.39
Directors or relatives of directors	64.61
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Supplier and Exporter of Machinery and Equipment for Petrochemical and Man-made Fiber Industries.
Exports :
Products :	Finished Goods
Countries :	· Sri Lanka · Thailand · Belgium · Germany
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Industries

No. of Employees :

200 (Approximately)

Bankers :

· Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

Tel No.: 91-22-22632807

· Kotak Mahindra Bank Limited, 36-38 A, Nariman Branch, 227, D, Mumbai – 400021, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Engineering Division
From Bank (Cash Credit Account)
Kotak Mahindra Bank Limited (Secured by hypothecation of Inventories) (Guaranted by Managing Director and company)	2.504	0.000
From Bank (Term Loan)	1.347	0.000
From Bank (Vehicle Loans)
Swift Dzire	0.000	0.019
ICICI – Alt	0.000	0.057
ICICI – Alto	0.000	0.079
Tata Motors Finance (Bus)	0.000	0.072
HDFC Bank Limited – Toyota Fortuner (Secured by hypothecation of vehicles) (Guaranted by Managing Director)	0.888	1.239
ICICI – Toyota Innova	0.177	0.516
Short Term Borrowings
From Bank
Term Loan	0.351	0.000
Vehicle Loan	0.917	1.035
Total	6.184	3.017

Banking Relations :	--
Auditors :
Internal Auditors :
Name :	S H Desai and Company Chartered Accountants
Address :	10 Vasant Vihar, 2^nd Floor, New Nagardas Cross Road, Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-28222285
PAN No.:	AAHPM0540L
External Auditors :
Name :	Gurjar Phadke and Sahni Chartered Accountants
Address :	A-1, Sindhi Niwas, Sitladevi Temple Road, Near Rang Udyan, Mahim, Mumbai-400016, Maharashtra, India
Associates :	Vibra, Germany

CAPITAL STRUCTURE

As on 27.09.2012

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
4179085	Equity Shares	Rs.10/- each	Rs. 41.791 Millions

As on 31.03.2012

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
3600000	Equity Shares	Rs.10/- each	Rs. 36.000 Millions
439085	Add : Equity Shares During Year	Rs.10/- each	Rs. 4.391 Millions
4039085	Total		Rs. 40.391 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	40.391	36.000
(b) Reserves & Surplus	120.451	92.996
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	160.842	128.996
(3) Non-Current Liabilities
(a) long-term borrowings	13.015	2.088
(b) Deferred tax liabilities (Net)	9.910	9.186
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	22.925	11.274
(4) Current Liabilities
(a) Short term borrowings	18.402	24.218
(b) Trade payables	88.418	43.681
(c) Other current liabilities	2.713	1.022
(d) Short-term provisions	22.188	18.731
Total Current Liabilities (4)	131.721	87.652
TOTAL	315.488	227.922
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	158.690	124.912
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	4.949	1.289
(e) Other Non-current assets	0.007	0.014
Total Non-Current Assets	163.646	126.215
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	94.615	60.424
(c) Trade receivables	31.447	14.887
(d) Cash and cash equivalents	0.615	5.187
(e) Short-term loans and advances	12.559	11.689
(f) Other current assets	12.606	9.520
Total Current Assets	151.842	101.707
TOTAL	315.488	227.922

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.000
2] Share Application Money		0.000
3] Reserves & Surplus		71.782
4] (Accumulated Losses)		0.000
NETWORTH		101.782
LOAN FUNDS
1] Secured Loans		9.683
2] Unsecured Loans		4.150
TOTAL BORROWING		13.833
DEFERRED TAX LIABILITIES		9.307
TOTAL		124.922
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		118.921
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.482
	Sundry Debtors	11.973
	Cash & Bank Balances	5.280
	Other Current Assets	0.000
	Loans & Advances	20.045
Total Current Assets		68.780
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.001
	Other Current Liabilities	40.095
	Provisions	8.704
Total Current Liabilities		62.800
Net Current Assets		5.980
MISCELLANEOUS EXPENSES		0.021
TOTAL		124.922

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	210.225	173.255	151.927
		Other Income	1.457	2.541	2.963
		TOTAL	211.682	175.796	154.890
Less	EXPENSES
		Cost of material consumed	137.878	87.223
		Changes in inventories of finished goods, work-in-progress, stock-in-trade	(39.015)	(8.881)
		Employee benefits expense	21.284	15.262
		Other Expenses	46.090	39.230
		TOTAL	166.237	132.834	122.617
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		45.445	42.962	32.273
Less	FINANCIAL EXPENSES		3.384	4.002	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		42.061	38.960	32.273
Less/ Add	DEPRECIATION/ AMORTISATION		18.038	16.224	15.491
	PROFIT BEFORE EXTRAORDINARY ITEM AND TAX		24.022	22.736	16.782
Add	EXTRAORDINARY ITEM		0.173	(1.423)	0.000
	PROFIT BEFORE TAX		24.195	21.313	16.782
Less	TAX		8.324	6.858	5.905
	PROFIT AFTER TAX		15.871	14.455	10.877
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	43.530	34.153
Less	APPROPRIATIONS
		Proposed Dividend	NA	NA	1.500
	BALANCE CARRIED TO THE B/S		NA	NA	43.530
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export
		Engineering	6.676	2.963	NA
		Closure	0.477	1.127	NA
	TOTAL EARNINGS		7.153	4.09	NA
	IMPORTS
		Raw Materials	4.751	1.741	NA
		Components Spare parts and Tools	2.705	1.540	NA
	TOTAL IMPORTS		7.456	3.281	NA
	Earnings Per Share (Rs.)		4.41	4.82	3.63

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.49	8.22	7.02
Net Profit Margin (PBT/Sales)	(%)	11.51	12.30	11.07
Return on Total Assets (PBT/Total Assets}	(%)	7.67	9.35	8.95
Return on Investment (ROI) (PBT/Networth)		0.15	0.16	0.16
Debt Equity Ratio (Total Debt /Networth)		0.19	0.20	0.14
Current Ratio (Current Asset/Current Liability)		1.15	1.16	1.09

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Engineering Division
Mr. G.A. Jaising	7.677	0.000
Mrs. Rani Jaising	0.422	0.106
Short Term Borrowings
Advances from customer
Engineering Division	14.392	23.181
Closure Division	2.742	0.002
Total	25.233	23.289

NOTE: CURRENT MATURITY OF LONG TERM BORROWINGS DETAIL NOT AVAILABLE

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge holder	Address	Service Request Number (SRN)
1	10429264	06/04/2013	39,000,000.00	EXPORT DEVELOPMENT CANADA	150,SLATER STREET, OTTAWA, ONTARIO, CANADA, K1A 1K 3,CANADA, - 0000000, CANADA	B76377464
2	10416758	17/06/2013 *	113,800,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra- 400021, INDIA	B78650652
3	10008531	07/06/2006	25,415,000.00	Export Development Canada	151 O'Connor Street, Ottawa, Ontario, Canada, Ottawa, - K1A1K3, CANADA	A01367861
4	80004354	25/05/2006 *	2,000,000.00	Union Bank Of India Limited	Maharashtra, INDIA	-
5	80005351	30/08/2000	3,500,000.00	Union Bank Of India	Mumbai Samachar Marg Branch, Mumbai Samachar Marg , Fort, Mumbai, Maharashtra - 400023, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Factory Building

· Land Plot No. 318/1 A and B

· Plant and Machinery

· Cars

· Jeep

· Furniture and Fixture

· Office Equipments

· Container

· Computers

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. 65.67
UK Pound	1	Rs. 102.19
Euro	1	Rs. 87.75

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.