MIRA INFORM REPORT

Report Date :

03.12.2013

IDENTIFICATION DETAILS

Name :	NICO EXTRUSIONS LIMITED (W.e.f November 2012)
Formerly Known As :	NICO EXTRUSIONS PRIVATE LIMITED
Registered Office :	12 Niraj Industrial Estate, Opposite Mahakali Caves Road, Andheri (East), Mumbai - 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.02.1996
Com. Reg. No.:	11-097588
Capital Investment / Paid-up Capital :	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U28113MH1996PLC097588
TAN No.: [Tax Deduction & Collection Account No.]	MUMN05221G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Non Ferrous Metal Alloys
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 330000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Management has failed to file its latest financials of 2013 with government department. As per of 2012, company has incurred loss from its operation. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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.

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	LONG TERM BASED FACILITIES (Suspended) : BB –
Rating Explanation	Moderate risk of default
Date	May, 2012
Reason for Suspended	Inability to carry out a rating surveillance in absence of the requisite information from the company

Rating Agency Name	ICRA
Rating	NON FUND BASED FACILITIES : A4
Rating Explanation	Minimal degree of safety it carry high credit risk
Date	May, 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Santosh Kamble
Designation :	Export – Import Department
Contact No.:	91-22-66938741
Date :	02.12.2013

LOCATIONS

Registered Office :	12 Niraj Industrial Estate, Opposite Mahakali Caves Road, Andheri (East), Mumbai - 400093, Maharashtra, India
Tel. No.:	91-22-66938700/ 42608787
Fax No.:	91-22-26872152
E-Mail :	dharmesh@nicoex.com nico@nicoex.com
Website :	www.nicoex.com
Location :	Owned
Factory :	Survey No. 678, 1/3, Plot No. 4, Bhilad-Sivassa, Main Road, Before Naroli Check Post, Naroli, Silvassa- 396235, Union Territory, India
Tel. No.:	91-260-6536035
Telefax No.:	91-260-2650215
Location :	Owned
Godown :	9-B, MIDC Industrial Area, Bhieandi Road, P.O. Saravali, District- Thane - 421311, Maharashtra, India
Tel. No.:	91-2522-260137

DIRECTORS

As on 28.09.2012

Name :	Mr. Punyapal Champalal Jain
Designation :	Director
Address :	C/50, Flat No. 102, Sector 9, Shanti Nagar, Mira Road East, Thane - 401107 Maharashtra, India
Date of Birth/Age :	21.06.1980
Date of Appointment :	19.03.2013
DIN No.:	06608582
Name :	Mr. Dharmesh Patel
Designation :	Director
Name :	Mr. Arun Mehta
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Santosh Kamble
Designation :	Export – Import Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Tushar A Porwal	179148
Vipul Ambalal Porwal	179148
Bhupat Shah (HUF)	500000
Ritu Jain	261581
Ruchi Porwal	261612
Manjula Porwal	899834
Nirmala Porwal	914217
Vilas B. Shah	500000
Nitul Shah	500000
Ambalal Porwal	179280
Metec Asia Private Limited, India	300000
Bhupat Shah	325180
Total	5000000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Non Ferrous Metal Alloys

Product:

Description of Product	ITC code
Aluminium Alloy Ingots	76012010

Export:

Products :

Non Ferrous Metal Alloys

Countries:

European Countries

Imports :

Products :

Raw Materials

Countries:

· UAE

· Europe

· Korea

· China

Terms:

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS AS ON 31.03.2012

Particulars	Unit	Installed Capacity	Actual Production
		(Single Shift)
NON Ferrous Alloys	Tones	18000	4716.32

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

250 (Approximately)

Bankers :

· Canara Bank, Fort Main Branch, Warden House, Sir P M Road, Fort, Mumbai-400001, Maharashtra, India

· HDFC Bank

· ICICI Bank Limited, 215, Free Press House, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Loans repayable on demand from banks (Hypothecation of stock of raw materials and Semi finished goods and Book Debts)	372.433	448.649
Total	372.433	448.649

Banking Relations :	--
Auditors :
Name :	Shaparia and Mehta Chartered Accountants
Address :	1/74, Krishna Kunj, R. A. Kidwai Road, King's Circle, Matunga (C Railway), Mumbai 400019, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFS3225N
Associates:	· Amar Ferro Metals Private Limited, India CIN: U27100MH1984PTC034482 · Metec Asia Limited, India CIN: U27200MH1993PLC072246 · Padma Nutrients Private Limited, India CIN: U15205MH1987PTC043227 · Nico Properties Private Limited, India CIN: U70101GA1995PTC001959 · Metalplast Exim (India) Limited, India CIN: U51420MH2003PLC139365

CAPITAL STRUCTURE

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
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
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.000	50.000
(b) Reserves & Surplus	32.228	81.417
(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)	82.228	131.417
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	2.840
(c) Other long term liabilities	1.243	229.450
(d) long-term provisions	0.321	0.321
Total Non-current Liabilities (3)	1.564	232.611
(4) Current Liabilities
(a) Short term borrowings	552.784	578.134
(b) Trade payables	182.507	99.270
(c) Other current liabilities	286.455	13.811
(d) Short-term provisions	0.000	2.723
Total Current Liabilities (4)	1021.746	693.938
TOTAL	1105.538	1057.966
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.486	34.693
(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)	17.130	0.000
(d) Long-term Loan and Advances	12.710	34.646
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	62.326	69.339
(2) Current assets
(a) Current investments	0.000	1.021
(b) Inventories	788.794	637.191
(c) Trade receivables	76.995	163.868
(d) Cash and cash equivalents	57.713	55.840
(e) Short-term loans and advances	119.394	130.707
(f) Other current assets	0.316	0.000
Total Current Assets	1043.212	988.627
TOTAL	1105.538	1057.966

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		50.000
2] Share Application Money		0.000
3] Reserves & Surplus		65.134
4] (Accumulated Losses)		0.000
NETWORTH		115.134
LOAN FUNDS
1] Secured Loans		328.915
2] Unsecured Loans		65.278
TOTAL BORROWING		394.193
DEFERRED TAX LIABILITIES		3.196
TOTAL		512.523
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.228
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	576.962
	Sundry Debtors	125.396
	Cash & Bank Balances	64.954
	Other Current Assets	0.000
	Loans & Advances	179.492
Total Current Assets		946.804
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	162.986
	Other Current Liabilities	290.496
	Provisions	19.027
Total Current Liabilities		472.509
Net Current Assets		474.295
MISCELLANEOUS EXPENSES		0.000
TOTAL		512.523

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1552.076	1353.190	1779.800
		Other Income	9.470	4.404	NA
		TOTAL (A)	1561.546	1357.594	NA
Less	EXPENSES
		Cost of materials consumed	1830.277	977.535
		Purchases of stock-in-trade	112.647	150.249
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(607.606)	(20.783)
		Employee benefit expense	12.837	12.228
		Other expenses	241.156	185.116
		TOTAL (B)	1589.311	1304.345	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(27.765)	53.249
Less	FINANCIAL EXPENSES (D)		38.047	24.837
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(65.812)	28.412	26.210
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.346	4.295	3.992
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(69.158)	24.117	22.218
Less	TAX (H)		(19.970)	7.835	7.197
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(49.188)	16.282	15.021
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	395.243	126.278	93.082
	TOTAL EARNINGS		395.243	126.278	93.082
	IMPORTS
		Raw Materials	900.920	897.691	649.630
	TOTAL IMPORTS		900.920	897.691	649.630
	Earnings / (Loss) Per Share (Rs.)		(9.84)	3.26	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(3.15)	1.20	NA
Net Profit Margin (PBT/Sales)	(%)	(4.46)	1.78	1.25
Return on Total Assets (PBT/Total Assets}	(%)	(6.35)	2.28	2.26
Return on Investment (ROI) (PBT/Networth)		(0.84)	0.18	0.19
Debt Equity Ratio (Total Debt /Networth)		6.72	4.40	3.42
Current Ratio (Current Asset/Current Liability)		1.02	1.42	2.00

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	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	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	Yes

FINANCIAL STATEMENT

During the year company has achieved sales of Rs. 1552.100 Millions compared to Rs. 1353.200 Millions for the previous financial year registering a growth of 15%. The company has incurred Net Loss before tax of Rs. 69.200 Millions as against Net Profit before tax of Rs.24.100 Millions for the corresponding previous financial year.

Loss for the current financial year is mainly due to following reasons:

1. Mark to Mark provision on foreign exchange liabilities:

The Indian currency has witnessed a fall of over 15% in the last one year against US dollar resulting into booking of exchange loss of Rs. 82.879 Millions in profit and loss account. As you are aware that in their business model purchases are mainly imports and their raw material prices are linked with international markets. Any fluctuations in currency rates have a direct impact on their raw material prices. They have in the past followed the method of valuing their inventory by adding the foreign exchange fluctuations to the cost of imported material. This situation had happened during the financial year 2008-2009 as they had valued the inventories by including the foreign exchange fluctuations. At that time the auditors had qualified the report as the policy followed was contrary to the Accounting Standards. The effect of this was that the Inventories as on 31.03.2009 with added cost of exchange fluctuation was consumed during the financial year 2010-11. However for the current year auditors have not accepted this policy and have compelled us to follow the prevalent Accounting Standard., The loss in the books is purely on account of the Accounting Standard followed which is notional in nature. The loss of the financilka year will be recouped in the subsequent years by selling the material at a higher price which would cover the cost of the exchange fluctuation.

2. Collapse of Factory Shed

Second reason for the loss is temporarily closure of Silvassa Unit for two months on account of collapse of factory shed in the month of August 11. During these two months there was no production, however they had continued to incur fixed overheads.

3. Higher Interest Costs

Due inflationary conditions in the country, RBI has followed strict monetary policy resulting into higher interest rates. During the period under review company has paid interest of Rs. 38.000 Millions as against 24.800 Millions in corresponding previous financial year.

4. Taxations:

Due to normal loss during the year there is no Income Tax provisions made and the Company provided Rs 199.70 as Deferred Tax Asset/Liability.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Loans and advances from related parties	180.351	129.485
Total	180.351	129.485

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10181794	05/07/2012 *	500,000,000.00	CANARA BANK	FORT MAIN BRANCH, WARDEN HOUSE, SIR P. M. ROAD, FORT., MUMBAI, MAHARASHTRA - 400001, INDIA	B45489861
2	90154701	07/06/2003	2,500,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	MANDVI BRANCH, MUMBAI, MAHARASHTRA - 400003, INDIA	-
3	90154657	18/10/2001	1,235,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	MANDVI BRANCH, MUMBAI, MAHARASHTRA - 400003, INDIA	-
4	90153776	04/10/2002 *	26,300,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	MANDVI BRANCH, MUMBAI, MAHARASHTRA - 400003, INDIA	-
5	90154634	19/04/2004 *	26,300,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	MANDVI BRANCH, MUMBAI, MAHARASHTRA - 400003, INDIA	-
6	90152578	19/04/2004 *	46,300,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	MANDVI BRANCH, MUMBAI, MAHARASHTRA - 400003, INDIA	-

Note: * Date of charge modification

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particulars	31.03.2012
Appeals filed in respect of disputed demands:
- Sales Tax	0.208
-Income Tax	0.553

However, the Company has not made any provision in the books for the same

FIXED ASSETS

TANGIBLE ASSETS

· Land

· Buildings

· Plant and equipment

· Factory equipment’s

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipment’s

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.23
UK Pound	1	Rs.102.14
Euro	1	Rs.84.64

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.