MIRA INFORM REPORT

Report Date :

12.12.2013

IDENTIFICATION DETAILS

Name :	LUMAX CORNAGLIA AUTO TECHNOLOGIES PRIVATE LIMITED
Registered Office :	B-86, Mayapuri Industrial Area,  Phase -I, New Delhi - 110064
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.06.2007
Com. Reg. No.:	55-164757
Capital Investment / Paid-up Capital :	Rs.63.712 Millions
CIN No.: [Company Identification No.]	U31908DL2007PTC164757
PAN No.: [Permanent Account No.]	AABCL3319B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Air Filter Assembly, Automotive Air Filter and Air Filter Clearer.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 550000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a joint venture of “Lumax Auto Technologies Limited” and “Cornaglia Mettalurgical Products India Private Limited. It is an established company having satisfactory track record. The company has seen a better increase in its sales turnover as well as net profitability during 2013. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered for business dealings at usual trade terms and conditions.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

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.

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

Name :	Mr. Gautam Desai
Designation :	Chief Executive Officer
Contact No.:	91-9921039399
Date :	20.11.2013

LOCATIONS

Registered Office :	B-86, Mayapuri Industrial Area,  Phase -I, New Delhi – 110064, India
Tel. No.:	91-11-28111777/28116990
Mobile No.:	91-9921039399 (Mr. Gautam Desai)
Fax No.:	91-11-28115779
E-Mail :	lumaxshare@lumaxmail.com gautam.desai@lumexcornaglia.com
Website :	www.lumexcornaglia.com (under Construction)
Location :	Owned
Factory :	Plot No. 37, W.M.D.C. Kharabwadi, Ambethan Road, Chakan, Taluka Khed, District Pune – 410501, Maharashtra, India
Tel. No.:	91-2135-253987/88/89

DIRECTORS

As on 20.08.2013

Name :

Mr. Dhanesh Kumar Jain

Designation :

Director

Address :

Farm No. 23, Road No. 1, Silver Oak Marg, Ghitorni, Delhi - 110030, India

Date of Birth/Age :

08.11.1942

Date of Appointment :

14.07.2007

DIN No.:

00085848

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	Date of cessation	Company/ LLP Status	Defaulting status
1	L31909MH1981PLC025519	LUMAX AUTO TECHNOLOGIES LIMITED	Whole-time director	07/08/2013	30/10/1981	-	Active	NO
2	L74899DL1981PLC012804	LUMAX INDUSTRIES LIMITED	Director	06/08/2013	10/12/1981	-	Active	NO
3	U74899DL1995PTC065459	LUMAX INVESTMENT AND FINANCE PRIVATE LIMITED	Direct or	15/02/1995	15/02/1995	-	Amalgamated	NO
4	U34300DL1997PLC087110	LUMAX DK AUTO INDUSTRIES LIMITED	Director	07/05/1997	07/05/1997	-	Active	NO
5	U26102HR1981PTC012337	LUMAX GLASS WORKS PRIVATE LIMITED	Director	04/06/1997	04/06/1997	-	Dormant	NO
6	U34300TN1997PLC048136	SL LUMAX LIMITED	Director	08/08/1997	08/08/1997	-	Active	NO
7	U50300DL2003PTC122446	LUMAX AUTO PARTS TRADING PRIVATE LIMITED	Director	01/06/2006	01/06/2006	-	Active	NO
8	U31908DL2007PTC164757	LUMAX CORNAGLIA AUTO TECHNOLOGIES PRIVATE LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO
9	U70101DL2009PTC196718	BACKCOUNTRY ESTATES PRIVATE LIMITED	Director	08/12/2009	08/12/2009	-	Active	NO

Name :

Mr. Deepak Jain

Designation :

Director

Address :

Farm No. 23, Road No. 1, Silver Oak Marg, Ghitorni, Delhi - 110030, India

Date of Birth/Age :

06.04.1975

Date of Appointment :

01.09.2008

DIN No.:

00004972

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U34300TN1997PLC048136	SL LUMAX LIMITED	Additional director	14/05/2012	03/10/2000	-	Active	NO
2	L74899DL1981PLC012804	LUMAX INDUSTRIES LIMITED	Managing director	06/08/2013	01/02/2001	-	Active	NO
3	U34300DL1997PLC087110	LUMAX DK AUTO INDUSTRIES LIMITED	Director	10/03/2003	10/03/2003	-	Active	NO
4	U74899DL1991PTC044328	D AND A ENTERPRISES PRIVATE LIMITED	Director	03/08/2004	03/08/2004	-	Active	NO
5	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	06/09/2007	06/09/2007	-	Active	NO
6	U31908DL2007PTC164757	LUMAX CORNAGLIA AUTO TECHNOLOGIES PRIVATE LIMITED	Director	01/09/2008	25/09/2007	-	Active	NO
7	U70101DL2009PTC196718	BACKCOUNTRY ESTATES PRIVATE LIMITED	Director	08/12/2009	08/12/2009	-	Active	NO
8	U74899DL1982PLC013154	Lumax Ancillary Limited	Director	30/09/2010	30/04/2010	-	Active	NO
9	U63040DL2008PLC181534	Lumax Tours and Travels Limited	Director	30/09/2011	01/07/2011	-	Active	NO
10	L31909MH1981PLC025519	LUMAX AUTO TECHNOLOGIES LIMITED	Additional director	07/08/2013	07/08/2013	-	Active	NO
11	U35999DL2013PTC261221	LUMAX GILL-AUSTEM AUTO TECHNOLOGIES PRIVATE LIMITED	Director	28/11/2013	28/11/2013	-	Active	NO

Name :

Mr. Anmol Jain

Designation :

Director

Address :

Farm No. 23, Road No. 1, Silver Oak Marg, Ghitorni, Delhi - 110030, India

Date of Birth/Age :

29.04.1979

Date of Appointment :

14.06.2007

DIN No.:

00004993

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	Date of cessation	Company/ LLP Status	Defaulting status
1	L31909MH1981PLC025519	LUMAX AUTO TECHNOLOGIES LIMITED	Managing director	07/08/2013	03/04/2004	-	Active	NO
2	U34300DL1997PLC087110	LUMAX DK AUTO INDUSTRIES LIMITED	Director	28/06/2004	28/06/2004	-	Active	NO
3	L74899DL1981PLC012804	LUMAX INDUSTRIES LIMITED	Whole-time director	01/08/2011	23/07/2004	-	Active	NO
4	U74899DL1991PTC044328	D AND A ENTERPRISES PRIVATE LIMITED	Director	03/08/2004	03/08/2004	-	Active	NO
5	U31908DL2007PTC164757	LUMAX CORNAGLIA AUTO TECHNOLOGIES PRIVATE LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO
6	U63040DL2008PLC181534	Lumax Tours and Travels Limited	Director	30/09/2011	01/07/2011	-	Active	NO
7	U35999DL2013PTC261221	LUMAX GILL-AUSTEM AUTO TECHNOLOGIES PRIVATE LIMITED	Director	28/11/2013	28/11/2013	-	Active	NO

Name :

Pier Mario Cornaglia

Designation :

Director

Address :

Via Pateri 31, Moncalieri Torino Italy 10092

Date of Birth/Age :

27.01.1945

Date of Appointment :

01.09.2008

DIN No.:

01213015

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U28120PN1999PTC133934	CORNAGLIA METALLURGICAL PRODUCTS INDIA PRIVATE LIMITED	Director	25/10/1999	25/10/1999	-	Active	NO
2	U31908DL2007PTC164757	LUMAX CORNAGLIA AUTO TECHNOLOGIES PRIVATE LIMITED	Director	01/09/2008	25/09/2007	-	Active	NO
3	U29253HR2012PTC047407	JBM CORTUBI Exhaust Systems Private Limited	Director	11/10/2012	11/10/2012	-	Active	NO

Name :

Mr. Stefano Namari

Designation :

Director

Address :

Via Giannone 10, Torino, Italy 10121

Date of Birth/Age :

20.09.1950

Date of Appointment :

01.08.2008

DIN No.:

01210719

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U28120PN1999PTC133934	CORNAGLIA METALLURGICAL PRODUCTS INDIA PRIVATE LIMITED	Director	25/10/1999	25/10/1999	-	Active	NO
2	U31908DL2007PTC164757	LUMAX CORNAGLIA AUTO TECHNOLOGIES PRIVATE LIMITED	Director	01/09/2008	25/09/2007	-	Active	NO
3	U74200DL2007PTC170026	STOLA ENGINEERING PRIVATE LIMITED	Director	30/09/2008	05/08/2008	-	Active	YES
4	U29253HR2012PTC047407	JBM CORTUBI Exhaust Systems Private Limited	Director	11/10/2012	11/10/2012	-	Active	NO

Name :

Mr. Pier Antonio Cornaglia

Designation :

Director

Address :

Via De Gasperi 50 Casarza Ligure

Date of Birth/Age :

26.09.1981

Date of Appointment :

20.05.2013

DIN No.:

06573477

KEY EXECUTIVES

Name :	Mr. Shwetank Tiwari
Designation :	Secretary
Address :	105 B, Pratap Nagar, Mayur Vihar, Phase - I, Delhi – 110091, India
Date of Birth/Age :	25.07.1978
Date of Appointment :	10.11.2012
PAN No.:	AFDPT7462F

MAJOR SHAREHOLDERS

As on 20.08.2013

Names of Shareholders	No. of Shares
Cornaglia Metallurgical Products India Private Limited, India	3185609
Lumax Auto Technologies Limited, India	3185609
Total	6371218

Equity Share Break up (Percentage of Total Equity)

As on 20.08.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Air Filter Assembly, Automotive Air Filter and Air Filter Clearer.
Exports :
Products :	· Air Filter Assembly · Automotive Air Filter · Air Filter Clearer
Countries :	Italy
Imports :
Products :	Raw Material
Countries :	· Italy · Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

70 (Approximately)

Bankers :

· Corporation Bank, Overseas Bank, M-93, Connaught Place, New Delhi – 110001, India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	0.000	0.275
Total	0.000	0.275

Banking Relations :	--
Auditors :
Name :	R. Jain and Sanjay Associates Chartered Accountants
Address :	Naiwala, Karolbagh, Delhi, India
PAN No.:	AAAFR3730L
Joint venture :	· Lumax Auto Technologies Limited CIN No.: L31909MH1981PLC025519 · Cornaglia Mettalurgical Products India Private Limited
Enterprises Owned or Significantly influenced by Key Management Personnel :	· Officine Mettalurgiche G. Cornaglia SPA ( Italy ) · Cor-Filters (Italy) · Cor-Tubi · Lumax Industries Limited · Lumax Tours and Travels Limited · Lumax DK Auto Industries Limited · Lumax Finance Private Limited (Formerly Sheela Finance Private Limited) · Lumax Anciallary Limited · Mahavir Udyog · D.K.Jain and Sons (HUF) · Techno Enterprises

CAPITAL STRUCTURE

As on 20.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs. 10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6371218	Equity Shares	Rs. 10/- each	Rs.63.712 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

FINANCIAL DETAILS FILE ATTACHED

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	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	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	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Working capital loans from banks	3.667	0.000
Long-term maturities of finance lease obligations	0.173	0.173
Total	3.840	0.173

INDIAN ECONOMY AND BUSINESS PERFORMANCE

The recent slowdown in the automobile industry for two consecutive years has raised concerns on the long-term growth prospects of the Indian automobile industry. Taking a closer look at the key factors affecting demand over the last few years, it may be noted that some of these trends are reversing and the demand for automobiles will revive in the near term. However, the recovery may not be sharp.

Income and the cost of ownership - two key factors affecting demand for passenger vehicles, were both negatively impacted during the last two years. These factors typically act counter cyclically, resulting in relatively stable growth for the industry. Post June 2010, the cost of ownership has risen sharply on account of deregulation of petrol prices. This along with the economic slowdown has resulted in industry growth rate touching decadal lows. Going forward, while economic recovery is likely to be weak, cooling of petrol prices and interest rates would support demand in 2013-14

During the year, the Indian Automobile Industry recorded a production growth of 1.20% as compared to 13.83% of the corresponding period last year. The industry produced around 20.620 Millions vehicles of which share of two wheelers were 76%, passenger vehicles - 16%, three wheelers and commercial vehicles - 4% each.

During the year, LCAT has reported an impressive growth of 97% by recording net sales of Rs.225.190 Millions as against Rs.114.690 Millions in the previous year. The Profit after Tax has also increased by 90% to Rs.8.410 Millions from Rs.4.430 Millions during the previous year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10355213	26/04/2012	10,000,000.00	CORPORATION BANK OVERSEAS BRANCH	M-93,CONNAUGHT PLACE, NEW DELHI, Delhi - 110001, INDIA	B39467030
2	10255125	22/10/2010	800,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B00543348
3	10191564	21/12/2009	5,175,000.00	VOLKSWAGEN INDIA PRIVATE LIMITED	E -1, MIDC INDUSTRIAL AREA PHASE III, VILLAGE NIGOJE MHALUNGE KHARABWADI CHAKAN TAL KHED, PUNE, Maharashtra - 410501, INDIA	A75275735

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· 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.61.21
UK Pound	1	Rs.100.65
Euro	1	Rs.84.15

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	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		47

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 s	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.