MIRA INFORM REPORT

Report Date :

24.12.2013

IDENTIFICATION DETAILS

Name :	BSH HOUSEHOLD APPLIANCES MANUFACTURING PRIVATE LIMITED
Registered Office :	Arena House, Main Building, 2^nd Floor, Plot No.103, Road No.12, MIDC, Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	07.06.2011
Com. Reg. No.:	11-218407
Capital Investment / Paid-up Capital :	Rs.400.000 Millions
CIN No.: [Company Identification No.]	U29253MH2011FTC218407
TAN No.: [Tax Deduction & Collection Account No.]	MUMB21576C
PAN No.: [Permanent Account No.]	AAECB6071D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Manufacturer of Home Appliances viz. Washing Machines, Refrigerators, Dish Washers, Cooking Hobs and Hoods etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 450000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of “BSH Bosch and Siemens Hausqeraete Gmbh, Germany”. Management remain non-cooperative and denied to disclose any information. As per financial December 2012, there appears accumulated losses recorded by the company. However, the subject gets strong managerial and technical support from its holding company. Trade relations are improving. Business is active. Payment terms are reported to be slow. In view of experienced promoters, the company can be considered for business dealings with some caution.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

Uptick in agriculture and construction spread some cheer as the economy grew a higher-than-expected 4.8 % in the three months through September. Manufacturing rose an annual rate per cent during the quarter and mining fell by 0.4 %, government data showed while farm output rose 46%.

India has emerged as the most attractive investment destination, thanks to a relaxation in foreign direct investment norms, says a report. India is followed by Brazil and China in the ranking part of EY’s Capital Confidence Barometer report based on a survey across 70 nations. The US, France and Japan have emerged as the top three investors likely to invest in India.

India has been ranked 83^rd globally in terms of talent competitiveness of its human capital.  Switzerland, Singapore, Denmark, Sweden and Luxembourg are the top five in the list of 103 nations compiled by INSEAD business school.

Tax rates for companies in India are among the highest in the world and the number of payments is also more than the global average putting the country at low, 158^th rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the time taken for tax payments is relatively less in India which is rated ahead of China and Japan.

1 billion smartphone shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost computing in emerging markets. By 2017, total smartphone shipments are expected to approach 1.7 billion units, resulting in a compound annual growth rate of 18.4 % between 2013 and 2017, according to research from IDC.

20 % vacancy rate of office space in Mumbai and Delhi in the third quarter, the highest in Asia after Chengdu, in China. According to Cushman and Wakefield, six Indian cities are among the 10 office markets with the worst vacancies.

Foreign banks will not have to pay stamp duty and capital gains tax, if they convert their branch operations into a wholly owned subsidiary, according to the Reserve Bank of India.

The Reserve Bank of India is planning to launch CPI – indexed bonds aimed to protecting the savings of retail investors from the impact the price rise by December end.

Central Bureau of Investigation has booked State Bank of India, Deputy Managing Director Shyamal Acharya and others in a graft case related to distribution of a loan of over Rs 4000 mn. Gold and jewellery  worth Rs 6.7 mn have been recovered from the residence of Acharya.

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 DENIED

Management Non Co-operative (91-22-67518000)

LOCATIONS

Registered Office :	Arena House, Main Building, 2^nd Floor, Plot No.103, Road No.12, MIDC, Andheri (East), Mumbai - 400093, Maharashtra, India
Tel. No.:	91-22-67518002/ 67518000/ 8056/ 8017/ 8030/ 8069/ 8010/ 8040
Fax No.:	91-22-27518020/ 67518002
E-Mail :	hakim.kamal@bshg.com himani.kamal@bshg.com dirk.hoffmann@bshg.com heiko.schletz@bshg.com marc.hantscher@bshg.com seema.shevte@bshg.com shilpa.wakade@bshg.com
Website :	http://www.bshg.com http://www.bsh-group.com

DIRECTORS

AS ON 24.06.2013

Name :

Mr. Marc Hantscher

Designation :

Chairman and Managing Director

Address :

Oakwood Premier Mumbai, 29/1 J R Mhatre Road, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

04.11.1969

Date of Appointment :

07.06.2011

PAN No.:

AFPPH4559D

DIN No.:

03114489

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29300MH1997PTC110691	BSH HOME APPLIANCES PRIVATE LIMITED	Managing director	01/10/2010	06/04/2010	Active	NO
2	U29253MH2011FTC218407	BSH HOUSEHOLD APPLIANCES MANUFACTURING PRIVATE LIMITED	Managing director	01/09/2011	07/06/2011	Active	NO

Name :

Mr. Knut Eduard Mittag

Designation :

Additional Director

Address :

Flat No. 1101, 11^th Floor, L’amour, 15^th Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

16.02.1964

Date of Appointment :

01.08.2012

DIN No.:

05328918

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29253MH2011FTC218407	BSH HOUSEHOLD APPLIANCES MANUFACTURING PRIVATE LIMITED	Additional director	01/08/2012	01/08/2012	Active	NO
2	U29300MH1997PTC110691	BSH HOME APPLIANCES PRIVATE LIMITED	Director	29/10/2012	29/10/2012	Active	NO

Name :

Dr. Klemens Bernhard Georg Walf

Designation :

Director

Address :

Flat No.1B, Patio Apartments, Rutland Gate, Nungambakkam, Chennai – 600034, Maharashtra, India

Date of Birth/Age :

10.05.1958

Date of Appointment :

01.09.2011

PAN No.:

ACLPW6857G

DIN No.:

05214789

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29253MH2011FTC218407	BSH HOUSEHOLD APPLIANCES MANUFACTURING PRIVATE LIMITED	Director	29/06/2012	01/09/2011	Active	NO

Name :

Mr. Winfried Eduard Seitz

Designation :

Additional Director

Address :

Brenzaue 24, Gundelfingen A D Dona, 89423, Germany

Date of Birth/Age :

09.03.1953

Date of Appointment :

01.08.2012

DIN No.:

03606908

Name :

Mr. Vegulaparanan Kasi Viswanathan

Designation :

Director

Address :

No.15/A1, Palace Road, Bangalore – 560 052, Karnataka, India

Date of Birth/Age :

20.11.1950

Date of Appointment :

29.10.2012

DIN No.:

01782934

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	L85110KA1951PLC000761	BOSCH LIMITED	Director	01/01/2013	01/11/2007	-	Active	NO
2	U51109KA1992PTC013736	MICO TRADING PRIVATE LIMITED	Director	27/02/2008	07/01/2008	01/01/2013	Active	NO
3	U72400KA1997PLC023164	ROBERT BOSCH ENGINEERING AND BUSINESS SOLUTIONS LIMITED	Director	31/01/2008	31/01/2008	31/12/2012	Active	NO
4	U34300PN1982PLC027224	BOSCH CHASSIS SYSTEMS INDIA LIMITED	Director	01/02/2008	01/02/2008	31/12/2012	Active	NO
5	U29120GJ1974PLC002468	BOSCH REXROTH (INDIA) LIMITED	Director	01/02/2008	01/02/2008	31/12/2012	Active	NO
6	U99999MH1956NPL009708	THE INDO GERMAN CHAMBER OF COMMERCE	Director	07/04/2008	07/04/2008	-	Active	NO
7	U31103TN2008PTC067493	BOSCH ELECTRICAL DRIVES INDIA PRIVATE LIMITED	Director	25/04/2008	25/04/2008	31/12/2012	Active	NO
8	U29221KA2008PTC045987	BOSCH AUTOMOTIVE ELECTRONICS INDIA PRIVATE LIMITED	Director	29/09/2009	01/01/2009	01/01/2013	Active	NO
9	U29120PN1994PTC079126	HAGGLUNDS DRIVES (INDIA) PRIVATE LIMITED	Director	02/09/2010	02/09/2010	-	Amalgamated	NO
10	U29300MH1997PTC110691	BSH HOME APPLIANCES PRIVATE LIMITED	Additional director	09/12/2010	09/12/2010	29/10/2012	Active	NO
11	U26941TN2000PTC044765	FLSMIDTH PRIVATE LIMITED	Director	29/09/2011	05/05/2011	-	Active	NO
12	U34200PN2011PLC140066	FOUNDATION BRAKE MANUFACTURING LIMITED	Director	05/07/2011	05/07/2011	31/05/2012	Active	NO
13	U29253MH2011FTC218407	BSH HOUSEHOLD APPLIANCES MANUFACTURING PRIVATE LIMITED	Director	29/10/2012	29/10/2012	-	Active	NO
14	U66000WB2009PLC136327	MAGMA HDI GENERAL INSURANCE COMPANY LIMITED	Additional director	24/10/2013	24/10/2013	-	Active	NO

Name :

Mr. Rohit Maganlal Gala

Designation :

Director

Address :

B-1601, Runwal Heights, opposite Nirmal Lifestyle, Mulund, Mumbai – 400 080, Maharashtra, India

Date of Birth/Age :

28.09.1965

Date of Appointment :

29.10.2012

DIN No.:

00370602

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	U29130WB1961PLC025323	FLENDER LIMITED	Director	11/06/2008	19/05/2006	-	Amalgamated	NO
2	U35201MH2008PTC184302	SIEMENS ROLLING STOCK PRIVATE LIMITED	Director	06/03/2009	08/07/2008	-	Amalgamated	NO
3	U34300TN2004PTC054318	WINERGY DRIVE SYSTEMS INDIA PRIVATE LIMITED	Director	07/08/2009	07/08/2009	-	Active	NO
4	U29300MH1997PTC110691	BSH HOME APPLIANCES PRIVATE LIMITED	Additional director	09/12/2010	09/12/2010	29/10/2012	Active	NO
5	U45208MH1997PTC104825	MORGAN CONSTRUCTION COMPANY INDIA PRIVATE LIMITED	Director	27/01/2012	14/11/2011	-	Amalgamated	NO
6	U29253MH2011FTC218407	BSH HOUSEHOLD APPLIANCES MANUFACTURING PRIVATE LIMITED	Director	29/10/2012	29/10/2012	-	Active	NO

Name :

Mr. Christian Gerhard Walter Prenzel

Designation :

Director

Address :

59, Holland Road, Singapore – 258 883

Date of Birth/Age :

11.06.1967

Date of Appointment :

21.11.2012

DIN No.:

06431172

KEY EXECUTIVES

Name :	Mrs. Shilpa Madhusudan Wakade
Designation :	Secretary
Date of Appointment :	01.03.2013
PAN No.:	ABOPW1861C

MAJOR SHAREHOLDERS

AS ON 24.06.2013

Names of Shareholders	No. of Shares
BSH Vermogensverwaltungs GmbH, India	1000
BSH Bosch and Siemens Hausgeraete GmbH, India	39999000
Total	40000000

Equity Share Break up (Percentage of Total Equity)

AS ON 24.06.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Manufacturer of Home Appliances viz. Washing Machines, Refrigerators, Dish Washers, Cooking Hobs and Hoods etc.

Products :

Products	ITC Code
Washing Machine, Refrigerator, Other Appliances	8449

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Holding company :	BSH Bosch and Siemens Hausgerate GmbH, Germany
Ultimate Holding company	Robert Bosch GmbH and Siemens AG
Fellow Subsidiary company :	BSH Home Appliances Private Limited [U29300MH1997PTC110691]
Associates :	Bosch Limited [L85110KA1951PLC000761]

CAPITAL STRUCTURE

AS ON 24.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
180000000	Equity Shares	Rs. 10/- each	Rs.1800.000 Millions

Issued and Subscribed Capital :

No. of Shares	Type	Value	Amount
110000000	Equity Shares	Rs. 10/- each	Rs.1100.000 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs. 10/- each	Rs.400.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	400.000	400.000
(b) Reserves & Surplus	(285.268)	(7.172)
(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)	114.732	392.828
(3) Non-Current Liabilities
(a) long-term borrowings	600.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	2.046	0.000
(d) long-term provisions	40.177	0.009
Total Non-current Liabilities (3)	642.223	0.009
(4) Current Liabilities
(a) Short term borrowings	610.268	0.000
(b) Trade payables	838.013	76.973
(c) Other current liabilities	89.698	3.710
(d) Short-term provisions	73.014	0.000
Total Current Liabilities (4)	1610.993	80.683
TOTAL	2367.948	473.520
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	340.839	0.945
(ii) Intangible Assets	0.818	0.000
(iii) Capital work-in-progress	148.793	336.794
(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	512.047	71.285
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1002.497	409.024
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	518.959	9.061
(c) Trade receivables	244.641	0.000
(d) Cash and cash equivalents	319.117	51.355
(e) Short-term loans and advances	50.467	4.080
(f) Other current assets	232.267	0.000
Total Current Assets	1365.451	64.496
TOTAL	2367.948	473.520

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011
	SALES
		Income
		Other Income
		TOTAL	2010.718	2.518
Less	EXPENSES
		TOTAL	2265.485	9.684
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(254.767)	(7.165)
Less	DEPRECIATION/ AMORTISATION		24.329	0.007
	PROFIT/(LOSS) BEFORE TAX		(279.096)	(7.172)
Less	TAX		0.000	0.000
	PROFIT/(LOSS) AFTER TAX		(278.096)	(7.172)
	Earnings Per Share (Rs.)		(6.95)	(0.50)

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011
PAT / Total Income	(%)	(13.83)	(284.83)
Return on Total Assets (PBT/Total Assets}	(%)	(16.35)	(10.96)
Return on Investment (ROI) (PBT/Networth)		(2.43)	(0.02)
Debt Equity Ratio (Total Debt /Networth)		10.55	0.00
Current Ratio (Current Asset/Current Liability)		0.85	0.80

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 two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	No
24]	Banking facility details	No
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.12.2013 Rs. In Millions	31.12.2012 Rs. In Millions
Long Term Borrowings
Loans and Advances from related parties	600.000	0.000
Short Term Borrowings
Loans repayable on Demand	610.268	0.000
Total	1210.268	0.000

NOTE: No Charges Exist for Company.

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.61.99
UK Pound	1	Rs.101.37
Euro	1	Rs.84.82

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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	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		26

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.