MIRA INFORM REPORT

Report Date :

04.02.2013

IDENTIFICATION DETAILS

Name :	VIACOM 18 MEDIA PRIVATE LIMITED (w.e.f.03.12.2007)
Formerly Known As :	Mtv networks India private limited (w.e.f.21.03.1996) PJ entertainment private limited
Registered Office :	Zion Bizworld, Subhash Road – A, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.12.1995
Com. Reg. No.:	11-095508
Capital Investment / Paid-up Capital :	Rs. 1283.700 Millions
CIN No.: [Company Identification No.]	U92100MH1995PTC095508
TAN No.: [Tax Deduction & Collection Account No.]	MUMM10374A
PAN No.: [Permanent Account No.]	AAACM9164E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Building Multimedia Entertainment Powerhouse.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 31600000
Status :	Satisfactory
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a joint venture operation in India between Viacom Inc and Network 18 Group. It is a well established company having a satisfactory track record. The latest financial are not made available with the government department. As per previous year’s record, there appear huge accumulated losses recorded by the company. However, the networth of the company seems to be strong. Company gets good financial support from its holding companies. Trade relations are reported to be fair. Business is active. Payments are reported to be slow. In view of strong holding and experience promoter, 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

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank Facilities : (CARE) A-
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligations it carry low credit risk.
Date	September 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Saumitra Deva
Designation :	Finance Controller
Contact No.:	91-9820734473
Date :	02.02.2013

LOCATIONS

Registered Office :	Zion Bizworld, Subhash Road – A, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-66622424/ 43412424/ 42581818
Mobile No.:	91-9820734473 (Mr. Saumitra Deva)
Fax No.:	91-22-66547720/ 42581890/ 91
E-Mail :	sujeet.jain@viacom18.com aabid.co@gmail.com careers@viacom18.com communications@viacom18.com saumitra.deva@viacom18.com
Website :	http://www.viacom18.com
Location :	Leased
Branch Office:	30-H, Simran Center, 3rd Floor, Parsi Panchayat Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-42325300
Fax No.:	91-22-67652663/ 4
E-Mail :	colorstv@viacom18.com

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Raghav Bahl
Designation :	Director
Address :	E-36, Sector – 30, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	02.01.1961
Date of Appointment :	06.11.2007
DIN No.:	00015280
Name :	Mr. Robert Marc Bakish
Designation :	Director
Address :	17 Old Neversink Road, Danbury, Ct – 06811, USA
Date of Birth/Age :	14.12.1963
Date of Appointment :	20.03.2007
DIN No.:	02069095
Name :	Mr. Wade Cullen Davis
Designation :	Director
Address :	464, Temama St., San Francisco, Ca – 94103, USA
Date of Birth/Age :	06.03.1972
Date of Appointment :	07.08.2007
DIN No.:	02157793
Name :	Mr. Paul Jerome Rourke
Designation :	Director
Address :	8, Pemne Lane, Cranbury NJ,08512, USA
Date of Birth/Age :	26.07.1963
Date of Appointment :	13.06.2012
DIN No.:	05144789
Name :	Mr. Saikumar Ganapathy Balasubramanian
Designation :	Director
Address :	Flat No. 11, B-Wing, 6^th Floor, Sunset Heights, 59 Pall Hill, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	01.09.1974
Date of Appointment :	13.06.2012
DIN No.:	01772191
Name :	Mr. Sarbvir Singh
Designation :	Director
Address :	House 46, Sector 37, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	27.09.1971
Date of Appointment :	13.06.2012
DIN No.:	00509959

KEY EXECUTIVES

Name :	Mr. Saumitra Deva
Designation :	Finance Controller
Name :	Mr. Sujeet Veerchand Jain
Designation :	Secretary
Address :	1303, Tower 1, Raheja Tipco Heights CHS, Rani Sati Marg, Malad (East), Mumbai-400097, Maharashtra, India
Date of Birth/Age :	04.08.1973
Date of Appointment :	21.02.2008
PAN No.:	AAWPJ4965H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
MTV Asia Ventures (India) Pte Limited, Mauritius	47768791
TV18 Broadcast Limited, India	47768791
Total	95537582

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Building Multimedia Entertainment Powerhouse.

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

ING Vysya Bank Limited, 22, M.G. Road, Bangalore – 560001, Karnataka, India

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	2000.000	0.000
Working capital loans others secured	1149.000	0.000
Other debt secured	1361.580	446.760
Total	4510.580	446.760
Note: (A) The loans are secured by hypothecation of stock, book debts and fixed assets Amount repayable within one year are as follows: - Term loan from Banks Rs. Nil - Working Capital Facilities: Rs. 1149.000 million - Cash Credit from Bank: Rs. 1361.580 million (B) The loans are secured by hypothecation of stock, book debts and fixed assets

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252 Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400 028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ADEPG6306N
Holding Companies :	Ø MTV Asia Ventures (India) Pte. Limited, Mauritius [50% Share holder] Ø ibn18 Broadcast Limited [50% Share holder]
Ultimate Holding Companies :	Ø Viacom Inc. Ø Network18 Media and Investments Limited
Subsidiary Companies :	Ø Viacom 18 Media US Inc Ø Viacom 18 Media (UK) Limited Ø Roptonal Limited, Cyprus Ø The Indian Film Company Limited, Guernsey Ø The Indian Film Company. (Cyprus) Limited Ø IFC Distribution Private Limited
Entity under significant influence :	Ø Viacom International Inc. Ø MTV Asia LDC, Singapore Ø MTV Networks International Ø MTV Networks B.V., Netherlands Ø MTV Network New York Ø MTV Networks Europe Ø MTV India, Cayman Islands (registered in the Netherlands) Ø Netherlands Overseas Inc Ø Viacom Netherlands Management LLC Ø Viacom Overseas Holdings C.V., Netherlands Ø Viacom Global (Netherlands) B.V. Ø Nickelodeon Asia Holdings Pte. Limited, Singapore Ø Nickelodeon UK Limited Ø Nickelodeon India Private Limited Ø Television Eighteen India Limited Ø RVT Investments Private Limited Ø E18, Division of Network 18 Media and Investment Limited Ø Sports18, Division of Network 18 Media and Investment Limited Ø Network 18 Publications Limited Ø TV 18 Home Shopping Network Limited Ø Infomedia 18 Limited Ø Web 18 Software Services Limited Ø Digital 18 Media Limited Ø e-Eighteen.Com Limited Ø Den Network Limited (upto September 30, 2010) Ø Web Chutney Studio Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
120,994,500	Equity Shares	Rs. 10/- each	Rs. 1209.945 Millions
44,005,500	Preference Shares	Rs. 10/- each	Rs. 440.055 Millions
	Total		Rs. 1650.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95,537,582	Equity Shares	Rs. 10/- each	Rs. 955.376 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
120,994,500	Equity Shares	Rs.10/- each	Rs. 1209.945 Millions
44,005,500	Preferences Shares	Rs.10/- each	Rs. 440.055 Millions
	Total		Rs. 1650.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
98739000	Equity Shares	Rs.10/- each	Rs. 987.390 Millions
43935500	Preferences Shares	Rs.10/- each	Rs. 439.360 Millions
	Total		Rs. 1426.750 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
84434434	Equity Shares	Rs.10/- each	Rs. 844.340 Millions
43935500	Preferences Shares	Rs.10/- each	Rs. 439.360 Millions
	Total		Rs. 1283.700 Millions

Changes in the Authorized and Issued Share Capital of the Company

i. Pursuant to the Board resolution dated June 16, 2010 and approval of the Shareholders at the Annual General Meeting held on July 24, 2010, the Authorized Share Capital of the company has been increased from Rs.1150.000 millions to Rs.1650.000 millions divided into 120,994,500 Equity Shares of Rs.10/- each and 44,005,500 0.01% Optionally Convertible Redeemable Cumulative Preference Shares of Rs.10/- each.

ii. Further to fund the future expansion plans of the Company, the Board at its meeting held on June 16, 2010 has approved issue of 14,305,556 equity shares on a rights basis to the equity shareholders of the Company at a price of Rs. 162 each consisting of Rs. 10 towards the face value of each rights share and Rs. 152 towards the premium payable on each rights share. The amount shall be funded by the shareholders in a staggered manner over a period of next 18 months.

iii. The Board of Directors at their meeting held on June 16, 2010 approved the issue of 26,942,378 equity shares of Rs. 10 each on a rights basis to the equity shareholders of the Company at a premium of Rs.152 per share for the purpose of funding the acquisition of business of TIFC. The rights issue was fully subscribed by the shareholders of the Company and the share application money received, shares allotted on October 7, 2010. The proceeds of the Right Issue have been invested in Roptonal Limited.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1283.700	1014.280	952.090
2] Share Application Money		640.200	200.000	400.000
3] Reserves & Surplus		8656.890	4561.650	3526.040
4] (Accumulated Losses)		(2679.480)	(3602.800)	(3172.870)
5] Equity Share Warrants		3.000	3.000	0.000
NETWORTH		7904.310	2176.130	1705.260
LOAN FUNDS
1] Secured Loans		4510.580	446.760	44.740
2] Unsecured Loans		498.280	0.000	0.000
TOTAL BORROWING		5008.860	446.760	44.740
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		12913.170	2622.890	1750.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		142.990	173.740	171.000
Capital work-in-progress		1.880	12.700	7.630
INVESTMENT		4546.930	0.470	0.000
DEFERRED TAX ASSETS		120.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4104.740	738.120	639.540
	Sundry Debtors	4013.140	3017.480	2405.620
	Cash & Bank Balances	3010.250	1034.150	594.760
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1385.450	939.820	657.370
Total Current Assets		12513.580	5729.570	4297.290
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3866.430	2936.850	2216.040
	Other Current Liabilities	530.420	342.940	488.150
	Provisions	15.360	13.800	21.730
Total Current Liabilities		4412.210	3293.590	2725.920
Net Current Assets		8101.370	2435.980	1571.370
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		12913.170	2622.890	1750.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	GROSS INCOME		11053.860	8359.390	3381.130
	DEPRECIATION/ AMORTISATION		81.090	79.600	73.660
	PROFIT/(LOSS) BEFORE TAX		1008.100	(428.360)	(2970.960)
Less	TAX		84.780	1.570	57.320
	PROFIT/(LOSS) AFTER TAX		923.320	(429.930)	(3028.280)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3602.800)	(3172.870)	(144.590)
	BALANCE CARRIED TO THE B/S		(2679.480)	(3602.800)	(3172.870)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		0.000	227.880
		Distribution Fees		84.960	14.520
	TOTAL EARNINGS		375.770	84.960	242.400
	IMPORTS
		Capital Goods	N.A.	14.440	19.360
	Earnings Per Share (Rs.)
	Basic		13.10	(8.74)	(91.08)
	Diluted		12.40	N.A.	N.A.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	7.97	(7.26)	(66.49)
Return on Investment (ROI) (PBT/Networth)		0.13	(0.20)	(1.74)
Debt Equity Ratio (Total Debt/Networth)		0.63	0.21	0.03
Current Ratio (Current Asset/Current Liability)		2.84	1.74	1.58

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Creditors due small micro enterprises	0.020	0.020	0.170
Creditors due others	3866.410	2936.830	2215.870
Sundry creditors	3866.430	2936.850	2216.040

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	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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

UNSECURED LOANS

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks unsecured	498.280	0.000
Total	498.280	0.000

Notes: The registered office of the company has been shifted from 36B, Dr. R.K. Shirodkar Road, Parel, Mumbai – 400012, Maharashtra to present address (w.e.f. 06.02.2012)

OPERATIONS AND PROSPECTS

“Colors” has topped the ratings numerous times during the year as number one general entertainment channel leaving behind other established channels. This year also witnessed occasions when in the channels of the Company namely “MTV”, “Colors”, “Nick” and “VH1” were ranked as the top channels in their respective genres.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(Rs. in millions)

Particulars	31.03.2011	31.03.2010
Claims against the Company not acknowledged as debts:
a. Pertains to litigation filed against the Company for non-payment of brokerage for its old office and residential premises. (Current Year Rs. 2.140 millions, Previous Year Rs. 1.880 millions)	47.590	1.880
b. Pertains to case filed against the Company for infringement of literary and copyrights rights. (Current Year Rs. 45.000 millions; Previous Year Rs. Nil)	--	--
c. Pertains to case filed by the workman for terminating his services. (Current Year Rs. 0.450 million; Previous Year Rs. Nil)	--	--

fixed assets:

Ø Goodwill

Ø Computer – Software

Ø Leasehold improvements

Ø Furniture and Fixtures

Ø Plant and Machinery

Ø Motor Vehicles

Ø Equipments and Computer System

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. 53.32
UK Pound	1	Rs. 84.60
Euro	1	Rs. 72.63

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.