MIRA INFORM REPORT

Report Date :

25.02.2013

IDENTIFICATION DETAILS

Name :	MEENAKSHI POLYMORS PRIVATE LIMITED
Registered Office :	36, Sabarwal Market, Sadar Bazar, Delhi – 110006
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.07.1986
Com. Reg. No.:	55-024860
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U74899DL1986PTC024860
IEC No.:	0588133582
TAN No.: [Tax Deduction & Collection Account No.]	DELM08349F
PAN No.: [Permanent Account No.]	AAACM3392G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Two Wheeler Seat Assembly and Auto Parts.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 840000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is well established and a reputed company having a fine track record. However, there appears slight dip in the profits earned during 2012. Trade relations are decent. Payments are regular as per commitments. Business is active. The company can be considered good for normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

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	CRISIL
Rating	SE 1B
Rating Explanation	Highest performance capability and moderate financial strength.
Date	31.07.2012

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.

LOCATIONS

Registered Office :	36, Sabarwal Market, Sadar Bazar, New Delhi – 110006, India
Tel. No.:	91-124-2373639/ 5031621/ 3211036 / 23675475
Mobile No.:	91-9910398587 (Mr. Sandeep)
Fax No.:	91-124-2210432
E-Mail :	mppl-2@sify.com avin_bhatia@yahoo.co.in sandeepsareen@meenakshipolymers.com bhatia_avin@yahoo.com mppldel@sify.com kunalsoni@meenakshipolymers.com sanjeevsoni@meenakshipolymers.com
Website :	www.meenakshipolymers.com
Location :	Owned
Corporate Office :	E-478, Greater Kailash – 2, New Delhi – 110048, India
Tel. No.:	91-11-29214034
Fax No.:	91-11-29217127
Factory 1 :	25 K.M, G.T Bullandshahar Road, Village - Kota, Dadri, Gautam Budh Nagar, Uttar Pradesh, India
Tel. No.:	91-120-2662693/ 2662645/ 2662578
Fax No.:	91-120-2662652
Factory 2 :	Plot No 33, Sector-34, Gurgaon, Haryana, India
Tel. No.:	91-124-2373639/ 4031621
Fax No.:	91-124-2210423
Factory 3 :	Plot No 161, Sector-3, IMT Manesat, District Gurgaon, Haryana, India
Tel. No.:	91-124-3211036/ 2290987
Fax No.:	91-124-2290987
Factory 4 :	Village and P.O:- Bhorakalan (Binola), District Gurgaon, Haryana, India
Tel. No.:	91-124-3261338
Factory 5 :	Plot No-14, Industrial Park-11, Village: Salempur Mehdood, Haridwar, Uttarakhand, India
Tel. No.:	91-1334-235516
Factory 6 :	E-126, Bahadrabad Industrial Area, Haridwar, Uttarakhand, India
Tel. No.:	91-1334-232178
Branch Office :	Located at: · Birlova, Maneshwar, Haryana, India · Dadri, Uttar Pradesh, India

DIRECTORS

As on 29.09.2012

Name :

Mrs. Anita Soni

Designation :

Director

Address :

81, The Mall, Civil Lines, Ludhiana – 141 001, Punjab, India

Date of Birth/Age :

27.01.1959

Qualification :

Graduate

Pan No.:

AATPS6894D

Date of Appointment :

01.08.1996

Din No.:

01018158

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	U17120PB1988PTC008316	ESS ESS KNITWEARS PRIVATE LIMITED	Director	01-10-91	01-10-91	-	Strike off	NO
2	U17117DL1996PTC076942	KAAM DHENU WOOL PRIVATE LIMITED	Director	07-03-96	07-03-96	-	Active	NO
3	U74899DL1986PTC024860	MEENAKSHI POLYMORS PRIVATE LIMITED	Director	01-08-96	01-08-96	-	Active	NO

Name :

Mr. Sanjeev Soni

Designation :

Director

Address :

81, The Mall, Civil Lines, Ludhiana – 141 001, Punjab, India

Date of Birth/Age :

15.10.1957

Qualification :

Graduate

Pan No.:

ABIPS3100N

Date of Appointment :

01.06.2006

Din No.:

01479177

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	U74899DL1983PTC015926	DEEPAK AND DEEPAK FABRICS PRIVATE LIMITED	Director	16-06-83	16-06-83	-	Active	NO
2	U74899DL1986PTC024860	MEENAKSHI POLYMORS PRIVATE LIMITED	Director	01-06-06	01-06-06	-	Active	NO

Name :

Mr. Raj Kumar Soni

Designation :

Director

Address :

81, The Mall, Civil Lines, Ludhiana – 141 001, Punjab, India

Date of Birth/Age :

01.03.1926

Qualification :

Graduate

Date of Appointment :

24.01.2007

Din No.:

01021864

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	U17113DL1962PLC003737	A K SILK WOOLLEN MILLS PRIVATE LIMITED	Director	15-06-62	15-06-62	-	Active	NO
2	U74899DL1962PTC003763	JABCO INDUSTRIES PRIVATE LIMITED	Director	30-07-62	30-07-62	-	Active	NO
3	U17113DL1966PLC004686	MURARI WOOLLEN MILLS LIMITED	Director	31-12-66	31-12-66	-	Active	NO
4	U74899DL1986PTC024860	MEENAKSHI POLYMORS PRIVATE LIMITED	Director	24-01-07	24-01-07	-	Active	NO

Name :

Mrs. Punam Soni

Designation :

Director

Address :

81, The Mall, Civil Lines, Ludhiana – 141 001, Punjab, India

Date of Birth/Age :

01.01.1961

Qualification :

Graduate

Date of Appointment :

01.08.1991

Din No.:

01018205

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	U74899DL1986PTC024860	MEENAKSHI POLYMORS PRIVATE LIMITED	Director	01-08-91	01-08-91	-	Active	NO
2	U17120PB1988PTC008316	ESS ESS KNITWEARS PRIVATE LIMITED	Director	01-10-91	01-10-91	-	Strike off	NO
3	U17117DL1996PTC076942	KAAM DHENU WOOL PRIVATE LIMITED	Director	20-10-97	20-10-97	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Anita Soni	13950
Punam Soni	4645
Arjun Soni	1700
Kunal Soni	850
Rahul Soni	850
Bharat Soni	1005
Raj Kumar Soni	200
Sanjeev Soni	76800
Total	100000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Two Wheeler Seat Assembly and Auto Parts.

GENERAL INFORMATION

No. of Employees :

600 (Approximately)

Bankers :

· Small Industries Development Bank of India, SCO-16 and 17, Fortune Chambers, First Floor, Feroze Gandhi Market, Opposite Ludhiana Stock Exchange, Ludhiana – 141 001, Punjab, India

· Vijaya Bank, M-53 Market, Greater Kailash Part-II, New Delhi-110 048, India

· State Bank of India, New Delhi, India HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from banks (Mortgage of land and building at binola and haridwar and secured loan against machinery)	61.905	68.385
Term loans from others (Against Machinery)	0.000	0.872
Loans repayable on demand (Against FDRs and lien on company investment)	58.936	38.844
Loans taken for fixed assets (Secured by way of hypothecation of assets, thus purchased)	3.271	3.561
Short-term borrowings
Rupee term loans from banks (Against Current assets, fixed assets and margin money)	17.493	2.383
Total	141.605	114.045

Banking Relations :	--
Auditors :
Name :	Nanda and Bhatia Chartered Accountants
Address :	Red Cross Bhawan, The Mall, Ludhiana – 141 001, Punjab, India
Tel. No.:	91-124-2444948 / 2449986
PAN.:	AABFN8498E
Associates :	Govind Industries Private Limited CIN No.: U29246PB1991PTC011333

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
107955	Equity Shares	Rs.100/- each	Rs.10.795 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Disclosure of shareholding more than five per cent in company

Name of shareholder	Number of shares held in company	Percentage of shareholding in company
Sanjeev Soni	76,800	76.80%
Anita Soni	13,950	13.95%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		201.575	181.816	153.742
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		211.575	191.816	163.742
LOAN FUNDS
1] Secured Loans		141.605	114.045	121.025
2] Unsecured Loans		47.064	53.273	35.515
TOTAL BORROWING		188.669	167.318	156.540
DEFERRED TAX LIABILITIES		27.818	22.866	19.055
TOTAL		428.062	382.000	339.337
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		402.550	382.462	358.126
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.500	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	78.956	68.364	25.196
	Sundry Debtors	126.357	83.591	60.717
	Cash & Bank Balances	82.455	81.440	38.141
	Other Current Assets	3.747	10.468	0.000
	Loans & Advances	25.255	11.964	14.813
Total Current Assets		316.770	255.827	138.867
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	254.807	218.677	135.225
	Other Current Liabilities	27.681	21.466	14.711
	Provisions	11.270	16.146	7.720
Total Current Liabilities		293.758	256.289	157.656
Net Current Assets		23.012	(0.462)	(18.789)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		428.062	382.000	339.337

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Sales Turnover	15736.228	1183.900	781.619
	Miscellaneous Income	3.745	1.664	0.416
	TOTAL	15739.973	1185.564	782.035
EXPENSES
	Office Expenses
	Administrative Expenses	15687.384	1128.522	725.867
	Advertising Expenses
	TOTAL	15687.384	1128.522	725.867
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		52.589	57.042	56.168
DEPRECIATION/ AMORTISATION		21.136	17.131	12.394
PROFIT BEFORE TAX		31.453	39.911	43.774
TAX		11.297	11.837	12.282
PROFIT AFTER TAX		20.156	28.074	31.492
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	4.802	3.310
APPROPRIATIONS
	Transfer to General Reserve	20.156	30.000	30.000
BALANCE CARRIED TO THE B/S		20.156	2.876	4.802
Earnings Per Share (Rs.)		201.56	280.74	314.92

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.13	2.37	4.03
Net Profit Margin (PBT/Sales)	(%)	0.20	3.37	5.60
Return on Total Assets (PBT/Total Assets}	(%)	4.37	6.25	8.81
Return on Investment (ROI) (PBT/Networth)		0.15	0.21	0.27
Debt Equity Ratio (Total Debt /Networth)		0.89	0.87	0.96
Current Ratio (Current Asset/Current Liability)		1.08	1.00	0.88

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	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	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	Yes

OPERATIONS

The gross receipts of the company for the year were Rs.15736.228 Millions as compared to Rs.1183.900 Millions during the last year.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from banks	5.336	5.217
Loans and advances from directors	1.500	0.000
Loans and advances from others	40.000	47.500
Short-term borrowings
Rupee term loans from banks	0.228	0.556
Total	47.064	53.273

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1986PTC024860
Name of the company	MEENAKSHI POLYMORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	36, Sabarwal Market, Sadar Bazaar,Delhi-110 006, India Email: bhatia_avin@yahoo.com
This form is for	Creation of charge
Type of charge	· Movable property (not being pledge) · Others (Hypothecation of brand new MARUTI SUZUKI EECO 5)
Particular of charge holder	Vijaya Bank, M-53 Market, Greater Kailash Part-II, New Delhi-110 048, India del.greaterkailash6031@vijayabank.co.in
Nature of instrument creating charge	1. Sanction Letter dated (01.09.2012) 2. Hypothecation Agreement (Doc-56) dated 01.09.2012 3. Letter of Repayment (Doc-35) dated 01.09.2012 4. Board Resolution dated 27.07.2012
Date of instrument Creating the charge	01.09.2012
Amount secured by the charge	Rs.0.345 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest The rate of interest would be BLR+ 0.75% p.a. floating (i.e. 11.2 % p.a.) subject to change from time to time as per banks norms and additional interest at rate of 2% in case of default Terms of Repayment Rs.34.500 Millions has been sanctioned for a period of 60 Months and repayable in monthly EMI of Rs.0.008 Million each. Margin 21% Extent and Operation of the charge 100% first charge
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of brand new MARUTI SUZUKI EECO 5 STR A/C with cng of Rs. 0.437 Million

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Moulds

· Tools and Dies

· Generator Set

· Lab Equipment

· Furniture and Fixture

· Computers

· Vehicles

· Office Equipments

· Capital Work In Progress

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.54.43
UK Pound	1	Rs.83.20
Euro	1	Rs.71.91

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.