MIRA INFORM REPORT

Report Date :

13.09.2013

IDENTIFICATION DETAILS

Name :	BEHR PROCESS PAINTS (INDIA) PRIVATE LIMITED
Registered Office :	Survey No.: 236 and 237, Taco Road, Opposite Tata Auto Camp Systems Limited, Hinjewadi, Pune – 411057, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.05.2006
Com. Reg. No.:	11-139985
Capital Investment / Paid-up Capital :	Rs.0.520 Million
CIN No.: [Company Identification No.]	U24224PN2006PTC139985
TAN No.: [Tax Deduction & Collection Account No.]	PNEB05054A
PAN No.: [Permanent Account No.]	AACCB8683R
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of providing services relating to scientific research and development in the fields of paints, chemicals and chemical products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 420000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. Financially company seems to be performing well. Liquidity position appears to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. 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.

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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	Survey No.: 236 and 237, Taco Road, Opposite Tata Auto Camp Systems Limited, Hinjewadi, Pune – 411057, Maharashtra, India
Tel. No.:	91-20-66750650
Fax No.:	91-20-30622406
E-Mail :	harsh@gmkco.com

DIRECTORS

As on: 29.09.2012

Name :

Mr. Rakesh Thakor Desai

Designation :

Director

Address :

India

Date of Birth/Age :

02.04.1973

Date of Appointment :

24.05.2006

DIN No.:

00152982

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	U52311MH2000PTC125280	BRAND HOLDINGS (INDIA) PRIVATE LIMITED	Director	24/03/2000	24/03/2000	01/10/2008	Active	NO
2	U51432MH2000PTC130107	BLUEBERRY TRADING COMPANY PRIVATE LIMITED	Director	20/10/2001	20/10/2001	28/12/2009	Active	NO
3	U18101GJ2003PTC046421	Tommy Hilfiger Arvind Fashion Private Limited	Director	09/09/2003	09/09/2003	18/05/2009	Active	NO
4	U18101MH2003PTC142108	ARVIND MURJANI BRANDS PRIVATE LIMITED	Director	09/09/2003	09/09/2003	18/05/2009	Not Available for eFiling	NO
5	U51430MH2004PTC144353	ICASA TRADING COMPANY PRIVATE LIMITED	Director	04/02/2004	04/02/2004	09/03/2012	Active	NO
6	U45200MH2004PTC147081	WINDERMERE PROPERTIES PRIVATE LIMITED	Director	22/06/2004	22/06/2004	-	Active	NO
7	U70102MH2004PTC148768	HADDOCK PROPERTIES PRIVATE LIMITED	Director	22/09/2004	22/09/2004	-	Active	NO
8	U70100MH2005PTC154232	GRANDEUR PROPERTIES PRIVATE LIMITED	Director	24/06/2005	24/06/2005	-	Active	NO
9	U70100MH2005PTC154357	PENTAGRAM PROPERTIES PRIVATE LIMITED	Director	29/06/2005	29/06/2005	-	Active	NO
10	U70100MH2005PTC154416	WINCHESTER PROPERTIES PRIVATE LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
11	U54131MH2005PTC157347	BRAND RETAIL PRIVATE LIMITED	Director	17/11/2005	17/11/2005	01/10/2008	Active	NO
12	U52190MH2005PTC157856	LUXURY BRANDS RETIL PRIVATE LIMITED	Director	01/12/2005	01/12/2005	01/10/2008	Active	NO
13	U51909MH2005PTC158048	MURJANI RETAIL PRIVATE LIMITED	Director	14/12/2005	14/12/2005	01/10/2008	Active	NO
14	U51900MH2006PTC160686	BRAND MARKETING (INDIA) PRIVATE LIMITED	Director	23/03/2006	23/03/2006	01/10/2008	Active	NO
15	U51311MH2006PTC162428	Luxury Goods Retail Private Limited	Director	23/05/2006	23/05/2006	01/10/2008	Active	NO
16	U51311MH2006PTC162430	MC RETAIL PRIVATE LIMITED	Director	23/05/2006	23/05/2006	01/10/2008	Active	NO
17	U24224PN2006PTC139985	BEHR PROCESS PAINTS (INDIA) PRIVATE LIMITED	Director	24/05/2006	24/05/2006	-	Active	NO
18	U51494MH2006PTC162686	BMI WHOLESALE TRADING PRIVATE LIMITED	Director	16/06/2006	16/06/2006	01/10/2008	Active	NO
19	U51494MH2006PTC162688	MJ RETAIL PRIVATE LIMITED	Director	16/06/2006	16/06/2006	01/10/2008	Active	NO
20	U51494MH2006PTC162687	MB RETAILING PRIVATE LIMITED	Director	16/06/2006	16/06/2006	01/10/2008	Active	NO
21	U51494MH2006PTC162846	MT RETAIL PRIVATE LIMITED	Director	26/06/2006	26/06/2006	01/10/2008	Strike off	NO
22	U52599MH2007PTC167177	ML RETAIL PRIVATE LIMITED	Director	22/01/2007	22/01/2007	01/10/2008	Active	NO
23	U74900MH2007PTC169816	MASCO HOME PRODUCTS PRIVATE LIMITED	Director	10/04/2007	10/04/2007	-	Active	NO
24	U70102MH2007PTC170410	MV RETAIL PRIVATE LIMITED	Director	28/04/2007	28/04/2007	01/10/2008	Strike off	NO
25	U52100MH2007PTC172910	VM RETAIL PRIVATE LIMITED	Director	07/08/2007	07/08/2007	01/10/2008	Active	NO
26	U55101MH2008PTC179925	WHITEFIELD HOSPITALITY PRIVATE LIMITED	Director	10/03/2008	10/03/2008	-	Active	NO
27	U67120MH1986PLC039419	VICTORIA INVESTMENTS COMPANY LIMITED	Director	27/08/2008	27/08/2008	-	Active	NO
28	U45200MH1985PLC037365	TIVOLI CONSTRUCTION LTD	Director	07/09/2009	07/09/2009	-	Active	NO
29	U45200MH2012PTC227292	Mrunmai Properties Private Limited	Additional director	24/07/2012	24/07/2012	-	Active	NO

Name :

Swarnendu Bikas Kar

Designation :

Managing director

Address :

India

Date of Birth/Age :

15.04.1973

Date of Appointment :

01.04.2010

DIN No.:

03023133

Name :

Jerry Wayne Mollien

Designation :

Director

Address :

USA

Date of Birth/Age :

13.09.1967

Date of Appointment :

14.06.2007

DIN No.:

01490582

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	U24224PN2006PTC139985	BEHR PROCESS PAINTS (INDIA) PRIVATE LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO
2	U74900MH2007PTC169816	MASCO HOME PRODUCTS PRIVATE LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO

Name :

Jeffrey Donkin Filley

Designation :

Director

Address :

USA

Date of Birth/Age :

18.04.1949

Date of Appointment :

08.06.2007

DIN No.:

01801649

Name :

John Gerard Sznewajs

Designation :

Director

Address :

USA

Date of Birth/Age :

07.07.1961

Date of Appointment :

14.06.2007

DIN No.:

01490607

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	U24224PN2006PTC139985	BEHR PROCESS PAINTS (INDIA) PRIVATE LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO
2	U74900MH2007PTC169816	MASCO HOME PRODUCTS PRIVATE LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO

Name :

Gregory Dale Wittrock

Designation :

Director

Address :

USA

Date of Birth/Age :

28.10.1940

Date of Appointment :

01.04.2010

DIN No.:

03016943

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
Desai Thakore Rakesh	10
Masco Corporation, USA	52028
Total	52038

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.98
Directors or relatives of directors	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of providing services relating to scientific research and development in the fields of paints, chemicals and chemical products.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	Muttha Towers, 5th Floor ,Suite No.8, Airport Road, Yerawada, Pune - 411006, Maharashtra, India
PAN No.:	AABFL5878L
Holding Company :	Masco Corporation, USA
Fellow Subsidiary :	BEHR Process Corporation, USA

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
52038	Equity Shares	Rs.10/- each	Rs.0.520 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.520	0.520
(b) Reserves & Surplus	104.778	92.628
(c) Money received against share warrants	0.006	0.006
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	105.304	93.154
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.307	1.028
Total Non-current Liabilities (3)	1.307	1.028
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	8.717	8.932
(c) Other current liabilities	0.696	0.411
(d) Short-term provisions	0.788	0.982
Total Current Liabilities (4)	10.201	10.325
TOTAL	116.812	104.507
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	57.317	59.205
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	5.887	3.730
(d) Long-term Loan and Advances	11.842	10.578
(e) Other Non-current assets	0.251	0.000
Total Non-Current Assets	75.297	73.513
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	10.351	2.176
(d) Cash and cash equivalents	30.494	27.944
(e) Short-term loans and advances	0.670	0.874
(f) Other current assets	0.000	0.000
Total Current Assets	41.515	30.994
TOTAL	116.812	104.507

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.520
2] Share Application Money		0.006
3] Reserves & Surplus		82.555
4] (Accumulated Losses)		0.000
NETWORTH		83.081
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		83.081
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		70.678
Capital work-in-progress		0.723
INVESTMENT		0.000
DEFERREX TAX ASSETS		1.011
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	9.541
	Other Current Assets	0.000
	Loans & Advances	10.562
Total Current Assets		20.103
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.816
	Other Current Liabilities	0.358
	Provisions	2.260
Total Current Liabilities		9.434
Net Current Assets		10.669
MISCELLANEOUS EXPENSES		0.000
TOTAL		83.081

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	90.617	78.518
		Other Income			0.000
		TOTAL	NA	90.617	78.518
Less	EXPENSES
		Employee Costs	NA	75.514	20.725
		Other Expenses			29.308
		Prior Period Adjustments			1.362
		TOTAL	NA	75.514	51.395
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	(Including Depreciation Expenses)	27.123
Less/ Add	DEPRECIATION/ AMORTISATION		NA		14.037
	PROFIT BEFORE TAX		18.094	15.103	13.086
Less	TAX		5.944	5.031	4.689
	PROFIT AFTER TAX		12.150	10.072	8.397
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		27.904	17.832	9.435
	BALANCE CARRIED TO THE B/S		40.054	27.904	17.832
	EARNINGS IN FOREIGN CURRENCY
		Income from technical services	108.440	90.617	78.518
	TOTAL EARNINGS		108.440	90.617	78.518
	IMPORTS
		CIF Value of Imports	2.377	2.457	0.000
	TOTAL IMPORTS		2.377	2.457	0.000
	Earnings Per Share (Rs.)		233.48	193.56	164.52

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	11.11	10.69
Net Profit Margin (PBT/Sales)	(%)	NA	NA	16.67
Return on Total Assets (PBT/Total Assets}	(%)	16.31	14.99	14.41
Return on Investment (ROI) (PBT/Networth)		0.17	0.16	0.16
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		4.07	3.00	2.13

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 year	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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from 36B, Tamarind House, Tamarind Lane, Fort, Mumbai – 400001, Maharashtra, India to present address w.e.f.28.03.2011.

COMPANY OVERVIEW:

Subject is a subsidiary of Masco Corporation, USA was incorporated under The Companies Act 1956 of India on May 23, 2006.

The company’s primary business is to perform scientific research and development activities and other related services in the field of paints, chemicals and chemical products.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

• Leasehold Improvements
• Buildings
• Plant and Machinery
• Office Equipment
• Computers
• Furniture, Fixtures and Fittings
• 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.63.67
UK Pound	1	Rs.100.71
Euro	1	Rs.84.72

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		50

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.