MIRA INFORM REPORT

Report Date :

16.09.2013

IDENTIFICATION DETAILS

Name :	ACCURATE INDUSTRIAL CONTROLS PRIVATE LIMITED
Registered Office :	Accurate House, Sr No. 78/1, Dangat Industrial Estate, Shivane, Pune-411023, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.04.2001
Com. Reg. No.:	25-016040
Capital Investment / Paid-up Capital :	Rs.19.506 Millions
CIN No.: [Company Identification No.]	U31200PN2001PTC016040
TAN No.: [Tax Deduction & Collection Account No.]	PNEA04179A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Instrumentation Control Equipments, Industrial Control Equipment and Energy Control Equipment like AMF and Auto Synchronizing Control Panel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 228000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has seen an increase in its sale turnover as well as net profitability during 2012. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

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 :	Accurate House, SR No. 78/1, Dangat Industrial Estate, Shivane, Pune-411023, Maharashtra, India
Tel. No.:	91-20-25291340
Fax No.:	91-20-25291350
E-Mail :	aicpune@vsnl.n et

DIRECTORS

As on: 29.09.2012

Name :

Mrs. Vatsala K Pendawle

Designation :

Director

Address :

7, Rujuta Park, Dapodi, Pune-411012, Maharashtra, India

Date of Birth/Age :

26.05.1953

Date of Appointment :

20.09.2004

DIN No. :

00921824

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	U31200PN2001PTC016040	ACCURATE INDUSTRIAL CONTROLS PRIVATE LIMITED	Director	20/09/2004	20/09/2004	-	Active	NO
2	U74999PN2007PLC131173	ACCURATE ENERGY SOLUTIONS LIMITED	Director	27/12/2007	27/12/2007	-	Active	NO

Name :

Mr. Krishna T Pendawale

Designation :

Director

Address :

7, Rujuta Park, Dapodi, Pune-411012, Maharashtra, India

Date of Appointment :

05.05.2005

DIN No. :

00921951

Name :

Mr. Kiran B Jadhav

Designation :

Managing Director

Address :

Flat No. 4, Shubhankar Lane No. 14, Bhandarkar Road, Pune, Maharashtra, India

Date of Birth/Age :

28.05.1971

Date of Appointment :

21.08.2012

DIN No. :

01583935

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	U31200PN2001PTC016040	ACCURATE INDUSTRIAL CONTROLS PRIVATE LIMITED	Managing director	21/08/2012	09/04/2001	-	Active	NO
2	U31200PN2003PTC018307	ACCOLADE ELECTRONICS PRIVATE LIMITED	Managing director	07/09/2012	03/09/2003	-	Active	NO
3	U01300PN2007PTC130316	ABLE HITECH AGRO PRIVATE LIMITED	Director	14/06/2007	14/06/2007	30/05/2012	Active	NO
4	U74999PN2007PLC131173	ACCURATE ENERGY SOLUTIONS LIMITED	Managing director	20/08/2012	27/12/2007	-	Active	NO
5	U31901PN2012PTC143511	Adande Refrigeration Private Limited	Director	23/05/2012	23/05/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Kiran B Jadhav	1950378
Vatsala R Pendawale	100
Krishna T Pendawale	100
Ankush Annasheb Magar	1
Baban Eknath Kadam	1
Baburo Shankar Kadam	1
Jagannath Pandharinath Magar	1
Veerbhadra Nanaso Magar	1
Total	1950583

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 and Exporter of Instrumentation Control Equipments, Industrial Control Equipment and Energy Control Equipment like AMF and Auto Synchronizing Control Panel.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

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

Ø Janta Sahakari Bank Limited, 1444, Shukrwar Peth, Throle Bajirao Road, Through It’s Sahakarnagar Branch, Pune-411002, Maharashtra, India

Ø ABN Amro Bank Limited

Ø Kotak Mahindra Bank

Ø Punjab National Bank

Ø Standard Chartered Bank Limited

Ø Rupee Co-operative Bank Limited

Facilities :

Secured Loan	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Long Term Borrowing
Janta Sahkari Bank A/c 10747/1543/379 (secured against hypothecation of maruti car 5 years)	0.683	0.000
Less : Current Maturity of Long Term Debt	(0.114)	0.000
HDFC Loan A/c 13934591 - Secured against hypothecation of Honda Car 3 Years	0.000	0.286
ICICI Bank - Secured against hypothecation of Santro Car 5 Years	0.000	0.028
PNB Term Loan A/c No-8505 - Secured by way of Mortgage of immovable properties of the companies – 5 Years	0.000	0.107
Short Term Borrowing
Working capital facility
Punjab national bank cash credit account (secured by hypothecation of raw materials, finished products, store and spares, book debts and movable assets)	22.621	17.806
Total	22.190	18.227

Banking Relations :	--
Financial Institution :	Ø Bajaj Auto Finance Limited Ø Reliance Capital Limited
Auditors :
Name :	Kondhare Karbhari and Associate Chartered Accountant
Address :	23, 47/7B Royal Chambers, Erandwana Paud Road, Pune – 411038, Maharashtra, India
Tel. No.:	91-20-25439829
E-Mail :	gajanankondhare@gmail.com
PAN No. :	AABFK3827E
Other Related Party :	Accolade Electronics Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1950583	Equity Shares	Rs.10/- each	Rs.19.506 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	19.506	0.102
(b) Reserves & Surplus	37.715	34.007
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	19.404
Total Shareholders’ Funds (1) + (2)	57.221	53.513
(3) Non-Current Liabilities
(a) long-term borrowings	9.046	11.644
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	9.046	11.644
(4) Current Liabilities
(a) Short term borrowings	22.621	17.806
(b) Trade payables	32.789	27.469
(c) Other current liabilities	4.014	5.197
(d) Short-term provisions	2.222	0.164
Total Current Liabilities (4)	61.646	50.636
TOTAL	127.913	115.793
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.613	36.511
(ii) Intangible Assets	4.712	3.161
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.898	1.898
(c) Deferred tax assets (net)	0.085	0.111
(d) Long-term Loan and Advances	5.860	6.664
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	36.168	48.345
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	41.886	32.059
(c) Trade receivables	37.084	27.080
(d) Cash and cash equivalents	4.220	3.550
(e) Short-term loans and advances	7.858	4.345
(f) Other current assets	0.697	0.414
Total Current Assets	91.745	67.448
TOTAL	127.913	115.793

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.102
2] Share Application Money		0.000
3] Reserves & Surplus		48.644
4] (Accumulated Losses)		0.000
NETWORTH		48.746
LOAN FUNDS
1] Secured Loans		54.755
2] Unsecured Loans		14.054
TOTAL BORROWING		68.809
DEFERRED TAX LIABILITIES		0.000
TOTAL		117.555
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		47.690
Capital work-in-progress		0.000
INVESTMENT		1.898
DEFERREX TAX ASSETS		0.182
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.590
	Sundry Debtors	29.911
	Cash & Bank Balances	21.939
	Other Current Assets	0.169
	Loans, Advances & Deposit	18.201
Total Current Assets		96.810
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.114
	Other Current Liabilities	0.850
	Provisions	6.061
Total Current Liabilities		29.025
Net Current Assets		67.785
MISCELLANEOUS EXPENSES		0.000
TOTAL		117.555

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	90.279	50.919	172.022
		Other Income	0.831	0.437	2.156
		TOTAL	91.110	51.356	174.178
Less	EXPENSES
		Cost of material consumed	55.639	34.533	119.949
		Changes in Inventories and finished goods, work in progress	3.470	(4.074)
		Consumption of stores and spare parts	0.231	0.135
		Power and fuel	0.515	0.348
		External job work charges	8.016	3.123
		Employees Benefits Expenses	6.039	4.531	31.078
		Technical consultation fees	0.198	0.221
		Profit on sale of fixed assets	(4.493)	(0.084)
		Prior period item	0.944	0.112
		Other Expenses	6.878	4.066
		TOTAL	77.437	42.911	151.027
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		13.673	8.445	23.151
Less	FINANCIAL EXPENSES		4.528	5.563	8.311
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		9.145	2.882	14.840
Less/ Add	DEPRECIATION/ AMORTISATION		3.189	2.285	2.612
	PROFIT BEFORE TAX		5.956	0.597	12.228
Less	TAX		2.248	0.233	4.596
	PROFIT AFTER TAX		3.708	0.364	7.632
	EARNINGS IN FOREIGN CURRENCY
		Value of Exports at F.O.B.	25.302	2.459	NA
	TOTAL EARNINGS		25.302	2.459	NA
	IMPORTS
		Raw Materials	12.806	3.607	NA
		Capital Goods	0.000	0.566	NA
	TOTAL IMPORTS		12.806	4.173	NA
	Earnings Per Share (Rs.)		7.49	35.63	747.88

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.07	0.71	4.38
Net Profit Margin (PBT/Sales)	(%)	6.60	1.16	7.02
Return on Total Assets (PBT/Total Assets}	(%)	4.73	0.52	8.46
Return on Investment (ROI) (PBT/Networth)		0.10	1.11	0.25
Debt Equity Ratio (Total Debt /Networth)		0.55	0.55	1.41
Current Ratio (Current Asset/Current Liability)		1.49	1.33	3.33

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 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	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 3 E/1, Popular Prestige Warje, Pune-411029, Maharashtra, India to present address w.e.f. 20.10.2009

UNSECURED LOAN:

Particulars	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Long Term Borrowing
HDFC Loan A/c 14975164 - Unsecured business loan for 3 Years	0.146	0.673
Less : Current Maturity of Long Term Debt	(0.146)	(3.792)
Kotak Mahindra Bank Business Loan - Unsecured business loan 2 Years	1.435	0.000
Less : Current Maturity of Long Term Debt	(0.684)	0.000
ABN Amro Bank Loan A/c No-9498539 - Unsecured business loan 2 Years	0.000	0.293
Bajaj Auto Finance Ltd Loan A/c No-31116 - Unsecured business loan 2 Years	0.000	0.698
Kotak Mahindra Bank Business Loan A/c No-3245115 - Unsecured business loan 2 Yea	0.000	1.020
Reliance Capital Loan A/c No-28681 -Unsecured business loan 4 Years	0.000	0.291
Standard CBL A/c No-47084197 - Unsecured business loan 4 Years	0.000	0.543
Accolade Electronics Private Limited - Unsecured busings loan from related party	3.141	6.562
Unsecured Loans from Shareholders # (Unsecured loans for business development	4.585	4.935
Total	8.477	11.223

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10442983	07/08/2013	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B82088444
2	10318036	24/09/2011	783,000.00	JANATA SAHAKARI BANK	PLOT NO. 66, MADHUMALTI, DASHBHUJA GANAPATI ROAD, TULSHIBAGWALE COLANY, SAHAKAR NAGAR, PUNE, MAHARASHTRA - 411009, INDIA	B25447210
3	10069494	21/09/2007	7,000,000.00	PUNJAB NATIONAL BANK	DECCAN GYMKHANA BR. PRABHAT ROAD, DECCAN GYMKHAN A, PUNE, PUNE, MAHARASHTRA - 411004, INDIA	A24097032
4	10044257	03/03/2008 *	47,000,000.00	PUNJAB NATIONAL BANK	DECCAN GYMKHANA BRANCH,, PRABHAT ROAD, PUNE, MAHARASHTRA - 411004, INDIA	A35374461
5	10039505	17/02/2007	862,000.00	PUNJAB NATIONAL BANK	DECCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA	A11368115
6	10039494	17/02/2007	978,000.00	PUNJAB NATIONAL BANK	DECCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA	A11366960
7	10050121	17/02/2007	2,160,000.00	PUNJAB NATIONAL BANK	DECCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA	A11366648

* Date of charge modification

FIXED ASSETS:

Ø Free Hold Land

Ø Computer and Peripherals

Ø Plant and Machinery

Ø Furniture and Fixture

Ø Vehicles

Ø Motor Car

Ø Factory Building

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.63.79
UK Pound	1	Rs.100.70
Euro	1	Rs.84.67

INFORMATION DETAILS

Report Prepared by :

ANK

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		44

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

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.