MIRA INFORM REPORT

Report Date :

25.09.2013

IDENTIFICATION DETAILS

Name :	RISHABH INSTRUMENTS PRIVATE LIMITED
Registered Office :	A-54, Marol Industrial Area, Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.10.1982
Com. Reg. No.:	11-028406
Capital Investment / Paid-up Capital :	Rs.146.250 millions
CIN No.: [Company Identification No.]	U31100MH1982PTC028406
TAN No.: [Tax Deduction & Collection Account No.]	NSKR00055G
PAN No.: [Permanent Account No.]	AAACR2228Q
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is primarily engaged in the manufacturing, designing and development of Test and Measuring Instruments and Industrial Control Products.
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 1727000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. The management has failed to file its financials with the Government Department after 2011. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Note: Financials of 2012 and 2011 (Sales and Profit) are taken from Indirect Source (CRISIL).

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

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December 17, 2012

Rating Agency Name	CRISIL
Rating	Short Term Rating: A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	December 17, 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 PARTED BY

Name :	Ms. Rupali Sonawane
Designation :	Finance Department
Contact No.:	91-253-2202181
Date :	24.09.2013

LOCATIONS

Registered Office :	A-54, Marol Industrial Area, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-66420680/ 66420642
Fax No.:	91-22-66420657
E-Mail :	rishfinance@rishabh.co.in narendra.goliya@rishabh.co.in rupali.sonawane@rishabh.co.in
Website :	www.rishabh.co.in
Area:	1000 sq. ft.
Location:	Owned
Head Office/ Factory 1 :	F-31, MIDC, Satpur, Nashik – 422 007, Maharashtra, India
Tel. No.:	91-253-2202202/ 203/ 160
Fax No.:	91-253-2351064
E-Mail :	marketing@rishabh.co.in exp.marketing@rishabh.co.in
Website :	http://www.rishabh-instruments.com
Area:	10000 sq. ft.
Location:	Owned
Factory 2/ R&D Center/ Tool Room/ Marketing Office :	Trishala, Plot No. C-6, N.I.C.E., Satpur, Nashik – 422 005, Maharashtra, India
Tel. No.:	91-253-2202312/ 2202202/ 203
Fax No.:	91-253-2202314/ 2351064
E-Mail :	marketing@rishabh.co.in
Regional Office :	Located at: · Mumbai · New Delhi · Bangalore · Chennai · Kolkata
Area Office :	Located at: · Lucknow · Ahemdabad · Pune · Secunderabad
Resident Engineer Office :	Located at: · Jaipur · Udaipur · Bareilly · Bhilai · Vadodara · Indore · Coimbatore · Madurai

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Narendra Johrimal Goliya
Designation :	Managing Director
Address :	Plot No. F-31, MIDC, Satpur, Nashik – 422 007, Maharashtra, India
Date of Birth/Age :	20.09.1951
Qualification :	B. Tech (IIT-Mumbai), M.S. (Stanford USA)
Date of Appointment :	06.10.1982
DIN No.:	00315870
Name :	Dr. Maheshkumar Govinddas Nathani
Designation :	Director
Address :`	Megha Manas, 30, Usha Kiran Co-operative Housing Society, Opposite Milk Scheme, Trimbak Road, Nashik – 422 002, Maharashtra, India
Date of Birth/Age :	11.10.1946
Qualification :	MSc, PHd in Chemistry
Date of Appointment :	20.11.1992
DIN No.:	00127029
Name :	Mr. Devendra Dattatray Bapat
Designation :	Director
Address :	Mans Chintamany Colony, Savarkar Nagar, Gangapur Road, Nashik – 422 005, Maharashtra, India
Date of Birth/Age :	22.08.1959
Qualification :	B.E.
Date of Appointment :	17.04.2009
DIN No.:	00129623
Name :	Mr. Ramakrishnan Kottekode Parappath
Designation :	Director
Address :	H No.11, Walnut Creek Society, Savarkar Nagar, Nashik – 422 013, Maharashtra, India
Date of Birth/Age :	29.09.1949
Qualification :	B.E. - Mechanical
Date of Appointment :	17.04.2009
DIN No.:	00304272
Name :	Mr. Shyam Narayan Karmarkar
Designation :	Director
Address :	E-66, Lokmanya Nagar, T.H. Katariya Road, Mahim, Mumbai – 400 016, Maharashtra, India
Date of Birth/Age :	13.11.1949
Qualification :	B.E. – Electrical
Date of Appointment :	15.07.2010
DIN No.:	02856240

KEY EXECUTIVES

Name :	Ms. Rupali Sonawane
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Narendra J. Goliya jointly with Asha N. Goliya	11741249
Asha N. Goliya jointly with Narendra Goliya	2250000
Rishabh Narendra Goliya jointly with Narendra Johrimal Goliya	375000
Narendra Rishabh Goliya HUF through its karta Narendra Goliya	258750
Narendra J. Goliya jointly with Anushree N. Goliya	1
Total	14625000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the manufacturing, designing and development of Test and Measuring Instruments and Industrial Control Products.

Products :

Item Code No.	Product Description
90303910	Panel Meters
90303100	Mulimeters
90302000	Transducers

Exports :

Products :

Electronic Goods

Countries :

• Australia
• UK
• Germany
• Pakistan

Imports :

Products :

Raw Material

Countries :

• Malaysia
• Taiwan
• Germany
• Italy

Terms :

Selling :

Cash and Credit

Purchasing :

Cash, Credit and Depend

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Panel Meters	Nos.	1080000	744387
Multimeters	Nos.	50000	18282
Transducers	Nos.	40000	36887
Integra	Nos.	70000	42851
Current Transformers	Nos.	300000	144180

Notes:

1. In terms of Notification No.477(E) dated July 25, 1991, issued by the Ministry of Industry, Department of Industrial Development, the Company’s products have been exempted from industrial licensing. Accordingly, disclosure requirements concerning licensed capacity are not applicable.

2. The installed capacity is as certified by the management and relied on by the auditors, without verification, this being a technical matter.

3. Difference in quantitative tally represents captive consumption.

4. Since trading items do not individually account for 10% or more of the total purchases, separate quantitative details are not given.

GENERAL INFORMATION

Customers :

Retailers and Others

No. of Employees :

600 (Approximately)

Bankers :

• State Bank of India, Satpur Industrial Area Branch, Nashik – 422 007, Maharashtra, India
• Citi Bank

Facilities :

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Working capital loans banks secured	45.626	43.272
Total	45.626	43.272

Banking Relations :	--
Auditors :
Name :	S.V. Ghatalia and Associates Chartered Accountants
Address :	C-401, 4^th Floor, Panchshil Tech Park. Yerwada (Near Don Bosco School). Pune – 411 006, Maharashtra, India
PAN No.:	AACFS6921Q
Subsidiary Company :	Rishabh Applied Meters Private Limited CIN No.: U31909MH2004PTC149485 Address: A-54, Marol Industrial Area, Andheri (East), Mumbai – 400 093, Maharashtra, India Line of Business: Manufacturer and Exporter of Electronic Goods.
Enterprises owned or significantly influenced by key management personnel or their relatives:	Shanti Instruments Private Limited, India Goliya Trading LLC, Dubai Narendra Rishabh Goliya (HUF), India

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital: Rs.300.000 millions

Issued, Subscribed & Paid-up Capital: Rs.146.250 millions

AS ON 29.09.2012

Authorised Capital:

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
14625000	Equity Shares	Rs.10/- each	Rs.146.250 millions

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		146.250	146.250	146.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		285.500	211.881	173.316
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		431.750	358.131	319.566
LOAN FUNDS
1] Secured Loans		45.626	43.272	89.159
2] Unsecured Loans		28.312	49.720	32.941
TOTAL BORROWING		73.938	92.992	122.100
DEFERRED TAX LIABILITIES		0.000	7.944	10.265
TOTAL		505.688	459.067	451.931
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		199.238	183.256	200.401
Capital work-in-progress		10.814	7.431	6.247
INVESTMENT		17.347	41.018	16.000
DEFERRED TAX ASSETS		5.203	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	211.809	132.829	144.878
	Sundry Debtors	146.749	134.648	150.351
	Cash & Bank Balances	5.380	40.666	13.404
	Other Current Assets	0.150	0.329	0.000
	Loans & Advances	49.772	23.074	48.787
Total Current Assets		413.860	331.546	357.420
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	100.655	70.942	34.949
	Other Current Liabilities	10.896	7.475	60.625
	Provisions	29.223	25.767	32.563
Total Current Liabilities		140.774	104.184	128.137
Net Current Assets		273.086	227.362	229.283
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		505.688	459.067	451.931

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	635.501	NA
		Other Income	NA	22.540	NA
		TOTAL	NA	658.041	NA
Less	EXPENSES
		Office Expenses	NA	547.833	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	547.833	NA
	PROFIT BEFORE TAX		NA	110.208	NA
Less	TAX		NA	28.938	NA
	PROFIT AFTER TAX		90.617	81.270	62.530
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	298.400	251.402	250.043
	TOTAL EARNINGS		298.400	251.402	250.043
	IMPORTS
		Raw Materials and Consumables	221.171	166.614	NA
		Capital Goods	3.746	10.250	NA
	TOTAL IMPORTS		224.917	176.864	NA
	Earnings Per Share (Rs.)		6.20	5.56	4.28

Particulars	31.03.2012	31.03.2011
Operating Income	887.000	704.000
Profit After Tax	76.600	90.600

Note:

Financials of 2012 and 2011 (Sales and Profit) are taken from Indirect Source (CRISIL).

Particulars	31.03.2013
Sales Turnover (Approximately)	889.000

The above information has been parted by Ms. Rupali Sonawane (Finance Department).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	12.35	NA
Net Profit Margin (PBT/Sales)	(%)	NA	17.34	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	21.41	NA
Return on Investment (ROI) (PBT/Networth)		NA	0.31	NA
Debt Equity Ratio (Total Debt/Networth)		0.17	0.26	0.38
Current Ratio (Current Asset/Current Liability)		2.94	3.18	2.79

LOCAL AGENCY FURTHER INFORMATION

Note:

Details of Current Maturities Debt: Not Available

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	Yes
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 four years	Yes
12) Profitability for last four 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	Yes
20) Export / Import details (if applicable)	Yes
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

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80050741	22/06/2011 *	534,800,000.00	STATE BANK OF INDIA	SATPUR INDUSTRIAL AREA BRANCH, NASHIK, MAHARASHTRA - 422007, INDIA	B16444341

* Date of charge modification

Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Loans directors unsecured	0.000	21.579
Deferred sales tax loan unsecured	21.711	22.529
Other debt unsecured	4.000	5.000
Interest accrued due other debt unsecured	2.601	0.612
Total	28.312	49.720

Note:

The Registered Office of the company has been shifted from F-31, MIDC, Satpur, Nashik – 422 007, Maharashtra, India to the present address w.e.f. 01.06.2009.

NATURE OF OPERATIONS:

The Company is primarily engaged in the manufacturing, designing and development of Test and Measuring Instruments and Industrial Control Products. The Company’s business is diversified in two broad product categories viz., Test and Measuring Instruments and Industrial Control Products.

REVIEW:

Growth has been marginal during the year which was @ 4.80% over the previous year. Profit before tax has gone down from 16.78% to 13.66%. This was primarily due to expenses related to Acquisition and Booking of Impairment of Investment in Subsidiary.

FINANCE:

The company is very regular in paying interest on working capital. Further during the year company has invested the surplus money into short term liquid funds.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Demand raised by not giving credit of tax deducted at source for A.Y. 2001-02. The company believes that demand is on account of errors and filed application for rectification of mistake with ITAT.	0.020	0.020
* Demand raised by the excise department towards duty payable on higher discount given to customer from Export Oriented Undertaking during 1996 to 2001. Company has filed an appeal against the order with the honourable high court.	5.149	5.149
Demand raised by DGCEI pertaining to F.Y.2005-06 for trading of goods within a 100% Export Oriented Undertaking. The matter is pending with CESTAT for final hearing	0.537	0.537
Demand raised by the excise authorities for the disallowance of availment of cenvat credit on CHA services. The Company has filed for adjudication with Additional Commissioner Central Excise.	0.658	0.658
Demand has been raised by the department for the service tax on importation of services such as exhibition, commercial coaching and training, advertisement and testing charges. The Company has filed for adjudication with Additional Commissioner Central Excise.	2.005	2.005
Demand raised by A.C. Sales Tax, Nashik by reduction of set off for F.Y. 2000-01. Maharashtra Sales Tax Tribunal has remanded back the case to the A.O. to rework the correct liability.	0.150	0.150
* Demand raised by the Regional PF Commissioner for PF payable on trainees for FY 2006-09. The Company filed an appeal with the Employees Provident Fund Appellate Tribunal and has made a pre-deposit of Rs.2.431 millions (previous year: Rs.2.431 millions).	6.077	6.077

* Based on favorable decisions in similar cases and legal opinion taken by the Company, discussions with tax advisors, etc., the Company believes that there is fair chance of decisions in its favour in respect of above and hence no provision is considered necessary against the same.

FIXED ASSETS:

Tangible Assets

· Factory Building

· Other Building

· Plant and Machinery

· Moulds

· Computer Hardware

· Furniture and Fixtures

· Vehicles

Intangible Assets

· Software Licenses

· Technical Know-how

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.62.65
UK Pound	1	Rs.100.46
Euro	1	Rs.84.60

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.