MIRA INFORM REPORT

Report Date :

29.04.2014

IDENTIFICATION DETAILS

Name :	CLARION COSMETICS PRIVATE LIMITED
Registered Office :	124, “Udyog Kshetra”, Mulund - Goregaon Link Road, Mulund (West), Mumbai – 400 080, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.10.1993
Com. Reg. No.:	11-074285
Capital Investment / Paid-up Capital :	Rs.1.800 millions
CIN No.: [Company Identification No.]	U24246MH1993PTC074285
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in business of manufacturing, buying, selling, marketing, exporting, fabricating or otherwise handling or dealing in all types of personal care products and food products.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 224000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered normal 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 (GENERAL DETAILS)

Name :	Mr. Laxmi
Designation :	Accounts Executive
Contact No.:	91-44-22500588
Date :	28.04.2014

LOCATIONS

Registered Office :	124, “Udyog Kshetra”, Mulund - Goregaon Link Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
Tel. No.:	91-22-25690666
Fax No.:	91-22-25650018
E-Mail :	chennai@clarioncosmetics.com mumbai@clarioncosmetics.com yckorani@clarioncosmetics.com
Website :	http://www.clarioncosmetics.com
Area :	700 sq. ft.
Location :	Owned
Corporate Office :	Clarion House, Plot No.S-8, Thiru-Vi-Ka Industrial Estate, Guindy, Chennai – 600 032, Tamilnadu, India
Tel. No.:	91-44-22500588/ 99/ 1288/ 24456321
Fax No.:	91-44-22501588/ 24917948
Factory 1 :	F-17, SIPCOT Industrial Park-1, Irungattukottai, Sriperumbudur, Kanchipuram – 602 105, Tamilnadu, India
Area :	30000 sq. yard
Location :	Owned
Factory 2 :	Vazhudavur Road, Kurumbapet, Villianur, Pondicherry, India
Location :	Owned
Factory 3 :	Also located at: · Chennai - Near Mahabalipuram

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Yogesh Dahyalal Korani

Designation :

Director

Address :

6, Madhav Kunj, Derasar Lane, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

15.05.1951

Date of Appointment :

01.10.1993

DIN No.:

00041923

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	U74950MH1983PTC031305	NIKITAA PACKAGING PRIVATE LIMITED	Director	30/09/1991	30/09/1991	-	Active	NO
2	U24246MH1993PTC074285	CLARION COSMETICS PRIVATE LIMITED	Director	01/10/1993	01/10/1993	-	Active	NO
3	U24222MH1995PLC086610	FIABILA INDIA LIMITED	Director	19/02/1999	19/02/1999	-	Active	NO
4	U28129MH1993PTC071327	NIKITA CONTAINERS PRIVATE LIMITED	Director	19/02/1999	19/02/1999	-	Active	NO
5	U24246MH2003PTC143401	LOTUS BEAUTY CARE PRODUCTS PRIVATE LIMITED	Director	05/12/2003	05/12/2003	-	Active	NO
6	U74999MH2008PTC188173	NIKITA BPO SERVICES INDIA PRIVATE LIMITED	Director	14/11/2008	14/11/2008	-	Active	NO
7	U24110MH2010PTC201268	HSA CLARION HAIR COSMETICS PRIVATE LIMITED	Managing director	24/10/2011	24/10/2011	-	Active	NO
8	U74999MH2013PTC244377	CLARION COSMETICS AND CONTAINERS PRIVATE LIMITED	Director	12/06/2013	12/06/2013	-	Active	NO

Name :

Mr. Lakshmanan Nataraj Kalpathy

Designation :

Director

Address :

14, Ground Floor, Beach Home Avenue, Besant Nagar, Chennai – 600 090, Tamilnadu, India

Date of Birth/Age :

12.05.1952

Date of Appointment :

01.10.1993

DIN No.:

00207231

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	U28129MH1993PTC071327	NIKITA CONTAINERS PRIVATE LIMITED	Director	29/04/1993	29/04/1993	-	Active	NO
2	U24246MH1993PTC074285	CLARION COSMETICS PRIVATE LIMITED	Director	01/10/1993	01/10/1993	-	Active	NO
3	U24222MH1995PLC086610	FIABILA INDIA LIMITED	Director	19/02/1999	19/02/1999	-	Active	NO
4	U24246TN1999PTC042634	CARESS BEAUTY CARE PRODUCTS PRIVATE LIMITED	Director	11/06/1999	11/06/1999	-	Active	NO
5	U31904TN2002PTC048560	PEARLCITY ENTERPRISES PRIVATE LIMITED	Director	06/03/2003	06/03/2003	-	Active	NO
6	U24246MH2003PTC143401	LOTUS BEAUTY CARE PRODUCTS PRIVATE LIMITED	Director	05/12/2003	05/12/2003	-	Active	NO
7	U80903MH2004PTC147741	LTA SCHOOL OF BEAUTY PRIVATE LIMITED	Director	30/09/2008	14/10/2007	-	Active	NO
8	U25200TN2010PTC074332	BIOTEC BAGS INDIA PRIVATE LIMITED	Director	22/01/2010	22/01/2010	-	Active	NO
9	U74999MH2013PTC244377	CLARION COSMETICS AND CONTAINERS PRIVATE LIMITED	Director	12/06/2013	12/06/2013	-	Active	NO

Name :

Nataraj Kalpathy

Designation :

Director

Address :

14, Ground Floor, Beach Home Avenue, Besant Nagar, Chennai – 600 090, Tamilnadu, India

Date of Birth/Age :

03.04.1979

Date of Appointment :

01.10.1999

DIN No.:

02672604

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	U24246MH1993PTC074285	CLARION COSMETICS PRIVATE LIMITED	Director	01/10/1999	01/10/1999	-	Active	NO
2	U24246TN2002PTC048618	COOL COSMETICS PRIVATE LIMITED	Director	15/03/2002	15/03/2002	-	Active	NO
3	U24246MH2003PTC143401	LOTUS BEAUTY CARE PRODUCTS PRIVATE LIMITED	Director	20/06/2009	20/06/2009	-	Active	NO
4	U24110MH2010PTC201268	HSA CLARION HAIR COSMETICS PRIVATE LIMITED	Director	25/03/2010	25/03/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Laxmi
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Kalapathy Lakshmanan	68750	38.19
Yogesh Dhyalal Korani	49900	27.72
Raji Lakshmanan	21250	11.81
Vaishali Shah	12600	7.00
Pushpa Yogesh Korani	9000	5.00
Ankur Yogesh Korani	18500	10.28
Total	180000	100.00

AS ON 30.09.2013

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

BUSINESS DETAILS

Line of Business :	Subject is engaged in business of manufacturing, buying, selling, marketing, exporting, fabricating or otherwise handling or dealing in all types of personal care products and food products.
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

500 (Approximately)

Bankers :

• State Bank of India, Siruthozhil Branch, Chennai – 600 034, Tamilnadu, India
• Citibank N.A, 163, Anna Salai, Chennai – 600 002, Tamilnadu, India
• Lakshmi Vilas Bank Limited
• The Hongkong and Shanghai Banking Corporation Limited, Chennai, Tamilnadu, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Term Loans
From banks
LVB-Term Loan - Building	0.000	1.239
LVB-Term Loan - Plant and Machinery	0.000	4.391
Citi Bank	1.759	0.000
Total	1.759	5.630

Banking Relations :	--
Auditors :
Name :	Lata Ramesh and Associates Chartered Accountants
Address :	C-601, Panchvan Complex, L.M. Road, Borivali (West), Mumbai – 400 103, Maharashtra, India
Tel. No.:	91-22-28937760, 28938035
PAN No.:	AAIPR8007J
Entities where key management personnel (KMP)/ relatives of key management personnel (RKMP) has significant influence :	Caress Beauty Care Products Private Limited Zircon Trading Nikita Containers Private Limited Lotus Beauty Products Private Limited Biotec Bags Private Limited
Group Companies :	Fiabila India Caress Beauty Care Lotus Beauty Care Products Cool Cosmetics

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
180000	Equity Shares	Rs.10/- each	Rs.1.800 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	1.800	1.800	1.800
(b) Reserves & Surplus	54.318	46.605	40.721
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	56.118	48.405	42.521
(3) Non-Current Liabilities
(a) Long-term borrowings	1.769	5.640	9.724
(b) Deferred tax liabilities (Net)	1.702	2.057	2.375
(c) Other long term liabilities	1.365	1.645	1.645
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4.836	9.342	13.744
(4) Current Liabilities
(a) Short term borrowings	0.000	0.025	5.068
(b) Trade payables	22.673	21.807	13.433
(c) Other current liabilities	1.572	1.182	1.182
(d) Short-term provisions	6.956	8.394	4.341
Total Current Liabilities (4)	31.201	31.408	24.024
TOTAL	92.155	89.155	80.289
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.406	23.036	25.654
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	37.913	21.609	16.266
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.336	4.663	16.911
(e) Other Non-current assets	0.001	1.470	1.465
Total Non-Current Assets	63.656	50.778	60.296
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.849	10.005	14.242
(c) Trade receivables	19.753	11.555	5.586
(d) Cash and cash equivalents	2.857	14.786	0.097
(e) Short-term loans and advances	0.040	2.031	0.000
(f) Other current assets	0.000	0.000	0.068
Total Current Assets	28.499	38.377	19.993
TOTAL	92.155	89.155	80.289

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	NA	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		16.282	14.453	8.325
Less	TAX		4.740	4.703	1.872
	PROFIT / (LOSS) AFTER TAX		11.542	9.750	6.453
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.074	16.408	12.954
Less	APPROPRIATIONS
		Transfer to General Reserve	0.900	0.900	0.900
		Proposed Dividend	3.600	3.600	1.800
		Provision for Tax on Dividend	0.584	0.584	0.299
	BALANCE CARRIED TO THE B/S		27.532	21.074	16.408
	Earnings / (Loss) Per Share (Rs.)		64.12	54.17	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	30.02	21.40	13.00
Return on Investment (ROI) (PBT/Networth)		0.29	0.30	0.20
Debt Equity Ratio (Total Debt/Networth)		0.03	0.12	0.35
Current Ratio (Current Asset/Current Liability)		0.91	1.22	0.83

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	1.800	1.800	1.800
Reserves & Surplus	40.721	46.605	54.318
Net worth	42.521	48.405	56.118
Long-term borrowings	9.724	5.640	1.769
Short term borrowings	5.068	0.025	0.000
Total borrowings	14.792	5.665	1.769
Debt/Equity ratio	0.348	0.117	0.032

LOCAL AGENCY FURTHER INFORMATION

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 three years	No
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	Yes
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

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10402144	18/01/2013	11,300,000.00	CITIBANK N.A	163, ANNA SALAI, CHENNAI-600002, TAMILNADU, INDIA	B67761700

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Other Loans and Advances
Susila Krishnan	0.010	0.010
SHORT-TERM BORROWINGS
Loans repayable on demand (Book Overdraft)
From banks
HSBC Bank-Chennai (138-107305-001)	0.000	0.025
Total	0.010	0.035

BACKGROUND OF THE COMPANY:

Subject is engaged in business of manufacturing, buying, selling, marketing, exporting, fabricating or otherwise handling or dealing in all types of personal care products and food products.

BUSINESS:

The working of the company was satisfactory during the year in comparison to the previous year. The Directors are endeavoring to go in for better product mix and are confident of achieving much better results in the coming years.

FIXED ASSETS:

· Building

· Plant and Equipment

· Furniture and Fixtures

· Land

· Vehicles

· Office Equipment

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.60.50
UK Pound	1	Rs.101.69
Euro	1	Rs.83.62

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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

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

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

RATING EXPLANATIONS

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

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

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