MIRA INFORM REPORT

Report Date :

29.07.2014

IDENTIFICATION DETAILS

Name :	LOI WESMAN THERMPROCESS PRIVATE LIMITED
Registered Office :	Wesman Center, 8 Mayfair Road, Kolkata – 700019, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.03.1998
Com. Reg. No.:	21-086788
Capital Investment / Paid-up Capital :	Rs.2.502 Millions
CIN No.: [Company Identification No.]	U18102WB1998PTC086788
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of foundry equipment, combustion system.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Loi Thermprocess GMBH It is an established company having moderate track record. There seems sharp dip in the turnover during 2013, the company has also incurred a loss. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES:

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION DENIED

Management Non Co-operative (91-33-40020300)

LOCATIONS

Registered Office :	Wesman Center, 8 Mayfair Road, Kolkata – 700019, West Bengal, India
Tel. No.:	91-33-40020300
Fax No.:	91-33-22908050 / 22816402
E-Mail :	corporate@wesman.com tiljala@wesman.com lwt@wesman.com
Website :	www.wesman.com
Manufacturing Plant :	41 Dum Dum Road, Kolkata – 700074, West Bengal, India
Tel. No.:	91-33-25514104
Fax No.:	91-33-25516774
Warehouse :	54 B/1, Tiljala Road, Kolkata – 700046, West Bengal, India
Tel. No.:	91-33-65214100
Fax No.:	91-33-23432295
Regional Sales and Service Offices :	Located at · Delhi NCR · Mumbai · Chennai · Bangalore · Pune · Ahmedabad · Nagpur · Hyderabad · Kolhapur · Ludhiana · Jamshedpur · Raipur · Coimbatore

DIRECTORS

AS ON 10.09.2013

Name :

Mr. Rajan Arjan Vaswani

Designation :

Director

Address :

8, Mayfair Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

15.09.1948

Date of Appointment :

19.03.1998

DIN No.:

00194709

PAN No.:

ABUPV4778R

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	U74210WB1973PTC029031	WESMAN THERMAL ENGG PROCESSESS PVT LTD	Director	10/10/1973	10/10/1973	-	Active	NO
2	U29292WB1951PTC019898	WESMAN ENG. CO PRIVATE LIMITED	Managing director	01/11/1975	01/11/1975	-	Active	NO
3	U29141WB1993PTC058694	IPSEN TECHNOLOGIES PRIVATE LIMITED	Director	29/04/1993	29/04/1993	23/03/2009	Active	NO
4	U29130WB1994PTC063200	WESMAN DEPENDABLE REDFORD CARVER FOUNDRY PRODUCTS PVT LTD	Director	12/05/1994	12/05/1994	-	Strike off	NO
5	U27209WB1998PTC086393	WESMAN SIMPSON TECHNOLOGIES PRIVATE LIMITED	Director	22/01/1998	22/01/1998	-	Active	NO
6	U18102WB1998PTC086788	LOI WESMAN THERMPROCESS PRIVATE LIMITED	Director	19/03/1998	19/03/1998	-	Active	NO
7	U45203WB2007PTC113500	Wesman Ceratech Private Limited	Director	19/02/2007	19/02/2007	-	Active	NO
8	U29248WB2008PTC130423	NUTEC BICKLEY WESMAN KILNS PRIVATE LIMITED	Director	11/11/2008	11/11/2008	-	Active	NO
9	U85300WB1909GAP001941	TOLLYGUNGE CLUB LTD.	Director	08/10/2009	08/10/2009	-	Active	NO

Name :

Mr. Erik Micek

Designation :

Director

Address :

Antwerpenweg 11, Essen, Germany 45356

Date of Birth/Age :

23.03.1968

Date of Appointment :

13.06.2012

DIN No.:

05346195

Name :

Mr. Anil Vaswan

Designation :

Director

Address :

8, Mayfair Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

25.08.1974

Date of Appointment :

27.11.2007

DIN No.:

01672158

PAN No.:

ABTPV1877G

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	U29292WB1951PTC019898	WESMAN ENG. CO PRIVATE LIMITED	Director	26/09/2006	26/09/2006	-	Active	NO
2	U74210WB1973PTC029031	WESMAN THERMAL ENGG PROCESSESS PVT LTD	Director	28/09/2006	28/09/2006	-	Active	NO
3	U18102WB1998PTC086788	LOI WESMAN THERMPROCESS PRIVATE LIMITED	Director	26/08/2008	27/11/2007	-	Active	NO
4	U45203WB2007PTC113500	Wesman Ceratech Private Limited	Director	26/09/2008	26/08/2008	-	Active	NO
5	U29248WB2008PTC130423	NUTEC BICKLEY WESMAN KILNS PRIVATE LIMITED	Nominee director	24/09/2009	16/02/2009	-	Active	NO

Name :

Mr. Nicola Bettino Cavero

Designation :

Director

Address :

Via Redipugla, 68A, Genova, Italy 16147

Date of Birth/Age :

23.09.1958

Date of Appointment :

27.11.2007

DIN No.:

01225162

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	U28900MH2006PTC159394	TENOVA HYPERTHERM PRIVATE LIMITED	Director	28/07/2006	28/07/2006	-	Active	NO
2	U18102WB1998PTC086788	LOI WESMAN THERMPROCESS PRIVATE LIMITED	Director	26/08/2008	27/11/2007	-	Active	NO

Name :

Mr. Georg Thomas Bletschacher

Designation :

Director

Address :

Siemensstrasse, 50 50285, Cologne, Germany

Date of Birth/Age :

02.11.1964

Date of Appointment :

01.01.2004

DIN No.:

02506985

Name :

Mr. Gautam Ranjit Jhangiani

Designation :

Director

Address :

Flat No II/C-10, Aasha Apartment 93, DDeshparanasasmal Road, Kolkata – 700030, West Bengal, India

Date of Birth/Age :

28.01.1946

Date of Appointment :

01.01.2004

DIN No.:

00291481

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	U27209WB1998PTC086393	WESMAN SIMPSON TECHNOLOGIES PRIVATE LIMITED	Alternate director	26/02/2001	26/02/2001	-	Active	NO
2	U18102WB1998PTC086788	LOI WESMAN THERMPROCESS PRIVATE LIMITED	Alternate director	01/01/2004	01/01/2004	-	Active	NO
3	U29141WB1993PTC058694	IPSEN TECHNOLOGIES PRIVATE LIMITED	Alternate director	23/03/2009	01/02/2004	04/09/2012	Active	NO
4	U29248WB2008PTC130423	NUTEC BICKLEY WESMAN KILNS PRIVATE LIMITED	Alternate director	24/09/2009	28/11/2008	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 10.09.2013

Names of Equity Shareholders of Rs.25/- each	No. of Shares
Rajan Arjan Vaswani	13990
Tony Arjan Vaswani	13990
Loi Thermprocess Gmbh	51000
The Wesman Engg. Co. Private Limited	15000
Wesman Thermal Engg. Processes Private Limited	6000
Total	99980

Names of Equity Shareholders of Rs.100/- each	No. of Shares
Rajan Arjan Vaswani	10
Tony Arjan Vaswani	10
Total	20

Equity Share Break up (Percentage of Total Equity)

AS ON 10.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.00
Bodies corporate	21.00
Directors or relatives of Directors	28.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of foundry equipment, combustion system.

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	The Hongkong and Shanghai Banking Corporation Limited, Hongkong House, 31 B B D Bag, Kolkata – 700001, West Bengal, India

Banking Relations :	--
Auditors :
Name :	Dutta Ghosh and Associates Chartered Accountants
Address :	4 Ripon Street, 2^nd Floor, Kolkata – 700016, West Bengal, India
Tel. No.:	91-33-22293950 / 22297940
Fax No.:	91-33-22651762
PAN No.:	AAEFD3938N
Holding Company :	Loi Thermprocess Gmbh
Associates :	The Wesman Engineering Company Private Limited

CAPITAL STRUCTURE

AS ON 10.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99980	Equity Shares	Rs.25/- each	Rs.2.500 Millions
20	Equity Shares	Rs.100/- each	Rs.0.002 Millions
	Total		Rs.2.502 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	2.502	2.502	2.502
(b) Reserves & Surplus	118.441	130.343	93.345
(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)	120.943	132.845	95.847
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.811	0.871	29.608
(d) long-term provisions	0.829	0.416	0.464
Total Non-current Liabilities (3)	1.640	1.287	30.072
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	7.540	26.197	11.185
(c) Other current liabilities	33.235	12.849	59.640
(d) Short-term provisions	0.000	5.814	0.000
Total Current Liabilities (4)	40.775	44.860	70.825
TOTAL	163.358	178.992	196.744
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.838	2.423	3.014
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.243	0.172	0.071
(d) Long-term Loan and Advances	0.502	5.458	0.164
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2.583	8.053	3.249
(2) Current assets
(a) Current investments	99.949	10.598	103.291
(b) Inventories	0.819	0.000	0.000
(c) Trade receivables	40.153	78.155	65.836
(d) Cash and cash equivalents	11.681	6.675	9.233
(e) Short-term loans and advances	8.173	75.511	15.135
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	160.775	170.939	193.495
TOTAL	163.358	178.992	196.744

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	63.256	322.945	46.677
Less	EXPENSES
		TOTAL	74.500	258.505	69.119
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(11.244)	64.440	(22.442)
Less	DEPRECIATION/ AMORTISATION		0.866	1.111	0.759
	PROFIT/(LOSS) BEFORE TAX		(12.110)	63.329	(23.201)
Less	TAX		(0.208)	20.565	0.109
	PROFIT/(LOSS) AFTER TAX		(11.902)	42.764	(23.310)
	Earnings/(Loss) Per Share (Rs.)		(119.02)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(18.82)	13.24	(49.94)
Return on Total Assets (PBT/Total Assets}	(%)	(7.42)	35.41	(11.80)
Return on Investment (ROI) (PBT/Networth)		(0.10)	0.48	(0.24)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.94	3.81	2.73

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	2.502	2.502	2.502
Reserves & Surplus	93.345	130.343	118.441
Net worth	95.847	132.845	120.943
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	46.677	322.945	63.256
		591.872	(80.413)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	46.677	322.945	63.256
Profit	(23.310)	42.764	(11.902)
	(49.94%)	13.24%	(18.82%)

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

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10276974	28/03/2011	100,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	HONGKONG HOUSE, 31 B B D BAG, KOLKATA, WEST BENGAL - 700001, INDIA	B09594383

FIXED ASSETS:

· Computer

· Furniture and Fittings

· Office Equipment

· Motor Car

· Plant and Machinery

· Computer Software

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.60.14
UK Pound	1	Rs.102.22
Euro	1	Rs.81.02

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--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		32

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.