MIRA INFORM REPORT

Report Date :

29.05.2014

IDENTIFICATION DETAILS

Name :	AMELCO KABEL PRIVATE LIMITED
Registered Office :	C-24, Phase II, Noida – 201 305, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.07.2007
Com. Reg. No.:	20-033666
Capital Investment / Paid-up Capital :	Rs.81.000 millions
CIN No.: [Company Identification No.]	U28910UP2007PTC033666
PAN No.: [Permanent Account No.]	AAGCA4500N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is mainly engaged in manufacturing of wires and cables.
No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 264000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and accumulated losses that company has incurred over a year. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – 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

Name :	Mr. Mayank
Designation :	Finance Head
Contact No.:	91-120-4743357
Date :	22.05.2014

LOCATIONS

Registered Office/ Factory :	C-24, Phase II, Noida – 201 305, Uttar Pradesh, India
Tel. No.:	91-120-4743357/ 4743300/ 4743333
Fax No.:	91-120-4743399
E-Mail :	mayank@amelcokabel.com cs@elcomponics.com
Website :	www.amelcokable.com
Location :	Rented

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Satyendra Narayan Dwivedi

Designation :

Director

Address :

A-20, Sector-30, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

14.11.1955

Date of Appointment :

25.07.2007

DIN No.:

00667842

PAN No.:

ABZPD2499J

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	U51109UP1988PTC010331	ELCOMPONICS SALES PRIVATE LIMITED	Managing director	28-12-1988	28-12-1988	-	Active	NO
2	U74899DL1995PTC073759	ELCOMPONICS TECHNOLOGIES INDIA PRIVATE LIMITED	Managing director	30-09-1996	30-09-1996	-	Active	NO
3	U31104UP2006PTC032489	TAMURA ELCOMPONICS TECHNOLOGIES PRIVATE LIMITED	Managing director	02-11-2006	02-11-2006	-	Active	NO
4	U28910UP2007PTC033666	AMELCO KABEL PRIVATE LIMITED	Director	25-07-2007	25-07-2007	-	Active	NO

Name :

Mrs. Manju Lata Dwivedi

Designation :

Director

Address :

A-20, Sector-30, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

27.10.1955

Date of Appointment :

25.07.2007

DIN No.:

00668784

PAN No.:

ACLPD4774B

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	U51109UP1988PTC010331	ELCOMPONICS SALES PRIVATE LIMITED	Director	28-12-1988	28-12-1988	-	Active	NO
2	U74899DL1995PTC073759	ELCOMPONICS TECHNOLOGIES INDIA PRIVATE LIMITED	Director	10-11-1995	10-11-1995	-	Active	NO
3	U31104UP2006PTC032489	TAMURA ELCOMPONICS TECHNOLOGIES PRIVATE LIMITED	Director	02-11-2006	02-11-2006	10-05-2010	Active	NO
4	U28910UP2007PTC033666	AMELCO KABEL PRIVATE LIMITED	Director	25-07-2007	25-07-2007	-	Active	NO

Name :

Mr. Shivendra Narayan Dwivedi

Designation :

Director

Address :

A-20, Sector-30, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

25.01.1976

Date of Appointment :

22.06.2008

DIN No.:

02216494

PAN No.:

AHPPD9000M

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	U28910UP2007PTC033666	AMELCO KABEL PRIVATE LIMITED	Director	22-06-2008	22-06-2008	-	Active	NO
2	U51109UP1988PTC010331	ELCOMPONICS SALES PRIVATE LIMITED	Director	17-07-2008	17-07-2008	-	Active	NO
3	U31104UP2006PTC032489	TAMURA ELCOMPONICS TECHNOLOGIES PRIVATE LIMITED	Director	10-05-2010	10-05-2010	-	Active	NO
4	U74899DL1995PTC073759	ELCOMPONICS TECHNOLOGIES INDIA PRIVATE LIMITED	Director	30-09-2013	04-01-2013	-	Active	NO

Name :

Mr. Jan Clemens Blad

Designation :

Director

Address :

Alster 236075 Alstermo, Sweden

Date of Birth/Age :

26.06.1954

Date of Appointment :

29.09.2008

DIN No.:

02029113

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	U28910UP2007PTC033666	AMELCO KABEL PRIVATE LIMITED	Director	29-09-2008	23-04-2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sandeep Kumar
Designation :	Company Secretary
Address :	A-400, Ganesh Nagar II, Shakarpur, Delhi – 110 092, India
Date of Birth/Age :	05.03.1980
Date of Appointment :	02.09.2013
PAN No.:	AHGPK3619J
E-Mail :	sandeepjindal2005@gmail.com
Name :	Mr. Mayank
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
S.N. Dwivedi	31000
Manjulata Dwivedi	10000
Elcomponics Sales Private Limited, India	6050980
Alstermo Produktion AB, Sweden	2008020
Total	8100000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	24.79
Bodies corporate	74.70
Directors or relatives of directors	0.51
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is mainly engaged in manufacturing of wires and cables.

Products :

Item Code No. (ITC Code)	85441190
Product Description	Single Core Cable PVC Insulated with Copper Conductor, 600/750V

Exports :

Products :

Wires and Cables

Countries :

Philippines

Imports :

Products :

Raw Materials

Countries :

Dubai

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

45 (Approximately)

Bankers :

· Citibank N.A., Jeewan Vihar, 3, Sansad Marg, New Delhi – 110 001, India

· Axis Bank Limited, B-2 and B-3, Sector 16, Noida – 201 301, Uttar Pradesh, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Working capital loans from banks	16.375	53.656
Total	16.375	53.656

Notes:

Short-term borrowings

Secured Loans are covered by 1. Cash Credit facilities, from Axis Bank, are secured against exclusive charge over stock in trade and Company's present & future book debts, receivables and all other current assets and additionally by way of charge on the entire fixed assets and equitable mortgage of land and Building. It is further secured by:- i) Equitable Mortgage of Land and Building of Elcomponics Technologies India Private Limited, a company under same management ii) Corporate Guarantee of Elcomponics Sales Private Limited a Holding Company and Elcomponics Technologies India Private Limited a company under same management.

Banking Relations :	--
Auditors :
Name :	Ramesh C. Agrawal and Company Chartered Accountants
Address :	S-203, Prayag Kunj, 3, Strachey Road, Civil Lines, Allahabad – 211 001, Uttar Pradesh, India
Mobile No.:	91-9810376790
E-Mail :	ska9001@hotmail.com
PAN No.:	AACFR9684F
Holding Company :	Elcomponics Sales Private Limited (ESPL), India (CIN No.: U51109UP1988PTC010331)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Elcomponics Technologies India Private Limited (ETIPL), India (CIN No.: U74899DL1995PTC073759) · Tamura Elcomponics Technologies Private Limited, India (CIN No.: U31104UP2006PTC032489) [Romarsh Elcomponics Technologies Private Limited (RETPL)] · Alstermo Produktion , Sweden

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
8500000	Equity Shares	Rs.10/- each	Rs.85.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8100000	Equity Shares	Rs.10/- each	Rs.81.000 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	81.000	81.000	81.000
(b) Reserves & Surplus	(14.978)	(18.591)	(15.761)
(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)	66.022	62.409	65.239
(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	0.000	0.000	0.000
(d) Long-term provisions	0.388	0.283	0.186
Total Non-current Liabilities (3)	0.388	0.283	0.186
(4) Current Liabilities
(a) Short term borrowings	16.375	53.656	126.844
(b) Trade payables	3.277	5.134	8.669
(c) Other current liabilities	26.927	15.383	4.641
(d) Short-term provisions	0.867	0.000	0.900
Total Current Liabilities (4)	47.446	74.173	141.054
TOTAL	113.856	136.865	206.479
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	44.287	69.900	73.415
(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)	8.367	9.439	12.015
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	2.361	5.005	8.479
Total Non-Current Assets	55.015	84.344	93.909
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	34.695	26.256	25.000
(c) Trade receivables	0.825	1.397	62.639
(d) Cash and cash equivalents	7.107	6.166	5.875
(e) Short-term loans and advances	13.602	17.242	16.114
(f) Other current assets	2.612	1.460	2.942
Total Current Assets	58.841	52.521	112.570
TOTAL	113.856	136.865	206.479

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	343.329	261.538	387.736
		Other Income
		TOTAL	343.329	261.538	387.736
Less	EXPENSES
		Office Expenses	338.644	261.672	377.981
		Administrative Expenses
		Advertising Expenses
		TOTAL	338.644	261.672	377.981
	PROFIT / (LOSS) BEFORE TAX		4.685	(0.134)	9.775
Less	TAX		1.072	2.696	4.087
	PROFIT / (LOSS) AFTER TAX		3.613	(2.830)	5.688
	EARNINGS IN FOREIGN CURRENCY
		Export on FOB Basis	3.355	0.198	Nil
	TOTAL EARNINGS		3.355	0.198	Nil
	VALUE OF IMPORT ON CIF BASIS		254.031	173.066	240.758
	Earnings / (Loss) Per Share (Rs.)		0.47	(0.02)	1.97

Particulars	31.03.2014
Sales Turnover (Approximately)	260.000 (Due to market fluctuation)

The above information has been parted by Mr. Mayank (Finance Head).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.05	(1.08)	1.47
Return on Total Assets (PBT/Total Assets}	(%)	4.44	(0.11)	5.03
Return on Investment (ROI) (PBT/Networth)		0.07	0.00	0.15
Debt Equity Ratio (Total Debt/Networth)		0.25	0.86	1.94
Current Ratio (Current Asset/Current Liability)		1.24	0.71	0.80

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	81.000	81.000	81.000
Reserves & Surplus	(15.761)	(18.591)	(14.978)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	65.239	62.409	66.022
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	126.844	53.656	16.375
Total borrowings	126.844	53.656	16.375
Debt/Equity ratio	1.944	0.860	0.248

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	387.736	261.538	343.329
		(32.547)	31.273

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	387.736	261.538	343.329
Profit	5.688	(2.830)	3.613
	1.47%	(1.08%)	1.05%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
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)	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	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Notes:

· The registered office of the company has been shifted from A-36, Sector-58, Noida – 201 301, Uttar Pradesh to the present address w.e.f. 20.07.2011.

· No Charges Exist for Company.

PERMORMANCE AND FUTURE OUTLOOK:

During the Year the Company has reported gross turnover of Rs.343.329 millions as compared to the previous year amount of Rs.261.538 millions, registered a growth of 31.27% as compared to previous year and Net Profit before Tax of Rs.4.685 millions compared to the previous year Loss of Rs.0.134 million. The management is hopeful that the turnover and profit of the Company will improve in coming year.

FIXED ASSETS:

Tangible Assets

· Buildings

· Plant and Equipment

· Furniture and Fixture

· Vehicles

· Office Equipment

· Computer Equipment

Intangible Assets

· 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.59.08
UK Pound	1	Rs.99.20
Euro	1	Rs.80.53

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		29

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.