MIRA INFORM REPORT

Report No. :	336184
Report Date :	13.08.2015

IDENTIFICATION DETAILS

Name :	MASCHIO GASPARDO INDIA PRIVATE LIMITED
Registered Office :	Plot No. F-27, MIDC, Ranjangaon, Village – Karegaon, Pune – 412220, Maharashtra
Tel. No.:	91-2138-612500
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.04.2011
Com. Reg. No.:	11-139190
Capital Investment / Paid-up Capital :	Rs. 542.989 Million
CIN No.: [Company Identification No.]	U29100PN2011FTC139190
IEC No.:	3111005704
TAN No.: [Tax Deduction & Collection Account No.]	PNEM16335E
PAN No.: [Permanent Account No.]	AAHCM1258Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Agricultural Implement, Blade Movher, Fertilizer Spreader, etc,
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 1090000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of Maschio Gaspardo S.P.A., ITALY. It is having satisfactory track Company has incurred losses from its operations, which has resulted into accumulated losses. However, Company has achieved significant growth in its sales turnover in FY14. Further, it receives managerial and financial strength from its holding company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings with 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Mangesh Katariya
Designation :	Director
Contact No.:	91-2138-612500
Date :	11.08.2015

LOCATIONS

Registered Office/ Factory :	Plot No. F-27, MIDC, Ranjangaon, Village – Karegaon, Pune – 412220, Maharashtra, India
Tel. No.:	91-2138-612500 / 612502
Fax No.:	91-2138-612501
E-Mail :	mangeshkatariya@gmail.com info@maschio.com
Website :	http://www.maschionet.com
Location :	Owned
Locality :	Industrial

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Mangesh Amritlal Katariya

Designation :

Director

Address :

Flat No. 403, Building G7, Gangadham Phase II, DP Road, Behind Market yard,, Pune - 411037, Maharashtra, India

Date of Birth/Age :

14.01.1972

Date of Appointment :

12.04.2011

DIN No.:

00066425

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	U29299PN2006PTC021976	OGNIBENE INDIA PRIVATE LIMITED	Director	10/02/2006	10/02/2006	07/12/2007	Active	NO
2	U67120PN1982PLC021178	PUNE STOCK EXCHANGE LIMITED	Director	15/06/2006	15/06/2006	27/09/2007	Active	NO
3	U45200PN2010PTC135311	BLUEBERRY REALTY PRIVATE LIMITED	Director	13/01/2010	13/01/2010	-	Active	NO
4	U74900PN2010PTC135343	M G M CONSULTING SERVICES PRIVATE LIMITED	Director	18/01/2010	18/01/2010	25/06/2011	Active	NO
5	U45200PN2010PTC136463	PRAYEJA REALTY PRIVATE LIMITED	Director	01/06/2010	01/06/2010	-	Active	NO
6	U29100PN2011FTC139190	MASCHIO GASPARDO INDIA PRIVATE LIMITED	Director	12/04/2011	12/04/2011	-	Active	NO
7	U17219TG2006PLC051271	PRIME HOMETEX INDUSTRIES (INDIA) LIMITED	Director	29/09/2012	25/01/2012	-	Active	NO
8	U29253PN2013FTC151711	FIBOX INDIA PRIVATE LIMITED	Additional director	25/03/2014	25/03/2014	-	Active	NO
9	U74900PN2014PTC152380	SAFIM BRAKES INDIA PRIVATE LIMITED	Director	01/09/2014	01/09/2014	-	Active	NO

Name :

Maschio Egidio Andrea

Designation :

Director

Address :

Via Mussons 1C, Morsano AL Tagliamento PN - 33075, Italy

Date of Birth/Age :

19.09.1970

Date of Appointment :

27.09.2011

DIN No.:

03630346

Name :

Egidio Sante Maschio

Designation :

Director

Address :

Via Marcello N 38, Campodarsego, Padova - 38 , Italy

Date of Birth/Age :

29.03.1944

Date of Appointment :

15.10.2012

DIN No.:

06391342

Name :

Alessio Riulini

Designation :

Director

Address :

2507 Bld 2 Hong Kong Rd No 10, Shi Non Area Quingdao, Peoples Republic Of China - 266000, Italy

Date of Birth/Age :

04.02.1977

Date of Appointment :

15.10.2012

DIN No.:

06392933

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Maschio Gaspardo SPA, Italy	58299807
Katariya Amritlal Mangesh	1
Total	58299808

AS ON 30.09.2014

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]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Agricultural Implement, Blade Movher, Fertilizer Spreader, etc.

Products :

ITC Code No.	Product Descriptions
84328020	Agricultural Machine

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash and Credit (30/ 60/ 90 Days)

Purchasing :

Cash and Credit (30/ 60/ 90 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users and OEM’s

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Bank Name:	Indusind Bank Limited
Branch:	2401, Gen Thimmayya Road, Cantonment, Pune - 411001, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-20-26343201 (Ringing)
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit = Rs. 2.500 Million
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks (Hire Purchase Loans are secured by hypothecation of respective vehicles purchased there against and repayable in monthly instalments)	1.230	0.887
SHORT TERM BORROWINGS
Working capital loans from banks	216.686	0.000
Loans repayable on demand from banks	0.000	224.135
Total	217.916	225.022

Auditors :
Name :	N A C and Associates LLP Chartered Accountants
Address :	104, First Floor, Mittal Chambers, 2-2-51, M.G.Road, Secunderabad, Hyderabad – 500003, Telangana, India
Income-tax PAN of auditor or auditor's firm :	CMAPS4557G
Memberships :	--
Collaborators :	--
Holding Company:	Maschio Gaspardo S.P.A, Italy
Fellow-Subsidiary:	Maschio Gaspardo (Qingdao) Agricultural Machinery Co. Limited China
Enterprises having common KMP:	· MGM and Company · George N Anthony and Associates (upto October 4, 2012)

CAPITAL STRUCTUR

AS ON 30.04.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60,000,000	Equity Shares	Rs. 10/- each	Rs. 600.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
58,299,808	Equity Shares	Rs. 10/- each	Rs. 582.998 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60,000,000	Equity Shares	Rs. 10/- each	Rs. 600.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,42,98,915	Equity Shares	Rs. 10/- each	Rs. 542.989 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	542.989	283.129	61.511
(b) Reserves & Surplus	(160.224)	(66.607)	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	64.320
Total Shareholders’ Funds (1) + (2)	382.765	216.522	125.831
(3) Non-Current Liabilities
(a) Long-term borrowings	41.773	36.657	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	0.000	0.000	0.000
Total Non-current Liabilities (3)	41.773	36.657	0.000
(4) Current Liabilities
(a) Short term borrowings	216.686	224.135	0.000
(b) Trade payables	235.420	270.255	16.626
(c) Other current liabilities	2.104	17.415	7.336
(d) Short-term provisions	1.173	0.257	0.000
Total Current Liabilities (4)	455.383	512.062	23.962
TOTAL	879.921	765.241	149.793
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	340.416	322.768	8.780
(ii) Intangible Assets	14.082	10.144	0.000
(iii) Capital work-in-progress	1.031	1.119	14.176
(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)	68.554	29.080	0.000
(d) Long-term Loan and Advances	42.366	41.367	102.007
(e) Other Non-current assets	4.732	2.471	17.408
Total Non-Current Assets	471.181	406.949	142.371
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	306.030	166.674	2.931
(c) Trade receivables	71.543	150.793	0.000
(d) Cash and cash equivalents	3.105	3.182	1.803
(e) Short-term loans and advances	25.446	20.349	1.385
(f) Other current assets	2.616	17.294	1.303
Total Current Assets	408.740	358.292	7.422
TOTAL	879.921	765.241	149.793

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	1043.574	306.609	NA
Less	EXPENSES
		TOTAL	1176.666	402.296	0.424
	PROFIT/ (LOSS) BEFORE TAX		(133.092)	(95.687)	0.000
Less	TAX		(39.474)	(29.080)	0.000
	PROFIT/ (LOSS) AFTER TAX		(93.618)	(66.607)	0.000
	EARNINGS IN FOREIGN CURRENCY		132.504	54.880	0.000
	IMPORTS
		Raw Materials and Components	350.452	372.487	0.013
		Capital Goods	2.934	163.525	0.000
	TOTAL IMPORTS		353.386	536.012	0.013
	Earnings/ (Loss) Per Share (Rs.)		(1.72)	(2.35)	NA

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	1200.000

The above information has been parted by Mr. Mangesh Katariya (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.089	0.559	0.000
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operations	(167.136)	(87.462)	0.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(16.42)	(13.02)	(0.31)
Return on Investment (ROI) (PBT/Networth)		(0.35)	(0.44)	0.00
Debt Equity Ratio (Total Liability/Networth)		0.68	1.21	0.00
Current Ratio (Current Asset/Current Liability)		0.90	0.70	0.31

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	61.511	283.129	542.989
Reserves & Surplus	0.000	(66.607)	(160.224)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	64.320	0.000	0.000
Net worth	125.831	216.522	382.765
Long-term borrowings	0.000	36.657	41.773
Short term borrowings	0.000	224.135	216.686
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	0.559	1.089
Total borrowings	0.000	261.351	259.548
Debt/Equity ratio	0.000	1.207	0.678

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Income	0.000	306.609	1043.574
			240.360

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Income	0.000	306.609	1043.574
Profit	(0.424)	(66.607)	(93.618)
		(21.72%)	(8.97%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10515800	04/07/2014	150,000,000.00	HDFC BANK LIMITED	4TH FLOOR, MILLENNIUM TOWERS, BHANDARKAR ROAD, PUNE - 411004, MAHARASHTRA, INDIA	C17139544
2	10564145	03/07/2014	40,000,000.00	HDFC BANK LIMITED	4TH FLOOR, MILLENNIUM TOWERS, BHANDARKAR ROAD, PUNE - 411004, MAHARASHTRA, INDIA	C50693779
3	10411974	23/01/2013	250,000,000.00	INDUSIND BANK LIMITED	2401, GEN THIMMAYYA ROAD, CANTONMENT, PUNE - 411001, MAHARASHTRA, INDIA	B70811484

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Foreign currency term loans from others	0.000	35.770
Other external commercial borrowings	40.543	0.000
Total	40.543	35.770

OVERVIEW OF THE COMPANY

The company was incorporated on 12 th April, 2011 at Pune, Maharashtra with the objective of manufacturing of agricultural equipments and allied items. It has manufacturing facilities at Ranjangaon, Pune District. The Company is a wholly owned subsidiary of Maschio Gaspardo S.p.A, Italy.

OPERATIONS AND FUTURE PROSPECTS:

The Directors would like to put before the members the summary of financial performance of the Company during the financial year 2013-14. Being the third year of operations and Company being in the process of setting up of its operations, it reported the total income of INR 1043.573 Million compared to the total income of INR 306.608 Million in the previous financial year which is significant in itself. Further, due to the increase in the scale of operations, the total expenses also increased from INR 366.321 Million for the previous financial year to INR 1176.665 Million for the financial year 2013-14. Keeping in view these expenses incurred during the gestation period, the Company has incurred a loss of INR 93.617 Million for the financial year 2013-14.

Directors of the company are continuing to strive for the growth in the performance of the company and are pretty confident of reporting satisfactory financial results in the years to come.

The company and the directors are continuously looking for avenues for further growth of the Company and are evaluating various areas where it can fetch good returns for the company.

CONTINGENT LIABILITIES: (AS ON 31.03.2014)

1. Bills discounted with Banks Rs. 91.420 Million (Previous Year Rs. 12.114 Million).

2. Disputed Customs Duty Rs. 1146.578 Million (Previous Year Rs. 1.146 Million)

3. Export Obligation under EPCG Scheme to be met in a period of 8 years ending 2019-20 amounting to Rs.

222.463 Million (Previous Year Rs. 280.345 Million)

FIXED ASSETS:

Tangible Assets

· Plant and Equipment

· Factory Equipment’s

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipment’s

· Other Equipment’s

· Leasehold Improvements

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 records 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.64.83
UK Pound	1	Rs.101.00
Euro	1	Rs.71.82

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KIN
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
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		41

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.