MIRA INFORM REPORT

Report Date :

03.01.2015

IDENTIFICATION DETAILS

Name :	NIPPON PAINT (INDIA) PRIVATE LIMITED (w.e.f.30.05.2006)

Formerly Known As :	NIPSEA PAINTS AND CHEMICALS PRIVATE LIMITED

Registered Office :	Plot No. K – 8(1), Phase – II, SIPCOT Industrial Park, Mambakkam Village, Sriperumbudur – 602105, Tamilnadu

Country :	India

Financials (as on) :	31.12.2013

Date of Incorporation :	19.01.2006

Com. Reg. No.:	05-069356

Capital Investment / Paid-up Capital :	Rs.5628.000 Millions

CIN No.: [Company Identification No.]	U74999TN2006PTC069356

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	CHEN06551G

PAN No.: [Permanent Account No.]	AACCN2352F

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Enamel Paint and Interior Emulsion

No. of Employees :	Information Decline by the management

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating reflects company’s moderate financial risk profile marked by below average operational performance and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are reported to be 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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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

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 BY

Name :	Mr. Narasimma
Designation :	Accounts Manager
Contact No.:	91-44-42982222
Date :	02.01.2015

LOCATIONS

Registered Office / Factory :	Plot No. K – 8(1), Phase – II, SIPCOT Industrial Park, Mambakkam Village, Sriperumbudur – 602105, Tamilnadu, India
Tel. No.:	91-44-37175555
Fax No.:	91-44-37175556
E-Mail :	finance@nipponpaint.co.in
Website :	http://www.nipponpaint.co.in http://www.nipponpaint.com

Corporate Office :	No.6, Massi Building, Ganpathi Colony, Ekkathuthangal, Chennai-600032, Tamilnadu, India
Tel. No.:	91-44-43928892
Fax No.:	91-44-43928880

Marketing Office :	KRM Centre, 9th Floor, East Wing, No.2, Harrington Road, Chetpet, Cehnnai-600031, Tamilnadu, India
Tel. No.:	91-44-42982222
Fax No.:	91-44-42982200

Branch Office :	Located at: Bangalore Chennai Gurgaon Hyderabad Karnataka Gujarat Madhya Pradesh Cochin Pune Bhiwandi Nagpur Punjab New Delhi Uttar Pradesh Rajasthan Trichy Vijaywada Madurai Rajasthan

Regional Office :	Located at: Bangladesh China Hong Kong India Indonesia Japan Korea Malaysia

DIRECTORS

AS ON 30.06.2014

Name :

Mr. Tetsuro Fujita

Designation :

Managing Director

Address :

22 Newton Rd., #23-09 Singapore-307990, Singapore

Date of Birth/Age :

25.09.1958

Date of Appointment :

25.05.2010

DIN No.:

03149077

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	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Managing director	13/06/2014	25/05/2010	-	Active	NO
2	U24222TN2004PTC095373	NIPPON PAINT & SURFACE CHEMICALS PRIVATE LIMITED	Managing director	01/04/2013	25/05/2010	-	Under liquidation	NO
3	U24110MH2006PTC166277	PCTS SPECIALTY CHEMICALS (INDIA) PRIVATE LIMITED	Managing director	25/11/2013	18/11/2013	-	Active	NO

Name :

Mr. Goh Hup Jin

Designation :

Director

Address :

45 Leedon Road, Singapore-267856, Singapore

Date of Birth/Age :

06.04.1953

Date of Appointment :

24.01.2006

DIN No.:

00260523

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	U74899DL2006PTC145139	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	24/01/2006	24/01/2006	-	Not Available for eFiling	NO
2	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	09/04/2007	24/01/2006	-	Active	NO
3	U24222TN2004PTC095373	NIPPON PAINT & SURFACE CHEMICALS PRIVATE LIMITED	Director	05/03/2007	25/01/2006	-	Under liquidation	NO

Name :

Wee Siew Kim

Designation :

Director

Address :

6 John Road, Singapore-298865, Singapore

Date of Birth/Age :

19.08.1960

Date of Appointment :

29.03.2010

DIN No.:

03040686

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	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	25/05/2010	29/03/2010	-	Active	NO
2	U24222TN2004PTC095373	NIPPON PAINT & SURFACE CHEMICALS PRIVATE LIMITED	Director	25/05/2010	29/03/2010	-	Under liquidation	NO

Name :

Mr. Yip Wai Meng

Designation :

Director

Address :

364/2 2^nd Floor, Kannu Arcade, Gurgaon-122001, Haryana, India

Date of Birth/Age :

27.05.1951

Date of Appointment :

24.01.2006

DIN No.:

00020531

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	U74899DL2006PTC145139	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	24/01/2006	24/01/2006	-	Not Available for eFiling	NO
2	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	01/04/2013	24/01/2006	-	Active	NO
3	U24222TN2004PTC095373	NIPPON PAINT & SURFACE CHEMICALS PRIVATE LIMITED	Director	01/04/2013	25/01/2006	15/01/2014	Under liquidation	NO
4	U24110MH2006PTC166277	PCTS SPECIALTY CHEMICALS (INDIA) PRIVATE LIMITED	Director	18/12/2006	18/12/2006	-	Active	NO

Name :

Mr. Masaru Sumida

Designation :

Director

Address :

6-26-2903 Mukogawa Cho Takarazuka Hyogo, Japan 661003, Japan

Date of Birth/Age :

24.09.1956

Date of Appointment :

25.04.2011

DIN No.:

03532825

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	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	25/04/2011	25/04/2011	-	Active	NO
2	U24222TN2004PTC095373	NIPPON PAINT & SURFACE CHEMICALS PRIVATE LIMITED	Director	25/04/2011	25/04/2011	-	Under liquidation	NO

Name :

Mr. Chyang Wang

Designation :

Director

Address :

26 Lorong Pisang Udang, Lorong Pisang Singapore-597712, Singapore

Date of Birth/Age :

05.06.1952

Date of Appointment :

04.09.2013

DIN No.:

06621958

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	U24222TN2004PTC095373	NIPPON PAINT & SURFACE CHEMICALS PRIVATE LIMITED	Director	04/09/2013	04/09/2013	-	Under liquidation	NO
2	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	13/06/2014	04/09/2013	-	Active	NO

Name :

Mr. Mitsuo Yamada

Designation :

Director

Address :

19-13 Kashikiriyama, Suita City, Osaka, Japan-556011, Japan

Date of Birth/Age :

11.01.1956

Date of Appointment :

04.09.2013

DIN No.:

06673866

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	U24222TN2004PTC095373	NIPPON PAINT & SURFACE CHEMICALS PRIVATE LIMITED	Director	04/09/2013	04/09/2013	-	Under liquidation	NO
2	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	13/06/2014	04/09/2013	-	Active	NO

Name :

Mr. Kang Woei Shin

Designation :

Director

Address :

No.26, Lorong Tanjong, Jalan Langgar, Alor Setar, Kedah, Malaysia

Date of Birth/Age :

28.09.1978

Date of Appointment :

03.10.2007

DIN No.:

01831886

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	U74999TN2006PTC069356	NIPPON PAINT (INDIA) PRIVATE LIMITED	Director	09/05/2008	03/10/2007	-	Active	NO
2	U24222TN2004PTC095373	NIPPON PAINT & SURFACE CHEMICALS PRIVATE LIMITED	Director	09/05/2008	03/10/2007	-	Under liquidation	NO
3	U24110MH2006PTC166277	PCTS SPECIALTY CHEMICALS (INDIA) PRIVATE LIMITED	Director	23/09/2013	19/02/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Name of Shareholders	No. of Shares	%age holding
Nipsea Holdings International Limited,	22750000	100.00
Nippon Paint Company Limited,	22750000	0.00
Total	45,500,000	100.00

Equity Share Break up (Percentage of Total Equity)

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Enamel Paint and Interior Emulsion

Products :	Weatherbond Sumo Medifresh Satinglo

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :	Not Divulged

Customers :	Not Divulged

No. of Employees :	Information Decline by the management

Bankers :	Not Available

Facilities :	--

Auditors :
Name :	Francis Charles and Associates Chartered Accountants
Address :	25/11 A, 1^st Street, Bunder Garden, Perambur, Chennai – 600011, Tamilnadu, India
PAN No.:	AABFF6369A

Subsidiaries :	PCTS Specialty Chemicals (India) Private Limited, India

Associates :	PCTS Speciality Chemicals Pte Ltd, Singapore NP Auto Refinishes Co Ltd, Thailand N P T Marketting Company Limited, Thailand NIPSEA Management Company Pte Ltd, Singapore Nippon Paint Co Ltd, Japan NPSEA Holdings International Ltd, Hong Kong Nippon Paint (M) SDN Bhd, Malaysia Nippon Paint (Thai) Co Ltd, Thailand Nippe Trading Co Ltd, Japan Nippon Paint Company Pte Ltd, Singapore Gungzhou Nippon Co Ltd, China Nippon Paint (H.K.) Co Ltd, Hong Kong Nippon Paint And Surface Chemicals Private Limited, India

CAPITAL STRUCTURE

As on 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

570000000	Equity Shares	Rs.10/- each	Rs.5700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

562800000	Equity Shares	Rs.10/- each	Rs.5628.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5628.000	5173.000	4122.247
(b) Reserves & Surplus	(1927.788)	(1814.554)	(1268.456)
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	329.127
Total Shareholders’ Funds (1) + (2)	3700.212	3358.446	3182.918

(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	18.295	13.846	0.000
Total Non-current Liabilities (3)	18.295	13.846	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	571.604	466.122	471.484
(c) Other current liabilities	269.781	71.273	290.321
(d) Short-term provisions	366.615	317.433	0.000
Total Current Liabilities (4)	1208.000	854.828	761.805

TOTAL	4926.507	4227.120	3944.723

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1495.106	1469.622	1456.026
(ii) Intangible Assets	26.013	21.582	13.349
(iii) Capital work-in-progress	23.327	15.079	422.824
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.007	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.164	80.106	78.486
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1551.617	1586.389	1970.685

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	907.041	842.477	1056.144
(c) Trade receivables	834.033	748.481	401.258
(d) Cash and cash equivalents	1427.400	846.796	352.992
(e) Short-term loans and advances	83.718	74.064	159.418
(f) Other current assets	122.698	128.913	4.226
Total Current Assets	3374.890	2640.731	1974.038

TOTAL	4926.507	4227.120	3944.723

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		TOTAL	4965.440	4172.628	2859.473

Less	EXPENSES
		TOTAL	5078.592	4610.031	3209.583


	PROFIT BEFORE TAX		(113.152)	(437.403)	(350.110)

Less	TAX		0.083	0.058	0.000

	PROFIT AFTER TAX		(113.235)	(546.098)	(350.110)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1814.554)	(1268.456)	(918.347)

	BALANCE CARRIED TO THE B/S		(1927.789)	(1814.554)	(1268.457)

	EARNINGS IN FOREIGN CURRENCY		383.413	105.893	8.264

	Earnings Per Share (Rs.)		0.20	-	-

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Return on Total Assets (PBT/Total Assets}	(%)	(2.31)	(10.38)	(9.94)

Return on Investment (ROI) (PBT/Networth)		(0.03)	(0.13)	(0.11)

Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		2.79	3.09	2.59

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4122.247	5173.000	5628.000
Reserves & Surplus	(1268.456)	(1814.554)	(1927.788)
Net worth	2853.791	3358.446	3700.212

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

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	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%	----------------
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	No
24]	Banking facility details	No
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

NOTE: The Registered Office of the company has been shifted from Plot No. K – 8(1), Phase – II, SIPCOT Industrial Park, Mambakkam Village, Sriperumbudur – 602105, Tamilnadu, India to the present address w.e.f. 15.01.2014.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

Computer Software
Leasehold Land
Freehold Land
Plant and Machinery
Building
Factory Equipments
Laboratory Equipments
Electrical Fittings and Installation
Furniture and Fittings
Office Equipments
Computers
Vehicles

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.63.28
UK Pound	1	Rs.98.39
Euro	1	Rs.76.31

INFORMATION DETAILS

Information Gathered by :	HNA

Analysis Done by :	KAR

Report Prepared by :	SHG

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	-
--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		26

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.

MIRA INFORM REPORT

Unit