MIRA INFORM REPORT

Report Date :

02.12.2011

IDENTIFICATION DETAILS

Name :	MUSCAT POLYMERS PRIVATE LIMITED
Registered Office :	212, Aditya Centre, 1^st Floor, Phulchhab Chowk, Rajkot – 360001, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.02.1994
Com. Reg. No.:	04-021183
Capital Investment / Paid-up Capital :	Rs.43.328 Millions
CIN No.: [Company Identification No.]	U17119GJ1994PTC021183
TAN No.: [Tax Deduction & Collection Account No.]	RKTM00062G
PAN No.: [Permanent Account No.]	AADFM3725D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of PP and HDPE Woven Sacks / Bags, used for Packaging, of Cement, Fertilizer, Salt, Minerals, Chemicals, etc
No. of Employees :	400 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 240000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported as fair. Business is active. Payments are reported to be slow. 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.

INFORMATION PARTED BY

Name :	Mr. Ketan Malvia
Designation :	Accountant
Contact No.:	91-281-2448970
Date :	01.12.2011

LOCATIONS

Registered / Administrative Office :	212, Aditya Centre, 1^st Floor, Phulchhab Chowk, Rajkot – 360001, Gujarat, India
Tel. No.:	91-281-2448970 / 2447642
Mobile No.:	91-9825218959 (Mr. Niraj Joshi)
Fax No.:	91-281-2476118
E-Mail :	jignesh_pandya@muscatpolymers.com ca@rkdoshi.com sales@muscatpolymers.com info@muscatpolymers.com
Website :	www.muscatpolymers.com www.muscat.tradeindia.com
Area :	700 sq. ft
Location :	Owned
Factory	Gundasari Road, Opposite Railway Crossing, Veraval (Shapar), Taluka: Kotda-Sangani, District Rajkot, Gujarat, India
Tele No.:	91-2827-253203/253204
Fax No.:	91-2827-253203
E-Mail :	niraj_doshi@muscatpolymers.com
Location :	Owned
Consignment Stockiest :	110, Aditya Centre, 1^st Floor, Phulchhab Chowk, Rajkot – 360001, Gujarat, India
Tel. No.:	91-281-2450400
Fax No.:	91-281-2476118
E-Mail :	piyush_gajera@muscatpolymers.com

DIRECTORS

As on 30.09.2011

Name :

Mrs. Minaxiben Madhukarbhai Kothary

Designation :

Director

Address :

Muscat Villa, Mahadev Wadi, Gondal, Rajkot-360311, Gujarat, India

Date of Birth :

27.04.1950

Date of Appointment :

01.04.1998

Din No.:

01601433

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25202GJ1994PTC022408	MINA P0LY-PACK PRIVATE LIMITED	Director	04-07-94	04-07-94	Active	NO
2	U17119GJ1994PTC021183	MUSCAT POLYMERS PRIVATE LIMITED	Director	01-04-98	01-04-98	Active	NO
3	U25200GJ1995PTC025397	RIDDHI SIDDHI POLY FAB PRIVATE LIMITED	Director	20-08-02	20-08-02	Active	NO

Name :

Mr. Rajivbhai Kishorebhai Doshi

Designation :

Director

Address :

Sonira, 1 – Tagore Nagar, Kalawad Road, Rajkot-360001, Gujarat, India

Date of Birth :

26.12.1956

Date of Appointment :

01.04.1998

Din No.:

00118736

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U30009GJ1996PTC029915	VIRTUAL CONCEPTS PRIVATE LIMITED	Director	25-06-97	25-06-97	Active	NO
2	U17119GJ1994PTC021183	MUSCAT POLYMERS PRIVATE LIMITED	Director	01-04-98	01-04-98	Active	NO
3	U74300GJ1994PTC023384	NEXUS MONETIZING PRIVATE LIMITED	Director	19-08-02	19-08-02	Active	NO
4	U74140GJ1982PTC004979	PROGRO MANAGEMENT CONSULTANTS PRIVATE LIMITED	Additional director	16-02-08	16-02-08	Active	NO
5	U71230GJ1997PTC031481	SHIV SHYAM AUTO LEASING AND FINANCE PRIVATE LIMITED	Director	01-03-11	01-03-11	Active	NO

Name :

Mr. Nirajbhai Kishorebhai Doshi

Designation :

Director

Address :

75, Nautan Nagar, Kalawad Road, Rajkot-360001, Gujarat, India

Date of Birth :

29.12.1969

Date of Appointment :

01.04.1998

Din No.:

00118762

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74140GJ1982PTC004979	PROGRO MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	01-01-95	01-01-95	Active	NO
2	U30009GJ1996PTC029915	VIRTUAL CONCEPTS PRIVATE LIMITED	Director	25-06-97	25-06-97	Active	NO
3	U17119GJ1994PTC021183	MUSCAT POLYMERS PRIVATE LIMITED	Whole-time director	01-04-98	01-04-98	Active	NO
4	U74300GJ1994PTC023384	NEXUS MONETIZING PRIVATE LIMITED	Director	19-08-02	19-08-02	Active	NO
5	U71230GJ1997PTC031481	SHIV SHYAM AUTO LEASING AND FINANCE PRIVATE LIMITED	Director	01-03-11	01-03-11	Active	NO

Name :

Mr. Vishal Madhukarbhai Kothary

Designation :

Director

Address :

Muscat Villa, Mahadev Wadi, Gondal, Rajkot-360311, Gujarat, India

Date of Birth :

28.06.1973

Date of Appointment :

01.04.1994

Din No.:

01541706

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17119GJ1994PTC021183	MUSCAT POLYMERS PRIVATE LIMITED	Director	01-02-94	01-02-94	Active	NO
2	U25200GJ1995PTC025397	RIDDHI SIDDHI POLY FAB PRIVATE LIMITED	Director	20-08-02	20-08-02	Active	NO

KEY EXECUTIVES

Name :	Mr. Ketan Malvia
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Nirajbhai Kishorebhai Doshi	10
Vishal Madhukarbhai Kothary	100
Madhukarbhai Ramnikbhai Kothary	111230
Minaxiben Madhukarbhai Kothary	105200
Bavabhai Gajera	10
Dilipbhai Khakhar	10
Jagdishbhai Khakhar	10
Sharadbhai Sheth	10
Kantilal Shah	10
Kritika J. Khakhar	10
Kishore P. Doshi	10
Prabhakar Khakhar	10
Sonalben Sheth	10
Piyushbhai Gajera	10
Virtual Concepts Private Limited, India	85000
Progro Concepts Private Limited, India	56000
Shiv Shyam Auto Leasing and Finance Private Limited, India	46640
Nexus Monetizing Private Limited, India	29000
Total	433280

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	50.00
Directors or relatives of directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of PP and HDPE Woven Sacks / Bags, used for Packaging, of Cement, Fertilizer, Salt, Minerals, Chemicals, etc
Exports :
Products :	PP Bags
Countries :	· Spain · Germany
Imports :
Products :	Raw Material
Countries :	· Taiwan · China
Terms :
Selling :	L/C / Cash and Credit
Purchasing :	L/C / Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
HDPE / PP Woven Sacks and Bags	Nos.	32564664
FIBC	Nos.	112125
Fabrics	Kgs.	415267
Job Work Done	Kgs.	4050.00

Note:

1. Installed capacity has not been disclosed, as these are variable and subject to changes in product mix, and utilization of manufacturing facilities, given the nature of operations.

2. Includes production on Job work basis of 551200 Bags.

3. Excluding captive consumption. Fabric produced is sold as finished goods as well as captively consumed for production of woven sacks/bags.

GENERAL INFORMATION

Customers :

Retailers and End Users

· Sanghi Cement

· Siddhi Cement

· Ambuja Cement

· Hathi Cement

· Shree Cement Limited

No. of Employees :

400 [Approximately]

Bankers :

v Development Credit Bank Limited, 301, Trade Plaza, 414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India

v ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Development Credit Bank Limited (Secured by hypothecation of stock and book debts, Plant and Machinery and mortgage of Factory Building)	89.942	58.138
From ICICI Bank Limited	23.974	6.525
TERM LOAN	0	0
From Development Credit Bank Limited (Secured by hypothecation of Plant and Machinery and mortgage of Factory Building)	30.000	26.855
Total	143.916	91.518
Unsecured Loan
From Directors	2.009	5.724
From Shareholders	68.218	44.842
Inter Corporate	0.037	0.038
Total	70.264	50.604

Banking Relations :	--
Auditors :
Name :	J.B. Vasani and Company Chartered Accountants
Address :	Jalaram 5, Jayant K.G. Society, Mavadi Road, Brahman Boarding, Near Shivanand Eye Hospital, Rajkot-360001, Gujarat, India
Pan No.:	AGVPV3025F

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
433280	Equity Shares	Rs.100/- each	Rs.43.328 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		43.328	43.328	43.328
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.148	12.011	12.427
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		60.476	55.339	55.755
LOAN FUNDS
1] Secured Loans		143.916	91.518	56.295
2] Unsecured Loans		70.264	50.604	24.602
TOTAL BORROWING		214.180	142.122	80.897
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		274.656	197.461	136.652
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		90.474	82.127	40.621
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.784	30.275	17.917
	Sundry Debtors	153.939	116.078	76.165
	Cash & Bank Balances	9.070	4.698	16.445
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.499	10.683	8.282
Total Current Assets		224.292	161.734	118.809
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.653	35.795	13.803
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	6.457	10.605	8.975
Total Current Liabilities		40.110	46.400	22.778
Net Current Assets		184.182	115.334	96.031
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		274.656	197.461	136.652

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Other Income	526.482	457.752	238.265
		TOTAL (A)	526.482	457.752	238.265
Less	EXPENSES
		Material Cost	431.958	390.071	180.829
		Manufacturing Expenses	21.942	14.760	13.774
		Payment to Employee	24.709	16.352	16.262
		Administrative, Selling and Other Expenses	15.422	13.251	10.373
		Increase / Decrease in Stock	(1.192)	1.541	(0.865)
		TOTAL (B)	492.839	435.975	220.373
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33.643	21.777	17.892
Less	FINANCIAL EXPENSES (D)		22.337	12.679	10.704
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.306	9.098	7.188
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.000	3.215	2.976
	PROFIT BEFORE TAX (E-F) (G)		6.306	5.883	4.212
Less	TAX (H)		1.169	1.247	0.572
	PROFIT AFTER TAX (G-H) (I)		5.137	4.636	3.640
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.011	12.427	11.321
Less	APPROPRIATIONS
		Proposed Dividend	0.000	4.333	2.166
		Tax on Dividend	0.000	0.719	0.368
	BALANCE CARRIED TO THE B/S		17.148	12.011	12.427
	EARNINGS IN FOREIGN CURRENCY		144.620	48.500	60.097
	IMPORTS VALUE		301.561	17.860	4.969
	Earnings Per Share (Rs.)		11.86	10.70	8.40

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.97	1.01	1.53
Net Profit Margin (PBT/Sales)	(%)	1.20	1.28	1.77
Return on Total Assets (PBT/Total Assets}	(%)	2.00	2.41	2.64
Return on Investment (ROI) (PBT/Networth)		0.10	0.11	0.07
Debt Equity Ratio (Total Liability/Networth)		4.20	3.41	1.85
Current Ratio (Current Asset/Current Liability)		5.59	3.48	5.21

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	33.653	35.795	13.803

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
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	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	yes
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	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

NOTE: The registered office of the company has been shifted from Toral Complex, Opposite State Bank of Saurashtra B/S Shastrimandi, Rajkot, Gujarat, India to the present address w.e.f. 15.06.2006.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10006490
Corporate identity number of the company	U17119GJ1994PTC021183
Name of the company	MUSCAT POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	212, Aditya Centre, 1^st Floor, Phulchhab Chowk, Rajkot – 360001, Gujarat, India
Type of charge	Immovable Property Any Interest in Immovable Property
Particular of charge holder	Development Credit Bank Limited, 301, Trade Plaza, 414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Email	rakeshkumar.kothiya@dcbbank.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Continuing oral assent dated 11.07.2011 recording therein Oral Assent given by the company to the Bank authorizing the Bank for continuing to hold the documents of Title Deeds, Evidences and Writing of Company's immovable property in the said Memorandum of Continuing Oral Assents for enhanced Credit Facilities of Rs.173.425 Millions (Enhanced from Rs.150.185 Millions.)
Date of instrument Creating the charge	11.07.2011
Amount secured by the charge	Rs.173.425 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest C C, EPC, FDBP and Term Loan : 03.75% over base rate min 12.25% Terms of Repayment Cash Credit : On Demand / Annual Review EPC : On Demand / Annual Review tenor up to 180 days Inland L.C. : On Demand / Annual Review tenor up to 180 days B. G.: On demand / Annual Review max 3 yrs. FDBP : On Demand / Annual Review tenor sight bill / usance of 90 days Forward Contract Booking : On Demand / Annual Review Term Loan: 20 Quarterly Installments from 30.06.2010. Margin 1. Cash Credit (Mfg. Div) = 25% of Stock and 40% of Book Debts 2. Inland LC = 10% in TDR 3. Bank Guarantee = 10% in TDR 4. Cash Credit (Trading Div) = 25% of Book Debts of trading division and advance payment made to GAIL 5. Term Loan Renewal = 40% for building and 25% of Plant and Machineries 6. FDBP = NIL 7. Forward Contract Booking = Nil 8. EPC = 20% Extent and Operation of the charge First Charge on Company's immovable property of the Continuing Oral Assent dated 11.07.2011, extended from aggregate credit facilities of Rs.150.181 Millions to aggregate credit facilities of Rs.173.425 Millions granted to the company.
Short particulars of the property charged	All that piece of land admeasuring total 11575.96 Sq. Mtrs of Plot No. 1 to 13 of Revenue Survey No. 98 paiki of Village Veraval. Taluka Kotda Sangani District Rajkot together with the buildings. Structures, erection, fixed Machineries and Plant anything to the earth for the permanent beneficial enjoyment standing in the name of Muscat Polymers Private Limited.
Date of latest modification prior to the present modification	29.12.2009
Particulars of the present modification	Existing First Charge by way of Equitable Mortgage on Company's Immovable Property stand increased from aggregate credit facilities of Rs.150.181 Millions to aggregate credit facilities of Rs.173.425 Millions granted to the company.

FIXED ASSETS:

• Land Free Hold
• Vehicles
• Furniture and Fittings
• Fax machine
• Plant and Machinery
• Factory Building
• Road site development
• Electrical Installation
• Tools and Equipment
• Computer
• Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records 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.51.65
UK Pound	1	Rs.81.05
Euro	1	Rs.69.50

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.