MIRA INFORM REPORT

Report Date :

16.02.2011

IDENTIFICATION DETAILS

Name :	ORACLE GRANITO LIMITED

Registered Office :	206, Dev Arc, 2^nd Floor, Near Fun Republic, Opp. Big Bazar, S.G. Road, Ahmedabad – 380015, Gujarat

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	04.08.2003

Com. Reg. No.:	04-042718

CIN No.: [Company Identification No.]	U14102GJ2003PLC042718

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Vitrified Tiles

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1500000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a well established and reputed company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at 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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

INFORMATION PARTED BY

Name :	Mr. Jayantibhai Patel
Designation :	Director
Contact No.:	91-2772-239831
Date :	31.01.2011

LOCATIONS

Registered Office :	206, Dev Arc, 2^nd Floor, Near Fun Republic, Opposite Big Bazar, S.G. Road, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-2772-239831/239833
Fax No.:	91-2772-239832
E-Mail :	jayanti@maruito.co.in oraclegranito@hotmail.com sales@oraclemarbito.com info@oraclemarbito.com marbito_branch@hotmail.com
Website :	www.oraclegranito.com
Area :	1000 sq ft
Location :	Rented

Head Office/ Factory :	Block No. 286, Gadhoda Village, Sabar Dairy- Talod Road, Dist : Sabarkantha, Himatnagar - 383 001, Gujarat, India
Tel. No.:	91-2772-239831/239833/239834/239835
Fax No.:	91-2772-239832
E-Mail :	sales@oraclemarbito.com info@oraclemarbito.com
Area :	8 lac sq ft
Location :	Owned

Branch Office :	MUMBAI 514, Sahar Plaza(Mida), Near Kohinoor Continental, J.B. Nagar, Andheri(East) - Kurla Road, Mumbai - 400059 Ph No: 91-22 – 30971373 Fax No: 91-22 – 28382391 DELHI 309, New Delhi House, 27, Barakhamba Road, New Delhi - 110001 Ph No: 91-11 - 51513661, 51511792

DIRECTORS

As On 29.09.2010

Name :	Mr. Harshadkumar Dhirubhai Patel
Designation :	Chairman cum Managing Director
Address :	Umiya Parivar Soc., Mahavirnagar, Himatnagar – 383 001, Gujarat, India
Date of Birth/Age :	15.07.1969
Qualification :	BSC
Date of Appointment :	01.09.2003
DIN No. :	00160593

Name :	Mr. Ashwinkumar Maganbhai Patel
Designation :	Managing Director
Address :	At-Pruthvipura, Post-Ankola, Ta – Idar, District – Sabarkantha, Pruthvipura – 383 430, Gujarat, India
Date of Birth/Age :	21.02.1972
Qualification :	B.E.
Date of Appointment :	01.09.2003
DIN No. :	00160536

Name :	Mr. Manilal Punjabhai Patel
Designation :	Whole Time Director
Address :	2/ B, Gayatri Park Society, Mahavirnagar, Himatnagar – 383 001, Gujarat, India
Date of Birth/Age :	01.06.1962
Qualification :	B.Com
Date of Appointment :	04.08.2003
DIN No. :	00161050

Name :	Mr. Pragnesh Sankarbhai Patel
Designation :	Whole Time Director
Address :	Umiya Parivar Soc., Mahavirnagar, Himatnagar – 383 001, Gujarat, India
Date of Birth/Age :	31.08.1981
Qualification :	BB
Date of Appointment :	04.08.2003
DIN No. :	00160631

Name :	Mr. Devchandbhai Mulabhai Patel
Designation :	Whole Time Director
Address :	At-Narsinhpura, Post-Kukadiya, Ta-Idar, District – Sabarkantha, Narsinhpura – 383 410, Gujarat, India
Date of Birth/Age :	01.06.1953
Qualification :	B.Com
Date of Appointment :	29.08.2004
DIN No. :	00160573

Name :	Mr. Jayantibhai Valjibhai Patel
Designation :	Director
Address :	Ganesh Ceramics, College Road, Motipura, Himatnagar – 383 001, Gujarat, India
Date of Birth/Age :	01.06.1964
Qualification :	B.Com
Date of Appointment :	01.04.2006
DIN No. :	00160309

Name :	Mr. Vinodkumar Maganlal Patel
Designation :	Director
Address :	At-Pruthivipura, Post-Ankola, Ta – Idar, District – Sabarkantha, Pruthivipura – 383 410, Gujarat, India
Date of Birth/Age :	23.10.1967
Qualification :	B.Com
Date of Appointment :	01.04.2006
DIN No. :	00161154
Other Directorship :	CIN of company: U24110GJ1987PTC009685 Name of the company: Ajita Soil Chem Private Limited Designation: Director

Name :	Mr. Manoj Dhirubhai Patel
Designation :	Director
Address :	C/o Vijay Ceramic, Near College, N.H. No.8, Motipura, Himatnagar – 383 001, Gujarat, India
Date of Birth/Age :	18.05.1974
Qualification :	B.Com
Date of Appointment :	01.04.2006
DIN No. :	00160486

Name :	Mr. Prakashkumar Amichandbhai Patel
Designation :	Additional Director
Address :	At Ankala, Ta – Idar, District – Sabarkantha, Himatnagar – 383 430, Gujarat, India
Date of Birth/Age :	01.06.1967
Qualification :	B.Com
Date of Appointment :	01.03.2008
DIN No. :	01859224

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 29.09.2010

Names of Shareholders	No. of Shares
Manibhai Patel	356000
Girishbhai Patel	126000
Pragnesh S. Patel	342000
Maheshbhai Patel	65000
Devchanbhai M Patel	36000
Jayantibhai Patel	13000
Prakashbhai A Patel	70019
Ashvinbhai M Patel	424650
Harshadbahi D Patel	338000
Manojbhai D Patel	20000
Kamleshbhai Patel	90110
Jagdishbhai K Patel	17000
Asmitaben M Patel	6000
Dahyabhai K Patel	71850
Mukeshkumar D Patel	36000
Haribhai R Patel	37500
Manjuben D Patel	12500
Taraben Patel	12500
Vasantbhai Patel	10000
Maheshbhai D Patel	33220
Narayanbhai Patel	10000
Vinodbhai Patel	11150
Dharmendrabhai Patel	65850
Maganbhai Patel	29500
Maniben M Patel	46800
Becharbhai Patel	42500
Robinsons Exim and Finance Limited	2730000

As On 29.09.2010

Category	Percentage
Bodies corporate	39.99
Directors or relatives of Directors	44.85
Other top fifty shareholders	15.16
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Vitrified Tiles

Imports :
Products :	Raw Material
Countries :	China

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Units	Licensed Capacity	Installed Capacity	Actual Production
Vitrified Ceramic Tiles	Sq. Meters	--	5.000 Millions	4451924.39

GENERAL INFORMATION

Customers :

Wholesalers and Retailers
End Users

No. of Employees :

400 ( In Office – 40, In Factory – 310, In Branch – 50 )

Bankers :

State Bank of India, Corporate Finance Branch, 58, Shrimali Society, Navarangpura, Ahmedabad – 380 009, Gujarat, India
Bank of Baroda, CFS Branch, 1-2^nd Floor, BOB Tower, Near Law Garden, Ahmedabad – 380 006, Gujarat, India
Oriental Bank of Commerce, Ashram Road
ICICI Bank Limited
Kotak Mahindra Bank Limited

Facilities :

Secured Loans :	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. in Millions)
Borrowings from Banks: Bank of Baroda Term Loan 1016	9.620	21.164
Bank of Baroda Term Loan 2024	17.446	26.746
Oriental Bank of Commerce – Term Loan 1	13.540	21.136
Oriental Bank of Commerce – Term Loan 3	31.659	39.743
State Bank of India Term Loan No. 1	88.530	112.326
Interest accrued and due on above term loans	0.728	1.145
Working Capital Loan
Bank of Baroda – Cash Credit a/c no. 603	10.552	8.453
Bank of Baroda – Cash Credit a/c no. 046	135.819	96.176
Oriental Bank of Commerce Cash Credit – 490	84.435	75.608
State Bank of India – Cash Credit – 30289049840	47.147	40.132
(All the above facilities are Hypothecated by Stock, Book Debts, other current assets, plant and machinery and other fixed assets, Equitable mortgage of factory land and building and personal properties and personal guarantee of the Directors of the company)
Vehicle Loans
ICICI Bank Limited (Wagno R)	0.000	0.048
ICICI Bank Limited (Indica)	0.159	0.273
HDFC Bank Limited (Indigo)	0.216	0.370
ICICI Bank Limited (Indigo)	0.132	0.304
(All the above loans are Hypothecated on Motor Cars)
Borrowing from others Srei Infrastructure Finance Limited – (Jcb – Machine)	0.129	0.632
Total	440.112	444.257

Unsecured Loans :	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. in Millions)
Inter Corporate Loans	0.088	0.116
Loans from directors, members and relatives	0.547	0.647
Trade security deposits	43.716	68.321
Total	44.351	69.084


Banking Relations :	--

Auditors :
Name :	Sunil Poddar and Company Chartered Accountants
Address :	301-305, Vrajbhumi Complex, Near Prathana Flat, B/h Shilp Building, Off C.G. Road, Navarangapura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26402893/ 26431097
Fax No.:	91-79-26462614
Pan No. :	AFXPP0048K

Associates/Subsidiaries :	Bajaj Tiles (Partnership) Address: Mehsana Line of Business: Manufacturer of Wall Tiles Safari Gold Tiles Private Limited Address: Mehsana Line of Business: Manufacturer of Wall Tiles Ajita Soil Chem Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
8250000	Equity Shares	Rs.10/- each	Rs. 82.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6825910	Equity Shares	Rs.10/- each	Rs. 68.259 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		68.259	68.259	68.259
2] Share Application Money		0.000	0.690	0.000
3] Reserves & Surplus		309.257	278.521	245.655
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		377.516	347.470	313.914
LOAN FUNDS
1] Secured Loans		440.112	444.257	425.499
2] Unsecured Loans		44.351	69.084	49.247
TOTAL BORROWING		484.463	513.341	474.746
DEFERRED TAX LIABILITIES		50.459	50.880	40.222

TOTAL		912.438	911.691	828.882

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		397.262	416.282	340.532
Capital work-in-progress		104.491	100.009	119.682

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	267.705	240.229	196.898
	Sundry Debtors	254.215	182.510	180.387
	Cash & Bank Balances	24.638	16.393	31.909
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	93.778	76.364	63.576
Total Current Assets		640.336	515.496	472.770
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	174.516	94.725	69.505
	Current Liabilities	44.748	19.576	24.497
	Provisions	10.726	6.247	10.665
Total Current Liabilities		229.990	120.548	104.667
Net Current Assets		410.346	394.948	368.103

MISCELLANEOUS EXPENSES		0.339	0.452	0.565

TOTAL		912.438	911.691	828.882

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1310.086	1147.250	867.355
		Other Income	2.561	3.405	2.097
		TOTAL (A)	1312.647	1150.655	869.452

Less	EXPENSES
		Cost of gods purchased / consumed	310.048	255.973	180.540
		Manufacturing Expenses	648.004	545.883	377.942
		Administrative and Selling Expenses	169.117	172.534	117.864
		Employees cost	56.134	34.198	26.827
		Preliminary Expenses written off	0.113	0.113	0.060
		Increase/(Decrease) in Finished Goods	(14.977)	(3.808)	8.674
		TOTAL (B)	1168.439	1004.893	711.907

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		144.208	145.762	157.545

Less	FINANCIAL EXPENSES (D)		54.044	52.530	38.297

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		90.164	93.232	119.248

Less/ Add	DEPRECIATION/ AMORTISATION (F)		47.607	44.179	32.136

	PROFIT BEFORE TAX (E-F) (G)		42.557	49.053	87.112

Less	TAX (I)		10.305	15.947	26.911

	PROFIT AFTER TAX (G-I) (J)		32.252	33.106	60.201

	Prior period expenses		1.516	0.000	0.000

	(Excess)/Short Provision of earlier year taxation		0.000	0.240	(0.068)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		220.664	187.798	127.529

	BALANCE CARRIED TO THE B/S		251.400	220.664	187.798

	Earnings Per Share (Rs.)		4.50	4.85	8.82

Expected Sales (2010-2011) : Rs. 2000.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.46	2.88	6.92

Net Profit Margin (PBT/Sales)	(%)	3.25	4.28	10.04

Return on Total Assets (PBT/Total Assets}	(%)	4.10	5.26	10.71

Return on Investment (ROI) (PBT/Networth)		0.11	0.14	0.28

Debt Equity Ratio (Total Liability/Networth)		1.89	1.82	1.85

Current Ratio (Current Asset/Current Liability)		2.78	4.28	4.52

LOCAL AGENCY FURTHER INFORMATION

The Registered Address of the company has been shifted from 5, Crockery Market, Near Kubereshwer Mahadev, Ahmedabad – 382 345, Gujarat, India to the present address w.e.f. 01.01.2009.

Operations:

During the year the Company has achieved a turnover of Rs. 1310.086 Millions as against Rs. 1147.250 Millions in the previous year. During the year the Company has earned net profit of Rs. 32.252 Millions as against net profit of Rs. 33.106 Millions in the previous year. Barring unforeseen circumstances, the Directors are hopeful to get better performance in the coming years from Vitrified tiles business.

Fixed Assets:

Factory Building WIP
Office Building
Computer
Office Equipment
Vehicle
Scooter
Electric Installation
Feeder Machine
Furniture and Fixture
Laboratory Equipment
Land
Plant and Machinery
Wind Mill

Form 8:

This form is for	Modification of charge
Corporate identity number of the company	U14102GJ2003PLC042718
Name of the company	ORACLE GRANITO LIMITED
Address of the registered office or of the principal place of business in India of the company	206, Dev Arc, 2^nd Floor, Near Fun Republic, Opp. Big Bazar, S.G. Road, Ahmedabad – 380015, Gujarat
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of Baroda, CFS Branch, 1-2^nd Floor, BOB Tower, Near Law Garden, Ahmedabad – 380 006, Gujarat, India
Nature of description of the instrument creating or modifying the charge	Third Supplemental Joint Deed of Hypothecation dated 18.05.2009 executed by M/s. Oracle Granito Limited in favour of Bank of Baroda, working on behalf its behalf and Oriental Bank of Commerce and State Bank of India under Consortium finance to secure various enhanced working capital facilities.
Date of instrument Creating the charge	18.05.2009
Amount secured by the charge	Rs. 527.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 1) Bank of Baroda : C.C.1% below BPLR i.e. 11.50% P.A. at present, with monthly rests. (LOC As per Bank's/RBI Guidelines) 2) Oriental Bank of Commerce :C.C 1% below PLR i.e. 11.50 % P.A. at present. (LOC As per Bank's/RBI Guidelines) 3) State Bank Of India : C.C. 0.50 % below SBAR, present effective rate11.75% P.A. (LOC As per Bank's/RBI Guidelines) Terms of Repayment: 1 year to be renewed yearly Margin 1) Bank of Baroda : (A) C.C. (Hypo. stock & BD) : 25% Raw Materials, 30% Finished Goods, 35% Stores & Spares, 50 % Book Debts, (B) ILC (D.P/D.A.90 days) : 10% Cash Margin (C) BG : 10%. 2) Oriental Bank of Commerce : C. C. (Hypo. stock & BD) : 25% Raw Materials, 30% Finished Goods, 35% Stores & Spares, 50 % Book Debts. 3) State Bank of India : (A) C.C.(Hypo. stock & BD): 25% Raw Materials, 25% Packing Mat.,25% SIP, 25% Finished Goods, 50% receivables (B) ILC (D.P/D.A. 90 days) : 10% (C) BG : 10%. Extent and Operation of the charge: All the securities as described in column No. 14 hereinafter are further hypothecated and charged to secure additional Working capital of Rs.190.000 Millions over various existing working capital facilities of Rs. 33.70 aggregating to Rs. 527.000 Millions granted to the Company by Bank of Baroda, Oriental Bank of Commerce and State Bank Of India under Consortium finance more particularly described in Annexure –A attached herewith. This charge operates as first pari-passu Charge.
Short particulars of the property charged	Hypothecation of all the stocks of raw materials, work-in-progress,semi-finished goods, finished goods, Stores, Spares, plant & machineries, tools, equipment & other Movables assets, book-debts, outstanding monies, receivable, claims, bills, invoices documents, contracts, guarantees, engagements, securities, investments and rights both present and future pertaining to Company situated or to be situated at Block No. 286, 278,279,291 to 294 at Village- Gadhoda, Ta.- Himmatnagar, Dist-Sabarkantha.
Date of modification	19.06.2008
Particulars of the present modification	Original Charge dated 20/05/2005 being Principal Joint deed of Hypothecation, now further modified to secure additional Working capital of Rs.190.000 Millions over various existing working capital facilities of Rs. 33.70 aggregating to Rs. 52.70 Millions granted to the Company by Bank of Baroda, Oriental Bank of Commerce and State Bank Of India under Consortium finance.

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.45.45
UK Pound	1	Rs.72.90
Euro	1	Rs.61.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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
TOTAL		49

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

267.705

240.229

254.215

182.510

24.638

16.393

0.000

0.000

93.778

76.364

640.336

515.496

174.516

69.505

44.748

19.576

10.726

6.247

229.990

120.548

410.346

394.948

Unit