MIRA INFORM REPORT

Report Date :

06.06.2011

IDENTIFICATION DETAILS

Name :	RAPICUT CARBIDES LIMITED
Registered Office :	119, GIDC Industrial Area, Ankleshwar - 393 002, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.04.1977
Com. Reg. No.:	04-002998
Capital Investment / Paid-up Capital :	Rs. 21.485 millions
CIN No.: [Company Identification No.]	L28910GJ1977PLC002998
TAN No.: [Tax Deduction & Collection Account No.]	BRDR00891C
PAN No.: [Permanent Account No.]	AAACR8753N
Legal Form :	A Public Limited Liability Company. The Company’s Shares are listed on the Stock Exchanges
Line of Business :	Manufacturing of Tungsten Carbide Tips, Inserts and other Carbide products from ore stage
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 360000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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.

INFORMATION PARTED BY

Name :	Mr. A R. Master
Designation :	Vice President in Finance
Contact No.:	91-9427143332
Date :	03.06.2011

LOCATIONS

Registered Office/Factory :	119, GIDC Industrial Area, Ankleshwar - 393 002, Gujarat, India
Tel. No.:	91-2646-251118, 221071
Mobile No.:	91-9427143332
Fax No.:	91-2646-251019
E-Mail :	info@rapicutcarbides.com
Website :	http://www.repicutcarbides.com
Area :	19000 Sq. M.
Location :	Leased
Area Sales Offices:	Kolkata 1/29-B, Prince Gulam Mohammed Road, Kolkata - 700 026, West Bengal, India Tele-Fax : 91-33-24667691 Email : rclkol@rapicutcarbides.com Mumbai 201, Sonal Building, Plot No.113, RSC - 11, Sector No.1, Charkop, Near King George School, Kandivali (West), Mumbai – 400067, Maharashtra, India Tel : 91-22-28686232 Fax : 91-22-28686832 Email : rclmumbai@rapicutcarbides.com New Delhi 134,S.F., Arjun Nagar, Safdarjung Enclave, New Delhi – 110029, India Tele-Fax : 91-11-26177578 Email : rcldel@rapicutcarbides.com Pondicherry New No.12, Old No.15, Ground Floor, 2nd Cross, Thanthai Periyar Nagar, Ellaipillaichavady, Pondicherry – 605005, India Tele-Fax : 91-413-2201918 Email : rclpondy@rapicutcarbides.com Pune 7, Shivaji Housing Society, Pune - 411 053, Maharashtra, India Tele-Fax: 91-20-25635057 Email : rclpune@rapicutcarbides.com Chennai No. 2/39, 1^st Floor, Thiru-Vi-Ka Street, Essa Pallavaram, Chennai – 600 043, Tamilnadu, India Tele-Fax : 91-44-22641736 Email : rclchennai@rapicutcarbides.com

DIRECTORS

AS ON 31.03.2010

Name :	Mr. J.C. Bhatia
Designation :	Managing Director
Qualification :	LLB
Name :	Mr. L.M. Bijlani
Designation :	Director
Qualification :	Graduate
Name :	Mr. K.S. Joshi
Designation :	Director
Qualification :	Graduate
Name :	Mr. C. G. Cholera
Designation :	Director
Name :	Mr. C J. Bhatia
Designation :	Executive Director

KEY EXECUTIVES

Name :	Mr. A.R. Master
Designation :	Assistant Vice-President (Finance)
Name :	Mr. R.V. Krishnan
Designation :	Senior Manager (Marketing)
Name :	Mr. D. K. Shastri
Designation :	Sr. Manager (Production)
Name :	Mr. P A Kale
Designation :	Technical Consultant
Name :	Mr. A C Gandhi
Designation :	Sr. Manager (Production)
Name :	Mr. Sanjay Kumar
Designation :	Senior Manager (Marketing)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2011

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	574447	26.74
Bodies Corporate	81313	3.78
Sub Total	655760	30.52
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	11300	0.53
Sub Total	11.300	0.53
Total shareholding of Promoter and Promoter Group (A)	667060	31.05
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1900	0.09
Financial Institutions / Banks	550	0.03
Insurance Companies	2000	0.09
Sub Total	4450	0.21
(2) Non-Institutions
Bodies Corporate	211438	9.84
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1086919	50.59
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	172315	8.02
Any Others (Specify)	6316	0.29
Clearing Members	100	--
Non Resident Indians	6216	0.29
Sub Total	1476988	68.75
Total Public shareholding (B)	1481438	68.95
Total (A)+(B)	2148498	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	--	-
Total (A)+(B)+(C)	2148498	-

BUSINESS DETAILS

Line of Business :

Manufacturing of Tungsten Carbide Tips, Inserts and other Carbide products from ore stage

Products :

Product Description	Item Code No.(ITC Code)
Sintered Metal Carbides	82090010
Tool Room Products	82079090
Tungsten and Articles thereof	81011000

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
Tungsten and Tungsten Carbide Products	Kgs.	90000	81192

GENERAL INFORMATION

Customers :

Wholesalers

· PRP Granites

· Lupin Limited

· Hind Associates

· B. R. Machine Tools

· P.S.K.S and Company

· Bundy India Limited

· Forbes Gokak Limited

· Greaves Cotton Limited

· Godrej Industries Limited

· Tata Iron and Steel Co. Limited

· Electro Steel Castings Limited

· Steel Authority of India Limited

· Choksi Heraeus Private Limited

· Bharat Heavy Electricals Limited

· Shiballoy Multiflex Private Limited

· Sugan Engineering Private Limited

· Neyveli Lignite Corporation Limited

· Hindustan Platinum Private Limited

· Birla NGK Insulators Private Limited

· Mineral Exploration Corporation Limited

· Sanghavi Shoe Accessories Private Limited

· Jamshedpur Engineering and Machine Manufacturing Company.

· Weatherford Drilling and Production Services (India) Private Limited

No. of Employees :

100 (Approximately)

Bankers :

· State Bank of India

· ICICI Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
FROM STATE BANK OF INDIA
Cash Credit	20.521	16.076
W.C.D.L	0.000	5.034
Term Loan – Corporate Loan	0.000	5.633
(Secured by hypothecation of inventories and book-debts present and future, first charge over fixed assets and further secured by personal guarantee)
FROM ICICI BANK LIMITED	0.107	0.223
(Secured by hypothecation of specific Vehicle) (Repayment within one year Rs. 0.107 million P.Y. Rs. 0.116 million)
FROM KOTAK MAHINDRA PRIME	1.112	0.000
(Secured by hypothecation of specific vehicle) (Repayment within one year Rs. 0.360 million P.Y. Rs. Nil)
Total	21.740	26.966
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Fixed Deposits	13.119	9.993
Other Loans and Deposits	1.500	1.900
Total	14.619	11.893

Banking Relations :
Auditors :
Name :	D N Shukla and Company Chartered Accountants

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2148498	Equity Shares	Rs.10/- each	Rs. 21.485 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		21.485	21.485	21.485
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		69.723	57.102	49.918
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		91.208	78.587	71.403
LOAN FUNDS
1] Secured Loans		21.740	26.966	28.276
2] Unsecured Loans		14.619	11.893	15.409
TOTAL BORROWING		36.359	38.859	43.685
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		127.567	117.446	115.088
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.791	13.189	12.664
Capital work-in-progress		0.496	0.000	0.363
INVESTMENT		0.403	0.403	0.403
DEFERREX TAX ASSETS		0.513	0.492	0.805
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	82.885	63.533	58.664
	Sundry Debtors	21.424	27.795	32.578
	Cash & Bank Balances	22.332	23.294	16.594
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.262	14.220	15.591
Total Current Assets		142.903	128.842	123.427
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.565	4.305	2.268
	Other Current Liabilities	8.735	8.644	8.041
	Provisions	16.239	12.531	12.265
Total Current Liabilities		30.539	25.480	22.574
Net Current Assets		112.364	103.362	100.853
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		127.567	117.446	115.088

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	207.360	169.946	175.510
		Other Income	0.523	0.675	0.548
		TOTAL (A)	207.883	170.621	176.058
Less	EXPENSES
		Cost of Material Consumed	128.769	103.601	112.437
		Payment to Employees	25.455	23.028	21.672
		Operating and Other expenses	23.424	22.024	18.664
		TOTAL (B)	177.648	148.653	152.773
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.235	21.968	23.285
Less	FINANCIAL EXPENSES (D)		2.707	4.995	5.150
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.528	16.973	18.135
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.528	2.239	2.016
	PROFIT BEFORE TAX (E-F) (G)		25.000	14.734	16.119
Less	TAX (I)		(7.979)	(4.028)	(4.819)
	PROFIT AFTER TAX (G-I) (J)		17.021	10.706	11.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.411	0.227	(8.534)
	Prior Period Adjustment		(0.494)	(0.251)	(0.026)
	Prior Years Tax Adjustments		0.618	(0.255)	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	5.000	0.000
		Dividend	3.867	2.578	2.148
		Tax on Dividend	0.657	0.438	0.365
	BALANCE CARRIED TO THE B/S		5.032	2.411	0.227
	EARNINGS IN FOREIGN CURRENCY		3.760	1.722	1.383
	IMPORTS
		Raw Materials including goods-in-transit	102.749	67.320	90.659
		General Stores / Consumables	0.686	1.469	0.631
	TOTAL IMPORTS		103.435	68.789	91.290
	Earnings Per Share (Rs.)		7.92	4.00	4.23

QUARTERLY / SUMMARISED RESULTS

(Rs. In Millions)

PARTICULARS	30.06.2010	30.09.2010	31.12.2010	31.03.2011
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	55.990	66.200	61.400	66.700
Total Expenditure	45.700	56.600	49.000	55.000
PBIDT (Excl OI)	10.200	9.600	12.400	11.700
Other Income	0.000	0.000	0.000	0.200
Operating Profit	10.200	9.600	12.400	11.900
Interest	0.500	0.800	1.000	0.700
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	9.700	8.800	11.400	11.200
Depreciation	0.700	0.600	0.800	0.600
Profit Before Tax	9.000	8.200	10.600	10.600
Tax	2.700	2.300	4.000	3.600
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	6.300	5.900	6.600	7.000
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	6.300	5.900	6.600	7.000

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	8.19	6.27	6.42
Net Profit Margin (PBT/Sales)	(%)	12.06	8.67	9.18
Return on Total Assets (PBT/Total Assets}	(%)	15.90	10.34	11.77
Return on Investment (ROI) (PBT/Networth)		0.27	0.19	0.22
Debt Equity Ratio (Total Liability/Networth)		0.73	0.82	0.93
Current Ratio (Current Asset/Current Liability)		4.68	5.06	5.47

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs. In Millions

SOURCES OF FUNDS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors for Goods and Services	5.565	4.305	2.268

PERFORMANCE and PROSPECTS

The year 2009-10 must be regarded as a year of highly satisfactory performance on many counts, viz.

• The operating profit before tax increased by 70%, from Rs. 14.700 millions to Rs. 25.000 millions. The profit after tax increased by 59% from Rs. 10.700 millions to Rs. 17.000 millions.

• The Company's customer reach expanded significantly. Business from existing customers registered appreciable surge and a good number of new customers were added.

• At the close of 2009-10 the order book was extremely healthy, a clear indication that the year 2010-11 should

carry the growth momentum with promising results.

• This is borne out by the 1st Quarter ended 30th June, 2010 results. Net sales at Rs. 55.900 millions are higher by 31% and net profit at Rs. 6.300 millions is higher by 58% compared with corresponding figures for the same quarter of the previous year.

Contingent Liabilities:

1. Counter Guarantee to State Bank of India in respect of guarantees given by Bank to third parties Rs. 1.709 millions (Rs. 2.057 millions).

2. Outstanding Letters of Credit Rs. 12.965 millions (Rs. 15.822 millions).

3. Capital commitment remaining to be executed and not provided Rs. 0.949 million (P.Y. Rs. 0.125 millions).

4. Company's Income Tax Assessments have been completed up to the Assessment year 2008-2009. In the opinion of the management, provision made in books is sufficient to cover liabilities in respect of pending assessments.

5. Company's Sales Tax Assessments have been completed up to the Assessment year 2006-2007.

6. Show Cause Notices/Demands for Excise/Customs duty claims raised by Department and contested by the Company are Rs. 1.540 millions (Rs. 1.540 millions). The Company has paid Rs. 0.585 million (P.Y. 0.585 million) under protest. Management has taken legal opinion that the provision made in the books is sufficient to cover the liabilities.

7. Gratuity payable as per revised accounting standard & actuarial valuation submitted by LIC of India amounting to Rs. 3.489 millions (P.Y. 3.652 millions) was not provided for, as per management's explanation and opinion same is contingent in nature, as the valuation is based on assumption of Mortality rate, Withdrawal rate, Discounted rate, and Salary escalation of service etc. for the year.

The principal assumptions used by LIC in determining valuation.

01) Withdrawal Rate : 1% to 3% depending on age.

Discounting Rate : 8% p.a.

Salary Escalation : 7% p.a.

(02) Accrued Gratuity : 8.222 millions

Fund value as on : 4.733 millions

Net Unfunded Gratuity Liability : 3.489 millions

(03) Defined Benefit obligation plan

Opening Balance : 3.941 millions

Add: Amount credited during the year : 0.745 million

Less: Amount paid during the year : 0.330 million

Add: Interest credited during the year : 0.376 million

Closing Balance : 4.733 millions

(04) Present value of defined obligation plan : 7.587 millions

UNAUDITED FINCIAL RESULTS (PROVISIONAL) FOR THE FOURTH QUARTER ENDED 31^ST MARCH, 2011

(Rs. In Millions)

Particulars	Quarter Ended	Year Ended
	31.03.2011 (Unaudited)	30.09.2010 (Unaudited )
Net sales/ Other Operating Income	66.700	250.200
Expenditure
a) Increase and Decrease in stock in trade	(5.800)	(7.400)
b) Consumption of raw materials	48.200	161.500
c) Employees cost	6.500	28.100
d) Depreciation	0.600	2.700
e) Other expenditure	6.100	24.100
f) Purchase of traded goods	--	--
g) Total	55.600	209.000
Profit(+) /Loss (-) from operations before other income, interest and exceptional items and tax	11.100	41.200
Other income	0.200	0.200
Profit(+) / Loss (-) from operations before interest and exceptional items and tax	11.300	41.400
Interest and Finance cost	0.700	3.000
Profit(+) / Loss (-) after interest but before Exceptional items	10.600	38.400
Exceptional Items	--	--
Profit/ (Loss)(-) from ordinary Activities after tax	10.600	38.400
Tax expenses	3.600	12.600
Net Profit/ (Loss) from ordinary Activities after tax	7.000	25.800
Extraordinary Items	--	--
Net Profit(+) / Loss (-) for the Period	7.000	25.800
Paid up Equity share capital (face value of the share of Rs.10/- each)	21.500	21.500
Reserve excluding Revaluation Reserve	70.100	70.100
Earning per share (EPS)
Basic	3.26	12.01
Diluted	3.26	12.01
Public Share holding
Number of Shares	1481438	1481438
% of Shareholding	68.95%	68.95%
Promoters and Promoter Group shareholding
a) Pledge/ emcumberred
Number of Shares	Nil	Nil
% of Shareholding of Promoter and Promoter group	Nil	Nil
% of Shareholding to total share capital of the company	Nil	Nil
b) Non- Encumbered
Number of Shares	667060	667060
% of Shareholding of Promoter and Promoter group	31.05%	31.05%
% of Shareholding to total share capital of the company	31.05%	31.05%

Notes :

1. The above results were taken on record by the Board of Directors at their kneeling held on 3mh April, 2011.

2. 'The above results have been reviewed by the Auditors of the Company.

3. The entire operations of the Company relate to only one Segment. viz.. tungsten and tungsten carbide products.

4. There was no opening backlog of investor Complaints as on 01-01-2011. During the quarter no complaint was received.

5. Provision for taxation is for the 4^th quarter.

FIXED ASSETS

· Leasehold Land

· Buildings

· Plant and Machinery and Electrical Fitting

· Data Process Equipments

· Furniture Fixture and Office Equipments

· 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 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.44.85
UK Pound	1	Rs.73.29
Euro	1	Rs.6489

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.