MIRA INFORM REPORT

Report Date :

09.11.2011

IDENTIFICATION DETAILS

Name :	SONA ALLOYS PRIVATE LIMITED
Registered Office :	4^th Floor, Medi-Max House, Opposite Karnavati Hospital, Ellis Bridge, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.01.2007
Com. Reg. No.:	04-49708
Capital Investment / Paid-up Capital :	Rs.287.708 Millions
CIN No.: [Company Identification No.]	U27107GJ2007PTC049708
TAN No.: [Tax Deduction & Collection Account No.]	AHMS13750C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Steel Rods etc
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2007, it is yet to commence its commercial operation. Payment terms are not known. The company can be considered for business dealings on a secured trade terms and conditions. Profit and Loss of the company is not available.

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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered / Head Office :	4^th Floor, Medi-Max House, Opposite Karnavati Hospital, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-40071603/ 40071604-05
Fax No.:	91-79-40071607
E-Mail :	hiteshshah@sonaalloys.com hemangshah@sonaalloys.com info@sonaalloys.com hiteshshah@medimaxindia.com sonasteel@gmail.com vijaykumar@sonaalloys.com
Website :	http://www.sonaalloys.com
Location :	Owned by Sister concern company
Factory :	C- I, MIDC, Lonand Taluka Khandala, District Satara – 415521, Maharashtra, India
Tel No.:	91-2169-226828
Fax No.:	91-2169-226826
Branch Office:	C2/15, Brahma Estate, NIBM Road, Kondwa, Pune – 411048, Maharashtra, India
Tel No.:	91-20-26831546/ 30428329
Fax No:	91-20-26837239

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Rishabh Kumar Sonaram Jain

Designation :

Chairman

Address :

2259-B, Hill Drive, Agrasen Bhavan, Near H K Daves Bungalow, Bhavnagar – 364002, Gujarat, India

Date of Birth/Age :

10.07.1955

Date of Appointment :

04.01.2007

DIN :

00933473

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27107GJ2007PTC049708	SONA ALLOYS PRIVATE LIMITED	Director	4/1/2007	4/1/2007	-	Active	NO
2	U74999GJ2009PTC055956	YAMUNA ADVISORY PRIVATE LIMITED	Director	23/01/2009	23/01/2009	12/3/2010	Active	NO
3	U61200GJ2009PTC058142	BHIKKAMAL CHHOTELAL EXIM PRIVATE LIMITED	Director	17/09/2009	17/09/2009	-	Active	NO

Name :

Mr. Amit Kumar Ratankumar Jain

Designation :

Managing Director

Address :

302/E, Ashavari, B/H, Karnavati Bungalow, S G Highwar, Near Ramdevnagar Chokdi, Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

01.07.1973

Date of Appointment :

01.01.2008

DIN :

01353681

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	U67120GJ1996PTC030017	NEUROMED IMAGING CENTRE PRIVATE LIMITED	Director	15/10/1997	15/10/1997	Active	NO
2	U33112GJ1998PTC034598	AMJAY MEDIMAX (INDIA) PRIVATE LIMITED	Director	31/08/1998	31/08/1998	Active	NO
3	U27107GJ2007PTC049708	SONA ALLOYS PRIVATE LIMITED	Director	1/1/2008	1/1/2008	Active	NO
4	U51101GJ2011PTC065854	SONA RAIL SERVICES PRIVATE LIMITED	Director	10/6/2011	10/6/2011	Active	NO

Name :

Mr. Harishchandra Pattnaik

Designation :

Additional Director

Address :

A-802, Sepal Residency, Opposite Ashwamegh Bungalows, Near D-Mart, Shivranjani Cross Road, Satelite, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

26.02.1949

Date of Appointment :

25.05.2010

DIN :

02764171

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	U65923GJ1990PLC013966	GVFL LIMITED	Whole-time director	1/1/2011	20/08/2009	Active	NO
2	U26919GJ2000PLC037610	SHELL AND PEARL CERAMICS LIMITED	Director	30/09/2010	6/2/2010	Active	NO
3	U27107GJ2007PTC049708	SONA ALLOYS PRIVATE LIMITED	Additional director	25/05/2010	25/05/2010	Active	NO
4	U40102OR2008PLC010501	MAADURGA THERMAL POWER COMPANY LIMITED	Additional director	28/08/2010	28/08/2010	Active	NO
5	U67100GJ2011NPL064274	SWAYAM MICRO SERVICES	Director	5/3/2011	5/3/2011	Active	NO

Name :

Mr. Asit Pawankumar Jain

Designation :

Director

Address :

403, Sakar 1, Opposite. Gandhigram Railway Station, Ashram Road, Ahmedabad – 380009, Gujarat, India

Date of Birth/Age :

12.09.1976

Date of Appointment :

04.01.2007

DIN :

01353705

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15133UP1997PTC021486	GANPATI COLD WAREHOUSE PRIVATE LIMITED	Director	3/3/1997	3/3/1997	-	Active	NO
2	U33112GJ1998PTC034598	AMJAY MEDIMAX (INDIA) PRIVATE LIMITED	Director	10/6/1999	10/6/1999	-	Active	NO
3	U67120GJ1996PTC030017	NEUROMED IMAGING CENTRE PRIVATE LIMITED.	Director	10/11/2003	10/11/2003	-	Active	NO
4	U27107GJ2007PTC049708	SONA ALLOYS PRIVATE LIMITED	Director	4/1/2007	4/1/2007	-	Active	NO
5	U74999GJ2009PTC055956	YAMUNA ADVISORY PRIVATE LIMITED	Director	23/01/2009	23/01/2009	12/3/2010	Active	NO
6	U35100GJ2009PTC056426	SONA SHIPBREAKING PRIVATE LIMITED	Director	24/03/2009	24/03/2009	-	Active	NO
7	U51101GJ2011PTC065854	SONA RAIL SERVICES PRIVATE LIMITED	Director	10/6/2011	10/6/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Risiiabhkumar Sonaram Jain	129500
Asit Pawankumar Jatn	338675
Amit Jatn	1344375
Neuromed Imaging Centre Private Limited, India	18395275
Ganpati Cold Ware House Private Limited, India	25000
Narayant Vyapar Private Limited, India	4733750
Amjay Medimex India Private Limited, India	2400000
Ratankumar Jain	125000
Tulsi Trimpex Private Limited, India	956250
Krishti Corporation, India	228350
Sachin Patel	94650
Total	28770825

AS ON 28.03.2011

Names of Allottees	No. of Shares Allotted
Rishab Kumar Jain	387982
Asit Pawankumar Jain	1014670
Amit Jain	4027748
Neuromed Imaging Centre, India	39002377
Ganpati Cold Warehouse, India	672977
Narayani Vyapar Private Limited, India	14182315
Amjay Medimax India Private Limited, India	7190400
Ratankumar Jain	374500
Tulsitrimpex Private Limited, India	18376715
Krishti Corporation, India	684137
Sachin Patel	283571
Total	86197392

AS ON 30.03.2011

Names of Allottees	No. of Shares Allotted
Amjay Medimax (India) Private Limited, India	4634750
Asit Jain	60000
Ganga Advisory Private Limited, India	150000
Gurukul Dealers Private Limited, India	7595450
Narayani Vyapaar Private Limited, India	10100000
Neuromed Imaging Centre Private Limited, India	3850000
Rishabhkumar Jain	5100000
Tulsi Trimpex Private Limited, India	9425000
Yamuna Advisory Private Limited, India .	10910000
Total	51825200

AS ON 30.09.2010

Equity Shares Break Up Category	Percentage
Bodies corporate	92.94
Directors or relatives of directors	7.06
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Steel Rods etc
Products :	· Steel Billets · Rolled Products · Granulated Slag · Pig Iron · Steel Billets · Reinforcement Bars · Rounds · Squares

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India,

Industrial Finance Branch, Gujarat Bhavan, Opposite M J Library, Ellis Bridge, Ahmedabad – 380006, Gujarat, India

· State Bank of Saurashtra,

Industrial Finance Branch, Gujarat Bhavan, Near M J Library, Ellisbridge, Ahsram Road, Ahmedabad – 380006, Gujarat, India

· Bank of India,

Ahmedabad Corporate Banking Branch, 2nd Floor, Bank of India Building, Bhadra, Ahmedabad – 380001, Gujarat, India

· State Bank of India,

Industrial Finance Branch, Neptune Tower, Annexe, Opposite Gandhigram R.S., Off Ashram Road, Ahmedabad - 380009, Gujarat, India

· Allahabad Bank

· Dena Bank

· State Bank of Indore

· State Bank of Mysore

· State Bank of Patiala

· State Bank of Travancore

· Union Bank of India

Facilities :

Secured Loan [Rs. in million]	31.03.2010	31.03.2009
	[Rs. in million]
Term Loans from Banks	1889.618	684.549
Interest accrued but not due on loans [all the above facilities are secured against hypothecation of plant and machinery and equitable mortgage of factory land and building and further guaranteed by directors]	17.127	6.322
Total	1906.745	690.871
Unsecured Loan	31.03.2010	31.03.2009
	[Rs. in million]
Buyers credits from banks	586.287	55.955
Interest accrued on buyers credit	4.700	0.000
Incorporate Borrowings	3.897	0.000
Total	594.884	55.955

Banking Relations :	--
Auditors :
Name :	Sunil Poddar and Company Chartered Accountants
Address :	301-305, Vrajbhumi complex, B/H Shilp Buildings, Off C. G. Road, Navrangapur, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26402893/ 26431097
Fax No.:	91-79-26462614
PAN :	ABEFS3044F
Associates/ Group Companies :	· Vision Software Nauromed Imaging Centre Private Limited Tulsitrimpex Private Limited, India Bhikkamal Chhotelal Exim Private Limited, Bhavnagar (Gujarat) Shree Krishna Ship Breaking Industries, Bhavnagar (Gujarat) Shree Krishna Oxygen, Bhavnagar (Gujarat) Amjay Medi-Max (I) Private Limited, Ahmedabad (Gujarat) Ganpati Coldware House Private Limited, Agra (Uttar Pradesh) Narayani Vyapaar Private Limited

CAPITAL STRUCTURE

AFTER 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
175,000,000	Equity Shares	Rs.10/- each	Rs.1750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
166,793,417	Equity Shares	Rs.10/- each	Rs.1667.934 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
65,000,000	Equity Shares	Rs.10/- each	Rs.650.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28,770,825	Equity Shares	Rs.10/- each	Rs.287.708 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		287.708	138.249	0.100
2] Share Application Money		0.000	41.563	345.155
3] Reserves & Surplus		862.825	414.447	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1150.533	594.259	345.255
LOAN FUNDS
1] Secured Loans		1906.745	690.871	0.000
2] Unsecured Loans		594.884	55.955	0.000
TOTAL BORROWING		2501.629	746.826	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3652.162	1341.085	345.255
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.538	3.210	1.146
Capital work-in-progress		3474.424	1243.635	351.749
INVESTMENT		67.500	60.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	57.878	13.592	3.892
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	166.547	35.107	1.707
Total Current Assets		224.425	48.699	5.599
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	72.884	8.028	10.629
	Current Liabilities	49.552	7.476	3.021
	Provisions	0.834	0.000	0.073
Total Current Liabilities		123.270	15.504	13.723
Net Current Assets		101.155	33.195	(8.124)
MISCELLANEOUS EXPENSES		3.545	1.045	0.484
TOTAL		3652.162	1341.085	345.255

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	2.28	1.28	0.04
Current Ratio (Current Asset/Current Liability)	1.82	3.14	0.41

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from 403, Sakar – I, Opposite Nehru Bridge, Ashram Road, Ahmedabad, Gujarat, India, to the present address w.e.f. 01.01.2008.

OPERATIONS:

There was no operation during the year and plant of the company is under erection and at full swing of civil construction. The plant and machinery are under progress in the arrival at the site of the company. The Preoperative expenditures incurred are grouped under head of Miscellaneous Expenditure and expenses related to the machineries are parked under the head unallocated expenses and are to be capitalized in proportionate to the assets once the assets are put to used and commence the production.

CONTINGENT LIABILITIES [AS ON 31.03.2010]

The contingent liabilities outstanding as on the date of balance Sheet

(A) Estimated Amount of contracts remaining unexecuted on capital account and not provided for INR 316.203 millions and US $16.85 millions

(B) Letter of credit opened in favor of various machinery parties by the following Banks :

Bank Beneficiary US $

State Bank of lndia Beijbg Sino-Steel 450,000

(C) Bank Guaranties issued in favor of various parties by the following Bank ;

Bank Beneficiary Rs. in millions

State Bank of Bikaner and Jaipur Custom Authority 19.230

FORM 8:

Corporate identity number of the company	U27107GJ2007PTC049708
Name of the company	SONA ALLOYS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4th Floor, Medi-Max House, Opposite Karnavati Hospital, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10134430
Type of charge	Movable property (not being pledge) Book Debts Immovable property
Particular of charge holder	State Bank Of India, Industrial Finance Branch, Neptune Tower, Annexe, Opposite Gandhigram R.S., Off Ashram Road, Ahmedabad - 380009, Gujarat, India Email : sbi.60327@sbi.co.in
Nature of instrument creating charge	Agreement of Hypothecation with State Bank of India on stand alone basis, enhancing the present 1. Working Capital limit (Fund Based )from Rs.250.000 millions to Rs.400.000 millions and Non Fund Based limit from Rs.414.500 millions to Rs.568.800 millions and 2. Term Loan from Rs.1108.500 millions to Rs.1258.500 millions and New Corporate Loan of Rs.100.000 millions aggregating to Rs.2327.300 millions.
Date of instrument Creating the charge	24.09.2011
Amount secured by the charge	Rs.5936.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - As per Agreement Terms of Repayment: As per Agreement Margin - As per Agreement Extent and Operation of the charge - Agreement of Hypothecation securing State Bank of India as First Charge on entire 1) current assets for Cash Credit, Letter of Credit, Bank Guarantee, Credit Exposure Limit; 2) entire fixed assets for Term Loans I and II and New Term Loan, with consortium members on pari-passu basis
Short particulars of the property or asset(s) charged (including complete address and location of the property)	(1) Entire Current assets of the Company and (2) All piece or parcel of leasehold land known as Plot No. C-1/ part in the Lonand Industrial Area, within the village limits of Lonand and outside the limits of Municipal Counsel in rural area, Taluka and Registration Sub-District Khandala, District and Registration District Satara containing by admeasuring 36,600 Sq. Mtrs. and 5,20,873 Sq. Mtrs. respectively together with all buildings and structures thereon, all Plants and Machinery attached to the earth or permanently fastened to anything to the earth, both present and future
Date of last modification prior to the present modification	06.09.2011
Particulars of the property charged	Charge on the Current assets and Fixed Assets of the Company increased from Rs.5382.000 millions registered by MCA on 17.09.2011 to Rs.5936.300 millions

FIXED ASSETS:

· Vehicles

· Office Equipment

· Computers

· Furniture and Fixtures

· Land and Development

· Factory Building

· Electrification

· Plant and Machinery

WEBSITE DETAILS:

PROFILE:

Subject having registered office in Ahmedabad was incorporated as private limited company on January 4, 2007 with an objective to set up a green field mini integrated steel plant. The company is promoted by Jain group from Ahmedabad who are already in ship breaking and steel trading business besides interest in other areas such as health care, horticulture and industrial gases. The company has been set up to fulfil the long cherished dream of group founder Shri Sonaram Jain to manufacture primary steel.

BOARD OF DIRECTORS:

Mr. Rishabh Kumar Jain – Chairman, is a commerce graduate and is having an experience of more than three decades in Steel and Allied Industries.

Mr. Amit Jain - Managing Director, is an MBA (Finance) and BE (Chemical) with experience of more than a decade in Steel Industry.

Mr. LK Jain – Joint Managing Director, is an engineering graduate and also a veteran in Steel Industry with more than 40 years experience.

Mr. SK Agrawal – Director is B Tech. (Mining) from Indian Institute of Mining, Dhanbad. He has 41 yrs experience in Mining.

Mr. Asit Jain – Director, is an MBA (Finance) with a vast experience in Steel and Healthcare Industry.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.38
UK Pound	1	Rs.79.20
Euro	1	Rs.67.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	-
--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		16

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.