MIRA INFORM REPORT

Report Date :

03.10.2011

IDENTIFICATION DETAILS

Name :	IRM OFFSHORE AND MARINE ENGINEERS PRIVATE LIMITED
Registered Office :	SF/3 Agrawal Avenue, Opposite Navrangpura Tele Phone Exchange, C G Road, Ahmedabad–380006, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.09.1995
Com. Reg. No.:	04-27261
Capital Investment / Paid-up Capital :	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U01120GJ1995PTC027261
TAN No.: [Tax Deduction & Collection Account No.]	AHM100321G
PAN No.: [Permanent Account No.]	AAACI4327B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Rubber and Articles items for Offshore Oil Drilling and Marine Industries and Construction
No. of Employees :	350 (Approximately)

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 550000
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. Vimal Thakkar
Designation :	Financial Head
Contact No.:	91-9727738411
Date :	01.10.2011

LOCATIONS

Registered Office :	SF/3 Agrawal Avenue, Opposite Navrangpura Tele Phone Exchange, C G Road, Ahmedabad–380006, Gujarat, India
Tel. No.:	91-79-26446664/26406664/26400101
Mobile No.:	91-9727738411 (Mr. Vimal Thakkar)
Fax No.:	91-79-26402664
E-Mail :	ankit_soni26587@yahoo.co.in sales@irmome.com marketing@irmome.com tsoni@irmome.com
Website :	http://www.irmome.com
Head Office :	2nd Floor, Agarwal Avenue, Opposite Navrangpura Telephone Exchange, Ahmedabad–380006, Gujarat, India
Tel. No.:	91 79 2640 6664  /  2644 4664 / 26400101
Mobile No. :	91 98250 67611  (Ms. Soni Thomas)
Fax No.:	91 79 2640 2664
E-Mail :	sales@irmome.com sales1@irmome.com
Area :	1500 Sq. ft
Location :	Owned
Factory 1 :	Block 7071, A4, Nanddi Road, Village Rancharda, Kalol, Gandhinagar
Tel. No.:	91-2764-260244
Australia Sales Office :-	IRM Offshore And Marine Engineers Australia 8, Ashington Street, Dianella, Perth WA 6059, Australia. Cell Phone : +61 0433328103 Email : irmaustralia@gmail.com Contact Person : Mr. Chirag Shah. – Regional Executive.

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Nishith S Soni
Designation :	Director
Address :	C/9, Purneshwar Flats, Opposite Vasundhara Society, Gulbai Tekra, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	20.10.1967
Date of Appointment :	04.09.1995
DIN No.:	00344918

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	U01120GJ1995PTC027261	IRM Offshore And Marine Engineers Private Limited	Managing director	01-02-09	04-09-95	Active	NO
2	U45206GJ2005PTC046569	IRM Infraprojects Private Limited	Director	09-08-05	09-08-05	Active	NO

Name :	Mrs. Truptiben Surendra Soni
Designation :	Director
Address :	C/9, Purneshwar Flats, Opposite Vasundhara Society, Gulbai Tekra, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	25.01.1970
Date of Appointment :	01.02.2005
DIN No.:	00344992

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	U01120GJ1995PTC027261	IRM Offshore And Marine Engineers Private Limited	Whole-time director	01-02-05	01-02-05	Active	NO
2	U45206GJ2005PTC046569	IRM Infraprojects Private Limited	Additional director	20-10-10	20-10-10	Active	NO

Name :	Mr. Swapnil S Soni
Designation :	Director
Address :	53 Basant Bahar, Banglows Near Sterling City, Ambli Bopal Road, Bopal, Ahmedabad – 380058, Gujarat, India
Date of Birth/Age :	11.07.1979
Date of Appointment :	01.12.2003
DIN No.:	00345016

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	U01120GJ1995PTC027261	IRM Offshore And Marine Engineers Private Limited	Whole-time director	01-12-03	01-12-03	Active	NO
2	U45206GJ2005PTC046569	IRM Infraprojects Private Limited	Director	09-08-05	09-08-05	Active	NO

Name :	Ms. Suvarnaben Surendra Soni
Designation :	Chairman
Address :	53 Basant Bahar, Banglows Near Sterling City, Ambli Bopal Road, Bopal, Ahmedabad – 380058, Gujarat, India
Date of Birth/Age :	28.01.1942
Date of Appointment :	28.01.2009
DIN No.:	02545962

KEY EXECUTIVES

Name :	Mr. Vimal Thakkar
Designation :	Financial Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Nishith Surendrabhai Soni	2475840
Suvarnaben Surendrabhai Soni	1500000
Alpaben Nishithbhai Soni	324160
Truptiben Surendrabhai Soni	2300000
Swapnil Surendrabhai Soni	2140000
Diptiben Kirankumar Chowksi	1100000
Yoga Swapnil Soni	160000
Total	10000000

AS ON 17.06.2010

Names of Allottees	No. of Shares
Nishith Surendrabhai Soni	1237920
Suvarnaben Surendrabhai Soni	750000
Alpaben Nishithbhai Soni	162080
Truptiben Surendrabhai Soni	1150000
Swapnil Surendrabhai Soni	1070000
Diptiben Kirankumar Chowksi	550000
Yoga Swapnil Soni	80000
Total	5000000

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Rubber and Articles items for Offshore Oil Drilling and Marine Industries and Construction

Products :

ITC CODE	PRODUCT
4016.99.90 & 4016.94.00	Rubber and Article thereof
7326.90.99	Other articles of Iron or steel

Exports :

Products :

· Rubber

· Articles

Countries :

· Middle East Countries

Imports :

Products :

· Raw Material

Countries :

· Malaysia

· China

Terms :

Selling :

Credit (30 days, 60 days, 90 days)

Purchasing :

L/C, Cash, Credit (30 days, 60 days, 90 days)

GENERAL INFORMATION

No. of Employees :

350 (Approximately)

Bankers :

· State Bank of India, Overseas Branch, Amrit Jayanthi Bhavan, Navjivan P.O., Ahmedabad-380014, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Long Term Loans
State Bank of India – Term Loan I	0.001	0.001
State Bank of India – Term Loan II	0.000	0.001
State Bank of India – Term Loan III	14.093	0.000
State Bank of India – Term Loan I (FC)	0.000	1.528
State Bank of India – Term Loan II (FC)	0.744	5.449
Borrowing for working capital	0	0
State Bank of India – C/C A/C	1.901	39.138
State Bank of India – EPC	0.000	3.500
State Bank of India – EFC	0.000	0.281
State Bank of India – D/L	0.000	11.209
State bank of India – PCFC	122.738	11.408
HDFC Safari Loan A/C	0.347	0.685
Total	139.824	73.200

Notes:

1. Term loans from SBI are secured by first mortgage of factory land and building and hypothecations machinery and all movable assets at village – Rancharda.

2. Borrowings for working capital from bank are secured by way of hypothecation of inventories included scrap and books debt. Working capital borrowing are also secured by personal guarantee of Three directors.

3. Long term loans include Rs. 12.000 millions payable within a year.

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Director	0.000	0.119
From Shareholder	0.000	5.150
Total	0.000	5.269

Banking Relations :	--
Auditors :
Name :	Nitin K Shah and Company Chartered Accountant
Address :	36-38, 3^rd Floor, Empire Tower, Near Associated Petrol Pump, C G Road, Ahmedabad–380006, Gujarat, India
Tel. No.:	91-79-26560168/26430271
E-Mail :	nitin_vaibhav@usa.net nitin_rajan@hotmail.com

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 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		50.000	50.000	46.472
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		88.089	51.404	38.331
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		138.089	101.404	84.803
LOAN FUNDS
1] Secured Loans		139.824	73.200	67.998
2] Unsecured Loans		0.000	5.269	1.076
TOTAL BORROWING		139.824	78.469	69.074
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		277.913	179.873	153.877
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		86.571	83.462	53.541
Capital work-in-progress		11.017	0.048	0.000
INVESTMENT		5.015	0.000	5.900
DEFERREX TAX ASSETS		0.050	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	63.941	62.759	54.241
	Sundry Debtors	204.098	87.053	48.155
	Cash & Bank Balances	3.575	0.698	15.730
	Other Current Assets	29.462	17.047	5.312
	Loans & Advances	41.702	26.691	28.444
Total Current Assets		342.778	194.248	151.882
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	119.252	86.655	46.670
	Other Current Liabilities	11.330	2.603	4.094
	Provisions	37.010	8.775	6.904
Total Current Liabilities		167.592	98.033	57.668
Net Current Assets		175.186	96.215	94.214
MISCELLANEOUS EXPENSES		0.074	0.148	0.222
TOTAL		277.913	179.873	153.877

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	599.067	343.990	304.161
		Other Income	12.307	5.836	7.883
		TOTAL	611.374	349.826	312.044
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	561.694	329.513	290.650
		Financial Expenses
		Depreciation
		TOTAL	561.694	329.513	290.650
	PROFIT BEFORE TAX		49.680	20.313	21.394
	TAX		13.096	6.937	5.150
	PROFIT AFTER TAX		36.684	13.376	16.244
Less	SHORT / EXCESS PROVISION WRITTEN BACK		0.000	0.304	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		46.091	33.019	36.526
Less	APPROPRIATIONS
		Issue of Bonus Shares	0.000	0.000	17.427
		Proposed Dividend	0.000	0.000	2.324
	BALANCE CARRIED TO THE B/S		82.775	46.091	33.019
	EXPORT VALUE		331.087	206.350	NA
	IMPORTS
		Raw Materials	27.224	5.745	NA
	TOTAL IMPORTS		27.224	5.745	NA
	Earnings Per Share (Rs.)		7.33	2.68	3.50

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.00	3.82	5.21
Net Profit Margin (PBT/Sales)	(%)	8.29	5.91	7.03
Return on Total Assets (PBT/Total Assets}	(%)	11.57	7.31	10.41
Return on Investment (ROI) (PBT/Networth)		0.36	0.20	0.25
Debt Equity Ratio (Total Liability/Networth)		2.23	1.74	1.49
Current Ratio (Current Asset/Current Liability)		2.05	1.98	2.63

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

SOURCES OF FUNDS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Creditors for Goods	84.545	65.906	34.715
Creditors for Expenses	28.455	13.288	7.628
Creditors for Others (for capital Goods)	1.562	0.245	4.012
Creditors for Others	4.690	7.216	0.315
Total	119.252	86.655	46.670

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	No
3. Constructions of the firm	Yes
4. Premises details	No
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	No
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	No
16. Details of sister concerns	No
17. Major suppliers	No
18. Major customers	No
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	-----
22. Litigations that the firm / promoter involved	-----
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	-----
1. Major Shareholders, if available	-----

NATURE OF OPERATIONS:

The company subject is the flagship company of the IRM Group which was founded in 1964. The company is engaged in the business of manufacturer of rubber and allied items of textile, engineering and mining industries offering more than 2000 specialty engineering products and services, mainly for offshore and on-shore oil drilling, marine and infrastructure industries with complete range of solid and pneumatic marine fenders and other accessories for ports, harbours and jetties.

CONTINGENT LIABILITIES:

Particular	31.03.2010 (Rs. In Millions)
Guarantees given by Banks including performance and corporate guarantee, counter guarantees by the company	84.567

FORM 8

Corporate identity number of the company

U01120GJ1995PTC027261

Name of the company

IRM OFFSHORE AND MARINE ENGINEERS PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

S/F 3 Agrawal Avenueopp Telephone Exchange, C G Road, Ahmedabad, Gujarat, India

This form is for

Modification of charge

Type of charge

Immovable property

Particular of charge holder

State Bank Of India

Nature of instrument creating charge

Memorandum For Recording Extension of Mortgage By Deposit of Title Deeds Covering Enhanced Limits And / or Creation of Equitable Mortgage on Additional Properties For Existing Limits And Additional Facilities, Dated 03.08.2009.

The Memorandum of Entry Registered With Sub Registrar of Ahmedabad - 4 (Paldi) At Sr No.7169 Of Book No. 1 On 03.08.2009 Containing 22 (Twenty Two) Pages.

Date of instrument Creating the charge

03.08.2009

Amount secured by the charge

Rs.423.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

At Sbar, As Against The Applicable Rate Of 2.00% Above Sbar For Sb-7 Rated Unit.

Term of Repayment:

Repayable On Demand

Margin

RAW MATERIALS : 25%

STOCK IN PROCESS : 35%

FINISHED GOODS : 30%

RECEIVABLES : 40%

COVER PERIOD FOR RECEIVABLES : 90 DAYS

BANK GUARANTEE : 15%

LETTER OF CREDIT : 15%

EPC : 10%

Extent and operation of the charge

The Charge Originally Created On 30.06.1998 By Way of Eq. Mort. By Deposit of Title Deeds On Immovable Properties To Secure Various Facilities of Rs.28.500 Millions More Particulars of Immovable Property Described In The 2nd, 4th, 6th, 8th and 10th Schedules and Modified On 26.09.01,13.07.04, 24.12.04, 23.07.06, 26.03.09 and Lastly Extended On 03/08/09 By Constructive Delivery To Secure Various Credit Facilities Extend To Rs.245.000 millions and Now, Further Charge Extend To Agreegate Credit Facilities of Rs.423.400 Millions.

Others

Details Of Credit Facilities Are As Follows : (Rupees In millions)

Dcc (Stocks and Book Debts) : 150.000 Sub Limit Of Book Debts : (100.000)

Epc : (150.000 millions) Fbd /Fbp : (130.000 millions)	Slc : Nil
In Land Bills Disc. : (15.000 millions)	L C : (120.000 millions)
T L I (O/S) : 1.500 millions	B G : 200.000 millions
T L II (O/S) : 3.900 millions	Credit Exposure : 10.000 Millions
T L (Fresh) : 58.000 millions
Total : 423.400 millions

Brief description of the instrument modifying the charge under section 135

All That Piece and Parcel Of Immovable Properties Being Land With Build., Sheds and Structures Thereon Situated At Plot No.386/A/1 Mouje Changispur, Taluka District Ahmedabad On 2nd Floor Known As Agrawal Avenue.

Non Agriculture Land At Block No. 707-A (Sub Plots No. A-4 and A-6), At Block No.707-A (Sub Plots No. A-8), At Block No.707, Plot No. A/1, of Mouje Rancharda, Taluka-Kalol, District-Gandhinagar.

All Movables and Immo. Properties Viz Stocks Including Scrape and Store, Spares, Bd / Receivables Other Assets and P and M, Fixed Assets Both Exis. and Fut. Located At Block No.707-A-7/A-5/A-3 Mouje Rancharda Ta Kalol.

Particulars Of The Present Modification

By Execution of Memo. For Recording Extension of Mortgage By Deposit of Title Deeds Covering Enhanced Limits, Dated 03.08.2009, The Existing Equity Mortgage On Immovable Properties Have Been Further Extended To Secure Credit Facility From Rs.245.000 Millions. To Rs.423.400 Millions, More Particulars of Immovable. Now, The Mortgage Charge On Immovable Properties Has Been Extended and Will Operate For Rs.423.400 Millions W.E.F. 03/08/2009.

FIXED ASSETS

• Plant and Machinery
• Electrification
• Copier Machine
• Furniture and Office Equipment
• Telephone and Epabx and CCTV Camera
• Computer 2

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. 48.93
UK Pound	1	Rs. 76.51
Euro	1	Rs. 66.64

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	YES
--AFFILIATION	YES/NO	NO
--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.