MIRA INFORM REPORT

Report Date :

05.10.2011

IDENTIFICATION DETAILS

Name :	METAL LINK ALLOYS LIMITED (w.e.f. 31.12.2001)
Formerly Known As :	METAL LINK FERRO LIMITED
Registered Office :	Plot No. 67, Panchal Udyog Nagar, Bhimpore – 386 210, Daman, Daman and Diu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.02.1996
Com. Reg. No.:	58-003108
Capital Investment / Paid-up Capital :	Rs.36.351 Millions
CIN No.: [Company Identification No.]	U51909DD1996PLC003108
TAN No.: [Tax Deduction & Collection Account No.]	SRTM01722A
PAN No.: [Permanent Account No.]	AAGFM5962A
Legal Form :	A closely held Public Limited Liability Company
Line of Business :	Manufacturer and exporter of Ferrous Metal Alloys and importer of Raw Material.
No. of Employees :	120 (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 920000
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. Ajay Tripathi
Designation :	Account Manager
Contact No.:	91-9619890915
Date :	04.10.2011

LOCATIONS

Registered Office/Factory :	Plot No. 67, Panchal Udyog Nagar, Bhimpore – 386 210, Daman, Daman and Diu, India
Tel. No.:	91-260-3292200 / 2220651 / 22-23807121
Mobile No.	91-9619890915 (Mr. Ajay Tripathi)
Fax No.:	91-260-2220651 / 22-23895568
E-Mail :	metallink@bronze-ingot.com ajay@bronze-ingot.com
Website :	http://www.bronze-ingot.com
Location :	Owned
Corporate Office 1 :	Film Center Building, 1^st Floor, Office Unit No.11D (1), 68, Tardeo Road, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-40833333 / 23800900 / 23807121 / 22 / 23850687
Fax No.:	91-22-23895568 / 91-22-4083 3346
Area :	1200 Sq. ft.
Location :	Owned on the name of Directors
Corporate Office 2 :	36 AB, Nirdhar Building, Mugbhai Cross Lane, Girgaum, Mumbai – 400004, Maharashtra, India

DIRECTORS

As on : 30.09.2010

Name :

Mr. Bhavarlal M Jain

Designation :

Director

Address :

58/1, Ganesh Krupa Mughbhat Lane, Thakurdwar Road, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

03.07.1956

Qualification :

Graduate

Date of Appointment :

19.02.1996

Din No.:

00495970

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
U51909DD1996PLC003108	METAL LINK ALLOYS LIMITED	Director	19-02-96	19-02-96	-	Active	NO
U27100MH2004PLC149952	TULSI CASTINGS AND MACHINING LIMITED	Managing director	07-02-11	10-12-04	-	Active	NO
U27300MH1977NPL019956	BOMBAY NON-FERROUS METALS ASSOCIATION LIMITED	Director	21-10-05	21-10-05	-	Active	NO
U51909MH2008PTC178853	MUKTI TRADE PRIVATE LIMITED	Director	28-02-11	13-02-08	-	Active	NO
U51109DD2005PTC004676	BAGHBAAN DISTRIBUTORS PRIVATE LIMITED	Director	27-03-08	27-03-08	-	Active	NO
U14200MH2008PTC180877	KARNAWAT ASSOCIATES PRIVATE LIMITED	Director	07-04-08	07-04-08	-	Active	NO
U45200DD2010PTC004680	KARNAWAT INFRASTRUCTURES PRIVATE LIMITED	Director	28-01-10	28-01-10	-	Active	NO
U01122DD2010PTC004681	DHRUV AGRICULTURES PRIVATE LIMITED	Director	01-02-10	01-02-10	-	Active	NO
U70102MH2010PLC205558	SHRI SHRAMAN DEVELOPERS LIMITED	Director	17-07-10	17-07-10	-	Active	NO
U01403MH2010PTC205572	ATMA AGRICULTURE PRIVATE LIMITED	Director	19-07-10	19-07-10	-	Active	NO
U45200MH2010PLC205738	ACHARYA TULSI BUILDCON LIMITED	Director	21-07-10	21-07-10	-	Active	NO
U45201DD2010PTC004688	LA PEARL REALTECH PRIVATE LIMITED	Director	08-12-10	08-12-10	27-12-10	Active	NO
U45200GJ2010PTC063291	ECSTACY DEVELOPERS PRIVATE LIMITED	Director	20-12-10	20-12-10	-	Active	NO
U45200GJ2010PTC063322	DHRUVI INFRACOM PRIVATE LIMITED	Director	22-12-10	22-12-10	-	Active	NO
U45400MH2010PTC211234	MBR REALTECH PRIVATE LIMITED	Director	22-12-10	22-12-10	-	Active	NO
U27109GJ2010PLC063357	KARNAWAT ALLOYS AND CASTINGS LIMITED	Director	23-12-10	23-12-10	-	Active	NO
U27300GJ2011PTC063466	KARNAWAT SMELTING PRIVATE LIMITED	Director	03-01-11	03-01-11	-	Active	NO
U27310DD2011PLC004696	KARNAWAT METAL INDUSTRIES LIMITED	Director	24-06-11	24-06-11	-	Active	NO

Name :

Mr. Rajmal M Jain

Designation :

Director

Address :

58/1, Ganesh Krupa Mughbhat Lane, Thakurdwar Road, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

02.08.1970

Qualification :

Graduate

Date of Appointment :

19.02.1996

Din No.:

00495949

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U51909DD1996PLC003108	METAL LINK ALLOYS LIMITED	Managing director	19-02-96	19-02-96	Active	NO
U27100MH2004PLC149952	TULSI CASTINGS AND MACHINING LIMITED	Director	10-12-04	10-12-04	Active	NO
U51909MH2008PTC178853	MUKTI TRADE PRIVATE LIMITED	Director	28-02-11	13-02-08	Active	NO
U51109DD2005PTC004676	BAGHBAAN DISTRIBUTORS PRIVATE LIMITED	Director	27-03-08	27-03-08	Active	NO
U14200MH2008PTC180877	KARNAWAT ASSOCIATES PRIVATE LIMITED	Director	07-04-08	07-04-08	Active	NO
U45200DD2010PTC004680	KARNAWAT INFRASTRUCTURES PRIVATE LIMITED	Director	28-01-10	28-01-10	Active	NO
U01122DD2010PTC004681	DHRUV AGRICULTURES PRIVATE LIMITED	Director	01-02-10	01-02-10	Active	NO
U45201DD2010PTC004688	LA PEARL REALTECH PRIVATE LIMITED	Director	08-12-10	08-12-10	Active	NO
U45200GJ2010PTC063291	ECSTACY DEVELOPERS PRIVATE LIMITED	Director	20-12-10	20-12-10	Active	NO
U45200GJ2010PTC063322	DHRUVI INFRACOM PRIVATE LIMITED	Director	22-12-10	22-12-10	Active	NO
U45400MH2010PTC211234	MBR REALTECH PRIVATE LIMITED	Director	22-12-10	22-12-10	Active	NO
U27109GJ2010PLC063357	KARNAWAT ALLOYS AND CASTINGS LIMITED	Director	23-12-10	23-12-10	Active	NO
U27300GJ2011PTC063466	KARNAWAT SMELTING PRIVATE LIMITED	Director	03-01-11	03-01-11	Active	NO
U27310DD2011PLC004696	KARNAWAT METAL INDUSTRIES LIMITED	Director	24-06-11	24-06-11	Active	NO

Name :

Mr. Mangilal G Jain

Designation :

Director

Address :

58/1, Ganesh Krupa Mughbhat Lane, Thakurdwar Road, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

01.02.1936

Qualification :

Seventh

Date of Appointment :

19.02.1996

Din No.:

00496006

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U51909DD1996PLC003108	METAL LINK ALLOYS LIMITED	Director	19-02-96	19-02-96	Active	NO
U27310DD2011PLC004696	KARNAWAT METAL INDUSTRIES LIMITED	Director	24-06-11	24-06-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Ajay Tripathi
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2010

Names of Shareholders	No. of Shares
Rajmal Mangilal Jain	520475
Bhawerlal M. Jain	482375
Mangilal G. Jain	782350
Pushpadevi B. Jain	545600
Kanchan R. Jain	566100
Shantilal G. Jain	100
Master Yash Rajmal Jain	344050
Master Anand B. Jain	344050
Miss Renu Bhavarlal Jain	50000
Total	3635100

As on : 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and exporter of Ferrous Metal Alloys and importer of Raw Material.
Products :	Bronze Tin Bronze Phosphorus Bronze Aluminium Bronze Leaded Bronze Manganese Bronze Silicon Bronze Gunmetal Brass Master Alloys Cupro Iron Cupro Manganese Cupro Nickel Phosphorus Copper
Export of :
Product :	Ferrous metal alloys
Country :	· USA · UK · European Countries · Dubai
Import Of :
Product :	Raw Material
Country :	· Italy
Terms :
Purchasing :	L/C, Cash, Credit
Selling :	L/C, Cash, Credit

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
Metal Alloys	M.T.	12500	4665

(Installed Capacity is certified by the Directors which the auditors have accepted as correct.)

GENERAL INFORMATION

No. of Employees :

120 (Approximately)

Bankers :

• State Bank of India , Industrial Finance Branch, World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
• HDFC Bank Limited
• ICICI Bank Limited

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
State Bank of India CC A/c	255.570	75.584
State Bank of India CC A/c Thakurdwar	50.605	50.606
EPC (PCL) with State Bank of India	23.789	204.823
Term Loan with State Bank of India-Wind Mill	12.481	24.523
Vehicle Loan:
HDFC Bank Limited	0.407	0.619
ICICI Bank Limited	0.000	0.050
Total	342.792	356.205

Note :

1. Working capital facilities from SBI mentioned above are secured by hypothecation, of stocks, book debts, and mortgaged of Fixed Assets of the company, mortgage of the property belonging to on be of the directors and personal guarantee by three director .

2. Vehicles loans from Banks mentioned above are secured by specified books.

Unsecured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Loan from Directors and Shares Holders	1.091	5.003
Loan from Others	68.448	14.264
Total	69.540	19.267

Banking Relations :	--
Auditors :
Name :	J C Upadhyay and Associates Chartered Accountants
Address :	1^st Shanti Sadan, Poddar Park, Poddar Road, Malad (East), Mumbai – 400 097, Maharashtra, India
Associates:	Name: Bhavarlal Mangilal Jain Address : 58, Ganesh Kripam Mughati, Girgaun Activity : Trading of Ferrous Metal Name: Tulsi Foundries Limited

CAPITAL STRUCTURE

As on : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,635,100	Equity Shares	Rs.10/- each	Rs.36.351 Millions
	Paid Up Share Application money pending to be allotment		Rs. 0.005 millions
	Total		Rs. 36.356 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		36.351	36.351	36.351
2] Share Application Money		0.000	0.005	0.0051
3] Reserves & Surplus		193.422	165.799	136.258
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		229.773	202.155	172.614
LOAN FUNDS
1] Secured Loans		363.516	342.792	356.205
2] Unsecured Loans		97.161	69.540	19.267
TOTAL BORROWING		460.677	412.332	375.472
DEFERRED TAX LIABILITIES		9.337	11.352	12.878
TOTAL		699.787	625.839	560.964
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		82.627	92.418	60.758
Capital work-in-progress		6.060	0.000	2.432
INVESTMENT		22.502	22.503	10.350
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	265.501	311.223	227.542
	Sundry Debtors	464.967	274.356	813.664
	Cash & Bank Balances	33.731	5.213	3.102
	Fixed Deposits	0.000	24.992	18.243
	Other Current Assets	42.671	57.683	66.334
	Loans & Advances	19.251	44.408	42.138
Total Current Assets		826.121	717.876	1171.023
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	193.664	98.221	40.294
	Sundry Creditors		53.031	604.763
	Provisions	43.859	55.707	38.548
Total Current Liabilities		237.523	206.959	683.605
Net Current Assets		588.598	510.917	487.418
MISCELLANEOUS EXPENSES		0.0006	0.006	0.006
TOTAL		699.787	625.839	560.964

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2245.859	1761.303	1600.025
		Other Income	6.551	93.298	85.015
		TOTAL (A)	2252.410	1854.601	1685.040
Less	EXPENSES
		Raw Material Consumed	1974.555	1660.549	1528.519
		Manufacturing and other Expenses	91.743	93.411	87.630
		Increase / Decrease of Stock	52.429	(6.147)	(15.407)
		TOTAL (B)	2118.727	1747.813	1600.742
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		133.683	106.788	84.298
Less	FINANCIAL EXPENSES (D)		55.335	46.160	44.252
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		78.348	60.628	40.046
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.982	12.528	9.374
	PROFIT BEFORE TAX (E-F) (G)		61.366	48.100	30.672
Less	TAX (I)		22.586	16.438	11.055
	PROFIT AFTER TAX (G-I) (J)		38.780	31.662	19.617
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		127.424	97.882	83.679
	BALANCE CARRIED TO THE B/S		155.046	127.424	103.296
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	546.554	523.115
	TOTAL EARNINGS		NA	546.554	523.115
	IMPORTS
		Raw Materials	NA	833.944	737.734
	TOTAL IMPORTS		NA	833.944	737.734
	Earnings Per Share (Rs.)		10.67	8.71	5.40

The above information has been parted by Mr. Ajay.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.72	1.69	1.16
Net Profit Margin (PBT/Sales)	(%)	2.73	2.73	1.91
Return on Total Assets (PBT/Total Assets}	(%)	6.75	5.93	2.49
Return on Investment (ROI) (PBT/Networth)		0.26	0.23	0.18
Debt Equity Ratio (Total Liability/Networth)		3.03	3.06	6.13
Current Ratio (Current Asset/Current Liability)		3.47	3.46	1.71

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Imports	NA	42.895	13.276
Domestics Suppliers	NA	6.873	3.905
Trading Purchase	NA	0.653	584.553
Sundry Creditors for Expenses	NA	2.610	3.029
TOTAL	NA	53.031	604.763

Check List by Info Agents	Available in Reports (Yes/No)
Year of Establishment	Yes
Locality Of The Firm	Yes
Constitution of the firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promotor’s background	--
No. of Employees	Yes
Name of person contacted	Yes
Designed of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	No
Capital of the business	Yes
Details of Sister Concern	Yes
Major Suppliers	No
Major Customers	Yes
Payments Terms	Yes
Export / Import details (if applicable)	Yes
Market information	--
Litigation that the firm / promoter involved in	--
Banking details	Yes
Banking facility details	Yes
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	Yes
Incorporation details, if applicable	--
Last accounts filed at ROC	--
Major Shareholders, if available	--

Form No. 8

This form is for	Modification of charge
Charge identification number of the modified	90077624
Corporate identity number of the company	U51909DD1996PLC003108
Name of the company	METAL LINK ALLOYS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 67, Panchal Udyog Nagar, Bhimpore – 386 210, Daman, Daman and Diu, India metallink@bronze-ingot.com
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	State Bank of India , Industrial Finance Branch, World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India sangita.p@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement of Hypothecation of Goods and Assets for Increase in the Overall Limit
Date of instrument Creating the charge	24.02.2011
Amount secured by the charge	Rs.522.400 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As determined by the Bank from time to time Terms of Repayment: Working capital - on demand Margin: As prescribed by the Bank from time to time Extent and Operation of the charge: First charge
Short particulars of the property charged	(i) All present and future goods, book-debts and all other movable assets
Date of latest modification prior to the present modification	23.02.2010
Particulars of the present modification	Additional credit limits of Rs.56.000 Millions granted. Hence, amount of charge increased from Rs.466.400 Millions to Rs.522.400 Millions.

TRADE REFERENCES :

· Mather and Platt Pumps Limited

· Grves Limited

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. 49.22
UK Pound	1	Rs. 76.06
Euro	1	Rs. 65.06

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	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.