MIRA INFORM REPORT

Report Date :

18.10.2011

IDENTIFICATION DETAILS

Name :	JVR FORGINGS LIMITED

Registered Office :	Industrial Area – C, Sua Road, Dhandari Kalan, Ludhiana – 141010, Punjab

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	14.06.1996

Com. Reg. No.:	16-018347

Capital Investment / Paid-up Capital :	Rs. 60.760 Millions

CIN No.: [Company Identification No.]	U27109PB1996PLC018347

TAN No.: [Tax Deduction & Collection Account No.]	JLDJ00339D

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer and Exporter Forgings, Forging Parts Supplies, Auto Service Equipment etc.

No. of Employees :	Not Available

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 674000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. The company has incurred some loss in the current year i.e 2009-10. However, networth appears to be satisfactory. 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered Office :	Industrial Area – C, Sua Road, Dhandari Kalan, Ludhiana – 141010, Punjab, India
Tel. No.:	91-161-2511608/2511609/2511610
Fax No.:	91-161-2511607/2511600
E-Mail :	enquiry@jvrforgings.com rajesh_saini@eastmanimpex.com info@jvrforgings.com
Website :	www.jvrforgings.com

DIRECTORS

As on 14.09.2010

Name :

Mr. Rajeev Singal

Designation :

Managing Director

Address :

160-A, Aggar Nagar, Ludhiana – 141010, Punjab, India

Date of Birth/Age :

08.01.1969

Date of Appointment :

14.06.1996

DIN No.:

00171197

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	U65990DL1984PLC018228	Eastman Financial Services Limited	Director	08-06-96	08-06-96	-	Active	NO
2	U27109PB1996PLC018347	JVR Forgings Limited	Managing director	01-05-09	14-06-96	-	Active	NO
3	U51909PB1998PLC020971	Eastman Exports Limited	Director	19-01-98	19-01-98	-	Active	NO
4	U34300HR2005PLC035916	E R Automotives Limited	Director	16-01-06	16-01-06	31-08-07	Active	NO
5	U27310PB2006PLC030249	Magma Mettcast Limited	Director	24-05-06	24-05-06	-	Active	NO
6	U70100DL2004PTC210992	Janpath Estates Private Limited	Director	29-09-07	01-08-07	13-11-07	Active	NO

Name :

Mr. Jagdeep Singal

Designation :

Director

Address :

116-A, Aggar Nagar, Ludhiana – 141010, Haryana, Punjab, India

Date of Birth/Age :

22.02.1960

Date of Appointment :

14.06.1996

DIN No.:

00066023

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	U65990DL1984PLC018228	Eastman Financial Services Limited	Director	08-06-96	08-06-96	-	Active	NO
2	U27109PB1996PLC018347	JVR Forgings Limited	Director	14-06-96	14-06-96	-	Active	NO
3	U28939PB1982PTC004974	Ashoka Engineers Pvt Ltd	Director	30-08-96	30-08-96	-	Active	NO
4	U51909PB1998PLC020971	Eastman Exports Limited	Director	19-01-98	19-01-98	-	Active	NO
5	U70100DL2004PTC210992	Janpath Estates Private Limited	Director	31-05-04	31-05-04	21-05-08	Active	NO
6	U34300HR2005PLC035916	E R Automotives Limited	Director	16-11-05	16-11-05	31-08-07	Active	NO
7	U70100PB2006PTC029963	J M Land Promoters Private Limited	Director	30-03-06	30-03-06	-	Active	NO
8	U70100PB2006PTC029964	J V M Estates Private Limited	Director	30-03-06	30-03-06	-	Active	NO
9	U27310PB2006PLC030249	Magma Mettcast Limited	Director	24-05-06	24-05-06	-	Active	NO

Name :

Mr. Vinay Singal

Designation :

Director

Address :

70-A, Aggar Nagar, Ludhiana – 141010, Punjab, India

Date of Birth/Age :

18.04.1962

Date of Appointment :

14.06.1996

DIN No.:

00064236

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	U28939PB1982PTC004974	Ashoka Engineers Private Limited	Director	11-02-95	11-02-95	-	Active	NO
2	U65990DL1984PLC018228	Eastman Financial Services Limited	Director	08-06-96	08-06-96	-	Active	NO
3	U27109PB1996PLC018347	JVR Forgings Limited	Director	14-06-96	14-06-96	-	Active	NO
4	U51909PB1998PLC020971	Eastman Exports Limited	Director	19-01-98	19-01-98	-	Active	NO
5	U70100PB2005PTC027996	J M A Buildcon Private Limited	Director	21-02-05	21-02-05	-	Amalgamated	NO
6	U34300HR2005PLC035916	E R Automotives Limited	Director	16-11-05	16-11-05	31-08-07	Active	NO
7	U70100PB2006PTC029963	J M Land Promoters Private Limited	Director	30-03-06	30-03-06	-	Active	NO
8	U70100PB2006PTC029964	J V M Estates Private Limited	Director	30-03-06	30-03-06	-	Active	NO
9	U27310PB2006PLC030249	Magma Mettcast Limited	Director	24-05-06	24-05-06	-	Active	NO
10	U70100DL2004PTC210992	Janpath Estates Private Limited	Director	31-05-06	31-05-06	-	Active	NO

Name :

Mr. Gaurav Singal

Designation :

Director

Address :

116-A, Aggar Nagar, Ludhiana – 141010, Haryana, Punjab, India

Date of Birth/Age :

04.09.1984

Date of Appointment :

28.09.2007

DIN No.:

00171292

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	U27109PB1996PLC018347	JVR Forgings Limited	Director	28-09-07	28-09-07	-	Active	NO
2	U27310PB2006PLC030249	Magma Mettcast Limited	Whole-time director	17-08-11	17-08-11	-	Active	NO

Name :

Mr. Dharam Pal Gupta

Designation :

Whole Time Director

Address :

116-A, Aggar Nagar, Ludhiana – 141010, Haryana, Punjab, India

Date of Birth/Age :

08.01.1969

Date of Appointment :

15.01.1998

DIN No.:

00299128

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	U28939PB1982PTC004974	Ashoka Engineers Private Limited	Director	26-05-82	26-05-82	-	Active	NO
2	U65990DL1984PLC018228	Eastman Financial Services Limited	Director	29-05-84	29-05-84	-	Active	NO
3	U27109PB1996PLC018347	JVR Forgings Limited	Whole-time director	01-01-10	15-01-98	-	Active	NO
4	U91110MH1971NPL015233	The Solvent Extractors Association of India	Director	22-09-06	22-09-06	21-09-07	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh Saini
Designation :	Secretary
Address :	1467/11, Gali Kadda Wali Khoo, Bombay Wala, Amritsar, Punjab, India
Date of Birth/Age :	18.10.1975
Date of Appointment :	18.04.2009
Pan No.:	AYZPS4854R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.09.2010

Names of Shareholders		No. of Shares
Singal Jagdeep		1629000
Singal Vinay		1775000
Singal Rajeev		1292000
Gupta Dharampal		350000
Gupta Bindu		9800
Singal Kalpana		100
Singal Rachna		100
Eastman Agro Mills Limited, India		1020000
TOTAL		6076000

Equity Share Break up (Percentage of Total Equity)

As on 14.09.2010

Category	Percentage
Bodies corporate	16.79
Directors or relatives of Directors	83.21
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter Forgings, Forging Parts Supplies, Auto Service Equipment etc.

Products :	Forging

PRODUCTION STATUS 31.03.2010

Particulars	Unit	Installed Capacity
Forging	Metric Ton	8988.000
Fabrications	Metric Ton	11700.000

Particulars	Unit	Actual Production
Forged Item and Fabrications #
Own Production	Metric Ton	10521.318
Job Work	Metric Ton	23.330

NOTES:

# As certified by the Management and not verified by the Auditors, being a Technical Matter

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Allahabad Bank, IIF Branch, B-XXlll- 98, 165, Industrial Area A, Ludhiana – 141003, Punjab, India
State Bank of India, MCLAU, Fountain Chowk, Ludhiana – 141010, Punjab, India
Axis bank

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term Loan :
State Bank of India Ludhiana (Secured by way of first mortgage/ charge of immovable property and hypothecation of plant and machinery and other fixed assets of the company)	109.652	48.868
Working Capital Loans :
In Foreign Currency In Indian Currency (Secured by way of mortgage/ charge of immovable property and hypothecations of stocks, book debts, and personal guarantee of directors)	134.613 89.027	2.55 166.508
SBI Factors and Commercial (Secured by way of mortgage/ charge of immovable property and hypothecations of stocks, book debts, and personal guarantee of directors)	8.386	0.000
Axis Bank (04201000004831) (Bank overdraft secured against personal)	20.200	20.182
Vehicle Loans (Secured against hypothecation of vehicles and personal guarantee of directors)	2.684	4.992
Total	364.562	243.110

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Director	35.648	35.638
From Body Corporate	2.542	2.333
From Banks	2.618	17.589
Total	40.808	55.560

Banking Relations :

Financial Institution :	SBI Factors and Commercial Services Private Limited

Auditors :
Name :	Goyal Sanjay and Associates Chartered Accountant
Address :	11, Gian Market, G.T Road, Milleer Ganj, Opposite Ramgarhia Gurudwara, Ludhiana – 141003, Punjab, India
Tel. No.:	91-161-2532266/3240508
PAN.:	AAAFG6668G

Associates :	Eastman Impex Eastman Exports Limited Ashoka Engineers Private Limited Magma Mettcast Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6076000	Equity Shares	Rs.10/- each	Rs. 60.760 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		60.760	59.200	49.000
2] Share Application Money		0.000	0.000	31.000
3] Reserves & Surplus		107.762	136.242	84.931
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		168.522	195.442	164.931
LOAN FUNDS
1] Secured Loans		364.562	243.110	182.992
2] Unsecured Loans		40.808	55.560	89.728
TOTAL BORROWING		405.370	298.670	272.720
DEFERRED TAX LIABILITIES		11.311	7.886	6.140

TOTAL		585.203	501.998	443.791

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		310.311	223.376	139.517
Capital work-in-progress		12.422	12.045	3.201

INVESTMENT		5.098	4.104	4.651
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	222.877	151.992	182.480
	Sundry Debtors	172.320	144.605	173.426
	Cash & Bank Balances	16.776	29.540	14.767
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	87.994	85.451	106.591
Total Current Assets		499.967	411.588	477.264
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	244.028	136.153	168.652
	Other Current Liabilities	16.565	10.426	11.258
	Provisions	3.947	2.536	0.932
Total Current Liabilities		264.540	149.115	180.842
Net Current Assets		235.427	262.473	296.422

MISCELLANEOUS EXPENSES		21.945	0.000	0.000

TOTAL		585.203	501.998	443.791

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1005.716	782.343	792.319
		Other Income	25.199	20.701	7.966
		TOTAL (A)	1030.915	803.044	800.285

Less	EXPENSES
		Material Consumed	824.557	554.009	570.936
		Manufacturing Expenses	107.113	93.874	92.743
		Personnel Expenses	65.488	57.503	47.877
		Administrative Expenses	18.445	14.945	18.372
		Selling Expenses	16.343	17.380	27.081
		Increases/(Decrease) in WIP and Finished Stock	(38.603)	(12.773)	(10.373)
		Loss on Sale of Fixed Assets	0.000	0.000	0.083
		Preliminary Expenses Written Off	0.000	0.000	0.014
		TOTAL (B)	993.343	724.938	746.733

Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		37.572	78.106	53.552

Less	FINANCIAL EXPENSES (D)		37.431	43.512	23.343

	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.141	34.594	30.209

Less/ Add	DEPRECIATION/ AMORTISATION (F)		31.410	18.981	11.984

	PROFIT/LOSS BEFORE TAX (E-F) (G)		(31.269)	15.613	18.225

Less	TAX (H)		(3.450)	5.102	5.339

	PROFIT/LOSS AFTER TAX (G-H) (I)		(34.719)	10.511	12.886

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		51.960	41.450	28.564

	BALANCE CARRIED TO THE B/S		17.241	51.961	41.450

	FOB VALUE OF EXPORTS		159.471	136.637	120.552

	IMPORTS
		Machine	33.233	13.282	12.823
		Raw Materials and Stores	0.000	3.969	68.881
	TOTAL IMPORTS		33.233	17.251	81.704

	Earnings/Loss Per Share (Rs.)		(5.71)	1.72	2.12

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(3.37)	1.31	1.61

Net Profit Margin (PBT/Sales)	(%)	(3.11)	1.94	2.28

Return on Total Assets (PBT/Total Assets}	(%)	(3.85)	2.46	2.95

Return on Investment (ROI) (PBT/Networth)		0.19	0.08	0.11

Debt Equity Ratio (Total Liability/Networth)		3.97	2.29	2.75

Current Ratio (Current Asset/Current Liability)		1.89	2.76	2.64

LOCAL AGENCY FURTHER INFORMATION

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Nature	31.03.2010	31.03.2009
Letters of credit, Bank guarantee and Bills discounted	143.400	451.000

FORM 8:

Corporate identity number of the company	U27109PB1996PLC018347
Name of the company	JVR FORGINGS LIMITED
Address of the registered office or of the principal place of business in India of the company	Industrial Area – C, Sua Road, Dhandari Kalan, Ludhiana – 141010, Punjab, India Email id: rajesh_saini@eastmanimpex.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10243294
Type of charge	Immovable Property Book Debts Movable Property (not being pledge)
Particular of charge holder	Allahabad Bank, Ludhiana – 141003, Punjab, India Email: albiifb@gmail.com
Nature of instrument creating charge	General Letter of Hypothecation
Date of instrument Creating the charge	20.09.2011
Amount secured by the charge	Rs. 771.700
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: CC=BR+2%p.a., EPC/PCFC/FBR/EBR/EBUC=as per circular, Term Loan=BR+2%p.a.w.m.r. Terms of Repayment: CC=on demand, EPC/PCFC/FBP/EBR/EBUC/ILC/FLC/Bank Guarantee=On demand, Term Loan(Existing)=As per previous term, Term Loan (new)=in 28 quarterly installments of Rs.3.600 millions w.e.f. June 2012 Margin: Stock=25%, Book debts=30%, EPC/PCFC=25%,ILC/FLC/Bank Guarantee=10% cash, Term Loan=28.32% of project cost Extent and operation of the charge: 100%
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary=All current Assets, Fixed Assets (excluding factory land and buildings) of the Company Collateral= 1. EM of factory land and building admeasuring 14446.79 sq. yards situtated at Industrial Area-C, Sua Road, Dhandari Kalan, Ludhiana. 2. EM of factory land and building admeasuring 3478-3/4 sq. yards situtated at Jaspal Bangar Road, Sua Road, Dhandari Kalan, Ludhiana 3. EM of factory land and building admeasuring 2356 sq. yards situtated at Sua Road, Dhandari Kalan, Ludhiana 4. 70-A, Aggar Nagar, Ludhiana in the name of Smt. Kalpana Singal 5. LIC polIcy under the name of Mr. Rajeev Singal
Date of instrument modifying the charge	31.03.2011
Particulars of the present modification	The total working capital limits have been increased to Rs.550.000 millions an additional term loan of Rs.100.000 millions has been sanctioned. The overall limits of the Company have been increased to Rs.771.700 millions.

FIXED ASSETS:

Land Freehold
Land Development
Building and Civil Work
Furniture and Fixture
Plant and Machinery
Computer
Vehicles

WEBSITES DETAILS:

PROFILE:

Subject is the supplier of precision Forged, Pressed Steel, Machined components, Fabricated And Casted components. Originating as a small manufacturing facility in Ludhiana (India) in 1997, it now comprises of 3 manufacturing facilities that operate in diverse fields like Automotive, Railways, and Bearing, Heavy Fabrication, Scaffolding, formwork and construction industry components.

Underlying the success of the group is an ethos of commitment to the values of Quality, Service and Reliability. Continuous Innovation and close customer interaction have enabled the group to consolidate it ’ s position at the leading edge of engineering 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 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.48.89
UK Pound	1	Rs.77.31
Euro	1	Rs.67.79

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	5
--CREDIT LINES	1~10	4
--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		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.

MIRA INFORM REPORT

172.320

16.776

0.000

87.994

499.967

244.028

16.565

3.947

264.540

235.427

(3.37)

(3.11)

(3.85)

0.19

3.97

1.89

Unit