MIRA INFORM REPORT

Report Date :

21.09.2011

IDENTIFICATION DETAILS

Name :	DACHSER INDIA PRIVATE LIMITED [w.e.f. 11.05.2011]
Formerly Known As :	AFL DACHSER PRIVATE LIMITED
Registered Office :	AFL House, Lok Bhartri Complex, Marol Maroshi Road, Andheri – East, Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.12.2008
Date of Incorporation:	21.03.1994
Com. Reg. No.:	11-077194
Capital Investment / Paid-up Capital :	Rs.18.000 Millions
CIN No.: [Company Identification No.]	U51900MH1994PTC077194
TAN No.: [Tax Deduction & Collection Account No.]	MUMA12993B
PAN No.: [Permanent Account No.]	AACCA7791D
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Freight and Logistics Services
No. of Employees :	500 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B [33]

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 639000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The latest financials of the company are missing from the government departments. However, trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings with some cautions.

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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Vipul Shah
Designation :	General Manager – Finance
Contact No.:	91-22-42328200
Date :	19.09.2011

LOCATIONS

Registered Office :	AFL House, Lok Bhartri Complex, Marol Maroshi Road, Andheri – East, Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-42328200
Fax No.:	91-22-29203996
E-Mail :	d.dala@afldachser.co.in Vipul.shah@dachser.co.in
Website :	http://www.dachser.co.in
Location :	Owned

DIRECTORS

As on 30.06.2011

Name :

Mr. Cyrus Jamshed Guzder

Designation :

Director

Address :

D-11, Seaface Park, 50 B Desai Road, Mumbai - 400 026, Maharashtra, India

Date of Birth/Age :

17.09.1945

Date of Appointment :

21.03.1994

DIN :

00080358

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	U35300MH1947PTC005720	AFL PRIVATE LIMITED	Managing director	19/08/1970	19/08/1970	-	Active	NO
2	U99999MH1956PTC009761	N S GUZDER AND COMPANY Private LIMITED	Director	11/9/1970	11/9/1970	-	Active	NO
3	U51209MH1978PLC020456	B P INDIA LIMITED	Director	30/06/1978	30/06/1978	-	Active	NO
4	U32301MH1980PTC022502	MAZDA JAYGEE ELECTRONICS (GANDEVI) PRIVATE LIMITED	Director	10/4/1980	10/4/1980	-	Active	NO
5	U67120MH1985PTC037400	SEEJAY INVESTMENTS PRIVATE LIMITED	Director	5/9/1985	5/9/1985	-	Active	NO
6	U51900MH1994PTC077194	Dachser India Private Limited	Director	21/03/1994	21/03/1994	-	Active	YES
7	U67120MH1985PTC037815	ERANGAL INVESTMENTS PRIVATE LIMITED	Director	13/03/1998	13/03/1998	-	Active	NO
8	U63040MH1998PTC115025	CWT India Private Limited	Director	20/05/1998	20/05/1998	31/12/2010	Active	NO
9	L55101TN1996PLC036595	MAHINDRA HOLIDAYS & RESORTS INDIA LIMITED	Director	7/8/1998	7/8/1998	-	Active	NO
10	U70101MH1997PLC111936	ZEENIA REALTORS LIMITED	Director	9/12/1999	9/12/1999	-	Active	NO
11	U63090MH2001PTC133173	CYFAST Enterprises Private Limited	Director	28/08/2001	28/08/2001	-	Active	NO
12	U80302MH2001NPL132936	SPA EDUCATION FOUNDATION	Director	28/12/2001	28/12/2001	-	Active	NO
13	L35110MH1948PLC006472	THE GREAT EASTERN SHIPPING COMPANY LIMITED	Director	14/03/2003	14/03/2003	-	Active	NO
14	U72900MH2003PTC143667	INDGLOBAL NETWORK SUPPORT PRIVATE LIMITED	Director	26/12/2003	26/12/2003	-	Active	NO
15	U91990MH2005GAP157317	ASSOCIATION FOR PROTECTION OF ECO SENSITIVE AREAS	Director	16/11/2005	16/11/2005	-	Active	NO
16	U63040KA1978PTC050693	Quikjet Cargo Airlines Private Limited	Director	23/10/2006	23/10/2006	-	Active	NO
17	U27310MH2007PTC166941	BDS Projects India Private Limited	Director	11/1/2007	11/1/2007	-	Active	NO
18	U28920MH2007PTC173618	Nukote Coating Systems India Private Limited	Director	30/08/2007	30/08/2007	-	Active	NO
19	U74990MH2008NPL189117	INDIAN INSTITUTE FOR HUMAN SETTLEMENTS	Director	23/12/2008	23/12/2008	-	Active	NO
20	U74900MH2008PTC179695	Rapidair Aviation Services Private Limited	Director	30/09/2009	20/06/2009	-	Active	NO
21	U45200MH2008PTC179696	CJG Warehouse Infrastructure Private Limited	Director	30/09/2009	20/06/2009	-	Active	NO
22	U30000MH2010PTC207901	Total Imaging Solutions Private Limited	Director	20/09/2010	20/09/2010	-	Active	NO

Name :

Mr. Bernhard Simon

Designation :

Director

Address :

Goethestrasse 55, Kempten – 87435, Germany

Date of Birth/Age :

13.07.1960

Date of Appointment :

28.09.2007

DIN :

01214455

Name :

Mr. Farokh Jamshed Guzder

Designation :

Director

Address :

132, El-Cid, 13^th Floor, Ridge Road, Malabar Hill, Mumbai –400006, Maharashtra, India

Date of Birth/Age :

13.10.1950

Date of Appointment :

21.03.1994

DIN :

00108856

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	U32301MH1980PTC022502	MAZDA JAYGEE ELECTRONICS (GANDEVI) PRIVATE LIMITED	Director	10/4/1980	10/4/1980	-	Active	NO
2	U99999MH1956PTC009761	N S GUZDER AND COMPANY Private LIMITED	Director	1/4/1981	1/4/1981	-	Active	NO
3	U35300MH1947PTC005720	AFL PRIVATE LIMITED	Whole-time director	1/5/1981	1/5/1981	-	Active	NO
4	U51209MH1978PLC020456	B P INDIA LIMITED	Director	5/11/1984	5/11/1984	-	Active	NO
5	U67120MH1985PTC037395	JAMSHED INVESTMENTS PRIVATE LIMITED	Director	5/9/1985	5/9/1985	-	Active	NO
6	U51900MH1994PTC077194	Dachser India Private Limited	Director	21/03/1994	21/03/1994	-	Active	YES
7	U65990MH1998PTC113599	EFGEE SECURITIES PRIVATE LIMITED	Director	25/03/1998	25/03/1998	-	Active	NO
8	U63040MH1998PTC115025	CWT India Private Limited	Director	20/05/1998	20/05/1998	3/7/2007	Active	NO
9	U70101MH1997PLC111936	ZEENIA REALTORS LIMITED	Director	9/12/1999	9/12/1999	-	Active	NO
10	U72900MH2003PTC143667	INDGLOBAL NETWORK SUPPORT PRIVATE LIMITED	Director	26/12/2006	26/12/2006	-	Active	NO
11	U27310MH2007PTC166941	BDS Projects India Private Limited	Director	11/1/2007	11/1/2007	-	Active	NO
12	U28920MH2007PTC173618	Nukote Coating Systems India Private Limited	Director	30/08/2007	30/08/2007	-	Active	NO
13	U63090MH2001PTC133173	CYFAST Enterprises Private Limited	Director	30/09/2008	22/08/2008	-	Active	NO
14	U45200MH2008PTC179696	CJG Warehouse Infrastructure Private Limited	Director	30/09/2010	9/6/2010	-	Active	NO
15	U30000MH2010PTC207901	Total Imaging Solutions Private Limited	Director	20/09/2010	20/09/2010	-	Active	NO

Name :

Mr. Thomas Reuter

Designation :

Director

Address :

Bergstrasse 15, Nussloch – 69226, Germany

Date of Birth/Age :

25.02.1957

Date of Appointment :

28.09.2007

DIN :

01214399

KEY EXECUTIVE

Name :	Mr. Detlev Wolfgang Janik
Designation :	Manager
Address :	Flat No. 2302a, Lakshchandi Heights, Gen. A. K. Vaidya Marg, Gokuldham, Goregaon East, Mumbai – 400063, India
Date of Birth/Age :	01.02.1958
PAN :	AHCPJ9857B
Date of Appointment :	04.02.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Names of Shareholders	No. of Shares
Indglobal Network Support Private Limited, India	90000
DACHSER Beteiligungs – GMBH, Germany	90000
Total	180000

As on 30.06.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie’s Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Freight and Logistics Services
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

Force Motors (MAN)
Honda Siel Cars India
JRK Auto
Mahindra and Mahindra
Tata Yazaki
Toyota Kirloskar
ATandS India Private Limited

Kirloskar Oil Engines
L and T
Parkwel-Markwel Industries
Tube Investments of India
Hindustan Unilever Limited

IFB Industries
J L Morrison
Toshiba
Whirlpool
Congnizant Technologies
Converges
GENPACT
NIIT
Satyam Computers
Bharat Petroleum
Hindustan Petroleum
Indian Petrochemical
Reliance Petrochemicals
SPIC Petrochemicals
Alstom Limited

Areva
Radius Power India
Suzlon Energy
Tata Power
Biocon India Limited

Cadila
Henkel Teroson
Ranbaxy
Witmans Industries
Finolex Cables
Vodafone
Reliance Telecom
Sterlite Optical Fibres
Tata Telecom

No. of Employees :

500 [Approximately]

Bankers :

• Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
• Anz Gridnlays Bank, 90 Mahatma Gandhi Road, Bombay - 400023, Maharashtra, India
• The British Bank Of The Middle East, 16 Veer Narimna Road, Mumbai - 400023, Maharashtra, India

Facilities :

Secured Loan [Rs. in million]	31.12.2008 [12 months]	31.12.2007 [9 months]
Cash Credit / Working Capital demand loan from bank	49.609	0.000
Interest accrued and due [Secured by way of first pari paasu charge on all current assets of the company]	0.573	0.000
Total	50.182	0.000
Unsecured Loan [Rs. in million]	31.12.2008 [12 months]	31.12.2007 [9 months]
Overdrafet facility from bank [the above overdraft facility is secured by way of corporate guarantee from the member company]	38.412	40.910
Total	38.412	40.910

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Company Chartered Accountant
Address :	Jalan Mill Compound, 95, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013, Maharashtra, India
Tel. No.:	91-22-40356300
Fax No.:	91-22-40356400

CAPITAL STRUCTURE

30.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs.100/-each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
180,000	Equity Shares	Rs.100/-each	Rs.18.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.12.2008 [12 months]	31.12.2007 [9 months]	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		18.000	18.000	17.499
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		141.923	85.168	15.470
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		159.923	103.168	32.969
LOAN FUNDS
1] Secured Loans		50.182	0.000	0.000
2] Unsecured Loans		38.412	40.910	31.547
TOTAL BORROWING		88.594	40.910	31.547
DEFERRED TAX LIABILITIES		0.000	0.000	1.040
TOTAL		248.517	144.078	65.556
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.583	36.746	39.130
Capital work-in-progress		7.785	0.000	0.000
INVESTMENT		4.912	0.000	0.000
DEFERREX TAX ASSETS		18.002	6.270	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	462.151	381.350	265.353
	Cash & Bank Balances	31.640	15.738	10.999
	Other Current Assets	2.485	0.000	0.000
	Loans & Advances	52.490	31.563	43.694
Total Current Assets		548.766	428.651	320.046
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	323.624	277.592
	Other Current Liabilities	32.375	19.181	278.743
	Provisions	12.532	30.816	14.877
Total Current Liabilities		368.531	327.589	293.620
Net Current Assets		180.235	101.062	26.426
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		248.517	144.078	65.556

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2008 [12 months]	31.12.2007 [9 months]
	REVENUE		714.159	435.075
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	617.322	382.537
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		96.837	52.538
Less/ Add	DEPRECIATION/ AMORTISATION		11.345	8.023
	PROFIT / LOSS BEFORE TAX		85.492	44.515
Less	TAX		28.737	15.600
	PROFIT / LOSS AFTER TAX		56.755	28.915
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		40.360	11.445
	PROFIT AVAILABLE FOR APPROPRIATIONS		97.115	40.360
	Earnings Per Share (Rs.)		315.30	-

Particulars	2010-11 [till date]	2009-10	2008-09
Sales Turnover [Approximately]	5500.000	4600.000	3000.000

The above information has been parted by Mr. Vipul Shah [General Manager- Finance]

KEY RATIOS

PARTICULARS		31.12.2008 [12 months]	31.12.2007 [12 months]	31.03.2007 [3 months]
PAT / Total Income	(%)	7.95	6.64	NA
Net Profit Margin (PBT/Sales)	(%)	11.97	10.23	NA
Return on Total Assets (PBT/Total Assets}	(%)	14.58	9.56	NA
Return on Investment (ROI) (PBT/Networth)		0.53	0.43	NA
Debt Equity Ratio (Total Liability/Networth)		2.86	3.57	9.86
Current Ratio (Current Asset/Current Liability)		1.49	1.31	1.09

LOCAL AGENCY FURTHER INFORMATION

Note : Registered office address of the company has been shifted from Neville House, Currimbhoy Road, Ballard Estate, Mumbai – 400001, India to the present address w.e.f. 11.01.2007

Financial Results :

During the year the Company earned income of INR 714 millions against INR 435 millions in the previous accounting period. However, the results are not strictly comparable as previous accounting period was for 9 months i. e. from April to December, 2007. The Profit Before Tax for 2008 amounted to INR 85 millions against INR 45 millions in 2007. After providing for the tax, the Profit for the year 2008 amounted to INR 57 millions against INR 29 millions for 2007. After adding brought forward profit of INR 40 millions, the surplus amounting to INR 97 millions has been carried forward.

BUSINESS PROSPECTS

The company will be faced with a difficult business environment due to the global recession for at least the first half of the year, after which the Management expects a degree of growth to return. Strict cost control has been and will continue to be implemented including but not restricted to a general wage freeze and judicious staff reductions.

Decline in Air and Ocean freight rates combined with an overall decline in volumes will result in a limited top line growth, however as the company manages to maintain the value of its GP that margin will consequently increase.

The TLM and KAM systems introduced in 2008 are expected to allow the company to attract new customers on certain key trade lanes to compensate at least partially for the overall volume decline.

In the budget submitted to the Board, the Management predicts a ‘repeat’ performance for the year 2009 with an anticipated PBT of approx INR 85.000 millions beyond which period significant growth of both top and bottom line shall resume.

Bankers Charges Report as per Registry

Corporate identity number of the company	U51900MH1994PTC077194
Name of the company	AFL DACHSER Private Limited
Address of the registered office or of the principal place of business in India of the company	Afl House, Lok Bharati Complex, Marol-Maroshi Road, Andheri (E), Mumbai – 400059, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10128330
Type of charge	Book Debts Floating Charge
Particular of charge holder	Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Nature of instrument creating charge	Supplemental Deed of Hypothecation
Date of instrument Creating the charge	01.09.2010
Amount secured by the charge	Rs.160.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - CC:5% below the Yes bank Prime landing rate prevailing from time to time WCDL: To be decided at the time of disbursement LC/BG/BC: 1%p.a. Terms of Repayment – WCDL: Max of 90 days CC: Tenor 12 months BG- Financial:Tenor 36 months (including claim period) BG- Performance:Tenor 36 months (including claim period) LC-Sight: Usance: 180 days LC-Usance: Usance: 180 days, Validity: 6 months BC: Tenor: 180 days Margin - NA Extent and Operation of the charge - First pari passu charge on all current assets of the Borrower
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Borrowers Stocks of raw material, semi finished and finished goods,stores and spares including relating to plant and machinery, bills receivables and book debts and all other receivables and movables
Particulars of the present modification	Existing first pari passu charge on current assets has been enhanced from 90MM to 160 MM (1. WCDL enhanced from 50 MM to 150 MM,1a.CC enhanced from Rs. 80 MM to 100, 2 BG- Financial: enhanced from 0.693MM to 1MM 2a. BG -performance: 1MM. 2b BG-Bid bond: 1MM, 2c. LC-Sight: 1MM , 2d. LC-Usance: 1MM, 2e. BC: 1MM

FIXED ASSETS :

· Plant and Machinery

· Furniture and Fixtures

· Computer and printers

· Computer Software

· Office Equipments

· Electrical Installations

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.22
UK Pound	1	Rs.75.63
Euro	1	Rs.65.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.