MIRA INFORM REPORT

Report Date :

10.08.2012

IDENTIFICATION DETAILS

Name :	SUN VACUUM FORMERS PRIVATE LIMITED
Registered Office :	J-286, Saket, New Delhi-110 017, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.04.1986
Com. Reg. No.:	55-23987
Capital Investment/ Paid-up Capital:	Rs.39.120 Millions
CIN No.: [Company Identification No.]	U74899DL1986PTC023987
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Thermoforming, Injection Moulding Plastic Injection Moulding And Inject Moulding Machinery.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2575000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Directors are reported to be well experienced and knowledgeable business men. The company has achieved a better increase in its sales turnover and profitability during 2011. Trade relations are reported to be trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	J-286, Saket, New Delhi-110 017, India
Tel. No.:	91-124-23400145
Fax No.:	91-124-2348003
E-Mail :	sushil.pandey@sunvac.co.in
Website :	www.sunvac.co.in
Factory :	Plot No. 39-40, Sectroe -18 Maruti Industrial Area, Sector-108, Gurgaon-122 015, Haryana, India
Tel. No.:	91-11-26340015/ 26340018
Fax No.:	91-11-26340401

DIRECTORS

As on 30.09.2011

Name :

Mr. Subhash Vasant Sathe

Designation :

Managing Director

Address :

74, DDA SFS Flats, Gautam Nagar, New Delhi-110049, India

Date of Birth/Age :

21.04.1955

Qualification :

M.E

Experience :

25 Years

Date of Appointment :

06.04.1987

Din No.:

00034955

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1986PTC023987	SUN VACUUM FORMERS PRIVATE LIMITED	Managing director	06/04/1987	06/04/1987	-	Active	NO
2	U65990MH1992PTC069907	INDIRA HOLDINGS PRIVATE LIMITED	Director	04/12/1992	04/12/1992	-	Active	NO
3	U74899DL1994PTC061253	TRW SUN STEERING WHEELS PRIVATE LIMITED	Director	26/03/2012	05/09/1994	-	Active	NO
4	U74899DL1996PTC079641	SUN INJECTO PLAST PRIVATE LIMITED	Director	13/06/1996	13/06/1996	-	Active	NO
5	U45202DL1996PLC083402	TS TECH SUN INDIA LIMITED	Director	13/07/2002	13/07/2002	-	Active	NO
6	U74899DL1987PTC027108	VIJAY EQUIPMENTS AND TOOLS MANUFACTURING CO PRIVATE LIMITED	Director	18/01/2003	18/01/2003	-	Active	NO
7	U34300DL2008PTC181194	TS TECH SUN RAJASTHAN PRIVATE LIMITED	Director	22/07/2008	22/07/2008	-	Active	NO
8	U35119DL2009PTC189941	TRW AUTOMOTIVE INDIA PRIVATE LIMITED	Director	04/05/2009	04/05/2009	-	Active	NO

Name :

Mrs. Indrani Subhash Sathe

Designation :

Director

Address :

74, DDA SFS Flats, Gautam Nagar, New Delhi-110049, India

Date of Birth/Age :

22.03.1961

Date of Appointment :

23.04.1986

Din No.:

00034999

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1986PTC023987	SUN VACUUM FORMERS PRIVATE LIMITED	Director	23/04/1986	23/04/1986	-	Active	NO
2	U65990MH1992PTC069907	INDIRA HOLDINGS PRIVATE LIMITED	Director	04/12/1992	04/12/1992	-	Active	NO
3	U74899DL1994PTC061253	TRW SUN STEERING WHEELS PRIVATE LIMITED	Director	05/09/1994	05/09/1994	-	Active	NO
4	U74899DL1996PTC079641	SUN INJECTO PLAST PRIVATE LIMITED	Director	13/06/1996	13/06/1996	-	Active	NO
5	U74899DL1987PTC027108	VIJAY EQUIPMENTS AND TOOLS MANUFACTURING CO PRIVATE LIMITED	Director	18/01/2003	18/01/2003	-	Active	NO

Name :

Mr. Ish Budhiraja

Designation :

Director

Address :

J-286, Saket, New Delhi-110017, India

Date of Birth/Age :

08.08.1958

Date of Appointment :

13.11.1986

Din No.:

00035029

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1986PTC023987	SUN VACUUM FORMERS PRIVATE LIMITED	Director	13/11/1986	13/11/1986	-	Active	NO
2	U74899DL1994PTC061253	TRW SUN STEERING WHEELS PRIVATE LIMITED	Managing director	26/03/2012	15/09/1994	-	Active	NO
3	U74899DL1996PTC079641	SUN INJECTO PLAST PRIVATE LIMITED	Managing director	10/12/1997	10/12/1997	-	Active	NO
4	U74899DL1987PTC027108	VIJAY EQUIPMENTS AND TOOLS MANUFACTURING CO PRIVATE LIMITED	Director	18/01/2006	18/01/2006	-	Active	NO
5	L01122DD1991PLC002959	MULTIBASE INDIA LIMITED	Director	27/08/2007	30/04/2007	30/09/2009	Active	NO
6	U35119DL2009PTC189941	TRW AUTOMOTIVE INDIA PRIVATE LIMITED	Director	04/05/2009	04/05/2009	24/07/2009	Active	NO

Name :

Mr. Abhay Dhanraj Gandhi

Designation :

Director

Address :

Meghdoot, Gandhinagar, Yeotmal-445001, Maharashtra, India

Date of Birth/Age :

07.01.1951

Date of Appointment :

25.04.1986

Din No.:

01222852

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1986PTC023987	SUN VACUUM FORMERS PRIVATE LIMITED	Director	25/04/1986	25/04/1986	-	Active	NO
2	U99999MH1992PTC068581	BOMBAY WELLPRINT INKS PVT LTD	Director	20/12/2002	20/12/2002	-	Active Bottom of Form

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Subhash Sathe (HUF)	6300000
Indira Holdings Private Limited, India	1612000
Rohit Dhesi	100000

As on 30.09.2011

Category	Percentage
Bodies corporate	41.20
Directors or relatives of directors	42.70
Other top fifty shareholders	16.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Thermoforming, Injection Moulding Plastic Injection Moulding And Inject Moulding Machinery.

PRODUCTION STATUS As on 31.03.2011

Particulars	Licensed Capacity (in metric tons)	Actual Production (in metric tons)
Plastic items for automobiles (p.a)	4900 MT	2,75,88,077
Other Plastic Items (p.a)	350 MT	Nil

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, SME Branch, Vatika First India Place, M.G. Road, Gurgaon, 122001, Haryana, India

· Harayana State Industrial Development Corporation limited, SCO No. 40-41, Sector -17A Chandigarh, India

· State Bank of India, Commercial Branch, 6^th Floor, Palm Court, Gurgaon-122 001, Haryana, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
Rupee term loans financial institutions secured	11.073	33.219
Rupee term loans others secured	1.654	7.807
Working capital loans banks secured	29.920	33.386
Total	42.647	74.412

Banking Relations :	--
Financial Institutions:	The Harayana Fianancila Corporations, 18 and 19, Sector -17, Opposite LIC Building, Chandigarh, India
Auditors :
Name :	Mukund M. Chitale and Company Chartered Accountants
Address :	204/205, Agrawal Shyamkamal – A, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Pan No.:	AAAFB2030L
Subsidiaries :	TRW Sun Steering Wheels Private Limited CIN No.: U74899DL1994PTC061253 Sun Injecto Plast Private Limited CIN No.: U74899DL1996PTC079641 Vijay Equipments and Tools Manufacturing Company Private Limited CIN No.: U74899DL1987PTC027108 Sun Alphatec Moulds (India) Private Limited CIN No.: U93000DL2007PTC164662
Joint Venture:	T S Tech Sun (India) Limited CIN No.: U45202DL1996PLC083402 T S Tech Sun Rajasthan Private Limited CIN No.: U34300DL2008PTC181194 TRW Automotive India Private Limited CIN No.: U35119DL2009PTC189941

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3912000	Equity Share	Rs.10/- each	Rs.39.120 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		39.120	39.120	39.120
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		604.737	483.772	413.848
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		643.857	522.892	452.968
LOAN FUNDS
1] Secured Loans		42.647	74.412	87.320
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		42.647	74.412	87.320
DEFERRED TAX LIABILITIES		11.024	11.967	8.399
TOTAL		697.528	609.271	548.687
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		442.352	432.869	282.661
Capital work-in-progress		17.572	6.666	10.262
INVESTMENT		139.761	108.717	176.719
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	57.459	39.004	26.764
	Sundry Debtors	145.217	105.228	70.698
	Cash & Bank Balances	14.974	15.150	13.104
	Other Current Assets	0.219	0.503	0.412
	Loans & Advances	43.454	48.459	32.066
Total Current Assets		261.323	208.344	143.044
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	136.631	120.207	45.079
	Other Current Liabilities	13.033	17.466	9.615
	Provisions	13.816	9.652	9.304
Total Current Liabilities		163.480	147.325	63.998
Net Current Assets		97.843	61.019	79.045
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		697.528	609.271	548.687

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		698.218	522.081
		Other Income		32.564	196.792
		TOTAL (A)	1307.742	730.782	718.873
Less	EXPENSES
		Raw Material Consumption		402.542	283.820
		Manufacturing Expenses		56.047	45.064
		Employees Remuneration and Benefits		69.969	55.096
		Administrative Expenses		33.693	37.636
		TOTAL (B)	1120.530	562.251	421.616
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Including inters and Depreciation	168.531	297.257
Less	FINANCIAL EXPENSES (D)			9.450	5.824
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			159.081	291.43
Less/ Add	DEPRECIATION/ AMORTISATION (F)			49.502	47.535
	PROFIT BEFORE TAX (E-F) (G)		187.212	109.579	243.898
Less	TAX (I)		61.685	35.094	60.424
	PROFIT AFTER TAX (G-I) (J)		125.527	74.485	183.474
Less	APPROPRIATIONS
		Proposed Dividend	3.912	3.912	3.912
		Dividend Tax on Proposed Dividend	0.650	0.650	0.665
	BALANCE CARRIED TO THE B/S		120.965	69.923	178.897
	EARNINGS IN FOREIGN CURRENCY		0.047	NA	183.933
	IMPORTS
		Raw materials, consumables and stores & spares	29.974	9.541	9.758
		Sample Expenses	0.258	0.000	1.055
		Capital Goods	4.062	15.511	9.624
		Professional Fee	0.000	0.000	5.024
	TOTAL EARNINGS		34.294	25.052	25.461
	Earnings Per Share (Rs.)		32.09	19.04	46.90

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.60	10.19	25.52
Net Profit Margin (PBT/Sales)	(%)	NA	15.69	46.72
Return on Total Assets (PBT/Total Assets}	(%)	26.60	17.09	57.29
Return on Investment (ROI) (PBT/Networth)		0.29	0.21	0.54
Debt Equity Ratio (Total Liability/Networth)		0.32	0.42	0.33
Current Ratio (Current Asset/Current Liability)		1.60	1.41	2.24

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

OPERATIONS

The Directors report that during the Year the Company has earned a total income of Rs.1307.742 Millions However, the Company incurred expenses of Rs.1120.530 Millions due to various manufacturing, administrative, financial and other expenses.

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1986PTC023987
Name of the company	SUN VACUUM FORMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	J-286 Saket, New Delhi-110017, India Email: sushil.pandey@sunvac.co.in
This form is for	Modification of charge
Charge identification number of the modified	80041436
Type of charge	Book Debts Movable Property Immovable Property Others
Particular of charge holder	State Bank of India, Commercial Branch, 6^th Floor, Palm Court, Gurgaon-122001, Haryana, India Email: ravinder.k.jain@sbi.co.in
Nature of description of the instrument creating or modifying the charge	1. Sanction letter dated 23-03-2012 2. SME 1 - Letter of Arrangement dated 26-03-2012 3. SME 3 - Guarantee Agreement dated 26-03-2012 4. SME 4 - Supplemental Agreement of Loan-cum-hypothecation dated 26-03-2012 5. SME 8 - Letter of confirmation for extension of mortgage by deposit of title deeds dated 26-03-2012 6. Board resolution dated 25-03-2012
Date of instrument Creating the charge	26.03.2012
Amount secured by the charge	Rs. 60.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit: 6.00 % above Base Rate, present effective rate 16.00 % p.a. with monthly rests. Term Loan: 6.50 % above Base Rate, present effective rate 16.50 % p.a. with monthly rests. Terms of Repayment Cash Credit: On Demand. Term Loan: 35 monthly installments of Rs. 0.555 Millions plus interest per month and last installment of Rs. 0.575 Millions plus interest. The repayment will start 2 months after 1st disbursement. Margin CC: Existing Proposed RM: 25% 25% Domestic/Imported SIP 25% 25% FG 25% 25% Receivables 40% 40% (Cover 90 Days) TL NA 25.93% LC 25% 25% BG 25% 25% Extent and Operation of the charge 100%
Short particulars of the property charged	Cash Credit/LC/BG: Primary: Hyp. & exclusive first charge on all the current assets of the Company including all types of Stocks of raw materials, stores, spares, stocks-in-process, finished goods etc lying in their premises, godowns, elsewhere including goods in transit and company's book debts / receivables (present and future) Term Loan: Primary: First Charge over the entire fixed assets of the Company (present and future) financed by our bank. Collateral: EM of Company's land & building at plot no. 40, Sector-18, Gurgaon, measuring 1923.07 sq. mtrs. Guarantee: 1. Mr. Subhash Sathe 2. Mrs. Indrani Sathe 3. Mr. Ish Budhiraja
Date of latest modification prior to the present modification	07.02.2011
Particulars of the present modification	Credit Facilities have been increased form Rs. 34.000 MIllions to Rs. 60.000 Million as follows: Existing Proposed (amt in Rs. Millions) CC 25.000 25.000 TL 0.00 20.000 LC 8.000 10.000 BG 1.000 5.000 Total 34.000 60.000

CONTINGENT LIABILITY

Rs. In Millions

Particular	31.03.2011
Excise matters	0.046
Customs matters	1.050

FIXED ASSETS:

· Land

· DLF Plot

· Building

· Plant and Machinery

· Communication System

· Furniture and Fixture

· Vehicle

· Moulds

· Computer and Printer

· Office Equipments

· Computer Software

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.55.17
UK Pound	1	Rs.86.43
Euro	1	Rs.68.27

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		54

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.