MIRA INFORM REPORT

Report Date :

30.08.2012

IDENTIFICATION DETAILS

Name :	ALLANASONS LIMITED
Registered Office :	Allana House, 4, Allana Road, Colaba, Mumbai - 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.02.1973
Com. Reg. No.:	11-016285
Capital Investment / Paid-up Capital :	Rs.19.600 Millions
CIN No.: [Company Identification No.]	U51990MH1973PLC016285
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21423D
PAN No.: [Permanent Account No.]	AAACA4533D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Exporter of Agricultural and Processed Food Products.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 8748000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject belongs to the Allana Group. It has been designated as the Five Star Trading House by the Government of India. It is a well establishment and reputed company having fine track. Financial position of the company appears to be strong. Directors are well experienced and knowledgeable businessmen. Trade relations are reported as praiseworthy. 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A1+ (Short Term Bank Facilities)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	01.02.2012

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.

INFORMATION PARTED BY

Name :	Mr. Anwar
Designation :	Finance Manager
Contact No.:	91-22-22874455
Date :	29.08.2012

LOCATIONS

Registered Office :	Allana House, 4, Allana Road, Colaba, Mumbai - 400 001, Maharashtra, India
Tel. No.:	91-22-22874455/ 22856474/ 22811000
Fax No.:	91-22-22044821/ 22047002/ 22797742
E-Mail :	allanabb@bom2.vsnl.net.in allana@vsnl.com allanahouse@allana.com ankhan@allana.com allanasons@allana.com
Website :	www.allana.com
Location :	Owned
Corporate Office :	Allana Centre, A.R.J. Allana Marg, 113/115, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-66569140/66569000/66569080/66569197/22040161/22628000/66569130
Fax No.:	91-22-22695700/22695701/22843243
E-Mail :	allanacentre@allana.com info@allana.com
Branch Office 1 :	26/3-3, Sankey Road, Post Box No. 105, Bangalore – 560 052, Karnataka, India
Tel. No.:	91-80-22612354/ 2267007
Fax No.:	91-80-22251041
E-Mail :	allanabg@blr.vsnl.net.in
Branch Office 2:	Nicco House, 5^th Floor, 2, Hare Street, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-222487041/ 22487008
Fax No.:	91-33-22248896
E-Mail :	fcal@cal2.vsnl.net.in
Branch Office 3:	Surya Towers, Block F, 5th Floor, 105, S. P. Road, Secunderabad – 500 003, Andhra Pradesh, India
Tel. No.:	91-40-22849047 /22842897
Fax No.:	91-40-22867633
E-Mail :	fricon@hd2.vsnl.net.in
Telex:	4252437 ALANA IN
Branch Office 4:	Post Box No. 632, Door No. XXIV/199-A, Perumanoor Jetty Road, Willingdon Island, Cochin – 682 003, Kerala, India
Tel. No.:	91-484-2667199/ 2666180
Fax No.:	91-484-2668260
E-Mail :	allanaco@vsnl.com
Branch Office 5:	Kuthar Padavu, Someshwar Village, Munnuru P.O. Via Peramannur, Mangalore – 574 183, Karnataka, India
Tel. No.:	91-824-2467376/ 2467047
Fax No.:	91-824-2467376
Branch Office 6 :	10, Scindia House, 2^nd Floor, Connaught Circus, New Delhi – 110 001, India
Tel. No.:	91-11-23311075/ 23320699
Fax No.:	91-11-23325627
Branch Office 7 :	Post Box No.117, H.N. Pura Road, Hasan – 573 201, Karnataka, India
Tel. No.:	91-8172-268045/ 266373/ 267329
Fax No.:	91-8172-261883/ 264570
Branch Office 8 :	Plot No.51-56, GIDC Estate, Veraval – 362 269, Gujarat, India
Tel. No.:	91-2876-221054/ 221069
Fax No.:	91-2876-241002
Branch Office 9 :	Paithan Road, Post Box No.564, Gevrai, Aurangabad - 431 001, Maharashtra, India
Tel. No.:	91-240-2353452/ 2353440
Fax No.:	91-240-234876
E-Mail :	frigorif@bom5.vsnl.net.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Kantilal Chandulal Mehta

Designation :

Director

Address :

607, Veena Vihar, 17A, Flank Road, Mumbai – 400 022, Maharashtra, India

Date of Birth/Age :

13.11.1929

Date of Appointment :

11.01.2003

DIN No.:

00705089

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	U15130MH1980PLC023304	Allana Oil Mills Limited	Director	24-04-91	24-04-91	Active	NO
2	U51900MH1981PLC025145	Alna Trading and Exports Limited	Director	10-05-91	10-05-91	Active	NO
3	U51900MH1984PLC033754	Alagro Trading Limited	Director	10-05-91	10-05-91	Active	NO
4	U63020MH1973PLC016807	Allana Cold Storage Limited	Whole-time director	01-10-10	22-01-93	Active	NO
5	U15130MH1994PTC078317	Tiffany Processed Foods Private Limited	Director	01-07-95	01-07-95	Active	NO
6	U24220MH1944PLC004157	Mercury Paints and Varnishes Limited	Director	25-01-00	25-01-00	Active	NO
7	U51990MH1973PLC016285	Allanasons Limited	Director	11-01-03	11-01-03	Active	NO
8	U65990MH1980PLC022448	Allana Holdings Limited	Director	15-01-03	15-01-03	Active	NO
9	U74999MH1989PLC051140	Frigerio Conserva Allana Limited	Director	05-02-03	05-02-03	Active	NO
10	U15100MH1992PLC068160	Indagro Foods Limited	Director	05-02-03	05-02-03	Active	NO
11	U74999MH1980PLC022460	Allana Services Limited	Director	31-07-04	31-07-04	Active	NO
12	U65923MH1979PLC021050	Allana Investments and Trading Company Limited	Director	06-01-06	06-01-06	Active	NO
13	U51900MH1977PLC019552	Allana Exports Limited	Director	08-03-07	08-03-07	Active	NO
14	U65990MH1984PLC032824	Allana Pharmachem Limited	Director appointed in casual vacancy	15-06-07	15-06-07	Active	NO

Name :

Mr. Rashid Sohrab Kadimi

Designation :

Director appointed in casual vacancy

Address :

4C-14, Versova View, 4, Bunglow Road, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

17.07.1948

Date of Appointment :

09.05.2011

DIN No.:

00212790

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	U74999MH1989PLC051140	Frigerio Conserva Allana Limited	Director	14-02-01	14-02-01	-	Active	NO
2	U29190MH1971PLC048613	Anjaneya Cold Storage Limited	Director	12-06-07	12-06-07	30-06-11	Active	NO
3	U51990MH1973PLC016285	Allanasons Limited	Director appointed in casual vacancy	09-05-11	09-05-11	-	Active	NO

Name :

Mr. Fauzan Mustafa Alavi

Designation :

Additional Director

Address :

603, Carlton Court, Perry Cross Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

16.12.1969

Date of Appointment :

14.06.2011

DIN No.:

03552053

KEY EXECUTIVES

Name :	Mr. Anwar
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Irfan A.R. Allana	1672
Feroz A.R. Allana Jointly with Shiraz A.R. Allana	1670
Shiraz A.R. Allana Jointly with Feroz A.R. Allana	1670
Phoenicia Shipping Company Limited, India	159628
Allana Investments and Trading Company Limited, India	31357
Soeb Nooruddin Bhatri	1
Anwar Yasin Chauhan	1
Mulky Krishna Haridas	1
Total	196000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	2.56
Bodies corporate	97.44
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Exporter of Agricultural and Processed Food Products.

Products :

Item Code	Product Description
020130.00	Meat
090111.21	Coffee
151190.10	RBD Palmolein
100110	Wheat
030329.00	Fish
08045040	Mango Pulp
020130	Frozen Foodstuffs

Exports :

Products :

Agricultural and Processed Food Products

Countries :

v Asian Country

v Middle East

v Europe

v Far East

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production Quantity
Frozen Foodstuffs (Processed by third party)	Kgs.	N.A.	N.A.	131342
Other Items	Kgs.	N.A.	N.A.	10295413

GENERAL INFORMATION

Customers :

v Wholesalers

v Retailers

v End Users

No. of Employees :

2000 (Approximately)

Bankers :

v Union Bank of India, Colaba Branch

v Vijaya Bank

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Working capital loans others secured	245.245	0.000
Total	245.245	0.000

Banking Relations :	--
Auditors :
Name :	Rajendra and Company Chartered Accountants
Address :	1311, Dalamal Towers, 211, Nariman Point, Mumbai - 400 021, Maharashtra, India
Tel. No.:	91-22-2285 5770
Fax No.:	91-22-2283 4243
E-Mail :	rajendraco@vsnl.com
PAN No.:	AAAFR1878D
Subsidiaries :	v Allana Pharmachem Limited, India (CIN No.: U65990MH1984PLC032824) v Allana Mauritius Limited, Mauritius
Associates :	v Indagro Foods Limited, India (CIN No.: U15100MH1992PLC068160) v Allana Investments and Trading Company Limited, India (CIN No.: U65923MH1979PLC021050) v Alagro Trading Limited, India (CIN No.: U51900MH1984PLC033754)

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
196000	Equity Shares	Rs.100/- each	Rs.19.600 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		19.600	19.600	9.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2167.492	1776.503	1474.610
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2187.092	1796.103	1484.410
LOAN FUNDS
1] Secured Loans		245.245	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		245.245	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2432.337	1796.103	1484.410
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		166.240	152.300	163.530
Capital work-in-progress		36.595	20.682	0.000
INVESTMENT		818.430	818.430	818.450
DEFERRED TAX ASSETS		3.274	0.890	0.539
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4722.576	3907.063	2858.347
	Sundry Debtors	3373.721	1958.510	2350.012
	Cash & Bank Balances	2215.161	1411.253	1343.732
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	439.017	234.000	187.904
Total Current Assets		10750.475	7510.826	6739.995
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8664.316	6401.288	5953.877
	Other Current Liabilities	664.586	294.450	272.760
	Provisions	13.775	11.287	11.467
Total Current Liabilities		9342.677	6707.025	6238.104
Net Current Assets		1407.798	803.801	501.891
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2432.337	1796.103	1484.410

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	47825.218	37300.766	35805.830
		Other Income	5.042	1.713	2.183
		TOTAL	47830.260	37302.479	35808.013
Less	EXPENSES
		Consumption materials changes inventories	42886.505	33064.858	35309.182
		Manufacturing service costs	53.367	47.300
		Employee related expenses	117.380	73.151
		Administrative selling other expenses	4115.008	3584.120
		TOTAL	47172.260	36769.429	35309.182
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		658.000	533.050	498.831
Less	INTEREST FINANCIAL CHARGES		28.288	19.347	11.278
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		629.712	513.703	487.553
Less/ Add	DEPRECIATION/ AMORTISATION		32.106	30.874	22.572
	PROFIT BEFORE TAX		597.606	482.829	464.981
Less	TAX		206.616	174.650	169.143
Less	Short/(Excess) Provisions for Taxation		0.000	6.287	0.181
	PROFIT AFTER TAX		390.990	301.892	295.657
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1573.575	1271.683	976.026
	BALANCE CARRIED TO THE B/S		1964.565	1573.575	1271.683
	EARNINGS IN FOREIGN CURRENCY		42417.300	33174.200	33133.000
	CIF VALUE OF IMPORTS		1550.900	642.900	84.500
	Earnings Per Share (Rs.)		1994.85	1540.00	926.00

Particulars	31.03.2012
Sales Turnover (Approximately)	50000.000

Expected Sales (2012-2013): Rs.60000.000 millions

The above information has been parted by Mr. Anwar (Finance Manager).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.82	0.81	0.83
Net Profit Margin (PBT/Sales)	(%)	1.25	1.29	1.30
Return on Total Assets (PBT/Total Assets}	(%)	5.47	6.30	6.74
Return on Investment (ROI) (PBT/Networth)		0.27	0.27	0.31
Debt Equity Ratio (Total Liability/Networth)		4.38	3.73	4.20
Current Ratio (Current Asset/Current Liability)		1.15	1.12	1.08

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
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	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Fixed Assets:

v Freehold Land

v Factory Building

v Road

v Building (Others)

v Plant and Machinery

v Office Equipments

v Other Office Equipments

v Electrical Installations

v Factory Equipments

v Furniture and Fixtures

v Computers/ Software

v Vehicles

v Trucks

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 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.55.66
UK Pound	1	Rs.80.04
Euro	1	Rs.69.91

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	0
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		63

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.