MIRA INFORM REPORT

Report Date :

08.12.2012

IDENTIFICATION DETAILS

Name :	MANISH PACKAGING PRIVATE LIMITED
Registered Office :	Ghantiwala Compound, Near A.S. Motors, Ashvani Kumar Road, Surat – 395008, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.01.1997
Com. Reg. No.:	04-031603
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U25209GJ1997PTC031603
IEC No.:	5296003276
TAN No.: [Tax Deduction & Collection Account No.]	SRTM00134B
PAN No.: [Permanent Account No.]	AABCM6018Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Packaging Materials.
No. of Employees :	470 (Approximately)

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 1980000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Latest financial i.e. 2011-12 are missing from the government department. From the financial 2011 the company seems to be performing well. 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.

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	CRISIL
Rating	A2 : Letter of Credit
Rating Explanation	Strong degree of safety. It carry low credit risk.
Date	October 5, 2011

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. Mrugesh S. Raval
Designation :	Director
Contact No.:	91-261-2399999
Date :	04.12.2012

LOCATIONS

Registered Office :	Ghantiwala Compound, Near A.S. Motors, Ashvani Kumar Road, Surat – 395008, Gujarat, India
Tel. No.:	91-261-2399999 / 799
Fax No.:	91-261-2399998
E-Mail :	accounts@manishfilms.com mrugesh@manishfilms.com manishpackaging@dedcs.net
Website :	http://www.manishpackaging.com
Area :	3000 sq. ft.
Location :	Owned
Factory :	Plot No. 539, Road No.5, G.I.D.C., Sachin, Surat – 394230, Gujarat, India
Tel. No.:	91-261-2399999
Fax No.:	91-261-2399998
E-Mail :	info@manishpackaging.com
Area :	5000 sq. ft
Location :	Leased
Factory :	Block No. 690 and 691, Village Maroli, Taluka Navasari, Valsad, Gujarat, India
Tel. No.:	91-2637-273029
Area :	5000 sq. ft
Location :	Owned

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Kanaiyalal B. Patel
Designation :	Director
Address :	112 Sarjan Society, Near Citylight Road Athwalines, Surat- 395001, Gujarat, India
Date of Birth/Age :	29.03.1943
Date of Appointment :	29.01.1997
PAN No.:	ADQPP0309J
DIN No.:	00382405
Name :	Mr. Manish K. Patel
Designation :	Director
Address :	1-B, Rudravan Apartment Co-Operative Housing Society, Near Experimental School, Athwalines Surat - 395007 Gujarat, India
Date of Birth/Age :	22.09.1968
Date of Appointment :	03.02.1997
PAN No.:	AANPP3239R
DIN No.:	00382298
Name :	Mr. Mrugesh S. Raval
Designation :	Director
Address :	4, Krishnakunj Society, Bhairavnath Road, Kankaria Ahmedabad – 380008, Gujarat, India
Date of Birth/Age :	07.06.1973
Date of Appointment :	15.04.2004
DIN No.:	00382553
Name :	Mr. Vikas Kanaiyalal Patel
Designation :	Director
Address :	112 Sarjan Society, Near Citylight Road Athwalines, Surat- 395001, Gujarat, India
Date of Birth/Age :	12.12.1970
Date of Appointment :	03.02.1997
PAN No.:	AANPP2524K
DIN No.:	00411715

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Kanaiyalal Bhagvandas Patel	913473
Patel Kanaiyalal (HUF)	557142
Vasantiben Kanaiyalal Patel	287214
Vikas Kanaiyalal Patel	619896
Nilam Manishbhai Patel	1000
Manish Kanaiyalal Patel	619906
Kekul Vikasbhai Patel	1000
Amit D. Gajjar	71
Vikas Traders	100
Manish Kanaiyalal Patel (HUF)	80
Vikas Kanaiyalal Patel (HUF)	80
Kanaiyalal B Patel (M/S Addplast Agencies)	24
Kanaiyalal B Patel (M/S Vikas Traders)	14
Total	3000000

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Packaging Materials.

Products :

ITC Code	Product Descriptions
0124	Manufacture and Sale of PVC Film

Exports :

Products :

Packaging Materials

Countries :

Ø UK

Ø USA

Ø African Countries

Ø UAE

Ø Russia

Ø Asian Countries

Imports :

Products :

Raw Material

Countries :

Ø Singapore

Ø China

Ø Taiwan

Ø Switzerland

Ø USA

Ø South Korea

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Technoplast Industries

Customers :

End Users

Ø Hitech Flexipack Private Limited

No. of Employees :

470 (Approximately)

Bankers :

Ø State Bank of India, Mid Corporate Branch, Trade House, Ring Road, Surat -395002, Gujarat, India

Ø ICICI Bank Limited, Platinum Plaza, Athwalines, Surat – 395002, Gujarat, India

Ø Standard Chartered Bank

Facilities :

Total – Rs. 47.000 Millions (State Bank of India)

Total Facility – Rs. 26.700 Millions (Standard Chartered Bank)

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	34.400	0.000
Foreign currency loans banks secured	52.024	76.397
Other external commercial borrowings secured	38.005	41.221
Working capital loans banks secured	83.753	49.149
Total	208.182	166.767
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans directors unsecured	34.285	20.385
Deposits related parties unsecured	49.084	74.634
Total	83.369	95.019

Banking Relations :	--
Auditors :
Name :	DSI and Company Chartered Accountants
Address :	C-32-33, Corner Point Complex, Citylight Petrol Pump Lane, Surat, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAFFD4002N
Associates :	Ø Addplast Agencies Ø Vikas Traders

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7,500,000	Equity Shares	Rs. 10/- each	Rs. 75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs. 30.000 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		30.000	30.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		465.924	370.818	251.633
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		495.924	400.818	281.633
LOAN FUNDS
1] Secured Loans		208.182	166.767	143.026
2] Unsecured Loans		83.369	95.019	81.425
TOTAL BORROWING		291.551	261.786	224.451
DEFERRED TAX LIABILITIES		47.763	47.999	37.528
TOTAL		835.238	710.603	543.612
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		369.412	359.361	251.254
Capital work-in-progress		0.167	6.233	8.070
INVESTMENT		10.701	6.727	33.981
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	216.118	163.257	97.469
	Sundry Debtors	198.520	183.588	112.479
	Cash & Bank Balances	63.597	26.013	36.852
	Other Current Assets	27.890	24.500	0.000
	Loans & Advances	43.801	51.468	80.219
Total Current Assets		549.926	448.826	327.019
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	42.998	29.170	36.933
	Other Current Liabilities	3.529	28.863	17.777
	Provisions	48.611	52.766	22.374
Total Current Liabilities		95.138	110.799	77.084
Net Current Assets		454.788	338.027	249.935
MISCELLANEOUS EXPENSES		0.170	0.255	0.372
TOTAL		835.238	710.603	543.612

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		1034.483	772.409
		Other Income		2.537	6.050
		TOTAL (A)	1200.000 (Approximately)	1037.020	778.459
Less	EXPENSES
		Material Consumed		642.929	508.915
		Manufacturing and Operating Expenses		91.503	70.931
		Excise duty		0.000	0.000
		Employees Remuneration and Benefits		37.863	19.242
		Sales and Administrative Expenses		30.412	30.940
		Preliminary Expenses Written Off		0.032	0.074
		Amalgamation Expenses Written Off		0.085	0.086
		Increase / (Decrease) in Stock		(17.114)	3.159
		TOTAL (B)	N.A.	785.710	633.347
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			251.310	145.112
Less	FINANCIAL EXPENSES (D)			21.679	47.062
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			229.631	98.050
Less/ Add	DEPRECIATION/ AMORTISATION (F)			53.192	32.715
	PROFIT BEFORE TAX (E-F) (G)		137.592	176.439	65.335
Less	TAX (H)		41.629	56.481	28.680
	PROFIT AFTER TAX (G-H) (I)		95.963	119.958	36.655
Less	PREVIOUS YEARS’ ADJUSTMENTS		0.857	0.773	0.086
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		357.751	238.566	201.997
	BALANCE CARRIED TO THE B/S		452.857	357.751	238.566
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	495.780	421.715	372.987
	IMPORTS
		Raw Materials		355.376	231.896
		Fixed Assets		17.249	70.602
	TOTAL IMPORTS		N.A.	372.625	302.498
	Earnings Per Share (Rs.)		31.99	40.00	18.58

Particulars	31.03.2012
Sales Turnover (Approximately)	1350.000

Expected Sales ( 2012-2013 ) : Rs. 1500.000 Millions

The above information has been parted by Mr. Mrugesh Raval (Director)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	11.57	4.71
Net Profit Margin (PBT/Sales)	(%)	N.A.	17.06	8.46
Return on Total Assets (PBT/Total Assets}	(%)	14.97	21.83	11.30
Return on Investment (ROI) (PBT/Networth)		0.28	0.44	0.23
Debt Equity Ratio (Total Liability/Networth)		1.70	0.93	1.07
Current Ratio (Current Asset/Current Liability)		5.78	4.05	4.24

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Creditors due small micro enterprises	0.000	0.000
Creditors due others	42.928	29.170
Sundry creditors	42.928	29.170	36.933

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	Yes
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	Yes
18]	Major customers	Yes
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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25209GJ1997PTC031603
Name of the company	MANISH PACKAGING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Ghantiwala Compound, Near A.S. Motors, Ashvani Kumar Road, Surat – 395008, Gujarat, India Email: mrugesh@manishfilms.com
This form is for	Modification of charge
Charge identification number of the modified	90106776
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Mid Corporate Branch, Trade House, Ring Road, Surat -395002, Gujarat, India Email: sbi.14396@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum relating to deposit of title deeds for creation of charge for term loan/ overall limit dated 02.04.2012
Date of instrument Creating the charge	02.04.2012
Amount secured by the charge	Rs. 410.200 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Memorandum relating to Deposit of Title Deeds dated 02.04.2012 Terms of Repayment As per Memorandum relating to Deposit of Title Deeds dated 02.04.2012 Margin As per Memorandum relating to Deposit of Title Deeds dated 02.04.2012 Extent and Operation of the charge As per Memorandum relating to Deposit of Title Deeds dated 02.04.2012 Others N. A.
Short particulars of the property charged	1. All that piece and parcel of property bearing Plot No. B10/14 ad measuring 3612 sq. mts. in the " The Sachin Udyognagar Sahakari Mandli Limited " out of R. S. No. 101/1 and 101/2, its block No. 119 and R.S. No. 104 its block No. 124 and R.S. No. 100 its block No. 125 and R.S. No. 105/1-2-3 its Block No. 127 of village Vaanz Tal: Choryasi, District Surat belonging to Manish Multipacks Private Limited (since amalgamated with Manish Packaging Private Limited). 2. All that piece and parcel of property bearing plot No. A/2/16 admeasuring 7308 sq. mts in the " The Sachin Udyognagar Sahakari Mandali Ltd. out of R. S. No. 112/2, 113/2/A, 113-2/B and 385 its Block No. 147, 145 and 144 of village Vaanz Tal: Choryasi, District Surat belonging to Manish Packaging Private Limited 3. All that piece and parcel of Factory La at Revenue Block No. 690 and 691, admeasuring 7993 sq. mts: and 13867 sq. mts. respectively of village Maroli Ta. Navsari owned by Manish Packaging Private Limited 4. All that piece and parcel of land admeasuring 1484 sq. mts. bearing Plot No. 539, in Sachin Industrial Estate out of land bearing R. S. No. 280/ paiki and 281/paiki of village Sachin, Tal. Choryasi, District Surat belonging to Manish Packaging Private Limited. 5. All that piece and parcel of land bearing Block No. 678 admeasuring about Hector 0-92 Are-07 mts. situated at Village Maroli, Sub. District Navsari, District Navsari belonging to Manish Packaging Private Limited. 6. All that piece and parcel of property bearing Plot No. A/2/12 admeasuring 7308 sq. mts in the "The Sachin Udyognagar Mandali Limited" out of R. S. No. 135,393, 132/1 its Block No. 138, 139 and 142 of village Vaanz Tal: Choryasi, District Surat.
Date of latest modification prior to the present modification	06.09.2010
Particulars of the present modification	By this deed of modification the bank has released certain properties of the company mortgaged vide modification of charge dated 06.09.2010 and has created equitable mortgage on companies properties as mentioned above and more specifically mentioned in Schedule Part I & II of the Equitable Mortgage agreement dated 02.04.2012 to enhance the aggregate credit limit in respect of the facilities agreed to be granted and/or continued by the Bank from Rs 362.300 Millions to Rs. 410.200 Millions.

TRADE REFERENCES:

Ø Technoplast Industries

Ø Hitech Flexipack Private Limited

FIXED ASSETS:

Ø Land

Ø Office Plot

Ø Staff Colony Plot

Ø Factory Shed Construction

Ø Office Construction

Ø Staff Colony

Ø Machinery

Ø Electrical Installation

Ø Laboratory Equipment

Ø Office Equipment

Ø Computer

Ø Furniture

Ø Air Conditioner

Ø Motor Car

Ø Scooter

Ø Delivery Vehicles etc.

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. 54.02
UK Pound	1	Rs. 87.00
Euro	1	Rs. 70.22

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

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	YES
--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.