MIRA INFORM REPORT

Report Date :

08.02.2012

IDENTIFICATION DETAILS

Name :	WORLDS WINDOW IMPEX INDIA PRIVATE LIMITED (w.e.f.16.06.2006)
Formerly Known As :	GOVINDAS GLOBAL EXPORTS PRIVATE LIMITED
Registered Office :	75, Khirki Village, Malviya Nagar, New Delhi, Delhi-110017
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.02.1997
Com. Reg. No.:	55-85138
Capital Investment / Paid-up Capital :	Rs.47.385 Millions
CIN No.: [Company Identification No.]	U51109DL1997PTC085138
TAN No.: [Tax Deduction & Collection Account No.]	DELG05297F
PAN No.: [Permanent Account No.]	AABCG3418Q
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Trader Ferrous and Non Ferrous Metal Scraps
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 5600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	75, Khirki Village, Malviya Nagar, New Delhi -110017, India
Tel. No.:	91-11-29542460/ 6235698
Mobile No.:	91-11-29545475
E-Mail :	cs@worldswindow.cc govinda@vsnl.com
Website :	http://www.alstrongreclaim.com
Works :	M. V. Enterprises, Lal Tappar, Majri Grant, Dehradun, Uttarakhand, India
Branch Office :	Located at: · Ghaziabad, Uttar Pradesh · Fatehgarh Sahib, Punjab

DIRECTORS

As on 30.09.2011

Name :	Mr. Piyoosh Goyal
Designation :	Director
Address :	W-7A/12, Sainik Firm, New Delhi-110062, India
Date of Birth/Age :	28.06.1972
Date of Appointment :	14.02.1997
DIN No.:	00113772

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	U51109DL1997PTC085138	Worlds Window Impex India Private Limited	Director	14-02-97	14-02-97	-	Active	NO
2	U51909DL2006PTC145082	Worlds Window Exim Private Limited	Director	19-01-06	19-01-06	20-09-07	Active	NO
3	U70101DL2006PTC145081	Worlds Window Estate Private Limited	Director	19-01-06	19-01-06	01-10-10	Active	NO
4	U70101DL2006PTC148326	M.A.M. Home Solutions Private Limited.	Director	22-04-06	22-04-06	-	Active	NO
5	U74996DL2006PTC149207	Worlds Window Infrastructure and Logistics Private Limited	Director	26-05-06	26-05-06	06-06-11	Active	NO
6	U70109DL2006PTC149546	Valley View Infrastructure Private Limited	Director	30-06-06	30-06-06	-	Active	NO
7	U45200DL2007PTC158702	Shree G Developers Private Limited	Director	02-02-07	02-02-07	28-01-09	Strike off	NO
8	U45200DL2007PTC158838	Vedansh Infrastructure Private Limited	Director	05-02-07	05-02-07	23-08-10	Active	NO
9	U14101RJ2004PTC019647	Sedimentary Tiles Private Limited	Director	20-03-07	20-03-07	-	Active	NO
10	U51101DL2007PTC163357	Worlds Window Wardha Infrastructure Private Limited	Director	14-05-07	14-05-07	15-10-10	Active	NO
11	U51909DL2008PTC176155	Worlds Window Trading Private Limited	Director	31-03-08	31-03-08	23-08-10	Active	NO
12	U65993DL2008PTC176131	Worlds Window Holding Private Limited	Director	31-03-08	31-03-08	23-08-10	Active	NO
13	U74140DL2008PTC181301	Wone Management Systems Private Limited	Director	24-07-08	24-07-08	-	Active	NO
14	U74900AP2008PTC061348	Worlds Window Conzug Logistics Private Limited	Director	08-10-08	08-10-08	-	Active	YES
15	L27109HR1980PLC010724	Prakash Industries Limited	Director	22-06-09	28-05-09	-	Active	NO

Name :	Mr. Naveen Agarwal
Designation :	Director
Address :	B-12B, First Floor, Kalkaji, New Delhi-110019, India
Date of Birth/Age :	19.11.1978
Date of Appointment :	09.12.2000
DIN No.:	00113809

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	U51109DL1997PTC085138	Worlds Window Impex India Private Limited	Director	09-12-00	09-12-00	-	Active	NO
2	U45200DL2007PTC158702	Shree G Developers Private Limited	Director	02-02-07	02-02-07	28-01-09	Strike off	NO
3	U74996DL2006PTC149207	Worlds Window Infrastructure and Logistics Private Limited	Director	12-02-07	12-02-07	15-11-10	Active	NO
4	U51101DL2007PTC163227	Vedansh Builders Private Limited	Director	10-05-07	10-05-07	18-10-10	Active	NO
5	U51101DL2007PTC163357	Worlds Window Wardha Infrastructure Private Limited	Director	14-05-07	14-05-07	18-10-10	Active	NO
6	U27203DL2007PTC169010	Alubond Acp Manufacturing India Private Limited	Director	05-10-07	05-10-07	12-11-10	Active	NO
7	U51909DL2004PTC126459	Vastustar Trading Private Limited	Additional director	15-12-07	15-12-07	18-03-10	Active	NO
8	U65993DL2008PTC176131	Worlds Window Holding Private Limited	Director	31-03-08	31-03-08	-	Active	NO
9	U01403DL2008PTC177388	Worlds Window Agro Private Limited	Director	29-04-08	29-04-08	18-10-10	Active	NO
10	U45400DL2008PTC179698	Worlds Window Urja Private Limited	Director	18-06-08	18-06-08	15-02-10	Active	NO
11	U27203DL2007PTC169060	Alstrong Acp Manufacturing India Private Limited	Director	23-08-10	23-08-10	-	Active	NO
12	U51909DL2008PTC176155	Worlds Window Trading Private Limited	Additional director	23-08-10	23-08-10	19-11-10	Active	NO
13	U10100DL2011PTC213722	Vasudhamaa Urja Private Limited	Director	10-02-11	10-02-11	-	Active	NO
14	U10100DL2011PTC213669	Dharitrimaa Urja Private Limited	Director	10-02-11	10-02-11	-	Active	NO
15	U63000DL2011PTC216566	Kandla Infradevelopers Private Limited	Director	25-03-11	25-03-11	-	Active	NO
16	U28910DL2011PTC225135	Alstrong Enterprises India Private Limited	Director	16-09-11	16-09-11	-	Active	NO
17	U55101DL2011PTC225501	Grande Castello Private Limited	Director	26-09-11	26-09-11	-	Active	NO

Name :	Mr. Anil Kumar Misra
Designation :	Whole-time Director
Address :	H No.227, PKT-C, SFS Flats, Sheikh Sarai, PH-I, New Delhi – 110017, India
Date of Birth/Age :	04.05.1972
Date of Appointment :	01.10.2010
DIN No.:	00113903

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	U63090DL2004PTC123819	Maple Logistics Private Limited	Director	01-01-04	01-01-04	08-10-07	Active	NO
2	U51909DL2006PTC145082	Worlds Window Exim Private Limited	Director	19-01-06	19-01-06	05-10-10	Active	NO
3	U45202DL1985PLC020056	Manglam Apartments Limited	Director	16-05-06	16-05-06	23-08-10	Active	NO
4	U70109DL2006PTC151350	Worlds Window Developers Private Limited	Director	28-07-06	28-07-06	18-10-10	Active	NO
5	U01403DL2008PTC177448	Worlds Window Greenfield Private Limited	Director	30-04-08	30-04-08	15-10-10	Active	NO
6	U45400DL2008PTC179698	Worlds Window Urja Private Limited	Additional director	01-01-11	18-06-08	-	Active	NO
7	U45200DL2007PTC158702	Shree G Developers Private Limited	Director	29-01-10	27-01-09	-	Strike off	NO
8	U51909DL2004PTC126459	Vastustar Trading Private Limited	Additional director	18-03-10	18-03-10	23-08-10	Active	NO
9	U51109DL1997PTC085138	Worlds Window Impex India Private Limited	Additional director	01-10-10	01-10-10	-	Active	NO
10	U51101DL2007PTC163357	Worlds Window Wardha Infrastructure Private Limited	Additional director	15-10-10	15-10-10	-	Active	NO
11	U51909DL2008PTC176155	Worlds Window Trading Private Limited	Director	19-11-10	19-11-10	-	Active	NO
12	U10100DL2011PTC213722	Vasudhamaa Urja Private Limited	Director	10-02-11	10-02-11	-	Active	NO
13	U10100DL2011PTC213669	Dharitrimaa Urja Private Limited	Director	10-02-11	10-02-11	-	Active	NO
14	U63000DL2011PTC216566	Kandla Infradevelopers Private Limited	Director	25-03-11	25-03-11	-	Active	NO
15	U74996DL2006PTC149207	Worlds Window Infrastructure and Logistics Private Limited	Additional director	06-06-11	06-06-11	-	Active	NO
16	U55101DL2011PTC225501	Grande Castello Private Limited	Director	26-09-11	26-09-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.09.2011

Names of Shareholders	No. of Shares
Piyoosh Goyal	2050100
Naveen Agrawal	100
Manglam Apatments Limited	366450
International Metal and Steel B.V, Holland	2321880
Total	4738530

As on 19.09.2011

Equity Share Break up (Percentage of Total Equity)

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	49.00
Bodies corporate	7.73
Directors or relatives of Directors	43.27
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Trader Ferrous and Non Ferrous Metal Scraps

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of Mysore, 3, 4 and 5, DDA Building, Nehru Place, New Delhi-110019, India

· ICICI Bank Limited

· State Bank of Travancore

· Dena Bank

· State Bank of Indore (Lead Bank), M-94, Connaught Circus, New Delhi-110001, India

· Barclays Bank PLC

· HDFC Bank Limited

· ING Vysya Bank Limited

· Kotak Mahindra Bank Limited

· State Bank of India, (Lead Bank), Commercial Branch, M-47, Connaught Circus, Opposite, Super Bazar, New Delhi – 110001, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
a) Cash Credit from Scheduled Banks
(The facility is further secured by equitable mortgage of a property belonging to the company further secured by way of lien on Fixed Deposit Receipt of Rs. 13.000 Millions. Previous year further secured by equitable mortgage of a property belonging to a relative of the directors and property belonging to another company as well as corporate guarantee of the company.
State Bank of Indore*	83.601	49.617
ICICI Bank Limited	19.615	16.469
State Bank of Travancore	99.598	38.778
State Ban of Mysore	28.949	29.890
Dena Bank	19.731	18.646
Barclays Bank PLC	50.000	20.000
*This facility is further secured by equitable mortgage of a property belonging to the company. Further secured by way of lien of Fixed Deposits Receipts of Rs.13.000 Millions
Sub Total (a)	301.494	173.400
b) Term Loans against Hypothecation of Vehicles*
Cholamandalam Finance Limited	0.000	0.037
G E Capital TFS Services Limited	0.000	1.859
HDFC Bank Limited	19.019	6.775
ICICI Bank Limited	1.079	1.583
ING Vysya Bank Limited	1.106	2.085
Kotak Mahindra Bank Limited	16.215	0.000
Magma Leasing Limited	0.000	1.299
Reliance Capital Limited	38.724	0.000
SREI Infrastructure Finance Limited	2.093	4.573
Sub Total (b)	78.236	18.211
* Amount Repayable within One Year Rs.34.608 Millions. (Previous Year Rs.11.742 Millions)
Total (a) + (b)	379.730	191.611
Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Inter Corporate Loan**	40.279	1.200
From Bank**	37.733	91.186
** Amount Repayable within One Year Rs.35.116 Millions (Previous Year Rs.32.978 Millions)
Total	78.012	92.386

Banking Relations :	--
Auditors :
Name :	Sumer Bansal and Company Chartered Accountants
Address :	94, Darya Ganj, Delhi – 110002, India
PAN No.:	AANFS8537P
Subsidiaries :	Worlds Window Wardha Infrastructure Private Limited U5110DL2007PTC163357 Vedansh Infrastructure Private Limited U45200DL2007PTC158838 Loni Builders Private Limited U45400DL2007PTC163479 Vedansh Builders Private Limited U51101DL2007PTC163227 Worlds Window Infrastructure And Logistics Private Limited U74996DL2006PTC149207 Vastustar Trading Private Limited U51909DL2004PTC126459 Worlds Window Trading Private Limited U51909DL2008PTC176155 Worlds Window Holding Private Limited U65993DL2008PTC176131 Worlds Window Agro Private Limited U01403DL2008PTC177388 Worlds Window Farming Private Limited U01111DL2008PTC177446 Worlds Window Greenfield Private Limited U01403DL2008PTC177448 Solitaire Infradevelopers Private Limited U45400DL2008PTC176606 · Alstrong ACP Manufaduring India Private Lim~ed · Alubond ACP Manufacturing India Private Limited · Everest Metal FZE-Dubai · Haryana Agro (K) Private Limited · Seagull Mariime Agencies Private Limited · Vedanesh Developers Private Limited · Vedanesh Real Estate Private Limited · Worlds Window Developers Private Limited · Worlds Window Estate Private Limited · Worlds Window Exim Private Limited
Related Parties :	· Maple Logistics Private Limited · Hectafine Constech India Private Limited · Alubond Enterprises · Manglam Appartments Limited · MV Enterprises · Alstrong Enterprises · Alstrong International · Worlds Window Holding Private Limited · Wone Management Systems Private Limited · IMR General Trading FZE

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4738530	Equity Shares	Rs. 10/- each	Rs.47.385 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		47.385	47.385	24.167
2] Share Application Money		0.000	0.000	446.082
3] Reserves & Surplus		1345.870	1287.460	284.728
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1393.255	1334.845	754.977
LOAN FUNDS
1] Secured Loans		379.730	191.611	166.549
2] Unsecured Loans		78.012	92.386	155.980
TOTAL BORROWING		457.742	283.997	322.529
DEFERRED TAX LIABILITIES		2.760	11.736	19.535
TOTAL		1853.757	1630.578	1097.041
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		94.700	127.430	170.459
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		230.198	197.278	156.524
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	136.956	242.470	308.351
	Sundry Debtors	1719.271	1252.106	1368.791
	Cash & Bank Balances	300.340	542.123	456.192
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	924.568	993.980	584.869
Total Current Assets		3081.135	3030.679	2718.203
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1416.460	1576.698	1586.207
	Other Current Liabilities	35.778	89.204	273.765
	Provisions	100.038	58.907	88.173
Total Current Liabilities		1552.276	1724.809	1948.145
Net Current Assets		1528.859	1305.870	770.058
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1853.757	1630.578	1097.041

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	8040.044	6225.529	4620.726
		Other Income	16.645	18.397	86.682
		TOTAL (A)	8056.689	6243.926	4707.408
Less	EXPENSES
		Purchases	7555.272	5826.880	4569.185
		Personnel Expenses	43.049	39.827	18.702
		Administrative Expenses	54.942	58.714	31.828
		Operating Expenses	16.134	32.066	13.865
		(Increase) / Decrease in Stock	105.513	65.881	(177.819)
		TOTAL (B)	7774.910	6023.368	4455.761
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		281.779	220.558	251.647
Less	FINANCIAL EXPENSES (D)		145.446	146.622	107.309
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		136.333	73.936	144.338
Less/ Add	DEPRECIATION/ AMORTISATION (F)		45.437	49.069	48.271
	PROFIT BEFORE TAX (E-F) (G)		90.896	24.867	96.067
Less	TAX (I)		32.486	11.048	34.011
	PROFIT AFTER TAX (G-I) (J)		58.410	13.819	62.056
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		193.872	180.053	117.997
	BALANCE CARRIED TO THE B/S		252.282	193.872	180.053
	TOTAL EARNINGS		2668.190	459.663	162.684
	TOTAL IMPORTS		3299.968	3285.157	1606.449
	Earnings Per Share (Rs.)		12.33	3.26	25.68

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.72	0.22	1.32
Net Profit Margin (PBT/Sales)	(%)	1.13	0.40	2.08
Return on Total Assets (PBT/Total Assets}	(%)	2.86	0.79	3.33
Return on Investment (ROI) (PBT/Networth)		0.07	0.02	0.13
Debt Equity Ratio (Total Liability/Networth)		1.44	1.50	3.01
Current Ratio (Current Asset/Current Liability)		1.98	1.70	1.40

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets:

· Furniture and Fixture

· Office Equipments

· Scooters

· Cars

· Trucks

· Computers

· Building

· Land

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.48.12
UK Pound	1	Rs.77.31
Euro	1	Rs.64.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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		51

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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.