MIRA INFORM REPORT

Report Date :

06.01.2012

IDENTIFICATION DETAILS

Name :	PARAMOUNT LIMITED (w.e.f 26.10.1988)
Formerly Known As :	PARAMOUNT POLLUTION CONTROL LIMITED
Registered Office :	Paramount Complex Gotri Road Race Course, Vadodara – 390007, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.12.1976
Com. Reg. No.:	04-2956
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U74120GJ1976PLC002956
TAN No.: [Tax Deduction & Collection Account No.]	BRDP00998E
PAN No.: [Permanent Account No.]	AABCP6509P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Water Treatment Plants.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 800000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and well established company having satisfactory track. 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.

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 :	Paramount Complex Gotri Road Race Course, Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-2397111 (7 Lines)/2397112/113/114
Fax No.:	91-265-2398251
E-Mail :	finance@paramountlimited.com sales@paramountlimited.com skt@paramountlimited.com paramount@paramountlimited.com
Website :	www.paramountlimited.com
Regional Office :	B-112611 Safdarjung Enclave, New Delhi-110 029, Delhi, India Ph. : 26186525 Fax : 91-11-26186369 E-mail : ppcldll@bol.net.in 213, Champaklal Industrial Estate, 105, Sion (East), Mumbai-400022, Maharashtra, India Ph. : 24073108/24078105/24071994 Fax : 91-22-24078106 E-mail : paramountmumbai@vsnI.com "Venkata Vijayam" Apartment, Flat No. 3,2nd Floor, 11th South Road (Old No. 9), West CIT Nagar, Chennai - 600 035, Tamilnadu, India Ph. : 24350272,24350273 Fax: 044-24340281 E-mail : mprparamount@vsnl.net
Branches :	Located at : Mumbai Delhi Chennai

DIRECTORS

As on 26.09.2011

Name :

Mr. Kewalkrishna Gurucharandas Tuli

Designation :

Managing Director

Address :

76, Vishwas Colony, Alkapuri, Vadodara – 390005, Gujarat, India

Date of Birth/Age :

08.02.1938

Date of Appointment :

30.03.2004

DIN No.:

00014349

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	U74120GJ1976PLC002956	Paramount Limited	Managing director	30-03-04	30-03-04	-	Active	NO
2	U72200GJ2003PLC042802	Spectra Dynamics Limited	Managing director	01-12-05	01-12-05	-	Active	NO
3	L31100GJ1967PLC001437	Voltamp Transformers Limited	Director	13-02-06	13-02-06	-	Active	NO
4	U74140GJ1986PLC008842	Paramount Consultancy Services Limited	Director	21-04-11	21-04-11	-	Active	NO
5	U74210GJ1987PLC010016	Paramount Technologies Limited	Director	21-04-11	21-04-11	-	Active	NO

Name :

Mr. Anil Shreedhar Kane

Designation :

Director

Address :

A – 15, Sahyog Society, Gorwa Road, Baoda – 390016, Gujarat, India

Date of Birth/Age :

18.10.1941

Date of Appointment :

30.09.2003

DIN No.:

00019394

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	U24302MH1968PTC014055	Champion Jointings Private Limited	Director	30-09-81	30-09-81	-	Active	YES
2	L99999DN1983PLC000045	Welspun Syntex Limited	Nominee director	17-06-03	17-06-03	29-08-08	Active	NO
3	U74120GJ1976PLC002956	Paramount Limited	Director	30-09-03	30-09-03	-	Active	NO
4	U17119GJ1992PLC017745	Sunrise Industries (India) Limited	Director	30-09-10	10-10-09	-	Active	NO

Name :

Mr. Samir Kewalkrishna Tuli

Designation :

Director

Address :

7, Square Park Society, Lions Hall Club, Old Padra Road, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

05.11.1965

Date of Appointment :

15.04.2003

DIN No.:

00082704

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	U74210GJ1987PLC010016	Paramount Technologies Limited	Director	31-05-89	31-05-89	-	Active	NO
2	U74140GJ1986PLC008842	Paramount Consultancy Services Limited	Director	25-02-96	25-02-96	-	Active	NO
3	U74120GJ1976PLC002956	Paramount Limited	Director	15-04-03	15-04-03	-	Active	NO
4	U72200GJ2003PLC042802	Spectra Dynamics Limited	Director	01-12-05	01-12-05	-	Active	NO
5	U72200GJ2006FTC048617	Datalyst (India) Private Limited	Director	05-07-06	05-07-06	23-01-09	Active	NO
6	U67120MH1984PTC034735	Tuli Patel Investment Private Limited	Director	21-04-11	21-04-11	-	Active	NO
7	U32109GJ1989PTC012566	Polcon Equipments Private Limited	Director	06-08-11	06-08-11	-	Active	NO
8	U74300GJ1995PTC027901	Square Circle Advertising And Marketing Private Limited	Director	06-08-11	06-08-11	-	Active	NO

Name :

Mr. Shyamsunder Khedkar

Designation :

Director

Address :

Ashirwad 148, Vinayak Society, Old Padra Road, Vadodara – 390020, Gujarat, India

Date of Birth/Age :

24.03.1938

Date of Appointment :

30.03.2004

DIN No.:

00205355

Name :

Mr. Rajat Kumar Dasgupta

Designation :

Director

Address :

1604, Eternia B wing, 16^th Floor, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

02.11.1936

Date of Appointment :

30.09.2003

DIN No.:

01725758

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	U74120GJ1976PLC002956	Paramount Limited	Director	30-09-03	30-09-03	-	Active	NO
2	L17100MH1909PLC000294	Swan Energy Limited	Director	24-09-07	16-08-07	-	Active	NO

Name :

Mr. Sandesh Kumar Jagannath Anand

Designation :

Additional Director

Address :

A/17, Chanakyapuri, New Sama Road, Baroda – 390008, Gujarat, India

Date of Appointment :

23.01.2010

DIN No.:

00001792

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	U99999GJ1992PLC017798	Gujarat Chemical Port Terminal Company Limited	Managing director	24-01-02	24-01-02	10-10-08	Active	NO
2	L23200GJ1969PLC001569	Indian Petrochemicals Corporation Limited	Whole-time director	04-06-07	04-06-02	-	Amalgamated	NO
3	U24134MH2007PTC175657	Expanded Polymer Systems Private Limited	Director	29-09-09	12-01-09	28-09-10	Active	NO
4	U17119GJ1992PLC017745	Sunrise Industries (India) Limited	Director	30-09-10	10-10-09	-	Active	NO
5	U74120GJ1976PLC002956	Paramount Limited	Additional director	23-01-10	23-01-10	-	Active	NO
6	L24110GJ1970PLC001735	Deepak Nitrite Limited	Additional director	04-11-11	04-11-11	-	Active	NO

Name :

Mr. Mukul Vishwanath Dey

Designation :

Director

Address :

F-3, Yash Apartment, Gautam Nagar, Race Course, Vadodara – 390007, Gujarat, India

Date of Appointment :

23.06.2011

DIN No.:

03574805

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	U74120GJ1976PLC002956	Paramount Limited	Director	23-06-11	23-06-11	-	Active	NO
2	U74210GJ1987PLC010016	Paramount Technologies Limited	Director	22-07-11	22-07-11	-	Active	NO
3	U32109GJ1989PTC012566	Polcon Equipments Private Limited	Director	22-07-11	22-07-11	-	Active	NO
4	U72200GJ2003PLC042802	Spectra Dynamics Limited	Director	22-07-11	22-07-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Kewal G. Tuli	621100
Samir K. Tuli	420800
Kailas K. Tuli	132000
Dr. Nita Y. Mehta	34000
Dr. Yatin I Mehta	1050
Shivani Samir Tuli	1050
Tuli Patel Investment Private Limited, India	290000
TOTAL	1500000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Bodies corporate	19.33
Directors or relatives of Directors	80.67
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of Water Treatment Plants.

Products :

Industrial Scrubber · Gas Scrubber · Dust Scrubber · Air Scrubber · Wet Scrubber · Fume Scrubber Water Treatment Plant · Wastewater Treatment Plant · Sewage Treatment Plants · Reverse Osmosis System · Pressure Sand Filter · Api Oil Separators · Magnetic Drum Seperator Waste Treatment Plant · Solid Waste Clarifier · Cage Driven Thickener · Dissolved Air Flotation · Sludge Thickener · Waste Incinerator

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank – Mehta Pole Branch, Bank Road, Near Mandvi, Vadodara – 390006, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Cash Credit with Indian overseas bank (secured by hypothecation of stock in trade, book debts and secured to be secured by a first mortgage over machineries and other assets	51.627	92.527
Buyer Credit from Bank (Secured by later of Comfort from Indian Overseas Bank)	43.637	0.000
Total	95.264	92.527
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Form Director	46.835	41.406
Corporate Body	0.873	1.069
Indian Overseas Bank	4.229	5.013
ICICI Car Loan	0.000	0.109
Total	51.937	47.597

Banking Relations :	--
Auditors :
Name :	V. Parekh and Associates Chartered Accountant
Address :	Haman Street, 2^nd Floor, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-2650264/2653555/2666219
Fax No.:	91-22-2654370
PAN.:	AAAFV0135F

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs. 10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs. 10/- each	Rs. 15.000 Millions

Notes:

Out of the above 585000 equity shares Rs. 10/- each fully paid, issued as bonus shares by capitalization of general reserve.

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		15.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		185.057	162.697	145.426
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		200.057	177.697	160.426
LOAN FUNDS
1] Secured Loans		95.264	92.527	88.177
2] Unsecured Loans		51.937	47.597	36.112
TOTAL BORROWING		147.201	140.124	124.289
DEFERRED TAX LIABILITIES		6.594	5.231	3.839
TOTAL		353.852	323.052	288.554
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		79.000	76.626	20.502
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		19.285	2.547	5.204
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.962	11.844	29.342
	Sundry Debtors	192.606	252.999	203.189
	Cash & Bank Balances	93.032	40.663	47.771
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	80.207	67.740	73.818
Total Current Assets		394.807	373.246	354.120
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	80.536	91.051	63.355
	Other Current Liabilities	34.448	25.360	15.858
	Provisions	24.256	12.956	12.059
Total Current Liabilities		139.240	129.367	91.272
Net Current Assets		255.567	243.879	262.848
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		353.852	323.052	288.554

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Contract Receipts	404.816	407.640	404.251
		Other Income	4.647	7.025	4.908
		TOTAL (A)	409.463	414.665	409.159
Less	EXPENSES
		Contract Expenses	282.594	264.819	323.078
		Administrative and other expenses	42.193	35.650	26.384
		Payments and provisions to employees	56.178	50.431	35.640
		Research and development expenses	1.084	0.978	0.988
		Increase/Decrease in finished goods, work in progress	(17.119)	17.498	(15.856)
		TOTAL (B)	364.930	369.376	370.234
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		44.533	45.289	38.925
Less	FINANCIAL EXPENSES (D)		5.652	12.628	10.898
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.881	32.661	28.027
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.102	1.888	1.865
	PROFIT BEFORE TAX (E-F) (G)		36.779	30.773	26.162
Less	TAX (H)		12.664	11.840	10.468
	PROFIT AFTER TAX (G-H) (I)		24.115	18.933	15.694
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.697	5.426	0.941
Less	PRIOR PERIOD ADJUSTMENTS		0.000	0.004	0.000
Add	SHORT/EXCESS PROVISION OF EARLIER YEAR		0.000	0.097	(0.454)
Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	20.000	9.000
		Proposed Dividend	1.500	1.500	1.500
		Corporate Tax on Dividend	0.255	0.255	0.255
	BALANCE CARRIED TO THE B/S		5.057	2.697	5.426
	Earnings Per Share (Rs.)		16.08	12.62	10.46

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.89	4.57	3.84
Net Profit Margin (PBT/Sales)	(%)	9.09	7.55	6.47
Return on Total Assets (PBT/Total Assets}	(%)	7.76	6.84	6.98
Return on Investment (ROI) (PBT/Networth)		0.18	0.17	0.16
Debt Equity Ratio (Total Liability/Networth)		1.43	1.52	1.34
Current Ratio (Current Asset/Current Liability)		2.84	2.89	3.88

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U74120GJ1976PLC002956
Name of the company	PARAMOUNT LIMITED
Address of the registered office or of the principal place of business in India of the company	Paramount Complex Gotri Road Race Course, Vadodara – 390007, Gujarat, India E Mail: finance@paramountlimited.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90102432
Type of charge	Immovable Property
Particular of charge holder	Indian Overseas Bank, Mehta Pole Branch, Bank Road, Near Mandvi, Vadodara – 390006, Gujarat, India Email: brdambr@barsco.iobnet.co.in
Nature of instrument creating charge	Memorandum of deposit of title deeds by way of equitable mortgage (supplemental narration) dated 15.11.2010
Date of instrument Creating the charge	15.11.2010
Amount secured by the charge	Rs.1404.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Cash Credit: Base Rate + 3.75 - 0.50% presently 11.50% Letter of Credit: Commission 0.20 p.a plus taxes Letter of Guarantee: Commission 0.50% p.a. plus taxes Term Loan: 12.00%(Fixed) Terms of Repayment: Cash Credit: On demand Term Loan: Repayable in 60 EMIs of 1,12,000/ commenced from April 2009 Margin: Cash Credit: 25% on Stocks & 25% on Book Debts Letter of Credit: 5.00% Letter of Guarantee: Financial : 10% Performance: 5% Term Loan: 10.00% Extent and operation of the charge: First Charge by way of extension of equitable mortgage on immovable properties of the company for the due repayment of principal amount together with interest, interest tax, further interest, additional interest, penal interest, commission, fees, costs, charges and expenses incurred by the Bank as security for the credit facility amounting to Rs.1404.200 millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Industrial plot No.A-1/4 (factory), admeasuring 2671 sq. meters, R. S. No. 324/part and 325/ part, situated at GIDC Industrial Estate, Makarpura, Vadodara. Paramount Complex, 5 & 6 totally admeasuring 4915 sq. feet, City Survey No. 1165, R. S. No.15/1 and 15/2 situated at Miraj Co operative Housing Society Limited, Gotri Road, Race Course Circle (west), Vadodara. Plot/Block No.4, admeasuring 514 sq. meters, R. S. No. 540/15, situated at 4 Vrajwadi Society, Nr. Sheel Restaurant, Jetalpur Road, Vadodara belongs to Paramount Construction as collateral security
Date of instrument modifying the charge	18.01.2005
Particulars of the present modification	In view of additional credit facilities granted to the Company, the charge is modified securing the aggregate credit facilities from Rs.500.000 millions to Rs.1404.200 millionsw in favour of the Bank.

Fixed Assets

• Land
• Office building
• Factory building
• Plant and machineries
• Computer systems
• Earth moving machineries
• R and D equipments
• Vehicles
• Furniture and fixtures
• Other assets

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.52.78
UK Pound	1	Rs.82.33
Euro	1	Rs.68.19

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.