MIRA INFORM REPORT

Report Date :

05.06.2012

IDENTIFICATION DETAILS

Name :	BRY-AIR (ASIA) PRIVATE LIMITED
Registered Office :	20 Rajpur Road, New Delhi– 110054, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.10.1981
Com. Reg. No.:	55-012456
Capital Investment/ Paid-up Capital:	Rs.6.400 Millions
CIN No.: [Company Identification No.]	U74210DL198PLC012456
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Conveying System, Air and Gas Purification System, Energy Recovery System.
No. of Employees:	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 4465000
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 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

INFORMATION PARTED BY

Name :	Mr. Naresh
Designation :	Sales Executive
Contact No.:	91-9818223589
Date :	09.05.2012

LOCATIONS

Registered Office :	20 Rajpur Road, New Delhi– 110054, Delhi, India
Tel. No.:	91-124-4091111
Mobile No.:	91-9818223589 (Mr. Naresh)
Fax No.:	91-124-4091100
E-Mail :	info@pahwa.com nkverma@pahwa.com
Website :	www.bryair.com
Location :	Owned
Factory : Corporate Office :	21-C, Sector 18, Gurgaon – 122015, Haryana, India
Tel No.:	91-124-4091111
Fax No.:	91-124-4091100
Plant :	419-420, Udyog Vihar – III, Gorgaon, Haryana, India
Tel No.:	91-124-4184400
Fax No.:	91-124-4184400
Email :	bryairplant@pahwa.com
Branch Offices :	Located at : · Bangalore · Chandigarh · Chennai · Gurgaon · Hyderabad · Mumbai · New Delhi · Pune

DIRECTORS

As on 30.09.2011

Name :

Mr. Paul D. Griesse

Designation :

Director

Address :

2640, North Street, Granville, OHIO – 43012, USA

Date of Appointment :

11.03.1986

Din No.:

02170497

Name :

Mr. Prem Sagar

Designation :

Director

Address :

101, First Floor, Silver Springs, Rizvi Complex, Shetty, Rajan Road, Bandra West, Mumbai – 4000650, Maharashtra, India

Date of Appointment :

11.01.2004

Din No.:

01859762

Name :

Mr. Anil Kumar

Designation :

Director

Address :

21-Amrita Shergill Marg, New Delhi, India

Date of Appointment :

02.12.1983

Din No.:

00531102

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	U74210DL1981PTC012456	Bry- Air (Asia) Private Limited	Director	2/12/1993	2/12/1993	-	Active	NO
2	U45203DL1996PTC081481	J A HOLDINGS AND SERVICES PVT LTD	Director	28/08/1996	28/08/1996	-	Active	NO
3	U74220DL1997PTC202243	INTERTEK INDIA PRIVATE LIMITED	Nominee director	20/01/1998	20/01/1998	-	Active	NO
4	U99999MH1981PTC024504	CALEB BRETT INDIA PRIVATE LIMITED	Nominee director	17/08/1998	17/08/1998	-	Amalgamated	NO

Name :

Mr. Rajnish Joshi

Designation :

Director

Address :

36/75, Punjabi Bagh, New Delhi – 110026, Delhi, India

Date of Appointment :

25.11.2000

Din No.:

00345863

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	U52332AP2000PTC033335	SRP ENVIRO SYSTEMS PRIVATE LIMITED	Director	24/01/2000	24/01/2000	-	Active	NO
2	U74210DL1981PTC012456	Bry- Air (Asia) Private Limited	Director	25/11/2000	25/11/2000	-	Active	NO
3	U52190DL2001PTC110486	CANI MERCHANDIZING PVT LTD	Director	19/04/2001	19/04/2001	-	Active	NO
4	U52100DL2007PTC168460	TROCELLEN INDIA PRIVATE LIMITED	Director	20/09/2007	20/09/2007	-	Active	YES
5	U93000AP2007PTC056277	SRP ENVIRO SERVICES PRIVATE LIMITED	Director	12/11/2007	12/11/2007	-	Active	NO
6	U29299KA2008PTC048295	SRP AUTOMATION PRIVATE LIMITED	Director	17/11/2008	17/11/2008	-	Active	NO
7	U51900DL2011PTC215756	CANI MARKETING PRIVATE LIMITED	Director	14/03/2011	14/03/2011	-	Active	NO

Name :

Mr. Dinesh Gupta

Designation :

Director

Address :

A-77, Malviya Nagar, New Delhi – 110026, Delhi, India

Date of Appointment :

25.11.2000

Din No.:

00176673

Name :

Mrs. Vinita Pahwa

Designation :

Director

Date of Appointment :

12.10.1981

Din No.:

00176643

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	U74210DL1981PTC012456	Bry- Air (Asia) Private Limited	Director	12/10/1981	12/10/1981	-	Active	NO
2	U51909DL1984PTC017496	ARCTIC INDIA SALES PRIVATE LTD	Director	6/2/1984	6/2/1984	-	Active	NO
3	U74899DL1984PTC017497	DESICCANT ROTORS INTERNATIONAL PRIVATE LIMITED	Director	6/2/1984	6/2/1984	-	Active	NO
4	U24111DL1988PTC034228	DELAIR INDIA PRIVATE LIMITED	Director	14/12/1988	14/12/1988	-	Active	NO
5	U51109DL1989PTC035031	INSENT COMMERCIAL PRIVATE LTD.	Director	14/02/1989	14/02/1989	-	Active	NO
6	U67120DL1996PTC080411	PAHWA (HOLDINGS) PRIVATE LIMITED	Director	16/07/1996	16/07/1996	-	Active	NO
7	U31909DL1996PTC080410	AIRGINEERS (GLOBAL) PRIVATE LIMITED	Director	16/07/1996	16/07/1996	-	Active	NO
8	U74140DL1998PTC097352	TECHNICAL DRYING SERVICES (ASIA) PRIVATE LIMITED	Director	8/12/1998	8/12/1998	-	Active	NO
9	U72300DL2007PTC169207	Gaadi Web Private Limited	Director	10/10/2007	10/10/2007	9/2/2011	Active	NO

Name :

Mr. Deepak Pahwa

Designation :

Managing Director

Address :

20, Rajpur Road, Delhi – 110054, India

Date of Appointment :

12.10.1981

Din No.:

00176606

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	U74210DL1981PTC012456	Bry- Air (Asia) Private Limited	Managing director	12/10/1981	12/10/1981	-	Active	NO
2	U74899DL1984PTC017497	DESICCANT ROTORS INTERNATIONAL PRIVATE LIMITED	Director	6/2/1984	6/2/1984	-	Active	NO
3	U51909DL1984PTC017496	ARCTIC INDIA SALES PRIVATE LTD	Director	6/2/1984	6/2/1984	-	Active	NO
4	U24111DL1988PTC034228	DELAIR INDIA PRIVATE LIMITED	Director	14/12/1988	14/12/1988	-	Active	NO
5	U51109DL1989PTC035031	INSENT COMMERCIAL PRIVATE LTD.	Director	14/02/1989	14/02/1989	-	Active	NO
6	L29130WB1991PLC050797	T & I GLOBAL LTD.	Director	5/7/1994	5/7/1994	-	Active	NO
7	U67120DL1996PTC080411	PAHWA (HOLDINGS) PRIVATE LIMITED	Director	16/07/1996	16/07/1996	-	Active	NO
8	U31909DL1996PTC080410	AIRGINEERS (GLOBAL) PRIVATE LIMITED	Director	16/07/1996	16/07/1996	-	Active	NO
9	U74140DL1998PTC097352	TECHNICAL DRYING SERVICES (ASIA) PRIVATE LIMITED	Director	8/12/1998	8/12/1998	-	Active	NO
10	U29190GJ1997PTC032379	PURIFLAIR INDIA PRIVATE LIMITED	Director	26/08/2003	26/08/2003	-	Active	NO
11	U74999MH1968GAP014120	INDO-AMERICAN CHAMBER OF COMMERCE	Director	7/10/2003	7/10/2003	-	Active	NO
12	U72300DL2007PTC169207	Gaadi Web Private Limited	Director	10/10/2007	10/10/2007	9/2/2011	Active	NO
13	U72900DL2008PTC184375	ACCENTIUM WEB PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Active	NO
14	L27109DL1958PLC003006	HINDUSTAN TIN WORKS LIMITED	Director	25/09/2009	30/07/2009	-	Active	NO
15	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	24/12/2010	24/12/2010	-	Active	NO
16	U72900TN2000PLC043946	SITAGITA COM LIMITED	Additional director	11/5/2012	11/5/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Naresh
Designation :	Sales Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vinita Pahwa	11500
Deepak Pahwa	42780
Varun Pahwa	4860
Vivek Pahwa	4860
Total	64000

As on 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Conveying System, Air and Gas Purification System, Energy Recovery System.
Exports :
Products :	· Conveying System · Air and Gas Purification System · Energy Recovery System.
Countries :	· Argentina · China · Egypt · Oman · Malaysia · America · South Africa · Srilanka · UAE · Quten · Kenya · Kowet · Taiwan · Kolambia · Hungary · Japan · Nigeria · Newzeland · Switzerland · Isreal · Saudi · UK · Sudan · America
Terms :
Selling :	L/C T.T
Purchasing :	L/C T.T

GENERAL INFORMATION

Customers :

Wholesalers, Others (Manufacturer, Trader)

No. of Employees :

800 (Approximately)

Bankers :

· ABN Amro Bank N. V., Hansalaya Builiding, 15 Barakhamba Road, New Delhi – 110001, Delhi, INDIA

· The Royal Bank Of Scotalnd N.V, Hansalya Building, 15, Barkahamba Road, New Delhi -110001, Delhi, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working Capital loan from bank	47.473	35.583
Total	47.473	35.583

Banking Relations :	--
Auditors :
Name :	Walker Chandiok and Company Chartered Accountant
Address :	L-41, Connaught Circus, New Delhi – 110001, Delhi, India
Tel. No.:	91-11-42787070
Fax No.:	91-11-42787071
E-Mail :	newdelhi@wcgt.in
Subsidiary Companies :	· Bry-Air (Malaysia) Sdn Bhd, Malaysia · Bry-Air (Shanghai) Air Treatment, China · Ahlberg + Hennrich GmbH, Germany · Pro-Kon Sagl, Switzerland
Related Parties :	· Delair India Private Limited · Desiccant Rotors International Private Limited · Insent Commercial Private Limited · Technical Drying Services (Asia) Private Limited · Accentium Web Private Limited · Gaadi Web Private Limited · Arctic India Sales Private Limited · Airgineers (Global) Private Limited · Pahwa (Holding) Private Limited · Arctic India International

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
98000	Equity Shares	Rs.100/- each	Rs.9.800 Millions
2000	12% Preference Share	Rs.100/- each	Rs.0.200 Million
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
64000	Equity Shares	Rs.100/- each	Rs.6.400 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		6.400	6.400	6.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1109.739	916.910	752.524
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1116.139	923.310	758.924
LOAN FUNDS
1] Secured Loans		47.473	38.583	13.763
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		47.473	38.583	13.763
DEFERRED TAX LIABILITIES		1.120	2.593	3.829
TOTAL		1164.732	964.486	776.516
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		113.633	115.171	125.969
Capital work-in-progress		8.715	6.866	5.084
INVESTMENT		712.068	506.238	384.135
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	87.642	64.267	83.997
	Sundry Debtors	216.432	264.217	218.357
	Cash & Bank Balances	65.939	76.470	51.091
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	73.850	40.353	181.364
Total Current Assets		443.863	445.307	534.809
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	59.571	64.683	86.509
	Other Current Liabilities	31.716	21.580
	Provisions	22.260	22.833	186.972
Total Current Liabilities		113.547	109.096	273.481
Net Current Assets		330.316	336.211	261.328
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1164.732	964.486	776.516

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES INCOME (Excluding Excise duty)		896.614	859.286	731.484
	EXPENSES		NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		292.667	262.570	224.471
Less/ Add	DEPRECIATION/ AMORTISATION		18.400	17.403	18.623
	PROFIT BEFORE TAX		274.267	245.167	205.848
Less	TAX		81.437	80.781	70.583
	PROFIT AFTER TAX		192.830	164.386	135.265
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	251.903	283.128	244.011
		Other Earnings	2.682	10.283	5.678
	TOTAL EARNINGS		254.585	293.411	249.689
	IMPORTS
		Raw Materials
		Stores & Spares	25.119	18.324	23.136
		Others
		Capital Goods			3.769
	TOTAL IMPORTS		25.119	18.324	26.905
	Earnings Per Share (Rs.)		3012.97	2568.51	2113.51

Particulars	31.03.2012
Sales Turnover (Approximately)	980.000

Expected Sales (2012-2013) : Rs.1100.000 Millions

The above information has been parted by Mr. Naresh Verma

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	21.51	19.13	18.49
Return on Total Assets (PBT/Total Assets}	(%)	49.20	43.74	31.15
Return on Investment (ROI) (PBT/Networth)		0.17	0.26	0.27
Debt Equity Ratio (Total Liability/Networth)		0.14	0.15	0.37
Current Ratio (Current Asset/Current Liability)		3.91	4.08	1.95

LOCAL AGENCY FURTHER INFORMATION

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

Financial Results:

The financial performance of the company was broadly at last year’s level. A marginal growth of 4.3% was recorded in the turnover including other income increased from Rs.859.286 Millions to Rs.896.614 Millions. The General recession in the global market contributed to the lack of growth in the overall industry. Profit before tax has increased by 11.87% from Rs.245.167 Millions to 274.268 Millions and profit after tax has increased by 17.30 from Rs.164.386 Millions to 192.830 Million

Form : 8

Corporate identity number of the company	U74210DL1981PTC012456
Name of the company	BRY AIR (ASIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	20 Rajpur Road, Delhi – 110054, India Email: skchaturvedi@pahwa.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80013718
Type of charge	Book debts Others
Particular of charge holder	The Royal Bank Of Scotalnd N.V, Hansalya Building, 15, Barkahamba Road, New Delhi -110001, Delhi, India Email: gbmincadelhidocumentation@rbs.com
Nature of instrument creating charge	Supplementary Deed of Hypothecation of Movable Assets
Date of instrument Creating the charge	21.05.2011
Amount secured by the charge	Rs.230.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest as such rate as may be prescribed by Bank from time to time. Terms of repayment As per Sanction terms Margin As per Sanction terms Extent and operation of the charge The charge operates as security as first exclusive charge in favour of Bank Other This is to secure various fund and non fund credit facilities aggregating Rs.230.000 Millions sanctioned to the company
Date of last modification prior to the present modification	05.03.2010
Particulars of the present modification	The extent of operation of charge stands enhanced from Rs.161.000 Millions to r Rs.230.000 Millions consequent to revision of various fund and non fund credit facilities sanctioned to the company

FIXED ASSETS :

· Land

· Freehold

· Leasehold

· Buildings

· Leasehold Improvement

· Furniture, Fixtures and Air Conditioners

· Office Equipments

· Motor Vehicles

· Computer Software

· Goodwill

· Trade mark

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.52
UK Pound	1	Rs.85.29
Euro	1	Rs.68.86

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		60

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.