MIRA INFORM REPORT

Report Date :

21.03.2012

Tel No.:

1244628800

Note: The Company no more operate from above address

IDENTIFICATION DETAILS

Name :	SGS TEKNIKS MANUFACTURING PRIVATE LIMITED
Registered Office :	A-3 Infocity, Sector-34, Gurgaon – 122001, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.03.2006
Com. Reg. No.:	05-044489
Capital Investment / Paid-up Capital :	Rs.15.082 Millions
CIN No.: [Company Identification No.]	u72200HR2006ptc44489
TAN No.: [Tax Deduction & Collection Account No.]	Dels33467A
PAN No.: [Permanent Account No.]	AAKCS4000M
Legal Form :	Private Limited Liability Company
Line of Business :	Electronic Manufacturing Services
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba ( 44 )

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

Maximum Credit Limit :	USD 1500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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 Corporate Office:	A-3, Info City, Sector - 34, Gurgaon – 122 001, Haryana, India
Tel. No.:	91-124- 4628800 / 4628833-34
Fax No.:	91-124- 4628821
E-Mail :	gujral@sgst.com manmohan@sgst.com ranjit@sgst.com narayan@sgst.com sgst@sgst.com
Website :	www.sgst.com
Factory :	407, Phase Iv, Udyog Vihar, Gurgaon – 122 015, Haryana
Tel. No.:	91-124-2450239 / 2345894
Fax No.:	91-124-2342105

DIRECTORS

As on 17.09.2011

Name :	Mr. Jasbir Singh Gujral
Designation :	Director
Address :	D1/3, Rajouri Garden, new Delhi – 110 027
Date of Birth/Age :	09.09.1955
Qualification :	Fellow member of the institute of Chartered Accountants of India & associate member of the institute of internal auditors (u.s.a)
Date of Appointment :	02.03.2006
DIN No.:	00198825

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1986PTC024356	SGS TEKNIKS PRIVATE LIMITED	Director	20/04/1990	20/04/1990	Amalgamated	NO
2	U74899DL1994PTC061801	SGS HOLDINGS AND LEASING PRIVATE LIMITED	Director	27/09/1994	27/09/1994	Active	NO
3	U74899DL1995PTC069956	SGS INFOTECH PRIVATE LIMITED	Director	20/06/1995	20/06/1995	Active	NO
4	U70101DL2000PTC105595	HAMP PROPERTIES PRIVATE LIMITED	Director	08/05/2000	08/05/2000	Active	NO
5	U31104DL1996PTC082106	ELTEK SGS PRIVATE LIMITED	Director	24/09/2003	24/09/2003	Active	NO
6	U72200DL2006PTC147027	SGS TEKNIKS MANUFACTURING PRIVATE LIMITED	Director	02/03/2006	02/03/2006	Active	NO
7	U28931DL2006PTC150600	ELTEK SGS MECHANICS PRIVATE LIMITED.	Director	06/07/2006	06/07/2006	Active	NO
8	U40109DL2003PTC209036	VALERE POWER INDIA PRIVATE LIMITED	Director	25/06/2007	25/06/2007	Active	NO
9	U31900DL2011PTC216806	ELTEK SGS RENEWABLE ENERGY PRIVATE LIMITED	Director	30/03/2011	30/03/2011	Active	NO
10	U31501DL2011PTC218182	SGS TEKNIKS PRIVATE LIMITED	Director	27/04/2011	27/04/2011	Active	NO

Name :	Mr. Sanjiv Narayan
Designation :	Director
Address :	F-255 A, Sainik Farms, New Delhi – 110 062
Date of Birth/Age :	12.04.1951
Qualification :	B.TECH.(ELECT.), I.I.T DELHI – M.B.A., F.M.S. DELHI
Date of Appointment :	01.08.2006
DIN No.:	00198864

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1994PTC061801	SGS HOLDINGS AND LEASING PRIVATE LIMITED	Director	27/09/1994	27/09/1994	Active	NO
2	U74899DL1995PTC069956	SGS INFOTECH PRIVATE LIMITED	Director	20/06/1995	20/06/1995	Active	NO
3	U72200DL2006PTC147027	SGS TEKNIKS MANUFACTURING PRIVATE LIMITED	Director	01/08/2006	01/08/2006	Active	NO
4	U74899DL1986PTC024356	SGS TEKNIKS PRIVATE LIMITED	Managing director	05/12/2006	05/12/2006	Amalgamated	NO
5	U93030DL2010PTC199633	PRISHA CULTURE AND EDUCATION PRIVATE LIMITED	Director	02/03/2010	02/03/2010	Active	NO
6	U74900DL2011PTC216717	ROCKWOOD HOSPITALITY ASSOCIATES PRIVATE LIMITED	Director	29/03/2011	29/03/2011	Active	NO
7	U31501DL2011PTC218182	SGS TEKNIKS PRIVATE LIMITED	Director	27/04/2011	27/04/2011	Active	NO
8	U74140DL2011PTC222878	ENTREPRENEURING INDIA VENTURE SERVICES PRIVATE LIMITED	Director	27/07/2011	27/07/2011	Active	NO

Name :	Mr. Ranjit Singh Lonial
Designation :	Director
Address :	D-1/25, Rajouri Garden, New Delhi – 110 027
Date of Birth/Age :	09.08.1957
Qualification :	B.TECH.(MECH.) Delhi college of engineering
Date of Appointment :	01.08.2006
DIN No.;	00198890

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1986PTC024356	SGS TEKNIKS PRIVATE LIMITED	Director	26/09/1991	26/09/1991	Amalgamated	NO
2	U74899DL1994PTC061801	SGS HOLDINGS AND LEASING PRIVATE LIMITED	Director	27/09/1994	27/09/1994	Active	NO
3	U74899DL1995PTC069956	SGS INFOTECH PRIVATE LIMITED	Director	20/06/1995	20/06/1995	Active	NO
4	U70101DL2000PTC105595	HAMP PROPERTIES PRIVATE LIMITED	Director	08/05/2000	08/05/2000	Active	NO
5	U45201DL2003PTC122908	RANJIT KRISHNA PROPERTIES PRIVATE LIMITED	Director	03/11/2003	03/11/2003	Active	NO
6	U28931DL2006PTC150600	ELTEK SGS MECHANICS PRIVATE LIMITED.	Director	06/07/2006	06/07/2006	Active	NO
7	U72200DL2006PTC147027	SGS TEKNIKS MANUFACTURING PRIVATE LIMITED	Director	01/08/2006	01/08/2006	Active	NO
8	U31501DL2011PTC218182	SGS TEKNIKS PRIVATE LIMITED	Director	27/04/2011	27/04/2011	Active	NO

Name :	Mr. Krishna Kumar Pant
Designation :	Director
Address :	J2/36, DLF – Phase II, Gurgaon – 122 002, Haryana
Date of Birth/Age :	26.04.1958
Qualification :	Graduated with hounours from Delhi university and Post Graduation in business management
Date of Appointment :	01.08.2006
DIN No.:	00198916

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1986PTC024356	SGS TEKNIKS PRIVATE LIMITED	Director	26/09/1991	26/09/1991	Amalgamated	NO
2	U74899DL1994PTC061801	SGS HOLDINGS AND LEASING PRIVATE LIMITED	Director	27/09/1994	27/09/1994	Active	NO
3	U74899DL1995PTC069956	SGS INFOTECH PRIVATE LIMITED	Director	20/06/1995	20/06/1995	Active	NO
4	U31104DL1996PTC082106	ELTEK SGS PRIVATE LIMITED	Director	27/09/1996	27/09/1996	Active	NO
5	U70101DL2000PTC105595	HAMP PROPERTIES PRIVATE LIMITED	Director	08/05/2000	08/05/2000	Active	NO
6	U45201DL2003PTC122908	RANJIT KRISHNA PROPERTIES PRIVATE LIMITED	Director	03/11/2003	03/11/2003	Active	NO
7	U72200DL2006PTC147027	SGS TEKNIKS MANUFACTURING PRIVATE LIMITED	Director	01/08/2006	01/08/2006	Active	NO
8	U40109DL2003PTC209036	VALERE POWER INDIA PRIVATE LIMITED	Director	25/06/2007	25/06/2007	Active	NO
9	U31900DL2011PTC216806	ELTEK SGS RENEWABLE ENERGY PRIVATE LIMITED	Director	30/03/2011	30/03/2011	Active	NO
10	U31501DL2011PTC218182	SGS TEKNIKS PRIVATE LIMITED	Director	27/04/2011	27/04/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.09.2011

Names of Shareholders	No. of Shares
Jasbir Singh Gujral	254288
Ranjit Singh Lonial	254287
Sanjiv Narayan	254288
Krishna Kumar Pant	254287
Sushma Narayan	900
Sukhbir Kaur Gujral	900
Bhavnjeet Kaur Lonial	900
Usha Pant	900
SGS Holdings and Leasing Private Limited, India	487500
Total	1508250

As on 17.09.2011

Equity Share Break up (Percentage of Total Equity)

Category		Percentage of Holding
Bodies corporate		32.00
Directors or relatives of directors		68.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Electronic Manufacturing Services

PRODUCTION STATUS (As on: 31.03.2011):-

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Battery eliminators	Nos.	36000	36000	NIL
Electronic Sub Assemblies and Modules	Rs. in millions	5.000	5.000	4023793
Power Supplies	Nos.	5000	5000	NIL
Switches and Relay	Nos.	25000	25000	NIL
Chokes Coil Inductors	Nos.	Na	NA	NIL

GENERAL INFORMATION

No of Employees :

Not Available

Bankers :

· Citi Bank N.A, Jeevan bharti Building, 4^th Floor, 124, Connaught Circus, Connaught Place, New Delhi – 110 001, India

· Allahabad Bank, International Branch, 119, Park Street, Kolkata – 700017, West Bengal, India

Facilities :

SECURED LOANS	31.03.2011 (RS. IN MILLIONS)	31.03.2010 (RS. IN MILLIONS)
From Banks
Working Capital Demand Loan including Cash Credit	152.026	67.849
Term loan [Amount repayable within one year Rs.10.114 Millions [Amount repayable within one year Rs. 10.114 Millions	0.000	10.114
From Others
Vehicle Loan [Amount repayable within one year Rs.1.967 Millions (Previous Year Rs.0.924 Million)	4.036	6.149
Total	156.062	84.113
UNSECURED LOANS	31.03.2011 (RS. IN MILLIONS)	31.03.2010 (RS. IN MILLIONS)
		0.000
Working Capital Loans Unsecured	3.300	3.050
Total	3.300	3.050

Banking Relations :

---

Auditors :

Name :

J C Bhalla and Company

Chartered Accountants

Address :

B-05, Sector -6, Noida – 201301, Uttar Pradesh, India

Tel No.:

91-120-4241000

Fax No.:

91-120-4241007

PAN No.:

AAAFJ3258M

Related Parties :

· SGS Holding and Leasing Private Limited

· Pavan Associates

Associates :

· Suprina associates

· Ranjit Krishna Properties Private Limited

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1508250	Equity Shares	Rs. 10/- each	Rs. 15.082 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		15.082	15.082	15.082
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		363.518	293.043	204.237
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		378.600	308.125	219.319
LOAN FUNDS
1] Secured Loans		156.062	84.113	88.070
2] Unsecured Loans		3.300	3.050	14.444
TOTAL BORROWING		159.362	87.163	102.514
DEFERRED TAX LIABILITIES		13.520	11.709	11.699
TOTAL		551.482	406.997	333.532
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		256.486	193.608	181.944
Capital work-in-progress		1.020	0.715	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	173.057	101.186	74.386
	Sundry Debtors	209.557	170.712	10.044
	Cash & Bank Balances	17.129	10.379	132.847
	Other Current Assets	0.000	0.000	7.340
	Loans & Advances	82.594	99.024	48.325
Total Current Assets		482.337	381.301	272.942
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	152.911	107.078	70.368
	Other Current Liabilities	23.592	17.830	14.323
	Provisions	11.858	44.039	37.304
Total Current Liabilities		188.361	168.947	121.995
Net Current Assets		293.976	212.354	150.947
MISCELLANEOUS EXPENSES		0.000	0.320	0.641
TOTAL		551.482	406.997	333.532

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
INCOME FROM OPERATION		1088.604	831.286	642.596
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		101.768	103.106	89.281
DEPRECIATION/ AMORTISATION		16.590	13.899	13.101
PROFIT BEFORE TAX		85.178	89.207	76.180
TAX		6.12	7.590	7.096
PROFIT AFTER TAX		79.058	96.797	69.084
APPROPRIATIONS
	Transfer to General Reserve	10.000	10.000	10.000
	Dividend	8.764	8.823	8.823
BALANCE CARRIED TO THE B/S		60.294	77.974	97.894
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	270.444	190.807	214.390
TOTAL EARNINGS		270.444	190.807	214.390
IMPORTS
	Raw Materials	0.000	339.218	244.170
	Capital Goods	54.225	2.302	35.766
TOTAL IMPORTS		54.225	341.520	279.936
Earnings Per Share (Rs.)		52.42	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets)	(%)	11.53	15.52	16.74
Return on Investment (ROI) (PBT/Networth)		0.22	0.29	0.35
Debt Equity Ratio (Total Liability/Networth)		0.92	0.83	1.02
Current Ratio (Current Asset/Current Liability)		2.56	2.26	2.24

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office address of the company has been shifted from F 225 A Sainik Farms, New Delhi – 110062, Delhi, India to present w.e.f. 02.12.2011

Operations and Future Outlook

During the year the income from operations of the company registered a growth of 30.89%. While profit before tax decreased by 1.04%. Based on the current order book position the Directors are confident of consolidating the growth in the ensuing year.

Contingent Liability in respect of:

(i) Outstanding commitment for Capital Expenditure [net of advance Rs. 1.020 Millions (Previous Year Rs. 0.716 Million)] as on March 31, 2011 is Nil (Previous Year Rs. 0.162 Million)

(ii) Income tax demand of Rs. 1.506 Millions (Previous Year Rs 3.006 Millions) in respect of previous financial years [Rs. 4.015 Millions deposited under protest (Previous Year Rs. 2.515 Millions)].

form 8:-

Corporate identity number of the company	u72200dl2006ptc147027
Name of the company	SGS TEKNIKS MANUFACTURING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-3 Infocity, Sector-34, Gurgaon – 122001, Haryana, India E-mail : gujral@sgst.com
This form is for	modification of charge
Charge identification (ID) number of the charge to be modified	10072497
Type of charge	· Immovable property · Book debts · Movable Property (Not being pledge) · Others (Stocks, P and M, Office Equipment, Furniture and Fixtures)
Particular of charge holder	Citi Bank N.A, Jeevan bharti Building, 4^th Floor, 124, Connaught Circus, Connaught Place, New Delhi – 110 001, India E-mail : roc@sdpa.in
Nature of instrument creating charge	Deed of modification of Goods Security Agreement. Deed of modification of Loan Agreement.
Date of instrument Creating the charge	25.11.2011
Amount secured by the charge	Rs.180.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per sanction terms and as may be decided by the Bank and Company mutually from time to time. Terms of Repayment: Repayable on demand, annually renewable. Margin: Borrower shall at all times during the continuance of the security maintain a sufficient amount to provide the margin of security as may from time to time advised by the Bank. Extent and Operation of the charge: First exclusive charge on the current assets (including stocks and book debts) and movable fixed assets (including P and M, Off. equipment, furniture and fixtures etc.) both present and future and equitable mortgage of land and building at: (a) 390-391, Udyog Vihar, Phase-4, Gurgaon (b) Plot No. 3, Block A, Info City, Gurgaon in favour of Citibank N.A Delhi for the repayment of all monies in respect of the credit facility, including outstanding balance and also all interest, costs, charges and expenses.
Short particulars of the property charged (Including location of the property)	· Current assets (including stocks and book debts) and movable fixed assets (including plant and machinery, office equipment, furniture and fixtures etc.) both present and future. · Equitable mortgage of land and building at 390-391, Udyog Vihar, Phase-4, Gurgaon. · Equitable mortgage of land and building at Plot No. 3, Block A, Info City, Gurgaon.
Date of instrument modifying the charge	20.10.2010
Particulars of the present modification	By this modification increase the facilities for the following charges upto Rs. 120.000 millions and the charge is secured by first exclusive charge on the current assets (including stocks and book debts) and movable fixed assets (including plant and machinery, office equipment, furniture and fixtures etc.) both present and future and equitable mortgage of land and building at: (a) 390-391, Udyog Vihar, Phase-4, Gurgaon (b) Plot No. 3, Block A, Info City, Gurgaon.

Fixed Assets:-

· Land

· building

· Tools and Moulds

· Plant and Machinery

· computer

· Office Equipments

· Vehicles

· Coolers and Refrigerators

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.50.25
UK Pound	1	Rs.79.76
Euro	1	Rs.66.52

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	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		44

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.