MIRA INFORM REPORT

Report Date :

19.05.2012

IDENTIFICATION DETAILS

Name :	CUBE CONSTRUCTION ENGINEERING LIMITED
Registered Office :	1, Chandramani Nagar, Vidya Vihar School Lane, Off High Tension Road, Subhanpura, Vadodara – 390 023, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.04.2006
Com. Reg. No.:	04-048119
Capital Investment / Paid-up Capital :	Rs. 150.000 Millions
CIN No.: [Company Identification No.]	U45200GJ2006PLC048119
TAN No.: [Tax Deduction & Collection Account No.]	BRDC01050A
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Subject is engaged in Construction Business of Industrial, Commercial, and Residential projects.
No. of Employees :	Not Divulged by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2000000
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.

INFORMATION DENIED BY

Name :	Management Non- Co operative
Designation :	No
Contact No.:	No
Date :	18.05.2012

LOCATIONS

Registered Office :	1, Chandramani Nagar, Vidya Vihar School Lane, Off High Tension Road, Subhanpura, Vadodara – 390 023, Gujarat
Tel. No.:	91-265-2393209 / 2398190
Fax No.:	91-265-2391552
E-Mail :	info@ccel.in civil@ccel.in parul.samalia@ccel.in
Website :	http://www.ccel.in

DIRECTORS

As on 30.09.2011

Name :	Mr. Sanjay Chhotalal Shah
Designation :	Managing Director
Address :	10, Atmajyoti Nagar Society, Opp. Atmajyoti Ashram, Vadodara-390023, Gujarat, India
Date of Birth/Age :	16.12.1968
Date of Appointment :	10.04.2006
DIN No.:	00068655
Name :	Mrs. Bindya Sanjay Shah
Designation :	Director
Address :	10, Atmajyoti Nagar Society, Opp. Atmajyoti Ashram, Vadodara-390023, Gujarat, India
Date of Birth/Age :	18.01.1970
Date of Appointment :	10.04.2006
DIN No.:	00068665
Name :	Mr. Birju Chhotalal Shah
Designation :	Director
Address :	Waniyawad, Bhuj, Kachch – 370 001, Gujarat, India
Date of Birth/Age :	10.12.1973
Date of Appointment :	06.06.2006
DIN No.:	00356286
Name :	Mr. Nilesh Arvindbhai Gandhi
Designation :	Director
Address :	J 19/20, Gokulvatika Co Op Housing Society Opposite Air Port, Harni Road, Vadodara – 390 022, Gujarat, India
Date of Birth/Age :	06.08.1967
Date of Appointment :	10.04.2006
DIN No.:	00068662
Name :	Mr. Sanjay Devendra Shah
Designation :	Director
Address :	74, Chitrakut Apartment, Refinery Road, Gorva , Vadodara – 390 016, Gujarat, India
Date of Birth/Age :	11.06.1966
Date of Appointment :	06.06.2006
DIN No.:	00356104
Name :	Mr. Atul Bhagwandas Shah
Designation :	Director
Address :	103, Shree Gopinath Avenue, New Sam, Vadodara – 390 008, Gujarat, India
Date of Birth/Age :	28.07.1961
Date of Appointment :	06.06.2006
DIN No.:	00356255
Name :	Mr. Vinodray Ramjibhai Jhalavadia
Designation :	Director
Address :	25, Avsar Row House, B/h. Renuka Bhavan, Punagam to Bombay Market Road, Surat - 39500
Date of Birth/Age :	30.05.1966
Date of Appointment :	17.11.2009
DIN No.:	02839630

KEY EXECUTIVES

Name :	Mr. Umesh Anilbhai Patel
Designation :	Company Secretary
Address :	1724, Dhobi Ni Khadaki, Kapadiwad, Raipur, Ahmedabad -380001, Gujarat, India
Date of Birth/Age :	04.01.1985
Date of Appointment :	01.04.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sanjay Chhotalal Shah	4690765
Bindya Sanjay Shah	3599820
Birju Chhotalal Shah	2487000
Meghna Shah	840000
Sajavan Const. and warehousing Private Limited, India	1548000
Aces Minechem Private Limited, India	1791000
Atul Shah	8500
Sanjay D. Shah	8500
Nilesh Gandhi	8500
Jyotiben Shah	2000
Vinod Zalavadiya	5000
Kanchan Zalavadiya	3500
Kashmira Mehta	2750
Niranjan K Shah	1500
Nitaben V Shah	1500
Khushal Shah	250
Harshad Shah	80
Paresh Prajapati	80
Wardhman Shah	80
Rakesh Mishra	80
Sushi1 lain	80
Shital S Parikh	80
Jinesh Gandhi	50
Shana M Parmar	50
Bharat V Zalariya	50
Jayakishan Yagnik	50

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	22.26
Directors or relatives of directors	77.69
Other top fifty shareholders	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Construction Business of Industrial, Commercial, and Residential projects.

GENERAL INFORMATION

No. of Employees :

Not Divulged by the Management.

Bankers :

• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India
• HDFC Bank

Facilities :

Secured Loans	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Term Loan	294.508	63.234
Working Capital Loan	297.470	155.713
Total	591.978	218.947
Unsecured Loans	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Others	14.944	16.150
Total	14.944	16.150

Banking Relations :	--
Auditors :
Name :	Shah Sanghvi and company Chartered Accountants
Address :	2, Samarpan, Haribhakiti Colony, Race Course Circle, Baroda - 390 015, Gujarat, India
Pan No.:	AITPS7518Q
Relatives of key management personnel and Enterprises over which key management personnel and their relatives are able to exercise significant influence:	Cube Mines and Minerals Private Limited, India Sphere Infrastructure Private Limited, India Sancube Infra Projects Private Limited, India Optima Cube Inframaterials Private Limited, India Aash Cube Lighting Private Limited, India Cube Ashoka Joint Venture Company, India Sankalp Enterprises, India Gujarat Chlor Alkali Industries Limited, India Aces Minechem Private Limited, India

CAPITAL STRUCTURE

(AS ON 31.03.2011 )

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs. 150.000 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		150.000	150.000	86.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		365.966	248.321	143.957
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		515.966	398.321	230.057
LOAN FUNDS
1] Secured Loans		591.978	218.947	152.657
2] Unsecured Loans		14.944	16.150	20.671
TOTAL BORROWING		606.922	235.097	173.328
DEFERRED TAX LIABILITIES		4.077	2.652	1.593
TOTAL		1126.965	636.070	404.978
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		245.789	169.982	92.432
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		110.914	50.366	2.286
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	123.455	73.988	40.879
	Sundry Debtors	605.097	413.215	355.795
	Cash & Bank Balances	278.999	88.385	97.433
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	486.485	329.322	222.888
Total Current Assets		1494.036	904.910	716.995
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	388.723	208.276	147.081
	Other Current Liabilities	224.835	176.749	206.346
	Provisions	110.216	104.163	53.917
Total Current Liabilities		723.774	489.188	407.344
Net Current Assets		770.262	415.722	309.651
MISCELLANEOUS EXPENSES		0.000	0.000	0.609
TOTAL		1126.965	636.070	404.978

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1969.458	1587.293	1010.765
		Other Income	6.901	4.204	2.553
		TOTAL (A)	1976.359	1591.497	1013.318
Less	EXPENSES
		Consumption materials changes inventories	603.503	566.768
		Manufacturing service costs	60.360	47.849
		Contract Cost	826.467	608.995	891.393
		Employee related expenses	100.947	66.846
		Administrative selling other expenses	104.375	71.342
		Research development expenditure	4.003	4.566
		TOTAL (B)	1699.655	1366.366	891.393
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		276.704	225.131	121.925
Less	FINANCIAL EXPENSES (D)		38.083	16.505	16.132
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		238.621	208.626	105.793
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.063	21.923	10.597
	PROFIT BEFORE TAX (E-F) (G)		205.558	186.703	95.196
Less	TAX (H)		70.480	64.789	33.409
	PROFIT AFTER TAX (G-H) (I)		135.078	121.914	61.787
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		209.066	109.901	73.601
Less	APPROPRIATIONS
		Transfer to General Reserve	3.400	5.200	7.622
		Dividend	15.000	15.000	15.270
		Tax on Dividend	2.433	2.549	2.595
	BALANCE CARRIED TO THE B/S		323.311	209.066	109.901
	Earnings Per Share (Rs.)		9.01	12.44	9.12

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.83	7.66	6.10
Net Profit Margin (PBT/Sales)	(%)	10.44	11.76	9.42
Return on Total Assets (PBT/Total Assets}	(%)	11.81	17.37	11.76
Return on Investment (ROI) (PBT/Networth)		0.40	0.46	0.41
Debt Equity Ratio (Total Liability/Networth)		2.59	1.83	2.53
Current Ratio (Current Asset/Current Liability)		2.06	1.85	1.76

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2010
Creditors due small micro enterprises	0.000	0.000	0.000
Creditors due others	388.723	208.276	147.081
Total	388.723	208.276	147.081

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	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----------
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	---------------
Litigations that the firm/ Promoters Involved in	----------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----------
Buyer visit details	-----------
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

COMPANY'S PERFORMANCE TREND (STANDALONE) FOR LAST 5 YEARS

The year has recorded tremendous growth in turnover. The sales and other income have touched to Rs. 19.988 Millions showing an increase of 23.49% as compared to the previous year turnover of Rs. 16.186 Millions. The Profit before tax for the year under the review is Rs. 2.055 Millions as compared to Rs. 1.867 Millions reported in the last year and has showing continuous growth of the company.

FUTURE OUTLOOK:

But 2011 was not only a year when they harvested the fruits of early investments. They also adopted a new business plan for profitable growth during the next five years. They are now aiming at growth after several years of successful consolidation. After seeing past records they can say CCEL has always increasing Growth. They have risk management and monitoring functions in place. They have shared values, procedures and processes. The analyses show that they have the capacity to grow faster than the markets, thereby capturing market share. At the same time, profitability remains a top priority.

They are already well into 2012 and global trends are holding steady. The cities of the world are continuing to grow, and there is an increasing need for buildings and infrastructure. Construction markets in India remain strong, along with the markets for hospitals and educational and transportation facilities in the India.

By being a global player, subject generates operational synergies mainly due to the potential for taking advantage of the local specialized expertise found globally in various business areas. Shared purchasing activities and product development also boost efficiency and contribute to greater synergies in the organization. Construction of state of art architectural wall at Administrative and library building work for GNLU, Gandhinagar is a good example of the Competitive advantage.

SUCCESSFUL COMPLETED AND ONGOING PROJECTS DURING THE FINANCIAL YEAR:

This business includes construction of non-residential as well as civil construction projects. In Gujarat CCEL company is a largest Construction company and also completed many Government Projects. Operations are conducted in selected home markets Baroda, Surat, Ahmedabad all over Gujarat and also some parts of India.

During the financial year, the company has completed some of the prestigious projects in Industrial, Pre-Engineering Building Work, Institutional Bldg., Infrastructure Facilities Segment viz. Tata Group of Companies at Sanand, Ahmedabad, Library, Lecture Hall and Laboratory Bldg. for Project Implementation Unit, Health and Family Welfare Dept., GoG, Multi Storied Boys Hostel at SVNIT Campus, Surat for Engineering Projects India Ltd., New Delhi, Road and Other allied service for GIDC, Alindra, Savli, Dist. Vadodara.

Also the company has received best compliments from the Directors of the Gujarat National Law University during Good Governance Discussion forum for the state of art Construction work and Unique features of GNLU Campus.

The company has already started execution of Two Bus Terminal Facilities along with Commercial Complex at Vadodara and Ahmedabad. Also got work for Teaching Hospital at Gotri, Vadodara, Medical College Campus at Sola, Ahmedabad. Bus Rapid Transit System at Surat, Jain Dharmsala, Bhojansala at Rajasthan, etc.

The Company has continued registration with GOG as AA Class, Special Category 1 Road, Bldg., now registered with India's leading Organization Military Engineering Services under Super Saver Unlimited category and becomes Gujarat's one of the leading construction company.

The Company is committed towards Workmanship, Health and Safety, Procurement of Materials and positive management. The way CCEL will move forward, will take greater advantage of financial strength - strong cash flow from Construction operations is the engine - in order to do even more. Expansion in project development, where earn a high return on investments. Company has already geared up the execution and bagging more projects, definitely the company will make new level of turn over in the next Financial Year.

Bank Charges:

Corporation identity number or foreign company registrations number of the company	U45200GJ2006PLC048119
Name of the company	CUBE CONSTRUCTION ENGINEERING LIMITED
Address	1, Chandramani Nagar, Vidya Vihar School Lane, Off High Tension Road, Subhanpura, Vadodara – 390 023, Gujarat, India
This Form is for	Creation of Charge
Type of Charges	Movable Property (not being pledge)
Particular of the charge holder	HDFC Bank Limited, HDFC Bank Houses Senapati Bapat Road, Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India Email: cpu-retailassetoperations.rocefiling@hdfcbank.com
Nature or description of the instrument creating charge	Agreement for Loan and Guarantee. (Contracts No.: 3372060 / 65 / 66) (Rs. 1620000/- X 3 Conts) =Rs. 4860000/-
Date of the instrument creating charge	21.05.2011
Amount Secure by the charge	Rs. 4.860 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of Interest: Interest @ 10.20 % p.a. Terms of Repayment: The Loan is repayable in 35 EMIs of Rs. 161124/- (Rs. 53708/- X 3 Nos.) starting from 01st June, 2011 ending on 01st April, 2014 . Margin: As may be stipulated by bank from time to time. Extent and Operation: The Company hypothecates to and charges in favour of the Bank by way of first and exclusive charge of the Vehicle/ equipment described in Item No. 15 as security for the repayment/payment by the company of the loan granted or to be granted to the company by the Bank together with all fees, interest, costs and expenses incurred/to be incurred by the Bank and all other monies payable or to become payable by the company to the Bank. Others: The Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Bank may decide, including reserving a right to the Bank to retain its power to proceed against the company on behalf of the purchaser, assignee or transferee, any or all outstanding dues of the company, to any third party of the Bank's choice without reference to or without written intimation to the company.
Short particulars of the Property charged	Hypothecation of 3 Nos. Equipments namely : Concrete Pump 1004 D Stip (Year Of Manufacture: 2011 )

FIXED ASSETS:

• Office Equipments
• Plant and Machinery
• Computer Equipments
• Vehicles
• Furniture
• Shuttering Material
• Office Building
• Land
• Building

AS PER WEB DETAILS

PROFILE

Subject has transformed in a short span from a civil contractor to a well groomed infrastructure and development construction company.

Incorporated in the year 2006 as a Public Limited Company a flagship company Established in the year 1994 with an aim of accomplishing world-class standards in real estate, property and infrastructure development, was formerly known as Cube Construction. The Registered Office is at Vadodara controlling various Projects. In a decade of its working subject has emerged as a renowned civil engineering and construction company.

The Company has vision to provide the customers an innovative architecture in affordable prices with international quality; Their Mr. Sanjay C. Shah heads the company as Chairman and Managing Director with other Directors. Subject has established its capabilities in executing complex and challenging projects in all kinds of environment, having delivered projects in time bound schedules with international standards.

Subject is organized to function optimally with an objective and work culture to empower the Associates. With them, their core organizational concept is: Each subject staff members is the family members and “A Leader” who is free to make decisions and be accountable for the outcomes. They also believe that through distributed leadership, they can realize the full potential of every associate and enable them to excel in whatever they do. They create enduring value for the - Customers, Associates, Investors and Society.

Their expanding list of satisfied clients reflects their ability to execute challenging projects, despite all odds. The high percentage of repeat orders stand testimony to this. They have achieved many milestones. Their ability to manage operations in diverse industries and economies coupled with their track record in mobilizing financial and human resources makes us the preferred contractor for critical projects.

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. 54.87
UK Pound	1	Rs. 86.46
Euro	1	Rs. 69.48

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	ACH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	No
--AFFILIATION	YES/NO	Yes
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		49

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.