MIRA INFORM REPORT

Report Date :

21.05.2012

IDENTIFICATION DETAILS

Name :	RELIANCE CORPORATE IT PARK LIMITED (w.e.f. 10.03.2008)
Formerly Known As :	RELENE PETROCHEMICALS LIMITED
Registered Office :	3rd Floor, Court House, Lokmanya Tilak Marg, Dhobi Talao, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.04.2001
Com. Reg. No.:	11-131458
Capital Investment / Paid-up Capital :	Rs.24778.300 Millions
CIN No.: [Company Identification No.]	U74140MH2001PLC131458
TAN No.: [Tax Deduction & Collection Account No.]	MUMR17044G
PAN No.: [Permanent Account No.]	AABCD7169H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Petroleum Based Products such as Petrochemicals, High Density Polythene, Ethylene Vinyl Acetate Co. Polymer
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Maximum Credit Limit :	USD 94000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a part of Reliance Group, controlled by Mr. Mukesh Ambani. Trade relations are fair. Business is active. Payments are reported as slow. The company can be considered for business dealings with caution.

NOTES :

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

INFORMATION DECLINED BY

Management Non Co-operative

LOCATIONS

Registered Office :	3rd Floor, Court House, Lokmanya Tilak Marg, Dhobi Talao, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-30346000/ 22785220
Fax No.:	91-22-22785111
E-Mail :	suresh.savaliya@ril.com shreya.ramkrishnan@ril.com jigar.purohit@ril.com
Factory :	5, Trans – Thane Creek Industrial Area, Thane – Belapur Road, Thane – 400601
Area :	Land - 20 Hectars, Plant – 100000 Sq. ft
Location :	Owned
Project Office	2^ND Floor, Chitrakoot, Shreeram Mills Premises, Ganapatrao Kadam Marg, Mumbai – 600012
Tel. No.:	91-22-24918470
Fax No.:	91-22-24953046

DIRECTORS

As on 30.09.2011

Name :	Mr. Rohit Chhannalal Shah
Designation :	Director
Address :	B-901/902 shanker Park Opp Suman Apts Shankar Lane, Kandivali (West), Mumbai:400067, Maharashtra
Date of Birth/Age :	01.06.1954
Date of Appointment :	02.04.2001
DIN No.:	00006087
Name :	Mr. Indubhai Fulchan Sheth
Designation :	Director
Address :	401- A, Falcon Castle CHS Limited Tulsi PiPE Road Elphinstone, Mumbai;400012, Maharashtra
Date of Birth/Age :	02.03.1933
Date of Appointment :	23.03.2004
DIN No.:	00004353
Name :	Mr. Velamuri Venkata Suryarau
Designation :	Director
Address :	Bunglow No:2, Tfil Colony Mahape Thane Belapur Road, New Mumbai;400702, Maharashtra
Date of Birth/Age :	10.07.1943
Date of Appointment :	23.03.2004
DIN No.:	00010274
Name :	Mr. Arvind Bhushan Modgil
Designation :	Director
Address :	T-9/202 Sea Breze Chs Limited Sectro 16 Plot No:16, Nerul, Navi Mumbia:400701, Maharashtra
Date of Birth/Age :	10.10.1949
Date of Appointment :	13.09.2004
DIN No.:	00023544

KEY EXECUTIVES

Name :	Mr. Jagdish R. Vasani
Designation :	Manager
Address :	H 2/ 3 : 1 Panchdeep CHS Limited, Sector 29, Vashi, Navi Mumbai – 400 705, Maharashtra, India
Date of Birth/Age :	21.12.1952
Date of Appointment :	01.12.2008
PAN No.:	AAJPV7710R
Name :	Mr. Jagdish Kumar Gupta
Designation :	Senior Vice – President
Name :	Mr. Ramakant Manohar Singru
Designation :	General Manager
Name :	Mr. Samir Kumar Nayek
Designation :	Senior Vice – President
Name :	Mr. M A Baliga
Designation :	Vice – President
Name :	Mr. Subir Kumar Chattopadhyay
Designation :	Senior Vice – President
Name :	Mr. Y B Prasad
Designation :	Senior Vice – President
Name :	Mr. Venkata Paparao B
Designation :	Vice – President
Name :	Mr. Ramesh Bhujade
Designation :	Assistant Vice President
Name :	Mr. Debasis Mitraroy
Designation :	Vice – President
Name :	Mr. Y Venkateswara Rao
Designation :	Vice – President
Name :	Mr. T J C Coelho
Designation :	Vice – President
Name :	Mr. G Subramaniam
Designation :	President
Name :	Mr. Anand R Bhusari
Designation :	Vice President
Name :	Mr. Hasmukh V Lodhia
Designation :	Vice – President
Name :	Mr. Nagarathinam S Murthy
Designation :	Senior Vice President
Name :	Mr. Donald Alfred Arakel
Designation :	Manager
Name :	Mr. K Solaiappan
Designation :	Vice – President
Name :	Mr. Shrikrishna Konkar
Designation :	Vice – President
Name :	Mr. Rajiv Gupta
Designation :	Senior Vice – President
Name :	Mr. Pramod Kejriwal
Designation :	Assistant Vice President
Name :	Mr. Jadvinder Pal Singh
Designation :	General Manager
Name :	Mr. Swapnil Dubey
Designation :	Vice – President
Name :	Mr. Ganesh Shenoy
Designation :	Senior Manager
Name :	Mr. Rahul Chaturvedi
Designation :	Senior Vice President
Name :	Mr. Sumangal J Bhatwadekar
Designation :	Senior Vice President
Name :	Mr. D. Milintha Kumar
Designation :	Senior Vice President

MAJOR SHAREHOLDERS

As on 30.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Reliance Commercial Land and Infrastructure Limited, India	1855267510
Union Bank of India, India	26229330
Arun K Jain jointly with Reliance Commercial Land and Infrastructure Limited, India	100
K Sethuraman jointly with Reliance Commercial Land and Infrastructure Limited, India	100
Indubhai Sheth Reliance Commercial Land and Infrastructure Limited, India	50
Ashok C Jain Reliance Commercial Land and Infrastructure Limited, India	50
V. Subramaniam Reliance Commercial Land and Infrastructure Limited, India	100
Total	1881497240

Names of Shareholders (6% preference shares )	No. of Shares
Sharanya Trading Private Limited, India	1332700
Total	1332700

Names of Shareholders (2% preference shares )	No. of Shares
Reliance Commercial Land and Infrastructure Limited, India	594998620
Total	594998620

List of Allottees

As on 29.03.2012

Names of Allottee (Equity Shares)	No. of Shares
Reliance Commercial Land and Infrastructure Limited, India	157000000
Total	157000000

As on 30.09.2011

Equity Share Break Up:

Category	Percentage of holding:
Bodies Corporate	98.61
Nationalized or other banks	1.39
Total:	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Petroleum Based Products such as Petrochemicals, High Density Polythene, Ethylene Vinyl Acetate Co. Polymer

Products :

v Petrochemicals

v High Density Polythene

v Co – Polymer

Item Code No. (ITC Code)	290512.20
Product Description	Isopropyl Alcohol
Item Code No. (ITC Code)	390120.00
Product Description	High Density Polyethylene
Item Code No. (ITC Code)	290220.00
Product Description	Benzene

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

v State Bank of India, Bacbay Reclamation, Mumbai – 400020

v HDFC Bank Limited, Vashi Branch, Sector – 17, Vashi, Navi Mumbai - 400703

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other Debt Unsecured	300.000	3101.200
Total	300.000	3101.200

Banking Relations :	--
Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	714-715, Tulsiani Chambers,212 Nariman Point, Mumbia:400021, Maharahstra, India
PAN No.:	AAAFC0662N
Holding Company :	Reliance Commercial Land and Infrastructure Limited CIN No.: U51109MH2008PLC185389 Reliance Industrial Investments and Holdings Limited CIN No.: U65910MH1986PLC041081
Ultimate Holding Company :	Reliance Industries Limited CIN No.: L17110MH1973PLC019786
Fellow Subsidiary Company :	· Reliance Retail Limited CIN No.: U17120MH1998PLC114010 · Reliance Financial Distribution and Advisory Services Limited CIN No.: U65990MH2007PLC170804 · Reliance Retail Insurance Broking Limited CIN No.: U67200MH2006PLC165651 · Reliance Retail Travel and Forex Services Limited CIN No.: U63040MH2007PLC173923 · Reliance Digital Media Limited CIN No.: U51909MH2007PLC175652 · Reliance Fresh Limited CIN No.: U01100MH1999PLC120563 · Reliance People Serve Limited CIN No.: U93090MH2007PLC167786 · Reliance Digital Retail Limited CIN No.: U70102MH2007PLC170415 · Reliance Hypermart Limited CIN No.: U51909MH2006PLC166163 · Strategic Manpower Solutions Limited CIN No.: U74999MH2007PLC167704 · Reliance Wellness Limited CIN No.: U52100MH2007PLC172129 · Reliance Universal Ventures Limited CIN No.: U51109MH2007PLC167805 · Reliance Lifestyle Holdings Limited CIN No.: U01403MH2007PLC172415 · Reliance Autozone Limited CIN No.: U74140MH2000PLC128398 · Reliance Supply Chain Solutions Limited CIN No.: U52190MH2007PLC175508 · Reliance Petro Marketing Limited CIN No.: U74210MH1999PLC120377 · Reliance Strategic Investments Limited CIN No.: U65990MH1999PLC120918 · Reliance Ventures Limited CIN No.: U24120MH1999PLC121009 · Rancore Technologies Private Limited CIN No.: U74999MH2007PTC168562 · Gapoil Tanzania Limited · Gapco Uganda Limited · Gapco Kenya Limited · Gapco Tanzania Limited · Gapco Rwanda SARL

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3495000000	Equity Shares	Rs.10/- each	Rs.34950.000 Millions
605000000	Preference Shares	Rs.10/- each	Rs.6050.000 Millions
	Total		Rs.41000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2038497240	Equity Shares	Rs.10/- each	Rs.20384.972 Millions
596331320	Preference Shares	Rs.10/- each	Rs.5963.313 Millions
	Total		Rs.26348.285 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3495000000	Equity Shares	Rs.10/- each	Rs.34950.000 Millions
605000000	Preference Shares	Rs.10/- each	Rs.6050.000 Millions
	Total		Rs.41000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1881497240	Equity Shares	Rs.10/- each	Rs.18815.000 Millions
596331320	Preference Shares	Rs.10/- each	Rs.5963.300 Millions
	Total		Rs.24778.300 Millions

Footnotes

1. Of the above, Reliance Commercial Land and Infrastructure Limited, the Holding Company, along with its nominees holds 185,52,67,910 (previous Year 116,37,67,910) fully paid up Equity Shares and 59,49,98,620 fully paid up 2% Non-Cumulative Convertible Preference Shares

2. Of the above Equity Shares, 16,77,18,620 shares were allotted without payment being received in Cash pursuant to the terms of Scheme of Arrangement sanctioned by the Hon'ble High Court of Bombay.

3. 2% Non-cumulative Optionally Convertible Preference Shares of nominal value of Rs.10 each are redeemable on February 16, 2016 unless they are converted into equal number of Equity Shares of Rs.10 each at par at the option of the holders thereof. In terms of the Letter of Offer dated January 16, 2009, the Company had issued 178,49,95,860 non-detachable warrants attached to these preference shares entitling the warrant holders to subcribe to equal number of Equity Shares of Rs.10 each for cash at par. Out of this, during the current year 69,15,00,000 equity shares ( previous year 59,49,98,620) of Rs.10 each were alloted as fully paid up against exercise of the options under the equal number of warrants.

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		24778.300	17863.300	11913.299
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19.700	0.000	0.000
4] (Accumulated Losses)		(1262.000)	(1269.800)	(1272.348)
NETWORTH		23536.000	16593.500	10640.951
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		300.000	3101.200	9051.246
TOTAL BORROWING		300.000	3101.200	9051.246
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		23836.000	19694.700	19692.197
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13576.800	12597.300	12930.814
Capital work-in-progress		6289.800	4887.600	3721.895
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.500	0.000	0.609
	Sundry Debtors	249.000	57.700	3.671
	Cash & Bank Balances	54.200	2.000	19.082
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5230.300	3699.700	3980.875
Total Current Assets		5538.000	3759.400	4004.237
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	626.500	344.300	266.014
	Current Liabilities	902.100	1205.200	703.655
	Provisions	40.000	0.100	0.080
Total Current Liabilities		1568.600	1549.600	969.749
Net Current Assets		3969.400	2209.800	3034.488
MISCELLANEOUS EXPENSES		0.000	0.000	5.000
TOTAL		23836.000	19694.700	19692.197

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5052.800	215.500	828.226
		Other Income	45.900	883.000	3.100
		TOTAL (A)	5098.700	1098.500	831.326
Less	EXPENSES		0.100	0.600
		Office Expenses	2735.400	2.000	642.824
		Administrative Expenses	1451.00	522.700
		TOTAL (B)	4186.500	525.300	642.824
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		912.200	573.200	188.502
Less	FINANCIAL EXPENSES (D)		791.100	209.400	17.817
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		121.100	363.800	170.685
Less/ Add	DEPRECIATION/ AMORTISATION (F)		115.800	360.800	228.972
	PROFIT BEFORE TAX (E-F) (G)		5.300	3.000	(58.287)
Less	TAX (I)		(2.500)	0.500	1.938
	PROFIT AFTER TAX (G-I) (J)		7.800	2.500	(60.225)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1269.800)	(1272.348)	(1212.123)
	BALANCE CARRIED TO THE B/S		(1262.000)	(1269.800)	(1272.348)
	IMPORTS
		Capital Goods	NA	5.344	529.977
	TOTAL IMPORTS		NA	5.344	529.977
	Earnings Per Share (Rs.)		0.03	0.00	(0.10)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.15	0.23	(7.24)
Net Profit Margin (PBT/Sales)	(%)	0.10	1.39	(7.04)
Return on Total Assets (PBT/Total Assets}	(%)	0.03	0.02	(0.00)
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	(0.01)
Debt Equity Ratio (Total Liability/Networth)		0.08	0.28	0.94
Current Ratio (Current Asset/Current Liability)		3.53	2.43	4.13

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

SUNDRY CREDITOR DETAILS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditor
- Due Others	626.500	344.300	266.014
Total	626.500	344.300	266.014

OPERATIONAL REVIEW:

The Company is operating in the field of providing support services. During the year the Company’s Profit before Depreciation, Interest and Tax was Rs. 912.200 Millions against Rs.573.200 Millions in the previous year. Net profit for the year increased to Rs. 4.200 Millions from Rs. 2.500 Millions in the previous year.

AMALGAMATION OF WHOLLY OWNED SUBSIDIARIES WITH THE COMPANY

During the year Reliance Global Management Services Limited and Reliance Infosolutions Private Limited became wholly owned subsidiaries of the Company. Subsequently, these wholly owned subsidiaries have been amalgamated with the Company.

The Scheme of Amalgamation was sanctioned by the Hon'ble High Court of Judicature at Bombay vide Order dated March 25, 2011. The Scheme became effective on April 12, 2011, the Appointed

Date of the Scheme being April 1, 2010.

The entire paid-up equity share capital of Reliance Global Management Services Limited (‘RGMS’) was held by the Company and its nominees and the entire paid-up equity share capital of Reliance Infosolutions Private Limited was held by RGMS and its nominees. Therefore, on the Scheme taking effect, the entire issued, subscribed and paid-up equity share capital of the wholly owned subsidiaries have been cancelled.

PROVISIONS AND CONTINGENCIES

(Rs. In Millions)

Particular	31.03.2011	31.03.2010
Disclosure of contingent liabilities
Details of other contingent liabilities	616.500	218.300

Fixed Assets:

• Freehold Land
• Leasehold Land
• Buildings
• Plant and Machinery
• Electrical Installation
• Equipments
• Furniture and Fixtures
• Vehicles

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 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 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.54.88
UK Pound	1	Rs.86.46
Euro	1	Rs.69.49

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		27

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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.