MIRA INFORM REPORT

Report Date :

05.11.2012

IDENTIFICATION DETAILS

Name :	INDOWORTH INDIA LIMITED
Registered Office :	B-130/1 MIDC Industrial Area, Butibori, Nagpur-441108, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.01.1997
Com. Reg. No.:	11-105543
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U01122MH1997PLC105543
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Wool and Polywool Yarn
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. There appears to be huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office/ Factory :	B-130/1 MIDC Industrial Area, Butibori, Nagpur-441108, Maharashtra, India
Tel. No.:	91-7104-265474 / 265475 / 265321 / 265308 / 2265325
Mobile No.:	91-9370252760 (Mr. V. K. Gupta)
Fax No.:	91-7104-265309
E-Mail :	snmaheshwari@ngp.uniworth.com lcc@npg.uniworth.com vishal@ngp.uniworth.com rkkalia@ngp.uniworth.com
Website :	http://www.uniworth.com
Raipur Branch :	923,945, Urla Industrial Estate, Raipur – 492221, Chhattisgarh, India
Tel. No.:	91-771-2324271/75
Fax No.:	91-771-23235-257
E-Mail :	rkkalia@ngp.uniworth.com
Branches :	2-4, Jambul Wadi, First Floor, Kalbadevi Road, Mumbai-400002, Maharashtra

DIRECTORS

As on: 30.09.2011

Name :

Mr. Lab Chandra Chakravorty

Designation :

Whole-time director

Address :

Guest House, Indoworth India Limited, Plot B – 130, MIDC, Butibori, Nagpur – 441122, Maharashtra, India

Date of Birth/Age :

03.06.1946

Date of Appointment :

01.07.2007

DIN No.:

01170814

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17113MH2003PLC139813	STAR SCOURING LIMITED	Director	31-03-03	31-03-03	-	Active	YES
2	U24231WB1989PLC047198	K D L PHARMA LIMITED	Additional director	20-08-03	20-08-03	01-06-07	Active	NO
3	U01122MH1997PLC105543	INDOWORTH INDIA LIMITED	Whole-time director	01-07-07	31-05-07	-	Active	NO

Name :

Mr. Shyam Kumar Rathi

Designation :

Director

Address :

8. Mandir Street, Kolkata – 700073, West Bengal, India

Date of Birth/Age :

15.09.1971

Date of Appointment :

28.09.2010

DIN No.:

01386151

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51109WB2006PTC107348	SURAKSHIT DEALER PRIVATE LIMITED	Director	24-01-07	24-01-07	31-03-12	Active	NO
2	U51109WB2007PTC112728	NIVEDAN COMMERCE PRIVATE LIMITED	Director	24-01-07	24-01-07	14-07-09	Active	NO
3	U51109WB2007PTC112727	JALDHAM MARKETING PRIVATE LIMITED	Director	24-01-07	24-01-07	26-12-09	Active	NO
4	U24231WB1989PLC047198	K D L PHARMA LIMITED	Director	01-06-07	01-06-07	-	Active	NO
5	U15549WB1995PLC075762	COMFORT (INDIA) LIMITED	Director	20-06-07	20-06-07	-	Active	NO
6	U51909WB2005PTC106575	BONANZA DISTRIBUTORS PRIVATE LIMITED	Director	27-06-07	27-06-07	01-09-08	Active	NO
7	U51909WB1993PTC058733	TEXWORTH CREDIT & COMMERCIAL PRIVATE LIMITED	Director	20-08-07	20-08-07	-	Active	NO
8	U51109WB2007PTC120422	EVEREST DEALER PRIVATE LIMITED	Director	19-11-07	19-11-07	16-04-10	Active	NO
9	U13209WB2007PTC120421	SURAJ IRON & STEEL PRIVATE LIMITED	Director	19-11-07	19-11-07	27-10-09	Active	NO
10	U51109WB2007PTC120478	GROWFAST AGENCY PRIVATE LIMITED	Director	21-11-07	21-11-07	16-06-10	Active	NO
11	U45201WB1990PTC049961	MADGUL ESTATES PRIVATE LIMITED	Director	15-07-08	15-07-08	-	Active	NO
12	U17112WB1989PLC047224	UNIWORTH SILK LIMITED	Director	01-09-08	01-09-08	-	Active	NO
13	U15491WB1994PLC063611	UNI EXOTICA INDIA LIMITED	Director	01-09-08	01-09-08	-	Active	NO
14	U70101WB1992PTC055645	VIKRAM BUILDCON PVT LTD	Director	01-09-08	01-09-08	-	Active	NO
15	U67120WB1994PLC063760	UNIWORTH PROJECTS LTD.	Director	02-09-08	02-09-08	-	Active	NO
16	U01409WB1995PLC067266	UNIWORTH BIOTECH LIMITED	Director	10-11-08	10-11-08	-	Active	NO
17	U51909WB2008PTC130569	SKICORP MARKETING VENTURES PRIVATE LIMITED	Director	14-11-08	14-11-08	04-05-10	Active	NO
18	U51909WB2008PTC130646	WELCOME VINTRADE PRIVATE LIMITED	Director	18-11-08	18-11-08	14-12-10	Amalgamated	NO
19	U51109WB2008PTC130698	NIKETAN SUPPLIERS PRIVATE LIMITED	Director	19-11-08	19-11-08	30-04-10	Active	NO
20	U51109WB2009PTC131927	MILLENIUM AGENCY PRIVATE LIMITED	Director	14-01-09	14-01-09	12-07-10	Active	NO
21	U51909WB2010PTC140701	TOP VINCOM PRIVATE LIMITED	Director	06-01-10	06-01-10	10-02-11	Active	NO
22	U51909WB2010PTC140702	NOVELTY SUPPLIERS PRIVATE LIMITED	Director	06-01-10	06-01-10	-	Active	NO
23	U70109WB1993PTC060642	TESSUTI COLLEZIONE PRIVATE LIMITED	Director	25-02-10	25-02-10	-	Active	NO
24	U51909WB1994PTC065101	RACHIT TEXTRADE PRIVATE LIMITED	Director	27-02-10	27-02-10	-	Active	NO
25	U51109WB1951PTC020058	FIBRES & FABRICS PRIVATE LIMITED	Director	03-03-10	03-03-10	-	Active	NO
26	U70101WB2007PTC117691	BRIGHTSTAR CONSTRUCTION PRIVATE LIMITED	Director	30-03-10	30-03-10	-	Active	NO
27	U01122MH1997PLC105543	INDOWORTH INDIA LIMITED	Director	28-09-10	30-04-10	-	Active	NO
28	L51900MH1985PLC035670	UNIWORTH SECURITIES LIMITED	Additional director	09-07-10	09-07-10	-	Active	NO
29	U51909WB2010PTC153851	MARUBHUMI TRADERS PRIVATE LIMITED	Director	06-10-10	06-10-10	-	Active	NO
30	U51909WB2010PTC153993	SATRANGI VINIMAY PRIVATE LIMITED	Director	11-10-10	11-10-10	-	Active	NO
31	U51909WB2010PTC153992	EVERSTRONG MERCHANDISE PRIVATE LIMITED	Director	11-10-10	11-10-10	-	Active	NO

Name :

Mr. Ram Dutt Sharma

Designation :

Director

Address :

HQ, Eastern Command Admbr, Fort William, Kolkata – 700021, West Bengal, India

Date of Birth/Age :

28.08.1959

Date of Appointment :

28.09.2010

DIN No.:

03223586

KEY EXECUTIVES

Name :	Mr. Vanita Mundhra
Designation :	Secretary
Address :	95B, C. R. Avenue, Opposite Medical College, Kolkata – 700073, West Bengal, India
Date of Birth/Age :	03.01.1984
Date of Appointment :	31.08.2010
PAN No.:	AHSPM1469Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Vishwanath Kanodia	1550
Manoj Kanodia	1550
Vikas Kanodia	1550
Dr. Jai Kumar Singh	560
Raj Kumar Patodia	560
Rajendra Prasad Chaube	560
Harischandra D. Sharma	560
Sanjay Nawal	610
Impex Company Limited Dolphin	21250
Impex Company Limited Goldstar	21250
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	85.00
Other top fifty shareholders	15.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wool and Polywool Yarn

Products :

Product Description	Item Code
Wool Worsted Yarn	510990
Polywool Yarn	510990
Siro Yarn	510990

PRODUCTION STATUS

Particulars	Unit	Actual Production
Worsted Yarn	(Kgs)	20.70
Electricity (Units)/Kg Worsted Yarn	(Kgs)	11.36

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Axis Bank, Civil Line Branch, Nagpur, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans secured Rupee term loans financial institutions secured	0.000	0.182
Loans taken for fixed assets secured Loans taken for Vechiles secured	0.000	2.598
Total	0.000	2.780
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Debentures unsecured Non-convertible unsecured	300.000	300.000
Other debt unsecured	641.416	641.416
Total	941.416	941.416

Banking Relations :	--
Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	Emerald House, 4^th Floor, 1 B, Old Post Office Street, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22484573
Mobile No.:	91-9836233222
Fax No.:	91-33-22307141
E-Mail :	kolkat@singhico.com
Website.	http://www.singhico.com
PAN NO.	AASFS9578D

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

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		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(1114.007)	(1158.360)	(981.326)
NETWORTH		(1113.507)	(1157.860)	(980.826)
LOAN FUNDS
1] Secured Loans		0.000	2.780	1080.686
2] Unsecured Loans		941.416	941.416	941.416
TOTAL BORROWING		941.416	944.196	2022.102
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		(172.091)	(213.664)	1041.276
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		132.502	136.491	1089.251
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		70.775	70.775	70.776
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	543.874	397.199	341.293
	Sundry Debtors	714.343	658.251	919.946
	Cash & Bank Balances	3.526	11.045	59.957
	Other Current Assets	0.000	56.736	0.000
	Loans & Advances	759.906	872.601	637.029
Total Current Assets		2021.649	1995.832	1958.225
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2326.235	2298.880	1893.207
	Other Current Liabilities	47.521	117.882	183.769
	Provisions	23.261	0.000	0.000
Total Current Liabilities		2397.017	2416.762	2076.976
Net Current Assets		(375.368)	(420.930)	(118.751)
MISCELLANEOUS EXPENSES		0.0000	0.000	0.000
TOTAL		(172.091)	(213.664)	1041.276

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1321.245	995.788	1397.116
		Other Income	128.658	63.268	67.470
		TOTAL (A)	1449.903	1059.056	1464.586
Less	EXPENSES
		Raw material consumed	996.221	661.876	908.635
		Payments to and provision for employees	93.241	72.840	67.569
		Manufacturing expenses	167.187	188.403	211.688
		Administrative, selling and others expenses	138.107	135.875	115.770
		Increase / decrease in stocks	0.000	(7.660)	133.981
		TOTAL (B)	1394.756	1051.334	1437.643
Less	PROFIT / LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		55.147	7.722	26.943
Less	FINANCIAL EXPENSES (D)		0.442	84.702	200.087
	PROFIT \ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		54.705	(76.980)	(173.144)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.352	100.055	100.052
	PROFIT \ LOSS BEFORE TAX (E-F) (G)		44.353	(177.035)	(273.196)
Less	TAX (H)		0.000	0.000	0.900
	PROFIT \ LOSS AFTER TAX (G-H) (I)		44.353	(177.035)	(274.096)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1158.360)	(981.325)	(707.229)
	BALANCE CARRIED TO THE B/S		(1114.007)	(1158.360)	(981.325)
	EARNINGS IN FOREIGN CURRENCY		657.408	588.233	998.374
	IMPORTS
		Raw Materials	0.000	458.189	659.921
		Stores & Spares	53.098	30.953	46.666
		Capital Goods	0.000	0.460	1.830
	TOTAL IMPORTS		53.098	489.602	708.417
	Earnings Per Share (Rs.)		887.06	(5.89)	(9.12)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.06	(16.72)	(18.71)
Net Profit Margin (PBT/Sales)	(%)	3.56	(17.78)	(19.55)
Return on Total Assets (PBT/Total Assets}	(%)	2.06	(8.30)	(8.96)
Return on Investment (ROI) (PBT/Networth)		(0.04)	0.16	0.28
Debt Equity Ratio (Total Liability/Networth)		(2.99)	(2.90)	(4.18)
Current Ratio (Current Asset/Current Liability)		0.84	0.83	0.94

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
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 involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	No
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Fixed Assets:

• Land
• Lease Hold Land
• Administrative Buildings
• Plant and Machinery
• Electric Installation
• Vehicle
• Furniture and Fixtures
• Office Equipments
• Computer
• Motor 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 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. 53.66
UK Pound	1	Rs. 86.37
Euro	1	Rs. 69.24

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	---
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	---
--CREDIT LINES	1~10	2
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	yes
--LITIGATION	YES/NO	no
--OTHER ADVERSE INFORMATION	YES/NO	yes
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	no
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	no
--OTHER MERIT FACTORS	YES/NO	yes
TOTAL		17

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.