MIRA INFORM REPORT

Report Date :

24.11.2012

IDENTIFICATION DETAILS

Name :	MADURA GARMENTS LIFESTYLE RETAIL COMPANY LIMITED
Registered Office :	Indian Rayon Compound, Veraval-362266, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.05.2007
Com. Reg. No.:	04-058604
Capital Investment/ Paid-up Capital:	Rs. 200.000 Millions
CIN No.: [Company Identification No.]	U18101GJ2007PLC058604
TAN No.: [Tax Deduction & Collection Account No.]	BLRM11824B
PAN No.: [Permanent Account No.]	AAFCM0483M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Importer of Apparel Accessories.
No. of Employees:	80 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a 100% subsidiary of Aditya Birla Nuvo Limited. It is an established company having moderate track. The latest financial of the company are not made available. Mr. Dipanjal Bandupadyay, from the group of finance manager has confirmed that the subject has achieved a sales turnover of Rs.800.000 Millions. As per the previous year’s, we found that the financial position of the company is under severe pressure. There appears huge accumulated losses recorded by the company. The company has also recorded huge external borrowings. It has incurred heavy loss from its operations. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. In view of strong holding company, subject can be considered for business dealings with slight caution.

NOTES :

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

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.

INFORMATION PARTED BY

Name :	Mr. Dipanjal Bandupadyay
Designation :	Group of Finance Manager
Contact No.:	91-2876-245711
Date :	23.11.2012

LOCATIONS

Registered Office :	Indian Rayon Compound, Veraval 362266, Gujarat
Tel No.:	91-2876-245711
Fax No.:	91-2876-243220
E-Mail :	mohana.sundaram@madura.adityabirla.com nandkumar.l@madura.adityabirla.com abnisecretarial@adityabirla.com
Website:	http://maduragarments.com
Area:	4000 sq. ft.
Location :	Leased
Factory :	No.110 4^th Cross, 5^th Block, Koramangala Industrial Layout, Koramangala, Bangalore 560095, Karnataka
Tel. No.:	91-80-66915000 / 66182000
Mobile No.:	91-9886000837
Fax No.:	91-80-66915050
E-Mail :	deepanjan.bandyopadhya@maduragarments.com partho.kar@maduragarments.com vrao@adityabirla.com
Website:	www.maduragarments.com
Area:	4000 Sq. fts
Location:	Leased
Corporate Office:	Aditya Birla Group, 111-112, 3^rd Cross, 1^st Main, 7^th Block Koramangala, Bangalore 560095, Karnataka, India.

DIRECTORS

AS ON 14.07.2012

Name :	Mr. Pranab Barua
Designation :	Director
Address:	D-1, Cedar Crest, 258, 10^th Main Defence Colony, Indiranagar, Bangalore-560038, Karnataka, India
Date of Birth/Age :	21.09.1952
Date of Appointment :	27.01.2009
DIN No.:	00230152
Name :	Mr. Ashish Dikshit
Designation :	Director
Address :	E-405, Raheja residency, 8^th C, Main Road, Koramangala. 3^rd Block, Bangalore 560034, Karnataka.
Date of Birth/Age :	15.07.1969
Qualification :	Post Graduate
Date of Appointment :	01.10.2007
DIN No.:	01842066
Name :	Mr. Srinivasan Visvanathan
Designation :	Director
Address :	No. 481 First Floor, 15^th Main 16^th Cross HSR Layout, Sector 4, Bangalore-560102, Karnataka, India
Date of Birth/Age :	02.06.1960
Date of Appointment :	20.09.2009
DIN No.:	02312556
Name :	Mr. Sushil Agarwal
Designation :	Director
Address:	Ocean CH Society Lmited, 301 Ocean View Union Park, Khar West, Mumbai-400052, Maharashtra, India
Date of Birth/ Age:	13.06.1962
Date of Appointment:	20.07.2009
DIN No.:	00060017
Name :	Mr. Devendra Bhandari
Designation :	Director
Address:	A1601, Aster Tower, Film City Road, Malad (East), Mumbai, Maharashtra, India
Date of Birth/ Age:	31.07.1953
Date of Appointment:	08.07.2010
DIN No.:	00339397

KEY EXECUTIVES

Name :	Mr. Ashish Dikshit
Designation :	Manager
Address :	E-405, Raheja residency, 8th C, Main Road, Koramangala. 3rd Block, Bangalore 560034, Karnataka.
Date of Birth/Age :	15.07.1969
Qualification :	Post Graduate
Date of Appointment :	15.07.2009
Pan No.:	ADXPA0013B
Designation :	Mr. Mohana Sundaram G
Address :	Secretary
Address:	# 382, MSR Nagar, Bangalore-560054, Karnataka, India
Qualification :	17.10.1967
Date of Appointment :	15.10.2008
Pan No.:	AMIPS5440E
Name :	Mr. George M Santacroce.
Designation :	Chief Executive Officer.
Name :	Ms. Julie Woodhead
Designation :	General Merchandising Manager
Name :	Mr. Ram Narayan Iyer
Designation :	Director Operations
Name :	Mr. Dipanjal Bandupadyay
Designation :	Group of Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 14.07.2012

Names of Shareholders	No. of Equity Shares	No. of Preference Shares
Aditya Birla Nuvo Limited, India	9950000	10000000
Aditya Birla Nuvo Limited, India	1	--
Aditya Birla Nuvo Limited, India	1	--
Aditya Birla Nuvo Limited, India	1	--
Aditya Birla Nuvo Limited, India	1	--
Aditya Birla Nuvo Limited, India	1	--
Aditya Birla Nuvo Limited, India	1	--
Abnl Investments Limited, India	49994
TOTAL	10000000	10000000

AS ON 24.09.2012

Names of Allottees	No. of Shares
Aditya Birla Nuvo Limited, India	88888890
TOTAL	88888890

AS ON 14.07.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Apparel Accessories.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO (ITC CODE)
Shirts	620000
Jackets	620000
T-Shirts	620000

Imports :

Products :

Apparel Accessories

Countries :

· Europe

· USA

· France

· Far East

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

80 [Approximately]

Bankers :

· Dhanlakshmi Bank Limited, Ground Floor, Janmabhoomi Bhavan, Janmabhoomi Marg, Fort, Mumbai 400001, Maharashtra, India

· HSBC Bank Limited, M.G. Road, Bangalore 560025, Karnataka, India

· HDFC Bank Limited, Salco Centre, Richmond Road, Bangalore 560025, Karnataka, India

Facilities :

SECURED LOAN	31.03.2011 [Rs. In Millions]	31.03.2010 [Rs. In Millions]
Rupee Term Loan Secured (A)	480.000	480.000
Working Capital Loans Banks Secured (B)	54.347	54.117
Total	534.347	534.117
NOTE: (A) Secured by First charge on hypothecation of furniture and fixtures and other movable fixed assets, present/ future and first charge on the current assets of the company/ present and future Corporate Guarantee by Holding Company- Aditya Birla Nuvo Limited. (B) Secured by second charge by way of hypothecation of company’s entire current assets including stocks of raw materials, semi-finished and finished goods, consumables stores and spares an such other movables, book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future corporate guarantee by Holding company- Aditya Birla Nuvo Limited.
UNSECURED LOAN	31.03.2011 [Rs. In Millions]	31.03.2010 [Rs. In Millions]
Fully Convertible Debentures unsecured (A)	3200.000	200.000
Interest accrued due unsecured loans (B)	26.000	591.300
Total	3226.000	791.300
NOTE: (A) 200 (Previous year Nil) Zero Coupon fully and compulsorily Convertible Debentures of Rs. 1.000 Million each at par issued to ABNL Investments Limited Plus 3000 (Previous year Nil) Zero Coupon fully and compulsorily convertible debentures of Rs. 1.000 Million each at part issued to Pioneer Trust. (B) Inter Corporate Deposit- Holding Company (Amount repayable within one year – Nil)

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells / Mr. S Ganesh Chartered Accountants
Address :	Deloitte Centere, Anchorage II, 100/2, Richmond Road, Bangalore-560025, Karnataka, India
Fellow Subsidiaries :	MG Lifestyle Clothing Company Private Limited Madura Garments Exports Limited Aditya Birla Finance Limited ABNL Investment Limited LIL Investment Limited Birla Sunlife Insurance Company Limited Aditya Birla Minacs IT Services Limited
Holding Company :	Aditya Birla Nuvo Limited CIN No.: L17199GJ1956PLC001107

CAPITAL STRUCTURE

AS ON 14.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
110000000	Equity Shares	Rs. 10/- each	Rs.1100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
108888890	Equity Shares	Rs. 10/- each	Rs.1088.888 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10/- each	Rs.100.000 millions
10000000	Redeemable Cumulative Preference Shares	Rs. 10/- each	Rs.100.000 millions (A)
	Total		Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares *	Rs. 10/- each	Rs.100.000 millions
10000000	Redeemable Cumulative Preference Shares **	Rs. 10/- each	Rs.100.000 millions (B)
	Total		Rs. 200.000 Millions

NOTE:

(A) 8% Redeemable Cumulative Preference Shares of Rs. 10 each.

(B) All the above mentioned Preference Shares are held by the Holding Company Aditya Birla Nuvo Limited

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		200.000	200.000	200.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(1339.174)	(963.714)	(594.797)
NETWORTH		(1139.174)	(763.714)	(394.797)
LOAN FUNDS
1] Secured Loans		534.347	534.117	562.441
2] Unsecured Loans		3226.000	791.300	199.800
TOTAL BORROWING		3760.347	1325.417	762.241
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2621.173	561.703	367.444
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		252.099	284.323	282.699
Capital work-in-progress		0.000	100.554	13.115
INVESTMENT		2253.177	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	136.940	126.585	106.189
	Sundry Debtors	19.271	31.027	0.664
	Cash & Bank Balances	4.736	14.818	2.062
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	154.860	140.453	190.009
Total Current Assets		315.807	312.883	298.924
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	180.961	121.605	188.363
	Other Current Liabilities	16.591	11.013	35.718
	Provisions	2.358	3.439	3.213
Total Current Liabilities		199.910	136.057	227.294
Net Current Assets		115.897	176.826	71.630
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2621.173	561.703	367.444

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating Revenue	604.867	302.663	38.458
		Other Income	1.786	1.468	0.007
		TOTAL (A)	606.653	304.131	38.465
Less	EXPENSES
		Consumption Material Changes Inventories	331.999	195.229
		Manufacturing Service Costs	25.671	5.824	438.164
		Employee Related Expenses	88.909	82.271
		Administrative Selling other Expenses	229.552	180.390
		TOTAL (B)	676.131	463.714	438.164
Less	PROFIT/ LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(69.478)	(159.583)	(399.699)
Less	FINANCIAL EXPENSES (D)		181.169	138.347	58.127
	PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(250.647)	(297.930)	(457.826)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		124.812	70.987	30.548
	PROFIT/ LOSS BEFORE TAX (E-F) (G)		(375.459)	(368.917)	(488.374)
Less	TAX (H)		0.000	0.000	(0.110)
	PROFIT/ LOSS AFTER TAX (G-H) (I)		(375.459)	(368.917)	(488.264)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(963.715)	(594.798)	(106.533)
	BALANCE CARRIED TO THE B/S		(1339.174)	(963.715)	(594.797)
	IMPORTS
		Inventory Purchase	72.788	91.450	86.629
		Capital Goods	12.414	9.289	25.562
		Cost of Production testing	0.131	1.324	0.368
	TOTAL IMPORTS		85.333	102.063	112.559
	Earnings Per Share (Rs.)		(38.48)	(37.59)	(2622)

Particulars	31.03.2012
Sales Turnover [Approximately]	800.000

Expected Sales (2012-13) : Rs.1000.000 Millions

The above information has been parted by Mr. Dipanjal Bandupadyay.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(61.93)	(121.30)	(1269.37)
Net Profit Margin (PBT/Sales)	(%)	(62.07)	(145.20)	(1269.89)
Return on Total Assets (PBT/Total Assets}	(%)	(66.11)	(67.36)	(83.97)
Return on Investment (ROI) (PBT/Networth)		(0.33)	(0.48)	(1.24)
Debt Equity Ratio (Total Liability/Networth)		(3.48)	(1.91)	(2.51)
Current Ratio (Current Asset/Current Liability)		1.58	2.30	1.32

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Due to Micro and Small Enterprises	--	--	--
Due to Others	180.961	121.605	188.363
Total	180.961	121.605	188.363

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

Registered office of the company has been shifted from Plot No. 5B, Regent Gateway, Doddanekundi Village, KIADB Industrial Area, ITPL Road, Bangalore – 560 048, Karnataka to the present address w.e.f. 20.10.2009

REVIEW OF PERFORMANCE

The company is currently operating with three large format retail stores. The third store at Delhi was launched in September 2010. The store has been positioned as anchor store in The Ambience Mall.

The collective stores continue to set benchmarks in retail experience, product offerings and visual merchandising.

The Indian luxury products market is poised to tough USD 2.55 billion by 2015. The collective, with its unique lifestyle offering and its stores located in the mega cities, is well positioned to achieve a leadership position in this market.

CONTINGENT LIABILITIES NOT PROVIDED FOR

Particulars	31.03.2010 Rs. in Millions
Arrears of Preference Dividend	8.110
Dividend Distribution tax there	1.378
Customs duty on capital goods imported under EPCG scheme against which export obligation is to be fulfilled	3.037
Capital Work-in-Progress includes advances against Capital Expenditure	74.135

Fixed Assets:

· Leasehold Improvements

· Plant and Machinery

· Computer and Accessories

· Office Equipments

· Fixture and Fittings

· 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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.88.30
Euro	1	Rs.71.37

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		26

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.