MIRA INFORM REPORT

Report Date :

27.11.2012

IDENTIFICATION DETAILS

Name :	LAPP INDIA PRIVATE LIMITED
Registered Office :	98 J and K Jigani Industrial Estphase II Jigani, Anekal Taluk, Bangalore - 562106,Karnataka.
Country :	India
Financials (as on) :	30.09.2011
Date of Incorporation :	15.05.1996
Com. Reg. No.:	08-020467
Capital Investment/ Paid-up Capital:	Rs.250.858 Millions
CIN No.: [Company Identification No.]	U28999KA1996PTC020467
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cables and Trading in Cables, Accessories, Related Products and System.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 4780000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a 100% subsidiary of LAPP Group. It is a established company having good track record. There appears slight dip in the profitability. However, general financial position of the company appears to be good. Performance capacity is high. Trade relation are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for business dealing at usual trade terms and condition.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A (Long Term Fund Based)
Rating Explanation	Having adequate degree if safety regarding timely servicing of financial obligation it carry low credit risk.
Date	June 2011

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 :	98 J and K Jigani Industrial Estphase II Jigani, Anekal Taluk,Bangalore - 562106, Karnataka, India
Tel. No.:	91-8110-302001
Fax No.:	91-8110-304801
E-Mail :	sriram@lappindia.com
City Office :	No. 25/1, Shankaranarayana Building –II, 4^th Floor, M.G Road, Bangalore – 560001, Karnataka, India
Factory :	Located At · Bhopal

DIRECTORS

As on 15.02.2012

Name :	Mr. Amardeep Kainth
Designation :	Director
Address :	#10 1st Cross Judicial Off 1Cers Layout RMVZND Stage Extension Sanjay Nagar Bangalore - 66094,Karnataka, India
Date of Birth/Age :	07.11.1958
Date of Appointment :	13.05.2009
Din No.:	00148617
Name :	Mr. Andreas Paul Lapp
Designation :	Director
Address :	Stadtbezirk Vaihingen Rosentalstr-56,Stuttgart - 70565,Germany
Date of Birth/Age :	06.03.1956
Date of Appointment :	15.02.2012
Din No.:	00481791
Name :	Mr. Leonhard Frank Imkamp
Designation :	Director
Address :	No.6A, Jalan Tempua, Singapore - 298987
Date of Birth/Age :	26.081960
Date of Appointment :	28.02.2005
Din No.:	00563082
Name :	Mr. Bentz Ewald
Designation :	Director
Address :	Laufdorper Weg Bs Wetzlar,Germany - 36578
Date of Birth/Age :	25.03.1948
Date of Appointment :	06.06.2007
Din No.:	01903147
Name :	Mr. Susanne Frank
Designation :	Director
Address :	Ebersbach An Der Fils Ortsteil Robwaloen Amselweg ID Amselweg - 73001,Germany
Date of Birth/Age :	27.05.1957
Date of Appointment :	13.05.2009
Din No.:	02683659
Name :	Mr. Sriram Kannan Iyer
Designation :	Whole Time Director
Address :	C 1402, Salarpuria Serinity, Hsr Layout 5th Main, Sector 7 Bangalore – 560102 Karnataka, India
Date of Birth/Age :	28.10.1972
Date of Appointment :	14.09.2012
Din No.:	02558812

KEY EXECUTIVES

Name :	Mr. Sriram Kannan
Designation :	Company Secretary
Address :	C 1402, Salarpuria, Serenity HSR Layout, 5^th Main Sector 7,Bangalore -560102, Karnataka, India
Date of Birth/Age :	28.10.1972
Date of Appointment :	03.01.2000
Pan No.:	AAHPI4606F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.02.2012

Names of Equity Shareholders	No. of Shares
Lapp Eduard Siegbert	1
Andreas Paul Lapp	1
Lapp Holding Asia (P) Limited, Singapore	1429782
Total	1429784

Names of Preference Shareholders	No. of Shares
Lapp Holding Asia (P) Limited, Singapore	1268575
Total	1268575

Equity Share Break up (Percentage of Total Equity)

As on 15.02.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cables and Trading in Cables, Accessories, Related Products and System.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The Bank Of Nova Scotia, Bangalore Branch,No.25/2,S N Towers, M.G. Road, Bangalore - 560001,Karnataka,India

Facilities :

Secured Loans	As on 30.09.2011 Rs. in millions	As on 30.09.2010 Rs. in millions
Rupee term loans banks secured	0.000	47.500
Working capital loans banks secured	50.096	0.078
Total	50.096	47.578

Banking Relations :	--
Auditors :
Name :	BSRR and Company Chartered Accountant
Address :	Maruthi Info-Tech Centre,11-12/1 Inner Ring Road, Koramangala, Bangalore - 560071, Karnataka, India
Pan No.:	AAKFB1884H
Holding Company:	Lapp Holding Asia Pte. Limited
Ultimate holding Company: :	Lapp Holding AG
Name of the parties under common control with whom transactions have taken place during the year: Names of the parties under common control:	· U.I.Lapp GmbH · Lapp GmbH Kabelwerke · Contact GMBH Elekrisched Bauelement · Camuna Cavi · Cableries Lapp S.a. r.l · Lapp Muller SAS · Lapp Cable Works. USA · Lapp Tannehill Inc · Lapp Logistics Pte. Limited · Lapp Cable Korea Company Limited · Lapp Service GmbH · Lapp Italia SRL · Lapp Systems USA Inc · Lapp Systems GmbH · Lapp Limited UK · Miltronic AB · Lapp Engineering · Lapp USA LLC · Miltronic AS · Lapp IT Services Private Limited.

CAPITAL STRUCTURE

As on 15.02.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.100/- each	Rs.500.000 Millions
1400000	Preference Shares	Rs.100/- each	Rs.140.000 Millions
	Total		Rs.640.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1429784	Equity Shares	Rs.100/- each	Rs.149.978 Millions
1268575	Preference Shares	Rs.100/- each	Rs.126.858 Millions
	Total		Rs.276.836 Millions

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.100/- each	Rs.500.000 Millions
1400000	Preference Shares	Rs.100/- each	Rs.140.000 Millions
	Total		Rs.640.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1240000	Equity Shares	Rs.100/- each	Rs.124.000 Millions
1268575	Preference Shares	Rs.100/- each	Rs.126.858 Millions
	Total		Rs.250.858 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2011	30.09.2010	30.09.2009
SHAREHOLDERS FUNDS
1] Share Capital		250.858	250.858	250.858
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		945.077	770.645	594.651
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1195.935	1021.503	845.509
LOAN FUNDS
1] Secured Loans		50.095	47.578	138.418
2] Unsecured Loans		0.000	0.000	3.826
TOTAL BORROWING		50.095	47.578	142.244
DEFERRED TAX LIABILITIES		(2.369)	40.200	44.400
TOTAL		1243.661	1109.281	1032.153
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		673.677	695.076	740.183
Capital work-in-progress		5.256	45.681	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	531.444	385.386	270.421
	Sundry Debtors	524.813	348.410	286.278
	Cash & Bank Balances	5.017	6.292	8.337
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	66.249	37.899	491.391
Total Current Assets		1127.523	777.987	1056.427
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	467.690	331.634
	Other Current Liabilities	63.666	39.782
	Provisions	31.439	38.047	500.439
Total Current Liabilities		562.795	409.463	764.457
Net Current Assets		564.728	368.524	291.970
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1243.661	1109.281	1032.153

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2011	30.09.2010	30.09.2009
	SALES
		Income
		Other Income
		TOTAL	2999.225	1985.991	1302.884
Less	EXPENSES		2553.258	1589.462	1011.104
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		445.967	396.529	291.780
Less	FINANCIAL EXPENSES		18.467	15.370	22.072
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		427.500	381.159	269.708
Less/ Add	DEPRECIATION/ AMORTISATION		160.603	57.982	57.415
	PROFIT BEFORE TAX		266.897	323.177	132.806
Less	TAX		88.042	106.900	45.424
	PROFIT AFTER TAX		178.855	216.277	87.382
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	19.967	3.386	5.744
		Compansion Received for Direct Orders and High Sea Sales	29.928	19.449	16.298
		Other Earnings	1.903	2.586	5.329
	TOTAL EARNINGS		51.798	25.421	27.371
	IMPORTS
		Capital Goods	14.442	34.898	10.964
		Traded Goods	658.734	434.113	246.712
		Raw Materials	777.573	496.797	240.080
		Consumables and Spares	4.275	4.946	4.997
		Maintenance Items (Repairs and Maintenance)	0.000	0.257	0.364
	TOTAL IMPORTS		1455.024	971.011	503.117
	Earnings Per Share (Rs.)		140.67	170.84	NA

KEY RATIOS

PARTICULARS		30.09.2011	30.09.2010	30.09.2009
PAT / Total Income	(%)	5.96	10.89	6.71
Return on Total Assets (PBT/Total Assets}	(%)	14.82	21.94	7.40
Return on Investment (ROI) (PBT/Networth)		0.22	0.32	0.16
Debt Equity Ratio (Total Liability/Networth)		0.51	0.48	1.07
Current Ratio (Current Asset/Current Liability)		2.00	1.90	1.38

LOCAL AGENCY FURTHER INFORMATION

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
Promoters 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 the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	Yes

Background

Subject, engaged in the business of manufacture of cables and trading in cables, accessories, related products and system. The Company is a wholly owned subsidiary of Lapp Holding Asia Pte Limited The ultimate holding Company is Lapp Holding AG. The registered office of the Company is situated in Bangalore, Karnataka.

RESULTS OF OPERATIONS:

Total Revenue increased to Rs from 1985.991 Millions Rs 2999.225 Millions in the previous year ? an increased rate of 51 %. The Operating Profit increased by 12 % from R 396.529 Millions (20% of Total Revenue) to TINR 445.966 Millions (15 % of Total Revenue). The Profit after Tax reduced to Rs. 178.855 Millions (6% of Total Revenue) from Rs. 216.277 Millions (11% of Total Revenue) ? an decreased rate of ? (17%).

OPERATIONS

The directors take this opportunity to place on record that company has created yet another milestone by achieving the highest ever turnover of Rs. 3000.000 Millions with an impressive growth of about 51%. During the year 2010-11 the achievements have been phenomenal.

The period 2010-11 has been a landmark year in the Indian economy. And operations for the year have to be viewed in the context of the substantial changes that have been sweeping the global economy over the past several months. With the continued active support of Lapp Group, Their company has made substantial progress in the expansion activities.

NEW PROJECTS and EXPANSION PLANS:

NEW WAREHOUSE:

To cater growing market requirements two new warehouses are also going to be added one in Coimbatore and the other one in Western Region. Both the warehouses are located at the central place from the sales point of view to improve storage of more material and will also improve delivery reliability. As there is addition of the two new warehouse so management decided the warehouse at Jigani, Bangalore will be shut down and the entire built up area will be utilized for the manufacturing operations.

BUSINESS OUTLOOK:

The company has successfully met the demand company product in the Indian Market and in the neighboring countries. The company has been updating technology to keep abreast with recent developments and committed to technological advancement.

The year stands out in terms of the progress made in the private sector . The targeted programs to stand out from the existing situation is to include substantial growth in volumes, increased market shares for The company manufactured and trading products in Home Market, a continuing and strong focus on cost reduction and superior management of its asset base, be it fixed assets, working capital or human resources.

The achievements of Lapp Group in terms of product excellence and innovation market leadership and brand equity have also served to add luster to the product profile of the company.

They seek long-term partnerships with clients while addressing their various requirements. Their customer ? centric approach has resulted in high levels of client satisfaction.

BHOPAL PLANT:

As continuous innovation are key component for the long term success in the company. The construction work has been in full swing in upcoming Bhopal facility and very optimistic in plant installation by the end of February 2012.The Bhopal plant will be well equipped to meet the logistical requirements of catering to customers from North and East part of India besides scaling up capacity to cater to future growth in demand across India. In order to implement innovative ideas more quickly and efficiently, New Manager with experience in strategic and operative work and a team of people are recruited for the success of the plant.

FORM 8

Corporate identity number of the company	U28999KA1996PTC020467
Name of the company	LAPP INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	98 J and K Jigani Industrial Estphase II Jigani,Anekal Taluk, Bangalore - 562106,Karnataka, India Email: sriram@lappindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10136678
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · Others
Particular of charge holder	The Bank of Nova Scotia, Bangalore Branch,No.25/2,S N Towers, M.G.Road, Bangalore - 560001,Karnataka,India
Nature of instrument creating charge	Letter from corporation bank, industrial finance branch, bangalore ceding first pari passu charge on current assets.
Date of instrument Creating the charge	26.12.2011
Amount secured by the charge	Rs. 150.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanction. Term of Payment: As per sanction. Margin As per sanction. Extent and operation of the charge FIrst pari passu charge on the current assets of the company and to the full extent with corporation bank industrial finance branch, bangalore without any preference or priority of one over the other. corporation bank charge is to the extent of inr Rs.220.000 Millions Others: working capital facility Rs. 150.000 Millions
Short particulars of the property charged (Including location of the property)	All the borrowers present and future current assets like all products, raw materials, work in progress, consumables stores, spares, finished goods, movable property, all sales realizations, Insurance proceeds thereof, book debts, outstanding, moneys, receivables, claims, biils, contracts, engagements, securities, and other rights and assets. Pari passu first charge with corporation bank industrial finance branch Bangalore.
Date of last modification prior to the present modification	28.09.2011
Particulars of the present modification	Charge modified to rank to the full extent on First Pari Passu basis on the current assets

CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF:

(Rs. In Millions )

	30.09.2011	30.09.2010
A) Claims against the Company not acknowledged as debts in respect of:
Income Tax Matters	22.135	22.135
( b) Other commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)	235.615	9.549

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipments
• Vehicles
• Computers

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.55.69
UK Pound	1	Rs.89.20
Euro	1	Rs.72.10

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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.