MIRA INFORM REPORT

Report Date :

02.10.2012

IDENTIFICATION DETAILS

Name :	TENTY MARKETING COMPANY PRIVATE LIMITED
Registered Office :	6, Brabourne Road, 4^th Floor, Room No-403, Kolkata-700001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.11.1997
Com. Reg. No.:	21-085833
Capital Investment / Paid-up Capital :	Rs.21.247 millions
CIN No.: [Company Identification No.]	U36991WB1997PTC085833
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Ball Pen, Gel Pen, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 408000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relation are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealing at usual trade terms and condition. Note: Latest Profit and Loss of the company is not available.

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.

INFORMATION DENIED BY

Name :	Mr. G.S. Parrek
Designation :	Account Manager
Contact No.:	Not Divulged
Date :	01.10.2012

LOCATIONS

Registered Office :	6, Brabourne Road, 4^th Floor, Room No-403, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-24430627/ 40052515
Fax No.:	Not Available
E-Mail :	r_s_associates9@yahoo.co.in excellentmoulders@vsnl.net

DIRECTORS

As on 30.09.2011

Name :

Ms. Kanishka Goyal

Designation :

Director

Address :

2B, Lansdowne Place, Kolkata-700029, West Bengal, India

Date of Birth/Age :

06.03.1988

Date of Appointment :

01.01.2011

Voter ID No.:

XOA1367838

DIN No.:

03385366

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	U27109WB1997PTC082454	DOLSWAP BUSINESS PRIVATE LIMITED	Director	01/01/2011	01/01/2011	-	Active	NO
2	U36991WB1997PTC085833	TENTY MARKETING CO PRIVATE LIMITED	Director	01/01/2011	01/01/2011	-	Active	NO

Name :

Mr. Ashok Goyal

Designation :

Director

Address :

2B, Lansdowne Place,1^st Floor, Kolkata-700029, West Bengal, India

Date of Birth/Age :

25.10.1958

Date of Appointment :

01.01.2005

Voter ID No.:

WB/23/149/135007

DIN No.:

00253480

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	U74899DL1994PTC060889	GREEN FINGERS (INDIA) PRIVATE LIMITED	Director	12/08/1994	12/08/1994	-	Active	NO
2	U65921WB1995PTC067607	RANKS FISCALS PVT LTD	Director	19/01/1995	19/01/1995	-	Active	NO
3	U25209WB1995PTC071543	TRIFACE MOULDERS PRIVATE LIMITED	Director	13/09/2004	13/09/2004	-	Active	NO
4	U36991WB1997PTC085833	TENTY MARKETING CO PRIVATE LIMITED	Director	01/01/2005	01/01/2005	-	Active	NO
5	U74990WB2008PTC124587	UNNATI WRITING PRODUCTS PRIVATE LIMITED.	Director	08/12/2010	08/12/2010	-	Active	NO
6	U31501WB2009PLC132426	VISHVA ELECTROTECH LIMITED	Director	30/09/2011	28/12/2010	-	Active	NO
7	U27109WB1997PTC082454	DOLSWAP BUSINESS PRIVATE LIMITED	Director	14/10/2011	14/10/2011	-	Active	NO

Name :

Ms. Gouri Shankar Pareek

Designation :

Director

Address :

198, Dayanand Vihar, Delhi-110092, India

Date of Birth/Age :

04.11.1962

Date of Appointment :

22.03.1999

Voter ID No.:

WB/18/112/114491

DIN No.:

00410366

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	U25209WB1995PTC071543	TRIFACE MOULDERS PRIVATE LIMITED	Director	31/12/1998	31/12/1998	-	Active	NO
2	U36991WB1997PTC085833	TENTY MARKETING CO PRIVATE LIMITED	Director	22/03/1999	22/03/1999	-	Active	NO
3	U31501WB2009PLC132426	VISHVA ELECTROTECH LIMITED	Additional director	26/04/2012	28/12/2010	-	Active	NO

Name :

Ms. Shyama Kothari

Designation :

Director

Address :

2B, Lansdowne Place, Kolkata-700029, West Bengal, India

Date of Birth/Age :

04.12.1964

Date of Appointment :

28.08.2002

Voter ID No.:

WB/23/149/135012

DIN No.:

00253550

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	U74899DL1994PTC060889	GREEN FINGERS (INDIA) PRIVATE LIMITED	Director	12/08/1994	12/08/1994	-	Active	NO
2	U25209WB1995PTC071543	TRIFACE MOULDERS PRIVATE LIMITED	Director	21/08/1997	21/08/1997	-	Active	NO
3	U36991WB1997PTC085833	TENTY MARKETING CO PRIVATE LIMITED	Director	09/03/2012	28/08/2002	-	Active	NO

Name :

Mr. Giriraj Ratan Kothari

Designation :

Additional director

Date of Birth/Age :

20.01.1955

Date of Appointment :

22.03.2007

Voter ID No.:

WB/23/149/135011

DIN No.:

00253333

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	U65921WB1995PTC067607	RANKS FISCALS PVT LTD	Director	19/01/1995	19/01/1995	-	Active	NO
2	U27109WB1997PTC082454	DOLSWAP BUSINESS PRIVATE LIMITED	Director	09/11/2000	09/11/2000	-	Active	NO
3	U74899DL1994PTC060889	GREEN FINGERS (INDIA) PRIVATE LIMITED	Director	12/08/2004	12/08/2004	-	Active	NO
4	U36991WB1997PTC085833	TENTY MARKETING CO PRIVATE LIMITED	Additional director	22/03/2007	22/03/2007	-	Active	NO

Name :

Mr. Anil Kamboj

Designation :

Director

Address:

C/o, Excellent Moulders, 36, Buroshibtolla Main Road, Kolkata-700038, West Bengal, India

Date of Birth/Age :

27.03.1952

Voter ID No.:

DL/04/043/264431

KEY EXECUTIVES

Name :	Mr. G.S. Parrek
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ashok Goyal	178500
Krishnarpit Business Private Limited, India	5000
Ramarpit Fiscal Private Limited, India	80000
Green Fingers (India) Private Limited, India	190500
Giriraj Ratan Kothari	185400
Anil Kamboj	149000
Shyama Kothari	101500
Rathi Kumar Rathi	68500
Angela Holdings Private Limited, India	35000
East India Supply and Services Private Limited, India	25000
Dharamraj Prop, and Merch. Private Linited, India	25000
Arogya Laxmi Prop. And Merch. Private Limited, India	25000
Gangotri Commodities and Finvest Private Limited, India	40000
Ranks Fiscals Private Limited, India	292000
Karni Syntex Private Limited, India	25000
Amit Goods Suppliers Private Limited, India	25000
Balkash Exim Private Limited, India	30000
Airwave Tradefin Private Limited, India	5000
Crawford Marketing Private Limited, India	10000
Sunrise Consultants Private Limited, India	92600
Diamond Tie-up Private Limited,	185700
Manish kumar Kothari	47500
Neelam Goyal	159000
Remix Dealers Private Limited	5000
Bancon Resources Private Limited, India	5000
Vincash Resources Private Limited, India	5000
Vico Syntex Private Limited, India	5000
Rashmi Tie-up Private Limited, India	5000
Singh Transport Company Private Limited,	5000
Triface Moulders Private Limited,	97500
Total	2107700

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	57.80
Directors or relatives of Directors	42.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Ball Pen, Gel Pen, etc.

Products :

ITEM CODE NO.	PRODUCT DESCRIPTION
96081090	Pen
39235090	Plastic Items
39021000	Plastic Granules

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Plastic Products	Nos.	-	-	25670099
Pens	Nos.	-	-	38541900

GENERAL INFORMATION

No. of Employees :

Not Availlable

Bankers :

HDFC Bank Limited, Stephen House Branch, Kolkata, West Bengal, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
West Bengal Financial Corporation	156.672	45.000
L and T Finance Limited		4.325
Bank of Baroda		18.566
HDFC Bank Limited		0.090
Total	156.672	67.981
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
From Bodies Corporate	5.223	8.102
From Bank		1.777
Interest Accrued and Due		0.190
Total	5.223	10.069

Banking Relations :	--
Financial Institution:	L and T Finance Limited, L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India West Bengal Finance Corporation, 12A, Netaji Subhash Road, Kolkata – 700001, West Bengal, India
Auditors :
Name :	Agarwal and Agarwal Chartered Accountants
Address :	74, Bentick Street, Kolkata- 700001, West Bengal, India
Tel. No. :	91-33-22377160/ 3753
Fax No.:	91-33-22217326
Email:	dpm@cal3.vsnl.net.in
PAN No.:	AEKPP9129F

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2107700	Equity Shares	Rs.10/- each	Rs.21.077 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		21.077	20.777	19.802
2] Share Application Money		0.000	0.000	33.066
3] Reserves & Surplus		81.032	60.163	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		102.109	80.940	52.868
LOAN FUNDS
1] Secured Loans		156.672	67.981	2.910
2] Unsecured Loans		5.223	10.069	0.465
TOTAL BORROWING		161.895	78.050	3.375
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		264.004	158.990	56.243
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.086	37.053	33.904
Capital work-in-progress		84.947	17.885	1.339
INVESTMENT		3.658	1.879	1.474
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.587	6.823	1.340
	Sundry Debtors	21.120	22.943	28.468
	Cash & Bank Balances	8.810	51.715	2.505
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	101.501	32.553	2.604
Total Current Assets		152.018	114.034	34.917
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.053	11.191	15.268
	Other Current Liabilities		0.150	0.000
	Provisions	0.652	0.520	0.123
Total Current Liabilities		17.705	11.861	15.391
Net Current Assets		134.313	102.173	19.526
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		264.004	158.990	56.243

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	179.669	112.977
		Other Income		0.519	0.889
		TOTAL	NA	180.188	113.866
Less	EXPENSES
		Office Expenses	NA	158.615	98.135
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	158.615	98.135
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	21.573	15.731
Less/ Add	DEPRECIATION/ AMORTISATION		NA	8.777	8.368
	PROFIT BEFORE TAX		NA	12.796	7.363
Less	TAX		NA	4.224	2.802
	PROFIT AFTER TAX		NA	8.572	4.561
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	14.419	9.858
	BALANCE CARRIED TO THE B/S		NA	22.991	14.419
	IMPORTS		NA	3.592	0.000
	Earnings Per Share (Rs.)		NA	4.33	2.30

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	4.76	1.01
Net Profit Margin (PBT/Sales)	(%)	NA	7.12	6.52
Return on Total Assets (PBT/Total Assets}	(%)	NA	8.47	10.70
Return on Investment (ROI) (PBT/Networth)		NA	0.16	0.14
Debt Equity Ratio (Total Liability/Networth)		1.76	1.11	0.35
Current Ratio (Current Asset/Current Liability)		8.59	9.61	2.27

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	Yes
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U36991WB1997PTC085833
Name of the company	TENTY MARKETING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	6, Brabourne Road, 4^th Floor, Room No-403, Kolkata-700001, West Bengal, India Email: r_s_associates9@yahoo.co.in
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	L and T Finance Limited, L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India Email: mca21@ltfinance.com
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	29/08/2012
Amount secured by the charge	Rs.2.636 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14.00% Per Annum Terms of Repayment 36 Monthly Equated Instalments Margin RS. 0.700 millions Extent and Operation of the charge First and exclusive charge by way of hypothecation as per clause nos. 2,4,5,8,10,13,14 and 16 vide the deed of hypothecation dated 29.08.2012.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Description: Cappad printing automation system location: kolkata Description: pad printing machine Location: kolkata

FIXED ASSETS:

• Leasehold Land
• Building
• Plant and Machinery
• Mould
• Computer
• Furniture and Fixture
• 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.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.79

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT ACTORS	YES/NO	YES
TOTAL		44

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.