MIRA INFORM REPORT

Report Date :

20.10.2012

IDENTIFICATION DETAILS

Name :	ADISHWAR AUTO DIAGNOSTICS PRIVATE LIMITED
Registered Office :	Plot No. 47/48, Kavuri Hills, Opposite Line of Madhapur Police Station, Madhapur, Hyderabad – 500014, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.02.1998
Com. Reg. No.:	01-028934
Capital Investment / Paid-up Capital :	Rs. 12.000 Millions
CIN No.: [Company Identification No.]	U50100AP1998PTC028934
TAN No.: [Tax Deduction & Collection Account No.]	HYDM02288G
PAN No.: [Permanent Account No.]	AABCA9925C
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer for Mercedes Benz Passenger Vehicles
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (37)

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

Maximum Credit Limit :	USD 330000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The current financial is missing from Government Department and from the previous year record their appears slight dip in the profitability. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealing 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.

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 :	Plot No. 47/48, Kavuri Hills, Opposite Line of Madhapur Police Station, Madhapur, Hyderabad – 500014, Andhra Pradesh, India
Tel. No.:	91-40-55668008
Fax No.:	91-40-23306132
E-Mail :	yashwant@mahavirhyd.com jaya@mahavirhyd.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Yashwant Jhabakh

Designation :

Director

Address :

Dhanalakshmi, Plot No. 129, Road No. 10, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

31.08.1963

Date of Appointment :

19.02.1998

DIN No.:

00464237

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	U65910AP1990PTC011935	JHABAKH AUTO PRIVATE LIMITED	Director	09/11/1990	09/11/1990	-	Active	NO
2	U34300AP1991PTC013444	MAHAVIR AUTO DIAGNOSTICS PRIVATE LIMITED	Director	12/11/1991	12/11/1991	-	Active	NO
3	U50100AP1998PTC028934	ADISHWAR AUTO DIAGNOSTICS PRIVATE LIMITED	Director	19/02/1998	19/02/1998	-	Active	NO
4	U51502MH2006PTC166095	ONE STONE INTERNATIONAL PRIVATE LIMITED	Director	11/12/2006	11/12/2006	20/02/2008	Active	YES
5	U34103AP2007PTC055681	MAHAVIR COMMERCIAL AUTO(INDIA) PRIVATE LIMITED	Director	26/09/2007	26/09/2007	-	Active	NO
6	U50100OR2010PTC012429	MAHAVIR AUTO RIDERS PRIVATE LIMITED	Director	08/09/2010	08/09/2010	-	Active	NO
7	U50102AP2012PTC083243	MAHAVIR DECCAN AUTO PRIVATE LIMITED	Director	22/09/2012	22/09/2012	-	Active	NO

Name :

Diniyar Marshal

Designation :

Director

Address :

405, 6-3-1187 Srinivasa Towers, Greenlands, Begumpet, Hyderabad – 500016, Andhra Pradesh, India

Date of Birth/Age :

29.08.1962

Date of Appointment :

19.02.1998

DIN No.:

00464193

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	Company/ LLP Status	Defaulting status
1	U50100AP1998PTC028934	ADISHWAR AUTO DIAGNOSTICS PRIVATE LIMITED	Director	19/02/1998	19/02/1998	Active	NO
2	U45203MH2007PTC222355	SUYAAN INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2010	01/10/2009	Active	NO

Name :

Parsva Kumar Jhabakh

Designation :

Additional director

Address :

7-1-69/3, Raja Dharam Karam Road, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India

Date of Birth/Age :

30.10.1967

Date of Appointment :

01.01.2010

DIN No.:

00464303

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	Company/ LLP Status	Defaulting status
1	U65910AP1990PTC011935	JHABAKH AUTO PRIVATE LIMITED	Director	09/11/1990	09/11/1990	Active	NO
2	U34300AP1991PTC013444	MAHAVIR AUTO DIAGNOSTICS PRIVATE LIMITED	Managing director	12/11/1991	12/11/1991	Active	NO
3	U50100AP1998PTC028934	ADISHWAR AUTO DIAGNOSTICS PRIVATE LIMITED	Additional director	01/01/2010	01/01/2010	Active	NO
4	U50100OR2010PTC012429	MAHAVIR AUTO RIDERS PRIVATE LIMITED	Director	08/09/2010	08/09/2010	Active	NO
5	U50102AP2012PTC083243	MAHAVIR DECCAN AUTO PRIVATE LIMITED	Director	22/09/2012	22/09/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Diniyar Marshall	11800
Yashwant Jhabakh	28200
Parsva Kumar Jhabakh	24000
Nirmala Y Jhabakh	11500
Babita P	4200
Vikash Jhabakh	11400
Varun Jhabakh	1400
Jeet	1000
Lalith	800
G V Jhabakh	9200
Mukesh Maheswari	20800
Bhavna Maheswari	16500
Aswin Kumar	200
Ziya Marshall	9000
Total	150000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	75.00
Other top fifty shareholders	25.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealer for Mercedes Benz Passenger Vehicles

GENERAL INFORMATION

Suppliers :

Ø CHG. Krishna Murthy and Company

Ø Leather Concept

Ø M.B. India Limited (Adishwar)

Ø MB-Bus Cvass

Ø MB-CV Spare

Ø MBIL Spares

Ø Siva Sakti Wood Works

No. of Employees :

Not Available

Bankers :

Ø HDFC Bank Limited

Ø State Bank of India

Ø ICICI Bank Limited

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
TERM LOAN
HDFC - S Class Loan	1.739	4.701
HDFC E Class Loan	1.098	2.602
HDFC M Class Loan	1.739	4.701
Kotak Mahindra Car Loan	31.556	0.000
Kotak Mahindra Loan A/C	24.534	21.789
Reliance C Class Loan	3.247	4.618
Reliance E Class Loan	0.822	2.329
Reliance W204	0.000	2.246
WORKING CAPITAL LOAN
HDFC INV. Funding A/C NP. 00210450000419	(0.003)	0.000
HDFC Trade Advance	105.843	29.119
ICICI Inventory Fund	0.000	0.079
Kokat Mahindra Trade Advance	(0.051)	0.000
Reliance Trade Advance	29.662	10.793
State Bank of India-CC A/C	30.222	16.814
Total	230.408	99.791
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Unsecured Loans	1.131	0.899
Total	1.131	0.899

Banking Relations :	--
Financial Institution :	Kotak Mahindra Prime Limited, 36-38A Nariman Bhavan, 227, Nariman Point, Mumbai – 400021, Maharashtra, India
Auditors :
Name :	Ch. G. Krishnamurthy and Company Chartered Accountants
Address :	133/1,Prenderghast Road, Secunderabad – 500003, Andhra Pradesh, India
Tel. No.:	91-40-27843997
Fax No.:	91-40-27844515
Income-tax PAN of auditor or auditor's firm :	ACOPC6991J

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs. 100/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs. 100/- each	Rs. 15.000 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs. 100/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
120,000	Equity Shares	Rs. 100/- each	Rs. 12.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		12.000	12.000	12.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		72.817	64.638	59.448
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		84.817	76.638	71.448
LOAN FUNDS
1] Secured Loans		230.408	99.791	42.820
2] Unsecured Loans		1.131	0.899	0.795
TOTAL BORROWING		231.539	100.690	43.615
DEFERRED TAX LIABILITIES		8.984	4.153	0.480
TOTAL		325.340	181.481	115.543
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		167.803	159.036	91.355
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	156.005	97.213	39.974
	Sundry Debtors	24.025	31.883	20.429
	Cash & Bank Balances	4.317	2.960	8.601
	Other Current Assets	9.260	13.238	11.760
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		193.607	145.294	80.764
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.481	99.746	0.000
	Other Current Liabilities	34.589	23.103	56.242
	Provisions	0.000	0.000	0.334
Total Current Liabilities		36.070	122.849	56.576
Net Current Assets		157.537	22.445	24.188
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		325.340	181.481	115.543

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	901.489	849.238	830.857
		Other Income	1.171	1.137	3.889
		TOTAL (A)	902.660	850.375	834.746
Less	EXPENSES
		Purchase	858.011	827.165	742.306
		Administrative Expenses	65.068	45.384	34.060
		Selling and Distribution Expenses	10.988	6.176	7.239
		Increase/(Decrease) in stock	(58.792)	(57.240)	17.650
		TOTAL (B)	875.275	821.485	801.255
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		27.385	28.890	33.491
Less	FINANCIAL EXPENSES (D)		14.459	11.927	3.189
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.926	16.963	30.302
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.415	2.539	1.527
	PROFIT BEFORE TAX (E-F) (G)		8.511	14.424	28.775
Less	TAX (H)		0.000	0.000	0.310
	PROFIT AFTER TAX (G-H) (I)		8.511	14.424	28.465
	BALANCE CARRIED TO THE B/S		8.511	14.424	28.465
	Earnings Per Share (Rs.)		70.92	120.20	237.21

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.94	1.70	3.45
Net Profit Margin (PBT/Sales)	(%)	0.94	1.70	3.46
Return on Total Assets (PBT/Total Assets}	(%)	2.35	4.74	16.72
Return on Investment (ROI) (PBT/Networth)		0.10	0.19	0.40
Debt Equity Ratio (Total Liability/Networth)		3.16	2.92	1.40
Current Ratio (Current Asset/Current Liability)		5.37	1.18	1.43

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	Yes
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	No
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

Note: The registered address of the company has been shifted from 8-2-293/82/A/1261/2, Plot No. 1261, Road No. 36, Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India to the present w.e.f. 17.01.2011

OPERATIONS

This year has been a trying year for them. The entire business has taken a huge impact due to the recession. The schemes and discounts on Cars have eroded the profits but the same had to be done to defend the market share from other brands. The Interest cost during the year has increased because of new terms from the principals where one month stock has become a compulsory requirement.

FUTURE OUTLOOK

As now the premium car market appears to have recovered they are sure they shall see better years ahead. The sales have been improving and they hope to see more profitability in the future with less discounts. Also as new models are being launched they are sure that the year will be a good one.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U50100AP1998PTC028934
Name of the company	ADISHWAR AUTO DIAGNOSTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 47/48, Kavuri Hills, Opp Line of Madhapur Police Station, Madhapur, Hyderabad – 500014, Andhra Pradesh, India Email: yashwant@mahavirhyd.com
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	Kotak Mahindra Prime Limited, 36-38A Nariman Bhavan, 227, Nariman Point, Mumbai – 400021, Maharashtra, India CIN No.: U67200MH1996PLC097730 Email: harish.shah@kotak.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Deposit of Title Deeds
Date of instrument Creating the charge	16.11.2011
Amount secured by the charge	Rs. 40.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest The Term Loan facility would be charged at 12.50% p.a. The rate of interest is linked to KMB Prime lending rate less 6.00%. Currently KMB rate is 18.50%. Terms of Repayment The Term Loan would be repayable in 60 monthly installment. Margin NIL Extent and Operation of the charge The charges shall operate as Pari Passu Charge with Kotak Mahindra Prime Limited, as security, inter alia, for the due repayment and discharge by Mahavir Auto Diagnostic Private Limited to Kotak Mahindra Prime Limited of financial facility aggregating to limit of Rs. 40.000 Millions together with interest, costs, charges, expenses and all other money payable by it to Kotak Mahindra Prime Limited under the relevant documents. Charge is a continuous charge.
Short particulars of the property charged	House bearing M. No 1-62/2/47, Plot No 47, Block B, adm. 500 Sq Yds, in S. No. 43/p, 44/p, 45, 46 and 48; at Kavuri Hills of Guttala, Begumpet village Serilingampally Mandal, Ranga Reddy District, Andhra Pradesh

FIXED ASSETS:

Ø Computer

Ø Vehicles

Ø Generators

Ø Electronic Exchange

Ø Air Conditioner Show Room

Ø Plant and Machinery

Ø Workshop Equipment

Ø Workshop Equipment Bowenpally

Ø Office Equipment

Ø Water Purification Equipment VIJ

Ø Tools and Equipment

Ø Ci Element

Ø Furniture and Fixtures

Ø Building

Ø Land

Ø Motor Cycle

Ø Fax Machine

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. 52.97
UK Pound	1	Rs. 85.45
Euro	1	Rs. 69.46

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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 FACTORS	YES/NO	YES
TOTAL		37

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

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.