MIRA INFORM REPORT

Report Date :

28.09.2012

IDENTIFICATION DETAILS

Name :	KONE ELEVATOR INDIA PRIVATE LIMITED (w.e.f. 01.06.1990)
Formerly Known As :	BEACON KONE LIMITED
Registered Office :	50 / 55 and 58, Vanagaram Road, Ayanambakkam, Chennai – 600095, Tamil Nadu
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	12.06.1984
Com. Reg. No.:	18-010913
Capital Investment / Paid-up Capital :	Rs. 149.472 Millions
CIN No.: [Company Identification No.]	U29141TN1984FTC010913
TAN No.: [Tax Deduction & Collection Account No.]	CHEB00075F
PAN No.: [Permanent Account No.]	AAACK2567P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing, supply, installation and commissioning of new elevators, supply, installation and commissioning of new escalators, maintenance, servicing and modernization of existing elevators and escalators and is also engaged in rendering software services and shared services to the group companies.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings 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	LAA+ (Long Term Rating)
Rating Explanation	This rating are considered to have high degree of safety regarding timely servicing of financial obligation such instruments carry low credit risk.
Date	October 21, 2010

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 DECLINED BY

Management Non Co-operative (Name not disclosed)

LOCATIONS

Registered Office :	50 / 55 and 58, Vanagaram Road, Ayanambakkam, Chennai – 600095, Tamil Nadu, India
Tel. No.:	91-44-26533901/ 26533902/ 903/ 904/ 905/ 906
Fax No.:	91-44-26533912
E-Mail :	c.v.s.krishnakumar@kone.com
Website :	http://www.kone.com

DIRECTORS

AS ON 18.06.2012

Name :

Mr. Neeraj Sharma

Designation :

Managing Director

Address :

6724, DLF Phase 4, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

08.11.1960

Date of Appointment :

06.10.2009

DIN No.:

00201757

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	U51909DL1996PTC076903	GE POWER SERVICES (INDIA) PRIVATE LIMITED	Director	01/12/2007	12/06/2005	25/09/2009	Active	NO
2	U29141TN1984FTC010913	KONE ELEVATOR INDIA PRIVATE LIMITED	Managing director	06/10/2009	06/10/2009	-	Active	NO
3	U29150TN2004PTC075704	OLYMPUS ELEVATOR PRIVATE LIMITED	Managing director	06/10/2009	06/10/2009	-	Amalgamated	NO

Name :

Mr. Klaus Thomas Cawen

Designation :

Director

Address :

Kuninkaanniemi, 10 B ESPOO, Finland 02160

Date of Birth/Age :

21.05.1957

Date of Appointment :

09.01.2009

DIN No.:

02417329

Name :

Mr. Arnoldus Ludovicus Josephus Veeger

Designation :

Director

Address :

Fox Hollow St. Marys Road, Ascot Brekshire, United Kingdom SL59AX

Date of Birth/Age :

16.04.1961

Date of Appointment :

11.02.2011

DIN No.:

03414247

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	U29141TN1984FTC010913	KONE ELEVATOR INDIA PRIVATE LIMITED	Director	11/02/2011	11/02/2011	Active	NO
2	U29150TN2004PTC075704	OLYMPUS ELEVATOR PRIVATE LIMITED	Additional director	09/03/2011	09/03/2011	Amalgamated	NO

KEY EXECUTIVES

Name :	Mr. Chittatoor Veeravalli Seshadri Krishnakumar
Designation :	Company Secretary
Address :	99, SRP Colony, Third Street, Chennai 600082, Tamilnadu, India
Date of Birth/Age :	21.03.1965
Date of Appointment :	27.02.2007
PAN No.:	AAYPK6368D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 18.06.2012

Names of Shareholders	No. of Shares
Kone OY, Finland	14947095
Kone Capital Corporation, Finland	100
Total	14947195

AS ON 18.06.2012

Equity Share Breakup	Percentage of Holding
Category
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 :

Subject is engaged in the business of manufacturing, supply, installation and commissioning of new elevators, supply, installation and commissioning of new escalators, maintenance, servicing and modernization of existing elevators and escalators and is also engaged in rendering software services and shared services to the group companies.

Products :

ITC Code	Product Descriptions
842810.11	Elevators
8428	Escalators

PRODUCTION STATUS AS ON (31.12.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production*
Elevators and Escalators	Nos	Not applicable	Not ascertainable in view of the nature of products and manufacturing process	5,262

• Production quantity is stated based on despatches to field for installation

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· Standard Chartered Bank, 19, Rajaji Salai, Chennai – 600001, Tamilnadu, India

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	32 Khader Nawax Khan Road, Nungambakkam, Chennai – 600006, Tamil Nadu
Income-tax PAN of auditor or auditor's firm :	AADFP9359C
Holding Company :	KONE Oy, Finland
Subsidiaries :	Olympus Elevator Private Limited (ceased to be subsidiary with effect from Ist January, 2011 pursuant to the Scheme of Amalgamation) CIN No.: U29150TN2004PTC075704
Fellow subsidiaries :	· KONE Industrial Oy · KONE Japan Company Limited · Slimpa S.R.L. · KONE Inc.(USA) · KONE Elevators Company Limited · KONE Elevator (HK) Limited · KONE Thai Lift Public Company Limited · KONE TELC Industries Company Limited · KONE SSC s.r.o. · KONE PTE. Limited · KONE Inc. (CANADA) · Giant Kone Elevator Company Limited · KONE Elevators Pty Limited · KONE Hissit Oy · KONE Elevators South Africa (Ply) Limited · KPI Elevators Inc.

CAPITAL STRUCTURE

AS ON 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
92,760,000	Equity Shares	Rs. 10/- each	Rs. 927.600 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14,947,195	Equity Shares	Rs. 10/- each	Rs. 149.472 Millions

Note: All the above shares are held by KONE OY, Finland the holding company and its nominee

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		149.472	149.472	149.472
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		703.631	487.159	464.085
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		853.103	636.631	613.557
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
Finance Lease Obligation		0.000	0.000	0.789
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		853.103	636.631	614.346
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		871.280	659.889	565.851
Capital work-in-progress		18.286	162.492	20.214
INVESTMENT		0.000	330.100	330.100
DEFERREX TAX ASSETS		132.694	125.998	87.562
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4695.494	4701.746	4363.322
	Sundry Debtors	734.599	472.701	337.835
	Cash & Bank Balances	2051.043	1405.630	1503.198
	Other Current Assets	79.407	295.429	337.236
	Loans & Advances	1011.731	560.961	455.551
Total Current Assets		8572.274	7436.467	6997.142
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1265.592	987.079	1078.629
	Other Current Liabilities	6660.845	6504.675	5777.893
	Provisions	814.994	586.561	530.001
Total Current Liabilities		8741.431	8078.315	7386.523
Net Current Assets		(169.157)	(641.848)	(389.381)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		853.103	636.631	614.346

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income	8283.218	6914.185
		Other Income	339.660	213.473
		Increase/ Decrease in work in progress	(79.903)	379.653
		TOTAL (A)	8542.975	7507.311	6860.266
Less	EXPENSES
		Manufacturing Expenses	3647.643	3600.840
		Personnel Expenses	1194.617	953.598
		Operating and Other expenses	1912.517	1778.528
		TOTAL (B)	6754.777	6332.966	5945.638
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1788.198	1174.345	914.628
Less	FINANCIAL EXPENSES (D)		9.437	6.404	1.424
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1778.761	1167.941	913.204
Less/ Add	DEPRECIATION/ AMORTISATION (F)		218.586	152.030	140.240
	PROFIT BEFORE TAX (E-F) (G)		1560.175	1015.911	772.964
Less	TAX (H)		487.224	337.479	254.629
	PROFIT AFTER TAX (G-H) (I)		1072.951	678.432	518.335
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		62.101	106.870	95.043
	Release of excess provision for tax on proposed dividend for previous year		1.442	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	107.295	67.843	51.834
		Interim Dividend	283.997	188.335	0.000
		Tax on Interim Dividend on equity shares	46.071	31.280	388.627
		Proposed dividend	553.046	373.680	0.000
		Tax on Proposed dividend	89.718	62.063	66.047
	BALANCE CARRIED TO THE B/S		56.367	62.101	106.870
	EARNINGS IN FOREIGN CURRENCY
		Export of goods ( on FOB basis)	19.872	47.591
		Software development	374.032	262.218
		Income from Shared Services	36.025	1.746
	TOTAL EARNINGS		429.929	311.555	N.A.
	IMPORTS
		Raw materials and components	1166.800	1175.242
		Spares	14.671	14.892
		Capital goods	25.955	33.306
	TOTAL IMPORTS		1207.426	1223.44	N.A.
	Earnings Per Share (Rs.)		71.78	45.39	34.68

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	12.56	9.04	7.56
Net Profit Margin (PBT/Sales)	(%)	18.84	14.69	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	16.52	12.55	10.22
Return on Investment (ROI) (PBT/Networth)		1.83	1.60	1.26
Debt Equity Ratio (Total Liability/Networth)		10.25	12.69	12.04
Current Ratio (Current Asset/Current Liability)		0.98	0.92	0.95

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	Yes
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	No
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	Yes

BACKGROUND:

KONE Elevator India Private Limited ('the Company') incorporated as a private limited Company is a wholly owned subsidiary of KONE Oy, Finland and comes under the Asia- Pacific region in the KONE group structure.

The Company is engaged in the business of manufacturing, supply, installation and commissioning of new elevators, supply, installation and commissioning of new escalators, maintenance, servicing and modernization of existing elevators and escalators and is also engaged in rendering software services and shared services to the group companies.

OPERATIVE RESULTS

The present once again very encouraging figures for the year 2011. The overall business has shown significant improvement. The profit before tax was at Rs 1560.100 Millions.

Based on the Hon'ble Madras High Court Order the subsidiary company Olympus Elevator Private Limited was merged with KONE Elevator India Private Limited with effect from 1" January 2011.

CONTINGENT LIABILITIES NOT PROVIDED FOR

Particulars	31.12.2011	31.12.2010
I Claims made against the Company not acknowledged as debts
a) Disputes with customers	68.375	63.113
b) Disputes with ex-employees and others	3.332	3.158
c) Income Tax matters under dispute
Disallowances of unpaid sales tali liability under Section 43B	0.835	0.835
Penalty -Transfer pricing for AY 2007-08	8.341	0.000
d) Service Tax matters under dispute
Material abatement Maintenance Services	370.819	370.819
e) Employee State Insurance matters under dispute
Applicability of ESlC on Contract Labour Charges	20.818	20.818
f) Excise Duty matters under dispute
Excise duty for supply of excisable materials to SEZ Developers	8.069	8.069
Reversal of CENV AT credit	1.606	0.000
g) Sales Taxi Works Contract TaxlValue added tax matters under dispute
A TNGST - Abatement of labour charges	37.375	37.375
B CST - Rejection of Branch Transfers	446.328	446.328
C DWCT -Tax on Maintenance Services	0.479	0.479
D . DST - Stock Transfers under F Form	21.158	21.158
E DWCT - Composition and other matters	2.190	2.190
F Orissa - Sales Tax on material value	0.894	0.894
G DV AT-Refund of Differential Tax	1.617	1.617
H Rajasthan -Applicability of Sales Tax/Works Contract Tax @	12.836	12.836
I Delhi-Tax on Annual maintenance Contract	33.143	0.000
J Uttarkhand- Tax on Annual maintenance Contract	0.043	0.000
K Maharashtra - Tax payment and TDS not considered	0.763	0.763
L Assam- Composition and other matters	2.550	0.000
M Haryana- Value Added Tax on Annual Maintenance Contract'	1.553	0.000
N Andhra Pradesh- Value Added Tax on Annual Maintenance Contact	0.812	0.000
O Uttar Pradesh- Sales Tax on Adhoc turnover	3.603	0.000
P West Bengal- Value Added Tax on 100% of material value plus profit on elevator sale	0.939	0.000
Q Uttar Pradesh- Entry tax on adhoc turnover	0.500	0.000
R Kerala-Non Submission of concessional forms and Other disallowances	0.609	0.000
S West Bengal- Value Added Tax on Annual Maintenance Contract	0.527	0.000
T Various States - Applicability of Sales Tax/ Works Contract TaxNalue added tax @	Amount Not Ascertainable	Amount Not Ascertainable
II Others:
a) Income Tax matters
Minimum Alternate Tax (MAT)	8.495	8.495
Penalty- Transfer pricing for AY 2007-2008	0.000	8.341
b) Sales Tax
TNGST - Abatement of labour charges	27.933	27.933

FIXED ASSETS:

Tangible assets

· Freehold Land

· Leasehold Land

· Building

· Leasehold Improvements

· Plant and Machinery

· Electrical Installation

· Office and Other Equipment

· Furniture and Fixtures

· Vehicle

Intangible assets

· Computer Software

· Design and Drawings

· Maintenance Portfolio

· Goodwill

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.25
UK Pound	1	Rs.86.23
8Euro	1	Rs.68.64

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		64

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.