MIRA INFORM REPORT

Report Date :

03.04.2013

IDENTIFICATION DETAILS

Name :	USHDEV INTERNATIONAL LIMITED
Registered Office :	New Harileela House, 6^th Floor, Mint Road, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.05.1994
Com. Reg. No.:	11-078468
Capital Investment / Paid-up Capital :	Rs.294.258 Millions
CIN No.: [Company Identification No.]	L40102MH1994PLC078468
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Trading of Metals and Power Generation.
No. of Employees :	75 (Approximately) (In Office + In Factory )

RATING & COMMENTS

MIRA’s Rating :

A (59)

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 20000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well 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 normal for business dealings at usual trade terms and conditions.

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	CARE
Rating	BBB+ (Long Term Bank facilities)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation, it carry moderate credit risk.
Date	27.08.2012

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 :	New Harileela House, 6^th Floor, Mint Road, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-22672450/ 60
Fax No.:	Not Available
E-Mail :	ushdev@vsnl.net dgmfin1@ushdev.com pg@ushdev.com
Website :	http://www.ushdev.com
Location :	Owned
Corporate Office:	6^th Floor, Apeejay House, 130 Mumbai Samachar Marg, Fort, Mumbai – 400006, Maharashtra, India
Tel. No.:	91-22-22672450/ 60/ 66368888
Fax No.:	91-22-22671931/ 22821416
Factory 1 :	Taluka Dharapuram, Periyaa District, Tamilnadu, India
Factory 2 :	Chinnapthur Village, Taluka Dharapuram, Tamilnadu, India
Factory 3 :	Gundikere Village, Halalkere Taluka, Chitradurga District, Karnataka, India
Factory 4 :	Bhu Village, Kita Village, Jaisalmer District, Rajasthan, India
Factory 5 :	Hadmatiya Village, Taluka Kalyanpur, Jamnagar District, Gujarat, India
Factory 6 :	Methan Village, Taluka Jamjodhpur, Jamnagar District, Gujarat, India
Factory 7 :	Andipatti Taluka, Theni District, Tamilnadu, India
Factory 8 :	Village Khabalwadi, Taluka Koregaon, District Satara, Maharashtra, India

DIRECTORS

AS ON 31.03.2012

Name :	Ms. Suman Gupta
Designation :	Non Executive Chairperson
Name :	Mr. Prateek Gupta
Designation :	Managing Director
Name :	Mr. Narayan Hegde
Designation :	Non Executive Independent Director
Name :	Mr. Vinay Kamat
Designation :	Non Executive Independent Director
Name :	Mr. Suresh Lakhiani
Designation :	Non Executive Independent Director
Name :	Mr. Vijay Kumar Gupta
Designation :	Non Executive Independent Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2012

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	9313031	27.51
Bodies Corporate	6792170	20.07
Sub Total	16105201	47.58
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	16105201	47.58
(B) Public Shareholding
(1) Institutions
Central Government / State Government(s)	20000	0.06
Foreign Institutional Investors	6182228	18.26
Sub Total	6202228	18.32
(2) Non-Institutions
Bodies Corporate	1508777	4.46
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	165774	0.49
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	7933290	23.44
Any Others (Specify)	1934130	5.71
Clearing Members	20501	0.06
Non Resident Indians	1913629	5.65
Sub Total	11541971	34.10
Total Public shareholding (B)	17744199	52.42
Total (A)+(B)	33849400	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	33849400	0.00

BUSINESS DETAILS

Line of Business :

Trading of Metals and Power Generation.

GENERAL INFORMATION

No. of Employees :

75 (Approximately) (In Office + In Factory )

Bankers :

· Canara Bank

· Central Bank of India

· Dena Bank Limited

· Federal Bank Limited

· ICICI Bank Limited

· IDBI Bank Limited

· Indian Overseas Bank

· Oriental Bank of Commerce

· State Bank of Bikaner and Jaipur

· State Bank of India

· State Bank of Mysore

· State Bank of Travancore

· The Shamrao Vithal Co-operative Bank Limited

· UCO Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loans From Banks	1369.365	747.436
Cash Credit	601.143	791.183
Total	1970.508	1538.619
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Buyers Credit	726.526	1374.821
Total	726.526	1374.821

Banking Relations :	--
Auditors :
Name :	M. P. Chitale and Company Chartered Accountants
Address :	Hamam House, Ambalal Doshi Marg, Fort, Mumbai – 400001, Maharashtra, India
Solicitors :
Name :	Desai and Diwanji Chartered Accountants
Address :	Lentin Chambers, Dalal Street, Fort, Mumbai - 400001, Maharashtra, India
Tel No.:	91-22-22651682/ 39841000
Fax No.:	91-22-22658245
Email :	dhiraj.mhetre@desaidiwanji.com
Enterprises where Key Management Personnel/ Directors have significant influence:	· Enshrine Property Management Private Limited · G. G. Trading Private Limited · Hurricane Windfarms Private Limited · Montex Trading Private Limited · P G Mercantile Private Limited · Ushdev Power Holdings Private Limited · Ushdev Mercantile Private Limited · Ushdev Trade Limited · Ushdev Commercial Services Private Limited. · Ushdev Securities Limited · Typhoon Windfarm Private Limited
Subsidiaries :	· UIL (Singapore) Pte. Limited · UIL Hongkong Limited

CAPITAL STRUCTURE

AS ON 30.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33849400	Equity Shares	Rs.10/- each	Rs.338.494 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29425800	Equity Shares	Rs.10/- each	Rs.294.258 Millions

NOTES:

Reconciliation of Number of Shares Outstanding:

Particulars	31.03.2012
Outstanding at the beginning of the year	29,425,800
Addition during the year	--
Matured during the year	--
Outstanding at the end of the year	--

Details of shares in the Company held by each shareholder holding more than 5% shares

Particulars	31.03.2012 Number of Shares
Natasha Gupta	3619600
Ushdev Commercial Services Private Limited	3875000
Ushdev Power Limited	1510600
Suman Gupta	3040226
Vijay Gupta(HUF)	2085200
Chhaya Ilesh Gadhia	2224466
Sanjeev Gupta	1601950

Aggregate Number and Class of Shares:

Particulars	2011-12
No. of fully paid-up equity shares pursuant to contract(s) without payment being received in cash	--
No. of fully paid-up equity shares allotted by way of Bonus shares	--
No. of equity shares bought back	--

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		294.258	294.258	294.258
2] Share Application Money		1327.100	0.000	0.000
3] Reserves & Surplus		3353.110	2800.590	2387.053
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4974.468	3094.848	2681.311
LOAN FUNDS
1] Secured Loans		1970.508	1538.619	1204.542
2] Unsecured Loans		726.526	1374.821	367.653
TOTAL BORROWING		2697.034	2913.440	1572.195
DEFERRED TAX LIABILITIES		10.957	36.504	41.568
TOTAL		7682.459	6044.792	4295.074
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1383.004	1472.432	1058.160
Capital work-in-progress		0.000	0.000	49.000
INVESTMENT		739.797	694.741	1.031
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.988	149.439	0.000
	Sundry Debtors	9975.729	8403.140	5192.151
	Cash & Bank Balances	1711.441	1620.979	880.202
	Other Current Assets	1366.083	2712.674	0.000
	Loans & Advances	4773.881	2796.255	1608.404
Total Current Assets		17832.122	15682.487	7680.757
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	10971.110	10423.643	1177.683
	Other Current Liabilities	1301.333	1381.204	3243.892
	Provisions	0.021	0.021	72.299
Total Current Liabilities		12272.464	11804.868	4493.874
Net Current Assets		5559.658	3877.619	3186.883
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7682.459	6044.792	4295.074

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	41997.833	25681.512	17359.818
		Other Income	190.367	250.349	134.637
		TOTAL (A)	42188.200	25931.861	17494.455
Less	EXPENSES
		Purchase of Stock-in-trade	39644.492	24574.683
		Charge in inventories of Stock-in-trade	144.451	(149.439)	16709.036
		Employee benefits expenses	11.528	9.342
		Other expenses	236.906	73.513
		TOTAL (B)	40037.377	24508.100	16709.036
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2150.823	1423.762	785.419
Less	FINANCIAL EXPENSES (D)		1308.718	834.663	406.252
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		842.105	589.099	379.167
Less/ Add	DEPRECIATION/ AMORTISATION (F)		92.309	76.141	50.789
	PROFIT BEFORE TAX (E-F) (G)		749.796	512.958	328.378
Less	TAX (H)		125.219	99.421	55.525
	PROFIT AFTER TAX (G-H) (I)		624.577	413.537	272.853
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	3.286
Less	TAX FOR EARLIER YEARS		NA	NA	269.567
	NET PROFIT FOR THE YEAR		NA	NA	331.010
Less	APPROPRIATIONS
		Proposed dividend on equity shares	NA	NA	61.794
		Corporate distribution tax on above	NA	NA	10.505
		Transfer to general reserves	NA	NA	26.957
	BALANCE CARRIED TO THE B/S		NA	NA	501.321
	EARNINGS IN FOREIGN CURRENCY
		Sale of Metal	15350.508	2620.723	NA
	TOTAL EARNINGS		15350.508	2620.723	NA
	Earnings Per Share (Rs.)		21.23	14.05	9.72

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	12152.000	11697.200	13178.000
Total Expenditure	11599.100	11382.000	12736.000
PBIDT (Excl OI)	552.900	315.200	442.100
Other Income	165.300	254.200	131.100
Operating Profit	718.100	569.400	573.100
Interest	413.900	376.700	366.700
PBDT	304.200	192.600	206.400
Depreciation	23.000	21.800	21.700
Profit Before Tax	281.200	170.900	184.800
Tax	56.700	33.600	35.900
Profit After Tax	224.500	137.300	148.900
Net Profit	224.500	137.300	148.900

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.48	1.59	1.56
Net Profit Margin (PBT/Sales)	(%)	1.79	1.99	1.81
Return on Total Assets (PBT/Total Assets}	(%)	3.90	2.99	4.83
Return on Investment (ROI) (PBT/Networth)		0.15	0.17	0.13
Debt Equity Ratio (Total Liability/Networth)		1.50	4.76	1.66
Current Ratio (Current Asset/Current Liability)		1.45	1.33	1.92

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	No
8]	No. of employees	Yes
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	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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

NOTE:

The Registered office of the company has been shifted from New Herileela House, 6^th Floor, Mint road, Fort Mumbai-400001, Maharashtra, India to the present address.

PERFORMANCE DURING THE YEAR

POWER SECTOR

The Company has its windmills in five states i.e. Tamil Nadu, Rajasthan, Karnataka, Gujarat and Maharashtra they give the details of the Company projects as below:-

Date of Installation	Location	No. of WEG’s	Installed Capacity	Investments Rs. in Millions
27.03.1997	Tamilnadu 1	11	2.53 MW	140.635
29.03.2005	Tamilnadu 2	2	1.60 MW	80.747
29.03.2006	Rajasthan	3	2.40 MW	117.848
29.03.2006	Karnataka	2	1.60 MW	78.565
30.03.2007	Gujarat 1	2	1.60 MW	74.000
10.07.2007	Gujarat 2	4	3.20 MW	148.000
26.09.2009	Tamilnadu 3	6	9.90 MW	609.000
27.11.2010	Maharashtra	4	8.00 MW	490.000
Total		34	30.83 MW	1738.794

The Company has initiated the process for replacing its windmill project of 2.53 MW with 11 Nos. of 230 kW WEGs in Tamil Nadu with 3 Nos. of 850 kW WEGs with marginal capacity increase to 2.55 MW.

STEEL SECTOR

The Company’s emphasis on core competencies has paid off multifold’s. The company has been successful in increasing its market share in the steel sector, thus in turn has been successful in increasing its presence in the this sector. This has resulted in an increase in top line income of 79%.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENT

The Industry is on a growth path in terms of capacities and global consumption with global demand and supply growing in tandem.

OUTLOOK

The Company is well respected in both aforesaid sectors i.e. Steel and Power generation. A detailed expansion is on an anvil especially in the Power generation sector to increase power generating capacity’s year on the most competitive terms.

DISCUSSIONS ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The financial performance with respect to the operational performance during the year was reasonably good. The Company is on expansion path and the Company has taken a proactive financing strategy to pursue this growth.

MATERIAL FINANCIAL AND COMMERCIAL TRANSACTIONS

During the financial year, there are no materially significant financial and commercial transactions with the related parties conflicting with the interest of the Company. The Promoters and the Directors are not dealing in the shares of the Company.

FIXED ASSETS:

· Freehold Land

· Building

· Plant and Machinery

· Leased Plant and Machinery

· Office Equipments

· Computer Equipments

· Furniture and Fixture

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.54.33
UK Pound	1	Rs.82.72
Euro	1	Rs.69.82

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		59

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.