MIRA INFORM REPORT

Report Date :

02.12.2013

IDENTIFICATION DETAILS

Name :	METAL POWER ANALYTICAL (INDIA) PRIVATE LIMITED
Registered Office :	B 48, Raj Industrial Complex, Military Road, Marol, Andheri (East), Mumbai 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.09.1990
Com. Reg. No.:	11-058251
Capital Investment / Paid-up Capital :	Rs. 1.500 Millions
CIN No.: [Company Identification No.]	U51909MH1990PTC058251
TAN No.: [Tax Deduction & Collection Account No.]	MUMM08615F
PAN No.: [Permanent Account No.]	AACCM4836D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Spectrometers for Metals, High-tech Analytical and Metallurgical Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 260000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has seen an increase in its sales turnover as well as net profitability during 2013. Profit margin appears to be decent. Trade relations are fair. Business is active. Payment term are reported as usually correct. The company can be considered 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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/ Head Office / Factory 1 :	B 48, Raj Industrial Complex, Military Road, Marol, Andheri (East), Mumbai 400059, Maharashtra, India
Tel. No.:	91-22-67830505 / 29203753 / 29203756 / 67830505 / 29250321 / 29251399 / 28526281 / 67830525 (Service Department)
Mobile No.:	91-9930736909 (Mr. Nagendra Rawat)
Fax No.:	91-22-29251373
E-Mail :	metpower@vsnl.com info@metpower.co.in
Website :	http://www.metpowerin.com
Factory 2 :	C-35, 36, 37 and 40, Raj Industrial Complex, Military Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India
Branch Office :	Located at: Kolkata Ahmedabad Coimbatore Pune Chennai Delhi Secunderabad

DIRECTORS

As on 30.09.2013

Name :

Mr. Priyadarshan Divyadarshan Pant

Designation :

Director

Address :

11/10, Blossom Society, Marol, Andheri (East), Mumbai – 400059, Maharashtra, India

Date of Birth/Age :

26.07.1949

Qualification :

B. Tech ( I.I.T./ Kanpur ) and P.G.D.B.M. ( I.I.M./ Calcutta )

Voter ID :

UEE0156752

Date of Appointment :

21.09.1990

DIN No.:

00062216

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	U27200MH1990PTC056146	METAL POWER (INDIA) PRIVATE LIMITED	Director	11/04/1990	11/04/1990	-	Active	NO
2	U51909MH1990PTC058251	METAL POWER ANALYTICAL (INDIA) PRIVATE LIMITED	Director	21/09/1990	21/09/1990	-	Active	NO

Name :

Mr. Anant Vithal Kulkarni

Designation :

Director

Address :

Flat No.304, B/2 Wing, Sai Ashish, Bal Rajeshwar Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

Date of Birth/Age :

27.12.1948

Qualification :

B.E (Met/ Gold Medalist) and M. Tech ( Physical Metallurgy)

Date of Appointment :

21.09.1990

DIN No.:

00062250

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	U27200MH1990PTC056146	METAL POWER (INDIA) PRIVATE LIMITED	Director	11/04/1990	11/04/1990	-	Active	NO
2	U51909MH1990PTC058251	METAL POWER ANALYTICAL (INDIA) PRIVATE LIMITED	Director	21/09/1990	21/09/1990	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Pant Darshan Priya	60
Anant Vithal Kulkarni	10
Mandalik Hari Shashank	14
Priolkar H. Swapna	14
R. Parmeshwaran	24
N. Sampathkumar	20
Negandhai Haren	14
Pant Darshan Priya Joint with Shobha Pant	698
Kulkarni Vithal Anant Joint with Anuradha Kulkarni	654
Mrs. Anuradha Anant Kulkarni joint with Anant Kulkarni	500
Mukund Pant joint with Priya D Pant	464
Shobha P Pant Joint with Priya Darshan Pant	300
Aditi Anant Kulkarni Joint with Anant Kulkarni	228
Total	3000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	97.00
Other top fifty shareholders	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Spectrometers for Metals, High-tech Analytical and Metallurgical Products.

Products :

· Atomic(Optical) Emission Spectrometers · 3-in-1 Spectrometer Sample Preparation Machines · Analysers for Hydrogen content in Molten Aluminium · Spectrometric Standards · Mass Spectrometers / Systems · Metallurgical Image Analysers · Optical Microscopes of various kinds o Stereo Microscope Unit Systems o Microscopes for Electronic Applications o Color Monitor Scope Systems o Metallurgical Microscopes o Measuring Microscope Systems o Biological Microscopes o Tissue Culture Microscopes o Zoom Contact Scope · Laboratory Metallographic Sample Preparation Equipment · Portable NDT Metallography Kit · Portable Vickers Hardness Testers, etc. · Gas Analysis using QUAD 'MASS' SPECTROMETERS o Process Gas Analysis  o Residual Gas Analysis  · Intelligent Gravimetric Analysers · SIMS- (Secondary Ion Mass Spectrometers) · Plasma Probes Analysis · Ion Miling Probes for Thin Film Etching · Moisture Absorption Analysis · Bomb Calorimeter · Professional software and Instrumentation for behavioral studies o The Observer o Ethovision

GENERAL INFORMATION

Customers :

· Toyo Engineering India Limited

· The Tata Iron and Steel Company Limited

· Sundaram - Clayton Limited

· Synergies - Dooray Automotive Limited

· Steel Authority of India Limited

· Kirloskar Brothers Limited

· Bhabha Atomic Research Centre

· Indira Gandhi Centre for Atomic Research

· Best Cast IT Limited

· Ashok Leyland Limited

· Ennore Foundries Limited

· Pooja Castings Private Limited

· Shree Pomani Alloys

· Arjay Alloys Private Limited

· Universal Engineers

No. of Employees :

Not Available

Bankers :

· ICICI Bank Limited

· State Bank of India, Marol Branch, Silver Arcade, Marol Maroshi Road, Andheri (East), Mumbai – 400059, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loan from State Bank of India (Secured against hypothecation of Galas)	7.886	11.725
O/D with State Bank of India (Secured Against stock in trade)	26.029	2.784
Total	33.915	14.509

Banking Relations :
Auditors :
Name :	V.P. Joshi and Company Chartered Accountants
Address :	202, Silver Classic, J.P. Nagar Road 3, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-26861014
E-Mail :	Cavpj58@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAEPJ8437C

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs. 500/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000	Equity Shares	Rs. 500/- each	Rs. 1.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.500	1.500	1.500
(b) Reserves & Surplus	62.366	44.580	35.931
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	63.866	46.080	37.431
(3) Non-Current Liabilities
(a) long-term borrowings	41.215	21.634	38.763
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	41.215	21.634	38.763
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	7.420	0.000	0.000
(c) Other current liabilities	16.705	43.463	26.072
(d) Short-term provisions	22.081	0.000	0.000
Total Current Liabilities (4)	46.206	43.463	26.072
TOTAL	151.287	111.177	102.267
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	45.447	43.940	47.091
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	46.489	1.368	0.878
(c) Deferred tax assets (net)	1.848	1.385	0.877
(d) Long-term Loan and Advances	0.986	20.453	14.404
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	94.770	67.146	63.250
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.100	28.813	26.710
(c) Trade receivables	13.091	13.889	10.693
(d) Cash and cash equivalents	0.838	0.381	0.943
(e) Short-term loans and advances	20.713	0.000	0.000
(f) Other current assets	0.775	0.948	0.671
Total Current Assets	56.517	44.031	39.017
TOTAL	151.287	111.177	102.267

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)	185.313	139.052	111.148
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	149.784	118.549	94.923
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(including Finance Expenses)	(including Finance Expenses)	19.898
Less	FINANCIAL EXPENSES (D)				3.673
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		35.529	20.503	16.225
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.713	7.563	4.895
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		27.816	12.940	11.330
Less	TAX (H)		10.030	4.292	3.447
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		17.786	8.648	7.883
	Deferred Tax Asset / (Liability)		0.000	0.000	0.117
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		44.579	35.931	28.048
	BALANCE CARRIED TO THE B/S		62.365	44.579	35.931
	EARNINGS IN FOREIGN CURRENCY
		Commission / Reimbursement of Expenses	13.609	7.989	6.388
	TOTAL EARNINGS		13.609	3.955	6.388
	IMPORTS
		Raw Material	17.275	21.544	11.898
	TOTAL IMPORTS		17.275	21.544	11.898
	Earnings Per Share (Rs.)		5928.67	2882.67	2666.67

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	9.60	6.22	7.09
Return on Total Assets (PBT/Total Assets}	(%)	27.02	20.07	21.21
Return on Investment (ROI) (PBT/Networth)		0.44	0.28	0.30
Debt Equity Ratio (Total Debt /Networth)		0.65	0.47	1.04
Current Ratio (Current Asset/Current Liability)		1.22	1.01	1.50

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	No
18]	Major customers	Yes
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

Note: Registered office of the company has been shifted from C 46/47 1^st Floor, Raj Andustrial complex Military Road, Marol Mumbai – 400059, Maharashtra, India to the present address w.e.f 01.06.2011

PERFORMANCE

The year recorded significant growth in turnover. The turnover of the Company increased to Rs. 185.313 Millions during the year as against Rs. 139.052 Millions in the previous year. The Company earned profit after tax of Rs.17.786 Millions during the year as against Rs. 8.648 Millions in the previous year.

The Directors have decided to plough back the entire profit in to the business and do not recommend payment of any dividend. The Directors also hope to achieve better results in the current year.

BUSINESS OUTLOOK

The Company has become one of the major suppliers of Analytical and Metallurgical Laboratory Equipment and their spares/accessories. It also prides itself on the high level of specialised Applications and Service Support it provides for all the products it manufactures sells. The Company is expecting a favorable market situation in current fiscal year too and hopes to achieve a higher turnover along with better profitability during the current year.

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
From Directors	4.200	4.025
From Shareholders	3.100	3.100
Total	7.300	7.125

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10060818	06/06/2011 *	42,000,000.00	STATE BANK OF INDIA	MAROL BRANCH, SILVER ARCADE, MAROL MAROSHI ROAD, ANDHERI (E), MUMBAI, MAHARASHTRA - 400059, INDIA	B14871321
2	90154717	18/08/2004 *	2,800,000.00	STATE BANK OF INDIA	MAROL BRANCH, BOMBAY, MAHARASHTRA - 400059, INDIA	-
3	90154635	22/12/2000 *	1,200,000.00	STATE BANK OF INDIA	MAROL BRANCH, ANDHERI (E), MUMBAI, MAHARASHTRA - 400059, INDIA	-
4	90154753	28/09/1999	826,322.00	CITI BANK N.A.	CITI TOWER; DR. S.S. RAO ROAD, PAREL, MUMBAI, MAHARASHTRA, INDIA	-
5	90154586	23/10/1998	160,000.00	STATE BANK OF INDIA	MAROL BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
6	90154517	27/03/1997 *	80,000.00	STATE BANK OF INDIA	MAROL BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
7	90154746	09/12/1995	80,000.00	STATE BANK OF INDIA	MAROL BRANCH, BOMBAY, MAHARASHTRA, INDIA	-
8	90152996	19/02/1994	52,875.00	UNION BANK OF INDIA	BHAVAN NAGAR BRANCH, MAROL, MUMBAI, MAHARASHTRA - 40059, INDIA	-

Note: * Date of charge modification

FIXED ASSETS:

· Building

· Computer

· Furniture and Fixture

· Vehicle

· Office Equipment’s

· Plant and Machinery

· Air Conditioner

· Computers

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.39
UK Pound	1	Rs.102.06
Euro	1	Rs.84.98

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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 FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.