MIRA INFORM REPORT

Report Date :

14.02.2013

IDENTIFICATION DETAILS

Name :	GUPTA COAL INDIA PRIVATE LIMITED [w.e.f. 10.04.2012]
Formerly Known As :	GUPTA COAL INDIA LIMITED
Registered Office :	Gupta Tower, 4^th Floor, Temple Road, Opposite Science Collage Ground, Civil Lines, Nagpur-440001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.05.1989
Com. Reg. No.:	11-051640
Capital Investment / Paid-up Capital :	Rs.297.927 Millions
CIN No.: [Company Identification No.]	U51909MH1989PTC051640
TAN No.: [Tax Deduction & Collection Account No.]	NGPG00507D
PAN No.: [Permanent Account No.]	AAACG4587B
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Coal and Transportation and Handling of coal
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is associated with the Gupta Group. It is a well established company having fine track record. Latest financial of the company i.e. 2011-2012 are not available from the previous year record general financial position of the company seems to be good. 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	Moderate degree of safety It carry moderate risk.
Date	April 2012

Rating Agency Name	CARE
Rating	A3+ (Short Term)
Rating Explanation	Moderate degree of safety It carry higher Credit risk.
Date	April 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 :	Gupta Tower, 4^th Floor, Temple Road, Opposite Science Collage Ground, Civil Lines, Nagpur-440001, Maharashtra, India
Tel. No.:	91-712-6657400
Fax No.:	91-712-6647144
E-Mail :	guptas_ngp@sancharnet.in rkt@guptacorporation.com ramantekriwal@hotmail.com ida@guptaglobal.com
Website :	http://www.guptacoal.com http://www.guptacorporation.com

DIRECTORS

As on: 29.09.2011

Name :	Mr. Padmesh Deodutta Gupta
Designation :	Director
Address :	Hari-Nikunj, House No. 190, Museum Road, Civil Lines, Nagpur – 440001, Maharashtra, India
Date of Birth/Age :	29.02.1964
Date of Appointment :	05.05.1989
Din No.:	00263859
Name :	Mr. Piyush Marodia
Designation :	Director
Address :	Hari-Nikunj, House No. 190, Museum Road, Civil Lines, Nagpur-440001, Maharashtra, India
Date of Birth/Age :	18.08.1984
Date of Appointment :	17.05.2007
Din No.:	01730162
Name :	Mr. Ramakant Premkumar Tekriwal
Designation :	Director
Address :	30 Byramji Town, Nelson Suqre, Katol Road, Nagpur-440013, Maharashtra, India
Date of Birth/Age :	01.04.1974
Date of Appointment :	20.05.2010
Din No.:	00275872
Name :	Mr. Krishna Gupta
Designation :	Director
Address :	Gupta Bhawan, Temple Bazar Road, Sitabuldi, Nagpur-440012, Maharashtra, India
Date of Birth/Age :	26.08.1976
Date of Appointment :	10.08.2011
Din No.:	00275889
Name :	Mr. Suresh Kumar Agarwal
Designation :	Whole Time Director
Address :	A1/11, Century Staff Colony, Lalkua, Nainital-262402, Uttarakhand, India
Date of Birth/Age :	25.07.1950
Date of Appointment :	07.09.2011
Din No.:	05106839

MAJOR SHAREHOLDERS

As on: 29.09.2011

Names of Shareholders	No. of Shares
Padmesh Gupta	69267
Anuradha Gupta	53800
Anurag Gupta	7888
Kaustubh Gupta	7887
Padmesh Gupta HUF	16300
Srivats Gupta	410
Gupta Leasing and Finance Limited, India	89750
Indo-Krishna Green Fields Limited, India	13950
Tasmseen Commercial Private Limited, India	34400
Manasi Commodities Private Limited, India	41000
Gupta Corporation Private Limited, India	2626125
Sapphire Steel private Limited, India	3500
Gupta Natural Resources Ventures Private Limited, India	15000
Total	2979277

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2011

Category	Percentage
Bodies corporate	95.33
Directors or relatives of Directors	4.67
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Coal and Transportation and Handling of coal

PRODUCTION STATUS As on 31.03.2011

Particulars	Wash Coal
A) Licensed Capacity	- N.A. -
B) Installed Capacity	- N.A. -
C) Details Of Processing Item	Quantity
Coal * Quantity Got Processed On Job Work Basis	* 113539.020 M.T.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· UCO Bank, Sitabuldi Branch, Nagpur – 440012, Maharashtra, India

· State Bank of India, Industrial Finance Branch, 5 Sai Complex, Amravati Road, Nagpur – 440 033, Maharashtra, India

· Bank of India, Nagpur Branch, Maharashtra, India

· IDBI Bank

· Punjab National Bank

· Allahabad Bank

· ICICI Bank

· India Overseas Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans	791.182	35.487
Working capital loans	2992.310	733.861
Loans taken for vehicles	2.568	4.992
Total	3786.060	774.340

Banking Relations :	--
Financial Institution :	SREI Infrastructure Finance Private Limited, Vishwakarma, 86C, Topsia Road (South), Kolkata-700046, West Bengal, India
Auditors :
Name :	Banthia Damani and Associates Chartered Accountants
Address :	SO-8, Amarjyoti Palace, Dhantoli, Wardha Road, Nagpur-440012, Maharashtra, India
PAN.:	AAGFB7463E
Subsidiary Company :	· Transasia Pacific GGNR Pte Limited · Gupta Natural Resource Ventures Private Limited CIN No.: U14290MH2008PTC177392
Associates Concern :	· Gupta Coalfield and Washeries Limited · Gupta Leasing and Finance Limited · Gupta Infraproject Developers Private Limited · Maruti Clean Coal and Power Limited · A.P. Coal Washeries Private Limited · Gupta Energy Limited · Gupta Industries Private Limited · Gupta Infrastructure (India) Private Limited CIN No.: U45200MH2005PTC157219 · Maharashtra Vidyut Nigam Limited · P.D. Gupta Enterprises · Gupta Infratech Private Limited CIN No.: U45203MH2002PTC137098 · P.T. Gupta Coal International · CISC Gupta Mines and Minerals Private Limited · Gupta Logistics Private Limited · Gupta Corporation Limited · Osho Sa Coal Pte Limited · Nagpur Sical Gupta Logistic Limited · Nagpur Sical Gupta Road Terminal Limited

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.100/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2979277	Equity Shares	Rs.100/- each	Rs.297.927 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		297.927	69.246	44.246
2] Share Application Money		97.500	220.040	0.000
3] Reserves & Surplus		3673.119	1318.025	830.055
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4068.546	1607.311	874.301
LOAN FUNDS
1] Secured Loans		3786.060	774.340	377.040
2] Unsecured Loans		132.615	120.230	43.980
TOTAL BORROWING		3918.675	894.570	421.020
DEFERRED TAX LIABILITIES		118.318	31.132	36.247
TOTAL		8105.539	2533.013	1331.568
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		532.108	189.996	196.146
Capital work-in-progress		292.028	252.609	137.171
INVESTMENT		153.303	140.474	30.790
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3584.084	1628.367	564.752
	Sundry Debtors	4688.444	1277.129	633.096
	Cash & Bank Balances	1410.894	485.646	158.634
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4796.499	1829.351	934.126
Total Current Assets		14479.921	5220.493	2290.608
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6083.232	2344.793	1035.930
	Other Current Liabilities	1082.503	767.016	78.903
	Provisions	190.652	167.883	208.887
Total Current Liabilities		7356.387	3279.692	1323.720
Net Current Assets		7123.534	1940.801	966.888
MISCELLANEOUS EXPENSES		4.566	9.133	0.573
TOTAL		8105.539	2533.013	1331.568

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	21870.651	9933.836	6168.645
		Other Income	71.497	13.229	25.679
		TOTAL (A)	21942.148	9947.065	6194.324
Less	EXPENSES
		Consumption Materials Changes Inventories	18329.766	8005.794	4575.482
		Manufacturing Service Cost	2431.893	1230.748	862.652
		Employee Related Expenses	50.391	18.856	12.062
		Administrative Selling and Other Expenses	281.180	161.949	182.950
		Prior Period Expenses	4.373	(0.079)	(27.716)
		TOTAL (B)	21097.603	9417.268	5605.430
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		844.545	529.797	588.894
Less	FINANCIAL EXPENSES (D)		295.729	98.804	107.538
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		548.816	430.993	481.356
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.823	12.958	16.340
	PROFIT BEFORE TAX (E-F) (G)		524.993	418.035	465.016
Less	TAX (H)		208.386	149.886	172.610
	PROFIT AFTER TAX (G-H) (I)		316.607	268.149	292.406
Less	INCOME TAX EARLIER YEAR		19.651	5.180	9.021
	TRANSFER TO GENERAL RESERVE		296.956	262.969	283.385
	IMPORTS
		Traded Goods	12249.859	5291.431	1460.310
	Earnings Per Share (Rs.)		453.14	605.17	660.87

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.44	2.70	4.72
Net Profit Margin (PBT/Sales)	(%)	2.40	4.21	7.54
Return on Total Assets (PBT/Total Assets}	(%)	3.50	7.73	18.70
Return on Investment (ROI) (PBT/Networth)		0.13	0.26	0.53
Debt Equity Ratio (Total Debt/Networth)		0.96	0.56	0.48
Current Ratio (Current Asset/Current Liability)		1.97	1.59	1.73

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	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	Yes

Note:

Registered office has been shifted from Shriram Towers, 7^th Floor, Kingsway, S.V. Patel Marg, Nagpur-440001, Maharashtra, India to the present address w.e.f. 07.11.2012

REVIEW OF OPERATIONS:

The Company during the financial year continued to procure coal from domestic markets as well as from e-auctions conducted by Coal India Limited. The company also imported coal for sale to core and non - core industries. Besides this, the company has been providing coal handling, transportation and liasoning services to various end consumers involving movement of coal from mines to the consumers, managing the logistics enroute and quality verification and has been ensuring that the required quality and quantity of coal is delivered to the consumers on due time. Initially the extent of their company's business was limited to building infrastructure, for bidding tenders for supply of coal to power sectors by setting up working capital limits and bank guarantees. However from last two years the Company expanded its operation by entering into Coal trading activities.

The Directors are glad to intimate the members that pursuant to addition of coal trading operations, the revenue generation of the company, for the year increased by 120% to Rs. 21942.100 Millions as against Rs 9947.100 Millions in the corresponding previous financial year. The total expenditure during the year was Rs. 21412.700 Millions as against Rs 9529.100 Millions in the corresponding period of previous year. The increase in expenditure is attributed to import of coal on a large scale, operating expenses and financial charges. The Company's net profit after tax during the year after providing for income tax of earlier year stood at Rs. 296.900 Millions as against Rs.263.000 Millions achieved in the previous year indicating the increase in terms of value. However, the percentage of margin has reduced from 2.64% in FY 09-10 to 1.35% in FY 2010-11 due to increase in quantum of imported coal business.

In the year 2010-11 the Company has established Four Wind Turbine Generators (WTG's) out of which three in Rajasthan and one in Maharashtra with a capacity of 2.1 mega watt each. The company purchased around 6 MMT (valued at Rs. 202.900 Millions) non coking steam coal. Out of which indigenous coal amounting to 2.66 MMT and 3.64 MMT from South Africa and Indonesia.

The Company has also participated in various tenders like KPCL (Karnataka Power Corporation Limited), Mysore Paper Mills, Tamil Nadu News Print and Papers Limited, Madhya Pradesh Power Generation Company Limited etc in 2010-11 and has been awarded tender of KPCL (Karnataka Power Corporation Limited) and Mysore Paper Mills for supply of coal of 0.5 MMT and 1,75,000 MT respectively. Further the directors would like to inform the shareholders that in current financial year the Company is participating in various tenders like MAHAGENCO, Tamil Nadu News Print and Papers Limited, Lanco Power, KPCL etc and has been awarded with tender of Mysore Paper Mills for supply of Coal of 42000 MT.

Depending on present business scenario the Directors foresee further development in business of the Company. The Company will continue to focus on efficiency enhancement to further improve upon the earnings.

UNSECURED LOAN:

Particulars	As on 31.03.2011	As on 31.03.2010
Other debts	132.615	120.230
Total	132.615	120.230

Bankers Charges Report as per Registry

Corporate identity number of the company	U51909MH1989PTC051640
Name of the company	GUPTA COAL INDIA Private Limited
Address of the registered office or of the principal place of business in India of the company	Shriram Towers, 7^th Floor, Kingsway, S.V. Patel Marg, Nagpur – 440 001, Maharashtra, India guptas_ngp@sancharnet.in
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	SREI Infrastructure Finance Limited, Vishwakarma, 86C, Topsia Road (South), Kolkata-700046, West Bengal, India CIN No.: U70101WB2006PTC109898 sanjay_chaurasia@srei.com
Nature of instrument creating charge	Deed of Hypothecation.(LBY714) Deed of Hypothecation.(LBY715)
Date of instrument Creating the charge	03.09.2012
Amount secured by the charge	Rs. 156.255 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 16.00% per annum. Terms of Repayment As per attached Repayment Schedule. Margin NIL Extent and Operation of the charge As per Deed of Hypothecation(s).
Short particulars of the property or asset(s) charged (including complete address and location of the property)	For Deed of Hypothecation LBY714 :- 5 no. Wind Turbine Generator with accessories.(Within India) For Deed of Hypothecation LBY715 :- 5 no. Wind Turbine Generator with accessories.(Within India)

FIXED ASSETS:

· Land

· Shed and Building

· Ownership Premises

· Plant and Machinery

· Computers

· Furniture and Electrical Fittings

· Air Conditioner

· Office Equipments

· Vehicles

· Lorries (Tippers)

· Wind Mill

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.53.85
UK Pound	1	Rs.84.43
Euro	1	Rs.72.40

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.