MIRA INFORM REPORT

Report Date :

04.07.2013

IDENTIFICATION DETAILS

Name :	GHATGE PATIL INDUSTRIES LIMITED
Registered Office :	Uchgaon, District Kolhapur – 416005, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.07.1960
Com. Reg. No.:	11-011738
Capital Investment / Paid-up Capital :	Rs. 250.370 Millions
CIN No.: [Company Identification No.]	U31103PN1960PLC011738
IEC No.:	0388012501
TAN No.: [Tax Deduction & Collection Account No.]	KLPG00564E/KLPA00671G
PAN No.: [Permanent Account No.]	AAACG6595R/AABCM6744K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Casting and Power transmission for Petrol and Oil.
No. of Employees :	950 (Approximately)

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 3821000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The rating has been down graded due to subject exposure to risks related to its debt funded capital expenditure for its expansion plan However, given a financial strength seems to be good. Trade relations are reported to be fair. Business is active payments are reported to be usually correct and as per commitment. The company can be considered normal for 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating BB
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	February, 2013

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 PARTED BY

Name :	Mr. Praveen Vasedar
Designation :	Finance Manager
Contact No.:	91-231-2608000
Date :	02.07.2013

LOCATIONS

Registered Office / Factory :	Uchgaon, District Kolhapur – 416005, Maharashtra, India
Tel. No.:	91-231-2608000 / 2608173
Fax No.:	91-231-2608080
E-Mail :	mukund.shinde@gpi.co.in kallappa.chogle@gpi.co.in praveenvasedar@gpi.co.in corporate@gpind.com
Website :	www.Gip.co.in
Location :	Owned

DIRECTORS

As on: 04.08.2012

Name :	Mr. Jaykumar Bharamgonda Patil
Designation :	Managing Director
Address :	Chandrika 9 – Surve Colony, New Shahupuri, Kolhapur – 416003, Maharashtra, India
Date of Birth/Age :	17.08.1923
Qualification :	Under – Graduate
Date of Appointment :	02.07.1960
DIN No. :	00536073
Name :	Mr. Kiran Jaykumar Patil
Designation :	Managing Director
Address :	R.S. No. 35/1, Laxmi Nagar, Near Rajaram Talav, Ujalaiwadi, Kolhapur – 416005, Maharashtra, India
Date of Birth/Age :	20.05.1953
Qualification :	B.E. (Mech), M.S. (Ind.Engg), M.B.A. (USA)
Date of Appointment :	15.01.2007
DIN No. :	00221662
Name :	Mr. Prabhakar Dattatray Gune
Designation :	Director
Address :	Karishma, 138, N ational Co- Operative Housing Society, Baner Road, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	20.09.1926
Date of Appointment :	31.03.1973
DIN No. :	00052376
Name :	Mr. Ashok V Chowgule
Designation :	Director
Address :	Kanchan Ganga, 26^th Floor, Dr. G. Deshmukh Marg, Kemps Corner, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	25.01.1948
Qualification :	B Sc. Economics and Statistics Post graduate
Date of Appointment :	29.07.2006
DIN No. :	00018970
Name :	Luciano Franco Gilardo
Designation :	Director
Address :	A – 1, Orchid’s Apartments, Lane E, Off North Main Road, Lane E, Koregaon Park, Pune – 411001, Maharashtra, India
Date of Birth/Age :	14.06.1943
Qualification :	Diploma in Economic Science Diploma in Commercial Correspondent in foreign languages French-German- English One Month full immersion in Industrial Management for FIAT Executives (ISVOR- FIAT Instit)
Date of Appointment :	29.07.2006
DIN No. :	00220680
Name :	Mr. Sunil Chamanlal Patel
Designation :	Director
Address :	36, Vijay Amar Society, Survry No. 44/2, Erandavana, Pune – 411004, Maharashtra, India
Date of Birth/Age :	08.07.1949
Qualification :	B.E. (Mech), M.M.S.
Date of Appointment :	22.12.2007
DIN No. :	02057191
Name :	Mr. Vijay Narayan Bedekar
Designation :	Director appointed in casual vacancy
Address :	B – 5, Dhavalgiri Park Co- Operative Society, 35/2, Karve Nagar, Pune 411052, Maharashtra, India
Date of Birth/Age :	12.03.1948
Qualification :	B. E. PGDBM
Date of Appointment :	28.03.2009
DIN No. :	02508347
Name :	Mrs. Megha Kiran Patil
Designation :	Whole-time director
Address :	R. S. No. 35/1, Laxmi Nagar, Near Rajaram Talav, Ujalalwadi, Kolhapur – 416005, Maharashtra, India
Date of Birth/Age :	23.06.1964
Qualification :	B. Sc.
Qualification :	B. Sc.
Date of Appointment :	26.09.2009
DIN No. :	00683225
Name :	Shrinivas Bindumadhav Inamati
Designation :	Director
Address :	E/ 101, Alakhnanda Society, Shivanand Gardens 38/1, Kothrud Pune – 411029, Maharashtra, India
Date of Birth/Age :	25.09.1955
Date of Appointment :	17.03.2012
DIN No. :	05243658

KEY EXECUTIVES

Name :	Kishori Narayan Khanolkar
Designation :	Secretary
Address :	Plot No. 35/1, Sudershan Co-Operative Housing Society, Temblai – Wadi – 416005, Maharashtra, India
Date of Birth/Age :	18.05.1988
Date of Appointment :	17.03.2012
PAN No.	BWZPK3617F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 04.08.2012

NOTE: Shareholders Details File Attached

As on: 04.08.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	96.65
Other top fifty shareholders	3.35
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Casting and Power transmission for Petrol and Oil.

Products :

Products and Services	ITC Code
Gray Iron and S.G. Iron Castings	7325
Industrial Clutches, Power Take offs, Marine Gear Boxes	8483
Fluid Couplings	8483
Bulldozers all Assemblies and Parts Thereof	8431
Check Valves and Industrial Valves	8431

Exports :

Products :

· Casting

· Power transmission for petrol and Oil

Countries :

· US

· Gulf Countries

Imports :

Products :

Raw Material

Countries :

· Japan

· China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

• John Metaliks

Customers :

Others

• John Deere

No. of Employees :

950 (Approximately)

Bankers :

· Union Bank of India, Station Road Branch, Kolhapur – 416001, Maharashtra, India

· Exim Bank

· Bank of Maharashtra

· State bank of Mysore, Kolhapur, India

· IDBI Bank Limited,

· HDFC Bank Limited

· The Ratnakar Bank Limited, Uchagaon

Facilities :

Secured Loan	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Long Term Borrowing
Term loan from bank	436.826	197.123
Other loan and Advance	0.057	0.282
Working capital loans from bank	0.000	23.500
Short Term Borrowing
Term loan from bank	523.434	440.899
Total	960.317	661.804

Banking Relations :	--
Auditors :
Name :	Deshpande Pramodchandra Balkrishna Chartered Accountants
Address :	Gabmar Apartments, Vasco-Da-Gama, Goa – 403802, India
PAN No. :	AAEFD3980E
Joint Venture :	Omni Valve Company LLC, United State
Related Parties :	Vega Techno System Private Limited, India CIN No.:U24222PN1990PTC056441
Partnership concerns over which Key Management Personnel or their relatives have control or significant influence: (As On 31.03.2011)	· Hemkiran Diesels · Chandrika Industries · Preci Engineering Company · V.J. and Sons · Ghatge Patil and Sons · Metal Finishers and Engineers · Shobha A. Kirloskar and Associates · Sharu Exports · Aditek · J. B. Patil and Sons · Chinar Engineering · Lubol
Companies over which Key Management Personnel or their relatives have control or significant influence: (As On 31.03.2011)	· Kiran Trading and Investments Private Limited · Patil Atlantic Force Sunnum Limited · Patil Rock Processors Private Limited · Ghatge Patil Automobiles Limited · JP Logistics Private Limited · Kiran Auto Traders Private Limited · Kiran Patil Investment Private Limited · Vega Techno Systems Private Limited · Indus Motion Controls Limited · Array Flow Systems Limited · Indus Ferro Tech Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
39000000	Equity Shares	Rs.10/- each	Rs.390.000 Millions
1000000	Preference Shares	Rs.10/- each	Rs. 10.000 Millions
	Total		Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25036958	Equity Shares	Rs.10/- each	Rs. 250.370 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	250.370	250.370
(b) Reserves & Surplus	705.007	525.881
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	955.377	776.251
(3) Non-Current Liabilities
(a) long-term borrowings	624.855	414.748
(b) Deferred tax liabilities (Net)	30.423	11.740
(c) Other long term liabilities	6.279	9.660
(d) long-term provisions	18.215	15.775
Total Non-current Liabilities (3)	679.772	451.923
(4) Current Liabilities
(a) Short term borrowings	587.684	472.644
(b) Trade payables	365.263	294.459
(c) Other current liabilities	130.076	100.123
(d) Short-term provisions	107.772	78.545
Total Current Liabilities (4)	1190.795	945.771
TOTAL	2825.944	2173.945
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1014.341	706.482
(ii) Intangible Assets	4.046	0.000
(iii) Capital work-in-progress	43.225	41.948
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	13.808	28.981
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	133.798	125.134
(e) Other Non-current assets	6.275	2.531
Total Non-Current Assets	1215.493	905.076
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	498.880	489.270
(c) Trade receivables	880.388	449.128
(d) Cash and cash equivalents	31.824	186.123
(e) Short-term loans and advances	189.095	127.906
(f) Other current assets	10.264	16.442
Total Current Assets	1610.451	1268.869
TOTAL	2825.944	2173.945

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		125.185
2] Share Application Money		0.000
3] Reserves & Surplus		415.122
4] (Accumulated Losses)		0.000
NETWORTH		540.307
LOAN FUNDS
1] Secured Loans		569.758
2] Unsecured Loans		119.827
TOTAL BORROWING		689.585
DEFERRED TAX LIABILITIES		1.875
TOTAL		1231.767
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		534.197
Capital work-in-progress		12.032
INVESTMENT		7.371
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	423.880
	Sundry Debtors	343.257
	Cash & Bank Balances	57.308
	Other Current Assets	11.892
	Loans & Advances	257.825
Total Current Assets		1094.162
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	254.097
	Other Current Liabilities	8.750
	Provisions	153.148
Total Current Liabilities		415.995
Net Current Assets		678.167
MISCELLANEOUS EXPENSES		0.000
TOTAL		1231.767

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4282.137	3161.176	2325.731
		Other Income	50.412	12.465	16.905
		TOTAL (A)	4332.549	3173.641	2342.636
Less	EXPENSES
		Cost of Material Consumed	1777.670	1343.666
		Changes in Inventories of Finished Goods, Work-in-progress and Stock-in-trade	23.419	(41.825)
		Employee Benefit Expenses	328.701	254.794
		Other Expenses	1646.785	1243.012
		TOTAL (B)	3776.575	2799.647	2028.040
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		555.974	373.994	314.596
Less	FINANCIAL EXPENSES (D)		123.059	78.539	86.263
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		432.915	295.455	228.333
Less/ Add	DEPRECIATION/ AMORTISATION (F)		98.803	79.604	72.306
	PROFIT BEFORE TAX (E-F) (G)		334.112	215.851	156.027
Less	TAX (I)		111.338	72.751	52.500
	PROFIT AFTER TAX (G-I) (J)		222.774	143.100	103.527
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		443.730	340.120	251.240
Less	APPROPRIATIONS
		Transfer to General Reserve		7.150
		Dividend		27.740	14.647
		Tax on Dividend	NA	4.600
	BALANCE CARRIED TO THE B/S		NA	443.730	340.120
	Earnings Per Share (Rs.)
	Basic		8.9	5.71	8.27
	Diluted		8.9	7.81	0.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.14	4.51	4.42
Net Profit Margin (PBT/Sales)	(%)	7.80	6.83	6.71
Return on Total Assets (PBT/Total Assets}	(%)	12.73	10.93	9.61
Return on Investment (ROI) (PBT/Networth)		0.35	0.28	0.29
Debt Equity Ratio (Total Debt/Networth)		1.27	1.14	1.28
Current Ratio (Current Asset/Current Liability)		1.35	1.34	2.63

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Sundry Creditors	365.263	294.459	254.097
Total	365.263	294.459	254.097

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

UNSECURED LOAN:

Particulars	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Long Term Borrowing
Deferred sales tax loan	71.534	74.072
Deposit from directors	24.860	13.875
Deposit from other	91.578	105.896
Short Term Borrowing
Deposits	64.250	31.745
Total	252.222	225.588

BANKER CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U31103PN1960PLC011738
Name of the company	GHATGE PATIL INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Uchgaon, District Kolhapur – 416005, Maharashtra, India E Mail mukund.shinde@gpi.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10125227
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Union Bank Of India, Rajarshi Shahu Sadan, Station Road, Kolhapur – 416003, Maharashtra, India E Mail cbsstationroadkolhapur@unionbankofindia.com
Nature of instrument creating charge	Supplementary Deed To SD-20 [Hypothecation Deed SD 20(S)] Dated 19.12.2012
Date of instrument Creating the charge	19.12.2012
Amount secured by the charge	Rs. 935.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : 1) Imp/int L/C, Letter of guarantee , packing credit, FDBP/FUDBP - Usual 2) CC, UBD - Base rate - 3% i.e. 13.50% 3) FCL I and II (within CC) - As per IBD pricing Term of Payment: On Demand Margin: 1) IMP/Int L/C and Letter of guarantee - 10% separately 2) CC - 25% 3) FCL I and II - 35% separately 4) packing credit - 15% Extent and operation of the charge: Charge will remain in operation till repayment of principal and interest in full.
Short particulars of the property charged (Including location of the property)	No Change
Date of last modification prior to the present modification	08.11.2012
Particulars of the present modification	Foreign Bill discounting facility of Rs. 225.000 millions is enhanced to Rs. 450.000 millions Cash Credit Limit reduced from 355.000 millions, to Rs. 305.000 millions. Hence total Credit limit is enhanced from 760.000 millions to 935.000 millions. No change in securities and the earlier securities will continue for the enhanced limits also.

FIXED ASSETS:

v Freehold Land

v Building

v Plant and Machinery

v Vehicles

v Furniture and Fittings

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.60.10
UK Pound	1	Rs.91.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--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

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.