MIRA INFORM REPORT

Report Date :

10.07.2013

IDENTIFICATION DETAILS

Name :	KUNTAL GRANITES PRIVATE LIMITED
Registered Office :	1A – Anchorage Ground Floor, 7 Vaccha Gandhi Road, New Gamdevi, Mumbai – 400007, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.11.1988
Com. Reg. No.:	11-049659
Capital Investment / Paid-up Capital :	Rs. 45.000 Millions
CIN No.: [Company Identification No.]	U14290MH1988PTC049659
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Granite into Slabs with Polished Flamed and Tiles.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 195000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears huge external borrowings recorded by the company. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with great caution.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : B+
Rating Explanation	High risk of default
Date	29.10.2012

Rating Agency Name	CRISIL
Rating	Short term rating : A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	29.10.2012

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.

INFORMATION PARTED BY

Name :	Mr. Suresh Barud
Designation :	Accountant
Contact No.:	91-22-23805367
Date :	26.06.2013

LOCATIONS

Registered Office :	1A – Anchorage Ground Floor, 7 Vaccha Gandhi Road, New Gamdevi, Mumbai – 400007, Maharashtra, India
Tel. No.:	91-22-23805367 / 66648643 / 23804368
Fax No.:	91-22-23806039
E-Mail :	info@kuntalgranites.com gandhico@vsnl.com
Website :	http://www.kuntalgranites.com
Location :	Owned
Factory :	S. No 58/1B, Addaguriki, Rawthupalli Village, Via Kamanadoddi, Dasanapura Road, Hosur – 635 109. Tamilnadu. India.
Tel. No.:	91-4344-257301
E-Mail :	hosur@kuntalgranites.com
Location :	Owned
Hubli Office :	Next to Electric Grid, Karwar Road, Hubli -580 024, Karnataka, India.
Tel. No.:	91-836-2201244
E-Mail :	hubli@kuntalgranites.com
Location :	Owned
Warehouse :	Stone park Inc. 3900 River road, Pennsauken , NJ 08110
Warehouse Office :	138 Royal Avenue, Wyncote, PA 19095-1126
Tel. No.:	(214)-782-9172
Fax No.:	(866) 472-7391
E-Mail :	Sales@stoneparkusa.com
Website :	www.stoneparkusa.com

DIRECTORS

As on : 22.09.2012

Name :

Mr. Mahesh Chhotalal Gandhi

Designation :

Director

Address :

7, Krishna Kunj, 3^rd Floor, 212,Walkeshwar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

07.03.1947

Date of Appointment :

17.11.1988

DIN No.:

00166159

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	U14290MH1988PTC049659	KUNTAL GRANITES PRIVATE LIMITED	Director	17-11-88	17-11-88	-	Active	NO
2	U45201MH1995PTC086236	KUNTAL PROPERTIES PRIVATE LIMITED	Director	09-03-95	09-03-95	-	Active	NO
3	U45201MH2001PTC130463	AMRUT SIDDHI DEVELOPERS PRIVATE LIMITED	Managing director	15-01-01	15-01-01	-	Active	NO
4	U55101MH2002PTC136075	KUNTAL HOTELS PRIVATE LIMITED	Director	31-05-02	31-05-02	01-08-11	Active	NO
5	U55100MH2007PTC172183	KGA HOSPITALITY PRIVATE LIMITED	Director	09-07-07	09-07-07	-	Active	NO

Name :

Mr. Mohan Pandurang Gudi

Designation :

Director

Address :

Flat No. 102, MIG 4, Akshay Park, Gokul Road, Hubli – 580030, Karnataka, India

Date of Birth/Age :

21.03.1933

Date of Appointment :

08.01.1991

DIN No.:

00166315

Name :

Mr. Kempaiah Rangappa

Designation :

Director

Address :

Bangalore Ramaiah, Prema, Shiva 112, III Cross, III Phase J P Nagar, Bangalore – 560078, Karnataka, India

Date of Birth/Age :

26.11.1932

Date of Appointment :

18.01.1993

DIN No.:

00292824

Name :

Mr. Ashish Jyotindra Bhuta

Designation :

Director

Address :

507, Mahavir Apartment, Tardeo Road, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

07.06.1975

Date of Appointment :

02.04.2008

DIN No.:

02149827

Name :

Mr. Kajal Ashish Bhuta

Designation :

Director

Address :

Ganga jamuna CHS, MahavirApartment, 241, Tardeo Road, Flat No. 501, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

16.11.1981

Date of Appointment :

02.04.2008

DIN No.:

02149834

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 22.09.2012

Names of Shareholders	No. of Shares
Mahesh Chhotalal Gandhi joint with Bharati gandhi	248000
Bharati Mahesh Gandhi	2000
Ashish Jyotin Bhuta	100000
Kajal Ashish Bhuta	100000
Total	450000

Equity Share Break up (Percentage of Total Equity)

As on : 22.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Granite into Slabs with Polished Flamed and Tiles.
Exports :
Products :	· Granite into Slabs · Tiles
Countries :	· USA · Europe · Australia
Imports :
Products :	Machinery
Countries :	Europe
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity
Processed Granites	Sq. Mtrs.	67,000	85,000

Note :

The existing plant at Dharwar is being dismantled and some of the machineries are being transferred to expansion project at hosur.

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users.

No. of Employees :

200 (Approximately)

Bankers :

State Bank of India, Commercial Branch, Anjuman Complex, Station Road, Hubli – 580020, Karnataka, India

Facilities :

(Rs in Millions)

SECURED LOANS	31.03.2012	31.03.2011
Long term borrowings :
Term Loan From Bank (State Bank of Indian Term Loan The Term Loan from the bank is secured by a charge on land and building by an equitable mortgage and hypothecation of all Plant and Machineries and personally guaranteed by three Directors.	29.850	35.850
Short term borrowings :
Term Loan From Bank (State Bank of India)	6.000	6.000
Term Loan Interest Accured and due on above The Term Loan from the bank is secured by a charge on land and building by an equitable mortgage and hypothecation of all Plant & Machineries and personally guaranteed by three Directors	0.416	0.498
PCFC Account	10.142	0.000
Negotiation of Export Bills	0.000	4.637
Cash Credit facility The Credit facility from the bank is secured by a hypothecation of Stocks of Raw Materials, Semi Finished Goods, Finished Goods Stores and receivables and personally guaranteed by three Directors.	51.021	29.730
Total	97.429	76.715

Auditors :
Name :	R. A. Ruvala and Company Chartered Accountants
Address :	1A – Anchorage Ground Floor, 7 Vaccha Gandhi Road, New Gamdevi, Mumbai – 400007, Maharashtra, India
PAN No.:	AATPR8424Q

CAPITAL STRUCTURE

As on : 22.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
460000	Equity Shares	Rs. 100/- each	Rs. 46.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs. 100/- each	Rs. 45.000 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	45.000	45.000
(b) Reserves & Surplus	3.811	(20.545)
(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)	48.811	24.455
(3) Non-Current Liabilities
(a) long-term borrowings	104.020	110.720
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	2.268	2.268
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	106.288	112.988
(4) Current Liabilities
(a) Short term borrowings	67.579	40.865
(b) Trade payables	10.763	10.906
(c) Other current liabilities	1.858	0.140
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	80.200	51.911
TOTAL	235.299	189.354
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	108.765	113.873
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.807	0.307
(c) Deferred tax assets (net)	12.466	0.000
(d) Long-term Loan and Advances	1.343	1.500
(e) Other Non-current assets	0.072	0.108
Total Non-Current Assets	123.453	115.788
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	83.058	52.674
(c) Trade receivables	23.121	16.105
(d) Cash and cash equivalents	1.798	1.261
(e) Short-term loans and advances	3.781	3.476
(f) Other current assets	0.088	0.050
Total Current Assets	111.846	73.566
TOTAL	235.299	189.354

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		40.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		40.000
LOAN FUNDS
1] Secured Loans		65.577
2] Unsecured Loans		53.870
TOTAL BORROWING		119.447
DEFERRED TAX LIABILITIES		0.000
TOTAL		159.447
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		104.039
Capital work-in-progress		0.000
INVESTMENT		0.307
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.963
	Sundry Debtors	12.002
	Cash & Bank Balances	4.341
	Other Current Assets	0.009
	Loans & Advances	7.011
Total Current Assets		43.326
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.424
	Other Current Liabilities	0.081
	Provisions	0.000
Total Current Liabilities		3.505
Net Current Assets		39.821
MISCELLANEOUS EXPENSES		0.133
PROFIT AND LOSS ACCOUNT		15.147
TOTAL		159.447

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	137.969	55.299	29.283
Less	EXPENSES
		Cost of Materials Consumed
		Purchase of Stock in Trade
		Changes in Inventories of Finished Goods
		Employees Benefits Expenses
		Other expenses
		TOTAL (B)	109.213	46.793	30.081
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.756	8.506	(0.798)
Less	FINANCIAL EXPENSES (D)		10.148	7.481	0.454
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.608	1.025	(1.252)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.117	6.409	3.658
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		12.491	(5.384)	(4.910)
Less	TAX (H)		0.600	0.014	0.014
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		11.891	(5.398)	(4.924)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(20.544)	(15.146)	(10.222)
	BALANCE CARRIED TO THE B/S		(8.653)	(20.544)	(15.146)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	129.026	53.818	26.212
	TOTAL EARNINGS		129.026	53.818	26.212
	IMPORTS VALUE		0.000	0.000	7.969
	Earnings / (Loss) Per Share (Rs.)		26.42	(11.99)	(12.31)

Particulars	31.03.2013
Sales Turnover (Approximately)	200.000

Expected Sales (2013-2014) : Rs. 350.000 Millions

The above information has been parted by Mr. Suresh Barud (Accountants)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.62	9.76	(16.82)
Return on Total Assets (PBT/Total Assets}	(%)	5.63	(2.85)	(3.33)
Return on Investment (ROI) (PBT/Networth)		0.26	(0.22)	(0.12)
Debt Equity Ratio (Total Debt /Networth)		2.18	4.62	2.99
Current Ratio (Current Asset/Current Liability)		1.39	1.42	12.36

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
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 LOANS :

(Rs in Millions)

PARTICULARS	31.03.2012	31.03.2011
Long term borrowings
Loans from Directors (Free of Interest)	58.070	58.370
Loans from Shareholders (Free of Interest)	16.100	16.500
Total	74.170	74.870

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U14290MH1988PTC049659
Name of the company	KUNTAL GRANITES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1A – Anchorage Ground Floor, 7 Vaccha Gandhi Road, New Gamdevi, Mumbai – 400007, Maharashtra, India Email : gandhico@vsnl.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90212228
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	State Bank of India, SME Branch, Anjuman Complex, Station Road, Hubli – 580020, Karnataka, India Email : rjr.cs69@gmail.com
Nature of instrument creating charge	Supplemental Agreement Of Hypothecation Of Goods And Assets For Increase In The Overall Limit Form C.2-A And Letter Regarding The Grant Of Individual Limits Within The Overall Limit Form C.5 (Both Pertain To The Same Charge)
Date of instrument Creating the charge	14.09.2012
Amount secured by the charge	Rs. 246.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : 1). EPC/PCFC/FBD/SLC: at 1.25% above br, effective rate 11.25%.p.a. With monthly rests. 2). Fctl : 6 months libor + 4.75%, libor will be reset every 6 months, loan to be revolved every one year. Terms of Repayment Wcl : on demand. Advance is for a period of 12 months. Term loan 1: as per existing terms of sanction. Term loan 2: in 60 monthly instalments with a moratorium period of 6 months. First 24 insts of Rs.0.07 Millions each; next 12 insts of Rs.1.100 Millions each; next 12 insts of Rs. 1.400 Millions each; last 6 insts of Rs.0.22 Millions each with effect from April 2013. Margin : RM/SFG/FG : 15% Receivables/lc/bg : 25% Proposed tl : 25% Extent and Operation of the charge Exclusive first charge on the assets (specified in col no.15) of the company and to the full extent. Others EPC/PCFC/FBD RS.105.000 Millions; Slc Rs. 15.000 Millions; Term Loan 1 Rs. 47.500 Millions; Term Loan 2 Rs.60.000 Millions; Bank Guarantee Rs.2.000 Millions; Letter Of Credit Rs.13.000 Millions; Forward Contact Rs.4.000 Millions; Total Rs.246.500 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of company's present and future movable fixed assets and current assets like stocks, raw materials, semi finished and finished goods, book debts, receivables, outstanding monies, bills, rights, Stores, components, furniture and fittings; other movables, plant and machinery, etc.,
Date of instrument modifying the charge	19.08.2011
Particulars of the present modification	The amount secured by the charge stands increased to Rs. 246.500 Millions. All other terms and conditions remain unchanged.

FIXED ASSETS :

· Freehold Land at Belur

· Land at Hosur

· Building at Belur

· Building at Hosur

· Office Premises at Bangalore

· Plant and Machinery

· Electric Installation

· Office Equipments

· Furniture and Fixture

· Vehicles

· 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. 60.07
UK Pound	1	Rs. 89.91
Euro	1	Rs. 77.43

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		33

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.