MIRA INFORM REPORT

Report Date :

25.06.2013

IDENTIFICATION DETAILS

Name :	MIKI WIRE WORKS PRIVATE LIMITED
Registered Office :	J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi, P.S.- Kotwali, Ranchi – 834001, Jharkhand
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.11.1987
Com. Reg. No.:	03-002782
Capital Investment / Paid-up Capital :	Rs.12.442 Millions
CIN No.: [Company Identification No.]	U27104JH1987PTC002782
PAN No.:	AABCM2858E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Exporting of Steel Wire, Miki, Wire, Rope, PC Stand, Spring Steel Wire, Rolling Shutter Wire, Rib Wire, Pre Stress Concrete Wire, Tiller, Spring Wire, Irpc Stand, Indented Wire.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD718900
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears a significant dip in the sales turnover as well as net profitability during 2012. Financial position appears to be good. Liquidity position is strong and healthy. Trade relations are fair. Business is active. Payments terms are reported as usually correct. 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 – 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
Rating Explanation	Suspended
Date	March 29, 2012

Rating Agency Name	CRISIL
Rating	Short term rating
Rating Explanation	Suspended
Date	March 29, 2012

Suspension of ratings is on account of non – co operation by the subject to provide information substating its ability to services debt.

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 :	J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi, P.S.- Kotwali, Ranchi – 834001, Jharkhand, India
Tel. No.:	91-651-2213625, 3292898, 3290214
Fax No.:	91-651-2214016/ 2265527
E-Mail :	ranchi@mikiwire.co.in works@mikiwire.co.in
Website :	www.mikiwire.co.in

DIRECTORS

As on: 25.09.2012

Name :

Mr. Mahesh Poddar

Designation :

Director

Address :

J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand, India

Date of Birth/Age :

14.11.1949

Date of Appointment :

12.01.2007

DIN No.:

00098071

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	U27104JH1987PTC002782	MIKI WIRE WORKS PRIVATE LIMITED	Director	12-01-07	25-11-87	-	Active	NO
2	U27109KA1991PTC011583	MIKI STEEL WORKS PRIVATE LIMITED	Managing director	17-02-91	17-02-91	-	Active	NO
3	U00330JH1991PTC004528	VIKA MANUFACTURING COMPANY PVT. LTD.	Managing director	29-06-07	01-03-93	-	Active	NO
4	U30300KA1995PTC018154	SHILPI WIRE ROPE PRIVATE LIMITED	Director	27-06-95	27-06-95	-	Active	NO
5	U31300AP1977PLC002151	VISAKHA WIRE ROPES LIMITED	Director	04-08-05	04-08-05	-	Active	NO
6	U27106JH2005PTC011721	SHRI RAM WIRE PRODUCTS PRIVATE LIMITED	Whole-time director	07-11-05	07-11-05	-	Active	NO
7	U29130WB1970NPL027659	STEEL WIRE MANUFACTURERS 'ASSOCIATION OF INDIA	Director	28-09-06	28-09-06	-	Active	NO
8	U27200JH2011PTC014619	SHRI RAM STEELWIRE NAGPUR PRIVATE LIMITED	Director	19-01-11	19-01-11	-	Active	NO

Name :

Ms. Nirmala Poddar

Designation :

Director

Address :

J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand, India

Date of Birth/Age :

15.07.1953

Date of Appointment :

25.11.1987

DIN No.:

00370769

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	U27104JH1987PTC002782	MIKI WIRE WORKS PRIVATE LIMITED	Director	25-11-87	25-11-87	-	Active	NO
2	U27109KA1991PTC011583	MIKI STEEL WORKS PRIVATE LIMITED	Director	17-01-91	17-01-91	-	Active	NO

Name :

Mr.Pawan Kumar Pacheriwala

Designation :

Managing Director

Address :

07.10.1963

Date of Birth/Age :

J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand, India

Date of Appointment :

12.01.2007

DIN No.:

00370830

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	U00330JH1991PTC004528	VIKA MANUFACTURING COMPANY PVT. LTD.	Director	16-07-91	16-07-91	-	Active	NO
2	U27104JH1987PTC002782	MIKI WIRE WORKS PRIVATE LIMITED	Managing director	12-01-07	15-12-03	-	Active	NO
3	U26921JH2004PTC010824	BAJRANG PRESTRESSED PRODUCTS PRIVATE LIMITED	Whole-time director	07-07-04	07-07-04	-	Active	NO
4	U27209WB1984PLC037484	MUVA INDUSTRIES LIMITED	Director	29-09-12	11-08-08	-	Active	NO

Name :

Kailash Chand Sharma

Designation :

Director

Address :

J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi – 834001, Jharkhand, India

Date of Birth/Age :

23.04.1962

Date of Appointment :

12.01.2007

DIN No.:

01348976

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	U27104JH1987PTC002782	MIKI WIRE WORKS PRIVATE LIMITED	Director	12-01-07	12-01-07	-	Active	NO
2	U27106JH2005PTC011721	SHRI RAM WIRE PRODUCTS PRIVATE LIMITED	Director	15-01-07	15-01-07	-	Active	NO
3	U27200JH2011PTC014619	SHRI RAM STEELWIRE NAGPUR PRIVATE LIMITED	Director	19-01-11	19-01-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 25.09.2012

Names of Shareholders	No. of Shares
Mahesh Poddar	82375
Nirmala Poddar	37560
Shilpi Poddar	20
Malvika Poddar	3705
Krishna Kumar Sahu	50
Gauri Shankar Bharatia	10
Manish Khanrelwal	10
Geeta Devi Sharma	660
Sanwarmal Tibrewal	10
Sunil Kumar Tiberiwal	10
Chiranji Lal Agarwal	10
Total	124420

As on: 25.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.00
Other	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Exporting of Steel Wire, Miki, Wire, Rope, PC Stand, Spring Steel Wire, Rolling Shutter Wire, Rib Wire, Pre Stress Concrete Wire, Tiller, Spring Wire, Irpc Stand, Indented Wire.

Products :

(As on : 31.03.2011)

ITC Code No	Production Description
72171010	Non Alloy Steel Wire
73121030	HTS Wire
73121010	Steel Wire Ropes
72044900	Waste and Scrap
72172010	Galvanised Iron Wire
72139190	Non Alloy Steel Wire Rod

PRODUCTION STATUS AS ON (31.03.2012)

Particulars	Unit	Annual Production
Standard Wire	MT	7206.393
Rope of Steel Wire	MT	250.967
Non Alloy Steel Wire	MT	10262.359
Waste and Scrap	MT	222.227

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Axis Bank Limited, Ranchi Branch, MCMC Ranchi Centre, Main Road Near Albert Ekka Chowk, H B Road, Ranchi – 834001, Jharkhand, India

Banking Relations :	--
Auditors :
Name :	R.K. Garodia and Company Chartered Accountants
Address :	202, Sai Appartment, Kutchery Road, Ranchi – 834001, Jharkhand, India
PAN No. :	AADFR6274J

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
124420	Equity Shares	Rs.100/- each	Rs.12.442 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	12.442	12.442
(b) Reserves & Surplus	167.303	161.935
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	23.638	18.337
(b) Deferred tax liabilities (Net)	3.114	3.368
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	107.547	132.905
(b) Trade payables	29.253	5.370
(c) Other current liabilities	6.032	6.223
(d) Short-term provisions	0.000	0.000
TOTAL	349.329	340.580
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	54.398	57.829
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.826
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	8.980	8.968
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	77.764	105.818
(c) Trade receivables	120.026	82.163
(d) Cash and cash equivalents	41.142	38.096
(e) Short-term loans and advances	21.434	30.091
(f) Other current assets	25.585	16.789
TOTAL	349.329	340.580

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12.442
2] Share Application Money		0.000
3] Reserves & Surplus		132.531
4] (Accumulated Losses)		0.000
NETWORTH		144.973
LOAN FUNDS
1] Secured Loans		89.989
2] Unsecured Loans		16.623
TOTAL BORROWING		106.612
DEFERRED TAX LIABILITIES		3.229
TOTAL		254.814
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.527
Capital work-in-progress		11.008
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	86.474
	Sundry Debtors	68.566
	Cash & Bank Balances	46.024
	Other Current Assets	0.000
	Loans & Advances	22.235
Total Current Assets		223.299
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.117
	Other Current Liabilities	13.903
	Provisions	0.000
Total Current Liabilities		23.020
Net Current Assets		200.279
MISCELLANEOUS EXPENSES		0.000
TOTAL		254.814

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	906.336	1112.263	1179.902
		Other Income	10.364	3.059	1.996
		TOTAL	916.700	1115.322	1181.898
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	900.916	1063.791	1127.074
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		15.784	51.531	54.824
Less/ Add	DEPRECIATION/ AMORTISATION		8.060	7.167	6.960
	PROFIT BEFORE TAX		7.724	44.364	47.864
Less	TAX		2.356	14.960	16.650
	PROFIT AFTER TAX		5.368	29.404	31.214
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.404	31.214	20.346
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	31.214	20.346
	BALANCE CARRIED TO THE B/S		34.772	29.404	31.214
	Earnings Per Share (Rs.)		43.14	236.32	250.87

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.58	2.64	2.64
Net Profit Margin (PBT/Sales)	(%)	0.85	3.99	4.06
Return on Total Assets (PBT/Total Assets}	(%)	2.21	15.25	17.94
Return on Investment (ROI) (PBT/Networth)		0.04	0.25	0.33
Debt Equity Ratio (Total Debt/Networth)		0.73	0.87	0.73
Current Ratio (Current Asset/Current Liability)		8.36	6.01	9.70

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	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

OPERATION:

During the year under review the Company achieved a turnover of Rs.906.338 millions as against the turnover of Rs.1112.263 millions in the previous year. This turnover is lower by 18.51%. The Company has achieved profit before tax of Rs.7.724 millions as against Rs.44.364 millions in the previous year, lower by 82.59% and Net Profit after tax of Rs.5.368 millions as against Rs.29.404 millions in the previous year, lower by 81.74%.

BANKER CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U27104JH1987PTC002782
Name of the company	MIKI WIRE WORKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	J.S. Lane, Gandhi Chowk, Upper Bazar, Ranchi, P.S.- Kotwali, Ranchi – 834001, Jharkhand, India E-Mail ranchi@mikiwire.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10258027
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	Axis Bank Limited, Ranchi Branch, MCMC Ranchi Centre, Main Road Near Albert Ekka Chowk, H B Road, Ranchi – 834001, Jharkhand, India E-Mail krishnakumar.agrawal@axisbank.com
Nature of instrument creating charge	Composite Hypothecation Deed (Current Assets, Movables, Plant and Machinery)
Date of instrument Creating the charge	16.04.2013
Amount secured by the charge	Rs. 196.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: CC- Rs.60.000 millions Base Rate + 2.75%, Buyers Credit, LC/FLC- Commission 50% of Standard Rate, BG- Commission 75% of Standard Rate, LER- Commission as per Standard Rate Term of Payment: CC- Rs.60.000 millions Repayable on Demand, Buyers Credit - Rs.50.000 millions (Sub Limit of CC) -180 days, LC/FLC- Rs.120.000 millions - 90/180 days, BG- Rs.6.000 millions - Maximum 3 Yrs, LER- Rs.10.000 millions - As per Contact. Margin: CC- Rs.60.000 millions 25%on Stocks and Book Debts upto 90 days, Buyers Credit - Rs.50.000 millions (Sub Limit of CC) - 10% in the form of Fixed Deposit, LC/FLC- Rs.120.000 millions - 10% in the form of Fixed Deposit, BG- Rs.6.000 millions - 10% in the form of Fixed Deposit and 100% cash margin in case of disputed liabilities, LER- Rs.10.000 millions - Nil. Extent and operation of the charge: extension of hypothecation charge on entire current assets of the company mainly comprising of stocks in process, raw materials, finished goods, consumables and book debts both present and future. Assignment of title of goods under LC. Extension of hypothecation charge on entire fixed assets of the company mainly comprising of plant, machinery, furniture, fixtures, cranes, vehicles, tools and accessories, etc both present and future. Others: All limits except LER are interchangeable with each other.
Short particulars of the property charged (Including location of the property)	i. Extension of hypothecation charge on entire current assets of the company mainly comprising of stocks in process, raw materials, finished goods, consumables and book debts both present and future. ii. Assignment of title of goods under LC. iii. Extension of hypothecation charge on entire fixed assets of the company mainly comprising of plant, machinery, furniture, fixtures, cranes, vehicles, tools and accessories, etc both present and future.
Date of last modification prior to the present modification	24.12.2012
Particulars of the present modification	By this Modification the overall limit enhanced to Rs.196.000 millions. By this modification the entire securities given earlier will remain secured in favour of Axis Bank Limited

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.73
UK Pound	1	Rs.91.82
Euro	1	Rs.78.23

INFORMATION DETAILS

Report Prepared by :

ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.