MIRA INFORM REPORT

Report Date :

05.03.2013

IDENTIFICATION DETAILS

Name :	SONA VETS PRIVATE LIMITED
Registered Office :	17B & C, Everest House, 46-C Chowringhee Road, Kolkata-700071, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.01.1992
Com. Reg. No.:	054083
Capital Investment / Paid-up Capital :	Rs. 4.000 millions
CIN No.: [Company Identification No.]	U01300WB1992PTC054083
PAN No.: [Permanent Account No.]	AAECS0908G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject provider of Agriculture And Forest Products.
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 :	USD 1080000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. 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 for normal business dealings at usual trade terms and condition. Note: Latest Profit and Loss of the company is not available.

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	CRISIL
Rating	BBB+ (Term loan)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	December, 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 :	17B & C, Everest House, 46-C Chowringhee Road, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-40179035
Fax No.:	Not Available
E-Mail :	sameer@shalimarpoultry.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Sameer Agarwal

Designation :

Director

Address :

17 B & C, “Everest”, 46/C, Chowringhee Road, Kolkata-700071, West Bengal, India

Date of Birth/Age :

06.04.1974

Date of Appointment :

13.09.1994

PAN No.:

ACQPA9823M

DIN No.:

00129529

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	U01409WB1983PTC040499	CONTAI GOLDEN HATCHERIES (EASTERN) PVT.LTD.	Director	01-08-92	01-08-92	-	Active	NO
2	U15331WB1989PTC047543	S L INDUSTRIES P. LTD.	Director	18-12-92	18-12-92	29-03-12	Active	NO
3	U05004WB1994PLC061361	SHALIMAR HATCHERIES LIMITED.	Director	06-01-94	06-01-94	-	Active	NO
4	U15339WB1994PLC062811	SHALIMAR PELLET FEEDS LIMITED.	Whole-time director	01-01-12	31-03-94	-	Active	NO
5	U40106WB1994PTC064439	DELTA PV PVT.LTD.	Director	11-08-94	11-08-94	04-09-08	Active	NO
6	U01300WB1992PTC054083	SONA VETS PVT LTD	Director	13-09-94	13-09-94	-	Active	NO
7	U15339WB1990PTC049990	C L ENTERPRISES PVT LTD	Director	27-03-95	27-03-95	-	Active	NO
8	U45400WB1990PTC050024	C L DEVELOPERS PVT LTD	Director	26-08-97	26-08-97	01-12-10	Active	NO
9	U51909WB1995PTC070744	SAKTHI CONSULTANTS PVT.LTD.	Director	02-03-98	02-03-98	-	Active	NO
10	U51909WB1995PTC070692	WESTWOOD MARKETING PVT LTD	Director	02-03-98	02-03-98	-	Active	NO
11	U51109WB1994PTC066435	MAINA FASHION PVT. LTD.	Director	17-04-06	17-04-06	-	Amalgamated	NO
12	U51109WB1995PTC070092	DINOVA MERCHANTS PVT. LTD.	Director	17-04-06	17-04-06	-	Amalgamated	NO
13	U51109WB1995PTC069626	TYSOM AGENCIES PVT.LTD.	Director	14-07-08	14-07-08	25-10-11	Active	NO
14	U15339OR1990PTC002607	UTKAL FEEDS PRIVATE LIMITED	Director	30-09-09	03-02-09	-	Active	NO
15	U51109WB2007PTC113723	NATRAJ DEALCOMM PRIVATE LIMITED	Director	07-04-10	07-04-10	-	Active	NO
16	L29307WB1990PLC048350	WEBSOL ENERGY SYSTEM LIMITED	Director	29-12-10	01-09-10	02-06-12	Active	NO
17	U15139WB2010PTC156025	SHALIMAR NUTRIENTS PRIVATE LIMITED	Director	21-12-10	21-12-10	-	Active	NO
18	U01403WB2012PTC188016	ADYA DAIRY PRODUCTS PRIVATE LIMITED	Director	07-11-12	07-11-12	-	Active	NO

Name :

Ms. Shruti Agarwal

Designation :

Director

Address :

17 B & C, “Everest”, 46/C, Chowringhee Road, Kolkata-700071, West Bengal, India

Date of Birth/Age :

23.12.1975

Date of Appointment :

12.02.2002

PAN No.:

AJRPS1055M

DIN No.:

00129505

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	U05004WB1994PLC061361	SHALIMAR HATCHERIES LIMITED.	Director	07-12-98	07-12-98	-	Active	NO
2	U01300WB1992PTC054083	SONA VETS PVT LTD	Director	12-02-02	12-02-02	-	Active	NO
3	U51109WB1994PTC066435	MAINA FASHION PVT. LTD.	Director	01-07-05	01-07-05	-	Amalgamated	NO
4	U51109WB1995PTC070092	DINOVA MERCHANTS PVT. LTD.	Director	01-07-05	01-07-05	-	Amalgamated	NO
5	U15339WB1994PLC062811	SHALIMAR PELLET FEEDS LIMITED.	Director	30-09-08	30-09-08	-	Active	NO
6	U45400WB1990PTC050024	C L DEVELOPERS PVT LTD	Director	01-12-10	01-12-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Sameer Agarwal	220010
Indermani Devi Agarwal	50000
S.L. Industries Private Limited, India	10000
Shruti Agarwal	10
C.L. Enterprises Private Limited, India	120000
Total	400020

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	32.50
Directors or relatives of Directors	67.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject provider of Agriculture And Forest Products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank Agmo: new market, 9 Lindsay Street, Kolkata - 700087, West Bengal, India

· State Bank of India, Commercial Branch, Kolkata, 24, Park Street, Kolkata - 700016, West Bengal, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· The Federal Bank Limited, Ballygunge Branch, 1/D, Mandiville Garden, Kolkata - 700019, West Bengal, India

· Kotak Mahindra Bank Limited, Apeejay House, 15, Park Street, Kolkata-700016, West Bengal, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term loans from banks	54.133	22.637
Long-term maturities of finance lease obligations	0.269	2.910
Working capital loans from banks	10.378	8.118
Loans repayable on demand	5.936	0.000
Other loans and advances	0.385	0.000
Total	71.101	33.665

Banking Relations :	--
Auditors :
Name :	Agarwal Bhuwania and Company Chartered Accountants
Address :	25, Strand Road, 723, Marshall House, Kolkata – 700 001, West Bengal, India
PAN No.:	AAFFA4889A
Associate :	· S L Industries Private Limited, India CIN No.: U15331WB1989PTC047543 · Tysom Agencies Private Limited, India CIN No.: U51109WB1995PTC069626 · C L Developers Private Limited, India CIN No.: U45400WB1990PTC050024 · Websol Energy System Limited, India CIN No.: L29307WB1990PLC048350 · Shalimar Hatcheries Limited, India CIN No.: U05004WB1994PLC061361 · C L Enterprises Private Limited, India CIN No.: U15339WB1990PTC049990 · Contai Golden Hatcheries (Eastern) Private Limited, India CIN No.: U01409WB1983PTC040499 · West Wood Marketing Private Limited CIN No.: U51909WB1995PTC070692 · Natraj Dealcomm Private Limited CIN No.: U51109WB2007PTC113723 · Shalimar NutrientS Private Limited CIN No.: U15139WB2010PTC156025 · Utkal Feeds Private Limited CIN No.: U15339OR1990PTC002607 · Sakthi Consultants Private Limited CIN No.: U51909WB1995PTC070744 · Shalimar Pellet Feeds Limited CIN No.: U15339WB1994PLC062811

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400020	Equity Shares	Rs.10/- each	Rs. 4.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		266.513	187.562	156.620
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		270.513	191.562	160.620
LOAN FUNDS
1] Secured Loans		71.101	33.665	25.269
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		71.101	33.665	25.269
DEFERRED TAX LIABILITIES		5.706	5.065	0.000
TOTAL		347.320	230.292	185.889
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		242.044	122.639	98.179
Capital work-in-progress		26.154	81.495	8.407
INVESTMENT		112.227	74.072	61.086
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	94.904	58.812	59.952
	Sundry Debtors	10.541	9.903	8.928
	Cash & Bank Balances	16.117	47.635	20.481
	Other Current Assets	0.000	0.000	0.248
	Loans & Advances	135.954	80.809	84.620
Total Current Assets		257.516	197.159	174.229
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	280.184	231.699	104.222
	Other Current Liabilities	10.437	13.374	14.413
	Provisions	0.000	0.000	37.377
Total Current Liabilities		290.621	245.073	156.012
Net Current Assets		(33.105)	(47.914)	18.217
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		347.320	230.292	185.889

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	NA	NA
		Other Income
		TOTAL	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		58.457	83.396
Less	TAX		23.101	17.469
	PROFIT/ (LOSS) AFTER TAX		35.356	65.927
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		116.820	42.554
Add /Less:	Excess provision for Income Tax written back		0.164	0.439
Add /Less:	Provision for Dimunition in value of Investments		(4.577)	7.900
	BALANCE CARRIED TO THE B/S		147.763	116.820
	Earnings / (Loss) Per Share (Rs.)		88.39	164.81

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	NA	18.28	30.61
Return on Investment (ROI) (PBT/Networth)		NA	0.31	0.52
Debt Equity Ratio (Total Debt/Networth)		0.26	0.18	0.16
Current Ratio (Current Asset/Current Liability)		0.89	0.80	1.12

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 two years	No
12]	Profitability for last two 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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BUSINESS ACTIVITIES:

During the year, the Directors continued production of poultry and cattle feed at the S.S.I. unit of the Company situated in industrially backward District of Jalpaiguri in the State of West Bengal. The Company also continued hatching of eggs for producing chicks and Chickens. The profits and turnover were better as compared to last year. The Directors are hopeful that the results of the current year would further improve. The Company has also started its feed production and Hatchery operations in Chaygaon. Moreover, Company has also come up with its Table Egg Layer Project at Chandrapur, Birbhum District, and West Bengal.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U01300WB1992PTC054083
Name of the company	SONA VETS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	17B & C, Everest House, 46-C Chowringhee Road, Kolkata-700071, West Bengal, India Email: sameer@shalimarpoultry.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10274963
Type of charge	· Immovable property · Any interest in immovable property · Movable property (not being pledge)
Particular of charge holder	Punjab National Bank Agmo: new market, 9 Lindsay Street, Kolkata - 700087, West Bengal, India Email: ghoshbasuassociates@yahoo.co.in
Nature of instrument creating charge	No Document taken ,company deposited title deed of the property for the purpose of the creation of the mortgage in favour of bank.
Date of instrument Creating the charge	30.11.2012
Amount secured by the charge	Rs. 80.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Stated in the documents Dated 25.02.2011 Terms of Repayment Term loan as per terms of repayment cash credit on demand Margin As stated in the documents dated 25.02.2011. Extent and Operation of the charge The company created equitable mortgage of the land together with all buildings ,super structure ,plant and machinery ,etc ,located at Office No. 4 3^rd Floor,Block No. 1 Super Built up 5432.76 sqft together with undivided proportionate share of land measuring 50katta 8 chattak 11sqft located at mouza Shibpore, Rs Dag No 83 Khatian No 49 ,JL 1 ,29(29/1 ) Kalabagan Lane shibpore Howrah,in addition to the mortgage created earlier dated 14/08/2012 to secure diverse credit facilities sanctioned by bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Buildings, super structure ,plant and machinery ,etc ,located at Office No. 4 3rd Floor, Block No. 1 Super Built up 5432.76 sqft . Undivided proportionate share of land measuring 50katta 8 chattak 11sqft located at mouza Shibpore, Rs Dag No 83 Khatian No 49 ,JL 1 ,29(29/1) Kalabagan Lane shibpore Howrah.
Date of instrument modifying the charge	14.08.2012
Particulars of the present modification	By this modification company provided equitable mortgage of land and building as additional security to cover the total facilities of Rs 80.500 millions. ( Term Loan Rs 50.000 millions, Cash Credit - Rs 28.000 millions, BG - Rs 2.500 millions) in addition to the existing securities provided vide documents dated 25.02.2011 and 14.08.2012 for all the above facilities.

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Computer

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.55.05
UK Pound	1	Rs.82.75
Euro	1	Rs.71.61

INFORMATION DETAILS

Report Prepared by :

MRI

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	5
--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
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
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.