MIRA INFORM REPORT

Report Date :

11.03.2013

IDENTIFICATION DETAILS

Name :	SHALIMAR PELLET FEEDS LIMITED
Registered Office :	17B and C, Everest House, 46-C, Chowringhee Road, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss)
Date of Incorporation :	31.03.1994
Com. Reg. No.:	21-062811
Capital Investment / Paid-up Capital :	Rs. 5.927 Millions (As on 31.03.2011)
CIN No.: [Company Identification No.]	U15339WB1994PLC062811
TAN No.: [Tax Deduction & Collection Account No.]	CALS06467G
PAN No.: [Permanent Account No.]	AADCS8617H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and dealing in Poultry and Cattle Feed
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 1500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of Shalimar Group. It is a well established company having a satisfactory track record. Financially company seems to be strong. The management appears to be experience businessman. The subject gets good support from its group companies. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal 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.

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	Long Term Rating = BBB+
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk
Date	November 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 and C, Everest House, 46-C, Chowringhee Road, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-22886439 / 22886439 / 40179000 / 40179035
Fax No.:	91-33-22882496
E-Mail :	sameer@shalimarpoultry.com feeds@shalimarpoultry.com

DIRECTORS

As on 29.09.2012

Name :	Mr. Chiranji Lall Agarwal
Designation :	Director
Address :	17B and C, Everest, 46 / C, Chowringhee Road, Kolkata – 700071, West Bengal, India
Date of Birth/Age :	28.07.1929
Date of Appointment :	31.03.1994
Pan No.:	ACYPA1928K
DIN No.:	00129292
Name :	Mr. Sameer Agarwal
Designation :	Whole-Time Director
Address :	17B and C, Everest, 46 / C, Chowringhee Road, Kolkata – 700071, West Bengal, India
Date of Birth/Age :	06.04.1974
Date of Appointment :	31.03.1994
Pan No.:	ACQPA9283M
DIN No.:	00129529
Name :	Mrs. Shruti Agarwal
Designation :	Director
Address :	84/SD, New Alipore, Block-E, Kolkata – 700053, West Bengal, India
Date of Birth/Age :	23.12.1975
Date of Appointment :	30.09.2008
Pan No.:	AJRPS1055M
DIN No.:	00129505

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Agarwal Sameer	40000
Agarwal Devi Indramani	60000
S.L. Industries Private Limited, India	5000
Pathak N. J.	100
Gupta Kumar Bijay (HUF)	50
Gupta Kumar Laxmi	50
Gupta Kumar Krishna	50
Gupta Kumar Bijay	50
Ribiyawala Sundar Shyam	50
Khetan Mira	50
Bhartia Lata Kusm	50
Ribiyawala Kumar Ashok	100
Ribiyawala Kumar Kamal	50
Ribiyawala Devi Gayatri	50
Agarwal Deo Basu	50
Ribiyawala Anju	50
Agarwal Deo Basu	50
C.L. Enterprises Private Limited, India	103000
Sakthiti Consultants Private Limited, India	55000
C.L. Developers Private Limited, India	228900
Total	492700

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	82.99
Directors or relatives of Directors	16.87
Other top fifty shareholders	0.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and dealing in Poultry and Cattle Feed

Products :

Item Code No.	Product Description
230990.09	Cattle and Poultry Feed
010519.00	Live Chicken and Eggs

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· 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

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

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans banks secured	117.846	97.276
Total	117.846	97.276

Banking Relations :	--
Auditors :
Name :	Agarwal Bhuwania and Company Chartered Accountants
Address :	25, Strand Road, 723, Marshall House, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22303473 / 32966106
Fax No.:	91-33-22102247
E-Mail :	opacal@rediffmail.com
PAN.:	AAFFA4889A
Associates :	· S. L. Industries Private Limited · Shalimar Hatcheries Limited · Contai Golden Hatcheries (E) Private Limited · C. L. Developers Private Limited · C. L. Enterprises Private Limited · West Wood Marketing Private Limited · Sakthi Consultants Private Limited · Websol Energy Systems Limited · Sona Vets Private Limited · Tysom Agencies Private Limited · Natraj Dealcomm Private Limited · Shalimar Nutrients Private Limited · Utkal Feeds Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
492700	Equity Shares	Rs.10/- each	Rs.4.927 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
592700	Equity Shares	Rs.10/- each	Rs.5.927 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.927	4.927
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		390.230	287.999
4] (Accumulated Losses)		0.000	0.000
NETWORTH		396.157	292.926
LOAN FUNDS
1] Secured Loans		117.846	97.276
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		117.846	97.276
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		514.003	390.202
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		122.532	97.175
Capital work-in-progress		30.300	0.000
INVESTMENT		75.918	23.565
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	135.892	178.967
	Sundry Debtors	123.348	115.182
	Cash & Bank Balances	45.261	60.032
	Other Current Assets	0.832	0.115
	Loans & Advances	458.743	99.712
Total Current Assets		764.076	454.008
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	144.688	98.227
	Other Current Liabilities	233.087	24.828
	Provisions	101.048	61.491
Total Current Liabilities		478.823	184.546
Net Current Assets		285.253	269.462
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		514.003	390.202

NOTE: Balance Sheet for the year 2012 is not available, only Profit and Loss Account is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3499.859	2910.911	2600.599
		Other Income	50.797	36.685	12.460
		TOTAL (A)	3550.656	2947.596	2613.059
Less	EXPENSES
		Cost of materials consumed	3069.508	2546.653
		Purchases of stock-in-trade	(2.274)	(13.105)
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	39.105	32.018	2503.535
		Other expenses	246.464	235.417
		TOTAL (B)	3352.803	2800.983	2503.535
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		197.853	146.613	109.524
Less	FINANCIAL EXPENSES (D)		11.946	8.394	8.359
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		185.907	138.219	101.165
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.776	10.812	9.290
	PROFIT BEFORE TAX (E-F) (G)		171.131	127.407	91.875
Less	TAX (H)		39.073	34.177	28.450
	PROFIT AFTER TAX (G-H) (I)		132.058	93.230	63.425
	Earnings Per Share (Rs.)		222.00	207.59	132.27

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.72	3.16	2.43
Net Profit Margin (PBT/Sales)	(%)	4.89	4.38	3.53
Return on Total Assets (PBT/Total Assets}	(%)	NA	14.37	16.67
Return on Investment (ROI) (PBT/Networth)		NA	0.32	0.31
Debt Equity Ratio (Total Debt /Networth)		NA	0.30	0.33
Current Ratio (Current Asset/Current Liability)		NA	1.60	2.46

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U15339WB1994PLC062811
Name of the company	SHALIMAR PELLET FEEDS LIMITED.
Address of the registered office or of the principal place of business in India of the company	17B and C, Everest House, 46-C, Chowringhee Road, Kolkata – 700071, West Bengal, India sameer@shalimarpoultry.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10190216
Type of charge	· Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge) · Floating charge · Others (All other Current and Moveable Fixed Assets.)
Particular of charge holder	State Bank of India, Commercial Branch, Kolkata, 24, Park Street, Kolkata - 700016, West Bengal, India sbi.07502@sbi.co.in
Nature of instrument creating charge	Supplemental Agreement of Hypothecation of Goods and Assets for Increase in the Overall Limit Letter Regarding the Grant of Individual Limits within the Overall Limit Supplemental Deed of Guarantee for Increase in the Overall Limit Memorandum of Deposit for Creation of further charge for Overall Limit where initial Charge is Created by way of Mortgage by Deposit of Title Deeds
Date of instrument Creating the charge	10.09.2012
Amount secured by the charge	Rs.532.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC and Adhoc CC : At 4.00% above Base Rate i.e. present rate being 14.00% p.a. at monthly rests. TL-I and II : At 4.75% above Base Rate i.e. present rate being 14.75% p.a. at monthly rests. Terms of Repayment Working Capital Limit is repayable on demand. The TL-I of Rs.100.000 Millions is repayable in 18 quarterly installments and out of which first 10 installments of Rs.5.000 Millions each and 11th to 18th installments of Rs.6.250 Millions each commencing from December, 2012. The TL-II of Rs.90.000 Millions is repayable in 18 equal quarterly installments of Rs.5.000 Millions commencing from December, 2012. Margin As stipulated by the Bank for the respective assets from time to time. Raw Materials (Domestic) : 25%, SIP/Advances to suppliers : 25%, Finished Goods : 25%, Receivables (Cover 60 days) : 25%, LC : 25%, BG : 25%, TL-I (existing) : 36% and TL-II : 34%. Extent and Operation of the charge The charge operates as first charge basis on the whole of the hypothecated current assets of the Company and moveable fixed assets of the Project, both present and future and mortgaged properties as mentioned in Column No.15 to secure the maximum amount under the said charge fixed at Rs.532.500 Millions together with interest, costs and charges thereon. Others The Borrower shall not do or allow anything which may prejudice the security and shall comply with the terms and conditions of the Agreements. The overall limit is also secured by Corporate Guarantee of M/s. Shalimar Hatcheries Limited and M/s. Contai Golden Hatcheries (E) Private Limited. All other terms and conditions continue to remain as before in full force and effect.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge on the entire current assets of the Company, both present and future. Hypothecation of all plant and machinery and other moveable fixed assets of the Project, both present and future. All that land situated in Plot No.C1, Jagdishpur Industrial Area, Village Utelwa, Tehsil Musafirkhana, District Sultanganj, UP admeasuring 7421 sq.mtrs under Lease Deed NoI-312. All that land situated in Mouza Dwarika, J.L No.90, P.S. Bishnupur, District Bankura comprising in Plot Nos.S1 to S5, S6(Part) and S11(Part) according to Master Plan of WBIIDC Bishnupur Growth Centre under Lease Deed No.I-888. All that the building and structure together with land measuring 14 cottahs 8 chittacks and 14 sq. ft. comprised in Dag No.148, 17 decimals comprised in Dag No.146 and 147 and 2 cottahs 9 chittacks and 20 sq.ft. comprised in Dag No.150 all in situated at Mouza Thana Mouka, J.L.No.40, presently within the limits of the Howrah Municipal Corporation, P.S. Sankrail, District Howrah under Deed No.I-8264. All that the building and structure together with land measuring 7 cottahs 1 chittack and 20 sq.ft. comprised in Dag No.150, 3 decimals comprised in Dag No. 152(3), 5 decimals comprised in Dag No. 153(4), 8 cottahs comprised in Dag No.154(5), 26 decimals comprised in Dag No.151 and 7 decimals comprised in Dag No.153/353(6), 2 cottahs 6 chittacks and 33 sq. ft. comprised in Dag No.148 all in situated at Mouza Thana Mouka, J.L. No.40, presently within the limits of the Howrah Municipal Corporation, PS Sankrail, Dist. Howrah under Deed No.I-4750. FD in the name of Shalimar Pellet Feeds Limited for Rs.11.000 Millions in liew of Keyman insurance policy. Entire fixed assets of Contai Golden Hatcheries (E) Private Limited. FD of Rs. 3.300 Millions in the name of Shalimar Hatcheries Limited
Date of instrument modifying the charge	09.06.2012
Particulars of the present modification	By this modification, the overall limit is enhanced from Rs.482.500 Millions to Rs.532.500 Millions as stated under and charge on hypothecated current assets, moveable fixed assets of the Company and mortgaged properties extended to secure the enhanced overall limit together with interest, costs and charges thereon: CC : Rs.240.000 Millions Adhoc CC : Rs.50.000 Millions TL-I : Rs.100.000 Millions TL-II : Rs.90.000 Millions LC : Rs.50.000 Millions BG : Rs.1.000 Millions FC : Rs.1.500 Millions.

FIXED ASSETS

• Land
• Factory Shed
• Office Premises
• Building
• Plant and Machinery
• Electric Installation
• Generator
• Weighing Machines
• Air Conditioners
• Motor Cycles
• Motor Cars
• Furniture and Fixture
• Fire Fighting Equipment
• Flame Gun
• Computers
• Calculators
• Type Writers
• Fax Machine
• Refrigerators
• Pump and Fittings
• Vaccum Cleaner
• Pollution Control Equipments
• Mobile Phones
• Cycle Van
• Auto Van
• Motor Lorry
• Poultry Crates
• Epbex System
• Television
• Welding Machine
• Spray Machine

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.54.40
UK Pound	1	Rs.81.57
Euro	1	Rs.71.24

INFORMATION DETAILS

Report Prepared by :

NTH

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
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.