MIRA INFORM REPORT

Report Date :

21.03.2013

IDENTIFICATION DETAILS

Name :	VINAY WIRE AND POLY PRODUCTS PRIVATE LIMITED
Registered Office :	16/40, Civil Lines, Kanpur – 208001, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.01.1999
Com. Reg. No.:	20-24161
Capital Investment / Paid-up Capital :	Rs.17.057 Millions
CIN No.: [Company Identification No.]	U27104UP1999PTC024161
TAN No.: [Tax Deduction & Collection Account No.]	KNPV00107C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Flexible Packaging Solution and ERW Black and Galvanized Pipes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 450000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be low. The external borrowing seems to be increasing which effect the liquidity position. However, trade relations are reported to be fair. Business is active. Payments are slow but correct. The company can be considered for business dealings with slight 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 – 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: BB
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	February, 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/ Corporate Office :	16/40, Civil Lines, Kanpur – 208001, Uttar Pradesh, India
Tel. No.:	91-512-2305586/ 3091324/ 2304275/ 2303237
Fax No. :	91-512-2304275
E-Mail :	s_kumarcs@sify.com wpppl@yahoo.com info@vinaypolyfilms.com sachinpurwar_ca@yahoo.com vinay@vinaypolyfilms.com brijesh@vinaypolyfilms.com vwpppl@yahoo.com
Website :	http://www.vinaypolyfilms.com
Area :	500 sq. yards
Locations :	Owned
Factory 1:	B -4, Site – II, USIDC Industrial Area, Rania, Kanpur – 209115, Uttar Pradesh, India
Factory 2:	C – 2 to C – 5, Site – II, USIDC Industrial Area, Rahia, Kanpur, Dehat, Uttar Pradesh, India
Factory 3:	R. S. No.1366 and 1368 of Virangram, Near Belapir Dargahi, Old Ahmedabad Highway, Viramgram – 382150, Gujarat, India
Tel. No.:	91-2715-231233
Fax No. :	91-2715-231234

DIRECTORS

(AS ON 29.09.2012)

Name :	Mr. Brijesh Kanodia
Designation :	Chairman cum Managing Director
Address :	26/21, Birhana Road, Kanpur-208001, Uttar Pradesh, India
Date of Appointment :	28.01.1999
DIN No.:	00858299
Name :	Mr. Vinay Kanodia
Designation :	Director
Address :	26/21, Birhana Road, Kanpur-208001, Uttar Pradesh, India
Date of Birth/Age :	07.11.1974
Date of Appointment :	01.10.2006
DIN No.:	00868386
Name :	Mrs. Gayatri Devi Kanodia
Designation :	Director
Address :	26/21, Birhana Road, Kanpur-208001, Uttar Pradesh, India
Date of Appointment :	28.01.1999
DIN No.:	01221960
Name :	Mr. Chandra Narayan Malviya
Designation :	Director
Address :	LIG – 208, Barra – 7, Kanpur–208006, Uttar Pradesh, India
Date of Birth/Age :	12.07.1979
Date of Appointment :	01.04.2008
DIN No.:	02083495

KEY EXECUTIVES

Name :	S. Kumar and Company
Designation :	Company Secretary
Address :	74/232, Dhankutt, Kanpur 208001
Tel. No. :	91-512-2319964
Mobile No. :	91-9839067735

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Brijesh Kanodia	152500
Gayatri Devi Kanodia	88500
Vinay Kanodia	88300
Sonali Kanodia	136250
Sweta Kanodia	65000
Brijesh Kanodia HUF	20000
Munni Devi	2000
Rajeev Kumar Pandey	6800
Anurag Mathur	15000
Prabhu N. Pandey	7000
Minaj	10000
Rajash Dixit	20000
Shree Sudarshan Casting [Private] Limited	60000
Veena Mercantiles Private Limited	80000
Varsha Trading Private Limited	60000
PNB Capital Trust Limited	145000
Jayoo Finance and Investments Limited	15000
Walter Merchandise [Private] Limited	5000
Deesha Tieup Private Limited, India	30000
Fitworth Distributors Private Limited, India	40000
Kokila Export Private Limited, India	40000
Lumax Mercantile Private Limited, India	40000
Midnight Agencies Private Limited, India	40000
Sahaj Tieup Private Limited, India	30000
Sai Baba Financial Private Limited, India	6000
S. P. Vinamay Private Limited, India	10000
Subham Commodities Private Limited, India	20000
Subh Labh Treading Private Limited, India	14000
Surpati Distributors Private Limited, India	20000
Top Line Finvest Private Limited, India	20000
Metropolitan Carriage and trading Company (Private) Limited, India	9000
Laskhmi Ashiana Makers (Private) Limited, India	12000
Ushodaya Marketing Private Limited, India	9000
Mukesh and Company, India	2200
Kanpur General Trading, India	2200
Sri Narsingh Infrastructure Private Limited	32000
Kiwi Dealers Private Limited	20000
Kaushal Holdings Private Limited	16000
Vaibhav Laxmi Vainya Private Limited	20000
Coronet Industries	50000
New Age Import Private Limited	114000
Annleela Vinimay Private Limited	28000
Balaji Indofin Private Limited	8000
Rani Sati Deal Trade Private Limited	80000
Vinay Kanodia HUF	3390
Krishnam Kanodia HUF	3390
Pari Kanodia HUF	3390
Aryaman Kanodia HUF	3390
Adya Kanodia HUF	3390
Total	1705700

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Bodies corporate	59.98
Directors or relatives of directors	33.45
Other top fifty shareholders	6.57
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Flexible Packaging Solution and ERW Black and Galvanized Pipes.

Products :

Products Description	Item Code No.
Poly Products	0001

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank

· State Bank of India

Overseas Branch, 15/54-B, Civil Lines, Kanpur 208001, Uttar Pradesh, India

· Bank of Baroda

Main Branch, P. B. No.55, 58/42, Bhartiya House, Birthana Road, Kanpur – 208001, Uttar Pradesh, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Banks	14.847	21.500
From Other Parties	4.733	4.995
Bank of Baroda C/C A/c	63.760	0.000
Bank SBI CC A/c No.32020119992-Viramoam	0.000	5.641
Bank SBI B/D A/c No.31212057388	0.000	7.596
Bank SBI CC A/c No.031034496848	0.000	22.522
SBI (FCNRB)	0.000	45.450
Bank of Baroda A/c No.00610500000074	35.714	0.000
Total	119.054	107.704

Banking Relations :	--
Financial Institution :	· Electronica Finance Limited 128/A, Plot No.3, Kailashchandra Apartments, Paud Road, Kothrud, Pune – 411038, Maharashtra, India
Auditors :
Name :	Kumpawat and Company Chartered Accountants
Address :	48/198, General Ganj, Kanpur – 208001, Uttar Pradesh, India
PAN No.:	AAMFK0768M
Name :	S. Kumar and Company Chartered Accountants
Address :	74/232, Dhankutti, Kanpur – 208001, Uttar Pradesh, India
Tel No.:	91-512-2319964
Mobile No.:	91-9839067735
Associates/Subsidiaries :	· Simone Plast Private Limited U25206UP2003PTC027395

CAPITAL STRUCTURE

(AS ON 29.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1705700	Equity Share	Rs.10/- each	Rs.17.057 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		17.057	16.088	16.088
2] Share Application Money		0.922	10.617	8.122
3] Reserves & Surplus		94.789	80.703	76.148
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		112.768	107.408	100.358
LOAN FUNDS
1] Secured Loans		119.054	107.704	98.701
2] Unsecured Loans		69.847	37.011	28.412
TOTAL BORROWING		188.901	144.715	127.113
DEFERRED TAX LIABILITIES		13.926	11.658	9.357
TOTAL		315.595	263.781	236.828
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		129.441	130.711	112.296
Capital work-in-progress		0.489	0.000	0.000
INVESTMENT		7.032	5.736	7.216
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	98.676	85.610	43.068
	Sundry Debtors	77.740	75.699	58.720
	Cash & Bank Balances	25.804	21.520	7.913
	Other Current Assets	16.659	14.766	10.530
	Loans & Advances	18.150	15.880	29.058
Total Current Assets		237.029	213.475	149.289
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	53.667	81.942	25.364
	Other Current Liabilities	3.970	3.682	3.859
	Provisions	0.759	0.517	2.750
Total Current Liabilities		58.396	86.141	31.973
Net Current Assets		178.633	127.334	117.316
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		315.595	263.781	236.828

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		TOTAL (A)	771.403	555.699	409.974
Less	EXPENSES
		TOTAL (B)	755.565	527.034	383.935
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses)	28.665	26.039
Less	FINANCIAL EXPENSES (D)			14.082	7.375
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.838	14.583	18.664
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.426	6.113	4.385
	PROFIT BEFORE TAX (E-F) (G)		9.412	8.470	14.279
Less	TAX (H)		4.052	3.915	11.953
	PROFIT AFTER TAX (G-H) (I)		5.360	4.555	2.326
	Earnings Per Share (Rs.)		3.14	2.83	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.69	0.82	0.57
Return on Total Assets (PBT/Total Assets}	(%)	2.57	2.46	5.46
Return on Investment (ROI) (PBT/Networth)		0.08	0.08	0.14
Debt Equity Ratio (Total Debt/Networth)		1.68	1.35	1.27
Current Ratio (Current Asset/Current Liability)		4.06	2.48	4.67

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	Yes
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	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

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Other (Differ Credit)	37.671	19.113
From Directors, Relatives, Friends and Others	14.939	12.861
Buyer Credit	17.168	4.968
Bank Interests on Buyers Credit Payable	0.069	0.069
Total	69.847	37.011

OPERATIONAL PERFORMANCE:

With due efforts of the company management, company was able to increase in the gross margin due to bulk import of plastic granules from the international market as the price in the international market were low as compared to the local market.

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U27104UP1999PTC024161
Name of the company	VINAY WIRE AND POLY PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	16/40, Civil Lines, Kanpur – 208001, Uttar Pradesh, India sachinpurwar_ca@yahoo.com
Type of charge	Book debts Movable property (not being pledge) Floating charge Others: Fixed Assets and Current Assets.
Particular of charge holder	Bank of Baroda Main Branch, P. B. No. 55, 58/42, Bhartiya House, Birhana Road, Kanpur – 208001, Uttar Pradesh, India v1maheshwari@rediffmail.com
Nature of description of the instrument creating or modifying the charge	(i) Sanction Letter (ii) Composite Hypothecation Agreement LDOC-17(B) (iii) Power of Attorney in respect of Book Debts facility LDOC-(86)
Date of instrument Creating the charge	16/03/2012
Amount secured by the charge	Rs.254.750 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest CC-Applicable ROI: BR + 4.75% p.a. at present. Concessional ROI allowed: BR + 4.25%p.a. at present. TL-Base Rate + 4.75% p.a. at present. Concessional ROI allowed: BR +4.25% p.a. at present Terms of Repayment Working Capital- Repayable on Demand. Term Loan - Total door to door tenor 66 months (including moratorium of 12 months), door to door tenor remains 28 months. Margin 25% on Paid Stock 40% on Book Debts 34.06% on Term Loan 15% on LC/FLC Extent and Operation of the charge The Co's assets are Hypothecated to secure credit facility aggregating to Rs.254.750 Millions granted by the Bank to the Borrowers:- Term Loan Rs. 14.750 Millions CC (Kanpur Unit) Rs. 62.000 Millions (Sub limit Rs.27.500 Millions against BD) CC (Ahmedabad Unit) Rs.38.000 Millions (Sub limit Rs.10.000 Millions against BD) Inland/Foreign LC Rs.100.000 Millions (Kanpur Unit) (DA 180 Days) Inland/Foreign LC Rs.40.000 Millions (Ahmedabad Unit) (DA 180 Days) Total Rs.254.750 Millions
Short particulars of the property charged	1- The whole of the Borrower's stocks, both present and future and including but without prejudice to the generality of the foregoing words, all stocks parts and accessories of boilers and stocks of various chemical, stores etc. whatsoever and where so ever situate and/or in transit whether now belonging to or that may at any time during the continuance of this security belong to the Borrower or that may be held by any party anywhere to the order and disposition of the Borrower. 2- All the present and future book debts, outstanding moneys, receivables, claims, bills, contracts, engagements and securities which are now due and owing or which may at anytime hereafter during the continuance of this security become due and owing to the Borrower in the course of its business by any person, firm, company or body corporate or by the Government of India or any State Government or Indian Railways or any Government Department or Office or any Municipal or Local or Public or Semi Government body or authority whatsoever including those relating to the assets leased out and/or given on hire purchase basis. 3- All the tangible movable machinery and plant and cranes, boats and crafts and the vehicles of the Borrower together with spares, tools and accessories and other movables, both present and future, and the furniture, fixtures and fittings and office equipment whether installed or not and whether lying loose or in cases which are now lying or stored in or about or shall be brought into or be stored or be in or upon or about the Borrower's premises and godowns or wherever else the same may be or be held by any party to the order or disposition of the Borrower (including those on lease or hire purchase) relating or pertaining to the Borrower's works at B-4, UPSIDC Industrial Area, Site-II, Rania, Kanpur Dehat and 1366, 1368, and 1372, Tehsil Viramgam, District Ahmedabad (Gujarat).

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computers

· Cars and Scooters

· Commercial Vehicles

· Office Furniture and Fixtures

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.54.29
UK Pound	1	Rs.81.94
Euro	1	Rs.70.02

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	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		36

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.