MIRA INFORM REPORT

Report Date :

23.05.2013

IDENTIFICATION DETAILS

Name :	JAINEX LIMITED (w.e.f. 27.03.1978)
Formerly Known As :	JAINEX AGENCIES PRIVATE LIMITED
Registered Office :	405 and 406, Sharda Chambers, Sir Vithaldas Thackersey Marg, New Marine Lines, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.07.1972
Com. Reg. No.:	11-094147
Capital Investment / Paid-up Capital :	Rs.60.000 Millions
CIN No.: [Company Identification No.]	U51900MH1972PLC094147
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ03913A
PAN No.: [Permanent Account No.]	AAACJ0917G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader, Importer, Exporter and Supplier of Cold Rolled Steel Strips, Hardened and Tempered Steel Strips and all types of Wires.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 810000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in the profitability. However, general financial position seems to be good. 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 conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Venkat
Designation :	Export Department
Contact No.:	91-22-22002252
Date :	22.05.2013

LOCATIONS

Registered Office :	405 and 406, Sharda Chambers, Sir Vithaldas Thackersey Marg, New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22002252
Fax No.:	91-22-22002254
E-Mail :	accounts@jainexgroup.com info@jainexgroup.com
Website :	http://www.jainexgroup.com
Location :	Owned
Branch Office :	Located at: · Bangalore · Chennai · Coimbatore · Hyderabad · Madurai · Pondicherry

DIRECTORS

As on: 29.09.2012

Name :	Mr. Bhagat Singh Dugar
Designation :	Director
Address :	11A, Meherina Apartments, Nepeansea Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	23.10.1945
Date of Appointment :	23.03.1974
PAN No.:	AABPD5488J
DIN No.:	00013082
Name :	Mr. Khozema Mohammed Faizullabhoy
Designation :	Managing Director
Address :	44, Gulistan, Carmicheal Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	19.11.1944
Qualification :	MBA
Date of Appointment :	28.06.1978
PAN No.:	AAAPF0502G
DIN No.:	00013602
Name :	Mr. Rajendra Singh Dugar
Designation :	Joint Managing Director
Address :	Sandeep Apartments, Pretoria Street, Calcutta-700017, West Bengal, India
Date of Birth/Age :	31.10.1947
Qualification :	BE
Date of Appointment :	05.01.2007
DIN No.:	00063775
Name :	Mr. Pravin Chimanlal Vora
Designation :	Whole Time Director
Address :	Kasturba Apartments, 77, Bhudaji Road, Matunga, Mumbai-400019, Maharashtra, India
Date of Birth/Age :	10.07.1943
Qualification :	B. Com
Date of Appointment :	19.12.1996
PAN No.:	AAEPV4599D
DIN No. :	00013118
Name :	Mr. Rahul Dugar
Designation :	Whole time Director
Address :	11A, Mehrina Apartments, Nepeansea Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	10.11.1968
Qualification :	B. Com
Date of Appointment :	16.04.2004
PAN No.:	AABPD5471D
DIN No.:	00013704
Name :	Mr. Mukarram Khoozema Faizullabhoy
Designation :	Whole Time Director
Address :	44, Gulistan, Carmicheal Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	09.07.1976
Qualification :	B. Com
Date of Appointment :	16.04.2004
PAN No.:	AAAPF0500E
DIN No.:	00013754
Name :	Mr. Shabir Tyebbhoy
Designation :	Whole Time Director
Address :	Old 16, New 14, 3^rd Cross Street, Kasturba Nagar, Adyar, Chennai-600020, Tamilnadu, India
Date of Birth/Age :	25.07.1948
Qualification :	B. Com
Date of Appointment :	30.09.2010
PAN No.:	AADPT0246L
DIN No.:	03014427

KEY EXECUTIVES

Name :	Mr. Venkat
Designation :	Export Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Bhagat Singh Dugar	23960
Sushil Kumar Dugar	1600
Rajendra Singh Dugar	1480
Santosh Kumar Dugar	500
K. M. Faizullabhoy	64198
Kiran Kunvar Dugar	700
Madhu Dugar	3667
Madhuri Dugar	660
Meena Dugar	900
Dolly Dugar	900
A K Faizullabhoy Jointly with K M Faizullabhoy	23602
Jainex Imports and Exports Private Limited, India	44700
B.S. Dugar and Others	40358
R S Dugar	167
Rahul Dugar	95215
Jainex Foods Private Limited, India	44600
Durriya M Faizullabhoy	2500
Mukarram K Faizullabhoy	97720
Ananya Dugar	8534
Dvij Dugar	8234
Nandita Dugar	23825
Mustafa K Faizullabhoy Jointly with K.M. Faizullabhoy	3980
Mehlam K Faizullabhoy Jointly with K M Faizullabhoy	18000
Trucut Tools India Private Limited, India	90000
TOTAL	600000

As on: 14.12.2012

Names of Allottes	No. of Shares
Bhagat Singh Dugar	14255
Rahul Dugar	70878
Jainex Foods Private Limited, India	14867
Mukarram Faizullabhoy Jointly with Khozema Mohammed Faizullabhoy	70000
Trucut Tools India Private Limited, India	30000
Total	200000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	30.00
Directors or relatives of directors	70.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader, Importer, Exporter and Supplier of Cold Rolled Steel Strips, Hardened and Tempered Steel Strips and all types of Wires.

Products :

Product Description	ITC Code
Steel Strips	7211.51
Stainless Steel Wire	7223.00
Bandsaw Blades	8202.00

Exports :

Products :

Finished Goods

Countries :

• Australia
• Singapore
• UK
• Thailand
• Indonesia
• Malaysia

Imports :

Products :

Finished Goods

Countries :

• Finland
• Italy
• Nigeria
• Iran
• UAE

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

100 (Approximately)

Bankers :

Bank of Baroda, Mumbai Main Office, Mumbai Samachar Marg, Fort, Mumbai-400001, Maharashtra, India

Tel. No.: 91-22-22871725

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Loans taken for vehicles (Hypothecation of motor car)	0.058	0.632
Working capital loans from banks (Secured against hypothecation of Stock and Book Debts and guaranteed by Directors and further secured by Equitable Mortgage of Office Premises No. 405 and 406 at Sharda Chambers, Mumbai.)	15.406	43.514
Total	15.464	44.146

Banking Relations :	--
Auditors :
Name :	R A Singh and Associates Chartered Accountants
Address :	25, Saibaba Shopping Centre, Keshavrao Kadam Marg, Behind Navjivan Society, Mumbai Central, Mumbai-400008, Maharashtra, India
Tel. No.:	91-22-23006009/ 23006011
Pan No.:	AAEPS4107J
Associates :	Jainex Foods Private Limited CIN No.: U15100MH1977PTC019691 Trucut Tools (India) Private Limited CIN No.: U29220MH1993PTC073766 Jainex Imports and Exports Private Limited CIN No.: U51900MH1974PTC017306 Jainex Aamcol Limited CIN No.: L74999MH1947PLC005695 Star Steel Dugar Brothers and Company

CAPITAL STRUCTURE

After: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.100/- each	Rs.80.000 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.100/- each	Rs.60.000 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		60.000	60.000	60.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		143.202	112.384	71.118
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		203.202	172.384	131.118
LOAN FUNDS
1] Secured Loans		15.464	44.146	11.997
2] Unsecured Loans		83.905	55.204	48.622
TOTAL BORROWING		99.369	99.350	60.619
DEFERRED TAX LIABILITIES		2.923	2.984	0.000
TOTAL		305.494	274.718	191.737
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.191	50.395	39.183
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.001
DEFERREX TAX ASSETS		0.000	0.000	1.284
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	101.234	75.291	74.052
	Sundry Debtors	188.346	164.839	144.094
	Cash & Bank Balances	35.289	35.417	18.335
	Other Current Assets	0.058	0.121	3.722
	Loans & Advances	14.906	11.507	8.065
Total Current Assets		339.833	287.175	248.268
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	71.831	50.553	89.550
	Other Current Liabilities	9.967	9.393	3.254
	Provisions	1.732	2.906	4.423
Total Current Liabilities		83.530	62.852	97.227
Net Current Assets		256.303	224.323	151.041
MISCELLANEOUS EXPENSES		0.000	0.000	0.228
TOTAL		305.494	274.718	191.737

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1212.800	1201.348	751.026
		Other Income	5.786	19.599	7.276
		TOTAL (A)	1218.586	1220.947	758.302
			(Due to market fluctuation)
Less	EXPENSES
		Purchases of stock-in-trade	1053.164	1025.365
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(25.943)	(1.239)
		Employee benefit expense	28.850	21.967
		Other expenses	102.419	99.284
		TOTAL (B)	1158.490	1145.377	733.350
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		60.096	75.570	24.952
Less	FINANCIAL EXPENSES (D)		9.021	8.822	4.083
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		51.075	66.748	20.869
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.138	4.420	2.915
	PROFIT BEFORE TAX (E-F) (G)		45.937	62.328	17.954
Less	TAX (H)		15.119	21.062	6.310
	PROFIT AFTER TAX (G-H) (I)		30.818	41.266	11.644
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		46.584	10.518	0.074
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	5.200	1.200
	BALANCE CARRIED TO THE B/S		NA	46.584	10.518
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	297.125	405.434	170.675
	TOTAL EARNINGS		297.125	405.434	170.675
	TOTAL IMPORTS		61.092	142.936	84.253
	Earnings Per Share (Rs.)		51.36	68.78	19.41

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.53	3.38	1.54
Net Profit Margin (PBT/Sales)	(%)	3.79	5.19	2.39
Return on Total Assets (PBT/Total Assets}	(%)	11.81	18.46	6.25
Return on Investment (ROI) (PBT/Networth)		0.23	0.36	0.14
Debt Equity Ratio (Total Debt/Networth)		0.49	0.58	0.46
Current Ratio (Current Asset/Current Liability)		4.07	4.57	2.55

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	71.831	50.553	89.550
Total	71.831	50.553	89.550

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE

The Registered office of the company has been shifted from Broach Sadan, Devji Ratansi Marg, Mumbai-400009, Maharashtra, India to present address w.e.f. 16.08.2010

OPERATIONS

During the year, the steel sector improved substantially in local whereas exports received set-back due to US sanction to Iran being company's main country for exports resulting into strain on margins. The handling contracts awarded by Tata Steel continues at Hyderabad. The company's diversification in engineering products have also improved over the previous year. However the overall margins excluding impact of profit on sale of fixed assets in previous year more or less remained at the previous year's level. With current outlook, the company expects the market and margins to remain at previous year's level due to downward trend in steel sector in current year.

There has been no development in the position of appeal filed by the company on Kolkata Municipal Corporation in Calcutta High Court for the additional demand of municipal tax on the company's commercial premises. The company has paid the arrears of additional demand made by the corporation till March 2009 in previous year under pressure to get the hearing of the appeal expedited/decided at the earliest.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Intercorporate borrowings	1.000	1.782
Loans and advances from directors	19.164	15.769
Loans and advances from others	56.676	37.653
Loans and advances from related parties	7.065	0.000
Total	83.905	55.204

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	As on 31.03.2012
a) Bank Guarantees	9.269
b) Import LCs of Bank of Baroda (to the extent of LC opened and awaiting shipment)	3.100
c) Local LCs (to the extent of LCs opened and awaiting delivery) (partly secured by FDRs held as Margin and fully counter guaranteed by four Directors of the company and goods/Book Debts under DALCs)	3.884
d) Kolkata Corporation Tax The Company has preferred an appeal against the sum of paid towards Supplementary Tax demanded by Kolkata Muncipal Corporation for the period upto 31.03.2009 before the Muncipal Assessment Tribunal, the Kolkata Muncipal Corporation.	3.958

FORM 8

Corporate identity number of the company	U51900MH1972PLC094147
Name of the company	JAINEX LIMITED
Address of the registered office or of the principal place of business in India of the company	405 and 406, Sharda Chambers, 15, Sir Vithaldas Thackersey Marg, New Marine Lines, Mumbai-400020, Maharashtra, India E-mail: accounts@jainexgroup.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	10236394
Type of charge	Immovable property
Particular of charge holder	Bank of Baroda, Mumbai Main Office, Mumbai Samachar Marg, Fort, Mumbai-400001, Maharashtra, India E-mail: fortap@bankofbaroda.com
Nature of instrument creating charge	First Charge on Company's Office Premises Situated At 405 and 406, 4th Floor, Sharda Chambers Premises Co-Operative Society Limited, 15 Sir Vithaldas Thackersey Road, New Marine Lines, Mumbai – 400020 By Way of Deposit of Title Deeds of The Said Office Premises.
Date of instrument Creating the charge	07.02.2012
Amount secured by the charge	Rs. 82.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest as determined by the bank from time to time. Terms of repayment On Demand Margin As Per Sanction Terms Extent and operation of the charge To secure the enhanced aggregate non fund based limits of Rs. 82.500 Millions sanctioned by the bank to the company.
Short particulars of the property charged (Including location of the property)	Office No 405 and 406 Situated On 4^th Floor, Sharda Chambers Premises Co-Operative Society Limited, 15 Sir Vithaldas Thackersey Road, New Marine Lines, Mumbai 400020.
Date of instrument modifying the charge	03.08.2010
Particulars of the present modification	Enhancement of letter of credit limit by Rs. 17.500 Millions and inland bank guarantee limit by Rs. 8.500 Millions thereby enhancing the overall limits as under by way of extension of charge on company's office premises. Inland Bank Guarantee Rs. 10.000 Millions Inland/Import L/C Facility Rs. 72.500 Millions TOTAL Rs. 82.500 Millions

FIXED ASSET

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipments

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 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.55.52
UK Pound	1	Rs.84.09
Euro	1	Rs.71.67

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.