MIRA INFORM REPORT

Report Date :

02.10.2013

IDENTIFICATION DETAILS

Name :	KORES INTERNATIONAL PRIVATE LIMITED
Formerly Known As :	KORES IMPEX PRIVATE LIMITED
Registered Office :	301/302, Ashford Chambers, Lady Jamshedji Road, Mahim (West), Mumbai – 400016, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.02.1987
Com. Reg. No.:	11-042413
Capital Investment / Paid-up Capital :	Rs.6.500 Millions
CIN No.: [Company Identification No.]	U51900MH1987PTC042413
TAN No.: [Tax Deduction & Collection Account No.]	MUMK12221G
PAN No.: [Permanent Account No.]	AAACK2399F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of School Stationery.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 510000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. It has incurred loss from its operating activities during the year 2012. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Deepak Pednekar
Contact No.:	91-22-40974444
Date :	01.10.2013

LOCATIONS

Registered Office :	301/302, Ashford Chambers, Lady Jamshedji Road, Mahim (West), Mumbai – 400016, Maharashtra, India
Tel. No.:	91-22-40974444/ 40974498 / 24964636
Mobile No.:	91-9930005386 (Mr. Deepak Pednekar)
Fax No.:	91-22-40974436/ 40/ 24950401
E-Mail :	export@kores-india.com koresimpex@rediffmail.com ragini.c@rediffmail.com legal@kores-india.com
Website :	www.koresinternaitonal.net
Area :	5000 sq ft
Location :	Owned
Head Office :	202, Ashford Chambers, Lady Jamshedji Road, Mahim, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-24476800
Fax No.:	91-22-24476999
Factory :	Goa, India

DIRECTORS

As on: 28.09.2012

Name :

Mr. Adarsh Kishanlal Chopra

Designation :

Director

Address :

A-1, 304, Vikas Complex, Castle Mill Naka, L B S Marg, Thane - 400 601, Maharashtra, India

Date of Birth/Age :

27.03.1958

Qualification :

Post Graduate

Date of Appointment :

26.05.2007

DIN No.:

00313851

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	U65990MH1974PTC017770	NORTH WEST INVESTMENTS COMPANY PRIVATE LIMITED	Director	09/01/2001	09/01/2001	-	Active	NO
2	U36991MH1961PTC012155	QUALITY INKS PRIVATE LIMITED	Director	02/06/2003	02/06/2003	-	Active	NO
3	U74140MH1997PTC110431	EVERSHINE CONSULTANCY SERVICES PRIVATE LIMITED	Director	31/05/2006	31/05/2006	-	Active	NO
4	U51900MH1987PTC042413	KORES INTERNATIONAL PRIVATE LIMITED	Director	26/05/2007	26/05/2007	-	Active	NO
5	L65990MH1971PLC015137	FUTURISTIC SECURITIES LIMITED	Director	29/09/2010	28/01/2010	-	Active	NO
6	U28920PN2006PTC022035	AUM HIGH POWER PLATING AND EQUIPMENTS PRIVATE LIMITED	Additional director	01/02/2013	01/02/2013	-	Active	NO

Name :

Ms. Vimal Bagadia

Designation :

Director

Address :

13/11, Bageshri, Oswal Park, Pokhran Road No.2, Thane (West) -400 601, Maharashtra, India

Date of Birth/Age :

03.06.1957

Qualification :

Post Graduate

Date of Appointment :

26.05.2007

DIN No.:

00347885

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	U30007MH1999PTC117972	KORES PRINTER TECHNOLOGY PRIVATE LIMITED.	Director	31/05/2006	31/05/2006	-	Active	NO
2	U51900MH1987PTC042413	KORES INTERNATIONAL PRIVATE LIMITED	Director	26/05/2007	26/05/2007	-	Active	NO
3	U36991MH1961PTC012155	QUALITY INKS PRIVATE LIMITED	Director	30/09/2009	28/03/2009	-	Active	NO

Name :

Mr. Pradeep Kumar Jatwala

Designation :

Director

Address :

J.D. Apartment, Flat No.302, Sector – 5, Charkop, Kandivali (West), Mumbai – 400 067, Maharashtra, India

Date of Birth/Age :

15.09.1966

Date of Appointment :

30.09.2009

DIN No.:

00053991

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	U24110AP1991PLC012648	NANDINI CHEMICALS LIMITED	Director	31/03/1998	31/03/1998	-	Active	NO
2	U65990MH1981PLC025482	VISHVAKIRTI CONSULTANCY LIMITED	Director	09/10/2000	09/10/2000	-	Active	NO
3	U30007MH1999PTC117972	KORES PRINTER TECHNOLOGY PRIVATE LIMITED.	Director	22/12/2005	22/12/2005	-	Active	NO
4	U51900MH1987PTC042413	KORES INTERNATIONAL PRIVATE LIMITED	Director	30/09/2009	28/03/2009	-	Active	NO
5	U74950MH1969PTC014381	SOLAR PACKAGING PRIVATE LIMITED	Director	29/09/2010	07/11/2009	-	Active	NO
6	U28920PN2006PTC022035	AUM HIGH POWER PLATING AND EQUIPMENTS PRIVATE LIMITED	Additional director	16/02/2013	16/02/2013	-	Active	NO
7	L65990MH1971PLC015137	FUTURISTIC SECURITIES LIMITED	Director	09/08/2013	09/08/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on: 28.09.2012

Names of Shareholders	No. of Shares
Reprobell Finance Company Limited, United Kingdom	640000
Rekha Thirani	5000
Anand Kumar Thirani	5000
Total	650000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	98.00
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of School Stationery.
Products :	· Ball Pens: Popular, Sneha Pride, Winner Script, Suffy - Sentra, Spectra- Achieva, Nova- Ranger, A100-A150. · Gel Pens: Scholar, Samrat, Schooly · Metal and Half Metal Ball Point Pens and Mechanical Pencil: AM 350 - Esteem II, Crest-Futura, AM-360, AM-2091-Zap, Am - 2115, AM 2090 · Markers and Highlighters: White Board Marker, Permanent Marker, OHP Marker, Highlighter, (Radiant), Highlighter Transliter, Highlighter - Mini. · Gift and Promotion Packs
Exports :
Products :	School Stationery
Countries :	Middle East Russia
Terms :
Selling :	L/C
Purchasing :	L/C

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

100 (Approximately)

Bankers :

Central Bank of India, Corporate Banking Branch, M G Road, Fort, Mumbai –400023, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Vehicle Loan	0.000	0.420
Total	0.000	0.420

Banking Relations :	--
Auditors :
Name :	R. Jaitlia and Company Chartered Accountants
Address :	11, Yashwant Chambers, 3^rd Floor, 18, Burjorji Bharucha Marg, Near Kala Ghoda, Fort, Mumbai – 400 023, Maharashtra, India
Tel. No.:	91-22-40028491 / 22653607
Fax No.:	91-22-22653607
E-Mail :	compliancemasters@yahoo.com
PAN No.:	AADFR5334L

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
650,000	Equity Shares	Rs.10/- each	Rs.6.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.500	6.500
(b) Reserves & Surplus	122.440	123.881
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	128.940	130.381
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.420
(b) Deferred tax liabilities (Net)	0.000	0.808
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.794	1.801
Total Non-current Liabilities (3)	1.794	3.029
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.894	3.908
(c) Other current liabilities	0.917	4.437
(d) Short-term provisions	0.602	0.315
Total Current Liabilities (4)	2.413	8.660
TOTAL	133.147	142.070
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.326	4.483
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	3.326	4.483
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	23.514	23.453
(c) Trade receivables	0.590	0.000
(d) Cash and cash equivalents	0.409	6.657
(e) Short-term loans and advances	0.893	3.714
(f) Other current assets	104.415	103.763
Total Current Assets	129.821	137.587
TOTAL	133.147	142.070

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.500
2] Share Application Money		0.000
3] Reserves & Surplus		117.429
4] (Accumulated Losses)		0.000
NETWORTH		123.929
LOAN FUNDS
1] Secured Loans		4.123
2] Unsecured Loans		0.000
TOTAL BORROWING		4.123
DEFERRED TAX LIABILITIES		0.795
TOTAL		128.847
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.974
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.971
	Sundry Debtors	25.973
	Cash & Bank Balances	5.977
	Other Current Assets	0.000
	Loans & Advances	83.056
Total Current Assets		141.977
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	17.097
	Other Current Liabilities	0.214
	Provisions	1.793
Total Current Liabilities		19.104
Net Current Assets		122.873
MISCELLANEOUS EXPENSES		0.000
TOTAL		128.847

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales (Approximately)	75.000	144.617	199.341
		Other Income	NA	13.810	20.377
		TOTAL (A)	NA	158.427	219.718
Less	EXPENSES
		Purchases		120.615	165.121
		Freight and Forwarding Charges (Net)		1.718	4.854
		Payment to & Provision for Employees	NA	5.944	6.212
		Selling, Administrative and Other Expenses		17.016	18.491
		Bank Charges		0.000	0.000
		Increase / (Decrease) in Stock		3.519	(6.099)
		TOTAL (B)	NA	148.812	142.713
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	9.615	77.005
Less	FINANCIAL CHARGES EXPENSES (D)		NA	1.183	1.359
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	8.432	75.646
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	1.566	1.381
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(2.421)	6.866	28.398
Less	TAX (H)		(0.980)	0.414	9.485
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(1.441)	6.452	18.913
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		123.827	117.375	98.462
	BALANCE CARRIED TO THE B/S		122.386	123.827	117.375
	EARNINGS IN FOREIGN CURRENCY		101.775	142.617	197.609
	Earnings/ (Loss) Per Share (Rs.)		(2.22)	9.93	29.10

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	4.07	8.61
Net Profit Margin (PBT/Sales)	(%)	0.03	4.75	14.25
Return on Total Assets (PBT/Total Assets}	(%)	(1.82)	4.83	19.19
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.05	0.23
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.19
Current Ratio (Current Asset/Current Liability)		53.80	15.89	7.43

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	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	No
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 Kores House, Plot No.10, Off Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra, India to the present address w.e.f. 15.06.2011.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90164052	04/07/2000	900,000.00	THE THANE JANATA SAHAKARI BANK LTD.	VARTAK NAGAR BRANCH, THANE (W), Maharashtra - 400606, INDIA	-
2	90163792	23/11/1998	1,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH; 1ST FLOOR, MUMBAI MAIN OFFICE; FORT, MUMBAI, Maharashtra - 400023, INDIA	-
3	90163273	24/06/2010 *	25,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, MMO BUILDING, 1ST FLOOR, M.G.ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	A89137970

* Date of charge modification

FIXED ASSETS:

• Vehicles
• Computer
• Furniture and Fixtures
• Plant and Machinery

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.62.36
UK Pound	1	Rs.101.20
Euro	1	Rs.84.54

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.