MIRA INFORM REPORT

Report Date :

03.10.2013

IDENTIFICATION DETAILS

Name :	ENHANCE PROTEINS LIMITED
Registered Office :	78/3, 2^nd Floor, Janpath, New Delhi – 110001
Country :	India
Financials (as on) :	30.09.2011
Date of Incorporation :	18.10.2010
Com. Reg. No.:	55-209451
Capital Investment / Paid-up Capital :	Rs. 10.744 Millions
CIN No.: [Company Identification No.]	U15400DL2010PLC209451
IEC No.:	0510076190
TAN No.: [Tax Deduction & Collection Account No.]	DELE05706B
PAN No.: [Permanent Account No.]	AACCE5529R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Processors and Suppliers of a wide range of Specialty Milk Ingredients and Whey Proteins.
No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 52900
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Management has failed to file the financials after the financial year 2011. As per the available financials, there appear huge external borrowings recorded by the company. However, trade relations are fair. Business is active. Payments are unknown. The concern 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. Ajay Nagpal
Designation :	Chief Finance Officer
Contact No.:	91-11-23353191
Date :	03.10.2013

LOCATIONS

Registered Office :	78/3, 2^nd Floor, Janpath, New Delhi – 110001, India
Tel. No.:	91-11-23353191/ 23353192/ 23353193
Mobile No.:	91-9650100492 (Mr. Ajay Nagpal)
Fax No.:	91-11-23718056
E-Mail :	rggoyal@yahoo.com info@enhanceproteins.com ajay.goyal@enhanceproteins.com anandanandinc@yahoo.co.in
Website :	http://www.enhanceproteins.com
Area :	3000 sq. ft.
Corporate/ Marketing Office :	Lane No 1, Plot No.5, First Floor, Westend Marg, Saidulajab, New Delhi – 110030, India
Tel. No.:	91-11-29534532
E-Mail :	rajiv.goyal@enhanceproteins.com
Area :	3200 sq. ft.
Branch Office/ Godown :	B – 228, V K I Area, Road No. 09, Jaipur, Rajasthan, India
Tel No.:	91-141-4020266/ 2333815
Area :	800 sq. ft.

DIRECTORS

AS ON 16.04.2012

Name :

Mrs. Deepa Goyal

Designation :

Director

Address :

B14, 2^nd Floor, Saket, New Delhi – 110017, India

Date of Birth/Age :

24.06.1971

Date of Appointment :

18.10.2010

DIN No.:

00634092

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	U15200DL2006PTC152557	FABB SPORTACEUTICALS PRIVATE LIMITED	Director	26/08/2006	26/08/2006	-	Active	NO
2	U15209HP1987PLC007355	ZEON LIFESCIENCES LIMITED	Additional director	13/04/2009	10/12/2008	10/09/2010	Active	NO
3	U15203DL2010PLC206521	GORRA CHEESE SPECIALITIES LIMITED	Director	31/07/2010	31/07/2010	-	Active	NO
4	U15400DL2010PLC209451	ENHANCE PROTEINS LIMITED	Director	18/10/2010	18/10/2010	-	Active	NO
5	AAB-1232	DEEPA GOYAL ENSEMBLE LLP	Designated Partner	17/09/2012	17/09/2012	-	Active	NO

Name :

Mr. Anand Satram

Designation :

Director

Address :

C – 2/37, Sector – 31, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

29.03.1964

Date of Appointment :

18.10.2010

DIN No.:

02777734

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	U74900DL2009PTC193454	JTK POWER & INFRASTRUCTURE SOLUTIONS PRIVATE LIMITED	Director	15/12/2009	15/12/2009	-	Active	NO
2	U15203DL2010PLC206521	GORRA CHEESE SPECIALITIES LIMITED	Director	30/01/2012	09/09/2010	-	Active	NO
3	U15400DL2010PLC209451	ENHANCE PROTEINS LIMITED	Director	18/10/2010	18/10/2010	-	Active	NO
4	U92419DL2011PTC229113	TWOA SPORTS ACADEMY PRIVATE LIMITED	Director	22/12/2011	22/12/2011	-	Active	NO
5	U52190MH2009PTC197120	ROCKDUDE CLEAN-TECH PRIVATE LIMITED	Director	20/01/2012	20/01/2012	24/05/2013	Active	NO
6	U45202MH2009PTC197181	ROCKDUDE PROJECTS PRIVATE LIMITED	Director	20/01/2012	20/01/2012	-	Active	NO
7	U51109MH2009PTC191849	ROCKDUDE IMPEX PRIVATE LIMITED	Director	20/01/2012	20/01/2012	-	Active	NO
8	U65923MH2011PTC213431	ROCKDUDE FINPRO PRIVATE LIMITED	Director	17/02/2012	17/02/2012	-	Active	NO
9	U51909MH2012PTC230015	ROCKDUDE ENTERPRISES PRIVATE LIMITED	Director	23/04/2012	23/04/2012	-	Active	NO
10	U45201DL2005PTC136742	PRIMUS CORPORATION PRIVATE LIMITED	Director	16/07/2012	16/07/2012	08/10/2012	Active	NO
11	U70102UP2012PLC051750	CAC INFRASTRUCTURE LIMITED	Director	01/08/2012	01/08/2012	08/10/2012	Active	NO
12	U93000MH2011PTC220266	ROCKDUDE CLOTHES MANAGEMENT PRIVATE LIMITED	Director	12/08/2012	12/08/2012	-	Active	NO
13	U51909MH2012PTC229822	ROCKDUDE EXIM PRIVATE LIMITED	Director	28/12/2012	28/12/2012	-	Active	NO
14	U74120MH2012PTC230333	ROCKDUDE CORPORATION PRIVATE LIMITED	Director	15/01/2013	15/01/2013	-	Active	NO

Name :

Mr. Rajat Goyal

Designation :

Director

Address :

L-1/8, 2^nd Floor, Hauz Khas Enclave, New Delhi – 110016, India

Date of Birth/Age :

03.04.1967

Date of Appointment :

18.10.2010

DIN No.:

03192623

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	Company/ LLP Status	Defaulting status
1	U01111DL1992PLC049149	MAHAAN PROTEINS LIMITED	Director	15/04/2011	10/09/2010	Active	NO
2	U15400DL2010PLC209451	ENHANCE PROTEINS LIMITED	Director	18/10/2010	18/10/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Ajay Nagpal
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 16.04.2012

Names of Shareholders	No. of Shares
Deepa Goyal	1073800
Rhea Goyal	100
V.K. Barota	100
Ajay Nagpal	100
Naresh Kumar Sharma	100
V. Harihara Subramanian	100
Pragati Srivastava	100
Total	1074400

AS ON 16.04.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.96
Other top fifty shareholders	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :	Processors and Suppliers of a wide range of Specialty Milk Ingredients and Whey Proteins.
Exports :
Products :	Finished Goods
Countries :	· USA · Italy
Imports :
Products :	Finished Goods
Countries :	· Middle East
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 30.09.2011)

Class of Goods	Capacity (Qty)	Production (Qty-MT)
Bakery Premix	--	33.408

GENERAL INFORMATION

No. of Employees :

75 (Approximately)

Bankers :

City Union Bank Limited, B-1/30, Janakpuri, New Delhi - 110058, India

Facilities :

SECURED LOANS	30.09.2011 (Rs. In Millions)
Cash Credit From City Union Bank, Delhi [Secured by Way of Hypothecation of Entire Stock of Raw Material, Stock in Process, Stores and Spares and Packing Materials and All Book Debts of Company. Equitable mortgage over property owned by a Director and relative and Personal Guarantee of a Director and her relative]	35.639
Buyers Credit	41.175
Interest accrued but not due (on buyers credit)	0.401
Total	77.215

Banking Relations :	--
Auditors :
Name :	Dawar Mathur and Goel Chartered Accountants
Address :	41, Vivekanand Puri, Sarai Rohilla, Delhi – 110007, India
E-Mail :	arungoelca@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	AAFFD0983B
Associate Company :	· Gorra Cheese Specialities Limited · Mahaan Proteins Limited

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,074,400	Equity Shares	Rs. 10/- each	Rs. 10.744 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2011
SHAREHOLDERS FUNDS
1] Share Capital		10.744
2] Share Application Money		0.500
3] Reserves & Surplus		1.992
4] (Accumulated Losses)		0.000
NETWORTH		13.236
LOAN FUNDS
1] Secured Loans		77.215
2] Unsecured Loans		0.000
TOTAL BORROWING		77.215
DEFERRED TAX LIABILITIES		0.085
TOTAL		90.536
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.417
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	33.360
	Sundry Debtors	55.290
	Cash & Bank Balances	9.856
	Other Current Assets	0.615
	Loans & Advances	4.381
Total Current Assets		103.502
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.290
	Other Current Liabilities	0.691
	Provisions	0.595
Total Current Liabilities		15.576
Net Current Assets		87.926
MISCELLANEOUS EXPENSES		0.193
TOTAL		90.536

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2011
	SALES
		Income	200.205
		Other Income	1.884
		TOTAL (A)	202.089
Less	EXPENSES
		Purchases for resale	200.401
		Raw Material Consumed	4.072
		Administrative & Selling Expenses	6.945
		Preliminary expenses written off	0.048
		Increase in Finished Goods	(17.196)
		TOTAL (B)	194.270
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.819
Less	FINANCIAL EXPENSES (D)		4.530
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.289
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.277
	PROFIT BEFORE TAX (E-F) (G)		3.012
Less	TAX (H)		1.020
	PROFIT AFTER TAX (G-H) (I)		1.992
	EARNINGS IN FOREIGN CURRENCY
		F.O.B value of export	9.149
	IMPORTS
		Finished Goods	66.652
	Earnings Per Share (Rs.)		3.54

Particulars	30.09.2013
Sales Turnover (Approximately)	600.000

The above information has been parted by Mr. Ajay Nagpal (Chief Finance Officer)

KEY RATIOS

PARTICULARS		30.09.2011
PAT / Total Income	(%)	0.99
Net Profit Margin (PBT/Sales)	(%)	1.50
Return on Total Assets (PBT/Total Assets}	(%)	2.84
Return on Investment (ROI) (PBT/Networth)		0.23
Debt Equity Ratio (Total Debt/Networth)		5.83
Current Ratio (Current Asset/Current Liability)		6.64

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	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%	--
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10369394	13/07/2012	15,000,000.00	CITY UNION BANK LIMITED	B-1/30, JANAKPURI, NEW DELHI, DELHI - 110058, INDIA	B45230984
2	10323311	08/05/2012 *	22,500,000.00	CITY UNION BANK	B-1/30, JANAKPURI, NEW DELHI, DELHI - 110058, INDIA	B40775975
3	10270310	15/03/2012 *	85,000,000.00	CITY UNION BANK LIMITED	B-1/30, JANAKPURI, NEW DELHI, DELHI - 110058, INDIA	B37136215

* Date of charge modification

INDUSTRY OUTLOOK

Bakery Market: Bakery market expected to be over Rs.150000.000 Millions in size in India is growing tremendously at a rate of 25% p.a.. This growth is fuelled by increase in the middle class and Upper consumers in the economy. Even the lower strata of the society is moving towards bakery products through their main consumption being daily need items like bread, biscuits, bunds etc. Consumer taste change is giving rise to huge opportunities which are presently being filled by import from USA and European hubs of the bakery where it is age old custom now. Demand is being further fuelled by the decline of 'Mithai' with cakes, pastries and pies etc. With closure of Mithai shops, more of bakery shops are coming up or even Mithai shops are offering cakes, pastries etc products in their menus so are the restaurant etc. The bakery is now a rising industry with increasing mass reach in populous country like India, it holds mammoth demand.

The Bakery Industry: In India is yet not developed these are primarily services by unorganized sector in majority which is now being taken over by MNC brands and other corporate players through still in infancy. With the income segments being distinct and variation being huge the product variety demand is also distinct and consumer is open to pay a good price for the desired products.

Further India is again distinct country with Eggless consumers thus each of the products gets multiplied by twice the variety with eggless being added. This is again a distinct market which is open to pay a price for eggless products. EPL specializes in eggless products.

Presently India has around 20 odd leading Brands in organized sector through there is scope of at least 100 given the size of the market. As the companies are still in developing stage along with the market the companies are still not able to offer a comprehensive range of products to cater to market. A detailed chart or brands is attached herewith for your perusal.

Enhance Proteins Limited already made place in the market and top players are watching Enhance very carefully as the company has been able to offer Quality Products and is winning loyalty in such a short time itself. EPL's strategy has been:

· Offer Quality Products

· Establish strong distributors in all the A and B class with sales team

· Product to have volume potential

· Attractive Packaging

· Presentation of Product/ brand through Exhibitions

· Processes of usage being explained through Sales team

· Nutrition values being distincdy offered

· Taste/flavours to be best

· Offer a comprehensive range of Bakery, Dairy and Confectionery products through same channel of distribution enabling small order for a item and wider reach

This has already placed EPL as the strong contender in the top league in the coming year EPL is making all the efforts to have its name in the leading bakery companies by 2012-2013.

FIXED ASSETS:

· Plant and Machinery

· Furniture and Fixtures

· Electrical Fittings

· Computer

· Office Equipment

CMT REPORT (Corruption, Money Laundering and 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 :	BVA

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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 and 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.