MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	PODDAR GLOBAL LIMITED

Formerly Known As :	PODDAR DISTRIBUTORS PRIVATE LIMITED

Registered Office :	20, Engineers Enclave, 2^nd Floor, Harsh Vihar Crossing, Pitampura, New Delhi – 110 034

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	07.02.1995

Com. Reg. No.:	55-065141

Capital Investment / Paid-up Capital :	Rs.15.076 millions

CIN No.: [Company Identification No.]	U74899DL1995PLC065141

TAN No.: [Tax Deduction & Collection Account No.]	DELP11122G

PAN No.: [Permanent Account No.]	AAACP5222C

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Trader and Importer of Newsprint Paper.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 1581000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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 (GENERAL DETAILS)

Name :	Ms. Gitika
Designation :	Accountant
Contact No.:	91-11-27016534
Date :	16.10.2013

LOCATIONS

Registered Office/ Head Office :	20, Engineers Enclave, 2^nd Floor, Harsh Vihar Crossing, Pitampura, New Delhi – 110 034, India
Tel. No.:	91-11-27016534/ 27016535
Fax No.:	91-11-27016536/ 27016537
E-Mail :	pgl@vsnl.com
Website :	http://www.poddarglobal.in

Branch Office :	Located at: · Mumbai · Kolkata · Chennai · Hyderabad · Kerala

Warehouse :	Located at: · Delhi · Mumbai · Kolkata · Chennai · Cochin

Conversion Units :	Located at: · New Delhi · Mumbai · Kolkata · Chennai

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Sunil Kumar Poddar

Designation :

Director

Address :

2A/206, Rang Rasayan Apartment, Sector-13, Rohini, Delhi – 110 085, India

Date of Birth/Age :

14.04.1966

Qualification :

Graduate

Date of Appointment :

07.02.1995

PAN No.:

AALPP1954B

DIN No.:

00520623

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	U74899DL1995PLC065141	PODDAR GLOBAL LIMITED	Director	07/02/1995	07/02/1995	-	Active	NO
2	U72200DL2000PTC103103	GLOBAL ALLIANCE PRIVATE LIMITED	Director	05/01/2000	05/01/2000	-	Active	NO
3	U74140DL2010PTC202551	RKP SERVICES PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO
4	U74900DL2010PTC203241	RKP GLOBAL PRIVATE LIMITED	Director	27/05/2010	27/05/2010	-	Active	NO
5	U27109WB2001PTC094063	SREE PADMAVATHI IRON PRIVATE LIMITED	Director	01/08/2010	01/08/2010	-	Amalgamated	NO
6	U51909WB1991PTC050682	PODDAR GLOBAL (KOLKATA) PRIVATE LIMITED	Director	01/08/2010	01/08/2010	-	Active	NO

Name :

Sandeepa Poddar

Designation :

Director

Address :

2A/206, Rang Rasayan Apartment, Sector-13, Rohini, Delhi – 110 085, India

Date of Birth/Age :

26.05.1969

Qualification :

Graduate

Date of Appointment :

07.02.1995

PAN No.:

AAIPP4190Q

DIN No.:

00486258

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	U74899DL1995PLC065141	PODDAR GLOBAL LIMITED	Director	07/02/1995	07/02/1995	-	Active	NO
2	U72200DL2000PTC103103	GLOBAL ALLIANCE PRIVATE LIMITED	Director	05/01/2000	05/01/2000	-	Active	NO
3	U74140DL2010PTC202551	RKP SERVICES PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO
4	U74900DL2010PTC203241	RKP GLOBAL PRIVATE LIMITED	Director	27/05/2010	27/05/2010	-	Active	NO
5	U51909WB1991PTC050682	PODDAR GLOBAL (KOLKATA) PRIVATE LIMITED	Director	07/12/2011	07/12/2011	-	Active	NO

Name :

Mr. Jaiprakash Pran Mohan Jha

Designation :

Additional Director

Address :

43/2A, 1^st Floor, Suhasini Ganguly Sarani, Bhawanipore, Kolkata – 700 025, West Bengal, India

Date of Birth/Age :

17.12.1962

Date of Appointment :

25.02.2013

DIN No.:

06569894

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	U74899DL1995PLC065141	PODDAR GLOBAL LIMITED	Additional director	25/02/2013	25/02/2013	-	Active	NO
2	U72200DL2000PTC103103	GLOBAL ALLIANCE PRIVATE LIMITED	Additional director	26/02/2013	26/02/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Gitika
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders		No. of Shares
Sunil Kumar Poddar		340000
Sandeepa Poddar		141000
Ratna Devi Poddar		1500
Sunil Kumar Poddar (HUF)		23500
RKP Services Private Limited, India		528500
Urvi Poddar Trust, India		20000
Master Umang Trust, India		100000
Multi Tree Limited, Central Hong Kong		100000
Crosby Development Limited, British Virgin Island		54680
Anchor Assets Limited, Bahamas		20239
A.R. Intl. (HK) Limited, Central Hong Kong		46600
Great Exports Limited, Central Hong Kong		131541
Total		1507560

AS ON 13.09.2013

Names of Allottee

No. of Shares

Muhammed Yaseer Abdul Jabbar, UAE

5411

Total

5411

AS ON 28.09.2012

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		23.00
Bodies corporate		35.00
Directors or relatives of directors		32.00
Other top fifty shareholders		10.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Newsprint Paper.

Products/ Services :

Item Code No. (ITC Code)	48010000
Product Description	Paper Handling Services

Imports :

Products :

· Newsprint Paper

Countries :

· Austria

· Hong Kong

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli,, Mumbai – 400 018, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT-TERM BORROWINGS
Working capital loans from banks-FDR	294.067	266.606
Loans repayable on demand from banks-Collateral	30.104	13.440
Total	324.171	280.046


Banking Relations :	--

Financial Institutions :	3i Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400 703, Maharashtra, India

Auditors :
Name :	Agrawal Vinay and Associates Chartered Accountants
Address :	114, M.J. Shopping Centre, 3, Veer Savarkar, Block, Shakarpur, Delhi – 110 092, India
PAN No.:	AAGFA8337G

Associates/ Subsidiaries :	· Sandy Limited, Hong Kong · RKP Global Private Limited, India (CIN No.: U74900DL2010PTC203241) · Poddar Global (Kolkata) Private Limited, India (CIN No.: U51909WB1991PTC050682)

CAPITAL STRUCTURE

AS ON 28.09.2012

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
1507560	Equity Shares	Rs.10/- each	Rs.15.076 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	15.076	14.884
(b) Reserves & Surplus	380.114	365.365
(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)	395.190	380.249

(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	1.482	1.411
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1.482	1.411

(4) Current Liabilities
(a) Short term borrowings	324.171	280.046
(b) Trade payables	445.936	365.633
(c) Other current liabilities	8.952	3.028
(d) Short-term provisions	3.006	2.276
Total Current Liabilities (4)	782.065	650.983

TOTAL	1178.737	1032.643

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	291.355	292.798
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	1.350	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	20.023	20.023
(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	312.728	312.821

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	308.056	280.218
(c) Trade receivables	280.492	206.627
(d) Cash and cash equivalents	137.278	133.042
(e) Short-term loans and advances	140.183	99.935
(f) Other current assets	0.000	0.000
Total Current Assets	866.009	719.822

TOTAL	1178.737	1032.643

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		14.328
2] Share Application Money		0.000
3] Reserves & Surplus		226.115
4] (Accumulated Losses)		0.000
NETWORTH		240.443
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		1.331

TOTAL		241.774

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		164.807
Capital work-in-progress		2.151

INVESTMENT		11.270
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	200.231
	Sundry Debtors	176.154
	Cash & Bank Balances	78.399
	Other Current Assets	0.000
	Loans & Advances	28.072
Total Current Assets		482.856
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	225.919
	Other Current Liabilities	189.929
	Provisions	3.462
Total Current Liabilities		419.310
Net Current Assets		63.546

MISCELLANEOUS EXPENSES		0.000

TOTAL		241.774

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	1462.036	1298.550	1094.655
		Other Income	7.906	4.610	1.974
		TOTAL (A)	1469.942	1303.160	1096.629

Less	EXPENSES
		Purchases of stock-in-trade	1402.838	1239.676	1086.057
		Employee benefit expense	12.120	10.303
		Other expenses	40.037	36.957
		TOTAL (B)	1454.995	1286.936	1086.057

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.947	16.224	10.572

Less	FINANCIAL EXPENSES (D)		0.283	2.883	0.258

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.664	13.341	10.314

Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.216	6.075	3.669

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		8.448	7.266	6.645

Less	TAX (H)		3.094	2.150	2.105

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		5.354	5.116	4.540

	Earnings / (Loss) Per Share (Rs.)		3.55	3.57	3.82

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.36	0.39	0.41

Net Profit Margin (PBT/Sales)	(%)	0.58	0.56	0.61

Return on Total Assets (PBT/Total Assets}	(%)	0.73	0.72	1.03

Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.03

Debt Equity Ratio (Total Debt/Networth)		0.82	0.74	0.00

Current Ratio (Current Asset/Current Liability)		1.11	1.11	1.15

LOCAL AGENCY FURTHER INFORMATION

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%	--
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10232680	28/06/2012 *	130,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B44460707
2	10215134	21/04/2010	130,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A83644807
3	10206744	31/12/2012 *	300,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B68755321

* Date of charge modification

OPERATIONS:

During the year, there have been significant improvements in the operating results of the company. The company earned a Profit before tax of Rs.8.447 millions and profit after tax of Rs.5.353 millions during the year as against Rs.7.266 millions and Rs.5.115 millions respectively in the corresponding year. The board is also hopeful to get encouraging result during the current year.

CONTINGENT LIABILITIES (AS ON 31.03.2012):

There is no contingent nature of liability debited to the Profit and Loss account.

Corporate Guaranties given by the company to Foreign Banks at Hongkong on behalf of its fully owned subsidiary company Sandy Limited, Hongkong as at 31.03.2012 are aggregating to Rs.1030.300 millions (USD 20.25 million)

FIXED 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 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.61.58
UK Pound	1	Rs.98.51
Euro	1	Rs.83.49

INFORMATION DETAILS

Information Gathered by :	SVA

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

0.36

0.58

0.73

0.02

0.82

1.11

Unit