MIRA INFORM REPORT

Report Date :

24.10.2013

IDENTIFICATION DETAILS

Name :	SHRINATH ROTOPACK PRIVATE LIMITED
Registered Office :	Plot No.35D, IDA, Kattadan, Hyderabad – 500 077, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.05.2006
Com. Reg. No.:	01-050109
Capital Investment / Paid-up Capital :	Rs.81.591 Millions
CIN No.: [Company Identification No.]	U25209AP2006PTC050109
TAN No.: [Tax Deduction & Collection Account No.]	HYDS17297A
PAN No.: [Permanent Account No.]	AAJCS9881K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of all kinds of Flexible Packaging Materials.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 1394000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. External borrowing of the company has increased during financial year 2012. However, general financial position of the company appears to be decent. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Limits: BB
Rating Explanation	Moderate risk of default and high credit risk.
Date	March, 2013

Rating Agency Name	ICRA
Rating	Non Fund Based Limits: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	March, 2013

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 (PARTIAL DETAILS)

Name :	Mr. Kiran
Designation :	Accountant
Contact No.:	91-40-24361018
Date :	23.05.2012

LOCATIONS

Registered Office/ Administrative Office :	Plot No.35D, IDA, Kattadan, Hyderabad – 500 077, Andhra Pradesh, India
Tel. No.:	91-40-24361018
Mobile No.:	91-9885031996 (Mr. Sunil Kumar Rathi)
Fax No.:	91-40-24360218
E-Mail :	info@slplindia.com kiran@slplindia.com acspavan@gmail.com sunil@slplindia.com
Website :	www.slplindia.com
Location:	Owned
Factory :	Plot No.20, IDA, Mankhal, Maheshwaram Mandal, R.R. District – 509 359, Andhra Pradesh, India

DIRECTORS

AS ON 17.09.2012

Name :

Mr. Sunil Kumar Rathi

Designation :

Director

Address :

15-7-297, Begum Bazar, Hyderabad – 500 012, Andhra Pradesh, India

Date of Birth/Age :

15.11.1974

Qualification :

Graduate

Date of Appointment :

08.05.2006

PAN No.:

AANPR1538F

DIN No.:

01243072

Other Directorships :

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	U25209AP2003PTC041901	SHRINATH LAMINATES PRIVATE LIMITED	Director	20/10/2003	20/10/2003	-	Amalgamated	NO
2	U25209AP2006PTC050109	SHRINATH ROTOPACK PRIVATE LIMITED	Director	08/05/2006	08/05/2006	-	Active	NO

Name :

Mr. Manish Kumar Rathi

Designation :

Director

Address :

15-7-297, Begum Bazar, Hyderabad – 500 012, Andhra Pradesh, India

Date of Birth/Age :

15.12.1973

Qualification :

Graduate

Date of Appointment :

08.05.2006

PAN No.:

ABSPR3985L

DIN No.:

01821723

Other Directorships :

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	U25209AP2003PTC041901	SHRINATH LAMINATES PRIVATE LIMITED	Director	20/10/2003	20/10/2003	-	Amalgamated	NO
2	U25209AP2006PTC050109	SHRINATH ROTOPACK PRIVATE LIMITED	Director	08/05/2006	08/05/2006	-	Active	NO

Name :

Mr. Sarvesh Lahoti

Designation :

Director

Address :

8-3-167/D/248, Kalyan Nagar, Vengal Rao Nagar, Hyderabad – 500 038, Andhra Pradesh, India

Date of Birth/Age :

11.11.1982

Qualification :

Graduate

Date of Appointment :

08.05.2006

PAN No.:

ABFPL6673E

DIN No.:

02425792

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 17.09.2012

Note:

Shareholding details file attached.

AS ON 17.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	38.66
Other top fifty shareholders	61.34
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of all kinds of Flexible Packaging Materials.

Products :

Item Code No. (ITC Code)	63051070
Product Description	Polymer/ synthetic / PVC water storage tanks and other plastic products n.e.c.

Imports :

Products :

• Raw Material

Countries :

• Hong Kong
• Germany
• Israel

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011):

Particulars	Unit	Actual Production
Plastic Laminated Bags and Sheets	M. Tons	11835.184

GENERAL INFORMATION

Customers :

End Users

• Amrutanjan
• Bambino
• Dukes
• ITC Limited
• Jyothy Laboratories Limited
• Monsanto
• Murugappa Group
• Pioneer
• Society
• Spencer’s
• Subeej
• TATA
• UPL

No. of Employees :

Information declined by the Management

Bankers :

• Axis Bank Limited, Corporate Banking Branch, 6-3-879/B, Greenland Road, Begumpet, Hyderabad - 500 016, Andhra Pradesh, India
• ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India
• HDFC Bank Limited
• State Bank of India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	339.577	223.219
Loans taken for vehicles	0.200	0.033
SHORT-TERM BORROWINGS
Other loans and advances	348.677	232.167
Total	688.454	455.419

Banking Relations :
Auditors :
Name :	R.B. Kabra and Company Chartered Accountants
Address :	4-1-917, Parsi Lane, Tilak Road, Hyderabad – 500 001, Andhra Pradesh, India
PAN No.:	AAEFR3093C
Associates :	Blend Colours Private Limited, India (CIN No.: U25209AP2003PTC041900) Madhushree Enterprises Private Limited, India (CIN No.: U65993AP1991PTC013390) SPP Poly pack Private Limited, India (CIN No.: U25209AP2003PTC041899) Shree Ultra Inks Private Limited, India (CIN No.: U24223AP2008PTC061401) Shrinath Cartons Private Limited, India (CIN No.: U25194AP1997PTC028426)

CAPITAL STRUCTURE

AS ON 17.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8159066	Equity Shares	Rs.10/- each	Rs.81.591 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	81.591	61.591
(b) Reserves & Surplus	266.951	159.561
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	15.800
Total Shareholders’ Funds (1) + (2)	348.542	236.952
(3) Non-Current Liabilities
(a) Long-term borrowings	460.099	302.243
(b) Deferred tax liabilities (Net)	63.077	54.589
(c) Other long term liabilities	8.372	8.372
(d) Long-term provisions	1.087	0.400
Total Non-current Liabilities (3)	532.635	365.604
(4) Current Liabilities
(a) Short term borrowings	348.677	232.167
(b) Trade payables	348.057	346.473
(c) Other current liabilities	124.353	67.166
(d) Short-term provisions	5.788	25.610
Total Current Liabilities (4)	826.875	671.416
TOTAL	1708.052	1273.972
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	604.184	475.736
(ii) Intangible Assets	0.738	0.683
(iii) Capital work-in-progress	39.390	9.612
(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	4.226	3.551
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	648.538	489.582
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	335.286	257.226
(c) Trade receivables	565.280	425.546
(d) Cash and cash equivalents	2.677	15.813
(e) Short-term loans and advances	144.688	69.974
(f) Other current assets	11.583	15.831
Total Current Assets	1059.514	784.390
TOTAL	1708.052	1273.972

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		61.591
2] Share Application Money		0.000
3] Reserves & Surplus		87.705
4] (Accumulated Losses)		0.000
NETWORTH		149.296
LOAN FUNDS
1] Secured Loans		361.223
2] Unsecured Loans		64.565
TOTAL BORROWING		425.788
DEFERRED TAX LIABILITIES		24.652
TOTAL		599.736
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		327.282
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	158.309
	Sundry Debtors	279.357
	Cash & Bank Balances	8.977
	Other Current Assets	0.000
	Loans & Advances	20.009
Total Current Assets		466.652
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	190.571
	Other Current Liabilities	0.000
	Provisions	3.984
Total Current Liabilities		194.555
Net Current Assets		272.097
MISCELLANEOUS EXPENSES		0.357
TOTAL		599.736

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3007.322 (Gross Sales)	2193.918 (Gross Sales)	1057.764
		Other Income	NA	NA	7.029
		TOTAL (A)	NA	NA	1064.793
Less	EXPENSES
		Raw Materials Consumed	NA	NA	798.764
		Staff Cost	NA	NA	18.636
		Manufacturing and Other Expenses	NA	NA	127.167
		Increase/ Decrease in stock	NA	NA	(24.157)
		TOTAL (B)	NA	NA	920.410
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	144.383
Less	FINANCIAL EXPENSES (D)		NA	NA	38.870
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		219.463	173.328	105.513
Less/ Add	DEPRECIATION/ AMORTISATION (F)		73.585	49.182	29.857
	PROFIT BEFORE TAX (E-F) (G)		145.878	124.146	75.656
Less	TAX (H)		38.488	52.291	24.028
	PROFIT AFTER TAX (G-H) (I)		107.390	71.855	51.628
Add	BALANCE OF PROFIT TRANSFERRED ON AMALGAMATION		NA	NA	5.634
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	24.683
	BALANCE CARRIED TO THE B/S		NA	NA	81.945
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	273.021	124.483	37.994
	TOTAL EARNINGS		273.021	124.483	37.994
	Earnings Per Share (Rs.)		13.16	11.66	9.21

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	4.85
Net Profit Margin (PBT/Sales)	(%)	NA	NA	7.15
Return on Total Assets (PBT/Total Assets}	(%)	8.74	9.82	9.53
Return on Investment (ROI) (PBT/Networth)		0.42	0.52	0.51
Debt Equity Ratio (Total Debt/Networth)		2.32	2.26	2.85
Current Ratio (Current Asset/Current Liability)		1.28	1.17	2.40

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	No
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	Yes
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	Yes

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Intercorporate deposits	13.159	1.000
Loans and advances from directors	4.941	3.850
Other loans and advances	102.222	74.141
Total	120.322	78.991

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10282563	21/05/2011 *	400,000,000.00	STATE BANK OF INDIA	SME BRANCH, 2ND FLOOR, CHIRAG ALI LANE, ABIDS, HYDERABAD, ANDHRA PRADESH - 500001, INDIA	B13516901
2	10153299	13/06/2013 *	420,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, 6-3-879/B, GREENLAND ROAD, BEGUMPET, HYDERABAD, ANDHRA PRADESH - 500016, INDIA	B79269205
3	10038341	28/03/2010 *	290,000,000.00	AXIS BANK LTD	6-3-879/B, GREENLANDS ROAD,, BEGUMPET, HYDERABAD, ANDHRA PRADESH - 500016, INDIA	A85468304
4	10039991	27/05/2011 *	480,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B14176630
5	80021638	28/12/2006 *	75,500,000.00	UTI BANK LIMITED	6-3-879/B, GREENLANDS ROAD, BEGUMPET, HYDERABAD, ANDHRA PRADESH - 500016, INDIA	-
6	90128791	12/03/2005	17,000,000.00	STATE BANK OF INDIA	SAIFABAD SIB BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
7	90130449	10/11/2004 *	36,249,000.00	STATE BANK OF INDIA	SIAFABAD SIB BRANCH, HACA BHAWAN, HYDERABAD, ANDHRA PRADESH, INDIA	-

* Date of charge modification

Note:

The registered office of the company has been shifted from Plot No.20, IDA-Mahankhal, Maheshwaram Mandal, Mahankhal – 501 359, Andhra Pradesh, India to the present address w. e. f. 01.06.2009

HISTORY:

Shrinath Rotopack Private Limited was incorporated on 08^th May 2006. The Company is having two Industrial Units to manufacture Flexible Packaging material. During the year, the Company has undergone expansion of capacity at its Mankhal Unit.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computer

Intangible Assets

· Computer Software

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.61.53
UK Pound	1	Rs.99.75
Euro	1	Rs.84.75

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		33

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.