MIRA INFORM REPORT

Report Date :

07.09.2013

IDENTIFICATION DETAILS

Name :	MITUTOYO SOUTH ASIA PRIVATE LIMITED
Registered Office :	C-122, Okhla Industrial Area, Phase-I, New Delhi – 110 020
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	26.08.1996
Com. Reg. No.:	55-081425
Capital Investment / Paid-up Capital :	Rs.9.500 millions
CIN No.: [Company Identification No.]	U29299DL1996PTC081425
PAN No.: [Permanent Account No.]	AAACM6682R
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in trading of precision measuring instruments and their servicing and repair.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “Mitutoyo Corporation”. It is an established company having good track record. Fundamentals of the company seem to be good. Liquidity position seems to be strong. Trade relations are fair. Business is active. Payment terms are regular and as per commitment. The company can be considered for business dealings at usual trade terms and condition.

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 DECLINED BY

Name :	Mr. Rajesh Chandan
Designation :	Accounts Department
Contact No.:	91-11-26372090
Date :	04.09.2013

LOCATIONS

Registered Office/ Head Office :	C-122, Okhla Industrial Area, Phase-I, New Delhi – 110 020, India
Tel. No.:	91-11-26372090
Fax No.:	91-11-26372636
E-Mail :	n_bajaj@mitutoyoindia.com Sales : delhi@mitutoyoindia.com Service : tsd@mitutoyoindia.com
Website :	http://www.mitutoyoindia.com
Regional Office :	Located at: · Mumbai · Pune · Vadodara · Bangalore · Chennai · Kolkata

DIRECTORS

AS ON 26.03.2013

Name :

Mr. Narinder Bajaj

Designation :

Managing Director

Address :

E-12/4, Ist Floor, Vasant Vihar, New Delhi – 110 057, India

Date of Birth/Age :

17.02.1945

Qualification :

B.Com

Experience :

44 Years

Date of Appointment :

26.08.1996

PAN No.:

AEAPB0307H

DIN No.:

00434876

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	U74999DL1989PTC034828	TRIPITAK MARKETING PRIVATE LTD	Director	30/01/1989	30/01/1989	-	Active	NO
2	U29299DL1996PTC081425	MITUTOYO SOUTH ASIA PRIVATE LIMITED	Managing director	26/08/1996	26/08/1996	-	Active	NO
3	U70101WB1999PTC090334	NEW ESTATES PRIVATE LIMITED	Director	21/09/1999	21/09/1999	-	Active	NO
4	U72200WB2000PTC091535	EAST WEST SOFTCOM PRIVATE LIMITED	Director	30/03/2000	30/03/2000	-	Active	NO

Name :

Mr. Yuichi Fukui

Designation :

Director

Address :

C-739, IInd Floor ,New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

06.06.1977

Qualification :

Graduate from Yokohama University

Date of Appointment :

18.07.2008

PAN No.:

AASPF5325M

DIN No.:

02354598

Name :

Yoshimi Kimura

Designation :

Director

Address :

H. No.052, Tower D, The Icon, DLF Phase V, Gurgaon – 122 011, Haryana, India

Date of Birth/Age :

12.08.1955

Date of Appointment :

12.04.2012

PAN No.:

CADPK9271J

DIN No.:

03572194

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	U29299DL1996PTC081425	MITUTOYO SOUTH ASIA PRIVATE LIMITED	Director	12/04/2012	21/06/2011	-	Active	NO

Name :

Harrish Bajaj

Designation :

Director

Address :

C-684, Ground Floor, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

15.11.1974

Date of Appointment :

12.04.2012

PAN No.:

AEIPB4544E

DIN No.:

05250474

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	U29299DL1996PTC081425	MITUTOYO SOUTH ASIA PRIVATE LIMITED	Director	12/04/2012	02/04/2012	-	Active	NO

Name :

Yoshiaki Numata

Designation :

Director

Address :

356-54,Oba-Cho, Aoba-Ku, Yokohama, Kanagawa, Japan 2250023

Date of Birth/Age :

16.09.1965

Date of Appointment :

26.03.2013

DIN No.:

05341969

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	U29299DL1996PTC081425	MITUTOYO SOUTH ASIA PRIVATE LIMITED	Director	26/03/2013	13/07/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh Chandan
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.03.2013

Names of Shareholders	No. of Shares
Mitutoyo Corporation, Japan	510000
Bajaj Narinder	392500
Bajaj Harrish	47500
Total	950000

AS ON 26.03.2013

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]	53.68
Directors or relatives of directors	46.32
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in trading of precision measuring instruments and their servicing and repair.

Products :

Item Code No. (ITC Code)	9031.90
Product Description	Measuring Instruments

GENERAL INFORMATION

No. of Employees :

Information declined by the Management

Bankers :

Not Available

Facilities :

Secured Loan	As on 31.12.2012 (Rs. in Millions)	As on 31.12.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Long-term maturities of finance lease obligations	3.762	4.783
Total	3.762	4.783

Banking Relations :	--
Auditors :
Name :	Nagpal Nagpal and Associates Chartered Accountants
Address :	Ritambhara Building, Tribhuvan Complex, Iswar Nagar (W), Mathura Road, New Delhi – 110 065, India
Tel. No.:	91-11-26841089/ 26848842/ 26322655
Fax No.:	91-11-42603170
E-Mail :	nna@airtelmail.in
PAN No.:	AAAFN4011G
Holding Company :	Mitutoyo Corporation, Japan
Fellow Subsidiary Company :	Mitutoyo Asia Pacific Pte. Limited, Singapore
Associated enterprises with whom company has transactions :	· Mitutoyo Europe GmbH, Germany · Mitutoyo America Corporation, United States · Mitutoyo Measuring Inst (Suzhou), China · Mitutoyo Sul Americana Ltda, Brazil

CAPITAL STRUCTURE

AS ON 26.03.2013

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
950000	Equity Shares	Rs.10/- each	Rs.9.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	9.500	9.500
(b) Reserves & Surplus	1128.686	987.621
(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)	1138.186	997.121
(3) Non-Current Liabilities
(a) Long-term borrowings	3.762	4.783
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	4.500	4.500
(d) Long-term provisions	8.558	6.681
Total Non-current Liabilities (3)	16.820	15.964
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	445.207	411.153
(c) Other current liabilities	99.644	53.750
(d) Short-term provisions	80.991	36.822
Total Current Liabilities (4)	625.842	501.725
TOTAL	1780.848	1514.810
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.294	21.662
(ii) Intangible Assets	0.863	0.762
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	602.014	570.000
(c) Deferred tax assets (net)	0.910	1.610
(d) Long-term Loan and Advances	11.233	10.102
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	634.314	604.136
(2) Current assets
(a) Current investments	60.026	0.000
(b) Inventories	863.507	713.592
(c) Trade receivables	123.381	74.944
(d) Cash and cash equivalents	31.928	61.509
(e) Short-term loans and advances	67.692	60.629
(f) Other current assets	0.000	0.000
Total Current Assets	1146.534	910.674
TOTAL	1780.848	1514.810

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.500
2] Share Application Money		0.000
3] Reserves & Surplus		919.230
4] (Accumulated Losses)		0.000
NETWORTH		928.730
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		928.730
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.308
Capital work-in-progress		0.000
INVESTMENT		592.639
DEFERRED TAX ASSETS		1.450
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	455.764
	Sundry Debtors	75.298
	Cash & Bank Balances	203.635
	Other Current Assets	0.000
	Loans & Advances	108.348
Total Current Assets		843.045
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	375.097
	Other Current Liabilities	39.353
	Provisions	109.262
Total Current Liabilities		523.712
Net Current Assets		319.333
MISCELLANEOUS EXPENSES		0.000
TOTAL		928.730

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Total Turnover	1712.333	1513.041	1272.334
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		296.287	144.032	212.677
Less	TAX		79.701	39.040	60.605
	PROFIT / (LOSS) AFTER TAX		216.586	104.992	152.072
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	8.205	2.694	3.419
		Commission	20.013	11.772	7.404
	TOTAL EARNINGS		28.218	14.466	10.823
	VALUE OF IMPORTS ON CIF BASIS		1207.083	1088.913	822.508
	Earnings / (Loss) Per Share (Rs.)		227.99	110.52	160.08

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
Return on Total Assets (PBT/Total Assets}	(%)	25.15	15.27	24.78
Return on Investment (ROI) (PBT/Networth)		0.26	0.14	0.23
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.83	1.82	1.61

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	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	No
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

Note:

No Charges Exist for Company.

Note:

The registered office of the company has been shifted from 702, Arunachal, 19, Barakhamba Road, New Delhi – 110 001 to the present address w.e.f. 01.07.2001.

COMPANY OVERVIEW

The Company was incorporated as a Private Limited Company on 26^th August, 1996 and is headquartered in New Delhi. The company is a subsidiary of Mitutoyo Corporation, Japan. The Company is engaged in trading of precision measuring instruments and their servicing and repair.

FINANCIAL RESULTS AND PERFORMANCE REVIEW

The company continued to register higher sales with an increase of over 13% over last year. Operating profit for the year increased by over 78% largely on account of exchange gain this year against exchange loss last year.

Due to the uncertainty of wild exchange fluctuation and the wide changes in the cost of the goods from Japan the impact on profit margins for 2013 is difficult to predict at this stage.

The sale of CNC CMM and metrology instruments is likely to continue to register good growth due to initiatives taken by the company in the last few years.

CONTINGENT LIABILITIES (AS ON 31.12.2012):

a) On account of Income tax matters in dispute

The Company has received an Order under Section 143(3) in respect of assessment year 2008-09 making additions u/s 14A of the Income Tax Act, 1961 (Act) and raising demand amounting to Rs.1.126 millions. The Company has filed an appeal with the Commissioner of Income-tax (Appeals) against the above order. Based on evaluation carried out by the Company and legal advice, the management is of the view that the deductions claimed by the Company will be upheld and accordingly no provision is required to be made in the books of accounts.

b) On account of materials kept in Bonded warehouses*

Custom duty of Rs.52.947 millions

(Bonds executed in favour of President of India for the same)

c) Guarantees issued and Counter guarantees

The Bankers of the company have furnished guarantees amounting to Rs.6.003 millions on behalf of the company to third parties for performance of contracts entered into with them by the company against the 100% margin in form of fixed deposits.

*Company during the year has provided for custom duty estimated to be due on materials lying in bonded warehouses against the past practice of showing the same as contingent liability. This change in the treatment of custom duty has no impact on the amount of profits of the company as there is corresponding equal impact on the value of the inventory.

FIXED ASSETS:

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

WEBSITE DETAILS:

PROFILE:

Subject was established in 1996 and is headquartered in New Delhi. The direct entry by Mitutoyo Corporation, Japan established a regional headquarter in South Asia for enhanced customer support.

Mitutoyo’s history in India dates back to the mid 1960’s when it started selling small tools in India through agents. In 1989, a Mitutoyo representative office was established to provide technical support for its comprehensive range of precision instruments. Along with the office, a M³ solution center was opened in New Delhi allowing customers to view the Mitutoyo products and provide them with effective solutions for their manufacturing needs. This facility was the first of its kind in India during the time demonstrating Mitutoyo’s commitment to customer needs.

Today, subject has 8 sales and service locations across India covering all major industrial belts. There are now 4 established M³ solution centers strategically located across South Asia. Their laboratory is one of the finest in South Asia with a NABL certification guaranteeing their best measurement capabilities by national/international standards.

Mitutoyo is in tune with the needs of the manufacturing industry in the fastest growing economies of the world. It is committed to bring the latest technology in dimensional metrology with world class service to their customers through their well trained sales and service engineers, resident Japanese engineers, and their in-house training/seminars.

Their growing network ensures world class support for the widest range of precision measuring instruments, backed by the worldwide manufacturing technology expertise of Mitutoyo Corporation, recognized as a leading global brand having a vast network that spans over 23 different countries.

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.65.96
UK Pound	1	Rs.102.91
Euro	1	Rs.86.58

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	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		60

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.