MIRA INFORM REPORT

Report Date :

18.09.2013

IDENTIFICATION DETAILS

Name :	ALLEPPEY LATEX PRIVATE LIMITED
Registered Office :	VIII / 416, Vazhathoppil Buildings, Chungom, Alappuzha – 688011, Kerala, India
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.06.1994
Com. Reg. No.:	09-008003
Capital Investment / Paid-up Capital :	Rs. 3.801 Millions
CIN No.: [Company Identification No.]	U25199KL1994PTC008003
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Centrifuged Latex, Creamed Latex and TSR (Block Rubber)
No. of Employees :	70 (Approximately)

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 51000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company seems to be low. The external borrowing appears to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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

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

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

INDIAN ECONOMIC OVERVIEW

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

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

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Suresh
Designation :	Account Department
Contact No.:	91-4822-286086
Date :	17.09.2013

LOCATIONS

Registered Office :	VIII / 416, Vazhathoppil Buildings, Chungom, Alappuzha – 688011, Kerala, India
Tel. No.:	91-477-2251142
Fax No.:	91-477-2251217
E-Mail :	alleppeylatex@gmail.com sollygracemathew@gmail.com
Website :	http://www.alleppeylatex.com
Location :	Owned
Factory 1 :	Village Moonnilavu P.O., Pala- 686 586, Kerala, India
Tel. No.:	91-4822-286086 / 286286
Fax No.:	91-4822-287015
Factory 2 :	Located At Erattupetta, Katyam, Kerala, India

DIRECTORS

As on 29.09.2012

Name :

Mr. George Luis Mathew

Designation :

Director

Address :

Pallivathuckal, Chungom, Alleppey – 688011, Kerala, India

Date of Birth/Age :

15.06.1953

Date of Appointment :

25.10.1995

DIN No.:

00058529

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	U25199KL1994PTC008003	ALLEPPEY LATEX PRIVATE LIMITED	Director	25-10-95	25-10-95	-	Active	NO
2	U02310KA1999PTC025920	COMFORTEK ADVANCED PRODUCTS PRIVATE LIMITED(ALTERATION)	Director	15-11-99	15-11-99	-	Active	NO
3	U72900KA2000PTC027928	UNISUN TECHNOLOGIES PRIVATE LIMITED	Director	10-10-00	10-10-00	-	Active	NO
4	U17297KL2001PTC021637	COCO-LATEX EXPORTS PRIVATE LIMITED	Director	09-04-01	09-04-01	-	Active	NO
5	U36104KL1981PTC003447	DUROFLEX PRIVATE LIMITED	Whole-time director	19-01-13	05-06-03	-	Active	NO
6	U74999KL2006PTC019721	PALMSPRING MATTRESSES PRIVATE LIMITED	Director	10-08-06	10-08-06	-	Active	NO
7	U74999KL1993PTC015799	DUROFLEX EXPORTS PRIVATE LIMITED	Director	30-09-06	30-09-06	-	Active	NO

Name :

Mr. Dominic Zacharias

Designation :

Managing Director

Address :

Vazhayil, Moonnilavu Kottayam – 686586, Kerala, India

Date of Birth/Age :

19.04.1956

Date of Appointment :

04.02.2010

DIN No.:

00066316

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	U25199KL1994PTC008003	ALLEPPEY LATEX PRIVATE LIMITED	Managing director	04-02-10	25-10-95	-	Active	NO
2	U01409KL1996PTC009934	RIVERSIDE AGRO PRIVATE LIMITED	Director	21-04-08	21-04-08	-	Active	NO

Name :

Mr. SCARIA

Designation :

Managing Director

Address :

Vazhayil, Moonnilavu Kottayam – 686586, Kerala, India

Date of Birth/Age :

31.05.1960

Date of Appointment :

04.02.2010

DIN No.:

00066259

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	U25199KL1994PTC008003	ALLEPPEY LATEX PRIVATE LIMITED	Managing director	04-02-10	25-10-95	-	Active	NO
2	U01409KL1996PTC009934	RIVERSIDE AGRO PRIVATE LIMITED	Director	21-04-08	21-04-08	-	Active	NO

Name :

Mr. John Joseph Erattuppuzha

Designation :

Director

Address :

25,367 A, Erattupuzha, Cherthala, Alleppey – 688524, Kerala, India

Date of Birth/Age :

04.04.1960

Date of Appointment :

25.09.2003

DIN No.:

00107914

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	U25199KL1994PTC008003	ALLEPPEY LATEX PRIVATE LIMITED	Director	25-09-03	25-09-03	-	Active	NO
2	U74999KL2006PTC019721	PALMSPRING MATTRESSES PRIVATE LIMITED	Director	25-01-13	25-01-13	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
George L Mathew	25050
Scaria	7550
Chandy Mathew	25000
Sheela Joseph	25000
V. S. Kuruvila	12500
V. S. Jose	12500
V. S. Thomas	12500
Dominic Scaria	23930
Roslin Dominic	5000
Rani Scaria	5000
Xavier Scaria	7500
Jaya Xavier	5000
Joseph A. Mathew	57500
George Mathew	28750
George J Jacob	28750
K. V. Scariah	16428
Kuruvila Mathew	16428
Jose Scariachen	16428
Thomas Scaria Tom	16428
Scaria Scariah	16428
Zacharias Xavier	16430
Total	380100

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Centrifuged Latex, Creamed Latex and TSR (Block Rubber)

Products :

Product Description	ITC Code
Natural Rubber	40011000
Surgical Gloves	40151100

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Unit	Actual Production
Centrifuged Latex	Kg. of DRC	3,67,676.40
Special Latex	Kg. of DRC	7,41,080.50
Gloves	No.	60,44,449
ISNR 20	Kg.	15,92,000.00

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

70 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
• The Federal Bank Limited, 1st Floor, Sri Raja Rajeswari Building, Church Road, Mullackal, lappuzha - 688011, Kerala, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Federal Bank Term Loan (Secured by the Land and Building of the Company and the personal property of a Director and guaranteed by the Directors of the Company)	9.162	11.538
Meenachil East Co. operative Bank Vehicle Loan (Secured by Motor Vehicles)	0.269	0.490
Short Term Borrowings
Federal Bank C. C. A/c. (Secured by the Land & Building of the Company and the personal property of a Director and guaranteed by the Directors of the Company)	26.406	19.434
Total	35.837	31.462

Banking Relations :	---
Auditors :
Name :	Iyer and Abraham Chartered Accountants
Address :	Mullackal, Alleppey – 688011, Kerala, India
Tel. No.:	91-477-2260639
PAN No.:	ABWPA8324L

CAPITAL STRUCTURE

As on 29.09.2012

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
380100	Equity Shares	Rs.10/- each	Rs.3.801 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	3.801	3.801
(b) Reserves & Surplus	9.131	7.443
(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)	12.932	11.244
(3) Non-Current Liabilities
(a) long-term borrowings	11.286	17.472
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.744	0.645
Total Non-current Liabilities (3)	12.030	18.117
(4) Current Liabilities
(a) Short term borrowings	26.406	19.434
(b) Trade payables	9.170	19.353
(c) Other current liabilities	1.711	0.879
(d) Short-term provisions	0.825	0.960
Total Current Liabilities (4)	38.112	40.626
TOTAL	63.074	69.987
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	27.540	27.087
(ii) Intangible Assets	0.200	0.200
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.206	0.869
(e) Other Non-current assets	0.435	0.520
Total Non-Current Assets	29.381	28.676
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	17.307	29.262
(c) Trade receivables	9.422	8.583
(d) Cash and cash equivalents	2.944	0.106
(e) Short-term loans and advances	4.020	3.360
(f) Other current assets	0.000	0.000
Total Current Assets	33.693	41.311
TOTAL	63.074	69.987

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.801
2] Share Application Money		0.000
3] Reserves & Surplus		5.785
4] (Accumulated Losses)		0.000
NETWORTH		9.586
LOAN FUNDS
1] Secured Loans		28.386
2] Unsecured Loans		5.873
TOTAL BORROWING		34.259
DEFERRED TAX LIABILITIES		0.000
TOTAL		43.845
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.429
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.317
	Sundry Debtors	11.336
	Cash & Bank Balances	6.582
	Other Current Assets	0.000
	Loans & Advances	5.622
Total Current Assets		35.857
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.476
	Other Current Liabilities	1.886
	Provisions	2.682
Total Current Liabilities		19.044
Net Current Assets		16.813
MISCELLANEOUS EXPENSES		0.603
TOTAL		43.845

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	593.534	612.372	NA
		Other Income	0.362	0.343
		TOTAL (A)	593.896	612.715	NA
Less	EXPENSES
		Cost of Raw material Consumed	536.021	553.485
		Purchase of Stock in Trade	5.837	42.658
		Changes of Inventories of Finished Goods, Work in Progress and Stock in Trade	11.955	(19.748)	NA
		Employee Benefit Expense	5.386	3.221
		Other Expenses	23.294	22.643
		TOTAL (B)	582.493	602.259	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.403	10.456	13.174
Less	FINANCIAL EXPENSES (D)		5.277	4.096	3.944
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.126	6.360	9.230
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.631	3.697	1.938
	PROFIT BEFORE TAX (E-F) (G)		2.495	2.663	7.292
Less	TAX (H)		0.807	1.006	2.096
	PROFIT AFTER TAX (G-H) (I)		1.688	1.657	5.196
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.242	5.585	0.389
	BALANCE CARRIED TO THE B/S		8.930	7.242	5.585
	IMPORTS
		Raw Materials	0.172	NA	NA
		Mould	0.010	NA	NA
	TOTAL IMPORTS		0.182	NA	NA
	Earnings Per Share (Rs.)		4.44	4.36	13.67

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.28	0.27	NA
Net Profit Margin (PBT/Sales)	(%)	0.42	0.43	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.96	3.80	11.71
Return on Investment (ROI) (PBT/Networth)		0.19	0.24	0.76
Debt Equity Ratio (Total Debt /Networth)		2.91	3.28	3.57
Current Ratio (Current Asset/Current Liability)		0.88	1.02	1.88

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
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

FINANCIAL PERFORMANCE

It may be noted from the summary of accounts that the operating profit is amounted to Rs.11.403 Millions. After providing for interest, depreciation, tax and other provisions the company recorded a net profit of Rs.1.688 Millions.

During the year the Indian Economy could not maintain its growth momentum. The growth in the Automobile industry slowed down suddenly during the end of the year decreasing the demand for automotive tyres and consequently depressed the price of rubber at the fag end of the year. Oil prices increased due to the decline in the value of the Rupee against the dollar making the highest increase in fuel prices in the last few years.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
From Directors	0.095	0.095
From Shareholders	1.760	5.324
From Others	0.000	0.025
Total	1.855	5.444

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10420780	22/04/2013 *	48,900,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B73976946

* Date of charge modification

FIXED ASSETS

• Building
• Plant and Machinery
• Electrical Fittings
• Lab Equipments
• Furniture and Fittings
• Motor Vehicles
• Office Equipments
• Computer

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 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.63.38
UK Pound	1	Rs.100.86
Euro	1	Rs.84.60

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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

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.