MIRA INFORM REPORT

Report Date :

07.04.2017

IDENTIFICATION DETAILS

Name :	WARNER BROS PICTURES (INDIA) PRIVATE LIMITED
Registered Office :	42 M Karve Road, Churchgate, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.07.2003
Com. Reg. No.:	11-141168
Capital Investment / Paid-up Capital :	Rs.1425.000 Millions
CIN No.: [Company Identification No.]	U92110MH2003PTC141168
TAN No.: [Tax Deduction & Collection Account No.]	MUMW02121A
PAN No.: [Permanent Account No.]	AAACW5535B
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the business of import, duplication and distribution of foreign cinematographs, video films and incidental activities of hiring/sale of advertising accessories and acquisition of and distribution of Indian Films.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 23000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of “WARNER BROS ENTERTAINMENT INC”. It is an established company having moderate track record. There appears huge accumulated losses recorded by the company. However, the company gets strong financial support from its holdings. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. In view of experience promoters, the company can be considered for business dealings with caution.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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. Mehoor Shah
Designation :	Finance Department
Contact No.:	91-22-6112500/6112508
Date :	03.04.2014

LOCATIONS

Registered Office / Factory:	42 M Karve Road, Churchgate, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-66112542 / 6112500
Fax No.:	91-22-66112539
E-Mail :	blaise.fernandes@warnerbros.com denzil.dies@warnerbros.com
Website :	http://www.warnerbros.com
Area :	4000 sq. ft.
Location :	Owned

DIRECTORS

As on 21.10.2013

Name :	Mr. Denzil Tony Dias
Designation :	Managing Director
Address :	2 Neel Kanth, Dadabhai Cross Road, No.3, Ville Parle East, Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	04.05.1973
Date of Appointment :	08.03.2013
DIN No.:	02277013
PAN No.:	AAGPD1473J

Name :	Mr. Suresh Narsappa Talwar
Designation :	Director
Address :	10, Shiv Sahanti Bhavan, 146, Maharashi Karve Road, Churchgate Reclamation, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	21.11.1937
Date of Appointment :	20.01.2005
DIN No.:	00001456
Name :	Mr. Darius Cavasji Shroff
Designation :	Director
Address :	Moonlight Flat No.8, Maharshi Karve Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	08.08.1944
Date of Appointment :	20.01.2005
DIN No.:	00170680
Name :	Mr. Damon Banesteel
Designation :	Director
Address :	414 South Bentley Avenue, Los Angeles – 90049, California, USA
Date of Birth/Age :	02.01.1969
Date of Appointment :	03.07.2003
DIN No.:	00236297
Name :	Mr. Edward Ramano
Designation :	Director
Address :	14, Toluca Estate Drive, Toluca Lake, California – 91602, USA
Date of Birth/Age :	03.03.1942
Date of Appointment :	03.07.2003
DIN No.:	00244299
Name :	Mr. David Williamson
Designation :	Director
Address :	18747, Mayall Street, Northridge, California – CA91324, USA
Date of Birth/Age :	01.06.1958
Date of Appointment :	03.07.2003
DIN No.:	00257119
Name :	Mr. Anh Dung Jack Nguyen Huu
Designation :	Director
Address :	877, Iliff Stree, Pacific Palisades, California – 90272, USA
Date of Birth/Age :	02.01.1963
Date of Appointment :	03.07.2003
DIN No.:	01508197
Name :	Mr. John Andrew Rogovin
Designation :	Additional Director
Address :	406 N Bonhill Road, Los Angeles, CA 90049, USA
Date of Birth/Age :	10.07.1961
Date of Appointment :	23.07.2009
DIN No.:	02729649

KEY EXECUTIVES

Name :	Mr. Mehoor Shah
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.10.2013

Names of Shareholders	No. of Shares	% age
T W Ventures Inc, USA	219999	0.15
Warner Bros Entertainment Inc., USA	142280001	99.85
Total	142500000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 21.10.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in the business of import, duplication and distribution of foreign cinematographs, video films and incidental activities of hiring/sale of advertising accessories and acquisition of and distribution of Indian Films.
Exports :
Products :	Cinematographs films
Countries :	USA

GENERAL INFORMATION

No. of Employees :	40 (Approximately)
Bankers :	CITI Bank, Fort Branch, Mumbai, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	14th Floor, The Ruby 29, Senapati Bapat Marg, Dadar West, Mumbai - 400028, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFS3421N
Holding company:	Warner Bros. Entertainment Inc.
Fellow Subsidiary company:	Warner Bros (F.E.) Inc. Warner Bros. Home Entertainment Inc. Warner Bros. Distributing Inc. Warner Bros. Pictures International

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
142500000	Equity Shares	Rs.10/- each	Rs.1425.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
142500000	Equity Shares	Rs.10/- each	Rs.1425.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1425.000	1225.000	1225.000
(b) Reserves & Surplus	(1419.262)	(1350.207)	(1286.682)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5.738	(125.207)	(61.682)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	12.437	10.861	3.185
Total Non-current Liabilities (3)	12.437	10.861	3.185
(4) Current Liabilities
(a) Short term borrowings	0.000	83.000	115.000
(b) Trade payables	88.754	57.141	44.672
(c) Other current liabilities	31.486	41.399	35.626
(d) Short-term provisions	15.554	18.105	14.355
Total Current Liabilities (4)	135.794	199.645	209.653
TOTAL	153.969	85.299	151.156
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.497	8.939	5.138
(ii) Intangible Assets	0.000	0.000	19.842
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	20.804	20.615	39.945
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	27.301	29.554	64.925
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	60.158	12.896	28.136
(d) Cash and cash equivalents	18.132	8.227	4.685
(e) Short-term loans and advances	39.213	26.451	34.186
(f) Other current assets	9.165	8.171	19.224
Total Current Assets	126.668	55.745	86.231
TOTAL	153.969	85.299	151.156

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	NA	NA	NA
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		Royalties	NA	NA	NA
		Print and Sales Promotion Expenses
		Personnel Expenses
		Operating and Other Expenses
		TOTAL	NA	NA	NA
	PROFIT/ (LOS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOS) AFTER TAX		(69.055)	(63.525)	(174.612)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	(1112.069)
	BALANCE CARRIED TO THE B/S		NA	NA	NA
	Earnings/ (Loss) Per Share (Rs.)		(0.56)	(0.52)	(1.43)

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	0.00	(66.29)	(186.44)
Current Ratio (Current Asset/Current Liability)	93.28	27.92	41.09

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1,225.000	1,225.000	1,425.000
Reserves & Surplus	(1,286.682)	(1,350.207)	(1,419.262)
Net worth	(61.682)	(125.207)	5.738
long-term borrowings	0.000	0.000	0.000
Short term borrowings	115.000	83.000	0.000
Total borrowings	115.000	83.000	0.000
Debt/Equity ratio	(1.864)	(0.663)	0.000

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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 three years	No
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)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
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: NO CHARGES EXIST FOR COMPANY

FINANCIAL RESULTS:

The Company has incurred a net loss of Rs. 69.055 Millions for the year after providing Rs.3.171 Millions for depreciation. The Company is expecting to increase its revenue during the current year. There was no transfer to Reserves account during the year.

CORPORATE INFORMATION

i) Subject incorporated in July 2003 is a subsidiary of Warner Bros Entertainment Inc. The company is principally engaged in import, duplication and distribution of foreign cinematographs and video films and activities for acquisition and distribution of Indian films.

ii) The Company has incurred loss of Rs. 69.055 Millions (including cash loss of Rs. 64.764 Millions during the year ended March 2013 and has accumulated losses of Rs. 1419.262 Millions at March 2013. Management has plans to improve the profitability and based on the financial and operational support from the parent company, the financial statements have been prepared on a going concern basis.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Working capital loans from banks	0.000	83.000
Total	0.000	83.000

FIXED ASSETS

Tangible assets

• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Leasehold improvements

PRESS RELEASES

WARNER BROS. PICTURES NUMBER ONE STUDIO IN 2013

6 JANUARY 2014

Warner Bros. Pictures has emerged as the top-grossing studio for 2013 after an estimated global box office earning of $5.035 billion.

Dan Fellman, president of Domestic Distribution; Veronika Kwan Vandenberg, president of International Distribution; and Sue Kroll, president of Worldwide Marketing and International Distribution, Warner Bros. Pictures announced that the studio ranked number one in the US, international and worldwide market shares, said a statement.

In India as well -- having raked in Rs.1550.000 Millions, Warner Bros. Pictures turned out to be number one Hollywood studio in 2013.

Some of their box office hits include "The Conjuring" with Rs.24 crore (about $3,854,848), "Man of Steel" with Rs.370.000 Millions and "Gravity" with Rs.420.000 Millions.

"Gravity" and "The Conjuring" have witnessed 100 days and 50 days, respectively, at the Indian box office, which is rare for English films in the country.

"We are extremely proud of all the remarkable benchmarks reached in 2013. These terrific numbers speak to the diversity of our slate, which has enabled us to deliver great entertainment to a broad range of audiences throughout the year," Fellman said in the statement.

TIME WARNER NAMES KEVIN TSUJIHARA CEO OF WARNER BROS. STUDIO

JANUARY 29 2013

Time Warner says digital tech expert Tsujihara will succeed Barry Meyer, who will stay as chairman through 2013

Time Warner Inc. named digital technology expert Kevin Tsujihara as chief executive of Warner Bros. Entertainment, the film and television studio behind the Harry Potter movie franchise and TV hit The Big Bang Theory.

Tsujihara will begin the CEO job on 1 March, Time Warner said in a statement on Monday. He will succeed Barry Meyer, who will stay with the company as chairman through 2013.

The decision underlines the importance Warner Bros. is placing on digital distribution. Since 2005, Tsujihara has run the Warner Bros. home entertainment group, overseeing home video, digital distribution, video games, anti-piracy efforts and emerging technology.

In that role, he pushed Warner Bros. to take advantage of a consumer shift to viewing of entertainment content over the Internet via computers, phones and tablets.

Tsujihara oversaw Warner Bros.’ 2011 acquisition of movie discovery website Flixster. That same year, he was one of the first major media company executives to embrace Facebook, letting users rent Warner Bros. movies through the social-networking site.

Tsujihara also championed Hollywood’s UltraViolet initiative, an effort to promote movie ownership by letting consumers purchase digital copies stored in the cloud. And he pushed back against video rental service Netflix Inc to boost Warner’s own home video business, extending the time Netflix users must wait to rent Warner Bros. movies on DVD.

“We have always adapted to new business models and new technologies, and we will continue to do that,” Tsujihara said in an interview on Monday. “But this company’s real strength has been the great entertainment that it has always created.”

“We are fortunate that we are at the top of our game, creatively and financially,” he added.

Outside of his digital focus, Tsujihara gained experience in the creative side of the business by taking part in decisions about which movies and shows to send into production. “I understand the process, but that doesn’t mean that I am going to give casting instructions,” he said.

Warner Bros., founded in 1923 by four brothers, has produced some of Hollywood’s biggest franchises including the Harry Potter series and the recent Batman trilogy, which concluded with The Dark Knight Rises. Its TV studio gave birth to hits such as Murphy Brown, ER and Friends.

This year, the Warner Bros. film slate includes a new Superman film, Man of Steel, and the second of three Hobbit movies.

The appointment of Tsujihara settles the question of who would succeed Meyer, who is expected to retire after 14 years running the studio. Warner Bros. Television President Bruce Rosenblum and Warner Bros. Pictures President Jeff Robinov also had been in the running to replace Meyer.

Tsujihara said no decision has been made as to whether he will succeed Barry Meyer as chairman, or what kind of management structure would be created for Rosenblum and Robinov. “That’s my first job,” he said.

Time Warner CEO Jeff Bewkes called Tsujihara “one of the most effective and respected executives within Time Warner, and the right leader to ensure Warner Bros.’ preeminence into the future.”

Time Warner shares fell 0.6%, or 31 cents, to close at $50.09 on the New York Stock Exchange.

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.60.32
UK Pound	1	Rs.100.04
Euro	1	Rs.82.65

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	SUB
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		27

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.