MIRA INFORM REPORT

Report Date :

09.04.2014

IDENTIFICATION DETAILS

Name :	ENCO ENGINEERS COMBINE PRIVATE LIMITED
Registered Office :	B-2/48, Safdarjung Enclave, Delhi - 110029
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.05.1996
Com. Reg. No.:	55-079115
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U29191DL1996PTC079115
TAN No.: [Tax Deduction & Collection Account No.]	RTKE00837E
PAN No.: [Permanent Account No.]	AAACE3763D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of high precision sheet metal parts and assemblies for automobile, white goods and engineering industries
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 741000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears dip in profitability of the company during financial year 2013. However, general financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 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

Name :	Mr. Amitabh Rai
Designation :	Business Developer
Contact No.:	91-8130199700
Date :	07.04.2014

LOCATIONS

Registered Office :	B-2/48, Safdarjung Enclave, Delhi – 110029, India
Tel. No. :	91-11-26185526
Mobile No. :	91-8130199700 (Mr. Amitabh Rai)
Fax No. :	Not Available
E-Mail :	accounts@enco.in bd@enco.in
Website :	www.enco.in
Location :	Owned
Locality :	Commercial
Factory 1 :	GP-75, Maruti Industrial Complex, Sector 18, Gurgaon – 122015, Haryana, India
Tel. No. :	91-124-4012599
Fax No. :	91-124-4012599
Factory :	Also Located At: Dharuhera Chennai

DIRECTORS

As on 30.09.2013

Name :

Mr. Rajan Gupta

Designation :

Director

Address :

B-2/48, Safdarjung Enclave, Delhi – 110029, India

Date of Birth/Age :

17.01.1960

Date of Appointment :

23.05.1996

PAN No. :

AAIPG0545L

DIN No. :

00094571

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	U29191DL1996PTC079115	ENCO ENGINEERS COMBINE PRIVATE LIMITED	Director	23/05/1996	23/05/1996	-	Active	NO
2	U29308DL2005PTC141740	ENCO ENGINEERS COMBINE (PLANT II) PRIVATE LIMITED	Director	30/09/2009	08/08/2008	-	Active	NO

Name :

Mr. Vidur Gupta

Designation :

Director

Address :

B-2/48, Safdarjung Enclave, Delhi – 110029, India

Date of Birth/Age :

27.08.1954

Date of Appointment :

23.05.1996

PAN No. :

AAFPG2522A

DIN No. :

00094629

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	U29191DL1996PTC079115	ENCO ENGINEERS COMBINE PRIVATE LIMITED	Director	23/05/1996	23/05/1996	-	Active	NO
2	U29308DL2005PTC141740	ENCO ENGINEERS COMBINE (PLANT II) PRIVATE LIMITED	Director	30/09/2009	26/09/2008	-	Active	NO
3	U34102DL2013PTC250447	ENCO AUTOMOTIVE PRIVATE LIMITED	Director	08/04/2013	08/04/2013	-	Active	NO

Name :

Mr. Santosh Gupta

Designation :

Director

Address :

B-2/48, Safdarjung Enclave, Delhi – 110029, India

Date of Birth/Age :

04.08.1932

Date of Appointment :

23.05.1996

PAN No. :

AAFPG2523B

DIN No. :

00094645

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	U29191DL1996PTC079115	ENCO ENGINEERS COMBINE PRIVATE LIMITED	Director	23/05/1996	23/05/1996	-	Active	NO
2	U29308DL2005PTC141740	ENCO ENGINEERS COMBINE (PLANT II) PRIVATE LIMITED	Director	30/09/2009	26/09/2008	-	Active	NO

Name :

Mr. Ishaan Gupta

Designation :

Director

Address :

B-2/48, Safdarjung Enclave, Delhi – 110029, India

Date of Birth/Age :

23.08.1983

Date of Appointment :

01.03.2010

DIN No. :

02960431

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	U29191DL1996PTC079115	ENCO ENGINEERS COMBINE PRIVATE LIMITED	Director	29/09/2012	01/03/2010	-	Active	NO
2	U85100DL2010PTC201956	CHARGE FITNESS VENTURES PRIVATE LIMITED	Director	26/04/2010	26/04/2010	06/06/2013	Active	NO
3	U29308DL2005PTC141740	ENCO ENGINEERS COMBINE (PLANT II) PRIVATE LIMITED	Director	10/08/2011	06/12/2010	-	Active	NO
4	U34102DL2013PTC250447	ENCO AUTOMOTIVE PRIVATE LIMITED	Director	08/04/2013	08/04/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age
Vidur Gupta	33333	33.33
Rajan Gupta	33333	33.33
Akshay Gupta	16667	16.67
Ishaan Gupta	16667	16.67
Total	100000	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Other top fifty shareholders	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of high precision sheet metal parts and assemblies for automobile, white goods and engineering industries.
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

300 (Approximately)

Bankers :

• Union Bank of India, C-4, Community Centre, Safdarjung Development Area, Delhi - 110016, India
• Citi Bank N.A., Jeevan Bharti Building, 4^th Floor, 124, Connaught Circus, Connaught Place, New Delhi - 110001, India
• Small Industries Development Bank of India Udyog Minar, Vanijya Nikunj, Udyog Vihar, Phase-V, Gurgaon - 122016, Haryana, India
• Axis Bank, New Delhi, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term loan
From SIDBI Bank	6.585	11.926
From HDFC Bank, New Delhi	0.226	1.812
From axis Bank, New Delhi	1.018	1.400
SHORT TERM BORROWINGS
Cash Credit Facility	13.983	15.973
From Union Bank of India	7.090	0.677
Total	28.902	31.788

Banking Relations :	--
Auditors :
Name :	Lalit Allagh and Associates Chartered Accountants
Address :	1396, Duplex House Rows, Sector – 31, Gurgaon - 122001, Haryana, India
Tel. No. :	91-124-4271250 / 6524414
E-Mail :	Lalit_allagh@yahoo.com
PAN No. :	AAHPA2294H
Subsidiaries :	Enco Engineers Combine (Plant II) Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

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	1.000	1.000	1.000
(b) Reserves & Surplus	184.212	173.132	163.091
(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)	185.212	174.132	164.091
(3) Non-Current Liabilities
(a) long-term borrowings	23.224	28.996	39.660
(b) Deferred tax liabilities (Net)	3.267	3.237	3.337
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	21.050	21.051
Total Non-current Liabilities (3)	26.491	53.283	64.048
(4) Current Liabilities
(a) Short term borrowings	21.073	16.650	0.000
(b) Trade payables	77.620	83.111	94.811
(c) Other current liabilities	19.480	14.107	14.740
(d) Short-term provisions	9.367	23.843	19.292
Total Current Liabilities (4)	127.540	137.711	128.843
TOTAL	339.243	365.126	356.982
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	61.918	62.503	61.365
(ii) Intangible Assets	0.000	0.000	0.000
(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	33.588	25.910	25.910
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	95.506	88.413	87.275
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	53.764	40.366	56.254
(c) Trade receivables	24.612	43.209	48.371
(d) Cash and cash equivalents	38.937	48.777	68.945
(e) Short-term loans and advances	126.424	144.361	96.137
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	243.737	276.713	269.707
TOTAL	339.243	365.126	356.982

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	646.452	909.061	1228.802
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	619.720	884.629	1160.087
			(Including Financial)
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		26.732	24.432	68.715
Less/ Add	DEPRECIATION/ AMORTISATION		10.805	9.941	10.644
	PROFIT/ (LOSS) BEFORE TAX		15.927	14.491	58.071
Less	TAX		4.847	4.451	19.200
	PROFIT/ (LOSS) AFTER TAX		11.080	10.040	38.871
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		173.131	163.091	124.220
	BALANCE CARRIED TO THE B/S		184.211	173.131	163.091
	Earnings / (Loss) Per Share (Rs.)		110.80	100.40	388.71

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.71	1.10	3.16
Return on Total Assets (PBT/Total Assets}	(%)	5.21	4.27	17.54
Return on Investment (ROI) (PBT/Networth)		0.09	0.08	0.35
Debt Equity Ratio (Total Debt /Networth)		0.24	0.26	0.24
Current Ratio (Current Asset/Current Liability)		1.91	2.01	2.09

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	1.000	1.000	1.000
Reserves & Surplus	163.091	173.132	184.212
Net worth	164.091	174.132	185.212
long-term borrowings	39.660	28.996	23.224
Short term borrowings	0.000	16.650	21.073
Total borrowings	39.660	45.646	44.297
Debt/Equity ratio	0.242	0.262	0.239

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Sales	1228.802	909.061	646.452
		(26.021)	(28.888)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1228.802	909.061	646.452
Profit	38.871	10.040	11.080
	3.16%	1.10%	1.71%

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
From Directors	11.029	10.029
From Relatives	4.366	3.829
Total	15.395	13.858

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10402850	24/12/2012	50,000,000.00	Citi Bank N.A.	Jeevan Bharti Building, 4th Floor, 124, Connaught Circus, Connaught Place, New Delhi, Delhi - 110001, INDIA	B68024744
2	10365343	12/06/2012	20,000,000.00	Citibank N.A	Jeevan Bharti Building, 4th Floor, 124, Connaught Circus, Connaught Place, New Delhi, Delhi - 110001, INDIA	B43565928
3	10255105	25/11/2010	48,000,000.00	Citibank N.A	Jeevan Bharti Building, 4th Floor, 124, Connaught Circus, Connaught Place, New Delhi, Delhi - 110001, INDIA	B00574962
4	10255106	25/11/2010	48,000,000.00	Citibank N.A	Jeevan Bharti Building, 4th Floor, 124, Connaught Circus, Connaught Place, New Delhi, Delhi - 110001, INDIA	B00575316
5	10063726	08/07/2010 *	39,425,000.00	Small Industries Development Bank of India	GROUND FLOOR, UDYOG Minar, Vanijya Nikunj, Udyog Vihar, Phase-V, Gurgaon, Haryana - 122016, INDIA	A88803184
6	90049790	02/05/2013 *	10,000,000.00	UNION BANK OF INDIA	C-4, COMMUNITY CENTRE, SAFDARJUNG DEVELOPMENT AREA, Delhi - 110016, INDIA	B78319175

* Date of charge modification

FIXED ASSETS

¨ Land

¨ Building

¨ Furniture and fixture

¨ Vehicles

¨ Machinery

¨ Office Equipment

¨ Die and Tools

¨ L.C.V.

¨ Computers

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.59.95
UK Pound	1	Rs.99.36
Euro	1	Rs.82.15

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	KAR
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.