MIRA INFORM REPORT

Report Date :

20.12.2014

IDENTIFICATION DETAILS

Name :	AGARWAL COAL CORPORATION PRIVATE LIMITED
Registered Office :	Matra Kripa, Chameli Park, Near Goyal Nagar, Indore – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.08.2000
Com. Reg. No.:	10-014351
Capital Investment / Paid-up Capital :	Rs.28.728 Millions
CIN No.: [Company Identification No.]	U23109MP2000PTC014351
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCA8468K
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Coal.
No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = A-
Rating Explanation	Have adequate degree of safety and low credit risk.
Date	05.12.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2+
Rating Explanation	Have strong degree of safety and low credit risk.
Date	05.12.2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Pradeep Upadhyay
Designation :	AGM Accounts
Contact No.:	91-731-2539575
Date :	17.12.2014

LOCATIONS

Registered Office :	Matra Kripa, Chameli Park, Near Goyal Nagar, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2539575/ 2592183 (R)/ 2431709
Fax No.:	91-731-2531388
E-Mail :	agarcoal@sancharnet.in agarcoal@airtelmail.in admanum_ho@rediffmail.com mrsheikh_cs2005@rediffmail.com gmaccount@agarwalcoal.com
Website :	www.agarwalcoal.com
Location :	Owned
Head Office :	“Agarwal House”, 2^nd Floor, 5, Yeshwant Colony, Indore – 452003, Madhya Pradesh, India
Tel. No.:	91-731-2538874/ 2431709/ 2548851
E-Mail :	agarcoal@sancharnet.in info@agarwalcoal.com
Location :	Owned
Regional Office :	5, Sarawati Chambers, Shahibag, Ahmedabad, Gujarat, India
Tel. No.:	91-79-26463671/ 22538874/ 22539575

DIRECTORS

As on 30.09.2014

Name :

Mr. Vinod Kumar Agarwal

Designation :

Managing Director

Address :

Matra Kripa 2, Chameli Park, Near Goyal Nagar, Indore – 452018, Madhya Pradesh, India

Date of Birth/Age :

11.06.1964

Qualification :

B.Com

Experience :

27 Years

Date of Appointment :

04.10.2000

PAN No.:

ABHPA2474Q

DIN No.:

00136613

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	L52520MP1986PLC003405	AD- MANUM FINANCE LIMITED	Director	16/08/2014	11/08/1992	-	Active	NO
2	U45203MP1980PTC001674	Agarwal Fuel Corporation Private Limited	Managing director	16/08/2014	27/06/1996	-	Active	NO
3	U15205MP1991PTC006651	SANJANA COLD STORAGE PRIVATE LIMITED	Director	15/03/1999	15/03/1999	16/06/2014	Active	NO
4	U23109MP2000PTC014351	AGARWAL COAL CORPORATION PRIVATE LIMITED	Managing director	04/10/2000	04/10/2000	-	Active	NO
5	U60210MP2003PTC015665	AGARWAL TRANSPORT CORPORATION PRIVATE LIMITED	Director	21/03/2003	21/03/2003	-	Active	NO
6	U45201MP2005PTC017291	AGARWAL REAL CITY PRIVATE LIMITED	Director	28/01/2005	28/01/2005	-	Active	NO
7	U01010MP2005PTC017426	AGARMIN COALWASHERY PRIVATE LIMITED	Director	14/03/2005	14/03/2005	20/11/2013	Active	NO
8	AAB-8976	AGARWAL REALINFRA LLP	Designated Partner	29/11/2013	29/11/2013	-	Active	NO

Name :

Mr. Surendra Prasad Shukla

Designation :

Director

Address :

I – 25, LIG Colony, R A - VI, Shankar Shukla Nagar, Indore – 452008, Madhya Pradesh, India

Date of Birth/Age :

16.02.1949

Date of Appointment :

01.04.2014

PAN No.:

ANZPS2071B

DIN No.:

00353879

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	L23101MP1989PLC015116	P.K.WORLDWIDE LIMITED	Director	24/06/1997	24/06/1997	-	Active	NO
2	U23109MP2000PTC014351	AGARWAL COAL CORPORATION PRIVATE LIMITED	Whole-time director	01/04/2014	04/07/2002	-	Active	NO
3	U17234MP1994PLC008745	AD-MANUM PACKAGINGS LIMITED	Director	08/04/2006	08/04/2006	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pradeep Upadhyay
Designation :	AGM Accounts

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Vinod Kumar Agarwal	1012300
Neena Devi Agarwal	200
Available Finance Limited, India	800000
Vinod Kumar Agarwal HUF	200
Archana Kothari	100
Meena Devi Agarwal	100
Alpin Infosys Private Limited, India	10000
Aditi Mittal	100
Archana Coal Private Limited, India	438000
Arero Dealcomiv Private Limited, India	114600
Jagdamba Enclave Private Limited, India	60000
Kalika Vyapar Private Limited, India	55000
Shardha Vanijya Private Limited, India	68500
Gourist Vyapar Private Limited, India	47500
Abhilasha Tieup Private Limited, India	77200
Tran Agarwal	189000
Total	2872800

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	58.15
Directors or relatives of Directors	41.84
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Coal.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Coal
Countries :	Indonesia South Africa
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS = Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

• End Users, OEMs

No. of Employees :

75 (Approximately)

Bankers :

• UCO Bank, Gram Pipliahana, Tilak Nagar, Indore – 452001, Madhya Pradesh, India

Tel No.: 91-731-2490384

• Corporation Bank, 63, M.G. Road, Near Regal Square, Mahavir Empire, Indore – 452001, Madhya Pradesh, India
• State Bank of Indore
• ICICI Bank Limited, Indore, Madhya Pradesh, India
• Bank of India, Indore MID Corporate Branch, 345A, PU4 Scheme No. 54, Vijay Nagar, Indore – 452010, Madhya Pradesh, India
• Indian Overseas Bank

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Other loans and Advances	16.672	0.000
SHORT TERM BORROWING
Working capital loans from banks	14241.208	15222.467
Total	14257.880	15222.467

Auditors :
Name :	Mahendra Badjatya and Company Chartered Accountants
Address :	208, Morya Centre, 16, Race Course Road, Indore - 452001, Madhya Pradesh, India
Tel. No.:	91-731-2532783/ 2535934/ 2430542
Mobile No.:	91-9827023923
Fax No.:	91-731-2532783
E-Mail :	jainok@hotmail.com okmkb@yahoo.co.in
PAN No.:	ACFPB4495F
Memberships :	--
Collaborators :	--
Associate :	· Agarwal Coal Corporation (S) Pte. Limited · Available Finance Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Agarwal Dal Mills Private Limited [U15313MP1998PTC013008] · Agarwal Fiscal Private Limited [U65910MH1994PTC084019] · Agarwal Transport Corporation Private Limited [U60210MP2003PTC015665] · Archana Coal Private Limited [U01122MP1991PTC006664] · Agarwal Fuel Corporation Private Limited [U45203MP1980PTC001674] · Neena Warehousing Corporation · Shukla and Company, Surat · Shree Agarwal Coal India Private Limited [U10100MH2001PTC133444] · Maa Charitable Trust

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2872800	Equity Shares	Rs.10/- each	Rs. 28.728 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	28.728	28.728	28.728
(b) Reserves & Surplus	2225.662	1992.102	1754.454
(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)	2254.390	2020.830	1783.182
(3) Non-Current Liabilities
(a) long-term borrowings	138.738	118.847	120.818
(b) Deferred tax liabilities (Net)	29.297	32.127	34.215
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	168.035	150.974	155.033
(4) Current Liabilities
(a) Short term borrowings	14241.208	15222.467	14125.216
(b) Trade payables	2707.188	3140.237	2666.803
(c) Other current liabilities	196.940	293.134	281.385
(d) Short-term provisions	9.281	7.153	0.000
Total Current Liabilities (4)	17154.617	18662.991	17073.404
TOTAL	19577.042	20834.795	19011.619
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	176.123	155.637	135.129
(ii) Intangible Assets	0.611	1.128	1.532
(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	67.556	53.069	63.892
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	244.450	192.385	100.566
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	488.740	402.219	301.119
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1202.706	1498.031	1472.644
(c) Trade receivables	7578.275	7828.554	6635.386
(d) Cash and cash equivalents	9035.421	10364.245	9177.067
(e) Short-term loans and advances	1271.900	741.746	1409.456
(f) Other current assets	0.000	0.000	15.947
Total Current Assets	19088.302	20432.576	18710.500
TOTAL	19577.042	20834.795	19011.619

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES (Approximately)	24440.000	24090.000	NA
Less	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	378.045	373.937	243.48
Less/ Add	DEPRECIATION/ AMORTISATION	21.628	20.876	19.974
	PROFIT/ (LOSS) BEFORE TAX	356.417	353.061	223.506
Less	TAX	122.857	115.413	70.59
	PROFIT/ (LOSS) AFTER TAX	233.560	237.648	152.916
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	1834.270	1596.622	1443.706
	Earnings / (Loss) Per Share (Rs.)	81.30	82.72	53.23

Expected Sales (2014-15) : Rs. 25000.000 Millions

The above information has been parted by Mr. Pradeep Upadhyay

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	1.83	1.70	1.18
Return on Investment (ROI) (PBT/Networth)		0.16	0.17	0.13
Debt Equity Ratio (Total Debt /Networth)		6.38	7.59	7.99
Current Ratio (Current Asset/Current Liability)		1.11	1.09	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	28.728	28.728	28.728
Reserves & Surplus	1754.454	1992.102	2225.662
Net worth	1783.182	2020.830	2254.390
long-term borrowings	120.818	118.847	138.738
Short term borrowings	14125.216	15222.467	14241.208
Total borrowings	14246.034	15341.314	14379.946
Debt/Equity ratio	7.989	7.592	6.379

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales (Approximately)	24090.000	24440.000
		1.453

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales (Approximately)	24090.000	24440.000
Profit	237.648	233.560
	0.99%	0.96%

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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Intercorporate Deposits	122.066	0.000
Deposits from Shareholders	0.000	118.847
Total	122.066	118.847

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10515243	18/08/2014	700,000,000.00	Indian Overseas Bank	Mid Corpoate Branch, Sanghi Manor, 6/2, Near Rani Sati Gate, Y N Road, Indore, Madhya Pradesh - 452 003, INDIA	C16628091
2	10505518	09/06/2014	3,450,000,000.00	UCO Bank	Gram Piplihana, Tilak Nagar Branch, Indore, Madhya Pradesh - 452001, INDIA	C08898470
3	10496169	07/04/2014	880,000,000.00	HDFC BANK LIMITED	Scheme no. 94, Sector-B, Behind Bombay Hospital, Indore, Madhya Pradesh - 452010, INDIA	C04900411
4	10303157	01/08/2011	1,570,000,000.00	Corporation Bank	63, M.G. Road, Near Regal Square, Mahavir Empire, Indore, Madhya Pradesh - 452001, INDIA	B19160027
5	10279936	22/03/2011	525,000,000.00	BANK OF INDIA	Indore MID CORPORATE BRANCH, 345A, PU4 SCHEME NO. 54, VIJAY NAGAR, INDORE, Madhya Pradesh - 452010, INDIA	B10442671
6	10282090	22/03/2011	525,000,000.00	BANK OF BARODA	INDUSTRIAL ESTATE BRANCH, 61/1, SNEHLATAGANJ, IND ORE, Madhya Pradesh - 452003, INDIA	B11407004
7	10249761	04/11/2010	500,000,000.00	UCO BANK	GRAM PIPLIAHANA, TILAK NAGAR, INDORE, Madhya Pradesh - 452001, INDIA	A98862063
8	10189269	07/12/2009 *	1,471,500,000.00	UCO BANK	GRAM PIPLIAHANA BRANCH, TILAK NAGAR, INDORE, Madhya Pradesh - 452018, INDIA	A76379858
9	10189464	26/10/2009	350,000,000.00	STATE BANK OF INDORE	P.Y. ROAD BRANCH, INDORE, Madhya Pradesh - 452004, INDIA	A74758723
10	10051277	16/05/2007	45,000,000.00	STATE BANK OF INDORE	1, P. Y. ROAD BRANCH, P.Y.ROAD INDORE, INDORE, Madhya Pradesh - 452001, INDIA	A15156128

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Office building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Computer equipments

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.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	3
--RESERVES	1~10	6
--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		47

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.