MIRA INFORM REPORT

Report Date :

26.02.2014

IDENTIFICATION DETAILS

Name :	PURE TONERS AND DEVELOPERS PRIVATE LIMITED
Registered Office :	Plot No. C-1-237/3 and 4 C-1/238/1 Por-Ramangamdi, GIDC, Por, Vadodara – 391 241, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.08.2000
Com. Reg. No.:	04-038501
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U24299GJ2000PTC038501
TAN No.: [Tax Deduction & Collection Account No.]	BRDP01279F
PAN No.: [Permanent Account No.]	AACCP0192P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Toner Powder.
No. of Employees :	111 (Approximately) [In Office 31 and In Factory 80]

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has shown a significant increase in the sales turnover as well as net profitability during financial year 2013. Trade relations are fair. Business is active. Payments are reported as usually correct. 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 – 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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE2A
Rating Explanation	High financial strength and high performance capability.
Date	23.10.2012

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. Pravin Prajapati
Designation :	Accountant Manager
Contact No.:	91-265-2830413
Date :	25.02.2014

LOCATIONS

Registered Office/ Factory :	Plot No. C-1-237/3 and 4 C-1/238/1 Por-Ramangamdi, GIDC, Por, Vadodara – 391 241, Gujarat, India
Tel. No.:	91-265-2830413/ 2830464/ 2830407/ 2331730
Fax No.:	91-265-2830407/ 2357109/ 2830464
E-Mail :	accounts@puretoners.com mail@puretoners.com ptdl@satyam.net.in sales@puretoners.com marketing@puretoners.com
Website :	http://www.puretoners.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Umesh Balvantlal Desai

Designation :

Managing Director

Address :

5, Avani Park, Gotri Road, Vadodara – 390 021, Gujarat, India

Date of Birth/Age :

27.04.1960

Qualification :

MBA

Date of Appointment :

18.08.2012

Din No.:

00921834

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	Company/ LLP Status	Defaulting status
1	U24299GJ2000PTC038501	PURE TONERS AND DEVELOPERS PRIVATE LIMITED	Managing director	18-08-12	29-08-02	Active	NO
2	U24110GJ2005PTC046589	PRIMARIUS CUSTOM SYNTHESIS PRIVATE LIMITED	Director	22-12-07	22-12-07	Active	NO

Name :

Mr. Asitkumar Babubhai Choksi

Designation :

Managing Director

Address :

A-12, Kashivishweshwar Township, Jetalpur Road, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

20.11.1967

Qualification :

MBA

Date of Appointment :

18.08.2012

Din No.:

00921893

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	Company/ LLP Status	Defaulting status
1	U24299GJ2000PTC038501	PURE TONERS AND DEVELOPERS PRIVATE LIMITED	Managing director	18-08-12	01-05-01	Active	NO

Name :

Mr. Govind Dharamsi Ravaria

Designation :

Managing Director

Address :

3^rd Floor, Sheth H Ful 161/169 Bazar Gate Street, Fort, Mumbai – 400 001, Maharashtra, India

Date of Birth/Age :

01.07.1965

Date of Appointment :

18.08.2012

Din No.:

01584761

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	Company/ LLP Status	Defaulting status
1	U24299GJ2000PTC038501	PURE TONERS AND DEVELOPERS PRIVATE LIMITED	Managing director	18-08-12	09-08-00	Active	NO

KEY EXECUTIVES

Name :	Mr. Pravin Prajapati
Designation :	Accountant Manager

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Asitkumar Babubhai Choksi	125500
Ramila Patel	45000
Kanji Ravaria	10000
Narayan Ravaria	50000
Govind Dharamsi Ravaria	240000
Arati Desai	101000
Sonal Choksi	28500
Umesh Desai	94900
Govind Dharamsi Ravaria HUF	50000
Anupchand Kubadia HUF	10
Madhu Kubadia	10
Kanji Ravaria	105000
Ramesh Ravaria	75000
Amrat Patel	10000
Amrataben N Patel	15000
Chandrika Patel	30000
Jamnaben Patel	20000
Shantaben Choksi	10
Sandhya Shah	10
Purnima Shah	10
Bhagyawanti Kubadia	10
Suresh Shah	10
Nikunj Kubadia	10
Sarita Kubadia	10
Akshay Parikh	10
Total	1000000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Directors or relatives of Directors	93.00
Other top fifty shareholders	7.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Toner Powder.
Products :	· Canon Digital · Xerox 1025 · Kyocera Mita · Panasonic
Exports :
Products :	Toner Powder
Countries :	· Bangladesh · Egypt
Imports :
Products :	Raw Materials
Countries :	· Japan · China · Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Actual Production [In Qty.]
Toners	349077.410

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

111 (Approximately) [In Office 31 and In Factory 80]

Bankers :

· Union Bank of India, Sayajiganj Branch, Near Kala Ghoda Circle, Sayajigunj, Vadodara – 390 005, Gujarat, India

· HDFC Bank

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans from Banks	6.846	2.700
Short Term Borrowings
Loans repayable on Demand
From Banks
HDFC Bank Limited CC a/c	7.363	0.000
Union Bank of India CC a/c	0.000	2.281
Union Bank of India PC a/c	0.000	2.492
Total	14.209	7.473

NOTE:

The Term loan from Bank and working capital loan is secured against fisrt charge over the Fixed Assets, Inventories, receivables and other chargable current assets: collaterally secured by charge over the immovable properties situated at C-1/237/2,3 and C1/238/1, Por-Ramangamdi, GIDC Por- Vadodara

Banking Relations :	--
Auditors :
Name :	Sanjay Soni and Associates Chartered Accountants
Address :	208, 2^nd Floor, Tower A, Near Jilla Panchayat, Opposite Vilas Palace, J.N. Marg, Vadodara – 390 001, Gujarat, India
Tel No.:	91-265-2413872
Mobile No.:	91-9825483162
Email:	nandan_soni@sify.com
Pan No.:	AFMPS4398L

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs.10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	40.087	22.929	16.075
(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)	50.087	32.929	26.075
(3) Non-Current Liabilities
(a) long-term borrowings	25.991	15.595	17.617
(b) Deferred tax liabilities (Net)	1.619	1.326	1.795
(c) Other long term liabilities	0.000	7.019	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	27.610	23.940	19.412
(4) Current Liabilities
(a) Short term borrowings	7.363	4.773	6.357
(b) Trade payables	35.997	26.940	24.199
(c) Other current liabilities	4.535	3.601	4.334
(d) Short-term provisions	7.545	5.239	4.921
Total Current Liabilities (4)	55.440	40.553	39.811
TOTAL	133.137	97.422	85.298
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46.775	39.391	26.465
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	11.976	12.008	11.976
(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	3.691	3.445	2.901
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	62.442	54.844	41.342
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	43.854	18.240	28.888
(c) Trade receivables	21.514	10.992	6.707
(d) Cash and cash equivalents	4.569	9.584	6.255
(e) Short-term loans and advances	0.503	3.606	1.950
(f) Other current assets	0.255	0.156	0.156
Total Current Assets	70.695	42.578	43.956
TOTAL	133.137	97.422	85.298

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		218.685	144.578	117.920
		Other Income		0.843	0.536	0.358
		TOTAL (A)		219.528	145.114	118.278
Less	EXPENSES
		Cost of Materials Consumed		126.226	75.216	65.693
		Purchases of stock-in-trade		3.324	0.000	0.100
		Changes in Inventories		(7.024)	4.704	(1.893)
		Employee Benefit Expenses		18.438	14.166	10.432
		Other Expenses		34.604	26.829	21.296
		TOTAL (B)		175.568	120.915	95.626
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			43.960	24.199	22.652
Less	FINANCIAL EXPENSES (D)			7.065	4.965	5.088
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			36.895	19.234	17.564
Less	DEPRECIATION/ AMORTISATION (F)			5.328	4.549	4.508
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			31.567	14.685	13.056
Less	TAX (H)			10.341	4.926	4.342
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			21.226	9.759	8.714
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			19.584	13.661	8.442
Less	APPROPRIATIONS
			Transfer to General Reserve	2.152	0.930	0.871
			Dividend	3.500	2.500	2.250
			Tax on Dividend	0.568	0.406	0.374
	BALANCE CARRIED TO THE B/S			34.590	19.584	13.661
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	35.513	16.143	8.461
	TOTAL EARNINGS			35.513	16.143	8.461
	IMPORTS
			Raw Materials	115.959	50.421	55.236
			Capital Goods	6.562	0.000	10.427
	TOTAL IMPORTS			122.521	50.421	65.663
	Earnings Per Share (Rs.)			21.22	9.75	8.71

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	9.67	6.73	7.37
Net Profit Margin (PBT/Sales)	(%)	14.43	10.16	11.07
Return on Total Assets (PBT/Total Assets}	(%)	26.87	17.92	18.54
Return on Investment (ROI) (PBT/Networth)		0.63	0.45	0.50
Debt Equity Ratio (Total Debt /Networth)		0.67	0.62	0.92
Current Ratio (Current Asset/Current Liability)		1.28	1.05	1.10

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	10.000	10.000	10.000
Reserves & Surplus	16.075	22.929	40.087
Net worth	26.075	32.929	50.087
long-term borrowings	17.617	15.595	25.991
Short term borrowings	6.357	4.773	7.363
Total borrowings	23.974	20.368	33.354
Debt/Equity ratio	0.919	0.619	0.666

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
Sales	117.920	144.578	218.685
		22.607	51.257

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	117.920	144.578	218.685
Profit	8.714	9.759	21.226
	7.39%	6.75%	9.71%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and Advances from Related Parties	19.145	12.895
Total	19.145	12.895

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10390946	28/05/2013 *	68,050,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B76335660

* Date of charge modification

PROJECT:

The company has enhanced production capacity at the current site to 900MT/year by investing Rs.12.700 Millions.

The project to manufacture toners at the new site at Kashipura is progressing satisfactorily and during the current financial year subject expects to commission its first line of production at Kashipura site at an approximate cost of Rs.50.000 Millions The capacity at the Kashipura site will be 350MT/year to start with The arrangements are made such that future expansions can he very quick and at a minimum additional project cost subject intends to augment the production capacity by additional 350 MT during F Y 2014-15

BUSINESS OUTLOOK:

Subject is in advance stage of discussion for a joint venture project to manufacture toners in West Asian and Middle Eastern markets This will help subject to expand its business horizon beyond its traditional markets.

FIXED ASSETS:

· Leased Hold Land

· Factory Building

· Plant and Machinery

· Electric Installations

· Air Conditioner

· Weighing Machine

· Photo Copier Machine

· Computers

· Furniture and Fixture

· Vehicles

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.61.98
UK Pound	1	Rs.103.31
Euro	1	Rs.85.14

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.