MIRA INFORM REPORT

Report Date :

30.07.2014

IDENTIFICATION DETAILS

Name :	GH INDUCTION INDIA PRIVATE LIMITED
Registered Office :	DP NO. 145 - 147 and 158-160, 12^th Main Road, SIDCO Industrial Estate, Thirumudivakkam, Chennai -600044, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.07.1998
Com. Reg. No.:	18-040909
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U29309TN1998PTC040909
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Induction Hardening Machines and Induction Heating Equipment.
No. of Employees :	Not Divulged

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 760000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some dip in the profits of the company during 2013 however, general financial position of the company is good. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal for business dealings at usual 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	TERM LOAN (BBB)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk
Date	September, 2013

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. Karthikeyan
Designation :	Accountant
Contact No.:	91-44-24781042
Date :	21.07.2014

LOCATIONS

Registered Office :	DP NO. 145 - 147 and 158-160, 12^th Main Road, SIDCO Industrial Estate, Thirumudivakkam, Chennai -600044, Tamilnadu, India
Tel. No.:	91-44-24781042/ 43984747
Fax No.:	91-44-24780042
E-Mail :	suluchari@gmai.com accounts@ghinduction.co.in sales@ghinduction.co.in purchase@ghinduction.co.in service@ghinduction.co.in careers@ghinduction.co.in
Website :	http://www.ghinduction.co.in

DIRECTORS

As on: 30.09.2013

Name :

Mr. Jose Vicente Perez Gonzalez

Designation :

Chairman Cum Managing Director

Address :

14-B Avda Escorial, LA Eliana, Valencia, Spain - 46183

Date of Birth/Age :

19.03.1946

Date of Appointment :

21.10.1998

DIN No.:

01809434

Name :

Mr. Venkatachari Rengachari

Designation :

Whole Time Director

Address :

S-25, 35^th Cross, Street, Besant, Chennai – 600090, Tamilnadu, India

Date of Birth/Age :

30.10.1942

Date of Appointment :

02.07.2008

DIN No.:

00597598

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	U28999TN1997PTC039136	AKSHAYA INDUCTION SERVICES PRIVATE LIMITED	Director	29/09/1997	29/09/1997	01/04/2009	Active	NO
2	U29309TN1998PTC040909	GH INDUCTION INDIA PRIVATE LIMITED	Director	02/07/2008	31/07/1998	-	Active	NO

Name :

Mr. Rengachari Venkatachari

Designation :

Managing Director

Address :

S-25, 35^th Cross, Street, Besant, Chennai – 600090, Tamilnadu, India

Date of Birth/Age :

24.08.1964

Date of Appointment :

02.07.2008

DIN No.:

00597523

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	U28999TN1997PTC039136	AKSHAYA INDUCTION SERVICES PRIVATE LIMITED	Director	29/09/1997	29/09/1997	01/04/2009	Active	NO
2	U29309TN1998PTC040909	GH INDUCTION INDIA PRIVATE LIMITED	Managing director	02/07/2008	31/07/1998	-	Active	NO
3	U29230TN2009PTC070742	AKSHAYA INDUCTION ACCESSORIES PRIVATE LIMITED	Director	16/02/2009	16/02/2009	01/04/2009	Active	NO

Name :

Mr. Ambur Ramakrishnan Ramanathan

Designation :

Director

Address :

16, Gangai Amman Colony, Vadapalani, Chennai – 600026, Tamilnadu, India

Date of Birth/Age :

23.06.1962

Date of Appointment :

02.07.2008

DIN No.:

00597767

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	U28999TN1997PTC039136	AKSHAYA INDUCTION SERVICES PRIVATE LIMITED	Managing director	08/12/1997	08/12/1997	01/04/2009	Active	NO
2	U29309TN1998PTC040909	GH INDUCTION INDIA PRIVATE LIMITED	Director	02/07/2008	02/07/2008	-	Active	NO

Name :

Mr. Miguel Carlos Gisbert Mezquida

Designation :

Director

Address :

339 Avda Tamarindos, Valencia, Spain - 46015

Date of Birth/Age :

04.11.1950

Date of Appointment :

21.10.1998

DIN No.:

01835459

Name :

Mr. Vicente Martinez Juan

Designation :

Director

Address :

Carrer Remedio 6, Sagunto, Valencia, Spain - 46500

Date of Birth/Age :

08.06.1966

Date of Appointment :

02.07.2008

DIN No.:

02342054

KEY EXECUTIVES

Name :	Mr. Karthikeyan
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Venkatachari Rengachari	375000
Rengachari Venkatachari	150000
J. Venkatesan	75000
A. R. Ramanathan	75000
D Lakshminarayanan	60000
GH Electrotermia S.A	765000
Total	1500000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	51.00
Directors or relatives of directors	40.00
Other top fifty shareholders	9.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Induction Hardening Machines and Induction Heating Equipment.

Products :

ITC Code	Product Descriptions
851400	Induction Heating Equipment

Exports :

Products :

Finished Goods

Countries :

Turkey

Imports :

Products :

Raw Material

Countries :

Spain

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Actual Production
Induction Heating Machines for Various Application	Qty	33
Induction Coil, inductor and Incerter	Qty	158
Ball screw assembly, Lovejoy coupling Hydraulic Press and etc. Control Card, Relay Card, Power Supply card IGBT, MCCB, Tripot, Machine Amplifier and etc.	Qty	3575
Transformer	Qty	15

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

Not Divulged

Bankers :

State Bank of India, SME, Guindy Branch, No. 65 –A, G.S.T Road, Guindy, Chennai – 600032, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
From Banks (Secured by Hypothecation Land and Machinery acquired out of the loan)	55.739	17.155
SHORT TERM BORROWINGS:
Loans repayable on demand from Banks	25.273	0.000
Total	81.012	17.155

Banking Relations :	--
Auditors :
Name :	Sundararajan and Associates Chartered Accountants
Address :	Romar House, Chamber D, 3^rd Floor, 6/9 (Old 15/9) Jagannathan Street, Nugambakkam. Chennai – 600034, Tamilnadu, India
Tel. No.:	Not Available
Mobile No.:	91-9500031585
Fax No.:	Not Available
E-Mail :	sunassociates@vsnl.net admin@sunca.in
PAN No.:	AABFS4109F
Joint Venture :	GH Electrotermia

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 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	15.000	15.000	15.000
(b) Reserves & Surplus	175.394	134.994	100.785
(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)	190.394	149.994	115.785
(3) Non-Current Liabilities
(a) long-term borrowings	55.739	17.155	0.000
(b) Deferred tax liabilities (Net)	0.445	0.000	0.000
(c) Other long term liabilities	7.478	2.485	0.000
(d) long-term provisions	4.229	3.065	2.844
Total Non-current Liabilities (3)	67.891	22.705	2.844
(4) Current Liabilities
(a) Short term borrowings	25.273	0.000	0.000
(b) Trade payables	44.529	40.127	42.513
(c) Other current liabilities	54.416	54.954	33.461
(d) Short-term provisions	66.235	49.345	72.944
Total Current Liabilities (4)	190.453	144.426	148.918
TOTAL	448.738	317.125	267.547
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	190.759	58.573	57.471
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.457	45.033	1.059
(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	0.721	0.552
(d) Long-term Loan and Advances	24.198	32.863	42.975
(e) Other Non-current assets	0.683	1.432	1.173
Total Non-Current Assets	216.097	138.622	103.230
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	52.190	62.801	42.480
(c) Trade receivables	113.615	60.780	75.343
(d) Cash and cash equivalents	34.543	48.812	41.163
(e) Short-term loans and advances	32.293	6.110	5.331
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	232.641	178.503	164.317
TOTAL	448.738	317.125	267.547

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	316.393	290.312	231.296
Less	EXPENSES
		TOTAL	236.706	210.876	166.460
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		79.687	79.436	64.836
Less	FINANCIAL EXPENSES		0.262	0.086	0.269
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		79.425	79.350	64.567
Less/ Add	DEPRECIATION/ AMORTISATION		6.403	1.794	1.394
Less	LOSS ON IMPAIRMENT		0.000	0.001	0.000
	PROFIT BEFORE TAX		73.022	77.555	63.173
Less	TAX		23.906	25.797	21.010
	PROFIT AFTER TAX		49.116	51.758	42.163
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		110.019	80.986	72.990
Less	APPROPRIATIONS
		Transfer to General Reserve	4.912	5.176	4.216
		Tax on Dividend	8.717	17.549	9.152
		Income Tax Earlier Year Provision	0.000	0.000	0.378
		Fringe Benefit Tax Earlier Year Provision	0.000	0.000	0.421
	BALANCE CARRIED TO THE B/S		145.506	110.019	80.986
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	12.626	NA	10.448
	TOTAL EARNINGS		12.626	NA	10.448
	IMPORTS
		Raw Materials	15.924	30.908	26.984
	TOTAL IMPORTS		15.924	30.908	26.984
	Earnings Per Share (Rs.)		32.74	34.51	28.11

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	15.52	17.83	18.23
Return on Total Assets (PBT/Total Assets}	(%)	16.29	28.58	30.30
Return on Investment (ROI) (PBT/Networth)		0.38	0.52	0.55
Debt Equity Ratio (Total Debt/Networth)		0.43	0.11	1.31
Current Ratio (Current Asset/Current Liability)		1.22	1.24	1.37

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	15.000	15.000	15.000
Reserves & Surplus	100.785	134.994	175.394
Net worth	115.785	149.994	190.394
long-term borrowings	0.000	17.155	55.739
Short term borrowings	0.000	0.000	25.273
Total borrowings	0.000	17.155	81.012
Debt/Equity ratio	0.000	0.114	0.425

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	231.296	290.312	316.393
		25.515	8.984

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	231.296	290.312	316.393
Profit	42.163	51.758	49.116
	18.23%	17.83%	15.52%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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)	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

Note: The Registered Office of the company has been shifted from 36 and 37, SIDCO Industrial Estate, Hirumudivakkam, Chennai – 600044, Tamilnadu, India to the present address w.e.f. 15.05.2013.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90286400	02/07/2013	157,800,000.00	STATE BANK OF INDIA	S M E, GUINDY BRANCH, NO.65-A, G.S.T ROAD, GUINDY, CHENNAI - 600032, TAMIL NADU, INDIA	B81833386

FIXED ASSETS:

· Land

· Building

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Office 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 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.60.10
UK Pound	1	Rs.102.04
Euro	1	Rs.80.74

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	JAY

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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.