MIRA INFORM REPORT

Report Date :

07.06.2014

IDENTIFICATION DETAILS

Name :	AIPL MARKETING PRIVATE LIMITED
Registered Office :	409, 4^th Floor, D-Mall, Netaji Subhash Place, Pitampura, Delhi - 110034
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.05.2010
Com. Reg. No.:	55-203345
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U52100DL2010PTC203345
TAN No.: [Tax Deduction & Collection Account No.]	DELA27223A
PAN No.: [Permanent Account No.]	AAICA5710E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Supplier and Importer of AIPL ABRO Brand Appearance/ Air Freshness Products, Cleaners/ Engine and Fuel Additives Performance Products.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 16000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company possesses a moderate financial profile marked by small networth base along with huge working capital intensive operations during FY 13 Management has seen an improvement in its sales volume and has reported a minimal profit as against a previous year loss. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow. In view of weak liquidity profile, the subject can be considered for business dealings with great caution.

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Chanan
Designation :	General Manager
Contact No.:	91-9350173383
Date :	29.05.2014

LOCATIONS

Registered Office/ Factory :	409, 4^th Floor, D-Mall, Netaji Subhash Place, Pitampura, Delhi – 110034, India
Tel. No.:	91-11-49010145/ 47506044/ 49010190
Mobile No.:	91-9350173383 [Mr. Chanan]
Fax No.:	91-11-49010102
E-Mail :	ajit.gupta@ajitindustries.com akash.jain@ajitindustries.com info@aiplabro.com
Website :	http://www.aiplabro.in
Location :	Rented

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Ajit Kumar Gupta

Designation :

Director

Address :

A-20, Panchwati Azadpur, Delhi – 110033, India

Date of Birth/Age :

05.05.1964

Date of Appointment :

29.05.2010

DIN No.:

00019393

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	U33112DL1998PTC092320	AJIT INDUSTRIES PRIVATE LIMITED	Managing director	30/03/1999	30/03/1999	-	Active	NO
2	U45202DL2005PTC141943	EMPIRE BUILDTECH PRIVATE LIMITED	Director	20/10/2005	20/10/2005	-	Active	NO
3	U74899DL2005PTC141942	HIGHVALLEY REALCON PVT LTD	Director	20/10/2005	20/10/2005	-	Active	NO
4	U45201DL2006PTC145997	EMPIRE BUILDCON PRIVATE LIMITED	Director	07/02/2006	07/02/2006	-	Active	NO
5	U45201DL2006PTC145996	HIGHVALLEY BUILDTECH PRIVATE LIMITED	Director	07/02/2006	07/02/2006	-	Active	NO
6	U45202HP2006PTC030006	J S ENERGY PRIVATE LIMITED	Director	07/04/2006	07/04/2006	-	Active	NO
7	U45202HP2006PTC030005	AJIT ENERGY PRIVATE LIMITED	Director	07/04/2006	07/04/2006	-	Active	NO
8	U32109DL2006PTC154042	HIGHVALLEY INSULATIONS PRIVATE LIMITED	Director	19/09/2006	19/09/2006	-	Active	NO
9	U72200DL2006PTC154182	HIGHVALLEY TECHNOLOGY PRIVATE LIMITED	Director	21/09/2006	21/09/2006	-	Active	NO
10	U72300DL2007PTC157777	EMPIRE EPARKS PRIVATE LIMITED	Director	11/01/2007	11/01/2007	-	Active	NO
11	U31908DL2007PTC162515	INTECH DIGITAL TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	24/04/2007	24/04/2007	14/04/2011	Active	NO
12	U45300DL2007PTC164196	UNIEXCEL DEVELOPERS PRIVATE LIMITED	Director	30/05/2007	30/05/2007	-	Active	NO
13	U24297DL2007PTC171143	TUN WA POLY FILMS PRIVATE LIMITED	Director	06/12/2007	06/12/2007	-	Active	NO
14	U72200DL2008PTC172535	HIGHRISE INFOTECH PRIVATE LIMITED	Director	10/01/2008	10/01/2008	-	Active	NO
15	U27310DL2008PTC172571	SWIFT EPARKS PRIVATE LIMITED	Director	11/01/2008	11/01/2008	-	Active	NO
16	U51909DL2009PTC189380	S G POLYPLAST PRIVATE LIMITED	Director	15/04/2009	15/04/2009	-	Active	NO
17	U52100DL2010PTC203345	AIPL MARKETING PRIVATE LIMITED	Director	29/05/2010	29/05/2010	-	Active	NO
18	U35999DL2011PTC218569	SAM AUTOTECH PRIVATE LIMITED	Director	04/05/2011	04/05/2011	-	Active	NO
19	U27101RJ1991PTC006167	IMPEX METAL PRIVATE LIMITED	Director	19/08/2011	19/08/2011	-	Active	NO
20	U70102DL2011PTC227239	A G REALCON PRIVATE LIMITED	Director	09/11/2011	09/11/2011	-	Active	NO
21	U35999DL2011PTC227453	SAM AUTOPRO PRIVATE LIMITED	Director	15/11/2011	15/11/2011	-	Active	NO
22	U92190DL2012NPL239756	AFERA ME INDIA	Director	03/08/2012	03/08/2012	-	Active	NO

Name :

Mrs. Anjali Gupta

Designation :

Director

Address :

A-20, Panchwati Azadpur, Delhi – 110033, India

Date of Birth/Age :

01.01.1966

Date of Appointment :

29.05.2010

DIN No.:

02327295

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	U51909DL2009PTC189380	S G POLYPLAST PRIVATE LIMITED	Director	15/04/2009	15/04/2009	Active	NO
2	U52100DL2010PTC203345	AIPL MARKETING PRIVATE LIMITED	Director	29/05/2010	29/05/2010	Active	NO
3	U35999DL2011PTC218569	SAM AUTOTECH PRIVATE LIMITED	Director	04/05/2011	04/05/2011	Active	NO
4	U70102DL2011PTC227239	A G REALCON PRIVATE LIMITED	Director	09/11/2011	09/11/2011	Active	NO
5	U35999DL2011PTC227453	SAM AUTOPRO PRIVATE LIMITED	Director	15/11/2011	15/11/2011	Active	NO
6	U27101RJ1991PTC006167	IMPEX METAL PRIVATE LIMITED	Director	29/09/2012	30/03/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Chanan
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Ajit Kumar Gupta	875000	87.50
Anjali Gupta	125000	12.50
TOTAL	1000000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Supplier and Importer of AIPL ABRO Brand Appearance/ Air Freshness Products, Cleaners/ Engine and Fuel Additives Performance Products.
Imports :
Products :	Raw Material
Countries :	USA
Terms :
Selling :	LC and Credit
Purchasing :	LC and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

80 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Tel No.: 91-22-28561818

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
From HDFC Bank Limited [Against hypothecation of stocks and debtors and collateral security of the property owned by the company, director, relative and personal guarantee of directors]	31.468	4.949
TOTAL	31.468	4.949

Banking Relations :	--
Auditors :
Name :	Virendra Kumar Jain and Company Chartered Accountants
Address :	3618/11 Sudhershan Market, Pt. College (1st Floor), Delhi – 110006, India
PAN No:	AADPJ6778M

CAPITAL STRUCTURE

AS ON 30.09.2013

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

AS ON 31.03.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 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	2.500	0.100	0.100
(b) Reserves & Surplus	1.528	0.512	0.518
(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)	4.028	0.612	0.618
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	76.453	17.183	6.130
(b) Trade payables	46.977	32.918	6.493
(c) Other current liabilities	7.795	2.817	0.511
(d) Short-term provisions	2.525	0.711	0.256
Total Current Liabilities (4)	133.750	53.629	13.390
TOTAL	137.778	54.241	14.008
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.073	0.331	0.067
(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	0.000	0.000	0.000
(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	0.188	0.031	0.000
Total Non-Current Assets	10.261	0.362	0.067
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	62.996	26.796	9.089
(c) Trade receivables	54.829	22.860	2.589
(d) Cash and cash equivalents	2.386	1.415	1.614
(e) Short-term loans and advances	1.868	0.523	0.026
(f) Other current assets	5.438	2.285	0.623
Total Current Assets	127.517	53.879	13.941
TOTAL	137.778	54.241	14.008

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		77.566	7.289
		Other Income		0.053	9.090
		TOTAL	272.384	77.619	16.379
Less	EXPENSES
		TOTAL	269.143	77.358	15.612
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		3.241	0.261	Including Depreciation
Less/ Add	DEPRECIATION/ AMORTISATION		0.965	0.152
	PROFIT / (LOSS) BEFORE TAX		2.276	0.109	0.767
Less	TAX		1.260	0.114	0.249
	PROFIT / (LOSS) AFTER TAX		1.016	(0.005)	0.518
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	0.518	0.000
	BALANCE CARRIED TO THE B/S		NA	0.512	0.518
	IMPORTS		60.100	23.600	NA
	Earnings / (Loss) Per Share (Rs.)		4.06	(0.60)	5.18

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.37	(0.01)	3.16
Net Profit Margin (PBT/Sales)	(%)	NA	0.14	10.52
Return on Total Assets (PBT/Total Assets}	(%)	1.65	0.20	5.47
Return on Investment (ROI) (PBT/Networth)		0.57	0.18	1.24
Debt Equity Ratio (Total Debt/Networth)		18.98	28.07	9.92
Current Ratio (Current Asset/Current Liability)		0.95	1.00	1.04

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	0.100	0.100	2.500
Reserves & Surplus	0.518	0.512	1.528
Net worth	0.618	0.612	4.028
long-term borrowings	0.000	0.000	0.000
Short term borrowings	6.130	17.183	76.453
Total borrowings	6.130	17.183	76.453
Debt/Equity ratio	9.919	28.077	18.980

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 Income	16.379	77.619	272.384
		373.893	250.924

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	16.379	77.619	272.384
Profit	0.518	(0.005)	1.016
	3.16%	(0.01%)	0.37%

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	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10294367	30/08/2013 *	87,278,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, Maharashtra, INDIA	B83210070

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
From Related Parties	33.467	12.234
From Others	11.518	0.000
TOTAL	44.985	12.234

FIXED ASSETS:

• Computer
• Office Equipments
• Furniture and Fixture

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 records 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.59.20
UK Pound	1	Rs.99.51
Euro	1	Rs.80.83

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	SUB
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.