MIRA INFORM REPORT

Report Date :

25.06.2014

IDENTIFICATION DETAILS

Name :	AFFLUENCE STEEL ENTERPRISES LIMITED (w.e.f. 08.01.2014)
Formerly Known As :	VICTORIA STEEL ENTERPRISES LIMITED
Registered Office :	Premises No.3, 2nd Floor, Preeth Complex, Ameerpet, Hyderabad – 500038, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.02.2000
Com. Reg. No.:	01-033585
Capital Investment / Paid-up Capital :	Rs.26.930 Millions
CIN No.: [Company Identification No.]	U27109TG2000PLC033585
TAN No.: [Tax Deduction & Collection Account No.]	HYDV03723G
PAN No.: [Permanent Account No.]	AABCV5089Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of iron and steel products.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1500000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company possesses an average financial profile marked by adequate networth base and comfortable capital structure characterized by zero debt along with augmenting payables during the year under review. Management has seen a decent sales volume, but has reported a low profit margin as a result of low value adding nature of business. However, trade relations are fair. Business is active. Payment terms are reported slow but correct. In view of experienced promoters, the subject can be considered 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 – 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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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. Pawan Kumar
Designation :	Account Head
Contact No.:	91-9949047876

LOCATIONS

Registered Office :	Premises No.3, 2nd Floor, Preeth Complex, Ameerpet, Hyderabad – 500038, Andhra Pradesh, Indai
Tel. No.:	91-40-65976954
Mobile No.:	91-9949047876 (Mr. Pawan Kumar)
Fax No.:	91-40-65976954
E-Mail :	victoriasteel@gmail.com vsel2000@rediffmail.com
Location :	Rented
Branch Office:	No.72310, GNT Road, Kottakarai, Gummidipoondi, Chennai – 601201, Tamilnadu, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Ramesh Reddy Lomada

Designation :

Additional director

Address :

15-24-920, KPHB Colony, Lang 40, Kukatpally, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

24.12.1979

Date of Appointment :

15.02.2012

DIN No.:

03610278

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	U65900TN2010PTC075960	ESSFORE CONSULTANCY SERVICES PRIVATE LIMITED	Additional director	01/09/2011	01/09/2011	19/06/2013	Active	NO
2	U45200AP2005PTC046502	KAKATIYA LANDSCAPES PRIVATE LIMITED	Additional director	01/10/2011	01/10/2011	12/07/2013	Active	NO
3	U27109TG2000PLC033585	AFFLUENCE STEEL ENTERPRISES LIMITED	Additional director	15/02/2012	15/02/2012	-	Active	NO

Name :

Mr. Atluri Subba Rao

Designation :

Additional director

Address :

207, Mlas MDS Colony Road, No. 10C, Tub, LEehills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

15.09.1955

Date of Appointment :

10.08.2012

DIN No.:

00142803

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	U74210TG1988PTC008848	HYDERABAD DEVELOPERS PRIVATE LIMITED	Director	14/07/1988	14/07/1988	-	Strike off	NO
2	U14101KA1991PTC012102	APOLLO GRANITES (INDIA) PRIVATE LIMITED	Director	08/07/1991	08/07/1991	-	Dormant	NO
3	U24222KA1991PTC012448	GARDEN CITY RESORTS PRIVATE LIMITED	Director	15/01/2001	15/01/2001	26/08/2013	Active	NO
4	U05005TG1983PLC004128	NEKKANTI SEA FOODS LIMITED	Director	01/04/2006	01/04/2006	01/01/2010	Active	NO
5	U27109TG2000PLC033585	AFFLUENCE STEEL ENTERPRISES LIMITED	Additional director	10/08/2012	10/08/2012	-	Active	NO

Name :

Mr. Udai Sagar Kanukolanu

Designation :

Additional director

Address :

B 204, Raoruka Enclave Road, No. 12, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

24.08.1961

Date of Appointment :

01.08.2013

DIN No.:

03298532

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	U55101TN2010PTC078202	MAHAL HOTEL PRIVATE LIMITED	Director	24/11/2010	24/11/2010	-	Active	NO
2	U70102TN2011PTC079306	ESTEEM HOUSING DEVELOPERS PRIVATE LIMITED	Director	22/02/2011	22/02/2011	-	Active	NO
3	L29309AP1990PLC011721	BARTRONICS INDIA LIMITED	Director	30/12/2013	14/05/2013	-	Active	NO
4	U27109TG2000PLC033585	AFFLUENCE STEEL ENTERPRISES LIMITED	Additional director	01/08/2013	01/08/2013	-	Active	NO

Name :

Mr. K Srinivasa Reddy

Designation :

Director

Name :

Mr. N S Prasad

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Pawan Kumar
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Ravipati Krishnaiah	10
Ravipati Archana	10
Ravipati Padmaja	10
Nupparaju Samba Siva Rao	10
Mupparaju Sasi	10
R Srinivasa Reddy	20
Ganga Industrial Corporation Limited	290765
Ken Sagar	2243508
L Ramesh Reddy	158700
Total	2693043

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	10.79
Directors or relatives of Directors	89.20
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of iron and steel products.
Exports :
Products :	Iron and steel products
Countries :	Singapore Zimbabwe
Imports :
Products :	Iron and steel products
Countries :	UAE Malaysia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Devesh Engineering Exporters Limited, Secunderabad, Andhra Pradesh, India

Customers :

Infinity Metal Products Limited, Hyderabad, Andhra Pradesh, India

No. of Employees :

15 (Approximately)

Bankers :

Bank of Baroda, Jublee Hill Branch, Hyderabad, Andhra Pradesh, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans taken for vehicles	0.000	1.181
Short-term borrowings
Working capital loans from banks	0.000	14.861
Total	0.000	16.042

Banking Relations :	--
Auditors :
Name :	Kvsry and Associates Chartered Accountants
Address :	Flat No 1F, Parameswara Appartments, 6-3-6269, Anand Nagar Colony, Khairathabad, Hyderabad -500004, Andhra Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFK5527J

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2693043	Equity Shares	Rs.10/- each	Rs. 26.930 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	26.930	26.930	26.930
(b) Reserves & Surplus	335.702	332.000	328.980
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	147.662
Total Shareholders’ Funds (1) + (2)	362.632	358.930	503.572
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	1.181	2.478
(b) Deferred tax liabilities (Net)	0.000	0.219	0.380
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2061.680	778.100	315.000
Total Non-current Liabilities (3)	2061.680	779.500	317.858
(4) Current Liabilities
(a) Short term borrowings	0.000	14.861	15.117
(b) Trade payables	6190.622	2768.617	1988.219
(c) Other current liabilities	947.365	489.732	412.943
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	7137.987	3273.210	2416.279
TOTAL	9562.299	4411.640	3237.709
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.540	12.436	9.204
(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	6.090	6.090	6.090
(c) Deferred tax assets (net)	0.687	0.000	0.000
(d) Long-term Loan and Advances	0.198	0.194	0.027
(e) Other Non-current assets	0.493	0.456	0.425
Total Non-Current Assets	13.008	19.176	15.746
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	51.043	51.043	53.518
(c) Trade receivables	8459.859	3711.565	1210.244
(d) Cash and cash equivalents	7.201	13.593	3.191
(e) Short-term loans and advances	1031.188	616.263	1955.010
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	9549.291	4392.464	3221.963
TOTAL	9562.299	4411.640	3237.709

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	20688.494	17973.374	10611.287
	Other Income	0.382	0.034	0.018
	TOTAL (A)	20688.876	17973.408	10611.305
Less	EXPENSES
	Purchases of Stock-in-Trade	20575.439	17767.545	10472.212
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	2.475	0.000
	Employees benefits expense	10.523	8.802	7.824
	Other expenses	5.518	6.811	3.647
	TOTAL (B)	20591.480	17785.633	10483.683
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	97.396	187.775	127.622
Less	FINANCIAL EXPENSES (D)	89.931	181.299	122.542
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	7.465	6.476	5.080
Less/ Add	DEPRECIATION/ AMORTISATION (F)	2.107	2.106	1.287
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	5.358	4.370	3.793
Less	TAX (I)	1.656	1.351	1.172
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	3.702	3.019	2.621
	Earnings / (Loss) Per Share (Rs.)	1.37	1.12	0.97

Particulars	31.03.2014
Sales Turnover (Approximately)	16159.300

The above information has been parted by Mr. Pawan Kumar (Account Head)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.02	0.02	0.02
Net Profit Margin (PBT/Sales)	(%)	0.03	0.02	0.04
Return on Total Assets (PBT/Total Assets}	(%)	0.06	0.10	0.12
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.01
Debt Equity Ratio (Total Debt /Networth)		0.00	0.04	0.03
Current Ratio (Current Asset/Current Liability)		1.34	1.34	1.33

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	26.930	26.930	26.930
Reserves & Surplus	328.980	332.000	335.702
Net worth	355.910	358.930	362.632
long-term borrowings	2.478	1.181	0.000
Short term borrowings	15.117	14.861	0.000
Total borrowings	17.595	16.042	0.000
Debt/Equity ratio	0.049	0.045	0.000

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	10611.287	17973.374	20688.494
		69.380	15.106

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	10611.287	17973.374	20688.494
Profit	2.621	3.019	3.702
	0.02%	0.02%	0.02%

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 four 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	Yes
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	No

COMPANY'S PERFORMANCE

During the period the company has achieved a turnover of Rs.20689.372 Millions (Previous Year Rs.17970.933 Millions) and earned a net profit of Rs.3.702 Millions (Previous year Rs.3.019 Millions) after providing for all expenses. The Directors are hopeful to project better financial results in the forthcoming years.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90262671	15/04/2005	20,000,000.00	ALLAHABAD BANK	HIMAYAR NAGAR, HYDERABAD, ANDHRA PRADESH - 500029, INDIA	-

FIXED ASSETS

Tangible assets

• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other equipments
• Buildings

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.60.11
UK Pound	1	Rs.102.32
Euro	1	Rs.81.75

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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		44

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

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

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

RATING EXPLANATIONS

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

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

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