MIRA INFORM REPORT

Report Date :

02.10.2014

IDENTIFICATION DETAILS

Name :	CHAMUNDA PHARMA MACHINERY PRIVATE LIMITED
Registered Office :	7602, Chamunda Estate, Phase-4, GIDC Vatva, Ramol Cross Road, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.05.1996
Com. Reg. No.:	04-029651
Capital Investment / Paid-up Capital :	Rs.34.300 Millions
CIN No.: [Company Identification No.]	U29119GJ1996PTC029651
TAN No.: [Tax Deduction & Collection Account No.]	AHMC00242E
PAN No.: [Permanent Account No.]	AABCCI690E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Machinery and their Parts.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 352000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Not Available
Comments :	Subject is an established company having moderate track record. Management of the company has failed to file its financial for the year 2013 with the government department. As per previous year financials i.e. 2012, there appears loss recorded by the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre business dealings.

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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank Facilities=B
Rating Explanation	Have high risk of default.
Date	25.10.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities=A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	25.10.2013

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Umesh
Designation :	Branding SEO Executive
Contact No.:	91-79-25842712
Date :	01.10.2014

LOCATIONS

Registered Office :	7602, Chamunda Estate, Phase-4, GIDC Vatva, Ramol Cross Road, Ahmedabad – 382 445, Gujarat, India
Tel. No.:	91-79-25842679/ 25842712/ 13
Mobile No.:	91-9376828883 (Bhavesh)
Fax No.:	91-79-25840603/ 25842712
E-Mail :	account@cm1981.com sales@chamunda.com
Website :	www.chamunda.in
Branch Address :	Located At: · Ahmedabad · Mumbai · Delhi · Chennai · Bangalore · Hyderabad

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Sanil M Suthar

Designation :

Managing Director

Address :

57/58 Vraj Raj Co-operative Housing Society, Chitwan Road, Bopal, Ahmedabad – 380 058, Gujarat, India

Date of Appointment :

24.07.2012

DIN No.:

00089843

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	U29119GJ1996PTC029651	CHAMUNDA PHARMA MACHINERY PRIVATE LIMITED	Managing director	24/07/2012	16/05/1996	Active	NO
2	U24231GJ1988PTC010330	CLIT MARKETING AND SERVICES PRIVATE LIMITED	Director	03/06/2006	03/06/2006	Active	NO
3	U29259GJ1981PTC004276	CLIT JEMKEY ENGINEERS PRIVATE LIMITED	Director	01/11/2007	01/11/2007	Active	NO

Name :

Mrs. Chetna Sanil Suthar

Designation :

Director

Address :

57/58, Vraj Raj Co-operative Houssing Society Chitwan Road, Bopal, Ahmedabad – 380 058, Gujarat, India

Date of Appointment :

30.09.2011

DIN No.:

03628241

Name :

Mrs. Ranjanaben M Suthar

Designation :

Director

Address :

57/58, Vraj Raj Co-operative Houssing Society Chitwan Road, Bopal, Ahmedabad – 380 058, Gujarat, India

Date of Appointment :

16.05.1996

DIN No.:

00110689

Name :

Mr. Sahil Mayur Kumar Shah

Designation :

Director

Address :

A/6, Puja Apartments, Nehrunagar Char Rasta, Ambawadi, Ahmedabad – 380 058, Gujarat, India

Date of Appointment :

01.02.2007

DIN No.:

01300426

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	U28939GJ2003PTC043193	CHAMUNDA TECHNOPERFECTION PRIVATE LIMITED	Director	18/11/2003	18/11/2003	Strike off	NO
2	U29119GJ1996PTC029651	CHAMUNDA PHARMA MACHINERY PRIVATE LIMITED	Additional director	01/02/2007	01/02/2007	Active	NO

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Sanil M Suthar	1672962
Ranjanaben M Suthar	235010
Gaurav Kumar B. Soni	211076
Jaydeep Kumar B. Soni	210425
Vishal B. Soni	210426
Chetanben S. Suthar Jointly with Sanil M. Suthar	14000
Prasen S. Suthar (Minor) Sanil M. Suthar	15000
Sanil M. Suthar Jointly with Chetanben S. Suthar	180000
Sanil M. Suthar (HUF) Chetanben S. Suthar	46000
Sanil M. Suthar Jointly with Ranjanben M. Suthar	472110
Sahil M. Shah	62991
Chetna S. Suthar	100000
Total	3430000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Seller and Exporter of Pharmaceutical Machinery and their Parts.

Products :

Product Description	ITC code
Pharmaceutical Machinery	847989

Exports :

Products :

Finished Goods

Countries :

Algeria

Imports :

Products :

Raw Material

Countries :

· Algeria

· China

Terms :

Selling :

L/C, Cheque and Credit

Purchasing :

L/C, Cheque and Credit

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

150 (Approximately)

Bankers :

Karur Vysya Bank Limited, Motilal Centre, Ashram Road, Near Income Tax Circle, Ahmedabad – 380 009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Vehicle loan from Bank	0.984	0.961
Short Term Borrowings
Cash Credit from Bank	36.652	21.887
Packing Credit Limit	0.000	20.000
Total	37.636	42.848

NOTES:

Long Term Borrowings:

· Vehicle loans from bank and are secured by hypothecation of vehicles.

· Vehicle loan from Bank is repayable by monthly installments over period of 5 years.

Short term Borrowings:

The details of security in respect of cash credit from Bank:

Cash Credit facility is secured by hypothecation of company’s stock of raw materials and their components, electrical items, semi-finished and finished machineries, consumable tools etc. and receivables. Collateral security by way of mortgage of factory land and building of the company and personal guarantee of Directors.

Banking Relations :	--
Auditors :
Name :	Manubhai and Company Chartered Accountants
Address :	2^nd Floor, ‘B’ Wing, Premium House, Near Gandhigram Railway Station, Navarangpura, Ahmedabad – 380 009, Gujarat, India
PAN No.:	AAFFM2086H
Enterprise over which Key Management personnel are able to exercise significance Influence :	· MAS Engineers · Clit Jamkay Engineers Private Limited

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions
250000	Preference Shares	Rs.10/- each	Rs.2.500 Millions
	Total		Rs.37.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3430000	Equity Shares	Rs.10/- each	Rs.34.300 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	34.300	36.800
(b) Reserves & Surplus	53.947	57.085
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	88.247	93.885
(3) Non-Current Liabilities
(a) long-term borrowings	0.984	0.961
(b) Deferred tax liabilities (Net)	0.000	0.825
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.689	0.801
Total Non-current Liabilities (3)	1.673	2.587
(4) Current Liabilities
(a) Short term borrowings	56.258	63.900
(b) Trade payables	30.394	60.608
(c) Other current liabilities	27.156	24.634
(d) Short-term provisions	27.540	29.406
Total Current Liabilities (4)	141.348	178.548
TOTAL	231.268	275.020
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43.517	46.210
(ii) Intangible Assets	0.554	0.000
(iii) Capital work-in-progress	19.504	19.504
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.379	0.308
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.696	1.120
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	64.650	67.142
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	79.510	79.424
(c) Trade receivables	71.012	104.223
(d) Cash and cash equivalents	9.445	11.825
(e) Short-term loans and advances	6.651	12.406
(f) Other current assets	0.000	0.000
Total Current Assets	166.618	207.878
TOTAL	231.268	275.020

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		36.800
2] Share Application Money		0.000
3] Reserves & Surplus		59.657
4] (Accumulated Losses)		0.000
NETWORTH		96.457
LOAN FUNDS
1] Secured Loans		4.852
2] Unsecured Loans		22.894
TOTAL BORROWING		27.746
DEFERRED TAX LIABILITIES		1.900
TOTAL		126.103
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		46.126
Capital work-in-progress		19.504
INVESTMENT		0.308
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	63.588
	Sundry Debtors	33.399
	Cash & Bank Balances	7.450
	Other Current Assets	0.000
	Loans & Advances	10.006
Total Current Assets		114.443
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	52.420
	Provisions	1.858
Total Current Liabilities		54.278
Net Current Assets		60.165
MISCELLANEOUS EXPENSES		0.000
TOTAL		126.103

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	151.515	239.018	126.551
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	244.120	125.142
	PROFIT/(LOSS) BEFORE TAX		NA	(2.877)	1.409
Less	TAX		NA	0.479	2.393
	PROFIT/(LOSS) AFTER TAX		(3.138)	(2.398)	(0.984)
	Earnings Per Share (Rs.)		(0.91)	(0.75)	(0.30)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	NA	(1.20)	1.11
Return on Total Assets (PBT/Total Assets}	(%)	NA	(1.13)	0.88
Return on Investment (ROI) (PBT/Networth)		NA	(0.03)	0.01
Debt Equity Ratio (Total Debt /Networth)		0.65	0.69	0.29
Current Ratio (Current Asset/Current Liability)		1.18	1.16	2.11

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions
Share Capital	36.800	34.300
Reserves & Surplus	57.085	53.947
Net worth	93.885	88.247
long-term borrowings	0.961	0.984
Short term borrowings	63.900	56.258
Total borrowings	64.861	57.242
Debt/Equity ratio	0.691	0.649

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	126.551	239.018	151.515
		88.871	(36.609)

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	126.551	239.018	151.515
Profit	(0.984)	(2.398)	(3.138)
	(0.78%)	(1.00%)	(2.07%)

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	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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Loans and Advances from related parties
From Directors	6.808	16.781
From Shareholders and Directors relatives	12.798	5.232
Total	19.606	22.013

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90110868	20/09/2008 *	100,800,000.00	KARUR VYSYA BANK LIMITED	MOTILAL CENTRE, ASHRAM ROAD, NEAR INCOME TAX CIRCLE, AHMEDABAD - 380009, GUJARAT, INDIA	A50097302
2	90110735	25/05/2004	1,315,000.00	THE KARUR VYSYA BANK LIMITED	MOTILAL CENTRE, ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA	-
3	90111662	04/01/2003	200,000.00	THE KARUR VYSYA BANK LIMITED	MOTILAL CENTRE, ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA	-
4	90111585	19/09/2001	3,000,000.00	THE KARUR VYSYA BANK LIMITED	MOTILAL CENTRE, ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA	-
5	90110354	27/05/2004 *	5,500,000.00	THE KARUR VYSYA BANK LIMITED	MOTILAL CENTRE, ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA	-
6	90112686	13/10/2004 *	5,500,000.00	THE KARUR VYSYA BANK LIMITED	MOTILAL CENTRE, ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA	-
7	90111579	09/08/2001	330,000.00	THE KARUR VYSYA BANK LIMITED	MOTILAL CENTRE, NEAR VIKRAM CHAMBERS, ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	-
8	90111574	16/06/2001	270,000.00	THE KARUR VYSYA BANK LIMITED	MOTILAL CENTRE, NEAR VIKRAM CHAMBERS, ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Leasehold land

· Building

· Plant and machinery

· Electrical installation

· Furniture and fixture

· Vehicles

· Computers

· Computers software

· Trade mark

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.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	NKT

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	2
--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	--
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.