MIRA INFORM REPORT

Report Date :

18.10.2014

IDENTIFICATION DETAILS

Name :	KSS PETRON PRIVATE LIMITED
Formerly Known As :	KAZSTROYSERVICE INFRASTRUCTURE INDIA PRIVATE LIMITED
Registered Office :	Swastik Chambers, 6^th Floor, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.07.2007
Com. Reg. No.:	11-234297
Capital Investment / Paid-up Capital :	Rs.306.185 Millions
CIN No.: [Company Identification No.]	U45400MH2007PTC234297
PAN No.: [Permanent Account No.]	AADCK1183C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of the company is to provide construction management and advisory service and to execute turnkey projects.
No. of Employees :	Information declined by the management

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 20000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is a part of “KSS Global BV, Netherlands”. It is an established company having satisfactory track. The company possesses an acceptable financial profile marked by adequate networth base along with large working capital requirements and exposure to risks related to intense competition from large established players. Management has witnessed a better increase in its sales turnover, whereas has reported a loss from its operations during FY13. The rating also take into consideration, the operational and financial support that the subject enjoys from its reputed percentage. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of experienced promoters, the company 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 – 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

NEWS

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	CRISIL
Rating	Long term rating – BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	August 25, 2014

Rating Agency Name	CRISIL
Rating	Short term rating – A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	August 25, 2014

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 DENIED

Management Non-Co-operative (91-124-4566800)

LOCATIONS

Registered Office :	Swastik Chambers, 6^th Floor, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-40856400
Fax No.:	91-22-67973509
E-Mail :	rranjan@kazstroyindia.com info@kazstroyservice.kz rbabel@kazstroyindia.com neeraj.kumar@kazstroyindia.com
Website :	www.kazstroyservice.kz
Location :	Owned
Head Office :	248 B Dostyk ave, 050020, Almaty, Republic of Kazakhstan
Corporate Office :	Vatika Towers, A-Wing 1^st Floor, Sector 54, Gurgaon – 122022, Haryana, India
Tel. No.:	91-124-4566800
Fax No.:	91-124-4566866

DIRECTORS

Name :

Mr. Devendra Kumar

Designation :

Managing Director

Address :

A-32, Arihant Vihar, Kankhal, Hardwar – 249403, Uttarkhand, India

Date of Birth/Age :

20.07.1971

Date of Appointment :

21.09.2012

DIN No.:

02266188

PAN No.:

AEAPK9109G

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	U29199DL2006PTC145088	KazStroy Engineering India Private Limited	Managing director	28/02/2012	24/07/2008	19/09/2012	Active	NO
2	U45400MH2007PTC234297	KSS Petron Private Limited	Managing director	21/09/2012	10/10/2011	-	Active	NO

Name :

Mr. Hemant Kumar Sinha

Designation :

Additional Director

Address :

E-5/4, Malviya Nagar, New Delhi – 110017, India

Date of Appointment :

16.05.2014

DIN No.:

02495828

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	U45400MH2007PTC234297	KSS Petron Private Limited	Additional director	16/05/2014	23/02/2009	-	Active	NO
2	U45200DL2010PTC205121	Bhubaneshwar Expressways Private Limited	Director	30/09/2011	01/10/2010	20/06/2012	Active	NO
3	U28920MH1980PTC023537	PETRON CIVIL ENGINEERING PRIVATE LIMITED	Additional director	21/04/2011	21/04/2011	19/05/2011	Amalgamated	NO

KEY EXECUTIVES

Name :	Mr. Rajiv Ranjan
Designation :	Company Secretary
Address :	12/136 DSGQ, Dev Nagar, Karol Bagh, New Delhi – 110005, Delhi, India
Date of Birth/Age :	05.01.1980
Date of Appointment :	01.04.2008
PAN No.:	AKSPR8245E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.12.2013

Names of Shareholders	No. of Shares
Kazstroyservice, Hungary KFT.	30618499
Pankaj Jain	1
Total	30618500

As on 30.12.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of the company is to provide construction management and advisory service and to execute turnkey projects.

Products :

Item Code No. (ITC Code)	Product Description
99833100	Engineering advisory services

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	· ING Vysya Bank Limited · Axis Bank · HDFC Bank · ICICI Bank · State Bank of Hyderabad · State Bank of India · State Bank of Patiala · Central Bank of India · Punjab National Bank · Corporation Bank

Banking Relations :	---
Auditors :
Name :	S. R. Batliboi and Associates Chartered Accountants
Address :	Tower A, Building No. 8, 1^st Floor, DLF Cyber City, Phase – II, Sector – 25, Gurgaon – 122002, Haryana, India
PAN No.:	AABFS3421N
Holding Company :	· KazStroyService Hungary Kft
Ultimate Holding Company:	· KazStroyService Global BV, Netherland
Fellow Subsidiaries :	· KazStroy Engineering India Private Limited · KazStroyService Management Pte. Limited, Singapore · JSC OGCC KazStroyService, Kazakhstan
Associates :	· Bhubaneshwar Expressways Private Limited
Joint Ventures :	· KSSIIPL – Valecha JV
Subsidiaries :	· Petron Mechanical Industries Private Limited · Petron Engineering Construction Limited, India

CAPITAL STRUCTURE

As On 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
65000000	Equity Shares	Rs.10/-each	Rs.650.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30618500	Equity Shares	Rs.10/-each	Rs.306.185 Million

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	306.185	306.185	306.185
(b) Reserves & Surplus	1101.999	1328.620	1225.324
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	3725.076	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5133.260	1634.805	1531.509
(3) Non-Current Liabilities
(a) long-term borrowings	216.498	469.553	678.362
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	90.140	0.000	0.000
(d) long-term provisions	6.840	0.000	0.000
Total Non-current Liabilities (3)	313.478	469.553	678.362
(4) Current Liabilities
(a) Short term borrowings	5073.966	3641.644	1208.962
(b) Trade payables	3595.243	2542.718	1634.836
(c) Other current liabilities	2333.176	1292.227	761.316
(d) Short-term provisions	218.572	10.315	24.173
Total Current Liabilities (4)	11220.957	7486.904	3629.287
TOTAL	16667.695	9591.262	5839.158
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1767.891	1381.201	1047.304
(ii) Intangible Assets	983.898	33.083	6.919
(iii) Capital work-in-progress	0.000	13.087	59.514
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1737.441	268.762	0.114
(c) Deferred tax assets (net)	160.084	125.197	43.859
(d) Long-term Loan and Advances	940.179	755.020	629.180
(e) Other Non-current assets	173.480	0.000	0.000
Total Non-Current Assets	5762.973	2576.350	1786.890
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	943.891	39.447	41.934
(c) Trade receivables	1441.440	1049.117	552.488
(d) Cash and cash equivalents	263.704	102.009	91.731
(e) Short-term loans and advances	865.371	806.944	936.669
(f) Other current assets	7390.316	5017.395	2429.446
Total Current Assets	10904.722	7014.912	4052.268
TOTAL	16667.695	9591.262	5839.158

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
SALES
Income
Other Income
TOTAL (A)	17107.790	12193.450	6701.340
EXPENSES	15642.450	11113.660	5821.340
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1465.340	1079.790	880.000
FINANCIAL EXPENSES (D)	1116.790	597.020	347.780
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	429.450	494.200	532.220
DEPRECIATION/ AMORTISATION (F)	642.050	341.650	242.780
PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(212.600)	152.550	289.440
TAX (I)	14.020	49.250	97.330
PROFIT/ (LOSS) AFTER TAX (G-I) (J)	(226.620)	103.300	192.110
IMPORTS
Capital Goods and Spares	156.140	664.850	637.680
TOTAL IMPORTS	156.140	644.850	637.680
Earnings / (Loss) Per Share (Rs.)	(7.40)	3.37	6.27

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(1.32)	0.85	2.87
Return on Total Assets (PBT/Total Assets}	(%)	(1.44)	1.66	5.05
Return on Investment (ROI) (PBT/Networth)		(0.04)	0.09	0.19
Debt Equity Ratio (Total Debt /Networth)		1.03	2.51	1.23
Current Ratio (Current Asset/Current Liability)		0.97	0.94	1.12

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	306.185	306.185	306.185
Reserves & Surplus	1225.324	1328.620	1101.999
Net worth	1531.509	1634.805	1408.184
long-term borrowings	678.362	469.553	216.498
Short term borrowings	1208.962	3641.644	5073.966
Total borrowings	1887.324	4111.197	5290.464
Debt/Equity ratio	1.232	2.515	3.757

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	6701.340	12193.450	17107.790
		81.955	40.303

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	6701.340	12193.450	17107.790
Profit	192.110	103.300	(226.620)
	2.87%	0.85%	(1.32%)

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	No
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, 6, Jain Bhawan, 12, Bhagat Singh Marg, New Delhi – 110001, India, to the present address.

LITIGATION:

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Presentation Date:- 15/05/2014

Lodging No.:- CPL/328/2014 Filing Date:- 15/05/2014

Main Matter

Reg. No.:- CP/672/2014 Reg. Date :- 26/09/2014

Petitioner: TEKTON CONSTRUCTION - Respondent: KSS PETRON PRIVATE LIMITED

Petn. Adv : VIJAY BABURAO KULKARNI (16722)

District: MUMBAI

Bench: SINGLE

Status: PRE-ADMISSION Category: COMPANY APPLN. U/SEC 433, 434,439

OF COMPANIES ACT

Next Date: 27/10/2014 Stage: FOR DIRECRION (COMPANY MATTERS)

Last Coram:

HON'BLE SHRI JUSTICE S.J. KATHAWALLA

Act: Companies Act and Rules 1956 UNDER SECTION: 433, 434 and 439

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U45400MH2007PTC234297
Name of the company	KSS Petron Private Limited
Address of the registered office or of the principal place of business in India of the company	Swastik Chambers, 6th Floor, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India rranjan@kazstroyindia.com
Type of charge	Movable property (not being pledge) Immovable Property Book debt Others
Particular of charge holder	Reliance Capital Limited CIN No.: L65910MH1986PLC165645 ‘H’ Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai – 400710, Maharashtra, India Email : compsec.rcl@rcap.co.in
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation Made on December 28, 2013 By KSS Petron Private Limited in favour of Reliance Capital Limited
Date of instrument Creating the charge	28.12.2013
Amount secured by the charge	Rs.250.000 Million
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest 14 % per annum Terms of Repayment As Per The Letter Of Intent No. RCL/infra/2013/027 Dated December 27, 2013 to be amended from time to time Margin As Per The Letter Of Intent No. RCL/infra/2013/027 Dated December 27, 2013 to be amended from time to time Extent and Operation of the charge 1. Exclusive charge on entire cash flows, Receivables, Book Debts and Revanues of the Project Awarded to Borrower Vide LOI RE:Pur/As Dated October 7, 2013. 2. Exclusive Charge On Borrower Bank account related to above said project. 3.Exclusive charge by way of Hypothication on entire movable assets of the to above said project. 4. Exclusive charge on fixed asstes/Equipments purchased by borrower out of bundled facility. 5.Exclusive charge on project agreement. Others The above is to secure the following: -INR 23 Crores working capital demand loan facility -INR 2 Crores cash gap funding
Short particulars of the property charged	1. Exclusive charge on entire cash flows, Receivables, Book Debts and Revanues of the Project Awarded to Borrower Vide LOI RE:Pur/As Dated October 7, 2013. 2. Exclusive Charge On Borrower Bank account 3.Exclusive charge by way of Hypothication on entire movable assets of the to above said project. 4. Exclusive charge on fixed asstes/Equipments purchased by borrower out of bundled facility. 5.Exclusive charge on project agreement.

FIXED ASSETS:

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.61.62
UK Pound	1	Rs.99.12
Euro	1	Rs.78.89

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	NKT

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--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.