MIRA INFORM REPORT

Report Date :

22.10.2014

IDENTIFICATION DETAILS

Name :	AB&CO GLOBAL PRIVATE LIMITED (w.e.f. 21.01.2008)
Formerly Known As :	ABANDCO ADVISORS PRIVATE LIMITED
Registered Office :	32/33, Gopal Bhuvan, 2^nd Floor, 199, Princess Street, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.10.1997
Com. Reg. No.:	11-111176
Capital Investment / Paid-up Capital :	Rs. 1.665 Millions
CIN No.: [Company Identification No.]	U67190MH1997PTC111176
PAN No.: [Permanent Account No.]	AAECA1095J
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Cotton, Tiles, Steel, Chemicals, etc.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well-established company having moderate track record. Profitability of the company seems to be low during 2013. The rating also takes into consideration low entry barriers, fragmented market and intense competition which characterizes its trading business. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some 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 – 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	ICRA
Rating	Long term fund based facilities: “BB-”
Rating Explanation	Have moderate risk of default
Date	July, 2014

Rating Agency Name	ICRA
Rating	Short term fund based facilities: “A4”
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	July, 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 PARTED BY

Name :	Ms. Pragati
Designation :	Accountant
Contact No.:	91-22-28707200
Date :	21.10.2014

LOCATIONS

Registered Office :	32/33, Gopal Bhuvan, 2^nd Floor, 199, Princess Street, Mumbai – 400002, Maharashtra, India
Tel. No. :	91-22-40223200/ 22036714/ 28707200/ 40223201/ 22036713
Fax No. :	91-22-22036713/ 28707272
E-Mail :	abnco@live.in
Corporate Office :	B/212, Western Edge II, Near Metro Mall, Western Express Highway, Borivali (East), Mumbai – 400066, Maharashtra, India

DIRECTORS

As on 28.09.2013

Name :

Mr. Sunil Hariprasad Agrawal

Designation :

Director

Address :

B-602, Avon Majesty, Dattapada Road, Opposite Tata SSL, Borivali (East), Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

05.08.1979

Date of Appointment :

28.09.2013

PAN No.:

AEVPA1960N

DIN No. :

00022713

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	U67190MH1997PTC111176	AB&CO GLOBAL PRIVATE LIMITED	Director	28-09-2013	14-07-2003	-	Active	NO
2	U72900MH2000PTC160206	ABNCO VIE WIN ENT PRIVATE LIMITED	Director	28-09-2013	15-01-2004	-	Active	NO
3	U74999MH1992PLC065166	INDOSPIN FILATI LTD	Additional director	23-01-2004	23-01-2004	20-05-2011	Active	NO
4	U70100MH2006PTC158903	Manali Realty Private Limited	Director	06-01-2006	06-01-2006	21-07-2014	Active	NO
5	U70109MH2006PTC161669	ABNCO PROPERTIES PRIVATE LIMITED	Director	05-05-2006	05-05-2006	01-01-2010	Active	NO
6	U51909MH2006PTC164554	ATMAN COMMERCIAL PRIVATE LIMITED	Director	14-09-2006	14-09-2006	09-09-2009	Active	NO
7	U31401MH2007PTC173318	ENRICH RD INFRAPROJECTS PRIVATE LIMITED	Director	21-08-2007	21-08-2007	-	Active	NO
8	U74900MH2008PTC179993	ENRICH PROJECTS PRIVATE LIMITED	Director	12-03-2008	12-03-2008	15-07-2014	Active	NO
9	U70109MH2010PTC202135	ENRICH BUILDCON PRIVATE LIMITED	Director	17-04-2010	17-04-2010	26-07-2014	Active	NO
10	U74900MH2010PTC199727	ENRICH SHREYA MARINE INFRASTRUCTURES PRIVATE LIMITED	Director	27-05-2010	27-05-2010	12-10-2012	Active	NO
11	U65900WB1995PLC074942	MANALI FINVEST LIMITED	Director	08-10-2010	08-10-2010	02-07-2012	Active	NO
12	U21000MH2011PTC216674	ENRICH PACKAGING PRIVATE LIMITED	Director	25-04-2011	25-04-2011	15-11-2011	Active	NO
13	U70101MH2011PTC218725	SRL JODHPUR BUILDCON PRIVATE LIMITED	Director	29-09-2012	01-09-2012	02-08-2014	Active	NO

Name :

Mr. Rajneesh Ladu Lal Kanther

Designation :

Director

Address :

Flat No. 143, Building No. 1-C, Kalpataru Aura, LBS Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India

,Date of Birth/Age :

28.12.1971

Date of Appointment :

05.02.2013

DIN No. :

03470217

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	U31401MH2007PTC173318	ENRICH RD INFRAPROJECTS PRIVATE LIMITED	Director	25-02-2011	25-02-2011	-	Active	NO
2	U74999MH2010PTC206067	Krishna Filmworks Private Limited	Director	25-02-2011	25-02-2011	-	Active	NO
3	U74140MH1994PLC080466	ABANDCOMPANY CORPORATE SERVICES LIMITED	Director	31-10-2012	31-10-2012	-	Active	NO
4	U72900MH2000PTC160206	ABNCO VIE WIN ENT PRIVATE LIMITED	Director	05-02-2013	05-02-2013	-	Active	NO
5	U67190MH1997PTC111176	AB&CO GLOBAL PRIVATE LIMITED	Director	05-02-2013	05-02-2013	-	Active	NO
6	U70109MH2006PTC161669	ABNCO PROPERTIES PRIVATE LIMITED	Director	24-09-2014	28-05-2014	-	Active	NO

Name :

Mr. Narendra Singh Kamal Singh Rathore

Designation :

Director

Address :

B-301, New Gayatri Dham, PH-1, CHS Limited, Pleasant Park, Mira Road (East), Thane – 401107, Maharashtra, India

Date of Birth/Age :

10.11.1986

Date of Appointment :

28.09.2013

DIN No. :

05137982

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	U45400MH2012PTC225878	RCC CONSTRUCTIONS PRIVATE LIMITED	Director	09-01-2012	09-01-2012	23-01-2014	Active	NO
2	U67190MH1997PTC111176	AB&CO GLOBAL PRIVATE LIMITED	Director	28-09-2013	02-11-2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Pragati
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Natwar Hariprasad Agrawal	15500	9.31
Sunil Hariprasad Agrawal	4000	2.40
ABandcompany Corporate Services Limited, India	15000	9.01
ABNCO Properties Private Limited, India	81750	49.10
Hariprasad Agrawal	44000	26.43
TVC Skyshop Limited, India	6250	3.75
Total	166500	100.00

Allottee as on 30.01.2014

Names of Allottee	No. of Shares
ABandcompany Corporate Services Limited, India	100000
Total	100000

As on 28.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	61.86
Directors or relatives of Directors	38.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Cotton, Tiles, Steel, Chemicals, etc.

Products :

Item Code No. (ITC Code)	Product Description
52010019	Indian cotton
69071010	Vitrified Tiles
52092120	Shirting Fabric

Exports :

Products :

Cotton, Tiles, Steel, Chemicals, etc.

Countries :

Qatar

Imports :

Products :

Steel Bar

Countries :

Korea

Terms :

Selling :

Cash and Advance Payment

Purchasing :

Cash and Advance Payment

GENERAL INFORMATION

Customers :	Wholesalers, Retailers and End Users
No. of Employees :	20 (Approximately)
Bankers :	· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India · Union Bank of India, Industrial Finance Branch, 239, Vidhan Bhavan Marg, 1^st Floor Nariman Point, Mumbai - 400021, Maharashtra, India
Facilities :	Cash Credit : Rs. 100.000 Millions (Union Bank of India) Letter of Credit : Rs. 400.000 Millions (Union Bank of India)

Banking Relations :	--
Auditors :
Name :	Shyam C. Agrawal and Company Chartered Accountants
Address :	3/910-L Navjivan Society, Lamington Road, Mumbai – 400008, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAPA9728P
Associate:	Enrich RD Infraprojects Private Limited U31401MH2007PTC173318

CAPITAL STRUCTURE

After 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
266,500	Equity Shares	Rs.10/- each	Rs. 2.665 Millions

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
166,500	Equity Shares	Rs.10/- each	Rs. 1.665 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	1.665	1.665	1.440
(b) Reserves & Surplus	57.705	53.037	40.186
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	35.000	35.000	9.000
Total Shareholders’ Funds (1) + (2)	94.370	89.702	50.626
(3) Non-Current Liabilities
(a) long-term borrowings	0.342	0.984	1.567
(b) Deferred tax liabilities (Net)	0.038	0.072	0.000
(c) Other long term liabilities	26.300	0.300	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	26.680	1.356	1.567
(4) Current Liabilities
(a) Short term borrowings	68.211	0.000	47.316
(b) Trade payables	373.096	295.989	203.982
(c) Other current liabilities	2.252	2.383	15.772
(d) Short-term provisions	2.368	2.258	2.216
Total Current Liabilities (4)	445.927	300.630	269.286
TOTAL	566.977	391.688	321.479
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.914	6.568	7.006
(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	12.814	10.000	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	0.000	0.000	0.000
Total Non-Current Assets	20.728	16.568	7.006
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	29.301	0.277	0.000
(c) Trade receivables	274.438	177.035	196.472
(d) Cash and cash equivalents	100.572	144.137	91.796
(e) Short-term loans and advances	141.938	53.671	26.205
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	546.249	375.120	314.473
TOTAL	566.977	391.688	321.479

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	REVENUE FROM OPERATIONS	2286.740	1290.436	855.762
	PURCHASES	2263.943	1274.043	834.056
	PROFIT/ (LOSS) BEFORE TAX	6.762	6.121	NA
Less	TAX	2.093	2.046	NA
	PROFIT/ (LOSS) AFTER TAX	4.669	4.075	4.432
	Earnings / (Loss) Per Share (Rs.)	28.04	24.48	30.78

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	0.30	0.47	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.22	1.60	NA
Return on Investment (ROI) (PBT/Networth)		0.07	0.07	NA
Debt Equity Ratio (Total Debt/Networth)		0.73	0.01	0.97
Current Ratio (Current Asset/Current Liability)		1.22	1.25	1.17

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	1.440	1.665	1.665
Reserves & Surplus	40.186	53.037	57.705
Share Application money pending allotment	9.000	35.000	35.000
Net worth	50.626	89.702	94.370
long-term borrowings	1.567	0.984	0.342
Short term borrowings	47.316	0.000	68.211
Total borrowings	48.883	0.984	68.553
Debt/Equity ratio	0.966	0.011	0.726

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	855.762	1290.436	2286.740
		50.794	77.207

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	855.762	1290.436	2286.740
Profit	4.432	4.075	4.669
	0.52%	0.32%	0.20%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10041187	06/06/2012 *	500,000,000.00	UNION BANK OF INDIA	M.M.O BRANCH, 239, VIDHAN BUILDING MARG, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B40999450

*Date of Charge Modification

FIXED ASSETS

Tangible Assets

· Land

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.30
UK Pound	1	Rs.99.16
Euro	1	Rs.78.59

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	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		30

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.