MIRA INFORM REPORT

Report Date :

28.10.2014

IDENTIFICATION DETAILS

Name :	VRG DIGITAL CORPORATION PRIVATE LIMITED (w.e.f. 07.01.2013)
Formerly Known As :	PURPLE HAZE MOTION PICTURES PRIVATE LIMITED (w.e.f.21.07.2009) GUTTE CAPITAL AND FINANCIAL SERVICES PRIVATE LIMITED
Registered Office :	6^th Floor, DHL Best Seller, Linking Road, Above Jack and Jones Showroom, Santacruz West Mumbai - 400054, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.08.2008
Com. Reg. No.:	11-185792
Capital Investment / Paid-up Capital :	Rs.21.988 Millions
CIN No.: [Company Identification No.]	U67190MH2008PTC185792
Legal Form :	Private Limited Liability Company
Line of Business :	To exhibit, cause to exhibit, telecast, cause to telecast, video films, advertising films, commercial films, television serial films, and sponsored programmes of all descriptions and natures, and to set up studios, colour photo labs and processing laboratories.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. A reserves of the company is low. However, the rating takes into consideration company’s improved operational performance supported by growth in top line over previous year and fair profitability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow correct. The company can be considered for business dealings at usual trade terms and condition.

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 slowly 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.

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 BY

Name :	Mr. Sandeep
Designation :	Accounts Manager
Contact No.:	91-22-61557979
Date :	22.10.2014

LOCATIONS

Registered Office :	6^th Floor, DHL Best Seller, Linking Road, Above Jack and Jones Showroom, Santacruz West Mumbai - 400054, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@purplehazemovies.com accounts@after.org.in
Corporate Office :	601, Managal Murti, 5^th Floor, Linking Road, Near Arya Samaj, Above Jack and Jones Showroom, Santacruz, Mumbai – 400054, Maharashtra, India
Tel. No.:	91-22-61557979 (100 Lines)

DIRECTORS

As on 30.09.2013

Name :

Mr. Vijay Ratnakar Gutte

Designation :

Director

Address :

Plot No.1, Near MLA Hostel Civil Lines, Nagpur - 440001, Maharashtra, India

Date of Birth/Age :

19.03.1983

Date of Appointment :

13.08.2008

DIN No.:

01179049

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	U28120MH2005PLC153364	SEAM INDUSTRIES LIMITED	Whole-time director	29/10/2012	19/05/2005	-	Active	NO
2	L28920MH1998PLC115155	SUNIL HITECH ENGINEERS LIMITED	Whole-time director	29/05/2012	29/05/2007	-	Active	NO
3	U67190MH2008PTC178437	TRIMURTI TOWERS PRIVATE LIMITED	Director	15/03/2010	01/02/2008	-	Active	NO
4	U40109MH2008PTC178611	SUNIL HITECH ENERGY PRIVATE LIMITED	Director	14/08/2012	07/02/2008	-	Active	NO
5	U67190MH2008PTC185792	VRG DIGITAL CORPORATION PRIVATE LIMITED	Director	13/08/2008	13/08/2008	-	Active	NO
6	U40104MH2008PTC185795	SUDAMA MAHAVIR POWER PRIVATE LIMITED	Director	13/08/2008	13/08/2008	03/03/2009	Active	NO
7	U10200MH2010SGC200221	MSMC ADKOLI NATURAL RESOURCES LIMITED	Director	18/02/2010	18/02/2010	06/05/2011	Active	NO
8	U74900MH2014PTC258487	VRG MOTION PICTURES PRIVATE LIMITED	Director	01/10/2014	01/10/2014	-	Active	NO

Name :

Mr. Sunil Ratnakar Gutte

Designation :

Director

Address :

Plot No.1, Near Mla Hostel Civil Lines, Nagpur-440001, Maharashtra, India

Date of Birth/Age :

07.11.1982

Date of Appointment :

13.08.2008

DIN No.:

00165822

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	U28120MH2005PLC153364	SEAM INDUSTRIES LIMITED	Whole-time director	29/10/2012	19/05/2005	-	Active	NO
2	L28920MH1998PLC115155	SUNIL HITECH ENGINEERS LIMITED	Managing director	07/10/2014	01/06/2005	-	Active	NO
3	U15421MH2007PLC174599	GANGAKHED SUGAR & ENERGY LIMITED	Director	30/09/2009	28/09/2007	-	Active	NO
4	U67190MH2008PTC178437	TRIMURTI TOWERS PRIVATE LIMITED	Director	01/02/2008	01/02/2008	-	Active	NO
5	U40109MH2008PTC178611	SUNIL HITECH ENERGY PRIVATE LIMITED	Director	07/02/2008	07/02/2008	-	Active	NO
6	U40106MH2008PTC180046	S R MECHANICALS PRIVATE LIMITED	Director	28/09/2010	13/03/2008	20/09/2014	Active	NO
7	U40104MH2008PTC185795	SUDAMA MAHAVIR POWER PRIVATE LIMITED	Director	13/08/2008	13/08/2008	03/03/2009	Active	NO
8	U67190MH2008PTC185792	VRG DIGITAL CORPORATION PRIVATE LIMITED	Director	13/08/2008	13/08/2008	17/07/2014	Active	NO
9	U10200MH2010SGC200221	MSMC ADKOLI NATURAL RESOURCES LIMITED	Managing director	10/06/2010	18/02/2010	-	Active	NO
10	U45202MH2009PTC195072	SHEL Investments Consultancy Private Limited	Director	21/04/2011	21/04/2011	-	Active	NO
11	U80900MH2012NPL226677	INFRASTRUCTURE CONSTRUCTION & OPERATIONS MANAGEMENT INSTITUTE	Director	10/02/2012	10/02/2012	-	Active	NO
12	U45203MH1999PTC119073	GUTTE INFRA PRIVATE LIMITED	Director	29/09/2012	10/05/2012	-	Active	NO
13	U45400MH2012PTC232077	SUNILHITECH INDIA INFRA PRIVATE LIMITED	Director	12/06/2012	12/06/2012	-	Active	NO
14	U15122MH2013PTC241876	RMG SUGAR & ENERGY PRIVATE LIMITED	Director	12/04/2013	12/04/2013	-	Active	NO
15	U40300MH2013PTC242315	GANGAKHED SOLAR POWER PRIVATE LIMITED	Director	23/04/2013	23/04/2013	-	Active	NO
16	U40300MH2013PTC249945	Kolhapur Green Energy Private Limited	Director	08/11/2013	08/11/2013	-	Active	NO
17	U40108MP1997PTC012063	ORGANIC WASTE (INDIA) PRIVATE LIMITED	Director	03/01/2014	03/01/2014	-	Active	NO
18	U40108MH2014PTC254060	Sunilhitech Solar (Dhule) Private Limited	Director	10/03/2014	10/03/2014	-	Active	NO
19	U40108MH2014PTC258256	PATNA GREEN ENERGY PRIVATE LIMITED	Director	22/09/2014	22/09/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sandeep
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Ratnakar Manikrao Gutte	2500
Sudhamati Ratnakar Gutte	2500
Sunil Ratnakar Gutte	2500
Vijay Ratnakar Gutte	1381290
Sunil Ratnakar Gutte HUF	810000
Total	2198790

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Total	100.00

BUSINESS DETAILS

Line of Business :

To exhibit, cause to exhibit, telecast, cause to telecast, video films, advertising films, commercial films, television serial films, and sponsored programmes of all descriptions and natures, and to set up studios, colour photo labs and processing laboratories.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

• Kotak Mahindra Bank Limited, 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra - 400051, India
• Kotak Mahindra Bank Limited, 36-38 A, Nariman Bhavan,227, D, Nariman Point, Mumbai-400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
SHORT TERM BORROWINGS
Loan repayable on demand (overdraft)	65.994	47.633
Total	65.994	47.633

Banking Relations :	--
Auditors :
Name :	Hunda Salaskar and Company Chartered Accountants
Address :	57, Hanuman Building, 308 Perin Nariman Street, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-688893/4358
PAN No.:	AABPH2709J

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2198790	Equity Shares	Rs.10/- each	Rs.21.988 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	21.988	0.100	0.100
(b) Reserves & Surplus	17.610	3.686	2.016
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	27.725	5.125
Total Shareholders’ Funds (1) + (2)	39.598	31.511	7.241
(3) Non-Current Liabilities
(a) long-term borrowings	56.484	28.642	17.142
(b) Deferred tax liabilities (Net)	3.905	0.056	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	60.389	28.698	17.142
(4) Current Liabilities
(a) Short term borrowings	65.994	47.633	49.846
(b) Trade payables	149.256	4.545	0.456
(c) Other current liabilities	14.145	3.655	0.200
(d) Short-term provisions	0.000	1.193	0.521
Total Current Liabilities (4)	229.395	57.026	51.023
TOTAL	329.382	117.235	75.406
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	40.832	23.512	10.672
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	40.832	23.512	10.672
(2) Current assets
(a) Current investments	27.375	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	218.034	50.624	59.462
(d) Cash and cash equivalents	1.795	0.785	1.472
(e) Short-term loans and advances	30.281	39.134	0.000
(f) Other current assets	11.065	3.180	3.800
Total Current Assets	288.550	93.723	64.734
TOTAL	329.382	117.235	75.406

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	250.300	49.846	78.111
		Other Income	0.999	1.475	0.000
		TOTAL (A)	251.299	51.321	78.111
Less	EXPENSES
		Purchase of Stock-in-trade	124.560	0.000	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	0.000	0.000	0.000
		Employee Benefits Expenses	4.543	1.025	0.718
		Other Expenses	88.893	37.605	71.738
		TOTAL (B)	217.996	38.630	72.456
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33.303	12.691	5.655
Less	FINANCIAL EXPENSES (D)		7.639	7.683	3.015
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.664	5.008	2.640
Less	DEPRECIATION/ AMORTISATION (F)		5.222	2.605	0.027
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		20.442	2.403	2.613
Less	TAX (H)		6.518	0.729	0.526
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		13.924	1.674	2.087
	Earnings / (Loss) Per Share (Rs.)		6.33	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.54	3.26	2.67
Net Profit Margin (PBT/Sales)	(%)	8.17	4.82	3.35
Return on Total Assets (PBT/Total Assets}	(%)	6.21	2.05	3.47
Return on Investment (ROI) (PBT/Networth)		0.52	0.08	0.36
Debt Equity Ratio (Total Debt /Networth)		3.09	2.42	9.25
Current Ratio (Current Asset/Current Liability)		1.26	1.64	1.27

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	0.100	0.100	21.988
Reserves & Surplus	2.016	3.686	17.610
Share Application money pending allotment	5.125	27.725	0.000
Net worth	7.241	31.511	39.598
Long Term borrowings	17.142	28.642	56.484
Short Term borrowings	49.846	47.633	65.994
Total borrowings	66.988	76.275	122.478
Debt/Equity ratio	9.251	2.421	3.093

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	78.111	49.846	250.300
		(36.186)	402.147

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	78.111	49.846	250.300
Profit	2.087	1.674	13.924
	2.67%	3.36%	5.56%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Other loans and advances (Specify Nature)	56.484	28.642
Total	56.484	28.642

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10244260	23/09/2014 *	135,000,000.00	Kotak Mahindra Bank Limited	27bkc, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, India	C24818361

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No 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.61.23
UK Pound	1	Rs.98.53
Euro	1	Rs.77.75

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	VNT

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	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.