MIRA INFORM REPORT

Report Date :

29.10.2014

IDENTIFICATION DETAILS

Name :	MUBEA SUSPENSION INDIA LIMITED (w.e.f.24.03.2010)
Formerly Known As :	PIRANGUT SRINGS LIMITED (w.e.f.22.10.2009) TC SPRINGS LIMITED TC SPRINGS PRIVATE LIMITED
Registered Office :	Survey No. 1072, Post Pirangut, Taluka, Mulshi, Pune - 412111, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.03.1999
Com. Reg. No.:	11-014564
Capital Investment / Paid-up Capital :	Rs. 200.000 Millions
CIN No.: [Company Identification No.]	U34300PN1999PTC014564
TAN No.: [Tax Deduction & Collection Account No.]	PNET01287G
PAN No.: [Permanent Account No.]	AAACT9025D
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturing Car Suspension Related Products Like Coil Springs, Torsion Springs and Stabilizer Bars.
No. of Employees :	Information declined by management.

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 40000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and huge accumulated losses incurred 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 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.

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. Dinesh Kasture
Contact No.:	91-9158000324
Date :	28.10.2014

LOCATIONS

Registered Office/ Factory :	Survey No. 1072, Post Pirangut, Taluka, Mulshi, Pune-412111, Maharashtra, India.
Tel. No.:	91-20-66753100
Fax No.:	Not Available
E-Mail :	devendracs@gmail.com

DIRECTORS

As On 30.09.2013

Name :

Jan Wolfgang Dohna

Designation :

Director

Address :

1, Bis Rus De Moulins A Vent, Fontenay Aux Roses, 92260, France.

Date of Birth/Age :

03.05.1959

Date of Appointment :

12.01.2012

DIN No.:

01757632

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	U74999DL2007PTC174465	Mubea Automotive India Private Limited	Director	16/09/2008	17/10/2007	-	Active	NO
2	U34300PN1999PTC014564	MUBEA SUSPENSION INDIA Private Limited	Director	28/09/2010	12/01/2010	-	Active	NO

Name :

Sushil Kumar Bhatia

Designation :

Director

Address :

D-192, Saket, New Delhi, 110017, Delhi, India

Date of Birth/Age :

30.08.1945

Date of Appointment :

12.01.2012

DIN No.:

01757707

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	U74999DL2007PTC174465	Mubea Automotive India Private Limited	Director	16/09/2008	17/10/2007	-	Active	NO
2	U34300PN1999PTC014564	MUBEA SUSPENSION INDIA Private Limited	Director	31/12/2011	12/01/2010	-	Active	NO

Name :

Dr. Thomas Hugo Muhr

Designation :

Director

Address :

Muhlhardt 45, Attendorn, 57439

Date of Birth/Age :

17.06.1963

Date of Appointment :

12.01.2010

DIN No.:

01757711

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	U74999DL2007PTC174465	Mubea Automotive India Private Limited	Director	16/09/2008	17/10/2007	-	Active	NO
2	U34300PN1999PTC014564	MUBEA SUSPENSION INDIA Private Limited	Director	28/09/2010	12/01/2010	-	Active	NO

Name :

Hartmut Salije

Designation :

Director

Address :

Bonifaciusstrabe, 8. Erfurt, D99084

Date of Birth/Age :

09.05.1956

Date of Appointment :

12.01.2010

DIN No.:

01887316

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	U74999DL2007PTC174465	Mubea Automotive India Private Limited	Managing director	22/11/2007	21/11/2007	01/10/2013	Active	NO
2	U34300PN1999PTC014564	MUBEA SUSPENSION INDIA Private Limited	Director	28/09/2010	12/01/2010	01/10/2013	Active	NO

Name :

Subodh Chandrakant Korde

Designation :

Managing Director

Address :

Plot No.3, Plateau Palms, Behind Gangapur Police Station, Sawarkar Nagar, Gangapur Road, Nashik – 422013, Maharashtra, India

Date of Birth/Age :

15.06.1961

Date of Appointment :

01.01.2013

DIN No.:

06425851

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	U34300PN1999PTC014564	MUBEA SUSPENSION INDIA Private Limited	Managing director	30/09/2013	01/01/2013	-	Active	NO
2	U74999DL2007PTC174465	Mubea Automotive India Private Limited	Managing director	30/09/2013	01/01/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Mubea Engineering AG	19999400
Mubea Engineering AG Jointly with Muhr And Bender KG	150
Mubea Engineering AG Jointly With Mubea International GMBH	150
Mubea Engineering AG Jointly With Mubea Tellerfedm GMBH	100
Mubea Engineering AG Jointly With Mubea Fahtweksfedern GMBH	100
Mubea Engineering AG Jointly With Mubea Motorkomponten GMBH	50
Mubea Engineering AG Jointly With Mubea Maschinebau GMBH	10
Total	20000000

AS ON 30.09.2013

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing Car Suspension Related Products Like Coil Springs, Torsion Springs and Stabilizer Bars.

Products :

· Stabilizer Bars

· Belt Tensioner Systems

· Suspension Coil Springs

· Tailor Rolled+00 Products

· Fiber Composite Springs

· Valve Springs

· Seat Components

· System Components

Product description	ITC Code
Spring Coils	72253010

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Torsion Bars	Nos	1,20,000	202
Coil Springs	Nos	9,00,000	1,256
Stabilizer Bars	Nos	4,80,000	1,572
Others	Nos	NA	114

GENERAL INFORMATION

No. of Employees :

Information declined by management.

Bankers :

State Bank of India, Industrial Finance Branch, Wakdewadi, Pune – 411003, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Term Loan	245.507	0.000
Total	245.507	0.000

Banking Relations :	--
Auditors :
Name :	Walker Chandiok and Company Chartered Accountants
PAN No.:	AAAFW4298E
Ultimate Holding Company :	Muhr Und Bender KG
Holding Company :	Mubea Enginerring AG
Fellow Subsidiary Company :	· Mubea Suspension Components Japan Company Limited · Mubea IT Spring Wire S.R.O. · Mubea Inc · Mubea Automotive Components (Taicang) Company Limited · Mubea Iberia S.A. · Mubea Automotive India · Private Limited U74999dl2007ptc174465 · Mubea Hzp S.R.O. · Mubea Italia S.R.L · Mubea Spol S.R.O. · Mubea Fahrwerksfedern Gmbh

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital : Rs. 335.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 331.579 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs. 10/- each	Rs. 200.000 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	200.000	200.000	200.000
(b) Reserves & Surplus	(183.287)	(34.529)	35.023
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	16.713	165.471	235.023
(3) Non-Current Liabilities
(a) long-term borrowings	431.728	25.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.384	0.300
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.160	1.681	0.000
Total Non-current Liabilities (3)	431.888	27.065	0.300
(4) Current Liabilities
(a) Short term borrowings	245.507	0.000	0.000
(b) Trade payables	281.794	329.340	84.658
(c) Other current liabilities	26.732	65.545	46.946
(d) Short-term provisions	8.907	17.117	4.741
Total Current Liabilities (4)	562.940	412.002	136.345
TOTAL	1011.541	604.538	371.668
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	215.741	171.084	99.899
(ii) Intangible Assets	0.754	0.390	1.838
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	10.348	0.000	69.755
(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	347.472	20.536	1.492
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	574.315	192.010	172.984
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	148.369	251.980	80.369
(c) Trade receivables	124.802	115.016	70.949
(d) Cash and cash equivalents	83.012	22.382	30.533
(e) Short-term loans and advances	81.043	23.150	16.833
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	437.226	412.528	198.684
TOTAL	1011.541	604.538	371.668

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	877.404	699.087	641.869
		Other Income	9.488	2.926	0.815
		TOTAL (A)	886.892	702.013	642.684
Less	EXPENSES
		Cost of Material Consumed	650.452	457.951	406.881
		Purchase of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(6.211)	(12.295)	(3.267)
		Employees benefit expenses	62.723	56.912	50.877
		Other expenses	288.424	232.473	164.455
		TOTAL (B)	995.388	735.041	618.946
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(108.496)	(33.028)	23.738
Less	FINANCIAL EXPENSES (D)		9.520	6.497	0.872
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(118.016)	(39.525)	22.866
Less/ Add	DEPRECIATION/ AMORTISATION (F)		29.173	25.456	26.609
Less/ Add	PRIOR PERIOD ITEMS BEFORE TAX		(0.552)	(1.987)	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(147.741)	(66.968)	(3.743)
Less	TAX (H)		1.016	2.584	4.931
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(148.757)	(69.552)	(8.674)
	IMPORTS
	Raw Materials		NA	235.605	32.353
	Components and Stores parts		NA	5.720	0.523
	Capital Goods		NA	0.489	44.229
	TOTAL IMPORTS		NA	241.814	77.105
	Earnings / (Loss) Per Share (Rs.)		(7.44)	(3.48)	(0.43)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(16.77)	(9.91)	(1.35)
Net Profit Margin (PBT/Sales)	(%)	(16.84)	(9.58)	(0.58)
Return on Total Assets (PBT/Total Assets}	(%)	(14.76)	(11.08)	(1.24)
Return on Investment (ROI) (PBT/Networth)		(8.84)	(0.40)	(0.02)
Debt Equity Ratio (Total Liability/Networth)		40.52	0.15	0.00
Current Ratio (Current Asset/Current Liability)		0.78	1.00	1.46

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	200.000	200.000	200.000
Reserves & Surplus	35.023	(34.529)	(183.287)
Net worth	235.023	165.471	16.713
long-term borrowings	0.000	25.000	431.728
Short term borrowings	0.000	0.000	245.507
Total borrowings	0.000	25.000	677.235
Debt/Equity ratio	0.000	0.151	40.521

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	641.869	699.087	877.404
		8.914	25.507

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	641.869	699.087	877.404
Profit/(Loss)	(8.674)	(69.552)	(148.757)
	(1.35%)	(9.95%)	(16.95%)

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	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	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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90091340	02/09/2000	40,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, WAKDEWADI, PUNE, Mahar  ashtra - 411003, INDIA	-

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and Advance from Others	431.728	25.000
Total	431.728	25.000

FIXED ASSETS

· Land

· Buildings

· Factory Building

· Plant and Equipment

· Computer Software

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. 61.35
UK Pound	1	Rs. 98.93
Euro	1	Rs. 77.92

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--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	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		28

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.