MIRA INFORM REPORT

Report Date :

17.09.2014

IDENTIFICATION DETAILS

Name :	JMS MINING SERVICES PRIVATE LIMITED
Registered Office :	Simple House, 27 Shakespeare Sarani Kolkata– 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.01.2009
Com. Reg. No.:	21- 132132
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U10101WB2009PTC132132
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is Mainly Engaged in Supervising and Assisting in Erection and Commissioning of Equipment, Supervising Mining Operations and Maintaining Equipment.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 3300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating reflect above financial risk profile marked by decent liquidity position. Trade relation are reported to be fair. Business is active Payments are reported to be usually correct. The company can be considered for business dealing 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

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

MANAGEMENT NON CO – OPERATIVE (91- 33- 23011600)

LOCATIONS

Registered Office :	Simple House, 27 Shakespeare Sarani, Kolkata– 700017, West Bengal, India
Tel. No. :	91-33-23011600
Fax No. :	91-33-22835964
E-Mail :	secretarial.legal@simplexinfra.net
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Amitabh Das Mundhra

Designation :

Director

Address :

126 Southern Avenue, Kolkata– 700029, West Bengal, India

Date of Birth/Age :

22.12.1967

Date of Appointment :

14.05.2012

DIN No. :

0014227

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	L45209WB1924PLC004969	SIMPLEX INFRASTRUCTURES LIMITED	Director	01/03/2014	14/08/1995	-	Active	NO
2	U15130MH1996PTC104007	CITROP INDIA PRIVATE LIMITED	Director	22/12/1997	22/12/1997	-	Active	NO
3	U30007MH2003PTC138665	SIMPLEX TECHNOLOGIES PRIVATE LIMITED	Director	14/01/2003	14/01/2003	-	Active	NO
4	L92120MH1996PLC099359	TIPS INDUSTRIES LIMITED	Director	11/06/2003	11/06/2003	-	Active	NO
5	U74140WB1994PTC066160	ANUPRIYA CONSULTANTS PVT LTD	Director	18/04/2005	18/04/2005	-	Active	NO
6	U67190WB1986PTC041338	RBS CREDIT AND FINANCIAL DEVELOPMENTS PVT. LTD.	Director	26/09/2005	26/09/2005	-	Active	NO
7	U15419WB1992PTC055174	PAHAL INVESTMENT PRIVATE LIMITED	Director	27/07/2006	27/07/2006	-	Active	NO
8	U51226WB1992PTC055987	SHREE FARMS PVT LTD	Director	14/10/2006	14/10/2006	-	Active	NO
9	U45203WB2006PLC111690	SIMPLEX PILING LIMITED	Director	06/11/2006	06/11/2006	13/04/2010	Active	NO
10	U14292WB2006PLC111691	SIMPLEX MINING LIMITED	Director	06/11/2006	06/11/2006	-	Active	NO
11	U65910WB1996PTC154937	ASNEW FINANCE AND INVESTMENT PRIVATE LIMITED	Director	12/02/2007	12/02/2007	-	Active	NO
12	U23209WB2007PLC115175	SIMPLEX OIL EXPLORATION LIMITED	Director	16/04/2007	16/04/2007	13/04/2010	Active	NO
13	U40106WB2007PLC115174	SIMPLEX ENERGY LIMITED	Director	16/04/2007	16/04/2007	23/05/2014	Active	NO
14	U74140WB2007PLC115764	SIMPLEX MANAGEMENT CONSULTANTS LIMITED	Director	15/05/2007	15/05/2007	23/05/2014	Active	NO
15	U45203WB2007PLC115817	SIMPLEX INFRA DEVELOPMENT LIMITED	Director	16/05/2007	16/05/2007	10/08/2010	Active	NO
16	U41000WB2008PLC125168	SIMPLEX ECO TECH LIMITED	Director	24/04/2008	24/04/2008	13/04/2010	Active	NO
17	U41000WB2008PLC125167	SIMPLEX WATER TREATMENT LIMITED	Director	24/04/2008	24/04/2008	23/05/2014	Active	NO
18	U74210WB2008PLC125184	SIMPLEX CONCRETE PILES (INDIA) LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
19	U45400WB2008PLC128079	SIMPLEX SHELTERS LIMITED	Director	31/07/2008	31/07/2008	13/04/2010	Active	NO
20	U45701WB1955PTC022359	SRI MOHAMAYA INVESTMENTS PVT LTD	Director	24/01/2009	24/01/2009	-	Active	NO
21	U51909WB1996PTC078964	BABA BASUKI DISTRIBUTORS PVT LTD	Director	10/07/2009	10/07/2009	-	Active	NO
22	U70109WB1997PTC083065	SHREE NARAYANA GURU DEVELOPMENTS PRIVATE LIMITED	Director	21/08/2009	21/08/2009	-	Amalgamated	NO
23	U27109WB1995PTC068032	NIMCO STEEL CRAPT PVT. LTD.	Director	21/08/2009	21/08/2009	-	Amalgamated	NO
24	L74999MH1934PLC002093	EVEREST INDUSTRIES LIMITED	Director	01/04/2014	21/06/2010	-	Active	NO
25	U45400WB2011PTC168384	ARABIAN CONSTRUCTION CO - SIMPLEX INFRA PRIVATE LIMITED	Director	07/10/2011	07/10/2011	-	Active	NO
26	U10101WB2009PTC132132	JMS Mining Services Private Limited	Whole-time director	01/03/2014	14/05/2012	-	Active	NO

Name :

Nandkishore Kakani

Designation :

Director

Address :

C – 10, Jejuna 3^rd Floor, Bangur Nagar Goregaon West, Mumbai – 400090, Maharashtra, India

Date of Birth/Age :

06.02.1953

Date of Appointment :

14.05.2012

DIN No. :

02333152

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	U45203WB2007PLC115817	SIMPLEX INFRA DEVELOPMENT LIMITED	Director	16/09/2011	18/08/2010	-	Active	NO
2	U10101WB2009PTC132132	JMS Mining Services Private Limited	Director	20/09/2012	14/05/2012	-	Active	NO

Name :

Lokesh Kumar Ray

Designation :

Director

Address :

36/7/1 Ramkrishna Samadhi Road, Kolkata– 700054, West Bengal, India

Date of Birth/Age :

13.01.1954

Date of Appointment :

20.01.2009

DIN No. :

02397846

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Central Deposit Services (India ) Limited	49994
Bithal Das Mundhra	01
Amita Das Mundhra	01
Rajiv Mundhra	01
Banwari Lall Bajoria	01
Nand Kumar Mohta	01
Nandkishore Kakani	01
Total	50000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is Mainly Engaged in Supervising and Assisting in Erection and Commissioning of Equipment, Supervising Mining Operations and Maintaining Equipment.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	· Standard Chartered Bank, Branch Shakespeare Sarani, Kolkata – 700017, West Bengal, India

Banking Relations :	--
Auditors :
Name :	Sultania Sanjay and Company Chartered Accountants
Address :	226/1 A.J.C Bose Road, Trinity Suite No 3E, 3^RD Floor, Kolkata – 700020, West Bengal, India
PAN No. :	ABOFS4390N
Ultimate Holding Company :	Joy Global Incorporation, USA
Holding Company :	P and H Joy Mining Equipment India Limited
Related Parties :	· Joy Partnership, U.K · Joy Partnership, India · P and H Minepro Services

CAPITAL STRUCTURE

As on 30.9.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 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	0.500	0.500	0.500
(b) Reserves & Surplus	828.485	435.310	121.663
(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)	828.985	435.810	122.163
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.037	0.000	0.000
(c) Other long term liabilities	0.027	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.064	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	59.425	72.064	57.511
(d) Short-term provisions	22.401	25.611	2.179
Total Current Liabilities (4)	81.826	97.675	59.690
TOTAL	910.875	533.485	181.853
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.289	4.891	1.551
(ii) Intangible Assets	1.546	0.080	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	50.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	5.808	0.902
(d) Long-term Loan and Advances	37.167	19.950	4.000
(e) Other Non-current assets	0.000	80.000	0.000
Total Non-Current Assets	98.002	110.729	6.453
(2) Current assets
(a) Current investments	95.000	0.000	0.000
(b) Inventories	0.000	3.827	1.424
(c) Trade receivables	67.144	145.275	93.619
(d) Cash and cash equivalents	79.906	199.411	56.287
(e) Short-term loans and advances	485.057	3.043	24.070
(f) Other current assets	85.766	71.200	0.000
Total Current Assets	812.873	422.756	175.400
TOTAL	910.875	533.485	181.853

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	858.414	682.157	293.900
		Other Income	40.409	13.953	0.000
		TOTAL	898.823	696.110	293.900
Less	EXPENSES
		Cost of Materials Consumed	3.827	(2.403)	0.000
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Exceptional Items	(10.560)	(3.068)	0.000
		Employees benefits expense	178.864	113.025	0.000
		Other expenses	140.435	114.862	0.000
		TOTAL (B)	312.566	222.416	0.000
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		586.257	473.694	0.000
Less	FINANCIAL EXPENSES		1.005	5.226	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		585.252	468.468	0.000
Less/ Add	DEPRECIATION/ AMORTISATION		2.491	1.080	0.000
	PROFIT/ (LOSS) BEFORE TAX		582.761	467.388	176.100
Less	TAX		189.586	153.742	0.000
	PROFIT/ (LOSS) AFTER TAX		393.175	313.646	116.720
	Earnings / (Loss) Per Share (Rs.)		7863.5	6272.92	2334.4

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	43.74	45.06	39.71
Net Profit Margin (PBT/Sales)	(%)	67.89	68.52	59.92
Return on Total Assets (PBT/Total Assets}	(%)	67.69	88.57	97.32
Return on Investment (ROI) (PBT/Networth)		0.70	1.07	1.44
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		9.93	4.33	2.94

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	0.500	0.500	0.500
Reserves & Surplus	121.663	435.310	828.485
Net worth	122.163	435.810	828.985
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	293.900	682.157	858.414
		132.105	25.838

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	293.900	682.157	858.414
Profit	116.720	313.646	393.175
	39.71%	45.98%	45.80%

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	No
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	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	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10514340	22/07/2014	9,999,508.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	C16031049
2	10493752	26/03/2014	700,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	C04369971
3	10452720	19/06/2014 *	300,000,000.00	Standard Chartered Bank	19, NETAJI SUBHAS ROAD, KOLKATA, West Bengal - 700  001, INDIA	C10705895
4	10432941	28/08/2014 *	250,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Guj  arat - 390015, INDIA	C20133831
5	10428497	02/04/2014 *	750,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	C04675104

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Plant Equipment

· Furniture and Fixture

· Vehicles

· Office Equipment

· Computer and Accessories

Intangible Assets

· Computer Software

· Website Design

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] 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.61.10
UK Pound	1	Rs.99.03
Euro	1	Rs.79.03

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SMT
Report Prepared by :	ANU

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	6
--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	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		45

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.