MIRA INFORM REPORT

Report Date :

27.09.2014

IDENTIFICATION DETAILS

Name :	ATLAS SHIPPING SERVICES PRIVATE LIMITED
Registered Office :	3A, Hare Street, 2^nd Floor, Hare Street, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.05.1996
Com. Reg. No.:	21-079575
Capital Investment / Paid-up Capital :	Rs. 31.669 Millions
CIN No.: [Company Identification No.]	U74140WB1996PTC079575
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Freight Forwarding Services
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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

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 PARTED BY

Name :	Mr. Sanjay
Designation :	Account Department
Contact No.:	91-120-4527000
Date :	25.09.2014

LOCATIONS

Registered Office :	3A, Hare Street, 2^nd Floor, Hare Street, Kolkata – 700001, West Bengal, India
Tel. No.:	91-120-4527000
Fax No.:	91-120-4527011
E-Mail :	finance.del@altasdecargo.com
Website :	http://www.atlasdecargo.com
Corporate Office :	B - 56A, Second Floor, Sector – 7, Noida - 201301, Uttar Pradesh, India
Branches :	Located At: · Ahmedabad · Bangalore · Bhadohi · Chennai · Cochin · Chandigarh · Indore · Jaipur · Jodhpur · Kandla · Kanpur · Kolkata · Ludhiana · Moradabad · Mumbai · Panipat · Pune · Surat · Tuticorin · Vadodra Visakhapatnam
Overseas :	· Kathmandu, Nepal · Thimphu, Bhutan

DIRECTORS

As on: 30.09.2013

Name :

Mr. Sushil Gupta

Designation :

Managing Director

Address :

3a, Hare Street, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

01.07.1964

Date of Appointment :

01.11.2010

DIN No.:

00546912

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	U74140WB1996PTC079575	ATLAS SHIPPING SERVICES PVT LTD	Managing director	01/11/2010	18/05/1996	-	Active	NO
2	U70101WB1995PLC075570	VIJAY ENCLAVE LTD.	Director	30/07/2004	30/07/2004	-	Dormant	NO
3	U51900WB1999PTC089662	SILVERSON MARKETING PRIVATE LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
4	U63090WB2006PTC165299	BLUE MOON LOGISTICS PRIVATE LIMITED	Director	10/08/2006	10/08/2006	-	Active	NO
5	U60210MH2006PTC161086	ATLAS DE CARGO (INDIA) PRIVATE LIMITED	Director	01/01/2007	01/01/2007	-	Active	NO
6	U74990MH2009PTC197975	GTS LOGISTICS PRIVATE LIMITED	Director	18/12/2009	18/12/2009	-	Active	NO
7	U61200DL2011FTC222068	BOLLORE AFRICA LOGISTICS INDIA PRIVATE LIMITED	Director	07/07/2011	07/07/2011	-	Active	NO

Name :

Mr. Ajay Gupta

Designation :

Director

Address :

B 13B, Kalkaji, New Delhi – 110019, Delhi, India

Date of Appointment :

24.07.2005

DIN No.:

01808493

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	U70101WB1995PLC075570	VIJAY ENCLAVE LTD.	Director	22/12/2004	22/12/2004	-	Dormant	NO
2	U74140WB1996PTC079575	ATLAS SHIPPING SERVICES PVT LTD	Director	24/07/2005	24/07/2005	-	Active	NO

Name :

Mr. Nishit Gupta

Designation :

Director

Address :

B 13B, Kalkaji, New Delhi – 110019, Delhi, India

Date of Birth/Age :

30.01.1989

Date of Appointment :

15.10.2008

DIN No.:

02333074

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	U74140WB1996PTC079575	ATLAS SHIPPING SERVICES PVT LTD	Director	15/10/2008	15/10/2008	-	Active	NO
2	U51909DL2008PTC183815	BENEVOLENT TRADEX PRIVATE LIMITED	Director	08/03/2009	08/03/2009	04/05/2012	Active	NO
3	U61200DL2011FTC222068	BOLLORE AFRICA LOGISTICS INDIA PRIVATE LIMITED	Director	07/07/2011	07/07/2011	-	Active	NO
4	U63090WB2006PTC165299	BLUE MOON LOGISTICS PRIVATE LIMITED	Director	28/09/2011	28/09/2011	-	Active	NO
5	U72900HR2012PTC045553	LOGISTICS PORTAL PRIVATE LIMITED	Director	31/03/2012	31/03/2012	-	Active	NO
6	U51900DL2013PTC253887	REGNANT TRADING PRIVATE LIMITED	Director	12/06/2013	12/06/2013	-	Active	NO
7	U63040DL2014PTC270887	GLEE TRAVELS PRIVATE LIMITED	Director	26/08/2014	26/08/2014	-	Active	NO

Name :

Ms. Neha Gupta

Designation :

Director

Address :

17/41, Nice Apartments, West Punjabi Bagh, New Delhi – 110026, Delhi, India

Date of Birth/Age :

29.10.1985

Date of Appointment :

28.09.2011

DIN No.:

01734264

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	U63090WB2006PTC165299	BLUE MOON LOGISTICS PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
2	U74140WB1996PTC079575	ATLAS SHIPPING SERVICES PVT LTD	Director	28/09/2011	28/09/2011	-	Active	NO
3	U51900WB1999PTC089662	SILVERSON MARKETING PRIVATE LIMITED	Director	20/10/2011	20/10/2011	-	Active	NO
4	U72900HR2012PTC045553	LOGISTICS PORTAL PRIVATE LIMITED	Director	31/03/2012	31/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay
Designation :	Account Department

MAJOR SHAREHOLDERS

As on: 30.09.2013

Names of Shareholders	No. of Shares
Sushil Kumar Gupta	1552450
Saroj Gupta	278000
Sushil Hupta (HUF)	43250
Silverson Marketing Private Limited, India	1141200
Ajay Gupta And Sons (HUF)	750
Neha Gupta	1300
Bluemoon Logistics Private Limited, India	150000
Total	3166950

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	37.82
Directors or relatives of directors	62.18
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Freight Forwarding Services
Products :	· Air, Ocean and Logistics Services · Inland Forwarding · Product Sourcing · Po Management · Consolidation · Warehousing and Distribution · Marine Insurance

GENERAL INFORMATION

No. of Employees :

300 (Approximately)

Bankers :

· Standard Chartered Bank, 10, Parlament Street, New Delhi – 110001, Delhi, India

· Axis Bank

· Punjab National Bank

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Term loan form Punjab national bank	0.000	1.500
SHORT TERM BORROWINGS:
CASH CREDIT
From Standard Chartered Bank	70.000	56.000
Vehicle Loan From Banks	0.601	1.258
Bank O/D With Standard Chartered Bank	24.591	39.589
Total	95.192	98.347

Banking Relations :	--
Auditors :
Name :	Agrawal Himatsingka And Company Chartered Accountants
Address :	9, India Exchange Place, 4^th Floor, Room No. 3, Kolkata – 700001, West Bengal, India
PAN No.:	AAFFA4281L
Associates/Subsidiaries :	Silverson Marketing Private Limited Bluemoon Logistics Private Limited Bollore Africa Logistics India Private Limited

CAPITAL STRUCTURE

As on: 30.09.2013

Authorized Capital: Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital: Rs. 34.930 Millions

As on: 31.03.2013

Authorized 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
3166950	Equity Shares	Rs.10/- each	Rs. 31.669 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	31.669	31.669	30.169
(b) Reserves & Surplus	116.367	105.614	84.501
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	15.000	0.000	15.000
Total Shareholders’ Funds (1) + (2)	163.036	137.283	129.670
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	1.500	1.500
(b) Deferred tax liabilities (Net)	0.320	0.136	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)	0.320	1.636	1.500
(4) Current Liabilities
(a) Short term borrowings	99.196	101.091	115.322
(b) Trade payables	246.318	60.171	48.506
(c) Other current liabilities	4.756	3.070	2.776
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	350.270	164.332	166.604
TOTAL	513.626	303.251	297.774
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.391	16.362	15.914
(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	26.836	26.649	21.100
(c) Deferred tax assets (net)	0.000	0.000	0.119
(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	41.227	43.011	37.133
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	415.277	215.492	202.047
(d) Cash and cash equivalents	2.993	6.527	19.187
(e) Short-term loans and advances	54.129	38.221	39.407
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	472.399	260.240	260.641
TOTAL	513.626	303.251	297.774

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	991.055	759.249	761.781
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		28.664	23.883	20.693
Less	FINANCIAL EXPENSES		12.971	12.945	11.576
Less	DEPRECIATION/ AMORTISATION
	PROFIT BEFORE TAX		15.693	10.938	9.117
Less	TAX		4.756	3.071	2.776
	PROFIT AFTER TAX		10.937	7.867	6.341
Less	PROVISION FOR DEFERRED TAX LIA/ASSETS		0.184	0.255	0.249
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.817	8.204	2.112
	BALANCE CARRIED TO THE B/S		26.570	15.816	8.204
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	149.067	160.902	NA
	TOTAL EARNINGS		149.067	160.902	NA
	Earnings Per Share (Rs.)		3.45	2.48	2.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	1.58	1.44	1.20
Return on Total Assets (PBT/Total Assets}	(%)	3.22	3.95	3.30
Return on Investment (ROI) (PBT/Networth)		0.10	0.08	0.07
Debt Equity Ratio (Total Debt/Networth)		0.61	0.75	0.90
Current Ratio (Current Asset/Current Liability)		1.35	1.58	1.56

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	30.169	31.669	31.669
Reserves & Surplus	84.501	105.614	116.367
Share Application money pending allotment	15.000	0.000	15.000
Net worth	129.670	137.283	163.036
long-term borrowings	1.500	1.500	0.000
Short term borrowings	115.322	101.091	99.196
Total borrowings	116.822	102.591	99.196
Debt/Equity ratio	1.019	0.747	0.670

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	761.781	759.249	991.055
		(0.332)	30.531

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	761.781	759.249	991.055
Profit	6.341	7.867	10.937
	0.83%	1.04%	1.10%

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	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	--
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 Loan

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Loans and Advances From Related Parties	3.775	4.015
Other Loans and Advances	0.229	0.229
Total	4.004	4.244

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10253243	03/12/2012 *	100,000,000.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI, DELHI - 110001,  INDIA	B65307621
2	10249118	03/12/2012 *	100,000,000.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI, DELHI - 110001,  INDIA	B65307191
3	10249122	03/12/2012 *	100,000,000.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI, DELHI - 110001,  INDIA	B65306821

FIXED ASSETS:

· Office Space

· Fax Machine

· Inverter

· Computer

· Air Conditioner

· Mobile Phone

· Office Equipment

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 judgment 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.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	JAY

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		48

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.