MIRA INFORM REPORT

Report No. :	315688
Report Date :	04.04.2015

IDENTIFICATION DETAILS

Name :	MAHALAXMI INDIA PRIVATE LIMITED
Registered Office :	Near Railway Yard, Jogighopa, Assam – 783382
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.02.2000
Com. Reg. No.:	02-006033
Capital Investment / Paid-up Capital :	Rs.4.320 Million
CIN No.: [Company Identification No.]	U51909AS2000PTC006033
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in trading of coking and non-coking coal.
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

Maximum Credit Limit :	USD 44000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The factors considered for rating are limited operational scale, low profitability margins, disintegrated nature of coal trading business, number of unorganized players and price fluctuation in domestic market. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limit : B+
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	September, 2014

Rating Agency Name	ICRA
Rating	Non Fund based limit : A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	September, 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 :	Mr. Bijay Jain
Designation :	Accounts Manager
Contact No.:	91-9435734972
Date :	03.04.2015

LOCATIONS

Registered Office :	Near Railway Yard, Jogighopa– 783382, Assam, India
Tel. No.:	91-361-2302451
Mobile No.:	91-9435734972 (Mr. Bijay Jain) 91-9435194281 (Mr. Sheel)
Fax No.:	Not Available
E-Mail :	hsa.roc@gmail.com bansalbk@sify.com maplco@yahoo.co.in
Corporate Office :	3^rd Floor, Unique Plaza, Near Tripura Road, N H 37, Beltola, Guwahati – 781029, Assam, India
Head Office :	Gali No. 13, N H 37, Beltola, Guwahati – 781028, Assam, India
Branch :	1725/3, Phase 5, Focal Point, Ludhiana, Punjab, India

DIRECTORS

AS ON 30.09.2014

Name :

Naveen Kumar Satya Prakash Mittal

Designation :

Director

Address :

Gali No. 13, N. H. 37, Beltola, Town Guwahati, District Kamrup, Assam – 781028, India

Date of Birth/Age :

20.01.1966

Date of Appointment :

18.02.2000

DIN No.:

00941838

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	U51909AS1998PTC005558	MAHALAXMI ASSOCIATES PRIVATE LIMITED	Director	12/10/1998	12/10/1998	-	Active	NO
2	U51909AS2000PTC006033	MAHALAXMI INDIA PRIVATE LIMITED	Director	18/02/2000	18/02/2000	-	Active	NO
3	U70101AS2005PTC007706	MANGALAM PLAZA PRIVATE LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
4	U23101AS2004PTC007464	PRIDE COKE PRIVATE LIMITED	Additional director	22/10/2012	22/10/2012	22/05/2013	Active	NO
5	U70101AS2005PTC007705	ASHIRWAD CONTRACTORS PRIVATE LIMITED	Director	12/11/2012	12/11/2012	-	Active	NO
6	U10300ML2013PTC008548	G. KHARSATI LIME INDUSTRY PRIVATE LIMITED	Director	18/06/2013	18/06/2013	-	Active	NO

Name :

Naveen Kumar Gupta

Designation :

Director

Address :

N. H. 37, Beltola, Town Guwahati, District Kamrup, Assam – 781028, India

Date of Birth/Age :

02.06.1970

Date of Appointment :

18.02.2000

DIN No.:

00941858

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	U51909AS1998PTC005558	MAHALAXMI ASSOCIATES PRIVATE LIMITED	Director	12/10/1998	12/10/1998	-	Active	NO
2	U51909AS2000PTC006033	MAHALAXMI INDIA PRIVATE LIMITED	Director	18/02/2000	18/02/2000	-	Active	NO
3	U51909AS2002PLC006759	MAHALAXMI CONTINENTAL LIMITED	Director	20/02/2002	20/02/2002	-	Active	NO
4	U70101AS2005PTC007705	ASHIRWAD CONTRACTORS PRIVATE LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
5	U70101AS2007PTC008536	MANGALAM SAMPADA PRIVATE LIMITED	Director	14/12/2007	14/12/2007	-	Active	NO
6	U55101ML2008PTC008338	MARBLE ARCH HOTEL PRIVATE LIMITED	Director	14/10/2008	14/10/2008	-	Active	NO
7	U23101AS2004PTC007464	PRIDE COKE PRIVATE LIMITED	Director	18/01/2010	18/01/2010	04/10/2013	Active	NO
8	U51909AS2005PTC007678	BYRNIHAT COAL PRIVATE LIMITED	Director	18/01/2010	18/01/2010	11/08/2014	Active	NO
9	U23109AS2004PTC007451	JAI KAMAKHYA COKE PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
10	U70101AS2010PTC010047	MAHALAXMI INFRAWORLD PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
11	U72200AS2010PTC010049	MAHALAXMI INFOTECH PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
12	U70100AS2010PTC010050	UNIVERSAL INFRAWORLD PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
13	U70100AS2011PTC010546	HILLVIEW REAL ESTATES PRIVATE LIMITED	Director	30/05/2011	30/05/2011	-	Active	NO
14	U70101AS2012PTC010914	UNIWORLD INFRASTRUCTURE PRIVATE LIMITED	Director	09/02/2012	09/02/2012	-	Under Process of Striking off	NO
15	U10300ML2013PTC008548	G. KHARSATI LIME INDUSTRY PRIVATE LIMITED	Director	18/06/2013	18/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bijay Jain
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Naveen Kumar Gupta	21000
Naveen Kumar Mittal	151000
Laxmi Chand Singal	10000
Sarla Mittal	15000
Mahalaxmi Associates Private Limited, India	160000
Antarix Multimedia Private Limited, India	75000
Total	432000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	54.40
Directors or relatives of Directors	45.60
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in trading of coking and non-coking coal.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Coal
Countries :	USA
Terms :
Selling :	Cash and Credit (30 days / 60 days / 90 days)
Purchasing :	Cash and Credit (30 days / 60 days / 90 days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End Users, OEMs

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

20 (Approximately)

Bankers :

Bank Name	Punjab National Bank
Branch	Six Mile Branch, Six Mile, Guwahati - 781022, Assam, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash and Credit : Rs.40.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand
Cash Credit Account with Punjab national Bank [Secured hypothecation of stock and book debts both present and future of the company as well as personal guarantee of the all directors of the company. ]	5.054	18.406
Total	5.054	18.406

Auditors :
Name :	Hari Singh and Associates Chartered Accountants
Address :	House No. 3, Opposite ICICI Bank, Chilarai Nagar Path, Bhangagarh, Guwahati – 781032, Assam, India
Tel. No.:	91-361-2525055 / 2526161
Fax No.:	91-361-2462966
E-Mail :
PAN N Income-tax PAN of auditor or auditor's firm :	AACFH6969B
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Mahalaxmi India Private Limited Mahalaxmi Continental Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
432,000	Equity Shares	Rs.10/- each	Rs.4.320 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.320	4.320	4.320
(b) Reserves & Surplus	11.045	9.157	8.393
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.370	0.370
Total Shareholders’ Funds (1) + (2)	15.365	13.847	13.083
(3) Non-Current Liabilities
(a) long-term borrowings	5.500	5.500	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	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)	5.500	5.500	0.000
(4) Current Liabilities
(a) Short term borrowings	5.054	18.406	15.525
(b) Trade payables	55.745	0.000	5.585
(c) Other current liabilities	2.134	29.279	81.578
(d) Short-term provisions	0.867	0.349	0.338
Total Current Liabilities (4)	63.800	48.034	103.026
TOTAL	84.665	67.381	116.109
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.094	0.047	0.007
(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	0.100	0.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.182	0.182	6.012
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.276	0.329	6.119
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	37.913	5.193	16.855
(c) Trade receivables	22.371	25.268	38.754
(d) Cash and cash equivalents	11.318	1.689	1.682
(e) Short-term loans and advances	12.787	34.902	52.699
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	84.389	67.052	109.990
TOTAL	84.665	67.381	116.109

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	302.373	215.295	485.597
	Other Income	0.560	0.739	0.000
	TOTAL (A)	302.933	216.034	485.597
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	451.462
	Purchases of Stock-in-Trade	254.675	182.788	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(32.720)	5.183	(1.374)
	Employees benefits expense	0.720	0.648	0.276
	Other expenses	75.837	25.479	32.911
	TOTAL (B)	298.512	214.098	483.275
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	4.421	1.936	2.322
Less	FINANCIAL EXPENSES (D)	1.656	0.815	1.226
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2.765	1.121	1.096
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.011	0.008	0.001
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.754	1.113	1.095
Less	TAX (H)	0.867	0.349	0.338
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1.887	0.764	0.757
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	2.407	1.643	0.886
	BALANCE CARRIED TO THE B/S	4.294	2.407	1.643
	Earnings / (Loss) Per Share (Rs.)	4.37	1.77	1.75

Expected Sales ( 2014-2015 ) : Rs.320.000 Million

The above information has been parted by Mr. Bipin Jain.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.62	0.35	0.16
Operating Profit Margin (PBIDT/Sales)	(%)	1.46	0.90	0.48
Return on Total Assets (PBT/Total Assets}	(%)	3.25	1.65	0.94
Return on Investment (ROI) (PBT/Networth)		0.18	0.08	0.08
Debt Equity Ratio (Total Debt /Networth)		0.69	1.73	1.19
Current Ratio (Current Asset/Current Liability)		1.32	1.40	1.07

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	4.320	4.320	4.320
Reserves & Surplus	8.393	9.157	11.045
Share Application money pending allotment	0.370	0.370	0.000
Net worth	13.083	13.847	15.365
long-term borrowings	0.000	5.500	5.500
Short term borrowings	15.525	18.406	5.054
Total borrowings	15.525	23.906	10.554
Debt/Equity ratio	1.187	1.726	0.687

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	485.597	215.295	302.373
		(55.664)	40.446

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	485.597	215.295	302.373
Profit	0.757	0.764	1.887
	0.16%	0.35%	0.62%

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loan from body corporates and others	5.500	5.500
Total	5.500	5.500

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10267462	28/06/2014 *	160,000,000.00	PUNJAB NATIONAL BANK	SIX MILE BRANCH, SIX MILE, G.S. ROAD, GUWAHATI, A  SSAM - 781022, INDIA	C19863422

* Date of charge modification

OPERATIONS

The directors wish to inform that the overall performance of the company during the year was up to the level of expectation. The turnover of the company is Rs.302.372 Million in comparison to turnover of Rs.215.295 Million achieved in the last financial year and the company has managed a net profit before tax of Rs.2.754 Million (Previous year profit of Rs.1.113 Million). The directors are hoping of further improvement in the overall profitability of the company during the years to come.

FIXED ASSETS

• Computer
• Printer
• Two Wheeler
• Plant and Machinery

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] 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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUC
Report Prepared by :	SNT

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
--PROFITABILITY	1~10	3
--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		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.