MIRA INFORM REPORT

Report No. :	318002
Report Date :	16.04.2015

IDENTIFICATION DETAILS

Name :	KUNDAN RICE MILLS LIMITED (PART IX CO.)
Registered Office :	D-16 and 17, Central Market, Prasant Vihar, New Delhi
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.01.1995
Com. Reg. No.:	55-064113
Capital Investment / Paid-up Capital :	Rs. 79.415 Million
CIN No.: [Company Identification No.]	U74899DL1995PLC064113
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	RTKK01578D
PAN No.: [Permanent Account No.]	AAACK7098P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Rice, Edible Oil and Chemicals.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per Registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st March 2014, but the documents related to the financials for the year 2014 is not available from any source. As per available financial of 2013, the company has huge external borrowings and there is a drastic dip in the sales turnover and net profitability of the company. However, business is active. Payment terms are reported to be unknown. The company can be considered 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	India Rating
Rating	Long Term Rating = BB+
Rating Explanation	Inadequate credit quality and high credit risk
Date	5^th March 2014

Rating Agency Name	India Rating
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree and safety very high credit risk
Date	5^th March 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 :	Ms. Swati Sharma
Designation :	Accountant
Contact No.:	91-11-47766666

LOCATIONS

Registered/ Head Office :	D-16 and 17, Central Market, Prasant Vihar, New Delhi, India
Tel. No.:	91-11-27567171
Fax No.:	91-11-27567180
E-Mail :	info@kundangroup.com cfo@kundangroup.com
Website :	http://www.kundangroup.com
Location :	Owned
Head Office :	Office No.3, Syndia House, 2^nd Floor,Janpat, Connaught Place, New Delhi, India
Factory 1 :	E-4, Industrial Area, Pasina Kalan, Panipat, Haryana, India
Factory 2 :	12, Pollock Street, Room # 22/23, Second Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22356734 / 32919301
Fax No.:	91-33-22356734
E-Mail :	krmlcal@cal2.vsnl.net.in
Factory 3 :	17, Bhailal Bhawan 1st Floor, 118, Keshv Ji, Naik Road, Chinch Bunder, Mumbai – 400008, Maharashtra, India
Tel. No.:	91-22-67106212
Fax No.:	91-22-28389292
E-Mail :	chemical@cal2.vsnl.net.in
Factory 4 :	78, City Centre, Room No. 22/23, Second Floor, 118, Keshav Ji, Swastik Char Rasta, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-32995206
Fax No.:	91-79-26560627
E-Mail :	gujrat@kundangroup.com
Overseas Office :	Located At : · China · Dubai
Branch Office :	Located At : · Mumbai · Ahmedabad · China · Kolkata · Dubai

DIRECTORS

AS ON 30.09.2014

Name :

Pardeep Garg

Designation :

Director

Address :

B-324, Saraswati Vihar, New Delhi – 110034, India

Date of Birth/Age :

10.03.1962

Date of Appointment :

01.04.2006

DIN No.:

00568542

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	U74899DL1985PTC022621	GARGI OVERSEAS PRIVATE LIMITED	Director	29/11/1985	29/11/1985	29/11/2005	Active	NO
2	U00000DL2000PLC109041	KUNDAN FATS AND PROTEINS LIMITED	Director	29/12/2000	29/12/2000	-	Active	NO
3	U15139DL2001PLC113201	UDAY EDIBLE PRODUCTS LIMITED	Director	20/11/2001	20/11/2001	15/11/2006	Active	NO
4	U24247UR2004PLC032688	KUNDAN CARE PRODUCTS LIMITED	Director	01/12/2004	01/12/2004	01/12/2005	Active	NO
5	U74899DL1995PLC064113	KUNDAN RICE MILLS LIMITED (PART IX CO.)	Director	01/04/2006	01/04/2006	-	Active	NO

Name :

Vishnu Kumar Bhargava

Designation :

Director

Address :

KD-272, Kohat Enclave, Pitampura, New Delhi – 110034, India

Date of Birth/Age :

30.07.1962

Date of Appointment :

25.04.2011

DIN No.:

03511388

Name :

Anurag Mangla

Designation :

Director

Address :

4/145, Kathmandi, Sonepat, Haryana – 131001, India

Date of Birth/Age :

02.11.1984

Date of Appointment :

30.09.2013

DIN No.:

01874437

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	U74899DL1995PLC064113	KUNDAN RICE MILLS LIMITED (PART IX CO.)	Director	30/09/2013	05/03/2007	-	Active	NO
2	U26960HR2007PTC037396	SWASTIK VEGOIL MILL PRIVATE LIMITED	Director	29/09/2012	01/11/2010	-	Active	NO
3	U45200DL2006PTC156939	PROVIEW ESTATES PRIVATE LIMITED	Director	30/09/2011	21/06/2011	10/08/2013	Active	NO

KEY EXECUTIVES

Name :	Ms. Swati Sharma
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Pradeep Garg	4472550
Madhu Garg	2799500
Udit Garg	536500
Vidit Garg	100000
Sushma Goel	24750
S.K. Aggarwal	5000
Shyam Gupta	1000
Naveen Kaushik	1000
Hemant Jindal	100
Priyanka	100
Ajit	100
Umesh Sharma	200
Ajay Kansal	200
Manoj	200
Apurva Goel	200
Total	7941500

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.59
Other top fifty shareholders	0.41
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Rice, Edible Oil and Chemicals.
Products :	Rice Vanaspati Oil Mustard Oil Phenol Hair Gel Refined Oil Sun Shield Face Wash Bleech Moisturiser Pulses Soya Meal
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Rice
Countries :	Middle East Dubai
Imports :
Products :	Chemicals
Countries :	China Taiwan Dubai
Terms :
Selling :	Cash, L/C and Cheque
Purchasing :	Cash, L/C and Cheque

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

200 (Approximately)

Bankers :

• Punjab National Bank, Shahmar Bagh Branch, Delhi, India
• Canara Bank, Overseas Branch, Delhi, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loan from banks	8.543	12.501
SHORT TERM BORROWINGS
Working capital loans from banks	11066.323	24344.870
Total	11074.866	24357.371

Auditors :
Name :	S. Lall and Company Chartered Accountants
Address :	15 Arya School, Shopping Complex, Oppsite Civil Hospital, GT Road, Panipat – 132103, India
PAN No.:	AADFS2747P
Memberships :	Not Available
Collaborators :	Not Available
Relatives of Key management personnel	JB Overseas Vanshika Buildtech Limited
Others :	Kundan Care Products Limited Durga Rice Mills

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs. 10/- each	Rs. 120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7941500	Equity Shares	Rs. 10/- each	Rs. 79.451 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	79.415	79.415	79.415
(b) Reserves & Surplus	808.125	761.556	649.941
(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)	887.540	840.971	729.356
(3) Non-Current Liabilities
(a) long-term borrowings	48.543	55.543	57.536
(b) Deferred tax liabilities (Net)	8.661	10.382	8.447
(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)	57.204	65.925	65.983
(4) Current Liabilities
(a) Short term borrowings	11066.323	24344.870	14659.433
(b) Trade payables	1614.982	1943.575	1134.390
(c) Other current liabilities	83.264	149.250	109.195
(d) Short-term provisions	0.000	0.000	28.153
Total Current Liabilities (4)	12764.569	26437.695	15931.171
TOTAL	13709.313	27344.591	16726.510
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	145.234	129.471	109.925
(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	24.870	22.994	26.013
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	170.104	152.465	135.938
(2) Current assets
(a) Current investments	0.000	0.000	0.900
(b) Inventories	1516.416	1694.163	1040.815
(c) Trade receivables	1262.498	1597.471	985.939
(d) Cash and cash equivalents	10513.407	23278.909	13931.019
(e) Short-term loans and advances	169.673	143.833	115.524
(f) Other current assets	77.215	477.750	516.375
Total Current Assets	13539.209	27192.126	16590.572
TOTAL	13709.313	27344.591	16726.510

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	26510.021	63436.859	18136.472
		Other Income	0.165	1.475	0.073
		TOTAL (A)	26510.186	63438.334	18136.545
Less	EXPENSES
		Cost of Materials Consumed	2575.162	4422.500	235.534
		Purchases of Stock-in-Trade	22945.391	57087.905	17063.117
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(238.632)	49.430	(99.839)
		Employees benefits expense	34.320	35.572	26.303
		Other expenses	157.805	173.184	147.771
		TOTAL (B)	25474.046	61768.591	17372.886
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1036.140	1669.743	763.659
Less	FINANCIAL EXPENSES (D)		957.433	1509.292	616.375
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		78.707	160.451	147.284
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.424	7.917	6.179
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		69.283	152.534	141.105
Less	TAX (H)		22.714	40.920	29.614
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		46.569	111.614	111.491
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	964.000	19408.000	13589.500
	TOTAL EARNINGS		964.000	19408.000	13589.500
	IMPORTS
		Raw Materials	NA	59011.600	16548.500
	TOTAL IMPORTS		NA	59011.600	16548.500
	Earnings Per Share (Rs.)		5.86	14.05	14.04

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales	(%)	0.17	0.17	0.61
Operating Profit Margin (PBDIT/Sales)	(%)	0.30	2.63	4.21
Return on Total Assets (PBT/Total Assets}	(%)	0.51	0.56	0.84
Return on Investment (ROI) (PBT/Networth)		0.08	0.18	0.19
Debt Equity Ratio (Total Debts/Networth)		12.52	29.01	20.18
Current Ratio (Current Asset/Current Liability)		1.06	1.03	1.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	79.415	79.415	79.415
Reserves & Surplus	649.941	761.556	808.125
Net worth	729.356	840.971	887.540
long-term borrowings	57.536	55.543	48.543
Short term borrowings	14659.433	24344.870	11066.323
Total borrowings	14716.969	24400.413	11114.866
Debt/Equity ratio	20.178	29.015	12.523

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	18136.472	63436.859	26510.021
		249.775	(58.210)

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	18136.472	63436.859	26510.021
Profit	111.491	111.614	46.569
	0.61%	0.18%	0.18%

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	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	No
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10518909	21/08/2014	50,000,000.00	Canara Bank	Overseas Branch, B-39, Ist Floor, Connaught Circus, New Delhi, Delhi - 110001, INDIA	C19821909
2	10469429	09/11/2013	100,000,000.00	Punjab National Bank	Shalimar Bagh Branch, AM-60, Shalimar Bagh, New Delhi, Delhi - 110088, INDIA	B93236438
3	10417049	11/02/2013	100,000,000.00	PUNJAB NATIONAL BANK	AM 60, SHALIMAR BAGH, NEW DELHI, Delhi - 110088,  INDIA	B72362437
4	10053517	16/05/2007	75,000,000.00	PUNJAB NATIONAL BANK	SHALIMAR BAGH, NEW DELHI, NEW DELHI, Delhi - 110052, INDIA	A16160004
5	10047781	29/03/2010 *	100,000,000.00	Punjab National Bank	Shalimar Bagh, New Delhi, Delhi - 110088, INDIA	A85689255
6	10028124	27/03/2014 *	1,000,000,000.00	Punjab National Bank	Punjab National Bank, Shalimar Bagh Branch, AM-60, Shalimar Bagh, New Delhi, Delhi - 110088, INDIA	C04010674
7	80001396	31/08/2012 *	3,443,000,000.00	Indian Overseas Bank	Defence Colony Branch, Moolchand Shopping Complex, Defence Colony, New Delhi, Delhi - 110024, INDIA	B58440314
8	80051864	04/12/2012 *	350,000,000.00	Canara Bank	Overseas Branch, B-39,, 1st Floor, Connaught Circus, New Delhi, Delhi - 110001, INDIA	B64466311
9	90061132	19/02/2011 *	500,000,000.00	CANARA BANK	OVERSEAS BRANCH, CONNAUGHT CIRCUS, NEW DELHI, Delhi - 110001, INDIA	B10227270

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
LONG TERM BORROWINGS
Other loans and advances	40.000	43.042
Total	40.000	43.042

FIXED ASSETS

• Land
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments
• Computer Equipments

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. 62.40
UK Pound	1	Rs. 92.15
Euro	1	Rs. 66.48

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUM
Report Prepared by :	JYO

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	5
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.