MIRA INFORM REPORT

Report No. :	317060
Report Date :	18.04.2015

IDENTIFICATION DETAILS

Name :	AKAR IMPEX PRIVATE LIMITED

Registered Office :	205 Shantidoot Apartment, 18, Vasundhara Enclave, New Delhi – 110 096, Delhi
Tel No.:	91-120-4526666

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	17.03.1986

Com. Reg. No.:	55-023634

Capital Investment / Paid-up Capital :	Rs. 4.024 Million

CIN No.: [Company Identification No.]	U74899DL1986PTC023634

TAN No.: [Tax Deduction & Collection Account No.]	DELA12348A

PAN No.: [Permanent Account No.]	AAACA2253J

Legal Form :	Private Limited Liability Company.

Line of Business :	The Subject is in the business of manufacturing and execution of water/effluent treatment plant.

No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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 but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Management has reported a deterioration in its capital structure o wing to high financial leverage along with working capital intensive operations coupled with drastic decline in cash balance during FY14. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of modest scale of operations, the company can be considered for business dealings with 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

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 :	Mrs. Sapna Vaidya
Designation :	Manager
Contact No.:	91-9811421458
Date :	14.04.2015

LOCATIONS

Registered Office :	205 Shantidoot Apartment, 18, Vasundhara Enclave, New Delhi – 110096, Delhi, India
Tel. No.:	91-120-4526666/11-4526646
Mobile No.:	91-9811421458 (Mrs. Sapna)
Fax No.:	91-120.4526632
E-Mail :	akagr@bol.net.in akarimpex@gmail.com
Website :	www.akarimpex.com
Area :	1000 sq. ft.
Location :	Owned

Head Office :	E-9, Sector-6, Noida-201301, Uttar Pradesh, India.
Tel. No.:	91-120–4526666, 4255580 / 82/83
Fax No.:	91-120–4256632/2422541
E-Mail :	info@akarimpex.com taralkumar@akarimpex.com akarimpex@hotmail.com akarimpex@gmail.com akagr@bol.net.in akar@touchtelindia.net akarimpex@yahoo.co.in akarimpex@hotmail.com akarimpex@gmail.com
Website :	www.mobilwaterplants.com www.wastewater-treatment-plants.com

Branch :	Pune – Nagar Road, Opposite Kamal Motors, Wagholi, Pune 412207, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Vaidya Ganesh Ratnakar

Designation :

Director

Address :

205, Shantidoot Apartment, 18, Vasundhra Enclave, Delhi – 110 096, India

Date of Birth/Age :

15.11.1944

Date of Appointment :

17.03.1986

DIN No.:

00475351

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	U74899DL1986PTC023634	AKAR IMPEX PRIVATE LTD	Director	17-03-1986	17-03-1986	-	Active	NO
2	U74140DL2010PTC207462	TORQUE MANAGEMENT SERVICES PRIVATE LIMITED	Managing director	23-08-2010	23-08-2010	01-01-2012	Active	NO

Name :

Mr. Malhotra Lal Jawahar

Designation :

Director

Address :

8/25, East Patel Nagar, Delhi – 11008, India

Date of Birth/Age :

29.10.1939

Date of Appointment :

20.03.1986

DIN No.:

00500300

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	U74899DL1986PTC023634	AKAR IMPEX PRIVATE LTD	Director	20-03-1986	20-03-1986	-	Active	NO
2	U74140DL1997PTC084211	PROSIGHT OVERSEAS STRATEGIC CONSULTANTS PRIVATE LIMITED	Director	02-01-1997	02-01-1997	-	Active	NO
3	U74300DL2004PTC131165	SANDEEP PUBLICITY PRIVATE LIMITED	Director	10-12-2004	10-12-2004	-	Active	NO
4	U80904DL2007PTC161063	ILSC INDIA PRIVATE LIMITED	Director	23-03-2007	23-03-2007	06-12-2010	Active	NO

Name :

Mr. Vaidya Taral

Designation :

Director

Address :

205, Shantidoot Apartment, 18, Vasundhra Enclave, Delhi – 110 096, India

Date of Birth/Age :

03.11.1967

Date of Appointment :

28.06.2001

DIN No.:

00475414

KEY EXECUTIVES

Name :	Mrs. Sapna Vaidya
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
R.G. Vaidya	176450
Sharda Vaidya	23450
J.L. Malhotra	13400
Shashi Bhanu	100
Taral Vaidya	115000
Ramesh Chandra	6000
Avani Vaidya	2750
Sandeep Malhotra	3600
Sanjeev Malhotra	3600
Sapna Vaidya	58000
Total	402350

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :	The Subject is in the business of manufacturing and execution of water/effluent treatment plant.

Products :	Sewage Treatment Plants Industrial Effluent Treatment Plants Equipment for Wastewater Treatment Plants Water Treatment Plants Equipment for Water Treatment Plants etc.

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Sewage Treatment Plants Industrial Effluent Treatment Plants Equipment for Wastewater Treatment Plants Water Treatment Plants Equipment for Water Treatment Plants etc.
Countries :	Srilanka Bangladesh Australia Nigeria.

Imports :
Products :	Waste Water Plant
Countries :	Italy Turkey

Terms :
Selling :	Cash and L\C

Purchasing :	Cash and L\C

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Balaji Industrial Corporation – Delhi, India
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 :

Wholesalers and End Users

Reference :	Lemon Tree Hotels – Delhi, India
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 :

45 (Approximately)

Bankers :

Kotak Mahindra Bank – Noida, UP, India
HDFC Bank Limited – HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
ING Vysya Bank Limited – 2/10, W. H. S, New Delhi – 110015, India
Standard Chartered Bank
Deutsche Bank
Yes Bank Limited

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Standard Chartered (Guaranteed by the two director)	0.000	0.039
ECL Finance Limited (Guaranteed by the two director)	0.000	1.026
Deutsche Bank (Guaranteed by the two director)	0.000	1.152

Short-term borrowings
Loan
Yes Bank Limited (Secured by Hypothecation of stock and Equitable, Mortgage of Land and Building and Guaranteed by the Two Directors.)	11.959	0.000
Bajaj Finance Limited – Demand Loan (guaranteed by the two director)	0.009	0.490
Term Loan
ING Vysya Bank Limited – Term Loan (secured by hypothecation of car and guaranteed by the one director)	0.000	0.210
HDFC Bank (guaranteed by the two director)	0.000	0.053
Standard Chartered (Guaranteed by the two director)	0.035	0.586
ECL Finance Limited (Guaranteed by the two director)	1.006	0.923
Deutsche Bank (Guaranteed by the two director)	1.137	1.177
Total	14.146	5.656

Auditors :
Name :	Agarwal Anoop and Associates Chartered Accountants
Address :	37, Chawla Complex, A-215, Shakarpur, Vikas Marg, Delhi – 110 092, India
Tel. No.:	91-11-22520449
Fax No.:	91-11-22500348
E-Mail :	akagr@bol.net.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFA5617A

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs.10/- each	Rs.5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

402350	Equity Shares	Rs.10/- each	Rs.4.024 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	4.024	4.024	4.024
(b) Reserves & Surplus	11.099	8.255	6.707
(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)	15.123	12.279	10.731

(3) Non-Current Liabilities
(a) long-term borrowings	4.556	2.263	1.467
(b) Deferred tax liabilities (Net)	0.000	0.000	0.020
(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)	4.556	2.263	1.487

(4) Current Liabilities
(a) Short term borrowings	14.146	3.504	14.400
(b) Trade payables	8.874	6.575	4.607
(c) Other current liabilities	15.537	18.706	2.260
(d) Short-term provisions	3.130	2.007	1.701
Total Current Liabilities (4)	41.687	30.792	22.968

TOTAL	61.366	45.334	35.186

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.695	9.152	5.943
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	6.128	0.597	0.597
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.026
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.816	0.718	4.933
(e) Other Non-current assets	0.486	1.549	0.268
Total Non-Current Assets	17.125	12.016	11.767

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	19.190	14.822	11.716
(c) Trade receivables	19.617	8.203	8.138
(d) Cash and cash equivalents	0.597	4.788	1.025
(e) Short-term loans and advances	3.302	4.834	0.964
(f) Other current assets	1.535	0.671	1.576
Total Current Assets	44.241	33.318	23.419

TOTAL	61.366	45.334	35.186

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	NA	33.597
	Other Income	NA	NA	3.346
	TOTAL (A)	NA	NA	36.943

Less	EXPENSES
	Cost of Materials Consumed			15.508
	Purchases of Stock-in-Trade			0
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	NA	NA	1.717
	Employees benefits expense			7.569
	Other expenses			7.739
	TOTAL (B)			32.533

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	NA	NA	4.410

Less	FINANCIAL EXPENSES (D)	NA	NA	1.661

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	9.723	2.806	2.749

Less/ Add	DEPRECIATION/ AMORTISATION (F)	5.735	0.611	0.615

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3.988	2.195	2.134

Less	TAX (H)	1.143	0.647	0.671

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	2.845	1.548	1.463

	Earnings / (Loss) Per Share (Rs.)	7.07	3.84	7.63

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	NA	4.35

Operating Profit Margin (PBIDT/Sales)	(%)	NA	NA	13.13

Return on Total Assets (PBT/Total Assets}	(%)	7.22	4.91	6.17

Return on Investment (ROI) (PBT/Networth)		0.26	0.18	0.20

Debt Equity Ratio (Total Debt /Networth)		1.24	0.47	1.48

Current Ratio (Current Asset/Current Liability)		1.06	1.08	1.02

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	4.024	4.024	4.024
Reserves & Surplus	6.707	8.255	11.099
Net worth	10.731	12.279	15.123

long-term borrowings	1.467	2.263	4.556
Short term borrowings	14.400	3.504	14.146
Total borrowings	15.867	5.767	18.702
Debt/Equity ratio	1.479	0.470	1.237

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	Yes
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 one years	Yes
12]	Profitability for last one 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	Yes
18]	Major customers	Yes
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

OPERATIONS:

During The year Company has earned a Net Profit of Rs. 2.845 Million after providing for Depreciation of Rs. 5.735 Million. Net Provision for Taxation including deferred tax of Rs. 1.143 Million (Previous year Profit of Rs. 1.548 after Providing Depreciation of Rs. 0.611 Million and Net provision for Taxation including differed tax of Rs. 0.647 Million.

CORPORATE INFORMATION:

AKAR IMPEX PRIVATE LIMITED was incorporated in India on 17^th March, 1986. The company is in the business of manufacturing and execution of water/effluent treatment plant.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
From Corporate Bodies	1.584	0.000
From Share Holders	0.544	0.000

From Related Parties
From Directors	1.286	0.046
From other than director	1.141	0.000

Short-term borrowings
From Share Holders	0.000	0.065
Total	4.555	0.111

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10493244	22/03/2014	22,500,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra - 400018, INDIA	C04304135
2	10246616	10/10/2011 *	18,000,000.00	ING VYSYA BANK LIMITED	A-361,SECTOR-19,, GAUTAMBUDHNAGAR, NOIDA, Uttar Pradesh - 201301, INDIA	B25703554
3	80032944	06/01/2010 *	9,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	A79906467
4	90037585	09/10/2002	450,000.00	JAMMU & KASHMIR BANK LTD.	OKHLA INDU. AREA, NEW DELHI, Delhi, INDIA	-
5	90035045	30/10/2002 *	800,000.00	BANK OF BARODA	S.S.I. BRANCH, NOIDA, Uttar Pradesh, INDIA	-
6	90033567	29/01/1997 *	400,000.00	BANK OF BARODA	S.S.I. BRANCH, NOIDA, Uttar Pradesh, INDIA	-
7	90033220	06/07/1994	100,000.00	BHARAT OVERSEAS BANK LTD.	G - 46., CONNAUGHT CIRCUS, NEW DELHI, Delhi, INDIA	-
8	90032369	03/12/1994 *	150,000.00	BHARAT OVERSEAS BANK LTD.	G - 46., CONNAUGHT CIRCUS, NEW DELHI, Delhi, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land and Building

· Land at Sitarganj

· Building at Noida

· Building at Sitarganj

· Plant and Machinery

· F. Fighting Equipment

· Office Equipment

· Testing Equipment

· Books

· Electric Fitting

· Loose Tools

· Typewriter

· Computer

· Vehicles

· Furniture and Fixture

· Air Conditioner

· Mobile

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.62.35
UK Pound	1	Rs.93.10
Euro	1	Rs.67.13

INFORMATION DETAILS

Information Gathered by :	RKA

Analysis Done by :	SUB

Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit