MIRA INFORM REPORT

Report No. :	335227
Report Date :	05.08.2015

IDENTIFICATION DETAILS

Name :	KROSSLINK INFRASTRUCTURE LIMITED
Formerly Known As :	KOATEX INDIA LIMITED
Registered Office :	511, Vyapar Bhavan, 5th Floor, 49, P. D'mello Road, Carnac Bunder, Masjid (East), Mumbai – 400009, Maharashtra
Tel. No.:	91-22-66368638
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.02.1983
Com. Reg. No.:	11-186778
Capital Investment / Paid-up Capital :	Rs. 304.400 Million
CIN No.: [Company Identification No.]	L29269MH1983PLC186778
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCK2801R
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. (Calcutta Stock Exchange)
Line of Business :	Subject is engaged in Construction activities.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating takes into consideration, subject above average financial risk profile marked by good net worth base and debt free balance sheet of the company. During the year 2014, the company has earned total income of Rs.17795.014 Million as compared to the income of Rs.26792.563 Million during previous year. However rating also takes consideration, low profitability, unfavorable gap between receivables and payables of the company and huge deterioration of cash balance during FY 2014. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In the view of long track record of operations, the subject can be considered for business dealings at usual trade terms and conditions. Note : Equity shares of the company are listed with the Calcutta Stock Exchange (CSE)

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	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 31-03-2013.

INFORMATION DENIED BY

Management Non-cooperative (91-22-41238470)

LOCATIONS

Registered Office :	511, Vyapar Bhavan, 5th Floor, 49, P. D'mello Road, Carnac Bunder, Masjid (East), Mumbai – 400009, Maharashtra
Tel. No.:	91-22-66368638/22-41238470
Fax No.:	91-22-66368638
E-Mail :	krosslinkinfra@gmail.com

DIRECTORS

As on 29.09.2014

Name :

Mr. Madan Lall

Designation :

Director

Address :

D 401, Kumar Presidency Lane No 7, Koregaon Park, Pune-411001, Maharashtra, India

Date of Birth/Age :

14.05.1939

Date of Appointment :

08.12.1999

DIN No.:

01781509

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	L29269MH1983PLC186778	KROSSLINK INFRASTRUCTURE LIMITED	Director	08/12/1999	08/12/1999	-	Active	NO
2	U01122GJ2001PLC039623	GUJARAT POSITRA PORT PLANTATIONS LIMITED	Director	01/06/2001	01/06/2001	-	Strike off	NO

Name :

Mr. Sanjay Maganlal Doshi

Designation :

Whole-Time Director

Address :

B/401, Sky High, Shankar Lane, Orlem Tank Road, Malad(W), , Mumbai-400064, Maharashtra, India

Date of Birth/Age :

15.10.1956

Date of Appointment :

01.04.2013

DIN No.:

00030850

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	U45200MH1996PTC102438	HEMAA BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	24/04/1997	24/04/1997	-	Active	NO
2	U35117GJ1998PLC034420	GUJARAT-DWARKA PORTWEST LIMITED	Director	22/07/1998	22/07/1998	02/12/2010	Active	NO
3	L29269MH1983PLC186778	KROSSLINK INFRASTRUCTURE LIMITED	Whole-time director	01/04/2013	15/03/2000	-	Active	NO
4	U01122GJ2001PLC039623	GUJARAT POSITRA PORT PLANTATIONS LIMITED	Director	01/06/2001	01/06/2001	-	Strike off	NO
5	U35110MH1989PLC052258	BLUE WATER MARINE INDUSTRIES LIMITED	Director	31/05/2002	31/05/2002	-	Active	NO
6	U99999MH1995PTC091490	ASHWINI INFRASTRUCTURE PRIVATE LIMITED	Director	15/03/2004	15/03/2004	-	Active	NO
7	U27100MH2005PLC152813	GUJARAT POSITRA STEEL COMPANY LIMITED	Director	25/04/2005	25/04/2005	-	Active	NO
8	U55101MH2007PTC170446	Skil Himachal Hills Resorts Private LImited	Additional director	01/09/2011	01/09/2011	-	Strike off	NO

Name :

Mr. Jagdish Chandra Bhatia

Designation :

Director

Address :

Building 48, Flat No1003, Sector 54,56,58, Nri Seawood II, Nerul,, Navi Mumbai-400706, Maharashtra, India

Date of Birth/Age :

23.10.1944

Date of Appointment :

28.09.2012

DIN No.:

05311932

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	U45200MH2007PLC167518	ORANGE INFRA DEVELOPER LIMITED	Whole-time director	06/06/2012	05/06/2012	-	Dormant under section 455	NO
2	L29269MH1983PLC186778	KROSSLINK INFRASTRUCTURE LIMITED	Director	28/09/2012	13/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jaisal Mohatta
Designation :	Secretary
Address :	Goidani Street, Near Nathmal Ki Haveli, Jaisalmer-345001, Rajasthan, India
Date of Appointment :	01/11/2014
PAN No.:	AXPPM8989A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Bodies corporate	74.87
Directors or relatives of Directors	14.71
Other top fifty shareholders	10.42
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Construction activities

Products :

Item Code No.	Product Description
99531299	Other non-residential buildings n.e.c.

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

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 :

Information declined by the management

Bankers :

Bank Name	Dena Bank
Branch	Industrial Finance Branch, Cuffe Parade, Mumbai - 400005, Maharashtra, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banking Relations :	--
Auditors :
Name :	Bharat Shah and Associates Chartered Accountants
Address :	512, Vyapar Bhavan, P.D' Mello Road, Carnac Bunder, Mumbai-400009, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAVPS0984N
Memberships :	--
Collaborators :	--
Associates :	Ashwini Infrastructure Private Limited

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
35,000,000	Equity Shares	Rs.10/- each	Rs. 350.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30,440,000	Equity Shares	Rs.10/- each	Rs. 304.400 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	304.400	304.400	304.400
(b) Reserves & Surplus	927.216	811.340	375.779
(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)	1231.616	1115.740	680.179
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.196
(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)	0.000	0.000	0.196
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	30034.436	21904.099	150.919
(c) Other current liabilities	1106.766	921.860	1683.294
(d) Short-term provisions	32.696	0.939	8.791
Total Current Liabilities (4)	31173.898	22826.898	1843.004
TOTAL	32405.514	23942.638	2523.379
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.463	16.515	19.934
(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	22.978	22.978	39.935
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1109.046	1183.545	463.437
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1145.487	1223.038	523.306
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	16217.457	10375.967	2.983
(d) Cash and cash equivalents	2.527	72.562	0.740
(e) Short-term loans and advances	15040.043	12271.071	1996.350
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	31260.027	22719.600	2000.073
TOTAL	32405.514	23942.638	2523.379

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	17793.906	26786.457	87.886
	Other Income	1.107	6.105	45.326
	TOTAL (A)	17795.013	26792.562	133.212
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Purchases of Stock-in-Trade	17485.948	26151.765	59.414
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	13.453
	Employees benefits expense	6.104	1.958	1.868
	Other expenses	152.637	128.592	5.763
	TOTAL (B)	17644.689	26282.315	80.498
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	150.324	510.247	52.714
Less	FINANCIAL EXPENSES (D)	0.000	0.718	3.908
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	150.324	509.529	48.806
Less/ Add	DEPRECIATION/ AMORTISATION (F)	3.448	3.431	3.434
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	146.876	506.098	45.372
Less	TAX (H)	31.000	101.682	9.178
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	115.876	404.416	36.194
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	524.193	88.632	52.438
Add	Prior period Items	0.000	31.145	0.000
	Balance Carried to the B/S	640.069	524.193	88.632
	Earnings / (Loss) Per Share (Rs.)	3.81	13.29	1.19

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.029	28.395
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	63.927	347.552	(24.563)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.65	1.51	41.18
Operating Profit Margin (PBIDT/Sales)	(%)	0.84	1.90	59.98
Return on Total Assets (PBT/Total Assets}	(%)	0.45	2.12	1.83
Return on Investment (ROI) (PBT/Networth)		0.12	0.45	0.07
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.04
Current Ratio (Current Asset/Current Liability)		1.00	1.00	1.09

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	304.400	304.400	304.400
Reserves & Surplus	375.779	811.340	927.216
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	680.179	1115.740	1231.616
long-term borrowings	0.196	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Current maturities of long-term debts	28.395	0.029	0.000
Total borrowings	28.591	0.029	0.000
Debt/Equity ratio	0.042	0.000	0.000

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	87.886	26786.457	17793.906
		30,378.639	(33.571)

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	87.886	26786.457	17793.906
Profit	36.194	404.416	115.876
	41.18%	1.51%	0.65%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity -Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	No
8]	Designation of contact person	No
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	No
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	No
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	No
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

REVIEW OF OPERATIONS:

During the year, the Company has earned total income of Rs. 17795.014 Million as compared to the income of Rs. 26792.563 Million during the previous financial year. The profit after tax as on March 31, 2014 amounted to Rs. 115.876 Million as against profit of Rs. 404.416 Million during the previous financial year

INDIAN ECONOMY OVERVIEW

The new government led by Mr. Narendra Modi has outlined a 10-point plan to revive the Indian economy, prioritizing infrastructure and investment reform, the prompt resolution of inter-ministerial issues, efficient policy execution and government policy stability. Although the government budget released in July was wanting in detail on structural reform, greater political certainty should be more conducive to investment across a variety of sectors. While India Inc maintains its growth forecast for FY 2014 at 5.5%, the expectation for FY 2015 is more upbeat at 6.0% to 6.3% for FY2015 as anticipated reforms bear fruit (Source: ADB 2014 Asian Development Outlook 2014 Supplement).

The Indian economy stands at a critical juncture today. It has successfully tackled some macroeconomic problems such as the widening of twin deficits and currency depreciation. But equally challenging problems in the form of a growth slowdown and rising food inflation persist. While, the new government seems to have to hit the ground running on economic policy in order to provide confidence to investors, aggressive action is required to put the economy back on track.

OPPORTUNITIES AND THREATS

The Company is examining various new avenues of business in financial activities.

PERFORMANCE

During the year, the Company has earned total income of Rs. 17795.014Million as compared to the income of Rs. 26792.563 Million during the previous financial year. The profit after tax as on March 31, 2014 amounted to Rs. 115.876 Million as against profit of Rs. 404.416 Million during the previous financial year.

FUTURE PROSPECTS & OUTLOOK

In the forthcoming year, the Company envisages to identify new avenues of business activities and make use of opportunities available, besides strengthening its present operations.

RISK AND CONCERNS

The excess funds of the Company are deployed in the capital market and equity share of various companies as investments, with due prudence by the Board of Directors. However, there are chances of making losses due to volatility in the share prices.

FIXED ASSETS

• Land
• Building
• Furniture and fixture
• Plant and machinery
• Office equipment
• Vehicle
• Computer

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.63.93
UK Pound	1	Rs.99.82
Euro	1	Rs.70.05

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	SAN
Report Prepared by :	JYTK

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
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		44

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.