MIRA INFORM REPORT

Report No. :	305995
Report Date :	04.02.2015

IDENTIFICATION DETAILS

Name :	NANDAN PETROCHEM LIMITED (w.e.f. 21.03.1995)
Formally Known As:	NANDAN PETROCHEM PRIVATE LIMITED
Registered Office :	19-A, Sita Estate, Aziz Baug, Mahul Gaon, Chembur, Mumbai – 400074, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.06.1992
Com. Reg. No.:	11 – 067089
Capital Investment / Paid-up Capital :	Rs. 27.051 Millions
CIN No.: [Company Identification No.]	U23201MH1992PLC067089
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACN1199G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Lubricant Oil and Grease
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB (Suspended)
Rating Explanation	Inadequate credit quality and high credit risk
Date	21.10.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+ (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk
Date	21.10.2013

Reason for suspension: absence of adequate information.

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. Sadanand Naik
Designation :	Finance Head
Contact No.:	91-22-5545244
Date :	31.01.2015

LOCATIONS

Registered Office :	19-A, Sita Estate, Aziz Baug, Mahul Gaon, Chembur, Mumbai – 400074, Maharashtra, India
Tel. No.:	91-22-25545244
Mobile No.:	91-8588802760 (Mr. Charudatt)
Fax No.:	Not Available
E-Mail :	info@nandangroup.com sadanand.nayak@handora.com
Website :	http://www.nandangroup.com
Factory 1 :	Plot No. J – 26, MIDC, Taloja, Mumbai, Maharashtra, India
Factory 2 :	Plot no. j – 34, MIDC, Taloja, Mumbai, Maharashtra, India
Factory 3 :	Plot No. 96/1, Falandi, Silvassa
Factory 4 :	97/1/2, Falandi, Silvassa

DIRECTORS

As on: 30.09.2014

Name :	Mr. Shreenaryan Nathmal Agrawal
Designation :	Managing Director
Address :	5/2, Agarwal Nagar, Dr. Ambedkar Road, Matunga, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	02.07.1958
Date of Appointment :	01.04.2011
PAN:	AABPA2044F
DIN No.:	00023197
Name :	Mr. Ramendra K. Jain
Designation :	Director
Address :	138, Narmada Apartments, Alkananda. New Delhi – 110019, India
Date of Birth/Age :	05.06.1935
Date of Appointment :	03.09.2002
DIN No.:	01650473
Name :	Mr. Rohit Rajpal Puri
Designation :	Director
Address :	Rajkamal Udayagiri Society, Sion Trombay Road, Deonar, Mumbai – 400088, Maharashtra, India
Date of Birth/Age :	05.05.1955
Date of Appointment :	22.07.2003
DIN No.:	00191679
Name :	Mr. Mukesh Shah
Designation :	Director
Address :	Panchkamal Co –Opeartive Housing Society. Building No. E – 29, 3^rd Floor, Flat No. 3, Sector – 29, Vashi, New Mumbai – 400705, Maharashtra, India
Date of Birth/Age :	15.06.1962
Date of Appointment :	18.08.2003
DIN No.:	00176298
Name :	Mr. Giridhar Goving Joshi
Designation :	Whole Time Director
Address :	G – 703, Jeevandham Apartment, Near Vastrapur Telephone Exchange, Bima Nagar, Satellite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	25.03.1949
Date of Appointment :	01.01.2013
DIN No.:	02401744
Name :	Mr. Nandan Shreenarayan Agrawal
Designation :	Managing Director
Address :	5/2, Agarwal Nagar, Dr. Ambedkar Road, Matunga, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	21.04.1985
Date of Appointment :	23.03.2012
PAN:	AGOPA3349N
DIN No.:	00023260

KEY EXECUTIVES

Name :	Mr. Sadanand Naik
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Shreenarayan Agrawal	930670
Hemant Shah	214070
Nandan Inpex Private Limited, India	350000
R. P. Shah	210000
Meena Agrawal	225000
S. N. Agrawal (HUF)	25000
Anil Nair	8000
Neeta Nair	8000
Ghanshyam Shah	1000
R. P. Shah	1000
Triveni Shah	4000
Nandan Bulk Carriers Priate Limited, India	140000
Shree Narayan Agrawal (Nadnan Roadlines)	8800
Yatin Jani	154600
Red Rose Tie Up Private Limited, India	200000
Nandan Agrawal	225000
Total	2705140

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Bodies corporate	25.51
Directors or relatives of Directors	68.18
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Lubricant Oil and Grease

Products :

Item Code No.	Product Description
27101980	Lubricant Oil
27109000	Lubricant Oil and Greases

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

Singapore

Imports :

Products :

Raw Material

Countries :

· Switzerland

· Singapore

· USA

· UK

Terms :

Selling :

Cash, Advance Payment and Credit

Purchasing :

Cash, Advance Payment and Credit

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 :	7
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

· Bank of Baroda, Chembur Branch, Mumbai, Maharashtra, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2014	As on 31.03.2013
	(Rs. In Millions)
LONG TERM BORROWINGS:
Rupee term loan from banks	65.038	57.613
Term loans from others	0.849	2.650
SHORT TERM BORROWINGS:
Rupee term loans from banks	194.733	301.790
Total	260.620	362.053

Auditors :
Name :	Sanjay Samdani and Associates Chartered Accountants
Address :	106 – D, Trade Cornor, Sakinaka, Andheri East, Mumbai – 400072, Maharashtra, India
PAN No.:	AACPF6585L
Cost Auditor:
Name:	Shanker Chaudhary and Company
Memberships :	Not Available
Collaborators :	Not Available
Enterprises Which Are Owned, or Have Significant Influence of or Are Partners With Key Managements Personnel and Their Relatives	Nandan Impex Private Limited CIN No.: U24100MH1986PTC039670

CAPITAL STRUCTURE

As on 31.03.2014

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
2705140	Equity Shares	Rs.10/- each	Rs.27.051 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	27.051	27.051	27.051
(b) Reserves & Surplus	253.372	220.786	187.043
(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)	280.423	247.837	214.094
(3) Non-Current Liabilities
(a) long-term borrowings	86.287	86.730	47.486
(b) Deferred tax liabilities (Net)	17.256	16.863	14.914
(c) Other long term liabilities	3.458	3.420	1.173
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	107.001	107.013	63.573
(4) Current Liabilities
(a) Short term borrowings	194.733	301.790	194.879
(b) Trade payables	476.877	62.990	74.495
(c) Other current liabilities	63.857	34.920	34.102
(d) Short-term provisions	7.553	2.700	1.320
Total Current Liabilities (4)	743.020	402.400	304.796
TOTAL	1130.444	757.250	582.463
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	136.761	132.487	119.007
(ii) Intangible Assets	0.717	0.808	0.863
(iii) Capital work-in-progress	136.395	120.646	79.717
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.212	1.212	0.062
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.982	3.045	2.248
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	278.067	258.198	201.897
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	417.518	204.274	153.384
(c) Trade receivables	194.194	164.497	161.928
(d) Cash and cash equivalents	38.590	19.043	18.149
(e) Short-term loans and advances	192.407	110.871	45.746
(f) Other current assets	9.668	0.367	1.359
Total Current Assets	852.377	499.052	380.566
TOTAL	1130.444	757.250	582.463

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1709.862	1340.017	1174.823
		Other Income	8.351	3.380	3.505
		TOTAL (A)	1718.213	1343.397	1178.328
Less	EXPENSES
		Cost of Materials Consumed	1289.108	908.026	926.099
		Purchases of Stock-in-Trade	113.348	140.792	4.269
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(11.339)	(6.426)	(36.913)
		Employees benefits expense	48.807	43.72	40.165
		Other expenses	166.521	150.46	148.957
		TOTAL (B)	1606.445	1236.572	1082.577
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		111.768	106.825	95.751
Less	FINANCIAL EXPENSES (D)		53.136	47.330	40.833
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		58.632	59.495	54.918
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.357	9.632	6.744
	PROFIT BEFORE TAX (E-F) (G)		48.275	49.863	48.174
Less	TAX (H)		15.690	16.120	15.464
	PROFIT AFTER TAX (G-H) (I)		32.585	33.743	32.710
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		154.671	7.602	0.000
	TOTAL EARNINGS		154.671	7.602	0.000
	Earnings Per Share (Rs.)		12.05	12.47	12.65

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.91	2.52	2.78
Operating Profit Margin (PBIDT/Sales)	(%)	6.54	7.97	8.15
Return on Total Assets (PBT/Total Assets}	(%)	4.86	7.85	9.58
Return on Investment (ROI) (PBT/Networth)		0.17	0.20	0.23
Debt Equity Ratio (Total Debt /Networth)		1.00	1.57	1.13
Current Ratio (Current Asset/Current Liability)		1.15	1.24	1.25

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	27.051	27.051	27.051
Reserves & Surplus	187.043	220.786	253.372
Net worth	214.094	247.837	280.423
long-term borrowings	47.486	86.730	86.287
Short term borrowings	194.879	301.790	194.733
Total borrowings	242.365	388.520	281.020
Debt/Equity ratio	1.132	1.568	1.002

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1174.823	1340.017	1709.862
		14.061	27.600

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1174.823	1340.017	1709.862
Profit	32.710	33.743	32.585
	2.78%	2.52%	1.91%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT: NOT AVAILABLE

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

Performance:

During the period, the Company has achieved a total income of Rs.1718.213 Million and earned a profit before tax of Rs.48.275 Millions in comparison to Rs.1343.397 Millions of total income and profit before tax of Rs.49.863 Millions in the previous year. After making provision for tax, the Company has earned a net profit of Rs.32.585 millions in comparison to a net profit of Rs.33.742 Million earned in the previous year.

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
	(Rs. In Millions)
LONG TERM BORROWINGS:
Rupee term loan from banks	0.000	3.968
Loan and advances from related parties	20.400	22.500
Total	20.400	26.468

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10493007	03/04/2014	40,000,000.00	BANK OF BARODA	CHANDAVARKAR ROAD BRANCH,, 309, CHANDAVARKAR ROAD, MATUNGA (C. RLY.),, MUMBAI, MAHARASHTRA - 400019, INDIA	C04268017
2	10407514	05/02/2013	600,000.00	BANK OF BARODA	CHANDAVARKAR ROAD BRANCH,, 309, CHANDAVARKAR ROAD, MATUNGA (CENTRAL RAILWAY),, MUMBAI, MAHARASHTRA -400019, INDIA	B69244093
3	10372302	17/08/2012	40,000,000.00	BANK OF BARODA	CHANDAVARKAR ROAD BRANCH, 309, CHANDAVARKAR ROAD, MATUNGA (CENTRAL RAILWAY), MUMBAI, MAHARASHTRA -  400019, INDIA	B56309859
4	10351990	28/04/2012	62,200,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B38308797
5	10305158	02/08/2011	20,000,000.00	BANK OF BARODA	CHANDAVARKAR ROAD BRANCH,, 309, CHANDAVARKAR ROAD, MATUNGA (CENTRAL RAILWAY),, MUMBAI, MAHARASHTRA  - 400019, INDIA	B20006656
6	10294854	30/06/2011	74,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B16057606
7	10285305	19/03/2011	624,000.00	BANK OF BARODA	CHANDAVARKAR ROAD BRANCH,, 309, CHANDAVARKAR ROAD, MATUNGA (C,RLY.),, MUMBAI, MAHARASHTRA - 400019,  INDIA	B12126330
8	10285308	19/03/2011	624,000.00	BANK OF BARODA	CHANDAVARKAR ROAD BRANCH,, 309, CHANDAVARKAR ROAD, MATUNGA (C,RLY.),, MUMBAI, MAHARASHTRA - 400019,  INDIA	B12126637
9	10227375	10/05/2010	500,000.00	BANK OF BARODA	CHANDAVARKAR ROAD BRANCH,, MATUNGA EAST,, MUMBAI, MAHARASHTRA - 400019, INDIA	A88661632
10	10218934	13/03/2010	448,000.00	BANK OF BARODA	CHANDAVARKAR ROAD BRANCH,, 309, CHANDAVARKAR ROAD, MATUNGA (C. RLY.),, MUMBAI, MAHARASHTRA - 400019, INDIA	A84872266

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer software

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.61.74
UK Pound	1	Rs.92.71
Euro	1	Rs.69.94

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.