MIRA INFORM REPORT

Report No. :	306548
Report Date :	06.02.2015

IDENTIFICATION DETAILS

Name :	SAPCON STEELS PRIVATE LIMITED

Registered Office :	6, Akhnoor Road, Canal Road, Jammu – 180 001, Jammu and Kashmir

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	13.07.1992

Com. Reg. No.:	07-001315

Capital Investment / Paid-up Capital :	Rs.0.200 million

CIN No.: [Company Identification No.]	U27106JK1992PTC001315

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AADCS4799Q

Legal Form :	Private Limited Liability Company

Line of Business :	Trader of Ferrous and Non-Ferrous Metal, Steel and Alloys etc.

No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. Mr. Swatantar Aggarwal (Director) has provided us with all information. Further, he also informed that there is a dip in the turnover of the company due to market fluctuation. Profitability of the company seems to be low during 2014. 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 cautions.

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

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 :	Mr. Swatantar Kumar Aggarwal
Designation :	Whole-time director
Contact No.:	91-191-2554204
Date :	05.02.2015

LOCATIONS

Registered Office :	6, Akhnoor Road, Canal Road, Jammu – 180 001, Jammu and Kashmir, India
Tel. No. :	91-191-2554204
Fax No. :	91-191-2553300
E-Mail :	aggarwaltraders@live.com aggarwaltraders66@gmail.com aggarwalskjmu@yahoo.co.in
Area :	30000 Yard
Location :	Owned
Locality :	Commercial

Branch Office :	57, Shiv Nagar Industrial Area, Jalandhar, Punjab, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Bhim Sein Aggarwal

Designation :

Whole-time director

Address :

House No.4, Akhnoor Road, Jammu – 180 004, Jammu and Kashmir, India

Date of Birth/Age :

15.03.1944

Date of Appointment :

13.07.1992

DIN No. :

01050424

PAN No.:

AAUPA5832G

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	U27106JK1992PTC001315	SAPCON STEELS PRIVATE LIMITED	Whole-time director	13/07/1992	13/07/1992	-	Active	NO
2	U35912JK1997PTC001617	JAMMU MOTORS PRIVATE LIMITED	Whole-time director	25/02/1997	25/02/1997	-	Active	NO
3	U45201JK2006PTC002635	SKYLINE INFRASTRUCTURE PRIVATE LIMITED	Whole-time director	01/03/2006	01/03/2006	-	Active	NO

Name :

Mr. Sanjay Aggarwal

Designation :

Whole-time director

Address :

House No.4, Akhnoor Road, Jammu – 180 004, Jammu and Kashmir, India

Date of Birth/Age :

16.10.1966

Date of Appointment :

13.07.1992

DIN No. :

01050171

PAN No.:

AAUPA6127C

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	U27106JK1992PTC001315	SAPCON STEELS PRIVATE LIMITED	Whole-time director	13/07/1992	13/07/1992	-	Active	NO
2	U35912JK1997PTC001617	JAMMU MOTORS PRIVATE LIMITED	Whole-time director	25/02/1997	25/02/1997	-	Active	NO
3	U45201JK2006PTC002635	SKYLINE INFRASTRUCTURE PRIVATE LIMITED	Managing director	01/03/2006	01/03/2006	-	Active	NO

Name :

Mr. Ajay Aggarwal

Designation :

Whole-time director

Address :

House No.4, Akhnoor Road, Jammu – 180 004, Jammu and Kashmir, India

Date of Birth/Age :

12.09.1969

Date of Appointment :

13.07.1992

DIN No. :

01050455

PAN No.:

AAUPA6125A

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	U27106JK1992PTC001315	SAPCON STEELS PRIVATE LIMITED	Whole-time director	13/07/1992	13/07/1992	-	Active	NO
2	U35912JK1997PTC001617	JAMMU MOTORS PRIVATE LIMITED	Whole-time director	25/02/1997	25/02/1997	-	Active	NO
3	U45201JK2006PTC002635	SKYLINE INFRASTRUCTURE PRIVATE LIMITED	Whole-time director	01/03/2006	01/03/2006	-	Active	NO

Name :

Mr. Pankaj Kumar Aggarwal

Designation :

Whole-time director

Address :

House No.4, Akhnoor Road, Jammu – 180 004, Jammu and Kashmir, India

Date of Birth/Age :

21.07.1977

Date of Appointment :

06.01.2003

DIN No. :

01050591

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	U35912JK1997PTC001617	JAMMU MOTORS PRIVATE LIMITED	Whole-time director	25/02/1997	25/02/1997	-	Active	NO
2	U27106JK1992PTC001315	SAPCON STEELS PRIVATE LIMITED	Whole-time director	06/01/2003	06/01/2003	-	Active	NO
3	U45201JK2006PTC002635	SKYLINE INFRASTRUCTURE PRIVATE LIMITED	Whole-time director	01/03/2006	01/03/2006	-	Active	NO

Name :

Mr. Swatantar Kumar Aggarwal

Designation :

Whole-time director

Address :

House No.4, Akhnoor Road, Jammu – 180 004, Jammu and Kashmir, India

Date of Birth/Age :

29.07.1950

Date of Appointment :

13.07.1992

DIN No. :

01050276

PAN No.:

AAUPA5829R

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	U27106JK1992PTC001315	SAPCON STEELS PRIVATE LIMITED	Whole-time director	13/07/1992	13/07/1992	-	Active	NO
2	U45201JK2006PTC002635	SKYLINE INFRASTRUCTURE PRIVATE LIMITED	Whole-time director	01/03/2006	01/03/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders		No. of Shares
Reeta Rani		100
Swatantar Aggarwal		100
Sanjay Kumar		100
Ajay Kumar		100
Pankaj Aggarwal		50
Vineet Kumar		50
Anuj Aggarwal		50
Kanav Aggarwal		50
Sonia Aggarwal		50
Nitin Aggarwal		50
Richa Aggarwal		50
Vandana Aggarwal		50
Megha Aggarwal		50
Menu Aggarwal		50
Janak Rani		50
Bhim Sein		100
Total		1050

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Trader of Ferrous and Non-Ferrous Metal, Steel and Alloys etc.

Products :	Ferrous and Non-Ferrous Metal Steel Rods Sponge Iron Billets Alloys etc.

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Cash and Cheque

Purchasing :	Cash and Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Hindustan Construction Company Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Rashtriya Ispat Nigam Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

25 (Approximately)

Bankers :

Banker Name	Punjab National Bank
Branch Address	Branch Office Canal Road, Jammu – 180 001, Jammu and Kashmir, India
Person Name (With Designation)	Not Divulged
Contact Number	91-1746-224167 (Constantly Ringing)
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

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Cash Credit Limited from Punjab National Bank (Secured against hypothecation of stocks and book debts)	16.248	41.685
Total	16.248	41.685

Banking Relations :	--

Auditors :
Name :	R.K. Chugh and Company Chartered Accountants
Address :	319, Shastri Nagar, Jammu – 180 004, Jammu and Kashmir, India
Tel. No. :	91-191-2436522/ 2432702
Mobile No. :	91-9419192415
E-Mail :	rakeshchughca@gmail.com advocatesahilchugh@gmail.com
Website :	www.rkchughco.icai.org.in
PAN No.:	AAOPC3371Q

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries (As confirmed by the management) :	Agarwal Traders

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000	Equity Shares	Rs.100/- each	Rs.0.200 million

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	0.200	0.105	0.105
(b) Reserves & Surplus	29.369	25.446	21.602
(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)	29.569	25.551	21.707

(3) Non-Current Liabilities
(a) Long-term borrowings	15.616	15.727	15.084
(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)	15.616	15.727	15.084

(4) Current Liabilities
(a) Short term borrowings	16.248	41.685	29.683
(b) Trade payables	110.126	134.816	113.402
(c) Other current liabilities	16.631	12.192	7.821
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	143.005	188.693	150.906

TOTAL	188.190	229.971	187.697

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.262	2.542	3.258
(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	0.528	0.528	0.528
(c) Deferred tax assets (net)	0.279	0.220	0.132
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4.069	3.290	3.918

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	28.792	55.862	27.440
(c) Trade receivables	141.776	153.138	151.186
(d) Cash and cash equivalents	2.645	7.204	1.801
(e) Short-term loans and advances	10.771	10.331	3.352
(f) Other current assets	0.137	0.146	0.000
Total Current Assets	184.121	226.681	183.779

TOTAL	188.190	229.971	187.697

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	877.809	1040.216	NA
		Other Income	10.816	12.067	NA
		Increase/ Decrease in Inventories	(27.070)	28.422	NA
		TOTAL	861.555	1080.705	NA
			(Due to market fluctuation)

Less	EXPENSES
		TOTAL	855.075	1074.368	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		6.480	6.337	NA

Less/ Add	DEPRECIATION/ AMORTISATION		0.868	0.823	NA

	PROFIT/ (LOSS) BEFORE TAX		5.612	5.514	NA

Less	TAX		1.748	1.668	NA

	PROFIT/ (LOSS) AFTER TAX		3.864	3.846	3.895

	Earnings / (Loss) Per Share (Rs.)		1932.00	3663.00	3710.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.44	0.37	NA

Return on Total Assets (PBT/Total Assets}	(%)	2.99	2.41	NA

Return on Investment (ROI) (PBT/Networth)		0.19	0.22	NA

Debt Equity Ratio (Total Debt/Networth)		1.08	2.25	2.06

Current Ratio (Current Asset/Current Liability)		1.29	1.20	1.22

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.105	0.105	0.200
Reserves & Surplus	21.602	25.446	29.369
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	21.707	25.551	29.569

Long Term borrowings	15.084	15.727	15.616
Short Term borrowings	29.683	41.685	16.248
Total borrowings	44.767	57.412	31.864
Debt/Equity ratio	2.062	2.247	1.078

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)
Sales	1,040.216	877.809
		(15.613)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)
Sales	1,040.216	877.809
Profit	3.846	3.864
	0.37%	0.44%

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 two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
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	No

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans from Shareholders/ Directors	15.616	15.727
Total	15.616	15.727

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10387362	27/09/2012	10,000,000.00	PUNJAB NATIONAL BANK	BRANCH OFFICE CANAL ROAD, JAMMU, JAMMU AND KASHMIR - 180001, INDIA	B62293642
2	10255110	16/10/2010	30,000,000.00	PUNJAB NATIONAL BANK	BRANCH OFFICE CANAL ROAD, JAMMU, JAMMU AND KASHMIR - 180001, INDIA	B00400861
3	10171059	16/10/2010 *	40,000,000.00	PUNJAB NATIONAL BANK	BRANCH OFFICE, CANAL ROAD, JAMMU, JAMMU AND KASHMIR - 180001, INDIA	B00379529
4	90324052	10/03/2007 *	18,800,000.00	J & K BANK LIMITED	PATEL NAGAR BRANCH JAMMU, CORPORATE OFFICE SRINAGAR KASHMIR, JAMMU, JAMMU AND KASHMIR - 180001, INDIA	-
5	90324058	19/05/2001 *	8,000,000.00	THE JAMMU AND KASHMIR BANK LIMITED	PATEL NAGAR, JAMMU, JAMMU AND KASHMIR - 180012, INDIA	-

* Date of charge modification

FIXED ASSETS

· Furniture and Fixtures

· Typewriter

· Cycle

· Scooter

· Motor Cycle

· Office Equipments

· Mobile Phones

· Cooler

· Aquagaurd

· Car

· Photostat Machine

· Computer

· UPS

· Air Conditioner

· Truck

· Toyota Fortuner

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.61.87
UK Pound	1	Rs.94.07
Euro	1	Rs.70.19

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	RAS

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
-- PROFITABILITY	1~10	2
--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		27

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

Unit