MIRA INFORM REPORT

Report Date :

03.01.2015

IDENTIFICATION DETAILS

Name :	VIDHI MINERALS AND ALLOYS PRIVATE LIMITED

Registered Office :	Gandhi Chowk, Kanhan, Nagpur – 441 401, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	21.03.2007

Com. Reg. No.:	11-169017

Capital Investment / Paid-up Capital :	Rs.3.966 millions

CIN No.: [Company Identification No.]	U10300MH2007PTC169017

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	NGPV03644E

PAN No.: [Permanent Account No.]	AACCV4567G

Legal Form :	Private Limited Liability Company

Line of Business :	Exporter and Importer of Manganese Ore and Ferroalloys, Like Elements, etc.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 160000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. The rating is constrained on account of company’s moderate financial risk profile and thin profitability margins of the company. However, trade relation are fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business 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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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	CRISIL
Rating	BB - (Long term rating)
Rating Explanation	Inadequate credit quality and high credit risk.
Date	10.01.2014

Rating Agency Name	CRISIL
Rating	A4+ (Short term rating)
Rating Explanation	Have Minimal degree of safety and very high credit risk
Date	10.01.2014

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 DENIED BY

Name :	Mr. Sanjay Singh
Designation :	Chief Executive Officer
Contact No.:	91-9923596074
Date :	29.12.2014

LOCATIONS

Registered Office/ Factory :	Gandhi Chowk, Kanhan, Nagpur – 441 401, Maharashtra, India
Tel. No.:	91-7102-236167 / 138
Fax No.:	91-7102-236176
E-Mail :	shyamjiminerals@shyamjiminerals.com krishna076@rediffmail.com info@groupshyamji.com
Website :	http://www.groupshyamji.com
Location :	Owned

Corporate Office :	579, Tharsa Road, Kanhan, Nagpur – 441 401, Maharashtra, India
Tel. No.:	91-7102-236276 / 236138 / 236167
Fax No.:	91-7102-236176 / 236040

Warehouse:	Survey No. 218, S.V. Industries Compound, At-Chandrapura, Tehsil – Halol, District - Panchamahal, Gujarat, India

Factory 1:	Sur. No. 219, Village - Chandrapura, Taluka – Halol, District – Panchamahal - 389350, Gujarat, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Ajay Ramesh Khandelwal

Designation :

Managing Director

Address :

Pandhan Road, Tarasa Road, Kanhan, Nagpur – 441 401, Maharashtra, India

Date of Birth/Age :

15.03.1967

Date of Appointment :

05.04.2009

DIN No.:

01784753

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	U10300MH2007PTC169017	VIDHI MINERALS & ALLOYS PRIVATE LIMITED	Managing director	05/04/2009	21/03/2007	-	Active	NO
2	U74899DL1991PTC046240	SAUMYAA ALLOYS PRIVATE LIMITED	Director	04/01/2008	04/01/2008	13/02/2009	Active	NO
3	U40108MH2008PTC187498	SMTC POWER AND INDUSTRIES PRIVATE LIMITED	Director	14/10/2008	14/10/2008	-	Active	NO
4	U45400MH2008PTC185935	SMTC PROJECTS PRIVATE LIMITED	Managing director	01/04/2009	01/04/2009	-	Active	NO
5	U27200MH2003PTC142593	MICRON MINERALS PRIVATE LIMITED	Director	06/04/2009	06/04/2009	-	Active	NO
6	U14220MH2010PTC209171	WORLD AGE RESOURCES PRIVATE LIMITED	Director	19/10/2010	19/10/2010	-	Active	NO
7	U14200MH2010PTC209172	SMTC MINES & MINERALS PRIVATE LIMITED	Director	19/10/2010	19/10/2010	-	Active	NO
8	U27104MH1999PLC120845	KRISHNAPING ALLOYS LIMITED	Director	26/12/2011	26/12/2011	-	Active	NO
9	U14220MH2012PTC225886	EXCELLON MINES AND MINERALS PRIVATE LIMITED	Additional director	04/12/2012	04/12/2012	-	Active	NO
10	U14200MH2012PTC225888	MANCHESTER MINES AND MINERALS PRIVATE LIMITED	Additional director	04/12/2012	04/12/2012	-	Active	NO
11	U14220MH2012PTC225887	NEWPORT MINES AND MINERALS PRIVATE LIMITED	Additional director	04/12/2012	04/12/2012	-	Active	NO
12	U51909WB1995PTC071582	LECTRODRYER MARKETING PVT.LTD.	Director	30/09/2014	30/09/2014	-	Active	NO

Name :

Mr. Vijay Babulal Khandelwal

Designation :

Managing Director

Address :

Sham Kuti, Hanuman Nagar, Tharsa Road, Kanhan B-12, Khandelwal Colony, Nagpur – 441 401, Maharashtra, India

Date of Birth/Age :

27.05.1972

Date of Appointment :

05.04.2009

DIN No.:

01775995

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	U10300MH2007PTC169017	VIDHI MINERALS AND ALLOYS PRIVATE LIMITED	Managing director	05/04/2009	21/03/2007	-	Active	NO
2	U40108MH2008PTC187498	SMTC POWER AND INDUSTRIES PRIVATE LIMITED	Director	14/10/2008	14/10/2008	-	Active	NO
3	U45400MH2008PTC185935	SMTC PROJECTS PRIVATE LIMITED	Managing director	01/04/2009	01/04/2009	-	Active	NO
4	U27200MH2003PTC142593	MICRON MINERALS PRIVATE LIMITED	Director	06/04/2009	06/04/2009	-	Active	NO
5	U14200MH2010PTC209172	SMTC MINES AND MINERALS PRIVATE LIMITED	Director	19/10/2010	19/10/2010	-	Active	NO
6	U14220MH2010PTC209171	WORLD AGE RESOURCES PRIVATE LIMITED	Director	19/10/2010	19/10/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Singh
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders		No. of Shares
Ajay Ramesh Khandelwal		26000
Vijay Babulal Khandelwal		55000
Sunita Khandelwal		30000
Shivani Khandelwal		60700
Meenu Khandelwal		41200
Praddum Trading Company Limited, India		100000
Lactrodyrer Marketing Private Limited, India		74000
Vinaykumar Mishra		100
Shri Sheshrao		100
Chandravhan Khandelwal HUF		2000
Ajay Khandelwal HUF		500
Ramesh Khandelwal		7000

Total		396600

As on 29.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		43.90
Directors or relatives of directors		56.10
Total		100.00

BUSINESS DETAILS

Line of Business :	Exporter and Importer of Manganese Ore and Ferroalloys, Like Elements, etc.

Products :	· Alloying Elements · Heavy Metal · Light Metal · Nrecious Metal

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :	Not Divulged
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 :

Not Divulged

Bankers :

Banker Name :	Union Bank of India
Branch Address :	Dhantoli Branch, “Shriman Palace”, Lokmat Square, Wardha Road, Nagpur – 440 012, Maharashtra, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Term loan
HDFC Bank Loan 18068319(Veh MH40KR2469) (Secured by hypothecation of vehicle and personal guarantee of Director)	0.000	0.154
Short Term Borrowing
UBI CC A/c No.: 360050100000308	25.073	29.965
UBI CC A/c No.: 36007220000012	44.986	43.623
HDFC Bank Loan 18068319(Veh MH40KR2469)	0.154	0.151
HDFC Bank Loan No.722- MH-40-A-8818	0.000	0.029

Total	70.213	73.922

Auditors :
Name :	K P R K and Associates Chartered Accountants
Address :	181, Chitle Marg, Dhantoli, Near State Bank of Travancore, Nagpur – 440 012, Maharashtra, India
Tel. No.:	91-712-2451533
PAN No.:	AAGFG6923Q

Memberships :	Not Available

Collaborators :	Not Available

Associates :	· SMTC Power and Industries Private Limited · SMTC Projects Private Limited · Micron Minerals Private Limited · Manganese Products Corporation · Shyamji Minerals Trading Corporation · Krishnaping Alloys Private Limited · Vidhi Khandelwal Trust · Chaitanya Khandelwal Trust · Khandelwal Transport · Worldage Resources B.V.

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

400000	Equity Shares	Rs.10/- each	Rs.4.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

396600	Equity Shares	Rs.10/- each	Rs.3.966 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	3.966	3.966	3.100
(b) Reserves & Surplus	50.912	49.782	34.789
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	8.740
Total Shareholders’ Funds (1) + (2)	54.878	53.748	46.629

(3) Non-Current Liabilities
(a) long-term borrowings	34.950	34.501	31.424
(b) Deferred tax liabilities (Net)	0.000	0.038	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)	34.950	34.539	31.424

(4) Current Liabilities
(a) Short term borrowings	70.260	74.311	38.460
(b) Trade payables	79.838	76.471	53.198
(c) Other current liabilities	1.049	0.012	0.000
(d) Short-term provisions	3.170	4.139	1.493
Total Current Liabilities (4)	154.317	154.933	93.151

TOTAL	244.145	243.220	171.204

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.770	4.465	5.936
(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	1.322	1.322	1.222
(c) Deferred tax assets (net)	0.044	0.000	0.026
(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	5.136	5.787	7.184

(2) Current assets
(a) Current investments	7.033	7.174	10.504
(b) Inventories	8.644	14.284	20.597
(c) Trade receivables	166.695	132.144	104.439
(d) Cash and cash equivalents	15.014	14.193	2.586
(e) Short-term loans and advances	41.623	69.638	25.894
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	239.009	237.433	164.020

TOTAL	244.145	243.220	171.204

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Sales	344.125	280.509	144.738
		Other Income	12.738	13.531	7.390
		TOTAL (A)	356.863	294.040	152.128

Less	EXPENSES
		Cost of Materials Consumed	331.425	258.894	133.898
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	5.640	6.313	5.505
		Employees benefits expense	1.164	1.468	1.287
		Other expenses	2.575	4.868	3.071
		TOTAL (B)	340.804	271.543	143.761

Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.059	22.497	8.367

Less	FINANCIAL EXPENSES (D)		13.838	10.624	7.127

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.221	11.873	1.240

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.695	0.835	0.506

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		1.526	11.038	0.734

Less	TAX (H)		0.397	3.839	0.232

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		1.129	7.199	0.502

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.988	22.789	22.287

	BALANCE CARRIED TO THE B/S		31.117	29.988	22.789

	Earnings Per Share (Rs.)		2.85	23.22	1.62

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.33	2.57	0.35

Operating Profit Margin (PBITD/Sales)	(%)	4.67	8.02	5.78

Return on Total Assets (PBT/Total Assets}	(%)	0.63	4.56	0.43

Return on Investment (ROI) (PBT/Networth)		0.03	0.21	0.02

Debt Equity Ratio (Total Debt/Networth)		1.92	2.02	1.50

Current Ratio (Current Asset/Current Liability)		1.55	1.53	1.76

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3.100	3.966	3.966
Reserves & Surplus	34.789	49.782	50.912
Net worth	37.889	53.748	54.878

long-term borrowings	31.424	34.501	34.950
Short term borrowings	38.460	74.311	70.260
Total borrowings	69.884	108.812	105.210
Debt/Equity ratio	1.844	2.024	1.917

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	144.738	280.509	344.125
		93.805	22.679

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	144.738	280.509	344.125
Profit	0.502	7.199	1.129
	0.35%	2.57%	0.33%

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	No
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	No
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	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

UNSECURED LOANS

(Rs. In Millions)

UNSECURED LOAN	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
From related Parties	34.950	34.300
From other Parties	0.000	0.047
Short Term Borrowing
Magna fincorp Limited	0.047	0.543
Total	34.997	34.890

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10152195	26/06/2010 *	90,000,000.00	UNION BANK OF INDIA	DHANTOLI BRANCH,, "SHRIMAN PALACE" LOKMAT SQUARE, WARDHA ROAD,, NAGPUR, Maharashtra - 440012, INDIA	A89964183

Note: * Date of charge modification

FIXED ASSETS

· Land

· Factory (WIP Halol)

· Furniture

· Plant and Machinery (WIP Halol)

· Air Conditioner

· Vehicles

· Vehicles (Halol)

· Computer

· Computer (Gujarat Depot)

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.63.28
UK Pound	1	Rs.98.38
Euro	1	Rs.76.30

INFORMATION DETAILS

Information Gathered by :	DPA

Analysis Done by :	KAR

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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		32

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

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