MIRA INFORM REPORT

Report No. :	302278
Report Date :	07.01.2015

IDENTIFICATION DETAILS

Name :	PRAJA MECHANICALS PRIVATE LIMITED (w.e.f 01.09.2006)

Formerly Known As :	PRAJA MECHANICALS LIMITED (w.e.f 29.08.1995) PRAJA MECHANICALS PRIVATE LIMITED

Registered Office :	A 80, New Friends Colony, New Delhi – 110 025

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	18.09.1982

Com. Reg. No.:	55-014364

Capital Investment / Paid-up Capital :	Rs. 39.844 Millions

CIN No.: [Company Identification No.]	U74899DL1982PTC014364

IEC No.:	Not Available

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

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the manufacturing of conveyors, material handling equipment and allied parts.

No. of Employees :	Not Divulged

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

Maximum Credit Limit :	USD 220000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Reserves 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 – 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	CARE
Rating	Long Term Bank Facilities = BB-
Rating Explanation	Have moderate risk of default
Date	01.09.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	01.09.2014

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.

LOCATIONS

Registered Office :	A 80, New Friends Colony, New Delhi – 110 025, India
Tel. No.:	91-11-26914556
Fax No.:	Not Available
E-Mail :	praja@praja.co.in
Website :	www.praja.co.in

Factory Unit I :	Plot 136-137, Sector 25, Faridabad – 121 004, Haryana, India

Factory Unit II :	Plot 8, Sector 31, Block –C, Kasna, Greater Noida – 201 306, Uttar Pradesh, India

Factory Unit III :	Plot – 12A, 13/3, Mathura Road, Faridabad – 121 003, Haryana, India
Tel. No.:	91-129-4113500
Fax No.:	91-129-4003505

DIRECTORS

As on 27.09.2013

Name :

Mr. Jai Narain Rungta

Designation :

Director

Address :

A 80, New Friends Colony, New Delhi – 110 025, India

Date of Birth/Age :

08.04.1930

Date of Appointment :

01.01.1983

DIN No.:

00003411

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	U74899DL1982PTC014364	PRAJA MECHANICALS PRIVATE LIMITED	Director	01/01/1983	01/01/1983	-	Active	NO
2	U74899DL1995PLC070916	PRAJA SECURITIES LIMITED	Director	21/08/1995	21/08/1995	-	Active	NO
3	U72200DL1999PLC100250	PRAJA TECHNOLOGIES LIMITED	Director	16/07/1999	16/07/1999	-	Amalgamated	NO
4	U29199DL1999PTC102311	VAFS (INDIA) PRIVATE LIMITED	Director	16/08/2005	16/08/2005	-	Active	NO
5	U74899DL1991PLC045391	GURGAON INFO PARKS LIMITED.	Director	17/07/2006	17/07/2006	-	Active	NO
6	U74900DL2009PTC188866	HARIT AEC INDIA PRIVATE LIMITED	Director	26/03/2009	26/03/2009	-	Active	NO

Name :

Mr. Pradip Kumar Rungta

Designation :

Director

Address :

A 80, New Friends Colony, New Delhi – 110 025, India

Date of Birth/Age :

07.06.1956

Date of Appointment :

18.09.1982

DIN No.:

00003402

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	U74899DL1982PTC014364	PRAJA MECHANICALS PRIVATE LIMITED	Director	18/09/1982	18/09/1982	-	Active	NO
2	U31200DL1993PTC052847	PRAJA CONTROLS & SYSTEMS PRIVATE LIMITED	Director	30/03/1993	30/03/1993	-	Active	NO
3	U74899DL1995PLC070916	PRAJA SECURITIES LIMITED	Director	21/08/1995	21/08/1995	-	Active	NO
4	U72200DL1999PLC100250	PRAJA TECHNOLOGIES LIMITED	Director	16/07/1999	16/07/1999	-	Amalgamated	NO
5	U29199DL1999PTC102311	VAFS (INDIA) PRIVATE LIMITED	Managing director	16/03/2009	05/11/1999	-	Active	NO
6	U74899DL1991PLC045391	GURGAON INFO PARKS LIMITED.	Director	17/07/2006	17/07/2006	-	Active	NO
7	U40102DL2007PTC169472	HARIT ENERGY SOLUTIONS PRIVATE LIMITED	Director	16/10/2007	16/10/2007	-	Active	NO
8	U74900DL2009PTC188866	HARIT AEC INDIA PRIVATE LIMITED	Director	26/03/2009	26/03/2009	-	Active	NO

Name :

Mr. Rajesh Kumar Rungta

Designation :

Director

Address :

A 80, New Friends Colony, New Delhi – 110 025, India

Date of Birth/Age :

28.01.1959

Date of Appointment :

18.09.1982

DIN No.:

00089842

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	U74899DL1982PTC014364	PRAJA MECHANICALS PRIVATE LIMITED	Director	18/09/1982	18/09/1982	-	Active	NO
2	U31200DL1993PTC052847	PRAJA CONTROLS & SYSTEMS PRIVATE LIMITED	Director	30/03/1993	30/03/1993	-	Active	NO
3	U74899DL1995PLC070916	PRAJA SECURITIES LIMITED	Director	21/08/1995	21/08/1995	-	Active	NO
4	U40102DL2007PTC169472	HARIT ENERGY SOLUTIONS PRIVATE LIMITED	Director	16/10/2007	16/10/2007	-	Active	NO

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Shareholders		No. of Shares
J.N. Rungta		42042
Pradip K.Rungta		83814
Rajesh K. Rungta		64890
Prem Rungta		3084
Uma Rungta		6042
Rashmi Rungta		72
Ridhima Rungta		60
J.N. Rungta and Sons (HUF)		22152
P.K. Rungta (HUF)		26304
R.K. Rungta (HUF)		25614
Praja Securities Limited, India		62304
Pradat Rungta		12030
Mridula Rungta		30
Praja Controls and Systems Private Limited, India		50000

Total		398438

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	28.19
Directors or relatives of Directors	71.81
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing of conveyors, material handling equipment and allied parts.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS (As on 31.03.2014)

Particulars	Unit	QTY
Carriers	Nos./Sets	195
Tracks	Mtr	892.80
Control Panel/Safety Devices	Nos./Sets	20
Trollies	Nos.	3853
Chain	Mtr	3807
Drop Lift	Nos	3
Slat	Nos	2531
Drive Unit/Tension Unit	Nos.	26
Hanger Component	Nos/Sets	--
Pit Cover	Sets	3
Overhead Conveyor Parts	Nos	22
Safety Guard	Mtr	4438
Structural Support	Mtr	10381

Note: Licensed capacity and installed capacity are not applicable.

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 :

ASEA Brown Boveri Limited
Ashok Leyland Limited
Ashok Leyland Limited, UAE
Asia Motor Works Limited
ATS Conveyor India Private Limited
ESCORTS Limited
Fiat India Automobiles Limited
General Motors India Private Limited
Dubai Aluminium Company Limited, Dubai

No. of Employees :

Not Divulged

Bankers :

ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri Baroda – 390 015, Gujarat, India
Oriental Bank of Commerce, Overseas Branch, M-33 Greater Kailash Part -2, New Delhi – 110 048, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loans
From Banks	10.053	2.540
From Other Parties	0.536	0.236

SHORT TERM BORROWING
Loans repayable on demand	21.109	0.000

Total	31.698	2.776

Note:

Long Term Borrowing

Term Loan from Oriental Bank of Commerce is guaranteed by corporate guarantee of sister concern and directors of the company.
Term Loan is secured by equitable mortgage of Building and hypothecation of Plant & Machinery for which term loan is taken by the company.
Current Maturities of Term Loan from Oriental Bank of Commerce has been calculated based on repayment shcedule of the bank i.e. 20 quarterly installment starting from the first disbursement. Only 4 installments due during the financial year 2013-14 consequently we have taken that amount as current maturities.

Short Term Borrowing

There are no written terms and conditions between company and related parties in relation to repayment. The said loans are payable on demand and consequently has been taken under the head of Short Term Borrowings.
Working Capital Loans from Oriental Bank of Commerce is guaranteed by corporate guarantee of related party, Directors of the Company and is secured by hypothecation of present and future stock of raw materials, stock in process, store and spares (not relating to plant and machinery), book debts, outstanding monies, receivables, claims, bills, material in transit.

Auditors :
Name :	Bubber and Jindal and Company Chartered Accountants
Address :	3072, Pratap Street, 19-20, Gola Market, Behind Golcha Cinema, Darya Ganj, New Delhi – 110002, India
Tel. No.:	91-11-23268128/27562440
Mobile No.:	91-9810194932

Memberships :	Not Available

Collaborators :	Not Available

Enterprises under the control of key management personnel and their relatives :	Praja Securities Limited Praja Controls and Systems Private Limited VAFS (India) Private Limited Harit Energy Solutions Private Limited Harit AEC India Private Limited

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

400000	Equity Shares	Rs.100/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

398438	Equity Shares	Rs.100/- each	Rs. 39.844 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	39.844	39.844	34.844
(b) Reserves & Surplus	37.084	2.987	5.403
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	20.000
Total Shareholders’ Funds (1) + (2)	76.928	42.831	60.247

(3) Non-Current Liabilities
(a) long-term borrowings	10.589	2.776	0.456
(b) Deferred tax liabilities (Net)	0.540	0.000	0.000
(c) Other long term liabilities	4.278	123.502	6.634
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	15.407	126.278	7.090

(4) Current Liabilities
(a) Short term borrowings	50.842	39.726	38.546
(b) Trade payables	55.283	15.940	21.171
(c) Other current liabilities	12.606	9.241	3.912
(d) Short-term provisions	6.137	1.637	1.383
Total Current Liabilities (4)	124.868	66.544	65.012

TOTAL	217.203	235.653	132.349

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	64.335	31.391	32.513
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	8.837	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.912	1.912	1.912
(c) Deferred tax assets (net)	0.000	8.175	0.526
(d) Long-term Loan and Advances	1.734	0.593	0.428
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	67.981	50.908	35.379

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.960	31.519	23.859
(c) Trade receivables	80.199	65.017	55.079
(d) Cash and cash equivalents	23.388	34.609	5.974
(e) Short-term loans and advances	27.589	52.878	11.598
(f) Other current assets	0.086	0.722	0.460
Total Current Assets	149.222	184.745	96.970

TOTAL	217.203	235.653	132.349

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	586.851	111.257	141.165

Less	TOTAL EXPENSES	531.798	134.511	136.123

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	55.053	(23.254)	5.042

Less/ Add	DEPRECIATION/ AMORTISATION	5.272	1.811	2.129

	PROFIT/ (LOSS) BEFORE TAX	49.781	(25.065)	2.913

Less	TAX	15.684	(7.649)	0.965

	PROFIT/ (LOSS) AFTER TAX	34.097	(17.416)	1.948

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.000	1.278	0.000
	TOTAL EARNINGS	0.000	1.278	0.000

	IMPORTS
	Raw Materials	263.263	1.096	4.997
	Capital Goods	3.741	0.000	0.000
	TOTAL IMPORTS	267.004	1.096	4.997

	Earnings / (Loss) Per Share (Rs.)	85.48	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Total Income)	(%)	5.81	(15.65)	1.38

Return on Total Assets (PBT/Total Assets}	(%)	23.12	(11.57)	2.24

Return on Investment (ROI) (PBT/Networth)		0.65	-)0.59)	0.05

Debt Equity Ratio (Total Debt /Networth)		0.80	0.99	0.65

Current Ratio (Current Asset/Current Liability)		1.20	2.78	1.49

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	34.844	39.844	39.844
Reserves & Surplus	5.403	2.987	37.084
Share Application money pending allotment	20.000	0.000	0.000
Net worth	60.247	42.831	76.928

long-term borrowings	0.456	2.776	10.589
Short term borrowings	38.546	39.726	50.842
Total borrowings	39.002	42.502	61.431
Debt/Equity ratio	0.647	0.992	0.799

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)
Total Income	141.165	111.257	586.851
		(21.187)	427.473

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	141.165	111.257	586.851
Profit	1.948	(17.416)	34.097
	1.38%	(15.65%)	5.81%

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	No
10]	Designation of contact person	No
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	Yes
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	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

Note:

Registered office of the company has been shifted from A 80 New Friends Colony, New Delhi – 110065, India to the present address w.e.f.02.03.2010

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans and advances from related parties
From Directors	11.091	17.176
From Others	18.642	22.550

Total	29.733	39.726

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10417619	30/03/2013 *	260,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, M-33 GREATER KAILASH PART-2, NEW DELHI, Delhi - 110048, INDIA	B73107617

* Date of charge modification

FIXED ASSETS

Land
Building Factory
Furniture and Fixture
Computer and Software
Air conditioner
Electric Installation
Office Equipment
Plant and Machinery
Vehicle

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.63.38
UK Pound	1	Rs.96.72
Euro	1	Rs.75.79

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ART

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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