MIRA INFORM REPORT

Report No. :	305276
Report Date :	29.01.2015

IDENTIFICATION DETAILS

Name :	TELECOM NETWORK SOLUTIONS PRIVATE LIMITED
Registered Office :	B-313, New Ashok Nagar, New Delhi-110096, Delhi
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.08.2001
Com. Reg. No.:	55- 112118
Capital Investment / Paid-up Capital :	Rs.0.400 Million
CIN No.: [Company Identification No.]	U99999DL2001PTC112118
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCT4130A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of PUF Panels, Cool Cabins, Cool Gates, etc. and also engaged into providing telecom tower Services.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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
Comments :	Subject is an established company having satisfactory track record. Management of the company failed to file its financial for the year 2014 with the government department. As per registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st March, 2013 but the documents related to the financials for the year 2013 are not available from any sources. As per available financial of 2012, financial position of the company seems to be decent. The rating also takes into consideration promoter’s extensive experience in the telecom industry. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be normal considered for business dealings at usual trade terms and condition.

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	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	CRISIL
Rating	Long Term Rating (BBB)
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	May 27, 2014
Rating Agency Name	CRISIL
Rating	Short Term Rating (A3+)
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	May 27, 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 PARTED BY

Name :	Mr. Pankaj
Designation :	Admin Manager
Contact No.:	91-120-4098200
Date :	28.01.2015

LOCATIONS

Registered Office :	B-313, New Ashok Nagar, New Delhi-110096, Delhi, India
Tel. No.:	91-120-4098200
Fax No.:	Not Available
E-Mail :	Ir.pant@tnsworld.com sales.coolsway@tnsworld.com contact@tnworld.com info@tnworld.com
Website :	www.tnsworld.com
Location :	Rented
Corporate Office :	A-44A, Sector – 16, Noida – 201003, Uttar Pradesh, India
Tel. No.:	91- 120-4098200/70
Fax No.:	91- 120-2514619
Area :	6000 Sq.ft
Location :	Rented
Factory 1 :	A-10, USPIDC Industrial Area, Sikandrabad, Distt- Bulandshahar, Uttar Pradesh, India
Area :	20000 Sq.ft
Location :	Owned

DIRECTORS

As on: 30.09.2013

Name :

Mr. Ila Raman Pant

Designation :

Director

Address :

471, Sector – 28, Noida, Uttar Pradesh, India

Qualification :

B.E. (Communication)

Date of Appointment :

30.09.2002

PAN:

AFVPP1123M

DIN No.:

01185367

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	U99999DL2001PTC112118	TELECOM NETWORK SOLUTIONS PRIVATE LIMITED.	Director	30/09/2002	30/09/2002	-	Active	NO
2	U64203DL2006PTC154867	QICK TELSOL PRIVATE LIMITED	Director	18/10/2006	18/10/2006	-	Active	NO

Name :

Mrs. Kavita Pant

Designation :

Director

Address :

471, Sector – 28, Noida, Uttar Pradesh, India

Date of Appointment :

22.08.2001

PAN:

AMFPP4083M

DIN No.:

00945319

Name :

Mr. Ajay Kant Rai

Designation :

Director

Address :

C – 403, Pawittra Apartment, Vasundra Enclave, Delhi – 110096, India

Qualification :

B.E. (Civil and Structure)

Date of Appointment :

30.09.2002

PAN:

AKXPR1813M

DIN No.:

01359616

Name :

Mrs. Sanju Rai

Designation :

Director

Address :

C – 403, Pawittra Apartment, Vasundra Enclave, Delhi – 110096, India

Date of Appointment :

22.08.2001

PAN:

ABQPR9719J

DIN No.:

02725745

Name :

Mr. Tejumal Veryani

Designation :

Director

Address :

419, Sector – A, Pocket –C, Vasant Kunj, New Delhi, India

Qualification :

B.E. (Mechanical)

Date of Appointment :

30.09.2003

DIN No.:

01342212

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	U99999DL2001PTC112118	TELECOM NETWORK SOLUTIONS PRIVATE LIMITED	Director	30/09/2003	30/09/2003	-	Active	NO
2	U64203DL2006PTC154867	QICK TELSOL PRIVATE LIMITED	Director	18/10/2006	18/10/2006	-	Active	YES
3	U51909DL2003PTC118821	CONCEPTUAL DEVELOPERS PRIVATE LIMITED	Director	10/02/2009	10/02/2009	-	Active	NO
4	U70101HR2003PTC035089	VISIBILITY LAND DEVELOPERS PRIVATE LIMITED	Director	10/02/2009	10/02/2009	-	Active	NO
5	U51909DL2003PTC118909	UDAYAN REAL ESTATE PRIVATE LIMITED	Director	10/02/2009	10/02/2009	-	Active	NO
6	U70101HR2003PTC035088	ACCREDIT LANDS DEVELOPERS PRIVATE LIMITED	Director	10/02/2009	10/02/2009	-	Active	NO
7	U45202HR2003PTC035141	SANGUINE PROPERTIES PRIVATE LIMITED	Director	10/02/2009	10/02/2009	-	Active	NO
8	U45201HR2003PTC035142	FERREOUS LAND DEVELOPERS PRIVATE LIMITED.	Director	10/02/2009	10/02/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pankaj
Designation :	Admin Manager
Name :	Mr. Manoj
Designation :	Admin Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares	Percentage
Kavita Panth	3730	9.32
Sanju Rai	1870	4.68
ILA Raman Panth	21800	54.50
Ajay Kant Rai	11000	27.50
Tejumal Veryani	1200	3.00
Sanjay Joshi	400	1.00
Total	40000	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of Directors	99.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The main objects of the Company is manufacture, distribution and sales, installation and servicing of electrical and allied equipment such as industrial motors, fractional horse power motors, control gear, power and distribution transformers, alternators, switchgear, tap changers, etc.

Products :

Item Code No.	Product Description
72261100	Steel Structure

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Good

Countries :

Nepal

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Hindustan Zinc Limited - Delhi
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 :

Wholesalers and Manufacturer

Reference :	Power Grade Corporation of India Limited - Delhi
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 :

1000 (Approximately)

Bankers :

· Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, Delhi, India

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

Financial Institution:	3i Infotech Trusteeship Services Limited, 3rd to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai -400703, Maharashtra, INDIA
Auditors :
Name :	Sahni Associates Chartered Accountant
Address :	C – 42, Sector – 2, Noida, Uttar Pradesh, India
PAN No:	AFYPS3446R
Memberships :	NotAvailable
Collaborators :	Not Available
Associates :	QICK Telsol Private Limited U64203DL2006PTC154867

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- Each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.10/- Each	Rs.0.400 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.400	0.400
(b) Reserves & Surplus	423.397	411.095
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	423.797	411.495
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	10.373	10.500
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	10.373	10.500
(4) Current Liabilities
(a) Short term borrowings	0.000	46.115
(b) Trade payables	40.285	97.772
(c) Other current liabilities	68.586	42.602
(d) Short-term provisions	62.626	48.987
Total Current Liabilities (4)	171.497	235.476
TOTAL	605.667	657.471
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	126.154	132.561
(ii) Intangible Assets	3.534	0.000
(iii) Capital work-in-progress	0.324	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.500	0.500
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	22.516	33.213
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	153.028	166.274
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	52.431	83.300
(c) Trade receivables	191.876	194.322
(d) Cash and cash equivalents	46.482	22.019
(e) Short-term loans and advances	161.850	191.556
(f) Other current assets	0.000	0.000
Total Current Assets	452.639	491.197
TOTAL	605.667	657.471

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.400
2] Share Application Money		0.000
3] Reserves & Surplus		398.803
4] (Accumulated Losses)		0.000
NETWORTH		399.203
LOAN FUNDS
1] Secured Loans		265.253
2] Unsecured Loans		0.000
TOTAL BORROWING		265.253
DEFERRED TAX LIABILITIES		10.240
TOTAL		674.696
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		139.220
Capital work-in-progress		0.000
INVESTMENT		0.500
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.520
	Sundry Debtors	554.434
	Cash & Bank Balances	22.474
	Other Current Assets	0.000
	Loans & Advances	204.542
Total Current Assets		845.970
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	179.830
	Other Current Liabilities	93.843
	Provisions	37.322
Total Current Liabilities		310.995
Net Current Assets		534.975
MISCELLANEOUS EXPENSES		0.001
TOTAL		674.696

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income (Revenue From Operations)	1238.534	1049.835	1987.685
		Other Income	NA	NA	2.495
		TOTAL	N.A	NA	1990.180
Less	EXPENSES
		Increase/ (Decrease) in Stock			167.347
		Raw Materials Consumed			726.430
		Direct Expenses			484.405
		Personal expenses			164.471
		Administrative Expenses			277.014
		Preliminary Expenses			0.001
		TOTAL	N.A	NA	1819.668
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		52.294	62.710	170.513
Less	FINANCIAL EXPENSES		3.380	14.082	38.012
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		48.914	48.628	132.500
Less/ Add	DEPRECIATION/ AMORTISATION		30.194	31.229	31.956
	PROFIT BEFORE TAX		18.720	17.399	100.544
Less	TAX		6.273	5.060	36.287
	PROFIT AFTER TAX		12.447	12.339	64.258
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		411.095	398.803	334.593
Less	APPROPRIATIONS
		Provision for Dividend	0.046	0.047	0.040
		Provision for Dividend Tax	0.000	0.000	0.007
	BALANCE CARRIED TO THE B/S		423.496	411.095	398.803
	EARNINGS IN FOREIGN CURRENCY		NA	NA	0.000
	IMPORTS		12.430	15.164	19.301
	Earnings Per Share (Rs.)		311.18	308.48	1606.425

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PAT / Sales)	(%)	1.00	1.18	3.23
Operating Profit Margin (PBIDT/Sales)	(%)	4.22	5.97	8.58
Return on Total Assets (PBT/Total Assets}	(%)	3.10	2.65	10.00
Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.25
Debt Equity Ratio (Total Debt /Networth)		0.00	0.11	0.66
Current Ratio (Current Asset/Current Liability)		2.64	2.09	2.72

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.400	0.400
Reserves & Surplus	411.095	423.397
Net worth	411.495	423.797
long-term borrowings	0.000	0.000
Short term borrowings	46.115	0.000
Total borrowings	46.115	0.000
Debt/Equity ratio	0.112	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1987.685	1049.835	1238.534
		(47.183)	17.974

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1987.685	1049.835	1238.534
Profit	64.258	12.339	12.447
	3.23%	1.18%	1.00%

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

UNSECURED LOAN

(Rs. In Millions)

Unsecured	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Loans repayable on demand from others	0.000	46.115
Total	0.000	46.115

INDEX OF CHAGRES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10020485	14/02/2014 *	200,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B97005540
2	10019906	07/08/2006	5,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A04903282
3	10020016	07/08/2006	5,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A04925483
4	80001990	27/04/2006 *	26,600,000.00	ICICI BANK LIMITED	NBCC PLACE, BHISHMA PITAMAH MARG, PRAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA	-

* Date of charge modification

Note: - Registered office of the company has been shifted from A- 108, MOD Apartments, Vasundhara Enclave, Delhi, India to the present address w.e.f. 21.08.2005

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Tools and Tackels

· Motor Vehicle

· Electrical Fitting

· Furniture and Fixture

· Office Equipment

· Computer and Printer

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.61.41
UK Pound	1	Rs.93.18
Euro	1	Rs.69.82

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	RSM
Report Prepared by :	MTN

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.