MIRA INFORM REPORT

Report No. :	330662
Report Date :	06.07.2015

IDENTIFICATION DETAILS

Name :	CORAL GOLD TILES PRIVATE LIMITED
Registered Office :	Survey No. 824/25, 8-A, National Highway, Lakhdhirpur Road, Morbi - 363642, Gujarat
Tel. No.:	91-2822-291376
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.11.2007
Com. Reg. No.:	04-052095
Capital Investment / Paid-up Capital :	Rs.41.000 Million
CIN No.: [Company Identification No.]	U26914GJ2007PTC052095
IEC No.:	2407005988
TAN No.: [Tax Deduction & Collection Account No.]	RKTC00963E
PAN No.: [Permanent Account No.]	AADCC2024L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Exporter of Ceramic Wall Tiles.
No. of Employees :	200 (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. Rating takes into consideration, subjects moderate financial risk profile marked by low reserve level, moderate profitability and high gearing level. However the subject has achieved better growth in profit during FY 2014. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In the view of experienced promoters, the subject 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term rating BB – (Suspended)
Rating Explanation	Inadequate credit quality and high credit risk.
Date	April 2015

Rating Agency Name	ICRA
Rating	Short term rating A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	April 2015

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. Chirag Patel
Designation :	Marketing Manager
Contact No.:	91-9978916040
Date :	04.07.2015

LOCATIONS

Registered Office / Factory :	Survey No. 824/25, 8-A, National Highway, Lakhdhirpur Road, Morbi - 363642, Gujarat, India
Tel. No.:	91-2822-291376
Mobile No.:	91-9978916040 (Mr. Chirag)
Fax No.:	91-2822-291376
E-Mail :	coralgoldtiles@yahoo.co.in
Website :	http://www.coralgoldtiles.com
Location :	Owned
Locality :	Industrial

DIRECTORS

As on 30.09.2014

Name :	Mr. Prabhulal Mavjibhai Kasundra
Designation :	Director
Address :	Manek Society, Ravapar Road, Morbi, District Rajkot - 363641, Gujarat, India
Date of Birth/Age :	21.02.1986
Date of Appointment :	01.12.2011
DIN No.:	00502823
Name :	Mr. Ketan Prabhulal Dalsaniya
Designation :	Director
Address :	11-Mahendrapara, Morbi, Rajkot - 363641, Gujarat, India
Date of Birth/Age :	04.01.1967
Date of Appointment :	01.11.2007
DIN No.:	01825260
Name :	Mr. Sanjaybhai Mahadevbhai Nesadiya
Designation :	Director
Address :	Vidyutnagar Society, Ravapar Road, Morbi, Rajkot - 363641, Gujarat, India
Date of Birth/Age :	15.12.1974
Date of Appointment :	01.04.2009
DIN No.:	01825271
Name :	Mr. Mansukh Dungarbhai Nesadiya
Designation :	Director
Address :	Jalaram Society, Ravapar Road, Morbi, Rajkot - 363641, Gujarat, India
Date of Birth/Age :	04.01.1967
Date of Appointment :	01.04.2009
DIN No.:	02616525
Name :	Mr. Narendrabhai Pranjivanbhai Shirvi
Designation :	Director
Address :	At. Shakat Shanala, Morbi, Shakat Shanala, Rajkot - 363641, Gujarat, India
Date of Birth/Age :	18.01.1985
Date of Appointment :	01.04.2009
DIN No.:	02616923
Name :	Mr. Manjibhai Mavjibhai Kasundra
Designation :	Director
Address :	Manek Society, Ravapar Road, Morbi, Rajkot - 363641, Gujarat, India
Date of Birth/Age :	21.10.1957
Date of Appointment :	01.04.2009
DIN No.:	02616936
Name :	Mr. Brijesh Mahadevbhai Patel
Designation :	Director
Address :	Vidyutnagar Society, Ravapar Road, Morbi, Rajkot - 363641, Gujarat, India
Date of Birth/Age :	25.01.1977
Date of Appointment :	01.04.2009
DIN No.:	02616971
Name :	Mr. Rajendra Manjibhai Kasundra
Designation :	Director
Address :	Manek Society, Ravapar Road, Morbi, Rajkot - 363641, Gujarat, India
Date of Birth/Age :	17.07.1986
Date of Appointment :	01.04.2009
DIN No.:	02616984
Name :	Mr. Mukesh Limbabhai Kasundra
Designation :	Director
Address :	Manek Society, Ravapar Road, Morbi, Rajkot - 363641, Gujarat, India
Date of Birth/Age :	24.08.1979
Date of Appointment :	01.04.2009
DIN No.:	02616994
Name :	Mr. Pranjivan Bhadja Pragjibhai
Designation :	Director
Address :	At. Nesda Kha, Tankara, Nesda Kha, Rajkot - 363650, Gujarat, India
Date of Birth/Age :	18.11.1973
Date of Appointment :	01.04.2009
DIN No.:	02624354

KEY EXECUTIVES

Name :	Mr. Chirag Patel
Designation :	Marketing Manager
Name :	R.V Gandhi and Company
Designation :	Company Secretary
Address :	C-3/204, Anushruti Tower, Next to Mukti Dham Derasar, Thaltej Cross Road, S.G. Highway, Ahmedabad – 380054, Gujarat, India
Tel No.:	91-79-26882215 / 40090709
Mobile No.:	91-9979260360

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Mansukh Dungarbhai Nesadiya	520720
Sanjaybhai Mahadevbhai Nesadiya	226000
Brijesh Mahadevbhai Patel	346000
Ketan Prabhulal Dalsaniya	287000
Mukesh Limbabhai Kasundra	207500
Rajendra Manjibhai Kasundra	278600
Babulal Narbherambhai Detroja	205000
Deevjibhai Mavjibhai Kasundra	123000
Pragjibhai Jerambhai Bhadja	158700
Manjibhai M. Kasundra	213900
Bhartbhai Manjibhai Kasundra	20000
Narendra Pranjivanbhai Shinri	313550
Kalpeshbhai P. Shirvi	137450
Dalsukhbhai Mahadevbhai Nesadiya	146000
Mansukhbhai Jasmatbhai Padsurnbiya	33750
Dalsukhbhai Harjivanbhai Vidja	60000
Jayesh Khodidas Makvana	101200
Prabhulal Mavjibhai Kasundra	167000
Pranjivanbhai Pragjibhai Bhadja	46300
Truptiben Brijeshbhai Nesadiya	95000
Deveshbhai Mansukhbhai Padsumbiya	27750
Arvindbhai Harjivanbhai Vidja	26300
Chiragbhai Mansukhbhai Nesadiya	94280
Chunilal Mohanbhai Patel	150000
Sureshbhai Limbabhai Kasundra	70000
Sonalben Sanjaybhai Nesadiya	45000
Total	4100000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture and Exporter of Ceramic Wall Tiles.
Products :	Ceramic Wall Tiles
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	UK
Imports :	Not Divulged
Terms :
Selling :	Cash, Cheque and Credit
Purchasing :	Cash, Cheque and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• Autolight Glass Private Limited
• Belgium Glass and Ceramics Private Limited
• Bharat Machine Tools
• Colorobbra Chemicals Private Limited
• Endeka Ceramics India Private Limited
• Fact Trading Company
• G.M.D.D. Limited
• Gayatri Minerals Company
• GSPC Gas Company Limited
• Guru Industries
• Narendra Forwarders Private Limited
• Onetape India Private Limited
• Pavan Blackrocck Private Limited
• Perfect International
• R B Patel and Company
• Shah Keshavial Manjibhai and Company
• Sharp Plastics Private Limited
• Shiv Chemicals
• Shivam Enterprises
• Swastik Industries
• Swastik Timber

Customers :

• Aaushi Enterprises
• Aavakar Marketing
• Aayat Infrastructure
• Gautam Corporation
• Mahadev Marketing
• Mahavir Ceramic
• Neel Ceramic
• Nilkanth Marketing
• Patel Tiles
• Prakash Enterprises
• Satnam-Marketing
• Shree Balaji International
• Shree Construction
• Subh Traders
• Vicon Ceramic Private Limited

No. of Employees :

200 (Approximately)

Bankers :

Bank Name	Dena Bank
Branch	Trajpar Branch, Morbi - 363641, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	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
Bank Name	State Bank of India
Branch	Green Chowk Branch, Near Darbar Gadh,, Morbi - 363641, Gujarat, India
Contact Number	91-2822-220080
Remarks (If any)	Mr. Pratik Pratikh (Customer Assistant) denied to provide any information about subject company.

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loan from Bank	0.000	0.879
Short-term borrowings
Loans repayable on demand from Bank :
State Bank of India CC A/c	0.000	76.804
Dena Bank CC A/c	91.015	0.000
Total	91.015	77.683
Note: Cash credit from Dena Bank, Trajpar Branch, Morbi is secured against hypothecation of stocks. Receivables all other present and future current assets of the Company. The cash credit is repayable on demand and carries interest @ 13.05% P.a Presently which is subject to change from time to time when bank change the rate.

Auditors :
Name :	Nanalal P. Hadial Chartered Accountants
Address :	1st floor, Shakti Complex, Near. Dr. Rupal Hospital, 16 Savsar Plot, Morbi, Rajkot – 363641, Gujarat, India
Tel. No.:	91-2822-225881 / 227681
PAN N Income-tax PAN of auditor or auditor's firm :	AAAPH2014C
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4150000	Equity Shares	Rs.10/- each	Rs.41.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4100000	Equity Shares	Rs.10/- each	Rs.41.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	41.000	41.000	31.000
(b) Reserves & Surplus	38.098	28.077	19.539
(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)	79.098	69.077	50.539
(3) Non-Current Liabilities
(a) long-term borrowings	111.700	100.879	63.958
(b) Deferred tax liabilities (Net)	2.189	2.006	1.693
(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)	113.889	102.885	65.651
(4) Current Liabilities
(a) Short term borrowings	91.015	76.804	50.040
(b) Trade payables	74.131	88.799	84.304
(c) Other current liabilities	1.623	8.259	18.702
(d) Short-term provisions	18.082	12.129	8.677
Total Current Liabilities (4)	184.851	185.991	161.723
TOTAL	377.838	357.953	277.913
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	88.465	79.123	85.105
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	3.766	3.766	2.609
Total Non-Current Assets	92.231	82.889	87.714
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	54.280	70.912	52.470
(c) Trade receivables	147.246	141.816	118.847
(d) Cash and cash equivalents	13.197	14.817	8.977
(e) Short-term loans and advances	51.339	34.112	1.092
(f) Other current assets	19.545	13.407	8.813
Total Current Assets	285.607	275.064	190.199
TOTAL	377.838	357.953	277.913

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income from operation	582.911	525.975	499.814
	Other Income	8.355	2.558	0.620
	TOTAL	591.266	528.533	500.434
Less	TOTAL EXPENSES	563.375	504.636	477.337
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	27.891	23.897	23.097
Less/ Add	DEPRECIATION/ AMORTISATION	13.066	12.495	11.518
	PROFIT/ (LOSS) BEFORE TAX	14.825	11.402	11.579
Less	TAX	4.804	4.365	3.610
	PROFIT/ (LOSS) AFTER TAX	10.021	7.037	7.969
	Earnings / (Loss) Per Share (Rs.)	2.44	1.72	2.57

Particulars	31.03.2015
Sales Turnover	600.000

The above information has been parted by Mr. Chirag Patel (Marketing Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(27.331)	(82.369)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.72	1.34	1.59
Return on Total Assets (PBT/Total Assets}	(%)	3.92	3.19	4.17
Return on Investment (ROI) (PBT/Networth)		0.19	0.17	0.23
Debt Equity Ratio (Total Debt /Networth)		2.56	2.57	2.26
Current Ratio (Current Asset/Current Liability)		1.55	1.48	1.18

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	31.000	41.000	41.000
Reserves & Surplus	19.539	28.077	38.098
Net worth	50.539	69.077	79.098
long-term borrowings	63.958	100.879	111.700
Short term borrowings	50.040	76.804	91.015
Total borrowings	113.998	177.683	202.715
Debt/Equity ratio	2.256	2.572	2.563

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	499.814	525.975	582.911
		5.234	10.825

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	499.814	525.975	582.911
Profit	7.969	7.037	10.021
	1.59%	1.34%	1.72%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

COMPANY PERFORMANCE:

The company has reported income from operating during the year of Rs. 582.911 Million as compared to the previous year’s income from operating of Rs. 525.975 Million. The company has earned net profit of Rs. 10.021 Million as against previous year’s net profit of Rs. 7.037 Million.

In a view of expansion, the Directors do not recommend any dividend for the financial year ended, 31 March 2014.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties:
From Corporate Bodies	111.700	100.000
Total	111.700	100.000
Note : Unsecured loans from directors and shareholders are repayable on demand and without any interest obligation in general unless written request received from depositor in that respect before the end of financial year. Besides, the management also believe these deposits are not required to be repaid in the next 12 months accordingly the same has been classified as long term borrowing.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10490380	06/03/2014 *	135,000,000.00	DENA BANK	Trajpar Branch, Morbi, Gujarat 363641, INDIA	C04493136

FIXED ASSETS

• Factory land
• Factory Building
• Plant and Machinery
• D.G set
• Computer
• Imported Machinery
• Office furniture
• Car
• Office Equipment
• Tractor
• Motor car Fresta
• Mercedes Bebz car
• C.C. TV Camera
• Mobile

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.63.57
UK Pound	1	Rs.99.10
Euro	1	Rs.70.29

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SAN
Report Prepared by :	SUJ

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	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	2
--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	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		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.