MIRA INFORM REPORT

Report No. :	325482
Report Date :	02.06.2015

IDENTIFICATION DETAILS

Name :	PMV MALTINGS PRIVATE LIMITED
Registered Office :	Level 4, Rectangle I, D-4, Commercial Complex, Saket, New Delhi - 110017
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.08.2008
Com. Reg. No.:	55-182389
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U15533DL2008PTC182389
TAN No.: [Tax Deduction & Collection Account No.]	DELP15361D
PAN No.: [Permanent Account No.]	AAECP9899F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and brewers, producers, importers and exporters, buyers and sellers, stores and stockists, suppliers and distributors, wholesale and retail dealers and workers in Malt, Malt extract and other barley and cereal products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track. Management of the company has failed to file its latest financial of 2014 with government department. Mr. R.K Saini (Accountant) has denied to disclose any information about the subject to us. As per available of 2013, The company has incurred a huge accumulated loss which has eroded the Net worth of the company. However, Business is active. Payment terms are slow. The company can be considered for business dealings on safe and secured trade terms and conditions.

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 DECLINED BY

Name :	Mr. R .K. Saini
Designation :	Admin Manager
Contact No.:	91-124-4968600
Date :	01.06.2015

LOCATIONS

Registered Office:	Level 4, Rectangle I, D-4, Commercial Complex, Saket, New Delhi – 110017, India
Tel. No.:	91-11-24115908,
Fax No.:	Not Available
E-Mail :	cs@pmvmaltings.com
Website :	http://www.pmvmaltings.com
Corporate Office :	1102, 11^th floor, Tower D, Welldone Tech Park, Sohna Road, Sector 48, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-4968600
Fax No.:	91-124-4968608
E-Mail :	office@pmvmaltings.com
Factory 1 :	7^th km, Pataudi Rewari Road, PMV Chowk, Village Gadaipur, Tehsil Pataudi, Gurgaon– 122503, Haryana, India
Factory 2 :	Plot No. 152, Nand Nagar Industrial Estate, Phase – II, Mahua Khera Ganj, Kashipur – 244713, Udhamsingh Nagar, Uttarakhand, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Purshottam Kumar Jain

Designation :

Managing Director

Address :

3/38, Shanti Niketan , Delhi – 110021, India

Date of Birth/Age :

25.12.1939

Date of Appointment :

01.01.2014

DIN No.:

00183416

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	U15533DL1970PTC005229	THE MALT COMPANY (INDIA) Private LIMITED	Managing director	01/04/2008	04/03/1970	-	Active	NO
2	U74899DL1983PTC014947	PAWAR TEXTILES PRIVATE LIMITED	Director	21/05/1986	21/05/1986	29/02/2008	Active	NO
3	U15134DL2004PTC125665	PMV NUTRIENT PRODUCTS PRIVATE LIMITED	Director	06/04/2004	06/04/2004	-	Active	NO
4	U74899DL1981PTC011272	GEM ENGINEERING PRIVATE LIMITED	Director	01/04/2008	01/04/2008	01/04/2009	Active	NO
5	U15533DL2008PTC182389	PMV MALTINGS PRIVATE LIMITED	Managing director	01/01/2014	25/08/2008	-	Active	NO

Name :

Mr. Mohit Jain

Designation :

Whole-time director

Address :

3/38, Shanti Niketan , Delhi – 110021, India

Date of Birth/Age :

02.09.1963

Date of Appointment :

01.01.2014

DIN No.:

00183448

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	U15533DL1970PTC005229	THE MALT COMPANY (INDIA) Private LIMITED	Whole-time director	01/04/2008	01/10/1992	-	Active	NO
2	U15134DL2004PTC125665	PMV NUTRIENT PRODUCTS PRIVATE LIMITED	Director	06/04/2004	06/04/2004	-	Active	NO
3	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	20/12/2006	20/12/2006	-	Active	NO
4	U51909DL2008PTC177430	APEX FABCLEAN PRIVATE LIMITED	Director	30/04/2008	30/04/2008	01/04/2009	Active	NO
5	U15533DL2008PTC182389	PMV MALTINGS PRIVATE LIMITED	Whole-time director	01/01/2014	25/08/2008	-	Active	NO

Name :

Mr. Vikas Jain

Designation :

Whole-time director

Address :

3/38, Shanti Niketan , Delhi – 110021, India

Date of Birth/Age :

14.12.1972

Date of Appointment :

01.01.2014

DIN No.:

00183467

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	U15533DL1970PTC005229	THE MALT COMPANY (INDIA) Private LIMITED	Director	01/12/1995	01/12/1995	-	Active	NO
2	U74899DL1981PTC011272	GEM ENGINEERING PRIVATE LIMITED	Director	01/04/2001	01/04/2001	01/04/2009	Active	NO
3	U15134DL2004PTC125665	PMV NUTRIENT PRODUCTS PRIVATE LIMITED	Director	06/04/2004	06/04/2004	-	Active	NO
4	U51909DL2008PTC177430	APEX FABCLEAN PRIVATE LIMITED	Director	30/04/2008	30/04/2008	01/04/2009	Active	NO
5	U15533DL2008PTC182389	PMV MALTINGS PRIVATE LIMITED	Whole-time director	01/01/2014	25/08/2008	-	Active	NO
6	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	20/12/2014	19/02/2014	-	Active	NO

KEY EXECUTIVES

Name :	Vasudha Aggarwal
Designation :	Secretary
Address :	735/14, Ahatta Murari Lal Kalka, Panchkula – 133302, Haryana, India
Date of Birth/Age :	08.01.1984
Date of Appointment :	02.06.2014
PAN No.:	AITPA6499G
Name :	Mr. Ahuja
Designation :	Admin Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
P.K.Jain (HUF)	377520
P.K.Jain	1053070
Meera Jain	378150
Rohan Jain	81100
Seeru Jain	132240
Mohit Jain	410790
GEM Engg	6808350
Vikas Jain	244120
Shikha Jain	198250
Madhvi Jain	136900
Vidhi Jain(Minor)	64590
Pranav Jain (Minor)	67790
Mohit Jain (HUF)	201250
Vikas Jain (HUF)	250630
PMV Nutrient Products Private limited, India	942600
Total	11347350

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	68.31
Directors or relatives of Directors	31.69
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and brewers, producers, importers and exporters, buyers and sellers, stores and stockists, suppliers and distributors, wholesale and retail dealers and workers in Malt, Malt extract and other barley and cereal products.
Products :	Barley Malt Wheat Malt Imported Malt Roasted Malt
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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 :

Information declined by the management

Bankers :

Banker Name	Andhra Bank
Branch Address	M-35, Connaught Circus, Delhi – 110001, 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

Auditors :
Name :	S. C. Vasudeva and Company Chartered Accountant
Address :	B-41, Panchsheel Enclave, New Delhi – 110017, India
Tel. No.:	91-11-26499111/222/444/555
Fax No.:	91-11-41749444
E-Mail :	info@scvasudeva.com
Website:	www.scvasudeva.com
PAN No.:	AABFS5902N
Memberships :	--
Collaborators :	--
Holding Company :	The Malt Company (India) Private Limited, 3/38, Shanti Niketan, 110021, Delhi, India [U15533DL1970PTC005229]

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11347350	Equity Shares	Rs.10/- each	Rs. 113.474 Million

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	0.100	0.100	0.100
(b) Reserves & Surplus	(0.383)	(0.250)	(0.200)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.200	0.200
Total Shareholders’ Funds (1) + (2)	(0.283)	0.050	(0.100)
(3) Non-Current Liabilities
(a) long-term borrowings	0.059	0.059	0.059
(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)	0.059	0.059	0.059
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	1.081	0.370	0.043
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	1.081	0.370	0.043
TOTAL	0.857	0.479	0.202
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(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	0.200	0.200	0.000
Total Non-Current Assets	0.200	0.200	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.614	0.275	0.198
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.043	0.004	0.004
Total Current Assets	0.657	0.279	0.202
TOTAL	0.857	0.479	0.202

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	0.018	0.007	0.000
Less	EXPENSES		0.150	0.057	0.035
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(0.132)	(0.050)	(0.035)
Less	FINANCIAL EXPENSES		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(0.132)	(0.050)	(0.035)
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.000	0.000
	PROFIT BEFORE TAX		(0.132)	(0.050)	(0.035)
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		(0.132)	(0.050)	(0.035)
	Earnings / (Loss) Per Share (Rs.)		(13.20)	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	(15.40)	(10.44)	(17.33)
Return on Investment (ROI) (PBT/Networth)		0.47	(1.00)	0.35
Debt Equity Ratio (Total Debt /Networth)		(0.21)	1.18	(0.59)
Current Ratio (Current Asset/Current Liability)		0.61	0.75	4.70

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	(0.200)	(0.250)	(0.383)
Net worth	(0.100)	(0.150)	(0.283)
long-term borrowings	0.059	0.059	0.059
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.059	0.059	0.059
Debt/Equity ratio	(0.590)	(0.393)	(0.208)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	0.000	0.007	0.018
			157.143

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	0.000	0.007	0.018
Profit	(0.035)	(0.050)	(0.132)
		(714.29%)	(733.33%)

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)	No
16]	No. of employees	No
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	No
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	No
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	No
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE OF THE COMPANY

There were no operation during the year since it was the fifth year of incorporation of the company. Loss stood at Rs. 0.132 Million during the current year.

DEMERGER

The Hon’ble High Court of Delhi vide its order dated January 23, 2013 in Company Petition No. 473/2012 between The Malt company (India) private Limited (Transferor Company) and PMV Maltings Private Limited (transferee company) has approved the Demerger of kashipur and Pataudi units of the Malt Company (India) Private Limited. Into PMV Maltings Private Limited w.e.f 1^st April 2013 being the appointed date. The shareholders of The Malt Company (India) Private Limited will be allotted 1 fully paid equity share of PMV Maltings Private Limited for every 1 equity shares held by them in The Malt Company (India) Private Limited. As per the Scheme of arrangement the existing share capital of PMV Maltings Private Limited shall stand reduced. The Authorized share capital of The Malt Company (India) Private Limited shall be split into two parts and the half of Rs. 30 Million shall remain with The Malt Company (India) Private Limited and the half with PMV Maltings Private Limited.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Loan and Advances From Related Parties	0.059	0.059
Total	0.059	0.059

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10456382	10/10/2013	200,000,000.00	ANDHRA BANK	M - 35,, CONNAUGHT CIRCUS,, NEW DELHI, DELHI - 11  0001, INDIA	B88091319
2	10428533	11/05/2013	891,200,000.00	ANDHRA BANK	M - 35,, CONNAUGHT CIRCUS,, NEW DELHI, DELHI - 11  0001, INDIA	B76022144

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.62.61
UK Pound	1	Rs.97.26
Euro	1	Rs.69.62

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RSM
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.