MIRA INFORM REPORT

Report No. :	326896
Report Date :	11.06.2015

IDENTIFICATION DETAILS

Name :	CONROS STEELS PRIVATE LIMITED
Registered Office :	44 A, Dheeraj Heritage, Second Floor, S V Road, Santacruz (West), Mumbai-400054, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.01.2005
Com. Reg. No.:	11-150550
Capital Investment / Paid-up Capital :	Rs.71.879 Million
CIN No.: [Company Identification No.]	U51420MH2005PTC150550
IEC No.:	0304083917
TAN No.: [Tax Deduction & Collection Account No.]	MUMC13464D
PAN No.: [Permanent Account No.]	AACCC5103B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Galvanized Pipes, etc.
No. of Employees :	Information declined by 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 :	Unknown
Litigation :	Exist
Comments :	Subject is a private limited company incorporated in the year 2005 having moderate track record. The management of the company has failed to file its financials since 2011. However, company is active as per status shows in the registrar of the company. The company can be considered for business dealings with fully 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.

EXTERNAL AGENCY RATING

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 31-03-2013.

INFORMATION DECLINED BY

Name :	Mr. Mudit
Designation :	Finance Manager
Contact No.:	91-22-26615454
Date :	10.06.2015

LOCATIONS

Registered Office :	44 A, Dheeraj Heritage, Second Floor, S V Road, Santacruz (West), Mumbai-400054, Maharashtra, India
Tel. No.:	91-22-26615454
Fax No.:	91-22-26605454
E-Mail :	secretarial@conros-group.com recruit@conros-group.com kalpesh@conros-group.com info@conros-group.com sanjay@conros-group.com
Website :	www.conros-group.com
Area:	Owned
Factory :	Survey No. 26. 27, 28 and 12, Ajiwali Phata, Village Vanavathe, Khopoli Pen Road, Taluka- Khalapur, District Raigad – 410202, Maharashtra, India
Tel. No.:	91-2192-278574/ 382
Fax No.:	91-2192-278346
E-Mail :	info@conros-group.com
Area:	Owned
Texas, USA :	Conros Americas, LLC. One Riverway, Suite 1700 Houston, TX. 77056
Tel No.:	(713) -840-6334
Fax No.:	(713) -300-3764

DIRECTORS

As on 11.07.2011

Name :	Mr. Shehzad Shabbirali Hemani
Designation :	Managing Director
Address :	8 B, Chand Terraces, St. Andrews Road, Bandra, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	21.08.1979
Qualification :	B.Com, MBA
Date of Appointment :	11.01.2005
DIN No.:	00206558
Name :	Fardeen Birbal Ismail
Designation :	Director
Address :	10 Glamourglen 100, Dr. Ambedkar Road, Bandra (West), Mumbai - 400050, Maharashtra, India
Date of Birth/Age :	09.08.1979
Date of Appointment :	08.11.2011
DIN No.:	05115771

KEY EXECUTIVES

Name :	Mr. Mudit
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 11.07.2011

	No. of Shares	Percentage of Holding
Shehzad S Hemani	6480562	90.16
Shaheen Z Babul	707383	9.84
Total	7187945	100.00

As on 11.07.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Galvanized Pipes, etc.

Products :

ITC Code No.	Product Descriptions
73061020 / 73061019	Black and Galvanized Steel Tubes and Pipes

· Water, Gas and Air Pipelines

· Black and Zinc Coated Pipes

· Black Steel Pipes

· Fence Tube

· Welded Steel Tubes

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Information declined by management

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Bank of India, Andheri Corporate Banking Branch, M.D.I. Building, 1^st Floor, 28-S.V. Road, Andheri (West), Mumbai-400056, Maharashtra, India

· State Bank of India, Commercial Branch, Bullet, Lakhamshi Nappu Road, Opposite Raje Sivaji Vidyalaya, Dadar (East), Mumbai-400014, Maharashtra, India

· State Bank of India, MID Corporate Loan Administration Unit, Shri Hari Building, RTO Lane, Four Bungalows, Andheri (West), Mumbai-400053, Maharashtra, India

· Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuff Parade, Mumbai-400005, Maharashtra, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Million)	31.03.2010 (Rs. in Million)
Rupee Term Loans Banks	653.100	31.184
Working Capital Loans	610.020	469.592
Total	1263.120	500.776

Banking Relations :	--
Financial Institution :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R Karnani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	Arun Kumar Shah and Company Chartered Accountants
Address :	B/14, Diamond Twins CHS, S.V. Road, Poisar, Kandivali (West), Mumbai-400067, Maharashtra, India
Tel. No.:	91-22-28058993
Income-tax PAN of auditor or auditor's firm :	AAIPS0205R
Group Companies : (As On 31.03.2008)	· Mashreq Steel Industries Private Limited Address: 2-44, Dheeraj Heritage, S V Road, Santacruz (West), Mumbai-400054, Maharashtra, India Line of Business: Manufacturer of Black ERW Steel Tubes and Pipes

CAPITAL STRUCTURE

After 11.07.2011

Authorised Capital : Rs. 110.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 90.629 Million

As on 11.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7187945	Equity Shares	Rs.10/- each	Rs.71.879 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		71.879	71.879	69.000
2] Share Application Money		100.000	0.000	35.000
3] Reserves & Surplus		868.764	713.465	3.624
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1040.643	785.344	107.624
LOAN FUNDS
1] Secured Loans		1263.120	500.776	153.824
2] Unsecured Loans		200.115	5.615	75.000
TOTAL BORROWING		1463.235	506.391	228.824
DEFERRED TAX LIABILITIES		6.167	6.665	0.000
TOTAL		2510.045	1298.400	336.448
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		188.784	207.260	55.832
Capital work-in-progress		0.000	0.000	140.855
INVESTMENT		0.100	0.100	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.044
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1961.763	1692.126	83.554
	Sundry Debtors	1095.184	587.225	24.824
	Cash & Bank Balances	212.952	168.609	5.352
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	254.301	0.000	84.331
Total Current Assets		3524.200	2447.960	198.061
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2032.691	0.000
	Other Current Liabilities	0.722	1281.135	55.941
	Provisions	89.373	146.040	2.860
Total Current Liabilities		2122.786	1427.175	58.801
Net Current Assets		1401.414	1020.785	139.260
MISCELLANEOUS EXPENSES		0.064	19.025	0.357
OTHER ASSETS		919.683	51.230	0.000
TOTAL		2510.045	1298.400	336.448

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		TOTAL (A)	5801.300	4536.800
Less	EXPENSES
		Increase/ (Decrease) in Inventory	(269.600)	(845.000)
		Material and Manufacturing Cost	5468.800	4966.400
		Administrative Expenses	41.700	43.600
		Selling and Distribution	55.400	60.300
		Preliminary Expenses	0.000	0.100
		TOTAL (B)	5296.300	4225.400
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		505.000	311.400
Less	FINANCIAL EXPENSES (D)		282.600	121.800
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		222.400	189.600
Less/ Add	DEPRECIATION/ AMORTISATION (F)		28.600	33.800
	PROFIT BEFORE TAX (E-F) (G)		193.800	155.800
Less	TAX (H)		38.500	54.600
	PROFIT AFTER TAX (G-H) (I)		155.300	101.200
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		310.400	220.100
	BALANCE CARRIED TO THE B/S		465.700	321.300
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3182.500	1883.200
	IMPORTS
		Raw Materials	2214.300	2413.700
	Earnings Per Share (Rs.)		21.61	14.45

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2011	31.03.2010	31.03.2009
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	5.22	5.87	NA
Return on Investment (ROI) (PBT/Networth)		0.19	0.20	NA
Debt Equity Ratio (Total Liability/Networth)		1.41	0.64	0.47
Current Ratio (Current Asset/Current Liability)		1.66	1.72	3.37

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	69.000	71.879	71.879
Reserves & Surplus	3.624	713.465	868.764
Money received against Share Warrants	0.000	0.000	0.000
Share Application Money Pending Allotment	35.000	0.000	100.000
Net Worth	107.624	785.344	1040.643
Secured Loans	153.824	500.776	1263.120
Unsecured Loans	75.000	5.615	200.115
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	0.000	0.000
Total Borrowings	228.824	506.391	1463.235
Debt/Equity Ratio	2.126	0.645	1.406

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011
	(Rs. In Million)	(Rs. In Million)
Total Income	4536.800	5801.300
		27.872

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011
	(Rs. In Million)	(Rs. In Million)
Total Income	4536.800	5801.300
Profit	101.200	155.300
	2.23%	2.68%

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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATIONS

HIGH COURT OF BOMBAY
CASE DETAILS
BENCH:- BOMBAY
PRESENTATION DATE: 06/02/2013
STAMP NO:- WPST/4076/2013		FILING DATE:- 06/02/2013		REG. NO.: WP/2512/2013		REG. DATE: 11/03/2013
PETITIONER:-	THE UNION OF INDIA THROUH THE COMMISSION		RESPONDENT:-		CONROS STEEL PRIVATE LIMITED AND OTHERS
PETN.ADV:-	PRADEEP S. JETLY (0)		RESP. ADV.:		PDS LEGAL (826)
DISTRICT:-	RAIGAD
BENCH:-	DIVISION
STATUS:-	ADMITTED (UNREADY)
LAST DATE:-	15/09/2014		STAGE:-		FOR ADMISSION
LAST CORAM:-	HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI
ACT:-	CENTRAL EXCISE AND SALT ACT

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10512420	27/06/2014	3,925,600,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R KARNANI MARG,  BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C14739346
2	10332940	31/12/2014 *	200,000,000.00	EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED	EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA, MUMBAI, MAHARASHTRA - 400098, INDIA	C53275442
3	10256091	23/03/2011 *	852,300,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, BULLET, LAKHAMSHI NAPPU ROAD, OPP. RAJE SIVAJI VIDYALAYA, DADAR (EAST), MUMBAI, MAHARASHTRA - 400014, INDIA	B09710690
4	10256093	23/03/2011 *	2,275,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, BULLET, LAKHAMSHI NAPPU ROAD, OPP. RAJE SIVAJI VIDYALAYA, DADAR (EAST), MUMBAI, MAHARASHTRA - 400014, INDIA	B09710146
5	10256103	26/02/2011 *	2,275,000,000.00	BANK OF INDIA	ANDHERI CORPORATE BANKING BRANCH, M.D.I. BUILDING, 1ST FLOOR, 28-S.V. ROAD, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400056, INDIA	B09709213
6	10256452	19/11/2010	349,300,000.00	CENTRAL BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, GROUND FLOOR, CHANDRA  MUKHI, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B00391573
7	10211463	31/12/2014 *	400,000,000.00	EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED	EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA, MUMBAI, MAHARASHTRA - 400098, INDIA	C53277901
8	10196645	24/12/2009	250,000,000.00	PUNJAB NATIONAL BANK	INTERNATIONAL BANKING BRANCH, 265,BIRIYA HOUSE, B  AZARGATE ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A77419216
9	10186776	07/10/2009	200,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, DALAMAL TOWERS, 211, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A73548620
10	10135527	03/11/2009 *	200,000,000.00	BARCLAYS BANK PLC	601/603, CEEJAY HOUSE, SHIVSAGAR ESTATE, DR. ANNI  E BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	A72105240
11	80048599	14/03/2009 *	443,200,000.00	STATE BANK OF INDIA	MID CORPORATE LOAN ADMIN. UNIT, SHRI HARI BUILDING, RTO LANE, FOUR BUNGALOWS, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400053, INDIA	A58496381

* Date of charge modification

UNSECURED LOAN

Unsecured Loan	31.03.2011 (Rs. in Million)	31.03.2010 (Rs. in Million)
Loans Directors Unsecured	200.115	5.615
Total	200.115	5.615

Fixed Assets

· Land

· Office Premises

· Furniture and Fixtures

· Motor Car

· Computer

· Office Equipments

· Factory Building

· Plant and Machinery

· Electrical Installation

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. 63.88
UK Pound	1	Rs. 98.47
Euro	1	Rs. 72.15

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--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.