MIRA INFORM REPORT

Report No. :	325418
Report Date :	13.06.2015

IDENTIFICATION DETAILS

Name :	AIPL MARKETING PRIVATE LIMITED

Registered Office :	409, 4^th Floor, D-Mall, Netaji Subhash Place, Pitampura, Delhi - 110034
Tel. No.:	91-11-47506017/49010190

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	29.05.2010

Com. Reg. No.:	55-203345

Capital Investment / Paid-up Capital :	Rs. 10.000 Million

CIN No.: [Company Identification No.]	U52100DL2010PTC203345

IEC No.:	0510036317

TAN No.: [Tax Deduction & Collection Account No.]	DELA27223A

PAN No.: [Permanent Account No.]	AAICA5710E

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Car Care Products, Appearance, Air Freshness Products, Cleaners, Engine and Fuel Additive.

No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 37000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a private limited company established in the year 2010, having moderate track. The company possesses a moderate financial profile marked by small networth And very high gearing. Company has recorded in its sales turnover in FY14 as compare to FY13. However Profitability of the company is recorded as low. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow but correct. The company 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 PARTED BY

Name :	Mr. Chanan Rohiwal
Designation :	General Manager
Contact No.:	91-9818253000
Date :	06.06.2015

LOCATIONS

Registered Office/Factory :	409, 4^th Floor, D-Mall, Netaji Subhash Place, Pitampura, Delhi – 110034, India
Tel. No.:	91-11-47506017/49010190
Mobile No.:	91-9818253000 (Mr. Chanan Rohiwal)
Fax No.:	91-11-49010102
E-Mail :	info@aiplabro.com
Website :	http://www.aiplabro.in

DIRECTORS

AS ON: 30.09.2014

Name :

Mr. Ajit Kumar Gupta

Designation :

Director

Address :

A-20, Panchwati Azadpur, Delhi – 110033, India

Date of Birth/Age :

05.05.1964

Date of Appointment :

29.05.2010

DIN No.:

00019393

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	U33112DL1998PTC092320	AJIT INDUSTRIES PRIVATE LIMITED	Managing director	30/03/1999	30/03/1999	-	Active	NO
2	U45202DL2005PTC141943	EMPIRE BUILDTECH PRIVATE LIMITED	Director	20/10/2005	20/10/2005	-	Active	NO
3	U74899DL2005PTC141942	HIGHVALLEY REALCON PRIVATE LIMITED	Director	20/10/2005	20/10/2005	-	Active	NO
4	U45201DL2006PTC145997	EMPIRE BUILDCON PRIVATE LIMITED	Director	07/02/2006	07/02/2006	-	Active	NO
5	U45201DL2006PTC145996	HIGHVALLEY BUILDTECH PRIVATE LIMITED	Director	07/02/2006	07/02/2006	-	Active	NO
6	U45202HP2006PTC030006	J S ENERGY PRIVATE LIMITED	Director	07/04/2006	07/04/2006	-	Active	NO
7	U45202HP2006PTC030005	AJIT ENERGY PRIVATE LIMITED	Director	07/04/2006	07/04/2006	-	Active	NO
8	U32109DL2006PTC154042	HIGHVALLEY INSULATIONS PRIVATE LIMITED	Director	19/09/2006	19/09/2006	-	Active	NO
9	U72200DL2006PTC154182	HIGHVALLEY TECHNOLOGY PRIVATE LIMITED	Director	21/09/2006	21/09/2006	-	Active	NO
10	U72300DL2007PTC157777	EMPIRE EPARKS PRIVATE LIMITED	Director	11/01/2007	11/01/2007	-	Active	NO
11	U31908DL2007PTC162515	INTECH DIGITAL TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	24/04/2007	24/04/2007	14/04/2011	Active	NO
12	U45300DL2007PTC164196	UNIEXCEL DEVELOPERS PRIVATE LIMITED	Director	30/05/2007	30/05/2007	-	Active	NO
13	U24297DL2007PTC171143	TUN WA POLY FILMS PRIVATE LIMITED	Director	06/12/2007	06/12/2007	-	Active	NO
14	U72200DL2008PTC172535	HIGHRISE INFOTECH PRIVATE LIMITED	Director	10/01/2008	10/01/2008	-	Active	NO
15	U27310DL2008PTC172571	SWIFT EPARKS PRIVATE LIMITED	Director	11/01/2008	11/01/2008	-	Active	NO
16	U51909DL2009PTC189380	S G POLYPLAST PRIVATE LIMITED	Director	15/04/2009	15/04/2009	16/09/2014	Active	NO
17	U52100DL2010PTC203345	AIPL MARKETING PRIVATE LIMITED	Director	29/05/2010	29/05/2010	-	Active	NO
18	U35999DL2011PTC218569	SAM AUTOTECH PRIVATE LIMITED	Director	04/05/2011	04/05/2011	04/08/2014	Active	NO
19	U27101DL1991PTC254467	IMPEX METAL PRIVATE LIMITED	Director	19/08/2011	19/08/2011	-	Active	NO
20	U70102DL2011PTC227239	A G REALCON PRIVATE LIMITED	Director	09/11/2011	09/11/2011	28/07/2014	Active	NO
21	U35999DL2011PTC227453	SAM AUTOPRO PRIVATE LIMITED	Director	15/11/2011	15/11/2011	-	Active	NO
22	U93000DL2012NPL239756	AFERA ME INDIA	Director	03/08/2012	03/08/2012	-	Active	NO
23	U70102DL2014PTC266693	EZ REALCON PRIVATE LIMITED	Director	21/03/2014	21/03/2014	-	Active	NO

Name :

Mrs. Anjali Gupta

Designation :

Director

Address :

A-20, Panchwati Azadpur, Delhi – 110033, India

Date of Birth/Age :

01.01.1966

Date of Appointment :

29.05.2010

DIN No.:

02327295

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	U51909DL2009PTC189380	S G POLYPLAST PRIVATE LIMITED	Director	15/04/2009	15/04/2009	07/08/2014	Active	NO
2	U52100DL2010PTC203345	AIPL MARKETING PRIVATE LIMITED	Director	29/05/2010	29/05/2010	-	Active	NO
3	U35999DL2011PTC218569	SAM AUTOTECH PRIVATE LIMITED	Director	04/05/2011	04/05/2011	04/08/2014	Active	NO
4	U70102DL2011PTC227239	A G REALCON PRIVATE LIMITED	Director	09/11/2011	09/11/2011	28/07/2014	Active	NO
5	U35999DL2011PTC227453	SAM AUTOPRO PRIVATE LIMITED	Director	15/11/2011	15/11/2011	-	Active	NO
6	U27101DL1991PTC254467	IMPEX METAL PRIVATE LIMITED	Director	29/09/2012	30/03/2012	-	Active	NO
7	U24297DL2007PTC171143	TUN WA POLY FILMS PRIVATE LIMITED	Director	02/12/2013	02/12/2013	-	Active	NO
8	U70102DL2014PTC266693	EZ REALCON PRIVATE LIMITED	Director	21/03/2014	21/03/2014	-	Active	NO
9	U45202DL2005PTC141943	EMPIRE BUILDTECH PRIVATE LIMITED	Director	01/09/2014	01/09/2014	-	Active	NO
10	U45202HP2006PTC030006	J S ENERGY PRIVATE LIMITED	Director	04/09/2014	04/09/2014	-	Active	NO
11	U45202HP2006PTC030005	AJIT ENERGY PRIVATE LIMITED	Director	19/11/2014	19/11/2014	-	Active	NO

KEY EXECUTIVES

Name :	Suneet Singh Grover
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Ajit Kumar Gupta	875000	87.50
Anjali Gupta	125000	12.50

Total	1000000	100.00

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 :	Manufacturer of Car Care Products, Appearance, Air Freshness Products, Cleaners, Engine and Fuel additive.

Products :	Hardware Products Automotive Performance Products Car Care Products

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Cash and Credit (30/60/90 days)

Purchasing :	Cash and Credit (30/60/90 days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

End Users and OEM’s

Reference :	Not Divulged
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 :

80 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
From HDFC Bank Limited [Against hypothecation of stocks and debtors and collateral security of the property owned by the company, director, relative and personal guarantee of directors]	54.079	31.468

Total	54.079	31.468

Auditors :
Name :	Virendra Kumar Jain and Company Chartered Accountants
Address :	3618/11 Sudhershan Market, Pt. College (1st Floor), Delhi – 110006, India
PAN No.:	AADPJ6778M

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs. 10.000 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	10.000	2.500	0.100
(b) Reserves & Surplus	3.043	1.528	0.512
(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)	13.043	4.028	0.612

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	117.685	76.453	17.183
(b) Trade payables	134.318	46.977	32.918
(c) Other current liabilities	8.435	7.795	2.817
(d) Short-term provisions	3.951	2.526	0.711
Total Current Liabilities (4)	264.389	133.751	53.629

TOTAL	277.432	137.779	54.241

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.030	10.073	0.331
(ii) Intangible Assets	0.000	0.000	0.031
(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	0.421	0.188	0.000
Total Non-Current Assets	10.451	10.261	0.362

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	99.293	62.996	26.796
(c) Trade receivables	133.694	54.829	22.861
(d) Cash and cash equivalents	2.568	2.386	1.415
(e) Short-term loans and advances	2.313	1.868	0.523
(f) Other current assets	29.113	5.439	2.284
Total Current Assets	266.981	127.518	53.879

TOTAL	277.432	137.779	54.241

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	TOTAL INCOME	500.740	272.384	77.619

Less:	EXPENSES	497.370	269.143	77.358

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3.370	3.241	0.261

Less:	DEPRECIATION/ AMORTISATION	1.005	0.965	0.153

	PROFIT/ (LOSS) BEFORE TAX	2.365	2.276	0.108

Less:	TAX	0.850	1.260	0.114

	PROFIT/ (LOSS) AFTER TAX	1.515	1.016	-0.006

	IMPORTS	1.481	60.100	23.600

	Earnings / (Loss) Per Share (Rs.)	1.515	4.06	(0.60)

Particulars

31.03.2015

Sales Turnover (Approximately)

800.000

The above information has been parted by Mr. Chanan Rohiwal

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	0.30	0.37	(0.01)

Return on Total Assets (PBT/Total Assets}	(%)	0.85	1.65	0.20

Return on Investment (ROI) (PBT/Networth)		0.18	0.57	0.18

Debt Equity Ratio (Total Debt /Networth)		9.02	18.98	28.08

Current Ratio (Current Asset/Current Liability)		1.01	0.95	1.00

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	0.100	2.500	10.000
Reserves & Surplus	0.512	1.528	3.043
Net worth	0.612	4.028	13.043

long-term borrowings	0.000	0.000	0.000
Short term borrowings	17.183	76.453	117.685
Total borrowings	17.183	76.453	117.685
Debt/Equity ratio	28.077	18.980	9.023

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)
Total Income	77.619	272.384	500.740
		250.924	83.836

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	77.619	272.384	500.740
Profit	(0.006)	1.016	1.515
	(0.01%)	0.37%	0.30%

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	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
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	No
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

NOTE: Registered office of the company has been shifted from M-7, Aradhana Bhawan, Azadpur Commercial Complex, Delhi-110033, India to the present address (w. e. f. 01.11.2012)

UNSECURED LOAN:

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short Term Borrowings:	59.391	33.467
From Related Parties	4.215	11.518
From Others

Total	63.606	44.985

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10294367	12/09/2014 *	130,800,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C23177819

FIXED ASSETS:

Computer and Software
Plant and Machinery
Vehicles
Office Space
Land
Furniture and Fixtures

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. 64.03
UK Pound	1	Rs. 99.27
Euro	1	Rs. 71.90

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	KIN

Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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

INDEX OF CHARGES:

Unit