MIRA INFORM REPORT

Report No. :	327859
Report Date :	17.06.2015

IDENTIFICATION DETAILS

Name :	EIFFEL INDIA INFRAPROJECTS PRIVATE LIMITED (w.e.f. 22.12.2010)
Formerly Known As :	EIFFEL REALTY PRIVATE LIMITED (w.e.f. 04.06.2008) BHOOMI HORTICULTURE PRIVATE LIMITED
Registered Office :	Office No. 125/126, Patil Plaza, Mitramandal Chowk, Parvati, Pune – 411009, Maharashtra
Tel. No.:	91-8007314333
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.09.2006
Com. Reg. No.:	11-129001
Capital Investment / Paid-up Capital :	Rs.28.700 Million
CIN No.: [Company Identification No.]	U01403PN2006PTC129001
IEC No.:	Not Available
TAN No.: [Tax Deduction and Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Construction Activities.
No. of Employees :	Information declined by the management.

RATING and COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 370000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial with government department for the financial year 2012. As per previous financial record of 2011 profit margin of the company appears to be low. Business is active as per the status shown in registrar of companies. Payments are reported to be unknown. 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	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 = B+ (Suspended)
Rating Explanation	Risk prone credit quality and high credit risk.
Date	December 07, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety and high credit risk.
Date	December 07, 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 31-03-2013.

INFORMATION DENIED

Management Non-co-operative (91-20-66858888 / 66858658)

LOCATIONS

Registered Office :	Office No. 125/126, Patil Plaza, Mitramandal Chowk, Parvati, Pune – 411009, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	office@chandakcs.com manojkumar@eiffel.in
Website :	www.eiffel.in
Branch Office :	No. D-87, Sector 41, Noida, District Gautam Budh Nagar, Uttar Pradesh, India
Tel. No.:	91-120-4570802/ 3/ 4
Fax No.:	91-120-4570805
Corporate Office :	125/26/27, Patil Plaza, 1st Floor, Near Mitramandal Chowk, Parvati, Pune – 411009, Maharashtra, India
Tel. No.:	91-20-24441425
Fax No.:	91-20-24441428
E-Mail :	infoinfra@eiffel.in

DIRECTORS

As on: 30.09.2010

Name :

Shailendra Chaudhari

Designation :

Director

Address :

Hingane Home Colony, Dr. Khenab Chawl, Karvenagar Pune – 411052, Maharashtra, India

Date of Birth/Age :

08.04.1986

Date of Appointment :

01.09.2010

DIN No.:

03173474

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	U01403PN2006PTC129001	EIFFEL INDIA INFRAPROJECTS PRIVATE LIMITED	Director	01/09/2010	01/09/2010	-	Active	NO
2	U45200PN2010PTC137061	IDEATREE REALTY PRIVATE LIMITED	Director	18/02/2011	18/02/2011	15/04/2012	Active	NO
3	U45200PN2009PTC134894	SIGMAONE INDOSPACE PRIVATE LIMITED	Director	18/02/2011	18/02/2011	-	Active	NO

Name :

Mr. Shekhar Dattatray Savlekar

Designation :

Director

Address :

Kamathenagar, Vagh Vasti Somji Basastep, Javal, Kondhava Bu. Pune – 411048, Maharashtra, India

Date of Birth/Age :

19.10.1969

Date of Appointment :

27.01.2012

DIN No.:

02876472

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	U45209PN2004PLC019772	XRBIA DEVELOPERS LIMITED	Director	27/09/2013	12/12/2009	-	Active	NO
2	U45200DL2010PTC204015	XRBIA HINJEWADI DEVELOPERS PRIVATE LIMITED	Director	11/06/2010	11/06/2010	01/09/2012	Active	NO
3	U45200DL2010PTC204014	OLYMPIA HABITATS PRIVATE LIMITED	Director	05/12/2011	01/03/2011	-	Active	NO
4	U45200PN2006PTC128982	EDEN LANDMARKS PRIVATE LIMITED	Additional director	04/09/2012	01/06/2011	05/09/2012	Active	NO
5	U01403PN2006PTC129001	EIFFEL INDIA INFRAPROJECTS PRIVATE LIMITED	Director	27/01/2012	27/01/2012	-	Active	NO
6	U45200PN2012PTC142239	AARINI DREAMBUILD PRIVATE LIMITED	Director	10/02/2012	10/02/2012	-	Active	NO
7	U45209PN2012PTC142554	XRBIA ABODE DEVELOPERS PRIVATE LIMITED	Director	14/03/2012	14/03/2012	01/09/2012	Active	NO
8	U45209PN2012PTC142553	XRBIA CHAKAN DEVELOPERS PRIVATE LIMITED	Director	14/03/2012	14/03/2012	14/03/2012	Active	NO
9	U45209PN2012PTC142552	GOODLAND HOMES PRIVATE LIMITED	Director	14/03/2012	14/03/2012	02/05/2012	Active	NO
10	U45209PN2012PTC142598	MIRACLE SHELTERS PRIVATE LIMITED	Director	16/03/2012	16/03/2012	01/09/2012	Active	NO
11	U45209PN2012PTC142617	GOODLAND PROPERTIES PRIVATE LIMITED	Director	20/03/2012	20/03/2012	28/08/2012	Active	NO
12	U45209PN2011PTC138257	GOODLAND REALTY PRIVATE LIMITED	Additional director	12/06/2012	12/06/2012	22/08/2012	Active	NO
13	U45200PN2009PTC133439	EIFFEL PROPERTIES PRIVATE LIMITED	Director	29/09/2012	25/08/2012	-	Active	NO
14	U45200PN2009PTC133877	EIFFEL HOMES PRIVATE LIMITED	Additional director	01/10/2012	01/10/2012	-	Active	NO
15	U01122PN2006PTC128985	JERBERA FLORICUTURE PRIVATE LIMITED	Additional director	07/08/2014	07/08/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on: 30.09.2010

Names of Shareholders	No. of Shares	%age holding
Eiffel Developers and Realtors Limited, India	2296000	80.00
Santosh Bansal Bhansali	2000	0.07
Sangam Infracon Landmarks Private Limited, India	572000	19.93
Total	2870000	100.00

As on: 07.01.2013

Names of Allottee	No. of Shares
Xrbia Developers Limited, India	1428572
Total	1428572

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2010

Category	Percentage
Bodies corporate	99.94
Other top fifty shareholders	0.06
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Construction Activities.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

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
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 :

• Andhra Bank
• Bank of India
• Oriental Bank of Commerce
• Punjab National Bank
• Bank of Maharashtra

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2011	As on 31.03.2010
Kotak Mahindra - Car Loan (Secured Against Hypothetication of Vehicle)	0.788	0.000
Andhra Bank SOD A/c 090631100000104	25.290	49.773
Tata Capital Limited	86.667	0.000
Total	112.745	49.773

Auditors :
Name :	S.M. Suratwala and Company Chartered Accountants
Address :	1082, Shukrawar Peth, Sathe Colony, Pune – 411002, Maharashtra, India
PAN No.:	ADXPS4436N
Memberships :	Not Available
Collaborators :	Not Available
Parent Company :	Eiffel Developers and Realtors Limited
Associates :	Eden Landmarks Private Limited

CAPITAL STRUCTURE

AFTER 28.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 Million

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
4298572	Equity Shares	Rs.10/- each	Rs.42.986 Million

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
2870000	Equity Shares	Rs.10/- each	Rs.28.700 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		28.700	28.700	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves and Surplus		102.317	99.252	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		131.017	127.952	0.100
LOAN FUNDS
1] Secured Loans		112.745	49.773	0.000
2] Unsecured Loans		55.651	7.587	32.766
TOTAL BORROWING		168.396	57.360	32.766
DEFERRED TAX LIABILITIES		0.361	0.572	0.039
TOTAL		299.774	185.884	32.905
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.569	10.420	1.400
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS and ADVANCES
	Inventories	87.111	88.352	39.388
	Sundry Debtors	5.595	18.130	0.000
	Cash and Bank Balances	3.239	27.445	38.144
	Other Current Assets	171.253	63.041	0.080
	Loans and Advances	213.901	211.832	1.834
Total Current Assets		481.099	408.800	79.446
Less : CURRENT LIABILITIES and PROVISIONS
	Sundry Creditors	77.177	31.865	3.186
	Other Current Liabilities	108.925	176.334	44.026
	Provisions	5.956	25.358	0.817
Total Current Liabilities		192.058	233.557	48.029
Net Current Assets		289.041	175.243	31.417
MISCELLANEOUS EXPENSES		0.164	0.221	0.088
TOTAL		299.774	185.884	32.905

PROFIT and LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	716.369	730.700	0.213
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	697.501	658.542	(0.288)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		18.868	72.158	0.501
Less	FINANCIAL EXPENSES		10.889	10.050	0.491
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.979	62.108	0.010
Less/ Add	DEPRECIATION/ AMORTISATION		3.276	12.239	0.010
	PROFIT BEFORE TAX		4.703	49.869	0.000
Less	TAX		1.639	22.050	0.055
	PROFIT AFTER TAX		3.064	27.819	(0.055)
	Earnings Per Share (Rs.)		1.07	9.70	NA

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	0.000	(57.178)	13.709

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	0.96	11.90	0.00
Return on Investment (ROI) (PBT/Networth)		0.04	0.39	0.00
Debt Equity Ratio (Total Debt/Networth)		1.29	0.45	327.66
Current Ratio (Current Asset/Current Liability)		2.50	1.75	1.65

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	28.700	28.700
Reserves and Surplus	0.000	99.252	102.317
Net worth	0.100	127.952	131.017
Secured Loans	0.000	49.773	112.745
Unsecured Loans	32.766	7.587	55.651
Total borrowings	32.766	57.360	168.396
Debt/Equity ratio	327.660	0.448	1.285

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	0.213	730.700	716.369
		342,951.643	(1.961)

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	0.213	730.700	716.369
Profit	(0.055)	27.819	3.064
	(25.82%)	3.81%	0.43%

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	No
8	Designation of contact person	No
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	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	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	Yes
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

Note:

The Registered Office of the company has been shifted from Mantri House, 1st Floor, 929, F. C Road, Pune – 411004, Maharashtra, India to the present address w.e.f. 01.05.2012

UNSECURED LOAN

(Rs. In Million)

Particular	As on 31.03.2011	As on 31.03.2010
Eiffel Developers and Realtors Limited	50.645	(8.919)
Eden Landmark Private Limited	2.500	15.000
Nahar Riddhi Siddhi Developers	1.256	1.256
Santosh Bhansali	1.250	0.250
Total	55.651	7.587

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10456137	15/10/2013	7,074,929.00	L and T FINANCE LIMITED	L and T HOUSE, BALLARD ESTATE, MUMBAI - 400001, Maharashtra , INDIA	B87991535
2	10450192	23/09/2013	4,907,207.00	L and T FINANCE LIMITED	L and T HOUSE, BALLARD ESTATE,, MUMBAI - 400001, Maharashtra , INDIA	B85436871
3	10442277	30/07/2013	10,159,196.00	L and T FINANCE LIMITED	L and T HOUSE, BALLARD ESTATE,, MUMBAI - 400001, Maharashtra, INDIA	B81804296
4	10433673	19/06/2013	8,648,289.00	L and T FINANCE LIMITED	L and T HOUSE, BALLARD ESTATE,, MUMBAI - 400001, Maharashtra , INDIA	B78226081
5	10425376	25/04/2013	20,595,565.00	L and T FINANCE LIMITED	L and T HOUSE, BALLARD ESTATE,, MUMBAI - 400001, Maharashtra, INDIA	B75013417
6	10414352	26/03/2013	49,871,442.00	L and T FINANCE LIMITED	L and T HOUSE, BALLARD ESTATE,, MUMBAI - 400001, Maharashtra , INDIA	B71653091
7	10186427	11/12/2012 *	280,000,000.00	Andhra Bank	610 SACHAPIR STREET, CAMP, PUNE, PUNE - 411001, Maharashtra, INDIA	B80161706

* Date of charge modification

OPERATIONS AND FUTURE PROSPECTS:

During the year the company has achieved a turnover of Rs. 716.369 Million and reported a net profit after tax of Rs. 3.064 Million after incurring the total expenditure Rs. 697.500 Million. However as compared to previous year, there is down fall in the profits before tax of your company, however there is a marginal increase in the net profit after tax of the company.

Considering the positive signs in the real estate industry, it is expected that the company would be able to report much improved turnover and profitability. The company is also planning to adopt various strategies and plans which would be advantageous and in the best interest of the company.

The Management is also hopeful to yield maximum profitability in the coming financial years as the company is in the process of undertaking various measures to cut the cost and increase the efficiency so as to achieve economies of scale and thereby achieving more revenues in the coming years. The company and your directors are continuously looking for various avenues for future growth of the Company and are evaluating various areas where the investment in properties can fetch good returns for the company.

FIXED ASSETS

• Computer System
• Furniture and Fixtures
• Office Equipment
• Plant and Machinery
• Software
• Vehicles

CMT REPORT (Corruption, Money Laundering and 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.64.45
UK Pound	1	Rs.100.03
Euro	1	Rs.72.27

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SAN
Report Prepared by :	PNM

SCORE and 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
--PROFITABILIRY	1~10	2
--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		26

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 and 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.