MIRA INFORM REPORT

Report No. :	328206
Report Date :	22.06.2015

IDENTIFICATION DETAILS

Name :	PROMA INDUSTRIES LIMITED

Formerly Known As :	PROMA OVERSEAS TRADELINKS LIMITED

Registered Office :	C-62 , Sarojini Marg, C-Scheme, Jaipur – 302001, Rajasthan
Tel. No.:	91 – 22 – 67284100

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	10.09.1990

Com. Reg. No.:	17-005581

Capital Investment / Paid-up Capital :	Rs.10.223 Million

CIN No.: [Company Identification No.]	U51101RJ1990PLC005581

IEC No.:	Not Available

TIN No.:	27530170619


TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACP6230G

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Chenille yarn and polyester draw textured yarn.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. For the financial year ended 2014, company has achieved decent sales turnover growth but it has reported low profitability margins at 0.15%. Rating also takes into consideration experienced promoters in the textile industry marked by sound financial base and above average networth base of the company. Rating strength partially offset by susceptibility of margins to volatile raw material prices and operations in a highly fragmented and competitive textile industry. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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

Rating Agency Name	CRISIL
Rating	Long term bank facilities = BB
Rating Explanation	Inadequate credit quality and high credit risk.
Date	June 17, 2014

Rating Agency Name	CRISIL
Rating	Short term bank facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	June 17, 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 BY

Name :	Mr. K. K. Sharma
Designation :	Accountant
Contact No.:	91-141-2378097
Date :	19.06.2015

Name :	Mr. Akshay Gupta
Designation :	Finance Manager
Contact No.:	91-22-67284100
Date :	19.06.2015

LOCATIONS

Registered Office :	C-62 , Sarojini Marg, C-Scheme, Jaipur – 302001, Rajasthan, India
Tel. No.:	91-22-67284100 / 141-2378097
Fax No.:	Not Available
E-Mail :	info@promaindustries.com
Website :	http://www.promaindustries.com
Location :	Owned

Head/ Corporate Office :	11 and 12, Rayfreda, Off MV Marg, Chakala, Andheri (East), Mumbai - 400 093, Maharashtra, India
Tel. No.:	91-22-67284100-99/ 66791882/ 83/ 84/ 66916437
Fax No.:	91-22-67284155/ 26871655
E-Mail :	info@promaindustries.com
Location :	Owned

Factory :	Plot No.19-A, G.I.D.C., Masat Silvassa, India
Location :	Owned

DIRECTORS

As on 27.09.2014

Name :	Mr. Akshay Pramod Gupta
Designation :	Director
Address :	1901, Evita, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India
Date of Appointment :	23.02.2015
DIN No.:	00166602

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	U17119GJ1998PTC033741	YASHASH COMMODITIES PRIVATE LIMITED	Director	25/04/2006	25/04/2006	-	Active	NO
2	U17200MH2002PTC135575	ASSOCIATED TEXTILE INDUSTRIES PRIVATE LIMITED	Director	14/02/2013	14/02/2013	01/07/2013	Active	NO
3	U17119RJ2009PTC029044	SHIVAM SYNCOTEX PRIVATE LIMITED	Additional director	15/10/2014	15/10/2014	-	Active	NO
4	U74999MH2015PTC261405	Amadeus Apparel Private Limited	Director	28/01/2015	28/01/2015	-	Active	NO
5	U51101RJ1990PLC005581	PROMA INDUSTRIES LIMITED	Director	23/02/2015	23/02/2015	-	Active	NO

Name :

Mr. Hiralal Jagdishprasad Modi

Designation :

Director

Address :

5, Swaminarayanan Co-Op-Hos Society Limited, Kapur Bawdi Thane (West), Thane - 400607, Maharashtra, India

Date of Birth/Age :

19.01.1961

Date of Appointment :

01.10.2003

DIN No.:

01379612

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	U51101RJ1990PLC005581	PROMA INDUSTRIES LIMITED	Director	01/10/2003	01/10/2003	-	Active	NO
2	U17119GJ1998PTC033741	YASHASH COMMODITIES PRIVATE LIMITED	Director	18/05/2007	18/05/2007	-	Active	NO
3	U67100MH2009PTC195650	NIBHA CAPITAL SERVICES PRIVATE LIMITED	Director	01/12/2010	01/12/2010	-	Active	NO
4	U52110TG1991PTC013612	SRAVANTHI AGENCIES PRIVATE LIMITED	Director	20/12/2012	20/12/2012	-	Active	NO

Name :

Mr. Ram Kumar Gupta

Designation :

Director

Address :

4118, Sanghi Wada, Rewari, Rewari - 123401, Haryana, India

Date of Birth/Age :

18.06.1928

Date of Appointment :

01.06.2012

DIN No.:

02683639

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	U51101RJ1990PLC005581	PROMA INDUSTRIES LIMITED	Director	01/06/2012	08/08/1993	-	Active	NO
2	U67100MH2009PTC195650	NIBHA CAPITAL SERVICES PRIVATE LIMITED	Director	01/12/2010	01/12/2010	-	Active	NO

Name :

Mr. Naresh Banwarilal Sharma

Designation :

Director

Address :

3, Nayak Ganga, Near Ajinkyaa Tara Society, Samata Nagar, Singh Estate, Kandivali (E), Mumbai - 400101, Maharashtra, India

Date of Birth/Age :

16.07.1980

Date of Appointment :

06.04.2012

DIN No.:

05242000

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	U51101RJ1990PLC005581	PROMA INDUSTRIES LIMITED	Director	06/04/2012	06/04/2012	-	Active	NO
2	U52110TG1991PTC013612	SRAVANTHI AGENCIES PRIVATE LIMITED	Director	20/12/2012	20/12/2012	-	Active	NO
3	U17200MH2002PTC135575	ASSOCIATED TEXTILE INDUSTRIES PRIVATE LIMITED	Director	01/07/2013	01/07/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. K. K. Sharma
Designation :	Accountant

Name :	Mr. Akshay Gupta
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 27.09.2014

SHAREHOLDERS FILE ATTACHED

As on 27.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chenille yarn and polyester draw textured yarn.

Products :	Chenille Yarn Polyester Draw Textured Yarn

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 :

Banker Name	Corporation Bank
Branch Address	Sme - Marol Branch, Sarhar Bonanza Plaza, Marol, Andheri, Kurla Road, Andheri (East) Mumbai – 400059, 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
LONG TERM BORROWING
Term loans from banks	95.304	106.302
Deposits	0.000	2.165
Total	95.304	108.467

Auditors :
Name :	Amarnath Sharma and Company Chartered Accountants
Address :	409, Sez Plaza, Near Nutan School Marve Road, Malad (West), Mumbai, Maharashtra, India
PAN No.:	AQRPS2826H

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

75000	Equity Shares	Rs.100/- each	Rs.7.500 Million
125000	Preference Shares	Rs.100/- each	Rs.12.500 Million
	Total		Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

70863	Equity Shares	Rs.100/- each	Rs.7.086 Million
31375	Preference Shares	Rs.100/- each	Rs.3.137 Million
	Total		Rs.10.223 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	10.223	10.223	10.223
(b) Reserves & Surplus	155.056	153.140	150.594
(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)	165.279	163.363	160.817

(3) Non-Current Liabilities
(a) long-term borrowings	95.304	119.667	81.770
(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)	95.304	119.667	81.770

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	78.697	39.562	6.098
(c) Other current liabilities	7.204	10.779	10.404
(d) Short-term provisions	2.014	1.176	1.041
Total Current Liabilities (4)	87.915	51.517	17.543

TOTAL	348.498	334.547	260.130

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	61.818	57.955	62.131
(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	56.859	43.231	42.652
(c) Deferred tax assets (net)	2.189	2.520	2.823
(d) Long-term Loan and Advances	46.778	48.133	4.839
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	167.644	151.839	112.445

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	85.842	71.821	21.682
(c) Trade receivables	67.778	71.214	46.857
(d) Cash and cash equivalents	0.257	0.061	0.163
(e) Short-term loans and advances	26.977	39.612	78.983
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	180.854	182.708	147.685

TOTAL	348.498	334.547	260.130

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1753.049	941.327	808.214
	Other Income	36.910	21.298	12.823
	TOTAL	1789.959	962.625	821.037

Less	EXPENSES
	Cost of Materials Consumed	1715.635	966.752	785.384
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(14.021)	(50.138)	3.671
	Employees benefits expense	5.563	4.657	4.922
	Other expenses	62.677	23.291	14.928
	TOTAL	1769.854	944.562	808.905

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	20.105	18.063	12.132

Less	FINANCIAL EXPENSES	11.885	7.073	5.797

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	8.220	10.990	6.335

Less/ Add	DEPRECIATION/ AMORTISATION	5.451	5.571	6.221

	PROFIT/ (LOSS) BEFORE TAX	2.769	5.419	0.114

Less	TAX	0.858	0.974	0.364

	PROFIT/ (LOSS) AFTER TAX	1.911	4.445	(0.250)

	Earnings / (Loss) Per Share (Rs.)	26.96	62.72	(3.52)

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/Sales)	(%)	0.11	0.47	(0.03)

Operating Profit Margin (PBDIT / Sales)	(%)	1.15	1.92	1.50

Return on Total Assets (PBT/Total Assets}	(%)	0.96	1.88	0.05

Return on Investment (ROI) (PBT/Networth)		0.02	0.03	0.00

Debt Equity Ratio (Total Debt/Networth)		0.58	0.73	0.51

Current Ratio (Current Asset/Current Liability)		2.06	3.55	8.42

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	10.223	10.223	10.223
Reserves & Surplus	150.594	153.140	155.056
Net worth	160.817	163.363	165.279

long-term borrowings	81.770	119.667	95.304
Short term borrowings	0.000	0.000	0.000
Total borrowings	81.770	119.667	95.304
Debt/Equity ratio	0.508	0.733	0.577

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	808.214	941.327	1753.049
		16.470	86.232

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	808.214	941.327	1753.049
Profit	(0.250)	4.445	1.911
	(0.03%)	0.47%	0.11%

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	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	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:

Registered office has been shifted from the 1, Preek College Road, Bani Park, Jaipur – 302004, Rajasthan, India to the present address w.e.f. 01.12.2010.

OPERATIONS AND OUTLOOK

During the year the company earned an income of Rs 1753.049 Million from operations as against Rs. 941.327 Million as achieved during the corresponding period of previous year. The company also earned Rs 36.900 Million by way of other income as against Rs 21.299 Million earned during the corresponding period of the previous year. After offsetting the expenses the company made a profit (before tax) of Rs.2.769 Million as against profit of Rs.5.419 Million earned during the corresponding period of previous year. The directors are optimistic about the future of the company.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advances from related parties	0.000	11.200
Total	0.000	11.200

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10568330	26/02/2015	232,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, Maharashtra, INDIA	C53120234

* Date of charge modification

FIXED ASSETS

Land
Buildings
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment
Computer equipment’s

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.63.81
UK Pound	1	Rs.101.25
Euro	1	Rs.72.35

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	KAR

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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

Unit