MIRA INFORM REPORT

Report No. :	312168
Report Date :	20.03.2015

IDENTIFICATION DETAILS

Name :	HARI PRASAD GOPI KRISHNA SARAF PRIVATE LIMITED

Registered Office :	Hindi Bazar, Gorakhpur – 273001, Uttar Pradesh

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	20.03.2007

Com. Reg. No.:	21-033032

Capital Investment / Paid-up Capital :	Rs. 16.235 Million

CIN No.: [Company Identification No.]	U27205UP2007PTC033032

IEC No.:	Not Available

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

PAN No.: [Permanent Account No.]	AABCH9523R

TIN No:	09320101406

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing and Trading of Ornaments and Valuables.

No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 790000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Liquidity position of the company is decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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	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 BY (GENERAL DTAILS)

Name :	Mr. Umesh Singh
Designation :	Accountant
Contact No.:	91-551-2531145
Date :	18.03.2015

LOCATIONS

Registered Office / Factory :	Hindi Bazar, Gorakhpur-273001, Uttar Pradesh, India
Tel. No.:	91-551-2531145
Mobile No.:	91-9889046610 ( Mr. Rahul Saraf)
Fax No.:	Not Available
E-Mail :	sp_co03@rediffmail.com rsaishpra@gmail.com

DIRECTORS

As on 29.09.2014

Name :

Mr. Atul Saraf

Designation :

Director

Address :

Saraf Sadan, Gandhi Nagar, Gorakhpur – 273005, Uttar Pradesh, India

Date of Birth/Age :

01.08.1961

Date of Appointment :

20.03.2007

DIN No.:

00308982

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	U24121WB1995PLC072219	POORVANCHAL FERTILIZERS LIMITED	Director	20/06/1995	20/06/1995	-	Active	NO
2	U36911UP2002PTC026602	HARI PRASAD BAL KRISHNA JEWELLERS PRIVATE LIMITED	Director	01/12/2004	01/12/2004	-	Active	NO
3	U52393UP1997PTC026251	HARI PRASAD GOPI KRISHNA JEWELLERS PRIVATE LIMITED	Director	01/12/2004	01/12/2004	16/09/2011	Active	NO
4	U24111UP1991PTC013050	SARAF TRADING COMPANY PRIVATE LIMITED	Director	18/01/2006	18/01/2006	08/01/2014	Active	NO
5	U51101WB1988PTC043660	ATIT COMMERCIAL CO PVT LTD	Director	10/02/2006	10/02/2006	05/09/2014	Active	NO
6	U27205UP2007PTC033032	HARI PRASAD GOPI KRISHNA SARAF PRIVATE LIMITED	Director	20/03/2007	20/03/2007	-	Active	NO
7	U27101MH2009PTC189522	ACERO METALS PRIVATE LIMITED	Director	12/01/2009	12/01/2009	-	Strike off	NO
8	U45200WB1992PTC056873	B N TEXTILES & INVESTMENTS PVT LTD	Additional director	12/03/2013	12/03/2013	-	Active	NO
9	U45400UP2013PTC057989	AISSHPRA LIFE SPACES PRIVATE LIMITED	Director	26/06/2013	26/06/2013	-	Active	NO

Name :

Mr. Anoop Saraf

Designation :

Director

Address :

Saraf Sadan, Gandhi Nagar, Gorakhpur – 273005, Uttar Pradesh, India

Date of Birth/Age :

24.07.1972

Date of Appointment :

20.03.2007

DIN No.:

00309043

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	U36911UP2002PTC026602	HARI PRASAD BAL KRISHNA JEWELLERS PRIVATE LIMITED	Director	16/04/2002	16/04/2002	-	Active	NO
2	U24121WB1995PLC072219	POORVANCHAL FERTILIZERS LIMITED	Director	31/07/2003	31/07/2003	-	Active	NO
3	U52393UP1997PTC026251	HARI PRASAD GOPI KRISHNA JEWELLERS PRIVATE LIMITED	Director	28/09/2004	28/09/2004	18/01/2011	Active	NO
4	U27205UP2007PTC033032	HARI PRASAD GOPI KRISHNA SARAF PRIVATE LIMITED	Director	20/03/2007	20/03/2007	-	Active	NO
5	U45400WB1992PTC056876	V S TEXTILES & FINANCE PVT LTD	Director	29/01/2011	29/01/2011	-	Active	NO
6	U67120WB1994PTC063600	PARAMSUKH DEALERS PVT. LTD.	Director	31/05/2013	31/05/2013	-	Active	NO
7	U45400UP2013PTC057989	AISSHPRA LIFE SPACES PRIVATE LIMITED	Director	26/06/2013	26/06/2013	-	Active	NO
8	U52190WB2012PLC175732	DHRUTI DISTRIBUTORS LIMITED	Director	18/07/2014	18/07/2014	-	Active	NO
9	U52190WB2012PLC176018	DHANVEE SUPPLIERS LIMITED	Director	18/07/2014	18/07/2014	-	Active	NO
10	U52190WB2012PLC176021	HANSHAL TRADE-LINK LIMITED	Director	18/07/2014	18/07/2014	-	Active	NO
11	U52190WB2012PLC175736	GAJRUP MERCANTILE LIMITED	Director	18/07/2014	18/07/2014	-	Active	NO

Name :

Mr. Vaibhav Saraf

Designation :

Additional Director

Address :

Saraf Sadan, Gandhi Nagar, Gorakhpur – 273005, Uttar Pradesh, India

Date of Birth/Age :

24.10.1985

Date of Appointment :

30.04.2012

DIN No.:

03337086

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	U28113MH2007PTC168194	AISHPRA JEWELS PRIVATE LIMITED	Director	04/02/2011	04/02/2011	-	Active	NO
2	U27205UP2007PTC033032	HARI PRASAD GOPI KRISHNA SARAF PRIVATE LIMITED	Additional director	30/04/2012	30/04/2012	-	Active	NO
3	U52190WB2012PLC175732	DHRUTI DISTRIBUTORS LIMITED	Director	18/07/2014	18/07/2014	-	Active	NO
4	U52190WB2012PLC176018	DHANVEE SUPPLIERS LIMITED	Director	18/07/2014	18/07/2014	-	Active	NO
5	U52190WB2012PLC176021	HANSHAL TRADE-LINK LIMITED	Director	18/07/2014	18/07/2014	-	Active	NO
6	U52190WB2012PLC175736	GAJRUP MERCANTILE LIMITED	Director	18/07/2014	18/07/2014	-	Active	NO

Name :

Sumitra Saraf

Designation :

Director

Address :

Saraf Sadan, Gandhi Nagar, Gorakhpur – 273001, Uttar Pradesh, India

Date of Birth/Age :

26.01.1988

Date of Appointment :

26.12.2013

DIN No.:

06755953

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	U27205UP2007PTC033032	HARI PRASAD GOPI KRISHNA SARAF PRIVATE LIMITED	Additional director	26/12/2013	26/12/2013	-	Active	NO
2	U52190WB2011PTC160088	STARSHINE RETAILS PRIVATE LIMITED	Director	17/05/2014	17/05/2014	-	Active	NO
3	U52190WB2011PTC160089	SUPERLATIVE MARKETING PRIVATE LIMITED	Director	17/05/2014	17/05/2014	-	Active	NO
4	U52190WB2012PLC175732	DHRUTI DISTRIBUTORS LIMITED	Director	18/07/2014	18/07/2014	-	Active	NO
5	U52190WB2012PLC176018	DHANVEE SUPPLIERS LIMITED	Director	18/07/2014	18/07/2014	-	Active	NO
6	U52190WB2012PLC176021	HANSHAL TRADE-LINK LIMITED	Director	18/07/2014	18/07/2014	-	Active	NO
7	U52190WB2012PLC175736	GAJRUP MERCANTILE LIMITED	Director	18/07/2014	18/07/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Umesh Singh
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 29.09.2014

Note :

Shareholding details file Attached

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	67.31
Directors or relatives of Directors	32.69
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Ornaments and Valuables.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

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 :

80 (Approximately)

Bankers :

HDFC Bank Limited, HDFC bank House Senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

Union Bank of India, Sahabganj, Gorakhpur – 273001, Uttar Pradesh, India

HDFC Bank, Asuran Chowk, Mediacal Road, Uttar Pradesh

Banker Name	HDFC Bank
Branch Address	Bank Road, Gorakhpur, Uttar Pradesh
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
Loans repayable on demand from banks	122.840	145.250

Total	122.840	145.250

Auditors :
Name :	Sri Prakash and Company Chartered Accountants
Address :	21-22, Hari Om Nagar, Civil Lines, Gorakhpur – 373005, Uttar Pradesh, India
PAN No.:	AAIFS9325B

Memberships :	Not Available

Collaborators :	Not Available

Associates :	V.S. Textiles and Finance Private Limited. Sri Raghuvar Industries Private Limited. Paramsukh Dealers Private Limited. Hari Prasad Gopi Krishna Jewellers Private Limited. Hari Prasad BAL Krishna Jewellers Private Limited. Hari Prasad Gopi Krishna Jewellers Private Limited. Hari Prasad Bal Krishna Jewellers Private Limited B.N. Textiles & Investments Private Limited. Aishpra Jewellery Boutique Aishpra Jewellery Boutique, Varanasi Aishpra Jewellery Boutique, Lucknow

Others :	Aishpra Jewellery Boutique, Kanpur Gemini F Developers Saraf Builder

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

2,000,000	Equity Shares	Rs.10/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1,623,563	Equity Shares	Rs.10/- each	Rs. 16.236 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	16.236	7.007	7.007
(b) Reserves & Surplus	259.866	125.446	101.018
(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)	276.102	132.453	108.025

(3) Non-Current Liabilities
(a) long-term borrowings	74.446	88.472	60.849
(b) Deferred tax liabilities (Net)	0.820	0.223	0.135
(c) Other long term liabilities	10.399	6.934	3.288
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	85.665	95.629	64.272

(4) Current Liabilities
(a) Short term borrowings	255.995	211.697	167.216
(b) Trade payables	83.053	108.064	5.240
(c) Other current liabilities	17.922	38.329	64.754
(d) Short-term provisions	0.000	0.000	2.605
Total Current Liabilities (4)	356.970	358.090	239.815

TOTAL	718.737	586.172	412.112

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	59.152	60.870	29.279
(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	17.553	13.153	2.739
(c) Deferred tax assets (net)	8.306	7.269	10.971
(d) Long-term Loan and Advances	22.477	21.067	2.613
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	107.488	102.359	45.602

(2) Current assets
(a) Current investments	0.000	2.181	11.307
(b) Inventories	467.520	218.896	230.404
(c) Trade receivables	37.394	115.707	63.249
(d) Cash and cash equivalents	29.522	57.580	10.421
(e) Short-term loans and advances	76.813	89.449	51.129
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	611.249	483.813	366.510

TOTAL	718.737	586.172	412.112

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	NA	NA	NA

Less	EXPENSES
		TOTAL	NA	NA	NA

	PROFIT BEFORE TAX		NA	NA	NA

Less	TAX		NA	NA	NA

	PROFIT AFTER TAX		28.2941	24.428	22.952

	Earnings Per Share (Rs.)		17.43	34.86	32.76

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	1.20	2.27	2.11

Current Ratio (Current Asset/Current Liability)	1.71	1.35	1.53

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	7.007	7.007	16.236
Reserves & Surplus	101.018	125.446	259.866
Net worth	108.025	132.453	276.102

long-term borrowings	60.849	88.472	74.446
Short term borrowings	167.216	211.697	255.995
Total borrowings	228.065	300.169	330.441
Debt/Equity ratio	2.111	2.266	1.197

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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	28.821	61.049
Other loans and Advances	45.625	27.423
	74.446	88.472
SHORT TERM BORROWING
Loans and advances from directors	118.412	9.713
Other loans and Advances	14.743	17.602
Loan and advances from directors	0.000	39.132

Total	207.601	154.919

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10215664	28/09/2013 *	232,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA-400013, INDIA	B86612157

Date of charge modification

FIXED ASSETS:

Land
Building
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment

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.62.42
UK Pound	1	Rs.92.99
Euro	1	Rs.67.29

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	KAR

Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		47

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

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