MIRA INFORM REPORT

Report No. :	320949
Report Date :	07.05.2015

IDENTIFICATION DETAILS

Name :	MODINAGAR ROLLS LIMITED
Registered Office :	Gayatri Dhamlower Bazar, Modi Nagar – 201204, Uttar Pradesh
Tel. No. :	91-8042535884 (Mr. Raju)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.11.1995
Com. Reg. No.:	20-019051
Capital Investment / Paid-up Capital :	Rs. 16.202 Million
CIN No.: [Company Identification No.]	U65921UP1995PLC019051
IEC No.:	0595048692
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCM0137C
Legal Form :	A Closely Held Public Limited liability Company
Line of Business :	Manufacturing of Poly Utherene Coating, Callidoc – Doctoring Rolls Hydraulic Presses, Print Euro Rubber, Rolls for the Steel Industry, Metering Bar Coating Plants etc.
No. of Employees :	150 (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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual business 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.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

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 PARTED BY

Name :	Mr. Raju
Designation :	Key Executive
Contact No.:	91-8042535884
Date :	04.05.2015

LOCATIONS

Registered Office :	Gayatri Dham, Lower Bazar, Modi Nagar – 201204, Uttar Pradesh, India
Tel. No.:	Not Available
Mobile No.:	91-8042535884 (Mr. Raju)
Fax No.:	Not Available
E-Mail :	ssguptaandco@yahoo.co.in
Location :	Owned
Locality :	Commercial
Factory :	Major Asha ram Tyagi Road, Modinagar – 201204, Uttar Pradesh, India

DIRECTORS

AS ON 25.09.2014

Name :

Mr. Vikas Gupta

Designation :

Managing Director

Address :

Gayatri Dham, Lower Bazar, Modinagar, Ghaziabad – 201204, Uttar Pradesh, India

Date of Birth/Age :

25.10.1969

Date of Appointment :

01.04.2011

DIN No. :

00265109

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	U65921UP1995PLC019051	MODINAGAR ROLLS LIMITED	Managing director	01/04/2011	21/11/1995	-	Active	NO
2	U21012UP1979PLC004889	MODINAGAR PAPER MILLS LIMITED	Director	01/03/2001	01/03/2001	-	Active	NO
3	U21019UP2004PTC028216	MRL PRINTING ROLLS PRIVATE LIMITED	Director	14/01/2004	14/01/2004	-	Active	NO
4	U28910UP2009PLC038302	MRL COATERS AND PLATERS LIMITED	Director	24/09/2009	24/09/2009	-	Active	NO

Name :

Mr. Jagdish Prasad Gupta

Designation :

Whole-time Director

Address :

R. J. Enterprises, Lower Bazar, Modinagar, Ghaziabad – 201204, Uttar Pradesh, India

Date of Birth/Age :

07.05.1948

Date of Appointment :

01.04.2010

DIN No. :

00264940

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	U21012UP1979PLC004889	MODINAGAR PAPER MILLS LIMITED	Director	01/03/2001	01/03/2001	-	Active	NO
2	U65921UP1995PLC019051	MODINAGAR ROLLS LIMITED	Whole-time director	01/04/2010	01/04/2001	-	Active	NO
3	U40102DL2007PLC165058	VINAYAK TRANSCO LIMITED	Managing director	01/04/2013	21/06/2007	-	Active	NO
4	U85110UP2008PLC036306	SHAKUNTALA DEVI HOSPITAL LIMITED	Director	17/11/2008	17/11/2008	-	Active	NO

Name :

Mr. Rajesh Chand Gupta

Designation :

Director

Address :

Vasu Nursing, Lower Bazar, Modinagar, Ghaziabad – 201204, Uttar Pradesh, India

Date of Birth/Age :

02.06.1950

Date of Appointment :

01.08.2000

DIN No. :

00265023

Name :

Mr. Kaushal Gupta

Designation :

Director

Address :

Gayatri Dham, Lower Bazar, Modinagar, Ghaziabad – 201204, Uttar Pradesh, India

Date of Birth/Age :

20.01.1948

Date of Appointment :

01.04.2001

DIN No. :

00265154

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	U21012UP1979PLC004889	MODINAGAR PAPER MILLS LIMITED	Managing director	01/07/2010	06/12/1979	-	Active	NO
2	U65921UP1995PLC019051	MODINAGAR ROLLS LIMITED	Director	01/04/2001	01/04/2001	-	Active	NO
3	U21019UP2004PTC028216	MRL PRINTING ROLLS PRIVATE LIMITED	Director	14/01/2004	14/01/2004	-	Active	NO

Name :

Mr. Bhupendra Kumar Agarwal

Designation :

Director

Address :

Ashirwad, Opposite Oil Mill Gate, Lower Bazar, Modinagar, Ghaziabad – 201204, Uttar Pradesh, India

Date of Birth/Age :

26.11.1956

Date of Appointment :

21.11.1995

DIN No. :

00265219

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	U21012UP1979PLC004889	MODINAGAR PAPER MILLS LIMITED	Whole-time director	01/04/2008	02/09/1994	-	Active	NO
2	U65921UP1995PLC019051	MODINAGAR ROLLS LIMITED	Director	21/11/1995	21/11/1995	-	Active	NO

Name :

Mrs. Sushma Gupta

Designation :

Director

Address :

R. J. Enterprises, Lower Bazar, Modinagar, Ghaziabad – 201204, Uttar Pradesh, India

Date of Birth/Age :

07.09.1955

Date of Appointment :

01.08.2000

DIN No. :

00293618

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	U65921UP1995PLC019051	MODINAGAR ROLLS LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
2	U21019UP2004PTC028216	MRL PRINTING ROLLS PRIVATE LIMITED	Director	14/01/2004	14/01/2004	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Raju
Designation :	Key Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2014

Shareholding Details Attached

As on 25.09.2014

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 :	Manufacturing of Poly Utherene Coating, Callidoc – Doctoring Rolls Hydraulic Presses, Print Euro Rubber, Rolls for the Steel Industry, Metering Bar Coating Plants etc.
Products :	Poly Utherene Coating Callidoc – Doctoring Rolls Hydraulic Presses Print Euro Rubber Rolls for the Steel Industry Metering Bar Coating Plants etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

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 :

Wholesalers

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 :

150 (Approximately)

Bankers :

Banker Name	HDFC Bank
Branch Address	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 :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Term Loan	15.751	20.003
Auto Loan	2.565	2.731
Total	18.316	22.734

Financial Instituted :	Uttar Pradesh Financial Corporation, 14/88, CivilLines, Kanpur – 208001, Uttar Pradesh, India
Auditors :
Name :	S.S. Gupta and Company Chartered Accountants
Address :	239, Asaura House, Western Kutchery, Meerut – 250001, Uttar Pradesh, India
Tel. No.:	91-121-2663564 / 2663565
PAN No. :	AAHFS7832F
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1620200	Equity Shares	Rs.10/- each	Rs. 16.202 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	16.202	16.202	15.492
(b) Reserves & Surplus	160.904	157.854	160.946
(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)	177.106	174.056	176.438
(3) Non-Current Liabilities
(a) long-term borrowings	18.316	22.734	8.152
(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)	18.316	22.734	8.152
(4) Current Liabilities
(a) Short term borrowings	0.000	1.000	0.000
(b) Trade payables	36.311	38.521	20.649
(c) Other current liabilities	30.577	29.016	31.997
(d) Short-term provisions	6.133	5.173	5.173
Total Current Liabilities (4)	73.021	73.710	57.819
TOTAL	268.443	270.500	242.409
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	106.118	94.458	66.480
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	1.870	2.506	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	107.988	96.964	66.480
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	39.544	58.129	54.385
(c) Trade receivables	82.921	82.433	88.236
(d) Cash and cash equivalents	10.843	7.478	6.529
(e) Short-term loans and advances	9.374	15.533	20.201
(f) Other current assets	17.773	9.963	6.578
Total Current Assets	160.455	173.536	175.929
TOTAL	268.443	270.500	242.409

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	244.911	209.933	224.723
	Other Income	0.185	0.174	0.253
	TOTAL (A)	245.096	210.107	224.976
Less	EXPENSES
	Cost of Materials Consumed	93.240	78.327	81.096
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.197)	(1.647)	23.305
	Employees benefits expense	19.933	16.408	13.782
	Other expenses	111.677	105.736	92.053
	TOTAL (B)	224.653	198.824	210.236
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	20.443	11.283	14.740
Less	FINANCIAL EXPENSES (D)	2.599	2.846	0.724
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	17.844	8.437	14.016
Less/ Add	DEPRECIATION/ AMORTISATION (F)	14.144	14.731	9.599
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3.700	-6.294	4.417
Less	TAX (H)	0.000	0.000	1.530
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	3.700	-6.294	2.887
	IMPORTS
	Raw Materials	0.566	0.069	0.000
	TOTAL IMPORTS	0.566	0.069	0.000
	Earnings / (Loss) Per Share (Rs.)	2.28	-3.88	1.86

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.51	-3.00	1.28
Operating Profit Margin (PBDIT/Sales)	(%)	8.35	5.37	6.56
Return on Total Assets (PBT/Total Assets}	(%)	1.39	-2.35	1.82
Return on Investment (ROI) (PBT/Networth)		0.02	-0.04	0.03
Debt Equity Ratio (Total Debt/Networth)		0.10	0.14	0.05
Current Ratio (Current Asset/Current Liability)		2.20	2.35	3.04

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	15.492	16.202	16.202
Reserves & Surplus	160.946	157.854	160.904
Net worth	176.438	174.056	177.106
long-term borrowings	8.152	22.734	18.316
Short term borrowings	0.000	1.000	0.000
Total borrowings	8.152	23.734	18.316
Debt/Equity ratio	0.046	0.136	0.103

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	224.723	209.933	244.911
		(6.581)	16.662

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	224.723	209.933	244.911
Profit	2.887	(6.294)	3.700
	1.28%	(3.00%)	1.51%

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	Yes
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10345004	30/03/2015 *	39,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C51100378
2	10345030	30/01/2015 *	39,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C50737956

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Repayable on demand from Directors Relatives	0.000	1.000
Total	0.000	1.000

FIXED ASSETS

• Land
• Factory Building
• Office Building
• Grinder
• Lathe Machines
• Cranes
• Boiler
• Diesel Generator
• Fire Fighting Equipments
• Plant and machinery
• Blind Drill Machines
• Rubber Mixing Mill
• Tool and testing Equipments
• Tube well
• Cellular Phone
• Computers
• Internet equipment
• Electrical equipment
• Weighing Machine
• Furniture and fixture
• Office Equipments
• Vehicles

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. 63.52
UK Pound	1	Rs. 95.96
Euro	1	Rs. 70.54

INFORMATION DETAILS

Information Gathered by :	MAN
Analysis Done by :	SAN
Report Prepared by :	TRU

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--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	NO
--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.