MIRA INFORM REPORT

Report No. :	349018
Report Date :	06.11.2015

IDENTIFICATION DETAILS

Name :	L.R. FERRO ALLOYS PRIVATE LIMITED

Registered Office :	615, 6^th Floor, 27 Weston Street, Bowbazar, Kolkata – 700012, West Bengal
Mobile No.:	91-9199233955 (Mr. Sarkar)

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	20.12.1988

Com. Reg. No.:	21-045790

Capital Investment / Paid-up Capital :	Rs.40.890 Million

CIN No.: [Company Identification No.]	U27104WB1988PTC045790

IEC No.:	Not Available

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

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Importer of Ferro Vanadium.

No. of Employees :	60 (Approximately) (20 - Permanent / 40 - Contract)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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 :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. The company has incurred losses from its relatively modest operations in the year 2015. However, the company has adequate networth base along with acceptable debt level in the year under consideration. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, 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

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. K.K. Sarkar
Designation :	Account Officer
Contact No.:	91-651-2205658
Date :	05.11.2015

LOCATIONS

Registered Office :	615, 6^th Floor, 27 Weston Street, Bowbazar, Kolkata – 700012, West Bengal, India
Tel. No.:	Not Available
Mobile No.:	91-9199233955 (Mr. Sarkar)
Fax No.:	Not Available
E-Mail :	irfa@lohia.co.in kks.lohiagroup@gmail.com
Website :	http://www.lohia.co.in
Area :	200 sq. ft.
Location :	Rented
Locality :	Commercial

Head Office :	4^th Floor, CROSSWINDZ, 41, Court Road, Ranchi – 834001, Jharkhand, India
Tel No.:	91-651-2205658
Fax No.:	91-651-2204906

Factory :	At P.O – Neori Vikas, Ranchi – 835217, Jharkhand, India
Tel No.:	91-651-3294517
Email :	rch_lohia@sancharnet.in irfaranchi@gmail.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Rajiv Rajgarhia

Designation :

Director

Address :

219, Diamond Harbour Road, Block-J, New Alipore, Kolkata - 700053, West Bengal, India

Date of Birth/Age :

24.07.1962

Date of Appointment :

20.12.1988

DIN No.:

00557022

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	U27104WB1988PTC045790	L.R.FERRO ALLOYS PVT LTD.	Director	20/12/1988	20/12/1988	-	Active	NO
2	U34100BR1960PTC000666	PROGRESSIVE MOTORS PRIVATE LIMITED	Director	02/01/2001	02/01/2001	-	Strike off	NO
3	U28999WB1960PTC024796	ORIENT INDUSTRIES PVT LTD	Director	02/04/2001	02/04/2001	-	Active	NO
4	U65921WB1961PTC025249	PROGRESSIVE CREDIT CORPN. PVT LTD	Director	02/04/2001	02/04/2001	-	Strike off	NO
5	U70200WB1955PTC022191	HIND PROPERTIES PVT LTD	Director	02/04/2001	02/04/2001	08/03/2013	Active	NO
6	U51909WB2010PTC145685	ARNOLD MARKETING PRIVATE LIMITED	Director	03/05/2010	03/05/2010	07/02/2012	Active	NO
7	U51109WB2007PTC121018	SAFFRON DEVELOPERS PRIVATE LIMITED	Director	03/05/2010	03/05/2010	06/02/2012	Active	NO

Name :

Mr. Sushil Lohia

Designation :

Director

Address :

502, Riddhiman Appartment, Basant Bihar, Kanke Road, Ranchi - 834008, Jharkhand, India

Date of Birth/Age :

22.07.1940

Date of Appointment :

01.07.1992

DIN No.:

00656074

Name :

Mr. Praful Kumar Dattani

Designation :

Director

Address :

111, A. G. Colony, Kadru, Ranchi - 834002, Jharkhand, India

Date of Birth/Age :

21.12.1951

Date of Appointment :

01.04.1999

DIN No.:

00656634

Name :

Mr. Samir Lohia

Designation :

Director

Address :

502, Riddhiman Appartment, Basant Bihar, Kanke Road, Ranchi - 834001, Jharkhand, India

Date of Birth/Age :

14.10.1968

Date of Appointment :

20.12.1988

DIN No.:

00655736

Name :

Mr. Rinkoo Lohia

Designation :

Director

Address :

502, Riddhiman Appartment, Basant Bihar, Kanke Road, Ranchi - 834001, Jharkhand, India

Date of Birth/Age :

12.12.1971

Date of Appointment :

05.01.2004

DIN No.:

00656200

Name :

Ms. Kanta Lohia

Designation :

Director

Address :

502, Riddhiman Appartment, Basant Bihar, Kanke Road, Ranchi - 834001, Jharkhand, India

Date of Birth/Age :

07.09.1945

Date of Appointment :

05.01.2004

DIN No.:

00656146

KEY EXECUTIVES

Name :	Mr. K.K. Sarkar
Designation :	Account Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders		No. of Shares
Sushil Lohia		94300
Samir Lohia		70100
Kanta Lohia		73100
Rajiv Rajgarhia		6350
Rahul Rajgarhia		8850
Progressive Motors (P) Limited		21450
Alka Lohia		6000
Shekhar Lohia		11000
Sanjay Lohia		4500
Minu Lohia		12500
Ellar Holdings (P) Limited		1363000
Lohia Holdings (P) Limited		1887000
Rinkoo Lohia		43000
Ellar Commercial (P) Limited		468000
Rajiv Rajgarhia		19850
Total		4089000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	91.45
Directors or relatives of Directors	8.55
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Ferro Vanadium.

Products :	Ferro Vanadium

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :
Products :	Raw Material
Countries :	China

Terms :
Selling :	Cash, L/C and Credit

Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Hindalco Industries Limited – Renukoot, Utter Pradesh, India
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

Golchha Chemical Industries
Golchha Enterprises Private Limited
Kalyan Chemicals
Impex Metal and Ferro Alloys Private Limited
Amr Traders Limited
Shark Detective and Security Services Private Limited
Varsa Bullion and Elemental Analab
Shraddha Electrical and Electronics
V-Trans India Limited

Customers :

Wholesalers and Retailers

Reference :	Sail – Bhilai
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 :

60 (Approximately) (20 - Permanent / 40 - Contract)

Bankers :

Bank Name	Union Bank of India
Branch	Doranda Branch, 20 Chaibasa Road, Ranchi - 834002, Jharkhand, India
Person Name (With Designation)	Mr. Shekhar Sinha (A.G.M.)
Contact Number	91-651-2482480
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)	Cash Credit = Rs. 6.500 Million
Account Operation	Not Divulged
Remarks (If any)	Declined to part any info- (Facility confirm by Mr. Sarkar (Account Officer))

State Bank of India, Commercial Branch, Ratu Road, Ranchi, Jharkahnd, India

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loan from Bank :
Union Bank of India, Doranda, Ranchi, Jharkhand, India	NA	6.284
HDFC Bank Limited	NA	17.888
Total	NA	24.172

Auditors :
Name :	H. Adukia and Associates Chartered Accountants
Address :	Adukia Bhawan, Bansidhar Adukia Road, Upper Bazar, Ranchi – 834001, Jharkhand, India
Tel. No.:	91-651-2207752
Mobile No.:	91-9431178001
E-Mail :	adukiahimanshu@rediffmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFH6097Q

Memberships :	Not Available

Collaborators :	Not Available

Sister Concern :	Ellar Holding Private Limited Ellar Commercial Private Limited Lohia Holding Private Limited Nagarjun Textile India Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 40.890 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

4089000	Equity Shares	Rs.10/- each	Rs.40.890 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	40.890	40.890	40.980
(b) Reserves & Surplus	88.787	90.176	92.653
(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)	129.677	131.066	133.633

(3) Non-Current Liabilities
(a) long-term borrowings	39.346	57.062	38.432
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.005	0.005	0.005
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	39.351	57.067	38.437

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.542	0.658	4.289
(c) Other current liabilities	0.484	0.333	0.455
(d) Short-term provisions	0.000	0.000	0.201
Total Current Liabilities (4)	1.026	0.991	4.945

TOTAL	170.054	189.124	177.015

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.549	4.821	5.594
(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	77.807	102.963	87.331
(c) Deferred tax assets (net)	0.479	0.419	0.364
(d) Long-term Loan and Advances	12.736	12.736	12.733
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	97.571	120.939	106.022

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	38.369	47.769	23.237
(c) Trade receivables	18.458	2.619	29.884
(d) Cash and cash equivalents	1.440	0.362	9.415
(e) Short-term loans and advances	10.103	14.583	7.585
(f) Other current assets	4.113	2.852	0.782
Total Current Assets	72.483	68.185	70.903

TOTAL	170.054	189.124	176.925

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	89.938	46.652	104.441
	Other Income	1.576	3.231	5.200
	TOTAL (A)	91.514	49.883	109.641

Less	EXPENSES
	Cost of Materials Consumed	75.503	35.247	91.111
	Extraordinary Items - Adjustment on account of change in method of depreciation	4.428	0.000	0.000
	Employees benefits expense	1.914	1.285	1.182
	Other expenses	11.719	10.330	10.649
	TOTAL (B)	93.564	46.862	102.942

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(2.050)	3.021	6.699

Less	FINANCIAL EXPENSES (D)	5.267	4.359	3.980

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(7.317)	(1.338)	2.719

Less	DEPRECIATION/ AMORTISATION (F)	1.090	1.195	1.463

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(8.407)	(2.533)	1.256

Less	TAX (H)	(0.059)	(0.055)	0.091

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(8.348)	(2.478)	1.165

	Earnings / (Loss) Per Share (Rs.)	(2.04)	(0.61)	0.29

Expected Sales (2015-2016) : Rs.40.000 Million

The above information has been parted by Mr. K.K. Sarkar (Account Officer)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(9.28)	(5.31)	1.12

Operating Profit Margin (PBIDT/Sales)	(%)	(2.28)	6.48	6.41

Return on Total Assets (PBT/Total Assets}	(%)	(9.16)	(2.95)	1.41

Return on Investment (ROI) (PBT/Networth)		(0.06)	(0.02)	0.01

Debt Equity Ratio (Total Debt /Networth)		0.30	0.44	0.29

Current Ratio (Current Asset/Current Liability)		70.65	68.80	14.34

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	40.980	40.890	40.890
Share Application money pending allotment	0.000	0.000	0.000
Net worth	133.633	131.066	129.677

long-term borrowings	38.432	57.062	39.346
Short term borrowings	0.000	0.000	0.000
Total borrowings	38.432	57.062	39.346
Debt/Equity ratio	0.288	0.435	0.303

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	104.441	46.652	89.938
		(55.332)	92.785

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	104.441	46.652	89.938
Profit	1.165	(2.478)	(8.348)
	1.12%	(5.31%)	(9.28%)

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	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	Yes
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 4^th Floor, 219, J. Block, New Alipore, Kolkata – 700053, West Bengal, India to the present address w.e.f. 28.10.2013

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term loan from Others :
From Shareholders	NA	32.890
Total	NA	32.890

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10191903	02/12/2009	200,000.00	UNION BANK OF INDIA	DORANDA BRANCH, 20 CHAIBASA ROAD, RANCHI, Jharkhand - 834002, INDIA	A75943548
2	90253801	12/01/1998	7,950,000.00	UNION BANK OF INDIA	20; CHALBASA ROAD, RANCHI, Bihar - 834002, INDIA	-
3	90255791	01/11/1995	300,000.00	BANK OF INDIA	RANCHI, RANCHI, Bihar - 834002, INDIA	-

FIXED ASSETS

Land
Factory Building
Plant and Machinery
Air Conditioner
Office Equipment
Furniture and Fixture
Generator
Scooter
Car
Computer

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.65.67
UK Pound	1	Rs.101.02
Euro	1	Rs.71.34

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	KIN

Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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