MIRA INFORM REPORT

Report No. :	346905
Report Date :	30.10.2015

IDENTIFICATION DETAILS

Name :	E-MUG TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Plot No. 21, 2^nd Floor, Gardenia Mabuhay, S. No. 60,61,62 and 63, Jayabheri Pine Valley, Gachibowli, Serilingampally, Hyderabad – 500019, Telangana
Tel. No.:	91-40-23019200/23019230/23019330
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.10.2001
Com. Reg. No.:	36-037881
Capital Investment / Paid-up Capital :	Rs. 4.562 Million
CIN No.: [Company Identification No.]	U72200TG2001PTC037881
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 :	Subject is engaged in providing best-of-breed solutions, it offers CAD/CAM/CAE engineering design, manufacturing, human resources management services and training services.
No. of Employees :	190 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 460000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2001 having satisfactory track. It is engaged in providing CAD/CAM/CAE engineering design, manufacturing, human resources management services and training services. As per financial of the year 2014, company has reported increase in its total revenue profile by 16% as compared to its previous year records which further resulted to rise in net profit company during a year under a review. Rating also considers company’s sound financial risk profile backed by its healthy net worth base, comfortable liquidity position and low debt balance sheet profile of the company. 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 trade 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 – 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	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 (GENERAL DETAILS)

Name :	Mr. Ramgangadhar
Designation :	Accounts Manager
Contact No.:	91-40-23019235
Date :	27.10.2015

LOCATIONS

Registered Office/ Head Office / Corporate Office/:	Plot No. 21, 2^nd Floor, Gardenia Mabuhay, S. No. 60,61,62&63, Jayabheri Pine Valley, Gachibowli, Serilingampally, Hyderabad – 500019, Telangana, India
Tel. No.:	91-40-23019200/23019230/23019330
Fax No.:	Not Available
E-Mail :	info@emugtech.com accounts@emugtech.com
Website :	www.emugtech.com
Branch Office 1 :	# Door No 47-10-10, Flat No S-1, 2nd floor, Rednam Regency Plaza, 2nd Lane, Dwarakanagar, Vishakapatnam-530016, Andhra Pradesh, India
Branch Office 2 :	201-202, Vamsi Estate, Ameerpet Opposite Big Bazar, Hyderabad-500016, Telangana, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Siva Prasad Kuppili
Designation :	Managing Director
Address :	Flat No.1010, Block No.18, Amethyst, Myhome Jewel, Medeenaguda, Serilingampally, Miyapur, Hyderabad-500049, Telangana, India
Date of Birth/Age :	01.04.1972
Date of Appointment :	04.10.2001
DIN No.:	02227094
Name :	Mr. Polu Vishwanath Reddy
Designation :	Director
Address :	Plot N0.64, Viman Nagar, Behind Anand Cinema, Secunderabad, Hyderabad-500003, Telangana, India
Date of Birth/Age :	18.08.1 973
Date of Appointment :	28.09.2002
DIN No.:	00618540
Name :	Mr. Tripuram China Venkata Reddy
Designation :	Director
Address :	Flat No.S-2, Jagruthi Enclave, Dharam Karam Road, Ameerpet, Hyderabad-500016, Telangana, India
Date of Birth/Age :	10.06.1971
Date of Appointment :	28.09.2002
DIN No.:	00618552
Name :	Mr. Sama Shekar Reddy
Designation :	Whole-Time Director
Address :	H. No.: 6-3-1219/1/6/1, Flat No.: 403, Uma Nagar, Begumpet, Behind Life Style, Hyderabad-500016, Telangana, India
Date of Birth/Age :	05.06.1971
Date of Appointment :	05.04.2004
DIN No.:	00618569

KEY EXECUTIVES

Name :	Mr. Ramgangadhar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Tripuram China Venkata Reddy	114048	25.00
Polu Vishwanath Reddy	114048	25.00
Sama Shekar Reddy	114048	25.00
Siva Prasad Kuppili	114048	25.00
Total	456192	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing best-of-breed solutions, it offers CAD/CAM/CAE engineering design, manufacturing, human resources management services and training services.
Products/ Services :	CAD/CAM/CAE Engineering design Human resources management services Corporate Training Manufacturing Japanese Language Training
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Countries :	· United Kingdom · United States of America
Imports :
Products :	Raw Material
Countries :	United States of America
Terms :
Selling :	Advance Payment / Cheque / Credit (30/60 Days)
Purchasing :	Advance Payment / Cheque / Credit (30/60 Days)

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

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

End Users, OEMs

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

190 (Approximately)

Bankers :

Bank Name	The Hongkong and Sanghai Banking Corporation
Branch	FTG, 16, V N Road, Near Horniman Circle, Fort, Mumbai - 400001, 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

· Axis Bank Limited

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West) , Mumbai, Maharashtra - 400013, India

· HDFC Bank Limited, Somajiguda Branch, Hyderabad, Telangana, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
HDFC Flat pallo SDX car loan	0.210	0.097
HDFC ford figo car loan	0.352	0.093
HDFC ford figo car loan	0.081	0.260
BMW Financial BMW XI Car Loan	0.000	0.861
Tata Capital scoda laura car loan	0.000	0.385
Kotak Mahindra Honda city car loan	0.000	0.053
Reliance finance limited	0.000	0.381
HDFC BMW X1 car loan	1.766	0.000
HDFC ford Ecosport Car Loan	0.787	0.000
HDFC Honda City Amaze Car Loan	0.647	0.000
HDFC Duster Cal Loan	0.707	0.000
HDFC Skoda Laura Car Loan	0.692	0.000
HDFC Honda City Car Loan	0.442	0.000
HDFC Scoda Rapid Car Loan 0411	0.954	0.000
HDFC Scorpio Car Loan 9399	0.503	0.000
Honda City Car Loan 7537	0.252	0.000
ICICI Mahindra XUV 500 car Loan	1.088	0.000
Short-term borrowings
HDFC Business Loan	0.688	1.388
Axis Bank OD A/c	9.045	0.000
Total	18.214	3.518

Auditors :
Name :	Madu K Reddy Associates Chartered Accountants
Address :	Flat No. 306, Vamsee Estates, Opposite Sitara Hotel, Ameerpet, Hyderabad- 500016, Telangana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFN5483B
Memberships :	--
Collaborators :	--
Subsidiaries :	· E-mug Energy Private Limited CIN No.: U40300TG2012PTC083499 · E-mug Food Industries Private Limited CIN No.: U15500TG2012PTC084326
Associates/Subsidiaries (As Confirmed by the management) :	E-Mug Engineering Services Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/- each	Rs. 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
456,192	Equity Shares	Rs.10/- each	Rs. 4.562 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	4.562	4.562	4.562
(b) Reserves & Surplus	155.345	151.343	153.784
(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)	159.907	155.905	158.346
(3) Non-Current Liabilities
(a) long-term borrowings	8.481	2.130	5.046
(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)	8.481	2.130	5.046
(4) Current Liabilities
(a) Short term borrowings	9.733	1.388	2.538
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.603	0.183	17.354
(d) Short-term provisions	22.033	19.239	55.802
Total Current Liabilities (4)	32.369	20.810	75.694
TOTAL	200.757	178.845	239.086
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	38.427	21.716	27.764
(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	38.207	26.033	73.442
(c) Deferred tax assets (net)	0.958	0.594	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	77.592	48.343	101.206
(2) Current assets
(a) Current investments	0.020	0.020	0.020
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	15.908	15.179	16.871
(d) Cash and cash equivalents	8.005	17.026	72.403
(e) Short-term loans and advances	99.232	98.277	48.586
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	123.165	130.502	137.880
TOTAL	200.757	178.845	239.086

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	73.126	56.817	233.969
		Other Income	16.244	19.924	81.072
		TOTAL (A)	89.370	76.741	315.041
Less	EXPENSES
		Employees benefits expense	54.422	44.860	103.475
		Other expenses	22.324	19.227	36.506
		Disclosure Income	(1.500)	0.000	0.000
		TOTAL (B)	75.246	64.087	139.981
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		14.124	12.654	175.060
Less	FINANCIAL EXPENSES (D)		0.762	0.509	2.327
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.362	12.145	172.733
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.567	8.919	20.160
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		5.795	3.226	152.573
Less	TAX (H)		1.793	1.668	58.858
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		4.002	1.558	93.715
Less/ Add	PERVIOUS YEAR PROFIT/ (LOSS)		95.274	93.715	0.000
	PROFIT/ (LOSS) FOR THE PERIOD		99.275	95.274	93.715
	Earnings / (Loss) Per Share (Rs.)		8.77	3.42	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.47	2.74	40.05
Operating Profit Margin (PBIDT/Sales)	(%)	19.31	22.27	74.82
Return on Total Assets (PBT/Total Assets}	(%)	3.59	2.12	92.11
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.96
Debt Equity Ratio (Total Debt /Networth)		0.11	0.02	0.05
Current Ratio (Current Asset/Current Liability)		3.81	6.27	1.82

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	4.562	4.562	4.562
Reserves & Surplus	153.784	151.343	155.345
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	158.346	155.905	159.907
long-term borrowings	5.046	2.130	8.481
Short term borrowings	2.538	1.388	9.733
Total borrowings	7.584	3.518	18.214
Debt/Equity ratio	0.048	0.023	0.114

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	233.969	56.817	73.126
		(75.716)	28.704

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	233.969	56.817	73.126
Profit	93.715	1.558	4.002
	40.05%	2.74%	5.47%

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)	Yes
16]	No. of employees	Yes
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	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	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 # 201 & 202, 2nd Floor, Vamsi Estate, Opposite Chandana Brothers, Ameerpet, Hyderabad- 500016, Telangana, India to the present address w.e.f. 24.01.2014

OPERATIONS:

e-mug Technologies Private Limites, has been an emerging Engineering solutions company with wide range of services to Automotive, Aerospace, Heavy Engineering, Appliances and industrial verticals, We have an Eco-System around our suppliers to provide end-to-end solutions to our clients. E-mug has gat its own training team which recruit young talent and groom them to equip high-end system level skills for our various projects. This helps e-mug to control the cost and retain the talent for tang time.

FUTURE PROSPECTUS:

e-mug has recently entered MoU with a Swedish company to deliver Integration level Engineering solutions to Automotive companies across the globe. E-mug has recently incorporated subsidiary in UK to operate through European Union. A German subsidiary is also on plans to incorporate this year. More office space is acquired in Hyderabad.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10592855	25/08/2015	27,650,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C65148157
2	10487934	28/03/2014 *	43,500,000.00	State Bank of Hyderabad	NMDC, Khanij Bhavan, 10-3-311/A,, Castle Hills, Masab Tank,, Hyderabad, Andhra Pradesh - 500028, INDIA	C04232088
3	10484358	11/12/2014 *	20,000,000.00	Axis Bank Limited	Corporate Banking Branch, 6-3-879-B,Ist floor, G .Pulla Reddy Building, Greenlands, Begumpet Road,, Hyderabad, Telangana - 500016, INDIA	C42774430

* Date of charge modification

FIXED ASSETS

• Land
• Furniture and fixture
• Plant and machinery
• Vehicle
• Computer
• Building
• Software
• 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 records 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.65.15
UK Pound	1	Rs.95.36
Euro	1	Rs.71.84

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	HNA
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.