MIRA INFORM REPORT

Report Date :

29.04.2011

IDENTIFICATION DETAILS

Name :	BROTHERS PHARMAMACH (INDIA) PRIVATE LIMITED
Formerly Known As :	AMBICA INDUSTRIAL CORPORATION
Registered Office :	Plot No. 2, Phase II, G.I.D.C. Estate, Vatva, Ahmadabad – 382 445, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.05.2006
Com. Reg. No.:	04-048198
CIN No.: [Company Identification No.]	U24231GJ2006PTC048198
TAN No.: [Tax Deduction & Collection Account No.]	AHMB03526F
PAN No.: [Permanent Account No.]	AACCB8964D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical Machinery.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 270000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office/ Factory :	Plot No. 2, Phase II, G.I.D.C. Estate, Vatva, Ahmadabad – 382 445, Gujarat, India
Tel. No.:	91-79-25890435 / 25831346 / 25893253/ 26575085/ 25891182
Mobile No.:	91-9825300326 (Mr. Atul Sutar)
Fax No.:	91-79-25835885
E-Mail :	mnshahco@gmail.com brothers@usa.net labelingad1@sancharnet.in
Website :	www.brothers.co.in
Area :	2000 sq ft
Location :	Owned

DIRECTORS

As On : 24.09.2010

Name :	Mr. Jayantilal Revashanker Mevada
Designation :	Director
Address :	3, Milan Park, Near Jawahar Chowk, Maninagar, Ahmadabad – 380 008, Gujarat, India
Date of Birth/Age :	22.04.1944
Date of Appointment :	14.05.2006
Din No :	00021546
Name :	Mr. Mahesh Kumar Jayantilal Mevada
Designation :	Director
Address :	32, Patel Society, Jawahar Chowk, Maninagar, Ahmadabad – 380 008, Gujarat, India
Date of Birth/Age :	24.08.1968
Qualification :	B.Com
Date of Appointment :	14.05.2006
Din No :	00021499
Name :	Mr. Nirav J. Mevada
Designation :	Director
Address :	32, Patel Society, Jawahar Chowk, Maninagar, Ahmadabad – 380 008, Gujarat, India
Date of Birth/Age :	08.09.1970
Qualification :	B.Com
Date of Appointment :	14.05.2006
Din No :	00021666

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2010

Names of Shareholders	No. of Shares
Jayantilal R. Mevada	2500
Mahesh Kumar J. Mevada	2500
Hareshkumar J. Mevada	2500
Nirav J. Mevada	2500
Total	10000

AS ON 24.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pharmaceutical Machinery.
Products :	Washing Machines Liquid Filling Machines Complete Tablet Bottle Packing Lines Air Jet Cleaning Machines Capping Machines Dry Syrup Powder Filling Lines Injectable Powder Filling Machines Wet Glue Labelling  Machines Liquid Filling Lines Dry Syrup Powder Filling Machines Sticker (Self-Adhesive) Labelling Machines · Other Packaging Machines

GENERAL INFORMATION

Customers :

· Amrutanhan

· Bisleri

· Cadila Pharmaceuticals Limited

· Dabur India Limited

· Hindustean Lever Limited

· Reliance Life Sciences Private Limited

· Reliance Industries Limited

· Torrent

· Vadilal

· Zydus Cadila

· Thums Up

· Agri Gold Farms Limited

· Agronule Industries

· Airpac Exports

· Akums

· Alembic

· APPL Amol Pharmaceutical

· Anchor Mark

· Anju Pharmaceuticals Machinery Division

· Anod Pharmaceuticals Limited

· Amour Pharmaceuticals Limited

· Aroma Winery and Distillery

· Aurobindo Pharma Limited

No. of Employees :

40 (Approximately)

Bankers :

· Bank of India, New Cloth Market Branch, New Cloth Market, Outside Raipur Gate, Ahmedabad-380002, Gujarat, India

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
ICICI Car Loan	0.172	0.338
ICICI Car Loan	0.172	0.338
Bank of Baroda (OD)	2.490	2.401
Bank of India Car Loan Ford	0.905	1.420
Total	3.739	4.497
UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	0.041	0.000
Total	0.041	0.000

Banking Relations :	--
Auditors :
Name :	Pranav Shah Chartered Accountant
Address :	120, Sukhsagar Complex, Usmanpura, Ahmadabad-380009, Gujarat, India

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs. 0.100 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs. 0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.591	4.545	3.541
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.691	4.645	3.641
LOAN FUNDS
1] Secured Loans		3.739	4.497	0.945
2] Unsecured Loans		0.041	0.000	0.000
TOTAL BORROWING		3.780	4.497	0.945
DEFERRED TAX LIABILITIES		0.465	0.275	0.067
TOTAL		12.936	9.417	4.653
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.637	3.833	1.873
Capital work-in-progress		4.075	2.918	1.814
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.248	5.890	2.729
	Sundry Debtors	19.465	10.296	10.614
	Cash & Bank Balances	7.157	4.812	4.298
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.083	5.436	3.482
Total Current Assets		37.953	26.434	21.123
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	30.490	19.846	16.983
	Provisions	2.249	3.938	3.195
Total Current Liabilities		32.739	23.784	20.178
Net Current Assets		5.214	2.650	0.945
MISCELLANEOUS EXPENSES		0.010	0.016	0.021
TOTAL		12.936	9.417	4.653

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	65.777	54.736	66.921
		Other Income	3.395	3.374	2.252
		TOTAL (A)	69.172	58.110	69.173
Less	EXPENSES
		Cost of Goods Sold	39.687	30.076	38.795
		Manufacturing Expenses	3.826	6.190	6.042
		Administrative , Selling & Distribution Expenses	18.441	19.440	18.163
		Preliminary Expenses Written off	0.005	0.005	0.005
		TOTAL (B)	61.959	55.711	63.005
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.213	2.399	6.168
Less	FINANCIAL EXPENSES (D)		0.463	0.358	0.153
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.750	2.041	6.015
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.398	0.202	0.039
	PROFIT BEFORE TAX (E-F) (G)		6.352	1.839	5.976
Less	TAX (H)		2.192	0.835	2.442
	PROFIT AFTER TAX (G-H) (I)		4.160	1.004	3.534
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.431	3.427	(0.107)
	BALANCE CARRIED TO THE B/S		8.591	4.431	3.427
	EXPORT VALUE		20.568	20.486	19.331
	IMPORTS
		Stores & Spares	0.000	1.325	0.727
	TOTAL IMPORTS		0.000	1.325	0.727
	Earnings Per Share (Rs.)		41.59	10.04	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.01	1.73	5.11
Net Profit Margin (PBT/Sales)	(%)	9.66	3.36	8.93
Return on Total Assets (PBT/Total Assets}	(%)	15.27	6.08	25.99
Return on Investment (ROI) (PBT/Networth)		0.73	0.40	1.64
Debt Equity Ratio (Total Liability/Networth)		4.25	6.09	5.80
Current Ratio (Current Asset/Current Liability)		1.16	1.11	1.05

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U24231GJ2006PTC048198
Name of the company	BROTHERS PHARMAMACH (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 2, Phase II, G.I.D.C. Estate, Vatva, Ahmadabad – 382 445, Gujarat, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge) Others
Particular of charge holder	Bank of India, New Cloth Market Branch, New Cloth Market, Outside Raipur Gate, Ahmedabad-380002, Gujarat, India
Nature of instrument creating charge	Agreement of hypothecation for consumer loan in respect of vehicles executed by the Company to secure total aggregate loan amt of Rs. 1.000 millions.
Date of instrument Creating the charge	23.12.2010
Amount secured by the charge	Rs.1.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Vehicle loan- 3.50% over base rate presently 12.50% p. A. Monthly rests or such other rate as may be prescribed by the bank from time to time Terms of repayment Vehicle loan- 35 equal monthly installments of Rs. 0.034 millions each commencing from January 2011 Margin Vehicle Loan- 20% Extent and operation of the charge First and exclusive charge by way of hypothecation on hyundai I 20 sportz cars - 2 nos. to secure the total aggregate loan of Rs. 1.000 million along with interest additional interest, penal interest, Liquidated damages, cost, charges and commission and such other amt due to the bank from time to time of what so ever nature Other Vehicle loan- Rs. 1.000 million
Short particulars of the property charged (Including location of the property)	Hyundai I 20 sportz cars - 2 Nos. includes all fittings, tools, spares, accessories and parts whatsoever situate at Plot No 2, Phase II GIDC Vatva Ahmadabad- 382 445

FIXED ASSETS

· Air Condition

· Computer

· Cycle

· Electric Fiting

· Freeze

· Internet Modem

· Mobile Phone

· Motor Car

· Plant and Machinery

· Scooter

· Telephone Equipment

· Weighing Scale

WEB SIDE DETAILS

HISTORY

Complete information about pharmaceutical machinery - including Labeling machine, washing and air jet cleaning machine, injectable powder filling machines, dry syrup powder filling machines, liquid filling machines, capping machines, wet glue Labeling machines, sticker self-adhesive Labeling machines, complete tablet bottle packing lines, dry syrup powder filling lines, packaging machines and liquid filling lines from subject, a world leader in manufacturing machinery for pharmaceutical, cosmetic, chemical, food, ayurvedic and herbal industry.

PROFILE

Incorporated as Bhavani Pattern Works in 1965 and reconstituted now as subject and started its operation from April 2007, today the group has made itself Well Known in the Pharma Industry as the largest supplier for Pharmaceutical and Packaging Machinery in India and abroad as well. Their Company brand name had been established in past by the creative Team comprising of Bhavani Labeling Systems, Bhavani Sales Corporation, ABMA Machines and Ambica Labeling Private Limited, which were known to everybody in India.

Their Vision is to deliver well engineered, high quality Pharmaceutical and Packaging Machinery meeting the clients requirement, international or equivalent codes and standards at reasonable prices.

Their Customer portfolio includes National and International Pharmaceutical, Biotech, Healthcare, pesticide, Agro-Chemicals, food and beverage, cosmetic, chemical and allied  Companies. They have sold more than 2000 machines in India and Abroad.

Their activities are operated in total area of over 80,000 Sq. Ft., with a team of 75 dedicated in competent personnel in Design, Planning, Purchase, Sales, administration and Production areas. They manufacturing and supply innovative, production oriented, efficient and cost efficient packaging machinery. Their products are exported to USA, Belgium, Philippines, Indonesia, Pakistan, Bangladesh, Sri Lanka, Africa and many companies in Gulf and Southern Asia.

They have the experience as major business contributor  of Ambica Labeling Private Limited and later have steadily established our own individual identity as Manufactures of quality High Speed Labeling and   other  Packaging Machine to meet the requirements of Pharmaceutical ,Pesticide, Food, Beverage, Cosmetic, Chemical, Health-Care as well as Packgaing Industries of national and multinational repute , in India and  Abroad.

Now we are happy to lunch our new venture subject From 2007 as our new Corporate Identity to server their valued customers with same infrastructure, better services and after sales support who have supported them in last 45 years.

Till date we have sold more than 2000 machines in India and Abroad. Their  range of WASHING, LIQUID FILLING, POWDER FILLING ,CAPPING AND WET GLUE /STICKER LABELLING Machines, are in use with great satisfaction at most major Indian as well as Multinational Pharmaceutical Companies throught –out India and Abroad.

Over the past four decades, they have developed a varieties of Labeling Machines  for  the First Time in India i.e. Versatile  Semi Automatic Labeling Machine, Model BS-40, suitable for small industrial establishments, Automatic labeling Machine, Model AHL-125, for Large Sized Containers, Automatic  High Speed Wet Glue Labeling Machine Model AHL-300 for Vials specially suitable for high speed Injectable  Vial Filling Lines, High Speed Flat Bottle Glue Labeling Machine ,Model AHL-400, Automatic Super High Speed Glue Labeling Machine Model AHL-400, Automatic Suoer High Speed Flat Bottle Glue Labeling Machine , Model AHL – 300F, Automatic Super High Speed Glue Labeling Machine  Model AHL -400  Automatic Super High Speed  Vertical Ampoule Sticker Labeling Machine Model BL-400, Automatic Rotary Sticker Labeling Machine to apply full wrap round /overlap labeling on Square or Rectangular shaped containers and Automatic Sticker Labeling Machine with great features, use friendly operation with cost effective production for various shape and size products and many more.

Their machines are exported to many Countries , to name a few France , USA, Bangladesh, Nepal , Sri Lanka , Malaysia, Singapore, Indonesia , Philippines, UAE., Jordan , Ghana and many more is Asia , Africa and Gulf.

MILESTONES:

By adopting the latest developments and offering cost effective solutions, Brothers acquired a reputable clientele in India as Abroad in past 45 years.

The Mile Stones and also for the 1st In India :

1965
Started as manufacturers of Wooden Patterns for Casting under the name of Bhavani Pattern works by Mr. J R Mevada

1984
Started new company by J. R. Mevada with his brothers in the name of Ambica Industrial corporation which was later become very popular in India for wet glue Labeling machine as a Ambica Labeling

1985
Started indigenous manufacture of Spare Parts for Imported Labeling Machines

1987
Developed India's First Super High Speed Wet Glue Labeling Machine Model AHL-300 specially for Pharmaceutical Industries.

1989
Manufactured and Introduced Automatic Wet-Glue Labeling Machine, AHL-125 suitable for wraparound labeling on Large Bottles/Containers suitable for Food and Pesticide Industries

1990
Introduced for the first time in India, Semi Automatic (Wet-Glue) Labeling Machine Model BS-40 with No Change Parts system.

1992
Introduced Semi Automatic Labeling Machine Model BS-40 with Electronic Label Pick-up system

1995
Introduced Self-Adhesive Sticker Labeling Machines, with 100% User Friendly, unique Plug and Play Features incorporating Automatic Label Length Detection System. Machine also having unique overall look which was later followed by many companies. This machine has change the concept in Sticker Labeling technology in India.

1997
Introduced India's First Super High Speed Wet Glue Labeling Machine Model AHL-400 suitable for Labeling on Vials and Bottles with Speed of 400 Labels per minute for pharmaceutical industries

1997
They are the only Company in India having successfully installed and commissioned, India's first Injectable Liquid Filling line with Isolator Technology at the Oncology Plant of M/s. Intas Pharmaceuticals Limited. All Filling and Capping machines fabricated and manufactured with special care with using totally stainless steel 304 and 316L material including machine frame structure, top plate and conveyor etc. and the total work of Isolator was completed by Isotech, Canada.

1998
Introduced Self-Adhesive Sticker Labeling Machine suitable for 1kg. to 5kg. Large Poly Jars, machine was supplied to - Dabur India, Ghaziabad.

1999
Introduced India's first High Speed Linear Wet-Glue Labeling Machine, AHL-300F suitable for Flat Bottles

1999
Developed Automatic outserter (leaflet) pasting machine with speed of 60 Bottles per minute for Tablet Bottle Packing line.

2000
Introduced Super speed 12-Head Vial Capping Machine, AHCS-450 with speed 450 Vials per minute and successfully installed at M/s. Chiron Behring Vaccines.

2000
Introduced India's First Vertical High Speed Rotary Ampoule / Vial Labelling Machine, BL-400, with speed of 400 Labels Per minute and successfully installed at M/s. Chiron Behring Vaccines(Hoechst) Ankles

2001
Introduced High Speed Rotary Dry Syrup Powder Filling machine with speed up-to 120 bottles per minute.

2001
Introduced Sticker Label Roll Winding and Counting Machine suitable for counting Label Roll, mainly for the pharmaceutical companies.

2001
Introduced High Speed Rotary Monoblock Dry Syrup Powder Filling+Capping machine with speed up-to 120 bottles per minute.

2003
Developed Automatic High Speed Rotary Vial Labeling Machine with Automatic Vial Feeding system for non-stable vials for M/s. Chiron Vaccines with speed of 450 Vials per minute for continuous non stop operation of their 2ml unstable Vial Labeling.

2004
Launched India's first Rotary Sticker Labeling Machine to apply Wrap Round Label on Square, Rectangular or other Shape products.

2006
Introduced Automatic High Speed Outserter/Leaflet Fixing Machine with speed of 150 bottles per minute.

2007
Started exporting to USA by Exporting First Complete Liquid Filling line for Bottles.

2008
In December 2008 they have launched India's First 600 Labels per minute Speed High Speed Vertical Rotary Ampoule Sticker Labeling Machine and also 150 Bottles per minute Speed Rotary Mono-block Dry Syrup Powder Filling + Capping Machine.

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.44.33
UK Pound	1	Rs.74.13
Euro	1	Rs.65.78

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	5
--PROFITABILIRY	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.