MIRA INFORM REPORT

Report Date :

01.12.2011

IDENTIFICATION DETAILS

Name :	NOSCH LABS PRIVATE LIMITED
Registered Office :	Flat No. 404 to 406, IV^th Floor, Vijay Sai Towers, Opposite BJP Office, Kukatpally, Hyderabad – 500 072, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.08.2001
Com. Reg. No.:	01-37086
Capital Investment / Paid-up Capital :	Rs. 13.333 Millions
CIN No.: [Company Identification No.]	U24231AP2001PTC037086
TAN No.: [Tax Deduction & Collection Account No.]	HYDN00704E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Bulk Drugs and Intermediates.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 2587000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Ms. Arpita
Designation :	Account Manager
Contact No.:	91-40-23154400
Date :	29.11.2011

LOCATIONS

Registered Office :	Flat No. 404 to 406, IV^th Floor, “Vijay Sai Towers”, Opposite BJP Office, Kukatpally, Hyderabad – 500 072, Andhra Pradesh
Tel. No.:	91-40-23154400/ 01/02/03 (5 lines)
Fax No.:	91-40-23154405 / 2315 4406
E-Mail :	dodda@noschlabs.net noschlabs@noschlabs.net hyd2_nosch@sancharnet.in vasanth@noschlabs.net noschaccounts@noschlabs.net
Website :	www.noschlabs.net www.noschlab.com
Location :	Owned
Corporate Office :	Flat No. 201 and 202, Bhanu Enclave, 7-1-638 to 643/1, Sunder Nagar, Erragadda, Hyderabad – 500 038, Andhra Pradesh, India
Tel. No.:	91- 40-23818065 / 23704075 / 23818059 / 23818068/ 23701740
Fax No.:	91-40-23818059
E-Mail :	hyd2_nosch@sancharnet.in vasanth@noschlabs.net dadda@noschlabs.net gpc@noschlabs.net noschlaba@noschlabs.net
Website :	www.noschlabs.com www.noschlabs.net
Location :	Rented
Factory 1 :	Bonthapally, Hyderabad, Andhra Pradesh, India
Location :	Owned
Factory 2 :	5-5-35/33/3, Prashanthi Nagar, IDA, Kukatpally, Hyderabad – 500 072, Andhra Pradesh, India
Location :	Owned
Factory 3:	Survey No.14, IDA Gadda Potharam Village, Kazipally Jinnaram, Medak District, Andhra Pradesh-500319, India
Location :	Owned
Factory 4:	Nagaram Village, Choutuppal Mandal, Nalgonda Dist. Andhra Pradesh - 508252, India
Factory 5:	Veliminedu Village, Chityal Mandal, Nalgonda Dist. Andhra Pradesh - 508114, India

DIRECTORS

As on 30.09.2011

Name :

Dr. Bhimireddy Satyanarayana Reddy

Designation :

Managing Director

Address :

Plot No. 12, Srinivasa Nagar Medical Society, Water Tank Lane, Kukatpally, Hyderabad, Rangareddy – 500072, Andhra Pradesh, India

Date of Birth/Age :

14.01.1964

Qualification :

P.H.D

Date of Appointment :

01.10.2001

Din No.:

00008173

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231AP2001PTC037086	Nosch Labs Private Limited	Managing director	01-10-01	01-10-01	-	Active	NO
2	U74999AP2007PLC056002	Nalgonda Enviro-Tech Limited	Director	18-10-07	18-10-07	-	Active	NO
3	U01400AP2010PTC067211	BSN Agro Farms Private Limited	Director	24-02-10	24-02-10	-	Active	NO

Name :

Mr. Tummuru Rajasekhar Reddy

Designation :

Whole Time Director

Address :

Plot No.: 637, 1^st Floor, Vivekanada Nagar, Rangareddy, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

19.02.1973

Date of Appointment :

01.10.2001

Din No.:

00008266

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231AP2001PTC037086	Nosch Labs Private Limited	Whole-time director	01-10-01	01-10-01	-	Active	NO
2	U01119AP2011PTC074956	Hamsathi Agro Farms Private Limited	Director	13-06-11	13-06-11	-	Active	NO

Name :

Mr. Veera Venkata Satyanarayana Reddy Dodda

Designation :

Whole Time Director

Address :

7-1-643, Flat No. 301, Lassy, A / Pujithaapts, Sunder Nagar, Hyderabad – 500038, Rangareddy , Andhra Pradesh, India

Date of Birth/Age :

10.06.1917

Date of Appointment :

01.10.2001

Din No.:

00008220

Name :

Mr. Gustavo Daniel Lorenzo Pelizzari, Foreigner

Designation :

Director

Address :

Calle Costa Brava, 24, Madrid – 28034, Spain

Date of Birth/Age :

07.09.1972

Date of Appointment :

22.06.2006

Din No.:

00104930

Name :

Ms. Isabel Alcalde Giraudo, Foreigner

Designation :

Director

Address :

Calle Nueva 16, Las Rozas, Madrid – 28231, Spain

Date of Birth/Age :

07.08.1969

Date of Appointment :

22.06.2006

Din No.:

00105072

KEY EXECUTIVES

Name :	Ms. Arpita
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Bhimireddy Satyanara Yana Reddy	261000
Tummuru Rajasekhrreddy	99750
Dodda Veera Venkata Satypanrayana Reddy	131250
Bhimireddy. Vijayalakshmi	45000
Bhimireddy Goutham Reddy	15000
Bhimireddy Vivek Reddty	15000
Tummuru Sridevi	30000
Tummuru Radhadevi	33750
Tummuru Vekatarami	30000
Tummuru Avinash Reddy	15000
Doda Madhavi	33750
Doda Vijaya Spandana	29500
Appala Ramprasad	8000
Mandapati Satyanarayan A Reddy	16000
Doda Vijaya Samhita	19250
Gali Pradeep Chowdhury	1500
Cheennareddy Sasidhar	750
Tummuru Hamsathi	15500
Alkmaar Export B V, The Netherlands	533333
TOTAL	1333333

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Foreign Holding Foreign Institutional Investor(S),Foreign Companies(S), Foreign Financial Institution(S), Non-Resident Indian(S), Or Overseas Corporate Bodies Or Other	40.00
Directors or relatives of directors	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Bulk Drugs and Intermediates.

Products :

Product Description	ITC Code No
Bulk Drugs and Intermediates	2942.00

• List of active pharmaceutical Ingredients
• Semi – Finished Formulations
• Intermediate Chemicals

Exports :

Products :

Bulk Drugs

Countries :

• European Countries

Imports :

Products :

Raw Material

Countries :

• Europe

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS

As on 31.03.2011

Particulars	Installed Capacity	Actual Production
Bulk Drugs and Intermediates (Manufactured goods)	200 MTs (varies based on product Mix as certified by Management)	264321 Qty in Kgs

GENERAL INFORMATION

Suppliers :

• Neeraj Industries

Customers :

Retailers

• Dr Reddy’s lab

No. of Employees :

300 (Approximately)

Bankers :

• Axis Bank Limited, Begumpet Branch, 6-3-879/B, Greenlands Road, Begumpet, Hyderabad, Andhra Pradesh, India
• Axis Bank Limited, Credit Management Centre, 5-2-183/184, 8751 (Old), 3^rd Floor, R.P Road, Secundrabad – 500003, Andhra Pradesh, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Working Capital Cash Credit Loans	42.910	34.002
Hire Purchase Loans	0.551	0.904
Total	43.461	34.906

Banking Relations :	--
Auditors :
Name :	P S N Ravishankar and Associates Chartered Accountants
Address :	Flat No. 205, Second Floor, B-Block, Khushal Towers, Khiratabad, Hyderabad – 500004, Andhra Pradesh, India
Tel. No.:	91-40-23320558/23393381
Fax No.:	91-40-23393381
E-Mail :	psnra@yahoo.com
Holding Company:	Chemo Espania S.L
Subsidiaries Company :	Alkmaar Export B.V Labotatories Liconsa S.A Quimica Sintetics S.A Chem. East Limited Zhejiang Gold Pharma Company Limited Chemo Iberica

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1333333	Equity Shares	Rs.10/- each	Rs. 13.333 Millions

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		13.333	13.333	13.333
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		633.317	483.909	339.748
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		646.650	497.242	353.081
LOAN FUNDS
1] Secured Loans		43.461	34.906	0.989
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		43.461	34.906	0.989
DEFERRED TAX LIABILITIES		23.955	20.616	14.966
TOTAL		714.066	552.764	369.036
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		437.590	288.441	149.490
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	171.857	131.203	116.758
	Sundry Debtors	306.559	217.656	198.308
	Cash & Bank Balances	6.497	9.553	61.675
	Other Current Assets	73.734	42.435	37.245
	Loans & Advances	26.242	43.302	6.481
Total Current Assets		584.889	444.149	420.467
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	192.659	77.218	108.439
	Other Current Liabilities	7.428	13.671	2.771
	Provisions	108.326	88.937	89.711
Total Current Liabilities		308.413	179.826	200.921
Net Current Assets		276.476	264.323	219.546
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		714.066	552.764	369.036

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	930.111	850.112	846.048
		Other Income	(8.913)	26.940	2.427
		TOTAL (A)	921.198	877.052	848.475
Less	EXPENSES
		Raw Material Consumed	493.709	489.270	473.242
		Manufacturing Expenses	61.347	71.708	68.873
		Personal Costs	29.295	25.766	20.226
		Administrative Expenses	16.343	18.137	15.261
		Selling and Distribution Expenses	46.482	36.638	37.364
		Remuneration to Directors	8.140	30.008	6.332
		Preliminary Expenses w/off	0.000	0.000	0.010
		Prior period income	0.000	(0.914)	0.000
		Increase/(Decrease) in Finished Goods	(7.000)	(29.243)	(1.581)
		TOTAL (B)	648.316	641.370	619.727
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		272.882	235.682	228.748
Less	FINANCIAL EXPENSES (D)		3.913	5.388	5.707
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		268.969	230.294	223.041
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.824	7.790	5.992
	PROFIT BEFORE TAX (E-F) (G)		259.145	222.504	217.049
Less	TAX (H)		47.380	31.553	27.973
	PROFIT AFTER TAX (G-H) (I)		211.765	190.951	189.076
Add	Excess/ Short Provision for Earlier Year		0.041	0.008	(1.045)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		323.235	199.074	93.440
Less	APPROPRIATIONS
		Proposed dividend	53.333	40.000	53.333
		Dividend Tax	9.064	6.798	9.064
		Transfer to General Reserve	25.000	20.000	20.000
	BALANCE CARRIED TO THE B/S		447.644	323.235	199.074
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	655.289	697.740	632.772
		Other Earnings	2.047	16.315	0.001
	TOTAL EARNINGS		657.336	714.0550	632.773
	IMPORTS
		Raw Materials	66.876	112.871	119.736
		Capital Goods	18.837	9.615	3.813
		Others	11.306	7.268	3.996
	TOTAL IMPORTS		97.019	129.754	127.545
	Earnings Per Share (Rs.)		159.00	143.21	141.81

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	22.99	21.77	2.43
Net Profit Margin (PBT/Sales)	(%)	27.86	26.17	3.72
Return on Total Assets (PBT/Total Assets}	(%)	23.34	36.19	10.62
Return on Investment (ROI) (PBT/Networth)		0.40	0.45	0.27
Debt Equity Ratio (Total Liability/Networth)		0.54	0.43	0.57
Current Ratio (Current Asset/Current Liability)		1.90	2.47	2.09

LOCAL AGENCY FURTHER INFORMATION

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	No
Profitability for last three years	No
Reasons For Variation<>20%	No
Estimation for coming financial year	No
Capital in Business	No
Details of Sister Concern	No
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details (if Applicable)	Yes
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

NOTE:

The Registered office of the company has been shifted from Flat No. 201 and 202, Bhanu Enclave, Sunder Nagar, Erragadda, Hyderabad-38, Andhra Pradesh, India to present address w.e.f. 16.09.2008

REVIEW OF THE BUSINESS:

During the year the company has achieved a net sales and other income of Rs. 921.198 Millions as against Rs. 77.052 millions in the previous year and earned a net profit of Rs. 211.765 millions (Previous year Rs. 190.951 millions) after providing income tax and deferred tax of Rs. 47.381 millions (Previous year of Rs. 30.900 millions)

The directors are confident of achieving better results in the years to come. The board of director is of the opinion that the present and future market scenario of the pharma sector is extremely good and proposes to expand in manufacturing and marketing facilities of the company.

PROVISION AND CONTINGENT LIABILITY

The company recognizes a provision when here is a present obligation as a result of past event that probably requires an outflow of resources and reliable estimates can be made of the amount of the obligation. A disclosure for contingent liability is made when there is possible obligation or a present obligation that may, but probably will not requires an out flow of resources. Where there is a possible obligation or a present obligation that the likeliohood of outflow of resources is remote, no provision or disclosure is made.

Axis Bank on behalf of the company as per the business arrangement made by the company with bank issued the following non funded instrument as on 31.03.2010

(Rs. in millions)

Particulars	2009-2010	2008-2009
a) Guarantee given by Axis Bank on behalf of the company	8.230	10.330
b) Unexpired letters of credit established by axis bank on behalf of the company	19.269	7.014

TRADE REFERENCES

• Dr. Reddy’s Lab
• Neeraj Industries

FORM 8

Corporate identity number of the company	U24231AP2001PTC037086
Name of the company	NOSCH LABS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No. 404 to 406, IV^th Floor, “Vijay Sai Towers”, Opposite BJP Office, Kukatpally, Hyderabad – 500 072, Andhra Pradesh, India Email: noschaccounts@noschlabs.net
This form is for	Modification of charge
Charge identification number of the charge to be modified	80013575
Type of charge	Book Debts Movable Property (not being pledge) Immovable Property
Particular of charge holder	Axis Bank, Credit Management Limited, 3^rd Floor, R.P. Road, Secunderbad – 500003, Andhra Pradesh, India Email: n.bapiraju@axisbank.com
Nature of instrument creating charge	Agreement Undertaking Cum Indemnity Deed
Date of instrument Creating the charge	27.09.2011
Amount secured by the charge	Rs. 195.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: No change in previous terms and conditions Terms of Repayment: Loan equivalent risk on forward contracts (as sublimit under LC) - Repayable on demand. No change in other previous terms and conditions. Margin: Loan equivalent risk on forward contracts (as sublimit under LC) - 5% to be collected upfront and kept in TDR with banks lien noted thereon. No change in other previous terms and conditions. Extent and operation of the charge: Loan equivalent risk on forward contracts (as sublimit under LC) - All securities as applicable to LC's are applicable to this limits also. No change in other previous terms and conditions. Others: Existing LC limits and the new LER limits sanctioned as sublimit under LC shall not exceed the total LC limit of Rs. 80.000 millions at any given point of time.
Short Particulars of the property charged	No change in previous terms and conditions.
Particulars of the present modification	Rs. 25.000 millions Loan equivalent risk on forward contracts (as sub-limit under LC) was sanctioned. No change in overall limits. No change in any other previous terms and conditions.

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Lab Equipment

· Office Equipment

· Electrical Equipment

· Furniture and Fixtures

· EDP Equipment

· 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 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.52.16
UK Pound	1	Rs.81.29
Euro	1	Rs.69.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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

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.