MIRA INFORM REPORT

Report Date :

15.10.2011

IDENTIFICATION DETAILS

Name :	ICON ANALYTICAL EQUIPMENT PRIVATE LIMITED
Registered Office :	301, Landmark, 554, G.M. Bhosale Marg, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2011 (Profit and Loss Summarized)
Date of Incorporation :	22.07.1999
Com. Reg. No.:	11-120934
Capital Investment / Paid-up Capital :	Rs.1.000 Millions
CIN No.: [Company Identification No.]	U72501MH1999PTC120934
IEC No.:	0399030476
PAN No.: [Permanent Account No.]	AAACI5018H
Legal Form :	Private Limited Liability Company.
Line of Business :	Distributor and Service provider of Laboratory Lab Equipment and Instrumentation Control Equipment.
No. of Employees :	79 (Approximately) [In Office – 28 and In Branch – 51]

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 94000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as 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 – 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 :	Mr. Prashant L. Arava
Designation :	Senior Manager – Finance and Accounts
Contact No.:	9322087004

LOCATIONS

Registered Office :	301, Landmark, 554, G.M. Bhosale Marg, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-43451600
Mobile No.:	91-9322087004 (Mr. Prashant L. Arava)
Fax No.:	91-22-66633914
E-Mail :	prashant@inconanalytical.com avr@iconanalytical.com sales@iconanalytical.com
Website :	www.iconanalytical.com
Area :	2750 sq. ft
Location :	Rented
Branches :
Branch 1 :	105, 1^st Floor, Ansal Vikas Deep Building, Plot no. 18, Laxmi Nagar, District Centre, Laxmi Nagar, Delhi – 110092, India
Tel. No.:	91-11-43082256/ 43081157
Fax No.:	91-11-22469819
Branch 2 :	18/J, 1^st Floor, 40^th Cross, 5^th Main, 5^th Block, Jaya Nagar, Bangalore- 560041, Karnataka, India
Tel. No.:	91-80-26559675/30958767
Branch 3 :	Flat No.3, Kumar Arcade, (Old 7) New No. 17, 4^th Main Road, Adayar, Chennai – 600020, Tamilnadu, India
Tel. No.:	91-44-24454597
Branch 4 :	58, 2^nd Floor, Rajdonga Chakraborty Para, Kolkata – 700107, West Bengal, India
Tel. No.:	91-33-32979758
Fax No.:	91-3-40614196

DIRECTORS

As on 29.09.2010

Name :

Mr. Anand Vasant Rao

Designation :

Director

Address :

16, Kapataru Dhruv Society, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

07.04.1962

Qualification :

Bachelor of Engineering

Experience :

12 Years

Date of Appointment :

22.07.1999

DIN No.:

00210306

Other Directorship :

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
U72501MH1999PTC120934	Icon Analytical Equipment Private Limited	Director	22/07/1999	22/07/1999	-	Active	NO
U72200GJ1999PTC036970	Icon Infosoft Private Limited	Director	5/06/2000	5/06/2000	-	Strike off	NO
U72900MH2000PTC126997	Icon Technical Services Private Limited	Director	5/06/2000	5/06/2000	-	Strike off	NO
U72300MH2010PTC205842	Icon Consultancy Services Private Limited	Director	22/07/2010	22/07/2010	-	Active	NO
U74220MH2010PTC207539	Icon Medical Systems Private Limited	Director	9/09/2010	9/09/2010	-	Active	NO

Name :

Ms. Pratibha Rao

Designation :

Director

Address :

16, Kapataru Dhruv Society, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

21.10.1963

Qualification :

Bachelor of Engineering

Experience :

10 Years

Date of Appointment :

22.07.1999

DIN No.:

00210680

Other Directorship :

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
U72501MH1999PTC120934	Icon Analytical Equipment Private Limited	Director	22/07/1999	22/07/1999	-	Active	NO
U72300MH2010PTC205842	Icon Consultancy Services Private Limited	Director	22/07/2010	22/07/2010	-	Active	NO
U74220MH2010PTC207539	Icon Medical Systems Private Limited	Director	9/09/2010	9/09/2010	-	Active	NO

Name :

Mr. Jyotinarayan Dutta

Designation :

Director

Address :

Flat D1, Akash Villa, No 2-3, 12^th Cross, 3^rd Main J. P. Nagar, 1^st Phase, Bangalore – 560078, Karnataka, India

Date of Birth/Age :

17.05.1957

Qualification :

Bachelor of Science and Engineeering

Experience :

12 Years

Date of Appointment :

10.12.2002

DIN No.:

00517731

Name :

Mr. Paramshivan S. Sundaram

Designation :

Director

Address :

O. No.5, N. No.7/2, II Main Road, C.I.T. Nagar, Chennai – 600035, Tamilnadu, India

Date of Birth/Age :

24.07.1994

Qualification :

Bachelor Degree in Science and Law

Experience :

12 Years

Date of Appointment :

10.12.2002

DIN No.:

03276706

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Anand Vasant Rao	56600
Pratibha Anand Rao	43400
Total	100000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor and Service provider of Laboratory Lab Equipment and Instrumentation Control Equipment.

Products with Brand Names :

FEI COMPANY OF USA (S.E.A) PTE LIMITED

· Titan Series

· Tecnai Series

· Quanta Series

· Nova NanoSEM Series

· Inspect Series

BRUKER AXS PTE LIMITED

· Innova

· Multimode Series

· Dimension Series

· Contour Series

· Dektak Series

· NPFLEX Series

Brand Names :

IMPORTERS OF	COUNTRY	TRADE REFERENCES
Scanning and Transmission Electron Microscopes from FEI Company of USA (S.E.A. ) Pte Limited	Europe Singapore	NCL Pune, IIT Mumbai, TIFR, CMET Pune, NIV Pune
AFM , SPM and Optical Profilers from Bruker AXS. Pte Limited	USA Singapore	NCL Pune, NMU Jalgaon, GERMI Gujarat, IIT Indore, RRCAT Indore
Surface Profilers from Physical Electronics	USA	IIT Bombay, CGCRI Kolkata, IIT Karagpur
Sample Preparation Equipments for Transmission Electron Microscopes from E.A. Fischione Instruments	USA	IUC Indore, IISC Bangalore, IIT Chennai

Imports :

Products :

· Scanning and Transmission Electron Microscopes from FEI Company of USA (S.E.A.) Pte Limited

· AFM , SPM and Optical Profilers from Bruker AXS. Pte Limited

· Surface Profilers from Physical Electronics

· Sample Preparation Equipments for Transmission Electron Microscopes from E.A. Fischione Instruments

Countries :

· Europe and Singapore

· USA and Singapore

· USA

· USA

Terms :

Selling :

L/C

GENERAL INFORMATION

Customers :

· AIIMS Electron Microscope Facility

· Birbal Sahani Institute of Palaeobatany

· Hinduja Foundaries Limited

· Hindustan Unilever Limited

· Mukund Limited

· Larsen and Turbo Limited

· TVS Motor Car Company Limited

· Reliance Industries

· Pidilite Industries

· Tata Institute of Nuclear Physics

· IIT Mumbai

No. of Employees :

79 (Approximately) [In Office – 28 and In Branch – 51]

Bankers :

· Citi Bank N.A., Trent House, 2^nd Floor, Plot No. C-60, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

· HDFC Bank Limited, FMR Building, R. G. Thandani Marg, Worli, Mumbai – 18, Maharashtra, India

· ABN AMRO Bank

· Central Bank

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Loan From Kotak Mahindra Bank – Honda Civic (secured against Hypothecation of car)	0.000	0.128
Loan From Kotak Mahindra Bank – Maruti Swift (secured against Hypothecation of car)	0.000	0.048
Loan From HDFC Bank – Honda City (secured against Hypothecation of car)	0.547	0.780
Loan From HDFC Bank – SX4 (secured against Hypothecation of car)	1.350	2.020
Working Capital Loan from Citi Bank (secured against Hypothecation of Property of Director situated at 16, Kalpataru Dhruv CHS Prabhadevi, Mumbai – 400025 and stock and debtors)	0.258	0.000
Term Loan From Citi Bank (secured against Hypothecation of Property of Director situated at 16, Kalpataru Dhruv CHS Prabhadevi, Mumbai – 400025.)	10.132	10.730
Total	12.287	13.706

Banking Relations :	--
Auditors :
Name :	Welling and Associates Chartered Accountants
Address :	H/16, Saraswat Colony, Sitladevi Temple Road, Mahim, Mumbai – 400016, Maharashtra, India
Tel. No.:	91-22-24441905
Fax No.:	91-22-24441147
E-Mail :	ameetaw@yahoo.com
PAN.:	AAFPW9272K

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares (For Cash 15130 Equity Shares of Rs.10 each and Shares Issued for Consideration other than cash 84870 Equity Shares of Rss.10 each issued as Bonus)	Rs.10/- each	Rs.1.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.907	22.507	18.324
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.907	23.507	19.324
LOAN FUNDS
1] Secured Loans		20.627	12.287	13.706
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		20.627	12.287	13.706
DEFERRED TAX LIABILITIES		0.297	0.471	0.553
TOTAL		46.831	36.265	33.583
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.626	19.180	20.719
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.100	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.050	1.410	1.200
	Sundry Debtors	23.609	6.175	5.367
	Cash & Bank Balances	2.020	3.567	5.845
	Other Current Assets	24.939	0.000	0.000
	Loans & Advances	8.736	31.347	32.144
Total Current Assets		67.354	42.499	44.556
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		9.906	12.749
	Other Current Liabilities	38.149	11.508	12.643
	Provisions		4.100	6.400
Total Current Liabilities		38.149	25.514	31.792
Net Current Assets		29.205	16.985	12.764
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		46.831	36.265	33.583

PROFIT AND LOSS ACCOUNT (SUMMARISED)

Particulars	310.3.2011
Sales Turnover	145.537
Expenditure :
Cost of Goods	8.627
Administration Expenses	37.062
Manufacturing Expenses	0.000
Depreciation	4.843
Interest	2.468
Other Expenses	51.829
Profit Before Tax	3.026
Provision for Tax	0.627
Profit After Tax	2.399

The above information has been parted by Mr. Prashant L. Arava.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	9.191	2.576
		Commission Received	75.637	82.366
		Annual Maintenance Contract	8.363	6.687
		Service Income	4.976	4.153
		Service Income – GSD	4.285	0.000
		Other Income	0.642	0.843
		TOTAL (A)	103.094	96.625
Less	EXPENSES
		Increase or Decrease in stock	(0.211)	(0.884)
		Purchases	7.418	2.719
		Other Direct Expenses	7.622	5.531
		Personal Cost	34.028	40.719
		Selling and Administrative Expenses	41.675	36.066
		TOTAL (B)	90.532	84.151
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.562	12.474
Less	FINANCIAL EXPENSES (D)		1.868	0.993
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.694	11.481
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.793	3.205
	PROFIT BEFORE TAX (E-F) (G)		5.901	8.276
Less	TAX (H)		1.718	3.925
	PROFIT AFTER TAX (G-H) (I)		4.183	4.351
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.020	11.539
Less	APPROPRIATIONS
		Transfer to General Reserve	0.837	0.870
	BALANCE CARRIED TO THE B/S		18.366	15.020
	Earnings Per Share (Rs.)		41.83	43.51

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	4.06	4.50
Net Profit Margin (PBT/Sales)	(%)	NA	64.20	321.27
Return on Total Assets (PBT/Total Assets}	(%)	NA	9.57	12.68
Return on Investment (ROI) (PBT/Networth)		NA	0.25	0.42
Debt Equity Ratio (Total Liability/Networth)		2.27	1.61	2.35
Current Ratio (Current Asset/Current Liability)		1.77	1.67	1.40

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS (2010)

During the financial year, the Total Income of the Company has increased marginally by 7%. The total expenditure of the company has also increased by 7% during the financial year. However, the company made Net profit of Rs.5.901 Millions as against Profit in the previous financial year of Rs.8.276 Millions. This is due to a tremendous increase in the Interest expenditure which is 88% increase as compared to the previous year.

TRADE REFERENCES

· NCL Pune, IIT Mumbai, TIFR, CMET Pune, NIV Pune

· NCL Pune, NMU Jalgaon, GERMI Gujarat, IIT Indore, RRCAT Indore

· IIT Bombay, CGCRI Kolkata, IIT Karagpur

· IUC Indore, IISC Bangalore, IIT Chennai

FORM 8

Corporate identity number of the company	U72501MH1999PTC120934
Name of the company	ICON ANALYTICAL EQUIPMENT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	211, Neelam House, 108 DR R G Thadani Marg, Worli, Mumbai – 400018, Maharashtra, India Email Id : avr@iconanalytical.com
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Citi Bank N.A, Trent House, 2^nd Floor, Plot No.C-60, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India Email Id : vlaxman@vsnl.com
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	28.10.2010
Amount secured by the charge	Rs.9.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest may be stipulated by the bank from time to time. Terms of repayment On demand Margin As may be stipulated by Bank from time to time Extent and operation of the charge Hypothecation by way of first exclusive charge on Movable assets and current assets including Plant and Machinery of the Company as described under Item No.15 below as security for repayment of Rs.9.000 Millions by the Company together with interest, liquidated damages, costs, charges and expenses and all other moneys due and payable by the Company to the Bank Other Nil
Short particulars of the property charged (Including location of the property)	First exclusive charge over the whole of the movable assets of the Company, including any and all stocks, book debts and receivables, and all other current assets
Particulars of the present modification	The charge shall now stand increased from Rs.6.250 Millions to Rs.9.000 Millions in favour the Bank

FIXED ASSETS

· Computers

· Plant and Machinery

· Furniture and Fixtures

· Vehicle

· Computer –NR

· Laptop –HO

· Printer – BLR

· Printer –BLR

· Printer –NR

· Software

· Air condition

· Mobile Phones

· Telephone

· Water Cooler

· Water Geyser

AS PER WEB DETAILS

Subject is an established company in the field of Analytical Instruments, with a focus in " Nano Technology " and related Analytical Techniques. Headquartered in Mumbai, it has Regional offices located in Delhi, Chennai, Bengaluru and Kolkata.

The dawn of the year 2000 saw them embark upon an enduring relationship with our Principals and customers. A relationship based on flexibility, understanding, mutual respect, commitment and organizational-focus. It is their paramount objective to incorporate these ideals in their association between the manufacturer, user and them - the local representative. This crusade continued over the past decade and today they have earned the confidence of their customers and have been given the opportunity to serve their scientific endeavor by installing and maintaining even more complex and hi-tech instruments than ever before.

Subject, brings to India a wide spectrum of equipment, like Transmission and Scanning Electron Microscopes from FEI Company, USA, Energy Dispersive X-Ray Analyzers from EDAX Inc., USA, Electron Microscopy Accessories and consumables from Pelco International, USA, Sample Preparation Equipments for Electron Microscopy from RMC Products-Boeckeler Instruments Inc and Fischione Instruments Inc, Atomic Force Microscopes and Profilers from Bruker Corporation-Nano Surface Business, MBE Systems from Veeco Inc. USA, X-Ray microscopes from XRadia Inc., USA, Spectrophotometers & Plate Readers from Biochrom UK, and Surface Analysis Instruments and Systems from Physical Electronics, USA.

Icon Labs started in 2007 by Icon Analytical is a commercial Electron Microscopy Lab. Slots can now be booked on line for the utilization of an Environmental Scanning Electron Microscope: the state-of-art FEI Quanta 200 ESEM and EDAX Genesis XM 2i EDX System and a desktop imaging tool: Phenom.

Icon is proud of its people, their performance, their positive attitude towards one another and the company. Icon believes in working as a well knit TEAM with an attitude of complete trust and understanding. Icon exists for its customers, old and new. It is their belief in them that propels them to achieve greater heights and to continue serving them with sincerity.

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.49.07
UK Pound	1	Rs.77.42
Euro	1	Rs.67.72

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.