MIRA INFORM REPORT

Report Date :

18.01.2012

IDENTIFICATION DETAILS

Name :	BAJAJ HEALTH CARE LIMITED (w.e.f. 31.03.2005)
Formerly Known As :	BAJAJ HEALTH CARE PRIVATE LIMITED
Registered Office :	N-216, MIDC Tarapur, Boisar, District Thane – 401 506, Maharashtra
Country :	India
Financials (as on) :	31.03.2011 (Profit and Loss)
Date of Incorporation :	15.07.1993
Com. Reg. No.:	11-72892
Capital Investment / Paid-up Capital :	Rs.37.500 millions (As on 31.03.2010)
CIN No.: [Company Identification No.]	U99999MH1993PLC072892
TAN No.: [Tax Deduction & Collection Account No.]	MUMB05906F / MUMB11908B
PAN No.: [Permanent Account No.]	AABCB0103B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Amino Acid, Nutritional Supplements and Active Pharmaceutical Ingredients.
No. of Employees :	650 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1000000 (As on 31.03.2010)
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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.

INFORMATION PARTED BY

Name :	Mr. Rupesh
Designation :	Accountant
Contact No.:	91-22-40177400
Date :	18.01.2012

LOCATIONS

Registered Office / Factory 1 :	N-216, MIDC Tarapur, Boisar, District Thane – 401 506, Maharashtra, India
Tel. No.:	91-2525-279589 / 271025
Fax No.:	91-2525-271012
E-Mail :	bajajhealth@vsnl.com bajaj@bom3.vsnl.net.in bajaj@bajajhealthcare.com accountho@bajajhealth.com
Website :	http://www.bajajhealth.com
Location :	Owned
Corporate Office :	202-204, Faiz - E - Qutbi,  375, Narshi Natha Street, Mumbai – 400 009, Maharashtra, India
Tel. No.:	91-22-40177400 / 477 / 01 / 02
Fax No.:	91-22-23450481 / 23410863
Factory 2 :	Block No. 588, Savli-Karachia Road, Taluka Savli, District Vadodara, Gujarat, India
Tel. No.:	91-2667-222200 / 222337 / 222890
Fax No.:	91-2667-222889

DIRECTORS

As on 30.09.2011

Name :	Mr. Sajankumar Ramesh Bajaj
Designation :	Managing Director
Address :	306, Yogi Tower, Yogi Nagar, Borivali, Mumbai – 400 091, Maharashtra, India
Date of Birth/Age :	09.11.1959
Qualification :	B.Com
Date of Appointment:	11.04.2002
PAN No:	ADOPB0559Q
DIN No.:	00225950

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24239MH1992PLC065130	Bajaj Pharmaceuticals (Bombay) Limited	Director	09-11-93	09-11-93	Strike off	NO
2	U24200MH1997PLC110599	Bansal Pharma Limited	Director	01-04-98	01-04-98	Active	NO
3	U24239MH1999PTC122844	Bajaj Health and Nutritions Private Limited	Director	30-11-99	30-11-99	Active	NO
4	U24239MH1993PLC073781	Bajaj Drug Impex Limited	Director	05-04-02	05-04-02	Strike off	NO
5	U99999MH1993PLC072892	Bajaj Health Care Limited	Managing director	01-04-09	11-04-02	Active	NO

Name :	Mr. Anil Champalal Jain
Designation :	Whole Time Director
Address :	1401 / 1402, Shankeshwar Darshan, Sheth Motisha Lane, Mazgaon, Mumbai - 400 010, Maharashtra, India
Date of Birth/Age :	07.10.1974
Qualification :	D. Pharmacy
Date of Appointment:	15.01.2004
PAN No:	ADYPJ 70000Q
DIN No.:	00226137

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24200MH1997PLC110599	Bansal Pharma Limited	Director	31-07-99	31-07-99	Active	NO
2	U24239MH1992PLC065130	Bajaj Pharmaceuticals (Bombay) Limited	Director	31-07-99	31-07-99	Strike off	NO
3	U99999MH1993PLC072892	Bajaj Health Care Limited	Whole-time director	01-04-09	15-01-04	Active	NO
4	U24239MH1999PTC122844	Bajaj Health and Nutritions Private Limited	Director	09-05-05	09-05-05	Active	NO

Name :	Mr. Dhananjay Sabaji Halte
Designation :	Whole Time Director
Address :	C-304, Rajdharm, Kopar Road, Dombivli (West), Thane – 421 202, Maharashtra, India
Date of Birth/Age :	25.03.1971
Qualification :	B.A.
Date of Appointment:	01.04.2005
PAN No:	AADPH3173N
DIN No.:	00226390

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24200MH1997PLC110599	Bansal Pharma Limited	Director	01-04-05	01-04-05	Active	NO
2	U24239MH1999PTC122844	Bajaj Health and Nutritions Private Limited	Director	01-04-05	01-04-05	Active	NO
3	U99999MH1993PLC072892	Bajaj Health Care Limited	Whole-time director	01-04-09	01-04-05	Active	NO

Name :	Mr. Gopal Vaikunthlal Mehta
Designation :	Whole Time Director
Address :	R Block, Flat No. 15, Sikka Nagar, V. P. Road, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	09.09.1948
Qualification :	Under Graduate
Date of Appointment:	01.04.2005
PAN No:	AAVPM5478P
DIN No.:	00226625

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24239MH1999PTC122844	Bajaj Health and Nutritions Private Limited	Director	15-01-04	15-01-04	Active	NO
2	U24200MH1997PLC110599	Bansal Pharma Limited	Director	15-01-04	15-01-04	Active	NO
3	U99999MH1993PLC072892	Bajaj Health Care Limited	Whole-time director	01-04-09	01-04-05	Active	NO

KEY EXECUTIVES

Name :	Mr. Rupesh
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Equity Shareholders	No. of Shares
Babita S. Bajaj	180000
Sajankumar R Bajaj	1062000
S R K Bajaj HUF	180000
Namrata S. Bajaj	189000
Nihita S. Bajaj	189000
Anil C Jain	164000
Padma A Jain	36000
Jyoti Food Stuff Limited, India	90000
Elpee Corporate Services Private Limited, India	48000
Priority Traders Private Limited, India	40000
Shalimar Bansal Realtors Private Limited, India	72000
Total	2250000

Names of Preference Shareholders	No. of Shares
Bansal Pharma Limited, India	200000
Bajaj Health and Nutritions (Private) Limited	800000
Jagodia Textiles Mills Private Limited, India	200000
First Stock and Bond Trading Company Private Limited, India	100000
Michigan Traders Private Limited	100000
Star Bio Source Private Limited	100000
Total	1500000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	11.11
Directors or relatives of directors	88.89
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Amino Acid, Nutritional Supplements and Active Pharmaceutical Ingredients.
Products :	· Nutritional Supplement · Amino Acids · Chlorhexidine Products · Minerals and nutritional Suppements · Anti Convulsant · Anti Asthamatics · Directly Compressible Grade Materials
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

MNC’s

No. of Employees :

650 (Approximately)

Bankers :

· Citibank N.A.

Trent House, 2^nd Floor, G Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

· The Saraswat Co-Operative Bank Limited

Masjid Bunder Branch, Masjid Bunder, Mumbai – 400 003, Maharashtra, India

· ICICI Bank Limited

· HDFC Bank, Mumbai

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Secured Loans From Saraswat Co-operative Bank Limited ICICI Bank Limited (Secured against mortgage of all immovable and hypothecation of all movable properties and by personal guarantee of directors and a share holder.)
Cash Credit	96.841	109.409
Post Shipment Credit	39.815	12.033
Term loan from The Saraswat Co-Operative Bank Limited	0	0
Term loan - 1902	0.370	1.043
Term loan - 1903	0.300	0.845
Term loan - 1904	0.210	0.593
Term loan - 1998	0.349	0.614
Term loan - 1999	3.491	6.136
Term loan - 2150	34.548	43.889
Term loan - 2151	16.580	22.643
Term loan - 2152	2.512	3.192
Term Loan -2393	15.338	19.383
Term Loan -2394	1.182	1.491
Term Loan -2409	3.177	3.974
Term loan from ICICI Bank Ltd
Term Loan I	40.574	55.297
From Others
ICICI Bank - Car Loan Max Pick up	0.020	0.092
ICICI Bank - Cv Loans	0.215	0.695
HDFC Bank - Car Loan Tata Indigo LS	0.000	0.028
HDFC Bank - Car Loan Maruti Omni	0.000	0.014
Kotak Mahindra Indigo Lx Loan	0.072	0.231
Tata Motor Finance - Tata Safari Vx	0.491	0.791
Total	256.085	282.393
Unsecured Loans
Directors	9.063	10.070
Share Holders	0.000	0.569
Banks	0.000	0.966
Inter Corporate Loans	44.151	97.282
Sales Tax Deferred	3.197	3.491
Total	56.411	112.378

Banking Relations :	--
Auditors :
Name :	Paresh Rakesh and Associates Chartered Accountants
Address :	C-703, Prithvi Palace, Link Road, Kandarpada, Dahisar (West), Mumbai – 400 068, Maharashtra, India
Associates/Subsidiaries :	· Bajaj Health and Nutritions Private Limited · Bansal Pharma Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions
2000000	Preferences Shares	Rs.10/- each	Rs.20.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs.22.500 Millions
1500000	Preferences Shares	Rs.10/- each	Rs.15.000 Millions
	Total		Rs.37.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		37.500	35.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		223.991	94.924
4] (Accumulated Losses)		0.000	0.000
NETWORTH		261.491	129.924
LOAN FUNDS
1] Secured Loans		256.085	282.393
2] Unsecured Loans		56.411	112.378
TOTAL BORROWING		312.496	394.771
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		573.987	524.695
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		311.234	294.570
Capital work-in-progress		65.768	22.561
INVESTMENT		0.031	0.026
DEFERREX TAX ASSETS		3.527	2.329
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	128.908	171.545
	Sundry Debtors	233.746	164.160
	Cash & Bank Balances	14.685	12.639
	Other Current Assets	0.000	0.000
	Loans & Advances	91.947	71.293
Total Current Assets		469.286	419.637
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	184.368	162.519
	Other Current Liabilities	23.291	7.649
	Provisions	68.200	44.260
Total Current Liabilities		275.859	214.428
Net Current Assets		193.427	205.209
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		573.987	524.695

Note : The Current Balance Sheet is not available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	1198.605	1173.751	1073.290
		Other Income	12.303	10.446	9.139
		TOTAL (A)	1210.908	1184.197	1082.429
Less	EXPENSES
		Consumption materials changes inventories	668.517	681.044	899.304
		Manufacturing service costs	252.533	209.473
		Employee related expenses	83.589	64.180
		Administrative selling other expenses	60.035	49.816
		Research development expenditure	3.429	2.534
		TOTAL (B)	1068.103	1007.047	899.304
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		142.805	177.150	183.125
Less	INTEREST AND FINANCIAL CHARGES (D)		36.476	44.175	55.865
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		106.329	132.975	127.260
Less/ Add	DEPRECIATION/ AMORTISATION (F)		47.109	47.805	44.626
	PROFIT BEFORE TAX (E-F) (G)		59.220	85.170	82.634
Less	TAX (H)		16.598	22.288	32.759
	PROFIT AFTER TAX (G-H) (I)		42.622	62.882	49.875
	APPROPRIATIONS		2.624	1.316	0.000
	BALANCE CARRIED TO THE B/S		39.998	61.566	49.875
	EARNINGS IN FOREIGN CURRENCY		391.596	385.466	385.731
	IMPORTS		481.461	486.740	405.455
	Earnings Per Share (Rs.)		NA	16.77	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.52	5.31	4.61
Net Profit Margin (PBT/Sales)	(%)	4.94	7.26	7.70
Return on Total Assets (PBT/Total Assets}	(%)	NA	10.91	11.57
Return on Investment (ROI) (PBT/Networth)		NA	0.33	0.64
Debt Equity Ratio (Total Liability/Networth)		NA	2.25	4.69
Current Ratio (Current Asset/Current Liability)		NA	1.70	1.96

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
Creditors for goods	Not Available	140.454	142.244
Creditors for expenses		30.749	20.225
Creditors for capital goods		13.165	0.050
Total		184.368	162.519

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last three years	NO
12.	Profitability for last three years	NO
13.	Reasons for variations <> 20%	--
14.	Estimation for coming financial year	NO
15.	Capital in the business	YES
16.	Details of sister concerns	YES
17.	Major Suppliers	NO
18.	Major Customers	NO
19.	Payment terms	YES
20.	Export / Import details (is applicable)	NO
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	NO
25.	Conduct of the banking account	--
26.	Buyer visit details	--
27.	Financials, if provided	NO
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

REVIEW OF OPERATIONS (As on 31.03.2010)

During the year the operations of the company were quite satisfactory. The company turnover recorded a 9% growth. Total sales turnover of Rs.1173.751 millions compared to last year Rs.1073.290 millions which includes the export turnover of Rs.444.008 millions as compared to last year export turnover of Rs.428.173 millions. The directors are quite hopeful that company would be able to achieve better results during the current year.

CONTINGENT LIABILITIES (As on 31.03.2010)

1. Letter of credits issued by Banks US $ 1683090.50/- equivalent to Rs.76.917 millions.

2. Claim Against company not acknowledged as debts :

· Income Tax and Sales Tax Liability : Rs.3.491 millions. This represents the demands made by authorities which in the opinion of company are not sustainable and hence are appealed against with appropriate authority.

· Customs Liability : The Company has received a show cause notices from the Custom authorities regarding the import / utilization of crude caffeine then valued at Rs.11.100 millions by custom authorities pertaining to year 2003-04 and 2004-05, claiming that an amount of Rs.29.500 millions along with the interest thereon is payable on

· account of alleged import / utilization by the company. The company has filed Appropriate reply with authorities against the same contending that no amt is payable and the said proceedings are liable to be deleted.

· There is no new addition to the contingent liability during the year. All the contingent liabilities are related to earlier year.

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U99999MH1993PLC072892
Name of the company	BAJAJ HEALTH CARE LIMITED
Address of the registered office or of the principal place of business in India of the company	N-216, MIDC Tarapur, Boisar, District Thane-401506, Maharashtra, India
Type of charge	· Book Debts · Movable Property (not being pledge) · Floating Charge
Particular of charge holder	The Saraswat Co-Operative Bank Limited, Masjid Bunder Branch, Masjid Bunder, Mumbai – 400 003, Maharashtra, India
Email	njbhatia@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Movable Property
Date of instrument Creating the charge	30.10.2010
Amount secured by the charge	Rs.27.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11% p.a. or at such rate as maybe determined by the bank from time to time Terms of Repayment On demand or by 30 October 2010 if the same is not demanded earlier Margin As determined by the bank from time to time Extent and Operation of the charge This is term loan facility
Short particulars of the property charged	I) Hypothecation of all the present and future plant and machinery tangible movable property (both present and future) belonging to the Company and lying and being at the Company’s place of business at II) Block no 588( 100% EOU) , Block no 588(Part A), Savli Karachia Road, Tal Savli Vadodara or R S No 1818, Manjusar, 391775, Tal Savli Dist Vadodara or wehreverelse the same maybe

FIXED ASSETS

· Land

· Factory Building

· Plant and machinery

· Electrical Equipment

· Office Equipment

· Fire Fighting Equipment

· Lab Equipment

· Air Condition

· Furniture and Fixture

· Motor Vehicle

· Residential Building at Tarapur

· Computer

· Flat at Tarapur

· Guest House at Parth

· Flat at Tirthak Developers

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.51.07
UK Pound	1	Rs.78.48
Euro	1	Rs.65.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.