MIRA INFORM REPORT

Report Date :

30.05.2012

IDENTIFICATION DETAILS

Name :	ISHITA DRUGS AND INDUSTRIES LIMITED
Registered Office :	Survey No.179/1, Vasna – Iyava, Sarkhej Viramgam Highway, Taluka Sanand, Ahmedabad – 382210, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.02.1992
Com. Reg. No.:	04-017054
Capital Investment / Paid-up Capital :	Rs.29.903 Millions
CIN No.: [Company Identification No.]	L24231GJ1992PLC017054
IEC No.:	0894000314
TAN No.: [Tax Deduction & Collection Account No.]	AHMI00085B
PAN No.: [Permanent Account No.]	AAACI3630B
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacture of Bulk Actives and Salts, Drug Intermediates, Fine Chemicals, Food Additives, Specialty/ Performance Chemicals, Pharmaceutical Formulations, Healthcare Products, Dyes and Dye Intermediates.
No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 170000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate tract. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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

LOCATIONS

Registered Office / Factory :	Survey No.179/1, Vasna – Iyava, Sarkhej Viramgam Highway, Taluka Sanand, Ahmedabad – 382210, Gujarat, India
Tel. No.:	91-79-26467886 / 2717-284244 / 284246
Fax No.:	91-79-26404961
E-Mail :	ishitadrugs@vsnl.net
Website :	http://www.ishitadrugs.in http://www.ishitadrugs.com
Area :	4000 sq ft
Location :	Owned
Corporate Office :	11, Valmik Complex, Near Parimal Garden, C. G. Road, Palai, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26468353/ 26467886/ 26403214/ 30928120
Fax No.:	91-79-26404961
E-Mail :	ishita@wilnetonline.net
Area :	1300 Sq ft
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Govind Gupta

Designation :

Director

Address :

23-Amra Shagun, Near Ramdev Nagar, Char Rasta, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

02.12.1947

Qualification :

M.S. Chem. (USA), B.Tech. (IIT)

Date of Appointment :

20.05.1992

DIN No.:

00052690

Other Directorship

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	L24231GJ1992PLC017054	ISHITA DRUGS AND INDUSTRIES LIMITED	Director	20/05/1992	20/05/1992	-	Active	NO
2	U72200GJ1997PTC043461	INDUSA INFOTECH SERVICES PRIVATE LIMITED	Director	22/05/2000	22/05/2000	-	Active	NO

Name :

Mr. Shyamkumar Omprakash Agarwal

Designation :

Director

Address :

D/1, Dhaval Ganga Apartment, Carter Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

01.09.1945

Qualification :

Ph.D.-Chem. Tech., M.B.A. (Bajaj)

Date of Appointment :

20.05.1992

DIN No.:

00808820

Other Directorship

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	U24110MH1982PTC028674	SKOM CHEMICALS PRIVATE LIMITED	Director	9/11/1982	9/11/1982	-	Active	NO
2	L24231GJ1992PLC017054	ISHITA DRUGS AND INDUSTRIES LIMITED	Director	20/05/1992	20/05/1992	-	Active	NO
3	U99999MH1994NPL082149	DOMBIVLI COMMON EFFLUENT TREATMENT PLANT	Director	23/09/2000	23/09/2000	20/08/2009	Active	NO

Name :

Mr. Prakash Ranjan Rastogi

Designation :

Director

Address :

2-Blooming Height, 4-Pali Hill, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

12.02.1951

Qualification :

M.Sc. Tech., M.B.A. (Bajaj)

Date of Appointment :

05.02.1992

DIN No.:

00110862

Other Directorship

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	L24231GJ1992PLC017054	ISHITA DRUGS AND INDUSTRIES LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
2	L36992MH1948PLC014083	RALLIS INDIA LIMITED	Director	13/03/2007	13/03/2007	-	Active	NO

Name :

Mr. Jagdish Agarwal

Designation :

Chairman Cum Managing Director

Address :

Kanchanjangha, 18/1, mahalaxmi Society, Paldi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

10.01.1947

Qualification :

M.S. Chem. (USA), B.E. Chem. Engg.

Date of Appointment :

05.02.1992

DIN No.:

01031687

Other Directorship

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	U24231GJ1991PTC016251	ISHITA OVERSEAS PRIVATE LIMITED	Director	11/9/1991	11/9/1991	-	Active	NO
2	L24231GJ1992PLC017054	ISHITA DRUGS AND INDUSTRIES LIMITED	Managing director	5/2/1992	5/2/1992	-	Active	NO
3	U65910GJ1993PLC019431	UMANG FINANCIAL SERVICES LIMITED	Director	7/12/1994	7/12/1994	-	Active	NO

Name :

Mrs. Abha J. Agarwal

Designation :

Director

Address :

18/1, Mahalaxmi Society, Paldi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

12.03.1951

Qualification :

M.A.

Date of Appointment :

05.02.1992

DIN No.:

01589479

Other Directorship

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	U24231GJ1991PTC016251	ISHITA OVERSEAS PRIVATE LIMITED	Director	11/9/1991	11/9/1991	-	Active	NO
2	L24231GJ1992PLC017054	ISHITA DRUGS AND INDUSTRIES LIMITED	Director	5/2/1992	5/2/1992	-	Active	NO
3	U24110GJ1972PTC002169	ANVI LIFESCIENCES PRIVATE LIMITED	Director	5/5/2009	5/5/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Category of Shareholder	Total No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	893,139	29.87
Bodies Corporate	427,300	14.29
Sub Total	1,320,439	44.16
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1,320,439	44.16
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	272,462	9.11
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1,064,786	35.61
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	330,749	11.06
Any Others (Specify)	1,864	0.06
Non Resident Indians	1,864	0.06
Sub Total	1.669.861	55.84
Total Public shareholding (B)	1.669.861	55.84
Total (A)+(B)	2.990.300	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	--	--
(2) Public	--	--
Sub Total	--	--
Total (A)+(B)+(C)	2,99,300	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Bulk Actives and Salts, Drug Intermediates, Fine Chemicals, Food Additives, Specialty/ Performance Chemicals, Pharmaceutical Formulations, Healthcare Products, Dyes and Dye Intermediates.

Products :

Products Description	Item Code No.
Norfloxacin	29419060
Nicotininc Acid	29362920
Sulfonamides	29350015

• Antibiotics
• Fluoro Quinolones
• Sulpha Drugs
• Vitamins
• Anthemintics
• Iodides and Citrates (Salts)
• Excipients
• Chemicals
• Intermediates

PRODUCTION STATUS (31.03.2010)

Particulars	Unit	Actual Production
Bulk Drugs	MT	216.436

GENERAL INFORMATION

No. of Employees :

45 (Approximately)

Bankers :

• Corporation Bank, Near Head Post office, Navrangpura, Ahmedabad – 380009, Gujarat, India
• ICICI Bank Limited
• Punjab National Bank
• CITI Bank N.A.

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans banks secured	2.717	0.000
Loans taken for vehicles secured	0.881	0.732
Total	3.598	0.732

Banking Relations :	--
Auditors :
Name :	Kishor and Goyal Company Chartered Accountants
Address :	305, P.B Parekh Tower, Opposite Vanijya Bhavan , Kankaria, Ahmedbabad, Gujarat, India
PAN.:	AANPG3497L
Relatives of Key Management Personnel :	Ishita Pharmaceuticals Anvi Lifesciences Private Limited J and J Chemicals

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2990300	Equity Shares	Rs.10/- each	Rs.29.903 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		29.903	29.903	29.903
2] Share Application Money		0.000	0.000	0.000
3] Shares Forfitted		0.000	0.000	0.164
3] Reserves & Surplus		14.530	10.645	7.876
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.433	40.548	37.943
LOAN FUNDS
1] Secured Loans		3.598	0.732	0.273
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		3.598	0.732	0.273
DEFERRED TAX LIABILITIES		0.584	0.425	0.578
TOTAL		48.615	41.705	38.794
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.791	10.130	10.853
Capital work-in-progress		0.202	0.000	0.000
INVESTMENT		13.537	5.037	4.526
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.226	18.858	5.292
	Sundry Debtors	26.435	10.942	11.438
	Cash & Bank Balances	6.517	12.716	13.304
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.580	3.272	2.483
Total Current Assets		49.758	45.788	32.517
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.968	15.538	7.969
	Other Current Liabilities	0.436	0.309s	6.326
	Provisions	2.269	3.403	0.000
Total Current Liabilities		24.673	19.250	9.102
Net Current Assets		25.085	26.538	23.415
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		48.615	41.705	38.794

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	88.290	63.929	49.604
		Other Income	1.123	1.832	0.725
		TOTAL (A)	89.413	65.761	50.329
Less	EXPENSES
		Consumption materials changes inventories	61.957	45.587
		Manufacturing service costs	12.230	6.686
		Employee related expenses	3.072	2.710	43.540
		Administrative selling other expenses	5.132	2.739
		Research development expenditure	0.207	0.158
		TOTAL (B)	82.598	57.880	43.540
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.815	7.881	6.789
Less	FINANCIAL EXPENSES (D)		0.208	0.384	0.317
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.607	7.497	6.472
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.743	1.871	2.504
	PROFIT BEFORE TAX (E-F) (G)		5.864	5.626	3.968
Less	TAX (H)		1.978	3.021	0.677
	PROFIT AFTER TAX (G-H) (I)		3.886	2.605	3.291
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.980	6.375	3.084
	BALANCE CARRIED TO THE B/S		12.866	8.980	6.375
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	5.070	7.655	3.291
	TOTAL EARNINGS		5.070	7.655	3.291
	IMPORTS
		Raw Materials	NA	14.675	5.831
	TOTAL IMPORTS		NA	14.675	5.831
	Earnings Per Share (Rs.)		1.31	1.30	1.33

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2011 (1^st Quarter)	30.09.2011 (2^nd Quarter)	31.12.2011 (3^rd Quarter)
Net Sales	15.870	9.680	8.820
Total Expenditure	15.11	9.400	8.350
PBIDT (Excl OI)	0.760	0.280	0.470
Other Income	0.110	0.700	0.650
Operating Profit	0.870	0.980	1.120
Interest	0.030	0.020	0.010
Exceptional Items	0.000	0.000	0.000
PBDT	0.840	0.960	1.110
Depreciation	0.190	0.190	0.200
Profit Before Tax	0.640	0.780	0.910
Tax	0.100	0.150	0.300
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	0.540	0.630	0.610
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	0.540	0.630	0.610

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.35	3.96	6.54
Net Profit Margin (PBT/Sales)	(%)	6.64	8.80	8.00
Return on Total Assets (PBT/Total Assets}	(%)	9.85	10.06	9.15
Return on Investment (ROI) (PBT/Networth)		0.13	0.14	0.10
Debt Equity Ratio (Total Liability/Networth)		0.64	0.49	0.25
Current Ratio (Current Asset/Current Liability)		2.02	2.38	3.57

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
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	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 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) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

BUSINESS OPERATIONS AND FINANCIAL PERFORMANCE

The company has recorded a total turnover of Rs.89.428 Millions during the year, a healthy growth of about 36% on its PY turnover of Rs.65.761 Millions. The Company has been making indirect exports of certain high value items through a very reputed company, which has helped contribute to this increase. The Profit before tax has also increased slightly to Rs.5.864 Millions (PY 5.626 Millions).

During the year, the Company has made investments in agri commodities, to spread its business risk. This initiative would help the company in improving returns on idle funds and would contribute to the profitability of the company from the current year onwards

FUTURE OUTLOOK

The Company intends to upgrade its manufacturing facilities in the current year. This would help in meeting the stringent requirements of the large pharmaceutical customers and fuel future growth of the company..

The Company also intends to increase its investment in agri commodities, in a gradual, low-risk manner, which would help in diversifying the risk as well as add to the profits of the company.

FIXED ASSETS:

• Factory Land
• Plant and Machinery
• Laboratory Equipment
• Cylinders
• Effluent Treatment Plant
• Factory Building
• Office Building
• Furniture and Fixture
• Office Equipment
• Computers
• Vehicles

WEBSITE DETAILS:

PROFILE:

The Group...

Ishita Drugs and Industries Limited is the flagship company of the 'Ishita' Group, which is a respected member of the Indian Business community for more than 3 decades. The Group's interests encompass manufacture of a large number of Bulk Actives and their salts, Drug Intermediates, Fine Chemicals, Food additives, Specialty/ Performance Chemicals, Pharmaceutical formulations, healthcare products, dyes and dye intermediates, distribution of financial products and other businesses. The Ishita Group derives its key strengths from its strong ethical practices and moral values in business commitments.

The Company...

Ishita Drugs and Industries Limited is a public limited company, listed on the local stock exchanges (BSE and ASE) in India. Incorporated in 1992, the company has earned a reputation as a "high quality manufacturer" in a very short time.

IDIL is engaged in the manufacture of various Active Pharma Ingredients (bulk actives and their salts), bulk drug intermediates, excipients and fine chemicals. It has a state-of-art manufacturing facility, in terms of chemical synthesis, quality control and environmental safety.

The People…

The vision and the strategy of the company is formulated by the Board of Directors, which comprises independent, highly qualified professionals for various fields.

IDIL is headed by Mr. Jagdish Agrawal, Managing Director, who is a M.S (Chemical Technology) from University of Florida, USA. He has more than 30 years experience in the chemical and pharmaceutical industry and is widely acknowledged as an expert in his field. He has earlier been associated with very successful ventures in the reactive dye industry and in the bulk drug industry.

The Head of Operations is Mr. Kiran Rindani, M. Tech (Chemical Technology) from U.D.C.T., Mumbai University, Mumbai. He has about 25 years of experience and has worked with Lupin Laboratories, Unimark etc. before joining this company

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.55.58
UK Pound	1	Rs.87.14
Euro	1	Rs.69.73

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.