MIRA INFORM REPORT

Report Date :

24.09.2012

IDENTIFICATION DETAILS

Name :	ASSOCIATE ALLIED CHEMICALS (INDIA) PRIVATE LIMITED
Registered Office :	41 Manoj Industrial Estate, G D Ambekar Marg, Wadala, Mumbai-400031, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.06.1995
Com. Reg. No.:	11-089749
Capital Investment / Paid-up Capital :	Rs. 5.000 millions
CIN No.: [Company Identification No.]	U24110MH1995PTC089749
TAN No.: [Tax Deduction & Collection Account No.]	MUMA1030PF
PAN No.: [Permanent Account No.]	AACCA0687L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Aromatic Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1080000
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. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	41 Manoj Industrial Estate, G D Ambekar Marg, Wadala, Mumbai-400031, Maharashtra, India
Tel. No.:	91-22-24198800
Fax No.:	91-22-24135786
E-Mail :	aacipl@aacipl.com
Website :	www.aacipl.com
Factory :	D-23, MIDC, Kurkumbh, Taluka Daund, District Pune-413802, Maharashtra, India
Tel. No.:	91-2117-235476
Fax No.:	91-2117-235498

DIRECTORS

As on 30.09.2011

Name :

Mr. Sachin Bipin Gandhi

Designation :

Director

Address :

10, Matunga Kapol Co-Operative Housing Society, Dr. Ambedkar Road, Matunga, Mumbai-400019, Maharashtra, India

Date of Birth/Age :

02.10.1971

Qualification :

B.Com

Date of Appointment :

20.06.1995

DIN No.:

00183157

PAN No.:

AEJPG3142G

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24110MH1995PTC089749	ASSOCIATE ALLIED CHEMICALS (INDIA) PRIVATE LIMITED	Director	20/06/1995	20/06/1995	-	Active	NO
2	U24249MH1986PTC041806	AROMATIC AGENCIES (INDIA) PRIVATE LIMITED	Director	29/09/2000	29/09/2000	-	Active	NO
3	U24249MH1984PTC032263	BOMBAY PERFUMERY PRODUCTS PVT LTD	Director	30/09/2000	30/09/2000	-	Active	NO
4	U67120MH2006PTC159449	AXIS SHARES AND SECURITIES PVT LTD	Director	02/02/2006	02/02/2006	-	Active	NO

Name :

Mr. Satish Chhotalal Gandhi

Designation :

Director

Address :

10, Matunga Kapol Co-Operative Housing Society, Dr. Ambedkar Road, Matunga, Mumbai-400019, Maharashtra, India

Date of Birth/Age :

04.03.1954

Qualification :

Graduate B.A.

Experience :

37 years

Date of Appointment :

20.06.1995

DIN No.:

00298896

PAN No.:

AAOPG7359N

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24249MH1984PTC032263	BOMBAY PERFUMERY PRODUCTS PVT LTD	Director	25/02/1984	25/02/1984	-	Active	NO
2	U24249MH1986PTC041806	AROMATIC AGENCIES (INDIA) PRIVATE LIMITED	Director	08/12/1986	08/12/1986	-	Active	NO
3	U24110MH1995PTC089749	ASSOCIATE ALLIED CHEMICALS (INDIA) PRIVATE LIMITED	Director	20/06/1995	20/06/1995	-	Active	NO

Name :

Mr. Vinod Nathalal Vora

Designation :

Director

Address :

201, Rajkiran M. G. Road, Kandivli (West), Mumbai-400067, Maharashtra, India

Date of Birth/Age :

10.08.1939

Qualification :

B.Com

Date of Appointment :

20.06.1995

DIN No.:

00298952

PAN No.:

AABPV2992H

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24249MH1986PTC041806	AROMATIC AGENCIES (INDIA) PRIVATE LIMITED	Director	08/12/1986	08/12/1986	-	Active	NO
2	U24110MH1995PTC089749	ASSOCIATE ALLIED CHEMICALS (INDIA) PRIVATE LIMITED	Director	20/06/1995	20/06/1995	-	Active	NO
3	U24249MH1984PTC032263	BOMBAY PERFUMERY PRODUCTS PVT LTD	Director	01/10/2001	01/10/2001	-	Active	NO

Name :

Ms. Kanan Sachin Gandhi

Designation :

Director

Address :

10, Matunga Kapol Co-Operative Housing Society, Dr. Ambedkar Road, Matunga, Mumbai-400019, Maharashtra, India

Date of Birth/Age :

04.04.1976

Qualification :

B.Com

Date of Appointment :

01.04.2002

DIN No.:

00299238

PAN No.:

ADNPG0160H

Name :

Mr. Rashmi Satish Gandhi

Designation :

Director

Address :

10, Matunga Kapol Co-Operative Housing Society, Dr. Ambedkar Road, Matunga, Mumbai-400019, Maharashtra, India

Date of Birth/Age :

21.10.1960

Qualification :

B.A.

Date of Appointment :

01.04.2002

DIN No.:

00299305

PAN No.:

AAKPG1447K

Name :

Ms. Padma Vinod Vora

Designation :

Director

Address :

201, Rajkiran M. G. Road, Kandivli (West), Mumbai-400067, Maharashtra, India

Date of Birth/Age :

16.10.1943

Qualification :

Non Graduate

Date of Appointment :

01.01.2002

DIN No.:

00299478

PAN No.:

AABPV3206A

KEY EXECUTIVES

Name :	Mr. Uday Tikare
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Satish Chhotalal Gandhi	310700
Sachin Bipin Gandhi	98600
Rashmi Satish Gandhi	14100
Manan Satish Gandhi	66500
Vinod Nathalal Vora	5100
Padma Vinod Vora	5000
Total	500000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Aromatic Chemicals.

Products :

ITC Code	Product Descriptions
0108	Aromatic Chemicals

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Di Ethyl Phthalate	MT	4131	2356568
Aromatic Chemicals	Kgs/ MT	5651.90	--
Aromatic Chemicasl Bhivandi Unit	MT	--	357666
MPPS	MT	--	6711.00

Notes:

i. The Company has been advised that no license is required for the products manufactured by the company.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Chandavarkar Road Branch, Matunga, Mumbai-400019, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	0.000	14.176
Total	0.000	14.176
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans others unsecured Loans directors unsecured	86.777 87.758	69.425 58.956
Total	174.535	128.381

Banking Relations :	--
Auditors :
Name :	R. D. Shenvi and Company Chartered Accountants
Address :	1, 2, and 3, Vagdevi, Near Saraswati Mandir High School, Mahim, Mumbai - 400 016, Maharashtra, India
Tel. No.:	91-22-24383901
Mobile No.:	91-9821052346
Fax No.:	91-22-24383901
E-Mail :	rdshenvi@rediffmail.com
PAN No.:	AAQPS4505C
Related Parties :	Aromatic Agencies (India) Private Limited [CIN: U24249MH1986PTC041806] Bombay Perfurnery Products Private Limited [CIN: U24249MH1984PTC032263]

CAPITAL STRUCTURE

As on 30.09.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		266.452	191.670	194.442
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		271.452	196.670	199.442
LOAN FUNDS
1] Secured Loans		0.000	14.176	2.148
2] Unsecured Loans		174.535	128.381	133.466
TOTAL BORROWING		174.535	142.557	135.614
DEFERRED TAX LIABILITIES		22.330	10.104	7.374
TOTAL		468.317	349.331	342.430
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		45.440	50.959	81.769
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		215.111	45.445	32.501
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	164.122	158.289	193.468
	Sundry Debtors	247.869	259.537	190.070
	Cash & Bank Balances	49.946	26.595	13.576
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	49.563	51.976	67.498
Total Current Assets		511.500	496.397	464.612
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	281.729	237.883	228.698
	Other Current Liabilities	20.447	4.197	6.494
	Provisions	1.558	1.390	1.260
Total Current Liabilities		303.734	243.470	236.452
Net Current Assets		207.766	252.927	228.160
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		468.317	349.331	342.430

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1069.775	887.259	778.678
		Other Income	61.370	19.175	7.072
		TOTAL	1131.145	906.434	785.750
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	1013.047	892.531	737.051
	PROFIT/(LOSS) BEFORE TAX		118.098	13.903	48.699
Less	TAX		43.293	16.675	14.842
	PROFIT/(LOSS) AFTER TAX		74.805	(2.772)	33.857
	EARNINGS IN FOREIGN CURRENCY
		Di Ethyl Phthalate	23.357	22.174	48.418
		Aromatic Chemicals	211.540	108.932	101.405
		Rose Oxide	0.000	22.331	83.646
	TOTAL EARNINGS		234.897	153.437	233.469
	IMPORTS
		Chemicals for Trading	360.451	284.411	325.357
		Chemicals for Manufacturing	0.000	60.529	21.821
	TOTAL IMPORTS		360.451	344.940	347.178
	Earnings Per Share (Rs.)		149.61	(5.54)	67.71

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.61	(0.31)	4.31
Net Profit Margin (PBT/Sales)	(%)	NA	1.57	6.25
Return on Total Assets (PBT/Total Assets}	(%)	21.20	2.54	8.91
Return on Investment (ROI) (PBT/Networth)		0.43	0.07	0.24
Debt Equity Ratio (Total Liability/Networth)		1.76	2.01	1.90
Current Ratio (Current Asset/Current Liability)		1.68	2.04	1.96

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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 involved in	----
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80023062
Corporate identity number of the company	U24110MH1995PLC089749
Name of the company
Address of the registered office or of the principal place of business in India of the company	41 Manoj Industrial Estate, G D Ambekar Marg, Wadala, Mumbai-400031, Maharashtra, India
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of Baroda, Chandavarkar Road Branch, Matunga, Mumbai-400019, Maharashtra, India e-mail: shirishshetye@gmail.com
Nature of description of the instrument creating or modifying the charge	Composite hypothecation agreement.
Date of instrument Creating the charge	15.12.2006
Amount secured by the charge	Rs. 50.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR +0.5% = 12% p.a. Presently on cash credit (hypothecation of stock and book-debts) cum import / inland L/C Sight/DA - 180 Days. BPLR - 3% = 8.5% ON PC/PSDL/FBP/UFBP. Terms of Repayment On demand. Margin 25% on cash credit (hypothecation of stock and book-debts), cash credit (rose oxide activity), bank guarantee and demand loan. 20% on import/inland L/C sight/DA - 180 days. 25% ON PC. Extent and Operation of the charge The charge is created to secure Cash Credit (Hypothecation of Stock & Book Debts) cum Import/Inland L/C Sight/DA - 180 days facility of Rs.47.500 millions [with sub-limit Cash Credit (Rose Oxide Activity) of Rs.10.000 millions and Import/Inland L/C Sight/DA - 180 days of Rs.22.500 millions] and Bank Guarantee facility of Rs.2.500 millions.
Short particulars of the property charged	Stocks, both present and future and including all stocks of RMs, WIP, SFGs, FGs such as Aromatic Chemicals, essential oils pharmaceutical chemicals, foam chemicals, D. Ethyl Phthalate, Phthalic Auhydride, Rose Oxide etc., packing materials and stores etc. and all the present and future book-debts, outstanding, monies receivable, claims, bills, contracts, engagements and securities etc. and all the tangible movable machinery and plant and cranes, boats and crafts and the vehicles of the Borrower, both present and future.
Particulars of the present modification	The charge is increased upto Rs.50.000 millions to cover Cash Credit (Hypothecation of Stock and Book Debts) cum Import/Inland L/C Sight/DA - 180 days facility of Rs.47.500 millions [increased from Rs.25.000 millions] [with sub-limit Cash Credit (Rose Oxide Activity) of Rs.10.000 millions and Import/Inland L/C Sight/DA - 180 days of Rs.22.500 millions] and Bank Guarantee facility of Rs.2.500 millions [Fresh].

REVIEW OF OPERATIONS:

The Company’s sales turnover during the financial year 2010-2011 is Rs. 1069.775 millions as compared to Rs. 887.259 millions in previous year.

There has been an increase in the turnover of the Company approximately by 21 %. The Export turnover is Rs. 238.775 millions as against Rs. 150.888 millions in previous year.

FIXED ASSETS:

• Land
• Freehold Land
• Leasehold Improvements
• Warehouse Building
• Factory Building
• Office Building
• Plant and Machinery
• Office Equipments
• Computers
• Electrical Installation
• Furniture and Fixtures
• Motor 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 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.53.90
UK Pound	1	Rs.87.60
Euro	1	Rs.70.00

INFORMATION DETAILS

Report Prepared by :

NID

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	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.