MIRA INFORM REPORT

Report Date :

29.08.2013

IDENTIFICATION DETAILS

Name :	ALEKHYA DRUGS PRIVATE LIMITED
Registered Office :	Flat No. 215, Bhanu Enclave, Sundar Nagar, Near ESI Hospital, AL. Erragadda, Hyderabad – 500038, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.06.2005
Com. Reg. No.:	01-46447
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U24239AP2005PTC046447
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of APIs and API Intermediates.
No. of Employees :	60 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Financial of the company for the year 2010-11 and 2011-12 are not available. Mr. Krishna Reddy from Accounts Department provided with us all the information. As per verified financials of 2010 the financial position of the company seems to be moderate due to low reserve and huge external borrowings. However, trade relations are reported as fair. Business is active. Payments terms are unknown. The company can be considered for business dealings on a secured 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: D
Rating Explanation	This rating are in default or are expected to be in default soon.
Date	23 August 2013

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.

INFORMATION PARTED BY

Name :	Mr. Krishna Reddy
Designation :	Accounts Department
Contact No.:	91-40-23818293
Date :	28.08.2013

LOCATIONS

Registered Office :	Flat No. 215, Bhanu Enclave, Sundar Nagar, Near ESI Hospital, AL. Erragadda, Hyderabad – 500038, Andhra Pradesh, India
Tel. No.:	91-40-23810354/23818293/23810544
Fax No.:	91-40-23810649/23818293
E-Mail :	alekyadrugs@yahoo.co.in accounts@alekhyadrugs.com rantuspharma@vsnl.net
Website :	http://www.rantusphrma.com
Area :	1000 sq. ft.
Location :	Rented
Factory :	Plot No. 145-150, 152/154 A, IDA Kondapaliy, Ibrahimpatnam (M), Krishna-521228 District, Andhra Pradesh, India
Tel No.:	91-866-2873100
Fax No.:	91-866-2873200

DIRECTORS

AS ON 30.09.2011

Name :

Kotti Uma Maheshwara Rao

Designation :

Director

Address :

Flat No. 401, Surya Teja Apartments, KPHB Colony, Kukatpally, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

30.07.1962

Date of Appointment :

06.06.2005

Din No.:

02114404

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	U24239AP2003PTC040459	RANTUS PHARMA PRIVATE LIMITED	Managing director	07/02/2003	07/02/2003	-	Active	NO
2	U24239AP2005PTC046447	ALEKHYA DRUGS PRIVATE LIMITED	Director	06/06/2005	06/06/2005	-	Active	NO
3	U74999AP2008PTC058673	KONDAPALLY ENVIROTECH PRIVATE LIMITED	Director	15/04/2008	15/04/2008	-	Active	NO
4	U73100AP1994PTC018034	WARNER LABORATORIES PRIVATE LIMITED	Additional director	14/08/2009	14/08/2009	-	Active	NO
5	U24110AP1999PTC031736	SRICHAITANYA CHLORIDES PRIVATE LIMITED	Director	20/09/2012	14/12/2011	-	Active	NO
6	U24230AP2012PTC081440	RANTUSS DRUGS PRIVATE LIMITED	Director	13/06/2012	13/06/2012	-	Active	NO

Name :

Butchi Babu Ramayanapu

Designation :

Director

Address :

H. No. 73-5-2, Ramayanapuvari Street, Patamata, Vijayawada – 520010, Andhra Pradesh, India

Date of Birth/Age :

15.06.1960

Date of Appointment :

06.06.2005

Din No.:

02950207

Name :

Ratna Kumari Kotti

Designation :

Director

Address :

Flat No. 401, Surya Teja Apartment, Dharma Reddy Colony, Phase-I, KPHB Colony, Kukatpally, Hyderabad-500072, Andhra Pradesh, India

Date of Birth/Age :

13.06.1968

Date of Appointment :

01.01.2011

Din No.:

01192906

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	U24239AP2003PTC040459	RANTUS PHARMA PRIVATE LIMITED	Director	17/02/2003	17/02/2003	-	Active	NO
2	U24239AP2005PTC046447	ALEKHYA DRUGS PRIVATE LIMITED	Director	01/01/2011	01/01/2011	-	Active	NO
3	U24233AP2011PTC077163	ALEKHYA PHARMACEUTICALS PRIVATE LIMITED	Director	25/10/2011	25/10/2011	-	Active	NO
4	U24230AP2012PTC081440	RANTUSS DRUGS PRIVATE LIMITED	Director	13/06/2012	13/06/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Krishna Reddy
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Kotti Uma Maheshwara Rao	590000
Butchi Babu Ramayanapu	100000
Rantus Pharma Private Limited, India	3430519
Narayana Swamy	35000
R. Ragha Sudha	100000
M. Ramesh	20000
K. Ratna Kumari	313000
Satyanarayana	50010
K. Sri Ram	20000
Sri Ram Murthi	30000
K. Sridhar Reddy	145200
Srinivas Ramayanapu	261612
B. Srinivasa Rao	30000
R. Srinivasa Rao	30000
N. Surya Prakash Rao	5000
Venkat Rao	30000
N. Venkateswara Rao	30000
N. Vijaya Lakshmi	30000
TOTAL	5250341

AS ON 13.10.2012

Names of Shareholders	No. of Shares
K Ratna Kumari	15000
K Sri Ramulu	20000
Alekhya Pharmaceuticals Private Limited, India	713200
Total	748200

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	65.34
Directors or relatives of directors	34.66
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of APIs and API Intermediates.

Products :

PRODUCTION DESCRIPTION	ITEM CODE
Active Pharmaceutical Ingredients	2942

Exports :

Products :

Bulk Drugs

Countries :

• Pakistan
• Egypt
• Bangladesh

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

60 [Approximately]

Bankers :

• State Bank of India, Seie Kattedan Branch, Hyderabad – 500077, Andhra Pradesh, India
• UCO Bank, M.G. Road, Secunderabad, Andhra Pradesh, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
State Bank of India
Term Loan [Secured by hypothecation of plant and machinery and other movable assets and equitable mortgage of immovable properties]	44.969	50.979
Cash Credit [Secured by hypothecation of inventories and assignment of receivables]	30.299	13.871
SME Care Loan [Secured by hypothecation of inventories and assignment of receivables]	3.080	0.000
Vehicles Loans [Secured by hypothecation of vehicles]	1.881	0.000
TOTAL	80.229	64.850

Banking Relations :	--
Auditors :
Name :	Ramanatham and Rao Chartered Accountants
Address :	PB No. 2102, Secunderabad-500003, Andhra Pradesh, India
Tel. No.:	91-40-27814147/27849305
Fax No.:	91-40-27840307
E-Mail :	ramanathanandrao@gmail.com ramanathamandrao@rediffmail.com
PAN No:	AACFR1623C

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5998541	Equity Shares	Rs.10/- each	Rs.59.985 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		10.000	0.100	0.100
2] Share Application Money		45.378	53.532	46.693
3] Reserves & Surplus		9.203	3.008	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		64.581	56.640	46.793
LOAN FUNDS
1] Secured Loans		80.229	64.850	47.152
2] Unsecured Loans		9.565	10.111	2.600
TOTAL BORROWING		89.794	74.961	49.752
DEFERRED TAX LIABILITIES		2.410	1.064	0.000
TOTAL		156.785	132.665	96.545
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		123.563	109.321	91.826
Capital work-in-progress		0.000	0.000	6.782
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.100	9.928	4.682
	Sundry Debtors	41.682	31.670	0.405
	Cash & Bank Balances	3.540	2.351	0.514
	Other Current Assets	19.979	9.199	5.686
	Loans & Advances	15.217	2.795	10.108
Total Current Assets		125.518	55.943	21.395
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	90.270	29.549	23.016
	Other Current Liabilities	1.199	2.493	0.454
	Provisions	0.834	0.567	0.000
Total Current Liabilities		92.303	32.609	23.470
Net Current Assets		33.215	23.334	(2.075)
MISCELLANEOUS EXPENSES		0.007	0.010	0.012
TOTAL		156.785	132.665	96.545

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	222.247	131.763
		Other Income	0.228	0.070
		TOTAL (A)	222.475	131.833
Less	EXPENSES
		Material consumed	182.394	95.298
		Manufacturing expenses	14.966	7.555
		Staff costs	14.217	8.663
		Administrative and other expenses	8.281	5.069
		Directors remunerations	1.380	1.364
		Preliminary expenses written off	0.002	0.002
		Increase in inventory	(23.883)	(5.474)
		TOTAL (B)	197.357	112.477
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.118	19.356
Less	FINANCIAL EXPENSES (D)		11.657	10.245
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.461	9.111
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.120	4.440
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		8.341	4.671
Less	TAX (H)		2.146	1.663
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		6.195	3.008
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.008	0.000
	BALANCE CARRIED TO THE B/S		9.203	3.008
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	17.549	27.483
	Earnings / (Loss) Per Share (Rs.)
	Basic		619.46	300.83
	Diluted		1.16	0.56

Particulars	31.03.2013	31.03.2012	31.03.2011
Sales Turnover [Approximately]	560.000	540.000	420.000

The above information has been parted by Mr. Krishna Reddy.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.78	2.28	NA
Net Profit Margin (PBT/Sales)	(%)	3.75	3.55	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.35	2.83	NA
Return on Investment (ROI) (PBT/Networth)		0.13	0.08	NA
Debt Equity Ratio (Total Debt/Networth)		1.39	1.32	1.06
Current Ratio (Current Asset/Current Liability)		1.35	1.72	0.91

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	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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last five years	Yes
12]	Profitability for last two 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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS:

During the financial year the turnover of the company was around Rs.220.000 Millions. Which has increase approximately to 65% compared to previous year turnover of around Rs.130.000 Millions. The net profit of the company was Rs.6.195 Millions i.e. 100% increase compared to previous year. the company expected a good future in the coming year.

UNSECURED LOAN

PARTICULARS	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
From Director and Others	2.600	2.600
Capital Goods	6.965	7.511
TOTAL	9.565	10.111

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10299604	09/06/2011	60,000,000.00	STATE BANK OF INDIA	SEIE, KATTENDAN BRANCH, HYDERABAD, ANDHRA PRADESH - 500077, INDIA	B17852732
2	10273586	25/01/2011	25,000,000.00	STATE BANK OF INDIA	SEIE, KATTENDAN BRANCH, HYDERABAD, ANDHRA PRADESH - 500077, INDIA	B08587891
3	10229331	21/05/2012 *	30,951,000.00	STATE BANK OF INDIA	KATTEDAN BRANCH, HYDERABAD, ANDHRA PRADESH 500077, INDIA	B43735067
4	10177763	30/05/2012 *	113,600,000.00	STATE BANK OF INDIA	KATTEDAN, SME BRANCH, INDUSTRIAL PARK, HYDERABAD, ANDHRA PRADESH - 500077, INDIA	B44345486
5	10134273	10/03/2012 *	94,000,000.00	STATE BANK OF INDIA	SME BRANCH, 2ND FLOOR, CHIRAG ALI LANE, ABIDS, HY DERABAD, ANDHRA PRADESH - 500001, INDIA	B36467371
6	10132164	08/10/2008	87,000,000.00	STATE BANK OF INDIA	SEIE KATTEDAN BRANCH, HYDERABAD, HYDERABAD, ANDHRA PRADESH - 500077, INDIA	A51722064
7	10047182	29/03/2007	70,000,000.00	STATE BANK OF INDIA	SELF-EMPLOYMENT INDUSTRIAL ESTATE, KAATTEDAN, HYDERABAD, ANDHRA PRADESH - 500077, INDIA	A13461728

NOTE: * Date of charge modification

FIXED ASSETS:

• Land
• Building Work-in-progress
• Office Equipments
• Furniture and Fixture
• Electrical Equipments

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 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.68.36
UK Pound	1	Rs.106.03
Euro	1	Rs.91.47

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		13

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.