MIRA INFORM REPORT

Report Date :

16.10.2013

IDENTIFICATION DETAILS

Name :	BHARAT RESINS LIMITED
Registered Office :	Plot No.168/43-44-45, Dabhel Industrial Co-operative Society Limited, Dhabel, Daman – 396 210, Dadra and Nagar Haveli
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.03.1993
Com. Reg. No.:	56-001892
Capital Investment / Paid-up Capital :	Rs.9.031 Millions
CIN No.: [Company Identification No.]	U31200DD1993PLC001892
PAN No.: [Permanent Account No.]	AAACB9709J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Chemicals.
No. of Employees :	Approximately 100 (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1125000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track record. Profit and sales turnover of the company appears to be decent. Net worth of the company seems to be strong and healthy. Trade relations are fair. Business is active. Payments are regular as per commitments. The company can be considered for business dealings at usually 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.

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 DECLINED

Management non co-operative [91-22-26843527]

LOCATIONS

Registered Office/ Factory 1 :	Plot No.168/43-44-45, Dabhel Industrial Co-operative Society Limited, Dhabel, Daman – 396 210, Dadra and Nagar Haveli, India
Tel. No.:	91-260-2242275/ 3292814
Fax No.:	91-260-2242276
E-Mail :	bharatresins@yahoo.com
Area :	1225 Sq. Meters
Location :	Owned
Factory 2 :	Plot No. A/1, 284/4, G.I.D.C., Umergaon – 396 170, Gujarat, India
Area :	7000 Sq. Ft.
Location :	Owned
Sales Office :	D-101, Koteshwar Palace, Kole Dongari Lane No.4, Opposite Garware House, Andheri (East), Mumbai – 400 069, Maharashtra, India
Tel. No.:	91-22-26843527/ 26843463
Fax No.:	91-22-26820404

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Vinay Ladharam Joshi

Designation :

Managing Director

Address :

1502, Tivoli Central Avenue, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

21.04.1947

Qualification :

MSC Organics

Date of Appointment :

19.03.1993 (Re-appointment w.e.f. 01.04.2009)

DIN No.:

00043600

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	Company/ LLP Status	Defaulting status
1	U24299GJ1973PTC002440	Synpol Products Private Limited	Director	11-12-73	11-12-73	Active	NO
2	U31200DD1993PLC001892	Bharat Resins Limited	Managing director	01-04-09	19-03-93	Active	NO

Name :

Mr. Manish Prabhashanker Joshi

Designation :

Director

Address :

Bunglow 5, Sector 5, Khalhaar Bunglows, Shilaj, Ahmedabad – 380 058, Gujarat, India

Date of Birth/Age :

11.11.1956

Qualification :

B. Sc. , Diploma in Paints

Date of Appointment :

19.03.2006

DIN No.:

00046020

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	Company/ LLP Status	Defaulting status
1	U31200DD1993PLC001892	Bharat Resins Limited	Director	19-03-06	19-03-06	Active	NO
2	U24299GJ1973PTC002440	Synpol Products Private Limited	Director	29-09-07	03-07-07	Active	NO

Name :

Mr. Vinod Jesukhlal Kothari

Designation :

Director

Address :

5, Unique Park, Satellite Road, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

09.07.1934

Qualification :

UDCT - Paints Technology

Date of Appointment :

19.03.1993

DIN No.:

00169308

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	Company/ LLP Status	Defaulting status
1	U24299GJ1973PTC002440	Synpol Products Private Limited	Managing director	11-12-73	11-12-73	Active	NO
2	U31200DD1993PLC001892	Bharat Resins Limited	Director	19-03-93	19-03-93	Active	NO

Name :

Mr. Vikram Harsukh Kothari

Designation :

Director

Address :

10, Mount Eminence, 11, Nawroji Gamadia Cross Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

29.10.1958

Qualification :

B. Tech - Chem. Engineering, M.S. - Chem. Engineering, M.S. - Management

Date of Appointment :

30.06.2009

DIN No.:

00601155

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	Company/ LLP Status	Defaulting status
1	U33130MH1990PTC058429	Soorya Controls Private Limited	Director	08-10-90	08-10-90	Active	NO
2	U65990MH1992PTC066358	Sesha Inndvations Private Limited	Director	13-04-92	13-04-92	Strike off	NO
3	U24299GJ1973PTC002440	Synpol Products Private Limited	Director	29-09-09	29-11-08	Active	NO
4	U31200DD1993PLC001892	Bharat Resins Limited	Director	30-06-09	30-03-09	Active	NO

Name :

Mrs. Shantu Vinay Joshi

Designation :

Director

Address :

1502, Tivoli Central Avenue, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

11.11.1956

Qualification :

S.S.C.

Date of Appointment :

30.06.2009

DIN No.:

02669178

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	Company/ LLP Status	Defaulting status
1	U31200DD1993PLC001892	Bharat Resins Limited	Director	30-06-09	15-06-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	33.22
Directors or relatives of directors	34.55
Other top fifty shareholders	32.23
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals.

Products :

Item Code No. (ITC Code)	39089090
Product Description	Polyamides Resins
Item Code No. (ITC Code)	39073010
Product Description	Epoxide (Epoxi) Resins
Item Code No. (ITC Code)	39089090
Product Description	Paint and Varnish
Item Code No. (ITC Code)	39089090
Product Description	Polyamides Resins (Unit 3)

PRODUCTION STATUS [AS ON ]

Particulars	2010-11
1. Licensed Capacity	Not applicable
2. Installed Capacity (As Certified by Director)	14832 MT
Productions (Qty. Kgs.)	8,211,163

GENERAL INFORMATION

No. of Employees :

Approximately 100 (In Office + In Factory)

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Other loans and advances	0.000	0.591
TOTAL	0.000	0.591

Banking Relations :	--
Auditors :
Name :	Deepak J. Shukla and Associates Chartered Accountants
Address :	16, Morar Niwas, Near Auto Commerce House, Nana Chowk, Mumbai – 400 007, Maharashtra, India
PAN No:	AADFD8764D

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
903100	Equity Shares	Rs.10/- each	Rs.9.031 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.031	9.031
(b) Reserves & Surplus	272.359	232.452
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	281.390	241.483
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	7.300	(0.458)
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	7.300	(0.458)
(4) Current Liabilities
(a) Short term borrowings	2.500	0.591
(b) Trade payables	145.155	71.057
(c) Other current liabilities	4.373	2.523
(d) Short-term provisions	1.080	7.041
Total Current Liabilities (4)	153.108	81.212
TOTAL	441.798	322.237
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	171.222	45.403
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.001	0.001
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	171.223	45.404
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	68.813	84.947
(c) Trade receivables	139.066	148.567
(d) Cash and cash equivalents	15.774	10.764
(e) Short-term loans and advances	45.763	27.462
(f) Other current assets	1.159	5.093
Total Current Assets	270.575	276.833
TOTAL	441.798	322.237

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.031
2] Share Application Money		0.000
3] Reserves & Surplus		167.766
4] (Accumulated Losses)		0.000
NETWORTH		176.797
LOAN FUNDS
1] Secured Loans		1.189
2] Unsecured Loans		0.000
TOTAL BORROWING		1.189
DEFERRED TAX LIABILITIES		0.000
TOTAL		177.986
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.814
Capital work-in-progress		22.121
INVESTMENT		0.001
DEFERREX TAX ASSETS		1.317
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	83.084
	Sundry Debtors	102.130
	Cash & Bank Balances	9.017
	Other Current Assets	0.000
	Loans & Advances	47.223
Total Current Assets		241.454
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	76.203
	Other Current Liabilities	2.396
	Provisions	31.122
Total Current Liabilities		109.721
Net Current Assets		131.733
MISCELLANEOUS EXPENSES		0.000
TOTAL		177.986

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	942.058	878.852	783.163
		Other Income	9.638	8.791	9.932
		TOTAL (A)	951.696	887.643	793.095
Less	EXPENSES
		Cost of materials consumed	793.969	739.594
		Purchases of stock-in-trade	42.888	0.000
		Employee benefit expense	17.801	16.323
		Other expenses	41.997	33.123	714.691
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(16.749)	5.742
		TOTAL (B)	879.906	794.782	714.691
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		71.790	92.861	78.404
Less	FINANCIAL EXPENSES (D)		2.083	1.720	1.429
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		69.707	91.141	76.975
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.334	7.296	6.045
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		59.373	83.845	70.930
Less	TAX (H)		19.466	19.159	14.524
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		39.907	64.686	56.406
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	116.072
	BALANCE CARRIED TO THE B/S		NA	NA	171.990
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	315.142	372.938	379.599
	TOTAL EARNINGS		315.142	372.938	379.599
	IMPORTS
		Raw Materials	588.488	528.265	456.996
	TOTAL IMPORTS		588.488	528.265	456.996
	Earnings / (Loss) Per Share (Rs.)
	- Basic		44.19	71.63	58.65
	- Diluted		44.19	71.63	61.96

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.19	7.29	7.11
Net Profit Margin (PBT/Sales)	(%)	6.30	9.54	9.06
Return on Total Assets (PBT/Total Assets}	(%)	13.44	26.02	26.84
Return on Investment (ROI) (PBT/Networth)		0.21	0.35	0.40
Debt Equity Ratio (Total Debt/Networth)		0.01	0.00	0.01
Current Ratio (Current Asset/Current Liability)		1.77	3.41	2.20

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	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	No
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]	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	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10357392	17/05/2012	40,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI- 400013, MAHARASHTRA, INDIA	B40229106
2	10148092	28/11/2012 *	70,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI- 400013, MAHARASHTRA, INDIA	B64702541
* Date of charge modification

NOTE:

The Company was originally incorporated on 19.03.1993 in the state of Gujarat which was shifted to Union Territory of Daman and Diu and registered on 13.07.1995.

BUSINESS PLANS AND WORKING:

During the financial year the sales of the Company has increased and the same is Rs. 1035.245 Millions as compared to last year’s figure of Rs. 944.176 Millions. The achievement of sale as mentioned above is result of combined efforts put in by the management and employees of the Company. Due to increase in the Sales turnover of the Company, the Company has earned profit of Rs. 59.373 Millions after providing Rs. 10.334 Millions as provisions for depreciation.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Loans and advances from related parties	2.500	0.000
TOTAL	2.500	0.000

FIXED ASSETS:

• Land and Freehold
• Factory Building
• Plant and machinery
• Electric Installation
• Furniture and Fixtures
• Computers and Printers
• Office Equipments
• Fire Extinguishers
• Eicher 10.90 / TATA
• Vehicles
• City Office

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.61.69
UK Pound	1	Rs.98.59
Euro	1	Rs.83.67

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.