MIRA INFORM REPORT

Report Date :

06.12.2014

IDENTIFICATION DETAILS

Name :	ACASIA BIOTECH LIMITED (w.e.f 15.06.2005)
Formerly Known As :	ZENON HEALTHCARE LIMITED
Registered Office :	316, Satyam Mall, Nr. Kameshwar School, Jodhpur Cross Road, Satellite – 380015, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.06.2005
Com. Reg. No.:	04 - 046251
Capital Investment / Paid-up Capital :	Rs. 0.750 Million
CIN No.: [Company Identification No.]	U24230GJ2005PLC046251
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	Not Divulged
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Supplier and Manufacturer of Pharmaceutical Formulations, Pharma Medicines, Common Drugs and Medicines, Antibiotic, Liquid, Oinment, Capsules and Tablets.
No. of Employees :	Not Divulged [We tried to confirm the number of employees but no one is ready to part any information from the company management]

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 190000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations seem to be fair. Business is active. Payment terms are reported as usually correct. The company can be considered 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Arun Tulasyan
Designation :	Director
Contact No.:	91-9825089213
Date :	02.12.2014

LOCATIONS

Registered Office :	316, Satyam Mall, Nr. Kameshwar School, Jodhpur Cross Road, Satellite, Ahmedabad - 380015, Gujarat, India.
Tel. No.:	91-79-30027345/30078233
Mobile No.:	91-9825089213 (Mr. Arun Tulasyan)
Fax No.:	91-79-30027345/30078233
E-Mail :	vk_moondra@rediffmail.com
Factory :	Plot No. 20, Sector – 3, IIE Patnagar, (Sidcul, Rudrapur. Dist – U.S.Nagar, Uttarakhand - 248197, India
E-Mail :	acaciarudrapur@yahoo.co.in

DIRECTORS

As on 30.09.2014

Name :

Mr. Praveen Agrawal Kumar

Designation :

Director

Address :

B – 81, Nebula Apparts, BH Galaxy Appartment, Bodakdev, Ahmedabad- 380054, Gujarat, India.

Date of Birth/Age :

01.06.1956

Date of Appointment :

15.06.2005

DIN No.:

01043807

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	U24232GJ2001PLC040299	MALODY HEALTHCARE LIMITED	Managing director	30/04/2013	26/12/2001	-	Active	NO
2	U24231GJ2003PTC043387	ANDIC LIFESCIENCES PRIVATE LIMITED	Whole-time director	30/04/2013	23/12/2003	-	Active	NO
3	U24230GJ2005PLC046251	ACACIA BIOTECH LIMITED	Director	15/06/2005	15/06/2005	-	Active	NO
4	U24230GJ2011PTC064278	FUTURE LIFESCIENCES PRIVATE LIMITED	Director	05/03/2011	05/03/2011	-	Active	NO
5	U24230GJ2011PTC067757	SALUBRIS BIOPHARM PRIVATE LIMITED	Director	09/11/2011	09/11/2011	-	Active	NO

Name :

Mr. Ravi Ashokkumar Agrawal

Designation :

Director

Address :

43, Khetan Tower, Shahibaug, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

01.09.1985

Date of Appointment :

05.07.2005

DIN No.:

01579449

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	U24231GJ2004PTC044637	CUBIT HEALTH CARE PRIVATE LIMITED	Director	24/08/2004	24/08/2004	-	Active	NO
2	U24230GJ2005PLC046251	ACACIA BIOTECH LIMITED	Director	05/07/2005	05/07/2005	-	Active	NO
3	U85190MH2008PTC185154	RADIUS IMPEX PRIVATE LIMITED	Director	28/07/2008	28/07/2008	03/02/2009	Active	NO
4	U24230GJ2011PTC064278	FUTURE LIFESCIENCES PRIVATE LIMITED	Director	05/03/2011	05/03/2011	-	Active	NO
5	U24230GJ2011PTC067757	SALUBRIS BIOPHARM PRIVATE LIMITED	Director	09/11/2011	09/11/2011	-	Active	NO

Name :

Mr. Arunkumar Makhanlal Tulsyan

Designation :

Director

Address :

B – 81, Nebula Apparts, BH Galaxy Appartment, Bodakdev, Ahmedabad- 380054, Gujarat, India.

Date of Birth/Age :

01.09.1985

Date of Appointment :

02.02.2006

DIN No.:

01935433

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	U24231GJ2002PLC040973	ZENON HEALTHCARE LIMITED	Managing director	25/03/2013	18/07/2002	-	Active	NO
2	U24230GJ2005PLC046251	ACACIA BIOTECH LIMITED	Director	02/02/2006	02/02/2006	-	Active	NO
3	U24100GJ2013PTC076068	ASTRICA BIOMEDICS PRIVATE LIMITED	Whole-time director	20/07/2013	17/07/2013	-	Active	NO

Name :

Mr. Dinesh Giriraj Patel

Designation :

Director

Address :

D -1, Gokul Appartments, Opp. Sarthi Flat Memnagar, Ahmedabad – 380052, Gujarat, India

Date of Appointment :

23.02.2012

DIN No.:

05205445

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age
Ravi Agarwal	5000	6.67
Jyoti Agarwal	5000	6.67
Sunita Tulsiyan	9000	12.00
Arun Tuldiyan	16000	21.33
Ashok Agarwal	10000	13.33
Praveen Agarwal	20000	26.67
Anjudevi Agarwal	10000	13.33
Total	75000	100.00

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 :	Supplier and Manufacturer of Pharmaceutical Formulations, Pharma Medicines, Common Drugs and Medicines, Antibiotic, Liquid, Oinment, Capsules and Tablets.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Not Divulged
Countries :	Not Divulged
Imports :
Products :	Not Divulged
Countries :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

Banker Name	Central Bank Of India
Branch Address	Rudrapur, Dhamsinghnagar - 263153, Uttaranchal, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banking Relations :	---
Auditors :
Name :	Vijay Moondra And Company Chartered Accountant
Address :	201, Sarap Opp. Navjivan Press, Ashram Road, Ahmedabad – 380014, Gujarat, India
PAN No.:	AABFV1724H
Memberships :	--
Collaborators :	--
Related Parties :	v Acacia Biotech v Cubit Healthcare v Lexus India Organics v Epitome Lifesciences v Zubit Lifecare v Melody Healthcare Limited v Andic Lifesciences Private Limited v Zenon Healthcare Limited v Orion Biotech Private Limited v Aronex Lifesciences Private Limited v FOSSIL REMEDIES v Rashvi Marketing

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1010000	Equity Shares	Rs.10/- each	Rs. 10.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.10/- each	Rs. 0.750 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.750	0.500	0.500
(b) Reserves & Surplus	67.613	56.383	45.678
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.250	9.600
Total Shareholders’ Funds (1) + (2)	68.363	57.133	55.778
(3) Non-Current Liabilities
(a) long-term borrowings	0.142	2.898	6.194
(b) Deferred tax liabilities (Net)	0.737	0.736	0.737
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.879	3.634	6.931
(4) Current Liabilities
(a) Short term borrowings	0.000	0.701	2.574
(b) Trade payables	42.059	48.096	42.706
(c) Other current liabilities	0.576	4.051	6.746
(d) Short-term provisions	3.544	3.359	3.795
Total Current Liabilities (4)	46.179	56.207	55.821
TOTAL	115.421	116.974	118.530
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.388	25.500	32.306
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.186	0.111	0.105
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.348	0.348	0.348
(e) Other Non-current assets	0.000	0.000	0.150
Total Non-Current Assets	22.922	25.959	32.909
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.744	9.780	6.748
(c) Trade receivables	75.604	74.141	70.901
(d) Cash and cash equivalents	2.168	0.631	1.074
(e) Short-term loans and advances	2.983	6.463	6.898
(f) Other current assets	2.000	0.000	0.000
Total Current Assets	92.499	91.015	85.621
TOTAL	115.421	116.974	118.530

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	247.693	218.748	190.551
		Other Income	0.866	0.393	0.225
		TOTAL (A)	248.559	219.141	190.776
Less	EXPENSES
		Cost of Materials Consumed	208.302	183.325	146.337
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.022	(1.178)	0.494
		Employees benefits expense	6.325	3.704	3.672
		Other expenses	16.131	14.410	14.268
		TOTAL (B)	230.780	200.261	164.771
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.779	18.880	26.005
Less	FINANCIAL EXPENSES (D)		0.190	0.630	1.443
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.589	18.250	24.562
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.150	3.807	4.761
	PROFIT BEFORE TAX (E-F) (G)		14.439	14.443	19.801
Less	TAX (H)		3.209	3.738	3.663
	PROFIT AFTER TAX (G-H) (I)		11.230	10.705	16.138
	Earnings Per Share (Rs.)		14.97	14.27	21.51

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	4.53	4.89	8.47
Operating Profit Margin (PBDIT/Sales)	(%)	7.18	8.63	13.65
Return on Total Assets (PBT/Total Assets}	(%)	12.53	12.36	16.72
Return on Investment (ROI) (PBT/Networth)		0.21	0.25	0.35
Debt Equity Ratio (Total Debt /Networth)		0.00	0.06	0.16
Current Ratio (Current Asset/Current Liability)		2.00	1.62	1.53

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	0.500	0.750
Reserves & Surplus	45.678	56.383	67.613
Share Application money pending allotment	9.600	0.250	0.000
Net worth	55.778	57.133	68.363
long-term borrowings	6.194	2.898	0.142
Short term borrowings	2.574	0.701	0.000
Total borrowings	8.768	3.599	0.142
Debt/Equity ratio	0.157	0.063	0.002

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	190.551	218.748	247.693
		14.798	13.232

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	190.551	218.748	247.693
Profit	16.138	10.705	11.230
	8.47%	4.89%	4.53%

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	Yes
10]	Designation of contact person	Yes
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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The registered office of the company has been shifted from B/44 Circle 'B', 5th Floor, Bh Pakwan II Sg Road, Bodakdev, Ahmedabad - 380054, Gujarat,India India to present address w.e.f. 09.03.2012

UNSECURED LOAN

(Rs. In Millions)

	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Other Loans, Advances and Deposits Shiv Kumar Agarwal	0.142	2.898
Short Term Borrowing
Other Loans, Advances and Deposits	0.000	0.701
Total	0.142	3.599

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10019734	22/08/2006	29,000,000.00	CENTRAL BANK OF INDIA	RUDRAPUR, UDHAMSINGHNAGAR, Uttarakhand - 263153, I  NDIA	A04150504

* Date of charge modification

FIXED ASSETS

v Land

v Factory Building

v Plant and Machinery

v Labortory Equipments

v Computers

v Mobile

v Vehicle

v Electrical Installation

v Office Equipments

v Furniture and Fixture

v Cylinder

v Car

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.61.88
UK Pound	1	Rs.96.82
Euro	1	Rs.76.57

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.