MIRA INFORM REPORT

Report Date :

30.06.2014

IDENTIFICATION DETAILS

Name :	TVC LIFE SCIENCES LIMITED (w.e.f. 05.11.2008)
Formerly Known As :	AAKANKSHA BIOTECH LIMITED (w.e.f 18.02.2008) MAYFAIR SOAPS LIMITED (w.e.f. 26.12.2003) MAYFAIR SOAPS PRIVATE LIMITED
Registered Office :	B/102, Khandwala Centre, Daftary Road, Malad (East), Mumbai – 400097, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.02.1999
Com. Reg. No.:	11-118439
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U24241MH1999PLC118439
TAN No.: [Tax Deduction & Collection Account No.]	MUMT15736A
PAN No.: [Permanent Account No.]	AACCM7272K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and dealing of various types of pharmaceutical, medicinal, preparation, drugs, antibiotics and biochemical medicines.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 11000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has failed to file its financials for the year 2013, with the government department. As per the available financials of 2012, there appears that the scale of activities of the subject are limited, whereas the external borrowing seems to be huge and increasing over previous year. The ratings also take into consideration TVC groups above average financial risk profile, strong distribution network and the extensive industry experience of its promoters in the direct response television segment. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of technical, financial and managerial support extended from its holding company, the subject can be considered for business dealings with some caution.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ (Long Term Loans)
Rating Explanation	Have moderate risk of default.
Date	May 9, 2014

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 DENIED

Management Non-Cooperative (91-22-61562666)

LOCATIONS

Registered Office :	B/102, Khandwala Centre, Daftary Road, Malad (East), Mumbai – 400097, Maharashtra, India
Tel. No.:	91-22-61562666
Fax No.:	91-22-28887983
E-Mail :	ho@tvclifesciences.com info@tvclifesciences.com
Website :	http://www.tvclifesciences.com
Corporate Office :	3rd Floor, A-Wing,  Building No. 16 Interface, Link Road, Malad (West),  Mumbai - 400064, Maharashtra, India
Tel. No.:	91-22-42475959
Factory :	Village Manakpura, Opposite Ichhadhari Mandir,  Before New Dabur and Fem care, Lodhi Majra, Baddi-Nalagarh Road, Nallagarh, Solan- 173205, Himachal Pradesh, India
Tel. No.:	91-1795-657920/ 21/ 22

DIRECTORS

As on: 28.09.2012

Name :

Mr. Vinod Jagdish Agarwal

Designation :

Director

Address :

9, Sankalp Building, Puspa Park Road-II, Malad (East), Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

22.06.1966

Date of Appointment :

05.06.2008

DIN No.:

00123373

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	U72200MH2000PLC126357	TVC SKY SHOP LIMITED	Managing director	01/04/2012	08/05/2000	-	Active	NO
2	L32300MH1987PLC045274	SATKAR ELECTRONICS LIMITED	Managing director	07/02/2006	07/02/2006	-	Dormant	NO
3	U85121DL2006PTC149372	AYU HERBALS PRIVATE LIMITED	Director	01/06/2006	01/06/2006	-	Active	YES
4	U51909MH2004PTC144101	BESTLINE MERCANTILE COMPANY PRIVATE LIMITED	Director	25/06/2007	25/06/2007	-	Active	YES
5	U24241MH1999PLC118439	TVC LIFE SCIENCES LIMITED	Director	30/09/2008	05/06/2008	-	Active	NO
6	U45400MH2010PLC204870	TVC INFRA AND REALTY LIMITED	Director	25/06/2010	25/06/2010	-	Active	NO

Name :

Mr. Sameer Vilas Ghag

Designation :

Additional Director

Address :

Hariom Niwas, Bhim Nagar, Kurar Village, Malad East, Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

03.06.1981

Date of Appointment :

09.11.2013

DIN No.:

06727772

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	U72200MH2000PLC126357	TVC SKY SHOP LIMITED	Additional director	09/11/2013	09/11/2013	-	Active	NO
2	U24241MH1999PLC118439	TVC LIFE SCIENCES LIMITED	Additional director	09/11/2013	09/11/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
TVC Sky Shop Limited, India	49970
Vinod Jagdish Agarwal	5
Sumeet Subhashchandra Narang	5
Rajat Varma	5
Anilkumar Ramagya Shukla	5
Rameshchandra Dixit	5
Mahesh Gopal Katudia	5
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Bodies corporate	99.94
Directors or relatives of directors	0.01
Other top fifty shareholders	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and dealing of various types of pharmaceutical, medicinal, preparation, drugs, antibiotics and biochemical medicines.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Punjab National Bank, Maker Tower, E, Ground Floor, Cuffe Parade, Mumbai - 400005, Maharashtra, India
• The Shamrao Vithal Co-Operative Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term Loan from The Shamrao Vithal Co-operative Bank Limited (Secured against first charge over the Fixed Assets of the company situated at Village: Manakpura, Taluka: Nalagarh District Solan and Personal guarantee of Mr. Purnandu Jain)	26.592	51.306
Total	26.592	51.306

Banking Relations :	--
Auditors :
Name :	H. T. Merchant and Company Chartered Accountants
Address :	4, Sai Manjil, 1st Floor, 18, Altamount Road, Mumbai – 400026, Maharashtra, India
Tel. No.:	91-22-23533978
Mobile No.:	91-9819420429
PAN No.:	ACLPM6702G
Enterprises having same Key Management Personnel as the reporting enterprises :	TVC Network Limited TVC Sky shop Limited

CAPITAL STRUCTURE

As on: 28.09.2012

Authorised Capital : Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.3.000 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500
(b) Reserves & Surplus	2.436	1.512
(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)	2.936	2.012
(3) Non-Current Liabilities
(a) long-term borrowings	247.373	197.895
(b) Deferred tax liabilities (Net)	0.000	0.093
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	247.373	197.988
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.031	0.000
(c) Other current liabilities	0.763	0.053
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	0.794	0.053
TOTAL	251.103	200.053
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43.458	13.057
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	192.780	179.604
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.050	0.050
(c) Deferred tax assets (net)	0.816	0.000
(d) Long-term Loan and Advances	0.074	0.074
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	237.178	192.785
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.217	0.000
(c) Trade receivables	0.000	0.441
(d) Cash and cash equivalents	2.559	1.780
(e) Short-term loans and advances	10.636	4.588
(f) Other current assets	0.513	0.459
Total Current Assets	13.925	7.268
TOTAL	251.103	200.053

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		1.493
4] (Accumulated Losses)		0.000
NETWORTH		1.993
LOAN FUNDS
1] Secured Loans		78.478
2] Unsecured Loans		60.154
TOTAL BORROWING		138.632
DEFERRED TAX LIABILITIES		0.093
TOTAL		140.718
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.891
Capital work-in-progress		156.028
INVESTMENT		0.050
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.045
	Cash & Bank Balances	1.700
	Other Current Assets	0.000
	Loans & Advances	2.225
Total Current Assets		3.970
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.216
	Other Current Liabilities	0.003
	Provisions	0.002
Total Current Liabilities		32.221
Net Current Assets		(28.251)
MISCELLANEOUS EXPENSES		0.000
TOTAL		140.718

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	0.454	0.743	0.045
		Other Income	0.291	0.136	0.107
		TOTAL (A)	0.745	0.879	0.152
Less	EXPENSES
		Purchase of Stock-In-Trade	0.355	0.302
		Changes in Inventories of Stock-In-Trade	(0.217)	0.000
		Employee benefit Expenses	0.007	0.024
		Other expenses	0.045	0.045
		TOTAL (B)	0.190	0.371	0.123
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.555	0.508	0.029
Less	FINANCIAL EXPENSES (D)		0.003	0.016	0.026
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.552	0.492	0.003
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.533	0.473	0.001
	PROFIT BEFORE TAX (E-F) (G)		0.019	0.019	0.002
Less	TAX (H)		(0.905)	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		0.924	0.019	0.002
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.512	1.493	1.491
	BALANCE CARRIED TO THE B/S		NA	1.512	1.493
	Earnings Per Share (Rs.)		18.48	0.38	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	124.03	2.16	1.32
Net Profit Margin (PBT/Sales)	(%)	4.19	2.56	4.44
Return on Total Assets (PBT/Total Assets}	(%)	0.03	0.09	0.01
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.00
Debt Equity Ratio (Total Debt/Networth)		84.26	98.36	69.56
Current Ratio (Current Asset/Current Liability)		17.54	137.13	0.12

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	0.500
Reserves & Surplus	1.512	2.436
Net worth	2.012	2.936
long-term borrowings	197.895	247.373
Short term borrowings	0.000	0.000
Total borrowings	197.895	247.373
Debt/Equity ratio	98.357	84.255

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.045	0.743	0.454
		1,551.111	(38.896)

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.045	0.743	0.454
Profit	0.002	0.019	0.924
	4.44%	2.56%	203.52%

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	No
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	Yes

CORPORATE INFORMATION:

Subject is a Public Limited company domiciled in India and incorporated under the provisions of Companies Act, 1956. The company is the subsidiary of TVC Sky shop Limited. The company is engaged in the business of manufacturing and dealing of various types of pharmaceutical, medicinal, preparation, drugs, antibiotics and biochemical medicines.

Note:

The Registered Office of the company has been shifted from A 26, Nicemidc Satpur, Nashik – 400007, Maharashtra, India to the present address w.e.f. 08.09.2008

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Loans and Advances from Corporates	220.781	146.589
Total	220.781	146.589

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10384026	05/09/2012	500,000,000.00	PUNJAB NATIONAL BANK	MAKER TOWER, E, GROUND FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B61124079

FIXED ASSETS

• Land at Himachal
• Plant and Machinery
• Furniture and Fixture

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.60.10
UK Pound	1	Rs.102.40
Euro	1	Rs.81.88

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.