MIRA INFORM REPORT

Report Date :

05.03.2014

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) :	31.03.2013
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 (49)

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

Maximum Credit Limit :	USD 1220000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects healthy financial risk profile supported by adequate liquidity position and decent profitability achieved by the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office/ 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 30.09.2012

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24299GJ1973PTC002440	SYNPOL PRODUCTS PRIVATE LIMITED	Director	11/12/1973	11/12/1973	-	Active	NO
2	U31200DD1993PLC001892	BHARAT RESINS LIMITED	Managing director	01/04/2012	19/03/1993	-	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	Date of cessation	Company/ LLP Status	Defaulting status
1	U31200DD1993PLC001892	BHARAT RESINS LIMITED	Director	19/03/2006	19/03/2006	-	Active	NO
2	U24299GJ1973PTC002440	SYNPOL PRODUCTS PRIVATE LIMITED	Director	29/09/2007	03/07/2007	-	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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24299GJ1973PTC002440	SYNPOL PRODUCTS PRIVATE LIMITED	Managing director	11/12/1973	11/12/1973	-	Active	NO
2	U31200DD1993PLC001892	BHARAT RESINS LIMITED	Director	19/03/1993	19/03/1993	-	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	Date of cessation	Company/ LLP Status	Defaulting status
1	U33130MH1990PTC058429	SOORYA CONTROLS PRIVATE LIMITED	Director	08/10/1990	08/10/1990	-	Active	NO
2	U65990MH1992PTC066358	SESHA INNDVATIONS PRIVATE LIMITED	Director	13/04/1992	13/04/1992	-	Strike off	NO
3	U24299GJ1973PTC002440	SYNPOL PRODUCTS PRIVATE LIMITED	Director	29/09/2009	29/11/2008	-	Active	NO
4	U31200DD1993PLC001892	BHARAT RESINS LIMITED	Director	30/06/2009	30/03/2009	-	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 30.09.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 30.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	33.22
Directors or relatives of Directors	48.92
Other top fifty shareholders	17.86
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals.

Products :

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

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 State Bank of India, Ghatkoper East Branch, M. G. Road, Mumbai – 400077, Maharashtra, India

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 31.03.2013

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	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.031	9.031	9.031
(b) Reserves & Surplus	296.036	272.359	232.452
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	305.067	281.390	241.483
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	22.361	7.300	(0.458)
(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)	22.361	7.300	(0.458)
(4) Current Liabilities
(a) Short term borrowings	0.000	2.500	0.591
(b) Trade payables	84.414	145.155	71.057
(c) Other current liabilities	5.976	4.373	2.523
(d) Short-term provisions	2.167	1.080	7.041
Total Current Liabilities (4)	92.557	153.108	81.212
TOTAL	419.985	441.798	322.237
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	131.697	171.222	45.403
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.474	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.001	0.001	0.001
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	132.172	171.223	45.404
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	71.017	68.813	84.947
(c) Trade receivables	181.191	139.066	148.567
(d) Cash and cash equivalents	1.814	15.774	10.764
(e) Short-term loans and advances	32.162	45.763	27.462
(f) Other current assets	1.629	1.159	5.093
Total Current Assets	287.813	270.575	276.833
TOTAL	419.985	441.798	322.237

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	981.594	942.058	878.852
		Other Income	5.406	9.638	8.791
		TOTAL (A)	987.000	951.696	887.643
Less	EXPENSES
		Cost of materials consumed	781.103	793.969	739.594
		Purchases of stock-in-trade	16.656	42.888	0.000
		Employee benefit expense	20.045	17.801	16.323
		Other expenses	56.167	41.997	33.123
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	4.122	(16.749)	5.742
		TOTAL (B)	878.093	879.906	794.782
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		108.907	71.790	92.861
Less	FINANCIAL EXPENSES (D)		3.317	2.083	1.720
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		105.590	69.707	91.141
Less/ Add	DEPRECIATION/ AMORTISATION (F)		43.677	10.334	7.296
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		61.913	59.373	83.845
Less	TAX (H)		27.740	19.466	19.159
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		34.173	39.907	64.686
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	326.963	315.142	372.938
	TOTAL EARNINGS		326.963	315.142	372.938
	IMPORTS
		Raw Materials	NA	588.488	528.265
	TOTAL IMPORTS		NA	588.488	528.265
	Earnings / (Loss) Per Share (Rs.)		37.84	44.19	71.63

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.46	4.19	7.29
Net Profit Margin (PBT/Sales)	(%)	6.31	6.30	9.54
Return on Total Assets (PBT/Total Assets}	(%)	14.76	13.44	26.02
Return on Investment (ROI) (PBT/Networth)		0.20	0.21	0.35
Debt Equity Ratio (Total Debt/Networth)		0.00	0.01	0.00
Current Ratio (Current Asset/Current Liability)		3.11	1.77	3.41

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	9.031	9.031	9.031
Reserves & Surplus	232.452	272.359	296.036
Net worth	241.483	281.390	305.067
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.591	2.500	0.000
Total borrowings	0.591	2.500	0.000
Debt/Equity ratio	0.002	0.009	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	878.852	942.058	981.594
		7.192	4.197

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	878.852	942.058	981.594
Profit	64.686	39.907	34.173
	7.36%	4.24%	3.48%

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	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]	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

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Loan and advance from directors	0.000	2.500
Total	0.000	2.500

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 W, MUMBAI - 400013, MAHARASHTRA, INDIA	B40229106
2	10148092	28/11/2012 *	70,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B64702541
* Date of charge modification

BUSINESS PLANS AND WORKING:

During the financial year the sales of the Company has increased and the same is Rs. 1074.093 millions as compared to last year’s figure of Rs. 1035.245 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 .34.173 millions after providing for depreciation and Taxes.

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.61.90
UK Pound	1	Rs.103.25
Euro	1	Rs.85.14

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.