MIRA INFORM REPORT

Report Date :

20.10.2014

IDENTIFICATION DETAILS

Name :	HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED
Registered Office :	Lighthall, B-Wing, Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.02.2001
Com. Reg. No.:	11-131020
Capital Investment / Paid-up Capital :	Rs. 2213.660 Millions
CIN No.: [Company Identification No.]	U24117MH2001PTC131020
IEC No.:	24073404996
TAN No.: [Tax Deduction & Collection Account No.]	MUMH05154C
PAN No.: [Permanent Account No.]	AAACH9149J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Manufacturing of Synthetic Organic Dyes and Dye Intermediate.
No. of Employees :	Not Divulged

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of the Huntsman Corporation of USA. It is an established company having satisfactory track record. The company has incurred a loss during 2014 however networth of the company is satisfactory. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported as usually correct. The company can be considered normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund limits : “A-“
Rating Explanation	Adequate degree of safety. It carry low credit risk.
Date	January 2014
Rating Agency Name	ICRA
Rating	Short term limits : “A2+“
Rating Explanation	Strong degree of safety and carry low credit risk.
Date	January 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 31-03-2014.

INFORMATION DENIED

Management Non Co-operative (91-22-42875101)

LOCATIONS

Registered Office :	Lighthall, B-Wing, Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-40506565/ 40506556
Fax No.:	91-22-40506300
E-Mail :	arun.kumar@huntsman.com peter_huntssman@huntsman.com kurt_girod@huntsman.com pratik_shah@huntsman.com suresh_bagul@huntsman.com sunil_kukreja@huntsmen.com
Website :	http://www.huntsman.com
Location :	Owned

DIRECTORS

As on: 28.11.2013

Name :	Mr. Stephen James Stilliard
Designation :	Director
Address :	10 Prinsep Link, #12-18, Singapore 187948
Date of Birth/Age :	18.03.1952
Date of Appointment :	27.11.2013
DIN No.:	03475786
Name :	Ms. Vinita Sangappa Korti
Designation :	Director
Address :	701, C Wing, Palash Tower, Veera Desai Road, Near Country Club, Andheri (West), Mumbai – 400 053, Maharashtra, India
Date of Birth/Age :	03.12.1982
Date of Appointment :	10.07.2013
DIN No.:	06519967
Name :	Mr. Nicholas Webster
Designation :	Director
Address :	3040, Huldenberg, Hollestraat (Loo) 9, Huldenberg, 9
Date of Birth/Age :	31.08.1957
Date of Appointment :	20.11.2007
DIN No.:	01963565

KEY EXECUTIVES

Name :	Ms. Pranali Namdeo Dhumal
Designation :	Secretary
Address :	B/2, 601, Raunak Park CHS Limited, Kokani Pada Pokhran Road No.2, Thane – 400 602, Maharashtra, Indai
Date of Birth/Age :	29.08.1987
Date of Appointment :	08.07.2013
PAN No.:	AQJPD2700R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.11.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Huntsman Investments (Netherlands) B.V., Netherlands	86844274	99.99
Huntsman Netherlands B.V., Netherlands	10000	0.01
Total	86854274	100.00

Names of Convertible Debentures	No. of Shares
Huntsman Investments (Netherlands) B.V., Netherlands	26250000
Total	26250000

AS ON 25.04.2014

Names of Allottee	No. of Shares
Huntsman Investments (Netherlands) B.V., Netherlands	21950000
Total	21950000

Equity Share Break up (Percentage of Total Equity)

As on: 28.11.2013

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Manufacturing of Synthetic Organic Dyes and Dye Intermediate.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

IDBI Bank Limited, IDBI Tower WTC Complex, Mumbai - 400005, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWINGS
Working capital loans from banks	494.380	210.270
Total	494.380	210.270

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Indiabulls Finance Centre, Tower 3, 27^th -32^nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai, India
PAN No.:	AACFD4815A
Holding Company :	Huntsman Investments (Netherlands) B.V., Netherlands
Ultimate Holding Company :	Huntsman Corporation (US)
Subsidiary Company:	Baroda Textile Effects Private Limited Huntsman Performance Products (India) Private Limited
Associates :	Swathi Organics and Specialities Private Limited
Related Party:	Huntsman Textile Effects (Landhi Karachi) Huntsman (Asia Pacific) Pte Limited Huntsman (Europe) BVBA. Huntsman (Germany) Gmbh Huntsman (Holdings) UK Unlimited. Huntsman (Singapore) Pte Limited Huntsman (Thailand) Limited Huntsman Advanced Materials (Switzerland) Gmbh, Basle Huntsman Advanced Materials HK. Limited, Hongkong Huntsman Advanced Materials Kk, Japan Huntsman Advanced Materials (Europe) BVBA Huntsman Advanced Materials (Hongkong) Limited Huntsman Advanced Materials (U.A.E.) FZE Dubai Huntsman Advanced Materials (Singapore) Pte Limited Huntsman Advanced Materials Americas Inc. Huntsman Advanced Materials LLC USA Huntsman Advanced Material (Australia) Pty Limited Huntsman Advanced Material (Deutschland) Gmbh Huntsman Advanced Material (Guangdong) Company, Limited Huntsman Argentina SRL,Argentina Huntsman Chemical Trading (Shanghai) Limited Huntsman Colombia Ltda, Colombia Huntsman Corporation Australia Pty Huntsman Holland BV Huntsman International (Hong Kong) Limited Huntsman International LLC. Huntsman International Mexico, Mexico Huntsman International Polyurethanes USA Huntsman Italy SRL Huntsman Japan K K , Japan Huntsman Polyurethanes Australia Pty. Limited Huntsman Polyurethanes Shanghai Limited Huntsman Polyurethanes (China) Limited Huntsman Petro Chemical Corporation Huntsman Quimica Brazil Limited, Brazil Huntsman Surface Sciences UK Limited, UK Huntsman Tekstil Urunleri Kimya, Turkey Huntsman Textile Effects (Guangdong) Company, Limited, China Huntsman Textile Effects (Panama) Huntsman Textile Effects (Qingdao) Company Limited, China Huntsman Textile Effects France, France Huntsman Textile Effects (Gautemala) S. De R.I. Huntsman Textile Effects China Company Limited Huntsman Tioxide (Europe) Limited Jurong New Ningwu Chemical Company Limited Petro Araldite Private Limited Pt. Huntsman Indonesia, Indonesia Tioxide (Malaysia) Sdn Bhd

CAPITAL STRUCTURE

After:

Authorised Capital : Rs. 3321.105 Millions

Issued, Subscribed & Paid-up Capital : Rs. 2433.160 Millions

As on: 28.11.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
167000000	Equity Shares	Rs.10/- each	Rs.1670.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
86854274	Equity Shares	Rs.10/- each	Rs.868.540 millions

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
332110523	Equity Shares	Rs.10/- each	Rs.3321.105 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
221365978	Equity Shares	Rs.10/- each	Rs.2213.660 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	30.09.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2213.660	868.542	868.540
(b) Reserves & Surplus	2235.590	2927.350	2864.340
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	1229.200	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5678.450	3795.892	3732.880
(3) Non-Current Liabilities
(a) long-term borrowings	1470.000	1470.000	1470.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	44.100
(d) long-term provisions	66.160	46.400	43.180
Total Non-current Liabilities (3)	1536.160	1516.400	1557.280
(4) Current Liabilities
(a) Short term borrowings	878.570	410.270	368.180
(b) Trade payables	5552.650	3490.660	2810.710
(c) Other current liabilities	452.970	256.048	188.410
(d) Short-term provisions	23.020	8.620	14.760
Total Current Liabilities (4)	6907.210	4165.598	3382.060
TOTAL	14121.820	9477.890	8672.220
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2408.760	607.130	349.220
(ii) Intangible Assets	108.020	0.260	0.630
(iii) Capital work-in-progress	925.210	142.890	357.430
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.750	1149.500	1149.500
(c) Deferred tax assets (net)	0.000	100.670	97.650
(d) Long-term Loan and Advances	805.010	444.080	460.100
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4253.750	2444.530	2414.530
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3184.730	1987.770	1821.330
(c) Trade receivables	4592.480	2533.600	2317.900
(d) Cash and cash equivalents	236.100	105.510	147.760
(e) Short-term loans and advances	1851.960	2248.330	1872.670
(f) Other current assets	2.800	158.150	98.030
Total Current Assets	9868.070	7033.360	6257.690
TOTAL	14121.820	9477.890	8672.220

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	30.09.2012
	SALES
		Income
		Other Income
		TOTAL	23377.260	6057.220	14754.370
Less	EXPENSES
		TOTAL	23979.360	5986.670	14820.310
	PROFIT / (LOSS) BEFORE TAX		(602.100)	70.550	(65.940)
Less	TAX		0.000	7.540	(34.380)
	PROFIT / (LOSS) AFTER TAX		(602.100)	63.010	(31.560)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1451.160	1388.150	1419.710
	BALANCE CARRIED TO THE B/S		849.060	1451.160	1388.150
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4315.630	418.160	1235.310
	TOTAL EARNINGS		4315.630	418.160	1235.310
	Earnings Per Share (Rs.)		6.93	0.73	(0.36)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	30.09.2012
PAT / Total Income	(%)	(2.58)	1.04	(0.21)
Return on Total Assets (PBT/Total Assets}	(%)	(4.56)	0.87	(0.93)
Return on Investment (ROI) (PBT/Networth)		(0.11)	0.02	(0.02)
Debt Equity Ratio (Total Debt/Networth)		0.41	0.50	0.49
Current Ratio (Current Asset/Current Liability)		1.43	1.69	1.85

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	30.09.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	868.540	868.542	2213.660
Reserves & Surplus	2864.340	2927.350	2235.590
Share Application money pending allotment	0.000	0.000	1229.200
Net worth	3732.880	3795.892	5678.450
long-term borrowings	1470.000	1470.000	1470.000
Short term borrowings	368.180	410.270	878.570
Total borrowings	1838.180	1880.270	2348.570
Debt/Equity ratio	0.492	0.495	0.414

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	14754.370	6057.220	23377.260
		(58.946)	285.940

NET PROFIT MARGIN

Net Profit Margin	30.09.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	14754.370	6057.220	23377.260
Profit	(31.560)	63.010	(602.100)
	(0.21)%	1.04%	(2.58)%

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	No
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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Debentures	1470.000	1470.000
SHORT TERM BORROWINGS
Working capital loans from banks	384.190	0.000
Intercorporate borrowings	0.000	200.000
Total	1854.190	1670.000

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10281407	03/01/2013 *	550,000,000.00	AXIS BANK LIMITED	TRISHUL, 3^RD FLOOR, OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B66558842
2	10167867	25/06/2013 *	568,000,000.00	AXIS BANK LIMITED	TRISHUL, 3^RD FLOOR, OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B79769113
3	10164228	25/06/2013 *	568,000,000.00	AXIS BANK LIMITED	TRISHUL, 3^RD FLOOR, OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B79769808
4	10165456	24/01/2013 *	800,000,000.00	IDBI BANK LIMITED	IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B68707850
5	10162772	29/05/2009	270,000,000.00	AXIS BANK LIMITED	209, ATLANTA, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A63779201

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment

· Lease Hold Building

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. 61.16
UK Pound	1	Rs. 98.62
Euro	1	Rs. 77.67

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	SNT

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	4
--LIQUIDITY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.