MIRA INFORM REPORT

Report No. :	319233
Report Date :	28.04.2015

IDENTIFICATION DETAILS

Name :	KEMIN INDUSTRIES SOUTH ASIA PRIVATE LIMITED (w.e.f. 06.07.2007)

Formerly Known As :	KEMIN NUTRITIONAL TECHNOLOGIES (INDIA) PRIVATE LIMITED

Registered Office :	Plot K3, 11^th Cross Street, SIPCOT Industrial Complex, Gummidipundi, Chennai – 601 201, Tamilnadu
Tel. No.:	91-44-42202800

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	02.06.1998

Com. Reg. No.:	18-040600

Capital Investment / Paid-up Capital :	Rs.394.151 million

CIN No.: [Company Identification No.]	U93090TN1998PTC040600

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	CHNK00824F CHEK02295G

PAN No.: [Permanent Account No.]	AABCK3316P

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in development, manufacturing and marketing of nutritional products for companies in the food industry.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1474800

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a subsidiary of Kemin Industries Inc., USA. It is an established company having satisfactory track. The company has performed well and reported 30% increase in is turnover during FY 2014. Also it has sound profitability during year under review. Reserves of the company is low. However, liquidity of the company is fair backed by favorable gap between trade receivables and payables. Trade relations reported to be fair. Business is active. Payments are reported to be usually correct. In view of good support from holding company, subject 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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.

LOCATIONS

Registered Office :	Plot K3, 11^th Cross Street, SIPCOT Industrial Complex, Gummidipundi, Chennai – 601 201, Tamilnadu, India
Tel. No.:	91-44-42202800/ 67910370
Fax No.:	91-44-42202810/ 27923403/ 67910370
E-Mail :	boopathiraj.s@kemin.com
Website :	http://www.kemin.com
Location :	Owned

Factory/ Regional Headquarters :	“The Trapezium”, Second Floor, No.39, Nelson Manickam Road, Chennai – 600029, Tamilnadu, India
Tel. No.:	91-44-42202800
Fax No.:	91-44-42202810
Location :	Owned

DIRECTORS

AS ON 01.10.2014

Name :

Mr. Kulangara Paul Philip

Designation :

Managing Director

Address :

2A Cambrae Hall, 72, P.V. Cherian Road, Egmore, Chennai – 600 008, Tamilnadu, India

Date of Birth/Age :

06.12.1956

Date of Appointment :

04.01.2010

DIN No.:

02911945

PAN No.:

ABTPK4794P

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	U93090TN1998PTC040600	KEMIN INDUSTRIES SOUTH ASIA PRIVATE LIMITED	Managing director	04/01/2010	04/01/2010	-	Active	NO
2	U55103KL2005PTC018886	FLORA RETIREMENT COMMUNITIES PRIVATE LIMITED	Director	30/09/2011	08/07/2011	-	Active	NO

Name :

Mr. Christopher Edward Nelson

Designation :

Director

Address :

2535, Deer Creek Trail, Des Moines, IA Lowa 50323 USA

Date of Birth/Age :

08.01.1954

Date of Appointment :

22.12.1998

DIN No.:

00944490

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	U93090TN1998PTC040600	KEMIN INDUSTRIES SOUTH ASIA PRIVATE LIMITED	Director	22/12/1998	22/12/1998	-	Active	NO
2	U01122KL1995PTC008966	KEMIN INDUSTRIES INDIA PRIVATE LIMITED	Director	22/12/1998	22/12/1998	-	Active	NO

Name :

Mr. Roland Wade Nelson

Designation :

Director

Address :

4105, Timberwood Drive, West Des Moines, Lowa 50323, USA

Date of Birth/Age :

28.02.1927

Date of Appointment :

25.01.1999

DIN No.:

00944563

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	U93090TN1998PTC040600	KEMIN INDUSTRIES SOUTH ASIA PRIVATE LIMITED	Director	25/01/1999	25/01/1999	-	Active	NO
2	U01122KL1995PTC008966	KEMIN INDUSTRIES INDIA PRIVATE LIMITED	Director	25/01/1999	25/01/1999	-	Active	NO

Name :

Sreejith Janardhanan

Designation :

Alternate Director

Address :

D/106-F, Sangeetha Colony, Ashok Pillar Road, K.K. Nagar, Chennai – 600 078, Tamilnadu, India

Date of Birth/Age :

31.03.1974

Date of Appointment :

31.08.2013

DIN No.:

06675641

PAN No.:

AOUPS0694G

KEY EXECUTIVES

Name :	J Sreejith
Designation :	Secretary
Address :	D/106-F, Sangeetha Colony, Ashok Pillar Road, K.K. Nagar, Chennai – 600 078, Tamilnadu, India
Date of Birth/Age :	31.03.1974
Date of Appointment :	01.08.2013
PAN No.:	AOUPS0694G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 01.10.2014

Names of Shareholders	No. of Shares
Kemin Industries Inc., USA	39415050
Kemin Europa N.V Belgium, Belgium	10
Total	39415060

AS ON 01.10.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings [(Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in development, manufacturing and marketing of nutritional products for companies in the food industry.

Products :

Item Code No. (ITC Code)	23099090
Product Description	Finished good Prevents in Mold growth in feed and feed Raw materials

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (W), Mumbai – 400013, Maharashtra
Branch Address
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks (First Charge on all Moveable Plant and Machinery, both Present and Future)	8.776	26.329
Loans taken for vehicles (Hypothecation of Vehicles)	2.918	4.784
SHORT TERM BORROWINGS
Rupee term loans from banks (First charge on the current assets of the Company and second charge on fixed assets on existing plant and machinery and all moveable plant and machinery, both present and future)	13.168	0.000
Total	24.862	31.113

Banking Relations :	--

Auditors :
Name :	S.V. Ghatalia and Associates LLP Chartered Accountants
Address :	Tidel Park, 6^th and 7^th Floor, A Block (Module 601-701-702) No.4, Rajiv Gandhi Salai, Taramani, Chennai – 600 113, Tamilnadu, India
PAN No.:	AACFS6921Q

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	Kemin Industries Inc., USA

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Kemin Agrifoods North America Inc., USA Kemin Europa N.V Belgium, Belgium Kemin Europa N.V., Belgium Kemin Food Ingredients BVBA, Belgium Kemin Health LLC, United States Kemin Industries (Asia) Pte Limited, Singapore Kemin Zhuhai, China Kemin Cavriago SRL, Italy

CAPITAL STRUCTURE

AS ON 01.10.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50200000	Equity Shares	Rs.10/- each	Rs.502.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
39415060	Equity Shares	Rs.10/- each	Rs.394.151 million

FINANCIAL DATA

[all figures are in Rupees Million]

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	394.151	394.151	176.511
(b) Reserves & Surplus	122.003	36.590	28.670
(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)	516.154	430.741	205.181

(3) Non-Current Liabilities
(a) Long-term borrowings	124.381	153.489	179.924
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	2.200
(d) Long-term provisions	11.428	0.000	0.000
Total Non-current Liabilities (3)	135.809	153.489	182.124

(4) Current Liabilities
(a) Short term borrowings	88.812	68.400	165.082
(b) Trade payables	193.879	154.474	178.785
(c) Other current liabilities	150.021	116.254	115.203
(d) Short-term provisions	7.861	9.209	6.684
Total Current Liabilities (4)	440.573	348.337	465.754

TOTAL	1092.536	932.567	853.059

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	390.956	406.224	432.081
(ii) Intangible Assets	0.128	0.253	0.157
(iii) Capital work-in-progress	7.481	9.268	5.700
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.095	0.095	0.095
(c) Deferred tax assets (net)	41.585	0.000	0.000
(d) Long-term Loan and Advances	7.077	25.350	24.849
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	447.322	441.190	462.882

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	182.102	200.785	144.622
(c) Trade receivables	333.029	257.404	219.659
(d) Cash and cash equivalents	102.734	16.658	9.765
(e) Short-term loans and advances	22.328	15.619	16.131
(f) Other current assets	5.021	0.911	0.000
Total Current Assets	645.214	491.377	390.177

TOTAL	1092.536	932.567	853.059

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations (Net)	1623.943	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA

Less	EXPENSES
		TOTAL	NA	NA	NA

	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA

Less	TAX		NA	NA	NA

	PROFIT/ (LOSS) AFTER TAX		85.413	7.920	(92.241)

	EARNINGS IN FOREIGN CURRENCY		290.367	136.098	NA

	CIF VALUE OF IMPORTS		223.809	236.372	NA

	Earnings / (Loss) Per Share (Rs.)		2.17	0.20	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.26	NA	NA

Debt Equity Ratio (Total Debt/Networth)		0.41	0.52	1.68

Current Ratio (Current Asset/Current Liability)		1.46	1.41	0.84

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	176.511	394.151	394.151
Reserves & Surplus	28.670	36.590	122.003
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	205.181	430.741	516.154

Long Term borrowings	179.924	153.489	124.381
Short Term borrowings	165.082	68.400	88.812
Total borrowings	345.006	221.889	213.193
Debt/Equity ratio	1.681	0.515	0.413

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 one year	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Foreign currency term loans from banks	112.687	122.376
SHORT TERM BORROWINGS
Working capital loans from banks	75.644	68.400
Total	188.331	190.776

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10307498	03/08/2011	22,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B21099163
2	10307657	03/08/2011	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B21173810
3	10307649	03/08/2011	72,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B21171756
4	10243405	16/09/2010	80,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	A96349857
5	10216426	15/03/2010	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	A84699305
6	90287934	07/01/2013 *	232,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B66389115
7	90292813	07/11/2003 *	122,000.00	GLOBAL TRUST BANK LIMITED	MYULAPORE, CHENNAI, TAMILNADU, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Computer Equipments

· Office Equipments

· Leasehold Improvements

Intangible Assets

· Computer Software

WEBSITE DETAILS:

PRESS RELEASES/ NEWS:

KEMIN TO LAUNCH PRODUCTS FOR AQUACULTURE FARMERS

March 24, 2015

US firm Kemin, operating in India for over 15 years through a facility near Chennai, will expand beyond the poultry and dairy areas by unveiling products and services for aqua farming sector next month.

Announcing the foray, Kemin Industries South Asia Private Limited senior vice president Samraj Jeyachandran on Monday said that the company would be launching five products in April. A network of technical teams and laboratories, including a few satellite labs in Andhra Pradesh, is to be established to support the aqua farmers, he said, adding the services are to be offered free of cost. The satellite labs will be connected to the Chennai lab.

On the investments, the senior VP (animal nutrition and health) said (about $5-10 million) were planned over the next few years. Kemin’s investments in India, including the plant in Gummidipoondi catering to Sri Lanka, Pakistan and Bangladesh, are around $23 million. The company was also setting up a laboratory in Ambattur, Chennai.

The proposed products will help in production of better quality shrimps without residues such as antibiotics or heavy metals. Stating this, he pointed to the problems faced by exporters a couple of years ago when Japan found ethoxyquin (anti-oxidant) content in the shrimps beyond permissible limits. The market for products targeted at the aquaculture in India is around Rs.600 crore, but hardly penetrated, he said.

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 records 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.63.19
UK Pound	1	Rs.94.94
Euro	1	Rs.67.66

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--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		45

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.

MIRA INFORM REPORT

Unit