MIRA INFORM REPORT

Report No. :	353079
Report Date :	08.12.2015

IDENTIFICATION DETAILS

Name :	JUPITER LEYS PRIVATE LIMITED
Registered Office :	12/343 Aperumbavoor, Okkal P O Ernakulam – 683550, Kerala
Tel. No.:	91-484-3296014
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.12.2003
Com. Reg. No.:	09-016656
Capital Investment / Paid-up Capital :	Rs.26.471 Million
CIN No.: [Company Identification No.]	U51225KL2003PTC016656
IEC No.:	1003007091
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCJ3476B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Essential Oils, Oleoresins and Pepper Oleoresin. (Other sources)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject was established in the year 2003 is manufacturer and supplier of spice-based products. Its products include oleoresins such as celery oleoresin, ginger oleoresin, clove bud oleoresin, cardamom oleoresin nutmeg oleoresin and turmeric oleoresin etc. Management of the company has not filed its latest financial of 2014 and 2015 which the Registrar of Companies and same are not available from any sources. As per previous financial record of 2013, revenue of the company has declined by 15.24% over previous year revenue and it has failed to maintained profit margins and report low margin at 0.79 during the year under review. Rating remain constrained on account of company’s moderate financial profile marked by weak net worth base along with huge borrowings and poor debt coverage indicators of the company. Business is active as per the status shown in the Registrar of Companies. Payments are reported to be unknown. In view of absence of financial information, the company can be considered for business dealings on safe secured 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Sunfin
Designation :	Accountant
Contact No.:	91-484-3296014
Date :	04.12.2015

Name :	Mr. Gopu Kumar
Designation :	Account Manager
Date :	07.12.2015

LOCATIONS

Registered Office :	12/343 Aperumbavoor, Okkal P O Ernakulam – 683550, Kerala, India
Tel. No.:	91-484-3296014
Fax No.:	Not Available
E-Mail :	info@jupiterleys.com
Website:	http://www.jupiterleys.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Sunil Kanmal Jajoo

Designation :

Director

Address :

A-301, Panchsheel - 4, Raheja Township, Malad-East, Mumbai - 400097, Maharashtra, India

Date of Birth/Age :

15.08.1958

Date of Appointment :

04.08.2011

DIN No.:

01592160

Name :

Mr. Vijayan Thoppil Vidyasagar

Designation :

Director

Address :

Thoppil House Okkal P O, Thannipuzha, Ernakulam - 683550, Kerala, India

Date of Birth/Age :

15.09.1949

Date of Appointment :

26.12.2003

DIN No.:

02061658

Name :

Mr. Vinu Sagar Thoppilvijayan

Designation :

Managing Director

Address :

Thoppil House Okkal P O, Ernakulam - 683550, Kerala, India

Date of Birth/Age :

15.09.1972

Date of Appointment :

22.04.2008

DIN No.:

02061673

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	U51225KL2003PTC016656	JUPITER LEYS PRIVATE LIMITED	Managing director	22/04/2008	02/12/2003	-	Active	NO
2	U51225KL2008PTC022534	VIRGIN AND GREEN INGREDIENTS PRIVATE LIMITED	Managing director	02/06/2008	02/06/2008	-	Active	NO

Name :

Mr. Jayaprakasan Andezhath Thamikutty

Designation :

Director

Address :

Andezhath House Post Thalikulam, Trichur - 680569, Kerala, India

Date of Birth/Age :

15.12.1949

Date of Appointment :

02.12.2003

DIN No.:

02061701

KEY EXECUTIVES

Name :	Mr. Sunfin
Designation :	Accountant
Name :	Mr. Gopu Kumar
Designation :	Account Manager
Name :	Vivek Kumar
Designation :	Company Secretary
Qualification :	B.Com, ACS
Address :	32/2441, 1^st Floor, Kunnath Lane, S N Junction, Palarivattom, Ernakulam – 682025, Kerala, India
Mobile No.:	91-9847725152
Email :	vivekkumartg@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age holding
Vinu Sagar Thoppilvijayan	1735000	65.54
Jayaprakasan Andezhath Thamikutty	9000	0.34
Vijayan Thoppil Vidyasagar	411000	15.53
Neetha Sagar	95000	3.59
Sunil Kanmal Jajoo	397060	15.00
Total	2647060	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Essential Oils, Oleoresins and Pepper Oleoresin. (Other sources)
Products :	Essential Oils Oleoresins Pepper Oleoresin
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Central bank of India
Branch	MID Corporate Finance Branch, 1^st floor Near Prabhat Talkies Station Road, Thane – 400601, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged
Bank Name	UCO Bank
Branch	M G Road Branch, Ravipuram, Ernakulam – 682016, Kerala, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Term loan from IDBI Bank	12.012	15.995
Term loan from Central Bank of India	100.643	0.000
Vehicle Loan :
ICICI Car Loan A/c No. 4964 Volks Vagen	0.397	0.659
ICICI Car Loan A/c No. 20213 Mahindra XUV	0.744	0.925
Mahindra and Mahindra – Vehicle Loan Bolero	0.000	0.091
Mahindra and Mahindra – TATA 407 Vehicle Loan	0.006	0.198
HDFC – Auto Loan – Omai	0.000	0.030
UBI Car Loan – Scorpio	0.328	0.591
Short-term borrowings
Industrial Development Bank of India Limited (Packing Credit)	38.815	36.829
Industrial Development Bank of India Limited (Bill Discounting)	1.182	3.171
Industrial Development Bank of India Limited (Cash Credit)	50.999	50.980
Central bank of India (Cash Credit)	45.019	0.000
Industrial Development Bank of India Limited (Letter of Credit)	5.503	0.000
Total	255.648	109.469

Auditors :
Name :	Sanjiv Associates Chartered Accountants
Address :	Adam Bye Pass Complex, Opposite L.F. Hospital, M C Road, Angamlay P O, Ernakulam – 683572, Kerala, India
Tel. No.:	91-91-484-2458253
Mobile No.:	91-9447232690
PAN N Income-tax PAN of auditor or auditor's firm :	AAZFS1247C
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital : Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 60.000 Million

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2647060	Equity Shares	Rs.10/- each	Rs.26.471 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	26.471	26.471	22.500
(b) Reserves & Surplus	5.040	3.725	2.142
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	1.858	2.739	1.165
Total Shareholders’ Funds (1) + (2)	33.369	32.935	25.807
(3) Non-Current Liabilities
(a) long-term borrowings	186.906	79.155	51.798
(b) Deferred tax liabilities (Net)	0.263	0.459	0.750
(c) Other long term liabilities	0.100	0.000	0.000
(d) long-term provisions	0.602	0.352	0.000
Total Non-current Liabilities (3)	187.871	79.966	52.548
(4) Current Liabilities
(a) Short term borrowings	148.669	90.980	71.229
(b) Trade payables	71.698	50.687	15.900
(c) Other current liabilities	33.872	8.624	9.380
(d) Short-term provisions	0.908	1.248	0.490
Total Current Liabilities (4)	255.147	151.539	96.999
TOTAL	476.387	264.440	175.354
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	53.399	50.872	48.891
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	87.743	6.547	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.114
(d) Long-term Loan and Advances	22.297	11.331	2.222
(e) Other Non-current assets	1.224	0.121	0.175
Total Non-Current Assets	164.663	68.871	51.402
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	207.448	128.496	70.928
(c) Trade receivables	8.632	20.143	22.182
(d) Cash and cash equivalents	6.002	0.872	4.328
(e) Short-term loans and advances	84.518	43.575	25.370
(f) Other current assets	5.124	2.483	1.144
Total Current Assets	311.724	195.569	123.952
TOTAL	476.387	264.440	175.354

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	166.266	196.174	155.616
	Other Income	0.450	0.296	0.127
	TOTAL	166.716	196.470	155.743
Less	TOTAL EXPENSES	157.840	187.094	148.505
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	8.876	9.376	7.238
Less/ Add	DEPRECIATION/ AMORTISATION	7.561	7.794	5.744
	PROFIT/ (LOSS) BEFORE TAX	1.315	1.582	1.494
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	1.315	1.582	1.494
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	93.113	102.497	47.645
	TOTAL EARNINGS	93.113	102.497	47.645
	IMPORTS
	Raw Materials	0.000	10.756	15.877
	TOTAL IMPORTS	0.000	10.756	15.877
	Earnings / (Loss) Per Share (Rs.)	0.50	0.69	0.66

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt
Term Loan
Industrial Development Bank of India Limited	3.924	3.924	3.924
Central Bank of India	18.461	0.000	0.000
Vehicle Loan
ICICI Car Loan Verna	0.000	0.128	0.135
ICICI Car Loan A/c No. 4964 Jetta	0.261	0.261	0.237
ICICI Car Loan A/c No. 20213 XUV	0.181	0.181	0.000
Mahindra and Mahindra – Vehicle Loan Bolero	0.091	0.140	0.122
Mahindra and Mahindra – TATA 407 Vehicle Loan	0.192	0.192	0.000
HDFC – Auto Loan	0.030	0.047	0.040
UBI Car Loan – Scorpio	0.300	0.300	0.000
Total	23.440	5.173	4.458
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.79	0.81	0.96
Return on Total Assets (PBT/Total Assets}	(%)	0.34	0.61	0.85
Return on Investment (ROI) (PBT/Networth)		0.04	0.05	0.06
Debt Equity Ratio (Total Debt /Networth)		10.76	5.32	4.94
Current Ratio (Current Asset/Current Liability)		1.22	1.29	1.28

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	22.500	26.471	26.471
Reserves & Surplus	2.142	3.725	5.040
Share Application money pending allotment	1.165	2.739	1.858
Net worth	25.807	32.935	33.369
long-term borrowings	51.798	79.155	186.906
Short term borrowings	71.229	90.980	148.669
Current Maturities Of Long-Term Debts	4.458	5.173	23.440
Total borrowings	127.485	175.308	359.015
Debt/Equity ratio	4.940	5.323	10.759

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	155.616	196.174	166.266
		26.063	(15.246)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	155.616	196.174	166.266
Profit	1.494	1.582	1.315
	0.96%	0.81%	0.79%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

BUSINESS OPPORTUNITY

The company has made a profit of Rs. 1.315 Million during the financial year, with the experience of management the company looks forward for further achievements in the coming years also.

UNSECURED LOAN

Unsecured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
From related parties	23.770	50.049
From others	48.948	10.540
Deferred revenue	0.057	0.077
Short-term borrowings
From related parties	5.187	0.000
From others	1.965	0.000
Total	79.927	60.666

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10375622	24/08/2012	205,000,000.00	Central Bank of India	Mid Corporate Finance Branch, 1st Floor Near Prabhat Talkies Station Road, Thane, Maharashtra - 400601, INDIA	B57752206
2	10367897	18/06/2012	205,000,000.00	CENTRAL BANK OF INDIA	MID CORPORATE FINANC BRANCH,PLOT NO383-384,, FIRS  T FLOOR ,PARADISE HEIGHT BULIDING,STATION RD,, THANE WEST, Maharashtra - 400601, INDIA	B44639888
3	10341847	01/03/2012	25,144,631.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 4007  10, INDIA	B34896092
4	10183026	22/02/2011 *	155,000,000.00	IDBI Bank Limited	IDBI BANK, SME CENTRE, IDBI Building, 1st Floor,  Panampilly Nagar, Kochi, Kerala - 682036, INDIA	B09626136

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2013	31.03.2012
Usance Letter of Credit	9.053	14.648
Guarantee given by bank on behalf of the Company	5.952	2.195

FIXED ASSETS

• Computer and Printer
• Electrical Fitting
• Factory Building
• Land and Building
• Furniture and Fixture
• Machinery
• Motor Vehicle
• Motor Bike
• Air Condition
• Lab Equipment
• Office Equipment
• EPABX

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.66.62
UK Pound	1	Rs.100.65
Euro	1	Rs.72.40

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	KAR
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		18

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.