MIRA INFORM REPORT

Report No. :	307522
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	GOLDENCROSS PHARMA PRIVATE LIMITED
Registered Office :	12, Gunbow Street, Fort, Mumbai - 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.01.2000
Com. Reg. No.:	11-123766
Capital Investment / Paid-up Capital :	Rs. 0.460 Million
CIN No.: [Company Identification No.]	U24239MH2000PTC123766
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCG0541J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 6600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has reported decent profitability. The company appears to be in sound financial position. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings with usual business 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	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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Jesal
Designation :	General Manager Finance
Contact No.:	91-9909000349
Date :	11.02.2015

LOCATIONS

Registered Office :	12, Gunbow Street, Fort, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-22611206
Mobile No.:	91-9909000349 (Mr. Jesal)
Fax No.:	91-22-22659376
E-Mail :	goldencrosspharma@yahoo.in
Website :	http://www.golden-pharma-pvt-ltd.com

DIRECTORS

As on 25.09.2014

Name :

Mr. Nitin Janardan Desai

Designation :

Director

Address :

204, Vasant Sagar Ganga, Thakur Village, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

20.09.1961

Date of Appointment :

25.09.2012

DIN No.:

00028060

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	U73100MH1997PTC107712	ADVANCED REMEDIES PRIVATE LIMITED	Director	28-03-2002	28-03-2002	-	Active	NO
2	U24300MH2000PTC124843	INHALED TECHNOLOGIES PRIVATE LIMITED	Director	28-03-2002	28-03-2002	-	Active	NO
3	U73100MH2000PTC125679	ONCOCARE INDIA PRIVATE LIMITED	Director	28-03-2002	28-03-2002	-	Active	NO
4	U99999MH2000PTC126588	PHARMASOLVE SPECIALITIES INDIA PRIVATE LIMITED	Director	04-09-2002	04-09-2002	-	Active	NO
5	U24230MH2000PTC125757	ORION LIFE SCIENCES PRIVATE LIMITED	Director	18-09-2002	18-09-2002	02-05-2007	Converted to LLP and dissolved	NO
6	U28920MH2005PTC155573	G M PARTITIONS PRIVATE LIMITED	Director	01-12-2005	01-12-2005	-	Amalgamated	NO
7	U24230MH2000PTC126487	MEDICREAMS INDIA PRIVATE LIMITED	Director	01-03-2006	01-03-2006	02-05-2007	Converted to LLP and dissolved	NO
8	U51503MH2000PTC127277	MEDICON ENGINEERS (INDIA) PRIVATE LIMITED	Director	01-03-2006	01-03-2006	-	Active	NO
9	U23240MH1996PTC104442	MEDITAB SPECIALITIES PRIVATE LIMITED	Director	10-07-2006	10-07-2006	-	Active	NO
10	U24239MH2006PTC163872	MEDIMORE PHARMA PRIVATE LIMITED	Director	25-10-2007	08-09-2006	-	Strike off	NO
11	U24239MH2000PTC123766	GOLDENCROSS PHARMA PRIVATE LIMITED	Director	25-09-2012	04-11-2011	-	Active	NO
12	U51909WB2005PTC101975	COCETRA TRADE LINK PRIVATE LIMITED	Director	30-09-2013	12-12-2012	01-01-2014	Active	NO

Name :

Mr. Rupesh Hemendra Shah

Designation :

Director

Address :

A-302, Sumadhuri II, Near Azad Society, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

03.07.1971

Date of Appointment :

20.09.2010

DIN No.:

00029134

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	U24231GJ2001PTC039783	DHRUVI PHARMA PRIVATE LIMITED	Director	16-07-2001	16-07-2001	-	Active	NO
2	U51909GJ2003PTC042344	DHRUVI DISTRIBUTION SERVICES PRIVATE LIMITED	Director	06-05-2003	06-05-2003	-	Active	NO
3	U51109GJ2004PTC043792	YASHVI DISTRIBUTION SERVICES PRIVATE LIMITED	Director	16-03-2004	16-03-2004	-	Active	NO
4	U63063MH2004PTC146785	RR SHIPPING PRIVATE LIMITED	Director	07-06-2004	07-06-2004	-	Active	NO
5	U24230MH2000PTC126038	LANCET PHARMA PRIVATE LIMITED	Director	01-03-2006	01-03-2006	-	Active	NO
6	U74999MH2003PTC142312	GMP Technical Solutions Private Limited	Director	01-03-2006	01-03-2006	20-10-2010	Active	NO
7	U24239MH2006PTC162744	MEDWORLD PHARMACEUTICALS PRIVATE LIMITED	Director	25-10-2007	10-07-2006	20-04-2011	Active	NO
8	U24239MH2006PTC163872	MEDIMORE PHARMA PRIVATE LIMITED	Director	25-10-2007	08-09-2006	-	Strike off	NO
9	U24239MH2006PTC164764	GOLDEN TEMPLE PHARMA PRIVATE LIMITED	Additional director	01-11-2006	01-11-2006	02-05-2007	Converted to LLP and dissolved	NO
10	U24239MH2006PLC162743	GLOBUS HEALTHCARE LIMITED	Additional director	14-10-2009	14-10-2009	01-03-2010	Active	NO
11	U24230MH2005PTC156973	MEDIC REMEDIES PRIVATE LIMITED	Director	30-09-2010	14-10-2009	-	Active	NO
12	U24239MH2000PTC123766	GOLDENCROSS PHARMA PRIVATE LIMITED	Director	20-09-2010	13-04-2010	-	Active	NO

Name :

Mr. Davinder Singh Prabhjot Marwah

Designation :

Director

Address :

173/A, Kalpataru Residency, Sion East, Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

18.05.1949

Date of Appointment :

20.09.2010

DIN No.:

01907935

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	U24230MH1997PTC111089	BAKUL PHARMA PRIVATE LIMITED	Director	16-01-1998	16-01-1998	30-08-2007	Active	NO
2	U24239MH2000PTC123766	GOLDENCROSS PHARMA PRIVATE LIMITED	Director	20-09-2010	14-05-2010	-	Active	NO
3	U51900MH2008PTC186021	FOUR M PROPACK PRIVATE LIMITED	Director	21-09-2010	14-05-2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhijit Ghosh
Designation :	Executives
Name :	Mr. Rajesh Shaw
Designation :	Production Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2014

Names of Shareholders	No. of Shares
Cipla Limited, India	45960
Hamied K Mustafa Jointly with Cipla Limited, India	1
Hamied M Kamil Jointly with Cipla Limited, India	1
S Radhakrishnan Jointly with Cipla Limited, India	1
R Gopalkrishnan Jointly with Cipla Limited, India	1
Sanghvi A Mital Jointly with Cipla Limited, India	1
Athipotta Parameshwar Raman Jointly with Cipla Limited, India	1
Total	45966

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceutical Products.
Products :	Pharmaceutical Products.
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 :	Not Divulged
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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

· The Hongkong and Shanghai Banking Corporation Limited, 52/60 Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India

Auditors :
Name :	V. Sankar Aiyar and Company Chartered Accountants
Address :	2-C, Court Chambers, 35, New Marine Lines, Mumbai-400020, Maharashtra, India
E-Mail :	MUMBAI@VSA.CO.IN
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFV0781D
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding Company:	Cipla Limited
Subsidiary Company:	Four M Propack Private Limited
Fellow Subsidiaries:	· Cipla FZE · Meditab Specialities Private Limited · Cipla (Mauritius) Limited · Medispray Laboratories Private Limited · Cipla (UK) Limited · Cipla -OZ Pty Limited · STD Chemicals Limited · Sitec Labs Private Limited · Meditab Holdings Limited · Cipla (EU) Limited · Cipla Australia Pty. Limited · Cipla Ilaç Ticaret Anonim Sirketi · Cipla USA Inc. · Cipla Kenya Limited · Cipla Malaysia Sdn. Bhd. · Meditab Pharmaceuticals South Africa (Pty) Limited · Meditab Specialities New Zealand Limited · Medispray Laboratories Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Millions
390000	Preference Shares	Rs.100/- each	Rs. 39.000 Millions
	Total		Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45966	Equity Shares	Rs.10/- each	Rs.0.460 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	0.460	0.460	0.460
(b) Reserves & Surplus	2295.714	2108.195	1934.252
(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)	2296.174	2108.655	1934.712
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	1.974
(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)	0.000	0.000	1.974
(4) Current Liabilities
(a) Short term borrowings	0.000	267.500	150.000
(b) Trade payables	141.206	47.243	72.219
(c) Other current liabilities	26.239	23.065	171.689
(d) Short-term provisions	8.759	5.660	3.284
Total Current Liabilities (4)	176.204	343.468	397.192
TOTAL	2472.378	2452.123	2333.878
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1118.584	1253.047	1398.257
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	5.803	0.874	1.569
(iv) Intangible assets under development	6.939	0.000	0.000
(b) Non-current Investments	143.051	143.051	143.051
(c) Deferred tax assets (net)	1.015	4.511	0.000
(d) Long-term Loan and Advances	63.113	68.982	56.185
(e) Other Non-current assets	462.255	462.209	0.468
Total Non-Current Assets	1800.760	1932.674	1599.530
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	378.566	340.073	198.840
(c) Trade receivables	229.793	69.772	20.455
(d) Cash and cash equivalents	3.268	6.839	6.965
(e) Short-term loans and advances	59.991	102.765	508.088
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	671.618	519.449	734.348
TOTAL	2472.378	2452.123	2333.878

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Total Revenue	2329.139	1962.862	1574.117
	Other Income	0.000	0.000	0.000
	TOTAL	2329.139	1962.862	1574.117
Less	TOTAL EXPENSES	2087.324	1748.404	1436.828
	PROFIT/ (LOSS) BEFORE TAX	241.815	214.458	137.289
Less	TAX	54.296	40.515	28.045
	PROFIT/ (LOSS) AFTER TAX	187.519	173.943	109.244
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	659.051	659.051	375.864
	Earnings / (Loss) Per Share (Rs.)	4079.515	3784.167	2376.626

The above information has been parted by Mr. Jesal (General Manager Finance)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Revenue)	(%)	8.05	8.86	6.94
Operating Profit Margin (PBIDT/ Total Revenue)	(%)	10.38	10.93	8.72
Return on Total Assets (PBT/Total Assets}	(%)	10.44	9.31	6.27
Return on Investment (ROI) (PBT/Networth)		0.11	0.10	0.07
Debt Equity Ratio (Total Debt /Networth)		0.00	0.13	0.08
Current Ratio (Current Asset/Current Liability)		3.81	1.51	1.85

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.460	0.460	0.460
Reserves & Surplus	1934.252	2108.195	2295.714
Net worth	1934.712	2108.655	2296.174
long-term borrowings	0.000	0.000	0.000
Short term borrowings	150.000	267.500	0.000
Total borrowings	150.000	267.500	0.000
Debt/Equity ratio	0.078	0.127	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	1574.117	1962.862	2329.139
		24.696	18.660

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	1574.117	1962.862	2329.139
Profit	109.244	173.943	187.519
	6.94%	8.86%	8.05%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90237480	18/03/2002	7,500,000.00	CREDIT LYONNIAS	APEEJAY HOUSE; 3 3 DINSHAV VACHHA ROAD, MUMBAI, Maharashtra - 400020, INDIA	-
2	90237477	08/03/2002	7,500,000.00	CREDIT LYONNIAS	APEEJAY HOUSE; 3 3 DINSHAV VACHHA ROAD, MUMBAI, Maharashtra - 400020, INDIA	-

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
Loan and advances from related parties	0.000	267.500
Total	0.000	267.500

FIXED ASSETS

· Land

· Building

· Plant machinery

· Office equipment’s

· Furniture fixtures

· Vehicles

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.62.14
UK Pound	1	Rs.95.78
Euro	1	Rs.71.05

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUC
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		47

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.