MIRA INFORM REPORT

Report No. :	308976
Report Date :	25.02.2015

IDENTIFICATION DETAILS

Name :	ORGANICA AROMATICS PRIVATE LIMITED (w.e.f 22.07.2004)
Formerly Known As :	ORGANICA AROMATICS (BANGALORE) PRIVATE LIMITED
Registered Office :	No. 407, 11^th Cross, 4^th Main, 4^th Phase, Peenya, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.08.1999
Com. Reg. No.:	08-025623
Capital Investment / Paid-up Capital :	Rs. 45.000 Millions
CIN No.: [Company Identification No.]	U24249KA1999PTC025623
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRO00328G
PAN No.: [Permanent Account No.]	AAACO3511F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Aroma Fine Chemicals and Specialty Chemicals.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 240000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered 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	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

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 DENIED BY

Name :	Mr. Arun
Designation :	Assistant Commercial Manager
Contact No.:	91-80-28361947
Date :	21.02.2015

LOCATIONS

Registered Office :	Plot No. 407, 11^th Cross 4^th Main, 4^th Phase Peenya Industrial Area, Bangalore – 560058, India
Tel. No.:	91-80-28361947 / 28363796
Fax No.:	91-80-28360887
E-Mail :	ashokrao@samilabs.com info@organicaaroma.com
Website:	http://www.organicaaroma.com

DIRECTORS

AS ON 15.09.2014

Name :

Dr. Muhammed Majeed

Designation :

Director

Address :

No. 367, 2^nd Main, 2^nd Cross, 2^nd Stage, RMV Extension, Bangalore – 560094, Karnataka, India

Date of Birth/Age :

25.09.1946

Date of Appointment :

20.08.1999

DIN No.:

00175696

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	U24249KA1991PLC011880	SAMI LABS LIMITED	Managing director	26/04/2011	19/04/1991	-	Active	NO
2	U24210KA1994PTC015917	ANJU PHYTOCHEMICALS PRIVATE LIMITED	Director	01/12/1994	12/07/1994	20/04/2012	Active	NO
3	U24249KA1999PTC025623	ORGANICA AROMATICS PRIVATE LIMITED	Director	20/08/1999	20/08/1999	-	Active	NO
4	U15494KA2001PLC029745	AMERICAN FORMULARY LIMITED	Director	09/11/2001	09/11/2001	-	Strike off	NO
5	U85195KA2003PTC031826	CLINWORLD PRIVATE LIMITED	Director	16/04/2003	16/04/2003	-	Active	NO
6	U24246KA2004PTC034218	JOHARA LIFE SCIENCES PRIVATE LIMITED	Director	28/06/2004	28/06/2004	-	Strike off	NO
7	U24246KA2005PTC035678	SABINSA LIFE SCIENCES PRIVATE LIMITED	Director	23/02/2005	23/02/2005	-	Strike off	NO
8	U72900KA2005PTC035677	EDKAL BUSINESS SOLUTIONS PRIVATE LIMITED	Director	23/02/2005	23/02/2005	-	Active	NO
9	U51397KL2005PTC018174	JMM MARKETING SYSTEM PRIVATE LIMITED	Director	09/05/2005	09/05/2005	-	Strike off	NO
10	U74920KA2007PTC044106	MM CORPORATE SECURITY SERVICES PRIVATE LIMITED	Director	12/10/2007	12/10/2007	-	Active	NO
11	U52399KA2010PTC054072	SAMI DIRECT MARKETING PRIVATE LIMITED	Director	16/06/2010	16/06/2010	06/12/2012	Active	NO
12	U85199KL2001PTC014890	GOD'S OWN COUNTRY HEALTH RESORTS INTERNATIONAL PRIVATE LIMITED	Director	20/08/2013	19/06/2013	-	Active	NO

Name :

Dr. Ratna Sagar Sood

Designation :

Managing Director

Address :

Platinum City, Block No. E, Flat No. 1109, Site No. 2,HMT Watch Factory Road Off Yeshwanthpur, Peenya, Bangalore – 560022, Karnataka, India

Date of Birth/Age :

22.03.1945

Date of Appointment :

02.05.2012

DIN No.:

03009630

Name :

Ms. Madhu Subramanian

Designation :

Director

Address :

2 Hartshorne Drive, Clarksburge – 085101627, India

Date of Birth/Age :

06.10.1967

Date of Appointment :

15.09.2014

DIN No.:

06899763

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	U24249KA1991PLC011880	SAMI LABS LIMITED	Director	21/06/2014	21/06/2014	-	Active	NO
2	U24249KA1999PTC025623	ORGANICA AROMATICS PRIVATE LIMITED	Director	15/09/2014	15/09/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Arun
Designation :	Assistant Commercial Manager

MAJOR SHAREHOLDERS

As on 15.09.2014

Names of Shareholders	No. of Shares
Dr. Muhammed Majeed	449980
Dr. Ratna Sagar Sood	10
Dr. Rajamony Mahesh	10
Total	450000

As on 15.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Aroma Fine Chemicals and Specialty Chemicals.
Products :	Aroma Fine Chemicals and Specialty Chemicals
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Corporate Banking Branch, Express Building No. 1, Second Floor, Queens Road, Bangalore – 560001, Karnataka, 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

Banker Name	UTI Bank Limited
Branch Address	M.G. Road Branch, “ESQUIRE CENTRE”, #.9.M.G. Road, Bangalore – 560001,Karnataka, 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

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan from Axis Bank Limited	7.894	0.000
Term Loan from Axis Bank Limited	0.427	0.000
Less : Regrouped under Other current liability (instalments payable in next 12 months)	1.962	0.000
SHORT TERM BORROWINGS
From Bank
Cash Credit	71.284	57.547
Buyer’s Credit	18.597	11.511
Total	96.240	69.058

Note:

SHORT TERM BORROWINGS

Secured by a charge by way of hypothecation of all the current Assets of the company (both present and future) these loans have been guaranteed by a Director

Auditors :
Name :	Mr. Srinaga and Giridharan Chartered Accountant
Address :	136/1, 1^st Floor,5^th Main, Chamrajpet, Bangalore – 560018, Karnataka, India
Tel. No.:	91-80-26616391
Fax No.:	91-80-26615548
PAN No.:	AAKFS8374F
Memberships :	Not Available
Collaborators :	Not Available
Other Related Parties (Company Where Director is Interested) :	Sabina Corporatinon , Japan Sami Labs Limited Sabina Europe GMBH Hambury FZE Organica Aromatics Corporation Edkal Business Solutions Private Limited MM Corporate Security Services Private Limited Sami Labs Limited

CAPITAL STRUCTURE

As on 15.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.100/- each	Rs.45.000 Millions

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	45.000	15.000	15.000
(b) Reserves & Surplus	39.635	32.947	27.363
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	30.000	0.000
Total Shareholders’ Funds (1) + (2)	84.635	77.947	42.363
(3) Non-Current Liabilities
(a) long-term borrowings	28.653	25.543	43.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.644	0.561	0.430
(d) long-term provisions	3.814	4.116	2.232
Total Non-current Liabilities (3)	33.111	30.220	45.662
(4) Current Liabilities
(a) Short term borrowings	89.881	69.058	74.275
(b) Trade payables	65.414	59.547	52.137
(c) Other current liabilities	8.335	3.353	4.287
(d) Short-term provisions	1.930	1.451	1.341
Total Current Liabilities (4)	165.560	133.409	132.040
TOTAL	283.306	241.576	220.065
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.213	69.612	58.850
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1.506	3.497
(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)	4.139	3.286	1.065
(d) Long-term Loan and Advances	0.627	0.625	0.680
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	71.979	75.029	64.092
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	48.864	58.179	51.561
(c) Trade receivables	118.444	64.715	75.345
(d) Cash and cash equivalents	3.819	2.604	1.586
(e) Short-term loans and advances	40.200	41.049	27.481
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	211.327	166.547	155.973
TOTAL	283.306	241.576	220.065

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	301.185	229.616	196.345
	Other Income	3.712	3.035	2.629
	TOTAL (A)	304.897	232.651	198.974
Less	TOTAL EXPENSES (B)	275.579	204.567	174.003
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	29.318	28.084	24.971
Less	FINANCIAL EXPENSES (D)	13.988	15.816	14.158
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	15.330	12.268	10.813
Less/ Add	DEPRECIATION/ AMORTISATION (F)	7.933	6.683	6.935
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	7.397	5.585	3.878
Less	TAX (H)	0.710	0.000	1.421
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	6.687	5.585	2.457
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	32.947	27.362	24.905
	Balance Carried to the B/S (I+J)	39.634	32.947	27.362
	EARNINGS IN FOREIGN CURRENCY	194.942	127.537	78.581
	Earnings / (Loss) Per Share (Rs.)	14.86	12.41	5.46

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Sales)	(%)	2.22	2.43	1.25
Operating Profit Margin (PBDIT/Sales)	(%)	9.73	12.23	12.72
Return on Total Assets (PBT/Total Assets}	(%)	2.65	2.36	1.80
Return on Investment (ROI) (PBT/Networth)		0.09	0.07	0.09
Debt Equity Ratio (Total Debt /Networth)		1.40	1.21	2.77
Current Ratio (Current Asset/Current Liability)		1.28	1.25	1.18

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	15.000	15.000	45.000
Reserves & Surplus	27.363	32.947	39.635
Net worth	42.363	47.947	84.635
long-term borrowings	43.000	25.543	28.653
Short term borrowings	74.275	69.058	89.881
Total borrowings	117.275	94.601	118.534
Debt/Equity ratio	2.768	1.973	1.401

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)
Sales	196.345	229.616	301.185
		16.945	31.169

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	196.345	229.616	301.185
Profit	2.457	5.585	6.687
	1.25%	2.43%	2.22%

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

Operation:

The Company has made total turnover of Rs. 301.185 Millions When compared to Rs. 229.616 Millions in last year. The Profit after tax was Rs. 6.687 Millions compared to a profit of Rs. 5.585 Millions in last year. The Directors will strive to increase the turnover and profits during the current year.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Unsecured loans from Directors	22.294	25.543
Total	22.294	25.543

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10505834	12/09/2014 *	25,200,000.00	DBS Bank Ltd	Salarpuria Winsor No.3 (Old No.10), Ulsoor Road, Ward No.78, Bangalore, Karnataka - 560042, INDIA	C21475389
2	10505804	12/09/2014 *	98,308,000.00	DBS Bank Ltd	Salarpuria Winsor No.3 (Old No.10), Ulsoor Road, Ward No.78, Bangalore, Karnataka - 560042, INDIA	C21480355
3	10505631	23/05/2014	8,800,000.00	DBS Bank Ltd	Salarpuria Winsor No.3 (Old No.10), Ulsoor Road, Ward No.78, Bangalore, Karnataka - 560042, INDIA	C09064155
4	90197861	22/08/2014 *	55,346,667.00	Axis Bank Limited	Corporate Banking Branch Express Building, No.1,  II Floor, Queens Road, Bangalore, Karnataka - 560001, INDIA	C17161878
5	90200557	27/11/2005 *	2,500,000.00	UTI BANK LIMITED	MAIN BRANCH; M.G. ROAD, BANGALORE, Karnataka - 560001, INDIA	-

* Date of charge modification

FIXED ASSETS

· Free Hold Land

· Leasehold Property

· Building

· Plant and Machinery

· Furniture and Fixtures

· Lab Equipments

· Safety Equipments

· Office Appliances

· Electrification

· Vehicles

· Software

· Computers

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. 62.28
UK Pound	1	Rs. 96.21
Euro	1	Rs. 70.60

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		42

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.