MIRA INFORM REPORT

Report No. :	31378
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	EMICHEM PRIVATE LIMITED
Registered Office :	18, Tara Chand Dutta Street, 1^st Floor, Office No.1B, Ward No.44, Kolkata - 700 073, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.05.1997
Com. Reg. No.:	21-084194
Capital Investment / Paid-up Capital :	Rs. 4.066 Millions
CIN No.: [Company Identification No.]	U24119WB1997PTC084194
TAN No.: [Tax Deduction & Collection Account No.]	CALE01247B
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Dyes and Pigments.
No. of Employees :	75 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 32000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. External borrowings of the company seems to be huge during 2014. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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. Deepak Mishra
Designation :	Export Executive
Contact No.:	91-33-40440048
Date :	21.01.2015

LOCATIONS

Registered Office :	18, Tara Chand Dutta Street, 1^st Floor, Office No.1B, Ward No.44, Kolkata - 700 073, West Bengal, India
Tel. No.:	91-33-22714402/ 22725372/ 64505372/ 40440048/ 0160 91-9830045431 (Mr. Binoy Kejriwal)
Fax No.:	91-33-22699616 / 22350171
E-Mail :	emichem@cal.vsnl.co.in info@emichem.co.in
Website :	http://www.emichem.co.in http://www.emichem-dyes.com
Location :	Owned
Factory :	Jalan Industrial Estate (Near Saraswati Bridge), Village Baniyara, Jangalpur, National Highway No.6, P.S.-Domjur, Howrah - 711 411, West Bengal, India
Tel. No.:	91-33-64506756

DIRECTORS

As on 26.09.2014

Name :

Mr. Binoy Kejriwal

Designation :

Director

Address :

Harbour Heights, 35/1, Diamond Harbour Road, Kolkata - 700 027, West Bengal, India

Date of Birth/Age :

29.11.1970

Date of Appointment :

02.05.1997

Election Commission Identity Card No :

FSZ2012417

DIN No.:

00197517

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	U24119WB1997PTC084194	EMICHEM PRIVATE LIMITED	Director	02/05/1997	02/05/1997	-	Active	NO
2	U10100BR1986PTC002409	K.P. MINERALS PRIVATE LIMITED	Director	15/04/2003	15/04/2003	-	Active	NO
3	U51109WB1997PTC084320	NAVRANG BUSINESS PRIVATE LIMITED	Director	25/08/2009	02/01/2009	-	Active	NO

Name :

Mrs. Purnima Kejriwal

Designation :

Director

Address :

C/O Kamala Gudakhu Factory, Chakradharpur, West Singhbhum - 833 102, Jharkand, India

Date of Birth/Age :

14.01.1947

Date of Appointment :

02.05.1997

Election Commission Identity Card No :

BR/51/299/465052

DIN No.:

01301804

Name :

Mrs. Lata Kejriwal

Designation :

Director

Address :

C/O Kamala Gudakhu Factory, Chakradharpur, West Singhbhum - 833 102, Jharkand, India

Date of Birth/Age :

22.12.1961

Date of Appointment :

02.05.1997

Election Commission Identity Card No :

BR/51/299/465054

DIN No.:

01309953

Name :

Mrs. Nupur Kejriwal

Designation :

Director

Address :

Harbour Heights, 35/1, Diamond Harbour Road, Kolkata - 700 027, west Bengal, India

Date of Birth/Age :

16.10.1973

Date of Appointment :

12.05.1999

Election Commission Identity Card No :

FEZ2012409

DIN No.:

00197540

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	U27107OR1985PLC001470	ADITYA ALLOYS LTD	Director	18/12/1995	18/12/1995	-	Active	NO
2	U24119WB1997PTC084194	EMICHEM PRIVATE LIMITED	Director	12/05/1999	12/05/1999	-	Active	NO
3	U27101OR1983PLC001234	ADITYA STEEL INDUSTRIES LIMITED	Director	20/03/2001	20/03/2001	-	Active	NO
4	U10100BR1986PTC002409	K.P. MINERALS PRIVATE LIMITED	Director	15/04/2003	15/04/2003	-	Active	NO

Name :

Mr. Kamalendu Kejriwal

Designation :

Director

Address :

C/O Kamala Gudakhu Factory, Chakradharpur, West Singhbhum - 833 102, Jharkand, India

Date of Birth/Age :

04.01.1962

Date of Appointment :

01.07.2003

Election Commission Identity Card No :

BR/51/299/465053

DIN No.:

00197189

KEY EXECUTIVES

Name :	Mr. Deepak Mishra
Designation :	Export Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.06.2014

Names of Shareholders	No. of Shares
Binoy Kejriwal	78600
Lata Kejriwal	45100
Bijoy Kumar Agarwal	1100
Purnima Kejriwal	30100
Kamalendu Kejriwal	35500
Sanwarmal Kejriwal	24600
Sanwarmal Kejriwal (HUF)	46000
Nupur Kejriwal	115000
Omprakash Kejriwal (HUF)	30000
Shradha Agarwal	100
Indumati Agarwal;	100
Vijay Kumar Jhunjhunwala	100
Ramjiwan Sharma (HUF)	100
Ranjit Dey	100
Surojit Das	100
Total	406600

Equity Share Break up (Percentage of Total Equity)

As on 29.06.2014

Category	Percentage
Directors or relatives of Directors	88.54
Other top fifty shareholders	11.46
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Dyes and Pigments.
Products :	Liquid paper Dyes Salt Free Inkjet Dyes Ultramarine Blue Digital Textile Printing Dyes Food Dyes Reactive Dyes Basic Dyes Tracing Dyes Acid Dyes Solvent Dyes Oraganic Pigments Dyes and Pigments Leather and Textile
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	European Countries Asia Countries Middle East
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Janak Enterprises, Ahmedabad, Gujarat, India
Name of the Person :	Mr. Gannder Singh
Contact No.:	91-9099097790
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers and Retailers

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 :

75 (Approximately)

Bankers :

• YES Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400 018, Maharashtra, India
• Vijaya Bank, Overseas Branch, 125/1 park Street, Kolkata-700017, West Bengal, India

Tel No : 91-33-22298179

Fax No: 91-33-22277385

Email : kol.overseas7216@vijayabank.com

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Deferred Payment Credit *	0.216	0.342
Less : Short term borrowing	0.140	0.126
Short-term borrowings
Deferred Payment Credit **	0.140	0.126
Loans repayable on Demand:
From Banks ***
Foreign Bill Purchased
From Vijaya Bank	9.132	6.664
From Yes Bank	8.532	6.991
Packing Credit Loan from Vijaya Bank	2.932	7.112
PCFC from Yes Bank	0.000	3.088
Total	20.812	24.197
Note: Long Term Borrowings Deferred Payment Credit * Deferred Payment Credit from Axis Bank taken towards Vehicle and is repayable in 36 Equated monthly installments Short Term Borrowings Deferred Payment Credit ** Deferred Payment Credit from Axis Bank taken towards Vehicle and is repayable in 36 Equated monthly installments. Loans Repayable on demand from Bank *** Foreign Bill Purchase & Packing Credit Loan, both are secured against stock-in-trade and Export Bills drawn as Principal security and Loan and Building with Factory Shed as collateral Security. 2 Directors have given their Personal Guarantee towards the Loan.

Banking Relations :	--
Auditors :
Name :	Krishna Kumar and Company Chartered Accountants
Address :	13, Crooked Lane, Room No.403, Kolkata - 700 069, West Bengal, India
Tel. No.:	91-33-22488617/ 5377
PAN N Income-tax PAN of auditor or auditor's firm :	AAHFK2658P
Memberships :	--
Collaborators :	--
Entities Under the Control of the Management :	Navrang Business Private Limited K.P Minerals Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
406600	Equity Shares	Rs.10/- each	Rs. 4.066 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	4.066	4.066	4.066
(b) Reserves & Surplus	7.032	4.835	3.143
(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)	11.098	8.901	7.209
(3) Non-Current Liabilities
(a) long-term borrowings	0.076	0.216	0.000
(b) Deferred tax liabilities (Net)	0.111	0.172	0.219
(c) Other long term liabilities	0.712	0.702	0.853
(d) long-term provisions	0.637	0.448	0.347
Total Non-current Liabilities (3)	1.536	1.538	1.419
(4) Current Liabilities
(a) Short term borrowings	45.005	37.774	19.977
(b) Trade payables	6.073	5.560	3.084
(c) Other current liabilities	0.691	3.110	1.615
(d) Short-term provisions	1.117	0.760	1.000
Total Current Liabilities (4)	52.886	47.204	25.676
TOTAL	65.520	57.643	34.304
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.544	6.606	4.888
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.703
(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	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6.544	6.606	5.591
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.467	0.122	0.858
(c) Trade receivables	24.409	31.585	9.332
(d) Cash and cash equivalents	3.851	1.963	7.106
(e) Short-term loans and advances	28.249	17.367	11.417
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	58.976	51.037	28.713
TOTAL	65.520	57.643	34.304

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	127.559	87.988	64.991
		Other Income	5.565	3.931	3.018
		TOTAL	133.124	91.919	68.009
Less	EXPENSES
		Increase/ Decrease in Stock	125.033	87.097	64.237
		Purchases
		Direct Expenses
		Other Expenses
		TOTAL	125.033	87.097	64.237
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		8.091	4.822	3.772
Less	FINANCIAL EXPENSES		3.998	1.869	1.668
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.093	2.953	2.104
Less/ Add	DEPRECIATION/ AMORTISATION		0.817	0.635	0.243
	PROFIT BEFORE TAX		3.276	2.318	1.861
Less	TAX		1.079	0.626	0.915
	PROFIT AFTER TAX		2.197	1.692	0.946
	TOTAL EARNINGS		NA	84.734	63.265
	Earnings Per Share (Rs.)		5.40	4.16	2.33

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.72	1.92	1.46
Operating Profit Margin (PBIDT/Sales)	(%)	6.34	5.48	5.80
Return on Total Assets (PBT/Total Assets}	(%)	5.00	4.02	5.54
Return on Investment (ROI) (PBT/Networth)		0.30	0.26	0.26
Debt Equity Ratio (Total Debt /Networth)		4.06	4.27	2.77
Current Ratio (Current Asset/Current Liability)		1.12	1.08	1.12

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	4.066	4.066	4.066
Reserves & Surplus	3.143	4.835	7.032
Net worth	7.209	8.901	11.098
long-term borrowings	0.000	0.216	0.076
Short term borrowings	19.977	37.774	45.005
Total borrowings	19.977	37.990	45.081
Debt/Equity ratio	2.771	4.268	4.062

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	64.991	87.988	127.559
		35.385	44.973

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	64.991	87.988	127.559
Profit	0.946	1.692	2.197
	1.46%	1.92%	1.72%

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	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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

Note:

• The registered office of the company has been shifted from 7, Tara Chand Dutta Street, Office No.31, Kolkata – 700 073, West Bengal to the present address w.e.f. 02.01.2012.

FINANCIAL ANALYSIS

During the year, the company has achieved a Total Turnover of Rs. 133.124 Millions out of which only Export Turnover was 126.668 Millions. The company has earned a Pre-Tax Profit of Rs. 3.276 Millions. However after providing Rs. 1.117 Million for Income Tax the balance together with brought forward balance has been transferred to Balance Sheet.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Short-term borrowings
From Others
From Body Corporates (Including Interest)	22.096	12.618
From Related Parties
From Directors and Shareholders (Including Interest)	1.014	0.000
From Body Corporates (Including Interest)	1.159	1.175
Total	24.269	13.793

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10380932	24/08/2012	17,500,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA	B59840686
2	80028261	13/02/2014 *	29,000,000.00	VIJAYA BANK	125/1 PARK STREET, OVERSEAS BRANCH, KOLKATA, WEST BENGAL - 700017, INDIA	B97243158

* Date of charge modification

FIXED ASSETS:

• Land
• Factory Shed and Building
• Plant and Machinery
• Motor Cycle
• Electrical Installations
• Furniture and Fixture
• Computer
• Laboratory Equipments
• Fire Extinguisher
• Weighing Scale
• Tube Well
• Motor Car
• Office Equipments

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.61.50
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Information Gathered by :	DIV
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.