MIRA INFORM REPORT

Report No. :	299266
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	CHEMTEX SPECIALITY LIMITED (w.e.f. 27.08.2008)
Formerly known as :	CHEMTEX SPECIALITY CHEMICALS LIMITED
Registered Office :	33, Brabourne Road, 7th Floor, Kolkata - 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.07.2008
Com. Reg. No.:	21-127895
Capital Investment / Paid-up Capital :	Rs 18.441 Millions
CIN No.: [Company Identification No.]	U24100WB2008PLC127895
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALC06993A
PAN No.: [Permanent Account No.]	AADCC5168M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Chemicals.
No. of Employees :	150 (Approximately)

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 370000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

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 (PARTIAL DETAILS)

Name :	Mr. Shubham Karnani
Designation :	Director
Contact No.:	91-9830006666
Date :	09.01.2015

LOCATIONS

Registered Office :	33, Brabourne Road, 7th Floor, Kolkata - 700001, West Bengal, India
Tel. No.:	91-33-71111111
Mobile No.:	91-9830006666 (Mr. Shubham Karnani)
Fax No.:	91-33-71111111
E-Mail :	gaurav@chemtexlimited.com
Website :	http://speciality-chemicals.net
Location :	Leased
Admin Office :	Haute Street Building, Suit No.111 86A, Topsia Road (S), E M Bypass, Kolkata – 700046, West Bengal, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Gaurav Karnani

Designation :

Managing Director

Address :

GC-128, Saltlake City Sector III, Kolkata – 700106, West Bengal, India

Date of Birth/Age :

09.09.1980

Date of Appointment :

01.05.2014

DIN No.:

00458238

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	U74300WB1986PTC040078	SPEARHEAD COMMUNICATIONS PRIVATE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
2	U45200WB2007PTC113186	KARNANI WAREHOUSING PRIVATE LIMITED	Director	07/02/2007	07/02/2007	-	Active	NO
3	U51101WB2007PTC118812	MAA DURGA ABASAN PRIVATE LIMITED	Director	19/09/2007	19/09/2007	-	Active	NO
4	U70101WB2007PTC118867	JAGDAMBE NIKETAN PRIVATE LIMITED	Director	20/09/2007	20/09/2007	-	Active	NO
5	U24100WB2008PLC127895	CHEMTEX SPECIALITY LIMITED	Managing director	01/05/2014	25/07/2008	-	Active	NO
6	U70102WB2010PTC152577	TENPUR INFRASTRUCTURE PRIVATE LIMITED	Director	26/08/2010	26/08/2010	06/03/2013	Active	NO
7	U55101WB2014PTC204568	THEME ADVENTURES & RESORTS PRIVATE LIMITED	Director	10/12/2014	10/12/2014	-	Active	NO
8	AAD-2197	KARNANI FNB SPECIALITIES LLP	Designated Partner	19/01/2015	19/01/2015	-	Active	NO

Name :

Mr. Saurav Karnani

Designation :

Whole Time Director

Address :

GC-128, Saltlake City Sector III, Kolkata – 700106, West Bengal, India

Date of Birth/Age :

25.11.1981

Date of Appointment :

01.04.2011

DIN No.:

00458357

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	U74300WB1986PTC040078	SPEARHEAD COMMUNICATIONS PRIVATE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
2	U24100WB2008PLC127895	CHEMTEX SPECIALITY LIMITED	Whole-time director	01/04/2011	25/07/2008	-	Active	NO
3	U45200WB2007PTC113186	KARNANI WAREHOUSING PRIVATE LIMITED	Director	01/08/2013	01/08/2013	-	Active	NO

Name :

Mr. Shubham Karnani

Designation :

Whole Time Director

Address :

GC-128, Saltlake City Sector III, Kolkata – 700106, West Bengal, India

Date of Birth/Age :

06.12.1984

Date of Appointment :

01.04.2011

DIN No.:

00458412

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	U74300WB1986PTC040078	SPEARHEAD COMMUNICATIONS PRIVATE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
2	U45200WB2007PTC113186	KARNANI WAREHOUSING PRIVATE LIMITED	Director	07/02/2007	07/02/2007	-	Active	NO
3	U51101WB2007PTC118812	MAA DURGA ABASAN PRIVATE LIMITED	Director	19/09/2007	19/09/2007	-	Active	NO
4	U70101WB2007PTC118867	JAGDAMBE NIKETAN PRIVATE LIMITED	Director	20/09/2007	20/09/2007	-	Active	NO
5	U24100WB2008PLC127895	CHEMTEX SPECIALITY LIMITED	Whole-time director	01/04/2011	25/07/2008	-	Active	NO

Name :

Mr. Narayan Das Bhatter

Designation :

Director

Address :

134, Salkia School Road, Salkia, Howrah – 711106, West Bengal, India

Date of Birth/Age :

28.09.1959

Date of Appointment :

01.04.2011

DIN No.:

00458477

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	U51909WB1997PTC082530	EVERGREEN TRADERS PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
2	U27209WB1996PTC076796	SIDDHARTH INTERNATIONAL PRIVATE LIMITED	Director	21/02/2006	21/02/2006	-	Active	NO
3	U24100WB2008PLC127895	CHEMTEX SPECIALITY LIMITED	Whole-time director	01/04/2011	25/07/2008	-	Active	NO

Name :

Mr. Ram Gopal Karnani

Designation :

Whole Time Director

Address :

GC-128, Saltlake City Sector III, Kolkata – 700106, West Bengal, India

Date of Birth/Age :

04.06.1952

Date of Appointment :

25.07.2008

DIN No.:

00711545

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Ram Gopal Karnani	290000
Gaurav Karnani	25000
Saurav Karnani	122500
Shubham Karnani	210000
Narayan Das Bhatter	10000
Giriraj Kumar Bhatter	1250
Ram Kumar Karnani	1250
Saurav Karnani HUF	65000
Gaurav Karnani HUF	70000
Shubham Karnani HUF	70000
Savita Karnani	87500
Shipra Karnani	92500
Ritika Karnani	157500
Ram Gopal Karnani HUF	175000
Sonam Karnani	370000
Shubham Trust	33100
Saurav Trust	31000
Gaurav Trust	32500
Total	1844100

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemicals.
Products :	Chemicals
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	China Taiwan
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

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 :

Wholesalers and Retailers

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 :

150 (Approximately)

Bankers :

Banker Name 1	ICICI Bank Limited
Branch Address	1A A. J. C. Bose Road, Kolkata - 700020, West Bengal , India
Banker Name 2	The Royal Bank of Scotland
Branch Address	18A, Brabourne Road, Kolkata – 700001, West Bengal, 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 :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Car Loan (Secured against Hypothecation of Car)	2.641	0.000
Property Loan (Secured against Hypothecation of Office)	3.560	13.397
Total	6.201	13.397

Auditors :
Name :	B. Jain and Compnay Chartered Accountants
Address :	2, Ashutosh Mukherjee Road, 4th Floor, Kolkata – 700020, West Bengal, India
Tel. No.:	91-8981010996/ 30996/ 40996
E-Mail :	info@bjaingroup.com
PAN No.:	AADFB4131C
Memberships :	Not Available
Collaborators :	Not Available
Enterprises over which the kay management personnel and their Relatives have significant influence :	Karnani Warehousing Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1844100	Equity Shares	Rs.10/- each	Rs. 18.441 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	18.441	18.441	18.441
(b) Reserves & Surplus	102.297	98.340	97.149
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	10.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	130.738	116.781	115.590
(3) Non-Current Liabilities
(a) long-term borrowings	37.043	13.396	1.247
(b) Deferred tax liabilities (Net)	0.689	0.000	0.000
(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)	37.732	13.396	1.247
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	5.927	9.649	2.359
(c) Other current liabilities	20.952	13.238	3.480
(d) Short-term provisions	1.026	2.089	0.945
Total Current Liabilities (4)	27.905	24.976	6.784
TOTAL	196.375	155.153	123.621
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	72.118	6.528	6.262
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	43.869	0.000
(iv) Intangible assets under development	0.000	0.052	0.000
(b) Non-current Investments	1.065	0.908	0.576
(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	73.183	51.357	6.838
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	22.309	34.645	18.129
(c) Trade receivables	33.277	21.807	43.842
(d) Cash and cash equivalents	3.698	2.495	8.582
(e) Short-term loans and advances	63.872	44.771	46.110
(f) Other current assets	0.036	0.078	0.120
Total Current Assets	123.192	103.796	116.783
TOTAL	196.375	155.153	123.621

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	141.475	110.495	93.319
		Other Income	2.720	2.291	0.052
		TOTAL	144.195	112.786	93.371
Less	EXPENSES
		Cost of Materials Consumed	85.595	101.027	79.678
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	12.337	(16.516)	(7.844)
		Employees benefits expense	17.142	13.681	9.256
		Other expenses	15.744	10.740	8.447
		Manufacturing Expenses			0.242
		TOTAL	130.818	108.932	89.779
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		13.377	3.854	3.592
Less	FINANCIAL EXPENSES		2.413	0.199	0.393
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		10.964	3.655	3.199
Less/ Add	DEPRECIATION/ AMORTISATION		5.982	1.831	1.992
	PROFIT/ (LOSS) BEFORE TAX		4.982	1.824	1.207
Less	TAX		1.025	0.633	0.536
	PROFIT/ (LOSS) AFTER TAX		3.957	1.191	0.671
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.705	1.514	0.843
	BALANCE CARRIED TO THE B/S		6.662	2.705	1.514
	Earnings Per Share (Rs.)		2.15	0.65	0.36

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.80	1.08	0.72
Operating Profit Margin (PBDIT / Sales)	(%)	9.46	3.49	3.85
Return on Total Assets (PBT/Total Assets}	(%)	2.55	1.65	0.98
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.01
Debt Equity Ratio (Total Debt /Networth)		0.28	0.11	0.01
Current Ratio (Current Asset/Current Liability)		4.41	4.16	17.21

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	18.441	18.441	18.441
Reserves & Surplus	97.149	98.340	102.297
Share Application money pending allotment	0.000	0.000	10.000
Net worth	115.590	116.781	130.738
long-term borrowings	1.247	13.396	37.043
Short term borrowings	0.000	0.000	0.000
Total borrowings	1.247	13.396	37.043
Debt/Equity ratio	0.011	0.115	0.283

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	93.319	110.495	141.475
		18.406	28.037

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	93.319	110.495	141.475
Profit	0.671	1.191	3.957
	0.72%	1.08%	2.80%

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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
From Body Corporate	30.842	0.000
Total	30.842	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	CHARGE HOLDER	ADDRESS	Service Request Number (SRN)
1	10361792	22/06/2012	27,300,000.00	ICICI BANK LIMITED	1A A. J. C. BOSE ROAD, KOLKATA, WEST BENGAL - 700020, INDIA	B42110684

FIXED ASSETS

• Computer
• Electronic Fittings
• Furniture and Fixture
• Lorry
• Machinery
• Motor Car
• Office Space

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 :	GYA
Analysis Done by :	KAR
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

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