MIRA INFORM REPORT

Report No. :	349238
Report Date :	27.11.2015

IDENTIFICATION DETAILS

Name :	ENCUBE ETHICALS PRIVATE LIMITED
Registered Office :	Unit No. 24, Steelmada Industrial Estate, Marol Village, Andheri (East), Mumbai – 400 059, Maharashtra
Tel. No.:	91-22-29204335
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.09.1995
Com. Reg. No.:	11-092485
Capital Investment / Paid-up Capital :	Rs. 15.000 Million
CIN No.: [Company Identification No.]	U24230MH1995PTC092485
IEC No.:	0396057993
TAN No.: [Tax Deduction & Collection Account No.]	MUME02391E
PAN No.: [Permanent Account No.]	AAACE1408R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Semisolid Dosage forms.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Encube Ethical Private Limited was incorporated in 1995 and is based in Mumbai, Maharashtra. It is established company having good track record. Subject is engaged in the business as manufacturer of semisolid dosage forms such as creams, ointment, gels, lotions and solutions. Available financial indicates strong financial risk profile marked by healthy net worth base with negligible debt recorded and decent profit margin of the company. The rating further takes into consideration company's strong operating efficiency, long established track record, good asset base and favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. In view of long track record and strong financial base, the company can be considered good 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.

HENKEL RATING

HENKEL’s Rating :

300, 301 (Moderate risk)

Credit Rating	Henkel Rating (Customer Risk Assesment- CRA)
Mira Inform	Risk Category	Credit Limit	Description
Aaa	100	Inter Company, credit limit not required	Very low risk (blue ships)
Aa	200, 201	(120% of Gross Annualised Sales/365)*Credit Term.	Low risk
A	300, 301	(100% of Gross Annualised Sales/365)*Credit Term.	Moderate risk
Ba	350	(90% of Gross Annualised Sales/365)*Credit Term.	Significant risk
B	400	(80% of Gross Annualised Sales/365)*Credit Term.	High risk
	450		Very high risk
Ca or C	500*	NIL/ Legal/ Bad/No Transaction	Doubtful accounts
	007*	NIL	Small unrated customers
	009*	NIL	Inactive customers
	999*	Initially First Invoice vales, CRA will be done and based on report the CL would get revised.	New customer

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 PARTED BY

Name :	Mr. Kirit Vora
Designation :	Account Manager
Contact No.:	91-22-29204335
Date :	26.11.2015

LOCATIONS

Registered Office :	Unit No. 24, Steelmada Industrial Estate, Marol Village, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-66783848 (3 Lines) / 28503838/ 28504335 / 28508612 / 29204335 / 29204336 / 29203838 / 29204336
Fax No.:	91-22-28504336 / 29204336
E-Mail :	kirit.v@encubeethicals.com connect@encubeethicals.com
Website :	http://www.encubeethicals.com
Area :	3000 Sq ft
Location :	Owned
Locality:	Industrial
Factory :	Plot No. C-1, Madkaim Industrial Estate, Madkaim, Post : Mardol, Ponda, Goa – 403 404, India
Tel. No.:	91-832-2392223 / 2392314
Fax No.:	91-832-2392225
Location :	Owned

DIRECTORS

AS ON 01.09.2014

Name :

Mr. Mehul Madhusudan Shah

Designation :

Director

Address :

52/B/402, Ruby Apartment, 4^th Floor, JVPD Scheme No.7, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

21.07.1966

Date of Appointment :

07.09.1995

DIN No.:

00312359 

PAN No.:

AAEPS0571L

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	U24230MH1995PTC092485	ENCUBE ETHICALS PRIVATE LIMITED	Director	7/9/1995	7/9/1995	-	Active	NO
2	U24239MH1981PTC024506	RELIEF PHARMACEUTICALS PRIVATE LIMITED	Director	31/10/1998	31/10/1998	-	Active	NO
3	U67120MH2000PTC124315	ENCUBE INVESTMENT AND TRADING PRIVATE LIMITED	Director	25/11/2005	25/11/2005	-	Active	NO

Name :

Mr. Madhusudan Nyalchandh Shah

Designation :

Director

Address :

52/B/402, Ruby Apartment, 4^th Floor, JVPD Scheme No.7, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

30.11.1934

Date of Appointment :

07.09.1995

DIN No.:

00314267

PAN No.:

AAEPS0570M

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	U24239MH1981PTC024506	RELIEF PHARMACEUTICALS PRIVATE LIMITED	Director	30/05/1981	30/05/1981	-	Active	NO
2	U24230MH1995PTC092485	ENCUBE ETHICALS PRIVATE LIMITED	Director	7/9/1995	7/9/1995	-	Active	NO
3	U67120MH2000PTC124315	ENCUBE INVESTMENT AND TRADING PRIVATE LIMITED	Director	25/11/2005	25/11/2005	-	Active	NO

Name :

Mr. Nilesh Navin Maniar

Designation :

Director

Address :

1 Aashish 51 C, S V Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

06.07.1960

Date of Appointment :

30.01.2002

DIN No.:

00330165

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	U65990MH1990PTC058485	KENIL FINANCIAL AND CONSULTANCY SERVICES PRIVATE LIMITED	Director	10/10/1990	10/10/1990	1/1/2009	Active	NO
2	U24230MH1995PTC092485	ENCUBE ETHICALS PRIVATE LIMITED	Director	30/01/2002	30/01/2002	-	Active	NO
3	U67120MH2000PTC124315	ENCUBE INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/09/2004	15/09/2004	-	Active	NO
4	U67190MH2007PTC171861	ANVIL WEALTH MANAGEMENT PRIVATE LIMITED	Director	21/06/2007	21/06/2007	-	Active	NO
5	U67120MH1997PTC109640	ANVIL SHARE AND STOCK BROKING PRIVATE LIMITED	Director	18/09/2008	11/2/2008	-	Active	NO
6	U45209MH2011PTC224359	UNIQUE SKYLINES PRIVATE LIMITED	Director	24/11/2011	24/11/2011	-	Active	NO
7	U74120MH2012PTC239115	ANVIL COMMODITIES PRIVATE LIMITED	Director	26/12/2012	26/12/2012	-	Active	NO

Name :

Mr. Himanshu Mahendra Gandhi

Designation :

Director

Address :

B-302 Gokul Gagan, Thakur Village, Kandivali (East), Mumbai – 400 101, Maharashtra, India

Date of Birth/Age :

23.01.1970

Date of Appointment :

30.01.2002

DIN No.:

00784178

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	U67120MH1997PTC109640	ANVIL SHARE AND STOCK BROKING PRIVATE LIMITED	Director	1/9/1997	1/9/1997	-	Active	NO
2	U24230MH1995PTC092485	ENCUBE ETHICALS PRIVATE LIMITED	Director	30/01/2002	30/01/2002	-	Active	NO
3	U67120MH2000PTC124315	ENCUBE INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/09/2004	15/09/2004	-	Active	NO
4	U74120MH2012PTC239115	ANVIL COMMODITIES PRIVATE LIMITED	Director	26/12/2012	26/12/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kirit Vora
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 01.09.2014

Names of Shareholders	No. of Shares
Madhusudan Nyalchandh Shah	600000
Mehul Madhusudan Shah	600000
Madhusudan Nyalchandh Shah HUF	10
Mehul Madhusudan Shah HUF	10
Nilesh Navin Maniar	20
Himanshu Mahendra Gandhi	20
Chandra M Shah	225000
Niti M Shah	74890
Chandramani Maniar	20
Pinki H Gandhi	20
Rupa N Maniar	20
Bipin G Gandhi	20
Total	1500030

As on 01.09.2014

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 of Semisolid Dosage forms.

Products :

Item Code No. (ITC Code)	Product Description
30039090	C &C Clear Fairness Cream 7.5G

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Products :

Raw Material

Countries :

• London
• Germany
• China

Terms :

Selling :

Cash and Credit (30,60,90 Days)

Purchasing :

Cash and Credit (30,60,90 Days)

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 :

End Users and OEMS

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 :

100 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-66521000 (Non Cooperative)
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 Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Working Capital loans from banks	36.227	0.000
Loans repayable on demand from banks	0.000	0.404
Total	36.227	0.404

Auditors :
Name :	Shaparia and Mehta Chartered Accountants
Address :	1/74, Krishna Kunj, R. A. Kidwai Road, King’s Circle, Matunga (Central Railway), Mumbai – 400 019, Maharashtra, India
Tel. No.:	91-22-24098905/ 06 / 07 / 08
Fax No.:	91-22-24098905/ 06 / 07 / 08
E-Mail :	sm.ca@vsnl.com
PAN N Income-tax PAN of auditor or auditor's firm :	AABFS3225N
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Ciens Laboratories Pharma Laboratories and Distributors
Associate	Goapharma SAS

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500030	Equity Shares	Rs.10/- each	Rs. 15.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

FINANCIAL DETAILS ATTACHED

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	15.000	15.000	15.000
Reserves & Surplus	638.314	956.182	1306.048
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	653.314	971.182	1321.048
long-term borrowings	0.000	0.000	0.000
Short term borrowings	246.024	212.304	110.769
Total borrowings	246.024	212.304	110.769
Debt/Equity ratio	0.377	0.219	0.084

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Gross Income	1103.553	1527.115	1699.954
		38.382	11.318

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Gross Income	1103.553	1527.115	1699.954
Profit	233.051	320.500	358.640
	21.12%	20.99%	21.10%

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	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
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 four 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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	0.013	94.227
Loans repayable on demand from others	0.100	0.000
Deposits from shareholders	39.880	0.000
Loans and advances from related parties	34.549	117.673
Total	74.542	211.900

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10171735	14/12/2012 *	110,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B64024433

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Building
• Furniture and fixtures
• Vehicles
• Computer equipments
• Plant and equipment
• Office equipment
• Other equipments

Intangible assets

• Brands
• Trade marks
• Computer software

PRESS RELEASES

BOARD GIVES NOD TO RS 9790.000 MILLION INVESTMENT PROPOSALS

JUNE 18, 2015

PANAJI: In a meeting chaired by chief minister Laxmikant Parsekar, the Goa Investment Promotion Board cleared four manufacturing unit proposals and a pharmaceutical project which will bring in investment of Rs 9790.000 Million and provide potential employment to 1,661 people, sources close to the development said.

The projects cleared at the three-hour meeting are Encube Ethicals Private Limited, Aliaxis Utilities and Industry Private Limited, MRF Limited, Goodwill Enterprises and TCPL Packaging Limited. Encube Ethicals has been allotted land at Madkai industrial estate where they will make topical solutions. Aliaxis Utilities and Industry will make mouldings for gas pipelines and have been given land at the Verna industrial estate. MRF in turn has been allotted land at Tisk-Usgao where they will expand their tyre manufacturing unit, sources said.

Land at Shiroda industrial estate has been tentatively approved for Goodwill Enterprises where they will manufacture Araldite. TCPL Packaging has also got a tentative approval to commence operations at the Kundaim industrial estate where they will manufacture printed packaging materials.

During the meeting, Parsekar urged the board, especially the government officials present, to focus on clearing the first few projects that the board had cleared in its second meeting itself. Government sources pointed out that those projects that were cleared by the Investment Promotion Board, and that needed land conversion were held up at the town and country planning department.

Only those projects which had been allotted land at industrial estates have been able to smoothly go ahead with other clearances.

According to Parsekar, the board has cleared 38 projects till date but only a miniscule number of the projects cleared till date had managed to clear all bureaucratic hurdles. Keen to address the lethargy in the government machinery, Parsekar is understood to have had a stern word for government officials.

Parsekar's irritation holds value as he attempts to boost the state's economy and bring it away from the brink of critical unemployment levels. What Parsekar can draw comfort from is the growing interest in the industrial sector, especially the manufacturing segment, to invest and begin operations in Goa. Sources also stated that several existing companies were keen to expand their operations.

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.66.55
UK Pound	1	Rs.100.64
Euro	1	Rs.70.70

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		66

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	--

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