MIRA INFORM REPORT

Report Date :

07.08.2010

IDENTIFICATION DETAILS

Name :	SYNGENE INTERNATIONAL LIMITED

Formerly Known As :	SYNGENE INTERNATIONAL PRIVATE LIMITED

Registered Office :	20^th, K M Hosur Road, Electronic City P. O., Bangalore – 560100, Karnataka

Country :	India

Financials (as on) :	31.03.2009

Date of Incorporation :	18.11.1993

Com. Reg. No.:	08-14937

CIN No.: [Company Identification No.]	U51909KA1993PLC014937

TAN No.: [Tax Deduction & Collection Account No.]	BLRS02580E

PAN No.: [Permanent Account No.]	AABCS9936M

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Pharmaceutical Products

RATING & COMMENTS

MIRA’s Rating :

A (58)

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 6610000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and a reputed company having good track. Financials position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The Company can be considered normal 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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Giri
Designation :	Deputy Manager

LOCATIONS

Registered Office :	20^th KM, Hosur Road, Electronic City P. O. Bangalore-560100, Karnataka, India
Tel. No.:	91-80-28082808
Fax No.:	91-80-28523423
E-Mail :	prateek.hiremath@syngeneintl.com Kiran.kumar@biocon.com
Theybsite :	http://www.syngeneintl.com
Area :	Owned

Corporate Office :	Biocon Park, Plot No. 2/3, Bommansandra Industrial Estate, Phase – IV, Bommasandra – Jigani Link Road, Bangalore-560100, Karnataka, India
Tel. No.:	91-80-28082808
Fax No.:	91-80-28083150
Area :	Owned

Factory 1 :	Plot No. 1013C, Bommasandra Industrial Estate, Bangalore-560100, Karnataka, India
Area :	Owned

Branches :	No. 15 Narmada Apartment, Alaknanda, New India-110019, India
Tel. No.:	91-11-26449819
E-Mail :	rajkamal.varshney@bioconindia.com

Branches :	No. 49/1, Rastra Guru Apartment, Nagar Bazar, Dum Dum, Kolkata-700028, West Bengal, India
Tel. No.:	91-33-25501299
E-Mail :	sajal.bannerjee@bioconindia.com

Branch Office :	485, Route 1 South Woodbridge Corporate Plaza Building B Suite 305 Iselin, New Jersey 08830, USA
Tel. No.:	732-6362950
Fax No. :	732-7100997
Email ID :	bdc@syngeneintl.com

DIRECTORS

Name :	Mr. Kiran Mazumor Shaw
Designation :	Director
Address :	Glenmore, Huskur Gate, Office 20th, Kmohosur Road, Electronic City P.O. Bangalore-560100, Karnataka, India
Date of Birth/Age :	23.03.1953
Date of Appointment :	18.11.1993

Name :	Mr. J. M Shaw
Designation :	Director
Address :	Glenmore, Huskur Gate, Office 20th, Kmohosur Road, Electronic City p.o. Bangalore-560100, Karnataka, India
Date of Birth/Age :	12.04.1949
Date of Appointment :	24.03.2000

Name :	Mr. Neville Bain
Designation :	Director
Address :	High Trees Cavendish Road way Bridge. Surrey KT130JX United Kingdom.
Date of Birth/Age :	14.07.1940
Date of Appointment :	29.06.2000

Name :	Mr. Catherine Rosenberg
Designation :	Director
Address :	565, Hemings Way, PL Waterloo, ON N 21171, Canada
Date of Birth/Age :	23.05.1961
Date of Appointment :	08.08.2000

Name :	Mr. Charles Cooney
Designation :	Director
Address :	35, Chestnut Palace, Brookline, USA
Date of Birth/Age :	09.11.1944
Date of Appointment :	19.01.2001

KEY EXECUTIVES

Name :	Mr. Prateek Hiremath
Designation :	Secretary
Address :	House No. 870, 6^th Main road, 22^nd cross sector 7 Hsr layout. Bangalore – 560100. Karnataka, India
Date of Birth/Age :	01.06.1983
Date of Appointment :	01.12.2008

Name :	Mr. Giri
Designation :	Deputy Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.07.2009

Names of Shareholders	No. of Shares
Kiran Masumadar Shaw	10
Kumud Sampath	10
Arun Chandavarkar	10
Shrikumar Suryanar	10
Ajay Bharadwaj	10
Murlikrishnana K. N	10
Gautam Das	10
Prasad K	10
Rajgopal N	10
Ramchandran J	10
Parag Saxena	10
Ravi Mazumdar	10
Anand Kumar	10
Suresh Subramani	10
Dev Mazumdar	10
Sunne Rossell	10
Charles Cooney	10
Biocon Limited	2874830

Total	2875000

(AS ON 30.09.2009)

Category		Percentage

Bodies corporate		99.99
Directors or relatives of directors		0.01

Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products

Products :

Product Description	ITC Code
Catalytic Preparation	381500
Other Organic Compounds	294200

Exports :

Countries :

USA
Europe
Sweden
Pakistan

Imports :

Products :

Lab Chemicals and Machinery

Countries :

China
UK
USA
JAPAN

Terms :

Selling :

Credit ( 30 Days)

Purchasing :

Credit ( 30 Days)

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

916

Bankers :

Hong Kong Bank, Maniple Centre, Dickenson Road, Bangalore – 560 042, Karnataka, INDIA
ICICI Bank, M. G. Road, Bangalore – 560 001, Karnataka, INDIA
State Bank of India, Overseas Branch, St. Marks Road, LHO Compound, Bangalore-560001, Karnataka, India
HSBC Bank, M.G. Road, Bangalore-560012, Karnataka, India
ABN Amro Bank N.V – 7^th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

Particulars	As on 31.03.2009 (Rs. In Millions)
Secured Loans
Form Banks
Long Term (amount payable within on year Rs.7.071 millions)	383.187
Short Term
Cash Credit, Pro Shipment credit and buyers credit	2038.183
Total	2421.370

Note:

i) The company has obtained foreign currency denominated pre-shipment credit loan facility from State Bank of India for Rs.800 millions, which is secured by a pari passu charge on the present and future movable assets and fixed assets. The company has utilized Rs.702.481 millions (US$ 13.75 millions) as of March 31,2009

ii) The company obtained foreign currency denominated buyers credit loans (short term and long term) of Rs.755.707 millions (US$ 14.85 millions) as of March 31,2009 and pre-shipment credit loan of Rs.686.747 millions (US$ 13.5 millions) as of March 31,2009 with Hong Kong and Shanghai Banking Corporation, which are secured by a pari passu charge on the present and future movable assets and fixed assets.

iii) The company obtained foreign currency denominated buyers credit loans (short term and long term) of Rs.51.437 millions (US$ 1.01 millions) as of March 31,2009 and pre-shipment credit loan of Rs.225.000 millions as of March 31,2009 form ABN Amro Bank, secured by a pari passu charge on the present and future movable assets and fixed assets. Of the above, only the buyers credit loan is denominated in foreign currency.


Banking Relations :	--

Financial Institution :	The Honkong and Shanghai Banking Corporation Limited, 7 Mahatma Gandhi Road, Bangalore – 560001, Karnataka, India

Auditors :
Name :	S R. Batliboi and Associates Chartered Accountant
Address :	Canberra Block, 12^th and 13^th Floor, No.24, Vittal Mallya Road, Bangalore-560001, Karnataka, India
Tel. No.:	91-80-40275000
Fax No.:	91-80-22106000

Holding Company :	Biocon Limited

Associates/Subsidiaries :	Biocon India Limited Biochemizyme India Limited Biocon-Quest India Limited Helix Biotech Private Limited Saint Life Bio-Pharma Private Limited Sámi Labs Limited Sartorius India Private Limited Shankar and Sastry Biotech Private Limited Shubh Biotech Limited Strand Genomics Private Limited Suprajit Biotech Sys Arris Software Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Share	Rs.10/- Each	Rs.35.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2875000	Equity Share	Rs.10/- Each	Rs. 28.750 Millions

NOTE:

Of the above 2874830 (March 31, 2008-2874830) equity shares are held by Biocon Limited, the holding company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		28.750	28.750	28.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1624.632	1849.595	1517.823
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1653.382	1878.345	1546.573
LOAN FUNDS
1] Secured Loans		2421.370	387.800	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2421.370	387.800	0.000
DEFERRED TAX LIABILITIES		55.843	41.877	24.701

TOTAL		4130.595	2308.022	1571.274

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		2634.283	1424.442	745.646
Capital work-in-progress		1332.989	734.631	357.465

INVESTMENT		396.667	151.290	495.218
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	59.999	70.313	95.828
	Sundry Debtors	449.761	225.704	274.359
	Cash & Bank Balances	0.462	6.451	0.036
	Other Current Assets	35.394	28.945	0.000
	Loans & Advances	309.769	174.325	45.007
Total Current Assets		855.385	505.738	415.230
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	568.918	324.708
	Other Current Liabilities	491.037	162.427	425.193
	Provisions	28.774	20.944	17.092
Total Current Liabilities		1088.729	508.079	442.285
Net Current Assets		(233.344)	(2.341)	(27.055)

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		4130.595	2308.022	1571.274

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Contract Research Fees	1581.509	1154.765	965.927
		Sale of Compounds	449.868	425.849	316.060
		Gain on Sale of Investments, Net	0.313	0.222	0.740
		Interest Income	0.000	0.000	0.051
		Dividend Income	20.827	23.419	34.150
		Other Income	12.298	0.028	0.000
		TOTAL	2064.815	1604.283	1316.928

Less	EXPENSES
		Contract Research and Other Operating Expenses	1458.080	1086.988	732.302
		Interest Financial Expenses	32.034	4.620	0.866
		TOTAL	1490.114	1091.608	733.168

	PROFIT BEFORE DEPRECIATION, EXCEPTIONAL ITEM AND TAX		574.701	512.675	583.760

Less/ Add	DEPRECIATION/ AMORTISATION		230.692	158.023	71.578

	PROFIT BEFORE TAX AND EXCEPTIONAL ITEM		344.009	354.652	512.182

Less	TAX		568.972	22.880	15.531

	PROFIT AFTER TAXES AND BEFORE EXCEPTIONAL ITEM		(224.963)	331.772	496.651

	EXCEPTIONAL ITEM		(551.761)	0.000	0.000

	PROFIT/ (LOSS) AFTER TAXES		(224.963)	331.772	496.651

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1803.802	1472.030	975.379

Less	APPROPRIATIONS

	BALANCE CARRIED TO THE B/S		1578.839	1803.802	1472.030

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	449.868	425.849	316.060
		Contract Research fees	1581.509	1154.765	965.927
		Other Earnings	4.986	0.000	0.000
	TOTAL EARNINGS		2036.363	1580.614	1281.987

	IMPORTS
		Chemicals and reagents	156.616	133.870	NA
		Capital Goods	956.791	502.293	NA
	TOTAL IMPORTS		1113.407	636.163	NA

	Earnings Per Share (Rs.)		(78.25)	115.40	172.75

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	(10.90)	20.68	37.71

Return on Total Assets (PBT/Total Assets}	(%)	9.86	18.37	44.12

Return on Investment (ROI) (PBT/Networth)		0.21	0.19	0.33

Debt Equity Ratio (Total Liability/Networth)		2.12	0.48	0.29

Current Ratio (Current Asset/Current Liability)		0.79	0.99	0.94

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE ANALYSIS

For the Financial Year 2008-09, Syngene registered a growth of 29 % in revenues from Rs. 1,604 million to Rs. 2,065 million. The Operational Margin (EBITDA) increased from Rs.517 million to Rs.606 Million representing a 17 % increase. During the year, the Company was able to sustain a healthy operating margin except for a sharp unprecedented depreciation in the rupee. The currency fluctuation adversely impacted the net profits due to contracted forward covers, which resulted in the Company declaring a net loss of Rs.225 million against a net profit of Rs.331 million in the previous years. The Company earned a net profit before exceptional items of Rs.326 million for the year as against Rs.331 million for the previous year.

Fifteen years since inception, the Company has the largest market share in India for providing drug discovery services in the areas of Synthetic Chemistry, Medicinal Chemistry and Biology.

The Company’s dedicated facility for BMS (Bristol Myers Squibb) went operational during the last quarter of the financial year. The 200,000 square-foot facility at Biocon Park is dedicated to helping advance Bristol Myers Squibb's work in discovery and early drug development process from initial hit to lead optimisation to early pharmaceutical development to clinical nomination.

The Company established a 45,000 sq.ft laboratory animal facility. This world class facility has been approved by the CPCSEA (Committee for the purpose of Control and Supervision of Experiments on Animals) and it has also recently been audited for AAALAC (American Association for Accreditation of Laboratory Animal Care) accreditation. With additional expertise in the areas of toxicology, in vivo pharmacology, hispathology, and veterinary sciences, the Company can now offer pharma companies an extended platform of services in pre-clinical development of molecules.

Further, the Company recently commissioned a new chemical pilot plant designed to meet cGMP standards. It is a multiple product plant which can handle a variety of chemical processes. With this pilot plant, the Company can scale up and manufacture NCEs, APIs and AIs. The Biological Pilot Plant Facility (BPP) has been built with manufacturing capabilities for microbial fermentation (upto 225L) and mammalian cell culture (upto 300L) based biologics and is in the final stages of validation. This facility is a multi-product, cGMP compliant plant which has been designed for contract manufacturing with a high degree of flexibility.

The Company has also deepened its relationship with DuPont Crop Protection and has signed up as its alliance partner. It will now cover a broad range of R&D technical capabilities to support DuPont's discovery pipeline.

Bankers Charges Report as per Registry

Name of the company	SYNGENE INTERNATIONAL PRIVATE LIMITED
Presented By	Murli Krishnan K N, Director
1) Date and description of instrument creating the change	Hypothecation deed dated 29.07.1994
2) Amount secured by the charge/amount owing on the securities of charge	Rs.2.500 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All the stocks of the company at any point of time including Raw Materials, Work in progress, Finished goods and all the company’s Book Debts both present and future.
4) Gist of the terms and conditions and extent and operation of the charge.	1) OD Facility Rs. 1.000 Millions interest 2) Guarantees Rs. 5.000 Millions 3) Import Rs. 1.000 Million Facility (Documentary Credits)
5) Name and Address and description of the person entitled to the charge.	The Honkong and Shanghai Banking Corporation Limited, Dickenson Road, Bangalore-560042
6) Date and brief description of instrument modifying the charge	Not Available
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Available

This form is for	Modification of charge
Charge identification number of the modified	90196748
Corporate identity number of the company	U51909KA1993PLC014937
Name of the company	SYNGENE INTERNATIONAL LIMITED
Address of the registered office or of the principal place of business in India of the company	20^th KM, Hosur Road, Electronic City P. O. Bangalore-560100, Karnataka, India
Type of charge	Movable Property (not being pledge) Others Fixed Assets (plant and machinery)
Particular of charge holder	The Honkong and Shanghai Banking Corporation Limited – 7 Mahatma Gandhi Road, Bangalore – 560001, Karnataka, India Email ID: pratibharsista@hsbc.co.in
Nature of description of the instrument creating or modifying the charge	Fourth Supplemental Agreement for Hypothecation of present and future Plant and Machinery (fixed and moveable) and other moveable assets
Date of instrument Creating the charge	24.12.2008
Amount secured by the charge	Rs. 1451.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest shall be payable by the Company on the banking facilities as per Bank’s tariff, subject however that the Bank shall have the right to change the rate of interest after giving notice to the Company. Terms of Repayment In consideration of Banking facilities sanctioned/to be sanctioned by the Bank to the Company, the Company has hypothecated and charged to the Bank by way of First charge as a continuing security, the assets mentioned in the Deed of Hypothecation to secure the repayments of the advances together with interest cost and all other charges. Margin The Company shall maintain such margin as may be specified by the Bank from time to time. Extent and Operation of the charge In case the Company fails to fulfill its obligations under the Agreement, the Bank shall be entitled to take possession of the hypothecated properties and sell them by public auction or private contract and utilize the proceeds in full or part settlement of its claims.
Short particulars of the property charged	First charge on all the company's Plant and machinery (fixed and moveable), machinery spares, tools and accessories and other movables
Date of latest modification prior to the present modification	29.07.2008
Particulars of the present modification	This modification is done for increase of first charge on plant and machinery and other moveable assets as per hypothecation deed attached from Rs.1101.500 millions to Rs.1451.500 millions

TRADE REFERENCES

Bristol Myersquiebb. USA
Alpha Aesar, UK
Aslra Zenca, USA

FIXED ASSETS

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

AS PER WEB DETAILS

PROFILE

Established in 1994, Subject was India’s first Custom Research Organization to receive special export status by the Government of India. Over the past 15 years, they have successfully partnered leading players in the global pharmaceutical industry across a range of challenging programs, from discovery to supply of complex development compounds.

Today, they are among India’s foremost integrated custom research service providers. Their considerable scientific talent pool and state-of-the-art R&D and production facilities enable them to enhance productivity and accelerate delivery of all projects with the highest degree of professionalism.

Proprietary technologies and superior knowledge-driven concepts propel their reputation as a ‘full-service research hub’. Leveraging India’s potheyrful value advantage while continuing to deliver high levels of innovation, they remain compelling collaborators for advanced, cost-effective custom research services.

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 records 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.46.02
UK Pound	1	Rs.73.20
Euro	1	Rs.60.70

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		58

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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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.

MIRA INFORM REPORT

59.999

449.761

0.462

35.394

309.769

855.385

568.918

491.037

28.774

1088.729

(233.344)

Unit