MIRA INFORM REPORT

Report Date :

15.07.2011

IDENTIFICATION DETAILS

Name :	PEGASUS FARMACO (INDIA) PRIVATE LIMITED
Registered Office :	1-3-183/40/B/1, S.B.I. Colony, Gandhi Nagar, Hyderabad-500080, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.10.1995
Com. Reg. No.:	01-022036
Capital Investment / Paid-up Capital :	Rs. 21.500 millions
CIN No.: [Company Identification No.]	U24230AP1995PTC022036
TAN No.: [Tax Deduction & Collection Account No.]	HYDP01025D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Formulation

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 160000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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	A1	A1

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

LOCATIONS

Registered Office :	1-3-183/40/B/1, S.B.I. Colony, Gandhi Nagar, Hyderabad-500080, Andhra Pradesh, India
Tel. No.:	91-40-27620121 / 65597185
Fax No.:	91-40-27672845
E-Mail :	pegasusfarmaco@yahoo.com
Website :	www.pegasusfarmaco.com
Factory 1 :	Kasara No.112, Matlabpur (V), Roorkee Tq., Haridwar, District Uttarakhand, India
Tel. No.:	91-133-269880
Fax No.:	91-133-264551
Factory 2 :	29, IDA, Bhongir, Nalgonda, District Andhra Pradesh
Tel. No.:	91-8685-645845

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Raghuveer Beti
Designation :	Managing Director
Address :	303, North East, Homes Gaganmahal, Hyderabad-500029, Andhra Pradesh, India
Date of Birth/Age :	08.08.1959
Date of Appointment :	12.04.2004
DIN No :	00941702
Name :	Mr. Neeraja Beti
Designation :	Director
Address :	303, North East, Homes Gaganmahal, Hyderabad-500029, Andhra Pradesh, India
Date of Birth/Age :	12.01.1966
Date of Appointment :	30.09.2004
DIN No :	00942957
Name :	Mr. Surendra Vuthoori
Designation :	Director
Address :	1-3-183/40/B/1, S.B.I. Colony, Gandhi Nagar, Hyderabad-500080, Andhra Pradesh, India
Date of Birth/Age :	07.01.1948
Date of Appointment :	30.09.2004
Name :	Ms. Indira Vuthoori
Designation :	Director
Address :	1-3-183/40/B/1, S.B.I. Colony, Gandhi Nagar, Hyderabad-500080, Andhra Pradesh, India
Date of Birth/Age :	23.05.1962
Date of Appointment :	30.09.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Raghuveer Beti	764970
Neeraja Beti	395030
Surendra Vuthoori	495000
Indira Vuthoori	49500
Total	1704500

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceutical Formulation
Products :	Drugs and Pharmaceuticals

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Liquid Orals	Ltrs.	NA	NA	--
Tablets and Capsules	Nos.	NA	4500 **	3037.58***

Notes : *NA Since a Small scale industry

**on a single shift basis

***Includes 235.419 (p.y.286.203) millions production for other on job work basis.

GENERAL INFORMATION

Bankers :

· Punjab National Bank, civil Lines, Roorkee-247667, Uttaranchal, India

· State Bank of India, Saifabad Branch, Haca Bhavan, Opposite, Assembly, Hyderabad-500004, Andhra Pradesh, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Term Loan Secured by EM of Rookee Land and building and hypothecation of all fixed assets at Roorkee and guaranteed by directors	13.220	17.123
Orking Capital loan from bank secured by hypothecation of company’s stocks at Roorkee	35.320	32.891
Adhoc Facility from the bank including SME loan	7.045	0.000
Vehicles Loan- secured by hypothecation of specific assets	0.429	0.209
Total	56.014	50.223
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Short Term
From Banks	3.190	7.716
From Directors	8.532	10.032
From Others	0.794	0.194
Inter Corporate Loan	5.543	0.000
Total	18.059	17.942

Banking Relations :	--
Auditors :
Name :	Mgrk Associates Chartered Accountant
Address :	96, Seshachala Colony, East Marredpally, Secunderabad-500026, Andhra Pradesh, India

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2150000	Equity Shares	Rs.10/- each	Rs. 21.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2150000	Equity Shares	Rs.10/- each	Rs. 21.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		21.500	20.000	16.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19.250	14.713	10.136
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		40.750	34.713	26.636
LOAN FUNDS
1] Secured Loans		56.014	50.223	44.496
2] Unsecured Loans		18.059	17.942	15.456
TOTAL BORROWING		74.073	68.165	59.952
DEFERRED TAX LIABILITIES		0.424	0.571	0.657
TOTAL		115.247	103.449	87.245
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.823	37.209	41.141
Capital work-in-progress		15.657	2.920	0.808
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	40.408	35.069	21.654
	Sundry Debtors	56.363	57.501	46.352
	Cash & Bank Balances	0.759	0.199	1.566
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.987	7.001	4.177
Total Current Assets		104.517	99.770	73.749
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.870	20.282	15.809
	Other Current Liabilities	13.233	13.771	10.672
	Provisions	3.497	2.692	1.972
Total Current Liabilities		38.600	36.745	28.453
Net Current Assets		65.917	63.025	45.296
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
PRE-OPERATION EXPENSES PENDING CAPITLIZATION		1.850	0.295	0.000
TOTAL		115.247	103.449	87.245

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	127.840	112.241	91.569
		Other Income	0.472	0.877	0.649
		TOTAL (A)	128.312	113.118	92.218
Less	EXPENSES
		Material	38.484	33.433	32.146
		Expenses	71.269	60.976	42.433
		TOTAL (B)	109.753	94.409	74.579
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.559	18.709	17.639
Less	FINANCIAL EXPENSES (D)		8.840	8.456	7.645
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.719	10.253	9.994
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.524	5.042	5.181
	PROFIT BEFORE TAX (E-F) (G)		5.195	5.211	4.813
Less	TAX (I)		0.658	0.634	0.817
	PROFIT AFTER TAX (G-I) (J)		4.537	4.577	3.996
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.500	8.923	4.927
Less	APPROPRIATIONS
		Transfer to General Reserve	8.788	0.000	0.000
	BALANCE CARRIED TO THE B/S		9.249	13.500	8.923
	Earnings Per Share (Rs.)		2.13	2.29	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.54	4.05	4.33
Net Profit Margin (PBT/Sales)	(%)	4.06	4.64	5.26
Return on Total Assets (PBT/Total Assets}	(%)	3.81	3.80	4.19
Return on Investment (ROI) (PBT/Networth)		0.13	0.15	0.18
Debt Equity Ratio (Total Liability/Networth)		2.78	3.04	3.34
Current Ratio (Current Asset/Current Liability)		2.71	2.71	2.59

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The Company has witnessed the balanced growth in the Production and Sales. The company has increased and maintained its commercial production during the year under review in its manufacturing unit at Roorkee. After a great learning experience since the establishment of the manufacturing unit at Roorkee, the Company has inreased its production capacity with its strategic planning and execution of its plans systematically. With the scientific approach in the operations, the company has minimized its operational cost and streamlined the production process, which helped the company to increase its production capabilities and meet the demand for the production by the third parties through contract manufacturing tie-ups and by the Company's own sales demands. This in turn helped the Company achieve an increased turnover of more than 13.89% over its turnover of the previous year. Below mentioned are important developmental factors during the year, which have made difference to the performance of the Company:

Business tie-UP with MHS Pharmaceuticals Limited is getting stronger

Dung the F/y 2008-09, the Company has used up with M/s MHS Pharmaceuticals, a group company of MHS Health Services. The Association with them started with 20 products initially. Later on, it gradually increased to 70 products now. As part of their growth plans, they have been increasing their products range gradually and the more number of pharmacy shops are being added to their chain of pharmacy shops to make it Pan India. As it was expected by us initially, Company's prospects with this tie-up are bound to grow in this financial year too.

FORM 8

Corporate identity number of the company	U24230AP1995PTC022036
Name of the company	PEGASUS FARMACO (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1-3-183/40/B/1, S.B.I. Colony, Gandhi Nagar, Hyderabad-500080, Andhra Pradesh, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India, Saifabad Branch, Haca Bhavan, Opposite, Assembly, Hyderabad-500004, Andhra Pradesh, India
Nature of instrument creating charge	Aggreement of loan for overall limit Aggrement of hypothecation of goods and assets link letter Letter regarding the grant of individual limits within the overall limit
Date of instrument Creating the charge	12.06.2011
Amount secured by the charge	Rs. 127.400 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest At 6.75% Above Base Rate = 9.25% Present Effective Rate-16% P.A. Terms of repayment Repayable on demand. 12 months subject to renewal every 12 months Margin Raw Materials -25% Stocks In Process- 25% Finished Goods-25% Receivables -40% Cover Period For Receivables-120 DAYS LC-25% Extent and operation of the charge WC Limits :charge on current assets of the company at Roorkee and Bhongir E.M. Of factory land and buildings on plot of area 0.362 hectares situated at khasra No-112 Village Matalabpur, Roorkee, Haridwar belonging to the company Hypothecation of all the existing machinery and other fixed assets of Roorkee, Haridwar belonging to the company EM at land and buildings and hypothecation of machinery at Ida Bhangir, Nalgonda Dist Belonging to the company admeasuring 4812 sq. Yards, in Plot No 29 Ida Bhogi Other Collateral: for all credit facilities Lien on NRE deposits worth Rs.1.100 million and Rs.2.500 millions in the names of dr. Surender Vuthoori and his wife Smt. Indira Vuttoori ( A/C-30187962018, 30187963328) FD of Rs.2.300 millions cash collateral in the name of either Dr. Surender Vuthoori or Raghuvver Beti directors of the Company Lien on deposit of Rs. 1.500 millions in the names of Dr. Surender Vuthoori EM of open plots nos.701 C and 701 Q (residential zone ) in Sy No-53 admeasuring 600sq. yards or equivalent to 501.
Short particulars of the property charged (Including location of the property)	WC limits: Charge on current assets of the company at Roorkee and bhongir E.M. Of factory land and buildings on plot of area 0.362 hectares situated at Khasra No-112, Village Matalabpur, Roorkee, Haridwar Hypothecation of all the existing machinery and other fixed assets of Roorkee, Haridwar belonging to the company EM at land and buildings and hypothecation of machinery at Ida Bhangir, Nalgonda dist Belonging to the company admeasuring 4812 sq. Yards, in Plot No 29 Ida Bhogir Nalogonda District, belonging to the C Lien on NRE deposits worth Rs.1.100 millions and Rs.2.500 millions in the names of Dr. Surender Vuthoori and his wife Smt.Indira Vuttoori ( A/C-30187962018, 30187963328) FD of Rs.2.300 millions cash collateral in the name of either Dr. Surender Vuthoori or Raghuvver Beti directors of the Company Lien on deposit of Rs. 0.15 Cr in the names of Dr. Surender Vuthoori EM of open Plots Nos.701 C and 701 Q (residential zone ) in Sy No-53 admeasuring 600sq. yards or equivalent to 501.60 Sq. mtrs situated at Raghavpur Village, Bibinagar Mandal, Nalgonda Dist known as ‘MAXIMA MEADOWS’ belonging to Shri Raghuveer Beti, Director
Charge identification number of the charge to be modified	10057413
Particulars of the present modification	Credit Facilities Enhanced TO Rs. 127.400 millions

Fixed Assets:

· Land and Building

· Plant and Machinery

· Electrical Installation

· Lab and Air Handing pollution Equipment

· Generator

· Furniture and Fixtures

· Office Equipment

· Computers

· Scooter

· Car

· Tata 207

WEB SITE DETAILS

PROFILE

Subject, one of the one of the emerging pharmaceutical company based at Hyderabad, India, producing a wide range of quality, affordable branded and generic formulations, trusted by healthcare professionals and patients across major states of India. Pegasus Farmaco made a foray into the pharma industry in 1995 with a humble beginning, with sales operations in the states of Andhra Pradesh and Karnataka, with a clear vision to emerge as an Indian Multinational Company and play a significant role in the health care of the nation. Today, subject has created a niche for itself in the pharma industry. While the company has got the strong hold in Southern India, now it is making its presence felt in northern India for its sales operations.

Since its inception, Pegasus has believed in the Best quality and Cost effective products as its USP and created a strong base for itself in the market. The company has always made the right strategic moves in the process of achieving its vision by knowing the pulse of the pharmaceutical industry, using vast marketing experience of the management; timely introduction of a new molecule in to the market, flawless distribution methods, living up to the expectation of the people involved in the process, right from manufacturing process to the end customer. Today, subject has shown multi-fold growth in all aspects i.e. in acquiring Manufacturing Facilities, Professional Manpower, Good Distribution network and Business Partners. Apart from world class quality and cost effective therapy, the uniqueness of the company lies in its huge product range and product design for better patient compliance and faster cure. In addition to these factors, the expertise of the Sales personnel has made the company to become a successful ethical pharmaceutical marketing company. While South India is the company’s strong hold, the company is making its presence felt across all major states of North India to become a pan India operating pharmaceutical company. Further, the company is registered vendor for many high profile private corporate and public sector undertakings (PSUs) for many years. The company is currently growing at an average growth rate of 20% every year and is aiming at growing at 30% for this FY. The company is all set to take off to achieve its objectives by pursuing global standards in its people, products, processes, performance and partnerships.

The company is always a front runner to explore opportunities to make its vision a reality. With an ambition to position itself as a partner for global companies by providing quality and cost effective solutions in formulations manufacturing, it had come up with its first unit at Roorkee, Uttarakhand, in the year 2005, which is a state-of-the-art manufacturing unit, well equipped with ultra modern machinery and lab equipment for manufacturing export quality products.

Apart from producing its own products, currently subject has got manufacturing tie ups with about 30 companies, including top companies of India either on P2P or Loan License basis for Branded, Generic and Export quality products. The list is growing still. It is also a testimony of the relentless endeavour for achieving desired goals of the company.

In view of its future requirements and expansion plans, the company is coming up with another State of the art unit at Bhongir, in Nalgonda District of A.P, which is near its headquarters at Hyderabad. It will accommodate other important segments such as liquids, soft gelatine capsules, ointments, Injectables with latest drug delivery methods and most importantly a full-fledged R&D unit. With this set up, the company is aiming to make a foray into the lucrative clinical trials business.

As the company’s future looks very bright, it is looking forward to come up with the Injectables, Soft gel Capsules, and Drops very soon. The company is also looking forward to come up with the Specialty Divisions in a phased manner for the convenient and wide market coverage for higher revenues.

Subject is committed to excellence in all their endeavours. It is committed to the highest levels of ethical practices for living up to the expectation levels of all of them, with whom the company is associated. As a growing company, subject is open to have any kind of business association with top Indian and Multinational Companies for a mutual benefit.

PROFILE OF THE DIRECTORS

• Mr. Raghuveer Beti, is a Science Graduate, Post Graduate in English Literature and a PG Diploma Holder in Business Management. He has put in a total 25 years of rich experience in the field of pharmaceuticals selling and marketing. Out of this, for the first 11 years he was an employee in various managerial capacities serving a multinational organization. His vast knowledge and organizational skills enabled him to float his own pharma company along with other capable and experience personalities.  Since last six years the Company has been making strides in the field and created a niche in the states of Andhra Pradesh, Tamil Nadu, Karnataka, Kerala, Orissa, Bihar, Jharkhand, Assam, Jammu and Kashmir and presently plans are afoot to market in another 4 states, such as Uttar Pradesh, Uttaranchal, Chattishgarh, and Rajastan. His conceptual skills were behind in the launching of many brands which are acclaimed as the best sellers for the organization. Given the vision and forthrightness of the directors and on the basis of the tract record and the future plans that the Company has targeted itself it is sure that the Company is poised to achieve the greater heights among the Hyderabad based pharmaceuticals companies.
• Mrs. Neeraja Beti, w/o Mr. Raghuveer Beti, is a graduate from Osmania University. She has been in charge of Sales, Administration and Distribution of the organization, right from inception.
• Dr. Surender Vuthoori is an NRI, lives in California, United States of America.  He is graduated in 1972 from Gandhi Medical College with MBBS. Later he migrated to USA and trained in Newyork for Internal Medicine (MD) for about three years i.e., from 1974 to 1977.  Later from 1977 to 79 he finished Cardiology Fellowship. Since 1979 till date he is practicing as a Interventional Cardiologist in California. He is one of the leading Cardiologists in USA. He is the founder chairman of Dr. Surender Vuthoori MD Inc. for the past 20 years.

As one of the directors of the company, he has been guiding Pegasus Farmaco successfully, in terms of quality, efficacy and choice of the drugs for new launches as per the latest trends. His professional experience

• Mrs. Indira Vuthoori, W/o. Dr. Surender Vuthoori is a graduate.  She also settled in USA with her husband.  She is working as Vice President of the Dr. Surender Vuthoori MD Inc. since past 20 years.
  As one of the directors of the company, she has been guiding Pegasus Farmaco successfully in new product development and management.

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. 44.52
UK Pound	1	Rs.71.80
Euro	1	Rs.63.15

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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.