MIRA INFORM REPORT

Report Date :

08.06.2011

IDENTIFICATION DETAILS

Name :	VIJAYASRI ORGANICS LIMITED
Registered Office :	Plot No. 39, Flat No.GA, Vijayasri Enclave, Vikaspuri, Hyderabad – 500038, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	31.08.2005
Com. Reg. No.:	01-047307
Capital Investment / Paid-up Capital :	Rs.88.479 Millions
CIN No.: [Company Identification No.]	U24239AP2005PLC047307
TAN No.: [Tax Deduction & Collection Account No.]	HYDV04245D
PAN No.: [Permanent Account No.]	AADFV2385C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Dealer of Bulk Drugs and Intermediates
No. of Employees :	Not Available

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 1380000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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 :	Plot No. 39, Flat No.GA, Vijayasri Enclave, Vikaspuri, Hyderabad – 500038, Andhra Pradesh, India
Tel. No.:	91-40-32481010
Fax No.:	91-40-23812064
E-Mail :	svjr@vijayasri.in
Website :	http://www.vijayasri.in
Unit 1 :	Plot No.9, Jawaharlal Nehru Pharma City, Parawada Vishakhapatnam – 531021, Andhra Pradesh, India
Unit 2 :	Plot NO.164/A3, S.V. Cop. Industrial Estate, Opposite Manjeera Grameena Bank, IDA Bollaram, Jinnaram Mandal, Medak District – 502325, Andhra Pradesh
Tel. No.:	91-8458-279392
Fax No.:	91-8458-279393
Unit 3 :	Plot No.42, S.V. Cop. Industrial Estate, Jeedimetla, Hyderabad – 5000055, Andhra Pradesh, India
Tel. No.:	91-40-65314043
Fax No.:	91-40-23090146
Unit 3 :	F – 11 / A and F – 11/B, IDA , Phase - 1, Hyderabad – 5000055, Andhra Pradesh, India

DIRECTORS

As on 17.09.2010

Name :	Mr. Jagapathi Raju Sri Vatchavai
Designation :	Managing Director
Address :	O. NO.33, 8-3-167 / A / 33, Vikaspuri, Hyderabad – 500018, Andhra Pradesh, India
Date of Appointment :	31.08.2005
DIN :	00271262
Name :	Mr. Narasimha Reddy Duthala
Designation :	Director
Address :	F. No.203, Datta Sai Apartments, Near Patel Kunta Huda Park, Kukatpally, Hyderabad – 500074, Andhra Pradesh, India
Date of Appointment :	31.08.2005
DIN :	00298613
Name :	Mr. Venkata Rama Rao Karuturi
Designation :	Director
Address :	Pot No.145, Kalyan Nagar, Hyderabad – 500038, Andhra Pradesh, India
Date of Appointment :	31.03.2005
DIN :	00413020
Name :	Mr. Srinivas Isola
Designation :	Director
Address :	Plot No.5, Road No.76, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India
Date of Appointment :	31.08.2005
DIN :	00413104
Name :	Mr. Gopalakrishna Muddusetty
Designation :	Director
Address :	12-2-823A/23, Santosh Nagar, Mehdipatnam, Hyderabad – 500028, Andhra Pradesh, India
Date of Birth/Age :	12.01.1939
Date of Appointment :	19.05.2010
DIN :	00088454
Name :	Mr. Sunil Unny Guptan
Designation :	Director
Address :	Flat No.406, My Home Gardenia, Opposite Hotel Green Park, Green Lands, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India
Date of Birth/Age :	22.11.1959
Date of Appointment :	19.05.2010
DIN :	00886379
Name :	Mr. Karunamay Lahiri
Designation :	Director
Address :	179, Dhanlaxmi Society, Mahendra Hill, Secunderabad – 500026, Andhra Pradesh, India
Date of Birth/Age :	08.01.1944
Date of Appointment :	19.05.2010
DIN :	01939873
Name :	Mr. Amitabh Guha
Designation :	Director
Address :	Flat No. C 1, Lot no.219, Road No.10, Millenium House, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Date of Birth/Age :	10.11.1948
Date of Appointment :	19.05.2010
DIN :	02836707
Name :	Mr. Pyarali Akbarali Jiwani
Designation :	Director
Address :	Plot No.6, IInd Floor, Vee Homes Pearl House, Sriniketan Cly, Road No.3, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Date of Appointment :	19.05.2010
DIN :	03105244

KEY EXECUTIVES

Name :	Mr. Paraselli Appalaswamy
Designation :	Secretary
Address :	7-2-1087 / 1 / 36 / 1, Tulsi Nagar, Sanath Nagar, Hyderabad – 500018, Andhra Pradesh, India
Date of Birth :	01.08.1969
Date of Appointment :	01.04.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.09.2010

Names of Shareholders	No. of Shares
Jagapathi Raju Sri Vatchavai	3584386
Narasimha Reddy Duthala	187500
Venkata Rama Rao Karuturi	1065138
Srinivas Isola	353124

As on 17.09.2010

Category	Percentage
Directors or relatives of Directors	85.80
Other top fifty shareholders	14.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Dealer of Bulk Drugs and Intermediates

Products :

Products Description	ITC Code No.
Bulk Drugs and Intermediates	029

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of Hyderabad, Shapurnagar Branch, Jeedimetla, Hyderabad – 500055, Andhra Pradesh, India

Facilities :

Secured Loan [Rs. in million]	31.03.2010	31.03.2009
Term Loan I	72.003	99.595
Term Loan II	91.414	115.434
Cash Credit	212.399	125.667
Total	375.816	340.696
Unsecured Loan [Rs. in million]	31.03.2010	31.03.2009
From Director	69.800	198.555
Total	69.800	198.555

Banking Relations :	--
Auditors :
Name :	Sudhakar and Company Chartered Accountant
Address :	II Floor, 5-2-134, RP Road, Secunderabad – 500003, Andhra Pradesh, India
Associates :	Vindhya Pharma India Private limited Vindhya Organics Private Limited Sreepathi Pharmaceuticals Limited
Enterprise over which key managerial personnel have control or exercise significant influence	Vijayasri Organics Vijayasri Chemicals Vijayalakshmi Agencies

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
9,000,000	Equity Shares	Rs.10/-each	Rs.90.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7223557	Equity Shares	Rs.10/-each	Rs.72.235 millions
1,442,776	Allotments Equity Shares made on 29.08.2009	Rs.10/-each	Rs.14.428 millions
173,450	Allotments Equity Shares made on 07.01.2010	Rs.10/-each	Rs.1.735 millions
8,125	Allotments Equity Shares made on 10.03.2010	Rs.10/-each	Rs.0.081 millions
	Total		Rs.88.479 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
9,000,000	Equity Shares	Rs.10/-each	Rs.90.000 millions

Issued, Subscribed & Paid-up Capital : Rs.89.463 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		88.479	72.236	52.429
2] Share Application Money		0.780	0.030	15.000
3] Reserves & Surplus		256.547	138.928	31.627
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		345.806	211.194	99.056
LOAN FUNDS
1] Secured Loans		375.816	340.696	304.552
2] Unsecured Loans		69.800	198.555	50.005
TOTAL BORROWING		445.616	539.251	354.557
DEFERRED TAX LIABILITIES		16.669	3.645	2.957
TOTAL		808.091	754.090	456.570
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		560.368	511.261	182.403
Capital work-in-progress		0.000	6.853	165.764
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	187.018	166.753	104.968
	Sundry Debtors	343.084	278.274	92.901
	Cash & Bank Balances	1.400	12.731	2.305
	Other Current Assets	77.572	96.428	71.600
	Loans & Advances	13.839	3.864	29.752
Total Current Assets		622.913	558.050	301.526
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	309.997	342.167	207.228
	Other Current Liabilities	24.843	0.001	0.000
	Provisions	40.504	5.314	2.492
Total Current Liabilities		375.344	347.482	209.720
Net Current Assets		247.569	210.568	91.806
MISCELLANEOUS EXPENSES		0.154	25.408	16.597
TOTAL		808.091	754.090	456.570

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1454.629	974.951	371.021
		Other Income	25.500	19.867	4.084
		TOTAL (A)	1480.129	994.818	375.105
Less	EXPENSES
		Cost of Material Consumed	1109.203	805.381	292.242
		Manufacturing Expenses	138.384	61.039	25.273
		Employee Cost	34.299	23.565	0.000
		Administrative and Selling Expenses	15.702	7.822	17.376
		Misc. Expenses Written off	0.022	1.693	0.022
		TOTAL (B)	1297.610	899.500	334.913
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		182.519	95.318	40.192
Less	FINANCIAL EXPENSES (D)		47.496	48.600	17.681
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		135.023	46.718	22.511
Less/ Add	DEPRECIATION/ AMORTISATION (F)		57.861	36.629	17.344
	PROFIT BEFORE TAX (E-F) (G)		77.162	10.089	5.167
Less	TAX (I)		28.646	1.970	3.601
	PROFIT AFTER TAX (G-I) (J)		48.516	8.119	1.566
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.675	1.556	0.000
	BALANCE CARRIED TO THE B/S		58.191	9.675	1.566
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	84.512	290.512	62.464
	TOTAL EARNINGS		84.512	290.512	62.464
	IMPORTS
		Raw Materials	243.563	92.786	--
		Capital Goods	2.526	1.262	--
	TOTAL IMPORTS		246.089	94.048	8.183
	Earnings Per Share (Rs.)		5.98	1.12	0.30

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.28	0.82	0.42
Net Profit Margin (PBT/Sales)	(%)	5.30	1.03	1.39
Return on Total Assets (PBT/Total Assets}	(%)	6.52	0.94	1.07
Return on Investment (ROI) (PBT/Networth)		0.22	0.05	0.05
Debt Equity Ratio (Total Liability/Networth)		2.37	4.20	5.70
Current Ratio (Current Asset/Current Liability)		1.66	1.61	1.44

LOCAL AGENCY FURTHER INFORMATION

THE YEAR IN RETROSPECT

The proactive measures taken by the company to address the challenges of recession from which the economy has just emerged have proven their collective ability to navigate adverse environments their ability to weather such economic storms has reinforced their belief about the inherent resilience they have built into the operations, since inception of the company though they have fallen short of their planned turnover of Rs.2000.000 millions, the turnover of Rs.I480.100 millions achieved compares very well to the turnover of Rs. 994.800 millions of FY 2 008 09 an increase of 49% More important than the increase in the turnover ls the fact that the profitability has leap frogged to Rs.48.516 millions from Rs. 8.118 millions in FY 2008 09, a 5 fold increase, a trend that augurs well for the future. This growth in profitability is attributable to a combination of factors inter alia comprising, increased productivity and yields, lower production losses, lower costs of inputs, beefier inventory management higher realization for sales to and involvement of team spirit. During the year export performance did not fare as anticipated, dropping to Rs 84.500 millions from Rs. 290.500 millions in FY 2008-09 The company has stepped up efforts to first neutralize its forex spending and then become a net forex earner over the next two years

OUTLOOK FOR 20I0- II

They now look forward to achieving a turnover and profitability of Rs.3050.000 millions and Rs 148.500 millions respectively for the coming year 2010-Il, the trends of which the first few months has generated hope for exhibiting such optimism.

Ongoing expansion of their production capacities has made it possible for them to broad base their customer list. Their main customers Dr Reddy's Laboratories Limited (DRL), Matrix Laboratories Limited (both Hyderabad based and Lanza limited [Mexico] continued to be a bedrock of comfort for the company while they remain a pillar of confidence for them. Building on the existing 'foundation. they have been able to explore and add new customers to their existing repertoire of clients While they draw strength from our principal customers they ore consciously applying their efforts to increase the customer base as a part of their growth objectives.

The increasing number of visits of technical teams to their plant from companies like Ranbaxy, Cadilla, DSM, Jubilant organisms Sun Pharma and Ajinomoto ( Japan) generated sufficient optimism and confidence that they are now able to address their API and intermediates supply needs while complying with the stringent quality benchmarks they have so far been able to successfully demonstrate. Since these visits come close on the heels of their increased productivity and yields, they are now poised to make a bigger contribution to the industry, way forward’s they hove also applied for WHO GMP and FDA certification a process that is becoming increasingly mandatory for all formulation majors who wish to transact with back-end manufacturers like them, These pharma majors have business focus on the markets in North America and Europe, the two very large regulated markets with high spending power and revenue potential. A multi-pronged approach to add value to the products has also been put n place.

INDUSTRY PROFILE

A recent report tracking global trends in the drug industry in developing economies suggests that the Indian drug industry is on track to grow about 13% this year to just over US $ 24.00 billion Among factors that will help drive this growth ore recent strengthening of patent laws, cost pressures on highly visible drug makers in the west, i increased quality consciousness and adherence to GMP, availability of talented manpower at relatively lower price, ability to handle product development on massive scale at reasonable low cost increased USFDAV DMF, Filings and growing wariness and skepticism about the quality of products from the other historically low-cast drug provider China.

The governments resolve to make available generic versions of medicines to its citizens at a fraction of the price through the Jan Aushadhi Kendras has also had its cascading affect on the fortunes of the local drug industry. To facilitate this, the government has changed its policy about making the procurement of genetics only from PSU or AME drug makers. With this major change in the policy genetic manufacturing has now engaged the attention of large drug companies. Larger masses of production hitherto deprives of the branded formulations will now have easier access to the genetics, which are just as effective while at the same time being affordable.

According to the findings published by the centre for monitoring Indian economy. Delhi, 290 drug projects entailing an investment of Rs.602.210 million are under implementation. It is not just that the CMIE is upbeat in its predictions for the drug industry. Analysts, consultants, research groups and academicians are also bullish about the drug industry here and each stakeholder has positioned itself to take advantage of the opportunities and meet the challenges that are emerging

CONTINGENT LIABILITY

a Claims against the Company not acknowledged as debts is NIL

b. Estimated amount of Contracts remaining to be executed on Capital account not provided for - NIL

c, Contingent Liability

The Company has not made any provision for outstanding guarantees furnished in respect of

L C Outstandings 9.020 millions as on 31.03.2010

Bankers Charges Report as per Registry

Corporate identity number of the company	U24239AP2005PLC047307
Name of the company	VIJAYASRI ORGANICS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No : 39, Flat No : GA, Vijayasri Enclave, Vikaspuri – 500038, Andhra Pradesh, India
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10040431
Type of charge	Immovable Property Any Interest in Immovable Property Book debts Movable Property
Particular of charge holder	State Bank of Hyderabad, Shapurnagar Branch, Jeedimetla, Hyderabad – 500055, Andhra Pradesh, India
Nature of instrument creating charge	The Existing Credit Limits Of Rs.615.000 millions Have Been Enhanced To Rs.797.500 millions By Way Of Fresh Sanction Of Secured Corporate Loan Of Rs.50.000 millions And Term Loan Of Rs.30.000 millions And Additional Working Capital Limits Of Rs.102.500 millions
Date of instrument Creating the charge	28.02.2011
Amount secured by the charge	Rs.797.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - 5% above SBH base rate (floating) Terms of Repayment - No Changes For The Existing Loans. For Fresh Term Loan 16 Quarterly Instalments Of Rs. 1.875 millions Commencing From The Quarter Ending May 2011 For Fresh Corporate Loan 16 Quarterly Instalments Of Rs.3.125 millions Commencing From The Quarter Ending May 2011 Margin - No Change For Working Capital Limits Except Receivables Margin Reduced From 40% To 30% For Termloan 38.39% For STCL - Not Applicable Extent and Operation of the charge - For Term Loan First Charge On Entire Fixed Assets Of The Company And Second Charge On The Entire Current Assets Of The Company. For Working Capital Limits First Charge On Entire Current Assets Of The Company And Second Charge On Fixed Assets For The Company For Short Term Corporate Loans All The Securities Available For Working Capital And Term Loan Facilities Will Be Extended To The STCL Extension Of Equitable Mortgage On The Properties Of Vijayasri Chemicals And Vijayasri Organics Others - Extension Of Equitable Mortgage On The House Property Bearing No 8-3-167/A/33, Plot No.33, Vikaspuri Hyderabad Admeasuring 287 Sq Yds Standing In The Name Of Sri S V J Raju, Managing Director Of The Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Extension Of Equitable Mortgagae Of Factory Land and Building Situated At Plot No.9, Jnpc, Parawada, Visakhapatnam Extension Of Equitable Mortgage Of Factory Land And Building Situated At Survey No.308 S V Co-Op Industrial Estate Ida Jeedimetla Hyderabad Standing In The Name Of M/S Vijayasri Chemicals Extension Of Equitable Mortgage Of Factory Land And Building Situated At Survey No.172/A S V Co-Op Industrial Estate Ida Bollaram Standing In The Name Of Vijayasri Organics (Partnership Firm) Extension Of Equitable Mortgage On The House Property Bearing No.8-3-167/A/33 Vikaspuri Hyderabad Admeasuring 287 Sq Yds Standing In The Name Of Sri S V J Raju Managing Director

FIXED ASSETS :

· Land

· Ambilance

· Building

· Bus

· Tata Magic

· Pallets

· Cycle

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Electrical Equipments

· Car

· Lab Equipments

· Air Conditioner

· Generator

· Motor Vehicles

· Chemical Storage Tanks

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.44.74
UK Pound	1	Rs.73.25
Euro	1	Rs.65.48

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
--PROFITABILIRY	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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.