MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	FINECURE PHARMACEUTICALS LIMITED
Registered Office :	612, to 615 Anand Mangal Complex, III Near Parimal Garden, Raj Nagar Club Lane, Ellis Bridge, Ahmedabad- 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.03.2005
Com. Reg. No.:	04-045724
Capital Investment / Paid-up Capital :	Rs. 12.709 Millions
CIN No.: [Company Identification No.]	U24230GJ2005PLC045724
TAN No.: [Tax Deduction & Collection Account No.]	AHMF00358B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing, Trading and Marketing of Pharmaceuticals items.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 523000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track. Trade relations are fair. Business is active. Payments of the company is reported to be usually correct and as per commitment. The company can be considered normal for business dealings under 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, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

LOCATIONS

Registered Office :	612, to 615 Anand Mangal Complex, III Near Parimal Garden, Raj Nagar Club Lane, Ellis Bridge, Ahmedabad- 380006, Gujarat, India
Tel. No.:	91-79-26402722/ 32920125/ 30087297/ 30086901
Fax No.:	91-79-30615693/ 26401439
E-Mail :	mail@gmslindia.com mail@finecurepharma.com sales@finecurepharma.com export@finecurepharma.com factory@finecurepharma.com
Website :	www.finecurepharma.com
Corporate Office	303, Third Eye One, Opposite Havmor, Near. Panchwati Circle, C.G. Road, Ahmedabad - 380006, Gujarat, India
Tel. No.:	91-79-30481811 / 30481814
Fax No.:	91-79-30481812
Admin Office :	Shimla Pistapur Malsa Road, Kichha, Udhamsingh Nagar – 263148, Uttarakhand, India
Factory:	Unit Village Simlapistaur, Rudrapur, District, Udhamsingh Nagar- 244712, Uttarakhand, India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Vikash Haremurari Rajgarhia

Designation :

Director

Address :

101, Serene Apartment, B/H Prahaladnagar, Near Shaligram-3, Vejalpur, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

01.11.1974

Date of Appointment :

18.03.2005

DIN No.:

00225426

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	Company/ LLP Status	Defaulting status
1	U24230GJ2005PLC045724	FINECURE PHARMACEUTICALS LIMITED	Director	18/03/2005	18/03/2005	Active	NO
2	U24239GJ2003PLC056518	GLOBAL MEDISCIENCES LIMITED	Director	30/09/2010	15/07/2010	Active	NO

Name :

Mr. Vishal Haremurari Rajgarhia

Designation :

Director

Address :

101, Serene Apartment, Near Shaligram-3, Near Shalby Hospital, Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

08.05.1981

Date of Appointment :

18.03.2005

DIN No.:

00225415

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	U24239GJ2003PLC056518	GLOBAL MEDISCIENCES LIMITED	Director	20/06/2003	20/06/2003	15/07/2010	Active	NO
2	U24230GJ2005PLC045724	FINECURE PHARMACEUTICALS LIMITED	Director	18/03/2005	18/03/2005	-	Active	NO

Name :

Mr. Vivek Rajgarhia

Designation :

Whole-time director

Address :

101-102, Serene Apartment, Prahaladnagar, 100 FT. Road, Satellite, Ahmedabad – 380015, Gujarat

Date of Birth/Age :

09.02.1977

Date of Appointment :

01.04.2010

DIN No.:

00225406

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	Company/ LLP Status	Defaulting status
1	U24230GJ2005PLC045724	FINECURE PHARMACEUTICALS LIMITED	Whole-time director	01/04/2010	18/03/2005	Active	NO
2	U24239GJ2003PLC056518	GLOBAL MEDISCIENCES LIMITED	Director	01/02/2007	01/02/2007	Active	NO
3	U24231GJ2004PTC044581	PHARLAND HEALTH CARE PRIVATE LIMITED	Director	16/08/2012	16/08/2012	Active	NO

KEY EXECUTIVES

Name :	Sejal A. Bhatia
Designation :	Company Secretary
Address :	B/73, Skylark Apartment, B/h. Jayshefali Row Houses, Near Shivranjani Cross Road, Satellite Road, Ahmedabad – 380015, Gujarat, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Vikash Rajgarhia	458500
Vivek Rajgarhia	127250
Vishal Rajgarhia	91700
Ushadevi Rajgarhia	27500
Global Medisciences Limited, India	320150
Nidhi Agrawal	3250
Raj Kumar Pansari	10000
Pooja Rajgarhia	45500
Priti Rajgarhia	91425
Ashutosh Rajgarhia	1750
Dr. Ravindrakumar and Alka Kedia	48090
Niraj Agarwal	5000
Archana Rajgarhia	40000
Nikhil Pansari	750
Total	1270865

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	25.19
Directors or relatives of directors	69.39
Other top fifty shareholders	5.42
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Trading and Marketing of Pharmaceuticals items.

Products :

Ø Anti Biotics / Anti-Bacterials Ø Anti Viral Ø Anti Diarrhoeal (Other)Probiotics Ø Anti Inflammatory / Anti-Pyretics/Anti-Arthritis/Proteolytic Ø Haematinics Ø Multi Vitamins / Nutritionals/ Protein Supplement/Anti-Oxidants Ø Anti Helminthics Ø Hepato-Protective (Liver Supplement) Ø Ayurvedic Ø Cardiac / Anti Hypertensive Ø Appetizer Ø Anti-Haemorrhagic Ø Calcium-Supplements Ø Anti-Allergics / Anti-Cold / Anti-Asthmatic Ø Anti-Emetics / Anti Nauseants Ø Anti-Migraine Ø Alkaliser Ø Anti-Malarial Ø Cough-Suppressant Ø Sedatives / Tranquilisers Ø Anti-Filariasis Ø Anti Fungal Ø Antacid / Antiulcerant / Anti-Gerd Ø Anti Constipation And Hepatic Encephalopathy Ø Hormones Ø Anti-Neuro-Degenerative Ø Enzyme Preparations Ø For Erectile Dysfunction Ø Anti-Gout Ø Anti- Osteoarthritis Ø Fertility Drugs Ø Anti-Obesity Drugs Ø Immune Builders Ø Ointments / Lotions /Shampoo Ø Emergency Contraceptives

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Central Bank of India, Astley Hall, Dehradun- 248001, Uttaranchal, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Other loans and advances (Working Capital loan)	11.029	6.747
Total	11.029	6.747

Banking Relations :	--
Auditors :
Name :	Shah and Iyer Chartered Accountants
Address :	15, Silver Point, Patel Park, Near Stadium Circle, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26465350
E-Mail :	sbs_ca1985@sify.com sbshahca@gmail.com
Income-tax PAN of auditor or auditor's firm :	ABBFS4989G
Associates :	Ø Finecure Pharmaceuticals Ø Global Medisciences Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,510,000	Equity Shares	Rs. 10/- each	Rs. 15.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,270,865	Equity Shares	Rs.10/- each	Rs. 12.709 Millions

Terms/ rights attached to equity shares

The company has only class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend if any proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting. During the year ended 31 March, 2012 the company has not declared any dividend to equity shareholders.

In the event of liquidation of the company, the holders of equity shares will be entitled toreceive remaining assets of the company, after distribution of the all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period.

Particulars	31.03.2012
	Number	Amount
At the beginning of the period	1270865	12.709
Outstanding at the end of the period	1270865	12.709

The company has not issued any bonus shares or shares for consideration other than cash or bought back equity shares during the year or for the period of five immediately preceeding the date of balance sheet.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12.709	12.709	12.709
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		118.227	86.570	61.698
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		130.936	99.279	74.407
LOAN FUNDS
1] Secured Loans		11.029	6.747	3.767
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		11.029	6.747	3.767
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		141.965	106.026	78.174
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		66.240	59.981	40.232
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.619	1.595	0.842
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.596	36.264	36.553
	Sundry Debtors	36.551	24.611	16.348
	Cash & Bank Balances	33.596	1.773	2.089
	Other Current Assets	0.608	0.910	0.000
	Loans & Advances	6.391	4.118	7.851
Total Current Assets		125.742	67.676	62.841
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.916	17.012	15.847
	Other Current Liabilities	12.720	5.985	4.738
	Provisions	0.000	0.229	5.267
Total Current Liabilities		51.636	23.226	25.852
Net Current Assets		74.106	44.450	36.989
MISCELLANEOUS EXPENSES		0.000	0.000	0.111
TOTAL		141.965	106.026	78.174

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	200.267	150.253	120.973
		Other Income	5.445	3.806	1.387
		TOTAL (A)	205.712	154.059	122.360
Less	EXPENSES
		Cost of material consumed	110.975	79.444
		Changes in inventories of finished goods, work in progress and stock in trade	(0.248)	(0.049)
		Other Manufacturing Expenses	4.631	3.669
		Employee benefit Expenses	16.659	10.919
		Other Expenses	26.593	22.436
		TOTAL (B)	158.610	116.419	86.478
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		47.102	37.640	35.882
Less	FINANCIAL EXPENSES (D)		0.377	0.709	0.743
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		46.725	36.931	35.139
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.150	5.824	5.135
	PROFIT BEFORE TAX (E-F) (G)		39.575	31.107	30.004
Less	TAX (H)		7.918	6.235	5.267
	PROFIT AFTER TAX (G-H) (I)		31.657	24.872	24.737
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		77.766	52.894	28.157
	BALANCE CARRIED TO THE B/S		109.423	77.766	52.894
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB Basis	3.978	0.956	2.306
	Earnings Per Share (Rs.)		24.91	19.57	19.46

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	15.39	16.14	20.22
Net Profit Margin (PBT/Sales)	(%)	19.76	20.70	24.80
Return on Total Assets (PBT/Total Assets}	(%)	20.61	24.37	29.11
Return on Investment (ROI) (PBT/Networth)		0.30	0.31	0.40
Debt Equity Ratio (Total Liability/Networth)		0.48	0.30	0.40
Current Ratio (Current Asset/Current Liability)		2.44	2.91	2.43

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CORPORATE INFORMATION:

Subject is primarily engaged in the business of Manufacturing, Trading and Marketing of Pharmaceuticals items. The factory of the company is located at Uttaranchal and is covered as per the provision of section 80IC of the Income Tax Act, 1961.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24230GJ2005PLC045724
Name of the company	FINECURE PHARMACEUTICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	612, to 615 Anand Mangal Complex, III Near Parimal Garden, Raj Nagar Club Lane, Ellis Bridge, Ahmedabad- 380006, Gujarat, India Email: mail@finecurepharma.com
This form is for	Modification of charge
Charge identification number of the modified	10026290
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	Central Bank of India, Astley Hall, Dehradun- 248001, Uttaranchal, India Email: cbiroddun@rediffmail.com
Nature of description of the instrument creating or modifying the charge	1) Agreement of hypothecation to secure demand cash credit against goods 2) Agreement of hypothecation of machinery against loan
Date of instrument Creating the charge	12.04.2010
Amount secured by the charge	Rs. 16.092 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest The Rate Of Interest Shall Be Bplr-1.0% Terms of Repayment Cash Credit Is Repayable On Demand Margin Stock -25% Extent and Operation of the charge The charge operates on all tangible moveable property such as products, stock-in-trade and goods of the borrower which now or from time to time during the security shall brought in, stored or be in or about the premises, warehouses/godown or anywhere else and on other current assets including book-debts and plant and machinery. The security given by equitable mortgage on factory land and building at the time of creation of charge will continue as collateral security to cover the enhanced c.c. Limit.
Short particulars of the property charged	Primary security of all tangible moveable property such as products, stock-in-trade and goods of the borrower , wherever stored, and includes both present and future goods and products. Primary security of plant and machinery and other current assets. Collateral security by equitable mortgage of land and building situated at Village Shimla Pistore, Paragna Rudrapur, Tehsil:Kicha, Dist: Udam Singh Nagar corporate guarantee of the company
Particulars of the present modification	The existing cash credit limit has been enhanced from Rs. 5.000 Millions to Rs. 15.000 Millions. Presently, outstanding term loan under various facilities is Rs. 1.092 Millions. Therefore total limit is Rs. 16.092 Millions.

FIXED ASSETS

Ø Factory Building

Ø Computer

Ø Furniture and Fixture

Ø Plant and Machinery

Ø Land and Site-Developments

Ø Pick Up Van Mahindra

Ø Vehicles

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 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. 54.57
UK Pound	1	Rs. 87.90
Euro	1	Rs. 71.53

INFORMATION DETAILS

Report Prepared by :

BVA

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.