MIRA INFORM REPORT

Report Date :

13.12.2012

IDENTIFICATION DETAILS

Name :	IND SWIFT LIMITED
Registered Office :	781 Industrial Area, Phase II, Chandigarh – 160002, Punjab
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.06.1986
Com. Reg. No.:	16-006897
Capital Investment / Paid-up Capital :	Rs.226.357 Millions
CIN No.: [Company Identification No.]	L24230CH1986PLC006897
TAN No.: [Tax Deduction & Collection Account No.]	PTLI10314D
PAN No.: [Permanent Account No.]	AAACI6100L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturer and Exporter of Active Pharmaceutical Ingredients.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 13000000
Status :	Moderate
Payment Behaviour :	Slow and delay
Litigation :	Clear
Comments :	Subject is primarily a family run business supported by a professional management team. The promoters of subject are three families – Munjals, Mehtas and Jains. It is an established company having moderate track. There appears delays in debt servicing due to tight liquidity conditions. However, trade relations are reported as fair. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings with some caution.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	D (Term Loan Facilities)
Rating Explanation	Default
Date	August 2012

Rating Agency Name	ICRA
Rating	D (Cash Credit Facilities)
Rating Explanation	Default
Date	August 2012

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 / Corporate Office :	781 Industrial Area, Phase II, Chandigarh – 160002, Punjab, India
Tel. No.:	91-172-2638781/ 2638782/ 2638786
Fax No.:	91-172-2652242
E-Mail :	cs.indswift@gmail.com indswiftho@indswift.com info@indswift.com
Website :	http://www.indswiftltd.com
Marketing Office :	102-103, The Chambers, W.E. Highway, Service Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel No.:	91-22-42288300/ 42288399
Fax No.:	91-22-26184120
Factory 1 :	123, Industrial Area 1, Panchkula 134 109, Haryana, India
Factory 2 :	Plot. No. 23, Sector 2, (Unit I), Parwanoo, Himachal Pradesh, India
Factory 3 :	Plot No. 17 B, Sector 2, (Unit II) Parwanoo, Himachal Pradesh, India
Factory 4 :	Village Malku Majra, (Unit III and IV) Baddi, Himachal Pradesh, India
Factory 5 :	Global Business Unit Off NH-21, Village Jawaharpur, Tehsil Dera Bassi, Punjab, India
Factory 6:	Industrial Growth Centre, Sambha, Jammu, Jammu and Kashmir, India

DIRECTORS

As on: 26.09.2011

Name :

Mr. Sanjeev Rai Mehta

Designation :

Whole Time Director

Address :

R/O House No. 333, Sector 6, Panchkula, Haryana, India

Date of Birth/Age :

01.08.1956

Date of Appointment :

26.09.2011

DIN No.:

00005668

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	U74999CH1993PLC033428	ESSIX BIOSCIENCES LIMITED	Director	01/04/2010	24/09/1993	-	Active	NO
2	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Director	01/04/2008	04/01/1995	-	Active	NO
3	U51390CH2005PTC028763	SRM PORTFOLIOS PRIVATE LIMITED	Director	04/08/2005	04/08/2005	-	Active	NO
4	L24230CH1986PLC006897	IND SWIFT LIMITED	Whole-time director	26/09/2011	30/11/2006	-	Active	NO
5	U22110CH2003PLC026260	MANSA PRINT AND PUBLISHERS LIMITED	Director	18/09/2010	22/03/2010	-	Active	NO
6	U22122CH2002PLC025331	3M ADVERTISERS AND PUBLISHERS LIMITED	Director	30/09/2011	01/10/2010	-	Active	NO

Name :

Mr. Navrattan Munjal

Designation :

Director

Address :

R/O House No. 382, Sector 6, Panchkula, Haryana, India

Date of Birth/Age :

09.02.1952

Date of Appointment :

11.12.2006

DIN No.:

00015096

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	U74999CH1993PLC033428	ESSIX BIOSCIENCES LIMITED	Managing director	01/04/2010	24/09/1993	-	Active	NO
2	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Managing director	23/03/2010	04/01/1995	-	Active	NO
3	U51390CH2005PTC028652	N R M PORTFOLIOS PRIVATE LIMITED	Director	12/07/2005	12/07/2005	-	Active	NO
4	L24230CH1986PLC006897	IND SWIFT LIMITED	Director	11/12/2006	11/12/2006	-	Active	NO
5	U24239AP2004NPL043058	PHARMACEUTICALS EXPORT PROMOTION COUNCIL OF INDIA	Director	12/11/2007	12/11/2007	-	Active	NO
6	U85190CH2005PTC028704	CONSUMMATE PHARMACEUTICALS PRIVATE LIMITED	Director	10/03/2010	10/03/2010	-	Active	NO
7	U00000PB2004NPL026873	NIMBUA GREENFIELD (PUNJAB) LIMITED	Director	25/09/2010	26/06/2010	-	Active	NO
8	L15122MH1983PLC029364	VELOX INDUSTRIES LIMITED	Director	30/09/2011	17/08/2011	29/09/2012	Active	NO
9	U90002CH2012PTC034085	MOHALI GREEN ENVIRONMENT PRIVATE LIMITED	Director	18/09/2012	18/09/2012	-	Active	NO

Name :

Mr. Gopal Munjal

Designation :

Managing Director

Address :

R/O House No. 1085, Sector 7, Panchkula, Haryana, India

Date of Birth/Age :

01.08.1958

Date of Appointment :

26.09.2011

DIN No.:

00005196

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	L24230CH1986PLC006897	IND SWIFT LIMITED	Managing director	26/09/2011	11/12/1986	-	Active	NO
2	U74999CH1993PLC033428	ESSIX BIOSCIENCES LIMITED	Director	24/09/1993	24/09/1993	-	Active	NO
3	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Director	04/01/1995	04/01/1995	-	Active	NO
4	U22122CH2002PLC025331	3M ADVERTISERS AND PUBLISHERS LIMITED	Director	09/08/2002	09/08/2002	-	Active	NO
5	U22110CH2003PLC026260	MANSA PRINT AND PUBLISHERS LIMITED	Director	05/08/2003	05/08/2003	-	Active	NO
6	U51909CH2005PTC028741	GM PORTFOLIOS PRIVATE LIMITED	Director	29/07/2005	29/07/2005	-	Active	NO
7	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	20/12/2007	20/12/2007	23/12/2011	Active	NO

Name :

Mr. Vikrant Rai Mehta

Designation :

Whole Time Director

Address :

R/O House No. 1044, Sector 4, Panchkula, Haryana, India

Date of Birth/Age :

22.10.1958

Date of Appointment :

26.09.2011

DIN No.:

00010756

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	U74999CH1993PLC033428	ESSIX BIOSCIENCES LIMITED	Director	24/09/1993	24/09/1993	-	Active	NO
2	L24230CH1986PLC006897	IND SWIFT LIMITED	Whole-time director	26/09/2011	30/09/1993	-	Active	NO
3	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Director	04/01/1995	04/01/1995	-	Active	NO
4	U74899HR2003PLC035217	TAGMA AGROTECH LIMITED	Director	20/10/2003	20/10/2003	28/09/2012	Active	NO
5	U51909CH2005PTC028742	VRM PORTFOLIOS PRIVATE LIMITED	Director	29/07/2005	29/07/2005	-	Active	NO

Name :

Mr. Rishav Mehta

Designation :

Director

Address :

R/O House No. 322, Sector 6, Panchkula, Haryana, India

Date of Birth/Age :

06.01.1991

Date of Appointment :

23.03.2010

DIN No.:

03028663

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	L24230CH1986PLC006897	IND SWIFT LIMITED	Additional director	23/03/2010	23/03/2010	-	Active	NO
2	U51390CH2005PTC028653	V K M PORTFOLIOS PRIVATE LIMITED	Director	23/03/2010	23/03/2010	-	Active	NO
3	U74999CH1993PLC033428	ESSIX BIOSCIENCES LIMITED	Director	16/08/2010	23/03/2010	-	Active	NO
4	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Whole-time director	23/03/2010	23/03/2010	-	Active	NO

Name :

Mr. Himanshu Jain

Designation :

Director

Address :

R/O House No. 1133, Sector 21-B, Chandigarh, India

Date of Birth/Age :

17.08.1982

Date of Appointment :

30.04.2010

DIN No.:

00014533

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	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Whole-time director	23/03/2010	04/01/1995	-	Active	NO
2	U22122CH2002PLC025331	3M ADVERTISERS AND PUBLISHERS LIMITED	Director	19/06/2003	19/06/2003	-	Active	NO
3	L24230CH1986PLC006897	IND SWIFT LIMITED	Director	30/04/2010	31/07/2003	-	Active	NO
4	U51900CH2005PTC028597	A.K.J. PORTFOLIOS PRIVATE LIMITED	Director	28/06/2005	28/06/2005	-	Active	NO
5	U45200CH2005PLC028005	FORTUNE (INDIA) CONSTRUCTIONS LIMITED	Director	04/02/2006	04/02/2006	-	Active	NO
6	U74999CH1993PLC033428	ESSIX BIOSCIENCES LIMITED	Additional director	27/08/2008	27/08/2008	-	Active	NO
7	U24230CH2005PTC028469	DASHMESH MEDICARE PRIVATE LIMITED	Director	29/06/2010	24/06/2010	-	Active	NO

Name :

Dr. Ramneek Singh Bedi

Designation :

Director

Address :

R/O House No. 181, Sector 21-B, Chandigarh, India

Date of Birth/Age :

23.10.1958

Date of Appointment :

28.06.2002

DIN No.:

00010701

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	L24230CH1986PLC006897	IND SWIFT LIMITED	Director	28/06/2002	28/06/2002	-	Active	NO
2	U22110CH2003PLC026260	MANSA PRINT AND PUBLISHERS LIMITED	Director	30/09/2008	01/10/2007	02/11/2011	Active	NO

Name :

Mr. Kotakkatteri Maruvote Sreedharan Nambiar

Designation :

Director

Address :

R/O.House N0.5956, Modern Housing Complex, Manimajra – 160101, Chandigarh, India

Date of Birth/Age :

03.01.1943

Date of Appointment :

28.06.2002

DIN No.:

00010670

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	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Director	30/10/2001	30/10/2001	-	Active	NO
2	L24230CH1986PLC006897	IND SWIFT LIMITED	Director	28/06/2002	28/06/2002	-	Active	NO

Name :

Dr. Harmander Pal Singh Chawla

Designation :

Director

Address :

R/O House No. 1022, Sector 44-B, Chandigarh, India

Date of Birth/Age :

14.04.1940

Date of Appointment :

11.12.2006

DIN No.:

00015627

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	U23200MH1993PLC075373	UNIMARK REMEDIES LIMITED	Director	04/03/2005	04/03/2005	-	Active	NO
2	L24230CH1986PLC006897	IND SWIFT LIMITED	Director	11/12/2006	11/12/2006	-	Active	NO
3	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Additional director	24/03/2009	24/03/2009	-	Active	NO

Name :

Dr. Surya Kant Mathur

Designation :

Director

Address :

R/O House No. 1512, Sector 44-B, Chandigarh, India

Date of Birth/Age :

14.09.1957

Date of Appointment :

31.07.2003

DIN No.:

00011939

Name :

Mr. Prakash Sharma

Designation :

Additional Director

Address :

700, M.P. Block, Asiad Village Complex, New Delhi -110049, India

Date of Birth/Age :

21.11.1955

Date of Appointment :

07.11.2012

DIN No.:

00475413

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	U51909PB1992PLC012274	BHANDARI EXPORT INDUSTRIES LIMITED	Nominee director	30/06/2004	30/06/2004	25/06/2007	Active	NO
2	L51909DL1997PLC088667	STL GLOBAL LIMITED	Nominee director	31/07/2009	31/07/2009	-	Active	NO
3	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Director	18/09/2012	31/08/2009	07/11/2012	Active	NO
4	L24230CH1986PLC006897	IND SWIFT LIMITED	Additional director	07/11/2012	08/02/2012	-	Active	NO
5	AAB-2051	THRIVING BUSINESS SOLUTION LLP	Designated Partner	06/11/2012	06/11/2012	-	Active	NO

Name :

Mr. Atul Saxena

Designation :

Nominee Director

Address :

604, Block-D, Himachali Co-operative Housing Society Limited, Plot No.8, Sector-3, Dwarka, New Delhi – 110075, India

Date of Birth/Age :

10.08.1976

Date of Appointment :

07.11.2012

DIN No.:

02698585

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	U45203MP2007PTC019661	JAORA - NAYAGAON TOLL ROAD COMPANY PRIVATE LIMITED	Nominee director	30/09/2009	15/06/2009	28/12/2011	Active	NO
2	U45200AP2006PTC048689	M.V.R. INFRASTRUCTURE AND TOLLWAYS PRIVATE LIMITED	Nominee director	03/12/2009	03/12/2009	01/10/2012	Active	NO
3	U40100GJ2009PLC058694	ABG ENERGY (GUJARAT) LIMITED	Nominee director	07/02/2011	07/02/2011	16/05/2011	Active	NO
4	U40101HR2009PTC038954	SRAVANTHI ENERGY PRIVATE LIMITED	Nominee director	22/03/2011	22/03/2011	-	Active	NO
5	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Nominee director	07/11/2012	07/11/2012	-	Active	NO
6	L24230CH1986PLC006897	IND SWIFT LIMITED	Nominee director	07/11/2012	07/11/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Amit Tarafder
Designation :	Vice President (Finance)
Name :	Mr. Raman Kumar Sood
Designation :	Company Secretary
Address :	R/O House No. 149/1, Sector 46-A, Chandigarh, India
Date of Birth/Age :	27.09.1964
Date of Appointment :	01.12.2006
PAN No.:	AFTPS7028G
Name :	P. K. Goklaney and Company
Designation :	Advocates
Address :	38, Sector 16-A, Chandigarh, Punjab, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Category	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	9323585	20.19
Bodies Corporate	13064721	28.29
Sub Total	22388306	48.48
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	22388306	48.48
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4500	0.01
Financial Institutions / Banks	500	0.00
Insurance Companies	996900	2.16
Foreign Institutional Investors	704209	1.52
Sub Total	1706109	3.69
(2) Non-Institutions
Bodies Corporate	7824770	16.94
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	12169645	26.35
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	1771656	3.84
Any Others (Specify)	317884	0.69
NRIs/OCBs	317884	0.69
Sub Total	22083955	47.82
Total Public shareholding (B)	23790064	51.52
Total (A)+(B)	46178370	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	46178370	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Active Pharmaceutical Ingredients.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Injections, Eye/ Ear Drops	Liters	195024.87
Tablets	Nos./ Lacs	18086.36
Capsules	Nos./ Lacs	4792.08
Liquids/ dry Syrup	Liters	3006910.61
Onitments	Kgs	448423.43

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Punjab National Bank, Sector 28, Chandigarh, Punjab, India
• State Bank of India, Industrial Estate Branch, Industrial Area-I, Chandigarh, Punjab, India
• Canara Bank, SCO 311-314, Sector 35-B, Chandigarh, Punjab, India
• State Bank of Patiala, (Commercial Branch), SCO 103-107, Sector 8-C, Chandigarh, Punjab, India
• State Bank of Hyderabad, SCO 62-63, Sector 34A, Chandigarh – 160022, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loans from Banks and Financial Institutions are secured by way of Equitable Mortgage of Immovable Properties Hypothecation of Plant and Machinery, Vehicles, and second charge on Equipments, Utilities, Other Fixed Assets, Current Assets and personal guarantee of Directors.	1998.992	1791.823
Bank Borrowings for working Capital are Secured by a Pari-Passu, first charge by way of hypothecation of the company’s current assets, namely, Stocks of Raw Materials, Semi Finished, Finished Goods, Stores and Spares not relating to Plant and Machinery (Consumable Stores and Spares), Bills Receivable & Book Debts and all other movables of the Company both present and future excluding such movables as may be permitted by the said Banks from time to time. The said facility is further secured by way of pari passu second charge on the company’s immovable and movable properties (other than current assets) and personal guarantees of Directors.	2944.573	2417.478
Total	4943.565	4209.301
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Fixed Deposit from Public	638.927	620.884
From Others	405.346	359.316
Total	1044.273	980.200

Banking Relations :	--
Auditors :
Name :	J. K. Jain and Associates Chartered Accountants
Address :	S.C.O. 1132-33, Sector 22-B, Chandigarh 1-60022, Punjab, India
Associates :	· Essix Biosciences Limited · IND Swift Laboratories Limited · Mansa Print and Publishers Limited · Fortune India Construction Limited · 3 M Advertising and Publishers Limited · Swift Fundamental Research and Education Society

CAPITAL STRUCTURE

After: 26.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Share	Rs.2/- each	Rs.150.000 Millions
2500000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.250.000 Millions
	Total		Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46178370	Equity Share	Rs.2/- each	Rs.92.357 Millions
1420000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.142.000 Millions
	Total		Rs.234.357 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Share	Rs.2/- each	Rs.150.000 Millions
2500000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.250.000 Millions
	Total		Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42178370	Equity Share	Rs.2/- each	Rs.84.357 Millions
1420000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.142.000 Millions
	Total		Rs.226.357 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		226.357	74.357	74.357
2] Advance against Share Capital		0.000	242.000	240.000
3] Zero Coupon Convertible Warrants		70.000	25.000	0.000
4] Share Application Money		0.000	0.000	0.000
5] Reserves & Surplus		3001.729	2456.737	2101.224
NETWORTH		3298.086	2798.094	2415.581
LOAN FUNDS
1] Secured Loans		4943.565	4209.301	3098.781
2] Unsecured Loans		1044.273	980.200	759.009
TOTAL BORROWING		5987.838	5189.501	3857.790
DEFERRED TAX LIABILITIES		241.314	226.593	209.216
TOTAL		9527.238	8214.188	6482.587
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2066.475	2112.627	1471.464
Capital work-in-progress		1610.786	915.705	1054.207
INVESTMENT		455.748	340.999	303.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4717.450	3689.727	2809.526
	Sundry Debtors	2316.240	1947.703	1629.496
	Cash & Bank Balances	367.807	524.019	229.601
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	682.479	569.399	377.598
Total Current Assets		8083.976	6730.848	5046.221
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	2401.152	1737.924	1478.985
	Other Current Liabilities	337.295	226.200	112.849
	Provisions	106.215	82.527	63.925
Total Current Liabilities		2844.662	2046.651	1655.759
Net Current Assets		5239.314	4684.197	3390.462
MISCELLANEOUS EXPENSES		154.915	160.660	262.954
TOTAL		9527.238	8214.188	6482.587

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sale of finished Products	8658.255	6711.957	5805.064
		Technology Transfer Fee	123.273	102.507	85.000
		Other Income	206.400	79.870	45.848
		TOTAL (A)	8987.928	6894.334	5935.912
Less	EXPENSES
		Cost of Materials Consumed	6738.672	5197.156	4368.626
		Manufacturing Expenses	217.595	171.601	165.142
		Administrative Expenses	250.972	212.160	191.036
		Selling and Distribution Expenses	388.235	298.439	260.121
		Research and Development Exp.	5.249	7.314	7.834
		Loss on Sale of Assets	0.717	0.000	0.146
		Misc. Expenditure W/off.	66.852	73.027	75.333
		TOTAL (B)	7668.292	5959.697	5068.238
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1319.636	934.637	867.674
Less	FINANCIAL EXPENSES (D)		716.410	429.920	368.112
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		603.226	504.717	499.562
Less/ Add	DEPRECIATION/ AMORTISATION (F)		155.139	121.498	94.748
	PROFIT BEFORE TAX (E-F) (G)		448.087	383.219	404.814
Less	TAX (H)		13.570	16.069	27.432
	PROFIT AFTER TAX (G-H) (I)		434.517	367.150	377.382
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1248.324	1048.572	838.588
Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares	15.612	14.871	14.871
		Proposed Dividend on Preference Shares	0.023	0.000	0.000
		Tax on Dividend	2.597	2.527	2.527
		Dividend Profit Trfd. to General Reserve	150.000	150.000	150.000
	BALANCE CARRIED TO THE B/S		1514.609	1248.324	1048.572
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	698.411	306.362	110.386
		Technology Transfer Fees	122.263	72.507	83.277
		Other Income	1.366	16.594	0.000
	TOTAL EARNINGS		822.040	395.463	193.663
	IMPORTS
		Raw Materials	393.026	243.297	109.081
		Packing Materials/ Consumables	12.298	5.037	0.000
		Equipment	1.181	36.550	15.772
	TOTAL IMPORTS		406.505	284.884	124.853
	Earnings Per Share (Rs.)
	Basis		11.13	9.88	10.19
	Diluted		10.87	9.70	10.19

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012	30.06.2012	30.09.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter	5^h Quarter	6^th Quarter
Net Sales	2540.810	2447.120	2883.740	4258.390	3926.620	1635.610
Total Expenditure	2170.600	2131.010	2580.810	3968.470	4295.630	1559.480
PBIDT (Excl OI)	370.210	316.110	302.930	289.920	(369.010)	76.130
Other Income	1.980	11.240	18.900	97.010	12.080	22.330
Operating Profit	372.190	327.350	321.830	386.930	(356.930)	98.460
Interest	169.750	175.150	159.080	269.660	283.760	301.330
Exceptional Items	0.000	0.000	0.000	0.000	0.000	0.000
PBDT	202.440	152.200	162.750	117.270	(640.690)	(202.870)
Depreciation	44.010	40.480	45.480	45.840	56.680	70.430
Profit Before Tax	158.430	111.720	117.270	71.430	(697.370)	(273.300)
Tax	5.000	2.500	2.500	30.000	(68.350)	0.000
Provisions and contingencies	0.000	0.000	0.000	0.000	0.000	0.000
Profit After Tax	153.430	109.220	114.770	41.430	(629.020)	(273.300)
Extraordinary Items	0.000	0.000	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000	0.000	0.000
Net Profit	153.430	109.220	114.770	41.430	(629.020)	(273.300)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.83	5.33	6.36
Net Profit Margin (PBT/Sales)	(%)	5.18	5.71	6.97
Return on Total Assets (PBT/Total Assets}	(%)	4.41	4.33	6.21
Return on Investment (ROI) (PBT/Networth)		0.14	0.14	0.17
Debt Equity Ratio (Total Liability/Networth)		2.68	2.59	2.28
Current Ratio (Current Asset/Current Liability)		2.84	3.29	3.05

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	Yes
10]	Designation of contact person	Yes
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	No
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

PERFORMANCE

The sales revenue and other income for the year at Rs.8987.900 Millions is up from Rs. 6894.300 Millions in the previous year. Profit Before tax is Rs. 448.100 Millions (previous year Rs. 383.200 Millions), profit after tax is Rs. 434.500 Millions as compared to Rs. 367.100 Millions in the previous year.

GLOBAL BUSINESS UNIT

During the past fiscal, Global Business Unit of the company continued its journey towards growth. They have been creating and achieving milestones year after year. The GBU achieved a growth of 38% during last year. They plan to increase their revenue by approximate 19 Mn USD in the current fiscal year thereby achieving a growth of 50% over previous year. GBU underwent successful National Health Surveillance Agency (ANVISA) Brazil audit and is expecting the approval very soon. GBU also got Gulf Co-operative Council (GCC) approval certificate and registration of products has commenced across gulf Countries.

FORMULATION BUSINESS

In the formulation business, they have continued adding new territories and register new products in the already operational territories. They have also undertaken major initiative in developing more products and expanding their product portfolio. Their mission of adding new and interesting products to their portfolio is continuing. They have established tie-ups with new partners in many countries such as Uzbekistan, Georgia, Ethiopia, Malaysia, Singapore, Algeria, Oman and Bahrain and the operations are now being initiated with new set ups.

DOMESTIC BUSINESS

In order to further strengthen Company`s position in domestic as well as International market, and to further allow more penetration in pharmaceutical market, the company has shifted it`s entire marketing operations to Mumbai. The company has taken this strategic decision, as Mumbai provides a competitive market for pharmaceutical industry; growth trends are very favourable, along with the availability of skilled manpower. The results can be clearly seen as their ethical and generic divisions have seen around 30% growth as compared to last year. During the year, the company has launched six divisions viz Generic, Oncrit, Megaswift, Gynoswift, Q-Den and Cardia Swift which are dedicated to almost all the major therapeutic segments. Apart from this they have launched new product range in all the new divisions including monopolistic products. Two new divisions in the segment of Neutraceuticals and Over the Counter Products (OTC) are also in the pipeline.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERALL SCENARIO

According to IMS Health in a recently released report, IMS Market Prognosis, it is forecasted that the global pharmaceutical market will experience 5% to 7% growth in the coming year, compared with only 4% to 5% in 2010. The growth will result in an overall market value of $880 billion. It estimates that after a rather sluggish 2010, the global pharmaceutical market is expected to rebound in 2011. The Indian Pharmaceutical Industry today is in the front rank of India`s science-based industries with wide ranging capabilities in the complex field of drug manufacture and technology. It ranks very high in the third world, in terms of technology, quality and range of medicines manufactured. Most of the medicines are now made indigenously. Playing a key role in promoting and sustaining development in the vital field of medicines, Indian Pharma Industry boasts of quality producers and many units approved by regulatory authorities in USA and UK. As per a report by IMS Health India, the Indian pharmaceutical market reached US$ 10.04 billion in size in July 2010. A highly organized sector, the Indian Pharma Industry is estimated to be worth $ 4.5 billion, growing at about 8 to 9 percent annually. According to an estimate by McKinsey and Company, the Indian pharmaceuticals market is expected to reach US$ 55 billion in 2020. In the same report, it was also mentioned that in an aggressive growth scenario, the pharma market has the further potential to reach US$ 70 billion by 2020 .India`s population is growing rapidly, as is its economy - creating a large middle-class able to afford western medicines. India`s epidemiological profile is also changing and the population is ageing, so demand is likely to increase for drugs for cardio-vascular problems, disorders of the central nervous system and other chronic diseases such as diabetes which is increasing at an alarming rate.

OUTLOOK

The company is well positioned in the emerging business scenario with a clear objective to enhance market share in the domestic and select International markets.

INTERNAL CONTROL SYSTEMS

The Company maintains a system of well established policies and procedures for internal control of operations and activities, and these are continually reviewed for effectiveness. The internal control system is supported by qualified personnel and a continuous program of internal audit. The prime objective of such audits is to test the adequacy and effectiveness of all internal control systems laid down by the management and to suggest improvements. They believe that the company`s overall system of internal control is adequate given the size and nature of operations and effective implementation of internal control self assessment procedures. The Company encourages and recognizes improvements in work practices. The internal control system of the company is also reviewed by the Audit Committee periodically.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	L24230CH1986PLC006897
Name of the company	IND SWIFT LIMITED
Address of the registered office or of the principal place of business in India of the company	781 Industrial Area, Phase II, Chandigarh – 160002, Punjab, India E-mail: cs.indswift@gmail.com
This form is for	Creation of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	State Bank of Hyderabad, SCO 62-63, Sector 34A, Chandigarh – 160022, India
Nature of instrument creating charge	1. Form C1 Agreement for overall Limits 2. Form C2 Agreement of Hypothecation for Goods and Assets. 3. Form C4 Deed of Guarrantee for overall limits 4. Sanction Letter
Date of instrument Creating the charge	01.06.2012
Amount secured by the charge	Rs.300.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 4.75% above SBH Base Rate, presently 15.25% p.a (floating) with yearly reset from the date of disbursement. Terms of Repayment Repayable in 8 Qtrly Installments of Rs.37.500 Millions each after 12 months from the date of first disbursement.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First pari passu charge on entire fixed Assets of the company present and future.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Lab Equipment

· Vehicles

· Office Equipment

· Furniture and Fixture

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/ YEAR ENDED 31ST MARCH' 2012

PARTICULARS	QUARTER ENDED		YEAR END
	(UNAUDITED)		(UNAUDITED)
	31.03.2012	31.12.2011	31.03.2012
INCOME FROM OPERATIONS	4258.386	2883.737	11978.038
TOTAL INCOME FROM OPERATIONS	4258.386	2883.737	11978.038
EXPENDITURE
CHANGE IN INVENTORIES F.G./W.I.P	651.392	(433.113)	(577.370)
EMPLOYEES BENEFIT EXPENSES	146.767	113.312	427.225
DEPRECIATION/AMORTISATION	45.837	45.482	175.814
IMPAIRMENT OF ASSETS	28.631	0.000	28.631
OTHER EXPENDITURE	235.969	205.923	803.076
TOTAL EXPENDITURE	4014.308	2552.710	10874.416
PROFIT FROM OPERATIONS	244.078	331.027	1103.622
OTHER INCOME	97.013	18.904	281.150
PROFIT BERORE FINANCE COST	341.091	349.931	1384.772
FINANCE COST	269.657	232.655	925.909
PROFIT BEFORE TAX	71.434	117.276	458.863
PROVISION FOR TAX	14.293	23.467	91.818
MAT CREDIT ENTITLEMENT	(14.293)	(23.467)	(91.818)
PROVISION FOR DEFFERED TAX	30.000	2.500	40.000
ADD INCOME TAX PREV. YEAR ADJ.	0.000	0.000	0.000
NET PROFIT	41.434	114.776	418.863
PAID UP EQUITY SHARE CAPITAL Rs. 2/- EACH	92.357	84.357	92.357
RESERVE EXCLUDING REVALUATION RESERVES
EARNING PER SHARE RS. 2/-EACH
BASIC	0.97	2.72	9.8
DILUTED	0.84	2.33	8.52
A) PARTICULARS OF SHAREHOLDING
Public Shareholding
No. of Shares	23790064	23790064	23790064
% of shareholding	51.52	56.40	51.52
Promoters and Promoters group Shareholding
a) Pledged/ encumberered	Nil	Nil	Nil
- No. of Shares	Nil	Nil	Nil
-% of shares (as a % of the total shareholding of
promoter and promoter group	Nil	Nil	Nil
- % of shares( as a % of the total share capital of the
company	Nil	Nil	Nil
b) Non- Encumbered
- No. of Shares	22388306	18388306	22388306
-% of shares (as a % of the total shareholding of
promoter and promoter group	100	100	100
- % of shares( as a % of the total share capital of the
Company	48.48	43.60	48.48
Particulars	Qtr ended
B) INVESTOR COMPLAINTS	31.03.2012
Pending at the beginning of the Quarter	0
Received during the quarter	3
Disposed of during the quarter	3
Remaining unresolved at the end of the quarter	0

NOTES

1. During the quarter, The Board of Directors has allotted 4000000 equity shares of Rs.2/- each  upon conversion of   equal number of zero coupon convertible warrants at a premium of Rs.38/- per share to promoter group entities. These funds were utilized for further expansion and augment long term working capital resources.

2. The company is exclusively in pharmaceutical segmant.

3. The statutory auditors of the company have conducted the limited review on these results.

4. Cost of Material Consumed is net of Raw Material Sold for Rs. 437.831 Millions during the Quarter Ending 31.03.2012 and for Rs. 454.956 Millions for the year ending 31.03.2012

5. Previous figures have been regrouped/ rearranged wherever necessary

6. The aforesaid results have been taken on record by the Audit Committee and Board of Directors of the company at their respective meetings held on 15th May 2012.

WEBSITE DETAILS:

PROFILE:

Subject is Chandigarh based pharmaceutical company, established in 1986 with a mission of winning global customers through innovative pharmaceutical products. Three visionaries Jains, Mehtas and Munjals, dedicated themselves to work for humanity’s quest for longer, happier and healthier lives. Subject has been ranked 35th among top Indian Pharmaceutical companies. Subject is ISO 9001-2008, WHO GMP certified and is listed on Bombay Stock Exchange and National Stock Exchange . They ensure value for money by developing innovative, therapies and process to produce safe effective and consistent quality pharmaceutical products delivering across the globe. Subject is a research driven forward looking pharmaceutical company having world class expertise in finished goods dosage and active pharmaceutical ingredients (API’s)and herbal products. Subject is proud to be the second largest drug manufacturers of North India. Subject multipurpose, multilocation manufacturing set-ups are spread across the lush-green plains of northern India. The facilities are built according to current guidelines of MHRA, EU, WHO, and accreditations with ISO 14000 series standards. With strong network presence in more than 45 countries they are committed to provide quality medicines and better health care.

The company has dedicated research and development department well equipped with the latest equipments and supported by a large pool, of scientists who continuously work towards new pharma products.

Apart from being among top Indian pharma companies, Company has also progressively embarked in diversification into multifarious fields viz Infrastructure, Printing Packaging and Stationery, Education, and Media Publication with its every unit as an independent profit earning centre. Subject they are committed to give their unflinching efforts, support and dedication for the service of humanity “Because Life is precious”

HISTORY:

Subject is the fastest flying bird on earth. It is the philosophy behind the genesis of the name Ind-Swift Limited Incepted in 1986, three visionaries the Mehtas, the Munjals and the Jains, all 1st generation entrepreneurs visualized the business. Even with limited resources, the vision was to develop a Pharma enterprise with its body spread internationally and soul rooted in ethics. Management structure is well defined, with roles and responsibilities among promoters clearly laid out Ownership pattern between the promoters began equal and remains equal.

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. 54.27
UK Pound	1	Rs. 87.43
Euro	1	Rs. 70.55

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.