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1. Summary Information

		Country	India
Company Name	REGENERATIVE MEDICAL SERVICES PRIVATE LIMITED	Principal Name 1	Mr Yash Venilal Sanghavi
Status	Satisfactory	Principal Name 2	Ms. Bhavna Yash Sanghavi
		Registration #	11-054162
Street Address	2 ABC, Acme plaza, Above Indusind Bank Opp. Sangam Theatre Andheri Kurla Road, Andheri (East), Mumbai- 400059, Maharashtra, India.
Established Date	06.11.1989	SIC Code	--
Telephone#	91-22-67330300/ 61586400/ 1800-209-0309	Business Style 1	Providing Services
Fax #	91-22-28390556	Business Style 2
Homepage	www.regrow.in	Product Name 1	-Research Development
# of employees	Not Available	Product Name 2	-Cell Therapy Services
Paid up capital	Rs.14,712,000/-	Product Name 3	-
Shareholders	Foreign holdings-13.91 % Directors or relatives of Directors- 86.09 %	Banking	Canara Bank
Public Limited Corp.	NO	Business Period	23 Years
IPO	No	International Ins.	-
Public Enterprise	NO	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
-	-	-	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	85,592,000	Current Liabilities	31,987,000
Inventories	7,952,000	Long-term Liabilities	1,04,319,000
Fixed Assets	1,24,745,000	Other Liabilities	717,000
Deferred Assets	0000	Total Liabilities	1,37,023,000
Invest& other Assets	5,07,000	Retained Earnings	67,061,000
		Net Worth	81,773,000
Total Assets	2,18,796,000	Total Liab. & Equity	2,18,796,000
Total Assets (Previous Year)	1,80,891,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	Not Available	Net Profit	(2,789,000)
Sales(Previous yr)	Not Available	Net Profit(Prev.yr)	15,465,000

MIRA INFORM REPORT

Report Date :

25.02.2012

IDENTIFICATION DETAILS

Name :	REGENERATIVE MEDICAL SERVICES PRIVATE LIMITED (w.e.f 18.07.2008)
Formerly Known As :	SATYAN INTERCHEM PRIVATE LIMITED
Registered Office :	2 ABC, Acme plaza, Above Indusind Bank Opp. Sangam Theatre Andheri Kurla Road, Andheri (East), Mumbai- 400059, Maharashtra, India.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.11.1989
Com. Reg. No.:	11-054162
Capital Investment / Paid-up Capital :	Rs.14.712 Millions
CIN No.: [Company Identification No.]	U24100MH1989PTC054162
TAN No.: [Tax Deduction & Collection Account No.]	MUMS36466D
PAN No.: [Permanent Account No.]	AADCS4917N
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Research Development and Cell Therapy services
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 320000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an establishment company having satisfactory track. The company has incurred some losses in the current year (i.e. 2010-2011). However, trade relation are reported as fair. Business is active. Payment are reported to be usually correct and as per commitment. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	2 ABC, Acme plaza, Above Indusind Bank Opp. Sangam Theatre Andheri Kurla Road, Andheri (East), Mumbai- 400059, Maharashtra, India.
Tel. No.:	91-22-6733 0300 (30 Lines) / 6158 6400/ 1800-209-0309
Fax No.:	91-22-2839 0556/ 6676 4269
E-Mail :	info@regrow.in yash@satyanltd.com jatinb@satyanltd.com rms.regrow@gmail.com
Website :	www.regrow.in
LAB :	22, Shah industrial Estate, Nagargaon, Dist, Pune Lonavala-410401, India.
Tel. No.:	91-2114-273741/ 42/ 43
Fax No.:	91-2114-279260

DIRECTORS

As on 30.09.2011

Name :

Mr Yash Venilal Sanghavi

Designation :

Managing Director

Address :

301, Anand Navyug Soc, Road No. 5, Juhu Scheme, Vile Parle (W), Mumbai- 400056, Maharashtra, India.

Date of Birth/Age :

15.11.1955

Date of Appointment :

01.08.1994

DIN No.:

00416185

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24230MH1986PTC041306	SATYAN PHARMACEUTICALS PRIVATE LIMITED	Managing director	21/10/1986	21/10/1986	-	Active	NO
2	U24100MH1989PTC054162	REGENERATIVE MEDICAL SERVICES PRIVATE LIMITED	Managing director	16/11/2010	6/11/1989	-	Active	NO
3	U65990MH1995PLC093661	SATYAN FINANCE AND INVESTMENTS LIMITED	Director	16/10/1995	16/10/1995	-	Active	NO
4	U67200MH2002PTC137373	SATYAN INSURANCE BROKERS PRIVATE LIMITED	Director	1/4/2003	1/4/2003	-	Active	NO

Name :

Ms. Bhavna Yash Sanghavi

Designation :

Director

Address :

301, Anand Navyug Soc, Road No. 5, Juhu Scheme, Vile Parle (W), Mumbai- 400056, Maharashtra, India.

Date of Birth/Age :

10.10.1956

Date of Appointment :

06.11.1989

DIN No.:

00416355

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24230MH1986PTC041306	SATYAN PHARMACEUTICALS PRIVATE LIMITED	Director	21/10/1986	21/10/1986	-	Active	NO
2	U24100MH1989PTC054162	REGENERATIVE MEDICAL SERVICES PRIVATE LIMITED	Director	16/11/2010	6/11/1989	-	Active	NO
3	U65990MH1995PLC093661	SATYAN FINANCE AND INVESTMENTS LIMITED	Director	16/10/1995	16/10/1995	-	Active	NO

Name :

Mr. Satyen Yesh sanghavi

Designation :

Director

Address :

301, Anand Navyug Soc, Road No. 5, Juhu Scheme, Vile Parle (W), Mumbai- 400056, Maharashtra, India.

Date of Birth/Age :

17.12.1985

Date of Appointment :

02.09.2008

DIN No.:

00416791

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65990MH1995PLC093661	SATYAN FINANCE AND INVESTMENTS LIMITED	Director	16/06/2005	16/06/2005	-	Active	NO
2	U24230MH1986PTC041306	SATYAN PHARMACEUTICALS PRIVATE LIMITED	Director	30/09/2008	2/5/2008	-	Active	NO
3	U24100MH1989PTC054162	REGENERATIVE MEDICAL SERVICES PRIVATE LIMITED	Director	1/9/2009	2/9/2008	-	Active	NO
4	U67200MH2002PTC137373	SATYAN INSURANCE BROKERS PRIVATE LIMITED	Director	30/09/2009	25/03/2009	-	Active	NO

Name :

Mr. Vinayak Kedage

Designation :

Director

Address :

At Po Khochi Tai Hatakanaangle Dt, Kolhapur-416110, Maharashtra, India.

Date of Birth/Age :

04.03.1978

Date of Appointment :

30.09.2009

DIN No.:

02753061

Name :

Ms. Manajeeri Rushit Desai

Designation :

Director

Address :

Flat No. A/1105, Lemont Apartment, Rani Sati Marg, Off Western Express Highway, Pathanwadi, Malad (East), Mumbai-400097, Maharashtra, India.

Date of Birth/Age :

25.03.1978

Date of Appointment :

02.09.2008

DIN No.:

01643955

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24230MH1986PTC041306	SATYAN PHARMACEUTICALS PRIVATE LIMITED	Director	30/09/2008	2/5/2008	-	Active	NO
2	U24100MH1989PTC054162	REGENERATIVE MEDICAL SERVICES PRIVATE LIMITED	Director	30/09/2008	2/9/2008	-	Active	NO

Name :

Mr. Dipak lallubhai Sheth

Designation :

Director

Address :

8A, 150, Saidham Co-Operative housing Society, New D N Nagar, Andheri (West), Mumbai-400058, Maharashtra, India.

Date of Birth/Age :

23.09.1945

Date of Appointment :

02.04.2009

DIN No.:

00160381

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120GJ1995PTC026785	TECHNOFIN INTERNATIOAL PVT LTD	Director	1/4/2000	1/4/2000	-	Active	NO
2	U24100MH1989PTC054162	REGENERATIVE MEDICAL SERVICES PRIVATE LIMITED	Director	30/09/2009	2/4/2009	-	Active	NO

Name :

Mr. Charul Bhanji

Designation :

Director

Address :

Shilp Madh- Varsova Ferry Point, Opp. Vanala talao, VTA, Varsova, Madh, Malad, Mumbai-400060, Maharashtra, India.

Date of Birth/Age :

29.12.1970

Date of Appointment :

20.04.2010

DIN No.:

03030549

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24100MH1989PTC054162	REGENERATIVE MEDICAL SERVICES PRIVATE LIMITED	Director	30/09/2010	20/04/2010	-	Active	NO

Name :

Mr. Madhavi Tushar Bankar

Designation :

Director

Address :

C-1004, Kapil, Dahanukar Colony, Kothrud, Pune-411038, Maharashtra, India.

Date of Birth/Age :

22.07.1975

Date of Appointment :

21.06.2010

DIN No.:

02943346

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72200PN2010PTC136008	ALPHASTELLAR TECHNOSOFT PRIVATE LIMITED	Director	6/4/2010	6/4/2010	-	Active	NO
2	U24100MH1989PTC054162	REGENERATIVE MEDICAL SERVICES PRIVATE LIMITED	Director	30/09/2010	21/06/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Bhavna Yash Sanghavi	500499
Yash Venilal Sanghavi	507234
Satyen Yash Sanghavi	300000
Richmond Asia investment Limited	60593
Ace international Trading Co. Limited	120591
Ascus international (S) PTE Limited	30071
Total	1518988

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	13.91
Directors or relatives of Directors	86.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Research Development and Cell Therapy services

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, 50, Hill Road, Bandra (West), Mumbai-400050, Maharashtra, India.

Bank of India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Vehicle Loans (Secured against Hypothecation of vehicles) (Amount repayable with one year Rs.1.749 Millions ( Previous Year Rs. 1.643 millions)	3.729	3.382
Bank of India (Secured by pledge of fixed with Banks)	18.000	18.000
Canara Bank (Secured by Hypothecation on Inventories and Working Capital)	13.231	0.000
Term Loan (Secure by Hypothecation of building. Plant and Machinery situated at Lonavala. Amount repayable with one year Rs.12.376 Millions (previous year Rs.7.996 millions	49.504	57.688
Total	84.464	79.070
Unsecured Loan
Interest free Loan From Director	19.855	9.442
Total	19.855	9.442

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12, Dr. Annie Besant Road Opp. Shiv Sagar Estate Mumbai-400018, Maharashtra, India.
PAN.:	AABFD7919A

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1518988	Equity Shares	Rs.10/- each	Rs.15.189 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1471255	Equity Shares	Rs.10/- each	Rs.14.712 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		14.712	14.411	12.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		67.061	62.142	26.746
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		81.773	76.553	39.346
LOAN FUNDS
1] Secured Loans		84.464	79.070	19.124
2] Unsecured Loans		19.855	9.442	1.885
TOTAL BORROWING		104.319	88.512	21.009
DEFERRED TAX LIABILITIES		0.530	2.292	0.000
TOTAL		186.622	167.357	60.355
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		124.745	140.102	2.124
Capital work-in-progress		0.507	0.000	47.903
INVESTMENT		0.000	0.000	20.869
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.952	4.531	0.000
	Sundry Debtors	47.105	9.169	0.000
	Cash & Bank Balances	23.332	24.725	1.329
	Other Current Assets	0.000	0.000	0.106
	Loans & Advances	15.155	2.184	4.652
Total Current Assets		93.544	40.609	6.087
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.291	6.410
	Other Current Liabilities	21.696	0.829	16.868
	Provisions	0.187	6.295
Total Current Liabilities		32.174	13.534	16.868
Net Current Assets		61.370	27.075	(10.781)
MISCELLANEOUS EXPENSES		0.000	0.180	0.240
TOTAL		186.622	167.357	60.355

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	NA	38.803
Less/ Add	DEPRECIATION/ AMORTISATION		NA	NA	0.486
	PROFIT BEFORE TAX		(4.376)	24.052	38.317
Less	TAX		(1.586)	8.587	15.273
	PROFIT AFTER TAX		(2.789)	15.465	23.044
	PRIOR PERIOD EXPENSE R-D EXPENSE		1.012	0.000	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		42.192	26.727	NA
	BALANCE CARRIED TO THE B/S		38.390	42.192	26.727
	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	77.468	55.698	43.231
	TOTAL EARNINGS		77.468	55.698	43.231
	IMPORTS
		Stores & Spares	12.443	4.818	NA
		Capital Goods	1.428	15.159	NA
	TOTAL IMPORTS		13.871	19.977	NA
	Earnings Per Share (Rs.)		(2.64)	11.05	18.29

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	(2.00)	13.30	466.65
Return on Investment (ROI) (PBT/Networth)		(0.05)	0.31	0.97
Debt Equity Ratio (Total Liability/Networth)		1.66	1.33	0.96
Current Ratio (Current Asset/Current Liability)		2.90	3.00	0.36

LOCAL AGENCY FURTHER INFORMATION

Form 8 :

Corporate identity number of the company	U24100MH1989PTC054162
Name of the company	REGENERATIVE MEDICAL SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2 ABC, Acme Plaza, Indusind Bank Opp. Sangam Theatre, Andheri Kurla Road, Andheri (East),Mumbai- 400059, Maharashtra India Email- jatinb@satyanltd.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10177270
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Canara Bank, 50, Hill Road, Bandra (West), Mumbai-400050, Maharashtra, India. Email- managercb103@canarabank.com
Nature of instrument creating charge	Supplemental common hypothecation agreement, advances against book debts as prime security.
Date of instrument Creating the charge	11.01.2012
Amount secured by the charge	Rs. 35.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14.75% p.a Floating linked to base rate on Rs. 25.000 Millions on ODBD & Commission as applicable on Rs. 10.000 Millions on FLC ILC. Terms of repayment As Per Agreement Margin As Per Agreement Extent and Operation of the Charge Charge over the Movable and Immovable properties of the Company as specified in the attached Hypothecation Agreement and ledtd to Secure the Enhanced working Capital limit. Others the above is to Secure Working Capital limit of Rs. 35.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stock & book debts arising out of genuine trade transactions at collateral security of all the fixed assets. Emt of Property Situated at Office 3a, 3b & 3c, cts no. 32, 32-01-03 Hissa no. 2 (part), Chakala, Andheri, Mumbai, Admeasuring at 855 sq. ft, 855 sq. ft and 853 sq.ft Respectively.
Particulars of the present modification	The Existing working capital loan of Rs. 14.000 Millions is Enhanced to Rs. 35.000 Millions on account of availing additional working limits of Rs. 21.000 Millions by executing supplemental Hypothecation Agreement.

Fixed Assets

· Air Conditioner

· Fax Machine

· Office Appliances

· EPBX System

· Cell phone BlackBerry

· Refrigerator

· Furniture and Fixtures

· Computer

· Printer

· Motor Car

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. 49.07
UK Pound	1	Rs. 77.18
Euro	1	Rs. 65.57

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.