MIRA INFORM REPORT

Report Date :

25.01.2012

IDENTIFICATION DETAILS

Name :	S KANT PHARMA PRIVATE LIMITED
Registered Office :	Plot No. 7, Turbhe, Thane Belapur Road, Navi Mumbai-400 705, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.06.1983
Com. Reg. No.:	11-030195
Capital Investment / Paid-up Capital :	Rs.1.500 Millions
CIN No.: [Company Identification No.]	U24239MH1983PTC030195
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Bulk Drugs and Micro bars
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 953000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Trade relations are fair. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES: Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 / Factory :	Plot No. 7, Turbhe, Thane Belapur Road, Navi Mumbai-400705, Maharashtra, India
Tel. No.:	91-22-23648882 / 27681505
Fax No. :	91-22-23633900
E-Mail :	eskay@sk1932.com eskay@skageexports.com
Area :	1,000,000 Sq. ft.
Location :	Owned
Administrative Office :	3-A, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
Tel. No.:	91-22-66227575
Fax No.:	91-22-66227600 / 66227500 / 23633900
E-Mail :	anuh@skageexports.com
Area :	25000 Sq. ft.
Location :	Owned

DIRECTORS

As on 27.09.2011

Name :

Mr. Samir Jayantilal Shah

Designation :

Director

Address :

Flat No. 3B, Suvas Apartment, Rungta Lane 68, F. Nepeansea Road, Mumbai 400006, Maharashtra, India

Date of Birth/Age :

22.10.1966

Qualification :

B.com

Date of Appointment :

14.03.2007

DIN :

00157396

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	U67120MH1983PTC029955	JAPOSHA INVESTMENTS AND TRADES PRIVATE LIMITED	Director	22/07/1987	22/07/1987	-	Active	NO
2	U24230MH1990PTC057922	SEVAK PHARMA PRIVATE LIMITED	Director	29/08/1990	29/08/1990	-	Active	NO
3	U24230MH1996PLC098246	S KANT HEALTHCARE LIMITED	Whole-time director	28/04/2004	28/04/2004	-	Active	NO
4	U24239MH1983PTC030195	S KANT PHARMA PRIVATE LIMITED	Director	14/03/2007	14/03/2007	-	Active	NO
5	U24239MH1983PTC030201	SEVANTILAL KANTILAL PRIVATE LIMITED	Director	29/07/2008	29/07/2008	-	Active	NO
6	U24230MH1994PTC080562	S KANT CHEMICALS PRIVATE LIMITED	Director	8/8/2008	8/8/2008	30/10/2009	Active	NO
7	U24100MH2011PTC221911	ESKAY IODINE PRIVATE LIMITED	Director	19/10/2011	19/10/2011	-	Active	NO

Name :

Mr. Bipin Nemchand Shah

Designation :

Managing Director

Address :

1801 Devdarshan, 50 B. G. Kher Marg, Malabar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

07.03.1949

Qualification :

BSC Engineering

Date of Appointment :

16.12.1985

DIN :

00083244

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	U24239MH1983PTC030195	S KANT PHARMA PRIVATE LIMITED	Managing director	16/12/1985	16/12/1985	-	Active	NO
2	L24230MH1960PLC011586	ANUH PHARMA LIMITED	Managing director	1/4/2009	4/9/1987	-	Active	NO
3	U24231WB1983PTC036434	FRANCO INDIAN MEDICARE PRIVATE LIMITED	Director	1/12/1993	1/12/1993	21/07/2008	Active	NO
4	U24100MH2011PTC221911	ESKAY IODINE PRIVATE LIMITED	Director	19/10/2011	19/10/2011	-	Active	NO

Name :

Mr. Ketan Lalitkumar Shah

Designation :

Director

Address :

B2/2, Amalfi, 27B, L. D. Ruparel Marg, Malabar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

26.05.1971

Qualification :

Graduate

Date of Appointment :

07.03.1996

DIN :

00083326

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U67120MH1983PTC029949	L P SHAH HOLDINGS AND TRADES PRIVATE LIMITED	Director	29/06/1991	29/06/1991	Active	NO
2	U24239MH1983PTC030195	S KANT PHARMA PRIVATE LIMITED	Director	7/3/1996	7/3/1996	Active	NO
3	U24100MH2011PTC221911	ESKAY IODINE PRIVATE LIMITED	Director	13/09/2011	13/09/2011	Active	NO

Name :

Mr. Lalitkumar Popatlal Shah

Designation :

Director

Address :

B2/2, Amalfi, 27/B, L. D. Ruparel Marg, Malabar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

02.10.1936

Qualification :

BSC

Date of Appointment :

31.03.1998

DIN :

00396345

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	U93090TN1973PTC010295	FRANCO INDIAN RESEARCH PRIVATE LIMITED	Director	19/08/1979	19/08/1979	14/08/2008	Active	NO
2	L24230MH1960PLC011586	ANUH PHARMA LIMITED	Director	29/10/1980	29/10/1980	-	Active	NO
3	U67120MH1983PTC029949	L P SHAH HOLDINGS AND TRADES PRIVATE LIMITED	Director	10/5/1983	10/5/1983	-	Active	NO
4	U24230MH1996PLC098246	S KANT HEALTHCARE LIMITED	Director	18/03/1996	18/03/1996	-	Active	NO
5	U24239MH1983PTC030195	S KANT PHARMA PRIVATE LIMITED	Director	31/03/1998	31/03/1998	-	Active	NO
6	U24100MH2011PTC221911	ESKAY IODINE PRIVATE LIMITED	Director	13/09/2011	13/09/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2011

Names of Shareholders	No. of Shares
Jayantilal Popatlal Shah	270
Lalitkumar Popatlal Shah	1200
Japosha Investments and Traders Private Limited, India	4530
L. P. Shah Holdings and Traders Private Limited, India	7500
Mrudula Jayantilal Shah	900
Samir Jayantilal Shah	300
Ketan Lalitkumar Shah	300
Total	15000

As on 27.09.2011

Equity Share Break up Category	Percentage
Bodies corporate	80.20
Directors or relatives of directors	19.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bulk Drugs and Micro bars

PRODUCTION STATUS [As on 31.03.2010]

Particulars	Unit	Installed Capacity	Actual Production
Pharmaceutical Bulk Drugs	Kgs.	420000	234420.28
Pharmaceutical Formulations
- Microbar Solids	Kgs.	120000	69415.64
- Microbar Liquids	Ltr.	72000	49110.25
Chemicals
- Selenium Sulphide	Kgs.	30000	4487.00
- Methyl Iodide / TMSI	Kgs.	240000	123726.50

GENERAL INFORMATION

Customers :

• End Users
• OEM’s

No. of Employees :

100 (Approximately)

Bankers :

Ø Bank of India, Worli Naka Branch , Pankaj Mansion , Opposite Podar Hospital, Dr. A. B. Road , Worli Naka, Mumbai – 400018, Maharashtra, India

Ø ICICI Bank Limited

Facilities :

Cash Credit – Rs.150.000 Millions

Particulars	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Secured Loans
From Bank of India
Bank Overdraft (secured against Term Deposits)	5.087	4.992
Total	5.087	4.992

Banking Relations :	--
Auditors :
Name :	Chokshi and Chokshi Associates Chartered Accountants
Address :	15/17, Raghavji B Building, Ground Floor, Raghavi Road, Gowalia Tank, Off KEMPS Corner, Mumbai-400036, Maharashtra, India
Tel. No.:	91-22-23836900
Pan No. :	AAAFC2633B
Associates : [As on 31.03.2010]	· S. Kant Healthcare Limited · S. Kant Private Limited · Sevatilal Kantilal and Company · Bharti and Company · Anuh Pharma Limited · L. P. Shah Holding and Traders Private Limited · S. K. Distributors · S. K. Age Exports · Eskay Specialty Chemicals

CAPITAL STRUCTURE

As on 27.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000	Equity Share	Rs.100/- Each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15,000	Equity Share	Rs.100/- Each	Rs. 1.500 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		1.500	1.500	1.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		236.770	209.243	186.873
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		238.270	210.743	188.373
LOAN FUNDS
1] Secured Loans		5.087	4.992	0.025
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		5.087	4.992	0.025
DEFERRED TAX LIABILITIES		0.000	0.223	0.231
TOTAL		243.357	215.958	188.629
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.537	31.931	36.090
Capital work-in-progress		0.201	0.000	0.000
INVESTMENT		83.706	48.135	65.000
DEFERREX TAX ASSETS		0.089	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	51.728	34.414	60.748
	Sundry Debtors	133.720	133.158	79.428
	Cash & Bank Balances	55.268	68.482	66.042
	Other Current Assets	11.598	5.309	0.641
	Loans & Advances	42.978	26.932	19.047
Total Current Assets		295.292	268.295	225.906
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	147.791	117.633	135.976
	Current Liabilities	0.434	1.660	0.264
	Provisions	17.243	13.109	2.127
Total Current Liabilities		165.468	132.402	138.367
Net Current Assets		129.824	135.893	87.539
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		243.357	215.958	188.629

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	593.992	418.272	508.018
		Other Income	53.498	29.729	11.557
		TOTAL (A)	647.490	448.001	519.575
Less	EXPENSES
		Cost of Material Sold	3.709	7.015	39.853
		Manufacturing Expenses	543.690	362.883	382.547
		Administrative, Selling and Other Expenses	51.580	36.731	44.817
		TOTAL (B)	598.979	406.629	467.217
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		48.511	41.372	52.358
Less	FINANCIAL EXPENSES (D)		0.063	1.358	0.310
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48.448	40.014	52.048
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.391	4.891	5.291
	Prior Period Expenses		0.088	0.006
	PROFIT BEFORE TAX (E-F) (G)		43.969	35.117	46.757
Less	TAX (H)		14.688	10.992	16.761
	PROFIT AFTER TAX (G-H) (I)		29.281	24.125	29.996
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	-	108.395	238.855
	TOTAL EARNINGS		NA	108.395	238.855
	IMPORTS
		Raw Materials	-	257.227	308.888
		Packing materials	-	0.000	2.186
		Trading materials	-	0.000	35.570
	TOTAL IMPORTS		NA	257.227	346.644
	Earnings Per Share (Rs.)		1952.07	1608.37	1999.71

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.52	5.39	5.77
Net Profit Margin (PBT/Sales)	(%)	7.40	8.40	9.20
Return on Total Assets (PBT/Total Assets}	(%)	13.54	11.70	17.85
Return on Investment (ROI) (PBT/Networth)		0.18	0.17	0.25
Debt Equity Ratio (Total Liability/Networth)		0.71	0.65	0.73
Current Ratio (Current Asset/Current Liability)		1.78	2.03	1.63

LOCAL AGENCY FURTHER INFORMATION

Operations

During the year, the company’s turnover has increased from Rs. 448.000 Millions to Rs. 647.500 Millions i.e. around 44.53% as compared to the previous year. The profit before tax is showing the increasing trend as compared to the last year. The net profit after tax have increased from Rs.24.100 millions to 29.300 millions i.e. by around 21.58% the directors expect continued good results for the next year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24239MH1983PTC030195
Name of the company	S KANT PHARMA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.7, Turbhe-Thane Belapur Road, Belapur Road, Navimumbai – 400705, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90226868
Type of charge	Immovable Property Any Interest in immovable property
Particular of charge holder	Bank of India, Worli Naka Branch , Pankaj Mansion , Opposite Podar Hospital, Dr. A. B. Road , Worli Naka, Mumbai – 400018, Maharashtra, India Email : WorliNaka.MumbaiSouth@bankofindia.co.in
Nature of instrument creating charge	Extension of Equitable Mortgage- Oral Assent
Date of instrument Creating the charge	11.04.2011
Amount secured by the charge	Rs.185.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest at such rate of interest with monthly/quarterly rests as notified by the Bank from time to time. Terms of Repayment - On Demand Margin - As required by the Bank from time to time. Extent and Operation of the charge - Security in favour of Bank for due repayment by company to Bank at Worli Naka Br. of the facilities aggregating Rs.185.000 millions with interest at agreed rates of interest, security shall remain and continue for any advance of any nature now due or pending or that may be made or become due hereafter from time to time either in the said accounts or in any other account/s and whether singly or jointly with another or others and whether at Worli Naka Branch or any other branch or Others - office of Bank and/or for any indebtedness or liability whatsoever and for all costs, charges and expenses whatsoever paid or incurred by Bank. Revised Limits of Eskay Fine Chemicals Prop. S Kant Pharma Private Limited: Rs.185.000 millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Equitable Mortgage of the immovable properties of Company consisting of land and building, fixed machinery, plant and fixtures, fittings (both present and future) situate at Plot No. 7 and 7 A Trans Thane Creek Industrial Area, Village Pawne, Taluka Turbhe, Registration Sub District Thane, District and Registration District Thane. Area: 10268 square meters., Tenure: 95 years leasehold.
Date of instrument modifying the charge	24.04.2007
Particulars of the present modification	By this Modification, The principal amount of charge on mortgaged property is enhanced to Rs.185.000 millions. Revised Limits of Eskay Fine Chemicals Prop. S Kant Pharma Private Limited : Rs.185.000 millions.

This form is for	Modification of charge
Charge identification number of the modified	90229344
Corporate identity number of the company	U24239MH1983PTC030195
Name of the company	S KANT PHARMA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 7, Turbhe, Thane Belapur Road, Navi Mumbai-400 705, Maharashtra, India
Type of charge	Any interest in immovable property
Particular of charge holder	Bank of India, Worli Naka Branch , Pankaj Mansion , Opposite Podar Hospital, Dr. A B Road , Worli Naka, Mumbai - 400018, Maharashtra, India Email ID: boiworlinbr@mtnl.net.in
Nature of description of the instrument creating or modifying the charge	Record of extension of Equitable Mortgage
Date of instrument Creating the charge	24.04.2007
Amount secured by the charge	Rs. 150.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at such rate of interest with monthly/quarterly rests as notified to them by the Bank from time to time. Terms of Repayment On Demand Margin As required by the Bank from time to time. Extent and Operation of the charge Security in favour of Bank for due repayment by company to Bank at Worli Naka Branch of the said facilities aggregating Rs.150.000 Millions with interest at agreed rates of interest, security shall remain and continue for any advance of any nature now due or pending or that may be made or become due hereafter from time to time either in the said accounts or in any other account/s and whether singly or jointly with another or others and whether at Worli Naka Branch or any other branch or Others Office of Bank and /or for any indebtedness or liability whatsoever and for all costs, charges and expenses whatsoever paid or incurred by Bank. Revised Facilities and Limits of Eskay Fine Chemicals Property S Kant Pharma Private Limited :( Rs.in Millions) FB (A) 1.C/C stocks Rs.10.000 Millions 2. EPC Rs.10.000 Millions Maximum 1 and 2 Rs.10.000 Millions 3.C/C BD Rs.10.000 Millions 4. Inland BP/BD (90 days) NIL, 5.FBP/FBN (DP/DA 150 days) Rs.10.000 Millions Max (3, 4 and 5) Rs.100, Total (A) Rs.10.000 Millions NFB (B) 1. Imp LC(DP/DA180 Days) Rs.139.000 Millions 2.In/Fgn. Gtee Rs.1.000 Million Total (B) Rs.140.000 Millions Total (A+B) Rs.1500.
Short particulars of the property charged	Equitable Mortgage of the Company’s immovable properties consisting of land and building, fixed machinery, plant and fixtures, fittings (both present and future) situate at Plot No. 7 and 7 A Trans Thane Creek Industrial Area, Village Pawne, Taluka Turbhe, Registration Sub District Thane, District and Registration District Thane. Area: 10268 square meters. Tenure: 95 years leasehold.
Date of latest modification prior to the present modification	13.02.2006
Particulars of the present modification	The Charge holder's (Bank of India) address is changed from Opera House Br. to its Worli Naka Br.and The charge on the mortgaged property is increased from Rs.85.000 millions to Rs.150.000 millions.

Fixed Assets

• Office Premises
• Factory Building
• Plant and Machinery
• Laboratory and Research Equipment
• Material Storage and Handling Equipments
• Electrical Installation
• Furniture and fixture
• Office Equipment
• Vehicle
• 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.49.96
UK Pound	1	Rs.77.74
Euro	1	Rs.65.08

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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.