MIRA INFORM REPORT

Report Date :

28.07.2012

IDENTIFICATION DETAILS

Name :	SYMMETRIX BIOTECH PRIVATE LIMITED
Registered Office :	102-103, Gayatri Commercial Complex, Behind Mittal Industrial Estate, Kurla-Andheri Road, Andheri (East), Mumbai-400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.01.2007
Com. Reg. No.:	11-167239
Capital Investment / Paid-up Capital :	Rs.165.764 Millions
CIN No.: [Company Identification No.]	U24239MH2007PTC167239
TAN No.: [Tax Deduction & Collection Account No.]	MUMS54889C
PAN No.: [Permanent Account No.]	AAKCS5535M
Legal Form :	Private Limited Liability Company
Line of Business :	Research and Development of Biotech Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 630000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company did not earn any operating income during the year 2011. It has incurred loss. Accumulated losses recorded by the company appears to be increasing over years. Business is active. Payments are reported to be slow but correct. The company can be considered for normal business dealings with great 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

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	102-103, Gayatri Commercial Complex, Behind Mittal Industrial Estate, Kurla-Andheri Road, Andheri (East), Mumbai-400059, Maharashtra, India
Tel. No.:	91-22-40405000
Fax No.:	Not Available
E-Mail :	jhr_asso@rediffmail.com
Project Site Office :	Institute of Microbial Technology, Sector 39A, Chandigarh-160036, India
Tel. No.:	91-172-2690785
Fax No.:	91-172-2690585

DIRECTORS

AS ON 30.09.2011

Name :

Mrs. Shraddha Vinayak Dhamankar

Designation :

Director

Address :

201/A, Laxmikant, T.H. Kataria Road, Mahim, Mumbai-400016, Maharashtra, India

Date of Birth/Age :

31.03.1969

Date of Appointment :

24.01.2007

Din No.:

00553157

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24229MH2001PTC130260	ENEM NOSTRUM REMEDIES PRIVATE LIMITED	Director	01/01/2001	01/01/2001	Active	NO
2	U24230MH2004PTC148417	NEXGEN HEALTHCARE PRIVATE LIMITED	Director	06/09/2004	06/09/2004	Active	NO
3	U24239MH2007PTC167239	SYMMETRIX BIOTECH PRIVATE LIMITED	Director	24/01/2007	24/01/2007	Active	NO
4	U72900MH2007PTC173481	NOSTRUM TECHNOLOGIES PRIVATE LIMITED	Director	27/08/2007	27/08/2007	Active	NO
5	U24116MH1997PTC106693	THURS ORGANICS PRIVATE LIMITED	Additional director	30/11/2009	30/11/2009	Active	NO
6	U74120MH2011PTC224950	BOMBAY BIO-RESEARCH CENTRE PRIVATE LIMITED	Director	14/12/2011	14/12/2011	Active	NO

Name :

Mr. Jayant Hari Ranade

Designation :

Director

Address :

7, Nishant Co-operative Housing Society, Opposite Umaneelkanth Vyayamshala Naupada, Thane-400602, Maharashtra, India

Date of Birth/Age :

24.02.1955

Date of Appointment :

24.01.2007

Din No.:

00004814

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U25202MH1989PLC052912	NILMAC PACKAGING INDUSTRIES LIMITED	Director	30/04/1990	30/04/1990	Active	NO
2	U24229MH2001PTC130260	ENEM NOSTRUM REMEDIES PRIVATE LIMITED	Director	14/08/2001	14/08/2001	Active	NO
3	U24110MH2000PLC128198	FILTRA CATALYSTS AND CHEMICALS LIMITED	Director	05/11/2004	05/11/2004	Active	NO
4	L24119PN1989PLC052562	SMRUTHI ORGANICS LTD	Director	11/09/2006	11/09/2006	Active	NO
5	U24239MH2007PTC167239	SYMMETRIX BIOTECH PRIVATE LIMITED	Director	24/01/2007	24/01/2007	Active	NO
6	U72900MH2007PTC173481	NOSTRUM TECHNOLOGIES PRIVATE LIMITED	Director	27/08/2007	27/08/2007	Active	NO
7	U45309MH2007PTC175128	GAURISH ENTERPRISES PRIVATE LIMITED	Director	17/10/2007	17/10/2007	Active	NO
8	U24230MH1994PLC076168	SANGAM LABORATORIES LIMITED	Director	28/01/2008	28/01/2008	Amalgamated	NO
9	U72900MH2006PTC165901	EVENTUS BONUS ADVISORY SERVICES INDIA PRIVATE LIMITED	Director	01/06/2008	01/06/2008	Active	NO
10	U30007MH2004PTC148162	FELECITAS INFO SYSTEMS PRIVATE LIMITED	Director	01/06/2008	01/06/2008	Active	NO
11	U72900MH2008PLC186655	EQUINOX EPC ENGINEERING (INDIA) LIMITED	Director	11/09/2008	11/09/2008	Active	NO
12	U24230MH2004PTC148417	NEXGEN HEALTHCARE PRIVATE LIMITED	Director	02/02/2010	02/02/2010	Active	NO
13	U24100MH2008PLC180376	CHEMOLUTIONS CHEMICALS LIMITED	Director	29/06/2010	18/03/2010	Active	NO
14	U74990MH2010PTC204719	ALIVA NATURAL SCIENCES PRIVATE LIMITED	Director	23/06/2010	23/06/2010	Active	NO
15	U74140MH2001PTC134157	ATREYA SERVICES PRIVATE LIMITED	Director	30/09/2011	04/07/2011	Active	NO
16	U74120MH2011PTC224950	BOMBAY BIO-RESEARCH CENTRE PRIVATE LIMITED	Director	14/12/2011	14/12/2011	Active	NO
17	U67120MH1992PLC068181	CAMART INDUSTRIES LIMITED	Director	21/05/2012	19/12/2011	Active	NO

Name :

Mr. Nirmal Vasnat Mulye

Designation :

Director

Address :

10, Erin Court, Kendall Park, New Jersey, 08824, United States of America

Date of Birth/Age :

27.07.1966

Date of Appointment :

16.06.2009

Din No.:

01459942

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24229MH2001PTC130260	ENEM NOSTRUM REMEDIES PRIVATE LIMITED	Director	14/08/2001	14/08/2001	Active	NO
2	U72900MH2007PTC173481	NOSTRUM TECHNOLOGIES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	Active	NO
3	U24239MH2007PTC167239	SYMMETRIX BIOTECH PRIVATE LIMITED	Director	25/09/2009	16/06/2009	Active	NO
4	U74120MH2011PTC224950	BOMBAY BIO-RESEARCH CENTRE PRIVATE LIMITED	Additional director	20/12/2011	20/12/2011	Active	NO

Name :

Mr. Yatindra Prashar

Designation :

Director

Address :

401, Somerset Court, Princeton, 08540, United States of America

Date of Birth/Age :

20.08.1961

Date of Appointment :

16.06.2009

Din No.:

02673472

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24239MH2007PTC167239	SYMMETRIX BIOTECH PRIVATE LIMITED	Director	25/09/2009	16/06/2009	Active	NO

Name :

Mr. Nalinkant Amratlal Rathod

Designation :

Director

Address :

Jalan Terogong Kecil, Block A1, Pondok Indah, Jakarta, 12310, Indonesia

Date of Birth/Age :

12.05.1950

Date of Appointment :

29.08.2009

Din No.:

00272129

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74140AP1999PTC032745	ELITSER IT SOLUTIONS INDIA PRIVATE LIMITED	Director	11/07/2000	11/07/2000	Active	NO
2	L26931AP1986PLC006480	RESTILE CERAMICS LIMITED	Director	01/04/2009	27/01/2003	Active	NO
3	L65990MH1984PLC031909	PIONEER INVESTCORP LIMITED	Director	21/08/2008	18/01/2008	Active	NO
4	U51909AP2008PTC058254	RESTILE MARKETING PRIVATE LIMITED	Director	19/03/2008	19/03/2008	Under Process of Striking off	NO
5	U51397DL2003PTC121502	GUARDIAN LIFECARE PRIVATE LIMITED	Director	11/09/2008	24/03/2008	Active	NO
6	U65910KA1996PTC020066	ATREYA FINANCE PRIVATE LIMITED	Director	30/09/2009	30/03/2009	Active	NO
7	U18907GJ1993PLC018901	BELL GRANITO CERAMICA LIMITED	Director	26/07/2011	08/04/2009	Active	NO
8	U24230MH2004PTC148417	NEXGEN HEALTHCARE PRIVATE LIMITED	Director	25/09/2009	29/08/2009	Active	NO
9	U24229MH2001PTC130260	ENEM NOSTRUM REMEDIES PRIVATE LIMITED	Director	25/09/2009	29/08/2009	Active	NO
10	U72900MH2007PTC173481	NOSTRUM TECHNOLOGIES PRIVATE LIMITED	Director	25/09/2009	29/08/2009	Active	NO
11	U24239MH2007PTC167239	SYMMETRIX BIOTECH PRIVATE LIMITED	Director	25/09/2009	29/08/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Equity Shares
Shraddha Vinayak Dhamankar	1900
Jayant Hari Ranade	1
Vasant Shriniwas Mulye	1900
Sumitra Vasant Mulye	1900
Vinayak Dhamankar	1900
Sushil Kumar Vasant Mulye	1900
Meera Sushilkumar Mulye	498
Vasudev Mahajan	1
Total	10000

AS ON 30.09.2011

Names of Shareholders	No. of Preferences Shares
Enem Nostrum Remedies Private Limited, India	2500000
Nostrum Technologies Private Limited, India	975000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.99
Other top fifty shareholders	0.01
Total	100.00

AS ON 28.02.2012

Names of Allottees	No. of Preferences Shares
Nostrum Technologies Private Limited, India	2650000
Total	2650000

BUSINESS DETAILS

Line of Business :

Research and Development of Biotech Products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of India

Facilities :

UNSECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan	63.000	70.000
Total	63.000	70.000

Banking Relations :	--
Auditors :
Name :	Gokhale and Sathe Chartered Accountants
Address :	302/303, Udyog Mandir No. 1, 7-C, Bhagoji Keer Marg, Mahim, Mumbai-400016, Maharashtra, India
Pan No.:	AHVPK925N
Associates :	· Nostrum Technologies Private Limited · Nostrum pharmaceuticals Llc. US · Enem Nostrum Remedies Private Limited

CAPITAL STRUCTURE

AFTER 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million
24990000	Preferences Shares	Rs.10/- each	Rs.249.900 Millions
	Total		Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million
19216400	Preferences Shares	Rs.10/- each	Rs.192.164 Millions
	Total		Rs.192.264 Millions

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million
7990000	Preferences Shares	Rs.10/- each	Rs.79.900 Millions
	Total		Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million
6425000	Preferences Shares	Rs.10/- each	Rs.64.250 Millions
	Total		Rs.64.350 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million
19990000	Preferences Shares	Rs.10/- each	Rs.199.900 Millions
	Total		Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million
16566400	Preferences Shares	Rs.10/- each	Rs.165.664 Millions
	Total		Rs.165.764 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		165.764	34.850	25.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(5.873)	(2.611)	0.744
NETWORTH		159.891	32.239	25.844
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		63.000	70.000	40.000
TOTAL BORROWING		63.000	70.000	40.000
DEFERRED TAX LIABILITIES		0.002	0.002	0.000
TOTAL		222.893	102.241	65.844
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.976	29.937	32.324
Capital work-in-progress		209.347	81.897	10.857
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	1.962
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.639	1.231
	Cash & Bank Balances	0.269	12.247	26.360
	Other Current Assets	0.000	0.000	1.583
	Loans & Advances	2.817	1.754	0.058
Total Current Assets		3.086	14.640	29.232
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.901	14.111	4.501
	Other Current Liabilities	0.119	8.023	1.240
	Provisions	3.500	2.103	2.795
Total Current Liabilities		17.520	24.237	8.536
Net Current Assets		(14.434)	(9.597)	20.696
MISCELLANEOUS EXPENSES		0.004	0.004	0.005
TOTAL		222.893	102.241	65.844

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income			14.622
		Other Income			NA
		TOTAL	0.000	0.000	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	3.289	1.390	NA
		Advertising Expenses
		TOTAL	3.289	1.390	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(3.289)	(1.390)	NA
Less/ Add	DEPRECIATION/ AMORTISATION		0.013	0.000	NA
	PROFIT / (LOSS) BEFORE TAX		(3.302)	(1.390)	0.254
Less	TAX		(0.040)	1.965	0.000
	PROFIT / (LOSS) AFTER TAX		(3.262)	(3.355)	0.254
	Earnings / (Loss) Per Share (Rs.)		(0.20)	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.00	0.00	1.74
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	NA
Return on Total Assets (PBT/Total Assets}	(%)	(10.63)	(3.12)	0.41
Return on Investment (ROI) (PBT/Networth)		(0.02)	(0.04)	0.01
Debt Equity Ratio (Total Liability/Networth)		0.50	2.92	1.88
Current Ratio (Current Asset/Current Liability)		0.17	0.60	3.42

LOCAL AGENCY FURTHER INFORMATION

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

OPERATIONS:

Subject did not earn any operating income during the year. The company expended Rs 3.302 Millions (including depreciation of Rs 0.013 Millions) and after meeting expenses and after providing for current and deferred taxes, it posted a net loss of Rs 3.262 Millions.

During the year Authorized Share Capital of the Company was enhanced from Rs 38.500 Millions to Rs 200.000 Millions, while the paid-up Share Capital went up from Rs 34.850 Millions to 165.764 Millions with the issuance of 210000 1% Non-convertible Redeemable Preference Shares of Rs 10 each to Enem Nostrum Remedies Private Limited and 12881400 5% Non-cumulative Preference Shares of Rs 10 each to Nostrum Technologies Private Limited. Company’s projects are progressing satisfactorily.

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.55.41
UK Pound	1	Rs.86.93
Euro	1	Rs.68.10

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.