MIRA INFORM REPORT

Report Date :

19.06.2012

IDENTIFICATION DETAILS

Name :	RAKSHIT DRUGS PRIVATE LIMITED
Registered Office :	425/3RT, D. No. 7-1-621/328, Sanjeev Reddy Nagar, Hyderabad – 500038, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.03.2000
Com. Reg. No.:	01-034018
Capital Investment / Paid-up Capital :	Rs.7.015 Millions
CIN No.: [Company Identification No.]	U24230AP2000PTC034018
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of integrated Active Pharmaceuticals Ingredients (API's) and intermediates
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 550000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be 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 :	425/3RT, D. No. 7-1-621/328, Sanjeev Reddy Nagar, Hyderabad – 500038, Andhra Pradesh, India
Tel. No.:	91-40-23810385/23705066/55580748
Fax No.:	91-40-23812709
E-Mail :	pjagan123@gmail.com rajeshjosh@rakshitdrugspvtltd.com sales@rakshitdrugspvtltd.com purchase@rakshidrugpvtlts.com
Website :	www.rakshitdrugspvtltd.com
Factory :	Survey No. 10/B, Gaddapotharam Industrial Estate, Jinnaram Mandal, Medak District, Andhra Pradesh, India.
Tel. No.:	91-8548-55168806/02
Fax No.:	91-8458-277094

DIRECTORS

As on 30.09.2011

Name :

Mr. A P Rameswara Rao

Designation :

Chairman and Managing Director

Address :

Flat No.302, Saraswati Apartments, B-53, Madhura Nagar, s R Nagar, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

01.01.1958

Date of Appointment :

24.03.2000

DIN No.:

00105304

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	U24230AP2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Managing director	24/03/2000	24/03/2000	-	Active	NO
2	U24239AP2005PLC048151	RAKSHIT PHARMACEUTICALS LIMITED	Whole-time director	3/10/2008	23/11/2005	-	Active	NO
3	U24232AP2007PTC054116	SRI SAI NIKITHA PHARMA PRIVATE LIMITED	Director	24/05/2007	24/05/2007	11/04/2008	Active	NO
4	U24232AP2007PTC053865	SAINOR LIFE SCIENCES PRIVATE LIMITED	Director	25/09/2008	7/02/2008	-	Active	NO
5	U24233GJ2008PTC068526	RAKS PHARMA PRIVATE LIMITED	Director	22/10/2008	22/10/2008	1/09/2010	Active	NO
6	U24233AP2008PTC061809	AZICO PHARMACEUTICALS PRIVATE LIMITED	Director	12/11/2008	12/11/2008	-	Active	NO
7	U29253AP2010PTC069873	SRI BHAVANA FABTECH PRIVATE LIMITED	Director	6/08/2010	6/08/2010	-	Active	NO

Name :

Mrs. Aruna Kumari

Designation :

Director

Address :

Flat No.302, Saraswati Apartments, B-53, Madhura Nagar, s R Nagar, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

01.07.1961

Date of Appointment :

24.03.2000

DIN No.:

00105360

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	U24230AP2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Director	24/03/2000	24/03/2000	-	Active	NO
2	U24239AP2004PTC042653	SAINOR PHARMA PRIVATE LIMITED	Director	13/02/2004	13/02/2004	-	Active	NO
3	U24239AP2004PTC044758	SAINOR LABORATORIES PRIVATE LIMITED	Director	2/12/2004	2/12/2004	-	Active	NO
4	U24239AP2005PLC048151	RAKSHIT PHARMACEUTICALS LIMITED	Director	23/11/2005	23/11/2005	-	Active	NO
5	U24233GJ2008PTC068526	RAKS PHARMA PRIVATE LIMITED	Director	22/10/2008	22/10/2008	30/07/2010	Active	NO
6	U29253AP2010PTC069873	SRI BHAVANA FABTECH PRIVATE LIMITED	Director	6/08/2010	6/08/2010	-	Active	NO
7	U24233AP2008PTC061809	AZICO PHARMACEUTICALS PRIVATE LIMITED	Director	10/02/2012	10/02/2012	-	Active	NO

Name :

Mr. Avinash Shoury

Designation :

Director

Address :

H.No.8-3-191/147/9 and 16/302, Madhura Nagar, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

31.12.1987

Date of Appointment :

25.02.2007

DIN No.:

01470246

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	U24230AP2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Director	25/02/2007	25/02/2007	-	Active	NO
2	U24233AP2008PTC061809	AZICO PHARMACEUTICALS PRIVATE LIMITED	Director	10/02/2012	10/02/2012	-	Active	NO

Name :

Mr. Mr. P Srinivas

Designation :

Director

Address :

No.11 to 16, 1^st Floor Plot No. S 148 to 151 Saroja Complex, Opposite KPHB Colony, Kukatpally, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

29.05.1976

Date of Appointment :

07.07.2008

DIN No.:

01717688

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	U24230AP2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Director	7/07/2008	7/07/2008	-	Active	NO
2	U24239AP2005PLC048151	RAKSHIT PHARMACEUTICALS LIMITED	Managing director	7/03/2009	7/03/2009	-	Active	NO
3	U24233AP2008PTC061809	AZICO PHARMACEUTICALS PRIVATE LIMITED	Director	10/02/2012	10/02/2012	-	Active	NO

Name :

Mr. Rajesh Kumar Joshi

Designation :

Whole time Director

Address :

A/401, Suhavan Apartments, Judges Bungalow Road, Bodakdev, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

07.02.1967

Date of Appointment :

07.05.2009

DIN No.:

02385772

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	U24233AP2008PTC061809	AZICO PHARMACEUTICALS PRIVATE LIMITED	Managing director	1/06/2012	12/11/2008	-	Active	NO
2	U24239GJ2009PTC056624	GENAPI LIFESCIENCE PRIVATE LIMITED	Director	16/04/2009	16/04/2009	26/11/2011	Active	NO
3	U24230AP2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Whole-time director	7/05/2009	7/05/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ch. A. Pattabi Rameswara Rao	182405
Chandana Aruna Kumari	48494
Chanda Avinash	2600
Ch. Sree Bhavna	2600
P. Srinivas	14478
Rajesh Kumar Joshi	28951

As on 30.03.2012

Names of Allottees	No. of Shares
Ch. A. Pattabi Rameswara Rao	30338
Chandana Aruna Kumari	8577
Chanda Avinash Shouri	420
Rajesh Kumar Joshi	4677
Ch. Sree Bhavna	2338
P. Srinivas	420
Total	46770

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of integrated Active Pharmaceuticals Ingredients (API's) and intermediates

Products :

Item Code No. (ITC Code)	2942
Product Description	Active Pharmaceutical Ingredients

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	31.03.2011
Installed Capacity	M.Ts	350
Production	M.Ts	298
Production Capacity (%)	M.Ts	85.00

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India, SME Branch, S.R Nagar, Hyderabad – 500038, Andhra Pradesh, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loans from Union Bank of India (Secured by Hypothecation of Plant & Machinery and Equitable mortgage of Factory, Land and Buildings)	30.271	1.888
Union Bank of India Cash Credit Account (Secured by Hypothecation of Inventories and Assignment of Book debts)	76.115	61.332
Foreign Bill Discounting	8.626	16.596
Packing Credit	11.374	3.400
Vehicle Loans (Secured by Hypothecation of Vehicles)	3.913	3.398
Total	130.299	86.613
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Unsecured Loans	5.941	6.225
Corporate Loans	6.538	13.992
Total	12.479	20.217

Banking Relations :	--
Auditors :
Name :	Ramnatham and Rao Chartered Accountants
Address :	302, Kala Mansion, S.D. Road,pb No.2102, Secunderabad – 500003, Andhra Pradesh, India
Tel. No.:	91-40-27814147/ 27849305
Fax No.:	91-40-27840307
E-Mail :	ramnathamandrao@hotmail.com ramnathamandrao@rediffmail.com
PAN.:	AACFR1623C

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
748319	Equity Shares	Rs.10/- each	Rs.7.483 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
701549	Equity Shares	Rs.10/- each	Rs.7.015 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		7.015	7.015	11.136
2] Share Application Money		2.888	0.000	0.000
3] Reserves & Surplus		128.270	107.694	91.798
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		138.173	114.709	102.934
LOAN FUNDS
1] Secured Loans		130.299	86.613	237.515
2] Unsecured Loans		12.479	20.217	19.333
TOTAL BORROWING		142.778	106.830	256.848
DEFERRED TAX LIABILITIES		9.679	7.183	6.125
TOTAL		290.630	228.722	365.907
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		94.605	66.926	289.480
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		15.138	16.473	3.460
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	69.794	30.625	24.566
	Sundry Debtors	170.318	95.742	98.532
	Cash & Bank Balances	16.411	5.013	14.216
	Other Current Assets	18.747	11.718	31.584
	Loans & Advances	20.992	121.258	13.327
Total Current Assets		296.262	264.356	182.225
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	103.714	86.546	114.436
	Other Current Liabilities	6.220	5.760	6.479
	Provisions	5.441	26.727	15.824
Total Current Liabilities		115.375	119.033	136.739
Net Current Assets		180.887	145.323	45.486
MISCELLANEOUS EXPENSES		0.000	0.000	27.481
TOTAL		290.630	228.722	365.907

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	562.285	541.909	430.620
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses	NA	NA	NA
		Advertising Expenses	NA	NA	NA
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		35.372	42.249	33.413
Less	TAX		6.496	14.059	8.300
	PROFIT AFTER TAX		28.876	28.191	25.113
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	123.331	112.032	9.722
	TOTAL EARNINGS		123.331	112.032	9.722
	Earnings Per Share (Rs.)
	- Basic		41.16	40.18	22.55
	- Diluted		29.16	40.18	22.55

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	6.29	7.80	7.76
Return on Total Assets (PBT/Total Assets}	(%)	11.94	15.98	18.34
Return on Investment (ROI) (PBT/Networth)		0.26	0.37	0.32
Debt Equity Ratio (Total Liability/Networth)		0.84	1.04	1.33
Current Ratio (Current Asset/Current Liability)		2.57	2.22	1.33

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 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	No
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	--
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

REVIEW OF OPERATIONS:

During the year, The Company has shown good results. This was possible because of the timely decisions taken by the Board for business promotion. The Directors are making their continuous efforts to realize the market opportunities in order to improve the performance of the Company in the coming years.

Contingent Liabilities: (As on 31.03.2011)

i) Bank Guarantee – Nil

ii) Letter of Credit – Rs.18.807 millions

iii) Capital Commitments - Nil

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24230AP2000PTC034018
Name of the company	RAKSHIT DRUGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	425/3RT, D. No. 7-1-621/328, Sanjeev Reddy Nagar, Hyderabad – 500038, Andhra Pradesh, India Email: pjagan123@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10089028
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Union Bank of India, SME Branch, S.R Nagar, Hyderabad – 500038, Andhra Pradesh, India Email: pjagan123@gmail.com
Nature of instrument creating charge	Composite Hypothecation Deed
Date of instrument Creating the charge	23.01.2012
Amount secured by the charge	Rs.171.931 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC(Hyp) Base Rate+3.75%,PC/FDBP/FUDBP as per Applicable RBI Rule,ILC/FLC usual and Term Loan-I Base Rate+3.75%, Term Loan-II Base Rate+3.75% Terms of Repayment Repayable on Demand and With reference to the term Loan-I I, the Loan of Rs.10.000 Millions shall be repayable in 60 monthly installments of Rs.0.167 Millions each staring from April 2012. The interest is to be served on monthly basis as and when debited/Charged to the Account. Margin CC (Hyp) Stock25% and Book Debts 40%, PC/FDBP/FUDBP 10%, ILC/FLC 15%,Term Loan-I 25% And Term Loan-II 27.54% Extent and Operation of the charge The limits of Rs.150.000 Millions has been enhanced to Rs. 171.931 Millions Security.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hyp of stocks and book debts by way of first Charge First charge on the existing and proposed land and building, Plant and Machinery and all other fixed assets purchased out banks finance. First charge on the existing and proposed land and building, Plant and Machinery and all other fixed assets purchased out banks finance. Hypothecation of stocks procured under ILC/FLC Land and Building at S No 10/B situated at Gaddapotharam(Vi), Jinnaram (M) in the Name of Company. Cost of the Plant and Machinery at the factory premises at Gaddapotharam(Vi), Jinnaram (M)(As per the audited Balance Sheet as of 31.03.2011)
Date of instrument modifying the charge	03.11.2010
Particulars of the present modification	The limits of Rs. 150.000 Millions has been enhanced to Rs. 171.931 Millions CC(Hyp) 800 PC/FDBP/FUDBP 250 ILC/FLC 300 Term Loan I 269.31 Term Loan II 100

Fixed Assets:

· Plant And Machinery

· Land

· Buildings

· Office Equipment

· Electrical Equipment

· Lab Equipment

· Machinery Research And Development

· Furniture And Fixtures

· Transport Vehicles

· Cars

· Computers

· Computer Software

AS PER WEBSITE DETAILS

COMPANY PROFILE

Subject is an integrated API manufacturing company. Established in 2000. Today Rakshit has emerged a dependable and strong manufacturer of key APIs and intermediates for global markets. Thanks to its sound base of customers worldwide, Rakshit has established itself as largest producer of Sildenafil Citrate and it aims to be the leader in all products it manufacturers.

Rakshit has the capability of manufacturing APIs and Intermediates in its 2 state-of-the art manufacturing facilities located in Hyderabad and Vishakapatnam, India. Rakshit in recent time has registered excellent growth through its qualified and competent technical team and visionary management.

Vision

To become a dependable partner of choice for pharmaceutical companies across the globe for APIs and Intermediates and to be a leading APIs manufacturing company of India by 2015.

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.55.59
UK Pound	1	Rs.87.34
Euro	1	Rs.70.66

INFORMATION DETAILS

Report Prepared by :

KVT

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.