1. Summary Information

		Country	India
Company Name	Teva Api India Limited	Principal Name 1	Mr. Vijay Kumar Batra
Status	Good	Principal Name 2	Mr. David Kadmon
		Registration #	55-138679
Street Address	M - 34, Saket, New Delhi – 110 017, Delhi, India
Established Date	26.04.2002	SIC Code	--
Telephone#	91-11-204073209	Business Style 1	Manufacturers
Fax #	91-11-204073275	Business Style 2	--
Homepage	--	Product Name 1	Active Pharmaceutical Ingredients (API’s) and Intermediates
# of employees	4 (Approximately)	Product Name 2	--
Paid up capital	Rs.3616,868,000/-	Product Name 3	--
Shareholders	Foreign holdings – 100.00%	Banking	Not Divulged
Public Limited Corp.	No	Business Period	10 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	A (61)
Related Company
Relation	Country	Company Name	CEO
Fellow Subsidiaries :	--	Assia Chemicals Industries limited	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,166,187,000	Current Liabilities	808,948,000
Inventories	2,776,800,000	Long-term Liabilities	1,231,753,000
Fixed Assets	3,462,938,000	Other Liabilities	249,868,000
Deferred Assets	0,000	Total Liabilities	2,290,569,000
Invest& other Assets	631,192,000	Retained Earnings	1,654,345,000
		Net Worth	5,746,548,000
Total Assets	8,037,117,000	Total Liab. & Equity	8,037,117,000
Total Assets (Previous Year)	5,989,647,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	4,944,054,000	Net Profit	532,959,000
Sales(Previous yr)	3,465,449,000	Net Profit(Prev.yr)	156,390,000

MIRA INFORM REPORT

Report Date :

27.03.2012

IDENTIFICATION DETAILS

Name :	TEVA API INDIA LIMITED (w.e.f 17.01.2008)
Formerly Known As :	REGENT DRUGS LIMITED
Registered Office :	M - 34, Saket, New Delhi – 110 017, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.04.2002
Com. Reg. No.:	55-138679
Capital Investment / Paid-up Capital :	Rs.3616.868 Millions
CIN No.: [Company Identification No.]	U74899DL2002PLC138679
TAN No.: [Tax Deduction & Collection Account No.]	DELR07854A
PAN No.: [Permanent Account No.]	AACCR0679R
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturers of Active Pharmaceutical Ingredients (API’s) and Intermediates
No. of Employees :	4 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (61)

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 23000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 :	M -34, Saket New Delhi – 110 017, Delhi, India
Tel. No.:	91-11-204073209
Fax No.:	91-11-204073275
E-Mail :	sunil.sharma@rdlmail.com rkgoel@rdlmail.com sunil.sharma@teva.co.in
Head Office :	13^th Milestone, Delhi Mathura Road, Faridabad – 121 003, Haryana, India
Tel. No.:	91-129-2258945 to 2258945
Fax No.:	91-129-2274362
E-Mail :	onfo@regentdrugs.com
Website:	http://www.regentdrugs.com
Location :	Industrial
Corporate Office :	5 Basel St. Petach Tikva 49131, Israel.
Tel No :	+972-3-9267267
Fax No :	+972-3-9234050
Factory:	Plot No. A-2, A-2, A-2/1,A-2/2, UPSIDC Industrial Area, Gujraula-244 235, District J P Nagar, Uttar Pradesh
Tel. No.:	91-5924-252590 to 252593
Fax No.:	91-59245252314
Area :	26.5 hectors
Location :	Industrial
Administrative Office :	8, Bahadur Shah Zafar Marg, New Delhi – 110 002, India.
Tel. No.:	91-11-23316791 / 23716811 /23716663
Fax No.:	91-11-51509449 / 23350993
International Office :	Teva Pharmaceuticals Curacao N.V. Latin America Representative office Schotegatweg Oost 29 D, Curacao, Netherlands Antilles Tel No: +5999-7366066 Fax No: +5999-7367066 Sicor Latinoamerica S.A. Pharmaceutical, Biogeneric and API development manufacture and marketing Pasaje Interlomas No. 16 - 5to. Piso, Col. San Fernando La Herradura, CP 52784 Huixquilucan, Edo. de Mexico Tel No: +(52)-55-5950-0200 Fax No: +(52)-55-5950-0201 Teva Pharamceutical Pte Limited, Singapore 28 Genting Lane, Platinum 28 #04-03, Singapore 349585, Level 8, KSK Main Building Tel No: +65-6509-0403 Fax No: +65-6509-0413 Teva Pharmaceutical K.K. 3-25-7 Hacchobori, Chuo-ku, Tokyo 104-0032, Japan Tel No: +81-3-5542-8980 Fax No: +81-3-5542-8981 Teva API India Limited Plot No. 2G, 2H, 2I, Udyog Vihar, Greater Noida 201308, India Tel No: 91-120-2351340 / 46 Fax No: 91-120-2351357 Assia Pharmaceuticals Limited Representative office for Kenya Funzi Road, P.O.B. 30620, Nairobi, Kenya Tel No: +254-20-537622 Fax No: +254-20-537628 Teva Pharmaceuticals (Pty) Limited Representative office for South Africa Suite 1, Building 4, Ruimsig Office Park, Hole In One Road, Ruimsig P.O.Box 1590, Ruimsig, 1732, Roodepoort, Gauteng, South Africa Tel No: +27 11 958 0271 Fax No: +27 11 958 0550 Teva Brazil Marketing Offices Teva Farmaceutica Ltda, Rua James Joule, 92, 15 andar, Sao Paulo, 04576-080, Brazil Tel No: +5511 5105 5750 Fax No: +5511 5105 5779 Teva Pharmaceutical Information RSuit 4002, 40/F, Tower 2 Plaza 66, No. 1366 Nanjing Road (W), Shanghai, 200040, China Tel No: +86 21 6091 9500 Fax No: +86 21 6091 9505

DIRECTORS

AS ON 29.10.2010

Name :

Mr. Vijay Kumar Batra

Designation :

Managing Director

Address :

161, Dayanand Vihar, Vikas Marg Extension, Delhi – 110 092, India.

Date of Birth/Age :

13.03.1947

Qualification :

B. Tech

Date of Appointment :

01.08.2003

DIN No.:

00038275

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	U74899DL2002PLC138679	TEVA API INDIA LIMITED.	Managing director	1/8/2009	1/8/2003	Active	NO
2	U73100MH2000PTC130011	TEVA INDIA PRIVATE LIMITED	Director	17/02/2006	17/02/2006	Active	NO
3	U24230DL2003FTC183289	TEVA PHARMACEUTICAL AND CHEMICAL INDUSTRIES INDIA PRIVATE LIMITED	Director	31/08/2009	11/12/2008	Active	NO
4	U33111MH2000FTC129835	TEVAPHARM INDIA PRIVATE LIMITED	Additional director	4/10/2011	4/10/2011	Active	NO

Name :

Mr. David Kadmon

Designation :

Director

Address :

Post Box No. 1371, Ganyavne 70800, Israel

Date of Birth/Age :

31.07.1950

Date of Appointment :

01.08. 2003

DIN No.:

01390876

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	U74899DL2002PLC138679	TEVA API INDIA LIMITED.	Director	1/8/2003	1/8/2003	-	Active	NO
2	U24230DL2003FTC183289	TEVA PHARMACEUTICAL AND CHEMICAL INDUSTRIES INDIA PRIVATE LIMITED	Director	16/11/2007	16/11/2007	13/12/2007	Active	NO

Name :

Mr. Erez Israeli

Designation :

Director

Address :

Tamar 19, Rannana – 75321, Israel

Date of Birth/Age :

21.03.1967

Date of Appointment :

29.12.2005

DIN No.:

01408321

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	U74899DL2002PLC138679	TEVA API INDIA LIMITED.	Director	29/12/2005	29/12/2005	Active	NO
2	U24230DL2003FTC183289	TEVA PHARMACEUTICAL AND CHEMICAL INDUSTRIES INDIA PRIVATE LIMITED	Director	26/09/2008	13/12/2007	Active	NO

Name :

Mr. Kapil Dev Sapra

Designation :

Director

Address :

M -34 Saket New Delhi, Delhi – 110 017, India

Date of Birth/Age :

05.08.1972

Date of Appointment :

10.08.2006

DIN No.:

00130600

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	U24230DL2003FTC183289	TEVA PHARMACEUTICAL AND CHEMICAL INDUSTRIES INDIA PRIVATE LIMITED	Director	9/9/2005	9/9/2005	-	Active	NO
2	U73100MH2000PTC130011	TEVA INDIA PRIVATE LIMITED	Director	22/09/2009	17/02/2006	-	Active	NO
3	U74899DL2002PLC138679	TEVA API INDIA LIMITED	Director	29/09/2006	10/8/2006	-	Active	NO
4	U45400DL2007PTC171573	UDI REALTY INDIA PRIVATE LIMITED	Director	18/12/2007	18/12/2007	-	Active	NO
5	U74140DL2011PTC219099	LONELY PLANET INDIA PRIVATE LIMITED	Director	12/5/2011	12/5/2011	28/09/2011	Active	NO
6	U33111MH2000FTC129835	TEVAPHARM INDIA PRIVATE LIMITED	Additional director	3/8/2011	3/8/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sunil Kumar Sharma
Designation :	Secretary
Address :	13/3A, First Floor, Moti Nagar, New Delhi – 110 015, India.
Date of Birth/Age :	18.07.1970
Date of Appointment :	31.08.2007
Pan No.:	AHZPS2306P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.10.2010

Names of Shareholders (Equity Shares)	No. of Shares
Teva Pharmaceuticals Finance Netherlands B V [1^st Holder] Asher Khatau Sanjay [2^nd Holder]	1
Teva Pharmaceuticals Finance Netherlands B V [1^st Holder] Ramchandran Madhvi [2^nd Holder]	1
Teva Pharmaceuticals Finance Netherlands B V [1^st Holder] Chowdhury Malashree [2^nd Holder]	1
Teva Pharmaceuticals Finance Netherlands B V [1^st Holder] Mehta Shraddha [2^nd Holder]	1
Teva Pharmaceuticals Finance Netherlands B V [1^st Holder] Pardi Wala Armi N [2^nd Holder]	1
Teva Pharmaceuticals Finance Netherlands B V [1^st Holder] Asher Prashant [2^nd Holder]	1
Teva Pharmaceuticals Finance Netherlands B V	20685244
Teva Pharmaceuticals Finance Netherlands B V	55293000
Total	75978250

AS ON 29.10.2010

Names of Shareholders (Preference Shares)	No. of Shares
Teva Pharmaceuticals Finance Netherlands B V	5743500
Teva Pharmaceuticals Finance Netherlands B V	8938350
Teva Pharmaceuticals Finance Netherlands B V	4633000
Total	19314850

AS ON 08.02.2011

Names of Shareholders (Equity Shares)	No. of Shares
Teva Pharmaceuticals Finance Netherlands B V	9256000

AS ON 16.02.2012

Names of Shareholders (Preference Shares)	No. of Shares
Teva Pharmaceuticals Finance Netherlands B V	7182700

AS ON 29.10.2010

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Active Pharmaceutical Ingredients (API’s) and Intermediates

Products :

Product Description	Item Code No.
Clarithromyice	29415000
Simvastatin	29415000
Famcyclovir	29415000

GENERAL INFORMATION

No. of Employees :

4 (Approximately)

Bankers :

Not Divulged

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other External Commercial Borrowings Unsecured	1229.382	1240.232
Other Debt Unsecured	2.371	2.405
Total	1231.753	1242.637

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Associates Chartered Accountants
Address :	Golf View Corporate Tower – 8, Sector 42, Sector Road, Gurgaon – 122002, Haryana, India
PAN No :	AABFC3421N
Holding Company :	· Teva Pharmaceuticals Finance Netherlands B.V.
Ultimate Holding Company :	· Teva Pharmaceuticals Industries Limited, Israel
Fellow Subsidiaries :	· Assia Chemicals Industries limited · Teva API BV · Teva Pharmaceutical and Chemical Industries India Private Limited CIN No: U24230MH2003FTC140276 · Abic Limited, Israel · Teva API International S.A. – Spain · Plus Chemicals SA, Switzerland · Teva Pharmaceuticals Works Company Private Limited, Hungary · Tapi Puerto RICO · Pliva Croatia limited · Pliva Hrvatska limited · Teva PFC Italy · Teva Pharmaceuticals and Chemical (Hangzhou) Company Limited · Plantex Limited, Israel
Enterprises where control over the composition of Governing Body exists	· Teva API India Limited Employees Group Gratuity Fund · Teva API India Limited Employees Group · Superannuation Fund

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital : Rs.7710.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.5258.773 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
76000000	Equity shares	Rs.10/- each	Rs.760.000 Millions
44500000	Preference Shares	Rs.100/- each	Rs.4450.0000 Millions
	Total		Rs.5210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75978300	Equity shares	Rs.10/- each	Rs.759.783 Millions
28570850	Preference Shares	Rs.100/- each	Rs.2857.085 Millions
	Total		Rs.3616.868 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		3616.868	2227.968	1334.133
2] Share Application Money		475.335	463.300	149.460
3] Reserves & Surplus		1654.345	1121.386	964.995
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5746.548	3812.654	2448.588
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1231.753	1242.637	1414.732
TOTAL BORROWING		1231.753	1242.637	1414.732
DEFERRED TAX LIABILITIES		178.906	150.240	84.368
DEFERRED PAYMENT LIABILITIES		0.000	0.000	0.752
TOTAL		7157.207	5205.531	3948.440
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3462.938	2928.102	1646.911
Capital work-in-progress		631.192	250.356	698.245
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2776.800	1686.560	1623.797
	Sundry Debtors	278.709	451.516	823.879
	Cash & Bank Balances	469.853	460.920	730.565
	Other Current Assets	3.887	2.553	95.521
	Loans & Advances	413.738	209.640	200.034
Total Current Assets		3942.987	2811.189	3473.796
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	781.760	453.747	1845.808
	Other Current Liabilities	27.188	271.383
	Provisions	70.962	58.986	24.704
Total Current Liabilities		879.910	784.116	1870.512
Net Current Assets		3063.077	2027.073	1603.284
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7157.207	5205.531	3948.440

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4944.054	3465.449	5269.344
		Other Income	102.078	181.044	136.977
		TOTAL (A)	5046.132	3646.493	5406.321
Less	EXPENSES
		Consumption Materials Changed Inventories	3390.558	2585.227
		Employee Related Expenses	408.663	286.926	4639.869
		Administrative and Selling Expenses	272.203	174.425
		TOTAL (B)	4071.424	3046.578	4639.869
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		974.708	599.915	766.452
Less	FINANCIAL EXPENSES (D)		18.293	20.049	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		956.415	579.866	766.452
Less/ Add	DEPRECIATION/ AMORTISATION (F)		400.820	274.603	174.379
	PROFIT BEFORE TAX (E-F) (G)		555.595	305.263	592.073
Less	TAX (H)		22.636	148.873	110.524
	PROFIT AFTER TAX (G-H) (I)		532.959	156.390	481.549
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1121.386	964.996	483.447
	BALANCE CARRIED TO THE B/S		1654.345	1121.386	964.996
	Earnings Per Share (Rs.)		7.01	2.06	7.25

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.56	4.29	8.90
Net Profit Margin (PBT/Sales)	(%)	11.24	8.81	11.23
Return on Total Assets (PBT/Total Assets}	(%)	7.50	5.32	11.56
Return on Investment (ROI) (PBT/Networth)		0.10	0.08	0.24
Debt Equity Ratio (Total Liability/Networth)		0.37	0.53	1.34
Current Ratio (Current Asset/Current Liability)		4.48	3.59	1.85

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered office of the company has been shifted from “C-215 Defence Colony, New Delhi – 110 024, India” to present address w.e.f. 19.10.2006.

OPERATION

The Company has maintained its growth momentum and expanded further its production capacity at its Gajraula and Malanpur Plants and has also added new products during the year to its ‘product basket’.

The year under report has witnessed a significant increase in the gross sales from INR 3,646 Million to INR 5,046 Million. The net profit has also grown from INR 156 million to INR 532 Million during the year.

The foreign exchange earnings of the Company during the year were INR 47463.452 Millions while the outgoings were INR 2574.476 Millions (largely due to import of raw materials).

The directors are glad to report that the Company has further plans to keep expanding significantly in the years to come in order to expand the range of products and to leverage its cost of operations.

Fixed assets:

· Leasehold Land

· Buildings

· Plant and machinery

· Office equipment

· Furniture and Fittings

· Vehicles

· Leasehold improvements.

· Computer software

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.
UK Pound	1	Rs.
Euro	1	Rs.

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		61

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.