Country	India
Company Name	UNITED BIOTECH PRIVATE LIMITED	Principal Name 1	Mr. Rajiv Kumar
Status	Satisfactory	Principal Name 2	Mrs. Kavita Gakhar
		Registration #	55-84814
Street Address	United House, E-142, Saket, New Delhi – 110 017, India
Established Date	31.01.1997	SIC Code	--
Telephone#	91-11-26855082/ 40651100	Business Style 1	Manufacturer
Fax #	91-11-26855082/ 66607096	Business Style 2	--
Homepage	www.unitedbiotechindia.com	Product Name 1	Formulations
# of employees	--	Product Name 2	Injections
Paid up capital	Rs. 45,363,300/-	Product Name 3	--
Shareholders	Directors or relatives of directors 100.00%	Banking	Oriental Bank of Commerce
Public Limited Corp.	NO	Business Period	15 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (50)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1336,973,000	Current Liabilities	105,648,000
Inventories	218,535,000	Long-term Liabilities	0,000
Fixed Assets	444,144,000	Other Liabilities	105,027,000
Deferred Assets	0,000	Total Liabilities	210,675,000
Invest& other Assets	0,000	Retained Earnings	1743,614,000
		Net Worth	1788,977,000
Total Assets	1,999,652,000	Total Liab. & Equity	1,999,652,000
Total Assets (Previous Year)
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Total Income	1266,664,000	Net Profit	416,850,000
Total Income(Previous yr)	1003,349,000	Net Profit(Prev.yr)	359,462,000

MIRA INFORM REPORT

Report Date :

12.05.2012

IDENTIFICATION DETAILS

Name :	UNITED BIOTECH PRIVATE LIMITED
Registered Office :	United House, E-142, Saket, New Delhi – 110 017
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.01.1997
Com. Reg. No.:	55-84814
Capital Investment / Paid-up Capital :	Rs.45.363 Millions
CIN No.: [Company Identification No.]	U24239DL1997PTC084814
TAN No.: [Tax Deduction & Collection Account No.]	DELU02630F
PAN No.: [Permanent Account No.]	AAACU1839L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products such as formulations, injections etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 7100000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. The financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 :	United House, E-142, Saket, New Delhi – 110 017, India
Tel. No.:	91-11-26855082/ 40651100
Mobile No.:	91-9810906070 (Mr. Sanjeev Kumar)
Fax No.:	91-11-26855082/ 66607096
E-Mail :	ubpl@del3.vsnl.net.in ubpl@del3.vsnl.net.in accounts@unitedbiotechindia.com administration@unitedbiotechindia.com
Website :	www.unitedbiotechindia.com
Area :	50000 sq ft
Location :	Owned (by company)
Corporate Office :	Plot – F, C-Block, B-1 Mohan Co-operative Industrial Estate, Mathura Road, New Delhi – 110044
Tel. No.:	91-11-40651100/ 66607095/ 66403098/ 99/ 26940762
Fax No.:	91-11-66607096/ 66607091
E mial:	ubpl@vsnl.com
Location :	Industrial
Factory :	Bagbania, Baddi, Nalagarh Road, District Solan – 174 101, Himachal Pradesh, India
Te. No.:	91-1795-236904/5/6
Fax No.:	91-1795-236604
E-Mail :	plant@unitedbiotechindia.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Rajiv Kumar

Designation :

Whole Time Director

Address :

E-142, Saket, Delhi – 110 017, India

Date of Birth/Age :

09.04.1963

Qualification :

Bachelor in Pharma

Date of Appointment :

31.01.1997

DIN No.:

00073944

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	U24239DL1997PTC084814	UNITED BIOTECH PRIVATE LIMITED	Whole-time director	22/04/2008	31/01/1997	-	Active	NO
2	U24233DL2010PTC199814	SORGEN HEALTHCARE PRIVATE LIMITED	Director	8/3/2010	8/3/2010	-	Active	NO
3	U24297DL2011PTC227673	UMANO HEALTHCARE PRIVATE LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO

Name :

Mrs. Kavita Gakhar

Designation :

Whole Time Director

Address :

E-142, Saket, Delhi – 110 017, India

Date of Birth/Age :

11.10.1970

Qualification :

MA

Date of Appointment :

01.08.2002

DIN No.:

00073976

Other directorships :

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	U24239DL1997PTC084814	UNITED BIOTECH PRIVATE LIMITED	Whole-time director	1/8/2007	1/8/2002	-	Active	NO
2	U24233DL2010PTC199814	SORGEN HEALTHCARE PRIVATE LIMITED	Director	8/3/2010	8/3/2010	-	Active	NO
3	U24297DL2011PTC227673	UMANO HEALTHCARE PRIVATE LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO

Name :

Name :

Mrs. Kailash Devi Dhalu Ram Girdhar

Designation :

Whole Time Director

Address :

E-142, Saket, Delhi – 110 017, India

Date of Birth/Age :

05.01.1937

Qualification :

MA

Date of Appointment :

01.05.2002

DIN No.:

 00074289

Other directorships :

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	U27101DL1981PTC012739	SUBHAM UDYOG PRIVATE LIMITED	Director	6/6/2001	6/6/2001	-	Active	NO
2	U24239DL1997PTC084814	UNITED BIOTECH PRIVATE LIMITED	Whole-time director	22/04/2008	1/5/2002	-	Active	NO
3	U24231DL2011PTC227688	FELIZ LIFECARE PRIVATE LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO

Name :

Mr. Sanjeev Kumar

Designation :

Whole-time Director

Address :

E-142, Saket Malviya Nagar, Delhi – 110 017, India

Date of Birth/Age :

26.09.1966

Qualification :

B. Pharma

Date of Appointment :

02.04.2007

DIN No.:

01691559

Other directorships :

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	U24239DL1997PTC084814	UNITED BIOTECH PRIVATE LIMITED	Whole-time director	2/4/2007	2/4/2007	-	Active	NO
2	U27101DL1981PTC012739	SUBHAM UDYOG PRIVATE LIMITED	Director	27/03/2008	27/03/2008	-	Active	NO
3	U24231DL2011PTC227688	FELIZ LIFECARE PRIVATE LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rajiv Kumar	59233
Kailash Devi	59233
Kavita	59234
Ashwani Kumar	59233
Monika	59233
Sanjeev Kumar	98233
Preeti Gakhar	59234
Total	453633

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceutical Products such as formulations, injections etc.
Products :	SOL-U-PRED Mucosys 20% Noralian Aminess-N Umanalbumin 20% Immunorho 300 Isiven V.L. Amphotin Pipralin Taxin NEW RANGE Aprotec Azom Bioglandin Dobutam Follitec Gavir Menotec Milron Noxaparin Otide Streptonase Tecoplan T-pressin

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Oriental Bank of Commerce, Hauz Khas Branch, New Delhi Standard Chartered Bank ICICI Bank Limited HDFC Bank

Banking Relations :	--
Auditors :
Name :	VPGS and Company Chartered Accountant
Address :	3208, II Floor, Mahindra Park, New Delhi-110034, India
PAN.:	AAGFA7822G

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
453633	Equity Shares	Rs.100/- each	Rs.45.363 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		45.363	45.363	45.363
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1743.614	1236.919	809.765
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1788.977	1282.282	855.128
LOAN FUNDS
1] Secured Loans		0.000	0.000	1.529
2] Unsecured Loans		0.000	0.000	4.200
TOTAL BORROWING		0.000	0.000	5.729
DEFERRED TAX LIABILITIES		1.268	1.425	1.837
TOTAL		1790.245	1283.707	862.694
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		444.144	441.043	459.201
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	218.535	187.193	174.717
	Sundry Debtors	185.510	200.319	163.893
	Cash & Bank Balances	812.299	430.636	97.138
	Other Current Assets	117.976	83.617	81.368
	Loans & Advances	221.188	130.262	35.601
Total Current Assets		1555.508	1032.027	552.717
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	50.764
	Other Current Liabilities	105.648	116.045	57.204
	Provisions	103.759	73.539	41.698
Total Current Liabilities		209.407	189.584	149.666
Net Current Assets		1346.101	842.443	403.051
MISCELLANEOUS EXPENSES		0.000	0.221	0.442
TOTAL		1790.245	1283.707	862.694

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	1266.664	1003.349	810.229
Less	EXPENSES
		Differed Revenue Expenditure Written off	0.221	0.221
		Other Expenditure	770.251	596.884
		TOTAL	770.472	597.105
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		496.192	406.244	476.903 (Including Depreciation )
Less/ Add	DEPRECIATION/ AMORTISATION		24.260	26.566
	PROFIT BEFORE TAX		520.452	432.589	333.327
Less	TAX		103.602	73.127	42.05
	PROFIT AFTER TAX (G-I)		416.850	359.462	291.277
Add	TAX Paid U/S 115JB (MAT) Carried Forward		89.845	67.692	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1236.919	809.765	484.360
	BALANCE CARRIED TO THE B/S		1743.614	1236.919	809.765
	Earnings Per Share (Rs.)		918.91	--	642.10

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	32.90	35.82	35.95
Return on Total Assets (PBT/Total Assets}	(%)	26.02	29.37	32.94
Return on Investment (ROI) (PBT/Networth)		0.29	0.34	0.39
Debt Equity Ratio (Total Liability/Networth)		0.12	0.15	0.18
Current Ratio (Current Asset/Current Liability)		7.43	5.44	3.69

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	Yes
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	No
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	No
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

Bankers Charges Report as per Registry

Corporate identity number of the company	U24239DL1997PTC084814
Name of the company	UNITED BIOTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	E-142, Saket, New Delhi – 110 017, India administration@unitedbiotechindia.com
This form is for	Creation of Charge
Type of charge	Others (Machinery and Equipment )
Particular of charge holder	Government of Himachal Pradesh, Director of Industries, Through Deputy Director of Industries, Single Window, Clearance Agency, Nalagarh-173211, Himachal Pradesh, India
Nature of instrument creating charge	· Agreement of hypothecation for central capital investment subsidy · Agreement for availing Central Capital Investment Subsidy
Date of instrument Creating the charge	21.07.2009
Amount secured by the charge	Rs. 3.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge: To the extent of charge created
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All Machinery and Equipments belonging to the industrial concern lying at the site at Village Tehilwal Dhana, Baddi Nalagarh Road, P.O. Manpura, District Solan, Himachal Pradesh, India

BUSINESS OPERATION:

This year had been marked as a year of outstanding commercial productions of Baddi unit/ factory of the Company and the Company has performed well in export market as well.

The members may note that the new Lyophilizer (Machinery used for manufacturing Lyophilized Injections) acquired by the Company during the previous year has already been installed and production has bee commenced.

The Company is undertaking major expansion of plant and machinery in the existing unit at Bagbania, Baddi-Nalagarh and expecting the completion of these expansions within this financial year.

The export turnover of the Company has been tremendously increased by 10 times to Rs. 35.550 Millions against the previous year’s export turnover amounting to Rs. 3.546 Millions. The major export markets are Sri Lanka , Philippines, Dominican Republic, Cuba, Nepal , Costarica etc.

Sri Lanka has proved to be potential market for their export strategy. The Company is having major contracts with the Government of Sri Lanka for supply of various medicines.

The Company has already registered its products in Philippines market and continuously distributing these products in that country.

The Company started its own direct marketing operations in Nepal and efforts are underway for the rapid growth of sale of their products in that country.

The Company has already submitted the Dossiers for registering products at Mexico and the registration is on final stages. The Directors are keenly making efforts to get the registration of various products of the Company in Russia as well as major African Countries.

New Products launched

Ertapenem Injection, Cyclosporin Softgelatin Capsules, Cefepime Injection, Cefepime + Tazobactam Injection, Ceftazidime + Tazobactam Injection, Ceftriaxone + Tazobactam Injection, Tigecycline Injection, etc.

New products in pipeline

Phenylephrine Injection, Protamine Sulphate Injection, Methotrexate Tablets, Nicardipine Injection (for Export), Nitroglycerine Tablets (for Export) etc.

FIXED ASSETS:

• Land
• Factory Building
• Plant and Machinery
• Electrical Installation
• Furniture and Fixture
• Vehicles
• Computers
• Office Equipment
• Capital Work in Progress

WEBSITES DETAILS:

PROFILE:

After two decades of marketing and industry experiences in various sectors of the Healthcare Industry, a revolutionary movement called "UNITED BIOTECH" was born in 1997 out of the United Group of Companies. The company is spearheaded by a group of pharma professionals who have more than two decades of marketing experience in various multinational pharma companies and have a revolutionary zeal to excel, firmly committed to bring in only the best products and only those that surpasses their strict internal quality assessments.

United Biotech has been a trend setter of new standards and is among the fastest growing companies in the Indian pharmaceutical Industry. In a span of 12 years it has established an enviable reputation and track record for adopting latest manufacturing technologies, introducing world-class quality of products, ground breaking Research and Development efforts in association with its foreign counterparts and for setting new standards of customer service.

United Biotech has carved out a distinct niche for itself as a pioneer company introducing new products to the Indian Pharmaceutical Industry year after year. United Biotech is evolving as an unique entity in the Indian pharmaceutical Industry with a significant number of International tie ups. United Biotech currently has 6 divisions with a combined sales force comprising of 500+ people based all over the country. With already a successful track record in the domestic market it is now agressively gearing up towards exports.

In the emerging pharma industry trends of this century based on new technologies United Biotech fully recognizes that its innovative product development must be fully complemented with cost effective therapeutic solutions to address the objectives of the better informed medical fraternity.To achieve this the company has harnessed all its strengths to create a synergy continuously creating and nurturing high quality products and technologies.

AS WEBSITES DETAILS

Important Milestones Achieved

1998 - In- Licensing and Marketing Tie Up With

Esseti Farmaceutici S.p.a – Italy

1999 - In- Licensing and Marketing Tie Up With Kamada Limited. – Israel

1999 - In- Licensing and Marketing Tie Up With Crinos Spa – Italy

2000 - In- Licensing and Marketing Tie Up With Recip Ab – Sweden

2001 - In- Licensing and Marketing Tie Up With Laboratorios Eron S.a. - Cuba

2002 - In- Licensing and Marketing Tie Up With Fada Pharma S.a –Argentina

2003 - In- Licensing and Marketing Tie Up With Finnish Redcross Blood Transfusion Service, Finland

2003 - Outsourcing Division Launched and Contract Manufacturing Agreement with Various Manufacturers Signed

2003 - Launching of Critical Care Division

2004 - In- Licensing and Marketing Tie Up With Affinity Gmbh – Germany

2004 - In- Licensing and Marketing Tie Up With Kedrion S.p.a – Italy

2004 - In- Licensing and Marketing Tie Up With Hardis S.p.a – Italy

2006 - Launching of Specialty Division

2006 - In- Licensing and Marketing Tie Up With Blausiegel – Brazil

2006 - Inauguration of New State of the Art Plant

2006 - Plant gets ISO 9001:2000 Certification

2007 - Plant gets WHO-GMP approval

2007 - Launching of Oncology Division

2007 - Launching of Hygea Division

2007 - Launching of Copas Division (Cardiac Care Division)

2007 - Launching of Rinon Division (Nephro Care Division)

2007 - Launching of Export Division (International Market)

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 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.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Report Prepared by :

DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.