MIRA INFORM REPORT

Report Date :

08.11.2012

1. Summary Information

		Country	India
Company Name	BDR PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED	Principal Name 1	Mr. Dharmesh Mahendra Shah
Status	Good	Principal Name 2	Mr. Vijay Chabildas Shah
		Registration #	11-137329
Street Address	407-408, Sharda Chambers, New Marine Lines, Mumbai – 400 020, Maharashtra
Established Date	24.09.2002	SIC Code	--
Telephone#	91-22-40560560 (30 Lines)	Business Style 1	Manufacturer
Fax #	91-22-40560555	Business Style 2	Trader
Homepage	http://www.bdrpharma.com	Product Name 1	Pharmaceutical Raw Material
# of employees	35 (Approximately)	Product Name 2	--
Paid up capital	Rs.5,000,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors 100.00%	Banking	IDBI Bank
Public Limited Corp.	No	Business Period	10 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (51)
Related Company
Relation	Country	Company Name	CEO
Associates	--	B K Life sciences Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	797,005,000	Current Liabilities	659,589,000
Inventories	84,225,000	Long-term Liabilities	23,410,000
Fixed Assets	9,680,000	Other Liabilities	58,700,000
Deferred Assets	000	Total Liabilities	741,699,000
Invest& other Assets	74,966,000	Retained Earnings	219,177,000
		Net Worth	224,177,000
Total Assets	965,876,000	Total Liab. & Equity	965,876,000
Total Assets (Previous Year)	823,886,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	NA	Net Profit	48,115,000
Sales(Previous yr)	915,159,000	Net Profit(Prev.yr)	32,968,000

IDENTIFICATION DETAILS

Name :	BDR PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED
Registered Office :	407-408, Sharda Chambers, New Marine Lines, Mumbai – 400 020, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.09.2002
Com. Reg. No.:	11-137329
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U24230MH2002PTC137329
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11832C MUMB10340B
PAN No.: [Permanent Account No.]	AABCB9286B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Pharmaceutical Raw Material, they do Manufacturing through Job Work.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 896000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. 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 – 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Rajesh Massani
Designation :	Accounts Manager
Contact No.:	91-9821231797

LOCATIONS

Registered Office / Corporate Head Quarter :	407-408, Sharda Chambers, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-40560560 (30 Lines)
Mobile No.:	91-9821231797 (Mr. Rajesh Massani)
Fax No.:	91-22-40560555
E-Mail :	bdrpharma@vsnl.net enquiry@bdrpharma.com vkmassociates@gmail.com
Website :	http://www.bdrpharma.com
Area :	1000 sq ft
Location :	Owned
Administrative Office / Factory 1 :	603-A, Dalmal Chambers, 29 New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-66346502/ 66346503
Warehouse :	Located at Bhiwandi, Near Bhavna Road, Purna Village
Area :	3000 sq ft
Location :	Leased
Regional Office :	LOCATED AT: v Ahmedabad
Factory / Sites :	ALSO LOCATED AT: v Surat v Baroda

DIRECTORS

AS ON 30.09.2012

Name :

Mr. Dharmesh Mahendra Shah

Designation :

Managing Director

Address :

2301, Sterling Towers, H.G. Marg, Gamdevi, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

15.03.1966

Qualification :

Chemical Engineer

Date of Appointment :

24.09.2002

Din No.:

00452961

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	U24110MH1988PTC048981	SUNSHINE ORGANICS PRIVATE LIMITED	Director	15/11/1988	15/11/1988	Active	NO
2	U24230GJ1994PTC021189	VIRDEV INTERMEDIATES PRIVATE LIMITED	Director	12/11/2000	12/11/2000	Active	NO
3	U51397MH2002PTC136753	BINI CHEMICALS AND PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED	Director	07/08/2002	07/08/2002	Active	NO
4	U24230MH2002PTC137329	BDR PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED	Director	24/09/2002	24/09/2002	Active	NO
5	U24234MH1993PLC072947	LYKA BDR INTERNATIONAL LIMITED	Director	17/10/2003	17/10/2003	Active	NO
6	U24230MH2003PTC143625	INNOVA LIFE SCIENCES PRIVATE LIMITED	Director	23/12/2003	23/12/2003	Active	NO
7	U24230GJ1993PTC020258	BDR LIFESCIENCES PRIVATE LIMITED	Director	14/04/2005	14/04/2005	Active	NO
8	U24239MH2006PTC164688	BK LIFE SCIENCES PRIVATE LIMITED	Director	18/09/2006	18/09/2006	Active	NO

Name :

Mr. Vijay Chabildas Shah

Designation :

Director

Address :

501, Panchsheel, 5^th Floor, ‘C’ Road, Churchgate, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

19.02.1945

Date of Appointment :

05.01.2004

Din No.:

00453308

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	U24231GJ1982PTC005451	MEPRO PHARMACEUTICALS PRIVATE LIMITED	Whole-time director	13/10/2012	31/08/1982	Active	NO
2	U24231GJ1987PTC009899	MIDLAND PHARMACEUTICALS PRIVATE LIMITED	Director	17/08/1987	17/08/1987	Active	NO
3	U24230MH2002PTC137329	BDR PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED	Director	05/01/2004	05/01/2004	Active	NO

Name :

Mr. Tejas Vijay Shah

Designation :

Director

Address :

Room No. A29 B 51-52, Lalsing Building, 6 Lohar Chawl, 4^th Floor, Kalbadevi, Mumbai – 400 002, Maharashtra, India

Date of Birth/Age :

11.08.1978

Date of Appointment :

16.01.2008

Din No.:

01862033

Name :

Mr. Raheel Dharmesh Shah

Designation :

Director

Address :

2301, Sterling Towers, H.G. Marg, Gamdevi, Mumbai – 400 007, Maharashtra , India

Date of Birth/Age :

20.01.1990

Date of Appointment :

27.07.2011

Din No.:

03582861

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	U24230MH2002PTC137329	BDR PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED	Director	27/07/2011	27/07/2011	Active	NO
2	U24230GJ1993PTC020258	BDR LIFESCIENCES PRIVATE LIMITED	Director	29/07/2011	29/07/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh Massani
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Names of Shareholders	No. of Shares
Dharmesh Mahendra Shah	4900
Binita Dharmesh Shah	347900
Sharmishta Mahendra Shah	147000
Vijay Chabildas Shah	100
Suresh Chabildas Shah	100
TOTAL	500000

AS ON 30.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Pharmaceutical Raw Material, they do Manufacturing through Job Work.
Products :	· API · Finished Formulations · Lyphilised Products · Biotech Products · Intermediate Products

GENERAL INFORMATION

Suppliers :

v Rantus Pharma Private Limited

v R.B. Pharmaceuticals S.A.S.

v RPG Life Sciences Limited, Mumbai

v Shilpa Medicare Limited (L.L.)

v Suman Lifescience (L.L)

v Vital Laboratories Private Limited

v Zhuhai United Laboratories Company Limited

v Virdev Intermediates Private Limited, Surat

v Sharon Bio-Medicine Limited

v Vinayak Printers

v Scube Pharmachem Limited

Customers :

v Alkem Laboratories

v Ankur Drugs and Pharma Limited

v Celon Laboratories Limited

v Delta Farma SA

v Dr. Reddy’s Laboratories Limited

v Cadila Healthcare Limited

v Chem Pharm

v LAD Aspen S.A.

v Suman Life Sciences

v Sanco Chemicals Private Limited

v Ranbaxy Laboratories Limited, Delhi

v Maple Pharmaceuticals Private Limited

v Lupin Limited, Bangalore

v Lupin Limited, Nagpur

v Lupin Limited R and D

v Lyka Labs Limited (DR)

v Orbit Impex

No. of Employees :

35 (Approximately)

Bankers :

v ABN Amro Bank N.V., 7^th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra, India

v IDBI Bank, Warden Road Branch, Mumbai – 400 026, Maharashtra, India

v Royal Bank of Scotland, Fort, Mumbai, Maharashtra, India

Facilities :

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans	23.410	9.596
TOTAL	23.410	9.596

Banking Relations :	--
Auditors :
Name :	Lalit Mehta and Company Chartered Accountants
Address :	101, Apollo Arcade, R.K. Singh Marg, Off P.P. Road, Andheri (East), Mumbai – 400 069, Maharashtra, India
Tel. No.:	91-22-28395987
PAN No:	AABPM6331K
Associates :	· Mepro Laboratories · Mepro Pharmaceuticals Private Limited · M J Chempharm Private Limited · Virdev Intermediates Private Limited · B K Life sciences Private Limited · Sunshine Organics Private Limited · Innova Life sciences Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		219.177	171.109	137.804
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		224.177	176.109	142.804
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		23.410	9.596	12.837
TOTAL BORROWING		23.410	9.596	12.837
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		247.587	185.705	155.641
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.680	6.036	3.023
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		74.966	74.775	74.775
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	84.225	116.864	28.335
	Sundry Debtors	444.018	427.039	339.794
	Cash & Bank Balances	279.495	157.096	98.393
	Other Current Assets	0.000	0.000	0.205
	Loans & Advances	73.492	42.076	70.540
Total Current Assets		881.230	743.075	537.267
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	659.589	599.452	401.768
	Other Current Liabilities	0.000	4.920	0.000
	Provisions	58.700	33.809	57.656
Total Current Liabilities		718.289	638.181	459.424
Net Current Assets		162.941	104.894	77.843
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		247.587	185.705	155.641

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		915.159	791.402
		Other Income		22.741	24.116
		TOTAL (A)	NA	937.900	815.518
Less	EXPENSES
		Cost of Materials		868.224	618.512
		Operating and Other Expenses		95.555	135.870
		Preliminary Expenses		0.000	0.000
		Increase/(Decrease) in Finished Goods		(88.529)	11.203
		TOTAL (B)	NA	875.250	765.585
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			62.650	49.933
Less	FINANCIAL EXPENSES (D)			6.367	7.294
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			56.283	42.639
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	0.733	0.469
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		73.069	55.550	42.170
Less	TAX (H)		24.954	22.582	15.125
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		48.115	32.968	27.045
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	137.803	110.758
	BALANCE CARRIED TO THE B/S		NA	170.771	137.803
	EARNINGS IN FOREIGN CURRENCY
		Export of Materials	640.772	488.403	400.640
	TOTAL EARNINGS		640.772	488.403	400.640
	Earnings / (Loss) Per Share (Rs.)		96.23	65.94	54.09

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	3.52	3.32
Net Profit Margin (PBT/Sales)	(%)	NA	6.07	5.33
Return on Total Assets (PBT/Total Assets}	(%)	8.20	7.42	7.81
Return on Investment (ROI) (PBT/Networth)		0.33	0.32	0.30
Debt Equity Ratio (Total Liability/Networth)		3.31	3.68	3.30
Current Ratio (Current Asset/Current Liability)		1.23	1.16	1.17

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two 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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The Registered Office of the company has been change from 603-A, Dalamal Chambers, New Marine Lines, 6^th Road, Mumbai – 400 020, Maharashtra to the present address w.e.f. 01.11.2007.

FIXED ASSETS:

v Air Conditioner

v Air Conditioner (Ahmedabad)

v Computers

v Motor Car

v Office Equipment

v Computer Software

v Xerox Machine

v Computer Software

v Air Cooler

v Furniture and Fixture

v Furniture and Fixture (Ahmedabad)

v Printer

v Television Set

v Plant and Machinery

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 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.54.25
UK Pound	1	Rs.87.00
Euro	1	Rs.69.83

INFORMATION DETAILS

Report Prepared by :

TPT

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	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.