MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	PASCHIM CHEMICALS PRIVATE LIMITED
Registered Office :	54D, Kandivali Industrial Estate, Kandivali (West), Mumbai - 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.11.1988
Com. Reg. No.:	11-049483
Capital Investment / Paid-up Capital :	Rs.14.082 Millions
CIN No.: [Company Identification No.]	U24110MH1988PTC049483
TAN No.: [Tax Deduction & Collection Account No.]	MUMP16196F
PAN No.: [Permanent Account No.]	AAACP2270J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Sale Drugs Intermediates, Allopathic Pharmaceuticals Preparations, Conversion Charges of Chemicals.
No. of Employees :	150 (Approximately)

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 610000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of IPCA group, listed pharmaceutical company having fine track. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as 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 – 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.

LOCATIONS

Registered Office :	54D, Kandivali Industrial Estate, Kandivali (West), Mumbai-400067, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	harish.kamath@ipca.com mary@ipca.co.in
Factory :	G-6, MIDC, Waluj, Aurangabad, Maharashtra, India
Tel. No.:	91-240-2554598
Fax No.:	91-240-2564426

DIRECTORS

As on 25.06.2012

Name :

Mr. Jeevanlal Basantilal Nagori

Designation :

Director

Address :

1004-D Wing, Panchsheel Heights, Mahavir Nagar, Dahanukarwadi, Mumbai – 400 067, Maharashtra, India

Date of Birth/Age :

10.08.1960

Date of Appointment :

19.03.1999

DIN No.:

00017939

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	U24120MH1982PTC026894	ELLORA ORGANIC INDUSTRIES PRIVATE LIMITED	Director	26-04-96	26-04-96	30-03-08	Active	NO
2	U24110MH1988PTC049483	PASCHIM CHEMICALS PRIVATE LIMITED	Director	19-03-99	19-03-99	-	Active	NO
3	U24211MH1988PTC045776	EXON LABORATORIES PRIVATE LIMITED	Director	31-01-02	31-01-02	-	Active	NO
4	U74140GJ2005PTC045721	JLN CORPORATE SERVICES PRIVATE LIMITED	Director	18-03-05	18-03-05	-	Active	NO
5	L99999GJ1992PLC018156	TONIRA PHARMA LIMITED	Director	31-07-09	31-10-08	-	Amalgamated	NO
6	U85100MH2007PTC170959	IPCA TRADITIONAL REMEDIES PRIVATE LIMITED	Director	02-08-12	26-03-12	-	Active	NO

Name :

Mr. Rajesh Umraomal Jain

Designation :

Additional Director

Address :

701 Meri Gold-D Valley of Flowers, Thakur Village, Behind Gokul Concord, Kandivali (East), Mumbai-400101, Maharashtra, India

Date of Birth/Age :

01.07.1964

Date of Appointment :

17.06.2011

DIN No.:

02199966

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	U24120MH1982PTC026894	ELLORA ORGANIC INDUSTRIES PRIVATE LIMITED	Additional director	14-01-08	14-01-08	-	Active	NO
2	U85100MH2007PTC170959	IPCA TRADITIONAL REMEDIES PRIVATE LIMITED	Additional director	02-03-09	02-03-09	30-04-09	Active	NO
3	U51909WB2004PTC100423	SHREYA TIE UP PRIVATE LIMITED	Director	15-08-09	15-08-09	-	Amalgamated	NO
4	U28129MH1985PTC035974	NIPRA PACKAGING PRIVATE LIMITED	Director	24-01-11	24-01-11	-	Active	NO
5	U24110MH1988PTC049483	PASCHIM CHEMICALS PRIVATE LIMITED	Director	17-06-11	22-05-11	-	Active	NO
6	U15511GA2009PTC006160	FORTUNE DISTILLERS AND VINTNERS PRIVATE LIMITED	Additional director	01-11-11	01-11-11	-	Active	NO

Name :

Mr. Pradeepkumar Bhargavan Nair

Designation :

Additional Director

Address :

A - 105, Nikita Apartment, Opposite Shimpoli Tele Exchange, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

07.04.1965

Date of Appointment :

02.07.2012

DIN No.:

05315280

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.06.2012

Names of Shareholders	No. of Shares
Mexin Medicements Private Limited, India	7623
IPCA Laboratories Limited, India	63690
Kaygee Investment Private Limited, India	39098
Exon Laboratories Private Limited, India	4500
Makers Laboratories Limited, India	25000
Usha Premchand Godha	900
Ajitabh Bachchan	2
Nirmal G Jain	2
Total	140815

As on 25.06.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	99.36
Others	0.64
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Sale Drugs Intermediates, Allopathic Pharmaceuticals Preparations, Conversion Charges of Chemicals.

Products :

Product Description	Item Code No. (ITC No.)
BCFI	2942-00
DSA and Lasamide	29225090

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Drug Intermediates	Tones	180.00	304.34

Note:

1. Installed capacity being of a technical nature is not verified by the auditors.

2. The company has manufactured 44.45 MT on job work basis during the year.

3. Production includes 248.006 MT manufactured by third party on job work basis.

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

· Axis Bank Limited, Credit Management Centre, Unit-6, Corporate Park, Sion, Trombay Road, Chembur, Mumbai-400071, Maharashtra, India

· Axis Bank Limited, Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad-380006, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan from Axis Bank Limited	7.500	17.500
From Bajaj Finance Limited	25.000	0.000
Total	32.500	17.500
Security for Loans: Secured by hypothecation of Movable Fixed Assets of the Company and collateral security by way of hypothecation of Inventory, Book Debts and pledge of shares held by the Company. Terms of Repayment: Repayable in 16 equal quarterly installments from 31st March, 2010. Security for Loans: Secured by pledge of shares held by the Company.
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Loans & advances from related parties
From Ipca Laboratories Limited	0.000	37.710
Total	0.000	37.710

Banking Relations :	--
Auditors :
Name :	G R Mantri and Associates Chartered Accountants
Address :	F – 106, Son Marg, Opposite Bajaj Hall, S V Road, Malad (West), Mumbai – 400 064, Maharashtra, India
Tel. No.:	91-22-22663342
Fax No.:	91-22-22660267
E-Mail :	jainbl@hotmail.com
PAN.:	AADPM9263A
Entities Where Control Exists	Kaygee Investment Private Limited
Associates :	Ipea Laboratories Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
140815	Equity Shares	Rs.100/- each	Rs.14.082 Millions

Reconciliation of number of shares

Particular	No. of shares	Rs. In Millions
Shares outstanding at the beginning of the Year	140,815	14.082
Shares Issued during the year	--	--
Shares outstanding 'at the end of the year	140.815	14.082

Details of Shareholding in excess of 5%

Particular	Number of shares Held	Percentage
Kaygee Investments Private Limited	39,098	27.77%
Ipca Laboratories Limited	63,690	45.23%
Mexin Medicaments Private Limited	7,623	5.41%
Makers Laboratories Limited	25,000	17.75%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		14.082	14.082	14.082
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		140.085	107.242	80.714
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		154.167	121.324	94.796
LOAN FUNDS
1] Secured Loans		32.500	17.500	63.428
2] Unsecured Loans		0.000	37.710	0.000
TOTAL BORROWING		32.500	55.210	63.428
DEFERRED TAX LIABILITIES		12.699	12.309	11.900
TOTAL		199.366	188.843	170.124
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		83.069	76.510	65.470
Capital work-in-progress		6.426	0.976	0.000
INVESTMENT		95.846	95.846	95.846
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	77.452	43.327	32.907
	Sundry Debtors	23.959	0.514	1.598
	Cash & Bank Balances	2.319	1.653	5.015
	Other Current Assets	1.308	1.419	0.000
	Other Non-Current Assets	0.000	0.183	0.000
	Loans & Advances	12.126	48.632	24.795
Total Current Assets		117.164	95.728	64.315
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	81.500	24.735	27.253
	Other Current Liabilities	20.450	53.131	27.694
	Provisions	1.189	2.351	0.560
Total Current Liabilities		103.139	80.217	55.507
Net Current Assets		14.025	15.511	8.808
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		199.366	188.843	170.124

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	340.815	240.965	184.740
		Other Income	21.270	18.075	14.545
		TOTAL (A)	362.085	259.040	199.285
Less	EXPENSES
		Cost of Materials Consumed	261.311	164.917
		Purchase of Stock-in-Trade	0.030	0.015
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	(21.531)	1.551	159.702
		Employee Benefit Expenses	23.008	18.221
		Other Expenses	41.396	28.959
		Loss/(Gain) on Foreign Exchange Transactions	0.324	0.855
		TOTAL (B)	304.538	214.518	159.702
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		57.547	44.522	39.583
Less	FINANCIAL EXPENSES (D)		9.045	6.832	7.747
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48.502	37.690	31.836
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.998	5.153	4.784
	PROFIT BEFORE TAX (E-F) (G)		42.504	32.537	27.052
Less	TAX (H)		9.661	6.009	5.719
	PROFIT AFTER TAX (G-H) (I)		32.843	26.528	21.333
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.242	10.714	9.381
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	30.000	20.000
	BALANCE CARRIED TO THE B/S		40.085	7.242	10.714
	IMPORTS
		Raw Materials	30.721	34.252	27.006
		Capital Goods	0.000	1.334	0.000
	TOTAL IMPORTS		30.721	35.586	27.006
	Earnings Per Share (Rs.)		233.24	188.39	151.50

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.07	10.24	10.70
Net Profit Margin (PBT/Sales)	(%)	12.47	13.50	14.64
Return on Total Assets (PBT/Total Assets}	(%)	21.23	18.89	20.84
Return on Investment (ROI) (PBT/Networth)		0.28	0.27	0.29
Debt Equity Ratio (Total Liability/Networth)		0.88	1.12	1.25
Current Ratio (Current Asset/Current Liability)		1.14	1.19	1.16

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	No
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	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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS:

The Sales and other income from operations of the Company for the financial year were Rs.362.085 Millions as compared to Rs.259.040 Millions for the previous year.

The operations of the financial year under report have resulted in a profit after tax of Rs. 32.843 Millions as against profit after tax of Rs. 26.528 Millions in the previous financial year.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

Rs. In Millions

Particular	31.03.2012	31.03.2011
Corporate Guarantee given to Axis bank Limited for the various credit facilities sanctioned by Axis Bank Limited to Exon Laboratories Private Limited	Nil	295.000
Estimated amount of contracts remaining to be executed on capital account.	0.038	0.229

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24110MH1988PTC049483
Name of the company	PASCHIM CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	54D, Kandivali Industrial Estate, Kandivali (West), Mumbai - 400067, Maharashtra, India hata.mehta@ipca.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80052981
Type of charge	· Book Debts · Movable Property (not being pledge)
Particular of charge holder	Axis Bank Limited, Credit Management Centre, Unit-6, Corporate Park, Sion, Trombay Road, Chembur, Mumbai-400071, Maharashtra, India aslam.merchant@axisbank.com
Nature of instrument creating charge	Link Document for Earmarking of Limit and Interchangeability dated 17^th January, 2011.
Date of instrument Creating the charge	17.01.2011
Amount secured by the charge	Rs.40.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the Sanction Letter. Terms of Repayment As per the Sanction Letter. Margin As per Bank Guidelines Extent and Operation of the charge Exclusive First Charge by way of hypothecation charge of Stock and Book Debts, both present and future. Extension of charge on moveable Fixed Assets of the company, both present and future. Pledge of shares of IPCA Laboratories Limited for 150% of the exposure.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive First charge by way of Hypothecation charge of Stock and Book Debts, both present and Future. Extension of charge on moveable Fixed Assets of the company, both present and future. Pledge of shares of Ipca Laboratories Limited for 150% of the exposure.
Particulars of the present modification	By present modification dated 17.01.2011, the charge by way of Excl. 1st hypothecation charge of Stock and Book debts, both present and future and extn of charge on moveable fixed assets of the Company, both present and future has been extended for reconversion of FCTL of Rs.40.000 Millions to Rupee term loan with present outstanding of Rs.32.500 Millions and availment of the same in Indian Rupee as sanctioned by the bank, the security remains unchanged.

FIXED ASSETS:

• Leasehold Land
• Factory Building
• Plant and Machinery
• Effluent Treatment Plant
• Furniture and Fixtures
• Vehicles

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.54.34
UK Pound	1	Rs.86.97
Euro	1	Rs.69.43

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	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	NO
--AFFILIATION	YES/NO	YES
--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.