MIRA INFORM REPORT

Report Date :

02.10.2012

IDENTIFICATION DETAILS

Name :	GETZ PHARMA RESEARCH PRIVATE LIMITED (w.e.f. 14.05.2007)
Formerly Known As :	GETZ PHARMA PRIVATE LIMITED
Registered Office :	Plot No.PL-11, MIDC, Additional Ambernath, Ambernath – 421 506, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.05.2005
Com. Reg. No.:	11-153404
Capital Investment / Paid-up Capital :	Rs.1.402 millions
CIN No.: [Company Identification No.]	U24230MH2005PTC153404
TAN No.: [Tax Deduction & Collection Account No.]	MUMG10791E
PAN No.: [Permanent Account No.]	AACCG3697A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the activity of research and development of drugs and pharmaceuticals and pharmaceutical consultancy.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (38)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 681000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge loss in the current year. However, trade relations are reported to be fair. Business is active. Payments are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 :	Plot No.PL-11, MIDC, Additional Ambernath, Ambernath – 421 506, Maharashtra, India
Tel. No.:	91-9623458941/ 42/ 43
Fax No.:	Not Available
E-Mail :	info@getzpharmaresearch.com ajaythorat@mmjc.in anand.shah@enalteclabs.co.in
Website :	http://www.getzpharmaresearch.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Anand Prafulchandra Shah

Designation :

Managing Director

Address :

Flat 1204/1205/1206, Building 3, Odyssey Kesar, Harmony Plot 11/12, Sector-6, Kharghar, Mumbai – 410 210, Maharashtra, India

Date of Birth/Age :

09.03.1973

Date of Appointment :

01.04.2011

DIN No.:

00597145

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	U24230MH2004PTC146489	PHARMA SERV SOLUTIONS PRIVATE LIMITED	Director	24/05/2004	24/05/2004	03/12/2009	Active	NO
2	U24230MH2005PTC153404	GETZ PHARMA RESEARCH PRIVATE LIMITED	Managing director	01/04/2011	18/05/2005	-	Active	NO
3	U73100MH2006PTC160020	ENALTEC LABS PRIVATE LIMITED	Managing director	11/11/2008	11/05/2007	-	Active	NO
4	U24233MH2007PTC171203	PHARMA SERV VENTURES PRIVATE LIMITED	Director	29/05/2007	29/05/2007	10/05/2010	Active	NO
5	U24232MH2007PTC173479	GETZ PHARMA PRIVATE LIMITED	Director	27/08/2007	27/08/2007	-	Active	NO

Name :

Mr. Khalid Mahmood

Designation :

Director

Address :

3013, Sierramills LN, Sacramento, California, 95864, United States of America

Date of Birth/Age :

07.12.1952

Date of Appointment :

14.11.2008

DIN No.:

02385514

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	U73100MH2006PTC160020	ENALTEC LABS PRIVATE LIMITED	Director	14/11/2008	14/11/2008	-	Active	NO
2	U24230MH2005PTC153404	GETZ PHARMA RESEARCH PRIVATE LIMITED	Director	14/11/2008	14/11/2008	-	Active	NO
3	U24232MH2007PTC173479	GETZ PHARMA PRIVATE LIMITED	Director	30/09/2010	06/10/2009	-	Active	NO

Name :

Utsav Dhupelia

Designation :

Director

Address :

13, Ocean View Annexe, 100, Bhulabhai Desai Road, Mumbai - 400 026, Maharashtra, India

Date of Birth/Age :

24.04.1947

Date of Appointment :

30.09.2009

DIN No.:

01493571

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	L63090MH1917PLC007897	MULLER AND PHIPPS (INDIA) LIMITED	Director	12/07/1989	12/07/1989	-	Active	NO
2	L55200MH1967PLC013837	FOODS AND INNS LIMITED	Managing director	15/02/2012	28/07/1989	-	Active	NO
3	U74140MH1988PLC047489	MULLER AND PHIPPS (INDUSTRIAL SERVICES) LIMITED	Director	28/12/1989	28/12/1989	-	Active	NO
4	U29195MH1982PLC026696	FINNS FROZEN FOODS (INDIA) LIMITED	Director	15/01/1993	15/01/1993	-	Active	NO
5	U24232MH2007PTC173479	GETZ PHARMA PRIVATE LIMITED	Director	30/09/2009	11/09/2009	-	Active	NO
6	U24230MH2005PTC153404	GETZ PHARMA RESEARCH PRIVATE LIMITED	Director	30/09/2009	12/09/2009	-	Active	NO

Name :

Mr. Raymond Simkins

Designation :

Director

Address :

16, Chelsea Square, London, SW36LF, United Kingdom

Date of Birth/Age :

03.06.1943

Date of Appointment :

16.07.2008

DIN No.:

01573312

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	L63090MH1917PLC007897	MULLER AND PHIPPS (INDIA) LIMITED	Director	18/07/1982	18/07/1982	-	Active	NO
2	L55200MH1967PLC013837	FOODS AND INNS LIMITED	Director	09/08/1995	09/08/1995	-	Active	NO
3	U29195MH1982PLC026696	FINNS FROZEN FOODS (INDIA) LIMITED	Director	30/08/2006	30/08/2006	-	Active	NO
4	U24230MH2005PTC153404	GETZ PHARMA RESEARCH PRIVATE LIMITED	Director	16/07/2008	16/07/2008	-	Active	NO
5	U24232MH2007PTC173479	GETZ PHARMA PRIVATE LIMITED	Director	30/09/2010	06/10/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Susheel Koul
Designation :	Executive Director – Operations
Name :	Dr. B.V. Sivakumar, Ph.D.
Designation :	Chief Scientific Officer
Name :	Mr. Neeraj Kumar, MBA
Designation :	Asst. Director, Business Development / Operations - Worldwide
Name :	Dr. Shruti Bhat, Ph.D.
Designation :	Formulation Head
Name :	Mr. Sutirtho Mukhopadhyay, M.Sc.
Designation :	General Manager - Analytical Head
Name :	Mr. Alok Tripathi
Designation :	Deputy General Manager, Intellectual Property Management

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Getz Pharma International FZ-LLC, Dubai, U.A.E.	77745
Anand Prafulchandra Shah	5
Total	77750

Names of Shareholders (Preference Shares)	No. of Shares
Getz Pharma International FZ-LLC, Dubai, U.A.E.	62471
Total	62471

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.99
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the activity of research and development of drugs and pharmaceuticals and pharmaceutical consultancy.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, INDIA

v State Bank of India, Konkan Bhavan Branch, CIDCO Bhavan (South Wing), CBD Belapur, Navi Mumbai – 400 614, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Banks
- Term Loan [Repayable within one year Rs.14.094 millions (Previous Year Rs.8.304 millions)]	38.291	36.235
- Export Packing Credit	16.448	8.696
Secured by: i) Hypothecation of all current assets ii) Equitable Mortgage of Land and Building iii) Hypothecation of Plant and Machinery
- Vehicle Loan [Repayable within one year Rs.0.247 million (Previous Year Rs.0.532 million)] Hypothecation of Vehicles	0.668	2.222
Total	55.407	47.153

Banking Relations :	--
Auditors :
Name :	Shankarlal Jain and Associates Chartered Accountants
Address :	12, Engineer Building, 265, Princess Street, Mumbai – 400 002, Maharashtra, India
Tel. No.:	91-22-22036623/ 22065739
Fax No.:	91-22-22086269
E-Mail :	info@sljainindia.com
Website :	www.sljainindia.com
Income-tax PAN of auditor or auditor's firm :	AACFS6967Q
Holding Company :	Getz Pharma International FZ-LLC, Dubai, U.A.E.
Fellow Subsidiaries :	Getz Pharma Private Limited
Enterprises over which the key management personnel has influence :	v Parikh Consultancy Services LLC v Getz Pharma USA LLC

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million
200000	Cumulative Convertible Preference Shares	Rs.10/- each	Rs.2.000 millions
	Total		Rs.3.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
77750	Equity Shares	Rs.10/- each	Rs.0.777 million
62471	Cumulative Convertible Preference Shares	Rs.10/- each	Rs.0.625 million
	Total		Rs.1.402 millions

Note:

62471 2% Cumulative Convertible Preference Shares of Rs.10/- each, fully paid, are issued at a premium of Rs.1280/- each, compulsorily convertible into equity shares at the expiry of 10 years from the date of its issue.

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		1.402	1.402	1.402
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		168.822	174.867	170.408
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		170.224	176.269	171.810
LOAN FUNDS
1] Secured Loans		55.407	47.153	27.342
2] Unsecured Loans		0.000	0.000	0.591
TOTAL BORROWING		55.407	47.153	27.933
DEFERRED TAX LIABILITIES		6.678	7.493	3.097
TOTAL		232.309	230.915	202.840
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		235.001	229.826	209.782
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.933	0.681	0.510
	Sundry Debtors	13.558	11.673	11.650
	Cash & Bank Balances	1.327	3.394	3.510
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.720	4.105	8.133
Total Current Assets		23.538	19.853	23.803
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.611	12.928	25.890
	Other Current Liabilities	8.619	3.840	3.603
	Provisions	0.000	1.996	1.260
Total Current Liabilities		26.230	18.764	30.753
Net Current Assets		(2.692)	1.089	(6.950)
MISCELLANEOUS EXPENSES		0.000	0.000	0.008
TOTAL		232.309	230.915	202.840

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Development Fees	88.320	50.957
		Consultancy Fees	0.000	41.848
		Other Income	0.051	0.152
		TOTAL (A)	88.371	92.957
Less	EXPENSES
		Development and Consultancy Expenses	26.852	26.792
		Personnel Cost	32.220	23.767
		Administrative Cost	16.994	15.044
		TOTAL (B)	76.066	65.603
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.305	27.354
Less	FINANCIAL EXPENSES (D)		11.649	7.597
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.656	19.757
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.734	7.770
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(8.078)	11.987
Less	TAX (H)		(2.033)	6.394
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(6.045)	5.593
Less	Prior Period Adjustments		0.000	1.134
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.285	10.826
	BALANCE CARRIED TO THE B/S		9.240	15.285
	EARNINGS IN FOREIGN CURRENCY
		Development Charges	96.451	45.062
		Consultancy Charges	0.000	52.890
	TOTAL EARNINGS		96.451	97.952
	Earnings/ (Loss) Per Share (Rs.)
	- Basic		(77.93)	57.16
	- Diluted		(43.11)	31.80

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(6.84)	6.02	NA
Net Profit Margin (PBT/Sales)	(%)	(9.15)	12.92	NA
Return on Total Assets (PBT/Total Assets}	(%)	(3.12)	5.13	NA
Return on Investment (ROI) (PBT/Networth)		(0.05)	0.07	NA
Debt Equity Ratio (Total Liability/Networth)		0.48	0.37	0.34
Current Ratio (Current Asset/Current Liability)		0.90	1.06	0.77

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two years	Yes
12) Profitability for last two 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

Note:

The registered office of the company has been shifted from B-520, Nanddham, Plot No.59, CBD Belapur, Navi Mumbai – 400 614, Maharashtra to the present address w.e.f. 12.09.2009.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24230MH2005PTC153404
Name of the company	GETZ PHARMA RESEARCH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.PL-11, MIDC, Additional Ambernath, Ambernath – 421 506, Maharashtra, India E-Mail: ajaythorat@mmjc.in
This form is for	Creation of charge
Type of charge	Immovable Property Book Debts Others (plant and machinery, building and current assets)
Particular of charge holder	CIN No.: L65190MH2004GOI148838 IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India E-Mail: pm.awate@idbi.co.in
Nature of description of the instrument creating or modifying the charge	Loan cum Hypothecation Agreement
Date of instrument Creating the charge	12.06.2010
Amount secured by the charge	Rs.155.964 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: For EPC BPLR-2.5%, or Term Loan BPLR At present BPLR is 12.75% Terms of Repayment: For takeover: as per repayment schedule For fresh loan: repayable in 54 months installments excluding 6 month of moratorium period Margin: For EPC 10%, For Term Loan - 27.93% Extent and Operation of the charge: 1) Working Capital Facility of Rs.40.000 millions 2) Term Loan of Rs.115.964 millions Total - Rs.155.964 millions
Short particulars of the property charged	plot No.PL-11/Part in the Additional Ambernath Industrial Area within the village limits of Jambivli and outside the limits of Ambernath Municipal Council All buildings shed and structures constructed thereon All plant and machinery attached to earth or permanently fastened to anything attached to the earth, fixtures and fittings erected/installed or to be erected/ installed thereon and every part thereof

FIXED ASSETS:

v Land

v Building

v Plant and Machinery

v Office Equipment

v Vehicles

v Furniture and Fixture

v Computers

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.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.79

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		38

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.