MIRA INFORM REPORT

Report Date :

18.10.2012

IDENTIFICATION DETAILS

Name :	CONCORD BIOTECH LIMITED
Registered Office :	1482-86, Trasad Road, Dholka, Ahmedabad-387810, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.11.1984
Com. Reg. No.:	04-007440
Capital Investment / Paid-up Capital :	Rs.46.026 Millions
CIN No.: [Company Identification No.]	U24230GJ1984PLC007440
TAN No.: [Tax Deduction & Collection Account No.]	AHMC00391G
PAN No.: [Permanent Account No.]	AAACC8514G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Penicilin G Amidase, Sirolimus, Mycophenolate Mofetil, Tacrolimus Monohydrate, etc.
No. of Employees :	400 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

A ( 64)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 4450000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having fine track. Trade relations are fair. Business is active. Financial position of the company is good. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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. Vishal
Designation :	Finance Department
Contact No.:	91-7926937681
Date :	17.10.2012

LOCATIONS

Registered Office/ Factory :	1482-86, Trasad Road, Dholka, Ahmedabad-387810, Gujarat, India
Tel. No.:	91-2714-222604/ 221904 91-79-40321179
Mobile No.:	91-7926937681 [Mr. Vishal]
Fax No.:	91-2714-222504
E-Mail :	finance@concordbiotech.com purchase@concordbiotech.com projects@concordbitotech.com sales@concordbiotech.com finance@concordbiotech.com
Website :	http://www.concordbiotech.com
Head Office :	302, Sakar III, Opposite Old Gujarat High Court, Off ITO Circle, Ahmedabad-380014, Gujarat, India
Tel. No.:	91-79-27544998
Fax No.:	91-79-27540802
E-Mail :	concord@concordbiotech.com
Corporate Office :	B – 1002, Safal Pegasus, 10^th Floor, Near Prahladnagar Garden, 100 Ft Road, Satellite Road, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-40321179

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Sudhir Jairam Vaid
Designation :	Managing Director
Address :	99, Basant Bahar, Opposite Sterling City, Bopal, Ahmedabad – 380058, Gujarat, India
Date of Birth/Age :	03.09.1952
Date of Appointment :	10.05.2000
DIN No.:	00055967
Name :	Mr. Ravi Narendranath Kapoor
Designation :	Director
Address :	202, Pravesh 10, Mahadev Nagar Society, Sardar Patel Road, Ahmedabad – 380014, Gujarat, India
Date of Birth/Age :	25.07.1963
Date of Appointment :	15.12.2003
DIN No.:	00003847
Name :	Mr. Ankur Sudhir Vaid
Designation :	Whole Time Director
Address :	99, Basant Bahar, Opposite Sterling City, Bhopal, Ahmedabad – 380058, Gujarat, India
Date of Birth/Age :	14.04.1982
Date of Appointment :	04.12.2009
DIN No.:	01857225
Name :	Mr. Utpal Hemendra Sheth
Designation :	Director
Address :	B -27, Kum Kum Apartment, S.V. Road, Near Nanavati Hospital, Vile Parle, Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	20.06.1971
Date of Appointment :	04.12.2009
DIN No.:	00081012
Name :	Mr. Harcharan Mohan Singh
Designation :	Director
Address :	10, Waterloo Crt, Thornhill, On – L3T6L9
Date of Birth/Age :	19.05.1949
Date of Appointment :	04.12.2009
DIN No.:	02852915
Name :	Mr. Rajiv Ambrish Agarwal
Designation :	Director
Address :	Chamaria Niwas, 3^rd Floor, 41, Mahant Road, Vile Parle (E), Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	28.03.1971
Date of Appointment :	30.06.2008
DIN No.:	00379990
Name :	Mr. Satish Khanna
Designation :	Director
Address :	Flat No.71/A/71B, Royal Accord III, Lokhandwala Complex, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	07.10.1953
Date of Appointment :	07.05.2011
DIN No.:	01827559

KEY EXECUTIVES

Name :	Mr. Prakash Sajnani
Designation :	Secretary
Address :	Flat No.6, 2^nd Floor, Suryarath Flats B/H, Jhangiram Hospital, Kubernagar, Ahmedabad – 382340, Gujarat, India
Date of Birth/Age :	05.06.1971
Date of Appointment :	15.02.2004
PAN No.:	AHHPS5622G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

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]	5.57
Bodies corporate	10.63
Directors or relatives of directors	42.10
Other top fifty shareholders	41.70
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Penicilin G Amidase, Sirolimus, Mycophenolate Mofetil, Tacrolimus Monohydrate, etc.

Products :

PRODUCT DESCRIPTION	ITC CODE NO.
Mycophenolate Mofetil	2942.00.90
Tacrolimus	2942.00.90
Sirolimus	2942.00.90

Imports :

Products :

Capital Goods and Raw Materials

Countries :

• USA
• China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Biotechnology	MT	15.00	9.863
Bulk Drugs	MT	119.00	32.596

NOTE: Licensed and Installed Capacities are as certified by the Management and accepted by the Auditors.

GENERAL INFORMATION

No. of Employees :

400 [Approximately]

Bankers :

Axis Bank Limited, Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad-3800006, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	7.581	22.710
Other debt secured	15.447	0.000
Total	23.028	22.710

NOTE:

(A) Secured by Equitable mortgage of the Land and Building except corporate office. First charge over plant and machinery and equipments situated at Dholka Factory and extension of charge over the entire current assets of the Company. [Payable within 12 Months Rs.7.581 Millions (Previous Year Rs.15.000 Millions)]

(B) Secured by Equitable mortgage of the Land and Building except corporate office. First charge over plant and machinery and equipments situated at Dholka Factory and extension of charge over the entire current assets of the Company. [Payable within 12 Months Rs.7.581 Millions (Previous Year Rs.15.000 Millions)]

(C) Buyers Credit Limit: (Exclusive first charge over the entire fixed assets of the Company (Both present and future) excluding vehicles and corporate office extension of charge over the entire current assets of the company)

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage, 3^rd Floor, Near Gujarat, Vidhyapith, off Ashram Road, Ahmedabad-380014, Gujarat, India
PAN.:	AABFD7919A

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4602596	Equity Shares	Rs.10/- each	Rs.46.026 Millions

NOTE:

Of the above shares 2301298 Equity shares (Previous Year NIL) of Rs.10 each were issued as fully Paid up Bonus shares by capitalisation of Securities Premium During the financial year 2009-10 the Company has bought back and extinguished 232237 equity shares pursuant to provisions of Section 77A & 77B of the Companies Act 1956.

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		46.026	23.012	25.335
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1065.960	749.837	623.397
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1111.986	772.849	648.732
LOAN FUNDS
1] Secured Loans		23.028	22.710	72.269
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		23.028	22.710	72.269
DEFERRED TAX LIABILITIES		71.830	36.280	27.806
TOTAL		1206.844	831.839	748.807
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		639.379	404.169	329.909
Capital work-in-progress		70.489	120.418	64.403
INVESTMENT		0.000	30.092	120.335
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	187.487	140.438	149.873
	Sundry Debtors	301.750	238.174	109.145
	Cash & Bank Balances	122.287	6.111	2.270
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	80.282	55.465	33.367
Total Current Assets		691.806	440.188	294.655
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	84.111	83.501	40.994
	Other Current Liabilities	48.217	15.450	12.196
	Provisions	62.502	64.077	7.305
Total Current Liabilities		194.830	163.028	60.495
Net Current Assets		496.976	277.160	234.160
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1206.844	831.839	748.807

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1085.885	1046.996	531.307
		Other Income	38.068	17.695	28.933
		TOTAL (A)	1123.953	1064.691	560.240
Less	EXPENSES
		Consumption materials changes inventories	177.899	212.598
		Manufacturing service costs	185.292	133.472	367.655
		Employee related expenses	62.182	41.568
		Administrative selling other expenses	57.724	52.644
		Research development expenditure	16.595	7.970
		TOTAL (B)	499.692	448.252	367.655
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		624.261	616.439	192.585
Less	FINANCIAL EXPENSES (D)		1.723	3.830	6.799
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		622.538	612.609	185.786
Less/ Add	DEPRECIATION/ AMORTISATION (F)		69.773	50.983	43.648
	PROFIT BEFORE TAX (E-F) (G)		552.765	561.626	142.138
Less	TAX (H)		159.958	192.000	46.459
	PROFIT AFTER TAX (G-H) (I)		392.807	369.626	95.679
Add	PRIOR PERIOD ADJUSTMENTS		--	--	1.251
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		568.136	278.276	181.346
Less	APPROPRIATIONS
		Transfer to General Reserve		37.000	0.000
		Dividend	93.670	34.520	0.000
		Tax on Dividend		5.866	0.000
		Employee Benefits		0.000	0.000
	BALANCE CARRIED TO THE B/S		867.273	568.136	278.276
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	462.260	611.126	314.038
	TOTAL EARNINGS		462.260	611.126	314.038
	IMPORTS
		Raw Materials	22.945	27.811	7.934
		Stores & Spares	2.767	0.008	0.373
		Capital Goods	42.971	37.394	29.027
	TOTAL IMPORTS		68.683	65.213	37.334
	Earnings Per Share (Rs.)		85.34	79.79	40.14

Particulars	31.03.2012
Sales Turnover [Approximately]	1300.000

The above information has been parted by Mr. Vishal (Finance Department)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	34.94	34.72	17.07
Net Profit Margin (PBT/Sales)	(%)	50.90	53.64	26.75
Return on Total Assets (PBT/Total Assets}	(%)	41.52	66.52	22.75
Return on Investment (ROI) (PBT/Networth)		0.50	0.73	0.21
Debt Equity Ratio (Total Liability/Networth)		0.20	0.24	0.20
Current Ratio (Current Asset/Current Liability)		3.55	2.70	4.87

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	84.111	83.501	40.994

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	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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

OPERATIONS:

Company continues to focus on technology development and improvement and considering the fact the same is not possible without proper Research and Development infrastructure it has during the year set up an state of art R and D facility by incurring a capital cost of Rs.83.780 Millions. This will help Company substantially in the time to come.

Company would consolidate its operations further during the current year and are hopeful of increase in revenues as compared to the performance.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24230GJ1984PLC007440
Name of the company	CONCORD BIOTECH LIMITED
Address of the registered office or of the principal place of business in India of the company	1482-86, Trasad Road, Dholka, Ahmedabad – 387810, Gujarat, India Email : finance@concordbiotech.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90099613
Type of charge	Book Debts Movable Property
Particular of charge holder	Axis Bank Limited, Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad -380006, Gujarat, India Email : Deepak3.Sharma@axisbank.com
Nature of instrument creating charge	Supplement Deed of Hypothecation
Date of instrument Creating the charge	17.02.2012
Amount secured by the charge	Rs.140.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge Charge of Rs.140.000 Millions on Primary security Exclusive first charge on entire current assets of the Co.(both present and future)Collateral Security: Extension of Charge on the entire movable fixed assets of the Company (both present and future) excluding vehicles. Extension of charge on immovable fixed assets of the Company (both present and future) situated at RS.no.1482-1486, Dholka, District Ahmedabad, excluding a.) all other immovable properties in the name of the Company b.)machinery purchased under buyer credit limit availed by Citi Bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive first charge on the entire current assets of the Company both present and future. Extension of charge over the entire moveable fixed assets of the Company (both present and future) excluding vehicles. Extension of charge over immovable fixed asset of the Company (both present and future) situated / installed at Survey No. 1482-1486 Dholka, District Ahmedabad excluding a) all other immovable properties in the name of the Company b) machinery purchased under Buyer's credit limit availed from Citi Bank
Date of instrument modifying the charge	17.02.2012
Particulars of the present modification	By this modification the Bank has enhanced limit of Bank Guarantee from Rs.150.000 Millions to 20.000 Millions and Letter of Credit from Rs. 10.000 Millions to 20.000 Millions and the overall limit of this charge is increased from Rs. 111.500 Millions to Rs. 140.000 Millions. The entire break of the facilities granted are mentioned below: (Rs. in Millions) CC: 80.000 Millions, WCDL:(50.000 Millions), Inland LCBD:(30.000 Millions), EPC/ PCFC/ FBP/ FBD/ PSCFC:(80.000 Millions), B G:20.000 Millions, LC:20.000 Millions Buyers Credit as sub limit of CC:(50.000 Millions) LER: (40.000 Millions) LER (On stand alone basis): 20.000 Millions

FIXED ASSETS:

TANGIBLE ASSETS

• Land
• Building
• Plant and Machinery
• Laboratory Equipments
• Office Equipments
• Furniture and Fixture
• Computer
• Vehicles

TANGIBLE ASSETS

• Software
• Technical Know - how

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.52.75
UK Pound	1	Rs.85.07
Euro	1	Rs.69.04

INFORMATION DETAILS

Information Gathered by :	SLP
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--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		64

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.