MIRA INFORM REPORT

Report Date :

15.09.2012

IDENTIFICATION DETAILS

Name :	SUPRIYA LIFESCIENCE LIMITED
Registered Office :	207/208, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.03.2008
Com. Reg. No.:	11-180452
Capital Investment / Paid-up Capital :	Rs.2.502 Millions
CIN No.: [Company Identification No.]	U51900MH2008PLC180452
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of APIs and Drug Intermediates.
No. of Employees :	415 (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 760000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financially company is performing well. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered 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.

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/ Corporate Office :	207/208, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-40332727/ 66942507
Fax No.:	91-44-26860011
E-Mail :	accounts@supriyalifescience.com supriya@supriyalifescience.com sales@supriyalifescience.com supriyac@bom5.vsnl.net.in
Website :	www.supriyalifescience.com
Factory :	A-5/2 Lote Parshuram Industrial Area, MIDC, Chiplun, Taluka Khed, District Ratnagiri – 415722, Maharashtra India
Tel. No.:	91-2356-272299
Fax No.:	91-2356-272178
Email :	factory@supriyalifescience.com

DIRECTORS

AS ON 30.07.2011

Name :	Mr. Satish Waman Wagh
Designation :	Director
Address :	4 Prabhas, Plot No.9, H. F. Society Road, Jogeshwari East, Mumbai – 400060, Maharashtra, India
Date of Birth/Age :	29.12.1955
Date of Appointment :	26.03.2008
DIN No.:	01456982

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U91110MH1963NPL012677	Basic Chemicals Pharmaceuticals And Cosmetics Export Promotion Council	Managing director	13/01/2004	13/01/2004	Active	NO
2	U51900MH2008PLC180452	Supriya Lifescience Limited	Managing director	01/06/2008	26/03/2008	Active	NO

Name :	Mrs. Asha Waman Wagh
Designation :	Director
Address :	Mangirish Building, Plot No.9, Ground Floor, Hindu Friends Society Road, Gogeshwari (East), Mumbai – 400060, Maharashtra, India
Date of Birth/Age :	19.05.1932
Date of Appointment :	26.03.2008
DIN No.:	00833849

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51900MH2008PLC180452	Supriya Lifescience Limited	Whole-time director	01/06/2008	26/03/2008	Active	NO

Name :	Mrs. Smita Satish Wagh
Designation :	Director
Address :	4 Prabhas, Plot No.9, H. F. Society Road, Jogeshwari East, Mumbai – 400060, Maharashtra, India
Date of Birth/Age :	23.05.1958
Date of Appointment :	26.03.2008
DIN No.:	00833912

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51900MH2008PLC180452	Supriya Lifescience Limited	Whole-time director	01/06/2008	26/03/2008	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.07.2011

Names of Shareholders	No. of Shares
Satish Waman Wagh	248100
Asha Waman Wagh	500
Smita Satish Wagh	1100
Kavita Waman Desai	25
Dr. Shankar Sitaram Karmarkar	225
Deepak Ganpat Chavan	25
Dilip Vadilal Talsania	25
Sonali Satish Wagh	100
Shivani Satish Wagh	100
TOTAL	250200

AS ON 31.03.2012

Names of Allottees	No. of Shares
Satish Waman Wagh	2977200
Asha Waman Wagh	6000
Smita Satish Wagh	13200
Kavita Waman Desai	300
Dr. Shankar Sitaram Karmarkar	2700
Deepak Ganpat Chavan	300
Dilip Vadilal Talsania	300
Sonali Satish Wagh	1200
Shivani Satish Wagh	1200
TOTAL	3002400

AS ON 30.09.2011

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	99.88
Other top fifty shareholders	0.12
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of APIs and Drug Intermediates.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Bulk Drugs	MT	510.638

GENERAL INFORMATION

No. of Employees :

415 (Approximately)

Bankers :

· The Saraswat Cooperative Bank Limited

SME Vile Parle Branch, Bholanath Co-operative Housing Society, Subhash Road, Vile Parle East, Mumbai – 400057, Maharashtra, India

· HSBC Bank,

Malad (West), Mumbai, Maharashtra, India

· IDBI Bank

Facilities :

Secured Loans	31.03.2011 [Rs. in Millions]	31.03.2010 Rs. in Millions]
ICICI Home Finance Office Loan (Secured by way respective Fixed Assets)	0.000	27.542
Citibank Term Loan (secured by way of Respective Fixed Assets)	0.000	16.709
IDBI LAP A/C No.29379 (Secured by office premises at Gokuldham)	39.736	0.000
IDBI LAP A/c No.30278 (Secured by Office Premises at Udyog Bhavan)	23.666	0.000
Saraswat Bank P and M Term Loan A/c No.20	1.459	5.005
Saraswat Bank P and M Term Loan A/c No.21	0.620	1.086
Saraswat Bank P and M Term Loan A/c No.40	0.000	1.520
Saraswat Bank P and M Term Loan A/c No.48	5.415	7.594
Saraswat Bank P and M Term Loan A/c No.210	2.123	3.944
(Secured by way of Charges of respective Fixed Assets)
Working Capital Loan
HSBC Local Bill Discounting (Discounting under LC)	0.000	3.723
HSBC Factoring Facilities (Hypothecated against Debts and Secured against Insurance cover)	4.037	0.000
Saraswat Bank Foreign Bill Discount	46.403	33.297
Saraswat Bank Local Bill Discount	15.804	16.167
Saraswat Bank Packing Credit	74.734	84.673
(Secured against ECGC credit insurance cover, further Secured by Stock and Book debt and charge on Fixed assets)
Car Loan
Saraswat Bank (Secured against respective Cars)	0.000	1.069
TOTAL	213.997	202.329
Unsecured Loans	31.03.2011 [Rs. in Millions]	31.03.2010 Rs. in Millions]
Asha Waman Wagh	2.140	1.926
Satish Waman Wagh	1.667	2.732
Smita Satish Wagh	0.651	0.722
Loan from Body Corporate	7.643	2.700
TOTAL	12.101	8.080

Banking Relations :	--
Auditors :
Name :	P. K. Mutha and Company Chartered Accountant
Address :	Alankar, 3^rd Floor, 208, Samuel Street, Masjid Bunder (West), Mumbai – 400003, Maharashtra, India
Tel No.:	91-22-23436467/ 23414361
Fax No.:	91-22-66336963
PAN No.:	AAFPM3396L
Email :	pkmutha208@gmail.com

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250200	Equity Shares	Rs.10/- each	Rs. 2.502 Millions

AS ON 30.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3252600	Equity Shares	Rs.10/- each	Rs.32.526 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		2.502	2.502	0.500
2] Share Application Money		23.557	31.260	0.000
3] Reserves & Surplus		163.247	53.144	9.019
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		189.306	86.906	9.519
LOAN FUNDS
1] Secured Loans		213.997	202.329	231.519
2] Unsecured Loans		12.101	8.080	66.807
TOTAL BORROWING		226.098	210.409	298.326
DEFERRED TAX LIABILITIES		15.756	11.044	5.797
TOTAL		431.160	308.359	313.642
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		292.615	200.072	182.507
Capital work-in-progress		4.241	9.756	11.924
INVESTMENT		0.110	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	147.469	94.794	73.411
	Sundry Debtors	122.536	78.421	98.273
	Cash & Bank Balances	13.515	10.999	9.339
	Other Current Assets	4.089	1.872	1.165
	Loans & Advances	47.174	59.719	65.628
Total Current Assets		334.783	245.805	247.816
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	165.859	129.920	108.748
	Other Current Liabilities	22.565	10.032	5.616
	Provisions	12.370	7.655	14.676
Total Current Liabilities		200.794	147.607	129.040
Net Current Assets		133.989	98.198	118.776
MISCELLANEOUS EXPENSES		0.205	0.308	0.410
TOTAL		431.160	308.359	313.642

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	597.307	469.631	447.273
		Other Income	11.387	7.256	15.697
		TOTAL (A)	608.694	476.887	462.970
Less	EXPENSES
		Raw Material Consumed	418.800	308.017	308.473
		Personnel Expenses	24.992	22.357	18.095
		Manufacturing Expenses	68.133	58.965	41.598
		Administrative & Selling Expenses	45.639	38.506	34.889
		Increase/(Decrease) in stock	(48.626)	(12.669)	3.697
		TOTAL (B)	508.938	415.176	406.752
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		99.756	61.711	56.218
Less	FINANCIAL EXPENSES (D)		35.378	30.653	32.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		64.378	31.058	23.818
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.282	8.303	6.498
	PROFIT BEFORE TAX (E-F) (G)		54.096	22.755	17.320
Less	TAX (H)		14.749	10.662	8.196
	PROFIT AFTER TAX (G-H) (I)		39.347	12.093	9.124
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.112	9.019	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	NA
		Proposed Dividend Distribution	0.250	0.000	NA
	BALANCE CARRIED TO THE B/S		60.209	21.112	NA
	EARNINGS IN FOREIGN CURRENCY		448.686	336.627	320.610
	IMPORTS
		Raw Materials	74.526	NA	NA
	TOTAL IMPORTS		74.526	NA	NA
	Earnings Per Share (Rs.)		157.26	48.00	180.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.46	2.53	1.97
Net Profit Margin (PBT/Sales)	(%)	9.06	4.85	3.87
Return on Total Assets (PBT/Total Assets}	(%)	8.62	5.10	4.02
Return on Investment (ROI) (PBT/Networth)		0.29	0.26	1.82
Debt Equity Ratio (Total Liability/Networth)		2.26	4.12	44.90
Current Ratio (Current Asset/Current Liability)		1.67	1.67	1.92

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter 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 address of the company has been shifted from 4, Prabhas Plot No. 9, H. F. Society Road, Jogeshwari-East, Mumbai – 400060, Maharashtra, India, to present address w.e.f. 16.12.2009.

HISTORY AND MILESTONE:

1986 Formation of Partnership Firm M/s Supriya Chemicals

1992 API Manufacturing Facilities Started

1996 Entered into vitamin segment

2008 Company formed and partnership Closed

2009 Enter Anesthetic and Anti Asthmatic Therapy Segment

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10166142
Corporate identity number of the company	U51900MH2008PLC180452
Name of the company	SUPRIYA LIFESCIENCE LIMITED
Address of the registered office or of the principal place of business in India of the company	207/208, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai – 400063, Maharashtra, India accounts@supriyalifescience.com
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	The Saraswat Cooperative Bank Limited SME Vile Parle Branch, Bholanath Co-operative Housing Society, Subhash Road, Vile Parle East, Mumbai – 400057, Maharashtra, India njbhatia@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation for Enhancement D/A L/C limit (Supplementary Deed)
Date of instrument Creating the charge	24/01/2012
Amount secured by the charge	Rs.225.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest NIL Terms of Repayment On demand Margin NIL Extent and Operation of the charge L/C: Rs.80.000 Millions (additional Rs.15.000 Millions) Packing Credit: Rs.145.000 Millions (existing)
Short particulars of the property charged	Hypothecation of the all Stocks tangible movable property (both Present and future) located at Plot No. A5/2 Lote Parshuram Industrial Area, MIDC, Tal. Khed, Dist. Ratnagiri, Maharashtra belonging to the borrower and also pertaining book debts, outstanding, monies receivable claims and bills of the above mentioned location
Date of latest modification prior to the present modification	13/01/2012
Particulars of the present modification	Cash credit limit enhanced from Rs.65.000 Millions to Rs.80.000 Millions (additional Rs.15.000 Millions). Overall limit secured is enhanced to Rs 225.000 Millions (L/C: Rs.80.000 Millions, Packing Credit: Rs.145.000 Millions)

FIXED ASSETS:

· Factory Land

· Air Conditioner

· Books

· Computer

· Electrical Fittings

· Factory Building

· Furniture and Fixture

· Laboratory Equipments

· Motor Cycle

· Office Equipments

· Plant and Machinery

· Office Premises

· Delivery Vehicle

· Software

· Motor Car

· Plant and Machinery

· Building Construction

WEBSITE DETAILS:

PROFILE:

· In the business of Manufacturing and Marketing of APIs and Drug Intermediates, since 1993.

· Headed by Mr. Satish Wagh, a highly qualified and well experienced Technocrat and is backed by an efficient team of qualified and skilled professionals who are committed to excellence in terms of product quality, productivity, cost-efficiency and delivery.

· Has an ultra modern facility near Mumbai, the commercial capital of India, manufacturing APIs for therapeutic segments like Antiasthmatic, Antihistamine, Anti-Allergic, Anti-Pyretic, Anti-Asthmatic, Anesthetic, Smoking Cessation, and Vitamins.

· Over the last few years company has also diversified into Formulations. A 100 % Export Oriented Company, Exports its products to over 65 countries (including regulated markets) spread across all continents.

· Committed, qualified and experienced team of Scientists in its R&D department.

· The most modern Laboratory for QC and QA is well equipped with latest equipments.

· Winner of several Awards for Export Excellence and Entrepreneurship.

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 records 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.54.73
UK Pound	1	Rs.88.61
Euro	1	Rs.71.34

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.