MIRA INFORM REPORT

Report Date :

09.08.2013

IDENTIFICATION DETAILS

Name :	BIOLOGICAL E LIMITED

Registered Office :	18/1 and 3, Azamabad, Hyderabad - 500 020, Andhra Pradesh

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	10.12.1953

Com. Reg. No.:	01-001095

Capital Investment / Paid-up Capital :	Rs. 49.500 Millions

CIN No.: [Company Identification No.]	U01120AP1953PLC001095

TAN No.: [Tax Deduction & Collection Account No.]	HYDB00005F

PAN No.: [Permanent Account No.]	AAACB7873P

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer and Seller of Bulk Drugs and formulations.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 2800000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a well established company having a satisfactory track record. The company has seen a slight dip in its sales turnover and has incurred a huge loss during 2012. Besides this fact, the subject has paid of its substantial amount of long term debt and the receipt of advances from the clients may also minimise the company’s dependency on bank borrowings for its working capital requirements. Liquidity position appears to be slightly stretched. The ratings also take into consideration the development of new products (vaccines) and their demand in the domestic as well as international market which may boost the sales which would lead to healthy cash accruals because of which the liquidity position will remain comfortable over medium term. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. In view of subjects established track in pharmaceutical industry, it can be considered for normal business dealings at usual the 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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure. Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	October 2012

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 DENIED

Management Non-co-operative. (Tel No. 91-40-27617831)

LOCATIONS

Registered Office / Head Office:	18/1 and 3, Azamabad, Hyderabad - 500 020, Andhra Pradesh, India
Tel. No.:	91-40-27617831 / 30214021 (3 Lines) / 27617835 / 27615134 / 27672306 91-40-27603742 / 30213999 [For International Customer]
Fax No.:	91-40-27615309 / 27675003 / 27616715 / 27630307
E-Mail :	info@biologicale.com balajims@hd2.vsnl.net.in dsc@biologicale.co.in intl@biologicale.co.in umakanta.b@biologicale.co.in origin@biologicale.co.in intl@bilolgicale.co.in
Website :	http://www.biologicale.com

DIRECTORS

As on 29.09.2012

Name :

Dr. Vijaykumar Datla

Designation :

Chairman

Address :

2-2-12/3A, D.D. Colony, Adikmet, Hyderabad – 500007, Andhra Pradesh, India

Date of Birth/Age :

22.02.1945

Qualification :

MBBS

Date of Appointment :

01.10.2011

DIN No.:

00321796

PAN No.:

ACPPV3882Q

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	U01120AP1953PLC001095	BIOLOGICAL E. LIMITED	Managing director	01/10/2011	01/05/1972	20/03/2013	Active	NO
2	U24110AP1972PTC001552	VEER CHEMIE AND AROMATICS PRIVATE LIMITED	Director	29/03/1975	29/03/1975	-	Active	NO
3	U65990MH1979PTC021527	V.R. INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	14/08/1979	14/08/1979	-	Active	NO
4	U73100AP1985PLC005562	BE RESEARCH CENTRE	Director	31/05/1985	31/05/1985	-	Active	NO
5	U65993AP1987PTC008036	B.E. INVESTMENT AND FINANCE PRIVATE LIMITED	Director	07/12/1987	07/12/1987	-	Active	NO
6	U24239AP1989PTC010050	BIOTECH PHARMA PRIVATE LIMITED	Director	01/07/1989	01/07/1989	-	Active	NO
7	U01134AP1983PTC004308	V.R.FARMS PRIVATE LIMITED	Director	29/08/1991	29/08/1991	-	Active	NO
8	U24230AP1986PTC006392	EUREKA LABORATORIES PRIVATE LIMITED	Director	02/09/1991	02/09/1991	-	Active	NO
9	U24239AP1988PTC008307	BE PHARMA PRIVATE LIMITED	Director	15/09/1992	15/09/1992	-	Strike off	NO
10	U33100AP1979PTC002451	BE ANIMAL HEALTH PRIVATE LIMITED	Director	30/03/1998	30/03/1998	-	Active	NO
11	U24230AP1999PTC031761	B E IMMUNO SCIENCES PRIVATE LIMITED	Director	24/05/1999	24/05/1999	-	Active	NO
12	U24230AP1999PTC032680	BIOTECH MEDICALS PRIVATE LIMITED	Director	14/10/1999	14/10/1999	-	Active	NO
13	U73100AP2000PTC035018	BIONA HERBAL RESEARCH CENTRE PRIVATE LIMITED	Director	31/07/2000	31/07/2000	-	Active	NO
14	U63011AP1983PTC003893	V.R. TRANSPORT CO PRIVATE LIMITED	Director	31/10/2005	31/10/2005	-	Active	NO
15	U45200AP1983PTC003894	V.R.CONSTRUCTION PRIVATE LIMITED	Director	31/10/2005	31/10/2005	-	Active	NO
16	U45200AP2008PTC059537	AURIS HOLDINGS AND INFRASTRUCTURE PRIVATE LIMITED	Director	05/06/2008	05/06/2008	-	Active	NO
17	U21099AP2007PTC055418	UNNATI SPECIALITY PAPERS PRIVATE LIMITED	Additional director	08/11/2008	08/11/2008	28/07/2011	Active	NO
18	U24297AP2012PTC079725	BE VACCINES PRIVATE LIMITED	Director	13/03/2012	13/03/2012	-	Active	NO

Name :

Dr. Renuka Datla

Designation :

Director

Address :

H. No. 2-2-12/3A, D. D. Colony, Adikmet, Hyderabad – 500007, Andhra Pradesh, India

Date of Birth/Age :

19.05.1946

Qualification :

Date of Appointment :

30.09.2009

DIN No.:

00322030

PAN No.:

AFAPR2059D

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	U65990MH1979PTC021527	V.R. INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	14/08/1979	14/08/1979	-	Active	NO
2	U63011AP1983PTC003893	V.R. TRANSPORT CO PRIVATE LIMITED	Director	31/03/1983	31/03/1983	-	Active	NO
3	U24230AP1986PTC006397	TECHNOPHARMA PRIVATE LIMITED	Director	05/12/1987	05/12/1987	-	Active	NO
4	U24239AP1989PTC010050	BIOTECH PHARMA PRIVATE LIMITED.	Director	28/05/1989	28/05/1989	-	Active	NO
5	U73100AP1985PLC005562	BE RESEARCH CENTRE	Director	30/04/1991	30/04/1991	-	Active	NO
6	U65993AP1987PTC008036	B.E. INVESTMENT AND FINANCE PRIVATE LIMITED	Director	30/04/1991	30/04/1991	-	Active	NO
7	U01134AP1983PTC004308	V.R.FARMS PRIVATE LIMITED	Director	29/08/1991	29/08/1991	-	Active	NO
8	U70102AP1986PTC006777	V.R.REAL ESTATES PRIVATE LIMITED.	Director	29/08/1991	29/08/1991	-	Active	NO
9	U45200AP1983PTC003894	V.R.CONSTRUCTION PRIVATE LIMITED	Director	29/08/1991	29/08/1991	-	Active	NO
10	U01120AP1953PLC001095	BIOLOGICAL E. LIMITED	Whole-time director	30/09/2009	29/08/1991	-	Active	NO
11	U24230AP1986PTC006392	EUREKA LABORATORIES PRIVATE LIMITED	Director	02/09/1991	02/09/1991	-	Active	NO
12	U24230AP1986PTC006399	HIGH-TECH MEDICALS PRIVATE LIMITED	Director	14/10/1991	14/10/1991	-	Active	NO
13	U24239AP1988PTC008307	BE PHARMA PRIVATE LIMITED	Director	15/09/1992	15/09/1992	-	Strike off	NO
14	U21020AP1976PTC001643	D.A.P. CONTAINERS PRIVATE LIMITED	Director	20/10/1993	20/10/1993	-	Active	NO
15	U33100AP1979PTC002451	BE ANIMAL HEALTH PRIVATE LIMITED	Director	12/05/1997	12/05/1997	-	Active	NO
16	U24230AP1999PTC033023	BIONA HEALTH CARE PRIVATE LIMITED	Director	10/12/1999	10/12/1999	-	Active	NO

Name :

Mr. Grandhi Venkata Rao

Designation :

Director

Address :

Flat No.401, Jhansi Residency, H.No.6-3-347/22/B, Dwarakapuri Colony, Punjagutta, Hyderabad – 500082, Andhra Pradesh, India

Date of Birth/Age :

12.08.1938

Qualification :

FCA

Date of Appointment :

31.08.2009

DIN No.:

00113846

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	U65993AP1987PTC008036	B.E. INVESTMENT AND FINANCE PRIVATE LIMITED	Director	22/10/1997	22/10/1997	-	Active	NO
2	U24230AP1999PTC032680	BIOTECH MEDICALS PRIVATE LIMITED	Director	14/10/1999	14/10/1999	-	Active	NO
3	U01120AP1953PLC001095	BIOLOGICAL E. LIMITED	Director	31/08/2009	18/11/2000	-	Active	NO
4	L24110AP1990PLC011854	DIVI'S LABORATORIES LIMITED	Director	10/03/2001	10/03/2001	03/11/2012	Active	NO
5	U73100AP2000PTC035018	BIONA HERBAL RESEARCH CENTRE PRIVATE LIMITED	Director	03/09/2001	03/09/2001	-	Active	NO
6	U45200AP2008PTC059537	AURIS HOLDINGS AND INFRASTRUCTURE PRIVATE LIMITED	Director	05/06/2008	05/06/2008	-	Active	NO
7	U24232AP2007PTC056228	LEESA LIFESCIENCES PRIVATE LIMITED	Director	01/10/2009	01/10/2009	16/07/2011	Active	NO

Name :

Mrs. Indra Pusapati

Designation :

Director

Address :

Plot No.1230, Road No.60, Jusbilee Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

19.21.1971

Date of Appointment :

09.04.2013

DIN No.:

00482381

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	U65990MH1979PTC021527	V.R. INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	26/02/1991	26/02/1991	-	Active	NO
2	U24246AP1983PTC004218	LACTO-COSMETICS (AP) PRIVATE LIMITED	Director	02/08/1991	02/08/1991	-	Active	NO
3	U24246AP1983PTC004220	LACTO-COSMETICS (HYD) PRIVATE LIMITED	Director	05/08/1991	05/08/1991	-	Active	NO
4	U70102AP1986PTC006777	V.R.REAL ESTATES PRIVATE LIMITED.	Director	09/08/1991	09/08/1991	-	Active	NO
5	U45200AP1983PTC003894	V.R.CONSTRUCTION PRIVATE LIMITED	Director	12/08/1991	12/08/1991	-	Active	NO
6	U01134AP1983PTC004308	V.R.FARMS PRIVATE LIMITED	Director	19/08/1991	19/08/1991	-	Active	NO
7	U74950AP1983PTC003895	V R PACKING COMPANY PRIVATE LIMITED	Director	21/08/1991	21/08/1991	-	Active	NO
8	U26942AP1995PTC019852	COBRA CEMENTS PRIVATE LIMITED	Director	29/03/1995	29/03/1995	-	Active	NO
9	U21020AP1976PTC001643	D.A.P. CONTAINERS PRIVATE LIMITED	Director	30/12/1996	30/12/1996	-	Active	NO
10	U24230AP1999PTC033023	BIONA HEALTH CARE PRIVATE LIMITED	Director	10/12/1999	10/12/1999	-	Active	NO
11	U24230AP1986PTC006397	TECHNOPHARMA PRIVATE LIMITED	Director	16/08/2006	16/08/2006	-	Active	NO
12	U01120AP1953PLC001095	BIOLOGICAL E. LIMITED	Director	09/04/2013	09/04/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders		No. of Shares
Vijay Kumar Datla		400961
Vijay Kumar Datfa (HUF)		4594
Poornima Manteria		4357
lndira P.Raju		4357
Mahima Datla		11205
Vijay Kumar Datla (Trustee Poornima and Indu Trust)		1999
Vijay Kumar Datla (Trustee of Mahima Trust)		1685
Poornimajndira and Mahima		187
Vijay Kumar Datia and Renuka Datla		5813
Mahima Datla and Renuka Datla		14172
Renuka Datla and Mahima Datla		26995
V.R. Investments Private Limited		18425
Purnedu Gupta and Krishna Gupta		250
Total		495000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	3.72
Directors or relatives of Directors	96.23
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Bulk Drugs and formulations.

Products :

Description of product or service category	ITC Code
Pharma	3001
Vaccines	3002
Chemicals	2939
Pharma	3004

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of Hyderabad, Industrial Finance Branch,, Topaz, Amrutha Hills, Panjagutta, Hyderabad - 500082, Andhra Pradesh, India

The Lakshmi Vilas Bank Limited, 5-1-716/1, 1st Floor, Bank Street, Koti, Hyderabad - 500095, Andhra Pradesh, India

State Bank of Mysore, Industrial Finance Branch, P.B. No.125, "Myhome Jupally", Ameerpet Road, Hyderabad - 500016, Andhra Pradesh, India

Axis Bank Limited, 6-3-879/B, Greenlands Road, Begumpet,, Hyderabad - 500016, Andhra Pradesh, India

ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Bank of Baroda, Corporate Financial Services Branch, Himayatnagar, Hyderabad - 500029, Andhra Pradesh, India

Facilities :

Secured Loan	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	1273.541	1414.395
Foreign currency term loans from banks	72.524	150.011
Rupee term loans from others	0.000	84.691
Borrowing from government semi-government bodies	0.000	0.212
Other loans and advances	5.331	6.317
SHORT TERM BORROWINGS
Working capital loans from banks	451.296	405.049
Other loans and advances	3.966	89.712
Total	1806.658	2150.387

Term Loans from:

Bank of Baroda are secured by first pari-passu charge on fixed assets of the Company present and future, Personal guarantee by Chairman and Managing Director and a Share holder of the Company and further secured by Corporate guarantee of Biotech Medicals Private Limited, a subsidiary Company.
Axis Bank is secured by first pari-passu charge on fixed assets other than those exclusively charged and collaterally secured by entire current assets of the company, Persoanal guarantee by Chairman and Managing Director and a shareholder of the Company. Repayable in 20 quarterly installments from May, 2011
ICICI Bank is secured by exclusive charge on 103 acres and 8 guntas of land situated in Gaganpahad, Hyderabad and first pari-passu charge on all fixed assets except 44 acres and 4 guntas of land and building situated at Manoharabad and Personal guarantee by Chairman and Managing Director of the Company. Repayable in 24 installments, starts from June, 2012.
Bank of India is secured by an exclusive charge on 44 acres and 4 guntas of land and building thereon situated in Manoharabad, Hyderabad and Personal guaranteeby Chairman and Managing Director of the Company, Repayable in 4 annual instalments, from July, 2010.
Lakshmi Vilas Bank Limited is secured by mortgage of Plot in Sy No.64, HUDA Techno Enclave, Madhapur and factory land in IDA, Patancheru, of BE Animal Health Private Limited, and assignment of 3 brands of the Company.
Technology Development Board, Govt. of India is secured by Bank Guarantee from Lakshmi Vilas Bank Limited, Repayable in20 quarterly instalments from September, 2006
Tata Capital Limited is secured by exclusive charge of reidential property of Chairman and Managing Director.
Vehicle loans from banks are secured by hypothecation of vehicles.

Working capital and Cash Credit loans from

Banks are secured by paripassu charge by way of hypothecation of stock-in-trade, book debts and a Second pari-passu charge on all fixed assets of the Company and further secured by personal guarantee of Chairman and Managing Director of the Company.

Other Loans from:

Karvy Financial Services is secured by exclusive charge on the residential property in Plot No: 280B, Jubilee Hills, Hyderabad, belonging to V R Constructions.
Bajaj Financial Services is secured by pledge of shares of Dr. Vijay Kumar Datla, Chairman and Managing Director.
Tata capital Limited is secured by pledge Company's investments in Bank of Baroda and Corporation Bank Shares


Banking Relations :	---

Financial Institutions :	IFCI Limited, 8^th Floor, Taramandal Complex, Saifabad, Hyderabad - 500004, Andhra Pradesh, India

Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	Flat No. 403 and 404, Golden Green Apartments, Irrum Manzil Colony, Hyderabad – 500082, Andhra Pradesh, India
PAN No.:	AADFB8032G

Subsidiary Companies :	Biotech Medicals Private Limited BE Investment and Finance Private Limited

Companies in which Key Management Personnel are interested :	D A P Containers Private Limited V.R. Packing Company Private Limited V R Farms Private Limited V R Transport Company Private Limited V.R. Investments and Finance Private Limited V.R. Constructions Private Limited V.R. Real Estate Private Limited Vasistha Technologies Private Limited Biona Health Care Private Limited Biona Herbal Research Centre Private Limited Hitech Medicals Private Limited BE Animal Health Private Limited BE Chemicals Private Limited BE Pharma Private Limited Biotech Pharma Private Limited BE Immuno Sciences Private Limited Eureka Laboratories Private Limited Techno Pharma Private Limited Auris Holdings and Infrastructure Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs. 100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

495000	Equity Shares	Rs. 100/- each	Rs. 49.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	49.500	49.500
(b) Reserves & Surplus	660.896	803.442
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	710.396	852.942

(3) Non-Current Liabilities
(a) long-term borrowings	1427.344	1739.776
(b) Deferred tax liabilities (Net)	97.625	211.234
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	17.511	18.573
Total Non-current Liabilities (3)	1542.480	1969.583

(4) Current Liabilities
(a) Short term borrowings	696.896	822.953
(b) Trade payables	182.446	303.806
(c) Other current liabilities	1353.789	530.726
(d) Short-term provisions	6.162	11.506
Total Current Liabilities (4)	2239.293	1668.991

TOTAL	4492.169	4491.516

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2940.563	3052.651
(ii) Intangible Assets	35.208	28.215
(iii) Capital work-in-progress	0.299	2.306
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	27.165	15.740
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.506	0.506
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	3003.741	3099.418

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	740.972	595.369
(c) Trade receivables	252.502	246.544
(d) Cash and cash equivalents	342.097	406.139
(e) Short-term loans and advances	146.884	137.979
(f) Other current assets	5.973	6.067
Total Current Assets	1488.428	1392.098

TOTAL	4492.169	4491.516

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		49.500
2] Share Application Money		0.000
3] Reserves & Surplus		740.150
4] (Accumulated Losses)		0.000
NETWORTH		789.650
LOAN FUNDS
1] Secured Loans		2154.455
2] Unsecured Loans		331.964
TOTAL BORROWING		2486.419
DEFERRED TAX LIABILITIES		114.549

TOTAL		3390.618

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		2360.489
Capital work-in-progress		732.305

INVESTMENT		15.558
DEFERREX TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	525.529
	Sundry Debtors	347.257
	Cash & Bank Balances	115.025
	Other Current Assets	1.836
	Loans & Advances	119.117
Total Current Assets		1108.764
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	353.585
	Other Current Liabilities	445.946
	Provisions	26.967
Total Current Liabilities		826.498
Net Current Assets		282.266

MISCELLANEOUS EXPENSES		0.000

TOTAL		3390.618

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2196.814	2430.394	2172.561
		Other Income	157.426	19.985	68.995
		TOTAL (A)	2354.240	2450.379	2241.556

Less	EXPENSES
		Cost of materials consumed	714.106	615.811
		Purchases of stock-in-trade	51.746	67.544
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(142.769)	(85.375)
		Employee benefit expense	494.760	395.246
		Other expenses	1026.983	747.547
		Exceptional items	(83.963)	0.000
		TOTAL (B)	2060.863	1740.773	1709.698

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		293.377	709.606	531.858

Less	FINANCIAL EXPENSES (D)		364.277	388.957	232.223

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(70.900)	320.649	299.635

Less/ Add	DEPRECIATION/ AMORTISATION (F)		180.229	147.502	129.574

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(251.129)	173.147	170.061

Less	TAX (H)		(111.337)	98.349	87.405

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(139.792)	74.798	82.656

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		333.463	277.701	214.897

Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	7.530	8.270
		Dividend	4.950	9.900	9.900
		Tax on Dividend	0.803	1.606	1.682
	BALANCE CARRIED TO THE B/S		187.918	333.463	277.701

	Earnings / (Loss) Per Share (Rs.)		(282.41)	151.11	166.98

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(5.94)	3.05	3.69

Net Profit Margin (PBT/Sales)	(%)	(11.43)	7.12	7.83

Return on Total Assets (PBT/Total Assets}	(%)	(5.62)	3.87	4.90

Return on Investment (ROI) (PBT/Networth)		(0.35)	0.20	0.22

Debt Equity Ratio (Total Debt /Networth)		2.99	3.00	3.15

Current Ratio (Current Asset/Current Liability)		0.66	0.83	0.75

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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Particular	31.03.2012 (Rs. In Millions	31.03.2011 (Rs. In Millions
LONG TERM BORROWINGS
Borrowing from government semi-government bodies	75.948	84.150
SHORT TERM BORROWINGS
Working capital loans from banks	117.703	45.812
Other loans and advances	123.931	282.380
Total	317.582	412.342

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10279463	12/09/2012 *	2,405,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B57802605
2	10281422	31/03/2011	4,060,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES BRANCH, HIMAYATNAGAR, HYDERABAD, Andhra Pradesh - 500029, INDIA	B11025996
3	10275258	04/08/2011 *	2,568,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B19307040
4	90260988	15/04/1993 *	20,000,000.00	UNIT TRUST OF INDIA	NEW MARINE LINES, MUMBAI, Maharashtra, INDIA	-
5	90260976	18/01/1993	1,400,000.00	THE VYSYA BANK LIMITED	CHKDAPALLY DEDERBAD, HYDERABAD, Andhra Pradesh, INDIA	-
6	90257838	18/01/2008 *	120,000,000.00	BANK OF BARODA	HYDERABAD MAIN BRANCH, HANUMAN TKEDI, ABIDS, HYDE RABAD, Andhra Pradesh- 500001, INDIA	A32770760
7	90260966	13/07/1994 *	97,000,000.00	BANK OF BARODA	ABIDS CIRCLE, SECUNDRABD, Andhra Pradesh, INDIA	-
8	90260831	11/06/1990	600,000.00	UNIT TRUST OF INDIA	13; SHRI VITHALDAS THAKREY MARG, NEW MARINE LINES , MUMBAI, Maharashtra, INDIA	-
9	90260660	26/05/1987	4,000,000.00	BANK OF BARODA	ABIDS CIRCLE, SECUNDRABD, Andhra Pradesh, INDIA	-
10	90263216	24/08/1973	60,000.00	UTTAR PRADESH FINANCIAL CORP.	CIVIL LINES, KANPUR, Uttar Pradesh, INDIA	-

* Date of charge modification

BUSINESS REVIEW AND PERFORMANCE

Sales (Net of Excise Duty collected) and Other Income for the year ended 31^st March, 2012 was Rs. 2354.240 Millions as against Rs. 2450.379 Millions for the year ended 31^st March, 2011.

The Operational Loss for the year was Rs. 251.129 Millions as against Profit of Rs. 173.147 Millions for the year ended 31^st March, 2011 and the Net Loss after tax and after prior period adjustments was Rs. 139.792 Millions as against Net Profit of Rs. 74.798 Millions for the previous year.

The Directors would like to submit that the operational losses have arisen owing to reasons such as higher incidence of interest and other costs as well as certain one-time expenditure and reduced revenues due to termination of an agreement with an MNC company.

FIXED ASSETS

Land
Building
Plant and Machinery
Water Works
Electrical Installations and Air Conditioner
Date Processing Machines
Office Equipment
Furniture and Fixture and Canteen Assets
Vehicles
Trade Marks

AS PER WEBSITE

NEWS:

BIOLOGICAL E LAUNCHES VACCINE TO TREAT JAPANESE ENCEPHALITIS

Hyderabad, Sept 13, 2012:

Biological E. Limited today launched the county’s first indigenous vaccine JEEV to tackle Japanese encephalitis.

Priced at Rs 985, the vaccine will be available in the private domestic market. In due course, it will be exported, according to Mahima Datla, Senior Vice-President of the company.

Technology for the vaccine has been obtained from the Austrian vaccine maker Intercell. The Austrian company produces a vaccine targeted to provide protection to travellers from Europe, Australia, US etc., to regions, where the Japanese encephalitis is prevalent.

“We have indigenised the technology and developed an inactivated vaccine targeting children and adults in India, where the infection is high,’’she told newspersons here.

Production capacity

The Hyderabad-based vaccine producer has built an initial capacity of producing 10 million doses. It will be upscaled in tune with demand and once the export licences are obtained.

The company has invested up to Rs 400 crore in a modern vaccine production facility on the outskirts of Hyderabad. Vaccines for tetanus, diptheria, Hib, JE etc. are produced here.

It company has supplied 200 million doses of these vaccines through the UNICEF to various countries.

Japanese encephalitis

Japanese encephalitis is an inflammation of the brain tissue. It is caused due to infection caused by a mosquito bite, which carries the virus. At present, there is no strong anti-viral therapy. Vaccination is considered the most effective weapon.

The Government imports small quantities of a ‘live' vaccine from China. The problem is severe as lakhs of people get infected by the virus annually.

WHO report

According to the WHO, about 15,000 people die annually due to the after-effects of Japanese encephalitis. In India, more than 8,000 confirmed cases were recorded in 2011 of whom, 1,100 died.

Inactivated vaccines are considered to have better safety profile compared to live vaccines, she said.

JEEV is a second generation inactivated vaccine. Its safety has been established in trials and is licensed by the Drug Controller General of India. Intercell's vaccine, which formed the basis for the technology transfer to BE, is licensed by the US Food and Drug Administration.

MEDIA RELEASES:

NOVARTIS AND BIOLOGICAL E AGREE TO DELIVER AFFORDABLE VACCINES FOR TYPHOID AND PARATYPHOID A FEVERS TO DEVELOPING WORLD

License agreement advances a Novartis goal to deliver accessible and affordable vaccines that address unmet medical need in endemic regions
More than 21 million cases of typhoid fever and five million cases of paratyphoid A fever are reported worldwide each year[1]

Basel, Switzerland, July 8, 2013 - Novartis today announced that it has entered into a development and licensing agreement with Biological E Limited (BioE), a biopharmaceutical company based in India, for two vaccines to protect against typhoid and paratyphoid fevers. The agreement advances the Novartis goal to deliver accessible and affordable vaccines that address unmet medical need in endemic regions.

In just five years, the Novartis Vaccines Institute for Global Health (NVGH), part of the Novartis Institutes for BioMedical Research, has developed a typhoid vaccine with funding by the Fondazione Monte dei Paschi di Siena and Regione Toscana through the Sclavo Vaccines Association (Italy). In addition, a dual-acting vaccine with components against both typhoid and paratyphoid fevers is being developed with on-going support from the Wellcome Trust. Both could reduce the burden of these diseases in endemic regions.

"NVGH uses its innovative know-how to tackle important problems in public health," said Don Ganem, VP and Global Head of Infectious Diseases, Novartis Institutes for BioMedical Research. "BioE has a proven track record in vaccine manufacture, and capabilities to clinically develop and deliver WHO pre-qualified affordable vaccines to the developing world. We are pleased to be working with them to address this unmet need."

More than 21 million cases of typhoid fever and five million cases of paratyphoid A fever are reported worldwide in a year[1], especially in areas that lack appropriate sanitation and access to clean water. Many victims are children under the age of two for whom there is no widely available typhoid vaccine, while no vaccine is available for any age group against paratyphoid fever.

Under the license, NVGH will transfer technology to BioE, which will have financial and operational responsibility for manufacturing, further clinical development, approval and distribution in the developing world. The typhoid vaccine (Vi-CRM197) has achieved Proof of Concept, had successful Phase 2 results, and will be transferred to BioE. A combined typhoid-paratyphoid vaccine will be transferred once Proof of Concept is completed through early, small-scale studies in humans to determine safety and immunogenicity. The Wellcome Trust continues to support the development of the dual-acting vaccine through a Strategic Award that was awarded in 2009.

"Typhoid and paratyphoid are major causes of life-threatening disease worldwide and with the emergence of resistance to all of the commonly used antibiotics, they are becoming increasingly difficult to treat," said Ted Bianco, Director of Technology Transfer and Acting Director of the Wellcome Trust. "This licensing deal takes us a step closer to getting much-needed affordable vaccines into the communities that need them most."

BioE is committed to achieving World Health Organization (WHO) pre-qualification and fulfill specific obligations to meet Novartis standards[2]. The agreement is worldwide except for developed countries, where Novartis will retain rights.

Information about typhoid and paratyphoid fevers

The bacteria Salmonella enterica serovar Typhi (S. Typhi) causes typhoid fever and is a significant public health problem in developing countries where access to clean water and proper sanitation is limited and causes over 21 million cases and over 200,000 deaths per year worldwide[1]. S. Paratyphi A causes a clinically similar disease (paratyphoid fever) and is reported to cause five million cases in a year[1]. Given limitations of current typhoid vaccines and increasing antibiotic drug resistance of the bacteria, there is an need for effective vaccines.

Disclaimer
This press release contains expressed or implied forward-looking statements, including statements that can be identified by terminology such as "to deliver," "goal," "could," "will," "committed," or similar expressions. Such forward-looking statements reflect the current views of the Group regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such statements. These expectations could be affected by, among other things, risks and factors referred to in the Risk Factors section of Novartis AG's current Form 20-F on file with the US Securities and Exchange Commission. Novartis is providing the information in this press release as of this date and does not undertake any obligation to update it in the future.

About Novartis Vaccines Institute for Global Health

The mission of the Novartis Vaccines Institute for Global Health is to develop effective and affordable vaccines for neglected infectious diseases of impoverished communities. In striving to achieve this mission, NVGH aims to substantially reduce development risks and cost of new vaccines so that manufacturers will be able to viably produce and distribute these vaccines to the public health sector of the developing world. NVGH's role is to undertake the translational research required to take a laboratory concept through development to the human Proof of Concept and then to transfer this knowledge to a manufacturer.

About Novartis

Novartis provides innovative healthcare solutions that address the evolving needs of patients and societies. Headquartered in Basel, Switzerland, Novartis offers a diversified portfolio to best meet these needs: innovative medicines, eye care, cost-saving generic pharmaceuticals, preventive vaccines and diagnostic tools, over-the-counter and animal health products. Novartis is the only global company with leading positions in all these areas. In 2012, the Group achieved net sales of USD 56.7 billion, while R&D throughout the Group amounted to approximately USD 9.3 billion (USD 9.1 billion excluding impairment and amortization charges). Novartis Group companies employ approximately 129,000 full-time-equivalent associates and operate in more than 140 countries around the world.

PRESS RELEASE:

BIOLOGICAL E TO SUPPLY PENTAVALENT VACCINE TO VACSERA FOR SUPPLY TO EGYPT

Friday, June 28, 2013: Biological E Limited (BioE) today announced that it has entered into a long term supply agreement with VACSERA (and its subsidiary Egyvac), an Egyptian vaccines company under the Ministry of Health of Egypt, for the Pentavalent vaccine manufactured by Bio E. VACSERA is the sole vaccine procurement agency of Egypt. Under the agreement, Bio E’s Pentavalent vaccine shall be procured exclusively by VACSERA.

Biological E’s Liquid Pentavalent vaccine was prequalified by WHO in 2012 and since then it has been exported to several countries. The company was in news recently for entering into a five year Pentavalent supply arrangement with GAVI and for its Joint Venture with GSK for the development and commercialization of the IPV containing Hexavalent vaccine.

Mr Narender Mantena of Biological E Limited said, “We are happy that after a rigorous process of selection, the company was chosen as a credible supplier by VACSERA for supplying the Pentavalent Vaccine. This is an extremely strategic move and the first of such long term exclusive buying arrangements with countries.

DIAGEO PLC COMPLETES STAKE PURCHASE IN UNITED SPIRITS, GETS ONLY 25.02 PC

Jul 5, 2013, 02.26AM IST

MUMBAI: British spirits maker Diageo PLC has raised its stake in India's largest spirits maker United Spirits to 25% and have appointed five directors on the board chaired by liquor baron Vijay Mallya. United Breweries Holdings, the holding company of UB Group, and some companies owned by Mallya have sold roughly 15% in United Spirits (USL) to Diageo for Rs 31350.000 Millions.

BILL GATES VISIT HYDERBAD'S BIOLOGICAL E

Chennai, 31st May, 2013: Mr. Bill Gates, Co-Chair Bill and Melinda Gates Foundation congratulated Biological E on the science and innovation platform of the company that allows it to supply effective and affordable vaccines. After their meeting Ms. Mahima Datla, Managing Director of Biological E said: “Our company is committed to manufacturing quality vaccines at prices that make them one of the most cost-effective investments in global health. We are very proud to support immunization needs of the world’s poorest countries and supply life-saving vaccines to underprivileged children in the world.” We are proud to tie-up with Biological E. because its innovative approaches are saving and improving lives every day,” said Mr. Gates. Yet, despite remarkable achievements, India endures some of the greatest health and development burdens in the world.”

About Biological E. Limited:

Biological E is a privately held company established in 1953. Biological E. Limited (Bio E) is a globally focused biopharmaceutical company that develops, manufactures and markets innovative vaccines and biologics that respond to health care needs worldwide. The company’s product development efforts are driven by an internationally experienced management team and the company has several strategic partnerships with leading biotechnology and pharmaceutical companies and research institutes around the world.

GSK AND BIOLOGICAL E. ANNOUNCE JOINT VENTURE TO DEVELOP COMBINATION VACCINE FOR INDIA AND OTHER DEVELOPING COUNTRIES

Monday 28 January 2013

GlaxoSmithKline (GSK) and Biological E Limited (Biological E.), a leading Indian vaccines company, today announced an agreement to form a 50/50 joint venture (JV) for the early stage research and development of a six-in-one combination paediatric vaccine to help protect children in India and other developing countries from polio and other infectious diseases. The partnership reinforces the commitment of both companies to support the World Health Organisation’s (WHO) global polio eradication programme.

If approved, the vaccine, which would combine GSK’s injectable polio vaccine (IPV) and Biological E’s pentavalent vaccine for diphtheria, tetanus, whooping cough (whole cell pertussis), hepatitis B, and Haemophilus influenzae type b, could be the first of its kind. The vaccine would enable fewer injections for children thereby improving compliance in immunisation schedules. The fully liquid formulation of the vaccine also means it would be ready to use with no additional ingredients or materials required, freeing up space at local storage facilities.

The JV will bear the development costs for the candidate vaccine, which is expected to enter phase 1 development in the next two years. A small initial cash investment will be made by both companies to cover start-up costs for the JV and subsequent development costs will be split equally.

Christopher Weber, President of GSK Vaccines said “We are delighted to be working with Biological E., an established company in the global vaccine market. This agreement is fully aligned to GSK’s vision of providing high quality vaccines to those in need and by leveraging Biological E’s strengths, this particular vaccine has the potential to be play a significant role in the fight against polio.”

Vijay Kumar Datla, Chairman Biological E. said “We are excited to be working with GSK, and this relationship is a validation of the investments we have made in vaccine technology and quality. We expect to leverage this partnership to accelerate the development of the hexavalent vaccine and make IPV accessible for developing countries in the post eradication phase for polio. We hope to continue playing our part in support of the public health community.”

Completion of the transaction is expected in 2013, subject to several conditions including regulatory approval of the JV.

GlaxoSmithKline – one of the world’s leading research-based pharmaceutical and healthcare companies – is committed to improving the quality of human life by enabling people to do more, feel better and live longer

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. 61.39
UK Pound	1	Rs. 94.17
Euro	1	Rs. 81.70

INFORMATION DETAILS

Information Gathered by :	SVA

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.

MIRA INFORM REPORT

(5.94)

(11.43)

(5.62)

(0.35)

2.99

0.66

Unit