MIRA INFORM REPORT

Report Date :

05.01.2013

IDENTIFICATION DETAILS

Name :	MARTINA BIO GENICS PRIVATE LIMITED
Registered Office :	78, Kalitala Road, 2^nd Floor, Kalikapur (Near Prince Anwar Shah Road-E.M. Bypass Crossing, Above State Bank of India), Kolkata – 700 078, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.08.2005
Com. Reg. No.:	21-104717
Capital Investment / Paid-up Capital :	Rs.108.049 millions
CIN No.: [Company Identification No.]	U24239WB2005PTC104717
TAN No.: [Tax Deduction & Collection Account No.]	CALM07645B
PAN No.: [Permanent Account No.]	AAECM4957F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of medicines.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 780000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The reserve of the company seems to be insufficient. And external borrowing of the company seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Rajat Chowdhary
Designation :	Finance Department
Contact No.:	91-33-24847025
Date :	04.01.2013

LOCATIONS

Registered Office/ Corporate Office :	78, Kalitala Road, 2^nd Floor, Kalikapur (Near Prince Anwar Shah Road-E.M. Bypass Crossing, Above State Bank of India), Kolkata – 700 078, West Bengal, India
Tel. No.:	91-33-24847025/ 24844996/ 65216297
Fax No.:	91-33-24844996/ 65216297
E-Mail :	desk@martinabiogenics.org martina_bio@yahoo.com desk@martina.in
Website :	http://www.martina.in
Factory :	Dareer Road, Chowhati, Raipur, P.S. Sonarpur, Harinavi, 24-Pgs(S), Kolkata – 700 151, West Bengal, India
Tel. No.:	91-33-24271041/ 24271096
Fax No.:	91-33-24271041/ 24271096
International Office :	Media Quarter, Bell Street, Glasgow G4 OUA, Scotland, U.K.
Tel. No.:	+44 141 2290680
Fax No.:	+44 141 2290390

DIRECTORS

As on 29.09.2012

Name :

Mr. Pradeep Kumar Singh

Designation :

Managing Director

Address :

434, Lakhanpur, Vikas Nagar, Kanpur – 208 024, Uttar Pradesh, India

Date of Birth/Age :

01.01.1969

Date of Appointment :

24.09.2012

DIN No.:

03489865

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	U65993WB1983PLC036595	JOREHAUT INDIA LIMITED	Additional director	10/11/2011	10/11/2011	-	Active	NO
2	U24236WB1988PTC044837	MARTINA SURGICALS PRIVATE LIMITED	Director	17/11/2011	17/11/2011	-	Active	NO
3	U45200WB2007PLC135144	SAMTAL FINANCIAL SYSTEM LIMITED	Director	29/09/2012	02/07/2012	-	Active	NO
4	U24239WB2005PTC104717	MARTINA BIO GENICS PRIVATE LIMITED	Managing director	24/09/2012	01/08/2012	-	Active	NO
5	U52190WB2011PTC165485	PAKHI SALES PRIVATE LIMITED	Director	27/09/2012	27/09/2012	-	Active	NO
6	U52190WB2011PTC165484	MUDRA TRADECOM PRIVATE LIMITED	Director	27/09/2012	27/09/2012	-	Active	NO

Name :

Shashi Shekhar Trivedi

Designation :

Director

Address :

VIP Enclave, Block-G, Flat 001, VIP Road, Kolkata – 700 059, West Bengal, India

Date of Birth/Age :

06.11.1974

Date of Appointment :

01.08.2012

DIN No.:

00413219

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	U85199WB2000PTC091930	OJAS RESEARCH CENTRE PRIVATE LIMITED	Director	30/11/2002	30/11/2002	-	Active	NO
2	U01132WB1918PLC003017	TIPPERAH TEA CORPN LIMITED	Director	14/07/2008	14/07/2008	-	Active	NO
3	U01132WB1919PLC003434	TUFANIALONGA TEA CO LIMITED	Director	14/07/2008	14/07/2008	-	Active	NO
4	U70101WB2004PTC098030	MEGACITY BUILDERS PRIVATE LIMITED	Director	26/05/2009	26/05/2009	-	Active	NO
5	U24239WB2004PTC097774	D.S. RESEARCH AND HOSPITAL INSTITUTE PRIVATE LIMITED	Director	17/02/2010	17/02/2010	-	Active	NO
6	U65910WB1986PLC041406	EAST INDIA LEASING COMPANY LIMITED	Director	20/09/2010	20/09/2010	05/09/2012	Active	NO
7	U45400WB2010PTC153190	IMARAT HI-RISE PRIVATE LIMITED	Director	20/09/2010	20/09/2010	07/09/2012	Active	NO
8	U65921WB1994PTC137821	KHERA MOTOR FINANCE PRIVATE LIMITED	Director	05/10/2010	05/10/2010	26/07/2012	Active	NO
9	U67190WB1996PTC143112	SAI BABA FINVEST PRIVATE LIMITED	Director	01/12/2010	01/12/2010	20/04/2012	Active	NO
10	U85100WB2008PTC129181	D. S. MEDICARE PRIVATE LIMITED	Director	01/01/2011	01/01/2011	21/09/2012	Active	NO
11	U24232WB2007PTC115617	D. S. HEALTHCARE PRIVATE LIMITED	Director	01/01/2011	01/01/2011	-	Active	NO
12	U45400WB2011PLC167166	D. S. INFRA-DEVELOPERS LIMITED	Director	05/09/2011	05/09/2011	-	Active	NO
13	U52190WB2010PTC148344	NIRALA VINCOM PRIVATE LIMITED	Director	31/10/2011	31/10/2011	23/07/2012	Under Process of Striking off	NO
14	U51101WB2009PTC132295	VIJETA MERCHANDISE PRIVATE LIMITED	Director	31/10/2011	31/10/2011	23/07/2012	Active	NO
15	U24236WB1988PTC044837	MARTINA SURGICALS PRIVATE LIMITED	Director	01/08/2012	01/08/2012	-	Active	NO
16	U24239WB2005PTC104717	MARTINA BIO GENICS PRIVATE LIMITED	Director	01/08/2012	01/08/2012	-	Active	NO
17	U51909WB2009PTC139930	ELEGANT DEALTRADE PRIVATE LIMITED	Director	14/09/2012	14/09/2012	-	Active	NO
18	U85100WB2012NPL188025	D S FOUNDATION	Director	07/11/2012	07/11/2012	-	Active	NO

Name :

Mr. Madhusudan Jhunjhunwala

Designation :

Director

Address :

162/2, Benaras Road, Salkia, Howrah – 711 106, West Bengal, India

Date of Birth/Age :

05.01.1975

Date of Appointment :

21.09.2012

DIN No.:

00555418

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	U74899DL1995PTC064783	REETU FIN-LEASE PRIVATE LIMITED	Director	05/09/2005	05/09/2005	30/09/2010	Active	NO
2	U74899DL1995PTC066214	COMPOSIT CREDITS PRIVATE LIMITED	Director	01/06/2006	01/06/2006	02/07/2012	Active	NO
3	U45400WB2010PTC153190	IMARAT HI-RISE PRIVATE LIMITED	Director	04/09/2012	04/09/2012	-	Active	NO
4	U24239WB2005PTC104717	MARTINA BIO GENICS PRIVATE LIMITED	Director	21/09/2012	21/09/2012	-	Active	NO
5	U51909WB2010PTC148244	MANDRAKE TRADECOM PRIVATE LIMITED	Director	21/09/2012	21/09/2012	-	Active	NO
6	U51909WB2010PTC148094	AMBROSIA VINCOM PRIVATE LIMITED	Director	21/09/2012	21/09/2012	-	Active	NO
7	U51109WB2006PTC107826	DEBRUP VANIJYA PRIVATE LIMITED	Director	21/09/2012	21/09/2012	-	Active	NO
8	U24236WB1988PTC044837	MARTINA SURGICALS PRIVATE LIMITED	Director	21/09/2012	21/09/2012	-	Active	NO
9	U51909WB2010PTC152237	CONFIRM SUPPLIERS PRIVATE LIMITED	Director	08/10/2012	08/10/2012	-	Active	NO

Name :

Mr. Deepak Singh

Designation :

Director

Address :

Room No.431, Allamaprabhu Block, Tumkur – 572 103, Karnataka, India

Date of Birth/Age :

01.01.1986

Date of Appointment :

01.08.2012

DIN No.:

03500010

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	U51109WB2008PTC125299	KARUKRIT COMMERCE PRIVATE LIMITED	Director	18/08/2011	18/08/2011	23/08/2012	Active	NO
2	U65993WB1983PLC036595	JOREHAUT INDIA LTD	Additional director	10/11/2011	10/11/2011	-	Active	NO
3	U24236WB1988PTC044837	MARTINA SURGICALS PRIVATE LIMITED	Director	11/11/2011	11/11/2011	-	Active	NO
4	U45200WB2007PLC135144	SAMTAL FINANCIAL SYSTEM LIMITED	Director	29/09/2012	02/07/2012	-	Active	NO
5	U24239WB2005PTC104717	MARTINA BIO GENICS PRIVATE LIMITED	Director	01/08/2012	01/08/2012	-	Active	NO
6	U52190WB2011PTC165485	PAKHI SALES PRIVATE LIMITED	Director	27/09/2012	27/09/2012	-	Active	NO
7	U52190WB2011PTC165484	MUDRA TRADECOM PRIVATE LIMITED	Director	27/09/2012	27/09/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajat Chowdhary
Designation :	Finance Department
E-Mail :	bio_accounts@yahoo.in

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Shashi Shekhar Trivedi	300000
Statt Investment and Services Private Limited, India	1008457
Samtal Financial System Limited, India	2783055
Surendra Agarwal	72033
Pradeep Kumar Singh	125000
Deepak Singh	125000
Mudra Tradecom Private Limited, India	2369400
Milestone Tie-up Private Limited, India	2073404
Solty Builtcon Private Limited, India	1948560
Total	10804909

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	94.24
Directors or relatives of directors	5.76
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of medicines.

Products :

Item Code No. (ITC Code)	30042
Product Description	Medicine

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

v State Bank of India, Industrial Finance Branch, 11, Dr. U.N. Brahmachari Street, Kolkata – 700 017, West Bengal, India

v State Bank of India, Mid Corporate Loan Administration, 7^th Floor, "Samriddhi Bhawan", E Block, 1, Strand Road, Kolkata – 700 001, West Bengal, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	119.621	137.686
Loans repayable on demand from others	1.492	8.726
Loans taken for fixed assets	0.000	0.495
SHORT TERM BORROWINGS
Rupee term loans from banks	228.053	221.227
Total	349.166	368.134

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans and advances from related parties	106.141	91.961
Total	106.141	91.961

Banking Relations :	--
Auditors :
Name :	C. Ghatak and Company Chartered Accountants
Address :	107, NSC Bose Road, Kolkata - 700 040, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AADFC9771D

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10804909	Equity Shares	Rs.10/- each	Rs.108.049 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		108.049	108.049	98.049
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		87.026	78.732	32.196
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		195.075	186.781	130.245
LOAN FUNDS
1] Secured Loans		349.166	368.134	255.688
2] Unsecured Loans		106.141	91.961	65.839
TOTAL BORROWING		455.307	460.095	321.527
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		650.382	646.876	451.772
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		326.879	342.401	209.175
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	219.425	185.333	128.236
	Sundry Debtors	214.129	132.253	127.177
	Cash & Bank Balances	0.748	2.177	0.131
	Other Current Assets	0.101	0.155	0.000
	Loans & Advances	12.838	3.318	5.998
Total Current Assets		447.241	323.236	261.542
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	113.577	10.624	12.219
	Other Current Liabilities	7.055	4.202	4.525
	Provisions	3.106	3.935	2.398
Total Current Liabilities		123.738	18.761	19.142
Net Current Assets		323.503	304.475	242.400
MISCELLANEOUS EXPENSES		0.000	0.000	0.197
TOTAL		650.382	646.876	451.772

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	NA	701.371
		Other Income	NA	NA	0.122
		TOTAL	NA	NA	701.493
Less	EXPENSES
		Office Expenses	NA	NA	694.301
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	694.301
	PROFIT BEFORE TAX		7.459	8.024	7.192
Less	TAX		1.563	1.488	1.111
	PROFIT AFTER TAX		5.896	6.536	6.081
	Earnings Per Share (Rs.)		0.55	0.60	0.62

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	0.87
Net Profit Margin (PBT/Sales)	(%)	NA	NA	1.03
Return on Total Assets (PBT/Total Assets}	(%)	0.96	1.21	1.53
Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.06
Debt Equity Ratio (Total Liability/Networth)		2.97	2.56	2.62
Current Ratio (Current Asset/Current Liability)		3.61	17.23	13.66

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last one year	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) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

CORPORATE INFORMATION:

Subject is a company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in manufacturing of medicines.

FIXED ASSETS:

v Land

v Buildings

v Plant and Equipment

v Furniture and Fixtures

v Vehicles

v Office Equipment

v Computer Equipment

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 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.54.85
UK Pound	1	Rs.88.16
Euro	1	Rs.71.54

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		36

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.