MIRA INFORM REPORT

Report Date :

01.07.2013

IDENTIFICATION DETAILS

Name :	RUBICON RESEARCH PRIVATE LIMITED (w.e.f.02.09.2002)
Formerly Known As :	RUBICON CONSULTANTS PRIVATE LIMITED
Registered Office :	221, Goregaon Mulund Link Road, Off L.B.S Marg, Bhandup (West), Mumbai - 400070, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.05.1999
Com. Reg. No.:	11-119744
Capital Investment / Paid-up Capital :	Rs. 210.450 Millions
CIN No.: [Company Identification No.]	U73100MH1999PTC119744
TAN No.: [Tax Deduction & Collection Account No.]	MUMR09729G
PAN No.: [Permanent Account No.]	AABCR1422M
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Services in relation to Scientific and Technical Research and Experiments in Pharmaceutical Products.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1499000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit : (CRISIL) BB
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	March 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.

LOCATIONS

Registered/ Corporate Office/ R and D Center :	221, Goregaon Mulund Link Road, Off L.B.S Marg, Bhandup (West), Mumbai - 400070, Maharashtra, India
Tel. No.:	91-22-61414000 (30 Hunting Lines)
Fax No.:	91-22-61414021
E-Mail :	mail@rubiconresearch.com rubicon@rubicon.co.in venkat@rubicon.co.in
Website :	http://www.rubicon.co.in
Manufacturing Plant :	Plot No. K 30/4 and 30/5, Additional MIDC, Ambernath, District Thane - 421506, Maharashtra, India
Tel. No.:	91-251-2621721/ 3/ 6
Fax No.:	91-251-2621733

DIRECTORS

AS ON 21.09.2012

Name :	Mrs. Pratibha Sudhir Pilgaonkar
Designation :	Director
Address :	6/L/801, Neelam Nagar, V.B. Phadke Road, Mulund (East), Mumbai - 400081, Maharashtra, India
Date of Birth/Age :	12.06.1954
Qualification :	B.Sc.(Chemistry), B.Sc. (Tech) UTICT, India
Date of Appointment :	01.06.2000
PAN No.:	AAEPP4326J
DIN No.:	00401516
Name :	Mr. Sudhir Dhirendra Pilgaonkar
Designation :	Director
Address :	6/L/801, Neelam Nagar, V.B. Phadke Road, Mulund (East), Mumbai - 400081, Maharashtra, India
Date of Birth/Age :	05.05.1952
Qualification :	B.Sc.(Chemistry), B.Sc. (Tech) UTICT, India
Date of Appointment :	06.05.1999
PAN No.:	AAJPP9131C
DIN No.:	00401594
Name :	Ms. Maharukh Tehmasp Rustomjee
Designation :	Director
Address :	Dhun Building “A” Block, 2nd Floor, Dr. Dadasaheb Bhadkamkar Marg, Mumbai-400007, Maharashtra, India
Date of Birth/Age :	02.08.1962
Qualification :	M. Pharm (Pharmaceutics) UICT, India
Date of Appointment :	01.06.1999
PAN No.:	AACPR4392N
DIN No.:	01712573

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.09.2012

Names of Equity Shareholders	No. of Shares
Tehmasp Rustomjee	65000
Sudhir Dhirendra Pilgaonkar	648700
Pratibha Sudhir Pilgaonkar	650000
Maharukh T Rustomjee	620000
Sudhir D Pilgaonkar and Dhirendra A Pilgaonkar	1300
Leburu S Rao	30000
Narendra N Borkar	10000
Anilkumar Gandhi and Kinjal A Gandhi	1000
Joy Verghese and Rebecca Joy	1000
Amita Surana and Praveen Surana	1000
Nitin Shingala and Trupti Shingala	5000
Nitin Jain and Ravi Saxena	12000
Kotak Mahindra Trusteeship Services Limited A/c Kotak India Venture Fund I	1000
Total	2046000

Names of Preference Shareholders	No. of Shares
Kotak Mahindra Trusteeship Services Limited A/c Kotak India Venture Fund I	14365238
Jamin Bhatt, Chandrashekhar Sathe and K.V.S. Manian Trustees to Kotak Employee Investment Trust	180005
Kotak India Venture (OFFshore) Fund, Mauritius	4453757
Total	18999000

AS ON 21.09.2012

Equity Share Breakup	Percentage of Holding
Category
Venture capital	0.05
Directors or relatives of directors	97.02
Other top fifty shareholders	2.93
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Services in relation to Scientific and Technical Research and Experiments in Pharmaceutical Products.

Products/ Services :

ITC Code No.	Product Descriptions
99811303	Development of Pharmacy Product

GENERAL INFORMATION

No. of Employees :

125 (Approximately)

Bankers :

¯ Bank of India, Thane Main Branch, Shivaji Path, Opposite M H High School, Thane [West] - 400601, Maharashtra, India

¯ The Thane Janata Sahakari Bank Limited, Madhukar Bhavan, Road No. 16, Wagale Estate, Thane West, Thane - 400604, Maharashtra, India

¯ The Thane Janata Sahakari Bank Limited, Anant Laxmi Chember, B- Cabin, Shivaji Nagar Road, Naupada, Thane - 400602, Maharashtra, India

¯ Axis Bank Limited, Ground Floor, Axis House, Bombay Dyeing Mills Compound, Worli, Mumbai - 400025, Maharashtra, India

¯ Dombivli Nagari Sahakari Bank Limited, Keshav Smruti, Main Branch, Dombivli - 421201, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Term loan from banks
- Bank of India	34.537	60.533
- Thane Janata Sahakari Bank Limited	1.806	0.000
SHORT-TERM BORROWINGS
Packing credit facility from Thane Janata Sahakari Bank Limited	13.447	0.000
Cash credit from Thane Janata Sahakari Bank Limited	48.612	29.133
Total	98.402	89.666
NOTE: LONG-TERM BORROWINGS Term loan from Bank of India carries the interest at applicable Base rate plus 4.50%. It is payable in equal installments ranging from 47 months to 60 months of Rs 134,000 to Rs 1,675,000 .The term loan is secured by : (i) Equitable mortgage of land, building and plant and machinery, assignment of keyman insurance policy and fixed deposits with the bank. (ii) Secured by personal guarantee given by directors. Term loan from Thane Janata Sahkari Bank Limited carries the interest at applicable PLR rate minus 2.50% . It is payable in 24 equal installments of Rs 2,471,000 commencing from January 2012. The term loan is secured by : (i) equitable mortgage of land, building and plant and machinery, assignment of keyman insurance policy (i) Secured by personal guarantee given by directors. SHORT-TERM BORROWINGS 1) Packing credit facility is secured against underlying invoices. Packing credit facility is repayable in180 days in case of post shipment and 90 days in case of pre shipment from the respective drawdown dates. 2) Cash credit facility from bank carries interest rate of 12.50% per annum, compounded on monthly basis on the actual amount utilised and are repayable on demand. Cash credit facility is secured against book debts outstanding for period less than 120 days from the invoice date. 3) Unsecured loans from related party carries interest rate of 12.50% p.a. and are repayable on demand.

Banking Relations :	--
Auditors :
Name :	B B S R and Company Chartered Accountants
Address :	1st Floor, Lodha Excelus, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAKFB4397F

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,501,000	Equity Shares	Rs. 10/- each	Rs. 25.010 Millions
18,999,000	Preference Shares	Rs. 10/- each	Rs. 189.990 Millions
	Total		Rs. 215.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,046,000	Equity Shares	Rs. 10/- each	Rs. 20.460 Millions
18,999,000	Preference Shares	Rs. 10/- each	Rs. 189.990 Millions
	Total		Rs. 210.450 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	210.450	210.450
(b) Reserves & Surplus	164.430	139.193
(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)	374.880	349.643
(3) Non-Current Liabilities
(a) long-term borrowings	36.343	60.533
(b) Deferred tax liabilities (Net)	16.714	2.676
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.799	4.196
Total Non-current Liabilities (3)	53.856	67.405
(4) Current Liabilities
(a) Short term borrowings	79.509	40.733
(b) Trade payables	64.536	46.382
(c) Other current liabilities	101.416	59.198
(d) Short-term provisions	3.728	2.482
Total Current Liabilities (4)	249.189	148.795
TOTAL	677.925	565.843
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	407.525	400.997
(ii) Intangible Assets	14.345	9.407
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	16.828	0.000
(b) Non-current Investments	0.500	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	37.182	45.460
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	476.380	455.864
(2) Current assets
(a) Current investments	0.000	0.500
(b) Inventories	8.619	.000
(c) Trade receivables	147.923	81.501
(d) Cash and cash equivalents	3.000	6.588
(e) Short-term loans and advances	22.878	16.818
(f) Other current assets	19.125	4.572
Total Current Assets	201.545	109.979
TOTAL	677.925	565.843

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		210.450
2] Share Application Money		0.000
3] Reserves & Surplus		115.442
4] (Accumulated Losses)		0.000
NETWORTH		325.892
LOAN FUNDS
1] Secured Loans		143.552
2] Unsecured Loans		6.000
TOTAL BORROWING		149.552
DEFERRED TAX LIABILITIES		0.000
TOTAL		475.444
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		52.451
Capital work-in-progress		323.593
INVESTMENT		0.500
DEFERREX TAX ASSETS		7.114
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	77.296
	Cash & Bank Balances	10.584
	Other Current Assets	2.185
	Loans & Advances	49.168
	Unbilled work (at cost)	0.000
Total Current Assets		139.233
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	37.754
	Other Current Liabilities	1.738
	Provisions	7.955
Total Current Liabilities		47.447
Net Current Assets		91.786
MISCELLANEOUS EXPENSES		0.000
TOTAL		475.444

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	347.957	214.711	167.509
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	180.925	123.113
	PROFIT BEFORE TAX		NA	33.786	44.396
Less	TAX		NA	10.034	(0.543)
	PROFIT AFTER TAX		25.237	23.752	44.939
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		138.718	114.966	70.027
	BALANCE CARRIED TO THE B/S		NA	138.718	114.966
	EARNINGS IN FOREIGN CURRENCY
		Service Income	NA	159.097	137.073
	Earnings Per Share (Rs.)		12.33	11.61	21.96

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.25	11.06	26.83
Return on Total Assets (PBT/Total Assets}	(%)	NA	5.97	23.16
Return on Investment (ROI) (PBT/Networth)		NA	0.10	0.14
Debt Equity Ratio (Total Debt/Networth)		0.31	0.29	0.46
Current Ratio (Current Asset/Current Liability)		0.81	0.74	2.93

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]	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 LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
SHORT-TERM BORROWINGS
Loans repayable on demand from related parties	17.450	11.600
Total	17.450	11.600

BACKGROUND

Rubicon Research Private Limited ('the Company') was incorporated on 6 May 1999. The Company is primarily engaged in providing services in relation to scientific and technical research and experiments in pharmaceutical products.

The Company has set-up pharma research laboratory and has executed contracts for several customers from pharma industries located in India and abroad. The Company has obtained the approval from Ministry of Science and Technology, Government of India as Research and Development (R&D) Company under Section 35 (2AB) of the Income-tax Act, 1961. The Company has its cGMP facility at Ambernath (Thane).

FINANCIAL RESULT

The company has achieved a turnover of INR 347.957 Millions for Financial year 2011-2012 as compared to INR 214.711 Millions for FY 2010-11. The company has achieved the Net Profit after tax of INR 25.237 Millions for FY 2011-2012 as compared to INR 23.752 Millions for FY 2010-2011.

OPERATIONS

Rubicon Research private limited income for the Financial Year 2011-2012 grew by 62% over income for Financial Year 2010-2011. The company has expanded its operation in all the verticals (Contract Research Services, Developed Products for Out Licensing, Commercial manufacture and Clinical Trial Supplies) during the year. Despite the weak global market the company has been able to record 62% growth in turnover. The Directors are continuously looking for avenues for future growth of the Company in healthcare industry. The company had its focus on Developed Products for Out Licensing segment and has out licensed its product during the year. The company has been investing innovation technologies and development of technologies and has been recognized by Government of India for development of In-house technologies.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U73100MH1999PTC119744
Name of the company	RUBICON RESEARCH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	221, Goregaon Mulund Link Road, Off L.B.S Marg, Bhandup (West), Mumbai - 400070, Maharashtra, India Email: venkat@rubicon.co.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge Others [RM, SIP, FG etc]
Particular of charge holder	Axis Bank Limited, Ground Floor, Axis House, Bombay Dyeing Mills Compound, Worli, Mumbai - 400025, Maharashtra, India Email: ashokkumar.muvva@axisbank.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Deed
Date of instrument Creating the charge	24.01.2013
Amount secured by the charge	Rs. 146.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letter AXIS/SME/MUM-II/SC/671/2012-13 dated 21.12.2012, AXIS/SME/MUM-II/PR/692/2012-13 dated 28.12.2012 or as stipulated by Bank from time to time. Terms of Repayment Working capital limits: on demand Term Loans: As per sanction letter AXIS/SME/MUM-II/SC/671/2012-13 dated 21.12.2012, AXIS/SME/MUM-II/PR/692/2012-13 dated 28.12.2012 or as stipulated by Bank from time to time. Margin Fund Based working Capital Limits Domestic RM/WIP/FG: 25% Domestic Receivables (cover period up to 120 days): 25% Export RM/WIP/FG and receivables (cover period up to 120 days): 20% Non Fund Based working Capital Limits: 10% t Term Loans I to IV :Nil Term loans V to VIII: 40% Extent and Operation of the charge The Bank granted credit facilities aggregate to Rs. 146.700 Millions (CC/EPC/PSC-Rs.40.000 Millions, LC-Rs.10.000 Millions, TL (I to VIII) - Rs.96.700 Millions). The facilities are secured by hypo of present and future stock of RM, SIP, FG, Other Current Assets etc. lying at Company's premises or elsewhere or in transit, O/s monies, Receivables, Claims, Book Debts, bills, etc. due and owing to Company in course of its business.
Short particulars of the property charged	Hypo of present and future stock of RM, SIP, FG, Other CA etc. lying at Company's premises or elsewhere or in transit, O/s monies, Receivables, Claims, Book Debts etc. due and owing to Company in course of business.

FIXED ASSETS:

¯ Land

¯ Buildings

¯ Office building

¯ Plant and equipment

¯ Factory equipments

¯ Furniture and fixtures

¯ Vehicles

¯ Motor vehicles7

¯ Office equipment

¯ Computer equipments

¯ Other equipments

¯ Leasehold improvements

¯ Brands and trade marks

¯ Computer software

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. 59.70
UK Pound	1	Rs. 91.14
Euro	1	Rs. 77.98

INFORMATION DETAILS

Report Prepared by :

BVA

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.