MIRA INFORM REPORT

Report Date :

12.06.2013

IDENTIFICATION DETAILS

Name :	ADANI PHARMACHEM PRIVATE LIMITED
Registered Office :	Plot No. 198/2, Aji, GIDC, Phase II, Road – M, Rajkot – 360 003, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.04.1999
Com. Reg. No.:	04-035693
Capital Investment / Paid-up Capital :	Rs.4.344 Millions
CIN No.: [Company Identification No.]	U24231GJ1999PTC035693
IEC No.:	2488007005
TAN No.: [Tax Deduction & Collection Account No.]	RKTA00042A
PAN No.: [Permanent Account No.]	AADCA2201R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporters of Bulk Drugs and Fine Chemicals.
No. of Employees :	38 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 130000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for 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	CARE
Rating	BB (Long Term Bank Facilities)
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	April 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Jignesh Jajal
Designation :	Account Manager
Contact No.:	91-9824848776
Date :	11.06.2013

LOCATIONS

Registered Office / Factory 1 :	Plot No. 198/2, Aji, GIDC, Phase II, Road – M, Rajkot-360003, Gujarat, India
Tel. No.:	91-281-2387652 / 2389068
Mobile No. :	91-9825213332 (Mr. Rushabh Haresh Adani) 91-9824848776 (Mr. Jignesh Jajal)
Fax No.:	91-281-2387607
E-Mail :	exports@adanipharma.com rushabh@adanipharma.com cb191@corpbank.co.in
Website :	http://www.adanipharma.com
Area :	1087 sq. ft. / 1084 Sq. ft.
Location :	(Factory) (Owned)
Corporate Office :	Rashtriyashala Marg, Rajkot - 360002, Gujarat, India
Tel. No.:	91-181-2466796 / 2464365
Admin Office / Factory 2 :	Plot No. 2729 to 2731, Road I-1, Lodhika, GIDC, Village Metoda, Taluka Lodhika, Rajkot-360021, Gujarat, India
Tel. No.:	91-2827-287165/ 640131/ 32/33/34
Fax No.:	91-2827-287166
Branch Office :	Manish Compound, Building No. 2, Thane-Bhiwandi Road, Bhiwandi, District Thane, Maharashtra, India
Location :	Rented

DIRECTORS

As on: 25.09.2012

Name :	Mrs. Nirali Rushabh Adani
Designation :	Director
Address :	C-7, Prayag C Appartment, Behind Mohit Hotel, Shroff Road, Rajkot – 360 001, Gujarat, India
Date of Birth/Age :	29.05.1981
Date of Appointment :	07.01.2011
Din No.:	03383012
Name :	Mr. Harshad Anantray Adani
Designation :	Director
Address :	Block No. 12-B, Suraj Appartment-2, Shroff Road, Rajkot – 360 002, Gujarat, India
Date of Birth/Age :	15.06.1953
Qualification :	B.Sc.
Date of Appointment :	05.04.1999
Din No.:	00290012
Name :	Mr. Rushabh Hareshbhai Adani
Designation :	Managing Director
Address :	7^th Floor, C 7, Prayag C, Shroff Road, Kitab Ghar Street, Rajkot – 360 001, Gujarat, India
Date of Birth/Age :	28.08.1981
Qualification :	BBA
Date of Appointment :	21.07.2011
Din No.:	00298500

KEY EXECUTIVES

Name :	Mr. Jignesh Jajal
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 25.09.2012

Names of Shareholders	No. of Shares
Harshad A Adani	77736
Mrudaula P. Adani	37067
Usha A. Adani	34729
Rushabh H. Adani	227800
Nirali R. Adani	27668
Arunaben H. Adani	20000
Kappac Pharma Limited, India	18750
Total	443750

Equity Share Break up (Percentage of Total Equity)

As on: 25.09.2012

Category	Percentage
Bodies corporate	4.41
Directors or relatives of directors	95.59
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Exporters of Bulk Drugs and Fine Chemicals.
Exports :
Products :	Bulk Drugs Fine Chemicals
Countries :	Europe Egypt Vietnam
Imports :
Products :	Raw Material
Countries :	Japan China Europe

GENERAL INFORMATION

Suppliers :

J. B. Khokhani and Company

Customers :

Unijules Life Science Limited

No. of Employees :

38 (Approximately)

Bankers :

• Corporation Bank, Main Branch, “Nijanand”, Dhebar Road, Rajkot-360001, Gujarat, India
• HDFC Bank, Near Rajkumar College, Rajkot-360001, Gujarat, India
• Axis Bank Limited, Kalavad Road Branch, Rajkot-360001, Gujarat, India
• ICICI Bank Limited

Facilities :

Cash Credit Rs.25.000 Millions (From Corporation Bank)

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWING
Corporation Bank (Cash Credit)	4.741	8.982
Corporation Bank (FBP)	16.238	5.937
Corporation Bank (PCL)	4.994	0.000
Corporation Bank (Term Loan)	12.374	13.607
TOTAL	38.347	28.526

Banking Relations :	--
Auditors :
Name :	Kalpesh S. D and Company Chartered Accountants
Address :	411, Cosmo Complex, Mahila College Circle, Rajkot – 360 001, Gujarat, India.
Tel. No.:	91-181-2225278 / 2473599
PAN No:	ABXPD9051A

CAPITAL STRUCTURE

As on: 25.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
425000	Equity Shares	Rs.10/- each	Rs.4.250 Millions
18750	Equity Shares	Rs.5/- each	Rs.0.094 Million
	Total		Rs.4.344 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
425000	Equity Shares	Rs.10/- each	Rs.4.250 Millions
18750	Equity Shares	Rs.5/- each	Rs.0.094 Million
	Total		Rs.4.344 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	4.344	4.250
(b) Reserves & Surplus	30.411	18.788
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	54.596	44.303
(b) Deferred tax liabilities (Net)	0.969	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	33.634	18.616
(c) Other current liabilities	49.719	12.848
(d) Short-term provisions	0.000	0.000
TOTAL	173.673	98.805
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	39.747	29.501
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.311
(d) Long-term Loan and Advances	0.406	0.367
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	24.837	13.725
(c) Trade receivables	85.071	42.309
(d) Cash and cash equivalents	12.185	5.603
(e) Short-term loans and advances	11.427	6.986
(f) Other current assets	0.000	0.003
TOTAL	173.673	98.805

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.250
2] Share Application Money		0.000
3] Reserves & Surplus		15.796
4] (Accumulated Losses)		0.000
NETWORTH		20.046
LOAN FUNDS
1] Secured Loans		17.270
2] Unsecured Loans		13.004
TOTAL BORROWING		30.274
DEFERRED TAX LIABILITIES		0.000
TOTAL		50.320
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.979
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.263
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.390
	Sundry Debtors	26.597
	Cash & Bank Balances	3.501
	Other Current Assets	0.000
	Loans & Advances	2.949
Total Current Assets		51.437
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.764
	Other Current Liabilities	1.598
	Provisions	0.000
Total Current Liabilities		19.362
Net Current Assets		32.075
MISCELLANEOUS EXPENSES		0.003
TOTAL		50.320

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	418.311	274.612	184.348
		Other Income	0.252	0.417	0.101
		TOTAL (A)	418.563	275.029	184.449
Less	EXPENSES
		Purchases	355.136	222.185
		Employee Benefits Expenses	4.733	2.920	177.103
		Other Expenses	42.877	34.649
		Changes in Inventories	(11.112)	4.666
		TOTAL (B)	391.634	264.420	177.103
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		26.929	10.609	7.346
Less	FINANCIAL EXPENSES (D)		6.518	5.167	3.890
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.411	5.442	3.456
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.529	0.687	0.785
	PROFIT BEFORE TAX (E-F) (G)		16.882	4.755	2.671
Less	TAX (H)		8.165	1.763	0.352
	PROFIT AFTER TAX (G-H) (I)		8.717	2.992	2.319
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.569	7.577	5.258
	BALANCE CARRIED TO THE B/S		19.286	10.569	7.577
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	238.165	169.323	124.165
	TOTAL EARNINGS		238.165	169.323	124.165
	IMPORTS		161.004	NA	NA
	Earnings Per Share (Rs.)		20.00	7.00	5.46

Particulars	31.03.2013
Sales Turnover (Approximately)	560.000

Expected Sales (2013-2014): Rs.650.000 Millions

The above information has been parted by Mr. Jignesh Jajal

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.08	1.09	1.26
Net Profit Margin (PBT/Sales)	(%)	4.04	1.73	1.45
Return on Total Assets (PBT/Total Assets}	(%)	9.72	4.83	3.85
Return on Investment (ROI) (PBT/Networth)		0.49	0.21	0.13
Debt Equity Ratio (Total Debt/Networth)		1.57	1.92	1.51
Current Ratio (Current Asset/Current Liability)		1.60	2.18	2.66

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	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	Yes

UNSECURED LOAN

(Rs. in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWING
From Directors, Shareholders and Relatives	16.249	15.777
TOTAL	16.249	15.777

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90105415
Corporate identity number of the company	U24231GJ1999PTC035693
Name of the company	ADANI PHARMACHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 198/2, Aji, GIDC, Phase II, Road – M, Rajkot-360003, Gujarat, India E-mail: exports@adanipharma.com
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Immovable Property Others (Plant and Machinery)
Particular of charge holder	Corporation Bank, Main Branch, “Nijanand”, Dhebar Road, Rajkot-360001, Gujarat, India Email: cb191@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	- Supplemental Common Deed of Hypothecation of Movables/Assets/Debts. - Memorandum of Agreement for extension of mortgage.
Date of instrument Creating the charge	30.01.2013
Amount secured by the charge	Rs.170.203 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC:12.60% p.a., PCL: Upto 270 days 11.00% beyond 270 days and Upto 360 days 15.40% p.a., FDBN : Upto 180 days from advance: 11.00% p.a., TL I - Review: 14.50% p.a. and TL II - Review: 13.00% p.a. Terms of Repayment - CC: Running account repayable on demand subject to annual review/renewal - PCL: Each PCL shall be cleared within a period of 90 days from the date of availment out of the proceeds of export bills negotiated/purchased/discounted - FDBN: sight bills shall be cleared within 120 Days from the date of bill of lading. - T L I - Review : In 16 Quarterly installments of Rs. 9,37,500/- each - T L II - New: In 20 Quarterly installments of Rs. 1.00 Lac each. Margin - CC: 30% on inventory and 50% on domestic Book Debts of not more than 90 day, PCL: 25% - BG - renewal: 25% Cash Margin by way of Term Deposit. - Import LC cum buyer’s credit - 15% by way of Term Deposit. - Term Loan- Review : 26.83% - Term Loan - new : 27.14% Extent and Operation of the charge The Charge by way of Hypothecation and Equitable mortgage on assets referred to in this form shall operate as security for aggregate credit facility of Rs. 170.203 Millions (individual limit is given as under) with interest, cost and charges. Cash Credit cum PCL: Rs. 25.000 Millions, FDBN/FDBP/FDBD: Rs. 35.000 Millions, Bank Guarantee: Rs. 0.500 Millions, Import Letter of Credit: Rs. 100.000 Millions, Term Loan I - Review: Rs. 8.103 Millions and Term Loan II - Review Rs. 1.600 Millions. Others As per Sanction letter dated 29.11.2012
Short particulars of the property charged	Hypothecation of Present and Future Stock in Trade stored at factory, Godown or anywhere else or in transit and hypothecation of Book Debts and other current assets Hypothecation of Plant and Machinery including electrification and other movable fixed assets excluding vehicles acquired out of bank finance of charge holder EMG on immovable property being Land adm. 1087 Sq. Mtrs. with construction thereon of Plot No. 198/2 of R. S. No. 206 paiki CSW No. 12, CS No. 4249 of Rajkot at Aji-II Industrial Estate, Rajkot EMG on Immovable Property being Land adm. 4782.90 Sq. Mtrs. located at Plot No. 2729,2730,2731 at Lodhika Ind. Estate on Khirsara R.S. No. 188 and 189 paiki Lodhika GIDC, Kalavad Road, District Rajkot
Date of latest modification prior to the present modification	01.10.2011
Particulars of the present modification	The total limit of credit facilities has been revised from Rs. 100.625 Millions to Rs. 170.203 Millions and charge being hypothecated and mortgaged to secure the enhanced credit facility of Rs. 170.203 Millions as under together with interest, cost and charges. Cash Credit cum PCL: Rs. 25.000 Millions, FDBN/FDBP/FDBD: Rs. 35.000 Millions, Bank Guarantee: Rs. 0.500 Millions, Import Letter of Credit: Rs. 100.000 Millions, Term Loan I - Review: Rs. 8.103 Millions and Term Loan - II Review: Rs. 1.600 Millions.

TRADE REFERENCE

• J. B. Khokhani and Company, Mumbai
• Unijules Life Science Limited, Nagpur

FIXED ASSETS

• Air Conditioner
• Air Cooler
• Car (Ford Fiesta)
• Car (Magna)
• Car (Swt)
• CCTV Camera
• Computer
• Computer Cabin
• Cycle
• Electric Connection - Metoda
• Electric Fittings
• Epabx System
• Every Scale
• Factory Buildtfig and Shed (Aji GIDC)
• Factory Building and Shed (Metoda)
• Factory Land (Aji Gidc)
• Factory Land (Metoda)
• Fax Machine
• Freeze
• Furniture (Aji GIDC)
• Furniture (Metoda)
• Inverter
• Laboratory Equipment
• Mobile
• Plant and Machinery
• Scooter
• T.V.S. Scooty
• Television
• Type Writer
• Water Filter
• Water Plant

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.58.93
UK Pound	1	Rs.91.81
Euro	1	Rs.78.18

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.