MIRA INFORM REPORT

Report Date :

27.06.2013

IDENTIFICATION DETAILS

Name :

CAPSUGEL HEALTHCARE LIMITED (w.e.f.21.07.2006)

Formerly Known As :

BHARTI HEALTH CARE LIMITED

UNITED PHARMA INTERNATIONAL LIMITED

Registered Office :

21, Joniawas, Dharuhera, Rewari – 122100, Haryana

Country :

India

Financials (as on) :

31.03.2012

Date of Incorporation :

13.12.1982

Com. Reg. No.:

05-020151

Capital Investment / Paid-up Capital :

Rs. 2027.062 Millions

CIN No.:

[Company Identification No.]

U85110HR1982PLC020151

TAN No.:

[Tax Deduction & Collection Account No.]

RTKB01767D

PAN No.:

[Permanent Account No.]

AAACB6447R

Legal Form :

A Closely Held Public Limited Liability Company

Line of Business :

Manufacturing and Selling of Hard Gelatin Capsules Shells.

No. of Employees :

Not Available

[We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 3300000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a part of Pfizer Group. It is an established company having a moderate track record. Profitability of the company is under severe pressure. The company has huge accumulated losses. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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 – 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

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/ Sales Offices/ Manufacturing Plant :	21, Joniawas, Dharuhera, Rewari – 122100, Haryana, India
Tel. No.:	91-1274-267092/ 93/ 97/ 99
Fax No.:	91-1274-267168
E-Mail :	pinkey.kataria@pfizer.com narendra.batabyal@pfizer.com darshk.pndya@pfizer.com john.shroyer@capsugel.com rajiv.alex@capsugel.com
Website :	http://www.capsugel.com

DIRECTORS

AS ON 30.11.2012

Name :

Guido Edouard Driesen

Designation :

Director

Address :

5, Wright Lane, Far Hills, New Jersey, United States of America 07931

Date of Birth/Age :

29.11.1956

Qualification :

M.E, Bachelors Degree in Economics

Date of Appointment :

25.09.2006

DIN No.:

00041915

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	Company/ LLP Status	Defaulting status
1	U85110HR1982PLC020151	CAPSUGEL HEALTHCARE LIMITED	Director	25/09/2006	20/12/2005	Active	NO

Name :

Siriporn Sridech

Designation :

Director

Address :

Krisadanakorn, 31, 140/6, Moo 11, Soi Rasamee 2/9, Baromrajjachonnanee Road, Thaweewattana, Bangkok-10170, Thailand

Date of Birth/Age :

08.05.1965

Qualification :

Graduate

Date of Appointment :

20.12.2005

DIN No.:

00046061

Name :

Mr. Darshak Rashmikant Pandya

Designation :

Whole-time director

Address :

Arjun Apartments, E-Wing, Flat No.401, Indraprasth Enclave N. L. Complex, Anand Nagar, Dahisar (East), Mumbai – 400068, Maharashtra, India

Date of Birth/Age :

08.02.1973

Qualification :

M.B.A ( Marketing)

Date of Appointment :

01.08.2011

PAN No.:

ABPPP1780J

DIN No.:

02967092

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	Company/ LLP Status	Defaulting status
1	U85110HR1982PLC020151	CAPSUGEL HEALTHCARE LIMITED	Whole-time director	01/08/2011	24/03/2010	Active	NO

Name :

John Shroyer

Designation :

Director

Address :

8275 Kelzer Pond Drive Victoria 55386 USA

Date of Birth/Age :

26.06.1963

Date of Appointment :

30.11.2012

DIN No.:

05330783

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	Company/ LLP Status	Defaulting status
1	U85110HR1982PLC020151	CAPSUGEL HEALTHCARE LIMITED	Director	30/11/2012	27/06/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Narendra Nath Batabyal
Designation :	Secretary
Address :	F-1/148, Mahavir Enclave, New Delhi – 110045, India
Date of Birth/Age :	14.06.1957
Date of Appointment :	11.08.2008
PAN No.:	AADPB7891F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

AS ON 15.02.2013

Names of Allottee	No. of Shares Allotted
Capsugel Belgium NV, Belgium	493779
Total	493779

AS ON 30.11.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.76
Bodies corporate	0.01
Other top fifty shareholders	0.03
Other	0.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Hard Gelatin Capsules Shells.

Products/ Services :

ITC Code No.	Product Descriptions
96020030	Gelatin Capsules, Empty

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Capsules	No. in thousand	6,000,000	7,100,000	4,866,068

NOTES:

i) Production meant for sale is after shortages, handling losses and excludes quantity internally consumed if any.

ii) Installed capacity disclosed is on an annual basis.

GENERAL INFORMATION

No. of Employees :

Not Available

[We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

· State Bank of Indore, Green Park, New Delhi - 110016, India

Banking Relations :	--
Auditors :
Name :	B S R and Associates Chartered Accountants
Address :	Building 10, 8th Floor, Tower B, DLF Cyber City, Phase - II, Gurgaon – 122002, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AADFB6889R
Holding company :	¯ Pfizer Pharmaceutical India Private Limited [U24117MH1995FTC084206] ¯ Capsugel Belgium NV
Fellow Subsidiary company :	¯ Capsugel France SAS ¯ Capsugel Japan KK ¯ Capsugel Belgium BVBA ¯ Suzhou Capsugel Limited ¯ Capsugel PPK ¯ Capsugel Thailand Company Limited ¯ Pfizer Limited [L24231MH1950PLC008311] ¯ PT Capsugel ¯ Capsugel Inc ¯ Capsugel Holdings US Inc ¯ Capsugel Bornem

CAPITAL STRUCTURE

AS ON 30.11.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
212,000,000	Equity Shares	Rs. 10/- each	Rs. 2120.000 Millions
1,000,000	Preference Shares	Rs. 100/- each	Rs. 100.000 Millions
	Total		Rs. 2220.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
203,199,993	Equity Shares	Rs. 10/- each	Rs. 2032.000 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
212,000,000	Equity Shares	Rs. 10/- each	Rs. 2120.000 Millions
1,000,000	Preference Shares	Rs. 100/- each	Rs. 100.000 Millions
	Total		Rs. 2220.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
202,706,214	Equity Shares	Rs. 10/- each	Rs. 2027.062 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	2027.062	1014.053
(b) Reserves & Surplus	(1201.723)	(908.893)
(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)	825.339	105.160
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	16.037	14.584
Total Non-current Liabilities (3)	16.037	14.584
(4) Current Liabilities
(a) Short term borrowings	0.000	734.455
(b) Trade payables	225.735	116.140
(c) Other current liabilities	573.759	383.006
(d) Short-term provisions	0.703	4.169
Total Current Liabilities (4)	800.197	1237.770
TOTAL	1641.573	1357.514
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1009.885	895.892
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	46.508	57.849
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	76.995	85.678
(e) Other Non-current assets	3.610	3.350
Total Non-Current Assets	1136.998	1042.769
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	152.248	123.081
(c) Trade receivables	181.466	93.826
(d) Cash and cash equivalents	56.367	30.748
(e) Short-term loans and advances	109.273	64.409
(f) Other current assets	5.221	2.681
Total Current Assets	504.575	314.745
TOTAL	1641.573	1357.514

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1014.053
2] Share Application Money		0.000
3] Reserves & Surplus		36.334
4] (Accumulated Losses)		(757.021)
NETWORTH		293.366
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		438.956
TOTAL BORROWING		438.956
DEFERRED TAX LIABILITIES		0.000
TOTAL		732.322
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		727.935
Capital work-in-progress		26.626
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	93.549
	Sundry Debtors	58.955
	Cash & Bank Balances	42.769
	Other Current Assets	4.154
	Loans & Advances	119.275
Total Current Assets		318.702
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	310.139
	Other Current Liabilities	11.761
	Provisions	19.041
Total Current Liabilities		340.941
Net Current Assets		(22.239)
MISCELLANEOUS EXPENSES		0.000
TOTAL		732.322

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	490.009	314.308	223.034
		Other Income	5.405	13.394	44.576
		TOTAL (A)	495.414	327.702	267.610
Less	EXPENSES
		Cost of materials consumed	200.271	134.662
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(24.068)	(5.460)	337.843
		Employee benefit expense	117.553	96.741
		Other expenses	386.270	192.650
		TOTAL (B)	680.026	418.593	337.843
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(184.612)	(90.891)	(70.233)
Less	FINANCIAL EXPENSES (D)		20.387	50.554	23.100
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(204.999)	(141.445)	(93.333)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		87.831	46.761	45.388
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(292.830)	(188.206)	(138.721)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(292.830)	(188.206)	(138.721)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(945.227)	(757.021)	(618.300)
	BALANCE CARRIED TO THE B/S		(1238.057)	(945.227)	(757.021)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	13.912	15.581	40.046
		Other Earnings	48.459	0.000	0.000
	TOTAL EXPORTS		62.371	15.581	40.046
	IMPORTS
		Raw Materials	5.479	2.358	2.136
		Stores & Spares	25.214	32.883	29.365
		Capital Goods	113.643	159.933	11.794
	TOTAL IMPORTS		144.336	195.174	43.295
	Earnings/ (Loss) Per Share (Rs.)		(1.71)	(1.86)	(1.37)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(59.11)	(57.43)	(51.84)
Net Profit Margin (PBT/Sales)	(%)	(59.76)	(59.88)	(62.20)
Return on Total Assets (PBT/Total Assets}	(%)	(18.36)	(14.48)	(13.25)
Return on Investment (ROI) (PBT/Networth)		(0.35)	(1.79)	(0.47)
Debt Equity Ratio (Total Debt/Networth)		0.00	6.98	1.50
Current Ratio (Current Asset/Current Liability)		0.63	0.25	0.93

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	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	No
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	No

CHARGES

ENTITY	PERSON	COMPETENT AUTHORITY	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER	FURTHER DEVELOPMENTS
CAPSUGEL HEALTHCARE LIMITED (Old Name: BHARTI HEALTHCARE LIMITED)		SEBI	Did not make disclosure of shareholding/changes in shareholding to Stock Exchanges as required under regulation 13(6) of SEBI (Prohibition of insider Trading) Regulations, 1992 in matter of Bharti Healthcare Limited	Imposed Penalty Rs.0.100 Million 25-Feb-2011

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
SHORT-TERM BORROWINGS
Intercorporate deposits	0.000	734.455
Total	0.000	734.455

CONTINGENT LIABILITIES:

Particulars	31.03.2012	31.03.2011
	(Rs. in Millions)
Claims against the Company not acknowledged as debts
Income tax (Refer to note a below)	30.791	4.623
Excise duty (Refer to note b below)	6.231	1.624
Others (Refer to note c below)	37.314	37.314
Note: a) The Company has filed appeal against the order of the Assessing officer and the dispute is pending with Commission of Income tax, Appeals (‘CIT (A)’) or Income Tax Appellate Tribunal (ITAT). Pending the final settlement of this case, the company considers all the amounts described above as contingent liability. In addition, the Company has, during the current year, received a draft order under Section 143 (3) read with Section 144C of the Income Tax Act, 1961 in relation to assessment year 2008-09, wherein the assessing officer (AO) has proposed to make transfer pricing adjustments of Rs. 76.988 Millions pertaining to sale of finished goods and purchase of fixed assets. The Company has filed its objections against the draft order issued by the AO with the Dispute Resolution Panel (DRP). The Company is of the firm belief that the above demand is not tenable and highly unlikely to be retained by higher authorities and has included this demand as a contingent liability pending the receipt of final order from DRP. b) The excise department ("department") had issued a show cause notice to the Company letter no. C.No. IV (15) HQAE/D-III/7 and 8/08 dated 29 July 2008 under section 11A of Central Excise Act, 1944 wherein the department had raised a demand of Rs. 2.152 Millions on the Company. The Company had paid an amount of Rs. 1.146 Millions against the demand and had also filed an appeal against the demand raised by the department. Subsequently, the Central Excise Commission Appeal vide order no. 30-33/MA/2009 dated 20 January 2010 has further raised a demand for Rs. 5.500 Millions. The Company has filed an appeal against this order and disclosed this as contingent liability. c) The Company entered into a non-cancellable operating lease agreement for lease of generator (‘DG set’) on 10 March 2007 for a period of 30 months. On 10 April 2007, the said DG set was destroyed in a fire and was made redundant. As per the terms of the lease agreement, the Company is contractually liable to pay remaining lease rentals amounting to Rs. 37.314 Millions from 10 July 2007 till 9 September 2009. The Company held discussions with the vendor for settlement of the said matter and mutually decided to stop payment of lease rentals till the matter is resolved. However, contrary to the discussions held the vendor encashed the letter of credit for the invoice for the month of June 2007. Thereafter, the Company instituted legal proceedings against the vendor for supply of faulty DG set being the reason for destruction and sought an injunction restraining encashment of invoice raised by the vendor. The outcome of the abovementioned application is presently unascertainable and would be dealt with when it is finally resolved.

FIXED ASSETS:

¯ Land

¯ Buildings

¯ Office building

¯ Plant and equipment

¯ Factory equipments

¯ Other plant and equipment

¯ Furniture and fixtures

¯ Vehicles

¯ Motor vehicles

¯ Office equipment

¯ Computer equipments

¯ Other equipments

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. 59.85
UK Pound	1	Rs. 92.31
Euro	1	Rs. 78.23

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.