MIRA INFORM REPORT

Report Date :

17.05.2013

IDENTIFICATION DETAILS

Name :	BHARAT PARENTERALS LIMITED
Registered Office :	Survey No. 144 and 146, Village -Haripura, Taluka- Savli, Vadodara – 391520, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.09.1992
Com. Reg. No.:	04-018237
Capital Investment / Paid-up Capital :	Rs.57.297 Millions
CIN No.: [Company Identification No.]	U24231GJ1992PLC018237
TAN No.: [Tax Deduction & Collection Account No.]	BRDB00809E
PAN No.: [Permanent Account No.]	AAACB8636N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical.
No. of Employees :	204 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appear increase in profitability of the company for the current year i.e. 2012. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be normal 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facility = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	07.01.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facility = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	07.01.2013

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.

LOCATIONS

Registered Office / Factory :	Survey No. 144 and 146, Village -Haripura, Taluka- Savli, Vadodara – 391520, Gujarat, India
Tel. No.:	91-2667-251669 / 251679 / 251680
Fax No.:	91-2667-251679
E-Mail :	bplbrd@yahoo.com info@bplindia.com bplbrd@bplindia.in
Website :	http://www.bplindia.in
Corporate Office :	Shree Avenue, 1st Floor, Above Bank of Baroda, VIP Road, Karelibaug, Vadodara – 390018, Gujarat, India
Tel. No.:	91-265-2460891 / 2461990

DIRECTORS

As on: 29.09.2012

Name :

Mr. Dahyabhai Jividas Patel

Designation :

Director

Address :

68, Shree Nagar, Kalol, Gandhinagar - 382721, Gujarat, India

Date of Birth/Age :

05.03.1945

Date of Appointment :

30.09.1995

DIN No.:

00399191

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	U24231GJ1992PLC018237	BHARAT PARENTERALS LIMITED	Director	30/09/1995	30/09/1995	-	Active	NO
2	U45201GJ1994PTC021897	DEEP ESTATE AND DEVELOPERS PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO

Name :

Mr. Bharat Rameshbhai Desai

Designation :

Managing Director

Address :

2 Vitrag Apartment, Near Shripadnagar, VIP Road, Vadodara-390018, Gujarat, India

Date of Birth/Age :

22.11.1962

Date of Appointment :

03.09.1992

DIN No.:

00552596

PAN No.:

ABWPD8288Q

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	U24231GJ1992PLC018237	BHARAT PARENTERALS LIMITED	Managing director	03/09/1992	03/09/1992	-	Active	NO
2	L24232MP1989PLC005390	PANCHSHEEL ORGANICS LIMITED	Director	30/09/2009	31/01/2009	-	Active	NO
3	U70101MP2012PTC029256	B H I INFRASTRUCTURE PRIVATE LIMITED	Director	21/09/2012	21/09/2012	-	Active	NO

Name :

Mrs. Himaben Bharatbhai Desai

Designation :

Director

Address :

2, Vitrag Apartment, Near Shripad Nagar, VIP Road, Vadodara - 390018, Gujarat, India

Date of Birth/Age :

29.06.1968

Date of Appointment :

09.09.2011

DIN No.:

00558482

PAN No.:

ACUPD6891J

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	U67120GJ1994PTC023948	DESAI SHARES AND STOCK PVT LTD	Director	12/12/2002	12/12/2002	-	Active	NO
2	U24231GJ1992PLC018237	BHARAT PARENTERALS LIMITED	Director	09/09/2011	01/06/2007	-	Active	NO

Name :

Mr. Vipul Popatlal Chheda

Designation :

Director

Address :

Nikunj Dwar, Ground Floor, Iraniwadi, Shantilal Modi Road, Kandivali (West), Mumbai - 400067, Maharashtra, India

Date of Birth/Age :

24.09.1967

Date of Appointment :

30.09.2001

DIN No.:

00297838

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	U31300MH1991PTC063940	ANCHOR SWITCHGEARS AND CABLES (INDIA) PRIVATE LIMITED	Director	17/11/1991	17/11/1991	15/04/2009	Active	NO
2	U67120MH1995PTC089491	JALAJA STOCK TRADE PRIVATE LIMITED	Director	07/02/2000	07/02/2000	-	Active	NO
3	U24231GJ1992PLC018237	BHARAT PARENTERALS LIMITED	Director	30/09/2001	30/09/2001	-	Active	NO
4	L51900MH1984PLC034709	SHIKHAR LEASING AND TRADING LIMITED	Whole-time director	01/10/2012	15/05/2002	-	Active	NO
5	U31200MH1994PTC078604	GREAT WHITE ELECTRICALS PRIVATE LIMITED	Director	02/01/2007	02/01/2007	-	Active	NO
6	U70102MH2007PTC171135	KEHEM LAND AND PROPERTIES PRIVATE LIMITED	Director	14/09/2007	14/09/2007	-	Active	NO
7	U31909MH1990PTC056808	ANCHOR LEASING PRIVATE LIMTED	Additional director	30/04/2008	30/04/2008	14/05/2008	Active	NO
8	U67120MH1981PLC024032	HIGHWAY FINANCE AND HOLDING (BOMBAY) LIMITED	Director	05/05/2008	05/05/2008	-	Active	NO
9	U70200MH2008PTC184260	NINE X REAL ESTATES DEVELOPERS PRIVATE LIMITED	Director	03/07/2008	03/07/2008	-	Active	NO
10	U67190MH1995PTC091085	HANSIKA CONSULTANTS PRIVATE LIMITED	Additional director	01/10/2009	01/10/2009	-	Active	NO
11	U01110MH1995PTC088742	QUIET AGRO FARMS PRIVATE LIMITED	Additional director	01/10/2009	01/10/2009	-	Active	NO
12	U27106MH2008PTC187590	EUREKA STEEL PRODUCTS PRIVATE LIMITED	Additional director	10/11/2011	10/11/2011	-	Active	NO
13	U51900MH1978PLC020356	DUPONT TRADING AND INVESTMENTS LIMITED	Additional director	10/11/2011	10/11/2011	-	Active	NO

Name :

Mr. Pankajbhai Shantilal Shah

Designation :

Director

Address :

B-127, Pusthi Dwar Society, Near Bapod Jakat Naka, Waghodia Road, Vadodara - 390019, Gujarat, India

Date of Birth/Age :

26.01.1962

Date of Appointment :

30.09.2010

DIN No.:

03020629

PAN No.:

AHZPS5887R

Name :

Mr. Hemang Jayendrabhai Shah

Designation :

Director

Address :

27, Paritosh Society, Mahavir Char Rasta To Uma Chaukdi, Behind Prahar Complex, Vadodara - 390019, Gujarat, India

Date of Birth/Age :

12.11.1968

Date of Appointment :

30.09.2010

DIN No.:

03024324

PAN No.:

ADPPS0431D

MAJOR SHAREHOLDERS

As on: 29.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	76.00
Other top fifty shareholders	15.00
Others	9.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceuticals

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Installed Capacity
Tablets
- Tablets Tablet	Numbers	1.35 Billions
- B- Lactum Tablets Tablet	Numbers	180 Millions
Capsules
- General Capsules Capsule	Numbers	100.8 Millions
- B- Lactum Capsules Capsule	Numbers	50 Millions
Ointments Tubes	Avg wt.15gm Tube	10.8 Millions
Liquid Oral
- Suspension Avg. Vol 60ml	Bottles	16 Millions
- Syrup Avg. 60ML	Bottles	20 Millions
- Oral Powder upto 30 gm (General)	Pouches	6 Millions
- Oral Powder upto 30 gm (B-Lactum)	Pouches	5 Millions

GENERAL INFORMATION

No. of Employees :

204 (Approximately)

Bankers :

• Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India
• Bank of Baroda, Industrial Estate Branch, Kalol, Panchmahal - 395001, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term Loans	20.561	51.819
SHORT TERM BORROWINGS
Working Loans from Banks	29.433	20.871
Total	49.994	72.690

Banking Relations :	--
Auditors :
Name :	Alkesh J. Shah and Company Chartered Accountants
Address :	203,Opal Square, Behind Hotel Express, Alkapuri, Vadodara, Gujarat, India
PAN No.:	ABWPS4338J

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5800000	Equity Shares	Rs.10/- each	Rs.58.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5729666	Equity Shares	Rs.10/- each	Rs.57.297 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		57.297	57.297	57.297
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		230.790	166.280	134.656
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		288.087	223.577	191.953
LOAN FUNDS
1] Secured Loans		49.994	72.690	46.225
2] Unsecured Loans		3.297	3.297	5.098
TOTAL BORROWING		53.291	75.987	51.323
DEFERRED TAX LIABILITIES		20.388	16.026	15.080
TOTAL		361.766	315.590	258.356
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		199.026	170.503	165.217
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		14.549	1.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	83.098	67.557	57.048
	Sundry Debtors	191.710	187.948	176.391
	Cash & Bank Balances	5.207	1.611	36.691
	Other Current Assets	85.282	67.801	15.444
	Loans & Advances	0.206	0.147	50.039
Total Current Assets		365.503	325.064	335.613
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	181.768	158.287	140.646
	Other Current Liabilities	12.450	9.721	70.816
	Provisions	23.094	12.969	31.012
Total Current Liabilities		217.312	180.977	242.474
Net Current Assets		148.191	144.087	93.139
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		361.766	315.590	258.356

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	804.117	704.071	711.337
		Other Income	4.719	5.381	3.155
		TOTAL (A)	808.836	709.452	714.492
Less	EXPENSES
		Cost of materials consumed	562.121	482.443	608.071
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(14.429)	2.298
		Employee benefit expense	29.762	21.833
		Other expenses	113.692	109.293
		TOTAL (B)	691.146	615.867	608.071
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		117.690	93.585	106.421
Less	FINANCIAL EXPENSES (D)		12.017	10.203	7.972
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		105.673	83.382	98.449
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.802	48.056	8.434
	PROFIT BEFORE TAX (E-F) (G)		77.871	35.326	90.015
Less	TAX (H)		13.361	3.702	16.316
	PROFIT AFTER TAX (G-H) (I)		64.510	31.624	73.699
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		166.280	134.656	60.957
	BALANCE CARRIED TO THE B/S		NA	166.280	134.656
	EARNINGS IN FOREIGN CURRENCY		471.655	172.256	146.110
	IMPORTS
		Raw Materials	NA	120.367	89.961
		Lab Equipment (F and D)		6.672	0.000
	TOTAL IMPORTS		NA	127.039	89.961
	Earnings Per Share (Rs.)		11.26	5.52	12.86

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.97	4.46	10.31
Net Profit Margin (PBT/Sales)	(%)	9.68	5.02	12.65
Return on Total Assets (PBT/Total Assets}	(%)	13.79	7.13	17.97
Return on Investment (ROI) (PBT/Networth)		0.27	0.16	0.47
Debt Equity Ratio (Total Debt /Networth)		0.18	0.34	0.27
Current Ratio (Current Asset/Current Liability)		1.68	1.80	1.38

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 LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Other loans and advances	3.297	3.297
Total	3.297	3.297

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U24231GJ1992PLC018237
Name of the company	BHARAT PARENTERALS LIMITED
Address of the registered office or of the principal place of business in India of the company	Vill-Haripura, Savli Baroda – 389330, Gujarat, India bplbrd@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10120617
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Axis Bank Limited, Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India CIN No.: L65110GJ1993PLC020769 manan.bhatt@axisbank.com
Nature of instrument creating charge	Supplemental deed of hypothecation and entry of memorandum for equitable mortgage. Dated 28.03.2013
Date of instrument Creating the charge	28.03.2013
Amount secured by the charge	Rs.249.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per agreement Terms of Repayment As per agreement Margin As per deed of hypothecation and sanction letter Extent and Operation of the charge The entire facility is secured by hypothecation agreement dated 04.02.2008 modified from time to time and now by supplemental deeds of hypothecation dated 28.03.2013 and further secured by way of equitable mortgage created on immovable properties of the company vide moe dated 28.03.2013 Others NIL
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge on all the stock in trade both P and F including raw materials stock in process finished goods cash and other current assets book debts receivables claims bills. Fixed assets both P and F Extension of first hypothecation charge on assets created out of the term loan First hypothecation charge on assets created out of term loans including hypothecation charge over windmill Extention of hypo of entire plant and machinery excluding plant and machinery covered under primary security of the company situated at Sr. No. 144 And 146, Jarod Samlaya Road, Village Haripura District Vadodara, Gujarat, India Mortgage of immovable properties being paiki property (non agriculture) adm.28549sq. Mtrs in R.S. No. 144 And 146 Mouje Haripura Taluka Savli District Vadodara, Gujarat, India
Date of instrument modifying the charge	25.02.2013
Particulars of the present modification	The overall limit has been enhanced from Rs.213.371 Millions to Rs. 249700 Millions consequent upon the additional limit of Rs.57.500 Millions by extending the principal deed of Hypothecation and equitable mortgage is extended to secure the enhanced limit of Rs. 249700 Millions.

FIXED ASSETS:

• Building
• Factory Building
• Plant Machinery
• Plant Machinery
• Vehicles

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.54.77
UK Pound	1	Rs.83.31
Euro	1	Rs.70.46

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.