MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	TIRUPATI MEDICARE LIMITED (w.e.f. 13.05.2008)
Formerly Known As :	TIRUPATI ZEON MEDICARE LIMITED (w.e.f. 17.07.2007) TIRUPATI MEDICARE LIMITED
Registered Office :	D-14, II ND Floor, Preet Vihar, New Delhi - 110092
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.08.2005
Com. Reg. No.:	55-139667
Capital Investment / Paid-up Capital :	Rs.6.570 Millions
CIN No.: [Company Identification No.]	U24233DL2005PLC139667
TAN No.: [Tax Deduction & Collection Account No.]	DELT06301B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Pharmaceutical Formulations.
No. of Employees :	350 (Approximately)

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 560000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. It has modest scaled of operations and its leveraged capital structure owing to its modest equity base and high working capital. The company is contemplating a sizeable debt-funded capital expenditure plan. However, trade relations are reported as fair. Business is active. Payment are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condtions.

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term rating: “BB”
Rating Explanation	Have moderate risk of default.
Date	15.07.2013

Rating Agency Name	ICRA
Rating	Short term rating: “A4”
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	15.07.2013

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. Mohan Aggarwal
Designation :	Finance Department
Contact No.:	91-1704-222882
Date :	17.10.2013

LOCATIONS

Registered Office :	D-14, II ND Floor, Preet Vihar, New Delhi – 110092, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	vikas_ca35@yahoo.co.in mohan.aggarwal@tirupatigroup.co.in
Website :	www.tirupatigroup.co.in
Factory :	NH-72, Nahan Road, Paonta Sahib, District Sirmour – 173025, Himachal Pradesh, India
Fax No.:	91-1704-222882
E-Mail :	info@tirupatigroup.co.in

DIRECTORS

As on 28.09.2012

Name :

Mr. Arun Goyal

Designation :

Director

Address :

5/227, Shamsherpur, Poanta Sahib, Simour – 173025, Himachal Pradesh, India

Date of Appointment :

16.08.2005

DIN No.:

00056340

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	U65910DL1996PLC075642	HMD TECHNOLOGIES LIMITED	Director	20/12/2001	20/12/2001	16/10/2007	Active	NO
2	U74899DL2000PLC105785	TIRUPATI LPG INDUSTRIES LIMITED.	Director	12/08/2002	12/08/2002	-	Active	NO
3	U74899DL2000PTC108629	INTERNATIONAL CYLINDERS PVT.LTD(TRAN.FROM HARYANA TO DELHI)	Director	26/08/2002	26/08/2002	-	Active	NO
4	U74899DL1994PTC062588	TAURAS FINANCIAL SERVICES PRIVATE LIMITED	Director	10/08/2004	10/08/2004	-	Active	NO
5	U24233DL2005PLC139667	TIRUPATI MEDICARE LIMITED	Director	16/08/2005	16/08/2005	-	Active	NO
6	U51900DL2007PTC162325	GCG ENTERPRISES PRIVATE LIMITED	Director	20/04/2007	20/04/2007	-	Active	NO
7	U74999DL2004PTC125498	TIRUPATI CONTAINERS PRIVATE LIMITED	Director	20/08/2007	20/08/2007	03/05/2010	Active	NO
8	U74899DL2005PLC137278	TIRUPATI CYLINDERS LIMITED	Additional director	29/08/2007	29/08/2007	-	Active	NO
9	U60200DL2011PTC212106	AMBA WAREHOUSING PRIVATE LIMITED	Director	03/01/2011	03/01/2011	-	Active	NO
10	U63020DL2011PLC212468	TIRUMALA WAREHOUSING AND LOGISTICS LIMITED	Director	11/01/2011	11/01/2011	-	Active	NO
11	U51102DL2012PTC233367	GCG IRON AND STEELS PRIVATE LIMITED	Director	23/03/2012	23/03/2012	-	Active	NO
12	U45400DL1998PTC095689	GREENTECH BUILDING SOLUTIONS PRIVATE LIMITED	Director	06/10/2012	06/10/2012	-	Active	NO

Name :

Mr. Ajay Kumar Goel

Designation :

Director

Address :

Radha Kishan Pharma, Maya Complex, Indra Colony, Krurkshetra – 136118, Haryana, India

Date of Appointment :

09.11.2005

DIN No.:

00203434

Name :

Mr. Ashok Goyal

Designation :

Director

Address :

113, Ward-4, Mahadev Mohalla, Thanesar, Kurukshetra – 136118, Haryana, India

Date of Appointment :

09.11.2005

DIN No.:

00230597

Name :

Mr. Narinder Pal Singh

Designation :

Director

Address :

Main Bazar, Sirmour - 173025, Himachal Pradesh, India

Date of Appointment :

16.08.2005

DIN No.:

02451588

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	U74899DL2000PTC108629	INTERNATIONAL CYLINDERS PVT.LTD(TRAN.FROM HARYANA TO DELHI)	Director	27/12/2002	27/12/2002	-	Active	NO
2	U24233DL2005PLC139667	TIRUPATI MEDICARE LIMITED	Director	16/08/2005	16/08/2005	-	Active	NO
3	U74899DL2000PLC107500	TIRUPATI BIO-TECH LIMITED	Director	10/10/2009	10/10/2009	-	Active	NO
4	U27310UP1989PTC011480	DURRANG ISPAT PRIVATE LIMITED	Director	10/10/2009	10/10/2009	-	Active	NO
5	U45400DL1998PTC095689	GREENTECH BUILDING SOLUTIONS PRIVATE LIMITED	Director	17/12/2011	17/12/2011	01/11/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Mohan Aggarwal
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Arun Goyal	25000
Dinesh Goyal	9000
Anju Goyal	1000
Gian Chand Goyal	10000
Kavita Goyal	10000
Narinder Pal Singh	26500
Navdeep Kuar	10000
Ajay Goel	107975
Ashok Goyal	114975
International Cylinder, India	253000
Rakhi Goyal	7000
Rani Sufla	32550
Maya Industries, India	50000
Total	657000

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	38.51
Directors or relatives of Directors	61.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Pharmaceutical Formulations.

GENERAL INFORMATION

Customers :

· Cipla Limited

Ranbaxy

Abbott India Limited

Micro Labs Limited

Ipca Laboratories Limited

Alkem Laboratories Limited

Meyer Organices Private Limited

Sun Pharmaceutical Industries Limited

Glenmark Pharmaceuticals Limited

Wanbury Limited

Geno Pharmaceuticals Limited

Ajanta Pharma Limited

Universal Medicare Private Limited

No. of Employees :

350 (Approximately)

Bankers :

· State Bank of India, Taruwala, Paonta Sahib – 173025, Himachal Pradesh, India

Punjab National Bank, MID Corporate Branch, Sector 17 B, Chandigarh – 160017, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Working Capital Limit
PNB LCB C/C		155.330
PNB PAONTA C/C		2.520
Term Loan
PNB LCB CHD. (138)		28.983
PNB LCB (174)		36.889
PNB LCB IC-632		17.617
PNB LCB (IC-854)		17.268
PNB LCB Car Loan		0.276
HDFC Vehicle Loan		0.422
UBI Vehicle Loan		0.000
TML Finance Service Limited		0.296
Total	NA	259.601

Banking Relations :	--
Auditors :
Name :	Vikas Garg and Company Chartered Accountants
Address :	SCO-12, Sector-17, Near LIC Building, Kurukshetra – 136118, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AAJFV3451F
Group Companies :	· Tirupati Lifesciences Newtramax Healthcare International Cylinder Private Limited Tirupati LPG Industries Limited Tirupati Cylinders Limited Spice Hotel

CAPITAL STRUCTURE

As on 31.03.2012

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
657000	Equity Shares	Rs.10/- each	Rs.6.570 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	6.570	6.570
(b) Reserves & Surplus	132.424	100.429
(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)	138.994	106.999
(3) Non-Current Liabilities
(a) long-term borrowings	118.628	139.492
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	118.628	139.492
(4) Current Liabilities
(a) Short term borrowings	206.989	157.850
(b) Trade payables	175.012	110.492
(c) Other current liabilities	7.737	7.411
(d) Short-term provisions	10.538	6.737
Total Current Liabilities (4)	400.276	282.490
TOTAL	657.898	528.981
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	242.100	231.607
(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	0.000
(d) Long-term Loan and Advances	0.781	0.781
(e) Other Non-current assets	0.086	0.101
Total Non-Current Assets	242.967	232.489
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	140.658	113.165
(c) Trade receivables	209.411	171.629
(d) Cash and cash equivalents	6.927	0.886
(e) Short-term loans and advances	57.935	10.812
(f) Other current assets	0.000	0.000
Total Current Assets	414.931	296.492
TOTAL	657.898	528.981

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.570
2] Share Application Money		0.000
3] Reserves & Surplus		73.661
4] (Accumulated Losses)		0.000
NETWORTH		80.231
LOAN FUNDS
1] Secured Loans		186.275
2] Unsecured Loans		42.980
TOTAL BORROWING		229.255
DEFERRED TAX LIABILITIES		0.000
TOTAL		309.486
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		216.347
Capital work-in-progress		0.000
INVESTMENT		0.667
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	79.938
	Sundry Debtors	116.397
	Cash & Bank Balances	1.009
	Other Current Assets	0.000
	Loans & Advances	7.182
Total Current Assets		204.526
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	102.111
	Other Current Liabilities	5.732
	Provisions	4.327
Total Current Liabilities		112.170
Net Current Assets		92.356
MISCELLANEOUS EXPENSES		0.116
TOTAL		309.486

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	986.943	800.404	456.094
		Other Income	0.016	0.038	0.000
		TOTAL (A)	986.959	800.442	456.094
Less	EXPENSES
		Cost of materials consumed	797.459	646.262
		Employee Benefit Expenses	75.192	64.423
		Administrative/ Selling and Distribution Expenses	24.867	19.536
		Addition/(Depletion) in Stock	(2.477)	(1.967)
		TOTAL (B)	895.041	728.254	399.549
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		91.918	72.188	56.545
Less	FINANCIAL EXPENSES (D)		40.424	32.010	22.754
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		51.494	40.178	33.791
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.221	10.316	8.601
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		40.273	29.862	25.190
Less	TAX (H)		13.380	9.966	8.177
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		26.893	19.896	17.013
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		36.957	17.061	0.048
	BALANCE CARRIED TO THE B/S		63.850	36.957	17.061
	Earnings / (Loss) Per Share (Rs.)
	Basic		61.30	45.45	--
	Diluted		40.93	30.28	--

Particulars	31.03.2013
Sales Turnover (Approximately)	1150.000

The above information has been parted by Mr. Mohan Aggarwal (Finance Department).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.72	2.49	3.73
Net Profit Margin (PBT/Sales)	(%)	4.08	3.73	5.52
Return on Total Assets (PBT/Total Assets}	(%)	6.12	5.65	5.99
Return on Investment (ROI) (PBT/Networth)		0.29	0.28	0.31
Debt Equity Ratio (Total Debt/Networth)		2.34	2.79	2.86
Current Ratio (Current Asset/Current Liability)		1.04	1.05	1.82

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10291300	27/04/2011	308,900,000.00	STATE BANK OF INDIA	TARUWALA, PAONTA SAHIB - 173025, HIMACHAL PRADESH, INDIA	B14667380
2	10166051	16/07/2009	3,000,000.00	MEMBER SECRETARY SINGLE WINDOW CLEARANCE AGENCY	SINGLE WINDOW CLEARANCE AGENCY, PAONTA SAHIB, PAO NTA SAHIB - 173025, HIMACHAL PRADESH, INDIA	A65507832

UNSECURED LOANS

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Deposit From Directors/Group Concern		37.741
Total	NA	37.741

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.61.58
UK Pound	1	Rs.98.51
Euro	1	Rs.83.49

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		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.