MIRA INFORM REPORT

Report Date :

30.10.2013

IDENTIFICATION DETAILS

Name :	SIMPEX PHARMA PRIVATE LIMITED
Registered Office :	B 4/160, Basement Safdarjung Enclave, New Delhi - 110029
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.03.1997
Com. Reg. No.:	55-085657
Capital Investment / Paid-up Capital :	Rs.25.000 Millions
CIN No.: [Company Identification No.]	U33112DL1997PTC085657
TAN No.: [Tax Deduction & Collection Account No.]	DELS20452F
PAN No.: [Permanent Account No.]	AABCS7865B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture, Importer and Exporter of Pharmaceutical Medicines.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 373000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appear huge losses recorded by the company from its operating activities during the financial year 2012. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealings with 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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

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. Satandar Singh
Designation :	Export Manager
Contact No.:	91-11-41097483
Date :	29.10.2013

LOCATIONS

Registered Office :	B 4/160, Basement Safdarjung Enclave, New Delhi – 110029, India
Tel. No.:	91-11-41097483
Fax No.:	91-11-26169590
E-Mail :	export@simpexpharma.net sarora@simpexpharma.net
Website :	www.simpexpharna.net
Location :	Owned
Factory :	C-7 to C-13 and C-59 to C-64, Sigaddi Growth, Kotdawar, Utarakhand, India

DIRECTORS

As on: 28.09.2012

Name :

Mr. Sangeeta Arora

Designation :

Director

Address :

432 Tower-II East of Kailash, New Delhi – 110065, India

Date of Birth/Age :

05.01.1971

Date of Appointment :

01.12.2005

DIN No. :

00843042

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	U33112DL1997PTC085657	SIMPEX PHARMA PRIVATE LIMITED	Director	01/12/2005	01/12/2005	-	Active	NO
2	U64201DL2005PTC139643	NAINA TELE SYSTEMS PRIVATE LIMITED	Director	20/12/2005	20/12/2005	22/05/2007	Active	NO
3	U72901DL2006PTC148518	CARAMBOLA SOFTECH PRIVATE LIMITED.	Director	29/04/2006	29/04/2006	-	Active	NO

Name :

Ms. Bhagwati Prasad Singh

Designation :

Director

Address :

Sarai Kalyan, Baruaripur, Sultanpur – 228001, Uttar Pradesh, India

Date of Birth/Age :

06.12.1964

Date of Appointment :

25.01.2008

DIN No. :

02017348

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	U33112DL1997PTC085657	SIMPEX PHARMA PRIVATE LIMITED	Director	25/01/2008	25/01/2008	-	Active	NO
2	U70102UP2011PTC046057	HELM INFRADEVELOPERS PRIVATE LIMITED	Director	30/01/2012	30/01/2012	-	Active	NO

Name :

Mr. Binoy Kumar Mishra

Designation :

Director

Address :

At. Bhagra Road, Baripada, Mayurbhanj, Orissa- 757002, India

Date of Birth/Age :

03.01.1969

Date of Appointment :

15.02.2010

DIN No. :

02920494

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	U33112DL1997PTC085657	SIMPEX PHARMA PRIVATE LIMITED	Director	28/09/2010	15/02/2010	-	Active	NO
2	U24233OR1999PTC005843	PHYTO MEDIPHARMA RESOURCES PRIVATE LIMITED	Additional director	14/01/2013	14/01/2013	-	Active	NO

Name :

Mr. Naresh Santhanam

Designation :

Director

Address :

D1/117,Parameshwar Vihar, 28 Arcot Road, Chennai – 600093, Tamilnadu, India

Date of Birth/Age :

18.04.1969

Date of Appointment :

15.02.2010

DIN No. :

02920517

Name :

Ms. Sharmila Seshan

Designation :

Director

Address :

D1/117,Parameshwar Vihar, 28 Arcot Road, Chennai – 600093, Tamilnadu, India

Date of Birth/Age :

10.10.1969

Date of Appointment :

15.02.2010

DIN No. :

02920534

Name :

Mr. Rajesh Arora

Designation :

Director

Address :

E-0302, 2^nd Floor, East of Kailash, New Delhi, India

Date of Birth/Age :

09.03.1970

Date of Appointment :

17.03.2010

DIN No. :

02958846

Name :

Mr. Ajay Kumar Mishra

Designation :

Director

Address :

At. Bhagra Road, Baripada, Mayurbhanj, Orissa- 757002, India

Date of Birth/Age :

06.06.1960

Date of Appointment :

06.04.2010

DIN No. :

02968198

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	U33112DL1997PTC085657	SIMPEX PHARMA PRIVATE LIMITED	Director	28/09/2010	06/04/2010	-	Active	NO
2	U60231OR2011PTC013303	INDRANI ENTERPRISES PRIVATE LIMITED	Managing director	14/03/2011	14/03/2011	-	Active	NO

Name :

Ms. Sheetal Prasad Singh

Designation :

Director

Address :

B-38 Hill View Apartments, New DelhI, India

Date of Birth/Age :

16.08.1960

Date of Appointment :

07.03.1997

DIN No. :

01030371

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	U33112DL1997PTC085657	SIMPEX PHARMA PRIVATE LIMITED	Director	07/03/1997	07/03/1997	-	Active	NO
2	U34300DL2002PLC115903	ALTENERGY INDIA LIMITED	Director	20/06/2002	20/06/2002	19/08/2010	Active	YES
3	U31909DL2001PTC171519	UTSAV SAFETY SYSTEMS PRIVATE LIMITED (ALTERATION)	Director	30/10/2005	30/10/2005	30/09/2008	Active	NO
4	U74899DL2005PTC143836	SIMPEX REALMED PRIVATE LIMITED	Director	08/02/2007	08/02/2007	-	Strike off	NO
5	U40107DL2008PTC182246	HYDROCARBON TECH PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
6	U74120DL2009PTC195696	ARGENTUM ENGINES PRIVATE LIMITED	Director	16/12/2009	16/12/2009	16/01/2011	Strike off	NO
7	U51102DL2003PTC122788	DILSAYA FUEL SERVICES PRIVATE LIMITED	Director	05/05/2010	05/05/2010	-	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Bhagwati Prasad Singh	575000
Santhanam Bama	575000
Rajesh Arora	625000
Ajay Kumar Mishra	575000
Baylake Finance SA	150000
Total	2500000

As on: 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	6.00
Directors or relatives of Directors	94.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture, Importer and Exporter of Pharmaceutical Medicines.
Exports :
Products :	Finished Goods
Countries :	Russia
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

250 (Approximately)

Bankers :

œ Corporation Bank, Greater Kailash 2, Delhi – 110048, India

Tel No. : 91-11-29210667

œ HDFC Bank Limited

Facilities :

Secured Loan	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Long Term Borrowing
From Bank
Corporation Bank	25.422	65.968
Car Loan Altis HDFC Bank Limited	0.442	0.876
Car Loan Innova HDFC Bank Limited	0.718	0.000
Loans from Director	183.338	163.238
Loans from share holders	42.000	42.000
Short Term Borrowing
From Bank	0.000	0.028
Total	251.920	272.110

Banking Relations :	--
Auditors :
Name :	Ved Jain and Company Chartered Accountants
Address :	33, Babar Road, 1^st Floor, Bengali Market, New Delhi, India
Tel. No.:	91-11-23354546, 23354547
Fax No.:	91-11-23354548
PAN No. :	AAAFV4841Q

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 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	25.000	25.000
(b) Reserves & Surplus	68.392	114.419
(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)	93.392	139.419
(3) Non-Current Liabilities
(a) long-term borrowings	251.920	272.082
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	2.292
(d) long-term provisions	1.479	0.836
Total Non-current Liabilities (3)	253.399	275.210
(4) Current Liabilities
(a) Short term borrowings	0.000	0.028
(b) Trade payables	13.610	19.308
(c) Other current liabilities	48.345	18.639
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	61.955	37.975
TOTAL	408.746	452.604
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	308.514	343.529
(ii) Intangible Assets	30.100	0.000
(iii) Capital work-in-progress	0.000	37.625
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.027	0.027
(c) Deferred tax assets (net)	28.759	12.259
(d) Long-term Loan and Advances	2.812	1.793
(e) Other Non-current assets	0.000	0.320
Total Non-Current Assets	370.212	395.553
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	7.657	10.853
(c) Trade receivables	2.461	7.043
(d) Cash and cash equivalents	8.756	16.900
(e) Short-term loans and advances	19.644	22.224
(f) Other current assets	0.016	0.031
Total Current Assets	38.534	57.051
TOTAL	408.746	452.604

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		25.000
2] Share Application Money		0.000
3] Reserves & Surplus		149.325
4] (Accumulated Losses)		0.000
NETWORTH		174.325
LOAN FUNDS
1] Secured Loans		41.617
2] Unsecured Loans		144.500
TOTAL BORROWING		186.117
DEFERRED TAX LIABILITIES		3.302
TOTAL		363.744
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		351.214
Capital work-in-progress		0.000
INVESTMENT		0.085
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.167
	Sundry Debtors	3.467
	Cash & Bank Balances	25.938
	Other Current Assets	0.871
	Loans & Advances	19.997
Total Current Assets		56.440
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.309
	Other Current Liabilities	13.007
	Provisions	1.786
Total Current Liabilities		44.102
Net Current Assets		12.338
MISCELLANEOUS EXPENSES		0.107
TOTAL		363.744

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	109.184	56.771	68.946
		Job Work	10.557	0.416	0.000
		Other Income	11.129	6.476	2.102
		TOTAL	130.870	63.663	71.048
Less	EXPENSES
		Cost of material Consumed	44.589	22.440
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	2.172	1.564
		Employee benefit expenses	34.477	8.142
		Other expenses	51.936	26.514
		TOTAL	133.174	58.660
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(2.304)	5.003	60.539
Less	FINANCIAL EXPENSES		10.125	10.014
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(12.429)	(5.011)
Less/ Add	DEPRECIATION/ AMORTISATION		50.099	45.456
	PROFIT(LOSS) BEFORE TAX		(62.528)	(50.467)	10.509
Less	TAX		(16.501)	15.561	1.786
	PROFIT(LOSS) AFTER TAX		(46.027)	(34.906)	8.723
	EARNINGS IN FOREIGN CURRENCY
		CIF Value of Export	108.774	NA	NA
	TOTAL EARNINGS		108.774	NA	NA
	IMPORTS
		Raw Materials	3.370	NA	NA
		Capital Goods	1.067	NA	NA
	TOTAL IMPORTS		4.437	NA	NA
	Earnings Per Share (Rs.)		(18.41)	(13.96)	3.49

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(35.17)	(54.83)	12.28
Net Profit Margin (PBT/Sales)	(%)	(57.27)	(88.89)	15.24
Return on Total Assets (PBT/Total Assets}	(%)	(16.46)	(12.53)	2.58
Return on Investment (ROI) (PBT/Networth)		(0.67)	(0.36)	0.06
Debt Equity Ratio (Total Debt /Networth)		2.70	1.95	1.07
Current Ratio (Current Asset/Current Liability)		0.62	1.50	1.28

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 three/ Two years	Yes
12]	Profitability for last three/ Two 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	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	No

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10287786	30/05/2013 *	74,900,000.00	CORPORATION BANK	GREATER KAILASH-2, Delhi, Delhi - 110048, INDIA	B76154582
2	10182336	21/10/2009	100,000,000.00	Corporation Bank	M - 3 & 4,, Greater Kailash - II, New Delhi, Delhi - 110048, INDIA	A72318769
3	10181318	01/09/2009	100,000,000.00	Corporation Bank	M - 3 & 4,, Greater Kailash - II, New Delhi, Delhi - 110048, INDIA	A71701973

* Date of charge modification

FIXED ASSETS:

œ Land (Factory)

œ Building (Factory)

œ Computer and Accessories

œ Furniture and Fixture

œ Office and Equipments

œ Plant and Machinery

œ Utilities and Lab Equipment

œ Vehicles

œ Tub well

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 records 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 pyments 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.61.46
UK Pound	1	Rs.98.99
Euro	1	Rs.84.74

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.