MIRA INFORM REPORT

Report Date :

13.09.2013

IDENTIFICATION DETAILS

Name :	UNIMED TECHNOLOGIES LIMITED (w.e.f. 18.05.2010)
Formerly Known As :	MILMET PHARMA LIMITED (w.e.f. 10.07.2002) EQUITY PHARMA LIMITED
Registered Office :	Baska, Ujeti Road, Ujeti Halol, District Panchmahal – 389 350, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.01.1997
Com. Reg. No.:	04-031523
Capital Investment / Paid-up Capital :	Rs.0.830 Million
CIN No.: [Company Identification No.]	U24230GJ1997PLC031523
TAN No.: [Tax Deduction & Collection Account No.]	BRDM01170B
PAN No.: [Permanent Account No.]	AAACE4022B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products, Drugs and Intermediates.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 312000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exists
Comments :	Subject is an established company having moderate track record. There appears huge external borrowing taken by the company in 2012. Liquidity position of the company is under threat. However, company is performing well with regards to overall operation. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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

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.

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/ Factory Office :	Baska, Ujeti Road, Ujeti Halol, District Panchmahal – 389 350, Gujarat, India
Tel. No.:	91-2676-247232/ 247231
Fax No. :	91-2676-247232
E-Mail :	Sansh1020@yahoo.com
Branch Office :	F.P. 145, Ram Mandir Road, 1^st Floor, Vile Parle (East), Mumbai – 400 057, Maharashtra, India
Tel. No.:	91-22-26115456/ 26123549
Fax No. :	91-22-26120421

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Sanjay Sharma

Designation :

Whole-time Director

Address :

C-502, New Harvardgarden Co-operative Housing Society Limited, Greenwood complex, Ghodbunder Road, Thane (west), Thane – 400 607, Maharashtra, India

Date of Birth/Age :

10.02.1961

Date of Appointment :

29.06.2011

DIN No.:

03514943

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	U24230GJ1997PLC031523	UNIMED TECHNOLOGIES LIMITED.	Whole-time director	29-06-11	01-04-11	Active	NO

Name :

Mr. Kulvir Kadwadkar

Designation :

Director

Address :

Bhagwan Singh Colony, Building No.2, Block No.5, Senapati Bapat Marg, Mahim, Mumbai – 400 015, Maharashtra, India

Date of Birth/Age :

26.11.1960

Date of Appointment :

29.09.2009

DIN No.:

01576013

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	U65999GJ1988PLC010304	UNIMED INVESTMENTS LIMITED	Director	31-12-02	31-12-02	14-08-10	Active	NO
2	U24230GJ1997PLC031523	UNIMED TECHNOLOGIES LIMITED.	Director	29-09-09	28-03-09	-	Active	NO

Name :

Mr. Kailash Multanmal Sankhlecha

Designation :

Director

Address :

414, Saffron Complex, Opposite Indian Air lines Office, Fatehgunj, Vadodara – 390 002, Gujarat, India

Date of Birth/Age :

13.08.1964

Date of Appointment :

29.09.2009

DIN No.:

01545371

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	U65999GJ1988PLC010304	UNIMED INVESTMENTS LIMITED	Director	24-03-00	24-03-00	14-08-10	Active	NO
2	U24230GJ1997PLC031523	UNIMED TECHNOLOGIES LIMITED.	Director	29-09-09	25-04-09	-	Active	NO

Name :

Pragnesh Kumar Doshi

Designation :

Director

Address :

33, Upkar Society, Near Anand Balwadi, Ellora Park, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

29.12.1961

Date of Appointment :

28.12.2009

DIN No.:

01443468

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	U65999GJ1988PLC010304	UNIMED INVESTMENTS LIMITED	Director	24-03-00	24-03-00	14-08-10	Active	NO
2	U24230GJ1997PLC031523	UNIMED TECHNOLOGIES LIMITED.	Director	28-12-09	23-12-09	-	Active	NO

Name :

Mr. Ajaykumar Upadhyay

Designation :

Additional Director

Address :

108, Vitthalesh Avenue, New IPCL Road, Near Gorwa Workshop, Subhanpura, Vadodara – 390 000, Gujarat, India

Date of Birth/Age :

04.10.1966

Date of Appointment :

01.03.2013

DIN No.:

00065512

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	U65999GJ1988PLC010304	UNIMED INVESTMENTS LIMITED	Whole-time director	31-12-02	31-12-02	01-05-07	Active	NO
2	U24230GJ1997PLC031523	UNIMED TECHNOLOGIES LIMITED.	Additional director	01-03-13	01-05-07	-	Active	NO
3	U90009GJ2010PLC062892	GREEN ECO DEVELOPMENT CENTRE LIMITED	Director	12-11-10	12-11-10	30-09-12	Active	NO

Name :

Mr. Sunil Roshanlal Ajmera

Designation :

Additional Director

Address :

404-B, Gardenia, Vasant Valley, Flimcity Road, Malad (East), Mumbai – 400 097, Maharashtra, India

Date of Birth/Age :

17.12.1970

Date of Appointment :

17.02.2012

DIN No :

00065545

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Suraksha Realty Limited, India	78850
Minaxi Fiscal Services Private Limited, India	74700
Karad Chemicals and Allied Products Private Limited, India	74700
Sejraj Financial Services Limited, India	74700
Khyati Financial Services Private Limited, India	74700
Eklavya Securities Limited, India	74700
Suraksha Developers Limited, India	74700
Nisha Capital Services Limited, India	74700
Manmaya Developers Private Limited, India	74700
Khyati Realtors Private Limited, India	78850
Lakshdeep Investment and Finance Private Limited, India	74700
Total	830000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products, Drugs and Intermediates.

Products :

Products/ services	ITC Code
Human Chorionic Gonadotrophin (FERTIGIN)	29371900
Menotrophin (GMH)	29371000
Sodium Hyaluronate (HYVISC)	29419090

PRODUCTION STATUS: (AS ON 31.03.2011)

PARTICULARS (As certified by Management) (In Lacs)	2010-11 (Rs.)
Tablets/ Capsules/ Injection (In Lacs)
Licensed Capacity	NA
Install Capacity	1485.00
Actual Production (Incl. Loan License)	565.30

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Repayable on Demand
Cash credit Facility (Secured by lien on margin money deposits)	19.479	12.188
Total	19.479	12.188

Banking Relations :	--
Auditors :
Name :	K.C. Mehta and Company Chartered Accountants
Address :	2^nd Floor, Meghdhanush, Race Course, Vadodara – 390 007, Gujarat, India
PAN No.:	AABFK1558J

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Re.1/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
830000	Equity Shares	Re.1/- each	Rs.0.830 Million

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	0.830	0.830
(b) Reserves & Surplus	77.276	61.965
(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)	78.106	62.795
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	7.614	5.515
(c) Other long term liabilities	1.516	1.516
(d) long-term provisions	2.031	1.705
Total Non-current Liabilities (3)	11.161	8.736
(4) Current Liabilities
(a) Short term borrowings	719.479	12.188
(b) Trade payables	784.374	545.833
(c) Other current liabilities	1794.538	277.275
(d) Short-term provisions	2.852	2.287
Total Current Liabilities (4)	3301.243	837.583
TOTAL	3390.510	909.114
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	192.267	87.471
(ii) Intangible Assets	3.752	4.837
(iii) Capital work-in-progress	114.834	105.013
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.076	0.076
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	29.610	31.966
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	340.539	229.363
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2782.614	504.229
(c) Trade receivables	76.528	80.877
(d) Cash and cash equivalents	45.221	52.168
(e) Short-term loans and advances	145.527	42.403
(f) Other current assets	0.081	0.074
Total Current Assets	3049.971	679.751
TOTAL	3390.510	909.114

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.830
2] Share Application Money		0.000
3] Reserves & Surplus		45.275
4] (Accumulated Losses)		0.000
NETWORTH		46.105
LOAN FUNDS
1] Secured Loans		12.837
2] Unsecured Loans		0.000
TOTAL BORROWING		12.837
DEFERRED TAX LIABILITIES		4.013
TOTAL		62.955
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		80.181
Capital work-in-progress		27.270
INVESTMENT		0.070
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	373.172
	Sundry Debtors	26.022
	Cash & Bank Balances	56.292
	Other Current Assets	0.000
	Loans & Advances	55.348
Total Current Assets		510.834
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	537.635
	Other Current Liabilities	15.175
	Provisions	2.590
Total Current Liabilities		555.400
Net Current Assets		(44.566)
MISCELLANEOUS EXPENSES		0.000
TOTAL		62.955

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	947.202	894.019	1092.974
		Other Income	4.311	2.676	2.449
		TOTAL (A)	951.513	896.695	1095.423
Less	EXPENSES
		Cost of materials consumed	299.948	288.324
		Purchase of stock-in-trade	2599.650	451.187
		Changes in Inventories of work-in-progress and stock-in-trade	(2267.609)	(103.771)
		Employee benefit expenses	100.524	73.090
		Other Expenses	187.229	158.313
		TOTAL (B)	919.812	867.143	1077.436
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.701	29.552	17.987
Less	FINANCIAL EXPENSES (D)		0.159	0.269	0.356
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.542	29.283	17.631
Less/	DEPRECIATION/ AMORTISATION (F)		8.835	4.490	3.415
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		22.707	24.793	14.216
Less	TAX (H)		7.395	8.104	5.166
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		15.312	16.689	9.050
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.907	13.218	4.168
	BALANCE CARRIED TO THE B/S		45.219	29.907	13.218
	EARNINGS IN FOREIGN CURRENCY
		Export (FOB Basis)	274.163	240.149	78.853
	TOTAL EARNINGS		274.163	240.149	78.853
	Earnings Per Share (Rs.)		18.45	20.11	10.90

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.61	1.86	0.83
Net Profit Margin (PBT/Sales)	(%)	2.40	2.77	1.30
Return on Total Assets (PBT/Total Assets}	(%)	0.70	3.21	2.41
Return on Investment (ROI) (PBT/Networth)		0.29	0.39	0.31
Debt Equity Ratio (Total Debt /Networth)		9.21	0.19	0.28
Current Ratio (Current Asset/Current Liability)		0.92	0.81	0.92

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	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	Yes
23]	Banking Details	No
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

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

STAMP NUMBER No. 1995 of 2009

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Status : PENDING

CCIN No : 001087200901995

Last Listing Date:

-

Coram

· -

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER - CENTRAL EXCISE AND CUSTOMS VADODARA-II	MR GAURANG H BHATT for: null 1

S.NO.	Name of the Respondant	Advocate On Record
1	UNIMED TECHNOLOGIES LIMITED

Presented On	: 17/06/2009	Registered On	: 17/06/2009
Bench Category	: DIVISION BENCH	District	: VADODARA
Case Originated From	: THROUGH ADVOCATE	Listed	: 0 times
StageName	: FOR ADMISSION TAXATION MATTERS

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Office Objection

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Act	CENTRAL EXCISES AND SALT ACT, 1944

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LowerCourt Details

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Other Forums

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Detention Details

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Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	17/06/2009	CERTIFIED COPY	MR GAURANG H BHATT ADVOCATE for PETITIONER(s) 1	6	MR GAURANG H BHATT:1
2	17/06/2009	MEMO OF APPEAL/PETITION/SUIT	MR GAURANG H BHATT ADVOCATE for PETITIONER(s) 1	50	MR GAURANG H BHATT:1

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
From Other Parties	700.000	0.000
Total	700.000	0.000

NOTE: No Charges Exist For the company.

NOTE: Registered office of the company has been shifted from 402, R K Centre, 4^th Floor, Fatehgunj, Main Road, Baroda – 390 002, Gujarat, India to the present address w.e.f. 13.03.2009

FIXED ASSETS:

Tangible Assets:

· Freehold Land

· Building

· Plant and Machinery

· Equipments

· Vehicles

· Furniture and fixture

Intangible Assets:

· Patents and Trademarks

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 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.63.67
UK Pound	1	Rs.100.71
Euro	1	Rs.84.72

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	2
--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	YES
--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		29

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.