MIRA INFORM REPORT

Report Date :

10.04.2014

IDENTIFICATION DETAILS

Name :	ANTHEM CELLUTIONS (INDIA) PRIVATE LIMITED (w.e.f. 13.12.2011)
Formerly Known As :	ANTHEM CELLUTIONS (INDIA) LIMITED (w.e.f. 08.06.2007) SAJAWAT INDUSTRIES LIMITED (w.e.f. 23.12.1993) SAJAWAT INDUSTRIES PRIVATE LIMITED
Registered Office :	No. 49, Canara Bank Road, Bommasandra Industrial Area, Phase I, Bangalore – 560099, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.11.1991
Com. Reg. No.:	08-012478
Capital Investment / Paid-up Capital :	Rs. 181.274 Millions
CIN No.: [Company Identification No.]	U85110KA1991PTC012478
TAN No.: [Tax Deduction & Collection Account No.]	BLRS02803D
PAN No.: [Permanent Account No.]	AADCS1517N
Legal Form :	Private Limited Liability Company
Line of Business :	The main objective of the company is to discover, develop, manufacture and commercialize biopharmaceuticals and also provide biological solutions to improve industrial performance in all areas.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 577000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has recorded some accumulated losses from its operations. However, trade relations are reported as fair. business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan : “BB-”
Rating Explanation	Moderate risk of default.
Date	March, 2013

Rating Agency Name	ICRA
Rating	Short term Non-fund based limits: “A4”
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	March, 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 DECLINED BY

Name :	Mr. Ramkrishnan
Designation :	Finance Manager
Contact No.:	91-80-66724000
Date :	09.04.2014

LOCATIONS

Registered Office :	No. 49, Canara Bank Road, Bommasandra Industrial Area, Phase I, Bangalore – 560099, Karnataka, India
Tel. No. :	91-80-40444000
Fax No. :	91-80-40444020
E-Mail :	ramkrishnan.k@anthembio.com info@auditax.org vanivilas@gmail.com
Website :	www.anthemcell.com
Godown :	211/A Ground Floor, Near Front Portion (MRC Cold Storage Compound) Bommasandra Village, Bommasandra Industrial Estate Hosur Road, Bangalore - 560100, Karnataka, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Ajay Bhardwaj

Designation :

Managing Director

Address :

A-4, Epsilon Villas Yemlur Main Road, Next to Logica, Bangalore – 560037, Karnataka, India

Date of Birth/Age :

20.07.1960

Date of Appointment :

01.04.2008

DIN No. :

00333704

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	U24233KA2006PTC039703	ANTHEM BIOSCIENCES PRIVATE LIMITED	Managing director	13/06/2006	13/06/2006	Active	NO
2	U85110KA1991PTC012478	ANTHEM CELLUTIONS ( INDIA) PRIVATE LIMITED	Managing director	01/04/2008	09/11/2006	Active	NO
3	U24232KA2008PTC047934	WEISS BIOTECH PRIVATE LIMITED	Director	03/10/2008	03/10/2008	Active	NO
4	U24232KA2009PTC051551	ANTHEM BIO PHARMA PRIVATE LIMITED	Director	30/09/2011	04/02/2011	Active	NO

Name :

Koramangala Chandrappa Ravindra

Designation :

Director

Address :

827, B-3, Keerthi, 12^th Main Road, 3^rd Block, Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

02.11.1966

Date of Appointment :

09.11.2006

DIN No. :

01580534

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	U24233KA2006PTC039703	ANTHEM BIOSCIENCES PRIVATE LIMITED	Director	28/09/2007	27/09/2006	Active	NO
2	U85110KA1991PTC012478	ANTHEM CELLUTIONS (INDIA) PRIVATE LIMITED	Director	09/11/2006	09/11/2006	Active	NO
3	U24232KA2008PTC047934	WEISS BIOTECH PRIVATE LIMITED	Director	03/10/2008	03/10/2008	Active	NO

Name :

Mr. Sambasivam Ganesh

Designation :

Director

Address :

1840, 22^nd Main, 14^th Cross, Sector 1, HSR Layout, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

20.12.1965

Date of Appointment :

09.11.2006

DIN No. :

01469963

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	U24233KA2006PTC039703	ANTHEM BIOSCIENCES PRIVATE LIMITED	Director	28/09/2007	04/08/2006	Active	NO
2	U85110KA1991PTC012478	ANTHEM CELLUTIONS (INDIA) PRIVATE LIMITED	Director	09/11/2006	09/11/2006	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramkrishnan
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.70
Other top fifty shareholders	0.30
Total	100.00

BUSINESS DETAILS

Line of Business :

The main objective of the company is to discover, develop, manufacture and commercialize biopharmaceuticals and also provide biological solutions to improve industrial performance in all areas.

Products :

Item Code No. (ITC Code)	Product Description
11082000	Starches, Inulin
11090000	Wheat Gluten
13021990	Grapeseed Extract
17023020	Glucose
21021090	Yeast
21069099	Green tea extract etc
23099090	Vetenery products
28362000	Sodium Carbonate
29163140	Sodium benzoate
29304000	Methionine
29420090	L - Selenomethionine
30029030	Cultures of micro-organisms
30039000	Orlistat Powder
30049099	Medicaments Retail
32029030	Enzymatic preparations for pre-tanning
35029000	NutriCol
35079099	Enzymes

Exports :

Not Divulged

Imports :

Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

· Corporation Bank, Electronics City Branch, Bangalore - 560100, Karnataka, India

· IDBI Bank Limited, IDBI House, Cuffe Parade Colaba, Mumbai - 400005, Maharashtra, India

· Standard Chartered Bank, 90, M G Road, Mumbai - 400001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	20.759	0.000
Working capital loans from banks	73.328	38.515
Long-term maturities of finance lease obligations	1.584	1.871
SHORT TERM BORROWINGS
Long-term maturities of finance lease obligations	1.337	0.000
Total	97.008	40.386

Banking Relations :	--
Financial Institution:	KSIIDC Limited, MSIL House, 36, Cunningham Road, Bangalore - 560052, Karnataka, India
Auditors :
Name :	Y V S Vinod and Associates Chartered Accountants
Address :	Suite No. 002, 'Farah Greens', No. 10, Eagle Street, Langford Town, Bangalore - 560025, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AARFM1902G
Associate:	· Anthem Biosciences Private Limited CIN No.: U24233KA2006PTC039703 · Anthem Bio Pharma Private Limited CIN No.: U24232KA2009PTC051551

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs.10/- each	Rs. 150.00 Millions
5,000,000	Preference Shares	Rs.10/- each	Rs. 50.000 Millions
	Total		Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13,127,446	Equity Shares	Rs.10/- each	Rs. 131.274 Millions
5,000,000	Preference Shares	Rs.10/- each	Rs. 50.000 Millions
	Total		Rs. 181.274 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	181.274	131.274	131.274
(b) Reserves & Surplus	(37.116)	(84.040)	(90.641)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	144.158	47.234	40.633
(3) Non-Current Liabilities
(a) long-term borrowings	168.964	189.724	138.121
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	11.477	0.000	0.000
(d) long-term provisions	3.627	1.856	1.385
Total Non-current Liabilities (3)	184.068	191.580	139.506
(4) Current Liabilities
(a) Short term borrowings	2.817	0.000	0.000
(b) Trade payables	57.134	59.997	22.932
(c) Other current liabilities	4.580	2.633	9.105
(d) Short-term provisions	20.877	1.554	0.000
Total Current Liabilities (4)	85.408	64.184	32.037
TOTAL	413.634	302.998	212.176
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	116.993	120.914	94.954
(ii) Intangible Assets	0.158	0.161	0.000
(iii) Capital work-in-progress	6.175	3.359	3.590
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.435	10.371	9.615
(e) Other Non-current assets	25.496	1.205	0.000
Total Non-Current Assets	152.257	136.010	108.159
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	101.237	80.685	45.643
(c) Trade receivables	117.978	83.330	55.782
(d) Cash and cash equivalents	0.152	0.102	0.268
(e) Short-term loans and advances	37.532	0.000	0.000
(f) Other current assets	4.478	2.871	2.324
Total Current Assets	261.377	166.988	104.017
TOTAL	413.634	302.998	212.176

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL (A)	439.965	260.622	233.704
Less	EXPENSES
		TOTAL (B)	358.040	244.266	213.962
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		81.925	16.356	19.742
Less	FINANCIAL EXPENSES (D)		10.158	4.882	1.625
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		71.767	11.474	18.117
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.374	2.231	1.436
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		67.393	9.243	16.681
Less	TAX (H)		20.877	1.554	NA
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		46.516	7.689	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(94.917)	(101.518)	(117.964)
Less	PRIOR PERIOD EXPENSES		0.443	1.088	0.235
Less	PRIOR YEAR TAXES		(0.851)	0.000	0.000
	BALANCE CARRIED TO THE B/S		(47.993)	(94.917)	(101.518)
	EARNINGS IN FOREIGN CURRENCY		6.700	2.886	2.840
	Earnings / (Loss) Per Share (Rs.)		2.57	0.59	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.57	2.95	NA
Return on Total Assets (PBT/Total Assets}	(%)	16.54	3.08	8.00
Return on Investment (ROI) (PBT/Networth)		0.47	0.20	0.41
Debt Equity Ratio (Total Debt/Networth)		1.19	4.02	3.40
Current Ratio (Current Asset/Current Liability)		3.06	2.60	3.25

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	131.274	131.274	181.274
Reserves & Surplus	(90.641)	(84.040)	(37.116)
Net worth	40.633	47.234	144.158
long-term borrowings	138.121	189.724	168.964
Short term borrowings	0.000	0.000	2.817
Total borrowings	138.121	189.724	171.781
Debt/Equity ratio	3.399	4.017	1.192

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	233.704	260.622	439.965
		11.518	68.813

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	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	10238595	02/03/2013 *	130,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 61, 'RESIDENCY PLAZA', RESIDENCY ROAD, BANGALORE - 560025, KARNATAKA, INDIA	B71989404
2	10075317	15/07/2013 *	543,800,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 61, 'RESIDENCY PLAZA', RESIDENCY ROAD, BANGALORE - 560025, KARNATAKA, INDIA	B81029084

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from directors	71.901	121.921
Loans and advances from others	1.392	27.417
SHORT TERM BORROWINGS
Loans and advances from others	1.480	0.000
Total	74.773	149.338

GENERAL INFORMATION ABOUT COMPANY

The main objective of the company is to discover, develop, manufacture and commercialize biopharmaceuticals that address significant unmet needs and provide biological solutions to improve industrial performance in all areas.

PERFORMANCE REVIEW

The Company has registered a turnover of Rs. 439.900 Millions during the Financial Year 2012-13, as compared to Rs. 260.600 Millions in the previous financial year. The Profit recorded after providing for depreciation, interest and taxes is Rs. 46.500 Millions as compared to Rs. 7.600 Millions during the previous year. The Company has acquired valuable clients during the year. It has also made entry into new market segments.

FIXED ASSETS

v Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipment’s

v Intangible Assets

· Computer Software

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.60.07
UK Pound	1	Rs.100.56
Euro	1	Rs.82.79

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	DIV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.