MIRA INFORM REPORT

Report Date :

27.08.2014

IDENTIFICATION DETAILS

Name :	SWISS PARENTERALS PRIVATE LIMITED
Formerly Known As :	SWISS HOSPITAL PRIVATE LIMITED
Registered Office :	303-304, Saman – II, Opposite Reliance Petrol Pump, Anandnagar Road, Satellite, Ahmedabad – 380 015, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.02.1997
Com. Reg. No.:	04-031645
Capital Investment / Paid-up Capital :	Rs. 10.560 Millions
CIN No.: [Company Identification No.]	U85110GJ1997PTC031645
TAN No.: [Tax Deduction & Collection Account No.]	AHMS00381D
PAN No.: [Permanent Account No.]	AACCS6806P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical Products.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating is constrained on account of presence in the competitive generic formulations and contract manufacturing industry. However, Performance of the company has improved. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealing at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities=BB+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	13.06.2014

Rating Agency Name	CARE
Rating	Short term bank facilities=A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	13.06.2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. C. B. Shukla
Designation :	Accountant
Contact No.:	91-79-40062697
Date :	25.08.2014

LOCATIONS

Registered Office :	303-304, Saman – II, Opposite Reliance Petrol Pump, Anandnagar Road, Satellite, Ahmedabad – 380 015, Gujarat, India
Tel. No.:	91-79-40062697
Mobile No.:	91-9825016246 (Mr. Vikram Shah)
Fax No.:	91-79-40062698
E-Mail :	accounts@swisspharmaceutical.com export@swissgroup.co.in
Website :	www.swisspharmaceutical.com
Area :	2000 sq. ft.
Location :	Owned
Factory :	809, Kerala Industrial Estate, G.I.D.C., Near Bavla, District Ahmedabad – 382 220, Gujarat, India
Tel. No.:	91-2714-268360 / 268632
Fax No.:	91-2714-268481
E-Mail :	gm@swissgroup.co.in
Area :	2000 sq. mt.
Location :	Owned

DIRECTORS

As on: 30.09.2013

Name :	Mr. Vikram R. Shah
Designation :	Director
Address :	19, Nishant Bunglow, Part – 1, Satellite, Ahmedabad – 380 015, Gujarat, India
Date of Appointment :	04.02.1997
DIN No.:	00400395
Name :	Mr. Naishadh V. Shah
Designation :	Director
Address :	19, Nishant Bunglow, Part – 1, Satellite, Ahmedabad – 380 015, Gujarat, India
Date of Appointment :	01.05.2007
DIN No.:	01609076
Name :	Mr. Piyush M. Pandya
Designation :	Director
Address :	24/278, Adarshnagar, Nagar-Vijayanagar, Naranpura, Ahmedabad – 380013, Gujarat, India
Date of Appointment :	09.09.2010
DIN No.:	03192536

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Rasiklal Z. Shah	40300
Vikram R. Shah	700810
Amiben V. Shah	73000
Naishadh V. Shah	240110
Swiss Exports Private Limited	360000
Syner Medico Private Limited	10000
Maltiben M. Vyas	62100
Bhagyesh Soneji	100
Batuben J. Desai	100
Manjutaben C.Shah	100
Haribux Ramkaran	100
Alpaben B. Shah	100
Harshidaben M. Rachh	100
Anishbhai B. Shah	100
Bharatbhai H. Shah	100
Piyushbhai M. pandva	100
Parag M. Shah	100
Varshaben p. Kothari	100
Pradip p. Kothari	100
Kaitash T. Chiktikar	100
Kailash T. Chiktikar	100
Alap Chikhtikar	100
Darshnaben M. Shah	100
Mahendrabhai R. Gandhi(HUF)	100
Harshadkumar K. Shah	100
Smitaben H. Shah	100
Kiritkumar J. Shah	100
Naynaben K. Shan	100
Bhumikaben K. Shah	100
Daksh K. Gor	100
lndiraben J. Gor	100
Sejat p.Shah	100
Vinitaben N. Sh	100
Sarojben S. Shah	100
Total	1489020

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	24.85
Directors or relatives of directors	75.15
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pharmaceutical Products.
Products :	· Tablets and Capsules · Herbal and Ayurvedic Medicines · Injectable Drugs · Veterinary Medicines · Specialty Products
Exports :
Products :	· Tablets and Capsules · Herbal and Ayurvedic Medicines · Injectable Drugs · Veterinary Medicines · Specialty Products
Countries :	Algeria
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

No. of Employees :

125 (Approximately)

Bankers :

Bank of India, Ahmedabad Main Branch, Mazzanine Floor, Bank of India Building, Bhadra, Ahmedabad - 380001, Gujarat, India

Facilities :

Cash Credit= Rs.60.000 Millions / Term Loan= Rs.180.000 Millions (From Bank of India)

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Bank Of India (Term loan – V)	84.501	0.645
HDFC Bank Limited (Tata Staff Bus)	0.000	0.344
HDFC Bank Limited (Verma Car)	0.550	0.000
Short term borrowings
Cash cr4edit account	14.808	23.906
Bank India (Buyer’s credit A/C)	21.741	0.000
Total	121.600	24.895
Note: Term Loan V from bank of india is primarily secured by Equitable Mortgage of Factory Land and Building situated at Plot No. 402, 4121o 414 at Kerala Industrial Estate own by the company and Hypothecation of Plant and Machineries, Furniture and Fixtures, Equipments etc. Credit facilities from bank of india secured by Collateral Security by way of Equitable Mortgage of company's immovable properties and Hypothecation of Movable Plant and machinery situated al Block No. 808,809,810 GIDC Kerala Taluka Dholka, Ahmedabad as well as E.M., of shop No. O/5, Hemkut Building Ahmedabad own by Mr. Vikram R. Shah, Director of the Company in addition to personal Guarantees of Directors. Staff Bus Loan from HDFC Bank is secured by hypothecation of Staff Bus.

Banking Relations :	--
Auditors :
Name :	Rakesh Tibdewal and Associates Chartered Accountants
Address :	104, Shivalik-9, Vasundhara Society, Gulbai Tekra, Ellisebridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26420289 / 40021774
PAN No.:	AAGFR5537B
Associates:	· Swiss Exports Private Limited, Ahmedabad · Swiss Pharma Private Limited, Ahmedabad · Deutsch Lab Incorporation · Swiss Life Science · Syner Medico Private Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1750000	Equity Shares	Rs.10/- each	Rs. 17.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1056000	Equity Shares	Rs.10/- each	Rs. 10.560 Millions

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1750000	Equity Shares	Rs.10/- each	Rs. 17.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1489020	Equity Shares	Rs.10/- each	Rs. 14.890 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	10.560	9.290	4.890
(b) Reserves & Surplus	115.471	72.196	42.134
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	8.001	0.001	0.000
Total Shareholders’ Funds (1) + (2)	134.032	81.487	47.024
(3) Non-Current Liabilities
(a) long-term borrowings	123.377	35.933	19.498
(b) Deferred tax liabilities (Net)	0.943	0.873	1.468
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	124.320	36.806	20.966
(4) Current Liabilities
(a) Short term borrowings	38.549	25.906	19.330
(b) Trade payables	94.213	66.137	47.513
(c) Other current liabilities	57.456	8.212	5.868
(d) Short-term provisions	26.422	10.550	9.711
Total Current Liabilities (4)	216.640	110.805	82.422
TOTAL	474.992	229.098	150.412
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	51.745	38.313	40.431
(ii) Intangible Assets	0.057	0.095	0.151
(iii) Capital work-in-progress	148.458	36.832	2.426
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.001	0.001	0.001
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.433	10.985	4.427
(e) Other Non-current assets	14.379	3.005	0.000
Total Non-Current Assets	220.073	89.231	47.436
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	110.338	49.412	29.887
(c) Trade receivables	64.277	61.741	50.646
(d) Cash and cash equivalents	23.321	11.970	6.860
(e) Short-term loans and advances	56.452	16.206	15.402
(f) Other current assets	0.531	0.538	0.181
Total Current Assets	254.919	139.867	102.976
TOTAL	474.992	229.098	150.412

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
SALES
Income	407.410	239.986	235.672
Other Income	1.310	0.602	3.260
TOTAL (A)	408.720	240.588	238.932
EXPENSES
Cost of Materials Consumed	296.396	181.005	152.192
Purchases of Stock-in-Trade	0.000	1.383	0.295
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(32.015)	(21.135)	7.886
Employees benefits expense	18.911	17.051	13.823
Exceptional items	0.026	(0.078)	(0.001)
Other expenses	56.182	32.628	35.267
TOTAL (B)	339.500	210.854	209.462
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	69.220	29.734	29.470
FINANCIAL EXPENSES (D)	4.397	4.912	3.202
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	64.823	24.822	26.268
DEPRECIATION/ AMORTISATION (F)	5.957	5.998	5.468
PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	58.866	18.824	20.800
TAX (I)	20.670	6.363	7.756
PROFIT/ (LOSS) AFTER TAX (G-I) (J)	38.196	12.461	13.044
EARNINGS IN FOREIGN CURRENCY
F.O.B. Value of Exports	11.605	0.000	1.053
TOTAL EARNINGS	11.605	0.000	1.053
IMPORTS
Raw Materials	92.811	50.958	30.430
TOTAL IMPORTS	92.811	50.958	30.430
Earnings / (Loss) Per Share (Rs.)	40.96	23.96	26.67

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	9.35	5.18	5.46
Net Profit Margin (PBT/Sales)	(%)	14.45	7.84	8.83
Return on Total Assets (PBT/Total Assets}	(%)	18.03	9.79	14.06
Return on Investment (ROI) (PBT/Networth)		0.44	0.23	0.44
Debt Equity Ratio (Total Debt/Networth)		1.21	0.76	0.82
Current Ratio (Current Asset/Current Liability)		1.18	1.26	1.25

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	4.890	9.290	10.560
Reserves & Surplus	42.134	72.196	115.471
Net worth	47.024	81.486	126.031
long-term borrowings	19.498	35.933	123.377
Short term borrowings	19.330	25.906	38.549
Total borrowings	38.828	61.839	161.926
Debt/Equity ratio	0.826	0.759	1.285

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)
Sales	235.672	239.986	407.410
		1.831	69.764

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	235.672	239.986	407.410
Profit	13.044	12.461	38.196
	5.53%	5.19%	9.38%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
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 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	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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long term borrowings
From detector	13.377	4.406
Others	24.948	30.538
Short term borrowings
Loans from others	2.001	2.000
Total	40.326	36.944

Note:

The registered office of the company has been shifted from 7 B, Medicare B/H M.J. Library Ellis Bridge, Ahmedabad, Gujarat – 380 006 to the present address w.e.f. 01.08.2007.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10030990	30/12/2006	5,775,000.00	BANK OF INDIA	AHMEDABAD MAIN BRANCH, MAZZAINE FLOOR, BOI BUILDING, BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA	A08761454
2	10023878	17/05/2012 *	246,500,000.00	BANK OF INDIA	AHMEDABAD MAIN BRANCH, MAZZANINE FLOOR, BANK OF INDIA BUILDING, BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA	B39921945
3	10016607	25/02/2012 *	246,500,000.00	BANK OF INDIA	AHMEDABAD MAIN BRANCH, MAZZAINE FLOOR, BANK OF INDIA BUILDING, BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA	B36958213

* Date of charge modification

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

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. 61.86
UK Pound	1	Rs. 103.06
Euro	1	Rs. 84.91

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.