MIRA INFORM REPORT

Report Date :

21.02.2014

IDENTIFICATION DETAILS

Name :	STELLENCE PHARMSCIENCE PRIVATE LIMITED (w.e.f. 30.12.2011)
Formerly Known As :	STELLENCE PHARMSCIENCE LIMITED (w.e.f. 01.04.2010) KARNATAKA CHEMSYN LIMITED
Registered Office :	No.456, 1A and 1B, Industrial Area, Jigani, Bangalore – 562 106, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.01.1992
Com. Reg. No.:	08-012673
Capital Investment / Paid-up Capital :	Rs.147.008 millions
CIN No.: [Company Identification No.]	U85110KA1992PTC012673
TAN No.: [Tax Deduction & Collection Account No.]	BLRK07078B
PAN No.: [Permanent Account No.]	AABCK9903A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Niche Pharmaceutical Products like contrast media agents.
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 2203000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company possess below average financial risk profile. The rating takes into consideration the continuous losses incurred by the company from its previous years of operations. Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings with great caution. Note: Profit & Loss A/c of the company for the year 2013 and 2012 are not available.

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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Bank Guarantee: A4 (Suspended)
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	March 01, 2013

Rating Agency Name	CRISIL
Rating	Cash Credit: B- (Suspended)
Rating Explanation	High risk of default.
Date	March 01, 2013

Reason for suspension: Non-cooperation by the company to undertake rating.

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

Management non-cooperative

(Tel. No.: 91-8110-413800)

LOCATIONS

Registered Office :	No.456, 1A and 1B, Industrial Area, Jigani, Bangalore-562106, Karnataka, India
Tel. No.:	91-8110-413800/ 413887
Fax No.:	91-8110-413803/ 906
E-Mail :	niranjan.p@avignapharma.com info@avignapharma.com
Website :	http://www.avignapharma.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Ramachandran Radhakrishnan

Designation :

Managing Director

Address :

Block B1, Flat Number 1202, L&T South City, Arekere Mico Layout, Bangalore – 560 076, Karnataka, India

Date of Birth/ Age :

04.07.1955

Qualification :

Graduate

Date of Appointment :

14.04.2012

DIN No.:

00326368

PAN No.:

AAAPR9610D

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	U24231KA2005PTC035805	AVIGNA CHEMITECH PRIVATE LIMITED	Director	11-03-2005	11-03-2005	-	Active	NO
2	U67190KA2005PTC037009	EAST WEST CAPITAL PARTNERS INDIA PRIVATE LIMITED	Director	18-08-2005	18-08-2005	-	Active	NO
3	U85110KA1992PTC012673	STELLENCE PHARMSCIENCE PRIVATE LIMITED	Managing director	14-04-2012	23-08-2006	-	Active	NO
4	U29299KA2007PTC042079	XENOCOR PHARMALAB PRIVATE LIMITED	Director	13-03-2007	13-03-2007	10-05-2010	Active	NO
5	U72200KA2009PTC048836	CHIHEALTH WELLNESS SOLUTIONS (BANGALORE) PRIVATE LIMITED	Director	25-09-2010	25-09-2010	08-09-2011	Active	NO

Name :

Mrs. Anuradha Ramchandran

Designation :

Additional Director

Address :

Block B1, Flat Number 1202, L&T South City, Arekere Mico Layout, Bangalore – 560 076, Karnataka, India

Date of Birth/ Age :

21.12.1961

Qualification :

Graduate

Date of Appointment :

26.10.2010

DIN No.:

00326388

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	U24231KA2005PTC035805	AVIGNA CHEMITECH PRIVATE LIMITED	Director	11-03-2005	11-03-2005	-	Active	NO
2	U67190KA2005PTC037009	EAST WEST CAPITAL PARTNERS INDIA PRIVATE LIMITED	Director	31-03-2007	31-03-2007	-	Active	NO
3	U85110KA1992PTC012673	STELLENCE PHARMSCIENCE PRIVATE LIMITED	Additional director	26-10-2010	26-10-2010	-	Active	NO
4	AAA-2965	AVIGNA LEARNING ACADEMY LLP	Designated Partner	01-12-2010	01-12-2010	-	Active	NO

Name :

Dr. Francis Joseph Pinto

Designation :

Director

Address :

6, Clarence Terrace, Regents Park, London – NW1RD, United Kingdom

Date of Birth/Age :

03.11.1942

Qualification :

Graduate

Date of Appointment :

23.08.2006

DIN No.:

01844138

PAN No.:

AFCPP6591C

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	U55101GA1995PTC001897	MAYFAIR ECO RESORTS PRIVATE LIMITED	Director	18-07-1995	18-07-1995	-	Active	NO
2	U63040MH1999PTC120045	SANTOSH INDIA OPERTIONS PRIVATE LIMITED	Director	26-05-1999	26-05-1999	20-04-2011	Active	NO
3	U01122GA1998PTC003428	VALPOI VALLEY BOTANICALS PRIVATE LIMITED	Director	08-01-2001	08-01-2001	-	Active	YES
4	U24239MH2001PTC130422	FARMACROSS INDIA PRIVATE LIMITED	Director	17-04-2001	17-04-2001	16-04-2009	Active	NO
5	U32107MH2001PTC132041	INFOCROSS INDIA PRIVATE LIMITED	Director	03-10-2001	03-10-2001	-	Active	YES
6	U72200GA2006PTC004325	OPEN DESTINATION INFOTECH PRIVATE LIMITED	Director	05-01-2006	05-01-2006	-	Active	NO
7	U85110KA1992PTC012673	STELLENCE PHARMSCIENCE PRIVATE LIMITED	Director	23-08-2006	23-08-2006	-	Active	NO
8	U24231KA2005PTC035805	AVIGNA CHEMITECH PRIVATE LIMITED	Director	23-08-2006	23-08-2006	-	Active	NO
9	U72900MH2007PTC169715	SHAWMAN SOFTWARE PRIVATE LIMITED	Director	30-09-2009	10-06-2008	-	Active	NO
10	U55101MH2008PLC185253	BONA SERA HOTELS LIMITED	Director	04-06-2009	16-04-2009	-	Active	NO
11	U55101MH2009PLC190137	SOL HOSPITALITY LIMITED	Director	16-04-2009	16-04-2009	-	Amalgamated	NO
12	U63040GA2009PTC006157	DESTINATION INSIDER TRAVELS INDIA PRIVATE LIMITED	Director	10-08-2009	10-08-2009	-	Active	NO
13	U72200KA2009PTC048836	CHIHEALTH WELLNESS SOLUTIONS (BANGALORE) PRIVATE LIMITED	Director	25-09-2010	25-09-2010	08-09-2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Note:

Shareholding details file attached.

BUSINESS DETAILS

Line of Business :

Manufacturing of Niche Pharmaceutical Products like contrast media agents.

Products :

ITC Code No.	Product/ Service Description
30061010	Miscellaneous Pharmaceutical Goods

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

• State Bank of India, J.P. Nagar, I Phase, Main Road, Bangalore – 560 078, Karnataka, India
• IDBI Bank Limited, Mumbai – 400 027, Maharashtra, India
• The Centurion Bank of Punjab Limited

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks (The loan is secured by way of hypothecation of Land, Plant and Machinery and corporate guarantee of Avigna Chemitech Private Limited and personal guaranteed by a Director. Repayment terms of term loan commence from April 2011 to March 2015 and interest there on to be serviced.)	68.000	92.000
SHORT-TERM BORROWINGS
Rupee term loans from banks (All the bank facilities are secured against book debts and inventory and personal guaranteed by a director and corporate guarantee by the Holding Company)	35.665	24.548
Total	103.665	116.548

Banking Relations :	--
Auditors :
Name :	P. Chandrasekar Chartered Accountants
Address :	S 512-514, Manipal Centre, South Block, 47, Dikenson Road, Bangalore – 560 042, Karnataka, India
Tel. No.:	91-80-25585443
Fax No.:	91-80-25597494
E-Mail :	partner@pchandrasekar.com
PAN No.:	AABFP1536H
Holding Company :	Avigna Chemitech Private Limited, India

CAPITAL STRUCTURE

AS ON 30.09.2013

No. of Shares	Type	Value	Amount
85000000	Equity Shares	Rs.10/- each	Rs.850.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14700770	Equity Shares	Rs.10/- each	Rs.147.008 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	147.008	147.008	147.008
(b) Reserves & Surplus	403.639	298.202	411.188
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	1.292
Total Shareholders’ Funds (1) + (2)	550.647	445.210	559.488
(3) Non-Current Liabilities
(a) Long-term borrowings	395.266	358.457	262.818
(b) Deferred tax liabilities (Net)	0.000	95.187	57.544
(c) Other long term liabilities	0.000	0.000	56.083
(d) Long-term provisions	2.643	1.476	1.441
Total Non-current Liabilities (3)	397.909	455.120	377.886
(4) Current Liabilities
(a) Short term borrowings	35.665	24.548	21.183
(b) Trade payables	120.895	99.050	70.766
(c) Other current liabilities	34.512	32.237	24.584
(d) Short-term provisions	8.537	3.226	2.430
Total Current Liabilities (4)	199.609	159.061	118.963
TOTAL	1148.165	1059.391	1056.337
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	872.164	893.523	906.894
(ii) Intangible Assets	65.659	32.615	15.236
(iii) Capital work-in-progress	0.000	0.000	0.975
(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)	17.360	0.000	0.000
(d) Long-term Loan and Advances	2.154	2.964	2.938
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	957.337	929.102	926.043
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	90.641	55.359	39.436
(c) Trade receivables	66.042	57.594	72.071
(d) Cash and cash equivalents	10.925	3.119	4.329
(e) Short-term loans and advances	12.177	12.816	13.401
(f) Other current assets	11.043	1.401	1.057
Total Current Assets	190.828	130.289	130.294
TOTAL	1148.165	1059.391	1056.337

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Sales	163.099
		Other Income	1.221
		TOTAL (A)	164.320
Less	EXPENSES
		Materials Cost	113.492
		Personnel Expenses	16.131
		Manufacturing, Administrative and Selling Expenses	28.122
		Increase/ Decrease in Stock	(6.805)
		TOTAL (B)	150.940
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.380
Less	FINANCIAL EXPENSES (D)		9.676
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.704
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.330
	PROFIT / (LOSS)BEFORE TAX (E-F) (G)		(10.626)
Less	TAX (H)		0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(10.626)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(64.848)
	BALANCE CARRIED TO THE B/S		(75.474)
	Earnings / (Loss) Per Share (Rs.)		(4.48)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	NA	(6.47)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(6.52)
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	(1.01)
Return on Investment (ROI) (PBT/Networth)		NA	NA	(0.01)
Debt Equity Ratio (Total Debt/Networth)		0.78	0.86	0.51
Current Ratio (Current Asset/Current Liability)		0.96	0.82	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	147.008	147.008	147.008
Reserves & Surplus	411.188	298.202	403.639
Share Application money pending allotment	1.292	0.000	0.000
Net worth	559.488	445.210	550.647
long-term borrowings	262.818	358.457	395.266
Short term borrowings	21.183	24.548	35.665
Total borrowings	284.001	383.005	430.931
Debt/Equity ratio	0.508	0.860	0.783

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 one year	Yes
12]	Profitability for last one year	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Loans and advances from directors	56.574	7.492
Loans and advances from others	270.692	258.965
Total	327.266	266.457

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10121951	08/08/2008	190,000,000.00	STATE BANK OF INDIA	J P NAGAR I PHASE MAIN ROAD, BANGALORE, KARNATAKA - 560078, INDIA	A45345626
2	90196614	13/11/1992 *	15,000,000.00	KARNATAKA STATE INDUSTRIAL INVESTMENT AND DEVELOPMENT CORP LIMITED	MSIL HOUSE; 36; CUNNINGHAM ROAD, BANGALORE, KARNATAKA - 560052, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Office Equipments

· Computers

· Furniture and Fixtures

· Vehicles

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.62.28
UK Pound	1	Rs.103.84
Euro	1	Rs.85.70

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	3
--CREDIT LINES	1~10	2
--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.