MIRA INFORM REPORT

Report Date :

30.01.2014

IDENTIFICATION DETAILS

Name :	MIV THERAPEUTICS (INDIA) PRIVATE LIMITED (w.e.f. 01.10.2008)
Formerly Known As :	BIOSYNC SCIENTIFIC PRIVATE LIMITED
Registered Office :	Plot No. 136-B, Surat Special Economic Zone, Road No. 4, GIDC, Sachin, Surat – 394 230, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.08.2006
Com. Reg. No.:	04-048811
Capital Investment / Paid-up Capital :	Rs.82.181 Millions
CIN No.: [Company Identification No.]	U33112GJ2006PTC048811
TAN No.: [Tax Deduction & Collection Account No.]	SRTB01511G
PAN No.: [Permanent Account No.]	AACCB9552B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing and marketing of all kinds of endo / Cardio Vascular Equipments.
No. of Employees :	Not Available

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 380000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of MIV Therapeutics Inc. Canada. It is an established company having moderate track record. Management of the company has filed its financial for the year 2013 with the government department but the same is not available with us. As per previous year financial i.e., 2012, profit of the company appears to be low. However, no external borrowings are recorded by the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

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 Office :	Plot No. 136-B, Surat Special Economic Zone, Road No. 4, GIDC, Sachin, Surat – 394230, Gujarat, India
Tel. No.:	91-261-2397066
Fax No.:	91-261-2398016
E-Mail :	rajesh_12712003@yahoo.co.in contact@mivindia.com
Website :	http://www.mivindia.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Murlidhar Baliram Bendale

Designation :

Nominee Director

Address :

C9/304, Vedant Complex, Vartak Nagar, Thane – 400 606, Maharashtra, India

Date of Appointment :

22.05.2012

DIN No.:

01747953

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	U33120MH2006PTC159164	ADVANCE MEDICAL DEVICES PRIVATE LIMITED	Director	13/01/2006	13/01/2006	-	Strike off	NO
2	U85100MH2007PTC173490	PURPLE MEDICAL SOLUTIONS PRIVATE LIMITED	Director	08/03/2008	08/03/2008	-	Active	NO
3	U40106PN2009PTC135184	S M BHUJANG CONSULTANTS PRIVATE LIMITED	Director	18/12/2009	18/12/2009	08/08/2011	Active	NO
4	U33112GJ2006PTC048811	MIV THERAPEUTICS (INDIA) PRIVATE LIMITED	Nominee director	22/05/2012	22/05/2012	-	Active	NO

Name :

Mr. Rajesh Hiralal Shrivas

Designation :

Nominee Director

Address :

A-304, Willow Tower, Vasant Garden, Swapna Nagari, Mulund (West), Mumbai – 400 080, India

Date of Appointment :

24.08.2011

DIN No.:

02783629

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	U85100MH2007PTC173490	PURPLE MEDICAL SOLUTIONS PRIVATE LIMITED	Director	10/07/2010	10/07/2010	Active	NO
2	U33112GJ2006PTC048811	MIV THERAPEUTICS (INDIA) PRIVATE LIMITED	Nominee director	24/08/2011	24/08/2011	Active	NO

Name :

Mr. Brian Savio Lancelot

Designation :

Nominee Director

Address :

Marie Villa Apartment, Mohan Nagar, Nagpur – 440 001, Maharashtra, India

Date of Appointment :

24.08.2011

DIN No.:

02832585

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	U85100MH2007PTC173490	PURPLE MEDICAL SOLUTIONS PRIVATE LIMITED	Director	10/07/2010	10/07/2010	Active	NO
2	U33112GJ2006PTC048811	MIV THERAPEUTICS (INDIA) PRIVATE LIMITED	Nominee director	24/08/2011	24/08/2011	Active	NO

Name :

Mr. Mathew Thundiyl Thomas

Designation :

Nominee Director

Address :

B3/201, Vithobakripa Co-operative Housing Society, Mhasoba Maidan, Kalyan – 421 301, Maharashtra, India

Date of Appointment :

24.08.2011

DIN No.:

02876402

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	U85100MH2007PTC173490	PURPLE MEDICAL SOLUTIONS PRIVATE LIMITED	Director	10/07/2010	10/07/2010	Active	NO
2	U33112GJ2006PTC048811	MIV THERAPEUTICS (INDIA) PRIVATE LIMITED	Nominee director	24/08/2011	24/08/2011	Active	NO
3	U33120MH2013PTC242883	MATHS HEALTH CARE PRIVATE LIMITED	Director	03/05/2013	03/05/2013	Active	NO

Name :

Mr. Ulhas Manohar Jadhav

Designation :

Director

Address :

B-4, Dharmkshetra Co-operative Housing Society, 3 Shimpoli, Opposite Gokhale High School, Borivali, Mumbai – 400 092, Maharashtra, India

Date of Appointment :

16.06.2011

DIN No.:

03015259

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	U93000MH2010PTC205069	VARDHAMAN COMPUSOFT PRIVATE LIMITED	Director	30/06/2010	30/06/2010	-	Active	NO
2	U70100MH1995PTC088887	BEACHLAND DEVELOPERS AND RESORTS PRIVATE LIMITED	Director	27/01/2011	27/01/2011	25/04/2012	Active	NO
3	U70101MH1991PTC060300	NISARG PROPERTIES PRIVATE LIMITED	Director	27/01/2011	27/01/2011	15/07/2011	Active	NO
4	U45201MH1991PTC060296	PADMAVATI INFRA PROJECTS PRIVATE LIMITED	Director	27/01/2011	27/01/2011	30/06/2011	Active	NO
5	U45200MH1991PTC064102	BONNY CONSTRUCTION WORKS P LTD	Director	27/01/2011	27/01/2011	-	Active	NO
6	U33112GJ2006PTC048811	MIV THERAPEUTICS (INDIA) PRIVATE LIMITED	Director	30/09/2011	16/06/2011	-	Active	NO
7	U93000MH2008PTC180571	BGN CONSUMER SERVICES PRIVATE LIMITED	Director	21/10/2011	21/10/2011	-	Active	NO
8	U45200MH2008PTC186249	SAIDHAM HOMES PRIVATE LIMITED	Director	16/12/2011	16/12/2011	04/04/2013	Active	NO
9	U74990MH2004PTC147142	AZTEC MEDIA SERVICES PRIVATE LIMITED	Director	15/03/2012	15/03/2012	26/08/2013	Active	NO

Name :

Mr. Chris Xunan Chen

Designation :

Director

Address :

5868, Marguerite ST, Vancouver BC, V6M3K8, Canada

Date of Appointment :

30.09.2011

DIN No.:

03552126

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	U33112GJ2006PTC048811	MIV THERAPEUTICS (INDIA) PRIVATE LIMITED	Director	30/09/2011	16/06/2011	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
MIV Therapeutics Inc.	1401159
Purple Medical Solutions Private Limited	6816658
Mr. Brian Lancelot	300
Total	8218117

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	17.04
Bodies corporate	82.96
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing and marketing of all kinds of endo / Cardio Vascular Equipments.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· Axis Bank Limited, Ground Floor, Axis House, Bombay Dyeing Mills Compound, P B Marg, Worli, Mumbai – 400 025, Maharashtra, India · The Shamrao Vithal Co-operative Bank Limited, Shop No 2 to 5, Wing A, Ground Floor, Vakratunda Palace, Off LBS Marg, Tank Road, Bhandup (West), Mumbai – 400 078, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Gor and Savla Chartered Accountants
Address :	Near MCC Collage, Mulund (West), Mumbai – 400 080, Maharashtra, India
PAN No.:	AASSG6350G
Holding Company :	· MIV Therapeutics Incorporation · Purple Medical Solutions Private Limited
Fellow Company :	MIV Technologies Incorporation

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8218117	Equity Shares	Rs.10/- each	Rs.82.181 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	82.181	82.181
(b) Reserves & Surplus	12.378	(29.176)
(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)	94.559	53.005
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.964	1.101
(c) Other current liabilities	5.233	11.500
(d) Short-term provisions	1.660	10.499
Total Current Liabilities (4)	7.857	23.100
TOTAL	102.416	76.105
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	33.226	38.210
(ii) Intangible Assets	0.549	0.936
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	11.575	11.276
(d) Long-term Loan and Advances	0.082	0.042
(e) Other Non-current assets	1.900	0.000
Total Non-Current Assets	47.332	50.464
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	14.325	16.390
(c) Trade receivables	39.714	1.722
(d) Cash and cash equivalents	0.085	5.024
(e) Short-term loans and advances	0.960	2.505
(f) Other current assets	0.000	0.000
Total Current Assets	55.084	25.641
TOTAL	102.416	76.105

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		82.181
2] Share Application Money		0.000
3] Reserves & Surplus		7.903
4] (Accumulated Losses)		0.000
NETWORTH		90.084
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		90.084
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		45.327
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.123
	Sundry Debtors	13.979
	Cash & Bank Balances	2.511
	Other Current Assets	0.000
	Loans & Advances	3.707
Total Current Assets		31.320
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	108.429
	Provisions	11.265
Total Current Liabilities		119.694
Net Current Assets		(88.374)
MISCELLANEOUS EXPENSES		133.131
TOTAL		90.084

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	100.081	87.395
		Other Income	3.869	0.490
		TOTAL (A)	103.950	87.885	75.193
Less	EXPENSES
		TOTAL (B)	71.533	2.966	70.037
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		32.417	84.919	5.156
Less	FINANCIAL EXPENSES (D)		0.000	0.100	0.882
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.417	84.819	4.274
Less	DEPRECIATION/ AMORTISATION (F)		0.000	8.654	10.494
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		32.417	76.165	(6.220)
Less	TAX (H)		(9.137)	(0.778)	0.061
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		41.554	76.943	(6.281)
	Earnings Per Share (Rs.)		5.06	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	39.97	87.55	(8.35)
Net Profit Margin (PBT/Sales)	(%)	32.39	87.15	NA
Return on Total Assets (PBT/Total Assets}	(%)	35.69	117.49	(8.12)
Return on Investment (ROI) (PBT/Networth)		0.34	1.44	0.07
Current Ratio (Current Asset/Current Liability)		7.01	1.11	0.26

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	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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10445914	20/09/2013 *	33,900,000.00	AXIS BANK LIMITED	GROUND FLOOR, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, P B MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B85588606

* Date of charge modification

FIXED ASSETS:

· Building

· Plant and Machinery

· Furniture

· Computers

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.62.20
UK Pound	1	Rs.103.11
Euro	1	Rs.84.96

INFORMATION DETAILS

Report Prepared by :

NKT

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	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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.