MIRA INFORM REPORT

Report Date :

03.06.2014

IDENTIFICATION DETAILS

Name :	PERRIGO API INDIA PRIVATE LIMITED (w.e.f. 29.10.2009)
Formerly Known As :	VEDANTS DRUGS AND FINE CHEMICALS PRIVATE LIMITED
Registered Office :	Plot No.N-39/N-39-1, Anand Nagar MIDC, Additional Ambernath, Ambernath (East), Thane - 421506, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.01.2003
Com. Reg. No.:	11-138910
Capital Investment / Paid-up Capital :	Rs.334.538 Millions
CIN No.: [Company Identification No.]	U24290MH2003PTC138910
PAN No.: [Permanent Account No.]	AABCV6155D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of pharmaceutical medicines, bulk drugs.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 980000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred huge accumulated loss during financial year 2013. Profitability of the company is under pressure. However, trade relations are fair. Business is active. Payment terms are slow. 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 PARTED BY

Name :	Mr. Rajesh
Designation :	Finance Controller
Date :	30.05.2014

LOCATIONS

Registered Office / Factory :	Plot No.N-39/N-39-1, Anand Nagar MIDC, Additional Ambernath, Ambernath (East), Thane - 421506, Maharashtra
Tel. No.:	91-251-3983449
Fax No.:	Not Available
E-Mail :	info@vedants.com bhavin.ashar@perrigo.com
Website :	www.vedants.com http://www.perrigo.com
Marketing Office - UK	29, Harley Street, London W 1 G 9QR, United Kingdom
Tel. No.:	44-207-0162192
Fax No.:	44-207-6370419

DIRECTORS

AS ON 23.09.2013

Name :

Mr. Piyush Madhusudan Maheshwari

Designation :

Director

Address :

A903/904, Shikharkunj, Upper Govind Nagar, Malad (East), Mumbai-400097, Maharashtra, India

Date of Birth/Age :

29.01.1970

Date of Appointment :

06.08.2009

Pan No.:

AAHPM0944N

Date of cessation :

23.12.2013

DIN No.:

00281672

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	U24100MH1993PTC073203	VEDANT DYESTUFFS INTERMEDIATES PRIVATE LIMITED	Managing director	29/07/1993	29/07/1993	-	Active	NO
2	U74999MH2003PTC138529	AQUATRIUS BIOVENTURES PRIVATE LIMITED	Director	03/01/2003	03/01/2003	-	Strike off	NO
3	U24290MH2003PTC138910	PERRIGO API INDIA PRIVATE LIMITED	Director	06/08/2009	29/01/2003	23/12/2013	Active	NO
4	U24230MH2005PTC156985	AZATRIUS PHARMACEUTICALS PRIVATE LIMITED	Director	18/10/2005	18/10/2005	-	Active	NO
5	U74900MH2008PTC179338	VEDANTS BUSINESS CORPORATION PRIVATE LIMITED	Director	22/02/2008	22/02/2008	-	Converted to LLP and dissolved	NO
6	U15549RJ2009PTC028983	PIONEER NON FRIED FOODS PRIVATE LIMITED	Director	27/05/2009	27/05/2009	20/06/2012	Active	NO
7	U74900MH2010PTC198636	VEDANT COLOURS PRIVATE LIMITED	Director	07/01/2010	07/01/2010	-	Active	NO
8	AAC-1918	VEDANTS BUSINESS CORPORATION LLP	Designated Partner	20/03/2014	20/03/2014	-	Active	NO

Name :

Mr. Yoav Grinberg

Designation :

Director

Address :

Weitzman 251, Ra’anana, Israel

Date of Birth/Age :

19.05.1963

Date of Appointment :

23.09.2013

DIN No.:

06650433

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	U24290MH2003PTC138910	PERRIGO API INDIA PRIVATE LIMITED	Director	23/09/2013	26/08/2013	-	Active	NO
2	U17110MH1979PTC021185	CHEMAGIS INDIA PRIVATE LIMITED	Additional director	28/08/2013	28/08/2013	-	Active	NO

Name :

Mr. Shireesh Bhalchandra Ambhaikar

Designation :

Director

Address :

32, Meera Madhura CHS, Plot 87, A. Patwardhan Off s Bungalows, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

14.04.1965

Date of Appointment :

21.08.2012

DIN No.:

05168069

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	U24290MH2003PTC138910	PERRIGO API INDIA PRIVATE LIMITED	Director	21/08/2012	27/02/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh
Designation :	Finance Controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.09.2013

Names of Shareholders	No. of Shares
Piyush Maheshwari	1221177
Kusum Maheshwari	1253314
Poonam Maheshwari	1221177
Piyush Maheshwari (HUF)	25709
Vedant Dyestuffs and Intermediates Private Limited, India	107636
Vedant Wealth Management Private Limited, India	462500
Perrigo Netherlands BV, USA	28435729
Madhusudhan Maheshwari	726541
Total	33453783

Date of Allottees 24.12.2013

Names of Allottees	No. of Shares
Perrigo Netherlands BV, USA	8171308
Perrigo Israel Holdings II BV, Netherlands	1441995
Total	9613303

Equity Share Break up (Percentage of Total Equity)

AS ON 23.09.2013

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	85.00
Bodies corporate	1.70
Directors or relatives of Directors	13.30
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of pharmaceutical medicines, bulk drugs.

Products :

Ammonium Lactate

Item Code No. (ITC Code)	Product Description
29337900	Cilostazole
30043094	Omeprazole

GENERAL INFORMATION

No. of Employees :	150 (Approximately)
Bankers :	Bank of India, Andheri Corporate Banking Branch, M .D .I Building, 28, S.V. Road, Andheri (West), Mumbai - 400058, Maharashtra, India Hongkong and Shanghai Banking Corporation Limited, Fort, Mumbai, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	S. R. Batlibai and Company Chartered Accountants
Name :	S. V. Ghatalia and Associates Chartered Accountants
Address :	14^Th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai 4000028, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFS6921Q
Holding Company:	Perrigo Netherlands BV, Netherlands
Ultimate Holding Company:	Perrigo Company USA, United States
Fellow Subsidiaries:	Chemagis Limited, Israel Perrigo UK Finco Limited, United Kingdom Perrigo Laboratories India Private Limited [U24230MH2005PTC240217]
Enterprises owned or significantly influenced by key management personnel (Mr. Piyush Maheshwari) or their relatives:	Vedant Dyestuffs Intermediates Private Limited, India (Formerly known as Vedant Dyestuffs and Intermediates Private Limited) CIN: U24100MH1993PTC073203 Vedants Wealth Management Private Limited, India CIN: U65993MH2008PTC179338

CAPITAL STRUCTURE

AS ON 23.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
48000000	Equity Shares	Rs.10/- Each	Rs.480.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
43067086	Equity Shares	Rs.10/- Each	Rs.430.671 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
48000000	Equity Shares	Rs.10/- Each	Rs.480.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33453783	Equity Shares	Rs.10/- Each	Rs.334.538 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	334.538	334.538	130.125
(b) Reserves & Surplus	(89.806)	207.813	205.302
(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)	244.732	542.351	335.427
(3) Non-Current Liabilities
(a) long-term borrowings	2,064.130	1,074.149	327.571
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.750	0.078	0.125
Total Non-current Liabilities (3)	2,064.880	1,074.227	327.696
(4) Current Liabilities
(a) Short term borrowings	245.000	0.000	0.000
(b) Trade payables	30.751	19.521	38.388
(c) Other current liabilities	225.730	53.487	97.100
(d) Short-term provisions	4.688	2.599	0.000
Total Current Liabilities (4)	506.169	75.607	135.488
TOTAL	2,815.781	1,692.185	798.611
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	529.009	265.298	227.728
(ii) Intangible Assets	1.412	3.478	3.856
(iii) Capital work-in-progress	1,499.418	800.563	319.021
(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	192.580	189.616	34.213
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2,222.419	1,258.955	584.818
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	20.797	33.167	17.297
(c) Trade receivables	2.056	0.000	0.000
(d) Cash and cash equivalents	562.014	392.548	195.341
(e) Short-term loans and advances	8.466	7.286	0.580
(f) Other current assets	0.029	0.229	0.575
Total Current Assets	593.362	433.230	213.793
TOTAL	2,815.781	1,692.185	798.611

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	48.337	5.174	2.404
	Other Income
	TOTAL	48.337	5.174	2.404
Less	EXPENSES	277.203	178.271
	Cost of Materials Consumed
	Purchases of Stock-in-Trade
	Employees benefits expense
	Other expenses
	TOTAL	277.203	178.271	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(228.866)	(173.097)
Less/ Add	DEPRECIATION/ AMORTISATION / FINANCIAL EXPENSES	68.753	28.805
	PROFIT/ (LOSS) BEFORE TAX	(297.619)	(201.902)	NA
Less	TAX	0.000	0.000	NA
	PROFIT/ (LOSS) AFTER TAX	(297.619)	(201.902)	(95.515)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(314.935)	(113.033)	(17.518)
	Balance Carried to the B/S	(612.554)	(314.935)	(113.033)
	IMPORTS
	Raw materials (including operational supplies)	NA	21.105	16.699
	Packing Material		0.035	0.000
	Capital Goods		80.373	37.082
	TOTAL IMPORTS	NA	101.513	53.781
	Earnings / (Loss) Per Share (Rs.)	(8.90)	(8.69)	(7.34)

Particulars	31.03.2014
	40.000
Sales Turnover (Approximately)

The above information has been parted by Mr. Rajesh (Finance Controller).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(615.72)	(3902.24)	(3973.17)
Net Profit Margin (PBT/Sales)	(%)	(615.72)	(3902.24)	(3973.17)
Return on Total Assets (PBT/Total Assets}	(%)	(22.61)	(22.64)	(19.92)
Return on Investment (ROI) (PBT/Networth)		(1.216)	(0.372)	(0.285)
Debt Equity Ratio (Total Debt /Networth)		253.43	1.98	0.97
Current Ratio (Current Asset/Current Liability)		1.17	5.73	1.58

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	130.125	334.538	334.538
Reserves & Surplus	205.302	207.813	(89.806)
Net worth	335.427	542.351	244.732
long-term borrowings	327.571	1,074.149	2,064.130
Short term borrowings	0.000	0.000	245.000
Total borrowings	327.571	1,074.149	2,309.130
Debt/Equity ratio	0.977	1.981	9.435

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	2.404	5.174	48.337
		115.225	834.229

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	2.404	5.174	48.337
Profit After Tax	(95.515)	(201.902)	(297.619)
	(3973.17%)	(3902.24%)	(615.72%)

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

• No Charges Exist for Company.
• The registered office of the company has been shifted from 301/306, Neelkanth Commercial Centre, 122-123, Sahar Road, Andheri (East), Mumbai – 400099, Maharashtra, India to the present address w.e.f. 05.01.2011.

UNSECURED LOAN

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks [The rate of interest for the above borrowing is 11.50% for a period of five years. The loan is repayable from 2016 years in two yearly installments.]	272.600	235.000
Other external commercial borrowings [The rate of interest for the above borrowing is 350 basis points p.a. + Libor half yearly. The loan is repayable from 2016 in 4 yearly installments.]	1791.530	715.310
Other loans and advances	0.000	123.839
SHORT TERM BORROWINGS
Rupee term loans from banks [The rate of Interest for the above borrowing is 11.50%. The period of the loan is 180 days after which the loan is payable or renewable.]	245.000	0.000
Total	2309.130	1074.149

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Factory building
• Other building
• Furniture and fixtures
• Office equipment
• Computer equipments
• Other equipments

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.59.14
UK Pound	1	Rs.99.02
Euro	1	Rs.80.63

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	44
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	---
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		26

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.