MIRA INFORM REPORT

Report Date :

18.06.2014

IDENTIFICATION DETAILS

Name :	FRESENIUS KABI INDIA PRIVATE LIMITED
Registered Office :	A-3, MIDC, Ranjangaon Ganpati, Taluka Shirur, Ranjangaon, District Pune - 412220, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.02.1995
Com. Reg. No.:	25-014017
Capital Investment / Paid-up Capital :	Rs. 636.286 Millions
CIN No.: [Company Identification No.]	U24231PN1995PTC014017
TAN No.: [Tax Deduction & Collection Account No.]	PNEF00178D
PAN No.: [Permanent Account No.]	AAACF2614E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Distributor of Pharmaceutical Products and Medical Devices.
No. of Employees :	1100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B(28)

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

Maximum Credit Limit :	USD 3200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2013. However, trade relation are reported to be fair. Business is active. Payment terms are reported to be slow but correct The company can be considered for business dealing 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. Rencir Shah
Designation :	Manager
Contact No.:	91-22-26171047
Date :	06.06.2014

LOCATIONS

Registered Office/ Factory:	A-3, MIDC, Ranjangaon Ganpati, Taluka Shirur, Ranjangaon, District Pune - 412220, Maharashtra, India
Tel. No.:	91-22-26171047
Mobile No.:	91-
Fax No.:	91-20-26634710
E-Mail :	amol.kulkarni@fresenius-kabi.com rencirshah@freseniuskabi.com
Website :	www.fresenius-kabi.co.in

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Abhay Gajanan Joshi

Designation :

Whole-time director

Address :

Flat No. 403, A Wing, Om Avishkar Housing Society, Sneh Paradise, Paud Road, Pune – 411038, Maharashtra, India

Date of Birth/Age :

10.06.1956

Date of Appointment :

01.08.2012

DIN No.:

00027226

Name :

Mr. Satish Bapusaheb Kulkarni

Designation :

Director

Address :

308, Espace Nirvana Country, Sector 50, Gurgaon - 122003, Haryana, India

Date of Birth/Age :

03.12.1965

Date of Appointment :

01.08.2012

DIN No.:

00309263

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	U24231PN1995PTC014017	FRESENIUS KABI INDIA PRIVATE LIMITED	Director	01-08-2012	01-04-2003	-	Active	NO
2	L24231DL2003PLC119441	Fresenius Kabi Oncology Limited	Alternate director	13-02-2013	11-08-2008	13-02-2013	Active	NO
3	U24305HR2007PTC040846	FENWAL INDIA PRIVATE LIMITED	Additional director	14-12-2012	14-12-2012	31-03-2013	Active	NO

Name :

Mr. Sanjay Kumar Gupta

Designation :

Whole-time director

Address :

202, Auriga, Zicron Apartment, Viman Nagar, Pune – 411014, Maharashtra, India

Date of Birth/Age :

21.05.1964

Qualification :

B.Sc., FCA, CPA, CIA

Experience :

24 Years

Date of Appointment :

10.07.2009

PAN No.:

AAHPG4706C

DIN No.:

02295921

Name :

Mr. Juergen Wolfgang Lauterbach

Designation :

Director

Address :

Flat B 12 F, Tower 3, 68, Bel Air Peak Avenue, Belair On Peak Wahfu, Hong Kong

Date of Birth/Age :

15.01.1969

Date of Appointment :

06.10.2010

DIN No.:

03277553

Name :

Mr. Christoph Wilhelm Funke

Designation :

Director

Address :

Buchenstrasse 8 Emmeln Haren EMS Germany 49733

Date of Birth/Age :

06.03.1968

Date of Appointment :

23.04.2012

DIN No.:

05258462

Name :

Mr. Subrroto Banerjee

Designation :

Managing director

Address :

Row House, 49 Konark Pooram, Kondhwa KD, Pune – 411048, Maharashtra, India

Date of Birth/Age :

11.11.1958

Date of Appointment :

01.08.2012

DIN No.:

05345071

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	U24231PN1995PTC014017	FRESENIUS KABI INDIA PRIVATE LIMITED	Managing director	01-08-2012	01-08-2012	-	Active	NO
2	U24305HR2007PTC040846	FENWAL INDIA PRIVATE LIMITED	Managing director	08-01-2013	14-12-2012	31-03-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Amol Laxman Kulkarni
Designation :	Company Secretary
Address :	Flat No. D9, Sakhai Plaza, S.No.87/15B, Pune – 411038, Maharashtra, India
Date of Birth/Age :	06.10.1979
Date of Appointment :	26.08.2009
PAN No.:	AQCPK8468Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Fresenius Kabi AG, Germany	59128620
Fresenius Kabi Deutschland GmbH, Germany	4500010
Total	63628630

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Distributor of Pharmaceutical Products and Medical Devices

Products/ Services :

ITC Code No.	Product Descriptions
30032000	Large Volume Intravenous Fluid

Export:

Africa

Imports :

Products :

Finish Goods

Countries :

African Countries

GENERAL INFORMATION

No. of Employees :

1100 (Approximately)

Bankers :

• ABN AMRO BANK, N.V.327, M. G. Road, Pune Camp, Pune-411001, Maharashtra, India
• State Bank of India, Industrial Finance Branch, Wakdewadi, Pune-411003, Maharashtra, India
• Deutsche Bank, Hazarimal Somani Marg, Fort,Mumbai-400001, Maharashta, India

Facilities :

SECURED LOANS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Term loan from bank	8.135	8.950
Total	8.135	8.950

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-30585764/ 30585765
Fax No.:	91-20-30585775
Income-tax PAN of auditor or auditor's firm :	AAAFB9852F
Holding company :	Fresenius Kabi AG
Fellow Subsidiary company :	· Fresenius Kabi Austria Gmbh · Fresenius Kabi Medical Care · Fresenius Kabi (Singapore) Limited · Sino Swed Pharmaceutical Corp. · Fresenius Kabi Korea Limited · Fresenius Kabi Asia Pacific · Fresenius Kabi Deutschland GmBH · Fresenius Kabi Singapore PTE Limited · Fresenius Kabi Thailand Limited · Fresenius Medical Care India Private Limited [U24231DL2006FTC147436] · Fresenius Kabi Oncology Limited [L24231DL2003PLC119441] · Fresenius Netcare GmbH · Fresenius Kabi AB Sweden

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000,000	Equity Shares	Rs. 10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
63,628,630	Equity Shares	Rs. 10/- each	Rs.636.286 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	636.286	636.286	636.286
(b) Reserves & Surplus	(162.528)	30.132	107.821
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	350.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	823.758	666.418	744.107
(3) Non-Current Liabilities
(a) long-term borrowings	463.304	109.602	107.417
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	6.300	6.300	6.550
(d) long-term provisions	49.873	51.476	20.537
Total Non-current Liabilities (3)	519.477	167.378	134.504
(4) Current Liabilities
(a) Short term borrowings	276.978	299.834	227.604
(b) Trade payables	679.598	684.016	284.212
(c) Other current liabilities	186.696	76.077	123.628
(d) Short-term provisions	3.926	18.826	158.448
Total Current Liabilities (4)	1147.198	1078.753	793.892
TOTAL	2490.433	1912.549	1672.503
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	641.807	641.798	517.002
(ii) Intangible Assets	8.068	4.436	5.267
(iii) Capital work-in-progress	52.341	0.000	15.953
(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	275.107	61.062	35.312
(e) Other Non-current assets	14.564	8.456	7.267
Total Non-Current Assets	991.887	715.752	580.801
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	780.706	641.269	400.453
(c) Trade receivables	608.056	461.766	286.144
(d) Cash and cash equivalents	27.945	15.513	26.861
(e) Short-term loans and advances	81.839	78.249	378.244
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1498.546	1196.797	1091.702
TOTAL	2490.433	1912.549	1672.503

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
	Income		NA	NA	NA
	Other Income		NA	NA	NA
		TOTAL (A)	3430.427	2691.107	1896.972
Less	EXPENSES		3486.646	2697.818	1840.893
		TOTAL (B)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(56.219)	(6.711)	56.079
Less	FINANCIAL EXPENSES (D)		36.324	23.698	21.787
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(92.543)	(30.409)	34.292
Less/ Add	DEPRECIATION/ AMORTISATION (F)		100.118	47.280	67.803
	PROFIT BEFORE TAX (E-F) (G)		(192.661)	(77.689)	(33.511)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		(192.661)	(77.689)	(33.511)
	EARNINGS IN FOREIGN CURRENCY
		Fob value of Export	0.000	382.352	351.940
		Other Earnings	0.000	64.642	0.000
	TOTAL EARNINGS		0.000	351.940	446.994
	IMPORTS
		Raw Materials	0.000	188.527	136.884
		Trade Goods	0.000	656.629	585.070
	TOTAL IMPORTS		0.000	845.156	721.954
	Earnings Per Share (Rs.)		(3.03)	(1.22)	(0.53)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(5.62)	(2.89)	(1.77)
Return on Total Assets (PBT/Total Assets}	(%)	(7.74)	(4.06)	(2.02)
Return on Investment (ROI) (PBT/Networth)		(0.23)	(0.12)	(0.05)
Debt Equity Ratio (Total Debt/Networth)		0.90	0.61	0.45
Current Ratio (Current Asset/Current Liability)		1.31	1.11	1.38

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	636.286	636.286	636.286
Reserves & Surplus	107.821	30.132	-162.528
Net worth	744.107	666.418	473.758
long-term borrowings	107.417	109.602	463.304
Short term borrowings	227.604	299.834	276.978
Total borrowings	335.021	409.436	740.282
Debt/Equity ratio	0.450	0.614	1.563

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	1896.972	2691.107	3430.427
		41.863	27.473

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	1896.972	2691.107	3430.427
Profit	(33.511)	(77.689)	(192.661)
	(1.77%)	(2.89%)	(5.62%)

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 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)	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	No

LITIGATION DETAILS
Bench:- Bombay
Lodging No. :	SL/937/2012	Failing Date:-	09.04.2012	Reg. No.:-	Reg. Date:-
Petitioner:-	ROYAL SUNDARAM ALLIANCE AINSURANCE		Respondent:-	FRESENIUS KABI PRAIVATE LIMITED
Petn.Adv:-	A.S VIDYARTHI (0)		Resp. Adv.:
District:-	MUMBAI
Bench:-	SINGLE		Category:-	CIVIL SUITS
Status:-	TRANSFERRED		Stage:-	TRANSFERRED TO CITYCIVIL COURT, BOMBAY
Last Date:-	01.02.2013
Last Coram:-
Act. :	CODE OF CIVIL PROCEDURE			Under Section 1908

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90086897	26/07/2004	17,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, WAKDEWADI, PUNE - 411003, MAHARASHTRA, INDIA	-
2	80062948	09/05/1997	27,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, WAKDEWADI, PUNE - 411003, MAHARASHTRA, INDIA	-

UNSECURED LOANS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Deferred sales tax loan	22.841	27.594
Loans and advances from others	440.463	82.008
SHORT TERM BORROWINGS
Working Borrowing loans from banks	210.479	253.592
Loans repayable on demand	58.364	37.292
Total	732.147	400.486

FIXED ASSETS:

· Land

· Buildings

· Other building

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Other equipments

· Leasehold improvements

· 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. 59.20
UK Pound	1	Rs. 99.52
Euro	1	Rs. 80.83

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	JAG

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.