MIRA INFORM REPORT

Report Date :

13.05.2014

IDENTIFICATION DETAILS

Name :	PVS LABORATORIES LIMITED
Registered Office :	D. No. 40-9-59, Kohinoor Apartment, G-Floor, Kalanagar, Benz Circle, Vijaywada-520010, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.06.1997
Com. Reg. No.:	01-027392
Capital Investment / Paid-up Capital :	Rs.8.400 Millions
CIN No.: [Company Identification No.]	U85195AP1997PLC027392
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Poultry, Veterinary and Aqua Healthcare Products.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 292900
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relation are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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 DECLINED

Management non co-operative [91-866-2483927 / 6668855]

LOCATIONS

Registered / Corporate Office / Factory 1 :	D. No. 40-9-59, Kohinoor Apartment, G-Floor, Kalanagar, Benz Circle, Vijaywada-520010, Andhra Pradesh, India
Tel. No.:	91-866-2483927/6668855
Fax No.:	91-866-2470127
E-Mail :	pvslabs@yahoo.com
Factory 2 :	Phase III, Telephone Exchange, Jawahar Auto Nagar, Vijayawada-520007, Andhra Pradesh, India

DIRECTORS

AS ON 30.09.2013

Name :

Pamulapati Venkata Seshaiah

Designation :

Managing Director

Date of Appointment :

20.06.1997

Din No.:

01132067

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	U85195AP1997PLC027392	PVS LABORATORIES LIMITED	Managing director	20-06-1997	20-06-1997	Active	NO
2	U24100AP2009PLC066011	INTERNATIONAL HEALTHCARE LIMITED	Managing director	01-07-2013	27-11-2009	Active	NO
3	U24232AP2012PTC083803	VIET FEEDS (INDIA) PRIVATE LIMITED	Managing director	01-07-2013	23-10-2012	Active	NO
4	U01400AP2013PTC091064	KAROLY BIOTECH PRIVATE LIMITED	Director	19-11-2013	19-11-2013	Active	NO
5	U21014AP2013PTC091069	SRI PADA PACKAGINGS PRIVATE LIMITED	Director	19-11-2013	19-11-2013	Active	NO

Name :

Vijayalakshmi Pamulapati

Designation :

Director

Date of Appointment :

20.06.1997

Din No.:

01641814

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	U85195AP1997PLC027392	PVS LABORATORIES LIMITED	Director	20-06-1997	20-06-1997	Active	NO
2	U24100AP2009PLC066011	INTERNATIONAL HEALTHCARE LIMITED	Director	27-11-2009	27-11-2009	Active	NO
3	U24232AP2012PTC083803	VIET FEEDS (INDIA) PRIVATE LIMITED	Director	23-10-2012	23-10-2012	Active	NO
4	U21014AP2013PTC091069	SRI PADA PACKAGINGS PRIVATE LIMITED	Director	19-11-2013	19-11-2013	Active	NO

Name :

Mandadi Kondaswamy

Designation :

Director

Date of Appointment :

20.06.1997

Din No.:

02447808

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	U85195AP1997PLC027392	PVS LABORATORIES LIMITED	Director	20-06-1997	20-06-1997	Active	NO
2	U24100AP2009PLC066011	INTERNATIONAL HEALTHCARE LIMITED	Director	27-11-2009	27-11-2009	Active	NO

Name :

Pamulapati Arun

Designation :

Director

Address :

60-28-4, 1^st Floor, Sai Sadan, Gayatri Ngar, Vijayawada-520008, Andhra Pradesh, India

Date of Birth/Age :

21.04.1995

Date of Appointment :

01.06.2013

Din No.:

06616419

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	U24100AP2009PLC066011	INTERNATIONAL HEALTHCARE LIMITED	Director	01-06-2013	01-06-2013	Active	NO
2	U85195AP1997PLC027392	PVS LABORATORIES LIMITED	Director	01-06-2013	01-06-2013	Active	NO
3	U01400AP2013PTC091064	KAROLY BIOTECH PRIVATE LIMITED	Director	19-11-2013	19-11-2013	Active	NO

Name :

Pamulapati Anusha

Designation :

Director

Date of Appointment :

23.08.2012

Din No.:

06362602

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	U24100AP2009PLC066011	INTERNATIONAL HEALTHCARE LIMITED	Director	23-08-2012	23-08-2012	Active	NO
2	U85195AP1997PLC027392	PVS LABORATORIES LIMITED	Director	23-08-2012	23-08-2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Pamulapati Venkata Seshaiah	425000
Vijayalakshmi Pamulapati	325000
Mandadi Kondaswamy	50000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Poultry, Veterinary and Aqua Healthcare Products.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

Indian Overseas Bank, Ring Road Branch, Vijayawada, Andhra Pradesh, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term Loans
From Banks
IOB – Housing Loan	2.463	3.310
IOB – Term Loan	1.099	1.792
IOB – CC2349	22.293	39.501
Sundaram Finance Limited Tata Safari	0.000	0.167
TOTAL	25.855	44.770

Banking Relations :	--
Statutory Auditors :
Name :	Nagesh and Company Chartered Accountants
Address :	Flat No. 301, 3^rd Floor, Venkat Meadows, R R Gardens, Patamata, Vijayawada, Andhra Pradesh, India
Other Related Parties :	· Indo American Technologies · International Biologicals · International Healthcare · Micro Care Formulations · P.V.S. Animal Health · American Pharma International · German Biotech · International Healthcare Limited · PVS Laboratories Limited · Vet Life Pharmaceuticals · ALLCARE Pharmaceuticals · First Choise Pharmaceuticals · Vetmax Formulations · Viet Feeds India Private Limited · PVS Agrovet

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
840000	Equity Shares	Rs.10/- each	Rs.8.400 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	8.400	8.400	8.400
(b) Reserves & Surplus	13.609	9.905	7.128
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	51.240	41.937	12.489
Total Shareholders’ Funds (1) + (2)	73.249	60.242	28.017
(3) Non-Current Liabilities
(a) long-term borrowings	38.374	44.770	36.418
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	38.374	44.770	36.418
(4) Current Liabilities
(a) Short term borrowings	0.003	0.005	0.000
(b) Trade payables	61.760	17.978	7.730
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.875	0.864	0.127
Total Current Liabilities (4)	62.638	18.847	7.857
TOTAL	174.261	123.859	72.292
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.105	11.378	11.742
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.105	11.378	11.742
(2) Current assets
(a) Current investments	0.948	0.942	0.121
(b) Inventories	7.784	6.872	11.045
(c) Trade receivables	149.966	101.871	49.094
(d) Cash and cash equivalents	0.621	0.293	0.031
(e) Short-term loans and advances	1.565	1.757	0.122
(f) Other current assets	1.272	0.746	0.137
Total Current Assets	162.156	112.481	60.550
TOTAL	174.261	123.859	72.292

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue From Operations	213.039	144.537	108.185
	Other Income	0.000	0.000	0.000
	TOTAL (A)	213.039	144.537	108.185
Less	EXPENSES
	Cost of Materials Consumed	159.988	96.859	83.601
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.912)	4.174	(7.120)
	Employees benefits expense	0.524	0.542	0.318
	Other expenses	43.124	35.082	25.389
	TOTAL (B)	202.724	136.657	102.188
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	10.315	7.880	5.997
Less	FINANCIAL EXPENSES (D)	4.807	3.324	1.273
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	5.508	4.556	4.724
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.804	1.779	1.802
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3.704	2.777	2.922
Less	TAX (H)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	3.704	2.777	2.922
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	18.673	12.924	17.806
	TOTAL EARNINGS	18.673	12.924	17.806
	Earnings / (Loss) Per Share (Rs.)	4.41	3.31	3.47

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.74	1.92	2.70
Net Profit Margin (PBT/Sales)	(%)	1.74	1.92	2.70
Return on Total Assets (PBT/Total Assets}	(%)	2.13	2.24	4.04
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.10
Debt Equity Ratio (Total Debt/Networth)		0.52	0.74	1.30
Current Ratio (Current Asset/Current Liability)		2.59	5.97	7.71

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	8.400	8.400	8.400
Reserves & Surplus	7.128	9.905	13.609
Net worth	15.528	18.305	22.009
long-term borrowings	36.418	44.770	38.374
Short term borrowings	0.000	0.005	0.003
Total borrowings	36.418	44.775	38.377
Debt/Equity ratio	2.345	2.446	1.744

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	108.185	144.537	213.039
		33.602	47.394

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	108.185	144.537	213.039
Profit	2.922	2.777	3.704
	2.70%	1.92%	1.74%

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	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10433014	15/05/2013	15,000,000.00	INDIAN OVERSEAS BANK	RING ROAD BRANCH, BENZ CIRCLE, VIJAYAWADA, ANDHRA PRADESH - 520010, INDIA	B77949196
2	10432861	26/04/2013	9,500,000.00	INDIAN OVERSEAS BANK	RING ROAD BRANCH, BENZ CIRCLE, VIJAYAWADA, ANDHRA PRADESH - 520010, INDIA	B77867679
3	10125272	18/08/2008	5,800,000.00	INDIAN OVERSEAS BANK	RING ROAD BRANCH, BENZ CIRCLE, VIJAYAWADA, ANDHRA PRADESH - 520010, INDIA	A47091988
4	10101144	13/02/2008	13,500,000.00	INDIAN OVERSEAS BANK	RING ROAD BRANCH, BENZ CIRCLE, VIJAYAWADA, ANDHRA PRADESH - 520010, INDIA	A37824240
5	10058379	26/04/2013 *	43,516,000.00	INDIAN OVERSEAS BANK	RING ROAD BRANCH, BENZ CIRCLE, VIJAYAWADA, ANDHRA PRADESH - 520010, INDIA	B74734377

* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
From Other Parties
Indian Infoline Finance Limited	12.519	0.000
Short Term Borrowings
Loans and Advances From Related Parties	0.003	0.005
TOTAL	12.522	0.005

OPERATIONS:

The company's sales including third parties exports have been Rs 211.604 Millions for the year 2013-14 as against Rs.143.480 Millions for the year 2012-13. The company has been making efforts to expand its export market. Export bills are raised in U.S dollars. The scarcity of good quality raw material continues with stiff international competitive market

FIXED ASSETS:

· Factory Building

· Office Building

· Plant and Machinery

· Furniture

· Vehicles

· Computer

· Air Conditioner

· Generator

· Office Equipments

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.59.73
UK Pound	1	Rs.100.82
Euro	1	Rs.82.22

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		48

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.