MIRA INFORM REPORT

Report Date :

27.11.2014

IDENTIFICATION DETAILS

Name :	PULSE PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	4F 10, 5^th Floor, Ballad Estates, Taranaka, Secunderabad – 500017, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.01.1997
Com. Reg. No.:	01-026151
Capital Investment / Paid-up Capital :	Rs.46.492 Millions
CIN No.: [Company Identification No.]	U24239AP1997PTC026151
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 534000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company satisfactory track record. There seems some continuous dip in the profit of the company however, net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings. Tarde relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered normal for business dealings 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long-Term Rating BB+
Rating Explanation	Moderate risk of default.
Date	March 3^rd 2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Suresh
Designation :	Hon Director
Contact No.:	91-9346155755
Date :	26.11.2014

LOCATIONS

Registered Office :	4F 10, 5^th Floor, Ballad Estates, Taranaka, Secunderabad – 500017, Andhra Pradesh, India
Tel. No. :	91-40-27007049
Mobile No. :	91-9346155755 (Mr. Suresh)
Fax No. :	91-40-27014274
E-Mail :	ampulse_2004@yahoo.com suresh@pulespharma.net askus@pulsepharma.net
Website :	www.pulespharma.net
Factory :	Khasra No. 400, 407, 409, Karondi, Roorkee, - 247667, Uttarakhand, India
Tel. No. :	91-1332-232125
Fax No. :	91-1332-232126
R and D Centre :	Plot No. 28/1/11, B/C Road, No. 15, IDA, Nacharam, Hyderabad, Andhra Pradesh, India
Tel. No. :	91-40-27007049
Fax No. :	91-40-27014274

DIRECTORS

As on 30.09.2013

Name :

Pushpa Mittra Bhargava

Designation :

Director

Address :

12-5-27, Vijayapuri, Tarnaka, Hyderabad - 500017, Andhra Pradesh, India

Date of Birth/Age :

2.22.1928

Date of Appointment :

30.09.2013

DIN No. :

00057140

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	L24110TG1993PLC016112	AVON ORGANICS LTD	Director	31/01/03	31/01/03	01/08/09	Active	NO
2	U24232TG2007PTC052358	VRINDA LIFE SCIENCES PRIVATE LIMITED	Additional director	22/01/10	22/01/10	-	Active	NO
3	U73100TG2010PTC067765	EDB LIFE SCIENCES INDIA PRIVATE LIMITED	Director	31/03/10	31/03/10	-	Active	NO
4	U73200TG2004NPL043436	GENOME FOUNDATION	Director	01/08/12	01/08/12	-	Active	NO
5	U24239AP1997PTC026151	PULSE PHARMACEUTICALS PRIVATE LIMITED	Director	30/09/13	01/10/12	-	Active	NO

Name :

Venkat Ram Babu Katragadda

Designation :

Director

Address :

206, Divya Enclave, Vijayapuri, Taranaka, Secunderabad - 500017, Andhra Pradesh, India

Date of Birth/Age :

07.01.1965

Date of Appointment :

09.01.1997

DIN No. :

00300647

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	U24239AP1997PTC026151	PULSE PHARMACEUTICALS PRIVATE LIMITED	Director	09/01/97	09/01/97	-	Active	NO
2	U70102TG2008PLC061677	LORVEN INFRA PROJECTS (INDIA) LIMITED	Director	04/11/08	04/11/08	10/11/08	Active	NO
3	U24232TG2010PTC068144	ZENOVA BIO NUTRITION PRIVATE LIMITED	Managing director	27/05/10	28/04/10	-	Active	NO
4	U24233TG2010PTC071007	VIVO LIFE SCIENCES PRIVATE LIMITED	Managing director	24/02/11	28/10/10	-	Active	NO
5	U24232TG2011PTC074902	NANOCEUTICA LABORATORIES PRIVATE LIMITED	Director	09/06/11	09/06/11	-	Active	NO

Name :

Katragadda Radhika

Designation :

Director

Address :

H. No.12-5-34, Flat No.206, Divya Homes, Vijayapuri, Taranaka, Secunderabad - 500017, Andhra Pradesh, India

Date of Birth/Age :

23.08.1971

Date of Appointment :

09.01.2001

DIN No. :

00587365

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age
K. V. Raambabu	3246719	69.83
K. Suresh Babu	68750	1.48
K. Radhika	1265000	27.21
Ch. Srinivasa Rao	34375	0.74
K. V. Nagendra Babu	34375	0.74
Total	4649219	100.00

As on 11.11.2014

Names of Shareholders	No. of Shares
K. V. Raambabu	869657
K. Radhika	338839
K. Suresh Babu	18415
K. V. Nagendra Babu	9208
D. Gyan Prakash	9208
Total	1245327

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceutical Products.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	v Vietnam v Nigeria
Imports :	Not Available
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

500 (Approximately)

Bankers :

Banker Name 1	Axis Bank Limited
Branch Address	Tarnaka Branch, Secunderabad, Andhra Pradesh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

v State Bank of India, Nacharam I.A. Branch, Nacharam, Hyderabad - 500076,Andhra Pradesh, India

v Axis Bank Limited, Trishul, Opposite Samartheshwar Mahadev Temple, New Law Garden, Ellisbridge, Ahmedabad – 380009, Gujarat, India

v Punjab National Bank, Ram Nagar, Roopkee – 247667, Uttarakhand, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans	0.425	3.334
Corporate Loan	6.234	15.646
R and D Loan	17.175	22.443
Vehicle loan from State Bank of India	1.311	1.201
SHORT TERM BORROWINGS
Cash Credit from SBI – Nacharam	61.340	51.135
Total	86.485	93.759

Auditors :
Name :	Umesh and Krishna Chartered Accountants
Address :	205, 2^nd Floor, Lingapur House, Himayatnagar – 500029, Andhra Pradesh, India
PAN No. :	AAAFU4355N
Memberships :	--
Collaborators :	--
Associates / Subsidiaries :	v Zenova Bio Nutrition Private Limited v Vivo Life Science v Sai Pharma Distributor v Nanoceutica Laboratories Private Limited

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital : Rs. 65.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 62.266 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4649219	Equity Shares	Rs.10/- each	Rs.46.492 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	46.492	42.266	33.812
(b) Reserves & Surplus	87.141	62.393	62.563
(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)	133.633	104.659	96.375
(3) Non-Current Liabilities
(a) long-term borrowings	56.271	57.378	24.710
(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)	56.271	57.378	24.710
(4) Current Liabilities
(a) Short term borrowings	61.340	51.135	43.604
(b) Trade payables	40.234	33.724	29.821
(c) Other current liabilities	45.457	37.296	11.141
(d) Short-term provisions	8.059	8.487	10.744
Total Current Liabilities (4)	155.090	130.642	95.310
TOTAL	344.994	292.679	216.395
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	146.453	137.637	98.751
(ii) Intangible Assets	13.400	0.000	0.000
(iii) Capital work-in-progress	0.000	4.833	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	15.875	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.009	5.827	8.338
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	180.737	148.297	107.089
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	35.592	41.866	33.760
(c) Trade receivables	97.997	65.504	58.257
(d) Cash and cash equivalents	6.605	6.556	2.580
(e) Short-term loans and advances	24.063	30.456	14.709
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	164.257	144.382	109.306
TOTAL	344.994	292.679	216.395

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	480.375	423.701	369.441
		Other Income	0.460	0.283	0.207
		TOTAL	480.835	423.984	369.648
Less	EXPENSES
		Cost of Materials Consumed	135.870	121.288	105.055
		Purchases of Stock-in-Trade	55.774	44.292	28.741
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.606	(4.905)	2.010
		Employees benefits expense	93.892	80.844	56.188
		Other expenses	125.892	121.515	110.155
		TOTAL	413.034	363.034	302.149
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		67.801	60.950	67.499
Less	FINANCIAL EXPENSES		22.690	15.263	11.166
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		45.111	45.687	56.333
Less/ Add	DEPRECIATION/ AMORTISATION		8.076	5.338	4.819
	PROFIT/ (LOSS) BEFORE TAX		37.035	40.349	51.514
Less	TAX		8.060	8.487	10.633
	PROFIT/ (LOSS) AFTER TAX		28.975	31.862	40.881
	EARNING IN FOREIGN CURRENCY		12.863	5.106	1.312
	CIF VALUE OF IMPORTS		1.769	19.844	0.000
	Earnings / (Loss) Per Share (Rs.)		6.23	6.76	11.43

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	6.03	7.52	11.07
Operating Profit Margin (PBDIT/ Sales)	(%)	14.11	14.39	18.27
Return on Total Assets (PBT/Total Assets}	(%)	11.25	14.02	23.81
Return on Investment (ROI) (PBT/Networth)		0.28	0.39	0.53
Debt Equity Ratio (Total Debt/Networth)		0.88	1.04	0.71
Current Ratio (Current Asset/Current Liability)		1.06	1.11	1.15

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	33.812	42.266	46.492
Reserves & Surplus	62.563	62.393	87.141
Net worth	96.375	104.659	133.633
long-term borrowings	24.710	57.378	56.271
Short term borrowings	43.604	51.135	61.340
Total borrowings	68.314	108.513	117.611
Debt/Equity ratio	0.709	1.037	0.880

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)
Revenue from operations	369.441	423.701	480.375
		14.687	13.376

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	369.441	423.701	480.375
Profit	40.881	31.862	28.975
	11.07%	7.52%	6.03%

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	Yes
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	Yes

NOTE:

The registered address of the company has been shifted from 4F 9, 5^th Floor, Ballad Estates, Taranaka, Secunderabad – 500017, Andhra Pradesh, India to the present address w.e.f 26.02.2009

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans
From bank	8.927	4.241
From other financial institutions	15.683	5.040
Others
Deposits from C and F Agents	5.850	5.100
Deposits from Contracting Manufacture	0.548	0.255
Deposits from others	0.118	0.118
Total	31.126	14.754

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10177916	29/09/2011 *	125,100,000.00	STATE BANK OF INDIA	Nacharam I. A. Branch, Nacharam, Hyderabad, Andhra Pradesh - 500076, INDIA	B25494279

* Date of charge modification

FIXED ASSETS

œ Land

œ Factory Building

œ Plant and Machinery

œ Office Equipment

œ Computer Equipment

œ Furniture and Fixture

œ Motor Vehicles

œ R and D Equipment’s Factory

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.61.86
UK Pound	1	Rs.97.23
Euro	1	Rs.77.21

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.