MIRA INFORM REPORT

Report Date :

01.10.2014

IDENTIFICATION DETAILS

Name :	AGOG PHARMA LIMITED
Registered Office :	Plot No.33, Sector-II, The Vasai Taluka Industrial Co-Operative Estate Limited, Gauripada, Vasai (East), Thane - 401208, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.12.1990
Com. Reg. No.:	11-059515
Capital Investment / Paid-up Capital :	Rs. 31.500 Millions
CIN No.: [Company Identification No.]	U24230MH1990PLC059515
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of chemist, druggists, importer and manufacturer of and dealers in pharmaceutical, medical compound, drugs and dealers of chemical, surgical and scientific apparatus and materials and processing of capsules, syrups, tablets, injectables, aerosols and ointments and also carries on the business of import, export and as dealers in all kinds of medicines, pharmaceuticals product drugs, scents and toilet requisites.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 268000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating reflects sound financial risk profile marked by improvement in performance of the company as compared to previous year and decent liquidity position of the company. Trade relations are reported to be fair. Business is active. Payments 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 – 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.

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 :	Ms. Valsala
Designation :	Accounts Manager
Contact No.:	91-250-2455801
Date :	01.10.2014

LOCATIONS

Registered Office/ Factory :	Plot No.33, Sector-II, The Vasai Taluka Industrial Co-Operative Estate Limited, Gauripada, Vasai (East), Thane - 401208, Maharashtra, India
Tel. No.:	91-95250-2455801 / 2452714 / 2453525
Fax No.:	91-250-2452074
E-Mail :	accounts@agogpharma.com agog@vsnl.net agoganil@rediffmail.com agogpharma@rediffmail.com
Website :	www.agogpharma.com

DIRECTORS

As on 28.09.2013

Name :

Mr. Aziz Abdulhamid Damani

Designation :

Managing Director

Address :

Plot No.41/42, Rashid Khamis Road, P. O Box No.23584, Kampala, Uganda-23584

Date of Birth/Age :

12.05.1939

Date of Appointment :

01.04.2010

DIN No.:

00326536

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	U24230MH1990PLC059515	AGOG PHARMA LIMITED	Managing director	01-04-2010	20-06-2005	Active	NO

Name :

Ms. Shenaz Aziz Damani

Designation :

Whole Time Director

Address :

Plot No.41/42, Rashid Khamis Road, P. O Box No.23584, Kampala, Uganda-23584

Date of Birth/Age :

07.08.1955

Date of Appointment :

01.04.2010

DIN No.:

00326523

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	U24230MH1990PLC059515	AGOG PHARMA LIMITED	Whole-time director	01-04-2010	02-06-2006	Active	NO

Name :

Mr. Anilkumar Anirudh Pandey

Designation :

Whole Time Director

Address :

603-B, Silver Presidency, Sector II, Charkop, Kandivali (West), Mumbai - 400067, Maharashtra, India

Date of Birth/Age :

29.08.1965

Date of Appointment :

28.03.2006

DIN No.:

00326828

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	U24230MH1990PLC059515	AGOG PHARMA LIMITED	Whole-time director	28-03-2006	30-09-2005	Active	NO
2	U51397MH2007PTC169185	MEDLIVE PHARMA PRIVATE LIMITED	Director	26-03-2007	26-03-2007	Active	NO

KEY EXECUTIVES

Name :	Ms. Valsala
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2013

Names of Shareholders	No. of Shares
Aziz Abdulhamid Damani	2500000
Shenaz Aziz Damani	499970
Anilkumar Anirudh Pandey	150010
Meera Anilkumar Pandey	5
Kamla Anirudh Pandey	10
Anamika Anilkumar Pandey	5
Total	3150000

As on 28.09.2013

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 :

Subject is engaged in the business of chemist, druggists, importer and manufacturer of and dealers in pharmaceutical, medical compound, drugs and dealers of chemical, surgical and scientific apparatus and materials and processing of capsules, syrups, tablets, injectables, aerosols and ointments and also carries on the business of import, export and as dealers in all kinds of medicines, pharmaceuticals product drugs, scents and toilet requisites.

Products :

Item Code No. (ITC Code)	Product Description
300490	Pharmaceutical Products

Exports :

Products :

· Tablets

· Liquid Orals

· Capsules

· Dry Syrup Formulation

Countries :

Uganda

Terms :

Selling :

Cash, Advance Payment, Cheque and Credit (30 Days and 60 Days)

Purchasing :

Cash, Advance Payment, Cheque and Credit (30 Days and 60 Days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

· Dr. Reddy’s Laboratories Limited

· Themis Medicare Limited

· Ferring Pharmaceutical Private Limited

· Strides Arcolab Limited

· Brihanmumbai Municipal Corporation

· Gittoes Pharmaceuticals Limited

· City Mega-Chem Limited

· Sungold Pharmaceutical

· Rock Chemists Limited

· Life Serve Private Limited

No. of Employees :

100 (Approximately)

Bankers :

State Bank of India, Industrial Finance Branch, S V Road, Malad (West), Mumbai - 400064, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan from Banks State Bank of India	4.124	9.924
SHORT TERM BORROWINGS
Loans Repayable on Demand from Banks State Bank of India (Primary Security: Hypothecation of entire stock of raw material, S.I.P, and Finished Goods, Book Debts and Other Current Assets Collateral Security: Extension of EM of Company’s Leasehold Land and Factory Premises at the registered office Rate of Interest: Floating)	6.468	23.904
Total	10.592	33.828

Banking Relations :	--
Auditors :
Name :	S K Shetty and Associates Chartered Accountant
Address :	D-101, Galaxy Heights, Goregaon Link Road, Opposite Bangur Nagar, Goregaon (West), Mumbai - 400104, Maharashtra, India
Tel. No.:	91-22-28799325
Fax No.:	91-22-28799326
E-Mail :	sksa123@yahoo.com sksa123@live.in
Income-tax PAN of auditor or auditor's firm :	AALFS5141D

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3150000	Equity Shares	Rs.10/- each	Rs. 31.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3150000	Equity Shares	Rs.10/- each	Rs. 31.500 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	31.500	31.500	31.500
(b) Reserves & Surplus	35.583	25.427	17.180
(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)	67.083	56.927	48.680
(3) Non-Current Liabilities
(a) long-term borrowings	18.017	23.817	11.529
(b) Deferred tax liabilities (Net)	1.907	2.138	1.302
(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)	19.924	25.955	12.831
(4) Current Liabilities
(a) Short term borrowings	6.468	23.904	28.297
(b) Trade payables	199.263	153.891	106.914
(c) Other current liabilities	26.781	19.679	12.709
(d) Short-term provisions	3.155	1.286	1.262
Total Current Liabilities (4)	235.667	198.760	149.182
TOTAL	322.674	281.642	210.693
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	57.836	64.041	43.055
(ii) Intangible Assets	0.102	0.060	0.066
(iii) Capital work-in-progress	0.000	0.000	22.197
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.050	0.050	0.050
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.604	0.609	0.368
(e) Other Non-current assets	0.052	0.052	0.052
Total Non-Current Assets	58.644	64.812	65.788
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.988	25.047	33.621
(c) Trade receivables	142.405	125.831	64.061
(d) Cash and cash equivalents	10.206	2.633	2.030
(e) Short-term loans and advances	85.961	56.829	34.611
(f) Other current assets	3.470	6.490	10.582
Total Current Assets	264.030	216.830	144.905
TOTAL	322.674	281.642	210.693

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	549.091	379.835	274.250
		Other Income	14.370	6.661	0.433
		TOTAL (A)	563.461	386.496	274.683
Less	EXPENSES
		Cost of Materials Consumed	440.179	291.331	231.200
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.610)	8.735	(11.401)
		Employees benefits expense	14.861	12.268	9.765
		Other expenses	81.173	47.666	29.007
		TOTAL (B)	534.603	360.000	258.571
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.858	26.496	16.112
Less	FINANCIAL EXPENSES (D)		5.678	6.330	2.047
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.180	20.166	14.065
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.964	8.166	5.035
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		15.216	12.000	9.030
Less	TAX (H)		5.061	3.753	2.944
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		10.155	8.247	6.086
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		346.021	248.404
		Freight Included In The Above Export		14.545	0.310
		Insurance charges included in above export		0.400	0.000
	TOTAL EARNINGS		535.887	360.966	248.714
	IMPORTS
		Raw Materials	NA	47.349	26.681
		Capital Goods	NA	0.737	0.000
	TOTAL IMPORTS		NA	48.086	26.681
	Earnings / (Loss) Per Share (Rs.)		3.22	2.62	1.93

Particulars	31.03.2014
Sales Turnover (Approximately)	580.000

Expected Sales (2014-2015): Rs. 600.000 Millions

The above information has been parted by Ms. Valsala (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.80	2.13	2.22
Net Profit Margin (PBT/Sales)	(%)	2.77	3.16	3.29
Return on Total Assets (PBT/Total Assets}	(%)	4.72	4.26	4.79
Return on Investment (ROI) (PBT/Networth)		0.23	0.21	0.19
Debt Equity Ratio (Total Debt/Networth)		0.36	0.84	0.82
Current Ratio (Current Asset/Current Liability)		1.12	1.09	0.97

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	31.500	31.500	31.500
Reserves & Surplus	17.180	25.427	35.583
Net worth	48.680	56.927	67.083
long-term borrowings	11.529	23.817	18.017
Short term borrowings	28.297	23.904	6.468
Total borrowings	39.826	47.721	24.485
Debt/Equity ratio	0.818	0.838	0.365

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	274.250	379.835	549.091
		38.500	44.560

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	274.250	379.835	549.091
Profit	6.086	8.247	10.155
	2.22%	2.17%	1.85%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10085418	14/02/2012 *	94,600,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, S.V. ROAD, MALAD WEST, MUMBAI, MAHARASHTRA - 400064, INDIA	B36620516
2	90186550	18/03/1998	6,000,000.00	THE BHARAT CO-OP. BANK LIMITED	ANDHERI EAST BRANCH; B - 28; MITTAL INDU. ESTATE, SANJAY BLDG. NO. 6; M. V. ROAD; MAROL; ANDHERI EAST, MUMBAI, MAHARASHTRA - 400059, INDIA	-
3	90186012	30/12/1993	1,000,000.00	DEVELOPMENT CO-OP BANK LIMITED	JOGESHWARI WEST, MUMBAI, MAHARASHTRA - 400103, INDIA	-
4	90189106	26/12/1992	2,800,000.00	DEVELOPMENT CO-OP BANK LIMITED	JOGESHWARI WEST, MUMBAI, MAHARASHTRA - 400103, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and Advances from related parties Aziz A. Damani	13.893	13.893
Total	13.893	13.893

CHANGE OF ADDRESS

The Registered office has been shifted from A-21, New Empire Industrial Estate, Kondivita Lane, J B Nagar, Andheri (East), Mumbai - 400059, Maharashtra, India to the present address w.e.f. 02.06.2006.

CORPORATE INFORMATION

Subject is a limited company registered under the Companies Act, 1956 it was incorporated on 22^nd day of June 1995, it is engaged to carryout the business of chemist, druggists, importers and manufacturers of and dealers in pharmaceutical, medical compound, drugs and dealers of chemical, surgical and scientific apparatus and materials and processing of capsules, syrups, tablets, injectables, aerosols and ointments. It also carries on the business of import, export and as dealers in all kinds of medicines, pharmaceuticals product drugs, scents and toilet requisites. The principal place of business is in Thane.

FIXED ASSETS

Tangible Assets

· Leasehold Land

· Computer

· Factory Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Electricity Installation

Intangible Assets

· Goodwill

· 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.61.61
UK Pound	1	Rs.100.28
Euro	1	Rs.78.21

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	SUM
Report Prepared by :	MRI

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.