MIRA INFORM REPORT

Report No. :	317548
Report Date :	17.04.2015

IDENTIFICATION DETAILS

Name :	SHREYA LIFE SCIENCES PRIVATE LIMITED (w.e.f.31.05.2004)
Formerly Known As :	SHREYA LIFE SCIENCES LIMITED (w.e.f.25.03.2004) SHREYA LIFE SCIENCES PRIVATE LIMITED (w.e.f.06.06.2001) SHREYA IMPEX PRIVATE LIMITED AMIKA TRADING PRIVATE LIMITED
Registered Office :	Shreya House, 6^th Floor, 301/A Pereira Hill Road, Andheri (East), Mumbai – 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.04.1991
Com. Reg. No.:	11-061136
Capital Investment / Paid-up Capital :	Rs. 67.955 million
CIN No.: [Company Identification No.]	U51900MH1991PTC061136
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCS9890C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is primarily engaged in business of manufacturing and trading in a wide range of pharmaceutical products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and delay
Litigation :	Exist
Comments :	Subject is an established company having moderate track. The rating is constrained due to consistent delays by the subject in servicing its debt obligations. Further, the rating remains constrained on account of huge receivables which is increasing even during FY2014. Moreover, management has also witnessed drastic dip in the profitability during FY2014. However, business is active. Payment terms are reported to be slow and delayed. The subject can be considered for business dealings on safe and secured 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating “D”
Rating Explanation	Very low prospect of recovery
Date	30.03.2015

Rating Agency Name	CRISIL
Rating	Short term rating “D”
Rating Explanation	Expected to be in default on maturity
Date	30.03.2015

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 DENIED BY

Name :	Mr. Arun
Designation :	Finance Department
Contact No.:	91-22-66938222
Date :	14.04.2015

LOCATIONS

Registered Office/ Corporate office :	Shreya House, 6^th Floor, 301/A Pereira Hill Road, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-66938222/ 66959844 / 42220222
Fax No.:	91-22-66939222
E-Mail :	datta@shreya.co.in shreya@shreya.co.in corporate@shreya.co.in sujit@shreya.co.in
Website :	www.shreya.co.in
Aurangabad Plant Office :	B-9/2, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India
Tel. No.:	91-240-6636700
Fax No.:	91-240-2554581
E-Mail :	shreya@shreya.co.in
Roorkee Plant Office :	Plot No.13/14/15, Village: Raipur and Sisona, Post Office: Bhagwanpur, District Haridwar (Uttarakhand) – 247667, Roorkee, India
Tel. No.:	91-1332-287287 / 287211
Fax No.:	91-1332-235244
E-Mail :	shreya@shreya.co.in

DIRECTORS

As on 29.09.2014

Name :	Mr. Sheel Kumar Dhananjay Singh
Designation :	Director
Address :	37, Surag Apartments, Nutan Laxmi Co-operative Housing Society, 10^th Road, Vile Parle (West), Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	10.02.1973
Qualification :	M.B.B.S
Date of Appointment :	14.09.2006
DIN No.:	00724595
Name :	Mr. Himanshu Baldev Singh
Designation :	Alternate director
Address :	Sneha 82, Nutan Laxmi Society, N.S. Road No – 8, Juhu, Scheme G.V.P.D., Vile Parle [West], Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	01.01.1977
Qualification :	M. Tech
Date of Appointment :	20.03.2009
DIN No.:	02634701
Name :	Mr. Sujit Kumar Singh
Designation :	Director
Address :	Nutan Laxmi Co-operative Housing Society, JVPD Scheme, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	15.03.1971
Qualification :	B. SC
Date of Appointment :	30.09.1999
DIN No.:	01246240
Name :	Mr. Vivckanand Sharadanand Jha
Designation :	Director
Address :	Moscow Russia. Dubrovskaya. House No. 18. Hat No. 14. Russia
Date of Birth/Age :	14.02.1970
Date of Appointment :	30.01.2002

KEY EXECUTIVES

Name :	Mr. Arun
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares	Percentage
Sujit Kumar Singh	2471860	36.38
Jagannath Prasad Singh	1364740	20.08
Vishwananth Prasad	944300	13.90
Baidhnath Brahmdev	944240	13.90
R.S. Investments Limited, Island	440774	6.49
Zee International Far East Limited, Hong Kong	629546	9.26
Total	6795460	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	15.75
Directors or relatives of Directors	84.25
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is primarily engaged in business of manufacturing and trading in a wide range of pharmaceutical products.
Products :	Pharmaceutical Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Banker Name :	State Bank of India
Branch Address :	Industrial Finance Branch, 201, 1^ST Floor, Sir M V Road, Western Express Highway, Andheri (East), Mumbai – 400069, Maharashtra, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

• Indian Overseas Bank, Triveni-Shoppers' Stop Building, 211-D, S.V.Road, Andheri (West), Mumbai - 400058, Maharashtra, India

• Bank of India, Mumbai Mid Corporate Branch, 70/80, M. G. Road, Mumbai - 400023, Maharashtra, India

• The Saraswat Co-Op Bank Limited, Juhu Branch,Madhusagar, N S Road No 13, Near Juhu Church , Juhu, Mumbai - 400049, Maharashtra, INDIA

• Union Bank of India, Union Bank Bhavan, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from banks	0.000	63.546
Foreign currency term loans from banks	5348.882	3263.358
Foreign currency term loans from others	436.860	231.937
Long-term maturities of finance lease obligations	0.000	2.972
Other loans and advances	13.862	18.331
Short Term Borrowing
Loans repayable on demand	799.684	887.063
Total	6599.288	4467.207

Auditors :
Name :	R G Mehta and Company Chartered Accountants
Address :	B-104, Mrud Kishore, Near Dattapada Road, Subway, Borivali West, Mumbai – 400092, Maharashtra, India
PAN No.:	AAJFR6464Q
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Serena Pharma Private Limited U24239MH2001PTC131489
Entitles where control exists :	Shreya lifesciences LLC Shreya Creation Private Limited

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs.100.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,795,460	Equity Shares	Rs.10/- each	Rs.67.955 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	67.955	67.955	62.955
(b) Reserves & Surplus	2400.993	2378.918	2217.804
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	200.000
Total Shareholders’ Funds (1) + (2)	2468.948	2446.873	2480.759
(3) Non-Current Liabilities
(a) long-term borrowings	5590.752	3595.606	3514.245
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	20.525
(d) long-term provisions	11.403	15.006	12.663
Total Non-current Liabilities (3)	5602.155	3610.612	3547.433
(4) Current Liabilities
(a) Short term borrowings	801.539	995.496	850.226
(b) Trade payables	450.242	411.263	504.845
(c) Other current liabilities	587.933	420.250	396.069
(d) Short-term provisions	109.076	105.072	151.000
Total Current Liabilities (4)	1948.790	1932.081	1902.140
TOTAL	10019.893	7989.566	7930.332
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	682.206	761.548	857.733
(ii) Intangible Assets	1.319	1.583	0.506
(iii) Capital work-in-progress	17.635	15.777	31.554
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4972.885	3204.640	3204.640
(c) Deferred tax assets (net)	21.317	23.181	24.251
(d) Long-term Loan and Advances	1.434	2.283	3.005
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5696.796	4009.012	4121.689
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	224.489	200.734	290.313
(c) Trade receivables	3741.095	3500.520	3254.577
(d) Cash and cash equivalents	91.592	82.651	69.309
(e) Short-term loans and advances	263.893	196.382	194.329
(f) Other current assets	2.028	0.267	0.115
Total Current Assets	4323.097	3980.554	3808.643
TOTAL	10019.893	7989.566	7930.332

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	4751.009	4946.378	4456.382
Less	EXPENSES
		TOTAL	4125.161	4335.714	3672.693
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		625.848	610.664	783.689
Less	FINANCIAL EXPENSES		502.527	424.078	340.640
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		123.321	186.586	443.049
Less/ Add	DEPRECIATION/ AMORTISATION		93.111	105.599	122.064
	PROFIT BEFORE TAX		30.210	80.987	320.985
Less	TAX		8.135	19.730	74.663
	PROFIT AFTER TAX		22.075	61.257	246.322
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1667.987	1606.730	1360.405
	BALANCE CARRIED TO THE B/S		1690.062	1667.987	1606.727
	Earnings Per Share (Rs.)		3.25	9.01	--

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	0.46	1.24	5.53
Operating Profit Margin (PBDIT/ Total Income)	(%)	13.17	12.35	17.59
Return on Total Assets (PBT/Total Assets}	(%)	0.60	1.71	6.87
Return on Investment (ROI) (PBT/Networth)		0.01	0.03	0.13
Debt Equity Ratio (Total Debt /Networth)		2.59	1.88	1.76
Current Ratio (Current Asset/Current Liability)		2.22	2.06	2.00

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	62.955	67.955	67.955
Reserves & Surplus	2217.804	2378.918	2400.993
Share Application money pending allotment	200.000	0.000	0.000
Net worth	2480.759	2446.873	2468.948
long-term borrowings	3514.245	3595.606	5590.752
Short term borrowings	850.226	995.496	801.539
Total borrowings	4364.471	4591.102	6392.291
Debt/Equity ratio	1.759	1.876	2.589

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	4456.382	4946.378	4751.009
		10.995	(3.950)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	4456.382	4946.378	4751.009
Profit	246.322	61.257	22.075
	5.53%	1.24%	0.46%

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	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)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
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

(Rs. In Million)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Intercorporate borrowings	115.548	115.548
Other loans and advances	(324.400)	(140.086)
Short Term Borrowing
Loans repayable on demand	1.855	108.433
Total	(206.997)	83.895

LITIGATION DETAILS
Bench:- Bombay
Presentation Date:- 11/09/2014
Lodging No. :	CPL/651/2014	Failing Date:-	11/09/2014	Reg. No.:-	CP/777/2014
Reg. Date:-	15/11/2014
Petitioner:-	SCHOTT KAISHA PVT. LTD	Respondent:-	APEX TECHNO POLYMER PRIVATE LIMITED
Petn.Adv:-	MAHERNOSH J. HUMRANWALA (240)	Resp Adv.:-	AJAY LAW ASSOCIATES (I8130)
District:-	MUMBAI
Bench:-	SINGLE	Category:-	COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Status:-	Pre-Admission	Stage:-	FOR ADMISSION - FRESH [ORIGINAL SIDE MATTERS]
Next Date:-	20/04/2015	Stage:-	FOR ADMISSION - FRESH [ORIGINAL SIDE MATTERS]
Coram:-	HON'BLE SHRI JUSTICE S.J. KATHAWALLA
Last Date:-	05/01/2015
Last Coram:-	HON'BLE SHRI JUSTICE S.J. KATHAWALLA
Act. :	Companies Act & Rules 1956		Under Section 433 (E) 434

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10513529	20/09/2013	450,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor,, 17, R. Kamani Marg  , Ballard Est, Mumbai, Maharashtra - 400001, INDIA	B97009625
2	10443051	16/08/2013	1,800,000,000.00	OPEN JOINT STOCK COMPANY PROMSVYAZBANK	10/22, SMIRNOVSKAYA STR, MOSCOW, - 109052, RUSSIAN FEDERATION	B82126392
3	10329971	11/01/2012	3,180,000,000.00	Open Joint Stock Company Promsvyazbank	10/22, Smirnovskaya str., Moscow, - 109052, RUSSI  AN FEDERATION	B29957222
4	80034405	30/03/2011 *	1,225,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, SNEHAL CHAMBERS, TELLI  GALLI, ANDHERI (EAST) ANDHERI, MUMBAI, Maharashtra - 400069, INDIA	B11074051
5	90154738	15/04/2011 *	1,225,000,000.00	BANK OF INDIA	MUMBAI MID CORPORATE BRANCH, 70/80, M. G. ROAD, MUMBAI, Maharashtra - 400023, INDIA	B11125473

* Date of charge modification

FIXED ASSETS

Ø Leasehold Land

Ø Freehold Land

Ø Buildings – Factory

Ø Building – Others

Ø Plant and Machinery

Ø Office Equipments

Ø Furniture and Fittings

Ø Computers Software

Ø Vehicles

Ø Goodwill

Ø Brands, Trade Marks

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 records 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.62.37
UK Pound	1	Rs.92.44
Euro	1	Rs.66.56

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	SUM
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	2
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		14

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.