MIRA INFORM REPORT

Report No. :	317967
Report Date :	20.04.2015

IDENTIFICATION DETAILS

Name :	TIRUPATI MEDICARE LIMITED (w.e.f. 13.05.2008)
Formerly Known As :	TIRUPATI ZEON MEDICARE LIMITED (w.e.f. 17.07.2007) TIRUPATI MEDICARE LIMITED
Registered Office :	D-14, II ND Floor, Preet Vihar, New Delhi - 110092
Tel. No.:	91-1704-222882
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.08.2005
Com. Reg. No.:	55-139667
Capital Investment / Paid-up Capital :	Rs.6.570 Million
CIN No.: [Company Identification No.]	U24233DL2005PLC139667
TAN No.: [Tax Deduction & Collection Account No.]	DELT06301B
PAN No.: [Permanent Account No.]	AACCT2945A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Pharmaceutical Formulations.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 470000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per ROC the date of balance sheet (i.e. financial filed) is shown as 31-03-2014 but the documents related to the financial for the year 2014 are not available from any sources. As per available financial of 2013, general financial position of the company seems to be normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment 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 – 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 (BBB-)
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	March 20^th, 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 PARTED BY

Name :	Mr. Shyam Lal Pawar
Designation :	Assistant Manager
Contact No.:	91-9816098295
Date :	17.04.2015

LOCATIONS

Registered Office :	D-14, II ND Floor, Preet Vihar, New Delhi – 110092, India
Tel. No.:	Not Available
Mobile No.:	91-9816098295 (Mr. Shyam Pawar)
E-Mail :	vikas_ca35@yahoo.co.in mohan.aggarwal@tirupatigroup.co.in costing@tirupatigroup.co.in
Website :	www.tirupatigroup.co.in
Factory :	NH-72, Nahan Road, Paonta Sahib, District Sirmour – 173025, Himachal Pradesh, India
Fax No.:	91-1704-222882
E-Mail :	info@tirupatigroup.co.in

DIRECTORS

As on: 30.09.2014

Name :

Mr. Arun Goyal

Designation :

Director

Address :

5/227, Shamsherpur, Poanta Sahib, Simour – 173025, Himachal Pradesh, India

Date of Appointment :

16.08.2005

PAN:

AAIPG7139G

DIN No.:

00056340

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	U65910DL1996PLC075642	HMD TECHNOLOGIES LIMITED	Director	20/12/2001	20/12/2001	16/10/2007	Active	NO
2	U74899DL2000PLC105785	TIRUPATI LPG INDUSTRIES LIMITED.	Director	12/08/2002	12/08/2002	-	Active	NO
3	U74899DL2000PTC108629	INTERNATIONAL CYLINDERS PRIVATE LIMITED (TRAN.FROM HARYANA TO DELHI)	Director	26/08/2002	26/08/2002	-	Active	NO
4	U74899DL1994PTC062588	TAURAS FINANCIAL SERVICES PRIVATE LIMITED	Director	10/08/2004	10/08/2004	-	Active	NO
5	U24233DL2005PLC139667	TIRUPATI MEDICARE LIMITED	Director	16/08/2005	16/08/2005	-	Active	NO
6	U51900DL2007PTC162325	GCG ENTERPRISES PRIVATE LIMITED	Director	20/04/2007	20/04/2007	-	Active	NO
7	U74999DL2004PTC125498	TIRUPATI CONTAINERS PRIVATE LIMITED	Director	20/08/2007	20/08/2007	03/05/2010	Active	NO
8	U74899DL2005PTC137278	TIRUPATI CYLINDERS Private Limited	Additional director	29/08/2007	29/08/2007	-	Active	NO
9	U60200DL2011PTC212106	AMBA WAREHOUSING PRIVATE LIMITED	Director	03/01/2011	03/01/2011	-	Active	NO
10	U63020DL2011PLC212468	TIRUMALA WAREHOUSING AND LOGISTICS LIMITED	Director	11/01/2011	11/01/2011	-	Active	NO
11	U74900DL2012PTC233367	GCG IRON AND STEELS PRIVATE LIMITED	Director	23/03/2012	23/03/2012	-	Active	NO
12	U45400DL1998PTC095689	GREENTECH BUILDING SOLUTIONS PRIVATE LIMITED	Director	06/10/2012	06/10/2012	27/10/2014	Active	NO

Name :

Mr. Ajay Kumar Goel

Designation :

Director

Address :

Radha Kishan Pharma, Maya Complex, Indra Colony, Krurkshetra – 136118, Haryana, India

Date of Appointment :

09.11.2005

PAN:

ACGPG7498C

DIN No.:

00203434

Name :

Mr. Ashok Goyal

Designation :

Director

Address :

113, Ward-4, Mahadev Mohalla, Thanesar, Kurukshetra – 136118, Haryana, India

Date of Appointment :

09.11.2005

PAN:

ABEPG4250F

DIN No.:

00230597

Name :

Mr. Narinder Pal Singh

Designation :

Director

Address :

Main Bazar, Sirmour - 173025, Himachal Pradesh, India

Date of Appointment :

16.08.2005

PAN:

AKBPS8398C

DIN No.:

02451588

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	U74899DL2000PTC108629	INTERNATIONAL CYLINDERS PRIVATE LIMITED (TRAN.FROM HARYANA TO DELHI)	Director	27/12/2002	27/12/2002	-	Active	NO
2	U24233DL2005PLC139667	TIRUPATI MEDICARE LIMITED	Director	16/08/2005	16/08/2005	-	Active	NO
3	U74899DL2000PLC107500	TIRUPATI BIO-TECH LIMITED	Director	10/10/2009	10/10/2009	-	Active	NO
4	U27310UP1989PTC011480	DURRANG ISPAT PRIVATE LIMITED	Director	10/10/2009	10/10/2009	28/10/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Shyam Lal Pawar
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Arun Goyal	221350
Dinesh Goyal	28500
Anju Goyal	1000
Gian Chand Goyal	15000
Kavita Goyal	29800
Narinder Pal Singh	45700
Navdeep Kuar	20000
Ajay Goel	107975
Ashok Goyal	114975
Rakhi Goyal	7000
Rani Sufla	65700
TOTAL	657000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Pharmaceutical Formulations.

Products :

Item Code No.	Product Description
30045031	Tablet

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Products :

Raw material

Countries :

• New Zealand
• Singapore

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers and Retailers

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

· Cipla Limited

· Ranbaxy

· Abbott India Limited

· Micro Labs Limited

· Ipca Laboratories Limited

· Alkem Laboratories Limited

· Meyer Organices Private Limited

· Sun Pharmaceutical Industries Limited

· Glenmark Pharmaceuticals Limited

· Wanbury Limited

· Geno Pharmaceuticals Limited

· Ajanta Pharma Limited

· Universal Medicare Private Limited

No. of Employees :

350 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Paonta Sahib – 173025, Himachal 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

Bank Name	Punjab National Bank
Branch	MID Corporate Branch, Sector 17 B, Chandigarh – 160017, 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

Facilities :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	73.262	92.472
Short-term borrowings
Loans repayable on demand from banks	207.091	206.989
Total	280.353	299.461

Financial Institution:	Member Secretary Single Window Clearance Agency, Single Window Clearance Agency, Paonta Sahib, Pao  NTA Sahib - 173025, Himachal Pradesh, India
Auditors :
Name :	Vikas Garg and Company Chartered Accountants
Address :	SCO-12, Sector-17, Near LIC Building, Kurukshetra – 136118, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AAJFV3451F
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern (30.03.2013) :	Himachal Pradesh
Associate Concern (31.03.2013)	· International Cylinders Private Limited · Orients Packers · Newtramax Healthcare · Tirupati Lifesciences

CAPITAL STRUCTURE

As on 30.09.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
657,000	Equity Shares	Rs.10/- each	Rs. 6.570 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	6.570	6.570	6.570
(b) Reserves & Surplus	157.457	119.599	100.429
(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)	164.027	126.169	106.999
(3) Non-Current Liabilities
(a) long-term borrowings	89.253	105.655	139.492
(b) Deferred tax liabilities (Net)	17.332	12.825	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)	106.585	118.480	139.492
(4) Current Liabilities
(a) Short term borrowings	207.091	206.989	157.850
(b) Trade payables	152.718	187.350	110.492
(c) Other current liabilities	9.048	7.737	7.411
(d) Short-term provisions	12.160	10.538	6.737
Total Current Liabilities (4)	381.017	412.614	282.490
TOTAL	651.629	657.263	528.981
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	257.589	242.100	231.607
(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	0.781	0.781	0.781
(e) Other Non-current assets	0.071	0.086	0.101
Total Non-Current Assets	258.441	242.967	232.489
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	157.094	140.658	113.165
(c) Trade receivables	187.419	209.411	171.629
(d) Cash and cash equivalents	1.869	6.927	0.886
(e) Short-term loans and advances	46.806	57.300	10.812
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	393.188	414.296	296.492
TOTAL	651.629	657.263	528.981

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1150.539	986.943	800.404
		Other Income	0.000	0.000	0.038
		TOTAL	1150.539	986.943	800.442
Less	EXPENSES
		Cost of Materials Consumed	941.227	797.459	646.262
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(8.189)	(2.477)	(1.967)
		Employees benefits expense	84.693	75.261	64.423
		Other expenses	27.927	24.883	19.536
		TOTAL	1045.658	895.126	728.254
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		104.881	91.817	72.188
Less	FINANCIAL EXPENSES		39.440	40.407	32.010
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		65.441	51.410	40.178
Less/ Add	DEPRECIATION/ AMORTISATION		12.335	11.136	10.316
	PROFIT BEFORE TAX		53.106	40.274	29.862
Less	TAX		15.248	13.381	9.966
	PROFIT AFTER TAX		37.858	26.893	19.896
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		63.850	36.957	17.061
	Earnings / (Loss) Per Share (Rs.)
	- Basic		80.83	61.30	45.45
	- Diluted		57.62	40.93	30.28

Particulars	31.03.2015	31.03.2014
Sales Turnover (Approximately)	1650.000	1290.000

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	3.29	2.72	2.49
Operating Profit Margin (PBIDT/Sales)	(%)	9.12	9.30	9.02
Return on Total Assets (PBT/Total Assets}	(%)	8.15	6.13	5.65
Return on Investment (ROI) (PBT/Networth)		0.32	0.32	0.28
Debt Equity Ratio (Total Debt /Networth)		1.81	2.48	2.78
Current Ratio (Current Asset/Current Liability)		1.03	1.00	1.05

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	6.570	6.570	6.570
Reserves & Surplus	100.429	119.599	157.457
Net worth	106.999	126.169	164.027
long-term borrowings	139.492	105.655	89.253
Short term borrowings	157.850	206.989	207.091
Total borrowings	297.342	312.644	296.344
Debt/Equity ratio	2.779	2.478	1.807

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	800.404	986.943	1150.539
		23.306	16.576

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	800.404	986.943	1150.539
Profit	19.896	26.893	37.858
	2.49%	2.72%	3.29%

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	Yes
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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	15.991	13.182
Total	15.991	13.182

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10291300	11/02/2015 *	466,900,000.00	State Bank of India	STATE BANK OF INDIA, RAJBAN ROAD TARUWALA, PAONTA  SAHIB - 173025, HIMACHAL PRADESH, INDIA	C45491354
2	10166051	16/07/2009	3,000,000.00	Member secretary single window clearance agency	SINGLE WINDOW CLEARANCE AGENCY, PAONTA SAHIB, PAO  NTA SAHIB - 173025, HIMACHAL PRADESH, INDIA	A65507832

* Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

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.62.35
UK Pound	1	Rs.93.10
Euro	1	Rs.67.13

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	DIV
Report Prepared by :	MTN

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--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	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		44

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.