MIRA INFORM REPORT

Report No. :	312369
Report Date :	25.04.2015

IDENTIFICATION DETAILS

Name :		APOLLO HOSPITALS INTERNATIONAL LIMITED
Formerly Known As :		AKSHAYA APOLLO HOSPITALS LIMITED
Registered Office :		19, Bishop Garden, R A Puram, Chennai – 600028, Tamilnadu
Tel. No.:	91-79-66701800
Country :		India
Financials (as on) :		31.03.2014
Date of Incorporation :		12.09.1997
Com. Reg. No.:		18-039016
Capital Investment / Paid-up Capital :		Rs. 861.431 Million
CIN No.: [Company Identification No.]		U85110TN1997PLC039016
TAN No.: [Tax Deduction & Collection Account No.]		Not Available
PAN No.: [Permanent Account No.]		AABCA4150H
Legal Form :		A Closely Held Public Limited Liability Company
Line of Business :		Providing Healthcare Services.
No. of Employees :		Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a top leading super specialty hospitals in India having satisfactory track record. The company has incurred some accumulated losses however, the company has performed well during FY2014. It has achieved a fair profitability. Further the rating also takes into consideration company strong parentage and established position as a quality healthcare. Trade relations are reported as fair. Business is active. Payment terms are usually 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	ICRA
Rating	Term Loans = BB+
Rating Explanation	Moderate risk of default.
Date	February 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 DECLINED

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-79-66701800]

LOCATIONS

Registered Office :	19, Bishop Garden, R A Puram, Chennai – 600028, Tamilnadu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	dineshe@apolloahd.com
Website :	http://www.apolloahd.com
Branch Office :	Plot No.1 A, Bhat GIDC Estate, Gandhinagar - 382428, Gujarat, India
Tel. No.:	91-79-66701800/ 01/ 03
Fax No.:	91-79-66701843
E-Mail :	info@apolloahd.com
Apollo City Center :	1, Tulsibaug Society, Opposite Doctor House, Near Parimal Garden, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-66305800/ 01
Fax No.:	91-79-66305803
E-Mail :	info_ahcc@apolloahd.com

DIRECTORS

AS ON 30.09.2014

Name :	Preetha Reddy
Designation :	Director
Address :	No. 5, Subba Rao Avenue II Street, Nungambakkam, Chennai – 600006, Tamilnadu, India
Date of Birth/Age :	28.10.1957
Qualification :	BSC, PG in Public Adminstration
Date of Appointment :	12.09.1997
DIN No.:	00001871
Name :	Subramanian Krishnan Venkataraman
Designation :	Alternate director
Address :	No. 4/1, Venkat Street, Vivekananda Nagar, Chennai – 600078, Tamilnadu, India
Date of Birth/Age :	16.02.1960
Date of Appointment :	30.11.2011
DIN No.:	00002023
Name :	Vadavala Satyanarayana Reddy
Designation :	Director
Address :	20, Anu Apartments, 149, Rangarajapuram Main Road, Kodambakkam, Chennai – 600024, Tamilnadu, India
Date of Birth/Age :	01.06.1961
Qualification :	BSC (Agriculture), MBA MPHIL
Date of Appointment :	16.12.2007
DIN No.:	00002505
Name :	Dr. Pratap Chandra Reddy
Designation :	Director
Address :	19, Bishop Garden, Raja Annamalaipuram, Chennai – 600028, Tamilnadu, India
Date of Birth/Age :	05.02.1932
Qualification :	MBBS, FRCS
Date of Appointment :	12.09.1997
DIN No.:	00003654
Name :	Monika Rajiv Garware Modi
Designation :	Additional director
Address :	01-02, Eden Hall, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	04.06.1963
Qualification :	M.B.A.
Date of Appointment :	08.12.2012
DIN No.:	00143400
Name :	Chinubhai Ramanlal Shah
Designation :	Director
Address :	402, Heritage Crescent, B/h. Prahlad Nagar Garden, S.G. Highway, Ahmedabad – 380051, Gujarat, India
Date of Birth/Age :	04.06.1937
Qualification :	M.A, LLM, DLP, DTP, FCS, Life Fellow AIMA
Date of Appointment :	31.07.2006
DIN No.:	00558310
Name :	Rajiv Indravadan Modi
Designation :	Director
Address :	13, Sanjiv Baug, New Sharda Mandir Road, Ahmedabad – 380007, Gujarat, India
Date of Birth/Age :	09.05.1960
Qualification :	Phd in Biological Science
Date of Appointment :	31.07.2006
DIN No.:	01394558
Name :	Amitabha Banerjee
Designation :	Alternate director
Address :	A-902, Prestige Tower, Off. Judges Bungalow Road, Vastrapur, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	08.10.1954
Qualification :	CWA
Date of Appointment :	22.12.2011
DIN No.:	05152456

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares
Apollo Hospitals Enterprise Limited	17590266
Unique Hone Healthcare Limited	19961265
C D D Reddy	1
P.B. Subramaniyam	1
S Obul Reddy	1
Cadila Pharmaceuticals Limited	37551530
Rajiv Indravadan Modi	1
Shilaben Indravadan Modi	1
Indian Research Manifestation Labs Private Limited	1
IRM Trust	1
Total	75103068

Names of Preference Shareholder	No. of Shares
Apollo Hospitals Enterprise Limited	1104000
Total	1104000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Healthcare Services.

Products/ Services :

ITC Code No.	Product Descriptions
99931110	Hospital Services
99931920	Nursing Institute

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Not Divulged

Countries :

Not Divulged

Imports :

Products :

Not Divulged

Countries :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Yes Bank Limited

9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from banks [Secured by exclusive charge on the medical equipment and other movable fixed assets funded from the term loan and subservient charge on the movable fixed assets both present and future.]	665.200	642.000
Deferred payment liabilities	5.410	14.116
SHORT TERM BORROWINGS
Working capital loans from banks	67.849	77.405
Total	738.459	733.521

Auditors :
Name :	Karra and Company Chartered Accountants
Address :	Anugraha, New No. 28, Ground Floor, Murrys Gate Road, Alwarpet, Chennai – 600018, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFK3000E
Related Parties :	· StemCyte India Therapeutics Private Limited [U85100GJ2008FTC052859] · IRM Enterprises Private Limited [U74999GJ2009PTC058116] · Indraprastha Medical Corporation Limited [L24232DL1988PLC030958] · Imperial Hospital and Research Centre Limited [U85110KA1991PLC011781] · Faber Sindoori Management Services Private Limited [U85100TN2007PTC064527] · Cadila Pharmaceuticals Limited [U24231GJ1991PLC015132] · Apollo Sindoori Hotels Limited [L72300TN1998PLC041360] · Apollo Hospitals Enterprise Limited [L85110TN1979PLC008035] · Apollo Health And Lifestyle Limited [U85110TN2000PLC046089] · Apollo Gleneagles Hospital Limited [U33112WB1988PLC045223] · Green Channel Travel Services Private Limited [U63011GJ1986PTC008550]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
88,750,000	Equity Shares	Rs. 10/- each	Rs. 887.500 Million
1,125,000	Preference Shares	Rs. 100/- each	Rs. 112.500 Million
	Total		Rs. 1000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75,103,068	Equity Shares	Rs. 10/- each	Rs. 751.031 Million
1,104,000	Preference Shares	Rs. 100/- each	Rs. 110.400 Million
	Total		Rs. 861.431 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	861.431	861.431	584.666
(b) Reserves & Surplus	(279.756)	(316.501)	(265.045)
(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)	581.675	544.930	319.621
(3) Non-Current Liabilities
(a) Long-term borrowings	670.610	656.116	838.198
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.585	1.670	1.140
(d) long-term provisions	11.826	10.038	9.992
Total Non-current Liabilities (3)	684.021	667.824	849.330
(4) Current Liabilities
(a) Short term borrowings	67.849	77.405	138.757
(b) Trade payables	84.859	94.024	136.163
(c) Other current liabilities	258.501	193.935	154.540
(d) Short-term provisions	16.756	22.052	17.010
Total Current Liabilities (4)	427.965	387.416	446.470
TOTAL	1693.661	1600.170	1615.421
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1034.474	1060.087	1061.948
(ii) Intangible Assets	1.760	1.400	0.979
(iii) Capital work-in-progress	17.807	16.913	26.525
(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)	186.805	186.805	186.805
(d) Long-term Loan and Advances	31.177	39.237	46.572
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1272.023	1304.442	1322.829
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	48.799	40.652	41.251
(c) Trade receivables	223.500	150.338	122.862
(d) Cash and cash equivalents	59.601	37.716	69.261
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	89.738	67.022	59.218
Total Current Assets	421.638	295.728	292.592
TOTAL	1693.661	1600.170	1615.421

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	1354.906	1196.287	1047.113
		Other Income	20.679	12.704	17.404
		TOTAL (A)	1375.585	1208.991	1064.517
Less	EXPENSES
		Cost of Materials Consumed	331.317	343.398	290.060
		Purchases of Stock-in-Trade	243.333	213.734	210.276
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.467)	0.906	(8.722)
		Employees benefits expense	244.422	202.658	177.798
		Other expenses	352.558	328.137	290.885
		TOTAL (B)	1161.163	1088.833	960.297
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		214.422	120.158	104.220
Less	FINANCIAL EXPENSES (D)		96.814	94.640	101.426
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		117.608	25.518	2.794
Less/ Add	DEPRECIATION/ AMORTISATION (F)		80.863	76.974	74.786
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		36.745	(51.456)	(71.992)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		36.745	(51.456)	(71.992)
	EARNINGS IN FOREIGN CURRENCY
		Other Income	5.277	43.749	NA
	IMPORTS
		Capital Goods	24.568	15.213	NA
	Earnings/ (Loss) Per Share (Rs.)		0.49	(0.69)	(1.52)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.71	(4.30)	(6.88)
Operating Profit Margin (PBDIT/Sales)	(%)	15.83	10.04	9.95
Return on Total Assets (PBT/Total Assets}	(%)	2.47	(3.68)	(5.13)
Return on Investment (ROI) (PBT/Networth)		0.06	(0.09)	(0.23)
Debt Equity Ratio (Total Debt/Networth)		1.27	1.35	3.06
Current Ratio (Current Asset/Current Liability)		0.99	0.76	0.66

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	584.666	861.431	861.431
Reserves & Surplus	(265.045)	(316.501)	(279.756)
Net worth	319.621	544.930	581.675
Long-term borrowings	838.198	656.116	670.610
Short term borrowings	138.757	77.405	67.849
Total borrowings	976.955	733.521	738.459
Debt/Equity ratio	3.057	1.346	1.270

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1047.113	1196.287	1354.906
		14.246	13.259

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1047.113	1196.287	1354.906
Profit/ (Loss)	(71.992)	(51.456)	36.745
	(6.88%)	(4.30%)	2.71%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10366367	05/07/2013 *	880,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -  400018, INDIA	B79393351
2	10342363	20/03/2013 *	880,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -  400018, INDIA	B74554650

* Date of charge modification

CORPORATE INFORMATION

Subject incorporated under the provisions of the Companies Act, 1956. The Company is joint venture of Apollo Hospitals Enterprise Limited, Chennai and Cadila Pharmacuticals Limited, Ahmedabad. The Company has established 290 bedded super speciality hospital in Ahmedabad.

FINANCIAL RESULTS

During the period, the Company has attained the growth in the number of Admissions, revenue from pharmacy and nursing institute. During the year the gross revenue of the Company increased to Rs. 1375.585 Million as compared to Rs. 1208.991 Million in the previous year, registering a remarkable growth of 13.78%.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

· Computer 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. 63.40
UK Pound	1	Rs. 95.42
Euro	1	Rs. 68.49

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	BVA

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	3
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.