MIRA INFORM REPORT

Report No. :	334928
Report Date :	03.08.2015

IDENTIFICATION DETAILS

Name :	ALEKHYA DRUGS PRIVATE LIMITED
Registered Office :	Flat No. 215, Bhanu Enclaves, Sundar Nagar, Near ESI Hospital, AL. Erragadda, Hyderabad – 500038, Andhra Pradesh
Tel. No.:	40-23810544/23810554
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.06.2005
Com. Reg. No.:	01-046447
Capital Investment / Paid-up Capital :	Rs. 59.985 Million
CIN No.: [Company Identification No.]	U24239AP2005PTC046447
IEC No.:	0907012761
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCA2838N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Active pharmaceutical ingredients.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 400000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management has failed to file its financial record with government department for the year 2014. As per available financial record of 2013, sales turnover of the company has declined which has resulted into dip in profit of the company. Rating further constrained on account of company’s moderate coverage indicators marked by modest net worth and unfavorable gap between trade payables to its receivables. Rating further constrained on account of company’s moderate coverage indicators marked by modest net worth and unfavorable gap between trade payables to its receivables. However, trade relations are reported as fair. Payments are reported to be slow. In view of absence of financial information, the company can be considered for business dealing with some caution.

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Cash Credit = D (Suspended)
Rating Explanation	Lowest-credit-quality and very low prospects of recovery.
Date	10.02.2015

Note: Reason for suspention: Absence of requisite information.

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 31-03-2013.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (91-40-3818293)

LOCATIONS

Registered Office :	Flat No. 215, Bhanu Enclaves, Sundar Nagar, Near ESI Hospital, AL. Erragadda, Hyderabad – 500038, Andhra Pradesh, India
Tel. No.:	40-23810544/23810554
Fax No.:	40-23810649
E-Mail :	alekyadrugs@yahoo.co.in accounts@alekhyadrugs.com rantuspharma@vsnl.net
Website :	http://www.rantusphrma.com
Factory:	Plot No. 145-150, 153 and 154A, IDA Kondapally Ibrahimpatnam - 521228 (M). Krishna District, Andhra Pradesh, India
Tel. No.:	91-866-2873100
Fax No.:	91-866-2873200

DIRECTORS

AS ON 26.09.2013

Name :

Kotti Uma Maheshwara Rao

Designation :

Director

Address :

Flat No. 401, Surya Teja Apartments, KPHB Colony, Kukatpally, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

30.07.1962

Date of Appointment :

06.06.2005

Din No.:

02114404

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	U24239TG2003PTC040459	RANTUS PHARMA PRIVATE LIMITED	Managing director	07-02-2003	07-02-2003	-	Active	NO
2	U24239TG2005PTC046447	ALEKHYA DRUGS PRIVATE LIMITED	Director	06-06-2005	06-06-2005	-	Active	NO
3	U74999AP2008PTC058673	KONDAPALLY ENVIROTECH PRIVATE LIMITED	Director	15-04-2008	15-04-2008	-	Active	NO
4	U73100TG1994PTC018034	WARNER LABORATORIES PVT LTD	Additional director	14-08-2009	14-08-2009	-	Active	NO
5	U24110TG1999PTC031736	SRICHAITANYA CHLORIDES PRIVATE LIMITED	Director	20-09-2012	14-12-2011	-	Active	NO
6	U24230TG2012PTC081440	RANTUSS DRUGS PRIVATE LIMITED	Director	13-06-2012	13-06-2012	-	Active	NO

Name :

Butchi Babu Ramayanapu

Designation :

Director

Address :

H. No. 73-5-2, Ramayanapuvari Street, Patamata, Vijayawada – 520010, Andhra Pradesh, India

Date of Birth/Age :

15.06.1960

Date of Appointment :

06.06.2005

Din No.:

02950207

Name :

Ratna Kumari Kotti

Designation :

Director

Address :

Flat No. 401, Surya Teja Apartment, Dharma Reddy Colony, Phase-I, KPHB Colony, Kukatpally, Hyderabad-500072, Andhra Pradesh, India

Date of Birth/Age :

13.06.1968

Date of Appointment :

25.10.2011

Din No.:

01192906

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	U24239TG2003PTC040459	RANTUS PHARMA PRIVATE LIMITED	Director	17-02-2003	17-02-2003	-	Active	NO
2	U24239TG2005PTC046447	ALEKHYA DRUGS PRIVATE LIMITED	Director	01-01-2011	01-01-2011	-	Active	NO
3	U24233TG2011PTC077163	ALEKHYA PHARMACEUTICALS PRIVATE LIMITED	Director	25-10-2011	25-10-2011	-	Active	NO
4	U24230TG2012PTC081440	RANTUSS DRUGS PRIVATE LIMITED	Director	13-06-2012	13-06-2012	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 26.09.2013

Names of Shareholders	No. of Shares
Kotti Uma Maheshwara Rao	1388720
Butchi Babu Ramayanapu	100000
Rantus Pharma Private Limited, India	1360799
Narayana Swamy	35000
R. Ragha Sudha	100000
M. Ramesh	20000
K. Ratna Kumari	1599000
Satyanarayana	50010
K. Sri Ram	40000
Sri Ram Murthi	30000
K. Sridhar Reddy	145200
Srinivas Ramayanapu	261612
B. Srinivasa Rao	30000
R. Srinivasa Rao	30000
N. Surya Prakash Rao	5000
Venkat Rao	30000
N. Venkateswara Rao	30000
N. Vijaya Lakshmi	30000
Alekhya Pharmaceuticals Private Limited	713200
TOTAL	5998541

Equity Share Break up (Percentage of Total Equity)

AS ON

Category	Percentage
Bodies corporate	34.58
Directors or relatives of Directors	65.42
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Active pharmaceutical ingredients.

Products :

Item Code No.	Product Description
98041000	DRUGS AND MEDICINES

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

State Bank Of India, Kattedan, Sme Branch, Industrial Park, Hyderabad - 500077, Andhra Pradesh, India

Banker Name	State Bank Of India
Branch Address	SME Branch, 2nd Floor, Chirag Ali Lane, Abids, Hyderabad - 500001, Andhra Pradesh, INDIA
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loans from Banks	6.892	16.369
Other loans and advances	0.047	0.808
SHORT TERM BORROWING
Loans repayable on demand	78.269	70268
Total	85.208	87.445

Auditors :
Name :	Ramanatham and Rao Chartered Accountants
Address :	PB No. 2102, Secunderabad-500003, Andhra Pradesh, India
Tel. No.:	91-40-27814147/27849305
Fax No.:	91-40-27840307
E-Mail :	ramanathanandrao@gmail.com ramanathamandrao@rediffmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AACFR1623C
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 26.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5998541	Equity Shares	Rs.10/- each	Rs.59.985 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	59.985	52.503
(b) Reserves & Surplus	68.785	53.964
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	3.025
Total Shareholders’ Funds (1) + (2)	128.770	109.492
(3) Non-Current Liabilities
(a) long-term borrowings	12.638	20.335
(b) Deferred tax liabilities (Net)	6.080	4.961
(c) Other long term liabilities	42.602	31.558
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	61.320	56.854
(4) Current Liabilities
(a) Short term borrowings	78.269	70.268
(b) Trade payables	43.063	102.676
(c) Other current liabilities	44.683	26.354
(d) Short-term provisions	5.015	3.724
Total Current Liabilities (4)	171.030	203.022
TOTAL	361.120	369.368
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	150.676	148.482
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	3.645	3.245
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	8.587	5.704
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	162.908	157.431
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	83.894	92.965
(c) Trade receivables	35.450	51.176
(d) Cash and cash equivalents	8.590	6.733
(e) Short-term loans and advances	69.721	60.517
(f) Other current assets	0.557	0.546
Total Current Assets	198.212	211.937
TOTAL	361.120	369.368

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		52.503
2] Share Application Money		2.875
3] Reserves & Surplus		31.627
4] (Accumulated Losses)		0.000
NETWORTH		87.005
LOAN FUNDS
1] Secured Loans		99.141
2] Unsecured Loans		30.785
TOTAL BORROWING		129.926
DEFERRED TAX LIABILITIES		3.895
TOTAL		220.826
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		137.001
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	73.751
	Sundry Debtors	36.497
	Cash & Bank Balances	17.352
	Other Current Assets	47.487
	Loans & Advances	25.098
Total Current Assets		200.185
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	114.860
	Provisions	1.500
Total Current Liabilities		116.360
Net Current Assets		83.825
MISCELLANEOUS EXPENSES		0.000
TOTAL		220.826

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
SALES
Income	448.973	545.629	222.247
Other Income	2.509	1.688	0.229
TOTAL	451.482	547.317	222.476
EXPENSES
Operative Expenditure	394.691	490.302	211.577
Administrative and Other expenses	13.738	16.658	8.281
TOTAL	408.429	506.960	219.858
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	43.053	40.357	2.618
FINANCIAL EXPENSES	15.805	15.172	11.657
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	27.248	20.994	(9.039)
DEPRECIATION/ AMORTISATION	8.068	6.202	5.120
PROFIT/ (LOSS) BEFORE TAX	17.940	25.407	8.341
TAX	3.119	3.070	2.146
PROFIT/ (LOSS) AFTER TAX	14.821	22.337	6.195
IMPORTS
Raw Materials	17.285	22.085	0.000
TOTAL IMPORTS	17.285	22.085	0.000
Earnings / (Loss) Per Share (Rs.)	2.47	3.72	1.03

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	10.634	11.359	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	17.940	25.402	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	3.30	4.09	2.79
Operating Profit Margin (PBIDT/Sales)	(%)	9.59	7.40	1.18
Return on Total Assets (PBT/Total Assets}	(%)	5.02	6.94	0.10
Return on Investment (ROI) (PBT/Networth)		0.14	0.23	0.10
Debt Equity Ratio (Total Debt /Networth)		0.79	0.93	1.49
Current Ratio (Current Asset/Current Liability)		1.16	1.04	1.72

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Share Capital	52.503	59.985
Reserves & Surplus	53.964	68.785
Share Application money pending allotment	3.025	0.000
Net worth	109.492	128.770
long-term borrowings	20.335	12.638
Short term borrowings	70.268	78.269
Current maturities of long-term debts	11.359	10.634
Total borrowings	101.962	101.541
Debt/Equity ratio	0.931	0.789

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)
Sales	222.247	545.629	448.973
		145.506	-17.715

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	222.247	545.629	448.973
Profit	6.195	22.337	14.821
	2.79%	4.09%	3.30%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

BUSINESS OPERATIONS:

During the year the Company achieved a gross turnover of Rs.448.900 Million compared to previous year turnover of Rs.545.600 Million, and registered a net profit of Rs.14.800 Million compared to previous year profit of Rs.22.300 Million

The Company is expecting further increase and a bright future in the upcoming years

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advances from related parties	5.699	3.158
Total	5.699	3.158

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10299604	09/06/2011	60,000,000.00	STATE BANK OF INDIA	SEIE, KATTENDAN BRANCH, HYDERABAD, Andhra Pradesh  - 500077, INDIA	B17852732
2	10273586	25/01/2011	25,000,000.00	STATE BANK OF INDIA	SEIE, KATTENDAN BRANCH, HYDERABAD, Andhra Pradesh  - 500077, INDIA	B08587891
3	10177763	30/05/2012 *	113,600,000.00	STATE BANK OF INDIA	KATTEDAN, SME BRANCH, INDUSTRIAL PARK, HYDERABAD,  Andhra Pradesh - 500077, INDIA	B44345486
4	10132164	08/10/2008	87,000,000.00	STATE BANK OF INDIA	SEIE KATTEDAN BRANCH, HYDERABAD, HYDERABAD, Andhra Pradesh - 500077, INDIA	A51722064
5	10047182	29/03/2007	70,000,000.00	STATE BANK OF INDIA	SELF-EMPLOYMENT INDUSTRIAL ESTATE, KAATTEDAN, HYD  ERABAD, Andhra Pradesh - 500077, INDIA	A13461728

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Other money for which company is contingently liable	21.462	9.547
Total contingent liabilities	21.462	9.547

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

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.64.01
UK Pound	1	Rs.99.84
Euro	1	Rs.70.16

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.