MIRA INFORM REPORT

Report No. :	357234
Report Date :	30.12.2015

IDENTIFICATION DETAILS

Name :	WESTCOAST PHARMACEUTICAL WORKS LIMITED
Registered Office :	F.P. No. 17 and 16/5, Meldi Estate, Near Gota Crossing, Chandlodia Gota Road, Gota, Ahmedabad – 382481, Gujarat
Tel. No.:	91-2717-241152 / 53
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	11.04.2007
Com. Reg. No.:	04-050504
Capital Investment / Paid-up Capital :	Rs.12.500 Million
CIN No.: [Company Identification No.]	U24233GJ2007PLC050504
IEC No.:	0888011652
TAN No.: [Tax Deduction & Collection Account No.]	AHMW00199D
PAN No.: [Permanent Account No.]	AAACW7013Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceuticals, Medicinal chemicals and botanical products. (Registered Activity)
No. of Employees :	Not Divulged

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 130000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year, 2007 and it is having satisfactory track record. The rating reflects company’s above average financial profile marked by low gearing, the expensive experienced of the promoters in pharma industry and satisfactory track record of operations maintain with good profitability margin over the years. The ratings are constrained on account of working capital-intensive nature of operations and exposure to raw material price and foreign exchange fluctuation risk. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Paresh Patel
Designation :	Finance
Contact No.:	91-2717-241153
Date :	29.12.2015

LOCATIONS

Registered Office / Factory:	F.P. No. 17 and 16/5, Meldi Estate, Near Gota Crossing, Chandlodia Gota Road, Gota, Ahmedabad – 382481, Gujarat, India
Tel. No.:	91-2717-241152 / 53
Fax No.:	91-2717-241154
E-Mail :	accounts@westcoastin.com info@westcoastin.com account1@westcoastin.com
Website :	http://www.westcoastin.com

DIRECTORS

As on: 31.03.2015

Name :

Mr. Kamlesh Chandrakantbhai Patel

Designation :

Managing Director

Address :

3, New Rajdeep Society, Gurukul Road, Memnagar, Ahmedabad – 380052, Gujarat, India

Date of Birth/Age :

31.12.1963

Date of Appointment :

01.06.2007

PAN No.:

AAVPP9588M

DIN No.:

00405074

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	U24249GJ1977PTC002972	WESCO LABORATORIES PRIVATE LIMITED	Director	18/01/1997	18/01/1997	-	Active	NO
2	U85199GJ1995PTC025751	WEST COAST HEALTH CARE PRIVATE LIMITED	Director	17/09/1999	17/09/1999	-	Active	NO
3	U72200GJ2000PTC038399	OLWAY SOFTWARE PRIVATE LIMITED	Director	20/07/2000	20/07/2000	-	Active	NO
4	U24233GJ2007PLC050504	WESTCOAST PHARMACEUTICAL WORKS LIMITED	Managing director	01/01/2013	11/04/2007	-	Active	NO
5	U52311GJ2008PLC052704	DF PHARMACY LIMITED	Director	22/01/2008	22/01/2008	16/07/2015	Active	NO
6	U92410GJ1973GAP002446	RAJPATH CLUB LIMITED	Director	28/06/2010	28/06/2010	-	Active	NO
7	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Additional director	30/11/2015	30/11/2015	-	Active	NO

Name :

Mr. Nareshbhai Kacharalal Patel

Designation :

Director

Address :

11, Tirthnagar Society – 2, Memnagar, Ahmedabad – 380052, Gujarat, India

Date of Birth/Age :

05.09.1953

Date of Appointment :

11.04.2007

PAN No.:

AAVPP9832A

DIN No.:

00460474

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	U24249GJ1977PTC002972	WESCO LABORATORIES PRIVATE LIMITED	Director	18/01/1997	18/01/1997	-	Active	NO
2	U24233GJ2007PLC050504	WESTCOAST PHARMACEUTICAL WORKS LIMITED	Director	11/04/2007	11/04/2007	-	Active	NO
3	U85199GJ1995PTC025751	WEST COAST HEALTH CARE PRIVATE LIMITED	Additional director	02/04/2012	02/04/2012	-	Active	NO

Name :

Mr. Upendrakumar Vishnuprasad Dave

Designation :

Additional Director

Address :

A- 10 , Radheshyam Society, New Naroda, Ahmedabad-380001, Gujarat, India

Date of Appointment :

01.12.2015

DIN No.:

07348364

KEY EXECUTIVES

Name :	Mr. Paresh Patel
Designation :	Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares
Kamlesh Patel	1200000
West Coast Health Care Private Limited, India	37500
Mitali Patel	2500
Chetan Shah	2500
Rupesh Desai	2500
Naresh Patel	2500
Vipul Patel	2500
Total	1250000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	3.00
Directors or relatives of directors	96.80
Other top fifty shareholders	0.20
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceuticals, Medicinal chemicals and botanical products. (Registered Activity)
Products :	Pharmaceuticals Medicinal chemicals Botanical products
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
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 :

Not Divulged

Bankers :

• Bank of Baroda, S. G. Highway Branch, Ahmedabad - 380054, Gujarat, India
• Bank of Baroda, Gandhi Road Branch, Ahmedabad - 380001, Gujarat, India

• HDFC Bank Limited

• ICICI Bank Limited
• State Bank of India Limited
• Yes Bank Limited

Facilities :

(Rs. In Million)

Secured Loan	As on 31.03.2015	As on 31.03.2014
Long Term Borrowing
Bank of Baroda Loan	0.513	1.263
SBI Bank - Amaze	0.418	0.491
SBI – I10	0.099	0.224
Yes Bank Limited – Tata Ace	0.230	0.000
Vehicle Loan	0.000	0.000
HDFC Bank - Alto New	0.000	0.045
HDFC Bank – Ford Figo	0.000	0.027
HDFC Bank – Genio	0.050	0.189
ICICI Bank – Honda City	0.020	0.255
Volkswagen Finance – Audi A4	1.129	0.000
Short Term Borrowing
Bank of Baroda – CC Account	26.076	29.341
Total	28.535	31.835
Long Term Borrowing: Bank of Baroda loan aggregating to Rs. 1.263 million is secured against machinery Loan on vehicle aggregating to Rs. 3.509 is secured against vehicles. Short Term Borrowing: Bank of Baroda Account aggregating to Rs. 26.076 is secured against book debts and factory building

Financial Institution:	Volkswagen Finance
Auditors :
Name :	G. K. Choksi and Company Chartered Accountants
Address :	'Maduhban`, Near Madalpur Underbridge, Ellisebridge, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-30012009
Mob. No.:	91-9925174555/56
Fax No.:	91-79-28569929
Email;	info@gkcco.com
PAN No.:	AAAFG7629H
Memberships :	--
Collaborators :	---
Enterprises in which key management personal exercise significant influence - other relatives:	DF Pharmacy limited West Coast INC Wesco Laboratory Private Limited West Coast Healthcare Private Limited Olway Software Private Limited

CAPITAL STRUCTURE

As on: 30.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.500	12.500	12.500
(b) Reserves & Surplus	32.628	26.063	18.948
(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)	45.128	38.563	31.448
(3) Non-Current Liabilities
(a) long-term borrowings	2.459	2.494	1.426
(b) Deferred tax liabilities (Net)	0.000	0.671	0.359
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.161	1.690	1.538
Total Non-current Liabilities (3)	4.620	4.855	3.323
(4) Current Liabilities
(a) Short term borrowings	43.353	58.669	66.833
(b) Trade payables	65.042	54.895	53.291
(c) Other current liabilities	18.748	18.007	12.343
(d) Short-term provisions	1.381	1.459	0.000
Total Current Liabilities (4)	128.524	133.030	132.467
TOTAL	178.272	176.448	167.238
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.393	34.922	37.567
(ii) Intangible Assets	1.075	2.151	2.636
(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	1.100
(c) Deferred tax assets (net)	1.627	0.000	0.000
(d) Long-term Loan and Advances	0.661	0.672	3.161
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	37.756	37.745	44.464
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	51.088	51.489	47.005
(c) Trade receivables	64.708	53.308	47.166
(d) Cash and cash equivalents	6.761	12.352	6.442
(e) Short-term loans and advances	17.091	21.185	21.964
(f) Other current assets	0.868	0.369	0.197
Total Current Assets	140.516	138.703	122.774
TOTAL	178.272	176.448	167.238

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	278.210	303.813	244.102
		Other Income	2.215	3.538	5.200
		TOTAL (A)	280.425	307.351	249.302
Less	EXPENSES
		Cost of Materials Consumed	131.323	167.585	129.789
		Purchases of Stock-in-Trade	23.135	5.566	1.165
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.117)	(3.920)	(7.923)
		operating Expenses	5.593	6.819	7.011
		Employees benefits expense	50.415	55.818	66.238
		Other expenses	41.855	42.820	36.051
		TOTAL (B)	249.204	274.688	232.331
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.221	32.663	16.971
Less	FINANCIAL EXPENSES (D)		7.354	8.205	7.408
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.867	24.458	9.563
Less	DEPRECIATION/ AMORTISATION (F)		9.264	7.144	7.063
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		14.603	17.314	2.500
Less	TAX (H)		6.475	5.812	1.120
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		8.128	11.502	1.380
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		22.626	16.661	15.281
Less	APPROPRIATIONS
		Proposed Dividend	1.250	3.750	0.000
		General Reserve	0.000	1.150	0.000
		Tax on Dividend	0.312	0.637	0.000
	BALANCE CARRIED TO THE B/S		29.192	22.626	16.661
	EARNINGS IN FOREIGN CURRENCY		81.768	50.154	56.873
	Earnings Per Share (Rs.)		6.50	9.20	1.10

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	2.314	1.501	1.170
Cash generated from operations	37.125	27.647	NA
Net Cash flows from operating activities	28.274	23.980	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.92	3.79	0.57
Operating Profit Margin (PBIDT/Sales)	(%)	11.22	10.75	6.95
Return on Total Assets (PBT/Total Assets}	(%)	8.27	9.81	1.50
Return on Investment (ROI) (PBT/Networth)		0.32	0.45	0.08
Debt Equity Ratio (Total Debt /Networth)		1.07	1.62	2.21
Current Ratio (Current Asset/Current Liability)		1.09	1.04	0.93

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	12.500	12.500	12.500
Reserves & Surplus	18.948	26.063	32.628
Net worth	31.448	38.563	45.128
long-term borrowings	1.426	2.494	2.459
Short term borrowings	66.833	58.669	43.353
Current Maturities of Long term debt	1.170	1.501	2.314
Total borrowings	69.429	62.664	48.126
Debt/Equity ratio	2.208	1.625	1.066

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	244.102	303.813	278.210
		24.461	(8.427)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	244.102	303.813	278.210
Profit	1.380	11.502	8.128
	0.57%	3.79%	2.92%

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	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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	Yes
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	No
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

OPERATION’S/ PBRFORMANCE OF THE COMPANY:

During the year, the Company has achieved revenue from operation of Rs. 302.248 Million (previous year Rs. 331.772 Million) and has earned net profit of Rs. 8.128 Million previous year Rs. 11.502 Million) after providing Depreciation and Amortization of Rs. 9.264 Million (previous year Rs. 7.144 Million and Provision for Tax of Rs, 6.475 Million (previous year Rs. 5.812 Million).

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short Term Borrowing
From Related Parties	17.277	29.328
Total	17.277	29.328

CONTINGENT LIABILITIES:

(Rs. in Million)

PARTICULARS	31.03.2015
Claims Against the company not acknowledged as debts.
Disputed demand of Central Excise	11.852
Disputed demand of Income Tax	0.322

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10439958	23/07/2013	15,000,000.00	Bank of Baroda	S.G. Highway Branch, Ahmedabad - 380054, Gujarat,  INDIA	B80825722
2	10158774	13/05/2009	37,500,000.00	BANK OF BARODA	GANDHI ROAD BRANCH, AHMEDABAD - 380001, Gujarat, INDIA	A62378906
3	10063552	01/02/2013 *	45,084,000.00	Bank of Baroda	S.G. Highway Branch, Ahmedabad - 380054, Gujarat,  INDIA	B67783878

* Date of charge modification

FIXED ASSETS:

Tangible Assets

• Building
• Computer
• Electric Equipment
• Furniture and Fixture
• Land
• Office Equipment
• Plant and Machinery
• Vehicle

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.66.37
UK Pound	1	Rs.98.91
Euro	1	Rs.72.82

INFORMATION DETAILS

Information Gathered by :	KAS
Analysis Done by :	SVD
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	6
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	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		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.