MIRA INFORM REPORT

Report No. :	301699
Report Date :	05.01.2015

IDENTIFICATION DETAILS

Name :	ENALTEC LABS PRIVATE LIMITED
Registered Office :	1706, 17^th Floor, Kesar Solitaire, Plot No.5, Sector – 19, Sanpada, Navi Mumbai 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.02.2006
Com. Reg. No.:	11-160020
Capital Investment / Paid-up Capital :	Rs.15.477 Millions
CIN No.: [Company Identification No.]	U73100MH2006PTC160020
TAN No.: [Tax Deduction & Collection Account No.]	MUME06806C
PAN No.: [Permanent Account No.]	AABCE5821H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Manufacturing and Trading of Active Pharmaceutical Ingredients [API’s]
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1174000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seem to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	CARE
Rating	BBB [Long Term Bank Facilities]
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	07.10.2014

Rating Agency Name	CARE
Rating	A3+ [Short Term Bank Facilities]
Rating Explanation	Moderate degree of safety and high credit risk.
Date	07.10.2014

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 BY

Name :	Mr. Kaushik Dedhiya
Designation :	Finance Head
Contact No.:	91-22-67507000

LOCATIONS

Registered Office :	1706, 17^th Floor, Kesar Solitaire, Plot No.5, Sector – 19, Sanpada, Navi Mumbai 400705, Maharashtra, India
Tel. No.:	91-22-41707000
Fax No.:	91-22-41707070
E-Mail :	info@enalteclabs.co.in shetty_02@rediffmail.com sbi.06240@sbi.co.in anand.shah@enalteclabs.co.in
Website :	http://www.enalteclabs.co.in
Factory 1 :	Plot No. N-61, MIDC, Additional Ambernath, District Thane, Mumbai – 421506, Maharashtra, India
Factory 2 :	Gat No.204, Nashik-Mumbai Highway, Vadicarhe, Taluka Igatpuri, District Nashik – 422403, Maharashtra, India
Research Lab / R and D Centre :	W – 59 A, Additional Ambernath Industrial Area, Anand Nagar, Ambernath (East), Mumbai – 421501, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Anand Prafulchandra Shah

Designation :

Managing Director

Address :

Flat 1204/1205/1206, Bldg 3, Odyssey Kesar, Harmony Plot 11/12, Sector - 6, Kharghar, Mumbai, 410 210, Maharashtra, India

Date of Birth/Age :

09.03.1973

Date of Appointment :

23.12.2013

DIN No.:

00597145

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	U24230MH2004PTC146489	PHARMA SERV SOLUTIONS PRIVATE LIMITED	Director	24/05/2004	24/05/2004	03/12/2009	Active	NO
2	U24230MH2005PTC153404	GETZ PHARMA RESEARCH PRIVATE LIMITED	Managing director	01/04/2011	18/05/2005	-	Active	NO
3	U73100MH2006PTC160020	ENALTEC LABS PRIVATE LIMITED	Managing director	23/12/2013	11/05/2007	-	Active	NO
4	U24233MH2007PTC171203	Pharma Serv Ventures Private Limited	Director	29/05/2007	29/05/2007	10/05/2010	Active	NO
5	U24232MH2007PTC173479	Getz Pharma Private Limited	Director	27/08/2007	27/08/2007	-	Active	NO
6	AAB-9559	GENLINK PHARMA LLP	Designated Partner	24/12/2013	24/12/2013	-	Active	NO

Name :

Mr. Susheel Koul

Designation :

Director

Address :

1601, Bloomingdale, 16th Floor, Hiranandani Estate, GB Road, Thane, 400607, Maharashtra, India

Date of Birth/Age :

01.05.1965

Date of Appointment :

11.11.2008

DIN No.:

00925887

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	U24230MH2004PTC146489	PHARMA SERV SOLUTIONS PRIVATE LIMITED	Director	24/05/2004	24/05/2004	03/12/2009	Active	NO
2	U24230MH2005PTC153516	STANTECH PHARMACEUTICALS PRIVATE LIMITED	Director	26/05/2005	26/05/2005	07/11/2009	Active	NO
3	U24233MH2007PTC171203	Pharma Serv Ventures Private Limited	Director	07/11/2008	07/11/2008	10/05/2010	Active	NO
4	U73100MH2006PTC160020	ENALTEC LABS PRIVATE LIMITED	Director	11/11/2008	11/11/2008	-	Active	NO
5	U21098MH2012PTC230335	PRINTLINK PLATES PRIVATE LIMITED	Director	27/04/2012	27/04/2012	-	Active	NO
6	U29199TN2013PTC094218	BUDENBERG GAUGE PRIVATE LIMITED	Director	19/12/2013	19/12/2013	04/02/2014	Active	NO
7	AAB-9559	GENLINK PHARMA LLP	Designated Partner	24/12/2013	24/12/2013	-	Active	NO

Name :

Mr. Prabir Purkayastha

Designation :

Director

Address :

F - 9, Greenwood City, Sector - 46, Gurgaon-122001, Haryana, India

Date of Birth/Age :

01.11.1949

Date of Appointment :

15.03.2010

DIN No.:

01126088

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	U74899DL1990PTC040900	SAGRIK PROCESS ANALYSTS PRIVATE LIMITED	Director	30/03/1992	30/03/1992	-	Active	NO
2	U72200DL1993PTC055269	STARTACUS SOFTWARE PRIVATE LIMITED	Director	17/09/1993	17/09/1993	-	Strike off	NO
3	U93090UR2001NPL026206	ARTISANS TECHNOLOGIES	Director	05/09/2001	05/09/2001	-	Dormant	NO
4	U73100MH2006PTC160020	ENALTEC LABS PRIVATE LIMITED	Director	30/09/2010	15/03/2010	-	Active	NO
5	L74899HR1985PLC034348	KLG SYSTEL LIMITED	Director	24/09/2011	17/01/2011	14/11/2012	Active	NO
6	U22130DL2014PTC270085	PG NEWSCLICK INDIA PRIVATE LIMITED	Director	07/08/2014	07/08/2014	-	Active	NO

Name :

Mr. Junaid Waheed

Designation :

Director

Address :

2464 Rideau Dr, Oakville, ON, L6H 7R1, Canada, Na, Canada

Date of Birth/Age :

18.02.1957

Date of Appointment :

12.11.2013

DIN No.:

06718311

KEY EXECUTIVES

Name :	Mr. Kaushik Dedhiya
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Scitech Limited	1083357	70.00
Anand Prafulchandra Shah	185718	12.00
Susheel Koul	185718	12.00
B.V. Siva Kumar	92857	6.00
Total	1547650	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

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	70.00
Directors or relatives of Directors	24.00
Other top fifty shareholders	6.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Manufacturing and Trading of Active Pharmaceutical Ingredients [API’s]

Products :

Product Description	Item Code No.:
Moxifloxacin Gydroc Gloride Mono Gydrate Ep	2934 9900
Montelukast Sodium	2993 4990
Rosuvastain Calcium	2942 0090

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

• State Bank of Mauritius Limited, 101, Raheja Centre, Free Journal Road, Nariman Point, Mumbai-400021, Maharashtra, India
• Central Bank of India, 1^st Floor, Bajaj Bhavan, Nariman Point, Mumbai-400021, Maharashtra, India
• ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda-390015, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Term Loans	0.071	0.000
Rupee Term Loans From Banks	0.000	20.797
Term Loans From Others	0.000	0.204
Total	0.071	21.001
Short-term borrowings
Loans Repayable on Demand From Banks	118.832	176.847
Total	118.832	176.847

Banking Relations :
Auditors :
Name :	Shankarial Jain and Associates Chartered Accountant
Address :	12, Enginner Building, 265, Princess Street, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22036623 / 22065739
Fax No.:	91-22-22086269
E-Mail :	info@sljainindia.com
PAN N Income-tax PAN of auditor or auditor's firm :	AACFS6967Q
Memberships :	--
Collaborators :	--
Holding Company :	Scitech Limited
Other Related Parties :	Getz Pharma Research Private Limited [U24230MH2005PTC153404]

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,550,000	Equity Shares	Rs.10/- each	Rs.15.500 Millions
283,500	Preferences Shares	Rs.10/- each	Rs.2.835 Millions
	Total		Rs.18.335 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,547,650	Equity Shares	Rs.10/- each	Rs.15.477 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	15.477	15.477	14.575
(b) Reserves & Surplus	395.429	280.968	210.899
(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)	410.906	296.445	225.474
(3) Non-Current Liabilities
(a) long-term borrowings	40.071	73.741	58.753
(b) Deferred tax liabilities (Net)	0.000	0.000	6.186
(c) Other long term liabilities	48.493	42.557	58.714
(d) long-term provisions	4.560	4.203	2.493
Total Non-current Liabilities (3)	93.124	120.501	126.146
(4) Current Liabilities
(a) Short term borrowings	118.832	176.847	119.888
(b) Trade payables	218.830	186.921	168.578
(c) Other current liabilities	171.557	41.209	29.885
(d) Short-term provisions	22.033	11.050	8.733
Total Current Liabilities (4)	531.252	416.027	327.084
TOTAL	1035.282	832.973	678.704
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	218.701	217.943	218.893
(ii) Intangible Assets	89.303	90.137	69.152
(iii) Capital work-in-progress	12.489	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	7.996	6.824	6.024
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	328.489	314.904	294.069
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	273.660	225.234	133.727
(c) Trade receivables	265.827	209.994	191.444
(d) Cash and cash equivalents	45.560	11.678	14.951
(e) Short-term loans and advances	120.278	69.681	43.057
(f) Other current assets	1.468	1.482	1.456
Total Current Assets	706.793	518.069	384.635
TOTAL	1035.282	832.973	678.704

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1259.904	844.677	676.067
	Other Income	2.285	11.144	3.936
	TOTAL (A)	1262.189	855.821	680.003
Less	EXPENSES
	Cost of Materials Consumed			259.583
	Purchases of Stock-in-Trade			118.226
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1113.394	788.893	0.052
	Employees benefits expense			45.584
	Other expenses			163.553
	TOTAL (B)	1113.394	788.893	586.998
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	NA	NA	93.005
Less	FINANCIAL EXPENSES (D)	NA	NA	32.436
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	NA	NA	60.569
Less/ Add	DEPRECIATION/ AMORTISATION (F)	NA	NA	20.217
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	148.795	66.928	40.352
Less	TAX (I)	33.429	8.219	3.587
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	115.366	58.709	36.765
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	NA	61.363	24.598
	Balance Carried to the B/S	NA	120.072	61.363
	EARNINGS IN FOREIGN CURRENCY
	Exports Earnings	1011.407	598.420	536.998
	TOTAL EARNINGS	1011.407	598.420	536.998
	IMPORTS
	Raw Materials	292.721	289.249	117.608
	TOTAL IMPORTS	292.721	289.249	117.608
	Earnings / (Loss) Per Share (Rs.)
	Basic	74.54	46.98	29.46
	Diluted	74.54	46.98	27.76

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	9.16	6.95	5.44
Operating Profit Margin (PBIDT/Sales)	(%)	NA	NA	13.76
Return on Total Assets (PBT/Total Assets}	(%)	14.55	8.03	5.95
Return on Investment (ROI) (PBT/Networth)		0.36	0.23	0.18
Debt Equity Ratio (Total Debt /Networth)		0.39	0.85	0.79
Current Ratio (Current Asset/Current Liability)		1.33	1.25	1.18

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	14.575	15.477	15.477
Reserves & Surplus	210.899	280.968	395.429
Net worth	225.474	296.445	410.906
long-term borrowings	58.753	73.741	40.071
Short term borrowings	119.888	176.847	118.832
Total borrowings	178.641	250.588	158.903
Debt/Equity ratio	0.792	0.845	0.387

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	676.067	844.677	1259.904
		24.940	49.158

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	676.067	844.677	1259.904
Profit	36.765	58.709	115.366
	5.44%	6.95%	9.16%

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 CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10490646	20/06/2014 *	365,000,000.00	UNION BANK OF INDIA	ANDHERI EAST BRANCH,, MAYANI MANOR,SIR M.V. ROAD, MUMBAI, MAHARASHTRA - 400069, INDIA	C11061132
2	10348816	22/11/2011	464,000.00	CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED	DARE HOUSE, NO. 2 N S C BOSE ROAD, PARRYS, CHENNAI, TAMIL NADU - 600001, INDIA	B32726085

*Date of modification Charges

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loans and Advances From Directors	0.000	10.192
Loans and Advances From Others	0.000	2.548
Other Loan and Advances	40.000	40.000
Total	40.000	52.740

REVIEW OF OPERATIONS:

During the year, the Company has earned Rs.1259.904 Millions from Operations as compared to Rs.844.677 Millions during the previous financial Year, thereby recording a growth of 49.15% in Revenue from operations.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.29
UK Pound	1	Rs.98.39
Euro	1	Rs.76.31

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		50

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.