MIRA INFORM REPORT

Report No. :	328941
Report Date :	26.06.2015

IDENTIFICATION DETAILS

Name :	CRESCENT THERAPEUTICS LIMITED (w. e. f. 27.03.2002)
Formerly Known As :	CRESCENT THERAPEUTICS PRIVATE LIMITED
Registered Office :	House No 4-7-11/4/B, Crescent Towers, Raghavendra Nagar, Nacharam, Hyderabad – 500076, Andhra Pradesh
Tel. No.:	91-40-27171067
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.11.2000
Com. Reg. No.:	01-035708
Capital Investment / Paid-up Capital :	Rs. 41.579 Million
CIN No.: [Company Identification No.]	U29297TG2000PLC035708
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	HYDC01209F
PAN No.: [Permanent Account No.]	AABCC9421B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of pharmaceutical products, pharmaceuticals formulations, mask, disposable items.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 370000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is the manufacturing arm of the Crescent Group. It is into manufacturing of tablets, capsules, DC granules, pellets and nutraceuticals. It is an established company having moderate track record. External borrowing of the company seems to be increasing compared to previous year. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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	ICRA
Rating	Fund Based Limits=B+
Rating Explanation	Have risk prone - credit quality and carries very high credit risk.
Date	May 2015

Rating Agency Name	ICRA
Rating	Non Fund Based Limits=A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	May 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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Shiv Thakur
Designation :	Accounts Executive
Contact No.:	91-1795-271246
Date :	24.06.2015

LOCATIONS

Registered Office :	House No 4-7-11/4/B, Crescent Towers, Raghavendra Nagar, Nacharam, Hyderabad – 500076, Andhra Pradesh, India
Tel. No.:	91-40-27171067
Fax No.:	91-40-27176442
E-Mail :	finance@crescenttherapeutics.org
Website :	http://www.crescenttherapeutics.org
Factory :	Khasara No 587/588, Villagae Khunjal, Jharmajri, Baddi, Nalagarh District Solan – 173205, Himachal Pradesh, India
Tel. No.:	91-1795-271246

DIRECTORS

AS ON: 26.09.2014

Name :

Mr. Shaik Janimiya

Designation :

Managing Director

Address :

House No. 4-10-119/S-1, HMT Nagar, Street No:11, Nacharam, Hyderabad – 500076, Andhra Pradesh, India

Date of Birth/Age :

31.08.1957

Date of Appointment :

08.03.2007

DIN No.:

01089672

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	U29297TG2000PLC035708	CRESCENT THERAPEUTICS LIMITED	Managing director	08/03/2007	27/03/2002	-	Active	NO
2	U24232TG2010PTC070991	CRESCENT FORMULATIONS PRIVATE LIMITED	Director	28/10/2010	28/10/2010	-	Active	NO

Name :

Shaik Thahera

Designation :

Director

Address :

House No. 4-10-119/S-1, Plot No. 36, HMT Nagar, Street No:11, Nacharam, Hyderabad – 500076, Andhra Pradesh, India

Date of Birth/Age :

18.05.1969

Date of Appointment :

27.03.2002

DIN No.:

01089807

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	U29297TG2000PLC035708	CRESCENT THERAPEUTICS LIMITED	Director	27/03/2002	27/03/2002	-	Active	NO
2	U24232TG2010PTC070991	CRESCENT FORMULATIONS PRIVATE LIMITED	Director	28/10/2010	28/10/2010	-	Active	NO

Name :

Yeluripati Venkata Vijaya Bhaskara Ramabhadra Chainulu

Designation :

Additional Director

Address :

1-10-25, Block No 95, Street No 3, Ashok Nagar, Hyderabad - 500020, Andhra Pradesh, India

Date of Birth/Age :

01.11.1941

Date of Appointment :

29.09.2007

DIN No.:

02611623

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	U29297TG2000PLC035708	CRESCENT THERAPEUTICS LIMITED	Director	29/09/2007	25/01/2007	-	Active	NO

Name :

Karakavenkata Venugopalakrishna Rao

Designation :

Additional Director

Address :

23-195, Nuzvid, District. Krishna – 521201, Andhra Pradesh, India

Date of Birth/Age :

01.06.1963

Date of Appointment :

29.09.2007

DIN No.:

02611732

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	U29297TG2000PLC035708	CRESCENT THERAPEUTICS LIMITED	Director	29/09/2007	25/01/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shiv Thakur
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 26.09.2014

Names of Shareholders	No. of Shares
SK. Janimiya	3080000
SK. Thahera	680000
Y. V. V. B. R. Chainulu	12305
K.V.V.G. Krishna Rao	100
SK. Javeed	227395
A. Parameshwar Rao	100
MD. Moinuddin	100
Y. Rama Rao	157900
Total	4157900

Equity Share Break up (Percentage of Total Equity)

AS ON: 26.09.2014

Category	Percentage
Directors or relatives of Directors	98.90
Other top fifty shareholders	4.10
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of pharmaceutical products, pharmaceuticals formulations, mask, disposable items.
Products :	Pharmaceutical products pharmaceuticals formulations Mask Disposable items
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Sri Lanka Oman
Imports :
Products :	Raw Material
Countries :	China
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 :	Ajantha Pharma Limited
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
Aarti Drugs Limited Cipla Limited Intas Pharmaceutical Limited

No. of Employees :

200 (Approximately)

Bankers :

Banker Name	Canara Bank
Branch Address	MID Corporate Branch, SCO 12, Sector 10, Panchkula - 134109, Haryana, 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
Andhra Bank, SME Mallapur, Mallapur, Hyderabad - 500076, Andhra Pradesh, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan
Canara bank	25.116	17.697
SHORT TERM BORROWING
Cash Credit (Cash Credit facilities are secured by way of hypothecation of stocks and Book debts of the company)	56.198	49.496
Total	81.314	67.193

Auditors :
Name :	Ashwani K Gupta and Associates Chartered Accountants
Address :	1105, Sector 21 B, Chandigarh – 160022, Punjab, India
Tel. No:	91-172-2568939
Mobile No.:	91-9888398905
PAN No.:	AACFA3955A
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern:	Crescent Formulation (Private) Limited

CAPITAL STRUCTURE

AS ON: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs. 45.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4157900	Equity Shares	Rs.10/- each	Rs. 41.579 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	41.579	40.000	40.000
(b) Reserves & Surplus	82.062	65.726	53.749
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	8.587	12.154	0.000
Total Shareholders’ Funds (1) + (2)	132.228	117.880	93.749
(3) Non-Current Liabilities
(a) long-term borrowings	48.868	39.744	55.149
(b) Deferred tax liabilities (Net)	10.915	9.553	8.102
(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)	59.783	49.297	63.251
(4) Current Liabilities
(a) Short term borrowings	56.198	49.496	42.962
(b) Trade payables	82.885	37.972	17.406
(c) Other current liabilities	24.766	22.912	34.014
(d) Short-term provisions	4.146	3.358	2.516
Total Current Liabilities (4)	167.995	113.738	96.898
TOTAL	360.006	280.915	253.898
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	152.331	142.925	140.872
(ii) Intangible Assets	1.200	1.200	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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	153.531	144.125	140.872
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	81.823	61.817	46.051
(c) Trade receivables	98.847	53.932	44.244
(d) Cash and cash equivalents	1.036	0.291	0.177
(e) Short-term loans and advances	3.164	2.707	2.510
(f) Other current assets	21.605	18.043	20.044
Total Current Assets	206.475	136.790	113.026
TOTAL	360.006	280.915	253.898

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	462.807	301.303	252.934
	Other Income	0.524	2.843	0.400
	TOTAL (A)	463.331	304.146	253.334
Less:	EXPENSES
	Cost of Materials Consumed	348.652	210.214	146.850
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.742)	2.558	21.080
	Employees benefits expense	24.838	18.812	17.494
	Other expenses	48.129	34.170	29.941
	Prior Period Expenses	0.000	0.000	0.195
	TOTAL (B)	418.877	265.754	215.560
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)	44.454	38.392	37.774
Less:	FINANCIAL EXPENSES (D)	15.653	14.364	17.022
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	28.801	24.028	20.752
Less:	DEPRECIATION/ AMORTISATION (F)	8.077	7.242	7.179
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	20.724	16.786	13.573
Less:	TAX (H)	5.509	4.809	4.150
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	15.215	11.977	9.423
	Earnings / (Loss) Per Share (Rs.)	3.66	2.99	2.36

Particulars	31.03.2015
Sales Turnover	260.000 (Business Fluctuate)

The above information has been parted by Mr. Shiv Thakur

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	18.534	13.750	13.750
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.29	3.98	3.73
Operating Profit Margin (PBIDT/Sales)	(%)	9.61	12.74	14.93
Return on Total Assets (PBT/Total Assets}	(%)	5.76	5.98	5.35
Return on Investment (ROI) (PBT/Networth)		0.16	0.14	0.14
Debt Equity Ratio (Total Debt /Networth)		0.93	0.87	1.19
Current Ratio (Current Asset/Current Liability)		1.23	1.20	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	40.000	40.000	41.579
Reserves & Surplus	53.749	65.726	82.062
Share Application money pending allotment	0.000	12.154	8.587
Net worth	93.749	117.880	132.228
long-term borrowings	55.149	39.744	48.868
Short term borrowings	42.962	49.496	56.198
Current maturities of long-term debts	13.750	13.570	18.534
Total borrowings	111.861	102.810	123.600
Debt/Equity ratio	1.193	0.872	0.935

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	252.934	301.303	462.807
		19.123	53.602

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	252.934	301.303	462.807
Profit	9.423	11.977	15.215
	3.73%	3.98%	3.29%

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	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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
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%	Yes
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

OPERATIONS:

The sales during the year have increased from Rs.304.146 Million in 2012-13 to Rs. 463.331 Million in 2013-14, registering a growth of about 52.0% and the net profit after tax has increased from 11.977 Million to Rs 15.214 Million.The reason for the increased Net profit was due to growth in Sales.

The timely effort put by the Crescent team has helped the Company to reach good number of manufacturer and could enter in to manufacturing agreements with a few Companies.

INDUSTRIAL SCENARIO

The Indian Pharmaceutical Industry is the third largest in the world and is growing at about 8% annually and is expected to touch USD 20 billion by 2015. The present domestic market is controlled to the extent of about 70% by top 250 companies and raise to the level of feasible turnover. These units need to improve the expertise to meet the challengers of technological developments by suitable training and have adequate finance for technological up-gradation and adoption of good manufacturing practices (GMP) to meet global quality standards.

FUTURE OUTLOOK:

The Company with its world class and GMP compliant manufacturing facilities, qualified and experienced team of professionals, continued enquiries from leading domestic Companies for using the infrastructure hopes to improve its turnover in the coming years to the satisfaction of all stakeholders. The Company is aiming to capture the overseas market in third world countries and product registration with several countries like Sri Lanka. Vietnam, Myanmar is under process. The Company is in touch with the prospective buyers from these countries. One product Ambitext 30 was registered with Sri Lanka Government and exports commenced in 2014-15.

UNSECURED LOAN:

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans from NBFC	1.644	2.939
Other Loans	22.108	19.108
Total	23.752	22.047

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10527569	02/09/2014	154,300,000.00	ANDHRA BANK	SME, MALLAPUR, HYDERABAD, HYDERABAD, TELANGANA - 500076, INDIA	C31028459
2	10304578	30/08/2011	3,000,000.00	DIRECTOR OF INDUSTRIES HIMACHAL PRADESH	THROUGH DY. DIRECTOR OF INDUSTRIES, SINGLE WINDOW CLEARANCE AGENCY (SWCA), BADDI, HIMACHAL PRADESH - 174103, INDIA	B19774975
3	90121810	15/06/2004	559,565.00	ICICI BANK LIMITED	ICICI TOWERS BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA, INDIA

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Laboratory Equipment
• Office Equipments
• Furniture and Fixtures
• Computers
• Dies, Jigs and Fixtures
• Vehicles

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. 63.61
UK Pound	1	Rs. 99.79
Euro	1	Rs. 71.17

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	RSM
Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.