MIRA INFORM REPORT

Report No. :	310623
Report Date :	04.03.2015

IDENTIFICATION DETAILS

Name :	SRS PHARMACEUTICALS PRIVATE LIMITED

Registered Office :	601-605, 6^th Floor, Marathon Max, Building No.2, Mulund – Goregaon Link Road, L.B.S. Marg, Mulund (West), Mumbai – 400 080, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	27.03.2001

Com. Reg. No.:	11-131384

Capital Investment / Paid-up Capital :	Rs.50.000 million

CIN No.: [Company Identification No.]	U24239MH2001PTC131384

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	MUMS37452C

PAN No.: [Permanent Account No.]	AAFCS4633P

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is involved in manufacture and supply of wide range of avant-garde pharmaceuticals.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well-established company having fine track record. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to financial for the 2014 could not made available from any source. As per previous financial record of 2013, the rating reflects company’s healthy operational risk profile marked by adequate liquidity position and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Venkat
Designation :	Finance Head
Contact No.:	91-22-41577000
Date :	03.03.2015

LOCATIONS

Registered Office/ Corporate Headquarters :	601-605, 6^th Floor, Marathon Max, Building No.2, Mulund – Goregaon Link Road, L.B.S. Marg, Mulund (West), Mumbai – 400 080, Maharashtra, India
Tel. No.:	91-22-24961002/ 41577034/ 24961001/ 2/ 3/ 22631319/ 22679539/ 41577000
Fax No.:	91-22-41577099/ 41577000/ 24961004
E-Mail :	suchet@srspharma.com info@srspharma.com hr@srspharma.com mshethco@yahoo.co.in
Website :	http://www.srspharma.com

Global Operations :	Located at: · North America · CIS · Russia · Latin America · Africa · Asia

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Suchet Shyamsunder Rastogi

Designation :

Director

Address :

B-2202, 22^nd Floor, Beau Monde, Old Standard Mill Compound, Prabhadevi, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

11.05.1977

Date of Appointment :

27.03.2001

PAN No.:

ADMPR6527J

DIN No.:

01161072

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	U24239MH2001PTC131384	SRS PHARMACEUTICALS PRIVATE LIMITED	Director	27/03/2001	27/03/2001	-	Active	NO
2	U24230MH2005PTC151176	CLESSTRA HEALTHCARE PRIVATE LIMITED	Director	09/02/2005	09/02/2005	-	Active	NO
3	U24110MH2005PTC151175	SRS UNISTRAW PRIVATE LIMITED	Director	09/02/2005	09/02/2005	-	Active	NO
4	U85191MH2006PTC161490	YEVA THERAPEUTICS PRIVATE LIMITED	Director	28/04/2006	28/04/2006	-	Active	NO
5	U24239MH2006PTC162913	UNITEX TENAMYD CANADA PRIVATE LIMITED	Director	29/06/2006	29/06/2006	-	Active	NO
6	U74900HP2010PTC031676	IMMACULE LIFESCIENCES PRIVATE LIMITED	Director	20/09/2010	20/09/2010	-	Active	NO
7	U24233MH2011PTC223522	CARISTAR LABORATORIES PRIVATE LIMITED	Director	31/10/2011	31/10/2011	03/07/2013	Active	NO
8	U15490PN2013PTC147396	KAIA FUNTRITION PRIVATE LIMITED	Director	16/05/2013	16/05/2013	-	Active	NO

Name :

Mr. Mahika Suchet Rastogi

Designation :

Director

Address :

B-2202, 22^nd Floor, Beau Monde, Old Standard Mill Compound, Prabhadevi, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

24.02.1978

Date of Appointment :

01.01.2013

PAN No.:

ALEPK9173B

DIN No.:

02019780

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	U24239MH2001PTC131384	SRS PHARMACEUTICALS PRIVATE LIMITED	Director	01/01/2013	04/11/2004	-	Active	NO
2	U24110MH2005PTC151175	SRS UNISTRAW PRIVATE LIMITED	Director	01/01/2013	09/02/2005	-	Active	NO
3	U24230MH2005PTC151176	CLESSTRA HEALTHCARE PRIVATE LIMITED	Director	01/01/2013	09/02/2005	-	Active	NO
4	U85191MH2006PTC161490	YEVA THERAPEUTICS PRIVATE LIMITED	Director	01/01/2013	28/04/2006	-	Active	NO
5	U24239MH2006PTC162913	UNITEX TENAMYD CANADA PRIVATE LIMITED	Director	01/01/2013	29/06/2006	-	Active	NO
6	U74900HP2010PTC031676	IMMACULE LIFESCIENCES PRIVATE LIMITED	Director	01/01/2013	15/07/2011	-	Active	NO
7	U24233MH2011PTC223522	CARISTAR LABORATORIES PRIVATE LIMITED	Director	31/10/2011	31/10/2011	09/01/2012	Active	NO
8	U15490PN2013PTC147396	KAIA FUNTRITION PRIVATE LIMITED	Director	16/05/2013	16/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Venkat
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Suchet Shyamsunder Rastogi	4950000	99.00
Mahika Suchet Rastogi	50000	1.00
Total	5000000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Subject is involved in manufacture and supply of wide range of avant-garde pharmaceuticals.

Products :

Item Code No. (ITC Code)	30061010
Product Description	Injections and Capsules

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

Vietnam
Hong Kong
Singapore

Imports :

Products :

Raw Materials

Countries :

China

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Aurobindo Pharma Limited, Hyderabad
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers Manufacturer

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Banker Name	Standard Chartered Bank
Branch Address	SME Credit, 23-25, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, 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

· Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot No.C-38 and 39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	87.849	89.904
SHORT-TERM BORROWINGS
Working capital loans from banks	60.561	45.151
Total	148.410	135.055

Banking Relations :	--

Auditors :
Name :	M. Sheth and Company Chartered Accountants
Address :	44/C, Motiwala Building, Second Floor, A-Building, Proctor Road, Grant Road (East), Mumbai – 400 007, Maharashtra, India
PAN No.:	ADUPS7769R

Subsidiary Companies :	Clesstra Healthcare Private Limited, India (CIN No.: U24230MH2005PTC151176) SRS Unistraw Private Limited, India (CIN No.: U24110MH2005PTC151175) Unitex Tenamyd Canada Private Limited, India (CIN No.: U24239MH2006PTC162913) Yeva Therapeutics Private Limited, India (CIN No.: U85191MH2006PTC161490)

Associates :	Immacule Lifesciences Private Limited, India (CIN No.: U74900HP2010PTC031676)

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Unistraw Holding Pte. Limited, Australia Puerto Rico Pharmaceutical Private Limited, India (CIN No.: U24233MH2011PTC223522)

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	50.000	50.000	50.000
(b) Reserves & Surplus	227.170	162.589	112.935
(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)	277.170	212.589	162.935

(3) Non-Current Liabilities
(a) Long-term borrowings	87.849	89.904	78.301
(b) Deferred tax liabilities (Net)	3.031	2.502	2.034
(c) Other long term liabilities	0.000	0.000	0.945
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	90.880	92.406	81.280

(4) Current Liabilities
(a) Short term borrowings	71.097	45.555	60.850
(b) Trade payables	114.960	63.825	46.993
(c) Other current liabilities	4.855	6.206	3.485
(d) Short-term provisions	10.726	2.770	44.064
Total Current Liabilities (4)	201.638	118.356	155.392

TOTAL	569.688	423.351	399.607

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	194.055	193.646	185.125
(ii) Intangible Assets	0.493	0.822	0.000
(iii) Capital work-in-progress	17.821	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	83.772	5.906	20.549
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.935
(e) Other Non-current assets	17.528	0.642	0.000
Total Non-Current Assets	313.669	201.016	206.609

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	123.968	67.381	17.252
(c) Trade receivables	75.802	62.790	114.786
(d) Cash and cash equivalents	1.036	0.864	2.047
(e) Short-term loans and advances	17.468	67.760	0.000
(f) Other current assets	37.745	23.540	58.913
Total Current Assets	256.019	222.335	192.998

TOTAL	569.688	423.351	399.607

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	639.613	492.580	447.610
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA

Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		124.294	97.064	89.232

Less	FINANCIAL EXPENSES (D)		12.164	10.057	7.190

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		112.130	87.007	82.042

Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.233	13.688	14.239

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		95.897	73.319	67.803

Less	TAX (H)		31.317	23.665	22.075

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		64.580	49.654	45.728

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		162.589	112.935	67.207

	BALANCE CARRIED TO THE B/S		227.169	162.589	112.935

	Earnings / (Loss) Per Share (Rs.)		12.92	9.93	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	10.10	10.08	10.22

Operating Profit Margin (PBDIT/ Sales)	(%)	19.43	19.71	19.94

Return on Total Assets (PBT/Total Assets}	(%)	20.49	17.56	17.89

Return on Investment (ROI) (PBT/Networth)		0.35	0.34	0.42

Debt Equity Ratio (Total Debt/Networth)		0.57	0.64	0.85

Current Ratio (Current Asset/Current Liability)		1.27	1.88	1.24

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	50.000	50.000	50.000
Reserves & Surplus	112.935	162.589	227.170
Share Application money pending allotment	0.000	0.000	0.000
Net worth	162.935	212.589	277.170

Long-term borrowings	78.301	89.904	87.849
Short term borrowings	60.850	45.555	71.097
Total borrowings	139.151	135.459	158.946
Debt/Equity ratio	0.854	0.637	0.573

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	447.610	492.580	639.613
		10.047	29.850

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	447.610	492.580	639.613
Profit	45.728	49.654	64.580
	10.22%	10.08%	10.10%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10191724	15/12/2009	80,000,000.00	STANDARD CHARTERED BANK	STANDARD CHARTERED TOWER, 201 B/1, WESTERN EXPRESS HIGHWAY, GOREGAON (EAST), MUMBAI, MAHARASHTRA - 400063, INDIA	A74848235
2	90149601	24/09/2014 *	112,500,000.00	STANDARD CHARTERED BANK	SME CREDIT, CRESCENZO, 3A/F, PLOT NO.C-38 AND 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	C29568474
3	90143933	24/05/2002	6,000,000.00	DEVELOPMENT CREDIT BANK LIMITED	NARIMAN POINT BRANCH, MUMBAI, MAHARASHTRA - 400021, INDIA	-

* Date of charge modification

UNSECURED LOANS

Particulars	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
SHORT-TERM BORROWINGS
Loans and advances from directors	10.536	0.404
Total	10.536	0.404

OPERATIONS:

During this year of operations the Company has achieved a total sales of Rs.639.613 million and net profit after tax of Rs.64.580 million as compared to sales of Rs.492.580 million and net profit after tax of Rs.49.654 million last year. There has been a good sales turnover during the year of operations and the company could make a healthy Profit after Tax in the year of operation itself. The directors are confident of posting a better result in the future years.

FIXED ASSETS:

Tangible Assets

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

Intangible Assets

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.84
UK Pound	1	Rs.95.14
Euro	1	Rs.69.25

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	KAR

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
-- PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--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	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		52

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.

MIRA INFORM REPORT

10.10

19.43

Unit