MIRA INFORM REPORT

Report No. :	312127
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	HARMAN FINOCHEM LIMITED
Registered Office :	107-A, Vinay Bhavya Complex, 159 A, CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.03.1983
Com. Reg. No.:	11-029560
Capital Investment / Paid-up Capital :	Rs. 47.636 Millions
CIN No.: [Company Identification No.]	U24110MH1983PLC029560
IEC No.:	Not Available
VAT No.:	27620006688V
TAN No.: [Tax Deduction & Collection Account No.]	MUMH02931F
PAN No.: [Permanent Account No.]	AABCH3223J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Seller of Bulk Drugs and Pharmaceuticals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 7000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy financial 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	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	SE 1A
Rating Explanation	High financial strength and highest performance capability.

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.

LOCATIONS

Registered Office :	107-A, Vinay Bhavya Complex, 159 A, CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India
Tel. No.:	91-22-26528080 / 67330100
Fax No.:	91-22-26528285
E-Mail :	harmanfinochem@vsnl.com Info@harmanfinochem.com sukhvinder@harmanfinochem.com
Website :	http://www.harmanfinochem.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Bhupinder Singh Jagdev Singh Manhas

Designation :

Managing Director

Address :

Manhas Mansion, 13/292, CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India

Date of Birth/Age :

01.04.1950

Qualification :

M.Sc.

Date of Appointment :

01.04.2013

PAN No.:

AAEPM3341C

DIN No.:

00121253

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 ofcessation	Company/ LLP Status	Defaulting status
1	U24110MH1983PLC029560	HARMAN FINOCHEM LIMITED	Managing director	01/04/2013	17/03/1983	-	Active	NO
2	U24230MH1989PTC132889	WELL WORTH MEDICINES PRIVATE LIMITED	Director	31/10/1996	31/10/1996	-	Active	NO
3	U30005MH1995PTC084585	SANSKAR INFO TV PRIVATE LIMITED	Director	30/09/2010	08/09/2010	-	Active	NO

Name :

Mr. Inderjit Kaur Bhupinder Singh Manhas

Designation :

Whole time Director

Address :

B/14, Manhas Mansion, Vidya Nagari Marg, Kalina, Mumbai – 400098, Maharashtra, India

Date of Birth/Age :

23.10.1951

Date of Appointment :

01.04.2013

PAN No.:

ADNPM5093K

DIN No.:

00121284

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	U24230MH1989PTC132889	WELL WORTH MEDICINES PRIVATE LIMITED	Director	15/07/1996	15/07/1996	-	Active	NO
2	U24110MH1983PLC029560	HARMAN FINOCHEM LIMITED	Whole-time director	01/04/2013	11/02/1997	-	Active	NO
3	U25202MH1984PTC197665	KIRTI MERCHANTILE PRIVATE LIMITED	Director	02/01/2006	02/01/2006	-	Active	NO
4	U29252MH2010PTC204950	SHREEFAL ENGINEERING PRIVATE LIMITED	Director	30/09/2014	03/03/2014	-	Active	NO

Name :

Mr. Harpreet Singh Bhupinder Singh Minhas

Designation :

Whole time Director

Address :

Manhas Mansion, 13/292, CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India

Date of Birth/Age :

02.09.1976

Qualification :

MBA

Date of Appointment :

01.04.2013

PAN No.:

AAEPM3340D

DIN No.:

00121336

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	U24110MH1983PLC029560	HARMAN FINOCHEM LIMITED	Whole-time director	01/04/2013	11/02/1997	-	Active	NO
2	U67120MH1995PTC095124	LAXMI RAMUNA INVESTMENTS PRIVATE LIMITED	Director	01/10/1999	01/10/1999	-	Active	NO
3	U24230MH1989PTC132889	WELL WORTH MEDICINES PRIVATE LIMITED	Director	24/08/2001	24/08/2001	-	Active	NO
4	U25202MH1984PTC197665	KIRTI MERCHANTILE PRIVATE LIMITED	Director	02/01/2006	02/01/2006	-	Active	NO
5	U99999MH1974PTC017240	SUMMERSET GARDENS RESORT PRIVATE LIMITED	Director	24/09/2011	24/11/2010	-	Active	NO
6	U29252MH2010PTC204950	SHREEFAL ENGINEERING PRIVATE LIMITED	Director	30/09/2014	03/03/2014	-	Active	NO

Name :

Mr. Gurpreet Singh bhupender Singh Manhas

Designation :

Director

Address :

Manhas Mansion, 13/292, CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India

Date of Birth/Age :

03.12.1979

Date of Appointment :

30.09.2014

DIN No.:

01885368

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	U24110MH1983PLC029560	HARMAN FINOCHEM LIMITED	Director	30/09/2014	15/10/2007	-	Active	NO
2	U99999MH1974PTC017240	SUMMERSET GARDENS RESORT PRIVATE LIMITED	Director	24/09/2011	24/11/2010	-	Active	NO
3	U29252MH2010PTC204950	SHREEFAL ENGINEERING PRIVATE LIMITED	Director	30/09/2014	03/03/2014	-	Active	NO

Name :

Mr. Savreen Minhas

Designation :

Director

Address :

Manhas Mansion, 13/292, CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India

Date of Appointment :

30.09.2014

DIN No.:

06838530

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Bhupinder Singh Manhas jointly with Inderjeet Kaur B Manhas	1626030
Bhupinder Singh Manhas (HUF)	118800
Harpreet Singh Manhas jointly with Savreen Minhas	707785
Inderjeet Kaur Manhas	900000
Shyamsunder Shenoy	30
Unnikrishnan Parakkat	30
Wellworth Medicines Private Limited, India	682070
Kirti Mercantile Private Limited, India	29000
Gurupreet Singh Minhas jointly with Inderjeet Kaur B Manhas	699855
Total	4763600

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	14.92
Directors or relatives of Directors	85.07
Other	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Bulk Drugs and Pharmaceuticals.

Products :

Item Code No. (ITC Code)	Product Description
29420090	Metformin Hydrochloride
29335990	Allopurinol

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Allahabad Bank
Branch Address	Industrial Finance Branch, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	20012687046
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Banker Name	CITI Bank
Branch Address	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	36049869
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan From Banks	0.000	13.519
Total	0.000	13.519

Auditors :
Name :	K U Kothari and Company Chartered Accountants
Address :	A-1/205, Laram Centre, S V Road, Andheri (West), Mumbai – 400 058, Maharashtra, India
PAN No.:	AADFK0855C
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Shreefal Engineering Private Limited CIN No.: U29252MH2010PTC204950 · Well Worth Medicines Private Limited, India CIN No.: U24230MH1989PTC132889

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4763600	Equity Shares	Rs.10/- each	Rs. 47.636 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	47.636	47.636	47.636
(b) Reserves & Surplus	2401.583	1889.330	1447.884
(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)	2449.219	1936.966	1495.520
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	13.607	37.114
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	11.355	11.355	11.355
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	11.355	24.962	48.469
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	201.231	190.472	310.106
(c) Other current liabilities	31.821	18.449	9.732
(d) Short-term provisions	41.860	39.677	21.059
Total Current Liabilities (4)	274.912	248.598	340.897
TOTAL	2735.486	2210.526	1884.886
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1124.388	869.930	822.243
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	136.994	133.218	6.460
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	381.249	216.156	206.023
(c) Deferred tax assets (net)	14.878	9.125	9.668
(d) Long-term Loan and Advances	98.931	87.451	68.745
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1756.440	1315.880	1113.139
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	183.920	183.290	206.140
(c) Trade receivables	322.959	461.456	462.257
(d) Cash and cash equivalents	280.701	177.142	40.521
(e) Short-term loans and advances	191.466	72.758	62.829
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	979.046	894.646	771.747
TOTAL	2735.486	2210.526	1884.886

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2595.130	2643.043	1982.489
	Other Income	131.523	81.241	103.940
	TOTAL (A)	2726.653	2724.284	2086.429
Less	EXPENSES
	Cost of Materials Consumed	1301.032	1445.045	979.214
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(26.309)	2.522	10.115
	Employees benefits expense	242.910	189.632	146.832
	Other expenses	290.917	312.956	285.693
	TOTAL (B)	1808.550	1950.155	1421.854
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	918.103	774.129	664.575
Less	FINANCIAL EXPENSES (D)	6.279	7.591	8.563
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	911.824	766.538	656.012
Less/ Add	DEPRECIATION/ AMORTISATION (F)	129.618	103.997	75.132
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	782.206	662.541	580.880
Less	TAX (I)	261.649	212.791	163.989
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	520.557	449.750	416.891
Less	APPROPRIATIONS
	Transfer to General Reserve	100.000	102.500	8.304
	Dividend	7.145	7.145	7.145
	Tax on Dividend	1.159	1.159	1.159
	Total	108.304	110.804	16.608
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1704.076	1861.577	0.000
	TOTAL EARNINGS	1704.076	1861.577	0.000
	Earnings / (Loss) Per Share (Rs.)	109.28	94.41	87.52

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	20.06	17.02	21.03
Operating Profit Margin (PBDIT / Sales)	(%)	35.38	29.29	33.52
Return on Total Assets (PBT/Total Assets}	(%)	35.52	35.77	34.94
Return on Investment (ROI) (PBT/Networth)		0.32	0.34	0.39
Debt Equity Ratio (Total Debt /Networth)		0.00	0.01	0.02
Current Ratio (Current Asset/Current Liability)		3.56	3.60	2.26

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	47.636	47.636	47.636
Reserves & Surplus	1447.884	1889.330	2401.583
Net worth	1495.520	1936.966	2449.219
long-term borrowings	37.114	13.607	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	37.114	13.607	0.000
Debt/Equity ratio	0.025	0.007	0.000

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	1982.489	2643.043	2595.130
		33.319	(1.813)

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	1982.489	2643.043	2595.130
Profit	416.891	449.750	520.557
	21.03%	17.02%	20.06%

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Other Loans and advances	0.000	0.087
Total	0.000	0.087

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90239691	10/08/2007 *	90,000,000.00	Allahabad Bank	Industrial Finance Branch,, Mumbai Samachar Marg,  Fort, Mumbai, Maharashtra - 400023, INDIA	A22166763

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment

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.62.75
UK Pound	1	Rs.94.60
Euro	1	Rs.67.10

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		62

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.