MIRA INFORM REPORT

Report No. :	312523
Report Date :	06.05.2015

IDENTIFICATION DETAILS

Name :	MODERN PHARMA COMPANY
Registered Office :	Opposite MMC Hospital, Danish Road, Pan Bazar, Guwahati - 781001, Assam
Tel. No.:	91-361-2546361/ 2606332
Country :	India
Financials (as on) :	31.03.2015 [Provisional]
Date of Establishment :	22.09.1973
Capital Investment :	Rs. 71.000 Million
IEC No.:	Not Available
PAN No.: [Permanent Account No.]	AAJFM0955H
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader of Pharmaceutical Products.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track record. The concern is doing well and has achieved a decent turnover during FY2014. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The concern can be considered for business dealings with usual business 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

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

Name :	Mr. Abhijit
Designation :	Accounts Manager
Contact No.:	91-9954662794
Date :	28.04.2015

LOCATIONS

Registered Office :	Opposite MMC Hospital, Danish Road, Pan Bazar, Guwahati - 781001, Assam, India
Tel. No.:	91-361-2546361/ 2606332
Mobile No.:	91-9869013700 [Mr. Arvind Bajaj] 91-9954662794 [Mr. Abhijit]
Fax No.:	Not Available
E-Mail :	arvindbajaj123@gmail.com
Location :	Rented

PARTNERS

Name :	Mr. Arvind Bajaj
Designation :	Partner
Date of Birth/Age :	21.07.1980
Qualification :	B. Com
Experience :	17 Years
PAN No.:	AGZPB5374K
Name :	Mr. Sajjan Kumar Bajaj
Designation :	Partner
Date of Birth/Age :	07.06.1946
Qualification :	B. Com
Experience :	53 Years
PAN No.:	ACGPB8296H
Name :	Mrs. Pushpa Devi Bajaj
Designation :	Partner
Date of Birth/Age :	21.11.1956
Qualification :	HSLC
Experience :	41 Years
PAN No.:	ACGPB8295E
Name :	Mrs. Ruchika Bajaj
Designation :	Partner
Date of Birth/Age :	11.02.1979
Qualification :	BA
Experience :	8 Years
PAN No.:	AEVPA0469E

KEY EXECUTIVES

Name :	Mr. Abhijit
Designation :	Accounts Manager

BUSINESS DETAILS

Line of Business :	Trader of Pharmaceutical Products.
Products/ Services :
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Credit [30 Days]
Purchasing :	Credit [30 Days]

GENERAL INFORMATION

Suppliers :

Reference:	Sun Pharma, Rehabari, Guwahati, Assam, India
Name of the Person (Designation):	Mr. Kishan Bhattar [Manager]
Contact Number:	91-9435096196
Since how long known:	15 Years
Maximum limit dealt:	Good
Experience:	Product Quality = Good Delivery Behaviour = Good Overall = Good
Remark	Satisfactory

· Cipla Limited

Address: Lal Ganesh, Guwahati, Assam, India

Contact Person: Mr. Nadeem

Contact No.: 91-9435540098

· Lupin Limited

Address: Sawkuchi Tiniali, Guwahati, Assam, India

Contact Person: Mr. Sanjay Agarwal

Contact No.: 91-9435110827

· IPCA Laboratories

Address: Barthakur Mill Road, Guwahati, Assam, India

Contact Person: Mr. Samsul Laskar

Contact No.: 91-9864013707

· Sanofi India Limited

Address: Beharbari NH37, Guwahati, Assam, India

Contact Person: P C Sharma

Contact No.: 91-9864043662

Customers :

Wholesalers, Retailers and End Users

Reference:	Arunoday Medical, Panbazar, Guwahati, Assam, India
Name of the Person (Designation):	Mr. Sujay Baruah [Proprietor]
Contact Number:	91-9864063532
Since how long known:	30 Years
Maximum limit dealt:	As per requirement
Experience:	Product Quality = Good Delivery Behaviour = Good Overall = Good
Remark	The product quality is good and also delivery behaviour is on time.

· New Central Medicos

Address: Beltola, Basisthpur, Guwahati, Assam, India

Contact Person: Mr. Nikunja Talukdar

Contact No.: 91-9435140513

· Kaina Medicos

Address: Near Down Town Hospital, Guwahati, Assam, India

Contact Person: Nib Mazumdar

Contact No.: 91-9957337349

· Jagdamba Medicos

Address: Six Mill, G S Road, Guwahati, Assam, India

Contact Person: Mr. Rahul Agarwal

Contact No.: 91-8876348673

· Mittal Pharmacy

Address: Tinsukia, Assam, India

Contact Person: Mr. Rajiv Agarwal

Contact No.: 91-9435035421

No. of Employees :

40 (Approximately)

Bankers :

Bank Name:	Kotak Mahindra Bank Limited
Branch:	Mayur Garden, G.S. Road, Guwahati, Assam, India
Person Name (with Designation):	Mr. Gaurav [Relationship Manager]
Contact Number:	91-8876527388
Name of Account Holder:	Modern Pharma Company
Account Number:	628044001771
Account Since (Date/ Year of A/c Opening):	27.12.2013
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit
Account Operation:	Partnership Firm
Remarks: Satisfactory Account conduct with no Cheque bearer, very good track record.

· State Bank of India

· Standard Chartered Bank

Facilities :

(RS. IN MILLION)

SECURED LOANS	31.03.2015 [Provisional]	31.03.2014
Secured Loan CC Account	72.500	0.000
Bank OD Account	0.000	51.907
Car Loan (Bank)	0.000	0.627
Total	72.500	52.534

Auditors :
Name :	Mahipal Patni Chartered Accountant
Address :	13, Sikaria Building, A.T. Road, Guwahati – 781001, Assam, India
Mobile No.:	91-9435113802
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	· Modern Drug Promoters 1^st Floor, Garima Royale, Danish Road, Panbazar, Guwahati – 781001, Assam, India

CAPITAL STRUCTURE

AS ON 31.03.2015 [PROVISIONAL]

Capital Investment :
Owned :	Rs. 71.000 Million
Borrowed :	--
Total :	Rs. 71.000 Million

------------------------------------------------------------------------------------------------------------------------------

AS ON 31.03.2014

CAPITAL ACCOUNT OF MRS. RUCHIKA BAJAJ

(RS. IN MILLION)

PARTICULARS	AMOUNT	PARTICULARS	AMOUNT
To Cash	0.305	By Opening Balance	8.853
Advance Tax	0.220	By Cash	1.082
LIC	0.067	By Interest	1.099
Car expenses	0.012	By Share of Profit	4.968
Telephone expenses	0.005
Firm Tax	1.566
Drawings	0.300
Beltola tax	0.004
School fees	0.051
Balance	13.472
Total	16.002	Total	16.002

CAPITAL ACCOUNT OF MR. ARVIND BAJAJ

(RS. IN MILLION)

PARTICULARS	AMOUNT	PARTICULARS	AMOUNT
05.04.2013 ch-07644	0.200	By Opening Balance	10.005
02.08.2013 ch-0070	0.100	21.11.2013 ch-000198	3.900
To Cash	0.542	22.11.2013 ch-882987	0.100
Advance Tax	0.240	28.11.2013 ch-882988	0.100
Telephone expenses	0.005	By Cash	0.880
Car expenses	0.012	Salary	0.120
Mediclaim	0.016	By Interest	1.315
LIC	0.141	By Share of Profit	4.968
M tax	0.004
140 A	0.001
Drawings	0.300
Firm Tax	1.566
Balance	18.261
Total	21.388	Total	21.388

CAPITAL ACCOUNT OF MR. PUSHPA DEVI BAJAJ

(RS. IN MILLION)

PARTICULARS	AMOUNT	PARTICULARS	AMOUNT
05.04.2013 ch-076438	0.100	By Opening Balance	6.605
To Cash	0.533	Bank ch-785123	2.270
Telephone	0.005	Bank	1.685
Car	0.012	By Cash	1.073
LIC	0.036	By Interest	1.236
M tax	0.004	By Share of Profit	4.969
W Tax	0.005
Advance Tax	0.335
Mediclaim	0.016
Firm Tax	1.566
Drawings	0.300
Balance	14.926
Total	17.838	Total	17.838

CAPITAL ACCOUNT OF MR. SAJJAN KUMAR BAJAJ

(RS. IN MILLION)

PARTICULARS	AMOUNT	PARTICULARS	AMOUNT
To Cash	1.622	By Opening Balance	18.375
Land Revenue	0.001	By Cash	1.402
M tax	0.004	By Interest	2.135
Income Tax advance	0.250	By Partners Salary	0.120
Telephone	0.005	By Share of Profit	4.968
Car	0.012
Firm Tax	1.566
LIC	0.043
Withdrawal	0.300
Balance	23.197
Total	27.000	Total	27.000

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FINANCIAL DATA

[all figures are in Rupees Million]

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015 [Provisional]	31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Partner’s Capital		71.000	69.855	43.837
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		71.000	69.855	43.837
LOAN FUNDS
1] Secured Loans		72.500	52.534	51.279
2] Unsecured Loans		7.000	7.934	5.490
TOTAL BORROWING		79.500	60.468	56.769
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		150.500	130.323	100.606
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.000	8.894	7.631
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.000	55.416	40.703
	Sundry Debtors	81.000	54.631	65.110
	Cash & Bank Balances	4.000	26.923	4.172
	Other Current Assets	0.200	0.877	0.451
	Loans & Advances	0.700	0.623	1.732
Total Current Assets		155.900	138.470	112.168
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.600	16.286	18.532
	Other Current Liabilities	0.500	0.607	0.398
	Provisions	0.300	0.148	0.263
Total Current Liabilities		13.400	17.041	19.193
Net Current Assets		142.500	121.429	92.975
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		150.500	130.323	100.606

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015 [Provisional]
	SALES
		Sales	880.000
		Other Income	0.000
		TOTAL	880.000
Less	EXPENSES
		Cost of Goods sold	796.400
		Administrative and Selling Overhead	43.600
		Interest on Bank Loan	4.500
		Interest on Unsecured Loan	1.000
		Partners Interest	9.000
		TOTAL	854.500
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		25.500
Less/ Add	DEPRECIATION/ AMORTISATION		1.500
	NET PROFIT		24.000

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Sales	732.964	597.791
		Other Income	0.402	0.739
		TOTAL	733.366	598.530
Less	EXPENSES
		Cost of Goods sold	666.745	543.886
		Administrative Expenses	4.080	3.708
		Bank Interest	5.569	6.400
		Bonus	0.339	0.287
		Car Expenses	0.409	0.489
		Cash Discount	0.778	0.635
		Cold Storage Room repairing	0.484	0.406
		Commission	0.790	0.000
		Computer Repairing	0.740	0.573
		Conference and Meetings	0.767	0.000
		Delivery Charges	0.773	0.665
		Discount received	8.458	6.429
		Electrical repairing	0.816	0.447
		Electricity Expenses	0.380	0.246
		Furniture repairing	0.834	0.985
		Incentive on Sales	0.926	0.039
		Interest	0.767	1.636
		Office repairing	1.028	1.145
		Packing Expenses	2.363	2.137
		Promotion and Propoganda Expenses	1.286	0.972
		Rent	0.427	0.427
		Stationery Expenses	1.129	1.094
		Travelling Expenses	0.611	0.691
		Interest to Partners	5.785	3.406
		Salary to Partners	0.240	0.240
		Other Expenses	5.664	4.114
		TOTAL	712.188	581.057
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		21.178	17.473
Less/ Add	DEPRECIATION/ AMORTISATION		1.305	1.070
	NET PROFIT		19.873	16.403

KEY RATIOS

PARTICULARS		31.03.2015 [Provisional]	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	2.73	2.71	2.74
Return on Total Assets (PBT/Total Assets}	(%)	14.64	13.49	13.69
Return on Investment (ROI) (PBT/Networth)		0.34	0.28	0.37
Debt Equity Ratio (Total Debt/Networth)		1.12	0.87	1.30
Current Ratio (Current Asset/Current Liability)		11.63	8.13	5.84

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014	31.03.2015 [Provisional]
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Partner’s Capital	43.837	69.855	71.000
Reserves & Surplus	0.000	0.000	0.000
Net worth	43.837	69.855	71.000
Secured Loans	51.279	52.534	72.500
Unsecured Loans	5.490	7.934	7.000
Total borrowings	56.769	60.468	79.500
Debt/Equity ratio	1.295	0.866	1.120

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015 [Provisional]
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	597.791	732.964	880.000
		22.612	20.060

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015 [Provisional]
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	597.791	732.964	880.000
Net Profit	16.403	19.873	24.000
	2.74%	2.71%	2.73%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
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 LOANS

(RS. IN MILLION)

PARTICULARS	31.03.2015 (Provisional)	31.03.2014
Unsecured Loans	7.000	7.934
Total	7.000	7.934

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MODERN PHARMA COMPANY

PROJECTED BALANCE SHEET

(RS. IN MILLION)

SOURCES OF FUNDS		31.03.2017	31.03.2016
SHAREHOLDERS FUNDS
1] Partner’s Capital		100.000	85.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		100.000	85.000
LOAN FUNDS
1] Secured Loans		82.500	77.500
2] Unsecured Loans		8.800	7.800
TOTAL BORROWING		91.300	85.300
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		191.300	170.300
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.000	9.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	90.000	80.000
	Sundry Debtors	101.000	91.000
	Cash & Bank Balances	6.000	4.900
	Other Current Assets	0.400	0.300
	Loans & Advances	0.700	0.900
Total Current Assets		198.100	177.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.000	15.000
	Other Current Liabilities	0.500	0.500
	Provisions	0.300	0.300
Total Current Liabilities		16.800	15.800
Net Current Assets		181.300	161.300
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		191.300	170.300

------------------------------------------------------------------------------------------------------------------------------

MODERN PHARMA COMPANY

PROFIT & LOSS ACCOUNT

(RS. IN MILLION)

	PARTICULARS		31.03.2017	31.03.2016
	SALES
		Sales	1100.000	1000.000
		Other Income	0.000	0.000
		TOTAL	1100.000	1000.000
Less	EXPENSES
		Cost of Goods sold	996.000	905.000
		Administrative and Selling Overhead	51.300	47.700
		Interest on Bank Loan	7.200	6.000
		Interest on Unsecured Loan	1.500	1.200
		Partners Interest	12.000	11.000
		TOTAL	1068.000	970.900
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		32.000	29.100
Less/ Add	DEPRECIATION/ AMORTISATION		1.700	1.600
	NET PROFIT		30.300	27.500

------------------------------------------------------------------------------------------------------------------------------

FIXED ASSETS

· Vehicles

· Machinery

· Inverter Battery

· Generator

· Electrical Fittings

· Air Conditioner

· Other Equipment

· Furniture

· Computer

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 records 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. 63.52
UK Pound	1	Rs. 95.96
Euro	1	Rs. 70.54

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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

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