MIRA INFORM REPORT

Report No. :	323321
Report Date :	20.05.2015

IDENTIFICATION DETAILS

Name :	SHALBY LIMITED (w.e.f.13.02.2008)
Formerly Known As :	SHALBY HOSPITALS LIMITED (w.e.f.26.07.2006) SHALBY HOSPITAL PUBLIC LIMITED (w.e.f.15.05.2006) SHALBY HOSPITAL PRIVATE LIMITED
Registered Office :	Opposite Karnavati Club, Sarkhej Gandhinagar Highway, Near Prahladnagar Garden, Ahmedabad - 380015, Gujarat
Tel. No.:	91-79-40203000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.08.2004
Com. Reg. No.:	04-044667
Capital Investment / Paid-up Capital :	Rs. 353.720 Million
CIN No.: [Company Identification No.]	U85110GJ2004PLC044667
TAN No.: [Tax Deduction & Collection Account No.]	AHMS09965E
PAN No.: [Permanent Account No.]	AAICS5593B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Health Care Services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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 an established company having good track record. The rating reflects company strong financial risk profile marked by healthy net worth position and sound profitability of the company. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered normal for 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	(A-) – Long Term bank Facilities
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	07.04.2015

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Management non-cooperative (91-79-40203000)

LOCATIONS

Registered Office :	Opposite Karnavati Club, Sarkhej Gandhinagar Highway, Near Prahladnagar Garden, Ahmedabad - 380015, Gujarat, India
Tel. No.:	91-79-40203000
Fax No.:	91-79-40203109
E-Mail :	jayesh.patel@shalby.org info@shalby.org
Website :	http://www.shalby.org

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Vikram Indrajit Shah
Designation :	Managing director
Address :	6, Rupam Society, Near Memnagar Fire Station, Vijay Cross Roads, Navrangpura, Ahmedabad - 380009, Gujarat, India
Date of Birth/Age :	13.12.1962
Date of Appointment :	20.03.2006
PAN No.:	AINPS8443G
DIN No.:	00011653
Name :	Mr. Kiritbhai Chimanlal Shah
Designation :	Director
Address :	22, Amrashirish Bunglow, Opposite Chmanbhai Patel Inst., Near Auda Garden, Ahmedabad – 380051, Gujarat, India
Date of Birth/Age :	07.01.1936
Date of Appointment :	01.12.2007
DIN No.:	00011586
Name :	Mr. Shyamal Shivkumar Joshi
Designation :	Director
Address :	40, Prerana Tirth-1, B/H. Someshwar II, Satellite, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	12.08.1949
Date of Appointment :	01.06.2010
DIN No.:	00005766
Name :	Mr. Nimish Kalyanbhai Vasa
Designation :	Director
Address :	"AVAS", Nandanvan, Monreposr Farm, Near Karnavati Club, Sarkhej-Gandhinagar Highway, Ahmedabad - 380058, Gujarat, India
Date of Birth/Age :	05.09.1954
Date of Appointment :	30.11.2013
DIN No.:	00020089

KEY EXECUTIVES

Name :	Mr. Jayesh Ravajibhai Patel
Designation :	Secretary
Address :	53, Darshan Bungalows, Opposite Bopalgram Panchayat, Ahmedabad - 380058, Gujarat, India
Date of Birth/Age :	14.07.1976
Date of Appointment :	01.07.2010
PAN No.:	AHBPP3491L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares
Vikram I Shah	20824950
Vikram I Shah	100
Darshini V Shah	1205000
Shanay Vikram Shah	55010
Madhukanta Chandravadan Shah	10
Prakash Narharibhai Nayak	10
V Raghunathan	10
Rupen R Kapadia	10
Nilesh J Shah	100
Zodiac Mediquip Limited, India	12775739
Amish Kashatriya	5000
Bharat Gajjar	18000
Yudhishthir Dave	2000
Govind Agarwal	6000
Natverlal Thakkar	4000
Shrirang Deodhar	6000
Ashish Sheth	7000
Dhiraj K Marothi	3000
Nalin Shah	3000
Kalpesh Shah	5000
Shyamal Joshi	100
Kirit Shah	100
Namrata J Pachore	5000
Maitreye Shah J/W Deepa Shah	100
Muthuswamy Krishnamurthy /J/W Lalitha Krishnamurthy	7879
Balaji Gopalakrishnan J/W Sarada Krishnamurthy	7879
Shashin Parikh	778
Atul Chokshi	197
Total	34941972

AS ON 30.09.2014

NOTE: PREFERENCE SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.05
Bodies corporate	36.56
Others	0.18
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Health Care Services.

Products :

ITC Code No.	Product Descriptions
99931110	Surgical and Medical for in patients

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

Customers :

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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

No. of Employees :

Information declined by the management

Bankers :

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

· The Royal Bank of Scotland N. V.

3rd Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi - 110001, Delhi, India

· Axis Bank Limited

· State Bank of India

St. Xavier’s High School Road Branch, 1 Sumangal Society, Near Vijay Cross Road, Ahmedabad-380009, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans from Banks
HDFC Bank Loans	225.250	0.000
Vehicle Loans
From Banks
HDFC Car Loan	3.050	4.195
Short-term borrowings
Working Capital Loan From Banks	77.450	26.566
Total	305.750	30.761
NOTES LONG TERM BORROWINGS Secured Loans (i) The above loans are secured by way of hypothecation of Equitable Mortgage of Hospital Building and Corporate guarantee (ii) The above loans are secured by specific charge on assets purchased. Terms of Repayment of Loans HDFC Bank Loans - Loans are repayable in 20 equal quarterly installment after 6 months moratorium commencing from December, 2013. The balance outstanding at balance sheet date is repayable in 62 monthly installments. HDFC Car Loan - Loan is repayable in 60 monthly installments commencing from July,2012. The balance outstanding at balance sheet date is repayable in 39 monthly installments.

Banking Relations :
Financial Institution :	Cholamandalam Investment And Finance Company Limited, Dare House No.2 N S C Bose Road, Parrys, Chennai-600001, Tamilnadu, India
Auditors :
Name :	G. K. Chokshi and Company Chartered Accountants
Address :	Madhuban, Near Madalpur Underbridge, Ellisbridge, Ahmedabad – 380006, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFG7623H
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Shalby Orthopedic LLP Zodiac Mediquip Limited Uranus Medical Devices Limited Friends of Shalby Foundation Shalby Orthopedic Hospital and Research Centre Shably Infrastructure Private Limited
Subsidiaries :	Yogeshwar Healthcare Limited Kusha Healthcare Limited Vrundavan Shalby Hospitals Limited Shalby Pune Limited Shalby (Kenya) Limted

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
87250000	Equity Shares	Rs.10/- each	Rs. 872.500 Million
2000000	Convertible Redeemable Preference Shares	Rs.10/- each	Rs. 20.000 Million
	TOTAL		Rs. 892.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
34941972	Equity Shares	Rs.10/- each	Rs. 349.419 Million
430100	Convertible Redeemable Preference Shares	Rs.10/- each	Rs. 4.301 Million
	TOTAL		Rs. 353.720 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	353.720	353.337	351.096
(b) Reserves & Surplus	1107.360	687.588	493.208
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.384	0.000
Total Shareholders’ Funds (1) + (2)	1461.080	1041.309	844.304
(3) Non-Current Liabilities
(a) long-term borrowings	228.300	4.195	0.309
(b) Deferred tax liabilities (Net)	21.290	0.000	6.324
(c) Other long term liabilities	70.520	94.092	0.000
(d) long-term provisions	2.090	1.485	0.983
Total Non-current Liabilities (3)	322.200	99.772	7.616
(4) Current Liabilities
(a) Short term borrowings	77.450	38.181	0.000
(b) Trade payables	182.490	174.592	82.563
(c) Other current liabilities	116.340	117.202	32.924
(d) Short-term provisions	0.940	0.656	0.504
Total Current Liabilities (4)	377.220	330.631	115.991
TOTAL	2160.500	1471.712	967.911
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1048.510	909.833	313.198
(ii) Intangible Assets	5.380	3.831	6.565
(iii) Capital work-in-progress	46.880	12.380	1.627
(iv) Intangible assets under development	0.060	0.062	0.062
(b) Non-current Investments	190.170	176.631	85.925
(c) Deferred tax assets (net)	0.000	7.710	0.000
(d) Long-term Loan and Advances	60.180	46.274	11.832
(e) Other Non-current assets	5.820	5.315	3.598
Total Non-Current Assets	1357.000	1162.036	422.807
(2) Current assets
(a) Current investments	0.000	1.000	0.000
(b) Inventories	56.240	54.724	41.045
(c) Trade receivables	165.400	130.765	92.628
(d) Cash and cash equivalents	112.590	44.107	394.333
(e) Short-term loans and advances	450.190	72.907	9.228
(f) Other current assets	19.080	6.173	7.870
Total Current Assets	803.500	309.676	545.104
TOTAL	2160.500	1471.712	967.911

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2,398.730	2082.795	1644.000
	Other Income	45.710	50.264	40.757
	TOTAL (A)	2444.440	2133.059	1684.757
Less	EXPENSES
	Cost of Material Consumed	0.000	0.000	0.000
	Purchases of Stock-in-Trade	33.190	28.350	18.101
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.390	(1.857)	(1.115)
	Employees benefits expense	133.940	124.001	78.723
	Other expenses	1595.130	1493.167	1150.289
	TOTAL (B)	1762.650	1643.661	1245.998
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	681.790	489.398	438.759
Less	FINANCIAL EXPENSES (D)	22.720	3.227	0.957
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	659.070	486.171	437.802
Less/ Add	DEPRECIATION/ AMORTISATION (F)	95.040	264.418	54.252
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	564.030	221.753	383.550
Less	TAX (I)	144.000	30.966	125.500
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	420.030	190.787	258.050
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	98.460	50.999	82.800
	TOTAL EARNINGS	98.460	50.999	82.800
	IMPORTS
	Raw Materials	44.900	25.786	41.763
	TOTAL IMPORTS	44.900	25.786	41.763
	Earnings / (Loss) Per Share (Rs.)	12.02	5.47	7.51

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	17.51	9.16	15.70
Operating Profit Margin (PBITD/Sales)	(%)	28.42	23.50	26.69
Return on Total Assets (PBT/Total Assets}	(%)	28.71	17.28	43.82
Return on Investment (ROI) (PBT/Networth)		0.39	0.21	0.45
Debt Equity Ratio (Total Debt /Networth)		0.21	0.04	0.00
Current Ratio (Current Asset/Current Liability)		2.13	0.94	4.70

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	353.337	353.337	353.720
Reserves & Surplus	687.588	687.588	1,107.360
Net worth	1,040.925	1,040.925	1,461.080
long-term borrowings	0.309	4.195	228.300
Short term borrowings	0.000	38.181	77.450
Total borrowings	0.309	42.376	305.750
Debt/Equity ratio	0.000	0.041	0.209

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	1,644.000	2,082.795	2,398.730
		26.691	15.169

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR)	(INR)	(INR)
Sales	1,644.000	2,082.795	2,398.730
Profit	258.050	190.787	420.030
	15.70%	9.16%	17.51%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Current maturities of long-term debt
Term Loans from Banks Royal Bank of Scotland [Vehicle Loans]	0.000	0.000	0.075
HDFC Bank Loans	39.750	0.000	0.000
Vehicle Loans
From Banks Kotak Mahindra Prime Limited	0.000	0.080	0.330
Axis Bank Limited	0.000	0.027	0.559
HDFC Car Loan	1.150	1.040	0.000
Others Cholamandalam Investment and Finance Company Limited	0.000	0.205	0.745
Total	40.900	1.352	1.709

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)	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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans Repayable on demand from Others	0.000	11.615
Total	0.000	11.615

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10528234	09/10/2014	2,900,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER "E", CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C31661630
2	10227781	02/06/2014 *	268,800,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C05917737

* Date of charge modification

CHANGE OF ADDRESS

The Registered office of the company has been shifted from 6, Rupam Society, Near Memnagar Fire Station, Vijay Cross Road, Navrangpura, Ahmedabad – 380009, Gujarat, India to the present address w.e.f.01.07.2009.

FINANCIAL PERFORMANCE

During the year, the income from Healthcare services of the Company increased to Rs. 2398.730 million as compared to Rs. 2082.800 million in the previous year registering an impressive growth of 15.17%. The Company has incurred interest cost of Rs. 20.030 million and depreciation of Rs. 95.040 million. The Company has earned Net Profit of Rs. 420.030 million against previous year of Rs. 190.790 million. The Company has carried net surplus of Rs. 1100.880 million to the next year.

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

· Goodwill

· 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.63.68
UK Pound	1	Rs.99.72
Euro	1	Rs.71.90

INFORMATION DETAILS

Information Gathered by :	GYR
Analysis Done by :	DIV
Report Prepared by :	DPT

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	6
--RESERVES	1~10	7
--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		54

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.