MIRA INFORM REPORT

Report No. :	352172
Report Date :	30.11.2015

IDENTIFICATION DETAILS

Name :	LABORATE PHARMACEUTICALS INDIA LIMITED
Formerly Known As :	LABORATE PHARMACEUTICALS INDIA PRIVATE LIMITED
Registered Office :	E-11, Industrial Area, Panipat-132103, Haryana
Tel. No.:	91-180-4092200
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.02.1990
Com. Reg. No.:	05-030835
Capital Investment / Paid-up Capital :	Rs. 43.367 Million
CIN No.: [Company Identification No.]	U24239HR1990PLC030835
IEC No.:	0589054716
TAN No.: [Tax Deduction & Collection Account No.]	RTKL00914E
PAN No.: [Permanent Account No.]	AAACL2998K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical Formulations.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2515000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1990 having satisfactory track. Rating takes into consideration sound financial risk profile of the company marked by adequate networth base and comfortable gearing in FY14. Further the company has reported significant increase in sales turnover and profit along with decent profit margin of nearly 3% in the year under consideration. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of long track record of business operations long with decent financial condition. The company can be considered for business dealings with 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 – 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	CRSIL
Rating	Long term Rating : BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	20.08.2015

Rating Agency Name	CRSIL
Rating	Short term Rating : A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	20.08.2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Dhruv Bali
Designation :	Export Manager
Contact No.:	91-9813380089
Date :	28.11.2015

LOCATIONS

Registered Office :	E-11, Industrial Area, Panipat – 132103, Haryana, India
Tel. No.:	91-180-4092200 / 2650072/ 2650385/ 2655741/ 2655742/ 2651248
Mobile No.:	91-9813380089 (Mr. Dhruv Bali)
Fax No.:	91-180-2651072
E-Mail :	ajaybhatia@laborate.com laborate02@hotmail.com pvsca@rediffmail.com dkgc2004@yahoo.com laborate@laborate.com
Website :	http://www.laborate.com
Location :	Owned
Factory 1 :	Plot No.31, Industrial Area, Nariwal Paonta Sahib, Himachal Pradesh, India
Factory 2 :	51, Industrial Area, Goandpur, Poanta Sahib, Himachal Pradesh, India
Tel. No.:	91-1704-225069
Branch Office :	E-22, Industrial Area, Panipat – 132103, Haryana, India

DIRECTORS

As on 31.03.2015

Name :

Mr. Ajay Bhatia

Designation :

Whole Time Director

Address :

659 - L, Model Town, Panipat – 132103, Haryana, India

Qualification :

Graduate

Date of Appointment :

01.04.2013

PAN No.:

ABQPB8284J

DIN No.:

00038833

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	U24239HR1990PLC030835	LABORATE PHARMACEUTICALS INDIA LTD	Whole-time director	01/04/2013	16/04/1990	-	Active	NO
2	U29297DL2007PTC160681	ZYPHER LIFESCIENCES PRIVATE LIMITED	Director	19/03/2007	19/03/2007	-	Active	NO

Name :

Mr. Aditya Bhatia

Designation :

Whole-time Director

Address :

197, Model Town, Panipat – 132103, Haryana, India

Qualification :

Graduate

Date of Appointment :

01.04.2013

PAN No.:

ADRPB0106A

DIN No.:

00038893

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	U24239HR1990PLC030835	LABORATE PHARMACEUTICALS INDIA LTD	Whole-time director	01/04/2013	01/04/2004	-	Active	NO
2	U29297DL2007PTC160681	ZYPHER LIFESCIENCES PRIVATE LIMITED	Director	19/03/2007	19/03/2007	-	Active	NO

Name :

Mr. Sanjay Bhatia

Designation :

Whole-time director

Address :

584 - L, Model Town, Panipat – 132103, Haryana, India

Qualification :

Graduate

Date of Appointment :

01.04.2013

PAN No.:

ABQPB8286L

DIN No.:

00189247

Name :

Mrs. Anita Bhatia

Designation :

Director

Address :

197, Model Town, Panipat – 132103, Haryana, India

Date of Appointment :

01.04.2005

PAN No.:

ADAPB0176H

DIN No.:

00038907

Name :

Mr. Pankaj Mutneja

Designation :

Director

Address :

B.S. Colony, C.T. Scan Dept Inside Hospital, Panipat-132103, Haryana, India

Date of Appointment :

02.03.2015

DIN No.:

00456113

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	U85110HR1988PTC030381	LALA HAR BHAGWAN DASS MEMORIAL AND DR. PREM HOSPITAL PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
2	U24239HR1990PLC030835	LABORATE PHARMACEUTICALS INDIA LIMITED	Director	02/03/2015	02/03/2015	-	Active	NO

Name :

Mr. Parveen Jain

Designation :

Director

Address :

44, Friends Colony, Panipat-132103, Haryana, India

Date of Appointment :

02.03.2015

DIN No.:

00654006

Name :

Mr. Parag Bhatia

Designation :

Director

Address :

H. No. 659-L, Model Town, Panipat-132103, Haryana, India

Date of Appointment :

28.06.2014

DIN No.:

06905819

KEY EXECUTIVES

Name :	Mr. Dhruv Bail
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Ajay Bhatia	585390
Sanjay Bhatia	656240
Anita Bhatia	562276
Alka Bhatia	270790
Aditya Bhatia	1086072
Sanjeev Bhatia (HUF)	520000
Nutan Bhatia	181350
Parag Bhatia	180362
Garima Bhatia	92612
Arpit Bhatia	201604
Total	4336696

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pharmaceutical Formulations

Products :

Item Code No.	Product Description
30060000	Pharmaceuticals

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Nigeria
• Sri Lanka
• Belgium

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash, L/C, Credit

Purchasing :

Cash, L/C, Credit

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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Wholesaler, Retailer and Manufacturer

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:

Not Divulged

No. of Employees :

2000 (Approximately)

Bankers :

Bank Name	Punjab National Bank
Branch	IBB, Palika Bazar, G.T. Road, Panipat, Panipat - 132103, 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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans from Banks (Term Loan Secured Against Hypothecation of Car)	1.175	0.933
Short-term borrowings
Working capital loans from banks	302.461	338.097
Total	303.636	339.030

Auditors :
Name :	Vinod K. Bhatia and Company Chartered Accountants
Address :	15-A, Gole Market, Model Town, Panipat-132103, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAWPB3230B
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,336,696	Equity Shares	Rs.10/- each	Rs. 43.367 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	43.367	43.367	43.367
(b) Reserves & Surplus	836.976	682.834	588.251
(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)	880.343	726.201	631.618
(3) Non-Current Liabilities
(a) long-term borrowings	98.296	75.851	88.081
(b) Deferred tax liabilities (Net)	0.326	3.827	3.760
(c) Other long term liabilities	183.687	166.402	119.645
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	282.309	246.080	211.486
(4) Current Liabilities
(a) Short term borrowings	302.461	338.097	381.729
(b) Trade payables	857.728	866.804	594.173
(c) Other current liabilities	187.504	98.704	74.767
(d) Short-term provisions	13.185	10.153	9.023
Total Current Liabilities (4)	1360.878	1313.758	1059.692
TOTAL	2523.530	2286.039	1902.796
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	330.802	310.578	321.739
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	11.810
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.200	0.200	0.200
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.858	3.625	3.275
(e) Other Non-current assets	0.000	0.377	0.750
Total Non-Current Assets	335.860	314.780	337.774
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1003.720	831.455	792.975
(c) Trade receivables	1001.368	982.007	702.778
(d) Cash and cash equivalents	42.121	25.789	12.061
(e) Short-term loans and advances	119.788	95.937	56.420
(f) Other current assets	20.673	36.071	0.788
Total Current Assets	2187.670	1971.259	1565.022
TOTAL	2523.530	2286.039	1902.796

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4237.094	3588.630	2398.328
		Other Income	1.203	3.439	1.789
		TOTAL (A)	4238.297	3592.069	2400.117
Less	EXPENSES
		Cost of Materials Consumed	3374.498	2696.601	1712.819
		Purchases of Stock-in-Trade	24.818	10.001	28.655
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(272.377)	41.538	13.846
		Employees benefits expense	143.107	103.896	81.092
		Other expenses	652.263	477.760	345.527
		TOTAL (B)	3922.309	3329.796	2181.939
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		315.988	259.842	218.178
Less	FINANCIAL EXPENSES (D)		70.916	68.053	65.449
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		245.072	191.789	152.729
Less/ Add	DEPRECIATION/ AMORTISATION (F)		54.161	41.580	43.450
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		190.911	150.209	109.279
Less	TAX (H)		36.770	30.425	22.105
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		154.141	119.784	87.174
	EARNINGS IN FOREIGN CURRENCY
		Export FOB Value	1375.574	1021.720	NA
	TOTAL
	IMPORTS
		Raw Materials		133.496	26.413
		Components and Stores parts		0.000	0.000
		Capital Goods		0.000	3.581
	TOTAL IMPORTS		455.136	133.496	29.994
	Earnings / (Loss) Per Share (Rs.)		35.54	27.62	20.10

Particulars	31.03.2015
Sales Turnover (Approximately)	5500.000

Expected Sales (2015-2016) : Rs.5500.000 Million

The above information has been parted by Mr. Dhruv Bali

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.549	21.650	22.662
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	52.765	53.062

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.64	3.34	3.63
Operating Profit Margin (PBIDT/Sales)	(%)	7.46	7.25	9.10
Return on Total Assets (PBT/Total Assets}	(%)	7.57	6.57	5.78
Return on Investment (ROI) (PBT/Networth)		0.22	0.21	0.17
Debt Equity Ratio (Total Debt /Networth)		0.46	0.60	0.78
Current Ratio (Current Asset/Current Liability)		1.61	1.50	1.48

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	43.367	43.367	43.367
Reserves & Surplus	588.251	682.834	836.976
Net worth	631.618	726.201	880.343
long-term borrowings	88.081	75.851	98.296
Short term borrowings	381.729	338.097	302.461
Current maturities of long-term debts	22.662	21.650	1.549
Total borrowings	492.472	435.598	402.306
Debt/Equity ratio	0.780	0.600	0.457

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)
Sales	2398.328	3586.199	4237.094
		49.529	18.150

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2398.328	3586.199	4237.094
Profit	87.174	119.784	154.141
	3.63%	3.34%	3.64%

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	Yes
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	No
18]	Major suppliers	No
19]	Major customers	No
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 four years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	Yes
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	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

SECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from others	97.121	74.918
Total	97.121	74.918

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10594196	31/08/2015	40,000,000.00	PUNJAB NATIONAL BANK	IBB G.T. ROAD, PANIPAT, Haryana - 132103, INDIA	C65603581
2	80025558	15/05/2014 *	750,000,000.00	PUNJAB NATIONAL BANK	IBB, PALIKA BAZAR, G.T. ROAD, PANIPAT, PANIPAT, Haryana - 132103, INDIA	C07735533

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Claims against company not acknowledged as debt	0.000	0.000
Guarantees	19.156	13.876

FIXED ASSETS

• Land
• Buildings
• Factory Building
• Plant and Equipment
• Factory Equipments
• Furniture and Fixtures
• Vehicles
• Computer Equipments

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.66.29
UK Pound	1	Rs.101.88
Euro	1	Rs.73.98

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KIN
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.