MIRA INFORM REPORT

Report No. :	347336
Report Date :	31.10.2015

IDENTIFICATION DETAILS

Name :	BIO-CAPS INDIA LIMITED
Registered Office :	Dankuni Express Way, Post – Dankuni Cole Complex, Kolkata - 712310, West Bengal
Mobile No.:	91-9831561535 (Mr. Jibesh Kumar Poddar)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.03.2003
Com. Reg. No.:	21-095890
Capital Investment / Paid-up Capital :	Rs. 34.012 Million
CIN No.: [Company Identification No.]	U24239WB2003PLC095890
IEC No.:	0204017955
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCB1693H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Empty Hard Gelatin Capsules.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Sick Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject has been declared as a "sick company" by the Board for Industrial & Financial Reconstruction (BIFR) under section 3(1) (0) of the Sick Industrial Companies (special provision) Act, 1985 with case No.23/2008 and file number A(I)11/4/WBIDC/2009. The rating takes into consideration moderate financial risk profile of the company marked by continuous losses from its operations since 2012 and eroded networth position. Further, there has been reported increase in the debt level of the company. However, trade relations are fair. Business is active. Payment terms are reported to be slow. In view of sick company with stretched liquidity condition, the company can be considered for business dealings with fully safe and secured 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. Jibesh Kumar Poddar
Designation :	Account Manager
Contact No.:	91-9831561535
Date :	29.10.2015

LOCATIONS

Registered Office :	Dankuni Express Way, Post – Dankuni Cole Complex, Kolkata - 712310, West Bengal, India
Tel. No.:	91-33-22487028 / 26594499 / 11890094
Mobile No.:	91-9831517755 (Mr. Pradip) 91-9831561535 (Mr. Jibesh Kumar Poddar)
Fax No.:	91-33-22890094 / 26598055
E-Mail :	info@biocaps.in
Website :	www.biocaps.in http://www.biocapsindia.com
Factory :	Durgapur Express Way, Mollarbar, Dankuni, Hooghly - 712205, West Bengal, India
New Delhi Office :	L-83A, Malviya Nagar, New Delhi - 110017, India
Tel No.:	91-11-26673590
Fax No.:	91-11-26682460 / 2158

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ajit Agarwal

Designation :

Director

Address :

7/1 B, Rainey park, E3 Shivam Apartments, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

04.10.1974

Date of Appointment :

06.03.2003

DIN No.:

00333853

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	U45309WB2000PTC092225	NETWORK INFRASTRUCTURE PRIVATE LIMITED	Director	2/8/2000	2/8/2000	5/7/2010	Active	NO
2	U24239WB2003PLC095890	BIO-CAPS INDIA LIMITED	Director	6/3/2003	6/3/2003	-	Active	NO
3	U45201WB2003PTC096495	VAISHNO ENCLAVES PRIVATE LIMITED	Director	30/06/2003	30/06/2003	-	Active	NO
4	U24239WB2004PTC099487	V3 BIOTECHNOLOGIES PRIVATE LIMITED	Director	18/08/2004	18/08/2004	20/02/2012	Active	NO
5	U19201WB2005PLC101090	TRANSTEL INFRASTRUCTURE LIMITED	Director	11/1/2005	11/1/2005	7/7/2007	Active	NO
6	U70101WB2005PTC101889	M L A ENCLAVES PRIVATE LIMITED	Director	25/02/2005	25/02/2005	31/01/2007	Active	NO
7	U45201WB2003PTC097039	MANJU ESTATES PRIVATE LIMITED	Director	15/06/2005	15/06/2005	-	Active	NO
8	U51397WB2005PLC106724	V3 INTERNATIONAL LIMITED	Director	16/12/2005	16/12/2005	7/7/2007	Active	NO
9	U74930WB2005PTC102041	CLEANTECH MANAGEMENT SERVICES PRIVATE LIMITED	Director	2/2/2006	2/2/2006	7/7/2007	Active	NO
10	U45201WB2002PTC094795	AXIS INFRASTRUCTURE PRIVATE LIMITED	Director	27/12/2006	27/12/2006	31/01/2007	Active	NO
11	U70100WB2010PTC154472	NIPL INFRA PROJECTS PRIVATE LIMITED	Director	18/02/2011	18/02/2011	20/08/2012	Active	NO

Name :

Mr. Rajendra Kumar Sonthalia

Designation :

Director

Address :

FE-83 Sector III, Salt Lake City, Kolkata – 700091, West Bengal, India

Date of Birth/Age :

02.01.1953

Date of Appointment :

06.03.2003

DIN No.:

00454395

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	U24239WB2003PLC095890	BIO-CAPS INDIA LIMITED	Director	6/3/2003	6/3/2003	-	Active	NO
2	U45201WB2003PTC096495	VAISHNO ENCLAVES PRIVATE LIMITED	Director	30/06/2003	30/06/2003	-	Active	NO
3	U24239WB2004PTC099487	V3 BIOTECHNOLOGIES PRIVATE LIMITED	Director	18/08/2004	18/08/2004	20/02/2012	Active	NO
4	U24121WB1997PTC085622	VAIBHAV LAXMI CHEMICALS PRIVATE LIMITED	Director	25/06/2007	25/06/2007	-	Active	NO
5	U70101WB1994PTC062263	SHREE SHIROMANI PROJECT PRIVATE LIMITED	Director	15/02/2011	15/02/2011	2/2/2015	Active	NO
6	U70109WB2012PTC183643	SKANDMATA HOUSING PRIVATE LIMITED	Additional director	2/2/2015	2/2/2015	-	Active	NO
7	U63040WB2012PTC181954	KALRATRI TOUR AND TRAVEL SERVICES PRIVATE LIMITED	Additional director	2/2/2015	2/2/2015	-	Active	NO
8	U51109WB1984PTC038144	RUCHIKA TRADES PVT LTD	Additional director	30/09/2015	30/09/2015	-	Active	NO

Name :

Mr. Tarashankar Bhattacharya

Designation :

Additional Director

Address :

Kalipur, Milani, Garalgacha, District- Hooghly, Kolkata – 712708, West Bengal, India

Date of Birth/Age :

02.02.1969

Date of Appointment :

18.04.2009

DIN No.:

01617079

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	U45201WB2003PTC097039	MANJU ESTATES PRIVATE LIMITED	Director	4/7/2007	4/7/2007	-	Active	NO
2	U19201WB2005PLC101090	TRANSTEL INFRASTRUCTURE LIMITED	Director	4/7/2007	4/7/2007	30/05/2008	Active	NO
3	U24239WB2003PLC095890	BIO-CAPS INDIA LIMITED	Additional director	18/04/2009	18/04/2009	-	Active	NO
4	U45309WB2000PTC092225	NETWORK INFRASTRUCTURE PRIVATE LIMITED	Director	11/7/2011	19/01/2010	21/08/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Jibesh Kumar Poddar
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	79.36
Directors or relatives of Directors	8.21
Other top fifty shareholders	12.43
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Empty Hard Gelatin Capsules.
Products :	Empty Hard Gelatin Capsules
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :	Not Divulged
Remark:	Not Divulged

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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
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

Financial Institute:

ASREC (India) Limited, Unit No. 201, 200A, 202 and 200B, Ground Floor, Build No. 2, Solitaire Corporate Park, Andheri (East), Andheri Kurla Road - 400059, Maharashtra, India

Auditors :

Name :

Biyala and Associates

Chartered Accountant

Address :

48/1 Rose Mary Lane, 4th Floor, Flat No.404, Howrah – 711101, West Bengal, India

Tel. No.:

91-33-22130051/ 1113

Mobile No.:

91-9830237694

E-Mail :

ravica44@yahoo.com

PAN N Income-tax PAN of auditor or auditor's firm :

AHCPB3215F

Memberships :

Not Available

Collaborators :

Not Available

Associates/Subsidiaries :

--

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
353000	Equity Shares	Rs.100/- each	Rs. 35.300 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
340123	Equity Shares	Rs.100/- each	Rs. 34.012 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	34.012	34.012	34.012
(b) Reserves & Surplus	(105.292)	(104.515)	(97.513)
(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)	(71.280)	(70.503)	(63.501)
(3) Non-Current Liabilities
(a) long-term borrowings	193.607	188.844	194.566
(b) Deferred tax liabilities (Net)	7.439	7.438	7.438
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	201.046	196.282	202.004
(4) Current Liabilities
(a) Short term borrowings	1.500	0.000	4.970
(b) Trade payables	1.313	1.192	3.536
(c) Other current liabilities	22.760	21.076	20.567
(d) Short-term provisions	1.036	0.599	0.389
Total Current Liabilities (4)	26.609	22.867	29.462
TOTAL	156.375	148.646	167.965
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	74.254	85.226	98.516
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	74.254	85.226	98.516
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.568	12.605	9.365
(c) Trade receivables	48.633	35.194	40.427
(d) Cash and cash equivalents	5.672	3.701	3.369
(e) Short-term loans and advances	18.248	11.920	16.288
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	82.121	63.420	69.449
TOTAL	156.375	148.646	167.965

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	94.657	86.733	83.827
	Other Income	0.309	1.465	0.867
	TOTAL (A)	94.966	88.198	84.694
Less	EXPENSES
	Cost of Materials Consumed	64.529	67.236	56.669
	Employee Benefit Expenses	11.878	10.451	8.693
	Other Administrative Expenses	5.148	7.766	9.801
	Changes in Inventories	3.037	(3.240)	(0.595)
	TOTAL (B)	84.592	82.213	74.568
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	10.374	5.985	10.126
Less	FINANCIAL EXPENSES (D)	0.148	0.073	0.252
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	10.226	5.912	9.874
Less/ Add	DEPRECIATION/ AMORTISATION (F)	10.991	12.853	13.014
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(0.765)	(6.941)	(3.140)
Less	TAX (H)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(0.765)	(6.941)	(3.140)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(170.539)	(163.537)	(160.397)
Less	EARLIER YEAR EXPENSES	0.012	0.061	0.000
	Balance Carried to the B/S	(171.316)	(170.539)	(163.537)
	Earnings / (Loss) Per Share (Rs.)	(2.25)	(20.41)	(9.23)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(0.81)	(8.00)	(3.75)
Operating Profit Margin (PBIDT/Sales)	(%)	10.96	6.90	12.08
Return on Total Assets (PBT/Total Assets}	(%)	(0.49)	(4.67)	(1.87)
Return on Investment (ROI) (PBT/Networth)		0.01	0.10	0.05
Debt Equity Ratio (Total Debt /Networth)		(2.74)	(2.68)	(3.14)
Current Ratio (Current Asset/Current Liability)		3.09	2.77	2.36

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	34.012	34.012	34.012
Reserves & Surplus	(97.513)	(104.515)	(105.292)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(63.501)	(70.503)	(71.280)
long-term borrowings	194.566	188.844	193.607
Short term borrowings	4.970	0.000	1.500
Total borrowings	199.536	188.844	195.107
Debt/Equity ratio	(3.142)	(2.679)	(2.737)

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	83.827	86.733	94.657
		3.467	9.136

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	83.827	86.733	94.657
Profit	(3.140)	(6.941)	(0.765)
	(3.75%)	(8.00%)	(0.81%)

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	No
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)	No
16	No. of employees	No
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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from Durgapur Expressway, Mallarber, Dankuni, Kolkata – 712205 West Bengal, India to the present address w.e.f. 05.05.2008

BUSINESS OPERATION:

During the year the company suffered loss of Rs.0.765 Million as compared from previous year loss of Rs.6.941 Million. The company is already registered in BIFR. However, the director expects a much better result in the ensuing year

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Unsecured Loan	1.500	0.000
Total	1.500	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90256687	30/12/2013 *	18,100,000.00	ASREC (INDIA) LIMITED	UNIT NO. 201, 200A, 202 & 200B, GROUND FLOOR,, BU ILD NO. 2, SOLITAIRE CORPORATE PARK, ANDHERI (E), ANDHERI KURLA ROAD, MAHARASHTRA - 400059, INDIA	B94483765
2	90256259	30/12/2013 *	195,697,000.00	ASREC (INDIA) LIMITED	UNIT NO. 201, 200A, 202 & 200B, GROUND FLOOR,, BU ILD NO. 2, SOLITAIRE CORPORATE PARK, ANDHERI (E), ANDHERI KURLA ROAD, MAHARASHTRA - 400059, INDIA	B94484227

* Date of charge modification

FIXED ASSETS

TANGIBLE ASSETS :

· Land

· Factory Building

· Furniture & Fixture

· Fire Extinguisher

· Office Equipment

· Electrical Fittings

· Computer & Accessories

· Motor Car

· Motor Bike

· Mobile Phones

· Printing Machine

· Straping Machine

· Collod Mill

· Laboratory Equipment

· Workshop Equipment

· Cleaning Machine Accessories

· Air Conditioner

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.65.22
UK Pound	1	Rs.99.93
Euro	1	Rs.71.67

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KIN
Report Prepared by :	KVT

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.