MIRA INFORM REPORT

Report No. :	339416
Report Date :	05.09.2015

IDENTIFICATION DETAILS

Name :	PENAM LABORATORIES LIMITED
Registered Office :	F – 223, New Rajinder Nagar, New Delhi -  110060
Tel. No.:	91-11-33940065
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.08.1989
Com. Reg. No.:	55-037287
Capital Investment / Paid-up Capital :	Rs. 51.672 Million
CIN No.: [Company Identification No.]	U24231DL1989PLC037287
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELP08786B
PAN No.: [Permanent Account No.]	AAACP0362M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 670000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company, incorporated during the year 1989. It has a satisfactory track record. In the financial year 2014, the company has healthy operational activity marked by fine sales turnover and profitability margin of 6.9%. Further, the company has good financial structure along with fine networth position and favorable gap between trade payables and receivables. General financial position of the company is decent. Trade relations are reported as fair. Business is active. Payments terms are usually correct. 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.

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Ajay Gupta
Designation :	Finance Manager
Contact No.:	91-9868469071
Date :	03.09.2015

LOCATIONS

Registered Office :	F – 223, New Rajinder Nagar, New Delhi -  110060, India
Tel. No.:	91-11-33940065
Mobile No.:	91-9868469071 (Mr. Ajay)
Fax No.:	91-11-28741739
E-Mail :	penam@vsnl.net ajay@penam.in sajmani@vsnl.com
Website :	www.penam.in
Area :	1500 Sq. Ft.
Location :	Owned
Locality:	Commercial
Manufacturing Facility and Research and Development Centre :	Joniawas Rewari, Dharu Hera, District Rewari - 123302, Haryana, India
Tel. No.:	91-1274-267286/267287
Fax No.:	91-1274-267285
E-Mail :	info@penam.in
Area :	4.5 Acres
Location :	Owned

DIRECTORS

AS ON 25.09.2014

Name :

Mr. Surinder Kumar Ajmani

Designation :

Whole-Time Director

Address :

F – 223, New Rajinder Nagar, New Delhi -  110060, India

Date of Birth/Age :

10.10.1939

Date of Appointment :

01.10.2014

DIN No.:

00466908

PAN No.:

AAEPA6885B

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	U74899DL1971PTC005665	D KUMAR CONSULTING ENGINEERS PRIVATE LIMITED	Director	24/05/1973	24/05/1973	-	Active	NO
2	U74899DL1981PTC012273	CONTINENTAL MANUFACTURES PRIVATE LIMITED	Director	26/06/1983	26/06/1983	-	Active	NO
3	U24231DL1989PLC037287	PENAM LABORATORIES LIMITED	Whole-time director	1/10/2014	7/8/1989	-	Active	NO

Name :

Dr. Paras Nath Pandey

Designation :

Whole-Time Director

Address :

F – 223, New Rajinder Nagar, New Delhi -  110060, India

Date of Birth/Age :

02.02.1950

Date of Appointment :

01.10.2014

DIN No.:

00150374

PAN No.:

AAHPP4081D

Name :

Mr. Arun Kumar Mittal

Designation :

Director

Address :

F – 223, New Rajinder Nagar, New Delhi -  110060, India

Date of Birth/Age :

30.06.1954

Date of Appointment :

26.09.2014

DIN No.:

00049425

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	U51397DL1980PLC091361	CHEMCAPS LIMITED	Whole-time director	18/06/1983	18/06/1983	-	Active	NO
2	U24231DL1989PLC037287	PENAM LABORATORIES LIMITED	Director	26/09/2014	20/03/1993	-	Active	NO
3	L74999HR1988PLC030370	COVENTRY COIL-O-MATIC (HARYANA) LIMITED	Director	30/01/2001	30/01/2001	-	Active	NO
4	U74999DL2006PTC156177	PRODERNA BIOTECH PRIVATE LIMITED	Director	4/12/2006	4/12/2006	-	Active	NO

Name :

Mr. Ashish Ajmani

Designation :

Whole-time Director

Address :

F – 223, New Rajinder Nagar, New Delhi -  110060, India

Date of Birth/Age :

15.03.1974

Date of Appointment :

01.10.2014

DIN No.:

00130788

PAN No.:

AAEPA6884A

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	U74899DL1981PTC012273	CONTINENTAL MANUFACTURES PRIVATE LIMITED	Director	30/11/2000	30/11/2000	-	Active	NO
2	U24119DL2002PTC114197	SAMPARK OVERSEAS PRIVATE LIMITED	Director	13/02/2002	13/02/2002	-	Active	NO
3	U24231DL1989PLC037287	PENAM LABORATORIES LIMITED	Whole-time director	1/10/2014	5/10/2009	-	Active	NO

Name :

Mr. Narinder Mohan Jhanji

Designation :

Director

Address :

F – 223, New Rajinder Nagar, New Delhi -  110060, India

Date of Birth/Age :

16.01.1946

Date of Appointment :

26.09.2014

DIN No.:

02612674

KEY EXECUTIVES

Name :	Mr. Ajay Gupta
Designation :	Finance Manager

MAJOR SHAREHOLDERS

AS ON 25.09.2014

Note: SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2014

Category	Percentage
Bodies corporate	30.00
Directors or relatives of Directors	65.00
Others	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products.

Products :

Item Code No.	Product Description
2941	Pharmaceutical Products

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• China
• Bangladesh
• Hong Kong
• Nigeria
• Moddle East
• Srilanka
• Ghana

Imports :

Products :

Raw Material

Countries :

• China
• Japan
• Hong Kong

Terms :

Selling :

Cash, L\C and Credit

Purchasing :

Cash, L\C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	D CM Shriram Industrial Limited, Delhi, India
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 :

Wholesalers, Retailers and Manufacturer

Reference :	Alkem Laboratories Limited, Mumbai, Maharashtra, India
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 :

150 (Approximately)

Bankers :

Banker Name	Oriental Bank of Commerce
Branch Address	Connaught Place, New Delhi, 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working capital loans from banks	38.312	0.000
Total	38.312	0.000

Auditors :
Name :	Subodh Jain and Company Chartered Accountants
Address :	Flat No 107 and 110 Sunder Kiran Plaza, 6/41 Western Extension Area, Ajmal Khan Road, Karol Bagh, New Delhi - 110005 India
PAN N Income-tax PAN of auditor or auditor's firm :	AAOFS1509C
Memberships :	Not Available
Collaborators :	Not Available
Relatives of Key management personnel:	Raj Impex
Associates:	Sampark International Private Limited, India [CIN No.: U74899DL1993PTC055804] Sampark Overseas Private Limited, India [CIN No.: U24119DL2002PTC114197] Chemcaps Limited, India [CIN No.: L51397DL1980PLC091361]

CAPITAL STRUCTURE

AS ON 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million
1000000	Preference Shares	Rs.10/- each	Rs.10.000 Million
	Total		Rs.110.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5167157	Equity Shares	Rs.10/- each	Rs.51.672 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	51.672	51.672	51.672
(b) Reserves & Surplus	184.578	63.622	54.841
(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)	236.250	115.294	106.513
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	2.790	2.405	3.696
(c) Other long term liabilities	0.000	21.300	17.300
(d) long-term provisions	3.752	2.966	2.611
Total Non-current Liabilities (3)	6.542	26.671	23.607
(4) Current Liabilities
(a) Short term borrowings	70.412	14.280	3.200
(b) Trade payables	296.805	268.012	258.737
(c) Other current liabilities	11.300	14.462	9.072
(d) Short-term provisions	42.058	2.634	3.085
Total Current Liabilities (4)	420.575	299.388	274.094
TOTAL	663.367	441.353	404.214
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	77.276	69.077	69.605
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	5.368	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	82.644	69.077	69.605
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	118.064	106.317	85.310
(c) Trade receivables	315.101	201.431	202.928
(d) Cash and cash equivalents	61.648	18.147	5.313
(e) Short-term loans and advances	20.997	11.765	11.393
(f) Other current assets	64.913	34.616	29.665
Total Current Assets	580.723	372.276	334.609
TOTAL	663.367	441.353	404.214

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1656.370	1044.787	839.272
	Other Income	0.900	1.338	0.890
	TOTAL (A)	1657.270	1046.125	840.162
Less	EXPENSES
	Cost of Materials Consumed	1273.042	889.942	684.124
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.426	0.481	16.928
	Employees benefits expense	38.547	33.441	30.390
	Other expenses	144.635	100.261	91.051
	TOTAL (B)	1457.650	1024.125	822.493
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	199.620	22.000	17.669
Less	FINANCIAL EXPENSES (D)	10.673	6.952	5.477
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	188.947	15.048	12.192
Less/ Add	DEPRECIATION/ AMORTISATION (F)	4.591	4.358	6.406
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	184.356	10.690	5.786
Less	TAX (H)	63.400	1.909	2.079
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	120.956	8.781	3.707
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	876.349	439.004	355.327
	TOTAL EARNINGS	876.349	439.004	355.327
	IMPORTS
	Raw Materials	644.571	385.155	2.380
	TOTAL IMPORTS	644.571	385.155	2.380
	Earnings / (Loss) Per Share (Rs.)	23.41	1.7	0.72

Particulars	31.03.2014
Sales Turnover (Approximately)	2000.000

Expected Sales (2015-2016): Rs.2250.000 Million

The above information has been parted by Mr. Ajay Gupta (Finance Manager).

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	89.392	4.035	16.131

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	7.30	0.84	0.44
Operating Profit Margin (PBIDT/Sales)	(%)	12.05	2.11	2.11
Return on Total Assets (PBT/Total Assets}	(%)	28.02	2.42	1.43
Return on Investment (ROI) (PBT/Networth)		0.78	0.09	0.05
Debt Equity Ratio (Total Debt /Networth)		0.30	0.12	0.03
Current Ratio (Current Asset/Current Liability)		1.38	1.87	1.22

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	51.672	51.672	51.672
Reserves & Surplus	54.841	63.622	184.578
Net worth	106.513	115.294	236.250
long-term borrowings	0.000	0.000	0.000
Short term borrowings	3.200	14.280	70.412
Total borrowings	3.200	14.280	70.412
Debt/Equity ratio	0.030	0.124	0.298

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	839.272	1044.787	1656.370
		24.487	58.537

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	839.272	1044.787	1656.370
Profit	3.707	8.781	120.956
	0.44%	0.84%	7.30%

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	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE BONUS:

In addition to the salary, allowances and perquisites, Mr. Surinder Kumar Ajmani will receive remuneration by way of Annual Target Bonus not exceeding 2 % of the net profit of the company for the financial year or part thereof computed in the manner laid down in section 198 of the Companies Act, 2013

FUTURE PROSPECTS:

The financial performance of the company is expected to further improve.

OPERATIONS:

The Company has achieved sales turnover of Rs. 1656.371 million during the year as compared to Rs. 1044.788 million during the previous year.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Deposits From Directors	32.100	10.800
Intercorporate Deposits	0.000	3.480
Total	32.100	14.280

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10446773	08/12/2014 *	125,000,000.00	ORIENTAL BANK OF COMMERCE	A-30-33 FIRST FLOOR, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	C38998498

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Guarantees	12.932	0.350
Other Money For Which Company Is Contingently Liable	8.700	0.000
Total Contingent Liabilities	21.632	0.350

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipment’s

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.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	TRI
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.