MIRA INFORM REPORT

Report Date :

25.10.2011

IDENTIFICATION DETAILS

Name :	LABINDIA INSTRUMENTS PRIVATE LIMITED
Registered Office :	34/38, Bharat Kunj Society, II, Erandvana, Pune–411004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.08.1982
Com. Reg. No.:	11-27977
Capital Investment / Paid-up Capital :	Rs.7.500 Millions
CIN No.: [Company Identification No.]	U33125MH1982PTC027977
IEC No.:	0388116374
Pan No.:	AAACL5140P
Legal Form :	Private limited liability company
Line of Business :	Trader, Distributors and Importer of Analytical Instruments.
No. of Employees :	98 (In Office 93, In Factory 5) [Approximately]

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 4300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Ajit Karandikar
Designation :	Finance Manager
Date :	18.10.2011

LOCATIONS

Registered Office :	34/38, Bharat Kunj Society, II, Erandvana, Pune–411004, Maharashtra, India
Tel. No.:	91-20-25410817
Fax No.:	91-20-25335940
E-Mail :	karandikaraa@labindia.com labindia@bom3.vsnl.net.in
Website :	http://www.labindia.com
Area :	1000 Sq. ft.
Location :	Owned
Head Office :	201, Nand Chambers, L. B. S. Marg, Near Vandana Cinema, Thane - 400602, Maharashtra, India
Tel. No.:	91-22-25335389 / 1857 / 25369448 / 25534645 / 25986000 / 25445000 /25986062
Fax No.:	91-22-25335940 / 25434775 / 25986060 / 25398634
E-Mail :	labindia@bom3.vsnl.net.in
Factory 1 :	359, Shastri Marg, Mulund (West) Branch, Mumbai – 400008, Maharashtra, India
Factory 2 :	Plot No EL-72 Electronic Zone, TTC Industrial Area, Thane Belapur Road, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-27626661 / 27626662 / 27626663 / 27626664 / 27626666
Fax No.:	91-22-27683549 / 27626664
E-Mail :	liplfactory@vsnl.net
Branch Office:	34/38, Bharat Kunj Society No. II, Near New Abhinav English School, Erandavane, Pune-411038, Maharashtra, India
Tel No.:	91-20-25451583/84
Email:	karankikaraa@labindia.com
Regional Office :	Located At: Baroda Kolkata Chennai Delhi Gurgaon Chennai Pune Hyderabad Thiruvananthapuram

DIRECTORS

Name :

Mr. Shriram Ganesh Bhalerao

Designation :

Chairman

Address :

603, Kasturi Towers, L.B.S. Road, Panchpakhadi, Thane-400602, Maharashtra, India

Date of Birth/Age :

11.04.1951

Qualification :

B. SC, Physics

Date of Appointment :

10.08.1982

Din No.:

00495009

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U33125MH1982PTC027977	LABINDIA INSTRUMENTS PRIVATE LIMITED	Managing director	10-08-82	10-08-82	-	Active	NO
2	U31909PN1989PTC053950	LABINDIA ENGINEERS PRIVATE LIMITED	Director	18-10-89	18-10-89	-	Strike off	NO
3	U31909MH1995PTC085234	SELRACK ELECTRONIC ENCLOSURES PRIVATE LIMITED	Director	03-02-95	03-02-95	-	Active	NO
4	U24249PN2002PTC016919	NIRMAL HEALTHCARE PRODUCTS PRIVATE LIMITED	Director	15-04-02	15-04-02	-	Active	NO
5	U63040PN2003PTC018648	DATTA DIGAMBER TOURS AND TRAVELS PRIVATE LIMITED	Director	11-12-03	11-12-03	-	Active	NO
6	U72200PN2003PTC018652	BIO-ANALYTICAL TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	20-12-03	20-12-03	-	Active	NO
7	U74999MH2004PTC145744	PERKINELMER (INDIA) PRIVATE LIMITED	Director	16-04-04	16-04-04	30-04-07	Active	NO
8	U72200PN2006PTC021992	ANUJEEVA BIOSCIENCES PRIVATE LIMITED	Director	13-02-06	13-02-06	-	Active	NO
9	U72900PN2006PTC128952	CLINISEARCH BIOTECHNOLOGIES PRIVATE LIMITED	Director	22-08-06	22-08-06	-	Strike off	NO
10	U73100KA2006PTC041005	LOTUS CLINICAL RESEARCH ACADEMY PRIVATE LIMITED	Director	15-01-07	15-01-07	-	Active	NO
11	U85100PN2007PTC130763	LABINDIA LIFE SCIENCES PRIVATE LIMITED	Director	26-09-07	26-09-07	-	Active	NO
12	U45201MH2006PTC164277	SHRUSHTI REALTORS PRIVATE LIMITED	Director	05-11-07	05-11-07	-	Active	NO
13	U99999MH1988PTC047826	DONWHITLEY SCIENTIFIC EQUIPMENTS PRIVATE LIMITED	Director	20-11-07	20-11-07	-	Active	NO
14	U72900PN2008PTC132272	IDOL EQLSOFT PRIVATE LIMITED	Director	19-06-08	19-06-08	-	Active	YES
15	U74999PN2008PTC132288	LABINDIA CONSULTANTS PRIVATE LIMITED	Director	20-06-08	20-06-08	-	Under Process of Striking off	NO
16	U72200MH2000PTC124803	ENDURA SOFT-SOLUTION PRIVATE LIMITED	Director	11-07-08	03-07-08	-	Active	NO
17	U33125PN2010PTC135542	LABINDIA ANALYTICAL INSTRUMENTS PRIVATE LIMITED	Director	15-02-10	15-02-10	-	Active	NO
18	U72900PN2005PTC020174	DELTA EMBEDDED SOLUTIONS PRIVATE LIMITED	Additional director	16-03-10	16-03-10	-	Active	NO
19	U85100PN2010PTC135933	LABINDIA HEALTHCARE PRIVATE LIMITED	Director	26-03-10	26-03-10	-	Active	NO
20	U74999MH2008PTC186895	SEQUENCE BIO-TECH PRIVATE LIMITED	Director	02-12-10	02-12-10	-	Active	NO
21	U25209MH1996PTC096711	AMBIKA PLAST AND CHEM PRIVATE LIMITED	Director	13-05-11	13-05-11	-	Active	NO

Name :

Mr. Shrikant Shankar Bapat

Designation :

Director

Address :

S.No.849/1,Uma Apartments, Flat No.8, Opposite B. M. C. C., Dr. Agarkar Road, Shivaji Nagar, Pune – 411004, Maharashtra, India

Date of Birth/Age :

05.11.1944

Qualification :

Diploma in Electronics and Radio Engineering, B. Sc.

Date of Appointment :

10.08.1982

Din No.:

00248221

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33125MH1982PTC027977	LABINDIA INSTRUMENTS PRIVATE LIMITED	Managing director	10-08-82	10-08-82	Active	NO
2	U31909PN1989PTC053950	LABINDIA ENGINEERS PRIVATE LIMITED	Director	18-10-89	18-10-89	Strike off	NO
3	U29299PN1949PLC006866	VANAZ ENGINEERS LIMITED	Director	03-03-92	03-03-92	Active	NO
4	U24249PN2002PTC016919	NIRMAL HEALTHCARE PRODUCTS PRIVATE LIMITED	Director	15-04-02	15-04-02	Active	NO
5	U63040PN2003PTC018648	DATTA DIGAMBER TOURS AND TRAVELS PRIVATE LIMITED	Director	11-12-03	11-12-03	Active	NO
6	U72200PN2003PTC018652	BIO-ANALYTICAL TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	20-12-03	20-12-03	Active	NO
7	U72900PN2006PTC128952	CLINISEARCH BIOTECHNOLOGIES PRIVATE LIMITED	Director	22-08-06	22-08-06	Strike off	NO
8	U85100PN2007PTC130763	LABINDIA LIFE SCIENCES PRIVATE LIMITED	Director	26-09-07	26-09-07	Active	NO
9	U33125PN2010PTC135542	LABINDIA ANALYTICAL INSTRUMENTS PRIVATE LIMITED	Managing director	15-02-10	15-02-10	Active	NO
10	U85100PN2010PTC135933	LABINDIA HEALTHCARE PRIVATE LIMITED	Director	26-03-10	26-03-10	Active	NO
11	U74999MH2008PTC186895	SEQUENCE BIO-TECH PRIVATE LIMITED	Director	02-12-10	02-12-10	Active	NO

Name :

Mr. Vijay Madhusadan Bibikar

Designation :

Director

Address :

3-B, Kalyani Apartments,106-107, Abirampuram,4^th Street, Abirampuram, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

14.08.1955

Qualification :

Post Graduate in Physics, M. Sc.

Date of Appointment :

10.08.1982

Din No.:

00333007

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U33125MH1982PTC027977	LABINDIA INSTRUMENTS PRIVATE LIMITED	Director	10-08-82	10-08-82	-	Active	NO
2	U24249PN2002PTC016919	NIRMAL HEALTHCARE PRODUCTS PRIVATE LIMITED	Director	15-04-02	15-04-02	-	Active	NO
3	U72200PN2003PTC018652	BIO-ANALYTICAL TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	20-12-03	20-12-03	-	Active	NO
4	U74999MH2004PTC145744	PERKINELMER (INDIA) PRIVATE LIMITED	Director	16-04-04	16-04-04	30-04-07	Active	NO
5	U72900PN2006PTC128952	CLINISEARCH BIOTECHNOLOGIES PRIVATE LIMITED	Director	22-08-06	22-08-06	-	Strike off	NO
6	U85100PN2007PTC130763	LABINDIA LIFE SCIENCES PRIVATE LIMITED	Director	26-09-07	26-09-07	-	Active	NO
7	U33125PN2010PTC135542	LABINDIA ANALYTICAL INSTRUMENTS PRIVATE LIMITED	Director	15-02-10	15-02-10	-	Active	NO
8	U85100PN2010PTC135933	LABINDIA HEALTHCARE PRIVATE LIMITED	Director	26-03-10	26-03-10	-	Active	NO
9	U74999MH2008PTC186895	SEQUENCE BIO-TECH PRIVATE LIMITED	Director	02-12-10	02-12-10	-	Active	NO

Name :

Mr. Virendra Sitaram Upadhye

Designation :

Director

Address :

45/16, Second Floor, East Patel Nagar, New Delhi – 110008, India

Date of Birth/Age :

09.03.1957

Qualification :

B. Sc, Diploma in Electronics and Radio Engineering

Date of Appointment :

10.08.1982

Din No.:

00269965

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33125MH1982PTC027977	LABINDIA INSTRUMENTS PRIVATE LIMITED	Director	10-08-82	10-08-82	Active	NO
2	U24249PN2002PTC016919	NIRMAL HEALTHCARE PRODUCTS PRIVATE LIMITED	Director	15-04-02	15-04-02	Active	NO
3	U63040PN2003PTC018648	DATTA DIGAMBER TOURS AND TRAVELS PRIVATE LIMITED	Director	11-12-03	11-12-03	Active	NO
4	U72200PN2003PTC018652	BIO-ANALYTICAL TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	20-12-03	20-12-03	Active	NO
5	U72200PN2006PTC021992	ANUJEEVA BIOSCIENCES PRIVATE LIMITED	Director	13-02-06	13-02-06	Active	NO
6	U72900PN2006PTC128952	CLINISEARCH BIOTECHNOLOGIES PRIVATE LIMITED	Director	22-08-06	22-08-06	Strike off	NO
7	U73100KA2006PTC041005	LOTUS CLINICAL RESEARCH ACADEMY PRIVATE LIMITED	Director	15-01-07	15-01-07	Active	NO
8	U85100PN2007PTC130763	LABINDIA LIFE SCIENCES PRIVATE LIMITED	Director	26-09-07	26-09-07	Active	NO
9	U72900PN2008PTC132272	IDOL EQLSOFT PRIVATE LIMITED	Director	19-06-08	19-06-08	Active	YES
10	U85110HR2003PTC035036	ARA HEALTH CARE PRIVATE LIMITED	Director	30-09-09	04-07-09	Active	NO
11	U33125PN2010PTC135542	LABINDIA ANALYTICAL INSTRUMENTS PRIVATE LIMITED	Director	15-02-10	15-02-10	Active	NO
12	U72900PN2005PTC020174	DELTA EMBEDDED SOLUTIONS PRIVATE LIMITED	Additional director	16-03-10	16-03-10	Active	NO
13	U85100PN2010PTC135933	LABINDIA HEALTHCARE PRIVATE LIMITED	Managing director	26-03-10	26-03-10	Active	NO
14	U74999MH2008PTC186895	SEQUENCE BIO-TECH PRIVATE LIMITED	Director	02-12-10	02-12-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Ajit Karandikar
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Shriram Ganesh Bhalerao	65625
Shrikant Shankar Bapat	84375
Virendra Sitaram Upadhye	56250
Vijay Madhusadan Bibikar	56250

BUSINESS DETAILS

Line of Business :	Trader, Distributors and Importer of Analytical Instruments.
Agencies Held :	· Surface Measurement Systems Limited, UK · CTL Analyzers, USA · Nanosight, UK · BBE Moldaenke, Germany · GE Sensing, US and Germany · Don Whitley Scientific Equipments, UK · Seward Limited, UK · Sepragen, USA · World Precision Inc. · AMETEK · Cepheid · Renishaw, UK · CSM, Switzerland · Sentech, GmbH · Nanonics, Israel · Walter UHL, GmbH · Meterials Research Furnaces Inc. UK · Cedar, UK · Lambda Technologies, US · Anasys Instruments · Applied Instrument Technologies, USA · Photovac Inc, USA · Hobre Instruments, Netherlands · Amtech, Germany · Avir Sensor, USA · Dynalog Electronics · AB Sciex, USA
Terms :
Selling :	L/C / Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :	End Users and Others
No. of Employees :	98 (In Office 93, In Factory 5) [Approximately]
Bankers :	Indian Bank, Mulund West Branch, Mumbai - 400 080 Bank of India, Panchpakhadi Branch, Vandana House, Bombay-Agra Raod, Near Vandana Cinema, Thane – 400 602 New India Co-operative Bank Limited, V. C. Gurukul High School, Derasar Lane, Ghatkopar (East), Mumbai – 400077, Maharashtra, India Axis Bank Limited, Dhiraj Baug, L. B. S. Marg, Near Hariniwas Circle, Thane-400602, Maharashtra, India
Facilities :	Cash Credit Rs.60.000 Millions Bank Guarantee Rs.75.000 Millions

Banking Relations :	--
Auditors :
Name :	Mr. Madhav Dattatraya Yeravdekar Chartered Accountant
Address :	Pune-411030, Maharashtra, India
Tel. No.:	91-20-24537887
Fax No.:	91-20-24537889
E-Mail :	year@yeraranade.com
Sister Concern:	· Labindia Healthcare Private Limited Address: EL-16, Electronic Zinc, TTC Industrial Area, Thane Belapur Road, Navi Mumbai, Maharashtra, India

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital : Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.7.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		7.500	7.500	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1089.052	957.747	823.911
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1096.552	965.247	831.411
LOAN FUNDS
1] Secured Loans		93.021	108.257	123.796
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		93.021	108.257	123.796
DEFERRED TAX LIABILITIES		0.000	0.000	0.797
TOTAL		1189.573	1073.504	956.004
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		119.134	167.863	189.458
Capital work-in-progress		142.470	138.630	140.758
INVESTMENT		92.888	75.062	81.764
DEFERREX TAX ASSETS		8.893	4.186	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	172.445	146.064	96.795
	Sundry Debtors	323.428	345.020	248.739
	Cash & Bank Balances	169.897	229.898	185.736
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	520.688	360.684	327.557
Total Current Assets		1186.458	1081.666	858.827
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors			206.079
	Other Current Liabilities	239.228	293.348	16.270
	Provisions	121.042	100.555	92.454
Total Current Liabilities		360.270	393.903	314.803
Net Current Assets		826.188	687.763	544.024
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1189.573	1073.504	956.004

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1453.662	1277.329	1174.789
		Other Income	176.917	41.382	19.311
		TOTAL	1630.579	1318.711	1194.100
Less	EXPENSES
		Cost of Sales and Service Charges	469.489	425.084	370.992
		Employees Remuneration and Benefits	424.204	364.657	284.556
		Administrative and General Expenses	317.435	268.900	270.386
		TOTAL	1211.128	1058.641	925.934
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		419.451	260.070	268.166
Less/ Add	DEPRECIATION/ AMORTISATION		27.395	30.034	29.962
	PROFIT BEFORE TAX		392.056	230.036	238.204
Less	TAX		121.042	83.064	87.293
	PROFIT AFTER TAX		271.014	146.972	150.911
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		455.047	371.211	287.893
Add / Less	INCOME TAX OF PARTNERSHIP FIRMS		0.435	(0.486)	0.942
	EXCESS (SHORT) PROVISION OF EARLIER YEAR INCOME TAX		(2.991)	(0.142)	1.443
	MISCELLANEOUS BALANCES WRITTEN OFF		1.211	0.000	2.045
Add/ Less	DEFERRED INCOME TAX		(4.708)	4.983	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	50.000	50.000	50.000
		Dividend	125.000	15.000	11.250
		Tax on Dividend	20.762	2.491	1.913
	BALANCE CARRIED TO THE B/S		536.352	455.047	371.211
	Earnings Per Share (Rs.)		361.352	195.96	201.21

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	16.62	11.15	12.64
Net Profit Margin (PBT/Sales)	(%)	26.97	18.00	20.28
Return on Total Assets (PBT/Total Assets}	(%)	30.03	18.41	22.72
Return on Investment (ROI) (PBT/Networth)		0.36	0.24	0.29
Debt Equity Ratio (Total Liability/Networth)		0.41	0.52	0.53
Current Ratio (Current Asset/Current Liability)		3.29	2.75	2.73

LOCAL AGENCY FURTHER INFORMATION

Nil

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 records 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.49.87
UK Pound	1	Rs.79.72
Euro	1	Rs.69.52

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		60

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.