MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	BIOCHEM PHARMACEUTICAL INDUSTRIES LIMITED PART IX	Principal Name 1	Mr. Jashwantlal Shantilal Shah
Status	Good	Principal Name 2	Mr. Shreyans Jashwantlal Shah
		Registration #	11-149397
Street Address	Aidun Building, John Crsto Lane (1^st Dhobi Talao), P.O. Box 2217, Mumbai-400002, Maharashtra, India
Established Date	04.11.2004	SIC Code	--
Telephone#	91-22-22085534	Business Style 1	Manufacturer
Fax #	91-22-22082560	Business Style 2	Marketer
Homepage	http://www.biochemgroup.com	Product Name 1	Pharmaceutical Products
# of employees	--	Product Name 2	--
Paid up capital	RS. 75,000,000/-	Product Name 3	--
Shareholders	Bodies corporate 0.20%, Directors or relatives of directors 99.80%	Banking	Union Bank of India Limited
Public Limited Corp.	NO	Business Period	7 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (48)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	538,308,000	Current Liabilities	262,399,000
Inventories	271,546,000	Long-term Liabilities	217,112,000
Fixed Assets	287,157,000	Other Liabilities	116,242,000
Deferred Assets	000	Total Liabilities	595,753,000
Invest& other Assets	19,451,000	Retained Earnings	445,709,000
		Net Worth	520,709,000
Total Assets	1,116,462,000	Total Liab. & Equity	1,116,462,000
Total Assets (Previous Year)	1,145,317,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	2,395,098,000	Net Profit	153,236,000
Sales(Previous yr)	2,241,149,000	Net Profit(Prev.yr)	147,860,000

MIRA INFORM REPORT

Report Date :

30.09.2011

IDENTIFICATION DETAILS

Name :	BIOCHEM PHARMACEUTICAL INDUSTRIES LIMITED

Registered Office :	Aidudn Building, John Crasto Lane, Mumbai-400002, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	04.11.2004

Com. Reg. No.:	11-149397

Capital Investment / Paid-up Capital :	Rs.75.000 Millions

CIN No.: [Company Identification No.]	U24230MH2004PLC149397

TAN No.: [Tax Deduction & Collection Account No.]	MUMM19812C

PAN No.: [Permanent Account No.]	AAACB4383N

Legal Form :	A closely held Public Limited Liability Company.

Line of Business :	Manufacturing and Marketing of Pharmaceutical Products.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 2000000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a well established company having fine track. The company is doing well. Trade relations re reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal 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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

LOCATIONS

Registered Office/ Factory :	Aidudn Building, John Crasto Lane, Mumbai-400002, Maharashtra, India.
Tel. No.:	91-22-22085534/ 22096385/ 66268200
Fax No.:	91-22-22082560/ 22088124
E-Mail :	biochem@bom3.vsnl,net.in csg@biochemgroup.com
Website :	http://www.biochemgroup.com
Area :	2500 sq. ft.
Locations :	Rented

Factory 2:	48, Ringanwads Village Daman, India
Tel No.:	91-260-2243126
Fax No.:	91-260-2243156

Dispatch Office :	Located At: Bhandup

DIRECTORS

As on 25.09.2010

Name :

Mr. Jashwantlal Shantilal Shah

Designation :

Director

Address :

3/8, Avanti Apartment, Flank Road, Sion, Mumbai-400022, Maharashtra, India

Date of Birth/Age :

20.07.1932

Date of Appointment :

04.11.2004

Din No.:

00384640

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	U24230MH1976PTC018985	BIOCHEM PHARMACEUTICALS PRIVATE LIMITED	Director	26-04-76	26-04-76	Active	NO
2	U65990MH1987PLC045488	GAJENDRA INVESTMENT LIMITED	Director	09-07-91	09-07-91	Active	NO
3	U24230MH2004PLC149397	BIOCHEM PHARMACEUTICAL INDUSTRIES LIMITED PART IX	Whole-time director	01-04-10	04-11-04	Active	NO

Name :

Mr. Mayank Jashwantilal Shah

Designation :

Managing Director

Address :

3/8, Avanti Apartment, Flank Road, Sion, Mumbai-400022, Maharashtra, India

Date of Birth/Age :

21.01.1965

Qualification :

BSC

Date of Appointment :

04.11.2004

Din No.:

00384641

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	U24230MH1976PTC018985	BIOCHEM PHARMACEUTICALS PRIVATE LIMITED	Director	13-10-83	13-10-83	Active	NO
2	U65990MH1987PLC045488	GAJENDRA INVESTMENT LIMITED	Director	09-07-91	09-07-91	Active	NO
3	U24230MH2004PLC149397	BIOCHEM PHARMACEUTICAL INDUSTRIES LIMITED PART IX	Managing director	01-04-10	04-11-04	Active	NO
4	U24232MH2007PTC171967	TOYOCHEM LABORATORIES PRIVATE LIMITED	Additional director	05-02-11	05-02-11	Active	NO

Name :

Mr. Shreyans Jashwantlal Shah

Designation :

Director

Address :

3/8, Avanti Apartment, Flank Road, Sion, Mumbai-400022, Maharashtra, India

Date of Birth/Age :

04.08.1966

Date of Appointment :

04.11.2004

Din No.:

00384605

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	U24230MH1976PTC018985	BIOCHEM PHARMACEUTICALS PRIVATE LIMITED	Director	28-08-84	28-08-84	Active	NO
2	U65990MH1987PLC045488	GAJENDRA INVESTMENT LIMITED	Director	09-07-91	09-07-91	Active	NO
3	U24230MH1995PTC088995	TOYOCHEM PHARMA (BOMBAY) PRIVATE LIMITED	Director	31-05-95	31-05-95	Active	NO
4	U24230MH2004PLC149397	BIOCHEM PHARMACEUTICAL INDUSTRIES LIMITED PART IX	Managing director	01-04-10	04-11-04	Active	NO
5	U24232MH2007PTC171967	TOYOCHEM LABORATORIES PRIVATE LIMITED	Additional director	05-02-11	05-02-11	Active	NO

Name :

Ms. Shruti Mayank Shah

Designation :

Director

Address :

3/8, Avanti Apartment, Flank Road, Sion, Mumbai-400022, Maharashtra, India

Date of Birth/Age :

19.07.1966

Date of Appointment :

04.11.2004

Din No.:

00384598

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	U65990MH1987PLC045488	GAJENDRA INVESTMENT LIMITED	Director	30-12-94	30-12-94	-	Active	NO
2	U24230MH1995PTC088995	TOYOCHEM PHARMA (BOMBAY) PRIVATE LIMITED	Director	31-05-95	31-05-95	-	Active	NO
3	U24230MH2004PLC149397	BIOCHEM PHARMACEUTICAL INDUSTRIES LIMITED PART IX	Whole-time director	01-04-10	04-11-04	-	Active	NO
4	U24232MH2007PTC171967	TOYOCHEM LABORATORIES PRIVATE LIMITED	Additional director	09-07-07	09-07-07	04-11-10	Active	NO

Name :

Mrs. Mangalaben Jashwantlal Shah

Designation :

Whole –time –Director

Address :

3/8, Avanti Apartment, Flank Road, Sion, Mumbai-400022, Maharashtra, India

Date of Birth/Age :

05.08.1934

Qualification :

SSC

Date of Appointment :

04.11.2004

Din No.:

00390298

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	U24230MH1976PTC018985	BIOCHEM PHARMACEUTICALS PRIVATE LIMITED	Director	13-10-83	13-10-83	-	Active	NO
2	U65990MH1987PLC045488	GAJENDRA INVESTMENT LIMITED	Director	09-07-91	09-07-91	-	Active	NO
3	U24230MH1995PTC088995	TOYOCHEM PHARMA (BOMBAY) PRIVATE LIMITED	Director	31-05-95	31-05-95	-	Active	NO
4	U24230MH2004PLC149397	BIOCHEM PHARMACEUTICAL INDUSTRIES LIMITED PART IX	Whole-time director	01-04-10	04-11-04	-	Active	NO
5	U24232MH2007PTC171967	TOYOCHEM LABORATORIES PRIVATE LIMITED	Additional director	09-07-07	09-07-07	04-11-10	Active	NO

Name :

Mr. Rajendra Kaniyalal Sanghavi

Designation :

Additional Director

Address :

Sunita Niwas, 78, Swami Vivekanand Road, Santacruz (West), Mumbai-400054, Maharashtra, India

Date of Birth/Age :

04.02.1956

Date of Appointment :

23.06.2008

Din No.:

00505867

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	U24230MH2003PTC143205	FUZION NUTRACEUTICALS PRIVATE LIMITED	Director	19-11-03	19-11-03	Active	NO
2	U24230MH2004PLC149397	BIOCHEM PHARMACEUTICAL INDUSTRIES LIMITED PART IX	Director	29-09-08	23-06-08	Active	NO

Name :

Mr. Suresh Gautamchand Kothari

Designation :

Additional Director

Address :

301, Shree Muktidham CHS Limited, Station Road, Opposite Saraswat Bank, Kalwa (west), Thane-400605, Maharashtra, India

Date of Birth/Age :

21.05.1966

Date of Appointment :

23.06.2008

Din No.:

02196301

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	U24230MH2004PLC149397	BIOCHEM PHARMACEUTICAL INDUSTRIES LIMITED PART IX	Director	29-09-08	23-06-08	Active	NO

Name :

Mr. Sudhakar Govinda Chaudhari

Designation :

Whole Time Director

Address :

404, Arjoon Darshan, Ayre Road, Gavdevi Chowk, Dombivli East, Mumbai-421204, Maharashtra, India

Date of Birth/Age :

17.01.1956

Date of Appointment :

01.05.2010

Din No.:

03022078

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	U24230MH2004PLC149397	BIOCHEM PHARMACEUTICAL INDUSTRIES LIMITED PART IX	Whole-time director	25-09-10	01-05-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2010

Names of Shareholders		No. of Shares
Jashwantlal Shantilal Shah		4500000
Mayank Jashwantilal Shah		1500000
Shreyans Jashwantlal Shah		712500
Mangalaben Jashwantlal Shah		712500
Shruti Mayank Shah		60000
Biotech Pharmaceuticals Private Limited, India		7500
Toyochem Pharma (Bombay) Private Limited, India		7500

Total		7500000

As on 25.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		0.20
Directors or relatives of directors		99.80
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Pharmaceutical Products.

Products :

Product Description	Item Code
Dry Powder Injection Vial	A0019FG
Liquid Injection Vial	A0019FG
Tablets and Capsules	A0019FG

GENERAL INFORMATION

Bankers :

Union Bank of India Limited, Princess Street Branch, Devkaran Mansion, Shamaldas Gandhi Marg, Mumbai-400002, Maharashtra, India
HDFC Bank

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
ICICI Bank Limited (Secured against KVP of directors)		(0.011)
HDFC Bank Limited (Secured against FMP of company and directors)		12.604
Union Bank of India (Secured against hypothecation of stock and book debts)	66.875	23.150
Union Bank of India (Vapi) (Secured against hypothecation of stocks and book debts)		2.330
UBI Daman (Secured against hypothecation of stocks and book debts)		(0.019)
Total	66.875	38.054

Unsecured Loan
From shareholders and directors	150.237	85.596
Total	150.237	85.596


Banking Relations :	--

Auditors :
Name :	Anuj B. Golecha (Banshi Jain and Associates) Chartered Accountant
Address :	404/405, Imperial Plaza, Dr. K.B. Hedgewar Marg, Opposite Amarsons, Bandra (W), Mumbai-400002, Maharashtra, India.
Tel. No.:	91-22-26511213/26511215
Fax No.:	91-22-26511197
Website :	http://www.bjaa.in

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
2000000	Preferences Shares	Rs.10/- each	Rs.20.000 Millions
	Total		Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		75.000	75.000	75.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		445.709	402.156	363.978
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		520.709	477.156	438.978
LOAN FUNDS
1] Secured Loans		66.875	38.054	102.294
2] Unsecured Loans		150.237	85.596	194.864
TOTAL BORROWING		217.112	123.650	297.158
DEFERRED TAX LIABILITIES		6.559	2.945	3.083

TOTAL		744.380	603.751	739.219

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		287.157	149.700	99.760
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		19.451	39.333	82.020
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	271.546	240.196	322.187
	Sundry Debtors	477.822	455.270	456.212
	Cash & Bank Balances	13.707	7.699	10.453
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	46.779	223.959	159.684
Total Current Assets		809.854	927.124	948.536
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		164.423	148.353
	Other Current Liabilities	262.399	63.701	67.505
	Provisions	109.683	313.442	214.265
Total Current Liabilities		372.082	541.566	430.123
Net Current Assets		437.772	385.558	518.413

MISCELLANEOUS EXPENSES		0.000	29.160	39.026

TOTAL		744.380	603.751	739.219

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2395.098	2241.149	1955.537
		Other Income	20.744	15.250	31.815
		TOTAL	2415.842	2256.399	1987.352

Less	EXPENSES
		Material Cost	1541.690	1460.340	1283.577
		Manufacturing Expenses	109.025	90.873	98.861
		Selling Expenses	388.392	335.464	288.752
		Administrative Expenses	132.345	120.308	107.275
		TOTAL	2171.452	2006.985	1778.465

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		244.390	249.414	208.887

Less	FINANCIAL EXPENSES		14.408	19.759	28.909

	PROFIT BEFORE TAX		229.982	229.655	179.978

Less	TAX		76.746	81.795	74.042

	PROFIT AFTER TAX		153.236	147.860	105.936

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		374.656	351.478	345.788

Less	APPROPRIATIONS
		General reserves	15.000	15.000	12.500
		Proposed dividend	93.750	93.750	75.000
		Tax on proposed dividend	15.933	15.932	12.746
	BALANCE CARRIED TO THE B/S		403.209	374.656	351.478

	Earnings Per Share (Rs.)		20.43	19.71	14.12

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.34	6.55	5.33

Net Profit Margin (PBT/Sales)	(%)	9.60	10.25	9.20

Return on Total Assets (PBT/Total Assets}	(%)	20.96	21.33	17.17

Return on Investment (ROI) (PBT/Networth)		0.44	0.48	0.41

Debt Equity Ratio (Total Liability/Networth)		1.13	1.39	1.66

Current Ratio (Current Asset/Current Liability)		2.18	1.71	2.21

LOCAL AGENCY FURTHER INFORMATION

FINANCE:

The company has obtained external borrowings in the form of secured loans from Union Bank of India secured against hypothecation of stocks and book debts of Rs.2.230 millions (Rs.25.480 millions) and HDFC Bank Limited secured against pledge of Nabard bonds of the directors amounting to Rs.54.044 millions (Rs.12.605 millions)

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	80049087
Corporate identity number of the company	U24230MH2004PLC149397
Name of the company	BIOCHEM PHARMACEUTICAL INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Aidudn Building, John Crasto Lane, Mumbai-400002, Maharashtra, India.
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Union Bank of India Limited, Princess Street Branch, Devkaran Mansion, Shamaldas Gandhi Marg, Mumbai-400002, Maharashtra, India
Email	cbsprincessstreet@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	Supplementary agreement to sd-03 hypothecation agreement
Date of instrument Creating the charge	02.08.2011
Amount secured by the charge	Rs.40.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest : Usual Terms of Repayment On Demand Margin As per sanction terms. Extent and Operation of the charge To Secure The Import / Inland Letter of Credit (DP/DA Upto 180 Days) Limit of Rs.40.000 millions (Reduced From Rs.60.000 millions).
Short particulars of the property charged	I) Hypothecation In Favour of the Bank, Company's Goods Like Pharmaceuticals Which Now or Hereinafter From Time to Time During This Security Shall Be Brought In, Stored or to be in or about II) The Company's Premises Or Godown/S At Aidun Building, 1st Dhobi Talao, Mumbai - 400 002 or in The Godowns / Premises Hired By The Borrower For Storing Them and / or In Transit.
Date of latest modification prior to the present modification	11.09.2008
Particulars of the present modification	The import / inland letter of credit (DP/DA upto 180 days) limit has reduced from Rs.60.000 millions to Rs.40.000 millions and the hypothecated goods, products and movable property covered by the principal hypothecation agreement shall continue to be a security for the bank for the reduced limit of Rs.40.000 millions together with interest, additional interest, expenses, costs and all other monies payable by the borrower to the bank.

Fixed Assets:

· Building

· Land and Building

· Plant and Machinery

· Furniture and Fixtures

· Lift

· Air Conditioner

· Electrical Fittings

· Motor Car

· Scooter

· Tempo Delivery Van

· Computer

· Land and Building Unit

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.48.92
UK Pound	1	Rs.76.52
Euro	1	Rs.66.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.

MIRA INFORM REPORT

271.546

240.196

477.822

455.270

13.707

7.699

0.000

0.000

46.779

223.959

809.854

927.124

164.423

262.399

63.701

109.683

313.442

372.082

541.566

437.772

385.558

6.34

6.55

9.60

10.25

20.96

21.33

0.44

0.48

1.13

1.39

2.18

1.71

Unit