MIRA INFORM REPORT

Report Date :

03.08.2012

IDENTIFICATION DETAILS

Name :	B. L. LIFE SCIENCES PRIVATE LIMITED
Registered Office :	A-245, Okhla Industrial Area, Phase- I, New Delhi, Delhi-110020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.03.1999
Com. Reg. No.:	55-098641
Capital Investment / Paid-up Capital :	Rs. 28.557 Millions
CIN No.: [Company Identification No.]	U33112DL1999PTC098641
TAN No.: [Tax Deduction & Collection Account No.]	DELB06427B
PAN No.: [Permanent Account No.]	AACCB2350B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Surgical and Hemodialysis Accessories
No. of Employees :	Not Available

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 760000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the profitability during 2011. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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	CRISIL
Rating	BBB- / Stable (Term Loan)
Rating Explanation	Moderate credit risk
Date	31.01.2012

Rating Agency Name	CRISIL
Rating	A3 (Bank Guarantee)
Rating Explanation	Moderate degree of safety and higher credit risk
Date	31.01.2012

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Corporate Office :	A-245, Okhla Industrial Area, Phase- I, New Delhi, Delhi-110020, India
Tel. No.:	91-11-45100100
Fax No.:	91-11-41708464/ 41708465
E-Mail :	sunil@billifesciences.com blls@bllifesciences.com info_infotech@yahoo.co.in fcasanjeev@gmail.com
Website :	http://www.bllifesciences.com
Factory :	D-31, Site IV Kansa, Greater Noida-201306, Uttar Pradesh, India
International Business Centre :	Located At · Asia Pacific, · ANZ · Russia · USA · Canada · Europe · Middle East · Africa · South Africa
Branch and Representative Offices In India :	Located at: · Chennai · Mumbai · Bangalore · Hyderabad · Kolkata · Ahmedabad · Lucknow · Chandigarh · Jaipur
Overseas Operations :	Located At · Singapore · Dubai

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Sunil Aggarwal
Designation :	Managing Director
Address :	W-39, Greater Kailash – I, New Delhi, Delhi-110048, India
Date of Birth/Age :	01.09.1965
Date of Appointment :	03.03.1999
DIN No.:	00312454

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	U51909DL1984PLC017487	B L MARKETING SERVICES LIMITED	Managing director	14/04/2008	01/09/1986	-	Amalgamated	NO
2	U74899DL1995PTC071581	B.L. HOME THERAPEUTICS PRIVATE LIMITED	Director	09/08/1995	09/08/1995	-	Strike off	NO
3	U33112DL1999PTC098641	B.L.LIFE SCIENCES PRIVATE LIMITED	Managing director	05/03/2008	03/03/1999	-	Active	NO
4	U33119DL2005PTC131796	PLASTX LABS PRIVATE LIMITED	Director	03/01/2005	03/01/2005	-	Active	NO
5	U51101DL2005PTC131793	BIOLIFE MEDICAL PRIVATE LIMITED	Director	03/01/2005	03/01/2005	-	Active	NO
6	U65910DL1994PLC057109	CAPARO FINANCIAL SOLUTIONS LIMITED	Additional director	14/04/2008	14/04/2008	29/09/2008	Active	NO
7	U74899DL1995PLC068199	GEEFAM FININVEST LEASE LIMITED	Additional director	02/02/2009	02/02/2009	06/07/2009	Active	NO

Name :	Mr. Ajay Aggarwal
Designation :	Director
Address :	W-39, Greater Kailash – I, New Delhi, Delhi-110048, India
Date of Birth/Age :	17.02.1964
Date of Appointment :	03.03.1999
DIN No.:	00312651

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	Company/ LLP Status	Defaulting status
1	U33112DL1999PTC098641	B.L.LIFE SCIENCES PRIVATE LIMITED	Director	03/03/1999	03/03/1999	Active	NO
2	U85110TN2003PTC051101	FRONTIER LIFELINE PRIVATE LIMITED	Director	01/10/2006	01/10/2006	Active	NO

Name :	Mr. Bhoopendra Singh Shishodia
Designation :	Whole time Director
Address :	201 A, Neeti Khandal, Indirapurama, Ghaziabad-201001, Uttar Pradesh, India
Date of Birth/Age :	06.10.1969
Date of Appointment :	10.06.2010
DIN No.:	03085915

KEY EXECUTIVES

Name :	Mr. Randeep Singh
Designation :	Secretary
Address :	Block-6, House No.675, Lodhi Colony, New Delhi-110003, India
Date of Birth/Age :	11.11.1985
Date of Appointment :	01.02.2011
PAN No.:	AECPT0223N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Sunil Aggarwal	1493567
Ajay Aggarwal	166500
Seema Aggarwal	917500
Sejal Aggarwal	100100
Subham Agarwal	136633
Shakuntala Aggarwal	100
J K Aggarwal HUF	100
Ankur Gupta	100
Subhash Gupta	100
Poonam Aggarwal	40767
Ashna Aggarwal	133
Abhijay Aggarwal	67
TOTAL	2855667

AS ON 29.09.2011

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Surgical and Hemodialysis Accessories

Products :

ITC CODE	PRODUCTS
90183290	PM Kit DTX EL KIT
90181990	Pressure Monitoring Lines
90189093	Oxygenator

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Standard Chartered Bank, 10, Parliament Street, New Delhi-110001, India

· State Bank of India, SME Branch, 233, Industrial Estate, Okhla, Phase-III, New Delhi-110020, India

· ICICI Bank

· HDFC Bank

· Citi Bank

· Canara Bank

· Punjab National Bank

· The Royal Bank of Scotland

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
ICICI Car Loan (Secured against hypothecation of Car)	12.024	8.772
Kotak Mahindra Prime Limited (Secured against hypothecation of car)	0.757	1.439
Canara Bank Cash Credit (Secured against hypothecation of stock and book debts, bank charge on fixed assets and also personal guarantee of the directors)	0.000	70.370
HDFC Car Loan (Secured against hypothecation of car)	2.916	4.501
Standard Chartered Bank Credit (Secured against hypothecation of stock and book debts)	90.365	0.000
Buyers Credit	26.523	0.000
Term Loan (SCB)	29.382	0.000
TOTAL	161.967	85.082
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loan from Directors
Ajay Aggarwal	10.000	10.000
Sunil Aggarwal	69.769	70.231
Seema Aggarwal	10.000	10.000
Loan from Shareholders
Subhash Gupta	2.650	2.650
Poonam Aggarwal	5.000	5.000
Sejal Aggarwal	0.425	0.275
Stubham Aggarwal	0.525	0.325
JK Aggarwal HUF	0.761	0.870
Shakunttla Aggarwal	1.100	1.100
Interest Accrued on Unsecured Loans	1.017	1.092
TOTAL	101.247	101.543

Banking Relations :	--
Auditors :
Name :	Sam and Associates Chartered Accountant
Address :	A-48, LGF, Dayanand Colony, Lajpat Nagar- IV, New Delhi-110002, India
Tel. No.:	91-11-26432756
Mobile No.:	91-9810034027
PAN No.:	AACFS6838G

CAPITAL STRUCTURE

AFTER 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs. 120.000 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
2905667	Equity Shares	Rs.10/- each	Rs. 29.057 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
2855667	Equity Shares	Rs.10/- each	Rs. 28.557 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-Up Capital :

No. of Shares	Type	Value	Amount
2855667	Equity Shares	Rs.10/- each	Rs. 28.557 Millions

AS ON 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-Up Capital :

No. of Shares	Type	Value	Amount
11411334	Equity Shares	Rs.10/- each	Rs. 114.113 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		28.557	28.557	22.060
2] Share Application Money		0.100	0.000	.000
3] Reserves & Surplus		162.258	122.666	43.852
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		190.915	151.223	65.912
LOAN FUNDS
1] Secured Loans		161.967	85.082	50.750
2] Unsecured Loans		101.247	101.543	51.293
TOTAL BORROWING		263.214	186.625	102.043
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		454.129	337.848	167.955
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		104.489	98.032	48.254
Capital work-in-progress		59.842	1.402	0.076
INVESTMENT		0.005	0.005	0.000
DEFERREX TAX ASSETS		1.250	1.684	1.215
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	184.544	140.257	95.625
	Sundry Debtors	158.042	159.165	120.285
	Cash & Bank Balances	13.716	22.467	25.263
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	41.747	45.256	27.579
Total Current Assets		398.049	367.145	268.752
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	69.301	68.954	94.908
	Other Current Liabilities	16.708	34.111	37.416
	Provisions	23.497	27.589	18.505
Total Current Liabilities		109.506	130.654	150.829
Net Current Assets		288.543	236.491	117.923
MISCELLANEOUS EXPENSES		0.000	0.234	0.487
TOTAL		454.129	337.848	167.955

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	716.349	700.091	525.509
		Other Income	18.461	20.138	7.475
		TOTAL	734.810	720.229	532.984
Less	EXPENSES
		Office Expenses	676.386	657.682	495.551
		Administrative Expenses
		Advertising Expenses
		TOTAL	676.386	657.682	495.551
	PROFIT BEFORE TAX		58.424	62.547	37.433
Less	TAX		21.243	22.086	21.584
	PROFIT AFTER TAX		37.181	40.461	15.849
	APPROPRIATIONS
		Transferred to General Reserve	--	--	2.000
		Proposed Dividend	--	--	1.103
		Dividend Distribution Tax	--	--	0.187
	BALANCE CARRIED TO THE B/S		28.925	34.888	19.974
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	60.454	90.364	47.996
		Commission Earnings	1.068	0.000	0.000
	TOTAL EARNINGS		61.522	90.364	47.996
	IMPORTS VALUE		260.085	272.987	197.657
	Earnings Per Share (Rs.)		13.02	18.17	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.06	5.62	2.97
Net Profit Margin (PBT/Sales)	(%)	8.16	8.93	7.12
Return on Total Assets (PBT/Total Assets}	(%)	11.60	13.40	11.76
Return on Investment (ROI) (PBT/Networth)		0.31	0.41	0.57
Debt Equity Ratio (Total Liability/Networth)		1.95	2.10	3.84
Current Ratio (Current Asset/Current Liability)		3.63	2.81	1.78

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----
26]	Buyer visit details	----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

MERGER

B L Marketing Services Limited with B.L. Life Sciences Private Limited under section 391 and 394 of the Companies Act, 1956 vide Delhi High Court Order dated September 27, 2010.

The Appointed Date for the merger was April 01, 2008 and consequently, the financial figures for current year reflect the consolidated results of B L Marketing Services Limited and B.L. Life Sciences Private Limited from to appointed date till March 31, 2011, hence, not comparable to those of the previous year. The merger accounting has been done on the pooling of interests methods in accordance with the Accounting Standard 14 (AS 14) as prescribed by the Institute of Chartered Accountants of India (ICAI). The merger will facilitate the integration and consolidation of their business in India and enable them to operate more efficiently and effectively.

TRANSFER TO RESERVES

During the period the company has not transferred any amount to its General Reserves. However, the amount of consideration paid consequent upon merger is less than the Net Assets acquired by company. Hence, in accordance with As 14 the Company has transferred an amount of Rs. 12.993 millions to its Capital Reserves.

FUTURE OUTLOOK

The Company has recently concluded the construction of new factory premises in Greater Noida, Uttar Pradesh admeasuring over 6000 sq mtrs. The factory is an outcome of sheer dedication of management and employees of the Company. It is equipped with the latest machinery, technology and other advances facilities in order to meet the Company’s projections for upcoming years. They will commence production in the new factory upon obtaining requisite approvals from government authorities. The will manufacture a wider product range and, together with their initiatives, they will expand and grow in the corresponding product segments and grab a bigger share of the market. As a direct consequence, Company will enjoy the benefit and ready and accelerated product approvals, established market channels and key customer relationships that are currently developed.

FORM 8

Corporate identity number of the company	U33112DL1999PTC098641
Name of the company	B.L.LIFE SCIENCES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-245, Okhla Industrial Area, Phase- I, New Delhi, Delhi-110020, India
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge · Others
Particular of charge holder	State Bank of India, SME Branch, 233, Industrial Estate, Okhla, Phase-III, New Delhi-110020, India
Nature of instrument creating charge	(i) Agreement of Loan Cum Hypothecation (SME-) (ii) Letter of Arrangement (SME1)
Date of instrument Creating the charge	19.03.2012
Amount secured by the charge	Rs. 340.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest WC: 3.25% margin above BR which is presently 10% present effective rate 13.25% p.a., SLC @4.25% margin above BR 10% present effective rate 14.25%p.a. & TL 3.75% margin above BR10% present 13.75%p.a. Terms of repayment Term Loan is repayable in 48 monthly installments of out of this first Forty six(46) installments are of Rs 1.000 Millions and last Two (2) installments are of Rs 2.000 Millions, with the first installment commencing on 30th April 2012 and the last installment falling due on 31st March 2016. Margin Raw Materials Domestic -25%, Raw Materials Imported -15%, SIP -25%, FG-25%, Receivables (Cover 90 days) -40%, Term Loan-53.97%, Letter of Credit-10% and Bank Guarantee-10% Extent and operation of the charge 100% Other The above is to secure the Credit Facilities of Rs 340.000 Millions i.e. Cash Credit (Hypothecation and Book Debts) Rs 170.000 Millions, SLC Rs 20.000 Millions, Inland Bills (Purchase and Discounting)* (Rs 10.000 Millions), Term Loan Rs 50.000 Millions, NFBWC LC Rs 90.000 Millions, NFBWC BC** (Rs 9.00Crore), NFBWC BG of Rs 5.000 Millions and Forward Contract (C) (Notional Value Rs 250.000 Millions) Rs 5.000 Millions, granted by the Bank to the company. * Within Cash Credit limit ** BC limit within LC limit with 100% interchange ability between LC and BC
Short particulars of the property charged (Including location of the property)	Primary Security: For CC (Hypothecation and BD) : First charge on entire current assets of the company including raw material, semi finished goods, finished goods, including goods in transit, Book Debts and other current assets of the company (present and future) Term Loan: First charge over moveable and immovable assets, present and future in name of company Collateral Security: Equitable Mortgage of the properties : (i) Industrial property A-225, Phase-I, Okhla Industrial area, New Delhi measuring 502.12 sq. mtrs in the name of Sh. Sunil Aggarwal. (ii) Industrial property located at Plot No.A-245, Okhla Industrial Area, Phase-I, New Delhi -20, measuring 447.50 sq. yards in the name of company. (iii) Industrial property located at 28D, Sector-31, Echotech-1, Kasna, Greater Noida Industrial Development Area, Gautam Budh Nagar measuring 5000 sq. mtrs in the name of company.
Whether any of the property or interest therein under reference is not registered in the name of the company.	Yes
If yes, in whose name it is registers	Sunil Aggarwal

FIXED ASSETS

· Computer

· Air Conditioner

· Colour Dome Camera

· Car

· Valks Wagon

· Audi Car

· Die and Moulding

· Photocopler

· Electrical Installation

· EPBX System

· Generator

· Fax Machine

· Fire Extinguisher

· Furniture and Fixture

· Other Fixture and fittings

· Panasonic System

· Invertor

· Mobile Instrument

· Noida Plot

· Office Equipments

· Plant and Machinery

· Printer

· Scooter

· Television

· Fan

· Refrigeration

· Telephone

· Stabilizers

· Washing Machine

· Weight and Scales

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. 55.77
UK Pound	1	Rs. 86.74
Euro	1	Rs. 68.31

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.