MIRA INFORM REPORT

Report Date :

10.12.2012

IDENTIFICATION DETAILS

Name :	BIOSYSTEMS DIAGNOSTICS PRIVATE LIMITED
Registered Office :	3/62-A, Samudradwar Salai, Uthandi, Chennai-600119, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.09.2003
Com. Reg. No.:	18-051492
Capital Investment / Paid-up Capital :	Rs.6.205 Millions
CIN No.: [Company Identification No.]	U29297TN2003PTC051492
PAN No.: [Permanent Account No.]	AACCB2073R
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing and trading in medical equipments and laboratory consumable and hospital supplies.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 307000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The latest financial is missing from government department. However, from the previous year record the company performance capacity seems good. Financially appears well. Trade relations are reported to be fair. Business is active. Payments are usually correct and as per commitments. 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 – 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

LOCATIONS

Registered Office :	3/62-A, Samudradwar Salai, Uthandi, Chennai-600119, Tamilnadu, India
Tel. No.:	91-44-24530910
Fax No.:	91-44-24530697
E-Mail :	unnikrishnan@trivitron.in

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Gomathi Babu Sadacharam Kulandai Velu

Designation :

Director

Address :

No. 15, 1^st Main Road, CIT Colony, Mylapore, Chennai-600004, Tamilnadu, India

Date of Birth/Age :

30.06.1967

Date of Appointment :

18.02.2004

Din No.:

00894980

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	U33112TN1997PTC037396	TRIVITRON MEDICAL SYSTEMS PRIVATE LIMITED	Director	27/01/1997	27/01/1997	Active	NO
2	U85110TN1998PTC040515	TRIVITRON HEALTHCARE PRIVATE LIMITED	Managing director	18/05/1998	18/05/1998	Active	NO
3	U74140TN1999PTC043339	TRIVITRON MEDICAL TECHNOLOGIES PRIVATE LIMITED	Director	12/10/1999	12/10/1999	Active	NO
4	U85195TN2000PTC043978	TRIPOLI PATH LAB PRIVATE LIMITED	Director	21/01/2000	21/01/2000	Amalgamated	NO
5	U29297TN2001PTC047581	TRIVITRON DENTAL TECHNOLOGIES PRIVATE LIMITED	Director	13/08/2001	13/08/2001	Active	NO
6	U85195KL1983PTC003809	SUDHARMA METROPOLIS HEALTH SERVICES PRIVATE LIMITED	Director	30/11/2002	30/11/2002	Active	NO
7	U85195TN2000PTC046354	LISTER METROPOLIS LABORATORY AND RESEARCH CENTRE PRIVATE LIMITED	Whole-time director	18/01/2003	18/01/2003	Amalgamated	NO
8	U85195MH2003PLC141177	METROPOLIS HEALTH SERVICES (INDIA) LIMITED	Managing director	01/01/2008	04/07/2003	Amalgamated	NO
9	U85110MH2003PTC141412	METRO HOME HEALTH SERVICES PRIVATE LIMITED	Director	21/07/2003	21/07/2003	Amalgamated	NO
10	U29297TN2003PTC051492	BIOSYSTEMS DIAGNOSTICS PRIVATE LIMITED	Director	18/02/2004	18/02/2004	Active	NO
11	U85110DL2004PTC128931	DIWAN CHAND METROPOLIS DIAGNOSTICE SERVICES PRIVATE LIMITED	Director	09/09/2004	09/09/2004	Amalgamated	NO
12	U73100MH2000PLC192798	METROPOLIS HEALTHCARE LIMITED	Director	18/03/2011	17/08/2005	Active	NO
13	U85195MH1998PTC141735	GOLWILKAR METROPOLIS HEALTH SERVICES (INDIA) PRIVATE LIMITED	Director	15/10/2005	15/10/2005	Active	NO
14	U84110GJ1997PTC032115	SANKET METROPOLIS HEALTH SERVICES (INDIA) PVT.LTD.	Director	02/04/2007	02/04/2007	Active	NO
15	U33112PN2005PTC021225	VISION MEDICAID EQUIPMENTS PRIVATE LIMITED	Director	29/09/2007	25/08/2007	Active	NO
16	U33111TN2007PTC064858	ALOKA TRIVITRON MEDICAL TECHNOLOGIES PRIVATE LIMITED	Director	24/09/2007	24/09/2007	Active	NO
17	U85110TN2007PTC065138	HEXEL HEALTHCARE CONSULTING (INDIA) PRIVATE LIMITED	Director	24/10/2007	24/10/2007	Active	NO
18	U85195GJ2008PTC052594	DESAI METROPOLIS HEALTH SERVICES PRIVATE LIMITED	Director	08/01/2008	08/01/2008	Active	NO
19	U85110KA2005PTC035919	R.V.METROPOLIS DIAGNOSTIC AND HEALTH CARE CENTER PRIVATE LIMITED	Director	25/09/2008	03/04/2008	Active	NO
20	U85110TN2008PLC068161	ALLIANCE MEDICORP (INDIA) LIMITED	Director	12/06/2008	12/06/2008	Active	NO

Name :

Subbulakshmi Kulandai Velu

Designation :

Director

Address :

No. 15, 1^st Main Road, CIT Colony, Mylapore, Chennai-600004, Tamilnadu, India

Date of Birth/Age :

25.10.1972

Date of Appointment :

01.09.2003

Din No.:

00180390

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	U33112TN1997PTC037396	TRIVITRON MEDICAL SYSTEMS PRIVATE LIMITED	Director	27/01/1997	27/01/1997	-	Active	NO
2	U85110TN1998PTC040515	TRIVITRON HEALTHCARE PRIVATE LIMITED	Director	05/01/1999	18/05/1998	-	Active	NO
3	U74140TN1999PTC043339	TRIVITRON MEDICAL TECHNOLOGIES PRIVATE LIMITED	Director	12/10/1999	12/10/1999	-	Active	NO
4	U29297TN2001PTC047581	TRIVITRON DENTAL TECHNOLOGIES PRIVATE LIMITED	Director	13/08/2001	13/08/2001	-	Active	NO
5	U85195MH2003PLC141177	METROPOLIS HEALTH SERVICES (INDIA) LIMITED	Director	04/07/2003	04/07/2003	29/09/2007	Amalgamated	NO
6	U29297TN2003PTC051492	BIOSYSTEMS DIAGNOSTICS PRIVATE LIMITED	Director	01/09/2003	01/09/2003	-	Active	NO
7	U33112PN2005PTC021225	VISION MEDICAID EQUIPMENTS PRIVATE LIMITED	Director	29/09/2007	25/08/2007	-	Active	NO
8	U33111TN2007PTC064858	ALOKA TRIVITRON MEDICAL TECHNOLOGIES PRIVATE LIMITED	Director	24/09/2007	24/09/2007	10/08/2011	Active	NO
9	U85110TN2007PTC065138	HEXEL HEALTHCARE CONSULTING (INDIA) PRIVATE LIMITED	Director	24/10/2007	24/10/2007	-	Active	NO
10	U85110TN2008PLC068161	ALLIANCE MEDICORP (INDIA) LIMITED	Director	12/06/2008	12/06/2008	-	Active	NO
11	U29297TN2008PTC068229	JOHARI TRIVITRON MEDICAL INNOVATIONS PRIVATE LIMITED	Director	16/06/2008	16/06/2008	-	Active	NO
12	U85195TN2008PTC068998	ET TRIVITRON MEDICAL SOLUTIONS PRIVATE LIMITED	Director	25/08/2008	25/08/2008	-	Active	NO
13	U85110TN2010PTC075352	MEDFORT HOSPITALS PRIVATE LIMITED	Director	15/04/2010	15/04/2010	-	Active	NO
14	U85110TN2010PTC078294	MEDFORT DIABETIC CARE PRIVATE LIMITED	Director	02/12/2010	02/12/2010	-	Active	NO

Name :

Antonio Elduque Terron

Designation :

Director

Address :

S Antoni M Claret, 282/284, BP 0201, Barcelona, Spain Pin Code 08025

Date of Birth/Age :

19.12.1953

Date of Appointment :

21.01.2010

Din No.:

03532933

Name :

Pedro Javier Belascoain

Designation :

Director

Address :

Trav Gracia, 318 320 CP 0603, Barcelona, Spain Pin Code 08025

Date of Birth/Age :

21.09.1956

Date of Appointment :

29.06.2010

Din No.:

03532938

Name :

Marc Barh Serrats

Designation :

Additional Director

Address :

Can Pujolet 14 18 P012 Barcelona Spain Pin Code 08032

Date of Birth/Age :

25.09.1986

Date of Appointment :

29.06.2010

Din No.:

03532941

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Gomathi Babu Sadacharam Kulandai Velu	3795
Trivitron Healthcare Private Limited, India	290488
Trivitech Healthcare Private Limited, India	16000
Biosystems SA, Spain	310283
TOTAL	620566

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	49.39
Directors or relatives of directors	0.61
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing and trading in medical equipments and laboratory consumable and hospital supplies.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Form Banks
Term Loan [Term loan is secured by way of exclusive first charge on all the stock in trade, book debts and plant and machinery of the company. Term loans repayable within one year is Rs.11.967 Millions]	98.182	50.000
TOTAL	98.182	50.000

Banking Relations :	--
Auditors :
Name :	BSRR and Company Chartered Accountants
Address :	No. 10, Mahatma Gandhi Road, Nungambakkam, Chennai-600034, Tamilnadu, India
Tel. No.:	91-44-39145000
Fax No.:	91-44-39145999
PAN No:	AAAFR0602F
Shareholder having significant influence:	· Biosystems S.A · Trivitron Healthcare Private Limited
Related Parties :	· Trivitron Medical Systems Private Limited [TMS] · Trivitron Medical Technologies Private Limited [TMP] · Trivitron Dental Technologies Private Limited [Formerly Trivitech Healthcare Private Limited] [TDPL] · ET Trivitron Medical Solutions Private Limited [Formerly Biosystems Diagnostics India Private Limited] [ET] · Metropolis Healthcare Limited [MHL] · Sudharma Metropolis Health Services Private Limited [SMH] · Hexel Healthcare Consulting India Private Limited [Hexel]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
620566	Equity Shares	Rs.10/- each	Rs.6.205 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		6.205	6.205	6.205
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		70.570	55.426	48.721
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		76.775	61.631	54.926
LOAN FUNDS
1] Secured Loans		98.182	50.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		98.182	50.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		174.957	111.631	54.926
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.459	26.204	31.886
Capital work-in-progress		100.468	23.631	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.682	0.775	0.572
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.967	9.908	5.694
	Sundry Debtors	28.869	30.549	14.127
	Cash & Bank Balances	40.413	45.889	11.944
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.465	5.020	6.489
Total Current Assets		89.714	91.366	38.254
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.844	24.371	10.077
	Other Current Liabilities	0.670	0.874	1.629
	Provisions	1.852	5.100	4.080
Total Current Liabilities		41.366	30.345	15.786
Net Current Assets		48.348	61.021	22.468
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		174.957	111.631	54.926

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	140.297	86.042	43.958
		Commission		5.277	7.654
		Other Income		3.127	0.909
		TOTAL (A)	140.297	94.446	52.521
Less	EXPENSES
		Cost of Sales		58.882	31.272
		Administrative and Selling Expenses	111.698	16.132	11.332
		Prior Period Expenses		3.862	0.000
		TOTAL (B)	111.698	78.876	42.604
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.599	15.570	9.917
Less	FINANCIAL EXPENSES (D)		3.319	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.280	15.570	9.917
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.838	1.955	0.688
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		23.442	13.615	9.229
Less	TAX (H)		8.298	6.911	3.159
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		15.144	6.704	6.070
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.153	13.449	7.379
	BALANCE CARRIED TO THE B/S		35.297	20.153	13.449
	EARNINGS IN FOREIGN CURRENCY
		Agency Commission	1.902	5.277	NA
	TOTAL EARNINGS		1.902	5.277	NA
	IMPORTS
		Instruments, reagents and spares	75.503	55.015	NA
		Capital Goods	6.940	0.000	NA
	TOTAL IMPORTS		82.443	55.015	NA
	Earnings / (Loss) Per Share (Rs.)		24.40	10.80	10.93

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.79	7.10	11.55
Net Profit Margin (PBT/Sales)	(%)	NA	15.82	21.00
Return on Total Assets (PBT/Total Assets}	(%)	20.35	11.58	13.16
Return on Investment (ROI) (PBT/Networth)		0.31	0.22	0.17
Debt Equity Ratio (Total Liability/Networth)		1.82	1.30	0.29
Current Ratio (Current Asset/Current Liability)		2.17	3.01	2.42

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BACKGROUND:

Subject was incorporated on September 1, 2003 as a private limited company under the provision of the companies act, 1956. The company is engaged in the business of manufacturing and trading in medical equipments and laboratory consumable and hospital supplies.

OPERATIONS:

The company posted yet another year of impressive performance with a healthy top line growth and high earnings, reflecting the robustness of its corporate strategy of creating multiple drivers of growth.

For the year ended 31^st March 2011 the company recorded net turnover of Rs. 140.297 Millions compared to Rs.94.446 Millions during the previous year. The net profit during the year was Rs.15.144 Millions compared to Rs.6.704 Millions during the previous year.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Estimated amounts of contracts remaining to be executed on capital account (net of capital advances) and not provided for	11.148	0.000
Customs duty * [* Pending resolution of the dispute with the department with regard to classification of certain imported goods, the company has given bank guarantee of Rs.1.274 Millions March 31^st, 2010 Rs.0.774 Million] and paid extra duty deposit of Rs.1.201 Millions (March 31, 2010 Rs.0.435 Million) in respect of customs duty.	2.475	1.210
TOTAL	13.623	1.210

FIXED ASSETS:

· Leasehold Land

· Plant and Machinery

· Computer

· Furniture and Fittings

· Office Equipments

· Motor Vehicles

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 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.54.20
UK Pound	1	Rs.87.00
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.