MIRA INFORM REPORT

Report Date :

02.01.2012

IDENTIFICATION DETAILS

Name :	RELISYS MEDICAL DEVICES LIMITED (w.e.f. 21.09.2011)
Formerly Known As :	CARE POLYMED LIMITED
Registered Office :	Sy No.312, Pocharam Road, Mangalapally Village, Ibrahimpatnam – 501510, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	13.10.1997
Com. Reg. No.:	01-028153
Capital Investment / Paid-up Capital :	Rs.61.917 Millions
CIN No.: [Company Identification No.]	U85101AP1997PLC028153
TAN No.: [Tax Deduction & Collection Account No.]	HYDC00695C
PAN No.: [Permanent Account No.]	AABCC5660L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Innovation Driven Device
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1100000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution

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

LOCATIONS

Registered Office :	SY No.312, Pocharam Road, Mangalapally Village, Ibrahimpatnam – 501510, Andhra Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	badari@relisysmedical.com nkreddy61@gmail.com
Website :	http://www.relisysmedicaldevices.com
Marketing Office :	Ground Floor, Plot No. 82, Road No.6, Arunidaya Nagar, Nagole, Hyderabad – 500068, Andhra Pradesh, India
Tel. No.:	91-40-23493311
Fax No.:	91-40-24222206
E-Mail :	info@relisysmedical.com sales@relisysmedical.com

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Nallamala Krishna Reddy

Designation :

Director

Address :

H. No.2/99/E, Road No.2, Kakatiya Nagar, Habsiguda, Secunderabad, Andhra Pradesh, India

Date of Appointment :

01.08.2003

DIN No.:

00910584

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	U85120AP1995PTC020646	ANDHRA CARDIOLOGY ASSOCIATES PRIVATE LIMITED	Managing director	8/6/1995	8/6/1995	Active	NO
2	U85110AP1998PTC030685	VISAKHA HOSPITALS AND DIAGNOSTICS PRIVATE LIMITED	Director	14/12/1998	14/12/1998	Active	NO
3	U55101AP1984PLC004626	CARE INSTITUTE OF MEDICAL SCIENCES LIMITED	Director	26/12/2000	26/12/2000	Active	NO
4	U85110AP2001PTC038186	QUALITY CARE HEALTH CITY PRIVATE LIMITED	Director	22/12/2001	22/12/2001	Under Process of Striking off	NO
5	U85110AP1992PLC014728	QUALITY CARE INDIA LIMITED	Whole-time director	1/4/2007	18/07/2002	Active	NO
6	U85101AP1997PLC028153	RELISYS MEDICAL DEVICES LIMITED	Director	1/8/2003	1/8/2003	Active	NO
7	U85110MH2005PLC150811	GANGA CARE HOSPITAL LIMITED	Director	25/01/2005	25/01/2005	Active	NO
8	U85110CT1998PTC013035	RAMKRISHNA CARE MEDICAL SCIENCES PRIVATE LIMITED	Director	7/4/2007	7/4/2007	Active	NO
9	U85100AP2008PTC058264	QUALITY CARE HEALTH SERVICES INDIA PRIVATE LIMITED	Director	19/03/2008	19/03/2008	Active	NO
10	U24232AP2008PTC058942	QUALITY CARE PHARMA TRADING PRIVATE LIMITED	Director	1/5/2008	1/5/2008	Active	NO
11	U85110AP2008PTC062370	CARE HEALTH CLINICS PRIVATE LIMITED	Director	30/12/2008	30/12/2008	Active	NO
12	U85110PN2005PTC020122	GALAXY CARE LAPAROSCOPY INSTITUTE PRIVATE LIMITED	Director	25/09/2009	21/02/2009	Active	NO
13	U85100AP2009PTC063451	QUALITY CARE MEDICAL EXCELLENCE CENTRE PRIVATE LIMITED	Director	27/04/2009	27/04/2009	Active	NO
14	U85110AP2011PTC073785	CARE MEDICAL SERVICES PRIVATE LIMITED	Director	11/4/2011	11/4/2011	Active	NO
15	U85100AP2011PTC074099	QUALITY CARE MEDICAL ASSOCIATES PRIVATE LIMITED	Director	26/04/2011	26/04/2011	Active	NO

Name :

Mr. Mohan Kallepalli

Designation :

Director

Address :

3-4-615/507, Lingampally, Ward-3, Circle-IV, Hyderabad – 500019, Andhra Pradesh

Date of Birth/Age :

20.07.1957

Date of Appointment :

07.12.2007

DIN No.:

01949591

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	U85101AP1997PLC028153	RELISYS MEDICAL DEVICES LIMITED	Director	30/09/2008	7/12/2007	Active	NO
2	L31300AP1996PLC023119	OBJECTONE INFORMATION SYSTEMS LIMITED	Director	29/09/2008	30/04/2008	Active	NO

Name :

Mr. Nalam Ramakrishna Rao

Designation :

Whole-time Director

Address :

Flat No.201, Brindavan, H. No.2-2-1109/1, Bagh Amberpet, Hyderabad - 500013

Date of Birth/Age :

15.06.1943

Date of Appointment :

24.01.2004

DIN No.:

02019776

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	U85101AP1997PLC028153	RELISYS MEDICAL DEVICES LIMITED	Whole-time director	1/4/2008	24/01/2004	Active	NO

Name :

Mr. Gadiraju Venkata Viswanadha Sarma

Designation :

Director

Address :

D-307, Hindustan CIBA Gaigy Research Centre, Goregaon, Mumbai – 400063, Maharashtra

Date of Birth/Age :

17.10.1946

Date of Appointment :

12.07.2008

DIN No.:

02267968

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	U85101AP1997PLC028153	RELISYS MEDICAL DEVICES LIMITED	Director	30/09/2008	12/7/2008	Active	NO

Name :

Mr. Bhagavatula Kutumba Srinivasa Sastry

Designation :

Director

Address :

304, HImsiva Apartments, Shivram Road, Amberpet – 500013, Andhra Pradesh

Date of Birth/Age :

22.06.1961

Date of Appointment :

02.09.2006

DIN No.:

02382879

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Dr. D. Soma Raju	444500
Dr. D.N. Kumar	166667
Dr. P. Raghava Raju	154167
Dr. Sunil K. KApoor	98125
Dr. B.K.S. Sastry	141904
Dr. N. Krishna Reddy	628840
A.C.A. Private Limited	537760
Kalindhi Narayan	434465
N.G. Badari Narayan	701100
LAksmi Kanth Prabhala	60164
Ramkrishan Neravelta	53077
Ramesh USA	100000
Pranaya Realtors Inc, USA	72307
Dr. N Ramakrishna Rao	185884
N. Rajendra	91667
Kishore Kondapi	148151
Niamatali Habibool	63018
Yamani Kumar – USA	133333
B. China Ram Mohan Raju	66667
G2 Corporate Services Limited	710135

AS ON 30.09.2010

Equity Shares Break – Up

Category	Percentage
Bodies corporate	12.90
Directors or relatives of Directors	87.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Innovation Driven Device

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed and Installed Capacity	Actual Production
Stents	Nos.	500000	--
Cobal Stents	Nos.	--	4796
Legend Stents	Nos.	--	659

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India,

Mid Corporate Loan Administration Unit, 3-2-681/1/A. Hyderguda Main Road, Hyderabad – 500029, Andhra Pradesh, India

· State Bank of India, Overseas Branch, Abids, Hyderabad, India

· HDFC Bank

Facilities :

Secured Loans	31.03.2010 Rs.in million	31.03.2009 Rs.in million
SBI CC A/c	41.109	29.556
Term Loan A/c-I SBI	70.163	88.520
Term Loan A/c-II SBI	47.498	40.127
Term Loan A/c-Vehicles SBI	1.668	2.134
Term Loan A/c-DBT Soft Loan	68.000	68.000
Term Loan A/c-APSFC	30.000	0.000
HDFC Vehicle Loan	0.000	0.165
Total	258.438	228.502
In relation to Secured loan State Bank of India, Cash Credit Account : First charge on stocks, book debts and other current assets, [personal guarantees of the promoter directors Second charge on fixed assets Pledge of 719086 shares belonging to the promoterlnon promoter directors at face value of Rs.10/- Term Loan A/c-II State Bank of India i.) Pari- passu first charge (hypothecation) on fixed assets along with APSFC ii) Pari-passu fust charge (EM) of land and building belonging to the company in Sec. No.3 11,3 12 the 3 13 admeasuring 7.00 acres in Mangalpally Village, Pocharam Road, Ibmhimvatnam N). RR dist along with APSFC i) Second charge on all stocks, bood debts and other current assets ii) Pledge of 719086 shares belonging to the promoterlnon promoter directors at face value of Rs.10/- Term Loan A/c-Vehicles SBI Hypothecation of Vehicles purchased out of loan Term Loan Department of Bio technology Soft Loan Hypothecation of assets purchased out of DBT loan Term Loan A/c-Andhra Pradesh State Finance Corporation i. Pari- passu first charge (Hypothecation) on fixed assets along with SBI ii) Pari-passu fust charge (EM) of land and building belonging to the company in Sy. No.3 11, 3 12 the 3 13 admeasuring 7.00 acres in Mangalpally Village, Pocharam Road, Ibmhimvatnam N). RR dist along with SBI Personal Grantee of Promoter/non promoter directors
Unsecured Loans	31.03.2010 Rs.in million	31.03.2009 Rs.in million
Unsecured Loan	62.680	26.264
Security Deposit	6.150	0.650
Total	68.830	26.914

Banking Relations :	--
Financial Institution :	· The Andhra Pradesh State Financial Corporation, Chirag Ali Lane, Hyderabad – 500001, Andhra Pradesh, India
Auditors :
Name :	P. Murali Mohana Rao Chartered Accountant
Address :	6-3-655/2/3, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India
Tel. No.:	91-40-23326666
PAN No.:	AAWPP7457L

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital : Rs.140.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.92.882 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/-each	Rs.70.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6191730	Equity Shares	Rs.10/-each	Rs.61.917 million

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		61.917	58.240	45.371
2] Share Premium		198.210	189.391	154.458
3] Reserves & Surplus		7.968	8.294	2.891
4] Share Application Money		0.000	3.314	0.000
NETWORTH		268.095	259.239	202.720
LOAN FUNDS
1] Secured Loans		258.438	228.502	137.005
2] Unsecured Loans		68.830	26.914	10.880
TOTAL BORROWING		327.268	255.416	147.885
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		595.363	514.655	350.605
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		324.637	280.515	217.978
Capital work-in-progress		182.588	112.906	58.276
INVESTMENT		0.006	0.006	0.006
DEFERREX TAX ASSETS		1.262	3.381	(2.633)
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	87.399	96.224	50.714
	Sundry Debtors	7.324	19.388	4.076
	Cash & Bank Balances	0.136	3.660	0.146
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.372	9.249	13.910
Total Current Assets		105.231	128.521	68.846
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.505	11.644	0.034
	Other Current Liabilities	31.482	13.502	6.866
	Provisions	0.625	0.000	0.000
Total Current Liabilities		36.612	25.146	6.900
Net Current Assets		68.619	103.375	61.946
MISCELLANEOUS EXPENSES		18.251	14.472	15.032
TOTAL		595.363	514.655	350.605

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	40.285	31.085	11.664
		Other Income	0.423	0.930	0.390
		TOTAL (A)	40.708	32.015	12.054
Less	EXPENSES
		Cost of Goods Sold	24.323	6.982	6.876
		Manufacturing Cost	3.010	5.993	0.000
		Selling and Distribution Expenses	1.017	0.815	0.110
		Misc. Exp. Written Off	0.000	1.608	0.237
		TOTAL (B)	28.350	15.398	7.223
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.358	16.617	4.832
Less	FINANCIAL EXPENSES (D)		5.551	3.891	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.807	12.726	4.831
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.687	10.801	3.820
	PROFIT BEFORE TAX (E-F) (G)		2.120	1.925	1.011
Less	TAX (H)		0.328	0.217	0.090
	PROFIT AFTER TAX (G-H) (I)		1.792	1.708	0.921
	DEFERRED INCOMETAX LIABILITY PROVISION		(2.118)	6.014	(3.761)
	PROFIT/LOSS AFTER DEFERRED TAX		(0.326)	7.722	(2.840)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.294	2.891	5.865
	Provision for FBT		0.000	0.230	0.134
	Prior Period Adjustments		0.000	2.089	0.000
	BALANCE CARRIED TO THE B/S		7.968	8.294	2.891
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods	19.669	0.548	0.343
	TOTAL EARNINGS		19.669	0.548	0.343
	Earnings Per Share (Rs.)		0.29	0.29	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.40	5.33	7.64
Net Profit Margin (PBT/Sales)	(%)	5.26	6.19	8.67
Return on Total Assets (PBT/Total Assets}	(%)	0.49	0.47	0.35
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.00
Debt Equity Ratio (Total Liability/Networth)		1.36	1.08	0.76
Current Ratio (Current Asset/Current Liability)		2.87	5.11	9.98

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered office address of the company has been shifted from Flat no.408, Air Bus Apartments, Himayatnagar, Hyderabad, - 500029, Andhra Pradesh, India to the present address w.e.f. 20.02.2006

REVIEW OF OPERATIONS FOR THE YEAR

1. The Company's Manufacturing Facility was commissioned in full scale.

2. During the year the company has infused fresh equity of Rs 125 Millions

3. The company has signed a non-binding term sheet with US based venture capitalist M/s Caduceus Asia Mauritius Limited (ORBIMED) for an investment of Rs. 250 millions to enable meet the expansion plans like increased working capital requirements, regulatory affairs and clinical trails etc.

4. During the year the company has procured and commissioned sophisticated equipments like Laser Cutting Equipment for Peripheral Stents application and ETO Sterilizer (as per USFDA norms) and various production and laboratory equipment like PTCA balloon manufacturing facility, SEM Analytical Microscope, Catheter Extruder and High End Microscopes made fully operational.

a. In the current financial year, the company has strengthened the domestic sales and marketing force.

b. The company has applied for conversion of OBL CE Certification to OEM CE certification for Cobalt+CE Mounted Stent.

c. The company has completed CE dossiers for Cobalt+C , Legend V and Dx catheter and will be shortly filing for CE marking. The company already obtained IS0 certification for the facility and the entire range of products.

d. The company has developed Rapomycin coated stents and the product currently undergoing invitro evaluation.

e. The Company has executed export order worth 3,95,160 USD for supply of Cobalt+CE stents to MIS. Limit Medikal Limited,Turky and is expected to execute supply of 5000 Stents per annum to the same customer during the Financial Year 2010-1 1.

f. The company has signed Annual supply contract worth of Rs. 65 Millions with M/s Eurocor Singapore Pte Limited( Subsidiary of Mls.Opto Circuits Limited) for supply of 15000 Cobalt chromium Stent systems and 5000 PTCA Balloon Catheters and will be executed during the financial year 2010-1 1.

g. The Company is in the process of entering into MOU with some of the renowned Medical Devices Distributors in Europe as its authorized Distributors for the Entire range of Relisys Products in various European countries.

h. With the above developments, the turnover of the company is likely to grow manifold in domestic and international markets during the current financial year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U85101AP1997PLC028153
Name of the company	RELISYS MEDICAL DEVICES LIMITED
Address of the registered office or of the principal place of business in India of the company	Sy No.312, Pocharam Road, Mangalapally Village, Ibrahimpatnam, Andhra Pradesh – 501510, India
This form is for	Creation of Charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Department of BNoi technology, Block 2, CGO Complex, Lodhi Road, New Delhi – 110003, Delhi, India Email : sninawe@dbt.nic.in
Nature of instrument creating charge	Deed of Hypothecation dated 22nd July, 2009
Date of instrument Creating the charge	22.07.2009
Amount secured by the charge	Rs.80.000 million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Upto Rs.100 Lakhs : 1% More than Rs.100 Lakhs : 2% Terms of Repayment - Repayable in 10 equal yearly installments starting six months after completion of the project. Margin - 36.33% Extent and Operation of the charge - Whole of the movable and immovable properties acquired from the loan sanctioned by the Department of Biotechnology (DBT) under the SBIRI scheme including its movable plant and machinery, machinery spares, tools and accessories and other movables both present and future (save and except book debts)s
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Whole of the movable and immovable properties acquired from the loan sanctioned by the Department of Biotechnology (DBT) under the SBIRI scheme. The above movable and immovable properties includes movable plant and machinery, machinery spares, tools and accessories and other movables both present and future (save and except book debts)

FIXED ASSETS:

· Land

· Furniture and Fixture

· Lab Equipment

· Plant and Machinery

· Office Equipment

· Computers

· Vehicle

· Building

· Electrical Installations

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.53.27
UK Pound	1	Rs.82.10
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		30

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.