1. Summary Information

		Country	India
Company Name	Centenial Surgical Suture Limited	Principal Name 1	Mr. Vijay Kalidas Majrekar
Status	Satisfactory	Principal Name 2	Mr. Bhushan Suhas Limaye
		Registration #	11-89759
Street Address	Plot No.F-29, MIDC, Murbad, Thane – 421401, Maharashtra, India
Established Date	20.06.1995	SIC Code	--
Telephone#	91-22-24115677 91-2524-222905/ 222906	Business Style 1	Manufacturing
Fax #	91-22-24164424	Business Style 2	--
Homepage	http://www.centenialindia.com	Product Name 1	Medical Devices - Surgical Suture etc.
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.36,483,000/-	Product Name 3	--
Shareholders	Foreign holdings-0.72%, Bodies corporate- 1.46%, Directors or relatives of directors- 35.55%, Other top fifty shareholders- 44.30%, Others- 17.97%	Banking	Canara Bank
Public Limited Corp.	Yes	Business Period	17 years
IPO	Yes	International Ins.	--
Public Enterprise	Yes	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	235,265,000	Current Liabilities	174,626,000
Inventories	148,131,000	Long-term Liabilities	111,609,000
Fixed Assets	44,767,000	Other Liabilities	13,000
Deferred Assets	0,000,000	Total Liabilities	286,248,000
Invest& other Assets	1,933,000	Retained Earnings	107,365,000
		Net Worth	143,848,000
Total Assets	430,096,000	Total Liab. & Equity	430,096,000
Total Assets (Previous Year)	393,036,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	502,453,000	Net Profit	20,785,000
Sales(Previous yr)	476,376,000	Net Profit(Prev.yr)	15,501,000

MIRA INFORM REPORT

Report Date :

27.06.2012

IDENTIFICATION DETAILS

Name :	CENTENIAL SURGICAL SUTURE LIMITED (w.e.f. 16.02.1996)
Formerly Known As :	CENTINEIAL SURGICAL SUTURE LIMITED
Registered Office :	Plot No.F-29, MIDC, Murbad, Thane – 421401, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.06.1995
Com. Reg. No.:	11-89759
Capital Investment / Paid-up Capital :	Rs.36.483 Millions
CIN No.: [Company Identification No.]	L99999MH1995PTC089759
TAN No.: [Tax Deduction & Collection Account No.]	MUMC06848C
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturing of Medical Devices - Surgical Suture etc.
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 580000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

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

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

LOCATIONS

Registered Office/ Factory 1 :	Plot No.F-29, MIDC, Murbad, Thane – 421401, Maharashtra, India.
Tel. No.:	91-22-24115677 91-2524-222905/ 222906
Fax No.:	91-22-24164424
E-Mail :	cssl@bom3.vsnl.net.in admin@centenialindia.com
Website :	http://www.centenialindia.com
Factory 2 :	Village Dhavale, Ulhasnagar, Thane, Maharashtra, India
Factory 3 :	B-17, MIDC, Murbad, Thane – 42401, Maharashtra, India

DIRECTORS

(AS ON 27.09.2011)

Name :

Mr. Vijay Kalidas Majrekar

Designation :

Chairman and Managing Director

Address :

Plot No.511-B, 601-602, Omkar CHS, R. P. Masani Road, Matunga, Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

09.01.1961

Date of Appointment :

20.06.1995

DIN No.:

00804808

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	L99999MH1995PLC089759	CENTENIAL SURGICAL SUTURE LIMITED	Managing director	01-10-08	20-06-95	-	Active	NO
2	U01403MH2010PTC210567	VISION GREEN SPACE PRIVATE LIMITED	Director	03-12-10	03-12-10	16-12-10	Active	NO
3	U70102MH2010PTC210931	VISION SPACCES PRIVATE LIMITED	Director	13-12-10	13-12-10	16-12-10	Active	NO

Name :

Mr. Bhushan Suhas Limaye

Designation :

Independent Non Executive Director

Address :

C-33, Omkar CHS, Balgovindas Road, Mahim, Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

28.12.1960

Date of Appointment :

01.03.2002

DIN No.:

00804930

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	L99999MH1995PLC089759	CENTENIAL SURGICAL SUTURE LIMITED	Director	01-03-02	01-03-02	Active	NO
2	U24246MH2007PTC175859	STAR'S COSMETICS (INDIA) PRIVATE LIMITED	Director	30-09-10	01-04-10	Active	NO

Name :

Mr. Devraj Thaniya Poojary

Designation :

Executive Director

Address :

D/703, Prafulla Paradise, Khadakpada, Kalyan, Thane – 421306, Maharashtra, India

Date of Birth/Age :

22.07.1968

Date of Appointment :

31.01.2008

DIN No.:

02041726

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	L99999MH1995PLC089759	CENTENIAL SURGICAL SUTURE LIMITED	Whole-time director	01-02-11	31-01-08	Active	NO

Name :

Mr. Sunil Hanumanmal Jain

Designation :

Independent Non Executive Director

Address :

A-1, Spery Villa, Upper Govind Nagar, Malad (East), Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

07.04.1967

Date of Appointment :

01.03.2002

DIN No.:

02203030

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	U67190MH1993PTC075255	MACRO FINANCIAL SERVICES P LTD	Director	23-11-93	23-11-93	Active	NO
2	L99999MH1995PLC089759	CENTENIAL SURGICAL SUTURE LIMITED	Director	01-03-02	01-03-02	Active	NO

Name :

Mr. Sunil Chimanlal Modi

Designation :

Independent Non Executive Director

Address :

8, Bharat Villa, Church Road, Violle Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

19.01.1964

Date of Appointment :

27.09.2010

DIN No.:

03103966

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	L99999MH1995PLC089759	CENTENIAL SURGICAL SUTURE LIMITED	Director	27-09-10	10-06-10	Active	NO
2	U74140GJ2011PTC066855	FOCAL CORPORATE SERVICES PRIVATE LIMITED	Director	23-08-11	23-08-11	Active	NO

KEY EXECUTIVES

Name :	Mrs. Sapna Mhatre
Designation :	Chief Operating Officer
Name :	Mr. H. Iyappan
Designation :	Compliance Officer
Name :	Mr. U. V. Kotian
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 27.09.2011)

Names of Shareholders	No. of Shares
Vijay Kalidas Majrekar	576500
Bhushan Suhas Limaye	100
Devraj Thaniya Poojary	5100
Sunil Hanumanmal Jain	100

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.72
Bodies corporate	1.46
Directors or relatives of directors	35.55
Other top fifty shareholders	44.30
Others	17.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Medical Devices - Surgical Suture etc.

Products :

Products Description	Item Code No.
Sutures etc.	90.18

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Atraumatic Needles and Sutures (Absorbable and Non-Absorbable)	Dozens	NA	500000	462472

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank

Dr. Visveswaraya Buildings, Karnataka Sangh, T H K Marg, Matunga (West), Mumbai - 400016, Maharashtra, India

· HDFC Bank Limited

· Co-operative Bank of Ahmedabad Limited

· State Bank of Indore

· Gopinath Patil Parsik Janata Sahakari Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credit with Banks (Cash Credit Facilities are secured by way of Hypothecation of stock and Book Debts. It is further secured by charge on all immovable properties and Plant and Machinery)	74.979	75.369
Total	74.979	75.369
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From directors	0.006	0.006
Inter Corporate Deposits	25.000	30.000
Trade Deposits	11.624	11.524
Total	36.630	41.530

Banking Relations :	--
Auditors :
Name :	Vipul N. Shah and Associates, Chartered Accountants
Address :	6, Samir Complex, S. M. Road, Ambawadi, Ahmedabad – 3800015, Gujarat, India
PAN No.:	ADBPS7241P

CAPITAL STRUCTURE

(AS ON 27.09.2011)

Authorised Capital :

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

Issued Capital :

No. of Shares	Type	Value	Amount
7200200	Equity Shares	Rs.10/- each	Rs.72.002 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3648300	Equity Shares	Rs.10/- each	Rs.36.483 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		36.483	36.483	36.483
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		107.365	86.580	71.079
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		143.848	123.063	107.562
LOAN FUNDS
1] Secured Loans		74.979	75.369	85.772
2] Unsecured Loans		36.630	41.530	40.230
TOTAL BORROWING		111.609	116.899	126.002
DEFERRED TAX LIABILITIES		0.013	0.000	0.000
TOTAL		255.470	239.962	233.564
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.767	49.802	56.547
Capital work-in-progress		1.923	1.922	1.923
INVESTMENT		0.010	0.010	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.316
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	148.131	141.130	121.241
	Sundry Debtors	161.030	137.524	141.034
	Cash & Bank Balances	3.245	5.564	7.208
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	70.990	57.084	40.393
Total Current Assets		383.396	341.302	309.876
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	174.626	153.074	135.108
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		174.626	153.074	135.108
Net Current Assets		208.770	188.228	174.768
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		255.470	239.962	233.564

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	502.453	476.376	491.531
		Other Income	0.143	0.096	0.482
		TOTAL	502.596	476.472	492.013
Less	EXPENSES
		Increase/ (decrease) in Finished Goods Stock	0.562	(1.198)	(22.691)
		Materials consumed	225.438	225.984	249.649
		Other Manufacturing and Operating Expenses	29.439	31.585	37.678
		Administrative, Selling and Other Overheads	208.595	189.326	190.825
		TOTAL	464.034	445.696	455.461
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		38.562	30.776	36.552
Less/ Add	DEPRECIATION/ AMORTISATION		6.469	7.219	7.994
	PROFIT BEFORE TAX		32.093	23.557	28.558
Less	TAX		11.308	8.056	11.113
	PROFIT AFTER TAX		20.785	15.501	17.445
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		68.820	53.319	44.505
Less	APPROPRIATIONS		0.000	0.000	8.631
	BALANCE CARRIED TO THE B/S		89.605	68.820	53.319
	IMPORTS
		Raw Materials	77.365	83.573	104.093
	TOTAL IMPORTS		77.365	83.573	104.093
	Earnings Per Share (Rs.)		5.70	4.25	2.74

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.14	3.25	3.55
Net Profit Margin (PBT/Sales)	(%)	6.39	4.95	5.81
Return on Total Assets (PBT/Total Assets}	(%)	7.50	6.02	7.79
Return on Investment (ROI) (PBT/Networth)		0.22	0.19	0.27
Debt Equity Ratio (Total Liability/Networth)		1.99	2.19	2.43
Current Ratio (Current Asset/Current Liability)		2.20	2.23	2.29

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

OPERATIONS 

During the business year 2010-2011, achieved a turnover of Rs.502.453 Millions for the financial year (Previous year Rs.476.376 Millions). They believe that tough times don’t last, tough people do. At a time like this, they constantly remind themselves that their collective endeavour as an organization is to build businesses for the long haul. In the past too, there have been sharp swings in business cycles and there will be more of these in the future, though hopefully not of the magnitude and ferociousness they are seeing today. And each time in the past they have come out of the eye of the storm, they have emerged fitter and stronger. Many established surgeons have tried their products and started using them continuously and the trends are encouraging. The technical functioning of their plant as indicated by the above-mentioned results, the capacity utilization’s was quite satisfactory and production levels were selectively improved as required. With a noticeably lower sales partially due to lower exports and profitability performance during the current year, the Directors regret that they are still not in a position to recommend a dividend.

As a measure of performance which aims to deliver a better deal to all the stakeholders of the company, be it customers, employees, shareholders, the community and the environment. The customers have never wavered in their unanimous opinion of their capability and their commitment to serve them. A strong and satisfied client base is more than borne out by the fact that they still continue to draw 80% of their business from repeat customers.

Even after sixteen years, the passion for innovation is vibrant and. It also gives them happiness that Surgeon's have reposed faith in their ability to make a difference. They have a brand name, which stands for reliability, commitment and safety. The Centenial name is pronounced with great deal of respect, in the domestic market. It has been created through sheer dedication. This makes them believe that it will be long lasting and something they can build further on. The quality of management and the professionals of the company is the true reputation builder of the company. More than 95% of the current workforce has grown with us, with some clocking more than ten years. They realize the value of success and the hard work required to sustain this success. They have been an important part of the journey of creating value leadership. They think their spirit and their resolve are something, which cannot be replicated. This indeed is a defining value.

ISO 9001: 2008 CERTIFICATION

The company is ISO 9001:2008 certified. The stringent ISO 98001:2008 system means effective control over every step to achieve true quality assurance of their product.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	80003748
Corporate identity number of the company	L99999MH1995PLC089759
Name of the company	CENTENIAL SURGICAL SUTURE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.F.29, MIDC Industrial Area, Murbad, Thane – 421401, Maharashtra, India admin@centenialindia.com
Type of charge	Immovable Property Book Debts Movable Property Others: Stock, Plant Mach etc.
Particular of charge holder	Canara Bank Dr. Visveswaraya Buildings, Karnataka Sangh, T H K Marg, Matunga (West), Mumbai – 400016, Maharashtra, India suyashri@vsnl.com
Nature of description of the instrument creating or modifying the charge	No Instrument. Letter Evidencing Deposit of Title Deeds on 05.10.2010
Date of instrument Creating the charge	05/10/2010
Amount secured by the charge	Rs.130.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest As per Sanction Letter or as stipulated by Bank from time to time. Terms of Repayment As per Sanction Letter or as stipulated by Bank from time to time. Margin As per Sanction Letter or as stipulated by Bank from time to time. Extent and Operation of the charge Immovable Property of the Company viz. Plot No. B-17, adm. 2175.44 sq. mtrs. at Murbad Industrial Area, Tal. Murbad, Dist. Thane together with buildings, structures and machineries, to LEDTD given earlier as security to secure limits upto Rs.125.000 Millions extended to secure the additional limit of Rs.5.000 Millions granted by the Bank. Thus total amount secured over said imm. property enhanced to Rs.130.000 Millions.
Short particulars of the property charged	Hypothecation on all Present and Future stocks of Sutures, Needles and other items used for business purpose lying at Murbad factory and Office. Hypothecation on all Present and Future book debts arising out of business transactions. Hypothecation on all Present and Future Plant, Machinery, electrical installations, Lab. Equipments etc. Equitable mortgage by Deposit of Title Deeds being Immovable Property bearing Plot No.B-17, adm. 2175.44 sq. mtrs . at Murbad Industrial Area, Thane with buildings and structures thereon.
Date of latest modification prior to the present modification	09/03/2010
Particulars of the present modification	Now vide this modification, Immovable Property of the Company viz. Plot No. B-17, adm. 2175.44 sq. mtrs. at Murbad Industrial Area, Tal. Murbad, Dist. Thane together with buildings, structures and machineries thereon, to LEDTD given earlier as security to secure limits upto Rs.125.000 Millions extended to secure the additional limit of Rs.5.000 Millions granted by the Bank. Thus total amount secured over said Immovable property enhanced to Rs.130.000 Millions.

FIXED ASSETS

v Freehold Land

v Leasehold Land

v Building

v Offices

v Plant and Machinery

v Electrical Installation

v Laboratory Equipments

v Furniture & Fixtures

v Office Equipments

v Vehicles

v Air Conditioner

AS PER WEBSITE DETAILS

COMPANY PROFILE

Subject founded in 1995, manufactures a broad range of Quality Sterile Needled Sutures, with State of the Art Manufacturing and Packaging Equipment, Sophisticated Processes Designed and Operated by Centenial's Competent and Devoted Staff.

Company is a combination of Craftmanship, the Latest Production Technology, Strictest Quality Control, Care and Dedication, results in Products of Incomparable Quality. Subject is a company with a Surgeon's eye for Quality. At company doing business the Fair way is their Foremost Concern, by Guaranteeing Courteous, Fair and Honest Service, enough inventory to meet any order size and Pricing. Company is confident that it can prove its flexibility, capacity and attention for Quality and Consistency in manufacturing World Class Sutures in India.

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.56.53
UK Pound	1	Rs.88.09
Euro	1	Rs.70.83

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--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.