MIRA INFORM REPORT

Report Date :

26.11.2012

IDENTIFICATION DETAILS

Name :	OPHTHALMIC MARKETING AND SERVICES PRIVATE LIMITED
Registered Office :	1, Shah Chambers, CTM Cross road, CTM, Ahmedabad-380026, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.02.2006
Com. Reg. No.:	04-047739
Capital Investment / Paid-up Capital :	Rs. 6.500 millions
CIN No.: [Company Identification No.]	U33110GJ2006PTC047739
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Surgical Blades.
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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payment are reported to be usually correct and as per commitment. The company can be considered for business dealing at usual trade terms and conditions. Note: SHARPEDGE INSTRUMENTS PRIVATE LIMITED got amalgamated with subject company with effect from April 2011.

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 :	1, Shah Chambers, CTM Cross road, CTM, Ahmedabad-380026, Gujarat, India
Tel. No.:	91-79-25894273
Fax No.:	Not Available
E-Mail :	sharp@satyam.net.in
Factory / Operating Office / Corporate Office :	Plot No. 87/3/B, Phase-1, G.I.D.C, Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-25894273 / 25894274
Fax No.:	91-79-25894274
E-Mail :	oms@oms-india.com sharp@satyam.net.in
Website :	www.sharpedgeindia.com

DIRECTORS

As on 29.09.2012

Name :

Lakhamichand Nanakram Lalwani

Designation :

Director

Address :

A-11, GIDC Colony, Sector-26, Gandhinagar-382028, Gujarat, India

Date of Birth/Age :

08.11.1946

Date of Appointment :

16.02.2006

DIN No.:

00304413

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	U32201GJ1985PTC008001	HIREL CIRCUIT PRIVATE LIMITED	Managing director	10/08/1985	10/08/1985	-	Active	NO
2	U24236GJ1998PTC034588	SHARPEDGE INSTRUMENTS PRIVATE LIMITED	Director	21/09/1998	21/09/1998	-	Amalgamated	NO
3	U29297GJ2003PTC042929	SUSRUTA INSTRUMENTS PRIVATE LIMITED	Director	18/09/2003	18/09/2003	-	Active	NO
4	U33110GJ2006PTC047739	OPHTHALMIC MARKETING AND SERVICES PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Active	NO

Name :

Gunvantbhai Hiralal Patel

Designation :

Director

Address :

B/6, Sunita Appartment, Nava Vadaj, Ahmedabad-380013, Gujarat, India

Date of Birth/Age :

01.06.1954

Date of Appointment :

16.02.2006

DIN No.:

00326926

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	U24236GJ1998PTC034588	SHARPEDGE INSTRUMENTS PRIVATE LIMITED	Director	21/09/1998	21/09/1998	-	Amalgamated	NO
2	U29297GJ2003PTC042929	SUSRUTA INSTRUMENTS PRIVATE LIMITED	Director	18/09/2003	18/09/2003	-	Active	NO
3	U33110GJ2006PTC047739	OPHTHALMIC MARKETING AND SERVICES PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Active	NO

Name :

Premat Lakhamichand Lalwani

Designation :

Director

Address :

A-11, GIDC Colony, Sector-26, Gandhinagar-382028, Gujarat, India

Date of Birth/Age :

03.06.1974

Date of Appointment :

16.02.2006

DIN No.:

00303573

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	U24236GJ1998PTC034588	SHARPEDGE INSTRUMENTS PRIVATE LIMITED	Director	28/08/1998	28/08/1998	-	Amalgamated	NO
2	U33110GJ2006PTC047739	OPHTHALMIC MARKETING AND SERVICES PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Active	NO

Name :

Mrs. Kavita Lakhamichand Lalwani

Designation :

Additional director

Address :

A-11, GIDC Colony, Sector-26, Gandhinagar-382028, Gujarat, India

Date of Birth/Age :

26.01.1952

Date of Appointment :

29.09.2012

DIN No.:

00326889

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	U32201GJ1985PTC008001	HIREL CIRCUIT PRIVATE LIMITED	Director	25/11/1992	25/11/1992	-	Active	NO
2	U24236GJ1998PTC034588	SHARPEDGE INSTRUMENTS PRIVATE LIMITED	Director	21/09/1998	21/09/1998	-	Amalgamated	NO
3	U29297GJ2003PTC042929	SUSRUTA INSTRUMENTS PRIVATE LIMITED	Director	18/09/2003	18/09/2003	-	Active	NO
4	U33110GJ2006PTC047739	OPHTHALMIC MARKETING AND SERVICES PRIVATE LIMITED	Director	29/09/2012	15/03/2012	-	Active	NO

Name :

Mr. Kailashben Gunvantbhai Patel

Designation :

Director

Address :

B/6, Sunita Appartment, Nava Vadaj, Ahmedabad-380013, Gujarat, India

Date of Birth/Age :

10.11.1984

Date of Appointment :

29.09.2012

DIN No.:

00304575

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	U24236GJ1998PTC034588	SHARPEDGE INSTRUMENTS PRIVATE LIMITED	Director	21/09/1998	21/09/1998	-	Amalgamated	NO
2	U33110GJ2006PTC047739	OPHTHALMIC MARKETING AND SERVICES PRIVATE LIMITED	Director	29/09/2012	15/03/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Harshad Lakhamichand Lalwani	225000
Varun Gunvantbhai Patel	150000
Gunvantbhai Hiralal Patel	56250
Kailashben Gunvantbhai Patel	53750
Lakhamichand Nanakram Lalwani	61250
Kavita Lalwani Lakhamichand	50000
Premat Lakhamichand Lalwani	53750
Total	650000

Allottee as on 22.08.2012

Names of Allottee	No. of Shares
Harshad Lakhamichand Lalwani	150000
Varun Gunvantbhai Patel	100000
Gunvantbhai Hiralal Patel	30000
Kailashben Gunvantbhai Patel	30000
Lakhamichand Nanakram Lalwani	30000
Kavita Lalwani Lakhamichand	30000
Premat Lakhamichand Lalwani	30000
Total	400000

Allottee (Bonus)

Names of Allottee	No. of Shares
Patel Gunavantbhai Hiralal	11250
Patel Kailashben	8750
Lalwani Lakhmichand Nanakram	16250
Lalwani Kavita Lakhamichand	5000
Lalwani Premat Lakhamichand	8750
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Surgical Blades.

GENERAL INFORMATION

Suppliers :

· Supreme Engineers

· Shri Durga Plasto Metal

· Jaywant Surgical Works

· Rex Industries

· Ashwini Enterprise

· Cobra Surgical Corporation

· Dimpee Enterprise

· Lunar Surgical

· Medical Centre

· Rexlndustries

· Associated Products

· Umiya Packaging

· Bharti Surgical Company

· Chetna Taders

· Dolphin Electronics

· Mars Engineering

· Narayan Surgical

· Ten Bags and Paper Products

Customers :

· Aagam Eye Hospital

· Ahalia Foundation Eye Hospital

· Anitha Eye Hospital

· Aadith Marketing Agencies

· Anjall Hospital

· Amrita Enterprises (Private) Limited

· Babu Medi Tech

· B. Lal and Sons

· Batra Hospital

· Birla Eye and Child Hospital

· Bhopal Eye Hospital

· Chintan Agency

· Cure sight laser Centre

· Dholakia Eye Hospital and Laser Center

· Jalaram Eye Hospital

· Raj Medi Tech

· Sai Medicals

· Vision Needs

· Wockhadt Hospital

No. of Employees :

Not Available

Bankers :

· ICICI Bank

· HDFC Bank

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
ICICI Bank Car Loan	0.128	0.241
HDFC Bank	0.000	0.186
Total	0.128	0.427
Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
H L Lalwani	0.000	0.981
L.N. Lalwani	3.013	0.996
P.L. Lalwani	0.18	0.166
V.G. Patel	1.389	1.254
Total	4.582	3.397

Banking Relations :	--
Auditors :
Name :	Bharat H. Shah and Company Chartered Accountants
Address :	320, Super Mall, N, Lal Bunglow, C.G. Road, Ahmedabad- 380006, Gujarat, India
PAN No.:	AAKFB7245G

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions
400000	Equity Shares – Fully Paid Bonus Shares	Rs.10/- each	Rs. 4.000 Millions
50000	Equity Shares – Fully Paid Pursuant the amalgamations scheme to the share holder of Transferor Company (Order passed by High Court on 23.07.2012 with appointment date 01.04.2011	Rs.10/- each	Rs. 0.500 Million
	Total		Rs. 6.500 Millions

As on 29.09.2012

Authorised Capital : Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 19.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.500	6.000	6.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		67.897	3.171	2.239
4] (Accumulated Losses)		0.000	0.000	(0.086)
NETWORTH		74.397	9.171	8.153
LOAN FUNDS
1] Secured Loans		0.128	0.427	0.872
2] Unsecured Loans		4.585	3.397	3.397
TOTAL BORROWING		4.713	3.824	4.269
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		79.110	12.995	12.422
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		68.884	8.181	8.902
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.016	0.120	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.681	2.035	1.589
	Sundry Debtors	5.782	3.627	2.784
	Cash & Bank Balances	7.357	1.829	1.557
	Other Current Assets	0.026	0.032	0.137
	Loans & Advances	4.789	2.414	1.954
Total Current Assets		24.635	9.937	8.021
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.444	2.047	2.843
	Other Current Liabilities	9.535	2.736	0.231
	Provisions	1.446	0.460	1.466
Total Current Liabilities		14.425	5.243	4.540
Net Current Assets		10.210	4.694	3.481
MISCELLANEOUS EXPENSES		0.000	0.000	0.039
TOTAL		79.110	12.995	12.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	48.277	39.549	39.080
		Other Income	0.304
		TOTAL	48.581	39.549	39.080
Less	EXPENSES
		Office Expenses	NA	38.298	36.613
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	38.298	36.613
	PROFIT BEFORE TAX		NA	1.251	2.466
Less	TAX		NA	0.318	0.661
	PROFIT AFTER TAX		1.920	0.932	1.805
	Earnings Per Share (Rs.)		2.95	1.55	9.02

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.95	2.36	4.62
Return on Total Assets (PBT/Total Assets}	(%)	NA	6.90	14.57
Return on Investment (ROI) (PBT/Net worth)		NA	0.14	0.30
Debt Equity Ratio (Total Liability/Net worth)		0.26	0.99	1.08
Current Ratio (Current Asset/Current Liability)		1.71	1.90	1.77

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	Yes
18]	Major customers	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

AMALGAMATION:

The Company has received order from Hon'ble High Court, Gujarat in respect of the Scheme of amalgamation in the nature of merger of Sharpedge Instruments Private Limited U/s 391/394 of the Companies Act, 1956. The appointed date for the said purpose has been fixed as 1^st April, 2011.

SCHEME OF AMALGAMATION

The Scheme of Amalgamation in the nature of merger of SHARPEDGE INSTRUMENTS PVT. LTD. with OPHTHALMIC MARKETING AND SERVICES PRIVATE LIMITED has been approved by Gujarat High Court, Ahmedabad on 23rd July, 2012 and Company has received Authenticated Copy of the order on 16th August, -2012. The Company has filed e Form 21 with the Registrar of Companies, Ahmedabad on 22/08/2012.

The Scheme of Amalgamation is effective from 01/04/2011 on filing e form 21.

Amalgamation comes into effect from the Appointed Date i.e. 01^st April, 2011. The Annual Report of the Company for the year 2011- 12 has boon prepared after giving effect to this Amalgamation.

ISSUE OF SHARES BY TRANSFEREE COMPANY

Upon the Scheme becoming finally effective, in cbnsideration of the transfer and vesting of the Undertaking of the Transferor Company in the Transferee Company in terms of the Scheme, the Transferee Company shall subject to the provisions of the Scheme and without any further application, act or deed, issue and allot at par the Equity shares of Rs. 10/- (Rupees Ten only)each credited as fully paid up in the Capital of the Transferee Company to the members of the Transferor company whose names appear in the Register of Members of the Transferor Company on a date (Record Date) to be fixed by the Board of Directors of the Transferee Company or to such of their respective heirs, executors, administrators or other legal representatives or other successors in title as may be. recognized by the Board of Directors of the Transferee Company and approved by them to be placed on its register of names in the following proportions:-

1 (One) Equity share of Rs. 10/- each credited as fully paid up in the Transferee Company for every 2 (Two) shares of Rs. 10/- each fully paid up held by such member in the capital of the Transferor Company.

EFFECTIVE CAPITAL OF OPHTHALMIC MARKETING AND SERVICES PRIVATE LIMITED

Upon Modified Scheme of Arrangement becoming effective, Capital of Ophthalmic Marketing and Services Private Limited and allotment of shares by Ophthalmic Marketing and Services Private Limited to the shareholders of Sharpedge Instrumental Private Limited, the issued, subscribed and paid-up Equity share capital of Sharpedge Instrumental Private Limited shall be Rs. 6.500 millions divided into 650000 fully paid-up equity shares of Rs. 10/- (Rupees Ten Only) each.

As a consequence of Amalgamation in the nature of Merger, the return of Income for A.Y. 2012-13 is filed for the Transferor Company i.e. OPHTHALMIC MARKETING AND SERVICES PRIVATE LIMITED and tax credit for taxes paid or Tax deducted at Source by Transferor Company or Transferee Company has been taken credit while filling I.T. Return.

The corresponding previous year's figures represent the figures for OPHTHALMIC MARKETING AND SERVICES PRIVATE LIMITED only.

In the scheme of Amalgamation in the nature of Merger, the value of Land and Building belonging to OPHTHALMIC MARKETING AND SERVICES PRIVATE LIMITED has been revalued to Rs. 46.537 Millions and Rs. 18.320 Millions respectively.

FIXED ASSETS:

· Office Equipment

· Computer

· Electrification

· Furniture and Fixture

· Vehicles

· Building

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 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.55.34
UK Pound	1	Rs.88.30
Euro	1	Rs.71.37

INFORMATION DETAILS

Report Prepared by :

MRI

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	NO
--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.