MIRA INFORM REPORT

Report Date :

15.09.2012

IDENTIFICATION DETAILS

Name :	PARAMOUNT SURGIMED LIMITED
Registered Office :	Plot No.1, L.S.C. Okhla Industrial Area, Phase – II, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.11.1993
Com. Reg. No.:	55-055981
Capital Investment / Paid-up Capital :	Rs.100.000 Millions
CIN No.: [Company Identification No.]	U74899DL1993PLC055981
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Blades Carbon, Blades S S and Scalpels
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B [37]

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

Maximum Credit Limit :	USD 579000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Reserves of the company appears to be insufficient. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – 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 DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	Plot No.1, L.S.C. Okhla Industrial Area, Phase – II, New Delhi – 110020, India
Tel. No.:	91-11-26389812 / 13 / 41616333
Fax No.:	91-26389815 / 41616555
E-Mail :	psl@paramountblades.com
Website :	http://www.paramountblades.com
Factory :	A – 106, RIICO Industrial Area, Bhiwadi, Rajasthan, India

DIRECTORS

As on 29.09.2011

Name :

Shaily Grover

Designation :

Managing Director

Address :

E – 31, Kalindi Colony, New Delhi – 110065, India

Date of Birth/Age :

28.01.1967

Date of Appointment :

06.12.1993

DIN :

00057763

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	U74899DL1993PLC055981	PARAMOUNT SURGIMED LIMITED	Managing director	1/3/2011	6/12/1993	Active	NO
2	U33112DL2006PTC149031	SABOORI COLLEZIONE INTERNATIONAL PRIVATE LIMITED	Director	21/05/2006	21/05/2006	Active	NO

Name :

Mr. Raghu Nathrai Grover

Designation :

Whole-time director

Address :

S-526, Greater Kailash, New Delhi – 110048, India

Date of Birth/Age :

05.07.1935

Date of Appointment :

06.12.1993

DIN :

00128398

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	U74899DL1980PTC010203	UNITED POLY ENGINEERING PRIVATE LIMITED	Director	12/2/1980	12/2/1980	Active	NO
2	U74899DL1993PLC055981	PARAMOUNT SURGIMED LIMITED	Whole-time director	6/12/2008	6/12/1993	Active	NO

Name :

Mr. Manu Grover

Designation :

Director

Address :

S-526, Greater Kailash, New Delhi – 110048, India

Date of Birth/Age :

25.01.1973

Date of Appointment :

09.08.2004

DIN :

00898391

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	U74899DL1980PTC010203	UNITED POLY ENGINEERING PRIVATE LIMITED	Director	1/4/1994	1/4/1994	Active	NO
2	U74899DL1993PLC055981	PARAMOUNT SURGIMED LIMITED	Director	9/8/2004	9/8/2004	Active	NO

Name :

Mr. Ghansham Dass Khemani

Designation :

Director

Address :

73, Vasant Enclave, DDA Flats, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

25.08.1935

Date of Appointment :

24.10.2005

DIN :

00231933

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29199GJ1994PLC023797	ASIATIC STEEL INDUSTRIES LIMITED	Director	30/08/1996	30/08/1996	-	Active	NO
2	U32109MH1986PTC038992	TIL INVESTMENTS PRIVATE LIMITED	Director	14/11/1996	14/11/1996	-	Active	NO
3	L18101HR1993PLC032010	GIVO LIMITED	Director	25/11/1997	25/11/1997	-	Active	NO
4	U36999HR1996PLC033491	GURGAON TECHNOLOGY PARK LIMITED	Additional director	22/12/2008	8/5/2002	26/06/2009	Active	NO
5	U74899DL1993PLC055981	PARAMOUNT SURGIMED LIMITED	Director	23/09/2006	24/10/2005	-	Active	NO
6	U74899DL2006PTC144556	SOVEREIGN SECURITY TECHNOLOGIES PRIVATE LIMITED	Director	9/1/2006	9/1/2006	-	Strike off	NO
7	U67190MH2006PTC161958	GCK FINANCIAL SERVICES PRIVATE LIMITED	Director	18/07/2006	18/07/2006	-	Active	NO

Name :

Mr. Balraj Krishan Sethi

Designation :

Director

Address :

C-195, Vivek Vihar, New Delhi – 110095, India

Date of Birth/Age :

30.10.1937

Date of Appointment :

08.05.2004

DIN :

00373843

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L17118RJ1985PLC009008	RAJASTHAN POLYESTERS LIMITED (TRANSFER FROM DELHI TO RAJASTHAN)	Director	23/01/2001	23/01/2001	29/01/2008	Active	NO
2	U74899DL1993PLC055981	PARAMOUNT SURGIMED LIMITED	Director	8/5/2004	8/5/2004	-	Active	NO
3	U33112DL2006PTC149031	SABOORI COLLEZIONE INTERNATIONAL PRIVATE LIMITED	Director	29/09/2008	5/9/2008	-	Active	NO

Name :

Mr. Rana Pratap Sharma

Designation :

Director

Address :

B-5/38, Sector – 4, Rohini, New Delhi – 110085, India

Date of Birth/Age :

03.09.1934

Date of Appointment :

21.11.2006

DIN :

00398990

Name :

Mr. Sanjay Kumar Goel

Designation :

Director

Address :

Green Glade Apartments, 2319, Block – B, Pocket – 2, Vasant Kunj, New Delhi – 110070, India

Date of Birth/Age :

05.01.1968

Date of Appointment :

08.05.2006

DIN :

00021215

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1995PTC071324	SKYLINE FINANCIAL SERVICES PRIVATE LIMITED	Director	1/8/1995	1/8/1995	30/07/2009	Active	NO
2	U74899DL1993PLC055981	PARAMOUNT SURGIMED LIMITED	Director	23/09/2006	8/5/2006	-	Active	NO
3	U18101PB2002PLC025043	PRIKNIT RETAILS LIMITED	Director	23/09/2008	23/10/2007	10/3/2009	Active	NO
4	U33112DL2006PTC149031	SABOORI COLLEZIONE INTERNATIONAL PRIVATE LIMITED	Director	29/09/2008	5/9/2008	-	Active	NO

Name :

Mr. Chandra Shekhar Shukla

Designation :

Director

Address :

31C, Pocket #B, Siddhartha Extenstion, New Delhi – 110014, India

Date of Birth/Age :

03.01.1942

Date of Appointment :

29.09.2009

DIN :

02579246

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	U51101DL2009PTC190555	INDUS BUSINESS PROMOTION SERVICES PRIVATE LIMITED	Managing director	22/05/2009	22/05/2009	Active	NO
2	U74899DL1993PLC055981	PARAMOUNT SURGIMED LIMITED	Director	29/09/2009	4/9/2009	Active	NO
3	U74999DL2011PTC220257	PREXMA CONSULTING PRIVATE LIMITED	Director	2/6/2011	2/6/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Banoj Kumar Pradhan
Designation :	Secretary
Address :	68/431, Sector – 1, R.K. Ashram Marg, Gole market, Delhi – 110001, India
Date of Birth/Age :	02.07.1973
Date of Appointment :	11.08.2008
PAN :	AHXPP5536E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Raghu Nathrai Grover	3754810
Shaily Grover	3036420
Indu Grover	329010
Ashish Grover	823040
Manu Grover	848040
Deepali Gorver	70000
Meera Grover	167500
United Poly Engineering Private Limited, India	891080
Anisha Grover	80100
Total	10000000

As on 29.09.2011

Equity Share Break Up Category	Percentage
Bodies corporate	8.91
Directors or relatives of Directors	91.09
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Blades Carbon, Blades S S and Scalpels
Products :	Surgical Blades Safety Scalpels Skin Graft Blades Blood Lancet Gouge Blades Biopsy Punch Disposable Scalpels Stitch Cutters Postmortem Blades Ophthalmic Knife Metal Handles Dental Blades Hobby Blades Microtome Blades

PRODUCTION STATUS [As on 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Blades S.S.	Nos.	-	3486300
Scalpels	Nos.	40000000	5560390
Blades Carbon	Nos.	-	22543800

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Indian Overseas Bank, Defence Colony Branch, Moolchand Shopping Complex, Defence Colony, New Delhi - 110024, India
• Deutsche Bank
• ICICI Bank Limited
• Axis Bank Limited
• HDFC Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans banks	48.576	76.032
Working capital loans banks secured	151.455	119.284
Loans taken for vehicles	1.879	0.479
Loans taken for other fixed assets	8.993	9.374
Total	210.903	205.169
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loans directors	12.362	18.563
Public deposits	1.525	1.950
Total	13.887	20.513

Rs. in millions

Type of Loan	Name of Bank	Liability as on 31.03.2011	Security hypothecation	Collateral Security
Packing Credit	Indian Overseas Bank	12.470	First charge on the current assets of the Company.	Establish Mortgage of Land and Building and Plant and Machinery at A-106, RIICO Industrial Area Bhiwadi, Rajasthan
Cash Credit	Indian Overseas Bank	124.809	First charge on the current assets of the Company.
FDBP	Indian Overseas Bank	10.418	Documents of title of goods / accepted Bill of Exchange and extension of first charge on the Current assets of the Company.
Term Loan	Indian Overseas Bank	8.189	First charge on the assets acquired/created out of the term loan
Property Loan	Deutsche Bank	8.993	Property Loan situated at 3201Obroiwood Goregaon, Mumbai
Car Loan	Kotak Mahindra Prime Limited	0.070	Hypothecation of Car
Car Loan	ICICI Bank Limited	0.050	Hypothecation of Car
Cash Credit	Axis Bank Limited	3.758	Equitable Mortgage over Commercial Property at 1, LSC, Okhla Phase II, New Delhi and Personal Guarantee of Whole time Directors.
Term Loan	Axis Bank Limited	40.386	Equitable Mortgage over Commercial Property at 1, LSC, Okhla Phase II, New Delhi and Personal Guarantee of Whole time Directors.
Car Loan	HDFC Bank Car Loan	1.759	Equitable Mortagage over Mercedez Benz Car

# Equitable mortgage of property at A-106, RIICO Industrial Area,Bhiwadi,Rajasthan is to secure the following credit facilities sanctioned to the company aggregating to Rs. 325.000 Millions: Cash Credit Rs.146.500 Millions, Packing credit Rs.20.000 Millions, FDDBP/FDUBD Rs.10.000 Millions, Letter of Credit Rs.110.000 Millions (Letter of Guarantee Rs.5.000 Millions Sub Limit of LC), Cheque Purchase Facility Rs.5.000 Millions. And term loan of Rs. 33.500 Millions,

Banking Relations :	--
Auditors :
Name :	S.Agarwal and Company Chartered Accountants
Address :	123, Vinoba Puri Lajapat Nagar-Ii New Delhi 110024 India
PAN :	AADPA0397F
Subsidiary :	Saboori Collezione International Private Limited CIN : U33112DL2006PTC149031

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs.10/- each	Rs.120.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs.100.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		100.000	91.000	85.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		44.956	38.868	37.469
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		144.956	129.868	122.469
LOAN FUNDS
1] Secured Loans		210.903	205.169	221.545
2] Unsecured Loans		13.887	20.513	22.012
TOTAL BORROWING		224.790	225.682	243.557
DEFERRED TAX LIABILITIES		9.221	11.543	10.544
TOTAL		378.967	367.093	376.570
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		131.787	115.744	112.990
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		11.757	11.757	9.756
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	154.476	134.969	162.334
	Sundry Debtors	103.212	108.815	106.852
	Cash & Bank Balances	7.930	5.214	6.580
	Other Current Assets	6.636	7.196	3.161
	Loans & Advances	67.200	72.754	74.879
Total Current Assets		339.454	328.948	353.806
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	79.361	63.305	73.871
	Other Current Liabilities	16.939	16.862	16.732
	Provisions	7.729	9.297	9.595
Total Current Liabilities		104.029	89.464	100.198
Net Current Assets		235.425	239.484	253.608
MISCELLANEOUS EXPENSES		0.000	0.108	0.216
TOTAL		378.967	367.093	376.570

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	497.720	401.831	421.487
		Other Income	9.096	3.193	5.482
		TOTAL (A)	506.816	405.024	426.969
Less	EXPENSES
		Consumption materials changes inventories	248.081	216.654
		Employee related expenses	64.329	49.345	381.508
		Administrative selling other expenses	139.947	93.994
		Prior period items	0.217	0.000
		TOTAL (B)	452.574	359.993	381.508
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		54.242	45.031	45.461
Less	FINANCIAL EXPENSES (D)		31.335	31.331	32.309
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.907	13.700	13.152
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.006	7.727	7.041
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		13.901	5.973	6.111
Less	TAX (H)		4.304	2.452	4.532
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		9.597	3.521	1.579
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		32.383	30.984	31.394
Less	APPROPRIATIONS
		Proposed Dividend		1.820	1.700
		Tax on Proposed Dividend	6.088	0.302	0.289
	BALANCE CARRIED TO THE B/S		38.471	32.383	30.984
	EARNINGS IN FOREIGN CURRENCY		111.689	NA	NA
	Earnings/[Loss] Per Share (Rs.)		0.98	0.40	0.19

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.89	0.87	0.37
Net Profit Margin (PBT/Sales)	(%)	2.79	1.49	1.45
Return on Total Assets (PBT/Total Assets}	(%)	2.95	1.34	1.31
Return on Investment (ROI) (PBT/Networth)		0.09	0.04	0.05
Debt Equity Ratio (Total Liability/Networth)		2.27	2.43	2.81
Current Ratio (Current Asset/Current Liability)		3.26	3.68	3.53

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	Yes
10]	Designation of contact person	Yes
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	No
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

Financial Results :

For the Financial year ended on 31st March, 2011, the Company recorded a Net Turnover of Rs. 497.720 millions as compared to Rs. 401.831 millions in the previous year, the Profit before Tax is Rs. 14.119 millions as compared to Rs. 5.973 millions in the previous year and the Profit After Tax is Rs. 9.815 millions as compared to Rs. 3.522 millions in the previous year.

Share Capital:

During the financial year ended on 31st March, 2011, the Paid-up Equity Share Capital was increased from Rs. 91.000 millions to Rs. 100.000 millions.

Subsidiary Company:

The Company has invested Rs.11.700 millions to acquire 67.80% of Paid up Equity Share Capital of Saboori Collezione International Private Limited till the end of the financial year 2010 – 2011. Saboori Collezione International Private Limited is a company registered under the Companies Act, 1956 as on 21st May, 2006 for marketing specialized Bathroom and Hydrotherapy equipment. Saboori Collezione International Private Limited is also importing some medical products.

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.54.73
UK Pound	1	Rs.88.61
Euro	1	Rs.71.34

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		37

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.