MIRA INFORM REPORT

Report Date :

12.04.2013

IDENTIFICATION DETAILS

Name :	MEDICAPS LIMITED
Registered Office :	Mhow-Neemuch Road, Sector-1, Pithampur - 454 775, Disttrict Dhar, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.08.1983
Com. Reg. No.:	10-002231
Capital Investment / Paid-up Capital :	Rs. 31.175 Millions
CIN No.: [Company Identification No.]	L24232MP1983PLC002231
TAN No.: [Tax Deduction & Collection Account No.]	BPLM01282B
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturer of Capsules
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 2400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The financial strength is good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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 – 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.

INFORMATION PARTED BY

Name :	Mr. Amit Parmar
Designation :	Assistant Account Manger
Contact No.:	91-7292-407443
Date :	10.04.2013

LOCATIONS

Registered Office / Factory :	Mhow-Neemuch Road, Sector-1, Pithampur 454 775, Disttrict Dhar, Madhya Pradesh, India
Tel. No.:	91-7292-407445/407446/253596
Fax No.:	91-7292-407387
E-Mail :	info@medicaps.com purchase@medicaps.com indore@medicaps.com accounts@medicaps.com
Website :	http://www.medicaps.com
Location :	Owned
Corporate Office :	201, Pushpratna Paradise, 9/5, New Palasia, Indore-452001, Madhya Pradesh, India

DIRECTORS

As on 31.03.2012

Name :	Mr. Ramesh C.Mittal
Designation :	Managing Director
Pan No. :	ABZPM1785C
Date of Appointment :	06.08.1983
DIN No.:	00035272
Name :	Mr. Alok K. Garg
Designation :	Whole Time Director
Pan No. :	AAHPG5352J
Date of Appointment :	01.04.1999
DIN No.:	00274321
Name :	Mrs. Kusum Mittal
Designation :	Whole Time Director
Pan No. :	ABZPM1784D
Date of Appointment :	04.05.1991
DIN No.:	00035356
Name :	Mrs. Trapti Vikas  Gupta
Designation :	Director
Pan No. :	AENPM0248M
Date of Appointment :	30.01.2009
DIN No.:	00204741
Name :	Dr. Shashikant Sharma
Designation :	Director
Pan No. :	AGTPS5397P
Date of Appointment :	29.06.1993
DIN No.:	00204610
Name :	Dr. Shamsher Singh
Designation :	Director
Pan No. :	AGAPS8548P
Date of Appointment :	30.04.2009
DIN No.:	00204290
Name :	Dr. Keshav Singh  Verma
Designation :	Director
Pan No. :	ACIPV0319H
Date of Appointment :	30.04.2007
DIN No.:	01490522
Name :	Dr. Vishwanath Balkrishna Malker
Designation :	Director
Pan No. :	ABVPM7903Q
Date of Appointment :	29.07.2005
DIN No.:	02491684

KEY EXECUTIVES

Name :	Mr. Amit Parmar
Designation :	Assistant Account Manger
Name :	D.K. Jain and Company
Designation :	Company Secretaries
Address :	4^th floor, Silver Ark Plaza, Narayan Kothi Square, 20 / A, New Palasia, Indore, Madhya Pradesh

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2012

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1479864	47.47
Bodies Corporate	76782	2.46
Sub Total	1556646	49.93
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1556646	49.93
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1200	0.04
Financial Institutions / Banks	7300	0.23
Sub Total	8500	0.27
(2) Non-Institutions
Bodies Corporate	207234	6.65
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	962391	30.87
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	297041	9.53
Any Others (Specify)	85677	2.75
NRIs/OCBs	85522	2.74
Clearing Members	155	0.00
Sub Total	1552343	49.79
Total Public shareholding (B)	1560843	50.07
Total (A)+(B)	3117489	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	3117489	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Capsules

Products :

Products Description	Products Description
Hard Gelatin Capsule Shells I.P.	9602 0030

Exports :

Products :

Capsules

Countries :

• South Africa
• Peru

Imports :

Products :

Capsules

Countries :

China

Terms :

Selling :

Advance

Purchasing :

L/C

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Unit	Installed Capacity	Actual Production
Hard Gelatin Capsule	Nos in Lacs	42000	398087

GENERAL INFORMATION

Customers :	End Users and Distributors Lupin Laboratories Aristo Pharmaceuticals
No. of Employees :	300 (Approximately)
Bankers :	IDBI Bank Limited IndusInd Bank Limited State-Bank of Indore ICICI Bank
Facilities :	L/C Rs.20.000 Millions (form IDBI Bank Limited)

Banking Relations :	--
Auditors :
Name :	C P Rawka and Company Chartered Accountants
Address :	403, Acrcade Sliver, 56,1, New Palasia, Indore - 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2541132
Fax No.:	91-731-4215397
E-Mail :	cp_rawka@yahoo.com
Sister Concern :	Med Gel Private Limited Address:Sector-3, Pithampur, Dhar, Madhya Pradesh, India Line of Business: Manufacturer of Soft Gelatin Capsules

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
3668580	Equity Shares	Rs.10/- each	Rs.36.685 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3117489	Equity Shares	Rs.10/- each	Rs.31.175 Millions

There is no change in the share outstanding at the beginning and at the end of the report date and immediately preceding reporting date.

Details of shareholders holding more than 5 percent share in the company

Name of shareholders	No. of shares	% of Holding
R.C. Mittal	791480	25.39%
Kusum Mittal	668319	21.44%

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		31.175	31.175	33.930
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		584.943	563.109	538.970
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		616.118	594.284	572.900
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		2.530	3.997	5.482
TOTAL		618.648	598.281	578.382
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.807	41.801	45.899
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		423.392	317.628	487.769
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.752	17.090	19.274
	Sundry Debtors	51.183	53.727	48.700
	Cash & Bank Balances	14.768	8.307	5.194
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	113.787	224.739	18.886
Total Current Assets		206.490	303.863	92.054
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.083	17.472	9.896
	Other Current Liabilities	19.590	22.001	20.623
	Provisions	26.368	25.538	16.821
Total Current Liabilities		52.041	65.011	47.340
Net Current Assets		154.449	238.852	44.714
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		618.648	598.281	578.382

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	258.211	260.824	217.698
		Other Income	0.847	0.167	18.297
		TOTAL	259.058	260.991	235.995
Less	EXPENSES
		Cost of materials consumed	84.368	85.627
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(4.289)	0.303	181.439
		Employee benefit expenses	41.427	38.933
		Other expenses	86.053	85.724
		TOTAL	207.559	210.587	181.439
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		51.499	50.404	54.556
Less/ Add	DEPRECIATION/ AMORTISATION		9.597	8.831	8.329
	PROFIT BEFORE TAX		41.902	41.573	46.227
Less	TAX		14.633	14.515	9.980
	PROFIT AFTER TAX		27.269	27.058	36.247
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		433.360	413.155	384.229
Less	APPROPRIATIONS
		Transfer to General Reserve	1.409	1.400	1.850
		Dividend	4.676	4.676	4.676
		Tax on Dividend	0.759	0.777	0.795
	BALANCE CARRIED TO THE B/S		453.785	433.360	413.155
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	9.398	23.634	13.445
	TOTAL EARNINGS		9.398	23.634	13.445
	IMPORTS
		Raw Materials	54.042	9.901	0.692
		Capital Goods	2.939	0.000	0.00
	TOTAL IMPORTS		56.981	9.901	0.692
	Earnings Per Share (Rs.)		8.76	8.68	11.63

Expected Sales (2012-13) : More than Rs.260.000 Millions (Due to lack of order)

The above information has been parted by Mr. Amit Parmar.

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	63.000	62.100	71.600
Total Expenditure	52.900	56.100	61.000
PBIDT (Excl OI)	10.100	6.000	10.600
Other Income	1.500	0.000	(13.800)
Operating Profit	11.600	6.000	(3.100)
Interest	0.000	0.000	0.000
Exceptional Items	0.000	0.000	0.000
PBDT	11.600	6.000	(3.100)
Depreciation	2.400	2.500	2.500
Profit Before Tax	9.200	3.500	(5.600)
Tax	2.000	3.000	4.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	7.200	0.500	(9.600)
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	7.200	0.500	(9.600)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	10.53	10.37	15.36
Net Profit Margin (PBT/Sales)	(%)	16.23	15.94	21.23
Return on Total Assets (PBT/Total Assets}	(%)	16.94	12.03	33.51
Return on Investment (ROI) (PBT/Networth)		0.07	0.007	0.008
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.97	4.67	1.94

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

REVIEW OF OPERATIONS: .

During the year, it could earn the gross income of Rs.259.058 Millions as compared to Rs.260.991 Millions in previous year.

Inspite of decrease in the manufacturing turnover the profits of the Company has been slightly increased from Rs.41.573 Millions to Rs. 41.802 Millions due to non adequate returns on the investment activities and increased cost of the raw material, power and administrative expenses. The company is in continuous process of modernization of the existing manufacturing facilities to get better output and quality.

MANAGEMENT DISCUSSION AND ANALYSIS;

Industry structure arid developments:

The growing pharmaceutical industry was originally dominated by smaller companies, but this trend has; changed, today, pharmaceutical firms are typically extremely large to more easily enable big expenditures for research and development.

The Pharmaceutical industry in India is the world's third-largest in terms of volume and stands 14th in terms of value. According to Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, the total turnover of India's pharmaceuticals industry, between 2008 and September 2009 was US$21.04 billion. While the domestic market was worth US$12.26 billion. Sale of all types of medicines in the country is expected to reach around US$19.22 billion by 2012. Exports of pharmaceuticals products from India increased from US$6'23 billion in 2006-07 to US$8.7 billion in 2008-09 a combined annual growth rate of 21.25%. India joined among the league of top 10 gipbal pharmaceuticals markets in terms of sales by 2020 with value reaching US$50 billion. The growth of pharmaceutical companies in the past 15 years has been generally outstanding. Up until 2009, pharmaceutical companies were thought to be recession-proof, often growing despite losses in other industries (such as the tech bubble and the dot.com bubble during the late 1990s and early 2000s). The revenue CAGR (compound annual growth rate) over the past three years had been 12.4%, but it is expected to be up at 15.3% from FY12 to FY14. The pricing environment in the Indian market has been a favorable one, and past growth has in part been driver^ by price increases of 2-4% annually.

Performance of industry is very much dependent Upon the developments and discoveries that are made to search new types-of drugs and also to search for new kind of medicines. One can-also see differences within the industry regarding the same drug or report and different companies with in Pharmaceutical Industry look to follow different paths for the same thing.

While the net revenue CAGR from Indian coverage group has been 20% over FY2005-12, the US revenue CAGR for the group has been 24.5%, accounting for a large portion of the growth. After the "big bang". Expansion of Indian pharma into the global markets that started in 2003-04 turned challenging to handle, companies toned: down their expansion plans instead, most companies focused on the profitable and easier US market.

However, they believe, the time is right for Indian firms to focus on the other markets the Company is expected to have very good future also.

TRADE REFERENCES

• Lupin Laboratories
• Aristo Pharmaceuticals

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH JUNE 2012

Rs. In Millions

Sr.		3 Months ended on 30.06.2012
No.	Particulars	(Unaudited)
1	Income from operations
	(a) Net sales (Net of excise duty)	62.838
	(b) Other operating income	0.135
	Total income from operation ( net)	62.973
2	Expenses
	a) Cost of material consumed	20.765
	b) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(0.461)
	c) Employee benefits expense	10.138
	d) Power Cost	8.225
	e)Depreciation and amortisation expense	2.441
	f) Other expenses	14.183
	Total Expenses	55.292
3	Profit from operation before other income, finance costs and exceptional items (1-2)	7.681
4	Other Income	1.494
5	Profit from ordinary activities before finance costs and exceptional items (3+4)	9.175
6	Finance costs	0.000
7	Profit from ordinary activities after finance costs but before exceptional items (5-6)	9.175
8	Exceptional items	0.000
9	Profit (+)/Loss (-) from ordinary activities before tax (7+8)	9.175
10	Tax expenses	2.000
11	Net Profit (+)/Loss (-) from ordinary activities after tax (9-10)	7.175
12	Extraordinary Items(Net of tax expense)	0.000
13	Net Profit (+)/Loss (-) for the period (11-12)	7.175
14	Paid-up equity share capital (Face value Rs.10/- Per Share)	31.175
15	Reserve excluding Revaluation Reserves as per balance sheet of previous accounting Year
16	Earning Per Share (EPS)
	a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualized)	2.30
	b) Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year (not to be annualized)	2.30
A	PARTICULARS OF SHAREHOLDINGS
1	Public Shareholding
	- No. of shares	15.62
	- Percentage of Shareholding	50.11
2	Promoters and Promoter group Shareholding
	a) Pledged/Encumbered
	- Number of shares	0.00
	- Percentage of Shares (as a % of the total shareholding of promoters and promoter group)	0.00
	- Percentage of shares (as a % of the total share capital of the company)	0.00
	b) Non-encumbered
	- Number of shares	15.55
	- Percentage of Shares (as a % of the total shareholding of promoters and promoter group)	100.00
	- Percentage of shares (as a % of the total share capital of the company)	49.89
B	INVESTOR COMPLAINTS
	Pending as the beginning of the quarter	0
	Received during the quarter	9
	Disposed of during the quarter	9
	Remaining unresolved at the end of the quarter	0

Notes:

1. The above unaudited quarter ended results were approved by the Board of Director at their meeting held on 13th Aug, 2012.

2. The statutory auditors of the Company have carried out a limited review of the standalone financial statement of the company for the above said quarter and were also approved by the Board. There is no qualification in the limited review for the quarter ended 30th June, 2012

3. The Company is dealing only in one segment.

4. Figures have been rearranged as per requirements.

5. The Board has recommended dividend @ Rs. 1.5 (15%) per share on the equity shares of Rs. 10/-each for the year 2011-12 and would be paid to the shareholders, subject to the approval of members at the forth coming AGM

FIXED ASSETS

• Free Hold Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Computers

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 :

They 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.54.53
UK Pound	1	Rs.83.60
Euro	1	Rs.71.33

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	NO
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.