MIRA INFORM REPORT

Report Date :

09.04.2013

IDENTIFICATION DETAILS

Name :	TRANSASIA BIO-MEDICALS LIMITED
Registered Office :	Transasia House, 8, Chandivali Studio Road, Andheri–400072, Mumbai, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.05.1985
Com. Reg. No.:	11-036198
Capital Investment / Paid-up Capital :	Rs. 40.000 Millions
CIN No.: [Company Identification No.]	U33110MH1985PLC036198
TAN No.: [Tax Deduction & Collection Account No.]	MUMT00342G / MUMT09181E
PAN No.: [Permanent Account No.]	AAACT2038C
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturing, Marketing, Importers and Exporters of Instruments for measuring, Checking, Testing and Navigating.
No. of Employees :	350 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 15000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a established company having fine track record. Latest financial are missing with the government department however from the previous year record, it seems that the financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The Company can be considered good for normal business dealings at usual trade terms and condition.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based short term limits (A1+)
Rating Explanation	Highest degree of safety. It carry highest credit risk
Date	24.01.2012

Rating Agency Name	ICRA
Rating	Cash Credit (AA-)
Rating Explanation	Highest degree of safety. It carry low credit risk
Date	24.01.2012

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 / Head Office :	Transasia House, 8, Chandivali Studio Road, Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-40309000/ 28575050 / 4040
Fax No.:	91-22-28573030
E-Mail :	transasia@transasia.co.in transasia@vsnl.com
Website :	www.transasia.co.in http://www.tbm.net
Factory 1 :	47, Gelwad Falia, Dabhel, Opp. Somnath Bus Stop, Nani Daman – 396 210, Daman, Union Territory
Tel. No.:	Not Availble
Fax No.:	Not Availble
Factory 2 :	B/11, GIDC, Ringanawada, Nani Daman – 396 210, Daman, Union Territory
Tel. No.:	Not Availble
Fax No.:	Not Availble
Branches:	· 606 / 607, Sethi Bhavan, 7, Rajendra Place, New Delhi – 110 008, India Tel. No.: 91-11-2573 2223 · Flat No. 3/5, 1^st Floor, Raghupriya Apartments, 3, Krishnama Road, Nungambakkam, Chennai – 600 034, Tamil Nadu, India Tel. No.: 91-44-2826 0310 · 518, Kamalayaya Centre, 156 A, Lenin Sarani, Kolkata – 700 013, West Bengal, India Tel. No.: 91-33-2536 1458 · Ahmedabad, Gujarat, India Tel. No.: 91-79-2658 9140
Regional Offices:	· New Delhi · Lucknow · Chandigarh · Jaipur · Kolkata · Mumbai · Pune · Ahmedabad · Cochin · Chennai · Bengalooru · Hyderabad

DIRECTORS

As on : 18.09.2012

Name :	Mr. Suresh Hassanand Vazirani
Designation :	Chairman cum Managing Director
Address :	Flat No. 3 C. Mittal Paradise, Opposite Mittal Park, Off General Mhatre Marg, Juhu, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	15.07.1949
Date of Appointment:	10.05.1985
DIN No.:	00122486
Name :	Mrs. Mala Suresh Vazirani
Designation :	Whole Time Director
Address :	Flat No. 3 C. Mittal Paradise, Opposite Mittal Park, Off General Mhatre Marg, Juhu, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	13.08.1958
Date of Appointment :	01.12.1986
DIN No.:	00122711
Name :	Mr. Francis Matthew
Designation :	Director
Address :	209-D, Sheetal Apartments, Seven Bunglows, Andheri (West), Mumbai - 400 053, Maharashtra, India
Date of Birth/Age :	10.07.1952
Date of Appointment :	01.12.1986
DIN No.:	00124796

KEY EXECUTIVES

Name :	Mr. Ravindra Baburao Yevle
Designation :	Secretary
Address :	C/O. Transasia House 8, Chandivali Studio Road, Mumbai – 400 072, Maharashtra, India
Date of Birth/Age :	08.04.1954
Date of Appointment :	26.04.2004
Pan No:	AAAPY2150K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 25.09.2010

Names of Shareholders	No. of Shares
Suresh Hassanand Vazirani	3359225
Mala Suresh Vazirani	640725
Nikhil Suresh Vazirani	10
Vijay Parekh	10
Francis Matthew	10
Chandu P Sadarangani	10
Sunil H Vazirani	10
Total	4000000

Equity Share Break up (Percentage of Total Equity)

As on : 18.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Marketing, Importers and Exporters of Instruments for measuring, Checking, Testing and Navigating.

Products :

· Erba Chem-5 Plus – Semi Automatice Analyser

· Erba Smart Lab

· Erba Super Stat

· Erba Instalyte – A complete range of ISE Electrolyte Analyzers

· Erba XL – 600 – Automated Random Access Clinical Chemistr Analyser

· Erba Coag Uno Coagulometer – A routine coagulation tests

Item Code No.	Product Description
90:27:80:90	18 Parameter Fully Automated Blood Cell Counter
90:27:80:90	Sysmex Poch-100i Part Diff. Hemat Analyzer
90:27:80:90	Bio Chemistry Analyzer EC 5 Plus V2

GENERAL INFORMATION

Customers :

· AIIMS-Delhi, India

· Escorts Heart Institute-Delhi, india

· R.R. Hospital-Delhi, India

· Batra Hospital-Delhi, India

· Woodlands Hospital – Kolkata, India

· Peerless Hospital – Kolkata, India

· Hinduja Hospital – Mumbai, India

· Lilavati Hospital – Mumbai, India

· St. John’s Hospital-Bengalooru, India

· Manipal Hospital-Bengalooru, India

· Anand Diagnostics – Bengalooru, India

· Sagar Apollo Hospital-Bengalooru, India

No. of Employees :

Not Availble

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel W, Mumbai – 400 013, Maharashtra, India

· Barclays Bank Plc, 601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India

· HDFC Bank Limited, B 6/ 3, Safdarjung Enclave, Opposite Deer Park, New Delhi – 110 029, India

· State Bank of India, MIDC Andheri (East) Branch, Plot No. B-1, MIDC, Central Road, Andheri (East), Mumbai – 400 093, Maharashtra, India

· ABN Amro Bank NV

• 74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India
• 14, Veer Nariman Road, Mumbai – 400 023, Maharashtra, India

· ING Vysya Bank Limited

• 103/104 A- Wing 1 Floor, Deck Plaza, MIDC Central Road, Andheri (E), Mumbai – 400093, Maharashtra, India
• Metstar House, G-4, MIDC, Cross Road – A, Andheri (East), Mumbai – 400 093, Maharashtra, India

· ICICI Limited, ICICI Towers, Bandra Kurla Complex, Bandra (E), Mumbai – 400051, Maharashtra, India

· IndusInd Bank Limited

· Royal Bank of Scotland N.V.

Facilities :

Rs. in millions

Secured Loans	As on 31.03.2011	As on 31.03.2010
Working Capital Loans	532.295	257.662
Total	532.295	257.662

Auditors :
Name :	Talati and Talati Chartered Accountant
Address :	Ambika Chambers, New Old High Court, Navrangpura, Ahmedabad – 380 009, Gujarat, India
PAN No.:	AAAFT4520A
Subsidiaries :	· Erba Diagnostics Mannheim GMBH · Erba Lachema S.R.O. · Zao Lachema International

CAPITAL STRUCTURE

As on : 18.09.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10/-each	Rs. 40.000 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		40.000	40.000	40.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3922.343	3009.034	2291.761
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3962.343	3049.034	2331.761
LOAN FUNDS
1] Secured Loans		532.295	257.662	0.000
2] Unsecured Loans		0.117	8.556	3.814
TOTAL BORROWING		532.412	266.218	3.814
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4494.755	3315.252	2335.575
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		419.334	328.771	266.555
Capital work-in-progress		534.616	137.339	5.925
INVESTMENT		1861.792	1607.213	1124.805
DEFERRED TAX ASSETS		24.640	8.225	13.580
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	573.252	499.489	444.969
	Sundry Debtors	1150.755	999.717	785.257
	Cash & Bank Balances	31.151	29.525	83.851
	Other Current Assets	0.466	3.992	1.409
	Loans & Advances	1048.921	644.135	362.672
Total Current Assets		2804.545	2176.858	1678.158
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	384.589	377.360
	Other Current Liabilities	795.259	224.261	185.867
	Provisions	354.913	334.304	190.221
Total Current Liabilities		1150.172	943.154	753.448
Net Current Assets		1654.373	1233.704	924.710
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4494.755	3315.252	2335.575

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3112.952	2542.046	2136.536
		Other Income	94.163	80.924	86.461
		TOTAL	3207.115	2622.970	2222.997
Less	EXPENSES
		Consumption materials	1223.112	435.228	410.727
		Manufacturing Cost	64.396	47.867	43.714
		Purchase of Goods Traded	0.000	662.225	494.347
		Employees Expenses	380.990	324.518	259.866
		Administrative Expenses	314.023	209.281	182.411
		Selling Expenses	0.000	81.608	71.949
		Research development expenses	89.108	70.231	59.306
		Increase / (Decrease) in stock	0.000	31.013	0.000
		TOTAL	2071.629	2071.629	1700.308
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1135.486	922.662	658.739
Less	FINANCIAL EXPENSES		33.918	14.773	7.517
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1101.568	907.889	651.222
Less/ Add	DEPRECIATION/ AMORTISATION		90.300	63.978	49.133
Less	PRIOR YEAR ADJUSTMENTS		0.000	0.000	0.000
	PROFIT BEFORE TAX		1011.268	843.911	602.089
Less	TAX		86.337	68.292	62.910
	PROFIT AFTER TAX		924.931	775.619	539.179
Less	PRIOR YEAR ADJUSTMENTS		0.000	(0.152)	0.124
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2670.815	2031.104	1604.468
Less	APPROPRIATIONS
		Transfer to General Reserve	92.493	77.562	53.921
		Dividend	10.000	50.000	50.000
		Tax on Dividend	1.622	8.498	8.498
	BALANCE CARRIED TO THE B/S		3491.632	2670.815	2031.104
	EARNINGS IN FOREIGN CURRENCY		0.000	297.800	335.100
	IMPORTS		0.000	648.080	459.610
	Earnings Per Share (Rs.)		231.23	193.90	163.50

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	29.71	30.51	25.24
Net Profit Margin (PBT/Sales)	(%)	31.53	32.17	27.08
Return on Total Assets (PBT/Total Assets}	(%)	31.37	33.68	84.62
Return on Investment (ROI) (PBT/Networth)		0.26	0.28	0.26
Debt Equity Ratio (Total Debt /Networth)		0.13	0.09	0.00
Current Ratio (Current Asset/Current Liability)		2.44	2.31	2.23

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	No
17]	Major suppliers	No
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	No
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	Yes

OPERATIONS AND PERFORMANCE REVIEW:

The company has continued on its growth path registering an increase in the overall turnover by 22.46% and Profit after Tax 19.25%. The company continues to hold for yet another year a major market share in market segments like Haematology, Biochemistry (Routine Chemistry Reagents) and Critical Care Electrolytes.

SUBSIDIARIES AND ACQUISITION:

During the year, M/s. Erba Diagnostics Mannheim GmbH, 100% subsidiary of the Company acquired IVAX Diagnostics, Inc. in the USA and Diasis Diagnostik Sistemler Ticaret ve Sanayii A.S. in Turkey.

These acquisitions will augment the Companys vision of bringing benefits of the best diagnostic technologies within reach for its vast population in developing countries. The company is a partner of the Clinton foundations Aids Control Program in Africa and India.

RESEARCH AND DEVELOPMENT:

Right from inception the companys, philosophy was to give thrust to indigenization of product development (Instruments and reagents) and offer products of international standard at an affordable price in domestic and export markets. The Company continues its efforts to employ richly experienced personel in its R and D unit to meet the desired objectives. The expenses incurred during the year on such activities amounts to Rs. 89,108 Millions.

UNSECURED LOANS:

Rs. in millions

Particulars	As on 31.03.2011	As on 31.03.2010
Working Capital Loans	0.117	8.556
Total	0.117	8.556

Bankers Charges Report as per Registry :

Corporate identity number of the company	U33110MH1985PLC036198
Name of the company	TRANSASIA BIO-MEDICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	Transasia House, 8, Chandivali Studio Road, Mumbai – 400 072, Maharashtra, India
This form is for	Creation of Charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Department of Biotechnology, 6-8^th Floor, Block No.2, CGO Complex, Lodhi Road, New Delhi-110003, India Email- swarup@dbt.nic.in
Nature of instrument creating charge	Deed of hypothecation dated 5th march, 2012 read with the original agreement executed between the department of biotechnology and m/s transasia bio-medicals limited.
Date of instrument Creating the charge	05.03.2012
Amount secured by the charge	Rs. 15.391 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 2% Interest On Reducing Balance [As Specified In Deed Of Hypothecation Attached Hereto] Terms Of Repayment Ten Equal Half Yearly Instalments Payable One Year After Closure Of The Project Margin 50% of the total project cost shall be contributed by the company from its sources. Extent And Operation Of The Charge Assests of any description like equipment, apparatus machineries, machineries spares, toolds and other accessories, goods and / or other movable property of transasia including those acquired and to be acquired for the project through contribution by transasia and / or by the dbt to a value equivalent to the amount of loan and interest thereon. Others: As detailed in the deed of hypothecation dated 5th march 2012 read with the original agreement executed between the department of biotechnology and m/s. Transasia bio-medicals limited.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1) Assests of any description like equipment, apparatus machineries, machineries spares, tools and other accessories, goods and/or other movable property of transasia including those acquired and to be.. 2) Acquired for the project through contribution by transasia and / or by the dbt to a value equivalent to the amount of loan and interest thereon.

FIXED ASSETS

· Land

· Building

· Plant and Machineries

· Furniture and Fixtures

· Motor Car

· Computers

· Electric and Office Equipments

· Instruments for Demo and Placed at customers site

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 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] 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. 54.88
UK Pound	1	Rs. 83.54
Euro	1	Rs. 70.90

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.