MIRA INFORM REPORT

Report Date :

29.08.2013

IDENTIFICATION DETAILS

Name :	DEV PHARMACY PRIVATE LIMITED
Registered Office :	Desh Bandhu Park, North 24 Parganas, Howrah - 700020, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.03.1996
Com. Reg. No.:	21-077731
Capital Investment / Paid-up Capital :	Rs. 4.879 Millions
CIN No.: [Company Identification No.]	U24239WB1996PTC077731
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Ayurvedic Medicines.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

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

Maximum Credit Limit :	USD 350000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears sharp dip in profit and sales of the company in 2012. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 DECLINED BY

Name :	Mr. Noni Gopal Dev
Designation :	Director
Contact No.:	91-9312665364
Date :	29.08.2013

LOCATIONS

Registered Office :	Desh Bandhu Park, North 24 Parganas, Howrah - 700020, West Bengal, India
Tel. No.:	Not Available
Mobile No.:	91-9312665364 [Mr. Noni Gopal Dev]
Fax No.:	Not Available
E-Mail :	mbg_fca@hotmail.com
Factory 1 :	E-17 A, Sector 8, Noida - 201301, Uttar Pradesh, India
Tel. No.:	91-120-2424843/ 4246930/ 4279449
Factory 2 :	Plot No. 5, Sector 6A, I.I.B., Sidcul, Haridwar, Uttarakhand, India
Tel. No.:	91-1334-239697

DIRECTORS

AS ON 26.09.2012

Name :

Mr. Ravindra Kumar Biswas

Designation :

Director

Address :

D-67, Pandav Nagar, Patpargunj, Delhi – 110092, India

Date of Birth/Age :

10.10.1973

Date of Appointment :

10.10.2009

DIN No.:

00047035

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51397DL2005PTC137313	KHUSBOO DISTRIBUTORS PRIVATE LIMITED	Director	07/06/2005	07/06/2005	Active	NO
2	U74899DL1994PTC059612	NORTH EAST CAPITAL AND FINANCIAL SERVICES PRIVATE LIMITED	Director	02/03/2009	02/03/2009	Active	NO
3	U24239WB1996PTC077731	DEV PHARMACY PRIVATE LIMITED	Director	10/10/2009	10/10/2009	Active	NO

Name :

Mr. Noni Gopal Dev

Designation :

Director

Address :

A-69, Nirman Vihar, Delhi – 110092, India

Date of Birth/Age :

20.08.1960

Date of Appointment :

20.08.2010

DIN No.:

00427448

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24239WB1996PTC077731	DEV PHARMACY PRIVATE LIMITED	Director	20/08/2010	01/03/1996	Active	NO
2	U65929DL1996PTC082829	DEV DRUGS (INDIA) PRIVATE LIMITED	Director	23/10/1996	23/10/1996	Active	NO
3	U55101DL2002PTC117502	NITISH RESORTS PRIVATE LIMITED	Director	28/10/2002	28/10/2002	Active	NO
4	U55101DL2004PTC128821	MOLINA HOTELS AND RESORTS PRIVATE LIMITED	Director	03/09/2004	03/09/2004	Active	NO
5	U24233DL2005PTC137491	MG CAPSULS PRIVATE LIMITED	Director	10/06/2005	10/06/2005	Active	NO
6	U45201DL2005PTC137655	JND BUILDERS PRIVATE LIMITED	Director	15/06/2005	15/06/2005	Active	NO
7	U74999DL2007PTC160108	PRIYADEV BUILDERS PRIVATE LIMITED	Director	05/03/2007	05/03/2007	Active	NO
8	U45200DL2007PTC160226	DEV INFRASTRUCTURE PRIVATE LIMITED	Director	07/03/2007	07/03/2007	Active	NO
9	U74120DL2008PTC174165	NJD SOFTECH PRIVATE LIMITED	Director	18/02/2008	18/02/2008	Active	NO
10	U72300DL2008PTC174159	VANDANA COMPUSERVE PRIVATE LIMITED	Director	18/02/2008	18/02/2008	Active	NO
11	U74120DL2008PTC174429	RADHA SWAMY REALTORS PRIVATE LIMITED	Director	22/02/2008	22/02/2008	Active	NO
12	U45400DL2008PTC174625	VKN BUILDERS PRIVATE LIMITED	Director	27/02/2008	27/02/2008	Active	NO
13	U70109DL2008PTC180064	VANDANA INFRATECH PRIVATE LIMITED	Director	25/06/2008	25/06/2008	Active	NO
14	U72300DL2008PTC180060	GOPALJI INFOCOMM PRIVATE LIMITED	Director	25/06/2008	25/06/2008	Active	NO

Name :

Mr. Balbir Singh

Designation :

Director

Address :

E-17 A, Sector 8, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

14.08.1962

Date of Appointment :

10.10.2009

DIN No.:

02769555

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2012

Names of Shareholders	No. of Shares
Noni Gopal Dev	268400
Manju Dev	157100
Mita Dev	61700
Ravindra Kumar Biswas	400
Balbir Singh	300
Total	487900

AS ON 26.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.14
Directors or relatives of directors	99.86
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Ayurvedic Medicines.

GENERAL INFORMATION

No. of Employees :

Not Available

[We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

Vijaya Bank, SME Branch, B-1A Block, Plot No-12, Sector-51, Noida - 201301, Uttar Pradesh, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Term Loans From Banks
Vijaya Bank Term Loan (HRD)	0.000	0.346
Vijaya Bank Term Loan (HRD) (Ag. Hypothecation of Land and Building)	0.000	1.314
HDFC Car Loan	1.327	3.471
Vijaya Bank Car Loan	0.679	0.000
Term Loans From Financial Institutions Indiabulls Housing Finance Limited	18.179	18.813
Religare Finvest Limited	45.861	47.069
SHORT TERM BORROWINGS
Vijaya Bank CC (Ag. Hypothecation of Stock and Debtors and equitable mortgage of Factory Land and Building situated at E-17 and E-17A, Sector-8, Noida. It is secured by personal guarantee of Noni Gopal Dev and Manju Dev)	12.461	9.921
Total	78.507	80.934
Note: LONG TERM BORROWINGS Loan is primarily secured by hypothecation of plant and machineries and other fixed assets placed thereon and collateral security of industrial land and building at E-17, Sector-8, Noida. The said loan was repayable in 60 Equated Monthly installment of Rs.0.090 Million each out of which fifty six installments have been paid and four installments, remaining to be paid, have been transferred to Current Maturities Payable within 12 months of Balance Sheet and classified as Other Current Liabilities. The said loan is personally guaranteed by Director. There is no default in respect of principal or interest in respect of such loan. Loan is primarily secured by equitable mortgage of Factory Land and building at Plot No. 5, Sector- 6A, SIDCUL, Haridwar and Collateral security of Industrial Land & Building at Plot No. 103, Block A, Sector -63, Noida. The said loan was repayable in 60 Equated Monthly installment of Rs. 0.172 Million each out of which fifty three installments have been paid and seven installments, remaining to be paid, have been transferred to Current Maturities Payable within 12 months of Balance Sheet and classified as Other Current Liabilities. The said loan is personally guaranteed by Director. There is no default in respect of principal pr interest in respect of such loan. Loan is secured by hypothecation of Car i.e. Mercedes Benz. The said loan was repayable in 36 Equated Monthly installments of Rs. 0.227 Million each out of which Eighteen installments have been paid. Principal value to be paid by 12 months of balance sheet date have been transferred to Current Maturities and classified as Other Current Liabilities. The said loan is personally guaranteed by Director. There is no default in respect of principal or interest in respect of such loan. Loan is secured by hypothecation of Car i.e. Fortuner. The said loan was repayable in 36 Equated Monthly installment of Rs. 0.055 Million each out of which eleven installments have been paid. Principal value to be paid by 12 months of balance sheet date have been transferred to Current Maturities and classified as Other Current Liabilities. The said loan is personally guaranteed by Director. There is no default in respect of principal or interest in respect of such loan. Loan is primarily secured by equitable mortgage of Industrial Land & Building at A-103, Sector-63, Noida. The said loan was repayable in 120 Equated Monthly installment of Rs. 0.297 Million each out of which Nineteen installments have been paid. Principal value to be paid by 12 months of balance sheet have been transferred to Current Maturities and classified as Other Current Liabilities. The said loan is personally guaranteed by Director. There is no default in respect of principal or interest in respect of such loan. Loan is primarily secured by equitable mortgage of Industrial Land & Building at D-144, Sector-63, Noida. The said loan was repayable in 170 Equated Monthly installment of Rs. 0.747 Million each out of which Eighteen installments have been paid. Principal value to be paid by 12 months of balance sheet have been transferred to Current Maturities and classified as Other Current Liabilities. The said loan is personally guaranteed by Director. There is no default in respect of principal or interest in respect of such loan.

Banking Relations :	--
Auditors :
Name :	M. B. Gupta and Company Chartered Accountants
Address :	R-52, III rd Floor, Vikas Marg, Shakarpur, Delhi – 110092, India
Income-tax PAN of auditor or auditor's firm :	AAGFM7201B

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
487,900	Equity Shares	Rs. 10/- each	Rs. 4.879 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.879	4.879
(b) Reserves & Surplus	83.456	78.968
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.100	0.100
Total Shareholders’ Funds (1) + (2)	88.435	83.947
(3) Non-Current Liabilities
(a) long-term borrowings	66.046	71.013
(b) Deferred tax liabilities (Net)	7.281	3.558
(c) Other long term liabilities	2.225	2.225
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	75.552	76.796
(4) Current Liabilities
(a) Short term borrowings	12.461	9.921
(b) Trade payables	10.099	14.368
(c) Other current liabilities	8.980	9.590
(d) Short-term provisions	3.902	7.954
Total Current Liabilities (4)	35.442	41.833
TOTAL	199.429	202.576
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	86.975	89.646
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.046	0.046
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.161	3.822
(e) Other Non-current assets	0.452	0.349
Total Non-Current Assets	90.634	93.863
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	44.087	44.187
(c) Trade receivables	54.622	54.024
(d) Cash and cash equivalents	6.359	6.697
(e) Short-term loans and advances	2.446	2.938
(f) Other current assets	1.281	0.867
Total Current Assets	108.795	108.713
TOTAL	199.429	202.576

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.879
2] Share Application Money		11.368
3] Reserves & Surplus		61.205
4] (Accumulated Losses)		0.000
NETWORTH		77.452
LOAN FUNDS
1] Secured Loans		16.263
2] Unsecured Loans		16.227
TOTAL BORROWING		32.490
DEFERRED TAX LIABILITIES		4.176
TOTAL		114.118
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		82.293
Capital work-in-progress		0.000
INVESTMENT		0.046
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.924
	Sundry Debtors	24.573
	Cash & Bank Balances	6.233
	Other Current Assets	0.000
	Loans & Advances	6.866
Total Current Assets		67.596
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.704
	Other Current Liabilities	2.573
	Provisions	8.540
Total Current Liabilities		35.817
Net Current Assets		31.779
MISCELLANEOUS EXPENSES		0.000
TOTAL		114.118

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	107.919	120.731	120.799
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	77.978	83.827	80.564
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.941	36.904	40.235
Less	FINANCIAL EXPENSES (D)		13.944	8.061	4.316
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.997	28.843	35.919
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.884	3.744	2.544
	PROFIT BEFORE TAX (E-F) (G)		12.113	25.099	33.375
Less	TAX (H)		6.207	4.492	6.713
	PROFIT AFTER TAX (G-H) (I)		5.906	20.608	26.662
Less	APPROPRIATIONS
		Transfer to General Reserve	0.886	3.091	2.666
		Proposed Dividend	1.220	2.440	2.440
		Tax on Dividend	0.198	0.405	0.405
			2.304	5.936	5.511
	BALANCE CARRIED TO THE B/S		3.602	14.672	21.151
	Earnings Per Share (Rs.)		12.10	42.24	54.65

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.47	17.07	22.07
Return on Total Assets (PBT/Total Assets}	(%)	6.08	12.39	22.27
Return on Investment (ROI) (PBT/Networth)		0.14	0.30	0.43
Debt Equity Ratio (Total Debt/Networth)		0.89	0.96	0.42
Current Ratio (Current Asset/Current Liability)		3.07	2.60	1.89

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10420277	14/03/2013	5,000,000.00	VIJAYA BANK	SME BRANCH, B-1A BLOCK, PLOT NO-12, SECTOR-51, NOIDA - 201301, UTTAR PRADESH, INDIA	B73343154
2	10288614	11/04/2011	1,675,000.00	VIJAYA BANK	SME BRANCH, B-12, SECTOR-60, NOIDA - 201307, UTTAR PRADESH , INDIA	B13629415
3	10242887	30/08/2010	50,000,000.00	RELIGARE FINVEST LIMITED	D3, P3B, DISTRICT CENTRE, SAKET, NEW DELHI - 110017, INDIA	A95838769
4	10240336	31/07/2010	20,300,000.00	INDIABULLS HOUSING FINANCE LIMITED	F-60, MALHOTRA BUILDING, 2ND FLOOR, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	A95036224
5	10226905	12/05/2010	753,600.00	DEPUTY DIRECTOR OF INDUSTRIES	SINGLE WINDOW CLEARANCE AGENCY, BADDI BAROTIWALA, NALAGARH AREA, DEPARTMENT OF INDUSTRIES, BADDI - 174101, HIMACHAL PRADESH, INDIA	A88658869
6	10121065	30/08/2008	16,500,000.00	INDIABULLS FINANCIAL SERVICES LIMITED	F - 60, MALHOTRA BUILDING, 2ND FLOOR, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	A45424751
7	10122033	14/12/2006	7,500,000.00	VIJAY BANK	8, GOVINDPURI, MAIN ROAD, HARIDWAR - 249401, UTTARAKHAND, INDIA	A07445026
8	10111265	31/10/2006	7,500,000.00	VIJAY BANK	8, GOVINDPURI, MAIN ROAD, HARIDWAR - 249401, UTTARAKHAND, INDIA	A22762298
9	90247965	15/02/2012 *	15,000,000.00	VIJAYA BANK	SME BRANCH, B-12 SECTOR-60, NOIDA - 201301, UTTAR PRADESH, INDIA	B36821189

* Date of charge modification

CORPORATE INFORMATION

The company Dev Pharmacy Private Limited, having its registrede office at Desh Bandhu Park, North 24 Parganas, Howrah, West Bengal, India was incorporated on 01.03.1996 and is engaged in the business of manufacturing of Ayurvedic Medicines.

FIXED ASSETS:

· Land

· Buildings

· Furniture

· Office Equipments

· Plant and Machinery

· Motor 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 :

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. 68.36
UK Pound	1	Rs. 106.03
Euro	1	Rs. 91.47

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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	-

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