MIRA INFORM REPORT

Report Date :

23.07.2013

IDENTIFICATION DETAILS

Name :	VIJAYASRI ORGANICS LIMITED
Registered Office :	Plot No.: 39, Flat No.: GA, Vijayasri Enclave, Vikaspuri – 500038, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.08.2005
Com. Reg. No.:	01-047307
Capital Investment / Paid-up Capital :	Rs.89.463 Millions
CIN No.: [Company Identification No.]	U24239AP2005PLC047307
TAN No.: [Tax Deduction & Collection Account No.]	HYDV04245D
PAN No.: [Permanent Account No.]	AADFV2385C/ AACCV0993N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Dealer of Bulk Drugs and Intermediates.
No. of Employees :	650 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1600000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a part of “Vijayastri Group”. Subject is an established company having a moderate track record. The weak position seems to be weak due to which there appears delay in paying its debts. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit: D
Rating Explanation	This rating are in default or are expected to be in default soon.
Date	December, 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.

INFORMATION PARTED BY (General Details)

Name :	Ms. Siresha
Designation :	Office Executive
Contact No.:	91-40-23801837
Date :	22.07.2013

LOCATIONS

Registered Office :	Plot No.: 39, Flat No.: GA, Vijayasri Enclave, Vikaspuri – 500038, Andhra Pradesh, India
Tel. No.:	91-40-23801837/ 32481010/ 23811839/ 65344044
Fax No.:	91-40-23812064
E-Mail :	svjr@vijayasri.com krishnaprasad@vijayasri.com enquiry@vijayasri.in
Website :	http://www.vijayasri.com
Location :	Rented
Unit 1 :	Plot No.9, Jawaharlal Nehru Pharma City, Parawada Vishakhapatnam – 531021, Andhra Pradesh, India
Unit 2 :	Plot No.164/A3, S.V. Cop. Industrial Estate, Opposite Manjeera Grameena Bank, IDA Bollaram, Jinnaram Mandal, Medak District – 502325, Andhra Pradesh
Tel. No.:	91-8458-279392
Fax No.:	91-8458-279393
Unit 3 :	Plot No.42, S.V. Cop. Industrial Estate, Jeedimetla, Hyderabad – 5000055, Andhra Pradesh, India
Tel. No.:	91-40-65314043
Fax No.:	91-40-23090146
Unit 4 :	F – 11 / A and F – 11/B, IDA , Phase - 1, Hyderabad – 5000055, Andhra Pradesh, India

DIRECTORS

(AS ON 27.09.2012)

Name :	Mr. Jagapathi Raju Sri Vatchavai
Designation :	Managing Director
Address :	O. No.33, 8-3-167 / A / 33, Vikaspuri, Hyderabad – 500018, Andhra Pradesh, India
Date of Birth/Age :	29.08.1961
Date of Appointment :	31.08.2005
DIN No.:	00271262
Name :	Mr. Venkata Rama Rao Karuturi
Designation :	Director
Address :	Pot No.145, Kalyan Nagar, Hyderabad – 500038, Andhra Pradesh, India
Date of Birth/Age :	02.11.1961
Date of Appointment :	31.03.2005
DIN No.:	00413020
Name :	Mr. Srinivas Isola
Designation :	Director
Address :	Plot No.5, Road No.76, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India
Date of Birth/Age :	12.02.1954
Date of Appointment :	31.08.2005
DIN No.:	00413104
Name :	Mr. Gopalakrishna Muddusetty
Designation :	Director
Address :	12-2-823A/23, Santosh Nagar, Mehdipatnam, Hyderabad – 500028, Andhra Pradesh, India
Date of Birth/Age :	12.01.1939
Date of Appointment :	19.05.2010
DIN :	00088454
Name :	Mr. Sunil Unny Guptan
Designation :	Director
Address :	Flat No.406, My Home Gardenia, Opposite Hotel Green Park, Green Lands, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India
Date of Birth/Age :	22.11.1959
Date of Appointment :	19.05.2010
DIN :	00886379
Name :	Mr. Karunamay Lahiri
Designation :	Director
Address :	179, Dhanlaxmi Society, Mahendra Hill, Secunderabad – 500026, Andhra Pradesh, India
Date of Birth/Age :	08.01.1944
Date of Appointment :	19.05.2010
DIN :	01939873
Name :	Mr. Amitabh Guha
Designation :	Director
Address :	Flat No. C 1, Lot no.219, Road No.10, Millenium House, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Date of Birth/Age :	10.11.1948
Date of Appointment :	19.05.2010
DIN :	02836707
Name :	Mr. Pyarali Akbarali Jiwani
Designation :	Director
Address :	Plot No.6, IInd Floor, Vee Homes Pearl House, Sriniketan Cly, Road No.3, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Date of Birth/ Age :	29.05.1953
Date of Appointment :	19.05.2010
DIN :	03105244

KEY EXECUTIVES

Name :	Ms. Siresha
Designation :	Office Executive
Name :	Mr. Paraselli Ramanarayana Rao
Designation :	Secretary
Address :	7-2-1087 / 1 / 36 / 1, Tulsi Nagar, Sanath Nagar, Hyderabad – 500018, Andhra Pradesh, India
Date of Birth :	01.08.1969
Date of Appointment :	01.04.2011
PAN No.:	ANGPP0001K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 27.09.2012)

Shareholding details file attached.

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	69.60
Other top fifty shareholders	30.28
Others	0.12
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Dealer of Bulk Drugs and Intermediates.

Products :

Products Description	Item Code No.
Bulk Drugs and Intermediates	2942

Imports :

Products :

Raw Materials

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

· Sanjay Chemicals

Customers :

End Users and OEM’s

· Cadila Healthcare Limited

No. of Employees :

650 (Approximately)

Bankers :

· State Bank of Hyderabad

Shapur Nagar Branch, Jeedimetla, Hyderabad – 500055, Andhra Pradesh, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Long Term Borrowings
Rupee term loans from banks Secured by way of First Charge on Fixed Assets of the Company and Second charge on the current assets of the Company	108.829	123.403
Short Term Borrowings
Working capital loans from banks Hypothecation of Stocks and lien on trade receivables and second charge on fixed assets of the company	250.307	253.028
Total	359.136	376.431

Banking Relations :	--
Auditors :
Name :	Sudhakar and Company Chartered Accountant
Address :	II Floor, 5-2-134, RP Road, Secunderabad – 500003, Andhra Pradesh, India
PAN No.:	ADFPK5519A
Subsidiary Company :	· Vijayasri Merix Organics (India) Private Limited
Associates :	· Vijayasri Foundation
Enterprise over which key managerial personnel have control or exercise significant influence	· Vijayasri Organics · Vijayasri Chemicals · Vijayalakshmi Agencies

CAPITAL STRUCTURE

(AS ON 27.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9826308	Equity Shares	Rs.10/- each	Rs.98.263 Millions

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8946308	Equity Shares	Rs.10/- each	Rs.89.463 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	89.463	89.463
(b) Reserves & Surplus	305.332	271.848
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.050	0.050
Total Shareholders’ Funds (1)+(2)	394.845	361.361
(3) Non-Current Liabilities
(a) long-term borrowings	108.829	123.403
(b) Deferred tax liabilities (Net)	19.615	16.450
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	128.444	139.853
(4) Current Liabilities
(a) Short term borrowings	360.307	389.190
(b) Trade payables	300.677	343.301
(c) Other current liabilities	98.242	167.267
(d) Short-term provisions	38.096	23.244
Total Current Liabilities (4)	797.322	923.002
TOTAL	1320.611	1424.216
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	503.395	542.674
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	82.420	15.266
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.099	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	4.501	4.501
(e) Other Non-current assets	23.697	35.154
Total Non-Current Assets	614.112	597.595
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	186.761	205.407
(c) Trade receivables	394.114	515.047
(d) Cash and cash equivalents	0.386	20.215
(e) Short-term loans and advances	93.746	83.758
(f) Other current assets	31.492	2.194
Total Current Assets	706.499	826.621
TOTAL	1320.611	1424.216

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		88.479
2] Share Application Money		0.780
3] Reserves & Surplus		256.547
4] (Accumulated Losses)		0.000
NETWORTH		345.806
LOAN FUNDS
1] Secured Loans		375.816
2] Unsecured Loans		69.800
TOTAL BORROWING		445.616
DEFERRED TAX LIABILITIES		16.669
TOTAL		808.091
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		560.368
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	187.018
	Sundry Debtors	343.084
	Cash & Bank Balances	1.400
	Other Current Assets	77.572
	Loans & Advances	13.839
Total Current Assets		622.913
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	309.997
	Other Current Liabilities	24.843
	Provisions	40.504
Total Current Liabilities		375.344
Net Current Assets		247.569
MISCELLANEOUS EXPENSES		0.154
TOTAL		808.091

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue From Operations	1849.755	1700.298	1454.629
		Other Income	1.784	0.655	25.500
		TOTAL (A)	1851.539	1700.953	1480.129
Less	EXPENSES
		Cost of Material Consumed	1264.367	1359.829
		Purchases of stock-in-trade	159.986	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	7.314	7.576	1297.610
		Employee benefit expense	66.818	60.476
		Other expenses	145.241	150.439
		Exceptional items	(9.463)	(18.017)
		TOTAL (B)	1634.263	1560.303	1297.610
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		217.276	140.650	182.519
Less	FINANCIAL EXPENSES (D)		84.633	48.327	47.496
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		132.643	92.323	135.023
Less/ Add	DEPRECIATION/ AMORTISATION (F)		57.679	56.937	57.861
	PROFIT BEFORE TAX (E-F) (G)		74.964	35.386	77.162
Less	TAX (H)		25.884	11.577	28.646
	PROFIT AFTER TAX (G-H) (I)		49.080	23.809	48.516
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		46.075	37.812	9.675
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	5.148	4.852
		Dividend and Dividend Tax	15.596	10.398	15.527
	BALANCE CARRIED TO THE B/S		69.559	46.075	37.812
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	113.094	31.406	84.512
	TOTAL EARNINGS		113.094	31.406	84.512
	IMPORTS
		Raw Materials	446.783	442.248	243.563
		Capital Goods	2.020	6.462	2.526
	TOTAL IMPORTS		448.803	448.710	246.089
	Earnings Per Share (Rs.)		5.49	2.66	5.98

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.65	1.40	3.28
Net Profit Margin (PBT/Sales)	(%)	4.05	2.08	5.30
Return on Total Assets (PBT/Total Assets}	(%)	6.05	2.51	6.52
Return on Investment (ROI) (PBT/Networth)		0.19	0.10	0.22
Debt Equity Ratio (Total Debt/Networth)		1.19	1.42	2.37
Current Ratio (Current Asset/Current Liability)		0.89	0.90	1.66

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
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	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

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Short Term Borrowings
Loans and advances from directors	70.000	89.900
Loans and advances from others	40.000	46.262
Total	110.000	136.162

THE YEAR IN RETROSPECT

The turnover during the year was Rs.1851.500 Millions compared to the turnover of Rs.1700.900 Millions achieved in FY 2010-11, showing a marginal increase of 8.78%. However the profitability for the year was high at Rs.74.900 Millions as against Rs.35.400 Millions achieved in FY 2010-11, notwithstanding the absorption of high interest costs and loss on account of foreign exchange volatility.

The company could enhance the profitability despite pressure on prices of all products due to increased competition by focusing on continuous cost improvement initiatives, developing efficient process routes and also by reducing the operational costs.

During the year export performance was better than anticipated, and increased to Rs. 113.100 Millions from Rs. 31.400 Millions in FY 2010-11. The directors are hopeful that the thrust given will continue to bear fruit in the future years.

CAPITAL AND FINANCE

During the year the company has not made any allotment of shares. No deposits were accepted during the year.

OUTLOOK FOR 2012-13

The efforts to enhance customer base continues and they will be concluding agreements for contract manufacturing with new customers. In addition, they propose to enhance their business by developing new customers for their own products. With the commissioning of the new clean rooms, which are of approvable standards by regulatory authorities, their entry into regulatory market for API sales should gain momentum. With the completion of the pilot plant during the year they will accelerate their new product development efforts. They are also enhancing their technical competence and customer support by inducting competent technical professionals in operational areas.

INDUSTRY PROFILE

The number of drugs going off-patent continues to offer downside growth to them and they are well placed to capitalize on the emerging opportunities. While the industry size is expected to increase to US$ 27 billion from US$ 25.00 billion previously estimated, bottom lines are estimated to be under pressure in spite of the increased top lines.

The governments’ efforts to make prescription of generics mandatory as well as to make available generic medicines affordable to a wider section of the population is bound to have a positive effect on industry fortunes in the coming years. The company is in complete agreement with this effort since the national per capita medicine costs will go down. On the other hand the downturn in Europe will impact the business from India due to lower demand.

TRADE REFERENCE:

· Sanjay Chemicals

· Cadila Healthcare Limited

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10040431
Corporate identity number of the company	U24239AP2005PLC047307
Name of the company	VIJAYASRI ORGANICS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No : 39, Flat No : GA, Vijayasri Enclave, Vikaspuri – 500038, Andhra Pradesh, India svjr@vijayasri.com
Type of charge	Immovable property Any interest in immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of Hyderabad Shapur Nagar Branch, Jeedimetla, Hyderabad – 500055, Andhra Pradesh, India shapurnagar@sbhyd.co.in
Nature of description of the instrument creating or modifying the charge	The existing credit limits of Rs.797.500 Millions have been enhanced to Rs.967.500 Millions by way of fresh sanction of secured term loan of Rs.90.000 Millions and additional working capital limits of Rs.80.000 Millions.
Date of instrument Creating the charge	17/03/2012
Amount secured by the charge	Rs. 967.500 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest 3.5% above SBH base rate (floating) except new term loan 3.75% above SBH base rate Terms of Repayment No changes for the existing loans For fresh term loan 20 quarterly instalments of Rs.4.500 Millions commencing from the quarter ending September 2012 Margin No change for existing loans. For New Term Loan 33.58% Extent and Operation of the charge For term loan first charge on entire fixed assets of the company and second charge on the entire current assets of the company. For working capital limits first charge on entire current assets of the company and second charge on fixed assets of the company. For short term corporate loans all the securities available for working capital and term loan facilities will be extended to the STCL extension of equitable mortgage on the properties of Vijayasri Chemicals and Vijayasri Organics Others Extension of equitable mortgage on the house property bearing No.8-3-167/a/33, Plot No.33 Vikaspuri, Hyderabad admeasuring 287 sq yds standing in the name of Mr. S V J Raju managing director of the company.
Short particulars of the property charged	Extension of equitable mortgage of factory land & buildings situated at Plot No.9, JNPC, Parawada, Visakhapatnam Extension of equitable mortgage of factory land and building situated at Survey No.308, S V Co-op Industrial Estate IDA Jeedimetla Hyderabad standing in the name of Vijayasri Chemicals Extension of equitable mortgage of factory land and building situated No.172/A, S V Co-op Industrial Estate IDA Bollaram, Medak standing in the Name of Vijayasri Organics Extension of equitable mortgage on the house property bearing No.8-3-167/A/, Vikaspuri Hyderabad admeasuring 287 sq yds standing in the name of Mr. S V J Raju, Managing Director.
Date of latest modification prior to the present modification	28.02.2011
Particulars of the present modification	The Existing Credit Limits of Rs.797.500 Millions have been enhanced to Rs.967.500 Millions by way of fresh sanction of secured term loan of Rs.90.000 Millions and additional working capital limits of Rs.80.000 Millions.

FIXED ASSETS:

· Land

· Building

· Factory Building

· Plant and Equipment

· Factory Equipments

· Emission Reduction Equipment

· Furniture and Fixtures

· Vehicles

· Ships Vessels

· Motor Vehicles

· Office Equipment

· Computer

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] 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.59.80
UK Pound	1	Rs.91.03
Euro	1	Rs.78.52

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.