1. Summary Information

		Country	India
Company Name	COLORCON ASIA PRIVATE LIMITED	Principal Name 1	Mr. Subodh Pundalik Priolkar
Status	Good	Principal Name 2	Mr. Kamlesh Prataprai Oza
		Registration #
Street Address	Plot No.M-14/ M-18, Verna Electronic City, Verna – 403722, Goa
Established Date	22.04.1994	SIC Code	--
Telephone#	91-832-2883434	Business Style 1	Manufacturer
Fax #	91-832-2883440	Business Style 2	Seller
Homepage	www.colorcon.com	Product Name 1	Pharmaceutical Products
# of employees	140 (Approximately)	Product Name 2	--
Paid up capital	Rs.16,344,500/-	Product Name 3	--
Shareholders	Foreign holdings - 100.00%	Banking	Citi Bank NA
Public Limited Corp.	No	Business Period	19 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	A (69)
Related Company
Relation	Country	Company Name	CEO
Holding Company	U. K.	Colorcon Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,974,779,000	Current Liabilities	427,905,000
Inventories	323,155,000	Long-term Liabilities	0,000
Fixed Assets	291,602,000	Other Liabilities	241,258,000
Deferred Assets	0,000	Total Liabilities	669,163,000
Invest& other Assets	48,870,000	Retained Earnings	1,952,898,000
		Net Worth	1,969,243,000
Total Assets	2,638,406,000	Total Liab. & Equity	2,638,406,000
Total Assets (Previous Year)	2,122,064,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	3,872,900,000	Net Profit	920,779,000
Sales(Previous yr)	3,218,200,000	Net Profit(Prev.yr)	820,403,000

MIRA INFORM REPORT

Report Date :

09.10.2013

IDENTIFICATION DETAILS

Name :	COLORCON ASIA PRIVATE LIMITED
Registered Office :	Plot No.M-14/ M-18, Verna Electronic City, Verna – 403722, Goa
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.04.1994
Com. Reg. No.:	24-003308
Capital Investment / Paid-up Capital :	Rs.16.345 Millions
CIN No.: [Company Identification No.]	U01122GA1994PTC003308
TAN No.: [Tax Deduction & Collection Account No.]	BLRC04981E
PAN No.: [Permanent Account No.]	AAACC2281Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Seller of Pharmaceutical Products.
No. of Employees :	140 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (69)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 7900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having a good track record. Financially company strength is strong. Liquidity position is good. There appears no external borrowing. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for 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 – 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 PARTED BY

Name :	Mr. Dilip Malrankar
Designation :	Export Manager
Contact No.:	91-832-6727373
Date :	08.10.2013

LOCATIONS

Registered Office / Factory / Distribution Division / Sales Division / Technical Service laboratory Division :	Plot No. M-14/ M-18, Verna Electronic City, Verna – 403722, Goa, India
Tel. No.:	91-832-2883434/ 2883400/ 2883438/ 6727373
Fax No.:	91-832-2883440/ 6625870
E-Mail :	info@colorcon.com koza@colorcon.com ksheth@colorcon.com
Website :	www.colorcon.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Subodh Pundalik Priolkar

Designation :

Managing Director

Address :

161, Dhanvalgir Yashodham, Maj. A.K. Vaidya Marg, Goregaon East, Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

23.08.1957

Qualification :

B. Pharm, M.B.A

Date of Appointment :

01.01.2012

PAN No.:

ABWPP0165C

DIN No.:

00108915

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U29195MH1999PTC207807	APTAR PHARMA INDIA PRIVATE LIMITED	Director	05/07/1999	05/07/1999	04/02/2010	Active	NO
2	U01122GA1994PTC003308	COLORCON ASIA PRIVATE LIMITED	Managing director	01/01/2012	29/11/2007	-	Active	NO

Name :

Mr. Kamlesh Prataprai Oza

Designation :

Director

Address :

9 Shiv Prasad, 97, Marine Drive, Marine Lines (West), Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

19.08.1960

Date of Appointment :

01.10.2007

DIN No.:

00081574

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230MH1981PTC025180	BABULINE PHARMA PRIVATE LIMITED	Director	31/12/1988	31/12/1988	-	Active	NO
2	U01122GA1994PTC003308	COLORCON ASIA PRIVATE LIMITED	Director	01/10/2007	22/04/1994	-	Active	NO
3	U24231GA2002PTC003111	BERWIND PHARMACEUTICALS SERVICES PRIVATE LIMITED	Director	24/06/2002	24/06/2002	-	Active	NO
4	U24231GA2002PTC003110	COLORCON PHARMACEUTICALS SERVICES PRIVATE LIMITED	Director	24/06/2002	24/06/2002	-	Active	NO
5	U24100MH1962PTC012365	B A AND BROTHERS(BOMBA) PRIVATE LIMITED	Director	28/07/2007	28/07/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dilip Malrankar
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Colorcon Limited, UK	1634449
Micron Limited, UK	1
Total	1634450

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Pharmaceutical Products.

Products :

ITC Code No.	Product Descriptions
32050000	Opadry
39129090	HPMC

Exports :

Products :

Pharmaceutical Products

Countries :

· Korea

· Japan

· Germany

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity (Per Annum-Kgs)	Actual Production (Per Annum-Kgs)
Dry Dispersions	Kgs	--	1,051,200	999,894

Notes:

(i) The installed capacity is as certified by the Management.

(ii) The above figures are net of captive consumption and disposals.

(iii) Production excludes – (a) Normal Process Losses and (b) Adjustment for Excess / Shortage.

(iv) There is no Licensed Capacity prescribed for the Company.

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	140 (Approximately)
Bankers :	Citi Bank NA, Bandra Kurla Complex, G-Block Bandra [East], Mumbai – 400051, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Company Chartered Accountants
Address :	14th Floor, The Ruby 29 Senapati Bapat Marg, Dadar West, Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-22876485/22876486
Fax No.:	91-22-22876401
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Holding Company :	Colorcon Limited, U. K.
Ultimate holding company :	Berwind Pharmaceuticals Services Inc, USA
Fellow subsidiaries :	· Colorcon Inc, U.S.A. · Colorcon Asia Pacific Pte Limited, Singapore · Colorcon Japan LLC, Japan · Shanghai Colorcon Coating Technology Limited, China (Colorcon China Limited) · Colorcon NP Pharma S.A. · Colorcon S.R.I

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1634450	Equity Shares	Rs.10/- each	Rs. 16.345 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	16.345
(b) Reserves & Surplus	1952.898
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	1969.243
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	5.476
(c) Other long term liabilities	0.000
(d) long-term provisions	8.783
Total Non-current Liabilities (3)	14.259
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	395.554
(c) Other current liabilities	23.568
(d) Short-term provisions	235.782
Total Current Liabilities (4)	654.904
TOTAL	2638.406
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	164.223
(ii) Intangible Assets	127.379
(iii) Capital work-in-progress	48.870
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	25.600
(e) Other Non-current assets	5.884
Total Non-Current Assets	371.956
(2) Current assets
(a) Current investments	0.000
(b) Inventories	323.155
(c) Trade receivables	1091.475
(d) Cash and cash equivalents	767.808
(e) Short-term loans and advances	80.218
(f) Other current assets	3.794
Total Current Assets	2266.450
TOTAL	2638.406

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		16.344	16.344
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1449.272	1316.513
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1465.616	1332.857
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		10.016	14.021
TOTAL		1475.632	1346.878
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		327.619	218.737
Capital work-in-progress		39.440	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	287.840	156.990
	Sundry Debtors	903.472	736.496
	Cash & Bank Balances	484.492	479.884
	Other Current Assets	0.000	0.000
	Loans & Advances	79.201	76.855
Total Current Assets		1755.005	1450.225
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	396.221	294.824
	Other Current Liabilities	16.668	14.532
	Provisions	233.543	12.728
Total Current Liabilities		646.432	322.084
Net Current Assets		1108.573	1128.141
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1475.632	1346.878

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3872.900	3218.200	N.A.
		Other Income	N.A.	N.A.	N.A.
		TOTAL	N.A.	N.A.	N.A.
Less	EXPENSES
		TOTAL	N.A.	N.A.	N.A.
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1343.911	1195.223	858.421
Less/ Add	DEPRECIATION/ AMORTISATION		74.672	64.896	43.346
	PROFIT BEFORE TAX		1269.239	1130.327	815.075
Less	TAX		348.460	309.924	227.582
	PROFIT AFTER TAX		920.779	820.403	587.493
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		942.661	891.942	595.534
	Excess provision written back on dividend tax		0.758	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	92.078	82.040	58.749
		Interim Dividend	163.445	588.402	198.586
		Tax on Interim Dividend	58.333	99.242	33.750
		Proposed Final Equity Dividend	196.134	0.000	0.000
	BALANCE CARRIED TO THE B/S		1354.208	942.661	891.942
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on F.O.B Basis		392.840	357.515
		Income from services		14.485	13.706
	TOTAL EARNINGS		466.404	407.325	371.221
	IMPORTS
		Raw Materials and Trading Goods		1424.854	1112.322
		Capital Goods		6.383	3.978
		Components, Parts & Spares		0.336	0.472
	TOTAL IMPORTS		N.A.	1431.573	1116.772
	Earnings Per Share (Rs.)		563.36	501.94	359.44

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	32.77	25.49	NA
Return on Total Assets (PBT/Total Assets}	(%)	49.01	54.27	48.84
Return on Investment (ROI) (PBT/Networth)		0.64	0.77	0.61
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.46	2.71	4.50

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	No
18]	Major customers	No
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	Yes
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	90076796	03/01/2004 *	24,000,000.00	C.I.T.I.BANK	N.A. BANDRA KURLA COMPLEX, G- BLOCK BANDRA (EAST), MUMBAI, MAHARASHTRA, INDIA	-
2	90077120	19/06/1996 *	4,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60 MAHATMA FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	-

*Date of Charge Modification

OPERATIONS

The sales for the year ended 31st March 2012 was recorded at Rs.3872.900 Millions, which reflects growth of 19.80 % over previous year, where as net profit has increased to Rs.920.800 Millions from Rs. 820.400 Millions shows an increase of 12.24 %.

CORPORATE INFORMATION

Subject is engaged in the development, supply and technical support of formulated film coating systems, modified release technologies, and functional excipients for the pharmaceuticals industry. The Company is a 100% subsidiary of Colorcon Limited, UK.

FIXED ASSETS

v Tangible assets

· Land

· Buildings

· Other building

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Leasehold improvements

v Intangible assets

· Computer software

PRESS RELEASE

COLORCON ASIA LAUNCHES NEW PRODUCTS AT CPHI INDIA

23 November 2012

Colorcon Asia announced the expansion of its product line to include several new film coating alternatives. It has launched Opadry CA, a fully formulated osmotic coating system. This product is the first, one-step, semipermeable membrane designed to ensure consistent release from osmotic pump tablets. Use of the product reduces preparation and manufacturing time by at least two hours, with consistent coating quality.

The company has also launched Opamix, a pre-formulated additive blend developed in collaboration with the BASF. The additive is designed for use with Kollicoat Smartseal 30 D. It effectively masks unpleasant tastes and can be applied to a variety of solid forms including tablets, granules or smaller particles.

In addition, Colorcon has recently expanded the Opadry 200 product range to include formulations designed for use with actives known to interact with polyethylene glycol (PEG). The new formulas present additional colour and final product stability along with the fast coating process times and high level of moisture protection already provided with these optimised performance coatings.

“Colorcon is excited to expand its scientifically validated pharmaceutical formulation coating systems and to continue our leadership role in bringing technological advancements to pharma manufacturers worldwide,” said Kamlesh Oza, General Manager, Film Coatings, Colorcon.

Kollicoat and Smartseal are registered trademarks of BASF

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.61.69
UK Pound	1	Rs.99.20
Euro	1	Rs.88.69

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		69

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.