MIRA INFORM REPORT

Report Date :

30.10.2013

IDENTIFICATION DETAILS

Name :	VINS BIOPRODUCTS LIMITED (w.e.f. 30.09.2000)
Formerly Known As :	VINS BIOPRODUCTS PRIVATE LIMITED
Registered Office :	Surve No. 291, Erdanoor Village, Sangareddy Mandal, Medak – 502329, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.02.1997
Com. Reg. No.:	01-026437
Capital Investment / Paid-up Capital :	Rs. 200.000 Millions
CIN No.: [Company Identification No.]	U24110AP1997PLC026437
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Vaccines, Biologicals, Laboratory, Reagents, Enzymes, Chemicals, Pharmaceuticals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payment are reported to be usually correct and as per commitment. The company can be considered for normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Fund Based and Non-Fund Based Limits = (BBB)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	July 2013

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/Factory 1 :	Surve No. 291, Erdanoor Village, Sangareddy Mandal, Medak – 502329, Andhra Pradesh, India
Tel. No.:	91-8452-201169
Fax No.:	Not Available
E-Mail :	info@vinsbio.in vinsbio@gmail.com mktgh@vinsbio.in
Website :	www.vinsbio.in
Corporate Office:	806, Essjay House, Road No.: 3, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Tel. No.:	91-40-23354550/23353540
Fax No.:	91-40-23350410
Factory 1 :	Survey No.: 117, Thimmapur Village, Kothur Mandal, Mahaboobnagar District – 509325, Andhra Pradesh, India

DIRECTORS

As on 23.09.2013

Name :

Mr. Shreedas Narayandas Daga

Designation :

Director

Address :

806 Essjay House Road,No.3 Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

14.11.1949

Date of Appointment :

01.04.2013

PAN No.:

ACLPD7232N

DIN No.:

00135105

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	U45200AP1995PTC020483	ESSJAY DEVELOPERS PRIVATE LIMITED	Director	26/05/1995	26/05/1995	-	Active	NO
2	U24110AP1997PLC026437	VINS BIOPRODUCTS LIMITED	Whole-time director	01/04/2013	30/09/2000	-	Active	NO
3	U72200AP2000PTC034023	VIZ ELECTRONICS Private LIMITED	Director	28/09/2002	28/09/2002	-	Active	NO
4	L17116AP2004PLC044053	RAJVIR INDUSTRIES LIMITED	Director	29/10/2005	29/10/2005	16/07/2012	Active	NO

Name :

Mrs. Jaya Sreedas Daga

Designation :

Director

Address :

806 Essjay House Road,No.3 Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

19.04.1957

Date of Appointment :

01.04.2013

PAN No.:

ACLPD7231R

DIN No.:

00073885

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	U70102AP1989PTC009588	ESSJAY ESTATES PRIVATE LIMITED	Director	09/02/1989	09/02/1989	-	Active	NO
2	U17111AP1994PLC017194	ESSJAY SPINNTEX LIMITED	Director	15/03/1994	15/03/1994	-	Amalgamated	NO
3	U24110AP1997PLC026437	VINS BIOPRODUCTS LIMITED	Whole-time director	01/04/2013	30/09/2000	-	Active	NO
4	U24239AP2001PLC036247	ESSJAY BIOTECH LIMITED	Director	19/02/2001	19/02/2001	-	Active	NO
5	U72200AP2000PTC034023	VIZ ELECTRONICS PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO

Name :

Mr. Ajit Nair

Designation :

Director

Address :

34-85 Vivekanandpuram, Sainikpuri, Secunderabad, Hyderabad – 500094, Andhra Pradesh, India

Date of Birth/Age :

07.07.1952

Date of Appointment :

15.05.2011

PAN No.:

ABOPN3562B

DIN No.:

01062455

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	U24231AP2001PTC036036	SERAWIN BIOLOGICALS PRIVATE LIMITED	Director	26/11/2006	26/11/2006	-	Active	NO
2	U24110AP1997PLC026437	VINS BIOPRODUCTS LIMITED	Whole-time director	15/05/2011	15/05/2008	-	Active	NO

Name :

Mr. Sura Surendranath Reddy

Designation :

Director

Address :

8-2-178/10/3/B, Nagarjuna Hills, Hyderabad – 500082, Andhra Pradesh, India

Date of Birth/Age :

29.10.1948

Date of Appointment :

25.11.2004

DIN No.:

00108599

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	U01134AP1998PTC030459	KSHETRA AGRITECH PRIVATE LIMITED	Whole-time director	09/11/1998	09/11/1998	-	Active	NO
2	U85195WB2001PTC093142	PULSE DIAGNOSTICS PRIVATE LIMITED	Director	25/04/2001	25/04/2001	-	Active	NO
3	U15122AP2003PTC041117	Summit Nutraceuticals Private Limited	Director	05/06/2003	05/06/2003	-	Active	NO
4	U24110AP1997PLC026437	VINS BIOPRODUCTS LIMITED	Director	25/11/2004	25/11/2004	-	Active	NO
5	U85110AP2004PTC044908	QPS BIOSERVE INDIA PRIVATE LIMITED	Director	11/03/2011	20/12/2004	-	Active	NO
6	U85100AP2007PTC081716	NAMRATA DIAGNOSTIC CENTRE PRIVATE LIMITED	Additional director	02/11/2007	02/11/2007	-	Active	NO
7	U85120AP2006PTC081715	DOCTORSLAB MEDICAL SERVICES PRIVATE LIMITED	Director	29/09/2008	02/11/2007	-	Active	NO

Name :

Mr. Siddarth Daga

Designation :

Director

Address :

Essjay House, H. No. 8-2-248/A/1/2/J, Road No. 3, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

14.04.1983

Date of Appointment :

01.04.2013

PAN No.:

AEYPD8436P

DIN No.:

01251123

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	U24239AP2001PLC036247	ESSJAY BIOTECH LIMITED	Director	26/09/2002	26/09/2002	-	Active	NO
2	U01119AP2007PTC053254	SIPROGEN BIOTECH PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Strike off	NO
3	U70102AP1989PTC009588	ESSJAY ESTATES PRIVATE LIMITED	Director	29/09/2007	29/09/2007	-	Active	NO
4	U24231AP2001PTC036036	SERAWIN BIOLOGICALS PRIVATE LIMITED	Director	23/09/2011	23/09/2011	-	Active	NO
5	U24110AP1997PLC026437	VINS BIOPRODUCTS LIMITED	Whole-time director	01/04/2013	01/04/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 23.09.2013

Names of Shareholders	No. of Shares	% of Holding
Jaya Sreedas Daga	14646270	73.23%
Shreedas Narayandas Daga	854800	4.27%
Siddarth Daga	3973830	19.87%
Khushboo Mundra	137050	0.69%
Sunaina Bihani	131050	0.66%
Shreedas Narayandas Daga (HUF)	28500	0.14%
Sunanda Sarada	128500	0.64%
K.I. Varaprasad Reddy	100000	0.50%
Total	20000000	100.00%

Equity Share Break up (Percentage of Total Equity)

As on 23.09.2013

Category	Percentage
Directors or relatives of Directors	99.50
Other top fifty shareholders	0.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Vaccines, Biologicals, Laboratory, Reagents, Enzymes, Chemicals, Pharmaceuticals.

Products :

Product Description	ITC Code
ASVS	300210.00
Snake Venom Antisera	30021014

PRODUCTION STATUS (As on 31.03.2013)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
ASVS / ARS - I. P.	No. of Vials	-	2400000	1861767

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Canara Bank, Basheer Bagh, Hyderabad – 500001, Andhra Pradesh, India
• Bank of Maharashtra, Khairathabad Branch, Hyderabad, Andhra Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	7.025	37.492
Other loans and advances	5.378	5.378
Short Term Borrowings
Working Capital loans from bank	95.700	56.940
Total	108.103	99.810

Banking Relations :	--
Auditors :
Name :	R B Kabra and Company Chartered Accountants
Address :	4-1-917 Parsi Lane, Tilak Road, Hyderabad – 500001, Andhra Pradesh, India
PAN No.:	AAEFR3093C
Subsidiaries :	Nepal Biologicals (Private) Limited
Associates :	SERAWI N BIOLOGICALS PRIVATE LIMITED CIN No.: U24231AP2001PTC036036
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Essjay Agrotech

CAPITAL STRUCTURE

As on 23.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	200.000	200.000	200.000
(b) Reserves & Surplus	119.808	106.936	61.261
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	319.808	306.936	261.261
(3) Non-Current Liabilities
(a) long-term borrowings	68.223	97.785	156.916
(b) Deferred tax liabilities (Net)	21.365	21.532	14.099
(c) Other long term liabilities	0.166	0.156	0.141
(d) long-term provisions	2.116	1.695	1.185
Total Non-current Liabilities (3)	91.870	121.168	172.341
(4) Current Liabilities
(a) Short term borrowings	95.700	56.940	60.855
(b) Trade payables	46.916	50.304	36.222
(c) Other current liabilities	19.421	42.780	42.562
(d) Short-term provisions	59.444	14.734	6.987
Total Current Liabilities (4)	221.481	164.758	146.626
TOTAL	633.159	592.862	580.228
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	350.080	353.770	366.656
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	48.099	45.395	28.076
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.750	2.750	2.750
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.335	1.784	1.525
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	403.264	403.699	399.007
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	60.272	89.651	68.558
(c) Trade receivables	49.501	61.379	47.452
(d) Cash and cash equivalents	44.537	10.929	43.205
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	75.585	27.204	22.006
Total Current Assets	229.895	189.163	181.221
TOTAL	633.159	592.862	580.228

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	398.009	300.543	275.970
		Other Income	0.595	1.777	0.968
		TOTAL (A)	398.604	302.320	276.938
Less	EXPENSES
		Cost of material consumed	96.812	62.763	38.401
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	23.929	1.825	28.869
		Employee benefit expenses	34.293	26.702	24.008
		Other expenses	122.612	94.144	86.552
		Prior Period Items	0.017	5.527	0.000
		TOTAL (B)	277.663	190.961	177.830
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		120.941	111.359	99.108
Less	FINANCIAL EXPENSES (D)		14.083	20.424	24.655
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		106.858	90.935	74.453
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.751	21.642	20.904
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		84.107	69.293	53.549
Less	TAX (H)		24.437	23.615	8.601
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		59.670	45.678	44.948
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods	97.466	44.057	90.603
	TOTAL EARNINGS		97.466	44.057	90.603
	IMPORTS
		Raw Materials	1.636	2.529	0.271
		Stores & Spares	0.041	0.170	0.138
		Capital Goods	0.323	0.641	0.000
	TOTAL IMPORTS		2.000	3.340	0.409
	Earnings Per Share (Rs.)		2.98	2.28	2.25

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	14.97	15.11	16.23
Net Profit Margin (PBT/Sales)	(%)	21.13	23.06	19.40
Return on Total Assets (PBT/Total Assets}	(%)	36.22	36.29	29.30
Return on Investment (ROI) (PBT/Networth)		0.26	0.23	0.20
Debt Equity Ratio (Total Debt /Networth)		0.51	0.50	0.83
Current Ratio (Current Asset/Current Liability)		1.04	1.15	1.23

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	Yes
17]	Major suppliers	No
18]	Major customers	No
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	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	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Intercorporate borrowings	19.000	19.000
Deferred sales tax loan	23.350	22.445
Loans and advances from related parties	2.070	2.070
Other loans and advances	11.400	11.400
Total	55.820	54.915

REVIEW OF OPERATIONS:

During the year, the Company has achieved significant business growth in adverse economic growth in the Country. The Company has recorded overall sales growth of over 32.43% over the last year’s performance. During the year the Company has recorded significant growth of Products. The Company has always considered Research and Development (R and D) as crucial for the sustained growth of the Company. The Company has R&D centers at Hyderabad duly recognized by the Government of India, Ministry of Science and Technology, Department of Scientific and Industrial Research (DSIR).

The Company has stepped up its R and D expenditure from Rs. 7.654 Millions in the previous year to Rs. 10.021 Millions in the year. With qualified and experienced research scientists and engineers manning the research and development activities, the Company has focused its thrust on new and innovative process and product development. During 2012-13, the Company developed certain niche products involving complex chemistry and technology and strived to reduce cost of certain high volume products.

The Company carried out process development/scale-up various niche products such as Mono valiant viper and cobra for exports.

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90134801	28/01/2013 *	382,500,000.00	CANARA BANK	BASHIRBAGH, HYDERABAD, Andhra Pradesh - 500029, INDIA	B67923300

* Date of modification charge

FIXED ASSETS:

• Land
• Buildings
• Plant and Machinery
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Office Equipment
• 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. 61.50
UK Pound	1	Rs. 99.49
Euro	1	Rs. 84.88

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		44

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.