MIRA INFORM REPORT

Report Date :

23.08.2014

IDENTIFICATION DETAILS

Name :	B.L.LIFE SCIENCES PRIVATE LIMITED
Formerly Known As :	BIOSENSORS INTERNATIONAL (INDIA) PRIVATE LIMITED
Registered Office :	A-245, Ohla Industrial Area, Phase-I, New Delhi - 110020
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.03.1999
Com. Reg. No.:	55-098641
Capital Investment / Paid-up Capital :	Rs. 114.113 Millions
CIN No.: [Company Identification No.]	U33112DL1999PTC098641
PAN No.: [Permanent Account No.]	AACCB2350B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Surgical Equipment and Disposable Products.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1137000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk profile marked by fair profitability levels and above-average capital structure of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings a usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August 05, 2013

Rating Agency Name	CRISIL
Rating	Short term rating = A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	August 05, 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Nikhil Jain
Designation :	Finance Manager
Contact No.:	91-11-45100100
Date :	01.08.2014

LOCATIONS

Registered / Corporate Office :	A-245, Ohla Industrial Area, Phase-I, New Delhi – 110020, India
Tel. No.:	91-11-45100100
Fax No.:	91-11-41708464 / 41708465
E-Mail :	sunil@bllifesciences.com blls@bllifesciences.com exports@bllifesciences.com
Website :	http://www.bllifesciences.com
Manufacturing Unit :	28-D, Sector-31, Ecotech-I, Greater Noida - 201306, Uttar Pradesh, India
Branch / Representative Offices :	Located at: · Chennai Mumbai Bangalore Hyderabad Kolkata Ahmedabad Lucknow Chandigarh Jaipur
Overseas Offices :	Located at: · Singapore Dubai U.A.E

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Sunil Aggarwal

Designation :

Managing director

Address :

W-57, Greater Kailash – II, New Delhi – 110048, India

Date of Birth/Age :

01.09.1965

Date of Appointment :

11.04.2014

PAN No.:

AAAPA2243D

DIN No.:

00312454

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	U51909DL1984PLC017487	B L MARKETING SERVICES LIMITED	Managing director	14/04/2008	01/09/1986	-	Amalgamated	NO
2	U74899DL1995PTC071581	B.L. HOME THERAPEUTICS PRIVATE LIMITED	Director	09/08/1995	09/08/1995	-	Strike off	NO
3	U33112DL1999PTC098641	B.L.LIFE SCIENCES PRIVATE LIMITED	Managing director	11/04/2014	03/03/1999	-	Active	NO
4	U33119DL2005PTC131796	PLASTX LABS PRIVATE LIMITED	Director	03/01/2005	03/01/2005	-	Active	NO
5	U51101DL2005PTC131793	BIOLIFE MEDICAL PRIVATE LIMITED	Director	03/01/2005	03/01/2005	-	Active	NO
6	U65910DL1994PLC057109	CAPARO FINANCIAL SOLUTIONS LIMITED	Additional director	14/04/2008	14/04/2008	29/09/2008	Active	NO
7	U74899DL1995PLC068199	GEEFAM FININVEST LEASE LIMITED	Additional director	02/02/2009	02/02/2009	06/07/2009	Active	NO
8	U55101DL2013PTC249060	DRAMZ WHISKY BAR AND LOUNGE PRIVATE LIMITED	Director	05/03/2013	05/03/2013	-	Active	NO

Name :

Mr. Ajay Aggarwal

Designation :

Director

Address :

900, Dunearn Road, 01-06, Singapore 589473

Date of Birth/Age :

17.02.1964

Date of Appointment :

03.03.1999

PAN No.:

AAAPA3043R

DIN No.:

00312651

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	U33112DL1999PTC098641	B.L.LIFE SCIENCES PRIVATE LIMITED	Director	03/03/1999	03/03/1999	Active	NO
2	U85110TN2003PTC051101	FRONTIER LIFELINE PRIVATE LIMITED	Director	01/10/2006	01/10/2006	Active	NO

Name :

Mr. Bhoopendra Singh Shishodia

Designation :

Whole-time director

Address :

201A, Neeti Khanda I, Indirapurama, Ghaziabad – 201001, Uttar Pradesh, India

Date of Birth/Age :

06.10.1969

Date of Appointment :

11.04.2014

PAN No.:

APSPS3566C

DIN No.:

03085915

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	U33112DL1999PTC098641	B.L.LIFE SCIENCES PRIVATE LIMITED	Whole-time director	11/04/2014	10/06/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Jitendra Gupta
Designation :	Secretary
Address :	221A, Kushal Nagar, Sanganer, Jaipur – 302029, Rajasthan, India
Date of Birth/Age :	22.02.1988
Date of Appointment :	01.06.2013
PAN No.:	AWLPG6416H
Name :	Mr. Nikhil Jain
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Sunil Aggarwal	8687134
Ajay Aggarwal	333000
Seema Aggarwal	1835000
Sejal Aggarwal	200200
Shubham Aggarwal	273266
Shakuntala Aggarwal	200
J.K. Aggarwal HUF	200
Poonam Aggarwal	81534
Ankur Gupta	200
Shubhash Gupta	200
Aashna Aggarwal	266
Abhijay Aggarwal	134
Total	11411334

AS ON 05.10.2013

Names of Allottees	No. of Shares
Sunil Aggarwal	450000
Seema Aggarwal	100000
Total	550000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Surgical Equipment and Disposable Products.
Exports :
Products :	Surgical Equipment
Countries :	· Poland Austria Spain Belgium
Imports :
Products :	Raw Material and Machinery
Countries :	· USA [From 50%] Germany France China Italy Singapore
Terms :
Selling :	Cash, Advance and Credit
Purchasing :	Cash, Advance and Credit

GENERAL INFORMATION

Suppliers :

Scanlan International, Inc., USA

Customers :

Hemo Cad, Brazil

No. of Employees :

250 (Approximately)

Bankers :

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

State Bank of India

SME Branch, 233, Industrial Estate Okhla, Phase-III, New Delhi - 110020, India

Contact Person: Mr. Rakesh Kumar [CSO]

Contact No.: 91-11-26323031

Report: Payment wise and Director’s background wise company is very good.

Facilities :

Fund and Non-Fund = Rs. 350.000 Millions [From State Bank of India]

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	214.416	37.000
Loans and advances from related parties	3.270	144.254
Other loans and advances	0.000	0.468
SHORT TERM BORROWINGS
Term loans from banks	21.711	0.184
Working capital loans from banks	99.142	126.461
Loans and advances from related parties	0.207	0.000
Other loans and advances	0.663	7.061
Total	339.409	315.428

Banking Relations :	--
Auditors 1 :
Name :	Sam and Associates Chartered Accountants
Address :	307, Laxmideep Building, Plot No-9, District Centre, Laxmi Nagar, Delhi-110092, India
Tel. No.:	91-11-43044027
Mobile No.:	91-9810034027
PAN No.:	AACFS6838G
Auditors 2 :
Name :	Rajeev Mago and Associates Chartered Accountants
Address :	G-82 (Ground Floor), Lajpat Nagar-II, New Delhi-110024, India
Tel. No.:	91-11-65633119/ 29810507
Fax No.:	91-11-29810507
PAN No.:	AADPM6570E
Subsidiary :	BioLife Medical Private Limited
Associate :	Suntime Singapore Pte. Limited
Enterprises over which key Managerial Personnel and/ or their relative exercise significant influence :	PlastX Labs Private Limited

CAPITAL STRUCTURE

AFTER 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs. 10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,961,334	Equity Shares	Rs. 10/- each	Rs. 119.613 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs. 10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,411,334	Equity Shares	Rs. 10/- each	Rs. 114.113 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	114.113	57.057	28.557
(b) Reserves & Surplus	170.117	192.299	162.258
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.100
Total Shareholders’ Funds (1) + (2)	284.230	249.356	190.915
(3) Non-Current Liabilities
(a) long-term borrowings	217.686	181.722	122.141
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	217.686	181.722	122.141
(4) Current Liabilities
(a) Short term borrowings	121.723	133.706	140.057
(b) Trade payables	93.030	117.030	69.301
(c) Other current liabilities	12.861	16.063	17.724
(d) Short-term provisions	39.150	28.607	23.497
Total Current Liabilities (4)	266.764	295.406	250.579
TOTAL	768.680	726.484	563.635
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	222.001	95.705	104.489
(ii) Intangible Assets	0.084	0.109	0.000
(iii) Capital work-in-progress	0.000	122.854	59.842
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.106	0.005	0.000
(c) Deferred tax assets (net)	2.535	2.004	1.250
(d) Long-term Loan and Advances	20.633	0.010	0.000
(e) Other Non-current assets	6.189	11.461	0.000
Total Non-Current Assets	251.548	232.148	165.581
(2) Current assets
(a) Current investments	0.000	0.000	0.005
(b) Inventories	239.643	234.892	184.544
(c) Trade receivables	204.043	195.429	158.042
(d) Cash and cash equivalents	15.044	23.604	13.716
(e) Short-term loans and advances	30.444	18.722	41.398
(f) Other current assets	27.958	21.689	0.349
Total Current Assets	517.132	494.336	398.054
TOTAL	768.680	726.484	563.635

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	865.645	786.856	734.310
Less	EXPENSES
		TOTAL	801.684	735.194	675.920
	PROFIT BEFORE TAX		63.961	51.662	58.390
Less	TAX		22.693	18.634	38.050
	PROFIT AFTER TAX		41.268	33.028	20.340
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	87.076	71.462	60.454
		Commission Earnings	0.000	3.220	1.068
	TOTAL EARNINGS		87.076	74.682	61.522
	IMPORTS
		Raw Materials	392.567	366.332	260.085
	Earnings Per Share (Rs.)		3.62	5.79	7.12

Particulars	31.03.2014
Sales Turnover (Approximately)	1030.000

The above information has been parted by Mr. Nikhil Jain [Finance Manager]

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.77	4.20	2.77
Return on Total Assets (PBT/Total Assets}	(%)	8.35	8.59	11.62
Return on Investment (ROI) (PBT/Networth)		0.23	0.21	0.31
Debt Equity Ratio (Total Debt/Networth)		1.19	1.26	1.37
Current Ratio (Current Asset/Current Liability)		1.94	1.67	1.59

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	28.557	57.057	114.113
Reserves & Surplus	162.258	192.299	170.117
Net worth	190.815	249.356	284.230
Long-term borrowings	122.141	181.722	217.686
Short term borrowings	140.057	133.706	121.723
Total borrowings	262.198	315.428	339.409
Debt/Equity ratio	1.374	1.265	1.194

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	734.310	786.856	865.645
		7.156	10.013

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	734.310	786.856	865.645
Profit	20.340	33.028	41.268
	2.77%	4.20%	4.77%

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10351984	18/06/2014 *	346,000,000.00	STATE BANK OF INDIA	SME BRANCH, 233, OKHLA INDUSTRIAL ESTATE, PHASE - III, NEW DELHI, DELHI - 110020, INDIA	C09414418

* Date of charge modification

FUTURE OUTLOOK:

The Company shall utilize its extended manufacturing operations in Kasna, Noida, Uttar Pradesh to its fullest and keep producing a wider product range in order to grab a bigger share of market, domestic & overseas.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
(i) Guarantees given by the company to Bank towards bank guarantees to the buyers outstanding as at 31.03.2013	1.984	3.123
(ii) Foreign Letter of Credit	0.000	6.642
(iii) Estimated amount of contracts remaining to be executed on capital account not provided for	29.000	3.768
Total	30.984	13.533

FIXED ASSETS:

· Buildings

Plant and equipment

Furniture and fixtures

Office equipment

Vehicles

Computer software

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. 60.44
UK Pound	1	Rs. 100.24
Euro	1	Rs. 80.35

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	ANK

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	5
--PROFITABILIRY	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.