MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	BRAWN LABORATORIES LIMITED
Registered Office :	C-64, Lajpat Nagar-1 New Delhi - 110024
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.03.1990
Com. Reg. No.:	55-039653
Capital Investment / Paid-up Capital :	Rs. 9.950 Millions
CIN No.: [Company Identification No.]	U73200DL1990PLC039653
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELB06336B
PAN No.: [Permanent Account No.]	AAACB7151N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Drugs, Pharmaceutical and Cosmetics Medical.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B(31)

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

Maximum Credit Limit :	USD 460000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The rating takes into consideration working capital intensive nature of operations, stringent regulations and high competition. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	CARE
Rating	Long Term Bank Facilities = BB
Rating Explanation	Have Moderate Risk of default
Date	02.01.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4
Rating Explanation	Have Minimal Degree of Safety and Carry Very High Credit Risk
Date	02.01.2014

RBI DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTER’ 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 :	Ms. Rati
Designation :	Assistant Manager
Contact No.:	91-124-4222462
Date :	22.12.2014

LOCATIONS

Registered Office :	C-64, Lajpat Nagar-1 New Delhi - 110024, India
Tel. No.:	91-11-29810424 / 29811044/ 32911528/ 29815264
Fax No.:	91-11-29810424 / 23275208/ 29815331
E-Mail :	solution@brawnpharma.com legal@brawnpharma.com export@brawnpharma.com international@brawnpharma.com brawn@nda.vsnl.net.in brawn_legal@yahoo.com
Website :	http://www.brawnlabs.com
Corporate Office :	4/4B, Asaf Ali Road, II Floor, Delhi Stock Exchange Building, New Delhi – 110002, India
Tel. No.:	91-11-32911528/ 32911529
Fax No.:	91-11-23275208
E-Mail :	marketing@brawnpharma.com
Factory :	13, New Industrial Township, Faridabad – 121001, Haryana, India
Tel. No.:	91-129-3290659/ 3290738/ 4027514
Fax No.:	91-129-4028514
E-Mail :	info@brawnpharma.com
Overseas Offices :	Located at : v Vietnam v Peru v Belarus v Kabul v Ghana v Cango v Myanmar

DIRECTORS

As on. 30.09.2014

Name :

Mr. Adarsh Kumar Gupta

Designation :

Director

Address :

GM-38, Phase – II, Gulmohar Marg, DLF, Gurgaon – 122008, Haryana, India

Date of Birth/Age :

24.11.1947

Date of Appointment :

23.04.2001

DIN No.:

00975059

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	U74899DL1987PTC028777	A B PHARMA PRIVATE LIMITED	Director	30/06/1988	30/06/1988	-	Strike off	NO
2	U73200DL1990PLC039653	BRAWN LABORATORIES LIMITED	Director	23/04/2001	23/04/2001	-	Active	NO
3	U51397DL2003PTC120157	OVERSEAS LABORATORIES PRIVATE LIMITED	Director	02/05/2003	02/05/2003	-	Active	NO

Name :

Mr. Brij Raj Gupta

Designation :

Managing Director

Address :

GM-38, Phase – II, Gulmohar Marg, DLF, Gurgaon – 122008, Haryana, India

Date of Birth/Age :

15.04.1952

Qualification :

Science Graduate

Date of Appointment :

23.04.2003

DIN No.:

00974969

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	L74899DL1985PLC022468	BRAWN BIOTECH LIMITED	Managing director	28/09/2010	07/11/1985	-	Active	NO
2	U74899DL1987PTC028777	A B PHARMA PRIVATE LIMITED	Director	30/06/1988	30/06/1988	-	Strike off	NO
3	U73200DL1990PLC039653	BRAWN LABORATORIES LIMITED	Director	23/04/2003	23/04/2003	-	Active	NO
4	U51397DL2003PTC120157	OVERSEAS LABORATORIES PRIVATE LIMITED	Director	02/05/2003	02/05/2003	-	Active	NO

Name :

Mr. Brij Bala Gupta

Designation :

Director

Address :

GM-38, Phase – II, Gulmohar Marg, DLF, Gurgaon – 122008, Haryana, India

Date of Birth/Age :

06.07.1947

Date of Appointment :

03.10.2003

DIN No.:

00975261

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	U73200DL1990PLC039653	BRAWN LABORATORIES LIMITED	Director	03/10/2003	03/10/2003	-	Active	NO
2	L74899DL1985PLC022468	BRAWN BIOTECH LIMITED	Director	24/11/2004	24/11/2004	-	Active	NO

Name :

Ms. Urmila Gupta

Designation :

Director

Address :

GM-38, Phase – II, Gulmohar Marg, DLF, Gurgaon – 122008, Haryana, India

Date of Birth/Age :

03.10.1935

Date of Appointment :

28.04.2006

DIN No.:

02061436

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	L74899DL1985PLC022468	BRAWN BIOTECH LIMITED	Director	24/11/2004	24/11/2004	-	Active	NO
2	U73200DL1990PLC039653	BRAWN LABORATORIES LIMITED	Director	28/04/2006	28/04/2006	-	Active	NO

Name :

Mr. Love Gupta

Designation :

Additional Director

Address :

GM-38, Phase – II, Gulmohar Marg, DLF, Gurgaon – 122008, Haryana, India

Date of Birth/Age :

06.09.1982

Date of Appointment :

05.10.2010

DIN No.:

01385755

Name :

Mr. Rajveer Singh

Designation :

Additional Director

Address :

B-21, Panchseel Colony, Lal Kuan, Ghaziabad, 201009, Uttar Pradesh, India

Date of Birth/Age :

06.03.1970

Date of Appointment :

05.10.2010

DIN No.:

03464649

Name :

Mr. Rakesh Kumar Dhama

Designation :

Additional Director

Address :

A-85 A, GL 5, Hardev Puri, Delhi, India

Date of Birth/Age :

05.01.1964

Date of Appointment :

05.10.2010

DIN No.:

03520428

Name :

Mr. Nanak Singh Rana

Designation :

Director

Address :

H.No. 854, Sector -10, Gurgaon, Haryana, India

Date of Birth/Age :

01.04.1969

Date of Appointment :

30.09.2014

DIN No.:

07021022

KEY EXECUTIVES

Name :	Ms. Rati
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
A B Pharma Private Limited, India	10000
Sri Ram Gupta	22260
Dr. Atul Gupta	75310
Shashi Bala Gupta	353010
Brij Bala Gupta	21885
Mamta Gupta	810
Bhawna Gupta	17610
Mahesh K Nanchal	10
Brawn Pharmaceuticals Limited, India	30000
Adarsh Kumar Gupta	55000
Brij Raj Gupta	75500
Ashok Sharma	6000
Pushpa Rani	6000
Suman Lata	5000
Keshav Kumar	5000
Madhu Bala	5000
Anita Rani	2600
Sanjeev Gupta	2700
Mukesh Kumar	2800
Shakuntala	2500
Narinder Jain	2700
Anisha	2600
Visa Traders and Financer Private Limited, India	10500
Kasunia Enterprises Private Limited, India	10000
Sudarshan Jain	2800
Fakir Chand	2700
Anand Jain	2800
Hari Om Gupta	2800
Manju Gupta	2500
Vinod Sehgal	25000
Dinesh Chand	9000
A S Singh	2500
Shashi Aggarwal	7000
Divya Kumar	3000
Rita Sharma	30000
Subhash Aggarwal	45000
Ved Aggarwal	5000
Madhu Bansal	6000
A K Jain	1300
Kavita Gupta	14300
Balmukund Gupta and Company, India	16000
Nitin Gupta	92525
Total	995020

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	92.32
Other top fifty shareholders	7.68
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Drugs, Pharmaceutical and Cosmetics Medical.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Not Divulged
Countries :	Vietnam
Imports :
Products :	Machinery
Countries :	Korea China
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Suppliers :

Reference :	Aabs Nercantiles Private Limited - Haryana
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers and Retailers

Reference :	EDG Pharmaceuticals (1) Limited, Tamilnadu
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

500 (Approximately)

Bankers :

Banker Name	Punjab National Bank
Branch Address	H-22, Trpical Building, Connaught Circus, New Delhi-110001, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	ING Vysya Bank Limited
Branch Address	H-22, Trpical Building, Connaught Circus, New Delhi-110001, India
Person Name (With Designation)	Narian Manzil Ground Floor Shop No. G1 To G5, I Floor, Shop No.1001 to 1007 Barakhamba Road, New Delhi – 110001, India
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee Term Loans From Banks	26.705	37.349
Short Term Borrowing
Term Loans From Banks	19.332	25.472
Working Capital Loans From Banks	386.526	309.319
Total	432.563	372.140

Auditors :
Name :	Sahil Pasricha and Associates Chartered Acountant
Address :	6/372, 2^nd Floor, Geeta Colony, Delhi - 110031
Memberships :	--
Collaborators :	--
Associates/Subsidiaries (As on 31.03.2010):	v Brawn Pharmaceuticals Limited v Visa Traders and Financer Private Limited v Visa Traders and Financer Private Limited v Overseas Laboratories Private Limited v Delhi Pharma v Fine Pharmachem v South Delhi Medicos v Indraprastha Diagnostics Centre v Balmukund Gupta and Company v Kasunia Enterprises Private Limited

CAPITAL STRUCTURE

As on. 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10 per Share	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
995020	Equity Shares	Rs. 10 per Share	Rs. 9.950 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.950	9.950	9.950
(b) Reserves & Surplus	152.540	137.849	124.985
(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)	162.490	147.799	134.935
(3) Non-Current Liabilities
(a) long-term borrowings	123.717	124.360	132.631
(b) Deferred tax liabilities (Net)	0.000	4.178	8.176
(c) Other long term liabilities	37.725	46.575	31.019
(d) long-term provisions	1.625	0.000	0.000
Total Non-current Liabilities (3)	163.067	175.113	171.826
(4) Current Liabilities
(a) Short term borrowings	405.858	334.791	259.007
(b) Trade payables	87.491	80.527	116.426
(c) Other current liabilities	15.432	27.922	62.852
(d) Short-term provisions	12.018	10.131	9.106
Total Current Liabilities (4)	520.799	453.371	447.391
TOTAL	846.356	776.283	754.152
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	150.980	170.130	183.322
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.308	0.000	0.000
(d) Long-term Loan and Advances	1.987	2.683	2.495
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	153.275	172.813	185.817
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	310.819	287.403	269.839
(c) Trade receivables	339.864	251.079	177.951
(d) Cash and cash equivalents	17.732	13.034	15.791
(e) Short-term loans and advances	24.666	51.954	104.754
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	693.081	603.470	568.335
TOTAL	846.356	776.283	754.152

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1099.236	980.862	1164.591
		Other Income	0.272	1.911	1.113
		TOTAL	1099.508	982.773	1165.704
Less	EXPENSES
		Cost of Materials Consumed	835.498	735.866	936.725
		Purchases of Stock-in-Trade	50.277	35.227	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.827)	0.714	(18.266)
		Employees benefits expense	71.171	52.457	52.542
		Other expenses	60.611	66.570	90.182
		TOTAL	1006.730	890.834	1061.183
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		92.778	91.939	104.521
Less	FINANCIAL EXPENSES		55.285	58.391	67.078
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION 3		37.493	33.548	37.443
Less/ Add	DEPRECIATION/ AMORTISATION		21.675	20.978	20.388
Less/	EXEPTIONAL ITEMS BEFORE TAX		0.000	0.000	(16.740)
	PROFIT BEFORE TAX		15.818	12.570	0.315
Less	TAX		1.128	(0.294)	(2.077)
	PROFIT AFTER TAX		14.690	12.864	2.392
	Earnings Per Share (Rs.)		14.76	12.93	2.41

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.34	1.31	0.21
Operating Profit Margin (PBDIT/ Sales)	(%)	8.44	9.37	8.97
Return on Total Assets (PBT/Total Assets}	(%)	1.87	1.62	0.04
Return on Investment (ROI) (PBT/Networth)		0.10	0.09	0.00
Debt Equity Ratio (Total Debt /Networth)		3.26	3.11	2.90
Current Ratio (Current Asset/Current Liability)		1.33	1.33	1.27

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	9.950	9.950	9.950
Reserves & Surplus	124.985	137.849	152.540
Net worth	134.935	147.799	162.490
long-term borrowings	132.631	124.360	123.717
Short term borrowings	259.007	334.791	405.858
Total borrowings	391.638	459.151	529.575
Debt/Equity ratio	2.902	3.107	3.259

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1164.591	980.862	1099.236
		(15.776)	12.068

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1164.591	980.862	1099.236
Profit	2.392	12.864	14.690
	0.21%	1.31%	1.34%

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 LOAN

(Rs. In Millions)

Particular	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee Term Loans From Others	42.200	32.200
Deposits From Others	5.950	5.950
Loans and Advanses From Directors	10.640	10.639
Loans and Advanses From Others	38.222	38.222
Total	97.012	87.011

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10501705	27/02/2014	732,284.00	PUNJAB NATIONAL BANK	BO:TROPICAL BUILDING, CONNAUGHT PLACE, NEW DELHI , Delhi - 110002, INDIA	C05993068
2	10480812	18/01/2014	441,248.00	Punjab National Bank	Tropical Building, Connaught Place, New Delhi, Delhi - 110001, INDIA	B97692743
3	10451628	06/09/2013	10,000,000.00	Punjab National Bank	H-22, Tropical Building,, Connaught Place, New Delhi, Delhi - 110001, INDIA	B85985026
4	10287992	24/05/2011	425,000.00	PUNJAB NATIONAL BANK	TROPICAL BUILDING, CONNAUGHT PLACE, NEW DELHI, Delhi - 110001, INDIA	B13344890
5	10123280	13/02/2013 *	581,000,000.00	PUNJAB NATIONAL BANK	H-22 TROPICAL BUILDING, NEW DELHI, Delhi - 110001,INDIA	B70943212

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Office Equipment

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.63.18
UK Pound	1	Rs.98.85
Euro	1	Rs.77.42

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RSM
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	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		31

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.