MIRA INFORM REPORT

Report Date :

18.07.2014

IDENTIFICATION DETAILS

Name :	ABBOTT HEALTHCARE PRIVATE LIMITED (w.e.f. 08.05.2002)
Formerly Known As :	KNOLL INTERNATIONAL PRIVATE LIMITED
Registered Office :	Unit No.4, Corporate Park, Sion, Trombay Road, Chembur, Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	01.01.1997
Com. Reg. No.:	11-104834
Capital Investment / Paid-up Capital :	Rs. 26.479 Millions
CIN No.: [Company Identification No.]	U24200MH1997PTC104834
TAN No.: [Tax Deduction & Collection Account No.]	MUMK06799C
PAN No.: [Permanent Account No.]	AAACK3935D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Pharmaceutical Products.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Abbott Asia Holding Limited, UK”. It is an established company having a moderate track record. The company has incurred huge loss from its operations during 2012. However, trade relations are fair. Business is active. Payments are reported as 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.

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 DECLINED

Management Non Cooperative (91-22-67978888)

LOCATIONS

Registered Office :	Unit No.4, Corporate Park, Sion, Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-67978888
Fax No.:	91-22-67978733/ 67978727
E-Mail :	webmaster@abbott.co.in
Website :	http://www.abbott.co.in http://www.abbott-diabetescare.com http://www.abbottep.in http://www.truecare.in
Factory :	Located At · Baddi, Himachal Pradesh, India
Branch Office 1 :	Diabetes Care 12, Corporate Park, Sion-Trombay Road, Mumbai - 400 071, Maharashtra, India
Tel No. :	91-22-67978831
Fax. No. :	91-22-67978921
Branch Office 2 :	Diagnostics Office No. 201, Everest Grande, Opposite Ahura Centre, Mahakali Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel No. :	91-22-66754132 / 33
Fax. No. :	91-22-66790468
Branch Office 3 :	Nutritional Products 11^th Floor , Hall Mark Plaza, Near Gurunanak Hospital, Bandra (East), Mumbai – 400 051, Maharashtra, India
Tel No. :	91-22-67566000
Fax. No. :	91-22-67576060
Branch Office 4 :	Vascular Office Floor, The Surya, New Friends Colony, New Delhi - 110025 India
Tel. No.:	91-22-40530100
Fax No.:	91-22-40530198/ 199
Branch Office 5 :	Healthcare Solutions 1st floor, D Mart Building, Goregaon - Mulund Link Road, Mumbai – 400080, Maharashtra, India
Tel No. :	91-22-39536666
Fax. No. :	91-22-39536845
Branch Office 6 :	True Care 1st Floor, Su Motors Complex, Model Town, Bal Rajeshwar Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel No. :	91-22-30781000
Fax. No. :	91-22-30781080
Branch Office 7 :	Medical Optics The Masterpiece Lavel – 5, Golf Course Road, Sector - 54, Gurgaon - 122002, Haryana, India
Corporate Office :	D’ Mart Building, Goregaon Mulund Link Road, Mulund – West, Mumbai – 400080, Maharashtra, India
Tel No. :	91-22-39536666
Fax. No. :	91-22-39536665

DIRECTORS

As on: 27.06.2013

Name :	Mr. Thomas Craig Freyman
Designation :	Director
Address :	912, Lake Street, Liberty Ville, Illinois-60048, USA
Date of Birth/Age :	08.09.1954
Date of Appointment :	02.05.2003
DIN No.:	00654517
Name :	Mr. Rajesh Upendra Pandya
Designation :	Director
Address :	B/23, 5^th Floor, Sangam Apartment, 161 Versova Lane, Andheri (west), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	13.12.1963
Date of Appointment :	01.09.2005
DIN No.:	00096606
Name :	Mr. Sudarshan K Jain
Designation :	Director
Address :	Flat No. 101, 1^st Floor, Jamunamahal Colony, Santacruz (East), Mumbai – 400055, Maharashtra, India
Date of Birth/Age :	06.06.1955
Qualification :	MBA
Date of Appointment :	25.07.2011
DIN No.:	00927487
Name :	Mr. Amal Satyawan Kelshikar
Designation :	Director
Address :	101, 10^th floor, Dhanishta, Tarangan Complex Pokhran Road No.1, Near Samath Nagar, Thane (West), Thane – 400606, Maharashtra, India
Date of Birth/Age :	09.10.1967
Date of Appointment :	14.09.2012
DIN No.:	06378987

KEY EXECUTIVES

Name :	Mr. Kiran M Ravi
Designation :	Secretary
Address :	2B,92, Kalpataru, J.V. Link Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Date of Birth/Age :	18.08.1977
Date of Appointment :	01.09.2009
PAN No.:	AFLPM7387Q
Name :	Mr. Suhas
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.06.2013

Names of Shareholders	No. of Shares
Abbott Asia Holding Limited, United Kingdom	2647928
Abbott Capital India Limited, Berkshire	2
Total	2647930

As on: 27.06.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
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 Importer of Pharmaceutical Products.
Imports :
Products :	Raw Materials
Countries :	Germany
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

2000 (Approximately)

Bankers :

Standard Chartered Bank, 90 M G Road, Fort, Mumbai - 400001, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.12.2012	As on 31.12.2011
Long-term borrowings
Long-term maturities of finance lease obligations	1.187	1.322
Total	1.187	1.322

Banking Relations :	--
Financial Institution :	BNP Paribas, French Bank Building, Fort, Mumbai – 400001, Maharashtra, India
Auditors :
Name :	Deloitte Hanskins and sells Chartered Accountants
Address :	Maker Towers, "E" Cuffe Parade, Mumbai 400005, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
PAN No.:	AACFD4815A
Holding Company :	Abbott Asia Holdings Limited, UK
Ultimate Holding Company:	Abbott Laboratories, USA
Fellow Subsidiaries :	· Abbott Australasia Pty. Limited, Australia · Abbott BV, Netherlands · Abbott Cardiovascular Systems, Inc, USA · Abbott Ireland · Abbott Diabetes Care Limited, UK · Abbott Diagnostics GmBH, Germany · Abbott Europe SA, Belgium · Abbott France S.A., France · Abbott GmBH and Company KG., Germany · Abbott India Limited, India · Abbott International LLC, USA · Abbott Korea Limited, Korea · Abbott Laboratories (M) Sdn. Bhd., Malaysia · Abbott Laboratories (Singapore) Pte Limited, Singapore · Abbott Laboratories International Company, USA · Abbott Laboratories Limited, Thailand · Abbott Laboratories Limited, United Kingdom · Abbott Laboratories Limited, Hongkong · Abbott Laboratories Poland, Poland · Abbott Laboratories SA, Dubai, UAE · Abbott Laboratories SA, USA · Abbott Laboratories Services Corp. Taiwan · Abbott Laboratories, Phillippines · Abbott Laboratries SA, Spain · Abbott Logistics BV, Netherlands · Abbott Manufacturing Singapore Pte Limited, Singapore · Abbott Medical Devices Trading (Shanghai) Company Limited, Shangai · Abbott Medical Laboratories Limited, Israel · Abbott Truecare Pharma Private Limited, India · Abbott Vascular Deutschland GMBH · Abbott Vascular Devices Holland BV, Netherlands · Abbott Vascular International BVBA, Belgium · Abbott Vascular Japan Company Limited, Japan · Abbott Vascular Knoll-Ravizza, Spain · Abbott Vascular, Ireland · Abbvie Laboratories (Singapore) Pte. Limited, Singapore · AMO India Private Limited, India · Solvay Pharma India Limited, India · Starlims (SEA) Pte Limited, Singapore · Starlims Asia Pacific Limited, Hongkong

CAPITAL STRUCTURE

As on 27.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
29700000	Equity Shares	Rs.10/- each	Rs.297.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2647930	Equity Shares	Rs.10/- each	Rs.26.479 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	26.479	21.560
(b) Reserves & Surplus	110558.497	85279.186
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	18351.970
Total Shareholders’ Funds (1) + (2)	110584.976	103652.716
(3) Non-Current Liabilities
(a) long-term borrowings	1.187	1.322
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	21962.618	42476.095
(d) long-term provisions	949.098	734.304
Total Non-current Liabilities (3)	22912.903	43211.721
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	3443.165	3103.910
(c) Other current liabilities	25452.166	22389.196
(d) Short-term provisions	598.179	529.151
Total Current Liabilities (4)	29493.510	26022.257
TOTAL	162991.389	172886.694
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3038.818	2753.788
(ii) Intangible Assets	134901.210	152540.642
(iii) Capital work-in-progress	1741.171	458.370
(iv) Intangible assets under development	596.302	668.857
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	563.163	215.447
(e) Other Non-current assets	4.100	4.080
Total Non-Current Assets	140844.764	156641.184
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	4391.501	3552.286
(c) Trade receivables	2783.119	2443.993
(d) Cash and cash equivalents	11948.097	8963.964
(e) Short-term loans and advances	2782.516	1204.613
(f) Other current assets	241.392	80.654
Total Current Assets	22146.625	16245.510
TOTAL	162991.389	172886.694

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.000
2] Share Application Money		107637.200
3] Reserves & Surplus		329.344
4] (Accumulated Losses)		0.000
NETWORTH		107971.544
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		394.493
TOTAL		108366.037
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		173280.749
Capital work-in-progress		799.700
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2418.480
	Sundry Debtors	2006.659
	Cash & Bank Balances	5727.870
	Other Current Assets	21.202
	Loans & Advances	1073.970
Total Current Assets		11248.181
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	868.073
	Other Current Liabilities	75045.049
	Provisions	1049.471
Total Current Liabilities		76962.593
Net Current Assets		(65714.412)
MISCELLANEOUS EXPENSES		0.000
TOTAL		108366.037

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Revenues	32058.812	27914.073	12134.402
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		(15253.215)	(23078.016)	(310.258)
Less	TAX		(3.593)	(407.343)	620.577
	PROFIT / (LOSS) AFTER TAX		(15249.622)	(22670.673)	(930.835)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(22523.094)	147.579	1078.414
	BALANCE CARRIED TO THE B/S		(37772.716)	(22523.094)	147.579
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4.386	10.522	NA
	TOTAL EARNINGS		4.386	10.522	NA
	IMPORTS
		Raw Materials	1795.738	1127.639	NA
		Spares	19.325	14.322	NA
		Capital Goods	522.286	278.006	NA
		Finished Goods	4903.792	3289.675	NA
	TOTAL IMPORTS		7241.141	4709.642	NA
	Earnings / (Loss) Per Share (Rs.)		(5759.07)	(9521.49)	(1861.67)

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
Net Profit Margin (PBT/Sales)	(%)	(47.58)	(82.68)	(2.56)
Return on Total Assets (PBT/Total Assets}	(%)	(9.49)	(13.44)	(0.17)
Return on Investment (ROI) (PBT/Networth)		(0.14)	(0.22)	(0.00)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.75	0.62	0.15

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	21.560	26.479
Reserves & Surplus	85279.186	110558.497
Share Application money pending allotment	18351.970	0.000
Net worth	103652.716	110584.976
long-term borrowings	1.322	1.187
Short term borrowings	0.000	0.000
Total borrowings	1.322	1.187
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	12134.402	27914.073	32058.812
		130.041	14.848

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	12134.402	27914.073	32058.812
Profit	(930.835)	(22670.673)	(15249.622)
	(7.67%)	(81.22%)	(47.57%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT: NOT AVAILABLE

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	No
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	No

NOTE :

Registered Office Address of the company has been shifted from Unit No.3 and 4 ,Corporate Park, Sion - Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India to present w.e.f. 13.07.2009

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10237333	01/09/2010	2,300,000,000.00	Standard Chartered Bank	90, M G Road,, Fort, Mumbai, Maharashtra - 400001, INDIA	A93238384
2	10240233	30/08/2010	1,600,000,000.00	BNP Paribas	French Bank Bldg, Homji Street, Fort, Mumbai, Maharashtra - 400001, INDIA	A94932324

FIXED ASSETS

• Leasehold Improvement
• Machinery and Equipments
• Vehicles
• Furniture, Fittings and Office Equipments
• Goodwill

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.60.14
UK Pound	1	Rs.103.00
Euro	1	Rs.81.33

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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		36

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.