MIRA INFORM REPORT

Report Date :

28.07.2014

IDENTIFICATION DETAILS

Name :	ROSELABS BIOSCIENCE LIMITED (w.e.f 19.07.2012)

Formerly Known As :	ROSELABS BIOSCIENCE PRIVATE LIMITED

Registered Office :	Survey No. 253, N.H.8, Opposite Kerala, G.I.D.C Village Kerala, Ahmedabad-382220, Gujarat

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	06.01.2010

Com. Reg. No.:	04-059109

Capital Investment / Paid-up Capital :	Rs. 268.900 Millions

CIN No.: [Company Identification No.]	U24290GJ2010PLC059109

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Pre-Filled Syringes.

No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow and Delayed

Litigation :	Clear

Comments :	Even though the company was incorporated on 06^th January 2010, it has commenced its business operations form September 2012. It is having moderate track record. The company has incurred loss from its operational activities in its first year of business operation. Rating also take into account the strained liquidity position of the company as exhibited by delays in meeting its principal repayment and interest payment obligations to the bank in a timely manner. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on safe and secured 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.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans = D=
Rating Explanation	Lowest credit quality and very low prospects of recovery
Date	May, 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. Vinod Sharma
Designation :	Export Department
Contact No.:	91-9727705334

Name :	Mr. Paresh
Designation :	Account Department
Contact No.:	91-9099916580
Date :	25.07.2014

LOCATIONS

Registered Office / Factory :	Survey No. 253, N.H.8, Opposite Kerala, G.I.D.C Village Kerala, Ahmedabad-382220, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9727705334 [Mr. Sharma]
Fax No.:	Not Available
E-Mail :	info@roselabsindia.com pawan@roselabsindia.com
Website :	http://www.roselabsindia.com
Location :	Owned

Corporate Office:	3^rd Floor, Kateria Arcade, Near Adhani Vidya Mandir, Ahmedabad -380051, Gujarat, India
Tel No.:	91-79-22162529/66301529/26820720/26820730
Fax No.:	91-79-22166730
E-Mail :	info@roselabs-bioscience.com

DIRECTORS

As on 30.09.2013

Name :	Mr. Pawankumar Trilokchand Agarwal
Designation :	Director
Address :	B-21, Akash Opposite Premchand Nagar, Judges Bunglow Road, Bodakdev, Ahmedabad-380054, Gujarat, India
Date of Birth/Age :	30.03.1963
Date of Appointment :	06.01.2010
DIN No.:	00015921
PAN No.:	AAUPA5769N

Name :	Mrs. Rosy Pawankumar Agrawal
Designation :	Directors
Address :	B-21, Akash Opposite Premchand Nagar, Judges Bunglow Road, Bodakdev, Ahmedabad-380054, Gujarat, India
Date of Birth/Age :	10.07.1966
Date of Appointment :	16.12.2010
DIN No.:	00041611
PAN No.:	AARPA2988E

Name :	Mr. Zameer Pawankumar Agarwal
Designation :	Director
Address :	B-21, Akash Opposite Premchand Nagar, Judges Bunglow Road, Bodakdev, Ahmedabad-380054, Gujarat, India
Date of Birth/Age :	05.11.1986
Date of Appointment :	06.01.2010
DIN No.:	01409425
PAN No.:	AGQPA2761C

Name :	Mr. Mohit Premchand Gupta
Designation :	Director
Address :	42, Whispering Pine, Irvine CA – 92620
Date of Birth/Age :	13.09.1965
Date of Appointment :	22.04.2010
DIN No.:	03031586

Name :	Mr. Guarang Atmaram Patel
Designation :	Director
Address :	B-2, Sayona Park, Plat Harasidhnagar, Indraprastha Society, Sarkari Vasant, Avadh Memnagar, Ahmedabad-380054, Gujarat, India
Date of Birth/Age :	12.07.1963
Date of Appointment :	13.08.2010
DIN No.:	03089311
PAN No.:	AEEPP9690R

Name :	Mr. Prakash Karsanbhai Patel
Designation :	Director
Address :	11, Devdarshan Society, Behind New Mahakali Temple, Kalka Road, Palan-382465, Gujarat, India
Date of Birth/Age :	12.01.1975
Date of Appointment :	13.08.2010
Din No.:	03098121

KEY EXECUTIVES

Name :	Mr. Vinod Sharma
Designation :	Export Department

Name :	Mr. Paresh
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders		No. of Shares
Pawankumar Trilokchand Agarwal		8579000
Zameer Pawankumar Agarwal		1301000
Rosy Pawankumar Agarwal		120000
Gopalka Motor Investo Private Limited, India		6883000
Pushpdant Comotrade Private Limited, India		9036500
Roselabs Limited, India		540000
Konark Commerce and Industries Limited, India		50000
Sunshine Housecon Limited, India		70000
Impex Service Limited		35000
Sharadaraj Tradefin Limited, India		290000
Blu Print Securities Limited, India		155000
Zubeen Pawankumar Agarwal		930500
Total		27990000

As on 29.10.2013

Names of Allotee		No. of Shares Allotted
Somnath Merchandise Private Limited, India		350000
Ramdoot Barter Private Limited, India		560000
Total		910000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	60.95
Directors or relatives of Directors	39.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pre-Filled Syringes.

Product :

Description of product or service	ITC code
Syringes, Pre-Fill Syringes	90183100

Exports :

Countries :

· Germany

· USA

Imports :

Products :

Raw Material

Countries :

· USA

· China

· Japan

GENERAL INFORMATION

Suppliers :

Gerresheimer, USA

Customers :

Zydus

No. of Employees :

125 (Approximately)

Bankers :

· State Bank of India, Mid Corporate Group, Commercial Branch, 3rd Floor, Param Siddhi, Near Mahakant Building, Ellsiebridge, Ahmedabad-380006, Gujarat, India

· Bank of Baroda

· Bank of India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel – (West), Mumbai – 400013, Maharashtra, India

· Axis Bank Limited, RAC Ahmedabad, CV/ CE Department, 4th Floor, Shivalik Ishan, Near C. N Vidhyalaya, Ambawadi, Ahmedabad – 380006, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long-term borrowings
Rupee term loans from banks	917.291	670.382
Foreign currency term loans from banks	272.673	131.970
Other loans and advances	7.177	27.56
Short-term borrowings
Working capital loans from banks	123.798	0.000
Total	1320.939	829.912


Banking Relations :	---

Auditors :
Name :	Poddar Sunil Kumar Narvadeshwer Prasad Chartered Accountants
Address :	301-305, Vrajbhumi Complex, Near Prarthana Flat, Behind Ship Building, Off C.G. Road, Navrangpura, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26402893/26431097
Fax No.:	91-79-26462614
PAN No.:	ABEFS3044F

Others :	· Roselabs Limited · Roselabs Polymers Limited · Gopalka Motor Investo Private Limited · Pushpdant Commotrade Private Limited · RLHC Private Limited · Human Care

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

29000000	Equity Shares	Rs.10/- each	Rs.290.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

28900000	Equity Shares	Rs.10/- each	Rs.289.000 Millions

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

29000000	Equity Shares	Rs.10/- each	Rs.290.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

27990000	Equity Shares	Rs.10/- each	Rs.279.900 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	268.900	202.000	128.000
(b) Reserves & Surplus	446.459	438.000	112.000
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	74.555
Total Shareholders’ Funds (1) + (2)	715.359	640.000	314.555

(3) Non-Current Liabilities
(a) long-term borrowings	1298.296	805.108	279.260
(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)	1298.296	805.108	279.260

(4) Current Liabilities
(a) Short term borrowings	123.798	0.000	1.334
(b) Trade payables	18.014	0.034	0.000
(c) Other current liabilities	172.051	113.133	3.381
(d) Short-term provisions	14.252	4.817	0.012
Total Current Liabilities (4)	328.115	117.984	4.727

TOTAL	2341.770	1563.092	598.542

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1520.253	95.951	278.382
(ii) Intangible Assets	2.444	0.000	0.000
(iii) Capital work-in-progress	357.820	1140.271	0.000
(iv) Intangible assets under development	8.935	6.835	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	136.135	225.414	301.946
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2025.587	1468.471	580.328

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	159.800	1.941	0.000
(c) Trade receivables	9.804	0.000	0.000
(d) Cash and cash equivalents	22.932	21.859	3.966
(e) Short-term loans and advances	10.614	1.600	0.000
(f) Other current assets	113.033	69.221	14.248
Total Current Assets	316.183	94.621	18.214

TOTAL	2341.770	1563.092	598.542

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	39.498	0.000	0.000
		Other Income	1.355	0.000	0.000
		TOTAL (A)	40.853	0.000	0.000

Less	EXPENSES
		Cost of Materials Consumed	74.230	0.000	0.000
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(124.290)	0.000	0.000
		Employees benefits expense	47.266	0.000	0.000
		Other expenses	45.552	0.000	0.000
		TOTAL (B)	42.758	0.000	0.000

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1.905)	0.000	0.000

Less	FINANCIAL EXPENSES (D)		93.456	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(95.361)	0.000	0.000

Less/ Add	DEPRECIATION/ AMORTISATION (F)		43.391	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(138.752)	0.000	0.000

Less	TAX (H)		0.000	0.000	0.000

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(138.752)	0.000	0.000

	Earnings / (Loss) Per Share (Rs.)		(6.56)	0.00	0.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(339.64)	0.00	0.00

Net Profit Margin (PBT/Sales)	(%)	(351.29)	0.00	0.00

Return on Total Assets (PBT/Total Assets}	(%)	(7.03)	0.00	0.00

Return on Investment (ROI) (PBT/Networth)		(0.19)	0.00	0.00

Debt Equity Ratio (Total Debt /Networth)		1.99	1.26	0.89

Current Ratio (Current Asset/Current Liability)		0.96	0.80	3.85

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	128.000	202.000	268.900
Reserves & Surplus	112.000	438.000	446.459
Share Application money pending allotment	74.555	0.000	0.000
Net worth	314.555	640.000	715.359

long-term borrowings	279.260	805.108	1298.296
Short term borrowings	1.334	0.000	123.798
Total borrowings	280.594	805.108	1422.094
Debt/Equity ratio	0.892	1.258	1.988

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

Rs. In Millions

Particular	31.03.2013	31.03.2012	31.03.2011

Current maturities of long-term debt	103.858	41.034	0.000

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	No
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

Note:

The registered office of the company has been shifted from 123/1, Sadiram Estate, Saijpur Gopalpur, Pirana Road, Piplej, Ahmedabad – 382405, Gujarat, India to present address w.e.f. 30.03.2011

PRESENT OPERATIONA AND FUTURE PROSPECTUS

This being the first year of production by the Company, the Company has earned the income of Rs.40.853 Millions during the year. The Company has incurred loss of Rs.138.722 Millions during the year. The income was adversely affected by heavy cost of material, Fix Assets Depreciation and the financial costs of company. The Directors are hopeful to achieve better results in future.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2013	As on 31.03.2012
Long-term borrowings
Loans and advances from related parties	101.155	0.000
Total	101.155	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10436898	28/06/2013	713,800,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B79649505
2	10397072	01/09/2012	1,759,392.00	AXIS BANK LIMITED	RAC AHMEDABAD, CV/ CE DEPARTMENT, 4TH FLOOR, SHIVALIK ISHAN, NEAR C. N. VIDHYALAYA, AMBAWADI, AHMEDABAD, GUJARAT - 380006, INDIA	B62068317
3	10359965	27/08/2013 *	297,400,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, COMMERCIAL BRANCH, 3RD FLOOR, PARAMSIDDHI, NEAR MAHAKANT BUILDING, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B83863423
4	10249587	27/08/2013 *	1,656,700,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, COMMERCIAL BRANCH, 3RD FLOOR, PARAMSIDDHI, NEAR MAHAKANT BUILDING, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B83864132
5	10249588	27/08/2013 *	1,954,100,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP, COMMERCIAL BRANCH, 3RD FLOOR, PARAMSIDDHI, NEAR MAHAKANT BUILDING, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B83863886

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Office building

· Factory building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Computer equipments

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.102.22
Euro	1	Rs.81.02

INFORMATION DETAILS

Information Gathered by :	PDT

Analysis Done by :	KAR

Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		16

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

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