MIRA INFORM REPORT

Report Date :

02.10.2014

IDENTIFICATION DETAILS

Name :	PSYCHOTROPICS INDIA LIMITED
Registered Office :	F-89, Green Park , New Delhi--110016 , Delhi
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.12.1996
Com. Reg. No.:	55-083911
Capital Investment / Paid-up Capital :	Rs. 22.609 Millions
CIN No.: [Company Identification No.]	U85194DL1996PLC083911
TAN No.: [Tax Deduction & Collection Account No.]	DELP09777F
PAN No.: [Permanent Account No.]	AAACP3834G
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturer of Drugs and Pharmaceuticals Medicines.
No. of Employees :	Information decline by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk
Date	03.01.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk
Date	03.01.2014

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 DENIED BY

Name :	Mr. Navdeep Chawla
Designation :	Director
Contact No.:	91-9534891795
Date :	30.09.2014

LOCATIONS

Registered Office :	F-89, Green Park , New Delhi--110016 , Delhi , India
Tel No. :	Not Available
Mobile No. :	91-9534891795 ( Mr. Navdeep)
Fax No. :	Not Available
E-Mail :	savita@trehan@yahoo.com
Website :	http://www.psychoindia.com
Corporate Office :	A32, DLF Sector 11, Faridabad – 121 006, Haryana, India
Tel. No.:	91-129-2282691 / 2286324 / 2264728
Fax No.:	91-129- 2296764
E-Mail :	psycho@psychoindia.com
Factory :	46 and 49, Sector-6A, IIE-Sidkul, Bhel, Ranipur, Haridwar, Uttaranchal, India
Tel. No.:	91-1334-239307 / 239308
Fax No.:	91-1334-239309
E-Mail :	psycotro@vsnl.com

DIRECTORS

As on 25.09.2013

Name :

Mr. Navdeep Chawla

Designation :

Managing Director

Address :

House No. 216, Sector – 15, Faridabad – 121 002, Haryana, India

Date of Birth/Age :

11.08.1956

Date of Appointment :

01.07.1993

DIN No.:

00286448

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	U74899DL1994PTC063811	PSYCHOTROPICS LEASING AND FINANCE PRIVATE LIMITED	Director	28-12-94	28-12-94	-	Active	NO
2	U85194DL1996PLC083911	PSYCHOTROPICS INDIA LIMITED	Managing director	18-12-96	18-12-96	-	Active	NO
3	U45201DL2005PTC131881	NVS BUILDERS PRIVATE LIMITED	Director	06-01-05	06-01-05	-	Active	NO
4	U45201DL2005PTC135974	ANANDA PROJECTS PRIVATE LIMITED	Director	07-11-05	07-11-05	30-09-11	Active	NO
5	U34300HR2006PLC036369	INDO AUTOTECH LIMITED	Director	29-09-07	01-04-07	-	Active	NO
6	U24233DL2007PTC164529	PIL PHARMACEUTICALS PRIVATE LIMITED	Director	08-06-07	08-06-07	-	Active	NO
7	U74899DL1993PTC052462	YAMUNA COMMERICIAL PRIVATE LIMITED	Additional director	01-07-09	01-07-09	-	Active	NO
8	U70109HP2010PTC031312	ANANDA VEDIC PROJECTS PRIVATE LIMITED	Director	15-04-10	15-04-10	-	Active	NO
9	U70109HP2010PTC031313	MANON VEDIC VALLEY PROJECTS PRIVATE LIMITED	Director	15-04-10	15-04-10	-	Active	NO
10	U85100DL2010PTC204374	ANANDA HEALTH AND YOGA PRIVATE LIMITED	Director	21-06-10	21-06-10	-	Under Process of Striking off	NO
11	U70109HP2011PTC031533	KHAJRETH HILLS PROJECT PRIVATE LIMITED	Director	12-01-11	12-01-11	-	Active	NO
12	U70109HP2011PTC031545	DHARAMPUR VEDIC VALLEY PROJECT PRIVATE LIMITED	Director	19-01-11	19-01-11	-	Active	NO
13	U70109HP2011PTC031548	JANGESHU HILLS SIDE PROJECT PRIVATE LIMITED	Director	21-01-11	21-01-11	-	Active	NO
14	U70109HP2011PTC031557	MASHOBRA HILLS SIDE PROJECTS PRIVATE LIMITED	Director	07-02-11	07-02-11	-	Active	NO
15	U70109HP2011PTC031643	SANAWAR HILLS PROJECTS PRIVATE LIMITED	Director	13-05-11	13-05-11	-	Active	NO

Name :

Mr. Siddharth Chawla

Designation :

Director

Address :

H.No-216,Sector-15, Faridabad- 121007, Haryana, India

Date of Birth/Age :

09.01.1982

Date of Appointment :

31.03.2006

DIN No.:

00286771

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	U24246DL1997PTC090059	DERMA CARE INDIA PRIVATE LIMITED	Director	01-04-00	01-04-00	-	Amalgamated	NO
2	U24231DL1999PTC100314	P.I.PHARMACEUTICALS PRIVATE LIMITED TRFD FROM PUNJAB TO DELHI	Director	01-04-04	01-04-04	-	Amalgamated	NO
3	U45201DL2005PTC131881	NVS BUILDERS PRIVATE LIMITED	Director	06-01-05	06-01-05	-	Active	NO
4	U85194DL1996PLC083911	PSYCHOTROPICS INDIA LIMITED	Director	31-03-06	31-03-06	-	Active	NO
5	U24233DL2007PTC164529	PIL PHARMACEUTICALS PRIVATE LIMITED	Director	08-06-07	08-06-07	-	Active	NO
6	U85100DL2010PTC204374	ANANDA HEALTH AND YOGA PRIVATE LIMITED	Director	21-06-10	21-06-10	-	Under Process of Striking off	NO

Name :

Mrs. Amita Chawla

Designation :

Director

Address :

H.No-216,Sector-15, Faridabad- 121007, Haryana, India

Date of Birth/Age :

09.01.1982

Date of Appointment :

31.12.2008

DIN No.:

00287138

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	U24231DL1999PTC100314	P.I.PHARMACEUTICALS PRIVATE LIMITED TRFD FROM PUNJAB TO DELHI	Managing director	21-06-99	21-06-99	-	Amalgamated	NO
2	U24246DL1997PTC090059	DERMA CARE INDIA PRIVATE LIMITED	Director	16-11-04	16-11-04	-	Amalgamated	NO
3	U74899DL1994PTC063811	PSYCHOTROPICS LEASING AND FINANCE PRIVATE LIMITED	Director	30-09-08	01-10-07	-	Active	NO
4	U85194DL1996PLC083911	PSYCHOTROPICS INDIA LIMITED	Director	31-12-08	31-12-08	-	Active	NO
5	U74899DL1993PTC052462	YAMUNA COMMERICIAL PRIVATE LIMITED	Additional director	01-07-09	01-07-09	-	Active	NO

MAJOR SHAREHOLDERS

As on 25.09.2013

Names of Shareholders	No. of Shares
Navdeep Chawla	744312
Amita Chawla	196836
Siddharth Chawla	103545
Geetika Chawla	62080
Neha Chawla	400
Navdeep Chawla and Sons (HUF)	178700
Psychotropics Leasing and Finance Private Limited	975055
Total	2260928

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2013

Category	Percentage
Bodies corporate	43.12
Directors or relatives of Directors	48.98
Others	7.90
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Drugs and Pharmaceuticals Medicines.

GENERAL INFORMATION

Suppliers :

· Bakshi Enterprises

· Crown Courier

· Fly King Express

· Hotel Nirmal, Jaipur

· Hotel Surbhi Palace

· Pharma Printers

· Rx Life

· S R Enterprises

· Sentinel Security Services

· Super Pack System

· Techno Fab Computer

· Trimurti Traders

· Balaji Iron Store

· R K Building Works

· Rama Logistics

Customers :

· A L Medicose

· Adarsh Pharma

· Bharat Pharma Traders

· Disha Distributors

· Hassan Traders

· Kamal Medicare

· M E K Drug

· Pooja Medical Hall

· S P Agencies

· Shri Shyam Medicos

· Syncox Research Lab Private Limited

· Vijay Luxmi Medical Store

No. of Employees :

Information decline by the management

Bankers :

· State Bank of India

Ranipur Branch, Haridwar – 249 403, Uttaranchal, India

· Allahabad Bank

Main Branch, Faridabad, Haryana, India

· HDFC Bank

· Citi Bank

· Standard Chartered Bank

· State Bank of India

· ICICI Bank

· Andhra Bank

Facilities :

SECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS
Rupee Term Loans From Bank	150.214	203.499
SHORT TERM BORROWINGS
Other loans and advances	142.234	122.108
Total	292.448	325.607

Banking Relations :	---
Auditors :
Name :	Satish Gupta and Associates Chartered Accountant
Address :	House No. 1060, Sector – 16, Faridabad – 121 002, Haryana, India
Related Parties :	· Psychotropics Leasing And Finance Private Limited (CIN No. : U74899DL1994PTC063811) · PIL Pharmaceuticals Private Limited (CIN No. : U24233DL2007PTC164529)

CAPITAL STRUCTURE

As on 25.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3750000	Equity Shares	Rs.10/- each	Rs. 37.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2260928	Equity Shares	Rs.10/- each	Rs. 22.609 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	22.609	22.609	22.609
(b) Reserves & Surplus	496.535	452.802	428.955
(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)	519.144	475.411	451.564
(3) Non-Current Liabilities
(a) long-term borrowings	161.838	217.340	239.866
(b) Deferred tax liabilities (Net)	3.238	2.726	2.593
(c) Other long term liabilities	10.016	10.004	10.104
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	175.092	230.070	252.563
(4) Current Liabilities
(a) Short term borrowings	142.234	122.108	90.902
(b) Trade payables	114.118	190.192	128.519
(c) Other current liabilities	79.914	63.081	45.315
(d) Short-term provisions	11.644	7.641	16.066
Total Current Liabilities (4)	347.910	383.022	280.802
TOTAL	1042.146	1088.503	984.929
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	603.709	630.235	599.157
(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	23.231	23.231	0.000
(c) Deferred tax assets (net)	0.000	0.000	24.874
(d) Long-term Loan and Advances	9.143	7.265	5.148
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	636.083	660.731	629.179
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	156.944	190.069	149.603
(c) Trade receivables	181.869	180.214	110.023
(d) Cash and cash equivalents	25.338	16.444	52.382
(e) Short-term loans and advances	41.912	41.045	43.742
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	406.063	427.772	355.750
TOTAL	1042.146	1088.503	984.929

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1174.329	1021.737	746.341
		Other Income	1.795	2.623	1.674
		TOTAL (A)	1176.124	1024.360	748.015
Less	EXPENSES
		Cost of Materials Consumed	633.551	575.635	390.192
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	22.752	(18.627)	(22.493)
		Employees benefits expense	162.583	135.949	81.803
		Other expenses	204.605	188.947	149.123
		TOTAL (B)	1023.491	881.904	598.625
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		152.633	142.456	149.390
Less	FINANCIAL EXPENSES (D)		46.742	52.653	29.111
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		105.891	89.803	120.279
Less/ Add	DEPRECIATION/ AMORTISATION (F)		56.061	58.183	46.233
	PROFIT BEFORE TAX (E-F) (G)		49.830	31.620	74.046
Less	TAX (H)		6.097	7.773	16.610
	PROFIT AFTER TAX (G-H) (I)		43.733	23.847	57.436
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB Basis	67.506	21.228	4.463
	TOTAL EARNINGS		67.506	21.228	4.463
	Earnings Per Share (Rs.)		17.45	11.19	26.23

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.72	2.33	7.68
Net Profit Margin (PBT/Sales)	(%)	4.24	3.09	9.92
Return on Total Assets (PBT/Total Assets}	(%)	4.89	2.97	7.71
Return on Investment (ROI) (PBT/Networth)		0.10	0.07	0.16
Debt Equity Ratio (Total Debt /Networth)		0.59	0.71	0.73
Current Ratio (Current Asset/Current Liability)		1.17	1.12	1.27

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	22.609	22.609	22.609
Reserves & Surplus	428.955	452.802	496.535
Net worth	451.564	475.411	519.144
long-term borrowings	239.866	217.340	161.838
Short term borrowings	90.902	122.108	142.234
Total borrowings	330.768	339.448	304.072
Debt/Equity ratio	0.732	0.714	0.586

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)
Sales	746.341	1021.737	1174.329
		36.899	14.935

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	746.341	1021.737	1174.329
Profit	57.436	23.847	43.733
	7.70%	2.33%	3.72%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	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	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The registered office of the company has been shifted from C-257, Eastend Appartments, Chilla, Near Ashok Nagar, Delhi-110096, India to present address w.e.f. 22.02.2011

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS
Other loans and advances	11.624	23.841
Total	11.624	23.841

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10520099	26/07/2014	136,500,000.00	HDFC BANK LIMITED	E-13/29, 2ND FLOOR, HARSHA BHAVAN, MIDDLE CIRCLE,  CONNAUGHT PLACE, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA	C20771770
2	10209559	22/09/2008	25,000,000.00	STATE BANK OF INDIA	RANIPUR BRANCH, BHEL, HARIDWAR, UTTARAKHAND - 249403, INDIA	A69559888
3	10234524	22/09/2008	50,000,000.00	STATE BANK OF INDIA	RANIPUR BRANCH, BHEL, HARIDWAR, UTTARAKHAND - 249403, INDIA	A69561413
4	80004055	23/04/2014 *	339,300,000.00	STATE BANK OF INDIA	SME BRANCH, SECTOR-5 RANIPUR, BHEL, HARIDWAR, UTTARAKHAND - 249403, INDIA	C17721259

* Date of charge modification

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.75
UK Pound	1	Rs. 100.06
Euro	1	Rs. 77.95

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RSM
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		51

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.