MIRA INFORM REPORT

Report Date :

06.10.2014

IDENTIFICATION DETAILS

Name :	SPINCO BIOTECH PRIVATE LIMITED
Registered Office :	No.:4, Vaidyaram Street, T. Nagar, Chennai – 600017, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.12.1991
Com. Reg. No.:	18-021876
Capital Investment / Paid-up Capital :	Rs. 18.750 Millions
CIN No.: [Company Identification No.]	U24294TN1991PTC021876
Legal Form :	Private Limited Liability Company
Line of Business :	Subject acts as local indenting agents for overseas manufacturers of biotechnology and scientific instruments including spares and accessories.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1592000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a fine track record. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are regular 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.

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 BY

Name :	Mrs. Ravi Kumar
Designation :	Accounts Manager
Contact No.:	91-9382331105
Date :	04.10.2014

LOCATIONS

Registered Office :	No.:4, Vaidyaram Street, T. Nagar, Chennai – 600017, Tamilnadu, India
Tel. No. :	91-44-24340174/ 24337479
Mobile No. :	91-9382331105 (Mrs. Ravi Kumar)
Fax No. :	91-44-24340761
E-Mail :	spincotax@spincotech.com mrsravikumar@spincotech.com info@spincotech.com
Website :	www.spincotech.com
Branch Offices :	Located at · Ahmedabad Ankleshwar Aurangabad Baddi Bengaluru Baroda Bhopal Chandigarh Dehradun Delhi and NCR Hyderabad Goa Kolkata Lucknow Mumbai Pune Vapi Vizag

DIRECTORS

As on 25.09.2013

Name :

Thyagarajan Srinivasan

Designation :

Managing director

Address :

No:1, Vaidyaram Street, T Nagar, Chennai, 600017, Tamil Nadu, INDIA

Date of Birth/Age :

23.11.1946

Qualification :

M.Sc

Experience :

42 Years

Date of Appointment :

15.02.2014

DIN No. :

00380127

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24294TN1991PTC021876	SPINCO BIOTECH PRIVATE LIMITED	Managing director	15-02-2014	19-12-1991	Active	NO
2	U33112TN1994PTC026585	SPINCO LABORATORY PRIVATE LIMITED	Managing director	19-01-1994	19-01-1994	Active	NO
3	U51507TN2002PTC048571	SPINCOTECH PRIVATE LIMITED	Managing director	07-03-2002	07-03-2002	Active	NO
4	U51103TN2007PTC063605	SPINCHROM LIFE SCIENCES PRIVATE LIMITED	Director	22-05-2007	22-05-2007	Active	NO
5	U24231TN2008PTC066206	PERFOMICS BIOLABS PRIVATE LIMITED	Director	25-01-2008	25-01-2008	Active	NO
6	AAA-3396	FIRST SOURCE LABORATORY SOLUTIONS LLP	Designated Partner	14-01-2011	14-01-2011	Active	NO

Name :

Chandrasekaran Srinivasan

Designation :

Whole-time director

Address :

No:4, Vaidyaram Street, T Nagar, Chennai, 600017, Tamil Nadu, INDIA

Date of Birth/Age :

04.12.1944

Qualification :

B.E

Experience :

22 Years

Date of Appointment :

15.02.2014

DIN No. :

00380255

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24294TN1991PTC021876	SPINCO BIOTECH PRIVATE LIMITED	Whole-time director	15-02-2014	19-12-1991	Active	NO
2	U33112TN1994PTC026585	SPINCO LABORATORY PRIVATE LIMITED	Whole-time director	19-01-1994	19-01-1994	Active	NO
3	U51507TN2002PTC048571	SPINCOTECH PRIVATE LIMITED	Whole-time director	07-03-2002	07-03-2002	Active	NO
4	U51103TN2007PTC063605	SPINCHROM LIFE SCIENCES PRIVATE LIMITED	Director	22-05-2007	22-05-2007	Active	NO

Name :

Latha Thyagarajan

Designation :

Whole-time director

Address :

No:1, Vaidyaram Street, T Nagar, Chennai, 600017, Tamil Nadu, INDIA

Date of Birth/Age :

18.04.1952

Date of Appointment :

01.01.2005

DIN No. :

00380381

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51507TN2002PTC048571	SPINCOTECH PRIVATE LIMITED	Whole-time director	15-02-2014	07-03-2002	Active	NO
2	U24294TN1991PTC021876	SPINCO BIOTECH PRIVATE LIMITED	Whole-time director	01-01-2005	01-01-2005	Active	NO
3	U33112TN1994PTC026585	SPINCO LABORATORY PRIVATE LIMITED	Whole-time director	24-09-2005	24-09-2005	Active	NO
4	AAA-3356	INDIAN INSTITUTE OF CHROMATOGRAPHY AND MASS SPECTROMETRY LLP	Designated Partner	11-01-2011	11-01-2011	Active	NO

Name :

Ravindranath Cherukuri

Designation :

Whole-time director

Address :

Flat no: 404, Ashray Residency, 12-13-701/3/A, Street No. 11, B Nagarjuna Nagar, Tarnaka, Hyderabad - 500017, Andhra Pradesh, INDIA

Date of Birth/Age :

04.03.1970

Date of Appointment :

30.09.2002

DIN No. :

00396680

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status
1	U24294TN1991PTC021876	SPINCO BIOTECH PRIVATE LIMITED	Whole-time director	30-09-2002	30-09-2002	Active
2	U33112TN1994PTC026585	SPINCO LABORATORY PRIVATE LIMITED	Whole-time director	24-09-2005	24-09-2005	Active
3	U51507TN2002PTC048571	SPINCOTECH PRIVATE LIMITED	Whole-time director	24-09-2005	24-09-2005	Active
4	U51103TN2007PTC063605	SPINCHROM LIFE SCIENCES PRIVATE LIMITED	Director	22-05-2007	22-05-2007	Active
5	U24231TN2008PTC066206	PERFOMICS BIOLABS PRIVATE LIMITED	Director	25-01-2008	25-01-2008	Active
6	AAA-3396	FIRST SOURCE LABORATORY SOLUTIONS LLP	Designated Partner	14-01-2011	14-01-2011	Active
7	AAC-2698	PERFOMICS ANALYTICAL LABS LLP	Designated Partner	22-04-2014	22-04-2014	Active

Name :

Raghuraman Jagadeesan

Designation :

Whole-time director

Address :

854, Poonamalle High Road, Kilpauk, Chennai, 600010, Tamilnadu, India

Date of Birth/Age :

18.11.1951

Date of Appointment :

15.02.2014

DIN No. :

01087640

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24294TN1991PTC021876	SPINCO BIOTECH PRIVATE LIMITED	Whole-time director	15-02-2014	19-12-1991	Active	NO
2	U33112TN1994PTC026585	SPINCO LABORATORY PRIVATE LIMITED	Whole-time director	07-03-2002	07-03-2002	Active	NO
3	U51507TN2002PTC048571	SPINCOTECH PRIVATE LIMITED	Whole-time director	24-09-2005	24-09-2005	Active	NO
4	U51103TN2007PTC063605	SPINCHROM LIFE SCIENCES PRIVATE LIMITED	Director	22-05-2007	22-05-2007	Active	NO

Name :

Arvind Thyagarajan

Designation :

Additional Director

Address :

No. 1, Vaidyaram Street, T. Nagar, Chennai - 600017, Tamilnadu, India

Date of Birth/Age :

19.12.1985

Date of Appointment :

25.09.2013

DIN No. :

01434766

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51103TN2007PTC063605	SPINCHROM LIFE SCIENCES PRIVATE LIMITED	Director	22-05-2007	22-05-2007	Active	NO
2	U24231TN2008PTC066206	PERFOMICS BIOLABS PRIVATE LIMITED	Director	25-09-2013	12-12-2012	Active	NO
3	U51507TN2002PTC048571	SPINCOTECH PRIVATE LIMITED	Director	25-09-2013	12-12-2012	Active	NO
4	U33112TN1994PTC026585	SPINCO LABORATORY PRIVATE LIMITED	Director	25-09-2013	12-12-2012	Active	NO
5	U24294TN1991PTC021876	SPINCO BIOTECH PRIVATE LIMITED	Director	25-09-2013	12-12-2012	Active	NO
6	AAA-3356	INDIAN INSTITUTE OF CHROMATOGRAPHY AND MASS SPECTROMETRY LLP	Designated Partner	11-01-2011	11-01-2011	Active	NO
7	AAA-3396	FIRST SOURCE LABORATORY SOLUTIONS LLP	Designated Partner	14-01-2011	14-01-2011	Active	NO

KEY EXECUTIVES

Name :	Mrs. Ravi Kumar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
S. Thyagarajan	93750	50.00
S. Chandrasekaran	18750	10.00
J. Raghuraman	18750	10.00
C. Ravindranath	18750	10.00
Latha Thyagarajan	37500	20.00
Total	187500	100.00

As on 25.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Subject acts as local indenting agents for overseas manufacturers of biotechnology and scientific instruments including spares and accessories.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Syndicate Bank, 9 & 10, Thyagaraya Road, T. Nagar, Chennai - 600017, Tamilnadu, India

Banking Relations :	--
Auditors :
Name :	K S Jagannathan and Company Chartered Accountants
Address :	Old No.3, New No.10, II Floor, Bharathi Nagar, Ii Street, T. Nagar, Chennai – 600017, India
Income-tax PAN of auditor or auditor's firm :	AAEFK0647F

CAPITAL STRUCTURE

As on 25.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs.100/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
187,500	Equity Shares	Rs.100/- each	Rs. 18.750 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	18.750	18.750	18.750
(b) Reserves & Surplus	377.252	268.381	244.000
(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)	396.002	287.131	262.750
(3) Non-Current Liabilities
(a) long-term borrowings	52.000	62.000	22.000
(b) Deferred tax liabilities (Net)	3.072	2.282	1.453
(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)	55.072	64.282	23.453
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	17.469	5.964	2.644
(c) Other current liabilities	2.722	0.498	15.194
(d) Short-term provisions	8.083	0.152	25.948
Total Current Liabilities (4)	28.274	6.614	43.786
TOTAL	479.348	358.027	329.989
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	418.521	314.669	223.971
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.649	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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.687	11.910	28.688
(e) Other Non-current assets	0.000	0.000	0.078
Total Non-Current Assets	423.857	326.579	252.737
(2) Current assets
(a) Current investments	0.000	0.139	45.923
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	41.083	19.119	27.221
(e) Short-term loans and advances	14.332	12.089	3.949
(f) Other current assets	0.076	0.101	0.159
Total Current Assets	55.491	31.448	77.252
TOTAL	479.348	358.027	329.989

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	512.130	335.074	279.671
Less	EXPENSES
		TOTAL	318.191	265.834	215.792
	PROFIT/ (LOSS) BEFORE TAX		193.939	69.240	63.879
Less	TAX		63.275	23.068	20.576
	PROFIT/ (LOSS) AFTER TAX		130.664	46.172	43.303
Less	APPROPRIATIONS		35.792	26.491	26.191
	BALANCE CARRIED TO THE B/S		94.872	19.681	17.112
	EARNINGS IN FOREIGN CURRENCY		505.333	331.609	275.869
	Earnings / (Loss) Per Share (Rs.)		696.87	246.78	230.21

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	25.51	13.78	15.48
Return on Total Assets (PBT/Total Assets}	(%)	40.68	19.34	19.36
Return on Investment (ROI) (PBT/Networth)		0.49	0.24	0.24
Debt Equity Ratio (Total Debt/Networth)		0.13	0.22	0.08
Current Ratio (Current Asset/Current Liability)		1.96	4.75	1.76

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	18.750	18.750	18.750
Reserves & Surplus	244.000	268.381	377.252
Net worth	262.750	287.131	396.002
long-term borrowings	22.000	62.000	52.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	22.000	62.000	52.000
Debt/Equity ratio	0.084	0.216	0.131

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	279.671	335.074	512.130
		19.810	52.841

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	279.671	335.074	512.130
Profit	43.303	46.172	130.664
	15.48%	13.78%	25.51%

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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10413799	05/03/2013	40,000,000.00	SYNDICATE BANK	9 & 10, THYAGARAYA ROAD, T. NAGAR, CHENNAI, TAMILNADU - 600017, INDIA	B71445894

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loan from Directors	52.000	62.000
Total	52.000	62.000

BACKGROUND

Subject is a private company domiciled in India and Incorporated under the companies Act, 1956. The company acts as local indenting agents for overseas manufacturers of biotechnology and scientific instruments including spares and accessories.

PERFORMANCE

The company has registered a revenue increase of 19% growth in the topline over the previous year and reestablished as the leading Biosupplier in the country. The company has moved from being a product supplier to solution provider during the year.

Thay have fostered new relationships with principals like Hamilton, Interchim, Celesis, Bio Pharma, Singer. With these relationships we have been able to go-to market with better product portfolio.

The EPS of the company stands at Rs.696.87 as compared to Rs 246.78 of previous year 2011-12.

The company is steadily investing time and efforts in building the market for high value and high end products with a long term perspective and this is laying a solid foundation for the future of the company.

They are in the process of harnessing the talent acquired over the last year and this will surely take the company places in the years to come.

FIXED ASSETS

TANGIBLE ASSETS

· Land

Building

Motor Vehicles

Office Equipments

Electrical Fittings

Computer and Accessories

Furniture and Fixtures

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.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	MRI

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	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.