MIRA INFORM REPORT

Report Date :

07.10.2014

IDENTIFICATION DETAILS

Name :	VIRAL INDUSTRIES PRIVATE LIMITED
Registered Office :	Viral House, Nr. B – Safal House, Behind Armieda, Sindhu Bhavan Road, Bodakdev, Ahmedabad – 380054 , Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.07.2007
Com. Reg. No.:	04-051414
Capital Investment / Paid-up Capital :	Rs. 150.000 Millions
CIN No.: [Company Identification No.]	U36100GJ2007PTC051414
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Pharma Products and Packaging Material.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 610000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating reflects moderate financial risk profile marked by low reserves and minimal turnover of the company. Mr. Heeralal Chahan, Director provided general information and also informed that pharma division and packaging material division got merged on 01.04.2013 However, Trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – 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 PARTED BY

Name :	Mr. Heeralal Chauhan
Designation :	Director
Contact No.:	91-79-40224400
Date :	04.10.2014

LOCATIONS

Registered Office :	Viral House, Nr. B – Safal House, Behind Armieda, Sindhu Bhavan Road, Bodakdev, Ahmedabad – 380054 , Gujarat, India
Tel. No.:	91-79-40224400
Mobile No.:	91-9825006456 (Jayesh Jadawala)
Fax No.:	Not Available
E-Mail :	admin@viralind.com
Website :	www.viralind.com
Factory 1 :	Satral GIDC, Plot No. 3447, 23450, Phase – 4, Gujarat, India

DIRECTORS

As On 05.09.2013

Name :

Mr. Girishbhai Naranbhai Patel

Designation :

Chairamn cum Managing Director

Address :

476/20, Satyagrah Chhavni, Satellite Road, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

15.09.1959

Date of Appointment :

30.07.2007

DIN No.:

00094085

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	U24231HR1980PLC044172	RECKITT BENCKISER HEALTHCARE INDIA LIMITED	Director	01/04/2010	29/03/1995	11/04/2011	Active	NO
2	U85110GJ2000PTC039121	Sterling Addlife India Private Limited	Director	15/10/2006	21/04/2001	-	Active	NO
3	U36100GJ2007PTC051414	VIRAL INDUSTRIES PRIVATE LIMITED	Director	30/07/2007	30/07/2007	02/05/2014	Active	NO
4	U33119GJ2005PTC051767	STRONG STRAP PRIVATE LIMITED	Director	30/09/2011	01/07/2011	-	Amalgamated	NO
5	U04520GJ2005PTC072046	UDHAY-VJ REALTY PRIVATE LIMITED	Director	29/09/2012	27/12/2011	-	Active	NO
6	U04520GJ2005PTC073518	UDHAY-JVG REALTY PRIVATE LIMITED	Director	29/09/2012	27/12/2011	-	Amalgamated	NO
7	U45200GJ2010PTC062824	SARA HABITAT PRIVATE LIMITED	Director	09/07/2013	26/11/2012	-	Converted to LLP and dissolved	NO
8	U85110GJ2014PTC080440	ASILIA HOME HEALTHCARE PRIVATE LIMITED	Director	12/08/2014	12/08/2014	-	Active	NO
9	U85191GJ2014PTC080926	STERLING ACCURIS WELLNESS PRIVATE LIMITED	Director	26/09/2014	26/09/2014	-	Active	NO
10	AAA-8235	VIRAL ASSETS HOLDING LLP	Designated Partner	06/03/2012	06/03/2012	-	Active	NO
11	AAB-7379	SARA HABITAT LLP	Designated Partner	31/08/2013	31/08/2013	-	Active	NO

Name :

Mr. Arpit Girishkumar Patel

Designation :

Director

Address :

476/20, Satyagrah Chhavni, Satellite Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

25.03.1985

Date of Appointment :

10.09.2008

DIN No.:

02331227

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	U36100GJ2007PTC051414	VIRAL INDUSTRIES PRIVATE LIMITED	Director	10/09/2008	10/09/2008	02/05/2014	Active	NO
2	U67120GJ2006PTC048396	JAVIS ESTATE HOLDING PRIVATE LIMITED.	Director	01/02/2009	01/02/2009	17/06/2011	Active	NO
3	U51909GJ2006PTC048403	VINI FOODS PRIVATE LIMITED.	Director	30/07/2009	19/02/2009	17/06/2011	Active	NO
4	U15549GJ2009PTC056180	VINI WELLNESS PRIVATE LIMITED	Director	19/02/2009	19/02/2009	17/06/2011	Active	NO
5	U24119GJ2006PLC048310	ADJAVIS VENTURE LIMITED	Director	15/09/2010	02/04/2010	28/01/2013	Active	NO
6	U33119GJ2005PTC051767	STRONG STRAP PRIVATE LIMITED	Director	30/09/2011	01/07/2011	-	Amalgamated	NO
7	U04520GJ2005PTC072046	UDHAY-VJ REALTY PRIVATE LIMITED	Director	29/09/2012	27/12/2011	19/12/2013	Active	NO
8	U04520GJ2005PTC073518	UDHAY-JVG REALTY PRIVATE LIMITED	Director	29/09/2012	27/12/2011	-	Amalgamated	NO
9	U45200GJ2010PTC062824	SARA HABITAT PRIVATE LIMITED	Director	09/07/2013	26/11/2012	-	Converted to LLP and dissolved	NO
10	U65993GJ2013PTC077668	ADDLIFE INVESTMENTS PRIVATE LIMITED	Director	28/11/2013	28/11/2013	-	Active	NO
11	AAA-5348	VIRAL GRUH NIRMAN LLP	Designated Partner	27/06/2011	27/06/2011	-	Active	NO
12	AAA-8235	VIRAL ASSETS HOLDING LLP	Designated Partner	06/03/2012	06/03/2012	-	Active	NO
13	AAB-7379	SARA HABITAT LLP	Designated Partner	31/08/2013	31/08/2013	-	Active	NO

Name :

Mr. Heeralal Motilal Chouhan

Designation :

Director

Address :

C-103- Dev Poojan Appartment, Opp. Balaji Resdidency, Nr. Shraddha Bunglows, Motera, Ahmedabad – 380005, Gujarat, India

Date of Birth/Age :

02.09.1969

Date of Appointment :

05.09.2013

DIN No.:

03502917

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	U24232GJ1990PTC013695	AAYUSHI PHARMACEUTICALS PRIVATE LIMITED	Director	30/09/2011	14/04/2011	-	Amalgamated	NO
2	U33119GJ2005PTC051767	STRONG STRAP PRIVATE LIMITED	Director	30/09/2011	05/07/2011	-	Amalgamated	NO
3	U04520GJ2005PTC072046	UDHAY-VJ REALTY PRIVATE LIMITED	Director	29/09/2012	27/12/2011	-	Active	NO
4	U04520GJ2005PTC073518	UDHAY-JVG REALTY PRIVATE LIMITED	Director	29/09/2012	27/12/2011	-	Amalgamated	NO
5	U45203GJ2012PTC071725	SAAKAR INFRA NIRMAN PRIVATE LIMITED	Director	28/08/2012	28/08/2012	25/03/2013	Active	NO
6	U45200GJ2010PTC062824	SARA HABITAT PRIVATE LIMITED	Director	09/07/2013	23/01/2013	-	Converted to LLP and dissolved	NO
7	U36100GJ2007PTC051414	VIRAL INDUSTRIES PRIVATE LIMITED	Director	05/09/2013	15/04/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.09.2013

Names of Shareholders	No. of Shares
Girishbhai N. Patel	3010000
Arpit G. Patel	3010000
Girishbhai Patel jointly with Bhariben Patel	2000000
Arpit Patel jointly with Tosha Patel	2000000
Devendrabhai Patel jointly with Shilpa Patel	1250000
Shail Patel jointly with Devendrabahi Patel	3730000
Total	15000000

As on 14.06.2014

Names of Allottees	No. of Shares
Girishbhai N. Patel	126450
Shardaben N Patel jointly with Arpit G. Patel	1173510
Shardaben N Patel jointly with Shail Patel	1174140
Heeralal M Chouhan	450
Kalyan Kumar Choudhary	450
Total	2475000

As on 05.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	75.13
Other top fifty shareholders	24.87
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharma Products and Packaging Material.
Products :	· Poli Welding Tool · Polyethylene Terephthalate Strap · Polyethylene Terephthalate Straps · Pharma and Cosmetics Pet Bottles
Exports :
Products :	Packaging Material
Countries :	Indonesia
Terms :
Selling :	L/C, Cheque and Credit
Purchasing :	L/C, Cheque and Credit

GENERAL INFORMATION

Customers :	Others
No. of Employees :	100 (Approximately)
Bankers :	IDBI Bank, Lal Bunglow, Ahmedabad, Gujarat, India

Banking Relations :	--
Auditors :
Name :	Chandulal M. Shah and Company Chartered Accountants
Address :	601, Samruddhi Near Sattar Taluka Society Opp Gujarat High Court, Opp Sakar – III, Ahmedabad – 380014, Gujarat, India
PAN No.:	AAAFC6603M
Associate:	Aayushi Pharmaceuticals Private Limited, India [U24232GJ1990PTC013695]
Subsidiary company:	Strong Strap Private Limited, India [U33119GJ2005PTC051767]

CAPITAL STRUCTURE

As on 05.09.2013

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
17475000	Equity Shares	Rs. 10/- each	Rs. 174.750 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs. 150.000 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	150.000	150.000	60.200
(b) Reserves & Surplus	3.401	(1.565)	(1.373)
(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)	153.401	148.435	58.827
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	70.700
(b) Trade payables	0.058	0.044	0.048
(c) Other current liabilities	0.522	0.565	0.000
(d) Short-term provisions	0.764	0.069	0.111
Total Current Liabilities (4)	1.344	0.678	70.859
TOTAL	154.745	149.113	129.686
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.282	0.160	0.025
(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	136.322	136.322	129.065
(c) Deferred tax assets (net)	0.257	0.380	0.029
(d) Long-term Loan and Advances	1.196	0.551	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	138.057	137.413	129.119
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	2.345	0.180	0.439
(d) Cash and cash equivalents	2.588	0.807	0.078
(e) Short-term loans and advances	11.755	10.713	0.050
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	16.688	11.700	0.567
TOTAL	154.745	149.113	129.686

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operation	9.060	2.005	0.488
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6.889	0.469	0.395
Less/ Add	DEPRECIATION/ AMORTISATION	0.075	0.040	0.017
	PROFIT/ (LOSS) BEFORE TAX	6.814	0.429	0.378
Less	TAX	1.848	0.620	0.188
	PROFIT/ (LOSS) AFTER TAX	4.966	(0.191)	0.190
	Earnings / (Loss) Per Share (Rs.)	0.33	NA	NA

Particulars	2014.2014
Sales Turnover (Approximately)	220.000

The above information has been parted by Mr. Heeralal Chouhan (Director).

.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	37.51	3.46	63.85
Return on Investment (ROI) (PBT/Networth)		0.04	0.00	0.01
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	1.20
Current Ratio (Current Asset/Current Liability)		12.42	17.26	0.01

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	60.200	150.000	150.000
Reserves & Surplus	(1.373)	(1.565)	3.401
Net worth	58.827	148.435	153.401
long-term borrowings	0.000	0.000	0.000
Short term borrowings	70.700	0.000	0.000
Total borrowings	70.700	0.000	0.000
Debt/Equity ratio	1.202	0.000	0.000

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)
Revenue from operation	0.488	2.005	9.060
		310.861	351.870

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operation	0.488	2.005	9.060
Profit	0.190	(0.191)	4.966
	38.93%	(9.53%)	54.81%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	No
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	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	No
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: NO CHARGES EXIST FOR THE COMPANY.

NOTE: Registered office of the company has been shifted from 402, 4^th Floor, Sarthik, Next to Fun Republic, Satellite Road, Ahmedabad – 380015, Gujarat, the present address w.e.f. 31.10.2011

FINANCIAL RESULTS:

During the year, the Company has earned Revenue from operations of Rs. 9.060 Millions (Previous Year of Rs. 2.005 Millions) and earned Net Profit of Rs. 4.966 Millions (Previous Year net loss of Rs. 0.191 Millions) after providing Depreciation of Rs. 0.075 Millions (Previous Year Rs. 0.040 Millions), Provision for Tax of Rs. 1.725 Millions (Previous Year Rs. 0.270 Million), Deferred Tax Liabilities Rs. 0.123 Million [Previous Year Rs. (0.350 Million)].

FIXED ASSETS

Tangible assets

· Vehicles

· Office equipment

· 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. 61.75
UK Pound	1	Rs. 100.06
Euro	1	Rs. 77.95

INFORMATION DETAILS

Information Gathered by :	HET
Analysis Done by :	SUM
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.