MIRA INFORM REPORT

Report Date :

06.09.2014

IDENTIFICATION DETAILS

Name :	UNIVERSAL MEDICAP LIMITED
Registered Office :	Village – Rana, Taluka Savli, Vadodara - 391780, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.07.1992
Com. Reg. No.:	04-018009
Capital Investment / Paid-up Capital :	Rs. 15.000 Millions
CIN No.: [Company Identification No.]	U24230GJ1992PLC018009
TAN No.: [Tax Deduction & Collection Account No.]	BRDU00126A
PAN No.: [Permanent Account No.]	AAACU2331D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing Rubber Stoppers and Closures as well as in providing Gamma Irradiation services for Sterilization and Disinfestation of Agro, Food, Biotech and Healthcare Products.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some dip in the profit of the company during 2013 However net worth of the company is satisfactory. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities (BBB)
Rating Explanation	Moderate degree of safety. It Carry Moderate Credit risk
Date	March 3, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities (A3)
Rating Explanation	Moderate degree of safety. It Carry Higher Credit Risk
Date	March 3, 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 PARTED BY

Name :	Mr. Bhu Pendru
Designation :	Finance Executive
Contact No.:	91-265-2243055
Date :	30.08.2014

LOCATIONS

Registered Office/Factory :	Village-Rania, Taluka Savli, Vadodara – 391 780, Gujarat, India
Tel. No.:	91-265-2240230 91-266-7244228
Fax No.:	91-266-7244318 / 28
E-Mail :	universal.medicap@sril.net admin@umlindia.com
Website :	http://www.umlindia.com http://www.universalmedicap.com
Location :	Owned
Administrative Office :	UML House, Parag Park, National Highway No.8, At Dashrath, District Vadadara - 391 740, Gujarat, India
Tel. No.:	91-265-2243055 / 66 / 2240004 / 2240230 / 6540105 / 6540106
Fax No.:	91-265-2240507
Location :	Owned

DIRECTORS

AS ON 23.08.2013

Name :

Mr. Jagdish Bhagwanbhai Patel

Designation :

Managing Director

Address :

4- Vasudha Society, Opposite Ghelani Petrol Pump, Nizampura, Vadadara - 390002, Gujarat, India

Date of Birth/Age :

24.06.1959

Qualification :

Commerce Graduate

Experience :

30 Years

Date of Appointment :

17.07.1992

DIN No. :

00013340

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	U24230GJ1992PLC018009	UNIVERSAL MEDICAP LIMITED	Managing director	17/07/1992	17/07/1992	-	Active	NO
2	U01111GJ2007PTC051823	DIVYAKIRAN AGRO PROCESSING PRIVATE LIMITED	Director	25/09/2007	25/09/2007	-	Active	NO
3	U74900GJ2011PTC067827	UML PERFECT BIOMEDIA PRIVATE LIMITED	Director	15/11/2011	15/11/2011	-	Active	NO

Name :

Mr. Ilesh Bachubhai Patel

Designation :

Whole-time Director

Address :

K-204, Yogi Kutir, Bakrol Road, Vallabh Vidyanagar, Anand – 388120, Gujarat, India

Date of Birth/Age :

23.06.1957

Date of Appointment :

17.07.1992

DIN No. :

00013365

Name :

Mr. Bhanubhai Ramanbhai Patel

Designation :

Director

Address :

Parag Park, National Highway No.8, At Dashrath, Vadadara - 391740, Gujarat, India

Date of Birth/Age :

21.10.1955

Date of Appointment :

28.08.2004

DIN No. :

00015002

Name :

Mr. Ashwinbhai Maganbhai Patel

Designation :

Director

Address :

Ganesh Baug, National highway No.8, Vadodara - 391740, Gujarat, India

Date of Birth/Age :

24.07.1954

Date of Appointment :

18.09.2001

DIN No. :

00015005

Name :

Mr. Rameshbhai Gordhanbhai Patel

Designation :

Director

Address :

Village Keriavi, Nadiad -387355, Gujarat, India

Date of Birth/Age :

07.01.1956

Date of Appointment :

28.09.1999

DIN No. :

00015008

Name :

Mr. Nilesh Ramanbhai Patel

Designation :

Whole-time Director

Address :

Panch Bangla, Navdurga Colony, At Dashrath, Vadadara - 391740, Gujarat, India

Date of Birth/Age :

14.014.1963

Qualification :

Commerce Graduate

Experience :

25 Years

Date of Appointment :

17.07.1992

DIN No. :

00180458

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	U24230GJ1992PLC018009	UNIVERSAL MEDICAP LIMITED	Whole-time director	17/07/1992	17/07/1992	-	Active	NO
2	U01111GJ2007PTC051823	DIVYAKIRAN AGRO PROCESSING PRIVATE LIMITED	Director	25/09/2007	25/09/2007	-	Active	NO
3	U74900GJ2011PTC067827	UML PERFECT BIOMEDIA PRIVATE LIMITED	Director	15/11/2011	15/11/2011	-	Active	NO

Name :

Mr. Kiritkumar Rambhai Patel

Designation :

Director

Address :

2A, Vijay Colony, Near Sardar Patel Colony, Naranpura, Ahmedabad - 380043, Gujarat, India

Date of Birth/Age :

10.02.1960

Date of Appointment :

27.08.2010

DIN No. :

00380319

KEY EXECUTIVES

Name :	Mr. Bhu Pendru
Designation :	Finance Executive

MAJOR SHAREHOLDERS

As on 23.08.2013

Shareholders Filed is Attached

As on 23.08.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Other top fifty shareholders	64.59
Others	35.41
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing Rubber Stoppers and Closures as well as in providing Gamma Irradiation services for Sterilization and Disinfestation of Agro, Food, Biotech and Healthcare Products.
Exports :
Products :	Pharmaceutical Rubber Closure
Countries :	Bangladesh
Imports :
Products :	Raw Material
Countries :	Singapore, china
Terms :
Selling :	Cash and Credit (30 and 60 Days)
Purchasing :	Cash and Credit (30 and 60 Days)

GENERAL INFORMATION

No. of Employees :

350 (Approximately)

Bankers :

State Bank Of India, 2nd Floor, Trident Comples, Opposite GERI, Near Race Course Circle, Vadodara - 390007, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan From bank	42.733	43.580
SHORT TERM BORROWINGS
Loan Repayable on Demand Secured – From bank
Cash Credit Facility	97.049	80.487
SBI Bill Discounted	0.000	3.910
SBI Buyers Credit	33.625	55.448
Total	173.407	183.425

Note:

Long Term Borrowings

· Term Loan Has been hypothecated against vehicles and fixed assets

Short Term Borrowings:

· Bill Discounted is against personal guarantee of director

· Buyers Credit has been hypothecated against book debts and stock

Banking Relations :	--
Auditors :
Name :	Lalit R. Mehta and Accountants Chartered Accountants
Address :	1^st Floor, Prasanna House, Associated Society, Opposite Radhakrishna Park, Near Akota Stadium, Akota, Vadodara – 390 020, Gujarat, India
PAN No.:	AAUPM0018Q
Subsidiary Company:	UML Perfect Blomedia Private Limited
Enterprise in which KMP/ Relative of KMP can exercise significant influence :	Divyakiran Agro Food Processing Private Limited (KMP is Director)

CAPITAL STRUCTURE

As on 23.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 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	15.000	15.000	15.000
(b) Reserves & Surplus	346.773	301.889	246.461
(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)	361.773	316.889	261.461
(3) Non-Current Liabilities
(a) long-term borrowings	101.303	88.111	66.249
(b) Deferred tax liabilities (Net)	32.349	29.614	25.897
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.330	4.718	4.258
Total Non-current Liabilities (3)	138.982	122.443	96.404
(4) Current Liabilities
(a) Short term borrowings	130.674	139.845	114.964
(b) Trade payables	29.378	22.862	30.034
(c) Other current liabilities	19.782	17.248	10.408
(d) Short-term provisions	7.500	8.796	8.919
Total Current Liabilities (4)	187.334	188.751	164.325
TOTAL	688.089	628.083	522.190
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	282.495	261.825	255.193
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	10.292	9.012	8.027
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.075	0.075	15.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	26.006	6.185	2.180
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	318.868	277.097	280.410
(2) Current assets
(a) Current investments
(b) Inventories	221.918	220.746	134.990
(c) Trade receivables	95.679	90.723	90.056
(d) Cash and cash equivalents	22.675	22.086	7.842
(e) Short-term loans and advances	28.949	17.431	8.892
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	369.221	350.986	241.780
TOTAL	688.089	628.083	522.190

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	453.221	423.561	408.386
	Other Income	13.351	6.545	2.299
	TOTAL (A)	466.572	430.106	410.685
Less	EXPENSES
	Cost of Materials Consumed	186.080	166.520	149.260
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(11.365)	(30.075)	(6.461)
	Employees benefits expense	48.550	45.228	37.237
	Other expenses	87.981	85.223	78.327
	TOTAL (B)	311.246	266.896	258.363
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	155.326	163.210	152.322
Less	FINANCIAL EXPENSES (D)	24.812	20.781	20.519
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	130.514	142.429	131.803
Less/ Add	DEPRECIATION/ AMORTISATION (F)	37.789	34.257	35.681
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	92.725	108.172	96.122
Less	TAX (H)	30.408	35.312	33.681
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	62.317	72.860	62.441
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	242.073	199.146	166.695
Less	APPROPRIATIONS
	General Reserve	12.500	12.500	12.500
	Dividend Tax	2.432	2.433	2.491
	Interim Dividend	15.000	15.000	15.000
	Total (K)	29.932	29.933	29.991
	Balance Carried to the B/S (I+J+K) (L)	274.458	242.073	199.145
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS	21.399	18.057	26.163
	IMPORTS
	Raw Materials	140.020	185.571	137.959
	Packing Material	2.855	2.001	7.789
	TOTAL IMPORTS	142.875	187.572	145.748
	Earnings / (Loss) Per Share (Rs.)	41.55	48.57	41.85

Particulars	31.03.2014
Sales Turnover (Approximately)	510.000

The above information has been parted by Mr. Bhu Pendru

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	13.36	16.94	15.20
Net Profit Margin (PBT/Sales)	(%)	20.46	25.54	23.54
Return on Total Assets (PBT/Total Assets}	(%)	13.68	17.48	19.26
Return on Investment (ROI) (PBT/Networth)		0.26	0.34	0.37
Debt Equity Ratio (Total Debt /Networth)		0.64	0.72	0.69
Current Ratio (Current Asset/Current Liability)		1.97	1.86	1.47

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	15.000	15.000	15.000
Reserves & Surplus	246.461	301.889	346.773
Net worth	261.461	316.889	361.773
long-term borrowings	66.249	88.111	101.303
Short term borrowings	114.964	139.845	130.674
Total borrowings	181.213	227.956	231.977
Debt/Equity ratio	0.693	0.719	0.641

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	408.386	423.561	453.221
		3.716	7.003

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	408.386	423.561	453.221
Profit	62.441	72.860	62.317
	15.29%	17.20%	13.75%

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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	Yes

Note:

The Registered office of the company has been shifted Village – Rania Al-Savlital Savli, Baroda, Gujarat, India to the present address w.e.f. 06.10.2011

CORPORATE INFORMATION

Universal Medicap Limited Having registered office at Village: Rania, Taluka: Savli, Dist: Vadodara-391780 Gujarat is in the business of manufacturing Rubber Stoppers and Closures as well as in providing Gamma lrradiation Services for Sterilization and Disinfestalion of Agro, Food, Blotech and Healthcare Products.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Letter Of Credit	Nil	43.793
Liability for EPGC Advance License	2.435	0.389
Total	2.435	44.182

Note:

Contingent liabilities are disclosed when there is a possible obligation arising from past events the existence of which will be confirmed only on the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required 1o settle or a reliable estimate of the amount cannot be made

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80022164	17/04/2013 *	488,600,000.00	State Bank Of India	2nd Floor, Trident Comples, Opp. GERI, Near Race  Course Circle, Vadodara, Gujarat - 390007, INDIA	B73951451
2	80022158	17/01/2012 *	460,500,000.00	State Bank Of India	2nd Floor, Trident Complex, Opp. GERI, Nr. Race  Course Circle, Vadodara, Gujarat - 390007, INDIA	B73944811

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances From Related Parties
Loans From Directors	24.484	15.504
Other Loans and Advances	34.086	29.027
Total	58.570	44.531

FIXED ASSETS

· Land

· Factory / Off Building

· Plant and Machinery

· Elect, Instaln.

· Moulds

· Pollution Control Eqp.

· Lab Equipment

· Office Equipment

· Computers

· Furniture and Fixtures

· Cars

· Delivery Van

· Scooters

· Tractor

· Borewell

· Factory Equipment

· Solar Water System

· Electric Equipment

· Radiation Source

· Technical Know-How

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. 60.43
UK Pound	1	Rs. 98.64
Euro	1	Rs. 78.19

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	DIV
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		46

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.