1. Summary Information

		Country	India
Company Name	ZUVIUS LIFESCIENCES PRIVATE LIMITED	Principal Name 1	Mr. Nimish Guabdas Thakker
Status	Moderate	Principal Name 2	Mr. Shailesh Thimmappa Shetty
		Registration #	11-155998
Street Address	B106/-113, Kanara Business Centre, Link Road, Ghatkopar (East), Mumbai-400075, Maharashtra
Established Date	13.09.2005	SIC Code	--
Telephone#	91-22-67653565/ 67653561	Business Style 1	Manufacturer
Fax #	91-22-25006141	Business Style 2	-
Homepage	http://www.zuviuslifesciences.in	Product Name 1	Pharmaceutica
# of employees	26 (Approximately)	Product Name 2	-
Paid up capital	Rs.380000/-	Product Name 3	-
Shareholders	Directors or relatives of directors – 100%	Banking	Axis Bank, Dombivali (East), Thane, Maharashtra, India
Public Limited Corp.	No	Business Period	9 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ca (16)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	12,118,000	Current Liabilities	11,571,000
Inventories	10,172,000	Long-term Liabilities	42,483,000
Fixed Assets	66,000	Other Liabilities	291,000
Deferred Assets	344,000	Total Liabilities	54,345,000
Invest& other Assets	29,196,000	Retained Earnings	(2,829,000)
		Net Worth	(2,449,000)
Total Assets	51,896,000	Total Liab. & Equity	51,896,000
Total Assets (Previous Year)	50,889,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	38128,000	Net Profit	1,461,000
Sales(Previous yr)	45,808,000)	Net Profit(Prev.yr)	140,000

MIRA INFORM REPORT

Report Date :

12.09.2014

IDENTIFICATION DETAILS

Name :	ZUVIUS LIFESCIENCES PRIVATE LIMITED
Registered Office :	B106/-113, Kanara Business Centre, Link Road, Ghatkopar (East), Mumbai-400075, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.09.2005
Com. Reg. No.:	11-155998
Capital Investment / Paid-up Capital :	Rs.0.380 Million
CIN No.: [Company Identification No.]	U24230MH2005PTC155998
TAN No.: [Tax Deduction & Collection Account No.]	MUMZ01317B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of pharmaceutical products, anticancer drug
No. of Employees :	26 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established having moderate track record. The company has incurred huge accumulated losses which has eroded net worth of the company. Liquidity position of the company is under pressure. Business is active. Payment terms are slow. The company can be considered for business dealings on safe and secured trade terms and conditions.

NOTES :

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

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.

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 (GENERAL DETAILS)

Name :	Mr. Nimish Thakker
Designation :	Director
Contact No.:	91-9594997991
Date :	02.09.2014

LOCATIONS

Registered Office/Factory :	B/106-113, Kanara Business Centre, Link Road, Near Everest Garden, Ghatkopar (East), Mumbai – 400075, Maharashtra, India
Tel. No.:	91-22-67653565/ 67653561
Mobile No.:	91-9594997991 (Mr. Nimish Thakker)
Fax No.:	91-22-25006141
E-Mail :	info@zuviuslifesciences.in nimish@zuviuslifesciences.in zuviuslifesciences@yahoo.co.in CEO :    CEO@zuviuslifesciences.in Admin:    admin@zuviuslifesciences.in Marketing: marketing@zuviuslifesciences.in
Website :	http://www.zuviuslifesciences.in
Corporate Office :	B/301, Kanara Business Centre, Near Everest Gardens, Laxmi Nagar, Ghatkopar East, Mumbai – 400075, Maharashtra, India
Tel. No.:	91-22-67653561/ 67653562/ 64
Fax No.:	91-22-25006141
Factory :	B-1, Wagle Industrial Estate, Thane, Maharashtra, India

DIRECTORS

As on: 28.09.2013

Name :

Mr. Nimish Guabdas Thakker

Designation :

Whole Time Director

Address :

E/12/13, Santoshi Villa, Rajaji Path, Ramnagar, Dombivli (East), Thane District, Thane – 421 201, Maharashtra, India

Date of Birth/Age :

10.09.1975

Date of Appointment :

13.09.2005

DIN No.:

00442166

Name :

Mr. Shailesh Thimmappa Shetty

Designation :

Whole Time Director

Address :

E/11, Santoshi Villa, Rajaji Path, Ramnagar, Dombivli (East), Thane District, Thane – 421 201, Maharashtra, India

Date of Birth/Age :

31.05.1977

Date of Appointment :

13.09.2005

DIN No.:

00442571

Name :

Mrs. Alka S. Chavan

Designation :

Whole Time Director

Address :

W-20, Santoshi Villa, Rajaji Path, Ramnagar, Dombivli (East), Thane District, Thane – 421 201, Maharashtra, India

Date of Birth/Age :

08.02.1976

Date of Appointment :

13.09.2005

DIN No.:

01769613

Name :

Mr. Dipesh Hemraj Pasad

Designation :

Director

Address :

Hem Deep, Plot No.92, Hanuman Co-Operative Housing Society, Opposite D.N.C. School, Dombivli (East), Thane – 421 201, Maharashtra, India

Date of Birth/Age :

26.03.1971

Date of Appointment :

17.10.2010

DIN No.:

01553811

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	U52311MH2007PTC173087	SUVIDHI PHARMA PRIVATE LIMITED	Director	14/08/2007	14/08/2007	-	Active	YES
2	U24230MH2005PTC155998	ZUVIUS LIFESCIENCES PRIVATE LIMITED	Director	17/10/2010	17/10/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2013

Names of Shareholders	No. of Shares	Percentage
Nimish Thakker	21540	56.67
Sharda Thakker	2500	6.58
Shailesh Shetty	2490	6.55
Alka Chavan	1190	3.13
Santosh Chavan	390	1.03
Bijal Thakker	2400	6.31
Nilesh Thakker	6000	15.78
Harshal Mayush Jain	1500	3.94
Total	38010	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of pharmaceutical Products, anticancer drug
Imports :
Countries :	Africa, USA

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

26 (Approximately)

Bankers :

· ING Vysya Bank Limited, Unit No.2/3/4, Marathon Max Building, Mulund Goregoan Link Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

· Axis Bank, Dombivali (East), Thane, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Loan From Bank (HDFC Bank)	0.000	0.124
Indiabulls Housing Finance Limited	19.215	19.795
Total	19.215	19.919

Banking Relations :	Religare Finvest Limited, D3, P3B, District Cetre, Saket, New Delhi – 110017, Delhi, India
Auditors :
Name :	Ketan Sanghoi and Associates Charted Accountant
Address :	C – 2/252, Kasturi Plaza, Manpada Road, Dombivali East – 421201, Maharashtra, India
Tel. No.:	91-251-2862859
Fax No.:	Ketan.ca@gmail.com
PAN No :	AOXPS3815G

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
38010	Equity Shares	Rs.10/- each	Rs. 0.380 Million

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	0.380	0.380
(b) Reserves & Surplus	(2.829)	(4.291)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(2.449)	(3.911)
(3) Non-Current Liabilities
(a) long-term borrowings	42.483	41.672
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	42.483	41.672
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	6.401	5.514
(c) Other current liabilities	5.170	7.587
(d) Short-term provisions	0.291	0.027
Total Current Liabilities (4)	11.862	13.128
TOTAL	51.896	50.889
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.065	0.077
(ii) Intangible Assets	0.001	0.004
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	29.196	29.196
(c) Deferred tax assets (net)	0.344	0.040
(d) Long-term Loan and Advances	0.525	0.790
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	30.131	30.107
(2) Current assets
(a) Current investments
(b) Inventories	10.172	10.993
(c) Trade receivables	7.137	6.418
(d) Cash and cash equivalents	3.627	3.039
(e) Short-term loans and advances	0.829	0.332
(f) Other current assets	0.000	0.000
Total Current Assets	21.765	20.782
TOTAL	51.896	50.889

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.380
2] Share Application Money		2.300
3] Reserves & Surplus		1.120
4] (Accumulated Losses)		(5.551)
NETWORTH		(1.751)
LOAN FUNDS
1] Secured Loans		23.140
2] Unsecured Loans		16.867
TOTAL BORROWING		40.007
DEFERRED TAX LIABILITIES		0.000
TOTAL		38.256
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.097
Capital work-in-progress		0.000
INVESTMENT		29.082
DEFERREX TAX ASSETS		0.013
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.061
	Sundry Debtors	25.556
	Cash & Bank Balances	2.856
	Other Current Assets	0.050
	Loans & Advances	0.612
Total Current Assets		40.135
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.523
	Other Current Liabilities	3.571
	Provisions	1.977
Total Current Liabilities		31.071
Net Current Assets		9.064
MISCELLANEOUS EXPENSES		0.000
TOTAL		38.256

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	38.128	45.808	19.502
		Other Income	0.412	0.240	NA
		TOTAL (A)	38.540	46.048	NA
Less	EXPENSES
		Cost of Materials Consumed	18.664	28.687	NA
		Purchases of Stock-in-Trade
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.069	0.699	NA
		Employees benefits expense	2.369	3.212	NA
		Other expenses	8.440	7.420	NA
		TOTAL (B)	31.542	40.018	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.998	6.030	NA
Less	FINANCIAL EXPENSES (D)		5.524	5.865	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.474	0.165	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.013	0.025	NA
	PROFIT BEFORE TAX (E-F) (G)		1.461	0.140	NA
Less	TAX (H)		0.000	0.000	NA
	PROFIT AFTER TAX (G-H) (I)		1.461	0.140	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(5.411)	(5.551)	NA
	BALANCE CARRIED TO THE B/S		(3.950)	(5.411)	NA
	EARNINGS IN FOREIGN CURRENCY		2.042	NA	NA
	Earnings Per Share (Rs.)		38.44	3.67	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.79	0.30	NA
Net Profit Margin (PBT/Sales)	(%)	3.83	0.31	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.54	0.65	NA
Return on Investment (ROI) (PBT/Networth)		(0.60)	(0.04)	NA
Debt Equity Ratio (Total Debt/Networth)		(17.35)	(10.66)	(22.85)
Current Ratio (Current Asset/Current Liability)		1.83	1.58	1.29

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	0.380	0.380	0.380
Reserves & Surplus	0.000	(4.291)	(2.829)
Net worth	(1.751)	(3.911)	(2.449)
long-term borrowings	0.000	41.672	42.483
Short term borrowings	0.000	0.000	0.000
Total borrowings	40.007	41.672	42.483
Debt/Equity ratio	(22.848)	(10.655)	(17.347)

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	19.502	45.808	38.128
		134.889	(16.766)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	45.808	38.128
Profit	0.140	1.461
	0.31%	3.83%

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	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN (Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Loan from Director	16.489	13.357
Loan from Other Parties	6.779	8.396
Total	23.268	21.753

INDEX OF CHARGES:-

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10468790	25/12/2013	35,000,000.00	RELIGARE FINVEST LIMITED	D3, P3B,, DISTRICT CENTRE, SAKET, NEW DELHI, DELH  I - 110017, INDIA	B92964253
2	10142667	02/01/2009	5,000,000.00	ING VYSYA BANK LIMITED	UNIT NO 2/3/4, MARATHON MAX BUILDING, MULUND GORE  GOAN LINK ROAD,MULUND WEST, MUMBAI, MAHARASHTRA -  400080, INDIA	A56905466

FIXED ASSETS

· Air Condition

· Computer

· Computer Software

· Furniture and Fixture

· Refrigerator

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 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.60.82
UK Pound	1	Rs.98.14
Euro	1	Rs.78.65

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		16

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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