MIRA INFORM REPORT

Report No. :	312290
Report Date :	27.04.2015

IDENTIFICATION DETAILS

Name :		LALITHA HEALTHCARE PRIVATE LIMITED
Registered Office :		No. 65, Prime Centreist Main Road, Seshadripuram, Bangalore – 560020, Karnataka
Tel. No.:	91-80-40200000
Country :		India
Financials (as on) :		31.03.2014
Date of Incorporation :		21.03.2005
Com. Reg. No.:		08-035863
Capital Investment / Paid-up Capital :		Rs. 8.116 Million
CIN No.: [Company Identification No.]		U85110KA2005PTC035863
TAN No.: [Tax Deduction & Collection Account No.]		BLRL01772B
PAN No.: [Permanent Account No.]		AABCL0711D
Legal Form :		Private Limited Liability Company
Line of Business :		Providing Healthcare Services.
No. of Employees :		Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

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 and delayed
Litigation :	Clear
Comments :	The Subject is an established company having a moderate track record. The company has recorded accumulated losses which has eroded networth of the company. Business is active. Payments are reported to be slow and delayed. The company can be considered for normal 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 :	Mr. Krishna Murthy
Designation :	Accountant
Contact No.:	91-80-40200000
Date :	18.04.2015

LOCATIONS

Registered Office :	No. 65, Prime Centreist Main Road, Seshadripuram, Bangalore – 560020, Karnataka, India
Tel. No.:	91-80-40200000
Fax No.:	91-80-40200088-99
E-Mail :	secretarial@fortishealthcare.com

DIRECTORS

AS ON 19.09.2014

Name :

Dr. Mohan Keshavamurthy

Designation :

Whole-time director

Address :

Apartment No. A3-204, White House, 15th Cross, R T Nagar, Bangalore, 560032, Karnataka, India

Date of Birth/Age :

20.07.1931

Date of Appointment :

20.03.2010

PAN No.:

AMNPK7972J

DIN No.:

00381730

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	U85110KA2005PTC035863	LALITHA HEALTHCARE PRIVATE LIMITED	Whole-time director	20-03-2010	21-03-2005	Active	NO
2	U85110KA2005PTC036093	AARUSHI LITHOTRIPSY PRIVATE LIMITED	Whole-time director	18-04-2005	18-04-2005	Active	NO

Name :

Dr. Sreenivasa Lakshmi Narayana Raju

Designation :

Whole-time director

Address :

No. 788/E, 3rd Main, Vijayanagar 2nd Stage, Bangalore - 560040, Karnataka, India

Date of Birth/Age :

24.11.1967

Date of Appointment :

20.03.2010

PAN No.:

AAPPR8245P

DIN No.:

00381844

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	U85110KA2005PTC035863	LALITHA HEALTHCARE PRIVATE LIMITED	Whole-time director	20-03-2010	21-03-2005	Active	NO
2	U85110KA2005PTC036093	AARUSHI LITHOTRIPSY PRIVATE LIMITED	Whole-time director	18-04-2005	18-04-2005	Active	NO
3	U85120KA2006PTC039928	RMCRS HEALTH MANAGEMENT PRIVATE LIMITED	Director	11-07-2006	11-07-2006	Active	YES
4	U85300KA2012PTC065860	ANIKRISH HOSPITALS PRIVATE LIMITED	Director	11-09-2012	11-09-2012	Active	NO

Name :

Mr. Jasbir Singh Grewal

Designation :

Director

Address :

78, Vasant Enclave, SFS, DDA Flats, New Delhi - 110057, India

Date of Birth/Age :

12.07.1950

Date of Appointment :

24.09.2013

DIN No.:

01113910

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	U85100MH2005PTC154823	HIRANANDANI HEALTHCARE PRIVATE LIMITED	Additional director	01-10-2014	14-02-2007	-	Active	NO
2	U85110HR1998PLC048142	ESCORTS HEART AND SUPER SPECIALITY INSTITUTE LIMITED	Director	17-09-2008	08-10-2007	06-09-2011	Amalgamated	NO
3	U85110CH2000PLC023744	ESCORTS HEART INSTITUTE AND RESEARCH CENTRE LIMITED	Director	30-08-2013	03-07-2008	-	Active	NO
4	U85110KA2005PTC035863	LALITHA HEALTHCARE PRIVATE LIMITED	Director	24-09-2013	28-01-2009	-	Active	NO
5	U93000DL2009PLC222166	FORTIS HOSPITALS LIMITED	Director	20-08-2009	18-06-2009	21-12-2009	Active	NO
6	U93000TN2009PLC072209	MALAR STARS MEDICARE LIMITED	Director	16-08-2013	07-07-2009	01-10-2014	Active	NO
7	U85110DL2011PLC217420	FORTIS CANCER CARE LIMITED	Director	11-04-2011	11-04-2011	01-12-2012	Active	NO
8	U85110DL2011PLC217187	FORTIS HEALTH MANAGEMENT(NORTH) LIMITED	Director	01-12-2012	06-09-2011	-	Amalgamated	NO
9	U45400DL2008PTC173959	BIRDIE & BIRDIE REALTORS PRIVATE LIMITED	Director	22-09-2014	06-05-2014	-	Active	NO
10	U85121DL2006PLC148330	RWL HEALTHWORLD LIMITED	Director	10-09-2014	26-05-2014	-	Active	NO
11	U85100DL2014NPL271782	FORTIS CSR FOUNDATION	Director	22-09-2014	22-09-2014	-	Active	NO

Name :

Mr. Karthik Rajagopal

Designation :

Director

Address :

Flat No B 7, 202, L and T South City, Arakere Micolayout Off Bannerghatta Road, Bangalore - 560076, Karnataka, India

Date of Birth/Age :

30.05.1970

Date of Appointment :

19.09.2014

DIN No.:

06652382

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	U85110KA2005PTC035863	LALITHA HEALTHCARE PRIVATE LIMITED	Director	19-09-2014	12-08-2013	Active	NO
2	U93000TN2009PLC072209	MALAR STARS MEDICARE LIMITED	Additional director	01-10-2014	01-10-2014	Active	NO
3	L85110DL1989PLC276986	FORTIS MALAR HOSPITALS LIMITED	Additional director	24-12-2014	24-12-2014	Active	NO

Name :

Vishwanath Ninganna Vishwakarma

Designation :

Additional director

Address :

No. 26, Anugraha, 3rd Cross, Cashier Layout, L/O 1st Stage BTM, Bg, Bangalore - 560029, Karnataka, India

Date of Appointment :

01.10.2014

DIN No.:

03592497

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	U85110KA2005PTC035863	LALITHA HEALTHCARE PRIVATE LIMITED	Additional director	01-10-2014	08-08-2011	Active	NO

Name :

Mr. Rajeev Kumar Dua

Designation :

Additional director

Address :

House No 917, Ground Floor, Sector-29, Faridabad - 121008, Haryana, India

Date of Appointment :

01.10.2014

DIN No.:

06974102

KEY EXECUTIVES

Name :	Mr. Krishna Murthy
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 19.09.2014

Names of Shareholders	No. of Shares
Anil Kumar	2000
Deepak	1000
B.G. Manjunath	1000
L. N. Raju	84972
Mohan Keshvamurthy	68972
Patil	1000
Seethe	30000
Smitha	1000
Anitha V. Raju	1000
Sunitha	2000
Ugramurthy	1000
Hema Raghuram	1000
Fortis Health Management (South) Limited	545620
E. Mahesh	1000
Lakshmi Priya	20000
Arvind	1000
Vasudeva Raju	30000
Venkata Ramana Raju	8000
Venkateshwara Raju	3000
Venkat Krishna Raju	8000
Fortis Health Management (South) Limited jointly with Aditya Vij	1
Fortis Health Management (South) Limited jointly with Ashish Bhatia	1
Fortis Health Management (South) Limited jointly with Sandeep Puri	1
Fortis Health Management (South) Limited jointly with Karthik Rajagopal	1
Total	811568

AS ON 19.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	67.00
Directors or relatives of directors	31.00
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Healthcare Services.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Not Divulged
Countries :	Not Divulged
Imports :
Products :	Not Divulged
Countries :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

· ABN Amro Bank NV

9th Floor, Tower C, Cyber Greens, DLF Cyber City, Sector 25A, Gurgaon - 122002, Haryana, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from banks	40.017	63.055
SHORT TERM BORROWINGS
Loans repayable on demand from banks	18.796	13.554
Total	58.813	76.609

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company LLP Chartered Accountants
Address :	12th and 13th Floor, UB City, Canberra Block No.24, Vittal Mallya Road, Bangalore - 560001, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9117R
Holding company :	Fortis Health Management (South) Limited [U85110DL2011PLC217420]
Immediate Holding Company :	Fortis Hospitals Limited
Ultimate Holding company :	Fortis Healthcare Limited [L85110DL1996PLC076704]
Other Related Parties :	· International Hospital Limited [U74999HR1994PLC048225] · Fortis Health Management Limited [U85110DL2008PLC176412] · Fortis Hospitals Limited [U93000DL2009PLC222166] · Fortis Emergency Services Limited [U93000DL2009PLC189866] · SRL Limited [U74899DL1995PLC070603]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· RM Educational Trust · Fortis Health Management (North) Limited [U85110DL2011PLC217187] · RMCRS Health Management · Balaji School of Nursing · Indra Priyadarshini School of Nursing · Ranibennur College of Nursing · Sreenivasa Educational Society · Fortis RM Pharma

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Million
2,250,000	Preference Shares	Rs. 10/- each	Rs. 22.500 Million
	Total		Rs. 42.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
811,568	Equity Shares	Rs. 10/- each	Rs. 8.116 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.116	8.116	8.116
(b) Reserves & Surplus	(68.894)	(33.636)	(22.195)
(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)	(60.778)	(25.520)	(14.079)
(3) Non-Current Liabilities
(a) Long-term borrowings	40.017	63.055	86.181
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	1.040
(d) long-term provisions	0.964	0.902	1.328
Total Non-current Liabilities (3)	40.981	63.957	88.549
(4) Current Liabilities
(a) Short term borrowings	105.168	68.491	35.853
(b) Trade payables	70.300	59.978	48.679
(c) Other current liabilities	34.398	30.880	171.682
(d) Short-term provisions	0.999	1.058	0.287
Total Current Liabilities (4)	210.865	160.407	256.501
TOTAL	191.068	198.844	330.971
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	148.549	155.137	156.433
(ii) Intangible Assets	0.856	0.921	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	0.025	0.025	0.025
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.606	8.001	3.077
(e) Other Non-current assets	0.388	0.721	1.054
Total Non-Current Assets	163.424	164.805	160.589
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.450	6.176	3.803
(c) Trade receivables	18.309	19.969	13.087
(d) Cash and cash equivalents	0.825	4.192	2.736
(e) Short-term loans and advances	1.645	2.067	146.003
(f) Other current assets	2.415	1.635	4.753
Total Current Assets	27.644	34.039	170.382
TOTAL	191.068	198.844	330.971

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	189.979	217.806	173.689
Less	EXPENSES
		TOTAL (B)	196.738	203.611	161.832
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(6.759)	14.195	11.857
Less	FINANCIAL EXPENSES (D)		19.890	17.373	19.567
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(26.649)	(3.178)	(7.710)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.610	8.263	7.460
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(35.259)	(11.441)	(15.170)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(35.259)	(11.441)	(15.170)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(128.451)	(117.010)	(101.840)
	BALANCE CARRIED TO THE B/S		(163.710)	(128.451)	(117.010)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.992	2.600	2.888
	Earnings/ (Loss) Per Share (Rs.)		(43.45)	(14.10)	(18.69)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(18.46)	(5.75)	(4.58)
Return on Investment (ROI) (PBT/Networth)		0.58	0.45	1.08
Debt Equity Ratio (Total Debt/Networth)		(2.39)	(5.15)	(8.67)
Current Ratio (Current Asset/Current Liability)		0.13	0.21	0.66

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	8.116	8.116	8.116
Reserves & Surplus	(22.195)	(33.636)	(68.894)
Net worth	(14.079)	(25.520)	(60.778)
Long-term borrowings	86.181	63.055	40.017
Short term borrowings	35.853	68.491	105.168
Total borrowings	122.034	131.546	145.185
Debt/Equity ratio	(8.668)	(5.155)	(2.389)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	173.689	217.806	189.979
		25.400	(12.776)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	173.689	217.806	189.979
Profit/ (Loss)	(15.170)	(11.441)	(35.259)
	(8.73%)	(5.25%)	(18.56%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
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	10297149	24/09/2011 *	170,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B24106171

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans and advances from related parties	86.372	54.937
Total	86.372	54.937

CORPORATE INFORMATION

Subject was incorporated on March 21, 2005. The Company is operating a multi speciality Hospital in Bangalore.

OPERATIONS

The total income of the company for the year was Rs.190.000 Million as against the previous year's sum of Rs. 217.800 Million was lower by 12.76%. The loss before depreciation and Amortization and tax stood at Rs. 26.649 Million against Rs. 3.178 Million in the previous year. The Net loss for the financial year stood at Rs.35.259 Million, which is 208.18% higher than the previous year’s sum of Rs.11.441 Million.

FIXED ASSETS:

· Buildings

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

· Computer software

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. 63.40
UK Pound	1	Rs. 95.42
Euro	1	Rs. 68.49

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUC
Report Prepared by :	BVA

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
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		15

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

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

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

RATING EXPLANATIONS

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

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