MIRA INFORM REPORT

Report No. :	312202
Report Date :	27.04.2015

IDENTIFICATION DETAILS

Name :	DOWN TOWN HOSPITAL LIMITED
Registered Office :	G.S. Road, Dispur, Guwahati – 781006, Assam
Tel. No.:	91-361-2334168/ 2332741/ 2331003
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.01.1988
Com. Reg. No.:	02-002477
Capital Investment / Paid-up Capital :	Rs. 30.000 Million
CIN No.: [Company Identification No.]	U85110AS1986PLC002477
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Distributor of Medicines.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has processed decent operational performance and it has shown topline growth of 13.10% during financial year 2014. Further company has maintained profitability margins at 10% backed by debt to equity ratio of 0.30 times. Rating also takes into consideration company’s sound financial risk profile and benefits expected from the sound prospects for the healthcare industry. Trade relations are reported as fair. Payments are reported to be usually correct. In view of sound operational performance, the company can be considered for business dealings at usual trade terms and condition.

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

Rating Agency Name	CARE
Rating	Long Term Rating = B+
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk.
Date	May 19, 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 DENIED BY

Name :	Mr. Gautam Dutta
Designation :	Finance Manager
Contact No.:	91-9435012669
Date :	24.04.2015

LOCATIONS

Registered Office :	G.S. Road, Dispur, Guwahati – 781006, Assam, India
Tel. No.:	91-361-2334168/ 2332741/ 2331003
Mobile No.:	91-9435012669 (Mr. Gautam Dutta)
Fax No.:	91-361-2331824
E-Mail :	dutta2@sancharnet.in gautamdatta@gmail.com contact@downtowngroup.in
Website :	http://www.downtownhospitals.in
Location :	Owned

DIRECTORS

AS ON 29.09.2014

Name :

Narendra Nath Dutta

Designation :

Director

Address :

S.K. Baruah Road, Rukmini Nagar, Guwahati, Kamrup – 781006, Assam, India

Date of Birth/Age :

02.03.1943

Date of Appointment :

01.11.2014

DIN No.:

01144271

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	U85110AS1986PLC002477	DOWN TOWN HOSPITAL LIMITED	Managing director	01/11/2014	31/01/1986	-	Active	NO
2	U85110AS1996PLC004675	DOWN TOWN ENTERPRISES LIMITED	Director	02/02/1996	02/02/1996	-	Active	NO
3	U70101AS1999PTC005978	EXCEL CONSTRUCTION PRIVATE LIMITED	Director	09/12/1999	09/12/1999	-	Active	NO
4	U85110ML1999PLC005977	NEZONE POWER & ALLOYS LIMITED	Director	09/12/1999	09/12/1999	09/05/2008	Active	NO
5	U74140AS2015PTC012105	DOWN TOWN CONSULTANCY PRIVATE LIMITED	Director	24/04/2015	24/04/2015	-	Active	NO

Name :

Bandana Dutta

Designation :

Whole Time Director

Address :

S.K. Baruah Road, Rukmini Nagar, Guwahati, Kamrup – 781006, Assam, India

Date of Birth/Age :

28.03.1943

Date of Appointment :

01.07.2013

DIN No.:

00704884

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	U85110AS1986PLC002477	DOWN TOWN HOSPITAL LIMITED	Whole-time director	01/07/2013	31/01/1986	-	Active	NO
2	U85110AS1996PLC004675	DOWN TOWN ENTERPRISES LIMITED	Director	02/02/1996	02/02/1996	-	Active	NO
3	U70101AS1999PTC005978	EXCEL CONSTRUCTION PRIVATE LIMITED	Director	26/09/2007	22/01/2001	-	Active	NO
4	U74140AS2015PTC012105	DOWN TOWN CONSULTANCY PRIVATE LIMITED	Director	24/04/2015	24/04/2015	-	Active	NO

Name :

Mayurakshi Dutta

Designation :

Whole Time Director

Address :

Rukmini Nagar, Guwahati, Kamrup – 781006, Assam, India

Date of Birth/Age :

04.04.1975

Date of Appointment :

01.10.2014

DIN No.:

00704808

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	U85110ML1999PLC005977	NEZONE POWER & ALLOYS LIMITED	Director	09/12/1999	09/12/1999	09/05/2008	Active	NO
2	U85110AS1986PLC002477	DOWN TOWN HOSPITAL LIMITED	Whole-time director	01/10/2014	23/09/2000	-	Active	NO
3	U85110AS1996PLC004675	DOWN TOWN ENTERPRISES LIMITED	Director	26/09/2007	26/06/2006	-	Active	NO

Name :

Friday Lyngdoh

Designation :

Director

Address :

East Khasi Hills, Shillong – 793001, Meghalaya, India

Date of Birth/Age :

29.01.1929

Date of Appointment :

11.11.1993

DIN No.:

01992236

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	U85110AS1986PLC002477	DOWN TOWN HOSPITAL LIMITED	Director	11/11/1993	11/11/1993	29/12/2014	Active	NO
2	U85110ML1999PLC005977	NEZONE POWER & ALLOYS LIMITED	Director	09/12/1999	09/12/1999	09/05/2008	Active	NO

Name :

Biswa Datta

Designation :

Director

Address :

18^th, East Bye Lane, Sundarpur, Guwahati, Kamrup – 781005, Assam, India

Date of Birth/Age :

01.12.1943

Date of Appointment :

28.07.1989

DIN No.:

00704723

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	U85110AS1986PLC002477	DOWN TOWN HOSPITAL LIMITED	Director	28/07/1989	28/07/1989	-	Active	NO
2	U85110AS1996PLC004675	DOWN TOWN ENTERPRISES LIMITED	Director	02/02/1996	02/02/1996	-	Active	NO
3	U70101AS1999PTC005978	EXCEL CONSTRUCTION PRIVATE LIMITED	Managing director	09/12/1999	09/12/1999	-	Active	NO

Name :

Balin Kumar Gogoi

Designation :

Director

Address :

Ananada Nagar, Dispur P.O., Guwahati, Kamrup – 781005, Assam, India

Date of Birth/Age :

01.12.1943

Date of Appointment :

28.07.1989

DIN No.:

00738937

Name :

Prasanta Bora

Designation :

Director

Address :

Mandakini Housing Society, H.No. 20, Neelampath Hathigarcharali, Guwahati, Kamrup – 781024, Assam, India

Date of Birth/Age :

01.07.1960

Date of Appointment :

04.02.2013

DIN No.:

02744331

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	U55101AS1986PTC002576	BAROOWA BROTHERS PVT LTD	Nominee director	24/12/2010	24/12/2010	22/06/2012	Active	NO
2	U15490AS2009PLC008973	NORTH EAST MEGA FOOD PARK LIMITED	Director	30/05/2012	09/02/2012	-	Active	NO
3	U85110AS1986PLC002477	DOWN TOWN HOSPITAL LIMITED	Nominee director	04/02/2013	04/02/2013	-	Active	NO
4	U85110AS1985PLC002447	G N R C LIMITED	Nominee director	31/05/2014	31/05/2014	-	Active	NO

Name :

Jouthishman Dutta

Designation :

Director

Address :

S.K. Baruah Road, Rukmini Nagar, Guwahati, Kamrup – 781006, Assam, India

Date of Birth/Age :

29.12.1983

Date of Appointment :

22.08.2013

DIN No.:

06638552

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	U85110AS1996PLC004675	DOWN TOWN ENTERPRISES LIMITED	Managing director	01/10/2013	24/07/2013	-	Active	NO
2	U85110AS1986PLC002477	DOWN TOWN HOSPITAL LIMITED	Director	22/08/2013	22/08/2013	-	Active	NO
3	U70101AS1999PTC005978	EXCEL CONSTRUCTION PRIVATE LIMITED	Director	14/09/2013	14/09/2013	-	Active	NO

Name :

Gariasi Dutta

Designation :

Director

Address :

S.K. Baruah Road, Rukmini Nagar, Guwahati, Kamrup – 781006, Assam, India

Date of Birth/Age :

01.01.1980

Date of Appointment :

22.08.2013

DIN No.:

06638536

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	U85110AS1986PLC002477	DOWN TOWN HOSPITAL LIMITED	Director	22/08/2013	22/08/2013	-	Active	NO
2	U85110AS1996PLC004675	DOWN TOWN ENTERPRISES LIMITED	Director	14/09/2013	14/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Gautam Dutta
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	0.07
Directors or relatives of Directors	76.88
Other top fifty shareholders	12.38
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor of Medicines.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

UCO Bank, Dispur Branch, Dr. R.P. Road, Guwahati – 781006, Assam, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Term loan II (Relating commercial complex project)	0.000	2.542
Term loan (Relating to renovation and purchase of medical equipment)	37.784	48.854
Term loan (Relating to MRI Machnie)	14.144	0.000
Term loan HDFC Bank	0.315	0.000
Term loan from HDFC Bank	0.353	0.000
State bank of india	2.414	2.441
SHORT TERM BORROWINGS
Working capital loan from Uco Bank	4.725	5.007
Total	59.735	58.844

Auditors :
Name :	Debashis Mitra and Associates Chartered Accountants
Address :	Harbala Road, Ulubari, Guwahati – 781007, Assam, India
PAN No.:	AAEFD8494M
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10/- each	Rs. 30.000 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	30.000	27.312	26.303
(b) Reserves & Surplus	198.909	162.844	130.401
(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)	228.909	190.156	156.704
(3) Non-Current Liabilities
(a) long-term borrowings	55.010	53.837	92.684
(b) Deferred tax liabilities (Net)	24.735	22.232	21.686
(c) Other long term liabilities	15.809	17.096	20.948
(d) long-term provisions	4.123	0.000	0.000
Total Non-current Liabilities (3)	99.677	93.165	135.318
(4) Current Liabilities
(a) Short term borrowings	4.725	5.007	5.009
(b) Trade payables	44.470	30.588	28.690
(c) Other current liabilities	82.700	102.563	91.907
(d) Short-term provisions	8.042	15.078	5.396
Total Current Liabilities (4)	139.937	153.236	131.002
TOTAL	468.523	436.557	423.024
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	271.582	242.393	260.418
(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	0.148	0.147	0.147
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	120.785	134.923	117.085
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	392.515	377.463	377.650
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.241	5.122	3.813
(c) Trade receivables	56.585	36.265	30.443
(d) Cash and cash equivalents	9.085	9.909	7.752
(e) Short-term loans and advances	4.097	7.798	3.366
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	76.008	59.094	45.374
TOTAL	468.523	436.557	423.024

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	418.417	373.901	330.879
		Other Income	6.111	1.418	1.223
		TOTAL (A)	424.528	375.319	332.102
Less	EXPENSES
		Cost of Materials Consumed	47.110	32.026	28.180
		Purchases of Stock-in-Trade	39.946	41.229	37.084
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.119)	(1.309)	1.839
		Employees benefits expense	72.139	61.023	49.286
		Exceptional Items	0.000	0.470	1.367
		Other expenses	159.689	146.812	139.612
		TOTAL (B)	317.765	280.251	257.368
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		106.763	95.068	74.734
Less	FINANCIAL EXPENSES (D)		14.120	16.598	22.612
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		92.643	78.470	52.122
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.975	21.644	24.296
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		67.668	56.826	27.826
Less	TAX (H)		21.417	18.615	8.987
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		46.251	38.211	18.839
	Earnings / (Loss) Per Share (Rs.)		15.42	13.99	7.16

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	11.05	10.22	5.69
Operating Profit Margin (PBDIT/Sales)	(%)	25.52	25.43	22.59
Return on Total Assets (PBT/Total Assets}	(%)	14.45	13.02	6.58
Return on Investment (ROI) (PBT/Networth)		0.30	0.30	0.18
Debt Equity Ratio (Total Debts/Networth)		0.26	0.31	0.62
Current Ratio (Current Asset/Current Liability)		0.54	0.39	0.35

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	26.303	27.312	30.000
Reserves & Surplus	130.401	162.844	198.909
Net worth	156.704	190.156	228.909
long-term borrowings	92.684	53.837	55.010
Short term borrowings	5.009	5.007	4.725
Total borrowings	97.693	58.844	59.735
Debt/Equity ratio	0.623	0.309	0.261

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	330.879	373.901	418.417
		13.002	11.906

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	330.879	373.901	418.417
Profit	18.839	38.211	46.251
	5.69%	10.22%	11.05%

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10444595	23/07/2013	26,600,000.00	UCO BANK	DISPUR BRANCH, DR R P ROAD, GUWAHATI, Assam - 781006, INDIA	B82901687
2	10211977	09/03/2010	70,467,000.00	UCO BANK	DISPUR BRANCH, DR.R.P.ROAD, GUWAHATI, Assam - 781006, INDIA	A82982950
3	80058508	01/04/2005	32,320,000.00	GE CAPITAL SERVICES INDIA LIMITED	BLOCK 4A DLF CORPORATE PAR, QUTAB ENCLAVE PHASE-III, GURGAON, Haryana - 122002, INDIA	-
4	80058507	10/05/2004	122,000,000.00	UCO BANK	DISPUR BRANCH, GUWAHATI, Assam - 781006, INDIA	-
5	80058506	20/12/2001	104,570,000.00	UCO BANK	DISPUR BRANCH, GUWAHATI, Assam - 781006, INDIA	-
6	80058503	04/08/1988	5,000,000.00	UCO BANK	DISPUR BRANCH, GUWAHATI, Assam - 781006, INDIA	-

FIXED ASSETS

• Land
• Building
• Air Conditioner
• Furniture and Fixture
• Office Equipment
• Motor Vehicles
• Computer
• Office Equipment

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 :	GYT
Analysis Done by :	KAR
Report Prepared by :	JYO

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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.