MIRA INFORM REPORT

Report No. :	329650.2
Report Date :	06.08.2015

IDENTIFICATION DETAILS

Name :	CURA HEALTHCARE PRIVATE LIMITED (w.e.f 11.09.2009)
Formerly Known As :	CURA MEDICAL EQUIPMENT PRIVATE LIMITED AVANT – CARE MEDICAL EQUIPMENT PRIVATE LIMITED
Registered Office :	Plot No. A – 32, Phase 1, MEPZ – SEZ, Tambaram, Kadaperi, Chennai -600045, Tamil Nadu
Tel No.:	91-44-66792600
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.07.2001
Com. Reg. No.:	18-047385
Capital Investment / Paid-up Capital :	Rs.10.776 Million
CIN No.: [Company Identification No.]	U51397TN2001PTC047385
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in offering sales, installation and services support to high end radiology medical equipment.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 720000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management has reported loss from its operation during FY 2014. Rating also takes into consideration company’s working capital intensive operations. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In the view modest scale of operations though established regional market positon, the company can be considered for business dealings with some caution.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL
Rating	Long term rating : BB+
Rating Explanation	Inadequate credit quality and high credit risk
Date	27.08.2014

Rating Agency Name	CRISIL
Rating	Short term rating : A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	27^th August, 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 31-03-2013.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE (91-44-66792600)

LOCATIONS

Registered Office :	Plot No. A – 32, Phase 1, MEPZ – SEZ, Tambaram, Kadaperi, Chennai -600045, Tamil Nadu, India
Tel. No.:	91-44-66792600
Fax No.:	Not Available
E-Mail :	cura@cura.in
Website :	http://www.cure.in

DIRECTORS

As on 29.09.2014

Name :

Mr. Venugopala Rao Sri Chittoory

Designation :

Director

Address :

No. 8, 6^th Main Road, 10^th Cross street, AGS Colony, Velachery, Chennai – 600042, Tamil Nadu, India

Date of Birth/Age :

18.03.1968

Date of Appointment :

29.09.2014

DIN No.:

00011403

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	U30007TN1999PTC043325	e-SOLUTIONS PRIVATE LIMITED	Director	19-05-03	19-05-03	-	Active	NO
2	U92200TG2003PTC040633	IVISION MEDIA INDIA PRIVATE LIMITED	Director	30-05-03	30-05-03	-	Active	NO
3	U72200TN2005PTC055670	SYNERGETIC ENGINEERING SOLUTIONS PRIVATE LIMITED	Director	16-03-05	16-03-05	27-08-07	Active	NO
4	U72200TG2006PTC049521	GTECH INDIA PRIVATE LIMITED	Director	17-03-06	17-03-06	20-06-08	Active	NO
5	U93000TG2005PTC045094	VISAGE MEDIA SERVICES PRIVATE LIMITED	Director	26-02-07	26-02-07	-	Active	NO
6	U32109TN2007PTC062014	INDUS MOBILE DISTRIBUTION PRIVATE LIMITED	Director	29-09-07	08-03-07	02-03-09	Active	NO
7	U74900TG2007PTC054615	OCHRE MEDIA PRIVATE LIMITED	Director	26-06-07	26-06-07	-	Active	NO
8	U74999TG2006PTC051788	VISWAS BUSINESS SYNERGIES Private LIMITED	Nominee director	21-05-08	21-05-08	02-03-09	Active	YES
9	U31103KA2002PTC030060	UNIVERSAL POWER TRANSFORMER PRIVATE LIMITED	Director	13-08-10	12-11-09	24-11-14	Active	NO
10	U72200KA2002PTC030917	TELE DNA COMMUNICATIONS PRIVATE LIMITED	Director	29-09-10	02-04-10	-	Active	NO
11	U85110AP2006PTC051845	MedPlus Health Services Private Limited	Nominee director	03-02-11	03-02-11	04-03-11	Active	NO
12	U51397TN2001PTC047385	CURA HEALTHCARE PRIVATE LIMITED	Director	29-09-14	25-04-12	-	Active	NO
13	U41000TN2002PTC050091	AQUA DESIGNS INDIA Private Limited	Nominee director	22-05-13	22-05-13	-	Active	NO
14	U74900TN2014PTC097094	AVINI ADVISORS PRIVATE LIMITED	Director	27-08-14	27-08-14	-	Active	NO
15	U93000TG2008PTC057908	PEEPUL CAPITAL ADVISORS PRIVATE LIMITED	Additional director	26-09-14	26-09-14	-	Active	NO
16	U63000DL2012PTC241107	ECOM EXPRESS PRIVATE LIMITED	Additional director	17-10-14	17-10-14	03-06-15	Active	NO

Name :

Mr. Balasubramaniam Meenakshisundaram

Designation :

Director

Address :

No. 5, Darshan Apartments, # 1, Tiger Vardhachary Road, Besant Nagar Chennai – 600090, Tamil Nadu, India

Date of Birth/Age :

15.06.1964

Date of Appointment :

29.09.2014

DIN No.:

00566060

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	U24232WB2000PTC091267	DATEX OHMEDA (INDIA) PRIVATE LIMITED	Director	01-11-04	01-11-04	-	Active	NO
2	U51397TN2001PTC047385	CURA HEALTHCARE PRIVATE LIMITED	Director	29-09-14	03-04-14	-	Active	NO
3	U51909TN2014PTC095472	DE HEALTHCARE PRIVATE LIMITED	Additional director	26-12-14	26-12-14	-	Active	NO

Name :

Mr. Sridhar Parthasarathy

Designation :

Director

Address :

24, Alangatha Street, Triplicane, Chennai – 600004, Tamil Nadu, India

Date of Birth/Age :

24.05.1973

Date of Appointment :

28.09.2012

DIN No.:

02796979

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	U85110TN1994PTC029023	MEDALL HEALTHCARE PRIVATE LIMITED	Director	23-09-10	08-11-09	-	Active	NO
2	U85110KA2004PTC035092	CLUMAX DIAGNOSTIC AND RESEARCH CENTRE PRIVATE LIMITED	Director	03-02-10	03-02-10	01-04-14	Active	NO
3	U51397TN2001PTC047385	CURA HEALTHCARE PRIVATE LIMITED	Director	28-09-12	25-04-12	-	Active	NO
4	U55101TN1994PTC027509	ORIENTAL CUISINES PRIVATE LIMITED	Director	24-04-13	24-04-13	-	Active	NO
5	U32109PN1998PTC013025	CONCEPT INTEGRATIONS (INDIA) PRIVATE LIMITED	Director	08-12-14	08-12-14	-	Active	NO
6	U51909TN2014PTC095472	DE HEALTHCARE PRIVATE LIMITED	Additional director	26-12-14	26-12-14	-	Active	NO
7	U01122TG2004PTC042837	SRESTA NATURAL BIOPRODUCTS PRIVATE LIMITED	Nominee director	15-06-15	15-06-15	-	Active	NO

Name :

Pratima Ram

Designation :

Additional director

Address :

F – 304, Central Park – I, Sector – 42, Gurgaon – 1220022, Haryana, India

Date of Birth/Age :

29.08.1950

Date of Appointment :

29.09.2014

DIN No.:

03518633

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	U67120MH2004PLC147365	India Infoline Finance Limited	Whole-time director	07-05-12	07-05-11	31-03-13	Active	NO
2	U67120MH1984PLC033646	MONEYLINE CREDIT LIMITED	Additional director	01-07-11	01-07-11	-	Amalgamated	NO
3	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Additional director	28-07-14	28-07-14	-	Active	NO
4	U51397TN2001PTC047385	CURA HEALTHCARE PRIVATE LIMITED	Director	29-09-14	08-08-14	-	Active	NO
5	L51909GJ1994PLC022719	NANDAN DENIM LIMITED	Additional director	11-11-14	11-11-14	-	Active	NO
6	L40100GJ1995PLC025447	SUZLON ENERGY LIMITED	Nominee director	27-03-15	27-03-15	-	Active	NO
7	U27310GJ2006PLC048563	SE FORGE LIMITED	Nominee director	27-03-15	27-03-15	-	Active	NO
8	L51900MH1984PLC034662	DECCAN GOLD MINES LIMITED	Additional director	30-03-15	30-03-15	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Peepul Capital Fund III LLC	100000
Sridhar Parthasarathy	1
Peepul Capital Fund III LLC	1779949
Total	1879950

As on 29.09.2014

Names of Preference Shareholders	No. of Shares
Peepul Capital Fund III LLC	449000
Total	449000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in offering sales, installation and services support to high end radiology medical equipment.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

No. of Employees :

Information declined by the management.

Bankers :

• State Bank of India, SME Branch, 84, Rajaji Salai, Chennai – 600001, Tamil Nadu, India
• Reliance Commercial Finance, No. 10, A Haddows Road, NungamBakkam, Chennai – 600006, Tamil Nadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Reliance Capital	5.179	0.000
Cash Credits From Banks	40.580	56.075
Total	45.759	56.075

Banking Relations :	---
Auditors :
Name :	Narasimhan and Srinivasan Chartered Accountants
Address :	Old 45 New 60 Murthy Street, West Mambalam, Chennai - 600033, Tamil Nadu, India
Tel. No.:	91-44-24890821
Fax No.:	91-44-24741469
E-Mail :	nara@nands.ca.co.in audit@nands.ca.co.in
Website :	http://www.nands.ca.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFN7749R
Memberships :	--
Collaborators :	--
Subsidiaries Company :	Peepul Capital Fund III LLC I cure Technologies Private Limited,(U85190TN2010PTC078031) Pacsmart Solutions Private Limited, (U72200TN2010PTC074725)

CAPITAL STRUCTURE

AFTER 29.09.2014

Authorised Capital : Rs.46.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 33.583 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Million
500000	Preference Share	Rs.10/- each	Rs.5.000 Million
	Total		Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
628559	Equity Shares	Rs.10/- each	Rs.6.285 Million
449000	Preference Share	Rs.10/- each	Rs.4.490 Million
	Total		Rs.10.775 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	10.775	10.775	5.285
(b) Reserves & Surplus	240.271	455.260	22.279
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	450.000
Total Shareholders’ Funds (1) + (2)	251.046	466.035	477.564
(3) Non-Current Liabilities
(a) Unsecured long-term borrowings	2.919	9.425	16.925
(b) Deferred tax liabilities (Net)	0.423	0.000	0.268
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.409	3.287	0.000
Total Non-current Liabilities (3)	11.751	12.712	17.193
(4) Current Liabilities
(a) Secured Short term borrowings	45.760	56.076	43.020
(b) Trade payables	42.186	39.480	21.714
(c) Other current liabilities	100.376	49.185	43.180
(d) Short-term provisions	0.000	21.850	4.997
Total Current Liabilities (4)	188.322	166.591	112.911
TOTAL	451.119	645.338	607.668
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30.410	14.635	7.681
(ii) Intangible Assets	43.982	44.052	0.419
(iii) Capital work-in-progress	110.167	89.498	0.000
(iv) Deposits	9.708	9.532	0.000
(b) Non-current Investments	2.500	2.500	2.500
(c) Deferred tax assets (net)	0.000	0.242	0.000
(d) Long-term Loan and Advances	13.370	12.253	15.615
(e) Other Non-current assets	0.000	0.000	4.768
Total Non-Current Assets	210.137	172.712	30.983
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	70.180	136.105	52.208
(c)Account receivables	98.603	208.842	87.498
(d) Cash and cash equivalents	21.570	61.618	348.954
(e) Short-term loans and advances	7.229	6.653	46.038
(f) Other current assets	43.400	59.408	41.987
Total Current Assets	240.982	472.626	576.685
TOTAL	451.119	645.338	607.668

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	234.401	395.533	318.013
	Other Income	7.115	22.589	2.163
	TOTAL	241.516	418.122	320.176
Less	EXPENSES
	Direct Expenses	246.006	279.150	221.062
	Unallocable Expenses	207.421	129.857	95.085
	TOTAL	453.427	409.007	316.147
	PROFIT/ (LOSS) BEFORE TAX	(211.911)	9.115	4.029
Less	TAX	0.665	0.510	1.504
	PROFIT/ (LOSS) AFTER TAX	(212.576)	9.625	2.525
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	27.935	19.408	NA
	Other	0.000	1.482	NA
	TOTAL EARNINGS	27.935	20.890	NA
	IMPORTS
	Raw Materials	80.814	194.866	NA
	TOTAL IMPORTS	80.814	194.866	NA
	Earnings / (Loss) Per Share (Rs.)
	Actual Earning	18.34	1.92	4.78
	Diluted Earning	18.34	1.92	4.78

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(90.69)	2.43	0.79
Operating Profit Margin (PBIDT/Sales)	(%)	(90.41)	2.30	1.27
Return on Total Assets (PBT/Total Assets}	(%)	(64.46)	1.68	0.67
Return on Investment (ROI) (PBT/Networth)		(0.84)	0.02	0.01
Debt Equity Ratio (Total Debt /Networth)		0.19	0.14	0.13
Current Ratio (Current Asset/Current Liability)		1.28	2.84	5.11

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5.285	10.775	10.775
Reserves & Surplus	22.279	455.260	240.271
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	450.000	0.000	0.000
Net worth	477.564	466.035	251.046
long-term borrowings	16.925	9.425	2.919
Short term borrowings	43.020	56.076	45.760
Total borrowings	59.945	65.501	48.679
Debt/Equity ratio	0.126	0.141	0.194

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)
Sales	318.013	395.533	234.401
		24.376	(40.738)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	318.013	395.533	234.401
Profit	2.525	9.625	(212.576)
	0.79%	2.43%	(90.69%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from No. 22 PK. 3^rd Cross Road, Industrial Estate, Ekkattuthangal, Chennai - 600097, Tamilnadu, India to the present address w.e.f. 06.05.2013

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10435215	28/06/2013	6,000,000.00	RELIANCE COMMERCIAL FINANCE	NO. 10, A HADDOWS ROAD, NUNGAMBAKKAM, CHENNAI, TAMIL NADU - 600006, INDIA	B78918349
2	10187207	31/03/2015 *	130,000,000.00	STATE BANK OF INDIA	SME CHENNAI BRANCH, 39 PRASHANTH REAL GOLD TOWERS , CHENNAI, TAMIL NADU - 600017, INDIA	C54855440

* Date of charge modification

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Term Loans
- From banks	1.335	3.677
- From other parties	1.584	5.735
Other loans & advances	0.000	0.013
Total	2.919	9.426

FIXED ASSETS

• Plant, Machinery and Equipment
• Allied Tools
• Furniture
• Electrical Fittings
• Vehicles
• Computers and Accessories
• Software
• 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.63.82
UK Pound	1	Rs.99.15
Euro	1	Rs.69.31

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SAN
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		30

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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