MIRA INFORM REPORT

Report No. :	336991
Report Date :	14.08.2015

IDENTIFICATION DETAILS

Name :	AGLOWMED LIMITED
Registered Office :	271, Patliputra Colony, Patna – 800013, Bihar
Tel. No.:	91-612-224837
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.11.1983
Com. Reg. No.:	03-001901
Capital Investment / Paid-up Capital :	Rs.10.000 Million
CIN No.: [Company Identification No.]	U24232BR1983PLC001901
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PTNA00318D
PAN No.: [Permanent Account No.]	AABCA9519L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical products.
No. of Employees :	655 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 180000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 1983 having a moderate track record. The rating reflects company moderate financial risk profile marked by continuous losses incurred by the company during FY 2014 The rating is further constrained on account of huge borrowings recorded by the company. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Shailendra Tripathi
Designation :	Not Divulged
Contact No.:	91-9820547458
Date :	14.08.2015

LOCATIONS

Registered Office :	271, Patliputra Colony, Patna – 800013, Bihar, India
Tel. No.:	91-612-224837/230485/225373
Mobile No.:	91-9820547458 (Mr. Shailendra Tripathi)
Fax No.:	Not Available
E-Mail :	Hr@aglowmed.com accounts@aglowmed.com
Head Office :	702 - , Poonam Chambers, Worli, Mumbai – 400018, Maharashtra, India
Factory :	50/51, Raipur, Bhagwanpur, Roorkee, Uttaranchal, India
Note: Subject have 17 deport office in India

DIRECTORS

AS ON 09.09.2014

Name :	Mr. Ashok Sharma
Designation :	Managing director
Address :	51, Nymph Chs, 5th Floor, Narayan Dhabolkar Marg, Malabar Hill, Mumbai - 400006, Maharashtra, India
Date of Birth/Age :	14.03.1959
Date of Appointment :	25.08.2003
DIN No.:	00399156
Name :	Mr. Praveen Sharmanand Sharma
Designation :	Director
Address :	No.8, Nirvana, 24/30, Cross Road, Opposite St. Theresa's School, Bandra (West), Mumbai - 400050, Maharashtra, India
Date of Birth/Age :	25.10.1961
Date of Appointment :	10.09.2004
DIN No.:	00409273
Name :	Mr. Tanuja Sharma
Designation :	Director
Address :	51, Nymph Chs, 5th Floor, Narayan Dhabolkar Marg, Malabar Hill, Mumbai - 400006, Maharashtra, India
Date of Birth/Age :	17.04.1963
Date of Appointment :	14.09.2005
DIN No.:	00399077
Name :	Mr. Aihshan Ashok Sharma
Designation :	Director
Address :	51, Nymph Building, Narayan Dabholkar Road, Malabar Hill, Mumbai - 400006, Maharashtra, India
Date of Birth/Age :	18.10.1985
Date of Appointment :	09.09.2009
DIN No.:	02814944

KEY EXECUTIVE

Name :	A Kumar and Associates
Designation :	Company Secretaries

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 09.09.2014

Names of Shareholders	No. of Shares
Tanuja Sharma	3600
Ashok Sharma	44600
Praveen Sharma	21600
Sharmanand Sharma	2000
Vindhyavasini Sharma	3200
Meenakshi Sharma	2800
Ashok Sharma (HUF)	1000
Aihshan Sharma	10200
Abeejayh Sharma	10200
Yash Sharma	400
Rohini Sharma	400
Total	100000

Equity Share Break up (Percentage of Total Equity)

AS ON 09.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pharmaceutical products.
Products :	Pharmaceutical products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished good
Countries :	Kenya Hong Kong Angola
Imports :	Not Divulged
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

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 :

Wholesalers, Retailers

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 :

655 (Approximately)

Bankers :

The Saraswat Co-Operative Bank Limited, Worli Branch, Mumbai - 400030,

Maharashtra, India

Banker Name	The Saraswat Co-operative Bank Limited
Branch Address	SME Dadar Branch, Popatlal Niwas, 1st Floor, Ranade Road, Dadar, Mumbai - 400028, Maharashtra, India
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan Term loan from bank : From Saraswat Bank (Against hypothecation of vehicle, plant and machinery, lab equipment’s and equitable mortgage of Factory Building at Roorkee and other premises. Secured loans have been guranteed by Directors. Repayment in five year Interest @15.5%)	64.489	108.464
SHORT TERM BORROWING
Cash credits from Banks : From Saraswat Bank against hypothecation of stock & debtors.	43.113	40.046
Total	107.602	148.510

Auditors :
Name :	ABDICO Chartered Accountant
Address :	1-C Anand Tower, Exhibition Road, Patna – 800001, Bihar, India
Tel. No.:	91-612-2323800
Mobile No.:	91-9431460331
E-Mail :	cakumarpatna@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	ABEPK5606P
Memberships :	Not Available
Collaborators :	Not Available
Other related party :	Soter Propkem Private Limited Kunal Propkem Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 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	10.000	10.000	10.000
(b) Reserves & Surplus	52.830	57.050	153.557
(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)	62.830	67.050	163.557
(3) Non-Current Liabilities
(a) long-term borrowings	140.495	192.648	108.290
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	50.000	50.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	190.495	242.648	108.290
(4) Current Liabilities
(a) Short term borrowings	199.258	91.691	235.379
(b) Trade payables	234.696	229.059	227.704
(c) Other current liabilities	75.282	84.849	68.467
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	509.236	405.599	531.550
TOTAL	762.561	715.297	803.397
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	100.062	118.223	154.494
(ii) Intangible Assets	0.131	0.175	0.234
(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	2.874	3.137	3.601
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	103.092	121.560	158.354
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	282.314	310.221	323.948
(c) Trade receivables	318.695	237.874	263.308
(d) Cash and cash equivalents	13.599	(1.774)	7.699
(e) Short-term loans and advances	11.424	10.098	8.052
(f) Other current assets	33.437	37.318	42.036
Total Current Assets	659.469	593.737	645.043
TOTAL	762.561	715.297	803.397

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	485.415	325.206	338.804
	Other Income	71.805	26.607	72.832
	TOTAL (A)	557.220	351.813	411.636
Less	EXPENSES
	Cost of Materials Consumed	202.249	125.631	139.522
	Purchases of Stock-in-Trade	12.158	0.430	0.312
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	27.907	13.727	(0.044)
	Employees benefits expense	117.914	116.690	120.688
	Other expenses	155.530	137.650	120.181
	TOTAL (B)	515.758	394.128	380.659
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	41.462	(42.315)	30.977
Less	FINANCIAL EXPENSES (D)	32.904	39.363	42.509
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	8.558	(81.678)	(11.532)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	12.777	14.824	19.529
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(4.219)	(96.502)	(31.061)
Less	TAX (H)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(4.219)	(96.502)	(31.061)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	70.978	35.140	NA
	TOTAL EARNINGS	70.978	35.140	NA
	Earnings / (Loss) Per Share (Rs.)	42.19	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	23.116
Cash generated from operations	(71.878)	10.135	(66.983)
Net cash from operating activities	(71.878)	10.135	(66.983)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(0.87)	(29.67)	(9.17)
Operating Profit Margin (PBIDT/Sales)	(%)	8.54	(13.01)	9.14
Return on Total Assets (PBT/Total Assets}	(%)	(0.55)	(13.49)	(3.87)
Return on Investment (ROI) (PBT/Networth)		(0.07)	(1.44)	(0.19)
Debt Equity Ratio (Total Debt /Networth)		5.41	4.24	2.24
Current Ratio (Current Asset/Current Liability)		1.30	1.46	1.21

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	10.000	10.000	10.000
Reserves & Surplus	153.557	57.050	52.830
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	163.557	67.050	62.830
long-term borrowings	108.290	192.648	140.495
Short term borrowings	235.379	91.691	199.258
Current maturities of long-term debts	23.116	0.000	0.000
Total borrowings	366.785	284.339	339.753
Debt/Equity ratio	2.243	4.241	5.407

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	338.804	325.206	485.415
		(4.014)	49.264

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	338.804	325.206	485.415
Profit	(31.061)	(96.502)	(4.219)
	(9.17%)	(29.67%)	(0.87%)

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	Yes
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)	Yes
16	No. of employees	Yes
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from Exhibition Road, P S Gandhi Maidan, Patna – 800001, Bihar, India to the present address w.e.f. 16.07.2012

DURING THE YEAR:

The Company achieved Sales Turnover and Other Income Rs. 557.219 Million. Although, working capital shrunk due to heavy repayments, during the year turnover of the Company has registered a growth of 50% appx.

All the products of the Company including new introductions have been well accepted by the medical fraternity in India. Better product Sales mix, introduction of new products and cost control measures in various areas, contributed towards higher sales. The main therapeutic area of interest to the Company continous to be health care, neutraciticals, vitamins supplements and antibiotics.

The Company has plans for launching new products, both own and in-licenced, in therapeutic area. The Company also has plans to change formula of existing products. These activities are expected to further strengthen the product port folio and enable growth in turnover as well as increase in profitability.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans & Advances from related parties Repayment in five year Interest @14.5%	69.415	77.593
From shareholders, security deposit from stockist etc.	6.591	6.591
SHORT TERM BORROWING
From stockist and others Loans and Advances to related parties	116.083	18.010
Security deposit received from c and f	38.653	32.226
Security deposit retained	1.409	1.409
Total	232.151	135.829

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10582850	03/06/2015	580,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	RASEC DADAR BRANCH, LAXMAN ZULLA, 1ST FLOOR,, 50, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028 , INDIA	C60210648
2	10582852	03/06/2015	700,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	RASEC DADAR BRANCH, LAXMAN ZULLA, 1ST FLOOR,, 50, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028 , INDIA	C60211174
3	10543786	22/12/2014	30,000,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	SMALL AND MEDIUM ENTERPRISES BRANCH,, POPATLAL NI WAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHAR ASHTRA - 400028, INDIA	C40817231
4	10543792	22/12/2014	30,000,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	SMALL AND MEDIUM ENTERPRISES BRANCH,, POPATLAL NI WAS, 1ST FLOOR, RANADE ROAD, DADAR,, MUMBAI, MAHAR ASHTRA - 400028, INDIA	C40818908
5	10526039	30/09/2014	710,000.00	THE SARASWAT CO-OP. BANK LIMITED	RASEC DADAR BRANCH, 50 LAXUMAN ZULLA,1ST FLOOR,, RANADE ROAD, DADAR (WEST),, MUMBAI, MAHARASHTRA - 400028, INDIA	C29773298
6	10526036	25/09/2014	690,000.00	THE SARASWAT CO-OP. BANK LIMITED	RASEC DADAR BRANCH, 50 LAXUMAN ZULLA,1ST FLOOR,, RANADE ROAD, DADAR (WEST),, MUMBAI, MAHARASHTRA - 400028, INDIA	C29772100
7	10514646	22/07/2014	770,000.00	SARASWAT CO-OPERATIVE BANK LTD	LAXMAN ZULLA, 1ST FLOOR,, RANADE ROAD, DADAR., MU MBAI, MAHARASHTRA - 400028, INDIA	C16260317
8	10495310	28/04/2014	20,000,000.00	THE SARASWAT CO-OP. BANK LTD.	SME DADAR BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANA DE ROAD,DADAR (WEST), MUMBAI, MAHARASHTRA - 400028 , INDIA	C04675690
9	10366974	29/06/2012	127,500,000.00	THE SARASWAT CO-OPERATIVE BANK LTD	SME DADAR BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANA DE ROAD,DADAR, MUMBAI, MAHARASHTRA - 400028, INDIA	B44332567
10	10371149	29/06/2012	10,000,000.00	THE SARASWAT CO-OPERATIVE BANK LTD	SME DADAR BRANCH, POPATLAL NIWAS, 1ST FLOOR, RANA DE ROAD,DADAR, MUMBAI, MAHARASHTRA - 400028, INDIA	B55874481

* Date of charge modification

CONTINGENT LIABILITIES: (AS ON 31.03.2014)

Claims not acknowledged as debts in respect of Sales tax matters in Tribunal Rs.1.538 Million

FIXED ASSETS

Tangible Assets :

• Land
• Buildings
• Plant and Machineries
• Furniture and Fixtures
• Vehicles
• Computer

Intangible Assets

• Trade Mark

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.64.92
UK Pound	1	Rs.101.44
Euro	1	Rs.72.26

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.