MIRA INFORM REPORT

Report No. :	337642
Report Date :	24.08.2015

IDENTIFICATION DETAILS

Name :	ZYDUS BSV PHARMA PRIVATE LIMITED
Registered Office :	Plot No.1A, Pharmez, Sarkhej-Bavla N.H. No. 8A, Matoda, District Ahmedabad – 382213, Gujarat
Tel. No.:	91-2717-663504
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.10.2005
Com. Reg. No.:	04-046915
Capital Investment / Paid-up Capital :	Rs. 793.300 Million
CIN No.: [Company Identification No.]	U24230GJ2005PTC046915
IEC No.:	0805011854
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCB7065R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Oncology Injectables.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 1500000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Company has incurred continuous losses from its operations which has resulted into some accumulated losses. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of absence of latest financials, 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 DENIED

Management non co-operative (Tel. No. 91-2717-663504/663500)

LOCATIONS

Registered Office :	Plot No.1A, Pharmez, Sarkhej-Bavla N.H. No. 8A, Matoda, District Ahmedabad – 382213, Gujarat, India
Tel. No.:	91-2717-663504/663500
Fax No.:	Not Available
E-Mail :	jagdishmehta@zydubsv.com

DIRECTORS

AS ON 04.09.2014

Name :

Ganesh Narayan Nayak

Designation :

Director

Address :

3, Ashwamegh Part V, Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

18.05.1955

Date of Appointment :

07.04.2006

DIN No.:

00017481

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	U24231MH1999PTC119171	ZYDUS TAKEDA HEALTHCARE PRIVATE LIMITED	Nominee director	28/04/1999	28/04/1999	-	Active	NO
2	U24239GJ2000PLC075267	ZYDUS ANIMAL HEALTH LIMITED	Nominee director	03/04/2000	03/04/2000	-	Amalgamated	NO
3	U24230GJ2005PTC046246	ZYDUS HOSPIRA ONCOLOGY PRIVATE LIMITED	Director	24/01/2006	24/01/2006	-	Active	NO
4	U24230GJ2005PTC046915	Alidac Pharmaceuticals Private Limited	Director	25/08/2006	07/04/2006	-	Active	NO
5	U73100GJ2005PTC046914	ZYDUS BSV RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Director	25/08/2006	07/04/2006	-	Amalgamated	NO
6	L15201GJ1994PLC023490	ZYDUS WELLNESS LIMITED	Director	29/09/2006	27/07/2006	-	Active	NO
7	U24239GJ1982PLC075559	LIVA HEALTHCARE LIMITED	Nominee director	18/04/2007	18/04/2007	20/08/2012	Amalgamated	NO
8	U85100MH2010PTC208778	VIOLIO PHARMA PRIVATE LIMITED	Director	07/10/2010	07/10/2010	-	Active	NO
9	U24233MH2011PTC213118	Bayer Zydus Pharma Private Limited	Director	31/05/2012	24/03/2011	-	Active	NO
10	U74140DL2010PLC210936	FINEST PROCURING SOLUTIONS LIMITED	Additional director	27/07/2011	27/07/2011	-	Amalgamated	NO
11	U24230MH2004PLC149397	BIOCHEM PHARMACEUTICAL INDUSTRIES LIMITED PART IX	Director	26/07/2012	21/12/2011	-	Active	NO
12	U24230GJ2009PLC056149	ZYDUS TECHNOLOGIES LIMITED	Director	26/08/2013	03/01/2013	-	Active	NO

Name :

Nitinkumar Dalsukhray Parekh

Designation :

Director

Address :

A-3, Aryaman Bungalows, Near Railway Crossing, Thaltej – Shilaj Road, Ahmedabad – 380059, Gujarat, India

Date of Birth/Age :

09.02.1961

Date of Appointment :

17.06.2014

DIN No.:

00155570

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	U65910GJ1991PLC015416	FRESHTEX INDIA LIMITED	Director	12/04/1991	12/04/1991	06/01/2009	Active	NO
2	L99999GJ1982PLC005253	ASHIMA LIMITED	Whole-time director	01/03/1992	01/03/1992	31/12/2008	Active	NO
3	L51100GJ1981PLC004285	NACHMO KNITEX LIMITED	Director appointed in casual vacancy	30/03/2007	30/03/2007	06/01/2009	Under liquidation	NO
4	U51900GJ1989PLC079501	GERMAN REMEDIES LIMITED	Director	30/06/2011	30/06/2011	-	Active	NO
5	U74140DL2010PLC210936	FINEST PROCURING SOLUTIONS LIMITED	Additional director	27/07/2011	27/07/2011	-	Amalgamated	NO
6	U24230MH2004PLC149397	BIOCHEM PHARMACEUTICAL INDUSTRIES LIMITED PART IX	Director	26/07/2012	21/12/2011	-	Active	NO
7	U24239GJ1982PLC075559	LIVA HEALTHCARE LIMITED	Additional director	20/08/2012	20/08/2012	-	Amalgamated	NO
8	U51397GJ2005PLC061284	DIALFORHEALTH GREENCROSS LIMITED	Director	03/12/2012	03/12/2012	-	Active	NO
9	U24239GJ2000PLC075267	ZYDUS ANIMAL HEALTH LIMITED	Additional director	03/01/2013	03/01/2013	-	Amalgamated	NO
10	U24230GJ2005PTC046246	ZYDUS HOSPIRA ONCOLOGY PRIVATE LIMITED	Director	01/08/2014	11/02/2014	-	Active	NO
11	U24230GJ2005PTC046915	Alidac Pharmaceuticals Private Limited	Director	04/09/2014	17/06/2014	-	Active	NO

Name :

Madhav Shripadrao Kulkarni

Designation :

Director

Address :

12, Pushp Bunglow, Ashok Vatika, Near Vikramnagar, Behind Iscon Temple, Ambli Bopal Road, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

17.02.1954

Date of Appointment :

01.02.2012

DIN No.:

01916094

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	U24239GJ1982PLC075559	LIVA HEALTHCARE LIMITED	Director	29/09/2007	14/08/2007	-	Amalgamated	NO
2	U24230GJ2005PTC046915	Alidac Pharmaceuticals Private Limited	Director	01/02/2012	01/02/2012	-	Active	NO
3	U24231GJ1994PLC023298	ZYDUS PHARMACEUTICALS LIMITED	Additional director	03/01/2013	03/01/2013	-	Amalgamated	NO

KEY EXECUTIVES

Name :	J A Mehta
Designation :	Secretary
Address :	A 11, Florence Residency, Near Science City Flyover, Science City Road, Sola, Ahmedabad – 380060, Gujarat, India
Date of Appointment :	29.03.2013
PAN No.:	AAWPM8228L
Name :	Rashminkumar Bipinchandra Shah
Designation :	CEO
Address :	6, Avi Bungalows, Behind Someshwar Complex II, Satellite Road, Ahmedabad – 380015, Gujarat, India
Date of Appointment :	17.06.2014
PAN No.:	AHJPS7255B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 04.09.2014

Names of Equity Shareholders	No. of Shares
Bharat Serums and Vaccines Limited, India	11130000
Daftary Vinod Bharat	17500
Daftart Vinod Gautam	17500
Cadila Healthcare Limited, India	11165000
Total	22330000

Names of Preference Shareholders	No. of Shares
Bharat Serums and Vaccines Limited, India	2850000
Cadila Healthcare Limited, India	2850000
Total	570000

Equity Share Break up (Percentage of Total Equity)

AS ON 04.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Oncology Injectables.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Not Divulged

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 :

Banker Name	Not Divulged
Branch Address	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 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
SHORT TERM BORROWING
Working capital loans from banks	3.920	0.000
Total	3.920	0.000

Auditors :
Name :	M.M. Nissim and Company Chartered accountants
Address :	Mumbai, Maharashtra, India
PAN No.:	AAAFM5103E
Memberships :	--
Collaborators :	--
Joint Venture :	Bharat Serums and Vaccines Limited Cadila Healthcare Limited

CAPITAL STRUCTURE

AS ON 04.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
23000000	Equity Shares	Rs.10/- each	Rs. 230.000 Million
5900000	Preference Shares	Rs. 100/- each	Rs. 590.000 Million
	Total		Rs. 820.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22330000	Equity Shares	Rs.10/- each	Rs. 223.300 Million
5700000	Preference Shares	Rs. 100/- each	Rs. 570.000 Million
	Total		Rs. 793.300 Million

AFTER 04.09.2014

Authorised Capital: Rs. 1000.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 818.300 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	793.300	658.300	498.300
(b) Reserves & Surplus	(233.342)	(174.472)	(118.415)
(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)	559.958	483.828	379.885
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	116.664
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.816	3.334	3.045
Total Non-current Liabilities (3)	5.816	3.334	119.709
(4) Current Liabilities
(a) Short term borrowings	3.920	0.000	0.000
(b) Trade payables	23.259	37.647	3.257
(c) Other current liabilities	33.017	126.557	122.183
(d) Short-term provisions	0.198	0.102	0.068
Total Current Liabilities (4)	60.394	164.306	125.508
TOTAL	626.168	651.468	625.102
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	531.329	555.394	577.534
(ii) Intangible Assets	5.981	11.220	18.209
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.022	2.799	3.819
(e) Other Non-current assets	0.000	0.000	0.594
Total Non-Current Assets	541.332	569.413	600.156
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	52.840	37.264	8.843
(c) Trade receivables	7.652	18.609	6.724
(d) Cash and cash equivalents	7.190	5.536	7.857
(e) Short-term loans and advances	1.186	19.130	0.792
(f) Other current assets	15.968	1.516	0.730
Total Current Assets	84.836	82.055	24.946
TOTAL	626.168	651.468	625.102

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	189.519	122.277	56.699
Less	EXPENSES
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	(28.466)	(24.429)	(54.418)
Less/ Add	DEPRECIATION/ AMORTISATION	30.404	31.626	23.953
	PROFIT BEFORE TAX	(58.870)	(56.055)	(78.371)
Less	TAX	0.000	0.000	(0.034)
	PROFIT AFTER TAX	(58.870)	(56.055)	(78.337)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(204.772)	(148.717)	(70.380)
	BALANCE CARRIED TO THE B/S	(263.642)	(204.772)	(148.717)
	Earnings Per Share (Rs.)	(2.11)	(1.99)	(2.79)

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
Net cash flow from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(31.06)	(45.84)	(138.16)
Return on Total Assets (PBT/Total Assets}	(%)	(9.40)	(8.60)	(12.54)
Return on Investment (ROI) (PBT/Networth)		(0.11)	(0.12)	(0.21)
Debt Equity Ratio (Total Debt /Networth)		0.01	0.00	0.31
Current Ratio (Current Asset/Current Liability)		1.40	0.50	0.20

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	498.300	658.300	793.300
Reserves & Surplus	(118.415)	(174.472)	(233.342)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	379.885	483.828	559.958
long-term borrowings	116.664	0.000	0.000
Short term borrowings	0.000	0.000	3.920
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	116.664	0.000	3.920
Debt/Equity ratio	0.307	0.000	0.007

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	56.699	122.277	189.519
		115.660	54.992

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	56.699	122.277	189.519
Profit	(78.337)	(56.055)	(58.870)
	(138.16%)	(45.84%)	(31.06%)

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	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS:

The Company’s novel and patented product continues to enjoy confidence of the Indian oncologist fraternity. The breast cancer clinical trial has been completed and outcome was found favorable for further growth of the product. However, the Investigational New Drug application submitted during the year to USFDA, was deemed deficient on several aspects. While the patent is granted in EU and a few other countries, the application for patent is rejected by US Patent and Trademark Office. The setback has posed a serious challenge on Company’s core product. The Board is evaluating options to overcome this setback.

During the year, due to quality problems in several batches of a product supplied to a customer in Germany, the company did not receive the payment towards supplies and further orders. Therefore, the Company has provided for Rs.5.832 Million in the books of accounts. Due to non-receipt of further orders, production was lower in the last quarter of CY 2013 and first quarter of CY 2014.

During the year, the Company has decided to discard its assets lying in Goa due to technological obsolescence and booked loss of Rs.9.000 Million.

The Company has made good progress in the contract manufacturing business segment enjoying the trust of its customers from US and Europe. Apart from generic Oncology products, the Company also manufactures NCE and NDDS products for some of the customers. During the year, the company added one more customer to its total customer portfolio for US market. The Company has till date filed 6 ANDA and 1 NDA, of which 1 ANDA is already approved.

During the year, German FDA audited and approved the manufacturing facility. The Company also got the WHO-GMP approval in June 2013. The Company is optimistic of maintaining the GMP compliant status of its plant at renewal inspection carried out by USFDA in the last quarter of the financial year.

FUTURE OUTLOOK:

The Company needs to aggressively build its generic and contract manufacturing business. In this direction, the Company has taken various initiatives with the help of promoters. During FY 2014-15, the Company expects to submit another two ANDAs for its customers.

The company expects to achieve normal to above-average growth depending on product approvals as an outcome of the ANDAs submitted earlier.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments
• Other Equipments

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. 65.83
UK Pound	1	Rs. 103.37
Euro	1	Rs. 74.27

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KIN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.