MIRA INFORM REPORT

Report No. :	355162
Report Date :	16.12.2015

IDENTIFICATION DETAILS

Name :	UNITED BIOTECH PRIVATE LIMITED

Registered Office :	E-142, Saket, New Delhi – 110017
Tel. No.:	91-11-26855082/ 40651100

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	31.01.1997

Com. Reg. No.:	55-084814

Capital Investment / Paid-up Capital :	Rs.45.363 Million

CIN No.: [Company Identification No.]	U24239DL1997PTC084814

IEC No.:	0596068514

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACU1839L

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Pharmaceutical Products like Formulations, Injections etc. (Confirmed by management)

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 11315000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject is an established company incorporated in the year 1997. As per Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2015 but the documents related to the financials are not available from any sources. For the financial year ended 2014, the company has healthy operational activity marked by decent top line growth and achieved profitability margin of 39.18%. The company has strong financial base marked by zero debt balance sheet profile. Rating derives strength from extensive experience of its promoters along with long business track. Trade relations are fair. Business is active. Payments are regular and as per commitments. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION PARTED BY (PARTIAL DETAILS)

Name :	Mr. Joshi
Designation :	Admin Manager
Contact No.:	91-11-40651100
Date :	16.12.2015

LOCATIONS

Registered Office :	E-142, Saket, New Delhi – 110017, India
Tel. No.:	91-11-26855082/ 40651100
Fax No.:	91-11-26855082/ 66607096
E-Mail :	ubpl@del3.vsnl.net.in accounts@unitedbiotechindia.com administration@unitedbiotechindia.com ubpl@vsnl.com international@unitedbiotechindia.com
Website :	http://www.unitedbiotechindia.com

Corporate Office :	FC/B-1 (Extn.), Mohan Co-operative Industrial Estate, Mathura Road, New Delhi – 110044, India
Tel. No.:	91-11-66611100 (30 lines) 91-11-40651100 (30 lines) 91-11-66403098/99, 26940762
Fax No.:	91-11-66607096/ 66607091
E-Mail:	ubpl@vsnl.com

Factory :	Bagbania, Baddi, Nalagarh Road, District Solan – 174101, Himachal Pradesh, India
Tel. No.:	91-1795-236904/ 5/ 6
Fax No.:	91-1795-236604
E-Mail :	plant@unitedbiotechindia.com

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Rajiv Kumar

Designation :

Whole-time Director

Address :

E-142, Saket, Delhi – 110017, India

Date of Birth/Age :

09.04.1963

Qualification :

Bachelor in Pharma

Date of Appointment :

22.04.2008

PAN No.:

AIYPK0694G

DIN No.:

00073944

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	U24239DL1997PTC084814	UNITED BIOTECH PRIVATE LIMITED	Whole-time director	22/04/2008	31/01/1997	-	Active	NO
2	U24233DL2010PTC199814	SORGEN HEALTHCARE PRIVATE LIMITED	Director	08/03/2010	08/03/2010	-	Active	NO
3	U24297DL2011PTC227673	UMANO HEALTHCARE PRIVATE LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO
4	U24239DL1999PTC101466	ALPHA BIOCARE PRIVATE LIMITED	Director	26/09/2014	06/12/2013	-	Active	NO
5	U24231DL2011PTC227688	FELIZ LIFECARE PRIVATE LIMITED	Director	27/09/2014	07/12/2013	-	Active	NO
6	U27101DL1981PTC012739	SUBHAM UDYOG PRIVATE LIMITED	Director	27/09/2014	07/12/2013	-	Active	NO

Name :

Mrs. Ashwini Kumar

Designation :

Director

Address :

E-142, Saket, Delhi – 110017, India

Date of Birth/Age :

23.07.1969

Date of Appointment :

07.12.2013

PAN No.:

AAMPK8394H

DIN No.:

00074064

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	U24239DL1999PTC101466	ALPHA BIOCARE PRIVATE LIMITED	Director	08/09/1999	08/09/1999	-	Active	NO
2	U27101DL1981PTC012739	SUBHAM UDYOG PRIVATE LIMITED	Director	06/06/2001	06/06/2001	-	Active	NO
3	U24297DL2011PTC227673	UMANO HEALTHCARE PRIVATE LIMITED	Director	17/10/2012	19/06/2012	-	Active	NO
4	U24231DL2011PTC227688	FELIZ LIFECARE PRIVATE LIMITED	Director	27/09/2014	07/12/2013	-	Active	NO
5	U24233DL2010PTC199814	SORGEN HEALTHCARE PRIVATE LIMITED	Director	27/09/2014	07/12/2013	-	Active	NO
6	U24239DL1997PTC084814	UNITED BIOTECH PRIVATE LIMITED	Director	26/09/2014	07/12/2013	-	Active	NO

Name :

Mrs. Kailash Devi

Designation :

Whole-time Director

Address :

E-142, Saket, Delhi – 110017, India

Qualification :

Date of Appointment :

22.04.2008

PAN No.:

AHZPD8829N

DIN No.:

00074289

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	U27101DL1981PTC012739	SUBHAM UDYOG PRIVATE LIMITED	Director	06/06/2001	06/06/2001	-	Active	NO
2	U24239DL1997PTC084814	UNITED BIOTECH PRIVATE LIMITED	Whole-time director	22/04/2008	01/05/2002	-	Active	NO
3	U24231DL2011PTC227688	FELIZ LIFECARE PRIVATE LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO
4	U24239DL1999PTC101466	ALPHA BIOCARE PRIVATE LIMITED	Director	26/09/2014	06/12/2013	-	Active	NO
5	U24297DL2011PTC227673	UMANO HEALTHCARE PRIVATE LIMITED	Director	30/09/2014	06/12/2013	-	Active	NO
6	U24233DL2010PTC199814	SORGEN HEALTHCARE PRIVATE LIMITED	Director	27/09/2014	07/12/2013	-	Active	NO

Name :

Mr. Sanjeev Kumar

Designation :

Whole-time Director

Address :

House No. E-142, Saket Malviya Nagar, Delhi – 110017, India

Date of Birth/Age :

26.09.1966

Qualification :

B. Pharma

Date of Appointment :

02.04.2007

PAN No.:

AHEPK5672K

DIN No.:

01691559

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	U24239DL1997PTC084814	UNITED BIOTECH PRIVATE LIMITED	Whole-time director	02/04/2007	02/04/2007	-	Active	NO
2	U27101DL1981PTC012739	SUBHAM UDYOG PRIVATE LIMITED	Director	27/03/2008	27/03/2008	-	Active	NO
3	U24231DL2011PTC227688	FELIZ LIFECARE PRIVATE LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO
4	U24239DL1999PTC101466	ALPHA BIOCARE PRIVATE LIMITED	Director	26/09/2014	09/12/2013	-	Active	NO
5	U24233DL2010PTC199814	SORGEN HEALTHCARE PRIVATE LIMITED	Director	27/09/2014	09/12/2013	-	Active	NO
6	U24297DL2011PTC227673	UMANO HEALTHCARE PRIVATE LIMITED	Director	30/09/2014	09/12/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Joshi
Designation :	Admin Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2014

Names of Shareholders	No. of Shares	Percentage
Rajiv Kumar	59233	13.06
Kailash Devi	113409	25.00
Kavita Gakhar	54175	11.94
Monika Gakhar	54175	11.94
Ashwani Kumar	59233	13.06
Sanjeev Kumar	59233	13.06
Preeti Gakhar	54175	11.94
Total	453633	100.00

AS ON 26.09.2014

Equity Share Break up (Percentage of Total Equity)

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pharmaceutical Products like Formulations, Injections etc. (Confirmed by management)

Products :	Formulations Injections

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

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 :

Not Divulged

Bankers :

Banker Name :	Oriental Bank of Commerce
Branch Address :	Hauz Khas Branch, New Delhi, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

Auditors :
Name :	VPGS and Company Chartered Accountants
Address :	3208, II Floor, Mahindra Park, New Delhi-110034, India
Tel. No.:	AAGFA7822G

Memberships :	Not Available

Collaborators :	Not Available

Associate:	Subham Udyog Private Limited CIN No.: U27101DL1981PTC012739 American Hospital Services A R Labs The Pharmacy

Subsidiaries:	Sorgen Healthcare Private Limited CIN No.: U24233DL2010PTC199814 Umano Healthcare Private Limited CIN No.: U24297DL2011PTC227673 Feliz Lifecare Private Limited CIN No.: U24231DL2011PTC227688

CAPITAL STRUCTURE

AS ON 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs. 100/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

453633	Equity Shares	Rs. 100/- each	Rs. 45.363 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	45.363	45.363	45.363
(b) Reserves & Surplus	3914.867	2992.823	2339.292
(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)	3960.230	3038.186	2384.655

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	4.094	2.285	6.857
(c) Other long term liabilities	35.700	35.345	35.330
(d) long-term provisions	17.517	12.075	9.354
Total Non-current Liabilities (3)	57.311	49.705	51.541

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	93.267	104.076	111.781
(c) Other current liabilities	30.626	31.007	9.016
(d) Short-term provisions	282.117	214.614	150.401
Total Current Liabilities (4)	406.010	349.697	271.198

TOTAL	4423.551	3437.588	2707.394

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	583.691	568.551	578.752
(ii) Intangible Assets	0.333	0.556	0.383
(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	202.561	172.561	162.561
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	584.054	432.689	318.795
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1370.639	1174.357	1060.491

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	406.897	333.625	252.581
(c) Trade receivables	315.583	272.688	205.966
(d) Cash and cash equivalents	2082.780	1450.131	1039.068
(e) Short-term loans and advances	18.333	31.756	8.139
(f) Other current assets	229.319	175.031	141.149
Total Current Assets	3052.912	2263.231	1646.903

TOTAL	4423.551	3437.588	2707.394

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	2488.819	1967.394	1501.917

Less	EXPENSES
		TOTAL	1447.647	1207.091	868.584

	PROFIT BEFORE TAX		1041.172	760.303	633.333

Less	TAX		66.056	53.700	32.383

	PROFIT AFTER TAX		975.116	706.603	600.950

	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2992.823	2339.292	1743.613

Less	APPROPRIATIONS
		Dividend	45.363	45.363	4.536
		Tax on Dividend	7.709	7.709	0.735
	BALANCE CARRIED TO THE B/S		3914.867	2992.823	2339.292

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	285.362	143.899	41.033
	TOTAL EARNINGS		285.362	143.899	41.033

	IMPORTS
		Raw Materials	75.757	74.530	43.659
	TOTAL IMPORTS		75.757	74.530	43.659

	Earnings Per Share (Rs.)		2149.57	1557.65	1324.75

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	39.18	35.92	40.01

Operating Profit Margin (PBDIT/ Total Income)	(%)	41.83	38.65	42.17

Return on Total Assets (PBT/Total Assets}	(%)	24.67	23.29	24.89

Return on Investment (ROI) (PBT/Networth)		0.26	0.25	0.27

Current Ratio (Current Asset/Current Liability)		7.52	6.47	6.07

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 flows from (used in) operation	811.042	505.558	587.729

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	45.363	45.363	45.363
Reserves & Surplus	2339.292	2992.823	3914.867
Net worth	2384.655	3038.186	3960.230

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1501.917	1967.394	2488.819
		30.992	26.503

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1501.917	1967.394	2488.819
Profit	600.950	706.603	975.116
	40.01%	35.92%	39.18%

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	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	Yes
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	No
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	No
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	No
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	Yes
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

$~15 * IN THE HIGH COURT OF DELHI AT NEW DELHI

+ CS(OS) 2808/2015 and I.A. No.19428/2015 (stay)

CADILA HEALTHCARE LIMITED ..... Plaintiff

Through: Mr. Kunal Kher, Advocate.

Versus

UNITED BIOTECH PVT LIMITED..... Defendant

Through: Ms. Shweta Duggal, Advocate.

CORAM:

HON'BLE MR. JUSTICE VALMIKI J. MEHTA

O R D E R % 09.12.2015

Ordinarily, this suit would have been transferred to the jurisdictional Court under the District & Sessions Judge, however, since this is an IPR matter, in view of the orders passed in W.P.(C) No.11035/2015 whereby presently there cannot be transfer of IPR matters, list for further proceedings on 14th March, 2016.

VALMIKI J. MEHTA, J

DECEMBER 09, 2015

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10167751	21/07/2009	3,000,000.00	Director of Industries	Through Deputy Director of Industries, Single Window Clearance Agency, Nalagarh, Himachal Pradesh - 173211, INDIA	A66436221
2	90337196	04/02/2013 *	62,500,000.00	ORIENTAL BANK OF COMMERCE	HAUZ KHAS INSTITUTIONAL AREA, NEW DELHI, Delhi - 110016, INDIA	B69129039

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Vehicles

· Computers

· Office Equipment

· Capital Work in Progress

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 records 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. 67.04
UK Pound	1	Rs. 101.67
Euro	1	Rs. 73.93

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	TRI

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--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		67

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.

MIRA INFORM REPORT

Unit