MIRA INFORM REPORT

Report No. :	307135
Report Date :	09.02.2015

IDENTIFICATION DETAILS

Name :	WINDLAS BIOTECH LIMITED
Registered Office :	40/1, Mohabewala, Industrial Rea, Dehradun – 248110, Uttarkhand
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.02.2001
Com. Reg. No.:	20-033407
Capital Investment / Paid-up Capital :	Rs. 50.000 Millions
CIN No.: [Company Identification No.]	U74899UR2001PLC033407
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MRTW00026F
PAN No.: [Permanent Account No.]	AAACW3417C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Antibacterial, analgesics, anti-inflammatory, multivitamins, haemostatic, cardiovascular, Anti-HIV, anti-TB; all categories-in capsules, tablets, syrups, dry-syrups and Injectables.
No. of Employees :	Not Divulged [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 430000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. General financial position of the company is good. Trade relations are fair. Business is active. Payments are reported as usually correct. The company can be considered normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	INDIA RATINGS AND RESEARCH
Rating	Long term issuer rating BBB+
Rating Explanation	Moderate Degree of Safety and Moderate Credit Risk
Date	December 01, 2014

Rating Agency Name	INDIA RATINGS AND RESEARCH
Rating	Short term bank facilities A2+
Rating Explanation	Strong Degree of Safety and Low Credit Risk
Date	December 01, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Pant
Designation :	Account Manager
Contact No.:	91-135-6608000
Date :	06.02.2015

LOCATIONS

Registered Office :	40/1, Mohabewala, Industrial Rea, Dehradun – 248110, Uttarkhand, India
Tel. No.:	91-135-6608000
Fax No.:	91-135-2643005
E-Mail :	cs@windlasbiotech.com
Website :	http://www.windlasbiotech.com
Corporate Office :	705-706, Vatika Professional Point, Sector-66, Golf Course Road, Gurgoan -122018, Haryana, India
Tel. No.:	91-124-2821030
Fax No.:	91-124-2821059

DIRECTORS

As on 30.09.2014

Name :

Mr. Ashok Kumar Windlass

Designation :

Managing Director

Address :

53 R, Rajpur Road, Dehradun – 248110, Uttarakhand, India

Date of Birth/Age :

23.10.1950

Date of Appointment :

01.04.2011

DIN No :

00011451

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	U15492UR1990PTC011729	WINDLASS MARKETING PRIVATE LIMITED	Director	12/03/1990	12/03/1990	26/11/2012	Active	NO
2	U74899DL1989PTC037847	G.J.W. MARKETING AND SERVICES PRIVATE LIMITED	Director	25/11/1999	25/11/1999	-	Under Process of Striking off	NO
3	U74899UR2001PLC033407	WINDLAS BIOTECH LIMITED	Managing director	01/04/2011	19/02/2001	-	Active	NO
4	U74899DL1981PTC011237	WINDLASS OIL EXPLORATION PRIVATE LIMITED	Director	31/03/2005	31/03/2005	01/01/2011	Active	NO
5	U74991UR2007PTC032356	WINDLASS ENGINEERS & SERVICES PRIVATE LIMITED	Director	01/02/2007	01/02/2007	22/11/2010	Active	NO
6	U85100UR2010PTC033065	WINDLAS HEALTHCARE PRIVATE LIMITED	Director	12/02/2010	12/02/2010	-	Active	NO
7	U74120UR2011PTC033397	WINDLAS EXPORTS PRIVATE LIMITED	Director	01/02/2011	01/02/2011	-	Active	NO

Name :

Mr. Manoj Kumar Windlass

Designation :

Director

Address :

53 R, Rajpur Road, Dehradun – 248110, Uttarakhand, India

Date of Birth/Age :

24.09.1978

Date of Appointment :

15.10.2010

DIN No :

00221671

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	U74899UR2001PLC033407	WINDLAS BIOTECH LIMITED	Director	15/09/2010	01/04/2006	-	Active	NO
2	U85100UR2010PTC033065	WINDLAS HEALTHCARE PRIVATE LIMITED	Director	28/09/2010	14/09/2010	-	Active	NO
3	U74120UR2011PTC033397	WINDLAS EXPORTS PRIVATE LIMITED	Director	01/02/2011	01/02/2011	-	Active	NO

Name :

Mr. Hitesh Windlass

Designation :

Director

Address :

53 R, Rajpur Road, Dehradun – 248110, Uttarakhand, India

Date of Birth/Age :

06.01.1977

Date of Appointment :

15.09.2010

DIN No

02030941

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	U74899UR2001PLC033407	WINDLAS BIOTECH LIMITED	Director	15/09/2010	21/01/2008	-	Active	NO
2	U85100UR2010PTC033065	WINDLAS HEALTHCARE PRIVATE LIMITED	Director	28/09/2010	14/09/2010	-	Active	NO
3	U51909HR2010PTC052394	MEDICINES COMPANY (INDIA) PRIVATE LIMITED	Director	28/12/2010	28/12/2010	-	Active	NO
4	U74120UR2011PTC033397	WINDLAS EXPORTS PRIVATE LIMITED	Managing director	01/02/2011	01/02/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anjan Kumar
Designation :	Secretary
Address :	91/4, Saharanpur Road, Dehradun – 248001, Uttarakhand, India
Date of Birth/Age :	06.04.1988
Date of Appointment :	05.06.2010
Name :	Mr. Pant
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Ashok Kumar Windlass	4499995
Manoj Kumar Windlass	1
Hitesh Windlass	1
Vimla Windlass	500000
Vani Windlass	1
Prachi Windlass	1
Payal Windlass	1
Total	5000000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Antibacterial, analgesics, anti-inflammatory, multivitamins, haemostatic, cardiovascular, Anti-HIV, anti-TB; all categories-in capsules, tablets, syrups, dry-syrups and Injectables.
Products :	· Pharmaceuticals Preparations · Tablets · Capsules · Injectable · Syrups · Dry Syrup
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 [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

Banker Name :	Indusind Bank Limited
Branch Address :	Dr. Gopal Das Building, 28, Barakhamba Road, New Delhi – 110001, 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

• Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India , Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
• HDFC Bank ,House Senapati Bapat Marg , Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	144.720	27.838
SHORT TERM BORROWINGS
Others Loans and Advance	197.407	168.296
Total	342.127	196.134

Auditors :
Name :	Rajesh Gupta Chartered Accountant
Address :	Shop No.3, First Floor, Shaleen Arcade -21, New Road, Dehradun – 248110, Uttarakhand, India
Tel. No. :	91-135-2710677
E-Mail	rajeshsushma2005@yahoo.co.in
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary :	Windlass Healthcare Private Limited, India CIN : U85100UR2010PTC033065

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

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	50.000	50.000	50.000
(b) Reserves & Surplus	534.437	435.982	352.463
(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)	584.437	485.982	402.463
(3) Non-Current Liabilities
(a) long-term borrowings	144.720	27.839	40.419
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.250	2.050	2.050
(d) long-term provisions	2.553	2.621	1.799
Total Non-current Liabilities (3)	149.523	32.510	44.268
(4) Current Liabilities
(a) Short term borrowings	197.407	168.297	204.932
(b) Trade payables	499.580	404.701	383.148
(c) Other current liabilities	65.165	60.609	34.728
(d) Short-term provisions	32.312	27.040	22.690
Total Current Liabilities (4)	794.464	660.647	645.498
TOTAL	1528.424	1179.139	1092.229
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	432.708	278.685	201.999
(ii) Intangible Assets	0.000	0.000	2.430
(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	85.400	85.400	85.400
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	122.407	96.160	95.188
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	640.515	460.245	385.017
(2) Current assets
(a) Current investments	0.000	0.0000	0.000
(b) Inventories	320.729	145.688	197.542
(c) Trade receivables	408.255	470.991	435.329
(d) Cash and cash equivalents	61.084	10.241	8.115
(e) Short-term loans and advances	91.042	90.594	65.582
(f) Other current assets	6.799	1.380	0.644
Total Current Assets	887.909	718.894	707.212
TOTAL	1528.424	1179.139	1092.229

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2047.366	1951.768	1738.080
		Other Income	5.425	2.476	2.008
		TOTAL	2052.791	1954.244	1740.088
Less	EXPENSES
		Cost of Materials Consumed	1585.483	1489.169	1297.985
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(43.037)	17.557	39.420
		Employees benefits expense	107.250	99.716	85.971
		Other expenses	171.815	146.202	38.288
		TOTAL	1821.511	1752.644	1461.664
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		231.280	201.600	278.424
Less	FINANCIAL EXPENSES		31.996	37.831	38.288
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		199.284	163.769	240.136
Less/ Add	DEPRECIATION/ AMORTISATION		39.031	29.284	26.914
	PROFIT/ (LOSS) BEFORE TAX		160.253	134.485	213.222
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		160.253	134.485	213.222
	Earnings / (Loss) Per Share (Rs.)		32.05	26.90	42.64

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	7.83	6.89	12.27
Operating Profit Margin (PBDIT/Sales)	(%)	11.30	10.33	16.02
Return on Total Assets (PBT/Total Assets}	(%)	11.11	12.30	21.18
Return on Investment (ROI) (PBT/Networth)		0.27	0.28	0.53
Debt Equity Ratio (Total Debt/Networth)		0.59	0.40	0.61
Current Ratio (Current Asset/Current Liability)		1.12	1.09	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	50.000	50.000	50.000
Reserves & Surplus	352.463	435.982	534.437
Net worth	402.463	485.982	584.437
long-term borrowings	40.419	27.839	144.720
Short term borrowings	204.932	168.297	197.407
Total borrowings	245.351	196.136	342.127
Debt/Equity ratio	0.610	0.404	0.585

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1738.080	1951.768	2047.366
		12.294	4.898

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1738.080	1951.768	2047.366
Profit	213.222	134.485	160.253
	12.27%	6.89%	7.83%

LOCAL AGENCY FURTHER INFORMATION

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

BUSINESS PERFORMANCE

During the year, the Company has achieved sale turnover of Rs. 2047.300 Millions against the previous year’s turnover of Rs. 1951.700 Millions. Despite the severe competition in the pharmaceutical market the company has been able to achieve a slight growth of around 5.5% in its sales turnover during the financial year 2013-14. The net profit after tax and other provisions for the year has been Rs. 128.000 Millions as against Rs. 107.500 Millions during the previous financial year. Whereas the gross profit margins have comparatively remained at more or less the same level as in the previous years, the net profits have got a slight increase because of the strict marketing strategy and efficient work force. The Directors are continuously looking for avenues for future growth of the Company in healthcare industry. The company is continuously increasing its ability to consolidate its market in the export front. The Company is now receiving and executing orders from countries like Sri Lanka, Vietnam, Thailand, Fiji, Myanmar, Trinidad, Philippines, and Nigeria. The efforts are on to expand and consolidate the exports.

JOINT VENTURE AND SUBSIDIARIES

During the year under review, Subsidiary Company M/s Windlas Healthcare Private Limited has also achieved sales turnover of Rs. 465.655 Millions and earned a profit of Rs.12.122 Millions But your directors are committed to grow its subsidiary as soon as possible with the overall growth of the group.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10517922	08/05/2014	110,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	Birla Tower, 25 Barakhamba Road,New Delhi, Delhi - 110001, INDIA	C19103845
2	10486705	07/02/2014	65,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C01107804
3	10452654	28/07/2014 *	180,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	25, Barakhama Road, New Delhi, Delhi - 110001, INDIA	C14021588
4	10313237	31/12/2014 *	158,000,000.00	INDUSIND BANK LIMITED.	DR. GOPAL DAS BUILDING, 28, BARAKHAMBA ROAD, NEW  DELHI, Delhi - 110001, INDIA	C40712879
5	10309166	29/12/2010	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B17700865
6	10223457	19/04/2011 *	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B14480537
7	10209610	30/03/2010	10,000,000.00	SIDBI	RAJPUR ROAD, DEHRADUN, Uttarakhand - 248001, INDIA	A81865859
8	90048511	15/02/2014 *	216,600,000.00	STATE BANK OF INDIA	SME BRANCH, 69 RAJPUR ROAD, KRISHNA TOWER, DEHRADUN, Uttarakhand - 248001, INDIA	B97774152

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.61.73
UK Pound	1	Rs.94.65
Euro	1	Rs.70.78

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	SUB
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.