MIRA INFORM REPORT

Report No. :	308319
Report Date :	19.02.2015

IDENTIFICATION DETAILS

Name :	BDR PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED
Registered Office :	407-408, Sharda Chambers, 15, New Marine Lines, Mumbai – 400 020, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.09.2002
Com. Reg. No.:	11-137329
Capital Investment / Paid-up Capital :	Rs.5.000 millions
CIN No.: [Company Identification No.]	U24230MH2002PTC137329
IEC No.:	0302045805
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCB9286B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Finish Formulations and Intermediates.
No. of Employees :	192 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Sunil Omprakash Gaur
Designation :	Senior Accountant
Contact No.:	91-22-40560560
Date :	16.02.2015

LOCATIONS

Registered Office :	407-408, Sharda Chambers, 15, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-40560560
Fax No.:	91-22-40560555
E-Mail :	Business Development: Enquiry@bdrpharma.com Marketing and Partnership or Alliance Opportunities: bdrpharma@vsnl.net Career Opportunities: binita@bdrpharma.com
Website :	http://bdrpharma.com
Location :	Owned
Head Office :	"Engineering Center" 6^th Floor, 9^th Matthew Road, Opera House, Mumbai – 400 004, Maharashtra, India
Regional Office :	Located at: · Ahmedabad
Factory / Sites :	Located at: · Surat · Vadodara

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Dharmesh Mahendra Shah

Designation :

Director

Address :

2301, Sterling Towers, H.G. Marg, Gamdevi, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

15.03.1966

Qualification :

Chemical Engineer

Date of Appointment :

24.09.2002

PAN No.:

AAHPS8208B

DIN No.:

00452961

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	U24110MH1988PTC048981	SUNSHINE ORGANICS PRIVATE LIMITED	Director	15/11/1988	15/11/1988	-	Active	NO
2	U24230GJ1994PTC021189	VIRDEV INTERMEDIATES PRIVATE LIMITED	Director	12/11/2000	12/11/2000	-	Active	NO
3	U51397MH2002PTC136753	BINI CHEMICALS AND PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED	Director	07/08/2002	07/08/2002	-	Active	NO
4	U24230MH2002PTC137329	BDR PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED	Director	24/09/2002	24/09/2002	-	Active	NO
5	U24234MH1993PLC072947	LYKA BDR INTERNATIONAL LIMITED	Director	17/10/2003	17/10/2003	-	Active	NO
6	U24230MH2003PTC143625	INNOVA LIFE SCIENCES PRIVATE LIMITED	Director	23/12/2003	23/12/2003	-	Active	NO
7	U24230GJ1993PTC020258	BDR LIFESCIENCES PRIVATE LIMITED	Director	14/04/2005	14/04/2005	-	Active	NO
8	U24239MH2006PTC164688	BK LIFE SCIENCES PRIVATE LIMITED	Director	18/09/2006	18/09/2006	-	Active	NO

Name :

Mr. Vijay Chhabildas Shah

Designation :

Director

Address :

501, Panchsheel, 5^th Floor, C Road, Churchgate, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

19.02.1945

Date of Appointment :

05.01.2004

DIN No.:

00453308

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	U24231GJ1982PTC005451	MEPRO PHARMACEUTICALS PRIVATE LIMITED	Whole-time director	13/10/2012	31/08/1982	-	Active	NO
2	U24231GJ1987PTC009899	MIDLAND PHARMACEUTICALS PRIVATE LIMITED	Director	17/08/1987	17/08/1987	-	Active	NO
3	U24230MH2002PTC137329	BDR PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED	Director	05/01/2004	05/01/2004	-	Active	NO

Name :

Mr. Tejash Vijay Shah

Designation :

Director

Address :

Room No.A-29, B 51-52, Lal Sing Building, Lohar Chawl, Kalbadevi, Mumbai – 400 002, Maharashtra, India

Date of Birth/Age :

11.08.1978

Date of Appointment :

16.01.2008

PAN No.:

ACAPS6530M

DIN No.:

01862033

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	U24230MH2002PTC137329	BDR PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED	Director	16/01/2008	16/01/2008	-	Active	NO
2	U24230TG2005PTC046533	MAGNUM CHEMI-GRAN PRIVATE LIMITED	Additional director	12/08/2014	12/08/2014	-	Active	NO

Name :

Mr. Raheel Dharmesh Shah

Designation :

Director

Address :

2301, Sterling Towers, H.G. Marg, Gamdevi, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

20.01.1990

Date of Appointment :

27.07.2011

PAN No.:

BHSPS0210C

DIN No.:

03582861

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	U24230MH2002PTC137329	BDR PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED	Director	27/07/2011	27/07/2011	-	Active	NO
2	U24230GJ1993PTC020258	BDR LIFESCIENCES PRIVATE LIMITED	Director	29/07/2011	29/07/2011	-	Active	NO
3	U92412MH2012PTC238218	ROOH ENTERTAINMENT PRIVATE LIMITED	Director	23/11/2012	23/11/2012	-	Active	NO
4	U24230TG2005PTC046533	MAGNUM CHEMI-GRAN PRIVATE LIMITED	Additional director	12/08/2014	12/08/2014	-	Active	NO

Name :

Dr. Arvind M. Badiger

Designation :

Director

Address :

Flat No.A-801, Ashwarya Complex, Near Vegetable Market, Ellora Park, Odhavpura, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

24.06.1974

Date of Appointment :

15.12.2012

PAN No.:

AGGPB6718E

DIN No.:

06540340

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	U24230MH2002PTC137329	BDR PHARMACEUTICALS INTERNATIONAL PRIVATE LIMITED	Director	15/12/2012	15/12/2012	-	Active	NO
2	U24230TG2005PTC046533	MAGNUM CHEMI-GRAN PRIVATE LIMITED	Additional director	12/08/2014	12/08/2014	-	Active	NO

DIRECTORS

Name :	Mr. Sunil Omprakash Gaur
Designation :	Senior Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
Binita Dharmesh Shah	347900	69.58
Sharmishta M. Shah	147000	29.40
Dharmesh Mahendra Shah	4900	0.98
Vijay Chabildas Shah	100	0.02
Suresh Chabildas Shah	100	0.02
Total	500000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage of holding
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceutical Finish Formulations and Intermediates.
Products :	Intermediates API’s Finish Formulations
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Intermediates API’s Finish Formulations
Countries :	USA Egypt
Imports :
Products :	Raw Material
Countries :	China USA
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users and OEM’s

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 :

192 (Approximately)

Bankers :

Banker Name	ABN Amro Bank N.V.
Branch Address	7^th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400 021, 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 :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	0.000	0.443
Total	0.000	0.443

Banking Relations :	--
Auditors :
Name :	Lalit Mehta and Company Chartered Accountants
Address :	101, Apollo Arcade, R.K. Singh Marg, Off P.P. Road, Near Sona Udyog, Andheri (East), Mumbai – 400 069, Maharashtra, India
PAN No.:	AABPM6331K
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Virdev Intermediates Private Limited, India (CIN No: U24230GJ1994PTC021189) Sunshine Organics Private Limited, India (CIN No: U24110MH1988PTC048981) Mepromax Life Sciences Private Limited, India Mepro Pharmaceuticals Private Limited, India Innova Life Sciences Private Limited, India (CIN No: U24230MH2003PTC143625) Bini Chemicals and Pharmaceuticals International Private Limited, India BDR Life Sciences Private Limited, India (CIN No: U24230GJ1993PTC020258)

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 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	5.000	5.000	5.000
(b) Reserves & Surplus	620.220	431.527	304.555
(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)	625.220	436.527	309.555
(3) Non-Current Liabilities
(a) Long-term borrowings	44.179	18.363	26.380
(b) Deferred tax liabilities (Net)	3.729	1.915	0.504
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	47.908	20.278	26.884
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	846.075	753.243	713.801
(c) Other current liabilities	47.098	38.270	29.428
(d) Short-term provisions	232.850	139.500	89.500
Total Current Liabilities (4)	1126.023	931.013	832.729
TOTAL	1799.151	1387.818	1169.168
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	109.128	68.604	19.080
(ii) Intangible Assets	0.640	0.116	0.011
(iii) Capital work-in-progress	30.143	9.143	38.906
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	86.402	85.482	74.966
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	291.740	179.455	95.811
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	518.053	342.800	228.774
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	115.495	147.830	141.274
(c) Trade receivables	620.036	508.722	450.606
(d) Cash and cash equivalents	542.179	380.884	343.438
(e) Short-term loans and advances	3.388	7.582	5.076
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1281.098	1045.018	940.394
TOTAL	1799.151	1387.818	1169.168

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2359.982	1815.171	1536.944
		Other Income	94.609	62.023	46.204
		TOTAL	2454.591	1877.194	1583.148
Less	EXPENSES
		TOTAL	2110.802	1662.566	1442.976
	PROFIT/ (LOSS) BEFORE TAX		343.789	214.628	140.174
Less	TAX		119.998	70.223	45.789
	PROFIT/ (LOSS) AFTER TAX		223.791	144.405	94.385
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		351.527	254.555	218.887
Less	APPROPRIATIONS
		Interim Dividend	30.000	15.000	7.500
		Interim Dividend Tax	5.099	2.433	1.217
		Transfer to General Reserve	40.000	30.000	50.000
	BALANCE CARRIED TO THE B/S		500.219	351.527	254.555
	EARNINGS IN FOREIGN CURRENCY		1098.943	841.397	683.822
	Earnings/ (Loss) Per Share (Rs.)		447.58	288.81	188.77

Expected Sales (2014-2015): Rs.3000.000 millions

The above information has been parted by Mr. Sunil Omprakash Gaur (Senior Accountant).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	9.48	7.96	6.14
Return on Total Assets (PBT/Total Assets}	(%)	20.43	16.60	13.28
Return on Investment (ROI) (PBT/Networth)		0.55	0.49	0.45
Debt Equity Ratio (Total Debt/Networth)		0.07	0.04	0.09
Current Ratio (Current Asset/Current Liability)		1.14	1.12	1.13

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	5.000	5.000	5.000
Reserves & Surplus	304.555	431.527	620.220
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	309.555	436.527	625.220
Long Term borrowings	26.380	18.363	44.179
Short Term borrowings	0.000	0.000	0.000
Total borrowings	26.380	18.363	44.179
Debt/Equity ratio	0.085	0.042	0.071

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	1,536.944	1,815.171	2,359.982
		18.103	30.014

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	1,536.944	1,815.171	2,359.982
Profit	94.385	144.405	223.791
	6.14%	7.96%	9.48%

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The Registered Office of the company has been shifted from 603-A, Dalamal Chambers, New Marine Lines, 6^th Road, Mumbai – 400 020, Maharashtra to the present address w.e.f. 01.11.2007.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from directors	1.131	2.329
Loans and advances from others	43.048	15.591
Total	44.179	17.920

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80015564	02/11/2006 *	90,000,000.00	ABN AMRO BANK N. V.	7TH FLOOR, SAKHAR BHAVAN, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-

* Date of charge modification

FIXED ASSETS

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

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.62.25
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		50

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.