MIRA INFORM REPORT

Report No. :	302165
Report Date :	09.01.2015

IDENTIFICATION DETAILS

Name :	MACLEODS PHARMACEUTICALS LIMITED
Formerly Known As :	MACLEODS PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	304, Atlanta Arcade, Marol Church Road, Andheri (East), Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2014 (Profit and Loss Account)
Date of Incorporation :	05.06.1989
Com. Reg. No.:	11-052049
Capital Investment / Paid-up Capital :	Rs.199.607 Millions
CIN No.: [Company Identification No.]	U24239MH1989PLC052049
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMM19656A
PAN No.: [Permanent Account No.]	AAACM4100C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Pharmaceutical Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (63)

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 35000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having good track record. Financial position of the company is sound. Fundamentals of the company are healthy. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions. Note: Balance sheet statement for the year 2014 is not available.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

Rating Agency Name	CRISIL
Rating	Long term rating = AA
Rating Explanation	High degree of safety and very low credit risk.
Date	April 30, 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.

LOCATIONS

Registered Office :	304, Atlanta Arcade, Marol Church Road, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-66762800/ 56762800
Fax No.:	91-22-28266229/ 29256599
E-Mail :	macleods@vsnl.com investors@macleodspharma.com exports@macleodspharma.com customercare@macleodspharma.com sagarwal@macleodspharma.com accounts@macleodspharma.com
Website :	http://www.macleodspharma.com
Location :	Owned
Head Office:	G-2, Saket Building, M.I.D.C. Shanti Nagar, Next to Onida House, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Factory 1 :	Village: Theda, Kharuni- Lodimajra, Thehesil- Nalagarh, Baddi Industrial Estate Area, District: Solan, Himachal Pradesh, India
Factory 2 / Daman- Premier- Unit II :	Plot no. 25-27,  Survey No. 366, Premier Industrial Estate, Kachigam, Daman – 396 320, Daman and Diu, India
Factory 3 :	Plot No.2209, GIDC Sarigam, District: Valsad, Gujarat, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Banwarilal Murildhar Bawri

Designation :

Managing Director

Address :

5, Vinayak Heights, Upper Govind Nagar, Malad (East), Mumbai – 400 097, Maharashtra, India

Date of Birth/Age :

02.04.1953

Qualification :

D. Pharm

Date of Appointment :

01.04.2010

DIN No.:

00017795

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	U85195MH1987PTC045607	MECLEODS LABORATORIES PRIVATE LIMITED	Director	16/12/1987	16/12/1987	-	Active	NO
2	U24239MH1989PLC052049	MACLEODS PHARMACEUTICALS LTD	Managing director	01/04/2010	05/06/1989	-	Active	NO
3	U29140MH1975PTC018072	EAST AND WEST CLOTHING PRIVATE LIMITED	Director	25/04/2004	25/04/2004	-	Active	NO

Name :

Mr. Rajendra Murlidhar Agarwal

Designation :

Managing Director

Address :

5, Vinayak Heights, Upper Govind Nagar, Malad (East), Mumbai – 400 097, Maharashtra, India

Date of Birth/Age :

25.02.1959

Qualification :

M.B.B.S.

Date of Appointment :

01.04.2010

DIN No.:

00034224

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	U85195MH1987PTC045607	MECLEODS LABORATORIES PRIVATE LIMITED	Director	16/12/1987	16/12/1987	-	Active	NO
2	U24239MH1989PLC052049	MACLEODS PHARMACEUTICALS LTD	Managing director	01/04/2010	05/06/1989	-	Active	NO
3	U29140MH1975PTC018072	EAST AND WEST CLOTHING PRIVATE LIMITED	Director	25/04/2004	25/04/2004	-	Active	NO

Name :

Mr. Girdharilal Murlidhar Bawri

Designation :

Chairman

Address :

5, Vinayak Heights, Upper Govind Nagar, Malad (East), Mumbai – 400 097, Maharashtra, India

Date of Birth/Age :

03.08.1947

Qualification :

B. Com / D. Pharma

Date of Appointment :

22.05.1990

DIN No.:

00034197

Name :

Mr. Vimal Manekchand Kothari

Designation :

Director

Address :

132, Avanti Apartment, Senapati Bapat Marg, Dadar (West), Mumbai-40028, Maharashtra, India

Date of Birth/Age :

28.06.1940

Qualification :

M.Com / LLB / FICWA

Date of Appointment :

27.03.2006

DIN No.:

00056003

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	U24119MH1986PLC135077	KASYAP SWEETNERS LIMITED	Director	06/03/1997	06/03/1997	-	Active	NO
2	U24239MH1989PLC052049	MACLEODS PHARMACEUTICALS LTD	Director	27/03/2006	27/03/2006	-	Active	NO
3	U93000MH2013NPL241775	LOKASHRAYA FOUNDATION	Director	08/04/2013	08/04/2013	-	Active	NO
4	L55101MH2008PLC177941	WEST LEISURE RESORTS LIMITED	Director	30/09/2014	19/07/2013	-	Active	NO

Name :

Mr. Navrang Ladhuram Tibrewal

Designation :

Director

Address :

Plot No. A, Schemeno 8, Gandhipath, Queens Road, Jaipur – 302 021, Rajashtra, India

Date of Birth/Age :

17.01.1937

Qualification :

LLM

Date of Appointment :

27.03.2006

DIN No.:

00030151

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	L17120AP1962PLC000923	SURYA LAKSHMI COTTON MILLS LTD	Director	30/07/2001	30/07/2001	-	Active	NO
2	U67110RJ1983PLC002861	JAIPUR STOCK EXCHANGE LTD	Director	12/04/2002	12/04/2002	31/08/2013	Active	NO
3	U67120RJ2000PLC016337	JSEL SECURITIES LIMITED	Director	30/05/2003	30/05/2003	22/03/2004	Active	NO
4	U24239MH1989PLC052049	MACLEODS PHARMACEUTICALS LTD	Director	27/03/2006	27/03/2006	-	Active	NO
5	U17110AP1994PLC018745	SURYAKIRAN INTERNATIONAL LIMITED	Director	16/10/2010	16/10/2010	-	Amalgamated	NO

KEY EXECUTIVES

Name :	Mrs. Suvarna Dadabhau Gholap
Designation :	Secretary
Address :	103-A, Building No.26, Tilak Nagar, Chembur, Mumbai – 400 089, Maharashtra, India
Date of Birth/Age :	15.07.1982
Date of Appointment :	01.03.2011
PAN No.:	ANJPG7538B

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Anju Agarwal	3256200
Rajendra Murlidhar Agarwal	3084360
Banwarilal Murildhar Bawri	3022080
Prateek Agarwal	2518400
Girdharilal Murlidhar Bawri	2235360
Ajay Agarwal	2172550
Vijay Agarwal	2083610
Sudha Bawri	884080
Anushree Agarwal	229200
Ruchi Agarwal	192840
Taradevi Bawri	162000
Rajendra Murlidhar Agarwal HUF	120000
Total	19960680

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 :

Manufacturing of Pharmaceutical Products.

Products :

Item Code No. (ITC Code)	Product Description
30049029	Medicament

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

• ICICI Bank Limited, 1^st Floor, Ganesh Darshan Building, L.T. Road, Opposite Shri Sagar Hotel, Borivali (West), Mumbai – 400092, Maharashtra, India
• State Bank of India, N.G.N Vaidya Marg, Fort, Mumbai – 400023, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Deferred payment liabilities	19.507	19.507
SHORT TERM BORROWINGS
Loans repayable on demand	1496.163	1474.660
Total	1515.670	1494.167

Auditors :
Name :	Bansal Bansal and Company Chartered Accountants
Address :	120 Building No.6, Mittal Industrial Estate, Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-28507815/66923607/28507816
Fax No.:	91-22-28507816
E-Mail :	mail@bansalbansal.com
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary company:	Macleods Pharma Japan East And West Clothing Private Limited CIN No.: U29140MH1975PTC018072 Macleods Tashkent, Uzbek Macleods Pharmaceuticals Limited, Ukraine Macleods Pharmaceuticals Limited, Peru S.A.C. Macleods Pharmaceuticals SA (PTY) Limited, South Africa Macleods Pharma USA, INC, United States Macleods Pharma UK Limited, United Kingdom
Other related parties:	Oxalis Labs, India Jindal Enterprises, India Pharma Centre, India

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/-each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19960680	Equity Shares	Rs.10/-each	Rs.199.607 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	199.607	199.606
(b) Reserves & Surplus	12281.677	8806.163
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	12481.284	9005.769
(3) Non-Current Liabilities
(a) long-term borrowings	19.507	19.507
(b) Deferred tax liabilities (Net)	198.442	274.074
(c) Other long term liabilities	100.058	79.450
(d) long-term provisions	57.444	40.654
Total Non-current Liabilities (3)	375.451	413.685
(4) Current Liabilities
(a) Short term borrowings	1502.372	1480.123
(b) Trade payables	1448.935	1259.888
(c) Other current liabilities	1279.089	686.570
(d) Short-term provisions	7.399	4.694
Total Current Liabilities (4)	4237.795	3431.275
TOTAL	17094.530	12850.729
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3179.552	2666.021
(ii) Intangible Assets	7.774	2.279
(iii) Capital work-in-progress	537.430	123.774
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	98.831	99.459
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1154.621	1179.668
(e) Other Non-current assets	269.068	67.479
Total Non-Current Assets	5247.276	4138.680
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	3490.927	2450.497
(c) Trade receivables	2851.136	2575.356
(d) Cash and cash equivalents	4419.823	3080.621
(e) Short-term loans and advances	818.555	375.772
(f) Other current assets	266.813	229.803
Total Current Assets	11847.254	8712.049
TOTAL	17094.530	12850.729

Note:

Balance sheet statement for the year 2014 is not available.

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	28205.872	23792.521	18253.629
	Other Income	758.723	467.378	238.649
	TOTAL	28964.595	24259.899	18492.278
Less	EXPENSES
	Cost of Materials Consumed	9727.316	8169.553	6049.578
	Purchases of Stock-in-Trade	3556.556	2664.303	1857.542
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(340.086)	(673.178)	98.450
	Employees benefits expense	3458.118	3149.761	2460.473
	Other expenses	6397.591	5983.264	4860.368
	TOTAL	22799.495	19293.703	15326.411
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	6165.100	4966.196	3165.867
Less	FINANCIAL EXPENSES	24.851	68.056	72.873
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6140.249	4898.140	3092.994
Less/ Add	DEPRECIATION/ AMORTISATION	360.235	274.992	227.393
	PROFIT/ (LOSS) BEFORE TAX	5780.014	4623.148	2865.601
Less	TAX	1341.706	915.647	145.502
	PROFIT/ (LOSS) AFTER TAX	4438.308	3707.501	2720.099
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.000	5553.250	3376.110
	TOTAL	0.000	5553.250	3376.110
	Earnings / (Loss) Per Share (Rs.)	222.35	185.74	136.27

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	15.73	15.58	14.90
Operating Profit Margin (PBDIT/Sales)	(%)	21.85	20.87	17.34
Return on Total Assets (PBT/Total Assets}	(%)	NA	28.09	22.69
Return on Investment (ROI) (PBT/Networth)		NA	0.37	0.32
Debt Equity Ratio (Total Liability/Networth)		NA	0.12	0.17
Current Ratio (Current Asset/Current Liability)		NA	2.80	2.54

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	199.606	199.607
Reserves & Surplus	8806.163	12281.677
Net worth	9005.769	12481.284
long-term borrowings	19.507	19.507
Short term borrowings	1480.124	1502.372
Total borrowings	1499.631	1521.879
Debt/Equity ratio	0.167	0.122

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	18253.629	23792.521	28205.872
		30.344	18.549

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	18253.629	23792.521	28205.872
Profit	2720.099	3707.501	4438.308
	14.90%	15.58%	15.74%

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	Yes
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	No
10]	Designation of contact person	No
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	Yes
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	Yes
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	Yes

LITIGATION DETAILS:

CASE DETAILS
Bench:- Bombay Presentation Date:-02.12.2013
Stamp No:-	WPST/33240/2013	Failing Date:-	02.12.2013
Petitioner:-	COMMISSIONER OF CENTRAL EXCISE AN		Respondent:-MACLEODS PHARMACEUTICALS LIMITED
Petn.Adv:-	A S RAO (I257)		Resp. Adv.:
District:-	MUMBAI
Bench:-	DIVISION
Status:-	Pre-Admission
Last Date:-	09.12.2013
Last Coram:-	REGISTRAR (JUDICIAL)
Act. :	Bombay University Act

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10449202	19/09/2013	15,460,000.00	ICICI BANK LIMITED	1st Floor, GANESH DARSHAN BLDG., L. T. ROAD, OPP.  SHRI SAGAR HOTEL, BORIVALI WEST, Maharashtra - 400092, INDIA	B85072510
2	10449114	19/09/2013	17,850,000.00	ICICI BANK LIMITED	1st Floor, GANESH DARSHAN BLDG., L. T. ROAD, OPP.  SHRI SAGAR HOTEL, BORIVALI WEST, Maharashtra - 400092, INDIA	B85015006
3	10449057	19/09/2013	22,160,000.00	ICICI BANK LIMITED	1st Floor, GANESH DARSHAN BLDG., L. T. ROAD, OPP.  SHRI SAGAR HOTEL, BORIVALI WEST, Maharashtra - 400092, INDIA	B84988856
4	10449059	19/09/2013	22,160,000.00	ICICI BANK LIMITED	1st Floor, GANESH DARSHAN BLDG., L. T. ROAD, OPP.  SHRI SAGAR HOTEL, BORIVALI WEST, Maharashtra - 400092, INDIA	B84990639

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans and advances from others	6.209	5.463
Total	6.209	5.463

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.62.96
UK Pound	1	Rs.94.97
Euro	1	Rs.74.42

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		63

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.