MIRA INFORM REPORT

Report No. :	301658
Report Date :	10.01.2015

IDENTIFICATION DETAILS

Name :	SAHAJANAND MEDICAL TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Sahajanand Estate, Wakharia Wadi, Nr. Dabholi Char Rasta, Nani Ved, Ved Road, Surat 395004, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.10.2001
Com. Reg. No.:	04- 040121
Capital Investment / Paid-up Capital :	Rs.49.384 Millions
CIN No.: [Company Identification No.]	U33119GJ2001PTC040121
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	SRTS00849C
PAN No.: [Permanent Account No.]	AALFS5210P
Legal Form :	Private Limited Liability Company
Line of Business :	Developer and Manufacturer of minimally invasive coronary stent systems, with one of the broadest product portfolio in the industry.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 710000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has processed above average financial performance which has resulted into profit achieved from its operational activities during 2014. Further rating also takes into consideration company’s improved financial risk profile and sound liquidity position of the company. 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 – 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	ICRA
Rating	Fund based limits = BB
Rating Explanation	Inadequate credit quality and high credit risk
Date	November 2014

RBI DEFAULTER’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTER’ 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 :	Sahajanand Estate, Wakharia Wadi, Nr. Dabholi Char Rasta, Nani Ved, Ved Road, Surat 395004, Gujarat, India
Tel. No.:	91-261-3060606
Fax No.:	91-261-3060607
E-Mail :	dlalkotadia@sahmed.com
Web Site:	www.smtpl.com/
Head Office:	304, Sahajanand House, Parsi Street, Saitedpura, Surat Gujarat, India

DIRECTORS

As on. 30.09.2014

Name :

Mr. Dhirajlal Vallabhbhai Kotadia

Designation :

Director

Address :

43, Narayanmuni Nagar, Near Swaminarayan Gurukul, Ved Road, Surat – 395 004, Gujarat, India

Date of Birth/Age :

01.01.1958

Qualification :

B.E.

Date of Appointment :

25.03.2004

DIN No.:

00013035

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	U36912GJ1999PTC035792	SAHAJANAND VASCULAR TECHNOVENTIONS PRIVATE LIMITED	Director	16/04/1999	16/04/1999	-	Strike off	NO
2	U24231GJ2001PTC039726	SAHAJANAND LIFE SCIENCES PRIVATE LIMITED.	Director	02/07/2001	02/07/2001	-	Active	NO
3	U85110GJ2000PLC037625	SAHAJANAND HEALTHCARE LIMITED	Director	24/01/2003	24/01/2003	-	Strike off	NO
4	U33119GJ2001PTC040121	SAHAJANAND MEDICAL TECHNOLOGIES PRIVATE LIMITED	Director	25/03/2004	25/03/2004	-	Active	NO
5	U65910GJ1992PTC017573	NYALKARAN INDUSTRIES PRIVATE LIMITED	Director	25/03/2004	25/03/2004	-	Active	NO
6	U72900GJ1993PTC019133	SAHAJANAND TECHNOLOGIES PRIVATE LIMITED	Director	25/03/2004	25/03/2004	-	Active	NO
7	U33120GJ2010PTC063150	ANGIOMETRIX MEDEQUIPS INDIA PRIVATE LIMITED	Director	06/12/2010	06/12/2010	-	Active	NO
8	U85110GJ2011PTC067523	SUAYU HEALTH RESORTS PRIVATE LIMITED	Director	18/10/2011	18/10/2011	-	Active	NO

Name :

Mr. Dhirajkumar Savjibhai Vasoya

Designation :

Director

Address :

12-13, Raghuveer Society, Near Govindji Park, Opposite S.V.R. Engineering College, Piplod, Surat – 395017, Gujarat, India

Date of Birth/Age :

03.04.1962

Date of Appointment :

12.05.2006

DIN No.:

00013067

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	U36912GJ1999PTC035792	SAHAJANAND VASCULAR TECHNOVENTIONS PRIVATE LIMITED	Director	31/05/1999	31/05/1999	-	Strike off	NO
2	U24231GJ2001PTC039726	SAHAJANAND LIFE SCIENCES PRIVATE LIMITED.	Director	19/08/2002	19/08/2002	-	Active	NO
3	U85110GJ2000PLC037625	SAHAJANAND HEALTHCARE LIMITED	Director	24/01/2003	24/01/2003	-	Strike off	NO
4	U33119GJ2001PTC040121	SAHAJANAND MEDICAL TECHNOLOGIES PRIVATE LIMITED	Director	12/05/2006	12/05/2006	-	Active	NO
5	U36939GJ1998PTC034244	SAHAJANAND DIAMONDS PRIVATE LIMITED	Director	12/05/2006	12/05/2006	-	Strike off	NO
6	U65910GJ1992PTC017573	NYALKARAN INDUSTRIES PRIVATE LIMITED	Director	12/05/2006	12/05/2006	-	Active	NO
7	U72900GJ1993PTC019133	SAHAJANAND TECHNOLOGIES PRIVATE LIMITED	Managing director	01/10/2008	12/05/2006	-	Active	NO
8	U29199GJ1997PTC032545	SHIV LASER TECH PRIVATE LIMITED	Director	10/09/2009	10/09/2009	-	Strike off	NO
9	U33120GJ2010PTC063150	ANGIOMETRIX MEDEQUIPS INDIA PRIVATE LIMITED	Director	06/12/2010	06/12/2010	-	Active	NO
10	U85110GJ2011PTC067523	SUAYU HEALTH RESORTS PRIVATE LIMITED	Director	18/10/2011	18/10/2011	-	Active	NO

Name :

Mr. Rahul Mahendrakumar Gaywala

Designation :

Director

Address.:

71, Haridwar Co-Operating Housng Society, Adajan Gate, Bun.71, Anand Mahal Road Road, New Guj. Gas Road, Surat – 395003, Gujarat, India

Date of Appointment :

28.09.2012

Date of Birth:

07.01.1971

Passport No.:

05224056

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	U72900GJ1993PT C019133	SAHAJANAND TECHNOLOGIES PRIVATE LIMITED	Director	28/09/2012	01/03/2012	-	Active	NO
2	U33119GJ2001PTC040121	SAHAJANAND MEDICAL TECHNOLOGIES PRIVATE LIMITED	Director	28/09/2012	01/06/2012	-	Active	NO

Name :

Mr.Bhargav Dhirajlal Kotadia

Designation :

Director

Address:

Plot No. 43 to 45, Narayan Muni Nagar Society, Nani Ved, Ved Road, Surat – 395004, Gujarat, India

Designation :

Director

Date of Birth :

27.09.1990

Date of Appointment :

28.09.2013

Passport No.:

06575042

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	U33119GJ2001PTC040121	SAHAJANAND MEDICAL TECHNOLOGIES PRIVATE LIMITED	Director	28/09/2013	06/05/2013	-	Active	NO
2	U72900GJ1993PTC019133	SAHAJANAND TECHNOLOGIES PRIVATE LIMITED	Director	28/09/2013	06/05/2013	-	Active	NO
3	U24231GJ2001PTC039726	SAHAJANAND LIFE SCIENCES PRIVATE LIMITED.	Director	27/09/2013	06/05/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.10
Bodies corporate	1.92
Directors or relatives of Directors	96.72
Other top fifty shareholders	1.06
Others	0.20
Total	100.00

BUSINESS DETAILS

Line of Business :	Developer and Manufacturer of minimally invasive coronary stent systems, with one of the broadest product portfolio in the industry.
Products :	Matrix Inllnnium Supralmus Suprollmus Core Caronnlum Indollmus Flexinnnium Supraflex Everoflex Miscellaneous
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Not Available
Countries :	Not Available
Imports :
Products :	Not Available
Countries :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	ICICI Bank Limited
Branch Address	Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

• Indusind Bank Limited
• Bank of Baroda

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
ICICI Bank Vehicle Loan	0.354	0.281
Indusind Bank Limited	42.990	22.265
Reliance Capital Limited	0.000	0.323
From Government Financial Institutions
BIRAC Term Loan	12.690	0.000
Short Term Borrowing
Bank of Baroda (PCFC USD)	0.000	5.205
Bank Of Baroda (PCFC Euro)	0.000	1.634
Indusind Bank Limited (Cash Credit )	144.312	147.208
Indusind Bank Limited (PCFC USD)	2.246	0.000
ICICI Bank Vehicle Loan (Due within 1 year)	0.465	0.520
Indusind Bank Limited Term Loan (Due within year)	13.900	2.783
Reliance Capital Limited. Vehicle Loan (Due within 1 year)	0.323	0.910
Total	217.280	181.129

Auditors :
Name :	Surendra Shah and Associates Chartered Accountants
Address :	7006, 7^th Floor, World Trade Centre, Near Udhna Darwaja, Ring Road, Surat – 395 002, Gujarat, India
Tel. No.:	91-261-2353774 / 2302346 / 3912346 / 6662346
Fax No.:	91-261-2334427
E-Mail :	rajeshshah_surat@hotmail.com
Pan No.:	ACIPS3187Q
Memberships :	Not Available
Related Parties :	Sahajanand Technologies Private Limited Sahajanana Life Sciences Private Limited (Div. ss International)
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on. 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Share	Rs.1/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49383700	Equity Share	Rs.1/- each	Rs.49.383 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	49.383	49.384	49.384
(b) Reserves & Surplus	201.247	183.376	252.155
(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)	250.630	232.760	301.539
(3) Non-Current Liabilities
(a) long-term borrowings	100.396	67.231	48.409
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	21.084	14.827	4.683
(d) long-term provisions	2.719	0.000	0.000
Total Non-current Liabilities (3)	124.199	82.058	53.092
(4) Current Liabilities
(a) Short term borrowings	161.246	158.260	150.184
(b) Trade payables	73.785	35.578	59.376
(c) Other current liabilities	32.390	33.388	35.727
(d) Short-term provisions	32.331	24.543	34.082
Total Current Liabilities (4)	299.752	251.769	279.369
TOTAL	674.581	566.587	634.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	120.295	153.866	186.820
(ii) Intangible Assets	7.388	11.474	13.080
(iii) Capital work-in-progress	77.877	2.445	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.018	0.018	1.639
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	63.343	51.976	54.621
(e) Other Non-current assets	14.761	28.295	6.323
Total Non-Current Assets	283.682	248.074	262.483
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	109.577	80.683	104.422
(c) Trade receivables	238.467	172.506	233.372
(d) Cash and cash equivalents	16.992	19.136	10.268
(e) Short-term loans and advances	16.606	29.929	7.383
(f) Other current assets	9.257	16.259	16.072
Total Current Assets	390.899	318.513	371.517
TOTAL	674.581	566.587	634.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	464.147	319.149	435.125
		Other Income	1.049	3.477	1.969
		TOTAL	465.196	322.626	437.094
Less	EXPENSES		380.670	316.277	332.913
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		84.526	6.349	104.181
Less	FINANCIAL EXPENSES		18.681	23.023	26.891
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		65.845	(16.674)	77.290
Less/ Add	DEPRECIATION/ AMORTISATION		43.299	52.511	37.966
	PROFIT BEFORE TAX		22.546	(69.185)	39.324
Less	TAX		4.476	1.000	8.500
	PROFIT AFTER TAX		18.070	(68.185)	30.824
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.871	69.184	0.000
	BALANCE CARRIED TO THE B/S		30.823	17.871	69.184
	Earnings Per Share (Rs.)		0.36	(1.38)	0.62

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	3.89	(21.36)	7.08
Operating Profit Margin (PBDIT/ Sales)	(%)	18.21	1.99	23.94
Return on Total Assets (PBT/Total Assets}	(%)	3.78	(12.26)	6.22
Return on Investment (ROI) (PBT/Networth)		0.09	-0.30	0.13
Debt Equity Ratio (Total Debt /Networth)		1.04	0.97	0.66
Current Ratio (Current Asset/Current Liability)		1.30	1.27	1.33

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	49.384	49.384	49.383
Reserves & Surplus	252.155	183.376	201.247
Net worth	301.539	232.760	250.630
long-term borrowings	48.409	67.231	100.396
Short term borrowings	150.184	158.260	161.246
Total borrowings	198.593	225.491	261.642
Debt/Equity ratio	0.659	0.969	1.044

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	435.125	319.149	464.147
		(26.653)	45.433

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	435.125	319.149	464.147
Profit	30.824	(68.185)	18.070
	7.08%	(21.36%)	3.89%

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	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	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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
From Friends and Relatives	44.362	44.362
Total	44.362	44.362

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10485855	14/03/2014	49,529,000.00	BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL	A-254,BHISHAM PITAMAH MARG, Defence Colony,, NEW  DELHI, Delhi - 110024, INDIA	C00829879
2	10419245	18/10/2014 *	256,831,000.00	Indusind Bank Limited	G-2, Empire State Bldg.,, Near Udhana Darwaja, Ring Road, Surat, Gujarat - 395002, INDIA

* Date of charge modification

FIXED ASSETS

• Building
• Plant and Machinery
• Office Equipments
• Computers
• Furniture and Fixtures
• Vehicles

• Leasehold Improvements
• Patent
• Computer Software

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.62.39
UK Pound	1	Rs.94.17
Euro	1	Rs.73.61

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.