MIRA INFORM REPORT

Report No. :	324760
Report Date :	04.06.2015

IDENTIFICATION DETAILS

Name :	OKASA PRIVATE LIMITED
Registered Office :	12, Gunbow Street, Hornby View Building, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-22611206
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.04.1933
Com. Reg. No.:	11-001957
Capital Investment / Paid-up Capital :	Rs.53.163 Million
CIN No.: [Company Identification No.]	U24239MH1933PTC001957
TAN No.: [Tax Deduction & Collection Account No.]	MUMO02992D
PAN No.: [Permanent Account No.]	AAAC00677L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufactures and Distributes pharmaceutical products in core therapeutic categories including medicinal aerosols and devices, oncology products, antiretrovirals, cardiovascular drugs, anti-infectives, antifungals, antiallergics, dermatologicals, drugs for pain management and psychotherapeutics.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B(35)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1600000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a well-established private limited company incorporated in the year 1933, having moderate track record. Company has incurred loss from its operations in FY14 and FY13, however net worth of the company is strong. In financial year 2014, the company has recorded high trade payables as compare to trade receivables, which may impact to its liquid position. However, trade relations are fair. Business is active. Payment terms are slow but correct. In a view of long standing existence, the company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Management non co-operative (91-22-22611206)

LOCATIONS

Registered Office :	12, Gunbow Street, Hornby View Building, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22611206
Fax No.:	91-22-22659376
E-Mail :	exports@okasa.com
Website :	http://www.okasa.com/

DIRECTORS

AS ON 13.08.2014

Name :	Mr. Raman Parameswaran Athipotta
Designation :	Director
Address :	Flat No.202, Pride, J B Road, Versova, Mumbai – 400061, Maharashtra, Idnia
Date of Birth/Age :	15.12.1953
Date of Appointment :	05.06.2002
DIN No.:	00025481
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	U33125MH1991PTC063124	HAMSONS LABORATORIES PRIVATE LIMITED	Director	06/08/1992	06/08/1992	-	Converted to LLP and dissolved	NO
2	U24100MH1985PTC035750	SHREE RIDDHI CHEMICALS PRIVATE LIMITED	Director	18/03/1994	18/03/1994	-	Converted to LLP and dissolved	NO
3	U18101MH1984PTC034912	MN RAJKUMAR GARMENTS PRIVATE LIMITED	Director	18/03/1994	18/03/1994	-	Converted to LLP and dissolved	NO
4	U27239MH1985PTC037680	ALPS REMEDIES PRIVATE LIMITED	Director	18/03/1994	18/03/1994	-	Active	NO
5	U24110MH1990PTC056055	SAGA CHEMICALS PRIVATE LIMITED	Director	09/09/1994	09/09/1994	25/06/2011	Converted to LLP and dissolved	NO
6	U99999MH1992PTC065449	PREMRATAN EXPORTS PRIVATE LIMITED	Director	01/03/1995	01/03/1995	25/06/2011	Converted to LLP and dissolved	NO
7	U51900MH1996PTC101545	CENTAUR EXPORTS PRIVATE LIMITED	Director	06/12/1996	06/12/1996	-	Amalgamated	NO
8	U01111MH1995PTC094271	FLORAL FANTASY PRIVATE LIMITED	Director	22/03/1997	22/03/1997	-	Converted to LLP and dissolved	NO
9	U70100MH1988PTC047485	HAMCON ENGINEERS PRIVATE LIMITED	Director	15/10/1997	15/10/1997	01/02/2014	Active	NO
10	U65920MH1985PTC037699	IRIS PROPERTIES PRIVATE LIMITED	Director	17/10/1997	17/10/1997	-	Amalgamated	NO
11	U24230MH2000PTC125771	FOREST GOLD PRODUCTS PRIVATE LIMITED	Director	01/06/2000	01/06/2000	01/04/2013	Active	NO
12	U24230MH2000PTC125757	ORION LIFE SCIENCES PRIVATE LIMITED	Director	01/06/2000	01/06/2000	-	Converted to LLP and dissolved	NO
13	U24234MH2000PTC125744	OKASA GENERICS PRIVATE LIMITED	Director	01/06/2000	01/06/2000	-	Active	NO
14	U24234MH2000PTC125743	CIPLA NATURAL SCIENCES PRIVATE LIMITED	Director	01/06/2000	01/06/2000	-	Strike off	NO
15	U72200MH2000PTC125580	E-MAN CONSULTANTS PRIVATE LIMITED	Director	06/01/2001	06/01/2001	-	Amalgamated	NO
16	U24239MH2000PTC123771	HEALINGCROSS PHARMA PRIVATE LIMITED	Director	28/03/2002	28/03/2002	-	Active	NO
17	U24239MH1933PTC001957	OKASA PRIVATE LIMITED	Managing director	05/06/2002	05/06/2002	-	Active	NO
18	U51900MH1997PTC109987	L'AMAR EXPORTZ PRIVATE LIMITED	Director	01/10/2002	01/10/2002	03/05/2011	Active	NO
19	U24230MH1988PTC047593	OMNICARE SPECIALITIES PRIVATE LIMITED	Director	01/12/2003	01/12/2003	-	Active	NO
20	U24231KA2005PTC037008	AVESTA BIOTHERAPEUTICS AND RESEARCH PRIVATE LIMITED	Director	18/08/2005	18/08/2005	01/10/2008	Active	NO
21	U24230MH2005PTC150847	NEPTUNE REMEDIES PRIVATE LIMITED	Director	30/12/2005	30/12/2005	-	Amalgamated	NO
22	U24230MH2005PTC153054	SYNERGY MEDICINES PRIVATE LIMITED	Director	13/01/2006	13/01/2006	-	Active	NO
23	U24240MH2000PTC129213	RESPAIR TECHNOLOGIES INDIA PRIVATE LIMITED	Director	01/03/2006	01/03/2006	02/05/2007	Converted to LLP and dissolved	NO
24	U24239MH2000PTC130004	UNI WORLD PHARMA PRIVATE LIMITED	Director	01/03/2006	01/03/2006	-	Active	NO
25	U24239MH2000PTC126345	DNA PHARMA PRIVATE LIMITED	Director	01/03/2006	01/03/2006	-	Converted to LLP and dissolved	NO
26	U24230MH2000PTC126487	MEDICREAMS INDIA PRIVATE LIMITED	Director	02/05/2007	02/05/2007	-	Converted to LLP and dissolved	NO
27	U51909MH2005PTC153506	DREAMZ IMPEX PRIVATE LIMITED	Director	02/05/2007	02/05/2007	-	Converted to LLP and dissolved	NO
28	U24239GA2008PTC007374	MABPHARM PRIVATE LIMITED	Director	20/08/2008	20/08/2008	08/07/2014	Active	NO
29	U74900MH2010PTC249574	LABH CONSULTANTS PRIVATE LIMITED	Director	17/03/2010	17/03/2010	-	Converted to LLP and dissolved	NO
30	U24239MH2006PLC162743	GLOBUS HEALTHCARE LIMITED	Director	30/09/2010	15/04/2010	-	Active	NO
31	U24230MH2000PTC125770	CIPLA LIFE SCIENCES PRIVATE LIMITED	Director	28/09/2012	04/11/2011	-	Strike off	NO
32	U74140MH2000PTC129684	METRO REMEDIES PRIVATE LIMITED	Additional director	14/02/2013	14/02/2013	-	Converted to LLP and dissolved	NO
33	U74140MH2000PTC129688	METRO ADVISORS PRIVATE LIMITED	Additional director	14/02/2013	14/02/2013	-	Converted to LLP and dissolved	NO
34	U73100MH1997PTC107712	ADVANCED REMEDIES PRIVATE LIMITED	Director	30/09/2013	01/04/2013	-	Active	NO
35	U24239MH1990PTC071153	OKASA PHARMA PRIVATE LIMITED	Additional director	31/01/2015	31/01/2015	-	Active	NO
36	AAB-3847	ORION LIFE SCIENCES LLP	Body corporate as Designated Partner	11/03/2013	11/03/2013	-	Active	NO
37	AAB-3848	MEDICREAMS INDIA LLP	Body corporate as Designated Partner	11/03/2013	11/03/2013	-	Active	NO
38	AAB-3849	DREAMZ IMPEX LLP	Body corporate as Designated Partner	11/03/2013	11/03/2013	-	Active	NO
39	AAB-3851	DNA PHARMA LLP	Body corporate as Designated Partner	11/03/2013	11/03/2013	-	Active	NO
40	AAB-4854	MN RAJKUMAR GARMENTS LLP	Body corporate as Designated Partner	25/04/2013	25/04/2013	-	Active	NO
41	AAC-4582	LABH CONSULTANTS LLP	Designated Partner	14/07/2014	14/07/2014	-	Active	NO
42	AAC-9662	METRO ADVISORS LLP	Body corporate as Designated Partner	25/11/2014	25/11/2014	-	Active	NO
43	AAC-9670	METRO REMEDIES LLP	Body corporate as Designated Partner	25/11/2014	25/11/2014	-	Active	NO

Name :	Mr. Shankar Narayan Salgaonkar
Designation :	Director
Address :	14, Khadpaband, Flat No. T-1, Ponda, Goa – 403401, India
Date of Birth/Age :	31.12.1949
Date of Appointment :	08.06.2002
Date of Cessation :	31.12.2014
DIN No.:	00049061

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 13.08.2014

Names of Shareholders	No. of Shares
Ahmed Sophie Ahmed SA	6840
Ahmed Sara Ahmed Sophie	744
Farah Barua Ahmed Sophie	744
Ahmed Monisha Ahmed Farah	744
A P Raman Meera Raman	1200
Meera Raman A P Raman	6550
Khire Vilas Gopal Khire Vilas Priya	800
Jaya Radhakrishnan	6750
S N Salgaonkar	500
Paramjit Kaur	6750
Usmani Wahid Kamit Hammed Javed Usmani	8000
Floral Fantasy Private Limited, Mumbai	83550
Globus Healthcare Limited, Mumbai	10625
Prem Remedies LLP, Mumbai	30000
Saga Chemicals LLP, Mumbai	80000
Hamsons Laboratories LLP, Mumbai	155828
Shree Ridhi Chemicals LLP, Mumbai	100000
Respair Technology India LLP, Mumbai	32000
TOTAL	531625

Equity Share Break up (Percentage of Total Equity)

AS ON 13.08.2014

Category	Percentage
Bodies corporate	92.55
Directors or relatives of Directors	1.55
Other top fifty shareholders	5.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufactures and Distributes pharmaceutical products in core therapeutic categories including medicinal aerosols and devices, oncology products, antiretrovirals, cardiovascular drugs, anti-infectives, antifungals, antiallergics, dermatologicals, drugs for pain management and psychotherapeutics.
Products :	Not Available
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

No. of Employees :

Not Available

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
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

Banking Relations :
Auditors :
Name :	R S Bharucha and Company Chartered Accountant
Address :	Jehangir Mansion, 1st Marine Street, Mumbai 400020, Maharashtra, India
PAN No:	AAEFR1324G
Memberships :	--
Collaborators :	--
Subsidiaries :	Okasa Pharma Private Limited CIN No.: U24239MH1990PTC071153 Okasa Generics Private Limited CIN No.: U24234MH2000PTC125744

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
531625	Equity Shares	Rs.100/- each	Rs. 53.163 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	53.163	53.163	53.163
(b) Reserves & Surplus	528.508	564.307	605.332
(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)	581.671	617.470	658.495
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.205	0.205	0.679
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	11.294	5.324	3.928
Total Non-current Liabilities (3)	11.499	5.529	4.607
(4) Current Liabilities
(a) Short term borrowings	188.690	198.690	198.690
(b) Trade payables	184.412	208.337	183.675
(c) Other current liabilities	55.675	47.304	33.134
(d) Short-term provisions	11.520	13.035	10.074
Total Current Liabilities (4)	440.297	467.366	425.573
TOTAL	1033.467	1090.365	1088.675
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	81.703	87.549	93.823
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	6.109	4.272	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	492.868	492.868	492.868
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	106.786	99.135	70.829
(e) Other Non-current assets	15.108	14.370	13.824
Total Non-Current Assets	702.574	698.194	671.344
(2) Current assets
(a) Current investments	0.000	0.000	13.132
(b) Inventories	44.452	41.233	34.269
(c) Trade receivables	46.153	79.833	52.842
(d) Cash and cash equivalents	10.424	6.140	25.941
(e) Short-term loans and advances	229.864	264.965	291.147
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	330.893	392.171	417.331
TOTAL	1033.467	1090.365	1088.675

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	365.972	493.963	463.048
	Other Income
	TOTAL	365.972	493.963	463.048
Less	EXPENSES
	Cost of Materials Consumed	401.770	535.462	459.892
	Purchases of Stock-in-Trade
	Other expenses
	TOTAL	401.770	535.462	459.892
	PROFIT/ (LOSS) BEFORE TAX	(35.798)	(41.499)	3.156
Less	TAX	0.000	0.000	5.605
	PROFIT/ (LOSS) AFTER TAX	(35.798)	(41.499)	(2.449)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	84.005	125.504	127.953
	Balance Carried to the B/S	48.207	84.005	125.504
	Earnings / (Loss) Per Share (Rs.)	( 67.34)	(78.06)	(4.61)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	0.000	0.000	0.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	NA	NA
Operating Profit Margin (PBIDT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(6.70)	(7.00)	0.53
Return on Investment (ROI) (PBT/Networth)		(0.06)	(0.07)	0.00
Debt Equity Ratio (Total Liabilities /Networth)		0.32	0.32	0.30
Current Ratio (Current Asset/Current Liability)		0.75	0.84	0.98

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	53.163	53.163	53.163
Reserves & Surplus	605.332	564.307	528.508
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	658.495	617.470	581.671
long-term borrowings	0.000	0.000	0.000
Short term borrowings	198.690	198.690	188.690
Current Maturity of Long Term Debts	0.000	0.000	0.000
Total borrowings	198.690	198.690	188.690
Debt/Equity ratio	0.302	0.322	0.324

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	463.048	493.963	365.972
		6.676	(25.911)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	463.048	493.963	365.972
Profit	(2.449)	(41.499)	(35.798)
	(0.53)%	(8.40)%	(9.78)%

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	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	--
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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Deposits from Others	188.690	198.690
Total	188.690	198.690

INDEX OF CHARGES - No Charges Exist for Company

FIXED ASSETS

• Vehicles
• Office equipment
• Land
• Buildings
• Plant and equipment
• Furniture and fixtures

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.63.85
UK Pound	1	Rs.98.12
Euro	1	Rs.71.28

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KIN
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		35

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.