MIRA INFORM REPORT

Report No. :	312546
Report Date :	20.03.2015

IDENTIFICATION DETAILS

Name :	QUINTILES RESEARCH (INDIA) PRIVATE LIMITED
Registered Office :	B 101-106, Shapath IV, Opposite Karnavati Club, Sarkhej, Gandhinagar Road, Ahmedabad -380051, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.11.2002
Com. Reg. No.:	04-074076
Capital Investment / Paid-up Capital :	Rs.8.131 Million
CIN No.: [Company Identification No.]	U73100GJ2002PTC074076
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACQ0935H
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is principally engaged in undertaking clinical research activities on behalf of pharmaceutical companies on a contractual basis in India. The services include study design, protocol development, monitoring of the research and related activities.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track. The rating takes into consideration decent profit margin and strong liquidity position backed by debt free balance sheet of the company. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

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 DENIED

Management non-co-operative (91-79-66303300)

LOCATIONS

Registered Office :	B 101-106, Shapath IV, Opposite Karnavati Club, Sarkhej, Gandhinagar Road, Ahmedabad -380051, Gujarat, India
Tel. No.:	91-79-66303300
Fax No.:	91-79-66303366
E-Mail :	Soumyo.ghosh@quintiles.com
Website :	www.quintiles.com
Head Office :	2^nd Floor, Etamin Block, Prestige Technology Park II, Sarjpur, Marathalli Outer Ring Road, Bangalore – 560103, Karnataka, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Anand Joshi

Designation :

Director

Address :

24, Drive In Tenaments, Thaltej Road, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

11.02.1970

Date of Appointment :

03.02.2004

DIN No.:

00021890

PAN No.:

AAPPJ8312H

Passport No.:

A9636181

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	U73100GJ2002PTC074076	QUINTILES RESEARCH (INDIA) PRIVATE LIMITED	Director	03/02/2004	03/02/2004	-	Active	NO
2	U72300GJ2001PTC040151	QUINTILES DATA PROCESSING CENTRE (INDIA) PRIVATE LIMITED	Director	13/02/2004	13/02/2004	-	Amalgamated	NO
3	U72200KA2007PTC042174	Cenduit (India) Services Private Limited	Director	20/09/2010	20/09/2010	23/04/2012	Active	NO
4	U73100GJ2002PTC041630	QUINTILES TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	01/05/2013	01/05/2013	-	Amalgamated	NO

Name :

Suneela Milind Thatte

Designation :

Director

Address :

B 204, Sadguru Complex, 1AB, Behind Vageshwari Temple, Goregaon East, Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

13.12.1969

Date of Appointment :

01.04.2009

DIN No.:

02621328

PAN No.:

AADPT6076E

Passport No.:

G1951527

Name :

Mr. Hemant Rehani

Designation :

Director

Address :

Villa 28, Chaithanya Armadale, Whitefield, Bangalore – 560066, Karnataka, India

Date of Birth/Age :

30.01.1972

Date of Appointment :

23.12.2011

DIN No.:

05154646

PAN No.:

AAOPR1187P

Passport No.:

E0749722

Name :

Mr. Soumyo Ghosh

Designation :

Director

Address :

B-1/008, Genesis, Near Suncity, Appartments, Sarjapur Outer Ring Road Junction, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

24.10.1969

Date of Appointment :

23.04.2013

DIN No.:

06563813

PAN No.:

AAOPG0440Q

Passport No.:

Z2226539

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	U72300GJ2001PTC040151	QUINTILES DATA PROCESSING CENTRE (INDIA) PRIVATE LIMITED	Director	23/04/2013	23/04/2013	-	Amalgamated	NO
2	U73100GJ2002PTC041630	QUINTILES TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	23/04/2013	23/04/2013	-	Amalgamated	NO
3	U73100GJ2002PTC074076	QUINTILES RESEARCH (INDIA) PRIVATE LIMITED	Director	23/04/2013	23/04/2013	-	Active	NO
4	U73100TG2009FTC064239	Quintiles Phase One Clinical Trials India Private Limited	Alternate director	06/05/2013	06/05/2013	-	Active	NO

Name :

Mr. Jacob Parambi Sebasitan

Designation :

Director

Address :

2 H, Belveder Court 6, Spencer Road, Frazer Tow, Bangalore – 560005, Karnataka, India

Date of Birth/Age :

25.10.1963

Date of Appointment :

30.09.2014

DIN No.:

06882662

PAN No.:

AALPJ0019M

Passport No.:

Z2024274

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	U73100GJ2002PTC074076	QUINTILES RESEARCH (INDIA) PRIVATE LIMITED	Director	30/09/2014	09/06/2014	-	Active	NO
2	U72300GJ2001PTC040151	QUINTILES DATA PROCESSING CENTRE (INDIA) PRIVATE LIMITED	Director	30/09/2014	09/06/2014	-	Amalgamated	NO
3	U73100GJ2002PTC041630	QUINTILES TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	30/09/2014	09/06/2014	-	Amalgamated	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Quintiles Mauritius Holdings Inc., Mauritius	803130
Quintiles Transnational Corporation, USA	10000
Total	813130

As on 30.09.2014

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is principally engaged in undertaking clinical research activities on behalf of pharmaceutical companies on a contractual basis in India. The services include study design, protocol development, monitoring of the research and related activities.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Not Divulged
Branch Address	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

Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252 Veer Sarvarkar Marg, Shivaji Park , Dadar(West), Mumbai – 400028, Maharashtra, India
PAN No.:	AAAFP8828M
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Quintiles Mauritius Holding Inc., Mauritius
Ultimate Holding Company :	Quintiles Transnational Corporation, USA
Fellow Subsidiary Company :	Quintiles Pacific Inc., USA Quintiles Limited, UK Quintiles Clindepharm Private Limited, South Africa Quintiles Bloemfontein, South Africa Quintiles Medical Development Shanghai Quintiles Clindata Private Limited, South Africa Quintiles Private Limited, Australia Quintiles Latin America, Inc., USA Quintiles Medical Development (Shanghai) Company, Shanghai Quintiles East Asia Pte Limited, Singapore Quintiles B.V., Netherland Quintiles (Thailand ) Company Limited, Thailand Quintiles S.l, Spain Quintiles AB, Sweden Quintiles Transnational Japan K. K., Japan Quintiles East Asia Pte Limited, Vietnam Quintiles Malaysia SDN BHD, Malaysia Quintiles Ireland Limited, Ireland Quintiles Egypt LLC, Egypt Quintiles Phase One Services, Inc., United States Quintiles Taiwan, Province of China Outcome Sciences INC., USA Quintiles Medical Research and Development (Beijing) Limited, China

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
813130	Equity Shares	Rs.10/- each	Rs.8.131 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	8.131	8.131	8.131
(b) Reserves & Surplus	750.364	607.630	502.206
(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)	758.495	615.761	510.337
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	18.781	25.603	24.623
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	18.781	25.603	24.623
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	36.278	22.472	8.753
(c) Other current liabilities	130.684	73.046	72.335
(d) Short-term provisions	13.881	6.160	35.132
Total Current Liabilities (4)	180.843	101.678	116.220
TOTAL	958.119	743.042	651.180
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	84.809	96.393	70.962
(ii) Intangible Assets	2.612	2.538	3.155
(iii) Capital work-in-progress	14.264	4.831	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	23.441	18.377	8.888
(d) Long-term Loan and Advances	51.537	57.773	30.601
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	176.663	179.912	113.606
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	7.301	84.875	83.905
(d) Cash and cash equivalents	554.036	200.062	154.601
(e) Short-term loans and advances	218.213	268.105	283.115
(f) Other current assets	1.906	10.088	15.953
Total Current Assets	781.456	563.130	537.574
TOTAL	958.119	743.042	651.180

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1004.871	1032.279	972.083
	Other Income	29.159	27.533	31.769
	TOTAL	1034.030	1059.812	1003.852
Less	EXPENSES	845.288	891.354	828.224
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	188.742	168.458	175.628
Less/ Add	DEPRECIATION/ AMORTISATION	30.837	29.516	32.511
	PROFIT/ (LOSS) BEFORE TAX	157.905	138.942	143.117
Less	TAX	15.172	33.518	0.327
	PROFIT/ (LOSS) AFTER TAX	142.733	105.424	142.790
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	605.670	500.246	357.456
	Balance Carried to the B/S	748.403	605.670	500.246
	Earnings / (Loss) Per Share (Rs.)	175.54	129.65	175.61

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	14.20	10.21	14.69
Return on Total Assets (PBT/Total Assets}	(%)	17.16	19.30	22.28
Return on Investment (ROI) (PBT/Networth)		0.21	0.23	0.28
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		4.32	5.54	4.63

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	8.131	8.131	8.131
Reserves & Surplus	502.206	607.630	750.364
Net worth	510.337	615.761	758.495
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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)
Sales	972.083	1032.279	1004.871
		6.192	(2.655)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	972.083	1032.279	1004.871
Profit	142.790	105.424	142.733
	14.69%	10.21%	14.20%

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	Yes
23]	Banking Details	No
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

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

TAX APPEAL No. 2005 of 2010

Status : PENDING	( Converted from : ST/2544/2010 )	CCIN No : 001092201002005
Last Listing Date:	18/09/2012
Coram	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS.JUSTICE HARSHA DEVANI

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF SERVICE TAX, AHMEDABAD	MR KALPESH N SHASTRI for: Appellant(s)  1
S.NO.	Name of the Respondant	Advocate On Record
1	M/S QUINTILES RESEARCH (INDIA) PVT LTD	MRS SWATI SOPARKAR for :Opponent(s)  1

Presented On	: 06/09/2010	Registered On	: 06/09/2010
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 125 times
StageName	: FOR FINAL HEARING

Classification	DB - OJ - TAX APPEAL - CENTRAL EXCISE ACT, 1944 - UNDER SECTION 35G
Act	CENTRAL EXCISES AND SALT ACT, 1944
Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2010	VAKALATNAMA	MR KALPESH N SHASTRI ADVOCATE for PETITIONER(s)  1	-	MR KALPESH N SHASTRI:1
2	15/08/2010	VAKALATNAMA	MRS SWATI SOPARKAR ADVOCATE for RESPONDENT(s)  1	-	MRS SWATI SOPARKAR:1
3	06/09/2010	CERTIFIED COPY	MR KALPESH N SHASTRI ADVOCATE for PETITIONER(s)  1	4	MR KALPESH N SHASTRI:1
4	06/09/2010	MEMO OF APPEAL/PETITION/SUIT	MR KALPESH N SHASTRI ADVOCATE for PETITIONER(s)  1	50	MR KALPESH N SHASTRI:1
5	14/06/2011	VAKALATNAMA	MRS SWATI SOPARKAR ADVOCATE for RESPONDENT(s)  1	5	MRS SWATI SOPARKAR:1
Applications

S. No.	Case Detail	Status Name	Disposal Date	Action/Coram
1	CIVIL APPLICATION/395/2010	DISPOSED	07/04/2011	ANY OTHER MODE @ ADM.STAGE HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
Court Proceedings

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	07/04/2011	10	-	BOARD NO. I-A	FIXED RULE / ADMIT	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
2	09/07/2012	3	-	FOR FINAL HEARING	NEXT DATE	HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI HONOURABLE MR.JUSTICE N.V.ANJARIA
3	18/09/2012	9	-	FOR FINAL HEARING	FIXED RULE / ADMIT	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS.JUSTICE HARSHA DEVANI
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	TAX APPEAL/2005/2010	HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI	07/04/2011	N	ORDER	-	Y
2	TAX APPEAL/1735/2010	HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI HONOURABLE MR.JUSTICE N.V.ANJARIA	19/06/2012	N	ORDER	-	Y

OPERATIONS OF THE COMPANY

During year under consideration, the company has earned revenue of Rs. 1004.000 Million which is 2.65% lower than last year. The company has also earned net profit after tax of Rs. 142.700 Million which is higher by 35.38% as compared to last year. The Directors expect good growth over the coming years.

BACKGROUND OF THE COMPANY

Quintiles Research (India) Private Limited was incorporated on November 21, 2002 and is a subsidiary of Quintiles Mauritius Holdings (QMH), the ultimate holding company being Quintiles Transnational Corporation, USA. The Company is principally engaged in undertaking clinical research activities on behalf of pharmaceutical companies on a contractual basis in India. The services include study design, protocol development, monitoring of the research and related activities. The Company has the approval from the Office of the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India vide its letter dated May 30, 2003.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Office Equipments
• Computers
• Furniture and Fixtures
• Vehicles

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.62.42
UK Pound	1	Rs.92.99
Euro	1	Rs.67.28

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	PNM

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	6
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
--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		53

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.