MIRA INFORM REPORT

Report No. :	322238
Report Date :	13.05.2015

IDENTIFICATION DETAILS

Name :	ALLIED MEDICAL LIMITED (w.e.f. 15.09.2008)
Formerly Known As :	ALLIED MEDICAL SERVICES LIMITED (w.e.f. 03.07.2007) ALLIED MEDICAL SERVICES PRIVATE LIMITED
Registered Office :	203, Swastik Bhawan Ranjeet Nagar, Commercial Complex, New Delhi – 110008, Maharashtra
Tel. No.:	91-11-41410616
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.04.1982
Com. Reg. No.:	55-013468
Capital Investment / Paid-up Capital :	Rs. 162.165 Million
CIN No.: [Company Identification No.]	U74899DL1982PLC013468
TAN No.: [Tax Deduction & Collection Account No.]	DELA1352D
PAN No.: [Permanent Account No.]	AADCA0301J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter, Trader and Importer of Electromedical, Surgical, Anesthetic and Hospital Equipment.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 840000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Reserves level of the company is low. However, profitability of the company is sound. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. 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

Rating Agency Name	ICRA
Rating	Fund Based Limited (BB+)
Rating Explanation	Moderate risk of default.
Date	March 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.

INFORMATION PARTED BY

Name :	Mr. Aditya Kohli
Designation :	Director
Contact No.:	91-9811173152
Date :	12.05.2015

LOCATIONS

Registered Office/ Factory:	203, Swastik Bhawan Ranjeet Nagar, Commercial Complex, New Delhi – 110008, Maharashtra, India
Tel. No.:	91-11-41410616
Mobile No.:	91-9811173152 (Mr. Aditya)
Fax No.:	Not Available
E-Mail :	aditya@alliedmed.co.in sales@allied.co.in accounts@alliedmed.co.in
Website :	http://www.alliedmed.co.in
Corporate Office:	76-77, Udyog Vihar, Phase – 4, Gurgaon-122015, Haryana, India
Tel. No.:	91-124-4111444 (40 Lines)
Fax No.:	91-124-4387600/ 4010143

DIRECTORS

As on: 30.09.2014

Name :

Mr. Anita Kohli

Designation :

Director

Address :

C-364C, Sushant Lok, Phase-1, Gurgaon, 122001, Haryana, India

Date of Birth/Age :

07.03.1950

Date of Appointment :

14.04.1982

PAN No.:

AANPK6104A

DIN No.:

00822470

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	U74899DL1982PLC013468	ALLIED MEDICAL LIMITED	Director	14/04/1982	14/04/1982	-	Active	NO
2	U74899DL1987PTC028410	TECHNO BUILDWELL PRIVATE LIMITED	Director	24/06/1987	24/06/1987	-	Active	NO
3	U74899DL1995PTC066079	IMMUNOLAB (INDIA) PRIVATE LIMITED	Director	07/03/1995	07/03/1995	-	Active	NO
4	U73200DL1990PLC039063	ALLIED HEALTH TECHNOLOGIES LIMITED	Director	07/03/1995	07/03/1995	-	Active	NO

Name :

Mr. Aditya Kohli

Designation :

Director

Address :

C-364c, Sushant Lok, Phase-1, Gurgaon, 122001, Haryana, INDIA

Date of Birth/Age :

07.03.1980

Date of Appointment :

21.06.1998

PAN No.:

AHGPK0375B

DIN No.:

00822604

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	U74899DL1987PTC028410	TECHNO BUILDWELL PRIVATE LIMITED	Director	20/06/1998	20/06/1998	-	Active	NO
2	U74899DL1982PLC013468	ALLIED MEDICAL LIMITED	Director	21/06/1998	21/06/1998	-	Active	NO
3	U16005DL2007PTC165465	LIFE PLUS MEDICAL INDIA PRIVATE LIMITED	Director	03/07/2007	03/07/2007	-	Active	NO
4	U74899DL1995PTC066079	IMMUNOLAB (INDIA) PRIVATE LIMITED	Director	30/09/2008	30/09/2008	-	Active	NO
5	U73200DL1990PLC039063	ALLIED HEALTH TECHNOLOGIES LIMITED	Director	30/09/2008	30/09/2008	-	Active	NO

Name :

Mr. Akhil Kohli

Designation :

Director

Address :

C-364C, Sushant Lok, Phase-1, Gurgaon, 122001, Haryana, India

Date of Birth/Age :

02.03.1978

Date of Appointment :

01.11.2004

PAN No.:

AKKPK3650N

DIN No.:

00822678

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	U74899DL1982PLC013468	ALLIED MEDICAL LIMITED	Director	01/11/2004	01/11/2004	-	Active	NO
2	U74899DL1995PTC066079	IMMUNOLAB (INDIA) PRIVATE LIMITED	Director	30/09/2008	30/09/2008	-	Active	NO
3	U73200DL1990PLC039063	ALLIED HEALTH TECHNOLOGIES LIMITED	Director	30/09/2008	30/09/2008	-	Active	NO
4	U74899DL1987PTC028410	TECHNO BUILDWELL PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO

Name :

Mr. Vinod Kohli

Designation :

Managing Director

Address :

C-364c, Sushant Lok, Phase-1, Gurgaon, 122001, Haryana, India

Date of Birth/Age :

14.02.1946

Date of Appointment :

14.04.1982

PAN No.:

AHKPK2561P

DIN No.:

01053958

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	U74899DL1982PLC013468	ALLIED MEDICAL LIMITED	Managing director	02/11/2009	14/04/1982	-	Active	NO
2	U74899DL1987PTC028410	TECHNO BUILDWELL PRIVATE LIMITED	Director	24/06/1987	24/06/1987	-	Active	NO
3	U73200DL1990PLC039063	ALLIED HEALTH TECHNOLOGIES LIMITED	Director	07/03/1995	07/03/1995	-	Active	NO
4	U74899DL1995PTC066079	IMMUNOLAB (INDIA) PRIVATE LIMITED	Director	07/03/1995	07/03/1995	-	Active	NO
5	U16005DL2007PTC165465	LIFE PLUS MEDICAL INDIA PRIVATE LIMITED	Director	03/07/2007	03/07/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Vinod Kohli	64076650
Anita Kohli	25881300
Prem Prakash Kohli	6400
Raj Malhotra	21300
R.P. Gupta	31300
Sunil Malhotra	6300
Vinati Malhotra	6300
Akhil Kohli	13150738
Aditya Kohli	20069363
Vinod Kohli and Sons HUF, INdia	6290000
J B Thacker	52500
Bhupender Amita Gupta	55125
Jagdish Sharma	349997
Hari Desai and Geeta Desai	3840000
Techno Buildwell Private Limited, India	2500000
B S Makkar	121425
Vasundra Kohli	2542000
ImmunoLab India Private Limited, India	675000
Allied Health Technologies Limited, India	600000
Arun and Veena Ummal	744835
Gauri Rangrass	147410
Meditec International England Limited, UK	20234291
Jagdish Chander	2500
Parshi Kohli	760500
Total	162165234

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

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	15.14
Directors or relatives of Directors	81.89
Other	2.97
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter, Trader and Importer of Electromedical, Surgical, Anesthetic and Hospital Equipment.
Products :	Electromedical Surgical Anesthetic Hospital Equipment.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	UK Middle East African
Imports :
Products :	Raw Material
Countries :	US Europe
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Meditec International England Limited - UK
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Retailers OEMs and Others

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

No. of Employees :

150 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Me Branch, Vatika First India Place, M.G. Road, Gurgaon-122002, Haryana, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	5.274	12.609
Term loans from others	21.353	22.951
Short-term borrowings
Rupee term loans from banks	98.499	100.512
Total	125.126	136.072

Auditors :
Name :	Vijay Chetal and Company Chartered Accountants
Address :	A-3/203 Ist Floor, Janakpuri, New Delhi, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADPC7928C
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Allied Enterprises Vinod Kohli and Sons HUF Aarav Kohli Family Trust Akhil Kohli HUF

CAPITAL STRUCTURE

As on 30.09.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
170,000,000	Equity Shares	Rs.1/- each	Rs. 170.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
162,165,234	Equity Shares	Rs.1/- each	Rs. 162.165 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	162.165	162.165	162.165
(b) Reserves & Surplus	129.738	104.504	87.940
(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)	291.903	266.669	250.105
(3) Non-Current Liabilities
(a) long-term borrowings	44.100	51.549	61.598
(b) Deferred tax liabilities (Net)	19.239	18.892	16.684
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	63.339	70.441	78.282
(4) Current Liabilities
(a) Short term borrowings	105.274	108.092	91.659
(b) Trade payables	50.089	30.990	12.101
(c) Other current liabilities	9.872	6.606	3.942
(d) Short-term provisions	0.000	0.162	0.065
Total Current Liabilities (4)	165.235	145.850	107.767
TOTAL	520.477	482.960	436.154
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	243.524	244.662	225.280
(ii) Intangible Assets	15.459	15.459	15.459
(iii) Capital work-in-progress	0.000	0.000	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)	0.065	0.065	0.065
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	259.048	260.186	240.804
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	79.154	71.279	69.917
(c) Trade receivables	121.181	92.748	79.543
(d) Cash and cash equivalents	8.989	5.792	2.387
(e) Short-term loans and advances	52.105	52.955	43.503
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	261.429	222.774	195.350
TOTAL	520.477	482.960	436.154

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	407.854	401.227	390.543
		Other Income	0.691	0.332	0.204
		TOTAL (A)	408.545	401.559	390.747
Less	EXPENSES
		Cost of Materials Consumed	270.857	269.441	263.813
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.875)	(1.362)	(3.233)
		Employees benefits expense	19.039	20.182	19.655
		Other expenses	47.011	41.438	37.115
		TOTAL (B)	329.032	329.699	317.350
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		79.513	71.860	73.397
Less	FINANCIAL EXPENSES (D)		20.369	21.039	22.281
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		59.144	50.821	51.116
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.562	32.050	30.027
	PROFIT BEFORE TAX (E-F) (G)		25.582	18.771	21.089
Less	TAX (H)		0.348	2.207	0.000
	PROFIT AFTER TAX (G-H) (I)		25.234	16.564	21.089
	EARNINGS IN FOREIGN CURRENCY		56.200	45.400	28.900
	Earnings Per Share (Rs.)		0.16	0.10	0.13

Particulars	31.03.2015
Sales Turnover (Approximately)	600.000

The above information has been parted by Mr. Aditya (Director)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	6.19	4.13	5.40
Operating Profit Margin (PBIDT/Sales)	(%)	19.50	17.91	18.79
Return on Total Assets (PBT/Total Assets}	(%)	4.92	3.89	4.84
Return on Investment (ROI) (PBT/Networth)		0.09	0.07	0.08
Debt Equity Ratio (Total Debt /Networth)		0.51	0.60	0.61
Current Ratio (Current Asset/Current Liability)		1.58	1.53	1.81

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	162.165	162.165	162.165
Reserves & Surplus	87.940	104.504	129.738
Net worth	250.105	266.669	291.903
long-term borrowings	61.598	51.549	44.100
Short term borrowings	91.659	108.092	105.274
Total borrowings	153.257	159.641	149.374
Debt/Equity ratio	0.613	0.599	0.512

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	390.543	401.227	407.854
		2.736	1.652

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	390.543	401.227	407.854
Profit	21.089	16.564	25.234
	5.40%	4.13%	6.19%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note: Registered Office of the company has been shifted from “B-191, Naraina Industrial Area, Phase-I, New Delhi-110028, India” to the present address w.e.f. 01.09.2011.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	17.472	15.989
Short-term borrowings
Loans and advances from related parties	6.775	7.580
Total	24.247	23.569

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90055535	13/03/2014 *	156,800,000.00	STATE BANK OF INDIA	STATE BANK OF INDIA, SME BRANCH VATIKA FIRST INDIA PLACE, M G ROAD, GURGAON - 122002, Haryana, INDIA	C03396611

* Date of charge modification

FIXED ASSETS:

• Building
• Plant and equipment
• Furniture and fixtures
• Vehicle
• Office equipment
• Recipes, formulae, models, designs and prototypes
• Designs

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.64.20
UK Pound	1	Rs.100.03
Euro	1	Rs.71.91

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--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		47

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.