MIRA INFORM REPORT

Report No. :	351156
Report Date :	26.11.2015

IDENTIFICATION DETAILS

Name :	WESTERN DRUGS LIMITED (w.e.f. 17.04.2010)
Formerly Known As :	WESTERN DRUGS PRIVATE LIMITED
Registered Office :	F-271 A, Mewar Industrial Area, Madri, Udaipur – 313 003, Rajasthan
Tel No :	91-294-2490976/ 6052345
Country :	India
Financials (as on) :	31.03.2014 (Profit and Loss A/c.)
Date of Incorporation :	20.04.1989
Com. Reg. No.:	17-004914
Capital Investment / Paid-up Capital :	Rs. 41.485 Million
CIN No.: [Company Identification No.]	U24232RJ1989PLC004914
IEC No.:	1389004066
TAN No.: [Tax Deduction & Collection Account No.]	JDHW00033F
PAN No.: [Permanent Account No.]	AAACW2424P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Bulk drugs and Pharmaceuticals.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 120000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. As per registrar companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but documents for the same is not available from any source. Management has reported marginal increase in its revenue base, whereas reported decrease in its profitability over the years. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions. (Note: balance sheet for the financial year ending on 31^st March 2014, was not available from any other sources, only profit and loss account was made available)

NOTES:

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

ECGC Country Risk Classification List – 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 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Bhagwati Lal Dagliya
Designation :	Managing Director
Contact No.:	91-9414160711
Date :	24.11.2015

LOCATIONS

Registered Office/ Factory :	F-271 A, Mewar Industrial Area, Madri, Udaipur – 313 003, Rajasthan, India
Tel. No.:	91-294-2490976/ 3293915
Mobile No.:	91-9414160711 (Mr. Bhagwati)
Fax No.:	91-294-2490676
E-Mail :	infoudaipur@westerndrugs.com tcsindia@sify.com b.dagliya@westerndrugs.com
Website :	http://www.westerndrugs.com
Area:	23000 Sq. Mtr.
Location :	Owned
Locality :	Industrial
Head Office :	321, Tantia - Jogani Industrial Premises, Co-Operative Society Limited, Sitaram Mills Compound, J.R. Boricha Marg, Mumbai - 400 011, Maharashtra, India
Tel. No.:	91-22-61232000
Fax No.:	91-22-61232030
E-Mail :	sales@westerndrugs.com

DIRECTORS

As on: 15.09.2014

Name :

Mr. Mahavir Chunni Lal Ranka

Designation :

Chairman

Address :

4, Prena Vidhya Marg, Udaipur, Rajasthan, India

Date of Birth/Age :

15.06.1954

Qualification :

Graduate

Date of Appointment :

27.09.1991

DIN No.:

00337553

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	U24232RJ1989PLC004914	WESTERN DRUGS LIMITED	Director	27/09/1991	27/03/1991	-	Active	NO
2	U24232RJ1998PTC015016	RANKA ORGANICS PRIVATE LIMITED	Director	27/09/2011	03/08/1998	-	Active	NO
3	U52190RJ2006PTC022276	KHETAJI IMPORTS PRIVATE LIMITED	Director	24/03/2006	24/03/2006	-	Strike off	NO

Name :

Mr. Bhagwati Lal Dagliya

Designation :

Managing Director

Address :

87, Ganesh Nagar, Kalkamata Road, Udaipur, Rajasthan, India

Date of Birth/Age :

11.11.1951

Qualification :

M. Com

Date of Appointment :

20.04.1989

DIN No.:

00302082

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	U24232RJ1989PLC004914	WESTERN DRUGS LIMITED	Managing director	20/04/1989	20/04/1989	-	Active	NO
2	U24232RJ1998PTC015016	RANKA ORGANICS PRIVATE LIMITED	Managing director	12/12/2011	27/09/2011	-	Active	NO

Name :

Mr. Mishri Lal Lodha

Designation :

Director

Address :

26-27 Pratap Colony, Ganesh Nagar, Kalka Mata Road, Udaipur, Rajasthan, India

Date of Birth/Age :

01.03.1952

Qualification :

B.Sc

Date of Appointment :

20.04.1989

DIN No.:

00302054

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	U24232RJ1989PLC004914	WESTERN DRUGS LIMITED	Director	20/04/1989	20/04/1989	-	Active	NO
2	U24232RJ1998PTC015016	RANKA ORGANICS PRIVATE LIMITED	Director	27/09/2011	27/09/2011	-	Active	NO

Name :

Mr. Dilip Bakhtwar Ranka

Designation :

Director

Address :

111/19, Thakudwara Road, Mumbai, Maharashtra, India

Date of Birth/Age :

25.09.1966

Qualification :

MBA

Date of Appointment :

27.09.1991

DIN No.:

00337719

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	U99999MH1957PTC010856	TRANSMISSIONS PRIVATE LIMITED	Director	01/07/1989	01/07/1989	-	Converted to LLP and dissolved	NO
2	U24232RJ1989PLC004914	WESTERN DRUGS LIMITED	Director	27/09/1991	27/09/1991	-	Active	NO
3	U24232RJ1998PTC015016	RANKA ORGANICS PRIVATE LIMITED	Director	27/09/2011	03/08/1998	-	Active	NO

Name :

Rajendra Harlalka

Designation :

Independent Director

Address :

11, Laxmi Bhawan, 58, D Road, Church Gate, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

10.09.1960

Date of Appointment :

15.09.2014

DIN No.:

00516594

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	U67120MH1946PTC004787	KHETAN BUSINESS CORPORATION PRIVATE LIMITED	Whole-time director	14/06/1988	14/06/1988	-	Active	NO
2	U65990MH1987PTC043957	BIPIRAJ FINANCE PRIVATE LIMITED	Director	28/12/1988	28/12/1988	-	Active	NO
3	U51100MH1987PTC045304	SAMSHALEEN EXPORTS PRIVATE LIMITED	Whole-time director	21/08/1993	21/08/1993	-	Active	NO
4	U24232RJ1989PLC004914	WESTERN DRUGS LIMITED	Director	15/09/2014	15/09/2014	-	Active	NO

Name :

Surendra Kumar

Designation :

Independent Director

Address :

7B, Bapu Bazar Circle, Above Shri Udaipur Krishi Kendra, Udaypur – 313001, Rajasthan, India

Date of Birth/Age :

08.07.1972

Date of Appointment :

15.09.2014

DIN No.:

06910789

KEY EXECUTIVES

Name :	Mr. Hirel Mehta
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 15.09.2014

Names of Shareholders	No. of Shares
Bhagwati Lal Dagliya	214600
Mishri Lal Lodha	378510
Bhagwati Devi Lodha	148240
Maheshwari E. Dora	375260
Vikram M. Ranka	168750
Mahavir C. Ranka	65550
Nikhil M. Ranka	165640
Hitesh J. Ranka	139750
Anil J. Ranka	139750
Dilip B. Ranka	56000
Manish J. Ranka	139750
Sanjay J. Ranka	139750
Ridhi D. Ranka	150000
Riya D. Ranka	143650
Sulochna B. Ranka	431780
Bakhtawar C. Ranka	100000
Usha M. Ranka	642810
Neena D. Ranka	236570
Chandresh Dagliya	31215
Chandra B. Dagliya	280935
Total	4148510

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	91.00
Other top fifty shareholders	9.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Bulk drugs and Pharmaceuticals.

Products :

Product Description	Item Code No. (ITC Code)
Niacin	29369000

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Europe countries
• USA
• Germany
• Asian countries

Imports :

Products :

Raw Material

Countries :

• China
• European Countries
• USA
• Taiwan

Terms :

Selling :

Cheque and Credit (30 Days)

Purchasing :

Cheque and Credit (30 Days)

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 :

End Users

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 :

350 (Approximately)

Bankers :

• Citibank N.A., DLF Square Building, M Block, Jacaranda Marg, DLF City Phase - II, Gurgaon – 122 002, Haryana, India

• Export – Import Bank of India, Floor 21, Centre, Cuffe Parade, Mumbai – 400005, Maharashtra, India

• Bank of Baroda, Panchsheel Marg, Main Branch, Udaipur - 313001, Rajasthan , India

Bank Name	Citi Bank
Branch	Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, 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)	Cash Credit – Rs. 315.000 Million Term Loan – Rs. 150.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loans	NA	107.737
SHORT TERM BORROWING
Working capital loans from bank	NA	69.391
Total	NA	177.128

Auditors :
Name :	Om Prakash S. Chaplot and Company Chartered Accountants
Address :	66, Panchsheel Marg, 1^st Floor, Near Town Hall, Udaipur – 313 001, Rajasthan, India
Tel. No.:	91-294-2420177/ 2414277
Fax No.:	91-294-2412985
PAN No.:	AABFO0980E
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on: 15.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4148510	Equity Shares	Rs.10/- each	Rs. 41.485 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	NA	41.485	41.485
(b) Reserves & Surplus	NA	572.905	501.042
(c) Money received against share warrants	NA	0.000	0.000
(2) Share Application money pending allotment	NA	0.000	0.000
Total Shareholders’ Funds (1) + (2)	NA	614.390	542.527
(3) Non-Current Liabilities
(a) long-term borrowings	NA	221.662	205.199
(b) Deferred tax liabilities (Net)	NA	74.381	56.535
(c) Other long term liabilities	NA	0.000	0.000
(d) long-term provisions	NA	0.000	0.000
Total Non-current Liabilities (3)	NA	296.043	261.734
(4) Current Liabilities
(a) Short term borrowings	NA	69.391	78.455
(b) Trade payables	NA	71.555	64.395
(c) Other current liabilities	NA	41.970	21.150
(d) Short-term provisions	NA	15.756	16.283
Total Current Liabilities (4)	NA	198.672	180.283
TOTAL	NA	1109.105	984.544
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	NA	497.377	432.896
(ii) Intangible Assets	NA	0.000	0.000
(iii) Capital work-in-progress	NA	41.654	23.717
(iv) Intangible assets under development	NA	0.000	0.000
(b) Non-current Investments	NA	95.030	80.030
(c) Deferred tax assets (net)	NA	0.000	0.000
(d) Long-term Loan and Advances	NA	15.041	16.539
(e) Other Non-current assets	NA	0.000	0.000
Total Non-Current Assets	NA	649.102	553.182
(2) Current assets
(a) Current investments	NA	0.000	0.000
(b) Inventories	NA	163.580	204.882
(c) Trade receivables	NA	164.944	146.577
(d) Cash and cash equivalents	NA	21.703	17.224
(e) Short-term loans and advances	NA	109.353	61.832
(f) Other current assets	NA	0.423	0.847
Total Current Assets	NA	460.003	431.362
TOTAL	NA	1109.105	984.544

Balance Sheet for the financial year 2014 is not available whereas only Profit and Loss Statement is Available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1556.714	1549.673	1623.157
		Other Income	15.465	7.064	5.594
		TOTAL	1572.179	1556.737	1628.751
Less	EXPENSES
		Cost of Materials Consumed	1125.677	1051.755	1255.453
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(43.080)	45.726	(24.464)
		Employees benefits expense	74.888	63.027	53.188
		Other expenses	212.443	190.841	105.535
		TOTAL	1369.928	1351.349	1389.712
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		202.251	205.388	239.039
Less	FINANCIAL EXPENSES		47.519	32.720	20.727
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		154.732	172.668	218.312
Less/ Add	DEPRECIATION/ AMORTISATION		31.073	26.503	20.058
	PROFIT BEFORE TAX		123.659	146.165	198.254
Less	TAX		43.604	50.194	64.399
	PROFIT AFTER TAX		80.055	95.971	133.855
	Earnings Per Share (Rs.)		19.30	23.13	32.27

Particulars	31.03.2015
Sales Turnover	1778.600

Expected Sales (3015-16): Rs. 2000.000 Million

The above information has been parted by Mr. Bhagwati Dagliya (Managing Director)

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	172.114	116.440

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.14	6.19	8.25
Operating Profit Margin (PBDIT / Sales)	(%)	12.99	13.25	14.73
Return on Total Assets (PBT/Total Assets}	(%)	----	15.03	22.51
Return on Investment (ROI) (PBT/Networth)		----	0.24	0.37
Debt Equity Ratio (Total Debt /Networth)		----	0.47	0.52
Current Ratio (Current Asset/Current Liability)		----	2.32	2.39

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

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	1623.157	1549.673	1556.714
		(4.527)	0.454

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	1623.157	1549.673	1556.714
Profit	133.855	95.971	80.055
	8.25%	6.19%	5.14%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

CHANGE IN THE NAME OF COMPANY

The company is converted into Public Limited Company and the name of the company is changed to “Western Drugs Limited”. The Registrar of Company has given the permission of change and issued the new Incorporation Certificate with effect from 17^th April, 2010.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and Advances from Related Parties	NA	113.924

INDE INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10523043	07/08/2014	120,000,000.00	Citi Bank N.A.	First International Financial Centre, Plot No. C -54 and 55 G-Block, BKC, Bandra (E), Mumbai - 400051, Maharashtra, INDIA	C24306219
2	10321116	24/10/2011	80,000,000.00	BANK OF BARODA	PANCHSHEEL MARG, MAIN BRANCH, UDAIPUR - 313001, Rajasthan, INDIA	B26832808
3	10318405	20/10/2011	70,000,000.00	CITIBANK N. A.	DLF SQUARE BUILDING, M BLOCK, JACARANDA MARG, DLF CITY PHASE-II, GURGAON - 122002, Haryana, INDIA	B25606054
4	90074245	07/08/2014 *	435,000,000.00	Citi Bank N.A.	First International Financial Centre, Plot No. C -54 and 55 G-Block, BKC, Bandra (E), Mumbai - 400051, Maharashtra, INDIA	C24312399
5	90075577	07/08/2014 *	315,000,000.00	Citi Bank N.A.	First International Financial Centre, Plot No. C -54 and 55 G-Block, BKC, Bandra (E), Mumbai - 400051, Maharashtra, INDIA	C24317208

* Date of charge modification

FIXED ASSETS

• Land
• Factory Building
• Other Building
• Plant and Machinery
• Furniture and Fixture
• Vehicle
• Office Equipment
• Computer
• Office Building - Mumbai

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 records 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.66.38
UK Pound	1	Rs.100.45
Euro	1	Rs.70.55

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KNL
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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 unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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