MIRA INFORM REPORT

Report No. :	338890
Report Date :	04.09.2015

IDENTIFICATION DETAILS

Name :	AIZANT DRUG RESEARCH SOLUTIONS PRIVATE LIMITED (w.e.f. 06.07.2006)
Formerly Known As :	INNODEV PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Sy No. 172/173, Apparel Park Road, Dulapally Village, Qutbullahpur Mandal, Hyderabad – 500014, Telangana
Tel. No.:	91-40-23792190/91/92
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.11.2005
Com. Reg. No.:	36-048133
Capital Investment / Paid-up Capital :	Rs. 203.268 Million
CIN No.: [Company Identification No.]	U24239TG2005PTC048133
IEC No.:	4607000094
TAN No.: [Tax Deduction & Collection Account No.]	HYDA06885E
PAN No.: [Permanent Account No.]	AABCI5229B
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in providing comprehensive drug development resources and solutions for pre-formulation, formulation development, analytical development, current good manufacturing practice scale-up etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 2100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – 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	CRISIL
Rating	Long term rating = BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	02.12.2014

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 31-03-2013.

INFORMATION DENIED

Management non co-operative (91-40-23792191)

LOCATIONS

Registered Office / Factory :	Sy No. 172/173, Apparel Park Road, Dulapally Village, Qutbullahpur Mandal, Hyderabad – 500014, Telangana, India
Tel. No.:	91-40-23792190/91/92
Fax No.:	91-40-23792223
E-Mail :	info@aizant.com accounts@aizant.com
Website :	http://www.aizant.com

DIRECTORS

As on 24.09.2014

Name :

Mr. Mukul Gulati

Designation :

Director

Address :

#65/41, West Punjabi, Bagh, New Delhi-110026, Delhi, India

Date of Birth :

06.07.1973

Date of Appointment :

30.09.2011

DIN No.:

00746183

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	U31300DL1994PTC060704	MAXOP ENGINEERING COMPANY PRIVATE LIMITED	Nominee director	19/02/2006	19/02/2006	09/09/2011	Active	NO
2	U74140KA2006PTC038676	ZEPHYR PEACOCK MANAGEMENT INDIA PRIVATE LIMITED	Director	06/03/2006	06/03/2006	-	Active	NO
3	U80300DL1996PLC075185	WLC COLLEGE (INDIA) LIMITED	Nominee director	25/06/2007	25/06/2007	19/12/2013	Active	NO
4	L27203DD1989PLC003240	TIME TECHNOPLAST LIMITED	Alternate director	31/07/2007	31/07/2007	10/06/2010	Active	NO
5	U72200MH1999PTC119143	MILES SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	12/05/2008	12/05/2008	-	Active	NO
6	U74900KA2007PTC055316	ZP India Advisory Private Limited	Director	13/09/2010	14/09/2009	-	Active	NO
7	U64203GJ2004PTC045175	METRO WIRELESS ENGINEERING (INDIA) PRIVATE LIMITED	Director	30/09/2010	04/08/2010	30/04/2012	Amalgamated	NO
8	U30000MH1995PLC091944	TRIMAX IT INFRASTRUCTURE & SERVICES LIMITED	Nominee director	01/10/2010	01/10/2010	12/07/2013	Active	NO
9	U24239TG2005PTC048133	AIZANT DRUG RESEARCH SOLUTIONS PRIVATE LIMITED	Director	30/09/2011	17/12/2010	-	Active	NO
10	U40109GJ1998PTC034860	Flareum Technologies Private Limited	Additional director	13/12/2011	13/12/2011	05/07/2012	Active	NO
11	U45400AP2008PLC057182	PENNAR ENGINEERED BUILDING SYSTEMS LIMITED	Nominee director	30/07/2013	21/03/2013	-	Active	NO
12	U45201KA2010PTC052810	E to E Transportation Infrastructure Private Limited	Director	30/09/2013	26/08/2013	-	Active	NO

Name :

Mr. Varma Rudraraju S

Designation :

Managing director

Address :

D NO. 5, Canton Park, Pet Basheerabad, Jeedimetla ,Hyderabad-500055, Telangana, India

Date of Birth :

15.08.1967

Date of Appointment :

10.04.2008

PAN No.:

AHFPR1710G

DIN No.:

01661426

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	U24239TG2005PTC048133	AIZANT DRUG RESEARCH SOLUTIONS PRIVATE LIMITED	Managing director	10/04/2008	22/11/2005	-	Active	NO
2	U74140AP2001PTC037075	KURU CONSULTANTS PRIVATE LIMITED	Director	19/01/2008	19/01/2008	-	Strike off	NO
3	U72200TG2001PTC038101	FLINK SYSTEMS PRIVATE LIMITED	Director	07/04/2008	07/04/2008	30/10/2008	Active	NO
4	U01119TG2008PTC058580	VIVOZANT BIOSCIENCES PRIVATE LIMITED	Director	08/04/2008	08/04/2008	-	Strike off	NO
5	U24239TG2008PTC059967	INCOZEN THERAPEUTICS PRIVATE LIMITED	Director	03/07/2008	03/07/2008	30/08/2008	Active	NO
6	U73100TG2009PTC065216	Sanative Therapeutics Private Limited	Managing director	29/09/2009	29/09/2009	-	Active	NO
7	U24233TG2012PTC084141	AIMY FORMULATIONS PRIVATE LIMITED	Director	12/11/2012	12/11/2012	-	Active	NO
8	U24110AP2015PTC096458	AIZANT PHARMACEUTICALS PRIVATE LIMITED	Director	08/04/2015	08/04/2015	-	Active	NO

Name :

Mr. Nookala Venkatasatya Surya Lakshmi Narayana

Designation :

Director

Address :

50-49-33, TPT Colony, Vizag-530013 , Andhra Pradesh, India

Date of Birth :

30.10.1966

Date of Appointment :

30.09.2009

PAN No.:

ACEPV4383K

DIN No.:

02572688

Name :

Mrs. Sridevi Sayyaparaju

Designation :

Whole-time director

Address :

M No.6-3-345/2, Flat No.D7, Dwarkapuri Colony, Hyderabad – 500034, Telangana, India

Date of Birth/Age :

30.10.1969

Date of Appointment :

29.09.2012

DIN No.:

02787978

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	U24239TG2005PTC048133	AIZANT DRUG RESEARCH SOLUTIONS PRIVATE LIMITED	Whole-time director	29/09/2012	29/09/2012	-	Active	NO
2	U72500TG2014PTC092809	AIZANT IT SYSTEMS PRIVATE LIMITED	Director	07/02/2014	07/02/2014	-	Active	NO
3	U72200TG2014PTC096603	AIZANT ONLINE SERVICES PRIVATE LIMITED	Director	28/11/2014	28/11/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vishnu Dadige
Designation :	Secretary
Address :	Plot No. 12/1, Sy. 385,, Shri Krishna Nagar,, Sangareddy-502001, Telangana, India
Date of Appointment :	01.09.2014
PAN No.:	ANWPD1782H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 24.09.2014

Category	Percentage
Bodies corporate	3.00
Directors or relatives of Directors	48.00
Other top fifty shareholders	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in providing comprehensive drug development resources and solutions for pre-formulation, formulation development, analytical development, current good manufacturing practice scale-up etc.

Products :

Item Code No.	Product Description
30040000	Services of Clinical Research And Formulation

Brand Names :

Not Available

Agencies Held :

Not Available

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 :	Not Divulged
Remark:	Not Divulged

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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	State Bank of India
Branch	Industrial Finance Branch, Raj Bhavan Road, Somajiguda, Hyderabad - 500082, Telangana, 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
Term loans from banks	14.018	21.960
Other loans and advances	3.539	3.121
Short-term borrowings
Working capital loans from banks	91.961	67.070
Total	109.518	92.151

Auditors :
Name :	B S R R and Company Chartered Accountants
Address :	Reliance Humsafar, IV Floor Road No. 11, Banjara Hills Hyderabad-500 034, Telangana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAKFB1884H
Memberships :	--
Collaborators :	--
Entity in which the Chairman and Managing Director is interested :	Kuru Consultants Private Limited

CAPITAL STRUCTURE

As on 24.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs.10/- each	Rs. 250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,326,808	Equity Shares	Rs.10/- each	Rs. 203.268 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	203.268	178.163	156.836
(b) Reserves & Surplus	519.481	281.334	92.211
(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)	722.749	459.497	249.047
(3) Non-Current Liabilities
(a) long-term borrowings	17.557	140.081	285.673
(b) Deferred tax liabilities (Net)	39.838	40.492	11.057
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	6.953	4.303	11.998
Total Non-current Liabilities (3)	64.348	184.876	308.728
(4) Current Liabilities
(a) Short term borrowings	136.691	107.800	101.759
(b) Trade payables	69.537	34.937	23.571
(c) Other current liabilities	61.396	79.870	69.986
(d) Short-term provisions	37.231	7.529	3.000
Total Current Liabilities (4)	304.855	230.136	198.316
TOTAL	1091.952	874.509	756.091
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	424.911	437.937	400.466
(ii) Intangible Assets	5.390	1.660	1.678
(iii) Capital work-in-progress	32.039	5.685	3.936
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	5.122
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	42.839	5.020	51.554
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	505.179	450.302	462.756
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	109.542	35.749	5.125
(c) Trade receivables	292.663	233.206	146.346
(d) Cash and cash equivalents	56.777	34.156	65.489
(e) Short-term loans and advances	11.708	31.864	8.790
(f) Other current assets	116.083	89.232	67.585
Total Current Assets	586.773	424.207	293.335
TOTAL	1091.952	874.509	756.091

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	616.143	444.466	366.531
		Other Income	25.536	4.016	6.608
		TOTAL (A)	641.679	448.482	373.139
Less	EXPENSES
		Cost of Materials Consumed	150.967	71.453	58.571
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(73.164)	(27.597)	0.000
		Operating Expenses	90.316	68.382	50.140
		Employees benefits expense	142.911	113.972	100.240
		Administration Expenses	52.318	40.598	0.000
		Clinical trial costs	0.000	0.000	22.198
		TOTAL (B)	363.348	266.808	231.149
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		278.331	181.674	141.990
Less	FINANCIAL EXPENSES (D)		16.789	19.806	20.004
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		261.542	161.868	121.986
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.630	21.515	20.176
	PROFIT BEFORE TAX (E-F) (G)		227.912	140.353	101.810
Less	TAX (H)		79.661	49.903	11.057
	PROFIT AFTER TAX (G-H) (I)		148.251	90.450	90.753
	Earnings Per Share (Rs.)		7.65	5.08	5.79

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	22.257	32.733	35.183
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	140.401	71.459	58.388

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	24.06	20.35	24.76
Operating Profit Margin (PBIDT/Sales)	(%)	45.17	40.87	38.74
Return on Total Assets (PBT/Total Assets}	(%)	21.50	16.15	13.63
Return on Investment (ROI) (PBT/Networth)		0.32	0.31	0.41
Debt Equity Ratio (Total Debt /Networth)		0.24	0.61	1.70
Current Ratio (Current Asset/Current Liability)		1.92	1.84	1.48

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	156.836	178.163	203.268
Reserves & Surplus	92.211	281.334	519.481
Net worth	249.047	459.497	722.749
long-term borrowings	285.673	140.081	17.557
Short term borrowings	101.759	107.800	136.691
Current maturities of long-term debts	35.183	32.733	22.257
Total borrowings	422.615	280.614	176.505
Debt/Equity ratio	1.697	0.611	0.244

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	366.531	444.466	616.143
		21.263	38.625

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	366.531	444.466	616.143
Profit	90.753	90.450	148.251
	24.76%	20.35%	24.06%

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	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	No
8]	Designation of contact person	No
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	Yes
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)	No
16]	No. of employees	No
17]	Details of sister concerns	Yes
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	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	Yes
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

Note : Registered office address of the company has been shifted from 28, Canton Rows, Pet Bashirabad, Jeedimetla Village, Hyderabad – 500055, Andhra Pradesh, India to the present address w.e.f. 01.11.2007

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Other loans and advances	0.000	115.000
Short-term borrowings
Loans and advances from directors	44.730	40.730
Total	44.730	155.730

BACKGROUND

The company is incorporated on 22 November 2005 as a private limited company under the provisions of the Companies Act, 1956. The Company has changed its name from Innodev Pharmaceuticals Private Limited to Aizant Drug Research Solutions Private Limited effective 6 July 2006. The Company has started its commercial operations with effect from 1 April 2008. The Company is engaged in providing comprehensive drug development resources and solutions for pre-formulation, formulation development, analytical development, current good manufacturing practice scale-up etc.

REVIEW OF OPERATIONS

The company posted impressive year of performance. During the year, the turnover increased by 39% over the previous year. The net profit before tax and prior period items shows impressive growth over last year. Aizant facility is approved by the prestigious USFDA, ANVISA (Brazilian authorities) and is in the process of getting inspected by WHO (World Health Organization) and MOH (Turkey) and EMEA (Europe). Aizant is approved by the Indian authorities (DCGI) and is DSIR certified to carry out drug development activities. During the year, the company further consolidated its position as the leading solutions provider in CRO industry.

EXPANSION PLANS:

Considering the business potential, the company has commenced building manufacturing facility with 1 billion tablets capacity and we have also started developing the internal products for out licensing to the existing clientele and for new markets across the world.

FUTURE PLANS:

Company is always committed to timely and qualitative delivery of its services and to its clientele. The entire resources of the company are driven to attain this objective keeping the budgetary and other controls in view. This is pushing your company into frontline of the business, where the quality and prompt delivery are paramount significant in the industry. As a future leader in CRO business your company is constantly receiving business inquiries and is diligent in sourcing new business with the global and domestic clientele.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10062175	16/06/2015 *	344,500,000.00	State Bank of India	Industrial Finance Branch, Mid Corporate Group, Rajbhavan Road, Somajiguda, Hyderabad, Telangana -  500082, INDIA	C57027039

* Date of charge modification

FIXED ASSETS

• Building
• Plant and Machinery
• Office Equipment
• Computer
• 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 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.66.23
UK Pound	1	Rs.101.22
Euro	1	Rs.74.33

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--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	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		50

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.