MIRA INFORM REPORT

Report Date :

06.02.2008

IDENTIFICATION DETAILS

Name :	ANIKA INTERNATIONAL PRIVATE LIMITED
Registered Office :	H – 186, W 10, Lanes, Western Avenue, Sainik Farms, New Delhi – 110062, Delhi
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	27.07.1977
Com. Reg. No.:	55 – 8682
IEC No.:	0591009773
CIN No.: [Company Identification No.]	U74999DL1977PTC008682
TAN No.: [Tax Deduction & Collection Account No.]	DELA00199D
PAN No.: [Permanent Account No.]	AAACA5751F
Legal Form :	Private Limited Liability Company
Line of Business :	Paper of all kinds, Newsprint, Pharmaceuticals, Intermediates, Fertilizers, Opiate Intermediates, Poli-Film.

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1609084
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and reputed company having fine track records. Trade relations are fair. Business is active. Fundamentals are strong and healthy. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	H – 186, W 10, Lanes, Western Avenue, Sainik Farms, New Delhi – 110062, Delhi, India
Tel. No.:	91-11-29552370/71
Mobile :	91-9810066999
Fax No.:	91-11-29553312
E-Mail :	anil.vig@anika.in anika@del2.vsnl.net.in info@anika.in
Area :	10000 sq. ft.
Location :	Owned
Corporate Office :	A – 11, Kailash Colony, New Delhi - 110049
E-Mail :	anika@del2.vsnl.net.in anika@touchteindia.com
Factory 1 :	204, Emca House, Shaheed Bhagat Singh Marg, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22665308
Fax No.:	91-22-22679828/22665312
Email :	anika2004@vsnl.net
Area :	600 sq. ft.
Location :	Owned

DIRECTORS

Name :	Mr. Anil Vig
Designation :	Managing Director
Address :	12-B-14, Shakuntla Farms, New Delhi – 110062, Delhi, India
Date of Birth/Age :	09.05.1965
Qualification :	Graduate
Experience :	20 years
Date of Appointment :	12.05.1983
Name :	Mrs. Vimal Vig
Designation :	Director
Address :	12-B-14, Shakuntla Farms, New Delhi – 110062, Delhi, India
Date of Birth :	65 years
Qualification :	Graduate
Experience :	40 years
Date of Appointment :	27.07.1977
Name :	Mr. Raj Kumar Jain
Designation :	Director
Address :	B-38, Lajpat Nagar, I New Delhi – 110024, India
Date of Birth :	37 years
Qualification :	Graduate
Experience :	18 years
Name :	Mr. Surender L. Kapoor
Designation :	Director
Address :	17, Western Avenue, Sainik Farms, New Delhi – 110062, Delhi, India
Date of Birth :	67 years
Qualification :	M.B.A.
Experience :	45 years
Name :	Mrs. Priya Vig
Designation :	Director
Address :	12-B-14, Shakuntla Farms, New Delhi – 110062, Delhi, India
Date of Birth :	41 years
Qualification :	Graduate
Experience :	18 years
Name :	Mrs. Kasturi Lal Vig
Designation :	Director
Address :	H – 186 – B, Western Avenue, Sainik Farms, New Delhi – 110062, Delhi, India
Date of Birth/Age :	12.08.1936
Date of Appointment :	29.09.2003
Name :	Mrs. Alka Khanna
Designation :	Director
Address :	H – 186 – B, Western Avenue, Sainik Farms, New Delhi – 110062, Delhi, India
Date of Birth/Age :	17.02.1963
Date of Appointment :	12.02.1986
Name :	Mr. K. L. Arora
Designation :	Director
Address :	16/12, Kalakaji, New Delhi – 110016
Date of Birth/Age :	15.09.1934
Date of Appointment :	18.10.2005
Name :	Mr. S. L. Kapoor
Designation :	Director
Address :	161 A, Western Avenue, Sainik Farms, New Delhi – 110016
Date of Birth/Age :	15.09.1934
Date of Appointment :	01.02.2005
Name :	Mr. B. K. Mittal
Designation :	Director
Address :	Brij Niketan, A – 528, C sector – 19, Noida - 201301
Name :	Mr. Muskan Vig
Designation :	Additional Director
Address :	H – 186 B, western Avenue, Sainik Farm, New Delhi – 110062, India
Date of Birth/Age :	22.03.1988
Date of Appointment :	09.11.2007

KEY EXECUTIVES

Name :	Mr. Jyotsant Bhatia
Designation :	Company Secretary
Address :	A/2 – A, Sainik Nagar, Uttam Nagar, New Delhi – 110059
Mobile :	91-9811678082
Email :	jyotsanabhatia_1976@yahoo.co.in
Name :	Mrs. Ruchi Bansal
Designation :	Company Secretary
Address :	37 – F, Kamla Nagar, New Delhi - 110007
Date of Birth/Age :	02.03.1979
Date of Appointment :	11.04.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Anil Vig	32500
Mrs. Priya Vig	9100
Mrs. Vimal Vig	13000
Mrs. Muskan Vig	25220
Mrs. Kasturi Lal Vig	13000
Mr. Shiva Vig	22620
Mrs. Alka Khanna	1560
Total	117000
Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Paper of all kinds, Newsprint, Pharmaceuticals, Intermediates, Fertilizers, Opiate Intermediates, Poli-Film.

Products :

Item Code No. (ITC Code)

Indenting Agents

Terms :

Selling :

90 days

Purchasing :

90 days

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

60

Bankers :

· HDFC Bank

· Indian Overseas Bank

14 – 15, Farm Bhawan, Nehru Place, New Delhi – 110019, India

Facilities :

Secured Loans	31.03.2005 (Rs. In Millions)
HDFC Bank (Secured Against Hypothecation of Car Purchased out of loan)	0.686

Banking Relations :	Satisfactory
Auditors :
Name :	Nath Ahuja and Company Chartered Accountant
Address :	S – 400, Greater Kailash, New Delhi – 110048, India
Tel No.:	91-11-29215353
Fax No.:	91-11-29215353
Email :	nna@vsnl.in
Associates/Subsidiaries :	Anika International FZE Scan India Trading Corporation Add.: A-11, First Floor, Kailsh Colony, New Delhi – 110048, India Line of Business : Indenting House Ankur Chemical Corporation Add.: M-9A, Hemkunt Tower 98, Nehru Place New Delhi – 110019, India Line of Business : Agent

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Share	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
117000	Equity Share	Rs.100/- each	Rs.11.700 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		11.700	11.700	0.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		390.571	338.429	289.294
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		402.271	350.129	290.194
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.686
TOTAL BORROWING		0.000	0.000	0.686
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		402.271	350.129	290.880
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		97.315	39.737	29.929
Capital work-in-progress		0.000	29.066	3.700
INVESTMENT		71.135	50.244	53.621
DEFERREX TAX ASSETS		1.929	0.911	0.433
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	15.391	15.390	9.563
	Cash & Bank Balances	130.157	130.147	199.694
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	222.446	223.447	52.563
Total Current Assets		367.994	313.469	261.820
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	11.907	12.326	13.511
	Provisions	124.195	123.557	45.112
Total Current Liabilities		136.102	83.298	58.623
Net Current Assets		231.892	230.171	203.197
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		402.271	350.129	290.880

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		143.275	0.443	0.741
Other Income		19.842	130.282	106.539
Total Income		163.117	130.725	107.280
Profit/(Loss) Before Tax		118.500	96.635	76.627
Provision for Taxation		38.980	64.813	51.686
Profit/(Loss) After Tax		79.520	31.822	24.941
Earnings in Foreign Currency :
	Export Earnings	N.A.	N.A.	0.741
	Commission Earnings	N.A.	N.A.	80.142
	Other Earnings	N.A.	N.A.	5.183
Total Earnings		N.A.	N.A.	86.067
Import Value		N.A.	N.A.	N.A.
Expenditures :
	Purchases made for re-sale		0.234	0.368
	Salaries, Wages, Bonus, etc.		4.180	3.068
	Managerial Remuneration		5.752	6.040
	Payment to Auditors		0.043	0.046
	Interest	44.617	0.041	0.055
	Insurance Expenses		0.768	0.664
	Power & Fuel		1.236	0.484
	Depreciation & Amortization		5.375	4.819
	Other Expenditure		16.460	15.108
Total Expenditure		44.617	34.089	30.652

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	48.75	24.34	23.25
Net Profit Margin (PBT/Sales)	(%)	82.71	21813.77	10341.02
Return on Total Assets (PBT/Total Assets}	(%)	25.47	27.36	26.26
Return on Investment (ROI) (PBT/Networth)		0.29	0.27	0.26
Debt Equity Ratio (Total Liability/Networth)		0.34	0.24	0.20
Current Ratio (Current Asset/Current Liability)		2.70	3.76	4.47

LOCAL AGENCY FURTHER INFORMATION

Form 8 :

Name of the company	ANIKA International Private Limited
Presented By	Indian Overseas Bank
1) Date and description of instrument creating the change	Hypothecation of Book Debts Dated 31.07.1995
2) Amount secured by the charge/amount owing on the securities of charge	Rs.30.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation by way of first charge on all the book debts, outstanding, moneys, receivable, claims and bills which now due and owing or which may at any time herein of during continuance of this security become due and owing to the borrower.
4) Gist of the terms and conditions and extent and operation of the charge.	Payable on Demands
5) Name and Address and description of the person entitled to the charge.	Indian Overseas Bank, New Delhi
6) Date and brief description of instrument modifying the charge	N.A.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	N.A.

Fixed Assets:

• Land
• Building – Factory
• Furniture and Fixture
• Office Equipment
• Bicycle
• Motor Cycle
• Car
• Imported Car
• Computer
• Scooter

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.39.43
UK Pound	1	Rs.77.74
Euro	1	Rs.58.41

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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
TOTAL		63

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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