MIRA INFORM REPORT

Report Date :

16.12.2011

IDENTIFICATION DETAILS

Name :	TEVAPHARM INDIA PRIVATE LIMITED
Formerly Known As :	RATIOPHARM INDIA PRIVATE LIMITED
Registered Office :	402, Omega Hiranandani Garden, Powai, Mumbai-400076, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	01.12.2000
Com. Reg. No.:	11-129835
Capital Investment / Paid-up Capital :	Rs. 500.000 Millions
CIN No.: [Company Identification No.]	U3311MH2000FTC129835
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Pharma and Technical Services.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 3000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Ratiopharm International GmbH, Germany. It is an established company having moderate track. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION DECLINED BY

Name :	Madam Bindu
Designation :	Accounts Executive
Date :	10.08.2011

LOCATIONS

Registered Office :	402, Omega Hiranandani Garden, Powai, Mumbai-400076, Maharashtra, India
Tel. No.:	91-22-66412100
Fax No.:	91-22-25705991
E-Mail :	ramesh.sadani@ratiopharm.in contact@ratiopharm.in corporate@ratiopharm.in
Websites :	www.ratiopharm.in http://www2.ratiopharm.com
Area :	1000 Sq. ft
Location :	Rented
Research and Development Center :	Plot No. A1, Phase – 1A’, Verna Industrial Estate, “Salcette Verna, Goa, India
Tel. No.:	91-832-2887315/19

DIRECTORS

As on 04.06.2011

Name :

Mr. Shyam Sobhraj Rohra

Designation :

Managing Director

Address :

4/A, 603, Powai Vihar Complex, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

12.04.1956

Qualification :

B. Tech, PGDM., LLB, DCA, PGDPLP

Date of Appointment :

01.12.2000

DIN No.:

00163318

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U33111MH2000FTC129835	TEVAPHARM INDIA PRIVATE LIMITED	Managing director	1/12/2000	1/12/2000	30/09/2011	Active	NO
2	U24230MH2002PTC136896	MEPHA PHARMA INDIA PRIVATE LIMITED	Managing director	20/08/2002	20/08/2002	-	Strike off	NO

Name :

Mr. Sanjay Khatau Asher

Designation :

Director

Address :

32, Mody Street, Mumbai - 400001, Maharashtra, India

Date of Birth/Age :

26.11.1963

Date of Appointment :

01.12.2000

DIN No.:

00008221

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15141MP1992PLC007176	DEWAS SOYA LIMITED	Director	12/9/2011	29/07/1994	-	Active	NO
2	U65920MH1994PTC080585	SEENOL FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	27/01/1995	27/01/1995	18/03/2010	Active	NO
3	U24231MH1979PTC020957	FINOLIB CHEMICALS PVT LTD	Director	30/09/1995	30/09/1995	-	Amalgamated	NO
4	L31300MH1967PLC016531	FINOLEX CABLES LIMITED	Director	1/7/1998	1/7/1998	-	Active	NO
5	U63000MH1998PTC117292	ALLIED PICKFORDS INDIA PRIVATE LIMITED	Director	1/12/1998	1/12/1998	-	Active	NO
6	U31300MH1971PTC015021	ORBIT ELECTRICALS PRIVATE LIMITED	Director	18/03/1999	18/03/1999	-	Active	NO
7	U65993MH1980PTC022723	MAJESTY INVESTMENTS PRIVATE LIMITED	Director	18/03/1999	18/03/1999	-	Amalgamated	NO
8	U26954MH1969PTC014245	SIPOREX INDIA Private LIMITED	Director	29/04/1999	29/04/1999	-	Active	NO
9	U63000MH1999PTC121101	AL MOVERS PRIVATE LIMITED	Director	2/8/1999	2/8/1999	-	Active	NO
10	L01542KA1995PLC019046	SHREE RENUKA SUGARS LIMITED	Director	5/8/1999	5/8/1999	-	Active	NO
11	U27108TN1999PTC069389	MIGATRONIC INDIA PRIVATE LIMITED	Director	7/9/1999	7/9/1999	29/06/2009	Active	NO
12	U51900MH1999PTC122481	DIAMANT BOART MARKETING PRIVATE LIMITED	Director	1/11/1999	1/11/1999	-	Active	NO
13	L22200MH1993PLC071431	REPRO INDIA LIMITED	Director	2/5/2000	2/5/2000	-	Active	NO
14	U92132MH1995PLC085835	INDUSIND MEDIA AND COMMUNICATION LIMITED	Director	29/06/2000	29/06/2000	31/12/2006	Active	NO
15	U33111MH2000FTC129835	TEVAPHARM INDIA PRIVATE LIMITED	Director	1/12/2000	1/12/2000	8/9/2011	Active	NO
16	U85199MH2002PTC135700	ARJOHUNTLEIGH HEALTHCARE INDIA PRIVATE LIMITED	Director	30/04/2002	30/04/2002	-	Active	NO
17	U66010PN2001PLC015959	BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED	Director	6/6/2002	6/6/2002	-	Active	NO
18	U66010PN2000PLC015329	BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LIMITED	Director	6/6/2002	6/6/2002	-	Active	NO
19	U24230MH2002PTC136896	MEPHA PHARMA INDIA PRIVATE LIMITED	Director	20/08/2002	20/08/2002	-	Strike off	NO
20	U65990MH1993FTC074460	MORGAN STANLEY INVESTMENT MANAGEMENT PRIVATE LIMITED	Director	9/4/2003	9/4/2003	-	Active	NO
21	U41000MH1992PTC067896	FINOLEX PLASSON INDUSTRIES Private Limited	Director	20/09/2003	20/09/2003	-	Active	NO
22	U29260MH2002PTC137202	ZINSER TEXTILE SYSTEMS PRIVATE LIMITED	Director	27/09/2003	27/09/2003	-	Active	NO
23	U74140MH2004PTC144831	A L RECORDS MANAGEMENT PRIVATE LIMITED	Director	3/3/2004	3/3/2004	-	Active	NO
24	L29199GJ1981PLC028741	INTEGRA ENGINEERING INDIA LIMITED	Director	11/3/2004	11/3/2004	18/02/2011	Active	NO
25	U72900MH2001PTC131322	CRICINFO DATA SERVICES PRIVATE LIMITED	Director	16/04/2004	16/04/2004	-	Active	NO
26	U92419MH2000PTC129811	CRICINFO ONLINE INDIA PRIVATE LIMITED	Director	16/04/2004	16/04/2004	-	Active	NO
27	U74140MH2004PTC146033	N V ADVISORY SERVICES PRIVATE LIMITED	Director	30/04/2004	30/04/2004	-	Active	NO
28	L22219DL1955PLC211606	INFOMEDIA 18 LIMITED	Director	24/05/2004	24/05/2004	21/08/2008	Active	NO
29	U74210MH2003PTC142289	ENGINEERING AND DESIGNS TECNIMONT ICB PRIVATE LIMITED	Director	22/02/2005	22/02/2005	31/03/2008	Active	NO
30	U29120MH2005PTC152258	SAURER PRECICOMP PRIVATE LIMITED	Director	29/03/2005	29/03/2005	-	Amalgamated	NO
31	U30009MH1991PTC064182	I2IT PRIVATE LIMITED	Director	23/08/2006	28/01/2006	5/2/2011	Active	NO
32	U25209MH1991PLC060602	KRYFS POWER COMPONENTS LIMITED	Director	18/05/2006	18/05/2006	-	Active	NO
33	U64202PN1999PLC013499	DIVINET ACCESS TECHNOLOGIES LIMITED	Additional director	4/8/2006	4/8/2006	5/4/2010	Active	NO
34	U45201PN2006FTC138676	BIOPHARMAX INDIA PRIVATE LIMITED	Director	15/09/2006	15/09/2006	10/3/2008	Active	NO
35	U60231TN2006PTC061597	C.H. Robinson Worldwide Freight India Private Limited	Director	27/11/2006	27/11/2006	1/12/2006	Active	NO
36	L99999MH1964PLC012835	ASIAN ELECTRONICS LIMITED	Director	23/12/2006	23/12/2006	5/11/2008	Active	NO
37	U66010MH2007PLC166770	Universal Sompo General Insurance Company Limited	Director	5/1/2007	5/1/2007	12/1/2007	Active	NO
38	U72900MH2005PLC157255	SPARSH BPO SERVICES LIMITED	Director	14/09/2007	23/01/2007	7/7/2011	Active	NO
39	U45203PN2007PLC129575	FINOLEX INFRASTRUCTURE LIMITED	Director	7/2/2007	7/2/2007	18/12/2010	Active	NO
40	L17120MH1984PLC033553	MANDHANA INDUSTRIES LIMITED	Director	16/05/2007	16/05/2007	-	Active	NO
41	U29253DL2007PTC161715	INDO-FILL Elastomer Private Limited	Director	30/09/2008	16/05/2007	-	Active	NO
42	L36759MH1985PLC036759	SHARP INDIA LIMITED	Director	29/08/2008	23/07/2007	-	Active	NO
43	U29269MH2007PTC174534	ALLMA MACHINES PRIVATE LIMITED	Director	26/09/2007	26/09/2007	-	Strike off	NO
44	U29261MH2007PTC174542	NEUMAG MACHINES PRIVATE LIMITED	Director	27/09/2007	27/09/2007	-	Strike off	NO
45	U29261MH2007PTC174543	OERLIKON TEXTILE COMPONENTS INDIA PRIVATE LIMITED	Director	27/09/2007	27/09/2007	-	Active	NO
46	U29261MH2007PTC174544	VOLKMANN MACHINES PRIVATE LIMITED	Director	27/09/2007	27/09/2007	-	Strike off	NO
47	U74140PN2007PTC131026	ValueQb Consulting Private Limited	Director	22/11/2008	14/12/2007	-	Active	NO
48	U29253MH2007PTC176977	BARMAG MACHINES PRIVATE LIMITED	Director	19/12/2007	19/12/2007	-	Strike off	NO
49	U29259GJ1962PTC001177	PEASS INDUSTRIAL ENGINEERS Private Limited	Director	27/08/2008	29/01/2008	-	Active	NO
50	U25200MH2006PTC161549	NARENDRA PLASTIC PRIVATE LIMITED (PART IX)	Additional director	31/01/2008	31/01/2008	27/03/2008	Active	NO
51	U22219MH2008PTC181740	HH Print Management India Private Limited	Director	29/04/2008	29/04/2008	-	Active	NO
52	U74140MH2008PTC183020	Wachovia Advisory Services Private Limited	Director	2/6/2008	2/6/2008	5/11/2008	Active	NO
53	U63000MH2008PTC188331	MASTER VOSS INTERNATIONAL PROJECTS PRIVATE LIMITED.	Director	18/09/2009	20/11/2008	-	Active	NO
54	L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	Director	24/01/2009	24/01/2009	-	Active	NO
55	U27109PN1986FTC040525	HOGANAS INDIA Private Limited	Alternate director	7/5/2009	7/5/2009	-	Active	NO
56	U29253MH2010PTC199933	SCHLAFHORST MACHINES PRIVATE LIMITED	Director	10/2/2010	10/2/2010	-	Active	NO
57	L99999MH1961PLC012185	BALKRISHNA INDUSTRIES LIMITED	Director	29/05/2010	29/05/2010	-	Active	NO
58	U93000MH2010PTC199627	ENAM INFRASTRUCTURE TRUSTEESHIP SERVICES PRIVATE LIMITED	Director	12/7/2010	12/7/2010	-	Active	NO
59	U27205MH2007PLC172598	TRIBHOVANDAS BHIMJI ZAVERI LIMITED	Director	4/7/2011	14/12/2010	-	Active	NO
60	L34101TN1948PLC000105	ASHOK LEYLAND LIMITED	Director	19/07/2011	21/12/2010	-	Active	NO
61	U55101MH2010PTC209517	Indian Cookery Private Limited	Director	1/3/2011	1/3/2011	-	Active	NO
62	L29150PN1989PLC054143	SANGHVI MOVERS LIMITED	Additional director	30/09/2011	30/09/2011	-	Active	NO
63	U31900MH1998PTC117068	RAVE TECHNOLOGIES (INDIA) PRIVATE LIMITED	Additional director	11/11/2011	11/11/2011	-	Active	NO

Name :

Mr. Matthais John Escricht

Designation :

Director

Address :

Jahnufer 20, 89231, Neu Ulm, Germany

Date of Birth/Age :

06.06.1949

Date of Appointment :

17.03.2004

DIN No.:

01935116

Name :

Mr. Gerald Werner Huber

Designation :

Director

Address :

Neusatz 31, 73655, Pluderhhausen, Germany

Date of Birth/Age :

25.05.1966

Date of Appointment :

01.08.2007

DIN No.:

01368981

Name :

Mr. Walter Viktor Buehl

Designation :

Director

Address :

AM, Steinach 9, 90518, Altdorf B Nuernberg, Germany

Date of Birth/Age :

10.04.1951

Date of Appointment :

23.06.2009

DIN No.:

02272138

Name :

Mr. Oliver Thomas Windholz

Designation :

Director

Address :

Ortsteil Sp 76275 Ettlingen Germany

Date of Birth/Age :

28.10.1966

Date of Appointment :

23.06.2009

DIN No.:

02281370

Name :

Mr. Eyal Arieli

Designation :

Director

Address :

P O Box 101, Kfar Harif-79830, Israel

Date of Birth/Age :

03.08.1961

Date of Appointment :

14.12.2010

DIN No.:

03360084

KEY EXECUTIVES

Name :	Mr. Ramesh Ramchand Sadani
Designation :	Secretary
Address :	71-A, Collectors Colony, Mahul Road, Chembur, Mumbai-400074, Maharashtra, India
Date of Birth/Age :	24.07.1966
Date of Appointment :	29.03.2005
PAN.:	AAKPS6202Q
Name :	Madam Bindu
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 04.06.2011

Names of Shareholders	No. of Shares
Ratiopharm International GMBH, Germany	49999990
Ratiopharm GMBH, Germany	10
Total	50000000

As on 04.06.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Pharma and Technical Services.

Products :

Product Description	Item Code
Pharma and Technical Services	NA
Antihypertensive Drug (Perindopril)	300490 71
Others (Allopurinol)	300490 99

PRODUCTION STATUS (AS ON 31.03.2010)

Installed Capacity	Unit of Measures	2010
Tablets / Capsules	Nos. in Thousands
Manufacturing unit under Research and Development Division*		32600
New Manufacturing Unit* * Uncoated tablets single shift basis		225000

Note: Under the liberalized policy of the Government vide Notification No. S-O-477 (E) dated 25 July 1991 and as amended vide press release note No. 4 of 1994 series dated 25 October 1994, Formulations included in above are exempted form licensing procedures under the industries (Development and Regulation) Act, 1951

Actual Production:

Particulars	Unit of Measures	2010
Tablets	Nos. in Thousands	83713

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

Deutsche Bank, Fort Branch, Mumbai, Maharashtra, India

Facilities :

Unsecured Loan	As on 31.12.2010 (Rs. in Millions)	As on 31.12.2009 (Rs. in Millions)
Loan form Holding Company	428.137	372.705
Total	428.137	372.705

Note: Amount repayable within one year is Rs. nil (31 December 2009 Rs.50.000 millions)

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountant
Address :	Lodha Excelus, 1^st Floor, Apollo Mills Compound, N M Joshi Marg, Mahalakshmi, Mumbai-400011, Maharashtra, India
Tel. No.:	91-22-39896000
Fax No.:	91-22-39836000
Holding Company:	Ratiopharm International GMBH, Germany
Fellow Subsidiary:	Teva Pharmaceutical Industries Limited Marckle GmbH Ratiopharm GmbH Ratiopharm Inc Ratiopharm Schweiz AG

CAPITAL STRUCTURE

As on 04.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

After 04.06.2011 :

Authorised Capital : Rs. 750.000 millions

Issued, Subscribed & Paid-up Capital : Rs. 500.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		500.000	500.000	500.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		255.959	140.457	74.032
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		755.959	640.457	574.032
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		428.137	372.705	187.150
TOTAL BORROWING		428.137	372.705	187.150
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1184.096	1013.162	761.182
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		807.993	284.724	566.508
Capital work-in-progress		39.045	552.868	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		38.399	77.085	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	209.778	22.163
	Sundry Debtors	191.342	114.956
	Cash & Bank Balances	36.348	34.951
	Other Current Assets	0.000	0.000
	Loans & Advances	76.783	68.051
Total Current Assets		514.251	240.121	194.674
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	94.037	124.680
	Other Current Liabilities	108.555	4.101
	Provisions	13.000	12.855
Total Current Liabilities		215.592	141.636
Net Current Assets		298.659	98.485	194.674
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1184.096	1013.162	761.182

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income
		Other Income
		TOTAL (A)	817.542	556.789	525.083
Less	EXPENSES
		Office Expenses
		Administrative Expenses	479.577	315.459
		Advertising Expenses
		TOTAL (B)	479.577	315.459	467.594
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		337.965	241.330	(Including Financial and Depreciation Expenses)
Less	FINANCIAL EXPENSES (D)		6.328	2.944
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		331.637	238.386
Less/ Add	DEPRECIATION/ AMORTISATION (F)		128.889	135.866
	PROFIT BEFORE TAX (E-F) (G)		202.748	102.520	57.489
Less	TAX (H)		87.246	36.095	26.549
	PROFIT AFTER TAX (G-H) (I)		115.502	66.425	30.940
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		140.457	74.032	43.092
	BALANCE CARRIED TO THE B/S		255.959	140.457	74.032
	EARNINGS IN FOREIGN CURRENCY
		Income form Pharma and Technical Services	429.829	473.170	0.000
		Exports of Pharma Products	362.202	81.658	0.000
		Interest Income	2.582	0.793	512.271
		Recovery of Expenses	0.033	0.039	0.034
	TOTAL EARNINGS		794.646	555.660	512.305
	IMPORTS
		Raw Materials	47.234	8.589	2.456
		Packing Materials	1.293	1.315	6.420
		Stores & Spares	4.947	2.979	30.410
		Capital Goods	62.985	53.507	0.851
	TOTAL IMPORTS		116.459	66.390	40.137
	Earnings Per Share (Rs.)		2.31	1.33	0.62

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	14.13	11.93	5.89
Return on Total Assets (PBT/Total Assets}	(%)	15.33	19.53	NA
Return on Investment (ROI) (PBT/Networth)		0.27	0.16	0.10
Debt Equity Ratio (Total Liability/Networth)		0.85	0.80	NA
Current Ratio (Current Asset/Current Liability)		2.39	1.70	NA

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The company has achieved a total income of Rs.817.542 millions in the current year compared to Rs.556.789 millions in the previous year form R and D Pharma and Technical Services and export of Pharma products, thus registering 46.83% increase in sales growth over the previous year. For the year, the profit after tax was Rs.115.502 millions as against Rs.66.425 millions in the previous year.

FIXED ASSETS:

• Leasehold Land
• Buildings
• Plant and Machinery
• Laboratory Equipment
• Computers
• Office Equipments
• 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 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. 54.23
UK Pound	1	Rs. 83.76
Euro	1	Rs. 70.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
TOTAL		33

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	-

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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.