MIRA INFORM REPORT

Report Date :

02.05.2011

IDENTIFICATION DETAILS

Name :	MAHESHWARI PHARMACEUTICALS (INDIA) LIMITED
Registered Office :	G – 1, East of Kailash, New Delhi – 110065
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.02.2002
Com. Reg. No.:	55-114280
CIN No.: [Company Identification No.]	U24231DL2002PLC114280
PAN No.: [Permanent Account No.]	AABCM0359C
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Ayurvedic Medicines.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject seems to be an established and reputed company in its field. Trade relations are fair. Business is active. The valuation report and networth statement provided seems to be satisfactory. No complaints have been heard from indirect or market sources. It would be advisable to take adequate securities while dealing with the subject.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	G – 1, East of Kailash, New Delhi – 110065, India
Mobile No.:	91-9319074663 (Mr. Deepak Maheshwari)
E-Mail :	capramodindia@yahoo.co.in pmc_india@vsnl.com
Website :	http://www.mpil-herbal.com
Factory :	Plot No.07, Sector – 6 B, IIE, SIDCUL, Haridwar, India
Tel. No.:	91-1334-239218/ 320272
Fax No.:	91-1334-239218
E-Mail :	d_mpil@yahoo.co.in
Area :	4000
Location :	Leased
Branch Office :	A-48/14, Site – IV, Sahibabad Industrial Area, Ghaziabad, India
Tel. No.:	91-120-3299239/ 2896494
Fax No.:	91-120-2896515
E-Mail :	info@mpil-herbal.com
Location :	Leased

DIRECTORS

(AS ON 29.09.2010)

Name :	Mr. R. P Maheshwari
Designation :	Managing Director
Address :	A-6, Surya Nagar, Ghaziabad – 201010, Uttar Pradesh, India
Date of Birth/Age :	15.12.1946
Qualification :	B. Sc.
Experience :	40 years
Date of Appointment :	19.02.2002
PAN No.:	AAOPM5893R
Name :	Mr. Sanjeev Maheshwari
Designation :	Director
Address :	A-6, Surya Nagar, Ghaziabad – 201010, Uttar Pradesh, India
Date of Birth/Age :	28.09.1964
Qualification :	M. Sc.
Experience :	15 years
Date of Appointment :	19.02.2002
PAN No.:	AAQPM4329N
Name :	Mr. Tarun Maheshwari
Designation :	Director
Address :	A-6, Surya Nagar, Ghaziabad – 201010, Uttar Pradesh, India
Date of Birth/Age :	12.04.1973
Qualification :	B. Com
Experience :	10 years
Date of Appointment :	19.02.2002
PAN No.:	AAOPM9840L
Name :	Mr. Pramod Maheshwari
Designation :	Director
Address :	A-6, Surya Nagar, Ghaziabad – 201010, Uttar Pradesh, India
Date of Birth/Age :	15.03.1963
Qualification :	B. Com
Experience :	20 years
Date of Appointment :	19.02.2002
PAN No.:	AFPPM2021R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2010)

Names of Shareholders	No. of Shares
Deepak Maheshwari	25000
Tarun Maheshwari	127500
R. P Maheshwari	210000
Manorma Devi	22500
Sangeeta Maheshwari	30000
Pramod Maheshwari	170000
Sanjeev Maheshwari	177500
IIa Maheshwari	22500
Shalini Maheshwari	5000
Neelima Maheshwari	10000
Bharat Bearings Limited, India	15000
Maverick electronics Private Limited, India	20000
Shankar Nylons Limited, India	25000
Total	860000

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	7.00
Directors or relatives of directors	93.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ayurvedic Medicines.
Terms :
Selling :	Credit (90 days)
Purchasing :	Credit (60 days)

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production
Syrup/ Liquid	30000 Bottle per day	15000 Bottle per day
Tablets	10 Lac per day	05 Lac per day
Capsule	03 Lac per day	02 Lac per day

GENERAL INFORMATION

Customers :	Wholesalers
No. of Employees :	76 (Office – 6, Factory – 60 and Branch – 10)
Bankers :	· State Bank of India Sector – 4, Bhel, Ranipur, Hardwar – 249403, Uttaranchal, India
Facilities :	Credit Limit – Rs.10.000 Millions from State Bank of India

Banking Relations :	--
Auditors :
Name :	Pramod Maheshwari and Company Chartered Accountant
Address :	G-1, East of Kailash, New Delhi – 110065, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
860000	Equity Share	Rs.10/- each	Rs.8.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		8.600	6.385	6.385
2] Share Application Money		0.220	1.835	2.125
3] Reserves & Surplus		7.504	1.173	3.542
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.324	9.393	12.052
LOAN FUNDS
1] Secured Loans		12.771	14.652	13.052
2] Unsecured Loans		5.800	0.148	0.320
TOTAL BORROWING		18.571	14.800	13.372
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		34.895	24.193	25.424
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.228	15.946	20.704
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.488	5.933	3.926
	Sundry Debtors	19.929	25.172	21.202
	Cash & Bank Balances	2.600	1.219	0.251
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.767	1.545	0.697
Total Current Assets		35.784	33.869	26.076
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	8.824	17.568	10.814
	Other Current Liabilities	6.123	7.773	10.307
	Provisions	0.170	0.293	0.260
Total Current Liabilities		15.117	25.634	21.381
Net Current Assets		20.667	8.235	4.695
MISCELLANEOUS EXPENSES		0.000	0.012	0.025
TOTAL		34.895	24.193	25.424

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	50.232	60.357	52.901
		JOB/ Consultancy Charges	6.167	6.152	1.266
		Interests and Other Income	0.020	0.000	0.071
		TOTAL (A)	56.419	66.509	54.238
Less	EXPENSES
		Cost of Goods Sold	31.096	39.102	31.092
		Salaries and Wages	7.495	7.977	7.678
		Power and Fuel	2.643	2.907	2.445
		Freight and Cartage	0.992	1.177	1.176
		Conveyance and Travelling	2.629	2.690	2.682
		Discount and Rebate	2.402	2.099	1.037
		Business Promotion	0.288	0.775	0.501
		Insurance	0.061	0.057	0.129
		Staff Welfare	0.068	0.126	0.106
		Other Expenses	3.214	3.770	2.881
		TOTAL (B)	50.888	60.680	49.727
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.531	5.829	4.511
Less	FINANCIAL EXPENSES (D)		2.670	2.415	2.272
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.861	3.414	2.239
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.760	1.982	0.912
	PROFIT BEFORE TAX (E-F) (G)		1.101	1.432	1.327
Less	TAX (H)		0.170	0.293	0.081
	PROFIT AFTER TAX (G-H) (I)		0.931	1.139	1.246
Less:	DEPRECIATION EARLIER YEARS		0.000	3.508	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.173	3.542	2.296
	BALANCE CARRIED TO THE B/S		2.104	1.173	3.542
	Earnings Per Share (Rs.)		1.08	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.208
PAT / Total Income	(%)	1.65	1.71	2.30
Net Profit Margin (PBT/Sales)	(%)	2.19	2.37	2.51
Return on Total Assets (PBT/Total Assets}	(%)	2.20	2.87	2.84
Return on Investment (ROI) (PBT/Networth)		0.07	0.15	0.11
Debt Equity Ratio (Total Liability/Networth)		2.06	4.30	2.88
Current Ratio (Current Asset/Current Liability)		2.37	1.32	1.22

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from 4/5, Servpriya Viharnear IIT Gate, New Delhi – 110016, India, to the present address w.e.f. 01.09.2007.

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FINANCIAL RESULTS:

The company has earned a Net Profit Before Tax of Rs.1.101 Millions for the year ended 31^st March 2010. (Previous year Net profit before Tax rs.1.432 Millions).

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COMPUTATION OF INCOME

MR. SANJEEV MAHESHWARI

(RS. IN MILLIONS)

PARTICULARS	2009-2010
Salary Income
From M/s Maheshwari Pharmaceuticals India limited	0.224
Income from other sources
Interests on Saving Bank A/c	0.001
Consultancy Charges	0.077
Dividend Income – Rs.0.004 Million (Exempted)	--
Gross Total Income	0.302
Less: Rebate U/s 80 C for Payment to LIC Restricted to	0.100
Less: Rebate U/s 80 D for Mediclaim	0.007
Taxable Income	0.195
Tax ion above	0.005
Education Cess	0.000
Total Tax	0.005
Interests Due	0.000
Total Tax	0.005
Tax Paid	0.005

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COMPUTATION OF INCOME

MR. RAJINDER PRASAD MAHESHWARI

(RS. IN MILLIONS)

PARTICULARS	2009-2010
From Income Salary
From M/s Maheshwari Pharmaceuticals India limited	0.266
Income from House Property
Rental Income from Ranipur Haridwar	0.066
Less: deduction @ 30 % for Repairs	0.020
Less: Interests SBI on Housing Loan	0.037
	0.009
Income from other sources
Fixed Deposit Interests	0.010
Interests on Saving Bank A/c	0.012
Interests on National saving certificates	0.002
Dividend Rs.0.005 (Exempte)	--
Gross Total Income	0.301
Less: Rebate U/s 80 C	0.100
Taxable Income	0.201
Tax ion above	0.005
Education Cess	0.000
Total Tax	0.005
Tax Deducted at sources
Development Credit Bank Limited	0.001
Maheshwari Pharmaceutical Limited	0.002
Balance Tax	0.002
Interests Due	0.000
Total Tax	0.003
Tax Paid	0.003

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COMPUTATION OF INCOME

MR. TARUN MAHESHWARI

(RS. IN MILLIONS)

PARTICULARS	2009-2010
Salary Income
Partner Salary From M/s Maheshwari Pharmaceuticals India limited
A-48/14, Site 4, Sahibabad Industrial Area	0.266
Income from other sources
Interests on Saving A/c	0.002
Income of Two Minor Childs – Interests Kishan Vikas Parta Rs.0.004 Million out of which rebate U/s 10 @ 1500/- per child	0.001
Dividend – Rs.0.002 Million (Exempted)	--
Gross Total Income	0.270
Less: Rebate U/s 80 C for Payment to LIC	0.100
Taxable Income	0.170
Tax on above	0.002
Education Cess	0.000
Total Tax Due	0.002
Tax Deducted at sources
Maheshwari Pharmaceutical Limited	0.002

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COMPUTATION OF INCOME

MR. PRAMOD MAHESHWARI

(RS. IN MILLIONS)

PARTICULARS	2009-2010
Salary Income
From M/s Maheshwari Pharmaceuticals (India) limited	0.266
Income from other sources
Interests on Saving Bank A/c and Misc. Receipts	0.005
Dividend Income – Rs.10.553 Millions (Exempted)	--
Gross Total Income	0.272
Less: Rebate U/s 80 C for Various Payment	0.100
Less: Rebate U/s 80 D for Mediclaim	0.009
Taxable Income	0.163
Tax on above	0.001
Education Cess	0.000
Total Tax	0.001
Tax deducted at sources
Maheshwari Pharmaceuticals India limited	0.002
Refund Due	0.000

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STATEMENT OF ASSETS AND LIABILITIES

MR. R. P. MAHESHWARI

(RS. IN MILLIONS)

ASSETS

IMMOVABLE PROPERTY

Address of the Property with Survey No/ Door No.etc.	A-6, Surya Nagar, Ghaziabad – Value Rs.20.000 Millions S-356, Shivalik Nagar, Haridwar – Value Rs.3.000 Millions
Whether Freehold/ Leasehold	Yes Freehold
Type of Property: Commercial/ Residential/ Agricultural	Residential
Area/ Extent of Land	210 sq. yard/ 162 sq. mtr.
Present Market / Assessed Value	Rs.30.000 Millions

INVESTMENT IN BUSINESS CAPITAL

Name of the company / firm/ concern in which investment is made	Maheshwari Pharmaceuticals (India) Limited
Date of Investments	28 August
Present valuer of Investments	Rs.2.100 Millions

DEPOSITS OF THE BANK/ COMPANY WHERE DEPOSITS ARE HELD

Name of the Bank/ Company/ were deposits are held	Corporation Bank A/c No.50019 Vivek Vihar, Delhi, India
Present value of deposits	Rs.0.010 Million

SHARES/ DEBENTURES/ MUTUAL FUNDS/ UNITS ETC.

Description	Shares/ Mutual Funds
Present Value	Rs.0.500 Million

TOTAL ASSETS

RS.32.610 MILLIONS

NET WORTH

RS.32.610 MILLIONS

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STATEMENT OF ASSETS AND LIABILITIES

MR. SANJEEV MAHESHWARI

(RS. IN MILLIONS)

ASSETS

IMMOVABLE PROPERTY

Address of the Property with Survey No/ Door No.etc.	40, Ghaziabad, Uttar Pradesh, India
Whether Freehold/ Leasehold	Freehold
Type of Property: Commercial/ Residential/ Agricultural	Residential
Area/ Extent of Land	188 sq. yard
Mortgaged for availing loan if any, details thereof	H. Loan Rs.3.500 Millions
Present Market / Assessed Value	Rs.15.000 Millions

INVESTMENT IN BUSINESS CAPITAL

Name of the company / firm/ concern in which investment is made	Maheshwari Pharmaceuticals (India) Limited
Date of Investments	28 August, 2009
Present valuer of Investments	Rs.1.775 Millions

DEPOSITS OF THE BANK/ COMPANY WHERE DEPOSITS ARE HELD

Name of the Bank/ Company/ were deposits are held	Corporation Bank A/c No.57916 Vivek Vihar, Delhi, India
Present value of deposits	Rs.0.040 Million

SHARES/ DEBENTURES/ MUTUAL FUNDS/ UNITS ETC.

Description	Shares
Present Value	Rs.0.300 Million

LIFE INSURANCE POLICIES

Policy Numbers	121802350/ 230428200
Date of Policy	11.12.2003 / 01.07.1996
Type of Policy Endowment whole life etc.	Endowment / Endowment
Sum Assured	Rs.0.500 Million and Rs.0.250 Million
Surrender Value	Rs.0.325 Millions

VEHICLES OWNED

Date of Purchases	June 2010
Present Market Value	Rs.0.300 Million

OTHER ASSETS

Furniture and Fixtures	0.020
Cash in hand	0.010
Jewellery	0.150
Total Value of Other assets	Rs.0.180 Million

TOTAL ASSETS

RS.17.920 MILLIONS

NET WORTH

RS.17.920 MILLIONS

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VALUATION REPORT IN RESPECT OF IMMOVABLE PROPERTY

Date of visit of the site	01.04.2011
Date of making valuation	02.04.2011
Name of the owner’s of the property	Maheshwari Pharmaceuticals (India) Limited Through it’s Director Mr. R. P. Maheshwari
Whether necessary enquiries have been made from the concerned locality with regard to the ownership of the property.	Yes
If the property is under Joint ownership/ co-ownership, share of each such owner. Are the shares undivided?	Company Property
Brief description of the property
- Location, Street, Ward No. - Flat/ Plot No.	Plot No.7, Sector-6 B, Integrated Industrial Estate, BHEL, Ranipur, District – Hardwar.
Is the I P bears the same description / details as mentioned in the documents/ title deeds	Yes
Is the property situated in Residential /Commercial / Mixed Area / Industrial Area	Industrial area developed by “SIDCUL”
Is the property situated in an unauthorized l authorized colony.	Authorized Industrial area
Classification of locality-high class/ middle class / poor class.	High and medium industries are present
Is the I.P. in question is under encroachment	No
Proximity to civic amenities like schools, hospitals, offices, markets, cinema halls etc.	Available within 2.0 to 3.0 Km. at Shivalik Nagar, Hardwar
Area supported by documentary proof, shape, dimensions and physical features	Area of land = 4000.00 Sqm as per lease deed no. - 4012, dated 09-05-2005. East - 100 M. Plot no.- 8 West - 100 M. Plot no.- 6 North - 49 M. Plot nos.- 10 and 11 South - 40 M. Road 45 M. wide
Is the construction / built up property is as per the plan approved by the competent authority	As per bye – Laws
Is the freehold or lease hold land?	Leasehold
If lease-hold, the name of lessor/ lessee, nature of lease, dates of commencement and termination of lease	Lessor – SIDCUL Lessee – Maheshwari Pharmaceutical (India) Limited Commencement – 09.05.2005. Total Term – 90 years
Is there any restrictive covenant in regard to use of land? If so, details be given.	Industrial use is permitted.
Does the land fall in an area included in any town planning scheme or any development plan of Govt. or any statutory body?	Under state Industrial Development Authority (SIDA) of Uttarakhand Govt.
Is the property notified for acquisition by Govt. or any statutory body.	NA
Is the building owner-occupied/ tenanted/ both?	Owner – Occupied
The valuer should give in detail his approach to valuation of the property and indicate how the value has been arrived at, supported by necessary calculations.
Present market Value of the Property	Rs.35.430 Millions
Present realizable value of the property	Rs.30.000 Millions

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TRADE REFERENCE:

· R. K. Dispo-Packs – SIDCUL Haridwar

Jai Enterprises, Jwalapur, Haridwar

Herbal Automations, Kankhal, Haridwar

Alaknanda Herbals, Shivalik Nagar, Haridwar

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FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	80045342
Corporate identity number of the company	U24231DL2002PLC114280
Name of the company	Maheshwari Pharmaceuticals (India) Limited
Address of the registered office or of the principal place of business in India of the company	G-1, East of Kailash, New Delhi – 110065, India
Type of charge	Book Debts Immovable Property Others – Stock
Particular of charge holder	State Bank of India Ranipur, Hardwar – 249403, Uttaranchal, India info_infotech@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental agreement of loan cum hypothecation Memorandum of deposit of title deeds
Date of instrument Creating the charge	31.03.2008
Amount secured by the charge	Rs.15.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14.25 % per annum on monthly rest. Terms of Repayment The payment will be made on the discretion of the bank as and when the bank in writing intimate to the borrower regarding their dues. Margin Raw Material and Finished Goods of Stock - 25% W.I.P - 40% Debtors - 40% Extent and Operation of the charge The borrower has agreed to provide security to the bank for due repayment of moneys advanced by the bank and all the costs, charges, expenses and other moneys due and payable by the borrower pursuant to the said credit facilities. Others Total Limits of Rs.15.000 Millions Include - C.C. Limit Rs.10.000 Millions and Term Loan Rs.5.000 Millions.
Short particulars of the property charged	Hypothecation of Stocks of Raw Materials, Stores, Spares, Stock in Process and Finished Goods including goods in transit and charge on the book debts of the company. Equitable Mortgage on the property located at Plot No. 7, Sector-6B, I I E, Haridwar , Uttranchal
Particulars of the present modification	C.C. Limit has been enhanced from Rs.5.000 Millions to Rs.10.000 Millions consequently total limit has been enhanced from Rs.10.000 Millions to Rs.15.000 Millions.

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FIXED ASSETS

· Land

Building

Plant and Machinery

Furniture and fixture

Office Equipment

Computers

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 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.44.38
UK Pound	1	Rs.73.88
Euro	1	Rs.65.83

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.