MIRA INFORM REPORT

Report Date :

10.10.2011

IDENTIFICATION DETAILS

Name :	TROIKAA PHARMACEUTICALS LIMITED

Registered Office :	Commerce House- 1, Satya Marg, Bodakdev, Ahmedabad-380054, Gujarat

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	17.02.1999

Com. Reg. No.:	04-35441

Capital Investment / Paid-up Capital :	Rs. 86.872 Millions

CIN No.: [Company Identification No.]	U24231GJ1999PLC035441

TAN No.: [Tax Deduction & Collection Account No.]	AHMT01338B

PAN No.: [Permanent Account No.]	AABCT0228K

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Pharmaceutical Bulk Drugs and Formulations

No. of Employees :	500 [ In Office – 150, In Factory (Mehsana – 200 and Dehradun – 150) – 350 ] (Approximately)

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 1330000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The Company can be considered normal for 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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

INFORMATION PARTED BY

Name :	Mr. Bansi Kalal
Designation :	Finance Manager
Contact No.:	91-9879615622

LOCATIONS

Registered / Corporate Office :	Commerce House- 1, Satya Marg, Bodakdev, Ahmedabad-380054, Gujarat, India
Tel. No.:	91-79-26856242/ 26856243/ 26856244/ 26856245
Fax No.:	91-79-29856246
E-Mail :	troika@troikaapharma.com medicalservices@troikaapharma.com tax@trikaapharma.com
Website :	http://www.troikaa.com
Area :	5000 sq.ft
Location :	Rented

Factory 1 :	Thol Village, Taluka Kadi, Mehsana -382728, Gujarat, India
Tel. No.:	91-2764-274304 / 274326 / 274475
Fax No.:	91-2764-274684
Area :	9000 Sq. Yards
Location :	Owned

Factory 2 :	C – 1, Sara Industrial Estate, Chhota Rampur, Beyond Selakui, Dehradun – 248197, Uttarakhand, India
Tel. No.:	91-135-2699146 / 6455829
Fax No.:	91-135-2698059
Email :	dehradun@troikaapharma.com
Area :	9000 Sq. Yards
Location :	Owned

Distribution Centre :	· Bangalore · Cuttak · Hydrabad · Kolkata · Mumbai · Chennai · Delhi · Indore · Lucknow · Patna · Ranchi · Cochin · Guwahati · Jaipur · Meerut · Raipur

DIRECTORS

As on : 30.09.2010

Name :

Mr. Ketan Rajnibhai Patel

Designation :

Managing Director

Address :

Aditya, 12, Nandiohill Society, Opposite ISRO, Jodhpur Tekra, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

01.09.1956

Qualification :

M. Pharm

Date of Appointment :

17.02.1999

Din No.:

00187213

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U51909GJ1994PTC022162	TROIKAA EXPORTS PVT LTD	Director	31-05-94	31-05-94	Active	NO
U24231GJ1999PLC035441	TROIKAA PHARMACEUTICALS LIMITED	Managing director	01-04-11	17-02-99	Active	NO

Name :

Mr. Milan Rajnibhai Patel

Designation :

Joint Managing Director

Address :

Aditya, 12, Nandiohill Society, Opposite ISRO, Jodhpur Tekra, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

02.11.1961

Qualification :

B.E (Chem)

Experience :

26 Years

Date of Appointment :

17.02.1999

Din No.:

00187237

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U51909GJ1994PTC022162	TROIKAA EXPORTS PVT LTD	Director	31-05-94	31-05-94	Active	NO
U24231GJ1999PLC035441	TROIKAA PHARMACEUTICALS LIMITED	Managing director	01-04-11	17-02-99	Active	NO
U92410GJ1973GAP002446	RAJPATH CLUB LIMITED	Director	22-11-03	22-11-03	Active	NO

Name :

Mrs. Binita Milan Patel

Designation :

Whole Time Director

Address :

Aditya, 12, Nandiohill Society, Opposite ISRO, Jodhpur Tekra, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

21.08.1966

Date of Appointment :

17.02.1999

Din No.:

00187286

Name :

Mrs. Sushma Ketan Patel

Designation :

Whole Time Director

Address :

Aditya, 12, Nandiohill Society, Opposite ISRO, Jodhpur Tekra, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

22.07.1962

Date of Appointment :

17.02.1999

Din No.:

00187264

Name :

Mr. Rajanbhai Vithalbhai Patel

Designation :

Whole Time Director

Address :

Aditya, 12, Nandiohill Society, Opposite ISRO, Jodhpur Tekra, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

21.02.1924

Date of Appointment :

17.02.1999

Din No.:

00187160

Name :

Mr. Bharat Jayantilal Kapadia

Designation :

Director

Address :

Dhara Nursing Home, Gotri Road, Baroda-390007, Gujarat, India

Date of Birth/Age :

19.10.1959

Date of Appointment :

29.03.2005

Name :

Mrs. Bimal Natubhai Desai

Designation :

Director

Address :

No. 20, Purnaprasad Entension, Race Course Road, Madavnagar, Bangalore-560001, Karnataka, India

Date of Birth/Age :

13.04.1959

Date of Appointment :

29.03.2005

Din No.:

00141120

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U55101MH1973PLC016960	DESAI BROTHERS LIMITED	Whole-time director	01-04-07	22-06-01	Active	NO
U24231GJ1999PLC035441	TROIKAA PHARMACEUTICALS LIMITED	Director	29-03-05	29-03-05	Active	NO
U70102PN2007PTC130273	DESONS INVESTMENTS PRIVATE LIMITED	Director	07-06-07	07-06-07	Amalgamated	NO
U67120PN1983PTC029447	DESONS HOLDINGS AND FINANCE PRIVATE LIMITED	Director	14-01-08	14-01-08	Active	NO
U65910PN2009PTC133658	DESONS FINVEST PRIVATE LIMITED	Director	17-03-09	17-03-09	Active	NO
U15400PN2009PTC133749	DESAI FOODS PRIVATE LIMITED	Director	06-04-09	06-04-09	Active	NO
U24231MH1974PTC017243	AQUAPHARM CHEMICALS PRIVATE LIMITED	Director	02-07-10	16-11-09	Active	NO
U85100PN2011PTC139130	KONKAN MEDICAL SERVICES PRIVATE LIMITED	Additional director	09-04-11	09-04-11	Active	NO

Name :

Mrs. Ameeta Janak Patel

Designation :

Director

Address :

203/204, Adarsh Manor, 6/7, Shankar Matth Road, Shanarpuram, Bangalore-560004, Karnataka, India

Date of Birth/Age :

04.08.1953

Date of Appointment :

15.06.2005

Din No.:

00344237

Name :

Mr. Achyutkumar Dadubhai Patel

Designation :

Whole Time Director

Address :

3/A, Kalind Apartment, Near Rajivbhai Tower,Krisnabaug, Maninagar, Ahmedabd-380008, Gujrat, India

Date of Birth/Age :

23.05.1966

Date of Appointment :

01.03.2008

Din No.:

02115679

Name :

Mr. Prakash Jayantilal Shah

Designation :

Whole Time Director

Address :

203, Ishwarkrupa Apartment, Usmanpura, Ahmedabad-380013, Gujarat, India

Date of Birth/Age :

18.08.1958

Date of Appointment :

01.03.2008

Din No.:

02130088

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Equity Shares
Ketan R Patel		813724
Milan R Patel		406862
Binita M Patel		406862
Sushma V Patel		813724
Rajnibhai V Patel		300
Deepak B soni		300
Ameeta J Patel		100300
Sutanben R Patel		30
Asheel K Patel		542482
Nisheel K Patel		542482
Kush M Patel ( Minor)		542482

Total		4169548

Names of Shareholders	No. of Shares
Preference Shares of 11.5%
Ketan R Patel	165000
Milan R Patel	20000
Binita M Patel	17000
Sushma V Patel	24500
Rajnibhai V Patel	69000
Ameeta J Patel	124500
Sutanben R Patel	88000
Asheel K Patel	1400
R V Patel (Huf)	37000
Anilaben Patel	2100
Jankaben R Patel	7000
Shantaben R Patel	9200
Nakul Desai	5000
Dashrathbhai M Desai	30000
Shashikalaben Desai	30000

Total	629700

Preference Shares of 9.0%

Milan R Patel	330000
Sutanben R patel	450000
Exel Chemicals India Private Limited, India	1800000
Dashrath M Desai	60000
Nakul N Desai	13000
Ameeta J Patel	260000
Shaunak J Patel	240000
Sheela J Desai	60000
Unnat J Desai	50000
Sutan Desai	195000
Ketan R Patel	330000
Sushma K patel	100000

Total	3888000

Equity Share Breakup as on 30.09.2010

Category		Percentage
Directors or relatives of directors		99.99
Other top fifty ( 50) shareholders		0.01

Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Bulk Drugs and Formulations

Products :

Pharmaceuticals

Injectables
Tablets and Capsules
Ointments

Tablets and Capsules

Anti-Inflammatory and Analgesics
For Anaesthetists
Antidotes to Poisons and Drugs
Antibiotics and Antibacterial
Critical Cardiac Care
Haemostatics
Nutritional Supplements
Obstetrics and Gynaecology
Miscellaneous

Neutraceuticals

Cartilamine Tab
Carilamine SR Tab
Cartilamine Forte Tab
Normaprost Capsules
Recharje Capsule
Recharje Forte Capsules
Recharje Plus Capsules
Sirtus-LA
Phytogen
Troycal 250
Troycal 500 mg
Troycal Forte
Aqua –E Omega 100/200/300

Product Description	ITC Code
Diclofenac	30049099
Natural Vitamin E	30049029
Coenzyme Q 10 with Multi Vitamin	30049010

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Installed Capacity
Injectables
Vials	Nos.	65000000
Ampoules	Nos.	54000000

Tablets	Nos.	60000000
Capsules	Nos.	600000000

GENERAL INFORMATION

No. of Employees :

500 [ In Office – 150, In Factory (Mehsana – 200 and Dehradun – 150) – 350 ] (Approximately)

Bankers :

Bank of Baroda, Ashram Road Branch, Ahmedabad-380009, Gujarat, India
Standard Chartered Bank Limited, Abhijeet Building
ICICI Bank, BMC, Ahmedabad Branch
Karur Vysya Bank, Ahmedabad Branch
Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai- 400005, Maharashtra, India
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel – (West), Mumbai – 400013, Maharashtra, India
State Bank of India, Commercial Branch, Paramsiddhi Complex, Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loan
i) Bank of Baroda (Secured by Hypothecation of Plant and Machineries existing and Future, hypothecation of Stock and Book Debts, Equitable Mortgage of Land and Buildings of Thol Plant of the Company, Second charge on all fixed assets other than Vehicles of the Dehradun Plant of the company and Personal Gurantee of all Promoter Directors or the company)	47.627	75.327
ii) State Bank of India (Secured by subservient charge by way of hypothecation of stocks of raw materials, semi-finished goods, finished goods, book debts of the Company and personal guarantee of Shri Ketan R Patel and Shri Milan R Patel, directors of the Company)	65.223	0.000
iii) Standard Chartered Bank ( Secured by Pari Passu charge by way of Hypothecation of Plant and Machinery existing and future, Equitable Mortgage of Land and Buildings of Dehradun Plant of the Company and personal guarantees of Mr Ketan R Patel and Mr. R Patel, Directors of the company)	0.000	10.921
iv) ICICI Bank Limited (Secured by pari passu charge by way of hypothecation of plant and Machineries existing and future, Equitable Mortgage of Land and Building of Dehradun Plant of the company and Personal Guarantees of Mr. Ketan R Patel and Mr. Milan R Patel, Directors of the company)	0.000	11.229
v) Export import Bank of India (Secured by pari passu charge by way of hypothecation of Plant and Machineries existing and future, Equitable Mortgage of Land and Building of Dehradun Plant of the company, second pari passu charge by way of hypothecation of Plant and Machinery, exiting and future, Equitable Mortgage of Land and Building of Thol Plant of the Company and Personal Guarantees of Promoters Directors of the company)	94.714	112.000
vi) IDBI Bank Limited (Secured by subservient charge by way of hypothecation of stocks of raw materials, semi-finished goods, finished goods, book debts of the Company and personal guarantee of Shri Ketan R Patel and Shri Milan R Patel, directors of the Company)	60.000	0.000
vii) Karur Vysya Bank Limited (Secured byhypothecation of Wind Turbine Generator at Village Kuchhadi District : Porbandar and second pari passu charge by way of hypothecation of Plant and Machinery, exiting and future, Equitable Mortgage of Land and Building of Thol Plant of the Company and Personal Guarantees of Promoters Directors of the company)	0.000	25.109
viii) ICICI Bank Limited (Secured by Hypothecation of Vehicles financed by said bank)	2.682	2.146
Working Capital Finance From Bank
i) Borrowing From Banks	145.615	123.266
ii) Working Capital Demand Loan (Both the above loans are secured by Hypothecation of Stock of Finished goods, Raw Material, Packing Material, Work in Process, Stores and Mortgage of Land and Building of Thol Plant of the company and second charge on the fixed assets other than vehicles of the Dehradun project of the company and personal guarantee of all promoter Directors of the company)	82.691	83.478

Total	498.553	443.476

UNSECURED LOANS	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
1 Deposits from Shareholders	0.787	1.096
2 Deposits form Directors and Relatives	2.008	2.096
3 Fixed Deposits	15.715	15.577
4 Inter Corporate Deposit	35.765	46.310
5 Trade Deposit/ Security Deposit	44.126	43.553

Total	98.400	108.632


Banking Relations :	---

Auditors :
Name :	Chandrakant K Thakkar and Company Chartered Accountants
Address :	701-723, 7^th Floor, Devpath, Behind Lal Bungalow, Off. C.G. Road, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26430036/37

Associates/Subsidiaries :	Troikaa Exports Private Limited Excel Chemicals (India) Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

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

5000000	Preferences Shares	Rs. 10/- each	Rs. 50.000 Millions
	Total		Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4169548	Equity Shares	Rs. 10/- each	Rs. 41.695 Millions

629700	11.50% Cumulative Preference Shares	Rs. 10/- each	Rs. 6.297 Millions

3888000	9.00% Cumulative Preference Shares	Rs. 10/- each	Rs. 38.880 Millions

	Total		Rs. 86.872 Millions

Note :

1) 1355816 Equity Shares of Rs. 10/- each were allotted pursuant to scheme of Amalgamation without payment being received in cash.

2) 2713032 Equity Shares of Rs. 10/- each were issued as fully paid up Bonus Shares by capitalisation of Amalgamation Reserve Rs. 26.556 Millions and Profit and Loss Rs. 0.574 Million.

3) Cumulative Preference Shares are redeemable on 30.09.2013

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		86.872	86.872	82.572
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		246.492	194.418	157.220
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		333.364	281.290	239.792
LOAN FUNDS
1] Secured Loans		498.553	443.476	352.141
2] Unsecured Loans		98.400	108.632	88.748
TOTAL BORROWING		596.953	552.108	440.889
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		930.317	833.398	680.682

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		575.687	586.841	372.705
Capital work-in-progress		1.811	1.410	101.695

INVESTMENT		0.108	0.108	0.108
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	436.802	280.335	254.878
	Sundry Debtors	125.407	129.668	96.600
	Cash & Bank Balances	19.930	15.198	22.101
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	99.234	62.969	78.210
Total Current Assets		681.373	488.170	451.789
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	248.745	178.364	162.157
	Current Liabilities	40.286	37.799	47.715
	Provisions	39.631	26.968	35.743
Total Current Liabilities		328.662	243.131	245.615
Net Current Assets		352.711	245.039	206.174

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		930.317	833.398	680.682

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1279.702	992.919	756.919
		Other Income	18.048	16.918	4.759
		TOTAL (A)	1297.750	1009.837	761.678

Less	EXPENSES
		Materials	559.559	381.902
		Employees Cost	252.608	191.473
		Manufacturing Expenses	104.782	73.241
		Administrative, Selling and Other Expenses	321.670	258.345
		Increase / Decrease In Stock	(117.215)	(40.331)	667.926
		TOTAL (B)	1121.404	864.630	(Including
					Financial
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		176.346	145.207	Expenses )

Less	FINANCIAL EXPENSES (D)		71.579	61.617

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		104.767	83.590	93.752

Less/ Add	DEPRECIATION/ AMORTISATION (F)		34.273	28.744	17.529

	PROFIT BEFORE TAX (E-F) (G)		70.494	54.846	76.223

Less	TAX (I)		12.000	10.300	12.300

	PROFIT AFTER TAX (G-I) (J)		58.494	44.546	63.923

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		187.801	150.455	NA

Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	0.000	NA
		Dividend	4.223	3.837	NA
		Tax on Dividend	0.717	0.652	NA
	BALANCE CARRIED TO THE B/S		230.023	187.801	150.455

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	231.763	153.659	131.502
	TOTAL EARNINGS		231.763	153.659	131.502

	IMPORTS
		Raw Materials	145.618	44.317	49.461
		Stores & Spares	0.000	0.000	0.000
		Capital Goods	4.198	8.139	46.115
		Others	0.000	0.000	0.000
	TOTAL IMPORTS		149.816	52.456	95.576

	Earnings Per Share (Rs.)		12.52	8.95	13.90

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.50	4.41	8.39

Net Profit Margin (PBT/Sales)	(%)	5.50	5.52	10.07

Return on Total Assets (PBT/Total Assets}	(%)	5.60	5.10	9.24

Return on Investment (ROI) (PBT/Networth)		0.21	0.20	0.32

Debt Equity Ratio (Total Liability/Networth)		2.77	2.83	1.02

Current Ratio (Current Asset/Current Liability)		2.07	2.01	1.84

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The company changed its registered office from Om Towers Jodhpur Tekra, Ahmedabad, Gujarat, India to Commerce House-1, Opposite Rajvansh Apartment, Judges Bungalows Road, Ahmadabad – 380054, Gujarat, India to present and the Registered office has again shifted from Commerce House-1, Opposite Rajvansh Apartment, Judges Bungalows Road, Ahmadabad – 380054, Gujarat, India to present address w.e.f. 01.07.2010.

OPERATIONS:

During the year the Company performed well and achieved sales of Rs.1279.702 millions (previous year Rs. 992.918 millions) and has earned net profit of Rs. 58.494 millions (Previous year Rs. 44.546 millions) after providing Depreciation of Rs. 34.273 millions (Previous year Rs.28.744 millions) and Provision for Tax of Rs. 12.000 millions (Previous year Rs. 5.500 millions) and fringe Benefit Tax of Rs. Nil (previous year of Rs. 4.800 millions )

CONTINGENT LIABILITIES (AS ON : 31.03.2010)

Particulars	31.03.2009 Rs. In Millions
A Guarantees given by banks	10.091
B Unexpired Letters of Credit	0.652
C Claims against the company not acknowledged as debts	0.100
D Income Tax Liability against orders which are disputed by the company and which are in further appeals	0.713
E Sales Tad Liability against order which is disputed by the company and which is in further appeal	0.000
F ESIC Liability against order which is disputed by the company and which in further appeal	82.952
G. Liability of custom duty on account of unfulfilled Export Obligation under EPCG Scheme to be fulfilled over eight year	0.000

FORM 8 :

Corporate identity number of the company	U24231GJ1999PLC035441
Name of the company	TROIKAA PHARMACEUTICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	Commerce House-1, Satya Marg, Bodakdev, Ahmadabad – 380054, Gujarat, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	Bank of Baroda, Ashram Road Branch, Vallabh Sadan Bhavan, Ashram Road, Ahmadabad – 380009, Gujarat, INDIA
Nature of instrument creating charge	Composite Hypothecation Agreement
Date of instrument Creating the charge	27/05/2011
Amount secured by the charge	Rs. 60.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Base Rate + 6.00 % i.e. 16.00 % p.a. Terms of repayment 90 Days Margin Stock - 25% Book Debts - 40% Extent and operation of the charge All the securities as below mentioned in Column no. 15 have been charged to Bank in order to secure Ad hoc Cash Credit Facility of Rs. 60.000 millions together with interest and all other moneys payable to the Lender. The said charge is subject to prior charge created / agreed to be created on the specific items of movables, machinery, vehicles etc. in respect of cash credit / loan facility sanctioned to / availed by the borrower with consent of the bank. Other Nil
Short particulars of the property charged (Including location of the property)	Whole of the Borrower's stocks, both present and future such as Stock of Raw material, Work in Progress more particularly described in Second Sch. of Composite Hypothecation Agreement. Present and future book-debts, outstanding moneys, receivables, claims, bills, contracts, engagements and securities etc. more particularly described in Second Sch. of Composite Hypothecation Agreement Tangible movable machinery and plant and vehicles etc. pertaining to Borrower's works at Thol, Dehradun, Ahmadabad etc. more particularly described in Second Sch. of Composite Hypothecation Agreement

FIXED ASSETS:

Brand Equity
Land
Building
Plant and Machinery
Electrical Installation
Computers
Office Equipments
Furniture and Fixture
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. 49.13
UK Pound	1	Rs. 75.97
Euro	1	Rs. 65.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.

MIRA INFORM REPORT

436.802

280.335

254.878

125.407

129.668

96.600

19.930

15.198

22.101

0.000

0.000

0.000

99.234

62.969

78.210

681.373

488.170

248.745

178.364

162.157

40.286

37.799

47.715

39.631

26.968

35.743

328.662

243.131

245.615

352.711

245.039

206.174

4.50

5.50

5.60

0.21

2.77

2.07

Unit