MIRA INFORM REPORT

Report Date :

01.12.2012

IDENTIFICATION DETAILS

Name :	BECTON DICKINSON INDIA PRIVATE LIMITED
Registered Office :	202-204 Tolstoy House , Tolstoy Marg, New Delhi - 110001, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.01.1995
Com. Reg. No.:	55-64117
Capital Investment / Paid-up Capital :	Rs. 512.938 Millions
CIN No.: [Company Identification No.]	U74899DL1995PTC064117
TAN No.: [Tax Deduction & Collection Account No.]	DELB06447A
PAN No.: [Permanent Account No.]	AAACB2656A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Hypodermic Insulin, Prefellable Needles, Blades and other Medical Equipments
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 7000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Becton Dickinson (Mauritius) Limited. It is an established company having satisfactory track. The latest financials of the company are not made available. However, as per previous year record, the company is found to be performing well. The financial position of the company appears to strong and healthy. Trade relations are reported as decent. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

LOCATIONS

Registered Office :	202-204 Tolstoy House , Tolstoy Marg, New Delhi - 110001, Delhi, India
Tel. No.:	91-11-26913072 / 26913076 / 26913092 / 26913110 / 23312539 91-124-2383566
Fax No.:	91-11-26831783 / 26932747 / 23724097/2383224/5/6
E-Mail :	shoumitra_bhowal@bd.com
Head Office/ Regional Office:	BD 6^th Floor Signature Tower – B, South City I, NH 8 Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-3949390/2383566/71
Fax No.:	91-124-2383224/25/26
E-Mail :	bd_india@bd.com
Factory :	Plot No. 1, NH – 8, Investate Baswal, District Rewari – 123401, Haryana, India
Tel. No.:	91-1284-394939/264428/264430/264433/284571/284572
Fax No.:	91-1284-264432
E-Mail :	bd_india@bd.com
Regional Office	Located At: South No. 9 and 10, First Main Pampa Extension, Hebbal Kempapura, Bangalore – 560024, Karnataka, India Tel. No.: 91-80-41150588/41150589/41400521/41400525 Fax No.: 91-80-41150587 E-Mail : bd_india@bd.com East Flat No. GB, Saltee Plaza, AN Block, Salt Lake, Naya Patty, Pachimpara, Kolkata – 700102, West Bengal, India Tel. No.: 91-33-23671230/31 Fax No.: 91-33-23671232 E-Mail : bd_india@bd.com West Boomerang, A – Wing, Unit No – 310, Third Floor, Chandivali Farm Road, Chandivali, Near Powai, Andheri (East), Mumbai – 400076, Maharashtra, India Tel. No.: 91-22-28582430/32 Fax No.: 91-22-28582428 E-Mail : bd_india@bd.com

DIRECTORS

As on: 29.09.2012

Name :

Mr. Chittranjan Dua

Designation :

Alternate director

Address :

5c, Sagar Apartments, 6 Tilak Marg, New Delhi, India

Date of Birth/Age :

03.11.1951

Date of Appointment :

30.12.2011

DIN No.:

00036080

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	U21098MH1962PLC012488	CABOT INDIA LIMITED	Director	09-04-87	09-04-87	-	Active	NO
2	U64203DL1987PTC029740	LINDE ENGINEERING INDIA PRIVATE LIMITED	Director	11-11-87	11-11-87	-	Active	NO
3	U32109DL1990FTC039906	STMICROELECTRONICS PRIVATE LIMITED	Director	19-04-90	19-04-90	10-09-07	Active	NO
4	U74899DL1993PTC055015	MCDONALD'S INDIA PRIVATE LIMITED	Director	30-08-93	30-08-93	-	Active	NO
5	U19202DL1993PTC052247	FILA SPORT INDIA PRIVATE LIMITED	Director	22-11-93	22-11-93	-	Active	NO
6	U74899DL1993PTC056590	LEXSPHERE PRIVATE LIMITED.	Director	22-12-93	22-12-93	-	Active	NO
7	U74899DL1979PTC009714	ASSOCIATED CORPORATE CONSULTANTS INDIA PRIVATE LIMITED	Director	02-05-95	02-05-95	-	Active	NO
8	U74899DL1989PTC038649	RESULT SERVICES PRIVATE LIMITED	Director	02-05-95	02-05-95	-	Active	NO
9	U74899DL1995PTC068500	PBE INDIA PRIVATE LIMITED	Director	15-05-95	15-05-95	-	Under liquidation	NO
10	U65993DL1979PTC009973	AMIT INVESTMENTS PRIVATE LIMITED	Director	19-07-95	19-07-95	-	Active	NO
11	U74899DL1995PTC064117	BECTON DICKINSON INDIA PRIVATE LIMITED.	Alternate director	30-12-11	18-12-95	-	Active	NO
12	U25209DL1996PTC078605	TUPPERWARE INDIA PRIVATE LIMITED	Director	01-05-96	01-05-96	13-01-10	Active	NO
13	U33112HR1996PTC038528	BAXTER INDIA PRIVATE LIMITED	Director	11-06-96	11-06-96	18-04-08	Active	NO
14	U40109DL1997FTC085582	EMERSON PROCESS MANAGEMENT POWER AND WATER SOLUTIONS INDIA PRIVATE LIMITED	Director	26-03-97	26-03-97	-	Active	NO
15	U24291MH1923PLC001082	WIMCO LIMITED	Director	21-04-98	21-04-98	-	Active	NO
16	U74999DL2000PTC103170	ELCA COSMETICS PRIVATE LIMITED	Director	10-01-00	10-01-00	20-10-09	Active	NO
17	U74899DL1992PTC051031	INAPEX PRIVATE LIMITED	Director	06-09-01	06-09-01	-	Active	NO
18	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	27-12-01	27-12-01	-	Active	NO
19	L28931RJ1984PLC002890	GILLETTE INDIA LIMITED	Director	31-07-02	31-07-02	-	Active	NO
20	U74200KA1997PTC023189	UL INDIA PRIVATE LIMITED	Director	03-04-03	03-04-03	-	Active	NO
21	L33301DL1988PLC033434	TIMEX GROUP INDIA LIMITED	Alternate director	28-05-09	19-01-04	30-07-09	Active	NO
22	U74899DL1995PTC070306	CONNAUGHT PLAZA RESTAURANTS PRIVATE LIMITED	Alternate director	24-02-05	24-02-05	18-08-08	Active	NO
23	U29199DL2005FTC142899	LAF FIRE SAFETY SYSTEMS INDIA PVT LTD	Director	23-11-05	23-11-05	19-12-06	Active	NO
24	U72300DL2006PTC149510	VAN SOFTECH SOLUTIONS ONE PRIVATE LIMITED.	Director	06-06-06	06-06-06	25-07-07	Active	NO
25	U74996DL2006PTC150392	VAN FILMS REMAKE THREE INDIA PRIVATE LIMITED.	Director	29-06-06	29-06-06	25-07-07	Active	NO
26	U74996DL2006PTC150838	VAN FILMS REMAKE ONE INDIA PRIVATE LIMITED.	Director	11-07-06	11-07-06	25-07-07	Active	NO
27	U21022DL2006PTC152671	CADMUS PACKAGING PRIVATE LIMITED	Director	29-08-06	29-08-06	01-09-08	Active	NO
28	U29118DL2006PTC152991	NOSKE-KAESER INDIA PRIVATE LIMITED	Director	04-09-06	04-09-06	22-06-07	Active	NO
29	L74899DL1989PLC036849	PEARL GLOBAL INDUSTRIES LIMITED	Director	12-09-06	12-09-06	-	Active	NO
30	U32200MH1992PLC119108	VODAFONE INDIA LIMITED	Director	15-06-07	27-09-06	-	Active	NO
31	U34300DL1996FTC078874	STANLEY WORKS (INDIA) PRIVATE LIMITED	Director	28-09-07	22-11-06	08-10-09	Active	NO
32	U74140DL2006FTC155125	ALCOA INDIA PRIVATE LIMITED	Alternate director	11-06-07	20-12-06	-	Active	NO
33	U13203DL2007PTC158380	LAND MINERALS EXPLORATION PRIVATE LIMITED	Director	24-01-07	24-01-07	-	Strike off	NO
34	U13203DL2007PTC158515	CCRI EXPLORATION PRIVATE LIMITED	Director	29-01-07	29-01-07	-	Strike off	NO
35	U63040DL2006PTC154671	UNIVERSAL WEATHER AND AVIATION INDIA PRIVATE LIMITED	Director	31-01-07	31-01-07	04-10-11	Active	NO
36	U14291DL2007PTC158715	NEWFOUND EXPLORATION PRIVATE LIMITED	Director	02-02-07	02-02-07	-	Strike off	NO
37	U65910DL1985PTC020969	MCCANN-ERICKSON INDIA PRIVATE LIMITED	Director	06-02-07	06-02-07	-	Active	NO
38	U40101TN2007PTC086532	ALLISON TRANSMISSION INDIA PRIVATE LIMITED	Director	30-05-07	30-05-07	01-05-08	Active	NO
39	U72900DL2007PTC170969	SINGTEL GLOBAL (INDIA) PRIVATE LIMITED	Director	03-12-07	03-12-07	06-12-07	Active	NO
40	U34102GJ2008PTC054265	CHEVROLET SALES INDIA PRIVATE LIMITED	Director	20-06-08	20-06-08	14-08-08	Active	NO
41	U72300TN1996PTC036570	SELLA SYNERGY INDIA PRIVATE LIMITED	Director	08-04-10	17-04-09	-	Active	NO
42	U29129TN1960PLC004337	TRACTORS AND FARM EQUIPMENT LIMITED.	Additional director	09-08-12	25-01-11	-	Active	NO

Name :

Mr. Richard Allen Carbone

Designation :

Director

Address :

516 Carlton Road, Wyckoff, New Jersey, USA

Date of Birth/Age :

02.12.1952

Date of Appointment :

07.02.1997

DIN No.:

00825835

Name :

Mr. Gary Michael Defazio

Designation :

Director

Address :

4, Herman Way, Towaco, New Jersey, USA

Date of Birth/Age :

09.08.1964

Date of Appointment :

30/09/2003

DIN No.:

00825848

Name :

Mr. Ravi Dawar

Designation :

Alternate director

Address :

C - 408, Defence, Colony, New Delhi – 110024, Delhi, India

Date of Birth/Age :

20.12.1965

Date of Appointment :

31.12.2011

DIN No.:

02266961

Name :

Mr. Manoj Gopalakrishna

Designation :

Managing director

Address :

Souparnika, Thonnalloor Pandalam, Pathanamthitta, Kerala – 689501, India

Date of Birth/Age :

06.05.1969

Date of Appointment :

01.09.2009

DIN No.:

02780957

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	U74899DL1995PTC064117	BECTON DICKINSON INDIA PRIVATE LIMITED.	Managing director	01-09-09	01-09-09	-	Active	NO
2	U85100AP2012NPL080017	RECONSTRUCTIVE SURGERY INDIA	Director	29-03-12	29-03-12	-	Active	NO

Name :

Mr. Bhupinder Pal Singh

Designation :

Additional director

Address :

9 TH RHU Road, #23-01, Singapore - 436894

Date of Birth/Age :

24.11.1964

Date of Appointment :

29.09.2012

DIN No.:

05245699

KEY EXECUTIVES

Name :	Mr. Anumeha Soni
Designation :	Company Secretary
PAN No.:	AUJPS2120A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Becton Dickinson Holdings PTE Limited, Singapore	999980
Becton Dickinson Insulin Syringe Limited, Islands	20
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
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 :	Manufacturing of Hypodermic Insulin, Prefellable Needles, Blades and other Medical Equipments.
Products :	· Hypodermics and Insulin Needles and Syringes · Insyte and Adsyte Infusion Therapy Products · Bactec Instrument

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Installed Capacity*	Actual Production
Insulin Syringes	NOS	85000	53001
Hypodermic Syringes	NOS	160000	221669
Hypodermic Needles	NOS	450000	163739
IVC	NOS	55000	38129
Alcohol Swab and Others	NOS	12000	12343

* On triple shift basis

Licensed capacity is not applicable in all cases.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Standard Chartered Bank, Narain Manzil, 23, Barakhamba Road, New Delhi – 110001, Delhi, India

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	Golf View Corporate Tower-B Sector-42 Sector Road Gurgaon Haryana-122002, India
PAN No.:	AALFS0506L
Holding Company :	· Becton Dickinson (Mauritius) Limited, · Becton Dickinson And Company, USA
Fellow Subsidiaries :	· Becton Dickinson Infusion Therapy AB, Sweden · Becton Dickinson Medical Product Private Limited, Singapore · Becton Dickinson Critical Care System Private. Limited., Singapore · Becton Dickinson Consumer Health Care, Ireland · Becton Dickinson And Company Limited., Ireland · Becton Dickinson Pty. Limited., Australia · Becton Dickinson S.A., Spain · Becton Dickinson Medical Devices Co. Ltd, China · Benex Limited, Ireland · BOIN Medica Company Limited., Korea · Becton Dickinson and Company, Singapore · Becton Dickinson, Mexico · Becton Dickinson Industrias Cirurgicas Limited., Brazil · Becton Dickinson (Thailand) Limited, Thailand · Becton Dickinson Vacutainer Systems And Labware, United Kingdom · Becton Dickinson Philippines Inc., Philippines · Becton Dickinson Biosciences, USA · Becton Dickinson France S.A., France · Becton Dickinson ,Taiwan · Becton Dickinson, Korea · Becton Dickisnon, Tripath Imaging · Becton Dickinson, Hongkong · Becton Dickinson International

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
160000000	Equity Shares	Rs.10/- each	Rs. 1600.000 Millions
100000000	Preference Shares	Rs.10/- each	Rs. 1000.000 Millions
	Total		Rs. 2600.000 Millions

Issued, Subscribed & Paid-up Capital :

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

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
160000000	Equity Shares	Rs.10/- each	Rs. 1600.000 Millions
100000000	Preference Shares	Rs.10/- each	Rs. 1000.000 Millions
	Total		Rs. 2600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions
50293800	Preference Shares	Rs.10/- each	Rs. 502.938 Millions
	Total		Rs. 512.938 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		512.938	512.938	991.737
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1280.910	858.246	560.768
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1793.848	1371.184	1552.505
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1793.848	1371.184	1552.505
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		555.637	423.222	374.186
Capital work-in-progress		424.988	195.276	89.895
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		93.838	96.529	91.153
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	842.046	616.164	653.516
	Sundry Debtors	498.080	428.189	277.004
	Cash & Bank Balances	755.807	487.711	804.576
	Other Current Assets	11.187	4.188	10.148
	Loans & Advances	326.754	191.190	108.559
Total Current Assets		2433.874	1727.442	1853.803
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1558.517	923.454	713.519
	Other Current Liabilities	74.963	73.567	47.757
	Provisions	81.009	74.264	95.256
Total Current Liabilities		1714.489	1071.285	856.532
Net Current Assets		719.385	656.157	997.271
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1793.848	1371.184	1552.505

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	3984.319	3536.362	2828.757
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	3351.145	2973.322	2456.599
	PROFIT BEFORE TAX		633.174	563.040	372.158
Less	TAX		210.510	185.161	153.532
	PROFIT AFTER TAX		422.664	377.879	218.626
	EARNINGS IN FOREIGN CURRENCY
		Canvassing and Warranty Commission	270.378	279.685	256.558
		FOB Value of exports	258.152	78.321	60.049
		Other Earnings	20.744	1.892	0.000
	TOTAL EARNINGS		549.274	359.898	316.607
	IMPORTS
		Raw Materials	590.898	429.099	0.000
		Stores & Spares	16.276	7.156	0.000
		Capital Goods	121.650	49.831	0.000
		Others	1239.938	1078.874	0.000
	TOTAL IMPORTS		1968.762	1564.960	0.000
	Earnings Per Share (Rs.)		416.80	368.40	207.42

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.61	10.68	7.73
Return on Total Assets (PBT/Total Assets}	(%)	21.18	26.18	16.70
Return on Investment (ROI) (PBT/Networth)		0.35	0.41	0.24
Debt Equity Ratio (Total Liability/Networth)		0.96	0.78	0.55
Current Ratio (Current Asset/Current Liability)		1.42	1.62	2.16

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1995PTC064117
Name of the company	BECTON DICKINSON INDIA PRIVATE LIMITED.
Address of the registered office or of the principal place of business in India of the company	202-204, Tolstoy House, 15, Tolstoy Marg, New Delhi - 110001, India shoumitra_bhowal@bd.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80004247
Type of charge	· Book debts · Others
Particular of charge holder	Standard Chartered Bank, Narain Manzil, 23, Barakhamba Road, New Delhi – 110001, Delhi, India Ashima.Tandon@sc.com
Nature of instrument creating charge	Supplementary hypothecation agreement of stocks / book debts.
Date of instrument Creating the charge	19.09.2011
Amount secured by the charge	Rs. 530.000 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest As per facility advice letter dated 13.09.2011 to be amended from time to time. Terms of repayment As per facility advice letter dated 13.09.2011 to be amended from time to time. Margin As per facility advice letter dated 13.09.2011 to be amended from time to time. Extent and operation of the charge Extent and Operation - 100%
Short particulars of the property or assets charged (including complete address and location of the property)	Hypothecation by way of first pari passu charge over stock in trade present and future and book debts, outstanding moneys, receivables, claims, chooses in action etc.
Date of last modification prior to the present modification	03.12.2010
Particulars of the present modification	Bank's first charge over stocks and book debts of the company already registered for Rs. 197.500 Millions shall stand enhanced to Rs. 530.000 Millions. All other terms and conditions remaining the same.

OPERATIONS

During the period the company’s Revenues in the current year grew by 12.67% over the previous annualized period. Corrective actions were taken in earlier years relating to stock imbalances in the distribution channels, enforcement of effective credit policies and rationalisation of distributors. The drive on the supply chain front to bring further operational efficiencies continues. The Company has achieved significant growth across most business segments.

FIXED ASSETS

· Building

· Factory building

· Other building

· Furniture and fixtures

· Leasehold improvements

· Plant and machinery

· Demonstration equipments

· Office equipments

· Computers and peripherals

· 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. 54.53
UK Pound	1	Rs. 87.48
Euro	1	Rs. 70.89

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		49

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.