MIRA INFORM REPORT

Report Date :

21.02.2012

IDENTIFICATION DETAILS

Name :	GNANLEX HERMENEUTICS PRIVATE LIMITED
Registered Office :	Shivmangal, 3^rd Floor, Near Big Bazaar, Akruli Road, Kandivali (East), Mumbai – 400 101, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.10.2007
Com. Reg. No.:	11-175266
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	0784999MH2007PTC175266
PAN No.: [Permanent Account No.]	AACCG9977H
Legal Form :	Private Limited Liability Company
Line of Business :	Proving Intellectual Property Related Services and Management Consultancy and Advisory Service.
No. of Employees :	10 (Approximately) (Office – 8 and Branch – 2)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Directors are reported as experienced, respectable and resourceful businessmen. Trade relations are fair. Business is active. Payments are reported to be usually correct. 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 – 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 PARTED BY

Name :	Dr. Gopakumar G. Nair
Designation :	Director
Contact No.:	91-9821152272
Date :	20.02.2012

LOCATIONS

Registered Office :	Shivmangal, 3^rd Floor, Near Big Bazaar, Akruli Road, Kandivali (East), Mumbai – 400 101, Maharashtra, India
Tel. No.:	91-22-40895454/ 28872058/ 32926169/ 32926170
Mobile No.:	91-9821152272 (Dr. Gopakumar G. Nair)
Fax No.:	91-22-28462455
E-Mail :	gopanair@gnaipr.net drggnair@vsnl.com
Website :	http://www.gnanlex.com
Area :	1150 sq. ft.
Location :	Rented
Branch Office :	100, NCL Innovation Park, dr. Homi Bhabha Road, (Pashan Road), Pune – 411008, Maharashtra, India
Area :	237 sq. ft.
Location :	Rented

DIRECTORS

(AS ON 28.09.2011)

Name :

Dr. Gopakumar Gopalan Nair

Designation :

Managing Director

Address :

C-002/003, Gokul Plaza, Thakur Complex, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

11.06.1941

Qualification :

M.SC., Ph. D., LLB. Patent Agent

Experience :

40 years

Date of Appointment :

22.10.2007

DIN No.:

00092637

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L24224MH1960PLC011856	ULTRAMARINE AND PIGMENTS LIMITED	Director	25/05/1990	25/05/1990	Active	NO
2	U74999MH1991PTC063993	BDH BIOTECH PRIVATE LIMITED	Director	14/11/1991	14/11/1991	Strike off	NO
3	U01110AP1999PLC033147	NANDAN CLEANTEC LIMITED	Director	20/10/2004	20/10/2004	Active	NO
4	L99999MH1985PLC036685	SEQUENT SCIENTIFIC LIMITED	Director	17/09/2007	20/06/2006	Active	NO
5	U24110AP1995PLC022303	GLOCHEM INDUSTRIES LIMITED	Additional director	30/06/2010	27/06/2007	Active	NO
6	U74999MH2007PTC175266	GNANLEX HERMENEUTICS PRIVATE LIMITED	Director	22/10/2007	22/10/2007	Active	NO
7	U24110MH1997PTC112731	ELIXIR CHEMICALS PRIVATE LIMITED	Director	15/09/2008	19/11/2007	Amalgamated	NO
8	U85190TN2008PTC065996	SANVED RESEARCH LABS PRIVATE LIMITED	Director	9/1/2008	9/1/2008	Strike off	NO

Name :

Dr. Arunasree Piduri

Designation :

Director

Address :

Senate A Wing, 601 Lokhandwala Township Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

28.06.1968

Qualification :

M.Sc., Ph.D, LLB

Experience :

09 years

Date of Appointment :

22.10.2007

DIN No.:

01351504

Name :

Mr. Sajeev Kumar Sreedharan Nair

Designation :

Director

Address :

305, Shree Bhakti Tower CHS Limited, Opposite Vijay Nagar, Mira-Bhayandar Road, Thane – 401107, Maharashtra, India

Date of Birth/Age :

20.04.1974

Qualification :

B. Com, PGD PLP, LLB (Final)

Experience :

17 years

Date of Appointment :

22.10.2007

DIN No.:

01321846

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2011)

Names of Shareholders	No. of Shares
Dr. Gopakumar G. Nair	9000
Dr. P. Aruna Sree	500
Sajeev Kumar Sreedharan Nair	500
Total	10000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Intellectual Property Related Services and Management Consultancy and Advisory Service.
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Suppliers :	· Gopakumar Nair Associates · V D Shah and Company
Customers :	Corporate and Law Firms
No. of Employees :	10 (Approximately) (Office – 8 and Branch – 2)
Bankers :	· Oriental Bank of Commerce Raw House No.2, Aangan Thakur Village, Kandivali (east), Mumbai – 400101, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	V. D. Shah and Company Chartered Accountant
Address :	8A, 1^st Floor, Khot Building, S. V. Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28998537/ 28990201
Mobile No.:	91-9867150979
Email :	vinodshah12@yahoo.co.in
PAN No.:	AACCG9977H
Associates/Subsidiaries :	· Gopakumar Nair Associates Shivmangal, 3^rd Floor, Near Biog Bazaar, Akurli Road, Kandivali (East), Mumbai – 400 101, Maharashtra, India Line of Business: Management Consultant Services. · GNA Patent Gurukul Shivmangal, 3^rd Floor, Near Biog Bazaar, Akurli Road, Kandivali (East), Mumbai – 400 101, Maharashtra, India Line of Business: Training in Field of Patent.

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Share	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Share	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.031	0.000	0.000
4] (Accumulated Losses)		0.000	(0.030)	(0.303)
NETWORTH		0.131	0.070	(0.203)
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		0.131	0.070	(0.203)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
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	0.000	0.000	0.000
	Sundry Debtors	0.146	0.000	0.025
	Cash & Bank Balances	0.319	0.637	0.143
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.106	0.000	0.002
Total Current Assets		0.571	0.637	0.170
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.441	0.605	0.417
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.032	0.000	0.000
Total Current Liabilities		0.473	0.605	0.417
Net Current Assets		0.098	0.032	(0.247)
MISCELLANEOUS EXPENSES		0.033	0.038	0.044
TOTAL		0.131	0.070	(0.203)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Professional Fees	1.075	1.075	0.816
		Other Income	0.162	0.000	0.000
		TOTAL	1.237	1.075	0.816
Less	EXPENSES
		Salaries and Allowances	0.592	0.266	0.103
		Retainership Fees	0.490	0.410	0.000
		Director Remuneration	0.000	0.000	0.603
		Advertisement	0.000	0.010	0.000
		Rent	0.000	0.013	0.005
		Bank Charges	0.000	0.000	0.004
		Printing and Stationery	0.000	0.007	0.008
		Electricity	0.000	0.021	0.000
		Telephone and Mobile Expenses	0.001	0.014	0.000
		Internet and Main Expenses	0.004	0.007	0.000
		Office Expenses	0.007	0.006	0.000
		Computer Expenses	0.000	0.006	0.000
		Conveyance Charges	0.000	0.005	0.000
		Postage and Courier	0.000	0.005	0.000
		Filing Fees	0.000	0.001	0.001
		Professional Tax	0.000	0.003	0.000
		Professional Fees	0.010	0.004	0.367
		Car Expenses	0.000	0.007	0.000
		Donation	0.025	0.000	0.000
		Repair and Maintenance	0.000	0.003	0.000
		Preliminary Expenses Written off	0.006	0.005	0.005
		Audit Fees	0.009	0.009	0.008
		TOTAL	1.144	0.802	1.104
	PROFIT BEFORE TAX		0.093	0.273	(0.288)
Less	TAX		0.032	0.000	0.000
	PROFIT AFTER TAX		0.061	0.273	(0.288)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.030)	(0.303)	(0.015)
	BALANCE CARRIED TO THE B/S		0.031	(0.030)	(0.303)
	Earnings Per Share (Rs.)		6.10	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.93	25.40	(35.29)
Net Profit Margin (PBT/Sales)	(%)	8.65	25.40	(35.29)
Return on Total Assets (PBT/Total Assets}	(%)	16.29	42.86	(169.41)
Return on Investment (ROI) (PBT/Networth)		0.71	3.90	1.42
Debt Equity Ratio (Total Liability/Networth)		3.61	8.64	(2.05)
Current Ratio (Current Asset/Current Liability)		1.21	1.05	0.41

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS

The company has made profit of Rs.0.093 Millions after adjusting carried forward loss of Rs.0.030 Millions the tax provision is made for Rs.0.032 Millions. The net profit as per profit and loss account is carried forward to the balance sheet Rs.0.031 Millions.

WEBSITE DETAILS:

Subject is a firm founded by Dr. Gopakumar G. Nair and incorporated as Private Limited, company in Mumbai since October 2007.

Subject is Knowledge and Technology based firm providing services in Intellectual Property, regulatory linkages, technology development, licensing and contracts of IP related areas. Currently located in Mumbai, company is serving the IP needs of Pune by providing services to various organizations in and around Pune.

SERVICES

Patents

· Patentability Consultancy

· Invention Mining and R and D Co-ordination

· Patent Expiry Status Report (worldwide)

Patent Drafting

Filing and Prosecution

PCT International and National Phase filings in India and overseas

Patent Search and updating Patent Status

· Patent Landscaping

· Patent Mapping

· Patent Watch

· Patent Non-Infringement Analysis, Opinions and Certifications

Legal and other services

· Freedom to Operate Certifications

· Patent Litigation Analysis and Support services

· IPR Portfolio Creation and Maintenance

· Proof reading

· Legal drafting

· Consultations on IP / Technology Transfer

· Licensing, M and A deals

· Advisory on WTO/TRIPs

· Post 2005 analysis

· In-house training for Patent Awareness and Proficiency

Trademark, Copyright and Design

· Trademarks and Design Search

· Trademark filing and prosecution

· International trademark filing

· Design filing and prosecution

· Copyright filing and prosecution

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.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		41

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.