MIRA INFORM REPORT

Report Date :

05.07.2012

IDENTIFICATION DETAILS

Name :	RECKITT BENCKISER HEALTHCARE INDIA LIMITED
Formerly Known As :	PARAS PHARMACEUTICALS LIMITED
Registered Office :	Plot No. 48, Institutional Area, Sector – 32, Gurgaon – 122001, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.11.1980
Com. Reg. No.:	04-044172
Capital Investment / Paid-up Capital :	Rs.90.515 Millions
CIN No.: [Company Identification No.]	U24231HR1980PLC44172
TAN No.: [Tax Deduction & Collection Account No.]	AHMP00763A
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Manufacturing of Pharmaceutical Products and Bulk Drugs.
No. of Employees :	1500 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for any normal business dealings.

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

LOCATIONS

Registered Office :	Plot No. 48, Institutional Area, Sector – 32, Gurgaon – 122001, Haryana, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	skshah@paraspharma.com admin@paraspharma.com paras@gnahd.paras.globalnet.in export@paraspharma.com parasglobal@gmail.com sarita.william@rb.com manoj.bisht@rb.com
Website :	http://www.paraspharma.com
Corporate Office :	“Paras House”, 6-B, Sattar Taluka Society, Near Navjinva Press, Ashram Road, Ahmedabad – 380 014, Gujarat, India
Tel. No.:	91-79-27544475/ 27544484
Fax No.:	91-79-27544485
Factory :	Plot 1/7, GIDC Estate, Kalol, District Mehsana, Gujarat, India

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Chander Mohan Sethi

Designation :

Additional Director

Address :

302-B, Court Greens, Laburnum Condominium Complex, Sushant Lok – I, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

08.03.1949

Date of Appointment :

11.04.2011

DIN :

00319297

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999DL1951PLC127062	RECKITT BENCKISER (INDIA) LIMITED	Managing director	21/01/2007	21/01/2002	-	Active	NO
2	U24239MH1997PTC111897	RECKITT PIRAMAL PRIVATE LIMITED	Director	21/01/2002	21/01/2002	-	Active	NO
3	U24232TN1994PLC048002	SSL-TTK LIMITED	Director	3/10/2011	15/11/2010	-	Active	NO
4	U25199TN1963PLC004982	TTK-LIG LIMITED	Director appointed in casual vacancy	15/11/2010	15/11/2010	-	Active	NO
5	U65993HR2011PTC042069	RECKITT BENCKISER INVESTMENTS INDIA PRIVATE LIMITED	Director	11/2/2011	11/2/2011	-	Active	NO
6	U24231HR1980PLC044172	PARAS PHARMACEUTICALS LIMITED	Managing director	21/09/2011	11/4/2011	-	Active	NO
7	U24240HR2011PTC043190	HALITE PERSONAL CARE INDIA PRIVATE LIMITED	Director	15/06/2011	15/06/2011	-	Active	NO

Name :

Mr. Parag Agarwal

Designation :

Additional Director

Address :

Apartment 1B, Tower TG-6, Orchid Garden, Sun City, Sector – 54, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

19.02.1966

Date of Appointment :

11.04.2011

DIN :

02954487

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999DL1951PLC127062	RECKITT BENCKISER (INDIA) LIMITED	Whole-time director	26/04/2010	3/3/2010	-	Active	NO
2	U65993HR2011PTC042069	RECKITT BENCKISER INVESTMENTS INDIA PRIVATE LIMITED	Director	11/2/2011	11/2/2011	-	Active	NO
3	U24231HR1980PLC044172	PARAS PHARMACEUTICALS LIMITED	Director	21/09/2011	11/4/2011	-	Active	NO
4	U24240HR2011PTC043190	HALITE PERSONAL CARE INDIA PRIVATE LIMITED	Director	15/06/2011	15/06/2011	-	Active	NO
5	U24232TN1994PLC048002	SSL-TTK LIMITED	Director	3/10/2011	3/10/2011	-	Active	NO

Name :

Mr. Sreenivasrao Nandigam

Designation :

Additional Director

Address :

C1, 301, Uniworld City, DLF Phase – 4, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

24.04.1969

Date of Appointment :

11.04.2011

DIN :

02410352

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999DL1951PLC127062	RECKITT BENCKISER (INDIA) LIMITED	Director	1/8/2011	17/12/2008	-	Active	NO
2	U24231HR1980PLC044172	PARAS PHARMACEUTICALS LIMITED	Director	21/09/2011	11/4/2011	-	Active	NO
3	U24232TN1994PLC048002	SSL-TTK LIMITED	Alternate director	24/06/2011	24/06/2011	-	Active	NO

Name :

Mr. Parag Agarwal

Designation :

Director

Address :

Apartment 1B, Tower TG – 6, Orchid Garden Sun City Sector – 54, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

19.02.1966

Date of Appointment :

11.04.2011

DIN :

02954487

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999DL1951PLC127062	RECKITT BENCKISER (INDIA) LIMITED	Whole-time director	26/04/2010	3/3/2010	-	Active	NO
2	U65993HR2011PTC042069	RECKITT BENCKISER INVESTMENTS INDIA PRIVATE LIMITED	Director	11/2/2011	11/2/2011	-	Active	NO
3	U24231HR1980PLC044172	PARAS PHARMACEUTICALS LIMITED	Director	21/09/2011	11/4/2011	-	Active	NO
4	U24240HR2011PTC043190	HALITE PERSONAL CARE INDIA PRIVATE LIMITED	Director	15/06/2011	15/06/2011	-	Active	NO
5	U24232TN1994PLC048002	SSL-TTK LIMITED	Director	3/10/2011	3/10/2011	-	Active	NO

Name :

Mr. Roopak Taneja

Designation :

Director

Address :

C/o Reckit Benckiser P.O. Box 61344 Dubai, United Arab Emirates

Date of Birth/Age :

24.01.1967

Date of Appointment :

11.04.2011

DIN :

02889984

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999DL1951PLC127062	RECKITT BENCKISER (INDIA) LIMITED	Director	10/5/2011	3/3/2010	-	Active	NO
2	U24231HR1980PLC044172	PARAS PHARMACEUTICALS LIMITED	Director	21/09/2011	11/4/2011	-	Active	NO

Name :

Mr. Jose Joaquin Camero Gonzalez

Designation :

Director

Address :

Barnet Desclot, 18 Casa 08190, Santcugal, Barcelona 08190 Spain

Date of Birth/Age :

01.08.1955

Date of Appointment :

11.04.2011

DIN :

02466459

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999DL1951PLC127062	RECKITT BENCKISER (INDIA) LIMITED	Director appointed in casual vacancy	17/12/2008	17/12/2008	-	Active	NO
2	U24231HR1980PLC044172	PARAS PHARMACEUTICALS LIMITED	Director	21/09/2011	11/4/2011	-	Active	NO

Name :

Mr. Alfred Kurt Caspers

Designation :

Director

Address :

Winbar, Lianvair Drive, Ascot, Berkshire, SL59LN, United Kingdom

Date of Birth/Age :

20.03.1961

Date of Appointment :

11.04.2011

DIN :

00545442

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999DL1951PLC127062	RECKITT BENCKISER (INDIA) LIMITED	Director	19/04/2002	19/04/2002	-	Active	NO
2	U25199TN1963PLC004982	TTK-LIG LIMITED	Director appointed in casual vacancy	15/11/2010	15/11/2010	21/04/2011	Active	NO
3	U24232TN1994PLC048002	SSL-TTK LIMITED	Director appointed in casual vacancy	15/11/2010	15/11/2010	21/04/2011	Active	NO
4	U24231HR1980PLC044172	PARAS PHARMACEUTICALS LIMITED	Director	21/09/2011	11/4/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sthitapranga Kantilal Shah
Designation :	Secretary
Address :	2/2, Mrudul Park Society, Dr. V.S. Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	21.12.1961
Date of Appointment :	01.03.2000
Name :	Mr. Parthiv
Designation :	Finance Department

SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Reekitt Benckiser Investment India Private Limited	9051516
Chander Mohan Sethi	1
Parag Agarwal	1
Savamoy Roy Chowdhary	1
Ajay Thukral	1
Rajesh Kumar Jha	1
Sarita William	1
TOTAL	9051522

AS ON 30.09.2011

Category	Percentage of Holding
Bodies corporate (not mentioned above)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Pharmaceutical Products and Bulk Drugs.

Products :

Product Description	ITC Code No
P and P Medicament	3003.39
P and P Medicament	3003.20
Cosmetic	3304.00

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Ointment/ Cream	M. Ton	3000	2038
Powder	M. Ton	1800	1769
Liquid	000 Liters	5400	827
Tablets	Million	810	209

NOTES:

a) Licensed Capacity not being applicable has not been indicated.

b) Installed capacity has been certified by the company, this being a technical matter.

c) Quantity in metric tones unless otherwise stated. Quantity for tables and liquid stated in millions and ‘000 liters respectively.

GENERAL INFORMATION

No. of Employees :	1500 [Approximately]
Bankers :	· Industrial Development Bank of India Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India · IDBI Bank Limited, IDBI Complex, Opposite Municipal Staff Quarters, Near Lal Bunglow, Off C G Road, Ahmedabad-380006, Gujarat, India · The Kapol Nagrik Sahakari Bank Limited

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Associates Chartered Accountant
Address:	2^nd Floor, Shivalik Ishaan, Near C.N. Vidhyalaya, Ambawadi, Ahmedabad, Gujarat, India
Tel. No. :	91-79-66083800
Fax No. :	91-79-66083900
Subsidiaries:	· Needwise Advertising Private Limited CIN : U74300GJ1997PTC032021 · Paras Overseas Holding Limited (UAE) · Paras Inc (USA)
Step – down Subsidiary Company :	· Paras Global FZE (UAE) · Paras [Bangladesh] Private Limited
Associates :	· Sterling Addlife India Limited CIN : U85110GJ2000PLC039121
Enterprises which exercise significant influence on the company :	· Actis Advisors Private Limited · Actis Consumer India Limited · Actis Consumer South Asia Limited · Actis Consumer [AEM3A] Limited · Actis Consumer [AEM General] Limited · Actis Consumer [A13A] Limited · Actis Investments Holdings No.80 Limited, Mauritius

CAPITAL STRUCTURE

AS ON 21.09.2011

Authorised Capital: Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.90.909 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9051522	Equity Shares	Rs.10/- each	Rs.90.515 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		90.515	90.515	90.515
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1284.259	1517.074	1439.469
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1374.774	1607.589	1529.984
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		2.593	22.760	24.380
TOTAL		1377.367	1630.349	1554.364
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		716.019	846.861	872.855
Capital work-in-progress		13.593	6.539	5.814
INVESTMENT		481.714	479.323	577.660
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	356.481	356.844	229.011
	Sundry Debtors	120.883	178.546	252.779
	Cash & Bank Balances	88.381	189.797	122.368
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	157.779	39.719	41.080
Total Current Assets		723.524	764.906	645.238
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	356.079	325.395	190.285
	Other Current Liabilities	80.275	65.061	71.944
	Provisions	121.129	76.824	284.974
Total Current Liabilities		557.483	467.280	547.203
Net Current Assets		166.041	297.626	98.035
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		13773.367	1630.349	1554.364

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4921.685	3804.516	2931.270
		Other Income	149.085	45.050	58.377
		TOTAL (A)	5070.771	3849.566	2989.647
Less	EXPENSES
		Purchase of Trading Goods	759.236	464.488	249.805
		Material Consumed (Including movement in inventories)	909.252	697.502	715.568
		Manufacturing Expenses	59.415	46.141	60.137
		Personnel Expenses	297.591	284.912	221.382
		Administrative and Selling Expenses	1650.204	1301.734	990.176
		TOTAL (B)	3675.698	2794.777	2237.068
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1395.073	1054.789	752.579
Less	FINANCIAL EXPENSES (D)		1.759	2.815	8.589
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1393.314	1051.974	743.990
Less/ Add	DEPRECIATION/ AMORTISATION (F)		125.617	115.599	105.529
	PROFIT BEFORE TAX (E-F) (G)		1267.697	936.375	638.461
Less	TAX (H)		258.343	223.380	173.110
	PROFIT AFTER TAX (G-H) (I)		1009.354	712.995	465.351
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		85.056	87.450	95.275
Less	APPROPRIATIONS
		Interim Dividend	799.249	543.091	180.674
		Proposed Final Dividend	0.000	0.000	181.030
		Tax on Dividend	132.745	92.298	61.472
		Transfer to General Reserve	102.500	80.000	50.000
	BALANCE CARRIED TO THE B/S		66.002	85.056	87.450
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	219.892	133.639	210.880
		Royalty		0.000	0.000
	TOTAL EARNINGS		219.892	133.639	210.880
	IMPORTS
		Packing / Raw Materials	NA	7.846	0.000
		Capital Goods	NA	10.223	0.000
	TOTAL IMPORTS		NA	18.069	0.000
	Earnings Per Share (Rs.)		111.51	78.77	51.51

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	19.90	18.52	15.56
Net Profit Margin (PBT/Sales)	(%)	25.75	24.61	21.78
Return on Total Assets (PBT/Total Assets}	(%)	88.06	58.10	42.06
Return on Investment (ROI) (PBT/Networth)		0.92	0.58	0.42
Debt Equity Ratio (Total Liability/Networth)		0.40	0.29	0.36
Current Ratio (Current Asset/Current Liability)		1.29	1.64	1.18

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

NATURE OF OPERATION:

Subject is a fast moving consumer goods [FMCG] Company having household brands in the healthcare and personal care categories.

PERFORMANCE:

Sales turnover of Rs. 4921.700 millions (Previous Year Rs. 3804.500 millions ) was achieved. Export sales were Rs. 311.300 millions (Previous Year Rs. 177.300 millions). The products of the Company are exported to Asia Pacific, Middle East, CIS, Africa and South East Asia. The profit before tax stood at Rs. 1267.700 millions (Previous Year Rs. 936.400 millions) and the profit after tax stood at Rs. 1009.400 millions (Previous Year Rs. 713.000 millions).

PERFORMANCE OF SUBSIDIARY COMPANIES:

PARAS OVERSEAS HODLINGS LIMITED, DUBAI .

The performance of Paras Overseas Holdings Limited, (“Paras Overseas”) a wholly own subsidiary of the Company for the year ending on 31 st March, 2011 was satisfactory. During the year Paras Overseas achieved revenue of AED 5,01,081 (previous year AED 2,45,833) and net loss of AED 1,854,296 (previous year profit of AED 1,76,150). Paras Global FZE, Dubai a wholly owned subsidiary of Paras Overseas has in its sixth year achieved revenue of AED 43,451,783 (previous year AED 2,70,02,081) and net profit of AED 34,84,039 (previous year net loss of AED 12,78,088).

PARAS INCORPORATED, U.S.A. :

During the year ending on 31st March, 2011 Paras Inc. a wholly owned subsidiary of the Company has earned income of US$ 507.77 (previous year US$ 4,803). There is a net Loss of US$ 37,234.99 (previous year loss of US$ 36,474) which is mainly because of fixed overheads of utilities, Real Estate Taxes, license and fees.

AMALGAMATION OF NEEDWISE ADVERTISING PRIVATE LIMITED WITH THE COMPANY:

The final order from the Hon’ble High Court of Gujarat .sanctioning scheme of amalgamation of Needwise Advertising Private Limited a wholly owned subsidiary of the Company was passed on 12 th August, 2010 and has been received on 26 th August, 2010.

DEMERGER AND TRANSFER OF TREASURY SEGMENT OF THE COMPANY TO STERLING ADDLIFE INDIA LIMITED :

The final order from the Hon’ble High Court of Gujarat sanctioning the scheme Arrangement in the nature of Demerger and Transfer of Treasury Segment of the

Company to Sterling Addlife India Limited has been received on 7th October, 2011 and allotment pursuant to the same has also been completed by Sterling Addlife India Limited.

PARAS OVERSEAS MODLINGS LIMITED.DUBAI.

The performance of Paras Overseas Holdings Limited,("Paras Overseas") a wholly own subsidiary of the Company for the year ending on 31st March, 2010 was satisfactory. During the year Paras Overseas achieved revenue of AED 2,45,833 (previous vear AED 2,11,218) and net profit of AED 1,76,150 (previous year AED 1,57,857).

Paras Global FZE, Dubai a wholly owned subsidiary of Paras Overseas has in its fifth year achieved revenue of AED 2,70,02,081 (previous year AED 3,14,98,070) and net loss of AED 12,78,088 (previous year AED 3,27,107).

Paras (Bangladesh) Private Limited a wholly owned subsidiary of Paras Overseas Holdings Limited was incorporated on 8^th April, 2009 in Bangladesh. The Company is yet to start its operations and hence no income statements are prepared.

PARAS INCORPORATED, U.S.A. :

During the year ending on 31^st March, 2010 Paras Inc. a wholly owned subsidiary of the Company has earned income of US$ 4,803 (previous vear USS 8,004). There is a net Loss of US$ 36,474 (previous year loss of USS 9,190) which is mainly because of fixed overheads of utilities and license fees.

AMALGAMATION OF NEEDWISE ADVERTISING PRIVATE LIMITED WITH THE COMPANY:

The petition for approval of scheme of amalgamation of Needwise Advertising Private Limited a wholly owned subsidiary of the Company has been filed with the Hon'ble High Court of Gujarat and is pending for final orders.

DEMERGER AND TRANSFER OF TREASURY SEGMENT OF THE COMPANY TO STERLING ADDLIFE INDIA LIMITED.:

During the year the Company has filed with the Hon'ble High Court of Gujarat the scheme of Arrangement in the nature of Demerger and Transfer of Treasury Segment of the Company to Sterling Add Life India Limited. The application is filed for the sanctioning of the Scheme with the High Court of Gujarat and are pending for disposal.

FORM : 8

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	80018704
Corporate identity number of the company	U24231GJ1980PLC004048
Name of the company	PARAS PHARMACEUTICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	“Paras House”, 6/B, Sattar Taluka Society, Near Navjinva Post Office, Ahmedabad – 380 014, Gujarat, India.
Type of charge	Book Debts Movable Property
Particular of charge holder	IDBI Bank Limited, IDBI Complex, Opposite Municipal Staff Quarters, Near Lal Bunglow, Off C G Road, Ahmedabad-380006, Gujarat, India
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation dated 28.02.2009
Date of instrument Creating the charge	28.02.2009
Amount secured by the charge	Rs. 500.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction letter dated Auguts 5, 2008 and August 23, 2008 Terms of Repayment Repayable on Demand Margin 25% on Stock and Book debts Extent and Operation of the charge First charge on whole of current assets including stock of raw materials, semi-finished and finished goods consumables stores, book debts both present and future. Second charge on the whole of movable properties of the borrower including plant and machinery, spares, tools and accessories and movable both present and future.
Short particulars of the property charged	First charge on whole of current assets including stock of raw materials, semi-finished and finished goods consumables stores, book debts both present and future. Second charge on the whole of movable properties of the borrower including plant and machinery, spares, tools and accessories and movable both present and future
Date of latest modification prior to the present modification	26.12.2007

FIXED ASSETS:

· Leasehold Land

· Freehold Land

· Building

· Plant and Machinery

· Furniture, Fixtures and Fittings

· Computer Hardware

· Vehicles

· Software

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. 53.26
UK Pound	1	Rs. 82.09
Euro	1	Rs. 68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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.