MIRA INFORM REPORT

Report Date :

13.03.2012

IDENTIFICATION DETAILS

Name :	SRISTEK CLINICAL RESEARCH SOLUTIONS LIMITED
Formerly Known As :	SRISTEK CONSULTING PRIVATE LIMITED
Registered Office :	DLF Cyber City, Block – 3, 8^th Floor, Gachibowli Village, Serilingampally Mandal, Hyderabad – 500048, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.07.2002
Com. Reg. No.:	01-039366
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U74900AP2002PLC039366
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	They are engaged into Clinical Research.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered for small to mediocre 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

LOCATIONS

Registered Office/ Head Office :	DLF Cyber City, Block – 3, 8^th Floor, Gachibowli Village, Serilingampally Mandal, Hyderabad – 500048, Andhra Pradesh, India
Tel. No.:	91-40-66129595/ 66129500
Fax No.:	91-40-66129566
E-Mail :	sampath@sristek.com sristek@sristek.com gagan.singh@sristek.com
Website :	www.sristek.com
Overseas Office :	Located at USA Canada UK

DIRECTORS

As on 25.09.2010

Name :

Mr. Sampath Kumar Meesala

Designation :

Director

Address :

Plot No. 60, Flat No. 501, Jyothi Homes, Srinagar Colony, Hyderabad – 500073, Andhra Pradesh, India

Date of Birth/Age :

05.02.1978

Date of Appointment :

14.09.2005

DIN No.:

00022155

Other Directorship:

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U18101AP2004PTC043640	SRI SAI LAKSHMI APPARELS PRIVATE LIMITED	Director	14-07-04	14-07-04	Active In Progress	NO
U74900AP2002PLC039366	SRISTEK CLINICAL RESEARCH SOLUTIONS LIMITED	Director	14-09-05	14-09-05	Active	NO

Name :

Mr. Ramesh Meesala

Designation :

Director

Address :

8-3-1109/1, Plot no. 109 F, 101 Jyothi Priyamv, Orchid Srinagar Colony, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India

Date of Birth/Age :

04.03.1971

Date of Appointment :

02.09.2010

DIN No.:

03207456

Other Directorship:

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U74900AP2002PLC039366	SRISTEK CLINICAL RESEARCH SOLUTIONS LIMITED	Director	02-09-10	22-12-09	Active	NO
U24297AP2009PTC064274	MADHIRA PHARMACEUTICALS PRIVATE LIMITED	Director	30-03-11	30-03-11	Active	NO
U72200AP2011PTC074213	STARK CYBER SOLUTIONS PRIVATE LIMITED	Director	02-05-11	02-05-11	Active	NO

Name :

Mr. Chalapathi Rao Meesala Sai Bhakta

Designation :

Director

Address :

Plot no. 60, Flat No. 501, Jyothi Homes, Orchid Srinagar Colony, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India

Date of Birth/Age :

20.05.1944

Date of Appointment :

14.09.2005

DIN No.:

01764287

Name :

Sun Mohan Reddy Gade

Designation :

Director

Address :

House No. 1-53, Flat No.303, Sai Residency Back, Side of Ing Vysya Bank, Madhapur (Main Village), Hyderabad – 500081, Andhra Pradesh, India

Date of Birth/Age :

03.07.1962

Date of Appointment :

22.12.2009

DIN No.:

02388938

Other Directorship:

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
U45209AP2008PTC061758	SUN INFRACON PROJECTS PRIVATE LIMITED	Director	07-11-08	07-11-08	Active	NO
U74900AP2002PLC039366	SRISTEK CLINICAL RESEARCH SOLUTIONS LIMITED	Director	22-12-09	22-12-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2010

Names of Shareholders	No. of Shares
M Sampath Kumar	221634
M Ramesh	221633
M S B Chalapathi Rao	221733
Citadel Research and Solution Private Limited, India	264328
Vishnu Vardhan Reddy	20672
Sun Mohan Reddy	550000
Sri Sai Lakshami Apparels Private Limited, India	4000000
Sparrow Hills Advisory Private Limited, India	2250000
Poonam Tapadiya	60000
Kishore Tapadia	30000
TOTAL	7840000

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2010

Category	Percentage
Bodies corporate	83.09
Directors or relatives of Directors	15.50
Other top fifty shareholders	1.41
Total	100.00

BUSINESS DETAILS

Line of Business :

They are engaged into Clinical Research.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• ICICI Bank Limited, Land Mark Race Course Circle, Alkapuri – 390015, Gujarat, India
• Union Bank of India
• State Bank of Mysore
• Export Import Bank of India, Center One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Loan from ICICI Bank	0.000	1.139
Term loan with Union Bank of India	0.000	0.000
State Bank of Mysore A/C No. 64052153314	11.781	0.000
State Bank of Mysore A/C No. 64029873932	0.000	14.932
Term Loan With EXIM Bank	27.920	0.000
Term Loan With State Bank of Mysore	2.479	4.028
Working Capital With EXIM Bank	18.000	0.000
Total	60.180	20.099
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Directors	2.648	0.000
From Share Holders	4.156	0.000
Total	6.804	0.000

Banking Relations :	--
Auditors :
Name :	Ramu and Ravi Chartered Accountant
Address :	814, Raghava Ratna Towers, Chirag Ali Lane, Abids, Hyderabad – 500001, Andhra Pradesh, India
PAN.:	AACFR2408M

CAPITAL STRUCTURE

After on 25.09.2010

Authorized Capital: Rs.150.000 Millions

Issued, Subscribed and Paid Up Capital: Rs.100.000 Millions

As on 25.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7840000	Equity Shares	Rs.10/- each	Rs.78.400 Millions

As on 31.03.2010

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	1.900
2] Share Application Money		3.255	2.082	10.182
3] Reserves & Surplus		21.066	14.092	7.770
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.321	26.174	19.852
LOAN FUNDS
1] Secured Loans		60.180	20.099	6.714
2] Unsecured Loans		6.804	0.000	0.000
TOTAL BORROWING		66.984	20.099	6.714
DEFERRED TAX LIABILITIES		2.041	0.454	0.422
TOTAL		103.346	46.727	26.988
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.685	8.983	5.954
Capital work-in-progress		0.000	0.000	2.162
INVESTMENT		3.766	2.988	2.988
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	69.669	41.985	17.289
	Cash & Bank Balances	2.200	0.032	0.091
	Other Current Assets	3.462	3.462	0.000
	Loans & Advances	8.334	5.622	2.235
Total Current Assets		83.665	51.101	19.615
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.994	0.000	0.000
	Other Current Liabilities	7.478	10.976	3.687
	Provisions	9.298	5.369	0.044
Total Current Liabilities		35.770	16.345	3.731
Net Current Assets		47.895	34.756	15.884
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		103.346	46.727	26.988

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	94.790	72.413	44.855
		Other Income	0.000	0.000	0.000
		TOTAL (A)	94.790	72.413	44.855
Less	EXPENSES
		Administration and Selling and Other Expenses	75.972	52.165	32.732
		TOTAL (B)	75.972 (Including Financial Expenses)	52.165	32.732
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			20.248	12.123
Less	FINANCIAL EXPENSES (D)			2.482	1.124
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.818	17.766	10.999
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.966	7.228	1.800
	PROFIT BEFORE TAX (E-F) (G)		11.852	10.538	9.199
Less	TAX (H)		3.679	4.216	3.137
	PROFIT AFTER TAX (G-H) (I)		8.173	6.322	6.062
	Prior Period Expenses		1.198	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14.092	7.770	1.708
	BALANCE CARRIED TO THE B/S		21.067	14.092	7.770
	Earnings Per Share (Rs.)		81.73	33.00	32.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	8.62	8.73	13.51
Net Profit Margin (PBT/Sales)	(%)	12.50	14.55	20.51
Return on Total Assets (PBT/Total Assets}	(%)	8.76	17.54	35.98
Return on Investment (ROI) (PBT/Networth)		0.35	0.40	0.46
Debt Equity Ratio (Total Liability/Networth)		2.99	1.39	0.53
Current Ratio (Current Asset/Current Liability)		2.34	3.13	5.26

LOCAL AGENCY FURTHER INFORMATION

OPERATION

In the period the company has achieved a profit of Rs.18.817 millions before deprecation. However, the board is aspiring to achieve better results in the nest financial year

FORM 8

Corporate identity number of the company	U72200AP2002PTC039366
Name of the company	SRISTEK CONSULTING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	DLF Cyber City, Block – 3, 8^th Floor, Gachibowli Village, Serilingampally Mandal, Hyderabad – 500048, Andhra Pradesh Email: sampath@sristek.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10177823
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Export Import Bank of India, Center One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India Email : eximhro@eximbankindia.in
Nature of instrument creating charge	Amendatory Agreement and Letter of Confirmation both dated 07.03.2011 executed by Sristek Consulting Private Limited ("the Borrower") in favor of Export Import Bank of India ("Exim Bank") confirming that the security created by the borrower over its entire movable assets continues to be charged for securing the loan of Rs.18.000 millions now renewed and enhanced to Rs.30.000 millions ("the Loan") made available to the Borrower by Exim Bank for another period of 1 Year.
Date of instrument Creating the charge	07.03.2011
Amount secured by the charge	Rs.30.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Dollar disbursement shall be @ LIBOR(6 months)+ 400 basis points p.a, quarterly rests subject to reset and for Rupee disbursement @ 10.50% p.a., payable by the Borrower with monthly rests subject to reset Terms of Repayment For Pre shipment credit - Out of Export proceeds or disbursement under post shipment credit or at the end of 180 days from the date of each disbursement, whichever is earlier. For post Shipment Credit - Out of Export proceeds or at the end of 180 days from the date of each disbursement, whichever is earlier The renewal of the loan is subject to the discretion of Exim Bank. Margin Minimum 25% of individual export order/bills for Pre/Post Shipment Credit Extent and Operation of the charge First Pari-passu charge on the entire current assets of the Borrower, both present and future and second pari-passu charge on the entire fixed assets of the borrower, both present and future.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The movable fixed assets and current assets of the borrower are more particularly mentioned in schedule iii to the deed of hypothecation Dated 27/08/2009
Particulars of the present modification	The charge created by the borrower over its entire movable assets vide Deed Hypothecation dated 27/08/2009 in favor of the Exim Bank and now extended for the enhanced loan vide Amendatory Agreement dated 07/03/2011 shall continue to be secured for the renewed and enhanced loan of Rs.30.000 millions made available to the Borrower by Exim Bank with revised rate of interest.

FIXED ASSETS

• Computer and Software
• Technical Knowhow
• Furniture and Fixture
• Office Equipment
• Vehicle

· 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.49.94
UK Pound	1	Rs.78.25
Euro	1	Rs.65.40

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	5
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.