MIRA INFORM REPORT

Report Date :

16.11.2012

IDENTIFICATION DETAILS

Name :	UNIJULES LIFE SCIENCES LIMITED
Registered Office :	Shop No.41, Manisha Plaza, Sonapur Lane, Off LBS Marg, Kurla West, Mumbai – 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.01.2006
Com. Reg. No.:	11-158928
Capital Investment / Paid-up Capital :	Rs.138.636 Millions
CIN No.: [Company Identification No.]	U52311MH2006PLC158928
IEC No.:	0306040565
TAN No.: [Tax Deduction & Collection Account No.]	MUMU04752G
PAN No.: [Permanent Account No.]	AAACU8032D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceuticals.
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 3300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financially company has performed well. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ (Long Term Bank Facilities)
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	March 2011

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 :	Shop No.41, Manisha Plaza, Sonapur Lane, Off LBS Marg, Kurla West, Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-25035173
Fax No.:	Not Available
E-Mail :	unijulesbom@yahoo.co.in info@unijules.com alihatimh@gmail.com compliance@unijules.com
Website :	http://www.unijules.com
Location :	Owned
Corporate Office/ Factory 1:	Universal Square, No.1505/1, Shanti Nagar, Nagpur – 440001, Maharashtra, India
Tel. No.:	91-712-2768512/ 6842/ 2762589
Fax No.:	91-712-2763212/ 2589
Email :	sales@revayur.com pallavi.aloni@revayur.com
Location :	Owned
Factory 2:	B – 35, MIDC, Kalmeshwar. District, Nagpur, Maharashtra, India
Research and Development :	P - 338, Kalmeshwar MIDC, District Nagpur, Maharashtra, India

DIRECTORS

As on: 30.09.2011

Name :

Mr. Faiz Vali

Designation :

Managing Director

Address :

Universal Pharmacy, Plot No. 545, Shantinagar, Nayapura , Nagpur - 440002 Maharashtra, India

Date of Birth/Age :

25.02.1967

Qualification :

MBA. B Pharm

Date of Appointment :

25.09.2010

DIN No.:

01809196

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	U99999MH1989PTC052292	UNIVERSAL MEDIKIT PRIVATE LIMITED	Managing director	30/08/1998	30/08/1998	15/05/2008	Dormant	NO
2	U24230MH1987PTC043070	HERBATONE SPECIALITIES PRIVATE LIMITED	Director	05/04/2004	05/04/2004	26/03/2012	Active	NO
3	U52311MH2006PLC158928	UNIJULES LIFE SCIENCES LIMITED	Managing director	25/09/2010	16/01/2006	-	Active	NO
4	L99999MH1984PLC032172	ZIM LABORATORIES LIMITED	Director	02/04/2007	02/04/2007	-	Active	NO
5	U67120MH2004PTC132401	ARITRA INVESTMENT AND TRADING PRIVATE LIMITED	Director	14/01/2008	14/01/2008	14/01/2008	Active	YES
6	U24100MH2009PLC193240	ZIM HEALTH TECHNOLOGIES LIMITED	Director	11/06/2009	11/06/2009	-	Active	NO
7	U93090MH2009PTC196258	REVAYUR BEAUTY CARE INDIA PRIVATE LIMITED	Director	06/10/2009	06/10/2009	-	Active	NO
8	U24297MH2009PLC198192	UNIJULES HERBAL LIMITED	Director	30/12/2009	30/12/2009	-	Active	NO
9	U24100MH2010PLC198282	UNIJULES PARENTERALS LIMITED	Director	01/01/2010	01/01/2010	-	Active	NO

Name :

Mr. Dharampal Keshawdas Bellani

Designation :

Whole Time Director

Address :

Block No. 371/B, Gurunanak Nagar, Jaripatka, Nagpur -440014, Maharashtra, India

Date of Birth/Age :

30.04.1956

Qualification :

B. Pharm

Date of Appointment :

25.09.2010

DIN No.:

01824596

Name :

Mr. Naresh Janardan Gaikwad

Designation :

Director

Address :

A2-104, Mhada Colony, Amravati Road, Nagpur – 440001, Maharashtra, India

Date of Birth/Age :

22.12.1954

Qualification :

M. Pharm, Ph.D in Medical Sciences

Date of Appointment :

30.09.2010

DIN No.:

02185462

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	L99999MH1960GOI011895	HINDUSTAN ORGANIC CHEMICALS LIMITED	Director	22/05/2012	16/05/2008	-	Active	NO
2	U52311MH2006PLC158928	UNIJULES LIFE SCIENCES LIMITED	Director	30/09/2010	03/03/2010	-	Active	NO
3	L99999MH1984PLC032172	ZIM LABORATORIES LIMITED	Director	30/07/2010	03/03/2010	-	Active	NO

Name :

Mr. Vaibhav Deshpande

Designation :

Director

Address :

F. No. 2, Plot No. 224, Gulmohar Society, Nanadavan Main Road, Nagpur – 440009, Maharashtra, India

Date of Birth/Age :

17.07.1982

Qualification :

B. Com

Date of Appointment :

30.09.2010

DIN No.:

02725850

Name :

Mr. Veerendra Kumar Parashar

Designation :

Director

Address :

13-P, Bharat Nagar, Nagpur – 440033, Maharashtra, India

Date of Birth/Age :

04.11.1940

Qualification :

M. Pharm, Ph. D in Pharmaceutical Chemistry

Date of Appointment :

30.09.2010

DIN No.:

02456416

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	L99999MH1984PLC032172	ZIM LABORATORIES LIMITED	Director	30/09/2008	19/07/2008	-	Active	NO
2	U52311MH2006PLC158928	UNIJULES LIFE SCIENCES LIMITED	Director	30/09/2010	22/03/2010	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Shilpa Pawankar
Designation :	Company Secretary
Address :	Plot No. 12, Adarsh Wadi, Amaravati Road, Nagpur – 440023, Maharashtra, India
Date of Birth/Age :	12.06.1986
Date of Appointment :	12.01.2010
PAN No.:	BDSPP0606B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Faiz Zakir Vali	7110000
Nitish Shastri	2000
Esa Mohammad Vali	2000
Shehrebano Vali	2000
Rajeev Jidewar	2000
Sharmishtha U.Khobragade	2000
Astra Exim Private Limited, India	2225500
Aritra Investment and Trading Private Limited, India	1268200
Benzo Petro International Limited, India	468750
Virtuous Capital Limited (Formally known as Finaventure Advisory Services (India ) Limited), India	2781200
Total	13863650

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	48.65
Directors or relatives of directors	51.31
Other top fifty shareholders	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceuticals.

Products :

Products Description	Item Code No.
Pharmaceuticals	300310

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Actual Production
Allopathic :
Liquid (in 000)	Ltrs	3590191.70
Ointment	Kgs.	70163.72
Powder	Kgs.	8379.35
Capsulses ('000)	Nos.	10476.71
Injection :
Vials/ Ampoules	Nos	56871415.00
Herbal :
Liquid	Ltrs	437100.79
Tablets ('000)	Nos.	82037.16
Capsulses ('000)	Nos.	71590.77
Powder	Kgs.	2243211.02

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Maharashtra, Branch Office: Mid Corporate Branch Nagpur, Mahabank Bhavan Sitabuldi, Nagpur - 440012, Maharashtra, India

· State Bank of India, Industrial Finance Branch, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· The Shamrao Vithal Co-Operative Bank Limited, Yamuna Sadan, Saki Vihar Road, Sakinaka, Andheri (East),, Mumbai - 400072, Maharashtra, India

· Bank of Baroda

· Allahabad Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	284.315	210.189
Rupee term loans financial institutions secured	2.138	1.159
Total	286.453	211.348
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Other external commercial borrowings unsecured	27.946	1.040
Other debt unsecured	0.000	0.338
Total	27.946	1.378

Banking Relations :	--
Auditors :
Name :	Husain Ali Hatim Shabbir Chartered Accountants
Address :	315 B Ashirwad Complex, Ramdaspeth, Nagpur – 440012, Maharashtra, India
PAN No.:	ABCPH6547G
Subsidiaries :	· Zim Laboratories Limited CIN No.: L99999MH1984PLC032172 · RevAyur Beauty Care India Private Limited CIN No.: U93090MH2009PTC196258
Associates :	· Akasa Advertisement · Universal Medicaments Private Limited · Universal Pharmacy · Universal Ayurvaid · City Pharmacy · Saif Health Remedies Private Limited

CAPITAL STRUCTURE

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
13863650	Equity Shares	Rs.10/- each	Rs.138.636 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		138.636	138.636	66.974
2] Share Application Money		0.000	0.000	4.740
3] Reserves & Surplus		693.413	481.936	354.833
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		832.049	620.572	426.547
LOAN FUNDS
1] Secured Loans		286.453	211.348	487.530
2] Unsecured Loans		27.946	1.378	0.338
TOTAL BORROWING		314.399	212.726	487.868
DEFERRED TAX LIABILITIES		23.384	20.303	21.934
TOTAL		1169.832	853.601	936.349
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		430.642	298.132	242.365
Capital work-in-progress		157.833	38.089	0.000
INVESTMENT		33.636	30.616	30.616
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	308.766	304.922	191.428
	Sundry Debtors	1071.959	694.667	524.516
	Cash & Bank Balances	103.651	16.270	12.404
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	179.212	279.545	139.216
Total Current Assets		1663.588	1295.404	867.564
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	274.564	193.828	154.436
	Other Current Liabilities	781.374	537.044	14.092
	Provisions	67.667	78.863	38.219
Total Current Liabilities		1123.605	809.735	206.747
Net Current Assets		539.983	485.669	660.817
MISCELLANEOUS EXPENSES		7.738	1.095	2.551
TOTAL		1169.832	853.601	936.349

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2685.680	1982.636	1637.905
		Other Income	3.586	1.138	9.543
		TOTAL (A)	2689.266	1983.774	1647.448
Less	EXPENSES
		Consumption materials changes inventories	2097.600	1530.006
		Manufacturing service costs	27.978	18.715
		Employee related expenses	42.755	38.003
		Administrative selling other expenses	107.537	98.552
		Research development expenditure	4.616	3.586
		Prior period items before tax	0.478	0.091
		TOTAL (B)	2280.964	1688.953	1442.971
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		408.302	294.821	204.477
Less	FINANCIAL EXPENSES (D)		93.489	71.424	60.133
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		314.813	223.397	144.344
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.908	11.219	9.184
	PROFIT BEFORE TAX (E-F) (G)		299.905	212.178	135.160
Less	TAX (H)		88.428	86.014	53.981
	PROFIT AFTER TAX (G-H) (I)		211.477	126.164	81.179
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		301.472	175.308	94.129
	BALANCE CARRIED TO THE B/S		512.949	301.472	175.308
	Earnings Per Share (Rs.)		15.25	9.39	145.69

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.86	6.36	4.93
Net Profit Margin (PBT/Sales)	(%)	11.17	10.70	8.25
Return on Total Assets (PBT/Total Assets}	(%)	14.32	13.31	12.18
Return on Investment (ROI) (PBT/Networth)		0.36	0.34	0.32
Debt Equity Ratio (Total Liability/Networth)		1.73	1.65	1.63
Current Ratio (Current Asset/Current Liability)		1.48	1.60	4.20

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	Yes
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	Yes

BUSINESS OUTLOOK:

Some of the major milestones crossed during the year were,

Attained AYUSH certification from the Department of AYUSH, Government of India. They are the 1st company to get this mark in India and also the 1st to get it renewed. Attained DSIR recognition for their R and D infrastructure thus becoming a certified R and D house as well as being eligible for various incentives. Total Number of dossiers filed for registrations in different countries across the world has grown 3 times thus ensuring sufficient business in the future. Once again, ethical division has shown double digit growth and also expanded to markets of Orissa and M.P. and increased presence in Maharashtra and Chattisgarh which has resulted in improved YPM profile. Overall REVAYUR branding continues to expand with major markets of the South like Kerela and Tamil Nadu providing tremendous response. Market coverage other than Big Bazars also increased drastically with product availablity at new beauty stores all across the central and south of India. On the international front, major inroads were made by registrations of 10 products in 19 countries of the franco African belt, launch of Semi Solids range in the ethical market of Sri Lanka and African countries. On the injectable front, business from major institutions was obtained for the contrast media range by active participation in tenders and activation of a team of promoters. Further, other than contrast business has also stabilized thus reducing the dependency on contrast. Product development in the critical care segment has also progressed satisfactorily. After WHO certification of the injectable units, major inroads have been made into the registration of the contrast media product in semi regulated markets and business increase in this segment is expected to be a major windfall for the company.

On the management and infrastructure front,

Integrated common ERP platform has been successfully implemented on line across all locations resulting in improved reporting and efficiency in operations. Combined H.R department established for uniform implementation of policies across the group. Work on the new integrated herbal manufacturing facility was started with the capacities scheduled to come on line by March 2012. Efficiency audits conducted at the injectable plant thus improving productivity by 23 % without any capital expenses.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2011
Estimated amount of Unexecuted Capital contracts (Net of advance and deposits)	-
Outstanding Guarantee and Counter guarantees to various banks, in respect of the guarantees given by those banks in favor of various government authorities and others	39.419
Claims against the company, not acknowledged as debts	-

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U52311MH2006PLC158928
Name of the company	UNIJULES LIFE SCIENCES LIMITED
Address of the registered office or of the principal place of business in India of the company	Shop No.41, Manisha Plaza, Sonapur Lane, Off LBS Marg, Kurla West, Mumbai – 400072, Maharashtra, India E-mail: compliance@unijules.com
This form is for	Creation of charge
Type of charge	· Movable property (not being pledge) · Goodwill · Patent, license under a patent
Particular of charge holder	Bank of Maharashtra, Branch Office: Mid Corporate Branch Nagpur, Mahabank Bhavan Sitabuldi, Nagpur - 440012, Maharashtra, India E-mail: gbbngp@gmail.com
Nature of instrument creating charge	Composite deed of hypothecation dated 29.08.2012
Date of instrument Creating the charge	29.08.2012
Amount secured by the charge	Rs.180.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest shall be charged @14.50% p.a. as per sanction letter. Terms of Repayment Repayment in 27 monthly installment of Rs. 6.667 Millions p.m. Margin 20.00% on the hard cost of the project Extent and Operation of the charge The charge will remain in force until the amount of the loan together with the interest and dues if any is repaid to the bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	A) On borrower's present and future movable plants, machineries, goodwill, trademark, copyright, patent and all the right title interest and benefit of the borrower in upon or over all contracts and agreement and amounts and right to collect receive and recover the same together with all movables, situated or located at research and development facility at P - 338, Kalmeshwar MIDC, District Nagpur. B) Borrower's Present and Future Movable Plants, and /or Machineries, Articles, Installations, Equipments, Tools, Implements and Furniture and Fixtures of the research and development facility at P - 338, Kalmeshwar MIDC, District Nagpur.

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· AHU

· Electric Installation

· Laboratory Equipments

· Office Equipments

· Computer Accessories

· E.P.A.B.X.

· Vehicles

· Furniture and Fixture

· Borwell

· Canteen Utensils

· Trade Mark

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.54.96
UK Pound	1	Rs.87.10
Euro	1	Rs.70.03

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.