MIRA INFORM REPORT

Report Date :

28.11.2012

IDENTIFICATION DETAILS

Name :	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED (w.e.f. 02.09.2009)
Formerly Known As :	THERMO ELECTRON LLS INDIA PRIVATE LIMITED
Registered Office :	403-404, B Wing, Delphi, Hiranadani Busines Park, Powai, Mumbai – 400 072, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.05.2000
Com. Reg. No.:	11-126872
Capital Investment / Paid-up Capital :	Rs.42.451 Millions
CIN No.: [Company Identification No.]	U73100MH2000PTC126872
IEC No.:	0300061374
TAN No.: [Tax Deduction & Collection Account No.]	MUMT08958F
PAN No.: [Permanent Account No.]	AABCT3207A
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, trader, Exporter and Importer of Thermo Scientific and Fisher Scientific.
No. of Employees :	840 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2200000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Thermo Fisher India Holding BV, Netherlands’. It is an established company having moderate track. Even though the company has achieved some growth in its revenue from operations during 2012, It has incurred heavy loss. There appears huge accumulated recorded by the company. Financial condition of the company appears to be under pressure. However, trade relations are reported as fair. Business is active. Payments are slow. The company can be considered for business dealings with some caution.

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.

INFORMATION PARTED BY

Name :	Mr. Anil Agarwal
Designation :	Finance Controller
Contact No.:	91-7738376575
Date :	28.11.2012

LOCATIONS

Registered Office :	403-404, B Wing, Delphi, Hiranadani Busines Park, Powai, Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-67162200 / 66802030 / 2015 / 2040 / 66802013
Mobile No.:	91-7738376575 (Mr. Anil Agarwal)
Fax No.:	91-22-67162255 / 67162214 / 67162244
E-Mail :	arvind.sonawane@thermofisher.com mallarlaw@vsnl.net tfsindia.ar@thermofisher.com anil.agarwal@thermofisher.com
Website :	www.thermofisher.com
Location :	Leased
Administrative Office :	101/ 102 Pred Portal, Shivaji Housing Society, Bhamburda, Opposite Senapati Bapat Road, Pune 411016, Maharashtra, India
Tel. No.:	91-20-66267000
Fax No.:	91-20-66267001
Factory :	D-69, MIDC, C Road, Nashik – 422007, Maharashtra, India
Tel. No.:	91-253-2350460
Location :	Leased
Branch Office :	Locate At · Ahmedabad · Hyderbad · Bangalore · Bhiwandi · Chennai  · Kolkata  · Noida

DIRECTORS

As on 30.09.2011

Name :

Mr. Arvind Raghunath Sonawane

Designation :

Director

Address :

Flat No B-11003, Shreeji Ville Opposite Nitin Casting Company, Panchpakhadi, Thane – 400602, Maharashtra, India.

Date of Birth/Age :

01.06.1951

Qualification :

L.L.B., ACS

Experience :

36 Years

Date of Appointment :

31.12.2008

DIN No.:

00312102

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	U99999MH1973PTC016767	KODAK INDIA PRIVATE LIMITED	Director	23-07-04	23-07-04	26-05-07	Active	NO
2	U74999MH1953NPL009038	TRADE MARKS, PATENTS, DESIGNS AND COPYRIGHT OWNERS ASSOCIATION OF INDIA	Director	27-09-06	27-09-06	-	Dissolved	NO
3	U29199MH2006PTC165303	CARESTREAM HEALTH INDIA PRIVATE LIMITED	Director	06-11-06	06-11-06	30-04-07	Active	NO
4	U29196MH2001PTC226815	THERMO ELECTRON INDIA PRIVATE LIMITED	Director	27-09-08	11-09-08	-	Active	NO
5	U33112MH2005PTC157018	COLE-PARMER INDIA PRIVATE LIMITED	Director	30-09-08	15-09-08	-	Active	NO
6	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Director	31-12-08	28-09-08	-	Active	NO
7	U74999MH1997PTC204381	KENDRO LABORATORY PRODUCTS INDIA PRIVATE LIMITED	Director	30-07-09	07-10-08	-	Active	NO
8	U73100GJ2006PTC047438	FISHER BIOPHARMA SERVICES (INDIA) PRIVATE LIMITED	Director	29-09-09	13-07-09	-	Active	NO
9	U41000MH2008FTC184515	TKA INDIA PRIVATE LIMITED	Director	16-09-11	12-04-11	-	Active	NO
10	U51500MH2005PTC155218	DIONEX (INDIA) PRIVATE LIMITED	Director	27-06-11	27-06-11	-	Active	NO
11	U51909DL2010FTC202101	PHADIA INDIA PRIVATE LIMITED	Additional director	25-11-11	25-11-11	-	Active	NO

Name :

Mr. Sitharaman Balasubramanian

Designation :

Director

Address :

102, 104, Delphi “C” Wing, Hiranandani Business Park, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

31.03.1950

Qualification :

B.Sc.

Experience :

39 Years

Date of Appointment :

30.12.2011

DIN No.:

00501620

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	U33100MH1979PTC021402	CHEMITO TECHNOLOGIES PRIVATE LIMITED	Director	01-03-00	01-03-00	18-12-08	Active	NO
2	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Director	30-12-11	23-06-11	-	Active	NO

Name :

Mr. Amit Chopra

Designation :

Managing Director

Address :

Flat No. 702/802, Building No. 32, Sector 54-56-58, Seawood Estate, NRI Complex, Nerul, Navi Mumbai – 400 706, Maharashtra, India

Date of Birth/Age :

02.12.1965

Qualification :

MBA

Date of Appointment :

07.03.2011

DIN No.:

01829073

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	U74999MH1997PTC204381	KENDRO LABORATORY PRODUCTS INDIA PRIVATE LIMITED	Director	18-06-09	16-12-07	-	Active	NO
2	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Managing director	07-03-11	26-03-09	-	Active	NO
3	U33112MH2005PTC157018	COLE-PARMER INDIA PRIVATE LIMITED	Director	30-09-11	07-03-11	-	Active	NO
4	U29196MH2001PTC226815	THERMO ELECTRON INDIA PRIVATE LIMITED	Director	30-09-11	07-03-11	-	Active	NO
5	U41000MH2008FTC184515	TKA INDIA PRIVATE LIMITED	Director	16-09-11	12-04-11	-	Active	NO
6	U73100GJ2006PTC047438	FISHER BIOPHARMA SERVICES (INDIA) PRIVATE LIMITED	Director	29-09-11	03-06-11	-	Active	NO
7	U51500MH2005PTC155218	DIONEX (INDIA) PRIVATE LIMITED	Director	27-06-11	27-06-11	-	Active	NO
8	U51909DL2010FTC202101	PHADIA INDIA PRIVATE LIMITED	Additional director	25-11-11	25-11-11	-	Active	NO

Name :

Mr. Narendra V. Arora

Designation :

Director

Address :

201, A – Wing, Hillgrange Co-Operative Housing Society, Hiranandani Estate, Ghodbunder Road, Thane – 400 607, Maharashtra, India

Date of Birth/Age :

11.05.1971

Qualification :

CA

Experience :

16 Years

Date of Appointment :

30.09.2009

DIN No.:

02666326

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	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Director	30-09-09	22-05-09	-	Active	NO
2	U51500MH2005PTC155218	DIONEX (INDIA) PRIVATE LIMITED	Director	27-06-11	27-06-11	-	Active	NO
3	U74999MH1997PTC204381	KENDRO LABORATORY PRODUCTS INDIA PRIVATE LIMITED	Director	30-09-11	25-08-11	-	Active	NO
4	U41000MH2008FTC184515	TKA INDIA PRIVATE LIMITED	Director	16-09-11	25-08-11	-	Active	NO
5	U29196MH2001PTC226815	THERMO ELECTRON INDIA PRIVATE LIMITED	Director	29-09-12	11-10-11	-	Active	NO
6	U51909DL2010FTC202101	PHADIA INDIA PRIVATE LIMITED	Additional director	19-04-12	19-04-12	-	Active	NO
7	U33112MH2005PTC157018	COLE-PARMER INDIA PRIVATE LIMITED	Director	29-09-12	27-06-12	-	Active	NO

Name :

Mr. Arun Khanna

Designation :

Director

Address :

B-802, Oberoi Park View, Thakur Village, Kandivali (East), Mumbai – 400 101, Maharashtra, India

Date of Birth/Age :

23.06.1963

Qualification :

B. Tech, PGDIE (NITIE)

Experience :

24 Years

Date of Appointment :

30.12.2011

DIN No.:

03614916

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	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Director	30-12-11	23-08-11	-	Active	NO
2	U33112MH2005PTC157018	COLE-PARMER INDIA PRIVATE LIMITED	Director	30-09-11	25-08-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anil Agarwal
Designation :	Finance Controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Thermo Fisher India Holding BV, Netherlands	4245113
Thermo Fisher Scientific Inc., Massachusetts	1
Total	4245114

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, trader, Exporter and Importer of Thermo Scientific and Fisher Scientific.

Products :

ITC Code No.	Product Description
3809	Pipelites
3809	Chemicals
3822	Diagnostic Kits

Exports :

Products :

Scientific Instruments

Countries :

Indian Subcontinent

South Asia

Imports :

Products :

Scientific Instruments

Terms :

Selling :

L/C / Credit (30 Days and 60 Days)

Purchasing :

L/C / Credit (30 Days and 60 Days)

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Scientific Instruments	Nos.	2,950	922
Chemicals	Nos.	--	2,686,395
EID (Air Quality Instruments)	Nos.	120	28
		3,070	2,687,345

Note:

The Company does not have manufacturing unit for producing Chemicals products. Production is carried out by Job working units. Derived Production is net of excess/ shortages and products issued as free samples of 323,560 Nos.

The installed capacity is as certified by the Management and accepted by the Auditors without verification, as this is a technical matter

GENERAL INFORMATION

Customers :

End Users and Governments, Institutions, Pharma Companies etc.

No. of Employees :

840 (Approximately)

Bankers :

· The Hong Kong and Shanghai Banking Corporation Limited, 52/60 M G Road, Fort, Mumbai – 400 001, Maharashtra, India

· State Bank of India, Mumbai, Maharashtra, India

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan From Thermo Electron India Private Limited	50.000	50.000
Term Loan From Cole Parmer India Private Limited	0.000	10.000
Term Loan From Kendro Laboratory Products India Private Limited	0.000	27.400
Working Capital Loan from Bank	70.000	0.000
Overdraft with Bank	1.002	27.361
Total	121.002	114.761
Terms of Repayment: 1. Term Loan from Thermo Electron India Private Limited, the subsidiary of holding company amountinq Rs. 50.000 Millions (Previous Year: Rs. 50.000 Millions) is repayable in lumpsum on December 31, 2013 alonq with interest of 10.50% per annum. 2. Term Loan from Cole Parmer India Private Limited, the subsidiary of holding company amountinq Rs. 10.000 Millions (Previous Year: Rs. 10.000 Millions) Is repayable in lumpsum on March 30, 2013 alonq with interest of 13% per annum. 3. a) Term Loan from Kendro Laboratory Products India Private Limited, the subsidiary of holding company amountinq Rs. 21.500 Millions (Previous Year: Rs. 21.500 Millions) is repayable In lumpsum on October 27, 2012 alonq with interest of 13% per annum. b) Term Loan from Kendro Laboratory Products India Private Limited, the subsidiary of holding company amountinq Rs. 5.900 Millions (Previous Year: Rs. 5.900 Millions) is repayable in lumpsum on December 23, 2012 alonq with interest of 13% per annum. 4. Short Term Working Capital loan from Bank and Overdraft with Bank was secured by Corporate Guarantee issued by Thermo Fisher Scientific Inc., U. S. A., the Ultimate Holding Company.

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400 028, Maharashtra, India
PAN.:	AADFP9359C
Ultimate Holding Company :	Thermo Fisher Scientific Inc. U.S.
Holding Company :	Thermo Fisher India Holding BV Netherlands
Fellow Subsidiaries :	· Acros Organics BVB · Fisher Diagnostics · Fisher Global Export · Fisher Bio-Pharma Services India Private Limited · Fisher Scientific Company LLC · Jouan S.A. · Kendro Laboratory Products India Private Limited · Matrix Technologies Corp. · Maybridge Limited · Molecular Bio Products Inc. · Nalge Nunc International · Nunc A/c. - SPRoskilde · Oxoid Limited · Scientific Products (Asia Pacific) Pte. · Cole Parmer India Private Limited · Thermo CRS Limited · Thermo Electron (Bremen) GMBH · Thermo Electron (Erlangen) GMBH · Thermo Fisher Scientific (Hong Kong) · Thermo Electron Corporation, Bellefonte · Thermo Electron Corporation, UK · Thermo Electron Corporation, Cambridge · Thermo Electron GMBH · Thermo Electron India Private Limited · Thermo Electron LED GmbH · Thermo Electron North America LLC · Thermo Electron Oy · Thermo Electron (Karlsruhe) GmbH · Thermo Electron Scientific Instruments LLC, Madison · Thermo Fisher Scientific Inc., Sanjose · Thermo Fisher Scientific Inc., Wilmington · Thermo Fisher Scientific Malaysia · Thermo Fisher Scientific, Milan · Thermo Fisher Hamilton · Thermo Fisher Scientific - Minneapolis · Thermo Fisher Scientific - Sandiego · Thermo Fisher Scientific (Asheville) LLC (Forma) · Thermo Fisher Scientific (Asheville), LLC · Thermo Fisher Scientific (Shanghai) Instrument Company Limited · Thermo Fisher Scientific Inc. Newington (Neslab) · Thermo Fisher Scientific (BID), Rockford · Thermo Fisher Scientific, Austria GmbH · Thermo Fisher Scientific, Franklin · Thermo Fisher Scientific - Winsford · Thermo Fisher Scientific/Informatics · Thermo Gamma Metrics Pty Limited · Thermo Fisher Scientific SPUS Glass · Fisher Scientific UK, Loughborough · Lha-Pha-Pack, GmbH · Abgene Products · Fisher Scientific SIGermany CMS · RM Corp International · Finnzymes Instruments Oy - CDEspoo · Thermo Fisher Scientific (Ecublens) SARL · Thermo Shandon Limited- Runcorn · Richard Allan Scientific · UABFernantas · Microgenics Corporation · Thermo Eberline LLC · Phadia · Thermo Fisher Scientific-Pittsburg · Thermo Process Instruments- PIHouston Flow · Fisher Scientific UK- RMUKCP · Hyclone Laboratories, Inc. · Cellomics Inc. · Thermo Fisher Scientific Spa-PIMilan · Thermo Fisher Scientific, (Mississauga) · Thermo Fisher Scientific, Japan

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital : Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.49.620 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4245114	Equity Shares	Rs.10/- each	Rs.42.451 Millions

Reconciliation of the shares outstanding at the beginning and at the end of reporting period

Particular	No.	Rs. In Millions
At the beginning of the period	3,282,467	32.825
Issued during the period	962,647	9.626
Outstanding at the end of the period	4,245,114	42.451

Rights, preferences and restrictions attached to shares

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eliqlble for one vote per share held. The dividend proposed bv the Board of Directors is subject to the approval of the shareholders in the ensulnq Annual General Meeting, except in case of Interim dividend. In the event of liquidation, the equity shareholders are ellqible to receive the remaininq assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Shares held by Holding Company and Ultimate Holding Company

Particular	31.03.2012
Equity Shares
4.245,113 (Previous Year: 3,282,466) Equity Shares held by Thermo Fisher India Holdlnq BV, Netherlands, the Holdinq Company	42,451,130
1 (Previous Year: 1) Equity Share held bv Thermo Fisher Scientific Inc., U. S. A, the the Ultimate Holdinq Company	10

Details of shares held bv shareholders holding more than 5% of the aggregate shares in the Company

Particular	No.	% holding
Thermo Fisher India Holding BV, Netherlands, the Holding Company	4,245,113	99.99%

Pursuant to the resolution passed at the Extra Ordinary General Meetino held on November 16, 2D11, the Authorised Share Capital of the Company has been increased from Rs. 40,000.000 (divided into 4,000.000 equity shares of Rs. 10 each) to Rs. 60.000,000 (divided into 6,000,000 equity shares of Rs. 10 each).

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		42.451	32.825	26.930
2] Share Application Money		53.695	0.002	0.002
3] Reserves & Surplus		454.064	893.522	3290.100
4] (Accumulated Losses)		0.000	0.000	(1882.084)
NETWORTH		550.210	926.349	1434.948
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		121.002	114.761	58.643
TOTAL BORROWING		121.002	114.761	58.643
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		671.212	1041.110	1493.591
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		397.639	882.111	1134.367
Capital work-in-progress		3.519	0.000	18.873
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	602.389	549.357	322.907
	Sundry Debtors	1057.846	695.471	394.106
	Cash & Bank Balances	208.092	176.021	186.351
	Other Current Assets	40.246	3.332	19.050
	Other Non-Current Assets	23.562	45.389	0.000
	Loans & Advances	393.384	417.363	454.004
Total Current Assets		2325.519	1886.933	1376.418
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1032.669	854.650	836.580
	Other Current Liabilities	792.129	744.672	113.775
	Provisions	230.667	128.612	85.712
Total Current Liabilities		2055.465	1727.934	1036.067
Net Current Assets		270.054	158.999	340.351
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		671.212	1041.110	1493.591

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3484.605	2370.616	1857.568
		Commission Income	0.000	0.000	184.223
		Other Income	93.373	42.638	40.669
		TOTAL (A)	3577.978	2413.254	2082.460
Less	EXPENSES
		Cost of Materials Consumed	964.199	783.574
		Purchase of Traded Goods	1220.947	1056.448
		Purchase of Traded Goods on acquisition	0.000	2.307
		Charges in inventories Finished Goods,	(36.503)	(210.648)	2730.040
		Employee Benefits Expense	663.111	494.630
		Impairment Loss and Fixed Assets	0.000	16.026
		Other Expenses	937.697	891.271
		TOTAL (B)	3749.451	3033.608	2730.040
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(171.473)	(620.354)	(647.580)
Less	FINANCIAL EXPENSES (D)		37.596	22.790	2.418
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(209.069)	(643.144)	(649.998)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		535.548	413.533	389.532
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(744.617)	(1056.677)	(1039.530)
Less	TAX (H)		0.000	3.753	2.797
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(744.617)	(1060.430)	(1042.327)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2942.514)	(1882.084)	(839.757)
	BALANCE CARRIED TO THE B/S		(3687.131)	(2942.514)	(1882.084)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	53.506	67.335	39.977
		Commission Earnings	354.254	188.231	184.223
		Sales of Services	0.070	0.532	3.622
		Marketing Support Services	85.824	0.000	0.000
	TOTAL EARNINGS		493.654	256.098	227.822
	IMPORTS
		Raw Materials	142.965	141.708	460.246
		Traded Goods	722.874	544.216
		SAP Development Cost	0.000	21.923	16.030
	TOTAL IMPORTS		865.839	707.847	476.276
	Earnings / (Loss) Per Share (Rs.)		202.34	366.51	387.05

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(20.81)	(43.94)	(50.05)
Net Profit Margin (PBT/Sales)	(%)	(21.37)	(44.57)	(55.96)
Return on Total Assets (PBT/Total Assets}	(%)	(27.34)	(38.16)	(41.40)
Return on Investment (ROI) (PBT/Networth)		(1.35)	(1.14)	(0.72)
Debt Equity Ratio (Total Liability/Networth)		3.96	1.99	0.76
Current Ratio (Current Asset/Current Liability)		1.13	1.09	1.33

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	No

CONTINGENT LIABILITIES (AS ON 31.03.2012)

Rs. In Millions

Particular	31.03.2012	31.03.2011
Guarantees given by banks on behalf of the Company	128.204	86.422

FIXED ASSETS

· Leasehold Land

· Factory Building

· Computers

· Furniture and Fixtures

· Leasehold improvements

· Office Equipments

· Plant and Machinery

· Vehicles

· Technical Know how

· Software

· Goodwill

· Trademark

· Copyrights

· Licenses

· Trade Name

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.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	-
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.