MIRA INFORM REPORT

Report Date :

26.09.2012

IDENTIFICATION DETAILS

Name :	AIZANT DRUG RESEARCH SOLUTIONS PRIVATE LIMITED [w.e.f. 06.07.2006]
Formerly Known As :	INNODEV PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Survey No.172/173, Apparel Park Road, Dulapally Village, Qutbullahpur Mandal, Hyderabad – 500014, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.11.2005
Com. Reg. No.:	01-048133
Capital Investment / Paid-up Capital :	Rs.156.836 millions
CIN No.: [Company Identification No.]	U24239AP2005PTC048133
TAN No.: [Tax Deduction & Collection Account No.]	HYDA06885E
PAN No.: [Permanent Account No.]	AABCI5229B
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in Providing Comprehensive drug development Resources and Solutions for Pre-formulation, Formulation Development, Analytical Development, Clinical Trial, Current Good Manufacturing Practice Scale-up, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 633000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appear some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. Note: 2011 Profit and Loss Account is Not Available

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)
Rating Explanation	Moderate risk of default
Date	02.07.2012

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 :	Survey No.172/173, Apparel Park Road, Dulapally Village, Qutbullahpur Mandal, Hyderabad – 500014, Andhra Pradesh, India
Tel. No.:	91-40-23792190 / 91 / 92
Fax No.:	91-40-23792223
E-Mail :	info@aizant.com
Website :	http://www.aizant.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Varma Rudraraju S

Designation :

Managing director

Address :

D NO. 5, Canton Park, Pet Basheerabad, Jeedimetla ,Hyderabad-500055, Andhra Pradesh, India

Date of Appointment :

22.11.2005

PAN No.:

AHFPR1710G

DIN No.:

01661426

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	U24239AP2005PTC048133	AIZANT DRUG RESEARCH SOLUTIONS PRIVATE LIMITED	Managing director	10/04/2008	22/11/2005	-	Active	NO
2	U74140AP2001PTC037075	KURU CONSULTANTS PRIVATE LIMITED	Director	19/01/2008	19/01/2008	-	Dormant	NO
3	U72200AP2001PTC038101	FLINK SYSTEMS PRIVATE LIMITED	Director	07/04/2008	07/04/2008	30/10/2008	Active	YES
4	U01119AP2008PTC058580	VIVOZANT BIOSCIENCES PRIVATE LIMITED	Director	08/04/2008	08/04/2008	-	Under Process of Striking off	NO
5	U24239AP2008PTC059967	INCOZEN THERAPEUTICS PRIVATE LIMITED	Director	03/07/2008	03/07/2008	30/08/2008	Active	NO
6	U73100AP2009PTC065216	Sanative Therapeutics Private Limited	Managing director	29/09/2009	29/09/2009	-	Active	NO

Name :

Mr. Nookala Venkatasatya Surya Lakshmi Narayana

Designation :

Director

Address :

50-49-33, TPT Colony, Vizag-530013 , Andhra Pradesh, India

Date of Appointment :

04.12.2008

PAN No.:

ACEPV4383K

DIN No.:

02572688

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	U24239AP2005PTC048133	AIZANT DRUG RESEARCH SOLUTIONS PRIVATE LIMITED	Director	30/09/2009	04/12/2008	-	Active	NO

Name :

Mr. Mukul Gulati

Designation :

Additional director

Address :

#65/41, West Punjabi, Bagh, New Delhi-110026, India

Date of Appointment :

17.12.2010

DIN No.:

00746183

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	U31300DL1994PTC060704	MAXOP ENGINEERING COMPANY PRIVATE LIMITED	Nominee director	19/02/2006	19/02/2006	09/09/2011	Active	NO
2	U74140KA2006PTC038676	ZEPHYR PEACOCK MANAGEMENT INDIA PRIVATE LIMITED	Director	06/03/2006	06/03/2006	-	Active	NO
3	U80300DL1996PLC075185	WLC COLLEGE (INDIA) LIMITED	Nominee director	25/06/2007	25/06/2007	-	Active	NO
4	L27203DD1989PLC003240	TIME TECHNOPLAST LIMITED	Alternate director	31/07/2007	31/07/2007	10/06/2010	Active	NO
5	U72200MH1999PTC119143	MILES SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	12/05/2008	12/05/2008	-	Active	NO
6	U74900KA2007PTC055316	ZP INDIA ADVISORY PRIVATE LIMITED	Director	13/09/2010	14/09/2009	-	Active	NO
7	U64203GJ2004PTC045175	METRO WIRELESS ENGINEERING (INDIA) PRIVATE LIMITED	Director	30/09/2010	04/08/2010	30/04/2012	Active	NO
8	U30000MH1995PLC091944	TRIMAX IT INFRASTRUCTURE & SERVICES LIMITED	Nominee director	01/10/2010	01/10/2010	-	Active	NO
9	U24239AP2005PTC048133	AIZANT DRUG RESEARCH SOLUTIONS PRIVATE LIMITED	Director	30/09/2011	17/12/2010	-	Active	NO
10	U40109GJ1998PTC034860	FLAREUM TECHNOLOGIES PRIVATE LIMITED	Additional director	13/12/2011	13/12/2011	05/07/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Equity Shares	Percentage of Holding
Varma S Rudra Raju	7374500	47.02
Ramachandra Kurumuddali	500	0.00
Padmaja Rudra Raju	2278000	14.52
PVS Raju	1110000	7.08
Anirudh Mundra	820000	5.23
K.R. Bharat	400000	2.55
Sanjay J Poddar	0	0.00
D. Nageswara Reddy	100000	0.64
A.V. Krishnam Raju	75000	0.48
A. Vijaya Krishnam Raju	75000	0.48
P. Rama Lakshmi	35000	0.22
C.V.S. Sasi Kala	25000	0.16
J.A.S. Padmaja	10000	0.06
N. Bhuvaneswari	5000	0.03
N. Sivamala	5000	0.03
Jasti Nagabhushnam	5000	0.03
Lakshmi Koripalli	5000	0.03
Seri Shobha Reddy	5000	0.03
C. Rama Krishna	25000	0.16
Ranjana Sivashankar	00	0.00
Nimmagadda Janardhana Rao	5000	0.03
Manu Tandon	5000	0.03
Kusum Singh	5000	0.03
Gulzar Govewalla	5000	0.03
Ranjana Sharma	5000	0.03
Ippagunta Kausthubha	5000	0.03
K. Uma Purnima	5000	0.03
Grandhi Saraladevi	5000	0.03
Amita Thakur	20000	0.13
B. Geeta Rani	5000	0.03
Jyotsna Lakhamraju	20000	0.13
Bolli Sridevi	25000	0.16
Adit Mehta	100000	0.64
Ustav Parekh	80000	0.51
Swati Sanghi	50000	0.32
Mafatlal Fabrics	50000	0.32
Rajendra Kumar Mishra	200000	1.28
Macketich Consultancy Services Private Limited	200000	1.28
C.V. Sandeep Reddy	1000000	6.38
N. Ram Kumar	1000000	6.38
R. Nageswara Rao	5000	0.03
G. Vijaya Varma	40000	0.26
CH. Durga Prasad	25000	0.16
G. Bangara Raju	40000	0.26
Susheela Sharma	5000	0.03
Ritu Mehra	5000	0.03
Sri Chaitanya Securities Private Limited	00	0.00
Sarvapratham Investment Private Limited	400000	2.55
Zephyr Peacock India II Trust	123	0.00
Zephyr Peacock India	477	0.00
Regal Corporate Advisors Private Limited	10000	0.06
Uma Purnima Kosaraju	5000	0.03
Mrs. Sumita Shankar Garg	5000	0.03
Total	15683600	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	4.00
Directors or relatives of Directors	62.00
Others	34.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in Providing Comprehensive drug development Resources and Solutions for Pre-formulation, Formulation Development, Analytical Development, Clinical Trial, Current Good Manufacturing Practice Scale-up, etc.
Products/ Services :	Clinical research and formulations development.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Industrial finance Branch Branch, Raj Bhavan Road, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	105.053	86.967
Working capital loans banks secured	29.743	28.053
Finance lease obligation long-term secured	0.951	4.502
Total	135.747	119.522
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Fully convertible debentures unsecured	120.000	0.000
Loans directors unsecured	43.832	46.376
Other debt unsecured	12.500	41.000
Interest accrued due other debt unsecured	3.583	16.352
Total	179.915	103.728

Banking Relations :	--
Auditors :
Name :	B S R R and Company Chartered Accountants
Address :	Reliance Humsafar, IV Floor Road No. 11, Banjara Hills Hyderabad-500 034, Andhra Pradesh, India
PAN No.:	AAKFB1884H
Related parties:	Kuru Consultants Private Limited PAN No.: AABCK8153A CIN No.: U74140AP2001PTC037075

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
15683600	Equity Shares	Rs.10/- each	Rs.156.836 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		156.836	156.830	156.830
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		80.012	80.000	80.000
4] (Accumulated Losses)		(78.554)	(81.487)	(87.411)
NETWORTH		158.294	155.343	149.419
LOAN FUNDS
1] Secured Loans		135.747	119.522	115.194
2] Unsecured Loans		179.915	103.728	67.207
TOTAL BORROWING		315.662	223.250	182.401
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		473.956	378.593	331.820
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		312.818	296.697	308.780
Capital work-in-progress		40.946	12.247	0.625
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.404	1.384	2.376
	Sundry Debtors	105.822	58.052	25.856
	Cash & Bank Balances	33.479	7.615	14.750
	Other Current Assets	15.250	26.662	0.176
	Loans & Advances	20.975	9.645	10.171
Total Current Assets		182.930	103.358	53.329
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.498	0.000	26.642
	Other Current Liabilities	47.045	32.659	3.248
	Provisions	2.195	1.050	1.024
Total Current Liabilities		62.738	33.709	30.914
Net Current Assets		120.192	69.649	22.415
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		473.956	378.593	331.820

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		162.388	88.003
		Other Income		0.968	1.341
		TOTAL	NA	163.356	89.344
Less	EXPENSES
		Material Consumed		16.575	16.408
		Payments and Benefits to employees		52.685	48.974
		Operating and Administrative Expenses		46.205	43.377
		TOTAL	NA	115.465	108.759
	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	47.891	[19.415]
Less	FINANCIAL EXPENSES		NA	25.808	14.232
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	22.083	[33.647]
Less/ Add	DEPRECIATION/ AMORTISATION		NA	15.084	17.244
	PRIOR PERIOD ADJUSTMENTS		NA	1.106	0.000
	PROFIT / LOSS BEFORE TAX		NA	5.893	[50.891]
Less	TAX		NA	[0.031]	0.209
	PROFIT / LOSS AFTER TAX		NA	5.924	[51.100]
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	[87.411]	[36.311]
	BALANCE CARRIED TO THE B/S		NA	[81.487]	[87.411]
	EARNINGS IN FOREIGN CURRENCY		70.800	102.252	70.803
	IMPORTS
		Consumables		0.503	0.258
		Capital Assets		0.850	21.565
	TOTAL IMPORTS		NA	1.353	21.823
	Earnings Per Share (Rs.)		NA	0.38	[3.26]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	3.63	(57.19)
Net Profit Margin (PBT/Sales)	(%)	NA	3.63	(57.83)
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.47	(14.05)
Return on Investment (ROI) (PBT/Networth)		NA	0.04	(0.34)
Debt Equity Ratio (Total Liability/Networth)		2.39	1.65	1.43
Current Ratio (Current Asset/Current Liability)		2.92	3.07	1.73

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 two 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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note : Registered office address of the company has been shifted from 28, Canton Rows, Pet Bashirabad, Jeedimetla Village, Hyderabad – 500055, Andhra Pradesh, India to the present address w.e.f. 01.11.2007

HISTORY:

Subject is incorporated on 22 November 2005. The Company has changed its name from Innodev Pharmaceuticals Private Limited to Aizant Drug Research Solutions Private Limited effective 6 July 2006. The Company has started its commexcial operations with effect from 1 April 2008. The Company is engaged in providing comprehemive drug development resources and solutions for pre formulation, formulation development, analytical development, clinical trial, currentgood manufacturing practice scale-up etc. The Company applies scientific and technical expertise to each stage of the drug discovery, development and the manufacturing pmccesses.

REVIEW OF OPERATIONS:

The company posted yet another impressive year Of performance. During the year, the turnover increased by 22% over the previous year. The net profit before tax and prior period items show impressive growth over last year. Aizant in a short span since its inception is approved by the prestigious USFDA, ANVISA (Brazilian authorities) and is in the process of getting inspected by WHO (World Health Organization) and MOH (Turkey) and EMEA (Europe). Aizant is approved by the Indian authorities (DCGI) and is DSIR certified to carry out drug development activities. Expansion Plans: Considering the business potential, the company planned to set up additional research facilities of formulation Research and Development as Phase II Project. Funding: Company has issued Compulsory Convertible Debentures during the year to raise funds for further expansion. Future Plans: Company is committed to timely and qualitative delivery of its services and to its clientele. The entire resources of the company are driven to attain this objective keeping the budgetary and other controls in view. This is pushing

the company into frontline of the business, where the quality and deliverables are paramount in the industry. As a future leader in CRO business, the company is constantly receiving business inquiries and is diligent in sourcing new business with the global and domestic clientele. HUMAN RELATIONS and RESOURCES: Aizant has recruited over 200 technical personnel in various departments ranging from bottom level to top level having skills and experiences in lndia and abroad. The company believes in developing the strength of its human resources. Hence placed all the positions appropriately and motivating its human reseurces towards training, development and continuous academic pursuit. Trained Doctorates in relevant fields have joined the Company from USA: 1. Dr. Ashok Illapakurthy, PhD ( USA ) - Director, Product Development 2. Dr. P. Suneela PhD ( USA) - Associate Director 3. Dr. Tathagata Dutta, Post Doctorate from Australia and PhD ( lndia ) - Deputy Director 4. Dr. Rajan S Kombu, MS ( Nutrition) from USA, PhD (India) -Sr. Manager/ Principal Scientist, 5. Dr. Basavaraj PhD (Australia) - Principal Scientist

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company

U24239AP2005PTC048133

Name of the company

AIZANT DRUG RESEARCH SOLUTIONS PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

Survey No.172/173, Apparel Park Road, Dulapally Village, Qutbullahpur Mandal, Hyderabad – 500014, Andhra Pradesh, India

Email: info@aizant.com

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

10062175

Type of charge

· Immovable property

· Book debts

· Movable property (not being pledge)

• All current Assets and fixed Assets

Particular of charge holder

State Bank of India, Industrial finance Branch Branch, Raj Bhavan Road, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India

Email: balaram.maadam@sbi.co.in

Nature of instrument creating charge

Form C1-A, Supplemental deed of Guarantee, Form C2-A, Form C5 and Mem. for recording extension of mortgage by dep. of title deeds.

Date of instrument Creating the charge

13.12.2011

Amount secured by the charge

Rs.202.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

CC: 5.40% above base rate with monthly rests, Eff rate : 15.40%

Corporate loan : 8.25% above base rate, present eff. rate 18.25%.

TL1 & TL 2 at 5.75% above base rate present effective rate 15.75%p.a

Terms of Repayment

FBWC : payable on demand.

Margin

Raw materials : 25%

Finished goods : 25%

Receivables : 40%(Max. cover period of book debts 150 days)

Export Packing Credit : 10%

Others

All other Terms and Conditions for term loan 1 & 2 will continue as per the arrangement ltrs dated 22.10.2008

Short particulars of the property or asset(s) charged (including complete address and location of the property)

CC : Hypothecation of all chargeable current assets of the Company

Collateral : Extension of first charge on the fixed assets of the Company

(Excluding computers financed by HP Financial Services (India) Private Limited., by way of Hyp. of Plant and machinery and Misc. movable assets and EM of buildings.

Ext. of charge on mortgage of leasehold rights on 2 acres and 37 guntas of land in Sy. No. 172, 172/A an,under document Nos.5709/08,5893/08 and 5168/07 situated at Doolapally village.

Ext. of charge on the personal properties of Smt. R Padmaja( as mentioned in agreements entered into in detail) and personal guarantees of

Sri. Varma S Rudra Raju, Sri. PVS Raju, Sri. CV Sandeep Reddy and Smt. R. Padmaja

Whether any of the property or interest therein under reference is not registered in the name of the company

Yes

In whose name it is registered

The land on which the company has constructed the factory in belongs to Mrs. R. Padmaja and other personal guarantees.

Date of instrument modifying the charge

07.01.2011

Particulars of the present modification

Limits enhanced from Rs. 3.24 Cr to Rs. 6.20 Cr - Details as under :

Fund Based	Existing	Revised (Rs in Millions)
CC (Hyp)	30.000	60.000
EPC (as sub limit under CC)	(15.00)	(60.000)
Total FBWC	30.000	60.000
Forward Contract	2.400	2.000
Non fund based	2.400	2.000

FIXED ASSETS:

• Building
• Plant and Machinery
• Office Equipment
• Computer
• Furniture and Fixtures
• Vehicles

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.53.53
UK Pound	1	Rs.86.82
Euro	1	Rs.69.03

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		28

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.