MIRA INFORM REPORT

Report Date :

14.12.2013

IDENTIFICATION DETAILS

Name :	LABINDIA HEALTHCARE PRIVATE LIMITED
Registered Office :	34/38, Bharatkunj Society No. 2, Near New Abhinav English School, Erandwane, Pune – 411038, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.03.2010
Com. Reg. No.:	135933
Capital Investment / Paid-up Capital :	Rs. 0.975 Million
CIN No.: [Company Identification No.]	U85100PN2010PTC135933
TAN No.: [Tax Deduction & Collection Account No.]	PNEL05025G
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Medical Instruments.
No. of Employees :	90 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and Dlayed
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears huge accumulated losses recorded by the company, which has eroded the net worth of the company. Profitability of the company seems to be under pressure. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on safe and secured 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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. Arvind Sharma
Designation :	Senior Manager
Contact No.:	91-9958866918
Date :	06.12.2013

LOCATIONS

Registered Office :	34/38, Bharatkunj Society No. 2, Near New Abhinav English School, Erandwane, Pune – 411038, Maharashtra, India
Tel. No. :	Not Available
Mobile No. :	91-9958866918 (Mr. Arvind Sharma)
Fax No. :	Not Available
E-Mail :	bhoslerv@labindia.com arvind.sharma@labindia.com
Website :	www.labindia.com
Location :	Owned
Head Office :	Plot Number 372, Udyog Vihar Phase II, Gurgaon -122016, Haryana, India
Tel. No.:	91-124-2843300 / 2843000 / 4793300/ 4793000
Fax No.:	91-124-2843398 / 99
Central Ware House:	B-57, Ground Floor, Naraina Industrial Area, Phase II, New Delhi - 110028, India
Branch Office :	Located at North Region · Chandigarh Lucknow West Region · Thane Pune Vadodara East Region · Kolkata Guwahati South Region · Bangalore Chennai Hyderabad

DIRECTORS

As on 26.09.2013

Name :

Mr. Virendra Sitaram Upadhye

Designation :

Managing Director

Address :

45/16, Second Floor, East Patel Nagar, New Delhi -110008, India

Date of Birth/Age :

09.03.1957

Date of Appointment :

26.03.2010

DIN No. :

00269965

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	Company/ LLP Status	Defaulting status
1	U33125MH1982PTC027977	LABINDIA INSTRUMENTS PVT LTD	Director	10-08-82	10-08-82	Active	NO
2	U24249PN2002PTC016919	NIRMAL HEALTHCARE PRODUCTS PRIVATE LIMITED	Director	15-04-02	15-04-02	Active	NO
3	U63040PN2003PTC018648	DATTA DIGAMBER TOURS AND TRAVELS PRIVATE LIMITED	Director	11-12-03	11-12-03	Active	NO
4	U72200PN2003PTC018652	BIO-ANALYTICAL TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	20-12-03	20-12-03	Active	NO
5	U72200PN2006PTC021992	ANUJEEVA BIOSCIENCES PRIVATE LIMITED	Director	13-02-06	13-02-06	Active	NO
6	U72900PN2006PTC128952	CLINISEARCH BIOTECHNOLOGIES PRIVATE LIMITED	Director	22-08-06	22-08-06	Strike off	NO
7	U73100KA2006PTC041005	LOTUS CLINICAL RESEARCH ACADEMY PRIVATE LIMITED	Director	15-01-07	15-01-07	Active	NO
8	U85100PN2007PTC130763	LABINDIA LIFE SCIENCES PRIVATE LIMITED	Director	26-09-07	26-09-07	Active	NO
9	U72900PN2008PTC132272	IDOL EQLSOFT PRIVATE LIMITED	Director	19-06-08	19-06-08	Strike off	NO
10	U85110HR2003PTC035036	ARA HEALTH CARE PRIVATE LIMITED	Director	30-09-09	04-07-09	Active	NO
11	U33125PN2010PTC135542	LABINDIA ANALYTICAL INSTRUMENTS PRIVATE LIMITED	Director	15-02-10	15-02-10	Active	NO
12	U72900PN2005PTC020174	DELTA EMBEDDED SOLUTIONS PRIVATE LIMITED	Director	30-09-11	16-03-10	Active	NO
13	U85100PN2010PTC135933	LABINDIA HEALTHCARE PRIVATE LIMITED	Managing director	26-03-10	26-03-10	Active	NO
14	U74999MH2008PTC186895	SEQUENCE BIO-TECH PRIVATE LIMITED	Director	02-12-10	02-12-10	Active	NO
15	U74900PN2012PTC144227	NATURE CONNECT INDIA PRIVATE LIMITED	Director	30-07-12	30-07-12	Active	NO
16	U85100PN2013PTC145962	LIPOMIC HEALTHCARE PRIVATE LIMITED	Director	11-01-13	11-01-13	Active	NO
17	U74140DL2011PTC218769	BIORX VENTURE ADVISORS PRIVATE LIMITED	Director	13-05-13	13-05-13	Active	NO
18	U85100PN2013PTC148364	SAMVEDANA LIFE SCIENCES PRIVATE LIMITED	Director	02-08-13	02-08-13	Active	NO

Name :

Mr. Shriram Ganesh Bhalerao

Designation :

Director

Address :

603, Kasturi Towers, L.B.S. Marg, Panchpakhadi, Thane – 400602, Maharashtra, India

Date of Birth/Age :

11.04.1951

Date of Appointment :

26.03.2010

DIN No. :

00495009

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	U33125MH1982PTC027977	LABINDIA INSTRUMENTS PRIVATE LIMITED	Managing director	10-08-82	10-08-82	-	Active	NO
2	U31909PN1989PTC053950	LABINDIA ENGINEERS PRIVATE LIMITED	Director	18-10-89	18-10-89	-	Strike off	NO
3	U31909MH1995PTC085234	SELRACK ELECTRONIC ENCLOSURES PRIVATE LIMITED	Director	03-02-95	03-02-95	31-03-12	Active	NO
4	U24249PN2002PTC016919	NIRMAL HEALTHCARE PRODUCTS PRIVATE LIMITED	Director	15-04-02	15-04-02	-	Active	NO
5	U63040PN2003PTC018648	DATTA DIGAMBER TOURS AND TRAVELS PRIVATE LIMITED	Director	11-12-03	11-12-03	-	Active	NO
6	U72200PN2003PTC018652	BIO-ANALYTICAL TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	20-12-03	20-12-03	-	Active	NO
7	U74999MH2004PTC145744	PERKINELMER (INDIA) PRIVATE LIMITED	Director	16-04-04	16-04-04	30-04-07	Active	NO
8	U72200PN2006PTC021992	ANUJEEVA BIOSCIENCES PRIVATE LIMITED	Director	13-02-06	13-02-06	-	Active	NO
9	U72900PN2006PTC128952	CLINISEARCH BIOTECHNOLOGIES PRIVATE LIMITED	Director	22-08-06	22-08-06	-	Strike off	NO
10	U73100KA2006PTC041005	LOTUS CLINICAL RESEARCH ACADEMY PRIVATE LIMITED	Director	15-01-07	15-01-07	-	Active	NO
11	U85100PN2007PTC130763	LABINDIA LIFE SCIENCES PRIVATE LIMITED	Director	26-09-07	26-09-07	-	Active	NO
12	U45201MH2006PTC164277	SHRUSHTI REALTORS PRIVATE LIMITED	Director	05-11-07	05-11-07	-	Active	NO
13	U99999MH1988PTC047826	DONWHITLEY SCIENTIFIC EQUIPMENTS PRIVATE LIMITED	Director	20-11-07	20-11-07	-	Active	NO
14	U72900PN2008PTC132272	IDOL EQLSOFT PRIVATE LIMITED	Director	19-06-08	19-06-08	-	Strike off	NO
15	U74999PN2008PTC132288	LABINDIA CONSULTANTS PRIVATE LIMITED	Director	20-06-08	20-06-08	-	Strike off	NO
16	U72200MH2000PTC124803	ENDURA SOFT-SOLUTION PRIVATE LIMITED	Director	11-07-08	03-07-08	-	Active	NO
17	U33125PN2010PTC135542	LABINDIA ANALYTICAL INSTRUMENTS PRIVATE LIMITED	Director	15-02-10	15-02-10	-	Active	NO
18	U72900PN2005PTC020174	DELTA EMBEDDED SOLUTIONS PRIVATE LIMITED	Director	30-09-11	16-03-10	-	Active	NO
19	U85100PN2010PTC135933	LABINDIA HEALTHCARE PRIVATE LIMITED	Director	26-03-10	26-03-10	-	Active	NO
20	U74999MH2008PTC186895	SEQUENCE BIO-TECH PRIVATE LIMITED	Director	02-12-10	02-12-10	-	Active	NO
21	U25209MH1996PTC096711	AMBIKA PLAST AND CHEM PRIVATE LIMITED	Director	13-05-11	13-05-11	-	Active	NO
22	AAB-2938	VELCON REALITY LLP	Designated Partner	20-05-13	20-05-13	-	Active	NO

Name :

Mr. Shrikant Shankar Bapat

Designation :

Director

Address :

S.No. 849/1, Uma Apartments, Flat No. 8, Opposite B.M.C.C., Dr. Agarkar Road, Shivajinagar, Pune – 411004, Maharashtra, India

Date of Birth/Age :

05.11.1944

Date of Appointment :

26.03.2010

DIN No. :

00248221

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	U33125MH1982PTC027977	LABINDIA INSTRUMENTS PVT LTD	Managing director	10-08-82	10-08-82	-	Active	NO
2	U31909PN1989PTC053950	LABINDIA ENGINEERS PRIVATE LIMITED	Director	18-10-89	18-10-89	-	Strike off	NO
3	U29299PN1949PLC006866	VANAZ ENGINEERS LIMITED	Director	03-03-92	03-03-92	-	Active	NO
4	U24249PN2002PTC016919	NIRMAL HEALTHCARE PRODUCTS PRIVATE LIMITED	Director	15-04-02	15-04-02	-	Active	NO
5	U63040PN2003PTC018648	DATTA DIGAMBER TOURS AND TRAVELS PRIVATE LIMITED	Director	11-12-03	11-12-03	-	Active	NO
6	U72200PN2003PTC018652	BIO-ANALYTICAL TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	20-12-03	20-12-03	-	Active	NO
7	U72900PN2006PTC128952	CLINISEARCH BIOTECHNOLOGIES PRIVATE LIMITED	Director	22-08-06	22-08-06	-	Strike off	NO
8	U85100PN2007PTC130763	LABINDIA LIFE SCIENCES PRIVATE LIMITED	Director	26-09-07	26-09-07	-	Active	NO
9	U33125PN2010PTC135542	LABINDIA ANALYTICAL INSTRUMENTS PRIVATE LIMITED	Managing director	15-02-10	15-02-10	-	Active	NO
10	U85100PN2010PTC135933	LABINDIA HEALTHCARE PRIVATE LIMITED	Director	26-03-10	26-03-10	-	Active	NO
11	U74999MH2008PTC186895	SEQUENCE BIO-TECH PRIVATE LIMITED	Director	02-12-10	02-12-10	-	Active	NO
12	U29100PN2012PTC144638	LABINDIA EQUIPMENTS PRIVATE LIMITED	Director	06-09-12	06-09-12	-	Active	NO
13	U55101PN2013PTC148294	SHRIKANCHAN HOTELS AND RESORTS PRIVATE LIMITED	Director	29-07-13	29-07-13	-	Active	NO

Name :

Mr. Vijay Madhusudan Bibikar

Designation :

Director

Address :

3-B, Kalyani Apartments, 106-107, Abirampuram, 4th Street, Abirampuram, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

14.08.1955

Date of Appointment :

26.03.2010

DIN No. :

00333007

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	U33125MH1982PTC027977	LABINDIA INSTRUMENTS PRIVATE LIMITED	Director	10-08-82	10-08-82	-	Active	NO
2	U24249PN2002PTC016919	NIRMAL HEALTHCARE PRODUCTS PRIVATE LIMITED	Director	15-04-02	15-04-02	-	Active	NO
3	U72200PN2003PTC018652	BIO-ANALYTICAL TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	20-12-03	20-12-03	-	Active	NO
4	U74999MH2004PTC145744	PERKINELMER (INDIA) PRIVATE LIMITED	Director	16-04-04	16-04-04	30-04-07	Active	NO
5	U72900PN2006PTC128952	CLINISEARCH BIOTECHNOLOGIES PRIVATE LIMITED	Director	22-08-06	22-08-06	-	Strike off	NO
6	U85100PN2007PTC130763	LABINDIA LIFE SCIENCES PRIVATE LIMITED	Director	26-09-07	26-09-07	-	Active	NO
7	U33125PN2010PTC135542	LABINDIA ANALYTICAL INSTRUMENTS PRIVATE LIMITED	Director	15-02-10	15-02-10	-	Active	NO
8	U85100PN2010PTC135933	LABINDIA HEALTHCARE PRIVATE LIMITED	Director	26-03-10	26-03-10	-	Active	NO
9	U74999MH2008PTC186895	SEQUENCE BIO-TECH PRIVATE LIMITED	Director	02-12-10	02-12-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Arvind Sharma
Designation :	Senior Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2013

Names of Shareholders	No. of Shares
Virendra Sitaram Upadhye	15000
Shriram Ganesh Bhalerao	25000
Shrikant Shankar Bapat	5000
Vijay Madhusudan Bibikar	5000
Labindia Instruments Private Limited, India	5000
Total	55000

As on 26.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	9.09
Directors or relatives of Directors	90.91
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of Medical Instruments.
Agencies Held :	· Mindray, China Litecure LLC, New York Dilcon Technology, USA Cepheid, France
Imports :
Products :	Health Care Products
Countries :	· France UK China
Terms :
Selling :	Cash and Credit
Purchasing :	Credit (60 Days and 90 Days) and Through Document

GENERAL INFORMATION

Suppliers :

· Mindray, China

Litecure LLC, New York

Dilcon Technology, USA

Cepheid, France

Customers :

Hospital, Distributor, etc.

· Metropolis Healthcare Limited

PD Hinduja Hospital

Lab India Instruments Private Limited

No. of Employees :

90 (Approximately)

Bankers :

· New India Co-operative Bank Limited, Prabhadevi Branch, Mumbai, Maharashtra, India

Axis Bank Limite, Thane, Maharashtra, India

HSBC Bank, Barakhamba, New Delhi, India

Facilities :

Buyers Credit: Rs. 20.000 Millions (From HSBC Bank)

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans from Banks
Rupee Term Loans	0.104	0.195
SHORT TERM BORROWINGS
Cash Credit Loan from New India Co-op Bank	49.384	0.000
Buyers Creidt Loan from HSBC Bank	11.977	0.000
Total	61.465	0.195

Banking Relations :	--
Auditors :
Name :	Yeravdekar and Associates Chartered Accountants
Address :	96/16,Navi Peth,Rajendranagar, Near Sachin Tendulkar Jogging Track, Pune – 411030, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFY1530C
Other related Parties :	· Labindia Instruments Private Limited Bio Alalytical Technologies Private Limited Datta Digambar Tours and Travels Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
55,000	Equity Shares	Rs.10/- each	Rs. 0.550 Million
	Share Application Money		Rs. 0.425 Million
	Total		Rs. 0.975 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.975	0.975	0.550
(b) Reserves & Surplus	(168.887)	(103.746)	(37.495)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.425
Total Shareholders’ Funds (1) + (2)	(167.912)	(102.771)	(36.520)
(3) Non-Current Liabilities
(a) long-term borrowings	1.204	5.195	0.275
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.204	5.195	0.275
(4) Current Liabilities
(a) Short term borrowings	61.361	0.000	0.000
(b) Trade payables	41.657	46.717	26.281
(c) Other current liabilities	319.307	311.085	136.496
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	422.325	357.802	162.777
TOTAL	255.617	260.226	126.532
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.697	49.927	40.056
(ii) Intangible Assets	2.396	2.801	0.097
(iii) Capital work-in-progress	0.000	0.101	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	(0.156)	0.566	0.000
(c) Deferred tax assets (net)	63.442	46.824	16.767
(d) Long-term Loan and Advances	1.555	3.691	3.419
(e) Other Non-current assets	0.013	0.020	0.026
Total Non-Current Assets	82.947	103.930	60.365
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	132.567	104.463	35.719
(c) Trade receivables	31.636	30.476	13.363
(d) Cash and cash equivalents	3.817	12.919	4.793
(e) Short-term loans and advances	4.650	7.438	12.292
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	172.670	155.296	66.167
TOTAL	255.617	259.226	126.532

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	196.146	155.585	38.023
		Other Income	1.022	2.707	1.323
		TOTAL (A)	197.168	158.292	39.346
Less	EXPENSES
		Cost of Goods Sold	158.924	115.601	23.611
		Employee beneflt expense	52.245	63.173	26.529
		Other Expenses	54.204	67.482	39.927
		TOTAL (B)	265.373	246.256	90.067
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(68.205)	(87.964)	(50.721)
Less	FINANCIAL EXPENSES (D)		6.424	0.213	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(74.629)	(88.177)	(50.721)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.928	9.093	3.541
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(80.557)	(97.270)	(54.262)
Less	TAX (H)		(16.415)	(30.020)	(16.767)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(64.142)	(67.250)	(37.495)
	EARNINGS IN FOREIGN CURRENCY
		Sales on commission Basis	1.208	0.000	0.000
	TOTAL EARNINGS		1.208	0.000	0.000
	IMPORTS
		Stores, Spares parts and Packing Material	0.000	163.120	41.773
		Capital Goods	150.611	10.362	9.401
	TOTAL IMPORTS		150.611	173.482	51.174
	Earnings / (Loss) Per Share (Rs.)		(1166.21)	(1222.73)	(681.74)

Expected Sales (2013-2014) : Rs. 250.000 Millions

The above information has been parted by Mr. Arvind Sharma (Senior Manager).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(32.53)	(42.48)	(95.30)
Net Profit Margin (PBT/Sales)	(%)	(41.07)	(62.52)	(142.71)
Return on Total Assets (PBT/Total Assets}	(%)	(41.88)	(45.94)	(49.43)
Return on Investment (ROI) (PBT/Networth)		0.48	0.95	1.49
Debt Equity Ratio (Total Debt/Networth)		(0.37)	(0.05)	(0.01)
Current Ratio (Current Asset/Current Liability)		0.41	0.43	0.41

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10350282	13/04/2012 *	55,000,000.00	NEW INDIA CO-OP BANK LTD	NEW INDIA BHAVAN, ANANT VISHRAM NAGVEKAR MARG, B ABASAHEB WORLIKAR CHOWK, PRABHADEVI, MUMBAI - 400025, MAHARASHTRA, INDIA	B38365557

*Date of Charge Modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from related parties	1.100	5.000
Total	1.100	5.000

FIXED ASSETS

v Tangible Assets

Furniture and Fittings

Electrical Fittings

Office Equipments and Machinery

Computers and Peripherals

Vehicles

v Intangible Assets

Softwares

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 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.61.62
UK Pound	1	Rs.100.84
Euro	1	Rs.84.98

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		11

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.