MIRA INFORM REPORT

Report Date :

04.01.2013

IDENTIFICATION DETAILS

Name :	PROMED EXPORTS PRIVATE LIMITED
Registered Office :	212, Ashirwad Commercial Complex, D -1, Green Park, New Delhi – 110016, Delhi
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.01.1994
Com. Reg. No.:	55-056894
Capital Investment / Paid-up Capital :	Rs.50.502 Millions
CIN No.: [Company Identification No.]	U74899DL1994PTC056894
TAN No.: [Tax Deduction & Collection Account No.]	DELP09055E
PAN No.: [Permanent Account No.]	AAACP1612Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer And Exporter of Pharmaceutical Formulations.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (61)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 6500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. The company’s financial flexibility and liquidity is strong as evident from its expected net cash accruals to debts. Financial risk remains low, Marked by a healthy net worth and strong debt protection. Trade relation are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings as usual trade terms and condition.

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	Cash Credit :- (CRISIL) A-
Rating Explanation	(CRISIL) A- :- have adequate degree of safety regarding timely servicing of financial obligations. It carry low credit risk.
Date	November 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 :	212, Ashirwad Commercial Complex, D -1, Green Park, New Delhi – 110016, Delhi, India
Tel. No.:	91-11-26863503
Mobile No.:	91-9418177903 (Mr. Jagdish Vishwanath Dore)
Fax No.:	91-11-26968517
E-Mail :	mgarg@promedgroup.com
Website :	www.promed-exports-pvtltd www.promedgroup.comn
Corporate Office :	3rd Floor, 261, Udyog Vihar, Phase- IV, Gurgaon, Haryana - 122001, India
Tel. No.:	91-124-4951100
Fax No.:	91-124-4301263
E-Mail :	information@promedgroup.com
Research Centre :	261, Udyog Vihar Phase-IV, Gurgaon, Haryana - 122001, India
Tel. No.:	91-124-4301264 / 64 / 65
Fax No.:	91-124-4301263
Factory : 1	Village Khera Nihla, Tehsil Nalagarh District, Solan, Himachal Pradesh - 174101, India
Factory : 2	Plot No. 48 and 49, Industrial Area, Phase III, Dharuhera, District – Rewari, Haryana, India

DIRECTORS

AS ON 17.09.2012

Name :	Mr. Jagdish .V. Dore
Designation :	Director
Address :	C-21, Darshan Apartments, Mount Pleasant Road, Malabar Hill, Mumbai – 400006, Maharashtra. India
Date of Birth/Age :	23.07.1950
Date of Appointment :	15.06.2009
DIN No.:	00298969

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	U24230MH1995PTC086989	SANDOZ PRIVATE LIMITED	Managing director	10/12/1996	10/12/1996	15/04/2008	Active	NO
2	U74999MH2003PLC141236	INTERNATIONAL BIOTECH PARK LIMITED	Director	16/04/2004	16/04/2004	-	Active	NO
3	U24231AP1984PLC005146	Mylan Laboratories Limited	Managing director	01/07/2008	01/07/2008	31/12/2008	Active	NO
4	U74899DL1994PTC056894	PROMED EXPORTS PRIVATE LIMITED	Director	15/06/2009	15/06/2009	-	Active	NO
5	U74990MH2009PTC196378	Sidvim LifeSciences Private limited	Managing director	15/10/2012	09/10/2009	-	Active	NO
6	U74900MH2010FTC203459	Metta Life Sciences Private Limited	Director	24/05/2010	24/05/2010	-	Active	NO
7	U51397MH2002PTC138435	Siamed Healthcare Private Limited	Whole-time director	12/07/2012	02/01/2012	-	Active	NO

Name :	Mr. Deepak Bahri
Designation :	Managing Director
Address :	LGG Villa-134, The Laburnum, Sushant Lok I, Gurgaon – 122009, Haryana, India
Date of Birth/Age :	06.11.1961
Date of Appointment :	09.11.2009
DIN No.:	00358757

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	U67190DL1992PTC047299	RUBICON SECURITIES PRIVATE LIMITED	Director	23/01/1992	23/01/1992	-	Active	NO
2	U74899DL1992PTC048219	PULSE MEDIKA PRIVATE LIMITED	Director	27/03/1992	27/03/1992	-	Active	NO
3	U74899DL1995PTC064858	PULSE PHARMA PRIVATE LIMITED	Director	31/01/1995	31/01/1995	-	Active	NO
4	U74899DL1994PTC056894	PROMED EXPORTS PRIVATE LIMITED	Managing director	09/11/2009	01/05/1995	-	Active	NO

Name :	Mr. Rama Kant Sharma
Designation :	Director
Address :	D-32, Surajmal Vihar, Delhi – 110092, Delhi, India
Date of Birth/Age :	19.10.1948
Date of Appointment :	13.01.1994
DIN No.:	00359147

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	U74140DL1991PTC045129	Auralis Consulting Private Limited	Director	26/07/1991	26/07/1991	30/04/2012	Active	NO
2	U70102HP1986PTC006809	KISHAN CHAND FERRO STEELS PRIVATE LIMITED	Director	27/10/1993	27/10/1993	-	Active	NO
3	U74899DL1994PTC056894	PROMED EXPORTS PRIVATE LIMITED	Director	13/01/1994	13/01/1994	-	Active	NO
4	U74899DL1993PLC051937	O J FINANCIAL SERVICES LIMITED	Director	20/12/1994	20/12/1994	15/09/2008	Active	NO
5	U74899DL1995PTC064858	PULSE PHARMA PRIVATE LIMITED	Director	31/01/1995	31/01/1995	-	Active	NO
6	U72200DL2004PTC129304	F1 ITECH ASSOCIATES PRIVATE LIMITED	Director	21/09/2004	21/09/2004	01/12/2011	Active	NO
7	U74899DL1990PLC039393	DOLPHIN INTERNATIONAL LIMITED	Additional director	24/02/2010	12/01/2008	31/03/2010	Active	NO
8	U21019DL1989PLC034850	DOLPHIN MART LIMITED	Additional director	26/02/2009	26/02/2009	25/08/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Mahesh Kumar Garg
Designation :	Secretary
Address :	182, Pragati Apartments, Paschim Vihar, New Delhi – 110063, Delhi, India
Date of Birth/Age :	05.10.1957
Date of Appointment :	09.05.2001
PAN No.:	AALPG9236H

MAJOR SHAREHOLDERS

AS ON 17.09.2012

Names of Shareholders	No. of Shares
Rama Kant Sharma	50110
Madhuri Lamba	55
Jyoti Bahri jointly with Deepak Bahri	1925000
Deepak Bahri jointly with Jyoti Bahri	3025055
Sidvim Lifesciences Private Limited	50000
TOTAL	5050220

AS ON

Equity Shares Break Up	Percentage of Holding
Bodies corporate	1.00
Directors or relatives of Directors	99.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer And Exporter of Pharmaceutical Formulations.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank, Overseas Main Branch, B-39, Connaught Circus, New Delhi – 110001, Delhi, India

· Citibank N.A, Jeevan Bharti Building, 4th Floor, 124, Connaught Circus, Connaught Place, New Delhi – 110001, Delhi, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Term Loan From Banks	80.640	98.059
Working Capital Loan From Banks	-	50.231
TOTAL	80.640	148.290
Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Term Loan From Others	38.350	44.400
TOTAL	38.350	44.400

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountant
Address :	Golf View Corporate Tower – B, Sector – 42, Sector Road, New Delhi – 110063, Delhi, India
PAN No.:	AALFS0506L
Subsidiaries :	P.E. Promed Europ Limited (CYPRUS)
Associates :	· Pulse Pharma Private Limited, (INDIA) CIN No –U74899dl1995PTC064858 · Sidvim LifeScience Private Limited (INDIA) CIN No -U74990MH2009PTC196378

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5050220	Equity Shares	Rs.10/- each	Rs. 50.502 Millions

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		50.502	50.502	50.002
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1596.565	1096.730	755.018
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1647.067	1147.232	805.020
LOAN FUNDS
1] Secured Loans		80.640	148.290	221.154
2] Unsecured Loans		38.350	44.400	56.500
TOTAL BORROWING		118.990	192.690	277.654
DEFERRED TAX LIABILITIES		119.902	113.262	80.315
TOTAL		1885.959	1453.184	1162.989
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		800.835	809.884	599.473
Capital work-in-progress		178.510	135.833	103.280
INVESTMENT		162.652	15.239	0.180
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	103.797	83.961	64.670
	Sundry Debtors	553.965	492.302	395.554
	Cash & Bank Balances	184.015	71.141	76.593
	Other Current Assets	10.468	7.968	14.654
	Loans & Advances	324.331	202.459	110.974
Total Current Assets		1176.576	857.831	662.445
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	204.055	151.151	108.834
	Other Current Liabilities	74.364	120.875	77.481
	Provisions	154.195	93.577	16.074
Total Current Liabilities		432.614	365.603	202.389
Net Current Assets		743.962	492.228	460.056
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1885.959	1453.184	1162.989

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2009
	SALES
		Income	1869.696	1407.270
		Other Income	160.591	61.727
		TOTAL (A)	2030.287	1468.997	1091.873
Less	EXPENSES
		TOTAL (B)	1290.975	952.980	757.197
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		739.312	516.017	334.676
Less	FINANCIAL EXPENSES (D)		29.922	21.103	31.292
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		709.390	494.914	303.384
Less/ Add	DEPRECIATION/ AMORTISATION (F)		81.993	57.629	49.381
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		627.397	437.285	254.003
Less	TAX (H)		10.173	37.070	12.987
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		617.224	40.215	241.016
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		50.730	29.017	16.501
Less	APPROPRIATIONS
		Transfer to General Reserve	450.000	320.000	170.000
		Dividend	101.000	50.502	50.002
		Tax on Dividend	16.385	8.000	8.498
	BALANCE CARRIED TO THE B/S		100.566	50.730	29.017
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1802.129	1347.154	N.A
	TOTAL EARNINGS		1802.129	1802.129	N.A
	IMPORTS
		Raw Materials	26.874	37.353	N.A
		Packing Materials	19.187	7.740	N.A
		Stores & Spares	9.275	4.541	N.A
		Capital Goods	14.925	52.849	N.A
	TOTAL IMPORTS		70.261	102.483	N.A
	Earnings Per Share (Rs.)		122.22	5.74	3.27

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	30.40	2.73	22.07
Net Profit Margin (PBT/Sales)	(%)	33.56	31.07	N.A
Return on Total Assets (PBT/Total Assets}	(%)	64.19	37.45	27.02
Return on Investment (ROI) (PBT/Networth)		0.38	0.38	0.32
Debt Equity Ratio (Total Liability/Networth)		0.33	0.48	0.59
Current Ratio (Current Asset/Current Liability)		0.41	2.35	0.31

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	No
8]	No. of employees	No
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	N0
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE : Registered Address of the Company has been Shifted from 208, Ashirwad Commercial Complex D – I, Green Pard, New Delhi – 110016, DelhI, India to the present address w.e.f. 16.12.209

Operation

The company recorded a turnover of Rs.1869.696 million during the financial year 2011-12 as against Rs.1407.270 millions in the corresponding period last year.

During the financial year under consideration, the company has achieved a 33% growth over the previous year and such growth in its turnover is primarily attributable to high growth reflected in the international operations.

The predominant market for Promed Exports Private Limited, in terms of sales, continues to be Russia where it is ranked no. 3 in the overall Ophthalmology segment and no.2 in the generic Ophthalmology segment. Out of the international markets that Promed is currently present, Russian market is the biggest where it has registered a robust growth of 29% in the financial year.

In the Central Asian market, the Company has consolidated its position and witnessed a growth of 123% in the current financial year. Sales in the E U market were 85% higher as compared to last financial year.

In the year, the Company has entered the Indian market under the name of provision’ and the product portfolio has been well accepted in the market. This has helped India business to register a sale of Rs. 12.470 million in a short span of time.

Domestic Sales at Rs.16.243 million includes their sale from Contract manufacturing. Earlier Our presence in the domestic market was concentrated as a contract manufacturer, but this has changed with inception of our own brands in India operations.

The gross margin of the Company has achieved an improvement from 91.19% as in the previous year to 92.45% in the current financial year. The impetuses for the change were the concerted efforts to promote and increase sales of profitable products and a continuous focus on cost optimization.

Promed has been consistently investing in Research and Development activities to augment its presence in the regulated market. This year they have spent approximately 10.5% of the turnover on Research and Development activities as compared to 11.5% of the turnover during the previous year.

The Company was demonstrated that it is capable of continuously improving on the EBIDTA margin which is reflective of its focus on profitable mix of product in its portfolio, manage product lifecycle and thereby avoid price erosions and consistently containing cost. During the year under consideration, Promed registered an EBIDTA of Rs.739.312 million as compared to Rs.516.017 million in the previous year reflecting expansion by 43%. The EBIDTA for the year was the highest recorded in the history of the Company. EBIDTA percentage for the Company maintained a robust figure of 39.5% in the current financial year. Even in its growth phase when, the Company is making substantial investment in research and development activities and its manufacturing facility an improvement in EBIDTA margin on Year on Year basis is visible which speaks high of the Company’s financial strength and business sustainability.

The existing policy of charging off / write back of the exchange differences on its foreign currency loan was continued which has resulted in write off of an amount of Rs.7.116 million on account of reinstatement of foreign currency loans to the Profit and Loss Account in the current financial year. Better treasury management and Risk Mitigation plan by taking forward covers against the export sales has helped the Company to gain Rs.79.607million on account of exchange fluctuation as compared to last year gain of Rs.36.754 million.

Majority of term borrowing was taken at the end of the financial year 2010-11, which has resulted in increase in the overall finance cost compared to last year which stood at 29.922 million in 2011-12 as compared to 211.03 million in the corresponding period last year. The loan was sanctioned in foreign currency term, but due to shortage of dollar funds resulted in the loan being continued in Rupee term for a considerable period during the year which resulted in increase in the borrowing cost.

The PBT and PAT for the year grew to Rs.627.970 million and Rs.617.224 million respectively as compared to Rs.437.285 million and Rs.400.215 million respectively in the previous fiscal year.

The Company’s performance in last five years have been commendable which is reflective in the 5 years performance trend line annexed within this report.

NEW PRODUCT

The Company being in the generic pharmaceutical segment recognizes the importance of being ahead of its competition in introduction of new products. It is devoted to the process of continuously evaluating and identifying new product opportunities in the key global markets. This initiative has helped in identifying and creating a product line for US, EU, Canada and other emerging markets. Many products for the USA, Europe, Russia, Australia and Canadian market are in the development pipeline and these initiatives are fueling Company’s growth in business segments across geographies. This year has been eventful as 7 new products, have been introduced in Indian Market and 5 ANDA in US Market had been filed during the current year.

Research & Development Center of the Company has capabilities to develop products even in the Herbal segment, this opens up opportunities for the Company in the herbal segment. . During the current financial year one such product is undergoing clinical development and one more product is in development process.

MARKETS

Promed, in its growth phase, has a well-defined expansion plan which aims at exploring new markets and launching new products. They have already started reaping the benefits from the strategy to expand the global presence by investing in Research and Development, technology and up gradation of the

manufacturing facilities.

Provision is the ophthalmic products division of Promed in India. Backed by Promed’s established track record of delivering innovative, high quality products through persistent research and development worldwide, Provision carries one core mission at its heart-

“To provide innovative, high quality vision care products that enable people to preserve and protect vision and enhance quality of life”.

Provision is focused on value addition in the field of Ophthalmology by collaborating with ophthalmic specialists & institutions to understand needs in the area of eye care and work hard to develop, manufacture and market high quality products through a dedicated team.

Launched in North and East part of India on October 4, 2011, Provision is gaining its foothold in Indian market. This is evident from the consistent growth of the primary and secondary sales.

FORM 8

Corporate identity number of the company	U74899DL1994PTC056894
Name of the company	PROMED EXPORTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	212 Ashirwad Commercial Complex, D-I Green Park, New DelhI – 110016, Delhi, India
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Others
Particular of charge holder	Citibank N.A, Jeevan Bharti Building, 4th Floor, 124, Connaught Circus, Connaught Place, New Delhi – 110001, Delhi, India
Email ID :-	roc@sdpa.in
Nature of instrument creating charge	Goods Security Agreement cum Loan Agreement for Hypothecation of Stocks, Book Debts, Plant and Machinery and for Property Mortgage.
Date of instrument Creating the charge	17.11.2011
Amount secured by the charge	Rs.70.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanction terms and as may be decided by the bank and company mutually from time to time. Terms of repayment Repayable on demand, annually renewable. Margin Borrower shall at all times during the continuance of the security maintain a sufficient amount to provide the margin of security as may from time to time advised by the bank. Extent and operation of the charge First pari-passu charge on (1) Hypothecation of all the borrowers movable and non movable assets (including stocks, book debts and plant and machinery) forming part of its current assets both present and future. (2) Equitable mortgage on property located at Plot No. 48 and 49, Industrial Area, Phase III, Dharuhera, District- Rewari, Haryana. Other The repayment of all monies in respect of the banking facilities including outstanding balance and also all interests, costs charges expenses and other moneys payable to Citibank N.A Delhi as per GSA cum LA attached is secured by the assets mentioned in the clause no. 13(d).
Short particulars of the property charged (Including location of the property)	Hypothecation of all the borrowers movable and non movable assets (including stocks, book debts and plant and machinery) forming part of its current assets both present and future. Equitable mortgage on property located at Plot No. 48 and 49, Industrial Area, Phase III, Dharuhera, District- Rewari, Haryana.

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.54.38
UK Pound	1	Rs.72.19
Euro	1	Rs.88.76

INFORMATION DETAILS

Report Prepared by :

HET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		61

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.