MIRA INFORM REPORT

Report Date :

04.01.2013

IDENTIFICATION DETAILS

Name :	VITAL HEALTH CARE PRIVATE LIMITED
Registered Office :	“Venkatesh” Mahant Road Extension, Uttkarsh Mandal Circle, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.01.1998
Com. Reg. No.:	11-113058
Capital Investment / Paid-up Capital :	Rs. 38.020 Millions
CIN No.: [Company Identification No.]	U24230MH1998PTC113058
TAN No.: [Tax Deduction & Collection Account No.]	MUMV06794E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Suppliers of new generational Active Pharmaceuticals Ingredients (API).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 830000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Latest Financials 2011-12 is missing from the government department from the available financial of 2011 it seems that the company is progressing well. Trade relations are reported as fair. Business is active. Payment are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 / Corporate Office :	“Venkatesh” Mahant Road Extension, Uttkarsh Mandal Circle, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-26183641/ 26136946
Fax No.:	91-22-26136945
E-Mail :	vital@vhcpl.com
Website :	www.vitalhealthcare.in www.vitallab.in
Factory 1 / Administrative Office :	Plot No.1416-19 and 1420, 1507/1 and 1507/2, 1601/1 and 1601/2, G.I.D.C. Estate, Phase III, Vapi – 396195, Gujarat, India
Factory 2 :	Plot No. 1710 and A1/2208 G.I.D.C Estate, Phase III, Vapi – 396195, Gujarat, India
E-Mail :	vital@vhcpl.com

DIRECTORS

As on: 30.09.2012

Name :

Mr. Laltaprasad Shrinath Maurya

Designation :

Director

Address :

Ashok Nagar, Chanod Colony, Vapi – 396195, Gujarat, India

Date of Birth/Age :

26.07.1955

Date of Appointment :

15.05.2005

DIN No.:

00202949

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	U24230MH1998PTC113058	VITAL HEALTH CARE PRIVATE LIMITED	Director	15/05/2005	15/05/2005	-	Active	NO
2	U24230MH2003PTC143328	VITAL LIFESCIENCES PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
3	U24230MH2002PTC136195	VITAL LABORATORIES PRIVATE LIMITED	Director	24/04/2009	24/04/2009	-	Active	NO

Name :

Mr. Shri Gopal Rangnath Bajaj

Designation :

Director

Address :

Venkatesh, Mahant Road Extension, Uttkarsh Mandal Circle, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

04.01.1943

Date of Appointment :

31.03.2001

DIN No.:

00983198

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	U24200MH1981PTC023725	PADMA PHARMACEUTICALS PRIVATE LIMITED	Director	21/01/1981	21/01/1981	-	Active	NO
2	U24230MH1998PTC113058	VITAL HEALTH CARE PRIVATE LIMITED	Director	31/03/2001	31/03/2001	-	Active	NO
3	U24230MH2002PTC136195	VITAL LABORATORIES PRIVATE LIMITED	Director	22/06/2012	13/06/2002	-	Active	NO
4	U24230MH2003PTC143328	VITAL LIFESCIENCES PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
5	U51109WB2008PTC126102	NABARATNA VINIMAY PRIVATE LIMITED	Director	09/04/2010	09/04/2010	-	Active	NO
6	U18101WB2007PTC117005	TRIVINI TRADERS PRIVATE LIMITED	Director	01/11/2011	01/11/2011	-	Active	NO
7	U45400WB2007PTC116809	NIGHTANGLE CONSTRUCTION PRIVATE LIMITED	Director	01/11/2011	01/11/2011	-	Active	NO

Name :

Mr. Rajiv Shri Gopal Bajaj

Designation :

Director

Address :

Venkatesh, 2^nd Floor, Mahant Road Extension, Uttkarsh Mandal Circle, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

10.01.1965

Date of Appointment :

31.03.2001

DIN No.:

01659971

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	U24200MH1981PTC023725	PADMA PHARMACEUTICALS PRIVATE LIMITED	Director	22/12/1983	22/12/1983	-	Active	NO
2	U24230MH1998PTC113058	VITAL HEALTH CARE PRIVATE LIMITED	Director	31/03/2001	31/03/2001	-	Active	NO
3	U24230MH2002PTC136195	VITAL LABORATORIES PRIVATE LIMITED	Director	13/06/2002	13/06/2002	-	Active	NO
4	U24230MH2003PTC143328	VITAL LIFESCIENCES PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
5	U51109WB2008PTC126102	NABARATNA VINIMAY PRIVATE LIMITED	Director	09/04/2010	09/04/2010	-	Active	NO
6	U18101WB2007PTC117005	TRIVINI TRADERS PRIVATE LIMITED	Director	01/11/2011	01/11/2011	-	Active	NO
7	U45400WB2007PTC116809	NIGHTANGLE CONSTRUCTION PRIVATE LIMITED	Director	01/11/2011	01/11/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Names of Shareholders	No. of Shares
Dipika R Bajaj	434420
G.D.Bajaj	618250
Rajiv S Bajaj	374500
Rajiv S. Bajaj (HUF)	326000
S. R. Bajaj	479080
S. R. Bajaj (HUF)	557500
Padma Pharmaceuticals Private Limited, India	1010500
L.P. Maurya	1750
TOTAL	3802000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others
Bodies corporate	26.58
Directors or relatives of Directors	23.23
Other	50.19
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Suppliers of new generational Active Pharmaceuticals Ingredients (API).

Products :

Item Code	Product Description
293921.01	Quinine Sulphate
2939921.02	Quinine Hydrochirochl
NA	Tablet Formulation

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Quinine Salts and Derivatives	Kgs.	120000	52645.95
Artimisinine and Derivatives	Kgs.	24000	11255.33
Nimesuilide and Derivatives	Kgs.	180000	104456
Cinchonine and Derivatives	Kgs.	12000	468
Lumefantrine and Derivatives	Kgs.	40000	18578.64

Note: As certified by the Director and accepted by the Auditors. Licensed Capacity per annum is not indicated due to the abolition of industrial licenses as per notification no; 477 (E) dated July 1991 issued under The Industries (Development and Regulation) Act, 1951.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Saraswat Co-operative Bank Limited, Govind Bhavan, 47 Old Nagardas Road, Andheri (East), Mumbai - 400069, Maharashtra, India

· State Bank of India, Industrial Finance Branch, Sakinaka, 1^st Floor, Saki Vihar Road, Sakinaka, Andheri (East), Mumbai - 400072, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan from Banks (Out of the above amount repayable within one is Rs.0.261 Millions) Note : Secured against Land, Building, Plant and Machinery of the company	85.854	35.202
Short term Loan from Banks towards Working Capital Note : Secured against Stock and Book debts present and future of the company	216.152	157.220
Total	302.006	192.422
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	2.240	3.858
From Shareholders and Associates	16.401	34.407
Total	18.641	38.265

Banking Relations :	--
Auditors :
Name :	Shantilal Chandaliya and Company Chartered Accountants
Address :	G-6/7, Amit Industrial Premises, 61, Dr. S.S Rao Road, Parel, Mumbai – 400012, Maharashtra, India
Tel. No.:	91-22-40690701
Fax No.:	91-22-40690711
E-Mail :	info@sicca.in
PAN.:	AAPCS5584D

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3802000	Equity Shares	Rs.10/- each	Rs.38.020 Millions

NOTE:

Of the above 300000 shares have been allotted as fully paid up on amalgamation of B. M. Pigments Private Limited with the company 1.260 millions shares have been allotted as fully paid up on account of Bonus by Capitalization of General Reserve.

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		38.020	38.020	32.810
2] Share Application Money		0.000	0.000	52.100
3] Reserves & Surplus		171.208	149.405	88.609
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		209.228	187.425	173.519
LOAN FUNDS
1] Secured Loans		302.006	192.422	41.095
2] Unsecured Loans		18.641	38.265	46.936
TOTAL BORROWING		320.647	230.687	88.031
DEFERRED TAX LIABILITIES		15.757	15.392	10.643
TOTAL		545.632	433.504	272.193
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		217.967	214.753	198.283
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.005	0.005	0.005
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	264.322	159.584	287.642
	Sundry Debtors	146.284	189.322	102.365
	Cash & Bank Balances	20.021	15.445	9.218
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances and Deposits	37.982	25.586	32.657
Total Current Assets		468.609	389.937	431.882
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors and Other Current Liabilities	140.559	170.801	357.977
	Provisions	0.390	0.390	0.000
Total Current Liabilities		140.949	171.191	357.977
Net Current Assets		327.660	218.746	73.905
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		545.632	433.504	272.193

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
INCOME FOR THE YEAR	751.939	661.518	559.550
PROFIT BEFORE TAX	32.447	15.104	6.761
TAX	10.644	1.198	3.048
PROFIT AFTER TAX	21.803	13.906	3.713
EARNINGS PER SHARE	5.73	4.24	1.13

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	4.73	2.50	1.07
Return on Investment (ROI) (PBT/Networth)		0.15	0.08	0.04
Debt Equity Ratio (Total Liability/Networth)		2.20	2.14	2.63
Current Ratio (Current Asset/Current Liability)		3.32	2.27	1.21

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No
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

OPERATIONS AND OVERALL PERFORMANCE

The operations of the Company for the year was satisfactory. During the year sales has gone up as demand for our companies’ products have been good.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24230MH1998PTC113058
Name of the company	VITAL HEALTH CARE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Venkatesh Mahant Road, Extension, Uttkarsh Mandal Circle, Vile Parle (East), Mumbai – 400057, Maharashtra, India vital@vhcpl.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10278046
Type of charge	Immovable property
Particular of charge holder	Saraswat Co-operative Bank Limited, Govind Bhavan, 47 Old Nagardas Road, Andheri (East), Mumbai - 400069, Maharashtra, India pu_malekar@saraswatbank.com
Nature of instrument creating charge	Supplementary Recording Letter Evidencing Deposit of Title Deeds. Term Loan III - Rs.0.270 Million
Date of instrument Creating the charge	22.10.2012
Amount secured by the charge	Rs. 267.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan - @PLR-0.75% p.a. = 13.75% p.a. Terms of Repayment On Demand Margin 25% Extent and Operation of the charge The Charge will operate to the extent of Rs.2.670 Millions on the security offered by the Company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The Borrower hereby creates equitable mortgage of all that piece or parcel of the Land and Factory Building lying and being situate at Plot No.1417 admeasuring 980 Square Meters, at GIDC, Vapi notified Industrial Area at survey No. 199P and 120P at village: Chhiri, Taluka; Parli, District Valsad. in favour of Bank.
Date of instrument modifying the charge	15.02.2011
Particulars of the present modification	By present modification made on 15/02/2011, by way of Supplemental deed the Bank has sanctioned additional Term Loan III of Rs.0.270 Millions thereby charge increased from Rs.2.400 Millions to Rs.2.670 Millions on the Immovable property of the Company.

FIXED ASSETS

· Land

· Building at Plot 1417

· Building at Plot 1507

· Building at Plot 1418

· Building at Plot 1421

· Building at Plot 1601

· Building at Plot 1416

· Building at Plot 1419/1420

· Building at Plot 1601/03 and 04

· Factory Sheld/ Building

· Electrical Instalation

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Tools and Testing Equipments

· Motor Car

· Boiler

· Pipeline

· Scooter

· Testing Equipments

· Heavy Equipments

· Capital work in progress – Building at plot 142

· Capital work in progress – Building at plot 150

· Capital work in progress – Pipe Line

· Capital work in progress – Plant and Machinery

· Capital work in progress – Furniture and Fixture

WEBSITE DETAILS

PROFILE

Subject is a leading manufacturer and supplier of traditional and new generational API to the National and International pharmaceutical community by offering stable and high quality products, on continuous innovation and development. Founded in 1999, Vital was set up with a modest installed capacity of 24 Tonnes p.a. for manufacturing Quinine Salts and alkaloids.

Within a short span of 10 years it has evolved itself into a plant covering area of 7980.55 sq. mtr. of land with building of 86000 sq. feet and manufacturing 240 Tons p.a. with an impressive clientele list of all, major Indian Pharmaceutical companies and exporters of formulations. With exports being done to all continents, we have become a force to reckon with.

Financial Strength, Reliable indigenous technology flavoured with Constant innovation, a keen mind open to new ideas and experiments coupled with Crystal Clear business practices and self confidence brimming to the hilt are VITAL secrets of this stupendous growth.

EXPORTS

Subject has created a name in the manufacture and development of bulk actives surreptitiously. Its area of core competence (API’s) backed by tireless efforts has made ‘Vital’ a preferred supplier in global export arena. It is recognized as a “STAR EXPORT HOUSE”.

Efforts are afoot to increase the market base in the large and remunerative European markets, for which ‘Vital’ has accelerated the ‘EUDMF’ filing programmes to build and nurture the new and existing clientele. EUDMF for Quinine Sulphate and Quinine Hydrochloride have already gained approvals by being awarded the Certificate of Suitability (COS) by the European Directorate for the Quality of Medicines and Healthcare (EDQM)  

‘Vital’ has seen exports grow over the last 3 years. Contribution of exports to overall turnover is now almost 50%. By middle of 2010, we hope to have accreditation of USFDA APPROVAL.

With these key factors in progress, ‘Vital’ shall see a substantial growth in exports in the years to come, resulting into rise in contribution of exports significantly to overall turnover.

Subject international coverage to various countries by way of export includes United Kingdom, Germany, Korea, Hong Kong, Bangladesh, Dubai, Syria, Turkey, Sudan, Kenya, Tanzania, Nigeria, Uruguay, Congo, Columbia, USA, China, Mexico, Japan, Pakistan.

MANUFACTURING FACILITIES

Subject has two manufacturing facility situated at GIDC- Vapi (Gujarat)-160 Kilometers from Mumbai-accessible both by road and rail and is spread over a land area of 7701.86 sq meters and 15336 sq meter having built up area of 44000 sq feet. & 1, 10000 square feet respectively

The Company has developed dedicated GMP facility for accreditation of:

1. WHO Geneva Approval
2. EDQM Approval
3. USFDA Approval

The facility has been inspected by EDQM for CEP/COS of Quinine Sulphate (CEP 2005-117) and Quinine hydrochloride (CEP 2005-114) and has now been approved   for cGMP Quality system ICH Q7 adopted by company and approved facility.

The main features for GMP facilities are:

1. 6 (Six) separate production lines with GMP which comply norms under EUGMP, USFDA and WHO Geneva Guidelines. Two more Production Lines are expected to be functional by March’2010.  
2. All Major Equipments are made out of Special Steel (SS 316) which has been designed for easy cleanability to avoid cross contamination
3. The Finished Goods Powder Processing Area has Class 100000 clean area that has absolutely no level of environmental pollutants such as dust, airborne microbes, aerosol particles and chemical vapors. The air entering a clean room from outside is filtered to exclude dust and the air inside is constantly re-circulated through high efficiency particulate air (HEPA) and/or ultra low penetration air (ULPA) filters to remove internally generated contaminants.
4. Water Systems having Electro Polish Loop which are qualified for EP, BP Purified Water Systems have been installed. The electrolytic (electro polishing) bath smoothes, polishes, deburrs and cleans stainless steel and other metals by selectively removing high points on the metal surface. The amount removed depends first on the customers' specifications, but temperature, current density and the alloy in the electro polishing bath also affect the amount of metal removed.  
5. The QC Laboratory is well equipped having a Wet Chemistry lab, Instrument lab and Microbiology section.
6. Instrument Laboratory is equipped with the State of Art HPLC’s (5), HPLC with PDA detector for method development and validation, GC, GC_HS for OVI and Residual solvent analysis.

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.54.42
UK Pound	1	Rs.88.29
Euro	1	Rs.71.49

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.