MIRA INFORM REPORT

Report Date :

23.01.2013

IDENTIFICATION DETAILS

Name :	BRAWN LABORATORIES LIMITED
Registered Office :	C-64, Lajpat Nagar, New Delhi-110024
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.03.1990
Com. Reg. No.:	55-039653
Capital Investment / Paid-up Capital :	Rs.9.950 Millions
CIN No.: [Company Identification No.]	U73200DL1990PLC039653
TAN No.: [Tax Deduction & Collection Account No.]	DELB06336B
PAN No.: [Permanent Account No.]	AAACB7151N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Allopathic Pharmaceutical Preparations.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 530000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The latest financials of the company are not made available. As per previous year’s record, the company is found to be performing well. Trade relations are reported as fair. Business is active. Payment terms are usually correct and as per commitments. The company can be considered for business dealings at usual trade terms are 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/ Export Office :	C-64, Lajpat Nagar, New Delhi -110024, India
Tel. No.:	91-11-29810424 / 29811044/ 32911528/ 29815264
Fax No.:	91-11-29810424 / 23275208/ 29815331
E-Mail :	solution@brawnpharma.com legal@brawnpharma.com export@brawnpharma.com international@brawnpharma.com brawn@nda.vsnl.net.in brawn_legal@yahoo.com
Website :	http://www.brawnlabs.com
Corporate Office :	4/4B, Asaf Ali Road, II Floor, Delhi Stock Exchange Building, New Delhi – 110002, India
Tel. No.:	91-11-32911528/ 32911529
Fax No.:	91-11-23275208
E-Mail :	marketing@brawnpharma.com
Factory :	13, New Industrial Township, Faridabad – 121001, Haryana, India
Tel. No.:	91-129-3290659/ 3290738/ 4027514
Fax No.:	91-129-4028514
E-Mail :	info@brawnpharma.com
Overseas Offices :	Located at : v Vietnam v Peru v Belarus v Kabul v Ghana v Cango v Myanmar

DIRECTORS

(AS ON 29.09.2011)

Name :

Mr. Adarsh Kumar Gupta

Designation :

Director

Address :

GM-38, Phase – II, Gulmohar Marg, DLF, Gurgaon – 122008, Haryana, India

Date of Birth/Age :

24.11.1947

Date of Appointment :

23.04.2001

DIN No.:

00975059

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1987PTC028777	A B PHARMA PRIVATE LIMITED	Director	30/06/1988	30/06/1988	Strike off	NO
2	U73200DL1990PLC039653	BRAWN LABORATORIES LIMITED	Director	23/04/2001	23/04/2001	Active	NO
3	U51397DL2003PTC120157	OVERSEAS LABORATORIES PRIVATE LIMITED	Director	2/5/2003	2/5/2003	Active	NO

Name :

Mr. Brij Raj Gupta

Designation :

Director

Address :

GM-38, Phase – II, Gulmohar Marg, DLF, Gurgaon – 122008, Haryana, India

Date of Birth/Age :

15.04.1952

Qualification :

Science Graduate

Date of Appointment :

23.04.2003

DIN No.:

00974969

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L74899DL1985PLC022468	BRAWN BIOTECH LIMITED	Managing director	28/09/2010	7/11/1985	Active	NO
2	U74899DL1987PTC028777	A B PHARMA PRIVATE LIMITED	Director	30/06/1988	30/06/1988	Strike off	NO
3	U73200DL1990PLC039653	BRAWN LABORATORIES LIMITED	Director	23/04/2003	23/04/2003	Active	NO
4	U51397DL2003PTC120157	OVERSEAS LABORATORIES PRIVATE LIMITED	Director	2/5/2003	2/5/2003	Active	NO

Name :

Mr. Brij Bala Gupta

Designation :

Director

Address :

GM-38, Phase – II, Gulmohar Marg, DLF, Gurgaon – 122008, Haryana, India

Date of Birth/Age :

06.07.1947

Date of Appointment :

03.10.2003

DIN No.:

00975261

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U73200DL1990PLC039653	BRAWN LABORATORIES LIMITED	Director	3/10/2003	3/10/2003	Active	NO
2	L74899DL1985PLC022468	BRAWN BIOTECH LIMITED	Director	24/11/2004	24/11/2004	Active	NO

Name :

Ms. Urmila Gupta

Designation :

Director

Address :

GM-38, Phase – II, Gulmohar Marg, DLF, Gurgaon – 122008, Haryana, India

Date of Birth/Age :

03.10.1935

Date of Appointment :

28.04.2006

DIN No.:

02061436

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L74899DL1985PLC022468	BRAWN BIOTECH LIMITED	Director	24/11/2004	24/11/2004	Active	NO
2	U73200DL1990PLC039653	BRAWN LABORATORIES LIMITED	Director	28/04/2006	28/04/2006	Active	NO

Name :

Mr. Love Gupta

Designation :

Additional Director

Address :

GM-38, Phase – II, Gulmohar Marg, DLF, Gurgaon – 122008, Haryana, India

Date of Birth/Age :

06.09.1982

Date of Appointment :

05.10.2010

DIN No.:

01385755

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	U73200DL1990PLC039653	BRAWN LABORATORIES LIMITED	Director	29/09/2011	05/10/2010	Active	NO

Name :

Mr. Kush Gupta

Designation :

Additional Director

Address :

GM-38, Phase – II, Gulmohar Marg, DLF, Gurgaon – 122008, Haryana, India

Date of Birth/Age :

06.09.1982

Date of Appointment :

05.10.2010

DIN No.:

01385803

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	U73200DL1990PLC039653	BRAWN LABORATORIES LIMITED	Director	29/09/2011	05/10/2010	Active	NO

Name :

Mr. Rajveer Singh

Designation :

Additional Director

Address :

B-21, Panchseel Colony, Lal Kuan, Ghaziabad, 201009, Uttar Pradesh, India

Date of Birth/Age :

06.03.1970

Date of Appointment :

05.10.2010

DIN No.:

03464649

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	U73200DL1990PLC039653	BRAWN LABORATORIES LIMITED	Director	29/09/2011	05/10/2010	Active	NO

Name :

Mr. Kondapaturi Ravi Sankar

Designation :

Additional Director

Address :

D.No.4-118/46, Swaroop Nagar, Venkateshwara Temple Road, Uppal, Andhra Pradesh, India

Date of Birth/Age :

29.08.1973

Date of Appointment :

13.04.2011

DIN No.:

03520422

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	U73200DL1990PLC039653	BRAWN LABORATORIES LIMITED	Director	29/09/2011	13/04/2011	Active	NO

Name :

Mr. Rakesh Kumar Dhama

Designation :

Additional Director

Address :

A-85 A, GL 5, Hardev Puri, Delhi, India

Date of Birth/Age :

05.01.1964

Date of Appointment :

05.10.2010

DIN No.:

03520428

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	U73200DL1990PLC039653	BRAWN LABORATORIES LIMITED	Director	29/09/2011	05/10/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
A B Pharma Private Limited, India	10000
Sri Ram Gupta	22260
Dr. Atul Gupta	75310
Shashi Bala Gupta	353010
Brij Bala Gupta	21885
Mamta Gupta	810
Bhawna Gupta	17610
Mahesh K Nanchal	10
Brawn Pharmaceuticals Limited, India	30000
Adarsh Kumar Gupta	55000
Brij Raj Gupta	75500
Ashok Sharma	6000
Pushpa Rani	6000
Suman Lata	5000
Keshav Kumar	5000
Madhu Bala	5000
Anita Rani	2600
Sanjeev Gupta	2700
Mukesh Kumar	2800
Shakuntala	2500
Narinder Jain	2700
Anisha	2600
Visa Traders and Financer Private Limited, India	10500
Kasunia Enterprises Private Limited, India	10000
Sudarshan Jain	2800
Fakir Chand	2700
Anand Jain	2800
Hari Om Gupta	2800
Manju Gupta	2500
Vinod Sehgal	25000
Dinesh Chand	9000
A S Singh	2500
Shashi Aggarwal	7000
Divya Kumar	3000
Rita Sharma	30000
Subhash Aggarwal	45000
Ved Aggarwal	5000
Madhu Bansal	6000
A K Jain	1300
Kavita Gupta	14300
Balmukund Gupta and Company, India	16000
Nitin Gupta	92525
Total	995020

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	7.68
Directors or relatives of directors	92.32
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Allopathic Pharmaceutical Preparations.

Products :

Products Description	Item Code No.
Para Aceyl Amino Phenol	292229.14
Ibuprofen	294200.03
Coal tar	270600.01

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank,

H-22, Trpical Building, Connaught Circus, New Delhi-110001, India

· ING Vysya Bank Limited

Narian Manzil Ground Floor Shop No. G1 To G5, I Floor, Shop No.1001 to 1007 Barakhamba Road, New Delhi – 110001, India

· ICICI Bank

· HDFC Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks	87.369	78.412
Working capital loans banks	345.338	328.408
Loans taken for vehicles	0.114	0.728
Total	432.821	407.548
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Deposits related parties	16.872	42.636
Other debt	70.634	27.371
Total	87.506	70.007

Banking Relations :	--
Auditors :
Name :	M. K. Bhatt and Company Chartered Accountants
Address :	302, Triveni Complex, E – 10-12, Jawahar Part, Laxmi Nagar (Vikas Marg), Delhi – 110092, India
Tel. No.:	91-11-22455710
Fax No.:	91-11-22451501
Mobile No.:	91-9313009193
PAN No.:	ADGPB9505L
E-Mail :	mkbhatt@indiatimes.com
Associates/Subsidiaries (As on 31.03.2010):	v Brawn Pharmaceuticals Limited v Visa Traders and Financer Private Limited v Visa Traders and Financer Private Limited v Overseas Laboratories Private Limited v Delhi Pharma v Fine Pharmachem v South Delhi Medicos v Indraprastha Diagnostics Centre v Balmukund Gupta and Company v Kasunia Enterprises Private Limited

CAPITAL STRUCTURE

(AS ON 29.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
995020	Equity Shares	Rs.10/- each	Rs.9.950 Millions

NOTE:

Out of the above a sum of Rs.3.644 Millions has been issued for consideration other than cash in discharge of liabilities.

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		9.950	9.950	9.950
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		122.592	111.701	103.090
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		132.542	121.651	113.040
LOAN FUNDS
1] Secured Loans		432.821	407.548	267.105
2] Unsecured Loans		87.506	70.007	60.567
TOTAL BORROWING		520.327	477.555	327.672
DEFERRED TAX LIABILITIES		10.706	10.707	3.632
TOTAL		663.575	609.913	444.344
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		194.447	152.350	89.867
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	262.555	250.333	248.829
	Sundry Debtors	219.930	213.248	144.969
	Cash & Bank Balances	13.050	14.575	12.645
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	59.930	41.408	42.805
Total Current Assets		555.465	519.564	449.248
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	72.420	57.089	78.274
	Other Current Liabilities	7.894	3.089	12.516
	Provisions	6.023	1.823	3.981
Total Current Liabilities		86.337	62.001	94.771
Net Current Assets		469.128	457.563	354.477
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		663.575	609.913	444.344

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1013.582	1011.537	872.735
		Other Income	4.032	7.976	10.578
		TOTAL (A)	1017.614	1019.513	883.313
Less	EXPENSES
		Consumption materials changes inventories	795.691	775.174
		Employee related expenses	39.622	72.713	857.523
		Administrative, selling and other expenses	152.724	145.248
		Extraordinary items	0.000	7.074
		TOTAL (B)	988.037	1000.209	857.523
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.577	19.304	25.790
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		29.577	19.304	25.790
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.952	11.762	4.428
	PROFIT BEFORE TAX (E-F) (G)		12.625	7.542	21.362
Less	TAX (H)		4.200	1.689	3.953
	PROFIT AFTER TAX (G-H) (I)		8.425	5.853	17.409
	PROVISION FOR DEFERRED TAX LIABILITIES		0.000	7.075	0.708
	BALANCE CARRIED TO THE B/S		10.891	8.611	16.701
	EARNINGS IN FOREIGN CURRENCY		534.108	591.211	481.836
	IMPORTS VALUE		NA	NA	1.431
	Earnings Per Share (Rs.)		10.94	8.65	16.78

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.83	0.57	1.97
Net Profit Margin (PBT/Sales)	(%)	1.25	0.75	2.45
Return on Total Assets (PBT/Total Assets}	(%)	1.68	1.12	3.96
Return on Investment (ROI) (PBT/Networth)		0.10	0.06	0.19
Debt Equity Ratio (Total Liability/Networth)		4.58	4.44	3.74
Current Ratio (Current Asset/Current Liability)		6.43	8.38	4.74

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	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	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

PERFORMANCE

The turnover and other income of the company for the current year stood at Rs.1010.200 Millions as compared to Rs.1020.700 Millions for the previous year.

CONTINGENT LIABILITIES

Bank guarantees issued by company’s banker Rs.2.440 millions [previous year Rs.5.933 millions]

Bankers Charges Report as per Registry

Corporate identity number of the company	U73200DL1990PLC039653
Name of the company	BRAWN LABORATORIES LIMITED
Address of the registered office or of the principal place of business in India of the company	C-64 Lajpat Nagar, New Delhi – 110024, Delhi, India solution@brawnpharma.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10123280
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Punjab National Bank, H-22, Tropical Building, Connaught Circus, New Delhi-110001, India bo0133@pnb-co.in
Nature of instrument creating charge	1. General Indemnity Agreement 2. Agreement of hypothecation of current assets 3. General Counter Indemnity Agreement 4. Deed of hypothecation to secure LC on DA/DP basis 5. Master agreement for inland documentary credit 6. Hypothecation of assets to secure term loan 7. Term Loan Agreement 8.Hypothecation of moveable assets forming part of Fixed/Block Assets 9. Hypothecation of goods and book debts to secure cash credit facility 10.Packing Credit Agreement All are dated 04.11.2011
Date of instrument Creating the charge	04.11.2011
Amount secured by the charge	Rs.571.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of Interest – As per agreement and bank rules Subject to change from time to time Terms of Repayment – As per agreement Margin – As per agreement Extent and Operation of the charge – Full Charge 100%
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Assets of the company IP at 13, NIT, Faridabad, Haryana, India
Particulars of the present modification	Limit modified upto 571.000 Millions details are as under: Fund Based Limit Rs.3.925 Millions Non Fund Based Limit Rs. 80.000 Millions Term Loans Rs.98.500 Millions Total limit modified to Rs.571.000 Millions Secured by assets of the company and IP at 13, NIT, Faridabad, Haryana

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· 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 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.53.51
UK Pound	1	Rs.84.85
Euro	1	Rs.71.43

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.