MIRA INFORM REPORT

Report Date :

10.07.2013

IDENTIFICATION DETAILS

Name :	MEDICAMEN BIOTECH LIMITED
Registered Office :	10, Community Center No – 2, Phase – II, Ashok Vihar, Delhi – 110052
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.12.1993
Com. Reg. No.:	55-056594
Capital Investment / Paid-up Capital :	Rs.82.400 Millions
CIN No.: [Company Identification No.]	L74899DL1993PLC056594
TAN No.: [Tax Deduction & Collection Account No.]	DELM08516E
PAN No.: [Permanent Account No.]	AAACM1217A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and supplier of Comprehensive range of products Tablets, Capsules, Liquid Syrup and Dry Syrup (Beta Lactum and Non Beta Lactum) Ointment and ORS.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (56)

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

Maximum Credit Limit :	USD 800000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears drastic fall in its sales and incurred some loss during 2012. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: BB
Rating Explanation	Having moderate risk of default.
Date	September 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	10, Community Center No – 2, Phase – II, Ashok Vihar, Delhi – 110052, India
Tel. No.:	91-11-27463506/47589500
Fax No.:	91-11-27138171
E-Mail :	cs@medicamen.com guptaashutosh@medicamen.com rsadhikari@medicamen.com
Website :	http://www.medicamen.com
Factory 1 :	SP – 1192 A and B, Phase – IV, Industrial Area, Bhiwandi – 301019, District – Alwar, Rajasthan, India
Tel. No.:	91-1493-221291/221292
Fax No.:	91-1493-221948
Factory 2 :	Plot No. 86/87, Sector – 6S, Industrial Area, Bhel, Ranipur, Haridwar, Uttaranchal, India
Tel. No.:	91-1334-239488/239489
Fax No.:	91-1334-239490

DIRECTORS

As on 31.03.2012

Name :	Mr. B.K.Gupta
Designation :	Managing Director
Name :	Mr. Sanjay Bansal
Designation:	Director
Name :	Mr. Ashutosh Gupta
Designation :	Director
Name :	Mr. Rajinder Kr. Gupta
Designation :	Director
Name :	Dr. M. L. Parnami
Designation :	Director
Name :	Mr. Anand Kumar Mishra
Designation :	Director

KEY EXECUTIVES

Name :	Ms. Sharmila Chhikara
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3305088	38.93
Sub Total	3305088	38.93
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3305088	38.93
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	433695	5.11
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1825729	21.50
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1284504	15.13
Any Others (Specify)	1640984	19.33
Non Resident Indians	213934	2.52
Clearing Members	501	0.01
Hindu Undivided Families	109249	1.29
Overseas Corporate Bodies	1317300	15.52
Sub Total	5184912	61.07
Total Public shareholding (B)	5184912	61.07
Total (A)+(B)	8490000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	8490000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and supplier of Comprehensive range of products Tablets, Capsules, Liquid Syrup and Dry Syrup (Beta Lactum and Non Beta Lactum) Ointment and ORS.

PRODUCTION STATUS (As on 31.03.2011)

Installed Capacity	Capacity (Per Shift / Per Annum) (In Lacs)
Classes of Goods	Unit	Bhiwadi	Hardwar
Tablets	Nos.	12800.00	8200.00
Capsules	Nos.	1800.00	600.00
Liquid Oral	Ltr.	6.90	15.000
Dry Powder	Kg.	4.37	NIL
ORS	Kg.	4.10	NIL
Ointment	Kg.	--	0.60

Note: In case of Liquid Oral, Dry Powder and ORS the product can be different weight hence the capacity is mentioned in Kg/Lts.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India, Industrial Finance Branch, Connaught Circus, New Delhi, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Term Loans Form Bank Term Loan from Union Bank of India (Secured by way of: First Charge on entire Fixed Assets and Current Assets of the Company both present and future. Personal Guarantee of two Directors and relative of two Directors 11,61,200 Equity Shares of the Company held by the Managing Director)	0.00	6.806
Term Loan from ICICI Bank Limited (Vehicle Loan) [Secured by way of Hypothecation of vehicles] Rs.0.305 Million: Repayable in 60 Instalments started from 15.01.2010 and last instalment due on 15.11.2014 carrying rate of interest of 10.25% p.a. Rs.1.071 Millions : Repayable in 60 Instalments started from 01.07.2010 and last instalment due on 01.06.2015 carrying rate of interest of 9% p.a.	1.376	1.917
Term Loan from HDFC Bank Limited (Vehicle Loan) [Secured by way of Hypothecation of vehicles] Rs.1,05,923.93: Repayable in 35 Instalments started from 15/05/2011 and last instalment due on 15/03/2014 carrying rate of interest of 15% p.a. Rs.3,65,522.94: Repayable in 35 Instalments started from 16/03/2012 and last instalment due on 15/01/2015 carrying rate of interest of 13% p.a.	0.482	0.000
Short-term borrowings	0	0
Loans repayable on demand Working Capital Loan from Union Bank of India (Secured by way of: First Charge on entire Fixed Assets and Current Assets of the Company both present and future. Personal Guarantee of two Directors and relative of two Directors 11,61,200 Equity Shares of the Company held by the Managing Director)	127.368	75.713
Total	129.226	84.436

Banking Relations :
Auditors :
Name :	Ashok Sharma and Associates Chartered Accountants
Address :	311, Deep Shikha, 8, Rajindra Place, New Delhi-110 008, India
Tel. No.:	91-11-25769764
Associate Concern:	Medicamen Organics Limited Red Line Healthcare
Companies in which Director is Director:	Mission Pharma Logistics (India) Private Limited Mission Pharma A/S

CAPITAL STRUCTURE

As on 26.09.2012

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
8490000	Equity Shares	Rs.10/- each	Rs. 84.900 Millions

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
8240000	Equity Shares	Rs.10/- each	Rs. 82.400 Millions

Reconciliation of Shares

Particulars	Nos	Rs. In Millions
Opening Shares Capital	7887600	78.876
Add: Shares Issued during the year on conversion of warrants	352400	3.524
Add: Right/Bonus Shares issued	--	--
Total	8240000	82.400
Less: Buy back of Shares	--	--
Less: Reduction in capital	--	--
Closing shares Capital	8240000	82.400

List of shares holder having 5% or more shares (In Nos) Name of Shareholders	In Nos	In %
Bal Kishan Gupta	2036294	24.71%
Pharmadanica A/S	1167300	14.17%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	82.400	78.876
(b) Reserves & Surplus	114.771	118.851
(c) Money received against share warrants	3.843	6.397
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	201.014	204.124
(3) Non-Current Liabilities
(a) long-term borrowings	1.858	8.724
(b) Deferred tax liabilities (Net)	8.947	7.323
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	6.104	8.684
Total Non-current Liabilities (3)	16.909	24.731
(4) Current Liabilities
(a) Short term borrowings	127.368	75.713
(b) Trade payables	317.482	359.158
(c) Other current liabilities	21.244	21.909
(d) Short-term provisions	5.054	14.548
Total Current Liabilities (4)	471.148	471.328
TOTAL	689.071	700.183
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	230.349	228.232
(ii) Intangible Assets	1.535	1.337
(iii) Capital work-in-progress	1.259	2.363
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.913	2.217
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	236.056	234.149
(2) Current assets
(a) Current investments	0.200	0.000
(b) Inventories	126.245	124.510
(c) Trade receivables	235.674	219.122
(d) Cash and cash equivalents	29.063	48.081
(e) Short-term loans and advances	43.336	44.658
(f) Other current assets	18.497	29.663
Total Current Assets	453.015	466.034
TOTAL	689.071	700.183

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		77.216
2] Share Application Money		0.000
3] Reserves & Surplus		85.397
4] (Accumulated Losses)		0.000
NETWORTH		162.613
LOAN FUNDS
1] Secured Loans		125.849
2] Unsecured Loans		1.200
TOTAL BORROWING		127.049
DEFERRED TAX LIABILITIES		5.135
TOTAL		294.797
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		197.460
Capital work-in-progress		9.262
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	87.776
	Sundry Debtors	225.587
	Cash & Bank Balances	12.373
	Other Current Assets	0.000
	Loans & Advances	44.371
Total Current Assets		370.107
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	165.432
	Other Current Liabilities	85.728
	Provisions	30.872
Total Current Liabilities		282.032
Net Current Assets		88.075
MISCELLANEOUS EXPENSES		0.000
TOTAL		294.797

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1005.269	1229.729	1016.107
		Other Income	7.377	14.698	7.559
		TOTAL (A)	1012.646	1244.427	1023.666
Less	EXPENSES
		Cost of Material Consumed	740.928	920.772
		Purchase of Traded Goods	17.003	7.621
		Changes in inventories of finished goods, work in progress and stock-in-trade	(24.483)	(7.752)
		Employees benefits expense	84.480	73.438
		Other Expenses	166.979	175.845
		TOTAL (B)	984.907	1169.924	940.719
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		27.739	74.503	82.947
Less	FINANCIAL EXPENSES (D)		19.149	17.722	12.244
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.590	56.781	70.703
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.021	13.707	11.652
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(6.431)	43.074	59.051
Less	TAX (H)		1.814	15.304	19.290
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(8.245)	27.770	39.761
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		110.162	82.392	49.384
Less	APPROPRIATIONS
		Proposed Dividend	0.000	0.000	5.791
		Tax on Proposed Dividend	0.000	0.000	0.962
	BALANCE CARRIED TO THE B/S		101.917	110.162	82.392
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	595.519	859.592	613.482
	VALUE OF IMPORTS CALCULATED ON C.I.F. BASIS		43.634	66.977	69.969
	Earnings Per / (Loss) Share (Rs.)		(1.04)	3.59	5.15

QUARTERLY RESULTS

Particulars	30.06.2012 (1^st Quarter)	30.09.2012 (2^nd Quarter)	31.12.2012 (3^rd Quarter)	31.03.2013 (4^th Quarter)
Audited / UnAudited
Net Sales	110.400	223.000	121.100	185.400
Total Expenditure	114.500	224.200	128.900	190.500
PBIDT (Excl OI)	(4.100)	1.200	(7.800)	(5.100)
Other Income	6.500	0.000	1.600	3.100
Operating Profit	2.400	(1.200)	(6.100)	(2.100)
Interest	5.900	6.800	6.300	7.100
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	(3.500)	(7.900)	(12.400)	(9.100)
Depreciation	3.900	4.000	4.000	3.900
Profit Before Tax	(7.400)	(11.900)	(16.400)	(13.000)
Tax	0.500	0.200	0.200	(0.400)
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	(7.900)	(12.100)	(16.700)	(12.700)
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	(7.900)	(12.100)	(16.700)	(12.700)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.81)	2.23	3.88
Net Profit Margin (PBT/Sales)	(%)	(0.64)	3.50	5.81
Return on Total Assets (PBT/Total Assets}	(%)	(0.93)	6.17	15.96
Return on Investment (ROI) (PBT/Networth)		(0.03)	0.21	0.36
Debt Equity Ratio (Total Debt /Networth)		0.64	0.41	0.78
Current Ratio (Current Asset/Current Liability)		0.96	0.99	1.31

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	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	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	Yes

PERFORMANCE

During the year the Company had a turnover of Rs. 1012.400 Millions as compared to Rs. 1229.700 Millions last year. It registered a decline of around 17.67%. Further, the Company had also suffered a loss (before tax) of Rs. 6.431 Millions as compared to last year's profit of Rs. 43.000 Millions.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

The global economy has witnessed considerable political and economic turmoil during the last year, from uprisings in the Middle East and North Africa to the tsunami in Japan and the debt crisis in Europe.This has resulted in general uncertainty across the globe impacting all businesses. India's economy grew by about 6.9 percent in 2011-12, its slowest in the last three years and the Government expects it to grow by 7.6 percent in 2012-13.

The pharmaceutical industry in India has also suffered due to global economic slowdown. The pharma sector in India is extremely fragmented market with severe price competition and government price control. The pharma industry in India meets around 70% of the country's demand for bulk drugs, drug intermediaries, pharma formulations, tablets, capsules, orals and injectibles. There are approximately 250 large units which form the core of the pharma industry in India.

DISCUSSION ON FINANCIAL PERFORMANCE W.R.T. OPERATIONAL PERFORMANCE

Due to fall in the quantum of export orders during the last two quarters there has been a shortfall of Rs. 210.000 Millions in the turnover. Due to decease in the turnover and steep rise in the establishment and other manufacturing cost the company has suffered a loss of Rs. 8.245 Millions. Their major turnover comes from export business. After the establishment of Tax Free Zone, the pharma units in other parts of the country are striving hard to enter the export market thereby creating an intense competitive atmosphere for the company which was earlier getting better price.

This situation may adversely affect the business quantum of the company in the medium term and long term prospective. The company has therefore formed a core group comprising all members from their foreign partners and the company itself to meet quarterly to take note of the latest threats and to suggest remedial measures so that the business prospects of the company are least disturbed.

SEGMENTWISE / PRODUCTWISE PERFORMANCE

The company got number of new projects of the Government. As usual Anti bacterial products like Cotrimoxazole, Nystatin and Anti Biotics like Amoxycillin remained the strong products of the company and around 1/3 of the sale was attributed to this segment.

OUTLOOK

With the addition of 2 new blocks the company can produce goods worth Rs.5000.000 Millions per year. The company is planning to automatise its machinery so that the manufacturing cost is reduced to a great extent and the profitability is improved. The company has entered into prescription market for the first time and it has added further new states like Bihar, U.P. and Kolkata this prescription market will give fruits within a period of 3 years when it is expected to reach its breakeven point. The company is striving hard to discover new markets abroad.

AUDITED FINANCIAL RESULTS FOR THE ENDED 31^ST MARCH 2013

(Rs. In Millions)

Particulars	Quarter Ended		Year Ended
	31.03.2013	31.12.2012	31.03.2013
	Audited	Unaudited	Audited
01.Income
(a) Net Sales/Income from operations
(Net of excise duty)	185.381	121.124	639.979
(b) Other Operating Income	0.000	0.000	0.000
(c) Total Income from Operations (Net)	185.381	121.124	639.979
02.Expenses
(a) Cost of Material Consumed	127.183	88.055	442.727
(b) Purchase of Goods Traded/ Stock-in- trade	6.129	5.465	18.418
(c) Changes in inventory of Finished Goods, Work-in
Progress & Stock-in-trade	0.488	(8.944)	(7.395)
(d) Employees Benefits Expenses	19.535	17.256	72.773
(e) Depreciation S Amortisation Expenses	3.914	4.015	15.769
(f) Other expenses	37.184	27.052	127.710
TOTAL EXPENSES	194.432	132.899	670.002
03. Profit(Loss) from Operations before Other
Income, Finance Cost & Exceptional Items (1-2)	(9.051)	(11.775)	(30.023)
04. Other Income	3.074	1.644	7.320
05. Profit/(Loss) from ordinary activities before
Finance Cost & Exceptional Items (3+4)	(5.977)	(10.131)	(22.703)
06. Finance Cost	7.055	6.309	26.053
07. Profit/(Loss) from ordinary activities after
Finance Cost but before Exceptional Items (5-6)	(13.032)	(16.440)	(48.756)
08. Exceptional Items	0.000	0.000	0.000
09. Profit/(Loss) from Ordinary Activities before tax
(7+8)	(13.032)	(16.440)	(48.756)
10. Tax Expenses
Tax Rerated to Earlier Year	0.000	0.000	0.000
Deferred Tax Liability	(0.369)	0.226	0.521
11. Net Profit/(Loss) from Ordinary Activities After
Tax (9-10)	(12.663)	(16.666)	(49.276)
12. Extraordinary Items (Net of Tax expenses)	-	-	-
13. Net Profit'(Loss) for the period (11-12)	(12.663)	(16.666)	(49.276)
14. Paid-up equity share capital (Rs.10/- per share)	84.900	84.900	84.900
15. Reserve excluding revaluation reserves			722.47
16. Earning per share before and after extra ordinary items (Rs.)
Basic	(1.51)	(2.02)	(5.88)
Diluted	(1.51)	(2.02)	(5.88)

INVESTOR COMPLAINTS

PARTICULARS	QUARTER ENDED 31.03.2013
Pending at the beginning of the quarter	NIL
Received during the quarter	NIL
disposed off during the quarter	NIL
Remaining unresolved at the end of the quarter	NIL

STATEMENT OF ASSETS AND LIABILITIES AS AT 31.03.2013

(Rs. In Millions)

		31.03.2013
A 1	EQUITY AND LIABILITIES Shareholders' funds
	a) Share capital	84.900
	b) Reserves and Surplus	72.274
	Sub-total-Shareholders' funds	157.174
2	Non-current liabilities
	a) Long-term borrowings	1.630
	b)Deferred tax liabilities (net)	9.468
	c)Long-term provisions	6.762
	Sub-total-Non-current liabilities	17.860
3	Current liabilities
	a) Short-term borrowings	166.254
	b) Trade payables	280.157
	c) Other current liabilities	23.899
	d) Short-term provisions	6.998
	Sub-total-Current liabilities	477.308
	TOTAL - EQUITY AND LIABILITIES	652.342
B	ASSETS
1	Non-current assets
	a) Fixed Assets
	i) Tangible Assets	228.390
	ii) Intangible Assets	1.178
	iii) Capital Work in Progress	0.531
	b) Long-term loans and advances	3.150
	c)Other Non – current assets	0.000
	Sub total non- current assets	233.249
2	Current Assets
	(a) Current investments	0.200
	(b) Inventories	151.244
	(c) Trade receivables	183.612
	(d) Cash and cash equivalents	20.921
	(e) Short-term loans and advances	41.291
	(f) Other current assets	21.825
	Sub total current assets	419.093
	Total Assets	652.342

Note:

1. The above results after being reviewed by the Audit Committee were taken on record by the Board at its Meeting held on 30th May, 2013.

2. The figures for the quarter ended 31^st March, 2013 are the balancing figures between the audited figures in respect of full financial year and published year to date figures up to third quarter of the financial year.

3. The figures are regrouped in previous year also, wherever considered necessary.

FIXED ASSETS

Tangible Assets

• Land
• Cycle
• Building and Civil Cons
• Plant and Machinery
• A.C Plant
• Quality Control
• Furniture and Fixture
• Office Equipment
• Computers
• Vehicle
• E.T Plant
• Boiler
• Die and Moulds
• Generator Set
• Lift
• Safe
• Refrigerator
• Water System
• Weight Machine
• Electric Instillation

Intangible Assets

• Software Licenses

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.60.07
UK Pound	1	Rs.89.91
Euro	1	Rs.77.43

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		56

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.