MIRA INFORM REPORT

Report Date :

23.07.2013

Mobile No.:

+(91)-9913770375

IDENTIFICATION DETAILS

Name :	ZYDUS BSV PHARMA PRIVATE LIMITED
Formerly Known As :	BSV PHARMA PRIVATE LIMITED
Registered Office :	Plot No.1A, Pharmez, Sarkhej-Bavla N.H. No. 8A, Matoda, District Ahmedabad – 382213, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.10.2005
Com. Reg. No.:	04-046915
Capital Investment / Paid-up Capital :	Rs.498.300 Millions
CIN No.: [Company Identification No.]	U24230GJ2005PTC046915
PAN No.: [Permanent Account No.]	AACCB7065R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products.
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 1500000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears accumulated losses recorded by the company. 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 great 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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Rashmin Shah
Designation :	Chief Finance Officer
Contact No.:	91-2717-663504
Date :	22.07.2013

LOCATIONS

Registered Office/ Factory :	Plot No.1A, Pharmez, Sarkhej-Bavla N.H. No. 8A, Matoda, District Ahmedabad – 382213, Gujarat, India
Tel. No.:	91-2717-663601/ 663504
Fax No.:	91-2717-663600
E-Mail :	rajenjhaveri@zydusbsv.com jagdishmehta@zydusbsv.com rashminshah@zydusbsv.com
Website :	http://zydusbsv.com
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :

Mr. Gautam Vinod Daftary

Designation :

Nominee Director

Address :

114, Sneha Sadan, Churchgate Reclamation, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

03.10.1959

Qualification :

M.B.B.S

Date of Appointment :

17.10.2005

DIN No.:

00009326

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	U24230MH1984PTC032645	HITECH LABORATORIES PRIVATE LIMITED	Director	12/04/1984	12/04/1984	-	Active	NO
2	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Managing director	01/10/2012	05/05/1992	-	Active	NO
3	U33110MH1993PTC075088	AKSIPRO DIAGNOSTICS PRIVATE LIMITED	Director	11/11/1993	11/11/1993	-	Active	NO
4	U24230MH1994PTC079029	AKSITECH LIFE SCIENCES PRIVATE LIMITED	Director	12/05/1997	12/05/1997	-	Active	NO
5	U24230MH2000PTC125061	SIRO CLINPHARM PRIVATE LIMITED	Director	21/03/2000	21/03/2000	-	Active	NO
6	U24239MH1995PTC091631	AKSIGEN PHARMACEUTICALS PRIVATE LIMITED	Director	09/08/2005	09/08/2005	-	Active	NO
7	U24230GJ2005PTC046915	ZYDUS BSV PHARMA PRIVATE LIMITED	Nominee director	17/10/2005	17/10/2005	-	Active	NO
8	U73100GJ2005PTC046914	ZYDUS BSV RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Nominee director	17/10/2005	17/10/2005	-	Amalgamated	NO
9	U93090PN2006PTC144633	INVENTIV INTERNATIONAL PHARMA SERVICES PRIVATE LIMITED	Director	17/11/2006	17/11/2006	15/04/2008	Active	NO
10	U73100MH2005PTC153327	KASIAK RESEARCH PRIVATE LIMITED CN	Director	16/05/2007	16/05/2007	-	Active	NO
11	U24297MH2010PTC209352	ADVY CHEMICAL PRIVATE LIMITED	Director	22/10/2010	22/10/2010	-	Active	NO
12	U85191MH2011PTC222774	ZHI HOLISTIC PRIVATE LIMITED	Director	07/10/2011	07/10/2011	-	Active	NO
13	U85191MH2012PTC228492	AKSI THERAPIES PRIVATE LIMITED	Director	20/03/2012	20/03/2012	-	Active	NO
14	AAA-7789	NEXTLINE DIAGNOSTICS LIMITED LIABILITY PARTNERSHIP	Designated Partner	27/01/2012	27/01/2012	-	Active	NO
15	AAA-9134	SYSTEMS PLUS TRANSFORMATIONS LIMITED LIABILITY PARTNERSHIP	Designated Partner	10/05/2012	10/05/2012	-	Active	NO

Name :

Mr. Rahul Srivastava

Designation :

Director

Address :

Flat No. 203, Kingston Tower, G. D. Ambekar Road, Parel (East), Mumbai – 400033, Maharashtra, India

Date of Birth/Age :

26.12.1974

Qualification :

MBA (Finance amd IT) and Bachelor in Chemical Technology

Date of Appointment :

28.09.2011

DIN No.:

03303302

Name :

Mr. Ganesh Narayan Nayak

Designation :

Director

Address :

3, Ashwamegh Part-V, Jodhpur-Satellite Road, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

18.05.1955

Qualification :

B.Sc, M.B.A

Date of Appointment :

25.08.2006

DIN No.:

00017481

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	U24231MH1999PTC119171	ZYDUS TAKEDA HEALTHCARE PRIVATE LIMITED	Nominee director	28/04/1999	28/04/1999	-	Active	NO
2	U24239GJ2000PLC075267	ZYDUS ANIMAL HEALTH LIMITED	Nominee director	03/04/2000	03/04/2000	-	Active	NO
3	U24230GJ2005PTC046246	ZYDUS HOSPIRA ONCOLOGY PRIVATE LIMITED	Director	24/01/2006	24/01/2006	-	Active	NO
4	U73100GJ2005PTC046914	ZYDUS BSV RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Director	25/08/2006	07/04/2006	-	Amalgamated	NO
5	U24230GJ2005PTC046915	ZYDUS BSV PHARMA PRIVATE LIMITED	Director	25/08/2006	07/04/2006	-	Active	NO
6	L15201GJ1994PLC023490	ZYDUS WELLNESS LIMITED	Director	29/09/2006	27/07/2006	-	Active	NO
7	U24239GJ1982PLC075559	LIVA HEALTHCARE LIMITED	Nominee director	18/04/2007	18/04/2007	20/08/2012	Active	NO
8	U85100MH2010PTC208778	VIOLIO PHARMA PRIVATE LIMITED	Director	07/10/2010	07/10/2010	-	Active	NO
9	U24233MH2011PTC213118	BAYER ZYDUS PHARMA PRIVATE LIMITED	Director	31/05/2012	24/03/2011	-	Active	NO
10	U74140DL2010PLC210936	FINEST PROCURING SOLUTIONS LIMITED	Additional director	27/07/2011	27/07/2011	-	Amalgamated	NO
11	U24230MH2004PLC149397	BIOCHEM PHARMACEUTICAL INDUSTRIES LIMITED PART IX	Director	26/07/2012	21/12/2011	-	Active	NO
12	U24230GJ2009PLC056149	ZYDUS TECHNOLOGIES LIMITED	Additional director	03/01/2013	03/01/2013	-	Active	NO

Name :

Mr. Manubhai Khodidas Patel

Designation :

Director

Address :

141 Chittvan, Near Gala Bunglows, Bopal Road, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

06.11.1956

Qualification :

B.Com, C.A.

Date of Appointment :

25.08.2006

DIN No.:

00132045

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	U80903GJ1993NPL020139	PARYAVARAN EDUTECH	Director	27/08/2001	27/08/2001	-	Active	NO
2	U51390GJ2005PLC046314	DIALFORHEALTH UNITY LIMITED	Nominee director	23/06/2005	23/06/2005	-	Active	NO
3	U24230GJ2005PTC046915	ZYDUS BSV PHARMA PRIVATE LIMITED	Director	25/08/2006	07/04/2006	-	Active	NO
4	U73100GJ2005PTC046914	ZYDUS BSV RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Director	25/08/2006	07/04/2006	-	Amalgamated	NO
5	L15201GJ1994PLC023490	ZYDUS WELLNESS LIMITED	Director	29/09/2006	27/07/2006	27/04/2009	Active	NO
6	U74990GJ2000PTC037367	GVFL TRUSTEE COMPANY PRIVATE LIMITED	Director	30/08/2008	25/09/2007	-	Active	NO
7	U24230GJ2009PLC056149	ZYDUS TECHNOLOGIES LIMITED	Managing director	29/09/2010	20/02/2009	-	Active	NO
8	U85100MH2010PTC208778	VIOLIO PHARMA PRIVATE LIMITED	Director	07/10/2010	07/10/2010	-	Active	NO

Name :

Mr. Madhav Shripadrao Kulkarni

Designation :

Director

Address :

12 Pushp Bunglow, Ashok Vatika, Ambli Bopal Road, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

17.02.1954

Date of Appointment :

01.02.2012

DIN No.:

01916094

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	U24239GJ1982PLC075559	LIVA HEALTHCARE LIMITED	Director	29/09/2007	14/08/2007	-	Active	NO
2	U24230GJ2005PTC046915	ZYDUS BSV PHARMA PRIVATE LIMITED	Director	01/02/2012	01/02/2012	-	Active	NO
3	U24231GJ1994PLC023298	ZYDUS PHARMACEUTICALS LIMITED	Additional director	03/01/2013	03/01/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rashmin Shah
Designation :	Chief Finance Officer
Name :	Mr. Rajen Niranjanbhai Jhaveri
Designation :	Secretary
Address :	A-32, Saiyam Apartments, Behind Nehru Nagar, Ambavadi, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	14.10.1958
Date of Appointment :	07.12.2007
PAN No.:	ABZPJ6822B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Equity Shares
Bharat Serums and Vaccines Limited, India	11130000
Bharat Vinod Daftary	17500
Gautam Vinod Daftary	17500
Cadila Healthcare Limited, India	11165000
Total	22330000

Names of Shareholders	No. of Preference Shares
Bharat Serums and Vaccines Limited, India	1375000
Cadila Healthcare Limited, India	1375000
Total	2750000

As on: 14.02.2013

Names of Allottees	No. of Preference Shares
Bharat Serums and Vaccines Limited, India	700000
Cadila Healthcare Limited, India	700000
Total	1400000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products.

Products :

Product Description	ITC Code
Doxorubicin Hydrochloride Liposomal Injection 2 MG / ML	30049046

Exports :

Products :

Finished Good

Countries :

· Germany

· USA

Imports :

Products :

Raw Materials

Countries :

· USA

· China

Terms :

Selling :

Credit

Purchasing :

Credit and Depend

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

120 (Approximately)

Bankers :

· Export - Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· Bank of Baroda

· HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Rupee term loans from others	116.664	233.332
Total	116.664	233.332

Banking Relations :	--
Auditors :
Name :	M.M. Nissim and Company Chartered Accountants
Address :	Barodawala Mansion, B-wing, 3rd Floor, 81 Dr. Annie Basant Road, Worli, Mumbai – 400018, Maharashtra, India
PAN No.:	AAAFM5103E
Joint Venture :	· Bharat Serums and Vaccines Limited CIN No.: U24230MH1971PLC015134 · Cadila Healthcare Limited CIN No.:L24230GJ1995PLC025878

CAPITAL STRUCTURE

After: 29.09.2013

Authorised Capital : Rs.700.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.658.300 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
26000000	Equity Shares	Rs.10/- each	Rs.260.000 Millions
4400000	Preference Shares	Rs.100/- each	Rs.440.000 Millions
	Total		Rs.700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22330000	Equity Shares	Rs.10/- each	Rs.223.300 Millions
2750000	Preference Shares	Rs.100/- each	Rs.275.000 Millions
	Total		Rs.498.300 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	498.300	312.300
(b) Reserves & Surplus	(118.415)	(40.078)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	379.885	272.222
(3) Non-Current Liabilities
(a) long-term borrowings	116.664	233.332
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	3.045	3.181
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	119.709	236.513
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	3.257	0.000
(c) Other current liabilities	122.183	130.693
(d) Short-term provisions	0.068	0.000
Total Current Liabilities (4)	125.508	130.693
TOTAL	625.102	639.428
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	577.534	58.128
(ii) Intangible Assets	18.209	25.222
(iii) Capital work-in-progress	0.000	537.646
(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	3.819	3.980
(e) Other Non-current assets	0.594	0.593
Total Non-Current Assets	600.156	625.569
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	8.843	7.888
(c) Trade receivables	6.724	0.000
(d) Cash and cash equivalents	7.857	3.821
(e) Short-term loans and advances	0.792	1.185
(f) Other current assets	0.730	0.965
Total Current Assets	24.946	13.859
TOTAL	625.102	639.428

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		223.300
2] Share Application Money		9.000
3] Reserves & Surplus		30.300
4] (Accumulated Losses)		(58.217)
NETWORTH		204.383
LOAN FUNDS
1] Secured Loans		350.000
2] Unsecured Loans		0.000
TOTAL BORROWING		350.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		554.383
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		94.703
Capital work-in-progress		274.224
Expenditure pending allocation		176.807
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.687
	Sundry Debtors	0.000
	Cash & Bank Balances	5.210
	Other Current Assets	0.000
	Loans & Advances	6.368
Total Current Assets		18.265
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.982
	Other Current Liabilities	1.151
	Provisions	1.483
Total Current Liabilities		9.616
Net Current Assets		8.649
MISCELLANEOUS EXPENSES		0.000
TOTAL		554.383

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	56.699	14.842	5.686
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	111.117	17.643	19.928
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(54.418)	(2.801)	(14.242)
Less/ Add	DEPRECIATION/ AMORTISATION		23.953	9.360	9.412
	PROFIT/ (LOSS) BEFORE TAX		(78.371)	(12.161)	(23.654)
Less	TAX		(0.034)	0.000	(0.004)
	PROFIT/ (LOSS) AFTER TAX		(78.337)	(12.161)	(23.650)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(70.378)	(58.217)	(34.567)
	BALANCE CARRIED TO THE B/S		(148.715)	(70.378)	(58.217)
	Earnings/ (Loss) Per Share (Rs.)		(4.25)	(0.66)	(1.13)

Particulars	31.03.2013
Sales Turnover (Approximately)	200.000

The above information has been parted by Mr. Rashmin Shah

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(138.16)	(81.94)	(415.93)
Return on Total Assets (PBT/Total Assets}	(%)	(12.54)	(11.95)	(20.94)
Return on Investment (ROI) (PBT/Networth)		(0.21)	(0.04)	(0.12)
Debt Equity Ratio (Total Debt/Networth)		0.31	0.86	1.71
Current Ratio (Current Asset/Current Liability)		0.20	0.11	1.90

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The Registered Office of the company has been shifted from "Zydus Tower" Satellite Cross Roads, Sarkej Gandhinagar Highway, Ahmedabad – 380015, Gujarat, India to the present address w.e.f. 09.02.2009

BACKGROUND

Subject is a 50:50 Joint Venture between Cadila Healthcare Limited and Bharat Serums and Vaccines Limited. Until previous reporting period, the Company was in process of setting up its facility for manufacturing anti-cancer formulations in the Pharmez, Special Economic Zone near Ahmedabad. The Company has started the commercial production in the current reporting period.

OPERATIONS:

During the year, 5 commercial batches of Liposomal Hydrochloride Doxorubicin (brand named as NUDOXA) for Indian market were made under Loan Licence Agreement at Cadila Healthcare Limited (C.H.L.) Goa manufacturing facility. In the Oncology block of the said facility of C.H.L., the Company had bought and installed production and quality control equipments worth Rs. 13.400 Millions. The commercial production at SEZ site has commenced in August, 2011. The major part of the expenses upto end of July, 2011, incurred by the Company at this manufacturing facility at S.E.Z. site at Village Matoda, Ta. Sanand near Ahmedabad were transferred to `Pre-operative Expenses and then allocated to buildings, plant and machineries etc. on commencement of commercial production at SEZ site.

FUTURE OUTLOOK:

The Company’s patented product viz. `Non-pegylated Liposomal Hydrochloride Doxorubicin offers good potential Further, Company’s efforts in actively pursuing various Companies Indian and Foreign for securing Contract Manufacturing business have yielded better results and has become a key business activity of the Company.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

Intangible Assets

· Patents

· Know-how

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 records 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.59.41
UK Pound	1	Rs.90.74
Euro	1	Rs.78.11

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.