MIRA INFORM REPORT

Report Date :

12.06.2013

IDENTIFICATION DETAILS

Name :	SAMRAT PHARMACHEM LIMITED (w.e.f. 24.07.1992)
Formerly Known As :	SAMRAT PHARMACHEM PRIVATE LIMITED
Registered Office :	Plot No.A2/3445, G.I.D.C., Phase–4, Ankleshwar – 393 002, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.06.1992
Com. Reg. No.:	04-017820
Capital Investment / Paid-up Capital :	Rs.30.897 Millions
CIN No.: [Company Identification No.]	L24230GJ1992PLC017820
IEC No.:	0392065622
TAN No.: [Tax Deduction & Collection Account No.]	MUMS42633D BRDS06273B
PAN No.: [Permanent Account No.]	AAECS0806M
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Exporter and Importer of Pharmaceutical Chemicals.
No. of Employees :	29 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has achieved better growth in its turnover during 2012. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – 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 DECLINED BY

Name :	Mr. Rajesh Lalit Mehta
Designation :	Whole Time Director
Contact No.:	91-9321002222
Date :	11.06.2013

LOCATIONS

Registered Office/ Statutory Office/ Factory 1 :	Plot No.A2/3445, G.I.D.C., Phase–4, Ankleshwar – 393 002, Gujarat, India
Tel. No.:	91-2646-220774
Mobile No.:	91-9321002222 (Mr. Rajesh Mehta)
Fax No.:	91-2646-251291
E-Mail :	samrat@bom4.vsnl.net.in
Website :	http://www.samratpharmachem.com
Area :	3645 sq. mtr
Location :	Leased
Corporate Office 1 :	A/7, Sai Prasad, 2^nd Floor, Teli Gali Cross Lane, Andheri (East), Mumbai – 400 069, Maharashtra, India
Tel. No.:	91-22-26841707/ 40/ 26833756
Fax No.:	91-22-26843745
E-Mail :	samrat@bom4.vsnl.net.in
Area :	500 sq. ft.
Location :	Leased
Corporate Office 2 :	701/702, Business Square, M.A. Road, Andheri (West), Mumbai – 400 058, Maharashtra, India
Tel. No.:	91-22-26701050/ 1/ 2
Fax No.:	91-22-26701053
E-Mail :	samrat@bom4.vsnl.net.in
Factory 2 :	Plot No.A2/3444, G.I.D.C., Phase–4, Ankleshwar – 393 002, Gujarat, India
Divisional Office :	Plot No. C/4/9, Central Excise Building, Behind Roshan Cinema, G.I.D.C. Estate, Ankleshwar - 393 002, Gujarat, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Lalit Damodar Mehta

Designation :

Managing Director

Address :

B/74, Roop Darshan, Juhu Lane, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

08.08.1936

Qualification :

B. Sc , LLB

Date of Appointment :

01.04.2011

PAN No.:

AABPM9691E

DIN No.:

00216681

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	L24230GJ1992PLC017820	SAMRAT PHARMACHEM LIMITED	Managing director	01/04/2011	16/06/1992	-	Active	NO

Name :

Mr. Rajesh Lalit Mehta

Designation :

Whole Time Director

Address :

B/74, Roop Darshan, Juhu Lane, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

25.06.1964

Qualification :

B.Com, ACA

Date of Appointment :

01.04.2011

PAN No.:

AABPM9692H

DIN No.:

00216731

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	L24230GJ1992PLC017820	SAMRAT PHARMACHEM LIMITED	Whole-time director	01/04/2011	16/06/1992	-	Active	NO

Name :

Mr. Mahendra Indulal Pipalia

Designation :

Director

Address :

A/15, Shatdal, Azad Lane, S.V. Road, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

09.11.1963

Qualification :

B.Com, ACA

Date of Appointment :

17.03.2003

DIN No.:

00216959

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	U74140MH1995PTC093969	OM MANAGEMENT AND FINANCIAL SERVICES PRIVATE LIMITED	Director	27/10/1995	27/10/1995	02/02/2009	Active	YES
2	L24230GJ1992PLC017820	SAMRAT PHARMACHEM LIMITED	Director	17/03/2003	17/03/2003	-	Active	NO
3	U51909MH2004PTC143875	PROTON INFOSOLUTIONS PRIVATE LIMITED	Director	17/09/2004	17/09/2004	-	Active	NO

Name :

Mr. Samir Harsukhrai Kothary

Designation :

Director

Address :

B/45, Roop Darshan, Juhu Lane, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

10.10.1962

Qualification :

B. Sc, DBM

Date of Appointment :

30.07.2003

DIN No.:

00216603

Name :

Mr. Hitendra Narendra Shah

Designation :

Director

Address :

B/308, Alka Society, S.V. Road, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

26.10.1967

Qualification :

B.Com.

Date of Appointment :

30.12.2005

DIN No.:

00216891

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	1445431	46.78
Sub Total	1445431	46.78
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1445431	46.78
(B) Public Shareholding
(1) Institutions
Foreign Institutional Investors	100000	3.24
Sub Total	100000	3.24
(2) Non-Institutions
Bodies Corporate	145086	4.70
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	951705	30.80
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	395059	12.79
Any Others (Specify)	52419	1.70
Clearing Members	7019	0.23
Non Resident Indians	45400	1.47
Sub Total	1544269	49.98
Total Public shareholding (B)	1644269	53.22
Total (A)+(B)	3089700	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)	3089700	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Pharmaceutical Chemicals.

Products :

Item Code	Product Description
28276010	Potassium Iodide
28276020	Sodium Iodide
28012000	Iodine

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Pharmaceutical Chemicals	MT	415.20	372.90

GENERAL INFORMATION

No. of Employees :

29 (Approximately)

Bankers :

• ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India
• ICICI Bank Limited, Sagar Avenue, S.V. Road, Andheri (West), Mumbai – 400 058, Maharashtra, India
• CITI Bank N.A., Kalpachandra, S.V. Road, Andheri (West), Mumbai – 400 058, Maharashtra, India
• HDFC Bank Limited, Jamuna Apartments, S.V. Road, Andheri (West), Mumbai – 400 058, Maharashtra, India
• State Bank of India, Rahul Apartments, S.V. Road, Andheri (West), Mumbai – 400 058, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	13.202	0.000
SHORT-TERM BORROWINGS
Loans repayable on demand from banks (Stock, Book Debts and Fixed Asset)	21.006	16.324
Total	34.208	16.324

Banking Relations :	--
Auditors :
Name :	Shah, Shah and Shah Chartered Accountants
Address :	502, Damji Shamji Trade Centre, Vidyavihar (West), Mumbai – 400 086, Maharashtra, India
Tel. No.:	91-22-25100861/ 25109990
E-Mail :	info@shah3ca.com
Income-tax PAN of auditor or auditor's firm :	AALFS8301D

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3089700	Equity Shares	Rs.10/- each	Rs.30.897 Millions

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	30.897	30.897
(b) Reserves & Surplus	94.069	56.297
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) Long-term borrowings	13.202	0.000
(b) Deferred tax liabilities (Net)	2.502	2.320
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	21.006	16.324
(b) Trade payables	138.553	79.280
(c) Other current liabilities	0.381	0.228
(d) Short-term provisions	14.546	2.594
TOTAL	315.156	187.940
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.297	25.394
(ii) Intangible Assets	0.018	0.034
(iii) Capital work-in-progress	27.600	4.328
(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	1.027	0.830
(e) Other Non-current assets	1.376	1.124
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	73.673	30.806
(c) Trade receivables	105.013	93.700
(d) Cash and cash equivalents	44.487	14.961
(e) Short-term loans and advances	0.216	0.180
(f) Other current assets	25.449	16.583
TOTAL	315.156	187.940

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.897
2] Share Application Money		0.000
3] Reserves & Surplus		42.875
4] (Accumulated Losses)		0.000
NETWORTH		73.772
LOAN FUNDS
1] Secured Loans		16.292
2] Unsecured Loans		0.000
TOTAL BORROWING		16.292
DEFERRED TAX LIABILITIES		2.212
TOTAL		92.276
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.039
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.154
	Sundry Debtors	75.949
	Cash & Bank Balances	30.423
	Other Current Assets	4.854
	Loans & Advances	2.047
Total Current Assets		127.427
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	57.452
	Other Current Liabilities	0.200
	Provisions	0.538
Total Current Liabilities		58.190
Net Current Assets		69.237
MISCELLANEOUS EXPENSES		0.000
TOTAL		92.276

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	695.431	434.296	479.695
		Other Income	2.508	1.455	0.224
		TOTAL (A)	697.939	435.751	479.919
Less	EXPENSES
		Cost of materials consumed	649.748	377.379	461.396
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(58.877)	(4.013)
		Employee benefit expense	5.048	3.798
		Other expenses	35.942	33.074
		TOTAL (B)	631.861	410.238	461.396
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		66.078	25.513	18.523
Less	FINANCIAL EXPENSES (D)		6.160	2.792	3.037
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		59.918	22.721	15.486
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.928	1.613	1.465
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		57.990	21.108	14.021
Less	TAX (H)		20.217	7.686	2.748
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		37.773	13.422	11.273
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		56.297	42.875	31.602
	BALANCE CARRIED TO THE B/S		94.070	56.297	42.875
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	253.221	111.057	64.821
	TOTAL EARNINGS		253.221	111.057	64.821
	IMPORTS
		Raw Materials	NA	314.956	301.544
	TOTAL IMPORTS		NA	314.956	301.544
	Earnings/ (Loss) Per Share (Rs.)		12.23	4.34	3.96

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)
Net Sales	178.100	198.000	158.300	172.700
Total Expenditure	175.800	189.600	154.800	172.600
PBIDT (Excl OI)	2.300	8.400	3.500	0.100
Other Income	0.400	0.500	0.000	2.600
Operating Profit	2.700	8.900	3.500	2.700
Interest	1.700	4.000	1.700	2.000
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	0.900	4.900	1.800	0.700
Depreciation	0.600	0.600	0.600	0.600
Profit Before Tax	0.300	4.300	1.100	0.100
Tax	0.200	1.300	0.200	0.100
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	0.200	3.000	0.900	0.000
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	0.200	3.000	0.900	0.000

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.41	3.08	2.35
Net Profit Margin (PBT/Sales)	(%)	8.34	4.86	2.92
Return on Total Assets (PBT/Total Assets}	(%)	20.17	11.62	9.32
Return on Investment (ROI) (PBT/Networth)		0.46	0.24	0.19
Debt Equity Ratio (Total Debt/Networth)		0.27	0.19	0.22
Current Ratio (Current Asset/Current Liability)		1.43	1.59	2.19

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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 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	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

OPERATIONS

The company has performed reasonably well during the year. In a highly competitive business environment, the Company achieved a turnover of Rs.754.324 millions as against Rs.475.571 millions achieved last year - an increase of around 59%. Production of 300.04 tons of pharmaceutical chemicals was achieved during the year.

EXPORTS

During the year 2011-2012 the company's export division registered sales of Rs.253.221 millions, up from Rs.111.057 millions last year. The Company has initiated several export promotion measures to increase exports. The products of the Company have been well accepted in the international market and the Company expects better export turnover in the coming year.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENTS

The Company is a producer of pharmaceutical chemicals. The intermediates produced are used in pharmaceutical and chemical industries. The Company is amongst the manufacturers who produce for local and international needs of the pharmaceuticals and chemicals industry. The pharmaceutical and chemical industry is growing at a rapid pace every year. This results into growth of the support or intermediate industry like us.

PRODUCT PERFORMANCE

The company has two plants producing varied items. The basic purpose of producing in two different plants is to improve efficiency and manageability. The Company shall achieve sustainable growth in both plants by modernization and automation of operations. According to the Directors, these plants facilitate better division of labour, enable them to develop expertise in each plant and their respective items, and hence improve productivity and profitability of the Company.

OUTLOOK

According to Yes Bank Report titled "Indian Pharmaceutical Industry: Vision 2015", the Indian Pharmaceutical and Chemical industry is projected to grow at an annual rate of 14.2%. Currently valued at USD 10 Billion, the projected turnover to touch USD 50 Billion by the year 2015.

FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

A satisfactory business performance with average volume growth in key products and business units, combined with productivity improvement, cost management and working capital management have contributed to the good operating results for the year. Also sharp focus on cost and margins has resulted in enhanced operational efficiency.

Bankers Charges Report as per Registry

Corporate identity number of the company	L24230GJ1992PLC017820
Name of the company	SAMRAT PHARMACHEM LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.A2/3445, G.I.D.C., Phase–4, Ankleshwar – 393 002, Gujarat, India E-Mail: samrat@bom4.vsnl.net.in
This form is for	Modification of charge
Charge identification number of the modified	80001467
Type of charge	Book Debts Movable Property (not being pledge) Others (All current assets and moveable fixed assets)
Particular of charge holder	CIN No.: L65190GJ1994PLC021012 ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India E-Mail: charul.jain@icicibank.com
Nature of description of the instrument creating or modifying the charge	As per Supplemental Deed of Hypothecation dated October 20, 2012 executed for creation of charge on current assets on pari passu basis and first charge on moveable properties of the company to secure working capital limit of Rs.195.000 millions
Date of instrument Creating the charge	20.10.2012
Amount secured by the charge	Rs.195.000 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: As per sanction terms Terms of Repayment: As per sanction terms Margin: As per sanction terms Extent and Operation of the charge: First charge in favour of the Bank by way of hypothecation of the Company’s entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other moveables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, in a form and manner satisfactory to the Bank, ranking pari passu with other working capital bankers. Hypothecation on the present and future movable, fixed assets of the company. Others: As per sanction terms
Short particulars of the property charged	First charge in favour of the Bank by way of hypothecation of the Company’s entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other moveables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, in a form and manner satisfactory to the Bank, ranking pari passu with other working capital bankers. Hypothecation on the present and future movable, fixed assets of the company.
Particulars of the present modification	Previously first charge was created on current assets and moveable properties to secure working capital limits of Rs 155.000 millions. Present modification is for securing the aggregate limit of Rs.195.000 millions (enhanced from Rs.155.000 millions to Rs.195.000 millions). Also, the charge on current assets is modified to first pari passu charge.

FIXED ASSETS:

Tangible Assets

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipments

Intangible Assets

· Computer Software

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.58.93
UK Pound	1	Rs.91.80
Euro	1	Rs.78.18

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.