MIRA INFORM REPORT

Report Date :

19.03.2013

IDENTIFICATION DETAILS

Name :	BLISS GVS PHARMA LIMITED
Registered Office :	102, Hyde Park, Saki Vihar Road, Andheri (East), Mumbai-400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.12.1984
Com. Reg. No.:	11-034771
Capital Investment / Paid-up Capital :	Rs. 103.147 Millions
CIN No.: [Company Identification No.]	L24230MH1984PLC034771
TAN No.: [Tax Deduction & Collection Account No.]	MUMB10979D
PAN No.: [Permanent Account No.]	AABCN1328J
Legal Form :	A Public Limited Liability Company. The Company’s shares are listed on the stock exchanges.
Line of Business :	Manufacturer of Female Contraceptives, Soft Pessaries and Suppositories.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 8400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Listing :	Yes
Comments :	Subject is a well established company having a good track record. The financial strength and the performance capability of the company appear good. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for business dealings at usual trade terms and condition.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB+ (Term Loans)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January 2012

Rating Agency Name	ICRA
Rating	A2+ (Short Term Limits)
Rating Explanation	Strong degree of safety and low credit risk.
Date	January 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 :	102, Hyde Park, Saki Vihar Road, Andheri (East), Mumbai-400072, Maharashtra, India
Tel. No.:	91-22-42160000
Fax No.:	91-22-28563930
E-Mail :	info@blissgvspharma.com ramesh@netmagicsolutions.com
Website :	www.blissgvspharma.com
Factory :	Plot No.10 and 11, Survey No. 38/1, Dewan Udyog Nagar, Aliyali Village, Taluka - Palghar, District Thane, Maharashtra
Tel. No.:	91 - 22 - 28505387 / 28503870
Fax No.:	91 - 22 – 28563930
E-Mail :	info@blissgvspharma.com

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Govind G Desai
Designation :	Chairman
Name :	Mr. Gautam R Ashra
Designation :	Director
Name :	Mr. Mayank Mehta
Designation :	Director
Name :	Mr. S R Vaidya
Designation :	Director
Name :	Mr. Shibroor N Kamath
Designation :	Managing Director
Name :	Ms. Shruti N Kamath
Designation :	Whole Time Director
Name :	Dr. Vibha N Kamath
Designation :	Whole Time Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2012

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	64836246	62.86
Bodies Corporate	2122584	2.06
Sub Total	66958830	64.92
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	66958830	64.92
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	37580	0.04
Foreign Institutional Investors	31945	0.03
Sub Total	69525	0.07
(2) Non-Institutions
Bodies Corporate	9023170	8.75
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	20455573	19.83
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4327654	4.2
Any Others (Specify)	2311920	2.24
Clearing Members	419859	0.41
Non Resident Indians	1892061	1.83
Sub Total	36118317	35.02
Total Public shareholding (B)	36187842	35.08
Total (A)+(B)	103146672	100
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0
(1) Promoter and Promoter Group	0	0
(2) Public	0	0
Sub Total	0	0
Total (A)+(B)+(C)	103146672	0

BUSINESS DETAILS

Line of Business :	Manufacturer of Female Contraceptives, Soft Pessaries and Suppositories.
Products :	· Nonoxynol 9 Vaginal Contraceptive · 100 MG Clotrimazole Vaginal Contraceptive · Hydrocortisone Anal Suppositories

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Production
Pharma	Ltrs / Kgs / Nos.	680.87
Healthcare Products	Nos. / Boxes	17.04
Trading Items	Nos. / Boxes	6.23

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Federal Bank Limited

· Export Import Bank of India

· State Bank of Bikaner and Jaipur

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long -Term Borrowings
Rupee term loans
-from banks	29.419	36.525
Short-Term Borrowings
Loans repayable on demand
- from Banks	22.211	32.869
TOTAL	51.630	69.394
NOTES LONG -TERM BORROWINGS Term Loan from bank is secured by equitable mortgage of Land and Building and Plant and Machinery of EOU unit. Repayable from March 2010 in 66 monthly installments. SHORT-TERM BORROWINGS Cash credit from bank is secured by Hypothecation of extension of charge on Inventory, advance to suppliers, goods in transit and Receivables.

Banking Relations :	--
Auditors :
Name :	B K Khare and Company Chartered Accountant
Address :	Mumbai, Maharashtra, India
Associates :	· Kanji Pitamber Forex Private Limited · Kanji Forex Private Limited · Kanji Pitamber and Company · Genteel Trading Company Private Limited · Monochrome Investment Private Limited · Ace Investments Service (India) Limited · Prachi Graphics · D E Pavri · Florotek Bio Systems · Sathyashree Constructions · Ashtavinayak Enterprises · Patel Power Private Limited · Sitaram Pai Memorial Trust · Bliss Indasi Lifescience Private Limited · Bliss GVS International Pte Limited · GNR Enterprises

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.1/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
103146672	Equity Shares	Rs.1/- each	Rs. 103.147 Millions

NOTES

Details Shareholder Holding More than 5% shares in the company

Particulars	31.03.2012
	Nos.	%Holdings
Shibroor Narsimha Kamath	505170024	48.98
Gautam Rasiklal Ashra	11231045	10.89
Winever Investment Consultants Private Limited	5868000	5.69

Aggregate No of Bonus Shares Issued, Shares issued for consideration other than Cash during the period of 5 Years Immediately preceeding reporting date

	31.03.2012
Equity Shares of Rs. 1/- each fully paid have been issued as Bonus Shares by Capitalization of General Reserve and Share Premium Account.	38680002

The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital

The Company has only one class of Equity Shares having a par value of Rs. 1/- per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the unlikely event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, in proportion to the number of equity shares held by the shareholders.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		103.147	103.147	103.147
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2001.163	1563.062	1228.926
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2104.310	1666.209	1332.073
LOAN FUNDS
1] Secured Loans		51.630	69.394	76.421
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		51.630	69.394	76.421
DEFERRED TAX LIABILITIES		12.017	0.000	0.000
TOTAL		2167.957	1735.603	1408.494
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		400.303	199.288	202.044
Capital work-in-progress		6.287	75.539	34.107
INVESTMENT		94.097	0.001	0.001
DEFERREX TAX ASSETS		0.000	3.744	2.754
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	126.809	116.113	306.729
	Sundry Debtors	1285.902	1196.123	704.098
	Cash & Bank Balances	579.040	179.830	153.222
	Other Current Assets	16.906	3.069	0.000
	Loans & Advances	194.073	361.267	187.172
Total Current Assets		2202.730	1856.402	1351.221
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	401.169	313.973	82.213
	Other Current Liabilities	53.320	43.466	34.485
	Provisions	80.971	41.932	64.935
Total Current Liabilities		535.460	399.371	181.633
Net Current Assets		1667.270	1457.031	1169.588
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2167.957	1735.603	1408.494

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2666.749	2188.381	1688.753
		Other Income	162.005	18.727	22.485
		TOTAL (A)	2828.754	2207.108	1711.238
Less	EXPENSES
		Cost of materials consumed	1479.948	1202.784	1179.234
		Purchase of stock in trade	100.129	78.100
		Employee benefits expense	60.315	43.047
		Other expenses	319.895	284.135
		Changes in Inventories of finished goods/WIP/stock in trade	(5.360)	(6.940)
		TOTAL (B)	1954.927	1601.126	1179.234
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		873.827	605.982	532.004
Less	FINANCIAL EXPENSES (D)		40.241	21.473	20.441
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		833.586	584.509	511.563
Less/ Add	DEPRECIATION/ AMORTISATION (F)		36.461	54.695	54.011
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		797.125	529.814	457.552
Less	TAX (H)		268.835	123.511	40.337
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		528.290	406.303	417.215
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	694.339
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	NA	35.000
		Dividend	NA	NA	60.336
	BALANCE CARRIED TO THE B/S		NA	NA	1016.218
	EARNINGS IN FOREIGN CURRENCY		2489.488	2018.262	1330.596
	Earnings Per Share (Rs.)		5.12	3.94	4.04

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	643.400	1048.700	818.500
Total Expenditure	424.800	681.200	571.600
PBIDT (Excl OI)	218.600	367.500	246.800
Other Income	39.500	9.900	27.800
Operating Profit	258.100	377.400	274.600
Interest	8.100	13.300	22.100
Exceptional Items	0.000	0.000	0.000
PBDT	250.000	364.100	252.600
Depreciation	10.700	11.100	10.600
Profit Before Tax	239.400	353.000	242.000
Tax	70.400	106.100	148.100
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	169.000	246.900	93.900
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	169.000	246.900	93.900

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	18.68	18.41	24.38
Net Profit Margin (PBT/Sales)	(%)	29.89	24.21	27.09
Return on Total Assets (PBT/Total Assets}	(%)	30.62	25.73	29.41
Return on Investment (ROI) (PBT/Networth)		0.38	0.32	0.34
Debt Equity Ratio (Total Debt /Networth)		0.02	0.04	0.06
Current Ratio (Current Asset/Current Liability)		4.11	4.65	7.44

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	No
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)	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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

THE YEAR UNDER REVIEW

The Company has successfully completed 27 years of operation. The Company’s key businesses have reported an encouraging performance for the year ended 31^st March 2012.

OPERATIONS

Net Sales of the company were Rs. 2666.749 Millions as compared to Rs.2188.381 Millions in the previous year. Profit before tax was Rs. 7971.25 as compared to Rs. 529.814 Millions in the previous year. Profit after tax was Rs. 528.290 Millions as compared to Rs. 406.303 Millions in the previous year. The Company booked a profit of Rs. 1346.84 due to foreign Exchange Fluctuation and better foreign exchange management.

FUTURE OUTLOOK

As part of future expansion and Business Convenience, the Company incorporated a 100% Subsidiary at Singapore to overseas the Business of export. The company strategically holds 51% stake in Bliss Indasi Lifescience Private Limited.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY OVERVIEW

In the words of Richard Gerster, the famous economist and activist, Indian pharmaceutical industry can be defined as a success story providing employment for thousands and ensuring that essential drugs are available at affordable prices to the vast population of Indian sub-continent. The Indian pharmaceutical industry has witnessed a growth rate of about 10% over the last few years. Indian Pharmaceutical industry is further expected to continue to grow at a faster pace as compared to the global pharma sector.

COMPANY OVERVIEW

The Bliss GVS Pharma Limited is primarily engaged in manufacturing of Pessary and Suppository Formulations, Calcium Preparations, Protein Powders, Iron Preparations, Antibiotics, Analgesic and Antipyretics, Respiratory, Antiinflammatory, Anti-Malarial, Dermatological Preparations, Anti-Diarrhoeal products.

OUTLOOK

The Company planned to set up local manufacturing units and Joint Venture and by relating its subsidiary to do better business.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

During the year the Company has earned Income of Rs. 2828.755 Millions as against Rs. 2207.107 Millions in the previous year registering a rise of Rs. 621.648 Millions. During the year the Company has registered a Net Profit before tax of Rs. 797.125 Millions as against Rs. 529.814 Millions in the previous year.

FIXED ASSETS

· Goodwill

· Brands

· Land

· Buildings

· Plant and Machinery

· Furniture, Fixtures and Office Equipments

· Vehicles

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2012

(Rs. in millions)

Sr. No.	Particular	Quarter Ended		Year Ended
		31.12.2012 (Unaudited)	30.09.2012 (Unaudited)	31.12.2012 (Unaudited)
1.	Income from Operations
	Net Sales	813.168	1029.227	2479.811
	Other Operating Income	5.280	19.434	30.680
	Net Sales/Income from Operations	818.448	1048.661	2510.491
2.	Expenditure
	Cost of Material Consumed	456.795	515.738	1324.281
	Purchase of Stock In Trade	0.000	24.761	30.777
	Change in Inventories of Finished Goods, Work-In-Progress and Stock In Trade	(44.005)	23.240	(41.708)
	Employee Benefits Expenses	28.249	23.506	71.417
	Depreciation and Amortization Expenses	10.586	11.047	32.307
	Other Expenses	130.597	93.901	292.777
	f) Total	582.221	692.192	1709.851
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	236.228	356.469	800.640
4.	Other Income	27.809	9.873	77.146
5.	Profit Before Interest and Exceptional Items (3+4)	264.037	366.342	877.786
6.	Interest	22.046	13.330	43.434
7.	Profit After Interest but before Exceptional Items (5-6)	241.991	353.012	834.352
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	241.991	353.012	834.352
10.	Tax Expense	148.102	106.072	324.574
11.	Net Profit from Ordinary Activities after Tax (9-10)	93.889	246.940	509.778
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	93.889	246.940	509.778
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	103.147	103.147	103.147
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Basic and Diluted Earning Per Share (EPS)	0.91	2.39	4.94
17.	Public Shareholding
	-Number of Shares	36187842	36188842	36187842
	- Percentage of Shareholding	35.08	35.08	35.08
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	--	--	--
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	--	--	--
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	--	--	--
	b) Non Encumbered
	- Number of Shares	66958830	66957830	66958830
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00	100.00	100.00
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	64.92	64.92	64.92

Particulars	Quarter Ended 31^st Decembers 2012
Pending at the beginning of the quarter	--
Received during the quarter	5
Disposed of during the quarter	5
Remaining unresolved at the end of the quarter	--

NOTES

1. The company operates primarily in the pharmaceutical business and hence has only one reportable segment.

2. The statutory auditors have carried out “limited review” of the aforesaid result.

3. The above results were reviewed by the audit committee and were there after approved by the board at its meeting held on 13^th February, 2013.

4. In view of the extant volatility in exchange rates and considering longer duration of exports receivables, unrealized exchange gains aggregating to Rs. 93.000 Million which would have been reported on such exports receivable at the closing rate is not accounted for in the above interim financial statement. The same will be recognized in the books on actual settlement or at the yearend whichever is earlier. The statutory auditors have brought this fact to the notice in their limited review report.

5. Tax expenses for the nine months and current quarter includes short provision of Rs. 70.096 Millions pertaining to earlier years.

6. The board has recommended an interim dividend of 30% i.e. Rs. 0.30 per equity share for the year 2012-2013.

WEBSITE DETAILS

PROFILE

Subject was incorporated on 11^th December, 1984 as Public Limited Company. It is listed on Bombay and National Stock Exchange. The Manufacturing Plant is located at Palghar (approximately 90 kms from Bombay) in an industrial area which is well developed with all infra-structural facilities. The plant is 1.5 kms from Palghar Railway Station on the Western Railway. The company's most unique product is 'Today' Vaginal Contraceptive, a safe female contraceptive aimed at furthering planned parenthood and is also an established method for preventing conception.

Subject has the most modern plant to manufacture Female Contraceptives, Soft Pessaries and Suppositories. Its most popular product is 'Today' Vaginal Contraceptive pessaries containing Nonoxynol 9. Bliss also manufactures to U.S. specification vaginal pessaries of Clotrimazole and Povidone Iodine in addition to Anal Suppositories for treatment of Piles.

Subject complies with all norms laid down by Food and Drug Administration for manufacture of its products and maintains high International GMP standards.

Subject also manufacturers wide range of Pessary Formulations, Suppository Formulations, Calcium Preparation, Protein Powders, Iron Preparation, Antibiotics, Analgesic and Antipyretics, Respiratory, Anti-inflammatory, Dermatological Preparations, Anti-Diarrhoeal products.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 54.29
UK Pound	1	Rs. 81.93
Euro	1	Rs. 70.01

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		55

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.