MIRA INFORM REPORT

Report Date :

19.03.2013

IDENTIFICATION DETAILS

Name :	DABUR INDIA LIMITED DABUR RESEARCH AND DEVELOPMENT CENTRE (A DIVISION OF DABUR INDIA LIMITED)
Formerly Known As :	DABUR (DR. S K BURMAN) PRIVATE LIMITED
Registered Office :	8/3, Asaf Ali Road, New Delhi – 110 002
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.09.1975
Com. Reg. No.:	55-007908
Capital Investment / Paid-up Capital :	Rs.1742.100 millions
CIN No.: [Company Identification No.]	L24230DL1975PLC007908
TAN No.: [Tax Deduction & Collection Account No.]	DELD01285E
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Ayurvedic and Natural Health Care, Personal Care and Food Products.
No. of Employees :	5650 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (68)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 52140000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a fourth largest FMCG Company in India with Interest in Health Care, Personal Care and Food Products. It is a well-established and a reputed company having a fine track record. Financial position of the company appears to be sound. The company’s products are well known in the market. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular as per commitments. The company can be considered good for any 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 – 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	CRISIL
Rating	Long Term Rating: AAA
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	November 21, 2012

Rating Agency Name	CRISIL
Rating	Short Term Rating: A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	November 21, 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 :	8/3, Asaf Ali Road, New Delhi – 110 002, India
Tel. No.:	91-11-23253488
Fax No.:	Not Available
E-Mail :	investors@dabur.com
Website :	http://www.dabur.com
Corporate Office :	Dabur Tower, Kaushambi, Sahibabad, Ghaziabad - 201 010, Uttar Pradesh, India
Tel. No.:	91-120-3982000 (30 Lines)
Fax No.:	91-120-4374935/ 3001000 (30 Lines)/ 3962100/ 4182100
E-Mail :	investors@dabur.com
Plant Locations :
SAHIBABAD
Unit I and II :	Plot No.22, Site IV, Sahibabad, Ghaziabad – 201 010, Uttar Pradesh, India
Tel. No.:	91-120-3008700 (30 Lines)
Fax No.:	91-120-2779914/ 4376924
BADDI
Hajmola Unit :	109, HPSIDC Industrial Area, Baddi, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Chyawanprash Unit :	220-221, HPSIDC Industrial Area, Baddi, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Amla/Honey Unit :	Village Billanwali Lavana, Baddi, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Glucose Unit :	Plot No.12, Industrial Area, Baddi, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Shampoo Unit :	Village Billanwali Lavana, Baddi, District District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Toothpaste Unit :	Village Billanwali Lavana, Baddi, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Honitus/Nature Care Unit :	109, HPSIDC Industrial Area, Baddi, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Food Supplement Unit :	221, HPSIDC Industrial Area, Baddi, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Oral Care Unit :	601, Malku Majra, Nalagarh Road, Baddi, District Solan – 173 205, Himachal Pradesh, India, Tel :, Fax :
Tel. No.:	91-1795-246363
Fax No.:	91-1795-244090
Green Field Unit :	Village Manakpur, Tehsil Baddi, District Solan – 174 101, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Air Freshener Unit :	Village Billanwali Lavana, Baddi, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Toothpowder Unit :	Village Billanwali Lavana, Baddi, District Solan – 173 205, Himachal Pradesh, India, Tel:, Fax :
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Skin Care Unit :	Village Manakpur, Tehsil Baddi, District Solan – 174 101, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
Honey Unit :	Village Manakpur, Tehsil Baddi, District Solan – 174 101, Himachal Pradesh, India
Tel. No.:	91-1795-244385
Fax No.:	91-1795-244090
PANTNAGAR
Unit I and Unit II :	Plot No.4, Sector-2, Integrated Industrial Estate, Pantnagar, District. Udham Singh Nagar – 263 146, Uttarakhand, India
Tel. No.:	91-5944-398500
Fax No.:	91-5944-250064
JAMMU
Unit I, II and III :	Lane No.3, Phase II, SIDCO Indl. Complex, Bari Brahmna, Jammu, India
Tel. No.:	91-1923-220123, 221970, 222341
Fax No.:	91-1923-221970
KATNI UNIT :	10.4 Mile Stone, NH -7, Village Padua, Katni - 483 442, Madhya Pradesh, India
Tel. No.:	91-7622-262317, 262297, 297507
ALWAR UNIT :	SP-C 162, Matsya Industrial Area, Alwar - 301 030, Rajasthan, India
Tel. No.:	91-144-2881542/ 5132101/ 5132102
Fax No.:	91-144-2881302
PITHAMPUR UNIT :	86-A, Kheda Industrial Area, Sector-3, Pithampur – 454 774, District. – Dhar, Madhya Pradesh, India
Tel. No.:	91-7292-400046 to 51
Fax No.:	91-7292-400112
NARENDRAPUR UNIT :	9, Netaji Subhash Chandra Bose Road, P.O. - Narendrapur, Kolkata - 700103, West Bengal, India
Tel. No.:	91-33-24772324-26, 24772620, 24772738, 24772740, 32919827/ 28
Fax No.:	91-33-24772621
SILVASSA UNIT :	Unit – I and II, Survey No. 225/4/1, Village Saily, Silvassa – 396230, Dadra and Nagar Haveli, India
Tel. No.:	91-260-2681071/ 72/ 73/ 74
Fax No.:	91-260-2681075
NEWAI UNIT :	G 50-59, IID Centre, NH-12, Road No.1, Newai, District Tonk – 304 020, Rajasthan, India
Tel. No.:	91-1438-223342, 223783, 223892
Fax No.:	91-1438-223010
JALPAIGURI UNIT :	Kartowa, P.O. Mahanvita, P.S. Rajganj, District Jalpaiguri – 735 135, West Bengal, India
NASHIK UNIT :	D-55, MIDC, Ambad, Nashik – 422 010, Maharashtra, India
Tel. No.:	91-253-6623222
Fax No.:	91-253-2383146, 2383577
Research and Development Centre :	Plot No.22, Site-IV, Sahibabad , Ghaziabad – 201 010, Uttar Pradesh, India
Tel. No.:	91-120-3982000 (30 lines)/ 3001000 (30 lines)
Fax No.:	91-120-2777816/ 2777817
Branch Office :	Located at: · Ahmedabad · Bangalore · Kolkata · Chandigarh · Chennai · Delhi · Guwahati · Hyderabad · Indore · Jaipur · Kochi · Mumbai · Patna · Raipur
Overseas Office :	Located at: · United Kingdom · USA

LOCATIONS

As on 31.03.2012

Name :	Dr. Anand Burman
Designation :	Chairman
Name :	Mr. Amit Burman
Designation :	Vice Chairman
Name :	Mr. Saket Burman
Designation :	Director
Name :	Mr. Mohit Burman
Designation :	Director
Name :	Mr. P.D. Narang
Designation :	Director
Name :	Mr. Sunil Duggal
Designation :	Director
Name :	Mr. R.C. Bhargava
Designation :	Director
Name :	Mr. P.N. Vijay
Designation :	Director
Name :	Dr. S. Narayan
Designation :	Director
Name :	Mr. Albert Wiseman Paterson
Designation :	Director
Name :	Mr. Analjit Singh
Designation :	Director
Name :	Dr. Ajay Dua
Designation :	Director

KEY EXECUTIVES

Name :	Mr. A.K. Jain
Designation :	Senior General Manager (Finance) and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2012

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2178000	0.12
Bodies Corporate	1194260850	68.52
Sub Total	1196438850	68.65
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	300000	0.02
Sub Total	300000	0.02
Total shareholding of Promoter and Promoter Group (A)	1196738850	68.66
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	7648052	0.44
Financial Institutions / Banks	38667050	2.22
Insurance Companies	43025458	2.47
Foreign Institutional Investors	341567305	19.60
Sub Total	430907865	24.72
(2) Non-Institutions
Bodies Corporate	17128434	0.98
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	73269417	4.20
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	18191960	1.04
Any Others (Specify)	6698485	0.38
Overseas Corporate Bodies	6000	0.00
Non Resident Indians	5764408	0.33
Clearing Members	476471	0.03
Trusts	451606	0.03
Sub Total	115288296	6.61
Total Public shareholding (B)	546196161	31.34
Total (A)+(B)	1742935011	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)	1742935011	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Ayurvedic and Natural Health Care, Personal Care and
Food Products.

Products :

Item Code No. (ITC Code)	Product Description
30049001	Ayurvedic Medicines
33059001	Hair Oils
33061000	Dentifrices

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Hair Oils	Kilo-ltrs	108419	31075
Chyawanprash	Tonnes	59927	17804
Honey	Tonnes	9341	6479
Tooth Powder and Paste	Tonnes	52882	28276
Hajmola	Tonnes	12239	5496
Asava – Arishta	Kilo-ltrs	11403	8100
Fruits, Nector and Drinks	Kilo-ltrs	35700	22470
Vegetable Pastes	Mt	4800	1258

GENERAL INFORMATION

No. of Employees :

5650 (Approximately)

Bankers :

· Punjab National Bank

· Standard Chartered Bank

· The Hong Kong and Shanghai Banking Corporation Limited

· The Royal Bank of Scotland

· Citibank N.A.

· HDFC Bank Limited

· IDBI Bank Limited

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Foreign Currency Term Loans from Bank	0.000	26.900
Deferred payment Liability	0.000	7.000
SHORT TERM BORROWINGS
Cash Credit from Banks	191.200	92.200
Total	191.200	126.100

Banking Relations :	--
Auditors :
Name :	G. Basu and Company Chartered Accountants
Internal Auditors :	Price Waterhouse Coopers Private Limited
Domestic Wholly Owned Subsidiary :	H and B Stores Limited
Foreign wholly Owned Subsidiary :	· Dermoviva Skin Essentials Inc. · Dabur Egypt Limited, Egypt · Dabur (UK) Limited, UK · Dabur International Limited, UAE · African Consumer Care Limited, Nigeria · Naturelle LLC, UAE · Dabur Egypt Trading Limited, Egypt · Hobi Kozmetik · Ra Pazarlama · Namaste Laboratories · Hair Rejuvenation and Revitalization Nigeria Limited · Healing Hair Lab International LLC, USA · Urban Lab International LLC, USA · Dabur Lanka (Private) Limited, Sri Lanka
Foreign Subsidiary :	· Asian Consumercare Private Limited, Dhaka · Dabur Nepal Private Limited, Nepal · Weikfield International (UAE) LLC · Asian Consumercare Pakistan (Private) Limited, Pakistan
Joint venture /Partnership :	Forum 1 Aviation Limited
Entities over which Key Management Personnel are able to exercise significant influence:	Sanat Products Limited (upto 31.01.2012)

CAPITAL STRUCTURE

As on 17.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2070000000	Equity Shares	Re.1/- each	Rs.2070.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1742935011	Equity Shares	Re.1/- each	Rs.1742.935 millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000000	Equity Shares	Re.1/- each	Rs.2000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1742100854	Equity Shares	Re.1/- each	Rs.1742.100 millions

Number of shares held by entities each holding more than 5 % of total stake

Particulars	No. of Shares
Chowdry Associates	217934000
VIC Enterprises Private Limited	217734000
Gyan Enterprises Private Limited	202237980
Puran Associates Private Limited	189212000
Ratna Commercial Enterprises Private Limited	154960930
Milky Investment and Trading Company -	106140970

Reconciliation of number of shares outstanding at the beginning and end of the year

Particulars	No. of Shares
Shares issued and subscribed as on 01.04.2011	1740723798
Add: Issued during the year towards:
Bonus Issue	0
ESOP	1377056
Merger / Amalgamation	0
Shares issued and subscribed as on 31.03.2012	1742100854

Particulars for submission for a continuing period of 5 years

Particulars	No. of Shares
A) Aggregate number of shares allotted as fully paid up without payment being received in cash	1384620
B) Aggregate numbers of shares allotted as fully paid bonus share	870361899
C) Aggregate number and class of shares bought back	0

Others

Particulars	No. of Shares
i) Shares reserved for issue under options contracts / commitment for sale for shares / disinvestment*	18287210
ii) Term therein	Options granted to an employee is subject to cancellation under circumstances of his cessation of employment with the company on or before vesting date.

* Relates to options granted under “Employees Stock Option Scheme”

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		1742.100	1740.700	869.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11290.600	9270.900	6624.800
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13032.700	11011.600	7493.800
LOAN FUNDS
1] Secured Loans		191.200	126.100	242.700
2] Unsecured Loans		2586.900	2394.000	857.000
TOTAL BORROWING		2778.100	2520.100	1099.700
DEFERRED TAX LIABILITIES		271.100	174.000	119.500
TOTAL		16081.900	13705.700	8713.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5853.300	4975.600	4509.500
Capital work-in-progress		115.800	43.700	233.100
INVESTMENT		5527.200	5194.900	3485.100
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5285.700	4605.900	2984.400
	Sundry Debtors	2241.700	2024.600	1304.800
	Cash & Bank Balances	2912.900	1924.100	1639.100
	Other Current Assets	1060.500	1160.800	0.000
	Loans & Advances	5410.000	4149.500	3251.200
Total Current Assets		16910.800	13864.900	9179.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5851.100	4948.600	988.700
	Other Current Liabilities	550.100	377.700	3331.900
	Provisions	5924.000	5047.100	4401.000
Total Current Liabilities		12325.200	10373.400	8721.600
Net Current Assets		4585.600	3491.500	457.900
MISCELLANEOUS EXPENSES		0.000	0.000	27.400
TOTAL		16081.900	13705.700	8713.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	37593.300	32806.100	28559.600
		Other Income	533.500	263.500	416.400
		TOTAL (A)	38126.800	33069.600	28976.000
Less	EXPENSES
		Cost of materials consumed	14837.000	12740.500	23251.700
		Purchase of stock in trade	5957.200	4549.100
		Changes in inventories of FG, WIP & Stock in trade:
		Finished Goods	(187.800)	(577.800)
		Work in Progress	(319.100)	(127.800)
		Stock in trade	(86.400)	(77.500)
		Employee benefits expenses	2433.700	2172.800
		Other Expenses	8373.200	7628.700
		Extraordinary Items	448.900	0.000
		TOTAL (B)	31456.700	26308.000	23251.700
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6670.100	6761.600	5724.300
Less	FINANCIAL EXPENSES (D)		141.000	120.000	134.900
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6529.100	6641.600	5589.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)		658.800	679.000	319.100
	PROFIT BEFORE TAX (E-F) (G)		5870.300	5962.600	5270.300
Less	TAX (H)		1237.900	1248.500	938.900
	PROFIT AFTER TAX (G-H) (I)		4632.400	4714.100	4331.400
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7142.200	5269.100	4289.400
Less	APPROPRIATIONS
		Interim Dividend	958.100	870.400	649.800
		Proposed Final Dividend	1306.600	1131.500	1086.200
		Final Dividend (for earlier year)		1.500	0.000
		Corporate Tax on Interim Dividend	367.400	144.600	110.400
		Corporate Tax on Proposed Dividend		183.600	184.600
		Excess Corporate Tax on dividend of earlier year provided written back		(4.000)	0.000
		Transfer to Capital Reserve	1.400	13.400	20.700
		Transfer to General Reserve	500.000	500.000	1300.000
	BALANCE CARRIED TO THE B/S		8641.100	7142.200	5269.100
	EARNINGS IN FOREIGN CURRENCY
		Export sales at FOB	1671.900	1316.900	1237.300
		Interest Income	0.000	24.700	0.000
	TOTAL EARNINGS		1671.900	1341.600	1237.300
	IMPORTS
		Raw Materials	177.300	134.000	188.200
		Stores & Spares (Including packing material)	8.000	2.800	1.800
		Capital Goods	121.700	63.100	41.300
	TOTAL IMPORTS		307.000	199.900	231.300
	Earnings Per Share (Rs.)
	Basic		2.66	2.71	2.50
	Diluted		2.64	2.69	2.49

QUARTERLY RESULTS

PARTICULARS	30.06.2012 (1^st Quarter)	30.09.2012 (2^nd Quarter)	31.12.2012 (3^rd Quarter)
Net Sales	10174.700	10427.800	11926.600
Total Expenditure	8681.600	8433.200	9923.300
PBIDT (Excl OI)	1493.100	1994.600	2003.300
Other Income	216.200	216.200	193.800
Operating Profit	1709.300	2210.800	2197.100
Interest	16.900	89.500	9.700
Exceptional Items	0.000	0.000	0.000
PBDT	1692.400	2121.300	2187.400
Depreciation	179.200	166.300	198.100
Profit Before Tax	1513.200	1955.000	1989.300
Tax	324.000	405.300	415.100
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	1189.200	1549.700	1574.200
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	1189.200	1549.700	1574.200

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	12.15	14.26	14.95
Net Profit Margin (PBT/Sales)	(%)	15.62	18.18	18.45
Return on Total Assets (PBT/Total Assets}	(%)	25.79	31.65	38.50
Return on Investment (ROI) (PBT/Networth)		0.45	0.54	0.70
Debt Equity Ratio (Total Debt/Networth)		0.21	0.23	0.15
Current Ratio (Current Asset/Current Liability)		1.37	1.34	1.05

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	No
8) No. of employees	Yes
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	Yes
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	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

LITIGATION DETAILS:

IN THE HIGH COURT OF DELHI AT NEW DELHI

CS(OS) 676/2010

RIYA COMMUNICATION PRIVATE LIMITED ..... Plaintiff

Through Adv. (Appearance not given)

versus

DABUR INDIA LIMITED and ANR ..... Defendant

Through Adv. (Appearance not given)

CORAM:

SH. NIKHIL CHOPRA (DHJS), JOINT REGISTRAR

ORDER

10.12.2012

Order dated 16.10.2012 perused.

Parties have not filed their list of witnesses and as such in terms of order dated 16.10.2012, the parties would not be entitled to examine any other witness.

Affidavit of the witness not filed. Last opportunity is granted to the plaintiff for examining it’s A.R.

Subject to costs of Rs.0.003 million, to be deposited with DLSA, affidavit be filed by the plaintiff within eight weeks from today.

Re-notify on 01.08.2013.

No further opportunity would be granted.

SH. NIKHIL CHOPRA (DHJS)

JOINT REGISTRAR

DECEMBER 10, 2012

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Deferred Sales Tax Liabilities	11.400	21.200
SHORT TERM BORROWINGS
Loan from Banks	1500.000	2100.000
Packing Credit Loan from Banks	1030.100	231.900
Security Deposits	45.400	40.900
Total	2586.900	2394.000

BUSINESS COMBINATION:

a. Merger/Amalgamation:

Merger / Amalgamation (of the nature of merger) of other company / body corporate with the group is accounted for on the basis of purchase method, the assets / liabilities being accounted for in terms of book values of assets, liabilities appearing in transferor entity on the date of such merger / amalgamation for the purpose of arriving at the figure of goodwill or amalgamation reserve.

b. Acquisition:

Any new entity joining business combination consequent upon acquisition of its shares/rights by any of the entities

in group is accounted for under purchase method, assets and liabilities of the new entrant been accounted for as per book value of assets, liabilities appearing in books of new entrant on the date of its take over for the purpose of arising at the figure of goodwill/capital reserve.

c. During the course of merger/amalgamation/acquisition under purchase method excess/shortfall of consideration money over vis-à-vis net assets (gross assets less outside liabilities) inherited under such deal is accounted for as goodwill/amalgamation or capital reserve.

MANAGEMENT DISCUSSION AND ANALYSIS

The world witnessed fair bit of challenges during fiscal 2011-12 with the deepening debt crisis in Europe, political upheavals in parts of Middle East and rising tensions between Iran and the West. These events had a significant impact on global risk appetite and crude oil prices, though towards the end of the year, there have been liquidity infusions by European central banks and this combined with better than expected recovery in the U.S. have revived global risk appetite and emerging markets such as India may benefit. India also witnessed its share of challenges during fiscal 2011-12 with macro headwinds such as high inflation, currency depreciation and deceleration in GDP growth rates. During the year, the Reserve Bank of India hiked repo rates several times to combat inflation. The high interest rates did not bode too well for industrial production as reflected in the deceleration of IIP and GDP growth. GDP growth rate slowed down from 8.4% in FY11 to 6.9% in FY12

The country was swept by persistent double digit inflation during the year and WPI based inflation remained close to 10% for most part of the year with some moderation during the last 4 months of the fiscal (refer Fig. 2). However, the Reserve Bank of India has reduced repo rates by 50 bps in April 2012. This is expected to improve liquidity and outlook for growth and investments in the economy.

Inspite of these blips, India’s long term growth story continues to remain intact. In fiscal 2011–12, India’s GDP is expected to grow at around 7%, making it one of the faster growing major economies, despite the ongoing challenges. India, which was the tenth largest economy in terms of Purchasing Power Parity (PPP) in 1991, has even overtaken Japan and is now the third largest economy in terms of PPP. As per a recent study by Knight Frank and Citi Private Bank, the North American and Western European share of world real GDP will fall from 41% in 2010 to just 18% in 2050 while, developing Asia’s share is expected to rise from 27% to 49% in 2050. China will overtake the U.S. to become the world’s largest economy by 2020, which in turn will be overtaken by India in 2050.

Therefore, the outlook for India remains positive.

This is also supported by GDP growth estimates released by IMF. Real GDP growth in emerging markets such as India and Sub-Saharan Africa is expected to be ahead of World as well as the U.S. and Euro Area during 2013.

FMCG SECTOR

Consumer sector story in India remains intact and is expected to continue on a secular growth trend driven by favourable demographics, increase in per capita consumption levels and increase in penetration. According to a recent study conducted by Boston Consulting Group (BCG) and Confederation of Indian

Industry (CII) titled ‘The Tiger Roars’, there are four powerful socioeconomic and demographic factors driving consumption.

These are:

(i) Increase in household income: the average household income is set to rise nearly 3 times between 2010 and 2020. The income pyramid in India which typically had a wide base of ‘struggler’ households (having per capita income <US$ 3,300) is quickly becoming a diamond, as household incomes of the middle income groups grow.

(ii) Urbanization: By 2020 the percentage of India’s population living in cities will rise to 35% from 31% in 2010. Urban dwellers not only tend to increase their purchases but also spend on different items thereby giving a boost to consumption.

(iii) Nuclear Families: The share of nuclear families has risen from 61% in 2006 to 66% in 2010 and the per capita spending of nuclear families is 20 to 50 per cent higher than traditional joint families.

(iv) Gen I: connotes the generation of Indian spenders who have reached their prime consumption years. Members of Gen I believe in living in the present and have a higher propensity to spend having witnessed first-hand the opening of markets, influx of foreign brands and creation of wealth. This generation will be a strong driver of consumption and is expected to reorient the consumer market as deeply as Baby Boomers in the US have for the past five decades.

As per this study, the Indian consumer market is poised to grow 3.6 times between 2010 and 2020, faster than most other emerging markets. Estimated at US$ 991 billion in 2010, total consumption expenditure is expected to grow to nearly US$ 3.6 trillion in 2020.

The demographic factors combined with rising per capita disposable incomes are expected to fuel consumption growth in India for a long period of time. Several indicators point in this direction, such as Nielsen’s Global Survey of Consumer Confidence and Spending Intentions, as per which India was the world’s most optimistic market in Q4 CY2011. India has retained this title for eight quarters in a row.

As income levels are rising there is also a clear trend of increase in share of non-food expenditure in both rural and urban India. The relative share of expenditure on non-food items is a strong indicator of economic development and prosperity as with economic well being people tend to spend more on categories other than food.

This is exactly what has happened in India with the share of non-food expenditure increasing from 36.0% in 1987-88 to 46.4% 2009-10 for rural India and from 43.6% to 59.3% in urban India.

The Indian FMCG sector, comprising branded food products, personal care, household care, baby care and OTC products was pegged at c. Rs. 1.7 trillion during FY 2011-12. The sector demonstrated its resilience to the economic upheaval and grew by 15.1% in the period January to December 2011. The sector has witnessed a steady growth trend during the last 3 years.

Growth in rural India has been continuing on the back of expansion of rural consumers’ wallet driven by factors such as higher Minimum Support Prices (MSPs) for agricultural produce, loan waivers and employment guarantee schemes. MSPs for Paddy and Wheat have grown at a CAGR of 13.2% and 11.4% respectively since 2006-07. These factors coupled with increase in per capita income in rural and semi urban areas have contributed to strong growth and expansion of rural consumption.

Rural consumers are now increasingly moving towards branded products. Gone are the days when the rural consumer was content with using mustard oil and plain soap on her hair and skin. Today, they are increasingly demanding branded products for their daily personal and health care needs. The rural consumers across income segments are exhibiting marked propensity towards spending on high quality products, which are backed by strong brand values.

PERFORMANCE OVERVIEW

The year 2011-12 was a landmark year for Dabur as the company surpassed the US$ 1 billion or Rs.50000.000 millions turnover mark, making it one of the few companies in India having this distinction. This has been the outcome of the company’s efforts to grow its revenues aggressively both organically and through acquisitions. In fact the company has witnessed the highest growth during the last 10 years as is presented in Fig. 8 which shows the company’s revenues during the last 25 years.

FY2011-12 saw another landmark achievement with the company’s Food business crossing the Rs.5000.000 millions mark. This is a creditable achievement for the Food business which has continued to grow at a strong pace and retained leadership in fruit based beverage category through innovation, expansion and creating a huge consumer preference for its brands – Real and Activ.

What makes these achievements even more significant is the fact that they have been achieved in a year that would rank as among the most challenging ever for the industry with a slowing economy, rising input costs, disruptive competition and currency depreciation. The company coped well with these challenges through a mix of strategies and actions such as calibrated price increases and productivity enhancement measures thereby achieving strong growth in revenue and profitability. During the year the company undertook a distribution re-alignment exercise, in which Dabur’s erstwhile strategic business units, Consumer Care Division (CCD) which focused on Healthcare, Home and Personal Care and Foods and Consumer Health Division (CHD) which focused on over-the-counter (OTC) healthcare brands and traditional Ayurvedic medicines were integrated into a unified structure or SBU called Consumer Care Business. There was some impact on offtakes due to this transition during first half of the year. However, the business resumed strong momentum post the integration.

Innovation and new product development has always been a key growth driver at Dabur and they continue to move forward on this track. The year saw Dabur introducing a host of new products and variants, besides entering new product segments to keep up the growth momentum and excitement in the market. Some of the successful new launches during the year include Dabur Almond Hair Oil, mixed fruit flavoured variant of the flagship health supplement brand Dabur Chyawanprash, premium face masks and scrub under Dabur Uveda, a range of professional facial products and body bleach under the brand Fem, and Vatika Hair Gel in their overseas market, to name a few. All of these new launches have been well accepted and have garnered share of both the market pie and the consumer’s mind space.

They believe that with aspirations of rural consumers coming closer to their urban counterparts, just leveraging mainstream media is not sufficient to connect with rural consumers. Companies need to move beyond the traditional media options like radio, television and cinema, and enter into a direct engagement with consumer. These special initiatives not only engage the consumers but also give them an opportunity to touch, feel and experience the products. Be it through participation in haats, nukkad nataks, Kumbh Mela or innovative initiatives like Dabur Amla Banke Dikhao Rani rural beauty pageant, Dabur has very effectively captured the rural consumer mind-space.

In fact, availability of products and consumer connect are the two most important factors in determining a brand’s success in these markets. And Dabur has stepped up its efforts on both counts. Distribution initiatives were undertaken during the year to expand Dabur’s rural footprint. Robust IT-enabled tools were also put in place to effectively capture sales data and improve sales forecasting, besides special consumer connect initiatives rolled out for various brands, all of which helped drive demand and

generate growth.

OPERATIONS

At Dabur, they recognize operations as an important source of competitive advantage. Dabur believes in continually striving for higher and better levels of quality not just in its products, but also in its operations, without losing sight of its commitments towards the environment and communities where it operates. A host of initiatives are continually rolled out by the company to improve productivity while reducing its energy usage.

Procurement

It has been a tough year for consumer goods companies in India with input pressures and adverse currency movements squeezing margins. Controlling costs in an inflationary scenario was one of the biggest challenges faced by the Company during the year. Dabur effectively tackled this challenge with a mix of strategic planning and use of intelligent sourcing mechanisms like calibrated hedging and e-sourcing of raw materials.

Domestic Manufacturing

Dabur today has manufacturing plants in 12 locations, Baddi (Himachal Pradesh), Pantnagar (Uttaranchal), Sahibabad (Uttar Pradesh), Jammu, Silvassa, Nasik, Alwar, Katni, Narendrapur, Pithampur, Newai (Rajasthan) and Siliguri (West Bengal). During 2011-12 the company added a Honey plant in Baddi. Another unit has been established in Baddi and commissioned in March 2012 to manufacture Chyawanprash, Toothpaste, Glucose and Odonil.

Overseas Manufacturing

Dabur’s overseas manufacturing footprint today spreads across countries like Nepal, Bangladesh, UAE, Nigeria, Egypt and Turkey. Manufacturing capacity expansion is a continuous exercise at these locations in line with the growing demand for its products across the globe. The company recently commissioned a new facility in Egypt which has been added to enhance the capacities for manufacturing hair care and skin care products for Egyptian market.

In 2011-12 Dabur announced its entry into Sri Lanka with the setting up of an overseas subsidiary – Dabur Lanka (Private) Limited. Dabur Lanka signed an agreement with the Board of Investment of Sri Lanka in September 2011, to establish this venture. As part of this, a new export oriented manufacturing facility will be set up for producing a range of fruit-based beverages in Gampaha, north of Colombo.

The new manufacturing facility will cost approximately Rs.1050.000 millions, phased over two years and will be commissioned in the latter part of fiscal 2012-13. A Greenfield facility is also being set up in Bangladesh to keep pace with the growing needs of this market. This facility – which will produce a host of Dabur products, like Shampoo, Honey, Odonil, Hair Oils and Hajmola – is expected to be operational by the end of 2012.

FIXED ASSETS

Tangible Assets

· Leasehold Land

· Freehold Land

· Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer

Intangible Assets

· Goodwill

· Brands/Trademarks

· Computer Software

WEBSITE DETAILS:

PRODUCT RELEASES:

DABUR PACKS POWER OF SALT IN NEW BABOOL SALT TOOTHPASTE

Monday, February 18, 2013

· Signs Irrfan Khan as brand ambassador

New Delhi, February 18, 2013: Dabur India Limited, the country's Most Trusted healthcare brand, today announced the expansion of its oral care portfolio with the launch of Dabur Super Babool+Salt Power Toothpaste, India's first Natural toothpaste packed with two powerful oral care ingredients -- Salt and Babul 'Acacia Arabia' extracts. Dabur Super Babool+Salt Power Toothpaste combines these two potent natural ingredients in a unique formulation that has antibacterial power to fight against germs, keep your gums healthy and teeth strong.

Dabur also announced the signing of acclaimed Bollywood actor Irrfan Khan as the new face of Babool Salt. Irrfan will soon feature in a 360-degree multimedia campaign, encompassing print, electronic and online media.

"Salt is among the Top 3 natural ingredients scientifically validated and most trusted by families across India when it comes to complete oral health and gum care. Dabur, with its in-depth knowledge of natural ingredients and long history of producing efficacious natural health care products, has combined Salt with another equally powerful natural wonder Babul to create this new product -- Dabur Babool Salt," Dabur India Limited Marketing Head-Oral Care Mr. Rana Banerjee said.

"Building on our heritage and commitment towards natural healthcare, Dabur has been on the forefront of developing natural products that are highly relevant for today's modern day consumer. We have combined our wisdom of traditional ingredients with strong Research and Development to create a wonder formulation that brings alive the power of two natural ingredients – Salt and Babul extracts -- to give consumers the best in dental care, at an honest price," Mr. Banerjee added.

Dabur Super Babool+Salt Power Toothpaste will be available nationally in three SKUs of 40gm (with an inaugural promotion offer of 50% extra) at Rs.10, 100gm (with a free toothbrush) at Rs.28 and 200gm (with a free toothbrush) at Rs.44.

Dabur will soon be launching a 360-degree national media campaign, featuring Irrfan Khan, to support the launch. Dabur will also be running campaigns to educate consumers about complete oral care and its impact on overall well being.

Speaking about the brand's association with Irrfan Khan, Mr. Banerjee said: "Brand Babool is a performance-oriented product known for its 'do good' benefits. We feel that Irrfan Khan is the celebrity who clearly epitomizes Dabur Babool's personality. Irrfan would surely be able to connect and more effectively communicate the brand's benefits with the consumers."

About Dabur India Limited

Dabur India Limited is one of India's leading FMCG Companies. Building on a legacy of quality and experience for over 127 years, Dabur is today India's most trusted name and the world's largest Ayurvedic and Natural Health Care Company. Dabur India's FMCG portfolio includes five flagship brands with distinct brand identities -- Dabur as the master brand for natural healthcare products, Vatika for premium hair care, Hajmola for digestives, Réal for fruit-based beverages and Fem for instant fairness and skin care.

EVENT RELEASES

INDIA FIRST LIST OF MOST HEALTHY AND IMMUNE SCHOOLS RELEASED

Monday, February 04, 2013

· Dabur and Fortis Healthcare concludes Dabur Chyawanprash Immune India School Challenge 2012

· Delhi Minister for Education and Social Welfare felicitates the winners

· Director of CBSE lauds the health initiatives by schools

New Delhi, Feb 3, 2012 : Dabur Chyawanprash, the flagship health supplement brand from the House of Dabur, today released the first-ever list of India's Most Healthy and Immune Schools at a function held at Hotel Lalit in New Delhi. The list was unveiled by Ms Kiran Walia, Minister, Education and Social Welfare, Govt of NCT of Delhi in presence of Dr Sadhana Parashar, Director (Academics), CBSE and Mr Sunil Duggal, CEO, Dabur India Limited

The top three most immune and healthy schools identified from the participating schools are – Amity International School, Saket, Delhi; La Martiniere Girls College, Lucknow and Laxman Public School, Delhi. The detailed list of top 50 most healthy and immune schools of India is attached herewith.

The list of top schools from participating schools, which was prepared following a 3-month long joint health and hygiene check-up drive, marks the culmination of Dabur Chyawanprash's mega health awareness drive -- Immune India School Challenge 2012. The function was attended by the principals and students of the top schools. The Immune India campaign also sought to identify and reward the most immune students of each of these top schools. These students termed as Dabur Chyawanprash Immuno Champs were also presented awards in the function.

As part of the Dabur Chywanprash Immune India School Challenge 2012, Dabur Chywanprash joined hands with Fortis Healthcare and reached out to schools across India seeking participation for this mega initiative to identify and recognize the healthiest schools of the country. A variety of media, including direct contacts, digital, print and television, were used to reach out to the schools. Following this, principals of around 1,500 schools were approached over 3 months, for enrolling their schools in the campaign and obtaining data on various parameters like attendance of the students, medical facilities available in the school, drinking water facility, basic health and hygiene standards, sanitation facilities etc. and rated accordingly.

In the second phase, a team of doctors from Fortis visited the shortlisted schools to conduct a health check-up of the students from class 4 to 6 and finalise the ratings accordingly. At the end of the mammoth exercise, the team of health experts prepared the list of top Schools of India for the year 2012, amongst the participating schools.

Elaborating further on the initiative, Mr K K Chutani, Executive Vice President, Dabur India Limited said, "Today's fast-paced and highly competitive lifestyle, increasing pollution levels, epidemics like dengue, unhygienic food and water are all taking a toll on our health. A strong immune system helps protect from a host of diseases and recurring ailments. However, most of us do not have a strong immune system and hence are susceptible to diseases. This is especially true for children since their immune system is still developing and hence they can be more vulnerable. In this backdrop, Dabur Chyawanprash -- being one of the leading healthcare brands in the country – has taken up the responsibility to drive awareness on the need for immunity especially amongst children, the future of the country through the Immune India campaign. Recognizing the fact that schools play a paramount role in shaping a child's future since they are the primary caregivers during the formative years, the Immune India campaign is focused on schools. For the last few years through the Immune India campaign we have been reaching out to schools across the country to educate students and teachers on the need for immunity. This year we have taken the dream of an Immune India a step further with the Dabur Chyawanprash Immune India School Challenge through which Dabur Chyawanprash with our wellness partner, Fortis, has identified and recognized the healthiest schools"

The Top 3 schools were given laptops worth Rs.0.500 million, Rs.0.300 million and Rs.0.200 million respectively and each of the Immuno Champs from the top 50 schools were awarded with a tablet computer.

CORPORATE RELEASES

DABUR INDIA Q3 NET PROFIT SURGES 22.1% TO RS 2111.100 MILLIONS

TUESDAY, JANUARY 29, 2013

· Q3 EBITDA rises 19.7%

New Delhi, January 29th, 2013: The Board of Directors of Dabur India Limited (DIL) met here today to consider the unaudited financial results of the company for the quarter and Nine-month period ended December 31, 2012.

Despite a challenging macro-economic environment, Dabur India Limited reported strong volume-driven growth across all its key categories like Hair Oils, Shampoo, Foods, Skin Care and Home Care to end the third quarter of 2012-13 financial year with a 12.3% growth in consolidated Net Sales to Rs.16307.200 millions. Consolidated Net sales stood at Rs.14526.800 millions in the same quarter last year. The Company ended the third quarter of the current fiscal with a 22.1% rise in consolidated Net Profit to Rs.2111.100 millions, up from Rs.1728.200 millions a year earlier.

“We have delivered another quarter of strong volume-led growth with an improvement in margins. Dabur has been reporting strong and consistent performance despite Inflation playing truant and competitive pressures intensifying in some key categories. Dabur mitigated the impact of high input costs with calibrated price increases and stringent cost management initiatives. This helped Dabur record a 19.7% growth in EBITDA during the quarter,” Dabur India Limited Chief Executive Officer Mr. Sunil Duggal said.

“Demand from the hinterland has been growing at a much faster pace and has more than made up for the slight moderation in demand from its urban counterparts. Dabur has made higher investment behind its brands during this quarter, which will reap dividend and help us drive demand for our products in months to come. Going forward, our focus will be on pursuing an aggressive and profitable growth strategy,” Mr. Duggal added.

Category Growths

The Shampoo business for Dabur ended the third quarter of 2012-13 fiscal with a strong 29.6% growth, while the Perfumed Hair Oils business reported a near 15% growth. Dabur's Home Care category – riding on sustained demand for Odomos mosquito repellent products – ended the period with a 30.5% gain. Dabur’s Foods business reported a robust over 22% growth. The Skin Care category reported a 15.7% growth during the quarter while the Oral Care business reported a 13.6% growth. The Health Supplements category ended with a 12% growth.

The quarter saw Dabur introduce a host of new products and variants, including the new Gulabari Saffron and Turmeric Cold Cream and Lotion, Odonil Air Freshener Gels, Réal Activ Fiber+ Banana Strawberry and Réal Activ Fiber+ Green Apple Punch. The quarter also saw Dabur relaunch the health rejuvenator and energizer brand, Thirty Plus, in a powerful ‘youngeen’ avatar as also with a brand new formulation.

Dabur’s International Business continues to report good growth, led by strong performance in GCC, Egypt and Levant markets. “The Levant business, which comprises Jordan, Lebanon and other neighbouring markets, reported a 36% growth, while sales in GCC markets grew by 22%. Egypt too reported a 15% growth. Going forward, we will continue to pursue an aggressive growth strategy,” Dabur India Limited Group Director Mr. P D Narang said.

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.81.94
Euro	1	Rs.70.02

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	9
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		68

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.