MIRA INFORM REPORT

Report Date :

30.03.2013

IDENTIFICATION DETAILS

Name :	AJOSHA BIO TEKNIK PRIVATE. LIMITED
Registered Office :	Shop No.1, I-Building, Udhogvihar Industrial Estate, Vithalwadi, (West), Ulhas Nagar, Thane – 421003, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.08.2004
Com. Reg. No.:	11-148293
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U33100MH2004PTC148293
TAN No.: [Tax Deduction & Collection Account No.]	MUMA30792G
PAN No.: [Permanent Account No.]	AAFCA5563L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Plastic Laboratories Disposable Goods.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 9244
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The external borrowings of the company appears to be increasing over years. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Vijay
Designation :	Accounts Manager
Contact No.:	91-22-25772681
Date :	01.03.2013

LOCATIONS

Registered Office :	Shop No.1, I-Building, Udhogvihar Industrial Estate, Vithalwadi, (West), Ulhas Nagar, Thane – 421003, Maharashtra, India
Tel No.	Not Available
Fax No.:	Not Available
E-Mail :	sanjaykumarlodha@gmail.com ajoshabioteknik@rediffmail.com sklodha_associate@yahoo.in
Area:	800sq.fts
Location:	Owned
Factory :	Located Vasai
Branches :	144, Hiranandani industrial Estate, Kanjurmarg (West), Mumbai – 400078, Maharashtra, India
Tel. No.:	91-22-25772681/67100849/25782681
Fax No.:	91-22-25772681/91-25782681

DIRECTORS

AS ON: 29.09.2012

Name :	Mrs. Asha Elizabeth Abraham
Designation :	Director
Address :	402 / B, Building Great Eastern Garden LBS Marg Kanjurnarg, Mumbai – 400078, Maharashtra, India
Date of Birth/Age :	18.09.1959
‘Date of Appointment :	30.08.2004
DIN No.:	01711312
Name :	Mr. Joseph Abraham Mallekkattu
Designation :	Director
Address :	402 / B, Building Great Eastern Garden LBS Marg Kanjurnarg, Mumbai – 400078, Maharashtra, India
Date of Birth/Age :	08.10.1954
Date of Appointment :	30.08.2004
DIN No.:	02902217

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 29.09.2012

Names of Shareholders	No. of Shares
Asha Elizabeth Abraham	5000
Joseph Abraham Mallekkattu	5000
Total	10000

AS ON: 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Plastic Laboratories Disposable Goods.
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

20 (Approximately)

Bankers :

Indian Bank, Ghatkopar Branch, Sameet APTT, Upashray Lane, Ghatkopar – East, Mumbai – 400077, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 (Rs. In Millions)	As on 31.03.2011 (Rs. In Millions)
Secured Loan	2.397	0.000
Total	2.397	0.000
Unsecured Loan	As on 31.03.2012 (Rs. In Millions)	As on 31.03.2011 (Rs. In Millions)
Unsecured Loan	3.380	4.085
Total	3.380	4.085

Banking Relations :	--
Auditors :
Name :	Sanjay .K. Lodha and Associate Chartered Accountant
Address :	1, Singhivi Apartment, 16^th Road, Near Chembur GYMKHANA, Chembur Mumbai – 4000071, Maharashtra, India
PAN.:	ABIPL1711A

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.211	1.546	1.280
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2.311	1.646	1.380
LOAN FUNDS
1] Secured Loans		6.360	2.397	0.000
2] Unsecured Loans		0.459	3.380	4.085
TOTAL BORROWING		6.819	5.777	4.085
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		9.130	7.423	5.465
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.967	0.690	0.102
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.349
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.653	1.334	0.316
	Sundry Debtors	5.536	3.495	4.030
	Cash & Bank Balances	1.467	1.246	1.335
	Other Current Assets	0.394	0.413	0.281
	Loans & Advances	2.144	1.665	0.361
Total Current Assets		11.194	8.153	6.323
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.180	1.255	0.772
	Other Current Liabilities	0.068	0.165	0.536
	Provisions	0.783	0.000	0.000
Total Current Liabilities		3.031	1.420	1.308
Net Current Assets		8.163	6.733	5.014
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9.130	7.423	5.465

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	25.689	19.465
		Other Income	0.093	0.065
		TOTAL	25.782	19.530	22.688
Less	EXPENSES
		Opening Stock in trade	1.334	0.315
		Purchases	17.637	13.566
		Manufacturing Expenses	2.216	2.090
		Other Expenses	5.268	4.187
		Increased / (Decreased) in Stock	(1.653)	(1.334)
		TOTAL	24.802	18.824	22.180
	PROFIT BEFORE TAX		0.980	0.706	0.508
Less	TAX		0.292	0.214	0.262
	PROFIT AFTER TAX (G-I)		0.688	0.492	0.246

Expected Sales (2012-2013): Rs.40.000 Millions

The above information has been parted by Mr. Vijay (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.67	2.51	1.08
Net Profit Margin (PBT/Sales)	(%)	3.81	3.63	NA
Return on Total Assets (PBT/Total Assets}	(%)	8.06	8.34	7.89
Return on Investment (ROI) (PBT/Networth)		0.42	0.43	0.37
Debt Equity Ratio (Total Debt/Networth)		2.95	3.51	2.96
Current Ratio (Current Asset/Current Liability)		3.69	7.51	4.83

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	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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	No
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U33100MH2004PTC148293
Name of the company	AJOSHA BIO TEKNIK PRIVATE. LIMITED
Address of the registered office or of the principal place of business in India of the company	Shop No.1, I-Building, Udhogvihar Industrial Estate, Vithalwadi, (West), Ulhas Nagar, Thane – 421003, Maharashtra, India
This form is for	Modification of charges
Charge identification (ID) number of the charge to be modified	10185588
Type of charge	Book debts Movable property Other (Stock)
Particular of charge holder	Indian Bank, Ghatkopar Branch, Sameet APTT, Upashray Lane, Ghatkopar – East, Mumbai – 400077, Maharashtra, India Email id : adlalwani@rediffmail.com
Nature of instrument creating charge	Agreement of Hypothecation of Movables Agreement of Hypothecation of Movables Medium Term Loan Agreement (All the Above Agreement constitute A Single charge)
Date of instrument Creating the charge	06.02.2012
Amount secured by the charge	Rs. 8.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest ROI=BR+Spread 2.00+TP (0.50) – Presently 13.25 %, MTL=BR+Spread(2.50)+TP(0.50) Presently 13.75% and as Stipulated by Bank from time to time Terms of Repayment MTL= 60 EMI of Rs. 0.046 million Each and /or AS Stipulated by Bank from time to time Margin OD/BD=25%, MTL=25% AMD/OR As Stipulated by the Bank from time to time Extent and Operation of the charge First charge (Present and Future) = Total Limit Rs. 8.000 millions(OD/BD=6.0000), MTS=2.000 millions and /or Stipulated by Bank from time to time Others As Stipulated by the Bank from time to time And As per Agreement attached and As per sanction Letter of the Bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge (Present and Future) on following Assets (1) Hypothecation of all stock/goods/inventories/product kept at Borrower place/Premises/godown/premises/Factories or in Transit or whereverelse Hypothecation of all Book Debts and Receivables Hypothecation of Machinary Purchased out of Bank finance Hypothecation of all current, Movable and fixe of the company
Particulars of the present modification	By this modification limit enhanced to Rs.8.000 million (OD/BD=Rs.6.000 millions MTL = Rs. 2.000 millions, continued security as given by original charge as well as by modifications and Hypothecation of all the machinery purchased out of bank finance, terms and conditions.

Fixed Assets

• Furniture and Fixture
• Plant and Machinery
• Laptop
• Computer
• Tata Phone

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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.