MIRA INFORM REPORT

Report Date :

19.11.2013

IDENTIFICATION DETAILS

Name :	S KANT HEALTHCARE LIMITED
Registered Office :	A/3, Shivsagar Estate, North Wing, Dr. Annie Besant Road, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.09.1996
Com. Reg. No.:	11-098246
Capital Investment / Paid-up Capital :	Rs. 9.800 Millions
CIN No.: [Company Identification No.]	U24230MH1996PLC098246
TAN No.: [Tax Deduction & Collection Account No.]	MUMS20758D
PAN No.: [Permanent Account No.]	AAECS5406P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceuticals, Fine Chemicals and Healthcare Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 160000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not filed its latest financial with the government department. As per previous year financial (i.e. 2012), there seems huge external borrowings recorded by the company. 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 dealings 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long terms bank loan : BB
Rating Explanation	Moderate risk of default
Date	June 2012

Rating Agency Name	CRISIL
Rating	Letter of Credit : A4+
Rating Explanation	Minimal degree of safety it carry very high credit risk
Date	June 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 :	A/3, Shivsagar Estate, North Wing, Dr. Annie Besant Road, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66227575
Fax No.:	91-22-66227500/ 66227600
E-Mail :	samir@sk1932.com bharat@skageexports.com samir@skageexports.com
Website :	http://www.sk1932.com
Factory :	Plot No. 1802-1805, GIDC, Phase – 3, Vashi, Valsad – 396195, Gujarat, India
Tel. No.:	91-260-2422516/ 7/ 8
Fax No.:	91-260-2430527
E-Mail :	mahesh@skant.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Bharat Nemchand Shah

Designation :

Director

Address :

Flat No.15, Bhartiya, Bhawan, 72, Netaji Subhash Road, Marine Drive, Mumbai - 400020, Maharashtra, India

Date of Birth/Age :

06.09.1946

Date of Appointment :

28.04.2004

DIN No.:

00083354

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24230MH1960PLC011586	ANUH PHARMA LIMITED	Director	29/10/1980	29/10/1980	-	Active	NO
2	U24230TN1973PTC011763	FRANCO INDIAN REMEDIES PRIVATE LIMITED	Director	29/05/1985	29/05/1985	21/07/2008	Active	NO
3	U24230MH1994PTC080562	S KANT CHEMICALS PRIVATE LIMITED	Director	24/08/1994	24/08/1994	-	Active	NO
4	U24239MH1983PTC030201	SEVANTILAL KANTILAL PRIVATE LIMITED	Director	28/04/2004	28/04/2004	-	Active	NO
5	U24230MH1990PTC057922	SEVAK PHARMA PRIVATE LIMITED	Director	28/04/2004	28/04/2004	-	Active	NO
6	U24230MH1996PLC098246	S KANT HEALTHCARE LIMITED	Director	28/04/2004	28/04/2004	-	Active	NO

Name :

Mr. Samir Jayantilal Shah

Designation :

Director

Address :

Flat No.3B, Suvas Apartment, 68/F, Nepeansea Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

22.10.1966

Date of Appointment :

06.06.2013

DIN No.:

00157396

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67120MH1983PTC029955	JAPOSHA INVESTMENTS AND TRADES PVT LTD	Director	22/07/1987	22/07/1987	-	Active	NO
2	U24230MH1990PTC057922	SEVAK PHARMA PRIVATE LIMITED	Director	29/08/1990	29/08/1990	-	Active	NO
3	U24230MH1996PLC098246	S KANT HEALTHCARE LIMITED	Director	06/06/2013	28/04/2004	-	Active	NO
4	U24239MH1983PTC030195	S KANT PHARMA PRIVATE LIMITED	Director	14/03/2007	14/03/2007	-	Active	NO
5	U24239MH1983PTC030201	SEVANTILAL KANTILAL PRIVATE LIMITED	Director	29/07/2008	29/07/2008	-	Active	NO
6	U24230MH1994PTC080562	S KANT CHEMICALS PRIVATE LIMITED	Director	08/08/2008	08/08/2008	30/10/2009	Active	NO
7	U24100MH2011PTC221911	ESKAY IODINE PRIVATE LIMITED	Director	19/10/2011	19/10/2011	-	Active	NO

Name :

Mr. Lalit Popatlal Shah

Designation :

Director

Address :

B-2/2, Amalfi, 27 B, L. D. Ruparel Marg, Malabar Hill, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

02.10.1936

Date of Appointment :

18.03.1996

DIN No.:

00396345

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U93090TN1973PTC010295	FRANCO INDIAN RESEARCH PRIVATE LIMITED	Director	19/08/1979	19/08/1979	14/08/2008	Active	NO
2	L24230MH1960PLC011586	ANUH PHARMA LIMITED	Director	29/10/1980	29/10/1980	-	Active	NO
3	U67120MH1983PTC029949	L P SHAH HOLDINGS AND TRADES PRIVATE LIMITED	Director	10/05/1983	10/05/1983	-	Active	NO
4	U24230MH1996PLC098246	S KANT HEALTHCARE LIMITED	Director	18/03/1996	18/03/1996	-	Active	NO
5	U24239MH1983PTC030195	S KANT PHARMA PRIVATE LIMITED	Director	31/03/1998	31/03/1998	-	Active	NO
6	U24100MH2011PTC221911	ESKAY IODINE PRIVATE LIMITED	Director	13/09/2011	13/09/2011	-	Active	NO

Name :

Mr. Mahesh Kantilal Shah

Designation :

Director

Address :

37, Mahavir Building, B.G. Kher Marg, Malabar Hill, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

03.06.1949

Date of Appointment :

01.04.2001

DIN No.:

00506695

Name :

Mr. Ritesh Bipin Shah

Designation :

Director

Address :

1801, Dev Darshan, 50, B.G. Kher Marg, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

01.01.1981

Date of Appointment :

30.09.2008

DIN No.:

02496729

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24230MH1996PLC098246	S KANT HEALTHCARE LIMITED	Director	30/09/2008	01/10/2007	Active	NO

Name :

Mr. Mahesh Harishchandra Kolambe

Designation :

Whole-time director

Address :

B/302, Surya Co-Operative Housing Society, Opposite Raj Residency, Chharwada Road, Vapi - 396195, Gujarat, India

Date of Birth/Age :

13.12.1975

Date of Appointment :

02.04.2013

DIN No.:

06544401

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Jayantilal P. Shah Jointly Mrudula J. Shah Jointly Samit J. Shah	1300
Samir J. Shah Jointly Jasmine S. Shah	1400
Bharat N. Shah Jointly Surekha B. Shah	1100
Mahesh K. Shah Jointly Panna M. Shah Jointly Rohan M. Shah	100
Jasmine S. Shah Jointly Samir J. Shah	200
Panna M. Shah Jointly Mahesh K. Shah Jointly Rohan M. Shah	100
Harshit Bharat Shah	2170
Mrudula J. Shah Jointly Samir J. Shah	1430
Surekha B. Shah Jointly Harshit B. Shah	2000
Total	9800

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pharmaceuticals, Fine Chemicals and Healthcare Products.

Products/ Services :

ITC Code No.	Product Descriptions
30041006	Tablets and Liquid

PRODUCTION STATUS (AS ON 31.03.2011)

Licensed Capacity: Not Applicable

Particulars	Item	Unit	Installed Capacity	Actual Production
Pharmaceuticals	Tablets	Nos.	960000000	451729445
	Sachet	Nos.	6751000	--
Formulations	Capsules	Nos.	600000000	6642622
	Cream	Nos.	15000000	1843959
	Liquid	Ltrs.	48000000	675229
	Injection	Nos.	10500000	--
Bulk Drugs	Isox Plant	M.T	600000	--
	Antibiotic Plant	M.T	8400000	--
	Chemicals	Kgs	600000	313582

GENERAL INFORMATION

Suppliers :

· Adarsh Industrial Services

· Aims Enterprises

· Azad Fabrication

· Konark Research Foundation

· M K Enterprises

· Om Sai Engineering Company

· Shree Engineering Company

· Ultra Cool System

· Advance Power Control

· A K Enterprises and Services

· Atma Corporation

· Blue Star Limited

· Deep Traders

· Digital Sales

· Dhanlaxmi Traders

· Gajanand Traders

· Gayatri Boiler Works

Customers :

· Alcare Container Company

· Ajanta Pharma Limited

· Ashish Overseas Corporation

· Dabur India Limited

· FDC Limited

· Jay Nik Engineers

· Pharma Trade Agency

· Pravin Pharma

· Cipla Limited

· Keta Travels

· Eskay Fine Chemicals

· Aristo Pharmaceuticals Private Limited

No. of Employees :

Not Available

Bankers :

· Union Bank of India, Princess Street Branch, Devkaran Mansion, Shamaldas Gandhi Marg, Mumbai - 400002, Maharashtra, India

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
From Bank Union Bank of India
Term Loan (In Foreign Currency) (Secured against equitable mortgage of units/ gals at factory plant and machinery repayable in year)	0.000	2.616
Term Loan (In Rupee) (Secured against equitable mortgage of units/ gals at factory plant and machinery repayable in year)	30.000	1.656
SHORT TERM BORROWINGS
From Bank Union Bank of India Cash Credit (Secured against stock and trade receivable)	2.559	15.420
Packing Credit (In Foreign Currency) (Secured against stock)	30.253	38.782
Bill Discounting (In Foreign Currency) (Secured against Trade receivables)	0.366	0.487
Current account (Secured against fixed deposits with bank)	49.778	55.996
From HDFC Bank Limited Current Account (Secured against fixed deposit with bank)	19.944	27.761
Total	132.900	142.718

Banking Relations :	--
Auditors :
Name :	S. I. Mogul Associates Chartered Accountants
Address :	73-B, Mittal Court, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22842159/ 22842093
Fax No.:	91-22-22822743
E-Mail :	sima@simogul.in
Income-tax PAN of auditor or auditor's firm :	AAMFS7435P
Related Parties :	· Anuh Pharma Limited · S. Kant Pharma Private Limited · S.K. Age Exports · Bhani and Company · Sevantilal Kantilal and Company · Sevantilal Kantilal Private Limited · Sevak Pharma Private Limited · S.K. Pharma, Jogeshwari · S.K. Pharma, Vasai · Japosha Investment and Trade Private Limited · S. Kant Agencies · S. Kant Chemicals Private Limited · S.K. Brothers · S.K. Distributors · Sevantilal Kantilal Trust · S.K. Logistics · Eskay Speciality Chemicals · Eskay Iodine Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 1000/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,800	Equity Shares	Rs. 1000/- each	Rs. 9.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.800	9.800
(b) Reserves & Surplus	30.896	15.524
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	40.696	25.324
(3) Non-Current Liabilities
(a) long-term borrowings	30.000	4.272
(b) Deferred tax liabilities (Net)	3.054	2.419
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.511	0.649
Total Non-current Liabilities (3)	34.565	7.340
(4) Current Liabilities
(a) Short term borrowings	187.157	235.944
(b) Trade payables	97.437	201.824
(c) Other current liabilities	114.362	135.780
(d) Short-term provisions	7.101	7.411
Total Current Liabilities (4)	406.057	580.959
TOTAL	481.318	613.623
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	167.446	156.276
(ii) Intangible Assets	0.386	0.227
(iii) Capital work-in-progress	50.117	0.794
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	8.862	4.478
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	226.811	161.775
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	80.111	104.813
(c) Trade receivables	43.343	53.554
(d) Cash and cash equivalents	70.028	90.040
(e) Short-term loans and advances	60.698	202.909
(f) Other current assets	0.327	0.532
Total Current Assets	254.507	451.848
TOTAL	481.318	613.623

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.800
2] Share Application Money		0.000
3] Reserves & Surplus		5.672
4] (Accumulated Losses)		0.000
NETWORTH		15.472
LOAN FUNDS
1] Secured Loans		62.781
2] Unsecured Loans		100.600
TOTAL BORROWING		163.381
DEFERRED TAX LIABILITIES		1.276
TOTAL		180.129
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		150.034
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	44.373
	Sundry Debtors	29.224
	Cash & Bank Balances	54.063
	Other Current Assets	54.460
	Loans & Advances	52.732
Total Current Assets		234.852
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	93.071
	Other Current Liabilities	104.904
	Provisions	6.790
Total Current Liabilities		204.765
Net Current Assets		30.087
MISCELLANEOUS EXPENSES		0.008
TOTAL		180.129

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations (Net)	652.849	500.638	313.603
		Other Income	9.361	4.586	11.635
		TOTAL (A)	662.210	505.224	325.238
Less	EXPENSES
		Cost of material consumed	340.492	307.261
		Purchases of stock in trade	53.367	73.424
		Changes in inventories of finished Goods, work in progress and stock in trade	19.790	(50.403)
		Employee benefit expenses	38.283	29.774
		Other Expenses	129.695	96.361
		Exceptional Items	2.749	0.000
		TOTAL (B)	584.376	456.417	277.112
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		77.834	48.807	48.126
Less	FINANCIAL EXPENSES (D)		34.266	15.221	15.575
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		43.568	33.586	32.551
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.483	18.703	19.390
	PROFIT BEFORE TAX (E-F) (G)		23.085	14.883	13.161
Less	TAX (H)		7.734	5.544	1.446
	PROFIT AFTER TAX (G-H) (I)		15.351	9.339	11.715
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	266.555	28.178	10.259
	Earnings Per Share (Rs.)		1566.41	952.94	1195.38

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.32	1.85	3.60
Net Profit Margin (PBT/Sales)	(%)	3.54	2.97	4.20
Return on Total Assets (PBT/Total Assets}	(%)	5.35	2.43	3.42
Return on Investment (ROI) (PBT/Networth)		0.57	0.59	0.85
Debt Equity Ratio (Total Debt/Networth)		5.34	9.49	10.56
Current Ratio (Current Asset/Current Liability)		0.63	0.78	1.15

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	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	Yes
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10279724	29/03/2011	50,000,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVKARAN MANSION, SHAMALDAS GANDHI MARG, PRINCESS STREET, MUMBAI - 400002, MAHARASHTRA, INDIA	B10412278
2	10230972	24/06/2010	65,000,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVKARAN MANSION, SHAMALDAS GANDHI MARG, PRINCESS STREET, MUMBAI - 400002, MAHARASHTRA, INDIA	A89564298
3	10136568	24/06/2010 *	60,000,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVKARAN MANSION, SHAMALDAS GANDHI MARG, PRINCESS STREET, MUMBAI - 400002, MAHARASHTRA, INDIA	A89564397
4	10136567	03/12/2008	15,000,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVKARAN MANSION, SHAMALDAS GANDHI MARG, PRINCESS STREET, MUMBAI - 400002, MAHARASHTRA, INDIA	A53822904
5	80062443	08/02/2011 *	371,429,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVKARAN MANSION, SHAMALDAS GANDHI MARG, PRINCESS STREET, MUMBAI - 400002, MAHARASHTRA, INDIA	B08457038
6	90145433	24/06/2010 *	22,500,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVKARAN MANSION, SHAMALDAS GANDHI MARG, PRINCESS STREET, MUMBAI - 400002, MAHARASHTRA, INDIA	A89564504
7	90146744	01/10/2004	58,600,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVKARAN MANSION, SHAMALDAS GANDHI MARG, PRINCESS STREET, MUMBAI - 400002, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
From Directors	47.554	54.997
From Companies	36.703	42.501
Total	84.257	97.498

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
(a) Claims against the company not acknowledged as debts	0.000	0.000
(b) Guarantees issued by banks on behalf of the company	4.997	4.240
(c) Other money for which the company is contingently liable:
(1) Letter of Credit outstanding	9.922	34.039
(2) Income Tax	2.024	0.000
Total	16.943	38.279

FIXED ASSETS:

· Leasehold Land

· Buildings

· Plant and Equipments

· Furniture and Fixture

· Vehicles

· Office Equipments

· Computer Software

· Motor Vehicles

·

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. 62.63
UK Pound	1	Rs. 101.06
Euro	1	Rs. 84.56

INFORMATION DETAILS

Report Prepared by :

BVA

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	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.