1. Summary Information

		Country	India
Company Name	LOK-BETA PHARMACEUTICALS (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Alok Kumar
Status	Moderate	Principal Name 2	Mrs. Shakuntala Sinha
		Registration #	11-135577
Street Address	324, Corporate Centre, Nirmal Life Style, LBS Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Established Date	18.04.2002	SIC Code	--
Telephone#	91-22-25901729/41194567 (100 Lines)	Business Style 1	Manufacturer
Fax #	91-22-25901730	Business Style 2	Trader
Homepage	www.lokbetapharma.com	Product Name 1	Bulk Drugs
# of employees	Not Available	Product Name 2	Anti-Infective Pharmaceuticals
Paid up capital	Rs.1,886,000/-	Product Name 3	--
Shareholders	Foreign Holdings - 40.00% Directors or relatives of Directors (60.00%)	Banking	State Bank of India
Public Limited Corp.	No	Business Period	12 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (36)
Related Company
Relation	Country	Company Name	CEO
Associated Company	India	J. Duncan Healthcare Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	523,670,000	Current Liabilities	367,825,000
Inventories	9,937,000	Long-term Liabilities	46,254,000
Fixed Assets	24,920,000	Other Liabilities	21,900,000
Deferred Assets	0,000	Total Liabilities	435,979,000
Invest& other Assets	9,641,000	Retained Earnings	130,303,000
		Net Worth	132,189,000
Total Assets	568,168,000	Total Liab. & Equity	568,168,000
Total Assets (Previous Year)	559,983,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales (Including other Income)	472,129,000	Net Profit	21,824,000
Sales(Previous yr)	643,471,000	Net Profit(Prev.yr)	22,756,000

MIRA INFORM REPORT

Report Date :

21.11.2013

IDENTIFICATION DETAILS

Name :	LOK-BETA PHARMACEUTICALS (INDIA) PRIVATE LIMITED
Registered Office :	324, Corporate Centre, Nirmal Life Style, LBS Marg, Mulund (West), Mumbai – 400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.04.2002
Com. Reg. No.:	11-135577
Capital Investment / Paid-up Capital :	Rs.1.886 Millions
CIN No.: [Company Identification No.]	U24230MH2002PTC135577
TAN No.: [Tax Deduction & Collection Account No.]	MUML03758G
PAN No.: [Permanent Account No.]	AAACL7288G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Bulk Drugs and Anti Infective Pharmaceuticals.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 530000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The rating continue to reflect Lok-Beta’s large working capital requirements small scale of operations, and limited financial flexibility on account of its modest net worth. However, Lok-Beta will benefit over the medium term from its established position in the pharmaceutical industry on the back of its established relationship with eurostate and promoters extensive industry experience. Trade relations are fair. Business is active. Payment terms are 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 – 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 Term Rating = B+
Rating Explanation	Risk parn credit quality and high risk at default
Date	29.05.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	29.05.2013

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 DENIED BY

Management Non Co-Operative (Tel No.: 91-22-25901729)

LOCATIONS

Registered Office :	324, Corporate Centre, Nirmal Lifestyle, LBS Marg, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25901729/41194567 (100 Lines)
Fax No.:	91-22-25901730
E-Mail :	accounts@lokbetapharma.com lokbeta@lokbetapharma.com info@lokbetapharma.com
Website :	www.lokbetapharma.com

DIRECTORS

As on 25.09.2012

Name :

Mr. Alok Kumar

Designation :

Managing director

Address :

705, B Wing, Vardhaman Vatika, Opposite Tatvagyan Vidyapith, Ghodbunder Road, Thane (West) – 400607, Maharashtra, India

Date of Appointment :

18.04.2002

DIN No.:

00566358

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	U24230MH2002PTC135577	LOK-BETA PHARMACEUTICALS (INDIA )PRIVATE LIMITED	Managing director	18/04/2002	18/04/2002	-	Active	NO
2	U24230MH2003PTC139202	J DUNCAN HEALTHCARE PRIVATE LIMITED	Director	04/11/2003	04/11/2003	-	Active	NO
3	U24230MH2004PTC147141	BIOVEETA LABORATORIES PRIVATE LIMITED	Director	24/06/2004	24/06/2004	28/12/2010	Active	NO
4	U24231MH2006PTC161334	EMPROCELL CLINICAL RESEARCH PRIVATE LIMITED	Director	24/04/2006	24/04/2006	24/10/2012	Active	NO
5	U24239MH2006PTC165038	LOKBETA LABORATORIES PRIVATE LIMITED	Director	03/10/2006	03/10/2006	-	Active	NO
6	U24100MH2011PTC214319	BIOSYNTEZ LABORATORIES PRIVATE LIMITED	Managing director	03/03/2011	03/03/2011	-	Active	NO

Name :

Mr. Satyakam Kiran Kashyap

Designation :

Whole-time director

Address :

Flat No. 15, Nisarg Tapovan, Patalipada, Ghodbunder Road, Thane (West) – 400607, Maharashtra, India

Date of Appointment :

18.04.2002

DIN No.:

00589984

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	U24230MH2002PTC135577	LOK-BETA PHARMACEUTICALS (INDIA )PRIVATE LIMITED	Whole-time director	18/04/2002	18/04/2002	-	Active	NO
2	U24230MH2003PTC139202	J DUNCAN HEALTHCARE PRIVATE LIMITED	Director	18/02/2003	18/02/2003	-	Active	NO

Name :

Mrs. Shakuntala Awadhesh Sinha

Designation :

Director

Address :

705, B Wing, Vardhaman Vatika, Opposite Tatvagyan Vidyapith, Ghodbunder Road, Thane (West) – 400607, Maharashtra, India

Date of Appointment :

18.04.2002

DIN No.:

02339170

Name :

Mr. Sudhanshu Kumar Singh

Designation :

Director

Address :

Rajkunj, Banglow A-3, Chembur, Mumbai-400074, Maharashtra, India

Date of Birth/Age :

28.05.1966

Date of Appointment :

22.08.2012

DIN No.:

03582994

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	U24230MH2003PTC139202	J DUNCAN HEALTHCARE PRIVATE LIMITED	Additional director	01/12/2011	01/12/2011	-	Active	NO
2	U24230MH2002PTC135577	LOK-BETA PHARMACEUTICALS (INDIA )PRIVATE LIMITED	Director	22/08/2012	22/08/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 25.09.2012

Names of Shareholders	No. of Shares
Eurostate Corporation Limited, U.K	75424
Alok Kumar	113146
Total	188570

Names of Allotee	No. of Shares
Alok Kumar	7500
Sakuntala Devi Sinha	1950
J Duncan Healthcare Private Limited	103700
Total	113150

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.00
Directors or relatives of Directors	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Bulk Drugs and Anti Infective Pharmaceuticals.

Products :

Product Description	Item Code No.
Pharmaceutical Products	3004

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Tablets and Capsules	Nos.	528000
Injections – Vials	Nos.	4708524
Syrup – Bottles	Nos.	--
Others	--	--

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· State Bank of India, Wagle Industrial Estate Branch, Thane (West) – 400601, Maharashtra, India

· ICICI Bank Limited

· HDFC Bank Limited

· Kotak Mahindra Bank Limited

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions
Long Term Borrowings
Car Loan
From Bank	0.322
From other parties	2.142
Short Term Borrowings
State Bank of India
Export Packing Credit	18.380
Cash Credit	2.391
Total	23.235

Note:

Long Term Borrowings:

All the above car loans are secured against hypothecation of motor cars and are additionally secured by personal guarantee of a director of the company.

Short Term Borrowings

All the above loans are secured against hypothecation of stock of raw material, packing materials, consumable stores and spares, finished goods, book debts and receivables, other current assets and lien on FDs are additionally secured by equitable mortgage by deposit of Title Deeds of office premises as collateral security and are further secured by personal guarantee of toe director of the company.

SECURED LOANS	31.03.2011 Rs. In Millions
Term Loans
HDFC Bank Limited (Secured against hypothecation of Motor Cars) (Repayable within one year Rs.0.336 Millions Previous Year Rs.0.536 Millions)	0.949
Short Term Borrowings State Bank of India
Export Packing Credit	37.692
Cash Credit (All the above loans are secured against hypothecation of Stock of Raw Materials, Packing Materials, Consumable Stores and Spares, Finished Goods, Book Debts and Receivable and Other Current Assets and Lien on FDs and are additionally secured by personal guarantee of one Director of the Company)	2.792
(B) From Others
Mahindra Finance Limited – Car Loan (Secured against hypothecation of a Motor Car) (Repayable within one year Rs.0.128 Million)	0.529
Total	41.962

Banking Relations :	--
Auditors :
Name :	Harivadan K Shah and Company Chartered Accountants
Address :	308, Paradise Tower, Gokhale Road, Naupada, Thane-400602, Maharashtra, India
Tel. No.:	91-22-67934379
Mobile No.:	91-9869019308
E-Mail :	ca_hkshah@yahoo.com
PAN No:	AEEPS5233F
Associated Companies :	· J. Duncan Healthcare Private Limited · Lokbeta Laboratories Private Limited

CAPITAL STRUCTURE

After 25.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
301720	Equity Shares	Rs. 10/- each	Rs.3.017 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
188570	Equity Shares	Rs. 10/- each	Rs.1.886 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.886
(b) Reserves & Surplus	130.303
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	132.189
(3) Non-Current Liabilities
(a) long-term borrowings	2.464
(b) Deferred tax liabilities (Net)	0.294
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	2.758
(4) Current Liabilities
(a) Short term borrowings	43.790
(b) Trade payables	363.886
(c) Other current liabilities	21.606
(d) Short-term provisions	3.939
Total Current Liabilities (4)	433.221
TOTAL	568.168
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.920
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	3.397
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	26.932
(e) Other Non-current assets	0.000
Total Non-Current Assets	55.249
(2) Current assets
(a) Current investments	0.000
(b) Inventories	9.937
(c) Trade receivables	422.627
(d) Cash and cash equivalents	30.670
(e) Short-term loans and advances	43.441
(f) Other current assets	6.244
Total Current Assets	512.919
TOTAL	568.168

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.886	1.886
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		108.479	85.723
4] (Accumulated Losses)		0.000	0.000
NETWORTH		110.365	87.609
LOAN FUNDS
1] Secured Loans		41.962	47.308
2] Unsecured Loans		4.152	5.410
TOTAL BORROWING		46.114	52.718
DEFERRED TAX LIABILITIES		0.212	0.349
TOTAL		156.691	140.676
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.173	21.904
Capital work-in-progress		0.880	0.744
INVESTMENT		3.397	1.510
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.474	12.957
	Sundry Debtors	253.555	270.770
	Cash & Bank Balances	131.505	31.686
	Other Current Assets	0.000	0.000
	Loans & Advances	125.999	96.165
Total Current Assets		532.533	411.578
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	355.156	267.538
	Other Current Liabilities	3.647	3.562
	Provisions	44.489	23.960
Total Current Liabilities		403.292	295.060
Net Current Assets		129.241	116.518
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		156.691	140.676

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)		472.129	643.471	459.914
Less	EXPENSES
		TOTAL (B)		426.706	601.026	422.970
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			42.723	42.445	36.944
Less	FINANCIAL EXPENSES (D)			9.658	5.343	6.453
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			35.765	37.102	30.491
Less	DEPRECIATION/ AMORTISATION (F)			1.794	2.431	2.413
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			33.971	34.671	28.078
Less	TAX (H)			12.147	11.915	9.887
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			21.824	22.756	18.191
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	415.735	588.147	378.399
	TOTAL EARNINGS			415.735	588.147	378.399
	IMPORTS
			Raw Materials	75.041	111.863	108.940
			Traded Goods	21.907	1.605	12.341
	TOTAL IMPORTS			96.948	113.468	121.281
	Earnings Per Share (Rs.)			115.73	120.68	96.47

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.62	3.54	3.96
Return on Total Assets (PBT/Total Assets}	(%)	6.32	6.24	6.48
Return on Investment (ROI) (PBT/Networth)		0.26	0.31	0.32
Debt Equity Ratio (Total Debt /Networth)		0.35	0.42	0.60
Current Ratio (Current Asset/Current Liability)		1.18	1.32	1.39

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	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions
Short Term Borrowings
From Bank	21.486
From Related Parties	1.533
Total	23.019

Particulars	31.03.2011 Rs. In Millions
Short Term Loans
From Directors	0.310
From Others	0.807
Other Loans
Kotak Mahindra Prime Limited	3.035
Total	4.152

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90146777	21/06/2008 *	93,100,000.00	STATE BANK OF INDIA	WAGLE INDUSTRIAL ESTATE BRANCH, THANE (WEST), THANE, Maharashtra - 400601, INDIA	A43306141

OPERATIONS:

Throughout the period, the recessionary economic conditions continued to prevail globally and also in the markets where the company operates resulting in decline in the total sales from Rs.643.500 Millions in 2010-2011 to Rs.472.100 Millions in 2011-2012 registering sales decline of 26.64% during the year. The decline in sales is due to deferment of export orders of Rs.180.000 Million which has taken place during the financial year 2012-2013. However, tight control cost enabled the company to registered better performance of the profitability front. The profit after taxation for the year declined marginally from Rs.22.800 Millions 2010-2011 to Rs.21.800 Millions i.e. decline of 4.39% during the year. The director are taking all the required steps to give further thrust to sales growth and profitability and accelerate the tempo of growth and profitability as it could achieve earlier years.

FIXED ASSETS:

· Land

· Office Premises

· Air Conditioner

· Computer and Printers

· Fax Machine

· Furniture and Fixtures

· Motor Car

· Office Equipment

· Refrigerator

· Xerox Machine

· Plant and Machinery

· Moulds and Dies

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 records 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] 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.62.56
UK Pound	1	Rs.100.77
Euro	1	Rs.84.71

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.