MIRA INFORM REPORT

Report Date :

01.10.2013

IDENTIFICATION DETAILS

Name :	INVENTIA HEALTHCARE PRIVATE LIMITED (w.e.f. 16.03.2009)
Formerly Known As :	THEMIS LABORATORIES PRIVATE LIMITED ANKUR PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Unit 703 and 704, 7^th Floor, Hub Town Solaris, N S Phadke Marg, Andheri (East), Mumbai - 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.09.1985
Com. Reg. No.:	11-037597
Capital Investment / Paid-up Capital :	Rs.78.330 Millions
CIN No.: [Company Identification No.]	U24239MH1985PTC037597
TAN No.: [Tax Deduction & Collection Account No.]	MUMT07689D
PAN No.: [Permanent Account No.]	AABCT5371R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of Pharmaceutical Formulations.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 5200000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. There profitability appear to be low during the current year. However, general financial position of the company is strong. Performance capability seems to be high. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal for 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	11.02.2013

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.

LOCATIONS

Registered Office / Corporate Office :	Unit 703 and 704, 7^th Floor, Hub Town Solaris, N S Phadke Marg, Andheri (East), Mumbai-400069, Maharashtra, India
Tel. No.:	91-22-67163200 / 67163300
Fax No.:	91-22-67163300 / 67163100
E-Mail :	hitesh.dave@inventiahealthcare.com rupa.desai@inventiahealthcare.com hemendra.shah@themislabs.com gopinath.nayak@themislabs.com ankur.shah@themislabs.com
Website :	http://www.inventiahealthcare.com
Factory :	F1-F1/1, Additional Ambernath, M.I.D.C., Ambernath (East)- 421506, District Thane, Maharashtra, India
Tel. No.:	91-251-2625700
Fax No.:	91-251-2625800
Thane Office :	A-215, Road No. 30, Wagle Industrial Estate, Thane – 400604, Maharashtra, India
Tel No.:	91-22-67173600
Fax No.:	91-22-67163700
R&D Center :	A-214, Road No.30, Wagle Industrial Estate, Thane – 400604, Maharashtra, India
Tel No.:	91-22-67163400
Fax No.:	91-22-67163500

DIRECTORS

As on 14.06.2013

Name :

Mr. Janak Ramanlal Shah

Designation :

Managing Director

Address :

30, Saujanya, Vallabh Nagar Society, N S Road No. 3, JVPD Scheme, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

19.11.1947

Date of Appointment :

01.11.1991

Din No.:

00019819

PAN No.:

AACPJ4006B

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	U24230MH1986PTC039331	OROS LABS PRIVATE LIMITED	Managing director	25-03-86	25-03-86	18-04-09	Active	NO
2	U24239MH1985PTC037597	INVENTIA HEALTHCARE PRIVATE LIMITED	Managing director	01-11-91	01-11-91	-	Active	NO
3	U33119MH2007PTC174238	JOVIS CLINICAL RESEARCH PRIVATE LIMITED	Director	18-09-07	18-09-07	10-12-07	Active	NO

Name :

Mrs. Maya Janak Shah

Designation :

Director

Address :

30, Saujanya, Vallabh Nagar Society, N S Road No. 3, JVPD Scheme, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

08.04.1950

Date of Appointment :

27.09.1985

Din No.:

00019904

PAN No.:

AANPS8887N

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	U24239MH1985PTC037597	INVENTIA HEALTHCARE PRIVATE LIMITED	Whole-time director	27-09-85	27-09-85	-	Active	NO
2	U24230MH1986PTC039331	OROS LABS PRIVATE LIMITED	Whole-time director	25-03-86	25-03-86	18-04-09	Active	NO

Name :

Mr. Ankur Janak Shah

Designation :

Nominee Director

Address :

30, Saujanya, Vallabh Nagar Society, N S Road No. 3, JVPD Scheme, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

227.10.1977

Date of Appointment :

29.05.2009

Din No.:

01656781

PAN No.:

AALPS9153R

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	U33119MH2007PTC174238	JOVIS CLINICAL RESEARCH PRIVATE LIMITED	Director	18-09-07	18-09-07	10-12-07	Active	NO
2	U24239MH1985PTC037597	INVENTIA HEALTHCARE PRIVATE LIMITED	Director	29-05-09	04-07-08	-	Active	NO
3	U73100MH2012PTC234798	INVENGENE BIOSCIENCES PRIVATE LIMITED	Whole-time director	22-08-12	22-08-12	-	Active	NO

Name :

Mr. Bharat Bakhshi

Designation :

Nominee Director

Address :

C-6, Meghdoot, 536 Linking Road, Khar, Mumbai-400052, Maharashtra, India

Date of Birth/Age :

05.09.1968

Date of Appointment :

04.07.2008

Din No.:

01381524

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	U34103HR1986PLC024875	BAJAJ MOTORS LIMITED	Director	22-09-07	28-03-07	-	Active	NO
2	L24231UP1979PLC004837	COMMERCIAL ENGINEERS AND BODY BUILDERS CO LIMITED	Nominee director	29-09-07	01-08-07	10-08-11	Active	NO
3	U31300TN2003PLC051135	SARAVANA GLOBAL ENERGY LIMITED	Nominee director	20-02-08	20-02-08	-	Active	NO
4	U24239MH1985PTC037597	INVENTIA HEALTHCARE PRIVATE LIMITED	Nominee director	04-07-08	04-07-08	-	Active	NO
5	U72900TN1979PLC007991	KGS ENGINEERING LIMITED	Additional director	31-03-09	31-03-09	07-05-10	Active	NO
6	U74899DL1995PTC073510	JACOB BALLAS CAPITAL INDIA PRIVATE LIMITED	Alternate director	06-12-10	06-12-10	07-12-10	Active	NO

Name :

Mr. Prabuddha Ganguli

Designation :

Independent Director

Address :

201, Sunview Heights, 262, Sher E Punjab, Andheri (East), Mumbai-400093, Maharashtra, India

Date of Birth/Age :

23.06.1948

Date of Appointment :

04.06.2010

Din No.:

03091961

KEY EXECUTIVES

Name :	Ms. Rupa D. Desai
Designation :	Company Secretary
Address :	Flat No. 1, Archana CHS Tagore Road, Santacruz (West), Mumbai-400054, Maharashtra, India
Date of Birth/Age :	02.04.1972
Date of Appointment :	19.07.2010
Pan No.:	ADKPR1935N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.06.2013

Names of Shareholders	No. of Shares
Janak Ramanlal Shah	3254350
Maya Janak Shah	2720650
Vishal Janak Shah	12000
Gaurang Hasmukhlal Thanawala	100
Daksha Gaurang Thanawala	100
Sachi Gaurang Thanawala	100
Dwiti Gaurang Thanawala	100
Varun Gaurang Thanawala	100
Nylim Jacob Ballas India Fund III LLC, Mauritius	1833000
Ankur J Shah	12500
TOTAL	7833000

As on 14.06.2013

Equity Share Break up (Percentage of Total Equity)

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	23.40
Directors or relatives of Directors	76.60
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Pharmaceutical Formulations.

Products :

Description of product or service category	ITC Code
Pharmaceutical Products and Formulations	30044020

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• The Hong Kong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai-400001, Maharashtra, India
• The Saraswat Co-operative Bank Limited, Juhu Branch, Juhu, Mumbai-400049, Maharashtra, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long-term borrowings
Rupee term loans from banks	100.972	100.859
Short-term borrowings
Term loans from banks	84.169	46.077
Working capital loans from banks	0.000	60.000
Other loans and advances, others	12.993	0.000
Total	198.134	206.936

Banking Relations :	---
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	14^th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai-400028, Maharashtra, India
PAN No.:	AABFS3421N

CAPITAL STRUCTURE

As on 14.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7833000	Equity Shares	Rs.10/- each	Rs.78.330 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	78.330	78.330	78.330
(b) Reserves & Surplus	1241.015	1199.550	1196.142
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1319.345	1277.880	1274.472
(3) Non-Current Liabilities
(a) long-term borrowings	100.972	100.859	51.071
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.997	6.426	6.774
Total Non-current Liabilities (3)	106.969	107.285	57.845
(4) Current Liabilities
(a) Short term borrowings	97.162	106.077	120.000
(b) Trade payables	214.482	166.935	180.815
(c) Other current liabilities	98.807	57.873	99.137
(d) Short-term provisions	24.530	2.564	6.202
Total Current Liabilities (4)	434.981	333.449	406.154
TOTAL	1861.295	1718.614	1738.471
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1107.683	1151.589	1153.303
(ii) Intangible Assets	23.418	34.643	32.406
(iii) Capital work-in-progress	5.995	0.000	7.920
(iv) Intangible assets under development	156.934	87.218	59.827
(b) Non-current Investments	0.025	0.025	0.025
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	58.692	17.020	50.791
(e) Other Non-current assets	3.167	0.000	1.789
Total Non-Current Assets	1355.914	1290.495	1306.061
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	207.503	160.403	152.964
(c) Trade receivables	203.095	195.873	167.271
(d) Cash and cash equivalents	1.000	4.668	25.845
(e) Short-term loans and advances	93.783	67.087	86.248
(f) Other current assets	0.000	0.088	0.082
Total Current Assets	505.381	428.119	432.410
TOTAL	1861.295	1718.614	1738.471

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1688.705	1422.617	1346.678
		Other Income	14.621	15.971	3.844
		TOTAL	1703.326	1438.588	1350.522
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1527.981	1339.433	1319.167
		Advertising Expenses
		TOTAL	1527.981	1339.433	1319.167
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		175.345	99.155	31.355
Less/ Add	DEPRECIATION/ AMORTISATION (F)		100.521	94.955	90.637
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		74.824	4.200	(59.282)
Less	TAX (H)		15.030	0.793	(47.980)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		59.794	3.407	(11.302)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		176.947	173.540	184.842
Less	APPROPRIATIONS
		Transfer to General Reserve	6.000	0.000	0.000
		Dividend	15.666	0.000	0.000
		Tax on Dividend	2.662	0.000	0.000
	BALANCE CARRIED TO THE B/S		212.413	176.947	173.540
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	390.413	315.349	254.113
		Other Earnings	33.027	4.183	0.311
	TOTAL EARNINGS		423.440	319.532	254.424
	IMPORTS
		Raw Materials	4.305	4.703	3.701
		Stores & Spares	0.490	0.083	0.208
		Capital Goods	2.071	2.762	16.340
	TOTAL IMPORTS		6.866	7.548	20.249
	Earnings / (Loss) Per Share (Rs.)		7.63	0.43	(1.44)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.51	0.24	(0.84)
Net Profit Margin (PBT/Sales)	(%)	4.43	0.30	(4.40)
Return on Total Assets (PBT/Total Assets}	(%)	4.41	0.26	(3.55)
Return on Investment (ROI) (PBT/Networth)		0.06	0.00	(0.05)
Debt Equity Ratio (Total Debt /Networth)		0.15	0.16	0.13
Current Ratio (Current Asset/Current Liability)		1.16	1.28	1.06

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	No
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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CORPORATE INFORMATION

Subject incorporated in 1985 is engaged in the manufacturing of pharmaceuticals formulations with focus developing value-added (Novel Drug Delivery Systems) single ingredients and novel combination products in the solid oral dosage forms.

BUSINESS DEVELOPMENT, OPERATIONS AND OUTLOOK:

Domestic Markets

During the year, the Company achieved a 11.5% growth in domestic sales (Rs.1088.600 Millions for FY 12-13 vs Rs. 976.500 Millions for FY 11-12) mainly on account of growth of existing products and addition of new clients. The Company is focused on expediting regulatory approvals for new products in the pipeline for next year. The plan for next year is to get 10 new products registered and target Rs. 1154.800 Millions for FY 13-14 with 6% growth.

Exports

a) Regulated Markets

During the year, the company was able to file three more ANDA’s in the year for Tolterodine ER Capsule, Paliperidone ER Tablet and Telmisartan Tablets. This brings the total number of ANDA’s filed to date to six. Business arrangements are in place for all the ANDA’s filed to date. During the year, the Company executed 6 terms sheets (Venlafaxine with Aarti for US Market, Metformin with Alkem/Ascend for US Market, Tolteridone pellets with Abdi Ibrahim for Turkey, Metformin with Nivagen for US Market,Darifenacin with Osmotica for US Market and Venlafaxine with Ranbaxy for the US Market) and 1 definitive agreement (Venlafaxine with Aarti). The Company received milestone payments totaling 563,333 USD. Majority of the milestone income was linked to filing of Paliperidone and Tolteridone ANDA’s. Milestone for filing of Telmisartan ANDA will be received in the next financial year upon acceptance of the file by US FDA.

The Company plans to complete filing of majority of the remaining 8 ANDA’s during the next year. The Company has initiated work on a new set of projects for the next year for US.

b) Semi-Regulated Markets

The Company achieved an overall increase of 27% in export sales amounting to Rs 432.300 Millions as compared to Rs. 341.400 Millions during the previous year. The company plans an increase of approximately 45% in export sales for FY 2013-14 amounting to Rs.625.100 Millions. This growth is primarily on account of more products getting commercialized, growth of existing products in South East Asia and LATAM markets and commercialization of 2 products in the US.

Part of the growth in export sales in FY 12-13 was attributed to semi finished products (Rs 237.500 Millions increasing to Rs 323.400 Millions) on account of significant growth in Brazil, Korea, Lebanon and Pakistan.

The export sales for finished formulations grew 5% from Rs 103.900 Millions to Rs 108.900 Millions on account of growth of existing products and commercialization of new products in South East Asian markets. Filing of dossiers continues in their existing markets this year. Commercialization of 19 products is expected in Latin America and French West Africa in FY 13-14. The Company plans to commercialize 23 products in FY 13-14 in South East Asian markets as compared to 17 products in FY 12-13. The company plans to commercialize 2 products (Metformin and Venlafaxine) in the US Market in FY 13-14.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10434417	11/06/2013	300,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B78544640
2	10423953	09/04/2013	300,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B74503897
3	10352838	25/04/2012	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B38634614
4	10335116	24/01/2012	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B31923873
5	10259042	23/12/2010	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B02155547
6	10258946	08/12/2010	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B01987684
7	10074659	21/02/2012 *	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B34532101
8	90241727	09/08/2010 *	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A92445881

* Date of charge modification

FIXED ASSETS:

• Leasehold Land
• Plant and Machinery
• Office Equipments
• Vehicles
• Building

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.62.78
UK Pound	1	Rs.101.42
Euro	1	Rs.84.67

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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

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