MIRA INFORM REPORT

Report Date :

16.10.2013

IDENTIFICATION DETAILS

Name :	GLOBAL CALCIUM PRIVATE LIMITED
Registered Office :	No. 126, Sipcot Industrial Complex, Hosur, District Dharmapuri – 635126, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.10.1979
Com. Reg. No.:	18-009946
Capital Investment / Paid-up Capital :	Rs. 10.929 Millions
CIN No.: [Company Identification No.]	U02429TZ1979PTC009946
TAN No.: [Tax Deduction & Collection Account No.]	CHEG05659D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Calcium Ascorbate Ep, Magnesium Gluconate Usp, Calcium Gluconate Ep, Calcium Lactate Usp, Calcium Levulinate Usp, Calcium Orotate, Ferrous Orotate, Lactobionic Acid.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 1370000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. The company is performing well. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and condition.

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+ (Upgrade from BBB-)
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	October 4, 2012

Rating Agency Name	CRISIL
Rating	Short term rating : A2 (Upgrade from A3+)
Rating Explanation	Strong degree of safety it carry low credit risk.
Date	October 4, 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Shashi
Designation :	Accounts Department
Contact No.:	91-80-40554500
Date :	11.10.2013

LOCATIONS

Registered Office/ Factory :	No. 126, Sipcot Industrial Complex, Hosur, District Dharmapuri – 635126, Tamilnadu, India
Tel. No.:	91-4344-406000
Fax No.:	91-4344-276359
E-Mail :	chandra@globalcalcium.com info@globalcalcium.com
Website :	www.globalcalcium.com
Location :	Owned
Corporate Office :	No. 1, Hundred Feet Road, 5th Block, Koramangala, Bangalore – 560095, Karnataka, India
Tel. No.:	91-80-40554500
Fax No.:	91-80-25530807

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Arif Vazirally

Designation :

Managing director

Address :

381, Sarjapur Road, Koramangala, III Block, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

16.03.1949

Date of Appointment :

10.10.1979

DIN No.:

00256108

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	U02429TZ1979PTC009946	GLOBAL CALCIUM PRIVATE LIMITED	Managing director	10/10/1979	10/10/1979	-	Active	NO
2	U31200KA1984PTC006488	BEBLEC (INDIA) PRIVATE LIMITED	Director	12/11/1984	12/11/1984	-	Active	NO
3	U32109TZ1989PTC008787	CALCITECH INDIA PRIVATE LIMITED	Director	07/08/1989	07/08/1989	-	Amalgamated	NO
4	U24231KA1993PTC013976	GLOBAL PHARMATECH PRIVATE LIMITED	Director	05/02/1993	05/02/1993	23/02/2012	Active	NO
5	U65993KA1993PTC014055	ANUR INVESTMENTS PRIVATE LIMITED	Director	02/03/1993	02/03/1993	-	Active	NO
6	U85110KA1992PTC013489	SABRE MARKETING SERVICES PRIVATE LIMITED	Director	28/12/1993	28/12/1993	-	Active	NO
7	U02429KA2004PTC034912	ANGLICAN MEDISYSTEMS PRIVATE LIMITED	Director	21/10/2004	21/10/2004	-	Strike off	NO
8	U24246KA2005PTC035617	QUEST HEALTHCARE PRIVATE LIMITED	Director	29/09/2010	24/03/2010	27/12/2012	Active	NO
9	U24230TZ2011PTC017429	GLOBAL NUTRACEUTICALS PRIVATE LIMITED	Director	21/09/2011	21/09/2011	-	Active	NO

Name :

Mr. Nahid Vazirally

Designation :

Director

Address :

381, Sarjapur Road, Koramangala, III Block, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

07.08.1953

Date of Appointment :

28.06.2002

DIN No.:

00265406

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	U31200KA1984PTC006488	BEBLEC (INDIA) PRIVATE LIMITED	Director	16/01/1995	16/01/1995	Active	NO
2	U65993KA1993PTC014055	ANUR INVESTMENTS PRIVATE LIMITED	Director	30/05/1997	30/05/1997	Active	NO
3	U02429TZ1979PTC009946	GLOBAL CALCIUM PRIVATE LIMITED	Director	28/06/2002	28/06/2002	Active	NO

Name :

Mr. Muthuraman Chandrasekaran

Designation :

Director

Address :

B9 and 10 Sipcot Housing Colony, Hosur, Dharmapuri - 635126, Tamilnadu, India

Date of Birth/Age :

10.08.1953

Date of Appointment :

31.08.1999

DIN No.:

00286153

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	U32109TZ1989PTC008787	CALCITECH INDIA PRIVATE LIMITED	Director	10/09/1990	10/09/1990	Amalgamated	NO
2	U02429TZ1979PTC009946	GLOBAL CALCIUM PRIVATE LIMITED	Director	31/08/1999	31/08/1999	Active	NO

Name :

Mr. Sahil Vazirally

Designation :

Director

Address :

381, Sarjapur Road, Koramangala, III Block, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

16.04.1978

Date of Appointment :

29.09.2007

DIN No.:

01478059

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	U24246KA2005PTC035617	QUEST HEALTHCARE PRIVATE LIMITED	Director	04/07/2005	04/07/2005	27/12/2012	Active	NO
2	U02429TZ1979PTC009946	GLOBAL CALCIUM PRIVATE LIMITED	Director	29/09/2007	09/04/2007	-	Active	NO
3	U85110KA2007PTC041493	MANIPAL CURE AND CARE PRIVATE LIMITED.	Director	26/05/2008	26/05/2008	01/03/2012	Active	NO
4	U32109TZ1989PTC008787	CALCITECH INDIA PRIVATE LIMITED	Director	17/09/2008	28/07/2008	-	Amalgamated	NO
5	U24230TZ2011PTC017429	GLOBAL NUTRACEUTICALS PRIVATE LIMITED	Director	21/09/2011	21/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shashi
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
T Rafeeq Ahmed	4668
M.D. Narayan	59000
Arif Vazirally	376750
M.D. Balakrishna	10000
Ashok Sinha	2000
Nahid Vazirally	12388
Anur Investments Private Limited, India	344997
Rishaad Vazirally	7424
Sahil Vazirally	8700
Beblec India Private Limited, India	203240
Nihal Aladdin	1492
Ahmed Mohammed Abdur Razak Osman	1332
Ameer Aladdin	168
Farah Aladdin	164
Rajab Vazirally and Noorjehen Vazirally	4980
Noorjehen Vazirally and Rajab Vazirally	6868
T Adnan Ahmed	2668
T Faizen Ahmed	2664
Arif Vazirally and Nahid Vazirally	29569
M. Chandrasekar	300
Anoop Rana	3500
Riva D Vaidya and Tariq D Vaidya	10000
Total	1092872

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	50.16
Directors or relatives of directors	41.52
Others	8.32
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Calcium Ascorbate Ep, Magnesium Gluconate Usp, Calcium Gluconate Ep, Calcium Lactate Usp, Calcium Levulinate Usp, Calcium Orotate, Ferrous Orotate, Lactobionic Acid.
Exports :
Products :	Finished Goods
Countries :	· Europe Middle East
Imports :
Products :	Raw Material
Countries :	· China
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

500 (Approximately)

Bankers :

Ø Citibank N.A, 506-507, Level - 5, Prestige Meridian 2, No. 30, M G Road, Bangalore - 560001, Karnataka, India

Ø Indian Bank

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from Banks	66.212	45.515
Term loans from Financial Institution	0.000	14.513
SHORT TERM BORROWINGS
Indian Bank – OCC	18.002	18.060
Indian Bank – PCFC	23.060	16.540
Citibank - PCFC	23.806	28.556
Total	131.080	123.184
Note: LONG-TERM BORROWINGS The term loan from Indian Bank as secured by way of hypothecation of Wind Mill 2010 of the Company. The term loan is repayable in 60 equal installments of Rs. 0.800 Millions commencing from July 2010. FCNR term loans from Citibank is secured by first charge on specific fixed assets at the factory premises at Nos. 125 and 126 SIPCOT Industrial Complex, Hosur, Tamilnadu, India. The loan is repayable in 48 equal installments commencing.

Banking Relations :	--
Auditors :
Name :	R. Subramanian and Company Chartered Accountants
Address :	36 Krishnaswamy Avenue, Chennai – 600004, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFR0602F

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,150,000	Equity Shares	Rs. 10/- each	Rs. 11.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,092,872	Equity Shares	Rs. 10/- each	Rs. 10.929 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	10.929	10.929
(b) Reserves & Surplus	332.539	266.434
(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)	343.468	277.363
(3) Non-Current Liabilities
(a) long-term borrowings	66.262	60.078
(b) Deferred tax liabilities (Net)	70.165	60.185
(c) Other long term liabilities	0.852	0.923
(d) long-term provisions	5.186	3.614
Total Non-current Liabilities (3)	142.465	124.800
(4) Current Liabilities
(a) Short term borrowings	64.868	63.156
(b) Trade payables	141.225	101.858
(c) Other current liabilities	14.032	5.793
(d) Short-term provisions	62.467	97.516
Total Current Liabilities (4)	282.592	268.323
TOTAL	768.525	670.486
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	353.554	316.287
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(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	44.119	77.237
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	397.673	393.524
(2) Current assets
(a) Current investments	29.370	29.370
(b) Inventories	90.827	58.450
(c) Trade receivables	137.823	117.359
(d) Cash and cash equivalents	34.686	40.150
(e) Short-term loans and advances	74.600	25.426
(f) Other current assets	3.546	6.207
Total Current Assets	370.852	276.962
TOTAL	768.525	670.486

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.929
2] Share Application Money		0.000
3] Reserves & Surplus		230.584
4] (Accumulated Losses)		0.000
NETWORTH		241.513
LOAN FUNDS
1] Secured Loans		134.618
2] Unsecured Loans		1.050
TOTAL BORROWING		135.668
DEFERRED TAX LIABILITIES		41.848
TOTAL		419.029
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		307.953
Capital work-in-progress		0.000
INVESTMENT		25.968
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.058
	Sundry Debtors	99.266
	Cash & Bank Balances	30.214
	Other Current Assets	0.000
	Loans & Advances	105.443
Total Current Assets		277.981
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	135.866
	Provisions	57.007
Total Current Liabilities		192.873
Net Current Assets		85.108
MISCELLANEOUS EXPENSES		0.000
TOTAL		419.029

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	965.282	747.881	594.188
		Other Income	28.127	9.480	7.681
		TOTAL (A)	993.409	757.361	601.869
Less	EXPENSES
		TOTAL (B)	838.541	637.729	502.532
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		154.868	119.632	99.337
Less	FINANCIAL EXPENSES (D)		15.173	14.800	13.147
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		139.695	104.832	86.190
Less/ Add	DEPRECIATION/ AMORTISATION (F)		32.250	30.913	21.781
	PROFIT BEFORE TAX (E-F) (G)		107.445	73.919	64.409
Less	TAX (H)		34.983	33.289	20.139
	PROFIT AFTER TAX (G-H) (I)		72.462	40.630	44.270
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		142.228	118.377	87.547
Less	APPROPRIATIONS
		Transfer to General Reserve	12.000	12.000	11.000
		Dividend	5.464	4.098	2.085
		Tax on Dividend	0.886	0.681	0.355
	BALANCE CARRIED TO THE B/S		196.340	142.228	118.377
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	755.823	582.036	443.329
	Earnings Per Share (Rs.)		66.30	37.18	40.51

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.29	5.36	7.36
Net Profit Margin (PBT/Sales)	(%)	11.13	9.88	10.84
Return on Total Assets (PBT/Total Assets}	(%)	13.98	11.02	10.99
Return on Investment (ROI) (PBT/Networth)		0.31	0.27	0.27
Debt Equity Ratio (Total Debt/Networth)		0.38	0.44	0.56
Current Ratio (Current Asset/Current Liability)		1.31	1.03	1.44

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	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	No
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	--
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	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Loans and Advance from Related Parties	0.050	0.050
Total	0.050	0.050

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U02429TZ1979PTC009946
Name of the company	GLOBAL CALCIUM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 126, Sipcot Industrial Complex, Hosur, District Dharmapuri - 635126, Tamilnadu, India Email: info@globalcalciumpharma.com
This form is for	Modification of charge
Charge identification number of the modified	10316695
Type of charge	Immovable property Movable property (not being pledge) Others [Plant and Machinery, Vehicles and Equipments]
Particular of charge holder	Citibank N.A, 506-507, Level - 5, Prestige Meridian 2, No. 30, M G Road, Bangalore - 560001, Karnataka, India Email: mounika.kancheti@citi.com
Nature of description of the instrument creating or modifying the charge	Constructive Memorandum of Entry with Indian Bank
Date of instrument Creating the charge	24.09.2012
Amount secured by the charge	Rs. 67.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest LIBOR Plus as per agreement. Terms of Repayment 4 Years as per agreement. Margin As agreed from time to time. Extent and Operation of the charge First Exclusive charge thereon on Plant, Machinery funded out of term loan. First Pari passu charge on all the Borrower's present and future movable Plant, Machinery, Vehicles and equipment belonging to the Borrower. Others Constructive Memorandum of Entry towards immovable properties (details as per First and second schedule of the agreement) with Indian Bank secured the credit limit of Rs.102.500 Millions of which the Term Loan of Rs.67.500 Millions and Working Capital facilities of Rs.35.000 Millions.
Short particulars of the property charged	Equitable Mortgage of Immovable Properties situated at Plot No. 125 with Industrial Building constructed thereon in SIPCOT Industrial Complex, Hosur within the village limits of Zuzuvadi, Krishnagiri District Tamilnadu. Sy.Nos. 105(pt), 106 (pt), 108 (pt), 107 (pt) and Plot No.126 with Industrial Building constructed thereon in SIPCOT Industrial Complex, Hosur within the village limits of Zuzuvadi, Krishnagiri District Tamilnadu. Sy. Nos. 104, 105, 106,100, 99.
Particulars of the present modification	There is no change in securities and Charge amount of Rs.67.500 Millions already filed vide SRN No.B24944480. Additional Securities by way of Constructive Memorandum of Entry towards immovable properties (details as per First and second schedule of the agreement) with Indian Bank secured the credit limit of Rs.102.500 Millions of which the Term Loan of Rs.67.500 Millions and Working Capital facilities of Rs.35.000 Millions. All other terms and conditions remains unchanged.

FIXED ASSETS:

Ø Land

Ø Factory Building

Ø Plant and Machinery

Ø Electrical Installation

Ø Factory Equipment

Ø Furniture and Fixture

Ø Office Equipment

Ø Vehicles

Ø Computer

Ø Air Conditioner

Ø Lab Equipment

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. 61.69
UK Pound	1	Rs. 98.59
Euro	1	Rs. 83.67

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
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	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.