MIRA INFORM REPORT

Report Date :

24.09.2013

IDENTIFICATION DETAILS

Name :	RAKSHIT DRUGS PRIVATE LIMITED
Registered Office :	425/3RT, D. No. 7-1-621/328, Sanjeev Reddy Nagar, Hyderabad – 500038, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.03.2000
Com. Reg. No.:	01-034018
Capital Investment / Paid-up Capital :	Rs. 7.483 Millions
CIN No.: [Company Identification No.]	U24230AP2000PTC034018
TAN No.: [Tax Deduction & Collection Account No.]	HYDR01138E
PAN No.: [Permanent Account No.]	AABCR5942G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Integrated Active Pharmaceuticals Ingredients (API's) and Intermediates.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 654000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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 : (CRISIL) BB
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	January 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 :	425/3RT, D. No. 7-1-621/328, Sanjeev Reddy Nagar, Hyderabad – 500038, Andhra Pradesh, India
Tel. No.:	91-40-23810385/ 23705066/ 55580748/ 23818158
Fax No.:	91-40-23812709
E-Mail :	srinivas@rakshitdrugspvtltd.com pjagan123@gmail.com rajeshjosh@rakshitdrugspvtltd.com sales@rakshitdrugspvtltd.com purchase@rakshidrugpvtltd.com
Website :	www.rakshitdrugspvtltd.com
Factory :	Survey No. 10/B, Gaddapotharam Industrial Estate, Jinnaram Mandal, Medak District, Andhra Pradesh, India.
Tel. No.:	91-8548-277026
Fax No.:	91-8458-277094

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Rameswara Rao Anjaneya Pattabhi Chandana

Designation :

Managing director

Address :

Flat No. 302, Saraswati Apartments, B-53, Madhura Nagar, S.R Nagar, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

01.01.1958

Date of Appointment :

24.03.2000

DIN No.:

00105304

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	U24230AP2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Managing director	24/03/2000	24/03/2000	-	Active	NO
2	U24239AP2005PLC048151	RAKSHIT PHARMACEUTICALS LIMITED	Whole-time director	03/10/2008	23/11/2005	-	Active	NO
3	U24232AP2007PTC054116	SRI SAI NIKITHA PHARMA PRIVATE LIMITED	Director	24/05/2007	24/05/2007	11/04/2008	Active	NO
4	U24232AP2007PTC053865	SAINOR LIFE SCIENCES PRIVATE LIMITED	Director	06/06/2013	07/02/2008	-	Active	NO
5	U24233GJ2008PTC068526	RAKS PHARMA PRIVATE LIMITED	Director	22/10/2008	22/10/2008	01/09/2010	Active	NO
6	U24233AP2008PTC061809	AZICO PHARMACEUTICALS PRIVATE LIMITED	Director	12/11/2008	12/11/2008	-	Active	NO
7	U29253AP2010PTC069873	SRI BHAVANA FABTECH PRIVATE LIMITED	Director	06/08/2010	06/08/2010	-	Active	NO
8	U24239AP2004PTC044758	SAINOR LABORATORIES PRIVATE LIMITED	Additional director	05/06/2013	05/06/2013	-	Active	NO
9	U24239AP2004PTC042653	SAINOR PHARMA PRIVATE LIMITED	Additional director	06/06/2013	06/06/2013	-	Active	NO

Name :

Aruna Kumari Chandana

Designation :

Director

Address :

Flat No. 302, Saraswati Apartments, B-53, Madhura Nagar, S.R Nagar, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

01.07.1961

Date of Appointment :

24.03.2000

DIN No.:

00105360

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	U24230AP2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Director	24/03/2000	24/03/2000	-	Active	NO
2	U24239AP2004PTC042653	SAINOR PHARMA PRIVATE LIMITED	Director	13/02/2004	13/02/2004	06/06/2013	Active	NO
3	U24239AP2004PTC044758	SAINOR LABORATORIES PRIVATE LIMITED	Director	02/12/2004	02/12/2004	06/06/2013	Active	NO
4	U24239AP2005PLC048151	RAKSHIT PHARMACEUTICALS LIMITED	Director	23/11/2005	23/11/2005	-	Active	NO
5	U24233GJ2008PTC068526	RAKS PHARMA PRIVATE LIMITED	Director	22/10/2008	22/10/2008	30/07/2010	Active	NO
6	U29253AP2010PTC069873	SRI BHAVANA FABTECH PRIVATE LIMITED	Director	06/08/2010	06/08/2010	-	Active	NO
7	U24233AP2008PTC061809	AZICO PHARMACEUTICALS PRIVATE LIMITED	Director	10/02/2012	10/02/2012	-	Active	NO

Name :

Mr. Avinash Shoury Chandana

Designation :

Director

Address :

H.No.8-3-191/147/9 and 16/302, Madhura Nagar, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

31.12.1987

Date of Appointment :

25.02.2007

DIN No.:

01470246

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	U24230AP2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Director	25/02/2007	25/02/2007	Active	NO
2	U24233AP2008PTC061809	AZICO PHARMACEUTICALS PRIVATE LIMITED	Director	10/02/2012	10/02/2012	Active	NO

Name :

Mr. Srinivas Palem

Designation :

Director

Address :

No.11 to 16, 1^st Floor Plot Nos. 148 to 151 Saroja Complex, Opposite KPHB Colony, Kukatpally, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

29.05.1976

Date of Appointment :

07.07.2008

DIN No.:

01717688

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	U24230AP2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Director	07/07/2008	07/07/2008	Active	NO
2	U24239AP2005PLC048151	RAKSHIT PHARMACEUTICALS LIMITED	Managing director	07/03/2009	07/03/2009	Active	NO
3	U24233AP2008PTC061809	AZICO PHARMACEUTICALS PRIVATE LIMITED	Director	10/02/2012	10/02/2012	Active	NO

Name :

Mr. Rajeshkumar Joshi

Designation :

Whole-time director

Address :

A/401, Suhavan Apartments, Judges Bungalow Road, Near H P Petrol Pump, Bodakdev, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

07.02.1967

Date of Appointment :

07.05.2009

DIN No.:

02385772

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	U24233AP2008PTC061809	AZICO PHARMACEUTICALS PRIVATE LIMITED	Managing director	01/06/2012	12/11/2008	-	Active	NO
2	U24239GJ2009PTC056624	GENAPI LIFESCIENCE PRIVATE LIMITED	Director	16/04/2009	16/04/2009	26/11/2011	Active	NO
3	U24230AP2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Whole-time director	07/05/2009	07/05/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
A P Rameswara Rao	485403
Chandana Aruna Kumari	137229
Chanda Avinash	6720
Sree Bhavna	6720
P. Srinivas	37417
Rajesh Kumar Joshi	74830
Total	748319

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 of Integrated Active Pharmaceuticals Ingredients (API's) and Intermediates.

Products :

ITC Code	Product Descriptions
2942	Active Pharmaceutical Ingredients

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	31.03.2011
Installed Capacity	MTs	350
Production	MTs	298
Production Capacity (%)	MTs	85.00

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø HDFC Bank Limited

Ø Kotak Mahindra Bank Limited

Ø Union Bank of India, SME Branch, 53/3RT, Thagbha Terrain, Beside SR Nagar Police Station, SR Nagar, Hyderbad – 500038, Andhra Pradesh, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans
From Union Bank of India [Secured by hypothecation of Plant and Machinery, equitable mortgage of Factory Land and Building and Guaranteed by Directors]	27.762	23.938
Other Loans and Advances Vehicle Loans [Vehicle Loans secured by hypothecation of Vehicles and Guaranteed by Directors]	1.525	2.255
SHORT TERM BORROWINGS
Loan repayable on demand From Union Bank of India [Cash Credit] [Secured by hypothecation of Inventories and Plant and Machinery, assignment of Book Debts, Equitable mortgage of Land and Buildings and Guaranteed by Directors]	88.975	76.115
Foreign Bill Discounting	0.000	8.626
Packing Credit [Secured by Export Realisation, Hypothecation of Inventories assignment of Book Debts, Land and Buildings, Plant and Machinery and Guaranteed by Directors]	18.356	11.374
Total	136.618	122.308

Banking Relations :	--
Financial Institution :	Amneal Pharmaceuticals Company (India) Private Limited, 882/1-871, Vil. Rajoda, Near Hotel Kankavati, Bavla – 382220, Gujarat, India
Auditors :
Name :	Ramanatham and Rao Chartered Accountants
Address :	P.B. No. 2102, Flat No. 302, Kala Mansion, Sarojini Devi Road, Secunderabad – 500003, Andhra Pradesh, India
Tel. No.:	91-40-27814147/ 27849305
Fax No.:	91-40-27840307
E-Mail :	ramnathamandrao@hotmail.com ramnathamandrao@rediffmail.com
Income-tax PAN of auditor or auditor’s firm :	AACFR1623C
Related Party :	Ø Rakshit Pharmaceuticals Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
748,319	Equity Shares	Rs. 10/- each	Rs. 7.483 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	7.483	7.015
(b) Reserves & Surplus	156.043	128.270
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	2.888
Total Shareholders’ Funds (1) + (2)	163.526	138.173
(3) Non-Current Liabilities
(a) long-term borrowings	37.679	33.688
(b) Deferred tax liabilities (Net)	11.869	9.679
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	49.548	43.367
(4) Current Liabilities
(a) Short term borrowings	107.331	96.115
(b) Trade payables	134.450	103.715
(c) Other current liabilities	13.769	18.660
(d) Short-term provisions	12.993	5.975
Total Current Liabilities (4)	268.543	224.465
TOTAL	481.617	406.005
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	104.328	94.464
(ii) Intangible Assets	0.122	0.141
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	34.912	15.138
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	23.741	22.156
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	163.103	131.899
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	67.729	69.794
(c) Trade receivables	186.587	170.319
(d) Cash and cash equivalents	16.174	16.411
(e) Short-term loans and advances	14.927	1.467
(f) Other current assets	33.097	16.115
Total Current Assets	318.514	274.106
TOTAL	481.617	406.005

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.015
2] Share Application Money		0.000
3] Reserves & Surplus		107.694
4] (Accumulated Losses)		0.000
NETWORTH		114.709
LOAN FUNDS
1] Secured Loans		86.613
2] Unsecured Loans		20.217
TOTAL BORROWING		106.830
DEFERRED TAX LIABILITIES		7.183
TOTAL		228.722
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		66.926
Capital work-in-progress		0.000
INVESTMENT		16.473
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.625
	Sundry Debtors	95.742
	Cash & Bank Balances	5.013
	Other Current Assets	11.718
	Loans & Advances	121.258
Total Current Assets		264.356
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	86.546
	Other Current Liabilities	5.760
	Provisions	26.727
Total Current Liabilities		119.033
Net Current Assets		145.323
MISCELLANEOUS EXPENSES		0.000
TOTAL		228.722

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	771.317	518.176	541.909
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		41.131	35.279	42.249
Less	TAX		8.190	6.496	14.059
	PROFIT AFTER TAX		32.941	28.783	28.191
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	228.270	123.331	112.032
	Earnings Per Share (Rs.)
	Basic		44.00	41.00	40.18
	Diluted		31.80	29.10	40.18

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	9.21	9.03	12.75
Return on Investment (ROI) (PBT/Networth)		0.25	0.26	0.37
Debt Equity Ratio (Total Debt/Networth)		0.89	0.94	0.93
Current Ratio (Current Asset/Current Liability)		1.19	1.22	2.22

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	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
Director and Shareholder	6.125	4.871
Others	2.267	2.624
Total	8.392	7.495

REVIEW OF OPERATIONS:

During the year, the Company has shown good results. This was possible because of the timely decisions taken by the Board for business promotion. The Directors are making their continuous efforts to realize the market opportunities in order to improve the performance of the Company in the coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24230AP2000PTC034018
Name of the company	RAKSHIT DRUGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	425/3RT, D. No. 7-1-621/328, Sanjeev Reddy Nagar, Hyderabad – 500038, Andhra Pradesh, India Email: pjagan123@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	10089028
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Union Bank of India, Sme Branch, 53/3RT, Thagbha Terrain, Beside SR Nagar Police Station, SR Nagar, Hyderbad – 500038, Andhra Pradesh, India Email: pjagan123@gmail.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Deed
Date of instrument Creating the charge	23.01.2012
Amount secured by the charge	Rs. 171.931 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC (Hyp) Base Rate+3.75%,PC/FDBP/FUDBP as per Applicable RBI Rule, ILC/FLC usual and Term Loan-I Base Rate+3.75%, Term Loan-II Base Rate+3.75% Terms of Repayment Repayable on Demand & With reference to the term Loan-I I, the Loan of Rs.10.000 Millions shall be repayable in 60 monthly installments of Rs.0.167 Million each staring from April 2012. The interest is to be served on monthly basis as and when debited/Charged to the Account. Margin CC (Hyp) Stock25% & Book Debts 40%, PC/FDBP/FUDBP 10%, ILC/FLC 15%,Term Loan-I 25% And Term Loan-II 27.54% Extent and Operation of the charge The limits of Rs. 150.000 Millions has been enhanced to Rs. 17193.100 Millions Security.
Short particulars of the property charged	Hyp of stocks and book debts by way of first Charge First charge on the existing and proposed land & building, Plant and Machinery and all other fixed assets purchased out banks finance. Hypothecation of stocks procured for exports and Hypothecation of Export bills Hypothecation of stocks procured under ILC/FLC Land and Building at S No 10/B situated at Gaddapotharam (Vi), Jinnaram (M) in the Name of Company. Cost of the Plant and Machinery at the factory premises at Gaddapotharam (Vi), Jinnaram (M) (As per the audited Balance Sheet as of 31.03.2011)
Date of Modification	03.11.2010
Particulars of the present modification	The limits of Rs. 150.000 Millions has been enhanced to Rs. 17193.100 Millions CC(Hyp) 8000.000 PC/FDBP/FUDBP 2500.000 ILC/FLC 3000.000 Term Loan I 2693.100 Term Loan II 1000.000

CONTINGENT LIABILITIES:

Particulars	31.03.2012	31.03.2011
	(Rs. in Millions)
Letter of Credit	27.789	18.807

FIXED ASSETS:

Ø Plant and Machinery

Ø Land

Ø Buildings

Ø Office Equipment

Ø Electrical Equipment

Ø Lab Equipment

Ø Machinery Research And Development

Ø Furniture And Fixtures

Ø Transport Vehicles

Ø Cars

Ø Computers

Ø Computer Software

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. 62.52
UK Pound	1	Rs. 100.26
Euro	1	Rs. 84.67

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		45

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.