MIRA INFORM REPORT

Report Date :

26.09.2013

IDENTIFICATION DETAILS

Name :	ASCENT MEDITECH LIMITED
Registered Office :	Unit No.3, Plot No.9, DamanGanga Industrial Estate, Athal, Silvassa, Dadra & Nagar Haveli, Naroli – 396230, Dadar and Nagar Haveli
Country :	India
Date of Incorporation :	12.06.2012
Com. Reg. No.:	56-000404
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U33110DN2012PLC000404
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Marketing of Healthcare Product
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established as a partnership concern in 1993 with name “Ascent Healthcare”. In 2012, the concern got converted into limited company with mane “Ascent Meditech Limited”. Subject is an established company having a moderate track record. Ms. Amrapali, Manager has provided us the general information and denied to disclose the financial information. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

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

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

INDIAN ECONOMIC OVERVIEW

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 = BB-
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation
Date	17.09.2013

Rating Agency Name	CRISIL
Rating	Short term Rating = A4+
Rating Explanation	Having Minimal degree of safety and carry very high credit risk and are susceptible to default
Date	17.09.2013

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 PARTED BY

Name :	Ms. Amrapali
Designation :	Manager
Contact No.:	91-22-28828644
Date :	25.09.2013

LOCATIONS

Registered Office :	Unit No.3, Plot No.9, DamanGanga Industrial Estate, Athal, Silvassa, Dadra & Nagar Haveli, Naroli – 396230, Dadar and Nagar Haveli, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rajiv@ascentmeditech.com sales@ascentmeditech.com
Website :	http://www.ascentmeditech.com
Area :
Location :	Owned
Branch Office :	Unit No.1101, 11th Floor, project known as Cello Triumph, I B patel road, off Western Express highway, Goregaon (East), Mumbai - 400063, Maharashtra, India
Tel. No.:	91-22-28828644
Fax No.:	91-22-28828647

DIRECTORS

Name :

Mr. Rajkumar Siriram Vijan

Designation :

Director

Address :

Aashiyana, Plot No. – 30, G.I.D.C. Colony, Umbergoan, Valsad – 396170, Gujarat, India

Date of Birth/Age :

11.04.1967

Date of Appointment :

12.06.2012

DIN No.:

01137822

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	U50101GJ1996PTC030695	ASCENT HEALTH CARE PRIVATE LIMITED	Director	12-09-96	12-09-96	-	Active	NO
2	U36991GJ2002PTC040329	AARTI WRITING PRODUCTS PRIVATE LIMITED	Director	02-01-02	02-01-02	-	Active	NO
3	U33110DN2012PLC000404	ASCENT MEDITECH LIMITED	Director	12-06-12	12-06-12	-	Active	NO

Name :

Rajiv Ishwarbhai Mistry

Designation :

Director

Address :

Sai Kripa, Udva Road, Sanjan, Umbergaon, Valsad – 396125, Gujarat, India

Date of Birth/Age :

13.01.1969

Date of Appointment :

12.06.2012

DIN No.:

01382798

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	U50101GJ1996PTC030695	ASCENT HEALTH CARE PRIVATE LIMITED	Director	01-04-97	01-04-97	-	Active	NO
2	U33110DN2012PLC000404	ASCENT MEDITECH LIMITED	Director	12-06-12	12-06-12	-	Active	NO

Name :

Ajay Gunvantrai Shah

Designation :

Address :

1, Amar Arcade, Buddh Society, Halar Cross Road, Valsad – 396001, Gujarat, India

Date of Birth/Age :

23.12.1966

Date of Appointment :

12.06.2012

DIN No.:

00420389

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	U74140MH1983PTC030638	RATHOD MANAGEMENT CONSULTANCY PRIVATE LIMITED	Whole-time director	26-08-89	26-08-89	-	Active	NO
2	U67120GJ1995PTC025297	RATHOD INVESTMENTS AND HOLDINGS PRIVATE LIMITED	Whole-time director	03-04-95	03-04-95	-	Active	NO
3	U74999MH1984PLC033835	GARTELS WERKE LIMITED	Director	02-03-98	02-03-98	-	Active	NO
4	U33110DN2012PLC000404	ASCENT MEDITECH LIMITED	Director	12-06-12	12-06-12	-	Active	NO
5	U25209GJ2013PTC074591	VERITAS COMPOSITECH PRIVATE LIMITED	Director	19-04-13	19-04-13	-	Active	NO

Name :

Mrs. Mansi Rajiv Mistry

Designation :

Director

Address :

5/C, 1304/5, Spring Lear Towers, Lokhandwala Akruli Road, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

24.06.1974

Date of Appointment :

03.12.2012

DIN No.:

03324851

Name :

Mrs. Neeta Rajkumar Vijan

Designation :

Director

Address :

"Aashiyana" Plot No. 30, GIDC Colony, Umbergaon, Valsad- 396171, Gujarat, India

Date of Birth/Age :

15.10.1972

Date of Appointment :

03.12.2012

DIN No.:

06538400

KEY EXECUTIVES

Name :	Ms. Amrapali
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.04.2012

Names of Shareholders	No. of Shares
Rajkumar Sriram Vijan	40000
Rajiv Ishwarbhai Mistry	40000
Ajay Gunvantrai Shah	2000
Mansi Rajiv Mistry	7000
Neeta Rajkumar Vijan	7000
Gajindar Sriram Vijan	2000
Chandanben Ishwarbhai Panchal	2000
Total	100000

As on 25.09.2012

Names of Allotees	No. of Shares Allotted
Rajiv Ishwarbhai Mistry	450000
Rajkumar Sriram Vijan	450000
Total	900000

BUSINESS DETAILS

Line of Business :	Manufacturer and Marketing of Healthcare Product
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	1000 (Approximately)
Bankers :	Bank of Baroda, Shantinath Shopping Centre, 1st Floor, S. V. Road, Malad (West), Mumbai - 400064, Maharashtra, India Tel. No.: 91-22-28899930

Banking Relations :	---
Auditors :
Name :	Kapadia and Associates Chartered Accountants
Address :	Vapi, Gujarat, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2012
Sales Turnover (Approximately)	410.000
	(Partly partnership and Partly Limited Company)

“Ascent Healthcare

(Partnership Concern)

Particulars	31.03.2012
Sales Turnover (Approximately)	360.000

The above information has been parted by Ms. Amrapali

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 two years	Yes
12]	Profitability for last three years	No
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)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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

Note:

The registered office of the company has been shifted from Sai Industrial Estate, Gala No. 1to 5, IInd Phase, 1st Floor, Plat No 5, Sur. No.678/1/3, Near Naroli Chek Po, Naroli – 396235, Dadar Nagar Haveli, India to present address w.e.f. 06.06.2013

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10370014	20/08/2013 *	146,621,000.00	BANK OF BARODA	SHANTINATH SHOPPING CENTRE, 1ST FLOOR, S. V. ROAD, MALAD (WEST), MUMBAI, MAHARASHTRA - 400064, INDIA	B82444647

* Date of charge modification

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.62.70
UK Pound	1	Rs.100.27
Euro	1	Rs.84.46

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10
--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		28

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

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.