MIRA INFORM REPORT

Report Date :

30.04.2014

IDENTIFICATION DETAILS

Name :	COSMAS PHARMACLS LIMITED
Registered Office :	B-1/1446, Hambran Road, Near Y- Block, Rishi Nagar Crossing, Ludhiana – 141001, Punjab
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.01.2010
Com. Reg. No.:	16- 033534
Capital Investment / Paid-up Capital :	Rs. 100.000 Millions
CIN No.: [Company Identification No.]	U24232PB2010PLC33534
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Marketing of Pharmaceutical and Health Care Based Products.
No. of Employees :	200 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1590564
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There is a dip in sales and profit of the company in the year 2013. Rating also takes into consideration intensely competitive pharmaceuticals industry. However, trade relation are fair. Business is active. Payment terms are slow. The company can be considered for business dealing with some caution. NOTE: Balance sheet of 2013 is no available from government department.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	C [Long Term]
Rating Explanation	Poor credit quality and limited prospects of recovery
Date	18.09.2013

Rating Agency Name	CRISIL
Rating	A4 [Short Term]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	18.09.2013

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 :	Mr. Sanjay Kumar
Designation :	Accounts Manager
Contact No.:	91-172-2563352
Date :	29.04.2014

LOCATIONS

Registered / Head Office / Factory 1 :	B-1/1446, Hambran Road, Near Y- Block, Rishi Nagar Crossing, Ludhiana – 141001, Punjab, India
Tel. No.:	91-161-2306571-74
Fax No.:	91-161-2300495
E-Mail :	gargsunilk@hotmail.com cosmas@cosmaspharmacls.com
Website :	www.cosmaspharmacls.com
Corporate Office :	The corporate office of the company has been shifted from S.C.O – 354, First Floor, Sector – 09, Panchkula, Haryana, India to the present address 395, Sector 8, 2^nd Floor, Above UCO Bank, Panchkula-134109, Haryana, India
Tel. No.:	91-172-2563352
Factory 2 :	Buranwala Road, Village – Kotla, Barotiwala, Baddi, Solan-173205, Himachal Pradesh, India
Factory 3 :	Village – Gaunspura, Bhattian Road, Hambran, Ludhiana, Punjab, India
Tel. No.:	91-161-2871956

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Punit Jain

Designation :

Managing Director

Address :

56-C, Udham Singh Nagar, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

27.10.1970

Date of Appointment :

01.03.2010

DIN No.:

01159507

Other Directorship:

S. NO.	CIN	NAME OF THE COMPANY	CURRENT DESIGNATION OF THE DIRECTOR	DATE OF APPOINTMENT AT CURRENT DESIGNATION	ORIGINAL DATE OF APPOINTMENT	COMPANY STATUS	DEFAULTING STATUS
1	U24232PB2003PLC026045	ARMOUR REMEDIES INDIA LIMITED	Director	16-08-11	23-05-03	Active	NO
2	U52310PB2007PTC031411	CRUISE PHARMECIA PRIVATE LIMITED	Director	11-10-07	11-10-07	Active	NO
3	U24110PB2008PLC031925	COSMAS RESEARCH LAB LIMITED	Managing Director	16-08-11	14-05-08	Active	NO
4	U24232PB2010PLC033534	COSMAS PHARMACLS LIMITED	Managing Director	01-03-10	22-01-10	Active	NO
5	U73200PB2010PTC034082	COSMAS NANOTECH PRIVATE LIMITED	Director	08-07-10	08-07-10	Active	NO

Name :

Mr. Sanjay Jain

Designation :

Director

Address :

56-C, Udham Singh Nagar, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

17.10.1972

Date of Appointment :

22.01.2010

DIN No.:

01159627

Other Directorship:

S. NO.	CIN	NAME OF THE COMPANY	CURRENT DESIGNATION OF THE DIRECTOR	DATE OF APPOINTMENT AT CURRENT DESIGNATION	ORIGINAL DATE OF APPOINTMENT	COMPANY STATUS	DEFAULTING STATUS
1	U24232PB2003PLC026045	ARMOUR REMEDIES INDIA LIMITED	Director	30-09-05	30-09-05	Active	NO
2	U52310PB2007PTC031411	CRUISE PHARMECIA PRIVATE LIMITED	Director	11-10-07	11-10-07	Active	NO
3	U24110PB2008PLC031925	COSMAS RESEARCH LAB LIMITED	Director	14-05-08	14-05-08	Active	NO
4	U24232PB2010PLC033534	COSMAS PHARMACLS LIMITED	Whole-time director	01-03-10	22-01-10	Active	NO
5	U73200PB2010PTC034082	COSMAS NANOTECH PRIVATE LIMITED	Director	08-07-10	08-07-10	Active	NO

Name :

Mr. Manu Jain

Designation :

Whole Time Director

Address :

56-C, Udham Singh Nagar, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

26.10.1977

Date of Appointment :

22.01.2010

DIN No.:

01159674

Other Directorship:

S. NO.	CIN	NAME OF THE COMPANY	CURRENT DESIGNATION OF THE DIRECTOR	DATE OF APPOINTMENT AT CURRENT DESIGNATION	ORIGINAL DATE OF APPOINTMENT	COMPANY STATUS	DEFAULTING STATUS
1	U24232PB2003PLC026045	ARMOUR REMEDIES INDIA LIMITED	Director	30-09-06	30-09-06	Active	NO
2	U52310PB2007PTC031411	CRUISE PHARMECIA PRIVATE LIMITED	Director	11-10-07	11-10-07	Active	NO
3	U24110PB2008PLC031925	COSMAS RESEARCH LAB LIMITED	Director	14-05-08	14-05-08	Active	NO
4	U24232PB2010PLC033534	COSMAS PHARMACLS LIMITED	Whole-time director	01-09-11	22-01-10	Active	NO
5	U80302PB2010PTC034081	COSMAS MEDICAL STUDIES PRIVATE LIMITED	Director	08-07-10	08-07-10	Active	NO

Name :

Mr. Tanuj Jain

Designation :

Whole Time Director

Address :

56-C, Udham Singh Nagar, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

11.07.1981

Date of Appointment :

22.01.2010

DIN No.:

01159801

Name :

Mr. Tilak Raj Bhardwaj

Designation :

Director

Address :

House No. G4, Sector 14, Punjab University Campus, Chandigarh – 160101, Punjab, India

Date of Birth/Age :

23.02.1949

Date of Appointment :

24.03.2010

DIN No.:

02984222

Name :

Mr. Tapan Kumar Pal

Designation :

Director

Address :

275, Teachris Hostel, Jadavpur University, Kolkata – 700032, West Bengal, India

Date of Birth/Age :

12.02.1960

Date of Appointment :

24.03.2010

DIN No.:

03006943

Name :

Mr. Ram Rattan Garg

Designation :

Director

Address :

House No. 24, Dev Nagar, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

19.08.1968

Date of Appointment :

07.04.2010

DIN No.:

03025128

Name :

Mr. Prakash Chopra

Designation :

Director

Address :

House No. 68, Ward 26, Mohalla Kitchlu Nagar, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

26.08.1969

Date of Appointment :

13.04.2010

DIN No.:

03028800

Name :

Mr. Kuldip Singh

Designation :

Director

Address :

75- B, Kitchlu Nagar, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

10.10.1941

Date of Appointment :

02.06.2010

DIN No.:

03083843

Name :

Mr. Dineshkumar Attarchand Verma

Designation :

Director

Address :

3, Rang Bharti Society, Near Laxmi Narayan Bus Stand, Mani Nagar, Ahmedabad – 380008, Gujarat, India

Date of Birth/Age :

10.01.1957

Date of Appointment :

01.12.2010

DIN No.:

03308881

KEY EXECUTIVES

Name :	Gursimran Kaur Sethi
Designation :	Secretary
Address :	B X/1406, Rari Mohalla, Ludhiana-141008, Punjab, India
Date of Birth/Age :	12.05.1990
Date of Appointment :	23.11.2012
Pan No.:	CUPPK2742A
Name :	Mr. Sanjay Kumar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Punit Jain	1900000	17.27
Sanjay Jain	2000000	18.18
Manu Jain	2100000	19.09
Tanuj Jain	1900000	17.27
Anjana Jain	500000	4.55
Sucheta Jain	500000	4.55
Jyoti Jain	500000	4.55
Sheveta Jain	500000	4.55
Kamla Jain	400000	3.64
Generex Pharmassist Private Limited, India	300000	2.73
Manu Jain Prop. B R. Enterprises, India	400000	3.64
TOTAL	11000000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	2.72
Directors or relatives of directors	97.28
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Marketing of Pharmaceutical and Health Care Based Products.
Products :	Cough and Cold Ensure Smile Antibiotics Health Booster Preprations Precious Life Savers Pain Inflammation and Fever PPIs Antacids Prokinetics, Enzymes Antimalarial
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

200 [Approximately]

Bankers :

Punjab National Bank, Industrial Area, Ludhiana – 141003, Punjab, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term loans from banks	163.758	215.570
Short Term Borrowings
Working capital loans from banks	118.082	136.164
TOTAL	281.840	351.734

Banking Relations :	--
Auditors :
Name :	Garg Sunil Kumar and Company Chartered Accountant
Address :	304, 3^rd Floor, Novelty Plaza, Bhai Bala Chowk, Ferozpur Road, Ludhiana – 141001, Punjab, India
Tel. No.:	91-161-2400305/5018305/5080157
Mobile No.:	91-9878200305
Fax No.:	91-161-5080157
E-Mail :	gargsunilk@hotmail.com
PAN No:	ABNPG2770K
Associates/Subsidiaries : [As on 31.03.2012]	Armour Remedies India Limited [U24232PB2003PLC026045] Cruise Pharmecia Private Limited [U52310PB2007PTC031411] Cosmas Nanotech Private Limited [U73200PB2010PTC034082] Cosmas Medical Studies Private Limited [U80302PB2010PTC034081] Cosmas Research Lab Limited [U24110PB2008PLC031925]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 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	110.000	100.000
(b) Reserves & Surplus	287.641	146.288
(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)	397.641	246.288
(3) Non-Current Liabilities
(a) long-term borrowings	163.758	215.570
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	157.822	259.857
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	321.580	475.427
(4) Current Liabilities
(a) Short term borrowings	118.082	136.164
(b) Trade payables	207.044	214.242
(c) Other current liabilities	42.410	48.771
(d) Short-term provisions	15.924	3.163
Total Current Liabilities (4)	383.460	402.340
TOTAL	1102.681	1124.055
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	65.066	63.316
(ii) Intangible Assets	23.720	31.626
(iii) Capital work-in-progress	4.389	3.270
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	501.565	285.277
(c) Deferred tax assets (net)	1.526	0.534
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	1.205	1.268
Total Non-Current Assets	597.471	385.291
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	116.679	252.580
(c) Trade receivables	248.501	323.475
(d) Cash and cash equivalents	16.915	30.039
(e) Short-term loans and advances	121.115	132.670
(f) Other current assets	0.000	0.000
Total Current Assets	503.210	738.764
TOTAL	1100.681	1124.055

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		100.000
2] Share Application Money		12.505
3] Reserves & Surplus		9.260
4] (Accumulated Losses)		0.000
NETWORTH		121.765
LOAN FUNDS
1] Secured Loans		21.517
2] Unsecured Loans		83.614
TOTAL BORROWING		105.131
DEFERRED TAX LIABILITIES		0.000
TOTAL		226.896
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61.108
Capital work-in-progress		20.587
INVESTMENT		10.092
DEFERRED TAX ASSETS		1.015
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	155.779
	Sundry Debtors	248.864
	Cash & Bank Balances	6.900
	Other Current Assets	0.561
	Loans & Advances	9.443
Total Current Assets		421.547
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	201.860
	Other Current Liabilities	83.972
	Provisions	1.621
Total Current Liabilities		287.453
Net Current Assets		134.094
MISCELLANEOUS EXPENSES		0.000
TOTAL		226.896

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	1048.080	1567.968	1517.300
	Other Income	10.844	8.734	10.384
	TOTAL (A)	1058.924	1576.702	1527.684
Less	EXPENSES
	Cost of Materials Consumed	677.970	591.723	1278.247
	Purchases of Stock-in-Trade	182.267	739.899	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.427)	4.287	3.650
	Employees benefits expense	35.525	31.852	29.064
	Other expenses	70.391	63.724	66.831
	TOTAL (B)	965.726	1431.485	1377.792
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	93.198	145.217	149.892
Less	FINANCIAL EXPENSES (D)	45.779	50.836	29.357
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	47.419	94.381	120.535
Less/ Add	DEPRECIATION/ AMORTISATION (F)	19.120	22.583	23.458
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	28.299	71.798	97.077
Less	TAX (H)	11.574	18.332	2.217
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	16.725	53.466	94.860
	Earnings / (Loss) Per Share (Rs.)	1.52	5.35	9.49

Particulars	31.03.2014
Sales Turnover [Approximately]	1000.000

The above information has been parted by Mr. Sanjay Kumar.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.57	3.39	6.21
Net Profit Margin (PBT/Sales)	(%)	2.70	4.57	6.40
Return on Total Assets (PBT/Total Assets}	(%)	NA	12.10	11.63
Return on Investment (ROI) (PBT/Networth)		NA	0.18	0.39
Debt Equity Ratio (Total Debt/Networth)		NA	0.71	1.43
Current Ratio (Current Asset/Current Liability)		NA	1.31	1.84

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	100.000	110.000
Reserves & Surplus	146.288	287.641
Net worth	246.288	397.641
long-term borrowings	215.570	163.758
Short term borrowings	136.164	118.082
Total borrowings	351.734	281.840
Debt/Equity ratio	1.428	0.709

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1517.300	1567.968	1048.080
		3.339	(33.157)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1517.300	1567.968	1048.080
Profit	94.860	53.466	16.725
	6.25%	3.41%	1.60%

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	Yes
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	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10286631	23/08/2013 *	142,674,254.00	L & T FINANCE LIMITED	L&T HOUSE, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA , INDIA	B83168740
2	10264629	23/08/2013 *	142,674,254.00	L & T FINANCE LIMITED	L&T HOUSE, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA , INDIA	B83169425
3	10226540	19/05/2011 *	30,000,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL AREA-A, LUDHIANA - 141003, PUNJAB, INDIA	B16090904
4	10226549	01/09/2011 *	50,000,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL AREA-A, LUDHIANA - 141003, PUNJAB, INDIA	B21621370
5	10226542	19/05/2011 *	130,000,000.00	PUNJAB NATIONAL BANK	INDUSTRIAL AREA, LUDHIANA - 141001, PUNJAB, INDIA	B16093148

* Date of charge modification

FIXED ASSETS:

• Land and Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipments
• Vehicles

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.60.52
UK Pound	1	Rs.101.77
Euro	1	Rs.83.92

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUM
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
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	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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	--

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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.