MIRA INFORM REPORT

Report Date :

20.08.2014

IDENTIFICATION DETAILS

Name :	AQUATIC REMEDIES PRIVATE LIMITED
Registered Office :	218/219, Kailash Plaza, Vallabh Baug Lane, Ghatkopar (East), Mumbai – 400075, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.03.1996
Com. Reg. No.:	11-097828
Capital Investment / Paid-up Capital :	Rs.96.700 Millions
CIN No.: [Company Identification No.]	U24230MH1996PTC097828
TAN No.: [Tax Deduction & Collection Account No.]	MUMA11886A
PAN No.: [Permanent Account No.]	AABCA3876G
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Pharmaceutical Raw Materials and Bulk Active Ingredients.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Bharat Mehta
Designation :	Director
Contact No.:	91-9821262142

LOCATIONS

Registered Office :	218/219, Kailash Plaza, Vallabh Baug Lane, Ghatkopar (East), Mumbai – 400 075, Maharashtra, India
Tel. No.:	91-22-67255555 (5 Lines) / 55958111
Mobile No.:	91-9821262142 (Mr. Bharat N Mehta)
Fax No.:	91-22-67991766
E-Mail :	forum_1979@rediffmail.com afil@vsnl.net forum.fga@gmail.com kirti@aquaticremedies.net bharat@aquaticremedies.net aquaticremedies@msn.com
Website :	http://www.aquaticremedies.net
Area :	1000 Sq. Ft. Super build up
Location :	Owned
Corporate Office / Branch Office:	36, Amul Estate, Near Railway Crossing, Sarkhej, Ahmedabad – 382210, Gujarat, India
Area :	500 Sq. Ft.
Location :	Owned
Warehouse :	Bhiwandi Sobhagya Ware Housing Complex, Godown No. 108, 109, 110, Rahanal Village, Bhiwandi, Thane – 421302, Maharashtra India
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Bharat Nyalchand Mehta

Designation :

Chairman cum Managing Director

Address :

255/11, Prity, R.N.N, Road, Gathkopar (East), Mumbai 400077, Maharashtra, India

Date of Birth/Age :

24.10.1960

Qualification :

B Pharm

Date of Appointment :

04.03.1996

DIN No :

00580554

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	U24230MH1996PTC097828	AQUATIC REMEDIES PRIVATE LIMITED	Director	04/03/1996	04/03/1996	Active	NO
2	U24210MH1996PTC097827	OCEANIC TECHNO CHEM PRIVATE LIMITED	Director	04/03/1996	04/03/1996	Active	NO
3	U24230MH1999PLC122956	AQUATIC FORMULATIONS (INDIA) LIMITED	Director	07/12/1999	07/12/1999	Active	NO
4	U85100MH2010PTC201945	OCEANIC MEDI-TREAT PRIVATE LIMITED	Director	12/04/2010	12/04/2010	Active	NO

Name :

Mr. Hitendra Nyalchand Mehta

Designation :

Director

Address :

255/11, Prity, R.N.N, Road, Gathkopar (East), Mumbai 400077, Maharashtra, India

Date of Birth/Age :

09.09.1969

Qualification :

BE

Date of Appointment :

04.03.1996

DIN No :

00580562

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	U24230MH1996PTC097828	AQUATIC REMEDIES PRIVATE LIMITED	Director	04/03/1996	04/03/1996	Active	NO
2	U24210MH1996PTC097827	OCEANIC TECHNO CHEM PRIVATE LIMITED	Director	04/03/1996	04/03/1996	Active	NO
3	U24230MH1999PLC122956	AQUATIC FORMULATIONS (INDIA) LIMITED	Managing director	01/04/2010	07/12/1999	Active	NO

Name :

Mr. Kirti Bhogilal Mehta

Designation :

Director

Address :

255/11, Prity, R.N.N, Road, Gathkopar (East), Mumbai 400077, Maharashtra, India

Date of Birth/Age :

31.12.1970

Qualification :

B.Com

Date of Appointment :

04.03.1996

DIN No :

00580572

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	U24210MH1996PTC097827	OCEANIC TECHNO CHEM PRIVATE LIMITED	Director	04/03/1996	04/03/1996	Active	NO
2	U24230MH1996PTC097828	AQUATIC REMEDIES PRIVATE LIMITED	Director	04/03/1996	04/03/1996	Active	NO
3	U24230MH1999PLC122956	AQUATIC FORMULATIONS (INDIA) LIMITED	Director	07/12/1999	07/12/1999	Active	NO

Name :

Mr. Darshan Bhogilal Mehta

Designation :

Director

Address :

255/11, Prity, R.N.N, Road, Gathkopar (East), Mumbai 400077, Maharashtra, India

Date of Birth/Age :

07.07.1977

Qualification :

B.Com

Date of Appointment :

04.03.1996

DIN No :

00580585

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	U24230MH1996PTC097828	AQUATIC REMEDIES PRIVATE LIMITED	Director	04/03/1996	04/03/1996	Active	NO
2	U24230MH1999PLC122956	AQUATIC FORMULATIONS (INDIA) LIMITED	Director	07/12/1999	07/12/1999	Active	NO
3	U24210MH1996PTC097827	OCEANIC TECHNO CHEM PRIVATE LIMITED	Director	30/09/2010	01/01/2010	Active	NO

Name :

Mr. Hemant Bhogilal Mehta

Designation :

Director

Address :

255/11, Prity, R.N.N, Road, Gathkopar (East), Mumbai 400077, Maharashtra, India

Date of Birth/Age :

31.05.1979

Date of Appointment :

30.09.2010

DIN No :

00580653

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	U24230MH1999PLC122956	AQUATIC FORMULATIONS (INDIA) LIMITED	Whole-time director	01/04/2010	07/12/1999	Active	NO
2	U24210MH1996PTC097827	OCEANIC TECHNO CHEM PRIVATE LIMITED	Director	19/03/2001	19/03/2001	Active	NO
3	U24230MH1996PTC097828	AQUATIC REMEDIES PRIVATE LIMITED	Director	30/09/2010	01/01/2010	Active	NO
4	U85110MP2000PTC014128	MCW HEALTHCARE PRIVATE LIMITED	Additional director	13/12/2012	13/12/2012	Active	NO

Name :

Mr. Bhogilal Maneklal Mehta

Designation :

Director

Address :

255/11, Prity, R.N.N, Road, Gathkopar (East), Mumbai 400077, Maharashtra, India

Date of Birth/Age :

27.06.1945

Date of Appointment :

30.09.2010

DIN No :

00580668

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	U24230MH1999PLC122956	AQUATIC FORMULATIONS (INDIA) LIMITED	Director	07/12/1999	07/12/1999	Active	NO
2	U24210MH1996PTC097827	OCEANIC TECHNO CHEM PRIVATE LIMITED	Director	30/09/2010	01/01/2010	Active	NO
3	U24230MH1996PTC097828	AQUATIC REMEDIES PRIVATE LIMITED	Director	30/09/2010	01/01/2010	Active	NO

Name :

Mr. Nyalchand Maneklal Mehta

Designation :

Director

Address :

255/11, Prity, R.N.N, Road, Gathkopar (East), Mumbai 400077, Maharashtra, India

Date of Birth/Age :

23.03.1936

Date of Appointment :

30.09.2010

DIN No :

02728277

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	U24230MH1999PLC122956	AQUATIC FORMULATIONS (INDIA) LIMITED	Director	07/12/1999	07/12/1999	Active	NO
2	U24210MH1996PTC097827	OCEANIC TECHNO CHEM PRIVATE LIMITED	Director	30/09/2010	01/01/2010	Active	NO
3	U24230MH1996PTC097828	AQUATIC REMEDIES PRIVATE LIMITED	Director	30/09/2010	01/01/2010	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Bharat Mehta	278735
Hitendra Nyalchand Mehta	226,370
Kirti Bhogilal Mehta	371870
Darshan Bhogilal Mehta	429870
Daksha B. Mehta	145500
Priti H Mehta	128000
Bijal K Mehta	146460
Nyalchand M Mehta	379870
Bhogilal M Mehta	359825
Jayshree Mehta	132500
Chandrika B Mehta	143000
Purvi Mehta	115000
Aquatic Formulations Private Limited, India	2790000
Hemant Mehta	472500
Bijal Hemant Mehta	100000
Bharat Mehta (HUF)	299500
Kirti Mehta (HUF)	351500
Nyalchand M Mehta (HUF)	349500
Bhogilal M Mehta (HUF)	350000
Hitendra Mehta (HUF)	315000
Darshan Mehta (HUF)	105000
Kishorekuar Bavishi	230000
R. N. Damania	240000
Mahesh Bavishi	200000
Anand Kamdar	190000
Monica Sharma	105000
Manoj Ajmera	145000
Saurabh Kamdar	250000
Nilesh Bavishi	120000
Ramila Ajmera	200000
Total	9670000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2011

Category	Percentage
Bodies corporate	28.85
Directors or relatives of Directors	53.78
Other top fifty shareholders	17.37
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader, Exporter and Importers of Pharmaceutical Raw Materials and Bulk Active Ingredients.

Products :

Item Code No.(ITC Code)	Products Description
2900	Pharmaceutical Drugs

· Antiasthmatic

· Antibiotics / Antibacterial

· Anti-Cancer

· Anticonvulsant

· Anti-diabetic

· Antidepressant

· Antifungal

· Antihistamine

· Antihypertensive

· Anti-inflammatory / Analgesic

· Antimalarials

· Antiprotozoal

· Antiretroviral

· Anti-Tuberculosis

· Antiulcerants

· Antiviral

· Hormones

· Macrolides

· Steroids

· Vitamins

Exporter :

Not Divulged

Importer :

Not Divulged

GENERAL INFORMATION

Supplier :

Not Divulged

Customer :

Not Divulged

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

· ING Vysya Bank Limited, Unit No.2/3/4, Marathon Max Building, Opposite Nirmal Lifestyle, Mulund Goregaon Link Road (West), Mumbai-400080, Maharashtra, India

· Bank of Maharashtra, Lokmangal 1501, Shivajinagar, Pune – 411 005, Maharashtra, India

· HDFC Bank Limited, Mumbai, Maharashtra, India

· Bank of Maharashtra

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Other Loans and Advances (Directors Personal Guarantee)	1.304	1.087
Total	1.304	1.087

Banking Relations :	--
Auditors :
Name :	C. B. Chhajed and Company Chartered Accountants
Address :	DGP House, Ground Floor, 88-C, Old Prabhadevi Road, Mumbai-400025, Maharashtra, India
PAN.:	AAAFC3565E
Enterprises over which Key Management Personnel and their relatives exercise significant influence or control :	· Oceanic Techno Chem Private Limited Address: 218/219, Kailash Plaza, Vallabh Baug Lane, Ghatkopar (East), Mumbai – 400 075, Maharashtra, India Line of Business: Exporter of Formulation · Aquatic Formulations ( India ) Private Limited Address: 218/219, Kailash Plaza, Vallabh Baug Lane, Ghatkopar (East), Mumbai – 400 075, Maharashtra, India Line of Business: Exporter of Formulation

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9670000	Equity Shares	Rs.10/- each	Rs.96.700 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	96.700	96.700
(b) Reserves & Surplus	98.657	68.897
(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)	195.357	165.597
(3) Non-Current Liabilities
(a) long-term borrowings	1.304	1.087
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1.304	1.087
(4) Current Liabilities
(a) Short term borrowings	68.436	49.224
(b) Trade payables	747.974	516.105
(c) Other current liabilities	166.003	138.513
(d) Short-term provisions	5.869	0.320
Total Current Liabilities (4)	988.282	704.162
TOTAL	1184.943	870.846
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.183	6.638
(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	21.637	21.611
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	4.497	4.497
(e) Other Non-current assets	24.599	15.000
Total Non-Current Assets	57.916	47.746
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	109.602	97.027
(c) Trade receivables	941.227	678.067
(d) Cash and cash equivalents	50.018	32.682
(e) Short-term loans and advances	26.180	15.324
(f) Other current assets	0.000	0.000
Total Current Assets	1127.027	823.100
TOTAL	1184.943	870.846

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		96.700
2] Share Application Money		0.000
3] Reserves & Surplus		48.924
4] (Accumulated Losses)		0.000
NETWORTH		145.624
LOAN FUNDS
1] Secured Loans		211.271
2] Unsecured Loans		9.535
TOTAL BORROWING		220.806
DEFERRED TAX LIABILITIES		0.000
TOTAL		366.430
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.374
Capital work-in-progress		0.000
INVESTMENT		21.518
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	110.901
	Sundry Debtors	600.290
	Cash & Bank Balances	34.235
	Other Current Assets	0.000
	Loans & Advances	39.609
Total Current Assets		785.035
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	418.916
	Other Current Liabilities	6.101
	Provisions	19.480
Total Current Liabilities		444.497
Net Current Assets		340.538
MISCELLANEOUS EXPENSES		0.000
TOTAL		366.430

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	NA	1789.181
		Other Income
		TOTAL	NA	NA	1789.181
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	1782.486
		Advertising Expenses
		TOTAL	NA	NA	1782.486
	PROFIT BEFORE TAX		45.060	30.073	20.204
Less	TAX		NA	NA	7.500
	PROFIT AFTER TAX		NA	NA	12.704
	TOTAL IMPORT VALUE		856.726	570.967	380.963
	Earnings Per Share (Rs.)		NA	NA	1.31

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	0.71
Return on Total Assets (PBT/Total Assets}	(%)	3.87	3.54	2.56
Return on Investment (ROI) (PBT/Networth)		0.23	0.18	0.14
Debt Equity Ratio (Total Debt/Networth)		0.36	0.30	4.57
Current Ratio (Current Asset/Current Liability)		1.14	1.17	1.77

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	96.700	96.700
Reserves & Surplus	68.897	98.657
Net worth	165.597	195.357
long-term borrowings	1.087	1.304
Short term borrowings	49.224	68.436
Total borrowings	50.311	69.740
Debt/Equity ratio	0.304	0.357

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	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	No
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	No

OPERATING AND FINANCIAL RESULTS:

The Financial result of subject shows a net profit before tax of sum of Rs.45.060 Millions which the directors propose to retain for business purposes.

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Intercorporate Deposits	36.479	41.645
Loans and Advances from related parties	31.957	7.579
Total	68.436	49.224

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10397079	30/11/2012	100,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B65923534
2	10194635	19/07/2013 *	335,000,000.00	ING VYSYA BANK LIMITED	UNIT NO 2/3/4, MARATHON MAX BLDG.,OPP NIRMAL, LIF ESTYLE, MULUND GOREGOAN LINK ROAD, MULUND WEST, MUMBAI - 400080, MAHARASHTRA, INDIA	B83348367

* Date of charge modification

FIXED ASSETS:

· Air conditioner

· Cellular Phone

· Cine System

· Computer

· Coffee Machine

· Cycle

· EPABX System

· Fan

· Fridge

· Motor Car

· Office Equipment

· Printer / Fax

· Scooter

· Television

· Washing Machine

· Xerox Machine

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.60.67
UK Pound	1	Rs.100.81
Euro	1	Rs.80.73

INFORMATION DETAILS

Report Prepared by :

VRN

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.