MIRA INFORM REPORT

Report Date :

16.12.2014

IDENTIFICATION DETAILS

Name :	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED (w.e.f. 02.09.2009)

Formerly Known As :	THERMO ELECTRON LLS INDIA PRIVATE LIMITED

Registered Office :	403-404, B Wing, Delphi, Hiranadani Business Park, Powai, Mumbai – 400 072, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	31.05.2000

Com. Reg. No.:	11-126872

Capital Investment / Paid-up Capital :	Rs.114.511 Millions

CIN No.: [Company Identification No.]	U73100MH2000PTC126872

IEC No.:	0300061374

TAN No.: [Tax Deduction & Collection Account No.]	MUMT08958F

PAN No.: [Permanent Account No.]	AABCT3207A

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in Manufacture and Assemble Products for Trace Chemical Analysis, UV-Vis Spectroscopy, Liquid Handling, etc.

No. of Employees :	Information denied by the management.

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

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a subsidiary of Thermo Fisher India Holding BV. It is an established company having satisfactory track. The company possesses an acceptable financial profile marked by adequate net worth base post equity infusion from the promoters, along with relatively low borrowings reported in the books. Management has witnessed a decent business profile characterized by sufficient revenue base, whereas has reported losses from its operations during FY14. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of technical and financial support extended from the promoter, the company can be considered for business dealings at usual trade terms and conditions. .

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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

RBI DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTER’ 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. Ashutosh Pathak
Designation :	Regional Business Manager
Contact No.:	91-8527790600
Date :	09.12.2014

LOCATIONS

Registered Office :	403-404, B Wing, Delphi, Hiranadani Business Park, Powai, Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-67162200 / 66802030 / 2015 / 2040 / 66802013 / 66803000
Mobile No.:	91-7738376575 (Mr. Anil Agarwal)
Fax No.:	91-22-67162255 / 67162214 / 67162244 / 66803001 / 02
E-Mail :	arvind.sonawane@thermofisher.com mallarlaw@vsnl.net tfsindia.ar@thermofisher.com anil.agarwal@thermofisher.com
Website :	www.thermofisher.com
Location :	Leased

Head Office.:	102, 104, Delphi, “C” Wing, Hiranandani Business Park - Powai Mumbai - 400 076 , Maharashtra

Administrative Office :	101/ 102 Pred Portal, Shivaji Housing Society, Bhamburda, Opposite Senapati Bapat Road, Pune 411016, Maharashtra, India
Tel. No.:	91-20-66267000
Fax No.:	91-20-66267001

Factory :	D-69, MIDC, C Road, Nashik – 422007, Maharashtra, India
Tel. No.:	91-253-2350460
Location :	Leased

Branch Office :	Locate At: Ahmedabad Hyderabad Bangalore Bhiwandi Chennai Kolkata Noida

DIRECTORS

As on. 30.09.2014

Name :

Mr. Amit Chopra

Designation :

Managing Director

Address :

Flat No. 702/802, Building No. 32, Sector 54-56-58, Seawood Estate, NRI Complex, Nerul, Navi Mumbai – 400 706, Maharashtra, India

Date of Birth/Age :

02.12.1965

Qualification :

MBA

Date of Appointment :

07.03.2011

Din No.:

01829073

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	U74999MH1997PTC204381	KENDRO LABORATORY PRODUCTS INDIA PRIVATE LIMITED	Director	18/06/2009	16/12/2007	-	Amalgamated	NO
2	U73100MH2000PTC126872	Thermo Fisher Scientific India Private Limited	Managing director	07/03/2011	26/03/2009	-	Active	NO
3	U29196MH2001PTC226815	THERMO ELECTRON INDIA PRIVATE LIMITED	Director	30/09/2011	07/03/2011	22/03/2013	Amalgamated	NO
4	U33112MH2005PTC157018	Cole-Parmer India Private Limited	Director	30/09/2011	07/03/2011	22/03/2013	Active	NO
5	U41000MH2008FTC184515	TKA INDIA PRIVATE LIMITED	Director	16/09/2011	12/04/2011	-	Amalgamated	NO
6	U73100GJ2006PTC047438	FISHER BIOPHARMA SERVICES (INDIA) PRIVATE LIMITED	Director	29/09/2011	03/06/2011	22/03/2013	Active	NO
7	U51500MH2005PTC155218	DIONEX (INDIA) PRIVATE LIMITED	Director	27/06/2011	27/06/2011	22/03/2013	Amalgamated	NO
8	U51909DL2010FTC202101	Phadia India Private Limited	Director	29/11/2012	25/11/2011	22/03/2013	Amalgamated	NO

Name :

Mr. Arvind Raghunath Sonawane

Designation :

Director

Address :

Flat No B-11003, Shreeji Ville Opposite Nitin Casting Company, Panchpakhadi, Thane – 400602, Maharashtra, India.

Date of Birth/Age :

01.06.1951

Qualification :

L.L.B., ACS

Date of Appointment :

31.12.2008

Din No.:

00312102

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	U99999MH1973PTC016767	KODAK INDIA PRIVATE LIMITED	Director	23/07/2004	23/07/2004	26/05/2007	Active	NO
2	U74999MH1953NPL009038	TRADE MARKS, PATENTS, DESIGNS AND COPYRIGHT OWNERS ASSOCIATION OF INDIA	Director	27/09/2006	27/09/2006	-	Dissolved	NO
3	U29199MH2006PTC165303	Carestream Health India Private Limited	Director	06/11/2006	06/11/2006	30/04/2007	Active	NO
4	U29196MH2001PTC226815	THERMO ELECTRON INDIA PRIVATE LIMITED	Director	27/09/2008	11/09/2008	22/03/2013	Amalgamated	NO
5	U33112MH2005PTC157018	Cole-Parmer India Private Limited	Director	30/09/2008	15/09/2008	22/03/2013	Active	NO
6	U73100MH2000PTC126872	Thermo Fisher Scientific India Private Limited	Director	31/12/2008	28/09/2008	-	Active	NO
7	U74999MH1997PTC204381	KENDRO LABORATORY PRODUCTS INDIA PRIVATE LIMITED	Director	30/07/2009	07/10/2008	-	Amalgamated	NO
8	U73100GJ2006PTC047438	FISHER BIOPHARMA SERVICES (INDIA) PRIVATE LIMITED	Director	29/09/2009	13/07/2009	22/03/2013	Active	NO
9	U41000MH2008FTC184515	TKA INDIA PRIVATE LIMITED	Director	16/09/2011	12/04/2011	-	Amalgamated	NO
10	U51500MH2005PTC155218	DIONEX (INDIA) PRIVATE LIMITED	Director	27/06/2011	27/06/2011	22/03/2013	Amalgamated	NO
11	U51909DL2010FTC202101	Phadia India Private Limited	Director	29/11/2012	25/11/2011	22/03/2013	Amalgamated	NO

Name :

Mr. Vivek Rathi

Designation :

Director

Address :

B-1903, Garden Estate, Laxmi Nagar, Link Road, Goregaon (West), Mumbai-400090, Maharashtra, India

Date of Birth/Age :

31.12.1971

Date of Appointment :

06.12.2013

Din No.:

02463012

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	U67190DL2007PTC165544	American Express International (India) Private Limited	Director	25/09/2009	02/02/2009	-	Under liquidation	NO
2	U63040DL1984FLC210663	AMERICAN EXPRESS FOREIGN EXCHANGE SERVICES INDIA LIMITED	Director	22/09/2009	19/03/2009	28/01/2013	Active	NO
3	U74899DL1994PTC059865	AMERICAN EXPRESS(INDIA) PRIVATE LIMITED	Director	01/10/2010	28/07/2010	28/01/2013	Active	NO
4	U73100MH2000PTC126872	Thermo Fisher Scientific India Private Limited	Director	06/12/2013	06/02/2013	-	Active	NO
5	U74999MH1997PTC204381	KENDRO LABORATORY PRODUCTS INDIA PRIVATE LIMITED	Additional director	06/02/2013	06/02/2013	-	Amalgamated	NO
6	U41000MH2008FTC184515	TKA INDIA PRIVATE LIMITED	Additional director	06/02/2013	06/02/2013	-	Amalgamated	NO

Name :

Mr. Swapn Malpani

Designation :

Director and Company Secretary

Address :

Flat No. B-501, Veronica, Mahindra Eminente, Near Patkar College, S.V. Road, Goregaon (West), Mumbai-400062, Maharashtra, India

Date of Birth/Age :

13.01.1971

Date of Appointment :

06.12.2013

Din No.:

02768351

Name :

Mr. Balchandra Sundar Kotian

Designation :

Director

Address :

Flat No. 04, S. No. 799, Kavita Kunj Co-operative Housing Society Limited, Chowk No. 4, Govind Nagar, Nashik-422009, Maharashtra, India

Date of Birth/Age :

24.01.1958

Date of Appointment :

06.12.2013

Din No.:

06608417

Name :

Mr. Prasanna Pandit

Designation :

Director

Address :

A-1/503, Adhyay, Kanchanpusp CHS, Ghodbunder Road, Opposite Suraj Water Park, Thane-400601, Maharashtra, India

Date of Birth/Age :

08.03.1966

Date of Appointment :

06.12.2013

Din No.:

06617473

KEY EXECUTIVES

Name :	Mr. Ashutosh Pathak
Designation :	Regional Business Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age
Thermo Fisher India Holding BV, Netherlands	7831502	68.39
Thermo Fisher Scientific Inc., Massachusetts	234	0.00
Thermo Electron Led GmbH, Germany	463	0.00
Julius Albrecht	2	0.00
Phadia Holding AB, Sweden	387779	3.39
Phadia AB, Sweden	1	0.00
Dionex Corporation, USA	3231109	28.22
TOTAL	11451090	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Manufacture and Assemble Products for Trace Chemical Analysis, UV-Vis Spectroscopy, Liquid Handling, etc.

Products :

ITC CODE NO.	PRODUCT DESCRIPTION
3809	Pipelites
3809	Chemicals
3822	Diagnostic Kits

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Not Divulged

Countries :

Not Divulged

Imports :

Products :

Not Divulged

Countries :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information denied by the management.

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400 028, Maharashtra, India
PAN No:.:	AADFP9359C

Ultimate Holding Company:	Thermo Fisher Scientific Inc. U.S.

Holding Company :	Thermo Fisher India Holding BV Netherlands

Fellow Subsidiaries :	Oxoid Limited Abgene Products Fisher Scientific Company LLC, United Status Acros Organics BVB Thermo Fisher Scientific Biosciences Inc Hyclone Laboratories, Inc. Thermo Fisher Scientific (Bid), Rockford Maybridge Limited UAB Fermentas Thermo Fisher Scientific (Asheville) LLC Kendro Laboratory GmbH, Germany Thermo CRS Limited Jouan S.A. Thermo Fisher Scientific (Hong Kong) Limited Thermo Fisher Scientific (Hong Kong) Limited, Group Office Thermo Electron LED GmbH Thermo Fisher Scientific (Asheville) LLC Forma Thermo Electron Oy Thermo Scientific Portable Ana Finnzymes Instruments Oy Brahms GmbH Thermo Shandon Limited- Runcorn Thermo Fisher Scientific (Shanghai) Instrument Company Limited Thermo Fisher Scientific (Shanghai) Thermo Electron (Karlsruhe) GmbH Thermo Fisher Scientific Inc. Newington (Neslab) Microgenics Corporation Richard Allan Scientific Fisher Diagnostics Erie Scientific LLC Microm International GmbH Thermo Electron (Erlangen) GMBH Thermo Fisher Scientific, Franklin Thermo Eberline LLC Eutech Instruments Pte. Limited Thermo Fisher Hamilton Phadia AB, Sweden Thermo Informatics Asia Pacific Pty Thermo LabSystems, Inc. Cellomics Inc. Thermo Gamma Metrics Pty Limited Thermo Fisher Scientific Messtechnik GmbH Thermo Scientific Portable Analytical Instruments Thermo Process Instruments, LP Thermo Electron Spa Thermo Ramsey Inc Thermo Gamma-Metrics LLC Thermo Fisher Scientific – PIWinsford Fisher Scientific Worldwide (Shanghai) Company Limited RSD Corporate International Fisher Worldwide Cole-Parmer India Private Limited Thermo Fisher Scientific Malaysia Fisher Scientific Pte Limited Fisher Scientific UK – RMUKCP Fisher Scientific UK, Loughborough Thermo Electron Corporation Thermo Fisher Scientific – BTUK Thermo Fisher Scientific – SIUKCMS Thermo Electron Corporation, UK Thermo Fisher Scientific, Austria GmbH Thermo Electron Corporation, Bellefonte Dionex Benelux Thermo Electron (Bremen) GMBH Thermo Fisher Canada Thermo Fisher Scientific (Ecublens) SARL Fisher Scientific SIGermany CMS Thermo Fisher Scientific, Japan Thermo Electron Scientific Instruments LLC, Madison Thermo Electron North America LLC Thermo Electron Manufacturing Limited Thermo Fisher Scientific Inc., Sanjose Thermo Fisher Scientific, S.L.U. Fisher Biopharma Services (India) Private Limited Thermo Fisher Scientific (Suzhou) Instruments Company Limited Matrix Technologies Corp. La-Pha-Pack GmbH Nalge Nunc International Thermo Fisher Scientific Nunc A/S Molecular Bio Products Inc. Scientific Products (Asia Pacific) Pte. National Scientific Thermo Fisher Scientific – Pittsburg Kendro Laboratory Products India Private Limited Phadia India Private Limited TKA India Private Limited Dionex (India) Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
16100000	Equity Shares	Rs.10/- each	Rs.161.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11451090	Equity Shares	Rs.10/- each	Rs.114.511 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	114.511	54.182	42.451
(b) Reserves & Surplus	563.272	718.767	454.064
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	60.329	53.696
Total Shareholders’ Funds (1) + (2)	677.783	833.278	550.211

(3) Non-Current Liabilities
(a) long-term borrowings	3.117	43.117	50.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	187.530	6.123	0.000
(d) long-term provisions	0.000	141.455	194.746
Total Non-current Liabilities (3)	190.647	190.695	244.746

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	71.002
(b) Trade payables	2175.651	1686.112	1415.354
(c) Other current liabilities	554.031	466.710	407.829
(d) Short-term provisions	60.858	60.890	37.535
Total Current Liabilities (4)	2790.540	2213.712	1931.720

TOTAL	3658.970	3237.685	2726.677

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	94.788	123.934	112.031
(ii) Intangible Assets	9.392	12.166	285.608
(iii) Capital work-in-progress	0.000	20.856	3.519
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	214.252	205.826	118.748
(e) Other Non-current assets	67.369	55.951	26.826
Total Non-Current Assets	385.801	418.733	546.732

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	675.809	678.606	602.389
(c) Trade receivables	1809.712	1555.263	1075.534
(d) Cash and cash equivalents	440.344	378.321	208.092
(e) Short-term loans and advances	341.342	201.985	256.949
(f) Other current assets	5.962	4.777	36.981
Total Current Assets	3273.169	2818.952	2179.945

TOTAL	3658.970	3237.685	2726.677

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4766.894	4414.397	3484.605
		Other Income	56.561	159.407	93.373
		TOTAL (A)	4823.455	4573.804	3577.978

Less	EXPENSES
		Cost of Materials Consumed	4926.496	4538.848	964.199
		Purchase of Traded Goods			1220.947
		Charges in inventories Finished Goods,			(36.503)
		Employee Benefits Expense			663.111
		Other Expenses			937.697
		TOTAL (B)	4926.496 [Including Financial Expenses	4538.848 [Including Financial Expenses	3749.451

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				(171.473)

Less	FINANCIAL EXPENSES (D)				37.596

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(103.041)	34.956	(209.069)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		52.351	334.6	535.548

	PROFIT BEFORE TAX (E-F) (G)		(155.392)	(299.644)	(744.617)

Less	TAX (H)		0.103	4.881	0.000

	PROFIT AFTER TAX (G-H) (I)		(155.495)	(304.525)	(744.617)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3991.656)	(3687.131)	(2942.514)

	BALANCE CARRIED TO THE B/S		(4147.151)	(3991.656)	(3687.131)

	Earnings Per Share (Rs.)		(1.35)	(2.65)	(6.50)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(3.26)	(6.90)	(21.37)

Operating Profit Margin (PBDIT/ Sales)	(%)	(2.16)	0.79	(4.92)

Return on Total Assets (PBT/Total Assets}	(%)	(4.25)	(9.31)	(27.34)

Return on Investment (ROI) (PBT/Networth)		(0.23)	(0.36)	(1.35)

Debt Equity Ratio (Total Debt /Networth)		0.00	0.05	0.22

Current Ratio (Current Asset/Current Liability)		1.17	1.27	1.13

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	42.451	54.182	114.511
Reserves & Surplus	454.064	718.767	563.272
Net worth	496.515	772.949	677.783

long-term borrowings	50.000	43.117	3.117
Short term borrowings	71.002	0.000	0.000
Total borrowings	121.002	43.117	3.117
Debt/Equity ratio	0.244	0.056	0.005

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3484.605	4414.397	4766.894
		26.683	7.985

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3484.605	4414.397	4766.894
Profit	(744.617)	(304.525)	(155.495)
	(21.37%)	(6.90%)	(3.26%)

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	No
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	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from Godrej Coliseum, 101, A-101, B, Somaiya Hospital Road, Off eastern Express Highway, Sion (East), Mumbai-400022, Maharashtra, India to the present address w.e.f. 16.04.2010.

UNSECURED LOAN

(Rs. In Millions)

	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee Term Loans From Others	3.117	43.117
Total	3.117	43.117

INDEX OF CHARGES

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

90364583

17/06/2002

4,500,000.00

UNION BANK OF INDIA

VIKHROLI BRANCH, L.B.S. MARG, MUMBAI, MAHARASHTRA, INDIA

90364576

02/05/2002

1,600,000.00

UNION BANK OF INDIA

VIKHROLI BRANCH, L.B.S. MARG, MUMBAI, MAHARASHTRA, INDIA

* Date of charge modification

FIXED ASSETS

· Leasehold Land

· Factory Building

· Computers

· Furniture and Fixtures

· Leasehold improvements

· Office Equipments

· Plant and Machinery

· Vehicles

· Technical Know how

· Software

· Goodwill

· Trademark

· Copyrights

· Licenses

· Trade Name

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 records 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.62.20
UK Pound	1	Rs.97.20
Euro	1	Rs.77.48

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	SUB

Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	Yes
--LITIGATION	YES/NO	No
--OTHER ADVERSE INFORMATION	YES/NO	No
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	No
--EXPORT ACTIVITIES	YES/NO	Yes
--AFFILIATION	YES/NO	Yes
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
DEFAULTER
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.

MIRA INFORM REPORT

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