MIRA INFORM REPORT

Report Date :

18.12.2014

IDENTIFICATION DETAILS

Name :	VIRCHOW PETROCHEMICAL PRIVATE LIMITED
Registered Office :	Plot No: 10, S. V. Operative Industrial Estate, I. D. A. , Jeedimetla, Hyderabad – 500055, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.06.2003
Com. Reg. No.:	041101
Capital Investment / Paid-up Capital :	Rs.35.000 Millions
CIN No.: [Company Identification No.]	U23209TG2003PTC041101
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCV9294P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of bulk drug intermediates.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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 an established company having satisfactory track. Management has filed Form 20B for FY14, depicting annual income tax return, whereas failed to file any other financial statements with the statutory authorities. As per available, trade relations are fair. Business is active. Payment terms are reported as usually correct. 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	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limits = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	August, 2014

Rating Agency Name	ICRA
Rating	Letter of Credit = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	August, 2014

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 PARTED BY

Name :	Mr. Subbarao
Designation :	Accounts Manager
Contact No.:	91-40-30147104
Date :	16.12.2014

LOCATIONS

Registered Office :	Plot No: 10, S. V. Operative Industrial Estate, I. D. A. , Jeedimetla, Hyderabad – 500055, Telangana, India
Tel. No.:	91-40-23096688 / 44445678 / 30147104
Fax No.:	91-40-23096677 / 23098205
E-Mail :	vpcplaccounts@yahoo.co.in info@virchows.com hyd1_virchow@sancharnet.in
Website :	http://www.virchows.com
Location :	Owned [Industrial]
Factory :	Block No.17/A, Phase – 1, I.D.A., Nedak, Patancheru - 502319

DIRECTORS

AS ON 29.09.2014

Name :

Mundla Sudha

Designation :

Whole-time director

Address :

Plot No.15A, Road No.2, Jubileehillls, Hyderabad – 500003, Telangana, India

Date of Birth/Age :

19.04.1982

Date of Appointment :

01.04.2008

DIN No.:

00054013

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	U24232TG1982PLC003368	VIRCHOW LABORATORES LIMITED.	Director	14/03/2002	14/03/2002	-	Active	NO
2	U24299TG2002PTC039653	EMMENNAR PHARMA PRIVATE LIMITED	Director	23/09/2002	23/09/2002	-	Active	NO
3	U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
4	U23209TG2003PTC041101	VIRCHOW PETROCHEMICAL PRIVATE LIMITED	Whole-time director	01/04/2008	27/09/2006	-	Active	NO
5	U24239TG2004PLC042949	VIRCHOW DRUGS LIMITED	Director	29/09/2009	31/03/2009	-	Active	NO

Name :

Mundla Narayana Reddy

Designation :

Director

Address :

Plot No.150, Road No.2, Jubileehillls, Hyderabad – 500003, Telangana, India

Date of Birth/Age :

01.06.1951

Date of Appointment :

04.06.2003

DIN No.:

00064392

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	U24232TG1982PLC003368	VIRCHOW LABORATORES LIMITED.	Managing director	01/06/2011	20/01/1982	-	Active	NO
2	U24210TG2001PTC036520	VIRCHOW BIOTECH PRIVATE LIMITED	Director	04/04/2001	04/04/2001	-	Active	NO
3	U74210TG1974PTC001733	IMEX ENGINEERING CO PVT LTD	Director	18/10/2001	18/10/2001	-	Active	NO
4	U24230TG2002PTC039606	COVALENT LABORATORIES PRIVATE LIMITED	Director	15/05/2003	15/05/2003	-	Active	NO
5	U23209TG2003PTC041101	VIRCHOW PETROCHEMICAL PRIVATE LIMITED	Director	04/06/2003	04/06/2003	-	Active	NO
6	U24239TG2004PLC042949	VIRCHOW DRUGS LIMITED	Director	25/03/2004	25/03/2004	-	Active	NO
7	U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	Director	08/09/2004	08/09/2004	-	Active	NO
8	U24110TG2005PTC046609	EMMENNAR CHEM PRIVATE LIMITED	Director	22/06/2005	22/06/2005	-	Amalgamated	NO
9	U45200TG2005NPL045814	HYDERABAD PHARMA INFRASTRUCTURE AND TECHNOLOGIES	Director	21/12/2006	21/12/2006	17/01/2011	Active	NO
10	U24230MH2007PTC176048	VIRCHOW HEALTHCARE PRIVATE LIMITED	Director	20/11/2007	20/11/2007	-	Active	NO
11	U24299TG2002PTC039653	EMMENNAR PHARMA PRIVATE LIMITED	Director	10/03/2008	10/03/2008	01/10/2013	Active	NO
12	U74999TG2007PLC052432	SV'S REMEDIES LIMITED	Director	29/09/2012	16/05/2012	-	Amalgamated	NO

Name :

Linga Reddy Venkata Subba Reddy

Designation :

Director

Address :

Plot No.435, Road No.20, Jubileehillls, Hyderabad – 500003, Telangana, India

Date of Birth/Age :

01.07.1941

Date of Appointment :

04.06.2003

DIN No.:

00135847

Name :

Nandigala Venkata Reddy

Designation :

Director

Address :

Plot No.550, Road No.19, Jubileehillls, Hyderabad – 500003, Telangana, India

Date of Birth/Age :

01.07.1943

Date of Appointment :

04.06.2003

DIN No.:

01740424

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	U65910TG1980PTC002612	NANDINI FINANCE PVT LTD	Director	10/11/1986	10/11/1986	01/04/2013	Active	NO
2	U65910TG1985PTC005769	LVSR LEASING AND FINANCE PRIVATE LIMITED	Director	05/08/1987	05/08/1987	-	Active	NO
3	U24232TG1982PLC003368	VIRCHOW LABORATORES LIMITED.	Managing director	01/06/2011	30/09/1996	-	Active	NO
4	U24210TG2001PTC036520	VIRCHOW BIOTECH PRIVATE LIMITED	Director	04/04/2001	04/04/2001	-	Active	NO
5	U74210TG1974PTC001733	IMEX ENGINEERING CO PVT LTD	Director	18/10/2001	18/10/2001	-	Active	NO
6	U23209TG2003PTC041101	VIRCHOW PETROCHEMICAL PRIVATE LIMITED	Director	04/06/2003	04/06/2003	-	Active	NO
7	U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	Director	08/09/2004	08/09/2004	-	Active	NO
8	U72300TG2007PTC055671	MAX INFRATECH (INDIA) PRIVATE LIMITED (PART IX)	Director	25/09/2007	25/09/2007	03/11/2007	Amalgamated	NO
9	U24239TG2004PLC042949	VIRCHOW DRUGS LIMITED	Director	29/09/2009	31/03/2009	-	Active	NO

Name :

Nandigala Prasanth

Designation :

Additional director

Address :

Plot No.550, Road No.19, Jubileehillls, Hyderabad – 500003, Telangana, India

Date of Birth/Age :

14.04.1972

Date of Appointment :

14.03.2014

DIN No.:

01740471

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	U24232TG1982PLC003368	VIRCHOW LABORATORES LIMITED.	Director	25/10/1999	25/10/1999	-	Active	NO
2	U74210TG1974PTC001733	IMEX ENGINEERING CO PVT LTD	Director	18/10/2001	18/10/2001	-	Active	NO
3	U24230TG2002PTC039606	COVALENT LABORATORIES PRIVATE LIMITED	Director	15/05/2003	15/05/2003	-	Active	NO
4	U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	Whole-time director	01/04/2011	08/09/2004	-	Active	NO
5	U24239TG2004PLC042949	VIRCHOW DRUGS LIMITED	Director	12/09/2007	12/09/2007	-	Active	NO
6	U74999TG2007PLC052432	SV'S REMEDIES LIMITED	Director	29/09/2012	16/05/2012	-	Amalgamated	NO
7	U23209TG2003PTC041101	VIRCHOW PETROCHEMICAL PRIVATE LIMITED	Additional director	14/03/2014	14/03/2014	-	Active	NO
8	U85195TG1988PLC008172	SARACA LABORATORIES LIMITED	Additional director	04/11/2014	04/11/2014	-	Active	NO

Name :

Maha Vishnu Mundla

Designation :

Additional director

Address :

Plot No.15A, Road No.02, Jubileehillls, Hyderabad – 500003, Telangana, India

Date of Birth/Age :

15.02.1987

Date of Appointment :

14.03.2014

DIN No.:

02470664

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	U85195TG1988PLC008172	SARACA LABORATORIES LIMITED	Director	17/02/2006	17/02/2006	-	Active	NO
2	U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	Whole-time director	01/04/2011	12/02/2011	-	Active	NO
3	U24110TG2005PTC046609	EMMENNAR CHEM PRIVATE LIMITED	Director	23/09/2011	27/04/2011	-	Amalgamated	NO
4	U24299TG2002PTC039653	EMMENNAR PHARMA PRIVATE LIMITED	Director	16/09/2011	01/08/2011	-	Active	NO
5	U23209TG2003PTC041101	VIRCHOW PETROCHEMICAL PRIVATE LIMITED	Additional director	14/03/2014	14/03/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Subbarao
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Mundla Narayana Reddy	445000
Mundla Lakshmi Prasanna	80000
Mundla Maha Vishnu	525000
Mundla Sudha	525000
Mundla Venkata Reddy	350000
Prasanth Nandigala	638750
Hemanth Nandigala	638750
Dr. T. Teena	122500
Linga Reddy Venkata Subba Reddy	7000
Linga Sunitha	168000
Total	3500000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of bulk drug intermediates.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Countries :	China
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Suppliers :

Reference :	Henan Xiaxang Huaxing Pharmaceutical
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 :	Covalent Laboratories Private Limited
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 :

125 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Industrial Finance Branch
Person Name (With Designation)	Mrs. V. Saraswati (AGM)
Contact Number	91-80-08477761
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)	Cash Credit = Rs. 500.000 Millions
Account Operation	Very Good
Remarks (If any)	Mrs. Saraswati informed that company having very good track record with banks.

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans repayable on demand from banks	520.043	419.753
Total	520.043	419.753

Banking Relations :
Auditors :
Name :	M V Narayanareddy and Company Chartered Accountants
Address :	Flat No.504, Vijayasree Apartments, Ameerpet, Hyderabad – 500073, India
PAN No. :	AADFM4830F
Memberships :	Not Available
Collaborators :	Not Available
Associate:	Covalent Laboratories Private Limited Virchow Laboratores Limited Andhra Organics Limited [U24116AP1991PLC012314 ] Imex Engineering Company Private Limited [U74210AP1974PTC001733] Emmennar Pharma Private Limited [U24299AP2002PTC039653] Virchow Drugs Limited [U24239AP2004PLC042949] Emmennar Chem Private Limited [U24110AP2005PTC046609] Virchow Chemicals Private Limited [U65910AP1988PTC008596]

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital : Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.35.000 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,500,000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	35.000	35.000	35.000
(b) Reserves & Surplus	897.345	565.112	373.324
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	932.345	600.112	408.324
(3) Non-Current Liabilities
(a) long-term borrowings	168.200	168.200	168.200
(b) Deferred tax liabilities (Net)	36.822	32.579	26.352
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.319	1.024	0.656
Total Non-current Liabilities (3)	206.341	201.803	195.208
(4) Current Liabilities
(a) Short term borrowings	520.043	466.340	466.538
(b) Trade payables	203.495	129.611	104.768
(c) Other current liabilities	24.259	47.999	12.996
(d) Short-term provisions	210.390	98.041	104.525
Total Current Liabilities (4)	958.187	741.991	688.827
TOTAL	2096.873	1543.906	1292.359
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	522.093	483.708	369.368
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	21.902	19.119	30.408
(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	7.743	8.820	4.977
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	551.738	511.647	404.753
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	365.211	195.207	216.432
(c) Trade receivables	971.231	709.354	533.015
(d) Cash and cash equivalents	4.664	12.677	6.867
(e) Short-term loans and advances	0.357	17.715	17.920
(f) Other current assets	203.672	97.306	113.372
Total Current Assets	1545.135	1032.259	887.606
TOTAL	2096.873	1543.906	1292.359

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	3043.162 [Gross Income]	2005.844 [Gross Income]	1787.212 [Gross Income]
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	726.442	408.404	432.225
Less	FINANCIAL EXPENSES	80.833	76.089	65.773
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	645.609	332.315	366.452
Less/ Add	DEPRECIATION/ AMORTISATION	59.309	46.532	35.886
	PROFIT/ (LOSS) BEFORE TAX	586.300	285.783	330.566
Less	TAX	192.825	93.995	109.712
	PROFIT/ (LOSS) AFTER TAX	393.475	191.788	220.854
	Earnings / (Loss) Per Share (Rs.)	112.42	54.80	63.10

Particulars	31.03.2014
Sales Turnover (Approximately)	3640.000

Expected Sales ( 2014-2015 ) : Rs.4500.000 Millions

The above information has been parted by Mr. Subbarao.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	28.26	18.74	26.19
Return on Investment (ROI) (PBT/Networth)		0.63	0.48	0.81
Debt Equity Ratio (Total Debt /Networth)		0.74	1.06	1.55
Current Ratio (Current Asset/Current Liability)		1.61	1.39	1.29

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	35.000	35.000	35.000
Reserves & Surplus	373.324	565.112	897.345
Net worth	408.324	600.112	932.345
long-term borrowings	168.200	168.200	168.200
Short term borrowings	466.538	466.340	520.043
Total borrowings	634.738	634.540	688.243
Debt/Equity ratio	1.554	1.057	0.738

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 four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans and advances from directors	268.200	168.200
Short-term borrowings
Loans repayable on demand from banks	0.000	46.588
Total	268.200	214.788

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10475391	29/10/2014 *	600,000,000.00	CITI BANK N.A.	1ST FLOOR, QUEENS PLAZA,, SARDAR PATEL ROAD,, HYD  ERABAD, ANDHRA PRADESH - 500003, INDIA	C33262700
2	10055033	11/01/2013 *	996,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN ROAD, SOMAJ  IGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA	B67434209

* Date of charge modification

BUSINESS REVIEW

Despite the challenges of the global and domestic economy, the company Revenues for the year are Rs. 3043.162 Millions as against Rs.2005.844 Millions in the previous year and earned profit after tax of Rs.393.475 Millions as against Rs.191.788 Millions in the previous year. Turnover and profits are increased by 51.70% and 105.20% respectively. The Continuous efforts of the management in improving performances of the company resulted in better financial results.

The Directors are confident of maintaining the growth at par with industry in the years to income.

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 records 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.63.58
UK Pound	1	Rs.99.98
Euro	1	Rs.79.39

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-----
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		49

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.