MIRA INFORM REPORT

Report Date :

20.12.2014

IDENTIFICATION DETAILS

Name :	OYSTER MEDISAFE PRIVATE LIMITED (w.e.f. 12.08.2011)
Formerly Known As :	OYSTER MEDISAFE LIMITED
Registered Office :	Sy. No.722, Dabilpur Village, Medchal Mandal, R.R. District – 501 401, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.11.2005
Com. Reg. No.:	36-048100
Capital Investment / Paid-up Capital :	Rs.533.600 millions
CIN No.: [Company Identification No.]	U33112TG2005PTC048100
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	HYDO00693A
PAN No.: [Permanent Account No.]	AAACO7850P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing of Hospital care products viz. disposable syringes, disposable needles, Intra venous sets, etc.
No. of Employees :	Information declined by the Management.

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 268100
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to financials are not available from any source. As per available financial of 2013, the rating is constrained on account of company’s moderate financial risk profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

NOTES :

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

ECGC Country Risk Classification List – 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

NOT AVAILABLE

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 DECLINED BY

Name :	Mr. Bhanuprasad
Contact No.:	91-9951016312
Date :	18.12.2014

LOCATIONS

Registered Office/ Factory :	Sy. No.722, Dabilpur Village, Medchal Mandal, R.R. District – 501 401, Telangana, India
Tel. No.:	91-8418-252526
Mobile No.:	91-9951016312 (Mr. Bhanuprasad)
Fax No.:	91-8418-252529
E-Mail :	bharathvasireddy@gmail.com info@oystermedisafe.com suresh.sathyaseelan@oystermedisafe.com For Export Inquiries: exports@oystermediasafe.com For domestic inquiries: marketing@oystermediasafe.com
Website :	http://www.oystermedisafe.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Bharath Vasireddy

Designation :

Director

Address :

Flat No.201, Phase - II, A.K. Enclave, Road No.3, Banjara Hills, Hyderabad – 500 034, Telangana, India

Date of Birth/Age :

11.07.1972

Date of Appointment :

31.05.2013

DIN No. :

00010780

PAN No.:

ACEPV8070F

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	U33112TG2005PTC048100	OYSTER MEDISAFE PRIVATE LIMITED	Director	31-05-2013	21-11-2005	-	Active	NO
2	U23209TN1991PTC091803	CITY LUBRICANTS PRIVATE LIMITED	Director	01-12-2005	01-12-2005	28-02-2011	Active	NO
3	U72200TG2006PTC051329	MAPLE MEDITECH PRIVATE LIMITED	Director	04-10-2006	04-10-2006	05-03-2014	Active	YES
4	U85100TG2009PTC063521	PENGUIN MEDICAL DEVICES PRIVATE LIMITED	Director	04-05-2009	04-05-2009	-	Under Process of Striking off	NO
5	U25200TG2013PTC086577	SIDVIN PLASTECH PRIVATE LIMITED	Whole-time director	01-11-2013	22-03-2013	-	Active	NO

Name :

Mr. Anand Chandrashekhar Apte

Designation :

Director

Address :

A-2, 1101, Hyde Park Regency, Off. Ghodbundar Road, Chitalsar, Thane – 400 607, Maharashtra, India

Date of Birth/Age :

30.04.1971

Date of Appointment :

03.01.2013

DIN No. :

01677401

PAN No.:

ACDPA6810D

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	U33112MH1984PTC214514	B.BRAUN MEDICAL (INDIA) PRIVATE LIMITED	Managing director	11-02-2013	09-08-2007	-	Active	NO
2	U91120MH2003NPL139155	B BRAUN MEDICAL TRUST FOUNDATION	Director	29-09-2008	27-05-2008	-	Active	NO
3	U33112TG2005PTC048100	OYSTER MEDISAFE PRIVATE LIMITED	Director	03-01-2013	30-03-2011	-	Active	NO
4	L24239DL1992PLC047245	AHLCON PARENTERALS (INDIA) LIMITED	Director	20-09-2013	28-09-2012	-	Active	NO

Name :

Supriyo Bandyopadhyay

Designation :

Director

Address :

Flat 3, J Block, 2 Ceebros Shymlagardens, No.136, Arcot Road, Chennai – 600 092, Tamilnadu, India

Date of Birth/Age :

02.10.1968

Date of Appointment :

30.09.2011

DIN No. :

03521951

PAN No.:

AIJPB3215B

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	U33112TG2005PTC048100	OYSTER MEDISAFE PRIVATE LIMITED	Director	30-09-2011	30-03-2011	-	Active	NO

Name :

Manfred Gregor Mahrle

Designation :

Director

Address :

BA-30-02, Floor 30, 10 Mont Kiara, JLN Kiara, 1 Mont Kaira, Kuala Lumpur 50480

Date of Birth/Age :

01.12.1971

Date of Appointment :

29.09.2012

DIN No. :

05169144

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	U33112MH1984PTC214514	B.BRAUN MEDICAL (INDIA) PRIVATE LIMITED	Director	29-06-2012	19-12-2011	-	Active	NO
2	U33112TG2005PTC048100	OYSTER MEDISAFE PRIVATE LIMITED	Director	29-09-2012	20-12-2011	-	Active	NO
3	L24239DL1992PLC047245	AHLCON PARENTERALS (INDIA) LIMITED	Director	20-09-2013	28-09-2012	-	Active	NO

Name :

Mr. Arun Mudgal

Designation :

Managing Director

Address :

D-256, 1^st Floor, Ramprastha, Ghaziabad – 201 010, Uttar Pradesh, India

Date of Birth/Age :

06.08.1961

Date of Appointment :

30.09.2013

DIN No. :

06366992

PAN No.:

AEPPM9838R

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	L24239DL1992PLC047245	AHLCON PARENTERALS (INDIA) LIMITED	Managing director	20-09-2013	28-09-2012	-	Active	NO
2	U33112TG2005PTC048100	OYSTER MEDISAFE PRIVATE LIMITED	Managing director	30-09-2013	03-01-2013	-	Active	NO

Name :

Ms. Anna Maria Braun

Designation :

Director

Address :

One Menerung, No. C-3-2, Jalan Menerung, 59100 Bangsar, Kuala Lumpur, 59100

Date of Birth/Age :

03.07.1979

Date of Appointment :

30.09.2013

DIN No. :

06570784

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	U33112TG2005PTC048100	OYSTER MEDISAFE PRIVATE LIMITED	Director	30-09-2013	13-05-2013	-	Active	NO
2	U33112MH1984PTC214514	B.BRAUN MEDICAL (INDIA) PRIVATE LIMITED	Director	27-09-2013	13-05-2013	-	Active	NO

Name :

Stihl Jurgen Siegfried

Designation :

Director

Address :

Am Hang 35, 34212 Melsungen, Germany 34212

Date of Birth/Age :

09.02.1959

Date of Appointment :

30.09.2014

DIN No. :

06811461

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	U33112TG2005PTC048100	OYSTER MEDISAFE PRIVATE LIMITED	Director	30-09-2014	13-02-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dilip Toshniwal
Designation :	Secretary
Address :	4-6-50, Pan Bazzar, Secunderabad – 500 003, Telangana, India
Date of Birth/Age :	22.09.1983
Date of Appointment :	01.07.2012
PAN No.:	AHBPT1725B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
Bharath Vasireddy	2925939	5.48
Sridhar Vasireddy	5658785	10.60
Ajith N. Kumar	3408126	6.39
Verma J. Meka	2137186	4.01
Regal Corporate Advisors Private Limited, India	600000	1.12
B. Braun Medical (India) Private Limited, India	38629999	72.40
Total	53360035	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	10.39
Bodies corporate	73.52
Directors or relatives of Directors	16.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing of Hospital care products viz. disposable syringes, disposable needles, Intra venous sets, etc.

Products :

Item Code No. (ITC Code)	Product Description
90183100	Syringes

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

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 declined by the Management.

Bankers :

Banker Name	State Bank of India
Branch Address	Commercial Branch, Bank Street, Koti, Hyderabad 500 095, Telangana, India
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

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	#8-2-293/82/A/1131A, Road No.36, Jubilee Hills, Hyderabad – 500 034,Telengana, India
PAN No.:	AAFFP3698A
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	B. Braun Melsungen AG, Germany
Fellow Subsidiaries :	B. Braun Medical (India) Private Limited, India (CIN No.: U33112MH1984PTC214514) B. Braun Medical Supplies SDN. BHD., Malaysia B. Braun Vietnam Co. Limited, Vietnam Almo-Erzeuqnisse E Busch GmbH, Germany B Braun Medical AG, Germany B. Braun Singapore Pte. Limited, Singapore

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
71100000	Equity Shares	Rs.10/- each	Rs.711.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
53360035	Equity Shares	Rs.10/- each	Rs.533.600 millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
71100000	Equity Shares	Rs.10/- each	Rs.711.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
53360000	Equity Shares	Rs.10/- each	Rs.533.600 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	533.600	528.600	211.000
(b) Reserves & Surplus	(439.767)	(399.320)	(355.670)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	14.782
Total Shareholders’ Funds (1) + (2)	93.833	129.280	(129.888)
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	99.700
(b) Deferred tax liabilities (Net)	0.000	0.000	24.755
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	3.235	1.609	0.909
Total Non-current Liabilities (3)	3.235	1.609	125.364
(4) Current Liabilities
(a) Short term borrowings	226.026	102.371	208.736
(b) Trade payables	81.740	68.010	36.769
(c) Other current liabilities	14.986	129.321	89.207
(d) Short-term provisions	0.267	0.283	0.073
Total Current Liabilities (4)	323.019	299.985	334.785
TOTAL	420.087	430.874	330.261
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	265.313	283.395	280.885
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	6.662	8.129	0.000
(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	35.971	17.890	2.272
(e) Other Non-current assets	0.372	2.056	0.000
Total Non-Current Assets	308.318	311.470	283.157
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	59.476	72.034	22.691
(c) Trade receivables	43.047	37.184	5.421
(d) Cash and cash equivalents	0.149	7.999	5.890
(e) Short-term loans and advances	8.879	1.002	12.390
(f) Other current assets	0.218	1.185	0.712
Total Current Assets	111.769	119.404	47.104
TOTAL	420.087	430.874	330.261

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income from Operations	350.319	174.156	129.632
		Other Income	(6.792)	8.998	6.350
		TOTAL	343.527	183.154	135.982
Less	EXPENSES
		Cost of Material Consumed	199.130	142.401	97.346
		Change in Inventories	16.012	(31.363)	48.782
		Administrative and Other Expenses	101.622	69.372	105.832
		TOTAL	316.764	180.410	251.960
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		26.763	2.744	(115.978)
Less	FINANCIAL EXPENSES		29.622	41.915	53.012
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(2.859)	(39.171)	(168.990)
Less/ Add	DEPRECIATION/ AMORTISATION		37.588	29.442	44.163
	PROFIT/ (LOSS) BEFORE TAX		(40.447)	(68.613)	(213.153)
Less	TAX		0.000	(24.963)	1.456
	PROFIT/ (LOSS) AFTER TAX		(40.447)	(43.650)	(214.609)
	EARNINGS IN FOREIGN CURRENCY		14.143	$256 Euro 292	NA
	Earnings / (Loss) Per Share (Rs.)		(0.76)	(0.83)	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	(11.55)	(25.06)	(165.55)
Operating Profit Margin (PBDIT/ Sales)	(%)	7.64	1.58	(89.47)
Return on Total Assets (PBT/Total Assets}	(%)	(9.78)	(16.23)	(64.54)
Return on Investment (ROI) (PBT/Networth)		(0.43)	(0.53)	1.64
Debt Equity Ratio (Total Debt/Networth)		2.41	0.79	(2.37)
Current Ratio (Current Asset/Current Liability)		0.35	0.40	0.14

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	211.000	528.600	533.600
Reserves & Surplus	(355.670)	(399.320)	(439.767)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	14.782	0.000	0.000
Net worth	(129.888)	129.280	93.833
Long Term borrowings	99.700	0.000	0.000
Short Term borrowings	208.736	102.371	226.026
Total borrowings	308.436	102.371	226.026
Debt/Equity ratio	(2.375)	0.792	2.409

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income from operations	129.632	174.156	350.319
		34.346	101.152

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income from operations	129.632	174.156	350.319
Profit	(214.609)	(43.650)	(40.447)
	(165.55%)	(25.06%)	(11.55%)

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	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	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered address of the company has been shifted from Plot No.36, Kiran Enclave, Manovikas Nagar, Sikh Village, Secunderabad – 500 009, Andhra Pradesh to the present address w.e.f. 19.12.2011.

OPERATIONS OF THE COMPANY:

The Company is engaged in the business of manufacturing, imports, exports and trading of the entire range of Medical Disposables viz. Disposable Needles, Disposable Syringes, Intra-Venous Sets, Blood Transfusion Sets, Urine Bags, Measured Volume Sets, and Bandage Cloth etc.

The year was good compared to previous year as the company was able to increase its turnover though the company has incurred losses. During the year the Company has made a turnover of Rs.350.300 millions compared to previous year turnover of Rs.174.100 millions thereby resulting an increase of around 101%. However the Company has incurred a net loss of Rs.40.400 millions compared to previous year loss of Rs.68.600 millions. The Company expects good future in the coming years.

FUTURE PROSPECTS:

Globally, there has been an increasing awareness and subsequently increased demand for healthcare services. Developments in neonatal care, rising life expectancies and growing ageing and elderly population have led to greater need for injectibles. Further, a number of newly introduced drugs are not available in the form of pills and must be administered intravenously, thereby enhancing the demand for syringes and disposables. Popularity of pre-filled syringes will also be a driving factor in the near future.

UNSECURED LOANS

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Working Capital Loans from Banks	226.026	93.630
Loans and advances from others	0.000	8.741
Total	226.026	102.371

INDEX OF CHARGES

No Charges Exist for Company.

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Computer Equipment

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.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	--

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.