MIRA INFORM REPORT

Report Date :

14.02.2014

IDENTIFICATION DETAILS

Name :	CORAL LABORATORIES LIMITED
Registered Office :	308/5, Village and Post Poiycha(Ran), Taluka Savli, Vadodara – 391780, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.02.1997
Com. Reg. No.:	04-031669
Capital Investment / Paid-up Capital :	Rs. 35.726 Millions
CIN No.: [Company Identification No.]	L24231GJ1997PLC031669
PAN No.: [Permanent Account No.]	AAACC4421G
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Pharmaceutical Formulations.
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]

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. The company is progressing well. Financial position of the company is sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal 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 – 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 31-03-2012.

INFORMATION DECLINED

Management non-cooperative (91-22-25008208)

LOCATIONS

Registered Office :	308/5, Village and Post Poiycha(Ran), Taluka Savli, Vadodara – 391780, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	accounts@corallab.com info@corallab.com exports@corallab.com purchase@corallab.com
Website :	http://www.corallab.com
Corporate Office / Export Office :	3-B, Patanwala Industrial Estate, LBS Marg, Ghatkopar (West), Mumbai – 400 086, Maharashtra, India
Tel. No.:	91-22-25008208 / 25005245 / 25005246.
Fax No.:	91-22-25004893
Factory 1 :	Plot no. 57/1(16), Benslore, Dunetha, Nani Daman - 396 210, Daman (U.T.), India
Tel. No.:	91-260-226 3489.
Fax No.:	91-260-2263923
E-Mail :	daman@corallab.com
Factory 2 :	Plot no.27-28, Pharmacity, Selaqui, Dehradun -248 197, Uttarakhand, India
Tel. No.:	91-135 2698422 / 2698466
Fax No.:	91-135 2699121
E-Mail :	doon@corallab.com
Factory 2 :	Vasai- 5, 6 Khokhani Indl. Complex no. 2, Near Sai Temple, Sativali, Vasai (East), Thane - 401 208, Maharashtra, India
Tel. No.:	91-250-6456003 / 04

DIRECTORS

As on 28.09.2013

Name :

Mr. Priyushchnadra Ratilal Dhedhi

Designation :

Director

Address :

301-A, Shubh Shanti, Dahanukar Wadi, M G Road, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

05.09.1937

Date of Appointment :

01.06.2000

DIN No.:

00164786

PAN No.:

ABFPD9256R

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	U24239MH1982PTC028103	BEZEL PHARMA PRIVATE LIMITED	Director	12/10/1991	12/10/1991	-	Active	NO
2	L24231GJ1997PLC031669	CORAL LABORATORIES LIMITED	Director	01/06/2000	01/06/2000	-	Active	NO

Name :

Mr. Navin Bachubhai Doshi

Designation :

Director

Address :

1001, Benhur Apartments, 10th Floor, Narayan Dabolkar Road, Off Neapeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

01.11.1943

Date of Appointment :

01.06.2006

DIN No.:

00232287

PAN No.:

AAAPD7840H

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	U24230MH1985PTC035071	ADORE PHARMACEUTICALS PRIVATE LIMITED	Director	15/01/1985	15/01/1985	-	Active	NO
2	L67190MH1995PLC084306	CORAL INDIA FINANCE AND HOUSING LIMITED	Managing director	31/05/2002	31/05/2002	-	Active	NO
3	L24231GJ1997PLC031669	CORAL LABORATORIES LIMITED	Director	01/06/2006	01/06/2006	-	Active	NO
4	U24239MH1982PTC028103	BEZEL PHARMA PRIVATE LIMITED	Director	15/07/2008	01/07/2008	-	Active	NO

Name :

Mr. Kishor Ravindraray Mehta

Designation :

Whole-Time Director

Address :

B No.33, Anand Lok, Flat No.502, Ram Narayan Narkar Marg, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

21.01.1951

Date of Appointment :

06.02.1997

DIN No.:

00235120

PAN No.:

AAJPM7447A

Name :

Mr. Samir Anil Sheth

Designation :

Director

Address :

7/287, Raman Villa, Station Road, Matunga Central, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

28.12.1966

Date of Appointment :

28.08.2006

DIN No.:

00376532

PAN No.:

ANEPS0060M

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	U24230MH1985PTC035071	ADORE PHARMACEUTICALS PRIVATE LIMITED	Director	15/01/1985	15/01/1985	-	Active	NO
2	L24231GJ1997PLC031669	CORAL LABORATORIES LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO

Name :

Mr. Rajesh Ranjitkumar Parikh

Designation :

Director

Address :

Jaliwla Mansion, 2nd Floor, 2B Baganga Road, Walkeshwar, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

17.04.1973

Date of Appointment :

28.08.2006

DIN No.:

02527339

PAN No.:

ALSPP3128R

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	L24231GJ1997PLC031669	CORAL LABORATORIES LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
2	U55103MH2001PTC131388	SACHO HOSPITALITY PRIVATE LIMITED	Additional director	23/06/2011	23/06/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1811606	50.71
Bodies Corporate	715351	20.02
Sub Total	2526957	70.73
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2526957	70.73
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	102147	2.86
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	660092	18.48
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	104263	2.92
Any Others (Specify)	179141	5.01
Non Resident Indians	52615	1.47
Directors & their Relatives & Friends	87300	2.44
Hindu Undivided Families	5905	0.17
Clearing Member & Market Maker	2221	0.06
Foreign Corporate Bodies	31100	0.87
Sub Total	1045643	29.27
Total Public shareholding (B)	1045643	29.27
Total (A)+(B)	3572600	100.00
© Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	3572600	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Formulations.

Products :

Description of product or service category	ITC Code
Tablets, Capsules, Oinment and Powder, Liquids	30049089

GENERAL INFORMATION

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 :

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

· Bank of Baroda, P.D. Chugan Branch, Vadodara – 393001, Gujarat, India

· State Bank of India, New Alipore, Kolkata, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Short-term borrowings
Loans repayable on demand from banks	0.000	0.075
Total	0.000	0.075

Banking Relations :	---
Auditors :
Name :	Shah Sanghvi and Company Chartered Accountants
Address :	26, Hari Bhakti Colony, Race Course Road, Vadodara – 390 015, Gujrat, India
Tel. No.:	91-265-2337064
Fax No.:	91-265-2354386
E-Mail :	ahahsanghvi@gmail.com
PAN No.:	AITPS7518Q
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	· Adore Pharmaceuticals Private Limited · Coral India Finance and Housing Limited

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3572600	Equity Shares	Rs.10/- each	Rs.35.726 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	35.726	35.726	35.726
(b) Reserves & Surplus	399.725	345.674	295.424
(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)	435.451	381.400	331.150
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.075	0.075
(b) Deferred tax liabilities (Net)	7.558	7.286	6.733
(c) Other long term liabilities	1.962	4.089	4.151
(d) long-term provisions	0.887	0.813	0.532
Total Non-current Liabilities (3)	10.407	12.263	11.491
(4) Current Liabilities
(a) Short term borrowings	5.199	0.000	1.376
(b) Trade payables	68.193	46.457	27.705
(c) Other current liabilities	4.096	4.765	7.869
(d) Short-term provisions	59.052	44.397	35.533
Total Current Liabilities (4)	136.540	95.619	72.483
TOTAL	582.398	489.282	415.124
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	207.407	216.429	228.529
(ii) Intangible Assets	0.394	0.495	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	11.681	11.681	11.681
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	20.079	18.352	9.058
(e) Other Non-current assets	0.000	0.000	10.577
Total Non-Current Assets	239.561	246.957	259.845
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	86.821	67.117	83.115
(c) Trade receivables	105.977	70.721	25.112
(d) Cash and cash equivalents	48.900	38.952	8.206
(e) Short-term loans and advances	101.139	65.535	38.846
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	342.837	242.325	155.279
TOTAL	582.398	489.282	415.124

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	415.077	399.625	326.986
		Other Income	14.051	8.874	6.336
		TOTAL (A)	429.128	408.499	333.322
Less	EXPENSES
		Cost of Materials Consumed	263.212	230.239	178.769
		Purchases of Stock-in-Trade	0.111	1.195	3.932
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.385)	2.160	1.331
		Employees benefits expense	29.560	36.392	36.353
		Other expenses	54.819	54.667	46.816
		TOTAL (B)	340.317	324.653	267.201
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		88.811	83.846	66.121
Less	FINANCIAL EXPENSES (D)		0.436	0.377	0.994
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		88.375	83.469	65.127
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.678	12.657	12.639
	PROFIT BEFORE TAX (E-F) (G)		75.697	70.812	52.488
Less	TAX (H)		15.418	14.334	10.865
	PROFIT AFTER TAX (G-H) (I)		60.279	56.478	41.623
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		312.673	265.923	233.528
Less	APPROPRIATIONS
		Transfer to General Reserve	3.050	3.500	3.000
		Dividend	5.359	5.359	5.359
		Tax on Dividend	0.869	0.869	0.869
	BALANCE CARRIED TO THE B/S		363.674	312.673	265.923
	Earnings Per Share (Rs.)		16.87	15.81	11.65

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	14.05	13.83	12.49
Net Profit Margin (PBT/Sales)	(%)	18.24	17.72	16.05
Return on Total Assets (PBT/Total Assets}	(%)	13.26	14.83	13.01
Return on Investment (ROI) (PBT/Networth)		0.174	0.186	0.159
Debt Equity Ratio (Total Debt /Networth)		5.199	0.00	1.38
Current Ratio (Current Asset/Current Liability)		2.51	2.53	2.14

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	35.726	35.726	35.726
Reserves & Surplus	295.424	345.674	399.725
Net worth	331.150	381.400	435.451
long-term borrowings	0.075	0.075	0.000
Short term borrowings	1.376	0.000	5.199
Total borrowings	1.451	0.075	5.199
Debt/Equity ratio	0.004	0.000	0.012

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	326.986	399.625	415.077
		22.215	3.867

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	326.986	399.625	415.077
Profit	41.623	56.478	60.279
	12.73%	14.13%	14.52%

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	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	Yes
30]	Major Shareholders, if available	No
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

COMPANY INFORMATION:

Subject is a public limited company domiciled in India and is listed on Bombay Stock Exchange (BSE). The company is engaged in manufacturing of Pharmaceutical formulations. Company’s manufacturing facilities are located at Daman and Dehradoon and Corporate office is located at Mumbai.

PERFORMANCE:

During the year, the company posted Revenue of as compared to previous year Rs. 429.128 Milions Rs. 408.499 Milions. However, the earnings after tax stood at Rs. 60.279 Milions as compared to Rs. 56.478 Milions during the previous year.

MANAGEMENTS DISCUSSION AND ANALYSIS

Outlook:

Given the strain on the economic scenario, your Directors are trying their best to maximize the profits of the Company and the stakeholders as a whole.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2013	As on 31.03.2012
Long-term borrowings
Deposits from others	0.000	0.075
Total	0.000	0.075

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10036279	27/05/2008 *	77,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra -400013, INDIA	A40885485

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipment

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2013

Rs. In Millions

Particulars		Three months ended		Year ended
		30.09.2013	30.06.2013	30.09.2013
		Unaudited	Unaudited	Unaudited
1	Income from Operations
	(a) Net sates/income from operations	118.662	116.875	235.537
	(b) Other Operating Income	5.093	6.462	11.555
	Total income from operations (net)	123.755	123.337	247.092
2	Expenses
	(a) Cost of materials consumed	73.418	72.292	145.710
	(b) Purchases of stock-in trade	0.000	0.000	0.000
	(c) Changes in inventories of finished goods. work-in-progress and stock in trade	(0.638)	4.837	4.199
	(d) Employee benefits expense	9.079	7.961	37.040
	(e) Depreciation and Anmortisation Expenses	3.004	3.278	6.282
	(f) Other Expenses (Any item exceeding 10% of total expenses relating to continuing operations to be shown separately)	15.740	12.795	28.535
	Total expenses	100.603	101.163	201.766
3	Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	23.152	22.174	45.326
4	Other Income	4.697	2.856	7.553
5	Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	27.849	25.030	52.879
6	Finance Costs	0.002	0.005	0.007
7	Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	27.847	25.025	52.872
8	Exceptional items	--	--	--
9	Profit/ (Loss) from ordinary activities before tax (7+8)	27.847	25.025	52.872
10	Tax expenses
	(a) Current Tax	5.200	4.800	10.000
	(b) Deferred Tax	0.150	0.150	0.300
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	22.497	20.075	42.572
12	Extraordinary item (net of tax expense)	--	--	--
13	Net Profit / (Loss) for the period (11-12)	22.497	20.075	42.572
14	Share of profit' (loss) of associates	--	--	--
15	Minority Interest	--	--	--
16	Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)	22.497	20.075	42.572
17	Paid up equity share capital (Face Value of Rs10/- each)	35.726	35.726	35.726
18	Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year	--	--
19.	Earnings per share (before extraordinary items) of Rs.10/- each (not annualised):
	(a) Basic	6.30	5.62	11.92
	(b) Diluted	6.30	5.62	11.92
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of shares	1057443	1064118	1057443
	- Percentage of shareholding	29.60	29.79	29.60
2	Promoters and Promoter group shareholding
	a) Pledged / Encumbered
	- Number of shares	--	--	--
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	--	--	--
	- Percentage of shares (as a % of the total Share Capital of the Company)	--	--	--
	b) Non Encumbered
	- Number of shares	2515157	2508482	2515157
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	70.40	70.21	70.40
	- Percentage of shares (as a % of the total Share Capital of the Company)	100.00	100.00	100.00
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed off during the quarter	Nil
	Remaining unresolved at the end of the quarter	Nil

STANDALONE / CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

Particulars		As at 30.09.2013
	Particulars
A	EQUITY AND LIABILITIES
1	Shareholder’s Funds
	a) Share Capital	35.726
	b) Reserves & Surplus	442.445
	c) Money received against share warrants	0.000
	Sub Total- Shareholders funds	478.171
2	Share application money pending allotment	0.000
3	Minority Interest	0.000
4	Non-current liabilities
	(a) Long term borrowings	0.000
	(b) Deferred Tax Liabilities (Net)	7.558
	(c) Other long term liabilities	1.696
	(d) Long term provisions	0.957
	Sub Total- Non Current Liabilities	10.211
5	Current liabilities
	(a) Short term borrowings	8.012
	(b) Trade Payables	35.773
	(c) Other current liabilities	1.159
	(d) Short term provisions	66.884
	Sub Total- Current Liabilities	111.828
	TOTAL-EQUITY AND LIABILITIES	600.210
B	ASSETS
1	Non-current assets
	(a) Fixed assets
	(i) Tangible Assets	201.704
	(ii) Intangible Assets	0.394
	(b) Non-Current Investments	11.681
	(b) Long term loans and advances	9.097
	Sub-Total- Non current assets	222.876
2	Current assets
	a) Current Investments	0.000
	b) Inventories	81.295
	c) Trade Receivables	134.410
	d) Cash and cash equivalents	58.408
	(e) Short term loans and advances	103.221
	(f) Other current assets	0.000
	Sub-Total- current assets	377.334
	TOTAL ASSETS	600.210

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.62.27
UK Pound	1	Rs.103.47
Euro	1	Rs.84.87

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.