MIRA INFORM REPORT

Report Date :

15.02.2014

IDENTIFICATION DETAILS

Name :	AKUMS DRUGS AND PHARMACEUTICALS LIMITED
Registered Office :	304, Mohan Place, LSC, Saraswati Vihar, New Delhi-110 034
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.04.2004
Com. Reg. No.:	55-125888
Capital Investment / Paid-up Capital :	Rs. 11.750 Millions
CIN No.: [Company Identification No.]	U24239DL2004PLC125888
TAN No.: [Tax Deduction & Collection Account No.]	DELA13882B
PAN No.: [Permanent Account No.]	AAECA7090B
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Subject undertakes contract manufacturing of formulations.
No. of Employees :	5000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 17000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having fine track record. The rating reflects company’s healthy financial risk profile, marked by healthy growth in revenues and profitability. The rating also reflects diversified customer profile and stable credit profile. Trade relations are reported as fair. Business is active. Payment are reported to be regular and as per commitments. The company can be considered good for normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans: A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	January 2014

Rating Agency Name	ICRA
Rating	Non fund based facilities: A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	January 2014

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.

LOCATIONS

Registered Office / Corporate Office :	304, Mohan Place, LSC, Saraswati Vihar, New Delhi - 110 034, India
Tel. No.:	91-11-47511000 (30 lines)
Fax No.:	91-11-27023256
E-Mail :	welcure@nda.vsnl.net.in akumsho@akums.in legal@akums.net akumsho@akums.net hr@akums.net
Website :	http://www.akums.in
Manufacturing Unit I	13,19,20,21,22,47,48 Sector-6A, I.I.E., SIDCUL, Ranipur, Haridwar - 249403, Uttarakhand India
Tel. No.:	91-1334-239220 – 224, 325982, 84, 85,86
Fax No.:	91-1334-239219
E-Mail :	works@akums.in works@akums.com enquiry.akums@gmail.com
Website :	www.akums.com
Manufacturing Unit II	22, Sector-6A, IIE, SIDCUL, Ranipur, Haridwar - 249403 Uttarakhand, India
Tel. No.:	91-1334-239220 – 224, 325982, 84 ,85, 86
Fax No.:	91-1334-239219
E-Mail :	works@akums.com enquiry.akums@gmail.com
Manufacturing Unit III	2,3,4,5 Sector-6B, IIE, SIDCUL, Ranipur, Haridwar - 249403 Uttarakhand, India
Tel. No.:	91-1334- 237100 – 104
Fax No.:	91-1334-237105
E-Mail :	inj@akums.in enquiry.akums@gmail.com
Website :	www.akums.com
Manufacturing Unit IV :	47, Sector 6B, SIDCUL, Ranipur, Haridwar - 249403 Uttarakhand, India
Manufacturing Unit V :	48, Sector 6B, SIDCUL, Ranipur, Haridwar - 249403 Uttarakhand, India
Manufacturing Unit VI :	13, Sector – 6A, SIDCUL, Intergrated Industrial Estate Ranipur, Haridwar – 249403, Uttaranchal, India

DIRECTORS

As on 12.08.2013

Name :

Mr. Sanjeev Jain

Designation :

Whole-time Director

Address :

E – 1052, Saraswati Vihar, Dehli – 110 034, India.

Date of Birth/Age :

11.04.1966

Qualification :

MBBS (BIO) MBA

Date of Appointment :

01.06.2012

Voter ID No.:

DL/03/018/273610

DIN No.:

00323433

PAN No.:

AAAPJ1891Q

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	U74899DL1986PTC025186	WELCURE PHARMACEUTICALS PRIVATE LIMITED	Director	21/08/1986	21/08/1986	-	Active	NO
2	U85195DL1987PLC194421	A.K. LABORATORIES LIMITED	Director	01/04/1993	01/04/1993	01/06/2007	Strike off	NO
3	U24239DL2004PLC125888	AKUMS DRUGS AND PHARMACEUTICALS LIMITED	Whole-time director	01/06/2012	19/04/2004	-	Active	NO
4	L24232DL1996PLC227773	WELCURE DRUGS AND PHARMACEUTICALS LIMITED (TRANSFER FROM DELHI)	Whole-time director	01/04/2005	01/04/2005	01/06/2007	Active	NO
5	U72900DL2010PLC206414	AKUMENTIS HEALTHCARE LIMITED	Director	29/07/2010	29/07/2010	14/10/2010	Active	NO

Name :

Mr. Sandeep Jain

Designation :

Whole-time Director

Address :

E – 1052, Saraswati Vihar, Dehli – 110 034, India.

Date of Birth/Age :

05.08.1967

Qualification :

BCom MBA FMSPI AMIMA

Date of Appointment :

01.06.2012

Voter ID No.:

DL/03/018/273693

DIN No.:

00323476

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	U85195DL1987PLC194421	A.K. LABORATORIES LIMITED	Director	01/04/1993	01/04/1993	01/06/2007	Strike off	NO
2	U74899DL1986PTC025186	WELCURE PHARMACEUTICALS PRIVATE LIMITED	Director	04/10/1999	04/10/1999	-	Active	NO
3	U24239DL2004PLC125888	AKUMS DRUGS AND PHARMACEUTICALS LIMITED	Whole-time director	01/06/2012	19/04/2004	-	Active	NO
4	L24232DL1996PLC227773	WELCURE DRUGS AND PHARMACEUTICALS LIMITED (TRANSFER FROM DELHI)	Whole-time director	01/08/2004	01/08/2004	01/06/2007	Active	NO
5	U74899DL1994PLC057323	MAXCURE NUTRAVEDICS LIMITED	Additional director	02/02/2010	02/02/2010	20/03/2013	Active	NO

Name :

Mr. Narendra Dev Sachdeva

Designation :

While-time Director

Address :

40/22, 3^rd Floor, Chitranjan Park, New Delhi – 110 019, Delhi, India

Date of Birth/Age :

15.10.1950

Qualification :

B Pharma (Hons)

Date of Appointment :

01.04.2012

DIN No.:

00330005

PAN No.:

AYZPS4234M

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	U24239DL2004PLC125888	AKUMS DRUGS AND PHARMACEUTICALS LIMITED	Whole-time director	01/04/2012	27/08/2004	-	Active	NO

Name :

Mr. Nandlal Karla

Designation :

Additional Director

Address :

4 B A 11, Jawahar Nagar, Jaipur – 302 004, India.

Date of Birth/Age :

05.02.1950

Date of Appointment :

01.06.2012

DIN No.:

05268554

Name :

Mr. Debabrata Roy

Designation :

Additional director

Address :

3081/8th Floor, Beverly Hills Apartment, Geeta Colony, Delhi – 110031, India

Date of Birth/Age :

05.10.1952

Date of Appointment :

04.01.2014

DIN No.:

06765777

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.08.2013

Names of Shareholders	No. of Shares	% age
Sanjeev Jain	585275	49.81
Lata Jain	75	0.01
Sanjeev Jain Joint with Arushi Jain	300	0.03
Lata Jain Joint with Umang Jain	50	0.00
Sanjeev Jain Joint with Kiran Jain	1800	0.15
Sandeep Jain	585350	49.82
Sandeep Jain Joint with Kanishk Jain	300	0.03
Manan Jain U/G Sandeep Jain	50	0.00
Sandeep Jain Joint with Kiran Jain	1800	0.15
Total	1175000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 12.08.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject undertakes contract manufacturing of formulations.

Products :

Product Description	ITC Code
Tablets	30044040
Pharmaceutical Products	30

PRODUCTION STATUS (As on 31.03.2013)

Particulars	Nos	Installed Capacity	Production
Tablets	Nos.	2884 Crs	110,350,625
Capsules	Nos.	555 Crs	11,000,356
Dry Syrups	Nos.	24 Crs	338,483
Liquid Oral	Nos.	8.20 Crs	48
Liquid Oral	Kilo Ltrs	28,080	50
Dry Powder and Liquid Injection	Nos.	107.54 Crs	2,696,112
Eye/Ear Drops(SVP)	Nos.	10.8 Crs	1,462,628
Infusion Bottles(LVP)	Nos.	2.33 Crs	193,321
Pre-filled Syringes	Nos.	2.24Crs	--
Cosmetic Products	Kgs	59,04,000	4,643

Installed capacity has been certified by the Company, this being a technical matter.

GENERAL INFORMATION

No. of Employees :

5000 (Approximately)

Bankers :

· Standard Chartered Bank (Acting As An Security Agent), Credit Risk Control,

· Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, Delhi, India

· State Bank of India, Commercial Branch, M-47, Connaught Circus,, New Delhi - 110001, India

· Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, Delhi, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	68.600	115.953
Short-term borrowings
Working capital loans from banks	436.092	1196.363
Total	504.692	1312.316

Banking Relations :	--
Auditors :
Name :	Anil Jain D.D and Company Chartered Accountant
Address :	611, Surya Kiran Building, 19 Kasturba Gandhi Marg, New Delhi -110 001, India
PAN N Income-tax PAN of auditor or auditor's firm :	AARFA8414D
Subsidiary Company:	· Akumentis Healthcare Limited, India [U72900DL2010PLC206414] · Amazing Research Limited, India [U99999DL1998PLC095297] · Corwis Pharmaceuticals Limited, India [U24230DL2006PLC147642] · Delcure Lifesciences Limited, India [U24100MH2013PLC240103] · Gatle Healthcare Limited, India [U24297DL2012PLC243745] · Maxcure Nutravedics Limited, India [U74899DL1994PLC057323] · Nicholas Healthcare Limited, India [U24232DL2009PLC186841] · Plenteous Pharmaceuticals Limited, India [U24232DL2008PLC185686]
Associates Concern:	· Upadhrish Reserchem LLP (w.e.f. 30.09.2012)

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity shares	Rs.10/- each	Rs. 12.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1175000	Equity shares	Rs.10/- each	Rs. 11.750 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	11.750	11.750	11.750
(b) Reserves & Surplus	4299.884	3469.074	2781.242
(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)	4311.634	3480.824	2792.992
(3) Non-Current Liabilities
(a) long-term borrowings	68.600	115.943	146.705
(b) Deferred tax liabilities (Net)	205.656	213.790	171.276
(c) Other long term liabilities	18.980	15.060	10.159
(d) long-term provisions	17.721	10.394	10.532
Total Non-current Liabilities (3)	310.957	355.187	338.672
(4) Current Liabilities
(a) Short term borrowings	436.092	1196.363	1180.498
(b) Trade payables	1079.863	787.996	482.505
(c) Other current liabilities	253.962	272.301	287.676
(d) Short-term provisions	234.267	26.655	36.131
Total Current Liabilities (4)	2004.184	2283.315	1986.810
TOTAL	6626.775	6119.326	5118.474
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2578.221	2397.658	2177.137
(ii) Intangible Assets	28.788	28.020	2.959
(iii) Capital work-in-progress	6.997	112.352	48.480
(iv) Intangible assets under development	0.000	0.000	13.429
(b) Non-current Investments	12.050	6.150	6.150
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1218.135	522.053	286.431
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3844.191	3066.233	2534.586
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1110.488	1203.254	1058.686
(c) Trade receivables	1578.479	1217.327	1054.084
(d) Cash and cash equivalents	28.863	4.641	5.863
(e) Short-term loans and advances	64.754	627.871	408.976
(f) Other current assets	0.000	0.000	56.279
Total Current Assets	2782.584	3053.093	2583.888
TOTAL	6626.775	6119.326	5118.474

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	7939.537	6496.314	5709.181
		Other Income	161.997	121.430	54.572
		TOTAL (A)	8101.534	6617.744	5763.753
Less	EXPENSES
		Cost of materials consumed	5408.489	4366.087	4147.709
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(46.901)	68.054	(132.039)
		Employee benefit expense	757.364	651.073	489.073
		Other expenses	485.720	431.512	306.457
		Exceptional items	175.228	0.000	0.00
		TOTAL (B)	6779.900	5516.726	4811.200
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1321.634	1101.018	952.553
Less	FINANCIAL EXPENSES (D)		113.362	124.719	74.157
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1208.272	976.299	878.396
Less/ Add	DEPRECIATION/ AMORTISATION (F)		127.947	109.837	89.339
	PROFIT BEFORE TAX (E-F) (G)		1080.325	866.462	789.057
Less	TAX (H)		249.514	179.076	173.354
	PROFIT AFTER TAX (G-H) (I)		830.811	687.386	615.703
	EARNINGS IN FOREIGN CURRENCY		163.101	141.065	73.035
	Earnings Per Share (Rs.)		707.00	585.00	524.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	10.25	10.39	10.68
Net Profit Margin (PBT/Sales)	(%)	13.61	13.34	13.82
Return on Total Assets (PBT/Total Assets}	(%)	16.35	14.44	15.62
Return on Investment (ROI) (PBT/Networth)		0.25	0.25	0.28
Debt Equity Ratio (Total Debt /Networth)		0.12	0.38	0.48
Current Ratio (Current Asset/Current Liability)		1.39	1.34	1.31

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	11.750	11.750	11.750
Reserves & Surplus	2,781.242	3,469.074	4,299.884
Net worth	2,792.992	3,480.824	4,311.634
long-term borrowings	146.705	115.943	68.600
Short term borrowings	1,180.498	1,196.363	436.092
Total borrowings	1,327.203	1,312.306	504.692
Debt/Equity ratio	0.475	0.377	0.117

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)
Sales	5,709.181	6,496.314	7,939.537
		13.787	22.216

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR)	(INR)	(INR)
Sales	5,709.18	6,496.31	7,939.54
Profit	615.703	687.386	830.811
	10.78%	10.58%	10.46%

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	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	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	Yes
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS

During the year, the Company had sales turnover of Rs. 7939.537 Millions Previous year Rs. 6496.314 Millions, an EBITDA of Rs. 1496.862 Millions (Previous year Rs1101.009 Millions) and made a net profit after tax of Rs. 831.601 Millions (Previous year Rs. 687.386 Millions)

PHARMA INDUSTRY STRUCTURE AND DEVELOPMENTS:

India is now among the top five pharmaceutical emerging markets. The Indian pharma industry has been growing at a compounded annual growth rate (CAGR) of more than 15 per cent over the last five years and has significant growth opportunities. The Indian pharmaceutical sector is expected to grow five-fold to reach Rs 5 lakh crore (US$ 91.45 billion) by 2020, as per Dr A J V Prasad, Joint Secretary, Department of Pharmaceuticals (DoP). The industry, particularly, has been the front runner in a wide range of specialties involving complex drugs' manufacture, development, and technology. With the advantage of being a highly organized sector, the number of pharmaceutical companies are increasing their operations in India.

The pharmaceutical industry in India is an extremely fragmented market with severe price competition and government price control. The industry meets around 70 per cent of the country's demand for bulk drugs, drug intermediates, pharmaceutical formulations, chemicals, tablets, capsules, orals, and injectables. The pharmaceutical industry in India is highly regulated.

OUTLOOK:

Subject dedicates itself to humanity’s quest for longer, healthier, happier lives through innovation in pharmaceuticals formulations. Their mission is to remain demanding on the highest ethical standards, making their products and processes of the highest quality and; also being committed to meeting the needs of their customers, and constantly focus on customer satisfaction.

Akums has excellent future and they are expecting a growth rate much higher to the world’s pharma growth. Akums has eight plants, out which six are manufacturing plants and fully functional; other two are for R and D and Formulation development and Centralized Warehousing. Akums foresees to serve top pharmaceuticals companies of lobe and to have global manufacturing plants. Akums wants to lead the world of Manufacturing in virtually every area of Healthcare and wants to be of the top companies in Manufacturing of Pharmaceuticals.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10217825	21/12/2010 *	150,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B01972181
2	10217291	21/12/2010 *	250,000,000.00	STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGENT)	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B01972157
3	10019466	30/01/2012 *	1,500,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH,, M-47, CONNAUGHT CIRCUS,, NEW DELHI, DELHI - 110001, INDIA	B32485583

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

Intangible assets

· Brands and trade marks

· Licenses and franchise

· Licenses

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.62.28
UK Pound	1	Rs.103.67
Euro	1	Rs.87.18

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

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.