.

MIRA INFORM REPORT

Report Date :

28.01.2014

IDENTIFICATION DETAILS

Name :	SYMBIOTEC PHARMALAB LIMITED (w.e.f. 27.10.2005)
Formerly Known As :	SYMBIOTIC PHARMALAB PRIVATE LIMITED
Registered Office :	385/2, Pigdamber, Near Mashal Hotel, Rau, Indore - 453331, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.09.2002
Com. Reg. No.:	10-015293
Capital Investment / Paid-up Capital :	Rs.82.709 Millions
CIN No.: [Company Identification No.]	U24232MP2002PLC015293
TAN No.: [Tax Deduction & Collection Account No.]	BPLS03752A
PAN No.: [Permanent Account No.]	AAGCS9311M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing and selling of Active Pharmaceuticals Ingredients (API) and Intermediates.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 3900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has progressed well during current year. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	20.03.2013

Rating Agency Name	CARE
Rating	Short term Bank Facilities = A3+
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	20.03.2013

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 DENIED

Management Non Co-Operative (Tel No.: 91-731-4200052)

LOCATIONS

Registered Office/Factory :	385/2, Pigdamber, Near Mashal Hotel, Rau, Indore-453331, Madhya Pradesh, India
Tel. No.:	91-731-4200052
Fax No.:	91-731-4201222
E-Mail :	symbiotic@symbiotec.in admin@symbiotechindia.com
Website :	http://www.symbiotec.in

DIRECTORS

As on 27.09.2013

Name :

Mr. Anil Satwani

Designation :

Managing Director

Address :

179, Palsikar Colony, Indore-452004, Madhya Pradesh, India

Date of Birth/Age :

21.08.1969

Date of Appointment :

01.11.2010

DIN No.:

00041531

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	U67120MP1997PTC012314	SYMBIOTEC STEROIDS PRIVATE LIMITED	Director	18/09/1997	18/09/1997	-	Active	NO
2	U24232MP2002PLC015293	SYMBIOTEC PHARMALAB LIMITED	Managing director	01/11/2010	20/09/2002	-	Active	NO

Name :

Mr. Vikas Singhi

Designation :

Director

Address :

10/1, Race Cource Road, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

03.11.1968

Date of Appointment :

14.08.2006

DIN No.:

00041466

Date of Ceasing :

21.10.2013

Name :

Mr. Ravindra Siddappa Shapeti

Designation :

Director

Address :

G 50, Kalindi Park, Shri Nagar Extension, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

26.11.1950

Date of Appointment :

01.12.2010

DIN No.:

00321634

Date of Ceasing :

21.10.2013

Name :

Mr. Sushil Satwani

Designation :

Whole Time Director

Address :

179, Palsikar Colony, Indore-452004, Madhya Pradesh, India

Date of Birth/Age :

25.06.1971

Date of Appointment :

30.10.2005

DIN No.:

00041575

Date of Ceasing :

21.10.2013

Name :

Mrs. Deepa Valangaiman Sankaran

Designation :

Director

Address :

Franklin Templeton, Wockhardt Tower, East Wing C-2, G Block, Level 4, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

Date of Birth/Age :

17.11.1968

Date of Appointment :

15.09.2011

DIN No.:

01803254

Date of Ceasing :

21.10.2013

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Shareholders	No. of Shares
Anil Satwani	535290
Manoharlal Satwani	140000
Kashish Satwani	490000
Symbiotec Steriods Private Limited, India	1852900
Sushil Satwani	248500
Swati Sachdev	70000
Sunil Satwani	70000
Pramila Hasmukh Mehta and jointly held by Bhavesh Hasmukh Mehta and Divyesh Hasmukh Mehta	26600
Falguni Divyesh Mehta and jointly held by Divyesh Hasmukh Mehta	26600
Sejal Bhavesh Mehta and jointly held by Bhavesh Hasmukh Mehta	26600
Divyesh Mehta	26600
Sejal Bhavesh Mehta	26600
Rakesh Jhunjhunwala	730800
Naishadh Paleja	609000
Sasi M.N.	7000
J.C. Shah	8400
Monica Tripathi	1400
Mitesh Patel	2800
D.N. Pandya	11900
S. Mandloi	11900
Anand Gupta	3500
Rakesh Gupta	3500
R. S. Shepati	24838
Milji Mehta and Sons Private Limited	31710
Soyumm Marketting Private Limited	730800
Mentor Capital Limited	158340
Superstar Exports Private Limited	292320
Satyamitra Stock Consultants Private Limited	158340
Goldfin Capital Private Limited	40600
Franklin Templeton Private Equity Strategy	1904030
Total	8270868

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2013

Category	Percentage
Bodies corporate	40.09
Directors or relatives of Directors	41.19
Other top fifty shareholders	18.72
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing and selling of Active Pharmaceuticals Ingredients (API) and Intermediates.

Products :

Product Description	ITC Code
Active Pharmaceuticals ingredients	29372100

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, Near G.P.O. A.B. Road, Indore-452001, Madhya Pradesh, India

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

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

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loan from bank	8.939	79.700
Term loan from others	21.267	35.191
Loan taken for fixed assets	0.055	0.312
Short Term Borrowings
Term loan from bank	543.683	413.049
Total	573.944	528.252

Banking Relations :	--
Financial Institutions :	· Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India · Madhya Pradesh Financial Corporation, Capital Market Division, Navratan Bagh, Opposite St. Paul Primary School, Indore - 452001, Madhya Pradesh, India
Auditors :
Name 1 :	Mahesh C. Solanki and Company Chartered Accountants
Address :	803, Airen Heights, PU-3 Scheme No. 54, Opposite Malhar Mega Mall, Indore, Madhya Pradesh, India
PAN No.:	AAKFM4247M
Name 2 :	S.R. Batliboi and Associates Chartered Accountants
Address :	14th Floor, The Ruby 29 Senapati Bapat Marg, Dadar (West), Mumbai, Maharashtra, India
PAN No.:	AABFS3421N
Subsidiaries :	Symbiotic Pharmalab (Singapore) Pte Limited

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8270868	Equity Shares	Rs.10/- each	Rs.82.709 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	82.709	63.431	63.420
(b) Reserves & Surplus	889.664	390.291	357.378
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	15.000
Total Shareholders’ Funds (1) + (2)	972.373	453.722	435.798
(3) Non-Current Liabilities
(a) long-term borrowings	30.261	565.511	303.514
(b) Deferred tax liabilities (Net)	50.343	5.574	9.447
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.286	2.583	0.463
Total Non-current Liabilities (3)	85.890	573.668	313.424
(4) Current Liabilities
(a) Short term borrowings	543.683	413.049	390.738
(b) Trade payables	392.031	288.481	230.201
(c) Other current liabilities	122.091	102.218	138.250
(d) Short-term provisions	12.987	0.000	13.731
Total Current Liabilities (4)	1070.792	803.748	772.920
TOTAL	2129.055	1831.138	1522.142
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	795.774	770.899	658.253
(ii) Intangible Assets	60.558	3.989	1.564
(iii) Capital work-in-progress	23.028	35.995	120.812
(iv) Intangible assets under development	20.009	0.000	0.000
(b) Non-current Investments	0.000	1.775	1.775
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	60.392	43.182	53.741
(e) Other Non-current assets	60.697	58.624	0.606
Total Non-Current Assets	1020.458	914.464	836.751
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	464.906	424.576	357.120
(c) Trade receivables	547.426	407.088	189.669
(d) Cash and cash equivalents	18.532	15.363	82.923
(e) Short-term loans and advances	64.528	51.890	51.702
(f) Other current assets	13.205	17.757	3.977
Total Current Assets	1108.597	916.674	685.391
TOTAL	2129.055	1831.138	1522.142

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		2332.513	1486.781	1226.459
		Other Income		11.223	6.996	12.101
		TOTAL (A)		2343.736	1493.777	1238.560
Less	EXPENSES
		Cost of Materials Consumed		1727.303	1090.603	954.067
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		-69.607	(1.679)	(101.835)
		Employee Benefits Expenses		118.037	89.716	71.156
		Other Expenses		219.956	156.098	132.940
		Prior period expenses		113.560	1.022	0.000
		Extra ordinary items		0.000	0.000	(3.456)
		TOTAL (B)		2109.249	1335.760	1052.872
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			234.487	158.017	185.688
Less	FINANCIAL EXPENSES (D)			81.396	84.195	87.878
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			153.091	73.822	97.810
Less	DEPRECIATION/ AMORTISATION (F)			42.085	37.749	35.825
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			111.006	36.073	61.985
Less	TAX (H)			33.956	3.314	11.458
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			77.050	32.759	50.527
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			211.200	178.400	127.900
	BALANCE CARRIED TO THE B/S			288.236	211.186	178.427
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	624.000	398.100	197.300
	TOTAL EARNINGS			624.000	398.100	197.300
	IMPORTS
			CIF value of imports	954.200	848.400	659.300
	TOTAL IMPORTS			954.200	848.400	659.300
	Earnings Per Share (Rs.)			12.13	5.16	7.97

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.29	2.19	4.08
Net Profit Margin (PBT/Sales)	(%)	4.76	2.43	5.05
Return on Total Assets (PBT/Total Assets}	(%)	5.32	2.01	4.43
Return on Investment (ROI) (PBT/Networth)		0.11	0.08	0.14
Debt Equity Ratio (Total Debt /Networth)		0.59	2.16	1.59
Current Ratio (Current Asset/Current Liability)		1.04	1.14	0.89

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	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	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Other loans and advances	0.000	450.308
Total	0.000	450.308

CORPORATE INFORMATION

The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company’s registered office is in Indore, Madhya Pradesh and it has one subsidiary in Singapore. The Company is engaged in the business of manufacturing and selling of Active Pharmaceuticals Ingredients (API) and Intermediates. The Company caters to both domestic and international markets.

FINANCIAL RESULTS

Subject aims at performance improvement and to implement new means to break the barriers of performance through aspirational target setting. The Company has achieved a turnover of Rs.2332.500 Millions up during the year 2012-13 with the increase of 36.25% as compared to Rs.1486.800 Millions in 2011-12 and a Net profit of Rs.77.100 Millions in the year 2012-13.

The company has managed to weather the storm and it looks forward to the opportunity of fulfilling its objective to adapt to the continual changing needs of the Active Pharmaceuticals in the years ahead. The Company has achieved Net Profit of Rs.77.100 Millions with an increase of 135.20 % from Net Profit of Rs.32.800 Millions in FY 2011-12.

The company is extremely well positioned to drive growth. During the year the company has expanded and continued its efforts on its ambition to grow more. The Company has grown at an impressive rate of 30.48% CAGR in Net Revenue’s in last five financial years.

KEY HIGHLIGHTS OF THE BUSINESS AND OPERATIONS:

Symbiotec is in the business of research, development, manufacturing and marketing of research-based cortico-steroids since 1995. Company has continuously invested in upgrading its research and manufacturing facilities so as to ensure consistent delivery of high quality products to its customers.

Symbiotec’s customer base includes leading domestic pharmaceutical company such as Cipla, Ranbaxy, Cadila, Glenmark, Sun Pharma etc. and Overseas companies such as Glaxo Smithkline, Teva, Lab Pisa, 3M etc.. Over the years, Symbiotec has built a strong management team to lead the way for future growth and expansion.

PROJECTS EXECUTED:

(1) During F.Y. 2012-13 Symbiotec has expanded through backward and lateral integration. In order to do so Company has launch a large commercial scale Biotech / Fermentation facilities along with chemical synthesis block (Pilot Plant) to enable the manufacturing of key intermediates for its final products. In this process company has got by-default opportunity to launch several new steroid-Hormone ranges of API’s.

(2) Accreditation by US - FDA of SEZ location and Re-accreditation by US - FDA of RAU Site.

(3) Partnered with US based Formulation marketing company for Estrogen.

(4) Biotech / Fermentation base to support backward integration plans of Steroids synthesis, at SEZ Pithampur, Indore site has started its commercial production.

(5) The company has invested Rs.750.000 Millions towards establishment of manufacturing facility at Rau and SEZ location, out of which Rs.540.000 Millions were invested in SEZ Plant. This plant has been operational since September 2009.

(6) Sex Hormones Synthesis Block at SEZ (Pilot Plant) had started production on Jan.02 2010 and now in momentum.

(7) Biotech Fermentation Block started commercial production at this unit in June 10.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10471807	25/11/2013	850,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B94105137
2	10260408	03/01/2011	100,000,000.00	ICICI BANK LIMITED	LANDMARK, RACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B03448677
3	10230311	15/07/2010	8,821,748.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	A90421470
4	10207896	10/03/2010	60,000,000.00	MADHYA PRADESH FINANCIAL CORPORATION	Capital Market Division, Navratan Bagh, Opp. St. Paul Primary School, Indore, Madhya Pradesh - 452001, INDIA	A81637274
5	90205950	24/04/2013 *	1,803,700,000.00	State Bank of India	Commercial Branch, A.B. Road (Near GPO), Indore, Madhya Pradesh - 452001, INDIA	B75339093

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and machinery

· Furniture and Fixture

· Computer

· Vehicles

NEWS:

ACTIS INVESTS RS294 CRORE IN INDORE'S SYMBIOTEC PHARMALAB N

Private equity firm Actis yesterday said that it has invested $48 million (Rs294 crore) in Indore-based pharmaceuticals company Symbiotec Pharmalab Limited for a significant stake.

Founded in 1995, Symbiotec has grown to become a leading specialist producer of steroid- hormone active pharmaceutical ingredients (APIs).

These active ingredients are used by multinationals and generic pharma companies, to manufacture medications for inflammation, asthma, dermatology, immune functions, and infertility, Actis said in ttement.

Today Symbiotec is India's leading steroid-hormone active ingredient producer, and the second- largest player in Asia.

Actis said that with the largest number of US Food and Drug Administration (FDA) approved API plants in the world, India is well placed to maintain its global market share by producing high-end, difficult-to-manufacture molecules and drug classes.

Commenting on the investment, JM Trivedi, partner and head of South Asia at Actis, said, ''Symbiotec is the leading Indian manufacturer of steroids-hormone APIs, a specialised pharmaceutical segment. With its FDA approved facilities and high quality products with Asian cost manufacturing advantages, it is on track to become a leading global player.''

Anil Satwani, founder and promoter at Symbiotec said, ''We are delighted to welcome Actis as a partner, one that understands our niche business and brings deep healthcare sector expertise.''

''With their help, we look forward to becoming a global force in the steroid-hormone segment, and writing the next chapter in the company's growth story, ensuring we maintain the very best corporate governance, financial reporting, environmental and social practices as well as identifying and unlocking new markets,'' he added.

IDFC Capital acted as exclusive adviser to Symbiotec on the deal.

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.62.71
UK Pound	1	Rs.103.50
Euro	1	Rs.85.82

INFORMATION DETAILS

Information Gathered By :	PLK
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.