MIRA INFORM REPORT

Report Date :

06.06.2014

IDENTIFICATION DETAILS

Name :	MODI-MUNDIPHARMA PRIVATE LIMITED
Registered Office :	1400 Modi Tower 98 Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	31.10.1990
Com. Reg. No.:	55-041928
Capital Investment / Paid-up Capital :	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U74899DL1990PTC041928
PAN No.: [Permanent Account No.]	AAACM2303F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Pharmaceutical Business.
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 (52)

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

Maximum Credit Limit :	USD 2400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The management has failed to file its financial record with government department for the year 2013. As per available financial record of 2012, the rating reflects company healthy financial risk profile marked by decent profitability levels and adequate liquidity position of the company. Trade relations are reported as fair. Business is active. Payments 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 PARTED BY

Name :	Mr. Ajay Kanodiya
Designation :	Accounts Manager
Contact No.:	91-11-42504555
Date :	02.06.2014

LOCATIONS

Registered Office :	1400 Modi Tower 98 Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-42504555
Fax No.:	Not Available
E-Mail :	legal@winmedicare.com

DIRECTORS

AS ON 26.06.2013

Name :

Mr. Umesh Kumar Modi

Designation :

Director

Address :

36, Amrita Shergill Marg, New Delhi – 110003, India

Date of Birth/Age :

05.03.1951

Date of Appointment :

31.10.1990

DIN No.:

00002757

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	L15429UP1932PLC000469	MODI INDUSTRIES LIMITED	Managing director	01/03/2011	12/02/1976	-	Active	NO
2	L27106JH1982PLC001633	BIHAR SPONGE IRON LIMITED	Director	28/02/2014	16/04/1982	-	Active	NO
3	U51109DL1983PLC015250	MODI HITECH INDIA LIMITED	Director	21/02/1983	21/02/1983	-	Active	NO
4	U51397DL1981PTC011647	WIN-MEDICARE PRIVATE LIMITED	Director	21/03/1990	21/03/1990	-	Active	NO
5	U74899DL1990PTC041928	MODI-MUNDIPHARMA PRIVATE LIMITED	Director	31/10/1990	31/10/1990	-	Active	NO
6	U74899DL1994PTC057763	MODI REVLON PRIVATE LIMITED	Director	08/03/1994	08/03/1994	-	Active	NO
7	L15421UP1991PLC019160	SBEC SUGAR LIMITED	Director	03/02/1995	03/02/1995	-	Active	NO
8	U67120DL1997PTC087365	JAI ABHISHEK INVESTMENTS PRIVATE LIMITED	Director	19/05/1997	19/05/1997	-	Active	NO
9	U40105UP1996PLC037250	SBEC BIOENERGY LIMITED	Director	24/07/1997	24/07/1997	-	Active	NO
10	U25209DL2000PTC103815	MODI-SENATOR (INDIA) PRIVATE LIMITED	Director	17/02/2000	17/02/2000	-	Active	NO
11	U74899DL1987PTC028294	A TO Z HOLDINGS PRIVATE LIMITED	Director	21/08/2000	21/08/2000	-	Active	NO
12	U67120UP1980PTC004957	LONGWELL INVESTMENT PRIVATE LIMITED	Director	21/08/2000	21/08/2000	-	Active	NO
13	U24246DL2000PTC235624	KAMAKHYA COSMETICS AND PHARMACEUTICALS PRIVATE LIMITED	Director	03/01/2001	03/01/2001	-	Amalgamated	NO
14	U67120DL2001PLC112424	SBEC STOCKHOLDING AND INVESTMENT LIMITED	Director	14/08/2010	16/09/2001	-	Active	NO
15	U74900DL2007PTC164608	UMESH MODI CORP. PRIVATE LIMITED	Director	11/06/2007	11/06/2007	-	Active	NO
16	U74900DL2008PTC183504	MODI CASINGS AND PACKAGING Private Limited	Director	19/09/2008	19/09/2008	17/01/2014	Active	NO
17	U51101DL2008PTC184860	MODI GOODS AND RETAIL SERVICES PRIVATE LIMITED	Director	12/11/2008	12/11/2008	-	Active	NO
18	U24100DL2009PTC188842	MODI OMEGA PHARMA (INDIA) PRIVATE LIMITED	Director	25/03/2009	25/03/2009	-	Active	NO
19	U15400DL2009PTC191424	MODI ILLVA INDIA PRIVATE LIMITED	Director	19/06/2009	19/06/2009	-	Active	NO
20	U00432JH2006PLC011972	CHANDIL POWER LIMITED	Director	27/08/2009	20/07/2009	-	Active	NO

Name :

Mr. Kumkum Modi

Designation :

Director

Address :

36, Amrita Shergill Marg, New Delhi – 110003, India

Date of Birth/Age :

19.01.1951

Date of Appointment :

28.04.1993

DIN No.:

00522904

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	Company/ LLP Status	Defaulting status
1	U67120UP1980PTC004957	LONGWELL INVESTMENT PRIVATE LIMITED	Director	15/03/1980	15/03/1980	Active	NO
2	U51109UP1978PTC004616	SWASTH INVESTMENT PRIVATE LIMITED	Director	26/06/1984	26/06/1984	Active	NO
3	U51109DL1983PLC015250	MODI HITECH INDIA LIMITED	Director	29/09/1989	29/09/1989	Active	NO
4	U74899DL1990PTC041928	MODI-MUNDIPHARMA PRIVATE LIMITED	Director	28/04/1993	28/04/1993	Active	NO
5	U74899DL1994PTC057763	MODI REVLON PRIVATE LIMITED	Director	08/03/1994	08/03/1994	Active	NO
6	U51397DL1981PTC011647	WIN-MEDICARE PRIVATE LIMITED	Managing director	01/04/1995	01/04/1995	Active	NO
7	U63040DL1996PTC076223	MODILINE TRAVEL SERVICE PRIVATE LIMITED	Director	28/06/1996	28/06/1996	Active	NO
8	U67120DL1997PTC087365	JAI ABHISHEK INVESTMENTS PRIVATE LIMITED	Director	19/05/1997	19/05/1997	Active	NO
9	U74899DL1987PTC028294	A TO Z HOLDINGS PRIVATE LIMITED	Director	19/05/1997	19/05/1997	Active	NO
10	U74899DL1985PTC022550	MODI MOTORS PRIVATE LIMITED	Director	05/09/1997	05/09/1997	Active	NO
11	L15421UP1991PLC019160	SBEC SUGAR LIMITED	Director	26/05/2000	26/05/2000	Active	NO
12	U24246DL2000PTC235624	KAMAKHYA COSMETICS AND PHARMACEUTICALS PRIVATE LIMITED	Director	03/01/2001	03/01/2001	Amalgamated	NO
13	U74900DL2007PTC164608	UMESH MODI CORP. PRIVATE LIMITED	Director	11/06/2007	11/06/2007	Active	NO
14	U51909DL2010PTC208795	JAYESH TRADEX PRIVATE LIMITED	Director	30/09/2011	12/10/2010	Active	NO
15	L27106JH1982PLC001633	BIHAR SPONGE IRON LIMITED	Director	30/09/2011	04/06/2011	Active	NO

Name :

Mr. Meghna Modi

Designation :

Director

Address :

36, Amrita Shergill Marg, New Delhi – 110003, India

Date of Birth/Age :

27.02.1973

Date of Appointment :

25.03.1991

DIN No.:

00002764

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	U74899DL1990PTC041928	MODI-MUNDIPHARMA PRIVATE LIMITED	Director	25/03/1991	25/03/1991	-	Active	NO
2	L74210DL1987PLC029979	SBEC SYSTEMS (INDIA) LIMITED	Director	31/07/1992	31/07/1992	25/01/2008	Active	NO
3	U74899DL1985PTC022550	MODI MOTORS PRIVATE LIMITED	Director	29/09/1995	29/09/1995	-	Active	NO
4	U63040DL1996PTC076223	MODILINE TRAVEL SERVICE PRIVATE LIMITED	Director	28/06/1996	28/06/1996	-	Active	NO
5	U74899DL1994PTC057763	MODI REVLON PRIVATE LIMITED	Director	13/07/1999	13/07/1999	-	Active	NO
6	U24246DL2000PTC235624	KAMAKHYA COSMETICS AND PHARMACEUTICALS PRIVATE LIMITED	Director	03/01/2001	03/01/2001	-	Amalgamated	NO
7	U34300DL1996PTC082800	MEGHNA AUTOWORKS PRIVATE LIMITED	Director	02/05/2005	02/05/2005	-	Active	NO
8	U32309DL2004PTC129883	MG MOBILES INDIA PRIVATE LIMITED	Director	01/03/2007	01/03/2007	-	Active	NO
9	U64200DL2011PTC228005	M FIRST TRADING PRIVATE LIMITED	Director	10/05/2013	07/01/2013	-	Active	NO

Name :

Mr. Abhishek Modi

Designation :

Director

Address :

36, Amrita Shergill Marg, New Delhi – 110003, India

Date of Birth/Age :

22.12.1975

Date of Appointment :

15.02.1995

DIN No.:

00002798

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	U51397DL1981PTC011647	WIN-MEDICARE PRIVATE LIMITED	Director	11/03/1994	11/03/1994	-	Active	NO
2	L15421UP1991PLC019160	SBEC SUGAR LIMITED	Whole-time director	10/07/2008	13/05/1994	-	Active	NO
3	U67120UP1980PTC004957	LONGWELL INVESTMENT PRIVATE LIMITED	Director	19/09/1994	19/09/1994	-	Active	NO
4	U74899DL1990PTC041928	MODI-MUNDIPHARMA PRIVATE LIMITED	Director	15/02/1995	15/02/1995	-	Active	NO
5	U74899DL1987PTC028294	A TO Z HOLDINGS PRIVATE LIMITED	Director	01/03/1996	01/03/1996	-	Active	NO
6	U63040DL1996PTC076223	MODILINE TRAVEL SERVICE PRIVATE LIMITED	Director	28/06/1996	28/06/1996	-	Active	NO
7	U51109DL1983PLC015250	MODI HITECH INDIA LIMITED	Director	05/09/1997	05/09/1997	-	Active	NO
8	L27106JH1982PLC001633	BIHAR SPONGE IRON LIMITED	Director	14/02/2001	14/02/2001	-	Active	NO
9	L15429UP1932PLC000469	MODI INDUSTRIES LIMITED	Director	29/11/2007	08/12/2006	-	Active	NO
10	U40105UP1996PLC037250	SBEC BIOENERGY LIMITED	Whole-time director	11/07/2011	08/12/2006	-	Active	NO
11	U74900DL2008PTC183504	MODI CASINGS AND PACKAGING Private Limited	Director	19/09/2008	19/09/2008	17/01/2014	Active	NO
12	U51101DL2008PTC184860	MODI GOODS AND RETAIL SERVICES PRIVATE LIMITED	Director	12/11/2008	12/11/2008	-	Active	NO
13	U20297UP2008PTC034600	MODI ARTS PRIVATE LIMITED	Director	03/09/2009	14/11/2008	-	Active	NO
14	U15400DL2009PTC191424	MODI ILLVA INDIA PRIVATE LIMITED	Director	19/06/2009	19/06/2009	-	Active	NO
15	U00432JH2006PLC011972	CHANDIL POWER LIMITED	Additional director	02/08/2013	08/08/2011	-	Active	NO
16	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	23/12/2011	23/12/2011	-	Active	NO

Name :

Mr. Stuart David Baker

Designation :

Director

Address :

Penthouse 1A, 400, North Flagler Drive, Florida – 33401, United States of America

Date of Birth/Age :

02.07.1935

Date of Appointment :

31.05.1996

DIN No.:

00463877

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	U74899DL1990PTC041928	MODI-MUNDIPHARMA PRIVATE LIMITED	Director	31/05/1996	31/05/1996	-	Active	NO
2	U24246DL2000PTC235624	KAMAKHYA COSMETICS AND PHARMACEUTICALS PRIVATE LIMITED	Director	03/01/2001	03/01/2001	-	Amalgamated	NO
3	U74899DL1994PTC057763	MODI REVLON PRIVATE LIMITED	Alternate director	07/11/2012	01/07/2008	11/12/2013	Active	NO
4	U24100DL2009PTC188842	MODI OMEGA PHARMA (INDIA) PRIVATE LIMITED	Director	27/04/2009	27/04/2009	-	Active	NO

Name :

Mr. Christopher Benbow Mitchell

Designation :

Director

Address :

4, Sloanc House, 97 Sloance Street, London Swix 9PE

Date of Birth/Age :

31.12.1936

Date of Appointment :

31.10.1990

DIN No.:

00146270

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	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC041928	MODI-MUNDIPHARMA PRIVATE LIMITED	Director	31/10/1990	31/10/1990	Active	NO
2	U24100DL2009PTC188842	MODI OMEGA PHARMA (INDIA) PRIVATE LIMITED	Director	27/04/2009	27/04/2009	Active	NO

Name :

Mr. Jayesh Modi

Designation :

Director

Address :

36, Amrita Shergill Marg, New Delhi – 110003, India

Date of Birth/Age :

14.11.1991

Date of Appointment :

13.09.2012

DIN No.:

02849637

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	Company/ LLP Status	Defaulting status
1	U51397DL1981PTC011647	WIN-MEDICARE PRIVATE LIMITED	Director	30/06/2012	17/11/2009	Active	NO
2	U40105UP1996PLC037250	SBEC BIOENERGY LIMITED	Director	27/09/2010	13/05/2010	Active	NO
3	U74899DL1987PTC028294	A TO Z HOLDINGS PRIVATE LIMITED	Director	16/05/2010	16/05/2010	Active	NO
4	U67120UP1980PTC004957	LONGWELL INVESTMENT PRIVATE LIMITED	Director	16/05/2010	16/05/2010	Active	NO
5	L15421UP1991PLC019160	SBEC SUGAR LIMITED	Director	30/09/2010	18/06/2010	Active	NO
6	L27106JH1982PLC001633	BIHAR SPONGE IRON LIMITED	Director	29/09/2010	18/06/2010	Active	NO
7	U51109DL1983PLC015250	MODI HITECH INDIA LIMITED	Director	30/09/2010	21/06/2010	Active	NO
8	U00432JH2006PLC011972	CHANDIL POWER LIMITED	Additional director	02/08/2013	13/08/2010	Active	NO
9	U51909DL2010PTC208795	JAYESH TRADEX PRIVATE LIMITED	Director	27/09/2010	27/09/2010	Active	NO
10	U74899DL1990PTC041928	MODI-MUNDIPHARMA PRIVATE LIMITED	Director appointed in casual vacancy	13/09/2012	13/09/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Seth Anurag
Designation :	Secretary
Address :	C-303, Saraswati Apartment, 97, I.P. Extension, Delhi – 110092, India
Date of Birth/Age :	30.01.1966
Date of Appointment :	01.05.1999
PAN No.:	AGXPS1917K

MAJOR SHAREHOLDERS

AS ON 26.06.2013

Names of Shareholders	No. of Shares	% of Holding
A to Z Holding Private Limited, India	75000	25.00
Boiling Bay Corporation B. V., Netherlands	75000	25.00
Hambert B. V., Netherlands	75000	25.00
Longwell Investment Private Limited, India	75000	25.00
Total	300000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 26.06.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Pharmaceutical Business.

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 :

The Shamrao Vithal Co-Operative Bank Limited, SVC Tower, Nehru Road, Vakola, Santa Cruz (East), Mumbai – 400055, Maharashtra, India

Facilities :

SECURED LOANS	31.12.2012 Rs. In Millions	31.12.2011 Rs. In Millions
Long Term Borrowings
Other Loans and Advances	3.856	6.244
Short Term Borrowings
Working Capital Loans from Banks	98.972	41.261
Total	102.828	47.505

Banking Relations :	--
Auditors :
Name :	Doogar and Associates Chartered Accountants
Address :	13, Community Centre, East of Kailash, New Delhi – 110065, India
PAN No.:	AACFD8728L
Joint Venture :	· Mundipharma Bangladesh Private Limited · Modi Omega Pharma (India) Private Limited
Subsidiary Company :	· Win-Medicare Private Limited · Modi Revlon Private Limited · Kamakhya Cosmetics And Pharmaceuticals Private Limited · Revlon Lanka Private Limited · Win Health Care Private Limited · Revlon Trading Bangladesh Private Limited

CAPITAL STRUCTURE

AS ON 26.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.000	3.000
(b) Reserves & Surplus	611.116	493.293
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	614.116	496.293
(3) Non-Current Liabilities
(a) long-term borrowings	3.856	6.244
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	30.405	24.755
(d) long-term provisions	21.712	19.132
Total Non-current Liabilities (3)	55.973	50.131
(4) Current Liabilities
(a) Short term borrowings	98.972	41.261
(b) Trade payables	75.476	91.545
(c) Other current liabilities	140.949	101.673
(d) Short-term provisions	13.853	21.543
Total Current Liabilities (4)	329.250	256.022
TOTAL	999.339	802.446
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	161.830	151.578
(ii) Intangible Assets	2.877	0.166
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	400.341	310.917
(c) Deferred tax assets (net)	7.791	2.023
(d) Long-term Loan and Advances	49.252	36.156
(e) Other Non-current assets	0.114	0.145
Total Non-Current Assets	622.205	500.985
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	130.505	132.020
(c) Trade receivables	219.523	144.590
(d) Cash and cash equivalents	9.867	7.474
(e) Short-term loans and advances	14.604	13.966
(f) Other current assets	2.635	3.411
Total Current Assets	377.134	301.461
TOTAL	999.339	802.446

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.000
2] Share Application Money		0.000
3] Reserves & Surplus		321.998
4] (Accumulated Losses)
NETWORTH		324.998
LOAN FUNDS
1] Secured Loans		45.524
2] Unsecured Loans		0.000
TOTAL BORROWING		45.524
DEFERRED TAX LIABILITIES		0.050
TOTAL		370.572
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		152.920
Capital work-in-progress		1.996
INVESTMENT		145.531
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	118.434
	Sundry Debtors	127.969
	Cash & Bank Balances	35.919
	Other Current Assets	0.000
	Loans & Advances	37.850
Total Current Assets		320.172
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	211.087
	Provisions	38.960
Total Current Liabilities		250.047
Net Current Assets		70.125
MISCELLANEOUS EXPENSES		0.000
TOTAL		370.572

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Income	1,612.330	1,504.400
		Other Income	118.510	112.660
		TOTAL	1,730.840	1,617.060	1,368.320
Less	EXPENSES
		TOTAL	1,361.560	1,215.960	1,044.420
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		369.280	401.100	323.900
Less	DEPRECIATION/ AMORTISATION		10.940	10.410	9.960
	PROFIT/(LOSS) BEFORE TAX		358.340	390.690	313.940
Less	TAX		66.450	96.160	74.850
	PROFIT/(LOSS) AFTER TAX		291.890	294.530	239.090
	Earnings Per Share (Rs.)		956.00	982.00	797.00

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	16.86	18.21	17.47
Net Profit Margin (PBT/Sales)	(%)	22.22	25.97	NA
Return on Total Assets (PBT/Total Assets}	(%)	60.61	79.81	66.36
Return on Investment (ROI) (PBT/Networth)		0.58	0.79	0.97
Debt Equity Ratio (Total Debt /Networth)		0.17	0.10	0.14
Current Ratio (Current Asset/Current Liability)		1.15	1.18	1.28

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012
	Rs. In Millions	Rs. In Millions
Share Capital	3.000	3.000
Reserves & Surplus	493.293	611.116
Net worth	496.293	614.116
long-term borrowings	6.244	3.856
Short term borrowings	41.261	98.972
Total borrowings	47.505	102.828
Debt/Equity ratio	0.096	0.167

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.12.2011	31.12.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,368.320	1,617.060	1,730.840
		18.178	7.036

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.12.2011	31.12.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	1,368.320	1,617.060	1,730.840
Profit	239.090	294.530	291.890
	17.47%	18.21%	16.86%

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	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10482556	27/02/2014	668,300,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	SVC TOWER, NEHRU ROAD,, VAKOLA, SANTA CRUZ (E), MUMBAI, MAHARASHTRA - 400055, INDIA	B98471352
2	10481271	27/02/2014 *	280,000,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	SVC TOWER, NEHRU ROAD,, VAKOLA, SANTA CRUZ (E), MUMBAI, MAHARASHTRA - 400055, INDIA	B98470792

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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.59.30
UK Pound	1	Rs.99.34
Euro	1	Rs.80.70

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KRN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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		52

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.