MIRA INFORM REPORT

Report Date :

09.06.2014

IDENTIFICATION DETAILS

Name :	YASHRAJ BIOTECHNOLOGY LIMITED (w.e.f. 15.10.2012)
Formerly Known As :	YASH-RAJ BIOTECHNOLOGY LIMITED (w.e.f. 10.02.2000) YASH-RAJ PLASMA LABS LIMITED
Registered Office :	C-232, TTC Industrial Area, MIDC, Navi Mumbai – 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.05.1999
Com. Reg. No.:	11-119769
Capital Investment / Paid-up Capital :	Rs.45.180 Millions
CIN No.: [Company Identification No.]	U73100MH1999PLC119769
TAN No.: [Tax Deduction & Collection Account No.]	MUMY01326D
PAN No.: [Permanent Account No.]	AAACY0982C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Diagnostic Laboratory Reagents.
No. of Employees :	Information denied by 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 1500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitments. 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 – 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.2453.2 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 DENIED BY

Name :	Mr. Balkrishnan
Designation :	Finance Manager
Contact No.:	91-22-27686226
Date :	07.06.2014

LOCATIONS

Registered Office / Production Unit / Correspondence Address :	C-232, TTC Industrial Area, MIDC, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-27686226 / 1949/ 6285
Fax No.:	91-22-27636331 / 6365 / 6330 / 8087
E-Mail :	info@yashraj.com vkmange@gmail.com marketing@yashrajbio.com
Website :	http://www.yashraj.com
Administrative Office :	1/B, Sitaram Building, Ground Floor, Crawford Market, 29, Dr. D. N. Road, Fort, Mumbai 400001, Maharashtra, India
Tel. No.:	91-22-23451877 / 78 / 79
Fax No.:	91-22-23451876

DIRECTORS

As on 27.09.2013

Name :

Mr. Arvind Karsandas Bhanushali

Designation :

Director

Address :

C-34, Konark lndraprastha, Sarvodaya Nagar, Village Nahur, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Appointment :

06.05.1999

DIN No.:

00011903

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	U67120MH1994PTC079091	HYQUEST CAPITAL SERVICES PRIVATE LIMITED	Director	20/06/1994	20/06/1994	11/03/2013	Active	NO
2	U73100MH1999PLC119769	YASHRAJ BIOTECHNOLOGY LIMITED	Director	06/05/1999	06/05/1999	-	Active	NO
3	U01100MH1999PTC120708	YASH-RAJ DIAGNOSTICS PRIVATE LIMITED	Director	08/07/1999	08/07/1999	-	Active	NO
4	U99999MH1999PLC122702	CHARTERED FINANCE MANAGEMENT LIMITED	Director	18/11/1999	18/11/1999	-	Active	NO
5	U74120MH2012PTC231031	CFM ADVISORS PRIVATE LIMITED	Director	15/05/2012	15/05/2012	-	Active	NO

Name :

Mr. Paresh Bhanji Bhanushali

Designation :

Whole Time Director

Address :

A9/100, Shatri Nagar, Vidhya Vihar, Mumbai – 400077, Maharashtra, India

Date of Appointment :

01.04.2013

DIN No.:

00205142

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	U73100MH1999PLC119769	YASHRAJ BIOTECHNOLOGY LIMITED	Whole-time director	01/04/2013	06/05/1999	-	Active	NO
2	L51909WB1973PLC028878	UTKAL SOAP PRODUCTS LIMITED	Additional director	20/03/2014	20/03/2014	-	Active	NO

Name :

Mr. Bharat Tokarsey Dagha

Designation :

Director

Address :

A-4, lst Floor, t44 Friends Home Chs, Off C. D. Barfiwala, Andheri, Mumbai – 400058, Maharashtra, India

Date of Appointment :

10.11.2001

DIN No.:

00205435

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	U73100MH1999PLC119769	YASHRAJ BIOTECHNOLOGY LIMITED	Director	10/11/2001	10/11/2001	-	Active	NO
2	U01100MH1999PTC120708	YASH-RAJ DIAGNOSTICS PRIVATE LIMITED	Director	07/09/2009	07/09/2009	-	Active	NO
3	L51909WB1973PLC028878	UTKAL SOAP PRODUCTS LIMITED	Additional director	20/03/2014	20/03/2014	-	Active	NO

Name :

Mr. Omprakash Ramgopalji Porwal

Designation :

Director

Address :

34, Konark Regency Link Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Appointment :

30.09.2011

DIN No.:

00398979

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	U65910MH1990PTC058077	SUMANGAL LEASING PRIVATE LIMITED	Director	07/04/1992	07/04/1992	-	Active	NO
2	U99999MH1999PLC122702	CHARTERED FINANCE MANAGEMENT LIMITED	Whole-time director	01/12/2011	18/11/1999	-	Active	NO
3	U15422MH2000PLC127184	YOGESHWARI SUGAR INDUSTRIES LIMITED	Director	01/08/2002	01/08/2002	02/08/2011	Active	NO
4	U67120MH1999PLC122774	OTCEI SECURITIES LIMITED	Director	20/06/2006	20/06/2006	28/06/2008	Active	NO
5	U67120MH1990NPL058298	OTC EXCHANGE OF INDIA	Director	05/09/2008	30/10/2007	-	Active	NO
6	U70102MH2009PTC198194	NOP PROPERTIES PRIVATE LIMITED	Director	30/12/2009	30/12/2009	-	Active	NO
7	U73100MH1999PLC119769	YASHRAJ BIOTECHNOLOGY LIMITED	Director	30/09/2011	20/06/2011	-	Active	NO
8	U74120MH2012PTC231031	CFM ADVISORS PRIVATE LIMITED	Director	15/05/2012	15/05/2012	-	Active	NO

Name :

Mr. Virender Kumar Vinayak

Designation :

Director

Address :

H No. F-2641, Palam Vihar, Tehsil Gudgaon, Gudgaon – 122001, Haryana, India

Date of Appointment :

28.09.2012

DIN No.:

06380675

MAJOR SHAREHOLDERS

As on 27.09.2013

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2013

Category	Percentage
Bodies corporate	1.26
Directors or relatives of Directors	79.06
Other top fifty shareholders	19.68
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Diagnostic Laboratory Reagents.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

Bank of Baroda, Chandavarkar Road Branch, 319, Chandavarkar Road, Matunga (C.Rly.), Mumbai - 400019, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Technology Development Board	18.000	0.000
Small Business Innovative Research Initiative	21.325	23.990
Short Term Borrowings
Foreign currency loans	39.891	5.115
Overdraft against fixed deposits	32.710	40.002
Total	111.926	69.107

Notes:

a) Loan taken from TDB setup under an ACT of Parliament, sanctioned for Rs.60.000 Millions secured by charge on hypothecation of movable assets of the company and personnel guarantee and pledging of shares of two directors and entire immovable assets of the company, present and future. Project is scheduled to be completed within 27 months from the date of agreement with TDB i.e. 23^rd April 2012.

b) The sanctioned amount to be released by TDB over 4 installments (Rs.18.000 Millions , Rs.24.000 Millions, Rs.12.000 Millions and Rs.6.000 Millions) based on the milestones agreed upon. The funds are to be utilized for development and commercialization of Recombinant Antigens, Recombinant Monoclonal Antibodies and call derived Antigens” projects. Repayments of the loans from TDB would commence from 1^st July 2015 over 9 half yearly installments and simple interest calculated at 5% P.a.

a) Loans taken from SBIRI, secured by charge on hypothecation of capital assets acquired and identifies at SBIRI project and personal guarantee of a directors (charge registered with ROC for Rs.21.206 Millions)

b) Repayment of 10 equal yearly installment of Rs.2.665 Millions starting from June 2012, interest installment in 2 equal yearly installment to be paid after repayment of 10 installment @ simple 1% p.a. on the loan amount upto Rs.10.000 Millions and @ 2% p.a. on the loan amount in excess of Rs.10.000 Millions. Any delayed in repayment of loan (and interest) will entail interest @ 12% per annam on the defaulted amounted for the period of day.

*Paking credit loan Rs.40.000 Millions from Bank of Baroda (secured by hypothecation of stock an book debts)

Banking Relations :	--
Auditors :
Name :	Khimji Kunverji and Company Chartered Accountants
Address :	Suite 52, Bombay Mutual Building, Fort, Mumbai – 400001. Maharashtra, India
Tel. No.:	91-22-24391111
E-Mail :	info@kkc.in
Website :	www.kkc.in
PAN No.:	AAPBM7017Q
Other Enterprises :	Hyquest Capital Services Private Limited (Concern in which relative of the director has significant influence) Ankur Pathology (Concern in which a director of company has control)

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed Capital :

No. of Shares	Type	Value	Amount
7995600	Equity Shares	Rs.10/- each	Rs.79.956 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
4518000	Equity Shares	Rs.10/- each	Rs.45.180 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	45.180	45.180	45.180
(b) Reserves & Surplus	325.100	282.198	274.899
(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)	370.280	327.378	320.079
(3) Non-Current Liabilities
(a) long-term borrowings	39.325	23.990	25.224
(b) Deferred tax liabilities (Net)	12.029	10.425	9.191
(c) Other long term liabilities	2.745	1.631	1.200
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	54.099	36.046	35.615
(4) Current Liabilities
(a) Short term borrowings	72.601	45.117	0.000
(b) Trade payables	3.226	3.444	2.873
(c) Other current liabilities	12.479	13.735	5.053
(d) Short-term provisions	11.955	6.060	11.398
Total Current Liabilities (4)	100.261	68.356	19.324
TOTAL	524.640	431.780	375.018
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	264.583	163.272	165.605
(ii) Intangible Assets	0.657	0.773	0.457
(iii) Capital work-in-progress	2.083	27.829	6.350
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	57.993	48.387	25.070
(d) Long-term Loan and Advances	11.715	35.076	12.215
(e) Other Non-current assets	10.000	10.000	0.000
Total Non-Current Assets	347.031	285.337	209.697
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	42.842	36.258	40.526
(c) Trade receivables	54.934	40.703	26.077
(d) Cash and cash equivalents	66.300	58.865	90.284
(e) Short-term loans and advances	10.927	5.282	5.640
(f) Other current assets	2.606	5.335	2.794
Total Current Assets	177.609	146.443	165.321
TOTAL	524.640	431.780	375.018

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		167.648	112.495	121.249
		Other Income		9.659	9.976	6.635
		TOTAL (A)		177.307	122.471	127.884
Less	EXPENSES
		Cost of Materials Consumed		18.947	18.427	20.975
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(6.420)	0.624	(7.080)
		Employee Benefits Expenses		32.265	29.066	25.600
		Other Expenses		52.273	49.865	39.235
		Prior period Items		0.000	0.000	0.110
		TOTAL (B)		97.065	97.982	78.840
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			80.242	24.489	49.044
Less	FINANCIAL EXPENSES (D)			6.315	1.794	0.386
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			73.927	22.695	48.658
Less	DEPRECIATION/ AMORTISATION (F)			8.173	6.277	6.179
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			65.754	16.418	42.479
Less	TAX (H)			14.924	3.894	8.960
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			50.830	12.524	33.519
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			108.993	102.064	78.840
Less	Provision on tax on dividend of previous year			0.000	0.026	0.000
Less	APPROPRIATIONS
			Transfer to General Reserve	2.577	0.370	2.514
			Dividend	6.777	4.518	6.673
			Tax on Dividend	1.152	0.733	1.108
	BALANCE CARRIED TO THE B/S			149.317	108.993	102.064
	EARNINGS IN FOREIGN CURRENCY			167.466	109.818	121.249
	IMPORTS
			Raw Materials	2.944	3.418	8.742
			Stores & Spares	1.300	0.469	1.216
			Capital Goods	0.000	0.899	0.000
	TOTAL IMPORTS			4.244	4.786	9.958
	Earnings Per Share (Rs.)			6.36	1.57	8.04

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	28.67	10.23	26.21
Net Profit Margin (PBT/Sales)	(%)	39.22	14.59	35.03
Return on Total Assets (PBT/Total Assets}	(%)	14.15	4.62	12.36
Return on Investment (ROI) (PBT/Networth)		0.18	0.05	0.13
Debt Equity Ratio (Total Debt /Networth)		0.30	0.21	0.08
Current Ratio (Current Asset/Current Liability)		1.77	2.14	8.56

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	45.180	45.180	45.180
Reserves & Surplus	274.899	282.198	325.100
Net worth	320.079	327.378	370.280
long-term borrowings	25.224	23.990	39.325
Short term borrowings	0.000	45.117	72.601
Total borrowings	25.224	69.107	111.926
Debt/Equity ratio	0.079	0.211	0.302

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	121.249	112.495	167.648
		(7.220)	49.027

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	121.249	112.495	167.648
Profit	33.519	12.524	50.830
	27.64%	11.13%	30.32%

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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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

COMPANY OVERVIEW:

The company is a primary manufacturer of diagnostic laboratory reagents. These diagnostic reagents are manufactured from biomedical fluids generated by hospitals, pathology labs and blood banks. The company has various permission from local authorities to collect fluids. The company has t100% export oriented unit (EOU) status and export the antigen development products to USA and Europe.

OPERATIONS:

The company’s performance during the year 2012-2013 showed marked improvement over the previous year, both in respect of sales and profitability despite the unfavorable market conditions. The company has achieved a total sales of Rs.167.647 Millions as against Rs.112.495 Millions for the previous year, registering an absolute increase of Rs.55.152 Millions giving a growth rate 49.00%.

During the year 2012-2013 the company made a gross profit of Rs.65.700 Millions. After adjusting to depreciation income tax and provision, the net profit stood at Rs.50.829 Millions as against Rs.12.524 Millions for the previous year.

Further during the year R and D division has developed 7 new products which are ready for commercialization now, depending upon the market requirement.

The company has continued its operations in the field of production of antigens and proteins for use in diagnostic rits. The recombinant facility has embarked upon a number of research development projects and has been successful in bring out new products.

The company obtained the ISO 13485 certification from UL during the year, as it complied with all the standard requirement under the certificate.

The company continues to maintain high standard of safety and is sensitive to issues pertaining to protection of environment. The company continued to comply with pollution control norms set out in this regard.

During the year, the company continued to undertake expansion of its various infrastructural facilities. According additional space was created for setting up of separate laboratories for cell culture and recombinant. The company is still in the process of developing the additional plot of land, measuring 3000 Sq. meters allotted by MIDC Adjacent to the existing plot.

During the year the company received sanction for working capital facilities of Rs.40.000 Millions from Bank of Baroda. The company also got a term loan sanction of Rs.60.000 Millions from Technology Development Board (TDB) for its expansion programme and the potion of Rs.42.000 Millions was already released.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10355532	23/04/2012	60,000,000.00	Technology Development Board	Wing-A, Ground Floor, Vishwakarma Bhavan, Shaheed Jeet Singh Marg, New Delhi, Delhi - 110016, India	B39574983
2	10352546	30/11/2013 *	50,000,000.00	Bank of Baroda	Chandavarkar Road Branch, 319, Chandavarkar Road, Matunga (C.Rly.), Mumbai, Maharashtra - 400019, India	B94008125
3	10167311	07/07/2009	21,206,000.00	Department of Biotechnology	Block 2, Cgo Complex, Lodhi Road, Delhi, Delhi - 110003, India	A65397770

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.59.20
UK Pound	1	Rs.99.52
Euro	1	Rs.80.34

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	VNT

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	6
--CREDIT LINES	1~10	6
--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		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

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