MIRA INFORM REPORT

Report Date :

15.05.2014

IDENTIFICATION DETAILS

Name :	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED (w.e.f. 02.09.2009)
Formerly Known As :	THERMO ELECTRON LLS INDIA PRIVATE LIMITED
Registered Office :	403-404, B Wing, Delphi, Hiranadani Business Park, Powai, Mumbai – 400 072, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.05.2000
Com. Reg. No.:	11-126872
Capital Investment / Paid-up Capital :	Rs.42.451 Millions
CIN No.: [Company Identification No.]	U73100MH2000PTC126872
IEC No.:	0300061374
TAN No.: [Tax Deduction & Collection Account No.]	MUMT08958F
PAN No.: [Permanent Account No.]	AABCT3207A
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject is engaged in Manufacture and Assemble Products for Trace Chemical Analysis, UV-Vis Spectroscopy, Liquid Handling, etc.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 3333100
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company possesses a moderate financial profile marked by consecutive losses recorded in the books resulting in accumulated losses during 2013. Moreover, the management has reported a moderate gearing and adequate gap between trade receivables and payables during the year under review. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of technical and financial support extended form the promoter, the subject can be considered for business dealings with some caution.

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 DECLINED

Management non co-operative [91-22-66802013]

LOCATIONS

Registered Office :	403-404, B Wing, Delphi, Hiranadani Business Park, Powai, Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-67162200 / 66802030 / 2015 / 2040 / 66802013 / 66803000
Mobile No.:	91-7738376575 (Mr. Anil Agarwal)
Fax No.:	91-22-67162255 / 67162214 / 67162244 / 66803001 / 02
E-Mail :	arvind.sonawane@thermofisher.com mallarlaw@vsnl.net tfsindia.ar@thermofisher.com anil.agarwal@thermofisher.com
Website :	www.thermofisher.com
Location :	Leased
Administrative Office :	101/ 102 Pred Portal, Shivaji Housing Society, Bhamburda, Opposite Senapati Bapat Road, Pune 411016, Maharashtra, India
Tel. No.:	91-20-66267000
Fax No.:	91-20-66267001
Factory :	D-69, MIDC, C Road, Nashik – 422007, Maharashtra, India
Tel. No.:	91-253-2350460
Location :	Leased
Branch Office :	Locate At: · Ahmedabad · Hyderabad · Bangalore · Bhiwandi · Chennai  · Kolkata  · Noida

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Amit Chopra

Designation :

Managing Director

Address :

Flat No. 702/802, Building No. 32, Sector 54-56-58, Seawood Estate, NRI Complex, Nerul, Navi Mumbai – 400 706, Maharashtra, India

Date of Birth/Age :

02.12.1965

Qualification :

MBA

Date of Appointment :

07.03.2011

Din No.:

01829073

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	U74999MH1997PTC204381	KENDRO LABORATORY PRODUCTS INDIA PRIVATE LIMITED	Director	18-06-2009	16-12-2007	-	Amalgamated	NO
2	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Managing director	07-03-2011	26-03-2009	-	Active	NO
3	U33112MH2005PTC157018	COLE-PARMER INDIA PRIVATE LIMITED	Director	30-09-2011	07-03-2011	22-03-2013	Active	NO
4	U29196MH2001PTC226815	THERMO ELECTRON INDIA PRIVATE LIMITED	Director	30-09-2011	07-03-2011	22-03-2013	Amalgamated	NO
5	U41000MH2008FTC184515	TKA INDIA PRIVATE LIMITED	Director	16-09-2011	12-04-2011	-	Amalgamated	NO
6	U73100GJ2006PTC047438	FISHER BIOPHARMA SERVICES (INDIA) PRIVATE LIMITED	Director	29-09-2011	03-06-2011	22-03-2013	Active	NO
7	U51500MH2005PTC155218	DIONEX (INDIA) PRIVATE LIMITED	Director	27-06-2011	27-06-2011	22-03-2013	Amalgamated	NO
8	U51909DL2010FTC202101	PHADIA INDIA PRIVATE LIMITED	Director	29-11-2012	25-11-2011	22-03-2013	Amalgamated	NO

Name :

Mr. Arvind Raghunath Sonawane

Designation :

Director

Address :

Flat No B-11003, Shreeji Ville Opposite Nitin Casting Company, Panchpakhadi, Thane – 400602, Maharashtra, India.

Date of Birth/Age :

01.06.1951

Qualification :

L.L.B., ACS

Date of Appointment :

31.12.2008

Din No.:

00312102

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	U99999MH1973PTC016767	KODAK INDIA PRIVATE LIMITED	Director	23-07-2004	23-07-2004	26-05-2007	Active	NO
2	U74999MH1953NPL009038	TRADE MARKS, PATENTS, DESIGNS AND COPYRIGHT OWNERS ASSOCIATION OF INDIA	Director	27-09-2006	27-09-2006	-	Dissolved	NO
3	U29199MH2006PTC165303	CARESTREAM HEALTH INDIA PRIVATE LIMITED	Director	06-11-2006	06-11-2006	30-04-2007	Active	NO
4	U29196MH2001PTC226815	THERMO ELECTRON INDIA PRIVATE LIMITED	Director	27-09-2008	11-09-2008	22-03-2013	Amalgamated	NO
5	U33112MH2005PTC157018	COLE-PARMER INDIA PRIVATE LIMITED	Director	30-09-2008	15-09-2008	22-03-2013	Active	NO
6	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Director	31-12-2008	28-09-2008	-	Active	NO
7	U74999MH1997PTC204381	KENDRO LABORATORY PRODUCTS INDIA PRIVATE LIMITED	Director	30-07-2009	07-10-2008	-	Amalgamated	NO
8	U73100GJ2006PTC047438	FISHER BIOPHARMA SERVICES (INDIA) PRIVATE LIMITED	Director	29-09-2009	13-07-2009	22-03-2013	Active	NO
9	U41000MH2008FTC184515	TKA INDIA PRIVATE LIMITED	Director	16-09-2011	12-04-2011	-	Amalgamated	NO
10	U51500MH2005PTC155218	DIONEX (INDIA) PRIVATE LIMITED	Director	27-06-2011	27-06-2011	22-03-2013	Amalgamated	NO
11	U51909DL2010FTC202101	PHADIA INDIA PRIVATE LIMITED	Director	29-11-2012	25-11-2011	22-03-2013	Amalgamated	NO

Name :

Mr. Vivek Rathi

Designation :

Director

Address :

B-1903, Garden Estate, Laxmi Nagar, Link Road, Goregaon (West), Mumbai-400090, Maharashtra, India

Date of Birth/Age :

31.12.1971

Date of Appointment :

06.02.2013

Din No.:

02463012

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	U67190DL2007PTC165544	AMERICAN EXPRESS INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	25-09-2009	02-02-2009	-	Under liquidation	NO
2	U63040DL1984FLC210663	AMERICAN EXPRESS FOREIGN EXCHANGE SERVICES INDIA LIMITED	Director	22-09-2009	19-03-2009	28-01-2013	Active	NO
3	U74899DL1994PTC059865	AMERICAN EXPRESS(INDIA) PRIVATE LIMITED	Director	01-10-2010	28-07-2010	28-01-2013	Active	NO
4	U74999MH1997PTC204381	KENDRO LABORATORY PRODUCTS INDIA PRIVATE LIMITED	Additional director	06-02-2013	06-02-2013	-	Amalgamated	NO
5	U41000MH2008FTC184515	TKA INDIA PRIVATE LIMITED	Additional director	06-02-2013	06-02-2013	-	Amalgamated	NO
6	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Director	06-12-2013	06-02-2013	-	Active	NO

Name :

Mr. Swapn Malpani

Designation :

Director

Address :

Flat No. B-501, Veronica, Mahindra Eminente, Near Patkar College, S.V. Road, Goregaon (West), Mumbai-400062, Maharashtra, India

Date of Birth/Age :

13.01.1971

Date of Appointment :

06.12.2013

Din No.:

02768351

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	U73100MH2000PTC126872	Thermo Fisher Scientific India Private Limited	Director	06-12-2013	06-02-2013	Active	NO

Name :

Mr. Balchandra Sundar Kotian

Designation :

Director

Address :

Flat No. 04, S. No. 799, Kavita Kunj Co-operative Housing Society Limited, Chowk No. 4, Govind Nagar, Nashik-422009, Maharashtra, India

Date of Birth/Age :

24.01.1958

Date of Appointment :

06.12.2013

Din No.:

06608417

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	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Director	06-12-2013	10-06-2013	Active	NO

Name :

Mr. Prasanna Pandit

Designation :

Director

Address :

A-1/503, Adhyay, Kanchanpusp CHS, Ghodbunder Road, Opposite Suraj Water Park, Thane-400601, Maharashtra, India

Date of Birth/Age :

08.03.1966

Date of Appointment :

06.12.2013

Din No.:

06617473

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	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Director	06-12-2013	03-06-2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Thermo Fisher India Holding BV, Netherlands	7831502	68.39
Thermo Fisher Scientific Inc., Massachusetts	234	0.00
Thermo Electron Led GmbH, Germany	463	0.00
Phadia Holding AB, Sweden	387779	3.39
Phadia AB, Sweden	1	0.00
Dionex Corporation, USA	3231109	28.22
Julius Albrecht	2	0.00
TOTAL	11451090	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Manufacture and Assemble Products for Trace Chemical Analysis, UV-Vis Spectroscopy, Liquid Handling, etc.

Products :

ITC CODE NO.	PRODUCT DESCRIPTION
3809	Pipelites
3809	Chemicals
3822	Diagnostic Kits

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Scientific Instruments	Nos.	2,950	922
Chemicals	Nos.	--	2,686,395
EID (Air Quality Instruments)	Nos.	120	28
		3,070	2,687,345

Note:

The Company does not have manufacturing unit for producing Chemicals products. Production is carried out by Job working units. Derived Production is net of excess/ shortages and products issued as free samples of 323,560 Nos.

The installed capacity is as certified by the Management and accepted by the Auditors without verification, as this is a technical matter.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

· The Hong Kong and Shanghai Banking Corporation Limited, 52/60 M G Road, Fort, Mumbai – 400 001, Maharashtra, India

· State Bank of India, Mumbai, Maharashtra, India

· HSBC Bank, Fort Branch,

Tel. No.: 91-22-22685555 / 22636666

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Working capital loans from banks	0.000	70.000
Loans repayable on demand from banks	0.000	1.002
TOTAL	0.000	71.002

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400 028, Maharashtra, India
PAN No:	AADFP9359C
Ultimate Holding Company :	Thermo Fisher Scientific Inc. U.S.
Holding Company :	Thermo Fisher India Holding BV Netherlands
Fellow Subsidiaries :	· Oxoid Limited · Abgene Products · Fisher Scientific Company LLC, United Status · Acros Organics BVB · Thermo Fisher Scientific Biosciences Inc · Hyclone Laboratories, Inc. · Thermo Fisher Scientific (Bid), Rockford · Maybridge Limited · UAB Fermentas · Thermo Fisher Scientific (Asheville) LLC · Kendro Laboratory GmbH, Germany · Thermo CRS Limited · Jouan S.A. · Thermo Fisher Scientific (Hong Kong) Limited · Thermo Fisher Scientific (Hong Kong) Limited, Group Office · Thermo Electron LED GmbH · Thermo Fisher Scientific (Asheville) LLC Forma · Thermo Electron Oy Thermo Scientific Portable Ana · Finnzymes Instruments Oy · Brahms GmbH · Thermo Shandon Limited- Runcorn · Thermo Fisher Scientific (Shanghai) Instrument Company Limited · Thermo Fisher Scientific (Shanghai) · Thermo Electron (Karlsruhe) GmbH · Thermo Fisher Scientific Inc. Newington (Neslab) · Microgenics Corporation · Richard Allan Scientific · Fisher Diagnostics · Erie Scientific LLC · Microm International GmbH · Thermo Electron (Erlangen) GMBH · Thermo Fisher Scientific, Franklin · Thermo Eberline LLC · Eutech Instruments Pte. Limited · Thermo Fisher Hamilton · Phadia AB, Sweden · Thermo Informatics Asia Pacific Pty · Thermo LabSystems, Inc. · Cellomics Inc. · Thermo Gamma Metrics Pty Limited · Thermo Fisher Scientific Messtechnik GmbH · Thermo Scientific Portable Analytical Instruments · Thermo Process Instruments, LP · Thermo Electron Spa · Thermo Ramsey Inc · Thermo Gamma-Metrics LLC · Thermo Fisher Scientific – PIWinsford · Fisher Scientific Worldwide (Shanghai) Co., Ltd · RSD Corporate International · Fisher Worldwide · Cole-Parmer India Private Limited · Thermo Fisher Scientific Malaysia · Fisher Scientific Pte Limited · Fisher Scientific UK – RMUKCP · Fisher Scientific UK, Loughborough · Thermo Electron Corporation · Thermo Fisher Scientific – BTUK · Thermo Fisher Scientific – SIUKCMS · Thermo Electron Corporation, UK · Thermo Fisher Scientific, Austria GmbH · Thermo Electron Corporation, Bellefonte · Dionex Benelux · Thermo Electron (Bremen) GMBH · Thermo Fisher Canada · Thermo Fisher Scientific (Ecublens) SARL · Fisher Scientific SIGermany CMS · Thermo Fisher Scientific, Japan · Thermo Electron Scientific Instruments LLC, Madison · Thermo Electron North America LLC · Thermo Electron Manufacturing Limited · Thermo Fisher Scientific Inc., Sanjose · Thermo Fisher Scientific, S.L.U. · Fisher Biopharma Services (India) Private Limited · Thermo Fisher Scientific (Suzhou) Instruments Company Limited · Matrix Technologies Corp. · La-Pha-Pack GmbH · Nalge Nunc International · Thermo Fisher Scientific Nunc A/S · Molecular Bio Products Inc. · Scientific Products (Asia Pacific) Pte. · National Scientific · Thermo Fisher Scientific – Pittsburg · Kendro Laboratory Products India Private Limited · Phadia India Private Limited · TKA India Private Limited · Dionex (India) Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
16100000	Equity Shares	Rs.10/- each	Rs.161.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11451090	Equity Shares	Rs.10/- each	Rs.114.511 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5418153	Equity Shares	Rs.10/- each	Rs.54.182 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	54.182	42.451	32.825
(b) Reserves & Surplus	718.767	454.064	893.522
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	60.329	53.696	0.002
Total Shareholders’ Funds (1) + (2)	833.278	550.211	926.349
(3) Non-Current Liabilities
(a) long-term borrowings	43.117	50.000	87.400
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	6.123	0.000	0.000
(d) long-term provisions	141.455	194.746	111.603
Total Non-current Liabilities (3)	190.695	244.746	199.003
(4) Current Liabilities
(a) Short term borrowings	0.000	71.002	27.361
(b) Trade payables	1686.112	1415.354	854.651
(c) Other current liabilities	466.710	407.829	744.673
(d) Short-term provisions	60.890	37.535	17.008
Total Current Liabilities (4)	2213.712	1931.720	1643.693
TOTAL	3237.685	2726.677	2769.045
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	123.934	112.031	104.980
(ii) Intangible Assets	12.166	285.608	777.131
(iii) Capital work-in-progress	20.856	3.519	0.000
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	205.826	118.748	208.241
(e) Other Non-current assets	55.951	26.826	45.389
Total Non-Current Assets	418.733	546.732	1135.741
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	678.606	602.389	549.357
(c) Trade receivables	1555.263	1075.534	695.471
(d) Cash and cash equivalents	378.321	208.092	176.021
(e) Short-term loans and advances	201.985	256.949	209.122
(f) Other current assets	4.777	36.981	3.333
Total Current Assets	2818.952	2179.945	1633.304
TOTAL	3237.685	2726.677	2769.045

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4414.397	3484.605	2370.616
		Other Income	159.407	93.373	42.638
		TOTAL (A)	4573.804	3577.978	2413.254
Less	EXPENSES
		Cost of Materials Consumed		964.199	783.574
		Purchase of Traded Goods		1220.947	1056.448
		Purchase of Traded Goods on acquisition	4538.848	0.000	2.307
		Charges in inventories Finished Goods,		(36.503)	(210.648)
		Employee Benefits Expense		663.111	494.630
		Impairment Loss and Fixed Assets		0.000	16.026
		Other Expenses		937.697	891.271
		TOTAL (B)	4538.848 [Including Financial Expenses]	3749.451	3033.608
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(171.473)	(620.354)
Less	FINANCIAL EXPENSES (D)			37.596	22.790
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34.956	(209.069)	(643.144)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		334.600	535.548	413.533
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(299.644)	(744.617)	(1056.677)
Less	TAX (H)		4.881	0.000	3.753
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(304.525)	(744.617)	(1060.430)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3687.131)	(2942.514)	(1882.084)
Add	NET ADDITION ON AMALGAMATION		155.629	0.000	0.000
	BALANCE CARRIED TO THE B/S		(3836.027)	(3687.131)	(2942.514)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	53.506	67.335
		Commission Earnings	NA	354.254	188.231
		Sales of Services	NA	0.070	0.532
		Marketing Support Services	NA	85.824	0.000
	TOTAL EARNINGS		NA	493.654	256.098
	IMPORTS
		Raw Materials	NA	142.965	141.708
		Traded Goods	NA	722.874	544.216
		SAP Development Cost	NA	0.000	21.923
	TOTAL IMPORTS		NA	865.839	707.847
	Earnings / (Loss) Per Share (Rs.)		(56.20)	202.34	366.51

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(6.65)	(20.81)	(43.94)
Net Profit Margin (PBT/Sales)	(%)	(6.79)	(21.37)	(44.57)
Return on Total Assets (PBT/Total Assets}	(%)	(9.31)	(24.98)	(31.10)
Return on Investment (ROI) (PBT/Networth)		(0.35)	(1.35)	(1.14)
Debt Equity Ratio (Total Debt/Networth)		0.05	0.22	0.12
Current Ratio (Current Asset/Current Liability)		1.27	1.13	0.99

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	32.825	42.451	54.182
Reserves & Surplus	893.522	454.064	718.767
Net worth	926.347	496.515	772.949
long-term borrowings	87.400	50.000	43.117
Short term borrowings	27.361	71.002	0.000
Total borrowings	114.761	121.002	43.117
Debt/Equity ratio	0.124	0.244	0.056

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	2370.616	3484.605	4414.397
		46.992	26.683

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	2370.616	3484.605	4414.397
Profit	(1060.430)	(744.617)	(304.525)
	(44.73%)	(21.37%)	(6.90%)

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

NOTE:

The registered office of the company has been shifted from Godrej Coliseum, 101, A-101, B, Somaiya Hospital Road, Off eastern Express Highway, Sion (East), Mumbai-400022, Maharashtra, India to the present address w.e.f. 16.04.2010.

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Rupee term loans from others	43.117	50.000
TOTAL	43.117	50.000

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90364583	17/06/2002	4,500,000.00	UNION BANK OF INDIA	VIKHROLI BRANCH, L.B.S. MARG, MUMBAI, MAHARASHTRA, INDIA	-
2	90364576	02/05/2002	1,600,000.00	UNION BANK OF INDIA	VIKHROLI BRANCH, L.B.S. MARG, MUMBAI, MAHARASHTRA, INDIA	-

* Date of charge modification

FIXED ASSETS

· Leasehold Land

· Factory Building

· Computers

· Furniture and Fixtures

· Leasehold improvements

· Office Equipments

· Plant and Machinery

· Vehicles

· Technical Know how

· Software

· Goodwill

· Trademark

· Copyrights

· Licenses

· Trade Name

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.59.88
UK Pound	1	Rs.100.98
Euro	1	Rs.82.40

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		33

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.