MIRA INFORM REPORT

Report Date :

22.05.2014

IDENTIFICATION DETAILS

Name :	TITAN BIOTECH LIMITED (TRANSFER FROM DELHI TO RAJASTHAN) (w.e.f. 12.09.1995)
Formerly Known As :	TITAN MEDICARES LIMITED
Registered Office :	A-902 A, RIICO Industrial Area, Phase-Iii, Bhiwadi - 301019, Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.02.1992
Com. Reg. No.:	17-013387
Capital Investment / Paid-up Capital :	Rs. 70.387 Millions
CIN No.: [Company Identification No.]	L74999RJ1992PLC013387
PAN No.: [Permanent Account No.]	AAACT0078J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Biological Peptones, Extracts and Dehydrated Culture.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 580000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is good. The company’s financial position is favorable and acceptable. Trade relations are reported as fair. Business is active. Payment terms 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 – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	SE 3 A
Rating Explanation	High financial strength and moderate performance capability
Date	July 4, 2012

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. Mahendra Singh
Designation :	Accounts Executive
Contact No.:	91-143-222073
Date :	08.05.2014

LOCATIONS

Registered Office / Factory 1 :	A-902 A, RIICO Industrial Area, Phase-Iii, Bhiwadi – 301019, Rajasthan, India
Tel. No. :	91-1493-222073 / 221337 / 225323
Fax No. :	Not Available
E-Mail :	marketing@titanbiotechltd.com titanbiotech@yahoo.co.in hrd@titanbiotechltd.com
Website :	http://www.titanbiotechltd.com
Corporate Office :	A-2/3, IIIrd Floor, Lusa Tower, Azadpur Commercial Complex, Delhi - 110033, India
Tel. No. :	91-11-27677960 / 27674615 / 27670742 / 47020100 (30 lines)
Fax No. :	91-11-27674181
E-Mail :	info@titanbiotechltd.com marketing@titanbiotechltd.com customercare@titanbiotechltd.com export@titanbiotechltd.com
Factory 2 :	E-540,Chopanki, Bhiwadi - 301019, Rajasthan, India

DIRECTORS

As on 31.03.2013

Name :

Mr. Naresh Kumar Singla

Designation :

Managing Director

Address :

373, Sainik Vihar, Pitampura, Delhi – 110034, India

Date of Birth/Age :

05.05.1959

Qualification :

Graduate

Date of Appointment :

01.10.2012

DIN No. :

00027448

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	U74899DL1984PTC018979	CONNOISSEUR MANAGEMENT SERVICES PRIVATE LIMITED	Director	16/08/1984	16/08/1984	-	Active	NO
2	L67190DL1993PLC052050	TITAN SECURITIES LIMITED	Director	08/02/1993	08/02/1993	-	Active	NO
3	U24233DL1993PLC052051	TITAN MEDIA LIMITED	Director	08/02/1993	08/02/1993	16/05/2011	Active	NO
4	U74899DL1994PLC062144	TANITA LEASING & FINANCE LIMITED	Director	17/10/1994	17/10/1994	-	Active	NO
5	U74899DL1995PTC071668	TEE EER SECURITIES AND FINANCIAL SERVICES PRIVATE LIMITED	Director	30/12/1995	30/12/1995	-	Active	NO
6	L74999RJ1992PLC013387	TITAN BIOTECH LTD. (TRANSFER FROM DELHI TO RAJ.)	Managing director	01/10/2012	01/05/2002	-	Active	NO
7	U33110RJ2011PLC037007	PEPTECH BIOSCIENCES LIMITED	Director	15/11/2011	15/11/2011	-	Active	NO

Name :

Mr. Suresh Chand Singla

Designation :

Managing director

Address :

TU-40, Pitampura, Delhi – 110034, India

Date of Birth/Age :

26.07.1960

Qualification :

Graduate

Date of Appointment :

01.10.2012

DIN No. :

00027706

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	U24233DL1993PLC052051	TITAN MEDIA LIMITED	Director	08/02/1993	08/02/1993	16/05/2011	Active	NO
2	L67190DL1993PLC052050	TITAN SECURITIES LIMITED	Director	01/10/2006	01/10/1993	-	Active	NO
3	U74899DL1995PTC071668	TEE EER SECURITIES AND FINANCIAL SERVICES PRIVATE LIMITED	Director	30/12/1995	30/12/1995	-	Active	NO
4	U74899DL1984PTC018979	CONNOISSEUR MANAGEMENT SERVICES PRIVATE LIMITED	Director	21/07/2004	21/07/2004	-	Active	NO
5	L74999RJ1992PLC013387	TITAN BIOTECH LTD. (TRANSFER FROM DELHI TO RAJ.)	Managing director	01/10/2012	01/10/2006	-	Active	NO
6	U74899DL1994PLC062144	TANITA LEASING & FINANCE LIMITED	Director	06/12/2006	06/12/2006	-	Active	NO
7	U33110RJ2011PLC037007	PEPTECH BIOSCIENCES LIMITED	Director	15/11/2011	15/11/2011	-	Active	NO

Name :

Mrs. Manju Singla

Designation :

Director

Address :

TU-40, Pitampura, Delhi – 110034, India

Date of Birth/Age :

06.07.1964

Qualification :

Graduate

Date of Appointment :

23.06.2001

DIN No. :

00027790

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	U74899DL1994PLC062144	TANITA LEASING & FINANCE LIMITED	Whole-time director	01/10/2012	17/10/1994	-	Active	NO
2	L74999RJ1992PLC013387	TITAN BIOTECH LTD. (TRANSFER FROM DELHI TO RAJ.)	Director	23/06/2001	23/06/2001	-	Active	NO
3	L67190DL1993PLC052050	TITAN SECURITIES LIMITED	Managing director	01/10/2012	25/11/2002	-	Active	NO
4	U33110RJ2011PLC037007	PEPTECH BIOSCIENCES LIMITED	Director	15/11/2011	15/11/2011	-	Active	NO

Name :

Mr. Sachin Gupta

Designation :

Director

Address :

5, Rail Vihar, Opposite 16 Sharda Niketan, Pitampura, Delhi – 110034, India

Date of Birth/Age :

31.07.1978

Qualification :

Graduate

Date of Appointment :

31.03.2005

DIN No. :

00082550

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	L74999RJ1992PLC013387	TITAN BIOTECH LTD. (TRANSFER FROM DELHI TO RAJ.)	Director	31/03/2005	31/03/2005	-	Active	NO
2	U51102DL2007PTC159046	Ocean Glass Art Private Limited	Director	09/02/2007	09/02/2007	-	Active	NO
3	U18109DL2007PTC162193	OMEGA LIFE STYLES PRIVATE LIMITED	Director	16/04/2008	16/04/2008	12/11/2010	Active	NO
4	U36100DL2009PTC194910	OCEAN GLASS WORKS PRIVATE LIMITED	Director	06/10/2009	06/10/2009	-	Active	NO
5	U33110RJ2011PLC037007	PEPTECH BIOSCIENCES LIMITED	Director	26/06/2012	26/06/2012	-	Active	NO

Name :

Mr. Praveen Somani

Designation :

Director

Address :

AD/86/B, Shalimar Bagh, Delhi – 110088, India

Date of Birth/Age :

18.08.1966

Qualification :

Graduate

Date of Appointment :

30.09.2010

DIN No. :

02424925

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	U65920HR1995PTC032889	ICE-HEAT FINVEST PRIVATE LIMITED	Director	08/11/1995	08/11/1995	-	Active	NO
2	U65921DL1997PTC262868	PSE HOLDINGS AND FINLEASE PRIVATE LIMITED	Director	27/11/2008	27/11/2008	-	Active	NO
3	U70101DL2009PTC186935	SAMBHAVANA BUILDPROP PRIVATE LIMITED	Director	23/01/2009	23/01/2009	21/09/2012	Active	NO
4	L74999RJ1992PLC013387	TITAN BIOTECH LTD. (TRANSFER FROM DELHI TO RAJ.)	Director	30/09/2010	30/09/2010	-	Active	NO
5	U70102DL2011PTC212686	Palash Projects Private Limited	Director	17/01/2011	17/01/2011	-	Active	NO
6	U70200DL2011PTC214068	Shrim Projects Private Limited	Additional director	22/12/2011	22/12/2011	-	Active	NO

Name :	Mr. Hitesh Kohli
Designation :	Director

Name :	Mr. Raja Singla
Designation :	Director

Name :	Ms. Supriya Singla
Designation :	Director

Name :	Mr. Parvesh Goel
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Charanjit Singh Arora
Designation :	Secretary
Address :	House No.4, Pocket A-1, Sector 3, Rohini, Delhi – 110085, India
Date of Birth/Age :	03.03.1973
Date of Appointment :	01.07.2004
PAN No.:	ABQPA3700Q

Name :	Mr. Mahendra Singh
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	553613	7.87
Bodies Corporate	2874716	40.84
Sub Total	3428329	48.71
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3428329	48.71
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	687465	9.77
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2777805	39.46
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	70527	1.00
Any Others (Specify)	74574	1.06
Non Resident Indians	8926	0.13
Hindu Undivided Families	64337	0.91
Clearing Members	1311	0.02
Sub Total	3610371	51.29
Total Public shareholding (B)	3610371	51.29
Total (A)+(B)	7038700	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	7038700	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Biological Peptones, Extracts and Dehydrated Culture.

Products :

Item Code No. (ITC Code)	Product Description
35040009	Biological Extracts
35040001	Biological Products
35040009	Dehydrated Culture Media

Exports :

Products :

Finished Goods

Countries :

· Pakistan

· Nigeria

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

Punjab and Sind Bank

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long Term Borrowings
Term Loans From Banks	0.000	0.525
Short Term Borrowings
Loans Repayable on Demand	15.753	7.477
Total	15.753	8.002

Note :

Long Term Borrowings

Nature of security for secured borrowings: The secured loans from banks consists of Vehicle loans secured against hypothecation of Vehicles.

Short Term Borrowings

Nature of security for secured borrowings: The secured loans from banks consists of Working Capital Limits which is secured against hypothecation of present and future Inventory and book debts of the company and collaterally secured by way of Equitable Mortgage by deposit of Title Deeds in respect of immovable property situated at Bhiwadi (Rajasthan) and by personal guarantee of Directors.

Banking Relations :	--
Auditors :
Name :	Deepika setia and Company Chartered Accountants
Address :	190, 3^rd Floor, Mukherjee Nagar, Delhi- 110009, India
PAN No. :	AADFD4720F
Associates :	· Titan Securities Limited CIN No.: L67190DL1993PLC052050 · Tanita Leasing and Finance Limited · Tee Eer Securities and Financial Services Private Limited · Peptech Biosciences Limited CIN No.: U33110RJ2011PLC037007 · Connoisseur Management Services Private Limited CIN No.: U74899DL1984PTC018979

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 Millions
2000000	Preference Shares	Rs.10/- each	Rs. 20.000 Millions
	Total		Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7038700	Equity Shares	Rs.10/- each	Rs. 70.387 Millions

Reconciliation of Shares outstanding at the beginning and at the end of year are given below:

Particulars	No. of Shares	Amount in Millions
Equity share outstanding at the beginning of the year	7038700	70.387
Add: Equity share issued during the year	---	---
Equity share outstanding at the end of the year	7038700	70.387

Detail of shareholder holding more than 5 percent shares of the Company as on reporting date are given below:

Particulars	No. of Shares	Percentage of Holding
S. Udit Securities Limited	618177	8.78
Titan Securities Limited	1678059	23.84
Tanita Leasing and Finance Limited	527829	7.50
Ace Securities Private Limited	----	----
A V B Shares Trading Private Limited	1,000,000	14.21
Connoisseur Management Services Private Limited	360,000	5.11

Share options granted under the Employee Share Option Scheme:

The Company has not granted stock options to its employees under Employee Stock Option Scheme during the year under audit.

Detail of shares allotted without payment being received in cash during five years immediately preceding the Balance Sheet date are given below:

The Company has not allotted any fully paid up equity shares without payment being received in cash and by way of bonus shares nor has bought back any class of equity shares during the period of five years immediately preceding the balance sheet date.

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	70.387	70.387	55.387
(b) Reserves & Surplus	74.271	67.331	39.912
(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)	144.658	137.718	95.299
(3) Non-Current Liabilities
(a) long-term borrowings	20.063	9.685	20.053
(b) Deferred tax liabilities (Net)	1.419	1.593	1.704
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	21.482	11.278	21.757
(4) Current Liabilities
(a) Short term borrowings	15.753	7.477	7.298
(b) Trade payables	15.793	47.115	15.077
(c) Other current liabilities	12.318	5.622	3.075
(d) Short-term provisions	13.035	6.214	10.228
Total Current Liabilities (4)	56.899	66.428	35.678
TOTAL	223.039	215.424	152.734
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.035	38.076	38.156
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	67.220	59.387	43.775
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.499	0.499	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.616	1.839	1.985
(e) Other Non-current assets	0.160	0.240	0.320
Total Non-Current Assets	105.530	100.041	84.236
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	54.277	55.875	40.670
(c) Trade receivables	25.634	36.482	17.611
(d) Cash and cash equivalents	19.767	4.024	2.633
(e) Short-term loans and advances	4.356	19.002	7.584
(f) Other current assets	13.475	0.000	0.000
Total Current Assets	117.509	115.383	68.498
TOTAL	223.039	215.424	152.734

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	270.758	225.178	186.818
		Other Income	2.195	1.320	0.289
		TOTAL (A)	272.953	226.498	187.107
Less	EXPENSES
		Cost of materials consumed	173.444	157.801	123.426
		Employee benefit expense	16.926	13.304	10.649
		Other expenses	51.393	38.760	33.601
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	2.862	(6.532)	(0.045)
		Exceptional Items	1.372	0.000	0.000
		TOTAL (B)	245.997	203.333	167.631
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		26.956	23.165	19.476
Less	FINANCIAL EXPENSES (D)		3.572	1.009	0.685
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.384	22.156	18.791
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.583	3.633	3.278
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		19.801	18.523	15.513
Less	TAX (H)		6.685	6.103	5.297
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		13.116	12.420	10.216
	EARNINGS IN FOREIGN CURRENCY
	Gross Receipts from Export Sales		69.819	56.151
	Advance Received Against Orders		9.201	0.509
	TOTAL EARNINGS		79.020	56.660	31.746
	IMPORTS
		Raw Material & others	59.488	17.731	NA
	TOTAL IMPORTS		59.488	17.731	NA
	Earnings / (Loss) Per Share (Rs.)		1.86	1.76	1.84

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.81	5.48	5.46
Net Profit Margin (PBT/Sales)	(%)	7.31	8.23	8.30
Return on Total Assets (PBT/Total Assets}	(%)	12.75	11.91	14.24
Return on Investment (ROI) (PBT/Networth)		0.14	0.13	0.16
Debt Equity Ratio (Total Debt/Networth)		0.25	0.12	0.29
Current Ratio (Current Asset/Current Liability)		2.07	1.74	1.92

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	55.387	70.387	70.387
Reserves & Surplus	39.912	67.331	74.271
Share Application money pending allotment	0.000	0.000	0.000
Net worth	95.299	137.718	144.658
long-term borrowings	20.053	9.685	20.063
Short term borrowings	7.298	7.477	15.753
Total borrowings	27.351	17.162	35.816
Debt/Equity ratio	0.287	0.125	0.248

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.3.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	186.818	225.178	270.758
		20.533	20.242

NET PROFIT MARGIN

Net Profit Margin	31.3.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	186.818	225.178	270.758
Profit After Tax	10.216	12.420	13.116
	5.47%	5.52%	4.84%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	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	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	No
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	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90258363	18/06/2012 *	30,000,000.00	Punjab and Sind Bank	Azadpur, New Delhi - 110033, India	B44001626
2	90070156	16/12/1997 *	4,000,000.00	Punjab and Sind Bank	Azadpur, New Delhi - 110033, India	-

* Date of charge modification

FUTURE PLANS

The company is contemplating to participate in important exhibitions, seminars, and conferences, trade shows etc. in the current year in India as well as Abroad including Arab Lab, CPHI India etc. and will launch aggressive marketing and advertisement to tap the market.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

The company is in the Biotech Industry and it provides biological peptones, extract and dehydrated culture media as raw material to the health care and other industries. All these products are basically conducive to growth of micro organisms and their primary use is in the development and growth of micro organisms in clinical diagnosis, production of vaccines, antibiotics etc. and also for checking the bacterial contamination in foods and water samples, department of microbiological botany in medical colleges and universities and tissue culture laboratories. Biotech industry is growing at a rapid pace. The growth prospects of the company are very bright. The Company also participate in many exhibitions for business promotion.

OUTLOOK

The Biotech industry is expected to grow steadily over the next few years as the focus of the government is also on health care and well being of the people. The people are also becoming more health conscious. The people are becoming more and more aware of new health products in the market and they are taking maximum advantage from the same. They expect that the performance of the Company will improve over the next few years in terms of the sale and profitability. The growth in the Biotech industry will add further impetus to the growth of our industry. The company has developed dehydrated culture media, Media Basis and special type of peptones and hydrolysates for vaccines production and other users.

UNSECURED LOANS

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long term borrowings
Loans and Advances from Related Parties	20.063	9.160
Total	20.063	9.160

FIXED ASSETS

· Land

Buildings

Factory Building

Other Building

Plant and Equipment

Factory Equipments

Furniture and Fixtures

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.58.77
UK Pound	1	Rs.99.02
Euro	1	Rs.80.57

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	DIV
Report Prepared by :	SNT

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	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.