MIRA INFORM REPORT

Report Date :

26.11.2014

IDENTIFICATION DETAILS

Name :	AXIS CLINICALS LIMITED (w.e.f. 19.08.2009)
Formerly Known As :	AXIS CLINICALS PRIVATE LIMITED (w.e.f. 24.07.2009) PENAKA LIFE SCIENCES PRIVATE LIMITED
Registered Office :	1-121/1, Survey No. 66 (Part) and 67 (Part), Miyapur, Serilingampally, Hyderabad – 500050, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.02.2007
Com. Reg. No.:	01-052813
Capital Investment / Paid-up Capital :	Rs. 200.000 Millions
CIN No.: [Company Identification No.]	U67120TG2007PLC052813
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAHCA9013B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in clinical research organization
No. of Employees :	Information declined by the 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 2700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. There seems some continuous dip in the turnover and profit of the company however, net worth of the company is good. General financial position of the company is sound. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Not Available

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 31-03-2014.

INFORMATION DENIED

Management Non Cooperative (91-40-40408080)

LOCATIONS

Registered Office :	1-121/1, Survey No. 66 (Part) and 67 (Part), Miyapur, Serilingampally, Hyderabad – 500050, Telangana
Tel. No.:	90-40-40408080
Fax No.:	91-40-40408060
E-Mail :	seshaiah.gelli@axisclinicals.com
Website :	http://www.axisclinicals.com

DIRECTORS

AS ON 26.09.2013

Name :

Mr. Penaka Sarath Chandra Reddy

Designation :

Whole-time Director

Address :

Plot No. 46/8-3-169, Siddartha Nagar, Behind Vengalrao Nagar, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

22.02.1985

Date of Appointment :

10.09.2011

DIN No. :

01628013

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	U24239TG2004PLC044102	TRIDENT LIFE SCIENCES LIMITED	Director	18/09/2009	16/03/2006	-	Amalgamated	NO
2	U67120TG2006PTC050599	PVR HOLDINGS PRIVATE LIMITED	Director	11/07/2006	11/07/2006	-	Active	NO
3	U67120TG2007PLC052813	AXIS CLINICALS LIMITED	Whole-time director	10/09/2011	17/02/2007	-	Active	NO
4	U24232TG2007PLC052901	TRIDENT CHEMPHAR LIMITED	Director	21/02/2007	21/02/2007	-	Active	NO
5	L24239TG1986PLC015190	AUROBINDO PHARMA LTD	Director	27/09/2007	27/09/2007	-	Active	NO
6	U74999DL2009PTC191842	AURONEXT PHARMA PRIVATE LIMITED	Director	30/07/2010	20/08/2009	-	Active	NO
7	U24116TG2006PLC051171	APL RESEARCH CENTRE LIMITED	Director	31/07/2010	25/11/2009	-	Active	NO
8	U24239TG2006PLC052053	APL HEALTHCARE LIMITED	Director	31/07/2010	25/11/2009	-	Active	NO
9	U70102TG2010PTC070535	ROSA AVENUES INDIA PRIVATE LIMITED	Director	23/09/2010	23/09/2010	-	Strike off	NO
10	U24232TG2011PTC076791	SACHA CHEMPHAR PRIVATE LIMITED	Director	30/09/2011	30/09/2011	30/11/2012	Active	NO
11	U24232TG2012PLC078350	Auro Peptides Limited	Director	02/01/2012	02/01/2012	-	Active	NO
12	U24232TG2012PLC081892	AUROBINDO ANTIBIOTICS LIMITED	Director	10/07/2012	10/07/2012	-	Active	NO
13	U73100TG2012PLC082225	AXIS CLINICALS INDIA LIMITED	Director	30/07/2012	30/07/2012	-	Active	NO
14	U24232TG2013PLC087101	Curepro Parenterals Limited	Director	25/08/2014	19/04/2013	-	Active	NO
15	U24232TG2013PLC091383	AuroZymes Limited	Director	28/11/2013	28/11/2013	-	Active	NO
16	U24232TG2014PLC092422	AURYN LABS LIMITED	Director	20/01/2014	20/01/2014	-	Active	NO

Name :

Mr. Kantabathuni Mallikarjuna Reddy

Designation :

Whole-time Director

Address :

Plot No. 662, Opposite Site Sai Apts, Vivekananda nagar Colony, Kukatpalli, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

20.06.1961

Date of Appointment :

17.09.2013

DIN No. :

02070488

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	U24239TG2004PLC044102	TRIDENT LIFE SCIENCES LIMITED	Whole-time director	08/09/2004	08/09/2004	18/09/2009	Amalgamated	NO
2	U67120TG2007PLC052813	AXIS CLINICALS LIMITED	Whole-time director	17/09/2013	06/07/2009	-	Active	NO

Name :

Mr. Jayachandra Reddy Atluri

Designation :

Whole-time Director

Address :

15-29-1000, H-210, l and ll Phase, K.P.H.B, Kukatpally, Ranga Reddy, Hyderabad – 5000072, Andhra Pradesh, India

Date of Birth/Age :

22.02.1971

Date of Appointment :

17.09.2013

DIN No. :

02070592

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	U24239TG2004PLC044102	TRIDENT LIFE SCIENCES LIMITED	Whole-time director	08/09/2004	08/09/2004	18/09/2009	Amalgamated	NO
2	U67120TG2007PLC052813	AXIS CLINICALS LIMITED	Whole-time director	17/09/2013	06/07/2009	-	Active	NO
3	U73100TG2012PLC082225	AXIS CLINICALS INDIA LIMITED	Director	30/07/2012	30/07/2012	-	Active	NO

Name :

Mr. Panibhushan Reddy Bonga

Designation :

Whole-time Director

Address :

17-55, Vangimillavaripalle, Cheruvukindapalle, Samberpalli, Rayachoty, Cuddapah – 516215, Andhra Pradesh, India

Date of Birth/Age :

13.08.1976

Date of Appointment :

17.09.2013

DIN No. :

02070661

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	U24239TG2004PLC044102	TRIDENT LIFE SCIENCES LIMITED	Whole-time director	16/05/2005	16/05/2005	18/09/2009	Amalgamated	NO
2	U67120TG2007PLC052813	AXIS CLINICALS LIMITED	Whole-time director	17/09/2013	06/07/2009	-	Active	NO
3	U73100TG2012PLC082225	AXIS CLINICALS INDIA LIMITED	Director	30/07/2012	30/07/2012	-	Active	NO

Name :

Mr. Penaka Suneela Rani

Designation :

Director

Address :

H. No. 8-3-169 / 46, Siddartha Nagar, Vengalrao Nagar, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

28.05.1958

Date of Appointment :

17.02.2007

DIN No. :

02530572

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	U01119TG1994PTC018322	RANIT AGRO PRIVATE LIMITED	Director	16/09/1994	16/09/1994	-	Strike off	NO
2	U67120TG2007PLC052813	AXIS CLINICALS LIMITED	Director	17/02/2007	17/02/2007	-	Active	NO
3	U67120TG2006PTC050599	PVR HOLDINGS PRIVATE LIMITED	Director	02/01/2012	02/01/2012	-	Active	NO
4	U24232TG2012PTC079317	CREST CELLULOSE PRIVATE LIMITED	Director	22/02/2012	22/02/2012	10/07/2013	Active	NO
5	U24232TG2011PTC076791	SACHA CHEMPHAR PRIVATE LIMITED	Director	26/09/2013	01/10/2012	-	Active	NO
6	U40300TG2012PTC084829	MAHIRA POWER SYSTEMS PRIVATE LIMITED	Director	14/12/2012	14/12/2012	-	Active	NO
7	U45209TG2013PLC085417	Mahira Infra & Realty Limited	Director	18/01/2013	18/01/2013	-	Strike off	NO
8	U24232TG2014PLC092422	AURYN LABS LIMITED	Director	20/01/2014	20/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Haripriya
Designation :	Secretary
Address :	Flat No. 202, Sujana Srinivasam, Madhapur Hyderabad – 500080, Andhrapradesh, India
Date of Birth/Age :	13.07.1984
Date of Appointment :	03.09.2012
PAN No.:	AYMPP5225G

MAJOR SHAREHOLDERS

As on 26.09.2013

Names of Shareholders	No. of Shares
Penaka Sarath Chandra Reddy	15937300
K. Rajeswari	2437500
Kantabathuni Mallikarjuna Reddy	812500
Atluri Jaya Chandra Reddy	100
Bonga Pani Bhushan Reddy	100
Penaka Rohit Reddy	355470
Penaka Suneela Rani	457030
Total	20000000

As on 26.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	87.81
Other top fifty shareholders	12.19
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in clinical research organization
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Corporate Banking Branch, 6-3-879/B, G Pulla Reddy Building, Begumpet, Hyderabad – 500016, Andhra Pradesh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans from Banks	20.000	181.032
Other loans and advances	5.299	0.892
SHORT TERM BORROWINGS
Working Capital	48.027	46.256
Total	73.326	228.180

Auditors :
Name :	K Nagaraju and Associates Chartered Accountants
Address :	1 - 8 - 1 9 7 , Chikadpally
PAN No.:	AANFK1375R
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Aurobindo Pharma Limited · Veritaz Healthcare Limited
Collaborators :	Not Divulged

CAPITAL STRUCTURE

As on 26.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 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	200.000	200.000	200.000
(b) Reserves & Surplus	765.714	667.215	490.518
(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)	965.714	867.215	690.518
(3) Non-Current Liabilities
(a) long-term borrowings	25.299	181.924	268.879
(b) Deferred tax liabilities (Net)	57.196	57.049	52.612
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	6.085	8.045	2.576
Total Non-current Liabilities (3)	88.580	247.018	324.067
(4) Current Liabilities
(a) Short term borrowings	48.027	46.256	52.357
(b) Trade payables	19.293	16.849	46.820
(c) Other current liabilities	255.873	170.627	133.605
(d) Short-term provisions	28.989	0.833	44.820
Total Current Liabilities (4)	352.182	234.565	277.602
TOTAL	1406.476	1348.798	1292.187
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	486.333	502.834	526.932
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	100.738	103.437	69.472
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	149.646	149.102	141.442
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	88.421	140.875	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	825.138	896.248	737.846
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.185	16.151	51.146
(c) Trade receivables	106.013	91.474	116.544
(d) Cash and cash equivalents	161.845	86.406	108.502
(e) Short-term loans and advances	210.467	202.887	240.814
(f) Other current assets	77.828	55.632	37.335
Total Current Assets	581.338	452.550	554.341
TOTAL	1406.476	1348.798	1292.187

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	479.782	481.953	801.862
	Other Income	42.069	68.847	35.970
	TOTAL (A)	521.851	550.800	837.832
Less	EXPENSES
	Cost of Materials Consumed	42.691	53.534	72.356
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.210)	28.752	(21.308)
	Employees benefits expense	117.399	150.144	144.408
	Other expenses	137.972	121.727	244.363
	TOTAL (B)	287.852	354.157	439.819
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	233.999	196.643	398.013
Less	FINANCIAL EXPENSES (D)	27.679	29.547	20.080
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	206.320	167.096	377.933
Less/ Add	DEPRECIATION/ AMORTISATION (F)	32.108	31.834	30.385
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	174.212	135.262	347.548
Less	TAX (H)	52.314	-41.434	122.803
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	121.898	176.696	224.745
	EARNINGS IN FOREIGN CURRENCY	82.052	260.857	261.326
	IMPORTS
	Equipments and consumables	0.025	1.879	11.041
	TOTAL IMPORTS	0.025	1.879	11.041
	Earnings / (Loss) Per Share (Rs.)	6.09	8.83	11.24

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales	(%)	25.41	36.66	28.03
Operating Profit Margin (PBDIT/Sales)	(%)	48.77	40.80	49.64
Return on Total Assets (PBT/Total Assets}	(%)	15.07	12.34	32.14
Return on Investment (ROI) (PBT/Networth)		0.18	0.16	0.50
Debt Equity Ratio (Total Debt /Networth)		0.08	0.26	0.47
Current Ratio (Current Asset/Current Liability)		1.65	1.93	2.00

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	200.000	200.000	200.000
Reserves & Surplus	490.518	667.215	765.714
Net worth	690.518	867.215	965.714
long-term borrowings	268.879	181.924	25.299
Short term borrowings	52.357	46.256	48.027
Total borrowings	321.236	228.180	73.326
Debt/Equity ratio	0.465	0.263	0.076

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	801.862	481.953	479.782
		(39.896)	(0.450)

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	801.862	481.953	479.782
Profit	224.745	176.696	121.898
	28.03%	36.66%	25.41%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The Registered office of the company has been shifted Plot No. 2, Maithrivihar, Ameerpet, Hyderabad – 500038, Andhra Pradesh, India to the present address w.e.f. 20.08.2009

REVIEW OF OPERATIONS & FUTURE PLANS

The company has recorded good revenues, operating income, EBITA, PAT etc. during the period. As a result of optimization of operational costs and margin improvement plans, The Company has achieved an incremental Profit Before tax of INR 38.949 Millions, maintaining the same revenue levels compared to previous year.

In continuation to the Global expansion plan, the company has floated one more subsidiary in USA with an initial equity of USD 30000. Subsidiary at Mexico has started generating revenues at satisfactory level and expecting to improve the same in the next year. Other subsidiaries are yet to generate revenues. Keeping the growing business globally in view, the company has recruited Dr. Yati Chugh as Chief Executive Officer, who has versatile experience in the CRO industry and having proven track record of 22 years of rich experience in conducting Pre-clinical and Clinical Research.

During the year the company has made exports of Rs.76.195 Millions i.e., 15.88% of Total Revenue. As a strategic improvement plans, the company is targeting new foreign markets to improve export revenues in coming years.

The company has recorded revenue of Rs. 479.782 Millions from the services extended for the year. It is significant to note that the service income is mainly from the Pilot/Pivotal studies conducted during the year. The company has recorded a net profit of Rs.121.899 Millions from and out of its studies during the year. Thus recording 25.41% Profit after Tax on turn over which is a matter of good performance, to be noted for.

BUSINESS PLAN OUTLOOK

The Company has projected a service income / revenues of Rs.800.000 Millions for the ensuing year 2013-2014 and also expecting good revenues from Mexico, Thailand and Indian subsidiaries, which have started operations during the years 2011-12 and 2012-13 respectively.

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10490185	14/03/2014	92,000,000.00	ADITYA BIRLA FINANCE LIMITED	Indian Rayon Compound, Veraval, Gujarat - 362266,  INDIA	C03799715
2	10462168	12/03/2014 *	299,300,000.00	ADITYA BIRLA FINANCE LIMITED	Indian Rayon Compound, Veraval, Gujarat - 362266,  INDIA	C03793502
3	10327556	26/12/2011 *	245,125,000.00	AXIS BANK LIMITED	CREDIT MANAGEMENT CENTRE, 5-2-183/184, III FLOOR,  RP ROAD, SECUNDERABAD, Andhra Pradesh - 500003, INDIA	B29961521
4	10201786	11/06/2014 *	150,000,000.00	Axis Bank Limited	CORPORATE BANKING BRANCH, 6-3-879/B, G. PULLA RE  DDY BUILDING, BEGUMPE, Hyderabad, Andhra Pradesh -  500003, INDIA	C10158210

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

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. 61.91
UK Pound	1	Rs. 97.12
Euro	1	Rs. 76.92

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	TRU

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	NO
--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	--

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.