MIRA INFORM REPORT

Report Date :

01.10.2014

IDENTIFICATION DETAILS

Name :	INTERNATIONAL HEALTH CARE LIMITED
Registered Office :	D.No.: 40-9-60, Kohinoor Apartments, Kalanagar, Benz Circle, Vijayawada – 520010, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.11.2009
Com. Reg. No.:	01-066011
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U24100AP2009PLC066011
IEC No.:	0909022534
TAN No.: [Tax Deduction & Collection Account No.]	HYDI03000E
TIN No.:	28756362464
PAN No.: [Permanent Account No.]	AACCI1908A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Poultry, Veterinary and Aquaculture Health Care Specialties – Many Brand Names and they are
No. of Employees :	190 (Approximately) (In Office 40, In Factory 150)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 140000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to low reserves. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – 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.

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 PARTED BY

Name :	Mr. Mayank
Designation :	Chief Executive Officer
Contact No.:	91-09930781334
Date :	23.09.2014

LOCATIONS

Registered Office / Corporate Office :	D.No.: 40-9-60, Kohinoor Apartments, Kalanagar, Benz Circle, Vijayawada – 520010, Andhra Pradesh, India
Tel. No.:	91-866-2497449/2476577
Mobile No.:	91-9848185004 (Mr. Dr. Seshaiah V Pamulapati)
Fax No.:	91-866-2470127
E-Mail :	ihclimited@yahoo.com nageshandco@gmail.com
Website :	www.internationalhealthcare.in
Location :	Owned
Factory 1:	54-3-14/A, Opposite: Telephone Exchange, Autonagar, Vijayawada, Andhra Pradesh, India
Tel. No.:	91-866-2543566
Fax No.:	91-866-2470127
E-Mail :	ihclimited@yahoo.com
Location :	Owned
Factory 2:	Kohinoor Apts., Kalanagar, Benz Circle, Vijayawada - 520 010, Andhra Pradesh, India.
Tel. No. :	91-866-2497449 / 2476577
Overseas Marketing Office:	No. 6, Tharwani Complex, Sector7, Kharghar, Navi Mumbai - 410210, Maharastra, India.
Distribution Network	We have distribution network in Bangladesh, Vietnam, South Korea, Nepal, Egypt, UAE, Taiwan,Ghana, Germany, Kenya, Turkey, Nigeria, Netherlands etc.

DIRECTORS

As on 30.09.2013

Name :	Dr. Pamulapati Venkata Seshaiah
Designation :	Chairman and Managing Director
Address :	D.No.60-28-4, Sai Sadan, Gayatri Nagar, Vijaywada – 520010, Andhra Pradesh, India
Date of Birth/Age :	15.01.1965
Qualification :	M.V.Sc (Pharmacology and Toxicology)
DIN No.:	01132067

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	U85195AP1997PLC027392	PVS LABORATORIES LIMITED	Managing director	20-06-97	20-06-97	-	Active	NO
2	U24100AP2009PLC066011	INTERNATIONAL HEALTHCARE LIMITED	Managing director	01-07-13	27-11-09	-	Active	NO
3	U24232AP2012PTC083803	VIET FEEDS (INDIA) PRIVATE LIMITED	Managing director	01-07-13	23-10-12	-	Active	NO
4	U01400AP2013PTC091064	KAROLY BIOTECH PRIVATE LIMITED	Director	19-11-13	19-11-13	-	Active	NO
5	U21014AP2013PTC091069	SRI PADA PACKAGINGS PRIVATE LIMITED	Director	19-11-13	19-11-13	-	Active	NO

Name :	Smt. Vijaya Lakshmi Pamulapati
Designation :	Director
Address :	D.No.60-28-4, Sai Sadan, Gayatri Nagar, Vijaywada – 520010, Andhra Pradesh, India
Date of Birth/Age :	20.08.1965
Qualification :	Graduate
DIN No.:	01641814

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	U85195AP1997PLC027392	PVS LABORATORIES LIMITED	Director	20-06-97	20-06-97	-	Active	NO
2	U24100AP2009PLC066011	INTERNATIONAL HEALTHCARE LIMITED	Director	27-11-09	27-11-09	-	Active	NO
3	U24232AP2012PTC083803	VIET FEEDS (INDIA) PRIVATE LIMITED	Director	23-10-12	23-10-12	-	Active	NO
4	U21014AP2013PTC091069	SRI PADA PACKAGINGS PRIVATE LIMITED	Director	19-11-13	19-11-13	-	Active	NO

Name :	Mr. Konda Swamy Mandadi
Designation :	Director
Address :	D.No.14-11-10, Atchutaramaiah Street, Vijayawada – 3, Andhra Pradesh, India
Date of Birth/Age :	26.05.1958
Qualification :	Graduate
DIN No.:	02447808

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	U85195AP1997PLC027392	PVS LABORATORIES LIMITED	Director	20-06-97	20-06-97	-	Active	NO
2	U24100AP2009PLC066011	INTERNATIONAL HEALTHCARE LIMITED	Director	27-11-09	27-11-09	-	Active	NO

Name :	Smt. Anusha Pamulapati
Designation :	Director
Address :	D No. 60-28-4, Sai Sadan, Gayatri Nagar, Vijayawada – 8, Andhra Pradesh, India
Date of Birth/Age :	20.05.1992
Qualification :	Under Graduate
Date of Appointment :	23.08.2012
DIN No.:	06362602

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	U24100AP2009PLC066011	INTERNATIONAL HEALTHCARE LIMITED	Director	23-08-12	23-08-12	-	Active	NO
2	U85195AP1997PLC027392	PVS LABORATORIES LIMITED	Director	23-08-12	23-08-12	-	Active	NO

Name :	Mr. Arun Pamulapati
Designation :	Director
Date of Appointment :	01.06.2013
DIN No.:	06616419

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	U24100AP2009PLC066011	INTERNATIONAL HEALTHCARE LIMITED	Director	01-06-13	01-06-13	-	Active	NO
2	U85195AP1997PLC027392	PVS LABORATORIES LIMITED	Director	01-06-13	01-06-13	-	Active	NO
3	U01400AP2013PTC091064	KAROLY BIOTECH PRIVATE LIMITED	Director	19-11-13	19-11-13	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mayank
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
P.V.Seshaiah	200000
P.Vijaya Lakshmi	200000
Mandadi Sujatha	20000
Pulivarthi.Malathi	20000
Mandadi Venkateswarllu	20000
P.Naga Manindra Rao	20000
M.Konda Swamy	20000
TOTAL	500000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importer of Poultry, Veterinary and Aquaculture Health Care Specialties – Many Brand Names and they are
Products :	· Peezyme Fs · Feed Supplement · Multi Enzyme Feed supplement · Promix Fs · Concentrated Probiotic Feed Supplement · Micro Con · Beneficial Microbial Concentration Alternative · Antibiotics · Attract Feed Attractant and Performance Booster · Stress O Lyte · Electrolytes · Immunex Poultry · Herbal Immuniser and Stress Reliever H Power · Growth Promoter · Immuno Modulator · Blood Purifier · Anti Microbial and Digestant · Phoscare 2500 · Phytase Enzyme · Egg Inn For More and Better Eggs
Exports :
Products :	Animal Health Care Products
Countries :	· Bangladesh · Vietnam · South Korea · Nepal · Egypt · UAE · Taiwan · Ghana · Germany · Kenya · Turkey · Nigeria · Netherlands
Imports :
Products :	Raw Materials of Veterinary Pharmaceuticals
Countries :	· China
Terms :
Selling :	L/C, Credit (30 Days, 60 Days)
Purchasing :	L/C, Credit (30 Days)

GENERAL INFORMATION

Suppliers :

· Accord Pharma

· Aditya Inkjet Technologies Private Limited

· Anthem Cellutions India Limited

· Arshad Electronics

· Balajee Chemical Supplies

· Bharat Coats

· Bombay Pharma Equipment, Mumbai

· Crsytal Pharma

· D.H.L. Express India Private Limited

· Dinesh Plastic Udyog

· Dolphin International

· Geo Trans India Private Limited

· German Biotech

· Globe Pet

· International Testing Centre

Customers :

· Avis Fish World

· Gaja Lakshmi Agencies

· Navya Commercials

· Ramya Agencies

· Sai Chaitanya Enterprises

· Sri Lakshmi Agenceis

· Sri Sai Lakshmi Aqua Needs

· P.V.S Laboratories Limited

· Venkata Lalitha Aqua Needs

· Venky Sea Foods

· Vijaya Lakshmi Agencies

· Ammanna Aqua Traders

· Rama Sai Traders

No. of Employees :

190 (Approximately) (In Office 40, In Factory 150)

Bankers :

· Indian Overseas Bank, Ring Road Branch, Near Benz Circle, Vijayawada-520008, Andhra Pradesh, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
Long Term Borrowings
Term loans from banks	7.347	8.429
Short Term Borrowings
Loans Repayable on Demand from banks	7.935	13.689
TOTAL	15.282	22.119

Banking Relations :	--
Auditors :
Name :	Nagesh Ilapakurthi and Company Chartered Accountant
Address :	Flat No. 301, Venkat Meadows, RR Garden, Patamata, Vijayawada, Andhra Pradesh, India
Tel. No.:	91-99481-99500
E-Mail :	inagesh@yahoo.co.in
PAN No.:	AAEPI4307C
Related Party :	· Agrovet Animal Health Care · American Pharma International · Indo American Technologies · Inrternational Healthcare Limited · International Healthcare · Microcare Forumaltions · P.V.S Laboratories Limited · Vetlife Pharmaceuticals · International Biologicals · Nine Diamonds

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 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	5.000	5.000	5.000
(b) Reserves & Surplus	2.192	0.581	0.213
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	29.563	18.384	7.146
Total Shareholders’ Funds (1) + (2)	36.755	23.965	12.359
(3) Non-Current Liabilities
(a) long-term borrowings	7.347	8.429	23.786
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	7.347	8.429	23.786
(4) Current Liabilities
(a) Short term borrowings	7.935	13.689	0.000
(b) Trade payables	6.597	3.285	8.613
(c) Other current liabilities	0.100	0.100	0.000
(d) Short-term provisions	0.363	0.854	0.506
Total Current Liabilities (4)	14.995	17.928	9.119
TOTAL	59.097	50.322	45.264
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.505	21.436	23.042
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	19.505	21.436	23.042
(2) Current assets
(a) Current investments	0.110	1.275	0.755
(b) Inventories	26.828	16.859	8.656
(c) Trade receivables	9.330	7.264	12.154
(d) Cash and cash equivalents	0.272	0.634	0.467
(e) Short-term loans and advances	0.924	0.725	0.190
(f) Other current assets	2.128	2.129	0.000
Total Current Assets	39.592	28.886	22.222
TOTAL	59.097	50.322	45.264

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	56.598	31.330	24.528
		Other Income	0.433	0.125	0.110
		TOTAL (A)	57.031	31.455	24.638
Less	EXPENSES
		Purchases of Stock-in-Trade	38.152	21.507	18.300
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(9.969)	(8.203)	(8.656)
		Employees benefits expense	0.000	0.065	0.039
		Payment to Auditors	0.031	0.025	0.030
		Insurance Expenses	0.186	0.139	0.154
		Power and Fuel	0.478	0.134	0.110
		Exceptional Items	0.000	0.363	0.000
		Other Expenses	21.109	10.547	8.604
		TOTAL (B)	49.987	24.577	18.581
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.044	6.878	6.057
Less	FINANCIAL EXPENSES (D)		2.539	3.223	2.119
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.505	3.655	3.938
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.895	3.286	3.726
	PROFIT BEFORE TAX (E-F) (G)		1.610	0.369	0.212
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		1.610	0.369	0.212
	Earnings Per Share (Rs.)		3.22	0.73	0.42

Particulars	31.03.2014
Sales Turnover (Approximately)	60.000

The above information has been parted by Mr. Mayant (C.E.O).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.82	1.17	0.86
Net Profit Margin (PBT/Sales)	(%)	2.84	1.18	0.86
Return on Total Assets (PBT/Total Assets}	(%)	2.72	0.73	0.47
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.02
Debt Equity Ratio (Total Debt /Networth)		0.42	0.92	1.92
Current Ratio (Current Asset/Current Liability)		2.64	1.61	2.44

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	5.000	5.000	5.000
Reserves & Surplus	0.213	0.581	2.192
Share Application money pending allotment	7.146	18.384	29.563
Net worth	12.359	23.965	36.755
long-term borrowings	23.786	8.429	7.347
Short term borrowings	0.000	13.689	7.935
Total borrowings	23.786	22.118	15.282
Debt/Equity ratio	1.925	0.923	0.416

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	24.528	31.330	56.598
		27.732	80.651

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	24.528	31.330	56.598
Profit	0.212	0.369	1.610
	0.86%	1.18%	2.84%

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	Yes
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	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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10431841	15/05/2013	9,500,000.00	INDIAN OVERSEAS BANK	RING ROAD BRANCH, BENZ CIRCLE, VIJAYAWADA, ANDHRA PRADESH - 520010, INDIA	B77418614
2	10433015	15/05/2013	15,000,000.00	INDIAN OVERSEAS BANK	RING ROAD BRANCH, BENZ CIRCLE, VIJAYAWADA, ANDHRA PRADESH - 520010, INDIA	B77949444
3	10424640	26/04/2013	43,516,000.00	INDIAN OVERSEAS BANK	RING ROAD BRANCH, BENZ CIRCLE, VIJAYAWADA, ANDHRA PRADESH - 520010, INDIA	B74734666
4	10218249	12/10/2010 *	46,058,000.00	INDIAN OVERSEAS BANK	RING ROAD, BENZ CIRCLE, VIJAYAWADA, ANDHRA PRADESH - 520008, INDIA	B00437178

* Date of charge modification

FIXED ASSETS

· Factory Buildings

· Lab Equipment

· Plant & Machinery

· Furniture & Fittings

· Electrical Installations

· Computers

· Office Equipment’s

· Safety Equipment’s

· 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. 61.61
UK Pound	1	Rs. 100.27
Euro	1	Rs. 78.20

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.