MIRA INFORM REPORT

Report Date :

03.09.2014

IDENTIFICATION DETAILS

Name :	ENALTEC LABS PRIVATE LIMITED
Registered Office :	1706, 17^th Floor, Kesar Solitaire, Plot No.5, Sector – 19, Sanpada, Navi Mumbai 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.02.2006
Com. Reg. No.:	11-160020
Capital Investment / Paid-up Capital :	Rs.15.477 Millions
CIN No.: [Company Identification No.]	U73100MH2006PTC160020
TAN No.: [Tax Deduction & Collection Account No.]	MUME06806C
PAN No.: [Permanent Account No.]	AABCE5821H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading in of Pharmaceuticals Products.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s sound financial risk profile supported by diversified product portfolio and decent profitability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	12.09.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	12.09.2013

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 BY

Name :	Mr. Kaushik Dedhiya
Designation :	Finance Head
Contact No.:	91-22-67507000
Date :	01.09.2014

LOCATIONS

Registered Office :	1706, 17^th Floor, Kesar Solitaire, Plot No.5, Sector – 19, Sanpada, Navi Mumbai 400705, Maharashtra, India
Tel. No.:	91-22-41707000
Fax No.:	91-22-41707070
E-Mail :	info@enalteclabs.co.in shetty_02@rediffmail.com sbi.06240@sbi.co.in anand.shah@enalteclabs.co.in
Website :	http://www.enalteclabs.co.in
Factory 1 :	Plot No. N-61, MIDC, Additional Ambernath, District Thane, Mumbai – 421506, Maharashtra, India
Factory 2 :	Gat No.204, Nashik-Mumbai Highway, Vadicarhe, Taluka Igatpuri, District Nashik – 422403, Maharashtra, India
Research Lab / R and D Centre :	W – 59 A, Additional Ambernath Industrial Area, Anand Nagar, Ambernath (East), Mumbai – 421501, Maharashtra, India

DIRECTORS

As on 11.09.2013

Name :

Mr. Anand Prafulchandra Shah

Designation :

Managing Director

Address :

Flat 1204/1205/1206, Bldg 3, Odyssey Kesar, Harmony Plot 11/12, Sector - 6, Kharghar, Mumbai, 410 210, Maharashtra, India

Date of Birth/Age :

09.03.1973

Date of Appointment :

23.12.2013

DIN No.:

00597145

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	U24230MH2004PTC146489	PHARMA SERV SOLUTIONS PRIVATE LIMITED	Director	24/05/2004	24/05/2004	03/12/2009	Active	NO
2	U24230MH2005PTC153404	GETZ PHARMA RESEARCH PRIVATE LIMITED	Managing director	01/04/2011	18/05/2005	-	Active	NO
3	U73100MH2006PTC160020	ENALTEC LABS PRIVATE LIMITED	Managing director	23/12/2013	11/05/2007	-	Active	NO
4	U24233MH2007PTC171203	Pharma Serv Ventures Private Limited	Director	29/05/2007	29/05/2007	10/05/2010	Active	NO
5	U24232MH2007PTC173479	Getz Pharma Private Limited	Director	27/08/2007	27/08/2007	-	Active	NO
6	AAB-9559	GENLINK PHARMA LLP	Designated Partner	24/12/2013	24/12/2013	-	Active	NO

Name :

Mr. Susheel Koul

Designation :

Director

Address :

1601, Bloomingdale, 16th Floor, Hiranandani Estate, GB Road, Thane, 400607, Maharashtra, India

Date of Birth/Age :

01.05.1965

Date of Appointment :

11.11.2008

DIN No.:

00925887

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	U24230MH2004PTC146489	PHARMA SERV SOLUTIONS PRIVATE LIMITED	Director	24/05/2004	24/05/2004	03/12/2009	Active	NO
2	U24230MH2005PTC153516	STANTECH PHARMACEUTICALS PRIVATE LIMITED	Director	26/05/2005	26/05/2005	07/11/2009	Active	NO
3	U24233MH2007PTC171203	Pharma Serv Ventures Private Limited	Director	07/11/2008	07/11/2008	10/05/2010	Active	NO
4	U73100MH2006PTC160020	ENALTEC LABS PRIVATE LIMITED	Director	11/11/2008	11/11/2008	-	Active	NO
5	U21098MH2012PTC230335	PRINTLINK PLATES PRIVATE LIMITED	Director	27/04/2012	27/04/2012	-	Active	NO
6	U29199TN2013PTC094218	BUDENBERG GAUGE PRIVATE LIMITED	Director	19/12/2013	19/12/2013	04/02/2014	Active	NO
7	AAB-9559	GENLINK PHARMA LLP	Designated Partner	24/12/2013	24/12/2013	-	Active	NO

Name :

Mr. Prabir Purkayastha

Designation :

Director

Address :

F - 9, Greenwood City, Sector - 46, Gurgaon-122001, Haryana, India

Date of Birth/Age :

01.11.1949

Date of Appointment :

15.03.2010

DIN No.:

01126088

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	U74899DL1990PTC040900	SAGRIK PROCESS ANALYSTS PRIVATE LIMITED	Director	30/03/1992	30/03/1992	-	Active	NO
2	U72200DL1993PTC055269	STARTACUS SOFTWARE PRIVATE LIMITED	Director	17/09/1993	17/09/1993	-	Strike off	NO
3	U93090UR2001NPL026206	ARTISANS TECHNOLOGIES	Director	05/09/2001	05/09/2001	-	Dormant	NO
4	U73100MH2006PTC160020	ENALTEC LABS PRIVATE LIMITED	Director	30/09/2010	15/03/2010	-	Active	NO
5	L74899HR1985PLC034348	KLG SYSTEL LIMITED	Director	24/09/2011	17/01/2011	14/11/2012	Active	NO
6	U22130DL2014PTC270085	PG NEWSCLICK INDIA PRIVATE LIMITED	Director	07/08/2014	07/08/2014	-	Active	NO

Name :

Mr. Charles Richard Hirschkind

Designation :

Director

Address :

California, California, 94708, United States of America

Date of Birth/Age :

07.10.1957

Date of Appointment :

29.09.2012

DIN No.:

05116062

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	U73100MH2006PTC160020	ENALTEC LABS PRIVATE LIMITED	Director	29/09/2012	09/11/2011	-	Active	NO

MAJOR SHAREHOLDERS

As on 11.09.2013

Names of Shareholders	No. of Shares	% of Holding
Scitech Limited	1083357	70.00
Anand Prafulchandra Shah	185718	12.00
Susheel Koul	185718	12.00
B.V. Siva Kumar	92857	6.00
Total	1547650	100.00

Equity Share Break up (Percentage of Total Equity)

As on 11.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	70.00
Directors or relatives of Directors	30.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading in of Pharmaceuticals Products.

Products :

Product Description	Item Code No.:
Moxifloxacin Gydroc Gloride Mono Gydrate Ep	2934 9900
Montelukast Sodium	2993 4990
Rosuvastain Calcium	2942 0090

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· State Bank of Mauritius Limited, 101, Raheja Centre, Free Journal Road, Nariman Point, Mumbai-400021, Maharashtra, India

· Central Bank of India, 1^st Floor, Bajaj Bhavan, Nariman Point, Mumbai-400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loan from Bank
ICICI Bank	15.900	31.800
Stale Bank of Mauritius	4.897	0.000
Vehicle loan from bank	0.000	0.697
Vehicle loan from other	0.205	0.334
Short Term Borrowings
Loans repayable on demand
From Banks	176.847	118.806
Total	197.849	151.637

Notes:

Long Term Borrowings

· ICICI Bank

(Secured By charge on movable fixed assets of the Company (excluding assets financed by State Bank of Mauritius) and ari passu charge on immovable fixed assets of the company located at Plot No. N-61, Addl. MIDC, Ambernath, Thane, Maharashtra) The term loan IS guaranteed by (i) Mr. Anand Shah (ii) Mr. Susheel Koul, (iii) Dr. B.V. Sivakumar

Terms of Repayment: 51 equal monthly installment commencing from January 2011. Last installment due on March 2015

· Stale Bank of Mauritius

(Secured By exclusive charge on movable fixed assets financed by the loan and pan passu charge on immovable fixed assets of the company located at Plot No. N-61, Addl. MIDC, Ambernath, Thane, Maharashtra)

(The term loan IS guaranteed by (I) Mr. Anand Shah (11) Mr. Susheel Koul (iii) Dr. B.V. Sivakumar)

· Vehicle loan from bank

(Secured By hypothecation of vehicle financed by respective lenders.) Terms of Repayment : Repayable as per respective EM1 schedules

· Vehicle loan from others

(Secured By hypothecation of vehicles financed by respective lenders.)

Short Term Borrowings

(Secured by way of

(i) hypothecation of current assets of the Company on a pari passu basis

(ii) Second charge on movable fixed assets of the Company on pari passu basis

(iii) Mortgage on immovable fixed asset of the Company located at Plot No. N-61, Addl. MIDC, Ambemath, Thane, Maharashtra on pari passu basis.)

(The borrowings are guaranteed by

(i) Mr Anand Shah

(ii) Mr. Susheel Koul

(iii) Dr. B.V. Slvakumar

Banking Relations :	--
Auditors :
Name :	Shankarial Jain and Associates Chartered Accountant
Address :	12, Enginner Building, 265, Princess Street, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22036623 / 22065739
Fax No.:	91-22-22086269
E-Mail :	info@sljainindia.com
PAN No.:	AACFS6967Q
Holding Company :	· Scitech Limited
Enterprises where key management personnel are able to exercise significant influence :	· Getz Pharma Research Private Limited · Getz Pharma Private Limited

CAPITAL STRUCTURE

As on 11.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1550000	Equity Shares	Rs.10/- each	Rs.15.500 Millions
283500	Preference Shares	Rs.10/- each	Rs.2.835 Millions
	Total		Rs.18.335 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1547650	Equity Shares	Rs.10/- each	Rs.15.477 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	15.477	14.575	13.059
(b) Reserves & Surplus	280.968	210.899	152.900
(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)	296.445	225.474	165.959
(3) Non-Current Liabilities
(a) long-term borrowings	73.741	58.753	50.179
(b) Deferred tax liabilities (Net)	0.000	6.186	11.395
(c) Other long term liabilities	42.558	58.714	25.338
(d) long-term provisions	4.203	2.493	2.353
Total Non-current Liabilities (3)	120.502	126.146	89.265
(4) Current Liabilities
(a) Short term borrowings	176.847	119.888	119.375
(b) Trade payables	186.920	168.578	196.706
(c) Other current liabilities	41.209	29.885	56.599
(d) Short-term provisions	11.050	8.733	3.506
Total Current Liabilities (4)	416.026	327.084	376.186
TOTAL	832.973	678.704	631.410
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	217.943	218.893	229.955
(ii) Intangible Assets	90.137	69.152	47.618
(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	6.824	6.024	3.086
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	314.904	294.069	280.659
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	225.234	133.727	128.873
(c) Trade receivables	209.994	191.444	159.849
(d) Cash and cash equivalents	11.678	14.951	9.720
(e) Short-term loans and advances	69.681	43.057	50.554
(f) Other current assets	1.482	1.456	1.755
Total Current Assets	518.069	384.635	350.751
TOTAL	832.973	678.704	631.410

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		844.677	676.067	615.944
		Other Income		NA	3.936	5.73
		TOTAL (A)		NA	680.003	621.674
Less	EXPENSES
		Cost of Materials Consumed			259.583	327.122
		Purchase of Stock-in-trade			118.226	96.922
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade			0.052	-35.961
		Employee Benefits Expenses			45.584	41.367
		Other Expenses			163.553	128.279
		TOTAL (B)		NA	586.998	557.729
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			NA	93.005	63.945
Less	FINANCIAL EXPENSES (D)			NA	32.436	32.449
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			NA	60.569	31.496
Less	DEPRECIATION/ AMORTISATION (F)			NA	20.217	14.449
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			66.928	40.352	17.047
Less	TAX (H)			8.219	3.587	9.937
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			58.709	36.765	7.110
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			61.363	24.598	17.488
	BALANCE CARRIED TO THE B/S			120.072	61.363	24.598
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	598.420	536.998	411.997
	TOTAL EARNINGS			598.420	536.998	411.997
	IMPORTS
			Raw Materials	289.249	117.608	136.434
	TOTAL IMPORTS			289.249	117.608	136.434
	Earnings Per Share (Rs.)
	Basic			46.98	29.46	6.95
	Diluted			46.98	27.76	6.59

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	5.41	1.14
Net Profit Margin (PBT/Sales)	(%)	7.92	5.97	2.77
Return on Total Assets (PBT/Total Assets}	(%)	8.03	5.95	2.70
Return on Investment (ROI) (PBT/Networth)		0.23	0.18	0.10
Debt Equity Ratio (Total Debt /Networth)		0.85	0.79	1.02
Current Ratio (Current Asset/Current Liability)		1.25	1.18	0.93

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	13.059	14.575	15.477
Reserves & Surplus	152.900	210.899	280.968
Net worth	165.959	225.474	296.445
long-term borrowings	50.179	58.753	73.741
Short term borrowings	119.375	119.888	176.847
Total borrowings	169.554	178.641	250.588
Debt/Equity ratio	1.022	0.792	0.845

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	615.944	676.067	844.677
		9.761	24.940

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	615.944	676.067	844.677
Profit	7.110	36.765	58.709
	1.15%	5.44%	6.95%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	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	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
From Banks (Terms of Repayment: 36 equal monthly Installment commencing from December 2010 and ending December 2013)	0.000	0.398
Other loans and advances	52.739	25.524
Short Term Borrowings
Loans repayable on demand	0.000	1.082
Total	52.739	27.004

Notes:

Terms of Repayment: 12 equal monthly installment, commencing from September 2011. Last installment due on August, 2012.

REVIEW OF OPERATIONS:

During the year, the Company has earned Rs.844.677 Millions from Operations as compared to Rs.676.067 Millions during the previous Financial Year, thereby recording a growth of 25% in Revenue from Operations.

The Profit after Tax grew by almost 60% in the year as compared to the Previous Year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10490646	20/06/2014 *	365,000,000.00	UNION BANK OF INDIA	Andheri East Branch,, Mayani Manor,Sir M.V. Road, Mumbai, Maharashtra - 400069, India	C11061132
2	10348816	22/11/2011	464,000.00	Cholamandalam Investment And Finance Company Limited	Dare House, No. 2 N S C Bose Road, Parrys, Chennai, Tamil Nadu - 600001, India	B32726085

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.61
UK Pound	1	Rs.100.49
Euro	1	Rs.79.56

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	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		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.