MIRA INFORM REPORT

Report Date :

12.09.2014

IDENTIFICATION DETAILS

Name :	HONEST BIO VET PRIVATE LIMITED
Registered Office :	Plot No. 1504, Phase III, GIDC Vatva, Ahmedabad – 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.06.2001
Com. Reg. No.:	04-039619
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U24231GJ2001PTC039619
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and exporter of pharmaceuticals, fine chemicals etc.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 48000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was erstwhile setup as a partnership concern in the year 1987, later in the year 2001, it got converted into private limited company. It is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as 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.

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 (GENERAL DETAILS)

Name :	Mr. Ahesan Gulamabbas Sheliya
Designation :	Director
Contact No.:	91-9662009429
Date :	10.09.2014

LOCATIONS

Registered Office / Factory :	Plot No. 1504, Phase III, GIDC Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79-25830699
Mobile No.:	91-9662009429 (Mr. Ahesan Sheliya)
Fax No.:	Not Available
E-Mail :	info@honestbiovet.com vishal.itx@gmail.com
Website :	www.honestbiovest.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Gulammohmed Vajirbhai Sheliya

Designation :

Director

Address :

56, Zafri Tower Kocharab, Ellis Bridge, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

01.06.1953

Date of Appointment :

01.06.2011

DIN No.:

00493273

Name :

Mr. Najarmahmed Gulammahmed Sheliya

Designation :

Director

Address :

56, Zafri Tower, B/H Tagore Hall, Kocharab, Ellis Bridge, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

05.07.1983

Date of Appointment :

01.04.2005

DIN No.:

00493726

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	U24231GJ2001PTC039619	HONEST BIO VET PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
2	U55200GJ2012PTC069260	SHELIYA HOSPITALITY PRIVATE LIMITED	Director	06/04/2013	06/04/2013	-	Active	NO

Name :

Mr. Gulamabbas Vajirbhai Sheliya

Designation :

Director

Address :

81, Zafri Tower, B/H Tagore Hall, Kocharab, Ellis Bridge, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

01.06.1959

Date of Appointment :

01.06.2001

DIN No.:

00493764

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	U24231GJ2001PTC039619	HONEST BIO VET PRIVATE LIMITED	Director	01/06/2001	01/06/2001	-	Active	NO
2	U55101GJ1993PTC020012	PINNACLE HOTELS PRIVATE LIMITED	Director	15/05/2002	15/05/2002	-	Active	NO
3	U55101GJ2009PTC055911	PEARL HOSTELRY PRIVATE LIMITED	Additional director	06/02/2009	06/02/2009	-	Active	NO
4	U45201GJ2009PTC056239	PEARL BUILDSPACE PRIVATE LIMITED	Additional director	27/02/2009	27/02/2009	-	Active	NO
5	U55200GJ2012PTC069260	SHELIYA HOSPITALITY PRIVATE LIMITED	Director	06/04/2013	06/04/2013	-	Active	NO

Name :

Mr. Ahesan Gulamabbas Sheliya

Designation :

Director

Address :

81, Zafri Tower, B/H Tagore Hall, Kocharab, Ellis Bridge, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

20.06.1986

Date of Appointment :

01.04.2005

DIN No.:

01002570

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	U24231GJ2001PTC039619	HONEST BIO VET PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
2	U55200GJ2012PTC069260	SHELIYA HOSPITALITY PRIVATE LIMITED	Director	06/04/2013	06/04/2013	-	Active	NO

Name :

Mr. Moshinali Gulamabbas Sheliya

Designation :

Director

Address :

81, Zafri Tower, B/H Tagore Hall, Kocharab, Ellis Bridge, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

15.09.1990

Date of Appointment :

04.05.2010

DIN No.:

03040908

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Gulamabbas Vajirbhai Sheliya	10750
Gulammohmed Vajirbhai Sheliya	9500
Najarmahmed Gulammohmed Sheliya	6750
Ahesan Gulamabbas Sheliya	6750
Vajirbhai Sheliya	1000
Fatemaben G Sheliya	5000
Aminaben Sheliya	5000
Irfana Sheliya	5000
Shabbir Sheliya	125
Mumtazali Sheliya	125
Total	50000

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 and exporter of pharmaceuticals, fine chemicals etc.
Exports :
Products :	· Pharmaceuticals · Fine Chemicals
Countries :	· USA · Japan · Russia · Europe
Imports :
Countries :	· China · Japan
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

Suppliers :

· Adani Gas Limited

· Asian Hardware

· Axis Corporation

· Bright Sun Pharma Machinery

· Canon Refrigeration

· Chemical Testing Centre

· Dhruvi Marketing

· Fast Track Courier

· Happy Electronics

· Hatel Pinnacle

Customers :

· Ashmita Industries

· Coloudex Industries Limited

· Godrej Agrovet

· Jalaral Traders

· Jai Radhe Sales

· Solar Products

· Sun Industries

· Alkai Metal Limited

· Cadila Pharmaceuticals Limited

· Dksh India Private Limited

No. of Employees :

15 (Approximately)

Bankers :

· Bombay Mercantile Co-Operative Bank Limited, Chhota Chand Suraj Estate, Khanpur, Ahmedabad - 380001, Gujarat, India

· Bombay Mercantile Cooperative Bank Limited, Khanpur Branch, Ahmedabad - 380001, Gujarat, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans taken for vehicles	0.770	0.375
Short-term borrowings
Loans repayable on demands – from banks Bank overdraft	4.886	2.106
Total	5.656	2.481
NOTE: Loans has been guaranteed by director or others Personal guarantee by Gulamabbas Vajirbhai Sheliya has been provided form rupee term loan banks unsecured of Rs. 0.472 Million (0.976 Million) Personal guarantee of Gulamabbas Vajirbhai Sheliya has be provided for working capital loans bank unsecured of Rs.3.937 Million (9.060 Millions) Term of repayment of loan BMC term loan was taken during 2009-2010 year and carriers interest @ 15% to p.a. The loan is repayable in 60 installment of Rs.0.042 Million each without interest from the date of loan. The loan is secured by hypothecation of machinery and stock of the company. HDFC Business loan was taken during 2010-2011 year and carries interest @12% to pa. The loan is repayable in 36 installment of Rs. 0.053 Million each along with interest from the date of loan TATA Capital limited was taken during 2009-2010 year and carries interest @ 12% to p.a. The loan is repayable in 36 installment of Rs. 0.032 million each along with interest, from the date of loan. HDFC – New Loan Honda City was taken during 2012-13year and carries interest @ 12% p.a. The loan is repayable in 36 installment of Rs. 0.030 Million each along with interest from the date of loan. HDFC Loan – MICRA Car was taken during 2011-2012 year and carries interest @ 12% to pa. The loan is repayable in 36 installment of Rs. 0.020 Million each along with interest, from the date of loan.

Banking Relations :
Auditors :
Name :	Vishal D Langalia Chartered Accountants
Address :	Ahmedabad 566, Aarti, Dev Sheri, Lakha Patel Ni Pol, Ahmedabad – 380001, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABYPL7609R

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.20/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.20/- each	Rs. 1.000 Million

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	1.000	1.000	1.000
(b) Reserves & Surplus	11.062	8.905	7.311
(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)	12.062	9.905	8.311
(3) Non-Current Liabilities
(a) long-term borrowings	0.770	1.733	3.152
(b) Deferred tax liabilities (Net)	0.059	0.024	0.134
(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)	0.829	1.757	3.286
(4) Current Liabilities
(a) Short term borrowings	19.017	15.577	16.427
(b) Trade payables	9.728	12.076	8.559
(c) Other current liabilities	12.582	13.687	11.614
(d) Short-term provisions	2.206	3.251	1.809
Total Current Liabilities (4)	43.533	44.591	38.409
TOTAL	56.424	56.253	50.006
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.757	9.003	12.907
(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	0.151	0.151	0.151
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.440	1.214	1.174
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12.348	10.368	14.232
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.287	7.722	12.145
(c) Trade receivables	28.553	29.259	20.424
(d) Cash and cash equivalents	1.387	3.518	0.269
(e) Short-term loans and advances	5.849	5.386	2.936
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	44.076	45.885	35.774
TOTAL	56.424	56.253	50.006

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	80.541	87.304	64.860
	Other Income
	TOTAL (A)	80.541	87.304	64.860
Less	EXPENSES (B)	72.457	78.744	58.313
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	8.084	8.560	6.547
Less	FINANCIAL EXPENSES (D)	3.232	3.153	2.651
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	4.852	5.407	3.896
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.661	1.957	1.948
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3.191	3.450	1.948
Less	TAX (I)	1.034	1.856	0.595
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	2.157	1.594	1.353
	Earnings / (Loss) Per Share (Rs.)	43.14	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.68	1.83	2.09
Return on Total Assets (PBT/Total Assets}	(%)	5.67	6.15	3.91
Return on Investment (ROI) (PBT/Networth)		0.26	0.35	0.23
Debt Equity Ratio (Total Debt /Networth)		1.64	1.75	2.36
Current Ratio (Current Asset/Current Liability)		1.01	1.03	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	1.000	1.000	1.000
Reserves & Surplus	7.311	8.905	11.062
Net worth	8.311	9.905	12.062
long-term borrowings	3.152	1.733	0.770
Short term borrowings	16.427	15.577	19.017
Total borrowings	19.579	17.310	19.787
Debt/Equity ratio	2.356	1.748	1.640

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)
Total Income	64.860	87.304	80.541
		34.604	-7.746

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	64.860	87.304	80.541
Profit	1.353	1.594	2.157
	2.09%	1.83%	2.68%

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	No
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

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Term loan – from bank	0.000	0.421
Working capital loans banks	0.000	0.937
Short-term borrowings
Loans and advance from related parties	11.042	8.351
Deposits Deposits related parties	3.083	5.114
Other debt	0.006	0.006
Total	14.131	14.829

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10141681	23/10/2012 *	2,500,000.00	BOMBAY MERCANTILE COOPERATIVE BANK LIMITED	KHANPUR BRANCH,, AHMEDABAD, GUJARAT - 380001, INDIA	B61548624
2	10150248	27/12/2008	2,500,000.00	BOMBAY MERCANTILE COOPERATIVE BANK LIMITED	KHANPUR BRANCH, AHMEDABAD, GUJARAT - 380001, INDIA	A54766910
3	10060194	27/12/2008 *	3,000,000.00	BOMBAY MERCANTILE COOPERATIVE BANK LIMITED	KHANPUR BRANCH, AHMEDABAD, GUJARAT - 380001, INDIA	A54767215
4	10060198	08/11/2012 *	31,500,000.00	BOMBAY MERCANTILE CO-OPERATIVE BANK LIMITED	KHANPURA BRANCH, AHMEDABAD, GUJARAT - 380001, INDI A	B63110043
5	10060196	31/01/2009 *	12,500,000.00	BOMBAY MERCANTILE COOPERATIVE BANK LIMITED	KHANPUR BRANCH, AHMEDABAD, GUJARAT - 380001, INDIA	A55828610
6	90110601	23/10/2012 *	5,500,000.00	BOMBAY MERCANTILE COOPERATIVE BANK LIMITED	KHANPUR BRANCH, AHMEDABAD, GUJARAT - 380001, INDIA	B61548988
7	80051691	23/10/2012 *	5,500,000.00	BOMBAY MERCANTILE COOPERATIVE BANK LIMITED	KHANPUR BRANCH, AHMEDABAD, GUJARAT - 380001, INDIA	B61549259
8	90111572	30/01/2014 *	44,000,000.00	BOMBAY MERCANTILE CO-OPERATIVE BANK LIMITED	CHHOTA CHAND SURAJ ESTATE,, KHANPUR,, AHMEDABAD, GUJARAT - 380001, INDIA	B96823794
9	90110321	01/06/2001	1,400,000.00	MUMBAI MERCANTILE CO-OPERATIVE BANK LIMITED	KHANPUR BRANCH, AHMEDABAD, GUJARAT, INDIA	-
10	90111429	26/10/1998	250,000.00	MUMBAI MERCANTILE CO-OPERATIVE BANK LIMITED	KHANPUR BRANCH, AHMEDABAD, GUJARAT, INDIA	-

* Date of charge modification

FIXED ASSETS

· Tangible Assets

· Air Condition

· Motor Car

· Office Equipment

· Furniture and Fitting

· Land

· Plant and Machinery

· Computer

· Electric Fitting

· Lab Instrument

· Pollution Treatment

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.60.92
UK Pound	1	Rs.98.66
Euro	1	Rs.78.64

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION		--
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		43

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.