MIRA INFORM REPORT

Report No. :	312203
Report Date :	25.04.2015

IDENTIFICATION DETAILS

Name :	ASIAN INSTITUTE OF ONCOLOGY PRIVATE LIMITED
Registered Office :	Ground Floor, K. J. Somaiya Hospital Campus, Off Eastern Express Highway, Sion (East), Mumbai – 400 022, Maharashtra
Tel. No.:	91-22-24066800
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.01.2003
Com. Reg. No.:	11-138491
Capital Investment / Paid-up Capital :	Rs.70.700 million
CIN No.: [Company Identification No.]	U85110MH2003PTC138491
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMA22555B
PAN No.: [Permanent Account No.]	AAECA1363P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing treatment and medical relief to Cancer patients through diagnostic and treatment technologies including radiation therapy, surgery, laser surgery and gene therapy.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are reported to be slow. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 DECLINED BY

Name :	Ms. Shreya
Designation :	Finance Manager
Contact No.:	91-22-24066800
Date :	24.04.2015

LOCATIONS

Registered Office :	Ground Floor, K. J. Somaiya Hospital Campus, Off Eastern Express Highway, Sion (East), Mumbai – 400 022, Maharashtra, India
Tel. No. :	91-22-24066800
Fax No. :	91-22-24066856
E-Mail :	info@asianoncology.com girijagholkar12@gmail.com dmparikh@gmail.com p.kamble@asianoncology.com asianinstonco@gmail.com
Website :	www.asianoncology.com
Area :	30000 sq. ft.
Location :	Rented (Owned by K.J. Somaiya Hospital)
Administrative Office :	‘D’ Block, Shiv-Sagar Estate, III Floor, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No. :	91-22-24903939
E-Mail :	asianinstonco@gmail.com

DIRECTORS

AS ON 30.09.2014

Name :

Dr. Suresh Hariram Advani

Designation :

Director

Address :

201, 3^rd Floor, Sundararn, M.G. Road, Chatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

01.08.1947

Date of Appointment :

01.01.2003

DIN No.:

00134225

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	U24230MH1996PLC104142	BIOMIX NETWORK LIMITED	Director	30/03/2000	30/03/2000	-	Active	NO
2	U85110MH2003PTC138491	ASIAN INSTITUTE OF ONCOLOGY PRIVATE LIMITED	Director	01/01/2003	01/01/2003	-	Active	NO
3	U15311DL2001PTC112009	MAGIC HOSIERY PRIVATE LIMITED	Director	21/08/2003	21/08/2003	-	Active	NO
4	L99999MH1948PLC006199	FULFORD (INDIA) LIMITED	Director appointed in casual vacancy	21/07/2004	21/07/2004	28/07/2009	Active	NO
5	U91120MH2005NPL152302	ASIAN CANCER FOUNDATION	Director	31/03/2005	31/03/2005	-	Active	NO
6	U18101DL2004PTC123834	NIKUNJ GAMENTS PRIVATE LIMITED	Director	25/08/2005	25/08/2005	-	Active	NO
7	U73100DL2009PTC186274	MANTRA BIORESEARCH INDIA PRIVATE LIMITED	Additional director	18/02/2009	18/02/2009	18/08/2014	Strike off	NO
8	U93090MH2010PTC199529	ADVANI OLICKAL HEALTHCARE SERVICES PRIVATE LIMITED	Director	01/02/2010	01/02/2010	-	Active	NO
9	U74900MH2012PTC233473	SUPER SPECIALITIES PHARMA WAREHOUSING AND LOGISTICS PRIVATE LIMITED	Managing director	17/07/2012	17/07/2012	-	Active	NO

Name :

Dr. Ramakant Krishnaji Deshpande

Designation :

Director

Address :

801/802, Raheja Empress, Veer Savarkar Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

03.07.1956

Date of Appointment :

30.09.2013

DIN No.:

00374907

PAN No.:

AABPD8107E

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	U85110MH1995PTC087043	TRIUMPH HOSPITALS PRIVATE LIMITED	Director	31/03/1995	31/03/1995	-	Active	NO
2	U24232RJ1983PLC004581	RMC MED LIMITED	Director	26/06/1996	26/06/1996	03/01/2012	Active	NO
3	U85110MH2003PTC138491	ASIAN INSTITUTE OF ONCOLOGY PRIVATE LIMITED	Director	30/09/2013	01/01/2003	-	Active	NO
4	U70100MH1988PTC046458	TRIUMPH ESTATES PRIVATE LIMITED	Director	28/02/2005	28/02/2005	-	Active	NO
5	U91120MH2005NPL152302	ASIAN CANCER FOUNDATION	Director	30/09/2013	31/03/2005	-	Active	NO
6	U08011KA1985PLC006753	KARNATAKA LEASING AND COMMERCIAL CORPORATION LIMITED	Director	26/06/2009	07/08/2006	-	Active	NO

Name :

Dr. Jagdeesh Narhar Kulkarni

Designation :

Director

Address :

Flat No.2, 2^nd Floor, Atharwa Plot No.3, Sector 3, Boulavrd Road, Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

10.10.1950

Date of Appointment :

01.01.2003

DIN No.:

01297932

PAN No.:

AAKPK3649P

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	U85110MH2003PTC138491	ASIAN INSTITUTE OF ONCOLOGY PRIVATE LIMITED	Director	01/01/2003	01/01/2003	-	Active	NO
2	U91120MH2005NPL152302	ASIAN CANCER FOUNDATION	Director	31/03/2005	31/03/2005	-	Active	NO

Name :

Dr. Deepak Mukund Parikh

Designation :

Director

Address :

2^nd Floor, Clifflet (Rear Block), 33A Sir Pochkhan Wala Road. Worli, Mumbai - 400 030, Maharashtra, India

Date of Birth/Age :

07.11.1954

Date of Appointment :

01.01.2003

DIN No.:

01297957

PAN No.:

AADPP1743L

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	U85110MH1987PTC043669	DR M K PARIKH MEMORIAL POLYCLINIC PRIVATE LIMITED	Director	08/06/1987	08/06/1987	-	Active	NO
2	U85110MH2003PTC138491	ASIAN INSTITUTE OF ONCOLOGY PRIVATE LIMITED	Director	01/01/2003	01/01/2003	-	Active	NO
3	U91120MH2005NPL152302	ASIAN CANCER FOUNDATION	Director	31/03/2005	31/03/2005	-	Active	NO

Name :

Dr. Gopal Ramakrishnan

Designation :

Director

Address :

Flat No.302, 3^rd Floor, Vikas Apartments, Chotiram Gidwani Road, Chembur, Mumbai – 400 074, Maharashtra, India

Date of Birth/Age :

09.06.1946

Date of Appointment :

01.01.2003

DIN No.:

01298191

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	U85110MH2003PTC138491	ASIAN INSTITUTE OF ONCOLOGY PRIVATE LIMITED	Director	01/01/2003	01/01/2003	-	Active	NO
2	U91120MH2005NPL152302	ASIAN CANCER FOUNDATION	Director	31/03/2005	31/03/2005	-	Active	NO

Name :

Mr. Sanjay Harishankardhar Sharma

Designation :

Director

Address :

Flat No.403-B, 4^th Floor, Sagar Fortune, Plot No.184, Waterfield Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Appointment :

16.03.2015

DIN No.:

07063286

KEY EXECUTIVES

Name :	Ms. Shreya
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Deepak M. Parikh	870000
Ramakant Deshpande	3000000
Jagannath Palepu	120000
Suresh Advani	120000
Gopal Ramkrishnan	220000
Jagdeesh N. Kulkarni	620000
Hoshi M. Bhathena	240000
Vinay Kumar Dhir	140000
Anita Maria Borges	20000
Sanjay Upadhye	120000
Dhairayasheel Savant	100000
Ulhas Kulkarni	100000
Satish Rao	100000
Dinesh Pendharkar	100000
Prince Edavazhikal	100000
Sanjay Sharma	100000
Indumati Ammbulkar	100000
Sanjay Karmarkar	100000
Vinay Deshmane	200000
Anil Bhoraskar	100000
Vinayak Jog	100000
Niliesh Lokeshwar	100000
Amish Dalal	100000
Tanveer Majeed	100000
Hemant Tongaonkar	100000
Total	7070000

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	66.92
Other top fifty shareholders	33.08
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing treatment and medical relief to Cancer patients through diagnostic and treatment technologies including radiation therapy, surgery, laser surgery and gene therapy.

Products/ Services :

Item Code No. (ITC Code)	99931225
Product/ Service Description	Surgical consultation services in Oncology

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	Yes Bank Limited
Branch Address	Sion Branch, Mumbai, Maharashtra, 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

HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks	74.116	0.000
Total	74.116	0.000

Nature of security:

Rs.31.959 million: Secured by personal guarantee of the Directors. The loans carry rate of interest of 11.5%. The loans are repayable in equal monthly installments over a tenure of 60 months. Rs.42.158 million Secured by hypothecation of medical equipment and are personally guaranteed by Directors. The loans carry rate of interest of 11.5%. The loans are repayable in equal monthly installments over a tenure of 60 months.

Banking Relations :	--
Auditors :
Name :	ASA and Associates LLP Chartered Accountants
Address :	68, Film Centre, C-34, 3^rd Floor, J. Dadaji Road, Tardeo, Mumbai – 400 034, Maharashtra, India
PAN No.:	AAAFA4690A
Memberships :	Not Available
Collaborators :	Not Available
Associates/ Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7070000	Equity Shares	Rs.10/- each	Rs.70.700 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	70.700	62.400	8.400
(b) Reserves & Surplus	(50.984)	(5.455)	(6.757)
(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)	19.716	56.945	1.643
(3) Non-Current Liabilities
(a) Long-term borrowings	74.116	0.000	0.000
(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)	74.116	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	19.500	0.000	0.000
(b) Trade payables	26.566	1.292	0.000
(c) Other current liabilities	47.801	0.536	0.206
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	93.867	1.828	0.206
TOTAL	187.699	58.773	1.849
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	156.412	0.111	0.133
(ii) Intangible Assets	5.709	0.000	0.000
(iii) Capital work-in-progress	0.262	18.232	0.857
(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	2.248	0.007
(d) Long-term Loan and Advances	1.794	10.721	0.006
(e) Other Non-current assets	0.000	0.000	0.431
Total Non-Current Assets	164.177	31.312	1.434
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.440	0.000	0.000
(c) Trade receivables	2.686	0.000	0.000
(d) Cash and cash equivalents	12.940	27.429	0.415
(e) Short-term loans and advances	2.282	0.029	0.000
(f) Other current assets	0.174	0.003	0.000
Total Current Assets	23.522	27.461	0.415
TOTAL	187.699	58.773	1.849

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	110.691	0.028	0.000
		Other Income			0.030
		TOTAL	110.691	0.028	0.030
Less	EXPENSES
		Employee Benefits Expenses			0.069
		Other Expenses			1.047
		TOTAL	153.972 (including financial and depreciation)	0.693 (including financial and depreciation)	1.116
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION				(1.086)
Less	FINANCIAL EXPENSES				0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION				(1.086)
Less/ Add	DEPRECIATION/ AMORTISATION				0.027
	PROFIT/ (LOSS) BEFORE TAX		(43.281)	(0.665)	(1.113)
Less	TAX		2.248	(1.967)	(0.011)
	PROFIT/ (LOSS) AFTER TAX		(45.529)	1.302	(1.102)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(5.455)	(6.757)	(5.655)
	BALANCE CARRIED TO THE B/S		(50.984)	(5.455)	(6.757)
	Earnings / (Loss) Per Share (Rs.)		(6.44)	1.52	(1.31)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	NA	0.00
Operating Profit Margin (PBDIT/ Sales)	(%)	NA	NA	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(23.09)	(1.74)	(112.99)
Return on Investment (ROI) (PBT/Networth)		(2.20)	(0.01)	(0.68)
Debt Equity Ratio (Total Debt/Networth)		4.75	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.25	15.02	2.01

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	8.400	62.400	70.700
Reserves & Surplus	(6.757)	(5.455)	(50.984)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1.643	56.945	19.716
Long Term borrowings	0.000	0.000	74.116
Short Term borrowings	0.000	0.000	19.500
Total borrowings	0.000	0.000	93.616
Debt/Equity ratio	0.000	0.000	4.748

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	0.030	0.028	110.691
		(6.667)	395225.000

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Total Income	0.030	0.028	110.691
Profit	(1.102)	1.302	(45.529)
	(3673.33%)	4650.00%	(41.13%)

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	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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

CHANGE OF ADDRESS

The registered office of the company has been shifted from 101, Sukh Sagar, N.S. Patkar Marg, Chowpatty, Mumbai – 400 007, Maharashtra, India to the present address w.e.f. 18.05.2013.

CORPORATE INFORMATION:

Subject was incorporated on 1^st January 2003. Business of the Company is providing treatment and medical relief to Cancer patients through diagnostic and treatment technologies including radiation therapy, surgery, laser surgery and gene therapy.

SOMAIYA AYURVIHAR - ASIAN INSTITUTE OF ONCOLOGY AT SION

The company has successfully completed project of - Somaiya Ayurvihar - Asian Institute Of Oncology - at Sion on 31^st August 2013.

Within 7 months SA-AIO has achieved turnover of Rs.109.732 million from operational activities. Pharmacy Income is Rs.26.176 million SA-AIO has treated 2044 OPD patients and 839 IPD patients.

YES bank has disbursed Medical loan of Rs.57.260 million out of which Rs.5.462 million has been repaid. The outstanding balance for Medical loan is Rs.51.798 million.

YES bank has disbursed Infrastructure loan of Rs.48.779 million out of which Rs.6.728 million has been repaid. The outstanding balance for Infrastructure loan is Rs.42.051 million.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans and advances from directors	11.500	0.000
Other loans and advances	8.000	0.000
Total	19.500	0.000

INDEX OF CHARGES

No Charges Exist for Company.

FIXED ASSETS

Tangible Assets

· Plant and Equipments

· Furniture and Fixtures

· Office Equipment

· Computer Equipments

· Leasehold Improvements

Intangible Assets

· Computer Software

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.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
-- PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		26

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.