MIRA INFORM REPORT

Report No. :	337497
Report Date :	20.08.2015

IDENTIFICATION DETAILS

Name :	BIOPLUS LIFE SCIENCES PRIVATE LIMITED
Registered Office :	S. No. 10-1A, Hoodi Village, Krishnarajapuram Hobli, Bangalore – 560048, Karnataka
Tel. No.:	91-80-41267560/ 43508279
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.03.2004
Com. Reg. No.:	08-033578
Capital Investment / Paid-up Capital :	Rs. 355.715 Million
CIN No.: [Company Identification No.]	U24232KA2004PTC033578
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCB3621R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of OTC (Nutritional) Pharmaceutical or Healthcare Products.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was incorporated in 2004 and it is the manufacturer, exporter and importer of OTC (Nutritional) Pharmaceutical or Healthcare products. It is an established company having satisfactory track record. For the FY 2014, the company’s sales turnover has been declined to Rs. 674.800 Million as against as against last year record of Rs. 718.300 Million which resulted decrease in its profitability during a year under a review. However, rating takes into consideration company’s sound financial risk profile marked by good networth base and favourable gap between trade payables to its receivables. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of the aforesaid, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Rating Agency Name	ICRA
Rating	Short term Bank facilities = A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	March 2015

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Vishwanath
Designation :	Finance Manager
Contact No.:	91-80-41267560
Date :	19.08.2015

LOCATIONS

Registered Office :	S. No. 10-1A, Hoodi Village, Krishnarajapuram Hobli, Bangalore – 560048, Karnataka, India
Tel. No.:	91-80-41267560/ 43508279
Fax No.:	91-80-41276925
E-Mail :	bangalore@bioplus.in sundeep@bioplus.in sunjeev@bioplus.in steinmann@bioplus.in subramanium@bioplus.in
Website :	http://www.bioplus.in
Location :	Owned
Locality :	Commercial
Corporate Office :	Pharmed Gardens, Whitefield Road, Bangalore – 560048, Karnataka, India
Tel. No.:	91-80-28410158
Fax No.:	91-80-41157202
Factory :	BioPlus Park, Plot No. 59, 63, 66A and 67A, Sipcot Industrial Area, Phase II, Krishnagiri Main Road, Hosur - 635109, Tamilnadu, India
Tel. No.:	91-434-4261976
Fax No.:	91-434-4260998

DIRECTORS

AS ON 25.09.2014

Name :

Mr. Ajay Lal

Designation :

Nominee director

Address :

No. 120, Luburnum Shashank Lok 1, Sector 28, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

08.08.1961

Date of Appointment :

06.06.2008

DIN No.:

00030388

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	U74999AP1992PLC014388	GVK INDUSTRIES LIMITED	Director	23-10-2003	23-10-2003	26-07-2008	Active	NO
2	L65190MH2003PLC143249	YES BANK LIMITED	Nominee director	10-03-2004	10-03-2004	02-02-2007	Active	NO
3	U74140DL2005PTC142936	AIF CAPITAL (INDIA) PRIVATE LIMITED	Director	25-11-2005	25-11-2005	01-04-2015	Active	NO
4	L74899DL1995PLC070609	BHARTI AIRTEL LIMITED	Director	21-08-2006	23-01-2006	22-01-2015	Active	NO
5	L74999AP2005PLC059013	GVK POWER & INFRASTRUCTURE LIMITED	Director	22-05-2006	22-05-2006	21-08-2008	Active	NO
6	U27104GJ2003PLC043070	GPT STEEL INDUSTRIES LIMITED	Director	24-07-2006	24-07-2006	30-04-2008	Active	NO
7	U65191KL1920PLC000175	THE CATHOLIC SYRIAN BANK LIMITED	Director	15-09-2010	13-09-2007	10-06-2015	Active	NO
8	U24232KA2004PTC033578	BIOPLUS LIFE SCIENCES PRIVATE LIMITED	Nominee director	06-06-2008	06-06-2008	-	Active	NO
9	U24236MH1987PLC044813	FAMY CARE LIMITED	Director	13-04-2010	13-04-2010	-	Active	NO
10	U74899DL1994PTC060453	CENTURY METAL RECYCLING PRIVATE LIMITED.	Nominee director	13-06-2014	07-11-2013	-	Active	NO

Name :

Mr. Sunjeev Aurora

Designation :

Director

Address :

Ichlban Palm Meadows Lane, Off Airport Road, Rghalli, Bangalore – 560066, Karnataka, India

Date of Birth/Age :

19.11.1966

Qualification :

MBA (Finance and International Business / CPA)

Experience :

24 Years

Date of Appointment :

23.09.2009

PAN No.:

ABLPA9466A

DIN No.:

02244616

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	Company/ LLP Status	Defaulting status
1	U24232KA2004PTC033578	BIOPLUS LIFE SCIENCES PRIVATE LIMITED	Director	23-09-2009	12-05-2008	Active	NO
2	U73100KA2008PTC047944	MYRNA RESEARCH LABORATORIES PRIVATE LIMITED	Additional director	14-01-2012	14-01-2012	Strike off	NO

Name :

Mr. Sundeep Aurora

Designation :

Director

Address :

Adarsh No. 411, 17^th Main, 4^th Block, Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

28.10.1963

Qualification :

B.E.

Experience :

27 Years

Date of Appointment :

12.05.2008

PAN No.:

ABLPA9463F

DIN No.:

02244640

KEY EXECUTIVES

Name :	Mr. Vishwanath
Designation :	Finance Manager
Name :	Mr. Subramanian Viswanathan
Designation :	Secretary
Address :	C706, Aqua Scapeitpl Road, Bangalore – 560048, Karnataka, India
Date of Birth/Age :	09.03.1963
Date of Appointment :	09.06.2014
PAN No.:	ACMPV8847J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2014

Names of Equity Shareholders	No. of Shares
Aurora Suneet	1140000
Aurora Sunjeev	570000
Aurora Sundeep	1140000
Aurora K.K.	150000
AIF Capital Life Sciences III Limited, India	428571
Total	3428571

Names of Preference Shareholders	No. of Shares
AIF Capital Life Sciences III Limited, India	321429
Total	321429

AS ON 25.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	87.50
Other top fifty shareholders	12.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of OTC (Nutritional) Pharmaceutical or Healthcare Products.

Products :

ITC Code No.	Product Descriptions
30045090	Pharmaceuticals and Neutraceutical Products

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· UK

· Netherlands

· Belgium

· Germany

· Denmark

· Australia

· France

· New Zealand

· Dubai

Imports :

Products :

Raw Materials

Countries :

· Netherlands

· China

· European Countries

Terms :

Selling :

Cash and Credit [30 Days, 60 Days and 90 Days]

Purchasing :

Cash and Credit [30 Days, 60 Days and 90 Days]

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Greentech Biochemical Co. Limited
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End users and OEMs

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

500 (Approximately)

Bankers :

Bank Name:	Canara Bank
Branch:	Overseas Branch, III Floor, Ramanashree Arcade, No.18, M G Road, Bangalore - 560001, Karnataka, India
Person Name (with Designation):	Not Divulged
Contact Number:	91-80-25325876 (Ringing)
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit = Rs. 200.000 Million
Account Operation:	Not Divulged
Remarks:	Not Divulged

· HDFC Bank [Account No.: 00772000000793]

· ICICI Bank [Account No.: 0156 0500 0664]

· State Bank of India [Account No.: 30497925131]

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Other loans and advances	0.000	1.528
SHORT TERM BORROWINGS
Foreign currency term loans from banks	0.000	174.547
Term loans from others	105.322	0.000
Working capital loans from banks	18.545	12.587
Total	123.867	188.662

Auditors :
Name :	S R Batliboi and Associates LLP Chartered Accountants
Address :	Flat No 101, Golden Residency, A Wing, 79/8, Outer Ring Road, Bellandur, Bangalore - 560103, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AABFS3421N
Memberships :	--
Collaborators :	--
Subsidiary company :	· V.B. Medicare Private Limited [U24239TG2004PTC042696] · Bioplus Healthcare Private Limited [U24232KA2005PTC036131] · Fair Brook
Fellow Subsidiary company :	Abba Pharma Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Pharmed Medicare Private Limited [U85110KA1990PTC010868] · Pharmed Limited [U24230MH1946PLC005121]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,200,000	Equity Shares	Rs. 10/- each	Rs. 42.000 Million
321,500	Preference Shares	Rs. 1000/- each	Rs. 321.500 Million
	Total		Rs. 363.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,428,571	Equity Shares	Rs. 10/- each	Rs. 34.286 Million
321,429	Preference Shares	Rs. 1000/- each	Rs. 321.429 Million
	Total		Rs. 355.715 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	355.715	355.715	355.715
(b) Reserves & Surplus	639.715	862.789	937.880
(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)	995.430	1218.504	1293.595
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	1.528	3.035
(b) Deferred tax liabilities (Net)	0.000	0.000	5.200
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.259	4.522	2.192
Total Non-current Liabilities (3)	5.259	6.050	10.427
(4) Current Liabilities
(a) Short term borrowings	123.867	187.134	108.065
(b) Trade payables	43.947	70.596	52.050
(c) Other current liabilities	13.403	10.630	10.596
(d) Short-term provisions	8.040	5.234	4.253
Total Current Liabilities (4)	189.257	273.594	174.964
TOTAL	1189.946	1498.148	1478.986
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	45.442	59.421	82.538
(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	467.530	730.107	730.207
(c) Deferred tax assets (net)	6.100	1.900	0.000
(d) Long-term Loan and Advances	69.100	68.412	82.510
(e) Other Non-current assets	3.012	2.784	0.761
Total Non-Current Assets	591.184	862.624	896.016
(2) Current assets
(a) Current investments	289.862	329.522	342.746
(b) Inventories	122.488	84.678	83.224
(c) Trade receivables	163.397	194.103	128.930
(d) Cash and cash equivalents	3.130	5.555	5.624
(e) Short-term loans and advances	19.885	21.666	22.446
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	598.762	635.524	582.970
TOTAL	1189.946	1498.148	1478.986

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	674.866	718.349	519.464
		Other Income	23.340	29.363	30.849
		TOTAL (A)	698.206	747.712	550.313
Less	EXPENSES
		TOTAL (B)	622.916	613.626	474.539
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		75.290	134.086	75.774
Less	FINANCIAL EXPENSES (D)		7.460	8.064	7.651
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		67.830	126.022	68.123
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.966	29.749	8.643
	PROFIT BEFORE TAX (E-F) (G)		48.864	96.273	59.480
Less	TAX (H)		9.360	23.900	13.700
	PROFIT AFTER TAX (G-H) (I)		39.504	72.373	45.780
Less	EXCEPTIONAL ITEM		262.578	147.464	903.084
	PROFIT/ (LOSS) FOR THE YEAR		(223.074)	(75.091)	(857.304)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	660.600	715.400	519.000
	Earnings Per Share (Rs.)		(65.00)	(22.00)	(250.00)

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	700.000

The above information has been parted by Mr. Vishwanath (Finance Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.528	1.508	1.358
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	36.583	86.051	59.447

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(33.05)	(10.45)	(165.04)
Operating Profit Margin (PBDIT/Sales)	(%)	11.16	18.67	14.59
Return on Total Assets (PBT/Total Assets}	(%)	6.82	12.57	7.94
Return on Investment (ROI) (PBT/Networth)		0.05	0.08	0.05
Debt Equity Ratio (Total Liability/Networth)		0.13	0.16	0.09
Current Ratio (Current Asset/Current Liability)		3.16	2.32	3.33

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	355.715	355.715	355.715
Reserves & Surplus	937.880	862.789	639.715
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1293.595	1218.504	995.430
Long-term borrowings	3.035	1.528	0.000
Short term borrowings	108.065	187.134	123.867
CURRENT MATURITIES OF LONG-TERM DEBTS	1.358	1.508	1.528
Total borrowings	112.458	190.170	125.395
Debt/Equity ratio	0.087	0.156	0.126

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	519.464	718.349	674.866
		38.287	-6.053

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	519.464	718.349	674.866
Profit/ (Loss) for the year	(857.304)	(75.091)	(223.074)
	(165.04%)	(10.45%)	(33.05%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80033583	24/10/2011 *	206,000,000.00	CANARA BANK	OVERSEAS BRANCH, III FLOOR, RAMANASHREE ARCADE, NO.18, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B25207507

* Date of charge modification

CORPORATE INFORMATION

Bioplus Life Sciences Private Limited (?the Company?) is a company incorporated at Bangalore on March 19, 2004. The Company is an export oriented unit and is engaged in manufacturing of health care products.

MANAGEMENT DISCUSSION AND ANALYSIS

The past financial year has been a year of new launches and transition. Bioplus has two businesses in very broad terms (a) dosage forms and (b) ingredients.

The Dosage form business remains a key focus. In regulated markets (EU) Dolenio has now been launched in multiple Countries. Emerging markets business continues to grow. We continue to expand their operations in CIS, Middle East, Asia, Africa, and Eastern Europe. The formulation development teams and regulatory teams have been strengthened. Several new products are in the process of registration in various countries. This should become a scalable profitable business in the coming years.

The ingredient business housed in our subsidiary is largely focused on glucosamine, DHA, a biotech based Omega 3 fatty acid and Vitamin E Tpgs, a water soluble pegylated Vitamin E and sucralose. The subsidiary company has improved its performance from last year and able to manage the company without borrowings from parent company or banks. However during the year they have evaluated the carrying cost of Investment in the subsidiary and have concluded that the Investment value needs to be brought down to the net worth of the subsidiary as of 31^st March 2014. Therefore during the year they have made a provision of Rs 262.600 Million for diminution in value of investment which is considered as exceptional item and disclosed accordingly in the Financial Statements.

As an organization they continue to move towards being a knowledge based business. Due to the competitive nature of the business and high price sensitivity, the contract manufacturing of food supplements has low to medium growth potential or margin improvement potential. They remain financially strong, motivated and confident that they will be able to grow the business.

EXPORTS

Exports recorded a sales turnover of Rs. 660.600 Million (previous year Rs.715.400 Million), comprising of the Emerging Brands and Private Label business. Exports of Private Label products were to major markets like UK, Netherlands, Belgium, Germany, Denmark, Australia, Bulgaria, France, Norway, New Zealand, etc.,

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Bank guarantees given	7.906	7.906
Claims against the Company not acknowledged as debts:
Service tax	10.156	10.156
Income tax	17.814	11.285

FIXED ASSETS:

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

· Leasehold improvements

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. 65.25
UK Pound	1	Rs. 102.25
Euro	1	Rs. 72.20

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	HNA
Report Prepared by :	BVA

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.