MIRA INFORM REPORT

Report No. :	338065
Report Date :	25.08.2015

IDENTIFICATION DETAILS

Name :	HONOUR LAB LIMITED
Registered Office :	H.No. 8-3-166/7/1, Hetero House, Erragadda, Hyderabad – 500018, Telangana
Tel. No.:	91-40-23710405
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21 .11.2011
Com. Reg. No.:	01-077561
Capital Investment / Paid-up Capital :	Rs. 50.000 Million
CIN No.: [Company Identification No.]	U24233TG2011PLC077561
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer in all Kinds of Bulk Drugs, Drug Intermediates, Formulations and Other Pharmaceutical and Medical Preparations.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Honour Lab Limited (HLL), incorporated in November 2011, is promoted by Dr. B Parthasaradhi Reddy, the promoter of the Hetero group of companies. It is well established company having satisfactory track record. The ratings assigned to company take into account strong parentage and experienced promoters with established track record, significant improvement in revenue and profitability in FY14 (refers to the period April 1 to March 31), moderate capital structure and debt coverage indicators, moderate working capital cycle and positive industry outlook. The ratings are, however, constrained by concentrated product profile with high dependence on group companies and volatility in raw material prices. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of long established track record backed by vast experienced promoter base, the company can be considered normal for business dealings at its 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	CARE
Rating	Long term bank facilities: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	February 2015

Rating Agency Name	CARE
Rating	Short term bank facilities: A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	February 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 DECLINED BY

Name :	Mr. Malikarjuna
Designation :	Accountant
Contact No.:	91-9156546514
Date :	24.08.2015

LOCATIONS

Registered Office :	H. No. 8-3-166/7/1, Hetero House, Erragadda, Hyderabad – 500018, Telangana, India
Tel. No. :	91-40-23710405
Fax No. :	91-40-23700405
E-Mail :	sambhram.p@heterodrugs.com ekta.b@heterodrugs.com
Factory 1 :	Bonthapally Sy. No. 200, 201, 202 and 203, Bonthapally Village, Jinnaram Mandal, Medak – 502313, Andhra Pradesh, India
Factory 2:	Nakkapally Plot No. 4, Hetero Infrastructure SEZ Limited, Nakkapally Mandal, Visakhapatnam, Andhra Pradesh, India

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Srinivasa Reddy Male

Designation :

Director

Address :

8-2-293/82/NL/138, Road No.10C, Plot No.138/139, MP/MLA Colony, Jubilee Hills, Hyderabad - 500033, Telangana, India

Date of Birth/Age :

02.02.1973

Date of Appointment :

21.11.2011

DIN No.:

00016085

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	U45200TG1995PTC021532	VIPASSANA CONSTRUCTIONS PRIVATE LIMITED	Director	1/4/1997	1/4/1997	-	Active	NO
2	U24239TG1996PLC025371	GENX PHARMA LIMITED	Managing director	3/7/2015	28/10/1999	-	Active	NO
3	U24230TG1993PLC015582	HETERO DRUGS LIMITED	Director	29/09/2011	1/4/2001	-	Active	NO
4	U65993TG1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	Director	1/11/2001	1/11/2001	-	Active	NO
5	U24239TG1995PLC020625	SAKETHA DRUGS AND INTERMEDIATES LIMITED	Director	1/4/2002	1/4/2002	29/06/2011	Active	NO
6	U24239TG2002PLC040108	HETERO INTERNATIONAL LIMITED	Director	16/12/2002	16/12/2002	29/06/2011	Active	NO
7	U24239TG2004PLC043684	HETERO BIOTECH LIMITED	Director	19/07/2004	19/07/2004	1/12/2010	Active	NO
8	U85110TG1989PTC010293	HYDERABAD HOSPITALS PVT. LTD.	Director	29/09/2004	29/09/2004	-	Active	NO
9	U24230TG2004PTC044710	XIVA HEALLTH CARE PRIVATE LIMITED	Director	29/11/2004	29/11/2004	-	Active	NO
10	U52520TG2006PLC049614	HETERO HEALTHCARE LIMITED	Managing director	3/7/2015	24/03/2006	-	Active	NO
11	U73100TG2007PTC052262	HETERO LIFE SCIENCES PRIVATE LIMITED	Director	5/1/2007	5/1/2007	-	Active	NO
12	U24231TG1998PLC029961	SYMED LABS LIMITED	Director	6/9/2007	11/7/2007	26/09/2014	Active	NO
13	U72900TG2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	10/8/2007	10/8/2007	29/06/2011	Active	NO
14	U40102TG2007PLC055910	HETERO MED SOLUTIONS LIMITED	Director	15/10/2007	15/10/2007	-	Active	NO
15	U74999TG2007PLC056072	SRI SAI ASHIRWAAD LOGISTICS LIMITED	Director	25/10/2007	25/10/2007	8/3/2012	Active	NO
16	U24299TG2008PLC058020	HETERO BIO CHEMICALS LIMITED	Director	6/3/2008	6/3/2008	21/04/2011	Active	NO
17	U45200TG2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	Director	18/09/2008	1/8/2008	29/09/2014	Active	NO
18	U24110TG1989PLC009723	HETERO LABS LIMITED	Director	2/7/2015	1/8/2008	-	Active	NO
19	U24230TG1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PVT LTD	Director	1/8/2008	1/8/2008	-	Active	NO
20	U24239TG1990PLC012119	SCIREX PHARMACEUTICALS LIMITED	Director	26/08/2010	12/11/2009	-	Active	NO
21	U72200TG1997PTC027306	HETERO MARBLES PRIVATE LIMITED	Director	12/11/2009	12/11/2009	-	Active	NO
22	U21023TG2007PTC054088	CHEMI PACK (INDIA) PRIVATE LIMITED	Director	19/08/2010	19/11/2009	8/3/2012	Active	NO
23	U40100TG2010PLC071837	HETERO WIND POWER LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
24	U74900TG2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	Director	7/4/2011	7/4/2011	-	Active	NO
25	U24232TG2011PLC074274	SRI SAI KARUNA INDUSTRYS LIMITED	Director	4/5/2011	4/5/2011	-	Active	NO
26	U24233TG2011PLC077561	HONOUR LAB LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO
27	U45400TG2012PLC083644	HONOUR INFRA ESTATES LIMITED	Director	17/10/2012	17/10/2012	11/9/2014	Active	NO
28	U24100TG2014PLC092771	ASPIRO PHARMA LIMITED	Additional director	13/02/2014	13/02/2014	25/09/2014	Active	NO
29	U15122TG2014PTC096797	AZISTA INDUSTRIES PRIVATE LIMITED	Director	11/12/2014	11/12/2014	-	Active	NO

Name :

Mr. Rathnakar Reddy Kura

Designation :

Director

Address :

Villa No.148, Indu Fortune Fields, 13th Phase, KPHB Colony, Hyderabad - 500072, Telangana, India

Date of Birth/Age :

03.08.1966

Date of Appointment :

21.11.2011

DIN No.:

00211510

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	U24239TG1990PLC012119	SCIREX PHARMACEUTICALS LIMITED	Director	1/4/2014	1/11/2001	-	Active	NO
2	U24239TG2005PTC046555	EXPICOR PHARMA PRIVATE LIMITED	Director	16/06/2005	16/06/2005	-	Strike off	NO
3	U24239TG2005PTC047265	CLINSE LABS PRIVATE LIMITED	Director	26/08/2005	26/08/2005	-	Active	NO
4	U24233TG2011PLC077561	HONOUR LAB LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO
5	U24230TG1993PLC015582	HETERO DRUGS LIMITED	Whole-time director	25/09/2014	28/11/2013	-	Active	NO
6	U24110TG1989PLC009723	HETERO LABS LIMITED	Director	25/09/2014	2/6/2014	-	Active	NO
7	U24239TG2002PLC040108	HETERO INTERNATIONAL LIMITED	Director	30/09/2014	20/06/2014	-	Active	NO
8	U24100TG2007PTC055636	HINDYS LAB PRIVATE LIMITED	Additional director	20/12/2014	20/12/2014	-	Active	NO
9	U24110TG2015PTC098451	HOPERS LAB PRIVATE LIMITED	Director	13/04/2015	13/04/2015	20/08/2015	Active	NO
10	U24110TG2015PTC098450	HAZELO LAB PRIVATE LIMITED	Director	13/04/2015	13/04/2015	-	Active	NO
11	U24240TG2015PTC099918	HELIUS LAB PRIVATE LIMITED	Director	24/07/2015	24/07/2015	-	Active	NO

Name :

Mr. Kesireddy Subhas Chander Reddy

Designation :

Additional director

Address :

H. No. 23-154/8/3, Plot No.23, Road No.2, Rajiv Nagar, Near Bhoodevi Nagar, Alwal,, Secunderabad - 500015, Telangana, India

Date of Appointment :

03.08.2015

DIN No.:

07254929

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	U24233TG2011PLC077561	HONOUR LAB LIMITED	Additional director	3/8/2015	3/8/2015	-	Active	NO
2	U24110TG2015PTC098451	HOPERS LAB PRIVATE LIMITED	Additional director	20/08/2015	20/08/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Malikarjuna
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 11.09.2014

Names of Shareholders	No. of Shares
Bandi Partha Saradhi Reddy	4869360
Srinivasa Reddy Male	9360
Vamsikrishna Bandi	99360
B. Kalavathi	9360
M. Krishna Sindhuri	9360
B. Anvidha	3060
Ratnakara Reddy Kura	140
Total	5000000

Equity Share Break up (Percentage of Total Equity)

AS ON 11.09.2014

Category	Percentage
Bodies corporate	3.49
Directors or relatives of Directors	94.55
Other	1.96
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer in all Kinds of Bulk Drugs, Drug Intermediates, Formulations and Other Pharmaceutical and Medical Preparations.

Products :

Item Code No.	Product Description
29420090	Magnesium Tert. Butoxide

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Banker Name	Bank of India
Branch Address	Ground Floor, P.T.I. Building, A.C. Guards, Masab Tank, Hyderabad - 500004, Andhra Pradesh, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from banks (Secured by hypothecation of stock And Debtors and further secured by personal guarantee of directors)	270.161	0.000
SHORT TERM BORROWING
Loans repayable on demand from banks	215.194	0.000
Total	485.355	0.000

Auditors :
Name :	M.V. Narayana Reddy and Company Chartered Accountants
Address :	Flat No. 504, Vijayasree Apartments, Behind Chermas, Ameerpet, Hyderabad – 500038, Andhra Pradesh, India
Tel. No. :	91-40-23743975/ 23744448
Income-tax PAN of auditor or auditor's firm :	AADFM4830F
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Hetero Labs Limited, India [U24110TG1989PLC009723] Hetero Drugs Limited, India [U24230TG1993PLC015582] Cirex Pharmaceuticals Limited, India [U24239TG1990PLC012119] Symed Labs Limited, India [U24231TG1998PLC029961] Honour Infra Estates Limited, India [U45400TG2012PLC083644] Chemi Pack (India) Private Limited, India [U21023TG2007PTC054088] Hetero Infrastructure Sez Limited, India [U45200TG2006PLC049668] Saboori Pharma Private Limited, India [U52520TG1998PTC030222]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 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	50.000	0.500	0.500
(b) Reserves & Surplus	265.416	77.290	-0.163
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	37.800	0.900
Total Shareholders’ Funds (1) + (2)	315.416	115.590	1.237
(3) Non-Current Liabilities
(a) long-term borrowings	320.161	0.000	0.000
(b) Deferred tax liabilities (Net)	14.029	2.147	-0.073
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.123	0.976	0.000
Total Non-current Liabilities (3)	338.313	3.123	-0.073
(4) Current Liabilities
(a) Short term borrowings	215.194	0.000	0.000
(b) Trade payables	259.227	183.099	0.246
(c) Other current liabilities	488.248	57.391	0.000
(d) Short-term provisions	23.498	24.604	0.000
Total Current Liabilities (4)	986.167	265.094	0.246
TOTAL	1639.896	383.807	1.410
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	359.765	100.891	0.000
(ii) Intangible Assets	1.369	0.222	0.000
(iii) Capital work-in-progress	524.625	54.671	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.448	0.448	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	60.584	27.781	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	946.791	184.013	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	243.475	80.565	0.000
(c) Trade receivables	279.543	58.433	0.000
(d) Cash and cash equivalents	12.784	5.438	1.410
(e) Short-term loans and advances	12.187	2.492	0.000
(f) Other current assets	145.116	52.866	0.000
Total Current Assets	693.105	199.794	1.410
TOTAL	1639.896	383.807	1.410

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1196.822	570.153	0.000
	Other Income	0.253	0.109	0.000
	TOTAL (A)	1197.075	570.262	0.000
Less	EXPENSES
	Cost of Materials Consumed	753.079	412.520	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(22.237)	(38.664)	0.000
	Employees benefits expense	38.540	15.981	0.000
	Other expenses	103.883	62.274	0.236
	TOTAL (B)	873.265	452.111	0.236
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	323.810	118.151	(0.236)
Less	FINANCIAL EXPENSES (D)	19.826	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	303.984	118.151	(0.236)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	8.827	2.511	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	295.157	115.640	(0.236)
Less	TAX (H)	107.031	38.187	(0.073)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	188.126	77.453	(0.163)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	77.290	(0.163)	0.000
	Balance Carried to the B/S	265.416	77.290	-0.163
	Earnings / (Loss) Per Share (Rs.)
	Basic	37.63	1,549.06	-9.05
	Diluted	37.63	21.59	-3.42

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	92.500	0.000	NA
Cash generated from operations	NA	19.130	NA
Net cash flows from (used in) operations	224.552	137.281	NA
Net Cash from operating activities	NA	137.281	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	15.72	13.58	NA
Operating Profit Margin (PBIDT/Sales)	(%)	27.06	20.72	NA
Return on Total Assets (PBT/Total Assets}	(%)	26.48	35.18	(16.74)
Return on Investment (ROI) (PBT/Networth)		0.94	1.00	(0.19)
Debt Equity Ratio (Total Debt /Networth)		1.99	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.70	0.75	5.73

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	0.500	0.500	50.000
Reserves & Surplus	(0.163)	77.290	265.416
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.900	37.800	0.000
Net worth	1.237	115.590	315.416
long-term borrowings	0.000	0.000	320.161
Short term borrowings	0.000	0.000	215.194
Total borrowings	0.000	0.000	535.355
Debt/Equity ratio	0.000	0.000	1.697

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	0.000	570.153	1196.822
			109.912

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	0.000	570.153	1196.822
Profit	(0.163)	77.453	188.126
		13.58%	15.72%

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	No
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
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	No
35	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF PERFORMANCE:

During the year the company has achieved Revenue of Rs.1197.075 Million as compared to R 570.262 Million in the previous year and earned Profit after tax of Rs.188.126 Million as against net loss of Rs.77.453 Million in the previous year. The directors are confident of achieving of better results in the ensuing years.

FUTURE OUT LOOK:

The Company will continue to pursue its strategic growth plan by improving its capacities. Several products are expected to be scaled up commercially in 2014-15. The expansion work done in Bonthapally(unit-I) and pune units will help the company to achieve higher targets. The product basket of Active Ingredients is being expanded and new markets are being explored. The Company is expecting that the new Unit being set up in Nakkapally-SEZ will come into operation in 2014-15 besides the second unit at Pune.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans repayable on demand	50.000	0.000
Total	50.000	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10461641	28/09/2013	1,000,000,000.00	BANK OF INDIA	GROUND FLOOR, P.T.I. BUILDING,, A.C.GUARDS, MASAB TANK, HYDERABAD, ANDHRA PRADESH - 500004, INDIA	B90112574

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other 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.66.51
UK Pound	1	Rs.104.01
Euro	1	Rs.76.27

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--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	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		49

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.