MIRA INFORM REPORT

Report No. :	354743
Report Date :	17.12.2015

IDENTIFICATION DETAILS

Name :	VITAL HEALTH CARE PRIVATE LIMITED

Registered Office :	2nd Floor, Plot No. 48, Service Road, Western Express Highway, Near Hanuman Temple, Vile Parle East, Mumbai - 400057, Maharashtra
Tel. No.:	91-22-26183641/ 26136946

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	19.01.1998

Com. Reg. No.:	11-113058

Capital Investment / Paid-up Capital :	Rs. 38.020 Million

CIN No.: [Company Identification No.]	U24230MH1998PTC113058

IEC No.:	0398063371

TAN No.: [Tax Deduction & Collection Account No.]	MUMV06794E

PAN No.: [Permanent Account No.]	AAACV3964F

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Supplier of API’s [Active Pharmaceutical Ingredients]. (Registered Activity)

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 84000000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a part of Vital group incorporated in the year 1998 having satisfactory track. Management has failed to file its financials for FY 15 with Registrar of Companies. The company possesses improved revenue base marked by satisfactory profit margin. Rating further takes into consideration decent net worth base, fair cash accruals and favourable gap between trade payables and receivables. However, rating is constrained on account of moderate debt levels of 2.64 times of its net worth. Trade relations are fair. Business is active. Payments are slow but 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	CRISIL
Rating	Long term rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	11.09.2015

Rating Agency Name	CRISIL
Rating	Short term rating = A3+
Rating Explanation	Moderate degree of safety and high credit risk
Date	11.09.2015

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 31-03-2015.

INFORMATION DENID BY

Name :	Mr. Hitesh Modi
Designation :	Account Officer
Contact No.:	91-22-26183641
Date :	12.12.2015

LOCATIONS

Registered Office :	2nd Floor, Plot No. 48, Service Road, Western Express Highway, Near Hanuman Temple, Vile Parle East, Mumbai - 400057, Maharashtra, India
Tel. No.:	91-22-26183641/ 26136946
Fax No.:	91-22-26136945
E-Mail :	vital@vhcpl.com
Website :	www.vitalhealthcare.in www.vitallab.in

Factory 1 / Administrative Office :	Plot No. 1416-1421, 1507/1, 1601/2 and 1601/3 and 4, G.I.D.C. Estate, Phase III, Vapi, Pardi, Valsad – 396195, Gujarat, India
Tel. No.:	91-260-2424744/ 2425487
Fax No.:	91-260-2430587
E-Mail :	info@vitalhealthcare.net

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Laltaprasad Shreenath Maurya

Designation :

Director

Address :

Ashok Nagar, Chanod Colony, Vapi - 396195, Gujarat, India

Date of Birth/Age :

26.07.1955

Date of Appointment :

15.05.2005

DIN No.:

00202949

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	U24230MH1998PTC113058	VITAL HEALTH CARE PRIVATE LIMITED	Director	15/05/2005	15/05/2005	-	Active	NO
2	U24230MH2003PTC143328	VITAL LIFESCIENCES PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
3	U24230MH2002PTC136195	VITAL LABORATORIES PRIVATE LIMITED	Director	24/04/2009	24/04/2009	-	Active	NO

Name :

Mr. Shrigopal Rangnath Bajaj

Designation :

Director

Address :

Venkatesh, Mahant Road Extension, Uttkarsh Mandal Circle, Vile Parle East, Mumbai - 400057, Maharashtra, India

Date of Birth/Age :

04.01.1943

Date of Appointment :

31.03.2001

PAN No.:

AAAPB7785R

DIN No.:

00983198

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	U24200MH1981PTC023725	PADMA PHARMACEUTICALS PRIVATE LIMITED	Director	21/01/1981	21/01/1981	-	Active	NO
2	U24230MH1998PTC113058	VITAL HEALTH CARE PRIVATE LIMITED	Director	31/03/2001	31/03/2001	-	Active	NO
3	U24230MH2002PTC136195	VITAL LABORATORIES PRIVATE LIMITED	Director	22/06/2012	13/06/2002	-	Active	NO
4	U24230MH2003PTC143328	VITAL LIFESCIENCES PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
5	U51109MH2008PTC249051	NABARATNA VINIMAY PRIVATE LIMITED	Director	09/04/2010	09/04/2010	-	Active	NO
6	U18101MH2007PTC270415	TRIVINI TRADERS PRIVATE LIMITED	Director	01/11/2011	01/11/2011	-	Active	NO
7	U45400WB2007PTC116809	NIGHTANGLE CONSTRUCTION PRIVATE LIMITED	Director	01/11/2011	01/11/2011	-	Active	NO

Name :

Rajiv Shrigopal Bajaj

Designation :

Director

Address :

Venkatesh, 2nd Floor, Mahant Road. Extension Uttkarsh Mandal Circle, Vileparle – East, Mumbai - 400057, Maharashtra, India

Date of Birth/Age :

01.06.1960

Date of Appointment :

31.03.2001

PAN No.:

AAAPB7785R

DIN No.:

01659971

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	U24200MH1981PTC023725	PADMA PHARMACEUTICALS PRIVATE LIMITED	Director	22/12/1983	22/12/1983	-	Active	NO
2	U24230MH1998PTC113058	VITAL HEALTH CARE PRIVATE LIMITED	Director	31/03/2001	31/03/2001	-	Active	NO
3	U24230MH2002PTC136195	VITAL LABORATORIES PRIVATE LIMITED	Director	13/06/2002	13/06/2002	-	Active	NO
4	U24230MH2003PTC143328	VITAL LIFESCIENCES PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
5	U51109MH2008PTC249051	NABARATNA VINIMAY PRIVATE LIMITED	Director	09/04/2010	09/04/2010	-	Active	NO
6	U18101MH2007PTC270415	TRIVINI TRADERS PRIVATE LIMITED	Director	01/11/2011	01/11/2011	-	Active	NO
7	U45400WB2007PTC116809	NIGHTANGLE CONSTRUCTION PRIVATE LIMITED	Director	01/11/2011	01/11/2011	-	Active	NO

Name :

Mr. Anil Balkrishna Ghogare

Designation :

Director

Address :

Flat No 104, 1st Floor, Rajanigandha Co-operative Society, Plot No 106, Gorai 2, Borivali West, Mumbai - 400091, Maharashtra, India

Date of Appointment :

21.09.2014

DIN No.:

00432659

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	U24110MH1985PTC035004	UNIMAX LABORATORIES PRIVATE LIMITED	Director	02/05/2005	02/05/2005	-	Active	NO
2	U24230MH1996PTC100189	Perlin Cosmeceuticals Private Limited	Director	03/11/2005	03/11/2005	02/01/2014	Active	NO
3	U24119MH2007PLC171416	KAYTROSS ACG LIFESCIENCES LIMITED	Director	01/10/2012	01/10/2012	-	Active	NO
4	U24230MH1987PTC043003	MEHTA API PRIVATE LIMITED	Director	30/09/2013	04/10/2012	-	Active	NO
5	U24230MH2002PTC136195	VITAL LABORATORIES PRIVATE LIMITED	Director	30/09/2013	01/08/2013	-	Active	NO
6	U24230MH1998PTC113058	VITAL HEALTH CARE PRIVATE LIMITED	Director	21/09/2014	01/01/2014	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 21.09.2014

Names of Shareholders		No. of Shares
Dipika R. Bajaj		434420
G. D. Bajaj		618250
Rajiv S. Bajaj		374500
Rajiv S. Bajaj (HUF)		326000
S.R. Bajaj		479080
S.R. Bajaj (HUF)		557500
Padma Pharmaceauticals Private Limited		1010500
L. P. Maurya		1750
Total		3802000

Equity Share Break up (Percentage of Total Equity)

AS ON 21.09.2014

Category	Percentage
Bodies corporate	26.58
Directors or relatives of Directors	50.14
Other top fifty shareholders	23.28
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of API’s [Active Pharmaceutical Ingredients]. (Registered Activity)

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :	Not Available

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 :

Not Available

Bankers :

Bank Name	Not Available
Branch	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	48.951	67.143

Short-term borrowings
Term loan from Banks	558.138	452.220
Total	607.089	519.363

Auditors :
Name :	Shantilal Chandaliya and Company Chartered Accountants
Address :	G-6/7, Amit Industrial Estate, Dr. S. S. Rao Road, Parel, Mumbai, Maharashtra, India
PAN No. of Auditors Firm:	AAIFK4378H

Memberships :	Not Divulged

Collaborators :	Not Divulged

Associates/Subsidiaries :	Not Divulged

Entities over which significant influence is Exercised:	Padma Pharmaceuticals Private Limited Vital Laboratories (Private) Limited Vital Lifesciences (Private) Limited Redpaw Pte Limited Nabaratna Vinimay Private Limited Triveni Traders (Private) Limited Nightangle Constructions (Private) Limited PPPL (Mauritius) Private Limited Pidi Standard Biotech (Chonging) Limited Padma Pharmaceuticals Private Limited Vital Laboratories (Private) Limited Pharma in Future

CAPITAL STRUCTURE

As on 21.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

4500000	Equity Shares	Rs.10/- each	Rs. 45.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3802000	Equity Shares	Rs.10/- each	Rs. 38.020 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	38.020	38.020	38.020
(b) Reserves & Surplus	256.655	229.080	199.355
(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)	294.675	267.100	237.375

(3) Non-Current Liabilities
(a) long-term borrowings	222.813	189.617	143.316
(b) Deferred tax liabilities (Net)	9.825	16.045	15.275
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.080	1.031	0.755
Total Non-current Liabilities (3)	233.718	206.693	159.346

(4) Current Liabilities
(a) Short term borrowings	558.138	452.220	275.625
(b) Trade payables	172.203	199.685	213.674
(c) Other current liabilities	64.056	58.698	5.302
(d) Short-term provisions	6.838	7.250	2.089
Total Current Liabilities (4)	801.235	717.853	496.690

TOTAL	1,329.628	1,191.646	893.411

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	237.949	237.441	212.971
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	68.974	69.056	19.022
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.005	0.005	0.005
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	15.562	10.283	19.179
(e) Other Non-current assets	3.638	2.975	2.234
Total Non-Current Assets	326.128	319.760	253.411

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	658.876	651.732	396.232
(c) Trade receivables	194.169	142.025	171.637
(d) Cash and cash equivalents	42.743	52.619	33.541
(e) Short-term loans and advances	30.718	25.383	36.393
(f) Other current assets	76.994	0.127	2.197
Total Current Assets	1,003.500	871.886	640.000

TOTAL	1,329.628	1,191.646	893.411

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	TOTAL INCOME	1329.894	1203.304	1092.315

Less	TOTAL EXPENSES	1299.402	1158.944	1050.586

	PROFIT/ (LOSS) BEFORE TAX	30.492	44.360	41.729

Less	TAX	2.917	14.635	13.582

	PROFIT/ (LOSS) AFTER TAX	27.575	29.725	28.147

	EARNINGS / (LOSS) PER SHARE (RS.)	7.25	7.82	7.40

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	18.564	27.053	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	93.098	13.319
Net cash flows from (used in) operating activities	NA	79.233	0.745

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	2.07	2.47	2.58

Return on Total Assets (PBT/Total Assets}	(%)	2.42	3.95	4.77

Return on Investment (ROI) (PBT/Networth)		0.10	0.17	0.18

Debt Equity Ratio (Total Debt /Networth)		2.71	2.50	1.76

Current Ratio (Current Asset/Current Liability)		1.25	1.21	1.29

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	38.020	38.020	38.020
Reserves & Surplus	199.355	229.080	256.655
Share Application money pending allotment	0.000	0.000	0.000
Net worth	237.375	267.100	294.675

long-term borrowings	143.316	189.617	222.813
Short term borrowings	275.625	452.220	558.138
Current Maturities of Long term debt	0.000	27.053	18.564
Total borrowings	418.941	668.890	799.515
Debt/Equity ratio	1.765	2.504	2.713

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	1092.315	1203.304	1329.894
		10.161	10.520

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	1092.315	1203.304	1329.894
Profit	28.147	29.725	27.575
	2.58%	2.47%	2.07%

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	No
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

COMPANY INFORMATION:

The Company is a leading manufacturer and supplier of traditional and new generational API to the National & International pharmaceutical community by offering stable and high quality products, on continuous innovation & development. Within a span of 16 years it has evolved itself into a plant covering area of 17,056 sq. mtr. of land with building of 1,40,860 sq. feet & manufacturing 375 Tons p.a. with an impressive clientele list of all major Indian Pharmaceutical companies and exporters of formulations. With exports being done to all continents, we have become a force to reckon with. Financial Strength, Reliable indigenous technology flavored with Constant innovation, a keen mind open to new ideas and experiments coupled with Crystal Clear business practices and self confidence brimming to the hilt are VITAL secrets of this stupendous growth.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and Advances from directors	26.902	13.765
Loans and Advacnes from others	146.960	108.709
Total	173.862	122.474

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10558650	04/12/2014	195,000,000.00	ALLAHABAD BANK	ALLAHABAD BANK BLDG, GROUND FLOOR, 37, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	C47654918
2	10334823	22/11/2012 *	23,000,000.00	SARASWAT BANK	GOVIND BHAWAN, 47 OLD NARGARDAS ROAD,, ANDHERI (EAST),, MUMBAI, MAHARASHTRA - 400069, INDIA	B62295969
3	10283595	09/04/2011	65,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	GOVIND BHAWAN, 47 OLD NAGARDAS ROAD,, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	B11519055
4	10283592	10/03/2011	5,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	GOVIND BHAWAN, 47 OLD NAGARDAS ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	B11517497
5	10278458	28/02/2011	10,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	GOVIND BHAWAN, 47 OLD NAGARDAS ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	B09850520
6	10278046	22/10/2012 *	267,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	GOVIND BHAVAN, 47 OLD NAGARDAS ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	B62212162
7	10266550	24/11/2011 *	70,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	GOVIND BHAWAN, 47 OLD NAGARDAS ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	B26925206
8	10276997	20/03/2012 *	250,000,000.00	THE SARASWAT COOPERATIVE BANK LIMITED	GOVIND BHAWAN, 47 OLD NAGARDAS ROAD, ANDHERI EAST , MUMBAI, MAHARASHTRA - 400069, INDIA	B39143722
9	10268779	24/11/2010	19,084,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	GOVIND BHAWAN, 47 OLD NAGARDAS ROAD,, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	B03311412
10	10276995	24/11/2010	17,100,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	GOVIND BHAWAN, 47 OLD NAGARDAS ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	B03314481

FIXED ASSETS

Land and Building
Furniture’s and Fixtures
Office Equipment
Computer
Vehicles

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 records 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. 67.04
UK Pound	1	Rs. 101.67
Euro	1	Rs. 73.93

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	AMT

Report Prepared by :	SYL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.

MIRA INFORM REPORT

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