MIRA INFORM REPORT

Report No. :	307722
Report Date :	19.02.2015

IDENTIFICATION DETAILS

Name :	HIMEDIA LABORATORIES PRIVATE LIMITED

Registered Office :	23, Vadhani Industrial Estate, L.B.S. Marg, Ghatkopar (West), Mumbai - 400 086, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	08.09.1982

Com. Reg. No.:	11-028194

Capital Investment / Paid-up Capital :	Rs.45.563 Millions

CIN No.: [Company Identification No.]	U85195MH1982PTC028194

IEC No.:	0388060166

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACH3784P FT001

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Peptones, Vegetable Origin, Animal based protein hydrolysates

No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Status :	Good

Payment Behavior :	Regular

Litigation :	Clear

Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy operational risk profile marked by its promoter’s expertise in the culture media business, decent financial base and adequate liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 (A-)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	31.03.2014

Rating Agency Name	CRISIL
Rating	Short term rating (A2+)
Rating Explanation	Strong degree of safety and low credit risk.
Date	31.03.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Basant
Designation :	Finance Manger
Contact No.:	91-22-25001607
Date :	14.02.2015

LOCATIONS

Registered/ Head Office :	23, Vadhani Industrial Estate, L.B.S. Marg, Ghatkopar (West), Mumbai - 400 086, Maharashtra, India
Tel. No.:	91-22-25001607/ 61169797
Fax No.:	91-22-25005764 / 25002468/ 2500 2286
E-Mail :	accounts@himedialabs.com info@himedialabs.com techhelp@himedialabs.com sarojw@giasbm01.vsnl.net.in
Website :	www.himedialabs.com www.himedia.com
Area :	1000 sq. ft.
Location :	Owned

Corporate Office :	A 516, Swastik Disha Business Park, via Vadhani Industrial Estate, L.B.S. Marg, Mumbai-400086, Maharashtra, India
Tel. No.:	91-22-61471919/ 25003747/ 25000970/ 25000278
Fax No.:	91-22-61471920/ 25005764/ 2500 2468


Factory 1 :	Plot No. W-239(B), MIDC Industrial Area, Phase II, Dombivali (East), Thane, Maharashtra, India

Factory 2 :	Plot No. B-6 in Dindori Industrial Area, Village Palkhed, Taluka Dindori, District Nasik, Maharashtra, India

Warehouse:	Located at Bhiwandi

DIRECTORS

As on: 29.09.2014

Name :	Dr. Gangandhar Warke
Designation :	Managing Director
Address :	133 Prim Rose, Tata Glendale, Pokharan Road No. 2, Thane – 400610, Maharashtra, India
Date of Birth/Age :	16.09.1941
Qualification:	M.Sc.,
Date of Appointment :	08.09.1992
PAN No.:	AAAPW0772D
DIN No.:	00131921

Name :	Mr. Vishnu Warke
Designation :	Whole Time Director
Address :	C-2/ 1002, 10^th Floor, Lok Everest, J. D. Road, Mulund, Mumbai – 400 080, Maharashtra, India
Date of Birth/Age :	03.07.1945
Qualification:	B.Sc.,
Date of Appointment :	08.09.1992
PAN No.:	AAAPW2012N
DIN No.:	00143047

Name :	Mr. Vishal Gangadhar Warke
Designation :	Whole Time Director
Address :	131, 13^th Floor, Prime Rose Gladys A Lverex Road-Village Majiwade, Thane – 400 607, Maharashtra, India
Date of Birth/Age :	29.04.1973
Date of Appointment :	01.08.2004
PAN No.:	AAIPW9404G
DIN No.:	00143167

Name :	Mr. Anil Tryambak Warke
Designation :	Whole Time Director
Address :	Mathura Anandghan Co-Operative Society, Sant Namdeo Path, Dombivali (East), Thane – 421 201, Maharashtra, India
Date of Birth/Age :	30.07.1960
Date of Appointment :	01.05.1998
PAN No.:	AAAPW2003R
DIN No.:	00143275

Name :	Mr. Rahul Gangadhar Warke
Designation :	Whole Time Director
Address :	134, 13^th Floor, Prime Rose Gladys Al Wares Marg, Pokhran Road No.2, Thane – 400 602, Maharashtra, India
Date of Birth/Age :	19.09.1974
Qualification:	M.Sc.,
Date of Appointment :	01.04.2006
PAN No.:	AAIPW9403B
DIN No.:	00143397

Name :	Mrs. Priti Vishal Warke
Designation :	Whole Time Director
Address :	1 33 Prim Rose, Tata Glendale, Pokharan Road No. 2, Thane – 400610, Maharashtra, India
Date of Birth/Age :	11.12.1976
Date of Appointment :	01.08.2005
PAN No.:	AAQPW2037H
DIN No.:	00809839

Name :	Mr. Rajas Vishnu Warke
Designation :	Director
Address :	C-2/ 1002, 10^th Floor, Lok Everest, J. D. Road, Mulund, Mumbai – 400 080, Maharashtra, India
Date of Birth/Age :	06.02.1978
Date of Appointment :	16.06.2008
PAN No.:	AAIPW9405H
DIN No.:	02247355

Name :	Mr. Pravin Tryambak Warke
Designation :	Whole Time Director
Address :	Madhura Building, Anandgaon Sant Namdeo Path, Dombivli, Thane – 421 201, Maharashtra, India
Date of Birth/Age :	15.07.1965
Date of Appointment :	01.08.2005
PAN No.:	AAAPW2137Q
DIN No.:	01672973

Name :	Mr. Dinkar G Charudhari
Designation :	Director
Address :	4, Sai Nagar Apartments, Next to Uttam Society, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	01.04.1939
Date of Appointment :	03.01.2002

Name :	Mr. Laxman S Bhole
Designation :	Director
Address :	K-22, Ganaji Raj Cooperative Housing Society, Mitha Nagar Road, Mulund East, Mumbai – 400081, Maharashtra, India
Date of Birth/Age :	01.06.1942
Date of Appointment :	03.01.2002

Name :	Mr. Saroj G Warke
Designation :	Director
Address :	132 Prim Rose, Tata Glendale, Pokharan Road No. 2, Thane – 400610, Maharashtra, India
Date of Birth/Age :	27.02.1949
Date of Appointment :	29.09.2014
DIN No.:	00142782

KEY EXECUTIVES

Name :	Mr. Basant
Designation :	Finance manger

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2014

Names of Shareholders	No. of Shares
Gangadhar M. Warke	128027
Vishnu M. Warke	128026
Tryambak M. Warke	188
Jyoti A. Warke Anil T. Warke	3375
Pravin. T. Warke T. M. Warke	950
Pravin T. Warke Sangeeta. P. Warke	49275
Ramesh T. Warke T. M Warke	950
R. Ramesh T. Warke S. R. Warke	49275
Anil T. Warke T. M. Warke	10400
Anil T. Warke J. A. Warke	36450
Rajas V. Warke	675
Saroj G. Warke	337
Swati V. Warke	337
Vishal G. Warke	337
Rahul G. Warke	337
Gangadhar M. Warke (HUF)	337
Vishnu M. Warke (HUF)	337
Promino Health Product Private Limited, India	337
P. T. Warke (HUF), India	225
Saroj G Warke	7500
R. T. Warke (HUF), India	225
A. T. Warke (HUF), India	225
Rahul G. Warke	7500
Vishal G. Warke	7500
Swati V. Warke	7500
Rajas V. Warke	15000
Total	455625

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Peptones, Vegetable Origin, Animal based protein hydrolysates

Products :

Item Code No.	Product Description
13019019	BDH Chemicals
13023100	Chemicals
21021010	Media Base
28152000	Chemicals
29181190	Chemicals
32041990	Chemicals
35040010	General Media
35071019	Chemicals
38210000	Chemicals , General Media etc.
38220090	Chemicals, Diagnostic media, General Media, Laboratories Aids and Equipments, Media base
39201019	Laboratories Aids and Equipments
39233090	Laboratories Aids and Equipments
39269099	Plastic Wares
84191920	Laboratories Aids and equipments. Plastic Wares
90172010	Laboratories Aids and Equipments, Plastic Wares
90189019	Laboratories Aids and Equipments, Plastic Wares

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Peptones
Vegetable Origin

Countries :

Mauritius
Spain
Bangkok
Germany
Kuwait
UAE
Muscat
Switzerland

Imports :

Products :

Raw Material

Countries :

Muscat
Sri Lanka
France
Mauritius
Bangkok
Germany
UK

Terms :

Selling :

Cash, L/C and Credit (30 Days)

Purchasing :

Cash, L/C and Credit (30 Days)

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 :

End Users and OEMs

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 :

700 (Approximately)

Bankers :

Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
Union Bank of India, Kapurbavdi Branch

Bank Name	State Bank of India
Branch	Commercial Branch, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	01650010032
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 :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2014 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	7.306	0.000
Foreign currency term loans from banks	53.199	0.000
Loans taken for vehicles	0.898	0.394

Short-term borrowings
Working capital loans from banks	400.134	386.609

Total	461.537	387.003


Auditors :
Name :	A.B. Jog and Company Chartered Accountants
Address :	604-B, Manisha Apartments, Church Road, Marol, Andheri (East), Mumbai - 400 059, Maharashtra, India
Tel. No.:	91-22-28209245
Fax No.:	91-22-24313042
PAN N Income-tax PAN of auditor or auditor's firm :	AAFPJ0523Q

Memberships :	Not Available

Collaborators :	Not Available

Parties where control exists (subsidiaries) :	Himedia Laboratories, LLC, U.S.A

Enterprises Having Common Key Management Personnel and Their Relatives:	Warkem Biotech Private Limited, India [U24200MH2005PTC150416] Pure Nutriplant Chemicals Private Limited Promino Health Products Private Limited Agencia LaDiagnos X-pert Computer Consultants Warke Family trust Biopharmaceutical Enterprises H.P. Works Biotech Consultants Promino Products

Key Management Personnel and Their Relatives:	S. G. Warke, Consultant Shwetha. R. Warke, Consultant, V. M. Warke(HUF) R. T. Warke, Consultant R. T. Warke(HUF) P. T. Warke(HUF) A. T. Warke(HUF)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

500,000	Equity Shares	Rs.100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

455,625	Equity Shares	Rs.100/- each	Rs. 45.563 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	45.563	18.225	18.225
(b) Reserves & Surplus	832.090	700.108	560.059
(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)	877.653	718.333	578.284

(3) Non-Current Liabilities
(a) long-term borrowings	394.496	273.712	258.632
(b) Deferred tax liabilities (Net)	13.290	13.288	12.678
(c) Other long term liabilities	155.354	148.478	137.470
(d) long-term provisions	10.734	4.564	2.140
Total Non-current Liabilities (3)	573.874	440.042	410.920

(4) Current Liabilities
(a) Short term borrowings	400.134	386.809	329.287
(b) Trade payables	203.236	189.904	159.003
(c) Other current liabilities	81.700	36.274	72.776
(d) Short-term provisions	87.718	75.035	43.627
Total Current Liabilities (4)	772.788	688.022	604.693

TOTAL	2224.315	1846.397	1593.897

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	555.150	454.859	437.045
(ii) Intangible Assets	18.221	2.974	1.357
(iii) Capital work-in-progress	24.281	0.609	28.862
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.997	5.259	0.013
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	60.981	42.634	25.871
(e) Other Non-current assets	1.874	1.708	1.963
Total Non-Current Assets	663.504	508.043	495.111

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	745.667	640.424	520.973
(c) Trade receivables	484.450	463.584	330.261
(d) Cash and cash equivalents	252.312	162.059	174.643
(e) Short-term loans and advances	65.753	65.490	57.690
(f) Other current assets	12.629	6.797	15.219
Total Current Assets	1560.811	1338.354	1098.786

TOTAL	2224.315	1846.397	1593.897

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales	2333.939	2129.258	1642.454
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA

	PROFIT BEFORE TAX		326.472	274.257	160.557

Less	TAX		114.199	91.845	52.567

	PROFIT AFTER TAX		212.273	182.412	107.990

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.988	18.542	27.083

Less	APPROPRIATIONS
		General Reserve	154.959	131.604	74.168
		Dividend (Interim and Final)	52.954	42.363	42.363
	BALANCE CARRIED TO THE B/S		31.348	26.987	18.542

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		691.207	667.438	483.254
	TOTAL EARNINGS		691.207	667.438	483.254

	CIF VALUE OF IMPORT		487.546	406.730	236.576

	Earnings Per Share (Rs.)		465.89	1001.00	593.00

Expected Sales (2014-15): Rs. 2500.000 Millions

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	9.10	8.57	6.57

Return on Total Assets (PBT/Total Assets}	(%)	14.86	14.90	10.26

Return on Investment (ROI) (PBT/Networth)		0.37	0.38	0.28

Debt Equity Ratio (Total Debt /Networth)		0.91	0.92	1.02

Current Ratio (Current Asset/Current Liability)		2.02	1.95	1.82

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	18.225	18.225	45.563
Reserves & Surplus	560.059	700.108	832.090
Net worth	578.284	718.333	877.653

long-term borrowings	258.632	273.712	394.496
Short term borrowings	329.287	386.809	400.134
Total borrowings	587.919	660.521	794.630
Debt/Equity ratio	1.017	0.920	0.905

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1642.454	2129.258	2333.939
		29.639	9.613

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1642.454	2129.258	2333.939
Profit	107.990	182.412	212.273
	6.57%	8.57%	9.10%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS:

The company registered an increase in domestic turnover by 13.27% and in export turnover by 2.54% over that of the previous year. The increase in domestic turnover is the result of the marketing efforts of the directors. The export turnover could not increase much due to recessionary conditions throughout the world and also due to billing to most of the overseas buyers on FOB basis instead of CIF basis earlier.

The sales promotion efforts are continuously going on and enabling the company to exploit the full potential of markets in India and abroad. This is evident from the increased turnover for the year in spite of competitive conditions in the country and in the global economy. A better utilization of resources has enabled the Company to increase the profit after tax for the year. The healthcare scenario of the country has been changing for the better due to increased awareness from the government and among the general public. An encouraging quantum of enquiries is being received. The turnover for the first four months of the current year, which is normally a lean period, has amounted to Rs.805.700 Millions. The directors are optimistically confident of not only achieving a target of Rs.2850.000 Millions set for the current year, but exceeding the same.

During the year, the company has taken strides in the introduction of new products. These products are the results of the Research and Development efforts of your company in the field of vegetable based peptone, Plant tissue culture cells, and monoclonal and polyclonal antibodies, Animal cell culture media & Molecular Biological kits. These products are finding acceptability in domestic and foreign markets, both existing and new. Kits to test rapid growth of bacteria are being well accepted. Various in-vitro diagnostic reagents continue to find a ready global market. During the last year, the Company has introduced complete detection of Sickle cell kit in Hematology range, harmonized media for Pharmaceutical industries and developed economical version of water testing kit. These products are significantly contributing to increase in turnover. The company introduced first time in the world the rapid and simple diagnostic kits for pharmaceutical, clinical, food, water and milk testing and is planning to take the patent for the same.

The company has already successfully started marketing Hiveg products in USA. Also regular Medias are also created besides veg products. The Company is also targeting Hiveg products in fermentation industries where animal based products will be replaced with Hiveg products. A-comprehensive range of stem cells, primary cells and their media were launched during last year.

Stem cell, which is a new field, was launched in the last year and it is significantly contributing to increase in turnover.

Due to these circumstances your directors are hopeful of achieving the projected turnover in this financial year also.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Deferred sales tax loan	117.687	119.912
Loans and advances from directors	176.647	118.647
Loans and advances from others	38.759	34.759

Short-term borrowings
Loans and advances from related parties	0.000	0.200

Total	333.093	273.518

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2014
Guarantees	3.082
Total	3.082

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10530220	12/08/2014	80,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	C32957037
2	90243478	04/02/2004 *	141,800,000.00	STATE BANK OF INDIA	L B S ROAD, MUMBAI, MAHARASHTRA, INDIA	-
3	90186763	14/08/2014 *	728,000,000.00	STATE BANK OF INDIA	MUMBAI COMMERCIAL BRANCH, N.G.N. VAIDYA MARG,, HO RNIMAN CIRCLE, BANK STREET, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	C19717248
4	90184117	21/07/1999	53,000,000.00	STATE BANK OF INDIA	SSI BUSINESS BRANCH; GHATKOPAR (WEST) BRANCH, L.B .S MARG; GHATKOPAR, MUMBAI, MAHARASHTRA -400086, INDIA	-
5	90186618	11/11/1998	66,000,000.00	STATE BANK OF INDIA	ASHOK MILLS COMPOUND; L.B.S ROAD, GHATKOPAR WEST, MUMBAI, MAHARASHTRA - 400086, INDIA	-
6	90242142	15/01/2015 *	728,000,000.00	STATE BANK OF INDIA	MUMBAI COMMERCIAL BRANCH, N.G.N. VAIDYA MARG,, HO RNIMAN CIRCLE, BANK STREET, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	C42918656
7	90184076	30/07/2004 *	53,000,000.00	STATE BANK OF INDIA	ASHOK MILLS COMPOUND; L.B.S ROAD, GHATKOPAR WEST, MUMBAI, MAHARASHTRA - 400086, INDIA	-
8	90186467	17/07/2000 *	53,000,000.00	STATE BANK OF INDIA	ASHOK MILLS COMPOUND, L.B.S ROAD; GHATKOPAR WEST, MUMBAI, MAHARASHTRA - 400086, INDIA	-
9	90186415	17/01/1997	53,000,000.00	STATE BANK OF INDIA	SPECIALISED SMALL INDUSTRY ESTATE BRANCH, MUMBAI, MAHARASHTRA - 400086, INDIA	-
10	90185632	29/03/1994 *	9,980,000.00	STATE BANK OF INDIA	SSI BUSINESS BRANCH; GHATKOPAR (WEST) BRANCH, L.B .S MARG; GHATKOPAR, MUMBAI, MAHARASHTRA - 400086, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible assets

Land
Buildings
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment
Computer equipments
Computer software
Know-how

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.62.24
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	KRN

Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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

INDEX OF CHARGES

Unit