MIRA INFORM REPORT

Report No. :	309597
Report Date :	27.02.2015

IDENTIFICATION DETAILS

Name :	INDOVAX PRIVATE LIMITED
Registered Office :	8^th Floor, Eros Apartments, 56, Nehru Place, New Delhi – 110 019
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.06.1986
Com. Reg. No.:	55-024582
Capital Investment / Paid-up Capital :	Rs.41.643 million
CIN No.: [Company Identification No.]	U74899DL1986PTC024582
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing and selling of Poultry Vaccines and trading of Biocides.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 732500
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s sound financial risk profile marked by healthy networth and decent profit margin of the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 – December 31, 2014

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

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. B.K. Pandey
Designation :	Accounts Manager
Contact No.:	91-124-4924900
Date :	26.02.2015

LOCATIONS

Registered Office :	8^th Floor, Eros Apartments, 56, Nehru Place, New Delhi – 110 019, India
Tel. No. :	91-11-26462854
Fax No. :	Not Available
E-Mail :	grover@indovax.com bkpandey@indovax.com marketing@indovax.com mail@indovax.com
Website :	http://www.indovax.com
Area :	800 sq. ft.
Location :	Rented
Group Headquarters :	Keggfarms, NH 8, Village Khandsa, Gurgaon – 122 001, Haryana, India
Tel. No. :	91-124-4924900-04
Fax No. :	91-124-4924905
Corporate Office :	Corporate Heights, Soc-24, Sector-14, Gurgaon – 122 001, Haryana, India
Tel. No.:	91-124-2315044/ 45/ 46
Fax No.:	91-124-2314680
E-Mail :	mail@indovax.com
Factory/ Research and Development Centre 2 :	Village Siswala, P.O. Rawalwas Khurd, Hissar – 125 001, Haryana, India
Area :	5000 sq. mtr.
Location :	Owned
Mailing Address 1/ Research and Development Centre 1 :	Plot No.9, IInd Floor, Ganpati Complex, Atul Kataria Chowk, Gurgaon – 122 001, Haryana, India
Mailing Address 2 :	Plot No.634, Pace City-II, Sector-37, Gurgaon – 122 001, Haryana, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Vinod Somnath Kapur

Designation :

Managing Director

Address :

Village Khandsa, Delhi-Jaipur Road, Gurgaon – 122 001, Haryana, India

Date of Birth/Age :

20.07.1934

Qualification :

B.A. (Hons.), DLC (Engg.) Hons., Loughborough (U.K.)

Experience :

59 Years

Date of Appointment :

23.06.1986

DIN No. :

00054739

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	U74899DL1979PTC010004	DAKSHIN KEGG PRIVATE LIMITED	Director	21/11/1979	21/11/1979	-	Active	NO
2	U74899DL1980PTC011086	KAFCO PRIVATE LIMITED	Director	28/11/1980	28/11/1980	-	Strike off	NO
3	U17290PB1972PTC003124	LUDHIANA KNIT-TECH PRIVATE LIMITED	Director	10/07/1981	10/07/1981	16/02/2011	Active	NO
4	U74899DL1985PTC021903	KEGGFARMS PRIVATE LIMITED	Director	05/03/2014	02/09/1985	-	Active	NO
5	U74899DL1986PTC024582	INDOVAX PRIVATE LIMITED	Managing director	23/06/1986	23/06/1986	-	Active	NO
6	U74899DL1988PTC030281	VICTOR GRIFFON MERCHANDISING PRIVATE LIMITED	Director	12/01/1988	12/01/1988	-	Strike off	NO
7	U74899DL1989PTC036814	VSK-KEGFARMS CORPORATE HOLDINGS PRIVATE LIMITED	Director	03/07/1989	03/07/1989	-	Active	NO
8	U51909DL2004PLC129495	JMK MERCANTILE LIMITED	Director	28/09/2004	28/09/2004	-	Active	NO

Name :

Mr. Rahul Kapur

Designation :

Director

Address :

B-1/5, DLF Phase-I, Gurgaon – 122 002, Haryana, India

Date of Birth/Age:

06.04.1963

Date of Appointment:

20.04.2008

DIN No. :

00020624

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	U74899DL1989PTC037758	AVITECH NUTRITION PRIVATE LIMITED	Managing director	10/06/1991	10/06/1991	-	Active	NO
2	U74899DL1985PTC021903	KEGGFARMS PRIVATE LIMITED	Director	01/09/1995	01/09/1995	-	Active	NO
3	U74999DL2003PTC121579	AVITECH TRADING PRIVATE LIMITED	Director	01/08/2003	01/08/2003	-	Active	NO
4	U51909DL2004PLC129495	JMK MERCANTILE LIMITED	Director	28/09/2004	28/09/2004	-	Active	NO
5	U74899DL1986PTC024582	INDOVAX PRIVATE LIMITED	Director	20/04/2008	25/04/2005	-	Active	NO
6	U29297DL2008PTC182062	IMMUNETIC LIFESCIENCES PRIVATE LIMITED	Nominee director	14/08/2008	14/08/2008	-	Active	NO
7	U51909DL2004PLC129494	PML MERCANTILE LIMITED	Director	01/11/2008	01/11/2008	-	Active	NO

Name :

Mr. Deepak Somnath Kapur

Designation :

Director

Address:

208-A, Baverly Park, DLF City, Phase-1, Gurgaon – 122 001, Haryana, India

Date of Birth/Age:

31.01.1955

Date of Appointment:

10.11.2012

DIN No. :

00393080

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	U74899DL1986PTC024582	INDOVAX PRIVATE LIMITED	Director	10/11/2012	12/05/2006	-	Active	NO
2	U29297DL2008PTC182062	IMMUNETIC LIFESCIENCES PRIVATE LIMITED	Nominee director	14/08/2008	14/08/2008	-	Active	NO
3	U74900DL2013PTC249430	EM3 AGRISERVICES PRIVATE LIMITED	Director	31/10/2014	31/10/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. S.K. Chadha
Designation :	Financial Advisor
Name :	Dr. G.T. Assudani
Designation :	Chief Operating Officer
Name :	Dr. V. Vijayan
Designation :	Resident Director
Name :	Dr. Roshan Sadhu
Designation :	Marketing Director
Name :	Mr. S. Modi
Designation :	General Manager- Finance
Name :	Mr. Arun Tiwari
Designation :	Senior General Manager- Corporate Affairs
Name :	Dr. H.S. Naik
Designation :	General Manager-Quality Control
Name :	Dr. S.C. Gupta
Designation :	General Manager - Technical Services
Name :	Mr. C.S. Jambaladinni
Designation :	General Manager - Production
Name :	Dr. Mallikarjun
Designation :	Head - R & D
Name :	Mr. A. K. Sehajpal
Designation :	National Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
Vinod Somnath Kapur	377697	90.70
Janak Mohini Kapur	7500	1.80
Rahul Kapur	31233	7.50
Total	416430	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of manufacturing and selling of Poultry Vaccines and trading of Biocides.
Products :	Poultry Vaccines
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Poultry Vaccines
Countries :	Nigeria Oman Singapore Malawi
Imports :
Products :	Chemicals
Countries :	USA
Terms :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Animal Care Services - Nigeria
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Calmet LLC - California, USA
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

600 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	Sector-14, Gurgaon, Haryana, 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 :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
From Banks:
- Overdraft facilities (The Overdraft facility against Fixed Deposit from HDFC Bank carry interest 1.50% over the fixed deposit rate.)	18.304	19.729
Total	18.304	19.729

Banking Relations :	--
Auditors :
Name :	V.V. Kale and Company Chartered Accountants
Address :	16A/20, W.E.A. Main Ajmal Khan Road, Main Ajmal Khan Road, Karol Bagh, New Delhi – 110 005, India
Tel. No. :	91-11-25761916/ 25712222/ 25722222/ 25732222
Fax No. :	91-11-25732222
E-Mail :	kalecos@vvkale.com
PAN No.:	AACFV8784C
Memberships :	Not Available
Collaborators :	Not Available
Joint Venture Company :	Immunetic Lifesciences Private Limited
Companies in which Directors are interested :	Keggfarms Private Limited, India
Group Company :	Avitech Nutrition Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
416430	Equity Shares	Rs.100/- each	Rs.41.643 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	41.643	41.643	41.643
(b) Reserves & Surplus	214.735	198.564	191.045
(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)	256.378	240.207	232.688
(3) Non-Current Liabilities
(a) Long-term borrowings	6.726	6.726	7.136
(b) Deferred tax liabilities (Net)	8.045	10.133	13.720
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	4.001	3.904	3.873
Total Non-current Liabilities (3)	18.772	20.763	24.729
(4) Current Liabilities
(a) Short term borrowings	18.304	19.729	25.576
(b) Trade payables	10.871	12.397	8.253
(c) Other current liabilities	33.087	32.534	36.185
(d) Short-term provisions	7.881	6.389	6.144
Total Current Liabilities (4)	70.143	71.049	76.158
TOTAL	345.293	332.019	333.575
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	76.231	87.884	93.214
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.348	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	14.295	14.295	14.295
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	14.885	14.430	14.793
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	105.759	116.609	122.302
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	106.303	95.010	83.506
(c) Trade receivables	68.932	61.571	67.842
(d) Cash and cash equivalents	59.747	52.410	52.759
(e) Short-term loans and advances	2.922	3.507	5.348
(f) Other current assets	1.630	2.912	1.818
Total Current Assets	239.534	215.410	211.273
TOTAL	345.293	332.019	333.575

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	426.826	385.327	391.433
		Other Income	8.635	7.939	4.188
		TOTAL	435.461	393.266	395.621
Less	EXPENSES
		TOTAL	373.877	352.679	341.523
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		61.584	40.587	54.098
Less	FINANCIAL EXPENSES		1.794	1.716	1.915
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		59.790	38.871	52.183
Less/ Add	DEPRECIATION/ AMORTISATION		11.063	10.234	9.955
	PROFIT/ (LOSS) BEFORE TAX		48.727	28.637	42.228
Less	TAX		15.017	6.599	13.118
	PROFIT/ (LOSS) AFTER TAX		33.710	22.038	29.110
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		177.749	172.434	160.759
Less	APPROPRIATIONS
		Transfer to General Reserve	3.371	2.204	2.912
		Dividend on Equity Shares	14.991	12.493	12.493
		Tax on Dividend	2.548	2.026	2.030
	BALANCE CARRIED TO THE B/S		190.549	177.749	172.434
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	71.554	61.280	47.107
	TOTAL EARNINGS		71.554	61.280	47.107
	IMPORTS
		Raw Materials
		- Specified Pathogen Free Eggs	6.598	42.750	17.559
		- Chemicals	11.238	9.725	7.276
		Stores & Spares	1.764	0.147	0.677
		Capital Goods	0.000	1.941	2.054
	TOTAL IMPORTS		19.600	54.563	27.566
	Earnings / (Loss) Per Share (Rs.)		80.95	52.92	69.90

Expected Sales (2014-2015): Rs.500.000 million

The above information has been parted by Mr. B.K. Pandey (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	7.90	5.72	7.44
Operating Profit Margin (PBDIT/ Sales)	(%)	14.43	10.53	13.82
Return on Total Assets (PBT/Total Assets}	(%)	14.74	9.01	13.23
Return on Investment (ROI) (PBT/Networth)		0.19	0.12	0.18
Debt Equity Ratio (Total Debt/Networth)		0.10	0.11	0.14
Current Ratio (Current Asset/Current Liability)		3.41	3.03	2.77

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	41.643	41.643	41.643
Reserves & Surplus	191.045	198.564	214.735
Net worth	232.688	240.207	256.378
Long Term borrowings	7.136	6.726	6.726
Short Term borrowings	25.576	19.729	18.304
Total borrowings	32.712	26.455	25.030
Debt/Equity ratio	0.141	0.110	0.098

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from operations	391.433	385.327	426.826
		(1.560)	10.770

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from operations	391.433	385.327	426.826
Profit	29.110	22.038	33.710
	7.44%	5.72%	7.90%

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	Yes
18]	Major customers	Yes
19]	Payments terms	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE OF THE COMPANY

The Company has achieved a sales turnover of Rs.426.826 million (excluding excise duty) during the year as against Rs.385.327 million in the preceding year. Sales turnover in domestic market at Rs.338.500 million against Rs.307.955 million witnessed a growth of Rs.30.545 million despite the poultry markets all over India being very depressed and the market for the Company's products becoming increasingly competitive with increase of products being imported by overseas suppliers. In Export markets, sales turnover at Rs.88.326 million also registered a growth of Rs.10.954 million against a turnover of Rs.77.372 million during the preceding year. On volume front, the Company has achieved sale of 3010.93 Million Doses against 2788.29 Million Doses during previous year

The Company has produced 3129.38 Million Doses of vaccines during the year against 3130.80 Million Doses during the previous year.

The Company has recorded Profit (After Tax) of Rs.33.710 million as against Rs.22.038 million in the preceding year, registering a growth of Rs.11.672 million, entirely on account of strict control over expenditure. The Management is making all efforts to continue the improvement process in the current year.

JOINT VENTURE COMPANY

Immunetic Lifesciences Private Limited (ILPL) is a joint-venture of the Company in partnership with Gezondheidsdienst Voor Dieren B.V. (GD) of the Netherlands and holds equal stake in the joint venture (i.e., 50% each). ILPL is engaged in producing SPF Eggs at their Plant at Village Gondpur Jaichand Nichla, Tehsil Haroli, District Una, Himachal Pradesh. During the Financial year 20 13-14, ILPL achieved revenue of Rs.34.369 million against revenue of Rs.2.048 million during preceding year. ILPL has successfully stabilized the production during the year and the management of ILPL is making all efforts to maintain the growth of the Company during the current year.

RESEARCH AND DEVELOPMENT

The Company's research and development activities are focused on developing new products and continuously advancing the product quality at two R&D Laboratories at Hissar and Gurgaon. These Laboratories continue to enjoy accreditation by the Department of Scientific and Industrial Research (DSIR) under the Ministry of Science and Technology. These Laboratories also continue to carry out disease investigation, sample collection as part of surveillance and epidemiology with a view to improve not only the existing products in terms of antigenic content/modulation but also to innovate and develop new products for the wellbeing of the poultry farming community of India.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
From others:
- Loan from Department of biotechnology, Ministry of S&T, Government of India, to be repaid in 10 equal annual installament starting from 29.06.2014.	6.726	6.726
Total	6.726	6.726

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10252242	15/11/2010	7,000,000.00	DEPARTMENT OF BIOTECHNOLOGY	BLOCK 2, CGO COMPLEX, LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA	A99633448
2	80008079	25/03/2010 *	52,500,000.00	AXIS BANK LIMITED	SCO-29, SECTOR 14, OLD DELHI GURGAON ROAD, GURGAON, HARYANA - 122001, INDIA	A83619783
3	80008077	02/09/2004	42,500,000.00	UTI BANK LIMITED	SCO-13, SECTOR-14, GRUGAON, HARYANA - 122001, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land – Freehold

· Buildings

· Plant and Machinery

· Office Equipment

· Computer

· Furniture and Fixtures

· Vehicles

· Tubewell

· Master Seed

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.61.94
UK Pound	1	Rs.96.24
Euro	1	Rs.70.39

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	SMN

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	5
-- 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	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		48

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.