MIRA INFORM REPORT

Report No. :	303868
Report Date :	16.01.2015

IDENTIFICATION DETAILS

Name :	MAX SPECIALITY FILMS LIMITED
Registered Office :	419, Bhai Mohan Singh Nagar, Village Railmajra, Tehsil Balachaur Nawan Shehar – 144533, Punjab
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.12.2012
Com. Reg. No.:	16-036981
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U24100PB2012PLC036981
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 :	Manufactures flexible polymer films for multitudinous applications in food.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Even though the company was incorporated on 28^th December2012, it has commenced its business operations after April 2014. It is having a moderate track record. Management has denied to disclose any information to us. As per available financial record of 2014, the company has incurred huge pre operating expenses which has resulted into accumulated losses recorded by the company. Business is active. Payments are reported to be slow. The company can be considering for business dealing on safe and secured 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

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 DENIED

Management Non Co-Operative (Tel No.: 91-1881-462028)

LOCATIONS

Registered Office :	419, Bhai Mohan Singh Nagar, Village Railmajra, Tehsil Balachaur Nawan Shehar – 144533, Punjab, India
Tel. No.:	91-1881-223169
Mobile No.:	Not Available
Fax No.:	91-1881-273607
E-Mail :	corpsecretarial@maxindia.com
Corporate Office :	Max House, 1, Dr. Jha Marg, Okhla – 110020, New Delhi, India
Tel. No.:	91-11-26933610-223/222
Fax No.:	91-11-41609085
Sales Office :	Located At : Chandigarh Mumbai Chennai Kolkata
Manufacturing Plant :	Bhai Mohan Singh Nagar, Village and Post Office Rail Majra, District Nawanshahr – 144533, India
Tel. No.:	91-1881-462001 91-1881-462000

DIRECTORS

As On 27.03.2014

Name :

Mr. Analjit Singh

Designation :

Director

Address :

15, Aurabgzeb Road, New Delhi – 110011, India

Date of Birth/Age :

11.01.1954

Date of Appointment :

28.12.2012

DIN No.:

00029641

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	U74899DL1982PTC013743	MOHAIR INVESTMENT AND TRADINGCOMPANY PRIVATE LIMITED	Director	05/11/1982	05/11/1982	-	Active	NO
2	L24223PB1988PLC008031	MAX INDIA LIMITED	Director	01/04/2014	24/02/1988	-	Active	NO
3	U74899DL1988PTC030778	DYNAVEST INDIA PRIVATE LIMITED	Director	26/02/1988	26/02/1988	-	Active	NO
4	U65993DL1984PTC121971	BOOM INVESTMENTS PRIVATE LIMITED	Director	30/06/1992	30/06/1992	-	Active	NO
5	U80100TG1997NPL036631	INDIAN SCHOOL OF BUSINESS	Director	29/09/1999	29/09/1999	-	Active	NO
6	U74899DL2000PLC106723	Max Life Insurance Company Limited	Director	11/07/2000	11/07/2000	-	Active	NO
7	U51909DL2000PTC106621	CANDID MARKETING PRIVATE LIMITED	Director	03/10/2000	03/10/2000	14/06/2006	Active	NO
8	U65993DL1982PTC013728	LIQUID INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	24/12/2001	24/12/2001	-	Active	NO
9	U74899DL1994PLC061314	MAX MEDICAL SERVICES LIMITED	Director	28/12/2001	28/12/2001	14/01/2009	Active	NO
10	U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Director	28/01/2009	03/05/2002	27/05/2014	Active	NO
11	U65993DL2003PTC119032	TROPHY HOLDINGS PRIVATE LIMITED	Director	19/02/2003	19/02/2003	-	Active	NO
12	U85199DL2003PLC119249	MAX HEALTHSTAFF INTERNATIONAL LIMITED	Director	04/03/2003	04/03/2003	24/10/2008	Active	NO
13	U74999HR2004PLC035286	ACQVIRE TALENT SERVICES LIMITED	Director	14/01/2004	14/01/2004	-	Amalgamated	NO
14	U70101DL2004PLC124525	MALSI HOLDINGS LIMITED	Director	09/02/2004	09/02/2004	-	Active	NO
15	U55101DL1971PTC005570	DELHI GUEST HOUSES PVT LTD	Director	29/07/2004	29/07/2004	-	Active	NO
16	L35911DL1984PLC017354	Hero MotoCorp Limited	Director	28/09/2004	28/09/2004	10/09/2012	Active	NO
17	U70101DL2005PTC132788	TROPHY ESTATES PRIVATE LIMITED	Director	08/02/2005	08/02/2005	05/10/2013	Active	NO
18	U74899DL1995PLC065253	HERO CORPORATE SERVICE LIMITED	Director	14/03/2005	14/03/2005	31/01/2009	Active	NO
19	L65190MH2004GOI148838	IDBI Bank Limited	Director	02/05/2005	02/05/2005	01/05/2011	Active	NO
20	U55101DL2005PTC140056	TROPHY RESORTS & GUEST HOUSES PRIVATE LIMITED	Director	26/08/2005	26/08/2005	23/03/2009	Active	NO
21	U74900DL1999PTC099676	Pier114 Imports Private Limited	Director	26/10/2005	26/10/2005	-	Active	NO
22	U74999DL2003PTC122373	MV HEALTHCARE SERVICES PRIVATE LIMITED	Director	23/02/2006	23/02/2006	05/03/2010	Active	NO
23	U15549DL2006PTC145754	SCORPIOS BEVERAGES PRIVATE LIMITED	Director	23/02/2006	23/02/2006	21/03/2014	Active	NO
24	U70101DL2004PTC124524	VITASTA ESTATES PRIVATE LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
25	U32200MH1992PLC119108	VODAFONE INDIA LIMITED	Director	16/02/2012	23/03/2006	-	Active	NO
26	U74999DL1999PLC102149	MAX NEEMAN MEDICAL INTERNATIONAL LIMITED	Director	01/06/2006	01/06/2006	04/07/2014	Active	NO
27	U65993DL2006PTC148287	BAS Enterprises Private Limited	Director	03/08/2006	03/08/2006	19/04/2012	Active	NO
28	U65993DL2006PTC148286	TVP INVESTMENTS PRIVATE LIMITED	Director	03/08/2006	03/08/2006	23/03/2009	Active	NO
29	U70100CH2006PTC030489	TERRA PLANET ESTATE PRIVATE LIMITED	Director	16/08/2006	16/08/2006	-	Active	NO
30	U70101PB1999PLC022109	MALSI ESTATES LIMITED	Director	02/01/2007	02/01/2007	-	Active	NO
31	U74994DL2007PTC165988	Studio Urban Space Consultants Private Limited	Additional director	01/11/2007	01/11/2007	19/12/2013	Active	NO
32	U25200PB2008PLC031807	Max Speciality Products Limited	Director	31/03/2008	31/03/2008	14/01/2009	Active	NO
33	U93091DL2006PTC149385	SYNERGY INFRACON PRIVATE LIMITED	Director	30/09/2008	01/04/2008	23/03/2009	Active	NO
34	U70109DL2008PTC176967	HOMETRAIL PROPERTIES PRIVATE LIMITED	Director	21/04/2008	21/04/2008	23/03/2009	Active	NO
35	U45400DL2008PTC176963	HOMETRAIL ESTATE PRIVATE LIMITED	Director	21/04/2008	21/04/2008	23/03/2009	Active	NO
36	U45400DL2008PTC176962	HOMETRAIL BUILDTECH PRIVATE LIMITED	Director	21/04/2008	21/04/2008	23/03/2009	Active	NO
37	U74999DL2004PTC131598	WEGMANS BUSINESS PARK PRIVATE LIMITED	Director	26/06/2008	26/06/2008	23/03/2009	Active	NO
38	U85100DL2008PTC182708	Nurture Health Services Private Limited	Director	01/09/2008	01/09/2008	03/05/2014	Active	NO
39	U85110DL2008PTC182707	Leo Retailing and Health Services Private Limited	Director	01/09/2008	01/09/2008	03/05/2014	Active	NO
40	U85194DL2008PTC182703	Capricorn Health Services Private Limited	Director	01/09/2008	01/09/2008	03/05/2014	Active	NO
41	U51109DL2008PTC182764	Capricorn Hospitality Services Private Limited	Director	02/09/2008	02/09/2008	03/05/2014	Active	NO
42	U70100DL2008PTC182834	Piveta Estates Private Limited	Director	30/09/2013	03/09/2008	-	Active	NO
43	U66000DL2008PLC182918	Max Bupa Health Insurance Company Limited	Director	30/09/2008	05/09/2008	26/11/2012	Active	NO
44	L15491WB1962PLC031425	TATA GLOBAL BEVERAGES LIMITED	Director	26/08/2014	22/10/2008	-	Active	NO
45	L24230DL1975PLC007908	DABUR INDIA LIMITED	Director	15/07/2009	30/10/2008	16/07/2012	Active	NO
46	U74999HR2000PLC035269	GROW TALENT COMPANY LIMITED	Director	22/09/2009	17/01/2009	29/03/2010	Active	NO
47	U55101DL2009PLC188676	Malsi Hotels Limited	Director	20/03/2009	20/03/2009	03/05/2014	Active	NO
48	U55101DL2009PTC196524	Solace Hotels and Hospitality Services Private Limited	Director	02/12/2009	02/12/2009	30/03/2010	Active	NO
49	U92100DL2007PLC170574	Indus Towers Limited	Director	19/07/2010	01/02/2010	19/10/2011	Active	NO
50	U55101DL2010PTC207677	Max Ventures Private Limited	Director	30/08/2010	30/08/2010	-	Active	NO
51	U70102UR2010PTC033234	M.J. INFRAVENTURES PRIVATE LIMITED	Director	12/01/2011	12/01/2011	04/01/2014	Active	NO
52	U74140DL2011PLC218781	ANTARA SENIOR LIVING LIMITED	Director	02/11/2012	29/06/2012	-	Active	NO
53	U65990MH1997PTC112707	TELECOM INVESTMENTS INDIA PRIVATE LIMITED	Director	28/09/2012	28/08/2012	21/03/2014	Active	NO
54	U32202WB1995PLC069502	USHA MARTIN TELEMATICS LTD	Director	25/09/2012	28/08/2012	21/03/2014	Active	NO
55	U65990MH1999PTC121979	JAYKAY FINHOLDING (INDIA) PRIVATE LIMITED	Director	28/09/2012	28/08/2012	21/03/2014	Active	NO
56	U64200MH1995PTC087657	OMEGA TELECOM HOLDINGS PRIVATE LIMITED	Director	28/09/2012	28/08/2012	21/03/2014	Active	NO
57	U24100PB2012PLC036981	Max Speciality Films Limited	Director	28/12/2012	28/12/2012	27/06/2014	Active	NO

Name :

Mr. Rahul Khosla

Designation :

Director

Address :

58, Coronation Drive, Singapore – 269604

Date of Birth/Age:

29.08.1959

Date of Appointment :

28.12.2012

DIN No.:

03597562

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	L24223PB1988PLC008031	MAX INDIA LIMITED	Managing director	01/04/2013	18/08/2011	-	Active	NO
2	U66000DL2008PLC182918	Max Bupa Health Insurance Company Limited	Director	01/05/2012	14/10/2011	-	Active	NO
3	U74899DL2000PLC106723	Max Life Insurance Company Limited	Director	16/05/2012	01/02/2012	-	Active	NO
4	U74140DL2011PLC218781	ANTARA SENIOR LIVING LIMITED	Director	02/11/2012	29/06/2012	-	Active	NO
5	U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Director	27/05/2014	19/07/2012	-	Active	NO
6	U74140DL2012PLC244411	Antara Gurgaon Senior Living Limited	Director	05/11/2012	05/11/2012	19/11/2013	Active	NO
7	U24100PB2012PLC036981	Max Speciality Films Limited	Director	28/12/2012	28/12/2012	27/06/2014	Active	NO

Name :

Mr. Mohit Talwar

Designation :

Director

Address :

Flat No. 1518-B, Building – 4, Tower-15, The Magnolias DLF Golf Links, DLF Golf Course, Gurgaon – 122009, Haryana, India

Date of Birth/Age :

17.09.1959

Date of Appointment :

28.12.2012

DIN No.:

02394694

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	U74140DL2008PTC175230	ABK CONSULTANTS PRIVATE LIMITED	Director	30/09/2010	14/03/2008	13/05/2013	Active	NO
2	U85110DL2008PTC182707	Leo Retailing and Health Services Private Limited	Director	30/09/2010	11/11/2008	13/05/2013	Active	NO
3	U85100DL2008PTC182708	Nurture Health Services Private Limited	Director	30/09/2010	11/11/2008	13/05/2013	Active	NO
4	U85194DL2008PTC182703	Capricorn Health Services Private Limited	Director	30/09/2010	11/11/2008	13/05/2013	Active	NO
5	U25200PB2008PLC031807	Max Speciality Products Limited	Director	29/09/2009	14/01/2009	13/05/2013	Active	NO
6	U74899DL1994PLC061314	MAX MEDICAL SERVICES LIMITED	Director	28/09/2009	14/01/2009	-	Active	NO
7	U70100DL2008PTC182834	Piveta Estates Private Limited	Director	30/09/2010	14/09/2009	13/05/2013	Active	NO
8	U32200MH1992PLC119108	VODAFONE INDIA LIMITED	Alternate director	29/11/2011	08/12/2009	23/05/2012	Active	NO
9	U24232PB1989PLC009741	PHARMAX CORPORATION LTD	Director	24/09/2010	17/12/2009	-	Active	NO
10	U85199DL2003PLC119249	MAX HEALTHSTAFF INTERNATIONAL LIMITED	Director	28/09/2010	17/12/2009	-	Active	NO
11	U55101DL2009PTC196524	Solace Hotels and Hospitality Services Private Limited	Director	29/09/2010	30/03/2010	05/10/2012	Active	NO
12	L24223PB1988PLC008031	MAX INDIA LIMITED	Whole-time director	01/11/2013	14/02/2012	-	Active	NO
13	U74140DL2011PLC218781	ANTARA SENIOR LIVING LIMITED	Director	02/11/2012	29/06/2012	-	Active	NO
14	U66000DL2008PLC182918	Max Bupa Health Insurance Company Limited	Director	26/04/2013	01/08/2012	-	Active	NO
15	U74140DL2012PLC244411	Antara Gurgaon Senior Living Limited	Director	05/11/2012	05/11/2012	19/11/2013	Active	NO
16	U24100PB2012PLC036981	Max Speciality Films Limited	Director	28/12/2012	28/12/2012	-	Active	NO
17	U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	Director	26/09/2014	27/05/2014	-	Active	NO

Name :

Mrs. Sujatha Ratnam

Designation :

Director

Address :

B-233, Sector – 50, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

05.08.1964

Date of Appointment :

13.03.2014

DIN No.:

00403024

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	U24232PB1989PLC009741	PHARMAX CORPORATION LTD	Director	01/01/2005	01/01/2005	-	Active	NO
2	U70101PB1998PLC021363	NEW DELHI HOUSE SERVICES LIMITED	Director	09/03/2005	09/03/2005	-	Active	NO
3	U74899DL1994PLC060700	MAX ATEEV LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
4	U65990MH1997PTC112707	TELECOM INVESTMENTS INDIA PRIVATE LIMITED	Director	29/09/2006	16/08/2006	28/08/2012	Active	NO
5	U65993WB1997PLC085278	UMT INVESTMENTS LIMITED	Director	29/09/2006	16/08/2006	28/08/2012	Active	NO
6	U65990MH1999PTC121979	JAYKAY FINHOLDING (INDIA) PRIVATE LIMITED	Director	29/09/2006	16/08/2006	28/08/2012	Active	NO
7	U32202WB1995PLC069502	USHA MARTIN TELEMATICS LTD	Director	16/08/2006	16/08/2006	28/08/2012	Active	NO
8	U62200DL2004PLC131655	FORUM I AVIATION LIMITED	Director	25/09/2007	15/12/2006	-	Active	NO
9	U74140DL2008PTC175230	ABK CONSULTANTS PRIVATE LIMITED	Director	30/09/2010	14/03/2008	13/05/2013	Active	NO
10	U25200PB2008PLC031807	Max Speciality Products Limited	Director	31/03/2008	31/03/2008	-	Active	NO
11	U70101PB1999PLC022109	MALSI ESTATES LIMITED	Director	26/09/2008	03/07/2008	-	Active	NO
12	U85199DL2003PLC119249	MAX HEALTHSTAFF INTERNATIONAL LIMITED	Director	28/09/2009	24/10/2008	-	Active	NO
13	U74899DL1994PLC061314	MAX MEDICAL SERVICES LIMITED	Director	28/09/2009	14/01/2009	-	Active	NO
14	U45400DL2008PTC176962	HOMETRAIL BUILDTECH PRIVATE LIMITED	Director	30/09/2009	02/04/2009	-	Active	NO
15	U45400DL2008PTC176963	HOMETRAIL ESTATE PRIVATE LIMITED	Director	30/09/2009	02/04/2009	-	Active	NO
16	U70100DL2008PTC182834	Piveta Estates Private Limited	Director	30/09/2010	14/09/2009	-	Active	NO
17	U74999DL1999PLC102149	MAX NEEMAN MEDICAL INTERNATIONAL LIMITED	Director	28/09/2010	17/12/2009	-	Active	NO
18	U74899DL1989PLC036413	ALPS HOSPITAL LIMITED	Director	28/09/2010	17/12/2009	-	Active	NO
19	U74999DL2003PTC122373	MV HEALTHCARE SERVICES PRIVATE LIMITED	Director	30/09/2010	04/03/2010	28/08/2012	Active	NO
20	U55101DL2009PTC196524	Solace Hotels and Hospitality Services Private Limited	Director	29/09/2010	30/03/2010	-	Active	NO
21	U51900MH2006PTC158923	PLUSTECH MERCANTILE COMPANY PRIVATE LIMITED	Director	29/09/2010	02/06/2010	28/08/2012	Active	NO
22	U15928MH2006PTC159281	AG MERCANTILE COMPANY PRIVATE LIMITED	Director	29/09/2010	02/06/2010	28/08/2012	Active	NO
23	U51900MH2006PTC158894	NADAL TRADING COMPANY PRIVATE LIMITED	Director	29/09/2010	02/06/2010	28/08/2012	Active	NO
24	U64200MH1995PTC087657	OMEGA TELECOM HOLDINGS PRIVATE LIMITED	Additional director	24/11/2011	24/11/2011	28/08/2012	Active	NO
25	U65921MH2006PTC163408	SMMS INVESTMENTS PRIVATE LIMITED	Additional director	24/11/2011	24/11/2011	28/08/2012	Active	NO
26	U65993DL1983PLC017164	CHEM INVEST LIMITED	Director	24/09/2012	12/12/2011	27/05/2013	Active	NO
27	U74140DL2011PLC218781	ANTARA SENIOR LIVING LIMITED	Director	28/08/2013	13/03/2013	-	Active	NO
28	U74120UR1995PLC018283	ANTARA PURUKUL SENIOR LIVING LIMITED	Director	26/08/2013	07/05/2013	-	Active	NO
29	U74140DL2012PLC244411	Antara Gurgaon Senior Living Limited	Director	31/12/2013	19/11/2013	-	Active	NO
30	U24100PB2012PLC036981	Max Speciality Films Limited	Additional director	13/03/2014	13/03/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.03.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Max India Limited, India	49440	98.88
Pharmax Corporation Limited, India	500	1.00
Mr. Rahul Khosla, Singapore	10	0.02
Mr. Mohit Talwar, India	10	0.02
Mr. V. Krishnan, India	10	0.02
Mrs. Sujatha Ratnam, India	10	0.02
Mr. M.G. Rajagopalan, India	10	0.02
Mr. Rahul Ahuja, India	10	0.02
Total	50,000	100.00

As on 27.03.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufactures flexible polymer films for multitudinous applications in food.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :	Not Divulged
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 :

Information declined by the management.

Bankers :

• The Ratnakar Bank Limited, Shahupuri, Kolhapur, Maharashtra - 416001, India
• Kotak Mahindra Bank Limited, 7th Floor, Ambadeeb Building, 14, K.G. Marg, Delhi - 110001, India
• Yes Bank Limited, Nehru Centre, 9th Floor, Discovery of India, Dr. 
  A.B. Road, Worli,, Mumbai, Maharashtra - 400018, India
• IndusInd Bank Limited, Dr. Gopal Das Bhawan, 28, Barakhamba Road, Delhi - 110001, India
• Citi Bank N.A., 5th Floor, DLF Square, 17th Floor,, 
  DLF City Phase - II, M-Block, Jacaranda Marg, Gurgaon, Haryana - 122002, India
• HDFC Bank Limited, 2nd Floor, Express Building, 9-10, Bahadur Shah Zafar Marg, ITO, New Delhi, Delhi - 110002, India

Facilities :

--

Auditors :
Name :	S R Batliboi and Company LLP Chartered Accountant
Address :	Golf View Corporate, Tower-BSector 42, Sector Road, Gurgaon – 122002, Haryana, India
PAN No.:	AALFS0506L
Memberships :	--
Collaborators :	--
Holding Company :	Max India Limited
Associates/Subsidiaries :	Max India Limited (CIN No.: L24223PB1988PLC08031) Pharmax Corporation Limited (CIN No.: U24232PB1989PLC009741)

CAPITAL STRUCTURE

As On 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

After 27.03.2014

Authorised Capital : Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 337.879 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.09.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500
(b) Reserves & Surplus	(0.631)	(0.156)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	20.000	0.000
Total Shareholders’ Funds (1) + (2)	19.869	0.344
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	250.000	0.000
(b) Trade payables	0.213	0.112
(c) Other current liabilities	0.367	0.000
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	250.580	0.112
TOTAL	270.449	0.456
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	270.449	0.456
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	0.000	0.000
Total Current Assets	270.449	0.456
TOTAL	270.449	0.456

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.09.2013
	SALES
		TOTAL	0.000	0.000
Less	EXPENSES
		Other expenses	0.119	0.156
		TOTAL	0.119	0.156
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(0.119)	(0.156)
Less	FINANCIAL EXPENSES		0.356	0.000
	PROFIT/ (LOSS) BEFORE TAX		(0.475)	(0.156)
Less	TAX		0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(0.475)	(0.156)
	Earnings / (Loss) Per Share (Rs.)		(9.50)	(3.12)

KEY RATIOS

PARTICULARS		31.03.2014	31.09.2013
Return on Total Assets (PBT/Total Assets}	(%)	(0.18)	(34.21)
Return on Investment (ROI) (PBT/Networth)		(0.02)	(0.45)
Debt Equity Ratio (Total Liability/Networth)		12.58	0.00
Current Ratio (Current Asset/Current Liability)		1.08	4.07

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.09.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	0.500
Reserves & Surplus	(0.156)	(0.631)
Net worth	0.344	(0.131)
long-term borrowings	0.000	0.000
Short term borrowings	0.000	250.000
Total borrowings	0.000	250.000
Debt/Equity ratio	0.000	(1,908.397)

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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

OPERATIONS

The Company acquired Max Speciality Films division owned by Max India Limited on April 1, 2014 after receipt of requisite corporate and regulatory approvals. The consideration for acquisition of the said division was discharged by the Company through a combination of (i) issuance of equity shares for consideration other than cash to Max India Limited and (ii) the balance in the form of loans on mutually agreeable terms.

As on March 31, 2014, 99% of the paid up share capital was owned by Max India Limited, and the balance 1 % is held by Pharmax Corporation Limited (PCL), another subsidiary of Max India Limited.

With the issue of shares to Max India Limited post acquisition of Max Specialty Films division, the Company issued shares to (PCL) to enable PCL maintain 1% shareholding in the Company. The shareholding of Max India Limited post the aforesaid allotment remains at 99%

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10524519	31/10/2014 *	400,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR,, KOLHAPUR, Maharashtra - 41600  1, INDIA	C31973324
2	10518573	03/09/2014	300,000,000.00	KOTAK MAHINDRA BANK LIMITED	7th Floor, Ambadeeb Building,, 14, K.G. Marg,, New Delhi, Delhi - 110001, INDIA	C19596063
3	10521495	27/08/2014	148,528,454.88	YES BANK LIMITED	Nehru Centre, 9th Floor, Discovery of India, Dr.  A.B. Road, Worli,, Mumbai, Maharashtra - 400018, INDIA	C22013858
4	10521170	27/08/2014	300,000,000.00	YES BANK LIMITED	Nehru Centre, 9th Floor, Discovery of India, Dr.  A.B. Road, Worli,, Mumbai, Maharashtra - 400018, INDIA	C21708961
5	10521494	27/08/2014	2,150,000,000.00	YES BANK LIMITED	Nehru Centre, 9th Floor, Discovery of India, Dr.  A.B. Road, Worli, Mumbai, Maharashtra - 400018, INDIA	C22013031
6	10517677	11/08/2014	200,000,000.00	IndusInd Bank Limited	Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi, Delhi - 110001, INDIA	C18944645
7	10506135	02/06/2014	200,000,000.00	Citi Bank N.A.	Citibank N.A., 5th Floor, DLF Square, 17th Floor,,  DLF City Phase - II, M-Block, Jacaranda Marg, Gurgaon, Haryana - 122002, INDIA	C09361775
8	10490156	16/04/2014	300,000,000.00	HDFC BANK LIMITED	2nd Floor, Express Building, 9-10, Bahadur Shah Zafar Marg, ITO, New Delhi, Delhi - 110002, INDIA	C03793726

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans and Advances from related parties	250.000	0.000
Total	250.000	0.000

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. 61.76
UK Pound	1	Rs. 94.02
Euro	1	Rs. 72.63

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--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	NP
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		14

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.