MIRA INFORM REPORT

Report No. :	332541
Report Date :	21.07.2015

IDENTIFICATION DETAILS

Name :	THEON PHARMACEUTICALS LIMITED
Registered Office :	No. 50, Sector -28 A, Chandigarh – 160026, Chandigarh
Tel. No.:	91-172-5210200
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.05.2005
Com. Reg. No.:	53-028465
Capital Investment / Paid-up Capital :	Rs.35.0000 Million
CIN No.: [Company Identification No.]	U24231CH2005PLC028465
IEC No.:	2207001415
TAN No.: [Tax Deduction & Collection Account No.]	PTLT11788A
PAN No.: [Permanent Account No.]	AACCT2692J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Pharmaceutical formulation.
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 2300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Established in 2005, Theon Pharmaceuticals Limited (TPL) is well established company having satisfactory track record. Rating, to reflect on company’s above-average financial risk profile, marked by low gearing and healthy debt protection metrics, and its strong business risk profile support by healthy growth in revenue and fiscal benefits granted by the Government of Himachal Pradesh. Rating further take into account on company established relationships with customers, established track record of its business as well as experience of the promoters into pharma industry. These rating strengths are partially offset by TPL’s large working capital requirements and vulnerability to intense competition in the domestic formulation industry and to changes in government regulations. However, trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered good for business dealings at its usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Bank Facilities BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	December 2014

Rating Agency Name	CRISIL
Rating	Short Term Bank Facilities A2
Rating Explanation	Strong degree of safety and low credit risk
Date	December 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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Anil Gugain
Designation :	Deputy Manager Finance and Account
Contact No.:	91-172-5210200
Date :	20.07.2015

LOCATIONS

Registered Office :	No. 50, Sector -28 A, Chandigarh – 160026, Chandigarh
Tel. No.:	91-172-5210200
Fax No.:	91-172-5033851
E-Mail :	parularoracs@gmail.com punit@theonpharma.com
Website :	http://www.theonpharma.com
Location :	Rented
Locality :	Residential
Corporate Office :	Plot No-400, Industrial Area, Phase-1, Panchkula-134113, Haryana, India
Tel. No.:	91-172-5011077 / 5210200
Fax No.:	91-172-5033851
E-Mail :	contract@theonpharma.com mohitsharma@theonpharma.com admin@theonpharma.com rashidshaikh@theonpharma.com
Factory :	Village Saini Majra, Tehsil Nalagarh District Solan, Himachal Pradesh, India
Tel No.:	91-1795-669200 / 309200
Locality :	Industrial

DIRECTORS

As on 30.09.2014

Name :

Mr. Bal Krishan Bansal

Designation :

Director

Address :

H. No.222, Sector-7, Panchkula, Haryana, India

Date of Birth/Age :

15.01.1953

Date of Appointment :

27.05.2005

PAN No.:

ADBPK3195Q

DIN No.:

00548350

Name :

Mr. Mukesh Bansal

Designation :

Director

Address :

H. No.222, Sector-7, Panchkula, Haryana, India

Date of Birth/Age :

18.06.1979

Date of Appointment :

27.05.2005

DIN No.:

00548369

Name :

Mr. Lajpat Rai Bansal

Designation :

Whole-time director

Address :

H. No.222, Sector-7, Panchkula, Haryana, India

Date of Birth/Age :

01.07.1960

Date of Appointment :

01.01.2012

PAN No.:

AAUPB5619G

DIN No.:

00548376

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	U70100CH2005PTC028911	DIPLOMAT HOTELS PRIVATE LIMITED	Director	05/09/2005	05/09/2005	-	Strike off	NO
2	U24231CH2005PLC028465	THEON PHARMACEUTICALS LIMITED	Whole-time director	01/01/2012	10/05/2006	-	Active	NO
3	U21022CH2010PTC032393	ISIS PACKAGING PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO

Name :

Mr. Anshul Bansal

Designation :

Whole-time director

Address :

H. No.203, Sector-7, Panchkula, Haryana, India

Date of Birth/Age :

08.03.1985

Date of Appointment :

01.04.2011

PAN No.:

AIOPB3430B

DIN No.:

00548418

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	U24231CH2005PLC028465	THEON PHARMACEUTICALS LIMITED	Whole-time director	01/04/2011	27/05/2005	-	Active	NO
2	U51397CH2009PTC031474	IVA HEALTHCARE PRIVATE LIMITED	Director	06/01/2009	06/01/2009	-	Active	NO

Name :

Mr. Amit Kumar Bansal

Designation :

Managing director

Address :

H No.64, Sector 28-A, Chandigarh, Punjab, India

Date of Birth/Age :

24.04.1976

Date of Appointment :

01.04.2011

PAN No.:

ABBPB9319H

DIN No.:

01183281

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	U24231CH2005PLC028465	THEON PHARMACEUTICALS LIMITED	Managing director	01/04/2011	08/07/2005	-	Active	NO
2	U51410CH2006PLC029773	BANSI RAUNAQ ENERGY GROUP LTD	Director	23/02/2006	23/02/2006	-	Active	NO
3	U21022CH2010PTC032393	ISIS PACKAGING PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO
4	U51397CH2009PTC031474	IVA HEALTHCARE PRIVATE LIMITED	Director	30/09/2013	20/08/2013	-	Active	NO

Name :

Mr. Manish Bansal

Designation :

Director

Address :

H No.64, Sector 28-A, Chandigarh, Punjab, India

Date of Birth/Age :

13.11.1978

Date of Appointment :

01.04.2009

DIN No.:

00548494

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	U24231CH2005PLC028465	THEON PHARMACEUTICALS LIMITED	Director	01/04/2009	08/07/2005	-	Active	NO
2	U51397CH2009PTC031474	IVA HEALTHCARE PRIVATE LIMITED	Director	06/01/2009	06/01/2009	-	Active	NO
3	U21022CH2010PTC032393	ISIS PACKAGING PRIVATE LIMITED	Director	15/10/2011	11/02/2011	-	Active	NO

Name :

Ms. Madhu Bansal

Designation :

Whole-time director

Address :

H No.64, Sector 28-A, Chandigarh, Punjab, India

Date of Birth/Age :

17.06.1953

Date of Appointment :

01.04.2010

PAN No.:

APSPB7922D

DIN No.:

02428389

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	U24231CH2005PLC028465	THEON PHARMACEUTICALS LIMITED	Whole-time director	01/04/2010	08/07/2005	-	Active	NO
2	U51397CH2009PTC031474	IVA HEALTHCARE PRIVATE LIMITED	Director	12/01/2009	12/01/2009	20/08/2013	Active	NO

Name :

Mr. Punit Bansal

Designation :

Whole-time director

Address :

H No. 109, Sector-7, Panchkula, Haryana, India

Date of Birth/Age :

12.08.1984

Date of Appointment :

01.04.2011

DIN No.:

00548436

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	U24231CH2005PLC028465	THEON PHARMACEUTICALS LIMITED	Whole-time director	01/04/2011	10/05/2006	-	Active	NO
2	U51397CH2009PTC031474	IVA HEALTHCARE PRIVATE LIMITED	Director	12/01/2009	12/01/2009	-	Active	NO
3	U74900CH2014OPC035145	SHARANAM ENTERPRISES OPC PRIVATE LIMITED	Director	28/07/2014	-	27/06/2015	Active	NO
4	AAC-1243	SHARANAM SERVICES LLP	Designated Partner	26/02/2014	26/02/2014	-	Active	NO

Name :

Ms. Monika Bansal

Designation :

Whole-time director

Address :

H No.64, Sector 28-A, Chandigarh, Punjab, India

Date of Birth/Age :

23.09.1980

Date of Appointment :

01.04.2009

DIN No.:

00633294

Name :

Ms. Shiana Bansal

Designation :

Whole Time Director

Address :

H No.64, Sector 28-A, Chandigarh, Punjab, India

Date of Birth/Age :

23.06.1982

Date of Appointment :

01.04.2010

DIN No.:

03062085

Name :

Mr. Puran Chand Joshi

Designation :

Whole-time director

Address :

H No.117/B1, Ward No 2, Model Town, Pinjore - 134101, Haryana, India

Date of Birth/Age :

30.10.1966

Date of Appointment :

05.10.2013

DIN No.:

05216099

KEY EXECUTIVES

Name :	Mr. Anil Gugain
Designation :	Deputy Manager Finance and Account

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Amit Bansal	402000	15.31
Monika Bansal	105000	4.00
Manish Bansal	399000	15.20
Madhu Bansal	406500	15.49
Bal Krishna Bansal	302250	11.51
Mukesh Bansal	285000	10.86
Punit Bansal	130500	4.97
Lajpat Rai Bansal	174750	6.66
Anshul Bansal	157500	6.00
BrijBala	262500	10.00
Total	2625000	100.00

As on 31.03.2015

Names of Allottee	No. of Shares
Amit Bansal	134000
Monika Bansal	35000
Manish Bansal	133000
Madhu Bansal	135500
Bal Krishna Bansal	100750
Mukesh Bansal	95000
Punit Bansal	43500
Lajpat Rai Bansal	58250
Anshul Bansal	52500
BrijBala	87500
Total	875000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Pharmaceutical formulation.
Products :	Pharmaceutical formulation
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Pharmaceutical formulation
Countries :	Srilanka Kenya
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Pharma Care
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 :	Glen mark Pharmaceuticals Limited
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 :

800 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	06502790000085
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash – Rs. 260.000 Million Credit, LC = Rs. 70.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	142.339	120.073
Short-term borrowings
Working capital loans from banks	131.562	49.905
Other loans and advances	22.007	7.654
Total	295.908	177.632

Auditors :
Name :	S Kumar Gupta and Associates Chartered Accountants
PAN N Income-tax PAN of auditor or auditor's firm :	AECPG2057F
Memberships :	--
Collaborators :	--
Associates :	IVA Healthcare Private Limited U51397CH2009PTC031474 ISIS Packaging Private Limited U21022CH2010PTC032393
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Attis Remedies

CAPITAL STRUCTURE

After As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2625000	Equity Shares	Rs.10/- each	Rs.26.250 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	26.250	26.250	26.250
(b) Reserves & Surplus	768.525	553.968	348.153
(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)	794.775	580.218	374.403
(3) Non-Current Liabilities
(a) long-term borrowings	150.339	121.573	122.576
(b) Deferred tax liabilities (Net)	23.699	19.934	12.014
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.883	5.828	1.903
Total Non-current Liabilities (3)	182.921	147.335	136.493
(4) Current Liabilities
(a) Short term borrowings	153.569	57.559	76.209
(b) Trade payables	729.579	747.172	412.957
(c) Other current liabilities	61.994	78.414	53.513
(d) Short-term provisions	57.440	53.933	11.859
Total Current Liabilities (4)	1002.582	937.078	554.538
TOTAL	1980.278	1664.631	1065.434
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	377.384	391.017	294.839
(ii) Intangible Assets	1.651	1.304	0.445
(iii) Capital work-in-progress	217.494	55.457	0.000
(iv) Intangible assets under development	5.537	0.000	0.000
(b) Non-current Investments	0.050	0.050	0.050
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	71.144	27.535	42.195
(e) Other Non-current assets	3.073	0.000	0.000
Total Non-Current Assets	676.333	475.363	337.529
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	342.691	342.211	180.938
(c) Trade receivables	654.739	612.127	439.691
(d) Cash and cash equivalents	42.378	31.098	11.613
(e) Short-term loans and advances	264.137	203.832	95.163
(f) Other current assets	0.000	0.000	0.500
Total Current Assets	1303.945	1189.268	727.905
TOTAL	1980.278	1664.631	1065.434

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	2847.925	2255.079	1521.094
	Other Income	5.595	3.265	0.539
	TOTAL (A)	2853.520	2258.344	1521.633
Less	EXPENSES
	Cost of Materials Consumed	2199.420	1721.717	1128.157
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.298	(23.506)	(5.420)
	Employees benefits expense	118.231	83.399	49.305
	Other expenses	203.566	166.105	120.837
	TOTAL (B)	2521.515	1947.715	1292.879
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	332.005	310.629	228.754
Less	FINANCIAL EXPENSES (D)	34.107	25.946	15.764
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	297.898	284.683	212.990
Less/ Add	DEPRECIATION/ AMORTISATION (F)	36.352	30.165	15.682
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	261.546	254.518	197.308
Less	TAX (H)	5.493	9.653	1.928
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	256.053	244.865	195.380
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	78.017	12.274	4.962
	TOTAL EARNINGS	78.017	12.274	4.962
	IMPORTS
	Raw Materials	24.486	26.116	53.978
	Capital Goods	21.107	7.796	2.923
	TOTAL IMPORTS	45.593	33.912	56.901
	Earnings / (Loss) Per Share (Rs.)	97.54	93.28	74.43

Particulars	31.03.2015
Sales Turnover	3150.000

The above information has been parted by Mr. Anil Gugain (Deputy Manager Finance and Account)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	145.279	279.805	123.216

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	8.99	10.86	12.84
Operating Profit Margin (PBIDT/Sales)	(%)	11.66	13.77	15.04
Return on Total Assets (PBT/Total Assets}	(%)	14.88	15.82	18.52
Return on Investment (ROI) (PBT/Networth)		0.33	0.44	0.53
Debt Equity Ratio (Total Debt /Networth)		0.38	0.31	0.53
Current Ratio (Current Asset/Current Liability)		1.30	1.27	1.31

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	26.250	26.250	26.250
Reserves & Surplus	348.153	553.968	768.525
Net worth	374.403	580.218	794.775
long-term borrowings	122.576	121.573	150.339
Short term borrowings	76.209	57.559	153.569
Total borrowings	198.785	179.132	303.908
Debt/Equity ratio	0.531	0.309	0.382

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	1521.094	2255.079	2847.925
		48.254	26.289

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	1521.094	2255.079	2847.925
Profit	195.380	244.865	256.053
	12.84%	10.86%	8.99%

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	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from SCF 90 Grain Market, Sector – 26, Chandigarh, Punjab, India to the present address w.e.f. 21.02.2012

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	8.000	1.500
Total	8.000	1.500

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10298451	21/01/2015 *	671,969,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C42866327
2	10092434	10/03/2008	3,000,000.00	GOVERNOR OF HIMACHAL PRADESH (THROUGH GM INDUSTRIE  S CENTRE)	DIRECTORATE OF INDUSTRIES, GOVERNMENT OF HIMAHAL  PRADESH, SHIMLA, Himachal Pradesh - 171001, INDIA	A34077925

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Inter corporate Guarantees	44.000	44.000
Performance Bank Guarantee	33.424	29.113
LC discounted (netted off from Debtors) Capital Commitments	3.428	0.000
PO issued against Capital Goods	116.162	155.721
Letter of Credit on Capital Goods (LC opened but goods not received till end of the year)	7.588	0.000

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

Intangible assets

• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.63.55
UK Pound	1	Rs.99.10
Euro	1	Rs.68.83

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KSH
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--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		50

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.