MIRA INFORM REPORT

Report No. :	312685
Report Date :	16.03.2015

IDENTIFICATION DETAILS

Name :	BOSTON SCIENTIFIC INDIA PRIVATE LIMITED (w.e.f.08.04.2011)
Formerly Known As :	GUIDANT INDIA PRIVATE LIMITED
Registered Office :	C-40/41, Okhla Industrial Area, Phase - II, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.07.2003
Com. Reg. No.:	55-121242
Capital Investment / Paid-up Capital :	Rs.282.300 Millions
CIN No.: [Company Identification No.]	U33119DL2003FTC121242
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCG9446Q
Legal Form :	Private Limited Liability Company
Line of Business :	Presales, Sales, Marketing, Distribution, Delivery, After Sales Services of Medical Products and also Related Activities.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of “Boston Scientific Corporation” which is a worldwide Developer, Manufacturer and Marketer of Medical Devices. It is an established company having satisfactory track record. The subject has good net worth position backed by debt free balance sheet of the company. General financials of the company seems decent. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. In view of strong holding company and experienced management, 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 DECLINED

MANAGEMENT NON CO-OPERATIVE

(CONTACT NO.: 91-124-4923300)

LOCATIONS

Registered Office :	C-40/41, Okhla Industrial Area, Phase – II, New Delhi – 110020, India
Tel. No.:	91-11-41611024
Fax No.:	91-11-41611023
E-Mail :	ala@ala-india.com
Website :	http://www.bostonscientific.com
Head Office :	8^th Floor, Building No.5, Cyber Terraces, DLF Cyber City Phase No. III, Gurgaon – 122002, Haryana, India
Tel No.:	91-124-4923300
Fax No.:	91-124-4923333

DIRECTORS

AS ON 26.09.2014

Name :	Mr. Prabal Chakraborty
Designation :	Managing director
Address :	Flat 402, Tower 6, Vipul Belmonte, Golf Course Road, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	31.12.1962
Date of Appointment :	30.07.2014
DIN No.:	05293134
Name :	Mr. Daniel Joseph Brennan
Designation :	Alternate director
Address :	95, Thornton Road, Needham, Massachusetts 02492 USA
Date of Birth/Age :	02.10.1965
Date of Appointment :	24.03.2010
DIN No.:	03012493
Name :	Mr. Rajiv Kapahi
Designation :	Whole-time director
Address :	A-294, Defence Colony, New Delhi – 110024, India
Date of Birth/Age :	24.01.1965
Date of Appointment :	30.07.2014
DIN No.:	05290480
Name :	Mr. Vance Brown
Designation :	Additional Director
Address :	15, Fatima Road, Ashland, Massachusetts 01721 USA
Date of Birth/Age :	11.08.1969
Date of Appointment :	14.05.2012
DIN No.:	05302893

KEY EXECUTIVES

Name :	Mr. Pradeep Kumar
Designation :	Company Secretary
Address :	Tower No.22, Flat No.1202, Vipul Green, Sohna Road, Gurgaon – 122001, Haryana, India
Date of Birth/Age :	25.06.1970
Date of Appointment :	16.09.2013
PAN No.:	AGUPK2375C

MAJOR SHAREHOLDERS

AS ON 26.09.2014

Names of Shareholders	No. of Shares
Boston Scientific Group PLC, The Netherlands	23
Boston Scientific International B.V., The Netherlands	28229927
Total	28229950

AS ON 26.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings [Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Presales, Sales, Marketing, Distribution, Delivery, After Sales Services of Medical Products and also Related Activities.
Products :	Medical Devices
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Not Divulged

Facilities :

--

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company LLP Chartered Accountants
Address :	Golf View, Corporate Tower-B, Sector-42, Sector Road, Gurgaon, Haryana, India
PAN No.:	ACHFS9180N
Holding Company :	Boston Scientific International B.V., (The Netherlands)
Ultimate Holding Company :	Boston Scientific Corporation,(Natick, USA)
Fellow Subsidiaries :	· Cardiac Pacemakers, Inc. USA · Boston Scientific Clonmel Limited (Ireland) · Guidant Europe NV (Belgium) · Boston Scientific Pty. Limited (Australia) · Boston Scientific Medizintechnik GmbH (Germany) · Boston Scientific International S.A. (France) · Boston Scientific Asia Pacific Pte. Limited (Singapore) · Boston Scientific Benelux NV (Belgium) · Boston Scientific Japan K.K. (Japan) · Boston Scientific Scimed, Inc. USA · Boston Scientific S.p.A. (Italy) · Boston Scientific (Malaysia) Sdn. Bhd. (Malaysia) · Boston Scientific Korea Co. Limited (Korea) · Boston Scientific Middle East (Offshore) S.A.L (Lebanon) · Boston Scientific Neuromodulation Corporation, USA

CAPITAL STRUCTURE

AS ON 26.09.2014

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
28,229,950	Equity Shares	Rs.10/- each	Rs. 282.300 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	282.300	282.300	282.300
(b) Reserves & Surplus	104.088	85.530	5.717
(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)	386.388	367.830	288.017
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	12.316	38.860	41.492
Total Non-current Liabilities (3)	12.316	38.860	41.492
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	2246.403	1847.763	182.934
(c) Other current liabilities	70.009	56.464	43.857
(d) Short-term provisions	107.371	109.097	7.712
Total Current Liabilities (4)	2423.783	2013.324	234.503
TOTAL	2822.487	2420.014	564.012
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	134.900	61.557	43.565
(ii) Intangible Assets	8.482	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	89.461	40.259	8.668
(d) Long-term Loan and Advances	68.834	23.143	5.463
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	301.677	124.959	57.696
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	627.043	944.670	50.953
(c) Trade receivables	1747.864	1269.661	261.228
(d) Cash and cash equivalents	91.843	63.241	118.219
(e) Short-term loans and advances	54.060	17.483	75.916
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2520.810	2295.055	506.316
TOTAL	2822.487	2420.014	564.012

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Profit after Tax	18.558	79.813	37.824

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)	1.04	1.14	2.16

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	282.300	282.300	282.300
Reserves & Surplus	5.717	85.530	104.088
Net worth	288.017	367.830	386.388
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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 three years	No
12]	Profitability for last three 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	No
24]	Banking facility details	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

GENERAL INFORMATION

Boston Scientific India Private Limited (the Company or BSIPL) is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. It is a subsidiary of Boston Scientific International B.V. (the Holding Company or BSIBV) and is engaged in presales, sales, marketing, distribution, delivery, after sales services of Boston Scientific medical products and also related activities for customers (i.e. hospitals and doctors) in India.

BSIBV and the company have entered into International Distributorship Agreement with effect from January 1, 2012 under which the Company undertakes to become a Distributor of BSIBV to actively engage in the distribution of BSIBV’s products and after sales services and diligently promote the sale, on its own behalf and for its own account.

FIXED ASSETS

· Plant and equipment

· Furniture and fixtures

· Office equipment

· Computer equipments

· Other equipments

· Leasehold improvements

· Computer software

PRESS RELEASES

BOSTON SCIENTIFIC EARNS TOP MARKS IN CORPORATE EQUALITY INDEX

Nov 19, 2014

MARLBOROUGH, Mass., Nov. 19, 2014 /PRNewswire/ -- Boston Scientific has scored the highest rating of 100 percent in the Human Rights Campaign (HRC) Foundation's 2015 Corporate Equality Index (CEI). The top mark distinguishes the company as one of the "Best Places to Work for LGBT Equality." The CEI is a nationally recognized benchmarking survey that evaluates corporate policies and practices relating to lesbian, gay, bisexual and transgender equality in the workplace.

"We are honored to be recognized by the HRC Corporate Equality Index. Diversity & Inclusion enhances our business, benefits employees and, most importantly, best supports our customers and those for whom they care," said Camille Chang Gilmore, vice president and global chief diversity officer at Boston Scientific.

The yearly HRC report ranks Fortune 1000 companies across the U.S. for non-discrimination workplace protections, domestic partner benefits, transgender-inclusive healthcare benefits and public engagement with the LGBT community.

"We strive to attract and retain a talented workforce, not only through our policies and practices, but also by fostering an open and inclusive environment where employees can do their best work knowing that they, and the people who depend on them, are cared for and respected," said Wendy Carruthers, senior vice president of Human Resources at Boston Scientific.

Boston Scientific's commitment to inclusion extends throughout its workforce. It was rated as one of the top 50 companies to provide a positive working environment for women by Women Engineer, a career-guidance and recruitment magazine. The company participates in programs that inspire women and minorities to pursue STEM (science, technology, engineering and math) careers. In addition, Boston Scientific's Close the Gap educational initiative works to address disparities in healthcare delivery for underserved patient populations. Additionally, the People Accepting and Celebrating Equality (PACE) employee resource group is a network of Boston Scientific LGBT employees and allies that provides a welcoming environment and fosters professional growth and engagement.

BOSTON SCIENTIFIC ANNOUNCES DEFINITIVE AGREEMENT TO ACQUIRE AMERICAN MEDICAL SYSTEMS' UROLOGY PORTFOLIO FOR UP TO $1.65 BILLION

Combined Business to Advance Patient Care with Leading Solutions Across Major Urology Categories

Mar 2, 2015

MARLBOROUGH, Mass., March 2, 2015 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) today announced that it has entered into a definitive agreement with Endo International plc (NASDAQ: ENDP) (TSX: ENL) to acquire the American Medical Systems urology portfolio, which includes the Men's Health and Prostate Health businesses, for $1.6 billion in up-front cash and a potential additional $50 million milestone based on 2016 sales. The company expects to close the transaction in the third quarter of 2015, subject to customary closing conditions.

Upon completion of the transaction, the AMS Men's Health and Prostate Health businesses will become part of Boston Scientific Urology and Women's Health. The acquisition encompasses the AMS product portfolio for treating urologic conditions, including benign prostatic hyperplasia (BPH), male stress urinary incontinence and erectile dysfunction. These technologies complement Boston Scientific's strong kidney stone, pelvic organ prolapse, female stress urinary incontinence and abnormal uterine bleeding treatment portfolios, and together, will provide customers with a comprehensive urology, urogynecology and gynecologic surgery portfolio. The AMS women's health business for treating pelvic organ prolapse and female stress urinary incontinence is not included in the transaction.

"We believe this strategic acquisition will strengthen Boston Scientific's global leadership in the urology device category while delivering a strong return to our investors," said Mike Mahoney, president and chief executive officer of Boston Scientific. "The combination of Boston Scientific's Urology and Women's Health and AMS' urology portfolios will create a business with nearly $1 billion in annual sales and enable significant synergies and strong future growth prospects through portfolio innovation and international market expansion. We look forward to serving customers and impacting patient care in ways that could not be realized by either company alone."

Based in Minnetonka, Minn., the AMS Men's Health and Prostate Health businesses include approximately 800 employees worldwide, and generated 2014 sales of approximately $400 millionand adjusted operating income of approximately $130 million, excluding amortization and certain allocated expenses. GAAP operating income, including amortization and certain allocated expenses, was approximately $60 million^[1] in 2014. Upon closing, Boston Scientific will acquire a diverse portfolio, including:

The minimally invasive  GreenLight XPS™ and HPS™ Laser Therapy Systems for treating BPH, a non-cancerous enlargement of the prostate and one of the most common diseases among aging men.^[2] Worldwide, BPH affects approximately 90 million men over 50 each year, with over 25 million suffering from moderate to severe symptoms.^[3-6] The GreenLight XPS System is a leading BPH laser treatment technology.

The AMS 800™ Urinary Control System for treating stress urinary incontinence, a condition affecting an estimated 12 million men worldwide, with 70-80% of cases secondary to prostate cancer treatment.^[7-12] AMS is a leading provider of male incontinence treatment devices.

The AMS 700™ Inflatable Penile Prosthesis for treating erectile dysfunction, a condition affecting more than 200 million men annually worldwide, with nearly 50% of men over 60 suffering from moderate to severe symptoms.^[6,13] AMS is a leading provider of erectile restoration devices.

Commenting on the agreement, Karen Prange, senior vice president and president of Urology and Women's Health at Boston Scientific Corporation said, "Urology is an exciting area with ample opportunities to address unmet medical needs. This acquisition is intended to bring together the global talent, expertise and product portfolios of both companies to drive continued healthcare advancements and value for our customers.  Together, our strong leadership and innovative solutions can help physicians provide relief, restore bodily functions and enable millions of patients worldwide to regain control of their lives."

The acquisition is expected to result in annual pre-tax synergies in excess of $50 million by the end of 2018. On an adjusted basis, the transaction is expected to be breakeven to adjusted earnings per share in 2015, accretive by at least 3 cents in 2016, approximately 7 cents in 2017, and increasingly accretive thereafter. The transaction is expected to be less accretive (or dilutive, as the case may be) on a GAAP basis 2015 through 2017, due to amortization expense and transaction and integration costs. 

The acquisition is being structured as an asset purchase for tax purposes. Boston Scientific intends to finance the acquisition through a combination of existing and newly committed credit facilities. J.P. Morgan Securities LLC acted as financial advisor to Boston Scientific.

Conference Call and Webcast Information

Boston Scientific will host a conference call to discuss this transaction today, Monday, March 2, at8:30 am E.T. The call will be hosted by Mike Mahoney, president and chief executive officer, and Dan Brennan, executive vice president and chief financial officer.

A live webcast of the conference call will be available via the Boston Scientific website. Webcast registration is available on the Investor Relations section of the website atwww.bostonscientific.com/investors. Registration at least 15 minutes prior to the scheduled start time is encouraged to ensure a timely connection. 

A replay of the webcast will be archived and accessible at www.bostonscientific.com/investors approximately one hour following the completion of the conference call.

Financial and operational highlights of the AMS transaction are also available on the Investor Relations section of the website under the tab, "Quarterly Results and Non-GAAP Reconciliations."

About Boston Scientific

Boston Scientific transforms lives through innovative medical solutions that improve the health of patients around the world. As a global medical technology leader for more than 35 years, we advance science for life by providing a broad range of high performance solutions that address unmet patient needs and reduce the cost of healthcare.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding markets for our products and our performance in those markets, our global business plans, product performance and impact, competitive offerings, the acquisition, the impact of the acquisition, including expected financial impact and anticipated synergies, the sources of financing for the acquisition and timing of closing.  If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release.  As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements. 

Factors that may cause such differences include, among other things: future economic, competitive, reimbursement and regulatory conditions; new product introductions; demographic trends; the closing and integration of acquisitions; intellectual property; litigation; financial market conditions; and future business decisions made by us and our competitors.  All of these factors are difficult or impossible to predict accurately and many of them are beyond our control.  For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A – Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A – Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter.  We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.  This cautionary statement is applicable to all forward-looking statements contained in this document.

Use of Non-GAAP Financial Measures

To supplement our consolidated financial statements presented on a GAAP basis, we disclose certain non-GAAP financial measures including adjusted earnings per share. Adjusted earnings per share excludes goodwill and intangible asset impairment charges; acquisition-, divestiture-, litigation- and restructuring-related charges and credits; certain discrete tax items and amortization expense.  Non-GAAP measures such as adjusted earnings per share are not in accordance with generally accepted accounting principles in the United States.  The GAAP financial measure most directly comparable to adjusted earnings per share is GAAP earnings per share.  The difference between our estimated impact of the acquisition on our GAAP and adjusted earnings per share relates to amortization expense on acquired intangible assets and acquisition-related net charges, which primarily include exit costs and other fees.  These amounts are excluded by the Company for purposes of measuring adjusted earnings per share.

Management uses adjusted earnings per share along with other supplemental non-GAAP measures to evaluate performance period over period, to analyze the underlying trends in our business, to assess its performance relative to its competitors, and to establish operational goals and forecasts that are used in allocating resources.  Non-GAAP financial measures, including adjusted earnings per share, should not be considered in isolation from or as a replacement for GAAP financial measures.  We believe that presenting non-GAAP financial measures in addition to GAAP financial measures provides investors greater transparency to the information used by our management for its financial and operational decision-making and allows investors to see our results "through the eyes" of management.  We further believe that providing this information better enables our investors to understand our operating performance and to evaluate the methodology used by management to evaluate and measure such performance

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. 62.67
UK Pound	1	Rs. 93.16
Euro	1	Rs. 66.42

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUM
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.