MIRA INFORM REPORT

Report No. :	318959
Report Date :	04.05.2015

IDENTIFICATION DETAILS

Name :	MEDSOURCE HEALTHCARE PRIVATE LIMITED
Registered Office :	2^nd, Floor, D-1/5, Okhla Industrial Area, Phase – II, New Delhi - 110020
Tel. No.:	91-11-30148200
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.07.2002
Com. Reg. No.:	55-116043
Capital Investment / Paid-up Capital :	Rs. 5.007 Million
CIN No.: [Company Identification No.]	U51397DL2002PTC116043
TAN No.: [Tax Deduction & Collection Account No.]	DELM07104G
PAN No.: [Permanent Account No.]	AADCM0896S
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Procurement, Transportation, Distribution, Warehousing, Logistic and Supply Chain of Pharmaceuticals and Healthcare Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has managed to make profits during FY 2014 as against the loss made during previous financial year. The company has low reserves. It has taken huge external borrowings which may act as a threat to its liquidity position. However, trade relations are fair. Business is active. Payment terms are slow but correct. Subject can be considered for business dealings with some caution.

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 BY

Name :	Mr. Manish Singh
Designation :	Head of Purchase Department
Contact No.:	91-11-30148249
Date :	30.04.2015

LOCATIONS

Registered Office :	2^nd, Floor, D-1/5, Okhla Industrial Area, Phase – II, New Delhi – 110020
Tel. No.:	91-11-30148200
Mobile No.:	91-9999888287 (Mr. Manjeet)
Fax No.:	91-11-30148284
E-Mail :	leena.gandhi@rwlhealthworld.com niti.biyala@religarewelleness.com himanshu.gupta@religarewllness.com jigdish.joshi@religarewillness.com sungh.manjeet@medsource.in info@medsource.in

DIRECTORS

As on 26.09.2014

Name :

Mr. Rahul Chadha

Designation :

Director

Address :

B-1, Gulmohar Park, New Delhi - 110049, India

Date of Birth/Age :

07.11.1970

Date of Appointment :

30.09.2009

DIN No.:

00042270

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	Company/ LLP Status	Defaulting status
1	U51397DL2003PLC119000	SAK CONSUMER RETAIL SERVICES LIMITED	Director	30/09/2009	27/02/2003	Amalgamated	NO
2	U51397DL2005PTC190519	LIFETIME HEALTHCARE PRIVATE LIMITED	Director	30/09/2009	04/05/2009	Amalgamated	NO
3	U51397DL2002PTC116043	MEDSOURCE HEALTHCARE PRIVATE LIMITED	Director	30/09/2009	28/05/2009	Active	NO
4	U85121DL2006PLC148330	RWL HEALTHWORLD LIMITED	Whole-time director	28/03/2013	26/03/2013	Active	NO

Name :

Mr. Hemant Dhingra

Designation :

Director

Address :

P-23, Malviya Nagar, New Delhi – 110017, India

Date of Birth/Age :

12.11.1968

Date of Appointment :

10.09.2014

DIN No.:

00043039

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	U72200DL1992PTC048760	HOSPITALIA INFORMATION SYSTEMS PRIVATE LIMITED	Director	28/06/2000	28/06/2000	-	Amalgamated	NO
2	U45202DL1988PTC033270	HOSPITALIA EASTERN PRIVATE LIMITED	Director	28/06/2000	28/06/2000	01/11/2012	Active	NO
3	U65921DL1984PTC152425	SHIVI HOLDINGS PRIVATE LIMITED	Director	10/12/2003	10/12/2003	01/08/2008	Active	NO
4	U73100DL2001PLC109185	SHIMAL RESEARCH LABORATORIES LIMITED	Director	30/09/2014	10/10/2005	-	Active	NO
5	U74999DL2003PLC123220	RELIGARE COMMODITIES LIMITED	Director	27/09/2007	26/03/2007	06/08/2010	Active	NO
6	U67190DL2007PTC162322	RHC HOLDING PRIVATE LIMITED	Director	19/04/2007	19/04/2007	12/11/2008	Active	NO
7	U74140DL2006PLC144608	SMPL Financial Consultancy Services Limited	Director	27/09/2007	25/05/2007	06/08/2010	Active	NO
8	U72900DL2007PLC159272	RELIGARE TECHNOVA BUSINESS INTELLECT LIMITED	Director	28/09/2007	28/05/2007	-	Amalgamated	NO
9	U51909DL2007PLC159042	RELIGARE CAPITAL MARKETS LIMITED	Director	28/09/2007	28/05/2007	06/08/2010	Active	NO
10	U65923DL2007PLC159330	RELIGARE FINANCE LIMITED	Director	28/09/2007	28/05/2007	06/08/2010	Active	NO
11	U45200DL2007PLC158928	REL INFRAFACILITIES LIMITEDs	Director	28/09/2007	28/05/2007	06/08/2010	Active	NO
12	U74899DL1994PTC062888	ANR SECURITIES PRIVATE LIMITED	Director	27/06/2007	27/06/2007	-	Active	NO
13	U20296DL2007PLC166944	RELIGARE ARTS INITIATIVE LIMITED	Director	13/08/2007	13/08/2007	14/09/2007	Active	NO
14	U85110DL1984PTC192009	FERN HEALTHCARE PRIVATE LIMITED	Additional director	01/05/2008	01/05/2008	27/05/2009	Active	NO
15	U51101DL1991PTC265838	RANCHEM PRIVATE LIMITED	Director	30/09/2013	08/10/2008	-	Active	NO
16	U74999DL2007PTC161429	GREEN BIOFUELS FARMS PRIVATE LIMITED	Director	15/09/2009	15/09/2009	-	Active	NO
17	U45200DL2008PTC178822	BINDAS REALTORS PRIVATE LIMITED	Director	05/10/2009	05/10/2009	-	Active	NO
18	U74140DL2009PTC195148	FORTIS GLOBAL HEALTHCARE PRIVATE LIMITED	Director	15/10/2009	15/10/2009	-	Active	NO
19	U51398HR2010PLC054584	RELIGARE COMTRADE LIMITED	Director	03/09/2011	25/12/2010	-	Active	NO
20	U85110DL2000PLC148223	ESCORTS HEART CENTRE LIMITED	Director	30/09/2011	04/03/2011	-	Active	NO
21	U85110DL2008PLC176522	FORTIS HOSPITAL MANAGEMENT LIMITED	Director	30/09/2011	07/03/2011	-	Active	NO
22	U85110DL2011PTC226919	RHC HEALTHCARE MANAGEMENT SERVICES PRIVATE LIMITED	Director	01/11/2011	01/11/2011	-	Active	NO
23	U74899HR1990PLC054770	FORTIS HOSPOTEL LIMITED	Director	27/09/2012	15/11/2011	-	Active	NO
24	U85110DL2011PLC217187	FORTIS HEALTH MANAGEMENT(NORTH) LIMITED	Additional director	15/11/2011	15/11/2011	12/12/2011	Amalgamated	NO
25	U85110DL2008PLC176412	FORTIS HEALTH MANAGEMENT LIMITED	Director	27/09/2012	15/11/2011	01/11/2012	Active	NO
26	U85110DL2003PLC120016	ESCORTS HEART AND SUPER SPECIALITY HOSPITAL LIMITED	Director	27/09/2012	15/11/2011	01/11/2012	Active	NO
27	U74999HR1994PLC048225	INTERNATIONAL HOSPITAL LIMITED	Director	27/09/2012	15/11/2011	01/11/2012	Active	NO
28	U85110HR1997PLC048256	ESCORTS HOSPITAL AND RESEARCH CENTRE LIMITED	Director	27/09/2012	15/11/2011	01/11/2012	Amalgamated	NO
29	U93000DL2009PLC222166	FORTIS HOSPITALS LIMITED	Director	27/09/2012	15/11/2011	01/12/2012	Active	NO
30	U85110CH2000PLC023744	ESCORTS HEART INSTITUTE AND RESEARCH CENTRE LIMITED	Director	28/09/2012	09/12/2011	20/06/2013	Active	NO
31	U74999DL2011PTC229039	VISTAS ARTWORKS PRIVATE LIMITED	Director	20/12/2011	20/12/2011	24/03/2015	Active	NO
32	U85121DL2006PLC148330	RWL HEALTHWORLD LIMITED	Director	28/03/2013	18/12/2012	-	Active	NO
33	U72900DL2009PTC193216	RHC IT SOLUTIONS PRIVATE LIMITED	Director	27/09/2013	02/09/2013	23/01/2014	Active	NO
34	U74140DL2011PLC225477	FINSERVE SHARED SERVICES LIMITED	Director	23/09/2014	10/12/2013	-	Active	NO
35	L74899DL1994PLC058032	DION GLOBAL SOLUTIONS LIMITED	Director	11/09/2014	06/02/2014	-	Active	NO
36	U22219MH2004PTC021586	AI BOOK COMPANY PRIVATE LIMITED	Director	30/09/2014	10/02/2014	-	Active	NO
37	U45400DL2008PTC173145	GREEN GRASS ESTATES PRIVATE LIMITED	Director	30/09/2014	20/05/2014	-	Active	NO
38	U85100DL2008PTC176496	SHIMAL HEALTHCARE PRIVATE LIMITED	Director	30/09/2014	20/05/2014	-	Active	NO
39	U17291DL2008PTC173147	WHITE FEATHER ESTATES PRIVATE LIMITED	Director	30/09/2014	20/05/2014	-	Active	NO
40	U51397DL2002PTC116043	MEDSOURCE HEALTHCARE PRIVATE LIMITED	Director	10/09/2014	10/07/2014	-	Active	NO
41	L72300DL2009PLC190552	HEALTHFORE TECHNOLOGIES LIMITED	Additional director	24/03/2015	24/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish Singh
Designation :	Head of Purchase Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

Names of Shareholders	No. of Shares
**Religare Wellness Limited, India (Formerly known as Fortis HealthWorld Limited)	500668
*Shivinder Mohan Singh	1
*Dr. Sanjeev K. Chaudhry	1
*Sunil Godhwani	1
*Anil Saxena	1
*Shachindra Nath	1
*Atul Gupta	1
*Sunil Kumar Garg	1
Total	500675

*As nominee of Religare Wellness Limited

**Name changed to RWL HealthWorld Limited w.e.f. October 21, 2013

As on 26.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Procurement, Transportation, Distribution, Warehousing, Logistic and Supply Chain of Pharmaceuticals and Healthcare Products.
Products :	Pharmaceuticals and Healthcare Products
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Overdraft from Bank -Repayable on Demand (HDFC Bank overdraft secured against fixed deposit. Rate of interest on overdraft is 11.50 to 12.00 % p.a approximately)	12.214	13.718
Total	12.214	13.718

Banking Relations :	--
Auditors :
Name :	RRCA and Associates Chartered Accountants
Address :	505a, 5^th Floor, D-4, Rectangle 1, District Centre, Saket, New Delhi – 110017, India
Income-tax PAN of auditor or auditor's firm :	AAKFR6727K
Memberships :	--
Collaborators :	--
Holding company :	RWL HealthWorld Limited, India CIN No.: U85121DL2006PLC148330
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· RHC Holding Private Limited CIN No.: U67190DL2007PTC162322 · Oscar Investments Limited CIN No.: L65999DL1978PLC099476 · Escorts Heart Institute and Research centre Limited CIN No.: U85110CH2000PLC023744 · Fortis Hospitals Limited CIN No.: U93000DL2009PLC222166 · International Hospital Limited CIN No.: U74999HR1994PLC048225 · Fortis Healthcare Limited CIN No.: L85110DL1996PLC076704 · Finserve Shared Services Limited CIN No.: U74140DL2011PLC225477

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500675	Equity Shares	Rs.10/- each	Rs.5.007 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	5.007	5.007	5.007
(b) Reserves & Surplus	5.383	(36.139)	(40.517)
(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)	10.390	(31.132)	(35.510)
(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	1.712	1.249	1.329
Total Non-current Liabilities (3)	1.712	1.249	1.329
(4) Current Liabilities
(a) Short term borrowings	82.184	81.179	89.708
(b) Trade payables	142.060	96.936	84.013
(c) Other current liabilities	10.449	11.058	15.464
(d) Short-term provisions	19.322	20.276	38.769
Total Current Liabilities (4)	254.015	209.449	227.954
TOTAL	266.117	179.566	193.773
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.258	9.629	10.840
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.057	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)	10.131	0.000	0.000
(d) Long-term Loan and Advances	18.747	13.770	9.970
(e) Other Non-current assets	0.000	0.000	0.244
Total Non-Current Assets	37.193	23.399	21.054
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	104.634	87.114	124.762
(c) Trade receivables	94.437	46.443	1.291
(d) Cash and cash equivalents	15.889	16.241	16.783
(e) Short-term loans and advances	13.698	6.058	29.551
(f) Other current assets	0.266	0.311	0.332
Total Current Assets	228.924	156.167	172.719
TOTAL	266.117	179.566	193.773

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	1502.879	1177.366	1114.751
Less	EXPENSES	1471.471	1172.986	1141.652
	PROFIT/(LOSS) BEFORE TAX	31.408	4.380	(26.901)
Less	EXTRA-ORDINARY ITEM	0.000	0.000	2.431
Less	PRIOR PERIOD EXPENSES	0.018	0.002	0.034
Less	TAX	(5.516)	2.444	0.000
Less	MAT CREDIT	(4.616)	(2.444)	0.000
	PROFIT/(LOSS) AFTER TAX	41.522	4.378	(29.366)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(36.139)	(40.517)	(11.151)
	BALANCE CARRIED TO THE B/S	5.383	(36.139)	(40.517)
	Earnings Per Share (Rs.)	82.93	8.74	(58.65)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	12.27	2.44	(13.88)
Return on Investment (ROI) (PBT/Networth)		3.02	(0.14)	0.76
Debt Equity Ratio (Total Debt/Networth)		7.91	(2.61)	(2.53)
Current Ratio (Current Asset/Current Liability)		0.90	0.75	0.76

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	5.007	5.007	5.007
Reserves & Surplus	(40.517)	(36.139)	5.383
Net worth	(35.510)	(31.132)	10.390
Long-term Borrowings	0.000	0.000	0.000
Short-term Borrowings	89.708	81.179	82.184
Total borrowings	89.708	81.179	82.184
Debt/Equity ratio	(2.526)	-2.608	7.910

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)
Total Income	1114.751	1177.366	1502.879
		5.617	27.648

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1114.751	1177.366	1502.879
Profit	(29.366)	4.378	41.522
	(2.63%)	0.37%	2.76%

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	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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10553620	03/02/2015	75,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	C45882388

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans and advances from related parties
RHC Holding Private Limited	67.820	65.311
Oscar Investment Limited	2.150	2.150
Total	69.970	67.461

NOTE: None of the loans have been guaranteed by the directors. There is no default as on the balance sheet date in repayment of loans and interest.

CORPORATE INFORMATION

The Company was incorporated on 2^nd July, 2002 as Med source Healthcare Private Limited. The Company is a subsidiary of RWL Healthworld Limited, formerly Religare Wellness Limited which holds 100% equity shares of the company. The company is engaged in procurement, transportation ,distribution, warehousing, logistic and supply chain of Pharmaceuticals and Healthcare products.

CHANGE OF ADDRESS

The registered office of the company has been shifted from 2nd Floor, B-Wing, D-3, District Center, Saket, New Delhi – 110017, India to the present address w.e.f. 16.08.2012.

PERFORMANCE OF THE COMPANY

During the year the total income of the Company has increased by 27.65% as compared to last year. The Company has recorded profit after tax of Rs. 41.500 Million in financial year 2013-14, against Rs. 4.400 Million in previous financial year. There is concurrent increase in earnings per share to Rs. 82.93 as compared to Rs. 8.74 in financial year 2012-13.

FUTURE OUTLOOK

The Directors have high expectations and foresee immense growth prospects with greater focus on new distribution business and further supply chain efficiencies.

FIXED ASSETS

Tangible Assets

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Leasehold Improvements

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. 63.58
UK Pound	1	Rs. 97.99
Euro	1	Rs. 70.53

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUM
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.