MIRA INFORM REPORT

Report No. :	346782.2
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	OLIVE LIFESCIENCES PRIVATE LIMITED
Registered Office :	No. 2203, 1^st Floor, Pragathi, 16^th "D" Block, 8^th Main, MCEHS Layout, Sahakarnagar, Bangalore – 560092, Karnataka
Tel. No.:	91-80-27724235
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.09.2007
Com. Reg. No.:	08-043892
Capital Investment / Paid-up Capital :	Rs.339.501 Million
CIN No.: [Company Identification No.]	U24230KA2007PTC043892
IEC No.:	0707020875
TAN No.: [Tax Deduction & Collection Account No.]	BLRO02638G
PAN No.: [Permanent Account No.]	AABCO1065F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and supplier of botanical extracts and phytochemicals.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in September 2007 having satisfactory track. The company is engaged in manufacturing and supplying of botanical extracts and phytochemicals. Its products are used in nutraceuticals formulations, dietary supplements, pharmaceuticals, food supplements, cosmeceuticals and food products. For the financial year ended 2014, the company has reported growth in its total revenue profile by 5.84% as compared to its previous year records which further resulted to rise in profit margin of the company by 42.96% during a year under a review. Further, rating also considers company’s sound financial profile supported by its healthy networth base, good capital structure along with comfortable liquidity position and low debt balance sheet profile of the company. Trade relations are fair. Business is active. Payments are reported to be usually correct. In view of good financial position, the company can be considered for business dealings at usual trade terms and conditions.

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	03.03.2015

Rating Agency Name	CRISIL
Rating	Short term bank facilities= A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	03.03.2015

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 31-03-2015.

INFORMATION PARTED BY (PARTIAL DETAILS)

Name :	Mr. Paraganan
Designation :	Accounts Manager
Contact No.:	91-80-27724235
Date :	26.10.2015

LOCATIONS

Registered Office :	No. 2203, 1^st Floor, Pragathi, 16^th "D" Block, 8^th Main, MCEHS Layout, Sahakarnagar, Bangalore – 560092, Karnataka, India
Tel. No.:	91-80-27724235
Fax No.:	91-80-42113536
E-Mail :	info@olivelifesciences.com
Website :	www.olivelifesciences.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Anzar Cheppattu Abdulla

Designation :

Managing Director

Address :

564, 1^st Main, 3^rd Block, RMV Extension, Dollars Colony, Chikkamaranahalli, Bangalore - 560094, Karnataka, India

Date of Birth/Age :

30.05.1970

Date of Appointment :

27.09.2012

DIN No.:

02507607

PAN No.:

ADUPA7740E

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	U52100KA2008PTC048300	ENRICHLIFE NETWORKS PRIVATE LMITED	Director	01/04/2010	01/02/2009	Active	NO
2	U11100KA2009PTC049215	SASS LUBES AND OILS PRIVATE LIMITED	Director	23/02/2009	23/02/2009	Active	NO
3	U24230KA2007PTC043892	OLIVE LIFESCIENCES PRIVATE LIMITED	Managing director	27/09/2012	27/07/2009	Active	NO

Name :

Mr. Juie Hilal

Designation :

Director

Address :

No 564, 1^st Main, 2^nd Stage, 3^rd Block, RMV Extension, Dollors Colony, Bangalore - 560094, Karnataka, India

Date of Birth/Age :

07.08.1976

Date of Appointment :

18.09.2007

DIN No.:

01692271

PAN No.:

ACNPH7628E

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	U24230KA2007PTC043892	OLIVE LIFESCIENCES PRIVATE LIMITED	Director	18/09/2007	18/09/2007	Active	NO
2	U51223KL2013PTC033339	AAZRA MARINE INDUSTRIES PRIVATE LIMITED	Director	18/02/2013	18/02/2013	Active	NO

Name :

Mr. Khader Haneef Kheppattu Mohammed Abdulla

Designation :

Director

Address :

No 17, 4^th Cross, Aecs Layout, II Main, Nagashetty Halli, Sanjaynagar, RMV 3^rd Stage, Bangalore - 560094, Karnataka, India

Date of Birth/Age :

25.12.1947

Date of Appointment :

18.09.2007

DIN No.:

01734262

PAN No.:

AARPH7216G

Name :

Mr. Arun Agarwal

Designation :

Nominee Director

Address :

1403, C Wing, Anmol Towers, Off Patel Auto Pump, S.V. Road, Goregaon West, Mumbai - 400062, Maharashtra, India

Date of Birth/Age :

25.07.1967

Date of Appointment :

03.12.2012

DIN No.:

00194010

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	U51909MH2007PTC172172	Colorlines Trading Private Limited	Director	07/07/2007	07/07/2007	-	Strike off	NO
2	U74900MH1981PLC024577	RETAIL HUB SOLUTIONS LIMITED	Director	30/05/2008	30/05/2008	29/10/2010	Active	NO
3	U70102MH2010PLC202294	JEKEGRAM REALTY LIMITED	Director	22/04/2010	22/04/2010	30/10/2010	Active	NO
4	U24230KA2007PTC043892	OLIVE LIFESCIENCES PRIVATE LIMITED	Nominee director	03/12/2012	03/12/2012	-	Active	NO
5	U74899DL1995PLC067544	KANODIA TECHNOPLAST LIMITED	Nominee director	10/12/2012	10/12/2012	-	Active	NO
6	U74140MH2008PTC179973	Blueocean capital and advisory services private limited	Additional director	01/10/2013	01/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mary Misha M
Designation :	Secretary
Address :	House No.6, 3^rd E Cross, 21^st Main, BTM 2^nd Stage, Bangalore - 570076, Karnataka, India
Date of Birth/Age :	16.05.1985
Date of Appointment :	02.09.2013
PAN No.:	BWRPM9887K
Name :	Mr. Paraganan
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares
Khader Haneef	245000
Juie Hilal	829000
C A Anzar	2550000
Abita	195000
Anusha	140000
Mohammed Ali	140000
Sajjad	140000
Cap. Sakeer	140000
Sulatana Mohammed	142500
Mohammed Kunju	142500
Sahmeem Sajeed	142500
Yosuf Kunju	142500
S. Senthil Kumar	1000
Indus Kamadhenu Fund Limited, Cyprus	100
Total	4950100

Names of Preference Shareholders	No. of Shares
Indus Kamadhenu Fund Limited, Cyprus	2500000
C A Anzar	300000
Juie Hilal	100000
Total	2900000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and supplier of botanical extracts and phytochemicals.

Products :

ITC Code	Description of product or service category
13021919	Coleus Forskohlii, Curcuma, Marigold, Others

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

• USA
• Japan
• Germany

Imports :

Products :

Raw Material

Countries :

• China
• Japan
• USA

Terms :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

250 (Approximately)

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India
Person Name (With Designation) :	Not Available
Contact Number :	Not Available
Name of Account Holder :	Not Available
Account Number :	Not Available
Account Since (Date/Year of Account Opening) :	Not Available
Average Balance Maintained :	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Available
Account Operation :	Not Available
Remark :	Not Available

· Axis Bank Limited, Corporate Banking Branch, Express Building, Second Floor, No.1, Queen's Road, Bangalore - 560001, Karnataka, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Rupee term loans from banks	0.000	3.004
Deferred payment liabilities	8.053	9.603
Short Term Borrowings
Rupee term loans from banks	50.000	0.000
Loans repayable on demand from banks	442.885	194.074
Total	500.938	206.681

Auditors :
Name :	B S R R and Company Chartered Accountants
Address :	Maruthi Info-Tech Center, 11-12/1 Inner Ring Road, Koramangala, Bangalore – 560071, Karnataka, India
PAN No.:	AAKFB1884H
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Sass Lubes and Oils Private Limited · Enrich Life Sciences Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
8950000	Equity Shares	Rs.10/- each	Rs.89.500 Million
5000000	Preference Shares	Rs.100/- each	Rs.500.000 Million
	Total		Rs.589.500 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4950100	Equity Shares	Rs.10/- each	Rs.49.501 Million
2900000	Preference Shares	Rs.100/- each	Rs.290.000 Million
	Total		Rs.339.501 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	339.501	299.501	49.500
(b) Reserves & Surplus	610.434	351.394	167.824
(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)	949.935	650.895	217.324
(3) Non-Current Liabilities
(a) long-term borrowings	8.053	38.029	15.149
(b) Deferred tax liabilities (Net)	0.000	0.000	0.750
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.437	1.801	0.000
Total Non-current Liabilities (3)	10.490	39.830	15.899
(4) Current Liabilities
(a) Short term borrowings	494.731	264.825	182.497
(b) Trade payables	224.856	255.502	25.654
(c) Other current liabilities	55.782	170.112	31.790
(d) Short-term provisions	36.677	23.494	20.857
Total Current Liabilities (4)	812.046	713.933	260.798
TOTAL	1772.471	1404.658	494.021
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	135.368	111.407	80.475
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	11.723	4.178	0.952
(iv) Intangible assets under development	0.165	53.171	0.165
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	1.305	0.545	0.000
(d) Long-term Loan and Advances	74.962	67.814	22.042
(e) Other Non-current assets	2.959	0.775	0.000
Total Non-Current Assets	226.482	237.890	103.634
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	685.891	583.316	147.724
(c) Trade receivables	311.876	305.035	132.687
(d) Cash and cash equivalents	221.325	82.303	52.694
(e) Short-term loans and advances	323.098	192.102	57.282
(f) Other current assets	3.799	4.012	0.000
Total Current Assets	1545.989	1166.768	390.387
TOTAL	1772.471	1404.658	494.021

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1341.784	1274.588
		Other Income	130.067	116.038
		TOTAL (A)	1471.851	1390.626	1066.996
Less	EXPENSES
		Cost of Materials Consumed	640.028	1068.414
		Purchase of Stock-in-trade	282.445	67.206
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(143.147)	(317.340)
		Employee Benefits Expenses	67.804	68.643
		Other Expenses	256.394	244.098
		TOTAL (B)	1103.524	1131.021	866.504
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		368.327	259.605	200.492
Less	FINANCIAL EXPENSES (D)		37.488	34.667	30.824
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		330.839	224.938	169.668
Less	DEPRECIATION/ AMORTISATION (F)		18.939	15.608	5.130
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		311.900	209.330	164.538
Less	TAX (H)		46.776	23.876	26.726
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		265.124	185.454	137.812
	Earnings Per Share (Rs.)		52.33	37.08	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	27.912	5.160	6.588
Cash generated from operations	(35.046)	(99.541)	159.468
Net cash flow used in operating activities	(75.235)	(115.315)	132.742

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	19.76	14.55	NA
Operating Profit Margin (PBDIT/Sales)	(%)	27.45	20.37	NA
Return on Total Assets (PBT/Total Assets)	(%)	17.73	15.54	33.38
Return on Investment (ROI) (PBT/Networth)		0.33	0.32	0.76
Debt Equity Ratio (Total Debt /Networth)		0.56	0.47	0.94
Current Ratio (Current Asset/Current Liability)		1.90	1.63	1.50

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	49.500	299.501	339.501
Reserves & Surplus	167.824	351.394	610.434
Net worth	217.324	650.895	949.935
long-term borrowings	15.149	38.029	8.053
Short term borrowings	182.497	264.825	494.731
Current Maturities of Long term debt	6.588	5.160	27.912
Total borrowings	204.234	308.014	530.696
Debt/Equity ratio	0.940	0.473	0.559

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	1066.996	1390.626	1471.851
		30.331	5.841

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	1066.996	1390.626	1471.851
Profit	137.812	185.454	265.124
	12.92%	13.34%	18.01%

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	No
19	Major customers	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

MARKET REVIEW

Around the world, more and more people are realizing the value of good health, fueling rising interest in all the things that promote it. As populations in the U.S., Europe and Japan age, more and more people are looking for remedies to cure what ails them and elixirs to help them stay healthy well into their twilight years.

Health is not just a goal today. It is both a lifestyle choice and a thriving consumer market.

Over the last decade, sales of vitamins, minerals, and nutritional and herbal supplements have surged and many new companies have and continue to enter the space. Globally, the supplements market is now valued at $82 billion, with roughly 28 percent of that in the U.S., where sales increased by approximately $6 billion between 2007 and 2012. Growth is expected to remain strong through 2017 between 5 and 6 percent a year both globally and in the U.S.

The EU, Japan and other markets are also poised for same level of growth. There has been significant growth in the usage of herbal and botanical extracts. European imports (EU + EFTA) of botanical extracts increased by 8% annually from 2009 to 2013, reaching 40 thousand tons/ 518 million in 2013. Of these imports, 30% originated from India and other Developing Countries. Imports from the developing countries grew more rapidly than overall imports, at an annual 19% in value, amounting to 12 thousand tons/ 115 million in 2013. In terms of volume, the import of extracts increased by 10% annually, which could be explained by increased value addition in the developing countries.

Of these six countries, the Netherlands, Spain and Germany had the highest share of imports from the DCs in 2013 (with 29%, 16% and 15%, respectively). The Netherlands experienced exceptionally high growth in imports from the DCs, at 113% annually (volume), with the highest growth between 2011 and 2013. After the Netherlands, France and Spain were the fastest growing extracts importers, both in total imports as well as in imports from the DCs.

European extracts exports increased by 15% annually from 2009 to 2013, amounting to 63 thousand tonnes/ 485 million in 2013. The largest European exporters in 2013 were Italy (48% of EU exports), Spain (20%) and Germany (11%), followed by Poland and the Netherlands. With the exception of the Netherlands, these countries are considered as producers of extracts because they export substantially more than they import.

Major export destinations were other European countries (most notably France), followed by countries outside of Europe, such as Israel and the USA.

As per research reports available the following graph depicts the growth forecast for Nutraceuticals and Functional Foods worldwide till the year 2024. Dietary fibre and sports nutrition is the focus of the future.

There are five important factors driving an increased interest in healthy living and the various products associated with it. Although a global phenomenon, this primarily also focuses on the characteristics of the U.S. market.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Intercorporate borrowings	0.000	25.422
Short Term Borrowings
Loans and advances from related parties	0.137	51.362
Other loans and advances	1.709	19.389
Total	1.846	96.173

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10558791	18/03/2015	100,000,000.00	HDFC Bank Limited	HDFC Bank HDFC Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	C48319875
2	10501373	19/03/2014	50,000,000.00	HDFC Bank Limited	HDFC Bank HDFC Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	C05446414
3	10474671	14/02/2014 *	150,000,000.00	HDFC Bank Limited	HDFC Bank HDFC Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B97640916
4	10470202	14/02/2014 *	290,000,000.00	Axis Bank Limited	Corporate Banking Branch, Express Building, Second Floor, No.1, Queen's Road, Bangalore, Karnataka - 560001, India	B97347454

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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 records 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.64.96
UK Pound	1	Rs.99.55
Euro	1	Rs.71.64

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	HNA
Report Prepared by :	NKT

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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.