MIRA INFORM REPORT

Report No. :	340346
Report Date :	10.09.2015

IDENTIFICATION DETAILS

Name :	RAKSHIT DRUGS PRIVATE LIMITED

Registered Office :	“Rakshi Drugs”, Plot No. 425/3RT, D. No. 7-1-621/328, Sanjeev Reddy Nagar, Hyderabad – 500038, Telangana
Tel No.:	91-40-23810385

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	24.03.2000

Com. Reg. No.:	01-034018

Capital Investment / Paid-up Capital :	Rs. 7.483 Million

CIN No.: [Company Identification No.]	U24230TG2000PTC034018

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	HYDR01138E

PAN No.: [Permanent Account No.]	AABCR5942G

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Integrated Active Pharmaceuticals Ingredients (API's) and Intermediates.

No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 505000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company incorporated in the year 2000 having a satisfactory track record. Profit of the company has continuously declined However, the company has able to maintained a fair profitability of 1.36% approx. during the year under a review. Further, the rating also takes into consideration sound net worth base of the company, fair liquidity position and favorable gap between trade payable and trade receivable. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 rating: “BB” Stable
Rating Explanation	Moderate risk of default.
Date	16.12.2014

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. Pravin Kumar
Designation :	Accountant
Contact No.:	91-40-23810385
Date :	08.09.2015

LOCATIONS

Registered Office :	“Rakshi Drugs”, Plot No. 425/3RT, D. No. 7-1-621/328, Sanjeev Reddy Nagar, Hyderabad – 500038, Telangana, India
Tel. No.:	91-40-23810385/ 23705066/ 55580748/ 23818158
Fax No.:	91-40-23812709/ 23801673
E-Mail :	srinivas@rakshitdrugspvtltd.com
Website :	www.rakshitdrugspvtltd.com

Factory :	Survey No. 10/B, Gaddapotharam Industrial Estate, Jinnaram Mandal, Medak District, Andhra Pradesh, India.
Tel. No.:	91-8548-277026
Fax No.:	91-8458-277094

DIRECTORS

As on 30.09.2014

Name :

Mr. Rameswara Rao Anjaneya Pattabhi Chandana

Designation :

Managing Director

Address :

Flat No. 302, Saraswati Apartments, B-53, Madhura Nagar, S.R Nagar, Hyderabad – 500038, Telangana, India

Date of Birth/Age :

01.01.1958

Date of Appointment :

24.03.2000

DIN No.:

00105304

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	U24230TG2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Managing director	24-03-2000	24-03-2000	-	Active	NO
2	U24239TG2005PLC048151	RAKSHIT PHARMACEUTICALS LIMITED	Director	25-03-2014	23-11-2005	-	Active	NO
3	U24232TG2007PTC054116	SRI SAI NIKITHA PHARMA PRIVATE LIMITED	Director	24-05-2007	24-05-2007	11-04-2008	Active	NO
4	U24232TG2007PTC053865	SAINOR LIFE SCIENCES PRIVATE LIMITED	Director	06-06-2013	07-02-2008	-	Active	NO
5	U24233GJ2008PTC068526	RAKS PHARMA PRIVATE LIMITED	Director	22-10-2008	22-10-2008	01-09-2010	Active	NO
6	U24233AP2008PTC061809	AZICO BIOPHORE INDIA PRIVATE LIMITED	Director	12-11-2008	12-11-2008	-	Active	NO
7	U29253TG2010PTC069873	SRI BHAVANA FABTECH PRIVATE LIMITED	Director	06-08-2010	06-08-2010	-	Active	NO
8	U24239TG2004PTC044758	SAINOR LABORATORIES PRIVATE LIMITED	Director	28-09-2013	05-06-2013	-	Active	NO
9	U24239TG2004PTC042653	SAINOR PHARMA PRIVATE LIMITED	Director	10-07-2013	06-06-2013	-	Active	NO

Name :

Aruna Kumari Chandana

Designation :

Whole-time director

Address :

Flat No. 302, Saraswati Apartments, B-53, Madhura Nagar, S.R Nagar, Hyderabad – 500038, Telangana, India

Date of Birth/Age :

01.07.1961

Date of Appointment :

22.11.2014

DIN No.:

00105360

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	U24230TG2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Whole-time director	22-11-2014	24-03-2000	-	Active	NO
2	U24239TG2004PTC042653	SAINOR PHARMA PRIVATE LIMITED	Director	13-02-2004	13-02-2004	06-06-2013	Active	NO
3	U24239TG2004PTC044758	SAINOR LABORATORIES PRIVATE LIMITED	Director	02-12-2004	02-12-2004	06-06-2013	Active	NO
4	U24239TG2005PLC048151	RAKSHIT PHARMACEUTICALS LIMITED	Director	23-11-2005	23-11-2005	-	Active	NO
5	U24233GJ2008PTC068526	RAKS PHARMA PRIVATE LIMITED	Director	22-10-2008	22-10-2008	30-07-2010	Active	NO
6	U29253TG2010PTC069873	SRI BHAVANA FABTECH PRIVATE LIMITED	Director	06-08-2010	06-08-2010	-	Active	NO
7	U24233AP2008PTC061809	AZICO BIOPHORE INDIA PRIVATE LIMITED	Director	10-02-2012	10-02-2012	-	Active	NO
8	U24232TG2007PTC053865	SAINOR LIFE SCIENCES PRIVATE LIMITED	Additional director	04-01-2014	04-01-2014	-	Active	NO

Name :

Mr. Avinash Shoury Chandana

Designation :

Director

Address :

H.No.8-3-191/147/9 and 16/302, Madhura Nagar, Hyderabad – 500038, Telangana, India

Date of Birth/Age :

31.12.1987

Date of Appointment :

25.02.2007

DIN No.:

01470246

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	U24230TG2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Director	25-02-2007	25-02-2007	Active	NO
2	U24233AP2008PTC061809	AZICO BIOPHORE INDIA PRIVATE LIMITED	Managing director	25-03-2014	10-02-2012	Active	NO

Name :

Mr. Srinivas Palem

Designation :

Director

Address :

No.11 to 16, 1^st Floor, Plot Nos. 148 to 151 Saroja Complex, Opposite KPHB Colony, Kukatpally, Hyderabad – 500072, Telangana, India

Date of Birth/Age :

29.05.1976

Date of Appointment :

07.07.2008

DIN No.:

01717688

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	U24230TG2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Director	07-07-2008	07-07-2008	Active	NO
2	U24239TG2005PLC048151	RAKSHIT PHARMACEUTICALS LIMITED	Managing director	07-03-2009	07-03-2009	Active	NO
3	U24233AP2008PTC061809	AZICO BIOPHORE INDIA PRIVATE LIMITED	Director	10-02-2012	10-02-2012	Active	NO

Name :

Mr. Rajesh Kumar Joshi

Designation :

Managing Director

Address :

A/401, Suhavan Apartments, Judges Bungalow Road, Near H P Petrol Pump, Bodakdev, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

07.02.1967

Date of Appointment :

25.03.2014

DIN No.:

02385772

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	U24233AP2008PTC061809	AZICO BIOPHORE INDIA PRIVATE LIMITED	Director	25-03-2014	12-11-2008	-	Active	NO
2	U24239GJ2009PTC056624	GENAPI LIFESCIENCE PRIVATE LIMITED	Director	16-04-2009	16-04-2009	26-11-2011	Active	NO
3	U24230TG2000PTC034018	RAKSHIT DRUGS PRIVATE LIMITED	Managing director	25-03-2014	07-05-2009	-	Active	NO

KEY EXECUTIVE

Name :	Mr. Pravin Kumar
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Rameswara Rao Anjaneya Pattabhi Chandana	485403	64.87
Aruna Kumari Chandana	137229	18.34
Avinash Shoury Chandana	6720	0.90
Sree Bhavna	6720	0.90
P. Srinivas	37417	5.00
Rajesh Kumar Joshi	74830	10.00
Total	748319	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Integrated Active Pharmaceuticals Ingredients (API's) and Intermediates.

Products :

Item Code No. (ITC Code)	Product Description
2942	Active Pharmaceutical Ingredients

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Integrated Active Pharmaceuticals Ingredients (API's) and Intermediates.

Countries :

Pakistan
China
European Country

Imports :

Products :

Raw Material

Countries :

China
Japan
Germany

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

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 :

Wholesalers, Retailers and End Users

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 :

150 (Approximately)

Bankers :

Bank Name:	Union Bank of India
Branch:	SME Branch, 53/3RT, Thagbha Terrain, Beside SR Nagar Police Station, SR Nagar, Hyderabad – 500038, Telangana, India
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)
LONG TERM BORROWINGS
Term Loans From Union Bank of India (Secured by hypothecation of Plant and Machinery, Equitable mortgage of Factory Land and Building and Guaranteed by Directors)	12.029	19.364
Other Loans and Advances Vehicle Loans (Secured by hypothecation of Vehicles and Guaranteed by Directors)	0.176	0.891

SHORT TERM BORROWINGS
Loan Repayable on Demand From Union Bank of India (Cash Credit Account) (Secured by hypothecation of Inventories and Plant and Machinery, assignment of book debts, Equitable mortgage of Land and Building and Guaranteed by directors)	106.255	104.557
Other Loans and Advances Packing Credit (Secured by Export Realisation, Hypothecation of Inventories assignment of book debts, Land and Buildings, Plant and Machinery and Guaranteed by Directors)	24.931	24.683
Total	143.391	149.495

Financial Institution :	Amneal Pharmaceuticals Company (India) Private Limited, 882/1-871, Vil. Rajoda, Near Hotel Kankavati, Bavla – 382220, Gujarat, India

Auditors :
Name :	Ramanatham and Rao Chartered Accountants
Address :	P.B. No. 2102, Flat No. 302, Kala Mansion, Sarojini Devi Road, Secunderabad – 500003, Andhra Pradesh, India
Tel. No.:	91-40-27814147/ 27849305
Fax No.:	91-40-27840307
E-Mail :	ramnathamandrao@hotmail.com ramnathamandrao@rediffmail.com
Income-tax PAN of auditor or auditor’s firm :	AACFR1623C

Memberships :	--

Collaborators :	--

Related Parties :	· Rakshit Pharmaceuticals Limited · Azico Pharmaceuticals Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

748,319	Equity Shares	Rs.10/- each	Rs. 7.483 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	7.483	7.483	7.483
(b) Reserves & Surplus	169.436	162.139	156.043
(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)	176.919	169.622	163.526

(3) Non-Current Liabilities
(a) long-term borrowings	44.336	30.436	37.680
(b) Deferred tax liabilities (Net)	13.424	12.740	11.869
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	57.760	43.176	49.549

(4) Current Liabilities
(a) Short term borrowings	131.185	129.240	107.331
(b) Trade payables	196.791	153.066	134.450
(c) Other current liabilities	14.940	13.584	13.769
(d) Short-term provisions	10.209	9.435	12.993
Total Current Liabilities (4)	353.125	305.325	268.543

TOTAL	587.804	518.123	481.618

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	103.809	108.863	104.328
(ii) Intangible Assets	1.094	0.188	0.122
(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	34.912	34.912	34.912
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	14.647	15.074	23.741
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	154.462	159.037	163.103

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	129.696	62.208	67.729
(c) Trade receivables	236.232	251.620	186.588
(d) Cash and cash equivalents	17.136	15.168	16.174
(e) Short-term loans and advances	17.542	11.712	14.927
(f) Other current assets	32.736	18.378	33.097
Total Current Assets	433.342	359.086	318.515

TOTAL	587.804	518.123	481.618

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	860.796	758.805	771.317
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA

Less	EXPENSES
		TOTAL	NA	NA	NA

	PROFIT/ (LOSS) BEFORE TAX		25.857	38.752	41.131

Less	TAX		14.182	15.263	8.190

	PROFIT/ (LOSS) AFTER TAX		11.675	23.489	32.941

	EARNINGS IN FOREIGN CURRENCY
		Export of Goods (FOB Value)		228.120	228.270
	TOTAL EARNINGS		99.619	228.120	228.270

	IMPORTS
		Raw Materials	NA	58.319	84.352
		Others (Including Capital Equipment)	NA	0.000	16.337
	TOTAL IMPORTS		NA	58.319	100.689

	Earnings / (Loss) Per Share (Rs.)
	Basic		15.60	31.39	44.02
	Diluted		15.60	31.39	31.76

Particulars

31.03.2015

Sales Turnover (Approximately)

1100.000

The above information has been parted by Mr. Pravin Kumar

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt
UBI – Term Loan	8.000	8.000	8.000
Vehicle Loan	0.695	1.435	1.681
Corporate Loan	3.958	0.000	0.790
TOTAL	12.653	9.435	10.471

Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.36	3.10	4.27

Return on Total Assets (PBT/Total Assets}	(%)	4.68	8.02	9.21

Return on Investment (ROI) (PBT/Networth)		0.15	0.23	0.25

Debt Equity Ratio (Total Debt/Networth)		1.06	1.00	0.95

Current Ratio (Current Asset/Current Liability)		1.23	1.18	1.19

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	7.483	7.483	7.483
Reserves & Surplus	156.043	162.139	169.436
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	163.526	169.622	176.919

long-term borrowings	37.680	30.436	44.336
Short term borrowings	107.331	129.240	131.185
Current maturities of long-term debts	10.471	9.435	12.653
Total borrowings	155.482	169.111	188.174
Debt/Equity ratio	0.951	0.997	1.064

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	771.317	758.805	860.796
		(1.622)	13.441

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	771.317	758.805	860.796
Profit	32.941	23.489	11.675
	4.27%	3.10%	1.36%

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	No
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 four 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

REVIEW OF OPERATIONS

During the year, the company has shown good results. This was possible because of the timely decisions taken by the Board of business promotion. The directors are making their continuous efforts to realize the market opportunities in order to improve the performance of the company in the coming years.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10115305	24/07/2008	875,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	A42878181
2	10089028	04/09/2014 *	181,025,000.00	UNION BANK OF INDIA	SME BRANCH, 53/3RT, THAGBHA TERRAIN, BESIDE SR NAGAR POLICE STATION, SR NAGAR, HYDERABAD, TELANGANA - 500038, INDIA	C19510197

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Corporate Loans	2.858	0.000

Loans from Related Parties
Directors and Shareholders	26.475	7.684
Others	2.797	2.497
Total	32.130	10.181

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)

Letter of Credit	32.622	23.386
Bank Guarantee	1.000	0.500
Total	33.622	23.886

FIXED ASSETS

Tangible Assets

· Land

· Building

· Plant and Equipment

· Electrical Equipment

· Lab Equipments

· Fire Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computers

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 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.66.29
UK Pound	1	Rs.101.89
Euro	1	Rs.73.98

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	DIV

Report Prepared by :	KVT

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	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.

MIRA INFORM REPORT

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