MIRA INFORM REPORT

Report No. :	343026
Report Date :	26.09.2015

IDENTIFICATION DETAILS

Name :	RAJASTHAN ANTIBIOTICS LIMITED (w.e.f. 07.03.1989)
Formerly Known As :	CEPHAM MEDICAL LIMITED CEPHAM MEDICAL LEASING LIMITED
Registered Office :	M 134, 2^nd Floor, Connaught Place, Opposite Super Bazar, New Delhi - 110001
Tel. No.:	91-11-47666111
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.03.1986
Com. Reg. No.:	55-023616
Capital Investment / Paid-up Capital :	Rs. 52.758 Million
CIN No.: [Company Identification No.]	U24231DL1986PLC023616
IEC No.:	05900003060
TAN No.: [Tax Deduction & Collection Account No.]	DELR11698B
PAN No.: [Permanent Account No.]	AAACR0925L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of Bulk Drugs and Manufacturing cum trading of Herbal Products
No. of Employees :	150 (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 1237000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well-established company incorporated in the year 1986, having satisfactory track. Rating takes into consideration sound financial risk profile of the company marked by adequate networth along with comfortable gearing in FY14. The Company has reported top line growth of 29.75% in FY 14 along with profit margin of nearly 6%. Overall financial position of the company seems to be decent in the year under consideration. Trade relations are fair. Business is active. Payment terms are usually correct. In view of decent financial condition along with long track record, the company can be considered for business dealings with usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	17.11.2014
Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	17.11.2014

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Vipul Garg
Designation :	Secretary
Contact No.:	91-11-47666111

LOCATIONS

Registered Office :	M 134, 2^nd Floor, Connaught Place, Opposite Super Bazar, New Delhi - 110001
Tel. No.:	91-11-47666111
Mobile No.:	91-9871373543 (Mr. M.K Jain)
Fax No.:	91-11-43561743
E-Mail :	chawla.jp@gmail.com info@jpc.co.in secretarial99@gmail.com info@cebonindia.com sales@rallife.com
Website :	http://www.rallife.com
Corporate Office :	M-39, Connaught Circus, New Delhi – 110001, India
Factory :	Plot A-619 and 630, RIICO Industrial Area, Bhiwadi – 301019, District Alwar, Rajasthan, India
Tel No.:	91-1493-222278/512378/512095

DIRECTORS

AS ON 30.09.2014

Name :

Mrs. Sushma Pruthi

Designation :

Additional director

Address :

M-255, Greater Kailash, Delhi, - 110048, India

Date of Appointment :

22.06.2015

PAN No.:

AJDPP3632P

DIN No.:

00438457

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	U45201DL1987PTC027884	D. P. TOWERS PRIVATE LIMITED	Director	07/05/1987	07/05/1987	-	Active	NO
2	U52602DL2009PTC192681	BARFANI BABA PHARMA PRIVATE LIMITED	Director	24/09/2014	29/07/2009	-	Active	NO
3	U24232DL2011PTC229519	STERINO EXIM PRIVATE LIMITED	Director	30/12/2011	30/12/2011	-	Active	NO
4	U52100DL2009PTC194061	ARVIV LIFESCIENCES PRIVATE LIMITED	Director	24/09/2014	24/09/2014	-	Active	NO
5	U52300DL2009PTC189964	MANVIN HEALTH PRIVATE LIMITED	Director	24/09/2014	24/09/2014	-	Active	NO
6	U24232DL2012PTC242545	VINMAN HEALTH PRIVATE LIMITED	Director	24/09/2014	24/09/2014	-	Active	NO
7	U24231DL1986PLC023616	RAJASTHAN ANTIBIOTICS LIMITED	Additional director	22/06/2015	22/06/2015	-	Active	NO

Name :

Mr. Gian Chand Sharma

Designation :

Director

Address :

Village and Post Office Gandhir, Bilaspur - 174029, Himachal Pradesh, India

Date of Birth/Age :

20.09.1969

Date of Appointment :

20.09.2012

DIN No.:

00549491

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	U24231HP2006PTC030541	BILCHEM BIOTEC PRIVATE LIMITED	Director	04/08/2006	04/08/2006	26/10/2010	Active	NO
2	U24232CH2010PTC032413	GEE CEE LABS PRIVATE LIMITED	Director	19/08/2010	19/08/2010	-	Active	NO
3	U24231DL1986PLC023616	RAJASTHAN ANTIBIOTICS LIMITED	Director	20/09/2012	12/09/2011	-	Active	NO

Name :

Mr. Ashish Pruthi

Designation :

Managing director

Address :

M-255, Greater Kailash Part-II, Greater Kailash Part-II, Delhi - 110048, India

Date of Birth/Age :

19.08.1976

Date of Appointment :

01.04.2010

PAN NO.:

AMIPP4490P

DIN No.:

01182469

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	U15203CH1999PTC023131	RENESA EXPORTS PRIVATE LIMITED	Director	03/12/1999	03/12/1999	29/10/2010	Active	NO
2	U15203DL2005PTC140011	KRISH NUTRIENT PRIVATE LIMITED	Director	25/08/2005	25/08/2005	18/02/2011	Active	NO
3	U24231DL1986PLC023616	RAJASTHAN ANTIBIOTICS LIMITED	Managing director	01/04/2010	01/01/2007	-	Active	NO
4	U52310DL2009PTC189924	AMOS BIOSCIENCES PRIVATE LIMITED	Director	01/05/2009	01/05/2009	01/07/2009	Active	NO
5	U52300DL2009PTC189964	MANVIN HEALTH PRIVATE LIMITED	Director	10/01/2011	04/05/2009	08/10/2014	Active	NO
6	U52100DL2009PTC194061	ARVIV LIFESCIENCES PRIVATE LIMITED	Director	08/09/2009	08/09/2009	08/10/2014	Active	NO
7	U52100DL2010PTC201633	REVIVAA BIOTECH PRIVATE LIMITED	Director	16/04/2010	16/04/2010	-	Active	NO
8	U40101CH2010PTC032005	GRD POWER PRIVATE LIMITED	Additional director	13/09/2010	13/09/2010	31/07/2011	Active	NO
9	U52602DL2009PTC192681	BARFANI BABA PHARMA PRIVATE LIMITED	Director	10/01/2011	10/01/2011	08/10/2014	Active	NO
10	U24233DL2013PTC247115	VIVAAR EXIM PRIVATE LIMITED	Director	07/01/2013	07/01/2013	-	Active	NO

Name :

Mr. Rakesh Kumar Girdhar

Designation :

Director

Address :

D 15/4, First Floor, Ardee City, Gurgaon - 122003, Haryana, India

Date of Birth/Age :

30.11.1962

Date of Appointment :

01.11.2008

PAN NO.:

AHKPG4039N

DIN No.:

02380490

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	U24231DL1986PLC023616	RAJASTHAN ANTIBIOTICS LIMITED	Director	01/11/2008	01/11/2008	-	Active	NO
2	U52100DL2010PTC201633	REVIVAA BIOTECH PRIVATE LIMITED	Director	16/04/2010	16/04/2010	-	Active	NO
3	U24232PB2012PTC038263	Quad Lifesciences Private Limited	Director	23/09/2013	19/11/2012	06/02/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Vipul Garg
Designation :	Secretary
Address :	88/3, Near Sadanand School, Krishan Pura, Panipat - 132103, Haryana, India
Date of Birth/Age :	23.08.1987
Date of Appointment :	06.09.2010
PAN No.:	ANIPG8113B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Arviv Lifescience Private Limited, India	1344684
Ashish Pruthi	900
Radhika Pruthi	500
Manvia Heath Private Limited, India	1343184
Barfani Baba Pharma Private Limited, India	2583397
Ashish Pruthi and Sons (HUF)	100
Meera Pruthi	3000
Total	5275765

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	99.91
Directors or relatives of Directors	0.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of Bulk Drugs and Manufacturing cum trading of Herbal Products

Products :

Item Code No.	Product Description
99884300	Ampicillin Sodium Sterile, Piperacillin and tajobactum Sodium Sterile, Pantoprazole Sodium Sterile and Others

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Bangladesh
• Pakistan

Imports :

Products :

Raw Material

Countries :

China

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	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 :

Reference :	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 :

150 (Approximately)

Bankers :

· State Bank of Hyderabad, Flat No. 110, Suryakiran Building, 19 KG Marg, New Delhi - 110001, India

· Allahabad Bank

Bank Name	State Bank of Bikaner and Jaipur
Branch	16/67-68, Faiz Road, Karol Bagh, New Delhi - 110005, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan	11.538	38.954
SHORT TERM BORROWING
Rupee Term Loan From bank	235.077	163.964
Total	246.615	202.918

Auditors :
Name :	J P Chawla and Company Chartered Accountants
Address :	43, Backlane, Daryaganj, New Delhi – 110002, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFJ2213J
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 :	· Cepham Milk Specialities Limited, India CIN No.:L15203PB1991PLC019162 · Quad Lifesciences Private Limited, India CIN No.:U24232CH2012PTC033660 · Cebon India Limited, India CIN No.:U24232HR1988PLC030362 · Cepham Organics Limited, India CIN No.:U24239DL1984PLC018500 · Revivaa Biotech Private Limited, India CIN No.:U52100DL2010PTC201633 · Cepham Laboratories Limited, India CIN No.:U24230DL1977PLC008694 · Cepham Agencies Private Limited, India CIN No.:U24232DL1983PTC015187] · D. P. Towers Private Limited, India CIN No.:U45201DL1987PTC027884

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5275765	Equity Shares	Rs.10/- each	Rs.52.758 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	52.758	52.758	52.758
(b) Reserves & Surplus	380.233	303.470	240.484
(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)	432.991	356.228	293.242
(3) Non-Current Liabilities
(a) long-term borrowings	11.538	38.954	6.500
(b) Deferred tax liabilities (Net)	13.985	12.813	0.000
(c) Other long term liabilities	0.078	0.864	2.963
(d) long-term provisions	6.231	4.959	2.814
Total Non-current Liabilities (3)	31.832	57.590	12.277
(4) Current Liabilities
(a) Short term borrowings	235.077	163.964	145.873
(b) Trade payables	36.192	29.429	7.868
(c) Other current liabilities	64.878	72.502	33.995
(d) Short-term provisions	5.372	8.632	13.495
Total Current Liabilities (4)	341.519	274.527	201.231
TOTAL	806.342	688.345	506.750
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	297.518	270.376	104.118
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	31.611	41.481
(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)	0.000	0.000	1.005
(d) Long-term Loan and Advances	5.402	8.675	35.470
(e) Other Non-current assets	9.280	9.313	19.768
Total Non-Current Assets	312.200	319.975	201.842
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	108.056	128.586	98.950
(c) Trade receivables	299.908	179.799	174.805
(d) Cash and cash equivalents	45.265	29.151	20.455
(e) Short-term loans and advances	40.913	30.834	10.698
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	494.142	368.370	304.908
TOTAL	806.342	688.345	506.750

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1447.914	1115.877	920.163
	Other Income	9.071	8.559	3.083
	TOTAL	1456.985	1124.436	923.246
Less	EXPENSES
	Cost of Materials Consumed	872.069	668.259	662.930
	Purchases of Stock-in-Trade	29.727	96.724	9.302
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	41.305	(27.835)	(21.949)
	Prior period items	(0.397)	(1.680)	0.507
	Exceptional item	(4.629)
	Expenditure on production	166.845	117.559	0.000
	Employees benefits expense	37.469	25.202	16.408
	Other expenses	96.068	85.773	145.126
	TOTAL	1238.457	964.002	812.324
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	218.528	160.434	110.922
Less	FINANCIAL EXPENSES	41.963	29.987	14.170
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	176.565	130.447	96.752
Less	DEPRECIATION/ AMORTISATION	63.352	34.204	9.943
	PROFIT/ (LOSS) BEFORE TAX	113.213	96.243	86.809
Less	TAX	26.143	33.224	23.183
	PROFIT/ (LOSS) AFTER TAX	87.070	63.019	63.626
	EARNINGS FOREIGN EXCHANGE	498.374	299.954	169.166
	Earnings / (Loss) Per Share (Rs.)	14.60	11.31	12.06

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	40.951	31.695	17.656
Cash generated from operations	N.A	N.A	N.A
Net cash flows from (used in) operations	82.993	183.370	(7.542)
Net cash flows from (used in) operating activities	53.813	156.690	(31.356)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	6.01	5.65	6.91
Operating Profit Margin (PBIDT/Sales)	(%)	15.09	14.38	12.05
Return on Total Assets (PBT/Total Assets}	(%)	14.04	14.65	18.70
Return on Investment (ROI) (PBT/Networth)		0.26	0.27	0.30
Debt Equity Ratio (Total Debt /Networth)		0.66	0.66	0.58
Current Ratio (Current Asset/Current Liability)		1.45	1.34	1.52

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	52.758	52.758	52.758
Reserves & Surplus	240.484	303.470	380.233
Net worth	293.242	356.228	432.991
long-term borrowings	6.500	38.954	11.538
Short term borrowings	145.873	163.964	235.077
Current Maturities Of Long-Term Debts	17.656	31.695	40.951
Total borrowings	170.029	234.613	287.566
Debt/Equity ratio	0.580	0.659	0.664

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	920.163	1115.877	1447.914
		21.269	29.756

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	920.163	1115.877	1447.914
Profit	63.626	63.019	87.070
	6.91%	5.65%	6.01%

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

MANAGEMENT OVERVIEW

Sales and Exports

The company has recorded sales revenue and other income of Rs. 1457.000 Million against Rs. 1124.400 Million in the previous year representing a growth of 29.58% over preceding year. Further the company has registered an export of Rs. 498.400 Million as compared to Rs. 299.900 Million in the previous year registering a growth of 66% over preceding year. The Management’s aggressive strategy of focusing on improving business and operational performance has borne fruits. The operations of the company are steadily improving and company is looking forward to healthy revenue and numbers profit in the coming years.

COMPANIES BACKGROUND

Rajasthan Antibiotics Limited. is a limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in Manufacturing of Bulk Drugs and Manufacturing cum trading of Herbal Products.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10551487	02/02/2015	58,000,000.00	ALLAHABAD BANK	17, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	C44749190
2	10544932	31/12/2014	2,000,000.00	STATE BANK OF BIKANER AND JAIPUR	101-102, NEW DELHI HOUSE, 27, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	C41378019
3	10410254	14/02/2013	1,410,000.00	STATE BANK OF BIKANER AND JAIPUR	16/67-68, FAIZ ROAD, KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA	B70245279
4	10379988	13/09/2012	2,242,000.00	STATE BANK OF BIKANER AND JAIPUR	16/67-68, FAIZ ROAD, KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA	B59481838
5	10174483	05/11/2014 *	658,800,000.00	STATE BANK OF BIKANER AND JAIPUR	16/67-68, FAIZ ROAD, KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA	C35158609

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Furniture and Fixture
• Vehicle
• Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.08
UK Pound	1	Rs.100.31
Euro	1	Rs.73.81

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KIN
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

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

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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.