MIRA INFORM REPORT

Report No. :	516963
Report Date :	28.06.2018

IDENTIFICATION DETAILS

Name :	ENDOC LIFECARE PRIVATE LIMITED
Registered Office :	Office No. D-601, 6th Floor, Imperial Heights Opposite Big Bazar, 150 Ring Road, Rajkot-360005, Gujarat
Tel. No.:	91-2827-253690 / 254245
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	03.04.2012
CIN No.: [Company Identification No.]	U85100GJ2012PTC069720
Capital Investment / Paid-up Capital :	INR 15.000 Million
IEC No.: [Import-Export Code No.]	2402001682
PAN No.: [Permanent Account No.]	AADCE0006C
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Bulk Drugs and Intermediaries. [Registered Activity] Manufacturer and Supplier of Pharmaceutical Raw Materials, Ornidazole, Fluconazole, Tizanidine HCL, Intermediaries, Fluoxetine, etc. [Confirmed by management]
No. of Employees (AS ON 31.03.2017):	90 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 260000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2012 having satisfactory track records. For the financial year ended 2017, revenue of the company has marginally declined. However, it has been able to achieved fair profit margin at 2.94% (approx.) The company possesses sound financial profile marked by healthy net worth base along with comfortable debt level and favourable gap between trade payables to its trade receivables. Trade relations are reported as fair. Business is active. Payment terms are seems to be usually correct and as per commitments. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: Information regarding No. of Employee, Import & Export, Payments Terms and Customer’s & Suppliers are not available from any sources and management also denied to provide the information on the same.

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

Country Name	Previous Rating (31.12.2017)	Current Rating (01.04.2018)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: BB+
Rating Explanation	Moderate risk of default.
Date	18.01.2018

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 28.06.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Anil Jilala
Designation :	Accountant
Contact No.:	91-2827-253690
Date :	27.06.2018

MANAGEMENT NON-COOPERATIVE (91-2827-254245)

LOCATIONS

Registered Office :	Office No. D-601, 6th Floor, Imperial Heights Opposite Big Bazar, 150 Ring Road, Rajkot-360005, Gujarat, India
Tel. No.:	91-2827-253690 / 254245
Mobile No.:	91-9879597557 (Mr. L.D. Patel)
Fax No.:	Not Available
E-Mail :	endoc@endocpharma.com
Website :	http://www.endocpharma.com
Factory :	Plot No. 4 To 7, Survey No. 53, B/H, Saurastra Paper Board Mill, Shapar Veraval Industrial Area, Shapar, District Rajkot-360024, Gujarat, India

DIRECTORS

AS ON 31.03.2018

Name :

Mr. Suresh Devjibhai Sorathiya

Designation :

Whole-time Director

Address :

Tirth, Plot No- 3 Arjun Park, Nana Mava Road, Rajkot- 360005, Gujarat, India

Date of Birth/Age :

21.04.1971

Date of Appointment :

03.04.2012

DIN No.:

03507209

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24233GJ2013PTC077965	SNJ LABS PRIVATE LIMITED	19/12/2013	-
U24230GJ2012PTC068865	NIRA LIFE SCIENCES PRIVATE LIMITED	03/02/2012	-

Name :

Mr. Laljibhai Dayabhai Barsia

Designation :

Whole-time Director

Address :

Ranchhod Nagar, Society Shreeram, Rajkot-360001, Gujarat, India

Date of Birth/Age :

05.11.1966

Date of Appointment :

03.04.2012

DIN No.:

03507212

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U17291GJ2013PTC076952	SKYWIN SPINNING PRIVATE LIMITED	17/12/2013	-

Name :

Mr. Vipin Bhagvanjibhai Patel

Designation :

Whole-time Director

Address :

Aastha Kalyanpark Society Street No. 2 Nana Mava Main Road, Near Shast Rinagar, Rajkot-360005, Gujarat, India

Date of Birth/Age :

18.10.1972

Date of Appointment :

03.04.2012

DIN No.:

03507213

Name :

Ms. Ranjanben Sureshbhai Sorathiya

Designation :

Whole-time Director

Address :

Tirth, Plot No 3, Arjan Park, Nana Mova Road, Rajkot-360005, Gujarat, India

Date of Birth/Age :

10.06.1976

Date of Appointment :

30.06.2012

DIN No.:

05185606

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24233GJ2013PTC077965	SNJ LABS PRIVATE LIMITED	19/12/2013	-
U24230GJ2012PTC068865	NIRA LIFE SCIENCES PRIVATE LIMITED	03/02/2012	-

Name :

Mr. Girdharbhai Ghelabhai Kachhadiya

Designation :

Whole-time Director

Address :

Vraj, 5, Gunatit Nagar Housing Co-Operative Society B/H. Raiya Tele Ex. 150 Ft., Raiya Ring Road, Rajkot-360001, Gujarat, India

Date of Birth/Age :

14.11.1972

Date of Appointment :

03.04.2012

DIN No.:

05212129

Name :

Ms. Harshida Gordhanbhai Sorthiya

Designation :

Whole-time Director

Address :

Narmada Park, Street No.4, Plot No. 10, Vidhya Kunj Society, Main Road, Rajkot-360001, Gujarat, India

Date of Birth/Age :

04.04.1971

Date of Appointment :

03.04.2012

DIN No.:

05212134

Name :

Mr. Raghavbhai Mohanbhai Sorathia

Designation :

Whole-time Director

Address :

Chaitanya, Silver Stone, Opposite Shreeji Krupa, Opposite Oskar Tower, Rajkot-360002, Gujarat, India

Date of Birth/Age :

13.06.1961

Date of Appointment :

03.04.2012

DIN No.:

05212136

Name :

Ms. Prafulaben Laljibhai Barsia

Designation :

Whole-time Director

Address :

Sharee Ram 24, Ranchhod Nagar Society, Rajkot-360003, Gujarat, India

Date of Birth/Age :

14.08.1972

Date of Appointment :

20.09.2012

DIN No.:

06375413

Name :

Ms. Dipali Kantibhai Kachhadiya

Designation :

Whole-time Director

Address :

Vraj, 5 - Gunatit Nagar Society, B/H. Raiya Tele. Exchenge, 150 Feet Ring Road, Rajkot-360005, Gujarat, India

Date of Birth/Age :

26.08.1972

Date of Appointment :

20.09.2012

DIN No.:

06375422

Name :

Ms. Alpaben Vipinbhai Patel

Designation :

Whole-time Director

Address :

Angan, 5/10 Kailash Baug Society, Gondal, District Rajkot-360311, Gujarat, India

Date of Birth/Age :

14.09.1978

Date of Appointment :

20.09.2012

DIN No.:

06376765

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Suresh Devjibhai Sorathiya	250500
Laljibhai Dayabhai Barsia	249900
Vipin Bhagvanjibhai Patel	249900
Harshida Gordhanbhai Sorthiya	234900
Raghavbhai Mohanbhai Sorathia	249900
Girdharbhai Ghelabhai Kachhadiya	249900
Gordhanbhai Kurjibhai Sorathia	15000
Total	1500000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2017

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

• Manufacturing of Bulk Drugs and Intermediaries. [Registered Activity]

• Manufacturer and Supplier of Pharmaceutical Raw Materials, Ornidazole, Fluconazole, Tizanidine HCL, Intermediaries, Fluoxetine, etc. [Confirmed by management]

Products / Services :

Item Code No. (ITC Code)	Product Description
30049079	Manufacturing of Bulk Drugs and Intermediaries

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

• H K Machine Tools
• Pooja Ceramic
• Arpana Electricals
• Galaxy Electric Co.
• Gujarat Gas Limited
• Kiran Electric Co
• Maruti Petroleum
• OM Logistics Limited
• Bharti Roadways
• Shiv Fire Engineers

Customers :

• Sun Pharma Laboratories Limited
• Deepen Drugs
• Cipla Limited – Sikkim
• Bharat Trading Co
• Pharma Force Lab
• Cure Sure Pharma
• A K Medicare
• Bal Pharma Limited

No. of Employees (AS ON 31.03.2017):

90 (Approximately)

Bankers :

Banker Name :	Corporation Bank
Branch :	--
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Corporation Bank - Term Loan – 150003 (Primarily Secured by Hypothication of Machinery and Collaterally secured by Factory Land and Building) (instalment due within next twelve months is separately)	3.291	4.928
Corporation Bank - Car Loan (VBP)	0.000	0.029
Corporation Bank - Car Loan (RMS)	0.000	0.030
BMW India Financial Services Private Limited	0.478	0.715
Toyota Financial Services India Limited	0.813	0.984
SHORT TERM BORROWING
Corporation Bank – CC (Primarily Secured by Hypo. of Inventory and Trade Receivable and Collaterally secured by Factory Land and Building)	0.000	34.931
Total	4.582	41.617

Auditors :
Name :	Haresh B. Hirapara and company Chartered Accountants
Address :	209-210, Lotus Arcade, Opposite Bajaj Automotive, Gondal Road, Rajkot-360002, Gujarat, India
Tel. No.:	91-281-2468870
Mobile No.:	91-9824564006
E-Mail :	hbhirapara@yahoo.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAYPH0768G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.000	15.000	15.000
(b) Reserves & Surplus	75.831	65.300	65.432
(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)	90.831	80.300	80.432
(3) Non-Current Liabilities
(a) long-term borrowings	95.906	89.007	83.308
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	95.906	89.007	83.308
(4) Current Liabilities
(a) Short term borrowings	0.000	34.931	62.220
(b) Trade payables	53.278	73.379	74.349
(c) Other current liabilities	2.351	3.226	3.337
(d) Short-term provisions	6.576	1.279	16.574
Total Current Liabilities (4)	62.205	112.815	156.480
TOTAL	248.942	282.122	320.220
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	60.514	55.038	60.718
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	1.155	0.771	0.162
(d) Long-term Loan and Advances	0.043	0.043	0.043
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	61.712	55.852	60.923
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	53.223	78.122	91.927
(c) Trade receivables	98.299	97.451	92.992
(d) Cash and cash equivalents	23.575	14.330	0.957
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	12.133	36.367	73.421
Total Current Assets	187.230	226.270	259.297
TOTAL	248.942	282.122	320.220

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	357.590	395.981	480.108
	Other Income	2.796	1.490	1.858
	TOTAL	360.386	397.471	481.966
Less	EXPENSES
	Cost of Materials Consumed	235.714	321.685	311.519
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	8.551	(25.429)	7.651
	Employees benefits expense	22.153	21.089	20.698
	Other expenses	66.652	67.085	82.065
	TOTAL	333.070	384.430	421.933
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	27.316	13.041	60.033
Less	FINANCIAL EXPENSES	1.264	2.575	0.966
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	26.052	10.466	59.067
Less/ Add	DEPRECIATION/ AMORTISATION	9.853	10.590	9.825
	PROFIT/ (LOSS) BEFORE TAX	16.199	(0.124)	49.242
Less	TAX	5.668	0.008	16.085
	PROFIT/ (LOSS) AFTER TAX	10.531	(0.132)	33.157
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	65.300	65.432	32.275
	Balance Carried to the B/S	75.831	65.300	65.432
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	6.790	NA
	TOTAL EARNINGS	NA	6.790	NA
	IMPORTS
	Raw Materials	NA	99.233	NA
	TOTAL IMPORTS	NA	99.233	NA
	Earnings / (Loss) Per Share (INR)	7.02	(0.09)	22.10

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	2.351	3.226	3.218
Cash generated from operations	18.939	15.158	41.334
Net cash flows from (used in) operations	18.939	15.158	24.945

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	100.34	89.83	70.70
Account Receivables Turnover (Income / Sundry Debtors)	3.64	4.06	5.16
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	82.50	83.26	87.11
Inventory Turnover (Operating Income / Inventories)	0.51	0.17	0.65
Asset Turnover (Operating Income / Net Fixed Assets)	0.45	0.24	0.99

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.64	0.73	0.76
Debt Equity Ratio (Total Liability / Networth)	1.08	1.58	1.85
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.68	1.40	1.95
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.67	0.69	0.75
Interest Coverage Ratio (PBIT / Financial Charges)	21.61	5.06	62.15

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	2.94	(0.03)	6.91
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.23	(0.05)	10.35
Return on Investment (ROI) ((PAT / Networth) * 100)	%	11.59	(0.16)	41.22

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	3.01	2.01	1.66
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.15	1.31	1.07
G-Score Ratio Financial (Networth / Total Assets)	0.36	0.28	0.25
G-Score Ratio Debt (Debts / Equity Capital)	6.55	8.48	9.92
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	3.01	2.01	1.66

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	15.000	15.000	15.000
Reserves & Surplus	65.432	65.300	75.831
Share Application money pending allotment	0.000	0.000	0.000
Net worth	80.432	80.300	90.831
Long Term borrowings	83.308	89.007	95.906
Short Term borrowings	62.220	34.931	0.000
Current Maturities of Long term debt	3.218	3.226	2.351
Total borrowings	148.746	127.164	98.257
Debt/Equity ratio	1.849	1.584	1.082

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	480.108	395.981	357.590
		(17.523)	(9.695)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	480.108	395.981	357.590
Profit/(Loss)	33.157	(0.132)	10.531
	6.91%	(0.03%)	2.94%

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)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	No
21	Banking facility details	No
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

UNSECURED LOANS:

Particulars	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
From Directors, Shareholders and Relatives	91.324	82.321
Total	91.324	82.321

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	AMOUNT	ADDRESS
1	C49716103	10407702	CORPORATION BANK	03/04/2012	27/03/2015	108100000.0	1ST FLOOR, SHOP NO.101, GAYATRI COMMERCIAL CENTRE, KALAWAD ROAD, OPPOSITE PARIMAL SCHOOL, RAJKOT-360001, GUJARAT, INDIA

FIXED ASSETS:

Tangible Asset:

• Land
• Plant Building
• Plant and Machinery
• Furniture and Fixture
• Computer
• Generator Set
• Laboratory Equipment
• Motor Car Innova
• Motor Car RMS
• Office Building
• Printer
• Phone/Mobile

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	INR
US Dollar	1	INR 68.52
UK Pound	1	INR 90.60
Euro	1	INR 79.87

INFORMATION DETAILS

Information Gathered by :	AKY
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE FACTORS

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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.