MIRA INFORM REPORT

Report Date :

26.12.2007

IDENTIFICATION DETAILS

Name :	EUREKA FORBES LIMITED
Registered Office :	7 Chakraberia Road, (South), Kolkata – 700 025, West Bengal
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	05.02.1931
Com. Reg. No.:	21-7010
CIN No.: [Company Identification No.]	U27109WB1931PLC007010
TAN No.: [Tax Deduction & Collection Account No.]	CALE01670E
PAN No.: [Permanent Account No.]	AAACE5767F
Legal Form :	A closely public limited liability company It is a subsidiary company of Forbes Gokak Limited.
Line of Business :	Manufacturing and Selling of Vacuum Cleaners, Water Filter cum Purifiers and Electronic Air Cleaning Systems.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING			STATUS		PROPOSED CREDIT LINE
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
	Maximum Credit Limit :			USD 3530000
	Status :			Excellent
	Payment Behaviour :			Regular
	Litigation :			Clear
	Comments :			Subject is a subsidiary of 80 years old Forbes Gokak Limited, a diversified company having satisfactory track. Subject is a well-established and reputed company having satisfactory track records. Financial position is good. Payments are usually correct and as per commitments. The company can be considered normal for business dealing at usual trade terms and conditions.

LOCATIONS

Registered Office :	7, Chakraberia Road (South), Kolkata – 700 025, West Bengal, India
Tel. No.:	91-363-4741892 / 24749340-42 / 9708 / 24762324 / 6033-34 / 24767386 / 24757954 / 91-33-24749342
Fax No.:	91-33-2474 9341
E-Mail :	eflservice@eurekaforbes.co.in natrajanv@eurekaforbes.co.in ramesh@aquamall.co.in
Website :	http://www.eurekaforbes.com
Status :	Owned
Location :	Commercial
Head Office :	Konkan Nagar Co-operative Housing Society Ltd. Prakash Narayan Kotnis Marg, Mahim (West), Mumbai - 400 016.
Tel. No.:	91-22-2269 3820 / 3826 / 3843 / 3873 / 3913 / 3957 / 24443436
Fax No.:	91-22-2269 4125
E-Mail :	productenquiry@eurekaforbes.co.in
Website :	http://www.eurekaforbes.com
Corporate Office :	Bhupesh Gupta Bhavan, 85, Sayani Road, Prabhadevi, Mumbai - 400 025.
Tel. No.:	91-22-2430 1725
Factory / Warehouse :	Ø Bommasandra, Bangalore Ø Bhimtal Ø Hyderabad, Ø Meghalaya
Research and Development Unit :	Located at Ø Bommasandra, Bangalore

DIRECTORS

Name :	Mr. R S Ramasundar
Designation :	Director
Name :	Mr. K Borglin
Designation :	Director
Name :	Mr. Hans Straberg
Designation :	Director
Name	Mr. Suresh Lal . Goklaney
Designation	Managing Director
Address :	2, Sital Sagar, Sital Building, 64, Walkeshwar Road, Mumbai – 400006, Maharashtra
Date of Birth :	06.04.1947
Qualification	B. Sc.
Experience	35 Years
Date of Joining	14.02.1996
Previous Employment	Johnson & Johnson Limited – General Sales Manager
Other Directorship :	Aquamall Water Solutions Limited
Name	Mr. Shapoor Mistry
Designation	Chairman Cum Managing Director
Address :	Sterling Bay, 103, Walkeshwar Road, Mumbai – 400 006, Maharashtra, India
Date of Birth :	06.09.1964
Date of Joining	15.03.2002
Name	Mr. Kamlesh Chander Mehra
Designation	Director
Address :	11, Volkart House, 63 West Field Lane, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India
Date of Birth :	20.09.1939
Date of Joining	22.07.1999
Name	Mr. Darius Erach Udwadia
Designation	Director
Address :	Empress Court, 17, Maharashri Karve Road, Churchgate, Mumbai – 400 020, Maharashtra
Date of Birth :	27.09.1939
Date of Joining	08.02.1989
Name	Mr. Jagdish Chander Chopra
Designation	Director
Address :	Flat No. 4, Revilles, 45 Cuffe Parade, Mumbai – 400 005, Maharashtra
Date of Birth :	04.03.1931
Date of Joining	12.01.1994
Name	Mr. Nawshir Dara Khurody
Designation	Director
Address :	12-A, Darbhanga Mansioon, M L Dahanukar Marg, Mumbai – 400 026, Maharashtra
Date of Birth :	26.10.1936
Date of Joining	28.05.1999
Name	Mr. Chandrakanta Girdharilal Shah
Designation	Director
Address :	Flat No. 71, Carmel, 30 Napeansea Road, Mumbai – 400 036, Maharashtra
Date of Birth :	14.02.1943
Date of Joining	16.02.2000
Name	Mr. Magnus Yngen
Designation	director
Address :	Svedjevagen 15, S – 18147 Lidingo, Sweden
Date of Birth :	04.04.1958
Date of Joining	26.05.2000
Date of Ceasing:	04.01.2005
Name	Mr. Suresh Balan
Designation	Director
Address :	Herrangsvagen 73, Se – 125- 54, Alvsjo, Sweden
Date of Birth :	12.03.1961
Date of Joining	27.11.2002
Name	Mr. Ashok Barat
Designation	Director
Address :	Flat No. 9, 9^th Floor, Godrej Bay View, Worli Sea Face, Worli, Mumbai - 400 018, Maharashtra
Date of Birth :	05.12.1956
Date of Joining	04.03.2003
Name	Mr. Knut Stangenberg
Designation	Director
Address :	Kalvovagen 3, SE – 132- 34, Saltsjo Boo, Sweden
Date of Birth :	13.07.1958
Date of Joining	01.09.1997

KEY EXECUTIVES

Name :	Mr. Venkatraman Natarajan
Designation :	Company Secretary
Address :	Flat No. 304, Building 6, Siddhachal Phase 2, Pokhran Road No .2, Thane West, Maharashtra, India
Date of Birth/Age :	13.07.1956
Date of Appointment :	02.07.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders		No. of Shares
Forbes Gokak Limited		3571410
Forbes Gokaka Limited Jointly With Warrior (Investments) Limited		1
Forbes Gokaka Limited Jointly With Volkart Fleming Shipping And Services Limited		1
Forbes Gokak Limited Jointly With Forbes Campbells Holdings Limited		1
Forbes Gokaka Limited Jointly With Mr. A T Shah		1
Forbes Gokaka Limited Jointly With Mr. C A Karnik		1
Forbes Finance Limited		688485
	Total	4259900

BUSINESS DETAILS

Line of Business :	Manufacturing and Selling of Vacuum Cleaners, Water Filter cum Purifiers and Electronic Air Cleaning Systems.
Products :	Items Code No. (ITC Code) Product Description 850910.00 Vacuum Cleaners 842121.00 Water Filter cum Purifiers 842139.00 Electronic Air Cleaning Systems
Brand Name :	“EUREKA FORBES”
Imports :
Countries :	Sweden
Terms :
Selling :	Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS AS 31.03.2005:

Particulars	Unit	Installed Capacity	Actual Production
White Goods such as Vacuum Cleaners, Washing Machines (Programmable type), Deep Freezers, Dish Washer, attachments, accessories and parts	Nos.	200000	24000
Special type of hoses with/without end connectors for Vacuum Cleaners, etc.	Mts.	800000	--
Accessories and Parts	--	--	8218

GENERAL INFORMATION

Customers :	Manufacturers, Wholesalers and Consumers
No. of Employees :	1200
Bankers :	Ø State Bank Of India Address: Kolkata, West Bengal, India Ø State Bank Of India Address: Commercial Branch, N G N Vaidya Marg, Mumbai – 400 023, Maharashtra, India Ø Credit Lyonnais, Address: Kolkata, West Bengal, India Ø The Bank Of Nova Scotia, Address: Kolkata, West Bengal, India Ø BNP Paribas, Address: Kolkata, West Bengal, India Ø Axis Bank Limited, Address: Kolkata, West Bengal, India Ø Calyan Bank Address: Scindia House,, N M Marg, Ballard Estate , Mumbai – 400 038, Maharashtra, India Ø The Bank Of Nova Scotia Address: Mittal Tower, B Wing, Nariman Point, Mumbai – 400 021, Maharashtra, India Ø Axis Bank Limited Address: Maker Tower, 13^th Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India Ø BNP Paribas Address: French Bank Building, 62 Homji Street, Fort, Mumbai – 400 001, Maharashtra, India
Banking Relations :	Good
Auditors :	Batliboi & Purohit Chartered Accountants 204, Dadabhoy Naoroji Road, Fort, Mumbai – 400001, Maharashtra, India
Subsidiaries :	Ø A. P. Industrial Components Limited Ø Aquamall Water Solutions Limited Ø Forbes Aquamall Limited
Parent Company :	Forbes Gokak Limited- Part of Shapoorji Pallonji Group
Subsidiaries :	Ø Aquamall Water Solution Limited – Subject was started in the year 1982 with a vision to become “A one stop shop for “Water Purification Systems”. It is an ISO 9002 and ISO 14001 EMS certified company. Aquamall incorporates the latest in technology to manufacture state of the art water purification systems in its three factories at Hyderabad, Bhimtal and Bangalore. Today Aquamall produces more than 300 thousand water purification systems per annum. It has even aquired CE certification for safety of its products. Aquamall has been recognisedby the Andhre Pradesh government as “Best Employer” for three years and its Bangalore uit has received “Best Garden and Landscaping Industrial Prize” for the third consecutive year Ø Forbes Aquamall Limited
Associates	Ø Bradma Of India Limited Ø Campbell Knitwear Limited Ø Forbes Estates Limited Ø Latham India Limited Ø Volkart Fleming Shipping & Services Limited Ø Eureka Forbes Institute Of Environment Ø Barwill Forbes Shipping Services Limited Ø FAL Industries Limited Ø Forbes Campbell Knitwear Limited Ø Forbes Services Limited Ø Forbes Tinsely Company Limited Ø Forvol International Services Limited Ø PT Gokak Indonesia Ø Shapoorji And Pallonji And Company Limited Ø Sterling Investment Corporation Private Limited Ø The Swadeshi Mills Company Limited Ø Warrior Investment Limited Ø Forbes Gokaka Limited Ø Pro Handyman India Limited Ø Forbes Technosys Limited Ø Forbes Facility Services Private Limited Ø Euro Forbes International Pte Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- Each	Rs.150.000 Millions

Issued, Subscribed & Paid-Up Capital :

No. Of Shares	Type	Value	Amount
4260000	Equity Shares	Rs. 10/- Each	Rs.42.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		42.600	42.600
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		839.746	688.391
4] (Accumulated Losses)		0.000	0.000
NETWORTH		882.346	730.991
LOAN FUNDS
1] Secured Loans		203.105	39.879
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		203.105	39.879
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1085.451	770.870
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		441.675	391.608
Capital work-in-progress		0.000	0.000
INVESTMENT		376.293	423.009
DEFERREX TAX ASSETS		7.226	3.130
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	949.863	656.583
	Sundry Debtors	598.349	476.056
	Cash & Bank Balances	510.543	744.937
	Other Current Assets	0.000	0.000
	Loans & Advances	832.847	480.527
Total Current Assets		2891.602	2358.103
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1975.019	1831.650
	Provisions	656.326	573.330
Total Current Liabilities		2631.345	2404.980
Net Current Assets		260.257	46.877
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1085.451	770.870

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006
Sales Turnover		7232.360	6145.403
Other Income		167.507	190.300
Total Income		7399.867	6335.703
Profit/(Loss) Before Tax		389.541	339.584
Provision for Taxation		140.404	119.848
Profit/(Loss) After Tax		249.137	219.736
Export Value		NA	NA
Import Value		NA	NA
Expenditures :
	Purchases made for re-sale	3786.676	3279.275
	Salaries, Wages, Bonus, etc.	1055.408	950.429
	Managerial Remuneration	19.026	14.820
	Payment to Auditors	1.402	1.419
	Interest	3.927	1.746
	Insurance Expenses	36.377	35.942
	Power & Fuel	19.919	17.693
	Depreciation & Amortization	90.028	84.161
	Other Expenditure	1997.563	1610.634
Total Expenditure		7010.326	5996.119

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006
PAT / Total Income	(%)	3.36	3.46
Net Profit Margin (PBT/Sales)	(%)	5.36	5.52
Return on Total Assets (PBT/Total Assets}	(%)	11.68	9.05
Return on Investment (ROI) (PBT/Networth)		0.44	0.46
Debt Equity Ratio (Total Liability/Networth)		3.21	3.34
Current Ratio (Current Asset/Current Liability)		1.09	0.98

LOCAL AGENCY FURTHER INFORMATION

HISTORY:

In 1982, Forbes Forbes Campbell (presently known as Forbes Gokak Limited.) and Electrolux AB of Sweden came together in a joint venture to set up Eureka Forbes Limited. Subject pioneered the concept of direct selling in India, and is today, the largest direct sales organisation in the country.

Dedicated towards the enhancement of the lifestyle of Indians and its ability to respond to an ever changing market environment, Subject is in a position to chart its own course, in its very own future.  

In 1996, the Industrial Sales Division entered into an alliance with Nilfisk-Advance Pte. Of Denmark - a world conglomerate for Industrial Cleaning Products. This alliance brings to India an exhaustive range of products that can be categorised into Vacuum Cleaners, Floor Care Equipment and High Pressure Water Jet Cleaners. In the year the Electronic Security Systems Division of Subject was emerged. This division was started in association with DSC, the world's leading electronic security solutions provider worldwide, based in Canada.

Customer driven and dedicated to provide the very best in service, Subject has a customer base of over two million satisfied customers. Subject is more than just a company - a responsible member of the eco-conscious community, contributing towards the preservation of the environment. 

The Company has formed a trust called Eureka Forbes Institute of Environment to promote the awareness about pollution in the minds of people. It has formed a 100% subsidiary viz Forbes Aquamall Limited and the commercial production started in October,2002 and has an installed capacity of 60000 units per annum.

The company formed a trust called Eureka Forbes Institute of Environment to promote the awareness about pollution in the minds of people.

During the year under report, the company also introduced a superior version of Air Purifiers AP - 2000.

OTHER INFORMATION:

Aquamall has started a 100% subsidiary named Forbes Aquamall Limited in the State of Meghalya in North East India. This factory started commercial production in October, 2002 and has an installed capacity of 60000 units per annum. The company will be eligible to avail the Excise Duty and Income Tax benefits offered by the Government to start industries in specified areas.

Close control on working capital management reduced borrowings substantially. Substantial cost reduction was achieved through value engineering and scientific pricing of components thereby helping to offset the uncontrollable input price increases and other inflationary costs without an increase in selling price.

The company continues to focus on upgrading technology, ensuring product quality and introducing top end state of the art water filter cum purifiers by keeping abreast of national and international developments.

The company continues to carry out its services to the community by providing water purifiers to the needy, sponsorships of education for poor children and conducting seminars on water pollution

Subject is an ISO 9002 certified company.

Subject is a joint venture between Forbes Gokak (Part of the Shapporji Pallonji Group) and Electrolux AB of Sweden.

FIXED ASSTES:

· Land (Freehold),

· Buildings,

· Plant and Machinery,

· Computers,

· Furniture and Fixtures and

· Vehicles.

FORM 8:-

Name of the company

EUREKA FORBES LIMITED

Presented By

Mr. V Natrajan, Company Secretary

1) Date and description of instrument creating the change

Joint Deed of hypothecation dated 14.10.1999

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 170.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

hypothecation of all and singular borrowers (company) stocks of Raw materials, Semi finished and finished goods in transit, stores, and spares , bills receivables, book debts and all movables of the company.

4) Gist of the terms and conditions and extent and operation of the charge.

Interest Rate - 11%

5) Name and Address and description of the person entitled to the charge.

Name of the Bank	Rs. in millions
State Bank of India Address: Commercial Branch, N G N Vaidya Marg, Mumbai – 400 023, Maharashtra, India	104.000
Calyon Bank Address: Scindia House,, N M Marg, Ballard Estate , Mumbai – 400 038, Maharashtra, India	34.000
The Bank of Nova Scotia Address: Mittal Tower, B Wing, Nariman Point, Mumbai – 400 021, Maharashtra, India	34.000
Axis Bank Limited Address: Maker Tower, 13^th Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India	39.000
BNP Paribas Address: French Bank Building, 62 Homji Street, Fort, Mumbai – 400 001, Maharashtra, India	31.000
Total	242.000

6) Date and brief description of instrument modifying the charge

First supplemental joint deed of hypothecation and first supplemental Inter se agreement among participating Banks both dated 10^th September, 2004

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Amount secured by charge increased from Rs. 170.000 millions to Rs. 242.000 millions

WEBSITE DETAILS:

LIVE HEALTHY.LIVE SAFE

· Rs. 5 billion multi-product, multi-channel corporation - part of the Shapoorji Pallonji Group

· Operating in over 92 cities with over 6,000 employees

· Pioneers and leaders in water purification systems, vacuum cleaners and air purifiers

· Pioneers in direct selling - Asia's largest direct selling organisation - 5,000 strong direct sales force touches 1.25 million Indian homes, adding 1,500 customers daily

· Customer family now numbers over 5 million - enduring relationships as 'Friends for Life'

· Expanded channels that reach out to customers to include

· A 3,800 strong dealer sales network

· A 58 distributor strong institutional sales network

· A security systems division

· A strong service network backs up sales efforts - 3,200 company trained technicians make 10,000 kitchen visits daily, supported by call centers, customer care representatives and mobile service vans

· A customer finance scheme, Eurovalue, for customers to easily obtain the means to live healthier lives

· Already expanded into 450 smaller towns through franchised direct operations

· Ranked among India's Most Admired Consumer Durable Companies and Best Employers

Friends for Life
The customer has always been at the centre of our business

New Avenues
Forbes Newell, Forbes Aquasure,Eco Friend

A Friend to Society
Nananani Park, Eye Camps,Acupressure sessions, City excursions etc.

Eureka Forbes Institute of Environment
Unpolluted water and Air - the Birthright of every Indian

Financials
High trajectory growth that defines market sentiments, a summary of our financial performance

Pollution Watch
View today's Air Pollution Level

Aquachek
Network of labs-complete chemical, organic, microbial, viral testing facilities

Rainwater Harvesting
Rainwater - the purest form of water available

Water Purifiers

· Aquaguard I-Nova - Celebration Series

· Aquaguard Compact

· Aquaguard Classic

· Aquaguard Booster

· Aquaguard Hi-Flo

· Forbes Aquaflo Designa

· Forbes Aquaflo

· Reviva

· Aquaguard Ultra

Vacuum Cleaners

· Euroclean Bullet

· Euroclean Wd

· Euroclean Swift

· Tornado Trendy

· Tornado Handee

· Tornado Ezee

· Tornado Compacta

· Euroclean Ultima

· Euroclean Ace

· Euroclean Life

· Futuro With Deep Cleaning+

Air Purifiers

· Euroair

· Euroair Geneus

Security Solutions

Home Security System

· I-Speak

· I-See

· Securi-T-Link

Access Control System

Controllers

· Sy200nt2 Controller

· Sy200nt4 Controller

· Kantech Proximity Kt 200

· Pc 4020 Ft/Kt

Readers

· Syris Proximity Readers

· Sh-Vr Proximity Reader

· Sh-1 Proximity Reader

·

Cards

Sh - C1

· Sh-Vr Proximity Reader

· Sh-1 Proximity Reader

· Sh-2 Proximity Reader

· Sh-2kp Proximity Reader

· Sh-4 Proximity Reader

· Sh-5 Proximity Reader

· Sh-6 Proximity Reader

· Sh-7 Proximity Reader

Surveillance System

Camers

· Vcm110

· Vcm111

· Vcm211

· Vcm201

· Vcm310

· Vcm311

· Vcm401

Monitors

· Sam 9

· Sam 14m

· Sos 2w

· Sam 12

Time Lapse

· Str 24/48

· Str 960

· Str 961

Intrusion Alarm System

· Pc 585

· Pc 1565

Detector

· Bravo 501

· Bravo 501gb

· Bravo 601

· Force 2 201

· Wls904

· Wls906

· Wls907

· Wls908

· Wls909 Key Fob

· Wls910 Keypad

· Glass Break Detector

Fire Alarm System

Conventional Fire Detection System

· Dsc524-F

Detector

· 100 Series

· 200 Series

· 400 Series

·

Addressable Fire Detection System

· Afp-400

· Afp-1010/Am2020

Detector

· View^® (Very Intelligent Early Warning)Laser Smoke Detector

· Harsh^tm (Hostile-Area Smoke Head)

· Acclimate Plus^tm

· Rfx (Radio Frequency Control Detection)

· Clean Working Envirment

Industrial Solutions

Industrial Water Purifier System

· Aquaguard Cooler Cum Purifier

· Aquaguard Commercial Water Purifier

· Pureguard Multi-Functional Water Purifier

Commercial Vacuum Cleaners

· Gd 930

· Backuum^tm

· Gu 350/450a

· Wd 225

· Z-Power 3-In-1

Industrial Vacuum Cleaners

· Gs 82

· Gs 83

· Gb 726

· Gb 833

· Gb 1033

· Gb 1133

· Gb 833 C (M) B1 Antistatic

· Gb 833 C (M) Eex

· Gb 1033 C (M) B1 Antistatic

· Gb 1033 C (M) Eex

Hard Floor Cleaning And Maintenance

Scrubber / Dryers

· Ba 340

· Ca 340

· Ca 340et

· Ba 450

· Ba 530

· Ca 450

· Ca 530

· Br 700

· Br 700c

· Br 1000

Combination Scrubbing, Drying and Sweeping

· Cr 1700

Single Disc Machines

· 421a

· 510b

· Ps 333

Sweepers

· Sw 655

· Sw 700

· Sw 850

· Sr 1000

· Sr 1100

· Sr 1200

· Sr 1300

· Sr 1400

· Sr 1800

Brunishers

· Sdh 5120

· Bhs 7014

High Pressure Cleaners

Cold Water

· 130a

· 411a

· 481a

Hot Water

· 2300a

· 2500a

· 2700a

Cleaning And Hygiene Products

Cleaning And Hygiene Segment Laundry / Fabric Care

· Ecostar Detergent Mp

· Ecostar Builder C

· Ecostar Oxybrite

· Ecostar Sour

· Ecostar Soft

· Texat Extra

· Dermasil

Kitchen Hygiene

· Solid Power

· Solid Brillance

· Super Trump

· Rinse Dry Hd

· Dipit Xp

· Solid Silver Power

· Lime Away

· Grease Cutter Plus

· Microkleen

· Microquat

· Auto Drain Relief

· Antibac Clean and Smooth

· Absorbit

Housekeeping

· Oasis Neutral Cleaner

· Oasis Bathroom Cleaner

· Oasis Marble Safe Bathroom

· Oasis Air Freshner

· Oasis Odor Counteractant

· Oasis Glass Cleaner

· Sigla

· Polli

· Sapur Duo

· Lodisin

Speciality Products

· Netoklar

· Poly Bright Prestige

· Opti

· Silerol

· Durinol

· Chromol

· Helios

· Amor

· Sapur A

· Sapur B

· Other Ventures

Forbes Newell

· Forbes Newell Convecta

· Forbes Newell Nutricook

Eco Friend

· Shine

· Kitchen Mate

· Sparkle

· Grease Off

· Metallica

· Swipe

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.39.39
UK Pound	1	Rs.78.02
Euro	1	Rs.56.77

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--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	NO
TOTAL		77

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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