MIRA INFORM REPORT

Report Date :

13.03.2007

IDENTIFICATION DETAILS

Correct Name :	SYMRISE PRIVATE LIMITED
Formerly Known As :	DRAGOCO INDIA LIMITED
Registered Office :	140, Old Mahabalipuram Road, Semmancheri, Chennai - 600 119, Tamilnadu
Country :	India
Financials (as on) :	31.12.2004
Date of Incorporation :	17.12.1990
Com. Reg. No.:	18-20035
CIN No.: [Company Identification No.]	U24294TN1990PTC020035
TAN No.: (Tax Deduction & Collection Account No.)	CHED00571E
PAN No.: (Permanent Account No.)	AAACD2686A
Legal Form :	A Private Limited Liability Company.
Line of Business :	Manufacturing, Exporting and Marketing of Flavours, Fragrances, Cosmetic Materials and Aroma Chemicals.

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 950000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	The company is performing well and expecting to double its' business in 5 years. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are reported as fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office/Factory:	140, Old Mahabalipuram Road, Semmancheri, Chennai - 600 119, Tamilnadu
Tel. No.:	91-44-24501739
Fax No.:	91-44-24501737
E-Mail :	dragind@md3.vsnl.net.in
Website :	http://www.sanmargroup.com
Location :	Owned
Corporate Office :	114, Seevaram First Street, Perungudi, Chennai – 600 096, Tamilnadu, India
Tel. No.:	91-44-24960186
Fax No.:	91-44-24960773
Location :	Owned
Factory 1 :	Ø 114, Seevaram First Street, Perungudi, Chennai – 600 096, Tamilnadu Ø 140, Old Mahabalipuram Road, Semmancheri, Chennai - 600 119, Tamilnadu (The above plant has been opened since may 3, 2003 10 kms further South of this factory)
Location :	Owned
Branches :	Located at : · Harsha Bhavan, 2^nd Floor, Block ‘E’, Connaught Place, New Delhi – 110 001 Tel No. 91-11-23327112 Fax No. 91-11-23327152 · 606, 6^th Floor, ACME Plaza, Andheri-Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra Tel No. 91-22-28262802/28262803 Fax No. 91-22-28262802 · 10C, Middletown Row, 4^th Floor, Kolkata – 700 071, West Bengal Tel No. 91-33-22294712 Fax No. 91-33-22172395
Location :	Owned

DIRECTORS

Name :	Mr. N. Sankar
Designation :	Chairman
Address :	292, TTK Road, Alwarpet, Chennai – 600 018, Tamilnadu
Date of Birth/Age :	19.11.1945
Name :	Dr. Martin Wolf
Designation :	Director
Address :	Einbecherstr 15 37603 Hollminder, Germany
Date of Birth :	21.12.1954
Date of Appointment :	29.01.2004
Name :	Mr. B. Natrajan
Designation :	Director
Address :	Ashok Prithvi, Second Floor, 87, IV Street, Alwarpet, Channai – 600 018, Tamilnadu
Date of Birth/Age :	03.10.1946
Name :	Mr. Bernd Kirchoff
Designation :	Director
Address :	30C, Swiss Club Road, Singapore
Date of Birth/Age :	22.04.1941
Date of Appointment :	12.09.1994
Name :	Mr. J. S. Tan
Designation :	Director
Address :	83, Cairnhill Road, 08 – 01- Scotts Towers, Singapore
Date of Birth/Age :	06.10.1943
Date of Appointment :	12.09.1994
Name :	Mr. N. Kumar
Designation :	Director
Address :	1, George Avenue, Alwarpet, Chennai – 600 018, Tamilnadu
Date of Birth/Age :	28.01.1950
Name :	Mr. Karl Heinz Barz
Designation :	Director
Address :	Germany
Date of Birth/Age :	22.11.1948
Name :	Mr. C. Venkat
Designation :	Director
Date of Birth/Age :	49 Years
Qualification :	B. Tech., MBA – CEO
Date of Appointment :	01.04.1994
Name :	Mr. S. Srikanthan
Designation :	Director
Date of Birth/Age :	41 Years
Qualification :	BE MBA – Vice President - Flavours
Date of Appointment :	17.06.1996
Name :	Mr. T. K. Ramachandran
Designation :	Director
Address :	9 Cheran Street, Plot No. 121, Alwar Thriunagar, Chennai – 600087
Date of Birth/Age :	25.08.1960
Qualification :	BE, MBA – Vice President
Date of Appointment :	01.04.1995
Name :	Mr. Rainer Klaus Grimm
Designation :	Director
Address :	Weitherweg 4 C, 82194 Grobenzell, Germany
Date of Birth/Age :	14.03.1952
Date of Appointment :	14.10.2004

KEY EXECUTIVES

Name :	Mr. V. Sundar
Designation :	Company Secretary
Address :	Arvind Flats, 14 Ellai Amman Koil Street, Sastri Nagar, Chennai- 600 020, West Bengal, India
Date of Birth/Age :	15.05.1957
Qualification :	BE, MBA – Vice President
Date of Appointment :	01.04.1994

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Dragoco Asia Pacific Pte Limited	4499994
Mr. Bernhard Kirchnoff	1
Symrise Limited	1
HSBC, Chennai	1
Mr. Martin Wolf	1
Mr. N Sankar	1
Mr. J. S. Tan	1
Total	4500000

BUSINESS DETAILS

Line of Business :	Manufacturing, Exporting and Marketing of Flavours, Fragrances, Cosmetic Materials and Aroma Chemicals.
Products :	v Flavours v Fragrances v Cosmetic Materials and v Aroma Chemicals
Exports to :	Singapore, Sri Lanka and Nepal

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Flavours and Fragrances	Kgs	420000	770194

GENERAL INFORMATION

No. of Employees :	81
Bankers :	v The Hongkong & Shanghai Banking Corporation Limited 30, Rajai Salai, Chennai - 600 001, Tamilnadu v Deutsche Bank Chennai, Tamilnadu v ICICI Bank Chennai, Tamilnadu

Banking Relations :	Good
Auditors :	S R Batliboi and Associates Chartered Accountants TPL House, 2^nd Floor, Cenotaph Road, Teynampet, Chennai- 600 018, West Bengal, India
Holding Company :	Dragoco (Far East) Limited, Hongkong
Sister Concerns :	Ø Chemplast Sanmar Limited Ø Cabot Sanmar Limited Ø Snamar Speciality Chemicals Limited Ø Sanmar Shipping Limited Ø Sanmar Properties and Investments Limited Ø Sanmar Holdings Limited Ø AMP Sanmar Assurance Company Limited Ø Indchem Software Technologies Limited Ø Sanmar Engineering Corporation Limited Ø Arco India Limited Ø BS & B Safety Systems India Limited Ø Fisher Sanmar Limited Ø Flowserve Sanmar Limited Ø Sanmar Engineering Services Limited Ø Micropack Limited Ø Sanmar Weighing Systems Limited Ø Sensotronics Sanmar Limited Ø Dragoco Gerberding & Company AG, Germany Ø The Sanmar Group of Companies Ø Tyco Sanmar Limited Ø Xomox Sanmar Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
45,00,000	Equity Shares	Rs.10/-	Rs.45.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45,00,000	Equity Shares	Rs.10/-	Rs.45.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2004	31.12.2003	31.12.2002
SHAREHOLDERS FUNDS
1] Share Capital	45.000	45.000	45.000
2] Reserves & Surplus	196.281	135.569	84.840
NETWORTH	241.281	180.569	129.840
LOAN FUNDS
1] Secured Loans	172.062	148.130	176.949
TOTAL BORROWING	172.062	148.130	176.949
DEFERRED TAX LIABILITIES	18.075	19.820	13.837
TOTAL	431.418	348.519	320.626
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]	220.033	210.259	212.028
Capital work-in-progress	16.795	0.000	0.000
INVESTMENTS	0.018	0.018	0.018
CURRENT ASSETS, LOANS & ADVANCES
Inventories	202.450	166.086	141.543
Sundry Debtors	211.697	134.368	119.865
Cash & Bank Balances	0.412	0.277	0.879
Other Current Assets	0.398	7.840	7.543
Loans & Advances	16.596	14.054	12.849
Total Current Assets	431.553	322.625	282.679
Less: CURRENT LIABILITIES & PROVISIONS
Current Liabilities	229.637	180.879	171.228
Provisions	7.344	3.504	2.871
Total Current Liabilities	236.981	184.383	174.099
Net Current Assets	194.572	138.242	108.580
TOTAL	431.418	348.519	320.626

PROFIT & LOSS ACCOUNT

PARTICULARS	31.12.2004	31.12.2003	31.12.2002
Sales Turnover [including other income]	1274.762	878.993	787.230
Profit/(Loss) Before Tax	98.366	77.235	77.828
Provision for Taxation	37.654	26.505	29.305
Profit/(Loss) After Tax	60.712	50.730	48.523
Export Value	21.076	11.390	14.803
Import Value	426.0208	311.362	274.290
Total Expenditures	1176.396	801.758	709.402

KEY RATIOS

PARTICULARS		31.12.2004	31.12.2003	31.12.2002
PAT / Total Income	(%)	4.76	5.77	6.16
Net Profit Margin (PBT/Sales)	(%)	7.71	8.78	9.88
Return on Total Assets (PBT/Total Assets}	(%)	15.09	14.49	15.73
Return on Investment (ROI) (PBT/Networth)		0.40	0.42	0.60
Debt Equity Ratio (Total Liability/Networth)		1.69	2.95	3.81
Current Ratio (Current Asset/Current Liability)		1.82	1.75	1.62

LOCAL AGENCY FURTHER INFORMATION

HISTORY

The company was established under name and style of Coral Aromatics Private Limited w.e.f. 17^th December, 1990 as a Private Limited Liability Company. Name of the company was change as Dragoco India Limited w.e.f. 12^thMay, 1994 as a closely held Public Limited Liability Company.

Again it was change Symrise Limited w.e.f. 1^st March, 1994 as closely held Public Limited Liability Company. Now its become konown as Symrise Private Limited w.e.f. 19^th August, 2004 as a Private Limited Liability Company.

Subject was incorporated on 17th December 1990 at Chennai in Tamilnadu having Company Registration Number 20035.

The company was originally incorporated under the name `Coral Aromatics Limited' and was changed to the above name from 12.05.1994 when the Joint Venture partner Dragoco (Far East) Limited, Hongkong acquired 51% of the Equity shares and became the Holding Company.

Subject is a joint venture between Dragoco Gerberding & Company AG, Germany and The Sanmar Group, with management responsibility lying with Dragoco Asia Pacific at Singapore.

Formed in the year 1990 the company manufactures and markets flavours and fragrances.

Flavours and fragrances are customised blends of natural essential oils with aroma chemicals (Natural, Nature Identical and Synthetic)

The company currently exports aroma chemicals to Singapore and fragrances and flavours to Sri Lanka and Nepal.

The company plans to more than double its turnover in the next four years.

The company was earlier known as Dragoco India Limited and was set up in 1994 as a joint venture between the German company Dragoco and the Chennai based Sanmar Group with the Former Holding 51% of the Equity.

In 2003, Symrise was formed with the merger of Haarmann and Reimer and Dragoco both based in Holzminden, Germany. In February 2004, Sanmar exited the joint venture and the Indian company become Symrise Private Limited.

The company had shifted its facility in Perungudi to its office and laboratory in a 10 acre plot in Semmancheri on the Old Mahabalipuram Road, in 2002. it had invested about Rs. 200 millions in fixed assets and Rs. 200 millions in working capital in the new facility.

The company has an 18% market share in the Rs. 10000 millions fragrances and flavours market. Five major players – IFF (Inteernational Flavors and Fragrances Inc acquired Bush Boake Allen), Givaudan, Firmenich, Quest and Symrise dominated 70% of the market. in India, Symrise is second to IFF.

Name of the company	SYMRISE PRIVATE LIMITED
Presented By	Mr. V Sundar
1) Date and description of instrument creating the change	25.06.1999 Hypothecation agreement dated 25.06.1999 executed by the Hong Kong and Shanghai Banking Corporation limited
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 80.000 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 the whole of company stock viz raw material, work in progress, finished goods including stock in transit and also present and future
4) Gist of the terms and conditions and extent and operation of the charge.	Interest at the rate of 0.5% per annum over the Hong Kong prime rate exclusive quarterly and such other raters as may be the bank from time to time
5) Name and Address and description of the person entitled to the charge.	The Hong Kong and Shanghai Banking Corporation Limited, 30 Rajaji Salai, Channai – 600001
6) Date and brief description of instrument modifying the charge	Agreement for overdraft, cash credit, loan against hypothecation of revolving stocks and other movable assets and also present and future
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.	Increased in the overdraft, cash credit limit Rs. 127.000 to Rs. 191.000
Name of the company	SYMRISE PRIVATE LIMITED
Presented By	Mr. V Sundar
1) Date and description of instrument creating the change	No instrument was executed but equitable mortgage was created on 16.05.2000 by deposit of title deeds
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 140.000 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	Land and Building located at semmanchi village and seevararam village, Tambaram taluk, Kancheepuram
4) Gist of the terms and conditions and extent and operation of the charge.	To Secure the repayment to the bank on demand of all money which may at any time during the existence of the security be or become due
5) Name and Address and description of the person entitled to the charge.	The Hong Kong and Shanghai Banking Corporation Limited, 30 Rajaji Salai, Channai – 600001
6) Date and brief description of instrument modifying the charge	Letter dated 11.03.2003 from M/s. The Hong Kong and Shanghai Banking Corporation Limited releasing the land document
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.	Release of title deeds containing sale deed No. 735/96 dated 2.02.1996 covered under survey No. 44/7A & 44/7B
Name of the company	SYMRISE PRIVATE LIMITED
Presented By	Mr. V Sundar
1) Date and description of instrument creating the change	25.06.1999 Hypothecation agreement dated 25.06.1999 excuted by the company in favour of the Hong Kong and Shanghai Banking Corporation Limited
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 80.000 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 the whole of company stock viz raw material, work in progress, finished goods including stock in transit and also present and future
4) Gist of the terms and conditions and extent and operation of the charge.	Interest at the rate iof 0.5% per annum over the Hong Kong prime rate exclusive quarterly and such other raters as may be the bank from time to time
5) Name and Address and description of the person entitled to the charge.	The Hong Kong and Shanghai Banking Corporation Limited, 30 Rajaji Salai, Channai – 600001
6) Date and brief description of instrument modifying the charge	Not Applicable
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.	Not Applicable

Change of name and disinvestments

Symrise Private Limited, the Indian arm of the global manufacturer of flavours and fragrances, plans to expand its existing capacity to supply markets in West Asia and South Africa.

Mr. C. Venkat, Chief Executive Officer, Symrise, said that another 3000 tonnes would be added to the existing capacity of 2000 tonnes to manufacture global fragrances.

The company also plans to add 1000 tonnes to the existing 1000 tonnes capacity to manufacture savoury powder for the food industry. The total project cost is Rs. 55 millions.

He said that the 1300.000 Millions company grew by 30% in 2004 over the previous year. The focus of the company is to develop flavours for ice creams, biscuits, confectionery and beverges industries. The fragrances are used mainly for soaps, shampoos and beverages segements.

Mr. Venkat said besides developing fragrances and flavours used by the isdustry, the creative staff the ones who develop the flavours and fragrances also predicts trends for five years in fragrances and flavours.

Manufacturing Facility:

· Subject has its manufacturing facilities at Perungudi, 10 kilometers from Chennai with its own creation and application laboratories.

· An ultra modern manufacturing complex is being set up ten kilometers from Perungudi at Chemmanchery.

· The new facility, due to be completed by end 2000, have a built up area of 100,000 sq. fts. and will be one of the largest of its kind in South Asia.

Profiles

v The company is a joint venture between Dragoco Gerberding & Company AG, Germany and the Sanmar Group with management responsibility lying with Dragoco Asia Pacific at Singapore.

v Formed in the year 1990, the company manufactures and markets flavours and fragrances.

v Flavours and Fragrances are customised blends of natural essential oils with aroma chemicals (natural, nature identical and synthetic)

v As per the instructions and sequences of the creator, and under defined process conditions, flavours and fragrances of precise composition are processed.

v The company currently exports aroma chemicals to Singapore and fragrances and flavours to Sri Lanka and Nepal.

v Its aims at furthering its image as a professional, innovative, proactive, progressive and customer-oriented company.

v Dragoco India has branches at Mumbai, Delhi and Kolkatta

v Key account managers and executives are based in the branches to services the customers actively

v Dragoco India plans to more than double its turnover in the next four years

Merger

Merger of Dragoco and Haarmon and Reimer Worldwide had merged under the name Umbrella of UQT. EQT holds a majority stake or 76%, Horst – otto Gerberding and Nord Lb hold 22% and 2% respectively in “Symrise” – The new company. Mr. Horst Otto Gerberding heads the new company and chief executive officer. This merger would also impact Indian operations where Haarman and Reimer had a running business and part of Bayer Industries Private Limited.

The Company Celebrates its 5^th F and F Day :

Dragoco India Limited celebrated its fifth F & F (Family & Fun) Day on March 5, 2000. The theme of the day was ‘Power’. The programme got off to a colourful start with a beautiful laser light show followed by the traditional lighting of the lamp by Mrs Padma Venkat. In his welcome address, C Venkat, CEO- Dragoco India Limited, highlighted last year’s achievements and the plans envisaged for the coming year. He introduced the new Dragocans to the audience.

A variety entertainment programme for the families of Dragoco’s employees was followed by a quiz for the spouses and children of Dragocans. Four groups of employees – Floral, Fruity, Spicy and Sweet – performed skits. The Sweet team emerged as the winners and Floral, the runners up.

Venkat gave away mementoes to all those present and thanked them for their support and contributions. S Balasubramanian, Vice President-Fragrances, proposed the vote of thanks.

Press Releases

Dragoco India commissions new facility

Venkatachari Jagannathan

4 May 2002

Chennai: In order to further tap the growing Indian demand for the flavours and fragrances market, Dragoco India has inaugurated its 3,000-tonne, Rs 185.0-millions facility near Chennai. The company has shut down its existing 1,400-tonne facility.

Dragoco India will manufacture 2,300 tonnes of fragrances and 700 tonnes of flavours. The plant will manufacture only liquid flavours and fragrances; powders will be added to the portfolio later. Till date, around Rs 300 millions has been invested in the joint venture.

The company is a 51:49 joint venture (JV) between the $313-million-turnover Dragoco, Germany, and the Chennai-based Sanmar group. Dragoco India is one of the several successful JVs of Sanmar. The Indian group is content with the investment in the venture, while the management rests with the German partner. Says Sanmar group chairman N Sankar: “Dragoco’s JV illustrates the successful practice of their time-tested JV principles of trust and transparency and unified management.”

“The total Indian market for fragrances is around Rs 4000 millions, and for flavours it is around Rs 2000.000 Millions,” says Dragoco India chief executive officer C Venkat. The other majors in the domestic market are International Flavors and Fragrances and Givaudan; there are several small-scale players, too.

Says Dragoco Gerberding president and CEO Horst Otto Gerberding: “Asia contributes around 26 per cent to their total turnover. India and China are the two fastest-growing markets in this region. And we would like to take advantage of that. We are present in 24 countries and is one of the top 10 players in the world in this field.”

The Rs 860.000 Millions turnover Dragoco India supplies mainly to cosmetics (perfume, talcum powder), toiletries (soaps, shampoo, detergents) and food (biscuits, beverages, bakery, sweets) segments. The new 0.100 Millions sq. ft facility also has a pilot biscuit plant to test the company’s flavours on the end products. The company ranks second and fourth in the fragrances and flavours market, respectively, in India.

“Hair- and skin-care are the two developing market segments and we are now concentrating on them,” says Venkat. Cavinkare (shampoo) Hindustan Lever, Henkel Spic (detergents), Nirma (toilet soaps) are some of its main clients. Though the German parent is also present in industrial colours, Venkat says the domestic market is not lucrative enough to focus on that segment.

With an increased capacity, says Venkat, Dragoco India hopes to increase its exports to 20 per cent of its turnover by 2005. Currently, the export revenue is 5 per cent. On the imports side the company imports nearly 40 per cent of its raw material needs.

Dragoco India's new plant goes on stream

Bureau

CHENNAI, May 3

A Rs 185.000 millions plant of Dragoco India Limited was inaugurated here today. The plant can produce 3,000 tonnes of fragrances and flavours.

In its seven years of existence, the Rs 860.000 millions Dragoco India was producing fragrances and flavours from its smaller plant at Perungudi, a suburb of Chennai.

From now, the production would be shifted to the new facility, which is some 10 km farther south.

The company is a joint venture between a German company of the same name, and the Chennai-based Sanmar group, which holds 49 per cent.

The products that are made here find application in a variety of fast-moving consumer goods (FMCG) goods such as cosmetics, shampoos, perfumes, beverages, ice creams, bakery and savoury products.

At a press conference here today, Dragoco India's CEO, Mr. C. Venkat, said that the fragrances market in India was worth about Rs 3500 million and the flavours market, around Rs 2000 million.

He said that the company intended to focus on hair care and skin care products for growth.

He said that some raw materials could be sourced from India for the Dragoco group's global requirements.

The plant here produces an assortment of fragrances and flavours; there are, for example, chemicals that smell like coconut, milk, lemon and liquor.

The facility also has equipment for making end products such as soaps and detergents, biscuits and candy, for testing the fragrances and flavours produced here.

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.44.22
UK Pound	1	Rs.85.51
Euro	1	Rs.58.03

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