MIRA INFORM REPORT

Report Date :

07.12.2011

IDENTIFICATION DETAILS

Name :	UNIVERSAL CHEMICALS AND INDUSTRIES PRIVATE LIMITED
Registered Office :	507, Raheja Centre, 214, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.12.1961
Com. Reg. No.:	11-12229
Capital Investment / Paid-up Capital :	Rs.65.500 Millions
CIN No.: [Company Identification No.]	U99999MH1961PTC012229
TAN No.: [Tax Deduction & Collection Account No.]	MUMU03465A / MUMU03663C
PAN No.: [Permanent Account No.]	AAACU0974C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of all Organic and Non Organic.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge losses incurred by the company in the current year i.e. 2009-10. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Hitesh
Designation :	Commercial Manager
Contact No.:	91-22-43534313
Date :	05.12.2011

LOCATIONS

Registered Office :	507, Raheja Centre, 214, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22844428 / 43534353
Fax No.:	91-22-22854741
E-Mail :	smvaishnav@ucil.co.in hmistry@ucil.co.in mktg@ucil.co.in
Website :	http://www.ucil.co.in
Factory 1 :	Chemical Zone, C1-C2-C3 MIDC Industrial Area, Ambernath (West), District Thane – 421501, Maharashtra, India
Factory 2 :	B 97 - MIDC Industrial Area, Lote Parshuram - 415639, District Ratnagiri, Maharashtra, India
Factory 3 :	Plot No. CH / 5A, Dahej G.I.D.C., Industrial Estate, Dahej - 392130, Taluka - Vagra, District Bharuch, Gujarat, India

DIRECTORS

As on 29.09.2011

Name :	Mr. Kartikeya Kamalesh Kumar Maheshwari
Designation :	Whole-time Director
Address :	Maheshwari House, 36, L. Jagmohandas Road, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	28.10.1974
Date of Appointment :	01.12.2010
DIN No.:	00078494

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U99999MH1961PTC012229	Universal Chemicals and Industries Private Limited	Whole-time director	01-12-10	05-07-94	-	Active	NO
2	U51900MH1946PTC004815	Jayashree Traders Private Limited	Whole-time director	01-08-11	01-01-96	-	Active	NO
3	U24246MH1969PTC014478	Iirns Publications Private Limited	Director	31-07-96	31-07-96	23-07-08	Active	NO
4	U67120MH1980PTC023349	Riviera Investors Private Limited	Director	02-11-98	02-11-98	-	Active	NO
5	U74140MH1978PTC020492	Universal Laboratories Private Limited	Director	01-02-99	01-02-99	13-05-10	Active	NO
6	U51900MH1983PLC030874	Sajjan India Limited	Director	12-08-04	12-08-04	-	Active	NO
7	U24119MH2006PTC164256	Universal Fine Chemicals Private Limited	Director	01-09-06	01-09-06	20-12-08	Active	NO
8	U24233MH2007PLC170668	Sajjan Specialty Limited	Director	08-05-07	08-05-07	-	Active	NO

Name :	Mr. Kamalesh Kumar Maheshwari
Designation :	Director
Address :	507, Raheja Centre, 214, Nariman Point, Mumbai – 400 021, Maharashtra, India
Date of Birth/Age :	12.08.1943
Date of Appointment :	29.12.1961
DIN No.:	00078457

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U99999MH1961PTC012229	Universal Chemicals and Industries Private Limited	Director	01-04-10	29-12-61	-	Active	NO
2	U51900MH1946PTC013532	Gopal Traders Private Limited	Director	15-04-93	15-04-93	20-07-11	Active	NO
3	L85190MH1947PLC005963	Wyeth Limited	Director	02-01-98	02-01-98	-	Active	NO
4	U51900MH1946PTC004815	Jayashree Traders Private Limited	Director	18-01-01	18-01-01	-	Active	NO
5	U74140MH1978PTC020492	Universal Laboratories Private Limited	Director	07-01-03	07-01-03	13-05-10	Active	NO
6	U67120MH1980PTC023349	Riviera Investors Private Limited	Director	15-10-04	15-10-04	-	Active	NO
7	U24119MH2006PTC164256	Universal Fine Chemicals Private Limited	Director	01-09-06	01-09-06	20-12-08	Active	NO

Name :	Mr. Arunkumar Roongta
Designation :	Director
Address :	401, Samudra Mahal, Dr. A B Road, Worli, Mumbai – 400 018, Maharashtra, India
Date of Birth/Age :	05.12.1945
Date of Appointment :	20.07.1989
DIN No.:	00328224

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U92100MH1952PTC008949	Roongta Cine Corporation Private Limited	Director	01-06-67	01-06-67	-	Active	NO
2	U92190MH1946PLC004996	Famous Studios Limited	Whole-time director	01-09-09	14-06-76	-	Active	NO
3	U15142GJ1955PTC000723	Govind Oil Mills Private Limited	Director	01-03-79	01-03-79	-	Active	NO
4	L67120WB1979PLC031902	Borosil Holdings Limited	Director	21-09-79	21-09-79	-	Active	NO
5	U99999MH1961PTC012229	Universal Chemicals And Industries Private Limited	Director	20-07-89	20-07-89	-	Active	NO
6	U33122MH1982PTC028189	Dhoot Meters Private Limited	Director	08-09-92	08-09-92	-	Active	NO
7	U65990MH1990PTC059336	Prompt Traders and Investments Private Limited	Director	08-07-94	08-07-94	-	Active	NO
8	U70101RJ1971PTC001346	Pushpa Sons Private Limited	Director	15-03-99	15-03-99	-	Strike off	NO
9	U67120RJ1945PTC000347	Rajasthan Investors Private Limited	Director	15-03-99	15-03-99	-	Strike off	NO
10	U25209MH1996PTC098680	Devashish Polymers Private Limited	Director	22-06-00	22-06-00	07-06-11	Active	NO
11	U92100MH2004PTC149507	Famous Digital Studios Private Limited	Director	11-11-04	11-11-04	-	Active	NO

Name :	Mr. Balakrishna R. Lakhotia
Designation :	Director
Address :	Saraf Apartment, 5^th Floor, Rani Sati Marg, Malad (East), Mumbai – 400 097, Maharashtra, India
Date of Birth/Age :	11.10.1936
Date of Appointment :	07.11.1964
DIN No.:	00102937

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1961PTC012229	Universal Chemicals and Industries Private Limited	Director	07-11-64	07-11-64	Active	NO
2	U24110MH1977PTC019554	Formokem Chemicals Private Limited	Director	15-03-77	15-03-77	Active	NO

Name :	Mr. N. J. Shrinivasan
Designation :	Director
Address :	Building, 321/C, Deodhar Road, Matunga, Mumbai – 400 019, Maharashtra, India
Date of Birth/Age :	20.10.1940
Date of Appointment :	01.02.1971
DIN No.:	00095455

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U99999MH1961PTC012229	Universal Chemicals and Industries Private Limited	Director	21-11-06	21-11-06	-	Active	NO

Name :	Mr. Shivkumar Mooldas Vaishnav
Designation :	Director
Address :	Flat No. 5, Ornate House, Caddel Road, Dadar, Mumbai – 400 028, Maharashtra, India
Date of Birth/Age :	10.10.1948
Date of Appointment :	28.06.2003
DIN No.:	00078503

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74140MH1978PTC020492	Universal Laboratories Private Limited	Director	12-07-78	12-07-78	13-05-10	Active	NO
2	U67120MH1980PTC023349	Riviera Investors Private Limited	Director	01-01-96	01-01-96	-	Active	NO
3	U24246MH1969PTC014478	Iirns Publications Private Limited	Director	10-12-96	10-12-96	23-07-08	Active	NO
4	U99999MH1961PTC012229	Universal Chemicals and Industries Private Limited	Director	28-06-03	28-06-03	-	Active	NO
5	U24119MH2006PTC164256	Universal Fine Chemicals Private Limited	Director	02-09-06	02-09-06	20-12-08	Active	NO

KEY EXECUTIVES

Name :	Mr. Hitesh
Designation :	Commercial Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Kamalesh Kumar Maheshwari	747000
Madhurika K Maheshwari	730200
Kamalesh Kumar Maheshwari (HUF)	19450
Jayashree Traders Private Limited, India	734625
Kamlesh Kumar Family Trust	96480
Shushma M Agarwal	66000
Seema A Gupta	55000
Shantidevi K Maheshwari	355725
Rohit R Dhoot	10000
J N Srinivasan (HUF)	3360
J N Sridharmurthy (HUF)	3360
J N Sridharmurthy	4140
J N Srinivasan	4140
Priyanka M Agarwal	4000
Eshita M Agarwal	4000
Rachna S Goenka	2000
Kartikeya Maheshwari	705945
Smita Saraf	55000
Krishnagopal Maheshwari	76500
Krishnagopal Maheshwari (HUF)	65020
Kruti Finance and Holding Private Limited, India	7500
S. M. Bhatt (HUF) Represented by Nootan Bhatt	555
Total	3750000

Names of Shareholders (Preference Shares)
Jayashree Traders Private Limited, India	3230000
Total	3230000

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	19.79
Directors or relatives of directors	76.98
Other top fifty shareholders	3.23
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of all Organic and Non Organic.

Products :

Product Description	ITC Code
Potassium Permanganate	284160.01

Exports :

Products :

· Aroma Chemicals

· Para Cresol

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Inorganic Chemicals	MT	NA	15900	2715.15
Organic Chemicals	MT	NA	NA	37.475

· Licensed capacity is not applicable in view of the company's product having been delicenced as per the licencing policy of the Government of India.

· Installed capacity is as certified by the management and accepted by auditors, being a technical matter.

GENERAL INFORMATION

Customers :

· Retailers

· End Users

No. of Employees :

250 (Approximately)

Bankers :

· ABN Amro Bank Limited

Sakhar Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra, India

· Union Bank of India

Home Street Branch, Forbes Building, Home Street, Charanjit Rai Marg, Mumbai – 400 001, Maharashtra, India

· Axis Bank Limited

Trishul 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad-380006, Gujarat, India

· State Bank of India

Facilities :

· TL Rs.340.000 millions (Axis Bank Limited)

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Banks
Term Loans	535.759	345.284
Cash Credit Accounts	170.648	26.555
Packing Credit	11.065	9.966
Vehicle Loans	1.995	2.741
Total	719.467	384.546

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Directors	166.125	124.000
From Shareholders	109.925	32.000
Form Others	75.000	0.000
Total	351.050	156.000

Unsecured Debentures	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
325000, 4.5% Unsecured Optionally Fully Convertible Debentures of Rs.100/- each	32.500	30.000
Total	32.500	30.000

Banking Relations :	--
Auditors :
Name :	Bansi S. Mehta and Company Chartered Accountants
Address :	11/13, Botawala Building, 2^nd Floor, Horniman Circle, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22661255 / 22660275 / 22665275 / 22660821 / 22661557
Fax No.:	91-22-22665666
E-Mail :	bsmco1@vsnl.net
Pan No.:	AACPD0934K

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4700000	Equity Shares	Rs.10/- each	Rs.47.000 Millions
3300000	Preference Shares	Rs.10/- each	Rs.33.000 Millions
	Total		Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3750000	Equity Shares	Rs.10/- each	Rs.37.500 Millions
3230000	Preference Shares	Rs.10/- each	Rs.32.300 Millions
	Total		Rs.69.800 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4700000	Equity Shares	Rs.10/- each	Rs.47.000 Millions
2800000	10.00% Non Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.28.000 Millions
	Total		Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3750000	Equity Shares	Rs.10/- each	Rs.37.500 Millions
2800000	10.00% Non Cumulative Redeemable Preference Shares (Of the above 2800000, 10.00% Non Cumulative Redeemable Preference Shares are issued for a consideration other than cash)	Rs.10/- each	Rs.28.000 Millions
	Total		Rs.65.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		65.500	65.500	25.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		273.178	305.817	141.812
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		338.678	371.317	166.812
LOAN FUNDS
1] Secured Loans		719.467	384.546	294.590
2] Unsecured Loans		351.050	156.000	115.000
3] Deferred Sales Tax Loan		8.158	8.158	8.138
4] Unsecured Debentures		32.500	30.000	162.500
TOTAL BORROWING		1111.175	578.704	580.228
DEFERRED TAX LIABILITIES		40.024	5.025	6.068
TOTAL		1489.877	955.046	753.108
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		921.121	169.245	166.916
Capital work-in-progress		317.114	769.018	452.339
INVESTMENT		0.011	1.886	28.915
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	102.809	34.240	50.234
	Sundry Debtors	70.154	50.564	41.142
	Cash & Bank Balances	14.864	22.709	22.495
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	119.991	102.720	64.894
Total Current Assets		307.818	210.233	178.765
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	83.293	176.556	55.427
	Other Current Liabilities	14.380	10.619	12.229
	Provisions	(1.525)	8.161	6.171
Total Current Liabilities		96.148	195.336	73.827
Net Current Assets		211.670	14.897	104.938
MISCELLANEOUS EXPENSES		39.961	0.000	0.000
TOTAL		1489.877	955.046	753.108

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
SALES
	Turnover	358.199	206.575	465.280
	Other Income	NA	NA	NA
	Total Income	NA	NA	NA
EXPENSES
	Office Expenses	NA	NA	NA
	Administrative Expenses
	Advertising Expenses
	TOTAL	NA	NA	NA
PROFIT/(LOS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(4.951)	20.798	45.397
INTEREST AND FINANCE CHARGES		9.042	2.722	2.485
PROFIT/(LOS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(13.993)	18.076	42.912
DEPRECIATION/ AMORTISATION		23.869	8.820	25.653
PROFIT/(LOS) BEFORE TAX		(37.862)	9.256	17.259
TAX		34.998	2.172	6.106
PROFIT/(LOS) AFTER TAX		(72.860)	7.084	11.153
GRATUITY TRANSITIONAL LIABILITY		0.000	0.000	(1.529)
PRIOR PERIOD EXPENSES		(0.568)	(4.496)	(0.035)
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		30.241	27.034	16.860
APPROPRIATIONS
Proposed Dividend
- On Preference Shares		0.000	0.122	0.000
- On Equity Share		0.000	0.375	1.250
Tax on Proposed Dividend		0.000	0.085	0.212
Transfer to General reserve		0.000	0.000	1.500
Transferred from Revaluation Reserve		2.399	1.201	3.549
BALANCE CARRIED TO THE B/S		(39.960)	30.241	27.034
EARNINGS IN FOREIGN CURRENCY		104.223	47.739	72.056
IMPORTS
Raw Material		8.321	4.026	7.568
Capital Goods		1.467	12.198	105.959
Trading Goods		25.854	2.579	17.965
Total		35.642	18.803	131.492
Earnings/(Loss) Per Share (Rs.)		(11.12)	1.08	4.46

Particulars	31.03.2011
Sales Turnover (Approximately)	650.000

Expected Sales (2011-2012) : Rs.700.000 millions

The above information has been parted by Mr. Hitesh

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	(10.57)	4.48	3.71
Return on Total Assets (PBT/Total Assets}	(%)	(3.08)	2.44	4.99
Return on Investment (ROI) (PBT/Networth)		(0.11)	0.02	0.10
Debt Equity Ratio (Total Liability/Networth)		3.56	2.08	3.92
Current Ratio (Current Asset/Current Liability)		3.20	1.08	2.42

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last three years	YES
12.	Profitability for last three years	--
13.	Reasons for variations <> 20%	--
14.	Estimation for coming financial year	YES
15.	Capital in the business	YES
16.	Details of sister concerns	NO
17.	Major Suppliers	NO
18.	Major Customers	NO
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	YES
25.	Conduct of the banking account	--
26.	Buyer visit details	--
27.	Financials, if provided	NO
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

FORM 8

Corporate identity number of the company	U99999MH1961PTC012229
Name of the company	UNIVERSAL CHEMICALS AND INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	507, Raheja Centre, 214, Nariman Point, Mumbai – 400 021, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10081749
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Others o Plant and Machinery and Inventories.
Particular of charge holder	Union Bank of India Home Street Branch, Forbes Building, Home Street, Charanjit Rai Marg, Mumbai – 400 001, Maharashtra, India E-Mail : cbshomestreet@unionbankofindia.com
Nature of instrument creating charge	Term Loan Agreement dated 10th October, 2011, Supplementary Agreement to Hypothecation Agreement of Goods and Debts dated 10th October, 2011 and Packing Credit Agreement dated 10th October, 2011
Date of instrument Creating the charge	10.10.2011
Amount secured by the charge	Rs.475.700 millions
Brief of the principal terms an conditions and extent and operation of the charge	Margin CC Hypothecation and EPC/PSC - 15%, Import / Inland LC or BG - 5% other terms as per agreement entered by the Company with the Bank Extent and Operation of the charge The borrower has created Charge in favour of the lender and created Mortgage of Immovable Property of the Company situated at Ambernath, Lote Parshuram and Dahej favoring Bank dated 31.07.2009 as security and provided additional security on the movable property of the Company created vide agreement dated 10.10.2011. Also provided additional security on guarantor's Property located at Nariman Point and Malad, Mumbai and Shares in the name of Shri K K Maheshwari and Shri Kartikeya Maheshwari of UCIPL
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· All the tangible movable P and M of the borrower together with spares, tools and accessories and other movables, both present and future lying anywhere but pertaining to the Borrower's works at CH -5A, GIDC · Industrial Estate, Bharuch, Factory @ Lote and Factory @ Ambernath. First Charge on Chemicals meant for exports including Raw materials, Semi Finished and Finished Goods and lying @ factory @ Dahej · Plot No. C-1, C-2 and C-3, MIDC Ambernath Industrial Area, Chemical Zone, Ambernath (West), Dist. Thane, · Plot No. B - 97, MIDC Lote Parshuram Industrial Area, Tal. Sub-District Khed, Dist. Ratnagiri · Two Residential Flats bearing No. 202 and 205 at Chanakya Co-Operative Housing Society Limited, Plot No. 8, Raheja Town Ship, Malad (E), Mumbai - 97 and 507, 508 and 509, Raheja Centre, 214, Nariman Point, Mumbai - 21
Particulars of the present modification	Vide this Modification the overall limit is increased from Rs.347.500 millions to Rs.475.700 millions by providing additional Security of Movable Property of the Company and 2 Residential flats of guarantor and personnel guarantee of the Director.

OPERATIONS

During the year the prices of Company's products were under pressure considering imports at cheaper prices due to global slow down in Europe and USA, affecting the margins.

At Dahej Unit, the Chlor-alkali Plant and Captive Power plant were commissioned in March, 2010. The Potassium Permanganate plant encountered teething troubles due to the scaling up of the plant size, delaying its commissioning.

These difficulties are expected to be resolved in the following year to commission the plant.

CONTINGENT LIABILITIES (As on 31.03.2010)

· Capital Commitments

Amount outstanding on Letters of Credit Rs.2.308 millions

Amount outstanding on Bank Guarantee Rs.24.483 millions

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil (net of advances)

· Claims against the Company not acknowledged as debts Rs. Nil.

FIXED ASSETS

· Freehold Land

· Land Leasehold

· Building – Factory

· Ownership Premises

· Plant and Machinery

· Electrical Installation

· Furniture, Fixture and Office Equipments

· Computers

· Vehicles

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.51.39
UK Pound	1	Rs.80.20
Euro	1	Rs.68.92

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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	-

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.