MIRA INFORM REPORT

Report Date :

21.12.2011

IDENTIFICATION DETAILS

Name :	PANOLI INTERMEDIATES (INDIA) PRIVATE LIMITED

Registered Office :	105, Mohta Building, First Floor, Bhikaji Cama Place, New Delhi 110 066

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	15.10.1998

Com. Reg. No.:	55-96701

Capital Investment / Paid-up Capital :	Rs. 129.653 Millions

CIN No.: [Company Identification No.]	U24117DL1998PTC096701

TAN No.: [Tax Deduction & Collection Account No.]	DELP06158F / DELP10068C

PAN No.: [Permanent Account No.]	AABCD4665W

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturers and Exporters of Drug Intermediates, Dyes Intermediates and Industrial Chemicals

No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1700000

Status :	Good

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. General financial position is satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered Office :	105, Mohta Building, First Floor, Bhikaji Cama Place, New Delhi 110 066, India
Tel. No.:	91-11-26174227/26196368/
Fax No.:	91-11-26193708
E-Mail :	varmasamir@yahoo.com idi@panoliindia.com kcg@kcil.co.in svarma@kcil.co.in sunita-and-chadha2003@yahoo.co.in
Website :	http://www.panoliindia.com
Location :	Owned

Corporate Office/ Factory :	20-21, Hari Nagar, Gotri Road, Vadodara-390007, Gujarat, India
Tel. No.:	91-265-2397013/2396498/2396751
Fax No.:	91-265-2397245
E-Mail :	slg@kcil.co.in knmehta@kcil.co.in kcsethia@kcil.co.in jkpatel@kcil.co.in

Mumbai Office :	703/Dalamal Tower, Nariman Point, Mumbai – 380021, Maharasahtra, India
Tel. No.:	91-22-22875274
E-Mail :	nvora@kcil.co.in

Ahmedabad office :	403-404, ATP Arcade, Near National Handloom, C.G. Road, Ahmedabad – 380006, India
Tel. No.:	91-79-26425094/26425095
Fax No.:	91-79-26425096
E-Mail :	sp@kcil.co.in

Factory 1/ Plant :	Plot No. 159/5A, 159/5, GIDC, Nandesari Industrial Estate, Taluk Baroda, District Baroda, Gujarat, India
Area :	3323 Sq. Meters
Location :	Owned (Industrial)

Factory 2 :	778/1, GIDC Jhagadia, District Bharuch, Gujarat
Area :	15,540 Sq. Meters
Location :	Owned (Industrial)

Factory 3 :	Plot No. 756/1/A, Jhagadia Industrial Estate, Village Kapalsadi, Taluk Jhagadia, Dist. Bharuch, Gujarat
Area :	6,042.50 Sq. Meters

DIRECTORS

As on 24.09.2010

Name :

Mr. Surinder Goel

Designation :

Director

Address :

6. Krushna Sray, Opposite Rokad Nath Society, Gotri Road, Baroda, Gujarat, India

Date of Appointment :

15.10.1998

DIN No.:

01694416

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	U24117DL1998PTC096701	Panoli Intermediates (India) Private Limited	Director	15-10-98	15-10-98	-	Active	NO
2	U24290DL1991PTC045101	Durgesh Chemicals Private Limited	Director	18-02-05	18-02-05	-	Active	NO

Name :

Mr. Pirag Chand Goel

Designation :

Director

Address :

41, Aradhana Enclave, New Delhi, India

Date of Appointment :

15.10.1998

DIN No.:

02496496

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	U45201DL1991PTC046087	Krisam Properties Private Limited	Director	08-05-92	08-05-92	-	Active	NO
2	U17111DL1987PLC029986	I S Dyestuff Industries Limited	Director	18-05-92	18-05-92	-	Active	NO
3	U24117DL1998PTC096701	Panoli Intermediates (India) Private Limited	Director	15-10-98	15-10-98	-	Active	NO
4	U24114DL2002PLC115757	Kutch Chemical Industries Limited	Director	06-11-03	06-11-03	-	Active	NO
5	U74899DL1991PTC044553	Badri Chemicals Private Limited	Director	18-02-05	18-02-05	-	Active	NO
6	U70109DL1989PTC036211	Karna Properties Private Limited	Director	12-09-11	12-09-11	-	Active	NO

Name :

Mr Shivlal Goel

Designation :

Director

Address :

Shri Ram Society, Gotri Road, Baroda, Gujarat, India

Date of Appointment :

15.06.2005

DIN No.:

01057339

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	U17111DL1987PLC029986	I S Dyestuff Industries Limited	Managing director	01-04-06	01-04-01	-	Active	NO
2	U24114DL2002PLC115757	Kutch Chemical Industries Limited	Managing director	01-04-09	10-06-02	-	Active	NO
3	U24242DL1991PTC044555	Vallabh Chemicals Private Limited	Director	21-02-05	21-02-05	-	Active	NO
4	U24117DL1998PTC096701	Panoli Intermediates (India) Private Limited	Director	15-06-05	15-06-05	-	Active	NO
5	U45208GJ2006NPL048978	Nandesari Water and Utilities Limited	Managing director	26-08-09	01-09-06	-	Active	NO
6	U74999GJ1997PLC032975	Nandesari Enviroment Controls Limited	Director	25-06-07	25-06-07	-	Active	NO
7	U29308GJ1971PTC001944	Standard Electronics Industries Gujarat Private Limited	Director	10-09-07	10-09-07	-	Active	NO
8	U24100DL2007PLC168208	Ruchi Petro Chemicals Limited	Additional director	16-04-08	16-04-08	-	Active	NO
9	U23101DL2009PLC190146	Bharuch Petrochemicals Limited	Director	11-05-09	11-05-09	-	Active	NO
10	U24100DL2010PLC205663	Shiv Chloro Alkalies Limited	Director	12-07-10	12-07-10	-	Active	NO
11	U63090DL2010PTC200976	NCR Logistics (India) Private Limited	Additional director	16-08-10	16-08-10	-	Active	NO

KEY EXECUTIVES

Name :	K.N. Mehta
Designation :	Export Department

Name :	Mr. Udai Jain
Designation :	Export Department

Name :	Mr. Samir Varma
Designation :	Export Department

Name :	Mr. Surya Parkash
Designation :	Export Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2010

Names of Shareholders		No. of Shares
Surinder Goel		54002
Pirag Chand Goel		106060
Kanta Goel		77840
Archana Goel		105280
Dinesh Kumar		1500
Gyan Singh		4000
Jai Raj		550
R.K. Kheriwal		2500
Puran Mal Ram Swaroop		2500
Subhash Chand		2500
Urmila Devi		2500
Sunita Goel		51320
Prabha Goel		94100
Priyanka Goel		83000
Kewal Singh		10000
Krishna Devi		10930
Shiv Lal Goel		109800
Bhushan Gupta		1500
Govind Ram		1750
Jogi Ram		2000
Jagdish Ram		1500
Krishna Devi		14500
Narsingh Dass		1900
Niranjan Kumar		16000
P D Sharma		1500
Sarali Devi		1000
S S Sharma		3000
Amit Kumar		2000
Dinesh Kumar Bothra		2500
Krishan Kumar		1500
Raj Chand Jain		2000
Kailash Goel		96000
Mexit India Private Limited, India		41420
J P Goel		85450
Vijender Goel		42390
Anandi Devi		48400
Dyesstuff Industries Limited, India		98000
Richa Goel		56346
Deepika Goel		29882
Badn Chemicals Private Limited, India		850
S. Goel		20560
Mohan Chemicals Private Limited, India		1300
Vallabh Chemicals Private Limited , India		100
R and S Kapur		4600
Durgesh Chemicals Private Limited		200
TOTAL		1296530

Equity Share Break up (Percentage of Total Equity)

As on 24.09.2010

Category	Percentage
Bodies corporate	10.94
Directors or relatives of Directors	89.06
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Drug Intermediates, Dyes Intermediates and Industrial Chemicals

Products :

Ø Para Dichloro Benzene (PDCB)

Ø Ortho Nitro Toluene

Ø Vinyl Sulphone Ester

Ø Ortho Dichloro Benzene

Ø 2:4 Di Nitro Chloro Benzene

Ø Para Nitro Toluene

Ø Ortho Dichloro Benzene (ODCB)

Ø Para Nitro Chloro Benzene (PNCB)

Ø Ortho Nitro Chloro Benzene (ONCB)

Ø Mono Chloro Benzene (MCB)

Ø H. Acid

Ø Chlorinated Paraffin Oil

Ø Acetanilide Flakes

Ø Hydrochloric Acid (HCL)

Ø Vinyl Sulphone Ester (VS)

Ø Vinyl Sulphone Ester (Ortho Anisidine Base)

Ø Vinyl Sulphone Ester (Para Cresidine Base)

Ø Vinyl Sulphone Ester (Acetanilide Base)

Ø Vinyl Sulphone Ester (2.5 Dimethoxy Aniline Base)

GENERAL INFORMATION

No. of Employees :

400 (Approximately)

Bankers :

Bank of Baroda, International Business Branch, Sayaji Ganj, Baroda – 390005, Gujarat, India
State Bank of India
HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From State Bank of India	290.257	480.020
From HDFC Bank Limited	0.000	0.044
Total	290.257	480.064
Notes: Against hypothecation of movable property at Plot No. 159/5 GIDC Nandesari, District Baroda and Plot No. 778/1 and 756/1A GIDC Jhagadia , District Baruch including movable plane and machinery, machinery spares and tools and accessories and other movable both present and future which are not immovable properties but are capable by passing by delivery, lying or stored in or about borrowers factory, godown, structure or elsewhere whether installed or not and whether in transit or delivery, whether lying losses or in the borrowers aforesaid premises and godown or wherever also the same may be or held by any party to the order or disposition of the borrower and either by way of substitution or addition and immovable properties of third parties and personally guaranteed by directors. Against hypothecation of vehicles and personally guaranteed by directors.
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Other Loans and Advances	104.381	84.206
Total	104.381	84.206

Banking Relations :	--

Auditors :
Name :	Sunita and Chadha Chartered Accountant
Address :	Flat No. 77, Bhagat Singh Market, New Delhi – 110001, India
Tel. No.:	91-11-23348045
Mobile No.:	9711499108
Fax No.:	91-11-23346370
E-Mail :	sunita_and_chadha@yahoo.co.in sac_ca1982@yahoo.com sunitaandchadha@gmail.com
PAN.:	AABFS6939F

Related Parties :	Haryana Chemicals Himchem Enterprise Aggarwal Chemicals IS Dyestuff Industries Limited Kutch Chemicals Industries Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2100000	Equity Shares	Rs.100/- each	Rs. 210.000 Millions

Issued:

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions

Subscribed, Called up & Paid-up Capital :

No. of Shares	Type	Value	Amount
1296530	Equity Shares	Rs.10/- each	Rs. 129.653 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		129.653	129.653	121.673
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		295.303	234.050	154.471
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		424.956	363.703	276.144
LOAN FUNDS
1] Secured Loans		290.257	480.064	373.494
2] Unsecured Loans		104.381	84.206	61.421
TOTAL BORROWING		394.638	564.270	434.915
DEFERRED LIABILITIES		22.060	40.396	29.842
DEFERRED TAX LIABILITIES		59.477	55.781	35.602

TOTAL		901.131	1024.150	776.503

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		728.441	661.766	522.898
Capital work-in-progress		22.151	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	259.865	214.710	232.547
	Goods in Transit	49.973	2.982	0.828
	Sundry Debtors	720.692	492.996	405.477
	Cash & Bank Balances	43.413	11.520	12.464
	Other Current Assets	29.338	25.124	12.757
	Loans & Advances	154.460	92.066	62.003
Total Current Assets		1257.741	839.398	726.076
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1059.981	458.535	401.605
	Other Current Liabilities	49.575	30.871	66.849
	Provisions	7.500	3.800	5.722
Total Current Liabilities		1117.056	493.206	474.176
Net Current Assets		140.685	346.192	251.900

MISCELLANEOUS EXPENSES		9.854	16.192	1.705

TOTAL		901.131	1024.150	776.503

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Turnover	2984.563	2332.071	2042.162
		Other Income	3.755	4.347	2.020
		TOTAL (A)	2988.318	2336.418	2044.182

Less	EXPENSES
		Cost of Goods Sold	(45.155)	17.837	(81.842\|)
		Manufacturing Expenses	2685.530	1984.714	1912.184
		Office and Administrative Expenses	110.727	126.883	61.920
		TOTAL (B)	2751.102	2129.434	1892.262

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		237.216	206.984	151.920

Less	FINANCIAL EXPENSES (D)		64.046	64.265	45.874

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		173.170	142.719	106.046

Less/ Add	DEPRECIATION/ AMORTISATION (F)		86.973	61.478	44.216

	PROFIT BEFORE TAX (E-F) (G)		86.197	81.241	61.829

Less	TAX (H)		24.945	33.582	23.756

	PROFIT AFTER TAX (G-H) (I)		61.252	47.659	38.073

	BALANCE CARRIED TO THE B/S		61.252	47.659	38.073

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	391.369	395.248	79.492
	TOTAL EARNINGS		391.369	395.248	79.492

	IMPORTS
		Raw Materials	646.134	455.444	544.353
		Capital Goods	2.519	3.273	3.366
	TOTAL IMPORTS		648.653	458.717	547.719

	Earnings Per Share (Rs.)		47.24	36.76	29.37

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.05	2.04	1.86

Net Profit Margin (PBT/Sales)	(%)	2.89	3.48	2.03

Return on Total Assets (PBT/Total Assets}	(%)	4.34	5.41	4.95

Return on Investment (ROI) (PBT/Networth)		0.20	0.22	0.22

Debt Equity Ratio (Total Liability/Networth)		3.56	2.91	3.29

Current Ratio (Current Asset/Current Liability)		1.13	1.70	1.53

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U24117DL1998PTC096701
Name of the company	PANOLI INTERMEDIATES (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	105, Mohta Building, First Floor, Bhikaji Cama Place, New Delhi 110 066 Email: sunita_and_chadha2003@yahoo.co.in
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10002815
Type of charge	Immovable Property
Particular of charge holder	State Bank of India , MID Corporate Group Industrial Finance Branch, Marble Arch, Race Cource Circle, Vadodara – 390007, Gujarat, India Email: pramodkumar1@sbi.co.in
Nature of instrument creating charge	Deed of mortgage without possession
Date of instrument Creating the charge	22.12.2010
Amount secured by the charge	Rs. 1025.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: C - 4.75% above base rate p.a. at monthly rest, o/s TL - as per terms of original sanction, corporate loan - 5% above base rate p.a. at monthly rest, slc - 5.75% above base rate p.a. at monthly rest Terms of Repayment: Wc - On Demand, O/S TL - As Per The Terms of Original Sanction, Corporate Loan – 2 Quarterly Installments Of Rs.17.500 millions Each, 4 Quarterly Installments of Rs. 17.500 millions Each, 4 Quarterly Installments of Rs.20.000 millions Each, 2 Quarterly Installments Of Rs.37.500 millions Each. Margin: Usual Extent and Operation of charge: Various credit facilities granted to the company are collaterally secured by way of mortgage of immovable properties more particularly described in First to Fourth schedule to the deed of mortgage Others: Credit facilities- Cash Credit - Rs.270.000 millions + O/s T L - Rs.157.700 millions + Corporation Loan - Rs.250.000 millions + SLC - Rs.45.000 millions + LC - Rs.250.000 millions+ B G - Rs.40.000 millions + Credit exposure on forward contract Rs.13.000 millions aggregating to Rs.1025.700 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Assets belonging to the company (1) All that piece of land known as Ind. plot No.159/5/A in the Nandesari Industrial Estate, Survey No.496 paiki within the vill: limit of Nandesari Taluka and District Baroda admeasuring 1440 Sq. Mtrs (2) All that piece of land known as Ind. plot No.159/5 in the Nandesari Ind. Estate,R S. No. 498 paiki and 500 paiki within the village limit of Nandesari Taluka and Dist: Baroda admeasuring 1883 Sq. Mtrs (3) All that piece of land known as Ind. plot No.159/4 in the Nandesari Ind. Estate, Survey No.498 paiki within the vill: limit of Nandesari Taluka and District Baroda adm. 1800 Sq. Mtrs. (4) All that piece of land known as Ind. plot No.778/1 in the Jhagadia Ind. Estate, Survey No.108/p, 109/p.110/9 Kapalsadi and 125/p Fulwadi within the village limit of Kapalsadi and Fulwadi Taluka Jagadia, District Bharuch admeasuring 15540 Sq. Mtrs (5) All that piece of land known as Ind. plot No.756/1A in the Jhagadia Ind. Estate, Survey No.109/p, 110/p, 111/p, 115/p within the village limit kapalsadi, Tal: Jhagadia district Bharuch admeasuring 6042.50 Sq. Mtrs (6) All that piece of land known as Ind. plot No.756/1B in the Jhagadia Ind. Estate, Survey No.111/p, 112/p 114/p, 115/p within the village limit kapalsadi, Tal: Jhagadia district Bharuch admeasuring 6945.50 Sq. Mtrs (7) Immovable Property being Plot No.165 adm.2697.45 Sq. Mtrs and construction area adm. 400 Sq.Mtr in the Nandesari Ind. Estate bearing R.S.No.563 paiki 613/1 paiki mouje vill:Nandesari in the regi. sub-dist and District Vadodara (8)Imm.Prop. being plot no.166 Adm. 2697.40 sq.mtrs. and construction area adm. 400 sq.mtrs. in Nandesari Industrial Estate R.S.No.563/p/2 paiki mouje Vill. Nandesari, reg. sub-dist and dist. Vadodara (9) Imm. Prop. being plot no.172/A/1 Adm. 2816.00 sq.mtrs. and construction a rea adm. 400 sq.mtrs. in Nandesari Indu. Estate R.S.No.632/1 paiki mouje Vill. Nandesari, reg. sub-dist and district Vadodara (10)Imm.Prop. being plot no.172/A/2 Adm.3606.00 sq.mtrs. and construction area
Particulars of the present modification	By this execution the charge extended on Immovable properties to cover revised credit facilities to Rs.1025.700 millions (Cash Credit - Rs.270.000 millions + O/s T L - Rs.157.700 millions + Corporation Loan - Rs.250.000 millions + SLC - Rs.45.000 millions + LC - Rs.250.000 millions + B G - Rs.40.000 millions + Credit exposure on forward contract Rs.13.000 millions aggregating to Rs.1025.700 millions)

FIXED ASSETS

Land and Building
Plant and Machinery
Furniture and Fixture
Vehicle
Office Equipment
Flat
Computer
Office Equipment

WEBSITES DETAILS

PROFILE

Goyal Group of Industries excels as a reputed organization engaged in the manufacturing and export of integrated dye intermediate, Chemicals, chlorobenzene and derivatives plasticizers and industrial chemicals. The company successfully incorporates the innovative trends, total quality management and proficiency in work process through advanced research and analysis

Committed to quality Subject engages in the manufacturing and exporting of dyes intermediates, chemicals, dyes chemical, chlorobenzene and derivatives plasticizers and industrial chemicals. Their holistic approach towards customer

Driven by the latest technology they are able to cater to any specifications laid down by their customers. With a dedicate team and a huge infrastructure, they have been able to consolidate ourselves among the leading names of the industry.

The chemical belt of Gujarat witnessed the birth of Goyal Group of Industries in 1977 which started as a small Plasticizer unit at Nandesari, near the Industrial town of Vadodara.

Today it has evolved into one of India's leading manufacturer of Chlorination and Nitration processed Products.

An emerging leader in the chemical market horizon, the group manufactures and exports dyes intermediates, chlorinated Aromatic compounds and Nitro chloro Aromatic compounds, with an annual turnover of more than USD 130 million.

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.53.02
UK Pound	1	Rs.82.34
Euro	1	Rs.68.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.

MIRA INFORM REPORT

259.865

49.973

720.692

43.413

29.338

154.460

1257.741

1059.981

49.575

7.500

1117.056

140.685

2.05

2.89

4.34

0.20

3.56

1.13

Unit