MIRA INFORM REPORT

Report Date :

12.11.2011

IDENTIFICATION DETAILS

Name :	ROYAL CASTOR PRODUCTS LIMITED (W.e.f. 30.05.2000)
Formerly Known As :	ROYAL CASTOR PRODUCTS PRIVATE LIMITED
Registered Office :	Unjha-Sidhpur State Highway, At Khali, Sidhpur – 384151, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.08.1994
Com. Reg. No.:	04-022829
Capital Investment / Paid-up Capital :	Rs.62.100 Millions
CIN No.: [Company Identification No.]	U74999GJ1994PLC022829
TAN No.: [Tax Deduction & Collection Account No.]	AHMR02889F
PAN No.: [Permanent Account No.]	AABCR3051J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Oily Chemical and Castor Derivatives
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 770000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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	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. Shiv Narayan Baldi
Designation :	Chief Accountant
Contact No.:	91-9428413620

LOCATIONS

Registered Office/ Factory :	Unjha-Sidhpur State Highway, At Khali, Sidhpur – 384151, Gujarat, India
Tel. No.:	91-2767-222905/ 6
Mobile No.:	91-9428413620 (Mr. Shiv Narayan Baldi)
Fax No.:	91-2767-221833
E-Mail :	rcplsdh@sancharnet.in rcpl@icenet.net baldircpl@yahoo.co.in
Website :	http://www.royalcastor.in
Area :	28000 sq. m.
Location :	Owned
Corporate/ Sales Office :	101, Ketan Apartment, 233, R.B. Mehta Marg, Ghatkoper, Mumbai – 400077, Maharashtra, India
Tel No.:	91-22-25093641 to 46
Fax No.:	91-22-25100384
Email :	royalcastror@vsnl.com
Location :	Owned
Factory :	At. Khali, Mehsana – Sidhpur Highway, Taluka Sidhpur, District Patan – 384151, Gujarat, India
Tel No.:	91-2767-222905/ 6
Fax No.:	91-2767-221833
Email :	rcplsdh@sancharnet.in rcpl@icenet.net info@royalcastor.in

DIRECTORS

AS ON 15.09.2010

Name :

Mr. Natvarbhai J. Patel

Designation :

Director

Address :

Virnagar Society, S.T. Workshop Road, Mehsana – 384002, Gujarat, India

Date of Birth/Age :

01.06.1951

Date of Appointment :

12.09.1994

Name :

Mr. Mohanbhai M. Patel

Designation :

Director

Address :

4, Kapildev Society, Bindu Sarovar Road, Mehsana – 384151, Gujarat, India

Date of Birth/Age :

05.04.1939

Date of Appointment :

12.09.1994

DIN No.:

00800719

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	U74999GJ1994PLC022829	ROYAL CASTOR PRODUCTS LIMITED	Managing director	01/09/2010	12/09/1994	Active	NO
2	U24200MH2002PTC137816	ROYAL OLEOCHEMI PRIVATE LIMITED	Director	08/11/2002	08/11/2002	Strike off	NO

Name :

Mr. Haresh S. Vyas

Designation :

Director

Address :

23, Sindhubaug Society, Tilak Road, Ghatkoper (East), Mumbai, Maharashtra, India

Date of Birth/Age :

05.11.1955

Date of Appointment :

15.12.1995

DIN No.:

00181054

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	U74999GJ1994PLC022829	ROYAL CASTOR PRODUCTS LIMITED	Managing director	01-09-10	12-09-94	Active	NO
2	U24200MH2002PTC137816	ROYAL OLEOCHEMI PRIVATE LIMITED	Director	08-11-02	08-11-02	Strike off	NO

Name :

Mr. Durgesh S. Chandavarkar

Designation :

Director

Address :

502, Seanymph, Greenfield Estate, A.B. Nair Road, Juhu, Mumbai – 400049, Msaharashtra, India

Date of Birth/Age :

07.02.1942

Date of Appointment :

15.12.1995

DIN No.:

00176277

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	U23209MH1990PTC058784	STANDARD PETROLEUMS PRIVATE LIMITED	Director	17-02-93	17-02-93	Amalgamated	NO
2	U23201MH1990PTC059257	TARAPUR GREASE INDUSTRIES PRIVATE LIMITED	Managing director	17-02-93	17-02-93	Active	NO
3	U74999GJ1994PLC022829	ROYAL CASTOR PRODUCTS LIMITED	Director	15-12-95	15-12-95	Active	NO
4	U67120MH1996PTC100281	JANUS CONSOLIDATED FINANCE PRIVATE LIMITED	Managing director	31-03-99	31-03-99	Active	NO
5	U85199MH1999PTC121686	ASTRUM HEALTHCARE PRIVATE LIMITED	Director	31-08-01	31-08-01	Active	NO
6	U24110MH2002PLC134562	SKY BIO-PHARMA (INDIA ) LIMITED	Director	15-01-02	15-01-02	Active	NO
7	U23201MH2002PTC138029	UNITED ADDITIVES PRIVATE LIMITED	Director	28-11-02	28-11-02	Active	NO
8	U23201MH2002PTC138368	ATLANTIC LUBRICANTS AND SPECIALITIES PRIVATE LIMITED	Director	23-12-02	23-12-02	Active	NO
9	U23201MH2007PTC174641	STANDARD OILS & GREASES PRIVATE LIMITED	Director	01-10-07	01-10-07	Active	NO
10	U23201MH2007PTC174642	STANDARD GREASES AND SPECIALITIES PRIVATE LIMITED	Director	01-10-07	01-10-07	Active	NO
11	U23201MH2007PTC174638	STANDARD GREASES PRIVATE LIMITED	Director	05-10-07	05-10-07	Active	NO
12	U40107MH2007PTC176232	STANDARD GREEN BIO-ENERGY PRIVATE LIMITED	Director	27-11-07	27-11-07	Active	NO

Name :

Mr. Tulsibhai M. Patel

Designation :

Director

Address :

8, Shraddha Nagar Society, Radhanpur Road, Mehsana – 384002, Gujarat, India

Date of Birth/Age :

08.07.1946

Date of Appointment :

22.08.1994

DIN No.:

00169796

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	U74999GJ1994PLC022829	ROYAL CASTOR PRODUCTS LIMITED	Director	22-08-94	22-08-94	-	Active	NO
2	U45201GJ2007PTC050017	HMS CONSTRUCTION PRIVATE LIMITED	Director	14-02-07	14-02-07	25-12-07	Active	NO
3	U45202GJ2009PTC057842	ROYAL TECHNO PROJECTS (INDIA) PRIVATE LIMITED	Director	19-08-09	19-08-09	-	Active	NO
4	U26922GJ2010PTC061002	ROYAL CRUCIBLE PRIVATE LIMITED	Director	05-06-10	05-06-10	-	Active	NO

Name :

Mr. Vinod S. Vyas

Designation :

Director

Address :

7 and 8, Jay Jawan Nagar Housing Society, Bhanushali Lane, Mumbai, Maharashtra, India

Date of Birth/Age :

15.03.1951

Date of Appointment :

15.12.1995

DIN No.:

00176206

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	U23209MH1990PTC058784	STANDARD PETROLEUMS PRIVATE LIMITED	Director	01-11-90	01-11-90	Amalgamated	NO
2	U74999GJ1994PLC022829	ROYAL CASTOR PRODUCTS LIMITED	Director	15-12-95	15-12-95	Active	NO
3	U23201MH1990PTC059257	TARAPUR GREASE INDUSTRIES PRIVATE LIMITED	Director	01-08-98	01-08-98	Active	NO
4	U67120MH1996PTC100281	JANUS CONSOLIDATED FINANCE PRIVATE LIMITED	Director	31-03-99	31-03-99	Active	NO
5	U85199MH1999PTC121686	ASTRUM HEALTHCARE PRIVATE LIMITED	Director	31-08-01	31-08-01	Active	NO
6	U24110MH2002PLC134562	SKY BIO-PHARMA (INDIA ) LIMITED	Director	15-01-02	15-01-02	Active	NO
7	U23201MH2002PTC138029	UNITED ADDITIVES PRIVATE LIMITED	Director	28-11-02	28-11-02	Active	NO
8	U23201MH2002PTC138368	ATLANTIC LUBRICANTS AND SPECIALITIES PRIVATE LIMITED	Director	23-12-02	23-12-02	Active	NO
9	U23201MH2007PTC174638	STANDARD GREASES PRIVATE LIMITED	Director	01-10-07	01-10-07	Active	NO
10	U23201MH2007PTC174641	STANDARD OILS & GREASES PRIVATE LIMITED	Director	01-10-07	01-10-07	Active	NO
11	U23201MH2007PTC174642	STANDARD GREASES AND SPECIALITIES PRIVATE LIMITED	Director	01-10-07	01-10-07	Active	NO
12	U40107MH2007PTC176232	STANDARD GREEN BIO-ENERGY PRIVATE LIMITED	Director	27-11-07	27-11-07	Active	NO

Name :

Mr. Jitendrakumar M. Patel

Designation :

Director

Address :

2, Pushpavati Society, Radhanpur Road, Mehsana – 384002, Gujarat, India

Date of Birth/Age :

01.06.1966

Date of Appointment :

22.08.1994

KEY EXECUTIVES

Name :	Mr. Shiv Narayan Baldi
Designation :	Chief Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 15.09.2010)

Names of Shareholders	No. of Shares
Natvarbhai J. Patel	100001
Rekhaben L. Patel	189625
Kiranbhai M. Patel	224500
Vanitaben K. Patel	215500
Shantaben J. Patel	100000
Kokilaben N.Patel	100000
Mohanbhai M. Patel	520375
Vinodchandra J. Patel	100000
Shardaben V. Patel	100000
Chhaya V. Vyas	180400
Vinod S. Vyas	141000
Haresh S. Vyas	137400
Manjula S. Vyas and Dhruv S. Vyas	145900
Durgesh S. Chandavarkar	250800
Amrishkumar Patel	110000
Ankitbhai N. Patel	109999

(AS ON 15.09.2010)

Category	Percentage
Bodies corporate	25.00
Directors or relatives of Directors	75.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Oily Chemical and Castor Derivatives
Products :	· Bleached Caster Oil · Hydrogenated Caster Oil · 12-Hydroxy Stearic Acid · Ricinoleic Acid · Methyl Easter of Vegetable Oil · Amidek · Sulfirised Vegetable Oil · Monoglycerides of Castor Oil · Sulfated Castor Oil (T.R.O) · Blown Castor Oil · Sodium Petroleum Sulfonate · Calcium Petroleum Sulfonate · Over Based Calcium Sulfonate (300-400 TBN) etc.
Exports :
Products :	Castor Oil Derivatives
Countries :	· Japan · U.K. · U.S.A. · Australia
Terms :
Selling :	Credit (60 days) , CAD
Purchasing :	Cash

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
12 HSA	Kgs.	NA	NA	5315800
HCO	Kgs.	NA	NA	6608267

GENERAL INFORMATION

Customers :

End Users

· Castrol India

· Balmer Laurie

· Hindustan Petroleum

Suppliers :

· Gokul Refoils Limited

· Shivam Oil Agro Process Private Limited

· N K Industries Limited

No. of Employees :

100 (Approximately)

Bankers :

· Stat Bank of India

Sidhpur Branch, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loan from Bank (Against 1^st charge over the assets of Windmill Project at Moti Suthri, Kuchchh)		12.835
Term Loan from the Bank (R.G.) (Against first charge over the construction of rural godown)	264.414	1.274
E.P.C. Limit from Bank (Against first charge by way of hypothecation of stock for export)		194.391
Total	264.414	208.500
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Deposits from Shareholders and Directors Relatives.		34.469
Deposit from Director	57.940	1.344
E.C.B. Loan		19.853
Total	57.940	55.666

Banking Relations :	--
Auditors :
Name :	Virendra Chinubhai and Company Chartered Accountant
Address :	1-2-3, 1^st Floor, Vyapar Bhavan, Opp. Railway Station, Visnagar – 384315, Gujarat, India
Associates/Subsidiaries (As on 31.03.2010) :	· Standard Grease and Specialities Private Limited · Kusumoto Chemicals India Private Limited · Kiran Enterprise · Navin Enterprise

CAPITAL STRUCTURE

(AS ON 15.09.2010)

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
6210000	Equity Shares	Rs.10/- each	Rs.62.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		62.100	61.500	60.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		129.210	103.998	71.873
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		191.310	165.498	131.873
LOAN FUNDS
1] Secured Loans		264.414	208.500	114.542
2] Unsecured Loans		57.940	55.666	50.800
TOTAL BORROWING		322.354	264.166	165.342
DEFERRED TAX LIABILITIES		30.487	25.681	22.347
TOTAL		544.151	455.345	319.562
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		167.685	176.954	143.619
Capital work-in-progress		0.000	0.000	5.757
INVESTMENT		36.610	0.078	0.078
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	99.194	152.396	66.593
	Sundry Debtors	190.143	98.464	73.067
	Cash & Bank Balances	9.574	17.065	6.246
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	119.749	73.085	70.590
Total Current Assets		418.660	341.010	216.496
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	50.895	41.429	30.218
	Other Current Liabilities		0.076	0.618
	Provisions	28.253	21.708	16.240
Total Current Liabilities		79.148	63.213	47.076
Net Current Assets		339.512	277.797	169.420
MISCELLANEOUS EXPENSES		0.344	0.516	0.688
TOTAL		544.151	455.345	319.562

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1814.088	1146.527	1202.660
		Other Income	2.837	0.684	1.389
		TOTAL (A)	1816.925	1147.211	1204.049
Less	EXPENSES
		Increase / Decrease in stock	(9.822)	2.725	(6.200)
		Raw Materials and Other Consumption	1603.188	962.795	1008.180
		Manufacturing and other expenses	113.679	100.524	126.497
		Personnel related Expenses	8.433	8.001	5.239
		TOTAL (B)	1715.478	1074.045	1133.716
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		101.447	73.166	70.333
Less	FINANCIAL EXPENSES (D)		35.228	23.354	25.584
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		66.219	49.812	44.749
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.413	11.500	18.045
	PROFIT BEFORE TAX (E-F) (G)		53.806	38.312	26.704
Less	TAX (H)		22.826	14.933	9.814
	PROFIT AFTER TAX (G-H) (I)		30.980	23.379	16.890
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		93.246	61.363	48.292
Less/ Add	PRIOR PERIOD ADJUSTMENT		0.363	(2.679)	(0.309)
Less/ Add	DEPRECIATION WRITTEN BACK		0.000	16.525	0.000
Less	APPROPRIATIONS
		General Reserve	5.000	0.000
		Dividend	4.635	4.613
		Tax on Dividend	0.770	0.729	3.510
	BALANCE CARRIED TO THE B/S		113.458	93.246	61.363
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	828.966	869.714
	TOTAL EARNINGS		NA	828.966	869.714
	Earnings Per Share (Rs.)		--	3.84	2.82

Expected Sales (2011-12): Rs.3000.000 Millions

The above information has been parted by Mr. Shiv Narayan Baldi.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.71	2.04	1.40
Net Profit Margin (PBT/Sales)	(%)	2.97	3.34	2.22
Return on Total Assets (PBT/Total Assets}	(%)	9.18	7.40	7.41
Return on Investment (ROI) (PBT/Networth)		0.28	0.23	0.20
Debt Equity Ratio (Total Liability/Networth)		2.10	1.98	1.61
Current Ratio (Current Asset/Current Liability)		5.29	5.39	4.60

LOCAL AGENCY FURTHER INFORMATION

OPERATION:

In comparison to the previous year turn over the company has slightly decreased by 5% due to adverse economic conditions however the net profit of the company has increased in comparison to previous year due to cost control policy of the management. However the directors are hopeful and making efforts to improve the results in the years to come.

CONTINGENT LIABILITIES:-

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. in Millions)
Foreign Bills Discounted	NA	57.817	34.005
Total	NA	57.817	34.005

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	No
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	--
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	--
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	--
Litigations that the firm/ Promoters Involved in	--
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	--
Buyer visit details	--
Financials, if provided	Yes
Incorporation details is applicable	--
Last Accounts filed at ROC	--
Major Shareholders, if available	--

TRADE REFERENCES:-

· Castrol India

· Balmer Laurie

FORM 8:-

This form is for	Modification of charge
Charge identification number of the modified	10131898
Corporate identity number of the company	U74999GJ1994PLC022829
Name of the company	ROYAL CASTOR PRODUCTS LIMITED
Address of the registered office or of the principal place of business in India of the company	Unjha-Sidhpur State Highway, At Khali, Sidhpur – 384151, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India Sidhpur Branch, Opposite Railway Station, Sidhpur – 384151, Gujarat, India
Nature of description of the instrument creating or modifying the charge	No new instrument created but by Memorandum relating to Deposit of Title Deeds for creation of further charge for Term Loan Overall Limit where the initial charges is created by way of Mortgage by Deposit of Title Deeds dt. 26/10/2010
Date of instrument Creating the charge	26.10.2010
Amount secured by the charge	Rs.497.900 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest : As per Hypothecation Deeds created, filed and registered earlier Terms of Repayment : As per Hypothecation Deeds created, filed and registered earlier Margin : As per Hypothecation Deeds created, filed and registered earlier Extent and Operation of the charge : The said charge shall extend and operate in favour of State Bank of India, Sidhpur Branch, Opposite Railway Station, Sidhpur - 384151 on first charge basis
Short particulars of the property charged	1. Land and Buildings thereon situated at Survey No. 500 admeasuring of 2556.05 Sq. Meters. in the seem of Khali, Tal. Sidhpur 2. Land and Buildings thereon situated at Survey No. 499 admeasuring of 5263 Sq. Meters. in the seem of Khali, Tal. Sidhpur, 3. Land and Buildings thereon situated at Survey No. 499 admeasuring of 5232 Sq. Meters. in the seem of Khali, Tal. Sidhpur, 4. Land and Buildings thereon situated at Survey No. 494/P-2 admeasuring of 3000 Sq. Meters. in the seem of Khali, Tal. Sidhpur, 5. Land and Buildings thereon situated at Survey No. 502/P-1 admeasuring of 16291 Sq. Meters. in the seem of Khali, Tal. Sidhpur 6. Land and Buildings thereon situated at Survey No. 500 admeasuring of 2556.05 Sq. Meters. in the seem of Khali, Tal. Sidhpur
Particulars of the present modification	The lastly modified charge dt. 29/09/2010 for Rs.497.900 Millions again modified by way of providing additional collateral security by E. Mortgage of the Immovable properties of the Company

FIXED ASSETS:-

· Land

· Land Development

· Factory Building

· Office Building

· Plant and Equipments

· Electric Installations

· Furniture and Fittings

· Laboratory Equipments

· Computer and Software

· Office Equipments

· Vehicles

· Utilities and Storage Installation

· Tubewell

· Effluent Treatment Plant

· Hydrogen Gas Generation Plant

· Shop at Dhanera

· Fork Lift

· Wind Power Project

· Rural Godown

· P and M Boiler

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.50.28
UK Pound	1	Rs.80.08
Euro	1	Rs.68.44

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.