MIRA INFORM REPORT

Report Date :

20.04.2012

IDENTIFICATION DETAILS

Name :	MEGHMANI DYES AND INTERMEDIATES LIMITED

Registered Office :	Plot No. 97, Phase IIGIDC Estate Vatva, Ahmedabad – 382445, Gujarat

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	21.07.1999

Com. Reg. No.:	04-036306

Capital Investment / Paid-up Capital :	Rs.99.000 Millions

CIN No.: [Company Identification No.]	U24110GJ1999PLC036306

PAN No.: [Permanent Account No.]	AABCM6639D

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of pigments and dye stuff as well as basic crop protection chemicals.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 7100000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established company having fine track. General financial position of the company appears to be sound. Trade relations are reported as fair, Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 / Factory :	Plot No. 97, Phase IIGIDC Estate Vatva, Ahmedabad – 382445, Gujarat, India
Tel. No.:	91-79- 26467511 / 25894442 / 3 / 4
Fax No.:	91-79-25834588
E-Mail :	jbrahma@meghmanidyes.com
Website :	www.meghmanidyes.com

Corporate Office :	2^nd Floor, White Cross, 15 Patel Society. Gulbai Tekra Road, Panchvati, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26569901 / 26562827 / 26463900
Fax No.:	91-79-26463999
E-Mail :	exports@meghmanidyes.com

DIRECTORS

As on 27.06.2011

Name :

Mr. Lalt Kantilal Patel

Designation :

Director

Address :

31, Park Hill, Near Narmada Vasahat, Opposite. Karnavati Club, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

15.02.1967

Date of Appointment :

21.07.1999

DIN No.:

00011773

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	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Director	22/02/1993	22/02/1993	-	Active	NO
2	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Director	21/07/1999	21/07/1999	-	Active	NO
3	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
4	U24100GJ2007PLC051935	MEGHMANI SPECIALTY CHEMICALS LIMITED	Director	10/10/2007	10/10/2007	-	Active	NO
5	U24231GJ1993PTC020229	SYNERGY CHLORINATION PRIVATE LIMITED	Director	27/10/2007	27/10/2007	-	Active	NO
6	U24100GJ2007PLC051763	UNISON INDUSTRIES LIMITED	Director	22/09/2008	25/08/2008	-	Active	NO
7	U67120GJ2009PTC058361	ALB STOCK BROKING PRIVATE LIMITED	Director	15/10/2009	15/10/2009	-	Active	NO
8	U24100GJ2012PTC068727	UNIWORTH ENTERPRISES PRIVATE LIMITED	Director	23/01/2012	23/01/2012	-	Active	NO

Name :

Mr. Natwarlal Maghjibhai Patel

Designation :

Chairman Cum Managing Director

Address :

6-B, Ashok Vatika, No.1, Opposite. Ekta Farm, Ambli, Bopal Road, Bodakdev, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

01.06.1953

Date of Appointment :

21.07.1999

DIN No.:

00027540

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	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Managing director	1/11/2011	22/02/1993	-	Active	NO
2	U24231GJ1993PLC019271	MEGHMANI CHEMICALS LIMITED	Director	26/12/1994	26/12/1994	-	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Managing director	1/4/2009	2/1/1995	-	Active	NO
4	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Managing director	13/03/2008	21/07/1999	-	Active	NO
5	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	27/01/2000	27/01/2000	-	Active	NO
6	U52100GJ1965PLC001347	GSEC LIMITED	Director	18/03/2004	18/03/2004	-	Active	NO
7	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
8	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/9/2007	11/9/2007	-	Active	NO
9	U24211DL1970NPL005200	CROP CARE FEDERATION OF INDIA	Director	25/07/2008	25/07/2008	-	Active	NO
10	U29224GJ1987PLC010044	JOHN ENERGY LIMITED	Director	30/09/2009	27/02/2009	-	Active	NO
11	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO

Name :

Mr. Rameshbhai Mahjibhai Patel

Designation :

Chairman Cum Managing Director

Address :

No 54, Shreenath Park Society, Bh Avishkar Party Plot, Manekbaug, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

01.03.1956

Date of Appointment :

21.07.1999

DIN No.:

00027637

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	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Managing director	1/11/2011	22/02/1993	-	Active	NO
2	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Whole-time director	1/4/2009	2/1/1995	-	Active	NO
3	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Managing director	13/03/2008	21/07/1999	-	Active	NO
4	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	12/9/2001	12/9/2001	-	Active	NO
5	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director	29/12/2011	17/09/2002	-	Active	NO
6	U51909GJ2002PLC041575	VANGUARD OVERSEAS LIMITED	Director	21/03/2003	21/03/2003	-	Active	NO
7	U45209GJ2005NPL046417	VATVA INDUSTRIAL ESTATE INFRASTRUCTURE DEVELOPMETN LIMITED	Director	13/07/2005	13/07/2005	-	Active	NO
8	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
9	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/9/2007	11/9/2007	-	Active	NO
10	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO

Name :

Mr. Anand ishwerbhia Patel

Designation :

Director

Address :

53, Shrinath Park Society, B/H Manekbag, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

17.09.1962

Date of Appointment :

21.07.1999

DIN No.:

00027836

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	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Whole-time director	1/4/2009	2/10/1995	-	Active	NO
2	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Director	21/07/1999	21/07/1999	-	Active	NO
3	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	12/9/2001	12/9/2001	-	Active	NO
4	U51909GJ2002PLC041575	VANGUARD OVERSEAS LIMITED	Director	21/03/2003	21/03/2003	-	Active	NO
5	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
6	U93090GJ2007NPL050142	NOVEL SPENT ACID MANAGEMENT	Director	2/3/2007	2/3/2007	-	Active	NO
7	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/9/2007	11/9/2007	-	Active	NO
8	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO
9	U90000GJ2012PTC069814	CLUSTER ENVIRO PRIVATE LIMITED	Director	11/4/2012	11/4/2012	-	Active	NO

Name :

Mr. Khandwala Manubhai Mukesh

Designation :

Additional Director

Address :

9, Jivan Prakash Society, St.Xaviers School Road, Ahmedabad – 380014, Gujarat, India

Date of Birth/Age :

02.08.1954

Date of Appointment :

30.10.2010

DIN No.:

02323581

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	U51420OR1997PLC005092	LATASHA EXPORTS LIMITED	Additional director	8/9/2008	8/9/2008	-	Active	NO
2	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Director	27/06/2011	30/10/2010	-	Active	NO
3	U74900GJ2011PTC065565	KHANDWALA CONSULTANTS PRIVATE LIMITED	Director	23/05/2011	23/05/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manohar Satyanarayan Maheshwari
Designation :	Secretary
Address :	C-401, Sumadhur – II, Near Vastrapur Telephone Exchange, Vastrapur, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	21.06.1972
Date of Appointment :	02.04.2003
PAN NO.:	AHDPM1848E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.06.2011

Names of Shareholders		No. of Shares
Natwarlal Maghjibhai Patel		2880000
Rameshbhai Mahjibhai Patel		1920000
Ganpatbhai M. Patel		495000
Amitaben Kantibhai Patel		1287000
Kuverben Ishwerbhai Patel		297000
Shardaben Popatbhai Patel		1152000
Praful Ganpatbhai Patel		198000
Lalit Kantilal Patel		990000
Anand I. Patel		495000
Popatbhai M. Patel		36000
Anki Natwarlal Patel		90000
Karana Ramenshbhai Patel		60000
Total		9900000

As on 27.06.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of pigments and dye stuff as well as basic crop protection chemicals.

Products :

Reactive Dyes
Vat Dyes
Acid Dyes
Wood Stains
Solvent Dyes
Petroleum Dyes
Leather Dyes

Description	ITC Code
Reactive Dyes and Preparation Based Thereon	3204

PRODUCTION STATUS (31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Dyes and Intermediates	MT		12000.00	10037.97

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

State Bank of India, Overseas Branch, 3rd Floor, Navjivan Trust Building, Nr. Navjeevan P.O. Ahmedabad – 380014, Ahmedabad, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Foreign currency loans banks secured	25.011	3.225
Total	25.011	3.225

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	4.300	9.800
Total	4.300	9.800


Banking Relations :	--

Auditors :
Name :	Balkrishna T. Thakkar and Company Chartered Accountants
Address :	602, Saffron Building, Ambawadi, Ahmedabad – 380006, Gujarat, India
PAN.:	AAGPT9505M

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Ashish chemical Meghmani Energy Limited Tapasheel Enterprise Meghmani Chemicals Patel Trading and Investment Company Unison Industries Limited Fidelity Export Private Limited Meghmani Industries Limited Meghmani Finechem Limited ALB Stock Broking Private Limited Matangi Industries

Others :	Meghmani Organics Limited (CIN No.: L24110GJ1995PLC024052)

Subsidiaries :	Meghmani Specialty Chemicals Limited (CIN No.: U24100GJ2007PLC051935) Synergy Chlorination Private Limited (CIN No.: U24231GJ1993PTC020229)

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

9900000	Equity Shares	Rs.10/- each	Rs.99.000 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		99.000	99.000	49.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1700.653	1332.805	1062.601
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1799.653	1431.805	1112.101
LOAN FUNDS
1] Secured Loans		25.011	3.225	19.389
2] Unsecured Loans		4.300	9.800	30.118
TOTAL BORROWING		29.311	13.025	49.507
DEFERRED TAX LIABILITIES		18.364	17.891	12.830

TOTAL		1847.328	1462.721	1174.438

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		277.370	289.027	238.750
Capital work-in-progress		16.586	0.225	2.616

INVESTMENT		332.137	180.567	269.499
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	456.462	426.377	362.803
	Sundry Debtors	657.011	574.401	480.457
	Cash & Bank Balances	103.161	119.049	73.909
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	329.480	228.748	100.218
Total Current Assets		1546.114	1348.575	1017.387
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	199.714	148.263	92.516
	Other Current Liabilities	37.438	102.223	217.424
	Provisions	87.727	105.187	43.874
Total Current Liabilities		324.879	355.673	353.814
Net Current Assets		1221.235	992.902	663.573

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1847.328	1462.721	1174.438

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1964.040	1982.177	1554.570
		Other Income	21.176	16.978	2.197
		TOTAL (A)	1985.216	1999.155	1556.767

Less	EXPENSES
		Consumption materials changes inventories	1074.269	1112.145
		Manufacturing service costs	185.540	192.907
		Employee related expenses	48.302	35.169	1343.007
		Administrative selling other expenses	181.236	187.564
		Research development expenditure	1.572	1.953
		TOTAL (B)	1490.919	1529.738	1343.007

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		194.297	469.417	213.760

Less	FINANCIAL EXPENSES (D)		1.812	0.000	0.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		492.485	469.417	213.760

Less/ Add	DEPRECIATION/ AMORTISATION (F)		28.458	21.567	20.760

	PROFIT BEFORE TAX (E-F) (G)		464.027	447.850	193.000

Less	TAX (I)		50.098	87.684	28.586

	PROFIT AFTER TAX (G-I) (J)		413.929	360.166	164.414

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1071.217	781.513	664.473

Less	APPROPRIATIONS		91.493	70.462	47.374

	BALANCE CARRIED TO THE B/S		1393.653	1071.217	781.513

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1131.971	924.969	878.039
		Commission Earnings
		Other Earnings
	TOTAL EARNINGS		1131.971	924.969	878.039

	IMPORTS
		Raw Materials	NA	455.308	442.763
		Capital Goods	NA	2.838	1.146
	TOTAL IMPORTS		NA	458.146	443.909

	Earnings Per Share (Rs.)		41.81	36.38	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	20.85	18.02	10.56

Net Profit Margin (PBT/Sales)	(%)	23.63	22.59	12.40

Return on Total Assets (PBT/Total Assets}	(%)	25.45	27.35	15.36

Return on Investment (ROI) (PBT/Networth)		0.26	0.31	0.17

Debt Equity Ratio (Total Liability/Networth)		0.20	0.26	0.36

Current Ratio (Current Asset/Current Liability)		4.76	3.79	2.88

LOCAL AGENCY FURTHER INFORMATION

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

Performance

Sales for the financial year ended 31st March, 2011 amounted to Rs.1964.040 Millions as compared to Rs.1982.177 Millions for the year ended 31^st March, 2010. The Profit after tax amounted to Rs.413.929 Millions for the year ended 31st March, 2011 as compared to Rs.360.167 Millions for the previous year.

PROVISIONS AND CONTINGENCIES

Rs. In Millions

Particular	31.03.2011
Details of guarantee given for letter of credit	21.731
Details of disputed tax liabilities relating to sales service and income
Details of disputed income tax	6.760
Details of disputed excise demands	120.372

Bankers Charges Report as per Registry

Corporate identity number of the company	U24110GJ1999PLC036306
Name of the company	MEGHMANI DYES AND INTERMEDIATES LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 97, Phase IIGIDC Estate Vatva, Ahmedabad – 382445, Gujarat, India jbrahma@meghmanidyes.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90105762
Type of charge	Immovable property Book debts Others (Stocks, receivables and current assets.)
Particular of charge holder	State Bank of India, Overseas Branch, 3rd Floor, Navjivan Trust Building, Nr. Navjeevan P.O. Ahmedabad – 380014, Ahmedabad, Gujarat, India mclau.zoahm@sbi.co.in
Nature of instrument creating charge	1. Supplemental agreement of hypothecation of goods and assets for increase in overall limit and 2. Extension of Equitable Mortgage.
Date of instrument Creating the charge	20.06.2011
Amount secured by the charge	Rs.244.100 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest At 4% above BR, present effective rate being 11.60% p.a. for CC (Hyp.) limit & for EPC/PCFC, FBD/EBR limits as per SBIEGC Scheme. Terms of Repayment Repayable on demand. Margin Raw Material: 25% Stock in Process: 25% Finished Goods: 25% LC: 10% BG: 10% and EPC: 10% of FOB value. Extent and Operation of the charge The charge shall operate as security by way of (1) 1st charge on pari passu basis with HDFC Bank Limited, by way of hypothecation of all the stocks, receivables, documents of title to the goods, movable plant and machinery and all the current assets and (2) extension of equitable mortgage of leasehold land of the Co., bearing Plot No. 97, Phase II, Vatva Industrial Estate, Ahmedabad to secure the total credit limits of Rs.244.100 Millions granted by the State Bank of India. Others As mentioned in the attached agreements.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the stocks, receivables, documents of title to the goods, movable plant and machinery and all the current assets of the Company. Extension of Eq. Mort. of leasehold land of the Co. bearing Plot No. 97, Phase II, Vatva Ind. Estate of R. S. No. 464/1 (paiki) & 464/2 (paiki) admeasuring 703 sq. mtrs. and structure standing thereon.
Date of instrument modifying the charge	13.08.2009
Particulars of the present modification	By this modification overall credit facilities granted by the State Bank of India have been enhanced from Rs.175.000 Millions to Rs.244.100 Millions.

Fixed Assets

Land
Residential Plot of Land
Factory Building
Office Building
Furniture
Plant and machinery
Electrical and Fittings
Boiler
Vehicles
Office Equipments
Computer

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.51.89
UK Pound	1	Rs.83.18
Euro	1	Rs.68.06

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		60

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

456.462

657.011

103.161

0.000

329.480

1546.114

199.714

37.438

87.727

324.879

1221.235

20.85

23.63

25.45

0.26

0.20

4.76

Unit