MIRA INFORM REPORT

Report Date :

02.02.2012

IDENTIFICATION DETAILS

Name :	JEWEL CONSUMER CARE PRIVATE LIMITED

Formerly Known As :	AMIGO SECURITIES PRIVATE LIMITED BARODA EXPORTERS AND TRADERS PRIVATE LIMITED

Registered Office :	“SUBHAAG”, B 16, Ramin Park, Old Padra Road, Baroda – 390 020, Gujarat

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	18.01.1972

Com. Reg. No.:	04-6949

Capital Investment / Paid-up Capital :	Rs.199.301 Millions

CIN No.: [Company Identification No.]	U74920GJ1972PTC006949

PAN No.: [Permanent Account No.]	AAACB8634Q

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Tooth Brushes, Household Brushes, and Household Plastic Products.

No. of Employees :	445 – Approximately (20 in Office, 420 in Factory, 05 in Branch)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 2695000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 :	“SUBHAAG” , B 15/16, Ramin Park, Old Padra Road, Baroda – 390 020, Gujarat, India
Tel. No.:	91-265-2356798 / 2354354 / 3957256 / 3957257 / 2322322 /3257256/60
Fax No.:	91-265-2353522 / 2322322/2322322
E-Mail :	cyrus@jewelbrushes.com amit@jewelbrushes.com geeta.goradia@coronetproducts.com info@jewelbrushes.com
Website :	www.jewelbrushes.com
Area :	2319 Sq.Mtrs
Location :	Owned

Factory :	Plot No. 209 – 214, Village Luna, Taluka Padra, District Vadodara – 391 440, Gujarat, India
Tel. No.:	91-2662-223801/ 225101 /325426-30
Fax No.:	91-2662-223803/223803
E-Mail :	cyrust@jewelbrushes.com geeta.goradia@coronetproducts.com
Area :	33983 Sq.Mtrs
Location :	Owned

Branch Office :	D 1/34 Khiranagar, S V Road, Santacruz (West), Mumbai – 480 054, Maharashtra
Tel. No.:	91-22-26616837
E-Mail :	aniruddh@jewelbrushes.com
Area :	450 sq.fts
Location :	Rented

DIRECTORS

As on 26.09.2011

Name :

Mrs. Geeta Amit Goradia

Designation :

Managing Director

Address :

12 Kesarbaug, Vasna Road, Vadodara – 390 015, Gujarat, India

Date of Birth/Age :

19.09.1953

Qualification :

M.Com ( Industrial Economics)

Date of Appointment :

01.12.2007

DIN No.:

00074343

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	U32201GJ1986PTC009066	PIONEER FURNACES PRIVATE LIMITED	Director	01-03-93	01-03-93	-	Active	NO
2	U74920GJ1972PTC006949	JEWEL CONSUMER CARE PRIVATE LIMITED	Managing director	01-12-07	21-07-01	-	Active	NO
3	U25201GJ1992PTC018587	JEWEL BRUSHES PRIVATE LIMITED	Managing director	23-12-01	23-12-01	-	Amalgamated	NO

Name :

Mr. Amit Mohandas Goradia

Designation :

Director

Address :

12 Kesarbaug, Vasna Road, Vadodara – 390 015, Gujarat, India

Date of Birth/Age :

20.05.1950

Qualification :

B.Tech (Mech), Iim

Date of Appointment :

01.12.2007

DIN No.:

00074478

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	U29230MH1993PTC072018	KUNKEL WAGNER (INDIA) PRIVATE LIMITED	Director	17-05-93	17-05-93	-	Active	NO
2	U25201GJ1992PTC018587	JEWEL BRUSHES PRIVATE LIMITED	Director	07-07-93	07-07-93	-	Amalgamated	NO
3	U80301GJ2000NPL039019	TAPOVAN EDUCATION INSTITUTE	Director	06-12-00	06-12-00	19-06-07	Active	NO
4	U25209GJ2001PTC039259	CORONET PRODUCTS PRIVATE LIMITED	Managing director	14-02-01	14-02-01	-	Amalgamated	NO
5	U51909GJ2002PTC040879	SUBHAAG TRADING (INDIA) PRIVATE LIMITED	Director	19-06-02	19-06-02	-	Active	NO
6	L51909GJ1972PLC044638	PAUSHAK LIMITED	Director	18-08-05	18-08-05	-	Active	NO
7	U74920GJ1972PTC006949	JEWEL CONSUMER CARE PRIVATE LIMITED	Director	01-12-07	16-11-07	-	Active	NO
8	U92412GJ2009NPL058550	VADODARA MARATHON	Director	12-11-09	12-11-09	27-08-11	Active	NO

Name :

Mr. Jal Ratanshow Patel

Designation :

Whole Time Director

Address :

3, Green Park, Tandalja Road, Vadodara – 390 020 , Gujarat, India

Date of Birth/Age :

17.09.1937

Qualification :

Chartered Accountants Cum Company Secretary

Date of Appointment :

16.11.2007

DIN No.:

00065021

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	U25209GJ2001PTC039259	CORONET PRODUCTS PRIVATE LIMITED	Director	14-02-01	14-02-01	-	Amalgamated	NO
2	L23203GJ1980PLC003623	GUJARAT GAS COMPANY LIMITED	Director	01-03-01	01-03-01	-	Active	NO
3	L72900GJ1980PLC003643	MIPCO SEAMLESS RINGS GUJARAT LIMITED	Director	26-05-04	26-05-04	03-02-11	Active	NO
4	L29130MH1961PLC012028	ABC BEARINGS LIMITED	Director	26-05-04	26-05-04	-	Active	NO
5	L17110GJ1935PLC000494	SHRI DINESH MILLS LIMITED	Director	28-09-04	28-09-04	-	Active	NO
6	L25200GJ1973PLC002436	INEOS ABS (INDIA) LIMITED	Director	29-12-05	29-12-05	-	Active	NO
7	U31200GJ1992PTC066725	PIONEER ELECMECH (INDIA) PRIVATE LIMITED	Director	06-08-07	06-08-07	17-08-10	Active	NO
8	U74920GJ1972PTC006949	JEWEL CONSUMER CARE PRIVATE LIMITED	Whole-time director	09-04-08	16-11-07	-	Active	NO
9	L29199GJ1974PLC002574	EIMCO ELECON (INDIA ) LIMITED	Director	30-07-09	29-01-09	-	Active	NO
10	L34100GJ1985PLC007958	MUNJAL AUTO INDUSTRIES LIMITED	Director	29-08-09	30-03-09	-	Active	NO

Name :

Dr. Timm Gerhard Preusser

Designation :

Director

Address :

13 Hofstetter St. D – 63839, Kleinwallstadt, Germany

Date of Birth/Age :

05.09.1952

Qualification :

P.Hd (Mechanical Engineer)

Date of Appointment :

16.11.2007

DIN No.:

01172967

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	U25209GJ2001PTC039259	CORONET PRODUCTS PRIVATE LIMITED	Director	14-02-01	14-02-01	-	Amalgamated	NO
2	U74920GJ1972PTC006949	JEWEL CONSUMER CARE PRIVATE LIMITED	Director	30-11-07	16-11-07	-	Active	NO

Name :

Mr. Aniruddh Chimanlal Kamdar

Designation :

Director

Address :

5 Piroja Court, 9 Meera Baug, Santacruz (West), Mumbai, -4 00 005, Maharashtra, India

Date of Birth/Age :

14.04.1953

Qualification :

B.E (Metallurgy)

Date of Appointment :

16.11.2007

DIN No.:

00025345

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	U32108MH1975PTC018158	ASTHA ELECTRONICS PRIVATE LIMITED	Director	23-05-89	23-05-89	-	Strike off	NO
2	U29130MH1984PTC034848	PRATIBHA AUTO AND SPORTS MANUFACTURERS PRIVATE LIMITED	Director	22-12-89	22-12-89	-	Strike off	NO
3	U32201GJ1986PTC009066	PIONEER FURNACES PRIVATE LIMITED	Director	01-03-93	01-03-93	-	Active	NO
4	U29230MH1993PTC072018	KUNKEL WAGNER (INDIA) PRIVATE LIMITED	Managing director	17-05-93	17-05-93	-	Active	NO
5	U25201GJ1992PTC018587	JEWEL BRUSHES PRIVATE LIMITED	Director	08-08-95	08-08-95	-	Amalgamated	NO
6	U24110GJ1996PTC029407	P-MET HIGH-TECH COMPANY PRIVATE LIMITED	Director	30-04-96	30-04-96	-	Active	NO
7	U25209GJ2001PTC039259	CORONET PRODUCTS PRIVATE LIMITED	Director	09-06-01	09-06-01	-	Amalgamated	NO
8	U72200GJ2001PTC040254	PIONEER PROCESS AUTOMATION PRIVATE LIMITED	Director	11-12-01	11-12-01	-	Active	NO
9	U51909GJ2002PTC040879	SUBHAAG TRADING (INDIA) PRIVATE LIMITED	Director	19-06-02	19-06-02	-	Active	NO
10	U74920GJ1972PTC006949	JEWEL CONSUMER CARE PRIVATE LIMITED	Director	30-11-07	16-11-07	31-10-11	Active	NO

Name :

Mr. Helmut Schlieper

Designation :

Director

Address :

Simroockstrasse 47, 53619, Rheinbreitback, Germany

Date of Birth/Age :

20.10.1952

Qualification :

MBA

Date of Appointment :

16.11.2007

DIN No.:

01759466

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders		No. of Shares
Amit Goradia		12060666
Subir Amit Goradia		1455152
Suhrud Amit Goradia		1455129
Nikhil Mohandas Goradia		20
Vyas Apurva Mona		8409
Vyas G. Mahendra		10
Timm Gerhard Preuussers		964460
Jal Ratanshaw Patel		193722
Aniruddh Chimanlal Kamdar		140270

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	20.00
Directors or relatives of Directors	78.00
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Tooth Brushes, Household Brushes, and Household Plastic Products.

Products :

Product Description	ITC Code
Toothbrushes, Household Brushes and Paint Brushes	9603
Plastic Products	392690

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production

Plastic Products	MT	2000	90.46	95.24
Tooth Brushes, Domestic Brushes and Paint Brushes	Lakhs	2000	1476.80	1461.54

GENERAL INFORMATION

No. of Employees :

445 – Approximately (20 in Office, 420 in Factory, 05 in Branch)

Bankers :

· IDBI Bank Limited, R C Dutt Road, Alkapuri , Baroda – 390 007, Gujarat

· Standard Chartered Bank, R C Dutt Road, Alkapuri , Baroda – 390 007,

Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali, Six Road, Ahmedabad-380006, Gujarat, India
IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
State Bank of India, Makarpura Industrial Estate Branch, Makarpura, Baroda – 390009, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	114.453	118.174
Working capital loans banks secured	131.865	127.830
Loans taken for vehicles secured	3.994	4.700
Total	250.312	250.704
Other details regarding secured debt Term Loans are secured by first pari passu charge on Fixed Assets and Second pari passu charge on current assets. Further these loans are secured by personal guarantee of Directors and are also secured by equitable mortgage of all immovable properties at village Luna and Baroda office as collateral securities. Working capital loans are secured by hypothecation of inventories book debts and all movable properties both present and future ranking pari passu with each other. Further these loans are secured by personal guarantee of Directors and are also secured by an equitable mortgage of all immovable properties at village Luna and Baroda office as collateral securities. Vehicle loans are secured by hypothecation of vehicles.
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Foreign currency loans banks unsecured	35.245	53.849
Loans directors unsecured	34.266	21.486
Other debt unsecured	52.742	63.546
Total	122.253	138.881

Banking Relations :	--

Auditors :
Name :	K C Mehta and Company Chartered Accountants
Address :	2^nd Floor, Meghdhanush, Race Cource, Vadodara – 390 007, Gujarat, India
Tel. No.:	91-265-6611000
Fax No.:	91-265-6610666
E-Mail :	office@kcmehta.com
PAN.:	ADGPD1520R

Associates :	Technology Services Amigo Dispensing Solutions Private Limited Pioneer Elecmech Private Limited Kunkel Wagner (India) Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
29650000	Equity shares	Rs.10/- each	Rs.296.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19930148	Equity shares	Rs.10/- each	Rs.199.301 millions

Note:

Of the above 19703737 Equity shares of Rs.10/- each fully paid were allotted to shareholders of erstwhile amalgamating companies pursuant to Scheme amalgamation, without payment being received in cash.

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		199.301	199.301	199.301
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		54.925	43.492	25.757
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		254.226	242.793	225.058
LOAN FUNDS
1] Secured Loans		250.312	250.704	168.036
2] Unsecured Loans		122.253	138.881	132.260
TOTAL BORROWING		372.565	389.585	300.296
DEFERRED TAX LIABILITIES		47.011	41.447	36.777

TOTAL		673.802	673.825	562.131

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		625.796	569.996	487.374
Capital work-in-progress		5.866	10.843	5.000

INVESTMENT		4.509	4.510	4.510
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	142.081	115.824	77.160
	Sundry Debtors	59.250	47.126	30.118
	Cash & Bank Balances	3.319	12.549	2.271
	Other Current Assets	31.968	21.516	5.019
	Loans & Advances	41.626	95.138	100.794
Total Current Assets		278.244	292.153	215.362
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	184.236	147.420	120.833
	Other Current Liabilities	25.527	23.300	23.935
	Provisions	31.696	34.618	7.256
Total Current Liabilities		241.459	205.338	152.024
Net Current Assets		36.785	86.815	63.338

MISCELLANEOUS EXPENSES		0.846	1.661	1.909

TOTAL		673.802	673.825	562.131

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	861.208	711.875	664.216
		Other Income	NA	26.470	5.220
		TOTAL (A)	NA	738.345	669.436

Less	EXPENSES
		Cost of Raw Material	NA	375.165	367.532
		Manufacturing and Other Expenses		78.027	64.306
		Purchase of traded goods		0.147	0.000
		Employee cost		73.988	61.652
		Administration and Other Expenses		30.497	24.268
		Selling and Distribution Expenses		27.305	18.066
		Prior Period Expenses		1.023	(4.611)
		TOTAL (B)	NA	586.152	531.213

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	152.193	138.223

Less	FINANCIAL EXPENSES (D)		NA	43.172	45.632

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		121.562	109.021	92.591

Less/ Add	DEPRECIATION/ AMORTISATION (F)		79.296	64.615	58.322

	PROFIT BEFORE TAX (E-F) (G)		41.938	44.406	34.259

Less	TAX (H)		18.924	9.241	19.937

	PROFIT AFTER TAX (G-H) (I)		23.014	35.165	14.322

Add	Deferred Tax Assets		0.000	0.000	1.589

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		33.700	15.964	0.053

Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.000
		Dividend	9.965	14.947	0.000
		Tax on Dividend	1.617	2.482	0.000
	BALANCE CARRIED TO THE B/S		45.132	33.700	15.964

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	370.436	257.889	228.621
	TOTAL EARNINGS		370.436	628.325	228.621

	IMPORTS
		Raw Materials	98.461	95.494	56.118
		Stores & Spares	10.514	8.803	5.318
		Capital Goods	86.147	134.533	85.915
		Packing Materials	10.818	6.407	2.707
		Others	1.660	1.709	0.000
	TOTAL IMPORTS		207.600	246.946	150.058

	Earnings Per Share (Rs.)		1.15	1.76	0.72

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	4.76	2.14

Net Profit Margin (PBT/Sales)	(%)	4.87	6.24	5.16

Return on Total Assets (PBT/Total Assets}	(%)	4.64	5.15	4.88

Return on Investment (ROI) (PBT/Networth)		0.16	0.18	0.15

Debt Equity Ratio (Total Liability/Networth)		2.42	2.45	2.01

Current Ratio (Current Asset/Current Liability)		1.15	1.42	1.42

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS and FUTURE PROSPECTS

The Company has continued with its top-line growth. Gross Revenues have grown by more than 20% on a year on year basis. Profit before depreciation and tax has improved, however increased depreciation costs as well as inflationary pressures on costs have resulted in slight reduction in Profit before tax. In view of prevailing circumstances, the Company anticipates 2011-12 to be a difficult year and is endeavouring to control costs to boost both the top and bottom lines.

CONTINGENT LIABILITY

Rs. in Millions

Particulars	31.03.2011	31.03.2010
Bills Discounted	113.499	88.349
Bank Guarantees	3.975	3.975
Letters of Credit	19.351	22.235
Income Tax	2.257	4.134
Claims against company pending before labour court	Amount not ascertainable

FORM 8

Corporate identity number of the company	U74920GJ1972PTC006949
Name of the company	JEWEL CONSUMER CARE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	“SUBHAAG” B 16, Ramin Park, Old Padra Road, Baroda-390020, Gujarat, India Email : geeta.goradia@coronetproducts.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10103670
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	State Bank of India, Makarpura Industrial Estate Branch, Makarpura, Baroda – 390009, Gujarat, India Email: pankaj.k.kumar@sbi.co.in
Nature of instrument creating charge	First Supplemental Joint Deed of Hypothecation creating charge on Stock, Book Debts and Movable Plant and Machinery.
Date of instrument Creating the charge	09.12.2011
Amount secured by the charge	Rs.372.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As agreed by and with the Bank from time to time. Terms of Repayment: As agreed by and with the Bank from time to time. Margin: As agreed and negotiated Extent and Operation of the charge: Stocks of RM, WIP, Semi-finished goods, FG, Stores and Spares, Bills Receivable and Book Debts and all other movables plant and machineries both present and future.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of the whole of the Current Assets of the Company namely, Stock of Rae Materials, Stock in Process, Semi-Finished and Finished Goods, Stores and Spares not relating to lant and Machinery (Consumable Stores and Spares), Bills Receivable and Book Debts and all other movable plant and machineries both present and future whether now lying loose or in cases or which are now lying or stored or be in or about or shall hereinafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about of the Borrower's factories, premises and godowns situated at Baroda, Tal: Padra, Baroda in the State of Gujarat or wherever else the same may be or be held by any party to the order of disposition of the Borrower or in the course of transit or on high seas or on order or delivery, howsoever and whosesoever in the possession of the Borrower and either by way of substitution or addition.
Date of instrument modifying the charge	26.11.2010
Particulars of the present modification	The consortium charge has been reconstituted, whereby M/s IDBI Bank Limited Has exited the consortium. State Bank of India has taken over the limits provided by IDBI Bank Limited And has also assumed the role of lead bank. SBI and M/s SCB have secured joint facilities of Rs.372.400 millions (comprising of Rs.160.000 millions of working capital facilities and Rs.2.124 millions of Term Loans) by way of hypothecation of Stocks, Book Debts and Movable Properties of the Company.

FIXED ASSETS:

Land
Buildings
Plant and Machinery
Furniture and Fixtures
Computer
Vehicles
Office Equipments

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.49.32
UK Pound	1	Rs.77.95
Euro	1	Rs.64.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--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		33

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

142.081

59.250

3.319

31.968

41.626

278.244

184.236

25.527

31.696

241.459

36.785

NA

4.87

4.64

0.16

2.42

1.15

Unit