MIRA INFORM REPORT

Report Date :

13.07.2012

IDENTIFICATION DETAILS

Name :	SOLARIS CHEMTECH INDUSTRIES LIMITED (w.e.f.24.07.2007)
Formerly Known As :	SOLARIS BIOCHEMICALS LIMITED
Registered Office :	Thapar House, 124, Janpath, New Delhi-110001, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.06.2001
Com. Reg. No.:	55-111100
Capital Investment/ Paid-up Capital:	Rs.2862.507 Millions
CIN No.: [Company Identification No.]	U24119DL2001PLC111100
TAN No.: [Tax Deduction & Collection Account No.]	DELS23860E
PAN No.: [Permanent Account No.]	AABCB7121R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Bromine And Bromine Chemicals
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 9735000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some dip in the sales turnover of the company during the year 2011. The company has incurred some loss during this year. Accumulated losses are also recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions

NOTES:

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

ECGC Country Risk Classification List – September 30, 2011

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

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

LOCATIONS

Registered Office :	Thapar House, 124, Janpath, New Delhi-110001, Delhi, India
Tel. No.:	91-11-23368332/23368811
Fax No.:	91-11-23368729
E-Mail :	sonu.chadha@solarischemtech.com
Website :	http://www.solarischemtech.com
Corporate Office :	First India Place, Tower C, Mehrauli Gurgaon Road, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2804242/43
Fax No.:	91-124-2804263
Website :	www.solarischemtech.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Rajeev R Vederah

Designation :

Director

Address :

47 Paschim Marg, Vasant Vihar, New Delhi-110057, Delhi, India

Date of Birth/Age :

30.08.1949

Date of Appointment :

02.04.2009

Din No.:

00012252

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PLC066734	T H E PAPERBASE COMPANY LIMITED	Director	29/10/1997	29/10/1997	-	Amalgamated	NO
2	U29195DL1984PLC215106	BILT INDUSTRIAL PACKAGING COMPANY LIMITED	Director	14/01/2000	14/01/2000	-	Active	NO
3	U36999DL1989PLC034942	BILT TREE TECH LIMITED	Director	17/08/2000	17/08/2000	-	Active	NO
4	L21010MH1945PLC010337	BALLARPUR INDUSTRIES LIMITED	Managing director	01/07/2010	16/10/2000	-	Active	NO
5	U24297PN2003PTC018363	IMERYS NEWQUEST (INDIA) PRIVATE LIMITED	Director	15/09/2003	15/09/2003	-	Active	NO
6	U21000MH2007PLC172382	BILT GRAPHIC PAPER PRODUCTS LIMITED	Director	16/07/2007	16/07/2007	-	Active	NO
7	U24119DL2001PLC111100	SOLARIS CHEMTECH INDUSTRIES LIMITED	Director	19/08/2009	02/04/2009	-	Active	NO
8	U67120DL1998PLC198627	AVANTHA HOLDINGS LIMITED	Additional director	03/11/2009	03/11/2009	11/06/2010	Active	NO
9	U85110KA1998PLC023512	PREMIER TISSUES (INDIA) LIMITED	Director	13/12/2011	09/03/2011	-	Active	NO

Name :

Mr. Suriyanarayanan Hariharan

Designation :

Managing Director

Address :

LTH -02/14B the Laburnum, Sushant Lok –I, Block A, Sectror -28, Gurgaon -120009, Haryana, India

Date of Birth/Age :

20.04.1958

Qualification :

PH.D in Sythetic Chemistry I.I.T, Limited

Experience :

30 Years

Date of Appointment :

19.02.2010

Din No.:

02980802

Name :

Mr. Bhuthalingam Hariharan

Designation :

Director

Address :

D-2/3, Paschim Marg, Vasant Vihar, New Delhoi-110057, Delhi, India

Date of Birth/Age :

18.04.1957

Date of Appointment :

26.09.2008

Din No.:

00012432

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51102DL1997PLC112862	SOLARIS CHEMTECH LIMITED	Director	29/12/1997	29/12/1997	-	Amalgamated	NO
2	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Nominee director	18/11/2011	25/05/1999	-	Active	NO
3	U36999DL1989PLC034942	BILT TREE TECH LIMITED	Director	17/08/2000	17/08/2000	-	Active	NO
4	L21010MH1945PLC010337	BALLARPUR INDUSTRIES LIMITED	Whole-time director	21/06/2001	21/06/2001	-	Active	NO
5	U67120DL1998PLC198627	AVANTHA HOLDINGS LIMITED	Director	26/03/2011	06/03/2002	-	Active	NO
6	U65999DL2003PLC119508	NEWQUEST INSURANCE BROKING SERVICES LIMITED	Director	24/03/2003	24/03/2003	-	Active	NO
7	U67120DL2003PLC198253	SOLARIS HOLDINGS LIMITED	Director	04/04/2003	04/04/2003	-	Amalgamated	NO
8	U74140DL2005PLC135984	SALIENT BUSINESS SOLUTIONS LIMITED	Director	07/10/2005	07/10/2005	-	Active	NO
9	U22121DL2005PTC138214	CONTENT SERVICES AND PUBLISHING PRIVATE LIMITED	Director	08/03/2006	08/03/2006	12/03/2010	Active	NO
10	U40101DL2005PLC138906	AVANTHA POWER & INFRASTRUCTURE LIMITED	Director	13/12/2006	12/06/2006	-	Active	NO
11	U21000MH2007PLC172382	BILT GRAPHIC PAPER PRODUCTS LIMITED	Director	16/07/2007	16/07/2007	-	Active	NO
12	U24119DL2001PLC111100	SOLARIS CHEMTECH INDUSTRIES LIMITED	Director	31/12/2008	26/09/2008	-	Active	NO
13	U67120DL2003PTC121919	TOPSCORE TRADEVARIETY PRIVATE LIMITED	Director	30/09/2010	21/07/2009	-	Amalgamated	NO
14	U24296DL2004PLC129497	KCT CHEMICALS AND ELECTRICALS LIMITED	Director	08/09/2009	21/07/2009	-	Amalgamated	NO
15	U70102DL1981PLC198595	AVANTHA REALTY LIMITED	Director	30/09/2010	04/11/2009	-	Active	NO
16	U72900DL2001PLC109058	BILTECH BUILDING ELEMENTS LIMITED	Director	21/09/2011	16/11/2010	-	Active	NO
17	U85110KA1998PLC023512	PREMIER TISSUES (INDIA) LIMITED	Director	13/12/2011	09/03/2011	-	Active	NO
18	U26942CT2007PTC020227	K.P. CEMENT MFG. CO. PRIVATE LIMITED	Additional director	29/12/2011	29/12/2011	-	Active	NO
19	U40300MH2012PLC228170	CG POWER SOLUTIONS LIMITED	Director	14/03/2012	14/03/2012	-	Active	NO

Name :

Mrs. Ashwani Gupta

Designation :

Director

Address :

C-27, Chirag Enclave, New Delhi-110048, Delhi, India

Date of Birth/Age :

09.01.1958

Date of Appointment :

26.09.2008

Din No.:

00122889

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PTC071592	HONEYWELL INTERNATIONAL (INDIA) PRIVATE LIMITED	Managing director	10/12/2002	10/12/2002	30/06/2008	Active	NO
2	U72200KA1994FTC016379	HONEYWELL TECHNOLOGY SOLUTIONS LAB PRIVATE LIMITED	Director	17/09/2003	17/09/2003	30/06/2008	Active	NO
3	U29299PN2004PTC019904	HONEYWELL TURBO TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	03/11/2004	03/11/2004	23/06/2008	Active	NO
4	U24119DL2001PLC111100	SOLARIS CHEMTECH INDUSTRIES LIMITED	Director	31/12/2008	26/09/2008	-	Active	NO
5	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	17/09/2009	16/02/2009	-	Active	NO
6	U74140KA2007PTC042034	Footprint Ventures Trustee Company Private Limited	Director	13/09/2011	31/07/2010	-	Active	NO
7	U67190KA2006PTC038579	FOOTPRINT VENTURES CONSULTANCY PRIVATE LIMITED	Director	13/09/2011	31/07/2010	-	Active	NO
8	U74140DL2005PLC135984	SALIENT BUSINESS SOLUTIONS LIMITED	Director	26/09/2011	18/03/2011	-	Active	NO

Name :

Mr. Karam Singh Bedi

Designation :

Director

Address :

Flat No. 6, Sahar Apts, N-118 Panchsheel Park, New Delhi-110017, Delhi, India

Date of Birth/Age :

15.01.1937

Date of Appointment :

02.04.2009

Din No.:

00015483

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	07/01/2004	07/01/2004	04/03/2009	Active	NO
2	U91990DL1901PLC001746	DELHI GOLF CLUB LIMITED	Managing director	30/09/2006	30/09/2006	19/09/2009	Active	NO
3	U24119DL2001PLC111100	SOLARIS CHEMTECH INDUSTRIES LIMITED	Director	19/08/2009	02/04/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sonu Chadha
Designation :	Secretary
Address :	B-13/4 Ramesh Nagar, New Delhi-110015, Delhi, India
Date of Birth/Age :	28.05.1970
Date of Appointment :	01.10.2008
Pan No.:	AEMPD5720N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Equity Shareholders	No. of Shares
Avantha Holdings Limited, India	181723174
Atul Mehrotra	1
Deepak Bansal	1
NSN Prasad	1
Akhil Mahajan	1
Gayatri Pathak	1
Harsh Gupta	1
MTP New Ocean (Mauritius) Limited, Mauritius	35140762
Total	216863942

Names of Preference Shareholders	No. of Shares
NQC International Mauritius Limited, Mauritius	6938669

As on 30.09.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	16.20
Bodies corporate	83.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bromine And Bromine Chemicals

Products :

Item Code No (ITC Code)	Production Description
2815.11.00	Caustic Soda
2809.20.10	Phosphoric Acid (Technical Grade)
2801.30.20	Bromine

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-100018, Mahrashtra, india

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
Rupee term loans banks secured	2385.329	2207.064
Foreign currency loans banks secured	223.250	338.625
Working capital loans banks secured	527.515	431.118
Total	3136.094	2976.807

UNSECURED LOAN	31.03.2011	31.03.2010
Rupee term loans banks unsecured	150.000	80.000
Public deposits unsecured	724.545	438.930
Other debt unsecured	162.300	24.800
Total	1036.845	543.730

Banking Relations :	--
Auditors :
Name :	Lovelock And Lewes Chartered Accountant
Address :	8-2-293/82/A/1131A, Road No. 36, Jubilee Hills, Hyderabad-500034, Andhra Pradesh, India
Pan No.:	AABFL5878L
Holding Company:	· Avantha Holdings Limited (AHL) CIN No.:U67120DL1998PLC198627
Others:	· Global Green Company Limited (GGCL) CIN No.:U02001DL1992PLC047666 · BILT Graphic Paper Products Limited CIN No.:U21000MH2007PLC172382 · APR Sacks Limited CIN No.:U51909DL1992PLC048407 · Ballarpur Industries Limited (BILT) CIN No.:L21010MH1945PLC010337 · Bilttech Building Elements Ltd (BBEL) CIN No.:U72900DL2001PLC109058 · Crompton Greaves Limited (CGL) CIN No.:L99999MH1937PLC002641 · Avantha Technologies Ltd. ( ATL ) CIN No.:U72300DL2004PLC128864 · Solaris Industrial Chemicals Limited (SICL) CIN No.:U24119DL2003PLC122993 · Avantha Reality Limited CIN No.:U70102DL1981PLC198595 · NQC International ( Mauritius) Ltd.(NQL)
Companies under control:	· Bilt Paper Holding Limited (BPHL) · BILT Graphics Paper Products Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
336276600	Equity Share	Rs.10/- each	Rs.3362.766 Millions
13877340	Preference Shares	Rs.100/- each	Rs.1387.734 Millions
	Total		Rs.4750.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
216863942	Equity Share	Rs.10/- each	Rs.2168.639 Millions
6938669	Preference Shares	Rs.100/- each	Rs.693.867 Millions
	Total		Rs.2862.506 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1600500	Equity Share	Rs.10/- each	Rs.1600.500 Millions
31500000	Preference Shares	Rs.100/- each	Rs.3150.000 Millions
	Total		Rs.4750.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
147477300	Equity Share	Rs.10/- each	Rs.1474.773 Millions
13877340	Preference Shares	Rs.100/- each	Rs.1387.734 Millions
	Total		Rs.2862.507 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		2862.507	2862.507	2862.507
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		48.834	87.225	178.024
4] (Accumulated Losses)		(477.674)	0.000	0.000
NETWORTH		2433.667	2949.732	3040.531
LOAN FUNDS
1] Secured Loans		3136.094	2976.807	2788.998
2] Unsecured Loans		1036.845	543.730	455.122
TOTAL BORROWING		4172.939	3520.537	3244.120
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6606.606	6470.269	6284.651
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5331.587	5445.778	4996.366
Capital work-in-progress		22.475	102.762	632.259
INVESTMENT		6.779	6.829	7.091
DEFERREX TAX ASSETS		0.000	0.000	122.284
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	563.996	479.409	425.081
	Sundry Debtors	263.577	294.292	309.825
	Cash & Bank Balances	427.365	170.479	164.104
	Other Current Assets	3.114	2.620	29.994
	Loans & Advances	862.427	814.286	445.369
Total Current Assets		2120.479	1761.086	1374.373
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	506.305	487.495	447.225
	Other Current Liabilities	274.160	269.416	317.255
	Provisions	94.249	89.275	83.242
Total Current Liabilities		874.714	846.186	847.722
Net Current Assets		1245.765	914.900	526.651
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6606.606	6470.269	6284.651

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2623.916	3100.385	2402.471
		Other Income	116.876	110.862	7.261
		TOTAL (A)	2740.792	3211.247	2409.732
Less	EXPENSES
		Consumption materials changes inventories	970.668	1073.140
		Manufacturing service costs	968.800	1202.083
		Employee related expenses	278.966	166.656
		Administrative selling other expenses	239.084	130.553
		TOTAL (B)	2457.518	2572.432	1992.942
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		283.274	638.815	416.790
Less	FINANCIAL EXPENSES (D)		539.153	374.108	197.751
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(255.879)	264.707	219.039
Less/ Add	DEPRECIATION/ AMORTISATION (F)		260.186	233.222	129.336
	PROFIT BEFORE TAX (E-F) (G)		(516.065)	(31.485)	89.704
Less	TAX (H)		0.000	0.000	24.133
	TAX EFFECT DISCONTINUING OPERATIONS		0.000	122.284	0.000
	PROFIT AFTER TAX (G-H) (I)		(516.065)	(90.799)	65.571
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		38.391	129.190	63.619
	BALANCE CARRIED TO THE B/S		(477.674)	38.391	129.190
	EARNINGS IN FOREIGN CURRENCY		561.789	461.998	84.990
	IMPORTS
		Raw Materials	NA	407.665	187.079
		Stores & Spares	NA	23.261	15.633
		Capital Goods	NA	7.252	140.182
		Others	NA	0.000	28.700
	TOTAL IMPORTS		NA	438.178	371.594
	Earnings Per Share (Rs.)		(3.20)	(4.28)	(2.00)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(18.83)	(2.88)	2.72
Net Profit Margin (PBT/Sales)	(%)	(19.67)	(1.02)	3.73
Return on Total Assets (PBT/Total Assets}	(%)	(6.93)	(0.44)	1.40
Return on Investment (ROI) (PBT/Networth)		(0.21)	(0.01)	0.03
Debt Equity Ratio (Total Liability/Networth)		2.07	1.48	1.34
Current Ratio (Current Asset/Current Liability)		2.42	2.08	1.62

LOCAL AGENCY FURTHER INFORMATION

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	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

FINANCIAL RESULTS

The year 2010-11 was very challenging for your Company. The Khavda Unit witnessed very heavy rainfall in the

month of August and in November which led to brine dilution thereby impacting production adversely. Moreover the production was further impacted due to a shutdown in the Karwar unit because of a strike called by the workers on disagreement over wage settlement during the period of October 2010 to February 2011.

Despite all these adverse conditions the Company recorded Sales and Other Income of Rs.2,683,013/- Thousands for the year ended 31.03.2011 as compared to Rs.3,156,063/- Thousands for the year ended 31.03.2010.

OPERATION AND CORPORATE OVERVIEW

Bromine & Bromides

During the period under review the total Bromine production was 10918 MT Vis-à-vis 13018 MT in the previous year and the sales were 6516 MT as against 6704 MT in the previous year whereas the overall Bromine Recovery improved to 81% as compared to 78% in the previous year. The overall Bromine production was affected mainly due to various reasons like

Breakdown in New Boiler & TG - @ 745 MT loss

Scaling in Plate Heat Exchangers of all plants - @ 375 MT loss

Low feed gpl to all Bromine plants which is mainly due to heavy rain.- @ 4000 MT loss

Low feed gpl has affected recovery of the plant and due to which K3 and K4 plants run at low brine flow which resulted in production loss of @ 1600 MT

K3 main reaction column internals damaged caused reduction of 155 MT Bromine production

In addition to the above the company has produced 4384 MT Tetra Bromo Bisphenol –A(TBBA) production during this year vis a vis 4925 MT in

the previous year and the sales were 4431 MT as against 4889 MT in the previous year, the TBBA. The Production of NPBR was 1747 MT during this year vis a vis 1577 MT in the previous year. and the sales were 1750 MT as against 1592 MT in the previous year.

Also Hydrobromic Acid production was 1405 MT during this year vis a vis 2460 MT during previous year. and the sales were 1347 MT as against 2410 MT in the previous year, the TBBA.

The Production of TBBA, HBR & NPBR were governed by Bromine Production which is one of the important raw material of these bromides.

Form 8

Corporate identity number of the company	U24119DL2001PLC111100
Name of the company	SOLARIS CHEMTECH INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Thapar House, 124, Janpath, New Delhi-110001, Delhi, India Email: sonu.chadha@solarischemtech.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge) Floating charge
Particular of charge holder	DBS Bank Ltd. Upper Ground Floor, Birla Tower 25,Barakhamba Road New Delhi, Delhi – 110001, India Email: anurag@dbs.com
Nature of instrument creating charge	Deed of Hypothecation dated 06th June, 2012.
Date of instrument Creating the charge	06.06.2012
Amount secured by the charge	Rs.1250.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: As agreed between the parties. Terms of repayment One year moratorium from the date of disbursement and thereafter repayable in 8 equated half yearly installments form the 2nd year of the loan. Margin NIL Extent and operation of the charge First pari passu Hypothecation and Floating charge over movable fixed assets, present and future to secure the financial facilities sanctioned by the Bank plus interest, cost, commission, costs, charges and expenses.
Short particulars of the property charged (Including location of the property)	All present and future movable properties of the borrower including without limitations its movable plant and machinery, furniture and fittings, equipments, computer hardware, computer software, machinery spare, tools and accessories and other movables.

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.55.37
UK Pound	1	Rs.85.95
Euro	1	Rs.67.87

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	-
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
TOTAL		31

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.