MIRA INFORM REPORT

Report Date :

07.03.2012

IDENTIFICATION DETAILS

Name :	CICO TECHNOLOGIES LIMITED

Registered Office :	C-44/2, 1^st and 2^nd Floor, Okhla Industrial Area, Phase-II, New Delhi – 110 020

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	15.02.2000

Com. Reg. No.:	55-103782

Capital Investment / Paid-up Capital :	Rs.15.643 Millions

CIN No.: [Company Identification No.]	U99999DL2000PLC103782

TAN No.: [Tax Deduction & Collection Account No.]	DELC04746A

PAN No.: [Permanent Account No.]	AABCC2930K

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturing of chemical waterproofing compounds and repair and rehabilitation of civil structures.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 657000

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

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

LOCATIONS

Registered / Corporate Office :	C-44/2, 1^st and 2^nd Floor, Okhla Industrial Area, Phase-II, New Delhi – 110 020, India
Tel. No.:	91-11-40509400
Fax No.:	91-11-40509413
E-Mail :	cicotech@cicogroup.com
Website :	http://www.cicogroup.com

Zonal Office :	Located at: v Lucknow v Mumbai v Bengaluru v Kolkata v Chennai

DIRECTORS

As on 31.08.2011

Name :

Mrs. Anasuya Gupta

Designation :

Chairman/ Managing Director

Address :

S-29, Greater Kailash –II, New Delhi – 110 048, India

Date of Birth/Age :

30.06.1960

Date of Appointment :

15.02.2000

DIN No.:

00186729

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	U26921HR1987PLC029054	Bengal Ceramics Limited	Director	28-08-87	28-08-87	Active	NO
2	U51909DL1985PLC022429	FRC Composites India Limited	Director	29-09-99	29-09-99	Active	NO
3	U99999DL2000PLC103782	Cico Technologies Limited	Managing director	26-02-08	15-02-00	Active	NO
4	U51496HR2001PLC038457	Cico Technotrade Limited	Director	09-03-01	09-03-01	Active	NO
5	U74899DL1990PTC040105	Cico Toshin Services Private Limited	Director	31-08-01	31-08-01	Strike off	NO
6	U74210DL1997PTC091268	SRG Projects Private Limited	Director	14-08-11	01-03-08	Active	NO
7	U24100DL2008PTC179407	Corchem India Private Limited	Director	12-06-08	12-06-08	Active	NO

Name :

Ms. Ashmita Gupta

Designation :

Director

Address :

S-29, Greater Kailash –II, New Delhi – 110 048, India

Date of Birth/Age :

11.10.1988

Date of Appointment :

29.02.2008

DIN No.:

02098714

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	U51909DL1985PLC022429	FRC Composites India Limited	Additional director	22-01-08	22-01-08	Active	NO
2	U51496HR2001PLC038457	Cico Technotrade Limited	Additional director	22-01-08	22-01-08	Active	NO
3	U26921HR1987PLC029054	Bengal Ceramics Limited	Director	30-09-11	25-02-08	Active	NO
4	U99999DL2000PLC103782	Cico Technologies Limited	Director	29-02-08	29-02-08	Active	NO
5	U24100DL2008PTC179407	Corchem India Private Limited	Director	12-06-08	12-06-08	Active	NO
6	U74210DL1997PTC091268	SRG Projects Private Limited	Director	01-08-11	01-08-11	Active	NO

Name :

Mr. Abhiroop Gupta

Designation :

Director

Address :

S-29, Greater Kailash –II, New Delhi – 110 048, India

Date of Birth/Age :

06.09.1991

Date of Appointment :

30.09.2009

DIN No.:

02778957

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	U99999DL2000PLC103782	Cico Technologies Limited	Director	30-09-09	07-09-09	Active	NO
2	U26921HR1987PLC029054	Bengal Ceramics Limited	Director	01-06-11	01-06-11	Active	NO
3	U74210DL1997PTC091268	SRG Projects Private Limited	Director	01-08-11	01-08-11	Active	NO
4	U51909DL1985PLC022429	FRC Composites India Limited	Director	12-08-11	12-08-11	Active	NO

Name :

Mr. Abhoy Charan Sengupta

Designation :

Alternate Director

Address :

255/7/2, N.S.C. Bose, Kolkata – 700 047, West Bengal, India

Date of Birth/Age :

04.11.1965

Date of Appointment :

12.08.2011

DIN No.:

01461133

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	U26921HR1987PLC029054	Bengal Ceramics Limited	Director	01-04-03	01-04-03	-	Active	NO
2	U51109DL1999PTC100025	Manik Agencies Private Limited	Director	05-10-06	05-10-06	-	Strike off	NO
3	U74210DL1997PTC091268	SRG Projects Private Limited	Director	01-12-07	01-12-07	14-08-11	Active	NO
4	U51909DL1985PLC022429	FRC Composites India Limited	Director	22-01-08	22-01-08	-	Active	NO
5	U99999DL2000PLC103782	Cico Technologies Limited	Alternate director	12-08-11	12-08-11	-	Active	NO
6	U51496HR2001PLC038457	Cico Technotrade Limited	Alternate director	12-08-11	12-08-11	-	Active	NO

Name :

Mr. Ajoy Kumar Ghosh

Designation :

Director

Address :

B-502, “Kaveri Apartment’, Alaknada, New Delhi - 110 019, India

Date of Birth/Age :

21.10.1938

Date of Appointment :

30.09.2009

DIN No.:

00005404

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	U28932DL1993PTC054825	Gardtools Private Limited	Director	10-12-96	10-12-96	Active	YES
2	L31200HR1989PLC035580	Eon Electric Limited	Director	24-06-05	24-06-05	Active	NO
3	U45201DL2008PTC172695	Cico Projects Private Limited	Director	15-01-08	15-01-08	Strike off	NO
4	U99999DL2000PLC103782	Cico Technologies Limited	Director	30-09-09	07-09-09	Active	NO

Name :

Mr. Amitava Ray

Designation :

Director

Address :

B-181, Sector-41, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

30.10.1945

Date of Appointment :

30.09.2009

DIN No.:

00184143

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	L63090WB1919GOI003229	Andrew Yule and Company Limited	Director	18-11-05	18-11-05	29-06-09	Active	NO
2	U21010MH1965GAP013226	Indian Flexible Packaging and Folding Carton Manufacturers Association	Director	06-11-06	06-11-06	-	Active	NO
3	U99999DL2000PLC103782	Cico Technologies Limited	Director	30-09-09	22-01-08	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.08.2011

Names of Shareholders		No. of Shares
Anasuya Gupta		55166
Bengal Ceramics Limited, India		1281829
FRC Composites India Limited, India		50000
Nandi Investments Limited, Mauritius		177276
Abhoy Charan Sengupta		10
Geeta Sengupta		10
Ashmita Gupta		1
Abhiroop Gupta		1
Total		1564293

As on 31.08.2011

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		11.33
Bodies corporate		85.14
Directors or relatives of directors		3.53
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of chemical waterproofing compounds and repair and rehabilitation of civil structures.

Products :

Products	ITC Code No.
Prepared Additives for Cement Mortars and Concrete	38244010
Acrylic Polymer in primary form	39069090
Damp Proof water proofing compound	38244010

v Waterproofers and Water Sealers

v Concrete Admixtures (Plasticizers)

v Construction Aids

v Protective Coatings/ Impregnations

v Grouts and Grouting compounds

v Industrial Floorings

v Shortcrete products

v Repair Compounds

v Capsules for anchoring/ bolting

v Tile and Structural Adhesive

v Sealants

v Waterproof coatings and membrane

v Insulation

v Anticorrosive Products

Brand Names :

“CICO”

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
		per annum
Waterproofing and Construction Compounds	Kg./ Ltr.	N.A.	13500000	13266000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Bank of India, Pahar Ganj Branch, New Delhi – 110 055, India

v ING Vysya Bank Limited, 23, Barakhamba Road, New Delhi – 110 001, India

v ING Vysya Bank Limited, Connaught Place, Delhi – 110 001, India

v Allahabad Bank

v ICICI Bank Limited

v Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India

v HDFC Bank Limited

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Term Loan from Kotak Mahindra Bank Limited (Term loan secured by first and exclusive charge on all existing and future current assets and personal guarantee of a Director.)	5.808	0.000
Term Loan from Bank of India (Term Loan secured by first charge on Fixed Assets of the Company, both present and future and by the personal guarantee of a Director.)	0.000	8.126
Working Capital Term Loan from Kotak Mahindra Bank Limited (Working Capital Term loan secured by first and exclusive charge on all existing and future current assets and personal guarantee of a Director.)	39.709	0.000
Cash Credit for Working Capital from Kotak Mahindra Bank Limited (Loan secured by first and exclusive charge on all existing and future current assets and personal guarantee of a Director.)	60.638	0.000
Cash Credit for Working Capital from Bank of India (Cash Credit secured by first charge of Stocks, Book Debts and personal guarantee of a Director.) (Above loans are further secured by way of Equitable registered mortgage of factory land and building situated at Haridwar, Dehradun owned by the Company and factory land and building situated at Gurgaon owned by Bengal Ceramics Limited, a company under the same)	0.000	95.491
Loans from others
Hire purchase loans from ICICI Bank Limited (Secured by hypothecation of assets acquired by this loan)	0.253	0.103
HDFC Bank Car Loan (Secured by hypothecation of assets acquired by this loan).	0.209	0.709
Tata Capital Limited - Car Loan (Secured by hypothecation of assets acquired by this loan)	0.080	0.317
Car Loan Kotak Mahindra Prime Limited (Secured by hypothecation of assets acquired by this loan)	3.686	0.000
Total	110.383	104.746

Unsecured Loans

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

National Small Industries Co-operation Limited

(Against Bank Guarantee)

1.211

0.000

Total

1.211

0.000


Banking Relations :	--

Auditors :
Name :	S.S. Kothari Mehta and Company Chartered Accountants
Address :	146-149, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110 065, India
Tel No. :	91-11-46708888
Fax No. :	91-11-66628889
Email :	delhi@sskmin.com

Promoter Controlled Enterprise :	Bengal Ceramics Limited Address: 3, Km. Basai Road, Gurgaon, Haryana, India CIN No.: U26921HR1987PLC029054

Subsidiary :	CICO Technotrade Limited CIN No.: U51496HR2001PLC038457

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1564293	Equity Shares	Rs.10/- each	Rs.15.643 Millions

(Out of the above, 800000 Shares of Rs.10/- each, fully paid up, have been issued for consideration other than 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		15.643	15.643	15.643
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		148.556	138.068	129.647
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		164.199	153.711	145.290
LOAN FUNDS
1] Secured Loans		110.383	104.746	92.754
2] Unsecured Loans		1.211	0.000	0.000
TOTAL BORROWING		111.594	104.746	92.754
DEFERRED TAX LIABILITIES		5.526	7.320	5.557

TOTAL		281.319	265.777	243.601

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		86.158	87.202	84.689
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		1.990	1.990	1.990
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	72.015	68.358	59.630
	Sundry Debtors	195.826	185.890	188.422
	Cash & Bank Balances	9.494	19.483	8.184
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	65.214	64.084	64.573
Total Current Assets		342.549	337.815	320.809
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	102.028	115.908	117.185
	Other Current Liabilities	47.350	45.322	37.752
	Provisions	0.000	0.000	8.950
Total Current Liabilities		149.378	161.230	163.887
Net Current Assets		193.171	176.585	156.922

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		281.319	265.777	243.601

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales (Net)	468.020	419.063	398.099
		Job Receipts	118.904	107.453	105.650
		Other Income	3.079	2.744	1.272
		TOTAL (A)	590.003	529.260	505.021

Less	EXPENSES
		Manufacturing and Other Expenses	332.881	299.433	279.773
		Job Expenses	61.011	54.652	60.117
		Operating and Other Expenses	162.077	143.373	129.328
		TOTAL (B)	555.969	497.458	469.218

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.034	31.802	35.803

Less	INTEREST & FINANCE EXPENSES (D)		17.232	14.047	16.837

Less	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.802	17.755	18.966

Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.009	5.471	5.242

	PROFIT BEFORE TAX (E-F) (G)		10.793	12.284	13.724

Less	TAX (H)		0.306	3.863	3.123

	PROFIT AFTER TAX (G-H) (I)		10.487	8.421	10.673

	Prior Period Expenditure		0.000	0.000	(0.071)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		61.743	53.322	42.720

	BALANCE CARRIED TO THE B/S		72.230	61.743	53.322

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.561	2.942	2.197
	TOTAL EARNINGS		2.561	2.942	2.197

	IMPORTS
		Raw Materials	22.077	20.464	29.390
		Traveling	0.615	0.122	0.853
	TOTAL IMPORTS		22.692	20.586	30.243

	Earnings Per Share (Rs.)		6.70	5.38	6.82

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.78	1.59	2.11

Net Profit Margin (PBT/Sales)	(%)	2.31	2.93	3.45

Return on Total Assets (PBT/Total Assets}	(%)	2.52	2.89	3.38

Return on Investment (ROI) (PBT/Networth)		0.07	0.08	0.09

Debt Equity Ratio (Total Liability/Networth)		1.59	1.73	1.77

Current Ratio (Current Asset/Current Liability)		2.29	2.10	1.96

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE:

The overall performance of the company has been satisfactory in terms of efficiency, utilization, sales and other technical and financial parameters. The Company has been successfully able to complete in time substantial work for the Commonwealth Games 2010. Efforts are on to further improve the working of the Company. It is hoped that the Company shall further do better in the current financial year as compared to previous period.

FUTURE OUTLOOK:

Barring unforeseen circumstances, despite conditions not being favorable, market scenario and vast competition; the company is confident of achieving healthy growth in future in the field of Construction chemicals Industry in India. The Company is in process of introducing further number of new products in the market under Brands owned by the company as a contemporary quality manufacturer offering the products equivalent to latest International technology and standard.

Bankers Charges Report as per Registry

Corporate identity number of the company	U99999DL2000PLC103782
Name of the company	CICO TECHNOLOGIES LIMITED
Address of the registered office or of the principal place of business in India of the company	C-44/2, 1^st and 2^nd Floor, Okhla Industrial Area, Phase-II, New Delhi – 110 020, India E-Mail: cicotech@cicogroup.com
This form is for	Modification of charge
Charge identification number of the modified	10242627
Type of charge	Immovable Property Book Debts Movable Property (not being pledge) Others (Current assets and Moveable fixed assets)
Particular of charge holder	CIN No.: L65110MH1985PLC038137 Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: john.fernandes@kotak.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry for mortgage by Constructive Delivery of Title Deed.
Date of instrument Creating the charge	10.08.2011
Amount secured by the charge	Rs.228.100 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: CC / WCTL / TL / EPC - Floating over the tenure of the facility. WCDL - As deemed fit by the bank at the time of Disbursement. PCFC - As per Bank's guidelines time to time. Terms of Repayment: WCDL - On demand as per terms and conditions as deemed fit by the Bank. EPC / PCFC - The liquidation of the Packing Credit advance shall be out of export bill discount with the Bank. WCTL - Loan shall repaid by way of 48 EMIs starting from month following the month of first disbursement of Term Loan. TL - Loan shall repaid by way of 36 EMIs starting from month following the month of first disbursement of TL. EMIs shall be recovered by ways of debit to current account of the Borrower with the Bank. Margin: FBD/FBP/FBN - 10% BG - Minimum cash margin of 15% shall be provided upfront in the form of FD for Bank guarantee with tenure upto 24 months. Cash margin of 20% shall be provided upfront in the form of FD for Bank guarantee with tenure from 25-36 months. (100% cash margin for guarantees covering disputed liabilities) LC - Minimum cash margin of 15% shall be provided upfront in the form of FD Lien shall be marked on the FD till such time as the BG is cancelled and returned to the Bank. Extent and Operation of the charge: 1. 1st and exclusive charge by way of Hypo. of Current assets and Movable fixed assets present and future and Mortgage of Immovable properties of the Company, in favour of KMBL as security for repayment of financial facilities granted by the Bank to the Borrower. (As per Deed dated 25.08.2010) 2. First and exclusive charge by way of Mortgage on Immovable properties of the Company, in favour of KMBL as security for repayment of financial facilities granted by the Bank to the Company.
Short particulars of the property charged	All that piece and parcel of land bearing P. No.18,19 and 20 adms.3530 Sq. Mtrs situated in sector 3,of Integrated Industrial Estate, BHEL, Ranipur, Haridwar, more particularly described in SCH B to the MOE All that piece and parcel of land bearing Khasra/ Khet/ Arazi No.1021, adms. 0.21 Acres or 851 Sq. Mtrs. situated at Mauja Central Hope Town, Pargana Pachhuwadoon, Tehsil Vikasnagar, District Dehradun. (Prop.1) All that piece and parcel of land bearing Khasra/ Khet/ Arazi No.1021, adms. 0.13 Acres or 529 Sq. Mtrs. situated at Mauja Central Hope Town, Pargana Pachhuwadoon, Tehsil Vikasnagar, District Dehradun. (Prop.2) The whole of Borrower's Current assets and Movable fixed assets both present and future, as described in Schedule to the Deed of Hypothecation. As per dated 25.08.2010.
Date of latest modification prior to the present modification	23.05.2011
Particulars of the present modification	Bank had granted facilities of Rs.193.100 millions to the Borrower which was secured by way of Hypothecation on Current and Moveable fixed assets and Mortgage of Immovable properties of the Company on 25.08.2010. Said charge was modified on 23.05.2011. Now bank has granted additional facility by way of Mortgage of Immovable property of the company and the said charge is modified accordingly.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF: (As on 31.03.2011)

1. Counter Guarantees given in respect of Guarantees given by the Company's Bankers Rs.29.148 millions.

2. Claims against the Company not acknowledged as debt Rs.2.101 millions on account of Sales Tax demand under appeal and Rs.5.144 millions on account of income tax demand, against which the Company has deposited Rs.1.332 millions under protest and matter is pending with the concerned Income Tax Authorities.

FIXED ASSETS:

v Land-Lease Hold

v Factory Land

v Building

v Computers

v Plant and Machinery

v Office Equipment

v Factory Shed

v Furniture and Fixtures

v Vehicle

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.50.03
UK Pound	1	Rs.79.32
Euro	1	Rs.66.02

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.