MIRA INFORM REPORT

Report Date :

10.05.2012

IDENTIFICATION DETAILS

Name :	DORF-KETAL CHEMICALS INDIA PRIVATE LIMITED
Registered Office :	1, Dorf Ketal Tower, D' Monte Street, Orlem, Malad (West), Mumbai - 400 064, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.05.1992
Com. Reg. No.:	11-066726
Capital Investment / Paid-up Capital :	Rs.842.132 Millions
CIN No.: [Company Identification No.]	U24100MH1992PTC066726
TAN No.: [Tax Deduction & Collection Account No.]	MUMD04225E
PAN No.: [Permanent Account No.]	AAACD3819P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Process Chemicals and Specialty Chemicals.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 6477000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

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

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

LOCATIONS

Registered Office/ Marketing and Sales Department :	1, Dorf Ketal Tower, D’ Monte Street, Orlem, Malad (West), Mumbai – 400 064, Maharashtra, India
Tel. No.:	91-22-28880420/ 421/ 422/ 423/ 28833900/ 28828374/ 28833901
Fax No.:	91-22-28813655/ 28882366
E-Mail :	ashokrao@dorfketal.co.in vaspuja21@yahoo.in ueries.india@dorfketal.com vijaymalpani@dorfketal.co.in queries.india@dorfketal.com
Website :	http://www.dorfketal.com
Area :	107500 sq. ft.
Location :	Owned
Corporate Office :	11104 West Airport Suite 125, Stafford, TX 77477, USA
Tel. No.:	832-351-3492/351-3497
Fax No.:	832-351-3498
E-Mail :	ramaswamy@dorfketalusa.com
Factory 1 :	W-165, MIDC, Taloja Chemical Zone, Taluka Panvel, District Raigad, Maharashtra, India
Area :	13500 sq. ft.
Location :	Owned
Factory 2:	Plot Survey No. 141, Near Water Treatment Plants of HPSEZ, Mundra, Kutch -370 421, Gujarat, India
Area :	75000 Sq. Mtrs.
Location :	Owned
USA Office:	Dorf Ketal Chemicals LLC 3727, Greenbriar, Suite 114, Stafford, TX 77477.
Tel. No.:	281 491 3700
Fax No.:	281 491 3733
E-Mail :	queries.northamerica@dorfketal.com
Brazil Office:	Dorf Ketal Brazil Ltda Avenida das Indústrias 1345, Porto Alegre – RS, CEP: 90.200-290
Tel. No.:	+55 51 3061 2211
Fax No.:	+55-51 3019 0890
E-Mail:	queries.brazil@dorfketal.com
China Office:	India Dorf Ketal Chemicals Private Limited Pudong District, Shanghai-200122, China
Tel. No.:	+86 1560 225 5419
E-Mail :	queries.china@dorfketal.com
Singapore Office:	Dorf Ketal Chemicals Pte. Limited 25 International Business Park, #03-72 German Centre, Singapore 609916
H/P:	+65 8268 1435
Tel. No.:	+65 6562 8255
Fax No.:	+65 6562 8253
E-Mail :	queries.singapore@dorfketal.com
Netherlands Office:	Dorf Ketal B.V. De Ring, Weegschaalstraat 3, 5632 CW, Eindhoven, Netherlands
Tel. No.:	+31-40.290.13.85
E-Mail:	queries.europe@dorfketal.com
Bahrain Office :	Kingdom of Bahrain Dorf Ketal Chemicals (India) Private Limited Manama, Kingdom of Bahrain
Tel. No.:	+97 33 678 0547
E-Mail:	queries.bahrain@dorfketal.com

DIRECTORS

As on 29.09.2011

Name :

Mr. Sudhir Vijayaraghavan Menon

Designation :

Chairman and Managing Director

Address:

501, Swapna Lok, Marve Road, Malad (West), Mumbai – 400 064, Maharashtra, India

Date of Birth/Age :

27.06.1963

Qualification :

Chemical Engg., LLB, MBA

Date of Appointment :

09.07.1995

Pan No.:

AAJPM4604R

DIN No.:

02487658

Other Directorship :

Top of Form S.No. Bottom of Form	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	U24100MH1992PTC066726	Dorf-Ketal Chemicals India Private Limited	Managing director	09-07-95	09-07-95	-	Active	NO
2	U24119MH1988PTC046283	Sudha Organics Private Limited	Managing director	06-08-97	06-08-97	-	Active	NO
3	U29196MH1984PTC033331	Perfect Scales Company Private Limited	Managing director	10-02-99	10-02-99	-	Active	NO
4	U15540MH2005PTC153849	Fobeoz India Private Limited	Managing director	08-06-05	08-06-05	-	Active	NO
5	U24249MH2005PTC158039	Beeta Flavour and Chemicals India Private Limited	Managing director	14-12-05	14-12-05	-	Active	NO
6	U55101MH2007PTC170292	La Jawaab Foods Private Limited	Managing director	25-04-07	25-04-07	-	Active	NO
7	U24233MH2010PTC198273	Dorf Ketal Speciality Catalyst Private Limited	Director	01-01-10	01-01-10	-	Active	NO

Name :

Mr. Subodh Vijayaraghavan Menon

Designation :

Director

Address:

401, Swapna Lok, Marve Road, Malad (West), Mumbai – 400 064, Maharashtra, India

Date of Birth :

08.08.1971

Qualification :

B. Sc.

Date of Appointment :

12.05.1992

Pan No.:

AAAPM6916D

DIN No.:

00972842

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 Top of Form Bottom of Form
1	U24100MH1992PTC066726	Dorf-Ketal Chemicals India Private Limited	Director	12-05-92	12-05-92	-	Active	NO
2	U24119MH1988PTC046283	Sudha Organics Private Limited	Director	06-08-97	06-08-97	-	Active	NO
3	U29196MH1984PTC033331	Perfect Scales Company Private Limited	Director	10-02-99	10-02-99	-	Active	NO
4	U15540MH2005PTC153849	Fobeoz India Private Limited	Director	08-06-05	08-06-05	-	Active	NO
5	U24249MH2005PTC158039	Beeta Flavour and Chemicals India Private Limited	Director	14-12-05	14-12-05	-	Active	NO
6	U55101MH2007PTC170292	La Jawaab Foods Private Limited	Director	25-04-07	25-04-07	-	Active	NO
7	U45400MH2007PTC169683	Ankur Realty Private Limited	Director	09-05-08	09-05-08	15-11-09	Active	NO
8	U24233MH2010PTC198273	Dorf Ketal Speciality Catalyst Private Limited	Director	01-01-10	01-01-10	-	Active	NO

Name :

Mr. Ramaswamy Neelakanthan Perumangode

Designation :

Director

Address:

501, Sand Pebble Off, Veeradesai Road, 3^rd Azad Lane, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

22.12.1970

Date of Appointment :

12.05.1992

Pan No.:

AAAPR4696R

DIN No.:

02480775

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	U24100MH1992PTC066726	Dorf-Ketal Chemicals India Private Limited	Director	12-05-92	12-05-92	-	Active	NO
2	U15540MH2005PTC153849	Fobeoz India Private Limited	Director	08-06-05	08-06-05	-	Active	NO

Name :

Mr. Aniparambil Vijayaraghava Menon

Designation :

Director

Address:

203, Swing Building, Opposite Nutun School, Marve Road, Malad (West), Mumbai – 400 064, Maharashtra, India

Date of Appointment:

26.02.1996

Pan No.:

AADPM5584B

DIN No.:

00019770

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	U24100MH1992PTC066726	Dorf-Ketal Chemicals India Private Limited	Director	26-02-96	26-02-96	-	Active	NO
2	L24230MH1990PLC059299	BDH Industries Limited	Director	24-01-05	24-01-05	-	Active	NO

Name :

Mrs. Padmaja Vijayaraghavan Menon

Designation :

Director

Address:

203, Swing Building, Opposite Nutun School, Marve Road, Malad (West), Mumbai – 400 064, Maharashtra, India

Date of Birth/Age :

01.06.1940

Date of Appointment :

26.02.1996

Pan No.:

AMIPM8138M

DIN No.:

02501009

Name :

Mr. Mahesh Subramaniam

Designation :

Director

Address:

A/3, 104 Raunat Park, Pohhram Road No. 2, Kokani Pada, Thane (West), Thane – 400 610, Maharashtra, India.

Date of Birth/Age :

16.09.1968

Date of Appointment :

31.03.2003

Pan No.:

AKJPS5615A

DIN No.:

02507158

Name :

Mr. Pramod Gangadharan Menon

Designation :

Director

Address:

701, 7^th Floor, Sand Pebble Off, Veeradesai Road, 3^rd Azad Lane, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

04.01.1967

Date of Appointment :

01.04.2007

Pan No.:

AAHPM718P

DIN No.:

02529703

Name :

Mr. George Mciver Brannon

Designation :

Director

Address:

10405 Manly Chapel Hill, North Carolina-275178391

Date of Birth/Age :

13.10.1951

Date of Appointment :

01.04.2010

DIN No.:

03033411

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares	Percentage of Holding
Sudhir Menon	5378330	63.87
Subodh Menon	2798211	33.23
Ramaswamy Perumangode	26235	0.31
Aniparambil Menon	4000	0.05
Padmja Menon	2040	0.02
Mahesh Subramaniyam	2500	0.03
Sudhir Menon HUF `	209000	2.48
Pramod Menon	1000	0.01
Total	8421316	100.00

Equity Share Breakup (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage of Holding
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Process Chemicals and Specialty Chemicals.

GENERAL INFORMATION

No. of Employees :

500 (Approximately

Bankers :

v Central Bank of India, A/92, Sahayog, S.V. Road, Kandivali, Mumbai – 400 067, Maharashtra, India

v State Bank of India, Kandivali Industrial Estate, Near Hindustan Naka, Kandivali (West), Mumbai – 400 067, Maharashtra, India

v ABN Amro Bank N.V., 74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India

v State Bank of India, Industrial Finance Branch, Snehal Chambers, Telli Gally, Andheri (East), Mumbai – 400 069, Maharashtra, India

v State Bank of India, MID Corporate Loan Administration Unit, 1-5, ‘B’ Wing, Shri Hari Building, RTO Lane, Four Bunglows, Mumbai - 400 053, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Rupee term loans banks secured	(A) 56.374	98.180
Other external commercial borrowings secured	(B) 155.717	207.715
Working capital loans banks secured	691.416	363.852
Loans taken for vehicles secured	(C) 30.616	22.904
Total	934.123	692.651

Notes:

(A)

Description	2011 (Rs. In Millions)	2011 (Rs. In Millions)
Corporate Loan from State Bank of India *	56.374	98.180

a) Secured by Hypothecation of Present and Future Entire Current Assets of the Company.

b) Equitable mortgage of company's Land and Building at Plot No. J 10/3, Building and Civil Structure

c) First Charge on Plant and Machinery located at Plot nos. W 165 B, J 10/3, J 10/2, W 166 B - MIDC Taloja

d) First Charge on Material handling, Storage facilities, Fire hydrant and other Systems.

e) First Charge on Other QC equipments, located at the above sites.

f) First Charge on Furniture and Fixtures.

g) First Charge on Office premises of the company at Nishita Apartment, Orlem, Malad (West). and further secured by personal guarantee of Mr. Sudhir Menon and Mr. Subodh Menon, Directors of the Company and further secured by corporate guarantee of Dorf Ketal Chemicals LLC, USA

(B)

Description	2011 (Rs. In Millions)	2011 (Rs. In Millions)
ECB from ABN Amro Bank, Singapore	155.717	207.715

Secured by Equitable mortgage of company's Land and Building at Plot No. J 11 MIDC Taloja and Buildings thereon and further secured by personal guarantee of Mr. Sudhir Menon and Mr. Subodh Menon, Directors of the Company and further secured by corporate guarantee of Dorf Ketal Chemicals LLC, USA

(C)

(Secured against respective vehicles)

Unsecured Loan	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Rupee term loans banks unsecured	125.506	0.000
Loans directors unsecured	344.715	12.054
Other debt unsecured	4.692	4.692
Total	474.913	16.746

Banking Relations :

--

Auditors :

Name :

S.S. Gajja and Company

Chartered Accountants

Address :

9, Raj Mahal, Mathuradas Vissanji Road, Andheri (East), Mumbai – 400 069, Maharashtra, India

Tel. No.:

91-22-268333093/ 26832983/ 65701444

Fax No.:

91-22-26834094

E-Mail :

ssgajjaco@gmail.com

PAN No.:

AAAFS4063K

Subsidiaries :

v Dorf Ketal Chemicals LLC USA

v Dorf Ketal Ltda Brazil

v Perfect Scale Company Private Limited, India (CIN No.: U29196MH1984PTC033331)

v Sudha Organics Private Limited, India (CIN No.: U24119MH1988PTC046283)

v Dorf Ketal B.V. (Netherlands)

v Dorf Ketal Speciality Catalyst Private Limited, India (CIN No.: U24233MH2010PTC198273)

v Dorf Ketal Speciality Catalyst LLC, United States

v Dorf Ketal Chemical AG

Associates and Joint Ventures :

v Beeta Chemicals and Flavours (India) Private Limited

v Fobeoz (India) Private Limited, India (CIN No.: U15540MH2005PTC153849)

v Octel Dorfketal (India) Private Limited, India (CIN No.: U24299MH2001PTC133208)

v Dorf Ketal Chemicals Pte Limited, Singapore

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
8500000	Equity Shares	Rs.100/- each	Rs.850.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8421316	Equity Shares	Rs.100/- each	Rs.842.132 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		842.132	842.132	30.132
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		777.031	607.920	433.487
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1619.163	1450.052	463.619
LOAN FUNDS
1] Secured Loans		934.123	692.651	415.896
2] Unsecured Loans		474.913	16.746	549.330
TOTAL BORROWING		1409.036	709.397	965.226
DEFERRED TAX LIABILITIES		123.230	107.730	78.030
TOTAL		3151.429	2267.179	1506.875
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		964.511	901.680	561.461
Capital work-in-progress		14.254	17.367	15.942
INVESTMENT		352.938	51.438	227.101
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	375.709	265.655	136.541
	Sundry Debtors	1579.518	1185.042	625.715
	Cash & Bank Balances	171.594	255.017	245.987
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	684.260	600.005	459.561
Total Current Assets		2811.081	2305.719	1467.804
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	290.407	262.716	209.972
	Other Current Liabilities	544.076	626.805	468.399
	Provisions	159.740	123.329	87.354
Total Current Liabilities		994.223	1012.850	765.725
Net Current Assets		1816.858	1292.869	702.079
MISCELLANEOUS EXPENSES		2.868	3.825	0.292
TOTAL		3151.429	2267.179	1506.875

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Net Turnover	3506.100	3020.417	1984.109
		Other Income	144.100	218.208	42.917
		TOTAL (A)	3650.200	3238.625	2027.026
Less	EXPENSES
		Cost of Materials	3265.400	1397.932	1000.456
		Manufacturing Expenses		117.427	75.671
		Administrative and Other Expenses		1284.510	658.497
		Research and Development Expenditure		21.221	28.757
		Variation in Stocks		(20.922)	(3.335)
		TOTAL (B)	3265.400	2800.168	1760.046
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		384.800	438.457	266.980
Less	INTEREST & FINANCIAL EXPENSES (D)		104.900	141.326	106.395
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		279.900	297.131	160.585
Less/ Add	DEPRECIATION/ AMORTISATION (F)		77.000	55.035	28.764
	PROFIT BEFORE TAX (E-F) (G)		202.900	242.096	131.821
Less	TAX (H)		33.800	67.663	38.125
	PROFIT AFTER TAX (G-I) (I)		169.100	174.433	93.696
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		575.800	401.368	352.294
Less	APPROPRIATIONS
		Proposed Dividend	0.000	0.000	30.131
		Tax on Proposed Dividend	0.000	0.000	5.121
		Transfer to General Reserve	0.000	0.000	9.370
	BALANCE CARRIED TO THE B/S		744.900	575.801	401.368
	IMPORTS
		Raw Materials, Components Spare Parts	NA	630.778	NA
	TOTAL IMPORTS		NA	630.778	NA
	Earnings Per Share (Rs.)		20.08	86.00	310.96

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.63	5.39	4.62
Net Profit Margin (PBT/Sales)	(%)	5.79	8.02	6.64
Return on Total Assets (PBT/Total Assets}	(%)	5.37	7.55	6.49
Return on Investment (ROI) (PBT/Networth)		0.13	0.17	0.28
Debt Equity Ratio (Total Liability/Networth)		1.48	1.19	3.73
Current Ratio (Current Asset/Current Liability)		2.83	2.28	1.92

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three 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 involved in	--
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

REVIEW OF OPERATIONS:

During the year, the Company registered a robust growth in Sales and Profit driven by contribution from new breakthrough products developed in – house. The Company has made substantial investment in new plant and machinery.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particular	31.03.2011 (Rs. in millions)
In respect of Bank Guarantees	69.400
In respect of Letter of Credit	121.220
In respect of Corporate Guarantee issued in favor of State Bank of India New York for Working capital credit lines extended to Subsidiary Company Dorf Ketal Chemicals LLC.	202.500
In respect of Corporate Guarantee issued in favor of State Bank of India New York for Term Loan extended to Ultimate Subsidiary Dorf Ketal Speciality Catalyst LLC.	990.000
In respect of Corporate Guarantee issued in favor of State Bank of India Mumbai for FC Term Loan extended to Subsidiary Dorf Ketal Speciality Catalyst Private Limited	247.500
In respect of Corporate Guarantee issued in favor of Axis Bank Limited for FC Term Loan extended to Subsidiary Dorf Ketal Speciality Catalyst Private Limited	495.000
In respect of Corporate Guarantee issued in favor of Axis Bank Limited for Working Capital extended to Subsidiary Dorf Ketal Speciality Catalyst Private Limited	300.000

Bankers Charges Report as per Registry

Corporate identity number of the company	U24100MH1992PTC066726
Name of the company	DORF-KETAL CHEMICALS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1, Dorf Ketal Tower, D' Monte Street, Orlem, Malad (West), Mumbai - 400 064, Maharashtra, India E-Mail: vaspuja21@yahoo.in
This form is for	Modification of charge
Charge identification number of the modified	90154378
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Industrial Finance Branch, Snehal Chambers, Telli Gally, Andheri (East), Mumbai – 400 069, Maharashtra, India E-Mail: kamalax_saraf@hotmail.com
Nature of description of the instrument creating or modifying the charge	No instrument. Memorandum of deposit for creation of further charge for term loan overall limit where the initial charge is created by way of mortgage by deposit of title deeds (Form C.10)
Date of instrument Creating the charge	29.07.2011
Amount secured by the charge	Rs.1122.700 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per sanction terms Terms of Repayment: As per sanction terms Margin: As per sanction terms Extent and Operation of the charge: As per sanction terms
Short particulars of the property charged	All present and future goods, book debts and all other movable assets including documents of title to goods, outstanding moneys, receivables, claims, bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights and all present and future machinery. Raw materials, stock in process, finished goods, export packing credit, book debts/receivables (90 days cover), letter of credit, bank guarantee.
Date of latest modification prior to the present modification	09.12.2010
Particulars of the present modification	Now by the present modification dated 29.07.2011 the company created an extension of charge by way of an equitable mortgage by deposit of title deeds over the immovable properties created earlier on 08.01.2005 to secure the credit facilities of Rs.1122.700 millions.

FIXED ASSETS:

Tangible Assets

v Leasehold Land

v Building – Office

v Building – Factory

v Plant and Machinery

v Plant and Machinery - Continuous Process

v Furniture and Fixtures

v Office Equipments

v Motor Vehicles

v Computers

Intangible Assets

v Non-compete agreement, Acquired contracts, Goodwill

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] 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.53.46
UK Pound	1	Rs.86.27
Euro	1	Rs.69.40

INFORMATION DETAILS

Report Prepared by :

SMN

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.