MIRA INFORM REPORT

Report Date :

30.11.2012

IDENTIFICATION DETAILS

Name :	MEGHMANI INDUSTRIES LIMITED
Formerly Known As :	PATEL AGRO CHEM LIMITED
Registered Office :	Plot No.27, Phase I, GIDC Industrial Estate, Vatva, Ahmedabad – 382 445, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.02.1993
Com. Reg. No.:	04-019013
Capital Investment / Paid-up Capital :	Rs.45.000 millions
CIN No.: [Company Identification No.]	U29199GJ1993PLC019013
TAN No.: [Tax Deduction & Collection Account No.]	AHMM00395D
PAN No.: [Permanent Account No.]	AABCM0535G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Dyes, Agro Chemicals and Intermediates.
No. of Employees :	Information denied by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 5860000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is a part of Meghmani Group. It is a well established and reputed company having fine track records. The latest financials of the company are not made available. However, as per previous years record, the financial position of the company appeared to be good and healthy. Trade relations are reported as decent. Business is active. Payment terms are regular and as per commitment. The company can be considered good 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A (Long Term Rating)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	16.10.2012

Rating Agency Name	CRISIL
Rating	A1 (Short Term Rating)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	16.10.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED

Management non Co-operative (91-79-26640668/669)

LOCATIONS

Registered Office/ Factory 1 :	Plot No.27, Phase I, GIDC Industrial Estate, Vatva, Ahmedabad – 382 445, Gujarat, India
Tel. No.:	91-79-25833381/ 25897793
Fax No.:	91-79-26463999/ 25834588/ 25893495
E-Mail :	vshekhar@meghmani.com alkesh@meghmanidyes.com meghmaniad1@sancharnet.in helpdesk@meghmani.com exports@meghmani.com jbrahma@meghmanidyes.com
Website :	http://www.meghmani.com
Corporate Office :	203-204, White Cross, 15 Patel Society, Gulbai Tekra Road, Panchvati, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-26569901/ 26562827/ 26467511/ 26562827
Fax No.:	91-79-26422600/ 26463999
Factory 2 :	Block No. 401, Village Chharodi, Taluka Sanand, District Ahmedabad – 382 170, Gujarat, India
Tel. No.:	91-2717-273204/ 273284
Fax No.:	91-2717-273117
Factory 3 :	SEZ Unit, Plot No. Z-6, Special Economic, Zone Bharuch, Dehej-392130, Gujarat, India
Factory :	Also Located At: v Panoli v Ankleshwar

DIRECTORS

As on: 31.07.2012

Name :	Mr. Natwarlal Meghjibhai Patel
Designation :	Managing Director
Address :	6-B, Ashok Vatika No.1, Opposite Ekta Farm, Ambli, Bopal Road, Bodakdev, Ahmedabad – 380 058, Gujarat, India
Date of Birth/Age :	01.06.1953
Qualification :	M.Sc.
Date of Appointment :	01.11.2011
Din No.:	00027540
Name :	Mr. Rameshbhai Meghjibhai Patel
Designation :	Managing Director
Address :	No.54, Shreenath Park Society, Behind Avishkar Party Plot, Manekbaug, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	01.03.1956
Qualification :	B.A.
Date of Appointment :	01.11.2011
Din No.:	00027637
Name :	Mr. Lalit Kantilal Patel
Designation :	Director
Address :	31, Park Hill, Near Narmada Vasahat, Opposite Karnavati Club, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	15.02.1967
Designation :	B.Com.
Date of Appointment :	22.02.1993
Din No.:	00011773
Name :	Mr. Keyur Balkrishna Thakkar
Designation :	Director
Address :	L-14/265, Satyagraha Chhavani Society, Satellite Road, Ahmedabad – 380 015, Gujarat, India
Date of Birth/Age :	06.04.1968
Qualification :	B.Com., FCA
Date of Appointment :	24.09.2007
Din No.:	01490623
Name :	Ms. Saroj Narayan Mohanty
Designation :	Additional Director
Address :	C-103, West View CHS, Plot No.6, Sector 2, Charkop, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Date of Birth/Age :	27.01.1953
Qualification :	M.Sc.
Date of Appointment :	27.06.2011
Din No.:	03413326

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.07.2012

Names of Shareholders	No. of Shares
Natwarlal Meghjibhai Patel	1287250
Bhartiben Natwarlal Patel	12500
Disha Natwarlal Patel	25000
Ankit Natwarlal Patel	25000
Rameshbhai Meghjibhai Patel	850000
Kalpanaben Rameshbhai Patel	7500
Karan Rameshbhai Patel	22500
Vaishakhi Rameshbhai Patel	20000
Amitaben Kantibhai Patel	985750
Lalit Kantibhai Patel	41500
Jagrutiben Lalit Patel	7500
Ganpatbhai Meghjibhai Patel	288750
Praful Ganpatbhai Patel	3000
Shardaben Popatbhai Patel	512250
Popatbhai Meghjibhai Patel	15250
Anil Popatbhai Patel	7500
Prashant Popatbhai Patel	5000
Kuverben Ishwerbhai Patel	337250
Anand Patel	12750
Darshan Anand Patel	10000
Haribhai Meghjibhai Patel	1500
Ravi Haribhai Patel	10375
Kiranbhai Manshukhbhai Patel	11875
TOTAL	4500000

Equity Share Break up (Percentage of Total Equity)

As on: 31.07.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Dyes, Agro Chemicals and Intermediates.

Products :

ITC Code No.	Product Description
29215109	O.P.D.A
380831009	Atrazine
3014	Hexaconazole

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Agrochemicals Basics	M.T.	3000	1441.33
Solid Formulations	M.T.	NA	2376.09
Liquid Formulations	K.L.	NA	2527.41
Dyes and Others	M.T.	2100	319.48

GENERAL INFORMATION

No. of Employees :

Information denied by the management

Bankers :

• State Bank of India, Vatva Industrial Estate Branch, Vatva, Ahmedabad-382445, Gujarat, India
• State Bank of India, 4^th Floor, MID Corporation Administration Unit, Local Head Office Building, Bhadra, Ahmedabad-380001, Gujarat, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
• State Bank of India, Overseas Branch, 3^rd Floor, Amrit Jayanti Bhavan, Navjivan PO, Behind Gujarat Vidyapith, Ahmedabad-380014, Gujarat, India
• Dena Bank, 2^nd Floor, Dena Laxmi Building, 188-A, Ashram Road, Navarangpura, Ahmedabad-380009, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	50.000	50.000
Foreign currency loans banks secured	0.000	10.554
Working capital loans banks secured	47.190	7.857
TOTAL	97.190	68.411
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks unsecured	30.000	50.000
Working capital loans others unsecured	20.000	0.000
Loans subsidiaries unsecured	0.000	15.000
Loans directors unsecured	100.051	59.224
TOTAL	150.051	124.224

Banking Relations :	--
Auditors :
Name :	Balkrishna T. Thakkar and Company Chartered Accountants
Address :	602, Saffron, Ambawadi, Ahmedabad – 380 015, Gujarat, India
Pan No.:	AAGPT9505M

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		45.000	45.000	18.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1421.933	1180.752	1024.095
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1466.933	1225.752	1042.095
LOAN FUNDS
1] Secured Loans		97.190	68.411	12.834
2] Unsecured Loans		150.051	124.224	115.924
TOTAL BORROWING		247.241	192.635	128.758
DEFERRED TAX LIABILITIES		23.132	28.124	11.713
TOTAL		1737.306	1446.511	1182.566
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		427.625	416.631	214.440
Capital work-in-progress		347.009	59.812	17.264
INVESTMENT		92.003	92.758	274.398
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	503.972	490.380	374.935
	Sundry Debtors	602.148	495.820	548.222
	Cash & Bank Balances	80.425	165.839	72.463
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	121.113	121.068	138.339
Total Current Assets		1307.658	1273.107	1133.959
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	243.797	209.664	148.085
	Other Current Liabilities	136.652	125.577	275.906
	Provisions	56.540	60.556	33.504
Total Current Liabilities		436.989	395.797	457.495
Net Current Assets		870.669	877.310	676.464
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1737.306	1446.511	1182.566

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	1939.838	1528.655	1686.397
		Other Income	10.592	16.608	13.178
		TOTAL (A)	1950.430	1545.263	1699.575
Less	EXPENSES
		Consumption materials changes inventories	1192.283	886.047
		Manufacturing service cost	195.056	164.687
		Employee related expenses	43.846	34.038	1467.654
		Administrative selling other expenses	178.216	154.103
		Research development expenditure	17.959	11.457
		TOTAL (B)	1627.360	1250.332	1467.654
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		323.070	294.931	231.921
Less	INTEREST / FINANCIALCHARGES (D)		5.430	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		317.640	294.931	231.921
Less/ Add	DEPRECIATION/ AMORTISATION (F)		36.568	26.321	21.543
	PROFIT BEFORE TAX (E-F) (G)		281.072	268.610	210.378
Less	TAX (H)		29.431	66.561	29.336
	PROFIT AFTER TAX (G-H) (I)		251.641	202.049	181.042
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		898.765	745.108	600.383
Less	APPROPRIATIONS
		Transfer to General Reserve		30.000	30.000
		Interim Dividend	40.473	6.750	0.000
		Final Dividend		9.000	5.400
		Tax on Dividend		2.642	0.917
	BALANCE CARRIED TO THE B/S		1109.933	898.765	745.108
	EARNINGS IN FOREIGN CURRENCY		718.345	536.915	1291.246
	IMPORTS
		Raw Materials	NA	633.179	876.962
		Capital Goods	NA	15.498	0.324
		Stores Consumption	NA	3.301	0.932
	TOTAL IMPORTS		NA	651.978	878.218
	Earnings Per Share (Rs.)		55.92	44.90	100.58

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	12.90	13.08	10.65
Net Profit Margin (PBT/Sales)	(%)	14.49	17.57	12.47
Return on Total Assets (PBT/Total Assets}	(%)	16.20	15.90	15.60
Return on Investment (ROI) (PBT/Networth)		0.19	0.22	0.20
Debt Equity Ratio (Total Liability/Networth)		0.47	0.48	0.56
Current Ratio (Current Asset/Current Liability)		2.99	3.22	2.48

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	243.797	209.664	148.085
Total	243.797	209.664	148.085

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last 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	No
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	Yes
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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS
HIGH COURT OF GUJARAT
CIVIL APPLICATION No. 352 of 2010
In TAX APPEAL/ 1731/ 2010 ( DISPOSED ) On : 12/03/2012
Status :		PENDING					CCIN No :	001073201000352
Last Listing Date:		12/03/2012
Coram		HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA
		HONOURABLE MR.JUSTICE J.B.PARDIWALA
S.NO.		Name of the Petitioner					Advocate On Record
1		COMMISSIONER					MR YN RAVANI for: Applicant(s)  1
S.NO.		Name of the Respondant					Advocate On Record
1		M/S MEGHMANI INDUSTRIES LIMITED					MR PARESH M DAVE for :Respondent(s)  1
Presented On		: 07/04/2010					Registered On	: 07/04/2010
Bench Category		: DIVISION BENCH					District	: AHMEDABAD
Case Originated From		: THROUGH ADVOCATE					Listed	: 22 times
StageName		: FOR ADMISSION TAXATION MATTERS BOARD NO. I
Act		CENTRAL EXCISES AND SALT ACT, 1944
Office Details
S. No.		Filing Date			Document Name		Advocate Name	Court Fee on Document		Document Details
1		07/04/2010			APPLICATION		MR YN RAVANI ADVOCATE	20		-
2		15/12/2010			VAKALATNAMA		MR PARESH M DAVE ADVOCATE for RESPONDENT(s) 1	5		-
3		16/12/2010			APPEARANCE NOTE		MR PARESH M DAVE ADVOCATE for RESPONDENT(s) 1	-		-
Linked Matters
S. No.		CaseDetail			Status Name		Disposal Date	Action/Coram
1		MISC. CIVIL APPLICATION/100/2010			DISPOSED		21/07/2010	ALLOWED @ ADM.STAGE
								HONOURABLE MR.JUSTICE D.A.MEHTA
								HONOURABLE MS.JUSTICE H.N.DEVANI
Court Proceedings
S. No.	Notified Date		Court Code	Board Sr. No.		Stage			Action		Coram
1	24/06/2010		1	-		FOR URGENT ADMISSION TAXATION MATTERS BOARD NO. I			NEXT DATE		HONOURABLE MR.JUSTICE D.A.MEHTA
2	23/12/2010		1	-		FOR URGENT ADMISSION TAXATION MATTERS BOARD NO. I			NEXT DATE		HONOURABLE MS.JUSTICE H.N.DEVANI
3	24/11/2011		1	-		FOR URGENT ADMISSION TAXATION MATTERS BOARD NO. I			NEXT DATE		HONOURABLE MR.JUSTICE JAYANT PATEL
4	15/12/2011		1	-		FOR URGENT ADMISSION TAXATION MATTERS BOARD NO. I			NEXT DATE		HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
5	12/03/2012		1	-		FOR URGENT ADMISSION TAXATION MATTERS BOARD NO. I			NEXT DATE		HONOURABLE MR.JUSTICE AKIL KURESHI
6	14/03/2012		1	-		FOR URGENT ADMISSION TAXATION MATTERS BOARD NO. I			NEXT DATE		HONOURABLE MS JUSTICE SONIA GOKANI
											HONOURABLE MR.JUSTICE AKIL KURESHI
											HONOURABLE MS JUSTICE SONIA GOKANI
											HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA
											HONOURABLE MR.JUSTICE J.B.PARDIWALA
											HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA
											HONOURABLE MR.JUSTICE J.B.PARDIWALA

OPERATIONS:

Turnover for the financial year ended 31^st March, 2011 amounted to Rs.1939.838 millions as compared to Rs.1528.655 millions for the year ended 31^st March 2010. The Profit after tax for the year amounted to Rs.251.641 millions as compared to Rs.202.049 millions for the previous year.

DOMESTIC SALES:

The Domestic Sales of the Company increased by 25.49% i.e. from Rs.885.927 millions in F.Y. 2009-10 to Rs.1111.769 millions in F.Y. 2010-11.

EXPORT SALES:

The Export Sales of the Company increased by 28.85% i.e. from Rs.642.678 millions in F.Y. 2009-10 to Rs.828.069 millions in F.Y. 2010-11.

OVERVIEW OF ECONOMY

In the financial year of 2010-11 the Indian economy has witnessed robust economic growth. Growing Faster, Improving Stability, Progressing on Structural Challenges. Government’s Policies formulated to take care of and to help accelerate economic inclusion, boost investment and infrastructure, and enable agriculture, which has revived remarkably well this year, to be on a sustained high growth path. The economy has emerged with remarkable rapidity from the slowdown caused by the global crisis in recent past couple of years. The growth in the GDP is estimated about 8.6% during 2010-11 against expected 7.5% for the year, with a forecast of 9.00% for 2011-12

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U29199GJ1993PLC019013
Name of the company	MEGHMANI INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.27, Phase I, GIDC Industrial Estate, Vatva, Ahmedabad – 382 445, Gujarat, India E-mail: jbrahma@meghmanidyes.com
Type of charge	· Immovable Property · Others (Corporate Guarantee)
Particular of charge holder	Dena Bank, 2^nd Floor, Dena Laxmi Building, 188-A, Ashram Road, Navarangpura, Ahmedabad-380009, Gujarat, India
Email	ifbahm@denabank.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of Guarantee dated 27th June, 2012 for securing due repayment of Rs. 60.000 Millions out of total credit facilities of Rs. 415.000 Millions granted to Navratan Specialty Chemicals LLP by the Dena Bank.
Date of instrument Creating the charge	27.06.2012
Amount secured by the charge	Rs.60.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1) Term Loan: BR+1.05% i.e. 11.75% p. a. 2) CC Hypo: DBBR (10.70%) + 8.30% - 7.25% i.e. 11.75% p. a. However, with downward movement in BR, the ROI will not be below 11.75% p.a. Terms of Repayment 1) Term Loan: In 19 quarterly installments, commencing from 2nd quarter, 2014. 2) CC Hypo (Stock/BD): Repayable on demand 3) Letter of Credit: Repayable on demand Margin 1) Term Loan: 37.33% (inclusive of the TUFS subsidy amount) 2) CC Hypo (Stock/BD): Stock-25% and Book Debt: Upto 90 days-25%, 91 to 120 days - 40% and 121 upto 180 days-50% 3)Letter of Credit: 10% Extent and Operation of the charge The charge shall operate as security by way of limited corporate guarantee for securing due repayment of Rs. 60.000 Millions out of total credit facilities of Rs. 415.000 Millions granted to Navratan Specialty Chemicals LLP by the Dena Bank. Others deed dated 27.06.2012.
Short particulars of the property charged	All that immovable property having residual rights in land admeasuring about 10319 Sq. Mtrs. Bearing Block No. 400, situated, lying and being at Mouje: Chharodi, Taluka : Sanand, Ahmedabad Limited corporate guarantee of Meghmani Industries Limited to the extent of value of Land on which unit is proposed (Approximate Market Value is Rs. 60.000 Millions)

FIXED ASSETS:

· Land

· Staff Quarters

· Factory Buildings

· Office Building

· Furniture

· Plant and Machinery

· Electrical and Fittings

· Office Equipments

· Motor Cars

· Effluent Plant

· Other Vehicles

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.55.20
UK Pound	1	Rs.88.38
Euro	1	Rs.71.47

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		53

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.