MIRA INFORM REPORT

Report Date :

08.10.2012

IDENTIFICATION DETAILS

Name :	S S P PRIVATE LIMITED [w.e.f. 18.10.2001]
Formerly Known As :	FARIDABAD STAINLESS AND STEEL PRODUCTS COMPANY PRIVATE LIMITED
Registered Office :	13, Mile Stone, Mathura Road, Faridabad - 121003, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.06.1985
Com. Reg. No.:	05-021129
Capital Investment / Paid-up Capital :	Rs.433.904 Millions
CIN No.: [Company Identification No.]	U29219HR1985PTC021129
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Dairy Food-Processing, Pharmaceutical, Chemical Plants and Equipment, Raw Materials.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 4980000
Status :	Satisfactory
Payment Behaviour :	Regular
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 regular 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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 Explanation	Adequate degree of safety it carry low credit risk.
Date	23.07.2012

Rating Agency Name	CRISIL
Rating	A2+ (Short Term)
Rating Explanation	Strong degree of safety it carry low credit risk.
Date	23.07.2012

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 PARTED BY

Name :	Mr. Dev Kumar
Designation :	Account Manager
Contact No.:	91-129-2277442
Date :	06.10.2012

LOCATIONS

Registered/ Corporate Office :	13, Mile Stone, Mathura Road, Faridabad - 121003, Haryana, India
Tel. No.:	91-129-2277442 / 2275968 / 2277730 / 4183700 / 4183799 / 5275441
Mobile No. :	91-9350049778 [Mr. Syed Ahmed]
Fax No.:	91-129-2277441 / 4183777 / 6847665
E-Mail :	info@sspindia.com info@ssp.co.in marketing@ssp.co.in
Website :	http://www.sspindia.com
Area :	4500 sq. ft.
Location :	Owned
Research and Development Center :	19 DLF, Industrial Area, Phase-II, 13/4, Mathura Road, Faridabad-121003, Haryana, India
Tel. No.:	91-129-2277730, 2275441
Fax No.:	91-129-2254956
Factory 1 :	Village Chandpur, Tehsil Vallabgarh, Dist. Faridabad – 121007, Haryana, India
Area :	4000 sq. mtr.
Location :	Owned
Factory 2 :	B-109, MIDC Butibori, Nagpur – 441122, Maharashtra, India
Area :	10000 sq. mtr.
Location :	Owned
Factory 3:	Plot No.149, Noida Special Economic Zone, Noida Dadri Road, Phase 2, Noida – 201305
Location :	Leased
Factory 4 :	C-60A, Eldeco Sidcol Industrial Park, Sitarganj, U S Nagar, Uttarkhand – 262403, India
Location :	Owned
Factory 5 :	12/6 Mile Stone, Gurukul, Faridabad-121 003, Haryana, India
Mumbai Office :	Aggarwal Trade Center, Sector-II, CDB-Belapur, Navi Mumbai - 400614, Maharashtra, India

DIRECTORS

As on: 27.09.2011

Name :

Mr. Rama Prasad Banerjee

Designation :

Whole- Time Director

Address :

219, Kailash Hills, New Delhi- 110065, India

Date of Birth/Age :

21.08.1930

Date of Appointment :

28.09.1990

DIN :

00250105

Name :

Mr. Tapas Chatterjee

Designation :

Managing Director

Address :

219, Kailash Hills, New Delhi- 110065, India

Date of Birth/Age :

25.03.1950

Date of Appointment :

01.10.1985

DIN :

00250010

Name :

Mrs. Rekha Banerjee

Designation :

Whole- Time Director

Address :

219, Kailash Hills, New Delhi- 110065, India

Date of Birth/Age :

26.02.1941

Date of Appointment :

01.10.1985

DIN :

00254055

Name :

Ms. Dola Chatterjee

Designation :

Whole- Time Director

Address :

219, Kailash Hills, New Delhi- 110065, India

Date of Birth/Age :

19.01.1958

Date of Appointment :

09.05.2001

DIN :

00253904

Name :

Mr. Gautam Banerjee

Designation :

Whole- Time Director

Address :

219, Kailash Hills, New Delhi- 110065, India

Date of Birth/Age :

28.10.1965

Date of Appointment :

24.09.2009

DIN :

00250277

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	U74899DL1991PTC043302	G D MACHINES PRIVATE LIMITED	Director	28/02/1991	28/02/1991	-	Amalgamated	NO
2	U29219HR1985PTC021129	S S P PRIVATE LIMITED	Whole-time director	30/09/2009	24/09/2009	-	Active	NO

Name :

Mr. Putul Banerjee

Designation :

Whole- Time Director

Address :

219, Kailash Hills, New Delhi- 110065, India

Date of Birth/Age :

21.08.1970

Date of Appointment :

30.09.2009

DIN :

00250374

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	U74899DL1991PTC043302	G D MACHINES PRIVATE LIMITED	Director	05/05/2001	05/05/2001	-	Amalgamated	NO
2	U29219HR1985PTC021129	S S P PRIVATE LIMITED	Whole-time director	30/09/2009	24/09/2009	-	Active	NO

Name :

Mr. Tanmoy Chatterjee

Designation :

Director

Address :

219, Kailash Hills, New Delhi- 110065, India

Date of Birth/Age :

11.11.1981

Date of Appointment :

30.09.2009

DIN :

00499800

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	U29251DL2005PTC139439	PRISTINE PLANTS (INDIA) PRIVATE LIMITED	Director	08/08/2005	08/08/2005	03/03/2008	Active	NO
2	U29219HR1985PTC021129	S S P PRIVATE LIMITED	Whole-time director	30/09/2009	24/09/2009	-	Active	NO

Name :

Ms. Shohini Chatterjee

Designation :

Director

Address :

219, Kailash Hills, New Delhi- 110065, India

Date of Birth/Age :

01.03.1983

Date of Appointment :

27.09.2011

DIN :

03633345

KEY EXECUTIVES

Name :	Mr. Dev Kumar
Designation :	Account Manager
Name :	Mr. Dwarka Nath
Designation :	Secretary
Address :	CM-311, Abhimanyu Apartment, Vasundhara Enclave, Delhi- 110096, India
Date of Birth/Age :	01.01.1946
Date of Appointment :	01.04.2010
PAN No.:	AAFPD7436C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.09.2011

Names of Shareholders	No. of Shares
Directors and Their Relatives
Tapas Chatterjee	11920271
Rekha Banerjee	2488850
Gautam Banerjee	6870754
Dola Chatterjee	4594111
Rama P. Banerjee	4256948
Putul Banerjee	2856675
Tanmoy Chatterjee	2866526
Deepanjan Banerjee	1970690
Shreya Banerjee	1542053
Piyal Chatterjee	2010450
Sohini Chaterjee	1037526
Ila Chaterjee	176417
Namita Chakraborty	277862
R. N. Chaterjee	24960
Gita Chaterjee	16640
Total A	42910733
Others
Deepak Banerjee	41931
Shymal Banerjee	74880
S K Chatterjee	37115
Shankar Chatterjee	35581
Falguni Banerjee	47944
Mita Chatterjee	41561
Lila Chatterjee	34619
Anil Chatterjee	8320
Ashok Kr. Mukherjee	83200
Amit Dey	3250
Debashis Dey	3250
Anup Mukherjee	7150
Swaraj Banerjee	13000
Ajay Chatterjee	6500
Saukat Ali	6500
Mahip Bhatia	3250
Chanda Sur	31616
Total B	479667
Total A + B	43390400

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2011

Category	Percentage
Directors or relatives of directors	98.89
Other top fifty shareholders	1.11
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Dairy Food-Processing, Pharmaceutical, Chemical Plants and Equipment, Raw Materials.
Products :	Industrial Evaporators Falling Film Evaporators Forced Circulation Evaporators Scrapped Surface Evaporators Industrial Dryers Spray Dryers Fluid Bed Dryers Band Dryers Spin Flash Dryers Steam Tube Dryers Dairy Industry Milk Powder Plants Evaporated Milk Plants Food Processing Industry Refined Iodized Free Flowing Salt Plants Honey Processing Plants Instant Coffee Plants Egg Powder Plants Fruit and Vegetable Processing Industry Fruit Processing Plants Fruit Juice Powder Plants Fruit and Vegetable Dehydration Plants Tomato Paste and Ketchup Plants Chemical Industry Herbal Extraction Plants Vegetable Dye Plants Detergent Powder Plants Effluent Treatment Plants Molasis Based Distilleries Grain Based Distilleries Textile Dyeing Industry Pharmaceutical Industry Paper Industry Common Effluent Treatment Plants
Exports :
Products :	Pharmaceutical Chemical Plants Equipment
Countries :	UK Taiwan Denmark Jaden Ukraine Kazakhstan
Imports :
Products :	Raw Materials
Countries :	China Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Pasand Specialty Chemicals

Customers :

Wholesalers, Retailers and OEM’s

• Jindal Steel

No. of Employees :

500 (Approximately)

Bankers :

State Bank of India, Commercial Branch Vardhman Trade Centre, Plot No. 3 and 4, 2nd Floor, DDA Building, Nehru Place, New Delhi - 110019, Delhi, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	(A)41.662	57.067
Working capital loans banks secured	(B)48.278	56.888
Loans taken for vehicles secured	(C)5.360	1.975
Deferred sales tax loan secured	9.654	10.349
Total	104.954	126.279

Note:

(A) Secured by first charge on entire Fixed Assets acquired out of bank finance and equitable mortgage of certain Fixed Assets and Current Assets Rs. 7.978 Millions

(B) Secured against hypothecation of Stock and Book Debts Rs. 48.278 Millions

(C) Secured against hypothecation of Cars

Banking Relations :	--
Auditors :
Name :	Kumar Pankaj and Company Chartered Accountants
Address :	203, Amrit Chamber, 78-79 Scindia House, Connaught Place, Janpath, New Delhi – 110001, India
PAN No.:	AAEPK8977E
Memberships :	ISO 9001:2008 Good Manufacturing Practice (GMP)

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50500000	Equity Shares	Rs.10/- each	Rs.505.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
43390400	Equity Shares	Rs. 10/- each	Rs.433.904 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		433.904	433.904	433.904
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		811.249	751.487	677.746
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1245.153	1185.391	1111.650
LOAN FUNDS
1] Secured Loans		104.954	126.279	88.609
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		104.954	126.279	88.609
DEFERRED TAX LIABILITIES		8.366	3.356	2.518
TOTAL		1358.473	1315.026	1202.777
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		790.826	765.347	673.584
Capital work-in-progress		13.066	11.603	30.043
INVESTMENT		0.025	0.035	0.035
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	487.334	363.353	331.189
	Sundry Debtors	337.940	306.232	260.162
	Cash & Bank Balances	29.253	21.655	73.645
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	79.360	62.538	65.106
Total Current Assets		933.887	753.778	730.099
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	135.077	90.265	77.805
	Other Current Liabilities	195.083	96.438	114.919
	Provisions	49.171	29.034	38.260
Total Current Liabilities		379.331	215.737	230.984
Net Current Assets		554.556	538.041	499.115
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1358.473	1315.026	1202.777

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	885.367	752.412	881.070
		Other Income	NA	6.501	24.960
		TOTAL	NA	758.913	906.030
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	657.189	676.114
	PROFIT BEFORE TAX		109.162	101.724	229.916
Less	TAX		27.008	15.194	26.868
	PROFIT AFTER TAX		82.154	86.530	203.048
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings		117.652	107.249	260.150
	TOTAL EARNINGS		117.652	107.249	260.150
	IMPORTS		16.308	24.918	27.777
	Earnings Per Share (Rs.)		1.89	1.99	4.92

Particulars	31.03.2012
Sales Turnover (Approximately)	1250.000

Expected Sales (2012-2013): Rs.1500.000 Millions

The above information has been parted by Mr. Dev Kumar

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	11.50	23.05
Net Profit Margin (PBT/Sales)	(%)	12.33	13.52	26.10
Return on Total Assets (PBT/Total Assets}	(%)	6.33	6.70	16.38
Return on Investment (ROI) (PBT/Networth)		0.09	0.08	0.21
Debt Equity Ratio (Total Liability/Networth)		0.39	0.29	0.29
Current Ratio (Current Asset/Current Liability)		2.46	3.49	3.16

LOCAL AGENCY FURTHER INFORMATION

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	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	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS:

After effects of the global recession appear to have receded significantly during the year. Consequently, the Company’s overall Sales has increased by 17.67 % to Rs. 885.400 Millions during the year as against Rs. 752.400 Millions in the previous year. Export sales increased by 38.18 % to Rs. 117.700 Millions against Rs. 85.100 Millions previous. The profit before tax Rs. 109.200 Millions against Rs. 101.700 Millions previous was higher, though marginally due mainly to increase in manufacturing expenses / Input costs, employees cost, finance charges and depreciations. The provision for tax is Rs. 27.000 Millions against Rs. 15.002 Millions previous.

BUSINESS OVERVIEW:

The company continues to create new and innovative and efficient solutions to the customers’ need for food processing and effluent treatment and the same has been recognized by overseas customers as well. You company has been successful in showing its presence in food processing sector in the international market also. The Directors foresee a good growth pattern for the company both in domestic and international market and aim to be leader of the market.

FUTURE OUTLOOK

The company has a great future in the instant Tea and Coffee plant segment. It has already received several export orders in this segment and expects a few more in the next year. Apart from that SSP has got an entry in the Starch Processing segment and hopes to receive several orders.

In addition to effluent treatment plants, the company will be focusing on the food processing sector as well where lots of opportunities are coming up. In view of the signs of the overall industrial growth of the country, the directors expect further growth of the company in the coming years.

Note:

The Registered Office of the company has been shifted from 19 DLF Industrial Area, Farida Bad, Haryana, India, to the present address w.e.f. 15.01.2010

CONTINGENT LIABILITY:

Guarantees issued by bank on behalf of the company as on 31st March, 2011 stands for Rs.151.688 Millions (Previous Year Rs.70.154 Millions)

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U29219HR1985PTC021129
Name of the company	S S P PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	13, Mile Stone, Mathura Road, Faridabad - 121003, Haryana, India E-mail: info@sspindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90033206
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others (Current and Fixed Assets)
Particular of charge holder	State Bank of India, Commercial Branch Vardhman Trade Centre, Plot No. 3 and 4, 2nd Floor, DDA Building, Nehru Place, New Delhi - 110019, Delhi, India E-mail: parmar.c.shekhar@sbi.co.in
Nature of instrument creating charge	C-2A( Supplemental Agreement of Hypothecation of Goods and Assets for Increase in the overall Limit ) C-5 ( Letter regarding the grant of Individual Limits within the overall Limit ) Copy of Recital
Date of instrument Creating the charge	15.12.2011
Amount secured by the charge	Rs.438.100 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC: BR+3.50%, EPC/FBD : As per Bank's and RBI rules, TL-I : BR+4.00%, TL-II and III :BR+4.50% and SLC TL :1% above applicable rate or such other rate(s) specified by the bank from time to time . Terms of Repayment Working capital :- on demand Existing TLs:- As per existing repayment schedule TL I and II:-As per existing repayment schedule SLC TL:- Repayable in 38 equal monthly installments of Rs.0.400 Million each w.e.f April 2012 Margin Stocks -25% LC and BG-10% Receivables -40% ( Cover period 120 Days ) Extent and Operation of the charge 100% First exclusive charge Others Full interchangeability between LC/BG limits is proposed.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Working Capital :-First charge on the co's entire stocks of raw-material , stores , spares, stock in process , finished goods etc. lying in factory , godowns, elsewhere and including goods in transit, entire current assets and all book-debts / receivables both present and future .Extension of charge over entire fixed assets of the company including EM of the immovable property . Term Loans and SLC TL :-First charge on entire fixed assets of the company , present and future including equitable mortgage of :- (1)Plot no. 19 DLF Industrial Area-II , 13/4 Village Sarai Khwaja, Mathura Road Faridabad (Haryana) (2) B-109, MIDC Butibori, Village Umari, Taluka Hinga, District Nagpur (Maharashtra) (3)Factory land and building at plot no. 28 , khasra no.27/22 and 27/19 Gurukul Indraprastha Sarai Khwaja Industrial Area , 12/6 19th Milestone Mathura Road NH-2 Faridabad. (4)Factory land and building at plot no 38 and29, killa no 11/1 and 11/15,Sarai Khwaja, 13 Milestone Mathura Road, Faridabad (5) Factory land and building at plot no. C-60A, Eldeco Sidcul Industrial Park phase -III at Sitaganj Uttranchal . (6) Factory land and building at khasra no. 13/1,14,17,24,2/2,3/2,8/2,8/1,7/2,15,16,12,8,9/1,13/2,18, 23,25,21/1,1/15,4 Village Chandpur ,Gharora , Chandpur Road Tehsil Ballabhgarh Faridabad together with all fixed plant and machinery , infrastructures thereon both present and future . Extension of charge on entire current assets of the company both present and future .
Particulars of the present modification	Credit facilities sanctioned to the company now revised to Rs.438.100 Millions as under :- CC(stocks) Rs.75.000 Millions, CC(Book-debts ) Rs.(75.000) Millions EPC/FBD/FBP Rs.(75.000) Millions TL-I Rs.25.900 Millions ,TL-II Rs.5.500 Millions, TL-III(car loan) Rs.7.000 Millions, SLC TL Rs.150.000 Millions LC Rs.20.000 Millions BG Rs.250.000 Millions Total Rs.438.100 Millions..

TRADE REFERENCES:

• Pasand Specialty Chemicals
• Jindal Steel

FIXED ASSETS :

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Office Equipments

· Electrical Fittings

· Car

· Air Conditioner

· Air Cooler

· Fire Extinguisher

· Projector

· Lab Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.51.62
UK Pound	1	Rs.83.57
Euro	1	Rs.67.17

INFORMATION DETAILS

Information Gathered by :	SLP
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	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.