MIRA INFORM REPORT

Report Date :

13.12.2013

IDENTIFICATION DETAILS

Name :	MEGHMANI DYES AND INTERMEDIATES LIMITED
Registered Office :	Plot No. 97, Phase II, GIDC Estate Vatva, Ahmedabad – 382 445, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.07.1999
Com. Reg. No.:	04-036306
Capital Investment / Paid-up Capital :	Rs.69.300 Millions
CIN No.: [Company Identification No.]	U24110GJ1999PLC036306
PAN No.: [Permanent Account No.]	AABCM6639D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Dyes.
No. of Employees :	Not Available

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 5400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = A
Rating Explanation	Adequate degree of safety and low credit risk
Date	20.06.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	20.06.2013

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 (GENERAL DETAILS)

Name :	Mr. Jignesh
Designation :	Not Divulged
Contact No.:	91-79-26562827
Date :	10.12.2013

LOCATIONS

Registered Office / Unit I :	Plot No. 97, Phase II, GIDC Estate Vatva, Ahmedabad – 382 445, Gujarat, India
Tel. No.:	91-79- 26467511 / 25894442 / 3 / 4
Fax No.:	91-79-25834588
E-Mail :	jbrahma@meghmanidyes.com jignesh@meghmanidyes.com
Website :	www.meghmanidyes.com
Corporate Office :	2^nd Floor, White Cross, 15 Patel Society. Gulbai Tekra Road, Panchvati, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-26569901 / 26562827 / 26463900
Fax No.:	91-79-26463999
E-Mail :	exports@meghmanidyes.com
Unit – II :	Plot No.100/A, Phase-II G.I.D.C, Vatva, Ahmedabad – 382 445, , Gujarat, India

DIRECTORS

AS ON 29.07.2013

Name :

Mr. Lalt Kantilal Patel

Designation :

Director

Address :

31, Park Hill, Near Narmada Vasahat, Opposite. Karnavati Club, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

15.02.1967

PAN No. :

ACNPP2094C

Date of Appointment :

21.07.1999

DIN No.:

00011773

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	Company/ LLP Status	Defaulting status
1	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Director	22-02-93	22-02-93	Active	NO
2	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Director	21-07-99	21-07-99	Active	NO
3	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29-08-06	29-08-06	Active	NO
4	U24100GJ2007PLC051935	MEGHMANI SPECIALTY CHEMICALS LIMITED	Director	10-10-07	10-10-07	Active	NO
5	U24231GJ1993PTC020229	SYNERGY CHLORINATION PRIVATE LIMITED	Director	27-10-07	27-10-07	Active	NO
6	U24100GJ2007PLC051763	UNISON INDUSTRIES LIMITED	Director	22-09-08	25-08-08	Active	NO
7	U67120GJ2009PTC058361	ALB STOCK BROKING PRIVATE LIMITED	Director	15-10-09	15-10-09	Active	NO
8	U24100GJ2012PTC068727	UNIWORTH ENTERPRISES PRIVATE LIMITED	Director	23-01-12	23-01-12	Converted to LLP	NO
9	AAA-6362	NAVRATAN SPECIALTY CHEMICALS LLP	Designated Partner	23-09-11	23-09-11	Active	NO
10	AAB-4707	UNIWORTH ENTERPRISES LLP	Designated Partner	18-04-13	18-04-13	Active	NO

Name :

Mr. Natwarlal Maghjibhai Patel

Designation :

Chairman Cum Managing Director

Address :

6-B, Ashok Vatika, No.1, Opposite. Ekta Farm, Ambli, Bopal Road, Bodakdev, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

01.06.1953

PAN No. :

AAUPP1727H

Date of Appointment :

13.03.2008

DIN No.:

00027540

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	Company/ LLP Status	Defaulting status
1	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Managing director	01-11-11	22-02-93	Active	NO
2	U24231GJ1993PLC019271	MEGHMANI CHEMICALS LIMITED	Director	26-12-94	26-12-94	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Managing director	01-04-09	02-01-95	Active	NO
4	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Managing director	13-03-08	21-07-99	Active	NO
5	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	27-01-00	27-01-00	Active	NO
6	U52100GJ1965PLC001347	GSEC LIMITED	Director	18-03-04	18-03-04	Active	NO
7	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29-08-06	29-08-06	Active	NO
8	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11-09-07	11-09-07	Active	NO
9	U24211DL1970NPL005200	CROP CARE FEDERATION OF INDIA	Director	25-07-08	25-07-08	Active	NO
10	U29224GJ1987PLC010044	JOHN ENERGY LIMITED	Director	30-09-09	27-02-09	Active	NO
11	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25-03-11	25-03-11	Active	NO

Name :

Mr. Rameshbhai Mahjibhai Patel

Designation :

Chairman Cum Managing Director

Address :

No 54, Shreenath Park Society, Behind Avishkar Party Plot, Manekbaug, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

01.03.1956

PAN No. :

ABHPP4316J

Date of Appointment :

13.03.2008

DIN No.:

00027637

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	Company/ LLP Status	Defaulting status
1	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Managing director	01-11-11	22-02-93	Active	NO
2	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Whole-time director	01-04-09	02-01-95	Active	NO
3	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Managing director	13-03-08	21-07-99	Active	NO
4	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	12-09-01	12-09-01	Active	NO
5	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director	29-12-11	17-09-02	Active	NO
6	U51909GJ2002PLC041575	VANGUARD OVERSEAS LIMITED	Director	21-03-03	21-03-03	Active	NO
7	U45209GJ2005NPL046417	VATVA INDUSTRIAL ESTATE INFRASTRUCTURE DEVELOPMETN LIMITED	Director	13-07-05	13-07-05	Active	NO
8	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29-08-06	29-08-06	Active	NO
9	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11-09-07	11-09-07	Active	NO
10	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25-03-11	25-03-11	Active	NO

Name :

Mr. Anand ishwerbhia Patel

Designation :

Director

Address :

53, Shrinath Park Society, Behind Manekbag, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

17.09.1962

Date of Appointment :

21.07.1999

DIN No.:

00027836

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	Company/ LLP Status	Defaulting status
1	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Whole-time director	01-04-09	02-10-95	Active	NO
2	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Director	21-07-99	21-07-99	Active	NO
3	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	12-09-01	12-09-01	Active	NO
4	U51909GJ2002PLC041575	VANGUARD OVERSEAS LIMITED	Director	21-03-03	21-03-03	Active	NO
5	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29-08-06	29-08-06	Active	NO
6	U93090GJ2007NPL050142	NOVEL SPENT ACID MANAGEMENT	Director	02-03-07	02-03-07	Active	NO
7	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11-09-07	11-09-07	Active	NO
8	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25-03-11	25-03-11	Active	NO
9	U90000GJ2012PTC069814	CLUSTER ENVIRO PRIVATE LIMITED	Director	11-04-12	11-04-12	Active	NO

Name :

Mr. Khandwala Manubhai Mukesh

Designation :

Additional Director

Address :

9, Jivan Prakash Society, St. Xaviers School Road, Ahmedabad – 380014, Gujarat, India

Date of Birth/Age :

02.08.1954

Date of Appointment :

27.06.2011

DIN No.:

02323581

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	Company/ LLP Status	Defaulting status
1	U51420OR1997PLC005092	LATASHA EXPORTS LIMITED	Additional director	08-09-08	08-09-08	Active	NO
2	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Director	27-06-11	30-10-10	Active	NO
3	U74900GJ2011PTC065565	KHANDWALA CONSULTANTS PRIVATE LIMITED	Director	23-05-11	23-05-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Manohar Satyanarayan Maheshwari
Designation :	Secretary
Address :	C-401, Sumadhur – II, Near Vastrapur Telephone Exchange, Vastrapur, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	21.06.1972
Date of Appointment :	02.04.2003
PAN NO.:	AHDPM1848E

MAJOR SHAREHOLDERS

AS ON 29.07.2013

Names of Shareholders	No. of Shares
Natwarlal Maghjibhai Patel	1344000
Rameshbhai Mahjibhai Patel	1344000
Ganpatbhai M. Patel	346500
Amitaben Kantibhai Patel	900900
Kuverben Ishwerbhai Patel	207900
Shardaben Popatbhai Patel	806400
Praful Ganpatbhai Patel	138600
Lalit Kantilal Patel	693000
Anand I. Patel	346500
Popatbhai M. Patel	25200
Ankit Natwarlal Patel	735000
Karana Ramenshbhai Patel	42000
Total	6930000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.07.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Dyes.

Products :

Description	ITC Code
Dyes and Intermediates	3204

· Reactive Dyes

· Vat Dyes

· Acid Dyes

· Wood Stains

· Solvent Dyes

· Petroleum Dyes

· Leather Dyes

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· State Bank of India, Overseas Branch, 3rd Floor, Navjivan Trust Building, Near. Navjeevan P.O. Ahmedabad – 380014, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Working Capital Loans from Banks	89.057	37.517
Total	89.057	37.517

Banking Relations :	--
Auditors :
Name :	Balkrishna T. Thakkar and Company Chartered Accountants
Address :	602, Saffron Building, Ambawadi, Ahmedabad – 380006, Gujarat, India
PAN.:	AAGPT9505M
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	· Meghmani Energy Limited · Meghmani Organics Limited · Tapasheel Enterprise · Meghmani Chemicals · Patel Trading and Investment Company · Unison Industries Limited · Fidelity Export Private Limited · Vanguard Overseas Limited · Meghmani Finechem Limited · Navratan Specialty Chemicals LLP · Meghmani Industries Limited · Matangi Industries
Subsidiary Company :	· Meghmani Specialty chemicals Limited · Synergy Chlorination Private Limited

CAPITAL STRUCTURE

AS ON 29.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs. 10/- each	Rs.220.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6930000	Equity Shares	Rs. 10/- each	Rs.69.300 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	69.300	99.000	99.000
(b) Reserves & Surplus	1299.244	1723.174	1700.653
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1368.544	1822.174	1799.653
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	17.819	21.627	18.364
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	17.819	21.627	18.364
(4) Current Liabilities
(a) Short term borrowings	323.725	47.517	29.312
(b) Trade payables	364.577	268.526	199.714
(c) Other current liabilities	46.130	36.313	33.462
(d) Short-term provisions	22.025	2.346	32.740
Total Current Liabilities (4)	756.457	354.702	295.228
TOTAL	2142.820	2198.503	2113.245
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	250.482	287.217	277.370
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.469	0.214	16.586
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	40.192	145.543	117.164
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	289.640	428.566	147.871
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	581.783	861.540	558.991
(2) Current assets
(a) Current investments	0.000	33.321	214.972
(b) Inventories	512.206	524.501	456.462
(c) Trade receivables	813.361	557.206	657.011
(d) Cash and cash equivalents	45.633	63.958	103.161
(e) Short-term loans and advances	54.918	49.739	11.281
(f) Other current assets	134.919	108.238	111.367
Total Current Assets	1561.037	1336.963	1554.254
TOTAL	2142.820	2198.503	2113.245

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2441.764	1727.829	1964.040
		Other Income	30.691	28.928	21.176
		TOTAL (A)	2472.455	1756.757	1985.216
Less	EXPENSES
		Cost of materials consumed	1464.074	1109.518	1055.497
		Purchases of stock-in-trade	280.943	108.911	33.581
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	38.488	(16.785)	(14.809)
		Employee benefit expense	47.147	47.148	48.302
		Other expenses	462.601	421.321	370.054
		TOTAL (B)	2293.253	1670.113	1492.625
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		179.202	86.644	492.591
Less	FINANCIAL EXPENSES (D)		7.240	1.080	0.106
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		171.962	85.564	492.485
Less	DEPRECIATION/ AMORTISATION (F)		27.421	28.901	28.458
	PROFIT BEFORE TAX (E-F) (G)		144.541	56.663	464.027
Less	TAX (H)		42.566	11.130	50.098
	PROFIT AFTER TAX (G-H) (I)		101.975	45.533	413.929
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1412.674	1393.653	1071.217
Less	EFFECT OF DEMERGER ETC.		324.334	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	3.500	45.412
		Dividend	0.000	23.012	17.316
		Proposed Dividends	17.325	0.000	24.750
		Tax on Dividend	2.944	0.000	4.015
	BALANCE CARRIED TO THE B/S		1160.045	1412.674	1393.653
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1284.100	1021.474	1131.971
	TOTAL EARNINGS		1284.100	1021.474	1131.971
	IMPORTS
		Raw Materials	955.721	721.110	539.013
		Capital Goods	0.000	1.054	0.000
	TOTAL IMPORTS		955.721	722.164	539.013
	Earnings Per Share (Rs.)		14.71	4.60	41.81

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.12	2.59	20.85
Net Profit Margin (PBT/Sales)	(%)	3.23	3.28	23.63
Return on Total Assets (PBT/Total Assets}	(%)	7.98	3.49	25.33
Return on Investment (ROI) (PBT/Networth)		0.11	0.03	0.26
Debt Equity Ratio (Total Debt /Networth)		0.24	0.03	0.02
Current Ratio (Current Asset/Current Liability)		2.06	3.77	5.26

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	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	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	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
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans and Advances from related Parties	234.668	10.000
Total	234.668	10.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10148357	13/08/2009 *	70,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI – 400 013, MAHARASHTRA, INDIA	A68969856
2	90105762	01/11/2012 *	335,300,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 3RD FLOOR, NAVJIVAN TRUST BUILDING, NR. NAVJEEVAN P.O., AHMEDABAD – 380 014, GUJARAT, INDIA	B61554705

* Date of charge modification

FIXED ASSETS:

· Land

· Residential Plot of Land

· Factory Building

· Office Building

· Furniture

· Plant and machinery

· Electrical and Fittings

· Boiler

· Vehicles

· Office Equipments

· Computer

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.61.62
UK Pound	1	Rs.100.84
Euro	1	Rs.84.98

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.