MIRA INFORM REPORT

Report Date :

14.12.2013

IDENTIFICATION DETAILS

Name :	SIDDHARTH COLORCHEM LIMITED
Formerly Known As :	SIDDHARTH COLORCHEM PRIVATE LIMITED
Registered Office :	121, Atlanta, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.03.1987
Com. Reg. No.:	11-042868
Capital Investment / Paid-up Capital :	Rs. 14.250 millions
CIN No.: [Company Identification No.]	U24100MH1987PLC042868
PAN No.: [Permanent Account No.]	AABCS7709L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Dyes and Chemicals.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Company performance has improved. Trade relations reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing 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 – 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	ICRA
Rating	Fund based limits: “BBB-”
Rating Explanation	Moderate credit quality and average credit risk.
Date	September, 2012

Rating Agency Name	ICRA
Rating	Non-fund based limits: “A3”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	September, 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 (GENERAL DETAILS)

Name :	Mr. Niting Dubey
Designation :	Export Manager
Contact No.:	91-9821038837
Date :	09.12.2013

LOCATIONS

Registered Office :	121, Atlanta, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-22840293 / 22045986 / 22840243/ 22851007
Mobile No.:	91-9821038837 (Mr. Niting Dubey)
Fax No.:	91-22-22029146
E-Mail :	admin@ravidyeware.com rdcl@ravidyeware.com nitin@ravidyeware.com
Website :	www.ravidyeware.com
Area :	3500 Sq. ft.
Location :	Owned
Factory :	Located at · Mahad, Dist Raigad, Maharashtra, India

DIRECTORS

As on 23.09.2013

Name :

Mr. Manish Surendra Kedia

Designation :

Director

Address :

71, Kedia Apartment, 29F, Doongersy Road, Wlakeshwar, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

30.11.1966

Date of Appointment :

14.10.1996

DIN No.:

00759182

Name :

Mr. Vinod Singhania

Designation :

Director

Address :

Shree Vardhan Co-operative Housing society Limited, 95/B, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

06.03.1957

Date of Appointment :

12.03.1987

PAN No.:

AIBPS6880K

DIN No.:

00759292

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	U24100MH1987PLC042868	SIDDHARTH COLORCHEM LIMITED	Director	12-03-87	12-03-87	-	Active	NO
2	U24114MH1993PTC073079	RAVI DYES AND DYESTUFFS COMPANY PRIVATE LIMITED	Director	23-07-93	23-07-93	-	Active	NO
3	U24239MH1994PTC080341	MOS PHARMA PRIVATE LIMITED	Director	16-08-94	16-08-94	-	Active	NO
4	U29299MH1993PTC074822	MERIDIAN (INDIA) PRIVATE LIMITED	Director	07-02-95	07-02-95	-	Active	NO
5	U24110MH1990PTC056585	C A P A (INDIA) PRIVATE LIMITED	Director	20-08-96	20-08-96	-	Active	NO
6	U24200MH1997PLC106983	RAVI DYEWARE COMPANY LIMITED	Managing director	01-04-12	31-03-97	-	Active	NO
7	U72100MH2000PTC125619	E-TRAVEL DOTCOM (INDIA) PRIVATE LIMITED	Director	06-04-00	06-04-00	-	Active	NO
8	U51900MH2000PTC127349	HARIT MERCANTILE PRIVATE LIMITED	Director	01-08-00	01-08-00	-	Active	NO
9	U45200MH1999PTC122740	KEVAT DEVELOPERS PRIVATE LIMITED	Director	04-09-00	04-09-00	-	Active	NO
10	U67120MH1993PTC074148	ABHAVI INVESTMENTS PRIVATE LIMITED	Director	05-08-02	05-08-02	-	Active	NO
11	U24110MH2007PTC168517	BIOCELL TECHNOLOGY PRIVATE LIMITED	Director	09-03-07	09-03-07	-	Active	NO
12	U24233MH2007PTC170041	CELLBION LIFESCIENCES PRIVATE LIMITED	Director	17-04-07	17-04-07	17-01-09	Active	NO
13	U45200PN2007PTC142023	SSILVERWOODS PROPERTIES PRIVATE LIMITED	Director	09-06-07	08-06-07	-	Active	NO
14	AAB-0788	UNIQUE DREAMSCAPE LLP	Designated Partner	23-08-12	23-08-12	-	Active	NO
15	AAB-5764	UNIQUE SQUARE-FEET LLP	Designated Partner	10-06-13	10-06-13	-	Active	NO

Name :

Mr. Siddharth Singhania

Designation :

Director

Address :

Shree Vardhan Housing society Limited, 95/B, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

10.11.1982

Date of Appointment :

13.03.2003

PAN No.:

ARQPS5958Q

DIN No.:

01549748

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	U24100MH1987PLC042868	SIDDHARTH COLORCHEM LIMITED	Director	13-03-03	13-03-03	-	Active	NO
2	U24200MH1997PLC106983	RAVI DYEWARE COMPANY LIMITED	Director	02-05-05	02-05-05	-	Active	NO
3	U24114MH1993PTC073079	RAVI DYES AND DYESTUFFS COMPANY PRIVATE LIMITED	Director	08-06-05	08-06-05	-	Active	NO
4	U65990MH1993PTC072737	PHOOL INVESTMENTS PRIVATE LIMITED	Director	08-06-05	08-06-05	-	Active	NO
5	U24110MH1990PTC056585	C A P A (INDIA) PRIVATE LIMITED	Director	08-06-05	08-06-05	-	Active	NO
6	U45200PN2007PTC142023	SSILVERWOODS PROPERTIES PRIVATE LIMITED	Director	09-06-07	08-06-07	-	Active	NO
7	U85190MH1986PTC039697	HI TECH MEDICAL INDUSTRIES PRIVATE LIMITED	Director	26-08-07	26-08-07	-	Active	NO
8	U72100MH2000PTC125619	E-TRAVEL DOTCOM (INDIA) PRIVATE LIMITED	Director	26-08-07	26-08-07	-	Active	NO
9	U51900MH2000PTC127349	HARIT MERCANTILE PRIVATE LIMITED	Director	26-08-07	26-08-07	-	Active	NO
10	U24110MH2007PTC168517	BIOCELL TECHNOLOGY PRIVATE LIMITED	Director	08-05-08	08-05-08	-	Active	NO

Name :

Mr. Shivang Rajesh Singhania

Designation :

Director

Address :

Shree Vardhan Co-operative Housing society Limited, 95/B, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

01.03.1992

Date of Appointment :

01.07.2010

DIN No.:

03108833

Name :

Mr. Devang Rajesh Singhania

Designation :

Director

Address :

Shree Vardhan Co-operative Housing society Limited, 95/B, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

12.12.1993

Date of Appointment :

27.09.2012

DIN No.:

05357146

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	U24100MH1987PLC042868	SIDDHARTH COLORCHEM LIMITED	Director	27-09-12	17-08-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Niting Dubey
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2013

Names of Shareholders	No. of Shares
Vinod Singhania	22560
Phuldevi Singhania	8400
Manish Surendra Kedia	10
Ravi Dyeware Company Limited, India	52000
Vinod Singhania (Karta of HUF)	1600
Abha Singhania	25000
Namrata Singhania	21500
Siddharth Singhania	11430
Total	142500

As on 23.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	36.49
Directors or relatives of Directors	63.51
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Dyes and Chemicals.

Products :

Item Code No. (ITC Code)	Product Description
32041218	Dyes and chemicals

Exports :

Products :

100% EOU Dyes and Chemicals

Countries :

· UK

USA

Italy

Imports :

Products :

Dyes and Chemicals

Countries :

· China

Taiwan

Terms :

Selling :

Document at Sight (60 to 90 Days)

Purchasing :

Document at Sight (90%)

GENERAL INFORMATION

Suppliers:

Not Divulged

Customers :

Wholesalers and Retailers

No. of Employees :

50 (Approximately)

Bankers :

Central Bank of India, Corporate Finance Branch, M G Road, Mumbai - 400023, Maharashtra, India

Facilities :

Total Facility: Rs. 570.000 Millions

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans taken for fixed assets (Secured against Car)	0.000	0.104
SHORT TERM BORROWINGS
Working capital loans from banks (Secured by way of hypothecation of stocks and receivables)	275.101	260.539
Total	275.101	260.643

Banking Relations :	--
Auditors :
Name :	Kailash Chand Jain And Company Chartered Accountants
Address :	Edena, 1^st Floor, 97, Maharshi Karve Road, Near Income Tax Office, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-22009131 / 22065373
Fax No.:	91-22-22089978
Email :	mall@kcjainco.com
Income-tax PAN of auditor or auditor's firm :	AFUPP1569G
Associates :	· Ravi Dyeware Company Limited CIN No.: U24200MH1997PLC106983 Kevat Developers Private Limited CIN No.: U45200MH1999PTC122740

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
142500	Equity Shares	Rs.100/- each	Rs.14.250 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	14.250	14.250	14.250
(b) Reserves & Surplus	212.208	193.522	181.820
(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)	226.458	207.772	196.070
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	3.743	4.095
(b) Deferred tax liabilities (Net)	0.442	1.778	2.058
(c) Other long term liabilities	3.015	3.015	3.015
(d) long-term provisions	0.000	0.000	1.516
Total Non-current Liabilities (3)	3.457	8.536	10.684
(4) Current Liabilities
(a) Short term borrowings	275.101	260.539	274.957
(b) Trade payables	161.598	94.616	105.360
(c) Other current liabilities	62.379	37.941	50.100
(d) Short-term provisions	1.223	1.009	31.529
Total Current Liabilities (4)	500.301	394.105	461.946
TOTAL	730.216	610.413	668.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	130.285	115.681	98.608
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	6.012	21.017	16.913
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	18.333	18.570	18.440
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	154.630	155.268	133.961
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	231.316	224.440	224.907
(c) Trade receivables	201.829	141.829	186.043
(d) Cash and cash equivalents	10.352	10.907	8.667
(e) Short-term loans and advances	132.089	77.969	115.122
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	575.586	455.145	534.739
TOTAL	730.216	610.413	668.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1317.755	893.986	905.764
		Other Income	3.910	4.428	5.290
		TOTAL (A)	1321.665	898.414	911.054
Less	EXPENSES
		Cost of materials consumed	707.184	543.958	608.377
		Purchases of stock-in-trade	278.057	70.365	50.106
		Employee benefits expense	29.331	28.992	26.739
		Other Expenses	249.250	209.301	186.361
		Foreign Exchange (Gain)/Loss	0.000	0.000	(2.272)
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(25.179)	(17.081)	(41.122)
		TOTAL (B)	1238.643	835.535	828.189
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		83.022	62.879	82.865
Less	FINANCIAL EXPENSES (D)		20.233	21.752	18.036
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		62.789	41.127	64.829
Less/ Add	DEPRECIATION/ AMORTISATION (F)		32.669	23.959	18.266
	PROFIT BEFORE TAX (E-F) (G)		30.120	17.168	46.563
Less	TAX (H)		11.434	5.466	12.571
	PROFIT AFTER TAX (G-H) (I)		18.686	11.702	33.992
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		187.019	175.317	141.325
	BALANCE CARRIED TO THE B/S		205.705	187.019	175.317
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on F O B basis	829.338	527.262	560.849
	TOTAL EARNINGS		829.338	527.262	560.849
	IMPORTS
		Raw Materials	120.367	127.831	153.254
	TOTAL IMPORTS		120.367	127.831	153.254
	Earnings Per Share (Rs.)		131.13	82.12	238.54

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.41	1.30	3.73
Net Profit Margin (PBT/Sales)	(%)	2.29	1.92	5.14
Return on Total Assets (PBT/Total Assets}	(%)	4.16	2.96	7.14
Return on Investment (ROI) (PBT/Networth)		0.13	0.08	0.24
Debt Equity Ratio (Total Debt/Networth)		1.21	1.27	1.42
Current Ratio (Current Asset/Current Liability)		1.15	1.15	1.16

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90225353	30/06/2004	10,000,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; FORT, MUMBAI, MAHARASHTRA, INDIA	-
2	90224928	09/07/1998	6,500,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; FORT, MUMBAI, MAHARASHTRA, INDIA	-
3	90224762	17/10/1996	3,500,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; FORT, MUMBAI, MAHARASHTRA, INDIA	-
4	90224567	30/06/2004 *	20,000,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; FORT, MUMBAI, MAHARASHTRA, INDIA	-
5	90224279	12/12/1994 *	15,000,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; FORT, MUMBAI, MAHARASHTRA, INDIA	-
6	80008314	15/07/2013 *	570,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH,1ST FLOOR,MMO BUILDING, M.G ROAD, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B81783169
7	90224277	30/06/2004 *	3,000,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; FORT, MUMBAI, MAHARASHTRA, INDIA	-
8	90224274	08/06/1996 *	3,000,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; FORT, MUMBAI, MAHARASHTRA, INDIA	-
9	90238217	15/07/2013 *	570,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH,1ST FLOOR,MMO BUILDING, M.G ROAD, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B81786899
10	90224069	30/06/2004 *	5,000,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; FORT, MUMBAI, MAHARASHTRA, INDIA	-
11	90224066	17/04/1989	5,000,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; FORT, MUMBAI, MAHARASHTRA, INDIA	-
12	90223933	30/06/2004 *	1,500,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; FORT, MUMBAI, MAHARASHTRA, INDIA	-
13	90223921	10/06/1987	5,000,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; FORT, MUMBAI, MAHARASHTRA, INDIA	-
14	90223722	31/03/1997 *	15,000,000.00	CENTRAL BANK OF INDIA	MUMBAI MAIN OFFICE, DOCUMENTATION CELL; FORT, MUMBAI, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from directors	0.000	3.639
Total	0.000	3.639

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)
Bank Guarantees	20.089

FIXED ASSETS

· Land

Buildings

Plant and Equipment

Factory Equipments

Other Pollution Reduction Equipment

Other Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Computer Equipments

Other 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 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.62.13
UK Pound	1	Rs.101.53
Euro	1	Rs.85.41

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.