MIRA INFORM REPORT

Report Date :

21.12.2013

IDENTIFICATION DETAILS

Name :	SPECTRUM AUXI-CHEM PRIVATE LIMITED (w.e.f. 02.06.2011)
Formerly Known As :	MULTIPLE TEXFAB PRIVATE LIMITED (w.e.f. 31.03.2009) VIKRAM TEXFAB PRIVATE LIMITED
Registered Office :	Block No 307/1, National Highway No 8, Baleshwar, Surat – 395002, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.01.1994
Com. Reg. No.:	04-021105
Capital Investment / Paid-up Capital :	Rs. 76.203 Millions
CIN No.: [Company Identification No.]	U24290GJ1994PTC021105
TAN No.: [Tax Deduction & Collection Account No.]	SRTV00058C
PAN No.: [Permanent Account No.]	AAACV8088L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Textile Auxiliary product namely Tamarind based Tamarind Kernal Powder (TKP) which are mainly use in textile printing industries.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 510000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has wiped off some part of its accumulated losses. However, reserves of the company appears to be low. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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 limit – Cash Credit: BB+ (SO)
Rating Explanation	Have moderate risk of default
Date	June, 2013

Rating Agency Name	ICRA
Rating	Non-fund based limit: A4+ (SO)
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	June, 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.

LOCATIONS

Registered Office :	Block No 307/1, National Highway No 8, Baleshwar, Surat – 395002, Gujarat, India
Tel. No. :	91-2622-264259
Fax No. :	Not Available
E-Mail :	spectrumauxi@drdcs.net gaurav.bharucha@spectrumdyes.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Mahendra Kumar Chaudhary

Designation :

Director

Address :

6/B, Rudrraj Apatment, Athwalines, Surat - 395007, Gujarat, India

Date of Birth/Age :

09.06.1958

Date of Appointment :

01.04.2011

DIN No. :

00193199

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	U17114GJ1990PTC013346	VIKRAM SYNTEX PRIVATE LIMITED	Director	29/07/1993	29/07/1993	-	Active	NO
2	U40100GJ2000PLC038012	NARMADA THERMAL POWER LIMITED	Director	17/08/2001	17/08/2001	-	Active	NO
3	U18101MH2000PLC127041	PRATIBHA FABRICS LIMITED	Director	18/04/2002	18/04/2002	-	Active	NO
4	U24110MH1989PTC176088	SPECTRUM DYES AND CHEMICALS PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
5	U17297GJ2004PTC044479	GUJARAT POLYFILMS PRIVATE LIMITED	Director	22/07/2004	22/07/2004	-	Active	NO
6	U51109WB2000PTC091352	VIKRAM PRIVATE LIMITED	Director	19/11/2004	19/11/2004	04/07/2008	Active	NO
7	U45209GJ2007PTC050963	SURAT INTEGRATED TEXTILE PARK PRIVATE LIMITED	Director	28/05/2007	28/05/2007	-	Active	NO
8	U17110GJ1994PTC022422	VIKRAM KNITTEX PRIVATE LIMITED	Director	30/06/2007	30/06/2007	16/06/2009	Active	NO
9	U17120GJ2007PTC051007	KOTTEX INDUSTRIES PRIVATE LIMITED	Director	30/09/2008	13/11/2007	-	Active	NO
10	U85190GJ2008NPL054070	SMT RENU CHAUDHARY FOUNDATION	Director	28/05/2008	28/05/2008	-	Active	NO
11	U25202GJ2009PTC058096	PRATIBHA POLYCOATS PRIVATE LIMITED	Director	11/09/2009	11/09/2009	-	Active	NO
12	U17291GJ1990PLC014560	GUJARAT EMBROIDERIES LIMITED	Director	30/11/2009	30/11/2009	-	Active	NO
13	U17291MH2010PTC207993	SHUBH POLYFILMS PRIVATE LIMITED	Director	21/09/2010	21/09/2010	-	Active	NO
14	U24290GJ1994PTC021105	SPECTRUM AUXI-CHEM PRIVATE LIMITED	Director	01/04/2011	01/04/2011	-	Active	NO
15	U80301GJ2008NPL054071	TAPTI VALLEY EDUCATION FOUNDATION	Director	06/09/2013	06/09/2013	-	Active	NO

Name :

Mr. Yogesh Ramavtar Gupta

Designation :

Director

Address :

602, Soitaire Brijwasi Estate, Opp. Umrigar School, Parle Point, Surat – 395007, Gujarat, India

Date of Birth/Age :

10.03.1969

Date of Appointment :

01.04.2011

DIN No. :

00193245

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	U24110MH1989PTC176088	SPECTRUM DYES AND CHEMICALS PRIVATE LIMITED	Director	25/06/1991	25/06/1991	-	Active	NO
2	U24290GJ1994PTC021105	SPECTRUM AUXI-CHEM PRIVATE LIMITED	Director	01/04/2011	01/04/2011	-	Active	NO
3	U17120GJ2011PTC066271	ANUBHA FABRICS PRIVATE LIMITED	Director	08/07/2011	08/07/2011	-	Active	NO

Name :

Mr. Avneep Vidyakar Bansal

Designation :

Director

Address :

7th Floor, Flat No 701(Old), A-1(New), Solitaire - Building Tower-4, Brijwasi Estate, Parle Point, Surat - 395007 Gujarat, India

Date of Birth/Age :

12.05.1972

Date of Appointment :

01.04.2011

DIN No. :

00193320

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	U24110MH1989PTC176088	SPECTRUM DYES AND CHEMICALS PRIVATE LIMITED	Director	06/08/1998	06/08/1998	-	Active	NO
2	U24119GJ1990PTC013599	GLORIOUS DYESTUFF PRIVATE LIMITED	Director	25/08/1999	25/08/1999	-	Under liquidation	NO
3	U24290GJ1994PTC021105	SPECTRUM AUXI-CHEM PRIVATE LIMITED	Director	01/04/2011	01/04/2011	-	Active	NO
4	U18100GJ2012PTC072459	ANUBHA INDUSTRIES PRIVATE LIMITED	Director	26/10/2012	26/10/2012	-	Active	NO
5	U17300MP2009PTC022058	MOHINI FIBERS PRIVATE LIMITED	Director	15/04/2013	15/04/2013	-	Active	NO

Name :

Mr. Pramod Kumar Chaudhary

Designation :

Director

Address :

7-B, Rudraraj Appartment, Opposite Arihant Complex, Near Gateway Hotel, Parle Point, Surat - 395007, Gujarat, India

Date of Birth/Age :

06.10.1963

Date of Appointment :

25.11.1996

DIN No. :

00530612

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	L67120WB1981PLC034413	VIKRAM CAPITAL MANAGEMENT LTD	Director	01/09/1992	01/09/1992	07/05/2011	Active	NO
2	U24290GJ1994PTC021105	SPECTRUM AUXI-CHEM PRIVATE LIMITED	Director	25/11/1996	25/11/1996	-	Active	NO
3	U18101MH2000PLC127041	PRATIBHA FABRICS LIMITED	Whole-time director	01/07/2013	18/04/2002	-	Active	NO
4	U17214GJ2006PTC048995	PRO ON LINE MARKETING PRIVATE LIMITED	Director	04/09/2006	04/09/2006	01/07/2011	Active	NO
5	U17110GJ1994PTC022422	VIKRAM KNITTEX PRIVATE LIMITED	Director	04/01/2007	04/01/2007	-	Active	NO
6	U17120GJ2007PTC051007	KOTTEX INDUSTRIES PRIVATE LIMITED	Director	30/09/2008	08/01/2008	-	Active	NO
7	U80301GJ2008NPL054071	TAPTI VALLEY EDUCATION FOUNDATION	Director	28/05/2008	28/05/2008	-	Active	NO
8	U85190GJ2008NPL054070	SMT RENU CHAUDHARY FOUNDATION	Director	28/05/2008	28/05/2008	-	Active	NO
9	U40100GJ2000PLC038012	NARMADA THERMAL POWER LIMITED	Director	02/03/2009	02/03/2009	-	Active	NO
10	U45203GJ2007SGC051232	PANDESARA INFRASTRUCTURE LIMITED	Director	20/04/2009	20/04/2009	-	Active	NO
11	U17297GJ2004PTC044479	GUJARAT POLYFILMS PRIVATE LIMITED	Director	01/05/2009	01/05/2009	-	Active	NO
12	U25202GJ2009PTC058096	PRATIBHA POLYCOATS PRIVATE LIMITED	Director	11/09/2009	11/09/2009	-	Active	NO
13	U17200GJ2010PTC061741	NARMADA POLY-FILM PRIVATE LIMITED	Director	27/07/2010	27/07/2010	-	Active	NO
14	U17291MH2010PTC207993	SHUBH POLYFILMS PRIVATE LIMITED	Director	21/09/2010	21/09/2010	-	Active	NO
15	U24110MH1989PTC176088	SPECTRUM DYES AND CHEMICALS PRIVATE LIMITED	Director	19/11/2010	19/11/2010	-	Active	NO
16	U17120GJ2011PTC064155	NARMADA POLYESTER PRIVATE LIMITED	Director	23/02/2011	23/02/2011	-	Active	NO
17	U99999MH1985PLC118016	NOBLETEX INDUSTRIES LIMITED	Director	27/03/2012	27/03/2012	01/11/2012	Active	NO

Name :

Mr. Balbirsingh Nathuram Pilania

Designation :

Director

Address :

6, Sanket Society, Vyas Falia, Village : Palsana, Surat - 394317, Gujarat, India

Date of Birth/Age :

05.03.1965

Date of Appointment :

05.11.2011

DIN No. :

05121616

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Shiv Kumar Chhogmal Chaudhary	100
Mahendra Kumar Chhogmal Chaudhary	7500
Pramod Kumar Chhogmal Chaudhary	7500
Amol Fabtrade Private Limited, India	1000
Vayudoot Commercial Private Limited, India	1053000
Vikram Syntex Private Limited, India	7200
Vijaylakshmi Commercial Private Limited, India	836000
Spectrum Dyes And Chemicals Private Limited, India	1508000
N Star Commotrade Private Limited, India	100000
Yogesh Ramavtar Gupta	1020000
Devika Yogesh Gupta	250000
Utkarsh Yogesh Gupta (Minor)	300000
Riddhesh Yogesh Gupta (Minor)	300000
Avneep Vidyakar Bansal	1170000
Prachetan Avneep Bansal (Minor)	200000
Saumya Avneep Bansal (Minor)	200000
Arushi Amitesh Bansal (Minor)	100000
Varchasva Amitesh Bansal (Minor)	100000
Mangal Fibre And Allied Industries, India	360000
Nobletex Industries Limited, India	100000
Total	7620300

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	52.00
Directors or relatives of Directors	48.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Textile Auxiliary product namely Tamarind based Tamarind Kernal Powder (TKP) which are mainly use in textile printing industries.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Pandesara Ind. Estate, Nr. Fire Station, Pandesara, Surat - 394221, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	37.760	49.918
Total	37.760	49.918

Banking Relations :	--
Auditors :
Name :	DSI and Company Chartered Accountants
Address :	Mf/14-26, Nariman Point Shopping Centre,Near Raghuvir Bunglows, City Light Road, Surat, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAFFD4002N

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7,620,300	Equity Shares	Rs.10/- each	Rs. 76.203 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	76.203	43.403	0.403
(b) Reserves & Surplus	5.401	(0.988)	(0.042)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	45.900	11.000	2.000
Total Shareholders’ Funds (1) + (2)	127.504	53.415	2.361
1
(3) Non-Current Liabilities
(a) long-term borrowings	37.760	49.918	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	37.760	49.918	0.000
(4) Current Liabilities
(a) Short term borrowings	86.432	6.407	0.000
(b) Trade payables	0.360	0.377	0.000
(c) Other current liabilities	15.177	15.469	0.018
(d) Short-term provisions	0.043	0.461	0.006
Total Current Liabilities (4)	102.012	22.714	0.024
TOTAL	267.276	126.047	2.385
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	136.472	83.345	2.191
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	11.496	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	0.000	0.000	0.000
(e) Other Non-current assets	0.647	2.257	0.025
Total Non-Current Assets	137.119	97.098	2.216
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	18.331	11.169	0.000
(c) Trade receivables	98.992	14.438	0.000
(d) Cash and cash equivalents	0.284	0.382	0.169
(e) Short-term loans and advances	0.008	0.015	0.000
(f) Other current assets	12.542	2.945	0.000
Total Current Assets	130.157	28.949	0.169
TOTAL	267.276	126.047	2.385

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	292.952	20.494	0.000
		Other Income	0.217	0.046	0.000
		TOTAL	293.169	20.540	0.000
Less	EXPENSES
		Auditors Remuneration			0.006
		Professional and Consulting Fees			0.003
		Travelling Expenses			0.017
		TOTAL	286.780 (Including Depreciation)	21.487 (Including Depreciation)	0.026
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION				(0.026)
Less/ Add	DEPRECIATION/ AMORTISATION				0.001
	PROFIT/ (LOSS) BEFORE TAX		6.389	(0.947)	(0.027)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		6.389	(0.947)	(0.027)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.989)	(0.042)	(0.015)
	BALANCE CARRIED TO THE B/S		5.400	(0.989)	(0.042)
	Earnings / (Loss) Per Share (Rs.)		0.84	(0.22)	(0.67)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.18	(4.61)	0.00
Net Profit Margin (PBT/Sales)	(%)	2.18	(4.62)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	2.40	(0.83)	(1.13)
Return on Investment (ROI) (PBT/Networth)		0.05	(0.02)	(0.01)
Debt Equity Ratio (Total Debt/Networth)		0.97	1.05	0.00
Current Ratio (Current Asset/Current Liability)		1.28	1.27	7.04

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	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	-----
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10357563	07/05/2013 *	263,000,000.00	BANK OF BARODA	PANDESARA IND. ESTATE, NEAR FIRE STATION, PANDESARA, SURAT - 394221, GUJARAT, INDIA	B74626094
2	10316706	03/05/2013 *	263,000,000.00	BANK OF BARODA	PANDESARA IND. ESTATE, NEAR FIRE STATION, PANDESARA, SURAT - 394221, GUJARAT, INDIA	B74625385
3	10316709	07/05/2013 *	263,000,000.00	BANK OF BARODA	PANDESARA IND. ESTATE, NEAR FIRE STATION, PANDESARA, SURAT - 394221, GUJARAT, INDIA	B74625724

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Working capital loans from banks	86.432	6.407
Total	86.432	6.407

CORPORATE INFORMATION

Subject was originally incorporated as Vikram Texfab Private Limited in the year of 1994. Later on, from 31.03.2009, the name of Company has been changed to Multiple Texfab Private Limited from Vikram Texfab Private Limited. The name of Company has been further changed from Multiple Texfab Private Limited to Spectrum Auxi-Chem Private Limited on 02.06.2011. The Company is mainly engaged in manufacturing of Textile Auxiliary product namely Tamarind based Tamarind Kernal Powder (TKP) which are mainly use in textile printing industries.

FIXED ASSETS

v Tangible Assets

Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Computer Equipments

Office Equipment

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.62.24
UK Pound	1	Rs.101.81
Euro	1	Rs.84.88

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.