MIRA INFORM REPORT

Report Date :

20.02.2013

IDENTIFICATION DETAILS

Name :	KANCHAN OIL INDUSTRIES LIMITED
Registered Office :	Shitladah, Jhargram – 721507, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.02.1974
Com. Reg. No.:	21-029234
Capital Investment / Paid-up Capital :	Rs.24.873 Millions
CIN No.: [Company Identification No.]	U24119WB1974PLC029234
TAN No.: [Tax Deduction & Collection Account No.]	CALK03219G CALK00658A
PAN No.: [Permanent Account No.]	AABCK2533L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Vanaspati, Refined Edible Oil, Animal Feed.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be low. And External borrowing seems to be increasing over a year. However, performance seems to be improving. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings 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 – 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	A4+ (Short Term Rating)
Rating Explanation	Having minimal degree of safety regarding timely payment of financial obligation it carry very high credit risk and are susceptible to default.
Date	February 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/ Factory :	Shitladah, Jhargram – 721507, West Bengal, India
Tel. No.:	91-3221-255388
Fax No.:	91-3221-256067
E-Mail :	savcal@rediffmail.com koiljg@sancharnet.in
Corporate Office :	Auchland Place, 2^nd Floor, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-22805788
Fax No.:	91-33-22805790

DIRECTORS

As on: 29.09.2012

Name :

Mr. Bijay Kumar Agarwal

Designation :

Director

Address :

DA – 12, Salt Lake City, Block D, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

06.01.1964

Qualification :

B.COM

Date of Appointment :

08.12.1994

DIN No.:

00552795

PAN No.:

ACGPA4047H

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	U24119WB1974PLC029234	KANCHAN OIL INDUSTRIES LIMITED	Director	08/12/1994	08/12/1994	-	Active	NO
2	U23101WB1998PTC088447	HIGAIN ORGANIC PRIVATE LIMITED	Director	14/12/1998	14/12/1998	-	Active	NO
3	U67120WB1997PTC086151	BAIJNATH SECURITIES PRIVATE LIMITED	Director	26/02/2003	26/02/2003	-	Active	NO
4	U45201WB2003PTC096560	BANSAL VEDIC VILLAGE PRIVATE LIMITED	Director	11/07/2003	11/07/2003	-	Active	NO
5	U13100WB2010PTC140629	NATURALL RESOURCES INDIA PRIVATE LIMITED	Director	04/01/2010	04/01/2010	-	Active	NO
6	U13100WB2010PLC155239	RIGVEDA RESOURCES LIMITED	Director	01/12/2010	01/12/2010	-	Active	NO

Name :

Mr. Shyam Sunder Nangalia

Designation :

Director

Address :

C/O Hastlings Property, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

16.06.1949

Qualification :

B.COM

Date of Appointment :

14.01.1988

DIN No.:

00553008

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	U24119WB1974PLC029234	KANCHAN OIL INDUSTRIES LIMITED	Director	14/01/1988	14/01/1988	-	Active	NO
2	U70109WB1993PTC058024	CHARISHMA PROPERTIES PRIVATE LIMITED	Director	01/12/1994	01/12/1994	16/04/2012	Active	NO
3	U51909WB1994PTC066321	ALTIUS BUILDERS PRIVATE LIMITED	Director	08/06/1995	08/06/1995	-	Active	NO
4	U70109WB1993PTC060450	SPANDAN PROJECTS PRIVATE LIMITED	Director	08/03/1996	08/03/1996	-	Active	NO
5	U45201WB1996PTC080590	ABODE PROMOTERS PRIVATE LIMITED	Director	10/08/1996	10/08/1996	08/11/2011	Active	NO
6	U45201WB1996PTC080597	RUSSEL DEVELOPERS PRIVATE LIMITED	Director	24/06/1998	24/06/1998	-	Active	NO
7	U45201WB1996PTC080588	CENTRAL PROPERTIES PRIVATE LIMITED	Director	15/12/1998	15/12/1998	-	Active	NO
8	U70101WB1995PTC072172	ROCK PROPERTIES PRIVATE LIMITED	Director	03/01/2000	03/01/2000	-	Active	NO
9	U51109WB1993PTC059487	MARITIME TREXIM PRIVATE LIMITED	Director	03/10/2000	03/10/2000	03/03/2008	Active	NO
10	U45201WB1996PTC080587	CAMAC TOWER PRIVATE LIMITED	Director	03/10/2000	03/10/2000	26/08/2008	Active	NO
11	U51503WB1993PTC057527	LIVFIT TREXIM PRIVATE LIMITED	Director	10/10/2003	10/10/2003	-	Active	NO
12	U45400WB2007PLC114928	BENGAL GLOBAL TECHNOCENTRE LIMITED	Director	02/04/2007	02/04/2007	30/11/2011	Active	NO
13	U45400WB2007PLC115868	BANGLA ASHIRBAD INDUSTRIAL INFRASTRUCTURES LIMITED	Director	17/05/2007	17/05/2007	-	Active	NO
14	U67110WB2007PTC116377	QUADEYE SECURITIES PRIVATE LIMITED	Director	17/09/2007	17/09/2007	29/08/2012	Active	NO
15	U72200DL1997PTC195154	SELECTICA INDIA PRIVATE LIMITED	Additional director	03/04/2009	03/04/2009	19/09/2009	Amalgamated	NO

Name :

Mr. Hemchand Agarwal

Designation :

Director

Address :

DA – 12, Salt Lake City, Kolkata – 700064, West Bengal, India

Qualification :

B.COM

Date of Appointment :

05.03.2012

DIN No.:

01159210

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	U15142WB1982PLC035602	EDIBLE PRODUCTS INDIA LIMITED	Director	28/12/1982	28/12/1982	-	Active	NO
2	U24119WB1974PLC029234	KANCHAN OIL INDUSTRIES LIMITED	Director	05/03/2012	05/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Kalika Prasad Mishra
Designation :	Company Secretary
Address :	359, G T Road, 1^st Floor, Flat No.10, Howrah – 711103, West Bengal, India
Date of Birth/Age :	08.06.1966
Date of Appointment :	20.03.2008
PAN No.:	AKQPM7364K

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
Reliance Trading Enterprises Limited, India	377750
Sharda Agarwal	75000
Shakuntala Agarwal	25000
Gaylord Sales Private Limited , India	160000
Ranjeet Agarwal	45000
Ramesh Agarwal	12500
Rita Agarwal	18500
Taramoni Nangalia and Omprakash Nangalia	30000
Mamta Commercial Company Limited, India	100000
Lakshmendra Kumar Agarwal	3000
Vikash Agarwal	3000
Kusum Agarwal	3000
Sushila Agarwal	3000
Uma Shanker Agarwal	2750
NangaliyaSunder Nangalia and Susilashyam	20750
Ram Awtar Agarwal	30500
Sitaram Agarwal	12500
Ashok Kumar Agarwal	15000
Bijay Kumar Agarwal	10000
Shyamlata Saraf	20000
Hemchand Agarwal	21900
Edible Products India Private Limited, India	20000
Seaways Commodities Private Limited , India	20000
Giridharilal Agarwal	94000
Gayatri Devi Agarwal	104000
Draupatai Devi Agarwal	29000
Snil Agarwal	1500
Sushiladevi Agarwal	2000
Balaji Kunj Private Limited, India	275000
Shyam Sunnder Nangalia	83750
Shweta Agarwal	50000
Vikas Agarwal	35000
Vishal Agarwal	30000
Swati Agarwal	73600
Ram Niwas Agarwal	55000
Viplove Agarwal	25000
Shyam Sunnder Nangalia	13000
Shyam Sunnder Nangalia	100000
Dax Partners, New York	322975
Raj Agarwal, Jerry City	164275
Total	2487250

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	19.59
Bodies corporate	37.50
Directors or relatives of Directors	42.91
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Vanaspati, Refined Edible Oil, Animal Feed.

Products :

Product Description	Item Code No.
Vegetable Oil	1516
Hydrogenerated Vegetable Oil	1515

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Andhra Bank, Karaya Road Branch, 4/2, Karaya Road, Kolkata - 700017, West Bengal, India

· ICICI Bank Limited

· Andhra Bank, Burrabazar Branch, 23/1, Maharshi Devendra Road, Kolkata – 700007, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Cash credit from Banks #	13.829	30.548
Loan against FD lodged with Bank	0.000	17.861
Car Loan from ICICI Bank	0.000	0.057
Total	13.829	48.466
Note: # Cash Credits are secured by first charge on stock in trade, finished goods, consumable stores, bills receivables, book debt, personnel guarantee of directors, collaterals securities in the nature of fixed deposit and shares owned by directors, relatives, and associates.

Banking Relations :	--
Auditors :
Name :	S A V and Associates Chartered Accountants
Address :	2, Garstin Place, Kolkata-700001, West Bengal, India
PAN No.:	AAUFS6137J

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2487250	Equity Shares	Rs.10/- each	Rs.24.873 Millions

Reconciliation of shares outstanding at the beginning and at the end of the reporting period

(Rs. In Millions)

Particulars	Number of Shares	Amount
Shares outstanding at the beginning of the year	2,487,250	24.872
Shares Issued during the year Shares bought back during the year Shares outstanding at the end of the year	2,487,250	24.872

Terms / rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share held by him. In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Shares held by holding / ultimate holding company and / or their subsidiaries / associates

NIL Equity Shares are held by the holding company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		24.873	24.873	24.873
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		52.354	43.784	36.375
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		77.227	68.657	61.248
LOAN FUNDS
1] Secured Loans		13.829	48.466	26.111
2] Unsecured Loans		137.960	23.161	2.572
TOTAL BORROWING		151.789	71.627	28.683
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		229.016	140.284	89.931
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.316	25.466	32.111
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.723	1.723	1.723
DEFERREX TAX ASSETS		33.551	34.636	38.595
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	105.829	95.305	92.115
	Sundry Debtors	115.679	104.338	113.650
	Cash & Bank Balances	0.654	34.058	10.001
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	86.584	43.038	82.985
Total Current Assets		308.746	276.739	298.751
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	92.367	152.767	277.018
	Other Current Liabilities	40.756	40.700
	Provisions	5.197	4.813	4.231
Total Current Liabilities		138.320	198.280	281.249
Net Current Assets		170.425	78.459	17.502
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		229.016	140.284	89.931

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	1503.544	1220.378	1723.091
		Other Income	0.058	0.062	70.526
		TOTAL (A)	1503.602	1220.440	1793.617
Less	EXPENSES
		Cost of materials consumed	744.991	581.089	1820.785
		Purchases of stock-in-trade	691.576	577.999
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(21.966)	(15.529)
		Employee benefit expense	6.393	6.399
		Other expenses	59.305	50.624
		TOTAL (B)	1480.299	1200.582	1820.785
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.303	19.858	(27.168)
Less	FINANCIAL EXPENSES (D)		7.848	1.060	8.448
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.455	18.798	(35.616)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.417	6.847	8.926
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		10.038	11.950	(44.542)
Less	TAX (H)		1.468	4.541	(38.071)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		8.570	7.409	(6.471)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		28.296	20.886	NA
	BALANCE CARRIED TO THE B/S		36.866	28.296	20.886
	Earnings/ (Loss) Per Share (Rs.)		3.45	2.98	(2.60)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.57	0.61	(0.36)
Net Profit Margin (PBT/Sales)	(%)	0.67	0.98	(2.59)
Return on Total Assets (PBT/Total Assets}	(%)	3.02	3.95	(13.46)
Return on Investment (ROI) (PBT/Networth)		0.13	0.17	(0.73)
Debt Equity Ratio (Total Debt/Networth)		1.97	1.04	0.47
Current Ratio (Current Asset/Current Liability)		2.23	1.40	1.06

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

WORKING RESULTS:

During the year, the Company achieved a gross turnover of Rs.1503.500 Millions against Rs.1223.900 Millions in the previous year. The Company has incurred profit of Rs.8.570 Millions after prior period adjustment and tax as against the profit of Rs.7.409 Millions made in the previous year. The directors hope to better in near future

UNSECURED LOAN:

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
-from Body Corporate	130.023	21.200
-Interest Accrued and Due on above	7.937	1.961
Total	137.960	23.161

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U24119WB1974PLC029234
Name of the company	KANCHAN OIL INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Shitladah, Jhargram – 721507, West Bengal, India savcal@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90255113
Type of charge	· Immovable Property · Book Debts · Movable Property (Not Being Pledge) · Others (Plant and Machinery)
Particular of charge holder	Andhra Bank, Burrabazar Branch, 23/1, Maharshi Devendra Road, Kolkata – 700007, West Bengal, India bmcal1731@andhrabank.co.in
Nature of instrument creating charge	· D. P. Note Dated. 20.06.2012 · Composite Agreement Dated. 20.06.2012 · Memorandum Of Deposit Of Title Deeds Dated. 20.06.2012 · General Form Of Guarantee Dated. 20.06.2012 · Counter Guarantee Form Dated. 20.06.2012
Date of instrument Creating the charge	20.06.2012
Amount secured by the charge	Rs.353.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate + 4.50% i.e. 15.00% p.a. at present. Terms of Repayment FLC (DA/DP for 120 days) Tenor - 120 days. Bank Guarantee. Tenor - One Year. Margin OCC - 25% on RM, SIP, FG, Stores, Fuel, Packing Materials and 30% on Book Debts not older than 90 days. FLC (DA/DP for 120 days) - 20%. Bank Guarantee - 10%. Extent and Operation of the charge By way First and Exclusive Charge. Others i) OCC Rs. 30.000 Millions ii) FLC Rs.160.000 Millions iii) BG Rs. 3.000 Millions iv) Forward Cover Rs.160.000 Millions -------------------------------------------------- Total Rs.353.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of raw materials, stock in process and finished goods, stores, fuels, packing materials and assignment of book debts, Hypothecation of LC stocks and sundry debtors, Counter Guarantee of the Company. Equitable mortgage of Land about 7.645 acres and about 4.795 acres an North: Railway Land Plot No-280, East: Forest Land Plot No-277, South-Plot-239, Forest Land, Plot-277, West Plot No-219 and North Plot-2802 Part of 2178. Equitable mortgage of Land about 8.720 acres of Mouza-Jangal Khash, JL No.395, PS and Sub. Registry Jhargram, Dist-West Midnapore, West-Bengal. Equitable mortgage of Mouza-Jungle Khash, P.S.-Jhargram, West Midnapore, West Bengal, East Plot No.273, 274, 276, 289, South - Plot No. 235, 234, 233, 255, and 257 Land of 156 Decimal (approx). in the name of Subject.
Date of instrument modifying the charge	28.02.2009
Particulars of the present modification	By this modification overall limit stands from Rs.533.000 Millions to Rs.353.000 Millions. Other terms and conditions remain unchanged.

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Motor Vehicles

· Office Equipment

PRESS ARTICLE:

KANCHAN OIL INDUSTRIES LIMITED VS UNION OF INDIA, THROUGH CHIEF ... ON 22 FEBRUARY, 2012

Author: Soumitra Pal

ORDER SHEET

W.P.No.987 of 2011

IN THE HIGH COURT AT CALCUTTA

Constitutional Writ Jurisdiction

ORIGINAL SIDE

KANCHAN OIL INDUSTRIES LIMITED Plaintiff/Petitioner/Applicant Versus

UNION OF INDIA, THROUGH CHIEF COMMISSIONER OF CUSTOMS AND ORS ............................................................................Defendant/Respondent For Plaintiff/ Petitioner : MR.RAMESH CHOWDHURY,ADVOCATE For Defendant/Respondent : MRS.S.MITRA,ADVOCATE BEFORE:

The Hon'ble JUSTICE SOUMITRA PAL

Date: 22nd February, 2012.

The Court : Let affidavit in opposition to the writ petition be filed by 18th April, 2012. Reply thereto, if any, by 25th April, 2012. Heard Mr. Chowdhury, learned advocate for the petitioner. It is submitted by Mrs. Mitra, learned advocate for the customs authoriites that notices for finalization of provisional assessments under section 18(2) of the Customs Act, 1962 regarding 27 Bills of Entry were issued to the petitioner by intimation dated 21st February, 2012. So far as 2

the remaining five bills are concerned, suitable action shall be taken as per test report which has been received on 20th February, 2012 from CFL. Since I find that notices for finalization of provisional assessment with regard to 27 Bills of Entry have been issued, the petitioner is at liberty to give reply within two weeks from date. After replies are furnished, the customs authorities shall pass a reasoned order with regard to the 27 Bills of Entry within four weeks after giving an opportunity of hearing.

For the remaining five Bills of Entry, the customs authorities are at liberty to proceed in accordance with law.

Liberty to mention upon notice.

All parties concerned are to act on a signed photo copy of this order on the usual undertakings.

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.54.29
UK Pound	1	Rs.84.09
Euro	1	Rs.72.44

INFORMATION DETAILS

Report Prepared by :

RAJ

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
TOTAL		36

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.