MIRA INFORM REPORT

Report Date :

08.07.2013

IDENTIFICATION DETAILS

Name :	NAVDEEP CHEMICALS PRIVATE LIMITED
Registered Office :	5th Floor, New Excelsior Building, A.K. Nayak Marg, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.02.1978
Com. Reg. No.:	11-020113
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U24100MH1978PTC020113
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09572D
PAN No.: [Permanent Account No.]	AAACN0294L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Selling of Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and established company having a satisfactory track record. There appears better growth in its sales and profits during 2012. Trade relations are reported as decent. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB- (Long Term Rating)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January 15, 2013

Rating Agency Name	CRISIL
Rating	A3 (Short Term Rating)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	January 15, 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 :	5th Floor, New Excelsior Building,  A.K Nayak Marg, Fort, Mumbai - 400 001, Maharashtra, India
Tel. No.:	91-22- 22074160/ 22074157 / 22074158 / 22074159
Fax No.:	91-22- 22074199
E-Mail :	navdeepchem@eth.net navdeepank@dishnetdsl.net bhatia@navdeep.com sales@navdeep.com shridhar@navdeep.com
Website :	http://www.navdeep.com
Corporate Office :	166, Bora Bazaar Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22613855/ 22074160
Fax No.:	91-22-22074199
E-Mail :	navdeepchem@eth.net
Website :	http://www.navdeep.com
Factory :	Plot No. 430, Plot No. 409, Plot No. 1105 GIDC, Ankleshwar, Gujarat, India

DIRECTORS

As on: 21.09.2012

Name :

Mr. Deepak Vijaysinh Bhimani

Designation :

Managing Director

Address :

26, CCI Chambers, 4^th Floor, 210/211 Dinshaw Vachha Road, Churchgate, Mumbai – 400020, Maharashtra, India

Date of Birth :

31.08.1939

Date of Appointment :

01.02.1978

Voter ID No.:

MT/04/019/258719S

DIN No.:

00276661

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	U24100MH1978PTC020113	NAVDEEP CHEMICALS PRIVATE LIMITED	Managing director	01/02/1978	01/02/1978	-	Active	NO
2	U65990MH1989PTC051896	INVESTMENT CORPORATION (RATLAM) PRIVATE LIMITED	Director	01/12/1991	01/12/1991	-	Strike off	NO
3	L24100MH1992PLC066691	JAYANT AGRO-ORGANICS LIMITED	Director	27/10/2005	27/10/2005	-	Active	NO
4	U24110MH1983GAP029243	INDIAN SPECIALITY CHEMICAL MANUFACTURERS' ASSOCIATION	Director	06/09/2006	06/09/2006	-	Active	NO
5	L74999MH1964PLC012878	EXCEL CROP CARE LIMITED	Director appointed in casual vacancy	16/07/2008	16/07/2008	-	Active	NO
6	U70102MH2007PTC170614	YASHDEEP CHEMICALS (INDIA) PRIVATE LIMITED	Director	24/11/2008	24/10/2008	-	Active	NO

Name :

Mr. Amit Deepak Bhimani

Designation :

Whole Time Director

Address :

26, CCI Chambers, 4^th Floor, 210/211 Dinshaw Vachha Road, Churchgate, Mumbai – 400020, Maharashtra, India

Date of Birth :

16.11.1967

Date of Appointment :

01.03.1995

Voter ID No.:

MT/04/019/258719

DIN No.:

00146763

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	U24100MH1978PTC020113	NAVDEEP CHEMICALS PRIVATE LIMITED	Whole-time director	06/05/1996	06/05/1996	-	Active	NO
2	U65990MH1989PTC051896	INVESTMENT CORPORATION (RATLAM) PRIVATE LIMITED	Director	05/09/1997	05/09/1997	-	Strike off	NO
3	U70102MH2007PTC170614	YASHDEEP CHEMICALS (INDIA) PRIVATE LIMITED	Director	24/11/2008	24/10/2008	-	Active	NO

Name :

Mrs. Sandhya Deepak Bhimani

Designation :

Director

Address :

26, CCI Chambers, 4^th Floor, 210/211 Dinshaw Vachha Road, Churchgate, Mumbai – 400020, Maharshtra, India

Date of Birth :

21.12.1944

Date of Appointment :

01.02.1978

DIN No.:

00189397

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	U24100MH1978PTC020113	NAVDEEP CHEMICALS PRIVATE LIMITED	Whole-time director	01/02/1978	01/02/1978	-	Active	NO
2	U70102MH2007PTC170614	YASHDEEP CHEMICALS (INDIA) PRIVATE LIMITED	Director	24/11/2008	24/10/2008	-	Active	NO

Name :

Mr. Chandrahas Charandas Dayal

Designation :

Director

Address :

B-7, Arun Narayan Dhabolkar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

31.01.1944

Date of Appointment :

08.08.1991

DIN No.:

00178583

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	U74140MH1984PTC033364	DAYAL AND LOHIA FINANCE CONSULTANTS PRIVATE LIMITED	Director	06/07/1984	06/07/1984	26/02/2008	Active	NO
2	U65990MH1989PTC054474	MATURE TRADING AND INVESTMENTS PRIVATE LIMITED	Director	19/11/1990	19/11/1990	-	Active	NO
3	U24100MH1978PTC020113	NAVDEEP CHEMICALS PRIVATE LIMITED	Director	08/08/1991	08/08/1991	-	Active	NO
4	U74120GJ1989PLC012329	TML INDUSTRIES LIMITED	Director	16/07/1992	16/07/1992	-	Active	NO
5	U67190MH1994PTC079806	SYNCHROFIN SERVICES PRIVATE LIMITED	Director	22/07/1994	22/07/1994	-	Active	NO
6	U67120MH1993PTC071371	RASEERA INVESTMENTS PRIVATE LIMITED	Director	08/02/1995	08/02/1995	-	Active	NO
7	L74999MH1922PLC000997	GAMMON INDIA LIMITED	Director	29/03/1995	29/03/1995	-	Active	NO
8	U45200MH1995PTC091282	TREETOPS HOUSING AND ESTATE DEVELOPERS PRIVATE LIMITED	Director	03/06/1996	03/06/1996	02/03/2009	Active	NO
9	U25200MH1985PLC060434	CHEMSTAR ORGANICS (INDIA) LIMITED	Director	24/05/1997	24/05/1997	-	Under liquidation	NO
10	U72200MH1998PLC115320	PACIFIC NETPRO LIMITED	Director	11/06/1998	11/06/1998	-	Active	NO
11	U29290MH1998PTC116945	SPECTRUM INFORMATIVE SERVICES PRIVATE LIMITED	Director	25/02/1999	25/02/1999	-	Active	NO
12	U45203MH1999PLC122565	STFA PILING (INDIA) LIMITED	Director	12/06/2000	12/06/2000	-	Active	NO
13	U45200MH1999PLC122317	COCHIN BRIDGE INFRASTRUCTURE COMPANY LIMITED	Director	28/02/2003	28/02/2003	-	Active	NO
14	U42200MH2002PLC138442	GAMMON AND BILLIMORIA LIMITED	Director	27/12/2004	27/12/2004	-	Active	NO
15	L45203MH2001PLC131728	GAMMON INFRASTRUCTURE PROJECTS LIMITED	Director	19/09/2005	19/09/2005	-	Active	NO
16	U45203MH2005PLC155016	MUMBAI NASIK EXPRESSWAY LIMITED	Director	26/09/2006	29/06/2006	-	Active	NO
17	U45200MH2006PLC159107	GAMMON PROJECTS DEVELOPERS LIMITED	Director	29/06/2007	18/12/2006	04/10/2007	Active	NO
18	U45309MH2007PLC171578	GAMMON LOGISTICS LIMITED	Director	12/06/2007	12/06/2007	04/10/2007	Active	NO
19	U45203DL2001PLC112518	RAJAHMUNDRY EXPRESSWAY LIMITED	Director	30/09/2008	04/10/2007	-	Active	NO
20	U45203DL2001PLC112508	ANDHRA EXPRESSWAY LIMITED	Director	30/09/2008	04/10/2007	-	Active	NO
21	U74999MH2001PTC130980	EASYLINK AGENCIES AND SERVICES PRIVATE LIMITED	Additional director	16/11/2010	16/11/2010	-	Active	NO
22	U45203AP2001PTC038955	VIZAG SEAPORT PRIVATE LIMITED	Director	01/07/2011	14/03/2011	-	Active	NO

Name :

Mr. Ramnik Keshavlal Kapadia

Designation :

Additional Director

Address :

111, Rewa Apartments, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth :

23.10.1938

Date of Appointment :

19.04.2008

DIN No.:

02180684

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 21.09.2012

Names of Shareholders	No. of Shares
Amit Deepak Bhimani	7289
Amit Deepak Bhimani	3867
Amit Deepak Bhimani	19940
Amit Deepak Bhimani HUF	1500
Chaula Amit Bhimani	4341
Yash Amit Bhimani	241
Mira Amit Bhimani	55
Sandhya Deepak Bhimani	38393
Sandhya Deepak Bhimani	8135
Deepak Vijaysinh Bhimani HUF	51447
Deepak Vijaysinh Bhimani	62624
Shachi Deepak Bhimani	2168
Total	200000

Equity Share Break up (Percentage of Total Equity)

As on: 21.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Chemicals.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Alkely Aryl Sulphonic Acid and ITS Derivatives	Kgs	8400000	7512736
Fatty Acid Derivatives	Kgs	940000	382362
Textile Finishing Chemicals	Kgs	1100000	297641
Oil Field Chemicals	Kgs	1940000	17781
Others	Kgs	3630000	670144

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda Sir. P.M. Road, Laxmi Building, Fort, Mumbai – 400 001, Maharashtra, India

· Kotak Mahindra Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
From Bank
Bank of Baroda	18.643	23.786
Kotak Mahindra Bank	2.667	0.000
From Others
Life Insurance Corporation	2.060	2.060
Short Term Borrowings
Working Capital Loans	16.184	19.228
Total	39.554	45.074

Banking Relations :	--
Auditors :
Name :	G. M. Kapadia and Company Chartered Accountants
Address :	Tamarind House, 36-B, Tamarind Lane, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66775555
Fax No.:	91-22-66775500
PAN No.:	AAAFG4713G
Enterprises over which Key Management Personnel have significant influence:	Yashdeep Chemicals (India) Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	20.000
(b) Reserves & Surplus	106.149	85.289
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	126.149	105.289
(3) Non-Current Liabilities
(a) long-term borrowings	40.870	43.347
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	3.298	0.000
Total Non-current Liabilities (3)	44.168	43.347
(4) Current Liabilities
(a) Short term borrowings	32.619	31.082
(b) Trade payables	69.691	76.752
(c) Other current liabilities	22.695	18.085
(d) Short-term provisions	15.928	7.142
Total Current Liabilities (4)	140.933	133.061
TOTAL	311.250	281.697
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	106.582	110.555
(ii) Intangible Assets	3.705	3.900
(iii) Capital work-in-progress	2.471	5.108
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.038	0.038
(c) Deferred tax assets (net)	1.590	2.206
(d) Long-term Loan and Advances	7.653	6.888
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	122.039	128.695
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	29.210	32.322
(c) Trade receivables	115.242	88.293
(d) Cash and cash equivalents	13.778	10.099
(e) Short-term loans and advances	30.909	22.288
(f) Other current assets	0.072	0.000
Total Current Assets	189.211	153.002
TOTAL	311.250	281.697

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		20.000
2] Share Application Money		0.000
3] Reserves & Surplus		84.199
4] (Accumulated Losses)		0.000
NETWORTH		104.199
LOAN FUNDS
1] Secured Loans		73.362
2] Unsecured Loans		31.444
TOTAL BORROWING		104.806
DEFERRED TAX LIABILITIES		0.000
TOTAL		209.005
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		112.148
Capital work-in-progress		8.367
INVESTMENT		0.038
DEFERREX TAX ASSETS		3.224
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.254
	Sundry Debtors	84.055
	Cash & Bank Balances	8.850
	Other Current Assets	0.000
	Loans & Advances	32.935
Total Current Assets		157.094
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	54.463
	Other Current Liabilities	12.148
	Provisions	5.255
Total Current Liabilities		71.866
Net Current Assets		85.228
MISCELLANEOUS EXPENSES		0.000
TOTAL		209.005

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	539.706	425.381	353.534
		Other Income	6.513	0.338	3.877
		TOTAL (A)	546.219	425.719	357.411
Less	EXPENSES
		Cost of materials consumed	277.307	223.773
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	0.646	(5.120)
		Employee benefit Expenses	53.118	44.108
		Other Expenses	124.728	102.704
		Prior period item	0.000	0.064
		TOTAL (B)	455.799	365.529	300.195
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		90.420	60.190	57.216
Less	FINANCIAL EXPENSES (D)		17.261	14.548	11.180
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		73.159	45.642	46.036
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.038	21.706	18.292
	PROFIT BEFORE TAX (E-F) (G)		50.121	23.936	27.744
Less	TAX (H)		21.114	10.019	10.209
	PROFIT AFTER TAX (G-H) (I)		29.007	13.917	17.535
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		52.391	52.851	46.583
Add	PRIOR PERIOD ADJUSTMENT		0.000	0.000	(0.058)
Less	APPROPRIATIONS
		Transfer to General Reserve	3.000	1.550	1.850
		Interim Dividend	3.000	10.000	5.000
		Proposed Dividend	4.000	1.000	3.000
		Tax on Dividend	1.147	1.827	1.359
	BALANCE CARRIED TO THE B/S		70.251	52.391	52.851
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	184.911	150.833
	TOTAL EARNINGS		NA	184.911	150.833
	IMPORTS
		Raw Materials	52.059	58.132	51.660
	TOTAL IMPORTS		52.059	58.132	51.660
	Earnings Per Share (Rs.)		145.03	69.59	87.39

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.31	3.27	4.91
Net Profit Margin (PBT/Sales)	(%)	9.29	5.63	7.85
Return on Total Assets (PBT/Total Assets}	(%)	16.32	8.72	10.31
Return on Investment (ROI) (PBT/Networth)		0.40	0.23	0.27
Debt Equity Ratio (Total Debt/Networth)		0.58	0.71	1.01
Current Ratio (Current Asset/Current Liability)		1.34	1.15	2.19

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	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	Yes
34]	External Agency Rating, if available	Yes

Note:

The registered office of the company has been shifted Fort, Mumbai - 400001, Maharashtra, India from to the present address w.e.f. 30.05.2007

OPERATING RESULTS

During the year Company's sale grew from Rs.418.800 Millions to Rs.529.900 Millions. The Company had a profit before tax Rs.50.000 Millions for the year as compared to Rs.24.000 Millions for the previous year. Increase in the profit as compared to previous year is basically due to increase in the Export Sales. The increase in export sales has been 62% as compared to previous year. The overall increase has been 27% from the last year. The Export realization are relatively quicker that from the local customers and also the exports earnings are benefitted due to higher realization due to rupee getting weaker against the dollar.

PROSPECTS

Though the rise in sales and profitability was higher this year due to the constant rise in price of crude oil price local market turning sluggish and export not picking up the pressure on sale and profitability will be felt last 3 quarter of next financial year i.e. 2012-2013

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
From Directors	10.000	10.000
From Members	7.500	7.500
Short Term Borrowings
From Directors	4.290	2.092
From Members	12.145	9.763
Total	33.935	29.355

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Bills of exchange discounted with banks	3.078	8.167
Taxation matters in Respect of which Appeals are Pending	4.387	4.387
Outstanding Bank Guarantees for import of Raw materials and other accounts	15.999	16.086
Unexpired letter of credit for Import of Raw Materials	0.000	1.104

FIXED ASSETS

Tangible Assets

· Land

· Building

· Plant and Equipment

· Furniture and Fixture

· Vehicle

· Office Equipment

· Scientific Research Equipment

· Laboratory Equipment

· Electrical Installations

· Computer

Intangible Assets

· Computer Software

· Licenses and Franchise

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.60.34
UK Pound	1	Rs.90.79
Euro	1	Rs.77.81

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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

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

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

RATING EXPLANATIONS

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

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

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