MIRA INFORM REPORT

Report Date :

19.07.2013

IDENTIFICATION DETAILS

Name :	GANSONS LIMITED
Registered Office :	157/158 A, Akbar Camp Road, Sandoz Baug, Kolshet, Thane – 400607, Maharashtra.
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.08.1947
Com. Reg. No.:	11-005906
Capital Investment/ Paid-up Capital:	Rs. 14.400 Millions
CIN No.: [Company Identification No.]	U24110MH1947PLC005906
TAN No.: [Tax Deduction & Collection Account No.]	NSKG00057B/PNEG04669A
PAN No.: [Permanent Account No.]	AAACG1699Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceuticals Machinery.
No. of Employees:	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 710000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears substantial dip in the sales turnover as well as net profitability during 2012. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	BB (Long Term Issuer)
Rating Explanation	The rating indicator and elevated vulnerability of default risk. Particular in the result of adverse change in business or economic condition.
Date	November 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

Name :	Mr. P M Rode
Designation :	Chief Accountant
Contact No.:	91-22-25314052
Date :	18.07.2013

LOCATIONS

Registered Office / Head Office / Factory 1 :	157/158 A, Akbar Camp Road, Sandoz Baug, Kolshet, Thane – 400607, Maharashtra, India
Tel. No.:	91-22-25314052 / 55
Fax No.:	91-22-25894003
E-Mail :	accounts@gansons.co.in pmrode@gansons.co.in sales@gansons.co.in export@gansons.co.in
Website :	www.gansons.com
Regional Offices :	· 59-B, Chowringhee Road, Kolkata-700020, West Bengal, India · 358, Anna Salai, Chennai – 600006, Tamilnadu, India · 114, The Shopping Mall, 1st Floor, Arjun Marg, DLF Qurub Enclave, Phase-I, Gurgaon – 122002, Haryana, India · Cl-94, Sector-II, Salt Lake, Kolkata-700091, West Bengal, India
Factory 2:	Industrial Gala No. B/18, In Osia Mata Compound, Village Kalher, Taluka-Bhiwandi, District Thane-421302, Maharashtra, India
Factory 3 :	G – 10, MIDC Area., Hingna Industtrial Estate, Hingna Road, Nagpur – 440028, Maharashtra, India (DIN EN ISO 9001:2008 Certified)
Factory 4 :	Plot No. C – 5/2, MIDC Area, Ambad, Nashik – 422010, Maharashtra, India
Tel No.:	91-253-2383352
Fax No.:	91-253-2382401

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Nilimendra Nath Banerjee
Designation :	Whole Time Director
Address :	39, Kamala, Jai-Hin Co-Operative Housing Society, J.V.P.D. Scheme, Juhu, Mumbai-400049, Maharashtra, India
Date of Birth/Age :	29.06.1925
Date of Appointment :	27.09.1957
Date of Cessation :	08.02.2013
DIN No.:	00317580
Name :	Mr. Ashis Banerjee
Designation :	Managing Director
Address :	“Kamal”,39, Jai –Hind, Co–operative Housing Society, JVPD, Scheme, Juhu, Mumbai -400049, Maharashtra, India
Date of Birth :	01.02.1960
Date of Appointment :	01.09.1997
DIN No.:	00317649
Name :	Mr. Shamaldas Jivandas Parekh
Designation :	Director
Address :	11/195, “Parvati”, Station Avenue Road, D.K. Sandu Marg, Chembur, Mumbai-400071, Maharashtra, India
Date of Birth/Age :	20.01.1923
Date of Appointment :	14.09.1967
DIN No.:	00317504
Name :	Mr. Banwarilal Goenka
Designation :	Director
Address :	Goenka House, 9, Union Park, Chembur, Mumbai-400071, Maharashtra, India
Date of Birth/Age :	15.10.1921
Date of Appointment :	14.12.1976
DIN No.:	00317181
Name :	Mr. Subroto Banerjee
Designation :	Director
Address :	3203, Ivory Creek, San Antonio, Tx – 78258, USA
Date of Birth/Age :	18.11.1964
Date of Appointment :	29.12.2003
DIN No.:	00989283
Name :	Dr. Kalimohan Bhattacharya
Designation :	Director
Address :	Building No. 11 D, Flat No. 703, Spring Leaf, Lokhandwala Township, Akurli Road, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	04.12.1938
Date of Appointment :	28.09.2004
DIN No.:	00318457
Name :	Mr. Gopal Goswami
Designation :	Whole Time-Director
Address :	102, Abhyankar Nagar, Nagpur – 440010, Maharashtra, India.
Date of Birth/Age :	30.05.1945
Date of Appointment :	12.01.2005
DIN No.:	00319142
Name :	Mr. Kavan Jagdish Mukhtyar
Designation :	Director
Address :	1409, Magnum Tower, 2^nd Cross Road, Lokhandwala Complex, Lokhandwala Complex, Andheri (West), Mumbai-400053, Maharashtra, India
Date of Birth/Age :	18.01.1973
Date of Appointment :	05.12.2011
DIN No.:	00501595

KEY EXECUTIVES

Name :	Mr. Vasant Dattatray Goray
Designation :	Company Secretary
Address :	103, “A”, Wing, Prakriti Apts., Raghunath Nagar, Kay Kay Mill Compound, Thane (West), Thane – 400604, India
Date of Birth/Age :	20.02.1950
Date of Appointment :	01.11.1996
PAN No.:	ABLPG7786R
Name :	Mr. P M Rode
Designation :	Chief Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Note: Shareholder details file attached.

AS ON 28.09.2012

Equity Shares Break Up	Percentage of Holding
Public financial companies	3.13
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.07
Bodies corporate	35.57
Directors or relatives of Directors	53.38
Other top fifty shareholders	6.91
Others	0.94
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceuticals Machinery.

Products :

ITEM CODE NO. (ITC CODE)	PRODUCT DESCRIPTION
847989.02	Chemical Plant and Other Machinery for Manufacturing Chemicals, Pharmaceuticals etc
847989.02	Mixing, Sifting, Emulsifying, Stirring Machines.
7309.00	Tank and similar containers of steel of a capacity exceeding 300 Litres.

Exports :

Products :

· Chemical Plant

· Manufacturing Chemicals

· Pharmaceuticals

Countries :

· London

· China

· Malaysia

Imports :

Products :

Raw Material

Countries :

· Germany

· Canada

Terms :

Selling :

Credit, Advanced / Depend

Purchasing :

Credit, Advanced / Depend

PRODUCTION STATUS (AS ON : 31.03.2011)

i) Licensed/Installed capacities, are as under :

Thane: Capacity fixed in terms of the quantities of various equipments.

Estimated value of Rs. 300.000 Millions

Nagpur: Capacity fixed in terms of tonnage is 800 M/Tons.

Estimated value Rs. 200.000 Millions

Nasik: Capacity partly in quantity, partly in value

Estimated value Rs. 75.000 Millions

Installed capacity is as certified by Management and accepted by the Auditors being a technical matter.

Particulars	Unit	Actual Production
Process Eqpt. and/or Components for Chemical, Pharmaceuticals, Food and Allied Industries	No.	4120

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

500 (Approximately)

Bankers :

· State Bank of India, Commercial Branch “Bullet Building” L.N Road, Dadar (East) Mumbai – 400014, Maharashtra, India

· ICICI Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
LONG TERM BORROWINGS
Term loans
State Bank of India (Secured by hypothecation of machinery and hypothecation charge on current assets of the Company). (The above is fully guaranteed by 2 Directors of the Company	1.963	0.000
Other loans and advances
Car Loans
From ICICI Bank Limited (Secured by Hypothecation of Motor Car purchased under higher purchase scheme)	0.621	1.160
SHORT TERM BORROWINGS
LOANS REPAYABLE ON DEMAND
FROM STATE BANK OF INDIA
Cash Credit Account (Secured against hypothecation of entire stock of raw material, Finished goods, Stock in process stores and spares whether in possession or under the control of Company, as also book debts-present and future and mortgage of company's entire immovable assets). (The above is fully guaranteed by 2 Directors of the Company.)	69.477	69.069
TERM LOANS
FROM STATE BANK OF INDIA	2.900	0.000
(Secured by hypothecation of machinery and hypothecation charge on current assets of the Company.) (The above is fully guaranteed by 2 Directors of the Company)
Interest accrued and due on Term Loan	0.125	0.000
CAR LOANS
From ICICI Bank Limited (Secured by Hypothecation of Motor Car purchased under higher purchase scheme)	0.450	0.407
ADVANCES FROM CUSTOMERS {Out of the above amount, Rs.20.983 Millions is secured by bank guarantees given by State Bank of India (Previous year Rs.28.842 Millions)}	31.714	45.217
TOTAL	107.250	115.853

Banking Relations :	--
Auditors :
Name :	N.S. Gokhale and Company Chartered Accountant
Address :	104, Siddharth Darshan, 1^st Floor, Dada Patil Wadi, Dada Patil Marg, Thane – 400607, India
PAN No.:	AAAFN1445J
Associates :	· Gansons Engrs. Private Limited · Gansons Marketing Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1925000	Equity Shares	Rs.10/- each	Rs. 19.250 Millions
75000	Preference Shares	Rs.10/- each	Rs. 0.750 Million
	TOTAL		Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1440000	Equity Shares	Rs.10/- each	Rs. 14.400 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	14.400	14.400
(b) Reserves & Surplus	165.476	150.198
(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)	179.876	164.598
(3) Non-current liabilities
(a) long-term borrowings	13.128	4.160
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	13.128	4.160
(4) Current liabilities
(a) Short term borrowings	104.666	114.693
(b) Trade payables	85.333	108.418
(c) Other current liabilities	3.454	3.936
(d) Short-term provisions	68.303	91.631
Total Current Liabilities (4)	261.756	318.678
TOTAL	454.760	487.436
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	70.900	65.385
(ii) Intangible Assets	0.761	0.000
(iii) Capital work-in-progress	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	71.661	65.385
(2) Current assets
(a) Current investments	0.003	0.003
(b) Inventories	146.998	142.215
(c) Trade receivables	79.280	112.046
(d) Cash and cash equivalents	73.604	72.900
(e) Short-term loans and advances	82.758	94.401
(f) Other current assets	0.456	0.486
Total Current Assets	383.099	422.051
TOTAL	454.760	487.436

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		14.400
2] Share Application Money		0.000
3] Reserves & Surplus		119.730
4] (Accumulated Losses)		0.000
NETWORTH		134.130
LOAN FUNDS
1] Secured Loans		38.222
2] Unsecured Loans		3.000
TOTAL BORROWING		41.222
DEFERRED TAX LIABILITIES		0.000
TOTAL		175.352
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		65.778
Capital work-in-progress		0.000
INVESTMENT		0.003
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	107.779
	Sundry Debtors	58.439
	Cash & Bank Balances	88.514
	Other Current Assets	0.000
	Loans & Advances	76.750
Total Current Assets		331.482
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	127.999
	Other Current Liabilities	36.739
	Provisions	57.173
Total Current Liabilities		221.911
Net Current Assets		109.571
MISCELLANEOUS EXPENSES		0.000
TOTAL		175.352

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	634.525	687.173	485.703
		Other Income	16.354	10.416	12.689
		TOTAL (A)	650.879	697.589	498.392
Less	EXPENSES
		Cost of materials consumed	380.316	424.736	477.537
		Purchase of Stock-in-Trade	1.153	0.467
		Employee benefits expenses	138.867	131.258
		Other expenses	83.918	91.573
		Changes in inventories of finished goods work-in-progress and stock-in-Trade	(6.992)	(13.172)
		TOTAL (B)	597.262	634.862	477.537
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		53.617	62.727	20.855
Less	FINANCIAL EXPENSES (D)		19.359	13.946	6.850
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34.258	48.781	14.005
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.476	4.280	4.019
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		29.782	44.501	9.986
Less	TAX (H)		(12.281)	(11.800)	4.402
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		17.501	32.701	5.584
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.530	15.514	13.615
Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	35.000	2.000
		Dividend	1.440	1.440	1.685
		Tax on Dividend	0.234	0.245	0.000
	BALANCE CARRIED TO THE B/S		7.357	11.530	15.514
	EARNINGS IN FOREIGN CURRENCY		24.830	95.897	33.520
	IMPORTS
		Raw Materials	2.402	11.642	1.530
		Stores & Spares	74.588	68.810	24.272
	TOTAL IMPORTS		76.990	80.452	25.802
	Earnings / (Loss) Per Share (Rs.)		12.15	22.71	3.88

Particulars	31.03.2013
Sales Turnover (Approximately)	740.000

The above information has been parted by Mr. P M Rode.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.69	4.69	1.12
Net Profit Margin (PBT/Sales)	(%)	4.69	6.48	2.06
Return on Total Assets (PBT/Total Assets}	(%)	7.77	10.54	2.51
Return on Investment (ROI) (PBT/Networth)		0.17	0.27	0.07
Debt Equity Ratio (Total Debt /Networth)		0.65	0.72	0.31
Current Ratio (Current Asset/Current Liability)		1.46	1.32	1.49

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

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
LONG TERM BORROWINGS
Other Loans and advances
Loan from Director	10.544	3.000
TOTAL	10.544	3.000

CURRENT MATURITIES OF LONG TERM DEBT

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Current Maturities Of Long Term Debt	NA	NA	NA
TOTAL	NA	NA	NA

FINANCIAL RESULTS

During the year the Company achieved Sales of Rs. 634.500 Millions as against the sales of Rs. 687.200 Millions for the previous year. The Company has earned a Profit of Rs. 17.500 Millions for the year as compared to a profit of Rs. 32.700 Millions in the previous year.

PROSPECTS

The Company had pending orders of Rs. 239.200 Millions in hand as on 31st March, 2012. Further orders amounting to Rs. 177.800 Millions were booked during the first three months of the current year as compared to Orders of Rs. 158.600 Millions booked during the same period in the previous year.

During the year even though the Company has achieved lower sales and profits as compared to previous year, the performance should be considered satisfactory taking into account the economic situation prevailing in the country.

The Current Year has begun on an optimistic note as the orders booked in the 1st quarter of the Current Year are higher than that of the previous year. The despatches for the 1st quarter are also higher than that of the previous year. The Company expects to continue this trend in the coming quarters also.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
For counter guarantees to Bank	71.574	92.589
For counter claims Iodged by the customers against the Company but not accepted by the Company.	20.307	20.307
Excise Duty Demanded by the Department disputed by the Company in appeal	0.000	0.232
Service Tax demanded by the Department disputed by the company in appeal	1.408	1.408
Sales Tax demanded by the Department disputed by the Company in appeal	0.197	0.000
Municipal Taxes demand by Calcutta Municipal Corporation disputed by the Company appeal.	2.192	2.192
Works contract Tax demanded by the Authority but disputed by the Company	0.506	0.000
Income Tax and Interest thereon for the following Assessment Year demanded by the Income Tax Department but disputed by the Company in appeal and in rectification applications before authority is pending. Assessment Years Amount 2002-2003 0.911 2006-2007 4.186 2007-2008 1.158 * {Income Tax Department has already adjusted / withheld refund due to the Company of Rs.5.000 Millions (Approximately) against this demand.}	*9.844	6.255
TOTAL	106.028	122.983

FORM 8

Corporate identity number of the company	U24110MH1947PLC005906
Name of the company	GANSONS LIMITED
Address of the registered office or of the principal place of business in India of the company	157/158 A, Akbar Camp Road, Sandoz Baug, Kolshet, Thane – 400607, Maharashtra, India Email: pmrode@gansons.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90150295
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Commercial Branch “Bullet Building” L.N Road, Dadar (East) Mumbai – 400014, Maharashtra, India Email: sbi.04114@sbi.co.in
Nature of instrument creating charge	Memorandum of Deposit for Mortgage by Deposit of Title Deeds Letter regarding grant of individual limits within overall limit
Date of instrument Creating the charge	27.01.2012
Amount secured by the charge	Rs.364.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanctioned terms and conditions Term of Payment: As per sanctioned terms and conditions Margin As per sanctioned terms and conditions Extent and operation of the charge As per sanctioned terms and conditions
Short particulars of the property charged (Including location of the property)	Plot No. G-10 in Nagpur Industrial Area within village limits of Sonegaon Taluka and Registration Sub-District Nagpur and registration district Nagpur adm.12000 sq. mtrs. Plot No.C-5/2 in the additional Nasik Industrial Area, within village limits of Ambad Taluka and registration sub district Nasik, District and Registration District Nasik adm.4192 sq mtrs. Office premises bearing no. 118 to 121 admeasuring 3869 sq. ft. in 1st floor of the building Swastik Chambers, CST Road, Chembur,Mumbai-400 071. All those piece or parcels of non agricultural lands and premises situate at Village Balkum, in the registration district Thane and more particularly specified in First Schedule of Form C-10 attached to this Form.
Date of last modification prior to the present modification	27.01.2012
Particulars of the present modification	Charge originally created on 07/10/1994 by deposit of title deeds with the Bank. Now by this modification, the charge on the immovable properties of the Company extended on the aggregate sum limit of 364.900 Millions consist of Fresh Term Loan of Rs. 8.000 Millions.

FIXED ASSETS

· Land on Perpetual Lease at Thane

· Leasehold Land at Nagpur

· Leasehold Land at Nashik

· Factory Building Thane on Lease hold land

· Factory Building Nagpur on Lease hold land

· Factory Building Nashik on Lease hold land

· Office Premises, Mumbai

· Ownership Flats, Nashik

· Office Premises Delhi

· Machinery

· Vehicles

· Typewriter and Office

· Equipment

· Furniture and Fixture

· Electric Fittings and Installations

· Air Conditioners

· R and D Machinery

· Computer

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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. 59.71
UK Pound	1	Rs. 90.58
Euro	1	Rs. 78.21

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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		43

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.