MIRA INFORM REPORT

Report Date :

05.06.2013

IDENTIFICATION DETAILS

Name :	CALIBRE CHEMICALS PRIVATE LIMITED
Registered Office :	703, Dalamal House, 206, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.10.1983
Com. Reg. No.:	11-031128
Paid-up Capital :	Rs.1.174 Millions
CIN No.: [Company Identification No.]	U24100MH1983PTC031128
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10102B
PAN No.: [Permanent Account No.]	AAACC1952G
IEC No.:	0388099917
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Inorganic Chemicals and also engaged in Wind Power Generation.
No. of Employees :	105 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Loan : A-
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	March 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/ Corporate Office :	703, Dalamal House, 206, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22823148 / 22844335 / 22871797
Mobile No.:	91-9820050285 (Mr. N. Annaji Rao)
Fax No.:	91-22-22832087
E-Mail :	mail@calibrechem.com arao@calibrechem.com
Website :	www.calibrechem.com
Chemical Factory	901-907, 1002 and 1006, GIDC Sarigam, Umbergaon Taluka, District Valsad – 396155, Gujarat, India
Tel. No.:	91-260-2780116
Fax No.:	91-260-2781336
Wind Farm Factory :	Locations 5 and 6, Survey Number 384, Kurunga Village, Taluka Dwarka, District Jamnagar, Gujarat, India

DIRECTORS

AS ON 14.07.2012

Name :

Mr. Ranjit Hiranand Bhavnani

Designation :

Managing Director

Address :

3, Buckley Court, 5 Wodehouse Road, Mumbai - 400001, Maharashtra, India

Date of Birth :

02.11.1951

Qualification :

B. Tech, M. Tech, M.B.A.

Date of Appointment :

20.10.1983

DIN No.:

00004417

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	U29290MH1973PTC016286	IGLOO DAIRY SERVICES PRIVATE LIMITED	Managing director	01/02/1973	01/02/1973	-	Active	NO
2	U67120MH1983PTC029626	GELD INVESTMENTS PRIVATE LIMITED	Managing director	24/03/1983	24/03/1983	-	Strike off	NO
3	U67120MH1983PTC029625	ARGENT INVESTMENTS PRIVATE LIMITED	Managing director	24/03/1983	24/03/1983	-	Active	NO
4	U67120MH1983PTC029624	QUATTRINI INVESTMENTS PRIVATE LIMITED	Managing director	24/03/1983	24/03/1983	-	Strike off	NO
5	U24100MH1983PTC031128	CALIBRE CHEMICALS PRIVATE LIMITED	Managing director	20/10/1983	20/10/1983	-	Active	NO
6	U63022MH1977PTC019948	IMPERIAL COLD STORAGE PRIVATE LIMITED	Managing director	21/12/1985	21/12/1985	-	Amalgamated	NO
7	U67120MH1998PTC114377	ING INVESTMENT MANAGEMENT (INDIA) PRIVATE LIMITED	Director	25/04/2003	25/04/2003	-	Active	NO
8	U74300MH1969PTC014391	LINTAS INDIA PRIVATE LIMITED	Director	08/12/2004	08/12/2004	29/06/2007	Active	NO

Name :

Mrs. Mala Ranjit Bhavnani

Designation :

Director

Address :

3, Buckley Court, 5 Wodehouse Road, Mumbai - 400001, Maharashtra, India

Date of Birth :

02.11.1954

Qualification :

B. Sc.

Date of Appointment :

20.10.1985

DIN No.:

00004419

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	U67120MH1983PTC029626	GELD INVESTMENTS PRIVATE LIMITED	Director	24/03/1983	24/03/1983	-	Strike off	NO
2	U67120MH1983PTC029625	ARGENT INVESTMENTS PRIVATE LIMITED	Director	24/03/1983	24/03/1983	-	Active	NO
3	U67120MH1983PTC029624	QUATTRINI INVESTMENTS PRIVATE LIMITED	Director	24/03/1983	24/03/1983	-	Strike off	NO
4	U29290MH1973PTC016286	IGLOO DAIRY SERVICES PRIVATE LIMITED	Director	27/09/1984	27/09/1984	-	Active	NO
5	U24100MH1983PTC031128	CALIBRE CHEMICALS PRIVATE LIMITED	Director	20/10/1985	20/10/1985	-	Active	NO
6	U63022MH1977PTC019948	IMPERIAL COLD STORAGE PRIVATE LIMITED	Director	21/12/1985	21/12/1985	-	Amalgamated	NO

Name :

Mr. Dhanesh Choith Bhagia

Designation :

Executive Director

Address :

C-403, Ganga Estate, Behind Alur Park, Chembur, Mumbai - 400071, Maharashtra, India

Date of Birth :

08.12.1953

Qualification :

B. Tech

Date of Appointment :

20.03.1991

DIN No.:

00005472

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	U24100MH1983PTC031128	CALIBRE CHEMICALS PRIVATE LIMITED	Director	20/03/1991	20/03/1991	-	Active	NO
2	U29290MH1973PTC016286	IGLOO DAIRY SERVICES PRIVATE LIMITED	Director	20/03/1991	20/03/1991	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 14.07.2012

Names of Shareholders	No. of Shares
Ranjit H. Bhavnani	1271
Rikhil Bhavnani	1100
Mala Bhavnani	2740
Trivik Bhavnani	1100
Ranjit H. Bhavnani (HUF)	5532
Total	11743

As on 27.08.2012

Names of Allottees	No. of Shares
Ranjit H. Bhavnani	106764
Rikhil Bhavnani	92400
Mala Bhavnani	230160
Trivik Bhavnani	92400
Ranjit H. Bhavnani (HUF)	464688
Total	986412

AS ON 14.07.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Inorganic Chemicals and also engaged in Wind Power Generation.

Products :

Name	Item Code
Calcium Iodate	282990.30
Potassium Iodate	282990.30
Potassium Persulphate	283340.00

PRODUCTION STATUS (As On 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Chemicals	Kgs.	4400000	3238641
Gas Co-Gen Energy	KWHr	2055 KW	5814240
Wind Energy	KWHr	1.3 MW	2399525

GENERAL INFORMATION

No. of Employees :

105 (Approximately)

Bankers :

· Citibank N.A. , Cirigroup Centre, C-61, Bandra Kurla Complex, G-Block, Bandra (East), Mumbai – 400 051, Maharashtra, India

· State Bank of India, Nariman Point, Mumbai, Maharashtra, India

· ING Vysya Bank Limited, Altamount Road, Mumbai, Maharashtra, India

· Bank of Baroda , Sarigam Branch

· SBI Commercial and International Bank Limited, Maker Chamber 111, Nariman Point, Mumbai – 400021, Maharashtra, India

· HDFC Bank, Nariman Point, Mumbai, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan
From Banks	9.500	21.371
Demand Loan
From Banks	417.768	0.000
Total	427.268	21.371

(i) Term Loan Include

A Term loan from State Bank of India is secured by:

(a) First pari passu charge on Fixed Assets of the Company located at Sarigam, Gujarat.

(b) First pari passu charge on Stocks, Receivables and other current Assets.

(c) First charge on 2 Wind Turbines at Jamnagar, Gujarat.

(d) First charge on Fixed Assets of Igloo Dairy Services Private Limited. Located on Plots 46/5 and 46/6 APM Yard, Navi Mumbai - 400 703 (collateral security)

B Term loan from Citibank N.A. is secured bv:

(a) First pari passu charge on Fixed Assets of the Company located at Sarigam, Gujarat.

(b) First pan passu charge on Stocks and Receivables.

(c) First charge on Office No 703 Dalamal House, Nariman Point, Mumbai 400 021 belonging to Igloo Dairy Services Private Limited. (collateral security)

Name of Bank	Principal outstanding as at March 31, 2012 Rs. In Millions	Rate of Interest	Total No. of Installments outstanding	Installment Rs. In Millions	Repayable from 1st April 2012
State Bank of India	9.500	13,25%	19	0.500	October 31, 2015
Total	9.500			0.500

(ii) Terms of repayment for Long Term Borrowings outstanding as on March 31, 2012

(iii) Personal guarantee towards term loan from State Bank of India and Citibank N.A is given by two promoter-directors:

Mr. Ranjit Bhavnani (Self and HUF)

Mrs. Mala Bhavnani

(iv) Corporate guarantee towards term loan from State Bank of India and Citibank

N.A. is given by Igloo Dairy Services Private Limited, an enterprises over which directors of Company are able to exercise significant influence.

Banking Relations :	-
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage 3^rd Floor, Near Gujarat Vidhyapith , Off Ashram Road, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-27582542 / 27582543
Fax No.:	91-79-27582551
Wholly owned subsidiary:	Calibre Europe bvba
Related parties:	· Igloo Dairy Services Private Limited Address: D -57, MIDC, TTC Turbhe Navi Mumbai, Maharashtra, India · Argent Investment Private Limited · R. H. Bhavani (HUF)

CAPITAL STRUCTURE

After 14.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
998155	Equity Shares	Rs.100/- each	Rs.99.815 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11743	Equity Shares	Rs.100/- each	Rs.1.174 Millions

Notes:

Reconciliation of the shares outstandinq at the beqinninq and at the end of the reporting period:

Equity shares of Rs. 100/- each fully paid	As at March 31,2012
	Number of Shares	Rs. In Millions
Outstandinq at the beqinninq of the period	11,743	1,174,300
Add - Issued during the period	-	-
Less - Bought back during the period		-
Outstanding at the end of the period	11,743	1,174,300

Details of shareholders holding more than 5% shares in the company

Equity shares of Rs. 100/- each fully paid	As at March 31,2012
	No. of Shares held	% holding in the class
R.H.Bhavnani-HUF	5,532	47.11%
M.R.Bhavnani	2,740	23.33%
R.H.Bhavnani	1,271	10.82%
Rikhil Bhavnani	1,100	9.37%
Trivik Bhavnani	1,100	9.37%
Total	11,743	100.00%

Buy-back of shares

Particulars	No. of Shares	In Financial Year
Equity Shares of Rs. 100/- each #	3.602	2009-2010

# Buy-back of Shares: In 2009-10, the Company bought back 3,602 fully paid up equity shares of Rs. 100/- each at the price of Rs.0.010 Million per share. Consequently, the paid up equity share capital has reduced to Rs. 1.174 Millions. As required by section 77AA of the Companies Act, 1956, an amount of Rs.0.360 Million was transferred to Capital Redemption Reserve.

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		1.174	1.174	1.174
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		805.142	413.477	194.609
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		806.316	414.651	195.783
LOAN FUNDS
1] Secured Loans		427.268	21.371	126.137
2] Unsecured Loans		80.680	0.000	60.825
TOTAL BORROWING		507.948	21.371	186.962
DEFERRED TAX LIABILITIES		2.539	0.000	0.000
TOTAL		1316.803	436.022	382.745
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		132.840	99.965	96.373
Capital work-in-progress		0.000	11.876	0.000
INVESTMENT		1.059	1.059	0.000
DEFERREX TAX ASSETS		0.000	0.272	0.594
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1061.444	281.581	176.786
	Sundry Debtors	417.251	471.591	153.970
	Cash & Bank Balances	35.078	24.805	1.773
	Other Current Assets	0.548	0.088	0.205
	Loans & Advances	194.518	53.147	53.423
Total Current Assets		1708.839	831.212	386.157
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	462.498	437.702	84.466
	Other Current Liabilities	17.160	26.573	3.747
	Provisions	46.277	44.087	12.166
Total Current Liabilities		525.935	508.362	100.379
Net Current Assets		1182.904	322.850	285.778
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1316.803	436.022	382.745

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2671.832	1856.011	952.213
		Other Income	2.425	17.230	13.852
		TOTAL (A)	2674.257	1873.241	966.065
Less	EXPENSES
		Cost of Raw material consumed	1989.113	1303.036
		(increase)/decrease in stock	(264.619)	(54.267)
		Operating expenses	160.080	158.994
		Employee benefits expenses	46.936	25.098
		Other Expenses	46.370	37.903
		TOTAL (B)	1977.880	1470.764	791.508
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		696.377	402.477	174.557
Less	FINANCIAL EXPENSES (D)		35.863	26.744	30.625
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		660.514	275.733	143.932
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.865	17.054	18.898
	PROFIT BEFORE TAX (E-F) (G)		641.649	358.679	125.034
Less	TAX (H)		206.311	117.975	38.906
	PROFIT AFTER TAX (G-H) (I)		435.338	240.704	86.128
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		354.827	160.059	130.841
	Less: Transfer to Capital Redemption Reserve on buy-back of shares		0.000	0.000	0.360
	Less: Adjusted against Premium paid for buy-back of shares		0.000	0.000	36.596
Less	APPROPRIATIONS
		Transfer to General Reserve	44.200	24.100	9.000
		Dividend	37.577	18.788	9.394
		Tax on Dividend	6.096	3.048	1.560
	BALANCE CARRIED TO THE B/S		702.292	354.827	160.059
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1637.664	1226.227
		Freight and Insurance Received	13.531	16.337
	TOTAL EARNINGS		1651.195	1242.564	480.234
	IMPORTS
		Raw Materials	2042.795	1223.177	NA
	TOTAL IMPORTS		2042.795	1223.177	NA
	Earnings Per Share (Rs.)
	- Basic		37072.13	20497.74	7334.44
	- Diluted		37072.13	20497.74	7334.44

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	16.28	12.85	8.92
Net Profit Margin (PBT/Sales)	(%)	24.02	19.33	13.13
Return on Total Assets (PBT/Total Assets}	(%)	37.55	43.15	32.38
Return on Investment (ROI) (PBT/Net worth)		0.80	0.87	0.64
Debt Equity Ratio (Total Debt /Net worth)		0.63	0.05	0.95
Current Ratio (Current Asset/Current Liability)		3.25	1.64	3.85

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last four 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	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

PARTICULARS	As on 31.03.2012	As on 31.03.2011
Demand Loan
From Related Parties	80.680	0.000
Total	80.680	0.000

CONTINGENT LIABILITY

(Rs. In Millions)

Particulars	31.03.2012
a) Claims against the Company not acknowledged as debt
In case of Income Tax Matters	0.000
b) Guarantees
Corporate Guarantee to SBI Commercial & International Bank for term loan to Igloo Dairy Services Private Limited	161.400

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24100MH1983PTC031128
Name of the company	CALIBRE CHEMICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	703, Dalamal House, 206 Nariman Point, Mumbai - 400021, Maharashtra, India Email ID : mail@calibrechem.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	90242701
Type of charge	Immovable Property
Particular of charge holder	Citi Bank N. A., Trend House, 2^nd Floor, G. Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, Maharashtra, India Email ID : vlaxman@vsnl.com
Nature of instrument creating charge	Modification of Memorandum of Entry
Date of instrument Creating the charge	24.07.2012
Amount secured by the charge	Rs.437.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rates as may be determined by the bank from time to time Terms of Repayment On Demand Margin As may be stipulated by Bank from time to time Extent and Operation of the charge The Company accorded and gave oral consent to Citibank & Citibank acting for itself as well as agent of SBI to continue to hold and retain the title deeds (by way of Constructive delivery) in respect of its immovable properties as security for repayment of Rs.437.000 Millions by the Company to Citibank, with interest, costs, charges and expenses and all other money whatsoever due and payable thereon. Others Charge herein created in favour of Citibank N.A. and SBI to secure their respective facilities shall, inter se, rank first pari passu, for all purposes and to all intents.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Equitable mortgage of property including land and building located at Plot No.901, 903, and 905, GIDC, Sarigam, Umbergaon Taluka, District Valsad, Gujarat-396155. Equitable mortgage of property including land and building located at Plot No.907, 1002 and 1006, GIDC, Sarigam, Umbergaon Taluka, District Valsad, Gujarat - 396155.
Date of instrument modifying the charge	01.07.2011
Particulars of the present modification	The mortgage/charge now increased from Rs.346.000 Millions to Rs.437.000 Millions, against the security of immovable properties of the Company being lying and situate at GIDC Sarigam Umbergaon, Taluka, District Valsad, Gujarat.

Fixed Assets:

· Leasehold Land

· Buildings

· Plant and Machinery

· Wind Mills

· Electrical Installation

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Data Processing Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.64
UK Pound	1	Rs.86.69
Euro	1	Rs.73.97

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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		58

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.