1. Summary Information

		Country	India
Company Name	CICO TECHNOLOGIES LIMITED	Principal Name 1	Mrs. Anasuya Gupta
Status	Satisfactory	Principal Name 2	Mr. Ajoy Kumar Ghosh
		Registration #	55-103782
Street Address	C-44/2, 1^stand 2^nd Floor, Okhla Industrial Area, Phase – II, New Delhi – 110020
Established Date	15.02.2000	SIC Code	--
Telephone#	91-11-40509400	Business Style 1	Manufacturer
Fax #	91-11-40509413	Business Style 2	--
Homepage	http://www.cicogroup.com	Product Name 1	Chemical Waterproofing Compounds
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.15,643,000/-	Product Name 3	--
Shareholders	Bodies corporate 96.47%, Directors or relatives of directors 3.53%	Banking	Bank of India
Public Limited Corp.	No	Business Period	13 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (47)
Related Company
Relation	Country	Company Name	CEO
Holding Company	--	Bengal Ceramics Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	298,401,000	Current Liabilities	220,768,000
Inventories	84,777,000	Long-term Liabilities	135,561,000
Fixed Assets	91,708,000	Other Liabilities	10,239,000
Deferred Assets	59,702,000	Total Liabilities	366,568,000
Invest& other Assets	1,990,000	Retained Earnings	154,367,000
		Net Worth	170,010,000
Total Assets	536,578,000	Total Liab. & Equity	536,578,000
Total Assets (Previous Year)	441,562,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales/ Total Income	625,866,000	Net Profit	5,811,000
Sales(Previous yr)/ Total Income	559,610,000	Net Profit(Prev.yr)	10,487,000

MIRA INFORM REPORT

Report Date :

25.06.2013

IDENTIFICATION DETAILS

Name :	CICO TECHNOLOGIES LIMITED
Registered Office :	C-44/2, 1^stand 2^nd Floor, Okhla Industrial Area, Phase – II, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.02.2000
Com. Reg. No.:	55-103782
Capital Investment / Paid-up Capital :	Rs.15.643 Millions
CIN No.: [Company Identification No.]	U99999DL2000PLC103782
TAN No.: [Tax Deduction & Collection Account No.]	DELC04746A
PAN No.: [Permanent Account No.]	AABCC2930K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Chemical Waterproofing Compounds and Repair and Rehabilitation of Civil Structures.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 680000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears some dip in the profitability of the company during 2012. However, financial position of the company appears good. Trade relations are reported as decent. Business is active. Payment terms are reported as usually correct and as per commitment. 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 – 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	SE 1B
Rating Explanation	Highest performance capability and moderate financial strength
Date	25.01.2013

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 :	C-44/2, 1^stand 2^nd Floor, Okhla Industrial Area, Phase – II, New Delhi – 110 020, India
Tel. No.:	91-11-40509400
Fax No.:	91-11-40509413
E-Mail :	cicotech@cicogroup.com
Website :	http://www.cicogroup.com
Zonal Office :	Located At: · Mumbai · Bangalore · Kolkata · Chennai

DIRECTORS

AS ON 31.08.2012

Name :

Mrs. Anasuya Gupta

Designation :

Managing Director

Address :

S-29, Greater Kailash –II, New Delhi – 110 048, India

Date of Birth/Age :

30.06.1960

Date of Appointment :

26.02.2008

DIN No.:

00186729

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	Company/ LLP Status	Defaulting status
1	U26921HR1987PLC029054	BENGAL CERAMICS LIMITED	Director	28/08/1987	28/08/1987	Active	NO
2	U51909DL1985PLC022429	FRC COMPOSITES INDIA LIMITED	Director	29/09/1999	29/09/1999	Active	NO
3	U99999DL2000PLC103782	CICO TECHNOLOGIES LIMITED	Managing director	26/02/2008	15/02/2000	Active	NO
4	U51496HR2001PLC038457	CICO TECHNOTRADE LIMITED	Director	09/03/2001	09/03/2001	Active	NO
5	U74899DL1990PTC040105	CICO TOSHIN SERVICES PRIVATE LIMITED	Director	31/08/2001	31/08/2001	Strike off	NO
6	U74210DL1997PTC091268	SRG PROJECTS PRIVATE LIMITED	Director	14/08/2011	01/03/2008	Active	NO
7	U24100DL2008PTC179407	CORCHEM INDIA PRIVATE LIMITED	Director	12/06/2008	12/06/2008	Active	NO

Name :

Mr. Ajoy Kumar Ghosh

Designation :

Director

Address :

B-502, “Kaveri Apartment’, Alaknada, New Delhi – 110 019, India

Date of Birth/Age :

21.10.1938

Date of Appointment :

30.09.2009

DIN No.:

00005404

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	Company/ LLP Status	Defaulting status
1	U28932DL1993PTC054825	GARDTOOLS PRIVATE LIMITED	Director	10/12/1996	10/12/1996	Active	YES
2	L31200HR1989PLC035580	EON ELECTRIC LIMITED	Director	24/06/2005	24/06/2005	Active	NO
3	U45201DL2008PTC172695	CICO PROJECTS PRIVATE LIMITED	Director	15/01/2008	15/01/2008	Strike off	NO
4	U99999DL2000PLC103782	CICO TECHNOLOGIES LIMITED	Director	30/09/2009	07/09/2009	Active	NO
5	L31401HR2011PLC042015	ADVANCE METERING TECHNOLOGY LIMITED	Director	29/09/2012	06/04/2012	Active	NO

Name :

Mr. Amitava Ray

Designation :

Director

Address :

B-181, Sector-41, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

30.10.1945

Date of Appointment :

30.09.2009

DIN No.:

00184143

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	Company/ LLP Status	Defaulting status
1	U28932DL1993PTC054825	GARDTOOLS PRIVATE LIMITED	Director	10/12/1996	10/12/1996	Active	YES
2	L31200HR1989PLC035580	EON ELECTRIC LIMITED	Director	24/06/2005	24/06/2005	Active	NO
3	U45201DL2008PTC172695	CICO PROJECTS PRIVATE LIMITED	Director	15/01/2008	15/01/2008	Strike off	NO
4	U99999DL2000PLC103782	CICO TECHNOLOGIES LIMITED	Director	30/09/2009	07/09/2009	Active	NO
5	L31401HR2011PLC042015	ADVANCE METERING TECHNOLOGY LIMITED	Director	29/09/2012	06/04/2012	Active	NO

Name :

Ms. Ashmita Gupta

Designation :

Director

Address :

S-29, Greater Kailash –II, New Delhi – 110 048, India

Date of Birth/Age :

11.10.1988

Date of Appointment :

29.02.2008

DIN No.:

02098714

Name :

Mr. Abhiroop Gupta

Designation :

Director

Address :

S-29, Greater Kailash –II, New Delhi – 110 048, India

Date of Birth/Age :

06.09.1991

Date of Appointment :

30.09.2009

DIN No.:

02778957

Name :

Mr. Abhoy Charan Sengupta

Designation :

Alternate Director

Address :

255/7/2, N.S.C. Bose, Kolkata – 700 047, West Bengal, India

Date of Birth/Age :

04.11.1965

Date of Appointment :

12.08.2011

DIN No.:

01461133

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.08.2012

Names of Shareholders	No. of Shares
Anasuya Gupta	55166
Bengal Ceramics Limited, India	1459105
Ashmita Gupta	1
Abhiroop Gupta	1
Abhoy Charan Sengupta	10
FRC Composites India Limited, India	50000
Geeta Sengupta	10
Total	1564293

AS ON 31.08.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	96.47
Directors or relatives of directors	3.53
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Chemical Waterproofing Compounds and Repair and Rehabilitation of Civil Structures.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
		per annum
Waterproofing and Construction Compounds	Kg./ Ltr.	N.A.	13500000	13266000

GENERAL INFORMATION

Customers :

· Delhi Metro Rail Corporation

· KOLDAM

· Nathpa Jhakri Power Corporation

· Delhi Jal Board

· U P Jal Nigam

· Madras Atomic Power Station

· Hindustan Paper Corporation Limited

· Central Public Works Department

· Balco Captive Power Project

· Nuclear Power Corporation of India Limited

· National Highway Project

· DLF Group

· New Delhi Municipal Corporation

· National Thermal Power Corporation

No. of Employees :

Not Available

Bankers :

· Bank of India, Pahar Ganj Branch, New Delhi – 110 055, India

· ING Vysya Bank Limited, 23, Barakhamba Road, New Delhi – 110 001, India

· ING Vysya Bank Limited, Connaught Place, Delhi – 110 001, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India

· HDFC Bank Limited

· Allahabad Bank

· ICICI Bank Limited

Facilities :

Secured Loan

As on 31.03.2012

[Rs. in Millions]

As on 31.03.2011

[Rs. in Millions]

Long Term Borrowings

Term Loans from Banks

26.294

33.575

Other Term Loans from Banks Secured Long Term Borrowings

2.005

2.620

Short Term Borrowings

Cash Credit from Banks

88.947

60.638

Other Loans (NSIC) Secured

18.315

1.211

Total

135.561

98.044

Term Loan

(i) Loans of Rs 41.074 Millions (Previous Year Rs 45.517 Millions) as shown in long term borrowings and other current liabilities in Note‐10 (a) are secured by first and exclusive charge on all existing and future current assets/ moveable fixed assets and by personal guarantee of a Director and Corporate guarantee given by Bengal Ceramics Limited amounting to Rs. 213.200 Millions against finance facilities.

Above loans are further secured by way of Equitable/Registered mortgage of factory land and building situated at Haridwar, Dehradun owned by the

Company and factory land and building situated at Gurgaon owned by Bengal Ceramics Limited, a company under the same.

(ii) Repayments and interest rates for the above term loans are as follows:‐

Year	2012-13	2013-14	2014-15	2015-16 and Above
Amount (Rs in Millions)	14.781	15.287	7.383	3.624

The interest rate for the above term loans varies from 13% to 14.25% p.a

Other Term Loans From Bank

(i) Hire purchase Car Loan of Rs 0.194 Millions (Previous Year Rs 0.253 Millions) as shown in long term borrowings and other current liabilities in Note‐10(a) are secured by hypothecation of asset acquired by this loan.

(ii) Hire purchase Car Loans of Rs 1.125 Millions (Previous Year Rs 0.208 Millions) as shown in long term borrowings and other current liabilities in Note‐10(a) are secured by hypothecation of assets acquired by this loan.

(iii) Hire purchase Car Loan of Nil (Previous Year Rs 0.081 Million) as shown in long term borrowings and other current liabilities in Note‐10(a) are secured by hypothecation of asset acquired by this loan.

(iv) Hire purchase Car Loans of Rs 2.381 Millions (Previous Year Rs 3.685 Millions) as shown in long term borrowings and other current liabilities in Note‐10(a) are secured by hypothecation of assets acquired by this loan.

(v) Hire purchase Car Loan of Rs 0.471 Millions (Previous Year Nil) as shown in long term borrowings and other current liabilities in Note‐10(a) are secured by hypothecation of asset acquired by this loan.

Repayments and interest rates for the above term loans are as follows:‐

Year	2012-13	2013-14	2014-15	2015-16 and Above
Amount (Rs in Millions)	2.167	1.798	0.207	-

The interest rate for the above term loans varies from 6% to 12.74% p.a.

Cash Credit from Bank

Secured by first and exclusive charge on all existing and future current assets and by personal guarantee of a Director and Corporate guarantee given by

Bengal Ceramics Limited amounting to Rs. 213.200 Millions against finance facilities.

Above loans are further secured by way of Equitable/Registered mortgage of factory land & building situated at Haridwar, Dehradun owned by the company and factory land and building situated at Gurgaon owned by Bengal Ceramics Limited a company under the same.

The interest rate for the above cash credit varies from 13% to 14.25% p.a

Other Loans

Loan secured against Bank Guarantees issued to NSIC.

The interest rate for the above loan varies from 12% to 13.40% p.a

Banking Relations :	--
Auditors :
Name :	S.S. Kothari Mehta and Company Chartered Accountants
Address :	146-149, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110 065, India
Tel. No.:	91-11-46708888
Fax No.:	91-11-66628889
E-Mail :	delhi@sskmin.com
PAN.:	AABFS6730L
Holding Company :	Bengal Ceramics Limited CIN No.: U26921HR1987PLC029054
Subsidiaries :	CICO Technotrade Limited CIN No.: U51496HR2001PLC038457

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1564293	Equity Shares	Rs.10/- each	Rs.15.643 Millions

a) Terms/rights attached to equity shares. The Company has only one class of equity shares having par value of Rs.10/‐ per share. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive assets of the Company. The distribution will be in proportion the number of equity shares held by the shareholders.

b) Detail of Shareholders holding more than 5% shares in the Company

Name of the Shareholder	Number of Shares	% of holding
Equity Shares of Rs.10 each fully paid up
Bengal Ceramics Limited	1281829	81.94
Nandi Investment Limited	177276	11.33

As per of the Company, including register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

c) Aggregate number of bonus shares issued and shares issued for consideration other than cash during the period of five years immediately preceding the reporting date:

The Company has not issued any bonus shares nor has there been any buy back of shares during five years immediately preceding 31st March, 2012.

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	15.643	15.643
(b) Reserves & Surplus	154.367	148.556
(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)	170.010	164.199
(3) Non-Current Liabilities
(a) long-term borrowings	28.299	36.195
(b) Deferred tax liabilities (Net)	8.697	5.526
(c) Other long term liabilities	11.572	9.702
(d) long-term provisions	1.147	1.010
Total Non-current Liabilities (3)	49.715	52.433
(4) Current Liabilities
(a) Short term borrowings	107.262	61.849
(b) Trade payables	97.481	77.325
(c) Other current liabilities	111.715	85.543
(d) Short-term provisions	0.395	0.213
Total Current Liabilities (4)	316.853	224.930
TOTAL	536.578	441.562
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	89.878	83.963
(ii) Intangible Assets	1.830	2.195
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.990	1.990
(c) Deferred tax assets (net)	59.702	21.915
(d) Long-term Loan and Advances	0.696	0.261
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	154.096	110.324
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	84.777	72.015
(c) Trade receivables	242.835	200.240
(d) Cash and cash equivalents	6.927	9.248
(e) Short-term loans and advances	46.771	48.712
(f) Other current assets	1.172	1.023
Total Current Assets	382.482	331.238
TOTAL	536.578	441.562

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.643
2] Share Application Money		0.000
3] Reserves & Surplus		138.068
4] (Accumulated Losses)		0.000
NETWORTH		153.711
LOAN FUNDS
1] Secured Loans		104.746
2] Unsecured Loans		0.000
TOTAL BORROWING		104.746
DEFERRED TAX LIABILITIES		7.320
TOTAL		265.777
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		87.202
Capital work-in-progress		0.000
INVESTMENT		1.990
DEFERRED TAX ASSETS		0.000
OTHER NON CURRENT ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	68.358
	Sundry Debtors	185.890
	Cash & Bank Balances	19.483
	Other Current Assets	0.000
	Loans & Advances	64.084
Total Current Assets		337.815
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	115.908
	Other Current Liabilities	45.322
	Provisions	0.000
Total Current Liabilities		161.230
Net Current Assets		176.585
MISCELLANEOUS EXPENSES		0.000
TOTAL		265.777

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Revenue from Operation	625.866	559.610
		Other Income	4.606	3.079
		TOTAL (A)	630.472	562.689
Less	EXPENSES
		Cost of materials consumed	352.710	311.695
		Job work charges	53.372	61.011
		Trading goods consumed	0.805	0.962
		Employee benefits expense	52.738	44.089
		Other expenses	134.249	112.444
		Changes in inventories of finished goods, work‐in‐process and Stock‐in‐Trade	(2.024)	0.965
		TOTAL (B)	591.850	531.166
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		38.622	31.523
Less	INTEREST & FINANCE EXPENSES (D)		20.205	14.721
Less	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.417	16.802
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.135	6.009
	PROFIT BEFORE TAX (E-F) (G)		11.282	10.793
Less	TAX (H)		5.471	0.306
	PROFIT AFTER TAX (G-H) (I)		5.811	10.487
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		72.230	61.743
Less	APPROPRIATIONS
		Transfer to General Reserve	78.041	72.230
	BALANCE CARRIED TO THE B/S		0.000	0.000
	Earnings Per Share (Rs.)		3.72	6.70

	PARTICULARS		31.03.2010
	SALES
		Sales (Net)	419.063
		Job Receipts	107.453
		Other Income	2.744
		TOTAL (A)	529.260
Less	EXPENSES
		Manufacturing and Other Expenses	299.433
		Job Expenses	54.652
		Operating and Other Expenses	143.373
		TOTAL (B)	497.458
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.802
Less	INTEREST & FINANCE EXPENSES (D)		14.047
Less	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.755
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.471
	PROFIT BEFORE TAX (E-F) (G)		12.284
Less	TAX (H)		3.863
	PROFIT AFTER TAX (G-H) (I)		8.421
	PRIOR PERIOD EXPENDITURE		0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		53.322
	BALANCE CARRIED TO THE B/S		61.743
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.942
	TOTAL EARNINGS		2.942
	IMPORTS
		Raw Materials	20.464
		Traveling	0.122
	TOTAL IMPORTS		20.586
	Earnings Per Share (Rs.)		5.38

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.92	1.86	1.59
Net Profit Margin (PBT/Sales)	(%)	1.80	1.93	2.93
Return on Total Assets (PBT/Total Assets}	(%)	2.37	2.58	2.89
Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.08
Debt Equity Ratio (Total Debt /Networth)		0.80	0.60	0.68
Current Ratio (Current Asset/Current Liability)		1.21	1.47	2.10

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	Yes
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

NOTE:

The registered office of the company has been shifted from S-38, Ground Floor, Okhla Industrial Area, Phase-II

New Delhi – 110020, Delhi, India to present address w.e.f. 01.06.2011

PERFORMANCE

The Company recorded a satisfactory growth during the year. The Annual Turnover has shown a growth from Rs. 562.689 Millions to Rs. 630.472 Millions. Profit before tax has also shown a growth from Rs. 10.793 Millions to Rs. 11.282 Millions. This growth is appreciable considering the adverse economic conditions for business in general and sector in particular.

FUTURE OUTLOOK:

Barring unforeseen circumstances, despite conditions not being favorable, market scenario and vast competition; the company is confident of achieving healthy growth in future in the field of Construction chemicals Industry in India. The Company is in process of introducing further number of new products in the market under Brands owned by the company as a contemporary quality manufacturer offering the products equivalent to latest International technology and standard. It is hoped that the Company shall do further better in the current financial year.

FIXED ASSETS:

· Land-Lease Hold

· Factory Land

· Building

· Computers

· Plant and Machinery

· Office Equipment

· Factory Shed

· Furniture and Fixtures

· Vehicle

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 records 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.59.73
UK Pound	1	Rs.91.82
Euro	1	Rs.78.23

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.