MIRA INFORM REPORT

Report Date :

07.05.2013

IDENTIFICATION DETAILS

Name :	ROHA DYE CHEM PRIVATE LIMITED
Registered Office :	12, Abhishek Samuel Street, Vadgadi, Mumbai - 400 003, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.08.1972
Com. Reg. No.:	11-015941
Capital Investment / Paid-up Capital :	Rs. 24.500 Millions
CIN No.: [Company Identification No.]	U24100MH1972PTC015941
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14793C
PAN No.: [Permanent Account No.]	AAACR4974P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of food colours, dyes and intermediates etc
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 11000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. The latest financials are not available with the government department. As per previous year’s, the performance seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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	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	August 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. Deepak
Designation :	Finance Manager
Contact No.:	91-22-28271933
Date :	06.05.2013

LOCATIONS

Registered Office :	12, Abhishek Samuel Street, Vadgadi, Mumbai-400 003, Maharashtra, India
Tel. No.:	91-22-28271933
Mobile No.:	91-9820207531 (Mr. Hasmukh Shah)
Fax No.:	91-22-28302531
E-Mail :	roha@bom3.vsnl.net.in carohitagarwal@yahoo.co.in roha@rohadyechem.com boision@vsnl.net chetan.sheth@rohagroup.com hasmukh.shah@rohagroup.com deepak.mandrenia@rohagroup.com
Website :	www.rohadyechem.com
Area :	1000 Sq. ft
Location :	Owned
Factory 1 :	MIDC, Plot No. 42, Dhatav, Roha – 402 116, Raigad, Maharashtra, India
Tel. No.:	91-22-28271933
Fax No.:	91-22-28302531/32
E-mail :	rohaindia@rohadyechem.com
Area:	125 sq. yard
Location :	Leased
Factory 2 / Corporate Office / Administrative Office :	Plot No. A/44-45, Road No. 2, MIDC, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-40773333
Fax No.:	91-22-28302531/ 32
Area:	70000 sq. ft.
Location :	Leased
Regional Heads:	Located at: South Africa. Indonesia Italy China France Spain Mexico Philippines Russia Thailand UK USA Vietnam

DIRECTORS

As on 29.09.2012

Name :	Mr. Ramakant Jagdishprasad Tibrewala
Designation :	Chairman
Address :	603, Panchsheel Gokuldham, Goregaon (East), Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	21.09.1956
Qualification :	B.Com
Date of Appointment :	06.08.1979
PAN No. :	ACDPT3596K
DIN No.:	01237898
Name :	Mr. Srikant Jagdishprasad Tibrewala
Designation :	Director
Address :	503, Panchsheel Gokuldham, Goregaon (East), Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	18.06.1962
Qualification :	B.Com
Date of Appointment :	15.09.1979
PAN No. :	AABPT3052A
DIN No.:	00197891
Name :	Mr. Ravindra Shreegopal Kedia
Designation :	Director
Address :	Joseph Niwas, Brahman Ali Opposite Gnjoshi, Roha, Raigad - 402 100, Maharashtra, India
Date of Birth/Age :	23.01.1967
Qualification :	B.Com
Date of Appointment :	01.05.2004
PAN No. :	AGLPK2459G
DIN No.:	02416214
Name :	Mr. Mahesh Ramakant Tibrewala
Designation :	Director
Address :	603/604, Panchsheel, Gokuldham, Goregaon (East), Mumbai - 400063, Maharashtra, India
Date of Birth/Age :	28.10.1986
Date of Appointment :	31.08.2011
DIN No.:	01342061
Name :	Mr. Deepesh Shrikant Tibrewala
Designation :	Director
Address :	504, Panchsheel, Gokuldham, Goregaon (East), Mumbai - 400063, Maharashtra, India
Date of Birth/Age :	13.11.1986
Date of Appointment :	31.08.2011
DIN No.:	01342101
Name :	Mr. Brijesh Ramakant Tiberwala
Designation :	Director
Address :	603/604, Panchsheel, Gokuldham, Goregaon (East), Mumbai - 400063, Maharashtra, India
Date of Birth/Age :	25.10.1983
Date of Appointment :	31.08.2011
DIN No.:	02276831

KEY EXECUTIVES

Name :	Mr. Deepak
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders (Ordinary Equity Share)	No. of Shares
Shrikant Tibrewala	11640
Ramakant Tibrewala	48598
Sushma Tibrewala	34370
Mahesh Tibrewala	33000
Brijesh Tibrewala	36960
Haresh Tibrewala	11000
Brijesh Ramakant HUF	29302
Annapurna Tibrewala	16720
Deepesh Tibrewala	11066
Deepesh Shrikant HUF	12244
Jagdish Prasad Ramakant HUF	100
Total	245000

Names of Shareholders (Class A- Equity Share)	No. of Shares
Shrikant Tibrewala	3516
Ramakant Tibrewala	14679
Sushma Tibrewala	10381
Mahesh Tibrewala	9967
Brijesh Tibrewala	11164
Haresh Tibrewala	3323
Brijesh Ramakant HUF	8850
Annapurna Tibrewala	5050
Deepesh Tibrewala	3342
Deepesh Shrikant HUF	3698
Jagdish Prasad Ramakant HUF	30
Ajay Devgan	22000
Kumar Mangat Pathak	4000
Total	100000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	92.46
Directors or relatives of Directors	7.54
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of food colours, dyes and intermediates etc

Products :

Product Description	Item Code No. (ITC Code)
Tartrazine	3204 19 72
Sunset Yellow	3204 19 71
Carmoisine	3204 19 09

Exports :

Products :

Food colours, dyes and intermediates

Countries :

· Europe

· Middle East

· Switzerland

· New Zealand

· Australia

· US

· UK

· Gulf Country

· Asian Country

Imports :

Products :

Raw Material

Countries :

· China

· Australia

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Food, Lake and Acid Colour	MT	8804
Electricity	KWH	12824

Note:

Installed capacity cannot be determined due to the heterogeneous nature of products manufactured by the Company

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

500 (Approximately)

Bankers :

· Bank of India, Andheri MID Corporate Branch, M.D.I Building, 28, 1st Floor, S.V. Road, Andheri (West), Mumbai - 400058, Maharashtra, India

· ING Vysya Bank Limited – Mittal Towers, a-Wing, Ground Floor, 210 Nariman Point, Mumbai - 400021, Maharashtra, India

· ICICI Bank, MIDC Andheri, Mumbai, Maharashtra, India

· IndusInd Bank, Andheri, Mumbai, Maharashtra, India

· Yes Bank, Andheri, Mumbai, Maharashtra, India

Facilities :

Fund Non Fund Base Total Facility Rs.1000.000 Millions

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Foreign currency loans secured
Foreign currency loans banks secured	111.704	197.637
Working capital loans secured
Working capital loans banks secured	597.384	516.883
Loans taken for fixed assets secured
Loans taken for vehicles secured	5.862	0.000
Other debt secured	73.671	57.730
Total	788.621	772.250
Notes: (A) 3) External Commercial Borrowing is secured by way of: a) Exclusive charge on the wind mill b) Mortgage on office building at Andheri office, Mumbai c) Escrow of all receivables of the Company out of the sale proceeds from wind mill d) Personal guarantees of the directors of the Company. (B) 1) Loans from banks are secured by way of: a) First charge on fixed assets excluding wind mill and hypothecation of plant and machinery situated at Roha. b) Pari passu charge on the entire movable and immovable fixed assets situated at Andheri office, Mumbai. c) Charge on all current assets of the Company. d) Personal guarantees of the directors of the Company. (C) 2) Secured against hypothecation of vehicles financed under the loan. (D) 4) Loan from Life Insurance Corporation of India is secured against lien of of Keyman Insurance Policies belonging to the Company and personal guarantees of the directors of the Company.

Banking Relations :	--
Financial Institution :	IDBI Trusteeship Services Limited, Asia Building, Ground Floor, 17, R. K. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India
Auditors :
Name :	B B S R and Company Chartered Accountants
Address :	703, 7^th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road, Pune – 411001, Maharashtra, India
PAN.:	AAKFB4397F
Joint Ventures :	· Roha Thailand Limited · Roha Dyechem Thailand Limited · Roha Asia Pacific Thailand Limited
Subsidiaries :	· Roha Europe SLU · Roha (USA) LLC · Roha (France) SARL · Roha (Australia) Pty Limited · Roha (UK) Limited · Simpson (UK) Limited · Roha Specialities Incorporation Philippines · Roha SRL Italy · Roha Dychem (HK) Limited · Roha Dyechem Indonesia · Roha Dyechem Vietnam Limited · Roha Dyechem Sanghai · Roha (Sanghai) Food Aditives Company Limited · Idacol Food Colours Maxico · Pt Roha Lautan Pewarna (Indonesia) · Roha Dyechem LLC, Russia · Idacol Russia LLC
Associates :	· Anchit Chemicals Private Limited · Filter Machines Private Limited · Indras Agencies Private Limited · Steinmetz Overseas Private Limited · Jagdish Textiles Private Limited · Adhik Chemicals Private Limited · Ideal Cures Private Limited · Well Worth Share And Stock Broking Private Limited · Eeshan Infosystem Private Limited · R.S. Global Infotech Private Limited · Roha Infrastructure Private Limited · Ricossa Trading Private Limited · One up Realtors Private Limited · Roha Energy Private Limited · Roha Leasing and Financing Limited · Goyolene Fibres (India) Private Limited · Abhishek Dyechem Private Limited · Jagson Intermediaries and Chemicals Private Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Kalpana Organics · Chemodist Industries · Kanaiya Dye-Chem Industries · Shree Kamal Ispat Udyog Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.100/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
345000	Equity Shares	Rs.100/- each	Rs.34.500 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
245000	Equity Shares	Rs.100/- each	Rs. 24.500 Millions

Note:

Out of above 200,000 (2010 : 200,000) equity shares of Rs. 100 each issued as fully paid bonus shares

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		24.500	24.500	24.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2923.624	2881.579	2637.342
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2948.124	2906.079	2661.842
LOAN FUNDS
1] Secured Loans		788.621	772.250	742.525
2] Unsecured Loans		604.593	245.833	204.694
TOTAL BORROWING		1393.214	1018.083	947.219
DEFERRED TAX LIABILITIES		55.740	100.838	119.274
TOTAL		4397.078	4025.000	3728.335
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		642.164	668.512	734.553
Capital work-in-progress		675.337	324.884	64.715
INVESTMENT		568.508	558.770	486.640
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	688.706	355.810	316.685
	Sundry Debtors	969.777	1141.805	1116.152
	Cash & Bank Balances	149.733	35.902	31.311
	Other Current Assets	4.513	0.209	0.000
	Loans & Advances	1312.627	1171.200	1225.677
Total Current Assets		3125.356	2704.926	2689.825
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	267.317	201.878	203.058
	Other Current Liabilities	309.623	14.121	5.382
	Provisions	37.347	16.093	38.958
Total Current Liabilities		614.287	232.092	247.398
Net Current Assets		2511.069	2472.834	2442.427
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4397.078	4025.000	3728.335

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2523.000	2573.417	2286.521
		Other Income	148.400	82.982	90.896
		TOTAL (A)	2671.400	2656.399	2377.417
Less	EXPENSES
		Raw Material Consumed		1216.559	1151.847
		Purchase for Resale		1.250	1.218
		Payment to Employees	2442.300	86.315	45.174
		Manufacturing Expenses		373.000	294.782
		Administration and Other Expenses		210.953	174.471
		Selling and Distribution Expenses		181.809	185.109
		Increase / Decrease in Stock		14.329	(45.955)
		TOTAL (B)	2442.300	2084.215	1806.646
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[Including Financial	572.184	570.771
			Expenses
Less	FINANCIAL EXPENSES (D)		And	101.230	89.041
			Depreciation ]
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			470.954	481.730
Less/ Add	DEPRECIATION/ AMORTISATION (F)			121.321	131.270
	PROFIT BEFORE TAX (E-F) (G)		229.100	349.633	350.460
Less	TAX (H)		185.900	111.564	124.555
	PROFIT AFTER TAX (G-H) (I)		43.200	238.069	225.905
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	2042.795	1842.623
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	20.000	20.000
		Dividend	NA	4.900	4.900
		Tax on Dividend	NA	0.814	0.833
	BALANCE CARRIED TO THE B/S		NA	2255.150	2042.795
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1793.200	1944.695	1729.731
		Other Earnings	0.000	39.771	10.229
	TOTAL EARNINGS		1793.200	1984.466	1739.960
	IMPORTS
		Raw Materials	NA	804.303	714.176
		Capital Goods	NA	1.121	24.573
		Others	NA	8.514	0.186
	TOTAL IMPORTS		NA	813.938	738.935
	Earnings Per Share (Rs.)		176.39	971.71	1027

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	4000.000	3570.000

Expected Sales (201314) : Rs.4800.000 Millions

The above information has been parted by Mr. Deepak

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.62	8.96	9.50
Net Profit Margin (PBT/Sales)	(%)	9.08	13.59	15.33
Return on Total Assets (PBT/Total Assets}	(%)	6.08	10.36	10.23
Return on Investment (ROI) (PBT/Networth)		0.08	0.12	0.13
Debt Equity Ratio (Total Debt /Networth)		0.47	0.35	0.36
Current Ratio (Current Asset/Current Liability)		5.09	11.65	10.87

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particular	31.03.2011	31.03.2010	31.03.2009
Creditors due small micro enterprises	1.797	1.047	203.058
Creditors due others	265.521	200.831
Total	267.317	201.878	203.058

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	Yes
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	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BACKGROUND

Subject was incorporated in 1972. Subject manufactures food colours, dyes and intermediates etc. The Company has its corporate office at Mumbai and manufacturing facility at Roha. The Company also has a branch in South Africa which is engaged in marketing and distribution of food colours.

BUSINESS PERFORMANCE:

During the year the company has incorporated the results of its South African Branch by way of consolidation of line items.

The total revenue generated by the Company during the financial year was Rs.2671.400 Millions against Rs. 2656.400 Millions for the previous financial year 2009-10 showing marginal increase of 0.56%. The increase in revenue was on account of the Other Income of the Company. As the shortfall of tax provision for earlier years was make good in the year, the profit after tax for the year was reduced to Rs.43.200 Millions as compared to Rs 238.000 Millions for the previous year.

The year was witnessed by increase in inflation rates and economic slowdown thereby affecting the business operations of the Company. In spite of several adverse factors, the Company has been managed to achieve satisfactory performance.

As regards the future prospects, your board is confident that the company’s positive business momentum will continue and enable your company to deliver better results.

UNSECURED LOAN

Rs. In Millions

Particular	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loans directors unsecured	202.915	72.074
Deferred sales tax loan unsecured	11.034	13.818
Other debt unsecured	390.644	159.941
Total	604.593	245.833
Notes: (A) [Repayable within one year Rs. Nil (2010: Rs. Nil)] (B) [Repayable within one year Rs. 0.885 Million (2010:Rs.1.366 Millions)] (C) Loans from Shareholders 209,825,765 (147,176,952) [Repayable within one year Rs. Nil (2010: Rs. Nil)] Other loans Rs.180.819 Millions (Rs.12.764 Millions) [Repayable within one year Rs. Nil (2010: Rs. Nil)]

CONTINGENT LIABILITIES

(Rs. In Millions)

PARTICULARS	31.03.2011	31.03.2010
Income tax matters	80.424	31.127
Excise matters	0.176	0.124
Service tax matters	8.821	1.377
Sales tax matters	0.067	--
Export obligation against use of advance license	17.822	12.000
Bank guarantees against fixed deposits	97.972	4.801
Bank guarantees given on behalf of foreign subsidiaries and joint ventures	125.365	230.000
Bank guarantees against letter of credits	148.257	82.838

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U40300MH1972PTC015941
Name of the company	ROHA DYE CHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	12, Abhishek Samuel Street, Vadgadi, Mumbai-400 003, Maharashtra, India chetan.sheth@rohagroup.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10287015
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	ING Vysya Bank Limited – Mittal Towers, a-Wing, Ground Floor, 210 Nariman Point, Mumbai - 400021, Maharashtra, India giridharvvrn@ingvysyabank.com
Nature of instrument creating charge	Memorandum of Entry for Extension of Mortgage / Charge.
Date of instrument Creating the charge	28.02.2013
Amount secured by the charge	Rs. 150.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest No Change Terms of Repayment No Change Margin No Change Extent and Operation of the charge First pari passu charge on the entire current assets of RDPL (to be shared along with Bank of India and ICICI Bank). First pari passu charge on the fixed assets of Roha Unit I(other than the plant and machinery funded from IVBL term loan where IVBL would have exclusive charge of Unit I at Roha, which is funded with IVBL term loan. First charge on other fixed assets of Unit I to be shared along with Bank of India and ICICI Bank). Others Collateral Security, having pari passu charge, on Immovable property situated at Plot No.42, Roha Industrial Area, MIDC, Dhatav, Roha - 402116.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First pari passu charge on entire current assets. First pari passu charge on Plot No. 42, Roha Industrial Area, MIDC, Dhatav, Roha-402116 (other than plant and machinery funded from IVBL term loan where IVBL would have exclusive charge)
Date of instrument modifying the charge	28.08.2012
Particulars of the present modification	Extension of Mortgage by way of creating collateral security on the immovable property situated at Plot No. 42, Roha Industrial Area, MIDC, Dhatav, Roha - 402116, having first pari passu charge with Bank of India, ICICI Bank Limited and ING Bank Limited

FIXED ASSETS:

• Freehold Land
• Leasehold Land
• Factory Building
• Plant and Machinery
• Equipments
• Vehicles
• Computer Software
• Storage Tanks
• Land wind mill
• Electrical installation
• Furniture and fixtures
• Data processing equipments
• Laboratory instruments
• Effluent plants

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.53.95
UK Pound	1	Rs.84.03
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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		45

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	-

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