MIRA INFORM REPORT

Report Date :

03.10.2013

IDENTIFICATION DETAILS

Name :	BAYER VAPI PRIVATE LIMITED [w.e.f. 21.05.2013]

Formerly Known As :	BILAG INDUSTRIES PRIVATE LIMITED BILAG INDUSTRIES LIMITED

Registered Office :	Plot No. 306/3, 2^nd Phase, GIDC, Vapi-396195, Gujarat

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	08.08.1990

Com. Reg. No.:	04-049322

Capital Investment / Paid-up Capital :	Rs.233.000 Millions

CIN No.: [Company Identification No.]	U99999GJ1990PTC049322

TIN No.:	24250800135

TAN No.: [Tax Deduction & Collection Account No.]	SRTB01014G

PAN No.: [Permanent Account No.]	AABCB2100L

Legal Form :	Private Limited Liability Company

Line of Business :	The Company is engaged in Production of Agro Chemicals.

No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

A (59)

RATING

STATUS

PROPOSED CREDIT LINE

56-70

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 50720000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject is wholly owned by the Germany based ‘Bayer Group’. It is a well established and reputed company having fine track record. There appears dip in profit of the company in 2013. However, overall financial position of the company appears to be sound. The company receives good operational and financial support from its group company. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good 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.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure. Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	LONG TERM RATING : AA
Rating Explanation	High degree of safety it carry very low credit risk
Date	2^nd January, 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.

INFORMATION DECLINED

Management non co-operative [91-260-2400809]

LOCATIONS

Registered Office / Factory :	Plot No. 306/3, 2^nd Phase, GIDC, Vapi-396195, Gujarat, India
Tel. No.:	91-260-2400809 / 2400444 / 2400443 / 2400055
Fax No. :	91-260-2400444 / 2432774
E-Mail :	ravi.sankar@bayer.com savaliya.nikunj@bayer.com info@mitsuindia.com biz@bilag.com ravi.sankar@bayercropscience.com pramod.gujarathi@bayer.com
Website :	http://www.bilagindustries.com http://www.hindustaninks.com http://www.mitsuindia.com www.bilag.com

Administrative Office :	512 / 513, Midas, Sahar Plaza Complex, J. B. Nagar, Next to Airport, Kohinoor Hotel, Andheri (East), Mumbai-400059, Maharashtra, India
Tel. No.:	91-22-28364313 – 16
Fax No.:	91-22-28222222

DIRECTORS

AS ON 12.08.2013

Name :	Achim Noack
Designation :	Chairman cum Managing director
Address :	Curt-Beckmann Strasse 10, Dusseldorf, Germany 40474
Date of Birth/Age :	17.07.1959
Date of Appointment :	01.10.2010
DIN No.:	03349799

Name :	Mr. Sekhar Kavasseri Rajagopalan
Designation :	Managing director
Address :	Flat No.C-302, lakshachandi Apartments, Gokuldham, Goregaon (East), Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	10.07.1962
Date of Appointment :	31.07.2012
DIN No.:	03168413

Name :	Mr. Pramod Gopaldas Gujarathi
Designation :	Director
Address :	26, Yash, Dharamsi Park, Opp. Gidc Guest House, Gidc Vapi – 396195, Gujarat, India
Date of Birth/Age :	25.06.1952
Qualification :	B. Tech, DMS
Date of Appointment :	01.04.2006
PAN No.:	ACMPG6999G
DIN No.:	00418958

Name :	Rolf Otto Alfred Decker
Designation :	Director appointed in casual vacancy
Address :	Amselweg – 4, Langenfeld, Germany 40764
Date of Birth/Age :	20.11.1958
Date of Appointment :	01.10.2010
DIN No.:	03349822

Name :	Mr. Michael Johannes Van Nooy
Designation :	Director appointed in casual vacancy
Address :	Leverkusen, Hohenstr 98, Leverkusen, Germany 51381
Date of Birth/Age :	16.09.1954
Date of Appointment :	07.03.2012
DIN No.:	05242798

KEY EXECUTIVES

Name :	Mr. Nikunj Jaysukhlal Savaliya
Designation :	Secretary
Address :	102, Tithi Flats, 17, Bhadran Nagar, New Sama Road, Vadodara-390024, Gujarat, India
Date of Birth/Age :	28.11.1981
Date of Appointment :	24.04.2013
Pan No.:	BBEPS9789N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 12.08.2013

Names of Shareholders		No. of Shares
Bayer SAS, Lyon Cedex 09		23262599
Bayer Crop Science AG (Nominee shareholder of Bayer SAS), Germany		1

TOTAL		23262600

AS ON 12.08.2013

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in Production of Agro Chemicals.

Products :

PRODUCT DESCRIPTION	ITC CODE NO
Cypermethrin Technical	380810.24
Esbiothrin Technical	380810.29
Deltamethrin Technical	380810.29

PRODUCTION STATUS [AS ON 31.03.2011]

PARTICULARS	Unit	Installed Capacity
Class of Goods
Pesticides	MT	9674
Pesticide Intermediates	MT	8800
Total		18474

PARTICULARS		Actual Production
Class of Goods
Pesticides	MT	5571
Pesticide Intermediates	MT	6889
Total		12460

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

· Bank of Baroda, III Phase Branch, Vapi, Gujarat, India

· Bank of India, Sand Chowk, Vapi Branch, Vapi-396191, Gujarat, India

· Punjab National Bank, International Banking Branch, F/73, Maker Towers, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

· Punjab National Bank , GIDC, Vapi-396195, Gujarat, India

Standard Chartered Bank, 90 M. G. Road, Mumbai – 400001, Maharashtra, India

· Deutsche Bank

· Nova Scotia Bank

· ABN Amro Bank

· Bank of America

· HSBC Bank

· Citibank

ANZ Grindlays Bank Limited, O.R.D.S.A., 90, Mahatma Gandhi Road, Mumbai-400001, Maharashtra , India

Facilities :

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Working capital loans from banks	200.000	0.000
Loans repayable on demand	250.000	0.000
Other loans and advances	1223.000	0.000
TOTAL	1673.000	0.000


Banking Relations :	--

Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Plot Y 14, Block EP, Sector V Salt Lake Electronic Complex Bidhan Nagar, Kolkata - 700 091, West Bengal, India
PAN No:	AAEFP3641G

Holding Company :	Bayer Corp Science AG, Germany Bayer S.A.S

Ultimate Holding Companies :	Bayer AG, Germany

Fellow Subsidiaries :	Bayer Crop Science Limited [L24210MH1958PLC011173] Bayer Material Science Private Limited [U19113MH1995PTC179724] Bayer Pharmaceuticals Private Limited [U05195MH1998PTC116021] Bayer Bio Science Private Limited [U74899MH1977PTC179722] Nunhems India Private Limited [U74999AP1995PTC020661] Bayer Business Services Private Limited [U72300MH2010FTC210494] Bayer Crop Science (Private) Limited Bayer Business Services GmbH, Germany Currenta GmbH and Co. OHG, Germany Bayer Technology Services GmbH, Germany

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions
8500000	Preferences Shares	Rs.100/- each	Rs.850.000 Millions
	TOTAL		Rs.1250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23262600	Equity Shares	Rs.10/- each	Rs.233.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	233.000	233.000	278.000
(b) Reserves & Surplus	12448.000	10614.000	11020.000
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	12681.000	10847.000	11298.000

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	45.000	66.000	87.000
(c) Other long term liabilities	9.000	0.000	0.000
(d) long-term provisions	88.000	1.000	0.000
Total Non-current Liabilities (3)	142.000	67.000	87.000

(4) Current Liabilities
(a) Short term borrowings	1673.000	0.000	0.000
(b) Trade payables	1191.000	848.000	806.000
(c) Other current liabilities	146.000	104.000	76.000
(d) Short-term provisions	55.000	61.000	43.000
Total Current Liabilities (4)	3065.000	1013.000	925.000

TOTAL	15888.000	11927.000	12310.000

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2144.000	1932.000	1971.000
(ii) Intangible Assets	9.000	7.000	9.000
(iii) Capital work-in-progress	437.000	288.000	128.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6018.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1766.000	1539.000	1604.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	10374.000	3766.000	3712.000

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2270.000	1557.000	1566.000
(c) Trade receivables	1907.000	1956.000	1364.000
(d) Cash and cash equivalents	374.000	926.000	2356.000
(e) Short-term loans and advances	963.000	3720.000	3297.000
(f) Other current assets	0.000	2.000	15.000
Total Current Assets	5514.000	8161.000	8598.000

TOTAL	15888.000	11927.000	12310.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	9184.000	8770.000	7333.000
		Other Income	345.000	674.000	NA
		TOTAL (A)	9529.000	9444.000	NA

Less	EXPENSES
		TOTAL (B)	6457.000	5836.000	NA

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3072.000	3608.000	NA

Less	FINANCIAL EXPENSES (D)		53.000	0.000	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3019.000	3608.000	2792.000

Less/ Add	DEPRECIATION/ AMORTISATION (F)		272.000	267.000	253.000

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2747.000	3341.000	2539.000

Less	TAX (H)		913.000	1095.000	621.000

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1834.000	2246.000	1918.000

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10056.000	10507.000	8589.000

Less	APPROPRIATIONS
		Payment of Share Premium	0.000	2652.000	0.000
		Transferred to Capital Redemption Reserve	0.000	45.000	0.000
		Transferred to General Reserve	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		11890.000	10056.000	10507.000

	EARNINGS IN FOREIGN CURRENCY
		Export of Goods Calculated on FOB Basis	6423.000	5976.000	5039.608
	TOTAL EARNINGS		6423.000	5976.000	5039.608

	IMPORTS
		Raw Materials	2677.000	1953.000	1758.031
		Stores & Spares	26.000	21.000	15.818
		Capital Goods	15.000	14.000	15.533
	TOTAL IMPORTS		2718.000	1988.000	1789.382

	Earnings / (Loss) Per Share (Rs.)		78.33	82.54	69.10

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	19.25	23.78	NA

Net Profit Margin (PBT/Sales)	(%)	29.91	38.10	34.62

Return on Total Assets (PBT/Total Assets}	(%)	29.12	28.70	20.84

Return on Investment (ROI) (PBT/Networth)		0.22	0.31	0.22

Debt Equity Ratio (Total Debt/Networth)		0.13	0.00	0.00

Current Ratio (Current Asset/Current Liability)		1.80	8.05	9.30

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CURRENT MATURITIES OF LONG TERM DEBT: NOT AVAILABLE

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth 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

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

TAX APPEAL No. 27 of 2012 To TAX APPEAL No. 28 of 2012

Status : PENDING ( Converted from : ST/35/2012 ) CCIN No : 001092201200027

Last Listing Date: 18/07/2012

Coram :

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

· HONOURABLE MR.JUSTICE N.V.ANJARIA

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX	MR SUDHIR M MEHTA for: Appellant(s) 1

S.NO.	Name of the Respondant			Advocate On Record
1	BILAG INDUSTRIES PRIVATE LIMITED			MR RK PATEL for :Opponent(s) 1
Presented On		: 10/01/2012	Registered On		: 11/01/2012
Bench Category		: DIVISION BENCH	District		: VALSAD
Case Originated From		: THROUGH ADVOCATE	Listed		: 2 times
Stage Name		: FOR REGULAR ADMISSION

Classification		DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act		INCOME-TAX ACT, 1961

OTHER FORUMS

S. No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	ITA 700/AHD/2009	ITA 700/AHD/2009	ACCOUNTANT MEMBER & JUDICIAL MEMBER	29/07/2011	VALSAD

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	08/06/2012	APPEARANCE NOTE	MR SUDHIR M MEHTA ADVOCATE for PETITIONER(s) 1	-	MR SUDHIR M MEHTA:1
2	15/08/2012	VAKALATNAMA	MR RK PATEL ADVOCATE for RESPONDENT(s) 1	-	MR RK PATEL:1
3	15/08/2012	VAKALATNAMA	MR SUDHIR M MEHTA ADVOCATE for PETITIONER(s) 1	-	MR SUDHIR M MEHTA:1
4	03/10/2012	VAKALATNAMA	MR RK PATEL ADVOCATE for RESPONDENT(s) 1	5	MR RK PATEL:1

LINKED MATTERS

S. No.	Case Detail	Status Name	Disposal Date	Action/Coram
1	TAX APPEAL/809/2012	DISPOSED	02/04/2013	ANY OTHER MODE @ ADM.STAGE HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI
2	TAX APPEAL/810/2012	DISPOSED	02/04/2013	ANY OTHER MODE @ ADM.STAGE HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS JUSTICE SONIA GOKANI

COURT PROCEEDINGS

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

18/07/2012

FOR REGULAR ADMISSION

FIXED RULE / ADMIT

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

HONOURABLE MR.JUSTICE N.V.ANJARIA

AVAILABLE ORDERS

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

TAX APPEAL/27/2012

HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI

HONOURABLE MR.JUSTICE N.V.ANJARIA

18/07/2012

TAX APPEAL/27/2012

HONOURABLE MR.JUSTICE AKIL KURESHI

HONOURABLE MS JUSTICE SONIA GOKANI

02/04/2013

CERTIFIED COPY

S. No.	Applicant Name	Application Type	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MR SUDHIR M MEHTA	ORDINARY	19/07/2012	O/22798-22799/2012	18/07/2012	21/07/2012	23/07/2012	Delivered	-
2	MR RK PATEL	ORDINARY	03/04/2013	O/10677/2013	02/04/2013	04/04/2013	05/04/2013	Delivered	-
3	MR SUDHIR M MEHTA	ORDINARY	03/04/2013	O/10672/2013	02/04/2013	04/04/2013	04/04/2013	Delivered

INDEX OF CHARGES:

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

90352868

23/05/2005 *

1,000,000,000.00

STANDARD CHARTERED BANK

90; M.G. ROAD, MUMBAI - 400001, MAHARASHTRA, INDIA

* Date of charge modification

NOTE:

The registered address of the company 512/513, 5^th Floor, Sahar Complex, Andheri-Kurla Road, J. B. Nagar, Andheri (East) Mumbai-400069, Maharashtra, India has shifted to present address with effect from 01.11.2006.

PERFORMANCE REVIEW:

OPERATIONS:

The Company s Revenue from Operation (Net) is increased by 4.72%, from Rs.8770.000 Millions of the year as compared to Rs.9184.000 Millions of the previous financial year.

EXPORTS:

During the year under review, the Company s export sales stood at Rs. 6598.000 Millions as against Rs.6037.000 Millions during the previous year. The Company s exports stood at 71% of the total sales.

BUSINESS EXPANSION AND FUTURE OUTLOOK:

The performance of the Company increased by 5% over the last year. Internal sales grew by 7% and external sales grew by 5%. Overall, net sales had benefitted from volume and price and exchange rate effects. The Company expects growing demand for its products both in the domestic market as well as in the international market in the year ahead and is confident of achieving more efficient results in future.

As part of its commitment on climate change and as a part of corporate social responsibility, the Company continues to invest in technology for further improving treatment of effluents and waste generated during the manufacturing process.

FIXED ASSETS:

Land and Buildings
Plant and Equipment
Furniture and Fixtures
Vehicles
Office Equipment
Computer Equipment

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.62.35
UK Pound	1	Rs.101.20
Euro	1	Rs.84.54

INFORMATION DETAILS

Information Gathered by :	NYA

Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		59

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.

MIRA INFORM REPORT

19.25

29.91

29.12

0.22

0.13

1.80

Unit