MIRA INFORM REPORT

Report Date :

22.08.2014

IDENTIFICATION DETAILS

Name :	AUCHTEL PRODUCTS LIMITED (w.e.f. 09.05.1997)
Formerly Known As :	HENKEL CHEMICALS (INDIA) LIMITED (w.e.f. 1996) DIAMOND SHAMROCK (INDIA) LIMITED (w.e.f. 1973) NOPCO (INDIA) PRIVATE LIMITED
Registered Office :	142/C, Victor House, N. M. Joshi Marg, Lower Parel, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.08.1965
Com. Reg. No.:	11-013303
Capital Investment / Paid-up Capital :	Rs. 8.036 Millions
CIN No.: [Company Identification No.]	U24100MH1965PLC013303
TAN No.: [Tax Deduction & Collection Account No.]	MUMA20348G MUMA22491A
PAN No.: [Permanent Account No.]	AAACH0975L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Chemicals
No. of Employees :	350 (Approximately)

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 370000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating reflects sound financial risk profile marked by improvement in performance of the company. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Sameer
Designation :	Account Executive
Contact No.:	91-22-40632600
Date :	21.08.2014

LOCATIONS

Registered Office/ Corporate Office :	142/C, Victor House, N. M. Joshi Marg, Lower Parel, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-24933975 (10 Lines) / 40632600 (100 Lines)
Fax No.:	91-22-24939755/ 24974211/ 40632627/ 40632672
E-Mail :	mdoffice@auchtel.com auchtel@vsnl.com info@auchtel.com minhazcompany@gmail.com
Website :	http://www.auchtel.com
Location :	Owned
Factory 1 :	Plot No. A-85, A-86 / C-22, MIDC Industrial Estate, Dombivli (East), Dist. Thane, Maharashtra, India
Factory 2 :	D-1, MIDC Estate, Mirzole Industrial Estate, Ratnagiri – 415612, Maharashtra, India
Branch Office :	Located at: · Mumbai · Ahmedabad · Chennai · Delhi · Kanpur · Kolkata

DIRECTORS

As on 17.09.2013

Name :

Mr. Rajiv Haridas Tandon

Designation :

Chairman cum Managing Director

Address :

3/64, Vishnu Puri, Nawab Gunj, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

05.08.1952

Date of Appointment :

17.06.2011

DIN No.:

00004772

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	U24100MH1965PLC013303	AUCHTEL PRODUCTS LIMITED	Managing director	17/06/2011	21/11/1988	-	Active	NO
2	U24111UP1996PTC020834	AUCHLITE CHEMICAL PRIVATE LIMITED	Director	14/10/1996	14/10/1996	-	Active	NO
3	U67120MH1991PTC063233	UPAASI INVESTMENT AND FINANCE PRIVATE LIMITED	Director	14/10/1996	14/10/1996	-	Active	NO

Name :

Mrs. Deepa Rajiv Tandon

Designation :

Whole-time Director

Address :

3/64, Vishnu Puri, Nawab Gunj, Kanpur – 208002, Uttar Pradesh, India

Date of Birth/Age :

18.12.1957

Date of Appointment :

09.05.1997

DIN No.:

00004795

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	U24111UP1996PTC020834	AUCHLITE CHEMICAL PRIVATE LIMITED	Director	14/10/1996	14/10/1996	-	Active	NO
2	U24100MH1965PLC013303	AUCHTEL PRODUCTS LIMITED	Whole-time director	09/05/2013	09/05/1997	-	Active	NO
3	U67120MH1991PTC063233	UPAASI INVESTMENT AND FINANCE PRIVATE LIMITED	Director	10/05/2000	10/05/2000	-	Active	NO

Name :

Mr. Atul Manubhai Desai

Designation :

Director

Address :

C/62, Vella Road View, 14 Tardeo Road, Hajiali, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

27.01.1950

Date of Appointment :

28.09.2012

DIN No.:

00019443

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	L65990MH1990PLC057923	TCFC FINANCE LIMITED	Director	12/05/1999	12/05/1999	-	Active	NO
2	U74999MH2000PTC126580	BRANEE BUSINESS S AND A PRIVATE LIMITED	Director	17/05/2000	17/05/2000	16/10/2013	Active	NO
3	L99999DN1983PLC000045	WELSPUN SYNTEX LIMITED	Director	29/01/2002	29/01/2002	-	Active	NO
4	L67120MH2001PLC217751	JSW HOLDINGS LIMITED	Director	31/01/2005	31/01/2005	-	Active	NO
5	L29220MH1989PLC052305	AKAR TOOLS LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
6	U67190MH1997PLC112262	BLEND FINANCIAL SERVICES LIMITED	Director	30/09/2008	12/04/2008	11/11/2008	Active	NO
7	L27100GJ1993PLC020358	RMG ALLOY STEEL LIMITED	Additional director	15/11/2008	15/11/2008	-	Active	NO
8	L51100GJ2000PLC037204	WELSPUN GLOBAL BRANDS LIMITED	Director	28/09/2010	15/09/2009	-	Amalgamated	NO
9	U24100MH1965PLC013303	AUCHTEL PRODUCTS LIMITED	Director	28/09/2012	05/01/2012	-	Active	NO
10	U27109GJ2004PLC044249	WELSPUN STEEL LIMITED	Director	29/09/2012	19/07/2012	-	Active	NO
11	L52100GJ2008PLC055195	WELSPUN INVESTMENTS AND COMMERCIALS LIMITED	Director	18/09/2012	08/08/2012	-	Active	NO
12	L45201GJ1994PLC023920	WELSPUN PROJECTS LIMITED	Director	28/09/2012	13/08/2012	-	Active	NO
13	U71210GJ2004PLC045144	WELSPUN GLOBAL BRANDS LIMITED	Director	31/12/2012	07/12/2012	-	Active	NO
14	U51909GJ2002PTC041136	WELSPUN ENERGY PRIVATE LIMITED	Additional director	22/01/2014	22/01/2014	-	Active	NO
15	U51101GJ2012PLC072578	WELSPUN ENTERPRISES LIMITED	Additional director	21/02/2014	21/02/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sameer
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.09.2013

Names of Shareholders	No. of Shares
Rajiv Tandon	37753
Rajiv Haridas Tandon- HUF	1
Rajiv Tandon- HUF	1
Haridas Tandon- HUF	1
Premo Tandon- HUF	1
Deepa Tandon	1
Prateecha Tandon	1
Prateek Tandon	1
Auchlite Chemicals Private Limited, Uttar Pradesh, India	42600
TOTAL	80360

As on 17.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	53.02
Directors or relatives of Directors	46.98
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Chemicals

Products :

Products Description	Item code No.
Speciality Chemicals	340290.09
Ion Exchange Resins	391400.02

GENERAL INFORMATION

Customers :	· Apcotex Lattices Limited · Asian Paints Limited · A P R Limited · Balkrishna Industries Limited · Ballarpur Industries Limited · Bayer India Limited · Berger Paints Limited · Bharat Petroleum Corporation Limited · Bharat Starch · Bhiwani Textile Mills · Birla VXL Limited · Century Denim · Century Enka Limited · Century Rayon · Kochi Refineries Limited · Deepak Fertilizer and Petrochemicals Corporation Limited · Department of Atomic Energy · East India Synthetics · Gharda Chemicals · Global Chemicals · Global Wool Alliance · Gujarat Agro Industries Corporation Limited · Gujarat Heay Chemicals · Gujarat State Fertilizers and Chemicals Limited · Hind Lever Chemicals Limited · Hind Petroleum Corporation Limited · India Polyfibres · Indian Oil Corporation Limited · Indian Rayon Industries Limited · ITC Limited. (Tribeni Tissues) · ITC Bhadrachallam Paper Boards Limited · JCT Group · Kesoram Rayon · Madras Refineries Limited · Mafatlal Dyes and Chemicals Limited · MBT India Private Limited · Maharashtra State Electricity Board · Malwa Cotton Spinning Mills Limited · Modern Terry Towels Limited · Nirmal Jal · Northern Tannery · N. R. Group of Paper Mills · N. R. C. Limited · Pashupati Spinning and Weaving Mills Limited · Pidilite Industries Limited · Rajdoot Paints Limited · Raymond Limited · Reliance Industries Limited · Reliance Petroleum Corporation Limited · Rohit Pulp and Paper Mills Limited · Shri Dinesh Mills · Sika Qualcrete · SIV Industries · Sinar Mas Pulp and Paper (India) Limited · Steel Authority of India Limited · Sudarshan Chemicals Limited · Tata Chemicals · Terenefibres Industries Private Limited · The Bombay Dyeing and Manufacturing Company Limited
No. of Employees :	350 (Approximately)
Bankers :	· Bank of India · State Bank of India, Worli Branch · Bank of India, Fort Branch · Vijaya Bank, Worli Branch · ING Vysya Bank, Worli Branch · Saraswat Co-Operative Bank Limited, Fort, Mumbai-400001, Maharashtra, India · Saraswlat Co-Operative Bank Limited, Dr. D.B. Marg, Grand Road, Mumbai-400007, Maharashtra, India · Deutsche Bank (Asia) Tulsiani Chambers, Nariman, Mumbai – 400021, Maharashtra, India · Bank of Baroda, 13, Vaswani Chambers, Opposite Old Passport Office, 264/265, Dr. A.B. Road,, Mumbai - 400030, Maharashtra, India

Banking Relations :	---
Auditors :
Name :	J N Sharma and Company Chartered Accountants
Address :	58/4, Birhana Road, P.B. No. 389, Kanpur – 208001, Uttar Pradesh, India
PAN No.:	AAAFJ6568N
Holding Company :	· Auchlite Chemical Private Limited CIN No.: U24111UP1996PTC020834
Associates Company :	· Upaasi Investment and finance Private Limited · Asian Chemical Product Company

CAPITAL STRUCTURE

As on 17.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	‘A’ Equity Shares	Rs.100/- each	Rs. 20.000 Millions
300000	‘B’ Equity Shares	Rs.100/- each	Rs. 30.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32144	‘A’ Equity Shares	Rs. 100/- each	Rs. 3.214 Millions
48216	‘B’ Equity Shares	Rs. 100/- each	Rs. 4.822 Millions
	Total		Rs. 8.036 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	8.036	8.036	8.036
(b) Reserves & Surplus	86.056	74.657	75.399
(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)	94.092	82.693	83.435
(3) Non-Current Liabilities
(a) long-term borrowings	9.811	10.634	11.457
(b) Deferred tax liabilities (Net)	0.660	1.181	1.704
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	10.471	11.815	13.161
(4) Current Liabilities
(a) Short term borrowings	115.139	89.310	64.009
(b) Trade payables	294.116	267.068	252.780
(c) Other current liabilities	23.519	23.186	20.552
(d) Short-term provisions	2.350	14.009	14.009
Total Current Liabilities (4)	435.124	393.573	351.350
TOTAL	539.687	488.081	447.946
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.587	14.334	17.527
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	28.058	25.908	5.666
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.240	14.771	16.523
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	54.885	55.013	39.716
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	78.558	96.609	77.136
(c) Trade receivables	260.315	232.512	222.509
(d) Cash and cash equivalents	65.058	38.238	57.360
(e) Short-term loans and advances	80.759	65.586	51.120
(f) Other current assets	0.112	0.123	0.105
Total Current Assets	484.802	433.068	408.230
TOTAL	539.687	488.081	447.946

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income From Operations	962.936	864.538	767.599
		Other Income	8.180	8.939	7.917
		TOTAL (A)	971.116	873.477	775.516
Less	EXPENSES
		Cost of Materials Consumed	645.057	593.378	511.241
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.595	(13.385)	(9.987)
		Employees benefits expense	76.174	57.914	57.455
		Other expenses	205.872	199.224	181.156
		Bad Debts Written Off	0.211	0.404	0.294
		TOTAL (B)	929.909	837.535	740.159
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		41.207	35.942	35.357
Less	FINANCIAL EXPENSES (D)		18.770	14.507	14.911
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.437	21.435	20.446
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.208	3.191	3.545
	PROFIT BEFORE TAX (E-F) (G)		19.229	18.244	16.901
Less	TAX (H)		5.480	4.977	4.586
	PROFIT AFTER TAX (G-H) (I)		13.749	13.267	12.315
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		44.441	47.007	50.391
Less	APPROPRIATIONS
		Transfer to General Reserve	1.923	1.824	1.690
		Dividend	2.009	12.054	12.054
		Tax on Dividend	0.341	1.955	1.955
	BALANCE CARRIED TO THE B/S		53.917	44.441	47.007
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	202.352	184.711	160.413
	TOTAL EARNINGS		202.352	184.711	160.413
	IMPORTS
		Raw Materials	214.404	184.711	160.413
	TOTAL IMPORTS		214.404	184.711	160.413
	Earnings Per Share (Rs.)		171.00	165.00	153.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.42	1.52	1.59
Net Profit Margin (PBT/Sales)	(%)	2.00	2.11	2.20
Return on Total Assets (PBT/Total Assets}	(%)	3.76	3.95	3.82
Return on Investment (ROI) (PBT/Networth)		0.20	0.22	0.20
Debt Equity Ratio (Total Debt /Networth)		1.33	1.21	0.90
Current Ratio (Current Asset/Current Liability)		1.11	1.10	1.16

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	8.036	8.036	8.036
Reserves & Surplus	75.399	74.657	86.056
Net worth	83.435	82.693	94.092
long-term borrowings	11.457	10.634	9.811
Short term borrowings	64.009	89.310	115.139
Total borrowings	75.466	99.944	124.950
Debt/Equity ratio	0.904	1.209	1.328

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	767.599	864.538	962.936
		12.629	11.382

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	767.599	864.538	962.936
Profit	12.315	13.267	13.749
	1.60%	1.53%	1.43%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	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	No

REVIEW OF OPERATIONS:

The company once again, due to its constant endeavors was successful in improving its performance during the year. The sales continued on a growth path as the net sales turnover increased to Rs.962.936 Millions as against Rs.864.538 Millions in the previous year. Together with the ‘Other Income’ the company’s total income increased to Rs. 971.116 Millions as against Rs.873.477 Millions in the previous year.

CONTINGENT LIABILITY

I] contingent liabilities not provided for, in respect of:

(Rs. In Millions)

Particulars	31.03.2013	31.03.2012
Claims by a customer against the company not acknowledged as debts	0.310	0.310

II] Bank Guarantee (secured against margin money deposits) outstanding at the year-end comprise of performance guarantees customers aggregating Rs.7.807 Millions (Previous year Rs.5.811 Millions)

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Sales Tax Deferral Loan Availed under the 1993 Package Scheme of Incentives of Government of Maharashtra (Repayable in five equal prescribed annual installments after ten years from the date of furnishing the first return applicable for the benefit availment period i.e. from January 1, 1999 to December 31. 2005)	9.811	10.634
Short Term Borrowings
Loans and Advances From Related Parties	115.139	89.310
Total	124.950	99.944

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80066380	22/02/2013 *	95,000,000.00	BANK OF BARODA	13, VASWANI CHAMBERS, OPPOSITE OLD PASSPORT OFFICE, 264/ 265, DR.A.B. ROAD,, MUMBAI, MAHARASHTRA - 400030, INDIA	B73211153

* Date of charge modification

FIXED ASSETS

· Leasehold Land and Development

· Building and Roads

· Plant and Machinery

· Research and Development Machinery

· Electrical Machinery and Installation

· Furniture, Fixture, Water Coolers and Computer

· Air Conditioners, Water Cooler and Refrigerators

· Laboratory and other Equipments

· Vehicles

· Fire Extinguishers

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.60.77
UK Pound	1	Rs.100.72
Euro	1	Rs.80.56

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUM
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	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		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.