MIRA INFORM REPORT

Report Date :

23.08.2014

IDENTIFICATION DETAILS

Name :	STERLING AUXILIARIES PRIVATE LIMITED
Registered Office :	Plot No. 30/31, Marol Co-Operative, Industrial Estate, M.V Road, Andheri (East), Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.07.1985
Com. Reg. No.:	11-036959
Capital Investment / Paid-up Capital :	Rs. 9.817 Millions
CIN No.: [Company Identification No.]	U74999MH1985PTC036959
TAN No.: [Tax Deduction & Collection Account No.]	MUMS42830E
PAN No.: [Permanent Account No.]	AAAC5916Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Chemical Auxiliaries
No. of Employees :	Information declined by the management.

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 1400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per register of companies the date of balance sheet (i.e. financial file) is shown as 31.03.2013 but the documents related to financial are not available from any source. As per available financial record of 2012, the rating takes into consideration company’s sound financial risk profile and fair liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 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 DENIED

Management Non–Cooperative (Tel No.: 91-22-40320000)

LOCATIONS

Registered Office/ Factory :	Plot No. 30/31, Marol Co-Operative, Industrial Estate, M.V Road, Andheri (East), Mumbai – 400059, Maharashtra
Tel. No.:	91-22-40320000 / 40320201
Fax No.:	91-22-28597892 / 40320198
E-Mail :	gksalian@artekchemicals.com
Website:	www.sterlingaux.com
Factory 1:	L-3, Navapur Road, M.I.D.C, Tarapur , Boisar – 401506 , India
Tel. No.:	91-952525-325557
Fax No.:	91-952525-271317
Factory 2:	Plot No. 12/A-2, G.I.D.C., At PO: Dahej, Taluka – Vagra, District Bharuch, Gujarat – 392 130, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Anish Rajendrakumar Goenka

Designation :

Director

Address :

Plot No. 20, Vinayak Kunj, 12^th Road, JVPD Scheme, Vile Parle (West), Mumbai – 400 049 , Maharashtra, India

Date of Birth/Age :

04.06.1977

Date of Appointment :

05.10.2000

DIN No. :

00016688

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	U72100MH1999PTC121051	AG TECHNOLOGIES PRIVATE LIMITED	Director	29/07/1999	29/07/1999	-	Active	NO
2	U51900MH1999PTC122297	SARANG PROPERTY DEVELOPERS PRIVATE LIMITED	Director	27/10/1999	27/10/1999	08/12/2008	Active	NO
3	U74999MH1985PTC036959	STERLING AUXILIARIES PRIVATE LIMITED	Director	05/10/2000	05/10/2000	-	Active	NO
4	U52190MH2006PTC160089	VIVAAN FASHIONS PRIVATE LIMITED	Director	28/02/2006	28/02/2006	-	Active	NO
5	U45400MH2007PTC170309	SARANG CONSTRUCTIONS PRIVATE LIMITED	Director	25/04/2007	25/04/2007	-	Active	NO
6	U45400MH2007PTC170316	SARANG REALTY PRIVATE LIMITED	Director	26/04/2007	26/04/2007	-	Active	NO
7	U63090MH1990PTC058297	SHRI DHANYA TRAVELS PRIVATE LIMITED	Director	19/09/2009	19/09/2009	-	Active	NO
8	U24110MH1991PTC063138	ARTEK EXPORTS PRIVATE LIMITED	Whole-time director	30/09/2010	22/03/2010	-	Converted to LLP and dissolved	NO
9	U72300MH2012PTC237141	WesternacherAGT Consulting Private Limited	Director	23/10/2012	23/10/2012	-	Active	NO
10	U24100MH2005PTC156267	SUPERSTAR SPECIALITY CHEMICALS (INDIA) PRIVATE LIMITED	Director	30/09/2013	24/11/2012	-	Active	NO
11	U24296MH2007PTC175631	KAWAKEN STERLING SURFACTANTS PRIVATE LIMITED	Additional director	20/09/2013	20/09/2013	-	Active	NO
12	U24233MH2010PTC209513	Galata Chemicals India Private Limited	Additional director	20/09/2013	20/09/2013	-	Active	NO
13	U18204MH2014PTC251744	Texport Manufacturing Private Limited	Director	06/01/2014	06/01/2014	-	Active	NO
14	AAA-3445	STERLING VINNYL ADDITIVES LLP	Designated Partner	19/01/2011	19/01/2011	-	Active	NO
15	AAA-6653	ARTEK EXPORTS LLP	Designated Partner	24/10/2011	24/10/2011	-	Active	NO

Name :

Mr. Gopalakrishnan Hariharan Sarma

Designation :

Director

Address :

Padmalochani C.H.S. Limited Flat 7 Pestom Sagar, Road No 4 Near Tilak Nagar Post Office, Mumbai – 400089, Maharashtra, India

Date of Birth/Age :

22.03.1958

Date of Appointment :

12.05.2012

DIN No. :

05278285

Name :

Mr. Prakash Pandurang Joshi

Designation :

Director

Address :

B-1/302, Rutu Park Thane (West) – 400601, Maharashtra, India

Date of Birth/Age :

02.06.1953

Date of Appointment :

30.09.2013

DIN No. :

01684072

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	L99999GJ1992PLC018626	LAFFANS PETROCHEMICALS LIMITED	Director	01/07/2007	01/07/2007	01/04/2011	Active	NO
2	U74999MH1985PTC036959	STERLING AUXILIARIES PRIVATE LIMITEED	Director	30/09/2013	31/12/2012	-	Active	NO
3	U24296MH2007PTC175631	KAWAKEN STERLING SURFACTANTS PRIVATE LIMITED	Director	04/01/2013	04/01/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
SunilKumar Beniprasad Goenka	657
Rajendrakumar Beniprasad Goenka	8203
Anish Rajendrakumar Goenka	9167
Anuj Sushilkumar Goenka	8937
Rajendra Beniprasad Goenka (H.U.F)	6197
Amit Rajendrakumar Goenka	9267
Artek Surfin Chemicals Limited, India	15667
Anjanadevi Sunilkumar Goenka	8913
Sushila Sushilkumar Goenka	6167
Ajit Kantilal Parekh	1
Asha Rajendrakumar Goenka	6167
Sejal Vishal Goenka	6496
Payal Amit Goenka	6167
Smriti Anuj Goenka	6161
Total	98167

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	15.96
Directors or relatives of Directors	39.70
Other top fifty shareholders	44.34
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Chemical Auxiliaries

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· DBS Bank Limited, DLF Capitol Point, Ground Floor and 1^st Floor, Baba Kharak Singh Marg, Connaught Place, New delhi – 110001, Delhi, India

· The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India

· Yes bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

· Citibank N. A., Citibusiness, Citibank centre, 2nd floor, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long-term Borrowings
Rupee term loans from banks	0.198	0.000
Short-term borrowings
Working capital loans from banks	504.394	368.163
Total	504.592	368.163

Banking Relations :	--
Auditors :
Name :	S. V. Ghatalia and Associates Chartered Accountants
Address :	14Th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai, Maharashtra, India
PAN No.:	AACFS6921Q
Subsidiary company:	· Kawaken Sterling Surfactants Private Limited, India CIN No.: U24296MH2007PTC175631

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98167	Equity Shares	Rs.100/- each	Rs.9.817 Millions

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	9.817	9.817
(b) Reserves & Surplus	356.467	287.160
(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)	366.284	296.977
(3) Non-Current Liabilities
(a) long-term borrowings	11.153	12.287
(b) Deferred tax liabilities (Net)	37.546	29.678
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.114	0.000
Total Non-current Liabilities (3)	49.813	41.965
(4) Current Liabilities
(a) Short term borrowings	833.399	640.428
(b) Trade payables	188.103	154.505
(c) Other current liabilities	62.530	77.989
(d) Short-term provisions	6.349	7.733
Total Current Liabilities (4)	1090.381	880.655
TOTAL	1506.478	1219.597
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	254.057	248.509
(ii) Intangible Assets	1.535	2.021
(iii) Capital work-in-progress	89.908	98.750
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	47.595	29.902
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	109.080	60.692
(e) Other Non-current assets	7.950	16.041
Total Non-Current Assets	510.125	455.915
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	297.108	227.625
(c) Trade receivables	532.097	399.944
(d) Cash and cash equivalents	36.533	3.831
(e) Short-term loans and advances	130.335	132.126
(f) Other current assets	0.280	0.156
Total Current Assets	996.353	763.682
TOTAL	1506.478	1219.597

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.679
2] Share Application Money		0.000
3] Reserves & Surplus		198.759
4] (Accumulated Losses)		0.000
NETWORTH		208.438
LOAN FUNDS
1] Secured Loans		347.100
2] Unsecured Loans		237.054
TOTAL BORROWING		584.154
DEFERRED TAX LIABILITIES		26.998
TOTAL		819.590
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		278.599
Capital work-in-progress		46.824
INVESTMENT		29.430
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	170.895
	Sundry Debtors	382.640
	Cash & Bank Balances	24.680
	Other Current Assets	123.552
	Loans & Advances	73.594
Total Current Assets		775.361
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	146.116
	Other Current Liabilities	100.063
	Provisions	64.445
Total Current Liabilities		310.624
Net Current Assets		464.737
MISCELLANEOUS EXPENSES		0.000
TOTAL		819.590

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
		Income				1875.367
		Other Income				47.102
		TOTAL (A)		2635.545	2135.447	1922.469
Less	EXPENSES
		TOTAL (B)		2465.251	1955.944	1751.261
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			170.294	179.503	171.208
Less	FINANCIAL EXPENSES (D)			NA	34.751	21.647
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			NA	144.752	149.561
Less	DEPRECIATION/ AMORTISATION (F)			NA	12.689	13.517
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			NA	132.063	136.044
Less	TAX (H)			NA	41.813	47.481
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			71.018	90.250	88.563
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			253.999	170.598	88.769
Less	APPROPRIATIONS
			Capitalized for issue of Bonus Issue	0.000	0.138	6.734
			Transfer to General Reserve	5.500	5.000	0.000
			Proposed Dividend	1.473	1.472	0.000
			Additional on Tax Dividend	0.238	0.239	0.000
	BALANCE CARRIED TO THE B/S			317.806	253.999	170.598
	EARNINGS IN FOREIGN CURRENCY			1040.362	908.562	543.483
	Earnings Per Share (Rs.)			723.44	919.35	915.02

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.69	4.23	4.61
Net Profit Margin (PBT/Sales)	(%)	NA	NA	7.25
Return on Total Assets (PBT/Total Assets}	(%)	NA	9.65	12.91
Return on Investment (ROI) (PBT/Networth)		NA	0.44	0.65
Debt Equity Ratio (Total Debt /Networth)		2.31	2.20	2.80
Current Ratio (Current Asset/Current Liability)		0.09	0.87	2.50

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	9.679	9.817	9.817
Reserves & Surplus	198.759	287.160	356.467
Net worth	208.438	296.977	366.284
Secured Loans	347.100	12.287	11.153
Unsecured Loans	237.054	640.428	833.399
Total borrowings	584.154	652.715	844.552
Debt/Equity ratio	2.803	2.198	2.306

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	1,922.469	2,135.447	2,635.545
		11.078	23.419

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	1,922.469	2,135.447	2,635.545
Profit	88.563	90.250	71.018
	4.61%	4.23%	2.69%

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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10497211	24/05/2014	200,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI, KOLHAPUR, KOLHAPUR, Maharashtra - 41600  1, INDIA	C05338470
2	10444500	18/07/2013	150,000,000.00	DBS BANK LIMITED	DLF Capitol Point, Gr Floor & 1st Floor, Baba Kharak Singh Marg, Connaught Place, New Delhi, Delhi  - 110001, INDIA	B82820382
3	10197221	15/05/2014 *	230,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	C03867736
4	10115272	06/01/2012 *	275,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, INDIA	B29191418
5	10098700	07/02/2008	55,000,000.00	CITIBANK N. A.	CITIBUSINESS, CITIBANK CENTRE, 2ND FLOOR, BANDRA  KURLA COMPLEX, BANDRA EAST, MUMBAI, Maharashtra - 400051, INDIA	A36094092
6	90188961	08/12/2009 *	238,500,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BAN  DRA KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra  - 400051, INDIA	A75829317
7	90186846	25/11/2003 *	7,500,000.00	CITI BANK NA	BANDRA KURALA COMPLEX, G- BLOCK BANDRA, MUMBAI, Maharashtra - 400051, INDIA	-
8	90238116	23/11/2004 *	10,000,000.00	CITI BANK N A	CITI GROUP COMPLEX BANDRA KURLA COMPLEX, G BLOCK  BANDRA EAST, MUMBAI, Maharashtra - 400051, INDIA	-
9	90185845	22/07/1992	465,000.00	THE WARASWAT CO0OP BANK LTD.	CENTRAL ADMINSTRATIVE OFFICE; APSARA CINEMA BUILDI, DR. D.B. MARG. GRANTROAD, BOMBAY, Maharashtra - 400007, INDIA	-
10	90185676	22/01/1991	1,155,000.00	THE WARASWAT CO0OP BANK LTD.	CENTRAL ADMINSTRATIVE OFFICE; APSARA CINEMA BUILDI, DR. D.B. MARG. GRANTROAD, BOMBAY, Maharashtra - 400007, INDIA	-

* Date of charge modification

UNSECURED LOANS

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long-term Borrowings
Deferred sales tax loan	10.954	12.287
Short-term borrowings
Loans and advances from others	329.006	272.265
Total	339.960	284.552

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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. 60.43
UK Pound	1	Rs. 100.23
Euro	1	Rs. 80.35

INFORMATION DETAILS

Information Gathered by :	HET
Analysis Done by :	KAR
Report Prepared by :	TRU

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	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		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.