MIRA INFORM REPORT

Report Date :

30.12.2014

IDENTIFICATION DETAILS

Name :	NICOMET INDUSTRIES LIMITED (w.e.f 19.09.2006)

Formerly Known as.:	NICOMET INDUSTRIES PRIVATE LIMITED

Registered Office :	155, Maker Chamber III, Nariman Point, Mumbai – 400021, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	02.04.1993

Com. Reg. No.:	11-071450

Capital Investment / Paid-up Capital :	Rs.110.000 Millions

CIN No.: [Company Identification No.]	U27200MH1993PLC071450

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	MUMM09552E

PAN No.: [Permanent Account No.]	AAACN1597Q

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Cobalt, Copper Nickel and their Derivatives.

No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Exist

Comments :	Subject is an established company having moderate track record. The management has failed to file its financial record with government department for the year 2014. As per available financial record of 2013, the rating is constrained on account of company’s moderate financial risk profile marked by stretched liquidity position and loss that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = D (Suspended)
Rating Explanation	Instrument with this rating are in default or expected to be in default on maturity
Date	12.09.2014

RBI DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTER’ 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 PARTED

Management Non Co- Operative (Tel No. 91-22-66278700)

LOCATIONS

Registered/ Head Office :	155, Maker Chamber III, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-28203347 / 28203418 / 26938710-14
Mobile No.:	91-9820327024 (Mr. Nitul Bhupat Shah)
Fax No.:	91-22-28351982
E-Mail :	nicomet@bom3.vsnl.net.in nico@nicomet.com
Website :	http://www.nicomet.com
Area :	2600 Sq. ft
Location :	Leased

Factory :	Plot No. L-15/19/20, Cuncolim Industrial Estate, Cuncolim–403703, Goa, India
Tel. No.:	91-832-2763307 / 2764337 / 2866066
Fax No.:	91-832-2764327
E-Mail :	nicogoa@nicomet.com nicogoa@goa1.dot.net.in nicogoa@goatelecom.com

DIRECTORS

As on. 30.09.2013

Name :

Mr. Rajendra Prasad Daudayal Agarwal

Designation :

Managing Director

Address :

21, Krishna Kunj, 94, Marine Drive, G. Road, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

21.05.1951

Date of Appointment :

02.04.1993

PAN No.:

AAGPA9763L

DIN No.:

00605850

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	U27200MH1988PTC049156	ANKIT COMMODITIES PRIVATE LIMITED	Director	01/07/1989	01/07/1989	-	Active	NO
2	U27200MH1993PLC071450	NICOMET INDUSTRIES LIMITED	Managing director	02/04/1993	02/04/1993	-	Active	NO
3	U25209MH1994PLC083226	ANSA POLYMERS LIMITED	Director	23/11/1994	23/11/1994	20/12/2006	Active	NO
4	U65920MH1995PTC087923	NATUN FINLEASE PRIVATE LIMITED	Director	11/05/1995	11/05/1995	-	Dormant	NO
5	U92110MH1996PTC096799	SUNRISE MOVIES PRIVATE LIMITED	Director	05/02/1996	05/02/1996	-	Strike off	NO
6	U27200MH1997PTC108293	ANKIT ASSOCIATES PRIVATE LIMITED	Director	28/05/1997	28/05/1997	-	Active	NO
7	U65923MH2004PTC090782	MARTANDA FINLEASE PRIVATE LIMITED	Director	30/09/2004	30/09/2004	-	Dormant	NO

Name :

Mr. Ankit Rajendra Prasad Agarwal

Designation :

Director

Address :

21, Krishna Kunj, 94, Marine Drive, G. Road, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

27.08.1984

Date of Appointment :

12.01.2004

PAN No.:

AAGPA9764P

DIN No.:

00605952

Name :

Mr. Nitul Bhupat Shah

Designation :

Director

Address :

7101, Kusum Kunj, Junction of 9^th and 10^th Road, Khar (West), Mumbai-400052, Maharashtra, India

Date of Birth/Age :

10.01.1983

Date of Appointment :

18.02.2013

PAN No.:

AAEPS6737Q

DIN No.:

00289512

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	U51420MH2003PLC139365	METALPLAST EXIM (INDIA) LIMITED	Director	29/09/2012	26/02/2003	-	Active	NO
2	U27200MH1993PLC072246	METEC ASIA LIMITED	Additional director	12/07/2012	01/07/2003	31/01/2013	Active	NO
3	U15205MH1987PTC043227	PADMA NUTRIENTS PRIVATE LIMITED	Director	01/07/2003	01/07/2003	07/01/2008	Active	NO
4	U28113MH1996PLC097588	NICO EXTRUSIONS LIMITED	Director	01/07/2003	01/07/2003	13/03/2013	Active	NO
5	U27100MH1984PTC034482	AMAR FERRO METALS PRIVATE LIMITED	Director	01/07/2003	01/07/2003	21/08/2012	Active	NO
6	U27200MH1993PLC071450	NICOMET INDUSTRIES LIMITED	Whole-time director	18/02/2013	21/06/2012	-	Active	NO

Name :

Mr. Tushar Ambalal Porwal

Designation :

Director

Address :

301, Swastik Sadan, 3^rd Floor, 8^th Road, Khar (West), Mumbai-400052, Maharashtra, India

Date of Birth/Age :

07.01.1975

Date of Appointment :

20.09.2012

DIN No.:

00290353

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	U27200MH1993PLC072246	METEC ASIA LIMITED	Director	09/04/1997	09/04/1997	08/01/2008	Active	NO
2	U27100MH1984PTC034482	AMAR FERRO METALS PRIVATE LIMITED	Director	10/10/1997	10/10/1997	-	Active	NO
3	U70101GA1995PTC001959	NICO PROPERTIES PRIVATE LIMITED	Director	17/12/2001	17/12/2001	-	Active	NO
4	U51420MH2003PLC139365	METALPLAST EXIM (INDIA) LIMITED	Director	26/02/2003	26/02/2003	-	Active	NO
5	U27200MH1993PLC071450	NICOMET INDUSTRIES LIMITED	Director	20/09/2012	30/09/2011	-	Active	NO
6	U28113MH1996PLC097588	NICO EXTRUSIONS LIMITED	Director	29/09/2012	29/09/2012	19/03/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Vipul Porwal
Designation :	Chief Executive Officer

Name :	Mr. Kamal Nayan Chaturwedi
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders		No. of Shares
AGARWAL
Rajendra Prasad Agarwal		1000000
Usha Agarwal		1000000
Atul Agarwal		1000000
Murlidarji Agarwal		7500
Ankit Agrawal		1000000
Bhawana Agrawal		227500
Daudayal Agrawal HUF		1235000
Angoori Devi		30000

PORWAL
Ambalal M Porwal		237660
Ambalal M Porwal HUF		313840
Tushar A Porwal		464200
Vipul A Porwal		464200
Ruchi V Porwal		485100
Ritu V Porwal		485100
Nirmala V Porwal		356695
Vijay M Porwal		99205
Vijay M Porwal HUF		245300
Manjula A Porwal		191400
Aardhi Porwal		100

SHAH
Nitul B Shah		941600
Vilas B Shah		868490
Bhupat K Shah HUF		327110
Amar Ferro Metals Private Limited		20000
Total		11000000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cobalt, Copper Nickel and their Derivatives.

Products :

Product Description	Item Code No.
Cobalt, Copper and Nickel Matel	2833
Cobalt, Copper and Nickel Matel	28332990

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Not Divulged

Countries :

Not Divulged

Imports :

Products :

Not Divulged

Countries :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity
Cobalts and its salts	TPA	1000
Nickel and its salts	TPA	1000
Copper	TPA	3000

Particulars	Unit	Actual Production
Cobalts and its salts	MT	478.17
Nickel and its salts	MT	263.63
Copper	MT	647.50

Note:

** Production include captive consumption but exclude production during trial run

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers, End Users, OEM’s and Others

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information Declined By Management

Bankers :

Banker Name	Union Bank of India
Branch Address	Overseas Branch, Ground Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	Federal Bank Limited
Branch Address	32, Bombay Samachar Marg, Fort, Mumbai – 400001, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Term Loans From Bank	0.000	3.333
Loans taken for others fixed assets	0.807	1.513
Loans taken for Vehicles	0.000	0.273
Other Loans and Advances	0.807	1.786
Loans Taken for Fixed Assets	0.000	1.786
Short Term Borrowing	0.000	0.000
Secured Borrowing	640.882	486.566
Total	642.496	495.257

(Rs. In Millions)

UNSECURED LOAN	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Other Loans and Advances Others	22.207	22.207
Loans Taken for Fixed Assets	1.786	0.000
Loans and advances Related Parties	32.365	32.365
Intercorporate Deposits	0.925	0.000
Short Term Borrowing	0.000	0.000
Loans and Advances From Related Parties	0.000	17.025
Unsecured Borrowing	26.464	0.000
Intercorporate Deposits	0.221	9.439
Intercorporate Deposits	0.000	42.721
Total	83.968	123.757

Auditors :
Name :	Chaturvedi S. K. and Fellows Chartered Accountants
Address :	410, Dev Plaza, SV Road, Andheri West, Mumbai-400 058, Maharashtra, India
Fax No.:	91-22-66943453
E-Mail :	cskfelos@cskfelos.in
PAN No.:	AAAFC2426N
E-Mail :

Memberships :	--

Collaborators :	--

Associates :	Ankit Associates Private Limited Metec Asia Private Limited Metal Plast Exim (India) Private Limited Ampex Trading Company, Romet

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

11000000	Equity Shares	Rs.10/- each	Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

11000000	Equity Shares	Rs.10/- each	Rs.110.000 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	110.000	110.000	110.000
(b) Reserves & Surplus	133.170	396.326	390.242
(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)	243.170	506.326	500.242

(3) Non-Current Liabilities
(a) long-term borrowings	147.879	102.412	85.044
(b) Deferred tax liabilities (Net)	0.000	81.250	81.284
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	9.277	6.781	4.771
Total Non-current Liabilities (3)	157.156	190.443	171.099

(4) Current Liabilities
(a) Short term borrowings	641.103	513.030	462.802
(b) Trade payables	1347.323	1296.898	642.190
(c) Other current liabilities	163.522	114.216	57.103
(d) Short-term provisions	14.930	23.504	29.415
Total Current Liabilities (4)	2166.878	1947.648	1191.510

TOTAL	2567.204	2644.417	1862.851

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	615.790	606.189	610.691
(ii) Intangible Assets	0.238	0.238	0.238
(iii) Capital work-in-progress	5.986	6.230	18.827
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.001	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	22.302	26.082	21.363
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	644.317	638.739	651.119

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1092.684	1482.239	753.963
(c) Trade receivables	488.242	308.584	218.546
(d) Cash and cash equivalents	110.851	136.457	134.674
(e) Short-term loans and advances	231.110	78.398	104.549
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1922.887	2005.678	1211.732

TOTAL	2567.204	2644.417	1862.851

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2162.691	2431.947	1511.316
		Other Income	11.646	14.962	80.198
		TOTAL	2174.337	2446.909	1591.514

Less	EXPENSES
		Cost of Materials Consumed	1884.284	1934.446	1035.139
		Purchases of Stock-in-Trade	201.689	265.818	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(157.515)	(382.838)	221.749
		Employees benefits expense	65.678	58.054	65.650
		Other expenses	294.230	313.535	58.475
		TOTAL	2288.366	2189.015	1381.013

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(114.029)	257.894	210.501

Less	FINANCIAL EXPENSES		147.528	145.833	92.422

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(261.557)	112.061	118.079

Less/ Add	DEPRECIATION/ AMORTISATION		46.536	46.588	40.226

	EXTRAORDINARY ITEMS		(49.544)	(57.902)	0.000

	PROFIT/LOSS BEFORE TAX		(357.637)	7.571	77.853

Less	TAX		(94.482)	1.486	50.961

	PROFIT/ LOSS AFTER TAX		(263.155)	6.085	26.892

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		380.887	374.802	347.91

	BALANCE CARRIED TO THE B/S		117.732	380.887	374.802

	Earnings Per Share (Rs.)		(23.92)	0.55	2.44

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales	(%)	(12.17)	0.25	1.78

Operating Profit Margin (PBDIT/ Sales)	(%)	(5.27)	10.60	13.93

Return on Total Assets (PBT/Total Assets}	(%)	(13.96)	0.29	4.22

Return on Investment (ROI) (PBT/Networth)		(1.47)	0.01	0.16

Debt Equity Ratio (Total Debt /Networth)		3.24	1.22	1.10

Current Ratio (Current Asset/Current Liability)		0.89	1.03	1.02

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	110.000	110.000	110.000
Reserves & Surplus	390.242	396.326	133.170
Net worth	500.242	506.326	243.170

long-term borrowings	85.044	102.412	147.879
Short term borrowings	462.802	513.030	641.103
Total borrowings	547.846	615.442	788.982
Debt/Equity ratio	1.095	1.216	3.245

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	1511.316	2431.947	2162.691
		60.916	(11.072)

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	1511.316	2431.947	2162.691
Profit	26.892	6.085	(263.155)
	1.78%	0.25%	(12.17%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
	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	No
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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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	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

Case Details
Bench:- Bombay
Presentation Date:-13/01/2014
Lodging No.:-	CPL/258/2014	Filing Date:-	17/04/2014	Reg. No.:-	CP/806/2014		Reg. Date:-	24/11/2014

Petitioner:-	M/S. PON PURE CHEM (P) LTD.-		Respondent:-	M/S. NICOMET INDUSTRIES LIMITED CIN -
Petn.Adv:-	MINI CHANDRAN (I8144)		Resp – Adv.:-	0 (0)
District:-	MUMBAI

Bench:-	SINGLE
Status:-	Pre-Admission		Category:-	COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Next Date:-	23/12/2014		Stage:-	FOR ACCEPTANCE
Coram:-	COMPANY REGISTRAR

Act :-	Companies Act & Rules 1956			Under Section:-		433(E) 434 and 439

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10389233	07/11/2012	100,000,000.00	UNION BANK OF INDIA	Overseas Branch, Union Bank Bhavan,Ground Floor,, 239,Vidhan Bhavan Marg,Nariman Point, Mumbai, Mah arashtra - 400021, INDIA	B63067136
2	10354750	19/04/2012	30,000,000.00	ANDHRA BANK	116, Saurabh, Andheri Kurla Road, Andheri (East), Mumbai, Maharashtra - 400093, INDIA	B39344197
3	10465721	19/01/2012	119,000,000.00	UNION BANK OF INDIA	Overseas Branch, Union Bank Bhavan,Ground Floor,, 239,Vidhan Bhavan Marg,Nariman Point, Mumbai, Mah arashtra - 400021, INDIA	B85726578
4	10377919	11/01/2012	30,000,000.00	Andhra Bank	116, Saurabh, Andheri Kurla Road, Andheri (East), Mumbai, Maharashtra - 400093, INDIA	B34474577
5	10202326	29/01/2010	5,500,000.00	STATE BANK OF PATIALA	Bandra (West) Branch,Meena Apartments, 82, Hill R oad,Bandra (West), Mumbai, Maharashtra - 400050, I NDIA	A79412771
6	10147042	16/03/2009 *	95,000,000.00	UNION BANK OF INDIA (LEAD BANK)	Overseas Branch, Ground Floor, Union Bank Bhavan, , 239, Vidhan Bhavan Marg, Nariman Point,, MUMBAI , Maharashtra - 400021, INDIA	A58918905
7	10078440	30/11/2007	100,000,000.00	Barclays Bank PLC	801/ 808 Ceejay House, Shivsagar, Estate, Dr Anni e Beasant Road, Worli, Mumbai, Maharashtra - 40001 8, INDIA	A27695709
8	10046460	31/05/2010 *	1,450,000,000.00	UNION BANK OF INDIA (LEAD BANK)	Overseas Branch,Ground Floor,Union Bank Bhavan,, 239,Vidhan Bhavan Marg, Nariman Point,, Mumbai, Ma harashtra - 400021, INDIA	A88359328
9	90159619	03/05/2004 *	32,000,000.00	PUNJAB NATIONAL BANK	GEN J.L BHOSALE MARG, NARIMAN POINT, MUMBAI, Maha rashtra - 400020, INDIA	-
10	90156575	03/05/2004 *	56,200,000.00	PUNJAB NATIONAL BANK	GEN J.L BHOSALE MARG, NEAR SACHIVALAYA GYMKHANA; NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	-

* Date of charge modification

FIXED ASSETS

Lease hold Land
Buildings
Plant and Machinery
Solvents
Electrical Installations
Factory Equipments
Laboratory Equipments
Air Conditioners
Furniture and Fixtures
Office Equipments
Computers
Vehicles

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.63.63
UK Pound	1	Rs.98.97
Euro	1	Rs.77.74

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	KAR

Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
RBI	YES/NO	No
EPF	YES/NO	No
TOTAL		26

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

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