MIRA INFORM REPORT

Report Date :

31.12.2014

IDENTIFICATION DETAILS

Name :	GARGI HUTTENES ALBERTUS PRIVATE LIMITED (w.e.f. 31.07.2001)
Formerly Known As :	GARGI HUTTENES ALBERTUS LIMITED (w.e.f. 01.07.1997) GARGI HUTTENES ALBERTUS PRIVATE LIMITED
Registered Office :	203, Vasant Vihar Complex, Next to Basant Cinema, Dr. C. Gidwani Road, Mumbai – 400074, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.03.1988
Com. Reg. No.:	11-046413
Capital Investment / Paid-up Capital :	Rs.97.000 Millions
CIN No.: [Company Identification No.]	U74999MH1988PTC046413
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMG08652A
PAN No.: [Permanent Account No.]	AAACG3997K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Resins, Reaction Initiators and Coatings used by foundry industries
No. of Employees :	Information decline by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a joint venture between “Gargi Group” and “Huttenes – Albertus Chemische Werke Gmbh, Germany”. It is an established company having satisfactory track. Trade relations seems to be fair. Business is active. Payment terms are reported as 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAIALABLE

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 BY

Name :	Mr. Kavita
Designation :	Admin Department
Contact No.:	91-22-25201596
Date :	27.12.2014

LOCATIONS

Registered Office :	203, Vasant Vihar Complex, Next to Basant Cinema, Dr. C. Gidwani Road, Mumbai – 400074, Maharashtra, India
Tel. No.:	91-22-25201596/ 97 / 25201396/ 97
Fax No.:	91-22-25202706 / 3080
E-Mail :	gargi@bom2.vsnl.net.in info@gargi-india.com gargi@gargi-india.com vidhiconsultants@gmail.com
Website :	http://www.gargi-india.com
Factory :	Plot No.D-360/361, M.I.D.C., TTC Industrial Area, District Navi Mumbai– 400706, Maharashtra, India

DIRECTORS

As on 24.09.2013

Name :

Mr. Vinod Vishwamitra Kapur

Designation :

Chairman cum Managing Director

Address :

18, Union Park, Chembur, Mumbai - 400071, Maharashtra, India

Date of Birth/Age :

26.10.1943

Qualification :

B.Sc.

Date of Appointment :

06.09.2014

PAN No.:

AADPK3026D

Voter ID No.:

MT07047505690

DIN No.:

00474054

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	U24110MH1977PTC019480	GARGI CHEMICALS PRIVATE LIMITED	Whole-time director	01-08-12	05-02-77	-	Active	NO
2	U65990MH1983PTC029733	GARGI HOLDINGS PRIVATE LIMITED	Managing director	06-04-83	06-04-83	-	Active	NO
3	U01110MH1987PTC042674	KARJAT HORTICULTURAL PRIVATE LIMITED	Director	23-02-87	23-02-87	-	Strike off	NO
4	U74999MH1988PTC046413	GARGI HUTTENES ALBERTUS PRIVATE LIMITED	Director	06-09-14	07-03-88	-	Active	NO
5	U24100MH1984PTC034540	GAURAV INFRABUILD PRIVATE LIMITED	Director	04-11-95	04-11-95	-	Active	NO
6	U28920MH2000PTC125667	GARGI ENGINEERING ENTERPRISES PRIVATE LIMITED	Managing director	07-04-00	07-04-00	-	Active	NO
7	U72200MH2000PTC130222	GARGI SOFTSYS PRIVATE LIMITED	Director	26-12-00	26-12-00	-	Active	NO

Name :

Mr. Vicky Vishwamitra Kapur

Designation :

Managing Director

Address :

18, Union Park, Chembur, Mumbai - 400071, Maharashtra, India

Date of Birth/Age :

30.10.1952

Qualification :

B.Sc.

Date of Appointment :

06.09.2014

PAN No.:

AADPK3025A

Voter ID No.:

MT07047505748

DIN No.:

00474210

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	U24110MH1977PTC019480	GARGI CHEMICALS PRIVATE LIMITED	Managing director	01-08-12	05-02-77	-	Active	NO
2	U65990MH1983PTC029733	GARGI HOLDINGS PRIVATE LIMITED	Managing director	06-04-83	06-04-83	-	Active	NO
3	U24100MH1984PTC034540	GAURAV INFRABUILD PRIVATE LIMITED	Director	14-11-84	14-11-84	-	Active	NO
4	U74999MH1988PTC046413	GARGI HUTTENES ALBERTUS PRIVATE LIMITED	Managing director	06-09-14	07-03-88	-	Active	NO
5	U28920MH2000PTC125667	GARGI ENGINEERING ENTERPRISES PRIVATE LIMITED	Managing director	07-04-00	07-04-00	-	Active	NO
6	U91110MH1996NPL099079	INDIAN RESING MANUFACTURERS ASSOCIATION	Director	16-09-00	16-09-00	08-09-12	Active	NO
7	U72200MH2000PTC130222	GARGI SOFTSYS PRIVATE LIMITED	Director	26-12-00	26-12-00	-	Active	NO

Name :

Mr. Gaurav Vinod Kapur

Designation :

Whole Time Director

Address :

18, Union Park, Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

16.05.1979

Date of Appointment :

06.09.2014

PAN No.:

AAEPK1863D

Voter ID No.:

XYP1143312

DIN No.:

00034397

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	U24110MH1977PTC019480	GARGI CHEMICALS PRIVATE LIMITED	Managing director	01-08-12	28-10-03	-	Active	NO
2	U27106MH1981PTC024307	GARGI STEELCHEM PRIVATE LIMITED	Director	01-09-04	01-09-04	-	Active	NO
3	U27310GJ2006PTC048174	GARGI CRYSTAL STEEL CHEM PRIVATE LIMITED	Director	25-04-06	25-04-06	-	Active	NO
4	U24100MH1984PTC034540	GAURAV INFRABUILD PRIVATE LIMITED	Director	20-11-07	20-11-07	-	Active	NO
5	U27107PN2007PTC131045	MAGNA FERROCHEM PRIVATE LIMITED	Director	29-11-07	29-11-07	25-02-14	Active	NO
6	U74999MH1988PTC046413	GARGI HUTTENES ALBERTUS PRIVATE LIMITED	Director	06-09-14	01-11-08	-	Active	NO
7	U65990MH1983PTC029733	GARGI HOLDINGS PRIVATE LIMITED	Whole-time director	05-08-11	05-08-11	-	Active	NO
8	U26999TZ1995PTC006078	SURIYA SANDS PRIVATE LIMITED	Director	31-07-14	30-06-14	-	Active	NO

Name :

Mr. Klaus Hermann Georg Pampel

Designation :

Director

Address :

Stratumer, Strabe 72, Meerbusch-40668, Germany

Date of Birth/Age :

19.10.1949

Qualification :

B.Sc.

Date of Appointment :

14.02.2005

DIN No.:

01762246

KEY EXECUTIVES

Name :	Mr. Santosh
Designation :	Senior Export Manager
Name :	Ms. Shruti Pushkaraj Phule
Designation :	Company Secretary
Date of Appointment :	12.03.2012
PAN No.:	BPLPP6052C
Name :	Mr. Kavita
Designation :	Admin Department

MAJOR SHAREHOLDERS

As on 24.09.2013

Names of Shareholders	No. of Shares
Vinod Kapur HUF	88000
Vicky Kapur HUF	88000
Vinod Kapur Jointly with Sangeeta Mehra and Suresh Mehra	1
Huttenes Albertus Chemische Werke Gmbh, Germany	388000
Vicky Kapur Jointly with Rajkumar Kapur	1
Varun Kapur Jointly with Namita Kapur	47839
Vicky Kapur	154776
Vinod Kapur	154774
Vinod Kapur Jointly with Sabita Pal	2
Vinod Kapur Jointly with Madhuri Mehra	1
Vicky Kapur	1
Vicky Kapur Jointly with Bina Ray	1
Vicky Kapur	1
Vicky Kapur Jointly with Vibha Kapur	1
Vicky Kapur Jointly with Anisha Kapur	1
Vicky Kapur	1
Vinod Kapur Jointly with Uma Chopra	1
Vinod Kapur Jointly with Prem Chopra	1
Vinod Kapur	1
Vinod Kapur Jointly with Anjali Kedia	2
Vinod Kapur Jointly with Gargi Ahluwalia and Hemlata Kamani	1
Vinod Kapur Jointly with Anjana Gurbaxani	2
Vicky Kapur Jointly with Khosla Industries	1
Vicky Kapur Jointly with	1
Vicky Kapur Jointly with	1
Gaurav V. Kapur, Jointly with Vinod Kapur and Geeta Kapur	47839
Gargi Holdings Private Limited	750
Total	970000

As on 24.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.00
Directors or relatives of Directors	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Resins, Reaction Initiators and Coatings used by foundry industries

Products :

Item Code No. (ITC Code)	Product Description
39094020	P F Resins
38159000	Reaction Initiators
38160000	Refractory Coatings

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

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 :

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 decline by the management

Bankers :

• Citi Bank N. A., Trent House, 2^nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra, India
• The Cosmos Co-Operative Bank Limited, Chembur Branch, Richmonds Heights, Plot No.239, Centre Avenue Road, Chembur, Mumbai – 400 071, Maharashtra, India

· Development Credit Bank Limited, Vashi Branch, Mumbai – 400703, Maharashtra, India

Facilities :

SECURED LOANS

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from bank	1.583	9.934
SHORT TERM BORROWINGS
Working capital loans from banks	87.489	125.895
Total	89.072	135.829

Banking Relations :	---
Auditors :
Name :	J.V. Sanghvi and Company Chartered Accountants
Address :	Office No.1, Namrata – A, 90 Feet Road, Building No.4, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
Tel. No. :	91-22-32449541
PAN No. :	AAGPS0434E
Memberships :	Not Available
Collaborators :	Not Available
Associate :	¨ Gargi Chemicals Private Limited ¨ Gargi Holdings Private Limited ¨ Gargi Steelchem Private Limited ¨ Gargi Metallurgical Corpn ¨ Gargi Engineering Enterprises Private Limited ¨ Gaurav Infrabuild Private Limited ¨ Gargi Magna Steelchem Private Limited ¨ Gargi Crystal Steel Chem Private Limited
Others :	¨ Huttenes Albertus Chemische Werke Gmbh

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
970000	Equity Shares	Rs.100/- each	Rs.97.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	97.000	97.000	97.000
(b) Reserves & Surplus	572.252	547.242	510.660
(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)	669.252	644.242	607.660
(3) Non-Current Liabilities
(a) long-term borrowings	1.583	9.934	25.410
(b) Deferred tax liabilities (Net)	14.691	14.218	8.647
(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)	16.274	24.152	34.057
(4) Current Liabilities
(a) Short term borrowings	149.859	218.728	222.070
(b) Trade payables	606.672	392.924	416.528
(c) Other current liabilities	21.472	33.090	49.829
(d) Short-term provisions	26.594	21.553	42.796
Total Current Liabilities (4)	804.597	666.295	731.223
TOTAL	1490.123	1334.689	1372.940
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	256.746	275.350	248.728
(ii) Intangible Assets	0.013	0.017	0.023
(iii) Capital work-in-progress	24.057	17.050	17.842
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.916	5.916	5.916
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.566	4.839	4.659
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	292.298	303.172	277.168
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	170.599	113.742	182.208
(c) Trade receivables	979.659	828.041	866.311
(d) Cash and cash equivalents	23.206	62.888	23.043
(e) Short-term loans and advances	24.361	26.846	24.210
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1197.825	1031.517	1095.772
TOTAL	1490.123	1334.689	1372.940

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3529.900	3322.600	3536.900
		Other Income	3.600	3.400	3.200
		TOTAL	3533.500	3326.000	3540.100
Less	EXPENSES
		TOTAL	3361.000	3124.700	3196.800
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		172.500	201.300	343.300
Less	FINANCIAL EXPENSES		22.700	38.800	37.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		149.800	162.500	306.000
Less/ Add	DEPRECIATION/ AMORTISATION		24.000	24.600	23.300
	PROFIT/ (LOSS) BEFORE TAX		125.800	137.900	282.700
Less	TAX		44.100	44.900	92.400
	PROFIT/ (LOSS) AFTER TAX		81.700	93.000	190.300
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		83.400	83.900	58.200
	APPROPRIATIONS
		Transfer to General Reserve	32.600	37.000	97.000
		Dividend	19.400	9.700	29.100
		Tax on Dividend	8.200	7.900	9.400
		Interim Dividend on equity shares	29.100	38.800	29.100
	BALANCE CARRIED TO THE B/S		75.800	83.400	83.900
	Earnings / (Loss) Per Share (Rs.)		84.23	95.88	196.18

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.31	2.80	5.38
Operating Profit Margin (PBIDT/Sales)	(%)	4.89	6.06	9.71
Return on Total Assets (PBT/Total Assets}	(%)	8.62	10.51	20.95
Return on Investment (ROI) (PBT/Networth)		0.19	0.21	0.47
Debt Equity Ratio (Total Debt /Networth)		0.23	0.35	0.41
Current Ratio (Current Asset/Current Liability)		1.49	1.55	1.50

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	97.000	97.000	97.000
Reserves & Surplus	510.660	547.242	572.252
Net worth	607.660	644.242	669.252
long-term borrowings	25.410	9.934	1.583
Short term borrowings	222.070	218.728	149.859
Total borrowings	247.480	228.662	151.442
Debt/Equity ratio	0.407	0.355	0.226

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3536.900	3322.600	3529.900
		(6.059)	6.239

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3536.900	3322.600	3529.900
Profit	190.300	93.000	81.700
	5.38%	2.80%	2.31%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two 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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from directors	56.699	33.008
Loans and advances from others	0.000	48.860
Deposits from others	5.671	10.965
Total	62.370	92.833

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10297047	19/07/2011	25,200,000.00	THE COSMOS CO-OP BANK LIMITED	CHEMBUR BRANCH, RICHMOND HEIGHTS, CENTRAL AVENUE, RD, GR FLOOR, PLOT NO 239 CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA	B16803967
2	10277129	18/03/2011	17,500,000.00	THE COSMOS CO-OP BANK LIMITED	CHEMBUR BRANCH, RICHMOND HEIGHTS, CENTRAL AVENUE, RD, GR FLOOR, PLOT NO 239 CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA	B09607045
3	10256794	13/12/2010	21,300,000.00	THE COSMOS CO-OP BANK LIMITED	CHEMBUR BRANCH, RICHMOND HEIGHTS, CENTRAL AVENUE, RD, GR FLOOR, PLOT NO 239 CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA	B01325919
4	10231466	01/07/2010	37,500,000.00	THE COSMOS CO-OP BANK LIMITED	CHEMBUR BRANCH, RICHMOND HEIGHTS, CENTRAL AVENUE, RD, GR FLOOR, PLOT NO 239 CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA	A90158981
5	10029214	28/09/2012 *	120,000,000.00	CITIBANK N.A	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BAN DRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA	B58869694
6	80014721	24/10/2005	5,000,000.00	THE COSMOS CO OP BANK LIMITED	PLOT NO 208 ED EL BLDG CENTRE AVENUE, CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA	-
7	90213844	18/05/2009 *	145,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	RICHMONDS HEIGHTS, PLOT NO. 239, CENTRAL AVENUE ROAD, CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA	A62953476
8	90213745	27/08/2004 *	17,000,000.00	THE COSMOS CO-OP BANK LIMITED	269/270; SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	-
9	90213740	20/07/2001	6,000,000.00	THE COSMOS CO-OP BANK LIMITED	269/270; SHANIWAR PETH, PUNE, MAHARASHTRA - 411030, INDIA	-
10	90213703	23/10/2006 *	77,500,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	CHEMBUR BRANCH, MUMBAI, MAHARASHTRA - 400071, INDIA	-
11	90213579	11/07/2000	385,000.00	DEVELOPMENT CREDIT BANK LIMITED	VASHI BRANCH, MUMBAI, MAHARASHTRA - 400703, INDIA	-
12	90214758	07/06/1999	7,500,000.00	DEVELOPMENT CREDIT BANK LIMITED	VASHI BRANCH, MUMBAI, MAHARASHTRA - 400703, INDIA	-
13	90214750	15/03/1999	2,500,000.00	DEVELOPMENT CREDIT BANK LIMITED	VASHI BRANCH, MUMBAI, MAHARASHTRA - 400703, INDIA	-
14	90213211	27/06/1998	5,000,000.00	THE COSMOS CO-OP BANK LIMITED	DADAR (W) BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
15	90213165	24/03/1998	5,000,000.00	THE COSMOS CO-OP BANK LIMITED	DADAR (W) BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
16	90213136	06/02/1998	5,000,000.00	THE COSMOS CO-OP BANK LIMITED	DADAR (W) BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
17	90212827	15/03/1999 *	2,500,000.00	DEVELOPMENT CREDIT BANK LIMITED	VASHI BRANCH, MUMBAI, MAHARASHTRA - 400703, INDIA	-
18	90212675	30/05/1995	3,300,000.00	MAHARASHTRA STATE FINANCIAL CORPN.	NEW EXCELSIOR BLDG; 5; 7; 8 & 9TH FLOORS, AMRIT KESHAV NAYAK MARG, MUMBAI, MAHARASHTRA - 400001, INDIA	-
19	90215944	11/08/1989	3,600,000.00	THE MAHARASHTRA STATE FINANCIAL CORPORATION	NEW EXCELSIOR BLDG; 5; 7; 8 & 9TH FLOOR, AMRIT KESHAV NAYAK MARG; FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Office Building
• Plant and equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipments
• Brands and Trade Marks

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.74
UK Pound	1	Rs. 98.87
Euro	1	Rs. 77.32

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	ASH

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	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.