MIRA INFORM REPORT

Report Date :

17.02.2014

IDENTIFICATION DETAILS

Name :	AKRY ORGANICS PRIVATE LIMITED
Registered Office :	A-318, Ahura Centre, 82 Mahakali Caves Road, Andheri (East), Mumbai - 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.04.1993
Com. Reg. No.:	11-071527
Capital Investment / Paid-up Capital :	Rs. 2.800 Millions
CIN No.: [Company Identification No.]	U24110MH1993PTC071527
TAN No.: [Tax Deduction & Collection Account No.]	MUMA20203B
PAN No.: [Permanent Account No.]	AAACA6005E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Ethylene Glycols.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 1870000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The latest financial statement of 2013 could not be made available from government department. As per available financial 2012, there incurred drastic dip in the profit of the company. However, general financial position seems to be satisfactory. Trade relations are reported to be 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Pratik Kamlesh Sanghavi
Designation :	Whole-time Director
Contact No.:	91-9820361615
Date :	12.02.2014

LOCATIONS

Registered Office :	A-318, Ahura Centre, 82 Mahakali Caves Road, Andheri (East), Mumbai -400093, Maharashtra, India
Tel. No.:	91-22-30863372/ 30863356
Mobile No.:	91-9820361615 (Mr. Pratik Kamlesh Sanghavi)
Fax No.:	91-22-30863350
E-Mail :	creatfinance@akry.in pratik@akry.in dilipmehta@akry.in accakry@sity.com kamal@akry.in mitul@akry.in pratik@akry.in
Website :	http://www.akry.in
Location :	Owned
Factory :	Plot No. 20 and 21, MIDC, Tarapur, Boisar, Palghar – 401506, Thane, Maharashtra, India
Tel. No.:	91-2525-324455
Fax No.:	91-2525-274452
Branch Office 1 :	302, Parshva Chambers, 17/21 Issaji Street, Vadgadi, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-32552336
Fax No.:	91-22-23447472

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Kamlesh Ramanlal Sanghavi

Designation :

Managing Director

Address :

Anupam, 10 Ansari Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

16.05.1953

Qualification :

B.Sc.

Experience :

28 Years

Date of Appointment :

08.04.1993

PAN No.:

AAFPS9315P

DIN No.:

01095263

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	Company/ LLP Status	Defaulting status
1	U24110MH1993PTC071527	AKRY ORGANICS PRIVATE LIMITED	Managing director	08/04/1993	08/04/1993	Active	NO
2	U24110MH2000PTC128728	ICON ORGANICS PRIVATE LIMITED ICO	Director	15/09/2000	15/09/2000	Amalgamated	NO
3	U24100MH1990PLC058352	AUTHENTIC PETROPRODUCTS LIMITED	Director	30/09/2010	19/08/2010	Active	NO

Name :

Mrs. Daksha Kamlesh Sanghavi

Designation :

Director

Address :

Anupam, 10 Ansari Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

09.07.1958

Date of Appointment :

12.06.1993

PAN No.:

AAFPS9314P

DIN No.:

01095274

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	Company/ LLP Status	Defaulting status
1	U24110MH1993PTC071527	AKRY ORGANICS PRIVATE LIMITED	Director	12/06/1993	12/06/1993	Active	NO
2	U24110MH2000PTC128728	ICON ORGANICS PRIVATE LIMITED ICO	Director	15/09/2000	15/09/2000	Amalgamated	NO
3	U24100MH1990PLC058352	AUTHENTIC PETROPRODUCTS LIMITED	Director	30/09/2010	19/08/2010	Active	NO

Name :

Mr. Mitul Kamlesh Sanghavi

Designation :

Whole-time Director

Address :

Anupam, 10 Ansari Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

29.11.1980

Date of Appointment :

01.04.2004

PAN No.:

AKJPS2266F

DIN No.:

01095282

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	Company/ LLP Status	Defaulting status
1	U24110MH2000PTC128728	ICON ORGANICS PRIVATE LIMITED ICO	Director	15/09/2000	15/09/2000	Amalgamated	NO
2	U24110MH1993PTC071527	AKRY ORGANICS PRIVATE LIMITED	Whole-time director	01/04/2004	01/04/2004	Active	NO
3	U24100MH1990PLC058352	AUTHENTIC PETROPRODUCTS LIMITED	Director	30/09/2010	19/08/2010	Active	NO

Name :

Mr. Pratik Kamlesh Sanghavi

Designation :

Whole-time Director

Address :

Anupam, 10 Ansari Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

23.01.1984

Date of Appointment :

01.01.2006

PAN No.:

ARCPS5470M

DIN No.:

01095287

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	Company/ LLP Status	Defaulting status
1	U24110MH1993PTC071527	AKRY ORGANICS PRIVATE LIMITED	Whole-time director	01/01/2006	01/01/2006	Active	NO
2	U24100MH1990PLC058352	AUTHENTIC PETROPRODUCTS LIMITED	Director	30/09/2010	19/08/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Equity Shareholders	No. of Shares
Kamlesh Ramanlal Sanghavi	120000
Daksha Kamlesh Sanghavi	110000
Mitul Kamlesh Sanghavi	25000
Pratik Kamlesh Sanghavi	25000
Total	280000

Names of Preference Shareholders	No. of Shares
Kamlesh Ramanlal Sanghavi	500
Daksha Kamlesh Sanghavi	49000
Mitul Kamlesh Sanghavi	500
Total	50000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Ethylene Glycols.

Products/ Services :

ITC Code No.	Product Descriptions
29053909	Glycols

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Glycols	Kgs	NA	30000000	19776480

Note:

a) The Licensed and Installed Capacities are as certified by the Management and relied upon by the Auditors being a technical matter.

b) Actual production includes for captive consumption of 2600625 (2512985) Kgs of Finished Goods and excluding production of Finished and Semi Finished Goods 17220 (13020) Kgs processed by third parties.

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

250 (Approximately)

Bankers :

· State Bank of India, 70/80, M G Road, Mumbai – 400023, Maharashtra, India

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

· Citi Bank N.A., Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

· The Ratnakar Bank Limited, Shahupuri, Kolhapur, Kolhapur - 416001, Maharashtra, India

· Standard Chartered Bank, 90, M G Road, Fort, Mumbai – 40001, Maharashtra, India

· Bank of India, Mumbai Mid Corporate Branch, 70/80, M.G. Road, Bank of India Building, Mezzanine Floor, Fort, Mumbai - 400001, Maharashtra, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Commonwealth Bank of America, Level 2, Hoechst House, Nariman Point, Mumbai – 400021, Maharashtra, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Foreign currency term loans from Banks	108.072	150.446
Rupee term loans from Banks	3.797	0.000
SHORT TERM BORROWINGS
Loans repayable on demand	531.388	275.165
Total	643.257	425.611

Banking Relations :	--
Auditors :
Name :	Garg And Company Chartered Accountants
Address :	413/415, Hind Rajasthan Building, Dada Saheb Phalke Road, Dadar (East), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-24112575
Income-tax PAN of auditor or auditor's firm :	AABPG4441L
Subsidiary Company :	Authentic Petro Products Limited [U24100MH1990PLC058352]
Associate :	Icon Organics Private Limited
Enterprises having same Key Management Personal and /or their relatives as the reporting enterprises:	· Crest Chemicals · Akry Rasayan · Efforts Chemicals

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs. 10/- each	Rs. 7.000 Millions
50000	Preference Shares	Rs. 10/- each	Rs. 0.500 Million
	Total		Ra. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
280000	Equity Shares	Rs.10/- each	Rs. 2.800 Millions
50000	Preference Shares	Rs.10/- each	Rs. 0.500 Million
	Total		Rs. 3.300 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28000	Equity Shares	Rs.100/- each	Rs. 2.800 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	2.800	2.800
(b) Reserves & Surplus	465.855	436.602
(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)	468.655	439.402
(3) Non-Current Liabilities
(a) long-term borrowings	163.987	205.541
(b) Deferred tax liabilities (Net)	6.010	7.371
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	169.997	212.912
(4) Current Liabilities
(a) Short term borrowings	554.014	295.604
(b) Trade payables	213.140	152.325
(c) Other current liabilities	126.388	133.952
(d) Short-term provisions	0.868	0.694
Total Current Liabilities (4)	894.410	582.575
TOTAL	1533.062	1234.889
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	138.515	139.397
(ii) Intangible Assets	0.431	0.199
(iii) Capital work-in-progress	319.660	212.851
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	30.122	31.667
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	11.328	35.442
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	500.056	419.556
(2) Current assets
(a) Current investments	0.762	27.102
(b) Inventories	628.486	422.703
(c) Trade receivables	256.457	214.794
(d) Cash and cash equivalents	0.710	7.708
(e) Short-term loans and advances	146.588	142.997
(f) Other current assets	0.003	0.029
Total Current Assets	1033.006	815.333
TOTAL	1533.062	1234.889

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.800
2] Share Application Money		0.000
3] Reserves & Surplus		361.871
4] (Accumulated Losses)		0.000
NETWORTH		364.671
LOAN FUNDS
1] Secured Loans		147.581
2] Unsecured Loans		67.374
TOTAL BORROWING		214.955
DEFERRED TAX LIABILITIES		5.726
TOTAL		585.352
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		152.491
Capital work-in-progress		46.831
INVESTMENT		33.617
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	134.107
	Sundry Debtors	197.107
	Cash & Bank Balances	16.316
	Other Current Assets	0.000
	Loans & Advances	97.615
Total Current Assets		445.145
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	92.533
	Other Current Liabilities	0.199
	Provisions	0.000
Total Current Liabilities		92.732
Net Current Assets		352.413
MISCELLANEOUS EXPENSES		0.000
TOTAL		585.352

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	NA	916.940
		Other Income	NA	NA	0.000
		TOTAL	NA	NA	916.940
Less	EXPENSES
		TOTAL	NA	NA	690.726
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		62.820	140.844	226.214
Less/ Add	DEPRECIATION/ AMORTISATION		18.929	21.468	23.725
	PROFIT BEFORE TAX		43.891	119.376	202.489
Less	TAX		14.639	44.645	63.740
	PROFIT AFTER TAX		29.252	74.731	138.749
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		432.528	357.797	219.048
	BALANCE CARRIED TO THE B/S		461.780	432.528	357.797
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	139.763	170.420	127.800
		Freight recovered on Sales	4.083	7.238	0.000
	TOTAL EARNINGS		143.846	177.658	127.800
	IMPORTS
		Raw Materials	413.096	382.520	85.679
		Trading Goods	0.000	24.874	16.380
		Consumables	0.000	1.807	0.000
	TOTAL IMPORTS		413.096	409.201	102.059
	Earnings Per Share (Rs.)		1044.71	2669.00	4955.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	15.13
Net Profit Margin (PBT/Sales)	(%)	NA	NA	22.08
Return on Total Assets (PBT/Total Assets}	(%)	3.71	12.05	33.88
Return on Investment (ROI) (PBT/Networth)		0.09	0.27	0.56
Debt Equity Ratio (Total Debt/Networth)		1.53	1.14	0.59
Current Ratio (Current Asset/Current Liability)		1.15	1.40	4.80

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. in Millions)	(Rs. in Millions)
Share Capital	2.800	2.800
Reserves & Surplus	436.602	465.855
Net worth	439.402	468.655
long-term borrowings	205.541	163.987
Short term borrowings	295.604	554.014
Total borrowings	501.145	718.001
Debt/Equity ratio	1.141	1.532

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 one year	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	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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10449648	07/09/2013	115,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B85247377
2	10439955	29/07/2013 *	140,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B81235954
3	10444561	24/05/2013 *	90,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI, KOLHAPUR, KOLHAPUR - 416001, MAHARASHTRA, INDIA	B83582445
4	10346583	07/03/2012	100,000,000.00	INDUSIND BANK LIMITED	GROUND FLOOR, HOTEL PANCHMAHAL CHOMPLEX, KODIALBAIL, MANGALORE - 575003, KARNATAKA, INDIA	B36669620
5	10308104	31/08/2011	38,000,000.00	CITIBANK N.A.	8TH FLOOR, NIRLON KNOWLEDGE PARK, BLOCK NO.B-7, OFF WESTERN EXPRESS HIGHWAY, GOREGAON (E), MUMBAI 400063, MAHARASHTRA, INDIA	B21429162
6	10330031	31/07/2013 *	120,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400063, MAHARASHTRA -  400018, INDIA	B82678228
7	10274980	21/03/2011	150,000,000.00	STANDARD CHARTERED BANK	90, M G ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B08855603
8	10266947	17/01/2011	176,000,000.00	DBS BANK LIMITED	221, FORT HOUSE, 3RD FLOOR, D.N.ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B05496203
9	10232845	06/08/2010	40,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO. C 60, B ANDRA KURLA COMPLEX, BANDRA (E), MUMBAI - 400051, MAHARASHTRA, INDIA	A91029652
10	10150597	25/06/2013 *	150,000,000.00	DBS BANK LIMITED	3RD FLOOR, FORT HOUSE, DR. D N ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B78512662
11	10056896	29/07/2011 *	120,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B18194464

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Deferred sales tax loan	49.767	51.590
Loans and advances from related parties	2.351	3.505
SHORT TERM BORROWINGS
Loans repayable on demand	22.626	20.439
Total	74.744	75.534

CHANGE OF ADDRESS:

The Registered office of the company has been shifted from 302, Parshva Chambers, 17/21, Issaji Street, Vadgadi, Mumbai - 400003, Maharashtra, India to the present address w.e.f.07.04.2010

CONTINGENT LIABILITIES NOT PROVIDED IN RESPECT OF (AS ON 31.03.2012):

a) Bank Guarantee and Letter of Credit issued by banks outstanding Rs.27.980 Millions

b) Income Tax Demand due to pending rectification by A.O. as per direction given by appellant authority Rs.2.310 Millions

c) Custom duty which may arise if obligation of export is not fulfilled against import of Raw Material and Consumable goods Nil

d) The Company has taken key man Insurance policy for an annual premium of Rs.1.525 Millions to be paid up to 2020-2021.

FIXED ASSETS:

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicle

· Electrical Installation

· Office Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.28
UK Pound	1	Rs. 103.67
Euro	1	Rs. 85.18

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.