MIRA INFORM REPORT

Report Date :

09.07.2014

IDENTIFICATION DETAILS

Name :	ANUPAM RASAYAN INDIA LIMITED
Registered Office :	Plot No. 8110, GIDC Industrial Estate, Sachin, District Surat – 394230, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.09.2003
Com. Reg. No.:	04-042988
Capital Investment / Paid-up Capital :	Rs.100.000 Millions
CIN No.: [Company Identification No.]	U24231GJ2003PLC042988
TAN No.: [Tax Deduction & Collection Account No.]	SRTA01589A
PAN No.: [Permanent Account No.]	AAECA4575D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Specialty Chemicals.
No. of Employees :	180 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2110000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and heathy. Profitability of the company is fair. 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk,
Date	23.06.2014

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. Afzal Malkani
Designation :	C.A.
Contact No.:	91-9825242548
Date :	08.07.2014

LOCATIONS

Registered Office / Factory 1 :	Plot No.8110, GIDC Industrial Estate, Sachin, District Surat – 394230, Gujarat, India
Tel. No.:	91-261-2398991 / 2398993 / 94 / 95
Mobile No.:	91-9825123708 (Mr. Anand)
Fax No.:	91-261-2398996 / 2475709
E-Mail :	anand@anupanrasayan.com office@anupamrasayan.com exports@anupamrasayan.com afzalmalkani@gmail.com
Website :	http://www.anupamrasayan.com
Area :	9000 sq. ft.
Location :	Owned
Factory 2 :	No. 2-701 GIDC, Sachin, Surat- 394230, Gujarat, India
Area :	6000 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Anand Sureshchandra Desai

Designation :

Managing Director

Address :

5, Janata Nagar, Opposite Kapadia Health Club, New Civil Road, Surat- 395003, Gujarat, India

Date of Birth/Age :

12.12.1973

Qualification:

B.Sc., PGDBA

Date of Appointment :

01.04.2011

DIN No.:

00038442

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	U24231GJ1988PTC011199	REHASH INDUSTRIAL AND RESINS CHEMICALS PRIVATE LIMITED	Director	04/08/1998	04/08/1998	-	Active	NO
2	U24110MH1992PTC068653	SHRI VINAYAK CHEMEX (INDIA) PRIVATE LIMITED	Director	30/09/2000	30/09/2000	01/04/2008	Active	NO
3	U24231GJ2003PLC042988	ANUPAM RASAYAN INDIA LIMITED	Managing director	01/04/2011	30/09/2003	-	Active	NO
4	U74990MH2010PTC199647	ATHARVA EXOCHEM PRIVATE LIMITED	Director	03/02/2010	03/02/2010	-	Active	NO
5	U74999GJ2012PTC072826	MAHAVIR ECO PROJECTS PRIVATE LIMITED	Director	20/12/2012	20/12/2012	-	Active	NO
6	U40106GJ2012PLC073114	SACHIN ECO ENERGY LIMITED	Director	26/12/2012	26/12/2012	-	Active	NO

Name :

Mrs. Mona Anandbhai Desai

Designation :

Director

Address :

5, Janatanagar, Opposite Kapadia Health Club, New Civil Road, Surat – 395007, Gujarat, India

Date of Birth/Age :

12.10.1975

Qualification:

B.Sc.

Date of Appointment :

01.04.2011

DIN No.:

00038429

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	U24231GJ2003PLC042988	ANUPAM RASAYAN INDIA LIMITED	Whole-time director	01/04/2011	30/09/2003	-	Active	NO
2	U24231GJ1988PTC011199	REHASH INDUSTRIAL AND RESINS CHEMICALS PRIVATE LIMITED	Additional director	03/01/2014	03/01/2014	-	Active	NO

Name :

Mrs. Usha Nanavati

Designation :

Additional Director

Address :

Arunodaya, Sarojini Road, Vileparle, Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

30.12.1960

Date of Appointment :

30.09.2013

DIN No.:

00291795

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	U28910MH1999PTC121573	FINESSE POWDER COATINGS PRIVATE LIMITED	Director	02/09/1999	02/09/1999	-	Active	NO
2	U45202MH2008PTC183560	NANAVATI DEVELOPERS PRIVATE LIMITED	Director	16/06/2008	16/06/2008	-	Active	NO
3	U24231GJ2003PLC042988	ANUPAM RASAYAN INDIA LIMITED	Director	30/09/2013	24/05/2013	-	Active	NO

Name :

Mr. Akhil Milan Thakkar

Designation :

Additional Director

Address :

7, Lowswood Close, Northwood Middlesex, HA6'2XE, UK, 395007

Date of Birth/Age :

04.10.1990

Date of Appointment :

30.09.2013

DIN No.:

06529626

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	U24231GJ2003PLC042988	ANUPAM RASAYAN INDIA LIMITED	Director	30/09/2013	24/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Suchi Satish Agarwal
Designation :	Secretary
Address :	C-2/911, Shyamvatika Apartment, Dumbhal Road, Parvat Patia, Surat-395010, Gujarat, India
Date of Birth/Age :	26.11.1984
Date of Appointment :	01.07.2013
PAN No.:	ALEPA6506E

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Hansaben Desai	270313
Anand Desai	1515625
Mona Desai	828125
Purnima Desai	1031250
Ashvin Desai	1750000
Rohan Desai	656250
Aman Desai	671875
Bharatkumar Desai	78125
Sarojini Dalal	117187
Meenaben Desai	46875
Ashwin Desai	242188
Rehash Industrial and Resin Chemicals Private Limited, India	1062500
Shraddha Anand Desai	1729687
Total	10000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
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
Bodies corporate	10.62
Directors or relatives of Directors	49.38
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Specialty Chemicals.
Products :	Diphenyl Ethers Benzimidazolones Halogenated Phenols Bis(acetoacetamido)benzenes Phenylene Diamines Benzanilides Bis(phenoxy)ethanes Bis(aminophenoxy)benzenes Alkyl Benzoates Benzene Sulfonic Esters
Exports :
Products :	Finished Goods
Countries :	· UK · China · Germany
Imports :
Products :	Raw Material
Countries :	· Japan · China · Europe
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Aarti Industries, Vapi, Guja

Customers :

BASF – SE, Germany

No. of Employees :

180 (Approximately)

Bankers :

· Bank of India, Surat MID Corporate Branch, BOI Building Near BSNL Office, Ghoddod Road, Surat - 395001, Gujarat, India

Tel No.: 91-261-23434715

· Yes Bank Limited, Surat, Gujarat, India

· Standard Chartered Bank, Surat, Gujarat, India

· HDFC Bank, Surat, Guajarat, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	86.272	78.829
Short Term Borrowings
Loans repayable on demand from banks	582.185	511.394
Total	668.457	590.223

Banking Relations :	--
Auditors :
Name :	Natvarlal Vepari and Company Chartered Accountants
Address :	1st Floor, River Palace – II, Near Navdi Ovara, Nanpura, Surat – 395001, Gujarat, India
Tel No.:	91-261-3057777/ 2465585
Fax No.:	91-261-3995511
Email :	vepari@youtele.com
PAN No.:	AADFN5448E
Associates :	· REHASH INDUSTRIAL AND RESINS CHEMICALS PRIVATE LIMITED CIN No.: U24231GJ1988PTC011199
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· GLOBE ENVIRO CARE LIMITED CIN No.: U29199GJ1998PLC033633

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 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	100.000	100.000	100.000
(b) Reserves & Surplus	427.471	318.772	228.423
(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)	527.471	418.772	328.423
(3) Non-Current Liabilities
(a) long-term borrowings	105.130	96.469	72.943
(b) Deferred tax liabilities (Net)	38.659	38.171	34.338
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	3.022
Total Non-current Liabilities (3)	143.789	134.640	110.303
(4) Current Liabilities
(a) Short term borrowings	631.177	524.940	482.969
(b) Trade payables	128.778	156.431	133.011
(c) Other current liabilities	76.315	60.622	20.732
(d) Short-term provisions	4.989	12.443	11.745
Total Current Liabilities (4)	841.259	754.436	648.457
TOTAL	1,512.519	1,307.848	1,087.183
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	561.183	478.674	453.583
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	9.261	5.083	5.083
(b) Non-current Investments	14.453	14.453	14.453
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.648	0.000	0.000
(e) Other Non-current assets	11.714	5.237	0.000
Total Non-Current Assets	603.259	503.447	473.119
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	539.166	532.275	415.217
(c) Trade receivables	251.484	198.557	132.483
(d) Cash and cash equivalents	9.770	10.561	6.214
(e) Short-term loans and advances	105.749	60.867	58.269
(f) Other current assets	3.091	2.141	1.881
Total Current Assets	909.260	804.401	614.064
TOTAL	1,512.519	1,307.848	1,087.183

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		1,493.076	1,284.914	1,072.166
		Other Income		0.814	0.897	0.046
		TOTAL (A)		1,493.890	1,285.811	1,072.212
Less	EXPENSES
		Cost of Materials Consumed		704.966	792.250	750.005
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		26.517	(108.666)	(148.784)
		Employee Benefits Expenses		31.410	37.148	27.682
		Other Expenses		354.188	298.103	256.251
		TOTAL (B)		1,117.081	1,018.835	885.154
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			376.809	266.976	187.058
Less	FINANCIAL EXPENSES (D)			192.126	106.974	54.436
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			184.683	160.002	132.622
Less	DEPRECIATION/ AMORTISATION (F)			35.974	32.310	28.340
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			148.709	127.692	104.282
Less	TAX (H)			40.010	37.333	31.351
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			108.699	90.359	72.931
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			338.772	248.423	175.492
	BALANCE CARRIED TO THE B/S			447.471	338.772	248.423
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	1217.698	1198.748	815.022
	TOTAL EARNINGS			1217.698	1198.748	815.022
	IMPORTS
			Raw Materials	179.106	319.201	239.752
	TOTAL IMPORTS			179.106	319.201	239.752
	Earnings Per Share (Rs.)			10.86	9.03	7.29

Particulars	31.03.2014
Sales Turnover (Approximately)	2280.000
Profit Before Tax	240.000
Profit After Tax	190.000

The above information has been parted by Mr. Afzal Malkani

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.28	7.03	6.80
Net Profit Margin (PBT/Sales)	(%)	9.96	9.94	9.73
Return on Total Assets (PBT/Total Assets}	(%)	9.99	9.91	9.77
Return on Investment (ROI) (PBT/Networth)		0.28	0.30	0.32
Debt Equity Ratio (Total Debt /Networth)		1.40	1.48	1.69
Current Ratio (Current Asset/Current Liability)		1.08	1.07	0.95

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	100.000	100.000	100.000
Reserves & Surplus	228.423	318.772	427.471
Net worth	328.423	418.772	527.471
long-term borrowings	72.943	96.469	105.130
Short term borrowings	482.969	524.940	631.177
Total borrowings	555.912	621.409	736.307
Debt/Equity ratio	1.693	1.484	1.396

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	1,072.166	1,284.914	1,493.076
		19.843	16.200

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	1,072.166	1,284.914	1,493.076
Profit	72.931	90.359	108.699
	6.80%	7.03%	7.28%

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	Yes
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 four years	Yes
12]	Profitability for last four 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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances from directors	18.858	17.640
Short Term Borrowings
Loans and advances from related parties	48.992	13.546
Total	67.850	31.186

BACKGROUND:

Company established in Year 1977, has been a leading manufacturer of speciality and fine chemicals. A Government of India recognised Star Export House; the Company is a global supplier of custom manufactured speciality chemicals. Catering to the demands of various multi-national giants as sole supplier of various speciality chemicals has shown a growth in sales revenue, current fiscal sales revenues being around $ 30 Million.

SALES:

Gross Revenue for the year ended 31st March, 2013 amounted to Rs.1563.0375 Millions as against Rs.1339.7686 Millions achieved during the previous year. Profit after tax for the year ended 31st March, 2013 was Rs.108.6989 Millions as against Rs.90.349 Millions earned during the previous year. Profitability of the Company has increased due to high demand for its products however even after the increase in interest costs owing to working capital requirements for production and capital expenditure programme on account of ongoing expansion activities of the

Company.

EXPORTS:

Exports of the Company has shown a growth of approximately 19%. Company exports its products many European countries. The exports during the year ended on 31st March, 2013 amounted to Rs.0.013 Million from Rs.0.011 Million during previous year in terms of Rupees and the same are estimated to increase by 25% in the coming year. We have been able to achieve this constant increase in demand for Anupam's products due to high quality maintained by it in the industry and its reputation among customers for the best customer relations.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10331228	30/04/2013 *	868,300,000.00	Bank of India	Surat Mid Corporate Branch,, Boi Bldg, Near Bsnl Office, Ghod Dod Road,, Surat, Gujarat - 395001, India	B75383935
2	10317949	16/04/2014 *	1,201,704,000.00	Bank of India	Surat Mid Corporate Branch,, Boi Bldg, Near Bsnl Office, Ghod Dod Road,, Surat, Gujarat - 395001, India	C04307971
3	10262006	03/09/2010	50,000,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	A97594774
4	10262007	03/09/2010	120,000,000.00	HDFC Bank Limited	HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	A97595599

*Date of modification Charges

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.59.80
UK Pound	1	Rs.102.42
Euro	1	Rs.81.32

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		48

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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