MIRA INFORM REPORT

Report Date :

11.07.2014

IDENTIFICATION DETAILS

Name :	ATUL LIMITED (w.e.f. 31.07.1996)
Formerly Known As :	ATUL PRODUCTS LIMITED
Registered Office :	Ashoka Chambers, Rasala Marg, Eillsbridge, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.12.1975
Com. Reg. No.:	04-002859
Capital Investment / Paid-up Capital :	Rs.296.800 Millions
CIN No.: [Company Identification No.]	L99999GJ1975PLC002859
TAN No.: [Tax Deduction & Collection Account No.]	AMMA00199D/ SRTA02006E/ SRTA02005D/ SRTA01637G
PAN No.: [Permanent Account No.]	AABCA2390M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Dyestuff Chemicals, Drugs and Pharmaceuticals, Cresol, Sodium Sulphite, Sodium Sulphate, Soda Ash, Gypsum, Resorcinol, Aslurry, Spent Acid, Dinitro Diphenye, Sulfone, Metanilic Acid, Heavy Duty Break Fluid, Para Cand Panisaldehyde.
No. of Employees :	2761 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 37000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal 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	CARE
Rating	Long Term Bank Facility = AA
Rating Explanation	Having high degree of safety and carry very low credit risk
Date	16.01.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facility = A1+
Rating Explanation	Having strong degree of safety and carry lowest credit rise.
Date	16.01.2014

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.

LOCATIONS

Registered Office :	Ashoka Chambers, Rasala Marg, Eillsbridge, Ahmedabad - 380006, Gujarat, India
Tel. No.:	91-79-26423706/ 26427520/ 26449294/ 26460520
Fax No.:	91-79-26404111
E-Mail :	wk.ag@atul.co.in wk.ar@atul.co.in wk.cl@atul.co.in fi@atul.co.in sec@atul.co.in ahd@atul.co.in jayesh_desai@atul.co.in nirali_solanki@atul.co.in
Website :	http://www.atul.co.in
Head Office :	Colours Division Post Atul, Valsad – 396020, Gujarat, India
Tel. No.:	91-2632-233261/ 5
Fax No.:	91-2632-233619 / 233375 / 233024 / 233619 / 233384
E-Mail :	sec@atul.co.in
Mumbai Office:	310 B, Veer Savarkar Marg, Adjacent to Prabhadevi Telephone Exchange, Opposite India United Mills, Prabhadevi, Dadar (West), Mumbai-400028, Maharashtra, India
Tel. No.:	91-22-39876000
Fax No.:	91-22-24376061 / 24386065
E-Mail :	mum@atul.co.in
Factory 1 :	297, GIDC Industrial Estate, Ankleshwar - 393 002, Gujarat, India
Factory 2 :	Atul, District Valsad, Gujarat, India
Factory 3 :	MIDC, Tarapur, Thane, Maharashtra, India

DIRECTORS

As on 31.03.2014

Name :	Mr. Sunil Lalbhai
Designation :	Chairman and Managing Director
Date of Birth:	15.03.1960
Name :	Mr. Samveg Lalbhai
Designation :	Managing Director
Name :	Mr. Bharathy Mohanan
Designation :	Whole time Director
Name :	Mr. S Nammalvar
Designation :	Whole time Director (Alternate to B S Mohan)
Name :	Mr. G. S. Patel
Designation :	Director
Name :	Dr. Satguru. Baijal
Designation :	Director
Date of Birth:	06.09.1929
Name :	Mr. Bansi S. Mehta
Designation :	Director
Date of Birth:	19.09.1935
Name :	Mr. Hasmukh Shah
Designation :	Director
Name :	Mr. Susim Datta
Designation :	Director
Date of Birth:	01.07.1936
Name :	Mr. V S Rangan
Designation :	Director
Name :	Mr. Rajendra A Shah
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	854316	2.88
Bodies Corporate	14159294	47.74
Sub Total	15013610	50.62
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	15013610	50.62
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1240338	4.18
Financial Institutions / Banks	63402	0.21
Central Government / State Government(s)	336	0.00
Insurance Companies	548767	1.85
Foreign Institutional Investors	429445	1.45
Any Others (Specify)	609	0.00
Trusts	609	0.00
Sub Total	2282897	7.70
(2) Non-Institutions
Bodies Corporate	3449633	11.63
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	5159926	17.40
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3464109	11.68
Any Others (Specify)	291558	0.98
Non Resident Indians	149220	0.50
Foreign Nationals	100	0.00
Clearing Members	142238	0.48
Sub Total	12365226	41.69
Total Public shareholding (B)	14648123	49.38
Total (A)+(B)	29661733	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	29661733	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Dyestuff Chemicals, Drugs and Pharmaceuticals, Cresol, Sodium Sulphite, Sodium Sulphate, Soda Ash, Gypsum, Resorcinol, Aslurry, Spent Acid, Dinitro Diphenye, Sulfone, Metanilic Acid, Heavy Duty Break Fluid, Para Cand Panisaldehyde.

Products :

Item Code No.	Product Description
3204	Synthetic Organic Colouring Matter
291200	Para Anisic Aldehyde
390730.09	Epoxy Resins

GENERAL INFORMATION

No. of Employees :

2761 (Approximately)

Bankers :

· Axis Bank

· Bank of Baroda

· Bank of India

· Export Import Bank of India

· State Bank of India

Facilities :

Secured Loan	31.03.2014 Rs. In Millions	31.03.2013 Rs. in Millions
Long-term Borrowings
Term loans
Rupee term loans from financial institutions	312.500	416.600
Foreign currency term loans from banks	594.700	696.900
Foreign currency term loans from financial institutions	225.400	430.600
Short-term borrowings
Working capital loans repayable on demand from banks	1292.700	1510.900
Total	2425.300	3055.000

Banking Relations :	--
Auditors :
Name :	Dalal and Shah Chartered Accountants
Cost Auditors
Name :	R. Nanabhoy and Company Chartered Accountants
Subsidiary Companies :	· Aasthan Dates Limited · Subsidiary companies · Ameer Trading Corporation Limited · Atul Bioscience Limited · Atul Biospace Limited · Atul Brasil Quimicos Ltda · Atul China Limited · Atul Deutschland GmbH · Atul Europe Limited · Atul Infotech Private Limited · Atul Rajasthan Date Palms Limited · Atul USA Inc · Biyaban Agri Limited · DPD Limited · Raja Dates Limited
Joint Venture Company :	· Rudolf Atul Chemicals Limited
Associate Companies :	· Amal Limited · Anchor Adhesives Private Limited · Atul Crop Care Limited · LAPOX Polymers Limited · M. Dohmen S.A. · Atul Elkay Polymers Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs. 10/- each	Rs.800.000 Millions
8000000	Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs.800.000 Millions
	Total		Rs. 1600.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
29691780	Equity Shares	Rs. 10/- each	Rs. 296.900 Millions

Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
29661733	Equity Shares	Rs. 10/- each	Rs. 296.600 Millions
	Add: Forfeited Shares (amount paid up)		Rs. 0.200 Millions
	Total		Rs. 296.800 Millions

a) Rights, Preferences and restrictions

The Company has two classes of Shares referred to as Equity Shares having a par value of Rs.10 and Cumulative Redeemable Preference Shares having a par value of Rs.100.

i) Equity Shares:

In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts and Preference Shares.

The distribution will be in proportion to the number of Equity Shares held by the Shareholders. Each holder of Equity Shares is entitled to one vote per share.

ii) Preference Shares:

The Company has Preference Shares having a par value of Rs.100 per share. Each Shareholder is eligible for dividend depending upon their coupon rates. The Preference Shareholder is entitled to one vote per share only on resolutions placed before the Company which directly affect the rights attached to the Preference Shares.

iii) Dividend:

The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

b) Shares reserved for issue at a later date

56 Equity Shares are held in abeyance due to disputes at the time of earlier rights issues.

c) Details of Shareholders holding more than 5% of Equity Shares:

Name of the Shareholder	As at March 31, 2014
	Holding %	No of shares
Aeon Investments Private Limited*	22.70	6725501
Aura Securities Private Limited	5.44	1614045
Aeon Investments Private Limited	3.50	1039383

* During the year certain Promoter group companies were merged. However, there is no change in shareholding of the Promoters due to this merger.

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	296.800	296.800	296.800
(b) Reserves & Surplus	9119.100	7264.100	6122.500
(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)	9415.900	7560.900	6419.300
(3) Non-Current Liabilities
(a) long-term borrowings	1133.600	1544.300	1449.000
(b) Deferred tax liabilities (Net)	353.900	271.600	223.100
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	51.900	50.400	33.300
Total Non-current Liabilities (3)	1539.400	1866.300	1705.400
(4) Current Liabilities
(a) Short term borrowings	1842.700	1604.500	1935.700
(b) Trade payables	3168.700	2753.200	2778.400
(c) Other current liabilities	1337.300	1129.600	1049.700
(d) Short-term provisions	432.100	360.400	511.400
Total Current Liabilities (4)	6780.800	5847.700	6275.200
TOTAL	17736.100	15274.900	14399.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5196.000	4804.500	4175.500
(ii) Intangible Assets	0.000	0.000	2.200
(iii) Capital work-in-progress	529.800	459.300	559.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1364.700	1285.600	1250.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	290.600	315.800	281.100
(e) Other Non-current assets	643.100	436.300	347.400
Total Non-Current Assets	8024.200	7301.500	6615.600
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3757.500	3075.300	2945.700
(c) Trade receivables	4472.600	3616.000	3682.200
(d) Cash and cash equivalents	88.000	78.400	115.200
(e) Short-term loans and advances	1025.400	1034.600	869.400
(f) Other current assets	368.400	169.100	171.800
Total Current Assets	9711.900	7973.400	7784.300
TOTAL	17736.100	15274.900	14399.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	23654.500	20014.800	17776.800
		Other Income	396.200	185.100	143.800
		TOTAL (A)	24050.700	20199.900	17920.600
Less	EXPENSES
		Cost of materials consumed	13246.000	11384.400	10551.300
		Purchase of stock-in-trade	236.900	163.600	200.100
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(664.700)	(114.500)	(153.300)
		Employee benefit expenses	1397.900	1277.600	1172.000
		Exchange rate difference	0.000	(34.600)	120.700
		Other expenses	6007.100	4831.100	4002.600
		Reversal of previous year finance costs	0.000	(53.800)	0.000
		Long-term investment in subsidiary company	0.000	0.000	(65.100)
		TOTAL (B)	20223.200	17453.800	15828.300
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3827.500	2746.100	2092.300
Less	FINANCIAL EXPENSES (D)		314.300	331.300	431.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3513.200	2414.800	1661.300
Less	DEPRECIATION/ AMORTISATION (F)		542.300	490.600	436.500
	PROFIT BEFORE TAX (E-F) (G)		2970.900	1924.200	1224.800
Less	TAX (H)		843.000	569.000	343.700
	PROFIT AFTER TAX (G-H) (I)		2127.900	1355.200	881.100
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4984.500	3973.000	3335.200
	APPROPRIATIONS
		Transfer to General Reserve	212.800	135.500	88.100
		Proposed Dividend	222.500	178.000	133.500
		Dividend distribution tax	37.800	30.200	21.700
	BALANCE CARRIED TO THE B/S		6639.300	4984.500	3973.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	10452.600	9290.100	7775.500
	TOTAL EARNINGS		10452.600	9290.100	7775.500
	IMPORTS
		Raw Materials	3871.600	3139.100	3095.400
		Trading finished goods	284.600	109.800	110.300
		Capital Goods	76.800	44.500	54.700
	TOTAL IMPORTS		4233.000	3293.400	3260.400
	Earnings Per Share (Rs.)		71.74	45.69	29.70

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	8.85	6.71	4.92
Net Profit Margin (PBT/Sales)	(%)	12.56	9.61	6.89
Return on Total Assets (PBT/Total Assets}	(%)	18.75	14.22	9.73
Return on Investment (ROI) (PBT/Networth)		0.32	0.25	0.19
Debt Equity Ratio (Total Debt /Networth)		0.32	0.42	0.53
Current Ratio (Current Asset/Current Liability)		1.43	1.36	1.24

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	296.800	296.800	296.800
Reserves & Surplus	6122.500	7264.100	9119.100
Net worth	6419.300	7560.900	9415.900
long-term borrowings	1449.000	1544.300	1133.600
Short term borrowings	1935.700	1604.500	1842.700
Total borrowings	3384.700	3148.800	2976.300
Debt/Equity ratio	0.527	0.416	0.316

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	17,776.800	20,014.800	23,654.500
		12.589	18.185

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	17,776.800	20,014.800	23,654.500
Profit	881.100	1,355.200	2,127.900
	4.96%	6.77%	9.00%

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE

Sales increased by 17% from Rs.1,9640.000 Millions to Rs.2,3070.000 Millions aided by both higher volumes (8%) and prices (9%). Sales in India increased by 22% from Rs.9860.000 Millions to Rs.1,1990.000 Millions. Sales outside of India increased by 13% from Rs.9780.000 Millions to Rs.1,1080.000 Millions. Revenue from operations increased by 18% from Rs.2,0010.000 Millions to Rs.2,3650.000 Millions. PBT for the year includes about Rs.200.000 Millions of one-time special dividend income received; including such special income, the earnings per share increased from Rs.456.900 to Rs.717.400 Millions. While the operating profit before working capital changes increased by 38% from Rs.2600.000 Millions to Rs.3600.000 Millions, the net cash flow from operating activities declined by 16% from Rs.1670.000 Millions to Rs.1410.000 Millions mainly on account of the growth in working capital consequent to the higher level of sales achieved.

Both the Segments of the Company, namely, Life Science Chemicals Segment (LSC) and Performance and Other Chemicals Segment (POC) showed improvement in performance. The sales of LSC increased by 6% from Rs.6990.000 Millions to Rs.738 Millions, aided by higher sales of Crop Protection and Pharmaceuticals and Intermediates and its EBIT increased by 8% from Rs.1390.000 Millions to Rs.1500.000 Millions. The sales of POC increased by 24% from to Rs.1,2650.000 Millions Rs.1,5690.000 Millions, supported by growth in Colors and Polymers and its EBIT increased from Rs.900.000 Millions to Rs.1730.000 Millions.

The Company reduced its borrowings (including current maturities on long-term borrowings) by 1% from Rs.3550.000 Millions to Rs.3510.000 Millions despite the growth in working capital to support higher sales and payments towards capital expenditure of about Rs.1000.000 Millions.

The Company improved its credit rating from ‘AA-‘ (double A minus) to ‘AA’ (double A) for its long-term borrowings, awarded by CARE. Its rating for short-term borrowings and commercial paper remained at A1+, the highest possible, awarded by CARE.

The Company is in the process of implementing 33 projects with a total outlay of about Rs.4800.000 Millions; these projects are expected to be commissioned in during 2014-15 and 2015-16. It completed 14 projects related to environment protection during 2013-14 and is expected to complete 8 more projects by way of reduction in and treatment of pollutants.

UNSECURED LOAN

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. in Millions
Long Term Borrowings
Rupee Term Loans from Banks	1.000	0.200
Short Term Borrowings
Loans from Banks Including Foreign Banks	550.000	0.000
Buyer’s credit arrangement	0.000	93.600
Total	551.000	93.800

FIXED ASSETS:

· Land – Freehold

· Buildings

· Roads

· Plant and Equipment

· Railway Siding

· Office Equipment and Furniture

· Vehicles

· Computer software

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.59.88
UK Pound	1	Rs.102.59
Euro	1	Rs.81.69

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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.