MIRA INFORM REPORT

Report Date :

23.07.2014

IDENTIFICATION DETAILS

Name :	CHOWGULE CONSTRUCTION CHEMICALS PRIVATE LIMITED (w.e.f. 20.02.2012
Formerly Known As :	CHOWGULE KOSTER (INDIA) CONSTRUCTION CHEMICALS PRIVATE LIMITED
Registered Office :	Chowgule House, Mormugao Harbour, Goa – 403803
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.08.2004
Com. Reg. No.:	24-003568
Capital Investment / Paid-up Capital :	Rs. 4.675 Millions
CIN No.: [Company Identification No.]	U24299GA2004PTC003568
Legal Form :	Private Limited Liability Company
Line of Business :	To Carry on Business as Manufacturers, producer, preparers, processors of and dealers in construction chemicals, water proofing Chemicals etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 92000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and loss that company has incurred from its operational activities during financial year 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – 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.

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

Name :	Mr. Prasanna
Designation :	91-22-66202500
Contact No.:	Account Department
Date :	17.07.2014

LOCATIONS

Registered Office :	Chowgule House, Mormugao Harbour, Goa – 403803
Tel. No.:	91-832-2525061
Fax No.:	91-832-2521011
E-Mail :	Bilguche.ccl@chowgule.co.in
Website :	http://www.chowgule.co.in

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Vijay Vishwasrao Chowgule

Designation :

Director

Address :

Chowgules House, Baina, Vasco-Da-Gama, South Goa – 403802, Goa, India

Date of Birth/Age :

22.08.1946

Date of Appointment :

04.08.2004

DIN No.:

00018903

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	U36991GA1965PTC000028	CARTYBON PRIVATE LIMITED	Director	18/06/1974	18/06/1974	-	Active	NO
2	U63031GA1965PTC000041	CHOWGULE AND COMPANY Private LIMITED.	Managing director	16/08/1974	16/08/1974	-	Active	NO
3	U24111GA1965PTC000198	KOLHAPUR OXYGEN AND ACETYLENE PRIVATE LIMITED	Director	15/06/1984	15/06/1984	-	Active	NO
4	U99999MH1977PLC019836	KELTECH ENERGIES LIMITED	Director	15/01/1988	15/01/1988	-	Not Available for eFiling	NO
5	L63090GA1963PLC000002	CHOWGULE STEAMSHIPS LIMITED	Director	23/09/1991	23/09/1991	-	Active	NO
6	U51228MH1991PTC194633	UB AJANTA BREWERIES PRIVATE LIMITED	Director	17/01/1994	17/01/1994	19/08/2008	Amalgamated	NO
7	U14220GA1996PTC002176	CHOWGULE AND COMPANY (SALT) Private LIMITED	Director	30/08/1996	30/08/1996	-	Active	NO
8	U35111GA2002PTC003085	CHOWGULE SHIPBUILDING PRIVATE LIMITED	Director	27/03/2002	27/03/2002	-	Active	NO
9	L30007KA1977PLC031660	KELTECH ENERGIES LIMITED	Director	04/03/2003	04/03/2003	11/07/2013	Active	NO
10	U24299GA2004PTC003568	CHOWGULE CONSTRUCTION CHEMICALS PRIVATE LIMITED	Director	04/08/2004	04/08/2004	-	Active	NO
11	U13100GA1999PTC002662	DOLPHIN MINING SERVICES PRIVATE LIMITED	Director	03/11/2004	03/11/2004	-	Active	NO
12	U13100GA1999PTC002657	DOLPHIN EXTRUSIONS PRIVATE LIMITED	Director	03/11/2004	03/11/2004	-	Active	NO
13	U13100GA1999PTC002658	DOLPHIN ORE EXTRACTION PRIVATE LIMITED	Director	03/11/2004	03/11/2004	-	Active	NO
14	U93090GA2007NPL005456	SPANDAN ECO FOUNDATION	Director	12/10/2007	12/10/2007	-	Active	NO
15	U80900PN2009NPL134007	MAC MARITIME TRAINING AND RESEARCH INSTITUTE	Director	21/05/2009	21/05/2009	-	Active	NO
16	U45203PN2007PTC130582	CHOWGULE PORTS & INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2009	28/05/2009	-	Active	NO
17	U13209GA2010PTC006381	CHOWGULE MINING PRIVATE LIMITED	Director	10/05/2010	10/05/2010	-	Active	NO
18	U35203PN1999PLC020817	LAVGAN DOCKYARD LIMITED	Director	08/07/2011	26/07/2010	04/09/2012	Active	NO
19	U63032PN2003PTC018005	ANGRE PORT PRIVATE LIMITED	Director	08/07/2011	26/07/2010	-	Active	NO
20	U24100GA2010PTC006455	CHOWGULE ABP COATINGS (INDIA) PRIVATE LIMITED	Director	02/08/2010	02/08/2010	-	Active	NO
21	U45400GA2011PTC006569	CHOWGULE CONSTRUCTION TECHNOLOGIES PRIVATE LIMITED	Director	14/01/2011	14/01/2011	-	Active	NO
22	U73100GA2011NPL006729	PARVATIBAI CHOWGULE MARITIME TRAINING AND RESEARCH INSTITUTE	Director	13/07/2011	13/07/2011	-	Active	NO
23	U85199GA2000PTC002892	CHOWGULE MEDICONSULT PRIVATE LIMITED	Additional director	24/12/2012	24/12/2012	-	Active	NO

Name :

Mr. Pradip P Mahatme

Designation :

Director

Address :

Opposite All India Radio Altinho, Panaji, North Goa- 403001, Goa, India

Date of Birth/Age :

03.11.1951

Date of Appointment :

04.08.2004

DIN No.:

00019106

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	U24239GA1975PLC000250	GENO PHARMACEUTICALS LIMITED	Director	22/04/1980	22/04/1980	-	Active	NO
2	U63031GA1965PTC000041	CHOWGULE AND COMPANY Private LIMITED.	Director	14/02/1989	14/02/1989	-	Active	NO
3	U14220GA1996PTC002176	CHOWGULE AND COMPANY (SALT) Private LIMITED	Director	30/08/1996	30/08/1996	-	Active	NO
4	U85199GA2000PTC002892	CHOWGULE MEDICONSULT PRIVATE LIMITED	Director	06/09/2000	06/09/2000	-	Active	NO
5	U24299GA2004PTC003568	CHOWGULE CONSTRUCTION CHEMICALS PRIVATE LIMITED	Director	04/08/2004	04/08/2004	-	Active	NO
6	U45203PN2007PTC130582	CHOWGULE PORTS & INFRASTRUCTURE PRIVATE LIMITED	Director	08/07/2011	26/07/2010	-	Active	NO
7	U60200PN2011PTC141020	Chowgule Logistics Private Limited	Director	11/10/2011	11/10/2011	-	Strike off	NO

Name :

Mr. Ewart John Lazarus

Designation :

Managing Director

Address :

91 Advent 9^th Floor 12 A General Jaganath Rao, Bhonsle Marg Narimanpoint Mujbai – 400021, Maharashtra, India

Date of Birth/Age :

26.02.1957

Date of Appointment :

26.02.2005

DIN No.:

00007012

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	U14102MH1991PTC064427	LAZARUS MINERALS PRIVATE LIMITED	Director	12/12/1991	12/12/1991	-	Active	NO
2	U26930MH1995PTC095622	ELT TRADING AND CONTRACTING COMPANY PRIVATE LIMITED	Director	27/12/1995	27/12/1995	-	Active	NO
3	U24299GA2004PTC003568	CHOWGULE CONSTRUCTION CHEMICALS PRIVATE LIMITED	Managing director	01/07/2013	26/02/2005	-	Active	NO
4	U93090GA2007NPL005456	SPANDAN ECO FOUNDATION	Director	12/10/2007	12/10/2007	-	Active	NO
5	U74900PN2011PTC141010	Kolhapur Terminals Private Limited	Director	10/10/2011	10/10/2011	-	Strike off	NO
6	U24100GA2010PTC006455	CHOWGULE ABP COATINGS (INDIA) PRIVATE LIMITED	Additional director	02/12/2013	02/12/2013	-	Active	NO

Name :

Carlton Felix Pereira

Designation :

Director

Address :

72, Buenavidta, Gen. J. Bhosale, Marg, Nariman Point, Mumbai – 400021, Maharshtra, India

Date of Birth/Age :

17.10.1967

Date of Appointment :

18.10.2012

DIN No.:

00106962

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	U74999MH2005PTC156242	TANO INDIA ADVISORS PRIVATE LIMITED	Director	02/01/2006	02/01/2006	-	Active	NO
2	U74899DL1988PTC032144	SIERRA INDUSTRIAL ENTERPRISES PRIVATE LIMITED	Director	30/09/2006	25/04/2006	-	Amalgamated	NO
3	U74899DL1994PLC061971	SSIPL RETAIL LIMITED	Director	30/09/2006	25/04/2006	-	Active	NO
4	U24210KA1972PLC002255	PROMAC ENGINEERING INDUSTRIES LIMITED	Director	02/07/2007	24/04/2007	-	Active	NO
5	L85110KA1987PLC008739	SHILPA MEDICARE LIMITED	Director	05/09/2007	05/09/2007	-	Active	NO
6	U31103MH2007PLC175173	ABG MOTORS LIMITED	Director	29/09/2008	20/02/2008	29/10/2013	Active	NO
7	U22212MH1983PLC029081	ANIL PRINTERS LIMITED	Director	15/03/2008	15/03/2008	09/05/2014	Active	NO
8	U63040MH1983PTC031154	COMPACT TRAVELS PRIVATE LIMITED	Director	30/03/2008	30/03/2008	-	Active	NO
9	U24299GA2004PTC003568	CHOWGULE CONSTRUCTION CHEMICALS PRIVATE LIMITED	Director	30/09/2013	18/10/2012	-	Active	NO
10	U74999PN2010PTC135586	SANGHVI BRANDS PROMOTERS PRIVATE LIMITED	Additional director	31/01/2014	31/01/2014	-	Active	NO
11	L32300MH1981PLC023637	MIRC ELECTRONICS LIMITED	Additional director	15/05/2014	15/05/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Mahadev Birje
Designation :	Secretary
Address :	Crec Quarters F Type Building, Mangor Vasco-Da-Gama, South Goa – 403802, India
Date of Birth/Age :	06.06.1963
Date of Appointment :	26.05.2006
DIN No.:	ACLPB8355Q
Voter ID No.:	ROP0165605

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Chowgule Industries Private Limited, India	224054
Vijay V Chowgule	5000
Dolphin Extrusion Private Limited, India	35982
Dolphin Ore Extraction Private Limited, India	35982
Dolphin Mining Services Private Limited, India	35982
Chowgule Construction Technologies private Limited, India	130457
Total	467457

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	98.93
Directors or relatives of directors	1.07
Total	100.00

BUSINESS DETAILS

Line of Business :

To Carry on Business as Manufacturers, producer, preparers, processors of and dealers in construction chemicals, water proofing Chemicals etc.

GENERAL INFORMATION

Suppliers :	· Chowgule ABP Coatings (India Private Limited · ELT Trading and Contracting Private Limited
Customers :	· Chowgule Industries Private Limited
No. of Employees :	Not Available
Bankers :	· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel, W. Mumbai – 400013, Maharashtra, India
Facilities :	Not Available

Banking Relations :
Auditors :
Name :	K. M. Bandekar and Company Chartered Accountant
Address :	Radha Niwas, Maimolem, Vascoda Gama, Goa – 403802, India
PAN No.:	ACFPB1818A
Related Parties:	· Chowgule Industries Private Limited · Chowgule Construction Technologies Private Limited · Chowgule ABP Coatings (India) Private Limited · ELT Trading and Contracting Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
467457	Equity Shares	Rs. 10/- each	Rs. 4.675 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	4.675	4.675	4.675
(b) Reserves & Surplus	18.564	21.279	20.555
(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)	23.239	25.954	25.230
(3) Non-Current Liabilities
(a) long-term borrowings	30.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.420	0.332	0.329
(c) Other long term liabilities	0.000	0.000	0.250
(d) long-term provisions	0.143	0.089	0.000
Total Non-current Liabilities (3)	30.563	0.421	0.579
(4) Current Liabilities
(a) Short term borrowings	32.550	0.000	0.000
(b) Trade payables	23.592	7.799	20.108
(c) Other current liabilities	5.509	2.753	1.593
(d) Short-term provisions	0.002	0.001	0.000
Total Current Liabilities (4)	61.653	10.553	21.701
TOTAL	115.455	36.928	47.510
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.482	3.679	2.655
(ii) Intangible Assets	0.046	0.071	0.000
(iii) Capital work-in-progress	1.710	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	33.238	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.202	0.781	0.194
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	43.678	4.531	2.849
(2) Current assets
(a) Current investments	9.503	0.000	3.524
(b) Inventories	24.828	15.909	10.180
(c) Trade receivables	33.205	14.113	27.538
(d) Cash and cash equivalents	1.628	0.613	2.548
(e) Short-term loans and advances	2.603	1.762	0.871
(f) Other current assets	0.010	0.000	0.000
Total Current Assets	71.777	32.397	44.661
TOTAL	115.455	36.928	47.510

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	114.173	73.096	58.859
	Other Income	1.123	0.365	0.294
	TOTAL	115.296	73.461	59.153
Less	EXPENSES
	TOTAL	117.390	72.121	54.383
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(2.094)	1.340	4.770
Less/ Add	DEPRECIATION/ AMORTISATION	0.523	0.312	0.245
	PROFIT/ (LOSS) BEFORE TAX	(2.617)	1.028	4.525
Less	TAX	0.088	0.303	1.367
	PROFIT/ (LOSS) AFTER TAX	(2.705)	0.725	3.158
Less/ Add	PRIOR YEAR TAXES	0.010	0.000	0.001
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	19.926	19.201	16.045
	Balance Carried to the B/S	17.211	19.926	19.202
	Earnings / (Loss) Per Share (Rs.)	(5.81)	1.55	6.75

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(2.35)	0.99	5.34
Net Profit Margin (PBT/Sales)	(%)	(2.29)	1.41	7.69
Return on Total Assets (PBT/Total Assets}	(%)	(3.25)	2.78	9.52
Return on Investment (ROI) (PBT/Networth)		(0.11)	0.04	0.18
Debt Equity Ratio (Total Debt /Networth)		2.69	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.16	3.07	2.06

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	4.675	4.675	4.675
Reserves & Surplus	20.555	21.279	18.564
Net worth	25.230	25.954	23.239
long-term borrowings	0.000	0.000	30.000
Short term borrowings	0.000	0.000	32.550
Total borrowings	0.000	0.000	62.550
Debt/Equity ratio	0.000	0.000	2.692

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	58.859	73.096	114.173
		24.188	56.196

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	58.859	73.096	114.173
Profit	3.158	0.725	(2.705)
	5.37%	0.99%	(2.37%)

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	No
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
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	No

UNSECURED LOANS:

Particular	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long Term Borrowing
Term loan from other parties (refer below note)	30.000	0.000
Short Term Borrowing
From related parties	13.500	0.000
From Other parties	19.050	0.000
Total	62.550	0.000

Note :

The above loan bearing interest rate 10% is repayable over a period of 8 years. The lender has waived off the interest on the said loan for the year.

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10384353	23/04/2014 *	30,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPAATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	C04264818

FIXED ASSETS

· Building

· Plant and equipment

· Furniture and Fixtures

· Office equipment

· Laboratory Equipments

· Electrical Installations

· 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. 60.23
UK Pound	1	Rs.102.86
Euro	1	Rs. 81.44

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.