MIRA INFORM REPORT

Report Date :

28.07.2014

IDENTIFICATION DETAILS

Name :	GLOBAL DRILLING FLUIDS AND CHEMICALS LIMITED
Registered Office :	12, Friends Colony (West), New Delhi-110065
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.03.1988
Com. Reg. No.:	55-030901
Capital Investment / Paid-up Capital :	Rs. 13.420 Millions
CIN No.: [Company Identification No.]	U74210DL1988PLC030901
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Oil and Chemicals
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 70000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by low reserves level and low profit margin of the company However, trade relations are reported as fair. Business is active. Payment terms 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 – 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 with 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 DENEID BY

Name :	Mr. Sandeep Chopra
Designation :	Not Divulged
Contact No.:	91- 129-4271500
Date :	25.07.2014

LOCATIONS

Registered Office :	12, Friends Colony (West), New Delhi-110065, India
Tel. No.:	91-129-4155501
Mobile No.:	91-9810270611 (Mr. Dhruv)
Fax No.:	91-129-4155502
E-Mail :	global@globaldrilling.in
Website :	www.globaldrilling.in
Corporate Office :	75, Sector 27 C, Mathura Road, Faridabad-121003, (Delhi NCR), India
Tel. No.:	91-129-4271500 / 4155501
Fax No.:	91-129-4155502 /4155503
Factory / R and D Centre :	Drilling Fluids Division, 33/1, Ghansar, Halol, District Panchmahals-389350, Gujarat, India
Tel. No.:	91-2676-247170
Fax No.:	91-2676-247236

DIRECTORS

As on: 30.09.2013

Name :

Mr. Pradeep Wig

Designation :

Director

Address :

79, Sunder Nagar, New Delhi-110003, India

Date of Birth/Age :

07.05.1943

Date of Appointment :

30.06.2002

DIN No.:

00097010

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	U74899DL1977PTC008685	KWALITY PROCESSED FOOD SERVICES AND EQUIPMENT PRIVATE LIMITED	Managing director	01/12/1977	01/12/1977	-	Converted to LLP and dissolved	NO
2	U15205DL1965PTC185439	KWALITY ICE CREAMS INDIA PRIVATE LIMITED	Managing director	10/02/1981	10/02/1981	-	Converted to LLP and dissolved	NO
3	L21093DL1974PLC007495	POLYMER PAPERS LIMITED	Director	22/06/2002	22/06/2002	07/12/2011	Active	NO
4	U74210DL1988PLC030901	GLOBAL DRILLING FLUIDS AND CHEMICALS LIMITED	Director	30/06/2002	30/06/2002	-	Active	NO
5	U74110DL2001PTC111284	Grant Thornton Advisory Private Limited	Director	01/05/2006	01/05/2006	28/03/2007	Active	NO
6	U15122DL2008PTC185437	KWALITY ICE CREAMS & PROCESSED FOODS (INDIA) PRIVATE LIMITED	Director	02/12/2008	02/12/2008	-	Active	NO
7	U74899DL1992PLC050587	AYURVET LIMITED	Director	23/06/2010	22/01/2010	-	Active	NO
8	AAA-2337	KWALITY PROCESSED FOOD SERVICES & EQUIPMENT LLP	Designated Partner	23/09/2010	23/09/2010	-	Active	NO
9	AAA-2461	KWALITY ICE CREAMS INDIA LLP	Designated Partner	08/10/2010	08/10/2010	-	Active	NO

Name :

Mr. Atul Kumar Chug

Designation :

Director

Address :

A-2/39, Saforajung Enclave, New Delhi-110029, India

Date of Birth/Age :

29.10.1958

Date of Appointment :

25.07.2004

DIN No.:

00120089

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	U74899DL1987PTC026864	SCANCRAFTS GRAFIKS PRIVATE LIMITED	Director	03/02/1987	03/02/1987	-	Active	NO
2	U74210DL1988PLC030901	GLOBAL DRILLING FLUIDS AND CHEMICALS LIMITED	Director	25/07/2004	25/07/2004	-	Active	NO
3	U74999PN2008PTC132670	ENVIRO LAUNDRY PRIVATE LIMITED	Director	22/08/2008	22/08/2008	-	Active	NO
4	U74900DL2010PTC211678	RESTORATION ENTERPRISES PRIVATE LIMITED	Director	02/12/2011	22/12/2010	-	Active	NO
5	U93000DL2011PTC214572	LILLY WHITE LAUNDRY PRIVATE LIMITED	Director	22/02/2011	22/02/2011	-	Active	NO
6	U74999DL2012PTC231013	OZONE LAUNDRY SYSTEM PRIVATE LIMITED	Director	03/02/2012	03/02/2012	-	Active	NO

Name :

Mr. Dheeraj Puri

Designation :

Director

Address :

12, Friends Colony (West), New Delhi-110065, India

Date of Birth/Age :

23.09.1981

Date of Appointment :

01.09.2011

DIN No.:

00656991

Name :

Mr. Shagun Puri

Designation :

Director

Address :

12, Friends Colony (West), New Delhi-110065, India

Date of Birth/Age :

01.09.2011

Date of Appointment :

25.07.2004

DIN No.:

00657054

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Sunil Puri Kanwal Raj Puri	11000
Sunil Puri HUF Kanwal Raj Puri	11000
Gurmit Singh Charanjit Singh	18300
Polymer Papers Limited, India	317000
Renu Puri Sunil Puri	13685
Abnash Puri Kanwal Raj Puri	860
Suresh Puri Kanwal Raj Puri	860
Dhruv Puri Sunil Puri	5300
Divya Puri Sunil Puri	345
Dheeraj Puri Sunil Puri	2700
Digvijai Singh Gurmit Singh	16140
Anoop Singh Gurmit Singh	14060
Rajiv Abbi Baldev Kishan Abbi	515
Sunitee Abbi Rajiv Abbi	515
Aruna Kapoor Subhash Kapoor	690
Aditya Kapoor Subhash Kapoor	515
Harsh Kapoor Subhash Kapoor	515
Atul Kr. Chug J. K. Chug	125000
R. K. Solanki Brij Raj Singh	27500
Kuldeep Singh Bhalla Dalip Singh Bhalla	27500
Anil Suneja Bhagwan Das Suneja	27500
Tejpal Singh Trilok Chand Singh	27500
Prem Kr. Kaickar Kunjlal Kaichkr	27500
Sudhir Singh Abhilakh Singh	27500
Abhilakh Singh Pyray Singh	28000
Shahsi Kaichkr Prem Kr. Kaichkr	125000
Lucy Maric Wood Carmilo Palazzo	250000
Eddie W Woods J P Woods	235000
Total	1342000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	36.00
Bodies corporate	24.00
Directors or relatives of directors	3.00
Other top fifty shareholders	37.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Oil and Chemicals

Products :

ITC CODE	PRODUCT
381190.00	Oil and Well Chemicals

Exports :

Not Divulged

Imports :

Not Divulged

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Oil and Well Chemicals	MT	6500	6500	3579.550

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

· Punjab and Sind Bank, Industrial Finance Branch, Connaught Circus, New Delhi-110001, India

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
	(Rs. In Millions)
LONG TERM BORROWINGS:
Vehicle Loans
Bank	0.598	2.412
Others	1.308	0.000
Less: Current Maturities Of Long Term Borrowings (Secured by hypothecation of respective assets)	0.574	0.514
SHORT TERM BORROWINGS:
Loans Repayable On Demand
Cash credit from banks (Secured by way of hypothecation by way of first charge of all the companies plant and machinery, fixed assets and other movable and immovable assets both present and future stored or to be stored at 33/1, Ghansar, distt. Panchmahal, Gujrat and future by personal guarantee of directors and corporate guarantee.)	18.231	41.157
Total	19.563	43.055

Banking Relations :	--
Auditors :
Name :	Mehra Goel and Company Chartered Accountant
Address :	505, Chiranjiv Tower, 43, Nehru Place, New Delhi-110019, India
Tel. No.:	91-11-26419527 / 26430349
Fax No.:	91-11-26217981
E-Mail :	mg@mehragoelco.com
PAN No.:	AABFM1488M
Associates/Subsidiaries :	Polymer Papers Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
1360000	Equity Shares	Rs.10/- each	Rs. 13.600 Millions
10000	9% Cumulative Preference Shares	Rs.100/- each	Rs. 1.000 Millions
	TOTAL		Rs. 14.600 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1342000	Equity Shares	Rs.10/- each	Rs.13.420 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.420	13.420
(b) Reserves & Surplus	4.397	3.669
(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)	17.817	17.089
(3) Non-Current Liabilities
(a) long-term borrowings	1.332	1.898
(b) Deferred tax liabilities (Net)	0.283	0.558
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.348	1.051
Total Non-current Liabilities (3)	2.963	3.507
(4) Current Liabilities
(a) Short term borrowings	18.231	41.157
(b) Trade payables	98.704	58.588
(c) Other current liabilities	7.519	15.263
(d) Short-term provisions	2.986	5.429
Total Current Liabilities (4)	127.440	120.437
TOTAL	148.220	141.033
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.260	20.122
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.841	0.501
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	25.957	8.114
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	46.058	28.737
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	9.515	38.069
(c) Trade receivables	52.408	29.255
(d) Cash and cash equivalents	16.291	9.430
(e) Short-term loans and advances	23.948	35.542
(f) Other current assets	0.000	0.000
Total Current Assets	102.162	112.296
TOTAL	148.220	141.033

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		13.420
2] Share Application Money		0.000
3] Reserves & Surplus		12.324
4] (Accumulated Losses)		(9.857)
NETWORTH		15.887
LOAN FUNDS
1] Secured Loans		20.070
2] Unsecured Loans		1.548
TOTAL BORROWING		21.618
DEFERRED TAX LIABILITIES		0.604
TOTAL		38.109
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.359
Capital work-in-progress		0.000
INVESTMENT		0.210
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.191
	Sundry Debtors	48.421
	Cash & Bank Balances	11.908
	Other Current Assets	0.000
	Loans & Advances	20.622
Total Current Assets		101.142
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	54.308
	Other Current Liabilities	24.335
	Provisions	1.959
Total Current Liabilities		80.602
Net Current Assets		20.540
MISCELLANEOUS EXPENSES		0.000
TOTAL		38.109

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	330.615	199.423	204.758
		Other Income	0.818	2.069	2.922
		TOTAL (A)	331.433	201.492	207.680
Less	EXPENSES
		Cost of Materials Consumed	216.091	152.778
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	16.446	(6.448)
		Employees benefits expense	9.017	8.802
		Other expenses	78.222	40.367	201.512
		TOTAL (B)	319.776	195.499	201.512
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.657	5.993	6.168
Less	FINANCIAL EXPENSES (D)		3.602	3.083	1.846
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.055	2.910	4.322
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.862	0.725	0.482
Less	PROFIT BEFORE EXTRA ORDINARY ITEMS		5.778	0.000	0.000
	PROFIT BEFORE TAX		1.415	2.185	3.840
Less	TAX		0.468	0.763	0.816
	PROFIT AFTER TAX		0.947	1.422	3.024
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(8.436)	(9.858)	(12.882)
	BALANCE CARRIED TO THE B/S		(7.489)	(8.436)	(9.858)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	276.362	165.731	161.342
	TOTAL EARNINGS		276.362	165.731	161.342
	IMPORTS
		Raw Materials	8.838	40.186	9.516
	TOTAL IMPORTS		8.838	40.186	9.516
	Earnings Per Share (Rs.)		0.71	1.06	2.25

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.29	0.71	1.46
Net Profit Margin (PBT/Sales)	(%)	0.43	1.10	1.88
Return on Total Assets (PBT/Total Assets}	(%)	0.96	1.55	3.24
Return on Investment (ROI) (PBT/Networth)		0.08	0.13	0.24
Debt Equity Ratio (Total Debt/Networth)		1.10	2.52	1.36
Current Ratio (Current Asset/Current Liability)		0.80	0.93	1.25

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	13.420	13.420
Reserves & Surplus	3.669	4.397
Net worth	17.089	17.817
long-term borrowings	1.898	1.332
Short term borrowings	41.157	18.231
Total borrowings	43.055	19.563
Debt/Equity ratio	2.519	1.098

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	204.758	199.423	330.615
		(2.606)	65.786

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	204.758	199.423	330.615
Profit	3.024	1.422	0.947
	1.48%	0.71%	0.29%

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	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	No
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	No

Note: The Registered Office of the company has been shifted from New Delhi - 110001, Delhi, India to the present address w.e.f. 01.02.2007.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10249457	06/10/2010	5,000,000.00	PUNJAB & SIND BANK	INDUSTRIAL FINANCE BRANCH, CONNAUGHT CIRCUS, NEW DELHI - 110001, DELHI, INDIA	A98344609
2	10249873	06/10/2010	5,000,000.00	PUNJAB & SIND BANK	INDUSTRIAL FINANCE BRANCH, CONNAUGHT CIRCUS, NEW DELHI - 110001, DELHI, INDIA	A98509318
3	10249900	06/10/2010	20,000,000.00	PUNJAB & SIND BANK	INDUSTRIAL FINANCE BRANCH, CONNAUGHT CIRCUS, NEW DELHI - 110001, DELHI, INDIA	A98576267
4	10216312	26/02/2014 *	90,000,000.00	PUNJAB & SIND BANK	LARGE CORPORATE BRANCH, CONNAUGHT PLACE, NEW DELHI - 110001, DELHI, INDIA	C00260083
5	10199836	19/12/2009	51,500,000.00	PUNJAB AND SIND BANK	INDUSTRIAL FINANCE BRANCH, CONNAUGHT CIRCUS, NEW DELHI - 110001, DELHI, INDIA	A78257235
6	90046767	25/02/2004 *	6,800,000.00	STATE BANK OF INDIA	HALOI BRANCH, PANCHMAHAL, GUJARAT, INDIA	-

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Electric Installation

· Furniture and Fixtures

· Vehicles

· Research Equipments

· Office Equipments

· Tube well

· Computers

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 judgment 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.60.14
UK Pound	1	Rs.102.22
Euro	1	Rs.81.02

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.