MIRA INFORM REPORT

Report Date :

21.03.2014

IDENTIFICATION DETAILS

Name :	DOW CHEMICALS INTERNATIONAL PRIVATE LIMITED (w.e.f. 01.11.1999)
Formerly Known As :	DOW (INDIA) SYSTEMS PRIVATE LIMITED
Registered Office :	1^st Floor, Block B, Godrej IT Park, 02, Godrej, Business District, Pirojshanagar, Vikroli (West) Mumbai – 400079, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.02.1998
Com. Reg. No.:	11-113551
Capital Investment / Paid-up Capital :	Rs.27.614 Millions
CIN No.: [Company Identification No.]	U24239MH1998PTC113551
TAN No.: [Tax Deduction & Collection Account No.]	MUMD10067B
PAN No.: [Permanent Account No.]	AAACD4467B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Chemicals (Solid, Liquid and Gaseous), Chemical Compound and Chemical Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 19000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company a having fine track record. There seems some continuous dip in the profitability of the company. However, general financial position of the company is good. 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

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 DENIED BY

Management Non Co-Operative (Tel No.: 91-22-67323000)

LOCATIONS

Registered Office :	1^st Floor, Block B, Godrej IT Park, 02, Godrej, Business District, Pirojshanagar, Vikroli (West) Mumbai – 400079, Maharashtra, India
Tel. No.:	91-22-67832300
Fax No.:	91-22-26524217
E-Mail :	infoindia@dow.com
Website :	http://www.dow.com
Corporate Office 1 :	G-Block, C/62, 2^nd Floor, Vibgyor Towers, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Tel. No.:	91-22-67832300
Fax No.:	91-22-26525691
Corporate Office 2 :	Unit No. 9, 1st Floor, Sakhi House, Corporate Park, V. N. Purav Marg, Chembur, Mumbai-400071, Maharashtra, India
Tel. No.:	91-22-67985700/25245830
Fax No.:	91-22-67985739
Website :	http://www.dowagro.com/india
Business Process Services Center :	C/O Tata Consultancy Services Ltd., Kensington B Wing, 13th Floor, Phase III, Hiranandani Business Park, SEZ, Powai, Mumbai-400076, Maharashtra, India.
Tel. No. :	91-22-67323000
Fax No.:	91-22-67327362
Commercial Office:	HCC 247 Park, 2nd Floor, Tower B (Hincon House), LBS Road, Vikhroli West, Mumbai-400083, Maharashtra, India
Tel. No. :	91-22-66028888
Fax No.:	91-22-66028868
P U System House :	Plot No.8-A/1/2, Thane Belapur Road, Kalwa Block, Turbhe, Navi Mumbai-400703, Maharashtra, India
Tel. No. :	91-22-67934900
Fax No.:	91-22-27602532
Dow Advanced Materials – Manufacturing:	Plot No. T-22/PT, MIDC, Taloja Industrial Area, Raigad District, Taloja-410208, Maharashtra, India
Tel. No. :	91-22-67315555
Fax No.:	91-22-67315569

DIRECTORS

As on 28.09.2012

Name :

Mr. Vipul Shah

Designation :

Managing Director

Address :

69/A, Jai Bharat Society, 3^rd Road, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

20.10.1959

Date of Appointment :

18.10.2011

DIN No.:

00174680

PAN No.:

AAEJH4578A

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	U24239MH1998PTC113551	DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED	Managing director	18/10/2011	29/07/2004	-	Active	NO
2	U41000AP2005PTC072437	WATERHEALTH INDIA PRIVATE LIMITED	Additional director	01/10/2011	16/02/2007	25/06/2012	Active	NO
3	U24231MH1995PTC132718	ROHM AND HAAS (INDIA) PRIVATE LIMITED	Director	18/10/2011	18/10/2011	26/03/2012	Active	NO
4	U24100GJ2008PLC054348	DOW-GACL SOLVENTURE LIMITED	Nominee director	28/03/2012	28/03/2012	-	Strike off	NO
5	U24233MH2013PTC245868	PALM CHEMICALS INDIA PRIVATE LIMITED	Director	19/07/2013	19/07/2013	-	Active	NO

Name :

Mrs. Ramolla Tarachand Karnani

Designation :

Director

Address :

701 – 702, Anant Basera, S S Patkar Mahavidhyalaya Marg, Off S V Road, Goregaon (West), Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

11.08.1959

Date of Appointment :

29.07.2004

DIN No.:

00174531

PAN No.:

AAEPK7929A

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	U24239MH1998PTC113551	DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED	Director	29/07/2004	29/07/2004	-	Active	NO
2	U11100MH2008PTC185467	K-DOW PETROCHEMICALS PRIVATE LIMITED	Director	05/08/2008	05/08/2008	-	Strike off	NO
3	U24233MH2010PTC201758	Styron India Trading Private Limited	Director	06/04/2010	06/04/2010	17/06/2010	Active	NO
4	U24100GJ2008PLC054348	DOW-GACL SOLVENTURE LIMITED	Alternate director	30/06/2011	30/06/2011	01/10/2011	Strike off	NO

Name :

Mr. Chandrakant Nayak

Designation :

Director

Address :

C – 31/266 MIG Colony, Gandhi Nagar, Bandra, Mumbai – 400051, Maharashtra, India

Date of Birth/Age :

09.08.1966

Date of Appointment :

26.11.2006

DIN No.:

00680762

PAN No.:

AAEPN2157M

Name :

Mr. Michel Barrier

Designation :

Additional Director

Address :

Cama Terrasses 26, Altamount Road, Mumbai – 400023, Maharashtra, India

Date of Birth/Age :

08.02.1958

Date of Appointment :

25.03.2011

DIN No.:

03365174

PAN No.:

BACPB7614L

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	U24231MH1995PTC132718	ROHM AND HAAS (INDIA) PRIVATE LIMITED	Director	23/03/2011	23/03/2011	26/03/2012	Active	NO
2	U24239MH1998PTC113551	DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED	Director	20/09/2011	25/03/2011	-	Active	NO
3	U24100GJ2008PLC054348	DOW-GACL SOLVENTURE LIMITED	Director	30/06/2011	31/03/2011	-	Strike off	NO

Name :

Mr. Subhash Shrinivas Mukadam

Designation :

Additional Director

Address :

F33, 2/3, Prem Sagar CHS, Sector 29, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Birth/Age :

05.05.1969

Date of Appointment :

06.09.2011

DIN No.:

03593259

PAN No.

ABGPM8026Q

KEY EXECUTIVES

Name :	Mrs. Ramolla Tarachand Karnani
Designation :	Secretary
Address :	701 – 702, Anant Basera, S S Patkar Mahavidhyalaya Marg, Off S V Road, Goregaon (West), Mumbai – 400062, Maharashtra, India
Date of Birth/Age :	11.08.1959
Date of Appointment :	01.06.2001
PAN.:	AAEPK7929A

MAJOR SHAREHOLDERS

As on 28.09.2012

Names of Shareholders	No. of Shares
Dow Chemical Pacific (Singapore) Pte Limited, Singapore	2761420
Dow Chemical Pacific (Singapore) Pte Limited, Singapore	20
Total	2761440

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Chemicals (Solid, Liquid and Gaseous), Chemical Compound and Chemical Products.

Products :

Products Description	Item Code No.
PUP 3322 Bulk	39072090

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Polyurechane Systems	MT	29000	16444
Cross Lonkers	MT	1000	0.000

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· CITI Bank, Fort, Mumbai, Maharashtra, India · Bank of America, National Association, 16^th Floor, Express Towers, Nariman Point, Mumbai – 400 026, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679025
PAN No.:	AACFD4815A
Holding Company :	· Dow Chemical Pacific (Singapore) Pte Limited
Ultimate Holding Company:	· The Dow Chemical Company, USA
Fellow Subsidiary Company :	· ANGUS Chemical Company · ANGUS Chemie GmbH · DCOMCO Inc Fellow subsidiary · Dow AgroSciences India Private Limited · Dow AgroSciences L L C · Dow AgroSciences Southern Africa (Proprietary) Limited · Dow AgroSciences Switzerland S.A. · Dow Belgium B.V.B.A. · Dow Benelux B.V. · Dow Brasil S.A. · Dow Brasil Sudeste Industrial Limited · Dow Chemical (Australia) Limited · Dow Chemical (China) Company Limited · Dow Chemical (China) Investment Company Limited · Dow Chemical (China) Investment Company Limited, Guangzhou branch · Dow Chemical (Guangzhou) Company Limited · Dow Chemical (Malaysia) Sdn. Bhd. · Dow Chemical (Shanghai) Company Limited. · Dow Chemical (Zhangjiagang) Company Limited · Dow Chemical Canada ULC · Dow Chemical Iberica S.L. · Dow Chemical IMEA GmbH · Dow Chemical Japan Limited · Dow Chemical Korea Limited · Dow Chemical Pacific Limited · Dow Chemical Taiwan Limited · Dow Chemical Thailand Limited · Dow Deutschland Anlagengesellschaft MbH · Dow Engineering Company · Dow Europe GmbH · Dow France S.A.S. · Dow International Technology Corporation · Dow Italia Divisione Commerciale s.r.l · Dow Italia S.R.L. · Dow Olefinverbund GmbH · Dow Plastics Southern Africa · Dow Portugal - Produtos Quimicos, Unipessoal, Lda. · Dow Southern Africa (Pty) Limited · Dow Stade Produktions GmbH and Company OHG · Dow Turkiye Kimya Sanayi ve Ticaret Limited Sirketi · Dow Hydrocarbons and Resources LLC · Carbide Chemical (Thailand) Limited · FilmTec Corporation · Global Industrial Corporation · Hampshire Chemical Corp. · Pt Dow Indonesia · Rohm and Haas Chemicals LLC · Rohm and Haas (India) Private Limited · UCAR Emulsion Systems Fze · UCAR Pipeline Incorporated · Zhejiang Pacific Chemical Corporation · Dow Chemical (Wuhan) Company Limited · Dow Chemical (NZ) Limited · Dow Chemical Korea Limited - Hongkong Branch · Dow Chemical Thailand Limited - Hongkong Branch · Rohm and Haas Singapore (Pte) Limited · Rohm and Haas Japan Kabushiki Kaisha · Dow AgroSciences (NZ) Limited · P.T Dow Agrosciences Indonesia · PT Dow Indonesia Fellow subsidiary · Rohm and Haas Philippines Inc · Hyperlast Limited
Associates :	· Anabond Revocoat India Private Limited · Siam Polyethylene Company Limited · Siam Synthetic Latex Company Limited · MEGlobal International IiZE

CAPITAL STRUCTURE

As on 28.09.2012

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
2761440	Equity Shares	Rs.10/- each	Rs.27.614 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	27.614	27.614	27.614
(b) Reserves & Surplus	4775.839	4091.883	3348.430
(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)	4803.453	4119.497	3376.044
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	98.946	101.498	83.665
Total Non-current Liabilities (3)	98.946	101.498	83.665
(4) Current Liabilities
(a) Short term borrowings	2489.197	1451.983	1070.882
(b) Trade payables	3060.736	3216.028	3962.768
(c) Other current liabilities	339.139	367.664	313.617
(d) Short-term provisions	130.913	142.745	42.853
Total Current Liabilities (4)	6019.985	5178.420	5390.120
TOTAL	10922.384	9399.415	8849.829
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	860.706	1031.053	1133.905
(ii) Intangible Assets	0.619	0.369	10.227
(iii) Capital work-in-progress	8.685	92.779	30.381
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	156.717	129.052	105.761
(d) Long-term Loan and Advances	880.112	656.134	660.023
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1906.839	1909.387	1940.297
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3358.087	3542.972	2946.382
(c) Trade receivables	4009.506	2974.828	3191.601
(d) Cash and cash equivalents	1039.940	45.974	84.727
(e) Short-term loans and advances	606.902	824.944	662.220
(f) Other current assets	1.110	101.310	24.002
Total Current Assets	9015.545	7490.028	6908.932
TOTAL	10922.384	9399.415	8849.229

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	12419.000	10335.700	10302.000
		Commission	826.200	785.800	485.300
		Income from Services rendered	3185.700	3001.500	2857.000
		Technical Service Income	0.000	24.300	4.100
		Other Income	113.300	49.900	397.700
		TOTAL (A)	16544.200	14197.200	14046.100
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	15515.000	13074.100	12484.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial and Depreciation)	(Including Financial and Depreciation)	1562.100
Less	FINANCIAL EXPENSES (D)				87.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				1475.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)				304.200
	PROFIT BEFORE TAX (E-F) (G)		1029.200	1123.100	1170.900
Less	TAX (H)		345.200	379.600	257.600
	PROFIT AFTER TAX (G-H) (I)		684.000	743.500	913.300
Add/ Less	SHORT PROVISION FOR TAX IN RESPECT OF EARLIER YEARS (NET)		NA	NA	(37.300)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	2287.300
	BALANCE CARRIED TO THE B/S		NA	NA	3163.300
	TOTAL EARNINGS		NA	3600.000	3507.600
	Earnings Per Share (Rs.)		247.70	269.24	330.73

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.13	5.24	6.50
Net Profit Margin (PBT/Sales)	(%)	8.29	10.87	11.37
Return on Total Assets (PBT/Total Assets}	(%)	9.57	12.24	13.44
Return on Investment (ROI) (PBT/Networth)		0.21	0.27	0.35
Debt Equity Ratio (Total Debt/Networth)		0.52	0.35	0.32
Current Ratio (Current Asset/Current Liability)		1.50	1.45	1.28

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	27.614	27.614	27.614
Reserves & Surplus	3348.430	4091.883	4775.839
Net worth	3376.044	4119.497	4803.453
long-term borrowings	0.000	0.000	0.000
Short term borrowings	1070.882	1451.983	2489.197
Total borrowings	1070.882	1451.983	2489.197
Debt/Equity ratio	0.317	0.352	0.518

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	10,302.000	10,335.700	12,419.000
		0.327	20.156

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	10,302.000	10,335.700	12,419.000
Profit	913.300	743.500	684.000
	8.87%	7.19%	5.51%

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	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	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Working Capital Loan from bank	639.197	601.983
Loans repayable on demand from Banks	400.000	0.000
Loans and advances from related parties	1450.000	850.000
Total	2489.197	1451.983

Note:

The Registered office of the company has been shifted from Corporate Par, Unit No.1, V. N. Purav Marg, Chembur – 400071, Maharashtra, India, to the present address w.e.f. 02.05.2012.

FINANCIAL PERFORMANCE

During the year the company has delivered an impressive performance, with sales at Rs.12419.000 Millions registering an increase of 20% as compared to Rs.10335.700 Millions in the previous year. However, the profit after tax at Rs.684.000 Millions decreased by about 8%, as compared to the previous year, on account of increase in the cost of raw materials. The uncertain political and economic scenario in the country also contributed to this rather disheartening performance.

CONTINGENT LIABILITIES

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Sales tax and cess demands disputed in appeals*	57.324	28.994
These relates mainly to non- submission of C & F forms and dispute as regards classification of goods (pending at various stages, from Joint Commissioner (Appeals) to the High Court(s))
Total	57.324	28.994

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90384554	08/10/2002	2,500,000.00	BANK OF AMERICA	Express Tower, Nariman Point, Mumbai, Maharashtra, India	-
2	90376793	17/02/1969 *	1,890,000.00	PUNJAB AND SIND BANK	KAROL BAGH, NEW DELHI, DELHI, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Leasehold Land

· Building

· Office Building

· Leasehold Improvement

· Plant, Machinery and Equipment

· Furniture and Fixture

· Office Equipment

· Computers

· Vehicles

· 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.61.13
UK Pound	1	Rs.101.17
Euro	1	Rs.84.59

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		49

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.