MIRA INFORM REPORT

Report Date :

24.03.2014

IDENTIFICATION DETAILS

Name :	ROLEX LANOLIN PRODUCTS LIMITED
Registered Office :	‘Rolex House’, Level 1, 114 Tejpal Industrial Estate, Andheri-Kurla Road, Sakinaka, Andheri (East), Mumbai – 400 072, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.03.1990
Com. Reg. No.:	11-056023
Capital Investment / Paid-up Capital :	Rs.0.900 million
CIN No.: [Company Identification No.]	U24110MH1990PLC056023
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14573G
PAN No.: [Permanent Account No.]	AAACR3499P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of lanolin anhydrous, lanolin derivatives, oils and fats, cosmetic raw materials.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 131000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has achieved fair profitability from its operation during the financial year 2013. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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 DECLINED

Management non-cooperative

(Tel. No.: 91-22-28512345)

LOCATIONS

Registered/ Corporate/ Head Office :	‘Rolex House’, Level 1, 114 Tejpal Industrial Estate, Andheri-Kurla Road, Sakinaka, Andheri (East), Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-28512345/ 22012345
Fax No.:	91-22-28517777
E-Mail :	info@rolexlanolin.com hasit@rolexlanolin.com
Website :	http://www.rolexlanolin.com
Location :	Owned
City Liason Office :	52/58, Babu Genu Road, Level 1, 24-26, Jivraj Shamji Building, Off Princess Street, Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-22012345
Fax No.:	91-22-22015950
Factory 1 :	Unit No.14, Ground Floor, New Tejpal Industrial Premises Co-Operative Society Limited, Sakinaka, Andheri Kurla Road, Andheri (East), Opposite Sagar-Tech Plaza, Mumbai – 400 072, Maharashtra, India
Factory 2 :	Plot No.6309, Phase IV, G.I.D.C., Near Pump House, Phase III, Vapi, Gujarat, India
Warehouses :	Located at: · Antop Hill · Sewree · Bhiwandi

DIRECTORS

AS ON 15.07.2013

Name :

Mr. Hasmukh Nathalal Zaveri

Designation :

Director

Address :

8/B, Giriraj, 11, Altmount Road, S.K. Barodawala Marg, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

19.06.1939

Date of Appointment :

03.11.1990

DIN No.:

00861250

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	U24110MH1990PLC056023	ROLEX LANOLIN PRODUCTS LIMITED	Director	03-11-1990	03-11-1990	-	Active	NO
2	U91200MH1985GAP036051	ALL INDIA IMPORTERS AND EXPORTERS ASSOCIATION	Director	27-09-2000	27-09-2000	-	Active	NO
3	U25209MH1989PTC053363	EURO POLYTHENE P LTD	Director	12-03-2007	12-03-2007	-	Active	NO
4	U92100MH1993NPL071488	GARWARE CLUB HOUSE	Director	09-01-2014	12-12-2007	-	Active	NO

Name :

Mr. Hasit Hasmujh Zaveri

Designation :

Managing Director

Address :

8/B, Giriraj, 11, Altmount Road, S.K. Barodawala Marg, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

24.08.1965

Date of Appointment :

30.03.1990

DIN No.:

00861184

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	U24110MH1990PLC056023	ROLEX LANOLIN PRODUCTS LIMITED	Managing director	30-03-1990	30-03-1990	-	Active	NO
2	U74999MH1998PLC116907	MOTHERINDIA INFANTCARE PRODUCTS LIMITED	Director	16-10-1998	16-10-1998	-	Strike off	NO
3	U25209MH1989PTC053363	EURO POLYTHENE P LTD	Managing director	12-03-2007	12-03-2007	-	Active	NO

Name :

Mrs. Hansa Hasmukh Zaveri

Designation :

Director

Address :

8/B, Giriraj, 11, Altmount Road, S.K. Barodawala Marg, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

31.01.1941

Date of Appointment :

30.03.1990

DIN No.:

00117557

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	U24110MH1990PLC056023	ROLEX LANOLIN PRODUCTS LIMITED	Director	30-03-1990	30-03-1990	-	Active	NO
2	U74999MH1998PLC116907	MOTHERINDIA INFANTCARE PRODUCTS LIMITED	Director	16-10-1998	16-10-1998	-	Strike off	NO

Name :

Mrs. Falguni Hasit Zaveri

Designation :

Director

Address :

8/B, Giriraj, 11, Altmount Road, S.K. Barodawala Marg, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

22.07.1964

Date of Appointment :

08.12.1996

DIN No.:

00117604

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	U24110MH1990PLC056023	ROLEX LANOLIN PRODUCTS LIMITED	Director	08-12-1996	08-12-1996	-	Active	NO
2	U74999MH1998PLC116907	MOTHERINDIA INFANTCARE PRODUCTS LIMITED	Director	16-10-1998	16-10-1998	-	Strike off	NO

KEY EXECUTIVES

Name :	Mr. Vinus
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.07.2013

Names of Shareholders	No. of Shares
Hansa Hasmujh Zaveri	25940
Hasit Hasmujh Zaveri	25940
Hasmukh Nathalal Zaveri	20839
Falguni Hasit Zaveri	17281
Total	90000

AS ON 15.07.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of lanolin anhydrous, lanolin derivatives, oils and fats, cosmetic raw materials.

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

· Union Bank of India, Princess Street Branch, Devkaran Mansion, Shamaldas Gandhi Marg, Princess Street, Mumbai – 400 002, Maharashtra, India

· Citibank

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan from Bank	0.000	1.167
SHORT TERM BORROWINGS
Working Capital Loan from Banks	34.507	4.637
Total	34.507	5.804

Banking Relations :	--
Auditors :
Name :	Vora and Associates Chartered Accountants
Address :	103, Rewa Chambers, 31, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22005934/ 22031110
Fax No.:	91-22-22063289
PAN No.:	AACFV6555H
Subsidiaries :	Euro Polythene Private Limited
Enterprises owned or significantly influenced by key management personnel or their relatives :	Consolidated Solvents and Chemical Corporation

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3990000	Equity Shares	Rs.10/- each	Rs.39.900 millions
10000	8% Non-Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.0.100 million
	Total		Rs.40.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.10/- each	Rs.0.900 million

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	0.900	0.900	0.900
(b) Reserves & Surplus	31.879	22.528	16.631
(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)	32.779	23.428	17.531
(3) Non-Current Liabilities
(a) Long-term borrowings	5.537	7.091	4.030
(b) Deferred tax liabilities (Net)	0.913	0.975	0.981
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	6.450	8.066	5.011
(4) Current Liabilities
(a) Short term borrowings	34.507	4.637	22.239
(b) Trade payables	10.622	5.988	5.299
(c) Other current liabilities	3.022	4.211	4.276
(d) Short-term provisions	0.931	1.235	0.159
Total Current Liabilities (4)	49.082	16.071	31.973
TOTAL	88.311	47.565	54.515
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.635	11.758	11.055
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	7.431	3.057	3.056
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.100	5.100	5.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.201	4.472	1.739
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	27.367	24.387	20.950
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	29.739	5.274	12.108
(c) Trade receivables	25.328	14.611	13.508
(d) Cash and cash equivalents	2.019	2.226	6.608
(e) Short-term loans and advances	3.858	1.067	1.341
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	60.944	23.178	33.565
TOTAL	88.311	47.565	54.515

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	261.888	148.774	131.376
		Other Income	0.154	0.171	0.413
		TOTAL (A)	262.042	148.945	131.789
Less	EXPENSES
		Cost of materials consumed	174.019	75.243	90.753
		Purchase of traded goods	38.019	22.396	17.137
		Changes in inventories of finished goods, work-in-progress and traded goods	(12.731)	5.175	(6.250)
		Employee benefits expense	13.308	12.374	7.025
		Other expenses	30.719	20.042	16.614
		TOTAL (B)	243.334	135.230	125.279
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.708	13.715	6.510
Less	FINANCIAL EXPENSES (D)		3.303	3.907	3.466
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.405	9.808	3.044
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.327	1.242	1.254
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		14.078	8.566	1.790
Less	TAX (H)		4.727	2.669	0.543
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		9.351	5.897	1.247
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.785	14.888	13.641
	BALANCE CARRIED TO THE B/S		30.136	20.785	14.888
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	40.247	30.191	21.402
		Income from sale of services	0.000	0.546	0.000
	TOTAL EARNINGS		40.247	30.737	21.402
	IMPORTS
		Raw Material	46.479	9.729	31.400
		Traded Finished Goods	31.983	17.276	14.136
	TOTAL IMPORTS		78.462	27.005	45.536
	Earnings Per Share (Rs.)		103.90	65.53	13.86

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.57	3.96	0.95
Net Profit Margin (PBT/Sales)	(%)	5.38	5.76	1.36
Return on Total Assets (PBT/Total Assets}	(%)	18.58	21.74	3.86
Return on Investment (ROI) (PBT/Networth)		0.43	0.37	0.10
Debt Equity Ratio (Total Debt /Networth)		1.22	0.50	1.50
Current Ratio (Current Asset/Current Liability)		1.24	1.44	1.05

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	0.900	0.900	0.900
Reserves & Surplus	16.631	22.528	31.879
Net worth	17.531	23.428	32.779
Long-term borrowings	4.030	7.091	5.537
Short term borrowings	22.239	4.637	34.507
Total borrowings	26.269	11.728	40.044
Debt/Equity ratio	1.498	0.501	1.222

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	131.376	148.774	261.888
		13.243	76.031

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	131.376	148.774	261.888
Profit	1.247	5.897	9.351
	0.95%	3.96%	3.57%

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	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10456325	18/10/2013	83,500,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVKARAN MANSION, SHAMAL DAS GANDHI MARG,, MUMBAI, MAHARASHTRA - 400002, INDIA	B88058854
2	10300839	18/10/2013 *	136,000,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVKARAN MANSION, SHAMAL DAS GANDHI MARG,, MUMBAI, MAHARASHTRA - 400002, INDIA	B88058615
3	10307524	28/07/2011	35,000,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVKARAN MANSION, SHAMAL DAS GANDHI MARG, MUMBAI, MAHARASHTRA - 400002, INDIA	B21112099
4	10392190	04/02/2014 *	138,500,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVKARAN MANSION, SHAMAL DAS GANDHI MARG, MUMBAI, MAHARASHTRA - 400002, INDIA	B96184734
5	90215736	22/03/2002 *	6,500,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVJKARAN MANSION; GANDHI MARG, MUMBAI, MAHARASHTRA - 400002, INDIA	-
6	90214643	01/12/1996	622,000.00	ANZ GRINDLAYS BANK LTD.	270; DN ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA	-
7	90215433	09/03/1995	553,800.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVJKARAN MANSION; GANDHI MARG, MUMBAI, MAHARASHTRA - 400002, INDIA	-
8	80063797	28/10/1994	1,000,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVKARAN MANSION SAMALDAS GANDHI MARG PRINCESS STREET, MUMBAI, MAHARASHTRA - 4 00002, INDIA	-
9	90215415	22/03/2002 *	500,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVJKARAN MANSION; S. GAND HI MARG, MUMBAI, MAHARASHTRA - 400002, INDIA	-
10	90215324	17/09/1992	112,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVJKARAN MANSION; S. GAND HI MARG, MUMBAI, MAHARASHTRA - 400002, INDIA	-
11	90215257	18/10/2013 *	138,500,000.00	UNION BANK OF INDIA	PRINCESS STREET BRANCH, DEVKARAN MANSION, SHAMAL DAS GANDHI MARG,, MUMBAI, MAHARASHTRA - 400002, INDIA	B88033253

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
From Others	5.537	5.924
Total	5.537	5.924

OPERATIONS:

The Sales and Operating Income during the year has increased from Rs.148.800 millions to Rs.261.900 millions during the year under consideration. The Net profit before taxes is Rs.14.078 millions (P.Y.Rs.8.566 millions).

The increase in net profits during the year was due to higher sales realization. A continuous availability of raw material would be a challenge in the years to come which would determine the business prospects of the company in the years to come. The progress of setting up new plant at Vapi is as per schedule.

Euro Polythene Private Limited, a 100% subsidiary is in the process of merger with the company in due course. The same is expected to take place during F.Y. 2013-14

FIXED ASSETS:

· Factory Buildings

· Warehouse

· Plant and Equipment

· Furniture and Fittings

· Vehicles

· Office Equipments

· 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 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.61.05
UK Pound	1	Rs.100.81
Euro	1	Rs.84.17

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		47

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.