MIRA INFORM REPORT

Report Date :

13.05.2014

IDENTIFICATION DETAILS

Name :	UNIFRAX INDIA LIMITED
Registered Office :	503, Kailash Tower, Behind S.T.C. Colony, Andheri (East), Mumbai – 400069, Maharashtra
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	28.01.1983
Com. Reg. No.:	11-205758
Capital Investment / Paid-up Capital :	Rs.14.639 Millions
CIN No.: [Company Identification No.]	U26993MH1983PLC205758
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of high temperature ceramic Fibre.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 4000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile marked by adequate liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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

MANAGEMENT Non Co-operative (91-22-26823479)

LOCATIONS

Registered Office :	503, Kailash Tower, Behind S.T.C. Colony, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-26823479 / 29212200
Fax No.:	91-22-29212249
E-Mail :	unifrax.mumbai@unifrax.co.in
Website :	www.unifrax.co.in
Head Office :	C-102, Business Square, Andheri Kurla Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Regional Office :	Located At : · Delhi · Chennai · Kolkata

DIRECTORS

AS ON 04.06.2013

Name :

Mr. Vijay Wadhwani

Designation :

Managing Director

Address :

27 Colaba Chambers, Colaba Road, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

30.08.1945

Date of Appointment :

01.08.1999

DIN No.:

00011591

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	Company/ LLP Status	Defaulting status
1	U26993MH1983PLC205758	UNIFRAX INDIA LIMITED	Managing director	24/10/2012	01/08/1999	Active	NO
2	U99999MH1983PTC199024	CHANEY REFRACTORIES PRIVATE LIMITED	Director	26/04/2011	01/04/2009	Amalgamated	NO
3	U26960MH2011FTC216269	UNIFRAX INDIA ENERGY SAVING MATERIALS PRIVATE LIMITED	Managing director	15/09/2011	29/04/2011	Under Process of Striking off	NO

Name :

Mr. Avinash Shrikrishna Chitre

Designation :

Managing Director

Address :

33 Building, 238 House Unnat Nagar 2, Goregaon (West), Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

29.09.1952

Date of Appointment :

01.10.2008

DIN No.:

01326284

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	Company/ LLP Status	Defaulting status
1	U26993MH1983PLC205758	UNIFRAX INDIA LIMITED	Managing director	01/11/2013	01/03/2007	Active	NO
2	U99999MH1983PTC199024	CHANEY REFRACTORIES PRIVATE LIMITED	Director	28/08/2009	01/04/2009	Amalgamated	NO
3	U26960MH2011FTC216269	UNIFRAX INDIA ENERGY SAVING MATERIALS PRIVATE LIMITED	Director	15/04/2011	15/04/2011	Under Process of Striking off	NO

Name :

Mr. Darius Cavasji Shroff

Designation :

Director

Address :

Moonlight, Flat No.8. Maharshi Karve Road, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

08.08.1944

Date of Appointment :

06.10.2000

DIN No.:

00170680

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	U29299MH1963PTC012661	CMP PRIVATE LIMITED	Director	13/04/1989	13/04/1989	-	Active	NO
2	L29130MH1961PLC011980	SKF INDIA LIMITED	Director	03/04/1993	03/04/1993	30/04/2013	Active	NO
3	L29130MH1976PLC019147	KULKARNI POWER TOOLS LTD	Director	30/03/1995	30/03/1995	-	Active	NO
4	U23201DL1993PTC190652	AVI-OIL INDIA PRIVATE LIMITED	Director	06/08/1996	06/08/1996	-	Active	NO
5	L28920MH1957PLC010839	SIEMENS LIMITED	Director	20/02/1997	20/02/1997	-	Active	NO
6	U24245GA1994PTC001708	PROFESSIONAL ORAL CARE PRODUCTS PRIVATE LIMITED	Director	12/11/1998	12/11/1998	06/07/2009	Amalgamated	NO
7	U72200MH1990PLC056987	UTV SOFTWARE COMMUNICATIONS LIMITED	Director	20/05/2000	20/05/2000	16/03/2012	Active	NO
8	U26993MH1983PLC205758	UNIFRAX INDIA LIMITED	Director	06/10/2000	06/10/2000	-	Active	NO
9	L24120MH1995PLC086986	CIBA INDIA LIMITED	Director	25/01/2001	25/01/2001	30/11/2007	Amalgamated	NO
10	U67120MH2002PTC135029	SWISS RE SERVICES INDIA PRIVATE LIMITED	Director	27/02/2002	27/02/2002	-	Active	NO
11	U24110MH2003PLC142216	BAYER POLYCHEM (INDIA) LIMITED	Director	30/09/2003	30/09/2003	-	Amalgamated	NO
12	U23201MH1966PTC013538	LUBRIZOL INDIA PRIVATE LIMITED	Alternate director	22/07/2004	22/07/2004	-	Active	NO
13	U92110MH2003PTC141168	WARNER BROS PICTURES (INDIA) PRIVATE LIMITED	Director	20/01/2005	20/01/2005	-	Active	NO
14	L05190KA1921PLC036321	INGERSOLL-RAND (INDIA) LIMITED	Director	23/12/2005	23/12/2005	-	Active	NO
15	L29199GJ1962PLC001171	GMM PFAUDLER LIMITED	Director appointed in casual vacancy	13/10/2006	13/10/2006	-	Active	NO
16	U19113MH1995PTC179724	Bayer MaterialScience Private Limited	Director	07/12/2006	07/12/2006	-	Active	NO
17	U26960MH2011FTC216269	UNIFRAX INDIA ENERGY SAVING MATERIALS PRIVATE LIMITED	Director	15/04/2011	15/04/2011	20/02/2013	Under Process of Striking off	NO

Name :

Mr. Frederic Bernard Von Arx

Designation :

Director

Address :

40 Boulevard De Narcel, 69110 Ste Foy Les, Lyon, 69110, France

Date of Birth/Age :

29.04.1965

Date of Appointment :

02.06.2003

DIN No.:

01437157

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	U26993MH1983PLC205758	UNIFRAX INDIA LIMITED	Director	02/06/2003	02/06/2003	-	Active	NO
2	U26960MH2011FTC216269	UNIFRAX INDIA ENERGY SAVING MATERIALS PRIVATE LIMITED	Director	15/04/2011	15/04/2011	20/02/2013	Under Process of Striking off	NO

Name :

Mr. Kevin James O Gorman

Designation :

Director

Address :

6146, Highgrove Park, East Amherst, new York, Amherst, 14051, United States of America

Date of Birth/Age :

07.12.1950

Date of Appointment :

06.10.2000

DIN No.:

01437234

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	U26993MH1983PLC205758	UNIFRAX INDIA LIMITED	Director	06/10/2000	06/10/2000	-	Active	NO
2	U99999MH1983PTC199024	CHANEY REFRACTORIES PRIVATE LIMITED	Director	28/08/2009	01/04/2009	-	Amalgamated	NO
3	U26960MH2011FTC216269	UNIFRAX INDIA ENERGY SAVING MATERIALS PRIVATE LIMITED	Director	15/04/2011	15/04/2011	20/02/2013	Under Process of Striking off	NO

MAJOR SHAREHOLDERS

AS ON 04.06.2013

Names of Shareholders	No. of Shares
Unifrax Limited	1344219
Unifrax Limited Avinash Chitre	1
Unifrax Limited Vijay Wadhwani	1
Unifrax Limited Andrew Satyendra	1
Unifrax Limited Paul J Viola	1
Unifrax Limited Saint Clair S L Martins	1
Unifrax Limited Mark Roos	1
Total	1344225

Equity Share Break up (Percentage of Total Equity)

AS ON 04.06.2013

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

BUSINESS DETAILS

Line of Business :

Manufacturer of high temperature ceramic Fibre.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	· HDFC Bank Limited, HDFC Bank House , Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India · State Bank Of India, Parliament Street, New Delhi – 110001, India

Banking Relations :	--
Auditors :
Name :	S. V. Ghatalia and Associates LLP Chartered Accountants
Address :	14^th Floor, The Ruby 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
PAN No.:	AACFS6921Q
Holding Company :	Unifrax Limited
Subsidiary Company :	Chaney Refractories Private Limited

CAPITAL STRUCTURE

AS ON 04.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued and Subscribed Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
1344225	Equity Shares	Rs.10/- each	Rs.13.442 Millions

AS ON 31.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed Paid-up Capital :

No. of Shares	Type	Value	Amount
1447492	Equity Shares	Rs.10/- each	Rs.14.475 Millions
21900	Forfeited Shares	Rs.10/- each	Rs.0.219 Million
	Total		Rs.14.639 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	14.639	14.639
(b) Reserves & Surplus	987.492	911.669
(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)	1,002.131	926.308
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	3.989	3.707
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	11.997	8.793
Total Non-current Liabilities (3)	15.986	12.500
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	16.053	32.622
(c) Other current liabilities	46.152	39.316
(d) Short-term provisions	10.908	8.229
Total Current Liabilities (4)	73.113	80.167
TOTAL	1,091.230	1,018.975
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	148.455	125.750
(ii) Intangible Assets	0.805	0.718
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	5.000	5.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	54.065	45.914
(e) Other Non-current assets	2.540	0.272
Total Non-Current Assets	210.865	177.654
(2) Current assets
(a) Current investments	552.957	538.866
(b) Inventories	84.818	86.682
(c) Trade receivables	126.512	148.791
(d) Cash and cash equivalents	102.435	51.734
(e) Short-term loans and advances	13.287	14.371
(f) Other current assets	0.556	0.877
Total Current Assets	880.565	841.321
TOTAL	1,091.430	1,018.975

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		14.639
2] Share Application Money		0.000
3] Reserves & Surplus		758.714
4] (Accumulated Losses)		0.000
NETWORTH		773.353
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		2.397
TOTAL		775.750
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		68.434
Capital work-in-progress		20.697
INVESTMENT		482.795
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	68.208
	Sundry Debtors	131.048
	Cash & Bank Balances	58.324
	Other Current Assets	0.204
	Loans & Advances	37.301
Total Current Assets		295.085
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	77.911
	Provisions	13.350
Total Current Liabilities		91.261
Net Current Assets		203.824
MISCELLANEOUS EXPENSES		0.000
TOTAL		775.750

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.12.2012	31.12.2011	31.12.2010
	SALES
		Income		725.049	660.611	555.014
		Other Income		26.626	29.037	19.959
		TOTAL (A)		751.675	689.648	574.973
Less	EXPENSES
		Cost of Materials Consumed		168.555	140.816	126.331
		Purchase of Stock-in-trade		52.158	85.806	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(0.539)	(3.206)	(8.683)
		Employee Benefits Expenses		77.977	59.765	0.000
		Other Expenses		177.951	175.301	252.245
		TOTAL (B)		476.102	458.482	369.893
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			275.573	231.166	205.080
Less	FINANCIAL EXPENSES (D)			1.125	1.335	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			274.448	229.831	205.080
Less	DEPRECIATION/ AMORTISATION (F)			12.988	8.397	5.988
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			261.460	221.434	199.092
Less	TAX (H)			77.467	68.480	62.966
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			183.993	152.954	136.126
	EARNINGS IN FOREIGN CURRENCY			135.127	114.824	78.682
	IMPORTS
			Raw Materials	1.696	0.709	1.956
			Components and Stores Spares	3.364	6.051	3.105
			Goods for Resale	60.672	58.787	52.770
			Others	0.000	20.152	16.394
	TOTAL IMPORTS			65.732	85.699	74.225
	Earnings Per Share (Rs.)			127.11	105.67	94.04

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	24.48	22.18	23.68
Net Profit Margin (PBT/Sales)	(%)	36.06	33.52	35.87
Return on Total Assets (PBT/Total Assets}	(%)	24.07	21.84	54.77
Return on Investment (ROI) (PBT/Networth)		0.26	0.24	0.26
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		12.04	10.49	3.23

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012
	Rs. In Millions	Rs. In Millions
Share Capital	14.639	14.639
Reserves & Surplus	911.669	987.492
Net worth	926.308	1002.131
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.12.2011	31.12.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	555.014	660.611	725.049
		19.026	9.754

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.12.2011	31.12.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	555.014	660.611	725.049
Profit	136.126	152.954	183.993
	24.53%	23.15%	25.38%

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

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80065215	01/07/2005	9,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE , SENAPATI BAPAT MARG,LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	-
2	90094576	08/06/1988	6,850,000.00	STATE BANK OF INDIA	PARLIMENT STREET, NEW DELHI, DELHI - 110001, INDIA	-
3	90094562	14/06/2000 *	13,300,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, ANDHERI, MUMBAI, MAHAR ASHTRA, INDIA	-
4	90094549	21/03/1990 *	6,000,000.00	GUJARAT INDUSTRIAL INVESTMENT CORPORATION LIMITED	ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	-
5	90094547	06/02/1986 *	7,500,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT COR. OF INDIA LIMITED	163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 40 0020, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· 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.59.73
UK Pound	1	Rs.100.82
Euro	1	Rs.82.22

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KRN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.