MIRA INFORM REPORT

Report Date :

27.05.2014

IDENTIFICATION DETAILS

Name :	CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED
Registered Office :	1^st Floor, Hamilton House, 8, J.N. Heredia Marg, Ballard Estate, Mumbai – 400038, Maharashtra
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	18.05.1999
Com. Reg. No.:	11-119904
Capital Investment / Paid-up Capital :	Rs.53.900 Millions
CIN No.: [Company Identification No.]	U24110MH1999PTC119904
TAN No.: [Tax Deduction & Collection Account No.]	MUMC07445E MUMC10633A MUMC11797C
PAN No.: [Permanent Account No.]	AAACC9611L
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Distributor of Chemicals, Food Ingredient, etc.
No. of Employees :	110 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1520000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of “WILBUR ELLIS CO., United States”. It is an established company having satisfactory track record. Management has filed the latest financials of 2012, but the same could not be made available from the government department. As per available, the company possesses a favourable financial profile marked by decent networth base and an improvement in its net profitability during 2011. The rating also take into consideration the limited value adding nature of the operations. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of strong holdings, the subject can be considered 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 – 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.2453.2 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. B Fernandez
Designation :	Export Manager
Contact No.:	91-22-66138324
Date :	23.05.2014

LOCATIONS

Registered/ Corporate Office :	1^st Floor, Hamilton House, 8, J.N. Heredia Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India
Tel. No.:	91-22-22815060/ 66644483/ 66138300
Mobile No.:	91-9820199553 (Ms. Yogita Parab)
Fax No.:	91-22-22818060/ 33818330
E-Mail :	mpathare@cbcind.com admin@abcind.com vrodrigu@cbcind.com ymathur@cbcind.com cbcin.admin@wecocbc.com milan.pathare@wecocbc.com
Website :	http://www.connellbrothers.com http://www.clocind.com http://www.wecocbc.com
Area :	1600 sq. ft.
Location :	Owned
Warehouse:	Located at: · Bhiwandi · Panvel · Delhi
Branch Office 1 :	3^rd Floor, Bansilal Building, 9/15, Homy Mody Street, Fort, Mumbai - 400023, Maharashtra, India
Tel. No.:	91-22-22815060
Fax No.:	91-22-22818060
E-Mail :	ymathur@cbcind.com
Area:	3500 sq. ft.
Location :	Rented
Branch Office 2 :	1112, Kailash Building, 26, Kasturba Gandhi Marg, New Delhi - 110001, India
Tel. No.:	91-11-23713691
Fax No.:	91-11-23713692
Area:	1200 sq. ft.
Location :	Rented
Branch Office 3 :	3607, Competent House, Middle Circle, Connaught Place, New Delhi – 110001, India
Tel. No.:	91-11-43509348
Fax No.:	91-11-43509340
Overseas Office:	15 Kamal Ataturk Avenue, Bashati Condominium, Apartment # C/11-12, Road # 17, Banani, Dhaka - 1213
Tel. No.:	88 044 746 50728
Fax No.:	88 044 768 02517
Area:	500 sq. ft.
Location :	Rented

DIRECTORS

As on 28.05.2013

Name :

Theodore Eliot III

Designation :

Managing Director

Address :

401, Golden GateAvenue, Belvedere, California 94920, United States of America

Date of Birth/Age :

17.10.1953

Date of Appointment :

18.05.1999

DIN No.:

02231188

Name :

Mr. Parthiv Tanil Kilachand

Designation :

Director

Address :

95, Nepean Sea Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

27.03.1967

Date of Appointment :

18.05.1999

DIN No.:

00005516

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	L21308GJ1989PLC012743	GUJARAT POLY AVX ELECTRONICS LIMITED	Director	11/03/1992	11/03/1992	-	Active	NO
2	U51900MH1994PTC078663	RASAYANI TRADERS PRIVATE LIMITED	Director	30/06/1994	30/06/1994	-	Active	NO
3	L24100MH1955PLC009663	POLYCHEM LIMITED	Managing director	27/07/2012	03/12/1996	-	Active	NO
4	U51900MH1997PTC105312	HIGHCLASS TRADING PRIVATE LIMITED	Director	01/08/1997	01/08/1997	-	Active	NO
5	U17110MH1950PLC007979	GINNERS AND PRESSERS LIMITED	Director	14/08/1997	14/08/1997	-	Active	NO
6	U24110MH1999PTC119904	CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED	Director	18/05/1999	18/05/1999	-	Active	NO
7	U65920MH1983PTC031628	RO-AN INVESTMENTS PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Dissolved	NO
8	U65920MH1983PTC031612	VIRSUN INVESTMENTS PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Active	NO
9	U65920MH1983PTC031611	MASUMA TRADECORP PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Active	NO
10	U51900MH1995PLC087924	SUN TAN TRADING COMPANY LIMITED	Director	12/04/2004	12/04/2004	-	Active	NO
11	U51220MH2000PTC129864	GOURMET LOGISTICS PRIVATE LIMITED	Director	10/03/2006	10/03/2006	21/06/2010	Active	NO
12	U74999MH2004PTC175698	JSM CORPORATION PRIVATE LIMITED	Director	29/09/2007	12/06/2007	-	Active	NO
13	U74140MH2004PTC175689	H R CAFE INDIA PRIVATE LIMITED	Director	29/09/2007	24/08/2007	-	Amalgamated	NO
14	U41000MH2010PLC208418	ENVIRONMENTAL PURIFIERS LIMITED	Director	29/09/2010	29/09/2010	07/12/2010	Active	NO
1	L21308GJ1989PLC012743	GUJARAT POLY AVX ELECTRONICS LIMITED	Director	11/03/1992	11/03/1992	-	Active	NO

Name :

Mr. Yogesh Shivraj Mathur

Designation :

Whole-Time Director

Address :

13- Padam-1, 4B, Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

22.11.1950

Date of Appointment :

10.05.2011

PAN No.:

AACPM2435M

DIN No.:

01059977

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	U15549PN1995PTC014548	LOKRANJAN BREWERIES PRIVATE LIMITED	Director	03/12/1996	03/12/1996	-	Active	NO
2	U65990MH1983PTC031629	SHAJA INVESTMENTS PRIVATE LIMITED	Director	20/12/2002	20/12/2002	-	Active	NO
3	U24110MH1999PTC119904	CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED	Whole-time director	10/05/2011	10/05/2011	-	Active	NO

Name :

Mr. Nandish Tanil Kilachand

Designation :

Director

Address :

95, Nepean Sea Road, Malabar Hill, Kilachand House, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

23.07.1972

Date of Appointment :

18.05.1999

DIN No.:

00005530

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	U32109MH1993PTC072980	CAPUCHIM ELECTRONICS PRIVATE LIMITED	Director	15/02/1994	15/02/1994	-	Dissolved	NO
2	U24110MH1999PTC119904	CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED	Director	18/05/1999	18/05/1999	-	Active	NO
3	U17110MH1950PLC007979	GINNERS AND PRESSERS LIMITED	Director	03/06/1999	03/06/1999	-	Active	NO
4	U51900MH1994PTC078663	RASAYANI TRADERS PRIVATE LIMITED	Director	30/08/1999	30/08/1999	-	Active	NO
5	U51900MH1995PLC087924	SUN TAN TRADING COMPANY LIMITED	Director	31/08/1999	31/08/1999	-	Active	NO
6	U65920MH1983PTC031612	VIRSUN INVESTMENTS PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Active	NO
7	U65920MH1983PTC031611	MASUMA TRADECORP PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Active	NO
8	U65920MH1983PTC031628	RO-AN INVESTMENTS PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Dissolved	NO
9	U15100MH1947PTC005588	TULSI GLOBAL LOGISTICS PRIVATE LIMITED	Whole-time director	01/06/2013	20/12/2002	-	Active	NO
10	U41000MH2010PLC208418	ENVIRONMENTAL PURIFIERS LIMITED	Director	29/09/2010	29/09/2010	07/12/2010	Active	NO
11	L24100MH1955PLC009663	POLYCHEM LIMITED	Director	17/09/2012	27/07/2012	-	Active	NO

Name :

Mr. John Pomeroy Thacher

Designation :

Director

Address :

2482/ Spring Mountain Road, St. Helena, California 94574, United States of America

Date of Birth/Age :

01.10.1954

Date of Appointment :

11.02.2008

DIN No.:

02353500

Name :

Jeffrey Francis Streblow

Designation :

Director appointed in casual vacancy

Address :

5137, Coombsville Road, NAPA, California 94558, United States of America

Date of Birth/Age :

04.06.1959

Date of Appointment :

17.05.2009

DIN No.:

02682288

Name :

Eugene Scott James Allan Graddy

Designation :

Director

Address :

11, Ardmore PK, #13-01, Ardmore PK, Singapore – 259957

Date of Birth/Age :

23.05.1961

Date of Appointment :

25.05.2011

DIN No.:

03583392

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	U24110MH1999PTC119904	CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED	Director	25/05/2011	10/05/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. B Fernandez
Designation :	Export Manager
Name :	Mr. Milan Pathare
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS

As on 28.05.2013

Names of Shareholders	No. of Shares	% of Holding
Rasayani Traders Private Limited, India	269500	50.00
Wilbur Ellis Company, USA	269500	50.00
Total	539000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 28.05.2013

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	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Distributor of Chemicals, Food Ingredient, etc.

Products :

Product Description	Item Code No. (ITC Code)
Acylic Polymers	39.06
Paper Chemicals	38.24.90
Pigments	32.04

Exports :

Products :

Chemicals, Food Ingredient, etc.

Countries :

· USA

· Pakistan

· Bangladesh

Imports :

Products :

Chemicals, Food Ingredient, etc.

Countries :

· USA

· European Countries

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

No. of Employees :

110 (Approximately)

Bankers :

· ABN Amro Bank N.V., 7^th Floor, Sakhar Bhavan, Nariman Road, Mumbai – 400021, Maharashtra, India

· Royal Bank of Scotland, Fort, Mumbai, Maharashtra, India

· ABN Amro Bank N.V., 14, Veer airman Road, Mumbai – 400023, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Working Capital Loans from Banks	63.000	45.000
Total	63.000	45.000

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India
PAN No.:	AABFL5878L
Ultimate Holding Company:	· Wilbur Ellis Co.
Fellow Subsidiary Company:	· Connell Bros. Co. Limited · Connell Bros. Co. Philipinas Inc. · Connell Bros Co. (Singapore) PTE Limited · Connell Bros. Co. (Shanghai) Co. Limited · PT. Connell Bersaudara Chemindo · Connell Bros. Co.
Subsidiary :	· Connell Bros Company Bangladesh (Private) Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Ginners and Pressers Limited CIN No.: U17110MH1950PLC007979 · Polychem Limited CIN No.: L24100MH1955PLC009663 · Ramal Charities

CAPITAL STRUCTURE

As on 28.05.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.100/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
539000	Equity Shares	Rs.100/- each	Rs.53.900 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		53.900	53.900	53.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		326.774	189.902	134.392
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		380.674	243.802	188.292
LOAN FUNDS
1] Secured Loans		63.000	45.000	21.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		63.000	45.000	21.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		443.674	288.802	209.292
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.501	43.575	42.703
Capital work-in-progress		0.498	0.284	0.000
INVESTMENT		0.700	0.700	0.700
DEFERREX TAX ASSETS		11.308	5.969	6.245
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	229.003	212.954	127.624
	Sundry Debtors	255.278	220.002	176.928
	Cash & Bank Balances	56.997	98.338	78.244
	Other Current Assets	0.904	0.968	1.075
	Loans & Advances	197.692	118.635	16.692
Total Current Assets		739.874	650.897	400.563
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	147.170
	Current Liabilities	182.707	243.788	23.752
	Provisions	169.500	168.835	69.997
Total Current Liabilities		352.207	412.623	240.919
Net Current Assets		387.667	238.274	159.644
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		443.674	288.802	209.292

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income	1485.040	1278.390	1014.570
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		215.260	196.620	145.670
Less	INTEREST		7.480	2.630	6.550
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		207.780	193.990	139.120
Less	DEPRECIATION/ AMORTISATION		6.050	6.340	6.330
	PROFIT BEFORE TAX		201.730	187.650	132.790
Less	TAX		64.860	62.610	46.090
	PROFIT AFTER TAX		136.870	125.040	86.700
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		144.600	101.690	93.680
Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares	0.000	59.820	59.820
		Tax on Dividend on Equity Shares	0.000	9.710	10.170
		Transfer to General Reserve	0.000	12.600	8.700
	BALANCE CARRIED TO THE B/S		281.470	144.600	101.690
	EARNINGS IN FOREIGN CURRENCY		776.020	107.020	75.690
	Earnings Per Share (Rs.)		253.93	231.99	160.86

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
Net Profit Margin (PBT/Sales)	(%)	13.58	14.68	13.09
Return on Total Assets (PBT/Total Assets}	(%)	25.75	31.53	29.96
Return on Investment (ROI) (PBT/Networth)		0.53	0.77	0.70
Debt Equity Ratio (Total Debt /Networth)		0.17	0.18	0.11
Current Ratio (Current Asset/Current Liability)		2.10	1.58	1.66

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2009	31.12.2010	31.12.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	53.900	53.900	53.900
Reserves & Surplus	134.392	189.902	326.774
Net worth	188.292	243.802	380.674
Secured Loans	21.000	45.000	63.000
Unsecured Loans	0.000	0.000	0.000
Total borrowings	21.000	45.000	63.000
Debt/Equity ratio	0.112	0.185	0.165

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2009	31.12.2010	31.12.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1014.570	1278.390	1485.040
		26.003	16.165

NET PROFIT MARGIN

Net Profit Margin	31.12.2009	31.12.2010	31.12.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1014.570	1278.390	1485.040
Profit	86.700	125.040	136.870
	8.55%	9.78%	9.22%

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	Yes
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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
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	Yes
20]	Export / Import details (if applicable)	Yes
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	No
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	Yes
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	10029028	29/10/2008 *	150,000,000.00	ABN AMRO BANK N. V.	7th Floor, Sakhar Bhavan, Nariman Point, Mumbai - 400021, Maharashtra, India	A49438963

*Date of modification Charges

FIXED ASSETS:

· Leasehold Improvements

· Plant and Machinery

· Laboratory Equipment’s

· Office Equipment’s

· Furniture and Fixtures

· 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 records 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.58.48
UK Pound	1	Rs.98.67
Euro	1	Rs.79.81

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	SUB
Report Prepared by :	VNT

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	5
--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		46

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

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

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

RATING EXPLANATIONS

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

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