MIRA INFORM REPORT

Report Date :

06.11.2014

IDENTIFICATION DETAILS

Name :	ACME CHEM LIMITED (w.e.f.11.02.2005)
Formerly Known As :	ACMECHEM PRIVATE LIMITED
Registered Office :	9A, Saketho Chi Minh Sarani, Kolkata – 700 012, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.07.1992
Com. Reg. No.:	21-055994
Capital Investment / Paid-up Capital :	Rs.58.600 Millions
CIN No.: [Company Identification No.]	U24118WB1992PLC055994
PAN No.: [Permanent Account No.]	AACCA3931B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of fine and Performance Chemicals for the Rubber Industry.
No. of Employees :	200 (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 2230000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some dip in the profit of the company during 2013 however net worth of the company is satisfactory. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be usually corrects. 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go slowly on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn Business Empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M a M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Nishit
Designation :	Accounts Department
Contact No.:	91-33-60500076
Date :	05.11.2014

LOCATIONS

Registered Office :	9A, Saketho Chi Minh Sarani, Kolkata – 700012, West Bengal, India
Tel. No.:	91-33-22826195/ 6285/ 1050/ 26224355
Fax No.:	91-33-22369631/ 22826285
E-Mail :	abcd@cal3.vsnl.net.in
Website :	www.acmechem.in
Factory :	412, GIDC Estate, Ankleshwar, Bharuch, Panoli – 394116, Gujarat, India
Tel. No.:	91-2646-272393/ 272394
Fax No.:	91-2646-272393/ 245772

DIRECTORS

As on 30.09.2013

Name :

Mr. Narain Holani

Designation :

Managing Director

Address :

9A, Saker Apartment 2, Ho Chi Minh Sarani, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

04.05.1958

Qualification :

Chemical Engineer

Date of Appointment :

01.04.2012

DIN No.:

00397044

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	U24118WB1992PLC055994	ACME CHEM LIMITED	Managing director	01/04/2012	21/07/1992	-	Active	NO
2	U51909WB1996PTC077139	KEYTOUCH COMMOTRADE PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Amalgamated	NO
3	U51909WB1995PTC075669	LESHA COMMERCIAL PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
4	U20296WB2006PTC110761	NALBAN INFRASTRUCTURE PRIVATE LIMITED	Director	27/07/2006	27/07/2006	20/08/2007	Active	NO
5	U70101WB2007PTC117631	RATIONAL HEIGHTS PRIVATE LIMITED.	Director	08/08/2007	08/08/2007	-	Active	NO
6	U70101WB2007PTC117668	HIRAMOTI NIRMAN PRIVATE LIMITED.	Director	18/08/2007	18/08/2007	-	Active	NO
7	U45400WB2007PTC116980	EMERALD HEIGHTS PRIVATE LIMITED	Director	05/10/2007	05/10/2007	-	Active	NO
8	U15311JH2008PTC013013	PRATEEK AGRO EXPERTS PRIVATE LIMITED	Director	01/07/2009	01/07/2009	-	Active	NO
9	U70102WB2010PTC146365	ADIRISH PROPERTIES PRIVATE LIMITED	Director	30/04/2010	30/04/2010	-	Active	NO
10	U70101WB2006PTC110544	RAJARHAT HOMES PRIVATE LIMITED	Director	16/09/2013	16/09/2013	-	Active	NO
11	U70102WB2014PTC200491	ADIRISH HEIGHTS PRIVATE LIMITED	Director	26/02/2014	26/02/2014	-	Active	NO
12	U51109WB1996PTC082378	SAFFIRE MARKETING PRIVATE LIMITED	Director	20/06/2014	20/06/2014	-	Active	NO
13	AAC-4238	HIRAMOTI PROPERTIES LLP	Designated Partner	02/07/2014	02/07/2014	-	Active	NO
14	AAC-4304	ADIRISH NIRMAN LLP	Designated Partner	04/07/2014	04/07/2014	-	Active	NO
15	AAC-4879	ADIRISH REALTY LLP	Designated Partner	21/07/2014	21/07/2014	-	Active	NO
16	AAC-4880	LESHA REALTY LLP	Designated Partner	21/07/2014	21/07/2014	-	Active	NO

Name :

Mrs. Varsha Holani

Designation :

Director

Address :

9A, Saker Apartment 2, Ho Chi Minh Sarani, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

29.09.1964

Qualification :

B.Com

Date of Appointment :

01.04.2012

DIN No.:

00397144

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	U24118WB1992PLC055994	ACME CHEM LIMITED	Whole-time director	01/04/2012	21/07/1992	-	Active	NO
2	U51909WB1996PTC077139	KEYTOUCH COMMOTRADE PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Amalgamated	NO
3	U51909WB1995PTC075669	LESHA COMMERCIAL PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
4	U70101WB2007PTC117631	RATIONAL HEIGHTS PRIVATE LIMITED.	Director	08/08/2007	08/08/2007	-	Active	NO
5	U70101WB2007PTC117668	HIRAMOTI NIRMAN PRIVATE LIMITED.	Director	18/08/2007	18/08/2007	-	Active	NO
6	U45400WB2007PTC116980	EMERALD HEIGHTS PRIVATE LIMITED	Director	05/10/2007	05/10/2007	-	Active	NO
7	U70102WB2010PTC146365	ADIRISH PROPERTIES PRIVATE LIMITED	Director	30/04/2010	30/04/2010	-	Active	NO
8	U70101WB2006PTC110544	RAJARHAT HOMES PRIVATE LIMITED	Director	16/09/2013	16/09/2013	-	Active	NO
9	U70102WB2014PTC200491	ADIRISH HEIGHTS PRIVATE LIMITED	Director	26/02/2014	26/02/2014	-	Active	NO
10	U51109WB1996PTC082378	SAFFIRE MARKETING PRIVATE LIMITED	Director	20/06/2014	20/06/2014	-	Active	NO
11	AAC-4238	HIRAMOTI PROPERTIES LLP	Body corporate as Designated Partner	02/07/2014	02/07/2014	-	Active	NO
12	AAC-4304	ADIRISH NIRMAN LLP	Body corporate as Designated Partner	04/07/2014	04/07/2014	-	Active	NO
13	AAC-4879	ADIRISH REALTY LLP	Body corporate as Designated Partner	21/07/2014	21/07/2014	-	Active	NO
14	AAC-4880	LESHA REALTY LLP	Body corporate as Designated Partner	21/07/2014	21/07/2014	-	Active	NO

Name :

Mrs. Aditi Holani

Designation :

Director

Address :

9A, Saker Apartment 2, Ho Chi Minh Sarani, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

20.09.1986

Qualification :

B.Com, Diploma in Fashion Designing

Date of Appointment :

01.04.2012

DIN No.:

00396932

Name :

Mr. Bhanwarlal Joshi

Designation :

Whole Time Director

Address :

161, Rachna Nagar Society, Face no. 4, Bharuach – 392002, Gujarat, India

Date of Birth/Age :

09.08.1957

Qualification :

M.B.A

Date of Appointment :

01.04.2012

DIN No.:

00407392

Name :

Mr. Shrikant Virendra Hajarins

Designation :

Director

Address :

10, Kanakaditya, Sahayog Mandir Path, Ghantali, Thane (West) – 400602, Maharashtra, India

Date of Birth/Age :

14.11.1942

Qualification :

B.Com

Date of Appointment :

01.04.2009

DIN No.:

02594177

KEY EXECUTIVES

Name :	Mr. Nishit
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Narain Holani	897000
Varsha Holani	1068300
Lesha Commercial Private Limited, India	66100
Narain Holani (HUF)	1814500
Divya Electronics Private Limited, India	3050
Paritosh Electricals Private Limited, India	30
Adirish Properties Private Limited, India	1975800
Rishabh Holani	10
Aditi Holani	22010
Stardox Vinimay Private Limited, India	4000
Ranbhumi Marketing private Limited, India	2000
Vivek Tracom Private Limited, india	6200
Prativa Suppiers Private Limited, India	1000
Total	5860000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	35.12
Directors or relatives of Directors	64.88
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of fine and Performance Chemicals for the Rubber Industry.

Products :

Product Description	Item Code No.
Rubber Chemical	38123002
Retarder	38123002
Acmetol	38123002
Accelerator	38123002
Antioxidant	38123002
DBD	38123002

Exports :

Products :

Finished Goods

Countries :

• European Countries
• Asian Countries
• USA
• Germany

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

• Citi Bank N.A, Kanak Building, 41, Chowringhee Road, Kolkata – 700071, West Bengal, India
• Oriental Bank of Commerce, Loheipura, Baroda-390001, Gujarat, India
• The Royal Bank of Scotland
• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
• Ratnakar Bank

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Other external commercial borrowings	17.035	15.599
Long-term maturities of finance lease obligations	0.867	0.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	88.580	91.850
Total	106.482	107.449

Banking Relations :	--
Auditors :
Name :	A. K. Tekriwal and Company Chartered Accountants
Address :	34, C. R. Avenue, Jabakusum House, 2^nd Floor, Room No. 07, Kolkata – 700012, West Bengal, India
Tel. No.:	91-33-22118809
Fax No.:	91-33-22117142
E-Mail :	aktekriwajandco@vsnl.net
PAN No.:	AAMFA5986H
Subsidiary Company :	Hiramoti Nirman Private Limited CIN No.: U70101WB2007PTC117668 Rational Heights Private Limited CIN No.: U70101WB2007PTC117631 Emerald Heights Private Limited CIN No.: U45400WB2007PTC116980
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Adirish Properties Private Limited CIN No.: U70102WB2010PTC146365 Lesha Commercial Private Limited CIN No.: U51909WB1995PTC075669 Acmechem

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5860000	Equity Shares	Rs.10/- each	Rs.58.600 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	58.600	58.600	58.437
(b) Reserves & Surplus	720.595	679.276	604.094
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	5.000
Total Shareholders’ Funds (1) + (2)	779.195	737.876	667.531
(3) Non-Current Liabilities
(a) long-term borrowings	17.902	23.328	63.765
(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	0.544	0.453	0.992
Total Non-current Liabilities (3)	18.446	23.781	64.757
(4) Current Liabilities
(a) Short term borrowings	104.273	114.046	90.839
(b) Trade payables	44.156	23.934	32.398
(c) Other current liabilities	38.005	67.970	51.374
(d) Short-term provisions	0.055	4.017	0.153
Total Current Liabilities (4)	186.489	209.967	174.764
TOTAL	984.130	971.624	907.052
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	118.042	129.995	132.763
(ii) Intangible Assets	1.186	1.460	1.146
(iii) Capital work-in-progress	2.732	0.260	4.833
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	357.126	394.348	378.613
(c) Deferred tax assets (net)	8.985	6.518	3.370
(d) Long-term Loan and Advances	15.859	14.567	21.765
(e) Other Non-current assets	1.754	1.383	1.199
Total Non-Current Assets	505.684	548.531	543.689
(2) Current assets
(a) Current investments	27.706	12.742	20.530
(b) Inventories	144.816	125.041	103.710
(c) Trade receivables	227.948	198.425	160.177
(d) Cash and cash equivalents	9.944	15.017	31.127
(e) Short-term loans and advances	58.032	71.868	47.819
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	468.446	423.093	363.363
TOTAL	974.130	971.624	907.052

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		1,056.182	906.265	720.739
		Other Income		11.788	10.286	(0.660)
		TOTAL (A)		1,067.970	916.551	720.079
Less	EXPENSES
		Cost of Materials Consumed		712.726	586.062	461.822
		Purchase of Stock-in-trade		44.161	16.508	25.415
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(23.032)	2.915	(21.536)
		Employee Benefits Expenses		17.232	23.560	23.005
		Other Expenses		225.120	169.571	135.295
		TOTAL (B)		976.207	798.616	624.001
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			91.763	117.935	96.078
Less	FINANCIAL EXPENSES (D)			7.905	9.569	8.917
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			83.858	108.366	87.161
Less	DEPRECIATION/ AMORTISATION (F)			21.534	24.284	26.754
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			62.324	84.082	60.407
Less	TAX (H)			21.005	25.017	22.609
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			41.319	59.065	37.798
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			468.306	409.241	371.443
	BALANCE CARRIED TO THE B/S			509.625	468.306	409.241
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	120.228	154.663	77.192
	TOTAL EARNINGS			120.228	154.663	77.192
	IMPORTS
			Raw Materials	533.055	400.257	323.783
	TOTAL IMPORTS			533.055	400.257	323.783
	Earnings / (Loss) Per Share (Rs.)			7.05	10.11	6.49

Particulars	31.03.2014
Sales Turnover (Approximately)	1500.000

Expected Sales (2014-2015): Rs.1700.000 Millions

The above information has been parted by Mr. Nishit

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	3.91	6.52	5.24
Operating Profit Margin (PBIDT/Sales)	(%)	8.69	13.01	13.33
Return on Total Assets (PBT/Total Assets}	(%)	10.30	14.74	11.61
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	0.09
Debt Equity Ratio (Total Debt /Networth)		0.16	0.19	0.23
Current Ratio (Current Asset/Current Liability)		2.51	2.02	2.08

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	58.437	58.600	58.600
Reserves & Surplus	604.094	679.276	720.595
Share Application money pending allotment	0.000	0.000	0.000
Net worth	667.531	737.876	779.195
Long Term borrowings	63.765	23.328	17.902
Short Term borrowings	90.839	114.046	104.273
Total borrowings	154.604	137.374	122.175
Debt/Equity ratio	0.232	0.186	0.157

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	720.739	906.265	1,056.182
		25.741	16.542

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	720.739	906.265	1,056.182
Profit	37.798	59.065	41.319
	5.24%	6.52%	3.91%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	Yes
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	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
LONG TERM BORROWINGS
Deferred payment liabilities	0.000	7.729
SHORT TERM BORROWINGS
Loans repayable on demand from others	0.462	0.462
Loans and advances from related parties	15.231	21.734
Total	15.693	29.925

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10245366	29/03/2014 *	250,000,000.00	Citi Bank N.A.	Kanak Building, 41, Chowringhee Road, Kolkata, West Bengal - 700071, India	C04427688

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.76.67

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--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

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.