MIRA INFORM REPORT

Report Date :

14.11.2014

IDENTIFICATION DETAILS

Name :	CABOT SANMAR LIMITED
Registered Office :	9 Cathedral road, Chennai - 28128500, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.03.1996
Com. Reg. No.:	18-034761
Capital Investment / Paid-up Capital :	Rs. 86.200 Millions
CIN No.: [Company Identification No.]	U93090TN1996PLC034761
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	CHEC02143B
PAN No.: [Permanent Account No.]	AAACC2574L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Chemicals.
No. of Employees :	Not divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of reputed “Sanmar Group”. It is a well established company having satisfactory track. Trade relations re fair. Business is active. Payment terms are reported as usually correct. The company 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 – 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 slow 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 (GENERAL DETAILs)

Name :	Mr. Ajit Kumar Magandi
Designation :	Account Manager
Contact No.:	91-44-28128500
Date :	12.11.2014

LOCATIONS

Registered Office :	9 Cathedral road, Chennai - 28128500, Tamilnadu, India
Tel. No.:	91-44-28128500
Fax No.:	91-44-28112496
E-Mail :	mr1@sanmargroup.com silica@sanmargroup.com
Website :	www.sanmargroup.com
Factory :	Raman Magar, Po Mettur Dam - 636403, Salem District, Tamilnadu, India

DIRECTORS

As on 25.09.2014

Name :

Mr Rajesh Ahuja

Designation :

Director

Address :

65 Tanglewood Drive,Nashua NH – 03062 USA

Date of Birth/Age :

13.12.1958

Date of Appointment :

29.12.2003

DIN No.:

00640522

Name :

Mr. S Sankaran

Designation :

Director

Address :

2/1 IV Street, Balaji Nagar, Chennai -600014, Tamilnadu, India

Date of Birth/Age :

07.05.1954

Date of Appointment :

10.07.2009

DIN No.:

00009172

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	U63090TN1994PLC028616	SANMAR SHIPPING LIMITED	Director	14/05/2003	14/05/2003	31/03/2008	Active	NO
2	U24117TN1989PLC018211	SANMAR PERFORMANCE CHEMICALS AND RESEARCH SERVICES LIMITED	Director	14/05/2003	14/05/2003	-	Dissolved	NO
3	U24231TN1989PLC054653	BANGALORE GENEI LIMITED	Director	09/12/2003	09/12/2003	-	Dissolved	NO
4	U33111TN1980PLC008499	BS & B SAFETY SYSTEMS (INDIA) LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
5	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Director	01/04/2004	01/04/2004	31/03/2011	Active	NO
6	U33111TN1987PTC014841	ASCO NUMATICS (INDIA) PRIVATE LIMITED	Director	01/04/2004	01/04/2004	31/07/2008	Active	NO
7	U18209TN1987PLC014838	FLOWSERVE SANMAR LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
8	U51909TN1998PLC041556	TYCO SANMAR LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
9	U28999TN2001PLC047056	XOMOX SANMAR LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
10	U33112TN1983PLC009911	SANMAR FOUNDRIES LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
11	U24111TN1985PLC055699	INTEC POLYMERS LIMITED	Director	26/07/2004	26/07/2004	-	Dissolved	NO
12	U24299TN1982PLC009443	SANMAR SPECIALITY CHEMICALS LIMITED	Director	18/05/2005	18/05/2005	-	Active	NO
13	U65993TN1995PLC030445	SANMAR ENGINEERING SERVICES LIMITED	Director	02/07/2007	30/09/2006	-	Active	NO
14	U24119TN2002PLC048677	SANMAR GROUP INTERNATIONAL LIMITED	Director	18/10/2006	18/10/2006	01/04/2008	Active	NO
15	U27310TN2007PLC063323	JKM FERROTECH LIMITED	Director	30/04/2007	30/04/2007	01/06/2011	Active	NO
16	U29199TN2001PLC047307	SANMAR CONSOLIDATIONS LIMITED	Director	12/09/2008	01/04/2008	26/05/2012	Active	NO
17	U93090TN1996PLC034761	CABOT SANMAR LIMITED	Director	10/07/2009	01/04/2008	-	Active	NO
18	U74210TN1996PLC034870	SANMAR ENGINEERING TECHNOLOGIES LIMITED	Director	26/09/2011	30/04/2011	26/05/2012	Active	NO
19	U65991TN1990PLC019237	SHL SECURITIES (ALPHA) LIMITED	Additional director	02/04/2012	04/10/2011	10/04/2012	Active	NO
20	U73100TN2002NPL050076	SHL RESEARCH FOUNDATION	Director	24/09/2013	22/03/2013	13/03/2014	Active	NO

Name :

Mr. B Natraj

Designation :

Director

Address :

Flat No. 1A, Seasons 19 RST Street, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

03.10.1946

Date of Appointment :

31.07.2013

DIN No.:

00022038

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	U33111TN1987PTC014841	ASCO NUMATICS (INDIA) Private LIMITED	Director	15/06/2007	28/12/2005	31/07/2008	Active	NO
2	U30006TN1996PLC034869	SANMAR ENGINEERING SERVICES LIMITED	Director	28/12/2005	28/12/2005	30/03/2007	Amalgamated	NO
3	U31404TN1990PTC019244	VISHAY TRANSDUCERS INDIA PRIVATE LIMITED	Director	02/07/2007	28/12/2005	01/07/2008	Active	NO
4	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Director	28/12/2005	28/12/2005	31/03/2008	Active	NO
5	U18209TN1987PLC014838	FLOWSERVE SANMAR LIMITED	Director	25/09/2013	28/12/2005	-	Active	NO
6	U33112TN1983PLC009911	SANMAR FOUNDRIES LIMITED	Director	25/09/2013	28/12/2005	-	Active	NO
7	U33111TN1980PLC008499	BS & B SAFETY SYSTEMS (INDIA) LIMITED	Director	14/09/2012	28/12/2005	-	Active	NO
8	U28999TN2001PLC047056	XOMOX SANMAR LIMITED	Managing director	01/10/2011	28/12/2005	-	Active	NO
9	U63090TN1994PLC028616	SANMAR SHIPPING LIMITED	Director	02/01/2006	02/01/2006	01/04/2008	Active	NO
10	U24230TN1985PLC011637	CHEMPLAST SANMAR LIMITED	Director	18/11/2013	16/01/2006	-	Active	NO
11	U93090TN1996PLC034761	CABOT SANMAR LIMITED	Director	31/07/2013	20/01/2006	-	Active	NO
12	U24299TN1982PLC009443	SANMAR SPECIALITY CHEMICALS LIMITED	Director	31/07/2013	06/02/2006	-	Active	NO
13	U29199TN2001PLC047307	SANMAR CONSOLIDATIONS LIMITED	Director	29/09/2012	06/02/2006	-	Active	NO
14	U65993TN1995PLC030445	SANMAR ENGINEERING SERVICES LIMITED	Director	28/09/2012	30/09/2006	-	Active	NO
15	U24119TN2002PLC048677	SANMAR GROUP INTERNATIONAL LIMITED	Director	18/10/2006	18/10/2006	01/04/2008	Active	NO
16	U27310TN2007PLC063323	JKM FERROTECH LIMITED	Director	30/04/2007	30/04/2007	07/11/2008	Active	NO
17	U74210TN1996PLC034870	SANMAR ENGINEERING TECHNOLOGIES LIMITED	Director	29/09/2012	01/11/2011	-	Active	NO
18	U51909TN1998PLC041556	TYCO SANMAR LIMITED	Director	25/09/2014	23/12/2011	-	Active	NO
19	U65991TN1921NPL001337	CHENNAI WILLINGDON CORPORATE FOUNDATION	Director	18/09/2012	18/09/2012	-	Active	NO
20	U45201TN1999PLC043396	SHL PROPERTY HOLDINGS LIMITED	Director	19/09/2014	20/03/2013	-	Active	NO

Name :

Mr. P S Jayaraman

Designation :

Director

Address :

Flat no. B2 Ashok Aiswayam, New No. 13, Habinullah road T. Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

08.05.1950

Date of Appointment :

31.07.2013

DIN No.:

00011108

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	U24230TN1985PLC011637	CHEMPLAST SANMAR LIMITED	Whole-time director	01/04/2013	01/09/2000	-	Active	NO
2	U93090TN1996PLC034761	CABOT SANMAR LIMITED	Director	31/07/2013	25/09/2000	-	Active	NO
3	U27310TN2007PLC063323	JKM FERROTECH LIMITED	Director	31/07/2009	07/11/2008	01/06/2011	Active	NO
4	U45201TN1999PLC043396	SHL PROPERTY HOLDINGS LIMITED	Director	22/09/2009	07/11/2008	-	Active	NO
5	U33112TN1983PLC009911	SANMAR FOUNDRIES LIMITED	Director	10/08/2009	07/11/2008	-	Active	NO
6	U24299TN1982PLC009443	SANMAR SPECIALITY CHEMICALS LIMITED	Director	26/09/2009	07/11/2008	-	Active	NO

Name :

Mr. Sriram Srinivasan

Designation :

Director

Address :

93, Pine Ridge Road, Reading MA01867

Date of Birth/Age :

10.06.1966

Date of Appointment :

30.09.2013

DIN No.:

06690848

Name :

Mr. Fei Deng

Designation :

Director

Address :

RM 2302 No,8 Lane 600, Yin Cheng Road, Shangha 1 - 200120

Date of Birth/Age :

15.08.1970

Date of Appointment :

25.09.2014

DIN No.:

05322944

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	U21098MH1962PLC012488	CABOT INDIA LIMITED	Director	28/11/2013	26/10/2012	-	Active	NO
2	U93090TN1996PLC034761	CABOT SANMAR LIMITED	Director	25/09/2014	30/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Satya Narayan Nayak
Designation :	Secretary
Address :	New No. 9, Old No. 22A, Vanniar II Street Choolaimedu, Chennai – 600094, Tamilnadu, India
Date of Birth/Age :	05.06.1979
Date of Appointment :	01.09.2011
PAN No.:	AECPN2021E
Name :	Mr. Ajit Kumar Magandi
Designation :	Account Manager

MAJOR SHAREHOLDERS

As on 25.09.2014

Names of Shareholders	No. of Shares
Cabot Corporation, USA	4310000
Sanmar Consolidations Limited, India	4309995
N Sankar	1
Vijay Sankar	1
P U Aravind	1
M Raman	1
S Sankaran	1
Total	8620000

As on 25.09.2014

Equity Share Break up (Percentage of Total Equity)

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 :

Manufacturer of Chemicals.

Products :

PRODUCT DESCRIPTION	ITC NO.
Silicon Dioxide	2811

Brand Names :

Not divulged

Agencies Held :

Not divulged

Exports :

Not divulged

Imports :

Countries :

China

GENERAL INFORMATION

Suppliers :	Not divulged
Customers :	Not divulged
No. of Employees :	Not divulged
Bankers :	Axis Bank Limited

Banking Relations :	---
Auditors :
Name :	S R Batliboo and Associates LLP Chartered Accountant
Address :	6^th and 7^th Floor, Tidel Park, Module 601, 701 and 702, No. 4 Rajiv Ganchi Salai, Taramani, Chennai – 600113, Tamilnadu, India
PAN No.:	AABFS342IN
Parties where control exists :	Sanmar Consolidations Limited Cabot Corporation
Associates :	BS&B Safety Systems (India) Limited Chemplast Sanmar Limited Cathedral Corporate Finance Flowserve Sanmar Limited CIN No : U18209TN198PLC014838 Kalamkriya Limited Sanmar Speciality Chemicals Limited CIN No : U24299TN1982PLC009443 Tyco Sanmar Limited Xomox Sanmar Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
8750000	Equity Shares	Rs.10/- each	Rs. 87.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8620000	Equity Shares	Rs.10/- each	Rs. 86.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	86.200	86.200	86.200
(b) Reserves & Surplus	354.873	268.220	219.775
(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)	441.073	354.420	305.975
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	27.647	27.011	30.019
(c) Other long term liabilities	4.992	0.402	6.263
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	32.639	27.413	36.282
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	13.323	9.610	7.951
(c) Other current liabilities	17.767	28.527	17.123
(d) Short-term provisions	4.679	3.000	2.848
Total Current Liabilities (4)	35.769	41.137	27.922
TOTAL	509.481	422.970	370.179
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	157.996	174.246	190.076
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.484	0.109
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.049	0.082	0.082
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	158.045	174.812	190.267
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	41.748	52.525	34.216
(c) Trade receivables	78.375	51.194	35.780
(d) Cash and cash equivalents	225.319	137.559	93.025
(e) Short-term loans and advances	5.994	6.813	16.814
(f) Other current assets	0.000	0.067	0.077
Total Current Assets	351.436	248.158	179.912
TOTAL	509.481	422.970	370.179

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	523.477	378.870	339.802
	Other Income	10.026	7.948	8.095
	TOTAL (A)	533.503	386.818	347.897
Less	EXPENSES
	Cost of Materials Consumed	161.356	140.810	131.466
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	4.782	(2.953)	4.957
	Employees benefits expense	69.143	36.193	36.277
	Other expenses	150.627	125.894	108.665
	TOTAL (B)	385.908	299.944	281.365
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	147.595	86.874	66.532
Less	FINANCIAL EXPENSES (D)	0.956	0.556	0.828
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	146.639	86.318	65.704
Less/ Add	DEPRECIATION/ AMORTISATION (F)	18.251	17.754	19.770
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	128.388	68.564	45.934
Less	TAX (I)	41.736	20.119	13.712
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	86.652	48.445	32.222
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	2.400	0.000	17.650
	Earnings / (Loss) Per Share (Rs.)	1.05	5.62	3.74

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	16.55	12.79	9.48
Operating Profit Margin (PBDIT / Sales)	(%)	28.20	22.93	19.58
Return on Total Assets (PBT/Total Assets}	(%)	25.20	16.23	12.41
Return on Investment (ROI) (PBT/Networth)		0.29	0.19	0.15
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		9.83	6.03	6.44

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	86.200	86.200	86.200
Reserves & Surplus	219.775	268.220	354.873
Net worth	305.975	354.420	441.073
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	339.802	378.870	523.477
		11.497	38.168

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	339.802	378.870	523.477
Profit	32.222	48.445	86.652
	9.48%	12.79%	16.55%

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	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	No
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	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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	80062354	22/04/2004	40,000,000.00	UTI BANK LTD	NO.82, DR. RADHAKRISHNAN SALAI, CHENNAI, CHENNAI, Tamil Nadu - 600004, INDIA	-

* Date of charge modification

OPERATIONS

Sales revenue increased by 38% compared to the previous year. Domestic sales increased from 1233 tonnes to 1476 tonnes. Export sales during the year under review was 7 tonnes as compared to Nil in the previous year. Overall revenue improved due to increase in sales volume and selling price of fumed silica.

FIXED ASSETS

• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

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.61.57
UK Pound	1	Rs.97.09
Euro	1	Rs.76.61

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	ART

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	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		50

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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