MIRA INFORM REPORT

Report Date :

24.11.2014

IDENTIFICATION DETAILS

Name :	ELKAY CHEMICALS PRIVATE LIMITED
Registered Office :	Vinay Kunj 4, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.06.1986
Com. Reg. No.:	11-039957
Capital Investment / Paid-up Capital :	Rs.23.633 Millions
CIN No.: [Company Identification No.]	U24100MH1986PTC039957
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Silicone Products.
No. of Employees :	65 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 327000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company possesses a moderate financial profile marked by modest networth base and slight working capital requirements along with average debt protection metrics. Management has witnessed a moderate revenue base as well as has seen a marginal improvement in its net profitability, reported from its limited scale of operations during FY 2014. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow but correct. In view of extensive experience of the promoters the company can be considered for business dealings with some caution.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = B+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	30.07.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	High risk of default regarding timely servicing of financial obligations
Date	30.07.2014

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. Jaydeep Sharma
Designation :	Accounts Manager
Contact No.:	91-20-65221202
Date :	22.11.2014

LOCATIONS

Registered Office :	Vinay Kunj 4, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	jaideep.sharma@elkaysilicones.co.in information@elkaysillicones.com
Website :	http://www.elkaysilicones.com
Factory :	J-152 and 153, M.I.D.C., Bhosari, Pune – 411028, Maharashtra, India
Tel. No.:	91-20-30615300
Fax No.:	91-20-30635300 / 30635311
E-Mail :	admin@elkaysilicones.co.in purchase@elkaysilicones.co.in
Corporate Office :	Bremen Business Centre, Level 5, Office No: 503,504, Above Bank of India, CTS No: 2562, Aundh, Pune - 411007, Maharashtra, India
Tel. No.:	91-20-65221202 / 65221203 / 65221204
E-Mail :	pramod.barange@elkaysilicones.com information@elkaysilicones.co.in exports@elkaysilicones.co.in
Branch Office	B-10, Madhuram Industrial Estate, Behind TCI Gali, Sachin Palsana Road, Surat – 394230, Gujarat, India
Tel. No.:	91-261-2390145

DIRECTORS

As on 29.05.2014

Name :

Mr. Avinash Dattatraya Kulkarni

Designation :

Director

Address :

55/22, Ashok Path, Prasanna Apartments, Erandavana, Pune - 411004, Maharashtra, India

Date of Birth/Age :

02.06.1986

Date of Appointment :

10.08.1986

DIN No.:

00016046

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	U31500PN1979PTC138325	LITEX ELECTRICALS PRIVATE LIMITED	Managing director	19/05/1979	19/05/1979	-	Active	NO
2	U24100MH1986PTC039957	ELKAY CHEMICALS PRIVATE LIMITED	Director	10/08/1986	10/08/1986	-	Active	NO
3	U31500PN1987PTC134202	LITEL INFRA-RED SYSTEMS PRIVATE LIMITED	Director	19/06/1987	19/06/1987	-	Active	NO
4	U74999MH1994PTC082852	KULKARNI TECHNO-PROCESS PRIVATE LIMITED	Director	11/11/1994	11/11/1994	-	Active	NO
5	U31902PN1996PLC014601	ARKLITE SPECIALITY LAMPS LIMITED	Director	01/10/2000	01/10/2000	-	Active	NO
6	L29307MH1981PLC023810	ENVAIR ELECTRODYNE LIMITED	Director	29/03/2003	29/03/2003	-	Active	NO
7	U29197PN2011PTC138721	AEROPURE UV SYSTEMS PRIVATE LIMITED	Director	01/09/2012	10/09/2011	-	Active	NO

Name :

Mr. Annarao Krishnarao Lokapur

Designation :

Director

Address :

Krishnatara, 3 Sindh Society, Baner Road, Aundh , Pune - 411007, Maharashtra, India

Date of Birth/Age :

30.10.1960

Date of Appointment :

02.06.1986

DIN No.:

00016146

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	U24100MH1986PTC039957	ELKAY CHEMICALS PRIVATE LIMITED	Director	02/06/1986	02/06/1986	-	Active	NO
2	U65990MH1989PTC052315	LOKAPUR HOLDINGS PRIVATE LIMITED	Director	22/06/1989	22/06/1989	-	Active	NO
3	U85200MH1992PTC066263	ELKAY HYGIENE PRODUCTS PRIVATE LIMITED	Director	08/04/1992	08/04/1992	-	Active	NO
4	U31902PN1996PLC014601	ARKLITE SPECIALITY LAMPS LIMITED	Director	16/05/1996	16/05/1996	26/08/2014	Active	NO

Name :

Mr. Ravindra Dattatraya Kulkarni

Designation :

Director

Address :

35, Rohan Madhuban , Bavdhan KH, Near Ambrosia, Pune - 411021, Maharashtra, India

Date of Birth/Age :

12.03.1948

Date of Appointment :

10.08.1986

DIN No.:

00016217

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	U24100MH1986PTC039957	ELKAY CHEMICALS PRIVATE LIMITED	Director	10/08/1986	10/08/1986	-	Active	NO
2	U85200MH1992PTC066263	ELKAY HYGIENE PRODUCTS PRIVATE LIMITED	Director	08/04/1992	08/04/1992	-	Active	NO
3	U74999MH1994PTC082852	KULKARNI TECHNO-PROCESS PRIVATE LIMITED	Director	11/11/1994	11/11/1994	-	Active	NO
4	U31902PN1996PLC014601	ARKLITE SPECIALITY LAMPS LIMITED	Managing director	01/10/2000	01/10/2000	-	Active	NO
5	U29197PN2011PTC138721	AEROPURE UV SYSTEMS PRIVATE LIMITED	Director	01/09/2012	10/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jaydeep
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 29.05.2014

Names of Shareholders	No. of Shares
Annarao Krishnarao Lokapur	670006
Tara Lokpur J/W Annarao Krishnarao Lokapur	145604
Madhuri Lokapur J/W Annarao Krishnarao Lokapur	25000
Ravindra Dattatraya Kulkarni J/W Alka Kulkarni	491721
Alka Kulkarni J/W Ravindra Dattatraya Kulkarni	269388
Arun Kulkarni J/W Meena Kulkarni	1000
Ravindra Dattatraya Kulkarni HUF J/W Alka Kulkarni	18800
Brijmohan Mundgil	16000
Rahul Kulkarni J/W Alka Kulkarni	56627
Priya Kulkarni J/W Alka Kulkarni	56627
Annarao Krishnarao Lokapur HUF J/W Madhuri Lokapur	74500
Avinash Kulkarni J/W/ Veena Kulkarni	11500
Steve Dumont	319730
Rajana Bhasin J/W Anand Asin	12800
Suparna Bhasin J/W Bhasan Anand	12800
Sanddep Bhasin J/W Bhasin Anand	12800
Veena J/W Avinash J/W Shweta Kulkarni	11500
Bhasan Anand J/W Bhasin Ranjana	60669
Surjeet Bhalla J/W Bhasin Anand	12800
Veena Bhalla J/W Bhasin Ranjana	12800
Bhasin Anand Sandeep	70669
Total	2363341

Equity Share Break up (Percentage of Total Equity)

As on 29.05.2014

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	22.00
Directors or relatives of Directors	78.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Silicone Products.
Products :	--
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Silicon Coils
Countries :	North American Countries Gulf Counties
Imports :
Products :	Raw Material
Countries :	North American Countries European Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Nedanco, North America

Customers :

Lauder Cosmetics, Turkey

No. of Employees :

65 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Industrial Finance Branch, Ahmedabad, Gujarat, India
Person Name (With Designation)	Not Available
Contact Number	91-79-26584412 / 26580523 (Constantly Ringing)
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

State Bank of India, Industrial Finance Branch, Near Kalasagar Hotel, Kasarwadi, Pimpri, Pune - 411034, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
State Bank of India
Term loan	0.000	1.809
SBI Car Loan	0.400	0.590
HDFC Bank Car Loan	0.428	0.000
BMW Financial Service	0.947	1.465
SHORT TERM BORROWINGS
Cash Credit accounts with State Bank of India	61.792	61.055
Stand By Line of Credit accounts with State Bank of India (The loans are secured by hypothecation of the company's entire stock of raw materia1,spares and stores ,book debts and all other current assets including those in transit. Additional security is given by way of pledge of entire machinery and equitable mortgage of land and building situated at J-152 & J- 153 MIDC, Bhosari and personal guarantee of all directors)	7.091	6.999
Secured Loan : Buyers' Credit	11.382	25.372
Total	82.040	97.290

Notes:

Car loan and terms	31.03.2014	31.03.2013
i) SBI ( Total loan Rs.1.380 Millions)
SBI car loan-I( Loan amount Rs.0.450 Millions @ 12%p.a. interest, payable in 60 installments, Rs.0.010 Million each)	0.262	0.372
SBI car loan-2( Loan amount Rs.0.500 Millions @ 11.75%p.a. interest, payable in 60 installments, Rs.0.083 Million each)	0.000	0.354
SBI car loan-3( Loan amount Rs.0.430 Millions @ 11.50%p.a. interest, payable in 36 installments, Rs.0.119 Million each)	0.000	0.186
SBI car loan-4( Loan amount Rs.0.611 Million @ 11.25%p.a. interest, payable in 36 installments, Rs.0.017 Million- each)	0.436	0.000
ii) HDFC ( Loan amount Rs.0.800 Millions) HDFC loan ( Loan amount Rs.0.800 Millions @ 9.9%p.a. interest, payable in 36 installments, Rs.0.026 Millions each)	0.678	0.000
iii) BMW Financial services ( loan amount Rs.2.549 Millions) BMW car loan ( Loan amount Rs.2.539 Millions, 7.19%p.a. interest, payable in 60 installments, Rs.0.504 Millions each)	1.464	1.944

iv) The loans are secured by hypothecation of vehicle.

v) The Term Loan was secured by all the assets acquired out of bank finances and equitable mortgage of factory land and building situated at J-152 and J-153 MIDC, Bhosari Additional security was given by way of pledge of entire machinery and personal guarantee of all directors ( o/s amount :-Rs.1.791 Millions previous year :-Rs.3.609 Millions )

Banking Relations :	--
Auditors :
Name :	Joshi Apte and Company Chartered Accountants
Address :	"Dwarka" First Floor, 2 Phatak Baug Society, 999, Navi Peth, Pune – 411030, Maharashtra, India
Tel. No.:	91-20-24533188
Mobile No.:
Fax No.:	91-20-24532991
E-Mail :	joshiapte@joshiapte.com
PAN No.:	AAAFI9696H
Memberships :	--
Collaborators :	--
Related Parties :	· Silicone International Products (SIP) · Elkay Speciality Products (ESP) · Elkay Hygine Products Private Limited · Arklite Speciality Lamps Limited · Aeropure UV Systems Private Limited

CAPITAL STRUCTURE

As on 29.05.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2363341	Equity Shares	Rs.10/- each	Rs.23.633 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	23.633	23.633	23.233
(b) Reserves & Surplus	90.642	93.640	89.842
(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)	114.275	117.273	113.075
(3) Non-Current Liabilities
(a) long-term borrowings	1.775	3.864	2.861
(b) Deferred tax liabilities (Net)	3.582	1.898	3.105
(c) Other long term liabilities	0.388	0.702	0.870
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	5.745	6.464	6.836
(4) Current Liabilities
(a) Short term borrowings	80.265	93.578	86.591
(b) Trade payables	58.371	41.541	39.072
(c) Other current liabilities	8.923	9.169	6.805
(d) Short-term provisions	3.162	0.266	0.216
Total Current Liabilities (4)	150.721	144.554	132.684
TOTAL	270.741	268.291	252.595
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	63.790	40.150	37.337
(ii) Intangible Assets	1.125	10.056	10.065
(iii) Capital work-in-progress	0.000	22.170	19.888
(iv) Intangible assets under development	0.000	0.000	0.032
(b) Non-current Investments	65.343	63.509	52.294
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.274	6.511	4.560
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	137.532	142.396	124.176
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	66.970	51.614	53.681
(c) Trade receivables	43.208	47.820	46.770
(d) Cash and cash equivalents	4.249	5.743	6.526
(e) Short-term loans and advances	16.750	18.686	19.410
(f) Other current assets	2.032	2.032	2.032
Total Current Assets	133.209	125.895	128.419
TOTAL	270.741	268.291	252.595

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL		347.518	347.766	359.587
Less	EXPENSES			336.067	347.155	347.137
	PROFIT/(LOSS) BEFORE TAX			11.451	0.611	12.450
Less	TAX			1.684	(1.207)	1.532
	PROFIT/(LOSS) AFTER TAX			9.767	1.818	10.918
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			41.035	40.837	31.269
Less	TECHNICAL-KNOW HOW WRITTEN OFF			10.000	0.000	0.000
Less	APPROPRIATIONS
			Interim Dividend	0.000	1.394	1.162
			Proposed Dividend	2.363	0.000
			Tax on Dividend	0.402	0.226	0.188
			Transfer to General Reserve	0.977	0.000	0.000
	BALANCE CARRIED TO THE B/S			37.060	41.035	40.837
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	142.189	118.403	148.017
	TOTAL EARNINGS			142.189	118.403	148.017
	IMPORTS
			Raw Materials	162.101	142.775	166.977
			Capital Goods	0.000	0.000	1.757
	TOTAL IMPORTS			162.101	142.775	168.734
	Earnings / (Loss) Per Share (Rs.)			4.13	0.78	4.70

Expected Sales (2014-2015): Rs.360.000 Millions

The above information has been parted by Mr. Jaydeep Sharma

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	5.58	0.33	6.90
Return on Investment (ROI) (PBT/Networth)		0.10	0.01	0.11
Debt Equity Ratio (Total Debt /Networth)		0.72	0.83	0.79
Current Ratio (Current Asset/Current Liability)		0.88	0.87	0.97

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	23.233	23.633	23.633
Reserves & Surplus	89.842	93.640	90.642
Share Application money pending allotment	0.000	0.000	0.000
Net worth	113.075	117.273	114.275
Long Term borrowings	2.861	3.864	1.775
Short Term borrowings	86.591	93.578	80.265
Total borrowings	89.452	97.442	82.040
Debt/Equity ratio	0.791	0.831	0.718

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
Total Income	359.587	347.766	347.518
		(3.287)	(0.071)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	359.587	347.766	347.518
Profit	10.918	1.818	9.767
	3.04%	0.52%	2.81%

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 three 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	Yes
18]	Major customers	Yes
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	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Loan from Directors	0.000	0.130
Loan from Share Holders	0.000	0.022
Total	0.000	0.152

NATURE OF OPERATIONS

Elkay is a dedicated specialty silicone manufacturer, with strong emphasis to develop customized silicone products.

Elkay is carrying a business of manufacturing Silicone Products. Product range includes - Silicone Fluids, Silicone Antifoams, Activated Dimethicone, Silicone Emulsions, Epoxy Silicone Fluids, Carboxy Silicone Fluids, Amino Silicone Fluids, Mould release agents, Water repellants & various Customized formulations catering to various industrial sectors like Chemicals Processing, Personal care, Petrochemicals, Paints, Rubber & Tyres, Textiles. Etc.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10437579	25/05/2013	611,000.00	State Bank of India	Industrial Finance Branch,Near Kalasagar Hotel, Kasarwadi, Pimpri, Pune, Maharashtra - 411034, India	B79938874
2	10342354	24/02/2012	450,000.00	State Bank of India	Industrial Finance Branch,Near Kalasagar Hotel, Kasarwadi, Pimpri, Pune, Maharashtra - 411034, India	B35079276
3	90240891	16/12/2004 *	4,500,000.00	SBI BANK	Indl Finance Br Pimpri, Pune, Maharashtra - 411034 , India	-
4	90165459	28/06/2002	4,500,000.00	State Bank Of India	Industrial Finance Branch, Pimpri, Pune, Maharashtra - 411034, India	-
5	90165358	07/02/2000	15,000,000.00	Service Limited	Tara Chambers, Wakawadi, Pune, Maharashtra, India	-
6	90165342	24/08/1999 *	3,100,000.00	State Bank Of India	Pimpri Branch, Pune, Maharashtra, India	-
7	90233889	14/06/2012 *	120,300,000.00	State Bank of India	Industrial Finance Branch,Near Kalasagar Hotel, Kasarwadi,Pimpri, Pune, Maharashtra - 411034, India	B44668309
8	90164982	10/11/2004 *	3,400,000.00	State Bank Of India	Pimpri Branch, Pune, Maharashtra, India	-
9	90164943	04/01/1992	1,475,000.00	State Bank Of India	Industrial Finance Branch, Pimpri, Pune, Maharashtra - 411034, India	-
10	90164897	01/12/1990	250,000.00	State Bank Of India	Industrial Finance Branch, Pimpri, Pune, Maharashtra - 411034, India	-

*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.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.