1. Summary Information

		Country	India
Company Name	ADSORBENT CARBONS PRIVATE LIMITD	Principal Name 1	Mr. V. Ajay
Status	Satisfactory	Principal Name 2	--
		Registration #	18-20438
Street Address	C – 92, Sipcot Industrial Complex, Tuticorin – 628008, Tamilnadu
Date of Established	07.03.1991	SIC Code	--
Telephone#	91-8939813277	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	--
Homepage	--	Product Name 1	Carbon black powder
# of employees	110 (Approximately)	Product Name 2	Conductive carbon
Paid up capital	Rs.6,240,000/-	Product Name 3	--
Shareholders	Bodies corporate - 8.00% Directors or relatives of directors – 92.00%	Banking	ICICI Bank Limited
Public Limited Corp.	NO	Business Period	23 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (44)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	42,168,000	Current Liabilities	36,414,000
Inventories	56,027,000	Long-term Liabilities	93,404,000
Fixed Assets	81,702,000	Other Liabilities	3,441,000
Deferred Assets	0,000	Total Liabilities	133,259,000
Invest& other Assets	2,223,000	Retained Earnings	42,521,000
		Net Worth	48,861,000
Total Assets	182,120,000	Total Liab. & Equity	182,120,000
Total Assets (Previous Year)	192,714,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Total Income	234,318,000	Net Profit	1,264,000
Total Income (Previous yr)	182,673,000	Net Profit(Prev.yr)	506,000

MIRA INFORM REPORT

Report Date :

03.09.2014

IDENTIFICATION DETAILS

Name :	ADSORBENT CARBONS PRIVATE LIMITD
Registered Office :	C – 92, Sipcot Industrial Complex, Tuticorin – 628008, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.03.1991
Com. Reg. No.:	020438
Capital Investment / Paid-up Capital :	Rs. 6.240 Million
CIN No.: [Company Identification No.]	U15141TN1991PTC020438
TAN No.: [Tax Deduction & Collection Account No.]	CHEA09613C
PAN No.: [Permanent Account No.]	AABCV0223A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Granulated activated carbon, coconut carbon.
No. of Employees :	110 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 190000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. The company has seen an improvement in its financial profile on the back of improvement in capital structure along with modest and working capital intensive operations. Management has witnessed an increase in its sales volume as well as net profitability whereas, reported a low profit margin during FY13. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view at 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term rating “BB+”
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	07..8.2012

Rating Agency Name	CRISIL
Rating	Short Term Rating “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	07..8.2012

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 :	Ms. Sahana
Designation :	Business Developer
Contact No.:	91-8939813269
Date :	22.08.2014

LOCATIONS

Registered Office :	C – 92, Sipcot Industrial Complex, Tuticorin – 628008, Tamilnadu, India
Tel. No.:	91-44-28191430
Mobile No.:	91-8939813269 (Ms. Sahana)
Fax No.:	91-44-28190431
E-Mail :	acarbons@sancharnet.in finadsorbent@carbons.in
Website :	http://www.adsorbentcarbons.com
Factory :	Casa Blanca, No 6/18, Casa Major Road, Egmore, Chennai – 600008, Tamilnadu
Tel. No.:	91-44-28191430
Fax No.:	91-44-28190431
E-Mail :	sales@adsorbentcarbons.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Dhanushkodi Nithyanandam Nirranjan Kani

Designation :

Managing Director

Address :

2^nd Floor Crown Court, 19/9 Bank Street, Kllpauk, Cheenai – 600010, India

Date of Birth/Age :

14.03.1960

Date of Appointment :

06.09.2004

DIN No.:

00455352

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	U25209TN1982PTC009567	NEATVIN ENTERPRISES PRIVATE LIMITED	Director	13/09/1982	13/09/1982	15/02/2010	Active	NO
2	U15141TN1992PLC022911	HOLISTA TRANZWORLD LIMITED	Managing director	22/06/1992	22/06/1992	-	Active	NO
3	U15141TN1999PTC042072	VVD AND SONS PRIVATE LIMITED	Director	17/03/1999	17/03/1999	-	Active	NO
4	U24299TN2002PTC049264	ECOCLEAN ADSORBENT PRIVATE LIMITED	Nominee director	16/07/2002	16/07/2002	-	Active	NO
5	U15141TN1991PTC020438	ADSORBENT CARBONS PRIVATE LIMITED	Managing director	06/09/2004	06/09/2004	-	Active	NO

Name :

Mr. V. Ajay

Designation :

Director

Address :

2/3C/12, Ganesh Nagar, Tuticorin – 628008, Tamilnadu, India

Date of Birth/Age :

24.05.1978

Date of Appointment :

20.10.2007

DIN No.:

01724772

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	U24299TN2002PTC049264	ECOCLEAN ADSORBENT PRIVATE LIMITED	Director	14/07/2005	14/07/2005	17/08/2009	Active	NO
2	U24117TN1965PLC005308	RAMNAD CHEMICAL WORKS LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
3	U15141TN1991PTC020438	ADSORBENT CARBONS PRIVATE LIMITED	Director	20/10/2007	20/10/2007	-	Active	NO
4	U25209TN1982PTC009567	NEATVIN ENTERPRISES PRIVATE LIMITED	Director	30/09/2010	15/02/2010	-	Active	NO
5	U74900TN2010PTC076616	KAVINS TECHNOPACK PRIVATE LIMITED	Director	16/07/2010	16/07/2010	-	Active	NO
6	U24110TN2014PTC095363	APAN CARBON PRIVATE LIMITED	Director	10/03/2014	10/03/2014	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Sahana
Designation :	Business Developer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
WD Nithyanandam	53000
WD Dhayanardam	5000
WD Ravindran	44000
WD Bremanandam	85000
B. Anoopchand Dhanushkumar	5000
B. Arvind Kumar	5000
D.N. Nirranjan Kani	326799
N. Viraman	50000
Ecoclean Adsorbent Private Limited	47750
N. Neena	1000
N. Sahana	1000
N Anuradha	451
Total	624000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	8.00
Directors or relatives of Directors	92.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Granulated activated carbon, coconut carbon.
Products :	· Activated carbon cylindrical pellet · Activated carbon block · Granular activated carbon · Coal based activated carbon · Conductive carbon · Carbon black powder
Exports :
Products :	Finished Goods
Countries :	· UK · Australia · European Countries
Terms :
Selling :	Cash and L/C and Credit
Purchasing :	Cash and L/C and Credit

GENERAL INFORMATION

No. of Employees :

110 (Approximately)

Bankers :

· ICICI Bank Limited, Landmarkrace Cource Circel, Alkapuri, Baroda – 390015, Gujarat, India

· Axis Bank

· Canara Bank

· Standard Charted Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term loans from Banks
ICICI Term Loan – A/c No. A 156202001	2.128	9.203
ICICI Term Loan – A/c No. A 156203001	2.850	4.750
ICICI Car Loan A/c No. LACHE 000131	0.000	0.122
Standard Charted Bank Term Loan (All the loans are secured by mortgage of fixed assets of the company and hypothecation of raw material. Work in progress, Finished goods Stock in Trade, Supply bills, Vehicle and other current assets of the company besides personally guaranteed by the managing Director of the company)	1.544	0.0
SHORT TERM BORROWING
Term Loan
Packing Credit FC – 613953000001 (The above loan is secured by mortgage of fixed assets of the company and hypothecation of raw materials, work in progress, Finished Goods Stock in Trade, Supply bills, Vehicles and other current assets of the company besides personally guaranteed by the Managing Director of the company.)	63.799	58.685
Total	70.321	72.760

Banking Relations :	---
Auditors :
Name :	P. Seshan Chartered Accountant
Address :	160-D/43-A, Kurinchi Nagar, 5^th Street, Polpettai West, Tuticorin – 628002, Tamil Nadu, India
Tel. No.:	91-461-2346083 R. 461-2345651
Fax No.:	91-461-2346242
E-Mail :	ttn.pseshan@yahoo.co.in
PAN No.:	AFPPS5201R

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million
500000	Preference Shares	Rs.10/- each	Rs. 5.000 Million
	Total		Rs.15.000

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
624000	Equity Shares	Rs.10/- each	Rs. 6.240 Million
10000	Preference Shares	Rs.10/- each	Rs. 0.100 Million
	Total		Rs. 6.340 Million

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	6.340	6.340	6.340
(b) Reserves & Surplus	42.521	40.237	39.745
(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)	48.861	46.577	46.085
(3) Non-Current Liabilities
(a) long-term borrowings	29.605	38.856	46.093
(b) Deferred tax liabilities (Net)	1.488	1.074	0.986
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.737	0.208	0.208
Total Non-current Liabilities (3)	31.830	40.138	47.287
(4) Current Liabilities
(a) Short term borrowings	63.799	58.685	69.034
(b) Trade payables	21.270	29.540	3.413
(c) Other current liabilities	15.144	17.356	2.922
(d) Short-term provisions	1.216	0.418	1.578
Total Current Liabilities (4)	101.429	105.999	76.947
TOTAL	182.120	192.714	170.319
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	81.279	85.085	89.125
(ii) Intangible Assets	0.423	0.587	0.640
(iii) Capital work-in-progress	2.223	2.031	1.247
(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	0.935	0.848	1.755
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	84.860	88.551	92.767
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	56.027	52.906	27.761
(c) Trade receivables	26.998	42.936	47.237
(d) Cash and cash equivalents	5.334	6.526	1.229
(e) Short-term loans and advances	6.253	0.160	1.325
(f) Other current assets	2.648	1.635	0.000
Total Current Assets	97.260	104.163	77.552
TOTAL	182.120	192.714	170.319

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	234.318	182.673	186.627
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	TOTAL EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		30.068	22.750	NA
Less/ Add	DEPRECIATION/ AMORTISATION		27.947	22.016	NA
	PROFIT BEFORE TAX		2.121	0.734	NA
Less	TAX		0.857	0.228	NA
	PROFIT AFTER TAX		1.264	0.506	7.013
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	184.041	155.164	NA
	TOTAL EARNINGS		184.041	155.164	NA
	IMPORTS
		Foreign exchange outgo	10.721	21.559	NA
	TOTAL IMPORTS		10.721	21.559	NA
	Earnings Per Share (Rs.)		2.02	NA	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	250.000

The above information has been parted by Ms. Sahana

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	0.91	0.40	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.16	0.38	NA
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	NA
Debt Equity Ratio (Total Debt /Networth)		1.91	2.09	2.50
Current Ratio (Current Asset/Current Liability)		0.96	0.98	1.01

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	6.340	6.340	6.340
Reserves & Surplus	39.745	40.237	42.521
Net worth	46.085	46.577	48.861
long-term borrowings	46.093	38.856	29.605
Short term borrowings	69.034	58.685	63.799
Total borrowings	115.127	97.541	93.404
Debt/Equity ratio	2.498	2.094	1.912

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	186.627	182.673	234.318
		(2.119)	28.272

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	186.627	182.673	234.318
Profit	7.013	0.506	1.264
	3.76%	0.28%	0.54%

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	No
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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term loans from Bank
Dhanalakshmi Bank	0.979	1.460
Term Loans from Financial Instituation
TATA Capital Limited	0.000	0.548
First leasing Company of India Limited	1.283	2.003
Loans and advances from related parties
Loan from Director	20.820	20.769
Total	23.082	24.780

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10481066	05/03/2014	16,200,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B97816656
2	10418393	27/03/2013	1,130,000.00	FIRST LEASING COMPANY OF INDIA LIMITED	749, ANNA SALAI,, CHENNAI, Tamil Nadu - 600002, INDIA	B72782634
3	10268754	24/02/2011	139,850,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B07152275
4	10258767	09/12/2010	3,600,000.00	FIRST LEASING COMPANY OF INDIA LIMITED	749, ANNA SALAI,, CHENNAI, Tamil Nadu - 600002, INDIA	B02847234
5	10123230	26/04/2010 *	82,000,000.00	3i Infotech Trusteeship Services Limited	3rd to 6th floor, International Infotech Park,, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, INDIA	A84672351
6	90281559	28/03/2005 *	41,000,000.00	CANARA BANK	BEACH ROAD, TUTICORIN, Tamil Nadu, INDIA	-
7	90281557	14/02/2002	4,385,000.00	THE TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LI MITED	4/35, N.P.S. COMPLEX; POLPETTAI, TUTICORIN, Tamil Nadu, INDIA	-
8	90282354	24/11/2001 *	3,000,000.00	CANARA BANK	55, BEACH ROAD, TUTICORIN, Tamil Nadu - 628001, INDIA	-
9	90281508	03/09/1998 *	3,000,000.00	SUNDARAM FINANCE SERVICES LIMITED	21, PATULLOS ROAD, CHENNAI, Tamil Nadu - 600002, INDIA	-
10	90281479	03/09/1998 *	2,000,000.00	SUNDARAM FINANCE SERVICES LIMITED	21, PATULLOS ROAD, CHENNAI, Tamil Nadu - 600002, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Plant & Machinery

· Vehicles

· Computer Accessories

· Furniture and Fitting

· 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.60.61
UK Pound	1	Rs.100.48
Euro	1	Rs.79.56

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.