MIRA INFORM REPORT

Report Date :

08.09.2014

IDENTIFICATION DETAILS

Name :	KONARK PETRO PRODUCTS (INDIA) PRIVATE LIMITED
Registered Office :	Plot 334, Bharat Fertilizers Road, Village Khupri Kudus, Taluka Wada, District Thane – 400102, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.07.1994
Com. Reg. No.:	11-079692
Capital Investment / Paid-up Capital :	Rs. 6.000 Millions
CIN No.: [Company Identification No.]	U79692MH1994PTC079692
TAN No.: [Tax Deduction & Collection Account No.]	PNEK05921G
PAN No.: [Permanent Account No.]	AABCK1817H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter, Supplier of Resins, Chemicals, Formaldehyde Chemicals, etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit margin of the company is low. However net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments term are reported to be slow but correct. 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

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 that 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.

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 DECLINED BY

Name :	Mr. Sanjay Subhashchand Gupta
Designation :	Director
Contact No.:	91-9822446600
Date :	02.09.2014

LOCATIONS

Registered Office/ Factory :	Plot 334, Bharat Fertilizers Road, Village Khupri Kudus, Taluka Wada, District Thane – 400102, Maharashtra, India
Tel. No.:	91-2526-220124/ 26
Mob. No.:	91-9822446600 (Mr. Sanjay Subhashchand Gupta)
Fax No.:	91-2526-220124
E-Mail :	konarkpetro@formaldehyde37.com kovark@kovarkindia.com dhankanivinod@yahoo.co.in
Website :	www.formaldehyde37.com
Corporate Office :	111-112, Anil Complex, Regency Hall, New Link Road, Ulhasnagar – 421002, Maharashtra, India
Tel. No.:	91-251-2560501/ 502/ 503/ 504/ 506/ 25565839/ 40
Fax No.:	91-251-2560506
E-Mail :	konarkin@vsnl.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Mahesh Satyanarain Khairari

Designation :

Director

Address :

Agarwal House, C/O Anand Sagar, Royal Residency, Madhuban Hotel Road, Goal Maidan, Ulhasnagar - 421001, Maharashtra, India

Date of Birth/Age :

19.07.1957

Date of Appointment :

18.07.1994

DIN No. :

00388549

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	U79692MH1994PTC079692	KONARK PETRO PRODUCTS (INDIA) PRIVATE LIMITED	Director	18/07/1994	18/07/1994	-	Active	NO
2	U26921MH1997PLC111788	KONARK INFRASTRUCTURE LIMITED	Director	10/11/1997	10/11/1997	-	Active	NO
3	U55101MH1998PTC114982	REGENCY MOTELS AND BUILDCON (INDIA) PRIVATE LIMITED	Director	18/05/1998	18/05/1998	-	Active	NO
4	U74992MH1998PLC117349	KONARK PROJECTS LIMITED	Managing director	25/06/2012	04/12/1998	-	Active	NO
5	U45200MH2005PLC153966	REGENCY NIRMAN LIMITED	Director	14/06/2005	14/06/2005	-	Active	NO
6	U45200MH2005PTC154000	KONARK NIRMAN PRIVATE LIMITED	Director	15/06/2005	15/06/2005	16/08/2010	Active	NO
7	U45400MH2008PTC180116	REGENCY STRUCTURAL DEVELOPERS PRIVATE LIMITED	Director	14/03/2008	14/03/2008	-	Active	NO
8	U45202MH2008PTC180186	REGENCY SHELTERS PRIVATE LIMITED	Director	17/03/2008	17/03/2008	-	Active	NO
9	U45202MH2008PTC180251	REGENCY BUILDCON PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
10	U45202MH2008PTC180250	REGENCY REALITY DEVELOPERS PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
11	U22222MH2010PTC199749	KONARK IP DOSSIERS PRIVATE LIMITED	Director	05/02/2010	05/02/2010	01/04/2010	Active	NO
12	U45202MH2008PTC186695	DHARATI CONSTRUCTION PRIVATE LIMITED	Director	24/06/2010	24/06/2010	-	Active	NO
13	U99999MH1984PTC032297	PERSIAN AGRO HOT ENTERPRISES PRIVATE LIMITED	Director	01/01/2011	01/01/2011	-	Active	NO
14	U41000MH2011PTC218602	KONARK WATER INFRAPROJECTS PRIVATE LIMITED	Director	14/06/2011	14/06/2011	-	Active	NO
15	U74120MH2011PTC221893	KONARK INFOTEL PRIVATE LIMITED	Director	12/09/2011	12/09/2011	-	Active	NO
16	U74900MH2013PTC249233	KONARK ENVIRO PROJECT PRIVATE LIMITED	Director	16/04/2013	16/04/2013	-	Active	NO

Name :

Mr. Lalji Meghji Patel

Designation :

Director

Address :

B-305, Ambika Nagar, Near Shahad Station Kalyan-Thane, Maharashtra, India

Date of Birth/Age :

27.07.1957

Date of Appointment :

18.07.1994

DIN No. :

00388788

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	Company/ LLP Status	Defaulting status
1	U79692MH1994PTC079692	KONARK PETRO PRODUCTS (INDIA) PRIVATE LIMITED	Director	18/07/1994	18/07/1994	Active	NO
2	U20210MH1995PTC092963	GREAT WESTERN WOODS PRIVATE LIMITED	Director	21/09/1995	21/09/1995	Active	NO
3	U27100MH2005PTC152359	REGENCY ISPAT PRIVATE LIMITED	Whole-time director	01/04/2014	01/04/2005	Active	NO
4	U45203MH2011PTC218758	ATLANTA GLOBALPROJECTS PRIVATE LIMITED	Director	16/06/2011	16/06/2011	Active	NO

Name :

Mr. Ramkishore Satyanarain Khairari

Designation :

Director

Address :

Agarwal House, C/O Anand Sagar, Royal Residency, Madhuban Hotel Road, Goal Maidan, Ulhasnagar - 421001, Maharashtra, India

Date of Birth/Age :

10.06.1972

Date of Appointment :

18.07.1994

DIN No. :

00388725

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	U79692MH1994PTC079692	KONARK PETRO PRODUCTS (INDIA) PRIVATE LIMITED	Director	18/07/1994	18/07/1994	-	Active	NO
2	U74992MH1998PLC117349	KONARK PROJECTS LIMITED	Director	25/06/2012	10/04/1999	-	Active	NO
3	U45200MH2005PLC153966	REGENCY NIRMAN LIMITED	Director	14/06/2005	14/06/2005	-	Active	NO
4	U45200MH2005PTC154000	KONARK NIRMAN PRIVATE LIMITED	Director	15/06/2005	15/06/2005	16/08/2010	Active	NO
5	U99999MH1991PTC064527	ADVANCE PARTICLE BOARDS PVT LTD	Director	01/06/2006	01/06/2006	-	Active	NO
6	U20211MH1990PTC058218	RELIABLE PLYWOOD INDUSTRIES (I) PRIVATE LIMITED	Director	10/06/2006	10/06/2006	-	Active	NO
7	U99999MH1994PTC080631	KONARK PLYWOOD INDUSTRIES PRIVATE LIMITED	Director	10/06/2006	10/06/2006	-	Active	NO
8	U74999MH2008PTC187583	REGENCY DEHYDRATES PRIVATE LIMITED	Director	16/10/2008	16/10/2008	15/01/2011	Active	NO
9	U45202MH2008PTC186695	DHARATI CONSTRUCTION PRIVATE LIMITED	Director	10/05/2010	10/05/2010	-	Active	NO
10	U45200MH2010PTC204813	SQ. FT. REAL ESTATE PRIVATE LIMITED	Director	24/06/2010	24/06/2010	-	Active	NO

Name :

Mr. Sanjay Subhashchand Gupta

Designation :

Director

Address :

403, Jaishanker Apartment, Near Aman Cinema, Ulhasnagar – 421003, Maharashtra, India

Date of Birth/Age :

17.05.1971

Date of Appointment :

10.01.2002

DIN No. :

00398970

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	Company/ LLP Status	Defaulting status
1	U20210MH1995PTC092963	GREAT WESTERN WOODS PRIVATE LIMITED	Director	31/12/1998	31/12/1998	Active	NO
2	U79692MH1994PTC079692	KONARK PETRO PRODUCTS (INDIA) PRIVATE LIMITED	Director	10/01/2002	10/01/2002	Active	NO
3	U72900MH2000PTC127273	RUSTAGI MANAGEMENT SOLUTIONS PRIVATE LIMITED	Director	02/01/2007	02/01/2007	Active	NO
4	U45200MH2007PTC173661	RUSTAGI INFRASTRUCTURE PRIVATE LIMITED	Director	31/08/2007	31/08/2007	Active	NO
5	U70102MH2007PTC173748	RUSTAGI ESTATES PRIVATE LIMITED	Director	03/09/2007	03/09/2007	Active	NO
6	U72900MH2007PTC174683	FURNATECH SOLUTIONS PRIVATE LIMITED	Director	03/10/2007	03/10/2007	Active	NO
7	U60232MH2009PTC195307	RUSTAGI LOGISTICS PRIVATE LIMITED	Director	28/08/2009	28/08/2009	Active	NO
8	U15494MH2010PTC202798	YEN PULSES PRIVATE LIMITED	Director	06/05/2010	06/05/2010	Active	NO
9	U70109MH2011PTC219000	RUSTAGI REALTY PRIVATE LIMITED	Director	23/06/2011	23/06/2011	Active	NO
10	U74900MH2011PTC219088	RUSTAGI PROJECTS PRIVATE LIMITED	Director	24/06/2011	24/06/2011	Active	NO
11	U74999MH2009PTC194914	LIQUID SECURITIES PRIVATE LIMITED	Director	14/08/2013	14/08/2013	Active	NO

Name :

Mr. Chandubhai Patel

Designation :

Director

Address :

B – 305, Ambica Nagar, Kalyan, Maharashtra, India

Date of Birth/Age :

16.08.1964

Date of Appointment :

10.01.2002

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Mahesh S. Khairari	5100	8.50
Subhash S. Khairari	3010	5.02
Ramkishore S. Khairari	2230	3.72
Lajibhai M. Patel	17260	28.77
Sumanlata M. Khairari	2000	3.33
Rinku S. Khairari	2660	4.43
Chandubhai M. Patel	3740	6.23
Sitaram S. Khairari	1000	1.67
Konark Projects Limited, India	23000	38.33
Total	60000	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	38.33
Directors or relatives of Directors	61.67
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter, Supplier of Resins, Chemicals, Formaldehyde Chemicals, etc.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Formaldehyde	M. T.	11000	11755.000*
PF Resins	M. T.	2000	--
Comm. Resins	M. T.	2000	400.800

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· The Kalyan Janata Sahakari Bank Limited, 'Niharika', Valli Peer Road, Opposite Railway Station, Ulhasnagar - 421301, Maharashtra, India

Axis Bank Limited

IDBI Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Working Capital Borrowings The Kalyan Janata Sahakari Bank Limited (CC) (Secured by way of hypothecation of Stock of raw materials, consumables, semi finished goods, finished goods, finished goods and book debts.)	12.373	13.949
Total	12.373	13.949

Banking Relations :	--
Auditors :
Name :	Vinod Dhankani and Company Chartered Accountants
Address :	Shop No 1,2 Guddu Palace, Behind Regency Hotel, Ulhasnagar – 421003, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAPPD8981L

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
75,000	Equity Shares	Rs.100/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60,000	Equity Shares	Rs.100/- each	Rs. 6.000 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	6.000	6.000	6.000
(b) Reserves & Surplus	27.690	27.093	26.493
(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)	33.690	33.093	32.493
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.918	2.075	2.240
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.918	2.075	2.240
(4) Current Liabilities
(a) Short term borrowings	12.373	13.949	15.016
(b) Trade payables	28.266	28.524	21.450
(c) Other current liabilities	3.271	2.679	1.910
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	43.910	45.152	38.376
TOTAL	79.518	80.320	73.109
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.598	9.080	8.073
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.521	0.521	0.521
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.422	0.736	0.398
Total Non-Current Assets	9.541	10.337	8.992
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	10.605	12.846	7.040
(c) Trade receivables	58.881	49.671	39.596
(d) Cash and cash equivalents	0.346	7.276	17.314
(e) Short-term loans and advances	0.009	0.057	0.000
(f) Other current assets	0.136	0.133	0.167
Total Current Assets	69.977	69.983	64.117
TOTAL	79.518	80.320	73.109

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	160.242	132.761	135.908
		Other Income	0.100	3.476	1.533
		TOTAL	160.342	136.237	137.441
Less	EXPENSES
		TOTAL	158.183	134.163	133.403
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2.159	2.074	4.038
Less/ Add	DEPRECIATION/ AMORTISATION		1.295	1.205	1.154
	PROFIT/ (LOSS) BEFORE TAX		0.864	0.869	2.884
Less	TAX		0.267	0.269	1.019
	PROFIT/ (LOSS) AFTER TAX		0.597	0.600	1.865
	Earnings / (Loss) Per Share (Rs.)		9.95	10.01	31.08

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.37	0.44	1.36
Net Profit Margin (PBT/Sales)	(%)	0.54	0.65	2.12
Return on Total Assets (PBT/Total Assets}	(%)	1.09	1.09	3.97
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.09
Debt Equity Ratio (Total Debt/Networth)		0.37	0.42	0.46
Current Ratio (Current Asset/Current Liability)		1.59	1.55	1.67

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	6.000	6.000	6.000
Reserves & Surplus	26.493	27.093	27.690
Net worth	32.493	33.093	33.690
long-term borrowings	0.000	0.000	0.000
Short term borrowings	15.016	13.949	12.373
Total borrowings	15.016	13.949	12.373
Debt/Equity ratio	0.462	0.422	0.367

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	135.908	132.761	160.242
		-2.316	20.700

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	135.908	132.761	160.242
Profit	1.865	0.600	0.597
	1.37%	0.45%	0.37%

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10206367	02/02/2010	4,013,000.00	THE KALYAN JANATA SAHAKARI BANK LIMITED	'NIHARIKA', VALLI PEER ROAD, OPP RAILWAY STATION, ULHASNAGAR, MAHARASHTRA - 421301, INDIA	A80826522
2	90158120	03/03/2003	5,000,000.00	THE KALYANB JANATA SAHAKARI LTD.	ULHASNAGAR BRANCH, ULHASNAGAR, MAHARASHTRA, INDIA	-
3	90157936	30/01/2010 *	41,366,600.00	THE KALYAN JANATA SAHAKARI BANK LIMITED	'NIHARIKA', VALLI PEER ROAD, OPPOSITE RAILWAY STATION, ULHASNAGAR, MAHARASHTRA - 421301, INDIA	A80936560
4	90157895	20/03/2002	7,500,000.00	THE KALYANB JANATA SAHAKARI LTD.	ULHASNAGAR BRANCH, POWAI CHOWK, ULHASNAGAR, MAHARASHTRA - 421004, INDIA	-
5	90157873	13/02/2002	5,000,000.00	THE KALYANB JANATA SAHAKARI LTD.	ULHASNAGAR BRANCH, POWAI CHOWK, ULHASNAGAR, MAHAR ASHTRA, INDIA	-
6	90156082	09/10/1995 *	5,800,000.00	MAHARASHTRA STATE FINANCIAL CORPORATION	NEW EX. BUILDING, 5;7;8;9; FLOOR; AMRIT KESHAV NA YAK MARG, BOMBAY, MAHARASHTRA - 400001, INDIA	-

* Date of charge modification

OPERATIONS:

The Company has achieved the sales of Rs.160.242 Millions (Rs. 132.761 Millions) during the year registering a growth of 21%. The Company has earned the Net Profit of Rs. 0.863 Millions during the year, due to Domestic Headwinds. The Financial Year 2013-14 looks Promising in terms of growth of GDP and control at Inflation which will ultimately result into good demand for the overall Industrial Products.

FIXED ASSETS

· Air Conditioners

Vehicles

Computers and Accessories

Electrical Installations

Factory Building

Fax Machine

Fire Fighting Equipments

Furniture and Fixtures

Generator

Laboratory Equipments

Land

Plant and Machinery

Telephone Instruments

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.60.44
UK Pound	1	Rs.98.64
Euro	1	Rs.78.20

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.