MIRA INFORM REPORT

Report Date :

20.09.2014

IDENTIFICATION DETAILS

Name :	BASF CATALYSTS INDIA PRIVATE LIMITED (w.e.f. 21.03.2007)
Formerly Known As :	ENGELHARD ENVIRONMENTAL SYSTEMS (INDIA) PRIVATE LIMITED
Registered Office :	Vibgyor Towers, Unit No.101, 1^st Floor, G Block, C-62, Bandra - Kurla Complex, Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.05.1997
Com. Reg. No.:	11-199824 (New) 18-038189 (Old)
Capital Investment / Paid-up Capital :	Rs.91.771 Millions
CIN No.: [Company Identification No.]	U27105MH1997PTC199824 (New) U27105TN1997PTC038189 (Old)
TAN No.: [Tax Deduction & Collection Account No.]	CHEE02147F
PAN No.: [Permanent Account No.]	AAACE2545B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing Catalysts used in the Automobiles.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 8898000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a fine track record. As per registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st March, 2014 but the documents related to the financials for the year 2014 are not available from any sources. As per available financials of 2013, financial position of the company seems to be decent. Trade relation are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered for business dealing at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

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

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

INDIAN ECONOMIC OVERVIEW

N E W S

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

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

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

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

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

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

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

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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

Management Non Co-Operative (Tel. No.: 91-22-66618000)

LOCATIONS

Registered Office :	Vibgyor Towers, Unit No.101, 1^st Floor, G Block, C-62, Bandra - Kurla Complex, Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-66618000/ 66618137
Fax No.:	91-22-67582753/ 67582752
E-Mail :	parthasarathy.thirumalaiswamy@basf.com pradeep.chandan@basf.com anup.kothari@basf.com regunathan.srinivasan@basf.com
Website :	www.basf-india.com
Corporate Office/ Factory :	E-17 and 18, Industrial Estate, Maraimalainagar – 603209, Tamilnadu, India
Tel. No.:	91-44-27454466/ 4489
Fax No.:	91-44-27454490

DIRECTORS

As on 20.09.2013

Name :

Mr. Balasubramanian Vaidyanathan

Designation :

Managing Director

Address :

C1, Sankalp, 22, Seethammal Road, Alwarpet, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

07.10.1956

Qualification :

B. Tech, PGDM

Experience :

33 Years

Date of Appointment :

01.01.2003

PAN No.:

AACPV4038M

DIN No.:

00263983

Name :

Mr. Anup Kothari

Designation :

Director

Address :

Fraser Suites No.1, Lane 600, Central Yincheng Shanghai, China 200120

Date of Birth/Age :

08.01.1968

Date of Appointment :

28.09.2012

DIN No.:

06368931

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	U27105MH1997PTC199824	BASF CATALYSTS INDIA PRIVATE LIMITED	Director	28/09/2012	29/06/2012	-	Active	NO

Name :

Ramachandran Raman

Designation :

Director

Address :

3A, 3^rd Floor, Silver Sands, 73, Carter Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

25.03.1958

Date of Appointment :

01.10.2013

DIN No.:

00200297

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	U24130MH2005PLC152467	BASF POLYURETHANES INDIA LIMITED	Alternate director	01/08/2007	01/04/2006	16/04/2008	Amalgamated	NO
2	L33112MH1943FLC003972	BASF INDIA LIMITED	Managing director	01/10/2013	01/04/2006	-	Active	NO
3	U27105MH1997PTC199824	BASF CATALYSTS INDIA PRIVATE LIMITED	Director	01/10/2013	01/10/2013	-	Active	NO
4	U67120MH1996PTC101170	BASF ASIA PACIFIC (INDIA) PRIVATE LIMITED	Director	01/10/2013	01/10/2013	-	Active	NO
5	U24290MH2009PTC190283	BASF CHEMICALS INDIA PRIVATE LIMITED	Director	01/10/2013	01/10/2013	-	Active	NO

Name :

Mr. Regunathan Iyengar Srinivasan

Designation :

Director

Address :

2002, 20^th Floor, Glendale Hiranandani Gardens, D Mart Lane, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

22.05.1954

Date of Appointment :

28.07.2010

DIN No.:

01437534

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	U27105MH1997PTC199824	BASF CATALYSTS INDIA PRIVATE LIMITED	Director	28/07/2010	13/02/2007	-	Active	NO
2	U67120MH1996PTC101170	BASF ASIA PACIFIC (INDIA) PRIVATE LIMITED	Director appointed in casual vacancy	25/06/2010	25/06/2010	-	Active	NO
3	U25202MH2004FTC149830	Styrolution India Private Limited	Director appointed in casual vacancy	25/06/2010	25/06/2010	04/10/2011	Active	NO
4	U99999MH2002FTC135177	BASF COATINGS ( INDIA) PRIVATE LIMITED	Director appointed in casual vacancy	25/06/2010	25/06/2010	-	Amalgamated	NO
5	U26950MH1995FTC086988	BASF Construction Chemicals (India) Private Limited	Director appointed in casual vacancy	25/06/2010	25/06/2010	-	Amalgamated	NO
6	U24130MH2005PLC152467	BASF POLYURETHANES INDIA LIMITED	Alternate director	13/08/2010	16/07/2010	-	Amalgamated	NO
7	L33112MH1943FLC003972	BASF INDIA LIMITED	Alternate director	28/08/2014	16/07/2010	-	Active	NO
8	U24290MH2009PTC190283	BASF CHEMICALS INDIA PRIVATE LIMITED	Additional director	19/04/2011	19/04/2011	-	Active	NO

Name :

Mr. Pradeep Manjunath Chandan

Designation :

Director

Address :

504, Mars Vasant Galaxy, Bangur Nagar, Goregaon, Mumbai – 400090, Maharashtra, India

Date of Birth/Age :

22.02.1962

Date of Appointment :

28.07.2010

DIN No.:

00200067

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	U65991MH1986NPL040868	INTRADECHEM SERVICES	Director	23/04/2002	23/04/2002	26/11/2008	Active	NO
2	U24100MH1980PTC023209	CHEMICOLOUR INDUSTRIES PRIVATE LIMITED	Additional director	15/04/2008	15/04/2008	-	Strike off	NO
3	U27105MH1997PTC199824	BASF CATALYSTS INDIA PRIVATE LIMITED	Director	28/07/2010	25/06/2010	-	Active	NO
4	U24290MH2009PTC190283	BASF CHEMICALS INDIA PRIVATE LIMITED	Additional director	19/04/2011	19/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Parthasarathy Thirumalaiswamy
Designation :	Secretary
Address :	9, New Colony, 8^th ST Adambakkam, Chennai – 600088, Tamilnadu, India
Date of Birth/Age :	21.03.1969
Date of Appointment :	18.08.2003

MAJOR SHAREHOLDERS

As on 20.09.2013

Names of Shareholders	No. of Shares	% of Holding
BASF Asia Pacific India Private Limited, India	5506260	60.00
Nechemcat Corporation, Japan	917710	10.00
Engelhard Asia Pacific LLC, USA	2753130	30.00
Total	9177100	100.00

Equity Share Break up (Percentage of Total Equity)

As on 20.09.2013

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	40.00
Bodies corporate	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing Catalysts used in the Automobiles.

Products :

Product Description	Item Code No.
Catalysts for four wheeler	38151290
Catalytic converter for two wheeler	84213990

GENERAL INFORMATION

No. of Employees :	Information denied by management
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	B.S.R. and Associates Chartered Accountants
Address :	BSR and Company No.10, Mahtma Gandhi Road, Next to Ranjith Hotel, Nungambhakkam, Chennai – 600 034, Tamilnadu, India
PAN No.:	AADFB6889R
Holding Company:	· BASF Asia Pacific (India) Private Limited, India CIN No.: U67120MH1996PTC101170
Ultimate Holding Company:	BASF SE, Germany is the Ultimate holding company and holds control in the Company through its subsidiary companies : · BASF Nederland BV, Netherlands · BASFIN Corporation, United States · BASF Americas Corporation, United States* · BASF Catalysts Holding LLC, United States · BASF Catalysts Delaware LLC, United States · BASF Asia Pacific LLC, United States *BASF Catalysts LLC, USA has been merged with BASF Corporation, USA
Fellow Subsidiary Companies:	· BASF East Asia Regional Headquarters Limited, Hong Kong · BASF Catalysts Germany GmbH, Germany · Heesung Catalyst Corporation, Korea · BASF (China) Co. Limited, China · BASF Asia-Pacific Service SDN BHD, Malaysia · BASF South East Asia Pte Limited, Singapore · BASF India Limited, India CIN No.: L33112MH1943FLC003972 · BASF South Africa Pty Limited, South Africa · BASF Company Limited, Korea · BASF Japan Limited, Japan · BASF Catalysts Shanghai Co, Limited, China · BASF IT Services Holding GmbH, Germany · BASF Chemcat (Thailand) Limited, Thailand · Cognis Specialty Chemicals Private Limited · Styrolution India Private Limited, India CIN No.: U25202MH2004FTC149830
Associates:	· N.E Chemcat Corporation, Japan

CAPITAL STRUCTURE

As on 20.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9177100	Equity Shares	Rs.10/- each	Rs.91.771 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	91.771	91.771	91.771
(b) Reserves & Surplus	2132.620	1714.152	1308.041
(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)	2224.391	1805.923	1399.812
(3) Non-Current Liabilities
(a) long-term borrowings	60.412	66.573	66.573
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.335	3.032	3.311
Total Non-current Liabilities (3)	65.747	69.605	69.884
(4) Current Liabilities
(a) Short term borrowings	163.693	0.000	0.000
(b) Trade payables	1555.418	1685.213	1325.963
(c) Other current liabilities	239.504	170.229	155.772
(d) Short-term provisions	2.100	10.340	0.934
Total Current Liabilities (4)	1960.715	1865.782	1482.669
TOTAL	4250.853	3741.310	2952.365
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	815.584	317.712	319.177
(ii) Intangible Assets	6.167	0.000	0.000
(iii) Capital work-in-progress	1.008	37.697	12.321
(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)	2.575	5.259	8.610
(d) Long-term Loan and Advances	114.895	70.665	36.908
(e) Other Non-current assets	0.000	0.026	0.026
Total Non-Current Assets	940.229	431.359	377.042
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1647.585	1610.889	1212.295
(c) Trade receivables	1101.252	924.846	812.950
(d) Cash and cash equivalents	57.556	500.986	392.574
(e) Short-term loans and advances	494.002	261.427	155.813
(f) Other current assets	10.229	11.803	1.691
Total Current Assets	3310.624	3309.951	2575.323
TOTAL	4250.853	3741.310	2952.365

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)	7223.910	6911.958	5211.085
Less	EXPENSES
		TOTAL (B)	6546.989	6272.109	4604.637
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		676.921	639.849	606.448
Less	FINANCIAL EXPENSES (D)		3.042	3.820	6.059
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		673.879	636.029	600.389
Less	DEPRECIATION/ AMORTISATION (F)		46.028	35.908	35.185
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		627.851	600.121	565.204
Less	TAX (H)		209.383	194.010	187.848
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		418.468	406.111	377.356
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1601.686	1195.575	818.219
	BALANCE CARRIED TO THE B/S		2020.154	1601.686	1195.575
	EARNINGS IN FOREIGN CURRENCY		1774.370	1028.915	263.207
	Earnings / (Loss) Per Share (Rs.)		45.60	44.25	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.79	5.88	7.24
Return on Total Assets (PBT/Total Assets}	(%)	14.78	16.23	19.28
Return on Investment (ROI) (PBT/Networth)		0.28	0.33	0.40
Debt Equity Ratio (Total Debt /Networth)		0.10	0.04	0.05
Current Ratio (Current Asset/Current Liability)		1.69	1.77	1.74

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	91.771	91.771	91.771
Reserves & Surplus	1308.041	1714.152	2132.620
Net worth	1399.812	1805.923	2224.391
long-term borrowings	66.573	66.573	60.412
Short term borrowings	0.000	0.000	163.693
Total borrowings	66.573	66.573	224.105
Debt/Equity ratio	0.048	0.037	0.101

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
Total Income	5,211.085	6,911.958	7,223.910
		32.640	4.513

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	5,211.085	6,911.958	7,223.910
Total Income	377.356	406.111	418.468
	7.24%	5.88%	5.79%

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	No
10]	Designation of contact person	No
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)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Notes: The registered office of the company has been shifted from RBC, Mahindra Towers, 1^st Floor, 'A' Wing, Dr. G.M. Bhosale Marg, Worli, Mumbai – 400018, Maharashtra to the present address w.e.f. 12.03.2010.

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Interest free sales tax deferral loan *	60.412	66.573
Short Term Borrowings
Overdrafts from banks	163.693	0.000
Total	224.105	66.573

Notes:

Long-Term Borrowings

* Under a scheme of Government of Tamilnadu, the company has availed an interest free sales tax incentive towards establishment of manufacturing facility in a backward area. Repayment of Rs.10.663 millions of the loan has commenced from January 2010 (amounts repaid as at balance sheet date – Rs.10.663 millions) and the balance Rs.66.573 millions from November 2013.

BACKGROUND:

The Company was incorporated on 15^th May, 1997. The Company has been engaged in the business of manufacture and sale of catalysts to the automobile industry.

REVIEW OF OPERATIONS:

The sales turnover has increased to INR 7223.000 millions compared to 6912.000 millions in 2011-12 registering a growth of 4%. The Company was able to successfully start the production and commercial supplies of Honda Motorcycle catalysts for Export to ASEAN countries.

The Company has acquired a long term leased land [99 years] near its existing site and will commence construction of the new site for its expansion after getting necessary approval.

The Company has been awarded the business from Daimler India Commercial vehicles for supply of SCR Catalysts. The supplies are expected to commence from 2015.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Data Processing Equipment’s

· Office Equipments

· Furniture and Fittings

· Vehicles

· Computer 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 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.60.81
UK Pound	1	Rs.100.06
Euro	1	Rs.78.47

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.