MIRA INFORM REPORT

Report No. :	315179
Report Date :	03.04.2015

IDENTIFICATION DETAILS

Name :	AMBUJA SOLVEX PRIVATE LIMITED
Registered Office :	901-A, Naranarayan Complex Swastik Cross Roads, Navrangapura, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.06.2004
Com. Reg. No.:	04-044285
Capital Investment / Paid-up Capital :	Rs.9.500 Million
CIN No.: [Company Identification No.]	U15141GJ2004PTC044285
TAN No.: [Tax Deduction & Collection Account No.]	AHMA04591G
PAN No.: [Permanent Account No.]	AAECA8048D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Castor Oil, Electric Grade Castor Oil IP Grade, Natural Castor Oil, Sulfonated Castor Oil, etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 130000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Not Available

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. Nayana
Designation :	Sales Executive
Contact No.:	91-9925109018
Date :	30.03.2015

LOCATIONS

Registered Office :	901-A, Naranarayan Complex Swastik Cross Roads, Navrangapura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26427576
Mobile No.:	91-9925109018 (Mr. Nayana)
Fax No.:	Not Available
E-Mail :	account@ambujaindia.com
Website :	http://www.Nayan@ambujasolvex.in
Location :	Owned
Locality :	Industrial
Factory :	Survey No .: 1159, Opposite Sandvik Asia Ltd, Village Rajpur, Dist .: Mehsana, Kadi – 382740, Gujarat, India
Area :	100 B.K.
Location :	Owned

DIRECTORS

AS ON 19.08.2014

Name :

Mr. Harkchand Ramanlal Shah

Designation :

Director

Address :

3, 4, Ambalal Park, Near Parasmani Society, Jawahar Chawk, Sabarmati, Ahmedabad – 380005, Gujarat, India

Date of Birth/Age :

01.06.1965

Date of Appointment :

10.06.2004

DIN No.:

00137463

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	U24231GJ1988PLC011091	AMBUJA INTERMEDIATES LIMITED	Director	01/04/1997	01/04/1997	01/09/2011	Active	NO
2	U15141GJ2004PTC044285	AMBUJA SOLVEX PRIVATE LIMITED	Director	10/06/2004	10/06/2004	-	Active	NO
3	U24230GJ2005PTC045597	LONZA PHARMACEUTICALS PRIVATE LIMITED	Director	02/03/2005	02/03/2005	-	Strike off	NO

Name :

Mr. Gambhirmal Ramanlal Shah

Designation :

Director

Address :

6, Jadav Bhuvan, 32, Dr. Wilson Street, V P Road, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

01.04.1958

Date of Appointment :

11.09.2004

DIN No.:

00137528

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	U27310GJ1979PTC003535	AMBUJA METAL INDUSTRIES PVT LTD	Director	12/11/1981	12/11/1981	01/10/2014	Active	NO
2	U24231GJ1988PLC011091	AMBUJA INTERMEDIATES LIMITED	Whole-time director	19/09/2011	10/08/1998	01/10/2014	Active	NO
3	U15141GJ2004PTC044285	AMBUJA SOLVEX PRIVATE LIMITED	Director	11/09/2004	11/09/2004	01/10/2014	Active	NO
4	U51101MH2007PTC172377	NENAVA IMPEXX PRIVATE LIMITED	Director	16/07/2007	16/07/2007	-	Strike off	NO
5	U40107MH2004PTC212657	SINEWAVE BIOMASS POWER PRIVATE LIMITED	Director	02/05/2008	02/05/2008	-	Active	NO
6	U40101RJ2008PTC027275	Megaa Power Projects Private Limited	Director	29/08/2008	29/08/2008	-	Active	NO
7	U22120MH1996PTC099920	ELECTRA MULTIMEDIA PRIVATE LIMITED	Director	15/06/2011	13/04/2011	-	Dissolved	NO
8	U72900MH1989PTC054265	Fortune Intech Private Limited	Additional director	10/06/2011	10/06/2011	-	Active	NO

Name :

Mr. Mahendrabhai Mohanlal Patel

Designation :

Director

Address :

16 Vishnu Hari Apartment, 18 Pushkunj Society, Kankaria, Ahmedabad – 380022, Gujarat, India

Date of Birth/Age :

22.12.1956

Date of Appointment :

11.09.2004

DIN No.:

00137602

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	U24231GJ1988PLC011091	AMBUJA INTERMEDIATES LIMITED	Whole-time director	19/09/2011	19/11/1999	-	Active	NO
2	U15141GJ2004PTC044285	AMBUJA SOLVEX PRIVATE LIMITED	Director	11/09/2004	11/09/2004	-	Active	NO
3	L21010GJ1986PLC008772	RAINBOW PAPERS LIMITED	Director	25/09/2014	21/10/2013	-	Active	NO

Name :

Mr. Animesh Kiritbhai Patel

Designation :

Director

Address :

99, Rajdhani Bunglows, Opposite Girivar Bunglows, Isanpur, Ahmedabad – 382443, Gujarat, India

Date of Birth/Age :

03.12.1968

Date of Appointment :

10.06.2004

DIN No.:

00137654

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	U24231GJ1988PLC011091	AMBUJA INTERMEDIATES LIMITED	Director	10/08/1998	10/08/1998	01/09/2011	Active	NO
2	U15141GJ2004PTC044285	AMBUJA SOLVEX PRIVATE LIMITED	Director	10/06/2004	10/06/2004	-	Active	NO

Name :

Mr. Lalit Tilokchand Shah

Designation :

Director

Address :

14/C, 7 Khanderao Block, Khotachi Wadi V P Road, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

01.12.1973

Date of Appointment :

30.09.2006

DIN No.:

00144685

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	U24231GJ1988PLC011091	AMBUJA INTERMEDIATES LIMITED	Managing director	15/09/2011	10/07/1999	01/10/2014	Active	NO
2	U24230GJ2005PTC045597	LONZA PHARMACEUTICALS PRIVATE LIMITED	Director	02/03/2005	02/03/2005	-	Strike off	NO
3	U15141GJ2004PTC044285	AMBUJA SOLVEX PRIVATE LIMITED	Director	30/09/2006	17/08/2006	01/10/2014	Active	NO
4	U27310GJ1979PTC003535	AMBUJA METAL INDUSTRIES PVT LTD	Director	30/09/2006	17/08/2006	01/10/2014	Active	NO
5	U51101MH2007PTC172377	NENAVA IMPEXX PRIVATE LIMITED	Director	16/07/2007	16/07/2007	-	Strike off	NO
6	U40107MH2004PTC212657	SINEWAVE BIOMASS POWER PRIVATE LIMITED	Director	02/05/2008	02/05/2008	-	Active	NO
7	U22120MH1996PTC099920	ELECTRA MULTIMEDIA PRIVATE LIMITED	Director	15/06/2011	13/04/2011	-	Dissolved	NO
8	U72900MH1989PTC054265	Fortune Intech Private Limited	Additional director	10/06/2011	10/06/2011	-	Active	NO

Name :

Mr. Arvindbahi Patel

Designation :

Director

Address :

13, Vishnu hari Apartment, 18, Pushpunj Society, Kankaria, Ahmedabad – 380022, Gujarat, India

Date of Birth/Age :

27.02.1955

Date of Appointment :

11.09.2004

DIN No.:

00150960

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	U15141GJ2004PTC044285	AMBUJA SOLVEX PRIVATE LIMITED	Director	11/09/2004	11/09/2004	-	Active	NO
2	U24110GJ2005PTC046995	DYSUN DYECHEM PRIVATE LIMITED	Director	27/10/2005	27/10/2005	-	Strike off	NO

KEY EXECUTIVES

Name :	Mr. Nayana
Designation :	Sales Executive

MAJOR SHAREHOLDERS

AS ON 19.08.2014

Names of Shareholders	No. of Shares
Ambuja Intermediates Private Limited	949990
Harakchand Shah (Nominee Shareholder)	10
Total	950000

Equity Share Break up (Percentage of Total Equity)

AS ON 19.08.2014

Category	Percentage
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Castor Oil, Electric Grade Castor Oil IP Grade, Natural Castor Oil, Sulfonated Castor Oil etc.
Products :	· Castor Oil · Electric Grade Castor Oil IP Grade · Natural Castor Oil · Sulfonated Castor Oil
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Countries :	· UAE · Australia · China · Germany · France · U.K. · Iran
Imports :	Not Divulged
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Banker Name :	Bank of India
Branch :	Ahmedabad MID Corporate Branch 1^st Floor, BOI Building, C.G. Road, Navrangapura, Ahmedabad – 380009, Gujarat, India
Person Name (With Designation) :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
From Bank
Rupee Loan	5.100	8.500
Against Vehicle	1.499	0.000
SHORT TERM BORROWING
Working Capital loans from Banks
Rupee loan	45.582	68.136
Total	52.181	76.636

Auditors :
Name :	Shah Kantilal and Company Chartered Accountant
Address :	806, Mauryansh Elanza, Shyamlal Cross Road, Ahmedabad – 380015, Gujarat, India
PAN No.:	AAMFS3865K
Memberships :	Not Available
Collaborators :	Not Available
Parent Concern :	Ambuja Intermedies Private Limited
Holding Company :	Ambuja Intermediates Limited

CAPITAL STRUCTURE

AS ON 19.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs.9.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	9.500	9.500	7.500
(b) Reserves & Surplus	37.600	21.928	5.683
(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)	47.100	31.428	13.183
(3) Non-Current Liabilities
(a) long-term borrowings	6.599	42.915	27.865
(b) Deferred tax liabilities (Net)	2.419	2.561	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.311	0.267	0.199
Total Non-current Liabilities (3)	9.329	45.743	28.064
(4) Current Liabilities
(a) Short term borrowings	45.582	68.136	53.866
(b) Trade payables	2.288	5.862	1.568
(c) Other current liabilities	4.059	6.170	4.534
(d) Short-term provisions	1.568	1.429	0.970
Total Current Liabilities (4)	53.497	81.597	60.938
TOTAL	109.926	158.768	102.185
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	35.123	35.154	34.330
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.034	0.000	2.576
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.200	0.200	0.200
(c) Deferred tax assets (net)	0.000	0.000	1.275
(d) Long-term Loan and Advances	0.379	0.145	0.145
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	35.736	35.499	38.526
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.551	20.977	14.656
(c) Trade receivables	43.555	66.418	37.027
(d) Cash and cash equivalents	0.314	0.354	0.271
(e) Short-term loans and advances	18.770	35.520	11.705
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	74.190	123.269	63.659
TOTAL	109.926	158.768	102.185

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	365.307	351.197	256.949
		Other Income	2.016	0.020	0.937
		TOTAL	367.323	351.217	257.886
Less	EXPENSES
		Cost of Materials Consumed	279.714	272.186	230.155
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.865	1.106	(2.958)
		Employees benefits expense	5.438	4.372	3.831
		Other expenses	44.274	39.059	23.190
		TOTAL	330.291	316.723	254.218
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		37.032	34.494	3.668
Less	FINANCIAL EXPENSES		10.185	11.919	10.577
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		26.847	22.575	(6.909)
Less	DEPRECIATION/ AMORTISATION		3.758	3.414	2.626
	PROFIT BEFORE TAX		23.089	19.161	(9.535)
Less	TAX		7.418	5.917	(2.860)
	PROFIT AFTER TAX		15.671	13.244	(6.675)
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	166.151	188.412	79.369
		Commission Earnings	0.000	0.000	0.000
		Other Earnings	0.000	0.000	0.000
	TOTAL EARNINGS		166.151	166.151	188.412
	Earnings Per Share (Rs.)		16.50	17.05	8.90

Expected Sales (2014-2015): Rs.400.000 Million

The above information has been parted by Mr. Nayana

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	4.29	3.77	(2.60)
Operating Profit Margin (PBDIT/Sales)	(%)	10.14	9.82	1.43
Return on Total Assets (PBT/Total Assets)	(%)	21.05	12.08	(9.72)
Return on Investment (ROI) (PBT/Networth)		0.49	0.61	(0.72)
Debt Equity Ratio (Total Debt /Networth)		1.11	3.53	6.20
Current Ratio (Current Asset/Current Liability)		1.39	1.51	1.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	7.500	9.500	9.500
Reserves & Surplus	5.683	21.928	37.600
Share Application money pending allotment	0.000	0.000	0.000
Net worth	13.183	31.428	47.100
long-term borrowings	27.865	42.915	6.599
Short term borrowings	53.866	68.136	45.582
Total borrowings	81.731	111.051	52.181
Debt/Equity ratio	6.200	3.534	1.108

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	256.949	351.197	365.307
		36.680	4.018

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	256.949	351.197	365.307
Profit	-6.675	13.244	15.671
	-2.60%	3.77%	4.29%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Loans and Deposits from shareholders, directors and relatives	0.000	19.340
Inter Corporate Deposit	0.000	15.075
Total	0.000	34.415

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10491253	25/03/2014	2,200,000.00	Bank of India	Ahmedabad Mid Corp Branch 1st Floor BOI Building, Nr  Swastik Char Rasta C G Road Navrangpura, Ahmedabad, Gujarat - 380009, India	C04046645
2	80058784	20/02/2013 *	93,600,000.00	Bank of India	Ahmedabad Mid Corporate Branch 1st Floor, BOI Building, C. G. Road, Navrangpura, Ahmedabad, Gujarat - 380009, India	B70924618
3	80058785	18/02/2013 *	93,600,000.00	Bank of India	Ahmedabad Mid Corporate Branch 1st Floor, BOI Building, C. G. Road, Navrangpura, Ahmedabad, Gujarat - 380009, India	B70924287

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	KAR
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.