MIRA INFORM REPORT

Report No. :	315768
Report Date :	03.04.2015

IDENTIFICATION DETAILS

Name :	LUCID COLLOIDS LIMITED (w.e.f. 28.11.2000)

Formerly Known As :	LUCID COLLOIDS PRIVATE LIMITED

Registered Office :	401, Navbharat Estate, Zakaria Bunder Road, Sewri (West), Mumbai – 400 015, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	23.05.1996

Com. Reg. No.:	11-099800

Capital Investment / Paid-up Capital :	Rs.78.750 Million

CIN No.: [Company Identification No.]	U24311MH1996PLC099800

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	MUML04395G

PAN No.: [Permanent Account No.]	AAACL2673B

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturing, Marketing and Distribution of Guar Gum and Allied Hydrocolloid Gums.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 8100000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Profitability of the company has declined during financial year 2014. However, the rating takes into consideration company’s established market position with strong marketing network supported by diversified product portfolio, healthy capital structure and comfortable liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	March 17, 2015

Rating Agency Name	CARE
Rating	Short term bank facilities = A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	March 17, 2015

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. Prabhu
Designation :	Senior Export Logistical Manager
Contact No.:	91-9324150016
Date :	01.04.2015

LOCATIONS

Registered/ Corporate Office / Factory :	401, Navbharat Estate, Zakaria Bunder Road, Sewri (West), Mumbai – 400015, Maharashtra, India
Tel. No.:	91-22-24158059
Fax No.:	91-22-24158074/ 75
E-Mail :	info@lucidgroup.com admin@lucidgroup.com kdalal@lucidgroup.com rprabhu@lucidcolloids.com
Website :	http://www.lucidgroup.com
Location :	Owned
Locality :	Industrial

DIRECTORS

As on 04.09.2014

Name :

Mr. Uday Chaturbhuj Merchant

Designation :

Chairman cum Managing Director

Address :

9A, Suvas Apartments, 68-F, L. Jagmohandas Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

26.11.1958

Qualification :

B.Com

Date of Appointment :

01.01.2014

PAN No.:

AABPM8503H

DIN No.:

00389598

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	U67120MH1984PTC031890	VISA HOLDINGS PRIVATE LIMITED	Director	20/01/1984	20/01/1984	-	Active	NO
2	U52300MH1993PTC074205	LUCID TRADING COMPANY PRIVATE LIMITED	Director	28/09/1993	28/09/1993	16/07/2011	Active	NO
3	U51900MH1993PTC075341	TWINING TRADING AND FINANCE PRIVATE LIMITED	Director	26/11/1993	26/11/1993	-	Active	NO
4	U15130MH1994PTC078987	LUCID FLAVITALIA PRIVATE LIMITED	Director	15/06/1994	15/06/1994	07/09/2007	Active	NO
5	U99999MH1994PTC082805	SHALOMI PROPERTIES PRIVATE LIMITED	Director	11/11/1994	11/11/1994	-	Active	NO
6	U73100MH1996PTC099799	LUCID TECHNOLOGIES PRIVATE LIMITED	Director	23/05/1996	23/05/1996	-	Active	NO
7	U24311MH1996PLC099800	LUCID COLLOIDS LIMITED	Managing director	01/01/2014	23/05/1996	-	Active	NO
8	U28920MH2002PTC136958	TAIYO LUCID PRIVATE LIMITED	Managing director	23/08/2002	23/08/2002	-	Active	NO
9	U01122RJ2006PTC023176	LUCID AGRO PRIVATE LIMITED	Director	05/10/2006	05/10/2006	-	Active	NO

Name :

Mrs. Shailaja Uday Merchant

Designation :

Whole Time Director

Address :

9A, Suvas Apartments, 68-F, L. Jagmohandas Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

19.11.1958

Qualification :

B.Sc, M.Sc in Bio Chemistry

Date of Appointment :

01.04.2014

PAN No.:

AAHPM0649Q

DIN No.:

00389482

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	U67120MH1984PTC031890	VISA HOLDINGS PRIVATE LIMITED	Director	20/01/1984	20/01/1984	-	Active	NO
2	U52300MH1993PTC074205	LUCID TRADING COMPANY PRIVATE LIMITED	Director	28/09/1993	28/09/1993	16/07/2011	Active	NO
3	U51900MH1993PTC075341	TWINING TRADING AND FINANCE P LTD	Director	26/11/1993	26/11/1993	-	Active	NO
4	U15130MH1994PTC078987	LUCID FLAVITALIA PRIVATE LIMITED	Director	15/06/1994	15/06/1994	07/09/2007	Active	NO
5	U99999MH1994PTC082805	SHALOMI PROPERTIES PRIVATE LIMITED	Director	11/11/1994	11/11/1994	-	Active	NO
6	U73100MH1996PTC099799	LUCID TECHNOLOGIES PRIVATE LIMITED	Director	23/05/1996	23/05/1996	-	Active	NO
7	U24311MH1996PLC099800	LUCID COLLOIDS LIMITED	Whole-time director	01/04/2014	23/05/1996	-	Active	NO

Name :

Mrs. Anima Bhupendra Kapadia

Designation :

Director

Address :

Gita, ‘B’ Wing, Flat No.73, 8^th Floor, Pandita Ramabai Road, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

04.07.1951

Qualification :

LLB

Date of Appointment :

04.09.2014

DIN No.:

00095831

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	U67120WB1982PTC034653	AVIK INVESTMENT AND TRADING PRIVATE LIMITED	Director	26/06/1982	26/06/1982	-	Active	NO
2	U73100MH1996PTC099799	LUCID TECHNOLOGIES PRIVATE LIMITED	Director	25/09/2013	27/05/1997	-	Active	NO
3	U24311MH1996PLC099800	LUCID COLLOIDS LIMITED	Director	04/09/2014	15/03/2000	-	Active	NO
4	L51500MH1926PLC001255	THE INDIAN HUME PIPE COMPANY LIMITED	Director	27/07/2001	27/07/2001	-	Active	NO
5	L17118WB1962PLC025503	B A AND BROTHERS (EASTERN) LIMITED	Director	21/01/2002	21/01/2002	-	Active	NO

Name :

Mr. Marezban Padam Bharucha

Designation :

Director

Address :

7/E, Harbour Heights – A, N. A. Sawant Road, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

29.10.1958

Qualification :

LLB

Date of Appointment :

04.09.2014

DIN No.:

00361911

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	U24311MH1996PLC099800	LUCID COLLOIDS LIMITED	Director	04/09/2014	15/03/2000	-	Active	NO
2	U99999MH1895NPL000121	BOMBAY INCORPORATED LAW SOCIETY	Director	18/06/2004	18/06/2004	-	Active	NO
3	L27100MH1972PLC015950	UNI-ABEX ALLOY PRODUCTS LIMITED	Director	23/08/2012	01/02/2011	-	Active	NO
4	U11201MH2000PTC129960	OIL FIELD INSTRUMENTATION (INDIA) Private Limited	Director	30/08/2011	25/03/2011	-	Active	NO
5	L72100MH1995PLC084788	CYBERTECH SYSTEMS AND SOFTWARE LIMITED	Director	28/09/2012	30/09/2011	-	Active	NO

Name :

Anand Jayant Vashi

Designation :

Director

Address :

D/5, Mehta Estate,262-B, Jaykar Marg, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

06.04.1953

Date of Appointment :

25.09.2013

DIN No.:

00003531

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	U65990MH1981PTC025866	UTTARAK ENTERPRISES PRIVATE LIMITED	Director	28/07/1990	28/07/1990	23/03/2015	Active	NO
2	L63020MH1919PLC000640	SKYLINE MILLARS LIMITED	Director	24/09/2014	25/05/1993	-	Active	NO
3	U29240MH1971PTC015240	MILLARS MACHINERY CO PVT LIMITED	Director	09/10/1996	09/10/1996	23/03/2015	Active	NO
4	U65991MH1995PTC095500	FRANKLIN TEMPLETON TRUSTEE SERVICES PRIVATE LIMITED	Director	23/01/2015	22/04/1997	-	Active	NO
5	U73100MH1996PTC099799	LUCID TECHNOLOGIES PRIVATE LIMITED	Director	25/09/2013	27/05/1997	-	Active	NO
6	U29299MH1999PTC120374	MILLARS CONCRETE TECHNOLOGIES PRIVATE LIMITED	Director	17/06/1999	17/06/1999	18/08/2010	Active	NO
7	U01122RJ2006PTC023176	LUCID AGRO PRIVATE LIMITED	Director	09/07/2011	09/09/2010	-	Active	NO
8	U24311MH1996PLC099800	LUCID COLLOIDS LIMITED	Director	25/09/2013	08/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Yogesh Vasantlal Vaza
Designation :	Secretary
Address :	B-102, 1^st Floor, Janki Niwas CHS Limited, Tapovan, Rani Sati Marg, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	05.06.1974
Date of Appointment :	01.04.2013

Name :	Mr. Suresh Devadiga
Designation :	Finance Head

Name :	Mr. Prabhu
Designation :	Senior Export Logistical Manager

MAJOR SHAREHOLDERS

As on 04.09.2014

Names of Shareholders	No. of Shares
Uday C. Merchant	903182
Shailaja U. Merchant	398529
Lucid Technologies Private Limited, India	1
Lucid Flavitalia Private Limited, India	1
Visa Holdings Private Limited, India	2385501
Uday C. Merchant Jt. With Shailaja U. Merchant	1879400
Uday C. Merchant HUF	205370
Shailaja U Merchant Jt. With Uday C. Merchant	644400
Dhruti A. Vashi	76
Kunal U. Merchant Jt. With Mrs. Shailaja U. Merchant	1184940
Paolomi U. Merchant Jt. With Mrs. Shailaja U. Merchant	273600
Total	7875000

As on 04.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	30.29
Directors or relatives of Directors	69.71
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Marketing and Distribution of Guar Gum and Allied Hydrocolloid Gums.

Products :

Item Code No. (ITC Code)	Product Description
13023230	Gaur Gum Powder

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Guar Gum and Allied Hydrocolloid

Countries :

USA
Asian Countries
European Countries
Gulf Countries

Imports :

Products :

Guar Gum and Allied Hydrocolloid

Countries :

Russia
China
Japan

Terms :

Selling :

Cash, Cheque and Credit

Purchasing :

Cash, Cheque and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

100 (Approximately)

Bankers :

Standard Chartered Bank, Credit Documentation Unit, Narain Manzil, 23 Barakhambha Road, New Delhi – 110001, India
Kotak Mahindra Bank Limited
Bank Of Baroda, Nariman Point, Mumbai, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Other Loans and Advances	684.393	381.103
Total	684.393	381.103

Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountants
Address :	Kalpataru Heritage, 127, Mahatma Gandhi Road, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-61587200
Fax No.:	91-22-22673964
PAN No.:	AAAFK7554R

Memberships :	Not Available

Collaborators :	Not Available

Subsidiaries :	Lucid Colloids Middle East FZE, United Arab Emirates Lucid Colloids America Incorporated, United States Lucid Colloids Europe Limited, United Kingdom Lucid Flavitalia Private Limited, India Visa Holdings Private Limited, India Lucid Technologies Private Limited, India M/s. Lucid, India Taiyo Lucid Private Limited, India

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/-each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

7875000	Equity Shares	Rs.10/-each	Rs.78.750 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	78.750	78.750	78.750
(b) Reserves & Surplus	2767.897	2612.625	1136.716
(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)	2846.647	2691.375	1215.466

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	178.699
(b) Deferred tax liabilities (Net)	25.488	20.855	15.295
(c) Other long term liabilities	9.963	0.249	0.120
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	35.451	21.104	194.114

(4) Current Liabilities
(a) Short term borrowings	684.393	381.103	831.161
(b) Trade payables	34.510	11.967	720.173
(c) Other current liabilities	56.602	34.907	338.831
(d) Short-term provisions	1.581	112.729	335.714
Total Current Liabilities (4)	777.086	540.706	2225.879

TOTAL	3659.184	3253.185	3635.459

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	586.846	592.648	493.557
(ii) Intangible Assets	9.422	10.645	0.371
(iii) Capital work-in-progress	315.226	9.828	75.940
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	98.439	102.713	87.157
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	119.820	63.526	23.167
(e) Other Non-current assets	1.945	0.000	0.000
Total Non-Current Assets	1131.698	779.360	680.192

(2) Current assets
(a) Current investments	261.459	656.336	0.000
(b) Inventories	489.516	594.172	1718.192
(c) Trade receivables	1054.019	745.613	558.271
(d) Cash and cash equivalents	617.709	341.722	3.157
(e) Short-term loans and advances	102.662	132.660	673.368
(f) Other current assets	2.121	3.322	2.279
Total Current Assets	2527.486	2473.825	2955.267

TOTAL	3659.184	3253.185	3635.459

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	5638.191	7395.572	7397.954
	Other Income	44.869	56.472	1.803
	TOTAL	5683.060	7452.044	7399.757

Less	EXPENSES
	Cost of Materials Consumed	4535.279	4273.696	5171.410
	Purchases of Stock-in-Trade	76.053	87.243	175.218
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	69.012	62.547	(238.495)
	Employees benefits expense	291.353	190.057	69.099
	Other expenses	383.240	384.178	537.818
	TOTAL	5354.937	4997.721	5715.050

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	328.123	2454.323	1684.707

Less	FINANCIAL EXPENSES	7.676	45.595	206.917

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	320.447	2408.728	1477.790

Less/ Add	DEPRECIATION/ AMORTISATION	69.543	65.733	37.819

	PROFIT/ (LOSS) BEFORE TAX	250.904	2342.995	1439.971

Less	TAX	95.633	775.560	503.856

	PROFIT/ (LOSS) AFTER TAX	155.271	1567.435	936.115

	Earnings / (Loss) Per Share (Rs.)	19.72	199.04	118.87

Expected Sales (2014-2015): Rs.6000.000 Million

The above information has been parted by Mr. Prabhu (Senior Export Logistical Manager).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012

Net Profit Margin PAT / Sales	(%)	2.73	21.03	12.65

Operating Profit Margin (PBDIT/Sales)	(%)	5.81	33.18	22.77

Return on Total Assets (PBT/Total Assets}	(%)	7.73	74.60	41.47

Return on Investment (ROI) (PBT/Networth)		0.09	0.87	1.18

Debt Equity Ratio (Total Liability/Networth)		0.24	0.14	0.83

Current Ratio (Current Asset/Current Liability)		3.25	4.58	1.33

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	78.750	78.750	78.750
Reserves & Surplus	1136.716	2612.625	2767.897
Net worth	1215.466	2691.375	2846.647

long-term borrowings	178.699	0.000	0.000
Short term borrowings	831.161	381.103	684.393
Total borrowings	1009.860	381.103	684.393
Debt/Equity ratio	0.831	0.142	0.240

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	7397.954	7395.572	5638.191
		(0.032)	(23.763)

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	7397.954	7395.572	5638.191
Profit	936.115	1567.435	155.271
	12.65%	21.19%	2.75%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	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

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10553792	04/03/2015	20,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, Maharashtra - 400013, INDIA	C45974151
2	10547067	15/01/2015	220,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, Maharashtra - 400013, INDIA	C42451617
3	10530196	03/11/2014	450,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, INDIA	C32946899
4	90213664	17/11/2014 *	1,465,000,000.00	BANK OF BARODA	NARIMAN POINT BRANCH, FORESHORE BUILDING, GEN BHOSALE MARG,NR.SACHIVALAYA GYM, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	C36637445

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.92.45
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	SAN

Analysis Done by :	KAR

Report Prepared by :	PNM

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
--PROFITABILIRY	1~10	3
--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		46

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.

MIRA INFORM REPORT

5.81

Unit