MIRA INFORM REPORT

Report No. :	338528
Report Date :	26.08.2015

IDENTIFICATION DETAILS

Name :	SARAF CHEMICALS PRIVATE LIMITED (W.E.F. 18.08.2014) SAREX OVERSEAS (A DIVISION OF SARAF CHEMICALS PRIVATE LIMITED)
Formerly known As :	SARAF CHEMICALS LIMITED
Registered Office :	501/502 , Waterford Building, 'C' Wing, C.D. Barfiwala Marg , Andheri (West), Mumbai – 400058, Maharashtra
Tel. No.:	91-22-42184218 / 61285566
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.07.1984
Com. Reg. No.:	11-033486
Capital Investment / Paid-up Capital :	Rs.63.100 Million
CIN No.: [Company Identification No.]	U24100MH1984PTC033486
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCS8425M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of chemicals for the textile industry, dyes, and pharma chemicals.
No. of Employees :	Information declined by the management.

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old and established company incorporated during the year 1984 having a satisfactory track record. Available financial indicates company sound financial risk profile marked by healthy networth position with low borrowings and decent profitability of the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. In view of long track record and acceptable financial base, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Rating Agency Name	India Rating
Rating	Long term issuer rating = IND (BBB-)
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	28 March 2014

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Kishor
Designation :	General Manager in Finance
Contact No.:	91-22-42184218
Date :	25.08.2015

LOCATIONS

Registered Office :	501/502 , Waterford Building, 'C' Wing, C.D. Barfiwala Marg , Andheri (West), Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-42184218 / 61285566
Fax No.:	91-22-42184350
E-Mail :	sarex@vsnl.com acct@sarex.com sales@saraf.global.net.in fchem@sarex.com
Website :	www.sarex.com
Factory :	Plot No. N129, N130, N131, N132, N232, MIDC, Tarapur – 401506, Maharashtra, India

DIRECTORS

As on 20.09.2014

Name :

Mr. Ashok Mahavirprasad Saraf

Designation :

Managing Director

Address :

Kiran - 12 - Presidency Society, N. S. Road No 8, J.V.P.D. Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

18.03.1956

Qualification :

B.Com, DBM, DFM

Experience :

38 Years

Date of Appointment :

01.04.2012

DIN No.:

01627873

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	U24100MH1984PTC033486	SARAF CHEMICALS Private Limited	Managing director	01/04/2012	20/07/1984	-	Active	NO
2	U51900MH1998PTC112897	SUPERTEX CHEMICALS PRIVATE LIMITED	Director	17/01/1998	17/01/1998	-	Active	NO
3	U24239MH1998PTC115270	SAREX ORGANICS PRIVATE LIMITED	Director	08/06/1998	08/06/1998	-	Active	NO
4	U91990MH2004NPL148221	TARAPUR ENVIRONMENT PROTECTION SOCIETY	Director	28/08/2004	28/08/2004	-	Active	NO
5	U70100MH2005PTC154506	NEELKAMAL REALTORS SUBURBAN PRIVATE LIMITED	Managing director	01/12/2009	05/07/2005	-	Active	NO
6	U80902MH2006PTC165137	BOOLEAN INFORMATION SYSTEMS PRIVATE LIMITED	Director	13/10/2006	13/10/2006	-	Active	NO
7	U51909MH2006PTC165575	SHIVA MULTITRADE PRIVATE LIMITED	Director	15/11/2006	15/11/2006	-	Active	NO
8	U45201MH2006PTC165577	SHIVA REALTORS SUBURBAN PRIVATE LIMITED	Director	15/11/2006	15/11/2006	-	Active	NO
9	U45201MH2006PTC165576	SHIVA BUILDCON PRIVATE LIMITED	Director	15/11/2006	15/11/2006	-	Active	NO
10	U72200PN2004PTC019775	QUEXST SOLUTIONS PRIVATE LIMITED	Director	14/08/2007	05/07/2007	-	Active	NO
11	U45400MH2007PTC175718	PUSHPAK BUILDTECH PRIVATE LIMITED	Director	10/12/2007	10/12/2007	-	Active	NO
12	U70102MH2007PTC174061	ETERNA REALTY PRIVATE LIMITED	Director	30/09/2008	12/12/2007	18/08/2012	Strike off	NO
13	L99999MH1961PLC012185	BALKRISHNA INDUSTRIES LIMITED	Director	29/05/2008	29/05/2008	-	Active	NO

Name :

Mr. Naresh Salgiya

Designation :

Director

Address :

Building No.16, Flat No. 201, Saibaba Nagar,Boisar, Boisar - 401501, Maharashtra, India

Date of Birth/Age :

09.12.1957

Date of Appointment :

15.09.2008

DIN No.:

01914141

Name :

Mr. Prakash Mahavirprasad Saraf

Designation :

Whole-Time Director

Address :

12, Kiran, N. S. Road No.8, J.V.P.D Scheme, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

17.09.1962

Qualification :

B.SC

Experience :

32 Years

Date of Appointment :

01.04.2012

DIN No.:

00479252

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	U24100MH1984PTC033486	SARAF CHEMICALS Private Limited	Whole-time director	01/04/2012	31/12/1984	-	Active	NO
2	U51900MH1998PTC112897	SUPERTEX CHEMICALS PRIVATE LIMITED	Director	17/01/1998	17/01/1998	-	Active	NO
3	U24239MH1998PTC115270	SAREX ORGANICS PRIVATE LIMITED	Director	08/06/1998	08/06/1998	-	Active	NO
4	U80902MH2006PTC165137	BOOLEAN INFORMATION SYSTEMS PRIVATE LIMITED	Director	13/10/2006	13/10/2006	-	Active	NO
5	U45201MH2006PTC165576	SHIVA BUILDCON PRIVATE LIMITED	Additional director	12/12/2006	12/12/2006	25/08/2009	Active	NO
6	U45201MH2006PTC165577	SHIVA REALTORS SUBURBAN PRIVATE LIMITED	Additional director	22/12/2006	22/12/2006	25/08/2009	Active	NO
7	U72200PN2004PTC019775	QUEXST SOLUTIONS PRIVATE LIMITED	Director	14/08/2007	05/07/2007	-	Active	NO
8	U45400MH2007PTC175718	PUSHPAK BUILDTECH PRIVATE LIMITED	Director	10/12/2007	10/12/2007	-	Active	NO

Name :

Mr. Naresh Mahavirprasad Saraf

Designation :

Whole-Time Director

Address :

12, Kiran, N. S. Road No.8, J.V.P.D Scheme, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

11.06.1957

Qualification :

B.SC, P.hd

Experience :

37 Years

Date of Appointment :

31.12.1984

DIN No.:

00479251

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	U24100MH1984PTC033486	SARAF CHEMICALS Private Limited	Whole-time director	01/04/2012	31/12/1984	-	Active	NO
2	U51900MH1998PTC112897	SUPERTEX CHEMICALS PRIVATE LIMITED	Director	17/01/1998	17/01/1998	-	Active	NO
3	U24239MH1998PTC115270	SAREX ORGANICS PRIVATE LIMITED	Director	08/06/1998	08/06/1998	-	Active	NO
4	U80902MH2006PTC165137	BOOLEAN INFORMATION SYSTEMS PRIVATE LIMITED	Director	13/10/2006	13/10/2006	-	Active	NO
5	U45201MH2006PTC165576	SHIVA BUILDCON PRIVATE LIMITED	Additional director	22/12/2006	22/12/2006	25/08/2009	Active	NO
6	U45201MH2006PTC165577	SHIVA REALTORS SUBURBAN PRIVATE LIMITED	Additional director	22/12/2006	22/12/2006	25/08/2009	Active	NO
7	U72200PN2004PTC019775	QUEXST SOLUTIONS PRIVATE LIMITED	Director	14/08/2007	05/07/2007	-	Active	NO
8	U45400MH2007PTC175718	PUSHPAK BUILDTECH PRIVATE LIMITED	Director	10/12/2007	10/12/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kishor
Designation :	General Manager in Finance

MAJOR SHAREHOLDERS

As on 20.09.2014

Names of Shareholders	No. of Shares
Mahavirprasad G. Saraf	900000
Ashok M. Saraf	280000
Ashok M. Saraf (HUF)	1110000
N.A Trust	125000
Naresh M. Saraf	280000
Naresh M. Saraf HUF	838500
Priyanka Trust	90000
Shilpa P. Saraf	124000
Niharlka TRUST	188500
Prakash M. Saraf	280000
Prakash M. Saraf HUF	686000
Neera A. Saraf	185000
Renu N. Saraf	303000
Yash Trust	334000
Aashna Trust	276000
Real Gem Buildtech Private Limited	310000
Total	6310000

As on 20.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	4.91
Directors or relatives of Directors	95.09
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of chemicals for the textile industry, dyes, and pharma chemicals.
Products :	Dyes Pharma Chemicals
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

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 :

Information declined by the management.

Bankers :

Banker Name	ING Vysya Bank Limited
Branch Address	Patel Chambers, Ground Floor, Sandhurst Bridge, Opera House, Mumbai – 400007, Maharashtra, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Debentures	0.000	50.000
Term Loans	228.709	112.476
SHORT TERM BORROWING
Working capital loans from banks	6.857	135.946
Total	235.566	298.422

Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Tower 3, 27^th - 32^nd Floor, India Bulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone, Mumbai, Maharashtra, India
PAN No.:	AACFT4815A
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary company :	Quexst Solutions 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
6310000	Equity Shares	Rs.10/- each	Rs.63.100 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	63.100	63.100	63.100
(b) Reserves & Surplus	346.907	228.976	169.508
(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)	410.007	292.076	232.608
(3) Non-Current Liabilities
(a) long-term borrowings	278.709	193.041	288.128
(b) Deferred tax liabilities (Net)	86.857	74.428	56.465
(c) Other long term liabilities	15.552	19.911	31.002
(d) long-term provisions	1.802	1.362	1.332
Total Non-current Liabilities (3)	382.920	288.742	376.927
(4) Current Liabilities
(a) Short term borrowings	6.857	135.946	89.829
(b) Trade payables	290.084	274.734	261.554
(c) Other current liabilities	97.074	118.911	115.655
(d) Short-term provisions	7.527	3.885	4.529
Total Current Liabilities (4)	401.542	533.476	471.567
TOTAL	1194.469	1114.294	1081.102
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	626.391	657.734	675.845
(ii) Intangible Assets	0.000	5.574	6.308
(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	7.563	7.563	7.563
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	33.385	48.379	38.974
(e) Other Non-current assets	5.526	5.381	4.562
Total Non-Current Assets	672.865	724.631	733.252
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	83.977	69.631	84.306
(c) Trade receivables	282.084	247.639	224.783
(d) Cash and cash equivalents	50.924	0.971	2.456
(e) Short-term loans and advances	104.550	70.996	36.147
(f) Other current assets	0.069	0.426	0.158
Total Current Assets	521.604	389.663	347.850
TOTAL	1194.469	1114.294	1081.102

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from sale of products (Gross Revenue)	1566.079	1312.179	1213.820
	Less: Excise duty	NA	100.785	87.678
	Revenue from operations	NA	1211.394	1126.142
	Other Income	NA	2.981	1.100
	TOTAL	NA	1214.375	1127.242
Less	EXPENSES
	Cost of Materials Consumed		762.177	752.226
	Purchases of Stock-in-Trade		0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		13.740	3.985
	Employees benefits expense		77.476	58.139
	Other expenses		187.214	172.799
	TOTAL	NA	1040.607	987.149
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	289.225	173.768	140.093
Less	FINANCIAL EXPENSES	46.643	49.651	49.560
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	242.582	124.117	90.533
Less/ Add	DEPRECIATION/ AMORTISATION	38.463	34.694	34.787
	PROFIT/ (LOSS) BEFORE TAX	204.119	89.423	55.746
Less	TAX	78.868	26.264	11.050
	PROFIT/ (LOSS) AFTER TAX	125.251	63.159	44.696
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	105.724	51.256	12.227
Less	APPROPRIATIONS
	Transfer to General Reserve	6.310	3.155	3.155
	Dividend	1.010	0.536	0.512
	Tax on Dividend	5.000	5.000	2.000
	Total	12.320	8.691	5.667
	Balance Carried to the B/S	218.655	105.724	51.256
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	850.891	659.097	642.767
	TOTAL EARNINGS	850.891	659.097	642.767
	IMPORTS
	Raw Materials	121.315	89.916	79.030
	Capital Goods	0.000	0.000	0.500
	Foreign Traveling Expenses	6.608	2.070	3.778
	Advertisement	0.425	0.990	2.150
	Others	1.840	0.399	0.976
	TOTAL IMPORTS	130.188	93.375	86.434
	Earnings / (Loss) Per Share (Rs.)	19.84	10.00	7.08

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	51.794	102.841	106.171
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	231.438	149.578	158.995

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	8.00	5.21	3.97
Operating Profit Margin (PBDIT / Sales)	(%)	18.47	14.34	12.44
Return on Total Assets (PBT/Total Assets}	(%)	17.20	8.08	5.19
Return on Investment (ROI) (PBT/Networth)		0.50	0.31	0.24
Debt Equity Ratio (Total Debt/Networth)		0.82	1.48	2.08
Current Ratio (Current Asset/Current Liability)		1.30	0.73	0.74

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	63.100	63.100	63.100
Reserves & Surplus	169.508	228.976	346.907
Net worth	232.608	292.076	410.007
long-term borrowings	288.128	193.041	278.709
Short term borrowings	89.829	135.946	6.857
Current Maturities of Long Term Debt	106.171	102.841	51.794
Total borrowings	484.128	431.828	337.360
Debt/Equity ratio	2.081	1.478	0.823

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)
Revenue from sale of products (Gross Revenue)	1213.820	1312.179	1566.079
		8.103	19.349

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from sale of products (Gross Revenue)	1213.820	1312.179	1566.079
Profit	44.696	63.159	125.251
	3.68%	4.81%	8.00%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

Note:

Registered address has been shifted from the 201, Kakad Chambers, 132 Dr. A. B. Road, Worli, Mumbai – 400018, Maharashtra, India to the present address w.e.f. 24.08.2009.

OPERATIONS

The gross revenue during the year is Rs.1566.079 Million as against Rs.1312.179 Million in the previous year, indicating a growth of 19.35 % over the previous year.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Deferred sales tax loan	0.000	30.565
Total	0.000	30.565

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10551065	12/02/2015	150,000,000.00	THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60,MAHATMA GANDHI ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	C44574804
2	10463887	10/10/2013	150,000,000.00	ING VYSYA BANK LIMITED	PATEL CHAMBERS,GROUND FLOOR,, SANDHURST BRIDGE,OPERA HOUSE, MUMBAI - 400007, MAHARASHTRA, INDIA	B90997461
3	10431577	10/01/2014 *	50,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B95651352
4	10175515	20/08/2009	5,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A69538551
5	80035542	05/09/2007 *	56,500,000.00	INDIAN OVERSEAS BANK	KAKAD CHAMBERS, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	A22505705
6	90235388	28/03/2014 *	683,300,000.00	INDIAN OVERSEAS BANK	C 201, WATERFORD BUILDING, JUHU LANE, ANDHERI (WEST), MUMBAI - 400058, MAHARASHTRA, INDIA	C04155776
7	90239379	12/12/2005 *	100,000.00	INDIAN OVERSES BANK	WORLIBRANCH; KAKAD CHEMBER; 132 DR. A.B. ROAD, MUMBAI - 400018, MAHARASHTRA, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• 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.66.70
UK Pound	1	Rs.105.10
Euro	1	Rs.77.10

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	DIV
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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	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		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.