MIRA INFORM REPORT

Report No. :	353503
Report Date :	15.12.2015

IDENTIFICATION DETAILS

Name :	SAJJAN INDIA LIMITED
Formerly Known As :	SAJJAN IMPEX LIMITED (w.e.f. 01.07.1990) SAJJAN IMPEX PRIVATE LIMITED
Registered Office :	Matulya Centre, ‘A’ 12, Ground Floor, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra
Tel No.:	91-22-67300700 / 24974400 / 24974401 / 24975700
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.09.1983
Com. Reg. No.:	11-030874
Capital Investment / Paid-up Capital :	Rs.38.191 Million
CIN No.: [Company Identification No.]	U51900MH1983PLC030874
IEC No.:	0388005131
TAN No.: [Tax Deduction & Collection Account No.]	MUMS42160G
PAN No.: [Permanent Account No.]	AAACS6498M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Marketing of Dye And Agro Intermediates, Agro Chemicals, and Specialty Chemicals used in Pharmaceuticals, Agrochemicals, Dyes, Pigments, And Electronics. (Registered Activity)
No. of Employees :	Information denied by the management

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 11600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-built company came into existence in 1983. It is engaged in the business of manufacturing and marketing of dye and agro intermediates, agro chemicals and specialty chemicals used in pharmaceuticals, agrochemicals, dyes, pigments and electronics. It has a fine track record. For the financial year ended 2014, the company possesses upstanding operational performance and it has achieved top line growth of 28.58% across with profitability margin of 19.75%. Rating also takes into consideration the impressive balance sheet of the company having strong net worth and favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments terms result to be regular and as per commitment. The company can be considered good for normal 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

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 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE

(TEL. NO.: 91-22-67300700)

LOCATIONS

Registered / Head Office :	Matulya Centre, ‘A’ 12, Ground Floor, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-67300700 / 24974400 / 24974401 / 24975700
Fax No.:	91-22-24950588 / 24951098
E-Mail :	sajjan@bom2.vsnl.net.in sil@sajjan.com mehta@sajjan.com
Website :	http://www.sajjan.com
Factory :	Plot No.6117-19, GIDC, Ankleshwar, District Bharuch – 393 003, Gujarat, India
Dahej - New Site :	Located at: · Dahej, Gujarat, India
Representative Offices :	Located at: · North America · Japan

DIRECTORS

As on 25.09.2014

Name :

Mr. Kartikeya Maheshwari

Designation :

Director

Address :

507, Raheja Centre, 214, Nariman Point, Mumbai – 400 021, Maharashtra, India

Date of Birth/Age :

28.10.1974

Date of Appointment :

12.08.2004

DIN No.:

00078494

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	U99999MH1961PTC012229	UNIVERSAL CHEMICALS AND INDUSTRIES PRIVATE LIMITED	Whole-time director	01/12/2010	05/07/1994	-	Active	NO
2	U51900MH1946PTC004815	JAYASHREE TRADERS PRIVATE LIMITED	Whole-time director	01/08/2011	01/01/1996	-	Active	NO
3	U24246MH1969PTC014478	IIRNS PUBLICATIONS PRIVATE LIMITED	Director	31/07/1996	31/07/1996	23/07/2008	Converted to LLP and dissolved	NO
4	U67120MH1980PTC023349	RIVIERA INVESTORS PRIVATE LIMITED	Director	02/11/1998	02/11/1998	-	Active	NO
5	U74140MH1978PTC020492	UNIVERSAL LABORATORIES PRIVATE LIMITED	Director	01/02/1999	01/02/1999	13/05/2010	Converted to LLP and dissolved	NO
6	U51900MH1983PLC030874	SAJJAN INDIA LIMITED	Director	12/08/2004	12/08/2004	19/12/2014	Active	NO
7	U24119MH2006PTC164256	UNIVERSAL FINE CHEMICALS PRIVATE LIMITED	Director	01/09/2006	01/09/2006	20/12/2008	Active	NO
8	U24233MH2007PLC170668	SAJJAN SPECIALTY LIMITED	Director	08/05/2007	08/05/2007	19/12/2014	Active	NO
9	AAD-3520	IIRNS PUBLICATIONS LLP	Designated Partner	12/02/2015	12/02/2015	-	Active	NO

Name :

Mr. Madhav Prasad Aggarwal

Designation :

Director

Address :

15-B, Darbhanga Mansion, 3^rd Floor, 12, Carmichael Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

21.09.1962

Date of Appointment :

25.12.1997

DIN No.:

00109434

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51900MH1953PTC009132	AGARWAL MARKETING PRIVATE LIMITED	Director	04/02/1985	04/02/1985	Active	NO
2	U25110MH1988PTC049781	SAJJAN OVERSEAS PRIVATE LIMITED	Director	25/11/1988	25/11/1988	Active	NO
3	U24246MP1974PTC001269	SAJJAN CHEMICALS PVT LTD	Director	01/09/1997	01/09/1997	Active	NO
4	U51900MH1983PLC030874	SAJJAN INDIA LIMITED	Director	25/12/1997	25/12/1997	Active	NO
5	U24233MH2007PLC170668	SAJJAN SPECIALTY LIMITED	Director	08/05/2007	08/05/2007	Active	NO
6	U51900MH2007PTC170918	AGRASEN IMPEX PRIVATE LIMITED	Director	17/05/2007	17/05/2007	Active	NO
7	U24233MH2010PTC198856	AGRASEN DYES & INTERMEDIATES PRIVATE LIMITED	Director	13/01/2010	13/01/2010	Active	NO
8	U70102MH2011PTC217100	AGARWAL VENTURES PRIVATE LIMITED	Director	05/05/2011	05/05/2011	Active	NO
9	U45203MH2012PTC225944	AGARWAL SKY HEIGHTS VENTURES PRIVATE LIMITED	Director	11/01/2012	11/01/2012	Active	NO
10	U45400MH2012PTC226148	AGARWAL HERITAGE PRIVATE LIMITED	Director	17/01/2012	17/01/2012	Active	NO

Name :

Mr. Raj Kumar Seksaria

Designation :

Whole-time Director

Address :

A-3, HImbndu, Sector-10, Navi Mumbai – 400 703, Maharashtra, India

Date of Birth/Age :

12.12.1951

Date of Appointment :

02.05.2010

DIN No.:

02604654

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51900MH1983PLC030874	SAJJAN INDIA LIMITED	Whole-time director	02/05/2010	16/03/2009	Active	NO
2	U24110MH1996PTC104121	SAJJAN CHEMICALS & INVESTMENTS PRIVATE LIMITED	Director	30/09/2009	20/03/2009	Active	NO
3	U24233MH2007PLC170668	SAJJAN SPECIALTY LIMITED	Director	30/09/2009	20/03/2009	Active	NO
4	U51909MH2011PTC220827	ABHAY VENTURES PRIVATE LIMITED	Director	10/08/2011	10/08/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Mehta
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2014

Names of Shareholders	No. of Shares	%age
Priyanka M. Agarwal	64500	1.69
M. P. Agarwal HUF	955400	25.02
Sushama M. Agarwal	124000	3.25
Priyata International, India held in the name of M. P. Agarwal	700000	18.33
Om International, India held in the name of Sushama Agarwal	364000	9.53
Sajjan Overseas Private Limited, India	140000	3.67
Agarwal Marketing Private Limited, India	977200	25.59
Manisha Saraf	10	0.00
Madhav Prasad Agarwal	493990	12.93
Total	3819100	100.00

As on 25.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	29.25
Directors or relatives of Directors	42.89
Other	27.86
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Dye And Agro Intermediates, Agro Chemicals, and Specialty Chemicals used in Pharmaceuticals, Agrochemicals, Dyes, Pigments, And Electronics. (Registered Activity)

Products :

Item Code No. (ITC Code)	Product Description
29222911	PNOAP

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	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 :	--

No. of Employees :

Information denied by the management

Bankers :

· ABN Amro Bank N.V.

74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

· Citibank N. A.

First International Financial Centre, 9^th Floor, Plot No.C-54, C-55, G-Block, BKC, Bandra, Mumbai – 400051, Maharashtra, India

· Kotak Mahindra Bank Limited

Mittal Towers, A-Wing, Ground Floor, 210 Nariman Point, Mumbai – 400021, Maharashtra, India

· Standard Chartered Bank

Crescenzo, 3A/F, Plot No.C-38 and C-39, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Rupee term loans from banks	556.778	100.000
Foreign currency term loans from banks	219.245	283.682
Total	776.023	383.682

Auditors :
Name :	Shankarlal Jain and Associates Chartered Accountants
Address :	12, Engineer Building, 265, Princess Street, Mumbai - 400002, Maharashtra, India
PAN No. :	AACFS6967Q
Memberships :	--
Collaborators :	--
Subsidiaries :	· Abhay Ventures Private Limited (CIN No.: U51909MH2011PTC220827) · Agarwal Heritage Private Limited (CIN No.: U45400MH2012PTC226148) · Agarwal Sky Heights Ventures Private Limited (CIN No.: U45203MH2012PTC225944) · Agarwal Ventures Private Limited (CIN No.: U70102MH2011PTC217100) · Agrasen Dyes and Intermediates Private Limited (CIN No.: U24233MH2010PTC198856) · Agrasen Impex Private Limited (CIN No.: U51900MH2007PTC170918) · Sajjan Specialty Limited (CIN No.: U24233MH2007PLC170668)
Associates :	Sajjan Chemicals Private Limited (CIN No.: U24246MP1974PTC001269)

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
3819100	Equity Shares	Rs.10/- each	Rs.38.191 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	38.191	38.191	38.191
(b) Reserves & Surplus	4021.746	4627.459	4121.217
(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)	4059.937	4665.650	4159.408
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	776.023	383.682	235.801
(b) Trade payables	562.697	396.694	327.033
(c) Other current liabilities	74.779	75.058	72.657
(d) Short-term provisions	185.135	6.123	4.560
Total Current Liabilities (4)	1598.634	861.557	640.051
TOTAL	5658.571	5527.207	4799.459
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	778.833	861.220	687.424
(ii) Intangible Assets	0.624	0.824	1.024
(iii) Capital work-in-progress	75.190	18.020	114.907
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1474.619	1336.671	414.363
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	457.108	536.790	644.315
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2786.374	2753.525	1862.033
(2) Current assets
(a) Current investments	332.884	584.124	1245.958
(b) Inventories	1212.590	874.123	723.861
(c) Trade receivables	968.654	917.955	580.128
(d) Cash and cash equivalents	14.278	13.803	11.444
(e) Short-term loans and advances	321.680	354.211	361.621
(f) Other current assets	22.111	29.466	14.414
Total Current Assets	2872.197	2773.682	2937.426
TOTAL	5658.571	5527.207	4799.459

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4694.497	3647.629	2780.988
		Other Income	163.386	130.425	129.935
		TOTAL	4857.883	3778.054	2910.923
Less	EXPENSES
		Cost of Materials Consumed	2519.462	1918.269	1352.166
		Purchases of Stock-in-Trade	31.184	28.011	78.866
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(250.618)	(70.905)	24.209
		Employees benefits expense	221.917	205.836	147.442
		Other expenses	906.517	884.231	673.093
		TOTAL	3428.462	2965.442	2275.776
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1429.421	812.612	635.147
Less	FINANCIAL EXPENSES		34.720	11.214	6.021
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1394.701	801.398	629.126
Less/ Add	DEPRECIATION/ AMORTISATION		167.046	151.467	145.031
	PROFIT/ (LOSS) BEFORE TAX		1227.655	649.931	484.095
Less	TAX		267.999	130.001	100.000
	PROFIT/ (LOSS) AFTER TAX		959.656	519.930	384.095
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	3277.648	2411.574
		Other Earnings	NA	0.000	0.703
	TOTAL EARNINGS		NA	3277.648	2412.277
	IMPORTS
		Raw Materials	NA	681.978	318.853
	Earnings / (Loss) Per Share (Rs.)		251.28	136.14	100.57

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net Cash Flow from used in Operations	1141.348	371.174	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	20.44	14.25	13.81
Operating Profit Margin (PBDIT/ Sales)	(%)	30.45	22.28	22.84
Return on Total Assets (PBT/Total Assets}	(%)	29.88	15.58	11.34
Return on Investment (ROI) (PBT/Networth)		0.30	0.14	0.12
Debt Equity Ratio (Total Liability /Networth)		0.19	0.08	0.06
Current Ratio (Current Asset/Current Liability)		1.80	3.22	4.59

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	38.191	38.191	38.191
Reserves & Surplus	4121.217	4627.459	4021.746
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4159.408	4665.650	4059.937
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	235.801	383.682	776.023
Total borrowings	235.801	383.682	776.023
Debt/Equity ratio	0.057	0.082	0.191

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	2780.988	3647.629	4694.497
		31.163	28.700

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	2780.988	3647.629	4694.497
Profit	384.095	519.930	959.656
	13.81%	14.25%	20.44%

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	No
8	Designation of contact person	No
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	No
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

INDEX OF CHARGED

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10480652	13/01/2014	250,000,000.00	ING VYSYA BANK LIMITED	MITTAL TOWERS,A-WING,GROUND FLOOR, 210 NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B97615074
2	10471765	02/01/2014	250,000,000.00	CITIBANK N. A.	FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR, PLOT NO.C-54, C-55, G-BLOCK, BKC, BANDRA, MUMBAI - 400051, MAHARASHTRA, INDIA	B94088895
3	10182498	01/07/2013 *	400,000,000.00	STANDARD CHARTERED BANK	CRESCENZO, 3A/F, PLOT NO. C-38 AND C-39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI - 400051, MAHARASHTRA, INDIA	B81720625
4	90235417	18/09/1989	5,000,000.00	BANK OF INDIA	BOMBAY OVERSEAS BRANCH, 3RD FLOOR; C WING MITTAL TOWER ; NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA	-
5	90235340	18/08/1993 *	3,500,000.00	BANK OF INDIA	BOMBAY OVERSEAS BRANCH, 3RD FLOOR; C WING MITTAL TOWER ; NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

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.66.99
UK Pound	1	Rs.101.78
Euro	1	Rs.73.47

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	TRI
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
-- PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

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.