MIRA INFORM REPORT

Report No. :	354766
Report Date :	15.12.2015

IDENTIFICATION DETAILS

Name :	VISWAAT CHEMICALS LIMITED
Formerly Known As :	VISWAAT CHEMICALS PRIVATE LIMITED (w.e.f.09.12.1997) VISWAT CHEMICALS DEALERS PRIVATE LIMITED
Registered Office :	Viswaat 7, Satsang Complex, Upper Govind Nagar, L S Raheja Marg, Malad (East), Mumbai – 400097, Maharashtra
Tel. No.:	91-22-28740365
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	09.07.1996
Com. Reg. No.:	11-100815
Capital Investment / Paid-up Capital :	Rs.50.448 Million
CIN No.: [Company Identification No.]	U51496MH1996PLC100815
IEC No.:	0398068747
TAN No.: [Tax Deduction & Collection Account No.]	MUMV09746C
PAN No.: [Permanent Account No.]	AAACV4184B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter of Chemical for Textile. Leather and Surfactants. (Confirmed by management)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 was established in the year 1996 and it is engaged in manufacturing and exporting of chemicals. Its products include alpha propylene chlorohydrin, glycol esters, ethoxylates such as alkyl phenol, castor oil, fatty acid, polyethylene glycols, styrenated phenol etc.; tri Isopropanol amine and bisphenol a propoxylate. The firm caters to industries such as agriculture, construction, links leather, paints, paper, pharmaceuticals, and textiles etc. For the financial year ended 2015, company possesses average operational performance and it profit has marginally declined by 0.69% during the year under review. Rating continue to reflect company’s established presence in the chemicals industry supported by its diversified product profile and established relations with customers. The ratings also factor in the company’s above-average financial risk profile marked by its moderate net-worth, modest gearing, and above-average debt protection metrics. Rating strengths is partially offset by company’s working-capital-intensive nature of operations, its exposure to intense competition in the chemicals industry, and the susceptibility of its profitability margins to volatility in raw material prices. Trade relations are reported as fair. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	March 02, 2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	March 02, 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 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. Niraj Sharma
Designation :	Export Officer
Contact No.:	91-22-28740365
Date :	14.12.2015

LOCATIONS

Registered Office :	Viswaat 7, Satsang Complex, Upper Govind Nagar, L S Raheja Marg, Malad (East), Mumbai – 400097, Maharashtra
Tel. No.:	91-22-32452211/ 28740365/ 2341/ 32409612/ 30052255
Fax No.:	91-22-28745321
E-Mail :	viswaat@vsnl.com info@viswaatchem.com viswaat@mtnl.net.in lrshetty@viswaatchem.com
Website :	http://www.viswaatchem.com
Factory 1 :	Plot No. 1, Additional Ambernath MIDC Anad nagar, Ambernath (East), Thane – 421506, Maharashtra, India
Tel. No.:	91-251-2620046 / 48
Fax No.:	91-251-261024
Regional Office :	Old Number 32, New Number 10, 12^th Avenue, Ashok Nagar, Chennai – 600083, Tamilnadu, India
Tel. No.:	91-44-24741503/ 39131203
Technical Services Centers :	Located At: Kanupur, Uttar Pradesh, India Chennai, Tamilnadu, India Ranipet, Tamilnadu, India Vaniyambadi, Tamilnadu, India Kolkata, West Bengal, India

DIRECTORS

As on 31.03.2015

Name :	Mr. Arvind Inder Malhotra
Designation :	Director
Address :	703, Shreenathji, 16, Cross Road, Khar, Mumbai – 400052, Maharashtra, India
Date of Birth/Age :	25.01.1947
Qualification :	B.Com
Date of Appointment :	01.08.2000
PAN No.:	AAGPM0682C
DIN No.:	01312057
Name :	Mr. Haridwar Singh
Designation :	Director
Address :	32, Vigyan Nagar Society, Bavdhan Khurd, NDA Road, Pune – 411021, Maharashtra, India
Date of Birth/Age :	31.03.1944
Qualification :	M.Sc, PHD
Date of Appointment :	24.07.2006
DIN No.:	00475047
Name :	Mr. Venkatesh Charan
Designation :	Director
Address :	# 460, 11th Main, R M V Extn, Sadashivanagar, 023 Bangalore, Karnataka, India
Date of Birth/Age :	05.04.1980
Qualification :	B. com (PGDMS)
Date of Appointment :	22.09.2011
PAN No.:	AFEPC4073N
DIN No.:	03093496
Name :	Mr. Bhaskar Monu Shetty
Designation :	Whole-time director
Address :	1101, Wellington, Hiranandani Estate, Patlipada, Thane (West) – 400607, Maharashtra, India
Date of Birth/Age :	01.06.1957
Qualification :	M.Com, DFM, DMM, LLB
Date of Appointment :	27.01/2009
PAN No.:	AAEPS7364P
DIN No.:	00347059
Name :	Bollya Vivek Shetty
Designation :	Whole-time director
Address :	902, Beach Classic, Versova Seven Bungalows, Andheri-West, Mumbai, Maharashtra, India
Date of Birth/Age :	03.10.1949
Qualification :	M.Com
Date of Appointment :	02.07.2010
PAN No.:	AAKPS5390R
DIN No.:	00947091
Name :	Mr. Vinesh Vivek Shetty
Designation :	Managing director
Address :	902, Beach Classic, Versova, Seven Bunglows, Andheri (West), Mumbai – 400061, Maharashtra, India
Date of Birth/Age :	16.09.1979
Qualification :	B.Com, MBA
Date of Appointment :	15.07.2011
PAN No.:	AVKPS0666D
DIN No.:	00474985

KEY EXECUTIVES

Name :	Mr. Niraj Sharma
Designation :	Export Officer
Name :	Mr. Vishavanath Bridi Mundra
Designation :	Secretary
Address :	701,"B Wing, Chandranagar CHS, Near Naupadapolice Station, Naupada Thane (West), Mumbai - 400602, Maharashtra, India
Date of Appointment :	02.05.2015
PAN No.:	ALQPM0477Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares
Vivek Taggarse	500
Swati Holding and Leasing Private Limited	1847793
Ramaa V Shetty	320500
Vinesh Shetty	351527
Vipin Kumar Jain	5000
Bhaskar M Shetty	50000
Anand Rai	500
Shambhavi M Shetty	500
Udaya Shetty	20000
H P Shetty	30000
V M Kamath	400
Sudhakar Shetty	400
Shambhavi Shetty	300
Anil Waigankar	300
Naresh Pawar	200
Gloria Miranda	300
Lokesh Shetty	200
D.M.Pate	100
Ganapat Pendhare	200
Anand Kadam	100
Manoj Tambe	200
Rajaram Vele	100
Sunil Zagode	100
Nagaraj Shetty	200
Sandhya Naik	200
Swati V Shetty	174722
Arvind I Malhotra	7500
P.K.Jyothi Udupa	300
Kidoor Chemicals Trading Private Limited	885367
Sai Siddhi Chemical Trading Private Limited	976342
Deviprasad Shetty	400
L R Shetty	400
V V Hadawale	2500
B. Vivek Shetty	290807
Venktesh Charan	64295
Girija Singh	5000
Nidhi Shetty	7519
Total	5044772

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2014

Category	Percentage
Bodies corporate	73.63
Directors or relatives of Directors	26.26
Other	0.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter of Chemical for Textile. Leather and Surfactants. (Confirmed by management)

Products :

Item Code No.	Product Description
34029011	Surfactants
83089031	Kgs Leather
84453011	Kgs Textile
38011129	speciality chemicals to industries like Leather, Textile, Pharmaceutical, Refinery, Agro, Fertilizer, Paper, Paints and Inks, Personal Care, Construction, Electroplating, etc.

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Countries :

• China
• Turkey
• Singapore

Imports :

Products :

Raw Material

Countries :

• USA
• Singapore

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:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Bank of Maharashtra
Branch	Dr. Ambedkar Road Branch, 167/A, Poonawadi, Mumbai - 400014, 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

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term loan from Banks	47.865	56.847
Loan term maturities of finance lease obligations	2.977	2.205
Short-term borrowings
Loans repayable on demand from banks	394.201	347.114
Total	445.043	406.166

Auditors :
Name :	S. K. Shetty and Associates Chartered Accountants
Address :	D-101, Galaxy Heights, Goregaon Link Road, Opposite Bangur Nagar, Goregaon West, Mumbai – 400104, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AALFS5141D
Memberships :	Not Available
Collaborators :	Not Available
Others :	Swati Holding And Leasing Private Limited, India U67120MH1986PTC040334 Saisiddi Chemicals Trading Private Limited, India U51102MH2002PTC138387 Kidoor Chemicals Trading Private Limited, India U51102MH2003PTC138580

CAPITAL STRUCTURE

As on 31.03.2015

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
5044772	Equity Shares	Rs.10/- each	Rs.50.448 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.448	49.953	49.519
(b) Reserves & Surplus	295.591	254.684	213.575
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	2.632	0.000
Total Shareholders’ Funds (1) + (2)	346.039	307.269	263.094
(3) Non-Current Liabilities
(a) long-term borrowings	50.842	59.052	70.681
(b) Deferred tax liabilities (Net)	32.186	30.760	26.223
(c) Other long term liabilities	27.669	26.303	26.442
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	110.697	116.115	123.346
(4) Current Liabilities
(a) Short term borrowings	401.701	357.614	306.569
(b) Trade payables	182.711	270.533	293.885
(c) Other current liabilities	71.506	62.271	68.519
(d) Short-term provisions	16.869	22.324	10.165
Total Current Liabilities (4)	672.787	712.742	679.138
TOTAL	1129.523	1136.126	1065.578
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	267.263	289.219	282.361
(ii) Intangible Assets	0.510	0.667	0.502
(iii) Capital work-in-progress	95.058	52.835	47.221
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.492	0.492	0.492
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	20.377	13.585	14.321
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	383.700	356.798	344.897
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	121.292	117.700	128.944
(c) Trade receivables	507.517	587.186	517.444
(d) Cash and cash equivalents	81.527	44.447	35.031
(e) Short-term loans and advances	35.397	29.944	37.227
(f) Other current assets	0.090	0.051	2.035
Total Current Assets	745.823	779.328	720.681
TOTAL	1129.523	1136.126	1065.578

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	2362.724	2318.078	1765.366
	Other Income	3.831	27.370	20.783
	TOTAL (A)	2366.555	2345.448	1786.149
Less	EXPENSES
	Cost of Materials Consumed	1835.606	1818.440	1405.730
	Purchases of Stock-in-Trade	17.246	12.659	21.239
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(11.878)	13.655	(10.425)
	Employees benefits expense	70.183	78.641	98.124
	CSR expenditure	0.625	0.000	0.000
	Other expenses	288.377	268.317	151.157
	TOTAL (B)	2200.159	2191.712	1665.825
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	166.396	153.736	120.324
Less	FINANCIAL EXPENSES (D)	67.908	64.718	51.026
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	98.488	89.018	69.298
Less/ Add	DEPRECIATION/ AMORTISATION (F)	34.000	24.347	21.720
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	64.488	64.671	47.578
Less	TAX (H)	21.464	21.346	16.167
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	43.024	43.325	31.411
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	221.583	182.349	154.414
Less	APPROPRIATIONS
	Transfer to General Reserve
	Dividend		3.497	2.971
	Tax on Dividend		0.594	0.505
	Total (M)	NA	4.091	3.476
	Balance Carried to the B/S (J+K+L-M)	264.607	221.583	182.349
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	736.116	863.783	NA
	TOTAL EARNINGS	736.116	863.783	NA
	Earnings / (Loss) Per Share (Rs.)	8.53	8.75	7.23

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	29.235	29.406	28.433
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	173.589	83.056	67.714
Net cash flow from operating activity	147.163	67.871	56.115

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.82	1.87	1.78
Operating Profit Margin (PBIDT/Sales)	(%)	7.04	6.63	6.82
Return on Total Assets (PBT/Total Assets}	(%)	6.24	5.97	4.67
Return on Investment (ROI) (PBT/Networth)		0.19	0.21	0.18
Debt Equity Ratio (Total Debt /Networth)		1.39	1.45	1.54
Current Ratio (Current Asset/Current Liability)		1.11	1.09	1.06

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	49.519	49.953	50.448
Reserves & Surplus	213.575	254.684	295.591
Share Application money pending allotment	0.000	2.632	0.000
Net worth	263.094	307.269	346.039
long-term borrowings	70.681	59.052	50.842
Short term borrowings	306.569	357.614	401.701
Current Maturities Of Long-Term Debts	28.433	29.406	29.235
Total borrowings	405.683	446.072	481.778
Debt/Equity ratio	1.542	1.452	1.392

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1765.366	2318.078	2362.724
		31.309	1.926

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1765.366	2318.078	2362.724
Profit	31.411	43.325	43.024
	1.78%	1.87%	1.82%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

Viswaat Chemicals Limited is a public limited company, incorporated in 1996. The company is in the business of manufacturing and marketing of speciality chemicals like surfactants, bulk drugs intermediate, leather chemicals, textile chemicals, agro emulsifier, etc. having manufacturing facility at Ambernath, Thane. Product caters to the industry like pharmaceuticals, leather, textile, agro, pesticides, cosmetics, printing ink, paper, refinery, construction, etc.

MANAGEMENT DISCUSSION & ANALYSIS OF FINANCIAL CONDITION & RESULTS OF OPERATIONS:

OUTLOOK

The global economy began a modest recovery in the first quarter of the FY 2014-15, however the early euphoria soon subsided with various macro-economic factors affecting the recovery which lead the company to deliver a modest growth over the previous year. The year witnessed a huge fall in the crude oil prices globally and a slowdown in Europe. This adversely affected emerging markets like India which continued to face multiple challenges viz. capital outflows, intense exchange rate pressures, volatile current account, currencyfluctuations and etc. Fiscal and monetary initiatives taken by the Indian Government and the Reserve Bank of India (RBI) helped to stabilize the financial market conditions but the domestic macro-economic environment continued to be unstable.

With respect to the FY 2015-16, however we are expecting a better than last year’s performance. The International Monetary Fund (IMF) forecasts that the Indian economy is likely to grow by 7.5% in FY 2015-16.India's growth story is still intact and one of the most prominent in the world, although it slowed to 7.2% in FY 2014-15. Nevertheless, an upward trend can be expected as a result of policy streamlining, positive investor sentiments and stable government. The World Bank and the International Monetary Fund (IMF) have forecast that India will outpace China's growth in 2016-17.As per the World Economic Outlook published by IMF in April’ 2015, India's GDP growth is projected to sustain at7.5 -8.0% in the FY 2015-16 and touch double digits by the next year; assuming that the Government's efforts to revive investment growth succeed and exports growth strengthens after the recent rupee depreciation and recovery in the global economy.

Surfactant and Specialty Chemicals Business

This Business Vertical caters to agro, cosmetics and personal care, construction, pharmaceuticals and paints sectors. Though through the year these sectors witnessed a moderate growth the company could not capitalize on this trend as we had taken an informed decision to reduce the exposure of an export oriented customer, which led to reduced order acceptance from the customer. However this situation helped the company to maintain a healthy cash flow situation and also develop new customers. The initiatives taken by the company to strengthen the market position includes the modernizing the production facilities, automation, consistent and improved quality, investment in R&D facility and customer service.

The company has also successfully completed the Together For Sustainability (TFS) audit conducted by SGS India Limited on behalf of Evenki, Germany.

Leather Chemical Business

This Business Vertical caters to the Leather industry which includes tanneries who are involved in the business of processing raw hides and skins to finished leathers. The company has been able to manage an increased sale of 483MT over the previous year. The initiatives taken by the company to strengthen the market position includes introducing new products and a sustained effort by the marketing to cater to the A and B grade customers and establishing the application and testing laboratories.

Textile Chemicals Business

This Business Vertical caters to the Textile industry which includes both the process and spinning businesses. The initiatives taken by the company led to an increased business especially in the institutional category wherein today we are the preferred supplier among many multinational companies. Further the company is strengthening the channel partner’s network to build its process and spin finish businesses.

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Incorporated borrowing	7.500	10.500
Total	7.500	10.500

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10469396	20/12/2013	20,000,000.00	BANK OF MAHARASHTRA	Dr. AMBEDKAR ROAD BRANCH, 167/A, POONAWADI, Dr.AM  BEDKAR ROAD, DADAR (EAST), Mumbai, Maharashtra - 400014, INDIA	B93224145
2	10317299	19/10/2011	20,000,000.00	BANK OF MAHARASHTRA	Dr. Ambedkar Road Branch, Raja Shivaji Vidyalaya,  Hindu Colony, Six Lane, Dadar (East), Mumbai, Maharashtra - 400014, INDIA	B25171448
3	90158225	20/06/2008 *	149,900,000.00	BANK OF MAHARASHTRA	DR.AMBEDKAR ROAD BRANCH, RAJA SHIVAJI VIDYA SANKUL  , HINDU COLONY, SIX LANE, DADAR (EAST), MUMBAI, Maharashtra - 400014, INDIA	A50264977
4	90155402	17/10/2014 *	793,700,000.00	BANK OF MAHARASHTRA	Dr.AMBEDKAR ROAD BRANCH, 167/A, POONAWADI, MUMBAI, Maharashtra - 400014, INDIA	C32853640

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Guarantees	10.642	7.600
Other money for which company is contingently liable	4.585	0.000

FIXED ASSETS

• Land
• Building
• Residential building
• Office building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor 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.73.46

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	SUJ

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	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		47

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.