MIRA INFORM REPORT

Report No. :	354398
Report Date :	21.12.2015

IDENTIFICATION DETAILS

Name :	RESIL CHEMICALS PRIVATE LIMITED (w.e.f. 14.02.1994)

Formerly Known As :	RELIANCE SILICONS (SOUTH) MARKETING PRIVATE LIMITED

Registered Office :	No.28 and 30, BCIE, Old Madras Road, Bangalore -560016, Karnataka
Tel. No.:	91-80 43486100/ 43486128

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	18.04.1991

Com. Reg. No.:	18-041568

Capital Investment / Paid-up Capital :	Rs.48.000 Million

CIN No.: [Company Identification No.]	U51102KA1991PTC041568

TAN No.: [Tax Deduction & Collection Account No.]	CHER06503A

IEC No.:	0493025413

PAN No.: [Permanent Account No.]	AABCR2886H

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in business of manufacture of silicone based chemicals. (Registered Activity)

No. of Employees :	280 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 1400000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject was incorporated in the year 1991 having fine track. Management has failed to file its financials for FY 15 with Registrar of Companies. For the FY14, the company possesses improved and decent revenue base marked by fair profitability margin. Rating further takes into consideration sound net worth base, low borrowings, adequate cash accruals and favourable gap between trade payables and receivables. The rating, however, remain constrained by the high competitive intensity in the industry. Trade relations are fair. Busyness is active. Payments are usually correct. In view of long standing presence, the company can be considered for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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	ICRA
Rating	Long term fund based = A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	December 2014

Rating Agency Name	ICRA
Rating	Short term fund based = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	December 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Ashwant
Designation :	Accountant
Contact No.:	91-80-43486100
Date :	12.12.2015

LOCATIONS

Registered Office/ Corporate Office / Head Quarter :	No.28 and 30, BCIE, Old Madras Road, Bangalore -560016, Karnataka, India
Tel. No.:	91-80 43486100/ 43486128/ 43486123/ 28516064/ 28512920
Fax No.:	91-80-28512054
E-Mail :	bangalore@resil.com vinay@resil.com contactus@resil.com aswath@resil.com
Website :	www.resil.com
Location :	Owned
Locality :	Commercial

Marketing and Customer Support / Factory :	No.40 Graudacharpalya, Goshala Road, Mahavepur Post, Bangalore -560048, Karnataka, India
Tel. No.:	91-80-43486200
Fax No.:	91-80-28512475
E-Mail :	contact@resil.com

Factory :	· 101 Adbe villa, 1^st floor, Plot No. 99, Near Char Police Station SV Road, Khar West, Mumbai – 400052, Maharashtra, India Fax No. : 91-2256777351 Email : marketing@resil.com · Plot No. 6, Ranjit Towers, Pakhowal Road, Pakhowal Road, Ludhiana – 141002, Punjab, India Email : marketing@resil.com · 108, Nutan Road Hous, B/4, Palanpur, Jakat Naka, Pal Road, Surat – 395003, Gujarat, India Fax No. :91-261-3095790 Email : marketing@resil.Com · Plot No. 53-57, IVth Phase, KIADB Industrial Area, Yerandahalli, Off Jagani Road, Bommasandra, Bangalore – 560099, Karnataka, India Tel No.: 91-80-43408500

Branch Offices :	Locate At · Ahmedabad · New Delhi · Tirupur · Bangladesh · Thailand · Kolkata · Ludhiana · Mumbai · Surat

DIRECTORS

As on: 25.09.2014

Name :

Mr. Mohan Shankaranarayanan Madathedattu

Designation :

Managing director

Address :

22.04.1955

Date of Birth/Age :

18, Sunny Brookes, Sarjapur Road, Bangalore-560 035, Karnataka, India

Date of Appointment :

18.04.1991

PAN:

AIVPM5751F

DIN No.:

01072454

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	U25199TN1977PTC007364	APEX RUBBER PRIVATE LIMITED	Director	17/08/1977	17/08/1977	-	Strike off	NO
2	U24114KA1991PTC041568	RESIL CHEMICALS PRIVATE LIMITED	Managing director	18/04/1991	18/04/1991	-	Active	NO
3	U24297KA2000PTC028270	EPSILON CHEMICALS PRIVATE LIMITED	Director	12/12/2000	12/12/2000	-	Strike off	NO
4	U24232KA2010PTC052322	N9 WORLD TECHNOLOGIES PRIVATE LIMITED	Director	29/01/2010	29/01/2010	-	Active	NO
5	U73200KA2013PTC072565	SIRI LIFESCIENCES PRIVATE LIMITED	Director	17/12/2013	17/12/2013	-	Active	NO

Name :

Mr. Vijayan Shankaranarayanan Madathetu

Designation :

Managing Director

Address :

T – 303, Ferns Court, No. 34, Viviani Road, Richards Town, Bangalore - 560 005, Karnataka, India

Date of Birth/Age :

30.03.1957

PAN:

AACPV2389P

Date of Appointment :

18.04.1991

DIN No.:

01072385

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	U25199TN1977PTC007364	APEX RUBBER PRIVATE LIMITED	Director	17/08/1977	17/08/1977	-	Strike off	NO
2	U24114KA1991PTC041568	RESIL CHEMICALS PRIVATE LIMITED	Managing director	18/04/1991	18/04/1991	-	Active	NO
3	U24297KA2000PTC028270	EPSILON CHEMICALS PRIVATE LIMITED	Director	12/12/2000	12/12/2000	-	Strike off	NO
4	U24232KA2010PTC052322	N9 WORLD TECHNOLOGIES PRIVATE LIMITED	Director	28/07/2014	29/01/2010	-	Active	NO
5	U73200KA2013PTC072565	SIRI LIFESCIENCES PRIVATE LIMITED	Director	17/12/2013	17/12/2013	-	Active	NO
6	U07513KA2005PTC036231	C BEYOND DESIGN PRIVATE LIMITED	Director	30/09/2014	25/08/2014	-	Active	NO

Name :

Mr. Sukumar Kunneth

Designation :

Director

Address :

No.22, Villa Del Mar, Sarjapura Road, Bangalore – 560 034, Karnataka, India

Date of Birth/Age :

09.05.1935

Date of Appointment :

15.11.2002

DIN No.:

00313896

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	U24114KA1991PTC041568	RESIL CHEMICALS PRIVATE LIMITED	Director	15/11/2002	15/11/2002	-	Active	NO
2	U45203KA2007PTC044599	SANA ESTATES & PROJECTS INDIA PRIVATE LIMITED	Director	06/12/2007	06/12/2007	28/02/2014	Active	NO
3	U24232KA2010PTC052322	N9 WORLD TECHNOLOGIES PRIVATE LIMITED	Director	29/01/2010	29/01/2010	-	Active	NO
4	U73200KA2013PTC072565	SIRI LIFESCIENCES PRIVATE LIMITED	Director	28/08/2014	16/01/2014	-	Active	NO

Name :

Mr. Rajeev Kizhakekanjirakatu Thangappannair

Designation :

Whole-time director

Address :

Flat No. C1-282, Sobha Hibiscus, Outer Ring Road, Belandur Sarjapur Road, Bangalore-560 103, Karnataka, India

Date of Birth/Age :

28.05.1957

Date of Appointment :

31.03.2003

DIN No.:

01591008

Other Directorship:

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

U24297KA2000PTC028270

EPSILON CHEMICALS PRIVATE LIMITED

Whole-time director

30/09/2009

10/07/2001

Strike off

U24114KA1991PTC041568

RESIL CHEMICALS PRIVATE LIMITED

Director

27/09/2013

31/03/2003

Active

Name :

Mr. Siddharth Kumar

Designation :

Director

Address :

T 303 Ferns Court 34 Viviani Road, Richards Town, Bangalore, 560005, Karnataka, India

Date of Appointment :

09.07.2015

DIN No.:

07012590

Other Directorship:

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

U24232KA2010PTC052322

N9 WORLD TECHNOLOGIES PRIVATE LIMITED

Director

27/08/2015

31/10/2014

Active

U24114KA1991PTC041568

RESIL CHEMICALS PRIVATE LIMITED

Director

24/09/2015

09/07/2015

Active

KEY EXECUTIVES

Name :	Mr. Ashwant
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2014

Names of Shareholders		No. of Shares
Mohan Shankaranarayanan Madathedattu		1920000
Vijayan Shankaranarayanan Madathetu		1920000
Gita Kumar		960000
Total		4800000

As on 25.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in business of manufacture of silicone based chemicals. (Registered Activity)

Products :

Product Description	Item Code No.
cellulose and its chemical derivatives, not elsewhere specified or included, in primary forms	39121290

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

Pakistan
Bangladesh
Sri Lanka
Vietnam

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cheque

Purchasing :

Cheque

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 :

Wholesalers and Retailers

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 :

280 (Approximately)

Bankers :

Catholic Syrian Bank Limited, St. Paticks Shopping Arcade Brigde Road, Bangalore - 560025, Karnataka, India
The Bank of Nova Scotia, S.N. Tower, 25/2; .M.G. Road, Bangalore - 560001, Karnataka , India

Bank Name	State Bank of India
Branch	Specialized Commercial Branch, Krishi Bhavan, First Floor, Hudson Circle, Bangalore – 560001, Karnataka, India Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	91-80-22220486 (Ringing)
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	As on 31.03.2014	As on 31.03.2013
Short Term Borrowings
Working capital loans from banks	56.750	101.835
Foreign Currency Short term loan from bank	15.653	0.000
Total	72.403	101.835

Note:

(A) Working capital loan includes Cash Credit and Export Packing Credit from Bank and is secured by way of hypothecation of inventories, book debts and other current assets and further by equitable mortgage of factory land and buildings of the company at K.R Puram and Bommasandra Industrial Estate and residential apartment, Fernhills at HSR Layout, Plot No. 53,54,55,56 & 57 in Bommasandra,at an interest rate of 10.80% (12.25%) and 8.00% (7.75%) respectively.

Financial Institute:	Ceat Financial Services Limited, Unit No - 6; Presidency, 82; Street; Marles Road, Bengalore, Karnataka, India

Auditors :
Name :	Varma and Varma Chartered Accountants
Address :	887, 11^th Main, 4^th Cross Hal, 2^nd Stage, Bangalore – 560038, Karnataka, India
PAN No.:	AABFV9555E
E-Mail :	bangalore@varmaandvama.com

Memberships :	--

Collaborators :	--

Subsidiaries :	N9 World Technologies Private Limited CIN No.: 24232KA2010TC082322

CAPITAL STRUCTURE

As on 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Share	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

4800000	Equity Share	Rs.10/- each	Rs.48.000 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	48.000	48.000	48.000
(b) Reserves & Surplus	457.584	386.008	326.333
(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)	505.584	434.008	374.333

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	2.118
(b) Deferred tax liabilities (Net)	18.104	14.650	12.062
(c) Other long term liabilities	15.632	17.920	11.093
(d) long-term provisions	20.088	12.812	8.353
Total Non-current Liabilities (3)	53.824	45.382	33.626

(4) Current Liabilities
(a) Short term borrowings	73.503	102.935	87.095
(b) Trade payables	98.305	133.148	96.152
(c) Other current liabilities	43.205	41.333	49.412
(d) Short-term provisions	27.851	10.986	30.422
Total Current Liabilities (4)	242.864	288.402	263.081

TOTAL	802.272	767.792	671.040

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	248.399	225.324	227.190
(ii) Intangible Assets	45.456	21.329	10.295
(iii) Capital work-in-progress	23.895	26.107	0.000
(iv) Intangible assets under development	0.631	1.756	20.351
(b) Non-current Investments	2.756	4.161	3.810
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	21.387	24.872	9.207
(e) Other Non-current assets	0.797	2.279	0.129
Total Non-Current Assets	343.321	305.828	270.982

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	137.466	150.113	133.142
(c) Trade receivables	264.799	264.178	220.803
(d) Cash and cash equivalents	7.552	6.103	15.326
(e) Short-term loans and advances	46.101	39.650	28.775
(f) Other current assets	3.033	1.920	2.012
Total Current Assets	458.951	461.964	400.058

TOTAL	802.272	767.792	671.040

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Net Sales	1181.100	974.200	NA
		Other Income	NA	NA	NA
	TOTAL INCOME		NA	NA	NA

Less	EXPENSES		NA	NA	NA

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		190.200	165.500

Less	FINANCIAL EXPENSES		9.600	10.100

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		180.600	155.400	NA

Less	DEPRECIATION/ AMORTISATION		23.200	21.100

	PROFIT/ (LOSS) BEFORE TAX		157.400	134.300

Less	TAX		45.100	34.100

	PROFIT/ (LOSS) AFTER TAX		112.300	100.200	99.465

Less	APPROPRIATIONS
		Transfer to General Reserve	48.000	30.000	NA

	EARNINGS IN FOREIGN CURRENCY		167.700	130.500	NA

	Earnings Per Share (Rs.)		23.39	20.87	20.72

Particulars

31.03.2015

Sales Turnover

1300.000

Expected Sales (2015-16): Rs. 1500.000 million

The above information has been parted by Mr. Ashwant (Accoumtant).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.318	11.860
Net cash flows from (used in) operations	164.341	110.844	NA
Net cash flows from (used in) operating activities	116.452	81.774	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	9.51	10.29	NA

Operating Profit Margin (PBIDT/Sales)	(%)	16.10	16.99	NA

Return on Total Assets (PBT/Total Assets}	(%)	20.31	18.25	NA

Return on Investment (ROI) (PBT/Networth)		0.31	0.31	NA

Debt Equity Ratio (Total Debt /Networth)		0.15	0.24	0.27

Current Ratio (Current Asset/Current Liability)		1.89	1.60	1.52

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	48.000	48.000	48.000
Reserves & Surplus	326.333	386.008	457.584
Net worth	374.333	434.008	505.584

long-term borrowings	2.118	0.000	0.000
Short term borrowings	87.095	102.935	73.503
Current maturities of long-term debts	11.860	0.318	0.000
Total borrowings	101.073	103.253	73.503
Debt/Equity ratio	0.270	0.238	0.145

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Net Sales	974.200	1181.100
		21.238

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Net Sales	974.200	1181.100
Profit	100.200	112.300
	10.29%	9.51%

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	Yes
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	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
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

ADDRESS CHANGE:

Note: The Registered Office of the company has been shifted from “No. 4, III Floor, Ceebros Centre. 45, Montieth Road, Egmore, Madras – 600008, Tamilnadu, India” to the present address w.e.f. 25.01.2007

Company Review:

Profit before tax/interest/depreciation (EBITDA) for the year at Rs. 190.200 Million (16.1% of sales) was 15% higher than the previous year at Rs. 165.500 Million (17.0% of sales). Net profit before taxation for the year at Rs. 157.400 Million was 17% higher than the previous year at Rs.134.300 Million The performance of the company during the year in terms of profitability was adversely affected to some extent by the steep depreciation of the rupee as a result of high fiscal, trade and current account deficits faced by the country. Persistent inflation due mainly to the lower than average growth in the economy was another major factor which put pressure on the profitability of this year, which was, however, to a large extent offset by the much lower finance cost achieved by containing borrowing costs and controlling working capital. But, for the unfavorable factors explained above, your company would have recorded much better results.

Profit after taxation:

Profit for the year after taxation was 12% higher than the previous year (Rs.112.300 Million as against Rs. 100.200 Million). Networth of the company registered an increase of Rs.71.600 Million during the year (previous year Rs.59.700 Million).

Outlook:

A new and stable government at the Centre eager to improve the sagging GDP and well thought about monetary policy being implemented by the Reserve Bank of India etc. are all expected to provide much required impetus to the country’s overall growth. The company’s second world class manufacturing facility (another milestone for the company) is now under construction in Malur Industrial Estate and this will be commissioned in the second half of 2015. This is expected to provide further boost to company’s product offerings in terms of range, quantity as well as quality. All these must augur well for the company in the coming years.

UNSECURED LOAN

Rs. In Million

Particular	As on 31.03.2014	As on 31.03.2013
Short Term Borrowings
Loans and advances from related parties	1.100	1.100
Total	1.100	1.100

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90306736	19/03/2015 *	414,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 1ST FLOOR, KRISHI BHAVAN, HUDSON CIRCLE,, BANGALORE - 560001, KARNATAKA, INDIA	C47774849
2	90303788	21/08/2003	825,000.00	CATHOLIC SYRIAN BANK LIMITED	ST. PATICKS SHOPPING ARCADE BRIGDE ROAD, BANGALORE - 560025, KARNATAKA, INDIA	-
3	90307924	30/04/2002	1,466,464.00	THE BANK OF NOVA SCOTIA	S.N. TOWER, 25/2; .M.G. ROAD, BANGALORE - 560001, KARNATAKA , INDIA	-
4	90306632	14/08/2002 *	3,225,000.00	CATHOLIC SYRIAN BANK LIMITED	ST. PATICKS SHOPPING ARCADE BRIGDE ROAD, BANGALORE - 560025, KARNATAKA, INDIA	-
5	90306603	21/08/2003 *	20,000,000.00	CATHOLIC SYRIAN BANK LIMITED	ST. PATICKS SHOPPING ARCADE BRIGDE ROAD, BANGALORE - 560025, KARNATAKA, INDIA	-
6	90306495	25/03/1998	51,138.00	CEAT FINANCIAL SERVICES LIMITED	UNIT NO - 6; PRESIDENCY, 82; STREET; MARLES ROAD, BENGALORE, KARNATAKA, INDIA	-

* Date of charge modification

FIXED ASSETS

Land
Leasehold Improvements
Buildings
R and D Assets
Furniture and Fixtures
Computer
Office Equipment
Vehicles
Plant and Machinery
Lab Equipment’s
Electrical Fittings
Software

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 records 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.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	AMT

Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--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		53

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

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