MIRA INFORM REPORT

Report No. :	306429
Report Date :	06.02.2015

IDENTIFICATION DETAILS

Name :	KEVA FRAGRANCES PRIVATE LIMITED

Registered Office :	Dev Karan Mansion – 36, Mangaldas Road, Mumbai, 400002, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	29.10.1980

Com. Reg. No.:	11-023362

Capital Investment / Paid-up Capital :	Rs.3.224 Millions

CIN No.: [Company Identification No.]	U24244MH1980PTC023362

TAN No.: [Tax Deduction & Collection Account No.]	MUMK11309E

PAN No.: [Permanent Account No.]	AAACK0375P

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of industrial perfumes, Aromatic Chemicals, Essential Oil, Aroma Chemicals

No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 3400000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject is an established company having fine track record. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = A
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	06.02.2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Sandesh Dere
Designation :	Assistant Manager Account
Contact No.:	91-22-21649165
Date :	06.02.2015

LOCATIONS

Registered Office :	Dev Karan Mansion – 36, Mangaldas Road, Mumbai - 400002, Maharashtra, India
Tel. No.:	91-22-22609609/22019130
Fax No.:	91-22-22081204
E-Mail :	deeptichandratre@shkelkar.com shexp@bom2.vsnl.net.in shexp@hathway.com gdk@shkelkar.com
Website :	www.kevafragrances.com
Area :	300 Sq. ft.
Location :	Owned

Factory :	Bal Rajeshwar Road, Mulund (West), Mumbai - 400080, Maharashtra, India
Tel. No.:	91-22-25645273/74
Fax No.:	91-22-25645271/25647334/25925249
E-Mail :	keva@bom5.vsnl.net.in keva@vsnl.com

DIRECTORS

As on: 15.09.2014

Name :

Mrs. Prabha Ramesh Vaze

Designation :

Director

Address :

C/o. S.H. Kelkar and Company Private Limited Liability Company Limited, L.B.S. Marg, Mulund, Mumbai-400080, Maharashtra, India

Date of Birth/Age :

19/06/1946

Qualification :

B.Sc.

Date of Appointment :

29.10.1980

PAN No.:

AACPV8072H

DIN No.:

00509817

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	U65990MH1979PTC021994	KELKAR INVESTMENT COMPANY PRIVATE LIMITED	Director	29-10-1980	29-10-1980	-	Amalgamated	NO
2	U74999MH1955PTC009593	S H KELKAR AND COMPANY PRIVATE LIMITED	Director	29-10-1980	29-10-1980	-	Active	NO
3	U15134MH1980PTC023361	KEVA FLAVOURS PRIVATE LIMITED	Director	29-10-1980	29-10-1980	-	Active	NO
4	U24244MH1980PTC023362	KEVA FRAGRANCES PRIVATE LIMITED	Whole-time director	29-10-1980	29-10-1980	-	Active	NO
5	U24110MH1978PTC020545	K V AROCHEM PRIVATE LIMITED	Director	04-09-2010	27-08-2010	-	Active	NO
6	U01117MH1999PTC120240	KEVA BIOTECH PRIVATE LIMITED	Director	04-09-2010	27-08-2010	-	Active	NO
7	U74900MH2011PTC220435	KEVA AROMATICS PRIVATE LIMITED	Director	03-08-2011	03-08-2011	-	Active	NO
8	U15495MH1960PTC011658	SAIBA INDUSTRIES PRIVATE LIMITED	Director	27-09-2012	27-09-2012	-	Active	NO
9	U45400MH2013PTC246766	KEVA PROPERTIES PRIVATE LIMITED	Director	08-08-2013	08-08-2013	-	Active	NO
10	U45400MH2009PTC194700	KEVA CONSTRUCTIONS PRIVATE LIMITED	Director	30-09-2014	28-05-2014	-	Active	NO
11	U74999MH2014PTC257648	ASN INVESTMENT ADVISORS PRIVATE LIMITED	Director	27-08-2014	27-08-2014	-	Active	NO
12	U74999MH2014PTC257741	SKK INDUSTRIES PRIVATE LIMITED	Director	01-09-2014	01-09-2014	-	Active	NO

Name :

Mr. Ramesh Vinayak Vaze

Designation :

Director

Address :

C/o. S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund, Mumbai-400080, Maharashtra, India

Date of Birth/Age :

30/04/1941

Qualification :

B.Sc.

Date of Appointment :

11.02.1981

DIN No.:

00509751

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	U24110MH1978PTC020545	K V AROCHEM PRIVATE LIMITED	Director	20-11-1980	20-11-1980	-	Active	NO
2	U24244MH1980PTC023362	KEVA FRAGRANCES PRIVATE LIMITED	Director	11-02-1981	11-02-1981	-	Active	NO
3	U74999MH1955PTC009593	S H KELKAR AND COMPANY PRIVATE LIMITED	Managing director	27-08-2010	11-02-1981	-	Active	NO
4	U01117MH1999PTC120240	KEVA BIOTECH PRIVATE LIMITED	Director	09-06-1999	09-06-1999	-	Active	NO
5	U24100MH2007PTC169546	Keva Chemicals Private Limited	Director	02-04-2007	02-04-2007	-	Active	NO
6	U45200MH2007PTC168636	Amerigo Holdings and Investment Private Limited	Director	27-04-2007	27-04-2007	-	Amalgamated	NO
7	U45400MH2009PTC194700	KEVA CONSTRUCTIONS PRIVATE LIMITED	Director	06-08-2009	06-08-2009	-	Active	NO
8	U45202MH2008PTC179760	KHYATI CONSTRUCTIONS PRIVATE LIMITED	Additional director	05-08-2010	05-08-2010	-	Active	NO
9	U65990MH1979PTC021994	KELKAR INVESTMENT COMPANY PRIVATE LIMITED	Director	24-09-2010	20-08-2010	-	Amalgamated	NO
10	U15134MH1980PTC023361	KEVA FLAVOURS PRIVATE LIMITED	Director	04-09-2010	27-08-2010	-	Active	NO
11	U74900MH2011PTC220435	KEVA AROMATICS PRIVATE LIMITED	Director	03-08-2011	03-08-2011	-	Active	NO
12	U15495MH1960PTC011658	SAIBA INDUSTRIES PRIVATE LIMITED	Director	27-09-2012	14-02-2012	-	Active	NO
13	U45400MH2013PTC246766	KEVA PROPERTIES PRIVATE LIMITED	Director	20-01-2015	28-05-2014	-	Active	NO
14	U74999MH2014PTC257493	KEVA INDUSTRIES PRIVATE LIMITED	Director	23-08-2014	23-08-2014	-	Active	NO

Name :

Mr. Kedar Ramesh Vaze

Designation :

Director

Address :

C/o. S.H. Kelkar and Company Private Limited, L.B.S. Marg, Mulund, Mumbai-400080, Maharashtra, India

Date of Birth/Age :

12.11.1973

Date of Appointment :

27.08.2010

DIN No.:

00511325

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	U01117MH1999PTC120240	KEVA BIOTECH PRIVATE LIMITED	Director	10-10-2000	10-10-2000	-	Active	NO
2	U24110MH1978PTC020545	K V AROCHEM PRIVATE LIMITED	Director	19-09-2001	19-09-2001	-	Active	NO
3	U15134MH1980PTC023361	KEVA FLAVOURS PRIVATE LIMITED	Director	26-08-2006	26-08-2006	-	Active	NO
4	U29219MH2006PTC164210	EVOLUTIS INDIA PRIVATE LIMITED	Director	31-08-2006	31-08-2006	-	Active	NO
5	U24100MH2007PTC169546	Keva Chemicals Private Limited	Director	02-04-2007	02-04-2007	-	Active	NO
6	U45200MH2007PTC168636	Amerigo Holdings and Investment Private Limited	Director	27-04-2007	27-04-2007	-	Amalgamated	NO
7	U45400MH2009PTC194700	KEVA CONSTRUCTIONS PRIVATE LIMITED	Director	06-08-2009	06-08-2009	-	Active	NO
8	U24299PN2010PTC136761	PURANDAR FINE CHEMICALS PRIVATE LIMITED	Director	05-07-2010	05-07-2010	-	Active	NO
9	U45202MH2008PTC179760	KHYATI CONSTRUCTIONS PRIVATE LIMITED	Additional director	05-08-2010	05-08-2010	-	Active	NO
10	U65990MH1979PTC021994	KELKAR INVESTMENT COMPANY PRIVATE LIMITED	Director	24-09-2010	20-08-2010	-	Amalgamated	NO
11	U24244MH1980PTC023362	KEVA FRAGRANCES PRIVATE LIMITED	Director	04-09-2010	27-08-2010	-	Active	NO
12	U74999MH1955PTC009593	S H KELKAR AND COMPANY PRIVATE LIMITED	Director	04-09-2010	27-08-2010	-	Active	NO
13	U74900MH2011PTC220435	KEVA AROMATICS PRIVATE LIMITED	Director	03-08-2011	03-08-2011	-	Active	NO
14	U15495MH1960PTC011658	SAIBA INDUSTRIES PRIVATE LIMITED	Director	27-09-2012	14-02-2012	-	Active	NO
15	U45400MH2013PTC246766	KEVA PROPERTIES PRIVATE LIMITED	Director	08-08-2013	08-08-2013	-	Active	NO
16	U74999MH2014PTC257493	KEVA INDUSTRIES PRIVATE LIMITED	Director	23-08-2014	23-08-2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 15.09.2014

Names of Shareholders		No. of Shares
S.H. Kelkar and Company Private Limited, India		32239
Ramesh Vinayak Vaze – Nominee of S.H. Kelkar and Company Private Limited, India		1
Total		32240

Equity Share Break up (Percentage of Total Equity)

As on: 15.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of industrial perfumes, Aromatic Chemicals ,Essential Oil, Aroma Chemicals

Products :

Item Code No.	Product Description
33029011	Fragrances, Flavors and Chemicals

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Perfumes
Aromatic Chemicals
Essential Oil
Aroma Chemicals

Countries :

Hong Kong
UAE
Sri Lanka
Pakistan
Bangladesh
Uganda
Indonesia
Kuwait
Singapore

Imports :

Products :

Perfumes
Aromatic Chemicals
Essential Oil
Aroma Chemicals

Countries :

Hong Kong
Indonesia
Germany
US
Switzerland
Singapore
Muscat
China
Malaysia

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

Jivdan
International Flavors & Fragrances
Symrise

No. of Employees :

50 (Approximately)

Bankers :

Standard Chartered Grindlays Bank Limited, 90, M. G. Road, Mumbai – 400 001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Short Term Borrowings
Loans repayable on demand from banks	0.000	102.471
Total	0.000	102.471

Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Lodha Excelus, 1^st Floor, Apollo Mills Compund, N M Joshi Marg, Mahalaxmi, Mumbai- 400011, Maharashtra, India
E-Mail :	in-fmmumauditform23b@bsraffiliates.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB9852F

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	S H Kelkar and Company Private Limited CIN No.: U74999MH1955PTC009593

Fellow Subsidiary Company :	K V Arochem Private Limited CIN No.: U24110MH1978PTC020545 Keva (UK) Limited, United Kingdom Keva Biotech Private Limited CIN No.: U01117MH1999PTC120240 Keva Flavours Private Limited CIN No.: U15134MH1980PTC023361 Keva Fragrances Industries Private Limited, Singapore PFW Aroma Chemicals BV, Netherlands Keva (UK) Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

40000	Equity Shares	Rs.100/- Each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

32240	Equity Shares	Rs.100/- each	Rs.3.224 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	3.224	3.224	3.224
(b) Reserves & Surplus	1175.438	1095.185	950.637
(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)	1178.662	1098.409	953.861

(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	1.110	1.568	1.542
Total Non-current Liabilities (3)	1.110	1.568	1.542

(4) Current Liabilities
(a) Short term borrowings	0.000	102.471	61.837
(b) Trade payables	62.249	68.980	62.938
(c) Other current liabilities	87.434	119.447	110.149
(d) Short-term provisions	190.254	2.109	0.212
Total Current Liabilities (4)	339.937	293.007	235.136

TOTAL	1519.709	1392.984	1190.539

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.277	13.870	8.308
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.711	0.000	4.843
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	107.949	107.950	107.950
(c) Deferred tax assets (net)	15.014	13.629	5.506
(d) Long-term Loan and Advances	96.791	71.637	15.147
(e) Other Non-current assets	0.000	0.000	2.326
Total Non-Current Assets	238.742	207.086	144.080

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	467.952	514.828	574.970
(c) Trade receivables	621.649	609.776	368.187
(d) Cash and cash equivalents	150.178	19.626	59.778
(e) Short-term loans and advances	41.124	41.612	43.524
(f) Other current assets	0.064	0.056	0.000
Total Current Assets	1280.967	1185.898	1046.459

TOTAL	1519.709	1392.984	1190.539

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	Income
	Other Income
	TOTAL	1473.100	1233.500	1050.700

EXPENSES		1056.300	1015.500	786.400

PROFIT/(LOSS) BEFORE TAX		406.500	218.000	264.300

TAX		150.900	73.400	81.800

PROFIT/(LOSS) AFTER TAX		259.800	144.500	182.500

EARNINGS IN FOREIGN CURRENCY		1228.300	1010.700	802.400

Earnings Per Share (Rs.)		8058.31	4482.01	5660.67

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.18	0.12	0.17

Return on Total Assets (PBT/Total Assets}	(%)	29.18	17.15	24.65

Return on Investment (ROI) (PBT/Networth)		0.34	0.20	0.28

Debt Equity Ratio (Total Debt /Networth)		0.00	0.09	0.06

Current Ratio (Current Asset/Current Liability)		3.77	4.05	4.45

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	3.224	3.224	3.224
Reserves & Surplus	950.637	1095.185	1175.438
Net worth	953.861	1098.409	1178.662

long-term borrowings	0.000	0.000	0.000
Short term borrowings	61.837	102.471	0.000
Total borrowings	61.837	102.471	0.000
Debt/Equity ratio	0.065	0.093	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1050.700	1233.500	1473.100
		17.398	19.424

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1050.700	1233.500	1473.100
Profit	182.500	144.500	259.800
	17.37%	11.71%	17.64%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
421]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAIL:

LITIGATION DETAILS
BOMBAY HIGH COURT
LODGING NO.: CEXAL/370/2014	FILLING DATE: 10.11.2014
PETITIONER:-	THE COMMISSIONER OF CENTRAL EXCISE	RESPONDENT.		KEVA FRANRANCES PRIVATE LIMITED
PETN.: ADV.	JITENDRA BRIJBHUSHAN MISGRA (I2937)
DISTRICT	MUMBAI

BENCH	SINGLE
STATUS	PRE-ADMISSION		CATEGORY: CENTRAL EXCISE APPEAL (CEXA)
NEXT DATE:	05.02.2015		STAGE: FOR REJECTION [ORIGINAL SIDE MATTERS]
LAST CORAM:	REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER
ACT.	Central Excise And Salt Act
Under Section:	35G

FINANCIAL RESULTS AND REVIEW:

Despite the global economic challenges, the Company was able to deliver a healthy topline couple with a robust bottom-line. Operational revenue during the year amounted to Rs. 1409.100 Million as compared to Rs. 1230.200 Millions during the previous year. There was a decent rise of 14% in sales contributed primarily by increase in demand by existing customers and by introduction new products. The growth has mainly come from Middle East and South East Asian countries.

Revamping of inventory policy in the financial year 2012-13 had a positive impact in financials year 2013-14 in the form of increased Profit before tax. This coupled with non-operational income arising out of exchange gains impacted the Profit before tax by Rs. 59.100 Million this year as compared to Rs. 1.800 Million last year, leading to an increase in Profit before Tax by almost 85%. Profit before tax excluding his non-operational income experienced a remarkable growth of 68% over last year.

By focusing on core competencies of consumer insight, research and development and creative expertise, the Company shall continue to be an integral part in helping its customers drive consumer preference and grow the equity of their brands.

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2014
Claims against company not acknowledged as debt	183.076
Guarantees	1896.800
Total	2079.876

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.87
UK Pound	1	Rs.94.07
Euro	1	Rs.70.19

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	RSM

Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		54

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

0.18

Unit