MIRA INFORM REPORT

Report No. :	301173
Report Date :	09.01.2015

IDENTIFICATION DETAILS

Name :	AQUAGEL CHEMICALS PRIVATE LIMITED
Registered Office :	Unilever House, B. D. Sawant Marg, Chakala, Andheri (East), Mumbai – 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.12.1990
Com. Reg. No.:	11-254953
Capital Investment / Paid-up Capital :	Rs.200.560 Millions
CIN No.: [Company Identification No.]	U24110MH1990PTC254953
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCA8064G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of soaps, detergents and related products
No. of Employees :	Not Divulged

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 has become a wholly owned subsidiary of “HINDUSTAN UNILEVER LIMITED” with effect from April 01, 2013. It is an established company doing job work operations for holding company bearing satisfactory track. The company possesses an acceptable financial profile marked by sound capital base along with managerial, technical and financial support, the subject receives from its holding company. Management has witnessed an adequate turnover as well as net profitability from its operations during Financial Year 2014. Moreover, the company’s business model has been moved and changed from contract manufacturing and sale to, the business of job work for “Hindustan Unilever Limited”, consequent to which the financial statement for proceeding years are not comparable with the present statement. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of experienced and qualified management, 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Facilities “A+” (Suspended)
Rating Explanation	Adequate degree of safety and low credit risk
Date	February 07, 2014

The ratings have been suspended as the company has not furnished the information required by the agency for monitoring of the ratings.

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 DENIED BY

Name :	Mr. Thakur
Designation :	Accountant
Contact No.:	91-9687696104
Date :	30.12.2014

LOCATIONS

Registered Office :	Unilever House, B. D. Sawant Marg, Chakala, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-39832532
Fax No.:	91-22-28249457
E-Mail :	comsec.hul@unilever.com
Factory :	Survey No- 159, Varsana, Bhimasr-Padana Road, Near Agrawal Automobiles, Gandhidham- 370240, Gujarat, India
Tel No.:	91-2836-255510

DIRECTORS

As on 30.06.2014

Name :

Mr. Rameshchandra Vinaychand Shah

Designation :

Director

Address :

1899/A Vasudha, Rupani Sircle, Opposite Akash Ganga, Bhavnagar – 364001, Gujarat, India

Date of Birth/Age :

14.08.1945

Date of Appointment :

01.04.2013

DIN No.:

00062983

PAN No.:

AJBPS3136R

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	U24299GJ1987PTC010073	MADHU SILICA PRIVATE LIMITED	Managing director	20/10/1987	20/10/1987	-	Active	NO
2	U65910GJ1991PTC015449	DARSHAK FINSTOCK PRIVATE LIMITED	Director	16/04/1991	16/04/1991	-	Active	NO
3	U45201GJ1996PTC030805	MADHU RESEARCH AND DEVELOPMENT CENTRE PRIVATE LIMITED	Director	25/09/1996	25/09/1996	-	Strike off	NO
4	U24110MH1990PTC254953	AQUAGEL CHEMICALS PRIVATE LIMITED	Director	01/04/2013	08/09/1998	-	Active	NO
5	L27310GJ1972PLC002033	STEEL CAST LIMITED	Director	18/06/2003	18/06/2003	-	Active	NO
6	U45200GJ2011PTC067273	RUSHIL INFRASTRUCTURE PRIVATE LIMITED	Director	27/09/2011	27/09/2011	-	Active	NO
7	U24200GJ2012PTC070324	AQUAGEL CHEMICALS (BHAVNAGAR) PRIVATE LIMITED	Director	14/05/2012	14/05/2012	-	Active	NO
8	U24219GJ2012PTC072887	AQUAGEL CHEMICALS (GANDHIDHAM) PRIVATE LIMITED	Director	05/12/2012	05/12/2012	-	Active	NO

Name :

Mr. Devopam Narendra Bajpai

Designation :

Director

Address :

Meghdoot Tower 'A', Lokhandwala Back Road, Lokhandwala Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

14.11.1965

Date of Appointment :

23.08.2013

DIN No.:

00050516

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	U65910MH1977PLC019873	TIFCO HOLDINGS LIMITED	Director	10/03/2006	10/03/2006	14/12/2007	Active	NO
2	U55101GA1986PLC001980	ASIA PACIFIC HOTELS LIMITED	Director	16/03/2006	16/03/2006	-	Amalgamated	NO
3	U55101MH1979PLC021967	TAJ LANDS END LIMITED	Director	24/03/2006	24/03/2006	-	Amalgamated	NO
4	L55101UP1971PLC003480	BENARES HOTELS LIMITED	Director	23/05/2006	23/05/2006	14/11/2007	Active	NO
5	U51909KL1989PLC005465	INNOVATIVE FOODS LIMITED	Additional director	29/01/2007	29/01/2007	21/01/2008	Active	NO
6	U85110KA1995PLC017192	TAJ KARNATAKA HOTELS AND RESORTS LIMITED	Nominee director	27/09/2007	12/06/2007	20/12/2007	Active	NO
7	U74140WB2003PTC121076	MEDICA SYNERGIE PRIVATE LIMITED	Nominee director	16/07/2008	16/07/2008	25/06/2010	Active	NO
8	U70100MH2003PLC143211	I-VEN REALTY LIMITED	Additional director	25/03/2009	25/03/2009	27/05/2010	Active	NO
9	U45400TG2007PTC053720	TELLAPUR TECHNOCITY PRIVATE LIMITED	Director	23/11/2009	27/08/2009	03/05/2010	Active	NO
10	U24247MH2008PTC188539	LAKME LEVER PRIVATE LIMITED	Director	27/07/2011	30/03/2011	-	Active	NO
11	U65990MH1958PLC011060	HINDLEVER TRUST LIMITED	Director	20/07/2012	27/07/2011	22/09/2014	Active	NO
12	U24246TN1981PLC008785	PONDS EXPORTS LIMITED	Director	20/07/2012	27/07/2011	22/09/2014	Active	NO
13	U67120MH1994PTC082045	DIGITAL SECURITIES PRIVATE LIMITED	Director	29/09/2011	27/07/2011	-	Amalgamated	NO
14	U51900MH1963PLC012667	UNILEVER INDIA EXPORTS LIMITED	Director	23/07/2012	22/08/2011	22/09/2014	Active	NO
15	U74999MH1946PLC005403	LEVERS ASSOCIATED TRUST LIMITED	Director	20/07/2012	22/08/2011	22/09/2014	Active	NO
16	U24110MH1994PTC081672	UNILEVER INDUSTRIES PRIVATE LIMITED	Director	28/09/2012	30/09/2011	-	Active	NO
17	U74120MH2012FTC228937	UNILEVER VENTURES INDIA ADVISORY PRIVATE LIMITED	Director	29/03/2012	29/03/2012	-	Active	NO
18	U24110MH1990PTC254953	AQUAGEL CHEMICALS PRIVATE LIMITED	Director	23/08/2013	26/03/2013	-	Active	NO
19	U93090MH2010NPL201468	HINDUSTAN UNILEVER FOUNDATION	Additional director	23/09/2014	23/09/2014	-	Active	NO

Name :

Mr. Anjan Gurupada Chatterjee

Designation :

Director

Address :

Flat No.25, Gulistan, 13^th Carmicheal Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

01.01.1964

Date of Appointment :

23.08.2013

DIN No.:

00765126

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	U74899DL1965PLC004487	MODERN FOOD INDUSTRIES INDIA LIMITED	Additional director	07/09/2006	07/09/2006	-	Amalgamated	NO
2	U24110MH1990PTC254953	AQUAGEL CHEMICALS PRIVATE LIMITED	Director	23/08/2013	26/03/2013	14/07/2014	Active	NO

Name :

Mrs. Suman Satyanath Hegde

Designation :

Director

Address :

D-905, Oberoi Splendor, JVLR, Andheri (East), Mumbai – 400060, Maharashtra, India

Date of Birth/Age :

25.03.1979

Date of Appointment :

23.08.2013

DIN No.:

06539295

Name :

Mr. Nilendu Dwijesh Sarkar

Designation :

Director

Address :

D-1001/1002, Lake Lucerne, Lake Homes, Phase III, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

11.09.1971

Date of Appointment :

23.08.2013

DIN No.:

06539320

KEY EXECUTIVES

Name :	Mr. Sanjiv Pandurang Deshpande
Designation :	Manager
Address :	L-904 Green Woods, Andheri Kurla Road, Chakala Andheri [East], Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	05.10.1957
PAN no.:	AFGPD5074E
Date of Appointment :	23.08.2013
Name :	Mr. Pallavi Kiran Balkur
Designation :	Secretary
Address :	Flat No. 30, Building No. 28, Hill Rock CHS. Sainik Nagar, Amboli, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	23.05.1983
PAN no.:	AHTPB3347F
Date of Appointment :	25.04.2014
Name :	Mr. Thakur
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Names of Shareholders	No. of Shares
Hindustan Lever Limited, India	2001637
Mr. Pradeep Banerjee	908
Mr. Sridhar Ramamurthy	834
Mr. Dev Bajpai	834
Bp Biddappa	475
Mr. Nilendu Sarkar	456
Mr. Sumit Hegde	456
Total	2005600

As on 30.06.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of soaps, detergents and related products.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank, House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, 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 :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Working capital loans from banks	0.805	254.653
Total	0.805	254.653

Auditors :
Name :	Lovelock and Lewes Chartered Accountant
Address :	252 Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India
PAN No.:	AABFL5878L
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding Company :	Unilever PLC (w.e.f. 1st April, 2013)
Holding Company :	Hindustan Unilever Limited, India (w.e.f. 1st April, 2013) CIN No.: L15140MH1933PLC002030
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives :	Darshak Finstock Private Limited, India Madhusilica Private Limited, India Hindustan Unilever Limited, India Aquagel Chemicals (Bhavnagar) Private Limited, India CIN No.: U24200GJ2012PTC070324 R V Shah Family Trust, India Madhu Research and Development Private Limited, India

CAPITAL STRUCTURE

As on 30.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2100000	Equity Shares	Rs.100/- each	Rs. 210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2005600	Equity Shares	Rs.100/- each	Rs. 200.560 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	200.560	200.560	200.560
(b) Reserves & Surplus	73.169	60.220	199.245
(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)	273.729	260.780	399.805
(3) Non-Current Liabilities
(a) long-term borrowings	877.676	100.281	100.000
(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	22.640	19.032	5.139
Total Non-current Liabilities (3)	900.316	119.313	105.139
(4) Current Liabilities
(a) Short term borrowings	0.805	254.653	103.656
(b) Trade payables	69.203	465.271	363.862
(c) Other current liabilities	483.723	560.476	80.706
(d) Short-term provisions	13.656	7.428	132.595
Total Current Liabilities (4)	567.387	1287.828	680.819
TOTAL	1741.432	1667.921	1185.763
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	973.490	814.234	348.172
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	471.303	139.445	12.991
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.012
(c) Deferred tax assets (net)	0.000	22.324	41.219
(d) Long-term Loan and Advances	110.102	90.642	14.099
(e) Other Non-current assets	0.000	1.360	1.442
Total Non-Current Assets	1554.895	1068.005	417.935
(2) Current assets
(a) Current investments	0.000	52.011	35.183
(b) Inventories	30.766	326.404	448.381
(c) Trade receivables	114.891	199.966	144.632
(d) Cash and cash equivalents	28.363	1.087	6.638
(e) Short-term loans and advances	12.517	20.448	34.423
(f) Other current assets	0.000	0.000	98.571
Total Current Assets	186.537	599.916	767.828
TOTAL	1741.432	1667.921	1185.763

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operation	1636.599	5905.042	5375.995
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		72.556	134.131	132.866
Less	TAX		53.405	(6.825)	47.422
	PROFIT/ (LOSS) AFTER TAX		19.151	140.956	85.444
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.979	125.033	125.404
Less	APPROPRIATIONS
		Transfer to General Reserve	6.202	14.100	8.545
		Dividend	1.915	242.910	77.270
		Total	8.117	257.010	85.815
	BALANCE CARRIED TO THE B/S		20.013	8.979	125.033
	EARNINGS IN FOREIGN CURRENCY		0.000	2.026	22.129
	Earnings Per Share (Rs.)		9.55	70.28	42.60

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.17	2.39	1.59
Return on Total Assets (PBT/Total Assets}	(%)	5.71	8.91	11.74
Return on Investment (ROI) (PBT/Networth)		0.27	0.51	0.33
Debt Equity Ratio (Total Debt /Networth)		3.21	1.36	0.51
Current Ratio (Current Asset/Current Liability)		0.33	0.47	1.13

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	200.560	200.560	200.560
Reserves & Surplus	199.245	60.220	73.169
Net worth	399.805	260.780	273.729
long-term borrowings	100.000	100.281	877.676
Short term borrowings	103.656	254.653	0.805
Total borrowings	203.656	354.934	878.481
Debt/Equity ratio	0.509	1.361	3.209

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)
Revenue from operation	5375.995	5905.042	1636.599
		9.841	(72.285)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operation	5375.995	5905.042	1636.599
Profit	85.444	140.956	19.151
	1.59%	2.39%	1.17%

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	No
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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
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

NOTE: Registered address of the company has been shifted from Plot No.147, GIDC Estate, Village Vartej, Bhavnagar - 364060, Gujarat, India to the present address.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Intercorporate deposits	877.676	100.281
Total	877.676	100.281

OPERATIONAL REVIEW

Effective 1st April, 2014, Hindustan Unilever Limited (HUL), which was previously holding 24% of the share capital in your Company, acquired the remaining 76% shareholding resulting in your Company becoming a wholly owned subsidiary of HUL.

During the year, the business model of contract manufacturing and sale was discontinued and the Company moved to the business of job work for Hindustan Unilever Limited, the holding company. The Company is in the business of conversion of raw material and packing material into semi-finished and finished goods as per the specifications provided. In view of change in the business model, the Profit and Loss Account of this year is not comparable with that of the previous year.

In terms of volumes, the production at the manufacturing unit of the Company at Gandhidham has seen a good growth, with a good mix of Soaps, Detergent Powders and other by-products. Your Company also commissioned a new state of the art high-speed cascade during the year. The new facility created for Dove Soap had a smooth start up and has started seeing a good volume growth.

The Company continued to support other units of the holding company by supplying noodles from its surplus capacity.

The Company continues to be guided by the Unilever Sustainable Living Plan. The total KWH consumption witnessed a sharp decline by over 12% when compared to the earlier year, resulting in both cost savings as well as contributing to CO2 reduction.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	ADDRESS	Service Request Number (SRN)
1	80026065	08/09/2012 *	740,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B60138922

* Date of charge modification

FIXED ASSETS

• Building
• Plant and Machinery
• Computer
• Office Equipment
• Furniture
• Vehicles

PRESS RELEASE

Hindustan Unilever in pact to acquire Aquagel Chemicals

NEW DELHI: FMCG major Hindustan Unilever Limited (HUL) today said it has inked a pact with promoters of Aquagel Chemicals Private Limited to acquire remaining 74 per cent stake in the company.

HUL already holds an investment to the extent of 26 per cent of the equity share capital of Gujarat-based ACPL.

"...The company has entered into a share purchase agreement with the promoters of Aquagel Chemicals Private Limited (ACPL) for acquisition of 74 per cent of the equity share capital of ACPL," HUL said in a filing to the BSE.

The company, however, did not share financial details. "Consequent to the acquisition of remaining 74 per cent of the equity share capital, ACPL has become a wholly owned subsidiary of Hindustan Unilever Ltd with effect from April 1, 2013," the company said.

Shares of Hindustan Unilever today closed at Rs 469.90 apiece on the BSE, up 1.68 per cent from its previous close

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.62.96
UK Pound	1	Rs.94.97
Euro	1	Rs.74.42

INFORMATION DETAILS

Information Gathered by :	GYA
Analysis Done by :	SUB
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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	--

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