MIRA INFORM REPORT

Report No. :	302823
Report Date :	13.01.2015

IDENTIFICATION DETAILS

Name :	FIRMENICH AROMATICS (INDIA) PRIVATE LIMITED
Registered Office :	Arena Space, 9^th Floor, New Shyam Nagar Road, Off. Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai – 400 060, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.01.1997
Com. Reg. No.:	11-105255
Capital Investment / Paid-up Capital :	Rs.45.000 millions
CIN No.: [Company Identification No.]	U74130MH1997PTC105255
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACF1621M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing and compounding of chemicals and essential oils for perfumery compound and flavoring essence.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1254000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. 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.

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

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Vikas Jadav
Designation :	Accounts and Finance Department
Contact No.:	91-22-66196000
Date :	13.01.2015

LOCATIONS

Registered Office :	Arena Space, 9^th Floor, New Shyam Nagar Road, Off. Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai – 400 060, Maharashtra
Tel. No.:	91-22-66196000
Fax No.:	91-22-66196010
E-Mail :	suman.sinha@firmenich.com sudhir.rao@firmenich.com
Website :	www.firmenich.com

DIRECTORS

AS ON 04.09.2014

Name :

Patrick Roger Firmenich

Designation :

Director

Address :

384, Route DE Laussane, 1294, Genthod, Switzerland

Date of Birth/Age :

21.09.1962

Date of Appointment :

01.04.2003

DIN No. :

00671360

Name :

Mr. David Carlton Shipman

Designation :

Director

Address :

12, Highland Avenue, New Jersey, USA 08732

Date of Birth/Age :

03.08.1960

Date of Appointment :

01.12.2003

DIN No. :

00671424

Name :

Mr. Asit Madhusudan Patel

Designation :

Director

Address :

2901, Odyssey - II, Hiranandani Gardens, Powai, Mumbai – 400 076 Maharashtra, India,

Date of Birth/Age :

11.03.1951

Qualification :

Formal Education in Chemistry /Management from U.S.A.

Date of Appointment :

22.10.2013

PAN No.:

AAAPP7483Q

DIN No. :

00149694

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	U24231GJ1986PTC008686	SPECIALITY FLAVOURS AND FRAGRANCES PRIVATE LIMITED	Director	19-05-1986	19-05-1986	-	Active	NO
2	U74140MH1990PTC057456	M C DAVAR CORPORATE SERVICES PRIVATE LIMITED	Director	27-07-1990	27-07-1990	-	Active	NO
3	U51100GJ1996PTC029983	MAGNIFICENT MARKETING PRIVATE LIMITED	Director	20-06-1996	20-06-1996	-	Active	NO
4	U74130MH1997PTC105255	FIRMENICH AROMATICS (INDIA) PRIVATE LIMITED	Director	22-10-2013	20-01-1997	-	Active	NO
5	U51900MH1999PTC118975	REAL MERCANTILE SERVICES (MUMBAI) PRIVATE LIMITED	Director	18-03-1999	18-03-1999	-	Active	NO
6	U29329GJ1989PTC012761	M C DAVAR HOLDINGS PRIVATE LIMITED	Director	15-01-2000	15-01-2000	-	Active	NO
7	U24119MH2007FTC170590	FIRMENICH AROMATICS PRODUCTION (INDIA) PRIVATE LIMITED	Director	04-05-2007	04-05-2007	22-03-2010	Active	NO
8	U74999MH2008PTC180509	COFFOR CONSTRUCTION TECHNOLOGY PRIVATE LIMITED	Director	27-03-2008	27-03-2008	-	Active	NO
9	U45201GJ2002PTC040469	MANOMAY ESTATES PRIVATE LIMITED	Director	11-10-2008	11-10-2008	-	Active	NO
10	U65910GJ1995PTC026401	SIDDHI VINAYAK SECURITIES PRIVATE LIMITED	Director	11-10-2008	11-10-2008	-	Active	NO
11	U70100MH2002PTC135929	MAYROSE ESTATES PRIVATE LIMITED	Director	02-02-2009	02-02-2009	-	Active	NO
12	U45202MH2002PTC135921	DEVBHUMI ESTATES (MUMBAI) PRIVATE LIMITED	Director	02-02-2009	02-02-2009	-	Active	NO
13	U45102MH2001PTC133799	DHAWAL GIRI ESTATES PRIVATE LIMITED	Director	03-02-2009	03-02-2009	-	Active	NO
14	U45201GJ1983PTC005946	WESTCOAST CONTRACTORS PRIVATE LIMITED	Additional director	11-08-2009	11-08-2009	-	Active	NO
15	U65910GJ1982PTC005527	MOTRIK INVESTMENTS PRIVATE LIMITED	Director	01-04-2010	01-04-2010	-	Active	NO
16	U70102MH2007PTC175228	AUROSAGAR ESTATES PRIVATE LIMITED	Additional director	01-01-2014	01-01-2014	03-09-2014	Active	NO
17	U36100MH1969PTC011336	CHANDAN METAL PRODUCTS PRIVATE LIMITED	Additional director	04-09-2014	04-09-2014	-	Active	NO
18	U70200MH1995PTC090209	ARTHUR ESTATE PRIVATE LIMITED	Director	07-10-2014	07-10-2014	-	Active	NO
19	AAA-4334	A & H NIRMAN ESTATES AND CONSTRUCTIONS LLP	Designated Partner	01-04-2011	01-04-2011	-	Active	NO

Name :

Mr. Ramesh Raichand Shah

Designation :

Director

Address :

301, Ruchita Towers, 161, Versova Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

20.10.1951

Date of Appointment :

16.01.2012

PAN No. :

AAEPS3517J

DIN No. :

00151321

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	U24231GJ1986PTC008686	SPECIALITY FLAVOURS AND FRAGRANCES PRIVATE LIMITED	Director	27-09-1990	27-09-1990	-	Active	NO
2	U65910GJ1982PTC005527	MOTRIK INVESTMENTS PRIVATE LIMITED	Director	27-09-1991	27-09-1991	-	Active	NO
3	U74140MH1990PTC057456	M C DAVAR CORPORATE SERVICES PRIVATE LIMITED	Director	18-08-1992	18-08-1992	-	Active	NO
4	U51100GJ1996PTC029983	MAGNIFICENT MARKETING PRIVATE LIMITED	Director	20-06-1996	20-06-1996	-	Active	NO
5	U36998GJ1996PTC029357	CITADEL LOCKS 7 SECURITIES SYSTEMS PRIVATE LIMITED	Director	28-02-1997	28-02-1997	-	Active	NO
6	U74130MH1997PTC105255	FIRMENICH AROMATICS (INDIA) PRIVATE LIMITED	Director	16-01-2012	08-08-1997	-	Active	NO
7	U29329GJ1989PTC012761	M C DAVAR HOLDINGS PRIVATE LIMITED	Director	15-01-2000	15-01-2000	-	Active	NO
8	U70101MH1994PTC083767	HARA ESTATES AND CAPITAL PRIVATE LIMITED	Director	28-09-2013	26-11-2010	-	Active	NO
9	U74999MH2014PTC254621	SYNERGY ALLIANCES PRIVATE LIMITED	Director	19-03-2014	19-03-2014	-	Active	NO

Name :

Eric Nicolas

Designation :

Director

Address :

18, Avenue Talamon, Chaville, France 92370

Date of Birth/Age :

08.05.1960

Date of Appointment :

27.09.2011

DIN No. :

03393757

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	U74130MH1997PTC105255	FIRMENICH AROMATICS (INDIA) PRIVATE LIMITED	Director	27-09-2011	25-03-2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vikas Jadav
Designation :	Accounts and Finance Department
Name :	Mr. Arijit Ganguli
Designation :	Manager
Address :	73, Royde Park, Rishi Bankimchandra, Behala, Kolkata – 700 034, West Bengal, India
Date of Birth/Age :	20.05.1970
Date of Appointment :	22.10.2013
PAN No.:	ADDPG8432C
Name :	Mr. Haresh Totlani
Designation :	Head - CDC, India
Date of Birth/Age :	39 Years
Qualification :	B. Tech, MBA
Experience :	16 Years
Date of Appointment :	01.08.2012
Name :	P. Srinivasan
Designation :	Head - Perfumery, India
Date of Birth/Age :	48 Years
Qualification :	B. Tech, MBA
Experience :	22 Years
Date of Appointment :	21.08.2012

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 04.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Asit Madhusudan Patel	13500	3.00
M.C. Davar Holdings Private Limited, India	103500	23.00
Firmenich Trading Corporation, Switzerland	333000	74.00
Total	450000	100.00

AS ON 04.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	74.00
Bodies corporate	23.00
Directors or relatives of Directors	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of manufacturing and compounding of chemicals and essential oils for perfumery compound and flavoring essence.
Products :	Chemicals Essential Oils
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Countries :	European Countries China
Imports :
Countries :	European Countries China
Terms :
Selling :	Credit
Purchasing :	Credit

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

B2B Market

Reference :	Hindustan Unilever Limited
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 :

150 (Approximately)

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
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

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Lodha Excellus, 1^st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai – 400 011, Maharashtra, India
PAN No.:	AAIFB4734C
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Firmench Trading Corporation
Ultimate Holding Company:	Firmenich International S.A.
Investing Associate:	M C Davar Holdings Private Limited (formerly known as M C Davar Aromatics Private Limited) (holds 23% of issued, subscribed and paid up capital)
Fellow Subsidiary Companies:	Firmenich SA - (Firsa) Firmenich Incorporated - (Firinc) Firmenich UK Limited - (Firlon) Firmenich (PTY) Limited - (Firsouth) Nihon Firmenich Kabushiki Kaisya (KK) - (Firnin) Firmenich Limited - (Firsyd) Firmenich Asia Pte Limited - (Firsin) PT Firmenich Indonesia - (Firjava) Firmenich de Mexico S.A. de C.V. - (Firmex) Kunming Firmenich Aromatics Company Limited - (Firming) Firmenich de Colombia - (Fideco) Firmenich and Cia. Limited - (Fibras) Firmenich Belgium S.A - (Firbell) Firmenich FZ-LLC - (Firgulf) Firmenich Sociedad Anonima Industrial, Comercial y Fianciera - (Firar) Firmenich Aromatics (China) Co., Limited - (Firchina) Firmenich (Thailand) Limited - (Firthai) Firmenich Aromatics Production (India) Private Limited - (Firguj) Firmenich Grasse SAS - (Firgras) Firmenich Saint Louis - (Firlouis) Firmenich and CIE S.A.S. (Firpar) PT. Firmenich Aromatics Indonesia (Firsea)

CAPITAL STRUCTURE

AS ON 04.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.100/- each	Rs.45.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.100/- each	Rs.45.000 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	45.000	45.000	45.000
(b) Reserves & Surplus	394.058	462.170	473.681
(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)	439.058	507.170	518.681
(3) Non-Current Liabilities
(a) Long-term borrowings	269.505	244.260	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	3.897	1.597	0.000
(d) Long-term provisions	58.352	39.667	43.747
Total Non-current Liabilities (3)	331.754	285.524	43.747
(4) Current Liabilities
(a) Short term borrowings	898.543	662.703	721.404
(b) Trade payables	1228.753	826.960	652.908
(c) Other current liabilities	280.121	291.810	283.446
(d) Short-term provisions	94.969	177.994	100.095
Total Current Liabilities (4)	2502.386	1959.467	1757.853
TOTAL	3273.198	2752.161	2320.281
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	376.126	99.702	62.309
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	36.986	263.012	5.445
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	21.152	60.347	59.101
(d) Long-term Loan and Advances	258.330	207.586	164.273
(e) Other Non-current assets	1.447	1.447	1040.656
Total Non-Current Assets	694.041	632.094	1331.784
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	919.481	690.754	773.934
(c) Trade receivables	1440.142	1147.493	0.000
(d) Cash and cash equivalents	8.894	36.569	12.798
(e) Short-term loans and advances	201.305	237.385	196.731
(f) Other current assets	9.335	7.866	5.034
Total Current Assets	2579.157	2120.067	988.497
TOTAL	3273.198	2752.161	2320.281

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	5060.474	4523.331	3744.115
		Other Income
		TOTAL	5060.474	4523.331	3744.115
Less	EXPENSES
		Office Expenses	4862.052	4362.173	3853.658
		Administrative Expenses
		Advertising Expenses
		TOTAL	4862.052	4362.173	3853.658
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		198.422	161.158	(109.543)
Less/ Add	DEPRECIATION/ AMORTISATION		72.827	24.021	(26.006)
	PROFIT/ (LOSS) BEFORE TAX		125.595	137.137	(83.537)
Less	TAX		71.402	52.856	(34.525)
	PROFIT/ (LOSS) AFTER TAX		54.193	84.281	(49.012)
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on F.O.B. basis	96.840	142.611	NA
		Commission on sales	15.315	20.728	NA
		Freight Revenue	4.220	4.520	NA
	TOTAL EARNINGS		116.375	167.859	NA
	Earnings / (Loss) Per Share (Rs.)		120.43	187.29	(108.92)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.91	5.65	(3.70)
Return on Investment (ROI) (PBT/Networth)		0.29	0.27	(0.16)
Debt Equity Ratio (Total Debt/Networth)		2.66	1.79	1.39
Current Ratio (Current Asset/Current Liability)		1.03	1.08	0.56

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	45.000	45.000	45.000
Reserves & Surplus	473.681	462.170	394.058
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	518.681	507.170	439.058
Long Term borrowings	0.000	244.260	269.505
Short Term borrowings	721.404	662.703	898.543
Total borrowings	721.404	906.963	1168.048
Debt/Equity ratio	1.391	1.788	2.660

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	3,744.115	4,523.331	5,060.474
		20.812	11.875

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	3,744.115	4,523.331	5,060.474
Profit	(49.012)	84.281	54.193
	(1.31%)	1.86%	1.07%

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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	No
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	No

LITIGATION DETAILS:

CASE DETAILS
Bench:- Bombay
Lodging No:-	ITXAL/320/2013	Failing Date:-	20.02.2013			Reg. No.:-	ITXA/2483/2013	Reg. Date:-	24.12.2013
Petitioner:-	COMMSSIONER OF INCOME TAX-4		Respondent:-			FIRMENICH AROMATICS (INDIA) PRIVATE LIMITED
Petn. Adv:-	SURESH KUMAR (0)			Resp. Adv.:		0 (0)
District:-	MUMBAI
Bench:-	DIVISION			Category:		TAX APPEALS
Status:-	Pre-Admission		Stage:-			FOR DIRECTION
Next Date:-	27.01.2015
Coram:-	HON’BLE SHRI JUSTICE S.C. BHARMADHIKARI HON’BLE SHRI JUSTICE A.A. SAYED
Last Date:-	20.03.2013
Last Coram :-	HON’BLE SHRI JUSTICE S.C. BHARMADHIKARI HON’BLE SHRI JUSTICE A.A. SAYED
Act:-	Income Tax Act, 1961				Under Section :-	260A

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Foreign currency term loans from others	269.505	244.260
SHORT TERM BORROWINGS
Loans repayable on demand from banks	898.543	662.703
Total	1168.048	906.963

BACKGROUND:

The Company was incorporated on 20^th January 1997. The Company is engaged in the business of compounding of industrial fragrance and flavours and manufacturing of chemicals.

INDEX OF CHARGES

No Charges Exist for Company.

FIXED ASSETS:

Tangible Assets

· Land

· Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Leasehold Improvements

Intangible Assets

· Computer 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 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.62.16
UK Pound	1	Rs.94.28
Euro	1	Rs.73.73

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	YES
--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		45

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.