MIRA INFORM REPORT

Report No. :	303830
Report Date :	22.01.2015

IDENTIFICATION DETAILS

Name :	SIGACHI INDUSTRIES PRIVATE LIMITED (w.e.f. 29.03.2012)

Formerly Known As :	SIGACHI CHLORO-CHEMICALS PRIVATE LIMITED

Registered Office :	229/1 and 90, 4^th Floor, Kalyan's Tulsiram Chambers, Madinaguda, Hyderabad – 500 049, Telangana

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	11.01.1989

Com. Reg. No.:	36-009497

Capital Investment / Paid-up Capital :	Rs.12.814 millions

CIN No.: [Company Identification No.]	U24110TG1989PTC009497

IEC No.:	0991028759

TAN No.: [Tax Deduction & Collection Account No.]	HYDS02266F

PAN No.: [Permanent Account No.]	AACCS8339R

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Exporter and Importer of heavy chemicals, cellulose, and chlorine based products.

No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 136000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having a satisfactory track record. Management of the company has failed to file its latest financial for the year 2014 with the Government Department. As per available financial of 2013, financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. 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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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. Kartik
Designation :	Marketing Head
Contact No.:	91-9959466755
Date :	20.01.2015

LOCATIONS

Registered Office :	229/1 and 90, 4^th Floor, Kalyan's Tulsiram Chambers, Madinaguda, Hyderabad – 500 049, Telangana, India
Tel. No.:	91-40-40114874/ 75/ 76/ 23043376
Fax No.:	91-40-40216248
E-Mail :	For General: info@sigachi.com For Marketing: mktg@sigachi.com For Purchases: pur@sigachi.com
Website :	http://www.sigachi.com
Area :	1200 sq. ft.
Location :	Rented

Factory :	Plot No.20, IDA, Phase –I, Pashamylaram, District Medak, Telangana, India
Location :	Rented

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Rabindra Prasad Sinha

Designation :

Whole Time Director

Address :

S1, Jaya Villa, Huda Heights, MLA Colony, Road No.12, Banjara Hills, Hyderabad – 500 034, Telangana, India

Date of Birth/Age :

01.09.1950

Date of Appointment :

01.12.2009

DIN No.:

00413448

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	U24110TG1989PTC009497	SIGACHI INDUSTRIES PRIVATE LIMITED	Whole-time director	01/12/2009	19/01/1990	-	Active	NO
2	L24230AP1994PLC018786	SIGACHI LABORATORIES LIMITED	Director	21/11/1994	21/11/1994	01/02/2010	Active	NO
3	U70101TG2007PTC053122	RPS PROJECTS AND DEVELOPERS PRIVATE LIMITED	Director	15/03/2007	15/03/2007	-	Active	NO
4	U24232TG2007PTC055796	SIGACHI CELLULOS PRIVATE LIMITED	Director	05/10/2007	05/10/2007	-	Amalgamated	NO
5	U24296TG2007PTC085361	SIGACHI PLASTICISERS PRIVATE LIMITED	Director	26/12/2007	26/12/2007	-	Amalgamated	NO

Name :

Mr. Chidambarnathan Shanmuganathan

Designation :

Managing Director

Address :

Plot No.33, Bhel Extension, Ushodaya Enclave, Madeena Guda, Hyderabad – 500 040, Telangana, India

Date of Birth/Age :

10.05.1943

Date of Appointment :

01.12.2009

DIN No.:

00485497

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	U24110TG1989PTC009497	SIGACHI INDUSTRIES PRIVATE LIMITED	Managing director	01/12/2009	30/06/1990	-	Active	NO
2	U24232TG2007PTC055796	SIGACHI CELLULOS PRIVATE LIMITED	Director	05/10/2007	05/10/2007	28/02/2009	Amalgamated	NO
3	U24296TG2007PTC085361	SIGACHI PLASTICISERS PRIVATE LIMITED	Director	26/12/2007	26/12/2007	01/03/2009	Amalgamated	NO
4	U74900TG2010PTC066546	PASHAMYLARAM COMMON INFRASTRUCTURE PRIVATE LIMITED	Director	05/01/2010	05/01/2010	-	Active	NO
5	U74120TG2014PTC095095	CHIAN BIO PRIVATE LIMITED	Director	31/07/2014	31/07/2014	-	Active	NO

Name :

Mr. Amit Raj Sinha

Designation :

Managing Director

Address :

S-1, Plot No.66, Huda Height, MLA Colony, Road No.12, Banjara Hills Hyderabad – 500 034, Telangana, India

Date of Birth/Age :

18.09.1973

Date of Appointment :

01.12.2009

DIN No.:

01263292

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	U70101TG2007PTC053122	RPS PROJECTS AND DEVELOPERS PRIVATE LIMITED	Director	15/03/2007	15/03/2007	-	Active	NO
2	U24232TG2007PTC055796	SIGACHI CELLULOS PRIVATE LIMITED	Managing director	01/01/2010	05/10/2007	-	Amalgamated	NO
3	U24296TG2007PTC085361	SIGACHI PLASTICISERS PRIVATE LIMITED	Director	19/09/2009	01/03/2009	-	Amalgamated	NO
4	U24110TG1989PTC009497	SIGACHI INDUSTRIES PRIVATE LIMITED	Managing director	01/12/2009	01/12/2009	-	Active	NO

Name :

Mr. Bhavani Shanmugam Chidambaranathan

Designation :

Director

Address :

Hig-33, Phase-II, Ushodaya Enclave, Madinaguda, Ranga Reddy District, Hyderabad – 500 050, Telangana, India

Date of Birth/Age :

13.03.1984

Date of Appointment :

30.09.2010

DIN No.:

02920546

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	U24110TG1989PTC009497	SIGACHI INDUSTRIES PRIVATE LIMITED	Director	30/09/2010	02/03/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kartik
Designation :	Marketing Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Note:

SHAREHOLDING AND ALLOTTEES DETAILS FILE ATTACHED.

AS ON 30.09.2013

Equity Shares Break Up	Percentage of Holding
Bodies corporate	11.00
Directors or relatives of Directors	54.00
Other top fifty shareholders	35.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of heavy chemicals, cellulose, and chlorine based products.

Products :

Product Description	Item Code Number
Hydrochloric Acid	28061000
Microcrystalline Cellulose	39121290
Chlorinated Paraffin	29031990

Brand Names :

“HALOPLAST”

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

Singapore
UK
USA
Europe
Indonesia
Asia
Australia
Middle East

Imports :

Products :

Raw Materials

Countries :

Canada
Germany
USA
Belgium

Terms :

Selling :

Cash, Advance Payment, Cheque and Credit

Purchasing :

Cash, Advance Payment, Cheque and Credit

PRODUCTION STATUS (AS ON 31.03.2013):

Licenced Capacity: Not Applicable

Particulars	2012-2013
Installed Capacity (as certified by Management)
Chlorinated Paraffin	2300 MT/annum
Microcrystalline cellulose	2100 MT/annum

Particulars	Actual Production (Qty. – MTs)
Chlorinated Paraffin	1381.680
Hydrochloric Acid	2200.100
Chlorinated Synthetic Resin	2.037
Microcrystalline Cellulose	2134.635
Total	5718.452

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 :	S.K. Enterprise
Name of the Person :	Mr. Sanjeev Garadia (Proprietor)
Contact No.:	91-9146488796
Since How Long Known :	1996
Experience :	Product Quality: Excellent Delivery Behaviour: Excellent Overall: Excellent
Maximum Limit Dealt :	Not Divulged
Remark :	They gave us positive response about subject company, they are satisfaied with their product quality and delivery behaviour.

No. of Employees :

300 (Approximately)

Bankers :

Banker Name	Canara Bank
Branch Address	Basheerbagh, Hyderabad – 500 001, Telangana, 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

HDFC Bank Limited
ICICI Bank Limited

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan from Canara Bank for renovation	3.525	5.222
Term Loan from Canara Bank for research and development	0.308	0.839
Term Loan from Canara Bank March 13	0.684	0.000
(Above two term loans sanctioned by Canara Bank, secured by equitable mortgage of land and buildings and hypothecation of plant and machinery, testing equipments and all acquisitions of fixed assets in nature and guaranteed by Directors in their personal capacities)
Car Loan from Canara Bank, secured by Swift car	0.000	0.029
Car Loan from Canara Bank, secured by Tata Indica car	0.000	0.043
Tata Capital Limited, secured by Hyundai Verna	0.238	0.000
Car loan from Kotak Mahindra Prime Limited, secured by Verna	0.394	0.000
Vehicle loan from Cholamandalam Fin Limited, secured by Winger	0.062	0.273
HDFC Limited vehicle loan secured by tanker	1.202	0.000
SHORT TERM BORROWINGS
From Canara Bank
Working Capital	52.154	34.087
Packing Credit	20.805	12.788
Buyers Credit	0.000	15.229
(Working capital loans are secured by hypothecation of stocks and assignment of book debts and guaranteed by Directors in their personal capacities)
Current maturity of long term debts:
Term Loan from Canara Bank for renovation	1.596	1.485
Term Loan from Canara Bank for research and development	0.800	0.000
Car loan from Kotak Mahindra Prime Limited, secured by Verna	0.349	0.000
Car Loan from Canara Bank, secured by Tata Indica car	0.053	0.167
Tanker loan from HDFC Bank Limited, secured by tanker	0.623	0.000
Car loan from Kotak Mahindra Prime Limited, secured by Skoda car	0.000	0.310
Vehicle loan from Cholamandalam Fin Limited, secured by Winger	0.262	0.262
Tata Capital Limited, secured by Hyundai Verna	0.332	0.000
Total	83.387	70.734

Banking Relations :	--

Finance Institutions :	SREI Equipment Finance Limited, 'Vishwakarma', 86C, Topsia Road, Kolkata – 700 046,, West Bengal, India

Auditors :
Name :	T. Adinarayana Rao and Company Chartered Accountant
Address :	806, 8^th Floor, Raghava Ratna Towers, Chirag Ali Lane, ABIDS, Hyderabad – 500 001, Telangana, India
PAN No.:	AAAFT9959R

Memberships :	Not Available

Collaborators :	Not Available

Associate Companies :	Sigachi Cellulos Private Limited R.P.S. Projects and Developers Private Limited Sigachi Plasticisers Private Limited

CAPITAL STRUCTURE

AFTER 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
7150000	Equity Shares	Rs.10/- each	Rs.71.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2668690	Equity Shares	Rs.10/- each	Rs.26.687 millions

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1300000	Equity Shares	Rs.10/- each	Rs.13.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1281360	Equity Shares	Rs.10/- each	Rs.12.814 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	12.814	8.542	8.542
(b) Reserves & Surplus	34.782	27.758	21.300
(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)	47.596	36.300	29.842

(3) Non-Current Liabilities
(a) Long-term borrowings	10.787	10.759	11.594
(b) Deferred tax liabilities (Net)	4.145	3.711	3.499
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	14.932	14.470	15.093

(4) Current Liabilities
(a) Short term borrowings	76.974	64.328	49.215
(b) Trade payables	16.006	11.507	29.614
(c) Other current liabilities	0.292	0.506	0.150
(d) Short-term provisions	14.663	5.707	5.633
Total Current Liabilities (4)	107.935	82.048	84.612

TOTAL	170.463	132.818	129.547

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	48.003	40.481	36.850
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.395	1.324	2.397
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	50.398	41.805	39.247

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	38.439	23.173	30.503
(c) Trade receivables	65.382	49.588	49.625
(d) Cash and cash equivalents	2.518	2.322	2.079
(e) Short-term loans and advances	13.726	15.930	8.093
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	120.065	91.013	90.300

TOTAL	170.463	132.818	129.547

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	335.953	305.755	241.993
		Other Income
		TOTAL (A)	335.953	305.755	241.993

Less	EXPENSES
		Office Expenses	301.225	280.696	222.911
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	301.225	280.696	222.911

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.728	25.059	19.082

Less	FINANCIAL EXPENSES (D)		11.053	10.341	7.077

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.675	14.718	12.005

Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.666	3.183	2.935

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		20.009	11.535	9.070

Less	TAX (H)		6.709	2.695	2.811

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		13.300	8.840	6.259

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.569	16.034	12.499

Less	APPROPRIATIONS
		Transfer to General Reserve	1.858	0.923	0.726
		Proposed Dividend	1.713	1.709	1.708
		Tax on Proposed Dividend	0.291	0.290	0.290
		Prior Period Expenditure	0.000	0.383	0.000
		Capitalization of amount for issue of Bonus Shares	4.271	0.000	0.000
	BALANCE CARRIED TO THE B/S		26.736	21.569	16.034

	EARNINGS IN FOREIGN CURRENCY
		Direct Exports	111.492	77.324	43.675
		Merchant Exports	1.426	2.078	1.553
	TOTAL EARNINGS		112.918	79.402	45.228

	Earnings / (Loss) Per Share (Rs.)		1.04	103.48	73.27

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/ Total Income)	(%)	3.96	2.89	2.59

Operating Profit Margin (PBDIT/ Total Income)	(%)	10.34	8.20	7.89

Return on Total Assets (PBT/Total Assets}	(%)	11.74	8.68	7.00

Return on Investment (ROI) (PBT/Networth)		0.42	0.32	0.30

Debt Equity Ratio (Total Debt/Networth)		1.84	2.07	2.04

Current Ratio (Current Asset/Current Liability)		1.11	1.11	1.07

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	8.542	8.542	12.814
Reserves & Surplus	21.300	27.758	34.782
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	29.842	36.300	47.596

Long Term borrowings	11.594	10.759	10.787
Short Term borrowings	49.215	64.328	76.974
Total borrowings	60.809	75.087	87.761
Debt/Equity ratio	2.038	2.069	1.844

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	241.993	305.755	335.953
		26.349	9.877

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	241.993	305.755	335.953
Profit	6.259	8.840	13.300
	2.59%	2.89%	3.96%

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	Yes
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	-----
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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note

The registered office has been shifted from 411, Raghavaratna Towers, Chirag Ali Lane, Hyderabad – 500 001, Andhra Pradesh, India to the present address w.e.f. 01.01.2008.

OPERATIONS

The Company recorded a total income of Rs.335.953 millions during the year as against Rs.305.755 millions in the previous year and thus, registering an impressive growth of about 10% in turnover, overcoming the global financial crisis. The net profit after provision for tax is Rs.13.300 millions as against Rs.8.840 millions in the previous year, registering an increase of over 50% in net profit of the Company even after increase in input costs, direct and indirect expenses and larger provision for depreciation.

The Company was conferred with “INNOVATION” award for 2011 by the Ministry of Small and Medium Enterprises (MSME), Government of India in appreciation of the works carried out by the Company in its in-house R & D.

UNSECURED LOANS

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
From Others	0.670	0.650
Deferred payment credit- sales tax	3.704	3.703
Total	4.374	4.353

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10522198	21/06/2014	637,000.00	SREI EQUIPMENT FINANCE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA	C22732374
2	10271513	05/03/2014 *	145,500,000.00	CANARA BANK	CANARA BANK, HYDERABAD, ANDHRA PRADESH - 500001, INDIA	C02927960
3	10271515	19/07/2012 *	138,500,000.00	CANARA BANK	BASHIRBAGH BRANCH, HYDERABAD, ANDHRA PRADESH - 500 001, INDIA	B57706723
4	10269964	11/03/2013 *	135,160,000.00	CANARA BANK	BASHIRBAGH BRANCH, HYDERABAD, ANDHRA PRADESH - 500029, INDIA	B73793226
5	10258379	14/08/2013 *	48,331,000.00	BANK OF BARODA GNFC COMPLEX BRANCH	GNFC CORPORATE COMPLEX, PO- NARMADANAGAR, BHARUCH, GUJARAT - 392015, INDIA	B82261819
6	10285767	14/08/2013 *	48,331,000.00	BANK OF BARODA GNFC COMPLEX BRANCH	GNFC CORPORATE COMPLEX, PO- NARMADANAGAR, BHARUCH, GUJARAT - 392015, INDIA	B82260878
7	90262374	01/11/2003	5,170,000.00	ANDHRA PRADESH FINANCIAL CORPORATION	CHIRAG ALI LANE, HYDERABAD, ANDHRA PRADESH, INDIA	-
8	80004060	11/03/2013 *	135,160,000.00	CANARA BANK	BASHIRBAGH BRANCH, HYDERABAD, ANDHRA PRADESH - 500029, INDIA	B73791428
9	90261174	19/12/1994	9,360,000.00	ANDHRA PRADESH FINANCIAL CORPORATION	CHIRAG ALI LANE, HYDERABAD, ANDHRA PRADESH, INDIA	-
10	90260879	08/10/1994 *	2,040,000.00	STATE BANK OF TRAVANCORE	J.L. NEHRU ROAD, HYDERABAD, ANDHRA PRADESH, INDIA	-
11	90260811	12/03/1990	340,000.00	ANDHRA PRADESH FINANCIAL CORPORATION	CHIRAG ALI LANE, HYDERABAD, ANDHRA PRADESH, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Vehicles

· Lab Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.61
UK Pound	1	Rs.93.49
Euro	1	Rs.71.38

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	RAS

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		48

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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