MIRA INFORM REPORT

Report No. :	301415
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	ARON UNIVERSAL LIMITED
Registered Office :	Plot No. 25/1, 2^nd Phase, Jigani Industrial Area, Anekal Taluk, Bangalore – 560105, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.06.1983
Com. Reg. No.:	08-005391
Capital Investment / Paid-up Capital :	Rs. 45.424 Millions
CIN No.: [Company Identification No.]	U74999KA1983PLC005391
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRA05610D
PAN No.: [Permanent Account No.]	AACCA0449A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Vivid Daylight Fluorescent Pigments, Fluorescent Toners, Fluorescent Ink Bases, etc.
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 370000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. 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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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. Shripathi
Designation :	Senior Export Manager
Contact No.:	91-9741304481
Date :	15.01.2015

LOCATIONS

Registered Office / Factory :	Plot No. 25/1, 2^nd Phase, Jigani Industrial Area, Anekal Taluk, Bangalore – 560105, Karnataka, India
Tel. No. :	91-80-26605128 / 27825578 / 27825331 / 27825315 / 27825795
Mobile No. :	91-9741304481 (Mr. Shripathi)
Fax No. :	91-80-27825331 / 27825794 / 27825578
E-Mail :	kupendraas@gmail.com
Website :	www.aronuniversal.com
Corporate Office :	No.103/104, Brigade Business Suites, 44, T Mariappa Road (100ft Road), Ashoka Pillar, Jayanagar 2^nd Block, Bangalore – 560011, Karnataka, India
Tel. No. :	91-80-26579449 / 26579339 91-8110-416222
Fax No. :	91-80-27825794 / 27825578
E-Mail :	sales@aronuniversal.com
Overseas Office :	Located at · China

DIRECTORS

As on 29.09.2014

Name :

Mr. Ashok Babubhai Amin

Designation :

Managing Director

Address :

507, 46^th Cross, Jayan Agar, 5^th Block, Bangalore – 560041, Karnataka, India

Date of Birth/Age :

22.02.1939

Date of Appointment :

29.06.1983

DIN No. :

00215825

Name :

Ansu Ashok Amin

Designation :

Managing director

Address :

507, 46^th Cross, Jayan Agar, 5^th Block, Bangalore – 560041, Karnataka, India

Date of Birth/Age :

09.02.1946

Date of Appointment :

01.04.2010

DIN No. :

00215956

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	U74999KA1983PLC005391	ARON UNIVERSAL LIMITED	Managing director	01/04/2010	01/07/1993	-	Active	NO

Name :

Mr. Shailesh Madhubhai Patel

Designation :

Whole-time director

Address :

321, 3^rd Main, 4^th Cross, JP Nagar, 3^rd Phase, Bangalore – 560078, Karnataka, India

Date of Birth/Age :

21.12.1952

Date of Appointment :

01.04.2010

DIN No. :

00228647

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	U74999KA1983PLC005391	ARON UNIVERSAL LIMITED	Whole-time director	01/04/2010	29/06/1983	-	Active	NO
2	U24221KA1999PTC024921	KAPAM INTERNATIONAL PRIVATE LIMITED	Director	19/03/1999	19/03/1999	-	Active	NO

Name :

Kalpana Shailesh Patel

Designation :

Whole-time director

Address :

321, 3^rd Main, 4^th Cross, JP Nagar, 3^rd Phase, Bangalore – 560078, Karnataka, India

Date of Birth/Age :

03.06.1954

Date of Appointment :

01.04.2010

DIN No. :

00228796

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	U74999KA1983PLC005391	ARON UNIVERSAL LIMITED	Whole-time director	01/04/2010	01/07/1993	-	Active	NO
2	U24221KA1999PTC024921	KAPAM INTERNATIONAL PRIVATE LIMITED	Director	19/03/1999	19/03/1999	-	Active	NO

Name :

Mr. Sriram Tadimalla

Designation :

Director

Address :

25/1, North Public Square Road, Basavangudi, Bangalore – 560004, Karnataka, India

Date of Birth/Age :

07.04.1948

Date of Appointment :

26.08.1995

DIN No. :

00318089

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	U74999KA1983PLC005391	ARON UNIVERSAL LIMITED	Director	26/08/1995	26/08/1995	-	Active	NO
2	U35204KA1996PTC020766	ADITYA AUTO PRODUCTS AND ENGINEERING (INDIA) PVT LTD	Director	27/10/2004	27/10/2004	29/09/2012	Active	NO

Name :

Mr. Pulak Chandra Ray

Designation :

Director

Address :

Sarbhashree 161-F, 2^nd Cross, JP Nagar, Bangalore – 560078, Karnataka, India

Date of Birth/Age :

23.12.1930

Date of Appointment :

07.11.1995

DIN No. :

00384548

Name :

Mr. Narasimh Iengar Sampath Kumaran

Designation :

Director

Address :

No.1350/18, 5^th Cross, Ashok Nagar, Bangalore – 560050, Karnataka, India

Date of Birth/Age :

23.01.1942

Date of Appointment :

19.09.2008

DIN No. :

02248392

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	U74999KA1983PLC005391	ARON UNIVERSAL LIMITED	Director	19/09/2008	30/06/2008	-	Active	NO

Name :

Mr. Sriram Padmanathan

Designation :

Director

Address :

No.306, Kasturbha, 40^th Cross, 8^th Block, Jayanagar, Bangalore – 560004, Karnataka, India

Date of Birth/Age :

26.03.1942

Date of Appointment :

12.06.2001

DIN No. :

01515711

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	U29210KA1971PLC002030	RAPSRI ENGINEERING INDUSTRIES LIMITED	Director	30/09/1973	30/09/1973	-	Active	NO
2	U29120KA1976PTC002958	VITA TECHNOLOGY PRIVATE LIMITED	Director	20/02/1976	20/02/1976	-	Active	NO
3	U74999KA1983PLC005391	ARON UNIVERSAL LIMITED	Director	12/06/2001	12/06/2001	-	Active	NO
4	U85110KA1990PLC010752	SURETEC PRECISION LIMITED	Whole-time director	01/04/2007	01/04/2007	-	Active	NO
5	U29100KA2012PLC063295	RAPSRI ENGINEERING PRODUCTS COMPANY LIMITED	Director	29/03/2012	29/03/2012	-	Active	NO
6	U29214KA2012PTC063570	RAPSRI PRECISION ENGINEERED COMPONENTS PRIVATE LIMITED	Director	16/04/2012	16/04/2012	-	Amalgamated	NO

KEY EXECUTIVES

Name :	Mr. Shripathi
Designation :	Senior Export Manager

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders	No. of Shares
Ashok Babubhai Amin	1897950
Ansu Ashok Amin	664423
Nirav S Patel	32000
Sunita Ashok Amin	124480
Yashni S Patel	32000
Patel M Shailesh - HUF	115840
Amin B Ashok - HUF	112480
Neelam Ashok Amin	62400
Shailesh Madhubai Patel	1010257
Kalpana Shailesh Patel	490603
Total	4542433

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Vivid Daylight Fluorescent Pigments, Fluorescent Toners, Fluorescent Ink Bases, etc.

Products :

Item Code No. (ITC Code)	Product Description
320417	Daylight Fluorescent Pigments

· Cosmetics

· Petroleum Products

· Coatings

o Clay Coating

o Paper

o Seed Coating

· Printing Inks

o Digital Inks

o Gravure Inks

o Offset Inks

o Screen Inks

· Painting

o Aliphatic/ Aromatic Solvent Base

o Aqueous / Latex

o Cellulose

o Rubber

o Water Colors

· Plastics

o Blow Moulding

o Direct Moulding

o Extruded Plastic Profiles

o Custom Extruded Plastic Profiles

o Masterbatch

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Europe
• Russia
• Middle East
• USA
• Asia
• Africa
• South America

Imports :

Products :

Raw Materials

Countries :

• China
• Europe

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

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 :

• Wholesalers and Retailers

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 :

300 (Approximately)

Bankers :

· State Bank of India, Sme JP Nagar Branch, No.11, 1st Floor, 20^th Main, 15^th Cross, JP Nagar, 5^th Phase, Bangalore - 560078, Karnataka, India

• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India

• Citi Bank

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
State Bank of India Term Loan Secured Against Hypothecation of Plant and Machinery and other Current Assets	47.956	44.933
Exports Bills Discounted	11.285	0.000
Kotak Mahindra Bank Term Loan Secured Against Hypothecation of Flat And Guarnanted by the Directors of the Company	6.076	6.515
Kotak Mahindra Prime Limited Term Loan Secured Against Hypothecation of Car and Guarnanted by the Directors of the Company	0.666	0.987
BMW Financial Services Term Loan secured against Hypothecation of car and guarantee by the directors of the company	1.497	1.828
TOYOTA Financial Services Limited Term Loan secured against Hypothecation of car and guarantee by the directors of the company	0.974	1.184
SHORT TERM BORROWING
State Bank of India
Cash Credit	47.982	11.119
Packing Credit in Foreign Currency Account	37.686	18.709
Foreign currency Non-Repeatable Bank Account	0.000	51.204
CITI Bank
Cash Credit	8.431	0.000
Packing Credit in foreign Currency Account	10.384	0.000
State Bank of India
Buyers Credit	17.595	12.774
Total	190.532	149.253

Auditors :
Name :	Kupendra and Associates Chartered Accountants
Address :	Ground Floor, Hema Enclave, No.245, 3rd Cross, 3^rd Main, Chamarajpet, Bangalore – 560018, Karnataka, India
PAN No.:	AHEPS3013N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4542433	Equity Shares	Rs.10/- each	Rs. 45.424 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	45.424	37.924	37.920
(b) Reserves & Surplus	85.933	66.061	55.939
(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)	131.357	103.985	93.859
(3) Non-Current Liabilities
(a) long-term borrowings	113.458	94.207	99.844
(b) Deferred tax liabilities (Net)	17.327	15.042	12.471
(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)	130.785	109.249	112.315
(4) Current Liabilities
(a) Short term borrowings	122.078	93.805	75.371
(b) Trade payables	50.545	49.535	48.033
(c) Other current liabilities	10.792	7.134	6.426
(d) Short-term provisions	9.944	5.723	4.272
Total Current Liabilities (4)	193.359	156.197	134.102
TOTAL	455.501	369.431	340.276
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	177.826	168.148	161.861
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	2.099	1.758
(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	3.618	3.789	3.698
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	181.444	174.036	167.317
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	68.302	57.480	76.153
(c) Trade receivables	129.955	94.641	77.387
(d) Cash and cash equivalents	43.735	23.206	6.849
(e) Short-term loans and advances	31.753	19.694	12.195
(f) Other current assets	0.312	0.374	0.375
Total Current Assets	274.057	195.395	172.959
TOTAL	455.501	369.431	340.276

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	578.944	473.403	324.538
	Other Income	3.446	8.510	1.001
	TOTAL (A)	582.390	481.913	325.539
Less	EXPENSES
	Cost of Materials Consumed	358.440	300.082	212.667
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.342)	1.192	(24.184)
	Employees benefits expense	57.072	54.761	39.394
	Other expenses	90.939	72.157	60.444
	Impairent Of Assets	0.000	1.988	0.000
	TOTAL (B)	506.109	430.180	288.321
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	76.281	51.733	37.218
Less	FINANCIAL EXPENSES (D)	32.277	23.239	15.194
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	44.004	28.494	22.024
Less/ Add	DEPRECIATION/ AMORTISATION (F)	10.146	8.770	5.037
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	33.858	19.724	16.987
Less	TAX (I)	9.203	6.518	5.548
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	24.655	13.206	11.439
Less	APPROPRIATIONS
	Transfer to General Reserve	1.578	2.110	0.000
	Total (M)	1.578	2.110	0.000
	Balance Carried to the B/S (J+K+L-M)	24.655	13.206	11.439
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	301.6621	287.956	185.263
	TOTAL EARNINGS	301.6621	287.956	185.263
	IMPORTS
	Raw Materials	121.338	150.614	126.947
	Components and Stores parts	1.422	0.000	0.000
	Capital Goods	3.273	0.000	14.022
	TOTAL IMPORTS	126.033	150.614	140.969
	Earnings / (Loss) Per Share (Rs.)	5.43	3.48	3.02

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.26	2.79	3.52
Operating Profit Margin (PBDIT / Sales)	(%)	13.18	10.93	11.47
Return on Total Assets (PBT/Total Assets}	(%)	7.43	5.37	5.02
Return on Investment (ROI) (PBT/Networth)		0.26	0.19	0.18
Debt Equity Ratio (Total Debt /Networth)		1.79	1.81	1.87
Current Ratio (Current Asset/Current Liability)		1.42	1.25	1.29

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	37.920	37.924	45.424
Reserves & Surplus	55.939	66.061	85.933
Net worth	93.859	103.985	131.357
long-term borrowings	99.844	94.207	113.458
Short term borrowings	75.371	93.805	122.078
Total borrowings	175.215	188.012	235.536
Debt/Equity ratio	1.867	1.808	1.793

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)
Sales	324.538	473.403	578.944
		45.870	22.294

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	324.538	473.403	578.944
Profit	11.439	13.206	24.655
	3.52%	2.79%	4.26%

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	No
17]	Major suppliers	No
18]	Major customers	No
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loan from Director	30.580	38.759
CSIR Loan	14.424	0.000
Total	45.004	38.759

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10330954	02/12/2011	7,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B30300602
2	90195390	11/08/2001 *	975,000.00	STATE BANK OF INDIA	BANGLORE COMMERCIAL BRANCH, KRISHI BHAVAN HUDOSN CIRCLE, BANGLORE, KARNATAKA, INDIA	-
3	90194068	10/05/2013 *	247,000,000.00	STATE BANK OF INDIA	SME JP NAGAR BRANCH, NO.11, 1ST FLOOR, 20TH MAIN, 15TH CROSS, JP NAGAR 5TH PHASE BANGALORE - 560078, KARNATAKA, INDIA	B78079472
4	90195356	23/11/2001 *	11,600,000.00	STATE BANK OF INDIA	BANGLORE COMMERCIAL BRANCH, KRISHI BHAVAN HUDSUN CIRCLE, BANGLORE, KARNATAKA, INDIA	-
5	80065259	17/01/1996	2,080,000.00	THE KARNATAKA STAT FINANCIAL CORPORATION	MG ROAD, BANGALORE - 560001, KARNATAKA, INDIA	-
6	90193723	01/07/1995 *	775,000.00	STATE BANK OF INDIA	BANGLORE CITY BRANCH, J.C. ROAD, BANGLORE - 565002, KARNATAKA, INDIA	-

* Date of charge modification

FIXED ASSETS

· Freehold Land

· Buildings

· Plant and Equipments

· Furniture and Fixture

· Vehicles (Cars)

· Office Equipments

· Computers

· Electrical Installations

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.61.49
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--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	--

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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.