MIRA INFORM REPORT

Report No. :	305328
Report Date :	31.01.2015

IDENTIFICATION DETAILS

Name :	UNIVERSAL CHEMICALS AND INDUSTRIES PRIVATE LIMITED
Registered Office :	507, Raheja Centre, 214, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.12.1961
Com. Reg. No.:	11-012229
Capital Investment / Paid-up Capital :	Rs.392.600 millions
CIN No.: [Company Identification No.]	U99999MH1961PTC012229
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMU03465A / MUMU03663C
PAN No.: [Permanent Account No.]	AAACU0974C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred accumulated losses during FY14. Debt financing is more than equity. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealing on a safe and secured 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	Term Loan: “D” (Suspended)
Rating Explanation	Lowest credit quality and low prospects of recovery.
Date	13.12.2013

Reason for Suspension: Company has not furnished information required by care.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Alok
Designation :	Accounts Executive
Contact No.:	91-22-43534353
Date :	27.01.2014

LOCATIONS

Registered Office/ Corporate Office :	507, Raheja Centre, 214, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22844428/ 43534353
Fax No.:	91-22-22854741
E-Mail :	bpradhan@ucil.co.in smvaishnav@ucil.co.in hmistry@ucil.co.in mktg@ucil.co.in
Website :	www.ucil.co.in
Location:	Owned
Factory 1 :	Chemical Zone, C1-C2-C3 MIDC Industrial Area, Ambernath (West), District Thane – 421 501, Maharashtra, India
Factory 2 :	B-97, MIDC Industrial Area, Lote Parshuram, District Ratnagiri – 415 639, Maharashtra, India
Factory 3 :	Plot No. CH / 5A, Dahej G.I.D.C., Industrial Estate, Dahej, Taluka - Vagra, District Bharuch – 392 130, Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Kamalesh Kumar Maheshwari

Designation :

Director

Address :

507, Raheja Centre, 214, Nariman Point, Mumbai – 400 021, Maharashtra, India

Date of Birth/Age :

12.08.1943

Date of Appointment :

01.04.2010

PAN No.:

AEQPM5521C

DIN No.:

00078457

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	U99999MH1961PTC012229	UNIVERSAL CHEMICALS AND INDUSTRIES PRIVATE LIMITED	Director	01/04/2010	29/12/1961	-	Active	NO
2	U51900MH1946PTC013532	GOPAL TRADERS PRIVATE LIMITED	Director	15/04/1993	15/04/1993	20/07/2011	Active	NO
3	L85190MH1947PLC005963	WYETH LIMITED	Director	02/01/1998	02/01/1998	-	Amalgamated	NO
4	U51900MH1946PTC004815	JAYASHREE TRADERS PRIVATE LIMITED	Director	18/01/2001	18/01/2001	-	Active	NO
5	U74140MH1978PTC020492	UNIVERSAL LABORATORIES PRIVATE LIMITED	Director	07/01/2003	07/01/2003	13/05/2010	Active	NO
6	U67120MH1980PTC023349	RIVIERA INVESTORS PRIVATE LIMITED	Director	15/10/2004	15/10/2004	-	Active	NO
7	U24119MH2006PTC164256	UNIVERSAL FINE CHEMICALS PRIVATE LIMITED	Director	01/09/2006	01/09/2006	20/12/2008	Active	NO
8	U24246MH1969PTC014478	IIRNS PUBLICATIONS PRIVATE LIMITED	Additional director	12/01/2015	12/01/2015	-	Active	NO

Name :

Mr. Kartikeya Kamalesh Kumar Maheshwari

Designation :

Whole-time Director

Address :

507, Raheja Centre, 214, Nariman Point, Mumbai – 400 021, Maharashtra, India

Date of Birth/Age :

28.10.1974

Date of Appointment :

01.12.2010

PAN No.:

AADPM5941R

DIN No.:

00078494

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	U99999MH1961PTC012229	UNIVERSAL CHEMICALS AND INDUSTRIES PRIVATE LIMITED	Whole-time director	01/12/2010	05/07/1994	-	Active	NO
2	U51900MH1946PTC004815	JAYASHREE TRADERS PRIVATE LIMITED	Whole-time director	01/08/2011	01/01/1996	-	Active	NO
3	U24246MH1969PTC014478	IIRNS PUBLICATIONS PRIVATE LIMITED	Director	31/07/1996	31/07/1996	23/07/2008	Active	NO
4	U67120MH1980PTC023349	RIVIERA INVESTORS PRIVATE LIMITED	Director	02/11/1998	02/11/1998	-	Active	NO
5	U74140MH1978PTC020492	UNIVERSAL LABORATORIES PRIVATE LIMITED	Director	01/02/1999	01/02/1999	13/05/2010	Active	NO
6	U51900MH1983PLC030874	SAJJAN INDIA LIMITED	Director	12/08/2004	12/08/2004	19/12/2014	Active	NO
7	U24119MH2006PTC164256	UNIVERSAL FINE CHEMICALS PRIVATE LIMITED	Director	01/09/2006	01/09/2006	20/12/2008	Active	NO
8	U24233MH2007PLC170668	SAJJAN SPECIALTY LIMITED	Director	08/05/2007	08/05/2007	19/12/2014	Active	NO

Name :

Mr. Shivkumar Mooldas Vaishnav

Designation :

Director

Address :

Flat No.5, Ornate House, Caddel Road, Dadar, Mumbai – 400 028, Maharashtra, India

Date of Birth/Age :

10.10.1948

Date of Appointment :

28.06.2003

PAN No.:

ABUPV1328F

DIN No.:

00078503

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	U74140MH1978PTC020492	UNIVERSAL LABORATORIES PRIVATE LIMITED	Director	12/07/1978	12/07/1978	13/05/2010	Active	NO
2	U67120MH1980PTC023349	RIVIERA INVESTORS PRIVATE LIMITED	Director	01/01/1996	01/01/1996	-	Active	NO
3	U24246MH1969PTC014478	IIRNS PUBLICATIONS PRIVATE LIMITED	Director	10/12/1996	10/12/1996	23/07/2008	Active	NO
4	U99999MH1961PTC012229	UNIVERSAL CHEMICALS AND INDUSTRIES PRIVATE LIMITED	Director	28/06/2003	28/06/2003	-	Active	NO
5	U24119MH2006PTC164256	UNIVERSAL FINE CHEMICALS PRIVATE LIMITED	Director	02/09/2006	02/09/2006	20/12/2008	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares
Kamalesh Kumar Maheshwari	17827000
Madhurika K. Maheshwari	1682200
Kamalesh Kumar Maheshwari (HUF) Represented by Karta Kamalesh Kumar Maheshwari	1370850
Jayashree Traders Private Limited, India	734625
Shushma M. Agarwal	594600
Seema A. Gupta	55000
Shantidevi K. Maheshwari	4651225
Rohit R. Dhoot	10000
J. N. Srinivasan (HUF) jointly with Nagaratha Srinivasan	3360
J. N. Sridharmurthy (HUF) jointly with Geetha Murthy	3360
J. N. Sridharmurthy jointly with Geetha Murthy	4140
J. N. Srinivasan jointly with Nagaratha Srinivasan	4140
Priyanka M. Agarwal jointly with Madhav Prasad Agarwal	4000
Eshita M. Agarwal jointly with Sushma Agrawal	4000
Rachna S. Goenka	2000
Kartikeya Maheshwari	6382425
Smita Saraf	55000
Krishnagopal Maheshwari	2869000
Krishnagopal Maheshwari (HUF)	65020
Kruti Finance and Holdings Private Limited, India	7500
S.M. Bhatt (HUF) Represented by Nootan Bhatt	555
Total	36330000

Names of Preference Shareholders	No. of Shares
Jayashree Traders Private Limited, India	3230000
Total	3230000

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	2.04
Directors or relatives of Directors	97.87
Other top fifty shareholders	0.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals.

Products :

Item Code No. (ITC Code)	Product Description
28152000	Potassium Hyproxide (Caustic Potash)

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Union Bank of India
Branch Address	Home Street Branch, Forbes Building, Home Street, Charanjit Rai Marg, Mumbai – 400 001, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

· State Bank of India, IFB, Natraj Building, 102, 1^st Floor, 194, Mumbai – 400 021, Maharashtra, India

· State Bank of India, Industrial Finance Branch, Snehal Chambers, Telli Gally, Andheri (East),, Mumbai – 400 069, Maharashtra, India

· ABN Amro Bank Limited, Sakhar Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra, India

Facilities :

Secured Loans	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	628.608	681.325
Loans taken for vehicles (hypothecation of motor Vehicles)	0.000	0.032
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	173.926	165.198
Total	802.534	846.555

Banking Relations :	--
Auditors :
Name :	Bansi S Mehta and Company Chartered Accountants
Address :	11/13 Botawala Building Second Floor , Horniman Circle, Mumbai – 400001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFB6405G
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Jayashree Traders Private Limited, India (CIN No.: U51900MH1946PTC004815)

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
37200000	Equity Shares	Rs.10/- each	Rs.372.000 millions
3300000	Preference Shares	Rs.10/- each	Rs.33.000 millions
	Total		Rs.405.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
36330000	Equity Shares	Rs.10/- each	Rs.363.300 millions
3230000	Preference Shares	Rs.10/- each	Rs.32.300 millions
	Total		Rs.395.600 millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
37200000	Equity Shares	Rs.10/- each	Rs.372.000 millions
3300000	Preference Shares	Rs.10/- each	Rs.33.000 millions
	Total		Rs.405.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
36030000	Equity Shares	Rs.10/- each	Rs.360.300 millions
3230000	Preference Shares	Rs.10/- each	Rs.32.300 millions
	Total		Rs.392.600 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	392.600	142.600	102.600
(b) Reserves & Surplus	(270.331)	(54.400)	88.024
(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)	122.269	88.200	190.624
(3) Non-Current Liabilities
(a) Long-term borrowings	776.172	1013.945	1074.430
(b) Deferred tax liabilities (Net)	24.270	23.404	12.633
(c) Other long term liabilities	20.750	3.250	0.000
(d) Long-term provisions	2.196	1.758	4.253
Total Non-current Liabilities (3)	823.388	1042.357	1091.316
(4) Current Liabilities
(a) Short term borrowings	258.845	204.198	182.716
(b) Trade payables	156.326	141.309	106.573
(c) Other current liabilities	123.972	93.357	84.253
(d) Short-term provisions	3.759	3.219	2.139
Total Current Liabilities (4)	542.902	442.083	375.681
TOTAL	1488.559	1572.640	1657.621
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1071.362	1158.019	758.863
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	17.498	40.651	473.566
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.011	0.011	0.011
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	11.790	11.445	11.558
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1100.661	1210.126	1243.998
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	203.521	153.008	185.085
(c) Trade receivables	118.354	125.620	121.956
(d) Cash and cash equivalents	9.505	13.169	16.742
(e) Short-term loans and advances	50.102	63.859	80.376
(f) Other current assets	6.416	6.858	9.464
Total Current Assets	387.898	362.514	413.623
TOTAL	1488.559	1572.640	1657.621

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Turnover	905.304	988.269	838.397
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		18.340	(24.165)	8.200
Less	INTEREST & FINANCIAL EXPENSES		101.701	83.225	67.955
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(83.361)	(107.390)	(59.755)
Less/ Add	DEPRECIATION/ AMORTISATION		130.228	103.424	83.997
	PROFIT/ (LOSS) BEFORE EXCEPTIONAL ITEMS		(213.589)	(210.814)	(143.752)
	EXCEPTIONAL ITEMS		11.604	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		(225.193)	(210.814)	(143.752)
Less	TAX		2.294	11.610	(27.794)
	PROFIT/ (LOSS) AFTER TAX		(227.487)	(222.424)	(115.958)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(550.384)	(329.561)	(215.204)
Add	APPROPRIATIONS
		Transferred from Revaluation Reserve	6.429	1.601	(1.601)
		Short depreciation withdrawn in prior periods	5.795	0.000	0.000
	BALANCE CARRIED TO THE B/S		(765.647)	(550.384)	(329.561)
	EARNINGS IN FOREIGN CURRENCY
		Exports at F.O.B. Value	156.814	95.580	124.490
	TOTAL EARNINGS		156.814	95.580	124.490
	IMPORTS
		Raw Material	NA	NA	162.290
	TOTAL IMPORTS		NA	NA	162.290
	Earnings / (Loss) Per Share (Rs.)
	- Basic EPS		(20.00)	(17.41)	NA
	- Fully Diluted EPS		(15.14)	(13.53)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(15.31)	(13.76)	(12.14)
Return on Investment (ROI) (PBT/Networth)		(1.84)	(2.39)	(0.75)
Debt Equity Ratio (Total Debt/Networth)		8.47	13.81	6.59
Current Ratio (Current Asset/Current Liability)		0.71	0.82	1.10

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	102.600	142.600	392.600
Reserves & Surplus	88.024	-54.400	-270.331
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	190.624	88.200	122.269
Long Term borrowings	1074.430	1013.945	776.172
Short Term borrowings	182.716	204.198	258.845
Total borrowings	1257.146	1218.143	1035.017
Debt/Equity ratio	6.595	13.811	8.465

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)
Turnover	838.397	988.269	905.304
		17.876	(8.395)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Turnover	838.397	988.269	905.304
Profit	(115.958)	(222.424)	(227.487)
	(13.83%)	(22.51%)	(25.13%)

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	No
10]	Designation of contact person	No
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

OPERATIONS

The Company’s product (Caustic Potash) has been accepted by the market. Considering the competition from imports, the sales and the realisations were lower in the financial year 2013-2014 affecting the overall margins. The Company is also deploying its resources in the best possible way to increase business volumes. The Directors are also optimistic of achieving a better turnover in the current year 2014-2015 considering the turnaround of the economy as a whole and stability of political condition of the country.

UNSECURED LOANS

Particulars	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Fully convertible debentures banks	32.500	32.500
Deferred sales tax loan	0.134	0.838
Loans and advances from directors (Repayable on demand but to be held during the tenure of the Term loans from the banks)	69.100	255.700
Loans and advances from others	45.830	43.550
SHORT-TERM BORROWINGS
Loans repayable on demand from others	84.919	39.000
Total	232.483	371.588

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10355867	08/12/2014 *	1,011,900,000.00	STATE BANK OF INDIA	IFB, NATRAJ BUILDING, 102, 1ST FLOOR, 194, SIR M V ROAD WESTERN EXPRESS HIGHWAY, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400021, INDIA	C38778783
2	10187892	08/12/2014 *	536,200,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, SNEHAL CHAMBERS, TELLI GALLY, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA	C38778254
3	10081749	18/12/2014 *	500,700,000.00	UNION BANK OF INDIA	HOME STREET BRANCH, FORBES BUILDING, HOME STREET, CHARANJIT RAI MARG, MUMBAI, MAHARASHTRA - 400001, INDIA	C38544763

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer 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.61.76
UK Pound	1	Rs.93.13
Euro	1	Rs.70.03

INFORMATION DETAILS

Analysis Done by :	SUC
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
-- PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		14

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.