MIRA INFORM REPORT

Report No. :	330153
Report Date :	06.07.2015

IDENTIFICATION DETAILS

Name :	CHEM-EDGE INTERNATIONAL PRIVATE LIMITED (w.e.f. 27.01.2011)
Formerly Known As :	ARDOR ENTERPRISES PRIVATE LIMITED
Registered Office :	‘Ardor House' Mondeal Business Park, Beside Gurudwara, S G Road, Thaltej, Ahmedabad – 380059, Gujarat
Tel. No.:	91-79-66219999
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.08.2009
Com. Reg. No.:	04-057712
Capital Investment / Paid-up Capital :	Rs.1000.000 Million
CIN No.: [Company Identification No.]	U24100GJ2009PTC057712
IEC No.:	0809026902
TAN No.: [Tax Deduction & Collection Account No.]	AHMA09116C
PAN No.: [Permanent Account No.]	AAHCA8573G
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of detergent raw material, petrochemicals, polymers.
No. of Employees :	Information declined by the management

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 4900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. A reserve of the company is low. However, the rating reflects company’s established market position in the petro-chemical industry, supported by sound operational risk profile and fair profitability margins of the company. 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL
Rating	Long term rating : BBB
Rating Explanation	Moderate degree of safety and Moderate Credit Risk
Date	June 28, 2014

Rating Agency Name	CRISIL
Rating	Short term rating : A3+
Rating Explanation	Moderate degree of safety and High credit risk
Date	June 28, 2014

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 31-03-2013.

INFORMATION DENIED BY

Name :	Ms. Rajni Patel
Designation :	Company Secretary
Contact No.:	91-79-66219999
Date :	03.07.2015

LOCATIONS

Registered Office :	‘Ardor House' Mondeal Business Park, Beside Gurudwara, S G Road, Thaltej, Ahmedabad – 380059, Gujarat, India
Tel No.:	91-79-26584511/ 79-66219999
Fax No.:	91-79-66219988
E-Mail :	cs@ardor-group.com ardor@ardor-group.com yogesh.shah@ardor-group.com
Website :	http://www.ardor-group.com
Marketing Office :	602, X’trium, Chakla Andheri-Kurla Road, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-67507777
Fax No.:	91-22-67507788
Sales Office :	11, Avishkar Building, 1^st Floor, Plot No. 204, Ward No. 12/B, Gandhidham, Kutch-370201, Gujarat, India
Tel. No.:	91-2836-226387
Fax No.:	91-2836-226387

DIRECTORS

As on 28.09.2014

Name :

Mr. Bharat Shah

Designation :

Director

Address :

301- Heritage Crescent, Opposite Shantinketan Bunglows, S.G. Highway, Prahladnagar, Ahmedabad – 380051, Gujarat, India

Date of Birth/Age :

13.06.1948

Date of Appointment :

04.08.2009

DIN No.:

02438343

Name :

Mr. Fenil Shah

Designation :

Managing Director

Address :

301- Heritage Crescent, Opposite Shantinketan Bunglows, S.G. Highway, Prahladnagar, Ahmedabad – 380051, Gujarat, India

Date of Appointment :

07.04.2015

DIN No.:

00044522

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	U51909GJ2003PTC042016	ARDOR INTERNATIONAL PRIVATE LIMITED	Managing director	01/04/2015	18/02/2003	-	Active	NO
2	U17119GJ1990PTC014273	JAYCO SYNTHETICS PVT LTD	Director	31/05/2003	31/05/2003	09/01/2015	Active	NO
3	U24241GJ2003PTC042771	INFINIUM DET-CHEM PRIVATE LIMITED	Director	21/08/2003	21/08/2003	-	Active	NO
4	U67190GJ2007PTC050606	ARDOR IN-FIN PRIVATE LIMITED	Director	20/04/2007	20/04/2007	-	Active	NO
5	U45201GJ2009PTC057769	ARDOR STRUCTURES PRIVATE LIMITED	Director	12/08/2009	12/08/2009	22/01/2014	Active	NO
6	U45201GJ2009PTC057922	GREENLAND INFRACON PRIVATE LIMITED	Director	29/08/2009	29/08/2009	22/01/2014	Active	NO
7	U24100GJ2009PTC057712	CHEM-EDGE INTERNATIONAL PRIVATE LIMITED	Director	07/04/2015	30/08/2009	-	Active	NO
8	U24100GJ2011PTC064221	ARDOR CHEMICALS PRIVATE LIMITED	Director	28/02/2011	28/02/2011	22/04/2015	Active	NO
9	U24100GJ2011PTC064235	ARDOR GLOBAL PRIVATE LIMITED	Managing director	11/10/2012	01/03/2011	-	Active	NO
10	U24100GJ2011PTC064237	ARDOR OVERSEAS PRIVATE LIMITED	Director	01/03/2011	01/03/2011	22/01/2014	Active	NO
11	U51909GJ2013PTC075774	INSIGNIA INTERNATIONAL PRIVATE LIMITED	Director	26/06/2013	26/06/2013	-	Active	NO
12	U51909GJ2013PTC075770	CLARION GLOBAL TRADE PRIVATE LIMITED	Director	26/06/2013	26/06/2013	-	Active	NO
13	U51909GJ2013PTC075773	ARGUS GLOBAL PRIVATE LIMITED	Additional director	01/04/2015	01/04/2015	-	Active	NO
14	U51909GJ2013PTC075769	PLUTUS ENTERPRISES PRIVATE LIMITED	Additional director	01/04/2015	01/04/2015	-	Active	NO
15	U51909GJ2013PTC075820	ENSEMBLE OVERSEAS PRIVATE LIMITED	Additional director	01/04/2015	01/04/2015	-	Active	NO

Name :

Mr. Ashish Tawakley

Designation :

Director

Address :

705/706, Indradarshan II, Building No.14, Off Ling road, Oshiwara, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Appointment :

30.09.2011

DIN No.:

03425619

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	U24100GJ2009PTC057712	CHEM-EDGE INTERNATIONAL PRIVATE LIMITED	Director	30/09/2011	01/04/2011	-	Active	NO
2	U24100GJ2011PTC064235	ARDOR GLOBAL PRIVATE LIMITED	Additional director	01/04/2011	01/04/2011	02/07/2012	Active	NO

Name :

Mr. Gita Shah

Designation :

Director

Address :

A/11, Northview Appartment, Near St. Xaziers Collage, Navrangpura, Ahmedabad – 380009, Gujarat, India

Date of Appointment :

30.09.2011

DIN No.:

00049071

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	U51909GJ2003PTC042016	ARDOR INTERNATIONAL PRIVATE LIMITED	Director	18/02/2003	18/02/2003	01/04/2015	Active	NO
2	U24241GJ2003PTC042771	INFINIUM DET-CHEM PRIVATE LIMITED	Director	21/08/2003	21/08/2003	10/10/2014	Active	NO
3	U24100GJ2009PTC057712	CHEM-EDGE INTERNATIONAL PRIVATE LIMITED	Director	30/09/2011	01/04/2011	01/04/2015	Active	NO
4	U24100GJ2011PTC064235	ARDOR GLOBAL PRIVATE LIMITED	Director	30/09/2011	01/04/2011	01/04/2015	Active	NO
5	U51909GJ2013PTC075769	PLUTUS ENTERPRISES PRIVATE LIMITED	Director	26/06/2013	26/06/2013	01/04/2015	Active	NO
6	U51909GJ2013PTC075773	ARGUS GLOBAL PRIVATE LIMITED	Director	26/06/2013	26/06/2013	01/04/2015	Active	NO
7	U51909GJ2013PTC075820	ENSEMBLE OVERSEAS PRIVATE LIMITED	Director	28/06/2013	28/06/2013	01/04/2015	Active	NO
8	U24100GJ2011PTC064237	ARDOR OVERSEAS PRIVATE LIMITED	Director	26/09/2013	02/07/2013	22/01/2014	Active	NO

Name :

Mr. Rajesh Sanghvi

Designation :

Director

Address :

1401, Royal Empire, Shastri Nagar,, Andheri (West),, Mumbai - 400053, Maharashtra, India

Date of Appointment :

30.09.2011

DIN No.:

03425583

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	U24100GJ2009PTC057712	CHEM-EDGE INTERNATIONAL PRIVATE LIMITED	Director	30/09/2011	01/04/2011	-	Active	NO
2	U24100GJ2011PTC064235	ARDOR GLOBAL PRIVATE LIMITED	Additional director	01/04/2011	01/04/2011	02/07/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Rajni Patel
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2013

Names of Shareholders	No. of Shares
Bharat Shah	8981300
Janki Shah	8976300
Fenil Shah	8971300
Gita Shah	8976300
Jinal Shah	8976400
Rajesh Sanghvi	250000
Ashish Tawakley	1010000
Ardor In-Fin Private Limited	8976400
Jayco Synthetics Private Limited	8976400
Ardor Structure Private Limited	8976400
Greenland Infracon Private Limited	8976400
Infinium Det-Chem Private Limited	8976400
Ardor Chemicals Private Limited	6363510
Ardor Overseas Private Limited	2612890
Total	100000000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2013

Category	Percentage
Bodies corporate	53.86
Directors or relatives of Directors	46.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of detergent raw material, petrochemicals, polymers.

Products :

Item Code No. (ITC Code)	Product Description
38170011	Linear Alkyl Benzene
28111940	Acid Slurry
29153200	Vinyl Acetate Monomer
29051100	Methanol
29070000	Phenol
29161210	Butyl Acrylate Monomer
38249090	Other Chemicals Nec

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Countries :

Imports :

Not Divulged

Terms :

Not Divulged

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
Maximum Limit Dealt :	Not Divulged
Experience :
Remark:	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Central Bank of India
Branch	Mid Corporate Branch, Central Bank Building, Lal Darwaja,, Ahmedabad - 380001, Gujarat, 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
Bank Name	Bank of India
Branch	Ahmedabad Mid Corporate Branch, 1^st Floor BOI Building, Near Swastik Char Rasta, C.G. Road Navrangpura, Ahmedabad – 380009, Gujarat, India

• Oriental Bank Of Commerce C.G. Road,, C.G. Road Branch, Ahmedabad - 380009, Gujarat, India

• Rajkot Nagrik Sahakari Bank Limited, Nagrik Bhavan,, Mithkhali 6 Roads, Near. Jain Derasar, Ahmedabad - 380006, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loan repayable on demand from Bank	2084.618	676.838
Total	2084.618	676.838

Financial Institution :	PNB Investment Service Ltd - Sec Trustee of Boi Consortium BOI - SBI - Axis - OBC - SBBJ - CBI –RNSB Motor Sales and Services Building, Ashram Road, Ahmedabad - 380009, Gujarat, India
Auditors :
Name :	Vipul and Manish Associates Chartered Accountant
Address :	‘True Value House’ Opposite ISRO, Near Sundarvan Bus Stop, Satellite, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-26730650 / 26730675
Mobile No.:	91-9727735731
E-Mail :	vmasso@yahoo.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AACFV2807J
Memberships :	--
Collaborators :	--
Associates :	Ardor International Private Limited U51909GJ2003PTC042016

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	1000.000	877.500	700.000
(b) Reserves & Surplus	431.620	255.743	125.772
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	300.000	122.500	175.000
Total Shareholders’ Funds (1) + (2)	1731.620	1255.743	1000.772
(3) Non-Current Liabilities
(a) long-term borrowings	686.548	790.842	486.648
(b) Deferred tax liabilities (Net)	1.128	1.073	0.793
(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)	687.676	791.915	487.441
(4) Current Liabilities
(a) Short term borrowings	2084.618	676.838	426.786
(b) Trade payables	1569.695	1617.699	1867.937
(c) Other current liabilities	29.076	146.546	25.926
(d) Short-term provisions	43.918	44.645	44.138
Total Current Liabilities (4)	3727.307	2485.728	2364.787
TOTAL	6146.603	4533.386	3853.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.917	10.678	11.089
(ii) Intangible Assets	0.548	0.701	0.853
(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	3.353	2.905	2.905
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	2.650	3.117	4.384
Total Non-Current Assets	16.468	17.401	19.231
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	608.543	1012.316	515.131
(c) Trade receivables	5148.055	3156.603	2421.556
(d) Cash and cash equivalents	229.048	213.528	442.132
(e) Short-term loans and advances	144.489	133.538	454.950
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	6130.135	4515.985	3833.769
TOTAL	6146.603	4533.386	3853.000

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income from Operation	16840.510	10317.732	7739.863
	Other Income	NA	NA	NA
	TOTAL (A)	NA	NA	NA
Less	TOTAL EXPENSES	16573.305	10116.482	7584.238
	PROFIT/ (LOSS) BEFORE TAX	267.205	201.250	155.625
Less	TAX	91.328	71.279	54.723
	PROFIT/ (LOSS) AFTER TAX	175.877	129.971	100.902
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	526.192	343.659	NA
	TOTAL EARNINGS	526.192	343.659	NA
	Earnings / (Loss) Per Share (Rs.)	1.75877	1.27791	1.00902

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.04	1.26	1.30
Return on Total Assets (PBT/Total Assets}	(%)	4.35	4.44	4.04
Return on Investment (ROI) (PBT/Networth)		0.15	0.16	0.16
Debt Equity Ratio (Total Debt /Networth)		1.60	1.17	0.91
Current Ratio (Current Asset/Current Liability)		1.64	1.82	1.62

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	700.000	877.500	1000.000
Reserves & Surplus	125.772	255.743	431.620
Share Application money pending allotment	175.000	122.500	300.000
Net worth	1000.772	1255.743	1731.620
long-term borrowings	486.648	790.842	686.548
Short term borrowings	426.786	676.838	2084.618
Total borrowings	913.434	1467.680	2771.166
Debt/Equity ratio	0.913	1.169	1.600

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	7739.863	10317.732	16840.510
		33.306	63.219

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	7739.863	10317.732	16840.510
Profit	100.902	129.971	175.877
	1.30%	1.26%	1.04%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS

The directors have immense pleasure to inform that the company has achieved turnover of Rs. 16840.000 Million during the year which includes other income of Rs. 24.800 Million and earned net profit after tax of Rs.170.000 Million. The company is confident to achieve higher sales in the coming years.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Deposit from Shareholders	686.548	790.842
Total	686.548	790.842

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10444141	06/08/2013	238,400,000.00	STATE BANK OF BIKANER AND JAIPUR	C.G.ROAD BRANCH, SHOP NO.1 & 2,SHUKAN BUSINESS, C  ENTRE, SWASTIK CHAR RASTA, NAVRANGPURA, AHMEDABAD,  Gujarat - 380006, INDIA	B82624032
2	10257362	10/09/2013 *	3,163,400,000.00	PNB INVESTMENT SERVICE LTD - SEC TRUSTEE OF BOI CO  NSORTIUM BOI - SBI - AXIS - OBC - SBBJ - CBI -RNSB	MOTOR SALES & SERVICES BUILDING, ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA	B84020841

FIXED ASSETS

• Buildings
• Office building
• Furniture and fixtures
• Vehicles
• Motor 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.63.36
UK Pound	1	Rs.98.94
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	SUJ

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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.