MIRA INFORM REPORT

Report No. :	331098
Report Date :	07.07.2015

IDENTIFICATION DETAILS

Name :	FINE ORGANIC INDUSTRIES PRIVATE LIMITED (w.e.f. 16.02.2009)
Formerly Known As :	FINE ORGANIC INDUSTRIES (MUMBAI) PRIVATE LIMITED
Registered Office :	Fine House, M.G. Road, Ghatkoper (East), Mumbai – 400077, Maharashtra
Tel no. :	91-22-25093400
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.05.2002
Com. Reg. No.:	11-136003
Capital Investment / Paid-up Capital :	Rs.48.300 Million
CIN No.: [Company Identification No.]	U24119MH2002PTC136003
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACF7911Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, processors, suppliers, distributors, dealers, importers, exporters of flavours, perfumes and flavouring chemicals, oil and colours, surface active agwnts, emulsifiers etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 2800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management has failed to file its financial with government department for the year 2014. As per available financial of 2013, the rating takes into consideration long and proven track record of the company’s promoters in development and manufacturing of oleo-chemical derivatives supported sound financial base and comfortable capital structure of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for 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 – 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	ICRA
Rating	Fund based limits=A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	May, 2014

Rating Agency Name	ICRA
Rating	Non fund based limits=A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	May, 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 :	Mr. Chirag Shah
Designation :	Finance Manager
Contact No.:	91-22-21025000

LOCATIONS

Registered Office :	Fine House, M.G. Road, Ghatkoper (East), Mumbai – 400077, Maharashtra, India
Tel. No.:	91-22-25093400/21025000
Fax No.:	91-22-25162276
E-Mail :	info@fineorganics.com vijayan_k@fineorganics.com co.secretaries@gmail.com
Website:	http://www.fineorganics.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Mukesh Maganlal Shah

Designation :

Director

Address :

1003, Indraprastha Building, Rajawadi, Ghatkopar East, Mumbai – 400077, Maharashtra, India

Date of Appointment :

24.05.2002

DIN No.:

00106799

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	U74100MH1982PTC028539	SMOOTHEX CHEMICALS PVT LTD	Director	21/10/1982	21/10/1982	-	Active	NO
2	U24110MH1985PTC037177	OLEOFINE ORGANICS (INDIA) PRIVATE LIMITED	Director	19/08/1985	19/08/1985	-	Amalgamated	NO
3	U24100MH1987PTC044410	FINE SPECIALITY SURFACTANTS PVT LTD	Director	01/04/1996	01/04/1996	-	Active	NO
4	U24119MH2002PTC136003	FINE ORGANIC INDUSTRIES PRIVATE LIMITED	Director	24/05/2002	24/05/2002	-	Active	NO
5	U73100MH2003PTC142832	FINE RESEARCH AND DEVELOPMENT CENTRE PRIVATE LIMITED	Director	23/10/2003	23/10/2003	-	Active	NO

Name :

Mr. Jayen Ramesh Shah

Designation :

Director

Address :

1002, Indraprastha Building, Rajawadi, Ghatkopar East, Mumbai – 400077, Maharashtra, India

Date of Appointment :

24.05.2002

DIN No.:

00106919

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	U74100MH1982PTC028539	SMOOTHEX CHEMICALS PVT LTD	Director	21/10/1982	21/10/1982	-	Active	NO
2	U24110MH1985PTC037177	OLEOFINE ORGANICS (INDIA) PRIVATE LIMITED	Director	19/08/1985	19/08/1985	-	Amalgamated	NO
3	U24100MH1987PTC044410	FINE SPECIALITY SURFACTANTS PVT LTD	Director	01/04/1996	01/04/1996	-	Active	NO
4	U24119MH2002PTC136003	FINE ORGANIC INDUSTRIES PRIVATE LIMITED	Director	24/05/2002	24/05/2002	-	Active	NO
5	U73100MH2003PTC142832	FINE RESEARCH AND DEVELOPMENT CENTRE PRIVATE LIMITED	Director	23/10/2003	23/10/2003	-	Active	NO
6	U74900MH2014PTC259832	FINE ZEELANDIA PRIVATE LIMITED	Director	01/12/2014	01/12/2014	-	Active	NO

Name :

Mr. Prakash Damodar Kamat

Designation :

Director

Address :

Neelkanth Tirth Co-operative Housing Society, Bungalow No.3, Road No. 6, Chembur, Mumbai – 400071, Maharashtra, India

Date of Appointment :

24.05.2002

DIN No.:

00107015

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	U74100MH1982PTC028539	SMOOTHEX CHEMICALS PVT LTD	Director	21/10/1982	21/10/1982	-	Active	NO
2	U24110MH1985PTC037177	OLEOFINE ORGANICS (INDIA) PRIVATE LIMITED	Director	19/08/1985	19/08/1985	-	Amalgamated	NO
3	U24100MH1987PTC044410	FINE SPECIALITY SURFACTANTS PVT LTD	Director	15/09/1987	15/09/1987	-	Active	NO
4	U24119MH2002PTC136003	FINE ORGANIC INDUSTRIES PRIVATE LIMITED	Director	24/05/2002	24/05/2002	-	Active	NO
5	U73100MH2003PTC142832	FINE RESEARCH AND DEVELOPMENT CENTRE PRIVATE LIMITED	Director	23/10/2003	23/10/2003	-	Active	NO

Name :

Mr. Tushar Ramesh Shah

Designation :

Director

Address :

1104, Indraprastha Building, Rajawadi, Ghatkopar East, Mumbai – 400077, Maharashtra, India

Date of Appointment :

24.05.2002

DIN No.:

00107144

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	U24100MH1987PTC044410	FINE SPECIALITY SURFACTANTS PVT LTD	Director	01/04/1996	01/04/1996	-	Active	NO
2	U24110MH1985PTC037177	OLEOFINE ORGANICS (INDIA) PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Amalgamated	NO
3	U24119MH2002PTC136003	FINE ORGANIC INDUSTRIES PRIVATE LIMITED	Director	24/05/2002	24/05/2002	-	Active	NO
4	U73100MH2003PTC142832	FINE RESEARCH AND DEVELOPMENT CENTRE PRIVATE LIMITED	Director	23/10/2003	23/10/2003	-	Active	NO
5	U74900MH2014PTC259832	FINE ZEELANDIA PRIVATE LIMITED	Director	01/12/2014	01/12/2014	-	Active	NO

Name :

Ms. Bimal Mukesh Shah

Designation :

Additional director

Address :

1003, Indraprastha Building, Rajawadi, Ghatkopar East, Mumbai – 400077, Maharashtra, India

Date of Appointment :

01.04.2011

DIN No.:

03424880

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	U24110MH1985PTC037177	OLEOFINE ORGANICS (INDIA) PRIVATE LIMITED	Additional director	01/10/2009	01/10/2009	-	Amalgamated	NO
2	U24119MH2002PTC136003	FINE ORGANIC INDUSTRIES PRIVATE LIMITED	Additional director	01/04/2011	01/04/2011	-	Active	NO
3	U24100MH1987PTC044410	FINE SPECIALITY SURFACTANTS PVT LTD	Additional director	01/04/2011	01/04/2011	-	Active	NO
4	U73100MH2003PTC142832	FINE RESEARCH AND DEVELOPMENT CENTRE PRIVATE LIMITED	Additional director	01/04/2011	01/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Chirag Shah
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Mukesh Maganlal Shah	807884
Jayen Ramesh Shah	807308
Prakash Damodar Kamat	941350
Tushar Ramesh Shah	859572
Smoothex Chemicals Private Limited, India	1142
Jyotsna Ramesh Shah	922479
Jayshree Mukesh Shah	80600
Bimal Mukesh Shah	52300
Neeta Jayen Shah	80600
Shailee Jayen Shah	12000
Manali Jayen Shah	12000
Bina Tushar Shah	52300
Rhea Tushar Shah	17000
Esha Tushar Shah	17000
Miti Jitendra Gandhi	571
Harsha Jitendra Gandhi	567
Jayantilal P. Gandhi (HUF)	5
Muktaben Jitendra Gandhi	5
Vaibhav Jitendra Gandhi	5
Heman V. Mehta	5
Bina Vinod Mehta	5
Jayen R. Shah HUF	50945
Tushar R. Shah HUF	16985
Mukesh M. Shah HUF	23211
Prakash D. Kamat HUF	22645
V D Mehta HUF	5
R M Shah HUF	51507
TOTAL	4829996

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	0.02
Directors or relatives of Directors	99.96
Other top fifty shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, processors, suppliers, distributors, dealers, importers, exporters of flavours, perfumes and flavouring chemicals, oil and colours, surface active agwnts, emulsifiers etc.

Products :

Product Description	Item Code No. (ITC Code)
Finawax - E	2924
G M S Powder/Flakes	2915
FINASTAT-9500	2915
FINAMUL-97	2915

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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 :

Not Divulged

Bankers :

· Union Bank of India, Ghatkopar (East) Branch, Silver Court, 1^st Floor, M.G. Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

· Citi Bank N.A. Trent House, 2nd Floor, G Block, Plot No. C 60, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Foreign currency loan from banks	101.655	207.941
SHORT TERM BORROWING
Rupee term loan from Banks	283.793	137.276
Term loan from others	46.514	50.130
Total	431.962	395.347

Auditors :
Name :	D.B.Shah and Associates Chartered Accountants
Address :	D - 6 0 5 , Neelkanth Business Park, Behind Vidyavihar Bus Depot, Kirol Road, Vidya Vihar (West), Mumbai - 400086 , India.
PAN No.:	AACPS9152R
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:	· Fine Organic Industries · Fine Speciality Surfuctants Private Limited · Fine Research and Development Centre Private Limited · Smoothex Chemicals Private Limited · Olefine Organics SDN. BHD, Thailand · Oleofine Organics (Thailand) Co Limited, Thailand

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5,100,000	Equity Shares	Rs.10/- each	Rs. 51.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,829,996	Equity Shares	Rs.10/- each	Rs. 48.300 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	48.300	48.300	20.000
(b) Reserves & Surplus	927.424	718.382	580.464
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	28.300
Total Shareholders’ Funds (1) + (2)	975.724	766.682	628.764
(3) Non-Current Liabilities
(a) long-term borrowings	664.112	766.758	877.757
(b) Deferred tax liabilities (Net)	15.113	15.292	9.380
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.632	0.000	0.000
Total Non-current Liabilities (3)	679.857	782.050	887.137
(4) Current Liabilities
(a) Short term borrowings	349.697	203.196	53.914
(b) Trade payables	412.464	348.722	293.618
(c) Other current liabilities	138.072	123.345	112.435
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	900.233	675.263	459.967
TOTAL	2555.814	2223.995	1975.868
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	753.178	798.795	651.780
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	27.338	7.255	35.545
(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	28.105	32.855	33.948
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	808.621	838.905	721.273
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	616.898	474.375	402.858
(c) Trade receivables	559.659	495.013	402.539
(d) Cash and cash equivalents	78.579	21.291	174.116
(e) Short-term loans and advances	491.814	394.062	274.105
(f) Other current assets	0.243	0.349	0.977
Total Current Assets	1747.193	1385.090	1254.595
TOTAL	2555.814	2223.995	1975.868

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Sales (Gross)	NA	4443.394	3706.679
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	NA	202.264	398.663
Less	TAX	NA	64.346	109.906
	PROFIT/ (LOSS) AFTER TAX	209.042	137.918	288.757
	Earnings / (Loss) Per Share (Rs.)	43.28	28.55	NA

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		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	NA	3.10	7.79
Return on Total Assets (PBT/Total Assets}	(%)	NA	9.12	20.55
Return on Investment (ROI) (PBT/Networth)		NA	0.26	0.63
Debt Equity Ratio (Total Debt /Networth)		1.04	1.27	1.48
Current Ratio (Current Asset/Current Liability)		1.94	2.05	2.73

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	20.000	48.300	48.300
Reserves & Surplus	580.464	718.382	927.424
Share application money pending allotment	28.300	0.000	0.000
Net worth	628.764	766.682	975.724
long-term borrowings	877.757	766.758	664.112
Short term borrowings	53.914	203.196	349.697
Total borrowings	931.671	969.954	1013.809
Debt/Equity ratio	1.482	1.265	1.039

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	No
26	Turnover of firm for last two 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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Loans and advances from related parties	562.457	558.817
SHORT TERM BORROWING
Other loans and advances	19.390	15.790
Total	1144.304	574.607

CORPORATE INFORMATION:

Subject is a private limited company incorporated under the provisions of the Companies Act,1956. The registered office of the company is situated in the state of Maharashtra.The company carries on business, in India and abroad, as manufacturers, processors, suppliers, distributors, dealers, importers, exporters of flavours, perfumes and flavouring chemicals, oil and colours, surface active agwnts, emulsifiers, preservatives, clouding agents, textile auxiliaries, lubricants, oleo chemicals and their derivatives, fatty acids and their derivatives, salt and esters.It also develops, processes, manufactures, deals in and carries on business in India and abroad in fine and heavy chemicals, oils, fats, dyes, dyestuffs, dye retardants, dye assistants, organic and inorganic chemicals.

INDEX OF CHARGES

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10479951	30/12/2013	300,000,000.00	UNION BANK OF INDIA	GHATKOPAR (EAST) BRANCH, SILVER COURT, 1ST FLOOR, M. G. ROAD, GHATKOPAR(E), MUMBAI, MAHARASHTRA - 400077, INDIA	B97341796
2	10479960	30/12/2013	32,500,000.00	UNION BANK OF INDIA	GHATKOPAR (EAST) BRANCH, SILVER COURT, 1ST FLOOR, M. G. ROAD, GHATKOPAR(E), MUMBAI, MAHARASHTRA - 400077, INDIA	B97344089
3	10398847	10/01/2013	144,000,000.00	CITI BANK N.A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA	B66432576
4	10314788	05/10/2011	165,500,000.00	UNION BANK OF INDIA	GHATKOPAR (EAST) BRANCH, SILVER COURT, 1ST FLOOR, M. G. ROAD, GHATKOPAR (E), MUMBAI, MAHARASHTRA - 400077, INDIA	B24165912
5	10192997	03/11/2009	130,500,000.00	UNION BANK OF INDIA	GHATKOPAR (EAST) BRANCH, SILVER COURT, 1ST FLOOR, M. G. ROAD, GHATKOPAR (E), MUMBAI, MAHARASHTRA - 400077, INDIA	A75427005
6	10103811	27/07/2007 *	225,000,000.00	UNION BANK OF INDIA	GHATKOPAR (E) BRANCH, SILVER COURT, 1ST FLOOR, M. G. ROAD, GHATKOPAR (EAST), MUMBAI, MAHARASHTRA - 400077, INDIA	A42864504
7	10019854	30/12/2013 *	20,000,000.00	UNION BANK OF INDIA	GHATKOPAR (EAST) BRANCH, SILVER COURT, 1ST FLOOR, M. G. ROAD, GHATKOPAR(E), MUMBAI, MAHARASHTRA - 400077, INDIA	B97358865
8	10010471	05/10/2011 *	30,000,000.00	UNION BANK OF INDIA	GHATKOPAR (EAST) BRANCH,, SILVER COURT, 1ST FLOOR, M. G. ROAD, GHATKOPAR(E),, MUMBAI, MAHARASHTRA - 400077, INDIA	B24169708
9	80007665	30/12/2013 *	350,000,000.00	UNION BANK OF INDIA	GHATKOPAR (EAST) BRANCH,, SILVER COURT, 1ST FLOOR, M. G. ROAD, GHATKOPAR(E),, MUMBAI, MAHARASHTRA - 400077, INDIA	B97305189
10	90146807	28/12/2004 *	1,500,000.00	UNION BANK OF INDIA	GHATKOPAR BRANCH; SILVAR COURT, M.G. ROAD, MUMBAI, MAHARASHTRA - 400077, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 records 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 records 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.63.58
UK Pound	1	Rs.99.11
Euro	1	Rs.70.29

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	KAR
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	6
--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	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		50

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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