MIRA INFORM REPORT

Report No. :	325367
Report Date :	01.06.2015

IDENTIFICATION DETAILS

Name :	DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED (w.e.f. 01.11.1999)

Formerly Known As :	DOW (INDIA) SYSTEMS PRIVATE LIMITED

Registered Office :	1^st Floor, Block B, Godrej IT Park, 02, Godrej, Business District, Pirojshanagar, Vikroli (West), Mumbai – 400 079, Maharashtra
Tel. No.:	91-22-67832300

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	13.02.1998

Com. Reg. No.:	11-113551

Capital Investment / Paid-up Capital :	Rs.24.933 million

CIN No.: [Company Identification No.]	U24239MH1998PTC113551

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	MUMD10067B

PAN No.: [Permanent Account No.]	AAACD4467B

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of manufacturing, trading and indenting in chemicals, and automotive engineering solutions and also engaged in back-end support, engineering and research and development activities.

No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an established company having fine track record. Subject is a 100% subsidiary of DOW Chemical. Rating reflects sound financial risk profile marked by decent liquidity position and long track record of operation. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for business dealing 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

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 DECLINED

Management non-cooperative

(Tel. No.: 91-22-67832300/ 66741513)

LOCATIONS

Registered Office/ Corporate Office :	1^st Floor, Block B, Godrej IT Park, 02, Godrej, Business District, Pirojshanagar, Vikroli (West) Mumbai – 400 079, Maharashtra, India
Tel. No.:	91-22-67832300/ 66741700/ 66741500
Fax No.:	91-22-26524217/ 66741824/ 66741825
E-Mail :	infoindia@dow.com
Website :	www.dow.com

Center of Excellence - Transactional Services and Expertise :	Business Process Services Center, C/O Tata Consultancy Services Limited, Kensington B Wing, 13^th Floor, Phase III, Hiranandani Business Park, SEZ, Powai, Mumbai – 400 076, Maharashtra, India
Tel. No. :	91-22-67323000
Fax No.:	91-22-67327362

Center of Excellence – Engineering :	India Engineering Center, Tamarai Tech Park, S.P. Plot No.16 - 19 and 20-A Jawaharlal Nehru Road, Guindy, Chennai – 600 032, Tamilnadu, India
Tel. No. :	91-44-39815000
Fax No.:	91-44-39814817

P U System House :	Plot No.8-A/1/2, Thane Belapur Road, Kalwa Block, Turbhe, Navi Mumbai -400 703, Maharashtra, India
Tel. No. :	91-22-67934900
Fax No.:	91-22-27602532

Dow Advanced Materials – Manufacturing Unit 1 :	Plot No. T-22/PT, MIDC, Taloja Industrial Area, Raigad District, Taloja – 410 208, Maharashtra, India
Tel. No. :	91-22-67315555
Fax No.:	91-22-67315569

Dow Advanced Materials – Manufacturing Unit 2 :	Plot No. L7, Phase II, SIPCOT Industrial Park, Mambakkam Post, Sunkuvarchatram Via, Kanchipuram District – 601 206, Tamilnadu India
Tel. No. :	91-44-47111700
Fax No.:	91-44-47111999

Branch Office :	A-6, Sector - 58, Noida – 201 301, Uttar Pradesh India
Tel. No. :	91-120-4260786
Fax No.:	91-120-4260780

DIRECTORS

AS ON 13.10.2014

Name :

Mrs. Ramolla Tarachand Karnani

Designation :

Director

Address :

701 – 702, Anant Basera, S.S. Patkar Mahavidhyalaya Marg, Off S.V. Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India

Date of Birth/Age :

11.08.1959

Date of Appointment :

29.07.2004

PAN No.:

AAEPK7929A

DIN No.:

00174531

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	U24239MH1998PTC113551	DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED	Director	29/07/2004	29/07/2004	-	Active	NO
2	U11100MH2008PTC185467	K-DOW PETROCHEMICALS PRIVATE LIMITED	Director	05/08/2008	05/08/2008	-	Strike off	NO
3	U24233MH2010PTC201758	TRINSEO INDIA TRADING PRIVATE LIMITED	Director	06/04/2010	06/04/2010	17/06/2010	Active	NO
4	U24100GJ2008PLC054348	DOW-GACL SOLVENTURE LIMITED	Alternate director	30/06/2011	30/06/2011	01/10/2011	Strike off	NO
5	U24233MH2014PTC256523	SALT LAKE CHEMICAL INDIA PRIVATE LIMITED	Director	24/07/2014	24/07/2014	-	Active	NO
6	U24233MH2014PTC257787	ARUBA CHEMICALS INDIA PRIVATE LIMITED	Director	03/09/2014	03/09/2014	03/02/2015	Active	NO
7	U74999MH2014PTC255780	VOLTAS WATER SOLUTIONS PRIVATE LIMITED	Additional director	03/11/2014	03/11/2014	-	Active	NO
8	U24233MH2013PTC245868	BLUE CUBE CHEMICALS INDIA PRIVATE LIMITED	Additional director	30/01/2015	30/01/2015	-	Active	NO

Name :

Mr. Chandrakant Nayak

Designation :

Director

Address :

C-31/266 MIG Colony, Gandhi Nagar, Bandra, Mumbai – 400 051, Maharashtra, India

Date of Birth/Age :

09.08.1966

Date of Appointment :

21.11.2006

PAN No.:

AAEPN2157M

DIN No.:

00680762

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	U24239MH1998PTC113551	DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED	Director	21/11/2006	21/11/2006	-	Active	NO
2	U74999MH2014PTC255780	VOLTAS WATER SOLUTIONS PRIVATE LIMITED	Director	01/07/2014	01/07/2014	-	Active	NO

Name :

Mr. Michel Barrier

Designation :

Director

Address :

Cama Terrasses 26, Altamount Road, Mumbai – 400 023, Maharashtra, India

Date of Birth/Age :

08.02.1958

Date of Appointment :

20.09.2011

PAN No.:

BACPB7614L

DIN No.:

03365174

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	U24231MH1995PTC132718	ROHM AND HAAS (INDIA) PRIVATE LIMITED	Director	23/03/2011	23/03/2011	26/03/2012	Active	NO
2	U24239MH1998PTC113551	DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED	Director	20/09/2011	25/03/2011	-	Active	NO
3	U24100GJ2008PLC054348	DOW-GACL SOLVENTURE LIMITED	Director	30/06/2011	31/03/2011	-	Strike off	NO

Name :

Mr. Subhash Shrinivas Mukadam

Designation :

Director

Address :

F33, 2/3, Prem Sagar CHS, Sector 29, Vashi, Navi Mumbai – 400 703, Maharashtra, India

Date of Birth/Age :

05.05.1969

Date of Appointment :

20.09.2011

PAN No.

ABGPM8026Q

DIN No.:

03593259

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	U24239MH1998PTC113551	DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED	Director	20/09/2011	06/09/2011	-	Active	NO
2	U01110MH1994PTC083566	DOW AGROSCIENCES INDIA PRIVATE LIMITED	Additional director	19/11/2014	19/11/2014	-	Active	NO

Name :

Mr. Sudhir Ganpathy Shenoy

Designation :

Additional Director

Address :

A-1802, Great Eastern Gardens, LBS Marg, Kanjurmarg (West), Mumbai – 400 078, Maharashtra, India

Date of Appointment :

30.01.2015

DIN No.:

05289639

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	U41000TG2005PTC072437	WATERHEALTH INDIA PRIVATE LIMITED	Director	29/09/2012	25/06/2012	27/12/2013	Active	NO
2	U24239MH1998PTC113551	DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED	Additional director	30/01/2015	30/01/2015	-	Active	NO
3	U24233MH2014PTC256523	SALT LAKE CHEMICAL INDIA PRIVATE LIMITED	Additional director	30/01/2015	30/01/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Ramolla Tarachand Karnani
Designation :	Secretary
Address :	701-702, Anant Basera, S.S. Patkar Mahavidhyalaya Marg, Off S.V. Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India
Date of Birth/Age :	11.08.1959
Date of Appointment :	01.06.2001
PAN.:	AAEPK7929A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 13.10.2014

Names of Shareholders		No. of Shares
Dow Chemical Pacific (Singapore) Pte Limited, Singapore		2493322
Dow Chemical Pacific Singapore Pte Limited, Singapore		17
Total		2493339

Equity Share Break up (Percentage of Total Equity)

AS ON 13.10.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing, trading and indenting in chemicals, and automotive engineering solutions and also engaged in back-end support, engineering and research and development activities.

Products :

Item Code No. (ITC Code)

Product Description

39072090

Voralast* GL 776 Polyol

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

Not Divulged (Approximately) / Information declined by the management

Bankers :

Banker Name	Citibank
Branch Address	Fort, Mumbai, Maharashtra, 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 of America, National Association, 16^th Floor, Express Towers, Nariman Point, Mumbai – 400 026, Maharashtra, India

Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679025
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD4815A

Memberships :	Not Available

Collaborators :	Not Available

Holding Company (Directly):	Dow Chemical Pacific (Singapore) Pte Limited

Ultimate Holding Company:	The Dow Chemical Company, USA

Fellow Subsidiary Companies:	ANGUS Chemical Company ANGUS Chemie GmbH DCOMCO Inc Dow AgroSciences India Private Limited Dow AgroSciences L L C Dow AgroSciences Southern Africa (Proprietary) Limited Dow AgroSciences Switzerland S.A. Dow Belgium B.V.B.A. Dow Benelux B.V. Dow Brasil S.A. Dow Brasil Sudeste Industrial Limited Dow Chemical (Australia) Limited Dow Chemical (China) Investment Company Limited Dow Chemical (China) Investment Company Limited, Guangzhou branch Dow Chemical (Guangzhou) Company Limited Dow Chemical (Malaysia) Sdn. Bhd. Dow Chemical (Shanghai) Company Limited. Dow Chemical (Zhangjiagang) Company Limited Dow Chemical Canada ULC Dow Chemical Iberica S.L. Dow Chemical IMEA GmbH Dow Chemical IMEA GmbH Dow Chemical Korea Limited Dow Chemical Pacific Limited Dow Chemical Taiwan Limited Dow Chemical Thailand Limited Dow Deutschland Anlagengesellschaft MbH Dow Engineering Company Dow Europe GmbH Dow France S.A.S. Dow International Technology Corporation Dow Italia Divisione Commerciale s.r.l Dow Italia s.r.l. Dow Olefinverbund GmbH Dow Plastics Southern Africa Dow Portugal - Produtos Quimicos, Unipessoal, Lda. Dow Southern Africa (Pty) Limited · Dow Stade Produktions GmbH and Co. OHG Dow Turkiye Kimya Sanayi ve Ticaret Limited Sirketi Dow Hydrocarbons and Resources LLC Carbide Chemical (Thailand) Limited FilmTec Corporation · Global Industrial Corporation Hampshire Chemical Corp. Pt Dow Indonesia Rohm and Haas Chemicals LLC Rohm and Haas (India) Private Limited UCAR Emulsion Systems Fze UCAR Pipeline Incorporated Zhejiang Pacific Chemical Corporation Dow Chemical (Wuhan) Company Limited Dow Chemical (NZ) Limited Dow Chemical Singapore Pte. Limited Dow Chemical Korea Limited - Hongkong Branch Dow Chemical Thailand Limited - Hongkong Branch Rohm and Haas Singapore (Pte) Limited Rohm and Haas Japan Kabushiki Kaisha Dow AgroSciences (NZ) Limited P.T Dow Agrosciences Indonesia PT Dow Indonesia · Rohm and Haas Philippines Inc Hyperlast Limited Dow Chemical Japan Limited (Agrosciences Division) Dow Agrosciences (China) Limited Dow Agrosciences BV Philippines Branch Dow Chemical Pacific Limited Philippines Branch Dow AgroSciences (China) Company Limited RHEM Asia Limited Rohm and Haas Taiwan Inc Rohm and Haas Korea Co Limited RHEM Korea Limited · RH China R & D Center RHEM KK Zhejiang Omex Environmental Engineering Dow Chemical (Zhangjiagang) Co., Limited

Associates :	Siam Synthetic Latex Company Limited Anabond Revocoat India Private Limited Siam Polyethylene Company Limited MEGlobal International FZE

CAPITAL STRUCTURE

AS ON 13.10.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2493339	Equity Shares	Rs.10/- each	Rs.24.933 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	24.933	27.614	27.614
(b) Reserves & Surplus	1823.475	4775.839	4091.883
(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)	1848.408	4803.453	4119.497

(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	5.471	0.000	0.000
(d) Long-term provisions	85.710	98.946	101.498
Total Non-current Liabilities (3)	91.181	98.946	101.498

(4) Current Liabilities
(a) Short term borrowings	2840.000	2489.197	1451.983
(b) Trade payables	3248.252	3060.736	3216.028
(c) Other current liabilities	367.825	339.139	367.664
(d) Short-term provisions	2898.534	130.913	142.745
Total Current Liabilities (4)	9354.611	6019.985	5178.420

TOTAL	11294.200	10922.384	9399.415

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	606.041	860.706	1031.053
(ii) Intangible Assets	0.946	0.619	0.369
(iii) Capital work-in-progress	0.734	8.685	92.779
(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)	200.440	156.717	129.052
(d) Long-term Loan and Advances	794.106	880.112	656.134
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1602.267	1906.839	1909.387

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4225.454	3358.087	3542.972
(c) Trade receivables	4432.780	4009.506	2974.828
(d) Cash and cash equivalents	104.182	1039.940	45.974
(e) Short-term loans and advances	929.516	606.902	824.944
(f) Other current assets	0.001	1.110	101.310
Total Current Assets	9691.933	9015.545	7490.028

TOTAL	11294.200	10922.384	9399.415

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales	14763.000	12419.000	10335.700
		Commission	792.000	826.000	785.800
		Income from Services rendered	3236.000	3186.000	3001.500
		Export Incentives	54.000	0.000	0.000
		Technical Service Income	0.000	0.000	24.300
		Other Income	79.000	113.000	49.900
		TOTAL (A)	18924.000	16544.000	14197.200

Less	EXPENSES
		Office Expenses	17300.000	15105.000	13074.100
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	17300.000	15105.000	13074.100 (including Interest & depreciation)

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1624.000	1439.000

Less	INTEREST (D)		270.000	179.000

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1354.000	1260.000

Less/ Add	DEPRECIATION/ AMORTISATION (F)		176.000	231.000

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1178.000	1029.000	1123.100

Less	TAX (H)		370.000	345.000	379.600

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		808.000	684.000	743.500

	EARNINGS IN FOREIGN CURRENCY		4450.000	4010.000	3600.000

	Earnings/ (Loss) Per Share (Rs.)		324.06	247.70	269.24

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.47	5.51	7.19

Operating Profit Margin (PBDIT/ Sales)	(%)	11.00	11.59	NA

Return on Total Assets (PBT/Total Assets}	(%)	10.62	9.57	12.24

Return on Investment (ROI) (PBT/Networth)		0.64	0.21	0.27

Debt Equity Ratio (Total Debt/Networth)		1.54	0.52	0.35

Current Ratio (Current Asset/Current Liability)		1.04	1.50	1.45

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	27.614	27.614	24.933
Reserves & Surplus	4091.883	4775.839	1823.475
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4119.497	4803.453	1848.408

Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	1451.983	2489.197	2840.000
Total borrowings	1451.983	2489.197	2840.000
Debt/Equity ratio	0.352	0.518	1.536

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Sales	10335.700	12419.000	14763.000
		20.156	18.874

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Sales	10335.700	12419.000	14763.000
Profit	743.500	684.000	808.000
	7.19%	5.51%	5.47%

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	No
8	Designation of contact person	No
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	No
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	No
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

CHANGE OF ADDRESS

The Registered office of the company has been shifted from Corporate Par, Unit No.1, V. N. Purav Marg, Chembur – 400071, Maharashtra, India, to the present address w.e.f. 02.05.2012.

COMPANY BACKGROUND:

The Company was incorporated on 13^th February, 1998, as a private limited company. The Company is engaged in the business of manufacturing, trading and indenting in chemicals, and automotive engineering solutions. The Company is also engaged in back-end support, engineering and research and development activities and has one plant in Kalwa, Thane, Maharashtra.

UNSECURED LOANS

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
SHORT TERM BORROWINGS
Working Capital Loan from bank	850.000	639.197
Loans repayable on demand from Banks	500.000	400.000
Loans and advances from related parties	1490.000	1450.000
Total	2840.000	2489.197

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90384554	08/10/2002	2,500,000.00	BANK OF AMERICA	EXPRESS TOWER, NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA	-
2	90376793	17/02/1969 *	1,890,000.00	PUNJAB AND SIND BANK	KAROL BAGH, NEW DELHI, DELHI, INDIA	-

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Computer Equipments

· Leasehold Improvements

· Office Equipment

Intangible Assets

· Computer Software

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.63.76
UK Pound	1	Rs.97.80
Euro	1	Rs.69.91

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	SAN

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		51

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.