IRA INFORM REPORT

Report No. :	316972.2
Report Date :	19.06.2015

IDENTIFICATION DETAILS

Name :	SALVI CHEMICAL INDUSTRIES LIMITED (w.e.f. 21.09.2006)
Formerly Known As :	SALVI CHEMICALS INDUSTRIES LIMITED
Registered Office :	214, Blue Rose Industrial Estate, Western Express Highway, Borivali (East), Mumbai – 400066, Maharashtra
Tel No.:	91-22-28701438
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.10.2005
Com. Reg. No.:	11-156633
Capital Investment / Paid-up Capital :	Rs.85.151 Million
CIN No.: [Company Identification No.]	U24230MH2005PLC156633
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAKCS0142E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Chemical, Bulk Drug and Pharmaceuticals.
No. of Employees :	325 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (22)

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 :	Delayed
Litigation :	Exists
Comments :	Subject is an established company operating since 2005 in the Chemical and Pharmaceutical Industry. As recently gathered from the market sources, subject seems to be passing through financial crunch as its payments are very much delayed and cheques issued by the company are being rejected by its bankers’ in view of insufficient funds. In view of the above new information gathered, it would be advisable to deal with the company on fully safe and secured trade terms and conditions only.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = B (Suspended)
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	30.05.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4 (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	30.05.2014

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 PARTED BY

Name :	Mr. Ganesh
Designation :	Accounts Department
Contact No.:	91-22-28701438

LOCATIONS

Registered Office :	214, Blue Rose Industrial Estate, Western Express Highway, Borivali (East), Mumbai – 400 066, Maharashtra, India
Tel. No.:	91-22-28701438 / 49 / 50
Fax No.:	91-22-28703656
E-Mail :	salvi@born3.vsnl.net.in info@salvichem.com
Website :	www.salvichem.com
Location :	Owned
Locality :	Commercial
Corporate Office :	107-108, Western Edge II, Western Express Highway, Borivali (East), Mumbai – 400066, Maharashtra, India
Factory 1 :	E - 93/94, MIDC Tarapur, Boisar, Thane, Maharashtra, India
Factory 2 / R and D Unit :	E - 90, MIDC Tarapur, Boisar, Thane, Maharashtra, India
Factory 3 :	E - 95, MIDC Tarapur, Boisar, Thane, Maharashtra, India
Factory 4:	E - 131, MIDC Tarapur, Boisar, Thane, Maharashtra, India
Factory 5 :	Also located at: · Surat, Gujarat, India · Bhavnagar, Gujarat, India

DIRECTORS

AS ON 29.09.2014

Name :	Mr. Nirav Kantilal Salvi
Designation :	Director
Address :	B 108, Ashoka Tower, Kulupwadi Road, Borivali (East), Mumbai – 400066, Maharashtra, India
Date of Birth/Age :	13.03.1974
Qualification :	B. Sc.
PAN No.:	AAEPS6099R
Date of Appointment :	10.10.2005
DIN No:	00535510
Name :	Mr. Kantilal Narandas Salvi
Designation :	Whole-time Director
Address :	B 108, Ashoka Tower, Kulupwadi Road, Borivali (East), Mumbai – 400066, Maharashtra, India
Date of Birth/Age :	11.03.1945
Qualification :	B. Sc
PAN No.:	ANWPS3988A
Date of Appointment :	01.08.2011
DIN No:	00535466
Name :	Mr. Kaushal Kantilal Salvi
Designation :	Whole Time Director
Address :	B 108, Ashoka Tower, Kulupwadi Road, Borivali (East), Mumbai – 400066, Maharashtra, India
Date of Birth/ Age:	01.05.1979
Qualification :	B. Com
PAN No.:	ALUPS3213L
Date of Appointment :	01.02.2011
DIN No:	00535546

KEY EXECUTIVES

Name :	Mr. Ganesh
Designation :	Accounts Department

MAJOR SHAREHOLDERS

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Kantilal. N. Salvi	11100
Nirav Salvi	11500
Kaushal K. Salvi	10500
Avni N Salvi	5300
Shweta K. Salvi	5550
Amita K. Salvi	5550
Kantilal N Salvi (HUF)	5550
Kantilal N. Salvi, Jointly Nirav K Salvi, Jointly Kaushal K Salvi	2706750
Kantilal N Salvi (HUF),Nirav K. Salvi	168125
Nirav K. Salvi, Jointly Avni N Salvi	2435960
Kaushal K. Salvi, Jointly Shweta K. Salvi	1441650
Kaushal K. Salvi (H.U.F), Jointly Shweta K. Salvi	371000
Amita K. Salvi, Jointly Nirav K. Salvi	78350
Avni N Salvi, Jointly Nirav K. Salvi	189450
Shweta K. Salvi, Jointly Kaushal K. Salvi	85450
Nirav K. Salvi (H.U.F)	694000
Kantilal Salvi Jointly Avni Salvi	70150
Amita K. Salvi Jointly Avni salvi	99600
Kantilal N Salvi (HUF), Jointly Nirav K Salvi (HUF)	119325
Milin Trivedi	250
Total	8515110

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Chemical, Bulk Drug and Pharmaceuticals.

Products :

Product Description	Item Code No. (ITC Code)
Ferrous Fumarate	29171940
Methyl Iodide	29051490
Amino Acetic (Acid) (Glycine)	29224910
Bulk Drugs/ Fine Chemicals	29035050

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Chemical and Pharmaceuticals

Countries :

• America
• Brazil

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cheque and Credit

Purchasing :

Cheque and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

325 (Approximately)

Bankers :

Banker Name :	The Saraswat Co-operative Bank
Branch :	Ville Parle (East), Mumbai – 400057, Maharashtra, India
Person Name (With Designation) :	Not Divulged
Contact Number :	91-22-42349958
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	CC/PC/Post Shipment = Rs.170.000 Million
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Rupee term loans from banks	52.209	51.554
Short Term Borrowings
Working capital loans from banks (Working Capital loans are secured by hypothecation of present and future stock of raw materials, stock-in-process, finished goods, stores and spares (not relating to plant and machinery), book debts.)	164.771	104.890
Total	216.980	156.444

Auditors :
Name :	Patel and Kurup Chartered Accountant
Address :	6, Crescent Chambers, 1^st Floor, Tamarind Lane, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22670815
PAN No.:	AAAPP8616R
Collaborators :	Not Divulged
Membership :	Not Divulged
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives :	Nutracare International

CAPITAL STRUCTURE

AS ON 29.09.2014

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
8515110	Equity Shares	Rs.10/- each	Rs.85.151 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	85.151	85.151	79.432
(b) Reserves & Surplus	208.450	181.462	137.220
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	20.000
Total Shareholders’ Funds (1) + (2)	293.601	266.613	236.652
(3) Non-Current Liabilities
(a) long-term borrowings	110.980	108.744	106.567
(b) Deferred tax liabilities (Net)	18.984	16.210	12.001
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.544	1.544	2.124
Total Non-current Liabilities (3)	131.508	126.498	120.692
(4) Current Liabilities
(a) Short term borrowings	164.771	104.890	112.007
(b) Trade payables	270.232	201.803	246.463
(c) Other current liabilities	32.615	48.939	38.261
(d) Short-term provisions	32.562	26.845	31.485
Total Current Liabilities (4)	500.180	382.477	428.216
TOTAL	925.289	775.588	785.560
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	238.326	229.270	165.313
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	48.049	47.406	1.987
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.236	2.236	0.793
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	24.979	28.602	96.993
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	313.590	307.514	265.086
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	188.068	184.136	106.628
(c) Trade receivables	358.774	234.140	373.918
(d) Cash and cash equivalents	2.692	2.240	2.826
(e) Short-term loans and advances	62.165	47.558	37.102
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	611.699	468.074	520.474
TOTAL	925.289	775.588	785.560

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		880.974	953.478	927.366
		Other Income		24.048	30.357	4.438
		TOTAL (A)		905.022	983.835	931.804
Less	EXPENSES
		Cost of Materials Consumed		731.969	829.191	730.883
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(27.732)	(59.024)	1.088
		Employee Benefits Expenses		40.584	44.561	35.503
		Other Expenses		64.601	72.927	73.299
		TOTAL (B)		809.422	887.655	840.773
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			95.600	96.180	91.031
Less	FINANCIAL EXPENSES (D)			41.151	34.758	27.423
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			54.449	61.422	63.608
Less	DEPRECIATION/ AMORTISATION (F)			19.326	16.391	13.112
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			35.123	45.031	50.496
Less	TAX (H)			8.491	11.965	10.566
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			26.632	33.066	39.930
	PRIOR PERIOD ADJUSTMENT			1.345	2.132	(0.618)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			146.985	126.208	94.584
Less	APPROPRIATIONS
			Provision for Dividend	0.852	0.852	5.957
			Tax on Dividend	0.138	0.138	0.967
			Transferred to General Reserve	2.000	2.000	2.000
			Debenture Redemption Reserve	7.167	7.167	0.000
	BALANCE CARRIED TO THE B/S			164.805	146.985	126.208
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	NA	363.447	192.646
	TOTAL EARNINGS			NA	363.447	192.646
	Earnings / (Loss) Per Share (Rs.)			3.13	4.12	5.03

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	25.444	35.262	0.000
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	3.02	3.47	4.31
Operating Profit Margin (PBDIT/Sales)	(%)	10.85	10.09	9.82
Return on Total Assets (PBT/Total Assets)	(%)	4.01	6.20	6.45
Return on Investment (ROI) (PBT/Networth)		0.12	0.17	0.21
Debt Equity Ratio (Total Debt /Networth)		1.03	0.93	0.92
Current Ratio (Current Asset/Current Liability)		1.22	1.22	1.22

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	79.432	85.151	85.151
Reserves & Surplus	137.220	181.462	208.450
Share Application money pending allotment	20.000	0.000	0.000
Net worth	236.652	266.613	293.601
long-term borrowings	106.567	108.744	110.980
Short term borrowings	112.007	104.890	164.771
Current Maturities of Long term debt	0.000	35.262	25.444
Total borrowings	218.574	248.896	301.195
Debt/Equity ratio	0.924	0.934	1.026

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	927.366	953.478	880.974
		2.816	(7.604)

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	927.366	953.478	880.974
Profit	39.930	33.066	26.632
	4.31%	3.47%	3.02%

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)	Yes
16	No. of employees	Yes
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	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS

During the year, the Sales Turnover has been registered at Rs. 880.974 Million and Net Profit has been registered at Rs.26.632 Million.

ENTERPRISE RESOURCE PLANNING (ERP)

Subject has successfully implemented advanced management technology viz., ERP. The implementation process is satisfactorily completed and subject has come out with operating data and Balance Sheet generated from ERP. By implementing ERP better management technique would be utilized for processing voluminous data in lesser time to enable subject for quick decisions.

SOME IMPORTANT ACHIEVEMENTS

· In the era of competition and economic slow-down the company registered a marginal growth of 7.9% in the Export Business. The Export Business has gone up from 495.982 Million to 535.021 Million in the current year.

· The Company is holding ISO 9001, 22000, FEMI- QS, FSSC-22000 Certificates.

· The Company has purchased new office premises at Borivali East and planning to shift the existing office to new premises in the month of December 14.

· The Company has completed erection of Plant and Machinery at Unit E-90 and has commenced production in the month of April, 2013.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Fully convertible debentures others	43.000	43.000
Loans and advances from related parties	15.771	14.190
Total	58.771	57.190

LITIGATION DETAILS:

Case Details

Bench:-Bombay

Lodging No.:-

CHSL/69/2013

Filing Date:-

19/01/2013

Reg. No.:-

CHS/76/2013

Reg. Date:-

01/02/2013

Main Matter

Lodging No.:-

EXAL/263/2012

Petitioner:-

M/S SINO OCEAN LIMITED

Respondent:-

M/S. SALVI CHEMICAL INDUSTRIES LIMITED

Petn.Adv.:-

HALAI AND CO (I1036)

Resp.Adv.:-

SRS LEGAL ()

District:-

MUMBAI

Bench:-	SINGLE
Status:-	Pre-Admission	Category:-	CHAMBER SUMMONS IN EXECUTION

Next Date:-

10/06/2015

Stage:-

CHAMBER SUMMONS IN EXECUTION FOR HEARING

Coram:-

HON'BLE SMT. JUSTICE R.S. DALVI

Last Date:-

07/04/2015

Stage:-

CHAMBER SUMMONS FOR HEARING AND FINAL DISPOSAL

Last Coram:-

HON'BLE SHRI JUSTICE B.P. COLABAWALLA

Act :-

Code of Civil Procedure 1908

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10563581	26/03/2015 *	777,700,000.00	Bank of India	Andheri Mid Corporate Branch, 28, MDI Building,, 1st Floor, S.V. Road, Andheri (West),, Mumbai, Maharashtra - 400058, India	C51157147
2	10421204	30/03/2013	2,000,000.00	The Saraswat Co-op Bank Ltd	Rasec Borivli West Branch, Shobhana Apartment, Chandavarkar Road, Borivali West, Mumbai, Maharashtra - 400092, India	B73608747
3	10376559	01/09/2012	10,000,000.00	The Saraswat Cooperative Bank Ltd	SME Vile Parle Branch, Bholanath Co-Op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India	B58141151
4	10328212	27/12/2011	29,400,000.00	The Saraswat Cooperative Bank Ltd	SME Vile Parle Branch, Bholanath Co-Op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India	B29505898
5	10221676	04/05/2010	2,000,000.00	The Saraswat Cooperative Bank Ltd	SME Vile Parle Branch, Bholanath Co-Op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India	A85846749
6	10221489	22/04/2010	3,000,000.00	The Saraswat Cooperative Bank Ltd	SME Vile Parle Branch, Bholanath Co-Op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India	A85623817
7	10211612	29/03/2010	11,500,000.00	The Saraswat Cooperative Bank Ltd	SME Vile Parle Branch, Bholanath Co-Op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India	A82899725
8	10192571	03/12/2009	3,500,000.00	The Saraswat Cooperative Bank Ltd	SME Vile Parle Branch, Bholanath Co-Op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India	A75471060
9	10130600	27/10/2008	15,000,000.00	The Saraswat Co-op Bank ltd	Borivali Branch, Borivali, Mumbai, Maharashtra - 400092, India	A51106078
10	10113694	10/07/2008	9,500,000.00	The Saraswat Co-op Bank Ltd	Vile Parle Branch, Vile Parle (East), Mumbai, Maharashtra - 400057, India	A41741265
11	10082737	15/01/2013 *	494,404,000.00	The Saraswat Cooperative Bank Ltd (Lead Bankers)	SME Vile Parle Branch, Bholanath Co-Op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India	B67596627
12	10062903	06/08/2007	2,250,000.00	The Saraswat Co-operative Bank ltd	Borivali Branch, Borivali (West), Mumbai, Maharashtra - 400092, India	A20829578
13	10060274	26/07/2007	10,000,000.00	The Saraswat Co-operative Bank ltd	Borivali Branch, Borivali (West), Mumbai, Maharashtra - 400092, India	A19329499
14	10036944	25/01/2007	1,445,000.00	The Saraswat Co-op Bank Ltd	Borivali Branch, Borivali (West), Mumbai, Maharashtra - 400092, India	A10613206
15	10036936	25/01/2007	4,600,000.00	The Saraswat Co-op Bank Ltd	Borivali Branch, Borivali (West), Mumbai, Maharashtra - 400092, India	A10611994
16	10029200	07/10/2008 *	14,000,000.00	The Saraswat Co-op Bank ltd	Borivali Branch, Borivali (West), Mumbai, Maharashtra - 400092, India	A49135197
17	10029623	07/10/2008 *	35,000,000.00	The Saraswat Co-op Bank ltd	Borivali Branch, Borivali (West), Mumbai, Maharashtra - 400092, India	A49135585
18	10029608	11/06/2012 *	142,500,000.00	The Saraswat Cooperative Bank Ltd	SME Vile Parle Branch, Bholanath Co-Op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra - 400057, India	B42758383
19	10031291	28/11/2006	224,578.81	The Saraswat Co-op Bank ltd	Borivali Branch, Borivali (West), Mumbai, Maharashtra - 400092, India	A07835135
20	10031290	28/11/2006	292,591.45	The Saraswat Co-op Bank ltd	Borivali Branch, Borivali (West), Mumbai, Maharashtra - 400092, India	A07835341
21	10029764	28/11/2006	347,610.36	The Saraswat Co-op Bank ltd	Borivali Branch, Borivali (West), Mumbai, Maharashtra - 400092, India	A07835556
22	10029199	28/11/2006	500,000.00	The Saraswat Co-op Bank ltd	Borivali Branch, Borivali (West), Mumbai, Maharashtra - 400092, India	A07834500
23	10029812	28/11/2006	500,000.00	The Saraswat Co-op Bank ltd	Borivali Branch, Borivali (West), Mumbai, Maharashtra - 400092, India	A07834633
24	10031171	28/11/2006	17,300,000.00	The Saraswat Co-op Bank ltd	Borivali Branch, Borivali (West), Mumbai, Maharashtra - 400092, India	A07982051
25	10029991	28/11/2006	25,000,000.00	The Saraswat Co-op Bank ltd	Borivali Branch, Borivali (West), Mumbai, Maharashtra - 400092, India	A07834815

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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 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.63.85
UK Pound	1	Rs.100.99
Euro	1	Rs.72.46

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	CHI
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		22

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.