MIRA INFORM REPORT

Report No. :	329847
Report Date :	29.06.2015

IDENTIFICATION DETAILS

Name :	CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED
Registered Office :	1st Floor, Hamilton House, 8, J.N. Heredia Marg, Ballard Estate, Mumbai – 400038, Maharashtra
Tel. No.:	91-22-66138300
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	18.05.1999
Com. Reg. No.:	11-119904
Capital Investment / Paid-up Capital :	Rs. 53.900 Million
CIN No.: [Company Identification No.]	U24110MH1999PTC119904
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10633A
PAN No.: [Permanent Account No.]	AAACC9611L
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Distributor of Specialty Chemicals and Ingredients.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was established in the year 1999 engaged in business of variety of suppliers and products in multiple markets, including coatings and inks, plastics and rubber, food ingredients and personal and home care and other industrial segments. It is having a satisfactory track record. Management has failed to file its financial record with government department for the year 2014. However, for the financial year 2013, the company possesses operational performance and it has achieved top line growth of 18.28% along with the profitability margin of 7.2%. Further the rating also reflects the well-built financial risk profile backed by adequate networth base and zero debt balance sheet profile of the company. Trade relations are reported as fair. Business is active. Payment terms are usually correct. In view of healthy financial base, the company can be considered normal 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

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Rajesh
Designation :	Sales Head
Contact No.:	91-11-43509348

LOCATIONS

Registered/ Corporate Office :	1st Floor, Hamilton House, 8, J.N. Heredia Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India
Tel. No.:	91-22-66138300
Fax No.:	91-22-66138330
E-Mail :	nilesh.patel@wecocbc.com info@wecocbc.com makrand.patil@wecocbo.com
Website :	http://www.connellbrothers.com
Location :	Owned
Locality :	Commercial
Branch Office 1 :	307, Competent House, Middle Circle, Connaught Place, New Delhi - 110001, India
Tel. No.:	91-11-43509348
Fax No.:	91-11-43509340
Branch Office 2 :	3^rd Floor, Bansilal Building, 9/15, Homy Mody Street, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22815060
Fax No.:	91-22-22818060
Warehouses :	Located at: · Bhiwandi · Panvel · Delhi

DIRECTORS

As on 18.06.2014

Name :

Theodore Eliot III

Designation :

Managing director

Address :

401, Golden Gate Avenue, Belvedere, California, 94920, United States of America

Date of Birth/Age :

17.10.1953

Date of Appointment :

18.05.1999

DIN No.:

02231188

Name :

Parthiv Tanil Kilachand

Designation :

Director

Address :

95, Nepean Sea Road, Malabar Hill, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

27.03.1967

Date of Appointment :

18.05.1999

DIN No.:

00005516

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	L21308GJ1989PLC012743	GUJARAT POLY AVX ELECTRONICS LTD.	Director	11/03/1992	11/03/1992	-	Active	NO
2	U51900MH1994PTC078663	RASAYANI TRADERS PRIVATE LIMITED	Director	30/06/1994	30/06/1994	-	Active	NO
3	L24100MH1955PLC009663	POLYCHEM LIMITED	Managing director	01/04/2014	03/12/1996	-	Active	NO
4	U51900MH1997PTC105312	HIGHCLASS TRADING PRIVATE LIMITED	Director	01/08/1997	01/08/1997	-	Active	NO
5	U17110MH1950PLC007979	GINNERS AND PRESSERS LIMITED	Director	14/08/1997	14/08/1997	-	Active	NO
6	U24110MH1999PTC119904	CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED	Director	18/05/1999	18/05/1999	-	Active	NO
7	U65920MH1983PTC031611	MASUMA TRADECORP PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Active	NO
8	U65920MH1983PTC031612	VIRSUN INVESTMENTS PVT LTD	Director	14/12/2001	14/12/2001	-	Active	NO
9	U65920MH1983PTC031628	RO-AN INVESTMENTS PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Dissolved	NO
10	U51900MH1995PLC087924	SUN TAN TRADING COMPANY LIMITED	Managing director	01/04/2014	12/04/2004	-	Active	NO
11	U51220MH2000PTC129864	GOURMET LOGISTICS PRIVATE LIMITED	Director	10/03/2006	10/03/2006	21/06/2010	Active	NO
12	U74999MH2004PTC175698	JSM CORPORATION PRIVATE LIMITED	Director	29/09/2007	12/06/2007	-	Active	NO
13	U74140MH2004PTC175689	H R CAFE INDIA PRIVATE LIMITED	Director	29/09/2007	24/08/2007	-	Amalgamated	NO
14	U41000MH2010PLC208418	ENVIRONMENTAL PURIFIERS LIMITED	Director	29/09/2010	29/09/2010	07/12/2010	Active	NO

Name :

Yogesh Shivraj Mathur

Designation :

Whole-time director

Address :

13, Padam-1, 4B, Peddar Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

22.11.1950

Date of Appointment :

01.01.2015

PAN No.:

AACPM2435M

DIN No.:

01059977

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	U15549PN1995PTC014548	LOKRANJAN BREWERIES PRIVATE LIMITED	Director	03/12/1996	03/12/1996	-	Active	NO
2	U65990MH1983PTC031629	SHAJA INVESTMENTS PVT LTD	Director	20/12/2002	20/12/2002	-	Active	NO
3	U24110MH1999PTC119904	CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED	Director	01/01/2015	10/05/2011	-	Active	NO
4	L24100MH1955PLC009663	POLYCHEM LIMITED	Additional director	31/03/2015	31/03/2015	-	Active	NO

Name :

Nandish Tanil Kilachand

Designation :

Director

Address :

95, Nepean Sea Road, Malabar Hill, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

23.07.1972

Date of Appointment :

18.05.1999

DIN No.:

00005530

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	U32109MH1993PTC072980	CAPUCHIM ELECTRONICS PRIVATE LIMITED	Director	15/02/1994	15/02/1994	-	Dissolved	NO
2	U24110MH1999PTC119904	CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED	Director	18/05/1999	18/05/1999	-	Active	NO
3	U17110MH1950PLC007979	GINNERS AND PRESSERS LIMITED	Director	03/06/1999	03/06/1999	-	Active	NO
4	U51900MH1994PTC078663	RASAYANI TRADERS PRIVATE LIMITED	Director	30/08/1999	30/08/1999	-	Active	NO
5	U51900MH1995PLC087924	SUN TAN TRADING COMPANY LIMITED	Managing director	01/04/2014	31/08/1999	-	Active	NO
6	U65920MH1983PTC031628	RO-AN INVESTMENTS PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Dissolved	NO
7	U65920MH1983PTC031611	MASUMA TRADECORP PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Active	NO
8	U65920MH1983PTC031612	VIRSUN INVESTMENTS PVT LTD	Director	14/12/2001	14/12/2001	-	Active	NO
9	U15100MH1947PTC005588	TULSI GLOBAL LOGISTICS PRIVATE LIMITED	Whole-time director	01/06/2013	20/12/2002	-	Active	NO
10	U41000MH2010PLC208418	ENVIRONMENTAL PURIFIERS LIMITED	Director	29/09/2010	29/09/2010	07/12/2010	Active	NO
11	L24100MH1955PLC009663	POLYCHEM LIMITED	Director	17/09/2012	27/07/2012	-	Active	NO

Name :

John Pomeroy Thacher

Designation :

Director

Address :

2482 Spring Mountain Road, St. Helena, California, 94574, United States of America

Date of Birth/Age :

01.10.1954

Date of Appointment :

11.02.2008

DIN No.:

02353500

Name :

Jeffrey Francis Streblow

Designation :

Director appointed in casual vacancy

Address :

5137 Coombsville Road, Napa, California, 94558, United States of America

Date of Birth/Age :

04.06.1959

Date of Appointment :

17.05.2009

DIN No.:

02682288

Name :

Eugene Scott Graddy

Designation :

Director

Address :

11 Ardmore PK, #13-01 Ardmore PK, Singapore 259957

Date of Birth/Age :

23.05.1961

Date of Appointment :

25.05.2011

DIN No.:

03583392

KEY EXECUTIVES

Name :	Mr. Rajesh
Designation :	Sales Head
Name :	Mr. Nilesh Amrutbhai Patel
Designation :	Secretary
Address :	A-102, Deep Residency, Tulinj Road, Near Bharat Gas Agency, Nallasopara (East), Mumbai - 401209, Maharashtra, India
Date of Birth/Age :	11.08.1989
Date of Appointment :	01.08.2013
PAN No.:	BXJPP8330H

MAJOR SHAREHOLDERS

As on 18.06.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Rasayani Traders Private Limited, India	269500	50.00
Wilbur Ellis Company, USA	269500	50.00
Total	539000	100.00

As on 18.06.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Distributor of Specialty Chemicals and Ingredients.

Products :

ITC Code No.	Product Descriptions
29310090	Coating Chemicals
34049090	Plastics
35040091	Food Chemicals
39100090	Personal Care
27129090	Pharma
32041769	Pigments
38099200	Paper Chemicals

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Retailers, End users and Others

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

500 (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· ABN Amro Bank N. V., 7th Floor, Sakhar Bhavan, Nariman Point, Mumbai - 400021, Maharashtra, India

· The Royal Bank of Scotland NV

· Citibank NA

· HSBC Limited

· ICICI Bank Limited

Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Marg, Dadar [West], Mumbai - 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFL5878L
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding company :	Wilbur Ellis Company
Subsidiary company :	Connell Bros. Company Bangladesh Private Limited
Fellow Subsidiary company :	· Connellbros Company Limited (Malaysia) · Connell Bros. Company (HK) Limited · Connell Bros. Co. Philipinas Inc · PT. Connell Bersaudara Chemindo · Connell Bros. (Shanghai) Company Limited · PT. Cahaya Bumi Cemerlang · Connell Bros. Co. (Singapore) Pte Limited · Connell Bros. Co. (Taiwan) Limited · Connell Bros Company (Thailand) Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Sun Tan Trading Company Limited [U51900MH1995PLC087924] · Ginners and Pressers Limited [U17110MH1950PLC007979] · Polychem Limited [L24100MH1955PLC009663] · Ramal Charities · Kilachand Devchand Foundation

CAPITAL STRUCTURE

As on 31.12.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs. 100/- each	Rs. 80.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
539000	Equity Shares	Rs. 100/- each	Rs. 53.900 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	53.900	53.900	53.900
(b) Reserves & Surplus	634.901	489.048	326.775
(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)	688.801	542.948	380.675
(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	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	63.000
(b) Trade payables	256.020	177.535	150.696
(c) Other current liabilities	60.760	29.507	32.011
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	316.780	207.042	245.707
TOTAL	1005.581	749.990	626.382
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	44.198	46.298	42.991
(ii) Intangible Assets	0.379	0.391	0.510
(iii) Capital work-in-progress	0.610	0.000	0.498
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.700	0.000	0.700
(c) Deferred tax assets (net)	17.562	11.287	11.308
(d) Long-term Loan and Advances	23.207	21.968	12.716
(e) Other Non-current assets	0.000	0.000	9.300
Total Non-Current Assets	86.656	79.944	78.023
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	284.405	223.736	229.004
(c) Trade receivables	462.870	329.751	255.278
(d) Cash and cash equivalents	152.040	101.298	47.697
(e) Short-term loans and advances	17.444	13.717	15.280
(f) Other current assets	2.166	1.544	1.100
Total Current Assets	918.925	670.046	548.359
TOTAL	1005.581	749.990	626.382

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2013	31.12.2012	31.12.2011
	REVENUE FROM OPERATIONS	1997.444	1688.633	1493.776
	EXPENSES	NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	228.255	251.415	215.261
Less	FINANCIAL EXPENSES	0.228	1.194	7.476
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	228.027	250.221	207.785
Less/ Add	DEPRECIATION/ AMORTISATION	8.849	8.426	6.052
	PROFIT BEFORE TAX	219.178	241.795	201.733
Less	TAX	73.325	79.521	64.861
	PROFIT AFTER TAX	145.853	162.274	136.872
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	443.748	281.474	144.602
	BALANCE CARRIED TO THE B/S	589.601	443.748	281.474
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	188.253	224.455	146.680
	TOTAL EARNINGS	188.253	224.455	146.680
	Earnings Per Share (Rs.)	270.60	301.06	253.94

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2013	31.12.2012	31.12.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Return on Total Assets (PBT/Total Assets}	(%)	22.21	32.73	32.86
Return on Investment (ROI) (PBT/Networth)		0.32	0.45	0.53
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.17
Current Ratio (Current Asset/Current Liability)		2.90	3.24	2.23

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	53.900	53.900	53.900
Reserves & Surplus	326.775	489.048	634.901
Net worth	380.675	542.948	688.801
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	63.000	0.000	0.000
Total borrowings	63.000	0.000	0.000
Debt/Equity ratio	0.165	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	1493.776	1688.633	1997.444
		13.045	18.288

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	1493.776	1688.633	1997.444
Profit	136.872	162.274	145.853
	9.16%	9.61%	7.30%

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	Yes
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	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	No
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10029028	30/04/2015 *	420,000,000.00	The Royal Bank of Scotland N. V.	6th Floor, Tower 4 Maker Maxity, North Avenue, Bandra Kurla Complex, Mumbai, Maharashtra - 400051, INDIA	C52839388

* Date of charge modification

MANAGEMENT DISCUSSION AND ANALYSIS

TRADING BUSINESS

Sales of Traded Goods during the year ended 31st December 2013 was Rs. 1355.704 Million consisting Rs. 1253.812 Million domestic sale and Rs. 101.892 Million of export sale compared to Rs. 999.915 Million consisting of Rs. 929.662 Million of domestic sale and Rs. 70.253 Million of export sale during the previous year.

AGENCY / INDENTING BUSINESS

Total value of goods indented for direct delivery to customers during the year was Rs. 994.300 Million compared to Rs. 4160.500 Million during the previous year and Commission earned during the year was Rs. 41.633 Million compared to Rs. 118.117 Million during the previous year. The indenting business covers import as well as export of specialty chemicals and Guar Gum.

MANUFACTURING OPERATIONS

Sales of Manufactured Goods during the year ended 31st December 2013 were Rs. 594.310 Million consisting Rs. 575.302 Million of domestic sale and Rs.19.008 Million of export sale compared to Rs. 565.443 Million consisting of Rs. 543.050 Million of domestic sale and Rs. 22.393 Million of export sale during the previous year.

FINANCE

During the year, the Company has not taken any loan as compared to maximum loan of Rs. 39.000 Million during the previous year under overall credit facilities from The Royal Bank of Scotland N.V. (formerly ABN Amro Bank N.V.).

FIXED ASSETS:

· Plant and equipment

· Factory equipment’s

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipment’s

· Leasehold improvements

· 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. 63.60
UK Pound	1	Rs. 100.09
Euro	1	Rs. 71.23

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	TRI
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--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		46

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.