MIRA INFORM REPORT

Report No. :	315012
Report Date :	30.03.2015

IDENTIFICATION DETAILS

Name :	INDO BAIJIN CHEMICALS PRIVATE LIMITED
Registered Office :	Plot No. Z/7/1, SEZ Area, Dahej SEZ Limited, Taluka - Vagra, District Bharuch - 392130, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.05.2011
Com. Reg. No.:	04-065293
Capital Investment / Paid-up Capital :	Rs.440.000 Million
CIN No.: [Company Identification No.]	U24233GJ2011PTC065293
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCI6317D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Carbon Di-Sulphide (CS2).
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Indofil Industries Limited. It is an established company having satisfactory track. The rating is constrained on account of huge external borrowings taken by the company. However, the rating is considerations the unconditional and irrevocable corporate guarantee provided by Indofil Industries Limited. Trade relations reported to be fair. Business is active. Payments are reported to be slow but correct. In the view of corporate guarantee from holding company, the subject 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CARE
Rating	Long Term Rating = A- “Structured Obligation”
Rating Explanation	Adequate degree of safety and low credit risk.
Date	06.01.2015

Rating Agency Name	CARE
Rating	Short Term Rating = A2+ “Structured Obligation”
Rating Explanation	Strong degree of safety and low credit risk.
Date	06.01.2015

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 DENIED

Management Non Co-Operative (Tel No.:91-2641-291552)

LOCATIONS

Registered Office/ Factory:	Plot No. Z/7/1, SEZ Area, Dahej SEZ Limited, Taluka - Vagra, District Bharuch - 392130, Gujarat, India
Tel. No.:	91-2641-291552
Fax No.:	91-2641-291551
E-Mail :	indofilcs-icc@modi.com mkt-ibj@modi.com
Website :	http://www.indobaijin.com
Corporate Office :	Kalpataru Square, Fourth Floor, Kondivita Road, Off Andheri - Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra, India
Tel. No.:	91-22-6663 7570
Fax No.:	91-22-2832 2283

DIRECTORS

As on 29.09.2014

Name :

Mr. Rabi Ramnath Mishra

Designation :

Director

Address :

B/4 Anurag Apts, Juhu Tara Road, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

01.04.1956

Date of Appointment :

05.07.2014

DIN No.:

02888975

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	U24100MH2009PTC198057	HIFIL CHEMICALS PRIVATE LIMITED	Additional director	18/01/2010	18/01/2010	10/12/2013	Active	NO
2	U24233GJ2011PTC065293	INDO BAIJIN CHEMICALS PRIVATE LIMITED	Director	29/09/2014	05/07/2014	-	Active	NO

Name :

Mr. Krishan Kumar Modi

Designation :

Additional Director

Address :

A-1, Maharani Bagh, New Delhi - 110065, India

Date of Birth/Age :

27.08.1940

Date of Appointment :

30.05.2011

PAN No.:

AANPM0159M

DIN No.:

00029407

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	L65993UP1965PLC003082	MODIPON LIMITED	Director	19/08/1965	19/08/1965	25/01/2007	Active	NO
2	L15429UP1932PLC000469	MODI INDUSTRIES LIMITED	Director	30/04/1970	30/04/1970	-	Active	NO
3	L17111UP1946PLC001428	MODI SPINNING AND WEAVING MILLS COMPANY LIMITED	Director	12/02/1976	12/02/1976	-	Active	NO
4	L16004MH1936PLC008587	GODFREY PHILLIPS INDIA LIMITED	Managing director	14/08/2012	05/11/1979	-	Active	NO
5	U65101DL1992PTC049846	K K MODI INVESTMENT AND FINANCIAL SERVICES PRIVATE LIMITED	Director	01/10/2013	05/08/1992	-	Active	NO
6	U74900DL1993PLC051770	MODICARE SALES AND SERVICES LIMITED	Director	18/01/1993	18/01/1993	-	Strike off	NO
7	U74899DL1993PLC051769	HOME COMMUNICATION NETWORK LIMITED	Director	18/01/1993	18/01/1993	01/03/2002	Active	NO
8	U24110MH1993PLC070713	INDOFIL INDUSTRIES LIMITED	Managing director	01/03/2012	09/02/1993	-	Active	NO
9	U51900MH1994PTC078793	W D CONSUMER PRODUCTS PRIVATE LIMITED	Director	06/06/1994	06/06/1994	-	Strike off	NO
10	U74899DL1995PLC064964	MODI ENTERTAINMENT LIMITED	Director	02/02/1995	02/02/1995	19/03/2015	Active	NO
11	U74899DL1995PLC072562	INDIAN CRICKET LEAGUE LIMITED	Director	19/09/1995	19/09/1995	19/03/2015	Active	NO
12	U92100MH1995PTC093949	MODI NEW WORLD INDIA PRIVATE LIMITED	Director	26/10/1995	26/10/1995	-	Active	NO
13	U92110MH1997PTC104951	MODI FILMS ENTERPRISES PRIVATE LIMITED	Director	08/01/1997	08/01/1997	-	Strike off	NO
14	U92113DL1997PTC085957	MODI ENTERTAINERS NETWORKS PRIVATELIMITED	Director	19/03/1997	19/03/1997	-	Strike off	NO
15	U74899DL1994PLC060724	MODI REACH FINANCE AND INVESTMENT (INDIA) LIMITED	Director	27/08/1997	27/08/1997	-	Amalgamated	NO
16	U72200DL1973PLC110617	MODI CARE LIMITED	Director	18/03/2000	18/03/2000	-	Active	NO
17	U67120DL1979PTC114042	INDO EURO INVESTMENT COMPANY PRIVATE LIMITED	Director	18/03/2000	18/03/2000	-	Amalgamated	NO
18	U29309DL1983PLC016948	MODERN HOME CARE PRODUCTS LIMITED	Director	30/03/2000	30/03/2000	26/03/2015	Active	NO
19	U67120UP1980PTC004955	TOUCH WOOD INVESTMENT PRIVATE LIMITED	Director	25/05/2000	25/05/2000	-	Amalgamated	NO
20	U74899DL2000PLC106938	MEN INTERACTIVE NETWORK LIMITED	Director	24/07/2000	24/07/2000	19/03/2015	Active	NO
21	U72900MH2000PTC129737	JUNIORBUZZ.COM INDIA PRIVATE LIMITED	Director	24/11/2000	24/11/2000	-	Strike off	NO
22	U72200MH2000PTC124841	CRICLIVE COM INDIA PRIVATE LIMITED	Director	31/08/2001	31/08/2001	16/03/2015	Active	NO
23	U80302DL2001PTC113471	MODI APOLLO INTERNATIONAL GROUP PRIVATE LIMITED	Director	14/12/2001	14/12/2001	-	Active	NO
24	U74140MH2001PTC132192	MARKETING AND BRAND SOLUTIONS (INDIA) PRIVATE LIMITED	Director	04/07/2003	04/07/2003	-	Amalgamated	NO
25	U24297UP1992PTC014505	AMBER CHEMICALS PRIVATE LIMITED	Director	27/11/2004	27/11/2004	-	Active	NO
26	L51909DL1985PLC021077	PREMIUM MERCHANTS LIMITED	Director	27/04/2005	27/04/2005	-	Active	NO
27	U74999DL1996PTC080090	KKM MANAGEMENT CENTRE PRIVATE LIMITED	Director	19/07/2005	19/07/2005	04/11/2010	Active	NO
28	U72200DL2006PTC152685	EUROPOWER TECHNO-SYSTEMS PRIVATE LIMITED	Director	29/08/2006	29/08/2006	-	Strike off	NO
29	U65993DL1979PLC010060	GOOD INVESTMENTS (INDIA)LIMITED.	Director	10/08/2007	07/03/2007	-	Active	NO
30	U80903DL2009PTC196740	MODI ATI EDUCATION PRIVATE LIMITED	Director	23/01/2010	08/12/2009	-	Active	NO
31	U74999MH2007PTC168696	Doruka Designs Private Limited	Director	14/05/2010	14/05/2010	-	Active	NO
32	U92132MH2001PTC134159	FASHION TELEVISION INDIA PRIVATE LIMITED	Director	27/03/2011	27/03/2011	-	Active	NO
33	U92100MH2005PTC155785	VOYAGES ENTERTAINMENT PRIVATE LIMITED	Director	27/03/2011	27/03/2011	28/01/2015	Active	NO
34	U24233GJ2011PTC065293	INDO BAIJIN CHEMICALS PRIVATE LIMITED	Additional director	30/05/2011	30/05/2011	-	Active	NO

Name :

Mr. Sarthak Behuria

Designation :

Additional Director

Address :

K-99, Hauz Khas, New Delhi - 110016, India

Date of Birth/Age :

02.03.1952

Date of Appointment :

30.05.2011

DIN No.:

03290288

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	L40106DL1981PLC012228	SPML INFRA LIMITED	Director	26/09/2014	12/08/2010	-	Active	NO
2	U29110MH1990PLC055506	SKIL Infrastructure Limited	Director	08/12/2010	29/11/2010	01/03/2011	Amalgamated	NO
3	U72300UP1994PLC017271	SJP REAL ESTATE LIMITED	Additional director	01/01/2011	01/01/2011	01/10/2011	Amalgamated	NO
4	U24233GJ2011PTC065293	INDO BAIJIN CHEMICALS PRIVATE LIMITED	Additional director	30/05/2011	30/05/2011	-	Active	NO
5	U80302DL2001PTC113471	MODI APOLLO INTERNATIONAL GROUP PRIVATE LIMITED	Additional director	30/05/2011	30/05/2011	-	Active	NO
6	U34102PN1989PLC014807	RSB TRANSMISSIONS (I) LIMITED	Director	16/09/2014	04/08/2011	-	Active	NO
7	U74999DL1996PTC080090	KKM MANAGEMENT CENTRE PRIVATE LIMITED	Director	18/08/2011	18/08/2011	-	Active	NO
8	U23200MH1992PLC068905	GANDHAR OIL REFINERY (INDIA) LIMITED	Director	30/09/2014	01/09/2012	-	Active	NO
9	U11200MH2009PLC191426	L&T Hydrocarbon Engineering Limited	Director	12/08/2014	06/02/2014	-	Active	NO

Name :

Qing Ze Kong

Designation :

Director

Address :

No. 1, East Block, Baijinbao Village, Xicaotou, Town, Wenshui County Shanxi Province, 000000, China

Date of Birth/Age :

19.08.14966

Date of Appointment :

04.05.2011

DIN No.:

03502220

Name :

Fachang Niu

Designation :

Additional Director

Address :

No.8, Unit Two, Building Eight, No. 52, South, Taoyuan Road, Yingze District, Taiyuan, 000000, China

Date of Birth/Age :

13.05.1963

Date of Appointment :

30.05.2011

DIN No.:

03551022

Name :

Jianming Zhang

Designation :

Additional Director

Address :

Chemical Plant Dormitory Nanguan Village Fengcheng, Town, Wenshui County, Shanxi, 032100, China

Date of Birth/Age :

14.01.1962

Date of Appointment :

30.05.2011

DIN No.:

03552661

KEY EXECUTIVES

Name :	Mr. Chintamani D Thatte
Designation :	Secretary
Address :	Laxmi Vilas CHS Flat No.401, Near Ghantali Mandir, Naupada, Thane, Thane - 400602, Maharashtra, India
Date of Appointment :	08.12.2014
PAN No.:	AABPT7409D

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders	No. of Shares	% of Holding
Indofil Industries Limited, India	2244000	51.00
Shenghai Baijin Chemical Group Company Limited, China	2156000	49.00
Total	4400000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

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	49.00
Bodies corporate	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Carbon Di-Sulphide (CS2).
Products :	Carbon Di-Sulphide (CS2)
Brand Names :	--
Agencies Held :	--
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
Experience :	Not Divulged
Maximum Limit Dealt :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

· IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17 R Kamani Marg, BALLARD Estate, Mumbai, Maharashtra - 400001, India

· Union Bank Of India, Industrial Finance Branch, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point,, Mumbai, Maharashtra - 400021, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Rupee term loans from banks	1509.676	1276.988
SHORT TERM BORROWINGS
Rupee term loans from banks	0.000	112.500
Total	1509.676	1389.488

Auditors :
Name :	M. M. Bilimoria and Company Chartered Accountants
Address :	101, Sharda Chambers, 15, New Marine Lines, Mumbai – 400020, Maharashtra, India
PAN No.:	AABPB3927E
Memberships :	--
Collaborators :	--
Holding Company :	Indofil Industries Limited CIN No.: U24110MH1993PLC070713
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives :	Shanghai Baijin Chemical Group Company Limited

CAPITAL STRUCTURE

After 31.03.2014

Authorised Capital : Rs.1000.000 Million

Issued, Subscribed & Paid-up Capital : Rs.755.316 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.100/- each	Rs.1000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4400000	Equity Shares	Rs.100/- each	Rs.440.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	440.000	440.000	440.000
(b) Reserves & Surplus	(0.439)	0.000	0.000
(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)	439.561	440.000	440.000
(3) Non-Current Liabilities
(a) long-term borrowings	1,803.574	1,276.988	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.025	0.966	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1,805.599	1,277.954	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	112.500	0.000
(b) Trade payables	355.357	60.925	35.801
(c) Other current liabilities	53.026	2.070	0.315
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	408.383	175.495	36.116
TOTAL	2,653.543	1,893.449	476.116
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	60.810	60.810	60.810
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2,082.414	446.687	182.472
(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	0.000	0.000	0.000
(e) Other Non-current assets	423.015	139.984	0.000
Total Non-Current Assets	2,566.239	647.481	243.282
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	18.607	162.230	6.145
(e) Short-term loans and advances	68.697	1,083.738	226.688
(f) Other current assets	0.000	0.000	0.001
Total Current Assets	87.304	1,245.968	232.834
TOTAL	2,653.543	1,893.449	476.116

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
INCOME	NA	NA	NA
EXPENSES	NA	NA	NA
PROFIT/(LOSS) BEFORE TAX	NA	NA	NA
TAX	NA	NA	NA
PROFIT/(LOSS) AFTER TAX	(0.439)	0.000	0.000
Earnings / (Loss) Per Share (Rs.)	(0.09)	NA	NA

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	4.10	3.16	0.00
Current Ratio (Current Asset/Current Liability)	0.21	7.10	6.45

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	440.000	440.000	440.000
Reserves & Surplus	0.000	0.000	-0.439
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	440.000	440.000	439.561
Long Term borrowings	0.000	1276.988	1803.574
Short Term borrowings	0.000	112.500	0.000
Total borrowings	0.000	1389.488	1803.574
Debt/Equity ratio	0.000	3.158	4.103

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Loans and advances from related	293.898	0.000
Total	293.898	0.000

PROGRESS ON CONSTRUCTION AND OPERATIONS

The Company’s Joint Venture project at Dahej for manufacturing of Carbon Di-Sulphide (CS2), a major raw material for Mancozeb, progressed very well during the year. The erection work of state-of-art project was completed in March, 2014 and the commercial production was successfully started in April, 2014. The plant will ensure uninterrupted supply of CS2 to Indofil Industries Limited and other customers, eliminating the import of CS2 and thus help saving significant amount of foreign exchange.

The summary of development is presented hereunder;

MAJOR TASKS COMPLETION DATES

Equipment delivery Oct 13

Civil Construction June 13

Equipment installation Dec 13

Piping Feb 14

Electrical Feb 14

Instrumentation March 14

Mechanical Completion March 14

Commissioning 18th April 14

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10526873	29/09/2014	500,000,000.00	IDBI Trusteeship Services Limited	Asian Building, Ground Floor, 17 R Kamani Marg, BALLARD Estate, Mumbai, Maharashtra - 400001, India	C30423545
2	10484890	05/03/2014	500,000,000.00	Union Bank Of India	Industrial Finance Branch, Union Bank Bhavan,, 239, Vidhan Bhavan Marg, Nariman Point,, Mumbai, Maharashtra - 400021, India	C00510529
3	10377972	29/09/2014 *	1,971,250,000.00	IDBI Trusteeship Services Limited	Asian Building, Ground Floor, 17 R Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	C42962506

*Date of modification Charges

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 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.62.61
UK Pound	1	Rs.92.95
Euro	1	Rs.68.15

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	VNT

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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		43

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.