MIRA INFORM REPORT

Report No. :	315265
Report Date :	30.03.2015

IDENTIFICATION DETAILS

Name :	MICAS ORGANICS LIMITED (w.e.f. 19.04.2010)
Formerly Known As :	MICAS ORGANICS PRIVATE LIMITED (w.e.f. 30.03.2010) DHIRAJ INTERMEDIATES PRIVATE LIMITED
Registered Office :	297/4 To 10, Phase-II, G.I.D.C., Vapi – 396195, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.10.1988
Com. Reg. No.:	04-011432
Capital Investment / Paid-up Capital :	Rs.31.596 Million
CIN No.: [Company Identification No.]	U24231GJ1988PLC011432
TAN No.: [Tax Deduction & Collection Account No.]	SRTD00624B
PAN No.: [Permanent Account No.]	AABCD0226D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in the business of manufacturing and selling of Organic Pigments, Inorganic Pigments and Intermediate Chemicals.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The rating is constrained on account of continuous losses incurred by the company from its two years of operation. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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	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 PARTED BY

Name :	Mr. Sanjay
Designation :	Export Manager
Contact No.:	91-9327975887
Date :	27.03.2015

LOCATIONS

Registered Office / Unit 1 :	297/4 To 10, Phase-II, G.I.D.C., Vapi – 396195, Gujarat, India
Tel. No.:	91-260-3090000
Mobile No.:	91-9327975887 (Mr. Sanjay)
Fax No.:	91-260-3090000
E-Mail :	jitendra.sonavane@micas.co.in snshah_asso@hotmail.com info@micas.co.in
Website :	www.micasorganicsltd.com
Area:	4000 Sq.ft.
Location :	Owned [Industrial]
Unit 2 :	Plot No. 3102, 3101 and 3108, Phase – IV, G.I.D.C., Vapi – 396195, Gujarat, India
Regional Branches :	Located At : Mumbai Bangalore

DIRECTORS

AS ON 30.09.2014

Name :

Rajul Amrutlal Shah

Designation :

Managing director

Address :

60,11^th Cross, 2^nd Main Road, JP Nagar, 3^rd Phase, Bangalore – 560078, Karnataka, India

Date of Birth/Age :

01.12.1959

Qualification :

Graduate

Date of Appointment :

01.11.2008

DIN No.:

00599704

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	U24222KA1994PTC015847	JYOTI COLOURS PRIVATE LIMITED	Managing director	01/07/1994	01/07/1994	-	Active	NO
2	U85110KA1996PLC021114	JYOTI CHEM-OILS LIMITED	Director	09/09/1996	09/09/1996	-	Active	NO
3	U24117TN1997PTC040688	KRUPA COLOURS PRIVATE LIMITED	Managing director	31/03/1997	31/03/1997	-	Active	NO
4	U51434KA1999PTC024905	RAJ COLOURS AND PIGMENTS PRIVATE LIMITED	Director	16/03/1999	16/03/1999	-	Active	NO
5	U24231GJ1988PLC011432	MICAS ORGANICS LIMITED	Managing director	01/11/2008	01/04/2006	-	Active	NO
6	U24220GJ2005PTC045751	BLAZE PIGMENTS PRIVATE LIMITED	Director	25/08/2006	25/08/2006	-	Amalgamated	NO
7	U24117GJ2001PTC039908	SUNBRIGHT PIGMENTS PRIVATE LIMITED	Director	11/10/2006	11/10/2006	-	Amalgamated	NO
8	U24117GJ1991PTC015283	BRIGHTON INORGANICS PVT LTD	Director	22/01/2007	22/01/2007	-	Amalgamated	NO
9	U24112GJ2000PTC038901	BRIGHTON PIGMENTS PRIVATE LIMITED	Director	31/03/2007	31/03/2007	-	Amalgamated	NO
10	U24110GJ2007PTC051934	BLUETONE COLOURS PRIVATE LIMITED	Director	15/01/2008	15/01/2008	-	Active	NO
11	U33125KA2009PLC049270	KAVAN HEALTHCARE SERVICES LIMITED	Managing director	02/03/2009	02/03/2009	-	Active	NO

Name :

Urmil Nitin Shah

Designation :

Director

Address :

P-11, Laxmi Darshan, Bajaj Road, Vile Parle (West), Mumbai – 400056, Maharastra, India

Date of Birth/Age :

20.04.1988

Date of Appointment :

29.09.2012

DIN No.:

01532472

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	U24110MH1989PTC054611	NIKAVA CHEMICALS PRIVATE LIMITED	Director	01/08/2007	01/08/2007	-	Active	NO
2	U24231GJ1988PLC011432	MICAS ORGANICS LIMITED	Director	29/09/2012	22/11/2011	-	Active	NO

Name :

Pranav Rajul Shah

Designation :

Director

Address :

60,11^th Cross, 2^nd Main Road, JP Nagar, 3^rd Phase, Bangalore – 560078, Karnataka, India

Date of Birth/Age :

25.09.1984

Qualification :

MBA

Date of Appointment :

30.09.2011

DIN No.:

01858969

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	U24222KA1994PTC015847	JYOTI COLOURS PRIVATE LIMITED	Whole-time director	26/09/2008	02/11/2007	-	Active	NO
2	U24117TN1997PTC040688	KRUPA COLOURS PRIVATE LIMITED	Whole-time director	25/09/2008	04/11/2007	-	Active	NO
3	U85110KA1996PLC021114	JYOTI CHEM-OILS LIMITED	Director	30/09/2009	03/11/2008	-	Active	NO
4	U33125KA2009PLC049270	KAVAN HEALTHCARE SERVICES LIMITED	Director	02/03/2009	02/03/2009	-	Active	NO
5	U24231GJ1988PLC011432	MICAS ORGANICS LIMITED	Director	30/09/2011	18/01/2011	-	Active	NO

Name :

Harshadrai Vallabhbhai Patel

Designation :

Director

Address :

Tighra, Nava Falia, Via Dungri, R S Tal, Valsad – 396375, Gujarat, India

Date of Birth/Age :

28.06.1961

Qualification :

MBA

Date of Appointment :

30.09.2008

DIN No.:

02233027

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	U24220GJ2005PTC045751	BLAZE PIGMENTS PRIVATE LIMITED	Additional director	15/01/2008	15/01/2008	-	Amalgamated	NO
2	U24112GJ2000PTC038901	BRIGHTON PIGMENTS PRIVATE LIMITED	Additional director	01/04/2008	01/04/2008	-	Amalgamated	NO
3	U24117GJ2001PTC039908	SUNBRIGHT PIGMENTS PRIVATE LIMITED	Additional director	01/04/2008	01/04/2008	-	Amalgamated	NO
4	U24117GJ1991PTC015283	BRIGHTON INORGANICS PVT LTD	Additional director	01/04/2008	01/04/2008	-	Amalgamated	NO
5	U24110GJ2007PTC051934	BLUETONE COLOURS PRIVATE LIMITED	Director	01/08/2009	01/04/2008	-	Active	NO
6	U24231GJ1988PLC011432	MICAS ORGANICS LIMITED	Director	30/09/2008	01/04/2008	-	Active	NO

Name :

Mukeshkumar Natubhai Patel

Designation :

Director

Address :

Juna Faliya Near Vaghaldhara Tighara, Tighasa, Valsad - 396375, Gujarat, India

Date of Birth/Age :

30.01.1983

Date of Appointment :

30.09.2013

DIN No.:

06750174

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	U24231GJ1988PLC011432	MICAS ORGANICS LIMITED	Director	30/09/2013	03/08/2013	-	Active	NO
2	U24117GJ2006PTC049164	JAYSHIV CHEMICALS PRIVATE LIMITED	Director	30/09/2014	19/06/2014	-	Active	NO

KEY EXECUTIVE

Name :	Mr. Sanjay
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Bhanu Dinkar Patel	1404787
Bhanu D Patel and Joint with Chandrakant V Patel	103312
Bhanu D Patel and Joint with Harshad V Patel	103312
Rajul Amrutlal Shah	774110
Nitin K. Shah	111038
Paresha N. Shah	139433
Urmil N. Shah	136584
Bharat K. Shah	184234
Jayshree B. Shah	158109
Raina B. Shah	44711
Total	3159630

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of manufacturing and selling of Organic Pigments, Inorganic Pigments and Intermediate Chemicals.

Products :

Item Code No.	Product Description
32061900	Inorganics Products

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Organic Pigments, Inorganic Pigments

Countries :

• Bangalore
• Indonesia
• Asia
• Egypt
• Europe
• Thailand
• USA

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash, Cheque and Credit

Purchasing :

Cash, Cheque and Credit

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 :	Not Divulged
Remark:	Not Divulged

Customers :

Manufacturer

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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

• Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India

• Bank of Baroda, 3rd Phase Branch, G.I.D.C., Vapi - 396195, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	41.683	60.725
Loans taken for fixed assets	0.594	0.000
Short-term borrowings
Working capital loans from banks	174.181	159.709
Total	216.458	220.434

Banking Relations :
Auditors :
Name :	Gopalakrishnan Aiyer and Company Chartered Accountants
Address :	Dharti, Chambers, First Floor, CM-8/13, N.H.NO.8, GIDC, Vapi – 396195, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABDPA7449K
Name :	Mr. Jitendra Sonavane Chartered Accountant
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Sun Colours and Chemicals Amantech Chemicals Private Limited Jayshiv Chemicals Private Limited Jyoti Colours Private Limited Krupa Colours Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs.10/- each	Rs.40.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,159,630	Equity Shares	Rs.10/- each	Rs.31.596 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	31.596	31.596	31.596
(b) Reserves & Surplus	132.641	149.778	185.813
(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)	164.237	181.374	217.409
(3) Non-Current Liabilities
(a) long-term borrowings	42.277	67.525	49.340
(b) Deferred tax liabilities (Net)	5.177	0.000	15.429
(c) Other long term liabilities	5.907	5.907	5.907
(d) long-term provisions	0.463	0.604	0.662
Total Non-current Liabilities (3)	53.824	74.036	71.338
(4) Current Liabilities
(a) Short term borrowings	180.981	159.709	163.961
(b) Trade payables	427.550	329.059	230.439
(c) Other current liabilities	40.412	56.616	50.841
(d) Short-term provisions	0.050	0.658	1.238
Total Current Liabilities (4)	648.993	546.042	446.479
TOTAL	867.054	801.452	735.226
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	271.541	271.554	258.146
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	21.966	21.630	50.191
(iv) Intangible assets under development	3.637	2.993	2.287
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.737	0.000
(d) Long-term Loan and Advances	9.978	10.994	8.811
(e) Other Non-current assets	2.840	0.934	1.080
Total Non-Current Assets	309.962	308.842	320.515
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	224.616	225.810	219.851
(c) Trade receivables	285.510	229.175	164.017
(d) Cash and cash equivalents	2.976	3.528	7.836
(e) Short-term loans and advances	43.988	33.697	22.439
(f) Other current assets	0.002	0.400	0.568
Total Current Assets	557.092	492.610	414.711
TOTAL	867.054	801.452	735.226

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1129.573	998.852	926.699
	Other Income	0.989	1.924	3.729
	TOTAL (A)	1130.562	1000.776	930.428
Less	EXPENSES
	Cost of Materials Consumed	782.813	714.789	635.652
	Purchases of Stock-in-Trade	50.691	37.806	26.863
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	15.694	(13.892)	(41.209)
	Employees benefits expense	42.471	42.028	39.281
	Exceptional items	(15.766)	0.000	0.000
	Other expenses	202.180	198.597	177.175
	TOTAL (B)	1078.083	979.328	837.762
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	52.479	21.448	92.666
Less	FINANCIAL EXPENSES (D)	32.241	38.373	33.095
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	20.238	-16.925	59.571
Less/ Add	DEPRECIATION/ AMORTISATION (F)	31.144	35.276	32.410
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(10.906)	(52.201)	27.161
Less	TAX (H)	6.232	(16.166)	9.227
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(17.138)	(36.035)	17.934
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	122.108	158.143	140.209
	BALANCE CARRIED TO THE B/S	104.970	122.108	158.143
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	129.926	104.247	81.156
	TOTAL EARNINGS	129.926	104.247	81.156
	IMPORTS
	Raw Materials	6.465	13.378	85.820
	Components and Stores parts	0.043	0.094	0.000
	Lab and Consumables	0.000	0.000	0.022
	Capital Goods	0.000	0.000	2.081
	TOTAL IMPORTS	6.508	13.472	87.923
	Earnings / (Loss) Per Share (Rs.)	(10.41)	(11.40)	7.20

Expected Sales ( 2014-2015 ) : Rs.869.000 Million

The above information has been parted by Mr. Sanjay.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(1.52)	(3.61)	1.94
Operating Profit Margin (PBIDT/Sales)	(%)	4.65	2.15	10.00
Return on Total Assets (PBT/Total Assets}	(%)	(1.30)	(6.73)	3.98
Return on Investment (ROI) (PBT/Networth)		(0.07)	(0.29)	0.12
Debt Equity Ratio (Total Debt /Networth)		1.36	1.25	0.98
Current Ratio (Current Asset/Current Liability)		0.86	0.90	0.93

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	31.596	31.596	31.596
Reserves & Surplus	185.813	149.778	132.641
Share Application money pending allotment	0.000	0.000	0.000
Net worth	217.409	181.374	164.237
long-term borrowings	49.340	67.525	42.277
Short term borrowings	163.961	159.709	180.981
Total borrowings	213.301	227.234	223.258
Debt/Equity ratio	0.981	1.253	1.359

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	926.699	998.852	1129.573
		7.786	13.087

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	926.699	998.852	1129.573
Profit/Loss	17.934	(36.035)	(17.138)
	1.94%	(3.61%)	(1.52%)

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from others	0.000	6.800
Short-term borrowings
Loans and advances from others	6.800	0.000
Total	6.800	6.800

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10393893	05/03/2013 *	330,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT,, M  UMBAI, MAHARASHTRA - 400021, INDIA	B71539084

* Date of charge modification

OPERATIOANL REVIEW

The directors expect the rise in the production and turnover of the products of the company.

GENERAL INFORMATION ABOUT COMPANY

Subject is a Public Company which is engaged in the business of manufacturing and selling of Organic Pigments, Inorganic Pigments and Intermediate Chemicals. The Company caters its products to both domestic as well as international markets.

NOTE :

The registered office of the company has been shifted from Plot No.297/5-8, GIDC, Vapi – 396195, Gujarat, India to the present address w.e.f. 06.06.2008.

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Factory equipment
• Vehicles
• Computer equipment

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.62.60
UK Pound	1	Rs.92.95
Euro	1	Rs.68.15

INFORMATION DETAILS

Information Gathered by :	SNJ
Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--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		29

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.