MIRA INFORM REPORT

Report No. :	322718
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	AMOLI ORGANICS PRIVATE LIMITED (W.E.F.31.03.1995)
Formerly known as :	AMOLI ORGANICS LIMITED
Registered Office :	322/ 4, 40 Shed Area, GIDC, Vapi – 396195, Gujarat
Tel. No.:	91-260-22424882/ 22400383
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.09.1991
Com. Reg. No.:	04-016288
Capital Investment / Paid-up Capital :	Rs. 46.000 Million
CIN No.: [Company Identification No.]	U24231GJ1991PTC016288
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	SRTA01797F
PAN No.: [Permanent Account No.]	AACCA3990Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Bulk drugs and pharmaceutical ingredients.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 910000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Management of the company has failed to file its latest financial for the year 2014 with the Government Department. As per available financial of 2013, financial position of the company seems to be decent. Trade relation are reported as fair. Business is active. Payment terms are usually correct. The company 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 – 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

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Have Moderate Degree of Safety and Carry Moderate Credit Risk.
Date	December 31, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Have Moderate Degree of Safety and Carry Higher Credit Risk.
Date	December 31, 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Navneet Krishnan
Designation :	General Manager - Finance
Contact No.:	91-981910336
Date :	15.05.2015

LOCATIONS

Registered Office/ Factory 1 :	322/ 4, 40 Shed Area, GIDC, Vapi – 396 195, Gujarat, India
Tel. No.:	91-260-22424882/ 22400383
Mobile No.:	91-9819103336 (Mr. Navneet)
Fax No.:	91-260-22431982
E-Mail :	amoli@vsnl.com mudoshi@amoliindia.com rpsonica@hotmail.com info@amoliindia.com ramanuj@amoliindia.com krishna@amoliindia.COM
Website :	http://www.amoliindia.com
Area :	60000 sq. ft.
Location :	Leased
Corporate Office/ Factory 2 :	407, Dalamal House, Jamnadas Bajaj Road, Nariman Point, Mumbai – 40 0021, Maharashtra, India
Tel. No.:	91-22-22854715 / 22854716
Fax No.:	91-22-22041400
E-Mail :	info@amoliidia.com saleem@amoliindia.com bhavin@amoliindia.com kamdar@amoliindia.com sales@amoliindia.com govind@amoliindia.com
Factory 3 :	Plot No. 421 to 425, 432, 433 and 436, Taluka – Padra, District: Vadodara, Gujarat, India
Tel. No.:	91-2662-3200383

DIRECTORS

As on 30.09.2013

Name :

Mr. Manish Umed Doshi

Designation :

Director

Address :

1201 A, Chandanbala Apartment, R.R. Thakker Road, Walkeshwar, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

07.10.1961

Qualification :

B. Pharma

Date of Appointment :

15.10.1994

PAN No.:

AABPD3578R

DIN No.:

00210389

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	U24231MH1982PTC224236	UMEDICA LABORATORIES PRIVATE LIMITED	Director	05/01/1982	05/01/1982	-	Active	NO
2	U67120MH1991PTC060393	TOLSTOY INVESTMENTS Private Limited	Director	19/03/1991	19/03/1991	-	Active	NO
3	U24231GJ1991PTC016288	AMOLI ORGANICS PRIVATE LIMITED	Director	15/10/1994	15/10/1994	-	Active	NO
4	U99999MH1958PTC011058	URANUS ELECTRO TECHNIK PRIVATE LIMITED	Director	10/07/1995	10/07/1995	-	Active	NO
5	U24239MH1981PTC024656	SWETA PHARMA PVT LTD	Director	12/08/1997	12/08/1997	-	Active	NO
6	U24117GJ1999PTC035456	SUJAG FINE CHEMICALS PRIVATE LIMITED	Director	19/02/1999	19/02/1999	-	Active	NO
7	U24239MH1989PTC051908	AGRIGUARD MANUFACTURING PRIVATE LIMITED	Director	27/12/1999	27/12/1999	-	Active	NO
8	U24231GJ1988PTC010742	BROMOFINE CHEM PRIVATE LIMITED	Director	26/12/2000	26/12/2000	06/03/2014	Active	NO
9	U72900MH2004PTC144104	AMOLI INFOTECH PRIVATE LIMITED	Director	20/01/2004	20/01/2004	-	Active	NO
10	U51909MH2003PTC142648	KMI BUSINESS TECHNOLOGIES PRIVATE LIMITED	Director	17/08/2004	17/08/2004	-	Active	NO
11	L45200PN1991PLC129428	KOLTE-PATIL DEVELOPERS LIMITED	Director	04/07/2007	26/12/2006	13/08/2014	Active	NO
12	U67110MH2009PTC191826	AMOLI INVESTMENT SERVICES PRIVATE LIMITED	Director	18/04/2009	18/04/2009	-	Active	NO
13	U70102MH2009PTC191879	AMOLI PROPERTIES PRIVATE LIMITED	Director	21/04/2009	21/04/2009	-	Active	NO
14	U70102MH2009PTC192006	UMEDICA PROPERTIES PRIVATE LIMITED	Director	24/04/2009	24/04/2009	-	Active	NO
15	U67100MH2009PTC192008	UMEDICA INVESTMENT SERVICES PRIVATE LIMITED	Director	24/04/2009	24/04/2009	-	Active	NO
16	U85199PN2005PTC020895	STEMONE BIOLOGICALS PRIVATE LIMITED	Director	26/06/2010	26/06/2010	-	Active	NO

Name :

Mrs. Vandana Manish Doshi

Designation :

Director

Address :

1201 A, Chandanbala Apartment, R.R. Thakker Road, Walkeshwar, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

23.08.1962

Date of Appointment :

19.01.1991

PAN No.:

AAEPD2835J

DIN No.:

00211618

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	U24239MH1981PTC024656	SWETA PHARMA PRIVATE LIMITED	Director	20/03/1985	20/03/1985	-	Active	NO
2	U67120MH1991PTC060393	TOLSTOY INVESTMENTS Private Limited	Director	19/03/1991	19/03/1991	-	Active	NO
3	U24231GJ1991PTC016288	AMOLI ORGANICS PRIVATE LIMITED	Director	19/09/1991	19/09/1991	-	Active	NO
4	U99999MH1978PTC020156	URANUS ELECTRONICS PRIVATE LIMITED	Director	07/03/1996	07/03/1996	-	Active	NO
5	U72900MH2004PTC144104	AMOLI INFOTECH PRIVATE LIMITED	Director	20/01/2004	20/01/2004	-	Active	NO
6	U67190MH2005PTC155528	APE-AAN FINSER PRIVATE LIMITED	Director	22/08/2005	22/08/2005	-	Active	NO
7	U67110MH2009PTC191826	AMOLI INVESTMENT SERVICES PRIVATE LIMITED	Director	18/04/2009	18/04/2009	-	Active	NO
8	U70102MH2009PTC191879	AMOLI PROPERTIES PRIVATE LIMITED	Director	21/04/2009	21/04/2009	-	Active	NO
9	U70102MH2009PTC192006	UMEDICA PROPERTIES PRIVATE LIMITED	Director	24/04/2009	24/04/2009	-	Active	NO
10	U67100MH2009PTC192008	UMEDICA INVESTMENT SERVICES PRIVATE LIMITED	Director	24/04/2009	24/04/2009	-	Active	NO

Name :

Mr. Rupesh Suryakant Kamdar

Designation :

Director

Address :

Flat No.603, Somnath CHS, Neelkanth Valley, 7th Floor, Rajawadi, Ghatkopar (East), Mumbai - 400 077, Maharashtra, India

Date of Birth/Age :

11.04.1971

Date of Appointment :

26.09.2009

PAN No.:

AFVPK9124K

DIN No.:

02358348

Name :

Mr. Kundan Lal Khurana

Designation :

Director

Address :

103, Sector 35A, Chandigarh – 160 035, India

Date of Birth/Age :

22.09.1942

Date of Appointment :

26.09.2009

DIN No.:

02193237

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	U67120CH2000PTC023953	COMPACT ENGINEERING SOLUTIONS PRIVATE LIMITED	Director	03/12/2003	03/12/2003	23/02/2010	Active	NO
2	U24110MH1997PTC106915	GLADE ORGANICS PRIVATE LIMITED	Director	02/08/2006	02/08/2006	-	Active	NO
3	U01403CH2008PTC031301	SATYAM REFRIGERATION AND ENGINEERING COMPANY PRIVATE LIMITED	Director	08/07/2008	08/07/2008	-	Strike off	NO
4	U24231GJ1991PTC016288	AMOLI ORGANICS PRIVATE LIMITED	Director	26/09/2009	11/11/2008	-	Active	NO
5	L27100AP1989PLC010122	ZENOTECH LABORATORIES LIMITED	Director	25/07/2012	25/07/2012	26/03/2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Navneet Krishnan
Designation :	General Manager – Finance

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Vandna M. Doshi	1631776
Manish U. Doshi	1070496
Indu U. Doshi	78880
Manish U. Doshi (HUF)	498848
Tolstoy Investments Private Limited, India	320000
Port Limited, Mauritius	1000000
TOTAL	4600000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

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	21.74
Bodies corporate	6.96
Directors or relatives of Directors	71.30
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Bulk drugs and pharmaceutical ingredients.
Products :	Bulk Drugs Pharmaceutical Ingredients
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Bulk Drugs
Countries :	Europe Africa USA Middle East Countries South Africa Sri lanka
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash, Advance Payment and Credit
Purchasing :	Cash, Advance Payment 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
Experience :	Not Divulged
Maximum Limit Dealt :	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

No. of Employees :

700 (Approximately)

Bankers :

• State Bank of India, Industrial Finance Branch, The Arcade, World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

• EXIM Bank, World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

• ICICI Bank Limited, 215, Free Press House, Free Press Journal Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India

• ICICI Bank Limited,Land Mark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India

• DBS Bank, 2^nd Floor, Shree Ambica Auto, Opposite ONGC, GIDC, Bhatpore Hazira, Surat – 394510, Gujarat, India

Facilities :

(Rs. In Million)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term loans from banks	129.148	0.000
Loans and advances from related parties	170.899	170.899
Long-term maturities of finance lease obligations	(0.803)	(0.934)
Other loans and advances	1.396	1.598
SHORT TERM BORROWING
Working capital loans from banks	364.355	297.348
Total	664.995	468.911

Auditors :
Name :	Contractor Nayak and Kishnadwala Chartered Accountants
Address :	Jash Chambers, 7, Sir. P. M. Road, Mumbai, Maharashtra, India
Tel No.:	91-22-66359681/82/83 / 66230 600 / 22661819
PAN No.:	AACFC8587E
Associates/Subsidiaries :	Umedica Laboratories Limited Address: 403, Dalamal House, J. B. Road, Nariman Point, Mumbai - 400 021, Maharashtra, India Tel. No.: 91-22-285 4715 Fax No.: 91-22-204 1400 E-Mail: umedica@vsnl.com Website: http://www.amoliindia.com -It is engaged in manufacturing and exporting of a wide range of Injectable, Tablets, Capsules, and Suspensions and Dry Syrups, etc. -Subject is Government Recognized Export House. Sweta Pharma Private Limited KML Business Technologies Private Limited Tolstoy Investment Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
12500000	Equity Shares	Rs.10/- each	Rs. 125.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4600000	Equity Shares	Rs.10/- each	Rs. 46.000 Million

FINANCIAL DATA

[all figures are in Rupees Million].

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	46.000	46.000	46.000
(b) Reserves & Surplus	273.360	251.903	235.554
(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)	319.360	297.903	281.554
(3) Non-Current Liabilities
(a) long-term borrowings	300.640	171.563	135.212
(b) Deferred tax liabilities (Net)	9.267	11.618	19.830
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	15.401	10.384	9.798
Total Non-current Liabilities (3)	325.308	193.565	164.840
(4) Current Liabilities
(a) Short term borrowings	409.714	333.976	234.787
(b) Trade payables	588.589	526.579	393.335
(c) Other current liabilities	68.988	74.432	76.928
(d) Short-term provisions	0.896	1.811	0.956
Total Current Liabilities (4)	1068.187	936.798	706.006
TOTAL	1712.855	1428.266	1152.400
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	483.075	406.107	354.517
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	12.879	9.687	0.220
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.207	1.117	1.117
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	34.466	25.308	20.670
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	531.627	442.219	376.524
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	335.666	289.916	270.935
(c) Trade receivables	650.525	533.926	378.920
(d) Cash and cash equivalents	47.007	24.057	20.403
(e) Short-term loans and advances	37.976	35.330	30.887
(f) Other current assets	110.054	102.818	74.731
Total Current Assets	1181.228	986.047	775.876
TOTAL	1712.855	1428.266	1152.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	2209.413	1819.808	1363.900
Less	EXPENSES TOTAL
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		85.571	62.356	58.950
Less/ Add	DEPRECIATION/ AMORTISATION		NA	NA	NA
	PROFIT BEFORE TAX		21.457	16.349	3.180
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		21.457	16.349	3.180
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		201.415	185.066	181.890
	BALANCE CARRIED TO THE B/S		222.872	201.415	185.070
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	990.018	713.593	564.415
	TOTAL EARNINGS		990.018	713.593	564.415
	Earnings Per Share (Rs.)		45.74	40.23	39.54

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	0.803	0.934	18.314
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Total Income)	(%)	0.97	0.89	0.23
Return on Total Assets (PBT/Total Assets}	(%)	5.04	4.40	5.12
Return on Investment (ROI) (PBT/Networth)		0.27	0.21	0.21
Debt Equity Ratio (Total Liability /Networth)		2.22	1.70	1.38
Current Ratio (Current Asset/Current Liability)		1.11	1.05	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	46	46	46
Reserves & Surplus	235.554	251.903	273.36
Net worth	281.554	297.903	319.360
long-term borrowings	135.212	171.563	300.64
Short term borrowings	234.787	333.976	409.714
Current Maturities of Long term debt	18.314	0.934	0.803
Total borrowings	388.313	506.473	711.157
Debt/Equity ratio	1.379	1.700	2.227

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1363.900	1819.808	2209.413
		33.427	21.409

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1363.900	1819.808	2209.413
Profit	3.180	16.349	21.457
	0.23%	0.90%	0.97%

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	Yes
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)	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	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	Yes
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

OPERATIONS

Despite the recessionary trends prevailing in global and in domestic economy, the Company has achieved higher sales and other income of Rs. 2209.413 Million for the F.Y.2012-13, reflecting a growth of 21.41 % over the previous year. Export sales have grown from Rs. 739.446 Million to Rs. 1028.975 Million i.e. by 39.15% over the previous year. The net profit for the year has grown to Rs. 21.457 Million from Rs. 16.349 Million in the previous year.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWING
Deposits from directors	45.358	24.127
Deposits from others	0.000	12.500
Total	45.358	36.627

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10537335	15/12/2014	7,500,000.00	DBS Bank Limited	2nd Floor, Shree Ambica Auto, GIDC Bhatpore, Opposite ONGC Hazira, Surat, Gujarat - 394510, INDIA	C37364593
2	10528029	16/09/2014	113,000,000.00	DBS Bank Limited	2nd Floor, Shree Ambica Auto, OPP: ONGC Hazira, GIDC Bhatpore, Surat, Gujarat - 394510, INDIA	C31424567
3	10479437	04/12/2014 *	188,000,000.00	DBS Bank Limited	2nd Floor, Shree Ambica Auto, OPPOSITE ONGC, GIDC, Bhatpore Hazira, Surat, Gujarat - 394510, INDIA	C37365855
4	10449164	16/09/2014 *	95,000,000.00	DBS Bank Limited	2nd Floor, Shree Ambica Auto, OPPOSITE ONGC Hazira, GIDC Bhatpore, Surat, Gujarat - 394510, INDIA	C31427602
5	10354320	21/11/2012 *	126,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B62572813
6	10027182	15/09/2006	140,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	A05726054
7	90105486	21/11/2012 *	210,600,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B63335202
8	90106321	04/12/2014 *	330,000,000.00	State Bank of India	Industrial Finance Branch, World Trade Centre,, Cuffe Parade, Coloba,, MUMBAI, Maharashtra - 400005, INDIA	C52172053

FIXED ASSETS

· Plant and Equipment

· Factory Building

· Furniture and Fixtures

· Vehicles

· Office equipment

· Computer Equipments

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.63.57
UK Pound	1	Rs.100.29
Euro	1	Rs.72.37

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		48

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.