MIRA INFORM REPORT

Report No. :	351561
Report Date :	28.11.2015

IDENTIFICATION DETAILS

Name :	AQUATIC FORMULATIONS (INDIA) LIMITED
Registered Office :	1208 to 1211, Universal Majestic (Mighty), P.L. Lokhnade Marg, Near Shankara Colony, Opposites R.B.K International School, Chembur,  Mumbai-400043, Maharashtra
Tel. No.:	91-22- 67255555 / 67585555
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.12.1999
Com. Reg. No.:	11-122956
Capital Investment / Paid-up Capital :	Rs. 2.600 Million
CIN No.: [Company Identification No.]	U24230MH1999PLC122956
IEC No.:	0300004907
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCA4855E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical Formulations.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 520000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1999 having satisfactory track. For the year 2014, the company has achieved decent sales turnover marked by satisfactory profitability margin which has increased as compared to last year. The company possesses decent net worth base marked by low borrowings and adequate cash accruals. Trade relations are 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	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 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON-CO-OPERATIVE (91-22-61472300 / 6725555)

LOCATIONS

Registered Office :	1208 to 1211, Universal Majestic (Mighty), P.L. Lokhnade Marg, Near Shankara Colony, Opposites R.B.K International School, Chembur,  Mumbai-400043, Maharashtra, India
Tel. No.:	91-22- 67255555 / 67585555
Fax No.:	Not Available
E-Mail :	forum.fga@gmail.com hitesh@afil.co.in hemant@afil.co.in kamlesh@afil.co.in
Website :	http://www.aquaticformulations.com

DIRECTORS

As on: 30.09.2014

Name :

Mr. Bharat Nyalchand Mehta

Designation :

Director

Address :

255 / 11 Prity, Ram Narayan Narkar Road, Ghatopar (East), Mumbai - 400077, Maharashtra, India

Date of Birth/Age :

24.10.1960

Date of Appointment :

07.12.1999

DIN:

00580554

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	U24210MH1996PTC097827	OCEANIC TECHNO CHEM PRIVATE LIMITED	Director	04/03/1996	04/03/1996	-	Active	NO
2	U24230MH1996PTC097828	AQUATIC REMEDIES PRIVATE LIMITED	Director	04/03/1996	04/03/1996	-	Active	NO
3	U24230MH1999PLC122956	AQUATIC FORMULATIONS (INDIA) LIMITED	Director	07/12/1999	07/12/1999	-	Active	NO
4	U85100MH2010PTC201945	OCEANIC MEDI-TREAT PRIVATE LIMITED	Director	12/04/2010	12/04/2010	-	Active	NO

Name :

Mr. Hitendra Nihalchand Mehta

Designation :

Managing Director

Address :

255 / 11 Prity, Ram Narayan Narkar Road, Ghatopar (East), Mumbai - 400077, Maharashtra, India

Date of Birth/Age :

09.09.1969

Date of Appointment :

07.12.1999

DIN:

00580562

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	U24210MH1996PTC097827	OCEANIC TECHNO CHEM PRIVATE LIMITED	Director	04/03/1996	04/03/1996	-	Active	NO
2	U24230MH1996PTC097828	AQUATIC REMEDIES PRIVATE LIMITED	Director	04/03/1996	04/03/1996	-	Active	NO
3	U24230MH1999PLC122956	AQUATIC FORMULATIONS (INDIA) LIMITED	Managing director	01/04/2010	07/12/1999	-	Active	NO

Name :

Mrs. Kirti Bhogilal Mehta

Designation :

Director

Address :

255 / 11 Prity, Ram Narayan Narkar Road, Ghatopar (East), Mumbai - 400077, Maharashtra, India

Date of Birth/Age :

31.12.1980

Date of Appointment :

07.12.1999

DIN:

00580572

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	U24210MH1996PTC097827	OCEANIC TECHNO CHEM PRIVATE LIMITED	Director	04/03/1996	04/03/1996	-	Active	NO
2	U24230MH1996PTC097828	AQUATIC REMEDIES PRIVATE LIMITED	Director	04/03/1996	04/03/1996	-	Active	NO
3	U24230MH1999PLC122956	AQUATIC FORMULATIONS (INDIA) LIMITED	Director	07/12/1999	07/12/1999	-	Active	NO

Name :

Mr. Darshan Bhogilal Mehta

Designation :

Director

Address :

255 / 11 Prity, Ram Narayan Narkar Road, Ghatopar (East), Mumbai - 400077, Maharashtra, India

Date of Birth/Age :

07.07.1977

Date of Appointment :

07.12.1999

DIN:

00580585

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	U24230MH1996PTC097828	AQUATIC REMEDIES PRIVATE LIMITED	Director	04/03/1996	04/03/1996	-	Active	NO
2	U24230MH1999PLC122956	AQUATIC FORMULATIONS (INDIA) LIMITED	Director	07/12/1999	07/12/1999	-	Active	NO
3	U24210MH1996PTC097827	OCEANIC TECHNO CHEM PRIVATE LIMITED	Director	30/09/2010	01/01/2010	-	Active	NO

Name :

Mr. Hemant Bhogilal Mehta

Designation :

Director

Address :

255 / 11 Prity, Ram Narayan Narkar Road, Ghatopar (East), Mumbai - 400077, Maharashtra, India

Date of Birth/Age :

31.05.1979

Date of Appointment :

07.12.1999

DIN:

00580653

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	U24230MH1999PLC122956	AQUATIC FORMULATIONS (INDIA) LIMITED	Whole-time director	01/04/2010	07/12/1999	-	Active	NO
2	U24210MH1996PTC097827	OCEANIC TECHNO CHEM PRIVATE LIMITED	Director	19/03/2001	19/03/2001	-	Active	NO
3	U24230MH1996PTC097828	AQUATIC REMEDIES PRIVATE LIMITED	Director	30/09/2010	01/01/2010	-	Active	NO
4	U85110MP2000PTC014128	MCW HEALTHCARE PRIVATE LIMITED	Additional director	13/12/2012	13/12/2012	-	Active	NO

Name :

Mr. Bhogilal Manikchand Mehta

Designation :

Director

Address :

255 / 11 Prity, Ram Narayan Narkar Road, Ghatopar (East), Mumbai - 400077, Maharashtra, India

Date of Birth/Age :

27.06.1945

Date of Appointment :

07.12.1999

DIN:

00580668

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	U24230MH1999PLC122956	AQUATIC FORMULATIONS (INDIA) LIMITED	Director	07/12/1999	07/12/1999	-	Active	NO
2	U24210MH1996PTC097827	OCEANIC TECHNO CHEM PRIVATE LIMITED	Director	30/09/2010	01/01/2010	-	Active	NO
3	U24230MH1996PTC097828	AQUATIC REMEDIES PRIVATE LIMITED	Director	30/09/2010	01/01/2010	-	Active	NO

Name :

Mr. Nyalchand Maneklal Mehta

Designation :

Director

Address :

255 / 11 Prity, Ram Narayan Narkar Road, Ghatopar (East), Mumbai - 400077, Maharashtra, India

Date of Birth/Age :

23.03.1936

Date of Appointment :

1999

DIN:

02728277

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	U24230MH1999PLC122956	AQUATIC FORMULATIONS (INDIA) LIMITED	Director	07/12/1999	07/12/1999	-	Active	NO
2	U24210MH1996PTC097827	OCEANIC TECHNO CHEM PRIVATE LIMITED	Director	30/09/2010	01/01/2010	-	Active	NO
3	U24230MH1996PTC097828	AQUATIC REMEDIES PRIVATE LIMITED	Director	30/09/2010	01/01/2010	-	Active	NO

Name :

Mr. Gaurav Anilkumar Upadhyaya

Designation :

Director

Address :

Flat/Plotnoa7/601, Floor 6, Rutu Enclave GB Road, Anand Nagar Thane West, Thane-400607, Maharashtra, India

Date of Birth/Age :

07.12.1979

Date of Appointment :

25.02.2010

DIN:

03014135

Name :

Mr. Vishal Dinesh Mehta

Designation :

Director

Address :

B-303, Seven Star CHS, Jayraj Nagar, Borivali (W), Mumbai-400091, Maharashtra, India

Date of Birth/Age :

27.08.1978

Date of Appointment :

25.02.2010

DIN:

03067146

Name :

Mr. Kalpesh Satishchandra Goda

Designation :

Director

Address :

A Wing Flat No 101 Panch Ratna Mahal Opposites Vijaya, Bank Manpada Road Co-Op Housing Dombivali East, Mumbai-421201, Maharashtra, India

Date of Birth/Age :

17.05.1980

Date of Appointment :

25.02.2010

DIN:

03111367

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Aquatic Remedies Private Limited, India	9333
Oceanic Techno Private Limited, India	667
Nyalchand Mehta	4215
Bhogital Mehta	2415
Bharat Mehta	915
Hitendra Mehta	615
Kirti Mehta	616
Darshan Mehta	616
Hemant Mehta	616
Jayashree Mehta	2496
Chandrika Mehta	2496
D.N. Shah	330
Kunal Anjaria	330
Naresh Kumar Shah	340
Total	26000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	38.46
Directors or relatives of Directors	57.69
Other top fifty shareholders	3.85
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pharmaceutical Formulations.
Products :	Pharmaceutical Formulations
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

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 :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

• ING Vysya Bank Limited, Unit No 2/3/4, Marathon Max Building, Opposites Nirmal, Lifestyle, Mulund Goregoan Link Road, Mulund, Mumbai - 400080, Maharashtra, India

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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loan from Bank	10.000	14.000
Total	10.000	14.000

Auditors :
Name :	Vishal H. Shah and Associates Chartered Accountants
Address :	A-302, Kailash Esplanade, Opposite Shreyas Cinema, L. B. S. Marg, Ghatkopar (East), Mumbai-400086, Maharashtra, India
Tel. No.:	91-22-32516269
E-Mail :	vishalhs@yahoo.com
PAN:	AAFPS8525D
Memberships :	--
Collaborators :	--
Entities over which key management personal and their relatives are able to exercise significant influence	McW healthcare private limited Aquatic Remedies Private Limited Oceanic Techno Chem Private Limited

CAPITAL STRUCTURE

As on: 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs. 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26000	Equity Shares	Rs.100/- each	Rs. 2.600 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	2.600	2.600	2.600
(b) Reserves & Surplus	179.631	148.311	118.974
(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)	182.231	150.911	121.574
(3) Non-Current Liabilities
(a) long-term borrowings	10.000	14.000	0.000
(b) Deferred tax liabilities (Net)	4.178	2.686	0.032
(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)	14.178	16.686	0.032
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	95.594	89.181	99.100
(c) Other current liabilities	144.274	153.682	34.557
(d) Short-term provisions	5.733	5.533	8.055
Total Current Liabilities (4)	245.601	248.396	141.712
TOTAL	442.010	415.993	263.318
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	106.914	111.763	6.858
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	32.998	32.999	23.000
(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	0.000	0.000	0.000
Total Non-Current Assets	139.912	144.762	29.858
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	35.513	19.869	10.068
(c) Trade receivables	47.072	56.446	9.651
(d) Cash and cash equivalents	171.934	127.342	149.762
(e) Short-term loans and advances	31.384	51.502	55.366
(f) Other current assets	16.195	16.072	8.613
Total Current Assets	302.098	271.231	233.460
TOTAL	442.010	415.993	263.318

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	442.318	499.319	538.550
		Other Income	9.528	7.855	8.185
		TOTAL (A)	451.846	507.174	546.735
Less	EXPENSES
		Cost of Materials Consumed	319.613	386.469	412.555
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(14.581)	(9.812)	8.790
		Employees benefits expense	15.352	13.437	17.317
		Profit from Derivative Business	(7.314)	(1.715)	1.368
		Other expenses	81.159	67.168	66.776
		TOTAL (B)	394.229	455.547	506.806
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		57.617	51.627	39.929
Less	FINANCIAL EXPENSES (D)		3.611	2.985	1.366
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		54.006	48.642	38.563
Less	DEPRECIATION/ AMORTISATION (F)		6.054	3.657	0.957
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		47.952	44.985	37.606
Less	TAX (H)		16.328	15.345	13.020
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		31.624	29.640	24.586
	EARNINGS IN FOREIGN CURRENCY		346.492	381.332	419.152
	Earnings Per Share (Rs.)		1216.29	1140.00	945.61

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	4.000	4.000	NA
Cash generated from operations	NA	NA	NA
Net Cash flows from operating activities	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	7.15	5.94	4.57
Operating Profit Margin (PBIDT/Sales)	(%)	13.03	10.34	7.41
Return on Total Assets (PBT/Total Assets}	(%)	11.72	11.75	15.65
Return on Investment (ROI) (PBT/Networth)		0.26	0.30	0.31
Debt Equity Ratio (Total Debt /Networth)		0.08	0.12	0.00
Current Ratio (Current Asset/Current Liability)		1.23	1.09	1.65

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	2.600	2.600	2.600
Reserves & Surplus	118.974	148.311	179.631
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	121.574	150.911	182.231
long-term borrowings	0.000	14.000	10.000
Short term borrowings	0.000	0.000	0.000
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	4.000	4.000
Total borrowings	0.000	18.000	14.000
Debt/Equity ratio	0.000	0.119	0.077

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	538.550	499.319	442.318
		(7.285)	(11.416)

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	538.550	499.319	442.318
Profit	24.586	29.640	31.624
	4.57%	5.94%	7.15%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

Note: Registered Office of the company has been shifted from “218, Kailash Plaza Vallabhbaug Lane, Ghatkopar East, Mumbai – 400075, Maharashtra, India” to the present address.

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10386993	18/03/2013 *	20,000,000.00	ING VYSYA BANK LIMITED	UNIT NO 2/3/4, MARATHON MAX BUILDING, OPPOSITES NIRMAL,  LIFESTYLE, MULUND GOREGOAN LINK ROAD, MULUND, MUMBAI - 400080, MAHARASHTRA, INDIA	B73762551

* Date of charge modification

FIXED ASSETS:

• Office Equipment
• Motor Car
• Office Premises
• Furniture
• Computers

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.66.75
UK Pound	1	Rs.100.68
Euro	1	Rs.70.88

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	AMT
Report Prepared by :	MTN

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	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	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		45

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.