MIRA INFORM REPORT

Report No. :	342665
Report Date :	28.09.2015

IDENTIFICATION DETAILS

Name :	MAZDA COLOURS LIMITED
Formerly Known As :	MAZDA DYE-CHEM PRIVATE LIMITED
Registered Office :	N. K. Mehta International House, 178, Backbay, Reclamation, Babubhai M Chinai Marg, Churchgate, Mumbai – 400020, Maharashtra
Tel. No.:	91-22-61457000 / 22838293
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.03.1972
Com. Reg. No.:	11-015706
Capital Investment / Paid-up Capital :	Rs.26.000 Million
CIN No.: [Company Identification No.]	U24114MH1972PLC015706
TAN No.: [Tax Deduction & Collection Account No.]	MUMM19252C
PAN No.: [Permanent Account No.]	AAACM3864H
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturing of Copper Phthalocyanine Crude (CPC), CPC based pigments and derivatives of these pigments.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 2900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old and well-established company incorporated in the year 1972. Rating takes into consideration the robust financial profile of the company characterized by healthy profitability levels along with less gearing leading to comfortable capital structure. Overall financial condition of the company appears to be strong and healthy. Further, rating factors in the company’s long operating track record and its established position in the pigments industry. Trade relations are praiseworthy. Business is active. Payment terms are reported to be regular and as per commitments. In view of aforesaid, the company can be considered for normal business dealings with 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	ICRA
Rating	Long-term Ratings = (A)
Rating Explanation	Adequate of safety and low credit risk.
Date	September 2014

Rating Agency Name	ICRA
Rating	Short-term Rating = (A1)
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	September 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 31-03-2015.

INFORMATION PARTED BY

Management non-cooperative (Tel No.: 91-22-61457000 / 22838293)

LOCATIONS

Registered Office :	N. K. Mehta International House, 178, Backbay, Reclamation, Babubhai M Chinai Marg, Churchgate, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-61457000 / 22838293
Fax No.:	91-22-22838291
E-Mail :	info@mazdacolurs.com dhirenm@mazdacolours.com sales@mazdacolours.com export@mazdacolours.com
Website :	www.mazdacolours.com
Factory 1 :	D-51, T.T.C, Industrial Area, Thane Belapur Road, Turbhe, Navi Mumbai-400705, Maharashtra, India
Tel. No.:	91-22- 27681511 / 27683274 / 27634145
Fax No.:	91-22-27631413
Factory 2 :	Shed C1B 61, 62 and 63, Plot no. 616, 617 and 618, 100 Shed Area , Silvassa Road, G.I.D.C , Vapi -396195. Gujarat
Tel. No.:	91-260-2453503 / 2453137

DIRECTORS

As on 15.09.2014

Name :

Mr. Amit Champaklal Choksey

Designation :

Managing Director

Address :

Geetanjali 9N, Gamadia Road, Off Peddar Road Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

14.10.1954

Date of Appointment :

01.04.2013

DIN No:

00001470

Name :

Mr. Bipin Vithaldas Jhaveri

Designation :

Director

Address :

62/A, Skyscrapper, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

10.11.1938

Date of Appointment :

30.11.1992

DIN No:

00001648

Name :

Mr. Atul Champaklal Choksey

Designation :

Director

Address :

Geetanjali 9N, Gamadia Road, Off Peddar Road Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

17.10.1951

Date of Appointment :

30.11.1992

DIN No:

00002102

Name :

Mr. Russi Dinshaw Bahadurji

Designation :

Director

Address :

B-30, Sterling Apartment, G. Deshmukh Marg, Mumbai - 400058 , Maharashtra, India

Date of Birth/Age :

16.03.1922

Date of Appointment :

30.11.1992

DIN No:

00036258

Name :

Mr. Bhanushankar Ravishankar Trivedi

Designation :

Director

Address :

Block-228, Tower- 3, Ramjharuka Housing Society, M. A. High School, Andheri (West), Mumbai - 400058, Maharashtra, India

Date of Birth/Age :

25.09.1925

Date of Appointment :

01.02.2007

DIN No:

00185895

Name :

Mr. Jagdish Nanikram Shanani

Designation :

Whole Time Director

Address :

A-73 Varsha Building Gulmohar Cross Road 4 , JVPD Scheme, Vile Parle, Mumbai-400049, Maharashtra

Date of Birth/Age :

13.04.1947

Date of Appointment :

01.08.2007

DIN No:

01647209

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	U24114MH1972PLC015706	MAZDA COLOURS LIMITED	Director	30/09/2013	01/08/2007	-	Active	NO
2	U25200DL2008PLC181088	KLJ Plasticizers Limited.	Director	28/09/2011	31/01/2011	-	Active	NO

Name :

Mr. Dhiren Purushottamdas Mehta

Designation :

Whole-Time Director

Address :

804, Vastu Shilp, Behind Manish Park, R. J. Road, Pump House, Andheri (East), Mumbai -400093, Maharashtra, India

Date of Birth/Age :

31.08.1952

Date of Appointment :

15.09.2014

DIN No.:

00001471

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	U24110MH1979PLC031289	PRAGATI CHEMICALS LIMITED	Director	30/07/1984	30/07/1984	21/01/2010	Active	NO
2	L65990MH1981PLC024860	AEONIAN INVESTMENTS CO LTD	Director	30/04/2001	30/04/2001	-	Under liquidation	NO
3	U67120MH1986PLC040436	CONS HOLDING LTD	Director	13/11/2003	13/11/2003	-	Active	NO
4	U65994MH1983PLC030231	SAMMELAN INVESTMENT AND TRADING LIMITED	Director	13/11/2003	13/11/2003	-	Active	NO
5	L99999MH1986PLC041612	SUNSHIELD CHEMICALS LIMITED	Director	29/07/2008	29/01/2008	27/12/2012	Active	NO
6	L25209MH1961PLC012223	RESINS AND PLASTICS LIMITED	Director	29/07/2014	08/12/2009	-	Active	NO
7	U24114MH1972PLC015706	MAZDA COLOURS LIMITED	Whole-time director	15/09/2014	30/07/2014	-	Active	NO

Name :

Mr. Satish Manohar Kelkar

Designation :

Director

Address :

26, White Lily Society, D.S. Babrekar Marg, Dadar, Mumbai - 400028, Maharashtra, India

Date of Appointment :

15.09.2014

DIN No.:

01307387

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	U24100MH1984PTC033450	KELKAR CHEMICALS PRIVATE LIMITED	Director	01/01/1985	01/01/1985	-	Under liquidation	NO
2	L99999MH1986PLC041612	SUNSHIELD CHEMICALS LIMITED	Director	01/10/2007	19/11/1986	-	Active	NO
3	U67120MH1991PTC062095	NEOKEL INVESTMENTS PVT LTD	Director	20/06/1991	20/06/1991	-	Under liquidation	NO
4	U29263MH1954PTC009425	SAMUEL DRACUP AND SONS (INDIA) PVT LTD	Director	22/09/2008	01/04/2008	-	Dissolved	NO
5	U24114MH1972PLC015706	MAZDA COLOURS LIMITED	Director	15/09/2014	30/07/2014	-	Active	NO
6	AAB-3334	SBMS MANUFACTURING & SERVICES LLP	Designated Partner	28/01/2013	28/01/2013	-	Active	NO

Name :

Mr. Namrata Amit Choksey

Designation :

Whole-Time Director

Address :

Geetanjali, 9, N Gamadia Road, Mumbai - 400026, Maharashtra, India

Date of Appointment :

01.03.2015

DIN No.:

06947974

KEY EXECUTIVES

Name :	Mr. Dhiren P. Mehta
Designation :	Secretary
Address :	804,Vastu Shilp Pump House, R.J. Road, Andheri (East), Mumbai - 400093, Maharashtra, India
Date of Birth/Age :	31.08.1952
Date of Appointment :	02.12.1999
PAN No:	AACPM7470N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2014

Names of Shareholders	No. of Shares
Abhiraj Trading and Investments Private Limited	331000
Trivikram Investments and Trading Company Limited	11940
Amit Champaklal Choksey	531000
Amit Champaklal Choksey HUF	295000
Priti A. Choksey	629000
Namrata Amit Choksey	365000
Ankita A. Choksey	230000
Amit Champaklal Choksey (Jointly with Priti A. Choksey)	207060
Total	2600000

Equity Share Break up (Percentage of Total Equity)

As on 15.09.2014

Category	Percentage
Bodies corporate	13.19
Directors or relatives of Directors	86.81
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Copper Phthalocyanine Crude (CPC), CPC based pigments and derivatives of these pigments.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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
Maximum Limit Dealt :	Not Divulged
Experience :
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 :
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Bank of India
Branch	Nariman Point Branch , Air India Building, Nariman Point , Mumbai- 400021 , Maharashtra, India
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)
Short-term borrowings
Loans repayable on demand	0.669	0.000
Total	0.669	0.000
Note : Short Term Borrowings: The Cash Credit facility from banks are secured by hypothecation of tangible movable plant and machinery, stocks and book debts of the Company (both present and future wherever situated) and equitable mortgage of the Company's immovable property at Turbhe. The Cash Credit facility availed from HDFC Bank and Bank of India carrying interest rate of 2% (Previous Year 2.75%) over base rate and 2.25 % (Previous Year 3.75%) over base rate respectively.

Auditors :
Name :	Kalyaniwala and Mistry Chartered Accountants
Address :	Kalpatru Heritage, 127, M.G Road, Mumbai – 400001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAPPI0288G
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Apcotex Industries Limited, India L99999MH1986PLC039199 Hindustan Mineral Products Company Limited, India U01100MH1937PLC002657 Cons Holding Ltd, India U67120MH1986PLC040436 Shyamal Fin-Vest (India) Limited, India U65990MH1996PLC101004 Balasesh Leafin Limited, India U65910MH1997PLC109440 AEONIAN Investments Co L, India L65990MH1981PLC024860 Trivikram Investments And Trading Company Limited, India U67120MH1982PLC028510 Abhiraj Trading And Investments Private Limited, India U65990MH1979PTC021042

CAPITAL STRUCTURE

As on 15.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2600000	Equity Shares	Rs.10/- each	Rs.26.000 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	26.000	31.772	31.772
(b) Reserves & Surplus	991.999	813.533	630.089
(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)	1017.999	845.305	661.861
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	17.440	25.035	16.812
(c) Other long term liabilities	0.000	1.144	0.000
(d) long-term provisions	1.812	1.875	1.379
Total Non-current Liabilities (3)	19.252	28.054	18.191
(4) Current Liabilities
(a) Short term borrowings	0.669	0.000	56.000
(b) Trade payables	452.090	460.306	334.168
(c) Other current liabilities	74.421	71.354	79.595
(d) Short-term provisions	5.089	4.785	40.184
Total Current Liabilities (4)	532.269	536.445	509.947
TOTAL	1569.520	1409.804	1189.999
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	262.318	270.399	279.834
(ii) Intangible Assets	0.565	0.177	0.174
(iii) Capital work-in-progress	59.552	16.448	9.494
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	68.685	56.171	0.146
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	61.438	41.920	44.029
(e) Other Non-current assets	0.000	1.578	0.623
Total Non-Current Assets	452.558	386.693	334.300
(2) Current assets
(a) Current investments	0.000	207.021	21.602
(b) Inventories	123.566	95.752	131.476
(c) Trade receivables	797.252	604.889	516.434
(d) Cash and cash equivalents	115.100	65.660	101.930
(e) Short-term loans and advances	18.131	29.070	14.347
(f) Other current assets	62.913	20.719	69.910
Total Current Assets	1116.962	1023.111	855.699
TOTAL	1569.520	1409.804	1189.999

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations	3040.620	2458.057	2087.585
	Other Income	54.995	22.715	37.492
	TOTAL (A)	3095.615	2480.772	2125.077
Less	EXPENSES
	Cost of Materials Consumed	1917.872	1579.761	1308.954
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.161)	12.871	(13.491)
	Employees benefits expense	134.999	118.168	126.245
	Other expenses	530.237	458.917	397.775
	TOTAL (B)	2581.947	2169.717	1819.483
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	513.668	311.055	305.594
Less	FINANCIAL EXPENSES (D)	3.516	1.539	3.730
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	510.152	309.516	301.864
Less/ Add	DEPRECIATION/ AMORTISATION (F)	38.947	38.308	33.863
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	471.205	271.208	268.001
Less	TAX (H)	145.405	84.723	85.034
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	325.800	186.485	182.967
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	588.383	414.939	286.897
Less	APPROPRIATIONS
	Transfer to General Reserve	10.000	10.000	18.000
	Proposed Dividend	2.600	2.600	31.772
	Tax on Proposed Dividend	0.442	0.441	5.153
	Total (M)	13.042	13.041	54.925
	Balance Carried to the B/S (J+K+L-M)	901.141	588.383	414.939
	Earnings / (Loss) Per Share (Rs.)	121.18	58.7	57.59

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	207.369	391.066	369.517
Net cash flow from operating activity	48.840	313.662	277.158

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	10.71	7.59	8.76
Operating Profit Margin (PBIDT/Sales)	(%)	16.89	12.65	14.64
Return on Total Assets (PBT/Total Assets}	(%)	32.69	20.28	22.71
Return on Investment (ROI) (PBT/Networth)		0.46	0.32	0.40
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.08
Current Ratio (Current Asset/Current Liability)		2.10	1.91	1.68

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	31.772	31.772	26.000
Reserves & Surplus	630.089	813.533	991.999
Net worth	661.861	845.305	1017.999
long-term borrowings	0.000	0.000	0.000
Short term borrowings	56.000	0.000	0.669
Total borrowings	56.000	0.000	0.669
Debt/Equity ratio	0.085	0.000	0.001

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	2087.585	2458.057	3040.620
		17.746	23.700

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	2087.585	2458.057	3040.620
Profit	182.967	186.485	325.800
	8.76%	7.59%	10.71%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	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	Yes
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90187024	12/09/2014 *	400,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C21740659
2	90186838	12/09/2014 *	315,000,000.00	BANK OF INDIA	MUMBAI MID CORPORATE BRANCH, MEZZANINE FLOOR,, BO  I BUILDING, 70/80, M. G. ROAD, FORT,, MUMBAI, Maharashtra - 400001, INDIA	C20557328

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Claims against company not acknowledged as debt	0.848	0.848

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• 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.66.08
UK Pound	1	Rs.100.31
Euro	1	Rs.73.81

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KIN
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		55

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.