MIRA INFORM REPORT

Report No. :	495607
Report Date :	05.03.2018

IDENTIFICATION DETAILS

Name :	YASHO INDUSTRIES LIMITED (w.e.f.19.02.2018)
Formerly Known As :	YASHO INDUSTRIES PRIVATE LIMITED (w.e.f.17.05.1996) VASU PRESERVATIVES PRIVATE LIMITED
Registered Office :	Office No. 101 and 102, Peninsula Heights, C.D Barfiwalal Marg, Juhu Lane, Andheri [West] Mumbai-400058, Maharashtra, India
Mobile No.:	91-9820330780 [Mr. Nilesh Jhaveri]
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	30.10.1985
Com. Reg. No.:	11-037900
Capital Investment / Paid-up Capital :	INR 100.000 Million
CIN No.: [Company Identification No.]	U74110MH1985PLC037900 [New] U74110MH1985PTC037900 [Old]
IEC No.:	0396018793
GST No.;	27AAACY0396G1Z7
TIN No.:	27950035364
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACY0396G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	· Manufacturer of Specialty and Fine Chemicals such as Antioxidants, Rubber and Aroma Chemicals. (Confirmed by Management) · Manufacturer of Chemicals. (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Maximum Credit Limit :	USD 434500
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was incorporated in the year 1985 and is engaged in Manufacturer of Specialty and Fine Chemicals such as Antioxidants, Rubber and Aroma Chemicals. For the FY 2017, the company has achieved growth of 2.15% as compared to the previous year along with an average profit margin of 1.36%. The moderate financial risk profile of the company is marked by average net worth along with poor debt coverage indicators due to high debt balance sheet profile. Rating takes into consideration long operational track record of the subject company. Payment seems to be slow. In view of aforesaid, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BB+
Rating Explanation	Moderate risk of default
Date	12.07.2017

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	12.07.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 05.03.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DECLINED BY

Name :	Mr. Nilesh Jhaveri
Designation :	Sales Executive
Contact No.:	91-9820330780
Date :	03.03.2018

[91-22-42467000] Not Working

[91-22-66912152/ 53] MANAGEMENT NON-COOPERATIVE

LOCATIONS

Registered/ Head Office:	Office No. 101 and 102, Peninsula Heights, C.D Barfiwalal Marg, Juhu Lane, Andheri [West] Mumbai-400058, Maharashtra, India
Tel. No.:	91-22-42467000/ 66912152/ 53/ 26310350/ 62510100
Mobile No.:	91-9820330780 [Mr. Nilesh Jhaveri]
Fax No.:	91-22-66929154
E-Mail :	vilas@yashoindustries.com info@yashoindustries.com sales@yashoindustries.com
Website :	www.yashoindustries.com
Factory 1 :	Plot No.2514-2515, Phase IV, GIDC, Vapi – 396195, Gujarat, India
Factory 2 :	Plot No.1713, Phase – III, GIDC, Vapi – 396195, Gujarat, India

NOTE: Head Office i.e. 31-H, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India has been shifted to Office No. 101 and 102, Peninsula Heights, C.D Barfiwalal Marg, Juhu Lane, Andheri [West] Mumbai-400058, Maharashtra, India

DIRECTORS

AS ON: 31.03.2017

Name :

Mr. Yayesh Vinod Jhaveri

Designation :

Director

Address :

Nimish Apartment, Juhu Scheme Road No-5, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

13.04.1971

Qualification :

B Com

Date of Appointment :

04.04.1997

PAN No.:

AACPJ5389H

DIN No.:

01257668

Name :

Mr. Parag Vinod Jhaveri

Designation :

Director

Address :

6, Vallabh Nagar, 1 Nimish Society, Juhu, Scheme, Road No.5, Vile Parle West, Mumbai-400056, Maharashtra, India

Date of Birth/Age :

16.09.1966

Qualification :

B.SC

Date of Appointment :

02.05.1990

PAN No.:

AACPJ5390A

DIN No.:

01257685

Name :

Mr. Vinod Harilal Jhaveri

Designation :

Director

Address :

21 Hatkesh Society, 1 Ashirwad Building, Near Opposite Jamnabai, School, Juhu Scheme Road No 6, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

27.02.1939

Qualification :

B Com

Date of Appointment :

09.08.2007

PAN No.:

ABEPJ6636Q

DIN No.:

01655692

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U24110MH1998PTC115958	GAUTAM SWAMI ORGANCIS PRIVATE LIMITED	24/07/1998

Name :

Mila Prashant Desai

Designation :

Director

Address :

301,Vrunda, 45, Vallabnagar Society, N.S. Road 2, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Appointment :

20.02.2018

DIN No.:

07462481

Name :

Mr. Ashok Sudhadhar Malaviya

Designation :

Director

Address :

C/403, Kaatyayni Residency, Off Mahakali Caves Road, Near Maruti School, Andher, Mumbai-400093, Maharashtra, India

Date of Appointment :

20.02.2018

DIN No.:

08067060

Name :

Mr. Hiren T Goradia

Designation :

Director

Address :

9/10, Natraj, 2nd N S Road, Behind Mithibai College, Juhu Scheme, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Appointment :

20.02.2018

DIN No.:

08067076

NOTE:

No Company exists for a Director

· Mr. Nilesh Vinod Jhaveri

· Mr. Navin Vithaldas Vimadalal

· Mr. Narendra Gajanan Wagle

KEY EXECUTIVES

Name :	Mr. Nekata Jain
Designation :	Company Secretary
Address :	Adarsh Colony, Petch No.1, Bhind-477001, Madhya Pradesh, India
Date of Appointment :	01.01.2018
PAN No.:	BLQPJ2137K
Name :	Mr. Nilesh Jhaveri
Designation :	Sales Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON: 21.08.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/ Hindu Undivided Family – Indian	98.48
Public/Other than promoters – Individual/ Hindu Undivided Family – Indian	1.52
Total	100.00

BUSINESS DETAILS

Line of Business :

· Manufacturer of Specialty and Fine Chemicals such as Antioxidants, Rubber and Aroma Chemicals. (Confirmed by Management)

· Manufacturer of Chemicals. (Registered Activity)

Products :

ITC Code No.	Product Descriptions
29072990	Manufacture of Chemicals

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: [NOT AVAILABLE]

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Divulged

Bankers :

• The Saraswat Cooperative Bank Limited

SME Vile Parle Branch, Bholanath Co-op Hsg Society, Subhash Road, Vile Parle East, Mumbai - 400057, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Term loans from banks
Rupee term loans from banks	200.032	187.623
Foreign currency term loans from banks	250.900	254.160
Working capital loans from banks	287.774	246.731
Loans taken for vehicles	1.370	2.179
Total	740.076	690.693

Auditors :
Name :	G. V. Radia and Associates Chartered Accountants
Address :	A/602, Nightingale CHS, Hindustan Naka, Kandivali (West), Mumbai, Maharashtra, India
PAN No.:	ALUPR4907J
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	INR 1/- each	INR 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	INR 1/- each	INR 100.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	100.000	100.000	70.000
(b) Reserves and Surplus	52.085	25.458	8.877
(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)	152.085	125.458	78.877
(3) Non-Current Liabilities
(a) long-term borrowings	1150.647	1075.632	1054.717
(b) Deferred tax liabilities (Net)	57.471	39.734	32.040
(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)	1208.118	1115.366	1086.757
(4) Current Liabilities
(a) Short-term borrowings	165.760	180.043	150.947
(b) Trade payables	173.236	214.328	214.841
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	33.066	19.243	16.370
Total Current Liabilities (4)	372.062	413.614	382.158
TOTAL	1732.265	1654.438	1547.792
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	560.768	542.333	567.516
(ii) Intangible Assets	22.003	3.009	0.000
(iii) Tangible assets 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	1.361	1.361	1.361
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	12.893	9.059	9.132
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	597.025	555.762	578.009
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	600.826	679.160	580.832
(c) Trade receivables	421.365	327.049	274.230
(d) Cash and bank balances	75.687	57.523	60.952
(e) Short-term loans and advances	37.362	34.944	53.769
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1135.240	1098.676	969.783
TOTAL	1732.265	1654.438	1547.792

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	1961.764	1920.446	1814.792
	Other Income	22.203	4.557	23.473
	TOTAL	1983.967	1925.003	1838.265
Less	EXPENSES
	Cost of Materials Consumed	1254.654	1317.991	1335.168
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	27.848	(65.904)	(127.933)
	Employee benefit expense	128.585	118.010	81.982
	Other expenses	324.488	350.277	370.292
	TOTAL	1735.575	1720.374	1659.509
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	248.392	204.629	178.756
Less	FINANCIAL EXPENSES	140.293	130.653	126.440
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	108.099	73.976	52.316
Less/ Add	DEPRECIATION/ AMORTISATION	51.774	49.700	49.850
	PROFIT/ (LOSS) BEFORE TAX	56.325	24.276	2.466
Less	TAX	29.699	7.694	0.749
	PROFIT/ (LOSS) AFTER TAX	26.626	16.582	1.717
	EARNINGS IN FOREIGN CURRENCY
	Export of Goods Calculated on F.O.B. Basis	1234.119	954.687	996.730
	Earnings / (Loss) Per Share (INR)	0.27	0.17	0.02

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	58.482	(56.488)	NA
Net cash flows from (used in) operating activities	174.424	67.453	(56.646)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	78.40	62.16	55.15
Account Receivables Turnover (Income / Sundry Debtors)	4.66	5.87	6.62
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	50.40	59.36	58.73
Inventory Turnover (Operating Income / Inventories)	0.41	0.30	0.31
Asset Turnover (Operating Income / Net Fixed Assets)	0.43	0.38	0.31

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.88	0.90	0.93
Debt Equity Ratio (Total Liability / Networth)	8.66	10.01	15.29
Current Liabilities to Networth (Current Liabilities / Net Worth)	2.45	3.30	4.84
Fixed Assets to Networth (Net Fixed Assets / Networth)	3.83	4.35	7.19
Interest Coverage Ratio (PBIT / Financial Charges)	1.77	1.57	1.41

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	1.36	0.86	0.09
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.54	1.00	0.11
Return on Investment (ROI) ((PAT / Networth) * 100)	%	17.51	13.22	2.18

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	3.05	2.66	2.54
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.44	1.01	1.02
G-Score Ratio Financial (Networth / Total Assets)	0.09	0.08	0.05
G-Score Ratio Debt (Debts / Equity Capital)	13.16	12.56	17.22
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	3.05	2.66	2.54

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	70.000	100.000	100.000
Reserves & Surplus	8.877	25.458	52.085
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	78.877	125.458	152.085
long-term borrowings	1054.717	1075.632	1150.647
Short term borrowings	150.947	180.043	165.760
Total borrowings	1205.664	1255.675	1316.407
Debt/Equity ratio	15.285	10.009	8.656

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	1814.792	1920.446	1961.764
		5.822	2.151

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	1814.792	1920.446	1961.764
Profit/ (Loss)	1.717	16.582	26.626
	0.09%	0.86%	1.36%

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	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)	No
16	No. of employees	No
17	Details of sister concerns	No
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

CHARGES REGISTERED
SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G35482785	100076808	THE SARASWAT COOPERATIVE BANK LIMITED	24/01/2017	-	-	6500000.0	SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOCSUBHASH ROAD, VILE PARLE EASTMUMBAIMH400057IN
2	G30973549	100067690	THE SARASWAT COOPERATIVE BANK LIMITED	09/12/2016	-	-	48500000.0	SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOCSUBHASH ROAD, VILE PARLE EASTMUMBAIMH400057IN
3	G00339614	100016404	THE SARASWAT COOPERATIVE BANK LIMITED	18/03/2016	-	-	37500000.0	SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOCSUBHASH ROAD, VILE PARLE EASTMUMBAIMH400057IN
4	C73976516	10609157	THE SARASWAT COOPERATIVE BANK LIMITED	15/12/2015	-	-	40000000.0	SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOCSUBHASH ROAD, VILE PARLE EASTMUMBAIMH400057IN
5	C61353124	10585323	THE SARASWAT COOPERATIVE BANK LIMITED	20/07/2015	-	-	160000000.0	SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOCSUBHASH ROAD, VILE PARLE EASTMUMBAIMH400057IN
6	C42260372	10546685	THE SARASWAT COOPERATIVE BANK LIMITED	30/12/2014	-	-	35000000.0	SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOCSUBHASH ROAD, VILE PARLE EASTMUMBAIMH400057IN
7	C21503578	10520954	THE SARASWAT COOPERATIVE BANK LIMITED	10/09/2014	-	-	70000000.0	SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOCSUBHASH ROAD, VILE PARLE EASTMUMBAIMH400057IN
8	B93045227	10469009	THE SARASWAT COOPERATIVE BANK LIMITED	20/12/2013	-	-	25000000.0	SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOCSUBHASH ROAD, VILE PARLE EASTMUMBAIMH400057IN
9	B81698433	10442058	THE SARASWAT COOPERATIVE BANK LIMITED	18/07/2013	-	-	100000000.0	SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOCSUBHASH ROAD, VILE PARLE EASTMUMBAIMH400057IN
10	B81697328	10442053	THE SARASWAT COOPERATIVE BANK LIMITED	18/07/2013	-	-	86500000.0	SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOCSUBHASH ROAD, VILE PARLE EASTMUMBAIMH400057IN

UNSECURED LOANS

UNSECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Loans and advances from directors	365.280	336.956
Loans and advances from others	45.291	47.983
SHORT TERM BORROWINGS
Rupee term loans from banks	165.760	180.043
Total	576.331	564.982

CHANGE OF ADDRESS:

As claimed by the management that the Registered address of the company has been shifted from Nimish Apartment, Juhu Scheme, Road No. 5, Vile Parle (West), Mumbai – 400056, Maharashtra, India to the present address

CORPORATE INFORMATION

Subject is a company incorporated in India and has its registered office in Mumbai, India. The Company operates in the Business of “Chemicals” and has two factories situated in GIDC, Vapi, Gujarat.

STATE OF COMPANY’S AFFAIRS

The Company has reported total income of INR 1961.764 million for the current year as compared to INR 1920.446 million in the previous year. The Net Profit for the year amounted to INR 26.626 million in the current year as compared to INR 16.582 million in the previous year.

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office 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 records 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	INR
US Dollar	1	INR 65.23
UK Pound	1	INR 89.71
Euro	1	INR 79.50

INFORMATION DETAILS

Information Gathered by :	SHA
Analysis Done by :	PRY
Report Prepared by :	RUP

SCORE FACTORS

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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.