MIRA INFORM REPORT

Report Date :

17.03.2007

IDENTIFICATION DETAILS

Name :	PAKONA ENGINEERS (INDIA) PRIVATE LIMITED

Registered Office :	22-D, Wadia Charities Building, S A Brelvi Road, Fort, Mumbai – 400023, Maharashtra, India

Country :	India

Financials (as on) :	31.03.2005

Date of Incorporation :	05.09.1986

Com. Reg. No.:	11-40834

CIN No.:	U29290MH1986PTC040834

TAN No.: (Tax Deduction & Collection Account No.)	MUMP15032D / MUMP13133B

Legal Form :	Private limited liability company

Line of Business :	The company is engaged in packaging machines and sales of trading items

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	USD 175000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established company having fine track. Trade relations are fair. Financial position is good. Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. The company can be regarded as a promising business partners in a medium to long-run.

LOCATIONS

Registered Office/ Sales Office :	22-D, Wadia Charities Building, S A Brelvi Road, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22854138/22826751/22048660/22814990
Fax No.:	91-22-22876171
Email:	pakona@vsnl.com
Website:	http://www.pakona.com

Factory :	971/3, G.I.D.C. Makarpura Industrial Estate, Baroda- 390010
Tel. No.:	91-265-2643889/2638225
Fax No.:	91-265-2638520
Email:	Pakonaad1@sancharnet.in

DIRECTORS

Name :	Mr. Kothari J Ashok
Designation :	Managing Director
Address :	206, Panchsheel “C” Road, Vhurchgate, Mumbai- 400020
Date of Birth/Age :	25/12/1945
Date of Appointment :	05/09/1986

Name :	Mr. Shah J Rohit
Designation :	Director
Address :	38/ Green Park Society, Makarpura, Baroda-390010
Date of Birth/Age :	19/09/1955
Date of Appointment :	06/05/1991

Name :	Smt. Kothari A Rekha
Designation :	Director
Address :	206, Panchsheel “C” Road, Vhurchgate, Mumbai- 400020
Date of Birth/Age :	10/09/1945
Date of Appointment :	14/12/1992

Name :	Mr. Kothari A Rahul
Designation :	Director
Address :	206, Panchsheel “C” Road, Vhurchgate, Mumbai- 400020
Date of Birth/Age :	28/09/1975
Date of Appointment :	01/02/2001

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders		No. of Shares
Mr. Kothari J Ashok		23
Mr. Kothari J Ashok Smt. Kothari A Rekha		39964
Smt. Kothari A Rekha Mr. Kothari J Ashok		10907
Mrs. Kothari J Veena Mr. Kothari J Bharat		3333
Mrs. Kumbhani A. Chandrika Mr. Kumbjhani A Vijay		290
Mr Shah Popatlal Virendra Mrs. Shah Virendra kalpana		3000
Mr Shah Popatlal Virendra Mrs. Shah Virendra kalpana		3000
Mr. Kothari A Rahul Smt. Kothari A Rekha		9900
Smt. Kothari A Sushma Smt. Kothari A Rekha		3300
Mrs Shah Rohit Deepali Mr. Shah J Rohit		1200
Mr Parikh Sandip Sehal Mr. Parikh P Sandip		250
Shah Virendra Darshini Mr Shah Popatlal Virendra		3010
Mr Shah Virendra Bhavesh Mr Shah Popatlal Virentra		4000
Mr. Shah J Rohit Mr. Shah J Mridula		2400
Mr. Kothari J Ashok Smt. Kothari A Rekha		370
Mrs. Shah Virendra kalpana Mr Shah Popatlal Virendra		4000
Mr. Shah J Rohit Mrs Shah Rohit Deepali		1000
Mr. Dixit Shamilal Mukeshchandra Mr. Dexit M. Nayanben		100
Mr. Shah M Viral Mrs. Shah V Bela		50
Mr. Dsouza A Anthony Mrs. Dsouza Fanzy		50
Mr. Shah Hitesh Jinesh Ms. Shah Hitesh varsha		50
Ms. Jadav H Preeti Ms. Jadav J Pushpa		78
Mr. Shah L. Parul Mrs Shah P Sushma		300
Parikh Aroom Daksha Shah Bimal Meenal		6
Shah Janak Minal Shah Kantilal Janak		125
Shah Bimal Meenal Mr Shah Virendra Bimal		2000
Gandhi R Vinaben Parekh S P		100
Kothari Rahul Aditi Kothari Ashok Rahul		125
Mehta V kanshik Mehta Kaushik Aruna		125
Mehta Kaushik Aruna Mehta V kanshik		125
Shah Rohit Chintan Shah J Rohit		1200
Desai P R. Desai J P		7
Shah Rohit Atman Shah Rohit Deepali		1200
Jadav Harisingh P Jadav H Preeti		4
Parikh Sehul Rakhi Parikh S Sehul		50
Gandhi B Rasiklal Parikh S Panna		25
Shah Virendra bimal Shah Bimal Meenal		4000
Shah Virendra Kalpana Shah P Virendra		293
Doshi Abhay Vibha Doshi Bhagwandas Abhay		10
Kapadia P M Kapadia M Nila		10
Shah Hitesh Varsha Shah Panalal Hitesh		10
Udani J Hetal Udani Hetal Manisha		10
Total		100000

BUSINESS DETAILS

Line of Business :

The company is engaged in packaging machines and sales of trading items

Products :

Product Description	Item Code No. (ITC Code)
Other packing and wraping machinery	842240

GENERAL INFORMATION

Bankers :

Bank of Baroda, Marine Drive Branch, Bombay-400020

Facilities :

Secured Loan	(Rs in Millions)
From Banks	3.855
Cash Credit	0.242
Term Loan
From Others Term Loan	1.027
Total	5.124


Banking Relations :	Good

Auditors :	K S Jhaveri and Company Chartered Accountants Sokawalla Building, 2^nd Floor, Mumbai Samachar Marg, Mumbai-400023, Maharashtra, India
Tel. No.:	91-22-22662968
Fax No.:	91-22-56318367

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 10.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2004	31.03.2003	31.03.2002
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	8.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		34.953	31.698	29.724
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.953	41.698	37.724
LOAN FUNDS
1] Secured Loans		5.124	12.430	10.303
2] Unsecured Loans		8.805	3.600	1.450
TOTAL BORROWING		13.929	16.030	11.753
DEFERRED TAX LIABILITIES		2.202	2.097	0.000

TOTAL		61.084	59.825	49.477

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		36.261	29.335	23.165
Capital work-in-progress		0.000	0.010	0.000

INVESTMENT		0.000	0.000	0.079
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.826	21.200	0.000
	Sundry Debtors	15.578	28.954	0.000
	Cash & Bank Balances	17.075	11.827	45.441
	Other Current Assets	0.000	0.000
	Loans & Advances	2.607	1.745
Total Current Assets		65.086	63.726	45.441
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	30.017	23.091	19.208
	Provisions	10.246	10.155
Total Current Liabilities		40.263	33.246	19.208
Net Current Assets		24.823	30.480	26.233

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		61.084	59.825	49.477

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2004	31.03.2003	31.03.2002
Sales Turnover [including other income]	176.021	151.229	NA

Profit/(Loss) Before Tax	20.814	20.648	NA
Provision for Taxation	6.155	5.376	NA
Profit/(Loss) After Tax	14.659	15.272	NA

Export Value	82.808	87.517	NA

Import Value	2.716	2.060	NA

Total Expenditure	155.206	130.581	NA

KEY RATIOS

ARTICULARS		31.03.2004	31.03.2003	31.03.2002
PAT / Total Income	(%)	8.32	10.10	--

Net Profit Margin (PBT/Sales)	(%)	11.82	13.65	--

Return on Total Assets (PBT/Total Assets}	(%)	20.56	22.19	--

Return on Investment (ROI) (PBT/Networth)		0.46	0.50	--

Debt Equity Ratio (Total Liability/Networth)		0.21	1.18	0.82

Current Ratio (Current Asset/Current Liability)		1.62	1.92	2.37

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets :

Ø Land

Ø Factory Building

Ø Plant and Machinery

Ø Electrical Installation

Ø Furniture and Fixture

Ø Office equipments

Ø Patterns

Ø Office Premises

Ø Computer

Ø Vehicles

Ø Technical Know – how

An ISO 9001 certified company, Pakona Engineers (India) Pvt. Ltd. Has a 20 years expertise in the field of flexible packaging machines, with worldwide installations in 55 countries. It is one of the largest manufacturers of both Horizontal as well as Vertical Form Fill Seal (FFS) machines in India. In addition it also manufactures Container line packaging machines. Pakona is a leader in packaging and is the right partner for your company

This members information has NOT been authenticated or verified by Alibaba or any third party. Only Alibaba Gold Suppliers and Trustpass members have completed an authentication and verification procedure conducted by third party credit agencies.

Operations:

During the year under report there had been smooth operations throughout the year. The company has achieved a significant jump in sales.

Having obtained ISO (2000) they are improving the quality of machines for highest sales of export market.

They were successful in developing the new various of Horizontal FFS machines called PK-90 which double the output sped of the machine.

They are impelled to set a new challenge of crossing the next order of Rs. 250 millions. They are sure the confident will make their aspiration get border. The company has successfully commenced commercial production of correct black and power making equipments with the technical known how of M/s Columbia machines in USA. They were also successful of convincing Columbia machines inc. to allow to make palletizes in India for re-export to USA and accordingly the company has entered into Technical know- how agreement with them for setting up manufacturing facility in India. The necessary steps are being taken to implement the same.

Merger of Triangle :

The Board of Directors in their meeting held on 12.04.2004 have decided in principle to amalgamation running business of M/s. Triangle Packaging Machinery private Limited of Mumbai with the company. The necessary scheme of amalgamation is under finalization.

Name of the company

Pakona Engineer India Private Limited

Presented By

Bank of Baroda, Marine Drive Branch, Bombay-400020

1) Date and description of instrument creating the change

Instrument of Hypothecation of Goods dated 23^rd June, 1992

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 1.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Iron/Steel Sheets, Rods Electrical/Electronic Instruments, Stocks in process and Finished Goods, Horizontal / Vertical from fill/ Seal machines, filters and weight flushers sealers etc.

4) Gist of the terms and conditions and extent and operation of the charge.

Interest : 9 % OBR or Min. 21 % p.a. plus interest tax whichever is higher with quarterly rest.

Margin : 25 %

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Marine Drive Branch, Bombay-400020

6) Date and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

Name of the company

Pakona Engineer India Private Limited

Presented By

Bank of Baroda, Marine Drive Branch, Bombay-400020

1) Date and description of instrument creating the change

Instrument of Hypothecation of Goods dated 23^rd June, 1992

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 1.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All movable machinery of the company including stocks and future belonging to the company being and lying in the company premises or godwns of or rented by the company or otherwise used in connection with the business of the company (but excluding claims such as claims on life insurance policies goodwill. Outstanding Debts, Claims for arrears of Rent, benefits fo contract and share in partnership)

4) Gist of the terms and conditions and extent and operation of the charge.

Interest : 9 % OBR or Min. 21 % p.a. plus interest tax whichever is higher with quarterly rest.

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda.

Marine Drive Branch

Bombay-400020

6) Date and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

Name of the company

Pakona Engineer India Private Limited

Presented By

Bank of Baroda, Marine Drive Branch, Bombay-400020

1) Date and description of instrument creating the change

Instrument of Hypothecation of Goods dated 20^th March 1995

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 2.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All stocks i.e. raw material work in process, finished goods S S Plates, M S Plates and Packing Machines etc.

4) Gist of the terms and conditions and extent and operation of the charge.

Interest : 13% p.a. or 1 % whichever is higher with quarterly rest.

Margin : 15 %

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Marine Drive Branch, Bombay-400020

6) Date and brief description of instrument modifying the charge

Hypothecation of Agreement dated 26^th June, 1997

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The charge is modified follows:

The charge is increased Rs. 0.500 millions i.e. the charge is increased Rs. 2.000 millions

The particulars of proper charges are changed as follows:

The whole of the borrower stocks both present and future and including but without prejudice to the generality of the foregoing words all stocks of raw materials working process, semi finished goods and finished goods such as steel, spares parts fabrics parts machineries etc. whatever and whoever situate and or in transit whether now belonging to or that may at any time during the continuance of this security belong to the borrower or that may be held by any party anywhere to the order and disposition of the borrower.

All the present and future book debts, outstanding monies receivable, claims, bills, contracts, engagements and securities which may be at any time hereafter during the continuance of the security become due to the borrower in the course of its business by any person, firm company or body corporate or by the Government of India or any State Government or Indian Railways or any Government Department or office or any Municipal or local or public or semi government body or authority whatoever including those relating to the assets leased out and or given on hire purchase basis.

All the tangible movable machinery and plant and cranes, boats and crafts and the vehicles with spares, tools and accessories and other movable both present and future and the furniture and the furniture and fixture and office equipments whether installed or not and whether lying lose or in cases which are now lying or stored in or about or shall be brought or shall be into or be stored of be in upon or about the borrowers premises and godwns and whoever else the same may be or be held by any party to the odder or disposition of the Borrower relating or pertaining to the Borrowers works at 917/3 GIDC Makaspura Industrial Estate, Baroda 390010

Name of the company

Pakona Engineer India Private Limited

Presented By

Bank of Baroda, Marine Drive Branch, Bombay-400020

1) Date and description of instrument creating the change

Instrument of Hypothecation of Goods dated 23^rd June, 1992

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 1.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Iron/Steel Sheets, Rods Electrical/Electronic Instruments, Stocks in process and Finished Goods, Horizontal / Vertical from fill/ Seal machines, filters and weight flushers sealers etc.

4) Gist of the terms and conditions and extent and operation of the charge.

Interest : 9 % OBR or Min. 21 % p.a. plus interest tax whichever is higher with quarterly rest.

Margin : 25 %

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Marine Drive Branch, Bombay-400020

6) Date and brief description of instrument modifying the charge

Hypothecation of Agreement dated 26^th June, 1997

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The charge is modified follows:

The charge is increased Rs. 1.000 millions i.e. the charge is increased by Rs. 1.500 millions to 2.500 millions

The particular or property charged are changed to

All stocks of raw material work in process and finished goods S S Plates, M S Plates and Packing Machines etc.

The rate of interest was changed to 5 % OBR min 17 % p.a. whichever is higher with quarterly rest.

The charge is modified follows:

The charge is increased Rs. 1.000 millions i.e. the charge is increased by Rs. 2.500 millions to 3.500 millions

The particular or property charged are changed to

The rate of interest was changed to 2 % OBR min 18 % p.a. whichever is higher with quarterly rest.

The particulars of proper charges are changed as follows:

Name of the company

Pakona Engineer India Private Limited

Presented By

Bank of Baroda, Marine Drive Branch, Bombay-400020

1) Date and description of instrument creating the change

Instrument of Hypothecation of Goods dated 26^th June, 1997

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 1.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

4) Gist of the terms and conditions and extent and operation of the charge.

Interest : 2 % OBR or Min. 18 % p.a. plus interest tax whichever is higher with quarterly rest.

Margin : 30 %

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Marine Drive Branch, Bombay-400020

6) Date and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

Name of the company

Pakona Engineer India Private Limited

Presented By

Bank of Baroda, Marine Drive Branch, Bombay-400020

1) Date and description of instrument creating the change

Instrument of Hypothecation of Goods dated 26^th June, 1997

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 1.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

4) Gist of the terms and conditions and extent and operation of the charge.

The charge is created to secure packing credit cum FBP facility of Rs. 1.500 millions

Interest : 13 % p.a.

Margin : 15 %

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Marine Drive Branch, Bombay-400020

6) Date and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

Name of the company

Pakona Engineer India Private Limited

Presented By

Bank of Baroda, Marine Drive Branch, Bombay-400020

1) Date and description of instrument creating the change

Instrument of Hypothecation of Goods dated 26^th June, 1997

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 2.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

4) Gist of the terms and conditions and extent and operation of the charge.

The charge is created to secure Misc. Guarantees facility of Rs. 2.500 millions

Interest : 3 % p.a.

Margin : 25 %

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Marine Drive Branch, Bombay-400020

6) Date and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

Name of the company

Pakona Engineer India Private Limited

Presented By

Bank of Baroda, Marine Drive Branch, Bombay-400020

1) Date and description of instrument creating the change

Instrument of Hypothecation of Goods dated 4^th February, 1994

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 4.490 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

The Industrial Unit consisting Land and Building at 917/3 GIDC Makaspura Industrial Estate, Baroda 390010

4) Gist of the terms and conditions and extent and operation of the charge.

The charge is created to secured following credit facilities.:

Cash Credit – Rs. Rs 2.500 millions

Demand Loan : Rs. 0.240 millions

Packing Credit – Cum FBP Rs. 0.750 millions

And interest thereon the cost charges expenses incure by and or payable to the bank

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Marine Drive Branch, Bombay-400020

6) Date and brief description of instrument modifying the charge

Supplemental Memorandum Deposit of Tital Deeds Extension of Mortgage dated November, 1997

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The charge was increased in 24^th April 1995 by Rs. 0.850 millions to cover an increase modification in following credit facilities:

	Existing Limit	Modified Limit
Cash credit	2.500	2.500
Packing Credit	1.000	2.000
Demand Loan	0.240	0.090
Bank Guarantee	0.750	0.750
	4.490	5.340

Plus interest and all costs charges and expenses payable to bank.

The charge was increased from Rs. 4.490 millions

To Rs. 5.340 millions

The charges is now increased upto Rs. 10.000 millions to cover following credit facilities:

Cash credit Rs. 3.500 millions

Cash credit : Rs. 1.500 millions

Bank Guarantee Rs. 2.500 millions

Along with interest, cost charges commission expenses payable by company

Name of the company

Pakona Engineer India Private Limited

Presented By

Bank of Baroda, Marine Drive Branch, Bombay-400020

1) Date and description of instrument creating the change

Instrument of Hypothecation of Goods dated 20^th March 1995

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 2.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All stocks i.e. raw material work in process, finished goods S S Plates, M S Plates and Packing Machines etc.

4) Gist of the terms and conditions and extent and operation of the charge.

Interest : 13% p.a. or 1 % whichever is higher with quarterly rest.

Margin : 15 %

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Marine Drive Branch, Bombay-400020

6) Date and brief description of instrument modifying the charge

Hypothecation of Agreement dated 26^th June, 1997

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The charge is modified follows:

The charge is increased Rs. 0.500 millions i.e. the charge is increased Rs. 2.000 millions

The particulars of proper charges are changed as follows:

Name of the company

Pakona Engineer India Private Limited

Presented By

Bank of Baroda, Marine Drive Branch, Bombay-400020

1) Date and description of instrument creating the change

Instrument of Hypothecation of Goods dated 1^st December, 2000

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 1.390 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

4) Gist of the terms and conditions and extent and operation of the charge.

Interest : 2 % with quarterly rest.

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda.

Marine Drive Branch

Bombay-400020

6) Date and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

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	Indian Rupees
US Dollar	1	Rs.43.98
UK Pound	1	Rs.85.59
Euro	1	Rs.58.49

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
--PROFITABILIRY	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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

MIRA INFORM REPORT

RATING

Sales Turnover [including other income]

Profit/(Loss) Before Tax

Provision for Taxation

Profit/(Loss) After Tax

Export Value

Import Value

Total Expenditure

Unit