MIRA INFORM REPORT

Report Date :

02.07.2011

IDENTIFICATION DETAILS

Name :	JINDAL WORLDWIDE LIMITED (w.e.f.24.06.1985)
Formerly Known As :	JINDAL (INDIA) TEXTILES MILLS PRIVATE LIMITED JINDAL (INDIA) TEXTILES MILLS LIMITED
Registered Office :	1^ST Floor, Suryarath, Opposite White House, Panchvati First Lane, Ambawadi, Ahmadabad-380006, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.09.1986
Com. Reg. No.:	04-008942
Capital Investment / Paid-up Capital :	Rs. 200.520 millions
CIN No.: [Company Identification No.]	L17110GJ1986PLC008942
TAN No.: [Tax Deduction & Collection Account No.]	AHMJ00461G
Legal Form :	A Public Limited Liability Company. The Company Shares Listed To The Stock Exchange
Line of Business :	Manufacturer of Denim Fabric, Made up fabric such as bed sheets, pillow cover, quilt cover etc.
No. of Employees :	750 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 3400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

INFORMATION PARTED BY

Name :	Mr. Vikram Oza
Designation :	Financial Director
Contact No.:	91-9925029892
Date :	01.07.2011

LOCATIONS

Registered Office :	1^ST Floor, Suryarath, Opposite White House, Panchvati First Lane, Ambawadi, Ahmadabad-380006, Gujarat, India
Tel. No.:	91-79-26444841 / 42 /43 / 44
Mobile No.:	91-9925029892 (Mr. Vikram Oza)
Fax No.:	91-79-26440603
E-Mail :	vikram@jindalonline.com
Website :	www.jindaltextiles.com
Area :	2500 sq. mt.
Location :	Owned
Factory 1 :	207, Saijpur Gopalpur, On Opposite Lane of Piplaj, Narol Octori Naka, N.H.-8 Ahmadabad-382445, Gujarat, India
Tel. No.:	91- 79-2573 5600/ 5700/ 5800/ 5900
Fax No.:	91- 79-2573 4100
E-Mail :	info@jindaltextiles.com
Area :	2 lac sq. mt.
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :	Dr. Yamunadutt Agrawal
Designation :	Director
Address :	Jindal Park View Society, Polytechnic Road, Ambawadi, Ahmadabad-380006, Gujarat, India
Date of Appointment :	15.02.1992
DIN No :	00243192
Name :	Mr. Amit Agrawal
Designation :	Director
Address :	Jindal Park View Society, Polytechnic Road, Ambawadi, Ahmadabad-380006, Gujarat, India
Date of Appointment :	28.09.2004
DIN No :	00169061
Name :	Mr. Jitendra Agrawal
Designation :	Director
Address :	12 Aswamegh Bunglows, Satelite Road, Ahmadabad-380015, Gujarat, India
Date of Appointment :	01.04.2001
DIN No :	00243327
Name :	Mr. Rajesh Jain
Designation :	Director
Address :	H No. C-1/149, A-3, Block, Janak Puri, I, Delhi-110058, India
Date of Appointment :	01.09.2001
DIN No :	00209896
Name :	Mr. Vikram Oza
Designation :	Director
Address :	A-175, Vibhusha Bungalows, Opposite Homepathic Collage, Bopal Ghuma Road, Dascroi-380058, Gujarat, India
Date of Appointment :	01.11.2006
DIN No :	01192552
Name :	Mr. Sanjay Shah
Designation :	Director
Address :	B-203, Ratnamani Tower, Jodhpur, Char Rasta, Satelite, Ahmadabad-380053, Gujarat, India
Date of Appointment :	01.12.2006
DIN No :	00239810
Name :	Mr. Devendra Jain
Designation :	Director
Address :	A/43, Prime Plaza Judges Bungalow Road, Near Sarthi Hotel, Bodekdev Circle D, Ahmadabad-380015, Gujarat, India
Date of Appointment :	22.01.2006
DIN No :	00170775
Name :	Mr. Himmatsingh Rathour
Designation :	Director
Address :	9, Matrubhumi Duplex, Nava Nikol, Ahmadabad-382350, Gujarat, India
Date of Appointment :	31.07.2008
DIN No :	02336622

KEY EXECUTIVES

Name :	Ms. Dipti Parashar
Designation :	Secretary
Address :	E-202, Surya Ami Flat, Near Bhavna Tenament, Ranip, Ahmadabad-382480, Gujarat, India
Date of Appointment :	01.06.2010
PAN No :	BHIPP0830M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2011

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	11266440	56.19
Sub Total	11266440	56.19
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	11266440	56.19
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	4317778	21.53
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	286863	1.43
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4144757	20.67
Any Others (Specify)	36202	0.18
Hindu Undivided Families	34042	0.17
Any Other	2160	0.01
Sub Total	8785600	43.81
Total Public shareholding (B)	8785600	43.81
Total (A)+(B)	20052040	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	--	-
Total (A)+(B)+(C)	20052040	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Denim Fabric, Made up fabric such as bed sheets, pillow cover, quilt cover etc.

Products :

ITC CODE	PRODUCT
630221-00	Bed Lenin of Cotton
630231-00	Other Bed Lenin of Cotton
2673	Curtains, Bed-covers and Furnishings
2679	Other Made-up Textile Goods Except Apparel NEC

Exports :

Products :

· Made Up Fabrics

Countries :

· France

· Germany

· Poland

· Italy

Imports :

Products :

· Machinery

Countries :

· Germany

· Switzerland

Terms :

Selling :

L/C, Cash, Credit

Purchasing :

L/C, Cash, Credit

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Fabrics	Mtrs.	55.000 (Millions P. A.)	55.000 (Millions P. A.)	30613662

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

No. of Employees :

750 (Approximately)

Bankers :

· The Karur Vysya Bank Limited, Sakar –VII, Near Nehru Bridge Corner, Ashram Road, Ahmadabad-380009, Gujarat, India

· Indusind Bank Limited, 2401, GEN Thimmayya Road, Contonment, Pune-411001, Maharashtra, India

· HDFC Bank

· Oriental Bank of Commerce

· Bank of Maharashtra

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
FROM BANK OF INDIA
a) Export Packing Credit		61.660
b) Cash Credit		18.076
ICICI Bank Car Loan		0.000
Kotak Mahindra Prime Limited Car Loan		3.723
FROM INDUSIND BANK
a) Term Loan		66.786
b) Working Capital		5.441
c) Foreign Currency Demand Loan -CC		50.000
FROM KVB
Term Loan		110.517
Cash Credit	1102.450	63.259
Foreign Currency Demand Loan-CC		0.000
S Term Loan		5.023
FROM HDFC BANK –
Term Loan		35.784
FROM BANK OF MAHARASHTRA
Cash Credit		284.942
Term Loan		62.990
Foreign Currency Demand Loan		0.000
FROM ORIENTAL BANK OF COMMERCE
Cash Credit		0.460
Term Loan		20.000
Foreign Currency Demand Loan		28.514
Kotak Mahindra Bank Prime Limited Car Loan A/C		0.000
Total	1102.450	817.175
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Body Corporates		0.000
From Others	142.399	101.106
Total	142.399	101.106

Banking Relations :
Auditors :
Name :	Mehra Anil and Associates Chartered Accountant
Address :	2-E, Suryarath, Panchvati, Ambawadi, Ahmadabad-380006, Gujarat, India
Subsidiaries : (31.03.2010)	Bajaj Realty Private Limited CIN No : U45200MH1996PTC102058
Associates (31.03.2010) :	· Jilco Securities Limited · Jindal Creation Limited · Jindal Appearal Trai Institute · Jindal Integrated Text Park · Oasis Impex · Jinal Hometex (India) Private Limited · Tarachand and Sons Trading Private Limited · Tarachand Impex Limited · Jindal (India) Polytex Private Limited · Jindal Synthetics Limited · Yash Export (India) Private Limited · Texcellence Overseas · Amitara Overseas Limited · Yash Weavers Private Limited · Jindal Synthetics Limited · Jindal Texofab Limited · Tarachand Exports (India) Private Limited · Jindal Petrofil Private Limited · Texcellence Overseas

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20052040	Equity Shares	Rs.10/- each	Rs. 200.520 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		200.520	200.520	200.520
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		667.795	550.065	505.291
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		868.315	750.585	705.811
LOAN FUNDS
1] Secured Loans		1102.450	817.175	873.931
2] Unsecured Loans		142.399	101.106	45.002
TOTAL BORROWING		1244.849	918.281	918.933
DEFERRED TAX LIABILITIES		117.939	101.264	85.633
TOTAL		2231.103	1770.130	1710.377
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		903.430	815.484	822.901
Capital work-in-progress		0.000	1.054	11.871
INVESTMENT		73.372	82.063	93.169
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	461.162	351.284	442.341
	Sundry Debtors	342.434	231.287	237.724
	Cash & Bank Balances	189.602	75.133	33.341
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	977.634	638.429	442.286
Total Current Assets		1970.832	1296.133	1155.692
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		379.665	357.937
	Other Current Liabilities	721.839	0.000	0.000
	Provisions		52.810	26.144
Total Current Liabilities		721.839	432.475	384.081
Net Current Assets		1248.993	863.658	771.611
MISCELLANEOUS EXPENSES		5.308	7.871	10.825
TOTAL		2231.103	1770.130	1710.377

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3657.620	2892.548	1843.069
		Export Benefits	10.896	15.535	13.600
		Other Income	54.607	38.313	41.491
		TOTAL (A)	3723.123	2946.396	1898.160
Less	EXPENSES
		Increase / (Decrease) in Stock	(50.239)	52.158	(52.422)
		Raw Material	2503.711	1914.593	1196.951
		Direct Expenses	778.436	657.048	504.192
		Employee’s Emoluments	15.194	17.735	17.450
		Administrative Expenses	76.666	27.266	22.362
		Selling and Distribution Expenses	37.918	37.033	25.805
		TOTAL (B)	3361.686	2705.833	1714.338
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		361.437	240.563	183.822
Less	FINANCIAL EXPENSES (D)		122.568	88.167	115.497
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		238.869	152.396	68.325
Less/ Add	DEPRECIATION/ AMORTISATION (F)		48.379	43.587	38.489
	PROFIT BEFORE TAX (E-F) (G)		190.490	108.809	29.836
Less	TAX (I)		55.575	35.266	30.565
	PROFIT AFTER TAX (G-I) (J)		134.915	73.543	(0.729)
	PRIOR PERIOD ADJUSTMENT		0.287	0.943	0.471
	TAX ADJUSTMENT OF EARLIER YEARS		2.241	0.567	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		504.365	456.062	456.320
Less	APPROPRIATIONS
		Interim Dividend	0.000	5.013	0.000
		Proposed Final Dividend	10.026	15.039	0.000
		Tax on Dividend	1.704	3.408	0.000
	BALANCE CARRIED TO THE B/S		625.596	504.635	456.062
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	244.974	156.509
	TOTAL EARNINGS		NA	244.974	401.483
	IMPORTS
		Raw Materials	NA	26.462	25.276
		Capital Goods	NA	5.725	6.708
		Others	NA	1.160	1.467
	TOTAL IMPORTS		NA	33.347	33.451
	Earnings Per Share (Rs.)		--	3.65	(0.05)

Expected Sales (2011-2012) : Rs. 6000.000 millions

The above information has been parted by Mr. Vikram Oza.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.62	2.50	(0.04)
Net Profit Margin (PBT/Sales)	(%)	5.21	3.76	1.62
Return on Total Assets (PBT/Total Assets}	(%)	6.63	5.15	1.51
Return on Investment (ROI) (PBT/Networth)		0.22	0.14	0.04
Debt Equity Ratio (Total Liability/Networth)		2.40	1.93	1.97
Current Ratio (Current Asset/Current Liability)		2.73	3.00	3.01

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. in millions )

SOURCES OF FUNDS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
For Goods	NA	251.547	271.981
For Expenses	NA	76.112	70.216
Others	NA	52.006	15.740
Total	NA	379.665	357.937

AS ON : 31.03.2010

OPERATION AND FUTURE OUT LOOK :

The Company during the year was Rs. 2908.082 millions as compared to that of previous year which was 1856.669 millions. Gross Profit before Depreciation and Tax of the company was placed at Rs. 15 1.962 millions, which is higher as compared to last year which was Rs. 68.018 millions (Previous Year). Whereas after depreciation and taxes, the Company registered profit of Rs.73.244 millions.

Consolidated Turnover of the Company grew to Rs. 29080.82 (Current Year) from Rs. 1856.669 millions (Previous Year) in this financial year.

BUSINESS PROSPECTS :

The Company is recognized as one of the major player in Denim and HOME Textile Segment in the global market. With the economy on the upswing, the outlook for the industry looks good. Join directors- are optimistic of capturing further market share by expanding capacities of the company

EXPANSION CUM DIVERSIFICATION PLANS:

The Company strives to maintain its market share by aggressively concentrating on new avenues and is geared up to meet opportunities for growth in market.

The group has diversified into various activities such as Textiles and trading of securities. They demonstrate ability to manage well diversified business using professional management and financial acumen.

The directors are pleased to inform you that the company is in process of expansion cum diversification of its activities in the HOME TEXTILES, made ups and Denim manufacturing. The Company has envisages a total cost of Rs. 6000.000 millions for upcoming projects in the filed of Spinning, Weaving, Home Textile, Garmenting, Terry Towel, Yam Dying, Captive Power Plant and Real Estate Business.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERALL REVIEW:

The companies Aggressive marketing efforts, relentless focus on efficient improvement, accentuating on quality and cost control measures contributed towards improved performance during the year. This was yet another successful period for Jindal Worldwide Limited which resulted in several key achievements.

Indian textile industry is also the largest in the country in terms of employment generation. The Indian Textile Industry has a great presence in the economy of the country by way of contribution to industrial output, employment generation and the export earning of the country. Currently it contributes about 14 present to industrial production, 4 percent to the GDP and 17 present to countries export earning. The Close Linkage of the industry to agriculture and the ancient culture, and traditions of the country make the Indian textiles sectors unique in comparison with the textile industry of other countries.

The growth figures of the last few years have made the entire textile industry brim with unprecedented confidence and optimism. This growth target envisaged a fundamental shift in the textile scenario and has taken a trajectory of a very rapid growth. The Indian textile industry plays a vital role in the Indian economy by contributing to GDP, generating employment and earning foreign exchange.

The Role of Textile Industry in India GDP also includes a hike in the investment flow both in the domestic market and the export production of textiles. The worldwide trade of textiles and clothing has boosted up the GDP of India to a great extent as this sector has brought in a huge amount of revenue in the country.

During the year 2009-20 10 under review the profitability of the Company was higher as compared to that of the previous years. Certain important micro factor have to be considered while analyzing the result of the financial year 2009-2010,Increasing raw material Prices, fast appreciating currency ,sudden change in demand pattern had a significant impact on the earning of their company

INDUSTRIAL STRUCTURE AND DEVELOPMENT:

The textile industry has witnessed steady growth in the recent past with the friendly policies announced by the Government. The industry has undergone drastic changes over the decades, particularly after the introduction of technology Upgradation Funds (TUFs) scheme by the Government of India and majority of the textile companies have modernized /renovated their plants in order to provide quality outputs and meet the global standards. India still remains a dominant producer of cotton next to China and USA.

On the Way of deeper integration with world economy and expansion in domestic economy, the industry picked up the momentum. Most of the existing and new units commenced process of expansion and modernization to cater to the increasing market demands. However, due to the global slowdown, the industry suffered heavily with reduced exports and domestic demand.

The Government of India, recognizing the potential of the Indian Textile Industry has taken several measures over three years to improve the industry's cost competitiveness. Continuing the same trend the government in the last Union Budget has introduced certain fiscal and monetary relief measures in the wake of the global economic slowdown to provide relief to the domestic industry including textiles industry.

The company work hard to meet the competition as well as to enable to maintain long standing business relationship.

Their major market in the world such as Canada, France, Germany, Spain, Italy, Sweden. Export of the company has gained momentum as compared to the last year.

OUTLOOK:

The Global market conditions are highly unpredictable because of Major consuming nations being in recessions and therefore any forecast is subject to unplanned surprise. They are introducing new product from time to time to cater to the consumer needs . They expect the textile segments to turn favorably and based on the various factors like macro economy condition the company is hopeful of significantly improved financial performance in the coming year and hope to provide booming results in the forth coming years. The Company has made sustained efforts to increase its presence in the International Market. Total export of the company for the year 2009- 10 was Rs. 247.8 millions.

INTERNAL CONTROL SYSTEM :

Their Company has well defined and institutionalized business process with effective control systems to ensure that assets and interest of the Company are safeguarded. The system is designed to provide a high degree of assurance regarding the effectiveness and efficiency of operations, the reliability of financial controls and compliance with applicable laws and regulations. The internal auditors regularly conducted the audit to review internal control system, to examine their adequacy and suggest improvement for their effective observation and implementation and their report is also reviewed by the management and the Audit Committee from time to time.

Structured management information and reporting systems together with an exhaustive budgetary control process for all major operational activities form part of the overall control mechanism to ensure that requisite information related to all operations are reported and are available for control and review. The Company has established a well laid out policy to maintain the highest standards of environment, safety and health while maintaining operational integrity.

FINANCIAL AND OPERATIONAL PERFORMANCE :

During the year, the operations of the Company remained excellent. The total sale of the Company was Rs. 2908.082 millions as against Rs. 1856.669 millions during the last Year. The Company has achieved Profit before Depreciation and tax Rs151.961 millions as compared to Rs. 68.018 millions during the last year.

FORM 8

Corporate identity number of the company	L17110GJ1986PLC008942
Name of the company	JINDAL WORLDWIDE LIMITED
Address of the registered office or of the principal place of business in India of the company	1^ST Floor, Suryarath, Opposite White House, Panchvati First Lane, Ambawadi, Ahmadabad-380006, Gujarat, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	Indusind Bank Limited, 2401, GEN Thimmayya Road, Contonment, Pune-411001, Maharashtra, India
Nature of instrument creating charge	Memorandum recording extension of equitable mortage by deposit of title deeds as security trustee
Date of instrument Creating the charge	13.04.2011
Amount secured by the charge	Rs. 889.900 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As decided by the Bank from time to time Terms of repayment As Per Demand Margin Indusind Bank: Raw Material :25% WIP:25% FG:25% Book Debts:50% Long Term Loan: 33% Letter of Credit: Cash Margin:10% To Be Held As Fixed Deposit Under Lien Syndicate Bank: Cash Credit:25% Sublimit(ILC):10% Karur Vysya Bank: OCC (Renewal) Stock:25% Book debts :50% ILC/FLC (Sub Limit Under OCC):10% Oriental Bank of Commerce : As Per Attachment Allahabad Bank: Cash Credit:25% On Stock and Book Debts Up To 90 Days Letter of Credit :15% Extent and operation of the charge The charge operates in favour of the banks to secure financial assistance extended to the company together with additional interest further interest by way of liquidated damages, compound interest, commitment charges, commission, premia on pre-payment, cost, charges, expenses and other moneys payable by the borrower to the banks. Other Name of Charge Holders Total Revised Limit (Rs. in Millions) State Bank of Travancore 150.000 Indusind Bank Limited 173.300 Karur Vysya Bank 170.600 Oriental Bank of Commerce 242.500 Syndicate Bank 53.500 Allahabad Bank 100.000
Short particulars of the property charged (Including location of the property)	Land at Survey No.207 situate being and lying at Village Saijpur-Gopalpur Loom shed of Amitara Overseas Limited under Survey No.207 and Land of Surevey No.207 Wraping and sizing unit Amitara Overses Limited under Survey No 207 Internal road under Survey No.207 Building and structure constructed to be constructed thereon and all the fixed plant, Machinery , fixture and fittings Land at Survey No.206 situate being and lying at Village Saijpur-Gopalpur
Charge identification number of the charge to be modified	10269207
Particulars of the present modification	By this present modification, the existing credit limit extended from Rs.739.900 millions to Rs.889.900 millions on sanction of additional credit facility of Rs.150.000 millions

TRADE REFERENCE:

· Abhishek Industries, Ludhiana

· Nahar Industries

FIXED ASSETS

· Land

· Building

· Road

· Plant and Machinery

· Electric Installation

· Office Equipments

· Furniture and Fixtures

· Vehicles

· 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 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.44.58
UK Pound	1	Rs.71.75
Euro	1	Rs.64.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.