MIRA INFORM REPORT

Report Date :

23.06.2011

IDENTIFICATION DETAILS

Name :	PLASTENE INDIA LIMITED (w.e.f January 2007)

Formerly Known As :	OSWAL AGLOIMPEX PRIVATE LIMITED

Registered Office :	H.B. Jirawala House, 13, Nav Bharat Society, Opposite Punchsheel Bus Stand, Usmanpura, Ahmedabad – 380 013, Gujarat

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	16.10.1998

Com. Reg. No.:	04-034861

Paid-up Capital :	Rs. 231.484 Millions

CIN No.: [Company Identification No.]	U25209GJ1998PLC034861

TAN No.: [Tax Deduction & Collection Account No.]	RKTO00008B

PAN No.: [Permanent Account No.]	AAACO3087C

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer and Exporter of Plastic Packaging Related Product.

No. of Employees :	100 (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 3056000

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 PARTYED BY [GENERAL DETAILS]

Name :	Mr. Amit Chopra
Designation :	Legal Department
Contact No.:	91-79-27561000
Date :	21.06.2011

LOCATIONS

Registered Office :	H.B. Jirawala House, 13, Nav Bharat Society, Opposite Punchsheel Bus Stand, Usmanpura, Ahmedabad – 380 013, Gujarat, India
Tel. No.:	91-79-27561000/ 27550674
Fax No.:	91-79-27551764
E-Mail :	info@champalalgroup.com cs@champalalgroup.com exports@champalalgroup.com munmuncs@champalalgroup.com
Website :	www.champalalgroup.com
Area :	1200 sq yard
Location :	Owned

Factory 1 :	Survey No. 317/ 1 Nanichirai, Kutch – 370 140, Gujarat, India
Location :	Owned

Factory 2 :	Plot No. 73-74, KASEZ, Gandhidham – 370 230, Gujarat, India

Factory 3 :	Survey No.1551 and 1552/1, Village Rajpur, Ahmedabad Mehsana Highway No.8.

Factory 4 :	Plot No. 828, Ambica Industrial Estate, Village Santej, Taluka Kalol, Distrcit Gandhinagar – 382721, Gujarat, India

DIRECTORS

As on 20.09.2010

Name :	Mr. Champalal G Parekh
Designation :	Chairman
Address :	Plot No. 131, Sector-4, Gandhidham, Kutch-370201, Gujarat, India
Date of Birth/Age :	06.10.1935
Qualification :	Graduate
Date of Appointment :	08.09.2004

Name :	Mr. Prakash Hiralal Parekh
Designation :	Managing Director
Address :	7/B, Sumati Nagar Society, Usmanpura, Ahmedabad-380013, Gujarat, India
Date of Birth/Age :	26.09.1973
Qualification :	Chemical Engineer
Date of Appointment :	08.09.2004

Name :	Mr. Parvesh Chander Chamanlal Suri
Designation :	Director
Address :	A – 3, Navroj Appartments Dafnala, Shahibaugh, Ahmedabad – 380004
Date of Birth/Age :	31.12.1942
Date of Appointment :	12.11.2007

Name :	Mr. Mahesh Bhandari
Designation :	Director
Address :	502, Aadeshwar Appartment, Sayani Marg, Prabha Devi, Mumbai – 400025
Date of Birth/Age :	07.07.1960
Date of Appointment :	06.08.2010

Name :	Mr. Poonam Chand Samirmal Jain
Designation :	Director
Address :	R/3, Sharanam Twins, 5, Opposite Kirti Sagar, Flat, Staellite, Ahmedabad – 400015
Date of Birth/Age :	23.11.1969
Date of Appointment :	12.11.2009

Name :	Mr. Pathik Chandrakant Shah
Designation :	Director
Address :	7, Vivek Flts, Dasa Porwad Society, Paldi, Ahmedabad – 400007
Date of Birth/Age :	30.05.1974
Date of Appointment :	01.05.2008

Name :	Mr. Saurabh G. Amin
Designation :	Director
Address :	Shilp Park Society, Usmanpura, Ahmedabad – 400013
Date of Birth/Age :	14.09.1973
Date of Appointment :	27.07.2007

Name :	Mr. Gyan Chand Singhvi
Designation :	Director
Address :	Plot NO. 72, Sector – 2, Gandhidham, Kutch – 370201
Date of Birth/Age :	09.06.1976
Date of Appointment :	27.07.2007

Audit Committee :	Mr. Gyanchand Singhvi (Chairman) Mr. Prakash Hiralal Parekh (Member) Mr. Parvesh Chander Suri (Member)

KEY EXECUTIVES

Name :	Mr. Nisha Abhishek Jha
Designation :	Secretary
Address :	1/9, North view Cooperative Society, Near Passport office, Navrangpura, Ahmedabad – 380009
Date of Birth/Age :	11.12.1985
Date of Appointment :	06.09.2010

Name :	Mr. Kaushik Kapadia
Designation :	Secretary
Address :	104, Kalrav Appartment, Ashok Nagar, New Vikas Gruh Road Paldi Ahmedabad – 380007
Date of Birth/Age :	13.02.1954
Date of Appointment :	15.04.2006


Name :	Mr. Jayesh Ravijbhai Patel
Designation :	Secretary
Address :	53, Darshan Bunglows, Opposite Bopal Gram Panchayat, Bopal, Ahmedabad-380058, Gujarat, India
Date of Birth/Age :	14.07.1976
Date of Appointment :	01.08.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2010

Names of Shareholders		No. of Shares

Kushalraj Parekh, Kutch		10400
Mukesh Parekh, Kutch		10400
Deepak Parekh, Kutch		213200
Pritesh Parekh, Kutch		10400
Suman Parekh, Kutch		78000
Champalal Parekh, Kutch		672100
Ratanlal Parekh, Kutch		10400
Ashok Parekh, Kutch		765700
Geetadevi Parekh, Kutch		130000
Dhanpat Parekh, Kutch		742820
Reshamdevi Parekh, Kutch		65000
Champalal Parekh and Reshamdevi, Kutch		65000
Vidhyadevi Parekh, Kutch		65000
Manjudevi Parekh, Kutch		65000
Prakash Parekh, Ahmedabad		2716450
YMP Machineries Private Limited Liability Company Limited (Champalal Agri-Impex Private Limited), Ahmedabad		3897849
Oswal Wood Private Limited, Kutch		526500
Oswal Lumbers Private Limited, Kutch		4437732
Lalit Golecha, Ahmedabad		130
Oswal Commodities Private Limited, Ahmedabad		3916588
Prakash Parekh (HUF), Ahmedabad		1987700
Hiralal C. Parekh, Kutch		29250
Chetan Parekh, Kutch		9100
Manjudevi Parekh, Kutch		52000
Vidyaben Parekh, Kutch		45500
Suman Parekh, Kutch		26000
Kamaladevi H. Jirawala, Ahmedabad		13000
Ramesh Bagrecha, Bangalore		52000
Sanjay Bagrecha, Bangalore		52000
Suman Bagrecha, Bangalore		52000
Parsamal Bagrecha, Bangalore		52000
S. Ashok (HUF), Bangalore		120000
S. Vasanth Kumar (HUF), Bangalore		120000
A. Vanitha, Bangalore		120000
Anupama V., Bangalore		120000
Ranjeetmal Kastia, Delhi		13000
Gaurav Suri, Ahmedabad		19500
Madhu Prakash Parekh and Prakash Parekh, Ahmedabad		1436500
Sanjay Mandavia, Ahmedabad		13000
Pradeep Sancheti, Mumbai		5850
Siddharth Parekh, Kutch		1300
Manisha Parekh, Kutch		1300
Shantilal Parekh, Kutch		1300
Veena Shukla, Bhopal		23400
Gautam Salecha, Mumbai		78000
Pushpa Salecha, Mumbai		78000
Saurabh Amin, Ahmedabad		9750
Gyan Singhvi, Kutch		9750
Sanjiv Mehta, Jodhpur		9750
Santosh Mehta, Jodhpur		9750
Neeraj Bhandawat, Indore		5850
Madhu P. Parekh, Ahmedabad		9750
Dalpat Mehta, Mumbai		5200
Daxa Mehta, Mumbai		5200
Lalit Jain, Ahmedabad		19500
Simon Methew, Noida		5850
Kirit Gandhi, Kolcatta		5850
S. Ashok, Bangalore		10010
Mamta Parekh, Kutch		130
Jasodadevi Parekh, Kutch		130
Leeladevi Parekh, Kutch		130
Pinky Parekh, Kutch		130
Jhaverilal Salecha, Ahmedabad		130
Sangita Salecha, Ahmedabad		130
Sandhya Parekh, Ahmedabad		260
Naynaben Gulecha, Ahmedabad		130
Ganpatraj Salecha, Ahmedabad		130
Deepak Salecha, Ahmedabad		130
Nilam Salecha, Ahmedabad		130
Leeladevi Salecha, Ahmedabad		130
Charmi Salecha, Mumbai		130
Mili Salecha, Mumbai		130
Sanjana Mehta, Jodhupur		130
Saloni Mehta, Jodhupur		130
Mahavir Parekh, Kutch		130
Manju Bagrecha, Bangalore		130
Babita Bagrecha, Bangalore		130
Daxa Salecha, Bangalore		130
Ritu Bagrecha, Bangalore		130
Shantidevi Bagrecha, Bangalore		130
Kritika Bagrecha, Bangalore		130
Suresh Bagrecha, Bangalore		130
Pravin Kothari, Ahmedabad		15650
Chanda Kothari, Ahmedabad		15600
Jivanjot Kumedam, Punjab		42600
Ramswaroop Soni, Ahmedabad		100
Kaushik kapadia, Ahmedabad		800
Dipesh Chhajer, Ahmedabad		200
Rameshbhai Gianani, Kutch		200
Randeep Singh, New Delhi		20000
Loonchanji Banthia, Ahmedabad		100
Ashok Banthia, Ahmedabad		100
Vanadana Vyas, Ahmedabad		200
Jaysukh Lalani, Ahmedabad		400
Sanjay Salecha, Ahmedabad		1200
Gulabbhai Gidwani, Kutch		2000
Sarojkumar Gupta, Uttar Pradesh		19500
Total		23148479

As on 30.09.2009

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		55.47
Directors or relatives of directors		40.56
Other top fifty shareholders		4.87
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Plastic Packaging Related Product.

Products :

Product Description	ITC Code
Plastic Woven Bags/ Sacks	39232990
Plastic Multilayer Bags	39232100
Plastic Woven Fabrics	39269080

Exports :

Products

Plastic Aglomerates

Countries :

UK,
Australia

Imports :

Products :

Raw Material

Countries :

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Plastic Woven Fabric/ Bags/ Tarpaulin	M.T.	38200	19370
Plastic Multilayer Film/ Bags	M.T.	6000	3404
Plastic Filler and Master Batch	M.T.	10800	1150

GENERAL INFORMATION

Customers :

Wholesalers
Retailers

No. of Employees :

100 (approximately)

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India
State Bank of Saurashtra, Gandhidham, Gujarat, India
State Bank of Patiala
State Bank of Indore
State Bank of Hyderabad
State Bank of India, Industrial Finance Branch, Gujarat Bhavan, Opposite M.J. Library, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
The Royal Bank Of Scotland N. V. , VIVA Complex, Opposite Parimal Garden, Parimal Cross Roads, Ahmedabad – 380007, Gujarat, India.
HDFC Bank Limited, Usmanpura, Ahmedabad, Gujarat, India
ABN Amro Bank
Standard Chartered Bank
Kotak Mahindra Bank Limited
Bhuj Mercantile Co-operation Bank

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Term Loan secured by way of hypothecation of plant and machineries, furniture, fixtures, equipments and current assets mortgage of immovable properties of the company and further secured by personal guarantee of directors from: - State Bank of Hyderabad	831.544	118.614
- State Bank of Indore	39.385	58.586
- State Bank of Saurashtra	--	169.198
- State Bank of Patiala	66.335	104.999
-State Bank of India	106.204	--
Working capital limits secured by way of hypothecation of current assets, plant and machineries, furniture, fixtures, equipments and mortgage of immovable properties of the company and further secured by personal guarantee of directors from: - State Bank of Indore	66.178	59.918
- State Bank of Indai	68.938	109.638
- State Bank of Hyderabad	58.597	35.175
- State Bank of Patiala	70.284	71.202
Export Packing Credit
-ABN Amro Bank	6.0425	--
-Standard Chartered Bank	--	18.500
-State Bank of India	49.343	--
-State Bank of Indore	20.161	20.164
PCFC
-ABN AMRO Bank	20.722	92.677
-Standard Chartered Bank	58.884	36.837
Bill Discounting
-Standard Chartered Bank	26.735	21.388
-State Bank of Indore	1.060	9.759
-ABN AMRO Bank	23.588	0.054
Loans secured by way of hypothecation of specific vehicles and equipments from: - HDFC Bank Limited	1.160	1.813
- Srei Infrastructure Finance Limited	--	0.014
- Cholamandalam Finance Limited	--	0.005
- State Bank of Indore	0.642	0.000
-Kotak Mahindra Primus Limited	3.218	--
-Kotak Mahindra Bank Limited	1.555	--
-Bhuj Mercantile Co-operation Bank	--	25.970

Total	772.195	954.521

Unsecured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
From Companies	10.547	10.000
From Other	21.261	10.193
Total	31.808	20.193

Banking Relations :	--

Financial Institute :	Srei Infrastructure Finance Limited Cholamandalam Finance Limited

Auditors :
Name :	Bhanwar Jain and Company Chartered Accountants
Address :	302, Kaling Complex, Near Mount Carmel School, Ashram Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26583107/26579367
E-mail.:	Bmjain2001@yahoo.co.in

Associates :	Plastene Infrastructure Limited Champalal Company Plasto Processors YMPL Machineries Private Limited Laxmi Trading Company Ankur Chemfood Products (Gujarat) Limited Parekh Polymers Oswal Commodities Private Limited Champalal Agri Impex Private Limited Oswal Lumber Private Limited Oswal Wood Private Limited Champalal Company Parekh Industries Oswal Timber Industries

Subsidiaries :	Oswal Extrusion Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
36000000	Equity Shares	Rs.10/- each	Rs.360.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23148479	Equity Shares	Rs.10/- each	Rs.231.484 Millions

Note

1) Out of the above 100000 equity shares have been issued otherwise than cash

2) Equity shares include 20293800 shares allotted as fully paid-up bonus shares by capitalization of share premium and profit.

As on 20.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
36000000	Equity Shares	Rs.10/- each	Rs.360.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25248479	Equity Shares	Rs.10/- each	Rs.252.485 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		231.484	223.249	223.250
2] Share Application Money		220.150	70.000	0.000
3] Reserves & Surplus		312.377	169.373	143.312
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		764.011	462.622	366.562
LOAN FUNDS
1] Secured Loans		772.195	954.521	602.384
2] Unsecured Loans		31.809	20.193	58.999
TOTAL BORROWING		804.004	974.714	661.383
DEFERRED TAX LIABILITIES		83.368	51.376	25.346

TOTAL		1651.383	1488.712	1053.291

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		883.499	890.203	546.815
Capital work-in-progress		120.010	22.258	185.823

INVESTMENT		63.401	31.992	31.305
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	606.517	406.768	260.639
	Sundry Debtors	455.644	308.627	191.807
	Cash & Bank Balances	138.209	113.160	126.826
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	383.510	439.572	264.173
Total Current Assets		1583.882	1268.127	843.445
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	850.272	520.084	531.312
	Current Liabilities	134.618	205.265	9.883
	Provisions	25.011	8.631	23.471
Total Current Liabilities		1009.901	733.980	564.667
Net Current Assets		573.981	534.146	278.778

MISCELLANEOUS EXPENSES		10.492	10.114	10.570

TOTAL		1651.383	1488.712	1053.291

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Other Income	2913.503	2088.485	1698.998
		TOTAL (A)	2913.503	2088.485	1698.998

Less	EXPENSES
		Material Cost	2326.146	1589.158	1380.897
		Employees’ Emoluments	93.764	64.781	36.866
		Manufacturing Expenses	277.107	236.157	116.844
		Administrative and Selling Expenses	60.392	46.154	35.989
		Increase/(Decrease) in Stock	(147.007)	(21.733)	(78.774)
		TOTAL (B)	2610.402	1914.517	1491.822

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		303.101	173.968	227.633

Less	FINANCIAL EXPENSES (D)		119.589	77.779	90.140

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		183.512	96.189	137.493

Less/ Add	DEPRECIATION/ AMORTISATION (F)		48.238	31.687	22.078

	PROFIT BEFORE TAX (E-F) (G)		135.270	64.500	115.415

Less	TAX (I)		54.993	33.889	39.312

	PROFIT AFTER TAX (G-I) (J)		80.277	30.611	76.103

Less	Income Tax of Earlier Years		(0.961)	4.550	0.104

Less	Capitalised for Bonus Shares		0.000	0.000	83.823

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		136.053	109.992	117.816

	balance carried to balance sheet		217.291	136.053	109.992

	EARNINGS IN FOREIGN CURRENCY		825.266	736.293	404.562

	IMPORTS
	Raw Materials		693.263	484.442	286.179
	Stores & Spares		1.087	--	--
	Capital Goods		91.625	--	--
	Total		785.975	484.442	286.179

	Earnings Per Share (Rs.)		3.58	1.37	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.75	1.46	4.43

Return on Total Assets (PBT/Total Assets}	(%)	8.54	5.08	8.30

Return on Investment (ROI) (PBT/Networth)		0.17	0.13	0.31

Debt Equity Ratio (Total Liability/Networth)		1.32	1.58	3.34

Current Ratio (Current Asset/Current Liability)		1.56	1.72	1.49

LOCAL AGENCY FURTHER INFORMATION

Change of address

The situation of the registered office of the company was changed from 317/ 1, Nani Chirai, Kutch – 370 140, Gujarat to the present address w.e.f. 02.01.2006.

Sundry Creditors

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
For Goods and Expenses	810.095	492.454	531.312
For Capital Expenditure	40.177	27.631
Total	850.272	520.084	531.312

OPERATIONS:

The Company has achieved total sales turnover of Rs 2088.485 Millions against Rs. 2913.503 Millions in the previous year, reflecting growth of 39%. During the year under review, your company has achieved double the net profit before tax Rs. 135.270 Millions against Rs. 65.200 Millions in the previous year.

Contingent Liabilities in respect of:

Rs. In Millions

		2009-10
Letter of credit	602.384
Bank Guarantee	28.594
Claim by suppliers / customers but not acknowledge as debt	3.960

Form 8

Corporate identity number of the company	U25209GJ1998PLC034861
Name of the company	PLASTENE INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	H.B.Jirawala House,13,Nav Bharat society Opp.Punchsheel Bus Stand , Usmanpura Ahmedabad - 380013 Gujarat, INDIA cs@champalalgroup.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	THE ROYAL BANK OF SCOTLAND N.V., VIVA COMPLEX,OPP. PARIMAL GARDEN, PARIMAL CROSS ROADS, Ahmedabad – 380007, INDIA naresh.vidhani@rbs.com
Nature of instrument creating charge	DEED OF HYPOTHECATION OF MOVABLE ASSETS DATED 22ND OCTOBER 2010.
Date of instrument Creating the charge	22.10.2010
Amount secured by the charge	150.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : BASE RATE+4% Terms of Repayment : REPAYABLE ON DEMAND Margin : 10% Extent and Operation of the charge: 1) FIRST PARI PASSU CHARGE ON ALL THE CURRENT ASSETS (RECEIVABLES AND INVENTORY) OF THE COMPANY. 2) SECOND PARI PASSU CHARGE ON ALL THE MOVEABLE AND IMMOVEABLE FIXED ASSETS OF THE COMPANY. Others: PERSONAL GUARANTEE OF MR. PRAKASH PAREKH- DIRECTOR AND PROMOTER AND MR. CHAMPALAL PAREKH - CHAIRMAN OF THE COMPANY.
Short particulars of the property charged	1) PARI PASSU FIRST CHARGE ON ALL THE CURRENT ASSETS (RECEIVABLES AND INVENTORY) OF THE COMPANY. 2) PARI PASSU SECOND CHARGE ON IMMOVABLE FIXED ASSETS OF THE COMPANY SITUATED AT UNIT I AT SURVEY NO. 317, VILLAGE - NANI CHIRAI, TALUKA BHACHAU, DISTRICT KUTCH GUJARAT 3) PARI PASSU SECOND CHARGE ON IMMOVABLE FIXED ASSETS OF THE COMPANY SITUATED AT UNIT II AT SURVEY NO. 1551/1552/1 PAIKI OF VILLAGE RAJPUR, TALUKA KADI, DISTRICT MEHSANA,GUJARAT 4) PARI PASSU SECOND CHARGE ON ALL THE MOVEABLE FIXED ASSETS OF THE COMPANY.

FIXED ASSETS:

Land
Building
Plant and Machinery
Electric Installation
Furniture, Fixtures and Office Equipments
Vehicles

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.44.82
UK Pound	1	Rs.72.84
Euro	1	Rs.64.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--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.

MIRA INFORM REPORT

606.517

406.768

260.639

455.644

308.627

191.807

138.209

113.160

126.826

0.000

0.000

0.000

383.510

439.572

264.173

1583.882

1268.127

25.011

8.631

23.471

1009.901

733.980

564.667

573.981

534.146

278.778

1.46

5.08

0.13

1.58

1.72

40.177

27.631

531.312

Unit