MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	DINMAN POLYPACKS PRIVATE LIMITED
Registered Office :	“Vardaan’, Suite No. 406, 25A, Camac Street, Kolkata – 700016, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.09.2003
Com. Reg. No.:	21-97040
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U97040WB2003PTC097040
TAN No.: [Tax Deduction & Collection Account No.]	CALD02869G
PAN No.: [Permanent Account No.]	AABCD8937D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PP Woven Bags.
No. of Employees :	350 (20 in office + 330 in factory) Approximately

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1332000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered small to mediocre 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating (30.06.2011)

Current Rating (30.09.2011)

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY (General Details)

Name :	Mr. Vineet Sharma
Designation :	Manager
Contact No.:	91-9830301231

LOCATIONS

Registered Office/Factory :	“Vardaan’, Suite No. 406, 25A, Camac Street, Kolkata – 700016, West Bengal, India
Tel. No.:	91-33-22872358 / 22874932
Mobile No.:	91-9830301231 (Mr. Vineet Sharma)
Fax No.:	91-33-22476872
E-Mail :	vineetkumar_sharma@dinmanpolypacks.com dokania3@yahoo.co.in
Website :	http://www.dinmanpolypacks.com
Location :	Owned
Factory :	E.P.I.P., Durgapur, West Bengal, India
Tel. No.:	91-343-2532683

DIRECTORS

As on 30.09.2010

Name :

Mr. Manjeet Bahety

Designation :

Director

Address :

Sarawati Niketan, Flat No. 7A, 5 Camac Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

02.08.1974

Date of Appointment :

26.09.2003

DIN :

00454696

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U52110WB1996PTC081836	ZEESORA MERCANTILE PRIVATE LIMITED	Director	18/10/1996	18/10/1996	8/12/2010	Active	NO
2	U65999WB1996PTC078313	ELECOM INVESTMENTS PRIVATE LIMITED	Director	3/9/1999	3/9/1999	-	Active	NO
3	U52312WB1999PTC090285	MARS FRAGRANCE PRIVATE LIMITED	Director	15/09/1999	15/09/1999	-	Active	NO
4	U51109WB1998PTC086560	TIMS POLYMERS PRIVATE LIMITED	Director	7/10/1999	7/10/1999	-	Amalgamated	NO
5	U74950WB2000PTC092411	LIFESTYLE MERCHANTS PRIVATE LIMITED	Director	13/09/2000	13/09/2000	-	Active	NO
6	U74950WB2000PTC092410	BEAUTY IMPEX PRIVATE LIMITED	Director	13/09/2000	13/09/2000	-	Active	NO
7	U51109WB1994PTC063500	SIBSAGAR VYAPAAR PRIVATE LIMITED	Director	17/03/2003	17/03/2003	-	Active	NO
8	U65990MH1982PTC027131	VELVET INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	8/7/2003	8/7/2003	-	Active	NO
9	U97040WB2003PTC097040	DINMAN POLYPACKS PRIVATE LIMITED	Director	26/09/2003	26/09/2003	-	Active	NO
10	U24139WB1995PLC073960	SMITABH INTERCON LIMITED	Director	29/01/2004	29/01/2004	-	Active	NO
11	U51109WB1994PTC063274	BRAHMA MERCHANTS PRIVATE LIMITED	Director	18/05/2004	18/05/2004	-	Active	NO
12	U51394WB2001PTC093381	EXCLUSIVELINES ENTERPRISES PRIVATE LIMITED	Director	4/12/2006	4/12/2006	-	Active	NO
13	U51909WB1996PTC078836	FINLORD MARKETING PRIVATE LIMITED	Director	2/3/2007	2/3/2007	-	Active	NO
14	U19202WB2007PTC117082	UNISTAR FOOTWEARS PRIVATE LIMITED	Director	11/7/2007	11/7/2007	-	Active	NO
15	U13203WB2007PTC118655	UNISTAR METALS PRIVATE LIMITED	Director	14/09/2007	14/09/2007	-	Active	NO
16	U74999WB2004PTC099185	SAMRIDDHI COMMODITY AND DERIVATIVES PRIVATE LIMITED	Director	25/02/2008	25/02/2008	-	Active	NO
17	U74140WB2006PTC110983	LANDSCAPE SOLUTIONS PRIVATE LIMITED	Director	12/8/2008	12/8/2008	-	Active	NO
18	U67120WB2010PTC151856	ONTRUST CAPITAL MARKETS PRIVATE LIMITED	Director appointed in casual vacancy	1/10/2010	1/10/2010	-	Active	NO
19	U51109WB2007PTC116040	TELESCOPE TRACOM PRIVATE LIMITED	Director	4/5/2011	4/5/2011	-	Active	NO

Name :

Mr. Dinkar Ramesh Maheshwari

Designation :

Director

Address :

Truvoli Court, 1A, Bully Gaunge Circular Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

15.01.1959

Date of Appointment :

26.09.2003

DIN :

00010234

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74950GJ1980PLC003897	AHMEDABAD PACKAGING INDUSTRIES LIMITED	Managing director	27/08/1980	27/08/1980	Active	NO
2	U74140WB1990PLC048821	GOLDMIST AGENCIES LIMITED	Director	11/4/1990	11/4/1990	Active	NO
3	U25209GJ1985PTC007780	KANISHKA PLASACS PRIVATE LIMITED	Director	24/11/1991	24/11/1991	Active	NO
4	U65929WB1994PLC065585	LODESTAR FINANCIAL SERVICES LIMITED	Director	24/10/1994	24/10/1994	Active	NO
5	U97040WB2003PTC097040	DINMAN POLYPACKS PRIVATE LIMITED	Director	26/09/2003	26/09/2003	Active	NO

KEY EXECUTIVE

Name :	Mr. Vineet Sharma
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Manjeet Bahety	30000
Dinkar Maheshwari	25000
Renu Maheshwari	330000
Sushil Bahety	30000
Rajiv Bahety	15000
Elecom Exporters Private Limited (India)	40000
Communication Con. Ser. Private Limited (India)	95000
Manjeet Bahety (HUF)	25000
Satya Narayan Bahety	30000
Satya Narayan Bahety (HUF)	20000
Sushil Kumar Bahety (HUF)	25000
Rajiv Bahety (HUF)	25000
Sheema Bahety	25000
Bhagwati Bahety	40000
Sarala Bahety	40000
Hari Shankar Bahety	25000
Narayan Kumar Bahety (HUF)	20000
Narayan Kumar Bahety	25000
Laxmi Bahety	5000
Sunanda Bahety	25000
Nirmala Bahety	30000
Mallika Bahety	25000
Shiv Shakti Private Limited (India)	50000
Total	1000000

As on 30.09.2010

Equity Share Break Up Category	Percentage
Bodies corporate	18.50
Directors or relatives of Directors	81.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of PP Woven Bags.

Products :

• PLASTIC Packing Goods
• Laminated Goods
• Shopping Bags
• Promotional Bags
• 3 Ply Bags
• BOPP Printed Bags

Products Description	ITC Code No.
PP Woven Sacks	39231090

PRODUCTION STATUS As on 31.03.2011

Licensed Capacity : 3570 M/T

Installed Capacity : 3210 M/T per year as certified by the management

Particulars	Unit	Actual Production
PP Woven Fabric and Sacs	MT	2653
Yarn	MT	14

GENERAL INFORMATION

Customers :

§ Bhadreshwar Rice Mills

§ Karnataka Agro Chemicals

§ Varun Fertilizer Private Limited

§ Amrit Bhog Ata

§ Ganesh Ata

§ Krishi Sebayan and Company

§ Rameshwar Agro Industries

§ Tulsiyan rice mills Private Limited

§ Green Valley Rice Tech Private Limited

§ Annaprurna Fertilizer

§ B.K Plastic Industries

§ Sri Satya Narayan Agro Private Limited

§ Sudarshan Seeds Private Limited

§ Eastern Foods Private Limited

§ Jerico Agro Processors

§ Shree Shakambari Rice Mills

§ Krishi Bharati

§ Sona Cereal

§ Raj Industries

§ Amazan Agro

No. of Employees :

350 (20 in office + 330 in factory) Approximately

Bankers :

• Indian Bank, Branch Strand Road, 3A, Hare Street, Kolkata – 700001, West Bengal, India
• HDFC Bank

Facilities :

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
TERM LOAN :
West Bengal Financial Corporation (Installment Payable Within One Year Rs. 5.200 millions) (Secured By Hypothecation of Machinery Acquired Against The Proceeds Of Loan) (Secured By 1st Charge on All Movable Fixed Assets, 2nd Charge on Inventories and Book Debts, Lodgment of Fixed Deposit And Personal Guarantee of Directors)	6.500	11.700
Indian Bank (Installment Payable Within One Year Rs. 6.692 millions, Previous Year Rs. 1.125 millions)	35.464	26.018
Term loan agreement and 1st charge of fixed assets to be acquired under term loan and hypothecation of stock/ book debts up to 90 days duration and second charge of entire immovable properties, plant and machinery and other fixed assets of the company and corporate guarantee from companies and director and directors relatives)
West Bengal Industrial Development Corporation	0.000	0.000
WORKING CAPITAL LOAN :
Indian Bank
Overdraft Cash Credit (Term loan agreement and 1st charge of fixed assets to be acquired under term loan -1 & II including Em on land of 2.50 acres situated at EPIP, Durgapur, West bengal and factory shed thereon)	60.456	30.455
Export Packing Credit	0.000	0.000
Other Loans
HDFC Car Loan	0.159	0.263
Cholamandalam DBS Finance Limited	0.552	0.386
Total	103.131	68.822
Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
From Companies (Includes Interest Accrued Rs. 7.217 millions Previous Year Rs. 5.380 millions)	42.301	50.086
Total	42.301	50.086

Banking Relations :	--
Auditors :
Name :	Shruti Dokania and Company Chartered Accountant
Address :	12, Mangoe Lane, 1^st Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-2485063 / 5085 / 5868
Fax No.:	91-33-2103569
E-Mail :	dokania@vsnl.com
PAN :	ADLPD4543K

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares [Fully Paid up in Cash]	Rs.10/- each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	1.200
3] Reserves & Surplus		23.216	17.416	4.153
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33.216	27.416	15.353
LOAN FUNDS
1] Secured Loans		103.131	68.822	31.647
2] Unsecured Loans		42.301	50.086	38.416
TOTAL BORROWING		145.432	118.908	70.063
DEFERRED TAX LIABILITIES		8.642	2.883	3.240
TOTAL		187.290	149.207	88.656
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		91.369	79.471	48.462
Capital work-in-progress		0.000	0.000	0.00
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	49.961	32.554	23.525
	Sundry Debtors	49.250	25.233	22.984
	Cash & Bank Balances	4.202	6.024	4.198
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	23.079	18.039	10.254
Total Current Assets		126.492	81.850	60.961
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.404	9.950	16.076
	Current Liabilities	8.167	2.128	4.591
	Provisions	0.000	0.036	0.100
Total Current Liabilities		30.571	12.114	20.767
Net Current Assets		95.921	69.736	40.194
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		187.290	149.207	88.656

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	334.839	187.759	155.003
		Other Income	0.292	0.382	0.547
		TOTAL (A)	335.131	188.141	155.550
Less	EXPENSES
		Increase / (Decrease) in Stocks	[12.382]	[8.871]	3.371
		Consumption of Raw Material	200.627	102.960	82.071
		Trading Purchase	0.000	4.897	0.000
		Consumption of Packing Printing and Stores Materials	39.001	24.861	16.544
		Payment to and provision for Employees	9.304	5.708	4.695
		Manufacturing and Operative Expenses	22.508	15.104	11.700
		Foreign Exchange Fluctuation	0.106	0.321	(0.282)
		Freight and Forwarding	2.643	0.880	1.167
		Excise Duty Paid	28.620	13.242	15.051
		Education Cess Paid	0.859	0.397	0.451
		CST Paid	3.954	2.708	2.057
		VAT Paid	5.192	2.413	1.926
		Loss on Fixed Assets	0.026	0.000	0.000
		Preliminary Expenses Written Off	0.000	0.000	0.032
		TOTAL (B)	300.458	164.620	138.783
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.673	23.521	16.767
Less	FINANCIAL EXPENSES (D)		16.893	10.744	9.319
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.780	12.777	7.448
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.505	5.750	5.091
	PROFIT BEFORE TAX (E-F) (G)		8.275	7.027	2.357
Less	TAX (H)		5.758	[0.356]	[0.706]
	PROFIT AFTER TAX (G-H) (I)		2.517	7.383	3.063
Add	Income pertaining to previous year		0.009	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.612	[2.771]	[5.834]
	BALANCE CARRIED TO THE B/S		7.138	4.612	[2.771]
	EARNINGS IN FOREIGN CURRENCY
	Export of goods on FOB Value		10.779	2.718	14.484
	Trading Export of goods on FOB Value		0.000	5.619	0.000
	TOTAL EARNINGS		10.779	8.337	14.484
	IMPORTS
		Raw Materials	0.000	4.176	5.219
		Capital Goods	0.000	1.856	0.000
	TOTAL IMPORTS		0.000	6.032	5.219
	Earnings Per Share (Rs.)		2.52	7.38	3.06

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.75	3.92	1.97
Net Profit Margin (PBT/Sales)	(%)	2.47	3.74	1.52
Return on Total Assets (PBT/Total Assets}	(%)	3.80	4.35	2.15
Return on Investment (ROI) (PBT/Networth)		0.25	0.26	0.15
Debt Equity Ratio (Total Liability/Networth)		5.30	4.78	5.92
Current Ratio (Current Asset/Current Liability)		4.14	6.76	2.93

LOCAL AGENCY FURTHER INFORMATION

Note : Registered office of the company has been shifted from Vardaan, Suite No. 407, 25A, Camac Street, Kolkata – 700016, West Bengal, India to the present address w.e.f. 20.03.2008

Business Activity :

As the company has started production on date 27.01.2005 and this is 7^th year, hence profit is not so significant. Now the company is looking forward to good production and management is optimistic to present a much better financial statement in the next annual general meeting

Bankers Charges Report as per Registry

Corporate identity number of the company	U97040WB2003PTC097040
Name of the company	DINMAN POLYPACKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	"VARDAAN" SUITE NO. 406, 25A, CAMAC STREET KOLKATA - 700016 West Bengal INDIA
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Indian Bank, Branch Strand Road, 3A, Hare Street, Kolkata – 700001, West Bengal, India Email : info@mraghunathco.in
Nature of instrument creating charge	Agreement of Hypothecation of Movables Agreement of open cash credit ( Stocks/ Book Debts)
Date of instrument Creating the charge	20.09.2011
Amount secured by the charge	Rs.10.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - BR+(5.75%)+TP Terms of Repayment - On demand - Adhoc Limit granted for 3 Months Margin - 25% on Stocks and BD (90 Days) Extent and Operation of the charge - Adhoc OCC (Stock and Book Debts) Rs. 10.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Goods, Produce, Merchandise, Stock stored or to be stored or to be stored time to time in premises at Export Promotion Industrial Park, Durgapur, West Bengal and "Vardaan" Suite No 407, 25A Camac Street, Kolkata 700016 or elsewhere wherever stored from time to time. Various paper products for security items, chemicals, stores, spares and receivables etc of the company. Book Debts, Receivables and other claims. All the present and future receivables of the company. Collaterals- All securities and collaterals for the existing sanction for regular limit to be extended over this facility too.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90248746
Corporate identity number of the company	U97040WB2003PTC097040
Name of the company	DINMAN POLYPACKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Vardaan, Suite No. 303, 406, 25A, Camac Street, Kolkata – 700016, West Bengal, India
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	Indian Bank, Branch Strand road, 3A, Hare Street, Kolkata – 700001, West Bengal, India
Date of instrument Creating the charge	29.11.2010
Amount secured by the charge	Rs.115.800 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest : For OCC (Stocks and Book Debts) BR+CRP (3.25%)+Overhead (0.50%)+TP (0.50%) and for MTL-1 and MTL-2 BR+CRP(3.25%)+ TP(1.50%) Terms of Repayment : The Borrower agrees to repay the term loan of Rs.26.300 Millions in 24 Quarterly. Installments of Rs.1.096 Millions each, interest is payable as and when debited. OCC (Stock and Book Debts) and its sub-limits - 1 year. MTL-1 existing repayment schedule to continue. Margin : The borrower agrees to maintain a margin of 46.38% against the securities hypothecated in case of MTL account at all times and if the value of the security depreciates during the currency of the medium term loan, the borrower shall on demand give other properties as security so as to maintain the stipulated margin. OCC and sublimits-25% on stocks and BD(90 days) LC - 10% margin Extent and Operation of the charge : As per the agreement Others : As per the Agreement
Short particulars of the property charged	Hypothecation of stocks and Book debts LC agreement and against hypothecation of Goods purchased under LC and Cash margin Counter guarantee by the company lien on cash margin Term loan agreement and against 1st charge of fixed assets to be acquired under TL I and II INCLUDING EM on land of of 2.50acres situated at EPIP, Durgapur, W.B and factory shed thereon to be purchased from Smitabh Intercon Limited EVR-Rs18.616 millions dt 26.11.09 for land and shed 2nd charge on entire existing immovable properties m Plant and Machinery and other Fixed Assets of the company created/to be created located at ADDA Industrial Promotion Park, Near Muchipara, Durapur 12, Burdwan ,1st charge with WBFC on reciprocal basis .Extns. of 1st Charge over the Plant and Machinery of the company Tims Polymer Private Limited
Date of latest modification prior to the present modification	11.05.2010
Particulars of the present modification	By the present modification, bank has granted a enhancement to MTL-2 from Rs. 20.300 millions to Rs. 26.3 millions to the borrower in addition to the continuing 'MTL-1' of Rs. 27.000 Millions and OCC of Rs. 62.000 millions and the sub limit. The Charge is extended to the enhanced limit and the Plant and Machinery of Tims Polymer Private Limited is brought under 1st Charge which was earlier with WBFC/WBDI . The loans of said WBFC/WBIDC stands closed and hence the 2nd charge of bank is converted to 1st Charge.

FIXED ASSETS :

• Plant and Machinery and Electrical Installation
• Refrigerator
• Factory Building
• Furniture and Fixture
• Electrical Fitting
• Computer
• Leasehold Land
• Office Premises
• Motor Cycle
• Motor Vehicle
• Motor Car
• Air Conditioner

Web Details

Company Profile

A leading manufacturer and supplier of different variety of laminated pp bags and also leading Exporters of the same, Dinman Polypacks Private Limited, forayed into the Laminated PP Bag industry only in September '05 and within such a limited time frame, they have already made a name for their quality.

With the growing need and market demand they have also started manufacturing Yarn required for stitching pp woven bags especially for FIBC’s. They manufacture these Yarns as per client requirements in different deniers and different GBP’s, as per specifications provided. With world class infrastructure they are already providing best quality PP Woven Bags, now Yarn is yet another breakthrough product added on their list.

Today, their factories are situated in Calcutta and Durgapur with over 350 dedicated workers performing relentlessly towards meeting multifarious requirements of their customers.

This meteoric rise was possible due to the performance of their skilled workforce, professional management and buyer’s continuous support.

They have State of the Art imported processing machines with stringent quality control methodology at different processes to ensure consistency in product quality, which differentiates them from other players in the industry.

They are possibly one of the selected few organization providing complete solutions for branded packaging to their customers. Starting from designing a bag to making the fabric, printing, lamination and finishing the bag, each department co-ordinates and executes with utmost efficiency to bring out the best possible output for their customers.

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.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.