MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	G M SYNTEX PRIVATE LIMITED
Registered Office :	Dhanasingh Processors Compound, Wazir Glass Works Lane, J B Nagar, Andheri Kurla Road, Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.11.1999
Com. Reg. No.:	11-122522
Capital Investment / Paid-up Capital :	Rs.6.464 Millions
CIN No.: [Company Identification No.]	U17100MH1999PTC122522
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Fabrics
No. of Employees :	1200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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 established-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Jagdish
Designation :	Finance Manager
Contact No:	91-22-61559898
Date:	11.11.2011

LOCATIONS

Registered Office :	Dhanasingh Processors Compund, Wazir Glass Works Lane, J B Nagar, Andheri Kurla Road, Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-66921560/56921560/66921561/66921562
Fax No.:	91-22-66164014/28365342
Established-Mail :	accounts@gmsyntex.com gmsyntex@vsnl.net
Website :	www.gmsyntex.com
Factory :	Plot No. C 38 and E 32 / 1 / 1 , MIDC, Tarapur Industrial Area, Boisar, Thane, Maharashtra, India
Tel. No.:	91-2525-272478
Fax No.:	91-2525-272672

DIRECTORS

AS ON 29.09.2009

Name :	Ms. Raviderkaur K G Singh Chugha
Designation :	Director
Address :	801, 8^th Floor, Daffodil Building, 7^th Road, JVPD Scheme, Vile Parle West, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	28.01.1950
Date of Appointment :	20.07.2005
DIN No. :	00136434

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	U17120MH1975PTC018587	DHANNA SINGH FINISHERS PRIVATE LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO
2	U99999PB1987PTC007282	KURALI SYNTHETICS PVT LTD	Director	01/05/1995	01/05/1995	-	Active	YES
3	U51900MH1990PTC058418	KIM FASHION (EXPORTS) PRIVATE LIMITED	Director	01/10/1998	01/10/1998	-	Active	NO
4	U33209MH1998PTC118897	FAVOURITE COLOURS PRIVATE LIMITED	Director	05/08/2009	15/06/2002	-	Active	NO
5	U17110MH1990PTC058419	MANOHAR FASHIONS MFG COMPANY PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
6	U17100MH1979PTC021535	JAGDISH WEAVING AND KNITTING MILLS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	YES
7	U17120MH2004PTC149163	JAGDISH POLYESTER PRIVATE LIMITED	Director	25/01/2005	25/01/2005	-	Active	NO
8	U17100MH1999PTC122522	G M SYNTEX PRIVATE LIMITED	Director	20/07/2005	20/07/2005	-	Active	NO
9	U18101MH2006PTC161746	MAXWELL FASHIONS PRIVATE LIMITED	Director	11/05/2006	11/05/2006	-	Active	NO
10	U17100MH1979PTC021536	DHANA SINGH SILK MILLS PRIVATE LIMITED	Director	11/03/2008	11/03/2008	-	Active	YES

Name :	Mr. Dalbir Singh G S Chugha
Designation :	Director
Address :	901, 9^th Floor, Daffodil Building, 7^th Road, JVPD Scheme, Vile Parle West, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	24.08.1981
Date of Appointment :	20.07.2005
DIN No. :	00136561

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	U17120MH1975PTC018587	DHANNA SINGH FINISHERS PRIVATE LIMITED	Director	14/06/2000	14/06/2000	-	Active	NO
2	U51900MH1990PTC058418	KIM FASHION (EXPORTS) PRIVATE LIMITED	Director	14/06/2000	14/06/2000	-	Active	NO
3	U99999PB1987PTC007282	KURALI SYNTHETICS PVT LTD	Director	14/06/2000	14/06/2000	-	Active	YES
4	U17100MH1979PTC021535	JAGDISH WEAVING AND KNITTING MILLS PRIVATE LIMITED	Director	16/06/2000	16/06/2000	-	Active	YES
5	U17120MH2004PTC149163	JAGDISH POLYESTER PRIVATE LIMITED	Director	25/01/2005	25/01/2005	-	Active	NO
6	U17100MH1999PTC122522	G M SYNTEX PRIVATE LIMITED	Director	20/07/2005	20/07/2005	-	Active	NO
7	U22110MH2006PTC161747	SAHIB GRAPHICS PRIVATE LIMITED	Director	11/05/2006	11/05/2006	-	Active	NO
8	U17100MH1979PTC021536	DHANA SINGH SILK MILLS PRIVATE LIMITED	Director	11/03/2008	11/03/2008	-	Active	YES
9	U74999MH2008PTC186850	PURE DRAPES PRIVATE LIMITED	Director	17/09/2008	17/09/2008	-	Active	NO

Name :	Ms. Chandeep Kaur
Designation :	Director
Address :	C – 24, Vishal Enclave, New Delhi – 110027, Delhi, India
Date of Birth/Age :	03.02.1986
Date of Appointment :	04.12.2006
DIN No. :	01031048

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	U17100MH1999PTC122522	G M SYNTEX PRIVATE LIMITED	Director	04/12/2006	04/12/2006	-	Active	NO
2	U17100MH1979PTC021535	JAGDISH WEAVING AND KNITTING MILLS PRIVATE LIMITED	Director	04/12/2006	04/12/2006	-	Active	YES
3	U99999PB1987PTC007282	KURALI SYNTHETICS PVT LTD	Director	04/12/2006	04/12/2006	-	Active	YES
4	U17100MH1979PTC021536	DHANA SINGH SILK MILLS PRIVATE LIMITED	Director	11/03/2008	11/03/2008	-	Active	YES
5	U74999MH2008PTC186850	PURE DRAPES PRIVATE LIMITED	Director	17/09/2008	17/09/2008	-	Active	NO

Name :	Mr. Gurbakshish Singh
Designation :	Director
Address :	801, 8^th Floor, Daffodil Building, 7^th Road, JVPD Scheme, Vile Parle West, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	20.12.1949
Date of Appointment :	03.11.1999
DIN No. :	01332493

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	U18101MH1990PTC059295	DHANA SINGH SONS PRIVATE LIMITED	Director	05/12/1990	05/12/1990	-	Active	YES
2	U17100MH1999PTC122522	G M SYNTEX PRIVATE LIMITED	Director	03/11/1999	03/11/1999	-	Active	NO
3	U99999PB1987PTC007282	KURALI SYNTHETICS PVT LTD	Director	12/07/2005	12/07/2005	-	Active	YES
4	U17100MH1979PTC021535	JAGDISH WEAVING AND KNITTING MILLS PRIVATE LIMITED	Director	20/07/2005	20/07/2005	-	Active	YES
5	U18101MH2006PTC161746	MAXWELL FASHIONS PRIVATE LIMITED	Director	11/05/2006	11/05/2006	-	Active	NO
6	U33209MH1998PTC118897	FAVOURITE COLOURS PRIVATE LIMITED	Director	05/08/2009	17/08/2007	-	Active	NO
7	U17100MH1979PTC021536	DHANA SINGH SILK MILLS PRIVATE LIMITED	Director	11/03/2008	11/03/2008	-	Active	YES

Name :	Mr. Omkarnath P Malhotra
Designation :	Director
Address :	T – 2 – 101, Sunder Nagar, Malad West, Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	01.08.1945
Date of Appointment :	15.03.2009
DIN No. :	01346267

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	U17110MH1990PTC058419	MANOHAR FASHIONS MFG COMPANY PRIVATE LIMITED	Director	27/10/2001	27/10/2001	-	Active	NO
2	U17100MH1979PTC021535	JAGDISH WEAVING AND KNITTING MILLS PRIVATE LIMITED	Director	06/02/2002	06/02/2002	-	Active	YES
3	U17120MH2004PTC149163	JAGDISH POLYESTER PRIVATE LIMITED	Director	25/01/2005	25/01/2005	-	Active	NO
4	U17100MH1999PTC122522	G M SYNTEX PRIVATE LIMITED	Director	15/03/2009	15/03/2009	-	Active	NO

Name :	Mr. Harsimratkaur Dang
Designation :	Director
Address :	B – 701, Spring Valley, Opposite Doctor House, Ellisbridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	14.07.1961
Date of Appointment :	10.04.2008
Date of Cessation :	15.03.2009
DIN No. :	00487380

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	U85110GJ2001NPL039693	PREM FATEH FOUNDATION	Director	21/06/2001	21/06/2001	-	Active	NO
2	U17119GJ1991PTC015506	PEE GEE FABRICS PRIVATE LIMITED	Director	12/12/2002	12/12/2002	-	Active	NO
3	U33209MH1998PTC118897	FAVOURITE COLOURS PRIVATE LIMITED	Director	05/08/2009	17/08/2007	-	Active	NO
4	U17100MH1999PTC122522	G M SYNTEX PRIVATE LIMITED	Director	10/03/2009	10/04/2008	15/03/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2009

Names of Shareholders	No. of Shares
Raviderkaur G Singh Chugha	60462
Dalbir Singh	60559
Chandeep Kaur	60000
Gurbakshish Singh	62653
Gurbakshish Singh HUF	62033
Gurdeep Kaur	24438
Jagdish Kaur	24438
Dhanasingh Finishers P Limited, India	58705
Kim Fashion Exports P Limited, India	58700
Jagdish Polyster P Limited, India	35000
Jagdish Kaur and Ms. Gurdeep Kaur	4998
Manohar Fashion (Manufacturer) P Limited, India	11775
S Prabhadit Singh	121
Gagandeep Kaur	2450
Pure Drapes P Limited, India	60000
Dalbir Singh HUF	60000
Total	646332

AS ON 29.09.2009

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		35.00
Directors or relatives of directors		65.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Fabrics
Exports :
Products :	Fabrics
Countries :	USA, Canada
Imports :
Products :	Raw Material and Machinery
Countries :	China, Switzerland
Terms :
Selling :	Cash, Credit, L/C (30 days)
Purchasing :	Cash, Credit, L/C (30 days)

GENERAL INFORMATION

Customers :

Wholesaler

No. of Employees :

1200 (Approximately)

Bankers :

Punjab and Sind Bank – Shahid Bhagat Singh Colony, J B Nagar, Andheri Kurla Road, Andheri East, Mumbai 400059, Maharashtra, India

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Punjab and Sind Bank (Against Hypothecation of Fixed Assets)	345.066	231.608
Cash Credit	22.029	7.256
FOUBP Limit	36.400	6.465
Packing Credit Limit (against hypothecation of fixed assets, goods, and exports documents)	11.000	0.000
Total	414.495	245.329
UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Relatives and Directors	89.309	80.835
Total	89.309	80.835

Banking Relations :	--
Auditors :
Name :	B P Trivedi and Associates Chartered Accountant
Address :	3/926 Navjivan Commercial Premises Co Operative Society Limited, Lamington Road, Mumbai 400008, Maharashtra, India
Tel. No.:	91-22-23099318/66335689
Mobile No.:	91-9967058219
Pan No. :	AABPT6694C

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs. 10 each	Rs.7.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
646332	Equity Shares	Rs. 10 each	Rs. 6.463 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011
Sales Turnover (Approximately)	1750.000

Expected Sales (2011-2012) : Rs. 2000.000 Millions

The above information has been parted by Mr. Jagdish (Finance Manager)

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		6.463	6.463	3.502
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		560.740	494.413	266.090
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		567.203	500.876	269.592
LOAN FUNDS
1] Secured Loans		414.495	245.329	43.129
2] Unsecured Loans		89.309	80.835	0.033
TOTAL BORROWING		503.804	326.164	43.162
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1071.007	827.040	312.754
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		713.984	554.035	82.036
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.437	4.438	2.400
DEFERREX TAX ASSETS		21.657	16.831	0.330
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	131.640	99.017	78.312
	Sundry Debtors	294.407	171.542	177.599
	Cash & Bank Balances	8.827	17.584	4.223
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	154.887	114.086	113.507
Total Current Assets		589.761	402.229	373.641
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	160.107	76.175	58.285
	Other Current Liabilities	3.434	20.188	20.156
	Provisions	98.157	57.927	67.260
Total Current Liabilities		261.698	154.290	145.701
Net Current Assets		328.063	247.939	227.940
MISCELLANEOUS EXPENSES		2.866	3.797	0.048
TOTAL		1071.007	827.040	312.754

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL (A)	1369.768	1377.375	743.161
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		264.510	208.799	64.940
Less/ Add	DEPRECIATION/ AMORTISATION (F)		157.953	156.640	16.560
	PROFIT BEFORE TAX (E-F) (G)		106.557	52.159	48.380
Less	TAX (H)		40.230	27.430	18.200
	PROFIT AFTER TAX (G-H) (I)		66.327	24.729	30.180
	Earnings Per Share (Rs.)		102.63	38.26	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.46	2.26	4.06
Return on Total Assets (PBT/Total Assets}	(%)	8.17	5.45	10.61
Return on Investment (ROI) (PBT/Networth)		0.19	0.10	0.18
Debt Equity Ratio (Total Liability/Networth)		1.35	0.95	0.70
Current Ratio (Current Asset/Current Liability)		2.25	2.60	2.56

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
For Goods	67.254	21.508	30.972
For Expenses	92.056	54.039	26.902
For Others	0.796	0.627	0.491

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	--
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Bankers Charges Report as per Registry

Name of the company	G M Syntex Private Limited
Presented By	Jointly by company and charge holder i.e Punjab and Sind Bank, Andheri (E) Branch, Mumbai – 400059
1) Date and description of instrument creating the change	31.05.2002 Agreement for hypothecation of goods to secure a demand cash credit i.e term loan (under Tuf scehme)
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	1. Hypothecation of stocks of 4 rapier-looms somet type with dobby 3200 MM at premises in Tarapur. 2. First charge on all the fixed assets of the company
4) Gist of the terms and conditions and extent and operation of the charge.	1. Interest @6.5% over RBI rate, with a minimum of 13% P.A 2. security by way of first charge 3. 70% Margin to be maintained
5) Name and Address and description of the person entitled to the charge.	Punjab and Sind Bank, Andheri (E) Branch, Mumbai – 400059
6) Date and brief description of instrument modifying the charge	16.06.2005 Agreement of hypothecation of goods to secure demand cash credit i.e term loan
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.	1. cash credit Rs. 2.500 millions on 31.05.2002 on hypothecatin of goods, again enhanced to TL of Rs. 113.400 millions on 16.06.2005 to Total Rs. 13.800 millions on hypothecation of stock of Imported textile machinery. 2. security by way of first charge on entire fixed assets of company. 3. interest @ 3.70% over RBI rate subject to minimum 9.70% p.a 4. 40% and 25% margin to be maintained.

Corporate identity number of the company	U17100MH1999PTC122522
Name of the company	G M SYNTEX PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Dhanasingh Processors Compund, Wazir Glass Works Lane, J B Nagar, Andheri Kurla Road, Mumbai 400059, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge) Others - Machinery
Particular of charge holder	Punjab and Sind Bank, 101 Shahid Bhagat Singh Colony, J B Nagar, Andheri Kurla Road, Andheri East, Mumbai 400059, Maharashtra, India Email: b0499@psb.org.in
Nature of instrument creating charge	Hypothecation of goods to secure a demand cash credit and Letter of Hypothecation for inland / foreign bills purchased advances against bills for collection both together constituting a single charge.
Date of instrument Creating the charge	26.07.2010
Amount secured by the charge	Rs. 25.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest @2.80% above prevailing base rate with monthly rests or at such other rate as may be prescribed by the Bank from time to time. Terms of repayment Term loan to be repaid in 9 years in 107 monthly EMI's of Rs.0.232 million and the last instalment i.e. 108th instalment of Rs.0.176 million. The repayment will start after 12 months from the date of first disbursement and interest would be recovered as and when charged / accrued. Margin Margin to be maintained for term loan at 40% and for ILC (within the term loan of Rs.25.000 millions) at 40% on new machinery and 25% on old machinery at the time of issuance of LC and remaining 15% at the time or acceptance for DA-LC or at the time or payment of sight LC or at such other rate as may be fixed by the bank from time to time. Extent and operation of the charge Security created by way of first charge and to cover the principal amount together with interest, costs, charges, expenses etc. Other 1/ Security created in respect of term loan facility with a sub-limit of ILC limit of Rs.25.000 millions within the term loan facility. 2/ Term loan facility is granted for purchase of new and second hand machinery under TUFS Scheme.
Short particulars of the property charged (Including location of the property)	Machinery which now or which may hereafter from time to time be at company's godowns or premises at Plot No. D/21/1/1, D/21/2/1 MIDC, Tarapur Industrial Area, Thane, Maharashtra or wherever else the same may be including in course of transit or delivery. Inland bills covering railway receipts, road transport receipts, delivery orders, bills of lading or other documents of title to goods and goods covered by the documents accompanying the bills &/or their sale proceeds, to be available as security only in case of ILC limit within the term loan facility.

FIXED ASSETS:

• Land
• Building
• Motor Car
• Electric Installation
• Computer
• Trolly
• Furniture and Fixture
• Office Equipment
• Tools and Equipment
• Fire and Fightings
• Mobile and Telephone
• Motor Truck

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.49.78
UK Pound	1	Rs.80.10
Euro	1	Rs.68.81

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.