MIRA INFORM REPORT

Report Date :

03.08.2012

IDENTIFICATION DETAILS

Name :	VIRGO POLYMERS INDIA LIMITED
Registered Office :	A1–A, MMDA Industrial Complex, Maraimalai Nagar Chennai – 603209, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.03.1985
Com. Reg. No.:	18-011622
Capital Investment / Paid-up Capital :	Rs. 33.361 Millions
CIN No.: [Company Identification No.]	L25200TN1985PLC011622
TAN No.: [Tax Deduction & Collection Account No.]	CHEV06416E
PAN No.: [Permanent Account No.]	AAACV8490Q
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturing PP Woven fabric.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 500000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track records. There is some dip in the turnover and profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with same caution. Note: The shares of the subject company are not traded from last 30 days.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB (Long Term Rating)
Rating Explanation	It is considered to have moderate risk of default regarding timely servicing of financial obligation.
Date	June 2012

Rating Agency Name	ICRA
Rating	A4+ (Short Term Rating)
Rating Explanation	It is considered as minimal degree of safety regarding timely payment of financial obligation it carry very high credit risk and are susceptible to default.
Date	June 2012

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	A1–A, MMDA Industrial Complex, Maraimalai Nagar Chennai – 603209, Tamilnadu, India
Tel. No.:	91-44-27452716
Mobile No.:	91-9003048800 (Mr. Vivek Ramsisariya)
Fax No.:	Not Available
E-Mail :	accounts@virgopolymers.com sanjay@shayam-group.com aditi.tachhoya@sbi.co.in marketing@virgopolymers.com vivek@virgopolymers.com
Website :	http://www.virgopolymer.com

DIRECTORS

As on 28.09.2011

Name :

Mr. Ram Awtar Ramsisaria

Designation :

Director

Address :

CF – 336, Sector – 1, Salt Lake City, Kolkata – 700064, West, India

Date of Birth/Age :

28.08.1953

Date of Appointment :

29.05.2000

DIN No.:

00568495

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	U51909WB1990PLC048568	TARAJYOT POLYMERS LIMITED	Director	13/03/1990	13/03/1990	-	Active	NO
2	U51495WB1989PTC047770	TARAJYOT ENTERPRISES PRIVATE LIMITED	Director	24/12/1991	24/12/1991	-	Active	NO
3	U70101WB1988PLC045438	ABA BUILDERS LTD	Whole-time director	1/1/2012	16/02/1994	-	Active	NO
4	U14101RJ1995PTC010160	MERU MARMO PRIVATE LIMITED	Director	6/6/1995	6/6/1995	1/11/2007	Active	NO
5	U45201WB1996PLC082080	RAMSISARIA BUILDERS LIMITED	Director	22/11/1996	22/11/1996	1/10/2011	Active	NO
6	L25200TN1985PLC011622	VIRGO POLYMERS INDIA LIMITED	Director	29/05/2000	29/05/2000	-	Active	NO
7	U36900WB2001PTC092957	KAMDHENU LABELS PRIVATE LIMITED	Director	1/3/2001	1/3/2001	-	Active	NO
8	U45209WB1986PTC040701	RAMESWARA NURSING HOME PRIVATE LIMITED	Director	14/02/2003	14/02/2003	-	Active	NO
9	U14101RJ2004PTC012654	RAMSISARIA MARBLES PRIVATE LIMITED (TRANSFER FROM CALCUTTA TO RAJ.	Director	8/3/2004	8/3/2004	-	Strike off	NO
10	U25191UP2000PTC025646	P P POLYPLAST PRIVATE LIMITED	Director	1/4/2005	1/4/2005	1/3/2011	Active	NO
11	U25209WB2005PTC104059	ANNAPURNA PACKAGING INDUSTRIES PRIVATE LIMITED	Director	7/7/2005	7/7/2005	-	Active	NO
12	U32305WB1991PTC051091	P P PRODUCTS PVT LTD	Director	10/11/2006	10/11/2006	30/11/2006	Active	NO
13	U45200WB2007PTC113845	SK NIKETAN PRIVATE LIMITED	Director	9/4/2007	9/4/2007	-	Active	NO
14	U74899DL2005PTC139535	KAILASHPATI POLYPLAST PRIVATE LIMITED	Director	10/10/2008	10/10/2008	-	Active	NO
15	U51101DL1996PTC077930	PINE POLYMERS PRIVATE LIMITED	Additional director	20/01/2009	20/01/2009	-	Active	NO

Name :

Mr. Vivek Ramsisaria

Designation :

Director

Address :

A1–A, MMDA Industrial Complex, Maraimalai Nagar Chennai – 603209, Tamilnadu, India

Date of Birth/Age :

16.01.1982

Date of Appointment :

18.01.2008

DIN No.:

01942187

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	U25209TN2003PTC051755	VIDHATA POLYMERS PRIVATE LIMITED	Director	13/10/2003	13/10/2003	1/11/2011	Active	NO
2	U36900WB2001PTC092957	KAMDHENU LABELS PRIVATE LIMITED	Director	1/1/2008	1/1/2008	13/08/2009	Active	NO
3	L25200TN1985PLC011622	VIRGO POLYMERS INDIA LIMITED	Director	18/01/2008	18/01/2008	-	Active	NO
4	U40101WB1997PLC083230	TOTAL ENERGY GROUP LIMITED	Director	1/3/2008	1/3/2008	10/8/2009	Active	NO
5	U25200KA2011PTC057339	ETIOS POLYMERS PRIVATE LIMITED	Director	6/2/2012	6/2/2012	-	Active	NO

Name :

Mr. Varun Ramsisaria

Designation :

Director

Address :

A1–A, MMDA Industrial Complex, Maraimalai Nagar Kanchipuram District Chennai – 603209, Tamilnadu, India

Date of Birth/Age :

30.09.1984

Date of Appointment :

25.08.2011

DIN No.:

01107837

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	U25209KA1993PTC014849	BIG BAGS (INDIA)PRIVATE LIMITED	Director	15/11/2006	15/11/2006	-	Amalgamated	NO
2	L25200TN1985PLC011622	VIRGO POLYMERS INDIA LIMITED	Director	28/09/2011	25/08/2011	-	Active	NO

Name :

Mr. Sunil Saraf

Designation :

Director

Address :

37/12-1, Archana Complex 4^th Cross, Lalbagh Road, Bangalore – 560027, Karnataka, India

Date of Birth/Age :

18.06.1976

Date of Appointment :

29.08.2004

DIN No.:

00388423

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	U85110KA1989PTC009774	SANJAY ALLOYS PRIVATE LIMITED	Director	29/09/2003	29/09/2003	-	Active	NO
2	U67120WB1996PTC076750	RGF FINCON PRIVATE LIMITED	Director	1/3/2004	1/3/2004	-	Active	NO
3	L25200TN1985PLC011622	VIRGO POLYMERS INDIA LIMITED	Director	29/08/2004	29/08/2004	-	Active	NO
4	U05190KA1999PTC024996	BASUDEO ENTERPRISES PRIVATE LIMITED	Director	13/11/2006	13/11/2006	2/9/2011	Active	NO
5	U51109WB2008PTC122294	SHRINATHJI TRADECOM PRIVATE LIMITED	Director	18/06/2010	18/06/2010	-	Active	NO

Name :

Mr. Mahesh Bohra

Designation :

Director

Address :

414/5, Residency, 2^nd Floor, 4^th Cross, Wilson Garden, Bangalore – 560027, Karnataka, India

Date of Birth/Age :

04.02.1979

Date of Appointment :

29.08.2004

DIN No.:

00186163

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	U25201WB1998PTC087099	KAMDHENU POLYMERS PRIVATE LIMITED	Director	1/9/2011	31/03/2004	-	Active	NO
2	U67120WB1996PTC076750	RGF FINCON PRIVATE LIMITED	Director	12/8/2004	12/8/2004	-	Active	NO
3	L25200TN1985PLC011622	VIRGO POLYMERS INDIA LIMITED	Director	29/08/2004	29/08/2004	-	Active	NO
4	U05190KA2005PTC036305	MURARI TRADING PRIVATE LIMITED	Director	13/05/2005	13/05/2005	24/07/2008	Active	NO
5	U51109WB2008PTC122294	SHRINATHJI TRADECOM PRIVATE LIMITED	Director	18/06/2010	18/06/2010	-	Active	NO
6	U14102KA2007PTC043203	P P GRANITES PRIVATE LIMITED	Director	30/09/2011	15/09/2010	-	Active	NO

Name :

Mr. Alok Sethia

Designation :

Director

Address :

37/12-1, Archana Complex 4^th Cross, Lalbagh Road, Bangalore – 560027, Karnataka, India

Date of Birth/Age :

18.06.1971

Date of Appointment :

01.11.2009

DIN No.:

01501035

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	U67120KA1977PTC003260	DEESONS PRIVATE LIMITED	Director	18/06/2007	18/06/2007	-	Active	NO
2	U51109WB1995PTC073676	CHAKRAPANI VYAPAR PRIVATE LIMITED	Director	1/9/2009	1/9/2009	-	Active	NO
3	L25200TN1985PLC011622	VIRGO POLYMERS INDIA LIMITED	Director	28/09/2010	1/11/2009	-	Active	NO
4	U51102KA2005PTC035897	SHYAM AGENCY PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
5	U51109WB2006PTC110902	ADHUNIK COMMODITIES PRIVATE LIMITED	Director	17/06/2010	17/06/2010	-	Active	NO
6	U51495KA2006PTC038198	KAMDHENU POLYTECH PRIVATE LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO
7	U51101WB2010PTC146306	ADVANCE TRADECOMM PRIVATE LIMITED	Additional director	5/3/2012	5/3/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mukesh Agarwal
Designation :	Marketing Executive
Mobile No.:	91-9003048803
Email :	marketing@virgopolymers.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2011

Category of Shareholders	No. of shares	Percentage (%)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1,907,100	56.09
Sub Total	1,907,100	56.09
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1,907,100	56.09
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	63,200	1.86
Financial Institutions / Banks	150,000	4.41
Sub Total	213,200	6.27
(2) Non-Institutions
Bodies Corporate	3,000	0.09
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	682,000	20.06
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	594,700	17.49
Sub Total	1,279,700	37.64
Total Public shareholding (B)	1,492,900	43.91
Total (A)+(B)	3,400,000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	3,400,000	-

BUSINESS DETAILS

Line of Business :

Manufacturing PP Woven fabric.

Products :

· Top Filling Pattern

· Bottom discharge pattern

· Lifting Loop pattern

· Bag Pattern

As on (31.03.2011)

Product Description	Item Code No.
HDPE/PP Woven Sacks	3923920

PRODUCTION STATUS

Capacity	Mt Per annum (2009-2010)
Installed Capacity	4200 Tons/ Annum
Utilized Capacity	3005 Tons/ Annum

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India (SMC), No.97(Old No.136), Railway Parallel Road, Kumarapark West, Bangalore – 560020, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans bank secured	39.372	37.572
Loan taken from vehicle secured	1.017	0.796
Total	40.389	38.368
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans bank unsecured	70.300	90.025
Loan taken from vehicle secured	0.000	0.000
Total	70.300	90.025

Banking Relations :	--
Auditors :
Name :	Venkat and Rangaa Chartered Accountants
Address :	12, Krishnapuri, second Street, Raja Anamalai Puram, Chennai – 600028, Tamilnadu, India
PAN.:	AADFV1008N

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3400000	Equity Shares	Rs.10/- each	Rs.34.000 Millions
	Less Calls in Arrears		Rs.0.639 Million
	Total		Rs.33.361 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		33.361	33.361	33.361
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		91.915	89.446	81.843
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		125.276	122.807	115.204
LOAN FUNDS
1] Secured Loans		40.389	38.368	32.256
2] Unsecured Loans		70.300	90.025	90.340
TOTAL BORROWING		110.689	128.393	122.596
DEFERRED TAX LIABILITIES		17.748	21.253	18.006
TOTAL		253.713	272.453	255.806
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		75.652	79.256	91.121
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	128.956	134.660	82.217
	Sundry Debtors	40.600	52.376	59.197
	Cash & Bank Balances	10.120	13.622	0.962
	Other Current Assets	68.668	72.798	92.078
	Loans & Advances	39.679	25.982	19.579
Total Current Assets		288.023	299.438	254.033
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	83.700	95.504	82.493
	Other Current Liabilities	23.722	8.429	2.746
	Provisions	2.540	2.308	1.109
Total Current Liabilities		109.962	106.241	86.348
Net Current Assets		178.061	193.197	167.685
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		253.713	272.453	255.806

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating Revenue	548.018	625.016	555.725
		Other Income	17.571	39.176	36.789
		TOTAL (A)	565.589	664.192	592.514
Less	EXPENSES
		Consumption Material changes inventories	443.980	543.130
		Manufacturing service cost	52.593	30.565	550.145
		Employee related expenses	10.677	10.041
		Administrative expenses	35.249	26.600
		TOTAL (B)	542.499	610.336	550.145
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.090	53.856	42.369
Less	FINANCIAL EXPENSES (D)		12.990	34.239	25.293
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.100	19.617	16.976
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.544	7.835	8.285
	PROFIT BEFORE TAX (E-F) (G)		2.556	11.782	8.791
Less	TAX (I)		0.087	4.179	0.824
	PROFIT AFTER TAX (G-I) (J)		2.469	7.603	7.967
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		50.430	42.827	34.859
	BALANCE CARRIED TO THE B/S		52.899	50.430	42.827
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	281.983	179.303	NA
	TOTAL EARNINGS		281.983	179.303	NA
	Earnings Per Share (Rs.)		0.74	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.44	1.14	1.34
Net Profit Margin (PBT/Sales)	(%)	0.47	1.89	1.58
Return on Total Assets (PBT/Total Assets}	(%)	0.70	3.11	2.55
Return on Investment (ROI) (PBT/Networth)		0.02	0.09	0.08
Debt Equity Ratio (Total Liability/Networth)		1.76	1.91	1.81
Current Ratio (Current Asset/Current Liability)		2.62	2.82	2.94

LOCAL AGENCY FURTHER INFORMATION

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	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	No
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) PAN of Proprietor/Partner/Director, if available	No
32) Passport No of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No

PERFORMANCE

The company Turnover has decreased by 11.15%when compared to last year. This year the company has planned to improve the volume to compensate the decline in margin. The company in order to increase the capacity, is working on project to increase the capacity is minimum operational cost towards capital investment anticipated for this purpose, the company is not proposing payment of any dividend this year.

Bankers Charges Report as per Registry

Corporate identity number of the company	L25200TN1985PLC011622
Name of the company	VIRGO POLYMERS INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	New No.10 (Old No.34)Arunachalam Road, Saligramam, Chennai – 600093, Tamil Nadu, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90308091
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Other Stock, Receivables, Bills Discounted & Other CA
Particular of charge holder	State Bank of India (SMC), No.97(Old No.136), Railway Parallel Road, Kumarapark West, Bangalore – 560020, Karnataka, India Email: aditi.tachhoya@sbi.co.in
Nature of instrument creating charge	Form C.2-A Supplemental Agreement of Hypothecation of Goods & Assets for increase in the overall Limit Form C-5, Letter regarding the grant of individual limits within the overall limit. Form C-10
Date of instrument Creating the charge	04.05.2011
Amount secured by the charge	Rs. 165.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC: 4.75% above base rate rising & falling therewith at monthly rests. EPC/PCFC: As per applicable Scheme FBD/EBR: At standard rates (RBI/SBI directives) Term Loan: 5.25% above base rate. Terms of Repayment CC: on Demand Term Loan: As per Repayment Schedule. Margin CC: 25% LC & BG: 10% Extent and Operation of the charge Hypothecation of entire Raw material, Spares, SIP, FG, Book Debts, Receivables and other current assets, Term Loan Secured by Plant & Machinery to be purchased out of proposed Term Loan,First charge over plant & Machinery and further charge on collateral securities as given below to the extent of Rs.165.500 Millions (CC Rs.50.000, Term Loan:Rs.10.000 Millions LC:Rs.87.500 Millions , BG: Rs.10.000 Millions and Forward Contract: RS.8.000 Millions). Others 1) Personal Guarantee of the Directors as · Mr Vivek Ramsisaria · Mr Chandra Prakash Ramsisaria · Mr Ramawtar Ramsisaria 2) Corporate Guarantee of M/s Bhavani Polymers Private Limited
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1) EM of Company's land & factory building on Plot No. C-44, at SIDCO Indl. Complex, Maraimalainagar, situated in S. No. 360, part of Ninakarai Village, Chengalput Tq., Tamilnadu. 2) EM of Comapany's Land & Factory building on Plot No. A-1A at SIDCO Industrial Complex at M M Nagar, Chennai. 3) EM on immovable. properties belonging to M/s. Bhavani Polymers private limited situated at Plot No. B-33, B-34,at SIDCO Indl. Complex, Maraimalainagar, Land measuring 18,000 Sft with built up area of 17,100 Sft
Particulars of the present modification	The Limits Revised from Rs.168.200 Millions to Rs. 165.500 Millions

· FIXED ASSETS

· Land

· Building

· Pant and Machinery

· Furniture and Fixture

· Computer

· Vehcle

· Cycle

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] 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.55.77
UK Pound	1	Rs.86.74
Euro	1	Rs.68.31

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.