MIRA INFORM REPORT

Report Date :

22.02.2012

IDENTIFICATION DETAILS

Name :	NARENDRA PLASTIC PRIVATE LIMITED
Registered Office :	714-725, 7^th Floor, Corporate Avenue, Sonawala Cross Road, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.05.2006
Com. Reg. No.:	11-161549
Capital Investment / Paid-up Capital :	Rs.67.800 Millions
CIN No.: [Company Identification No.]	U25200MH2006PTC161549
TAN No.: [Tax Deduction & Collection Account No.]	MUMN13834C
PAN No.: [Permanent Account No.]	AACCN3024E
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Plastic Bags.
No. of Employees :	750 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 3100000
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 e-mail: infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Nayan Joshi
Designation :	Manager
Contact No.:	91-22-42525252
Date :	17.02.2012

LOCATIONS

Registered Office :	714-725, 7^th Floor, Corporate Avenue, Sonawala Cross Road, Goregaon (East), Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-42525252/ 26852800/ 2500
Fax No.:	91-22-26852412/ 42525251
E-Mail :	nayan@narendrabags.com info@narendrabags.com sakai-k@itochu.co.jp
Website :	http://www.narendrabags.com
Location :	Owned
Factory 1 :	Survey No. 436/1/2, 1^st Floor, Village Dabel, Damon – 36210, Union Territory, India.
Tel. No.:	91-260-3290870
Fax No.:	91-260-2243042
Location :	Owned
Factory 2 :	Plot A, 195, Phase – I, ELDECO, Sidcul Industrial Park, Jail Compound Road, Sitar Gauj – 262405, Uttaranchal, India.
Location :	Owned
North Regional Office :	A-261, Okhla Industrial Area 1, New Delhi- 110 020, India.
Tel. No.:	91-11- 40614559/ 2681 0764
Fax No.:	91-11- 41811554
E-Mail :	marketingdelhi@narendrabags.com
East Regional Office :	C/O Communication Centre, 37/1B, Hazra Road, Kolkata 700 029, West Bengal, India
South Regional Office :	Parshwa Arcade, # 10 K,2nd floor, Dr. Rajkumar Road,4th "N" Block, Rajaji Nagar, Bangalore 560 010, India.
Tel. No.:	91- 80- 2312 3158
E-Mail :	marketingbangalore@narendrabags.com
Overseas Office :	79 Robinson Road,#16-01 CPF Building, Singapore 068 897
Tel. No.:	+ 65 - 9644 5441
E-Mail :	singapore@narendrabags.com

DIRECTORS

(AS ON 06.12.2011)

Name :

Mr. Punit Narendra Kumar Punamiya

Designation :

Director

Address :

Punit Himachal Co Housing Society, Block No. 1/D, Sunder Nagar, S. V. Road, Malad (West), Mumbai– 400064, Maharashtra, India.

Date of Birth/Age :

25.09.1976

Date of Appointment :

03.05.2006

DIN No.:

00054804

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	U51909MH2004PTC150170	NARENDRA EXIM PRIVATE LIMITED	Director	23/12/2004	23/12/2004	Active	NO
2	U25200MH2006PTC161549	NARENDRA PLASTIC PRIVATE LIMITED (PART IX)	Director	3/5/2006	3/5/2006	Active	NO
3	U25209MH1991PLC064043	NARENDRA POLY-PRINTS LIMITED	Director	30/09/2009	6/7/2008	Active	NO
4	U74900MH2008PTC188853	RELOGIX DISTRIBUTION PRIVATE LIMITED	Director	29/12/2009	16/11/2009	Active	NO
5	U25209MH2010PTC206151	SILVER BLENDS AND PLASTICS PRIVATE LIMITED	Director	31/07/2010	31/07/2010	Active	NO
6	U45200MH2011PTC221494	SILVER CON INFRASTRUCTURE PRIVATE LIMITED	Director	2/9/2011	2/9/2011	Active	NO

Name :

Mr. Navratan Mulchand Punamiya

Designation :

Director

Address :

104, Mary Vill, Gajanan Colony Road, Goregaon (West), Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

06.10.1952

Date of Appointment :

03.05.2006

DIN No.:

00054744

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	U25209MH1991PLC064043	NARENDRA POLY-PRINTS LIMITED	Director	18/11/1991	18/11/1991	Active	NO
2	U25200MH2006PTC161549	NARENDRA PLASTIC PRIVATE LIMITED (PART IX)	Director	3/5/2006	3/5/2006	Active	NO
3	U66000MH2008PTC180882	PALLAVI FINANCIAL ADVISORS PRIVATE LIMITED	Director	7/4/2008	7/4/2008	Active	NO

Name :

Mr. Lalit Kumar Nav Ratan Punamiya

Designation :

Director

Address :

810-E, Royal Samrat, 3^rd Floor, S. V. Road, Goregaon (West), Mumbai – 400 066, Maharashtra, India.

Date of Birth/Age :

20.07.1978

Date of Appointment :

02.05.2006

DIN No.:

00030859

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	U51909MH2004PTC150170	NARENDRA EXIM PRIVATE LIMITED	Director	23/12/2004	23/12/2004	Active	NO
2	U25200MH2006PTC161549	NARENDRA PLASTIC PRIVATE LIMITED (PART IX)	Director	2/5/2006	2/5/2006	Active	NO
3	U66000MH2008PTC180882	PALLAVI FINANCIAL ADVISORS PRIVATE LIMITED	Director	7/4/2008	7/4/2008	Active	NO
4	U25209MH1991PLC064043	NARENDRA POLY-PRINTS LIMITED	Director	30/09/2009	6/7/2008	Active	NO
5	U74900MH2008PTC188853	RELOGIX DISTRIBUTION PRIVATE LIMITED	Director	12/12/2008	12/12/2008	Active	NO
6	U25209MH2010PTC206151	SILVER BLENDS AND PLASTICS PRIVATE LIMITED	Director	30/09/2011	1/2/2011	Active	NO
7	U45200MH2011PTC221494	SILVER CON INFRASTRUCTURE PRIVATE LIMITED	Director	2/9/2011	2/9/2011	Active	NO

Name :

Mr. Neemit Kumar Narendra Punamiya

Designation :

Director

Address :

Punit Himachal Co Housing Society, Block No. 1/D, Sunder Nagar, S. V. Road, Malad (West), Mumbai– 400064, Maharashtra, India.

Date of Birth/Age :

04.04.1972

Date of Appointment :

03.05.2006

DIN No.:

00131614

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	U25209MH1991PLC064043	NARENDRA POLY-PRINTS LIMITED	Director	18/11/1991	18/11/1991	Active	NO
2	U25200MH2006PTC161549	NARENDRA PLASTIC PRIVATE LIMITED (PART IX)	Director	3/5/2006	3/5/2006	Active	NO
3	U74900MH2008PTC188853	RELOGIX DISTRIBUTION PRIVATE LIMITED	Director	12/12/2008	12/12/2008	Active	NO
4	U91100MH2010NPL207178	PLASTIC BAG MANUFACTURERS ASSOCIATION OF INDIA	Director	27/08/2010	27/08/2010	Active	NO

Name :

Mr. Rajendra Naredrakumar Pai

Designation :

Additional Director

Address :

B-38, L.G. Apartments, Versova Road, Andheri, Mumbai-400058, Maharashtra, India

Date of Birth/Age :

01.10.1966

Date of Appointment :

31.01.2008

DIN No.:

01836412

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	U74140MH2007PTC175121	AMEYA CAPITAL MANAGEMENT PRIVATE LIMITED	Director	17/10/2007	17/10/2007	Strike off	NO
2	U25200MH2006PTC161549	NARENDRA PLASTIC PRIVATE LIMITED (PART IX)	Director	30/09/2009	31/01/2008	Active	NO

Name :

Mr. Yoichiro Urata

Designation :

Whole Time Director

Address :

5-21-16, Takanodai, Nerimaku, Tokoyo-1770033, Japan

Date of Birth/Age :

02.05.1971

Date of Appointment :

30.05.2008

DIN No.:

02260011

Name :

Mr. Kazuaki Sakai

Designation :

Director

Address :

No. 207, 1-20, Tsudanuma 6 Cho-Me, Narashino-Shi, Chiba Pref, 2750016, Japan

Date of Birth/Age :

24.12.1962

Date of Appointment :

30.09.2010

DIN No.:

02741576

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	U25200MH2006PTC161549	NARENDRA PLASTIC PRIVATE LIMITED (PART IX)	Director	30/09/2010	8/2/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Nayan Joshi
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 06.12.2011)

Names of Shareholders	No. of Shares
Lalit Kumar Nav Ratan Punamiya	944208
Manisha Punamiya	194996
Punit Narendra Kumar Punamiya	639936
Navratan Mulchand Punamiya	450016
Vimala Punamiya	442159
Ladkuwar Punamiya	592267
Neemit Narendra Punamiya	390626
Hajabai Mulchand POunamiya	7911
Narendra Exim Private Limited, India	927602
Narendra M Punamiya (HUF)	28454
Neemit Narendra Punamiya (HUF)	7009
Lalit Navratan Punamiya (HUF)	1394
Navratan Mulchand Punamiya (HUF)	23422
Itochu Corporation, Japan	2030000
Ashtavinayak Trading Private Limited, India	100000
Total	6780000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	29.94
Bodies corporate	15.16
Directors or relatives of directors	54.90
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Plastic Bags.
Products :	v Carrier Bags v Vest-Type Carrier Bags (T- Shirt Bags) v Fresh Products Bags (T- Shirt Bags on Roll) v Knot Bags (T – Shirt Bags on Roll) v Garbage Bags v Butcher Sheets v Polypropylene Bags (Also in ready to use sizes). v H D P E Bags
Exports :
Products :	Plastic Bag
Countries :	· Europe · UAE · USA
Imports :
Products :	Raw Materials
Countries :	· Singapore · UAE · USA
Terms :
Selling :	Depends
Purchasing :	Credit (120 days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Plastic Bags, Sheets, Tubings and Others Ancillary Goods	MT	NA	36000	28488

GENERAL INFORMATION

Customers :

Retailers

· Texces

· Walmant

No. of Employees :

750 (Approximately)

Bankers :

· ICICI Bank

· Standard Chartered Bank,

Abhijeet II, Ground Floor, Near Mitakali Six Roads, Ahmedabad-380006, Gujarat, India

· Barclays Bank,

PLC, Ceejay House, Shivsagar Estate, Dr. A Beasant Road, Worli, Mumbai-400018, Maharashtra, India

· Bharat Co-operative Bank Limited,

Goregaon Branch, ‘ShivGiri’, Ground Floor, Plot No. 11, Samant Estate, Mumbai – 400063, Maharashtra, India.

· Kotak Mahindra Bank Limited,

36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai-400021, Maharashtra, India

· State Bank of Mauritius Limited,

101, Raheja Centre, Free Press Journal Road, Nariman Point, Mumbai-400021, Maharashtra, India

· DBS Bank, Mumbai

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans financial institutions secured	164.488	243.311
Working capital loans banks secured	715.199	564.622
Loans taken for vehicles secured	3.007	4.916
Total	882.694	812.849
(A) (Secured by Mortgage of the Company's all Movable Fixed Assets ie Plant and Machinery and Immovable Properties being Land and Building at Uttaranchal, both present and future and guaranteed by the Promoter Directors of the Company.) (B) (Secured by hypothecation of the Company's entire stocks of all kinds, Book Debts and charge on all Movable Assets of the Company, both present and future and Guaranteed by the Promoter Directors of the Company.) (C) (Secured by hypothecation of assets purchased under the hire purchase scheme and counter guaranteed by Company)

Banking Relations :	--
Auditors :
Name :	Amit Desai and Associates Chartered Accountant
Address :	Plot No. 125/7, Jawahar Nagar, Road No. 8, Goregaon (East), Mumbai-400062, Maharashtra, India
Tel. No.:	91-22-28744596
Fax No.:	91-22-28765200
E-Mail :	amit2106@gmail.com
PAN No.:	ABXPD4085C
Subsidiary Company :	· Relogix Distribution Private Limited CIN No.: U74900MH2008PTC188853
Associates Companies :	· Narendra Exim Private Limited · Narendra Poly Print Limited · Silver Blends and Plastics Private Limited · Silver Plastics · Itochu Corporation

CAPITAL STRUCTURE

(AS ON 06.12.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6780000	Equity Shares	Rs.10/- each	Rs.67.800 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		67.800	67.800	67.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		695.893	628.385	538.039
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		763.693	696.185	605.839
LOAN FUNDS
1] Secured Loans		882.694	812.849	704.049
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		882.694	812.849	704.049
DEFERRED TAX LIABILITIES		9.859	6.381	3.269
TOTAL		1656.246	1515.415	1313.157
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		517.473	474.614	391.274
Capital work-in-progress		266.189	241.917	271.284
INVESTMENT		13.400	20.400	90.300
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	375.792	304.447	190.727
	Sundry Debtors	666.494	615.846	465.596
	Cash & Bank Balances	27.831	69.078	17.818
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	86.249	114.722	91.536
Total Current Assets		1156.366	1104.093	765.677
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	259.670	286.673	188.330
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	37.512	38.978	17.132
Total Current Liabilities		297.182	325.651	205.462
Net Current Assets		859.184	778.442	560.215
MISCELLANEOUS EXPENSES		0.000	0.042	0.084
TOTAL		1656.246	1515.415	1313.157

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	NET SALES		2290.930	2107.330	1992.700
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		228.010	250.300	157.700
Less	FINANCIAL EXPENSES		65.890	67.230	44.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		162.120	183.070	113.200
Less/ Add	DEPRECIATION/ AMORTISATION		53.620	50.640	29.200
	PROFIT BEFORE TAX		108.500	132.430	84.000
Less	TAX		25.180	27.810	13.500
	PROFIT AFTER TAX		83.320	104.620	70.500
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		214.520	124.170	61.600
Less	APPROPRIATIONS
		Transfer to General Reserve	31.500	0.000	0.000
		Proposed Dividend	13.560	12.200	6.800
		Tax on Dividend	2.250	2.070	1.100
	BALANCE CARRIED TO THE B/S		250.530	214.520	124.200
	EARNINGS IN FOREIGN CURRENCY		399.610	305.921	449.420
	IMPORTS
		Raw Materials	505.770	382.524	303.904
		Capital Goods	28.010	37.644	53.226
	TOTAL IMPORTS		533.780	420.168	357.130
	Earnings Per Share (Rs.)		12.29	15.43	10.40

Expected Sales (2011-12): Rs.3000.000 Millions

The above information has been parted by Mr. Nayan

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	4.74	6.28	4.22
Return on Total Assets (PBT/Total Assets}	(%)	6.48	8.39	5.78
Return on Investment (ROI) (PBT/Networth)		0.14	0.19	0.14
Debt Equity Ratio (Total Liability/Networth)		1.54	1.64	1.54
Current Ratio (Current Asset/Current Liability)		3.89	3.39	3.44

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors
- Creditors due small micro enterprises	14.443	17.429	188.330
- Creditors due others	245.227	269.244
Total	259.670	286.673	188.330

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	-----
Major Suppliers	Yes
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

NOTE:

The registered office of the company has been shifted from 3, Vakil Industrial Estate, Walbhat Road, Goregaon (East), Mumbai – 400063, Maharashtra, India to present address w.e.f. 17.05.2009

FINANCIAL RESULTS:

The Company continues to be the largest manufacturer and exporter of plastic packaging products in India. The Company's products range includes all kinds of packaging products processed out of PP, HM-HDPE, LDPE and BOPP. The Company has a diverse portfolio of satisfied customers in India and globally across all continents. The Company has been awarded as the Top Exporter award in Plastic bags by Government of India and is recognized as a Star Export House.

Performance during the year is on expected line, however cost of power, logistics and wages have gone up in line with inflationary trend affecting margins for which efforts are on to offset such rise in cost by increase in selling prices at regular intervals/ reduction in cost by putting efficiency measures.

Capacity expansion at Daman Unit- III, Bhimpore has not progressed due to delay in tie up of funding from strategic partner/ other appropriate means. Negotiations in the matters have been renewed in view of global customers like Wallmart, Tesco and Metro etc. in the fold of the Company whereby increase in capacity has become more feasible to service such customers at their required level of supplies. Domestic Organised retailers are also expanding their outlets followed by expected liberal FDI norms in retail sector provide a good base for potential rise in demand of Company’s products.

SUBSIDIARY COMPANY:

Relogix Distribution Private Limited (Relogix), a wholly owned subsidiary is in the process of stabilization of its operations with required products in its bucket for its business of distribution / dealing in various plastic packaging products.

CONTINGENT LIABILITIES NOT PROVIDED FOR

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Outstanding Letters of Creditors	2.200	9.160
Bank Guarantees	1.310	3.020

TRADE REFERENCE:

· Texces

· Walmant

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U25200MH2006PTC161549
Name of the company	NARENDRA PLASTIC PRIVATE LIMITED (PART IX)
Address of the registered office or of the principal place of business in India of the company	714-725, 7^th Floor, Corporate Avenue, Sonawala Cross Road, Goregaon (East)l, Mumbai-400063, Maharashtra, India nayan@narendrabags.com
Type of charge	Book Debts Others : Current Assets of the company
Particular of charge holder	State Bank of Mauritius Limited, 101, Raheja Centre, Free Press Journal Road, Nariman Point, Mumbai-400021, Maharashtra, India
Email	sachin.m@sbm-india.com
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement dated 13.07.2011
Date of instrument Creating the charge	13.07.2011
Amount secured by the charge	Rs.200.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest SBM base rate plus 2.75% p.a., presently 12.00% p.a. and PCFC L+2% (L means Libor). Margin: Nil Terms of Repayment Capital on Demand and interest payable monthly. Extent and Operation of the charge First pari-passu charge on all the current assets of the Company.
Short particulars of the property charged	All the goods, RM, FG, UFG, book debts, receivables, and all other current assets both present and future.

FIXED ASSETS:

· Leasehold Land

· Factory Building

· Plant and Machinery

· Electric Installation

· Furniture and Fixtures

· Computer/ Software/ Systems

· Vehicles

· Intangible Assets

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.77.80
Euro	1	Rs.65.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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.