MIRA INFORM REPORT

Report Date :

22.02.2012

IDENTIFICATION DETAILS

Name :	TEXPORT INDUSTRIES PRIVATE LIMITED
Formerly Known As :	TEXPORT GARMENTS PRIVATE LIMITED
Registered Office :	Plot No.88, Road No.15, M.I.D.C., Andheri (East), Mumbai - 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.12.1979
Com. Reg. No.:	11-021996
Capital Investment / Paid-up Capital :	Rs. 5.836 Millions
CIN No.: [Company Identification No.]	U18101MH1979PTC021996
TAN No.: [Tax Deduction & Collection Account No.]	MUMM22206C
PAN No.: [Permanent Account No.]	AAACT5016A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject manufactures and exports readymade garments such as shirts, t-shirts, skirts, dresses, jackets, and blazers for men, women and children.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 2900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Doshi
Designation :	Finance Manager
Date :	20.02.2012

LOCATIONS

Registered/ Corporate Office/ Factory :	Plot No.88, Road No.15, M.I.D.C., Andheri (East), Mumbai - 400 093, Maharashtra, India
Tel. No.:	91-22-30882000
Fax No.:	91-22-30882005
E-Mail :	doshi@texportgarments.com mail@texportgarments.com
Website :	www.texportgarments.com
Area :	2000 sq ft
Location :	Owned
Branch Office 1 :	154, 3^rd Cross, 5^th Main, Yeshwanthpur Industrial Sub., Bangalore - 560 022, Karnataka, India
Tel. No.:	91-80-39284500
Fax No.:	91-80-39284095
Branch Office 2 :	11, Sowdambika Nagar, Poolvapatti Post, P N Road, Tirupur - 641 602, Tamilnadu, India
Tel. No.:	91-421-2481640
Fax No.:	91-421-2471436
Branch Office 3 :	31, Karangalpatti, Street No. 4, Gugai, Salem - 636 006, Tamilnadu, India
Tel. No.:	91-427-2464548
Fax No.:	91-427-2467053
Overseas Office :	New York, USA: 14^th Floor, 264 West, 40^th Street, New York, NY – 10018, USA
Tel. No.:	+1 212 869 8001
Fax No.:	+1 212 869 5965

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Narendra Kumar Deviprasad Goenka
Designation :	Director
Address :	4^th Shivkunj, 11^th Road, J.V.P.D., Vile Parle (West), Mumbai, Maharastra-400 049, Maharashtra, India
Date of Birth/Age :	30.06.1957
Date of Appointment :	25.07.1981
DIN No.:	01234889

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	U18101MH1979PTC021996	TEXPORT INDUSTRIES PRIVATE LIMITED	Director	25-07-81	25-07-81	Active	NO
2	U60210KA1983PTC005530	KISHA PRIVATE LIMITED	Director	08-10-91	08-10-91	Active	NO
3	U18101MH1995PTC091687	JBC GARMENTS PRIVATE LIMITED	Director	11-08-95	11-08-95	Active	NO
4	U52322MH1987PTC044533	REBOUND EXPORTS PRIVATE LIMITED	Director	06-03-96	06-03-96	Active	NO
5	U18101MH1987PTC042150	TEXPORT TECHNOLIGIES PRIVATE LIMITED	Director	04-06-96	04-06-96	Active	NO
6	U17115KA1996PTC019797	TEXPORT GARMENTS PRIVATE LIMITED	Director	17-04-98	17-04-98	Active	NO
7	U15541MH1982PTC139761	J.B.C. INTERNATIONAL PRIVATE LIMITED	Director	10-08-98	10-08-98	Active	NO
8	U67120MH1999PTC122992	DG GOENKA EQUITIES PRIVATE LIMITED	Director	09-12-99	09-12-99	Active	NO
9	U74899DL1978NPL008877	APPAREL EXPORT PROMOTION COUNCIL.	Director	06-12-01	06-12-01	Active	NO
10	L24110MH1981PLC024742	DUJODWALA PRODUCTS LIMITED	Director	31-10-03	31-10-03	Active	NO
11	U34300KA1995PTC018106	DUBIN DEVICES PRIVATE LIMITED	Director	02-04-06	02-04-06	Active	NO

Name :	Mr. Suresh Deviprasad Goenka
Designation :	Director
Address :	4^th Shivkunj, 11^th Road, J.V.P.D., Vile Parle (West), Mumbai, Maharastra-400 049, Maharashtra, India
Date of Birth/Age :	06.06.1953
Date of Appointment :	02.04.1990
DIN No.:	01181788

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	U15541MH1982PTC139761	J.B.C. INTERNATIONAL PRIVATE LIMITED	Director	07-11-83	07-11-83	Active	NO
2	U52322MH1987PTC044533	REBOUND EXPORTS PRIVATE LIMITED	Director	23-10-89	23-10-89	Active	NO
3	U18101MH1979PTC021996	TEXPORT INDUSTRIES PRIVATE LIMITED	Director	02-04-90	02-04-90	Active	NO
4	U18101MH1987PTC042150	TEXPORT TECHNOLIGIES PRIVATE LIMITED	Director	28-07-90	28-07-90	Active	NO
5	U18101MH1995PTC091687	JBC GARMENTS PRIVATE LIMITED	Director	11-08-95	11-08-95	Active	NO
6	U17115KA1996PTC019797	TEXPORT GARMENTS PRIVATE LIMITED	Director	17-04-98	17-04-98	Active	NO
7	U67120MH1999PTC122992	DG GOENKA EQUITIES PRIVATE LIMITED	Director	09-12-99	09-12-99	Active	NO
8	U51909MH2007PTC170297	D G GOENKA COMMODITIES PRIVATE LIMITED	Director	30-04-07	30-04-07	Active	NO

Name :	Mr. Arun Kumar Sajjankumar Goenka
Designation :	Director
Address :	4^th Shivkunj, 11^th Road, J.V.P.D., Vile Parle (West), Mumbai, Maharastra-400 049, Maharashtra, India
Date of Birth/Age :	17.08.1967
Date of Appointment :	06.03.1996
DIN No.:	01230401

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	U15541MH1982PTC139761	J.B.C. INTERNATIONAL PRIVATE LIMITED	Director	30-06-87	30-06-87	Active	NO
2	U52322MH1987PTC044533	REBOUND EXPORTS PRIVATE LIMITED	Director	01-09-87	01-09-87	Active	NO
3	U18101MH1979PTC021996	TEXPORT INDUSTRIES PRIVATE LIMITED	Director	06-03-96	06-03-96	Active	NO
4	U63040MH1998PTC115275	RIGHTCHOICE TOURS - N - TRAVELS PRIVATE LIMITED	Director	01-05-99	01-05-99	Active	NO
5	U17115KA1996PTC019797	TEXPORT GARMENTS PRIVATE LIMITED	Director	30-06-99	30-06-99	Active	NO
6	U18101MH1987PTC042150	TEXPORT TECHNOLIGIES PRIVATE LIMITED	Director	03-07-01	03-07-01	Active	NO
7	U34300KA1995PTC018106	DUBIN DEVICES PRIVATE LIMITED	Director	02-04-06	02-04-06	Active	NO

Name :	Mr. Sekhar Sashi Edayath
Designation :	Director
Address :	201, Jyoti Sparkle, Plot No.81, Shere-Punjab Soc Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Date of Birth/Age :	25.05.1955
Date of Appointment :	18.01.1998
DIN No.:	01760123
Name :	Mr. Shailesh Suresh Goenka
Designation :	Director
Address :	4^th Shivkunj, 11^th Road, J.V.P.D., Vile Parle (West), Mumbai, Maharastra-400 049, Maharashtra, India
Date of Birth/Age :	05.06.1979
Date of Appointment :	18.02.2003
DIN No.:	01230273

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	U18101MH1995PTC091687	JBC GARMENTS PRIVATE LIMITED	Director	20-01-98	20-01-98	Active	NO
2	U18101MH1987PTC042150	TEXPORT TECHNOLIGIES PRIVATE LIMITED	Director	04-09-00	04-09-00	Active	NO
3	U18101MH1979PTC021996	TEXPORT INDUSTRIES PRIVATE LIMITED	Director	18-02-03	18-02-03	Active	NO
4	U51909MH2007PTC170297	D G GOENKA COMMODITIES PRIVATE LIMITED	Director	30-04-07	30-04-07	Active	NO

Name :	Mr. Sajjankumar Chandi Prasad Goenka
Designation :	Director
Address :	4^th Shivkunj, 11^th Road, J.V.P.D., Vile Parle (West), Mumbai, Maharastra-400 049, Maharashtra, India
Date of Appointment :	14.10.2005
DIN No.:	01230354

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	U15541MH1982PTC139761	J.B.C. INTERNATIONAL PRIVATE LIMITED	Director	17-02-82	17-02-82	Active	NO
2	U67120MH1999PTC122992	DG GOENKA EQUITIES PRIVATE LIMITED	Director	26-05-03	26-05-03	Active	NO
3	U18101MH1987PTC042150	TEXPORT TECHNOLIGIES PRIVATE LIMITED	Director	26-05-03	26-05-03	Active	NO
4	U18101MH1979PTC021996	TEXPORT INDUSTRIES PRIVATE LIMITED	Director	14-10-05	14-10-05	Active	NO

Name :	Mr. Neeraj Sajjan Goenka
Designation :	Director
Address :	4^th Shivkunj, 11^th Road, J.V.P.D., Vile Parle (West), Mumbai, Maharastra-400 049, Maharashtra, India
Date of Birth/Age :	24.06.1972
Date of Appointment :	30.09.2010
DIN No.:	00745541

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	U63040MH1998PTC115275	RIGHTCHOICE TOURS - N - TRAVELS PRIVATE LIMITED	Director	09-06-98	09-06-98	Active	NO
2	U67120MH1999PTC122992	DG GOENKA EQUITIES PRIVATE LIMITED	Director	09-12-99	09-12-99	Active	NO
3	U51909MH2007PTC170297	D G GOENKA COMMODITIES PRIVATE LIMITED	Director	30-04-07	30-04-07	Active	NO
4	U18101MH1979PTC021996	TEXPORT INDUSTRIES PRIVATE LIMITED	Director	30-09-10	01-12-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Doshi
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	Equity Shares	Preference Shares
Goenka Deviprasad Narendra	2632	2020
Goenka Sajjan Chandra Kala	2662	360
Goenka Narendra Sarita Devi	2986	6620
Goenka Suresh Sashi Devi	3014	2640
Goenka Chandi Prasad Radhadevi	850	--
Goenka Deviprasad Suresh	2700	500
Sajjan Kumar Goenka – HUF	300	--
Goenka Sajjan Arun	2885	2600
Goenka Narendra Sakshi	271	--
Goenka Suresh Shailesh	2821	340
Goenka Suresh Neeti	326	--
Goenka Arun Vinita	2986	6100
Goenka Narendra Nupur	71	--
Goenka Chandi Prasad Sajjan	152	460
Goenka Sajjan Neeraj	2000	--
Suresh Goenka (HUF)	1	--
Goenka Shailesh Nishita	3000	480
Goenka Neeraj Sushma	3100	3480
Total	32757	25600

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject manufactures and exports readymade garments such as shirts, t-shirts, skirts, dresses, jackets, and blazers for men, women and children.

Products :

Item Code No. (ITC Code)	62052000
Product Description	Readymade Garments

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Garments	Nos.	10924394

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

• Canara Bank (Leader), Prime Corporate Branch, Shankaranarayan Building, No.25, M.G. Road, Bangalore – 560 001, Karnataka, India
• Export-Import Bank of India, 21 Floor, Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	201.910	251.977
Foreign currency loans secured
Foreign currency loans banks secured	359.276	432.025
Working capital loans secured
Working capital loans banks secured	641.423	591.046
Loans taken for fixed assets secured
Loans taken for vehicles secured	0.040	0.768
Total	1202.649	1275.816
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loans Directors Unsecured	54.526	47.543
Total	54.526	47.543

Banking Relations :	--
Auditors :
Name :	B. Choraria and Mates Chartered Accountants
Address :	94, 16^th Cross, 35^th Main, J. P. Nagar, 6^th Phase, Bangalore – 560 078, Karnataka, India
Tel. No.:	91-80-22440331
Fax No.:	91-80-26911458
E-Mail :	bcmates@vsnl.net
Pan No.:	AAJPC4940N
Wholly owned Enterprise :	JBC Garments Private Limited CIN No.:- U18101MH1995PTC091687 Dubin Devices Private Limited CIN No.:- U34300KA1995PTC018106 Rebound Exports Private Limited CIN No.:- U52322MH1987PTC044533 Alphonso Holdings TIPL
Enterprises over which key management personnel and their relatives exercise significant influence with whom transactions have taken place during the year:	· JBC International Private Limited · Texport Technologies Private Limited · DG Goenka Equities Private Limited · Frisco International · Texport Garments Trust · Shivdevi Goenka Foundation · Goenka Charitable Trust · Shree Goenka Kalyan Trust

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions
50000	Preference Shares	Rs.100/- each	Rs. 5.000 Millions
	Total		Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32757	Equity Shares	Rs.100/- each	Rs. 3.276 Millions
25600	Preference Shares	Rs.100/- each	Rs. 2.560 Millions
	Total		Rs. 5.836 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		5.836	5.836	5.836
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		721.390	627.455	493.113
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		727.226	633.291	498.949
LOAN FUNDS
1] Secured Loans		1202.649	1275.816	1292.924
2] Unsecured Loans		54.526	47.543	60.436
TOTAL BORROWING		1257.175	1323.359	1353.360
DEFERRED TAX LIABILITIES		29.550	37.725	58.212
TOTAL		2013.951	1994.375	1910.521
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		603.238	670.866	763.114
Capital work-in-progress		29.503	0.000	0.000
INVESTMENT		35.804	17.774	18.446
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	704.991	560.888	602.990
	Sundry Debtors	757.820	821.067	661.266
	Cash & Bank Balances	55.942	73.774	47.678
	Other Current Assets	120.551	121.235	0.000
	Loans & Advances	199.293	190.383	336.024
Total Current Assets		1838.597	1767.347	1647.958
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	178.917	216.799	188.253
	Other Current Liabilities	205.646	173.296	241.666
	Provisions	108.628	71.517	89.078
Total Current Liabilities		493.191	461.612	518.997
Net Current Assets		1345.406	1305.735	1128.961
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2013.951	1994.375	1910.521

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3578.114	3238.020	3248.365
		Other Income
		TOTAL	3578.114	3238.020	3248.365
Less	EXPENSES
		Office Expenses	3454.730	3131.703	3381.009
		Administrative Expenses
		Advertising Expenses
		TOTAL	3454.730	3131.703	3381.009
	PROFIT / (LOSS) BEFORE TAX		123.384	106.317	(132.644)
Less	TAX		29.409	(20.486)	3.546
	PROFIT AFTER TAX		93.975	126.803	(136.190)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3144.061	2944.368	2820.636
		Other Earnings	0.680	0.490	27.252
	TOTAL EARNINGS		3144.741	2944.858	2847.888
	IMPORTS
		Raw Materials	401.657	330.753	408.570
		Stores & Spares	150.158	132.114	135.702
		Capital Goods	3.765	4.196	55.596
		Others	0.000	0.000	1.873
	TOTAL IMPORTS		555.580	467.063	601.741
	Earnings / (Loss) Per Share (Rs.)		1610.35	3777.00	(2333.74)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.63	3.92	(4.19)
Return on Total Assets (PBT/Total Assets}	(%)	5.05	4.36	(5.50)
Return on Investment (ROI) (PBT/Networth)		0.17	0.17	(0.26)
Debt Equity Ratio (Total Liability/Networth)		2.45	2.88	3.75
Current Ratio (Current Asset/Current Liability)		3.73	3.83	3.18

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
Creditors due Others	178.917	216.799	188.253

NOTE

Registered Office of the company has been shifted from Laxmi Woodllen Mills, Dr. E Moses Road, Mahalaxmi, Mumbai - 400 011, Maharashtra to the present address w.e.f. 01.01.2008

BACKGROUND

Subject was set up in 1979 by Mr. Narendra Goenka, who along with his brothers, Mr. Sajjan Goenka and Mr. Suresh Goenka, is involved in managing the company. Subject manufactures and exports readymade garments such as shirts, t-shirts, skirts, dresses, jackets, and blazers for men, women and children. The company has two divisions: woven and knit garments; around 70 per cent of the company’s revenues come from the woven division and the rest from knits. Subject exports its products to the US, Canada, Australia, the UK and Continental Europe.

OPERATIONS:

During the year, the Company has incurred a profit of Rs 93.975 Millions compared to the profit of Rs 126.803 Millions earned during the previous year. The company has earned Rs. 3578.114 Millions out of which Rs. 3173.654 Millions was from export sales, Rs. 57.027 Millions was from domestic sales, Rs. 198.487 Millions as incentives and Rs. 25.996 Millions as other Income. However the total expenditure has amounted to Rs. 3454.730 Millions.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particulars	2010-11	2009-10
Claims against the Company not acknowledged as debts	0.754	0.654
Guarantees given by banks	0.075	0.000
Outstanding letters of credit	53.506	22.310
Export bills discounted with banks	641.423	591.046
Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advances)	70.965	0.000
The maximum loss estimated by the company	0.100	0.000
Provident fund liability under appeal as on 31-Mar-2010	0.654	0.654

Note: Labour dispute pending at the High Court of Karnataka filed by the company against an order of a labour court.

FORM 8

Corporate identity number of the company	U18101MH1979PTC021996
Name of the company	TEXPORT INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 88, 15^th Street, MIDC, Andheri (East), Mumbai-400093, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Export-Import Bank of India, 21 Floor, Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India
Nature of instrument creating charge	Unattested Deed of Hypothecation dated August 31, 2011 executed by Texport Industries Private Limited in favour of Export-Import Bank of India ("Exim Bank").
Date of instrument Creating the charge	31.08.2011
Amount secured by the charge	Rs. 100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 12.00% p. a. payable with monthly rests on 20th of each month subject to reset in accordance with provisions of the loan agreement. Terms of repayment Unless the Company prepays the Loan in accordance with the Loan Agreement, the Loan shall be repaid by the Borrower in 33 (Thirty Three) substantially equal quarterly installments commencing at the end of 2 years from the date of first disbursement or such other date closer to that date as may be advised by Exim Bank at the time of making the first disbursement. Margin 33.33% Extent and operation of the charge (a) The Charge created by the aforesaid Deed of Hypothecation shall operate by way of first pari passu charge over the entire moveable fixed assets and a second pari passu charge over the entire current assets of the Company for the due repayment by the Company to Exim Bank the Loan of Rs. 100.000 Millions. (b) The said Charge shall rank in the order of priority set out in Schedule IV to the Deed of Hypothecation.
Short particulars of the property charged (Including location of the property)	The Whole of the Company's moveable fixed assets and current assets, both present and future

FIXED ASSETS

· Land and Building

· Building

· Plant and Machinery

· Motor Car

· Furniture and Fixture

· Office Equipment

· Electrical Installation

· Generator

· Software

· Laundry

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. 77.79
Euro	1	Rs. 65.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.