MIRA INFORM REPORT

Report Date :

24.05.2012

IDENTIFICATION DETAILS

Name :	BARFLEX POLYFILMS PRIVATE LIMITED
Formerly Known as :	HITKARI POLYFILMS PRIVATE LIMITED
Registered Office :	57, New Friends Colony, Western Avenue, New Delhi – 110065
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.01.2005
Com. Reg. No.:	55-132346
Capital Investment / Paid-up Capital :	Rs.226.970 Millions
CIN No.: [Company Identification No.]	U25209DL2005PTC132346
TAN No.: [Tax Deduction & Collection Account No.]	PTLB12011G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Flexible Plastic Packaging Material.
No. of Employees :	500 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2570000
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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Anil Gupta
Designation :	Senior Manager
Contact No.:	91-120-4511100
Date :	23.05.2012

LOCATIONS

Registered Office :	57, New Friends Colony, Western Avenue, New Delhi – 110065, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	renuka@barflex.co.in
Website :	http://www.barflex.co.in
Location:	Owned
Correspondence Address :	B-1, First Floor, Sector 57, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-4255298 / 2589435 / 2589435/ 6/ 4255298/ 4595003/ 10 / 4595000
Fax No. :	91-120-4330287
E-Mail :	mail@barflex.co.in
Factory 1 :	C-44, Phase-II, Noida – 201301, Uttar Pradesh, India
Tel. No. :	91-120-4511100/20
Factory 2 :	Plot No. 17, Industrial Area, Barotiwala, District Solan-174103, Himachal Pradesh, India

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Jaiwant Bery

Designation :

Managing Director

Address :

57, Friends Colony East, Western Avenue, Delhi – 110065, India

Date of Birth/Age :

30.06.1961

Date of Appointment :

24.01.2005

DIN :

00380445

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	U74899DL1990PTC042464	HITKARI HOUSEWARE PRIVATE LIMITED	Director	21/12/1990	21/12/1990	15/12/2010	Dormant	NO
2	U25209HP1994PTC014185	HIMACHAL FOLIEN PRIVATE LIMITED	Director	2/2/1994	2/2/1994	-	Strike off	NO
3	U24131DL2000PTC108563	HIBAR PACKAGING FILMS PRIVATE LIMITED	Director	16/11/2000	16/11/2000	15/12/2010	Active	NO
4	U25209DL2005PTC132346	BARFLEX POLYFILMS PRIVATE LIMITED	Managing director	21/12/2010	24/01/2005	-	Active	NO
5	L74999HR1986PLC023974	SANGHI HIRE PURCHASE LIMITED	Director	21/03/2005	21/03/2005	15/11/2006	Active	NO
6	U74899DL2003PTC122255	BARFLEX ENTERPRISES PRIVATE LIMITED	Additional director	8/8/2007	8/8/2007	15/12/2010	Strike off	NO

Name :

Mrs. Nomita Bery

Designation :

Director

Address :

57, Friends Colony East, Western Avenue, Delhi – 110065, India

Date of Birth/Age :

23.11.1963

Date of Appointment :

24.01.2005

DIN No.:

00380502

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	U24131DL2000PTC108563	HIBAR PACKAGING FILMS PRIVATE LIMITED	Director	16/11/2000	16/11/2000	Active	NO
2	U74899DL2003PTC122255	BARFLEX ENTERPRISES PRIVATE LIMITED	Director	15/09/2003	15/09/2003	Strike off	NO
3	U25209DL2005PTC132346	BARFLEX POLYFILMS PRIVATE LIMITED	Director	24/01/2005	24/01/2005	Active	NO

Name :

Ashim Sudan

Designation :

Director

Address :

D-274, Defence Colony, New Delhi – 110024, India

Date of Birth/Age :

26.06.1961

Date of Appointment :

01.09.2010

DIN :

00733527

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	U67120DL1993PTC055202	PARADIGM FINSEC PRIVATE LIMITED	Director	16/08/1995	16/08/1995	Active	NO
2	U74899DL1986PTC023719	KUMAON SAFARIS PRIVATE LIMITED	Director	8/5/2008	8/5/2008	Active	NO
3	U25209DL2005PTC132346	BARFLEX POLYFILMS PRIVATE LIMITED	Director	30/09/2010	1/9/2010	Active	NO

Name :

Mr. Gautam Rathindranath Saigal

Designation :

Director

Address :

IRIS Co-op Hsg. Society Limited, Flat No. 27, 7^th Floor, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

20.10.1965

Date of Appointment :

24.12.2010

DIN :

00640229

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	U73100MH2005PTC206605	AA INDIAN DEVELOPMENT CAPITAL ADVISORS PRIVATE LIMITED	Managing director	11/9/2006	17/08/2006	Active	NO
2	U18101HR2006PLC037533	NUMERO UNO CLOTHING LIMITED	Nominee director	27/03/2008	27/03/2008	Active	NO
3	L65910KL1992PLC006623	MANAPPURAM FINANCE LIMITED	Director	17/08/2009	6/11/2008	Active	NO
4	U65921TZ1994PLC005299	MANAPPURAM FINANCE TAMIL NADU LIMITED	Director	31/08/2009	6/11/2008	Amalgamated	NO
5	U63030KA2007PLC044195	SIESTA LOGISTICS CORPORATION LIMITED	Nominee director	15/12/2010	15/12/2010	Active	NO
6	U25209DL2005PTC132346	BARFLEX POLYFILMS PRIVATE LIMITED	Director	24/12/2010	24/12/2010	Active	NO
7	U72900PN1994PLC077095	SEED INFOTECH LIMITED	Additional director	20/09/2011	20/09/2011	Active	NO

Name :

Mr. Raghav Kapoor

Designation :

Director

Address :

D 1 / 14, DLF City-1, Gurgaon, Haryana, India

Date of Birth/Age :

15.08.1974

Date of Appointment :

24.12.2010

DIN :

03017843

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	U15410HR2010PTC041122	KAPS CONSUMER GOODS PRIVATE LIMITED	Director	27/08/2010	27/08/2010	Active	NO
2	U18101HR2006PLC037533	NUMERO UNO CLOTHING LIMITED	Director	30/09/2011	16/12/2010	Active	NO
3	U25209DL2005PTC132346	BARFLEX POLYFILMS PRIVATE LIMITED	Director	24/12/2010	24/12/2010	Active	NO

KEY EXECUTIVES

Name :	Ms. Renuka Garg
Designation :	Secretary
Address :	2 B, Bharat Apartments, 31, I.P. Extension, Patparganj, Delhi – 110092, India
Date of Birth/Age :	06.11.1975
Date of Appointment :	01.07.2005
PAN No.:	AGKPG1906B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Jaiwant Bery	7936560
Nomita Bery	5204440
Jaiwant Bery (HUF)	99000
AA Development Capital India Fund 1 LLC, Mauritius	9457000
TOTAL	22697000

AS ON 30.09.2011

Equity Share Break up Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie’s Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	41.67
Directors or relatives of directors	58.33
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Flexible Plastic Packaging Material.
Exports :
Products :	Flexible Plastic Packaging Material
Countries :	· South Africa · Srilanka · Australia
Imports :
Products :	Raw Material and Machinery
Countries :	· Singapore · Germany · China
Terms :
Selling :	L/C / Cash and Credit
Purchasing :	L/C / Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity*	Actual Production
Flexible Packaging	Kgs. P.a.	NA	7760000	5481765
*as certified by the management, being a technical matter.

GENERAL INFORMATION

Suppliers :

Reliance Industries

Customers :

· P.D. Light

· Reliance Retails

No. of Employees :

500 [Approximately]

Bankers :

· State Bank of India, Industrial Finance Branch, Jawahar Vyapar Bhawan, Tolstoy Marg, New Delhi-110001, India

· Punjab National Bank, B. O. Nehru Place, New Delhi, India

· ICICI Bank

· Small Industries Development Bank of India

· CITI Bank

· HDFC Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working capital loan from banks	109.440	112.352
Loan taken for vehicles	2.344	1.974
Other debts	143.907	63.479
Total	255.691	177.805

Banking Relations :	--
Auditors :
Name :	B.S.R. and Company Chartered Accountants
Address :	Building No. 10, 8^th Floor, Tower-B, DLF Cyber City, Phase – II, Gurgaon – 122002, Haryana, India
PAN No. :	AAIFB0630K

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
26,000,000	Equity Share	Rs.10/- each	Rs.260.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22,697,000	Equity Share	Rs.10/- each	Rs.226.970 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		226.970	102.400	58.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		415.594	103.367	30.002
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		642.564	205.767	88.002
LOAN FUNDS
1] Secured Loans		255.691	177.805	208.835
2] Unsecured Loans		0.000	0.000	44.442
TOTAL BORROWING		255.691	177.805	253.277
DEFERRED TAX LIABILITIES		17.823	19.071	10.414
TOTAL		916.078	402.643	351.693
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		297.051	230.894	224.444
Capital work-in-progress		67.673	0.283	0.278
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	106.715	83.567	76.386
	Sundry Debtors	172.825	158.969	107.558
	Cash & Bank Balances	259.337	12.986	10.855
	Other Current Assets	6.041	0.415	13.719
	Loans & Advances	196.849	26.166	0.000
Total Current Assets		741.767	282.103	208.518
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	74.876	93.155	73.945
	Other Current Liabilities	103.672	4.577	6.524
	Provisions	11.865	13.123	2.064
Total Current Liabilities		190.413	110.855	82.533
Net Current Assets		551.354	171.248	125.985
MISCELLANEOUS EXPENSES		0.000	0.218	0.986
TOTAL		916.078	402.643	351.693

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	882.312	725.199	560.844
Less	EXPENSES
		Office Expenses
		Administrative Expenses	786.180	622.339	529.819
		Advertising Expenses
		Financial Expenses
		TOTAL	786.180	622.339	529.819
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		96.132	102.860	31.025
Less/ Add	DEPRECIATION/ AMORTISATION		26.899	20.696	15.893
	PROFIT BEFORE TAX		69.233	82.164	15.132
Less	TAX		(2.763)	8.657	6.097
	PRIOR PERIOD ITEMS		0.649	0.000	0.000
	PROFIT AFTER TAX		71.347	73.507	9.035
	EARNINGS IN FOREIGN CURRENCY
		FOB value Export	18.342	19.324	10.400
	TOTAL EARNINGS		18.342	19.324	10.400
	IMPORTS
		Purchase of Raw Materials	29.143	89.697	89.314
		Purchase of Capital goods	19.873	0.000	1.324
		Components and spare parts	0.556	0.000	0.000
	TOTAL IMPORTS		49.572	89.697	90.638
	Earnings Per Share (Rs.)		4.92	9.31	--

Particulars	31.03.2012
Sales Turnover [Approximately]	1160.000

Expected Sales (2012-13) : Rs.1500.000 Millions.

The above information has been parted by Mr. Anil Gupta.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.09	10.14	1.61
Return on Total Assets (PBT/Total Assets}	(%)	6.66	16.02	3.49
Return on Investment (ROI) (PBT/Networth)		0.11	0.40	0.17
Debt Equity Ratio (Total Liability/Networth)		0.69	1.40	3.81
Current Ratio (Current Asset/Current Liability)		3.89	2.54	2.53

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	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	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
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	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

NOTE:

The Registered office address of the company has been shifted from 112, Jor Bagh, New Delhi – 110003, India to the present address w.e.f. 06.01.2012

NATURE OF OPERATIONS:

The company was incorporated on 24.01.2005, under the provision of the companies Act, 1956 as a private limited company. The company is engaged in the manufacturer and sale of flexible packaging material for various companies.

WORKING RESULTS:

During the year sales and other income of the company was handsome in comparison to last year.

FUTURE OUTLOOK:

Barring unforeseen circumstances, the company expects to perform much well during the current year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25209DL2005PTC132346
Name of the company	BARFLEX POLYFILMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	112, Jor Bagh, New Delhi – 110003, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10174725
Type of charge	§ Book Debts § Movable Property § Immovable Property
Particular of charge holder	State Bank of India Industrial Finance Branch, Jawahar Vyapar Bhawan, Tolstoy Marg, New Delhi -110001, India radhey.jaitly@sbi.co.in
Nature of instrument creating charge	Supplemental agreement of loan for increase in the overall limit, Supplemental agreement of hypothecation of goods and assets for increase in the overall limit and letter regarding the grant of individual limits within the overall limit and letter for deposit of title deeds
Date of instrument Creating the charge	11.02.2011
Amount secured by the charge	Rs.438.400 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - on FBWC @4.40% above base rate i. e. currently 12.65% p. a. and on TL @ 4.25% above base rate i.e. currently @12.50% p. a. and TL -IV 5% above base rate currently 13.25% p. a. with monthly rests. Terms of Repayment - working capital limit repay on demand and Term loans repay as per form- C-5 attached herewith Margin - margin on Raw material, stock in process, finished goods and receivables @25% on bank guarantee and LC @10%, and TL IV 33.33% Extent and Operation of the charge - Total limits sanctioned by State Bank of India, Industrial Finance Branch Rs.438.400 Millions, Cash Credit (Hypothecation of stock and book debts) Rs.170.000 Millions, Bank Guarantee Rs.4.000 millions, LC limit Rs.80.000 Millions, FCL Rs.8.200 Millions and term loan I, II, III Rs.16.800 Millions, Rs.17.900 Millions Rs.41.500 Millions and TL IV Rs.100.000 Millions secured by all current and fixed assets of the company and equitable mortgage by deposit of title deeds in respect of company's immovable property, One way Interchangeability from LC to CC.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive 1st charge on all current assets of the company by way of hypothecation of stock, stores, book debts, and other current assets. Extn . of charge on entire FAs, including EM of leasehold right of immovable property of the company situated at plot No-17, Barotiwala Industrial Area, Himachal Pradesh as collateral security. 1st exclusive charge on all fixed assets of the company including EM of leasehold right of immovable property of the company situated at plot No-17, Barotiwala Industrial Area, Himachal Pradesh for TL. Extension of charge on all current assets of the Company as collateral Security
Date of instrument modifying the charge	20.09.2010
Particulars of the present modification	Now the limit has been enhanced from Rs.371.700 Millions to Rs.438.400 Millions, Cash Credit (Hypothecation of stock and book debts) Rs.170.000 Millions, Bank Guarantee Rs.4.000 millions, LC limit Rs.80.000 Millions, FCL Rs.8.200 Millions and term loan I, II, III Rs.16.800 Millions, Rs.17.900 Millions Rs,41.500 Millions and TL IV Rs.100.000 Millions secured by all current and fixed assets of the company and extension EM by deposit of title deeds in respect of company's immovable property situated at plot No.17 Industrial Area Barotiwala, Solan, (Himachal Pradesh).

CONTINGENT LIABILITIES [AS ON 31.03.2011]

CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE BOOKS

· Bank Guarantee given to value added tax authorities, excise and customs authorities – Rs.6.017 millions.

· Income tax matter in dispute / under appeal – Rs.0.284 millions.

· Duty saved under export promotion capital goods scheme is Rs.19.603 millions, against which an export commitment of Rs.127.516 millions.

FIXED ASSETS

· Air Conditioner

· Building

· Bus

· Car

· Computer

· Electrical Fittings

· Epabx Systems

· Fire Equipments

· Furniture and Fixture

· Land

· Office Equipments

· Plant and Machinery

· Scooter

· Telephone Set

· Tempo

· Cylinder

· Truck

WEBSITE DETAILS:

PROFILE:

Subject is India's flexible packaging unit. They are one stop shop for multiple packaging solutions available at highly competitive prices. Their comprehensive range of packaging material is widely utilized in processes food, FMCG and several other industries.

They are the pioneering organization, which introduced the concept of packaging Edible Oils and Paints in tamper proof pouches. This led us to the enormous heights of success and helped us in earning goodwill in the domestic market. Today, they are counted amongst the most prominent providers of effective packaging solutions to varied Edible Oil, Dairy and Cashew Industries.

Subject has concentrated all its efforts to provide utmost satisfaction of the clients. By offering an extensive range of packaging material possessing extraordinary quality attributes, has enabled us to develop a vast clientele comprising major brands. Some of leading brands they are associated with are:

To ensure flawless production of effective packaging material/products, they have developed a robust infrastructural set-up. Their infrastructure incorporates advanced designing and manufacturing facilities which are based on latest technology. The manufacturing facility is strategically located in the Excise and Tax Free Zone of Himachal Pradesh, which enables us to offer maximum cost advantage to the customers.

Subject continually strives for constant product innovation for processed foods which require technical and sophisticated packaging techniques. BARFLEX has established a vast resource base for technical support in India as well as abroad in order to provide the clients with qualitative packaging solutions at competitive prices.

INFRASTRUCTURE

Backed by a well-integrated infrastructural facility, Subject is successfully catering to the packaging needs of processed food and FMCG industries. Their sturdy infrastructural set-up has played a vital role in determining immense growth and development of their organization. They have their own manufacturing facility located in Badi, an Excise Free Zone in Himachal Pradesh. The strategic location of their manufacturing plant enables us in executing cost-effective production which ultimately leads to tremendous cost benefits to their clients.

The manufacturing unit is backed by the technical support of various packaging machines and equipment. To ensure smooth processes and increased productivity, they constantly focus on upgrading their manufacturing facility. The manufacturing unit is installed with an enormous capacity of 6000 TPA. Soon, they are planing to extend the capacity of their plants to 15000 TPA in the near future.

Effective use of sophisticated fabrication facilities and other available resources have resulted in a perfect outcome of unmatched quality packaging material. To retain highest industrial standards in their range, they pay extreme attention during the entire production process. Further, to ascertain a flawless product range they have established a fully equipped Quality Control Lab.

Numerous tools and equipment acquired for the QC Lab are enlisted below:

· Opacity tester

· Gloss tester

· Print ink resistance tester

· COF tester

· Tensile strength tester

· Barrier testing facility (outsourced)

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.55.93
UK Pound	1	Rs.88.15
Euro	1	Rs.70.87

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	TPT

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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.