MIRA INFORM REPORT

Report Date :

19.11.2012

IDENTIFICATION DETAILS

Name :	HINDPRAKASH INTERNATIONAL PRIVATE LIMITED [w.e.f. 07.05.2007]
Formerly Known As :	HIND PRAKASH INTERNATIONAL TRADING PRIVATE LIMITED
Registered Office :	201, Hindprakash House, Plot No. 10/6, Phase-I , GIDC, Vatva, Ahmedabad- 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.01.2003
Com. Reg. No.:	04-41909
Capital Investment / Paid-up Capital :	Rs.126.268 Millions
CIN No.: [Company Identification No.]	U51909GJ2003PTC041909
TAN No.: [Tax Deduction & Collection Account No.]	AHMH00851E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Distributor and Importer of Dyes and Dyes Intermediates.
No. of Employees :	60 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 660988
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is part of Hindprakash Group. It is an established company having moderate track record. Latest financial in 2011-2012 are missing from the government department. From the available financial the reserves of the company seems to be low. 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 some cautions.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A4 [Short Term]
Rating Explanation	This risk prone credit quality rating assigned by ICRA to short-term debt instruments. Instruments rated in this category carry high credit risk.
Date	July 2012

Rating Agency Name	ICRA
Rating	BB – [Long Term]
Rating Explanation	The inadequate credit quality rating assigned by ICRA the rated instrument carry high credit risk.
Date	July 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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.

INFORMATION PARTED BY

Name :	Mr. Hetal Shah
Designation :	Accountant
Contact No.:	91-79-39827000

LOCATIONS

Registered Office :	201, Hindprakash House, Plot No. 10/6, Phase-I , GIDC, Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-65127841/42/39827000 (10 Lines)
Fax No.:	91-79-66317200/39827100
E-Mail :	snn@hindprakash.com info@hindprakash.com aka@hindprakash.com
Website :	http://www.hindprakash.com
Area :	Owned Building
Ware house :	Vatva Ahmedabad, Gujarat, India
Area :	Owned- Medium Size

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Santosh Narayan Nambiar

Designation :

Director

Address :

C-001, Sagun JJyotee” B/h, Dhananjay Tower, 100 Feet Road, Shyamal Road, Satelitt, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

17.10.1970

Qualification :

B. Com

Date of Appointment :

28.01.2003

Din No.:

00144542

Voter Id No.:

GJ/10/073/009572

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51500GJ1995PTC028381	HINDPRAKASH EXIM PRIVATE LIMITED	Director	07/01/2003	07/01/2003	-	Active	NO
2	U51909GJ2003PTC041909	HINDPRAKASH INTERNATIONAL PRIVATE LIMITED	Director	28/01/2003	28/01/2003	-	Active	NO
3	U51909GJ2003PTC041910	HINDPRAKASH TRADELINK PRIVATE LIMITED	Director	28/01/2003	28/01/2003	-	Active	NO
4	U24110GJ2008PTC053241	HINDPRAKASH OVERSEAS PRIVATE LIMITED	Director	13/03/2008	13/03/2008	05/03/2009	Active	NO
5	U24100GJ2008PTC055401	HINDPRAKASH LONSEN INDUSTRIES PRIVATE LIMITED	Director	13/07/2009	11/11/2008	-	Active	NO
6	U27109GJ2011PTC067739	HINDPRAKASH CORPORATION PRIVATE LIMITED	Director	08/11/2011	08/11/2011	-	Active	NO

Name :

Mr. Sanjay Prakash Mangal

Designation :

Director

Date of Birth/Age :

18.05.1972

Date of Appointment :

09.11.2011

Din No.:

02825484

Voter Id No.:

IIE0977474

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24100GJ2008PTC055401	HINDPRAKASH LONSEN INDUSTRIES PRIVATE LIMITED	Director	30/09/2011	10/08/2011	Active	NO
2	U27109GJ2011PTC067739	HINDPRAKASH CORPORATION PRIVATE LIMITED	Director	08/11/2011	08/11/2011	Active	NO
3	U51909GJ2003PTC041910	HINDPRAKASH TRADELINK PRIVATE LIMITED	Director	29/09/2012	09/11/2011	Active	NO
4	U51909GJ2003PTC041909	HINDPRAKASH INTERNATIONAL PRIVATE LIMITED	Director	29/09/2012	09/11/2011	Active	NO
5	U24110GJ2008PTC053241	HINDPRAKASH OVERSEAS PRIVATE LIMITED	Director	09/11/2011	09/11/2011	Active	NO

Name :

Mr. Vipin Prakash Mangal

Designation :

Director

Date of Birth/Age :

25.12.1967

Date of Appointment :

09.11.2011

Din No.:

02825511

Voter Id No.:

IIE2433803

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74140GJ2008PTC055332	MONETA RESOURCE AND CONSULTING PRIVATE LIMITED	Director	06/11/2009	06/11/2009	Active	NO
2	U51909GJ2003PTC041910	HINDPRAKASH TRADELINK PRIVATE LIMITED	Director	29/09/2012	09/11/2011	Active	NO
3	U51909GJ2003PTC041909	HINDPRAKASH INTERNATIONAL PRIVATE LIMITED	Director	29/09/2012	09/11/2011	Active	NO
4	U24110GJ2008PTC053241	HINDPRAKASH OVERSEAS PRIVATE LIMITED	Director	09/11/2011	09/11/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Nambiar Santosh N.	10000
Mangal Sons Trust	528740
Hindprakash Tradelink Private Limited, India	450000
Hindprakash Exim Private Limited, India	450000
Mangal Brother Trust, Ahmedabad, India	341000
Deepjyoti Commodities Private Limited, India	20
Mangal Chanakayprakash V	425000
Mangal Chandrguptprakash V	225000
Mangal Radhika S	225000
Mangal Priyata S	224970
Jain PrakashChand	10000
Shah Chandravadan D.HUF.	20
Suman Finstocks Private Limited, India	20
Modi Rajendra P.	20
Sunflower Industries Private Limited, India	3639930
Modi Sachin R. HUF	20
Shah Dilip Maneklal	20
Shirshak Enterprises Private Limited, India	572110
Vidhan Paridhan Private Limited, India	10
Mangal Rashmi V	1670000
Mangal Dimple S	1670000
Neelam Fiscal Private Limited, India	10
Patel Amit Kumar Chandrakant	10
Modern Chemical Corporation through its partner Yatin B Shah	10
Bagadia Karuna M	10
Ahmedabad Sales, India	56500
Cosmos Corporation, India	44500
Dwarkesh Corporation, India	18100
Global Corporation, India	59000
Govinda Enterprise, India	65000
Gujarat Merchandise Company, India	58000
Mangal Hemlata Omprakash	1550000
Karnavati Enterprise, India	56500
Krishna Sales Corporation, India	59000
Shankheshwar Enterprise, India	63500
Star Industries, India	9000
Transasia Corporation, India	62500
Universal Enterprise, India	10700
Vallabh Sales, India	62500
Shah Chandravadan B.	10
Bagadia Sunitadevi	10
Eureka International through its sole proprietor Yatin B Shah	10
Bharat R Shah HUF	10
Moneta Resource and Consulting Private Limited, India	10
Prakash Children Trust, India	10
Prakash Family Trust, India	10
Modi Sachin R	10000
Mangal Sanjayprakash O	10
TOTAL	12626800

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	40.49
Directors or relatives of directors	0.16
Other top fifty shareholders	59.35
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Trader, Distributor and Importer of Dyes and Dyes Intermediates.

Products :

Product Description	Item Code
Cyanuric Chloride	29336990
J Acid	29222150
Beta Nepthol	29071520
Tobias Acid	29214526

Imports :

Products :

Dyes and Dyes Intermediates

Countries :

· China

· Germany

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Bass, Germany

Customers :

End Users

· Kiri Industries Limited

No. of Employees :

60 [Approximately]

Bankers :

· ING Vysya Bank Limited, Chanakya Near Dinesh Hall, Off. Ashram Road, Ahmedabad-380009, Gujarat, India

· IDBI Bank Limited, IDBI House, Lal Bungalow, C.G. Road, Ahmedabad-380006, Gujarat, India

· The Dhanalaxmi Bank Limited, 3, Motilal Centre, Ashram Road, Ahmedabad – 380009, Gujarat, India  

· The Hong Kong and Shanghai Banking Corporation Limited, Mardia Plaza, C. G. Road, Ahmedabad – 380006

• State Bank of India, Main Branch, Lal Darwaja, Ahmedabad-380001, Gujarat, India
• Kotak Mahindra Bank Limited

Facilities :

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Foreign Currency Loans Banks Secured	104.740	31.089
Working Capital Loans Banks Secured	51.552	87.826
Loans Taken for Vehicles Secured	0.042	0.313
TOTAL	156.334	119.228
NOTE: (Unsecured Loans including interest accrued and due, if any) The Company has created a charge in favour of State Bank of India, to the extent of Rs. 258.100 millions by way of hypothecation of stock, book debts and other chargeable current assets of the company as a security of various working capital facilities viz cash credit, FBD, LC, CEL etc. facilities. The above facilities are further collaterally secured by way of equitable mortgage of company’s immoveable property viz 19-B, Kalyan Society and 83, Thakorebhai Tower both at Ahmedabad. The above facilities are further guaranteed by two directors of the company in their personal capacity. The above Facilities are also collaterally secured by way of mortgaged property and covered under corporate guarantee of Messers Ahmedabad Chemicals Private Limited. The above Facilities are also covered under corporate guarantee of Messers Sunflower Industries Private Limited.
UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other Debts Unsecured	32.181	42.280
TOTAL	32.181	42.280
NOTE: (Unsecured Loans including interest accrued and due, if any) Other debt unsecured include other Loans and Advances Rs NIL, guaranteed by director in personal capacity)

Banking Relations :	--
Auditors :
Name :	Kedia and Kedia Associates Chartered Accountant
Address :	205, Kaling, 2^nd Floor, Near Mount Carmel School, B/H B. J. House, off Ashram Road, Ahmedabad, Gujarat-380009, India
Tel. No.:	91-79-26579971
Fax No.:	91-79-26579971
E-Mail :	kediaca@sancharnet.in
PAN No.:	AABFK7236R
Associates Companies:	· Sunflower Industries Private Limited
Subsidiary Companies:	Hindprakash Lonsen Industries Private Limited [U24100GJ2008PTC055401] Hindprakash (Singapore) Pte Limited (HSPL)

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
19500000	Equity Shares	Rs.10/- each	Rs.195.000 Millions
500000	Preferences Shares	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12626800	Equity Shares	Rs.10/- each	Rs.126.268 Millions

NOTE:

1. (During the year 3,00,000 Preference Shares has been redeemed at Rupees 25/- per shares including share premium of Rs 15/- per share, during the year.)

2. (During the year 2,00,000 Preference Shares has been redeemed at Rupees 40/- per shares including share premium of Rs 30/- per share, during the year.)

3. (The paid-up equity Share capital includes 7,00,000 (Previous Year 7,00,000) equity shares of Rs 10 each which has been allotted as fully paid up bonus shares by way of capitalization of accumulated profit)

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		126.268	64.020	64.020
2] Share Application Money		0.000	6.748	0.000
3] Reserves & Surplus		38.979	39.563	24.069
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		165.247	110.331	88.089
LOAN FUNDS
1] Secured Loans		156.334	119.228	129.361
2] Unsecured Loans		32.181	42.280	44.673
TOTAL BORROWING		188.515	161.508	174.034
DEFERRED TAX LIABILITIES		0.000	0.185	0.646
TOTAL		353.762	272.024	262.769
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.757	19.103	32.697
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		54.211	10.005	4.269
DEFERREX TAX ASSETS		0.002	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.535	47.478	44.467
	Sundry Debtors	325.715	305.605	129.566
	Cash & Bank Balances	34.677	37.145	25.152
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	134.065	156.165	151.719
Total Current Assets		555.992	546.393	350.904
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	199.569	184.089	115.060
	Other Current Liabilities	80.470	114.993	7.791
	Provisions	5.182	4.431	2.304
Total Current Liabilities		285.221	303.513	125.155
Net Current Assets		270.771	242.880	225.749
MISCELLANEOUS EXPENSES		0.021	0.036	0.054
TOTAL		353.762	272.024	262.769

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1470.554	1428.880	1343.218
		Other Income
		TOTAL	1470.554	1428.880	1343.218
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1449.961	1403.881	1333.875
		Advertising Expenses
		TOTAL	1449.961	1403.881	1333.875
	PROFIT BEFORE TAX		20.593	24.999	9.343
Less	TAX		7.733	8.065	3.308
	PROFIT AFTER TAX		12.860	16.934	6.035
Less	APPROPRIATIONS
		Proposed Dividend on Preferences Shares @ 1%	0.000	0.050	0.050
		Proposed Dividend on Equity Shares @ Rs.0.20 per Shares	2.525	1.180	1.180
		Tax on Dividend	0.419	0.209	0.209
	BALANCE CARRIED TO THE B/S		9.916	15.495	4.596
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	46.448	84.597
	IMPORTS
		Direct Import of Traded Goods (Paid in Foreign Currency Terms)	NA	722.845	731.067
		Claim, Discounts and Damages Paid	NA	12.897	0.000
		Highseas Purchases of Imported Traded Goods	NA	15.881	24.448
	TOTAL IMPORTS		NA	751.623	755.515
	Earnings Per Share (Rs.)		1.05	2.88	0.09

Particulars	31.03.2012
Sales Turnover [Approximately]	3210.000

Expected Sales (2012-13) : Rs.6000.000 Millions.

The above information has been parted by Mr. Hetal Shah.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.87	1.19	0.45
Return on Total Assets (PBT/Total Assets}	(%)	3.52	4.42	2.44
Return on Investment (ROI) (PBT/Networth)		0.12	0.23	0.11
Debt Equity Ratio (Total Liability/Networth)		2.86	4.21	3.40
Current Ratio (Current Asset/Current Liability)		1.94	1.80	2.80

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

NOTE:

The registered office of the company has been shifted from Hind Prakash House, Ground Floor, Kalyan Society, Near M.G. Inmithakhali, Ahmedabad-380 009, Gujarat, India to the present address w.e.f. 01.05.2008.

THE YEAR UNDER REPORT:

The Indian economy is on the path of recover. The rupee was also remains relative stable during the year. So far as their company is concern the current year was favorable as compare to previous financial year. They look ahead for promising and favorable time to come.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10080837
Corporate identity number of the company	U51909GJ2003PTC041909
Name of the company	HINDPRAKASH INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	201, Hindprakash House, Plot No. 10/6, Phase-I , GIDC, Vatva, Ahmedabad-382445, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Main Branch, Lal Darwaja, Ahmedabad-380001, Gujarat, India
Email	mclau.zoahm@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum relating to Deposit of Title Deeds for creation of further charge for Term Loan overall Limit where the initial Charge is created by way of Mortgage by Deposit of Title Deeds.
Date of instrument Creating the charge	04.05.2010
Amount secured by the charge	Rs.258.100 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1.25 % above SBAR, presently effective rate being 13.00 % p.a. with monthly rests Terms of Repayment As per Bank's sanction. Margin Finished Goods - 25 % Receivables (Cover period 90 days) Export - 50 % & Domestic - 50 % Letter of Credit (Import) - 15 % Extent and Operation of the charge All the Securities as below mentioned in Column no. 15 have been charged to the Bank in order to secure the restructured / enhanced financial assistance limit aggregating to Rs. 258.100 Millions together with interest and all other moneys payable by the Company to the Lender: Cash Credit Rs. 90.000 Millions LC limit Rs.150.000 Millions Credit Exposure Limit Rs. 18.100 Millions ------------------- Total Limit Rs. 258.100 Millions
Date of latest modification prior to the present modification	29.10.2009
Particulars of the present modification	By virtue of said modification, the charge created earlier and modified from time to time is extended for restructured / enhanced financial assistance limit of Rs. 258.100 Millions as under : Cash Credit Rs. 90.000 Millions LC limit Rs.150.000 Millions Credit Exposure Limit Rs. 18.100 Millions ------------------- Total Limit Rs. 258.100 Millions

CONTINGENT LIABILITIES:

1. Outstanding amount of Import Letter of Credit [Net of Imports of Rs.19.335 Millions (Previous Year Rs. 50.9623 Millions)] Rs. 18.281 Millions (Previous Year Rs 20.971 Millions).

2. Outstanding amount of Letter of Undertaking (Under Import LC Facility) issued by bank, for repayment of Buyers Credit Loan Rs. 104.740 Millions (Previous Year Rs. 31.090 Millions).

3. Other claims against company not acknowledged as debt – amount not ascertained. However the management of the company does not envisages any contingent liability in this regard.

4. Bill discounted with banks (inland and foreign) Rs. Nil (Previous Year Rs. 2.110 Millions).

5. Bill discounted with banks under LC received (inland and foreign) Rs. 18.603 Millions (Previous Year Rs. 25.955 Millions).

6. Prepayment received against factored debtors Rs. Nil (Previous Year Rs. 2.832 Millions)

7. Finance received against Sale Invoice Discounting facility Rs. 11.010 Millions (Previous Year Rs. Nil)

8. Disputed Custom demand towards differential Custom duty, Fine and Penalty Rs.1.975 Millions against which an appeal is pending before Customs Excise and Service Tax Appellate Tribunal, Ahmedabad. The company has been legally advised that there will be no liability to be payable by the company and hence no provision is made in the accounts.

FIXED ASSETS:

• Free Hold Land
• Lease Hold Land
• Factory Building
• Building
• Plant and Machinery
• Vehicles
• Computer
• Computer Software
• Furniture and Fixtures

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 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 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.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.