MIRA INFORM REPORT

Report Date :

27.11.2012

IDENTIFICATION DETAILS

Name :	APARNA PAPER PROCESSING INDUSTRY PRIVATE LIMITED
Registered Office :	Kabraparap O, Bankra, P S Domjur, Howrah – 711403, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.10.1980
Com. Reg. No.:	21-033055
Capital Investment / Paid-up Capital :	Rs. 10.305 millions
CIN No.: [Company Identification No.]	U21093WB1980PTC033055
TAN No.: [Tax Deduction & Collection Account No.]	CALA01078A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Poly Coated Paper and Paper Board.
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 480000
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.

ECGC Country Risk Classification List – June 30, 2012

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

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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.

LOCATIONS

Registered Office/ Head office :	Kabraparap O Bankra, P S Domjur, Howrah – 711403, West Bengal, India
Tel. No.:	91-33-26531445 / 26533628
Fax No.:	91-33-26605384 / 26533628
E-Mail :	cpplpon@creativepolypack.com shrikant@creativepolypack.com cpplfsr@vsnl.net.in cpplfsr@vsnl.com cplkol@creativepolypack.com
Websites :	http://www.creativepolypack.com
Factory :	R. S. No. 17/3,5,7 and 10, Sedarapet, Puducherry – 605111, India
Tel. No.:	91-413-2678606/ 2678707
E-Mail :	cpplpon@creativepolypack.com
Factory 1 :	Dakhinbari, Rajapur, Domjur, Howrah – 711409, West Bengal, India
Tel. No.:	91-33-26704692 / 32421464
Factory 2 :	G-69, UPSIDE Industrial Area, Jainpur Gajneer Road, Kanpur- Dehat – 209311, Uttar Pradesh, India
Tel. No.:	91-5111-220279 / 5111220317
Factory 3:	Khasra No. 168 / 169 Barotiwala, Haripur Road, Village- Domowala, District – Solan – 174103, Himachal Pradesh, India
Tel. No.:	91-179-2320038

DIRECTORS

As on 29.09.2012

Name :

Mr. Binod Kumar Maheshwari

Designation :

Whole-time Director

Address :

89, Dr. Meghnad Shah Sarani, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

11.04.1950

Date of Appointment :

15.10.1980

Din No.:

00469637

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	U21093WB1978PTC031521	CREATIVE PRODUCTS PVT LTD	Whole-time director	09/06/1978	09/06/1978	-	Active	NO
2	U21093WB1980PTC033055	APARNA PAPER PROCESSING INDUSTRY PVT LTD	Whole-time director	15/10/1980	15/10/1980	-	Active	NO
3	U01132WB1955PTC022727	HALMIRA ESTATE TEA PVT LTD	Director	15/10/1984	15/10/1984	-	Active	NO
4	L51109WB1982PLC034798	UMANG COMMERCIAL CO LTD	Director	25/01/1985	25/01/1985	-	Active	NO
5	U21014WB1986PLC040807	CREATIVE POLYPACK LTD	Whole-time director	16/06/1986	16/06/1986	-	Active	NO
6	U21015WB1990PTC048259	CREATIVE LAMINATORS & PRINT PACK PVT LTD	Whole-time director	23/01/1990	23/01/1990	-	Amalgamated	NO
7	U36991WB1986PTC040505	A V G INK PVT LTD	Whole-time director	11/04/1990	11/04/1990	-	Amalgamated	NO
8	U67120WB1984PTC037274	VIBGYOR PRINTING AND PACKAGING PVT LTD	Whole-time director	07/08/1990	07/08/1990	-	Active	NO
9	U74899WB1990PTC129642	APARNA PRINT PACK PVT.LTD.	Whole-time director	13/11/1990	13/11/1990	-	Amalgamated	NO
10	U18101MH1987PLC134933	AAKARSHAK SYNTHETICS LIMITED	Director	30/07/1992	30/07/1992	-	Active	NO
11	U65990MH1987PTC043580	BENHUR INVESTMENT COMPANY PRIVATE LIMITED	Director	30/07/1992	30/07/1992	-	Active	NO
12	U27200MH1985PLC035603	PARK AVENUE ENGINEERING LIMITED	Director	30/07/1992	30/07/1992	-	Active	NO
13	U65990MH1987PTC043557	PEIGEON FINANCE & INVESTMENT PRIVATE LIMITED	Director	30/07/1992	30/07/1992	-	Active	NO
14	U65993MH1982PLC028250	ASHISH TRADING AND AGENCY LIMITED	Director	02/09/1993	02/09/1993	-	Active	NO
15	L74899DL1993PLC054781	RATHI BARS LIMITED	Director	10/01/2007	10/01/2007	-	Active	NO

Name :

Mrs. Sangeeta Maheshwari

Designation :

Whole-time Director

Address :

89, Dr. Meghnad Shah Sarani, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

23.05.1955

Date of Appointment :

22.04.1992

DIN No.:

00469584

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	U21093WB1978PTC031521	CREATIVE PRODUCTS PVT LTD	Whole-time director	17/03/1979	17/03/1979	-	Active	NO
2	U36991WB1986PTC040505	A V G INK PVT LTD	Whole-time director	11/04/1986	11/04/1986	-	Amalgamated	NO
3	U21015WB1990PTC048259	CREATIVE LAMINATORS & PRINT PACK PVT LTD	Whole-time director	24/01/1990	24/01/1990	-	Amalgamated	NO
4	U67120WB1984PTC037274	VIBGYOR PRINTING AND PACKAGING PVT LTD	Whole-time director	07/08/1990	07/08/1990	-	Active	NO
5	U74899WB1990PTC129642	APARNA PRINT PACK PVT.LTD.	Whole-time director	13/11/1990	13/11/1990	-	Amalgamated	NO
6	U21093WB1980PTC033055	APARNA PAPER PROCESSING INDUSTRY PVT LTD	Whole-time director	22/04/1992	22/04/1992	-	Active	NO
7	U51900MH1984PLC033049	SUNAYNA TRADE & INVESTMENT COMPANY LIMITED	Director	30/08/1993	30/08/1993	-	Active	NO
8	U65990MH1984PLC033112	SAMBHAW FINANCE AND TRADING COMPANY LIMITED	Director	30/08/1993	30/08/1993	-	Active	NO
9	U51900MH1983PLC029599	SUSHREE TRADING LIMITED	Director	06/09/1993	06/09/1993	-	Active	NO
10	U21014WB1986PLC040807	CREATIVE POLYPACK LTD	Whole-time director	04/08/2005	04/08/2005	-	Active	NO

Name :

Mr. Giriraj Maheshwari

Designation :

Whole-time Director

Address :

89, Dr. Meghnad Shah Sarani, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

06.05.1980

Date of Appointment :

15.06.1998

DIN No.:

00796252

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	U67120WB1984PTC037274	VIBGYOR PRINTING AND PACKAGING PVT LTD	Whole-time director	15/06/1998	15/06/1998	-	Active	NO
2	U21093WB1980PTC033055	APARNA PAPER PROCESSING INDUSTRY PVT LTD	Whole-time director	15/06/1998	15/06/1998	-	Active	NO
3	U21014WB1986PLC040807	CREATIVE POLYPACK LTD	Whole-time director	15/06/1998	15/06/1998	-	Active	NO
4	U36991WB1986PTC040505	A V G INK PVT LTD	Whole-time director	11/04/2003	11/04/2003	-	Amalgamated	NO
5	U21093WB1978PTC031521	CREATIVE PRODUCTS PVT LTD	Whole-time director	11/04/2003	11/04/2003	-	Active	NO
6	U21015WB1990PTC048259	CREATIVE LAMINATORS & PRINT PACK PVT LTD	Whole-time director	11/04/2003	11/04/2003	-	Amalgamated	NO
7	U74899WB1990PTC129642	APARNA PRINT PACK PVT.LTD.	Whole-time director	11/04/2003	11/04/2003	-	Amalgamated	NO
8	U27101WB1983PLC154615	ARVIND PRESS CAPS LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Binod Kumar Maheshwari	29305
Sangeeta Maheswari	28259
Binod Kumar Maheswari (HUF)	635
Giriraj Maheswari	41851
Creative Products Private Limited, India	3000
Total	103050

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	3.00
Directors or relatives of Directors	97.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Poly Coated Paper and Paper Board.

PRODUCTION STATUS (31.03.2012)

	Unit	31.03.2012
I. Capacity License Capacity		4200000
Installed Capacity	kgs	4200000
II. Production Printed Wrappers	Qty in kgs	3333313.9
Pouches	Nos	19593437
Proceeds film	--	4409.3
Stiffener	--	23637.81

GENERAL INFORMATION

No. of Employees :

120 (Approximately)

Bankers :

· Oriental Bank of Commerce

New Alipore Branch, 93, Tollygunge Circular Road, Kolkata – 700053, West Bengal, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Working Capital Loans Including Cash Credit From Oriental Bank of Commerce (Secured by hypothecation of raw materials, Stock-in-Process, finished goods, stores and spares and receivable, and second charge on fixed assets and personal guarantee of two Directors	27.176	34.491
Total	27.176	34.491

Banking Relations :	--
Auditors :
Name :	A.K. Dutta and Company Chartered Accountants
Address :	2, Church Lane, Room No.207, 2^nd Floor, Kolkata-700001, West Bengal, India
PAN No.:	AAFFA4276R
Associates:	· Creative Polypack Limited · Creative Products (Private) Limited · Vibgyog Printing and Packaging (Private) Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
105000	Equity Shares	Rs.100/- each	Rs. 10.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
103050	Equity Shares	Rs.100/- each	Rs. 10.305 Millions

Named of the Share holders	No of Shares Held	% of Shares Held
Binod Kumar Maheswari (HUF)	635	0.62
Binod Kumar Maheswari	29305	28.44
Sangeeta Maheswari	28259	27.42
Giriraj Maheswari	41851	40.61
Creative Products (Private) Limited	3000	2.91

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.305	10.305	10.305
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		109.815	85.800	70.905
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		120.120	96.105	81.210
LOAN FUNDS
1] Secured Loans		27.176	34.491	31.578
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		27.176	34.491	31.578
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		147.296	130.596	112.788
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61.317	69.112	47.072
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.041	0.042	0.041
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	60.304	64.455	67.726
	Sundry Debtors	59.859	46.343	42.153
	Cash & Bank Balances	8.927	5.733	6.593
	Other Current Assets	0.092	0.185	0.000
	Loans & Advances	20.819	13.287	10.128
Total Current Assets		150.001	130.003	126.600
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	44.736	49.422	53.534
	Other Current Liabilities	6.243	14.507	0.477
	Provisions	13.084	4.632	6.914
Total Current Liabilities		64.063	68.561	60.925
Net Current Assets		85.938	61.442	65.675
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		147.296	130.596	112.788

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	592.957	556.519	454.873
		Sales – Excise Duty	--	--	39.214
		Sales CST	--	--	0.000
		Other Income	0.862	0.386	0.368
		TOTAL (A)	593.819	556.905	494.455
Less	EXPENSES
		Raw material consumed	467.923	455.773	461.403
		Cylinder Charges	10.215	2.517
		Employee Benefit Expenses	14.436	11.513
		Other Expenses	48.922	44.388
		Change In inventories of Finished Goods & Work In progress	(7.298)	1.594
		TOTAL (B)	534.198	515.785	461.403
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		59.621	41.120	33.052
Less	FINANCIAL EXPENSES (D)		10.198	10.257	5.117
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		49.423	30.863	27.935
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.282	10.169	9.276
	PROFIT BEFORE TAX (E-F) (G)		37.141	20.694	18.659
Less	TAX (H)		12.900	4.600	6.352
	PROFIT AFTER TAX (G-H) (I)		24.241	16.094	12.307
Less	EXCEPTIONAL ITEMS		0.226	1.199	3.020
	BALANCE CARRIED TO THE B/S		24.015	14.895	9.287
	EARNINGS IN FOREIGN CURRENCY
		Export F.O.B Value Earnings	10.568	14.767	2.129
	TOTAL EARNINGS
	IMPORTS		86.179	88.295	67.686
	Earnings Per Share (Rs.)		233.00	126.82	90.12

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.08	2.89	2.49
Net Profit Margin (PBT/Sales)	(%)	6.26	3.72	4.10
Return on Total Assets (PBT/Total Assets}	(%)	17.58	10.39	10.74
Return on Investment (ROI) (PBT/Net worth)		0.31	0.22	0.23
Debt Equity Ratio (Total Liability/Net worth)		0.76	1.07	1.14
Current Ratio (Current Asset/Current Liability)		2.34	1.90	2.08

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	No
10]	Designation of contact person	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	------
22]	Litigations that the firm / promoter 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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATING PERFORMANCE AND PROSPECTS

The sales registered an increase of 6.55 % this year as compared to the preceding year. However, the profit before tax showed substantial jump which increased from Rs.17.669 million to Rs.36.183 million due to cost control measures put in place.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U21093WB1980PTC033055
Name of the company	APARNA PAPER PROCESSING INDUSTRY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Kabraparap O Bankra, P S Domjur, Howrah – 711403, West Bengal, India Email: cpplfsr@vsnl.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90251890
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Oriental Bank of Commerce New Alipore Branch, 93, Tollygunge Circular Road, Kolkata – 700053, West Bengal, India Email: bm0173@obc.co.in
Nature of instrument creating charge	Supplemental Agreement to Secure Credit/Loan Facilities - (Loan DOC-13). Agreement of Guarantee - (Loan DOC-11). Counter Guarantee Agreement - (Loan DOC-12).
Date of instrument Creating the charge	12.09.2012
Amount secured by the charge	Rs. 60.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit : At 12.15% p.a. with monthly rests. Terms of Repayment Cash Credit : At 12.15% p.a. with monthly rests. Margin As stipulated by the Bank for the respective assets from time to time. Cash Credit (Hypo) : 25%, Letter of Credit (Import/Inland) : 25% in the shape of unencumbered duly discharged FDRs/CDRs (along with interest accrued thereon) and Bank Guarantee : Financial : 25% and Performance : 25%. Margin shall be kept in the shape of unencumbered duly discharged FDRs/CDRs. Interest on FDRs/CDRs shall not be released during the current of guarantee facility. Extent and Operation of the charge The charge operates as first charge basis (on pari passu basis in case of Consortium/Multiple Banking Arrangement)on the whole of the hypothecated current assets and moveable fixed assets of the Company, both present and future to secure the maximum amount under the said charge fixed at Rs.6,00,00,000/- together with interest, costs and charges thereon. Others The Borrower shall not do or allow anything which may prejudice the security and shall comply with the terms and conditions of the Agreements. The overall limit is also secured by Corporate Guarantee of M/s. Creative Polypack Limited.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stocks of raw materials, stock in process, finished goods, stores, spares and receivables. First charge on the entire fixed assets of the Company, present and future. Hypothecation of charge over the goods in case of LC on DA basis.
Date of instrument modifying the charge	15.11.2010
Particulars of the present modification	By this modification, the overall limit is reduced from Rs.67.750 millions to Rs.60.000 millions as stated under and charge on hypothecated current assets and moveable fixed assets of the Company extended to secure the overall limit together with interest, costs and charges thereon: CC (Hypo) : Rs.40.000 millions LC : 15.000 millions BG : Rs. 5.000 millions All other terms and conditions continue to remain as before in full force and effect.

FIXED ASSETS

· Factory Shed and Building

· Land

· Plant and Machinery

· Generator

· Quality Control Equipment

· Air Conditioner

· Electrical Installations

· Furniture and Fixtures

· Refrigerator

· Office Equipment’s

· Motor Car

· Water Purifier

· Testing Equipments

· Utility Machinery

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 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.55.69
UK Pound	1	Rs.89.20
Euro	1	Rs.72.10

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.