MIRA INFORM REPORT

Report Date :

27.11.2012

IDENTIFICATION DETAILS

Name :	WELSET POLYPACK PRIVATE LIMITED (w.e.f. 16.08.2007)
Formerly Known As :	P AND P ALUMINIUM PRIVATE LIMITED
Registered Office :	Survey No-20.21.22, Ghanpuir Village, Medhchal Mandal, Ranga, Hyderabad – 500014, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.06.2007
Com. Reg. No.:	01-054681
Capital Investment / Paid-up Capital :	Rs.32.500 Millions
CIN No.: [Company Identification No.]	U27203AP2007PTC054681
TAN No.: [Tax Deduction & Collection Account No.]	HYDW00402D
PAN No.: [Permanent Account No.]	AAACW7228F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of CPP (Cast Polypropylene Film)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 131000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The latest financial is missing from government department and from the previous year record it seems the performance capacity of the company appears to be low and profitability of the company also remain low. However, trade relations are reported as fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	FUND BASED LIMITED : ICRA B
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation.
Date	January 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.

LOCATIONS

Registered Office / Factory :	Survey No-20.21 and 22, Ghanpuir Village, Medhchal Mandal, Ranga, Hyderabad – 500014, Andhra Pradesh, India
Tel. No.:	91-040-27897743/4
Fax No.:	Not Available
E-Mail :	mdugar@gmail.com kathotia.efiling@gmail.com info@welset.in hyd1_pankal@sancharnet.in
Websites :	www.welset.in
Corporate Office 1 :	Dugar Arcade, 1-11-240/5/1, Shayamlal Building, Begumpet, Hyderabad, Andhra Pradesh – 500015, India
Tel. No.:	91-40-67304300
Fax No.:	91-40-67304310
E-Mail :	info@welset.in
Corporate Office 2 :	Plot No.35, D.V. Colony, Minister Rd. Secunderabad-500003, Andhra Pradesh, India
Tel. No.:	91-40-27847821

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Manoj Kumar Dugar
Designation :	Managing Director
Address :	1-8-155/6 and 6A/301, Marc Residency, PG Road, Secunderabad–500003, Andhra Pradesh, India
Date of Birth/Age :	25.05.1968
Date of Appointment :	14.07.2007
DIN No.:	00352733

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	U17119GJ2003PLC042041	DUGAR POLYMERS LIMITED	Director	20/02/2003	20/02/2003	-	Active	NO
2	U65910KA1996PTC021091	NEW AGE VANILLA AND SPICE PRIVATE LIMITED	Director	09/03/2005	09/03/2005	20/01/2010	Active	NO
3	U67120WB1995PTC072427	MEENAKSHI FINVEST PRIVATE LIMITED	Director	09/05/2005	09/05/2005	19/01/2010	Active	NO
4	U05190KA1999PTC024996	BASUDEO ENTERPRISES PRIVATE LIMITED	Director	13/11/2006	13/11/2006	01/04/2010	Active	NO
5	U67120KA1986PTC007516	ABHINANDAN INVESTMENTS PRIVATE LIMITED	Director	27/04/2007	27/04/2007	15/03/2008	Active	NO
6	U27203AP2007PTC054681	WELSET POLYPACK PRIVATE LIMITED	Managing director	15/07/2011	14/07/2007	-	Active	NO
7	U51909WB2007PTC119707	AYUSHMAN MERCHANTS PRIVATE LIMITED	Director	13/02/2009	13/02/2009	-	Active	NO
8	U51109WB2008PTC121716	DEFODIL DEALCOM PRIVATE LIMITED	Director	03/05/2010	03/05/2010	30/08/2011	Active	NO
9	U67120AP1996PTC023072	PANKAJ CAPFIN PRIVATE LIMITED	Director	30/09/2010	16/07/2010	07/01/2012	Active	NO
10	U18101AP2004PTC043986	AYUSHMAN ECO-PRODUCTS PRIVATE LIMITED	Director	20/08/2011	20/08/2011	-	Active	NO
11	U25200AP2011PLC072532	PANKAJ POLYPACK LIMITED	Director	29/09/2012	07/01/2012	-	Active	NO
12	U74120AP2012PTC079023	INDPARK MSME (PRAMUKH) PRIVATE LIMITED	Managing director	09/02/2012	09/02/2012	-	Active	NO

Name :	Mr. Naveen Kumar Tulsian
Designation :	Director
Address :	Plot No.38, Flat No.202, Royal Plaza, Karkhana, Secundrabad–500009, Andhra Pradesh, India
Date of Appointment :	15.07.2011
DIN No.:	00388587

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	U65910KA1996PTC021091	NEW AGE VANILLA AND SPICE PRIVATE LIMITED	Director	09/03/2005	09/03/2005	28/08/2009	Active	NO
2	U65993WB1985PLC048162	VISURA TRADING AND INVESTMENT INDIA LIMITED	Director	01/07/2006	01/07/2006	-	Active	NO
3	U25200KA2007PTC043788	TULSYAN POLY PRODUCTS PRIVATE LIMITED	Director	05/09/2007	05/09/2007	-	Active	NO
4	U51909WB2008PTC126604	AMRAPALI MARKETING PRIVATE LIMITED	Director	20/05/2010	20/05/2010	-	Active	NO
5	U51909WB2008PTC131043	BLUESKY DEALERS PRIVATE LIMITED	Director	20/05/2010	20/05/2010	-	Active	NO
6	U24139KA2007PTC043045	TULSYAN POLYMERS (INDIA) PRIVATE LIMITED	Director	08/03/2011	08/03/2011	-	Active	NO
7	U25209KA2007PTC043786	INDICA POLYMERS PRIVATE LIMITED	Additional director	14/06/2011	14/06/2011	-	Active	NO
8	U27203AP2007PTC054681	WELSET POLYPACK PRIVATE LIMITED	Additional director	15/07/2011	15/07/2011	-	Active	NO
9	U18101AP2004PTC043986	AYUSHMAN ECO-PRODUCTS PRIVATE LIMITED	Director	20/08/2011	20/08/2011	-	Active	NO
10	U74120AP2012PTC079023	INDPARK MSME (PRAMUKH) PRIVATE LIMITED	Director	09/02/2012	09/02/2012	-	Active	NO
11	U51909WB1994PLC064184	YASHMAN VYAPAAR LTD	Additional director	06/03/2012	06/03/2012	-	Active	NO
12	U25199KA2011PTC061428	ADIDEV POLYMERS PRIVATE LIMITED	Director	16/03/2012	16/03/2012	-	Active	NO

Name :	Lalit Kumar Ramsisaria
Designation :	Director
Address :	A37/12/1, Archana Complex, 4^th Cross, Lalbagh, Bangalore – 560027, Karnataka, India
Date of Appointment :	15.07.2011
DIN No.:	02886926

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	U27203AP2007PTC054681	WELSET POLYPACK PRIVATE LIMITED	Additional director	15/07/2011	15/07/2011	Active	NO
2	U05190KA1999PTC024996	BASUDEO ENTERPRISES PRIVATE LIMITED	Director	02/09/2011	02/09/2011	Active	NO
3	U25209TN2003PTC051755	VIDHATA POLYMERS PRIVATE LIMITED	Director	01/11/2011	01/11/2011	Active	NO
4	U45205KA2012PTC063643	BEPL INFRAPROJECTS PRIVATE LIMITED	Director	19/04/2012	19/04/2012	Active	NO
5	U25200KA2012PTC064322	PATRADHARINI POLYMERS PRIVATE LIMITED	Director	08/06/2012	08/06/2012	Active	NO
6	U25200KA2012PTC064567	BHUDEVA POLYMERS PRIVATE LIMITED	Director	26/06/2012	26/06/2012	Active	NO
7	U25209KA2012PTC064563	RAMACHANDRA POLYMERS PRIVATE LIMITED	Director	26/06/2012	26/06/2012	Active	NO
8	U25200KA2012PTC064741	RAJYADA POLYMERS PRIVATE LIMITED	Director	06/07/2012	06/07/2012	Active	NO
9	U25200KA2012PTC064940	DAYASARA POLYMERS PRIVATE LIMITED	Director	20/07/2012	20/07/2012	Active	NO
10	U25200KA2012PTC065949	BANKIM POLYMERS PRIVATE LIMITED	Director	18/09/2012	18/09/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Ambika Petrochem Private Limited	100000
Basudev Enterprise Private Limited	510000
Shyam Synthetic Private Limited	100000
Meenakshi Finvest Private Limited	250000
Pawan Goenka	11000
Santosh Goenka	27500
Vandana Goenka	11500
Visura Trading and Investment Private Limited	150000
Tulsyan Polymers Private Limited	500000
Bluesky Dealers Private Limited	500000
Amrapalli Marketing Private Limited	100000
Amitha Tulsyan	15000
Naveen Kumar Tulsyan	10000
Naveen Kumar Tulsyan – HUF	10000
Defodeal Dealcom Private Limited	555000
Chandantara Commercial Private Limited	400000
TOTAL	3250000

AS ON 16.01.2012

Names of Allottees	No. of Shares
Amrapalli Marketing Private Limited	120000
Bluesky Dealers Private Limited	53000
Chandantara Commercial Private Limited	40000
Defodeal Dealcom Private Limited	171000
Tulsyan Polymers Private Limited	222000
TOTAL	606000

AS ON 30.09.2011

Equity Share Break up	Percentage
Bodies corporate	97.54
Directors or relatives of Directors	2.46
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of CPP (Cast Polypropylene Film)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
• Industrial Development Bank of India, 428/437, Balaji Market, Sultan Bazar, Hyderabad – 500095, Andhra Pradesh , India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Term Loan-I From IDBI Bank	16.295	22.056
Term Loan-II From IDBI Bank (secured against Land and Building, Plant and machinery Electrical Installation, Furniture and Fixtures and Personally guaranteed by Two Directors)	20.250	14.000
Cash Credit from IDBI	0.000	3.975
Cash Credit from IDBI (secured against hypothecation of Book Debts)	38.306	22.323
TOTAL	74.851	62.354

Banking Relations :	--
Auditors :
Name :	Luharuka and Associates Chartered Accountant
Address :	5-4-187/3 and4, II Floor, Soham Mansion, M.G. Road, Secunderabad – 500003, India
PAN.:	AAAFL6424D

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3856000	Equity Shares	Rs.10/- each	Rs.38.560 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs. 10/- each	Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3250000	Equity Shares	Rs.10/- each	Rs. 32.500 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		32.500	30.000	20.800
2] Share Application Money		0.000	1.000	2.200
3] Reserves & Surplus		0.151	0.138	0.000
4] (Accumulated Losses)		0.000	0.000	[0.961]
NETWORTH		32.651	31.138	22.039
LOAN FUNDS
1] Secured Loans		74.851	62.354	39.428
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		74.851	62.354	39.428
DEFERRED TAX LIABILITIES		5.130	2.204	1.292
TOTAL		112.632	95.696	62.759
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		71.869	40.890	41.239
Capital work-in-progress		0.000	6.068	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.503	9.742	6.179
	Sundry Debtors	20.707	23.120	9.226
	Cash & Bank Balances	0.141	12.730	0.197
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.117	12.648	9.106
Total Current Assets		49.468	58.240	24.708
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.441	8.243	2.350
	Other Current Liabilities	0.002	0.000	0.000
	Provisions	2.311	1.761	0.927
Total Current Liabilities		8.754	10.004	3.277
Net Current Assets		40.714	48.236	21.431
MISCELLANEOUS EXPENSES		0.049	0.069	0.089
Preoperative Expenses Pending for Allocation		0.000	0.433	0.000
TOTAL		112.632	95.696	62.759

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	138.278	85.162	25.860
		Other Income	NA	3.000
		TOTAL	NA	88.462	25.860
Less	EXPENSES
		Office Expenses		79.045	21.745
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	79.045	21.745
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			9.417	4.115
Less	FINANCIAL EXPENSES			5.405	2.751
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.104	4.012	1.364
Less/ Add	DEPRECIATION/ AMORTISATION		4.434	1.605	0.981
	PROFIT BEFORE TAX		3.670	2.407	0.383
Less	TAX		0.727	0.396	1.344
	PROFIT/ LOSS AFTER TAX		2.943	2.011	(0.961)
	Earnings Per Share (Rs.)		0.91	0.62	(0.30)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	2.36	3.71
Net Profit Margin (PBT/Sales)	(%)	2.65	2.83	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.02	2.43	0.58
Return on Investment (ROI) (PBT/Networth)		0.11	0.07	0.01
Debt Equity Ratio (Total Liability/Networth)		2.56	2.32	1.93
Current Ratio (Current Asset/Current Liability)		5.65	5.82	7.53

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	No
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	No
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	No
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	Yes

NOTE:

The Registered Office of the company has been shifted from 5^th Floor, E Block, 105, Surya Towers, Sardar Patel Road, Secunderabad - 500003, Andhra Pradesh, India, to the present address w.e.f. 30.04.2011

FORM 8

This form is for	Modification of Charge
Charge Identification (ID) Number of the charge to be modified	10101783
Corporate identity number of the company	U27203AP2007PTC054681
Name of the company	WELSET POLYPACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 20, 21, and 22; Ghanpur Village, Medchal Mandal Hyderabad – 501401, Andhra Pradesh, India E-mail Id : kathotia.efiling@gmail.com
Type of charge	Book Debts Immovable Property Movable Property
Particular of charge holder	IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India. Email: r_sunil@idbi.co.in
Nature of description of the instrument creating or modifying the charge	Sanction Letter dated 10th February 2012 for Cash Credit Limit of Rs. 45.000 Millions (with LC limit of Rs.5.000 Millions as sub-limit), Buyer's Credit Rs. 5.000 Millions (fully interchangable with LC Limit), Existing Term Loan-1 of Rs. 11.300 Millions, Existing Term Loan-2 of Rs.16.900 Millions and Fresh Sanction of Term Loan-3 of Rs. 20.000 Millions.
Date of instrument Creating the charge	14.02.2012
Amount secured by the charge	Rs.93.200 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC: Bank Base Rate(BBR)+3% PA, L/C comm.: 1% PA, Buyers Credit: at prevailing market rates, TL-1:BBR+3.25% PA, TL-II:BBR+4.50% PA, TL-3: BBR +3.25% PA. (BBR presently 10.75%, varies from time to time Terms of Repayment Cash credit of Rs.45.000 Millions: Repayable on demand L/C Limit of Rs.5.000 Millions (Sub-limit of CC) and Buyers Credit of Rs.5.000 Millions (Sub-limit of LC): Repayable on due date. Term loan-1 of Rs.11.300 Millions: Balance O/S in 21 monthly installments, commencing from Sep-10 Term loan-2 of Rs.16.900 Millions: Balance O/S in 45 monthly installments, commencing from Oct-10 Term loan-3 of Rs.20.000 Millions: Repayable in 48 monthly installments; first 47 installments @ Rs.0.417 Millions starting Jul-7,2012: 48th installment of Rs.0.401 Million Margin 1. Rupee Term Loan - 46.95% 2. Working Capital Limits - a. Cash Credit - 25% on Inventory and receivables (upto 120 days) b. LC - 10% by way of Fixed Deposit c. BC - 10% by way of Fixed Deposit Extent and Operation of the charge Exclusive Charge on both movable and immovable assets of the company (present and future). Others 1. Personal Guarantee: Unconditional and irrevocable Personal Guarantee of Mr. Manoj Kumar Dugar, Mr. Naveen Kumar Tulsian, and Mr. Lalit Kumar Ramsaria. 2. Corporate Guarantee of Basudeo Enterprises Private Limited, Meenakshi Finvest Private Limited, and Visura Trading and Investment (India) Limited.
Short particulars of the property charged	Exclusive charge on movable and immovable assets of the company (both present and future). Charge on the company's property situated at Survey No.20/A,21/part,21,22/A,22/B; Total admeasuring Ac 1-32 guntas (out of Ac 3-15 guntas) situated at Ghanpur Village, Medchal Mandal, RR District, Andhra Pradesh
Date of instrument modifying the charge	02.09.2010
Particulars of present modification	1. Reviewed / enhanced Limit - Cash Credit Limit of Rs.45.000 Millions (with LC limit of Rs.5.000 Millions as sub-limit), Buyer's Credit Rs.5.000 Millions (fully interchangable with LC Limit) 2. Existing Term Loan-1 of Rs. 11.300 Millions 3. Existing Term Loan-2 of Rs.16.900 Millions 4. Fresh Sanction of Term Loan-3 of Rs. 20.000 Millions

FIXED ASSETS

• Land
• Factory Building
• Plant and Machinery
• Electrical Installment
• Furniture and Fixtures
• Motor Car
• Vaccum Cleaner
• Computer
• Borwell

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 :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.