MIRA INFORM REPORT

Report Date :

18.10.2012

IDENTIFICATION DETAILS

Name :	MAMATA MACHINERY PRIVATE LIMITED
Formerly Known As :	PATEL MACHINERY PRIVATE LIMITED
Registered Office :	Survey No.423/P, Sarkhej – Bavla Road, N H No.8-A, Tal. – Sanand, Moraiya – 382213, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.04.1979
Com. Reg. No.:	04-003363
Capital Investment / Paid-up Capital :	Rs.28.520 Millions
CIN No.: [Company Identification No.]	U29259GJ1979PTC003363
TAN No.: [Tax Deduction & Collection Account No.]	AHMM01242D
PAN No.: [Permanent Account No.]	AABCM8241P
Legal Form :	Private limited liability company.
Line of Business :	Manufacturers and Sellers of Bag Making Machine, Servo Motor/Servo Drive/Stepper Motor, Rotating Electric Machine and Sachet Packing Machine.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company have good track. Financially company seems good. Liquidity position appears to be quick and good. Fundamental are healthy and strong. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealing 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB (Long Term Rating)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation, it carry moderate credit risk.
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 :	Survey No.423/P, Sarkhej – Bavla Road, N H No.8-A, Tal. – Sanand, Moraiya – 382213, Gujarat, India
Tel. No.:	91-79-26440331/ 66309800
Fax No.:	91-79-25832026
E-Mail :	mamatagroup@mamata.com info@mamata.com help@mamata.com spares@mamata.com purchase@mamata.com
Website :	http://www.mamata.com

DIRECTORS

(AS ON 12.09.2011)

Name :

Mr. Mahendra Narsinhbhai Patel

Designation :

Chairman cum Managing Director

Address :

15, Kairavi Bunglows, Near Sarathi Hotel, Bodekdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

17.01.1949

Date of Appointment :

12.09.1994

DIN No.:

00104997

Other Directorships :

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	U29259GJ1979PTC003363	MAMATA MACHINERY PRIVATE LIMITED	Managing director	12/09/1994	12/09/1994	-	Active	NO
2	U28999GJ1995FTC025601	KLOECKNER DESMA MACHINERY PRIVATE LIMITED	Managing director	25/04/1995	25/04/1995	-	Active	NO
3	U74999GJ1995FTC025783	FERROMATIK MILACRON INDIA Private Limited	Director	31/05/1995	31/05/1995	-	Active	NO
4	U29212GJ1997PTC031529	MAMATA EXTRUSION SYSTEMS PRIVATE LIMITED	Director	17/01/1997	17/01/1997	-	Active	NO
5	U29199GJ1997FTC032397	KHS MACHINERY PRIVATE LIMITED	Director	01/01/2011	26/05/1997	-	Active	NO
6	U65910GJ1993PTC019248	MAMATA GROUP CORPORATE SERVICES PRIVATE LIMITED	Director	11/08/1997	11/08/1997	-	Active	NO
7	U72200GJ1992PTC017819	SOURCEPRO INFOTECH PRIVATE LIMITED	Director	17/07/2000	17/07/2000	25/12/2009	Active	NO
8	U40106GJ2001PTC039173	MAMATA ENERGY PRIVATE LIMITED	Director	17/01/2001	17/01/2001	-	Active	NO
9	U25202GJ2004PTC045123	SUNPACK BARRIER FILMS PRIVATE LIMITED	Director	13/12/2004	13/12/2004	-	Active	NO
10	U25202GJ2006PTC047451	MAMATA-SPAN FLEXOPACK PRIVATE LIMITED	Director	04/01/2006	04/01/2006	-	Active	NO
11	U72200GJ2000PTC038028	VIBRATIONS INFOTALS PRIVATE LIMITED	Director	30/03/2006	30/03/2006	-	Active	NO
12	U65999GJ2004PTC044563	NATRAJ FINSEC (INDIA) PRIVATE LIMITED	Additional director	06/11/2006	06/11/2006	-	Active	NO
13	U40106GJ2006PTC049596	MAMATA PYRON SOLAR PRIVATE LIMITED	Director	27/09/2007	19/12/2006	-	Strike off	NO
14	U65910GJ1990PTC014305	MAMATA MANAGEMENT SERVICES PRIVATE LIMITED	Director	29/09/2007	31/12/2006	-	Active	NO
15	U29249GJ2007PTC050353	HYDCO ENGINEERING PRIVATE LIMITED	Director	12/08/2008	02/07/2007	-	Active	NO
16	U73100GJ2008NPL054708	INDIAN CENTRE FOR CLIMATE AND SOCIETAL IMPACTS RESEARCH	Director	07/08/2008	07/08/2008	-	Active	NO
17	L25209DD1988PLC001544	WIM PLAST LIMITED	Director	18/09/2010	27/07/2010	16/07/2012	Active	NO
18	U91100DL2012NPL239417	PLASTIC MACHINERY MANUFACTURERS ASSOCIATION OF INDIA	Director	27/07/2012	27/07/2012	-	Active	NO

Name :

Mr. Chandrakant Baldevbhai Patel

Designation :

Managing Director

Address :

100, Surdhara Bunglows, Drive-in-Road, Thaltej, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

10.01.1954

Date of Appointment :

20.12.2010

DIN No.:

00380810

Other Directorships :

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	U29259GJ1979PTC003363	MAMATA MACHINERY PRIVATE LIMITED	Managing director	20/12/2010	12/03/1990	-	Active	NO
2	U72200GJ1992PTC017819	SOURCEPRO INFOTECH PRIVATE LIMITED	Director	01/10/1993	01/10/1993	-	Active	NO
3	U29212GJ1997PTC031529	MAMATA EXTRUSION SYSTEMS PRIVATE LIMITED	Whole-time director	17/01/1997	17/01/1997	-	Active	NO
4	U40106GJ2001PTC039173	MAMATA ENERGY PRIVATE LIMITED	Director	24/03/2001	24/03/2001	-	Active	NO
5	U25202GJ2004PTC045123	SUNPACK BARRIER FILMS PRIVATE LIMITED	Director	13/12/2004	13/12/2004	-	Active	NO
6	U25202GJ2006PTC047451	MAMATA-SPAN FLEXOPACK PRIVATE LIMITED	Director	04/01/2006	04/01/2006	-	Active	NO
7	U65999GJ2004PTC044563	NATRAJ FINSEC (INDIA) PRIVATE LIMITED	Additional director	06/11/2006	06/11/2006	-	Active	NO
8	U65910GJ1990PTC014305	MAMATA MANAGEMENT SERVICES PRIVATE LIMITED	Director	29/09/2007	31/12/2006	-	Active	NO
9	U29249GJ2007PTC050353	HYDCO ENGINEERING PRIVATE LIMITED	Managing director	12/08/2008	29/03/2007	30/11/2010	Active	NO
10	U72900GJ2000PTC037323	DATA INNOVATION (INDIA) PRIVATE LIMITED	Director	22/04/2007	22/04/2007	-	Active	NO
11	U40106GJ2006PTC049596	MAMATA PYRON SOLAR PRIVATE LIMITED	Additional director	16/11/2009	16/11/2009	-	Strike off	NO

Name :

Mrs. Nayanaben Mahendra Patel

Designation :

Director

Address :

15, Kairavi Bunglows, Near Sarathi Hotel, Bodekdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

11.08.1952

Date of Appointment :

12.08.1992

DIN No.:

00105627

Other Directorships :

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	U29259GJ1979PTC003363	MAMATA MACHINERY PRIVATE LIMITED	Director	12/08/1992	12/08/1992	Active	NO
2	U65910GJ1993PTC019248	MAMATA GROUP CORPORATE SERVICES PRIVATE LIMITED	Director	11/08/1997	11/08/1997	Active	NO
3	U40106GJ2001PTC039173	MAMATA ENERGY PRIVATE LIMITED	Director	17/01/2001	17/01/2001	Active	NO
4	U72200GJ2000PTC038028	VIBRATIONS INFOTALS PRIVATE LIMITED	Director	30/03/2006	30/03/2006	Active	NO

Name :

Mr. Tarana Mahendrabhai Patel

Designation :

Director

Address :

15, Kairavi Bunglows, Near Sarathi Hotel, Bodekdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

07.10.1975

Date of Appointment :

12.02.2011

DIN No.:

03449948

Other Directorships :

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	U29259GJ1979PTC003363	MAMATA MACHINERY PRIVATE LIMITED	Director	12/09/2011	12/02/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 12.09.2011)

Names of Shareholders	No. of Shares
Rabiben N. Patel	53200
Nayanaben Mahanedra Patel	43402
Chandrakant Baldevbhai Patel	2600
Manish M. Patel	5230
Gurucharan Singh Bhuller	12000
Kevalkrishan C. Kohli	12000
Mamata Group Corporate Service Private Limited, India	70000
Mahanedra Narsinhbhai Patel	24568
Narasinh Patel	25000
Bhagvati C. Patel	37200
Total	285200

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	8.42
Bodies corporate	24.54
Directors or relatives of directors	67.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Sellers of Bag making Machine, Servo Motor/Servo Drive/Stepper Motor, Rotating Electric Machine and Sachet Packing Machine.

Products :

Products Description	Item Code No.
Bag Marking Machine,	84778090
B. M. Attachment/ Spares	84779000
Sachet Packing Machine	84223000

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Bag Making Machines and Sachet Packing Machine	Nos.	Not Applicable	Not Applicable	120

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited

RAC Ahmedabad, CV/CE Department, 4^th Floor, Shivalik Ishan, Near C N Vidhyalaya, Ambawadi, Ahmedabad – 380006, Gujarat, India

· State Bank of India

Industrial Estate Branch, Vatva, Ahmedabad – 382445, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credits Limit*	39.026	25.020
Export Packing Credit Limit*	20.143	14.919
Short Term Corporate Loan**	0.507	3.500
Foreign Currency Term Loan**	151.551	0.000
Over Draft Against Fixed Deposits	89.605	0.000
Hire Purchase Contracts for vehicles	2.172	3.881
Total	303.004	47.320
* (Secured against hypothecation of stocks and book debts, further secured by equitable mortgage of immovable properties of the company and personal guarantees of the managing director and the joint managing director of the company) ** (Secured by way of first charge on movable properties of the company and personal guarantees of the managing director and joint managing director of the company)
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Member and directors	6.750	10.000
Inter corporate deposit	11.000	0.000
Total	17.750	10.000

Banking Relations :	--
Auditors :
Name :	Dinesh R. Shah and Company Chartered Accountants
Address :	51, Madhuban, Near Madalpur Under Bridge, Ellisbridge, Ahmedabad – 380006, Gujarat, India
PAN No.:	AAFFD0959G
Wholly Owned Subsidiary :	· Mamata Enterprise Inc.
Subsidiary of Mamata Enterprise Inc.:	· Mamata USA LLC
Other related parties :	· Mamata Airwings · Mamata Brampton Engineering Private Limited

CAPITAL STRUCTURE

(AS ON 12.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
285200	Equity Shares	Rs.100/- each	Rs.28.520 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		28.520	24.800	24.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		289.205	159.284	142.811
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		317.725	184.084	167.611
LOAN FUNDS
1] Secured Loans		303.004	47.320	39.473
2] Unsecured Loans		17.750	10.000	5.606
TOTAL BORROWING		320.754	57.320	45.079
DEFERRED TAX LIABILITIES		0.661	2.522	1.826
TOTAL		639.140	243.926	214.516
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.456	31.218	30.702
Capital work-in-progress		2.272	0.000	0.000
INVESTMENT		141.334	80.500	81.320
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	84.217	76.783	68.924
	Sundry Debtors	165.508	122.388	106.563
	Cash & Bank Balances	180.858	14.290	2.905
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	186.239	37.561	23.895
Total Current Assets		616.822	251.022	202.287
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	148.081	117.363	96.033
	Other Current Liabilities
	Provisions	1.663	1.451	9.067
Total Current Liabilities		149.744	118.814	105.100
Net Current Assets		467.078	132.208	97.187
MISCELLANEOUS EXPENSES		0.000	0.000	5.307
TOTAL		639.140	243.926	214.516

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	619.162	378.245	377.868
Less	EXPENSES
		TOTAL	441.718	342.085	343.476
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		177.444	36.160	34.392
Less/ Add	DEPRECIATION/ AMORTISATION		4.207	4.540	4.193
	PROFIT BEFORE TAX		173.237	31.620	30.199
Less	TAX		41.653	13.696	13.898
	PROFIT AFTER TAX		131.584	17.924	16.301
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		143.541	127.068	112.218
Less	APPROPRIATIONS
		Dividend	1.426	1.240	1.240
		Tax on Dividend	0.237	0.211	0.211
	BALANCE CARRIED TO THE B/S		273.462	143.541	127.068
	EARNINGS IN FOREIGN CURRENCY		349.073	231.985	260.572
	IMPORTS VALUE		89.775	66.695	54.785
	Earnings Per Share (Rs.)		460.54	71.43	64.88

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	21.25	4.74	4.31
Return on Total Assets (PBT/Total Assets}	(%)	26.85	11.20	12.96
Return on Investment (ROI) (PBT/Networth)		0.55	0.17	0.18
Debt Equity Ratio (Total Liability/Networth)		1.48	0.96	0.90
Current Ratio (Current Asset/Current Liability)		4.12	2.11	1.92

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	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	Yes

YEAR IN RETROSPECT

During the year the total turnover increased to Rs.450.880 Millions compared to Rs.347.860 Millions in the previous year.

The domestic sale was Rs.112.30 Millions. The company did exceptionally well on export front compared previous year. Out of the total turnover of Rs.450.88 millions Rs.349.070 millions earning is from export business, thereby contributing to 77 % in total sales. In current year also the thrust on export will be the policy of the company.

The company has made a net profit before tax of Rs.173.240 millions (which includes extraordinary income) compared to Rs.31.620 millions previous year.

The Directors are confident of achieving greater results in the current year by exposing the Company in new markets.

During the current fiscal, the company is confident of doing good business in the export market too

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U29259GJ1979PTC003363
Name of the company	MAMATA MACHINERY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 423/P, Sarkhej - Bavla Road, N. H. No. 8A, Tal. – Sanand, Moraiya – 382213, Gujarat, India mamatagroup@mamata.com
Type of charge	Movable Property
Particular of charge holder	Axis Bank Limited RAC Ahmedabad, CV/ CE Department, 4th Floor, Shivalik Ishan, Nr. C. N. Vidhyalaya, Ambawadi, Ahmedabad – 380006, Gujarat, India CIN No.: L65110GJ1993PLC020769 Email : harshal.raval@axisbank.com
Nature of description of the instrument creating or modifying the charge	Loan cum Hypothecation Agreement entered for purchase of 1 No of Eicher 10.59.
Date of instrument Creating the charge	24/08/2012
Amount secured by the charge	Rs.0.824 Million
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest 10.75% pa Terms of Repayment Loan repayable in 36 monthly instalments of Rs 26895/- with 30 days moratorium under ECS mode of repayment. Margin Nil. Extent and Operation of the charge First charge on the commercial vehicle. The amount of charge extends to the principal amount of the loan together with interest, costs, charges and other moneys payable as per loan agreement entered into.
Short particulars of the property charged	Funding on 1 No of Eicher 10.59. Mfg year : 2012

FIXED ASSETS:

· Land - Leasehold

· Building, Factory Office

· Plant and Machinery

· Vehicles

· Office Equipment

· Furniture and Fixture

· Computer and Software

· Electric Equipment

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.52.70
UK Pound	1	Rs.84.51
Euro	1	Rs.68.16

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.