MIRA INFORM REPORT

Report Date :

29.10.2012

IDENTIFICATION DETAILS

Name :	ENTREMONDE POLYCOATERS LIMITED (w.e.f. 01.10.2012)
Formerly Known As :	ENTREMONDE POLYECOATERS LIMITED
Registered Office :	Kilfire House C-17, Dalia Industrial Area, Andheri (West), Mumbai-400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.02.1968
Com. Reg. No.:	11-013935
Capital Investment / Paid-up Capital :	Rs.5.400 millions
CIN No.: [Company Identification No.]	U25200MH1968PLC013935
TAN No.: [Tax Deduction & Collection Account No.]	MUME06514E
PAN No.: [Permanent Account No.]	AAACE0944L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Coated Fabrics and Laminated Textiles
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 355000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as decent. Business is active. Payments are reported to be usually correct and as per commitment. 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 :	Kilfire House C-17, Dalia Industrial Area, Andheri (West), Mumbai 400053, Maharashtra, India
Tel. No.:	91-22-26752563
Fax No.:	91-22-26732568
E-Mail :	accounts@entremonde.com entremonde@vsnl.com atul@entremonde.com
Website :	www.entremonde.com
Factory 1:	Street No. 13, C Road, Plot No. 29, MIDC Satpur, Nashik – 422 007, Maharashtra
Factory 2:	Gut No. 171, 175, 176, 177, Bombay Agra Road, Gonde (Dumala), Tal. Igatpuri, Dist. Nashik, Maharashtra

DIRECTORS

As on 21.09.2012

Name :

Rajesh Sitaram Khetan

Designation :

Director

Address :

Silver Beach, Suryvanshi, Sabhagraha Marg, Off. Caddle Road, Dadar, Mumbai – 400028, Maharashtra, India

Date of Appointment :

01.01.1997

PAN No.:

AAGPK7606L

DIN No.:

00249595

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	U65990MH1981PTC025532	ENTERMONDE INVESTMENTS PVT LTD	Director	01/04/1992	01/04/1992	04/02/2011	Active	NO
2	U25200MH1968PLC013935	ENTREMONDE POLYCOATERS LIMITED	Director	01/01/1997	01/01/1997	-	Active	NO

Name :

Mr. Chandrakant Khetan

Designation :

Managing director

Address :

170, Raval Sea View, Dr. M.B. Raut Road, Shivaji Park, Dadar, Mumbai – 400 028, Maharashtra, India

Date of Birth/Age :

24.01.1946

Date of Appointment :

20.08.2009

PAN No.:

AAHPK5606M

DIN No.:

00234118

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	U65923MH1982PLC026041	VIBHUTI INVESTMENTS COMPANY LIMITED	Director	31/07/1984	31/07/1984	-	Active	NO
2	L65190MH1940PLC003151	THE SWASTIK SAFE DEPOSIT AND INVESTMENTS LTD	Director	01/03/1985	01/03/1985	-	Active	NO
3	U24134MH1986PTC038671	POLYMERMANN (ASIA) PVT LTD	Director	17/01/1986	17/01/1986	-	Active	NO
4	U25209MH1969PLC014452	QUALITY PLASTICS LIMITED	Director	14/10/1988	14/10/1988	-	Amalgamated	NO
5	U52190MH1990PTC055407	BARODA SUPERSTORE PRIVATE LIMITED	Director	12/02/1990	12/02/1990	-	Active	NO
6	U45200MH1990PTC056331	PIRAMAL KDS SUPERSTORE PRIVATE LIMITED	Director	25/04/1990	25/04/1990	-	Strike off	NO
7	U51900MH1992PTC068530	QUALITY SYSTEM GROUP (INDIA) PRIVATE LIMITED	Director	14/09/1992	14/09/1992	-	Active	NO
8	U65990MH1976PTC019033	SAVOY FINANCE AND INVESTMENT PRIVATE LIMITED	Director	31/03/1994	31/03/1994	-	Amalgamated	NO
9	U67120MH1985PTC037758	NANDINI PIRAMAL INVESTMENTS PRIVATE LIMITED	Director	31/03/1994	31/03/1994	-	Amalgamated	NO
10	U26900MH1937PLC002651	DGP SECURITIES LIMITED	Director	26/09/2006	02/05/2006	-	Active	NO
11	U25200MH1968PLC013935	ENTREMONDE POLYCOATERS LIMITED	Managing director	20/08/2009	01/04/2007	-	Active	NO
12	U51900MH1995PLC091144	RISHIRAJ ENTERPRISES LIMITED	Director	19/05/2007	19/05/2007	19/04/2010	Active	NO
13	U18101KA2004PLC034265	INTEGRA APPARELS AND TEXTILES LIMITED	Director	06/08/2008	26/07/2007	-	Amalgamated	NO
14	U65990MH1994PTC082509	NOZAKI FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	25/01/2008	25/01/2008	-	Amalgamated	NO
15	L24230MH1979PLC022059	AJANTA PHARMA LIMITED	Director	09/07/2009	20/10/2008	-	Active	NO
16	U40101MH2008PTC187578	OMICRON POWER ENGINEERS PRIVATE LIMITED	Additional director	18/12/2009	18/12/2009	-	Active	NO
17	U51909MH2011PTC222951	KARELIDES TRADERS PRIVATE LIMITED	Director	12/10/2011	12/10/2011	-	Active	NO

Name :

Rita Chandrakant Khetan

Designation :

Director

Address :

170, Raval Sea View, Dr. M.B. Raut Road, Shivaji Park, Dadar, Mumbai – 400 028, Maharashtra, India

Date of Appointment :

12.08.2011

PAN No.:

AESPK5709A

DIN No.:

01830342

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	U65990MH1976PLC019034	ALCON FINANCE AND INVESTMENTS LIMITED	Director	04/06/1986	04/06/1986	-	Active	NO
2	U51909MH2003PTC139767	MARELOUS MARKETING AND TRADING PRIVATE LIMITED	Director	28/03/2003	28/03/2003	-	Active	NO
3	U45200MH1975PTC018155	ANIL APARTMENT PRIVATE LIMITED	Director	29/03/2004	29/03/2004	-	Active	NO
4	U29220MH1989PLC052987	ACT FININVEST LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
5	U51900MH2006PTC160233	TEKNOPOINT MULTITRADE PRIVATE LIMITED	Director	15/03/2006	15/03/2006	-	Active	NO
6	U51900MH2006PTC160213	ONEUP MULTITRADE PRIVATE LIMITED	Director	15/03/2006	15/03/2006	-	Active	NO
7	U51900MH2006PTC160235	NUTECH MULTITRADE PRIVATE LIMITED	Director	15/03/2006	15/03/2006	-	Active	NO
8	U99999MH1975PLC110425	KAMAL REALTY LIMITED	Director	05/03/2010	05/03/2010	-	Active	NO
9	U51109MH2006PTC160286	NEWDEAL MULTITRADE PRIVATE LIMITED	Director	29/09/2011	14/05/2011	-	Active	NO
10	U25200MH1968PLC013935	ENTREMONDE POLYCOATERS LIMITED	Director	12/08/2011	12/08/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Mrs Rita C. Khetan	750	1.39
Smt. Kamala M. Khetan	2000	3.70
Ms. Pooja C. Khetan	2000	3.70
Mr. Shashank C. Khetan	2000	3.70
Mr. Vijay S. Khetan	2500	4.63
Smt. Shantidevi S. Khetan	2700	5.00
Smt. Chitralekha S. Khetan	3500	6.48
Mr. Umakant M. Khetan	2800	5.19
Mrs. Sheela A. Bharatiya	750	1.39
Mrs. Vibha U. Khetan	3260	6.04
Mrs. Shashi V. Khetan	2200	4.07
Mr. Rajesh S. Khetan	3800	7.04
Vijay and Company (H.U.F.)	3400	6.30
Ruchi and Company (H.U.F.)	1500	2.78
Rajesh and Company (H.U.F.)	4000	7.41
C.U.Kant and Company (H.U..F.)	4000	7.41
Pooja and Company (H.U.F.)	2000	3.70
Rima and Company (H.U.F.)	2000	3.70
Smt. Pramoda A. Mody and Mrs. S J. Parekh	8010	14.83
Entremonde Exim Private Limited	30	0.06
Mrs. Sonal R. Khetan	800	1.48
Total	54000	100

Equity Share Break up (Percentage of Total Equity)

As on 21.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Coated Fabrics and Laminated Textiles

Products :

ITC CODE	Product Description
590310.00 and 39	Coated Textiles
590320.00	Laminated Textiles

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Coated Textiles	Mtrs Mtrs Sq.Mtrs	9720000	9720000	2028094 466536 1836
Multilayer Composites	Mtrs Mtrs Sq.Mtrs	6000000	6000000	83309 665385 567113

The capacities have been computed on 3 shift basis.

* for Input to Multilayer Composites

**for Input to Coated fabrics

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of India, Overseas Branch, 70/80 MG Road, Mumbai - 400023, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
From Banks : Term Loan	21.398	23.113
Working Capital loan from banks: Working Capital loans are secured by first charge on all current assets of the company and second charge on fixed assets of the company on pari pasu basis in addition to the personal guarantee of some of the directors.	51.985	58.377
Bank Overdraft: Bank overdraft secured aginst Fixed Deposits	0.086	0.000
Total	73.469	81.490
Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
From Others : Sales Tax Deferment Loan	0.035	0.036
Loan and Advances from Related parties	13.052	3.670
Total	13.087	3.706

Note:

I. Term loans are secured by first charge on all fixed assets of the company and personal guarantee of some of the directors.

II. Terms of Repayments

a) Secured loans from bank are repayable in equal quarterly installment upto 02^nd May 2018

b) The rate of interest on secured term loans payable vary between 13.5% to 14% p.a.

Banking Relations :	--
Auditors :
Name :	Doshi and Company Chartered Accountants
Address :	Plot no. 12, Parvati Apartment, Flat No.3, Road No. 5 , Sion (West), Mumbai-400022, Maharashtra
Tel. No.:	91-22-24031066/ 24011069
PAN No.:	AAHFD8284G

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
92500	Equity Shares	Rs.100/- each	Rs.9.250 Millions
7500	Preference Shares	Rs.100/- each	Rs.0.750 Million
	Total		Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
54000	Equity Shares	Rs.100/- each	Rs.5.400 Millions

(a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period.

There is no change in shares outstanding at the beginning and at the end of reporting date and immedialtely preceeding reporting date.

(b) Terms / Rights attached to equity shares

The Compnay has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity share is entitle to one vote per share. The company has not proposed any dividend during the year.

In the event of liquidation of the Company, the holder of the equity share will be entitled to receive remainning assets of the Company, after distribtion of all preferential amounts. The distribution will be in proportion to the numbers of equity shares held by the shareholders.

(c) Details of shareholders holding more than 5% share in the company

	31.03.2012
	Number of Share	% Holding
Mrs.Chitralekha S. Khetan	3500	6.48
Mr. Umakant M. Khetan	2800	5.19
Mrs. Vibha U. Khetan	3260	6.04
Mr. Rajesh S. Khetan	3800	7.04
Vijay and Company (H.U.F.)	3400	6.30
Rajesh and Company (H.U.F.)	4000	7.41
C.U.Kant and Company (H.U..F.)	4000	7.41
Mrs Pramoda A. Mody	8010	14.83

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		5.400	5.400	5.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		83.557	78.691	77.392
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		88.957	84.091	82.792
LOAN FUNDS
1] Secured Loans		73.469	81.489	76.745
2] Unsecured Loans		13.087	3.706	2.374
TOTAL BORROWING		86.556	85.195	79.119
DEFERRED TAX LIABILITIES		1.772	1.524	1.568
TOTAL		177.285	170.810	163.479
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		71.375	69.513	71.795
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.523	1.523	1.498
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.677	62.157	58.612
	Sundry Debtors	60.756	60.902	57.940
	Cash & Bank Balances	3.978	3.630	2.754
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.969	16.095	12.092
Total Current Assets		149.380	142.784	131.398
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.070	31.219	34.845
	Other Current Liabilities	6.708	6.540	0.226
	Provisions	6.215	5.251	6.141
Total Current Liabilities		44.993	43.010	41.212
Net Current Assets		104.387	99.774	90.186
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		177.285	170.810	163.479

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	341.611	315.624	319.289
		Other Income	6.183	3.692	5.769
		TOTAL (A)	347.794	319.316	325.058
Less	EXPENSES
		Cost of materials consumed	243.146	231.147	303.813
		(Increase) / Decrease in Inventories of Finished Goods, Stock in Process	0.633	2.805
		Employees Benefits Expenses	41.125	35.137
		Other expenses	40.190	34.693
		TOTAL (B)	325.094	303.782	303.813
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		22.700	15.534	21.245
Less	FINANCIAL EXPENSES (D)		10.870	8.640	7.152
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.830	6.894	14.093
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.710	5.625	5.367
	PROFIT BEFORE TAX (E-F) (G)		6.120	1.269	8.726
Less	TAX (H)		1.255	(0.030)	2.183
	PROFIT AFTER TAX (G-H) (I)		4.865	1.299	6.543
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.902	0.603	0.692
Less	APPROPRIATIONS
		Dividend on Equity Shares	0.000	0.000	0.540
		Corporate Dividend Tax	0.000	0.000	0.092
		Transfer to General Reserve	5.000	1.000	6.000
	BALANCE CARRIED TO THE B/S		0.767	0.902	0.603
	EARNINGS IN FOREIGN CURRENCY
		Exports on F.O.B. basis	14.393	8.507	14.774
	TOTAL EARNINGS		14.393	8.507	14.774
	IMPORTS
		Raw Materials	46.902	39.714	45.139
		Plant and Machinery	0.000	0.000	2.579
	TOTAL IMPORTS		46.902	39.714	47.718
	Earnings Per Share (Rs.)		90.09	24.06	121.17

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.40	0.41	2.01
Net Profit Margin (PBT/Sales)	(%)	1.79	0.40	2.73
Return on Total Assets (PBT/Total Assets}	(%)	2.77	0.60	4.29
Return on Investment (ROI) (PBT/Net worth)		0.07	0.02	0.11
Debt Equity Ratio (Total Liability/Net worth)		1.48	1.52	1.45
Current Ratio (Current Asset/Current Liability)		3.32	3.32	3.19

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

OPERATIONS REVIEW

Sales and other income of the Company increased by 8.91% and profit after tax 374.42 % during the year

OUTLOOK

In the current year the company is optimistic about sales and profitability.

CONTINGENT LIABILITIES AS ON 31.03.2012:

i) In respect of Letter of Credit opened and guaranteed by some of the Directors of the Company Rs. 14.480 (Rs.4.976 Millions)

ii) In respect of Guarantees given by the bankers of the company counter guaranteed by some of the Directors of the company Rs. 6.975 Millions (Rs 5.012 Millions)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25200MH1968PLC013935
Name of the company	ENTREMONDE POLYECOATERS LIMITED
Address of the registered office or of the principal place of business in India of the company	Kilfire House C-17, Dalia Industrial Area, Andheri (West), Mumbai-400053, Maharashtra, India Email: atul@entremonde.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90242031
Type of charge	Immovable property
Particular of charge holder	Bank of India, Overseas Branch, 70/80 MG Road, Mumbai - 400023, Maharashtra, India Email: epl@entremonde.com
Nature of instrument creating charge	Continuing Oral Assent
Date of instrument Creating the charge	28.09.2011
Amount secured by the charge	Rs. 137.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Applicable Terms of Repayment 20 Quarterly Installments Of Rs 0250 Millions From July 12. Margin As Applicable Extent and Operation of the charge The charge operates as the security for repayment of loan
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All that piece of land with buildings, sheds and structures standing thereon, situate at Plot No 29, MIDC Road "C", Street No 13, Satpur, Nasik, containing by area 19369.00 sq.mtrs. All that piece of land at survey nos 171, 175, 176, 177 with buidings, sheds and structures standing thereon, situate at Gonde-Dumala, Taluka Igatpuri, district Nasik, area 31080 sq. Mtrs. All tangible movable machinery and plants such as multi property casting and laminating machinery both present and future lying at company godown, factory at satpur and gonda.
Date of instrument modifying the charge	30.01.2009
Particulars of the present modification	The charge is increased from Rs. 132.000 millions to Rs. 137.000 millions.

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Factory Building

· Office and Residential premises

· Plant and Machinery

· Embossing Rollers

· Electrical Installation

· Furniture and Fixtures

· Office Equipments

· Factory Equipments

· Laboratory Equipments

· Vehicles

· Computers

· Air conditioners

· Trademark

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.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.75

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.