MIRA INFORM REPORT

Report Date :

26.03.2013

IDENTIFICATION DETAILS

Name :	COLORPLAST SYSTEMS PRIVATE LIMITED
Registered Office :	C-551, Defence Colony, New Delhi – 110024
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.04.2001
Com. Reg. No.:	55-110380
Capital Investment / Paid-up Capital :	Rs. 15.000 Millions
CIN No.: [Company Identification No.]	U25206DL2001PTC110380
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject is in the business of Manufacturing, Printing, Developing and Processing of Smart Cards and Solutions
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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

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 :	C-551, Defence Colony, New Delhi – 110024, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ashok_ag@hotmail.com
Website :	http://www.colorplast.in

DIRECTORS

As on: 29.09.2012

Name :

Mrs. Anita Batra

Designation :

Director

Address :

C-551, Defence Colony, New Delhi, India

Date of Birth/Age :

29.02.1960

Date of Appointment :

26.08.2004

DIN No.:

00426861

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	U25206DL2001PTC110380	COLORPLAST SYSTEMS PRIVATE LIMITED	Director	26/08/2004	26/08/2004	-	Active	NO
2	U50200DL2005PTC132808	JAY MONESH SERVICE STATION PRIVATE LIMITED	Director	16/03/2005	16/03/2005	-	Active	NO
3	U45201DL2005PTC133625	RLK PROMOTERS PRIVATE LIMITED	Director	18/11/2005	18/11/2005	-	Active	NO
4	U45210DL2006PTC145591	BLOOMING DALES HOMES PRIVATE LIMITED	Director	30/01/2006	30/01/2006	-	Active	NO
5	U72200DL2005PTC137579	GMV TECHNOSERVICES PRIVATE LIMITED	Director	01/07/2006	01/07/2006	04/03/2008	Active	NO
6	U45400DL2007PTC165890	VEGA TECHNOBUILD PRIVATE LIMITED	Director	29/01/2010	29/01/2010	30/11/2011	Active	NO
7	U70109DL2006PTC151790	SPECTRUM DEVELOPERS PRIVATE LIMITED	Director	20/03/2010	20/03/2010	-	Active	NO
8	U18101DL2005PTC134454	GANPATI CLOTHINGS PRIVATE LIMITED	Director	18/09/2012	18/09/2012	-	Active	NO

Name :

Mr. Rajesh Batra

Designation :

Director

Address :

C-551, Defence Colony, New Delhi, India

Date of Birth/Age :

22.06.1957

Date of Appointment :

11.04.2001

DIN No.:

01059003

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	U22200DL1993PTC052833	SURYA PRINT PROCESS PRIVATE LIMITED	Director	29/03/1993	29/03/1993	-	Active	NO
2	U25206DL2001PTC110380	COLORPLAST SYSTEMS PRIVATE LIMITED	Director	11/04/2001	11/04/2001	-	Active	NO
3	U45201DL2005PTC133625	RLK PROMOTERS PRIVATE LIMITED	Director	04/03/2005	04/03/2005	-	Active	NO
4	U25202DL2005PTC134001	RRK PACKAGING PRIVATE LIMITED	Director	15/03/2005	15/03/2005	25/05/2008	Active	NO
5	U22219DL2005PTC133999	RRK PRINTING PRIVATE LIMITED	Director	15/03/2005	15/03/2005	15/06/2007	Active	YES
6	U51311DL2002PTC116733	SUPERSONIC EXPORTS PRIVATE LIMITED	Director	20/11/2005	20/11/2005	-	Active	NO
7	U45210DL2006PTC145591	BLOOMING DALES HOMES PRIVATE LIMITED	Director	30/01/2006	30/01/2006	-	Active	NO
8	U72900DL2008PTC182051	SUPREME IT SOLUTIONS PRIVATE LIMITED	Director	13/08/2008	13/08/2008	-	Active	NO
9	U51909DL2010PTC208070	RPM INTERNATIONAL PRIVATE LIMITED	Director	09/09/2010	09/09/2010	-	Active	NO
10	U18101DL2005PTC134454	GANPATI CLOTHINGS PRIVATE LIMITED	Director	18/09/2012	18/09/2012	-	Active	NO
11	U74999DL2013PTC247661	AHEAD SALONS PRIVATE LIMITED	Director	28/01/2013	28/01/2013	-	Active	NO

Name :

Mr. Aseem Batra

Designation :

Director

Address :

C-551, Defence Colony, New Delhi, India

Date of Birth/Age :

15.10.1986

Date of Appointment :

25.08.2010

DIN No.:

01203428

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	U51311DL2002PTC116733	SUPERSONIC EXPORTS PRIVATE LIMITED	Director	20/11/2005	20/11/2005	-	Active	NO
2	U25206DL2001PTC110380	COLORPLAST SYSTEMS PRIVATE LIMITED	Director	25/08/2010	21/11/2009	-	Active	NO
3	U45400DL2007PTC165890	VEGA TECHNOBUILD PRIVATE LIMITED	Director	29/01/2010	29/01/2010	-	Active	NO
4	U70109DL2006PTC151790	SPECTRUM DEVELOPERS PRIVATE LIMITED	Director	20/03/2010	20/03/2010	-	Active	NO
5	U51909DL2010PTC208070	RPM INTERNATIONAL PRIVATE LIMITED	Director	09/09/2010	09/09/2010	-	Active	NO
6	U18101DL2005PTC134454	GANPATI CLOTHINGS PRIVATE LIMITED	Director	18/09/2012	18/09/2012	-	Active	NO

Name :

Mr. Ayush Batra

Designation :

Director

Address :

C-551, Defence Colony, New Delhi, India

Date of Birth/Age :

21.11.1985

Date of Appointment :

25.08.2010

DIN No.:

01203541

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	U50200DL2005PTC132808	JAY MONESH SERVICE STATION PRIVATE LIMITED	Director	16/03/2005	16/03/2005	-	Active	NO
2	U72900DL2008PTC182051	SUPREME IT SOLUTIONS PRIVATE LIMITED	Director	13/08/2008	13/08/2008	-	Active	NO
3	U25206DL2001PTC110380	COLORPLAST SYSTEMS PRIVATE LIMITED	Director	25/08/2010	21/11/2009	-	Active	NO
4	U45400DL2007PTC165890	VEGA TECHNOBUILD PRIVATE LIMITED	Director	01/11/2011	01/11/2011	30/11/2011	Active	NO
5	U18101DL2005PTC134454	GANPATI CLOTHINGS PRIVATE LIMITED	Director	18/09/2012	18/09/2012	-	Active	NO
6	U74900DL2012PTC240500	WOM MEDIA XCHANGE PRIVATE LIMITED	Director	23/01/2013	23/01/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Rajesh Batra	660000
Anita Batra	490000
Ayush Batra	425000
Aseem Batra	425000
Total	2000000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is in the business of Manufacturing, Printing, Developing and Processing of Smart Cards and Solutions

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Telecom Cards	Nos.	770000000	546304104
Plastic Cards	Nos.	240000000	119021009
KIT	Nos.	20000000	9205601

GENERAL INFORMATION

Customers :

· Comfort Inn, Mumbai

· Courtyard Marriot, Gurgaon

· Taj Lands, Mumbai

· J. W. Marript

· Sahara Star

· The Residence

· The Gateway Hotel

· The Ramada Hotel

· Taj Lands, Delhi

· Hero Honda Loyalty Cards

· Fortis Hospital

· World Phone

· Vodafone

· HCL Infinet

· Idea Cellular

· AirTel

· Uninor

· Reliance Communications

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Canara Bank, Tagore Garden, New Delhi, India

· Centurion Bank of Punjab Limited, B-222-223, Dynamic House, Sector – 16, Noida – 201301, Uttar Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Loan from HDFC Bank Limited (Terms Loan from HDFC Bank Limited are secured by way of first and exclusive charge on the specific machinery/ other assets acquired from the term loans and hypothecation of stocks of raw materials, WIP, Finished Goods and book debts of the company. The said loan is further secured by the personal guarantee of the three directors)	34.496	41.251
Vehicle Loan (Secured against hypothecation of vehicles)	0.000	0.510
Working Capital Loan from Banks
Cash Credit Facilities	30.177	26.368
Total	64.673	68.129

Banking Relations :	--
Auditors :
Name :	MGA and Company Chartered Accountant
Address :	H-52, B. K. Dutt Colony, Karbala, Lodhi Road, New Delhi – 11003, India
PAN.:	AAQFM7967E

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Out of the Equity share capital

The company has equity shares having a par value of Rs. 10 per share. Each equity shareholder is entitled for one vote per share and also entitle for dividend per share.

In the event of liquidation of the company, the holders of equity shares will be entitled te receive remaining assets of the company, after distribution of all preferential amounts. These distributions will be in proportion to the number of equity shares held by the shareholder.

A per of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest

Reconciliation of the number of Equity Shares Outstanding

Number of shares at the beginning	1500000
Add: Shares issued during the year	-
Number of shares at the end	1500000

Details of shareholders holding more than 5% shares in the company

Particular	Number of Shares
Rajesh Batra	585000
Anita Batra	490000
Ilaksha	225000
Ayush Batra	100000
Aseem Batra	100000

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		15.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		100.783	83.899	67.603
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		115.783	98.899	82.603
LOAN FUNDS
1] Secured Loans		64.673	68.129	94.217
2] Unsecured Loans		71.286	61.725	54.990
TOTAL BORROWING		135.959	129.854	149.207
DEFERRED TAX LIABILITIES		25.431	22.635	19.388
TOTAL		277.173	251.388	251.198
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		212.986	208.715	193.353
Capital work-in-progress		27.531	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	58.848	51.010	27.976
	Sundry Debtors	58.826	66.355	60.649
	Cash & Bank Balances	0.847	0.201	7.497
	Other Current Assets	5.201	5.165	0.000
	Loans & Advances	43.776	37.097	28.423
Total Current Assets		167.498	159.828	124.545
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	92.251	82.471	56.675
	Other Current Liabilities	31.466	28.159	4.876
	Provisions	7.125	6.525	5.149
Total Current Liabilities		130.842	117.155	66.700
Net Current Assets		36.656	42.673	57.845
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		277.173	251.388	251.198

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	347.720	306.186	268.725
		Other Income
		TOTAL (A)	347.720	306.186	268.725
Less	EXPENSES
		Office Expenses
		Administrative Expenses	291.011	255.268	225.140
		Advertising Expenses
		TOTAL (B)	291.011	255.268	225.140
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		56.709	50.918	43.585
Less	FINANCIAL EXPENSES (D)		18.548	15.161	12.026
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.161	35.757	31.559
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.041	11.650	8.749
	PROFIT BEFORE TAX (E-F) (G)		25.120	24.107	22.810
Less	TAX (H)		8.237	7.811	7.508
	PROFIT AFTER TAX (G-H) (I)		16.883	16.296	15.302
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	97.126	47.705	27.247
	TOTAL EARNINGS		97.126	47.705	27.247
	IMPORTS
		Raw Materials	80.605	79.827	35.695
		Stores & Spares	9.828	11.408	5.715
		Capital Goods	17.098	20.709	49.938
		Trading Goods	0.000	0.000	14.802
	TOTAL IMPORTS		107.531	111.944	106.150
	Earnings Per Share (Rs.)		11.26	10.86	11.13

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.86	5.32	5.69
Return on Total Assets (PBT/Total Assets}	(%)	6.60	6.54	7.17
Return on Investment (ROI) (PBT/Networth)		0.22	0.24	0.27
Debt Equity Ratio (Total Debt /Networth)		1.17	1.31	1.81
Current Ratio (Current Asset/Current Liability)		1.28	1.36	1.87

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	Yes
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

OPERATIONS AND PERFORMANCE

The company has achieved a gross sales turnover of Rs. 347.720 Millions with a growth of 13.56% as compared to previous year’s figure of Rs. 306.186 Millions. Due to the constant efforts put by the directors in internal initiatives on productivity enhancement, cost optimization and congenial work environment the company has achieved Net profit before tax of Rs. 25.120 Millions as compared to previous year’s figure of Rs. 24.107 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U25206DL2001PTC110380
Name of the company	COLORPLAST SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-551, Defence Colony, New Delhi – 110024, India ashok_ag@hotmail.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10056176
Type of charge	· Book Debts · Movable Property (not being pledge) · Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India rbbform8@hdfcbank.com
Nature of instrument creating charge	Supplementary Letter of Hypothecation
Date of instrument Creating the charge	29.11.2012
Amount secured by the charge	Rs. 282.529 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the bank from time to time. Terms of Repayment Working Capital Facilities shall be repayable on demand Term loan facilities shall be repayable in suitable installments Margin As may be stipulated by the bank from time to time Extent and Operation of the charge Hypothecation by way of first charge on company’s stocks, book debts, plant and machinery and vehicles to secure as a continuing security for the repayment of Rs. 282.529 Millions together with interest, costs, charges, expenses and other moneys due and payable by the company to the Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties · All the debts, that is all the book debts, outstanding, monies receivables, claims, bills, invoice documents, contracts, guarantees and rights which are now due · The movable plant and machinery and vehicles which may now or at any time hereafter belong to the borrower or come to the borrower’s disposal
Date of instrument modifying the charge	22.11.2010
Particulars of the present modification	The charge shall now stand increased from Rs. 201.671 Millions to Rs. 282.529 Millions against the security of stocks, book debts, plant and machinery and vehicles of the company.

OVERVIEW:

Subject is an ISO 9001:2000 accredited organization in designing and manufacturing of smart cards. Subject are an expansion of Surya Prints Process Private Limited, which had 20-year experience in the field of Printing Industry and Magic International, a key player that is into stationary export to Wal-Mart, Modo and Modo etc. for more than 10 years. Subjects are an extension of above philosophy of the parent company in a more specialized way to cater the niche market of card printing technology.

Subject is incorporated in the Year of 2001 with a mission "To excel in card manufacturing and to indigenously fulfill the requirements of the smart card industry with world class products, services and solutions in a secure environment and to continually improve on their laid down objectives."

The Subject is located in an industrial belt of Noida city of Uttar Pradesh. Subject is into the complete manufacturing of GSM scratch cards, Membership/Loyalty cards, Prepaid scratch-off cards, ID Cards, Data carrier cards and transponder cards.

Subject have a huge clientele of reputed company like Ericsson India Private Limited, HCL Infinet, Net4world, AirTel, BPL, Reliance, Hutch, BSNL, VSNL, MTNL, Pepsi, Intercard etc. The company works on the philosophy to cater the requirement of all type of plastic card requirement that are being proposed in every sector of today's market, and are here to be a part of their lives to come. With strength of more than 100 competence employees, Colorplast is able to perform best to the customer's satisfaction.

They work in a totally dust-free plant in Noida, Uttar Pradesh (India) with state-of-the-art imported machineries, which are capable of customizing and personalizing over 50 million cards a year. We have German Offset Printing machine, capable of customizing over 17 million cards in a year. They have imported lamination machine, Die-cutting machine, Paper cutting Machine Personalization machines and Packing machines under one roof, which makes the whole process simpler, faster, efficient and foolproof. Their competent staffs are able to perform all these activities very efficiently and effectively.

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loan from others	71.286	61.725
Total	71.286	61.725

CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED)

(Rs in Millions)

Particulars	31.03.2012	31.03.2011
Outstanding guarantees and counter guarantees to various banks, in respect of the guarantees given by those banks in favour of various government authorities and others	8.111	4.998
Duty exemption availed on import of machinery under EPCG Scheme	0.000	2.494
Disputed demand on Value Added Tax under Appeal	1.168	0.000

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 records 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] on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 54.17
UK Pound	1	Rs. 82.99
Euro	1	Rs. 70.62

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.