MIRA INFORM REPORT

Report Date :

10.12.2013

IDENTIFICATION DETAILS

Name :	WILLIAM GOODACRE AND SONS INDIA PRIVATE LIMITED
Registered Office :	XVIII/1146, P B No. 4606, South Wadai, Canal Road, Alleppey-688012, Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.10.1972
Com. Reg. No.:	09-002453
Capital Investment / Paid-up Capital :	Rs.0.841 Million
CIN No.: [Company Identification No.]	U17214KL1972PTC002453
TAN No.: [Tax Deduction & Collection Account No.]	TVDW00047F
PAN No.: [Permanent Account No.]	AAACW2943D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Seller of Floor Covering Materials.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit of the company appears to be decent. Net worth of the company seems to be fair. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 :	XVIII/1146, P B No. 4606, South Wadai, Canal Road, Alleppey-688012, Kerala, India
Tel. No.:	91-477-2243662
Fax No.:	91-477-2243124
E-Mail :	goodacre@vsnl.com
Website :	www.karan-group.com

DIRECTORS

As on: 30.09.2013

Name :

Mr. Karunakaran Nair Appukuttan

Designation :

Director

Address :

Devika, M10/50, Changampuzha Nagar, Add, Ernakullam, Kerala, India

Date of Birth/Age :

27.08.1943

Date of Appointment :

19.06.2006

DIN No.:

00009148

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	L24299KL1975PLC002691	Nitta Gelatin India Limited	Director	28/06/2008	01/04/1998	-	Active	NO
2	U24231KL1997PLC011971	BAMNI PROTEINS LIMITED	Director	20/04/1998	20/04/1998	27/06/2008	Active	NO
3	U29299KL1995PLC009664	CII GUARDIAN INTERNATIONAL LIMITED	Director	01/10/1999	01/10/1999	-	Active	NO
4	U24299KL1994PLC007681	MERCHEM LIMITED	Director	26/02/2001	26/02/2001	-	Active	NO
5	U24299KL1951SGC001237	THE TRAVANCORE COCHIN CHEMICALS LIMITED	Nominee director	08/06/2001	08/06/2001	16/09/2009	Active	NO
6	U31102KL1996PTC010715	NORATEL INDIA POWER COMPONENTS PRIVATE LIMITED	Director	29/03/2003	29/03/2003	05/12/2009	Active	NO
7	U51505KL1997PTC011450	TOROID ASIA PRIVATE LIMITED	Director	30/09/2005	30/09/2005	26/04/2007	Active	NO
8	L24230MH1990PLC057062	STRIDES ARCOLAB LIMITED	Director	27/10/2005	27/10/2005	-	Active	NO
9	U65910KL1991PTC006106	GEOJIT CREDITS PRIVATE LIMITED	Director	08/07/2011	02/11/2005	-	Active	NO
10	U51494KL1948PTC000582	KERALA BALERS PRIVATE LTD	Director	19/06/2006	19/06/2006	-	Active	NO
11	U17214KL1972PTC002453	WILLIAM GOODACRE AND SONS INDIA PRIVATE LTD	Director	19/06/2006	19/06/2006	-	Active	NO
12	U52201KL1927PLC000005	THE ALLEPPEY COMPANY LIMITED	Director	19/06/2006	19/06/2006	-	Active	NO
13	U30008KL1985PLC004225	GUARDIAN CONTROLS LTD	Director	17/05/2008	17/05/2008	-	Active	NO
14	L31200KL1996PLC010010	V GUARD INDUSTRIES LIMITED	Director	27/07/2009	27/05/2009	-	Active	NO
15	U62100KL2012PTC032533	Seabird Seaplane Private Limited	Director	02/11/2012	02/11/2012	-	Active	NO

Name :

Mr. Narayanan Venugopal

Designation :

Director

Address :

Saras Arattuvazhy, A S Road, Alleppy-688007, Kerala. India

Date of Birth/Age :

23.05.1932

Date of Appointment :

02.12.2003

DIN No.:

00310381

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	U36104KL1940NPL001180	THE TRAVANCORE COIR MATS AND MATTING MANUFACTURERS ASSOCIATION.	Director	29/11/1988	29/11/1988	26/11/2008	Active	NO
2	U17239KL2001PTC014523	KARAN AND UEDA CARPET PRIVATE LIMITED	Director	06/02/2001	06/02/2001	-	Active	NO
3	U51494KL1948PTC000582	KERALA BALERS PRIVATE LTD	Director	02/12/2003	02/12/2003	-	Active	NO
4	U17214KL1972PTC002453	WILLIAM GOODACRE AND SONS INDIA PRIVATE LTD	Director	02/12/2003	02/12/2003	-	Active	NO
5	U17119KL2005PTC018518	ALAPPUZHA NATURAL FIBRE INFRASTRUCTURE DEVELOPMENT COMPANY PRIVATE LIMITED	Director	30/03/2006	30/03/2006	-	Active	NO
6	U52201KL1927PLC000005	THE ALLEPPEY COMPANY LIMITED	Director	30/06/2007	30/06/2007	-	Active	NO
7	U91200KL1939NPL000034	ASSOCIATED COTTAGE INDUSTRIES AND SHIPPERS UNION	Director	29/09/2007	29/09/2007	30/09/2010	Active	NO
8	U91900KL2009NPL024281	FEDERATION OF INDIAN COIR EXPORTERS' ASSOCIATIONS	Nominee director	08/06/2009	08/06/2009	-	Active	NO

Name :

Mr. Vivek Venugopal Venugopal

Designation :

Managing director

Address :

Saras Arattuvazhy, A S Road, Alleppy-688007, Kerala. India

Date of Birth/Age :

11.12.1969

Date of Appointment :

05.08.1997

DIN No.:

00310138

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	U17214KL1972PTC002453	WILLIAM GOODACRE AND SONS INDIA PRIVATE LTD	Managing director	05/08/1997	05/08/1997	-	Active	NO
2	U17115KL1997PTC011434	KARINOS WEAVE PRIVATE LIMITED	Director	29/10/1997	29/10/1997	-	Active	NO
3	U52201KL1927PLC000005	THE ALLEPPEY COMPANY LIMITED	Director	02/12/2003	02/12/2003	-	Active	NO
4	U17239KL2001PTC014523	KARAN AND UEDA CARPET PRIVATE LIMITED	Director	05/02/2004	05/02/2004	-	Active	NO
5	U51494KL1948PTC000582	KERALA BALERS PRIVATE LTD	Director	06/01/2006	06/01/2006	-	Active	NO
6	U91200KL1939NPL000034	ASSOCIATED COTTAGE INDUSTRIES AND SHIPPERS UNION	Director	30/09/2010	30/09/2010	-	Active	NO

Name :

Mr. Ashok Venugopal

Designation :

Director

Address :

Saras Arattuvazhy, A S Road, Alleppy-688007, Kerala. India

Date of Birth/Age :

01.06.1965

Date of Appointment :

21.11.2000

DIN No.:

00310276

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	U17214KL1972PTC002453	WILLIAM GOODACRE AND SONS INDIA PRIVATE LTD	Director	21/11/2000	21/11/2000	-	Active	NO
2	U51494KL1948PTC000582	KERALA BALERS PRIVATE LTD	Managing director	21/11/2000	21/11/2000	-	Active	NO
3	U52201KL1927PLC000005	THE ALLEPPEY COMPANY LIMITED	Managing director	01/01/2011	21/11/2000	-	Active	NO
4	U36104KL1940NPL001180	THE TRAVANCORE COIR MATS AND MATTING MANUFACTURERS ASSOCIATION.	Director	26/11/2008	26/11/2008	-	Active	NO

Name :

Mr. Subhadra Revi Karunakaran

Designation :

Director

Address :

Shanti Bhavan, Alleppey-682001, Kerala, India

Date of Birth/Age :

27.11.1937

Date of Appointment :

28.04.1980

DIN No.:

00310351

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	U52201KL1927PLC000005	THE ALLEPPEY COMPANY LIMITED	Director	28/06/1978	28/06/1978	-	Active	NO
2	U17214KL1972PTC002453	WILLIAM GOODACRE AND SONS INDIA PRIVATE LTD	Director	28/04/1980	28/04/1980	-	Active	NO
3	U51494KL1948PTC000582	KERALA BALERS PRIVATE LTD	Director	18/05/1991	18/05/1991	-	Active	NO
4	U17239KL2001PTC014523	KARAN AND UEDA CARPET PRIVATE LIMITED	Director	06/02/2001	06/02/2001	-	Active	NO
5	U17115KL1997PTC011434	KARINOS WEAVE PRIVATE LIMITED	Director	09/05/2007	09/05/2007	-	Active	NO

Name :

Mr. Sugunendran Kesavan

Designation :

Director

Address :

Sushanth, V C N B Road, Alleppey-688001, Kerala, India

Date of Birth/Age :

19.05.1930

Date of Appointment :

31.03.1997

DIN No.:

00310415

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	U52201KL1927PLC000005	THE ALLEPPEY COMPANY LIMITED	Director	31/03/1982	31/03/1982	-	Active	NO
2	U36104KL1940NPL001180	THE TRAVANCORE COIR MATS AND MATTING MANUFACTURERS ASSOCIATION.	Director	30/09/1993	30/09/1993	22/12/2011	Active	NO
3	U17214KL1972PTC002453	WILLIAM GOODACRE AND SONS INDIA PRIVATE LTD	Director	31/03/1997	31/03/1997	-	Active	NO
4	U17115KL1997PTC011434	KARINOS WEAVE PRIVATE LIMITED	Director	14/05/1997	14/05/1997	-	Active	NO
5	U55101KL2010PTC026602	CAMELOT CORDIALITY HOTELS PRIVATE LIMITED	Director	26/08/2010	26/08/2010	-	Active	NO
6	U51494KL1948PTC000582	KERALA BALERS PRIVATE LTD	Whole-time director	28/12/2012	28/12/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Subhadra Revi Karunakaran	51647
Coir Produced Limited, Great Britain	32468
Vivek Venugopal	1
Total	84116

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	39.00
Directors or relatives of Directors	61.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Floor Covering Materials.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank Limited, V S V Building, C C N B Road, Alappuzha-688011, Kerala, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWINGS
Loans Repayable on Demand from Banks
Packaging Credit Facilities	159.140	174.413
Loan Against Fixed Deposits	81.559	79.057
Total	240.699	253.470

Banking Relations :	--
Auditors :
Name :	Varma and Varma Chartered Accountants
Address :	Srinikethan, Nettipadam Road, Ernakulam - 682016, Kerala, India
PAN No.:	AABFV9555E
Subsidiary Company :	Karinos Weave Private Limited CIN No.: U17115KL1997PTC011434
Other Related Parties :	Coir Produced Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
84116	Equity Shares	Rs.10/- each	Rs.0.841 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.841	0.841	0.841
(b) Reserves & Surplus	301.098	229.104	223.283
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	301.939	229.945	224.124
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.597	2.666	1.258
Total Non-current Liabilities (3)	3.597	2.666	1.258
(4) Current Liabilities
(a) Short term borrowings	240.699	253.470	233.500
(b) Trade payables	110.678	86.577	87.589
(c) Other current liabilities	4.151	5.720	5.490
(d) Short-term provisions	3.938	10.712	0.180
Total Current Liabilities (4)	359.466	356.479	326.759
TOTAL	665.002	589.090	552.141
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	125.193	126.176	64.400
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.376	2.099	43.774
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.538	4.572	4.525
(c) Deferred tax assets (net)	0.546	0.000	0.000
(d) Long-term Loan and Advances	30.753	28.115	25.873
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	164.406	160.962	138.572
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	126.112	85.171	86.767
(c) Trade receivables	58.235	59.367	53.947
(d) Cash and cash equivalents	213.778	209.053	202.011
(e) Short-term loans and advances	54.914	38.716	38.601
(f) Other current assets	47.557	35.821	32.243
Total Current Assets	500.596	428.128	413.569
TOTAL	665.002	589.090	552.141

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	NA	NA	NA
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		99.591	33.422	27.044
Less/ Add	DEPRECIATION/ AMORTISATION		14.352	11.712	8.533
	PROFIT BEFORE TAX		85.238	21.710	18.511
Less	TAX		25.571	5.346	5.788
	PROFIT AFTER TAX		59.667	16.364	12.723
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		41.200	24.836	12.113
	BALANCE CARRIED TO THE B/S		100.867	41.200	24.836
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	707.972	611.695	676.336
	TOTAL EARNINGS		707.972	611.695	676.336
	IMPORTS
		Raw Materials	72.701	54.531	60.457
		Finished Goods	0.983	0.000	0.000
	TOTAL IMPORTS		73.684	54.531	60.457
	Earnings Per Share (Rs.)		709.34	194.54	220.07

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	12.98	3.73	3.67
Return on Investment (ROI) (PBT/Networth)		0.28	0.09	0.08
Debt Equity Ratio (Total Debt /Networth)		0.81	1.11	1.05
Current Ratio (Current Asset/Current Liability)		1.39	1.20	1.27

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	No

OPERATIONS:

The working of the company resulted in a net profit of Rs. 85.238 Millions during the year as against a profit of Rs.21.710 Millions during the previous year after providing for depreciation. The company expects turnover of Rs.850.000 Millions in the forthcoming financial year on the grounds of favorable trends.

Working of M/S. Karinos Weaves Private Limited – a Subsidiary Company jointly promoted by our Company and M/s. Rinos B.V., Netherlands, had resulted in Net Profit of Rs.1.395 Millions.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10102926	31/03/2008	5,000,000.00	INDIAN OVERSEAS BANK LIMITED	V S V BUILDING, C C N B ROAD, ALAPPUZHA, Kerala - 688011, INDIA	A38430856
2	10102923	31/03/2008	40,000,000.00	INDIAN OVERSEAS BANK LIMITED	V S V BUILDING, C C N B ROAD, ALAPPUZHA, Kerala - 688011, INDIA	A38431045
3	10008085	19/06/2006	18,400,000.00	INDIAN OVERSEAS BANK LIMITED	V S V BUILDING , C C N B ROAD, ALAPPUZHA, Kerala - 688011, INDIA	A02120293
4	10008082	19/06/2006	225,000,000.00	INDIAN OVERSEAS BANK LIMITED	V S V BUILDING , C C N B ROAD, ALAPPUZHA, Kerala - 688011, INDIA	A02120095
5	90022617	21/12/2000	14,000,000.00	INDIAN OVERSEAS BANK	CCNB ROAD, ALLEPPEY, Kerala, INDIA	-
6	90022519	09/04/2011 *	10,000,000.00	INDIAN OVERSEAS BANK LIMITED	V S V BUILDING, C C N B ROAD, ALAPPUZHA, Kerala - 688011, INDIA	B12279196
7	90022338	13/09/2012 *	130,000,000.00	INDIAN OVERSEAS BANK	V S V BUILDING, C C N B ROAD, ALAPPUZHA, Kerala - 688011, INDIA	B61564696
8	90022335	13/09/2012 *	110,000,000.00	INDIAN OVERSEAS BANK	V S V BUILDING, C C N B ROAD, ALAPPUZHA, Kerala - 688011, INDIA	B61592614

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fittings

· Vehicle

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 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.61.18
UK Pound	1	Rs.100.01
Euro	1	Rs.83.82

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.