MIRA INFORM REPORT

Report Date :

25.02.2013

IDENTIFICATION DETAILS

Name :	TEXPORT INDUSTRIES PRIVATE LIMITED

Formerly Known As :	TEXPORT GARMENTS PRIVATE LIMITED

Registered Office :	Plot No.88, Road No.15, M.I.D.C., Andheri (East), Mumbai - 400 093, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	13.12.1979

Com. Reg. No.:	11-021996

Capital Investment / Paid-up Capital :	Rs.5.836 millions

CIN No.: [Company Identification No.]	U18101MH1979PTC021996

TAN No.: [Tax Deduction & Collection Account No.]	MUMM22206C

PAN No.: [Permanent Account No.]	AAACT5016A

Legal Form :	Private Limited Liability Company

Line of Business :	Subject manufactures and exports readymade garments such as shirts, t-shirts, skirts, dresses, jackets, and blazers for men, women and children.

No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 2909000

Status :	Satisfactory

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Latest financials i.e. 2011-12 are missing with the Government Department. However, from the previous year financial of 2011 the company seems to be performing well. Trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered normal for 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Working Capital Limit: BBB
Rating Explanation	The moderate credit quality it carry higher than average credit risk.
Date	September, 2012

Rating Agency Name	ICRA
Rating	On Fund Based Limits: A3+
Rating Explanation	The moderate credit it carry higher credit risk.
Date	September, 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Doshi
Designation :	Finance Manager
Contact No.:	91-80-39284500
Date :	23.02.2013

LOCATIONS

Registered Office/ Corporate Office/ Factory :	Plot No.88, Road No.15, M.I.D.C., Andheri (East), Mumbai - 400 093, Maharashtra, India
Tel. No.:	91-22-30882000
Fax No.:	91-22-30882005
E-Mail :	doshi@texportgarments.com mail@texportgarments.com
Website :	www.texportgarments.com
Area :	2000 sq ft
Location :	Owned

Branch Office 1 :	154, 3^rd Cross, 5^th Main, Yeshwanthpur Industrial Sub., Bangalore - 560 022, Karnataka, India
Tel. No.:	91-80-39284500
Fax No.:	91-80-39284095

Branch Office 2 :	11, Sowdambika Nagar, Poolvapatti Post, P N Road, Tirupur – 641 602, Tamilnadu, India
Tel. No.:	91-421-2481640
Fax No.:	91-421-2471436

Branch Office 3 :	31, Karangalpatti, Street No. 4, Gugai, Salem – 636 006, Tamilnadu, India
Tel. No.:	91-427-2464548
Fax No.:	91-427-2467053

Overseas Office :	New York, USA: 14^th Floor, 264 West, 40^th Street, New York, NY – 10018, USA
Tel. No.:	+1 212 869 8001
Fax No.:	+1 212 869 5965

DIRECTORS

As on 29.09.2012

Name :	Mr. Narendra Kumar Deviprasad Goenka
Designation :	Director
Address :	Shivkunj, Road No.11, J.V.P.D. Scheme, Juhu, Vile Parle (West), Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	30.06.1957
Date of Appointment :	25.07.1981
DIN No.:	01234889

Name :	Mr. Suresh Deviprasad Goenka
Designation :	Director
Address :	Shivkunj, 11^th Road, J.V.P.D. Scheme, Juhu, Vile Parle (West), Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	06.06.1953
Date of Appointment :	02.04.1990
DIN No.:	01181788

Name :	Mr. Arun Kumar Sajjankumar Goenka
Designation :	Director
Address :	4^th Shivkunj, 11^th Road, J.V.P.D. Scheme, Juhu, Vile Parle (West), Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	17.08.1967
Date of Appointment :	06.03.1996
DIN No.:	01230401

Name :	Mr. Sekhar Sashi Edayath
Designation :	Director
Address :	201, Jyoti Sparkle, Plot No.81, Shere-Punjab Society, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Date of Birth/Age :	25.05.1955
Date of Appointment :	18.01.1998
DIN No.:	01760123

Name :	Mr. Shailesh Sureshkumar Goenka
Designation :	Director
Address :	Shivkunj, Road No.11, J.V.P.D. Scheme, Juhu, Vile Parle (West), Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	05.06.1979
Date of Appointment :	18.02.2003
DIN No.:	01230273

Name :	Mr. Sajjankumar Debiprasad Goenka
Designation :	Director
Address :	4^th Shivkunj, North-South Road No.11, J.V.P.D. Scheme, Juhu, Vile Parle (West), Mumbai – 400 049, Maharashtra, India
Date of Appointment :	14.10.2005
DIN No.:	01230354

Name :	Mr. Neeraj Sajjan Goenka
Designation :	Director
Address :	4^th Shivkunj, 11^th Road, J.V.P.D. Scheme, Juhu, Vile Parle (West), Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	24.06.1972
Date of Appointment :	30.09.2010
DIN No.:	00745541

KEY EXECUTIVES

Name :	Mr. Doshi
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders		No. of Shares
Goenka Deviprasad Narendra		2632
Goenka Sajjan Chandra Kala		2662
Goenka Narendra Sarita Devi		2986
Goenka Suresh Sashi Devi		3014
Goenka Chandi Prasad Radhadevi		850
Goenka Deviprasad Suresh		2700
Sajjan Kumar Goenka – HUF		300
Goenka Sajjan Arun		2885
Goenka Narendra Sakshi		271
Goenka Suresh Shailesh		2821
Goenka Suresh Neeti		326
Goenka Arun Vinita		2986
Goenka Narendra Nupur		71
Goenka Chandi Prasad Sajjan		152
Goenka Sajjan Neeraj		2000
Suresh Goenka (HUF)		1
Goenka Shailesh Nishita		3000
Goenka Neeraj Sushma		3100
Total		32757

As on 29.09.2012

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00

BUSINESS DETAILS

Line of Business :

Subject manufactures and exports readymade garments such as shirts, t-shirts, skirts, dresses, jackets, and blazers for men, women and children.

Products :

Item Code No. (ITC Code)	62052000
Product Description	Readymade Garments

Exports :

Products :

Finished Goods

Countries :

USA

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Licensed Capacity: Not Applicable

Installed Capacity:

In view of the productions of varied types of garments, as per the specification of individual orders, it is not possible to quantify the installed capacity. Moreover, the company also gets its garments manufactured by outside parties on job work basis.

Particulars

Unit

Actual Production

Garments

Nos.

10924394

GENERAL INFORMATION

Customers :

Retailers

No. of Employees :

60 (Approximately)

Bankers :

Canara Bank (Leader), Prime Corporate Branch, Shankaranarayan Building, No.25, M.G. Road, Bangalore – 560 001, Karnataka, India
Export-Import Bank of India, 21 Floor, Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India (Contact No.: 91-22-22172600)
ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	201.910	251.977
Foreign currency loans banks secured	359.276	432.025
Working capital loans banks secured	641.423	591.046
Loans taken for vehicles secured	0.040	0.768
Total	1202.649	1275.816


Banking Relations :	--

Auditors :
Name :	B. Choraria and Mates Chartered Accountants
Address :	594, 16^th Cross, 35^th Main, J.P. Nagar, 6^th Phase, Bangalore – 560 078, Karnataka, India
Tel. No.:	91-80-22440331/ 22459853
Fax No.:	91-80-26911458
E-Mail :	bcmates@vsnl.net
Income-tax PAN of auditor or auditor's firm :	AAJPC4940N

Wholly Owned Enterprises:	· JBC Garments Private Limited, India (CIN No.: U18101MH1995PTC091687) · TIPL (Employees Group Gratuity Scheme) · Rebound Exports Private Limited, India (CIN No.: U52322MH1987PTC044533) · Dubin Devices Private Limited, India (CIN No.: U34300KA1995PTC018106) · Alphonso Holdings

Enterprises over which key management personnel and their relatives exercise significant influence with whom transactions have taken place during the year:	Private Limited Companies · Texport Garments Private Limited · JBC International Private Limited · Texport Technologies Private Limited · DG Goenka Equities Private Limited Partnership Firms · Frisco International · Texport Garments Trusts · Shivdevi Goenka Foundation · Goenka Charitable Trust · Shree Goenka Kalyan Trust

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 millions
50000	Preference Shares	Rs.100/- each	Rs. 5.000 millions
	Total		Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32757	Equity Shares	Rs.100/- each	Rs.3.276 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares (Having voting rights)	Rs.100/- each	Rs.10.000 millions
50000	Preference Shares (Not having voting rights)	Rs.100/- each	Rs. 5.000 millions
	Total		Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32757	Equity Shares (Having voting rights)	Rs.100/- each	Rs.3.276 millions
25600	Preference Shares (Not having voting rights)	Rs.100/- each	Rs.2.560 millions
	Total		Rs.5.836 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		5.836	5.836	5.836
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		721.390	627.455	493.113
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		727.226	633.291	498.949
LOAN FUNDS
1] Secured Loans		1202.649	1275.816	1292.924
2] Unsecured Loans		54.526	47.543	60.436
TOTAL BORROWING		1257.175	1323.359	1353.360
DEFERRED TAX LIABILITIES		29.550	37.725	58.212

TOTAL		2013.951	1994.375	1910.521

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		603.238	670.866	763.114
Capital work-in-progress		29.503	0.000	0.000

INVESTMENT		35.804	17.774	18.446
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	704.991	560.888	602.990
	Sundry Debtors	757.820	821.067	661.266
	Cash & Bank Balances	55.942	73.774	47.678
	Other Current Assets	120.551	121.235	0.000
	Loans & Advances	199.293	190.383	336.024
Total Current Assets		1838.597	1767.347	1647.958
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	178.918	216.799	188.253
	Other Current Liabilities	205.645	173.296	241.666
	Provisions	108.628	71.517	89.078
Total Current Liabilities		493.191	461.612	518.997
Net Current Assets		1345.406	1305.735	1128.961

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		2013.951	1994.375	1910.521

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3578.114	3238.020	3248.365
		Other Income
		TOTAL	3578.114	3238.020	3248.365

Less	EXPENSES
		Office Expenses	3454.730	3131.703	3381.009
		Administrative Expenses
		Advertising Expenses
		TOTAL	3454.730	3131.703	3381.009

	PROFIT/ (LOSS) BEFORE TAX		123.384	106.317	(132.644)

Less	TAX		29.409	(20.486)	3.546

	PROFIT/ (LOSS) AFTER TAX		93.975	126.803	(136.190)

	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	3144.061	2944.368	2820.636
		Others	0.680	0.490	27.252
	TOTAL EARNINGS		3144.741	2944.858	2847.888

	IMPORTS
		Raw Materials	401.657	330.753	408.570
		Stores & Spares	150.158	132.114	135.702
		Capital Goods	3.765	4.196	55.596
		Others	0.000	0.000	1.873
	TOTAL IMPORTS		555.580	467.063	601.741

	Earnings/ (Loss) Per Share (Rs.)		1610.35	3777.00	(2333.74)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.63	3.92	(4.19)

Return on Total Assets (PBT/Total Assets}	(%)	5.05	4.36	(5.50)

Return on Investment (ROI) (PBT/Networth)		0.17	0.16	(0.27)

Debt Equity Ratio (Total Debt/Networth)		1.73	2.09	2.71

Current Ratio (Current Asset/Current Liability)		3.73	3.83	3.18

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
- Creditors due small micro enterprises	0.000	0.000	0.000
- Creditors due Others	178.918	216.799	188.253
Total	178.918	216.799	188.253

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
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	Yes
20) Export / Import details (if applicable)	Yes
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	No
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

Note:

The registered office of the company has been shifted from Laxmi Woollen Mills, Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 011, Maharashtra to the present address w.e.f. 01.01.2008.

Unsecured Loan

31.03.2011

(Rs. in Millions)

31.03.2010

(Rs. in Millions)

Loans Directors Unsecured

54.526

47.543

Total

54.526

47.543

BACKGROUND

Subject was set up in 1979 by Mr. Narendra Goenka, who along with his brothers, Mr. Sajjan Goenka and Mr. Suresh Goenka, is involved in managing the company. Subject manufactures and exports readymade garments such as shirts, t-shirts, skirts, dresses, jackets, and blazers for men, women and children. The company has two divisions: woven and knit garments; around 70 per cent of the company’s revenues come from the woven division and the rest from knits. Subject exports its products to the US, Canada, Australia, the UK and Continental Europe.

OPERATIONS:

During the year, the Company has incurred a profit of Rs 93.975 millions compared to the profit of Rs 126.803 millions earned during the previous year. The company has earned Rs.3578.114 millions out of which Rs.3173.654 millions was from export sales, Rs.57.027 millions was from domestic sales, Rs.198.487 millions as incentives and Rs.25.996 millions as other Income. However the total expenditure has amounted to Rs.3454.730 millions.

CONTINGENT LIABILITIES

Particulars	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Claims against the Company not acknowledged as debts	0.754	0.654
Guarantees given by banks	0.075	0.000
Outstanding letters of credit	53.506	22.310
Export bills discounted with banks	641.423	591.046
Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advances)	70.965	0.000

Note:

Labour dispute pending at the High Court of Karnataka filed by the company against an order of a labour court. The maximum loss estimated by the company is Rs.0.100 million. (PY-Nil).Provident fund liability under appeal as on 31^st March, 2010 is Rs.0.654 million (PY – 0.654 million)

Bankers Charges Report as per Registry

Corporate identity number of the company	U18101MH1979PTC021996
Name of the company	TEXPORT INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.88, Road No.15, M.I.D.C., Andheri (East), Mumbai - 400 093, Maharashtra, India E-Mail: doshi@texportgarments.com
This form is for	Modification of charge
Charge identification number of the modified	10308421
Type of charge	Immovable Property Any interest in immovable property
Particular of charge holder	Export-Import Bank of India, 21 Floor, Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India E-Mail: cbg@eximbankindia.in
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry ("MOE") dated November 20, 2012 recording mortgage by deposit of title deeds of the immovable properties of Texport Industries Private Limited ("the Company") with Canara Bank, Canara Bank acting as as agent of Export-Import Bank of India ("Exim Bank").
Date of instrument Creating the charge	20.11.2012
Amount secured by the charge	Rs.100.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Exim Bank's Long Term Minimum Lending Rate (LTMLR) plus 210 bps p.a. payable with monthly rests on the 20^th day of each month. Terms of Repayment: Unless the Company prepays the Loan in accordance with the Loan Agreement, the Loan shall be repaid by the Borrower in 33 (Thirty Three) substantially equal quarterly installments commencing at the end of 2 years from the date of first disbursement or such other date closer to that date as may be advised by Exim Bank at the time of making the first disbursement. Margin: 33.33% Extent and Operation of the charge: The charge created under the MOE in favour of Exim Bank shall operate as a pari-passu first charge over the entire immovable properties of the Company, both present and future more specifically described at Schedule II of the MOE.
Short particulars of the property charged	The immovable properties of the Company, both present and future, more specifically described in Second Schedule of the MOE.
Particulars of the present modification	The charge created in favour of Exim Bank under the Deed of Hypothecation dated August 31, 2011 is enlarged to include the Mortgage over the immovable properties of the Company described in the Schedules to the MOE recorded on November 20, 2012.

FIXED ASSETS:

· Land and Building

· Building

· Plant and Machinery

· Motor Car

· Furniture and Fixture

· Office Equipment

· Electrical Installation

· Generator

· Software

· Laundry

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.54.43
UK Pound	1	Rs.83.20
Euro	1	Rs.71.91

INFORMATION DETAILS

Information Gathered by :	PLK

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.

MIRA INFORM REPORT

704.991

757.820

55.942

120.551

199.293

1838.597

178.918

205.645

108.628

493.191

1345.406

2.63

5.05

0.17

1.73

3.73

Unit