MIRA INFORM REPORT

Report Date :

07.01.2013

IDENTIFICATION DETAILS

Name :	ELMACH PACKAGES (INDIA) PRIVATE LIMITED
Registered Office :	410, Hill View Industrial Estate, Off. L.B.S. Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.12.1988
Com. Reg. No.:	11-049939
Capital Investment / Paid-up Capital :	Rs. 1.936 Millions
CIN No.: [Company Identification No.]	U28129MH1988PTC049939
TAN No.: [Tax Deduction & Collection Account No.]	MUMM19852A
PAN No.: [Permanent Account No.]	AAACEO940Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of blister packing machines and LOBE pumps.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 439000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears slight dip in the profitability during the current year recorded by the company. However, general financial position appears to be strong. Performance capacity appears to be high. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business 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.4

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.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE (91-22-25008071)

LOCATIONS

Registered/ Administrative Office :	410, Hill View Industrial Estate, Off. L.B.S. Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India
Tel. No.:	91-22-25008071 / 7217 / 25006658/ 25006046 / 66432702/ 3
Fax No.:	91-22-25008910
E-Mail :	carporatemail@elmach.com elmach@vsnl.com
Website :	www.elmach.com
Factory :	B/1 EL, Shree Rajlaxmi Textile and Industrial Park, Near Chavindra Ocroi, Pogaon, Bhowandi Dist Thane – 421302, Maharashtra, India
Tel. No.:	91-2522-304250/ 1/ 2/ 3/ 4/ 5/ 6/ 7
Fax No.:	91-2522-340258
SALES AND SERVICE :
Ahmedabad Office :	Prasad Palace, 74, Nehru Park, Vastrapur, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-26603939/ 26468033
Bangalore Office :	No. 907, 9^th Floor, Brigade Towers, 135, Brigade Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-22236218 / 2236219
Delhi Office :	ED-55, Tagore Garden, New Delhi – 110027, India
Tel. No.:	91-11-25460255
Fax No.:	91-11-25462134
Chennai Office :	Block D, Basement Floor, Baid Mehta Complex, 183, Mount Road, Saidapet, Chennai – 600015, Tamilnadu, India
Tel. No.:	91-44-22200005 / 6
Fax No.:	91-44-22355657
Hyderabad Office :	401, Everest Block, (C Wing), Aditya Enclave, Opposite Sarathi Studio, Ameerpet, Hyderabad – 500038, Andhra Pradesh, India
Tel. No.:	91-40-23745098 / 23736535
Kolkata Office :	C/O Overceas Computer and Business Center, Office No. 206, 63, Rafi Ahmed Kidwai Road, Kolkata- 700016, West Bengal, India
Tel. No.:	91-33-30229576

DIRECTORS

AS ON 28.09.2012

Name :

Sukumaran Puthiyapurayil

Designation :

Director

Address :

Flat 401, 4th Floor, Plot No. 349, Silvanto Central Avenue Road, Near OLPS Church, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

17.01.1943

Date of Appointment :

07.12.1988

DIN No.:

00846698

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	Company/ LLP Status	Defaulting status
1	U28129MH1988PTC049939	ELMACH PACKAGES (INDIA) PRIVATE LIMITED	Director	07/12/1988	07/12/1988	Active	NO
2	U67120MH1943PTC003911	ANIL PRIVATE LIMITED	Director	01/01/1996	01/01/1996	Active	NO
3	U45200MH2007PTC168478	IGP REALTORS PRIVATE LIMITED	Director	08/03/2007	08/03/2007	Active	NO
4	U29295MH2009PTC197742	ELMATIC PACKAGING SOLUTIONS (I) PRIVATE LIMITED	Director	09/12/2009	09/12/2009	Active	NO

Name :

Mrs. Sulochana Sukumaran

Designation :

Director

Address :

Flat 401, 4th Floor, Plot No. 349, Silvanto Central Avenue Road, Near OLPS Church, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

28.03.1948

Date of Appointment :

07.12.1988

DIN No.:

00995936

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	Company/ LLP Status	Defaulting status
1	U28129MH1988PTC049939	ELMACH PACKAGES (INDIA) PRIVATE LIMITED	Director	07/12/1988	07/12/1988	Active	NO
2	U67120MH1943PTC003911	ANIL PRIVATE LIMITED	Director	01/01/1996	01/01/1996	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Sukumaran Puthiyapurayil	11600
Sulochana Sukumaran	7720
Premrajan K.K.	20
Sudish Sukumaran	20
Total	19360

AS ON 28.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer of blister packing machines and LOBE pumps.

Products :

ITC Code	Product Descriptions
84221900	Blister Pack Machine
84221900	Defoilers
84229090	Change Parts
84131199	Lobe Pumps

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Blister pack machines	N.A.	N.A.	136
Machine Change Parts/ Spares	N.A.	N.A.	14003 Nos, 480 Sets, 1476 Nos Sp, 39 Sets Sp, 50 Mtrs, 1 Lot, 5.5 Kg, 250 gm

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Fort Market Branch, Padhyan House, Ferre Road, Mumbai – 400039, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Cholamandalam Investment and Finance Company Limited	0.606	0.000
Canara Bank-Innova Car Loan	0.000	2.300
Canara Bank-Eicher 2 Buses Loan	0.000	1.800
Total	0.606	4.100
Note: (i) Rate of Interest Charged by P.P. Sukumaran is @ 11.75% p.a. on outstanding amount. (ii) Rate of Interest Charged by Elmach Engg. Company Is @ 12% p.a. on outstanding amount. (i) Loans from Related Parties is Payable on demand & no personal guarantee is given by directors. (ii) Rate of Interest Charged by Sulochana Sukumaran is @ 11.75% p.a. on outstanding amount. (iv) Loans from Related Parties is Payable on demand & no personal guarantee is given by directors. (v) Rate of Interest Charged by Sulochana Sukumaran is @ 11.75% p.a. on outstanding amount.
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans from related Parties
P.P.Sukumaran-Canara Bank	2.519	2.500
Elmach Engineering Company	3.657	0.000
Sulochana Sukumaran	0.891	1.500
P.P.Sukumaran	0.927	0.921
Sudish Sukumaran	0.000	0.642
Rashmi Sudish	0.615	0.470
Surabhi Engg. Works	0.243	0.000
Total	8.852	6.033

Banking Relations :	--
Auditors :
Name :	S.R. Ghedia and Company Chartered Accountants
Address :	B/202, Labh Ashish, Old Police Qtrs Lane, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-26827755/ 56
Fax No.:	91-22-26827755
Income-tax PAN of auditor or auditor's firm :	AABPG5844R
Related Parties :	Ø Pharma Machinery Company India Private Limited Ø Swapna Leather Works Private Limited Ø Elmach Engineering Company Ø Surabhi Engineering Works Ø Anil Private Limited Ø IGP Realtors Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19,360	Equity Shares	Rs. 100/- each	Rs. 1.936 Millions

Reconciliation for the No. of equity shares and Amount outstanding at the beginning and at the end of the reporting period:

Particulars	31.03.2012
	Number of shares	Amount
Issued, Subscribed & fully paid up equity shares outstanding at the beginning of the year	19,360.00	1.936
Add: Bonus shares issued during the year	--	--
Issued, Subscribed & fully paid up equity shares outstanding at the end of the year	19,360.00	1.936

(ii) Terms /rights attached to equity shares:

The Company has only one class of the share capital i.e. equity shares having face value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The Company has not declared dividend during the year.

(iii) Details of shares held by each shareholding more than 5% shares

Name of the Share holder	31.03.2012
	Number of shares	Share-holding %
P P Sukumaran	11,600.00	23.20%
Sulochana Sukumaran	7,720.00	15.52%

(iv) Aggregate number of shares as fully paid up pursuant to contract(s) without payment being received in cash, bonus shares and shares bought back for the period of 5 years immediately preceeding the Balance Sheet date:

The Company has issued 9680 Bonus Equity Shares on 1:1 Basis. There has been no any buy back of Shares during the years immediately preceding 31st March 2012.

Name of the Share holder	Aggregate number of shares
	31.03.2012	31.03.2011
Bonus Shares issued in F.Y.2010-11	9,680.00	9,680.00

(v) There were no reservation for issue under option that arise under promotion or collaboration agreement, loans agreements, contracts for supply of capital, ESOP.etc.

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		1.936	1.936	0.968
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		107.726	98.868	86.553
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		109.662	100.804	87.521
LOAN FUNDS
1] Secured Loans		0.606	4.100	0.000
2] Unsecured Loans		8.852	6.033	0.000
TOTAL BORROWING		9.458	10.133	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		119.120	110.937	87.521
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		110.512	116.185	41.299
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		15.417	20.057	27.202
DEFERRED TAX ASSETS		0.191	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.618	41.921	29.384
	Sundry Debtors	37.845	44.919	42.088
	Cash & Bank Balances	(9.705)	(25.132)	(8.454)
	Other Current Assets	21.217	19.699	38.500
	Loans & Advances	23.496	24.605	37.016
Total Current Assets		121.471	106.012	138.534
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	95.782	88.903	66.600
	Other Current Liabilities	25.938	33.422	16.537
	Provisions	6.751	8.992	36.377
Total Current Liabilities		128.471	131.317	119.514
Net Current Assets		(7.000)	(25.305)	19.020
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		119.120	110.937	87.521

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operation (Gross)	341.327	328.163	289.327
		Other Income	13.029	11.429	N.A.
		TOTAL (A)	354.356	339.592	N.A.
Less	EXPENSES
		Cost of materials consumed	175.891	175.601
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(4.850)	(6.625)
		Employee benefits expense	49.174	43.461
		Manufacturing Expenses	60.568	60.153
		Sales, Administrative and Other expenses	39.568	34.861
		TOTAL (B)	320.351	307.451	N.A.
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.005	32.141	31.578
Less	FINANCIAL EXPENSES (D)		2.190	1.280	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.815	30.861	31.578
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.868	11.862	6.002
	PROFIT BEFORE TAX (E-F) (G)		13.947	18.999	25.576
Less	TAX (H)		5.089	5.716	8.784
	PROFIT AFTER TAX (G-H) (I)		8.858	13.283	16.792
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on FOB basis	63.060	33.332	28.807
	IMPORTS
		Raw Materials	2.996	3.548	4.367
		Capital Goods	0.000	3.679	0.000
	TOTAL IMPORTS		2.996	7.227	4.367
	Earnings Per Share (Rs.)		457.56	686.09	1734.71

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.50	3.91	N.A.
Net Profit Margin (PBT/Sales)	(%)	4.09	5.79	8.84
Return on Total Assets (PBT/Total Assets}	(%)	6.01	8.55	14.22
Return on Investment (ROI) (PBT/Networth)		0.13	0.19	0.29
Debt Equity Ratio (Total Liability/Networth)		1.26	1.40	1.37
Current Ratio (Current Asset/Current Liability)		0.95	0.81	1.16

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

CORPORATE INFORMATION

Business Activity/Operations

To Carry on business of Manufacturing, producing, purchasing, selling, exporting, importing and dealing in whether as commission agent or otherwise of Pharmaceutial Packaging machines, special application machine, any other types of machines, electrical and electrical item such as igniter. Stabiliser, transformer, EST Emergency light and other allied items and the Engineering goods and their spare parts components

Place(s) of business:

(a) Registered Office and Factory Address.:

1.) 410, Hill View Industrial Estate,Off.L.B.S.Marg,Ghatkopar (West),Mumbai-400086, Maharashtra, India

2.) Shree Rajlaxmi Textile Park Private Limited, Unit No. B/1, (EL), Village Pogaon, Taluka-Bhiwandi, District-Thane-421302, Maharashtra, India

(b) Marketing Offices:

(i) 401, Everest Block,Aditya Enclave,Ameerpet,Hyderabad-500038, Andhra Pradesh, India

(ii) C/o Overseas Computer and Business Center (Private) Limited, Room No.206,63 Rafi Ahmed Kidwai Road, Kolkata-700016, West Bengal, India

(iii) 907,9th Floor, Brigade Tower,135 Brigade Road,Bangalore-560025, Karnataka, India

(iv) Block "D" Basement Floor,

OPERATION REVIEW:

That was an all round development in company’s performance during the current year.

The company has achieved Sales of Rs.341.326 Millions (Rs.328.163 Millions in Previous year) during the year and net profit of Rs.885.800 Millions (Rs. 13.283 Millions in Previous year). The Directors are hopeful of improving the working of the company still further.

The company is also receiving enquiries from abroad and expecting export orders of sizeable amount. During the current year Export Sales amounted to Rs. 62.274 Millions. (Rs.37.225) Millions in previous year)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U28129MH1988PTC049939
Name of the company	ELMACH PACKAGES (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	410, Hill View Industrial Estate, Off. L.B.S. Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India Email: elmach@vsnl.com
This form is for	Creation of charge
Type of charge	Others (Hypothecation of Vehicles viz 2 Buses)
Particular of charge holder	Canara Bank, Fort Market Branch, Padhyan House, Ferre Road, Mumbai – 400039, Maharashtra, India Email: suyashri@vsnl.com
Nature of description of the instrument creating or modifying the charge	Common Hypothecation Agreement (CHA) dated 06.01.2011
Date of instrument Creating the charge	06.01.2011
Amount secured by the charge	Rs. 2.200 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest TL(SME) @Base Rate + 4.50% Terms of Repayment 48 Equal Monthly Installments of Rs.0.046 Million Margin As per Sanction Letter or as stipulated by Bank from time to time. Extent and Operation of the charge The Bank granted TL aggregating to Rs.2.200 Millions against hypothecation of Vehicles viz. 10.90 Skyline BS-III 40 Seater (2 Buses) Eicher 10.90 NSS III 90HP including accessories and implements.
Short particulars of the property charged	Hypothecation of Vehicles viz. 10.90 Skyline BS-III 40 Seater (2 Buses) Eicher 10.90 NSS III 90HP including accessories and implements.

FIXED ASSETS:

Ø Land

Ø Building

Ø Plant and Machinery

Ø Office Equipments

Ø Furniture and Fixtures

Ø Computer

Ø Motor car

Ø Commercial Vehicle

Ø Motor Cycle

WEBSITE DETAILS

PROFILE:

Starting operations with blister pack machines in 1988, at Mumbai, Subject holds a market share of over 2000 blister pack machines installed in 100 countries worldwide. This customer data speaks volumes for the quality and reliability of ELMACH machines. The key element of ELMACH machines has always been its user-friendly operation. Subject’s esteemed clients include MNCs and pharmaceutical companies like Cipla, Dr. Reddy’s, Ipca, Lupin, Alkem, Intas, RPG Life Sciences, Strides Arcolab, Novartis and Merck. Subject’s customers in countries like Great Britain, Germany, United States of America, South East Asia, Holland, Africa, Latin American countries, Brazil, Mexico and Venezuela underline its global presence.

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. 54.85
UK Pound	1	Rs. 88.16
Euro	1	Rs. 71.54

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BVA

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.