MIRA INFORM REPORT

Report Date :

10.01.2013

IDENTIFICATION DETAILS

Name :	HANUMAN SYNTHETICS
Registered Office :	78, Belgechia Main Road, Howrah-711102, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Year of Establishment :	1996
Capital Investment / Paid-up Capital :	Rs. 37.052 Millions
PAN No.: [Permanent Account No.]	BBEPA4087M
Legal Form :	Sole Proprietory Concern
Line of Business :	Manufacturing of Embroidery Sarees.
No. of Employees :	[Approximately 8 Permanent, 55 Contractors]

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established proprietory concern having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The concern can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	78, Belgechia Main Road, Howrah-711102, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available

SOLE PROPRIETOR

Name :	Mr. Sushil Agarwal
Designation :	Proprietor [9831058824]

BUSINESS DETAILS

Line of Business :

Manufacturing of Embroidery Sarees.

PRODUCTION STATUS

Particulars	Capacity in case of manufacture	Initial date of production/commencement of service
Embroidery Cloth	25000 Pcs.	05.05.11

GENERAL INFORMATION

Suppliers :

Name of Suppliers and their contact numbers	Location	Relationship (No. of Year)	Credit Period Allowed
Jai Balaji Company	Surat	15 Years	15-60 Days
Sidhi Vinayak Sarees	Surat	15 Years	15-60 Days

Customers :

Name of Customers and their contact numbers	Location	Relationship (No. of Year)	Credit Period Allowed
Sethia Sarees	Kolkata	15 Years	15-60 Days
Sankar Simran Sarees Private Limited	Kolkata	15 Years	15-60 Days

No. of Employees :

[Approximately 8 Permanent, 55 Contractors]

Bankers :

Bank of India, Santragachi Branch

Banking Relations :	--
Auditors :
Name :	Roy Amit and Company Chartered Accountants
Address :	58, Doctor Lane, P.S. Taltala, Kolkata-700014, West Bengal, India
Tel. No.:	91-33-22656412/22650338

CAPITAL STRUCTURE

AS ON 31.03.2012

Capital Investment :
Owned :	Rs. 37.052 Millions
Borrowed :	--
Total :	Rs. 37.052 Millions

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		37.052	35.717	28.401
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		37.052	35.717	28.401
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		37.052	35.717	28.401
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.430	23.442	16.351
Capital work-in-progress		0.000	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	12.024	10.255	8.963
	Sundry Debtors	9.221	8.466	7.691
	Cash & Bank Balances	0.259	0.189	0.503
	Other Current Assets	0.200	0.200	0.200
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		21.704	19.110	17.357
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.082	6.835	5.307
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		9.082	6.835	5.307
Net Current Assets		12.622	12.275	12.050
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		37.052	35.717	28.401

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	239.950	164.250	120.040
		Other Income	0.000	0.000	0.000
		TOTAL	239.950	164.250	120.040
Less	EXPENSES
		Cost of Goods Sold	224.601	152.797	111.715
		Factory Rent	0.900	0.900	0.900
		Wages	1.860	1.760	1.633
		Repair and Maintenance	0.666	0.592	0.000
		Salary and Bonus	1.965	0.912	0.398
		Other Expenses	5.669	3.605	2.822
		TOTAL	235.661	160.566	117.468
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		4.289	3.684	2.572
Less/ Add	DEPRECIATION/ AMORTISATION		2.691	2.625	1.847
	NET PROFIT		1.598	1.059	0.725

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.67	0.64	0.60
Net Profit Margin (PBT/Sales)	(%)	0.67	0.64	0.60
Return on Total Assets (PBT/Total Assets}	(%)	3.46	2.49	2.15
Return on Investment (ROI) (PBT/Networth)		0.04	0.03	0.03
Debt Equity Ratio (Total Liability/Networth)		0.25	0.19	0.19
Current Ratio (Current Asset/Current Liability)		2.39	2.80	3.27

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	No
8]	No. of employees	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENT

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2013	31.03.2014	31.03.2015	31.03.2016	31.03.2017
	(Estimated)	(Projected)
Gross Sales
Capacity Utilization	38%	50%	63%	75%	90%
Sale Value of Productions	340.545	404.700	481.500	602.500	753.000
Domestic	320.000	400.000	480.000	600.000	750.000
Export	--	--	--	--	--
Total	320.000	400.000	480.000	600.000	750.000
Less: Excise Duty	--	--	--	--	--
Net Sales	320.000	400.000	480.000	600.000	750.000
% age rise (+) or Fall (-) in Net Sales as compared to previous year	33.36	25.00	20.00	25.00	25.00
COST OF SALES
Raw Material (Including Stored and Other items used in the process of Manufacture)
Imported	0.000	0.000	0.000	0.000	0.000
Indigenous	319.268	378.000	448.500	561.000	702.200
Others (Consumable)
Imported	0.000	0.000	0.000	0.000	0.000
Indigenous	0.000	0.000	0.000	0.000	0.000
Power and Fuel	1.000	1.200	1.500	1.800	2.000
Direct Labour (Factory Wages and Salary)	2.000	2.200	2.500	3.000	3.500
Other Variable Costs	3.626	4.100	4.700	5.700	6.100
Other Manufacturing Expenses	0.650	0.700	0.800	1.000	1.200
Depreciation	2.407	2.353	1.926	1.765	1.575
Sub Total	328.951	388.553	459.926	574.265	716.575
Add: Opening Stock in Process	0.915	1.300	1.400	1.500	1.700
Sub Total	329.866	389.853	461.326	575.765	718.275
Deduct : Closing Stock in Process	1.300	1.400	1.500	1.700	1.800
Cost of Production	328.566	388.453	459.826	574.065	716.475
Add : Opening Stock of Finished Goods	3.840	24.000	28.600	30.000	32.300
Sub Total	332.406	412.453	488.426	604.065	748.775
Less: Closing Stock of Finished Goods	24.000	28.600	30.000	32.300	35.200
Sub Total (Total Cost of Sales)	308.406	383.853	458.426	571.765	713.575
%
Selling, General and Administrative Expenses	6.694	7.647	9.074	11.135	13.925
Sub total	315.100	391.500	467.500	582.900	727.500
Operating Profit before Interests	4.900	8.500	12.500	17.100	22.500
Interests on Term Loan @ 15.00%	0.180	0.630	0.450	0.270	0.090
Interests on Working Capital	1.520	3.670	6.450	9.230	11.110
Interests on Others Loans	0.000	0.000	0.000	0.000	0.000
Total Interest	1.700	4.300	6.900	9.500	11.200
Operating Profit After Interests	3.200	4.200	5.600	7.600	11.300
Profit before Taxes	3.200	4.200	5.600	7.600	11.300
Less: Tax Provision	0.800	1.000	1.300	1.600	3.300
Net Profit After Tax	2.400	3.200	4.300	6.000	8.000
Dividend Paid/Drawings	0.353	0.400	0.400	0.500	0.600
Withdrawals	--	--	--	--	--
Retained Profit	2.047	2.800	3.900	5.500	7.400
Retained Profit/ Net profit (% age)	85.29	87.50	90.70	91.67	92.50

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

Particulars	31.03.2013	31.03.2014	31.03.2015	31.03.2016	31.03.2017
	(Estimated)	(Projected)
CURRENT LIABILITIES
Short – Term borrowings from banks [including bill purchased, discounted and excess borrowings placed on repayment basis]
From applicant Banks	45.000	50.000	55.000	60.000	65.000
From Other Banks	0.000	0.000	0.000	0.000	0.000
Of which BP and BD	0.000	0.000	0.000	0.000	0.000
Sub Total (A)	45.000	50.000	55.000	60.000	65.000
Short Term Borrowings from others
Sundry creditors [Trade]	5.700	6.000	6.800	7.500	8.000
Sundry creditors [Expenses]	0.000	0.000	0.000	0.000	0.000
Advance payments from customers/ deposits from dealers	0.000	0.000	0.000	0.000	0.000
Provision of taxes	0.000	0.000	0.000	0.000	0.000
Dividend Payable	0.353	0.400	0.400	0.500	0.600
Other Statutory Liabilities (Due within one year)	0.000	0.000	0.000	0.000	0.000
Deposits/ Installments of Term/ loans/DPGs/Debentures etc. (Due within one year)	1.200	1.200	1.200	1.200	0.000
Other current liabilities and provision (Due within one year)	0.000	0.000	0.000	0.000	0.000
Sub – Total (B)	7.253	7.600	8.400	9.200	8.600
Total Current Liabilities	52.253	57.600	63.400	69.200	73.600
TERM LIABILITIES
Debentures (Not Maturing within one year)	0.000	0.000	0.000	0.000	0.000
Preferences Shares (Redeemable after one year)	0.000	0.000	0.000	0.000	0.000
Prop. Term Loan excluding installments < 1 year	3.600	2.400	1.200	0.000	0.000
Term Loans (Excluding Installment)	0.000	0.000	0.000	0.000	0.000
Deferred Installment (Due within one year)	0.000	0.000	0.000	0.000	0.000
Term deposit (repayable one year	0.000	0.000	0.000	0.000	0.000
Other Term Liabilities	0.000	0.000	0.000	0.000	0.000
Total Term Liabilities	3.600	2.400	1.200	0.000	0.000
Total of Outside Liabilities	55.853	60.000	64.600	69.200	73.600
Net Worth
Share Capital Account	34.419	34.372	34.372	34.372	34.172
General Reserve	0.000	0.000	0.000	0.000	0.000
Shares Premium Account	0.000	0.000	0.000	0.000	0.000
Plus (+) or deficit (-) in Profit and Loss Account others (Specify)	4.328	7.128	11.028	16.528	23.928
Differed Tax Liability	0.000	0.000	0.000	0.000	0.000
Net Worth	38.747	41.500	45.400	50.800	58.100
TOTAL LIABILITIES	94.600	101.500	110.000	120.000	131.700
ASSETS
CURRENT ASSETS
Cash and Bank Balance	0.077	0.130	0.256	0.271	0.346
Fixed deposit with bank	0.000	0.000	0.000	0.000	0.000
Receivable Other than Exports	22.500	25.000	29.300	35.000	43.200
Installment of deferred receivable (due within one year)	0.000	0.000	0.000	0.000	0.000
INVENTORY:	45.300	52.000	55.000	60.000	65.000
Raw materials (including stores and other item used in the process of manufacturing)	20.000	22.000	23.500	26.000	28.000
Imported	0.000	0.000	0.000	0.000	0.000
Indigenous	20.000	22.000	23.500	26.000	28.000
Stock – in – process	1.300	1.400	1.500	1.700	1.800
Finished Goods	24.000	28.600	30.000	32.300	35.200
Other Consumable Spares	0.000	0.000	0.000	0.000	0.000
Imported Consumables	0.000	0.000	0.000	0.000	0.000
Indigenous Consumables	0.000	0.000	0.000	0.000	0.000
Advance to Suppliers of Raw materials and stores and spares	0.000	0.000	0.000	0.000	0.000
Advances Payments Taxes	0.000	0.000	0.000	0.000	0.000
Other current assets (specify major items )	4.700	4.700	7.700	8.700	8.700
Advance for rent	0.200	0.200	0.200	0.200	0.200
Advance from dealer	4.500	4.500	7.500	8.500	8.500
Security deposit	0.000	0.000	0.000	0.000	0.000
TOTAL CURRENT ASSETS	72.577	81.830	92.256	103.971	117.246
FIXED ASSETS
Gross Block	31.594	31.594	31.594	31.644	31.644
Depreciation to date	9.571	11.924	13.850	15.615	17.190
NET BLOCK	22.023	19.670	17.744	16.029	14.454
Investment/ books debts/ advances/ exposits which are not current assets	0.000	0.000	0.000	0.000	0.000
Investment in subsidiary company	0.000	0.000	0.000	0.000	0.000
Others Investment	0.000	0.000	0.000	0.000	0.000
Others Debtors (6 month)
Security Deposits	0.000	0.000	0.000	0.000	0.000
Others	0.000	0.000	0.000	0.000	0.000
TOTAL OTHER NON – CURRENT ASSETS	0.000	0.000	0.000	0.000	0.000
Intangible assets	0.000	0.000	0.000	0.000	0.000
TOTAL ASSETS	94.600	101.500	110.000	120.000	131.700
Tangible Net Worth	38.747	41.500	45.400	50.800	58.100
Net Working Capital	20.324	24.230	28.856	34.771	43.646
Current Ratio	1.39	1.42	1.46	1.50	1.59
Total Outside Liabilities/ Tangible Net Worth	1.44	1.45	1.42	1.36	1.27

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

Particulars	31.03.2013	31.03.2014	31.03.2015	31.03.2016	31.03.2017
	(Estimated)	(Projected)
Raw Materials (Including Stores, and Other Items used in the Process of Manufacture)
[a] Imported	0.000	0.000	0.000	0.000	0.000
Months Consumption	0.000	0.000	0.000	0.000	0.000
[b] Indigenous	20.000	22.000	23.500	26.000	28.000
Months Consumption	(0.075)	(0.070)	(0.063)	(0.056)	(0.048)
Other consumable spares, Excluding those included 1 above
[a] Imported	0.000	0.000	0.000	0.000	0.000
Months Consumption	0.000	0.000	0.000	0.000	0.000
[b] Indigenous	0.000	0.000	0.000	0.000	0.000
Months Consumption	0.000	0.000	0.000	0.000	0.000
Stock in process	1.300	1.400	1.500	1.700	1.800
Months cost of production	(0.005)	(0.004)	(0.004)	(0.004)	(0.003)
Finished goods	24.000	28.600	30.000	32.300	35.200
Months cost of sales	(0.093)	(0.089)	(0.079)	(0.068)	(0.059)
Receivable other than export and deferred receivables [including bills purchased and discounted by bankers]	22.500	25.000	29.300	35.000	43.200
Months domestic sales	(0.084)	(0.075)	(0.073)	(0.070)	(0.069)
Export receivables [including bills purchased and discounted by bankers months export sales]	0.000	0.000	0.000	0.000	0.000
Advances to suppliers of raw materials and stores/ spares consumable	0.000	0.000	0.000	0.000	0.000
Other current Assets including cash and bank balances and deferred receivable due within one year	4.777	4.830	7.956	8.971	9.046
Cash and bank balances investment (other than long term)	0.077	0.130	0.256	0.271	0.346
Advances payment of taxes other current assets	4.700	4.700	7.700	8.700	8.700
TOTAL CURRENT ASSETS	72.577	81.830	92.256	103.971	117.246
B CURRENT LIABILITIES
[Other than bank borrowing for working capital]
Creditors for purchases of raw materials and stores and consumable spares	5.700	6.000	6.800	7.500	8.000
Months Purchases	(0.021)	(0.019)	(0.018)	(0.016)	(0.014)
Credit for than Suppliers	0.000	0.000	0.000	0.000	0.000
Advances from customers	0.000	0.000	0.000	0.000	0.000
Statutory liabilities	0.000	0.000	0.000	0.000	0.000
Other current liability including short term borrowing dividend payable, installment of DPG public deposit, debentures etc	0.353	0.400	0.400	0.500	0.600
Dividend payable	0.353	0.400	0.400	0.500	0.600
TOTAL	6.053	6.400	7.200	8.000	8.600

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS IN MILLIONS)

Particulars	31.03.2013	31.03.2014	31.03.2015	31.03.2016	31.03.2017
	(Estimated)	(Projected)
FIRST METHOD OF LENDING
Total Current Assets	72.577	81.830	92.256	103.971	117.246
Other Current Liabilities (Other than bank borrowings)	6.053	6.400	7.200	8.000	8.600
Working Capital Gap (WCG)	66.524	75.430	85.056	95.971	108.646
Minimum stipulated net working capital i.e. 25% of WCG/ 25% of total current assets as the case may be depending upon the method of lending being applied (Export receivables to be excluded under both methods)	16.631	18.858	21.264	23.993	27.162
Actual / projected net working capital	20.324	24.230	28.856	34.771	43.646
Item 3 minus item 4	49.893	56.573	63.792	71.978	81.485
Item 3 minus item 5	46.200	51.200	56.200	61.200	65.000
Maximum permissible bank finance (Item 6 or 7 whichever is lower)	46.200	51.200	56.200	61.200	65.000
Excess Borrowing Representing Short falling NWC	--	--	--	--	--

------------------------------------------------------------------------------------------------------------------------------

FUNDS FLOW STATEMENT

(RS IN MILLIONS)

PARTICULAR	31.03.2013 (Projected)	31.03.2014 (Projected)	31.03.2015 (Projected)	31.03.2016 (Projected)	31.03.2017 (Projected)
SOURCES OF FUNDS
Net Profit (after deferred tax)	2.400	3.200	4.300	6.000	8.000
Depreciation	2.407	2.353	1.926	1.765	1.575
Increase in share capital/appln./premium	(0.352)	(0.047)	0.000	(0.100)	(0.100)
Increase in term liabilities (including public deposits)	3.600	0.000	0.000	0.000	0.000
Decrease in
Fixed assets and capital WIP	0.000	0.000	0.000	0.000	0.000
Other non-current assets	0.000	0.000	0.000	0.000	0.000
Inc./(dec.) in deferred tax liability / (asset)	0.000	0.000	0.000	0.000	0.000
Other	0.000	0.000	0.000	0.000	0.000
USES
Net loss
Decrease in term liabilities (including public deposits)	0.000	1.200	1.200	1.200	0.000
Increase in
Fixed assets and capital WIP	0.000	0.000	0.000	0.000	0.000
Other non-current assets	0.000	0.000	0.000	0.000	0.000
Dividend payments	0.353	0.400	0.400	0.500	0.600
Inc./(Dec.) in deferred tax assets/(liability)	0.000	0.000	0.000	0.000	0.000
Others	0.000	0.000	0.000	0.000	0.000
TOTAL	0.353	0.400	0.400	0.500	0.600
Long term surplus (+) / Deficit (-)	7.702	3.906	4.626	5.915	8.875
Increase/decrease in current assets * (as per details given below)	50.873	9.253	10.426	11.715	13.275
Increase/decrease in current liabilities other than bank borrowings	(1.829)	0.347	0.800	0.800	(0.600)
Increase/decrease in working capital gap	52.702	8.906	9.626	10.915	13.875
Net surplus/ deficit	(45.000)	(5.000)	(5.000)	(5.000)	(5.000)
Increase/decrease in bank borrowings	45.000	5.000	5.000	5.000	5.000
Increase/decrease in net sales	80.049	80.000	80.000	120.000	150.000
Break Up of Items
Increase/decrease in raw materials	12.732	2.000	1.500	2.500	2.000
Increase/decrease in stock-in-process	0.385	0.100	0.100	0.200	0.100
Increase/decrease in finished goods	20.160	4.600	1.400	2.300	2.900
Increase/decrease in receivables
Domestic	13.279	2.500	4.300	5.700	8.200
Exports	0.000	0.000	0.000	0.000	0.000
Increase/decrease in stores and spares	0.000	0.000	0.000	0.000	0.000
Increase/decrease in other current assets	4.317	0.053	3.126	1.015	0.075
TOTAL	50.873	9.253	10.426	11.715	13.275

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.97
UK Pound	1	Rs.88.23
Euro	1	Rs.71.92

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.