MIRA INFORM REPORT

Report Date :

18.01.2013

IDENTIFICATION DETAILS

Name :	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED
Registered Office :	1225, Phase III, G.I.D.C., Vatva, Ahmadabad – 382 445, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.10.1992
Com. Reg. No.:	04-18470
Capital Investment / Paid-up Capital :	Rs.12.500 Millions
CIN No.: [Company Identification No.]	U29120GJ1992PTC018470
TAN No.: [Tax Deduction & Collection Account No.]	AHMJ00100C
PAN No.: [Permanent Account No.]	AAACJ3791Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of HDPE Pipes, Blowers, Storage Tanks etc.
No. of Employees :	328 (Approximately) (In Office 28, In Factory 300)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 150000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company 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.

INFORMATION PARTED BY

Name :	Mr. Anal Amrutbhai Patel
Designation :	Director
Contact No.:	91-9879766766
Date :	16.01.2013

LOCATIONS

Registered Office / Factory:	1225, Phase III, G.I.D.C., Vatva, Ahmadabad – 382 445, Gujarat, India
Tel. No.:	91-79-25892438/ 25830931 / 25893313
Mobile No.:	91-9879766766 (Mr. Anal A. Patel)
Fax No.:	91-79-25893313
E-Mail :	info@jetfiber.co.in lakhanikp@yahoo.co.in jetfibre@hotmail.com
Website :	www.jetfiber.com
Area :	1000 sq mtrs
Location :	Owned

DIRECTORS

As on 30.09.2012

Name :

Mr. Amrutbhai Purshottambhai Patel

Designation :

Director

Address :

Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India

Date of Birth/Age :

55 Years

Date of Appointment :

22.10.1992

DIN No.:

00171902

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29120GJ1992PTC018470	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED	Director	22/10/1992	22/10/1992	-	Active	NO
2	U29100GJ2008PTC054542	UTOPIA PROCESS EQUIPMENTS PRIVATE LIMITED	Alternate director	31/12/2009	31/12/2009	-	Active	NO
3	U25191GJ2011PTC067702	JET IRRIGATION PRIVATE LIMITED	Director	2/11/2011	2/11/2011	-	Active	NO

Name :

Mr. Pravinbhai Purshottambhai Patel

Designation :

Director

Address :

Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India

Date of Birth/Age :

45 Years

Date of Appointment :

22.10.1992

DIN No.:

00171969

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29120GJ1992PTC018470	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED	Director	22/10/1992	22/10/1992	-	Active	NO
2	U29100GJ2008PTC054542	UTOPIA PROCESS EQUIPMENTS PRIVATE LIMITED	Alternate director	31/12/2009	31/12/2009	-	Active	NO

Name :

Mr. Rameshbhai Purshottambhai Patel

Designation :

Director

Address :

Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India

Date of Birth/Age :

45 Years

Date of Appointment :

22.10.1992

DIN No.:

00172007

Name :

Mr. Dhaval Amratbhai Patel

Designation :

Director

Address :

Ashirwad Surtikuvo, Ghodasar, Ahmadabad – 380 050, Gujarat, India

Date of Birth/Age :

24 Years

Date of Appointment :

01.11.2008

DIN No.:

02253320

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29100GJ2008PTC054542	UTOPIA PROCESS EQUIPMENTS PRIVATE LIMITED	Director	22/07/2008	22/07/2008	-	Active	NO
2	U29120GJ1992PTC018470	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED	Director	1/11/2008	1/11/2008	-	Active	NO

Name :

Mr. Laxmanbhai Purshottambhai Bhoi

Designation :

Director

Address :

G-103, Shakuntal Appartment, Near Girivar Bunglows, Opposite Ramwadi Tekra, Isanpur, Ahmadabad – 380 050, Gujarat, India

Date of Birth/Age :

40 Years

Date of Appointment :

01.02.2010

DIN No.:

02894203

Name :

Mr. Anal Amrutbhai Patel

Designation :

Director

Address :

Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India

Date of Birth/Age :

26 Years

Date of Appointment :

25.02.2005

DIN No :

00172034

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29120GJ1992PTC018470	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED	Director	25/02/2005	25/02/2005	-	Active	NO
2	U29100GJ2008PTC054542	UTOPIA PROCESS EQUIPMENTS PRIVATE LIMITED	Director	22/07/2008	22/07/2008	-	Active	NO
3	U25191GJ2011PTC067702	JET IRRIGATION PRIVATE LIMITED	Director	2/11/2011	2/11/2011	-	Active	NO

Name :

Mr. Madhumatiben A. Patel

Designation :

Director (Alternate Director to Dhaval Amratbhai Patel )

Address :

Surtikuva, Near Anandwadi, Isanpur Road, Ahmadabad – 382 443, Gujarat, India

Date of Birth/Age :

48 Years

Date of Appointment :

01.09.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Names of Shareholders	No. of Shares
Amrutbhai Purshottambhai Patel	354300
Rameshbhai Purshottambhai Patel	354300
Pravinbhai Purshottambhai Patel	354300
Hansaben Purshottambhai Patel	40500
Pannaben Purshottambhai Patel	12200
Dharmisthaben Rameshbhai Patel	10000
Rameshbhai Purshottambhai Patel (As a Karta of HUF)	100
Pravinbhai Purshottambhai Patel (As a Karta of HUF)	100
Amrutbhai Purshottambhai Patel (As a Karta of Amrutbhai P Patel HUF)	100
Amrutbhai Purshottambhai Patel (As a Karta of Purshottambhai P Patel HUF)	100
Anal Amrutbhai Patel	66500
Dhaval Amrutbhai Patel	57500
Total	1250000

As on 30.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of HDPE Pipes, Blowers, Storage Tanks etc.

Products :

• Storage Tanks: HDPE and PP Spiral Storage Tanks and Vessels, Vertical Profile Tanks, Horizontal Profile Tanks, Rectangular Profile Tanks, Conical Bottom Profile Tanks, Moulding Tanks, etc
• HDPE Pipes
• PP Pipes (Polypropylene Pipes)
• Pollution Control Equipments: HCL Recovery Systems, HDPE Scrubbers, PP FRP Scrubbers, Graphite Condensers, HDPE Heat Exchanger Ejector Systems, Recovery Systems, etc.
• Blowers: PP FRP Blower, etc.

Item Code No.	Product Description
3917.00	HDPE PIPE
3925.10	HDPE Tank
8413.00	CI Pump

Exports :

Products :

HDPE Pipes, Blowers, Storage Tanks etc.

Countries :

Dubai

Imports :

Products :

Raw Materials

Countries :

Thailand

Terms :

Selling :

L/C

Purchasing :

L/C

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Scrubber, Blower, etc	Nos	NA	200	69
HDPE Tank	Nos	NA	500	447
HDPE/PP Pipes	Mtr	NA	300000	81834
Sleeves	Nos	NA	2000	1821

GENERAL INFORMATION

Suppliers :

· Haldia Petrochemicals Limited

(AS ON 31.03.2011)

· Accurate Trade link

· B.M.I industry

· Bahuchar Sales

· Deep Fabrication

· Dalta Electric

· Frp Equipments

· Gaytri Enterprises

· Gujarat Steel and Pipe

· H.R. Trading Company

· Jasubhai R. Patel

· Jay Somnathj Transport

· Hig Printer

· K B C Services

· Kohinoor Engineers

· Krishna Pipes and Fitting

· Krishna Traders

· Labdhi International

· Manekal and Sons

· Manish Trading Company

· Matangi Corporation

· New Power Sales and Services

· Nimi Steel Corporation

· Om Corporation

· P and D Engineer

Customers :

End Users

· Lupin Limited

· Meghmani Organics Limited

(AS ON 31.03.2011)

• A One Chem
• A. D. Gosal
• Aastropure System private Limited
• Akash Chem Limited
• Akash life Science
• Ambuja International Private Limited
• Ambuja Solvex Private Limited
• Avni Dye Chem International
• B.R. Fibre Glass and Equipment
• Bal Krishna textile Private Limited
• Cabb Karnavati Rasayan
• Camex Limited
• Central Institute
• Chemclone Industry
• Dispo Dynemic Private Limited

No. of Employees :

328 (Approximately) (In Office 28, In Factory 300)

Bankers :

• State Bank of India, Vatva Industrial Estate Branch, Ahmadabad – 382 445, Gujarat, India
• HDFC Bank

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Secured Loan	35.538	31.910
Total		31.910

Banking Relations :	---
Auditors :
Name :	K.P. Lakhani and Company Chartered Accountants
Address :	7, Ratnadeep, Near Old High Court, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-27543496 / 27485797
Mobile No.:	91-9825258622
E-Mail :	lakhanikp@yahoo.com
PAN.:	AAHPL168L
Associates/Subsidiaries :	Patel Fibre and Chemicals, Vatva Ahmedabad, Gujarat, India

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 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		12.500	12.500	12.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		25.270	18.190	10.709
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		37.770	30.690	23.209
LOAN FUNDS
1] Secured Loans		35.538	31.910	20.808
2] Unsecured Loans		10.139	8.990	7.767
TOTAL BORROWING		45.677	40.900	28.575
DEFERRED TAX LIABILITIES		1.236	0.901	0.725
TOTAL		84.683	72.491	52.509
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.122	37.188	40.186
Capital work-in-progress		0.000	7.941	0.042
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.883	18.268	10.536
	Sundry Debtors	11.803	7.804	5.248
	Cash & Bank Balances	3.751	4.180	3.290
	Other Current Assets	0.013	0.039	0.000
	Loans & Advances	6.838	8.227	6.161
Total Current Assets		42.288	38.518	25.235
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.759	2.773
	Other Current Liabilities	5.094	6.102	9.525
	Provisions	2.874	2.281	3.495
Total Current Liabilities		16.727	11.156	13.020
Net Current Assets		25.561	27.362	12.215
MISCELLANEOUS EXPENSES		0.000	0.000	0.066
TOTAL		84.683	72.491	52.509

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
	Income		138.201	119.178	85.016
	Other Income		NA	NA	NA
	TOTAL		NA	NA	NA
Less	EXPENSES
		Office Expenses	127.742	112.530`	146.692
		Administrative Expenses
		Advertising Expenses
		TOTAL	127.742	112.530	146.692
	PROFIT BEFORE TAX		10.459	12.251	11.670
Less	TAX		3.379	4.770	3.540
	PROFIT AFTER TAX		7.080	7.481	8.130
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.190	10.709	2.579
	BALANCE CARRIED TO THE B/S		25.270	18.190	10.709
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings		0.090	NA	NA
	IMPORTS
		Raw Materials	NA	27.735	20.104
	TOTAL IMPORTS		NA	27.735	20.104
	Earnings Per Share (Rs.)		5.66	5.98	6.95

Expected Sales (2012-2013) : Rs.180.000 Millions

The above information has been parted by Mr. Anal A. Patel

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	7.57	10.28	13.72
Return on Total Assets (PBT/Total Assets}	(%)	10.31	16.19	17.83
Return on Investment (ROI) (PBT/Networth)		0.28	0.40	0.50
Debt Equity Ratio (Total Liability/Networth)		0.44	1.70	1.79
Current Ratio (Current Asset/Current Liability)		2.53	3.44	1.93

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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	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

UNSECURED LOAN

Particulars	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
From Shareholders	3.880	5.756
From Directors	5.258	3.234
Total	10.138	8.990

Form 8

Corporate identity number of the company	U29120GJ1992PTC018470
Name of the company	JET FIBRE PUMPS AND EQUIPMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Phase III Plot No 1224 Gidcvatwa, Ahmedabad, Gujarat, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10049133
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Vatva I.E. Branch, Vatva, GIDC, Ahmedabad – 382445, Gujarat, India rmme12.aohm@sbi.co.in
Nature of instrument creating charge	1. Memorandum Relating to Deposit of title Deeds for Creation of Further Charge Dated .13.03.2012 Where the Initial Charge is Created on Dated 12-4-2007 by way of Mortgage by Deposit of Deeds and Further Extended On 14.08.2009 and 18.12.2010 The above executed by jet fibre pumprs and equipments private limited in favour of state bank of india, vatva i.e. branch, ahmedabad
Date of instrument Creating the charge	13.03.2012
Amount secured by the charge	Rs.57.050 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : 1. The Interest on Working Capital Will be 3.50% Margin above the base Rate 10%. 2. The Interest 4.50% above the base rate 10% for Term Loan 1 and Term Loan 2 while for Term Loan rate will be 3.965% above the base rate 10% Terms of repayment : 1. Working capital limits are repayable on demand subject annual review. 2. While slc.shall be repaid within 2 months of every debit. 3. The existing Term Loan 1 is repayable by 60 monthly of Rs. 0.267 Millions each from 1.1.2008 4. The existing Term Loan 2 from January 2010 by 60 monthly installments of Rs. 0.100 million. Each first 30 installments and next 30 installments of Rs. 0.167 Million. 5. The existing Term Loan 3 Rs. 15.000 Million is repayable by 60 monthly installments each of Rs. 0.250 Million commencing from April 2011 Margin : Items Margin % 1. Raw Materials 25% 2. Finished Goods 35% 3. Receivable 50% 4. Term Loan (New) 30% 5. Letter of Credit 25% Extent and operation of the charge : The various properties of the company specified in item no.15 here under are charged by jet fibre pumprs and equipments private limited in favour of state bank of india, vatva i.e. branch, ahmedabad as security for due repayment of various credit limits amounting rs.54.800 millions together with interest, penal interest, charge and expenses
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1. Plant and machineries and entire current assets of the company situated at plot No.1225, vatva, gidc, phase-iii ncluding book debts 2. Commercial property of the company situated at block No.658, mouje-mahij, dist: kheda. admeasuring area 5868 sq.mtrs. 3. Commercial property of the company situated at plot No.1225, vatva, gidc, phase-ii admeasuring area 703 sq.mtrs 4. Commercial property of the company situated at plot No.555, vatva, gidc, phase-ii admeasuring area 618 sq.mtrs
Date of instrument modifying the charge	18.12.2010
Particulars of the present modification	The company admitted that the benefit to the bank of the mortgage by deposit of the title deeds relating the properties of the borrower created on dated 12.04.2007 for Rs.23.000 millions as security for indebt ness of the borrower to the bank for all the facilities shall continue to remain deposited with the bank and shall also cover for indebt ness of the enhanced limit from Rs.34.134 millions to rS.54.800 millions. the various credit facilities after said enhancement are amounting to Rs.54.800 millions.

NOTE:

Registered office of the company has been shifted from Phase III Plot No 1224, GIDC, VATWA, Ahmedabad, Gujarat, India to the present address w.e.f. 05.11.2011

OPERATIONS :

The company has achieved sales turnover of Rs. 138.201 Millions during the year compared to previous year’s turnover of Rs. 119.178 Millions. The sales turnover is increased by 16%. The company has made profit after tax Rs. 7.080 Milliions compared to earlier year’s profit after tax Rs. 7.481 Millions. The profit after tax is marginally decreased due to increase in raw materials cost. The directors are hopeful to give better results for the current year.

TRADE REFERENCE

· Lupin Limited

· Meghmani Organics Limited

· Haldia Petrochemicals Limited

FIXED ASSETS:

• Land –GIDC
• Land – Mahij
• Building –GIDC
• Building – Mahij
• Plant – GIDC
• Plant – Mahij
• Electric Fittings
• Furniture
• Scooter
• Car
• Type Writter
• Laboratory Instruct
• Fax
• Computer
• Aircondioner
• Television
• Vaccum cleaner
• Water system
• Mobile
• Dies and Patterns
• Dead Stock

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.54.82
UK Pound	1	Rs.87.99
Euro	1	Rs.72.82

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.