MIRA INFORM REPORT

Report Date :

27.07.2013

IDENTIFICATION DETAILS

Name :	PRINCE PIPES AND FITTINGS PRIVATE LIMITED
Registered Office :	Plot No.1, Honda Industrial Estate, Phase II, Honda Sattari, Honda, Goa – 403 530
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.11.1987
Com. Reg. No.:	24-006287
Capital Investment / Paid-up Capital :	Rs.120.012 millions
CIN No.: [Company Identification No.]	U26932GA1987PTC006287
TAN No.: [Tax Deduction & Collection Account No.]	MUMP06179F
PAN No.: [Permanent Account No.]	AAACP2319J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of UPVC Pipes, Fittings, Valves and PP-R Plumbing Systems.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 3199000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears a drastic dip in the net profitability during 2012. However, networth of the company is decent. Ratings also take into consideration subjects continued support to weak group entities and strain on capital structure caused by its recent debt funded acquisition of “Trubore Piping Systems”. Trade relations are fair. Business is active. Payment terms are slow but correct. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans: BB+
Rating Explanation	Moderate risk of default.
Date	December, 2012

Rating Agency Name	ICRA
Rating	Short Term Fund Based: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	December, 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. Yogesh Patil
Designation :	Export-Import Department
Contact No.:	91-22-66022222

LOCATIONS

Registered Office :	Plot No.1, Honda Industrial Estate, Phase II, Honda Sattari, Honda, Goa – 403 530, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ppf@vsnl.com accounts@princepipes.com mktg@princepipes.com export@princepipes.com sales@princepipes.com mcs@princepipes.com
Website :	http://www.princepipes.com
Area :	4000 sq. ft
Location :	Owned
Administration Office :	The Ruby, 8^th Floor, 29, Senapati Bapat Marg (Tulsi Pipe Road), Dadar (West), Mumbai – 400 028, Maharashtra, India
Tel. No.:	91-22-66022222
Fax No.:	91-22-66022220
Factory 1 :	Athal Road, Village Athal, Survey No.132/1/1/3, Naroli, Silvassa – 396 235, Dadra and Nagar Haveli, India
Tel. No.:	91-260-2640007
Fax No.:	91-260-2640082
Factory 2 :	Jayant Desai Marg, Survey No.53 and 92, Vaghdhra Road, Dadra – 396 191, India
Tel. No.:	91-260-2668091
Fax No.:	91-260-2668090

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Jayant Shamji Chheda

Designation :

Managing Director

Address :

Room No.1001, Mount Blanc, Plot No.550, Jame Jamshed Road, Matunga-CR, Mumbai – 400 019, Maharashtra, India

Date of Birth/Age :

31.07.1946

Qualification :

Inter Arts

Experience :

44 Years

Date of Appointment :

13.11.1987

DIN No.:

00013206

PAN No.:

AABPC1336Q

Voter ID No.:

MT-06-033-081800

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U26932GA1987PTC006287	PRINCE PIPES AND FITTINGS PRIVATE LIMITED	Managing director	13/11/1987	13/11/1987	-	Active	NO
2	U31300DD1999PTC002689	PINNACLE REALTY PROJECTS PRIVATE LIMITED	Director	18/05/1999	18/05/1999	-	Active	NO
3	U70100MH1988PTC048363	MERINO HOMELAND PRIVATE LIMITED	Director	15/05/2006	15/05/2006	25/05/2010	Dissolved	NO
4	U45203MH2007PTC176301	ACCORD INFRA PROJECTS PRIVATE LIMITED	Director	29/11/2007	29/11/2007	-	Active	NO
5	U17210GA2007PTC006572	ACE POLYPLAST PRIVATE LIMITED	Director	03/12/2007	03/12/2007	-	Active	NO
6	U25200GJ2005PTC046624	KENSON MANUFACTURE PRIVATE LIMITED	Director	09/12/2009	09/12/2009	-	Amalgamated	NO

Name :

Mr. Parag Jayant Chheda

Designation :

Whole Time Director

Address :

Room No.1002, Mount Blanc, Plot No.550, Jame Jamshed Road, Matunga-CR, Mumbai – 400 019, Maharashtra, India

Date of Birth/Age :

07.05.1971

Qualification :

Associate in Business Administration USA

Experience :

17 Years

Date of Appointment :

27.04.1996

DIN No.:

00013222

PAN No.:

AABPC3944L

Voter ID No.:

MT-06-033-081710

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U26932GA1987PTC006287	PRINCE PIPES AND FITTINGS PRIVATE LIMITED	Whole-time director	27/04/1996	27/04/1996	-	Active	NO
2	U31300DD1999PTC002689	PINNACLE REALTY PROJECTS PRIVATE LIMITED	Director	18/05/1999	18/05/1999	-	Active	NO
3	U45203MH2007PTC176301	ACCORD INFRA PROJECTS PRIVATE LIMITED	Director	29/11/2007	29/11/2007	-	Active	NO
4	U17210GA2007PTC006572	ACE POLYPLAST PRIVATE LIMITED	Director	03/12/2007	03/12/2007	18/07/2009	Active	NO
5	U25200GJ2005PTC046624	KENSON MANUFACTURE PRIVATE LIMITED	Director	09/12/2009	09/12/2009	-	Amalgamated	NO

Name :

Mr. Vipul Jayant Chheda

Designation :

Director

Address :

Room No.1001, Mount Blanc, Plot No.550, Jame Jamshed Road, Matunga-CR, Mumbai – 400 019, Maharashtra, India

Date of Birth/Age :

08.06.1975

Qualification :

B. Com

Experience :

14 Years

Date of Appointment :

11.03.1997

DIN No.:

00013234

PAN No.:

AABPC3945M

Voter ID No.:

MT-06-033-081688

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U26932GA1987PTC006287	PRINCE PIPES AND FITTINGS PRIVATE LIMITED	Director	11/03/1997	11/03/1997	-	Active	NO
2	U31300DD1999PTC002689	PINNACLE REALTY PROJECTS PRIVATE LIMITED	Director	18/05/1999	18/05/1999	-	Active	NO
3	U17210GA2007PTC006572	ACE POLYPLAST PRIVATE LIMITED	Director	03/12/2007	03/12/2007	-	Active	NO
4	U25200GJ2005PTC046624	KENSON MANUFACTURE PRIVATE LIMITED	Director	09/12/2009	09/12/2009	-	Amalgamated	NO

KEY EXECUTIVES

Name :	Mr. Yogesh Patil
Designation :	Export-Import Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Jayant Shamji Chheda	960000
Tarla Jayant Chheda	3828000
Parag Jayant Chheda	3599600
Vipul Jayant Chheda	3600000
Jayant Shamji Chheda - Karta - HUF	12000
Pinnacle Realty Projects Private Limited, India	400
Prince Multiplast Private Limited, India	400
Heena Parag Chheda	400
Ashwini Vipul Chheda	400
Total	12001200

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of UPVC Pipes, Fittings, Valves and PP-R Plumbing Systems.

Products :

Product Description	ITC Code
Pipes and Fittings (Joints, Elbows of Plastic)	3917.00
Taps, Cocks, Valves and Similar Appliances for Pipes	8481.00

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

· Dena Bank, Scope Complex Core No.6, 7-Lodhi Road, New Delhi – 110 003, India

· Bank of India, Mumbai Mid Corporate, 70/80, M.G. Road, Bank of India Building, Mezzanine Floor, Fort, Mumbai – 400 001, Maharashtra, India

· Barclays Bank Plc, 601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India

· State Bank of India, Commercial Branch, N.G.N. Vaidya Marg, Fort, Mumbai – 400 001, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Pari passu charge over company's as sets, personal guarantee of the directors etc.) (Repayable in equal installments as per terms attached to each borrowing)	332.835	270.373
Foreign currency term loans from banks (Pari passu charge over company's assets, personal guarantee of the directors etc.) (Repayable in equal installments as per terms attached to each borrowing)	116.653	213.841
Term loans from others Vehicle Loan (Repayable in equal installments as per terms attached to each borrowing)	1.793	2.352
SHORT TERM BORROWINGS
Working capital loans from banks [First pari passu charge on Company's entire Current Assets (Present and Future), Second pari passu charge over the Company's Tangible Fixed Assets and by personal guarantee of the directors.]	841.204	735.113
Total	1292.485	1221.679

Banking Relations :	--
Auditors :
Name :	L.D. Joshi and Associates Chartered Accountants
Address :	2-G, Court Chambers, 2^nd Floor, (Behind Income Tax Office), 35, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22023058
Fax No.:	91-22-22005568
Income-tax PAN of auditor or auditor's firm :	AAAPJ4824F
Associated Companies/ Firms :	· Kenson Manufacture Private Limited, India (U25200GJ2005PTC046624) · Prince Marketing · Pinnacle Realty Projects Private Limited · Ace Polyplast Private Limited

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital : Rs.500.000 millions

Issued, Subscribed & Paid-up Capital : Rs.240.039 millions

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12001200	Equity Shares	Rs.10/- each	Rs.120.012 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	120.012	120.012
(b) Reserves & Surplus	679.862	589.868
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	799.874	709.880
(3) Non-Current Liabilities
(a) Long-term borrowings	451.281	486.566
(b) Deferred tax liabilities (Net)	105.484	99.873
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	54.853	43.320
Total Non-current Liabilities (3)	611.618	629.759
(4) Current Liabilities
(a) Short term borrowings	1454.336	1062.995
(b) Trade payables	604.712	246.643
(c) Other current liabilities	417.509	383.434
(d) Short-term provisions	20.065	37.576
Total Current Liabilities (4)	2496.622	1730.648
TOTAL	3908.114	3070.287
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1375.557	1205.180
(ii) Intangible Assets	6.673	6.809
(iii) Capital work-in-progress	48.688	15.821
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	8.566	9.200
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	345.359	334.845
(e) Other Non-current assets	14.669	10.639
Total Non-Current Assets	1799.512	1582.494
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	708.380	514.764
(c) Trade receivables	1119.774	722.187
(d) Cash and cash equivalents	69.205	43.060
(e) Short-term loans and advances	158.679	170.972
(f) Other current assets	52.564	36.810
Total Current Assets	2108.602	1487.793
TOTAL	3908.114	3070.287

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		120.012
2] Share Application Money		0.000
3] Reserves & Surplus		454.943
4] (Accumulated Losses)		0.000
NETWORTH		574.955
LOAN FUNDS
1] Secured Loans		1377.422
2] Unsecured Loans		210.520
TOTAL BORROWING		1587.942
DEFERRED TAX LIABILITIES		85.409
TOTAL		2248.306
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1230.326
Capital work-in-progress		0.000
INVESTMENT		15.979
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	521.371
	Sundry Debtors	519.661
	Cash & Bank Balances	50.166
	Other Current Assets	0.000
	Loans & Advances	359.230
Total Current Assets		1450.428
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	330.748
	Other Current Liabilities	49.853
	Provisions	78.977
Total Current Liabilities		459.578
Net Current Assets		990.850
MISCELLANEOUS EXPENSES		11.151
TOTAL		2248.306

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	5189.694	4457.149	3648.021
		Other Income	NA	NA	28.147
		TOTAL	NA	NA	3676.168
Less	EXPENSES
		Office Expenses	NA	NA	3315.716
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	3315.716
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		254.167	316.563	360.452
Less/ Add	DEPRECIATION/ AMORTISATION		141.734	125.840	113.139
	PROFIT BEFORE TAX		112.433	190.723	247.313
Less	TAX		25.676	52.039	66.142
	PROFIT AFTER TAX		86.757	138.684	181.171
Add/ Less:	EXCESS/(SHORT) PROVISION FOR TAXATION FOR EARLIER YEARS		3.238	(3.759)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		579.868	444.943	338.083
Less	TRANSFER TO DEFERRED TAX LIABILITY (01-04-09)		NA	0.000	64.311
Less	APPROPRIATIONS
		General Reserves	NA	0.000	10.000
	BALANCE CARRIED TO THE B/S		NA	579.868	444.943
	EARNINGS IN FOREIGN CURRENCY
		Earnings	NA	34.822	54.562
	TOTAL EARNINGS		NA	34.822	54.562
	IMPORTS
		PVC Resins and PPR	NA	NA	941.488
		Chemicals	NA	NA	20.527
		Consumable Stores	NA	NA	3.306
		Trading Purchase	NA	NA	24.429
		Capital Items	NA	NA	58.706
	TOTAL IMPORTS		NA	NA	1048.456
	Earnings Per Share (Rs.)		7.23	11.56	15.10

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	4.93
Net Profit Margin (PBT/Sales)	(%)	2.17	4.28	6.78
Return on Total Assets (PBT/Total Assets}	(%)	2.92	6.26	9.23
Return on Investment (ROI) (PBT/Networth)		0.14	0.27	0.43
Debt Equity Ratio (Total Debt/Networth)		2.38	2.18	2.76
Current Ratio (Current Asset/Current Liability)		0.84	0.86	3.16

LOCAL AGENCY FURTHER INFORMATION

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	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	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	Yes
34) External Agency Rating, if available	Yes

Note:

The Registered Office of the company has been shifted from Ruby House, 4^th Floor, B Wing, J.K. Sawant Marg, Dadar (West), Mumbai – 400 028, Maharashtra, India to the present address w.e.f 13.01.2010.

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans and advances from related parties	154.324	203.246
Loans and advances from directors	458.808	124.636
Total	613.132	327.882

PERFORMANCE OF THE COMPANY

The financial year 2011-12 is yet another year of significant growth. During the year, the Company has achieved a turnover of Rs.5189.694 millions as against Rs.4457.149 millions in the previous year, which is 16.43% higher as compared to the previous year. The net profit after tax was Rs.89.994 millions as against Rs.134.925 millions in the previous year.

FUTURE OUTLOOK

The Company has continuous growth in the turnover and is planning to increase the capacity by additional investment in plant and machineries to meet the market requirements.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10432364	04/06/2013	500,000,000.00	Standard Chartered Bank	Narain Manzil, 23, Barakhamba Road, Delhi - 110001, India	B77629558
2	10241068	06/09/2010	200,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	A95161980
3	10241779	06/09/2010	150,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, INDIA	A95429148
4	10217141	24/09/2010 *	460,000,000.00	The Federal Bank Limited	Corporate Banking Branch,1^st Floor, 32, Bombay Sam Achar Marg,Fort, Mumbai, Maharashtra - 400001, India	A98571458
5	10216211	28/03/2013 *	705,800,000.00	Indian Overseas Bank	Fort Branch, Tamarind House, 30 and 32, Ground Floor, Tamarind Lane, Mumbai, Maharashtra - 400023, India	B75726687
6	10164208	03/05/2011 *	783,200,000.00	Indian Overseas Bank	Fort Branch, Tamarind House, 30 and 32, Ground Floor, Tamarind Lane, Mumbai, Maharashtra - 400023, India	B14299952
7	10156888	28/03/2013 *	1,993,000,000.00	Bank of India	Mumbai Mid Corporate, 70/80, M.G. Road, Bank of India Building, Mezzanine Floor, Fort, Mumbai, Maharashtra - 400001, India	B74637232
8	10143642	18/02/2009	100,000,000.00	3i Infotech Trusteeship Services Limited	3^rd to 6^th Floor, International Infotech Park,, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, India	A57126385
9	10143644	18/02/2009	80,000,000.00	3i Infotech Trusteeship Services Limited	3^rd to 6^th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, India	A57126963
10	10141343	09/02/2009	32,000,000.00	3i Infotech Trusteeship Services Limited	3^rd to 6^th Floor, International Infotech Park,, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, India	A55953046
11	10145128	28/03/2013 *	500,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B75706028
12	10145135	28/03/2013 *	174,500,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B75705780
13	10090673	01/03/2008	30,000,000.00	3i Infotech Trusteeship Services Limited	3^rd to 6^th Floor, International Infotech Park,, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, India	A33533720
14	10058035	15/12/2006	128,200,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	A09086471
15	10104991	31/07/2006	40,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	A06030829
16	10008147	15/05/2006	80,000,000.00	State Bank of India	Commercial Branch (Mumbai), N.G.N. Vaidya Marg, Fort, Mumbai, Maharashtra - 400023, India	A01346717
17	10008434	07/03/2006	170,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	A01786581

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Computer

· Moulds and Dies

· Office Equipments

· Furniture and Fixtures

· Vehicles

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.58.91
UK Pound	1	Rs.90.68
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	SMN

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	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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	-

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