MIRA INFORM REPORT

Report Date :

30.07.2013

IDENTIFICATION DETAILS

Name :	KG INTIMATEWEAR PRIVATE LIMITED
Registered Office :	Survey No.288, 8-B, National Highway, Kuwadwa Road, Village Targhadia, Rajkot – 360 003, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.04.2003
Com. Reg. No.:	04-053442 (New) 11-139930 (Old)
Capital Investment / Paid-up Capital :	Rs. 19.000 Millions
CIN No.: [Company Identification No.]	U18109GJ2003PTC053442 (New) U18109MH2003PTC139930 (Old)
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Readymade Garments
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a company having a moderate track record. The net worth of the company is fully eroded. It has been continuously incurring loss from its operations past some years. There also appear huge external borrowings. However, business is active. Payment terms are slow. The company can be considered for business dealings on a safe and secured 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

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-cooperative

(Tel. No.: 91-281-2787242)

LOCATIONS

Registered Office / Factory :	Survey No.288, 8-B, National Highway, Kuwadwa Road, Village Targhadia, Rajkot – 360 003, Gujarat, India
Tel. No.:	91-281-2787242 / 2708230
Fax No.:	91-281-3091432
E-Mail :	info@kgintimatewear.com rachhkalpesh@gmail.com

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Mukesh Dalshukarai Kothari
Designation :	Director
Address :	34, Neeta Apartment, Bhaktinagar Marg, Dr R.P. Road, Mulund (West), Mumbai – 400 080, Maharashtra, India
Date of Birth/Age :	01.11.1953
Date of Appointment :	07.04.2003
Date of Cessation :	22.04.2013
DIN No.:	00131035
Name :	Mr. Nitinkumar Keshavjibhai Santoki
Designation :	Director
Address :	Chanakya Apartment, B-61, Shroff Road, Rajkot – 360 001, Gujarat, India
Date of Birth/Age :	15.05.1964
Date of Appointment :	07.04.2003
DIN No.:	00131118

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	U14101GJ1995PTC026118	AMUL INDUSTRIES PRIVATE LIMITED	Director	30/05/1995	30/05/1995	Active	NO
2	U18109GJ2003PTC053442	KG INTIMATEWEAR PRIVATE LIMITED	Director	07/04/2003	07/04/2003	Active	NO
3	U52322GJ2004PTC044524	CURVES FAHION PRIVATE LIMITED	Director	28/07/2004	28/07/2004	Active	NO
4	U27200MH2005PLC156392	DJR DELUX BEARINGS LIMITED	Director	28/09/2005	28/09/2005	Amalgamated	NO
5	U51900GJ2009PTC057809	K. SANTOKI AND SONS MARKETING PRIVATE LIMITED	Director	17/08/2009	17/08/2009	Active	NO

Name :	Mr. Chandubhai Keshvjibhai Santoki
Designation :	Director
Address :	71-B, Chanakya Apartment, Shroff Road, Rajkot – 360 001, Gujarat, India
Date of Birth/Age :	04.07.1952
Date of Appointment :	07.04.2003
DIN No.:	00132156

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	U29199GJ1993PTC020851	ADVANCE DIESEL ENGINES PRIVATE LIMITED	Director	02/05/1994	02/05/1994	Active	NO
2	U14101GJ1995PTC026118	AMUL INDUSTRIES PRIVATE LIMITED	Director	30/05/1995	30/05/1995	Active	NO
3	U29224GJ1996PTC028793	ADICO SPARES PRIVATE LIMITED	Director	12/02/1996	12/02/1996	Active	NO
4	U18109GJ2003PTC053442	KG INTIMATEWEAR PRIVATE LIMITED	Director	07/04/2003	07/04/2003	Active	NO
5	U27109PN2004PTC019295	ADICO FORGE PRIVATE LIMITED	Director	21/05/2004	21/05/2004	Active	NO
6	U52322GJ2004PTC044524	CURVES FAHION PRIVATE LIMITED	Director	28/07/2004	28/07/2004	Active	NO
7	U27200MH2005PLC156392	DJR DELUX BEARINGS LIMITED	Director	28/09/2005	28/09/2005	Amalgamated	NO
8	U28910GJ2006PTC047476	AMUL CRANKCASE PRIVATE LIMITED	Director	09/01/2006	09/01/2006	Active	NO
9	U34106GJ2006PTC048345	AMUL AUTO COMPONENTS PRIVATE LIMITED	Director	29/05/2006	29/05/2006	Active	NO
10	U29299PN2005PTC020915	AMUL CRANKSHAFT PRIVATE LIMITED	Director	31/03/2009	31/03/2009	Active	NO
11	U51900GJ2009PTC057809	K. SANTOKI AND SONS MARKETING PRIVATE LIMITED	Director	17/08/2009	17/08/2009	Active	NO
12	U29219GJ2011PTC064457	ADICO AGROTECH PRIVATE LIMITED	Director	16/03/2011	16/03/2011	Active	NO
13	U29211GJ2011PTC065867	ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITED	Director	13/06/2011	13/06/2011	Active	NO

Name :	Mr. Nitin Kedarnath Gupta
Designation :	Director
Address :	21, Meri Niketan, Mount Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	19.04.1971
Date of Appointment :	07.04.2003
DIN No.:	00412292

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	U85190MH2003PTC138516	SYKZ HAIR AND SKIN SOLUTIONS PRIVATE LIMITED	Director	03/01/2003	03/01/2003	Active	NO
2	U18109GJ2003PTC053442	KG INTIMATEWEAR PRIVATE LIMITED	Director	07/04/2003	07/04/2003	Active	NO
3	U74996DL2006PTC155830	PEVONIA SPA MANAGEMENT PRIVATE LIMITED	Director	23/11/2006	23/11/2006	Active	NO
4	U70100MH2007PTC170608	AKASH REAL ESTATE PRIVATE LIMITED	Director	07/05/2007	07/05/2007	Active	NO
5	U74120DL2008PTC180898	BREATHE FITNESS PRIVATE LIMITED	Director	15/07/2008	15/07/2008	Active	NO
6	U45200MH2010PTC199353	SEAWOOD PROJECTS PRIVATE LIMITED	Director	28/01/2011	28/01/2011	Active	NO
7	U93000MH2011PTC215395	KG FUNCTIONAL BEVERAGES PRIVATE LIMITED	Director	28/03/2011	28/03/2011	Active	NO

Name :	Mr. Rohit Kedarnath Gupta
Designation :	Director
Address :	Dubai Islamic Bank, Flat 3601, E W Sub Meter 392, Al Seef Tower Dubai Marina 17122, Dubai, U.A.E.
Date of Birth/Age :	15.11.1971
Date of Appointment :	07.04.2003
DIN No.:	01988781

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	U18109GJ2003PTC053442	KG INTIMATEWEAR PRIVATE LIMITED	Director	07/04/2003	07/04/2003	Active	NO
2	U29130GJ2005PTC045404	KG ROULMENTS PRIVATE LIMITED	Director	02/02/2005	02/02/2005	Active	NO
3	U29130MH2004PTC149846	JV ROULEMENTS INTERNATIONAL PRIVATE LIMITED	Director	06/09/2006	06/09/2006	Active	NO
4	U74900HR2012PTC048540	NACHI KG TECHNOLOGY INDIA PRIVATE LIMITED	Director	08/02/2012	08/02/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Rohit K. Gupta	55925
Asha K. Gupta	39026
Nitin K. Gupta	10
Mukesh D. Kothari	1258
Curves Fashions Private Limited, India	73750
Nidhi R. Gupta	20031
TOTAL	190000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	37.17
Directors or relatives of directors	62.83
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Readymade Garments

GENERAL INFORMATION

Suppliers :

• Arex Industries Limited
• Lion Tapes Private Limited
• Mehul International
• Arvind Limited
• Ganesh Traders
• Guide Marketing Corporation
• Jasmine Impex
• Juliet Products Limited
• R G Faith Creations Private Limited
• Thread India Limited
• Vardhaman Yarns and Threads

Customers :

• Arvind Limited
• SKC Retail Limited
• Vaishali Traders
• Topclass Impex
• Jay Industries
• Fruit of The Loom India Private Limited
• Pharma Vase Laboratories (India) Private Limited
• Genesis Colors Private Limited
• V K Marketing

No. of Employees :

Not Available

Bankers :

• State Bank of Saurashtra, SSI Branch, Gondal Road, Rajkot - 360001, Gujarat, India
• Corporation Bank
• Standard Chartered Bank
• State Bank of India
• Kotak Mahindra Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Long Term Borrowings
Term Loans
From Bank
Kotak Mahindra Bank Limited (Against hypothecation of Vehicles)	0.121	0.392
SBI Corporate Loan	6.274	7.783
SBI Working Capital Term Loan	15.198	0.000
Short Term Borrowings
From Bank
State Bank of India – Cash Credit A/c	4.716	20.210
(Secured by way of hypothecation of stock and book debts and personal guarantee of all the directors)
TOTAL	26.309	28.385
NOTE LONG TERM BORROWINGS # Details of Securities offered : Loan from Kotak Mahindra Bank Limited is availed for city car. The loan mentioned at Sr No 2 and 3 above from State Bank of India, Gymkhana Road Branch, Rajkot are secured against hypothecation of stocks, receivables and all other current assets as primary securities. Further, the collateral securities offered is EM exclusive first charge on the Factory Land and Building, situated at Survey No.228, National Highway 8-B, Kuvadwa Road, Village-Targhadiya, District Rajkota and Hypothecation of all plant and machinery of the company.

Banking Relations :	--
Auditors :
Name :	Parikh Shah Chotalia and Associates Chartered Accountant
Address :	“Shiv Hari”, 2-Kirti Nagar Society, Opposite Jalaram Petrol Pump, Kalwad Road, Rajkot-360001, Gujarat, India
Tel. No.:	91-281-2451367 / 6541367
Fax No.:	91-281-2451367
E-Mail :	jay@psca.in
PAN No:	AADFR8971L

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
190000	Equity Shares	Rs.10/- each	Rs. 19.000 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	19.000	19.000
(b) Reserves & Surplus	(27.653)	(26.006)
(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)	(8.653)	(7.006)
(3) Non-Current Liabilities
(a) Long-term borrowings	108.658	83.999
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	108.658	83.999
(4) Current Liabilities
(a) Short term borrowings	4.716	20.210
(b) Trade payables	8.390	6.843
(c) Other current liabilities	1.724	4.014
(d) Short-term provisions	0.847	0.760
Total Current Liabilities (4)	15.677	31.827
TOTAL	115.682	108.820
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	40.471	42.117
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(b) Non-current Investments	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	40.481	42.127
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	33.469	28.030
(c) Trade receivables	39.759	37.147
(d) Cash and cash equivalents	0.068	0.096
(e) Short-term loans and advances	1.371	1.291
(f) Other current assets	0.534	0.129
Total Current Assets	75.201	66.693
TOTAL	115.682	108.820

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.000
2] Share Application Money		20.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(28.868)
NETWORTH		6.132
LOAN FUNDS
1] Secured Loans		23.289
2] Unsecured Loans		73.866
TOTAL BORROWING		97.155
DEFERRED TAX LIABILITIES		0.000
TOTAL		103.287
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.765
Capital work-in-progress		0.000
INVESTMENT		0.010
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.046
	Sundry Debtors	40.433
	Cash & Bank Balances	0.104
	Other Current Assets	0.000
	Loans & Advances	1.426
Total Current Assets		77.009
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.917
	Other Current Liabilities	2.580
	Provisions	0.000
Total Current Liabilities		16.497
Net Current Assets		60.512
MISCELLANEOUS EXPENSES		0.000
TOTAL		103.287

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income from Operations	30.367	21.146	44.857
		Other Income	2.936	9.896	10.859
		TOTAL	33.303	31.042	55.716
Less	EXPENSES
		Office Expenses	22.609	33.171	70.763
		Administrative Expenses
		Advertising Expenses
		TOTAL	22.609	33.171	70.763
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		10.694	(2.129)	(15.047)
Less	INTEREST AND DEPRECIATION		12.341	11.009	8.638
	PROFIT / (LOSS) BEFORE TAX		(1.647)	(13.138)	(23.685)
Less	TAX		0.000	0.000	0.083
	PROFIT / (LOSS) AFTER TAX		(1.647)	(13.138)	(23.768)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(42.006)	(28.868)	(5.100)
	BALANCE CARRIED TO THE B/S		(43.653)	(42.006)	(28.868)
	EARNINGS IN FOREIGN CURRENCY		0.245	3.529	NA
	Earnings / (Loss) Per Share (Rs.)		(8.67)	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(4.95)	(42.32)	(42.66)
Net Profit Margin (PBT/Sales)	(%)	(5.42)	(62.13)	(52.80)
Return on Total Assets (PBT/Total Assets}	(%)	(1.42)	(12.07)	(19.77)
Return on Investment (ROI) (PBT/Networth)		0.19	1.88	3.86
Debt Equity Ratio (Total Debt/Networth)		(13.10)	(14.87)	(15.84)
Current Ratio (Current Asset/Current Liability)		4.80	2.10	4.67

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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
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	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Long Term Borrowings
From Directors
Mukesh Kothari	13.000	11.620
Rohit Gupta	12.543	9.888
From Shareholders
Asha Gupta	3.211	3.211
Nidhi Gupta	7.766	5.111
Curves Fashions Private Limited	15.431	15.431
Others
Amul Industries Private Limited	3.566	1.790
Forge and Forge Private Limited	7.047	6.207
Chandrakant	0.000	0.003
Jigar Doshi	0.233	0.308
K G Roulments Int. Private Limited	3.026	2.666
Kirankumar Valjibhai (HUF)	1.576	1.388
Reliable Engineering Industries	2.500	2.900
Valji Jagjivan and Sons	17.062	15.027
Ajitbhai M Naiya	0.000	0.018
Chetabhai D Prajapati	0.000	0.018
Hirenbhai M Patel	0.000	0.019
Jankiben K Dholkiya	0.000	0.018
Jerambhai N Patel	0.016	0.019
Kalpeshbhai Thumar	0.000	0.019
Kavitaben V Vithalani	0.000	0.018
Kishorbhai B Sommaiya	0.000	0.018
Maniben P Rathod	0.016	0.018
Manojbhai A Ladani	0.000	0.019
Mehtabhai V Doshi	0.016	0.016
Narangbhai K Savliya	0.017	0.017
Ramchandrabhai Sukla	0.017	0.017
Sumanbhai Rangnadar	0.000	0.019
Vipulbhai Joshi	0.022	0.021
TOTAL	87.065	75.824

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation /Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10041167	28/03/2013 *	37,000,000.00	STATE BANK OF INDIA	SME BRANCH, GONDAL ROAD., RAJKOT, GUJARAT - 360002, INDIA	B73994568
* Date of charge modification

NOTE

Registered office has been shifted from 4, Jain Puri Chawl, Near OBC Bank, Samarpan Apartment, S. N. Mehta Marg, New Maniklal Estate, Ghatkopar (West), Mumbai-400086, Maharashtra, India to the present address w.e.f. 20.03.2008

PERFORMANCE OF THE COMPANY

During the year, the Company has recorded a Turnover of Rs. 30.367 Millions as compared to Rs. 21.146 Millions in previous year. The Company has incurred loss of Rs. 13.138 Millions in the previous year. Total Accumulated Losses of the company is Rs. 43.654 Millions which is less than Net Worth of the company Rs. 35.000 Millions. The directors of the company are in opinion that, it is a temporary situation and to cope up with this situation Directors have made necessary arrangement by raising Unsecured Loans. The company has sufficient order on hand and is confident of revival.

FIXED ASSETS

• Land
• Design and Patterns
• Building Construction
• Plant and Equipment
• Office Equipment
• Electrical Fittings
• Fire Fitting Equipments
• Lab Instruments
• Computers
• 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. 59.29
UK Pound	1	Rs. 91.18
Euro	1	Rs. 78.71

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	1
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.