1. Summary Information

		Country	INDIA
Company Name	SUMILON INDUSTRIES LIMITED	Principal Name 1	Mr. Maheshchandra Sumanlal Jariwala
Status	Moderate	Principal Name 2	Mr. Jitendra Sumanlal Jariwala
		Registration #	04-30056
Street Address	Vairagini Wadi, Delhi Gate, Surat – 395003, Gujarat, India
Established Date	27.06.1996	SIC Code	--
Telephone#	91-261-2441122 / 2443340 / 6797979	Business Style 1	Manufacturer
Fax #	91-261-2442952	Business Style 2	--
Homepage	http://www.sumilon.com	Product Name 1	Plain Polyester Film,
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 114,308,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors – 80% Other top fifty shareholders (other than listed above) - 20%	Banking	Bank of Baroda
Public Limited Corp.	YES	Business Period	17 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (29)
Related Company
Relation	Country	Company Name	CEO
Related Party	India	Riddhi Moulding Works	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	401,654,000	Current Liabilities	204,829,000
Inventories	337,457,000	Long-term Liabilities	448,687,000
Fixed Assets	599,979,000	Other Liabilities	36,881,000
Deferred Assets	0,000	Total Liabilities	690,397,000
Invest& other Assets	96,797,000	Retained Earnings	631,182,000
	0	Net Worth	745,490,000
Total Assets	1,435,887,000	Total Liab. & Equity	1,435,887,000
Total Assets (Previous Year)	1,449,450,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	980,914,000	Net Profit	(55,206,000)
Sales(Previous yr)	1,448,373,000	Net Profit(Prev.yr)	95,696,000

MIRA INFORM REPORT

Report Date :

05.06.2013

IDENTIFICATION DETAILS

Name :	SUMILON INDUSTRIES LIMITED
Registered Office :	Vairagini Wadi, Delhi Gate, Surat – 395003, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.06.1996
Com. Reg. No.:	04-30056
Capital Investment / Paid-up Capital :	Rs. 114.308 Millions
CIN No.: [Company Identification No.]	U29199GJ1996PLC030056
TAN No.: [Tax Deduction & Collection Account No.]	SRTS00153G
PAN No.: [Permanent Account No.]	AADCS3567L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Plain Polyester Film, Metallized and Lacqured Polyester Film and Badla (Imm Jari and Kasab) and Power Generation.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2980000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Exists
Comments :	Subject is a company having a moderate track record. The company has incurred heavy loss and is successful in wiping it off the reserves during 2012 and also the external borrowings has seen an increase over previous year. However, trade relations are reported as fair. Business is active. Payments are reported as slow but correct. The concern can be considered for business dealings with some caution.

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

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 / Head Office :	Vairagini Wadi, Delhi Gate, Surat – 395003, Gujarat, India
Tel. No.:	91-261-2441122 / 2443340 / 6797979
Fax No.:	91-261-2442952
E-Mail :	sumilon@sumilon.com sumilon@bom6.vsnl.net.in sumilon@drdcs.net msingh@sumilon.com
Website :	http://www.sumilon.com
Location :	Owned
Factory 1 :	43/1 46/2, Village Varsana, National Highway No. 8A, Gandhidham-370110, Gujarat, India
Factory 2 :	Dadra and Nagar Haveli, India

DIRECTORS

As on : 29.09.2012

Name :

Mr. Maheshchandra Sumanlal Jariwala

Designation :

Managing Director

Address :

97, Adarsh Society, Athwalines, Surat - 395001, Gujarat, India

Date of Birth/Age :

13.08.1961

Date of Appointment :

01.04.2010

PAN No :

ABWPJ1843M

DIN No.:

01103754

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	U17110GJ1991PTC015147	SUMILON TEX PRIVATE LIMITED	Managing director	04-03-91	04-03-91	-	Amalgamated	NO
2	U29199GJ1996PLC030056	SUMILON INDUSTRIES LIMITED	Managing director	01-04-10	27-06-96	-	Active	NO
3	U17199GJ2006PLC047894	SHREE KAPIL YARN LIMITED	Managing director	06-03-06	06-03-06	-	Amalgamated	NO

Name :

Mr. Jitendra Sumanlal Jariwala

Designation :

Whole - time Director

Address :

97, Adarsh Society, Athwalines, Surat - 395001, Gujarat, India

Date of Birth/Age :

25.09.1966

Date of Appointment :

01.04.2010

PAN No :

ABUPJ7851M

DIN No.:

01265242

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	U17110GJ1991PTC015147	SUMILON TEX PRIVATE LIMITED	Director	04-03-91	04-03-91	-	Amalgamated	NO
2	U29199GJ1996PLC030056	SUMILON INDUSTRIES LIMITED	Whole-time director	01-04-10	27-06-96	-	Active	NO
3	U17199GJ2006PLC047894	SHREE KAPIL YARN LIMITED	Director	06-03-06	06-03-06	-	Amalgamated Bottom of Form

Name :

Mr. Alok Jitendra Kumar Jariwala

Designation :

Director

Address :

97, Adarsh Society, Athwalines, Surat - 395001, Gujarat, India

Date of Birth/Age :

22.11.1988

Date of Appointment :

01.10.2007

PAN No :

AHVPJ5921H

DIN No.:

01981609

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	U17199GJ2006PLC047894	SHREE KAPIL YARN LIMITED	Director	01-10-07	01-10-07	-	Amalgamated	NO
2	U29199GJ1996PLC030056	SUMILON INDUSTRIES LIMITED	Director	01-10-07	01-10-07	-	Active	NO
3	U17290GJ2008PLC053619	SUMILON POLYESTER LIMITED	Director	20-03-10	20-03-10	20-03-10	Active	NO

Name :

Mrs. Purvi Nikunj Jariwala

Designation :

Director

Address :

97, Adarsh Society, Athwalines, Surat - 395001, Gujarat, India

Date of Birth/Age :

29.04.1988

Date of Appointment :

30.09.2010

PAN No :

ALPPJ5948L

DIN No.:

02811717

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	U29199GJ1996PLC030056	SUMILON INDUSTRIES LIMITED	Director	30-09-10	01-10-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Mahesh Sumanlal Jariwala	1125742
Jitender Sumanlal Jariwala	1098547
Bhagwatiben Sumanlal Jariwala	1036883
Hansaben Mahesh Jariwala	933159
Daxaben Jitendra Jariwala	953179
Ushaben Pareshkumar Choksi	2050
Jayshreeben Solanki	2050
Sumanlal Jariwala HUF	608132
Mahesh Jariwala HUF	906573
Jitendra Jariwala HUF	851809
Nikunj Jariwala	1083343
Jignesh Mahesh JAriwala	1065587
Alok Jariwala	1065016
Purvi Nikuj Jariwala	1018715
Total	11750785

Equity Share Break up (Percentage of Total Equity)

As on ; 29.09.2012

Category	Percentage
Directors or relatives of Directors	80.00
Other top fifty shareholders (other than listed above)	20.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Plain Polyester Film, Metallized and Lacqured Polyester Film and Badla (Imm Jari and Kasab) and Power Generation.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Branch Sufi Baug, Delhi Gate, Vairagni Wadi, Surat - 395003, Gujarat , India

Facilities :

Rs in Millions

SECURED LOAN	31.03.2012	31.03.2011
Term Loan from Banks	346.729	199.527
Long term Working capital loans from Banks	1.407	0.000
Short term Working capital loans from Banks	72.996	58.740
Total	421.132	258.267

Auditors :
Name :	SNK and Company Chartered Accountants
Address :	SNK House, 31-A, Adarsh Society, Opposite Seventhday Advenest School, Athwalines, Surat -395001, Gujarat,India
PAN No.:	AAJFS8455L
Related Party :	· Riddhi Moulding Works · Siddhi Moulding Works · Vigna raj Corporation · Shree Vinayank Metalics · Shree Ganesh Textiles · Ekdant Textlies

CAPITAL STRUCTURE

As on : 29.09.2012

AUTHORISED CAPITAL :

No. of Shares	Type	Value	Amount
13250000	Equity Shares	Rs. 10/- each	Rs. 132.500 Millions

ISSUED & SUBSCRIBED :

No. of Shares	Type	Value	Amount
11750785	Equity Shares	Rs. 10/- each	Rs. 117.508 Millions

PAID-UP CAPITAL :

No. of Shares	Type	Value	Amount
640000	Equity Shares	Rs. 5/- each	Rs. 3.200 Millions
11110785	Equity Shares	Rs. 10/- each	Rs. 111.108 Millions
	Total		Rs. 114.308 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		114.308	114.308	114.268
2] Share Application Money		0.000	0.000	0.200
3] Reserves & Surplus		631.182	686.389	590.533
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		745.490	800.697	705.001
LOAN FUNDS
1] Secured Loans		421.132	258.267	172.854
2] Unsecured Loans		27.555	0.000	0.000
TOTAL BORROWING		448.687	258.267	172.854
DEFERRED TAX LIABILITIES		32.765	63.905	67.453
TOTAL		1226.942	1122.869	945.308
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		599.979	683.360	675.285
Capital work-in-progress		6.496	2.328	61.862
INVESTMENT		90.301	94.172	0.296
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	337.457	250.675	167.534
	Sundry Debtors	115.013	173.072	145.001
	Cash & Bank Balances	9.082	37.753	10.352
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	277.559	208.090	161.337
Total Current Assets		739.111	669.590	484.224
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	63.500	63.602	196.288
	Other Current Liabilities	141.329	210.652	54.397
	Provisions	4.116	52.327	25.739
Total Current Liabilities		208.945	326.581	276.424
Net Current Assets		530.166	343.009	207.800
MISCELLANEOUS EXPENSES		0.000	0.000	0.065
TOTAL		1226.942	1122.869	945.308

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	980.914	1448.373	1297.774
		Other Income	15.695	18.390	18.414
		TOTAL	996.609	1466.763	1316.188
Less	EXPENSES
		Cost of Material Consumed	564.633	776.349	702.704
		Purchases of Stock in trade	2.035	1.000	0.000
		Changes in Inventories of Finished Goods	(31.922)	(32.512)	0.000
		Employees Benefits Expenses	50.890	45.346	20.604
		Manufacturing Costs	0.000	0.000	249.755
		Administrative selling other expenses	0.000	0.000	38.218
		Other Expenses	301.364	318.763	0.000
		TOTAL	887.000	1108.946	1011.281
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		109.609	357.817	304.907
Less	FINANCIAL EXPENSES		53.100	23.906	15.712
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		56.509	333.911	289.195
Less/ Add	DEPRECIATION/ AMORTISATION		142.854	188.199	148.649
Less	PRIOR PERIOD ITEMS		0.000	2.026	0.000
Less	EXTRA ORDINARY ITEMS		0.000	1.615	0.000
	PROFIT / (LOSS) BEFORE TAX		(86.345)	142.071	140.546
Less	TAX		(31.139)	46.375	48.611
	PROFIT / (LOSS) AFTER TAX		(55.206)	95.696	91.935
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		448.084	352.388	260.453
	BALANCE CARRIED TO THE B/S		NA	448.084	352.388
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	115.305	150.935	NA
	TOTAL EARNINGS		115.305	150.935	NA
	IMPORTS
		Raw Materials	101.428	NA	NA
		Stores & Spares	13.796	NA	NA
		Capital Goods	0.000	NA	NA
	TOTAL IMPORTS		115.224	NA	NA
	Earnings / (Loss) Per Share (Rs.)		(4.83)	8.37	8.05

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(5.54)	6.52	6.98
Net Profit Margin (PBT/Sales)	(%)	(8.80)	9.81	10.83
Return on Total Assets (PBT/Total Assets}	(%)	(9.11)	10.50	12.12
Return on Investment (ROI) (PBT/Networth)		(0.12)	0.18	0.20
Debt Equity Ratio (Total Debt /Networth)		0.60	0.32	0.25
Current Ratio (Current Asset/Current Liability)		3.54	2.05	1.75

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-------------
22]	Litigations that the firm / promoter involved in	Yes
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	No
34]	External Agency Rating, if available	No

CASE DETAILS :

HIGH COURT OF GUJARAT

TAX APPEALNo. 736 of2011

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Status : PENDING

( Converted from : ST/1211/2011 )

CCIN No : 001092201100736

Last Listing Date:

20/06/2012

Coram

· HONOURABLE THE ACTING CHIEF JUSTICE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE N.V.ANJARIA

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S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX	MRS MAUNA M BHATT for: Appellant(s) 1

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S.NO.	Name of the Respondant	Advocate On Record
1	SUMILON INDUSTRIES LIMITED	MR MANISH J SHAH for :Opponent(s) 1

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Presented On	: 21/03/2011	Registered On	: 21/03/2011
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 2 times
Stage Name	: FOR REGULAR ADMISSION (SPL.)

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Office Objection

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Classification	DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	INCOME-TAX ACT, 1961

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LowerCourt Details

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Office Details

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S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	21/03/2011	MEMO OF APPEAL/PETITION/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	20	MRS MAUNA M BHATT:1
2	13/04/2011	CERTIFIED COPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	6	MRS MAUNA M BHATT:1
3	15/08/2011	VAKALATNAMA	MR MANISH J SHAH ADVOCATE for RESPONDENT(s) 1	-	MR MANISH J SHAH:1
4	15/08/2011	VAKALATNAMA	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	-	MRS MAUNA M BHATT:1
5	23/07/2012	VAKALATNAMA	MR MANISH J SHAH ADVOCATE for RESPONDENT(s) 1	5	MR MANISH J SHAH:1
Linked Matters

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Court Proceedings

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S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	05/04/2011	3	-	OFFICE OBJECTION (FILING STAGE)	NEXT DATE	· ADDITIONAL REGISTRAR ( JUDICIAL)
2	06/04/2011	3	-	OFFICE OBJECTION REMOVED	NEXT DATE	· HONOURABLE MR.JUSTICE AKIL KURESHI · HONOURABLE MS JUSTICE SONIA GOKANI
3	20/06/2012	3	-	FOR REGULAR ADMISSION (SPL.)	NEXT DATE	· HONOURABLE THE ACTING CHIEF JUSTICE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE N.V.ANJARIA
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	View	Download
1	TAX APPEAL/736/2011	· HONOURABLE THE ACTING CHIEF JUSTICE MR.JUSTICE VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE N.V.ANJARIA	20/06/2012	N	N	View	Download
Tagged Order

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Certified Copy

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S. No.	Applicant Name	Application Type	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	21/06/2012	O/18705/2012	20/06/2012	22/06/2012	25/06/2012	Delivered	-

OPERATIONS :

Sales/Income Rs. 980.914 Millions, Other Income Rs. 15.695 Millions, Profit/(Loss) before Tax Rs. (86.345 Millions), Profit/(Loss) after Tax Rs. (55.206 Millions).

UNSECURED LOAN :

[Rs. In Millions]

Particulars	31.03.2012	31.03.2011
Deposits from Shareholders	27.555	0.000
TOTAL	27.555	0.000

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29199GJ1996PLC030056
Name of the company	SUMILON INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Vairagini Wadi, Delhi Gate, Surat – 395003, Gujarat Email: sumilon@sumilon.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90096494
Type of charge	Immovable property
Particular of charge holder	Bank of Baroda, Branch SufiBaug, Delhi Gate, Vairagni Wadi, Surat - 395003, Gujarat , India Email: sufiba@bankofbaroda.com
Nature of instrument creating charge	Instrument of Extension relating to Deposit of Title Deeds Together with Instrument relating to Deposit of Title Deeds
Date of instrument Creating the charge	09.112012
Amount secured by the charge	Rs.1118.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Collateral Security hence Not Applicable. Terms of Repayment Collateral Security hence Not Applicable. Margin Collateral Security hence Not Applicable. Extent and Operation of the charge First and Exclusive Charge on the assets
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Land and building bearing R. B.No.161/P adm. hector 1.42.70 together with building, structures, erections and constructions standing thereon lying, being and situated at Vil. Mota Borsara, Ta. Mangrol, Dist.Surat. Land bearing survey no. 219/4/2 admeasuring 1970 sq.mtrs.of Villlage Dadra of Union Territory of Dadra and Nagar Haveli.
Date of instrument modifying the charge	29.09.2010
Particulars of the present modification	Charge on the assets is now extended to various revised / reviewed and enhanced financial assistance of Rs.1118.300 Millions.

FIXED ASSETS

· Land

· Factory Building

· Staff Quarters

· Plant and Machinery

· Furniture and Fixture and Electric Fitting

· Office Equipment

· Electrical Equipments

· Motor car

· Computer

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 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. 56.64
UK Pound	1	Rs. 73.97
Euro	1	Rs. 86.69

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.