1. Summary Information

		Country	India
Company Name	ACKNIT INDUSTRIES LIMITED	Principal Name 1	Mr. Samir Kumar Ghosh
Status	Satisfactory	Principal Name 2	Mr. Deo Kishan Saraf
		Registration #	21-050020
Street Address	817, Krishna Building, 224 A, AJC Bose Road, Kolkata – 700 017, West Bengal, India
Established Date	12.10.1990	SIC Code	--
Telephone#	91-33-22878293 / 22408247 / 22407617	Business Style 1	Manufacturer
Fax #	91-33-22408269	Business Style 2	Seller
Homepage	http://www.acknitindia.com	Product Name 1	Industrial Hand Gloves
# of employees	Not Available	Product Name 2	Garments and Safety Wears.
Paid up capital	Rs.27,577,000 /-	Product Name 3	--
Shareholders	shareholding of Promoter and Promoter Group - 46.36% Public shareholding –53.64%	Banking	State Bank of India
Public Limited Corp.	YES	Business Period	23 Years
IPO	YES	International Ins.	--
Public Enterprise	YES	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Associates :	--	Acme Safety Wears Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	268,518,000	Current Liabilities	115,444,000
Inventories	208,731,000	Long-term Liabilities	322,247,000
Fixed Assets	198,711,000	Other Liabilities	27,745,000
Deferred Assets	0,000	Total Liabilities	465,436,000
Invest& other Assets	4,881,000	Retained Earnings	187,828,000
		Net Worth	215,405,000
Total Assets	680,841,000	Total Liab. & Equity	680,841,000
Total Assets (Previous Year)	609,651,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	890,414,000	Net Profit	14,834,000
Sales(Previous yr)	650,291000	Net Profit(Prev.yr)	14,786,000

MIRA INFORM REPORT

Report Date :

06.06.2013

IDENTIFICATION DETAILS

Name :	ACKNIT INDUSTRIES LIMITED (w.e.f. 16.11.2007)
Formerly Known As :	ACKNIT KNITTING LIMITED (w.e.f. 08.08.1994) ACKNIT KNITTING PRIVATE LIMITED
Registered Office :	817, Krishna Building, 224 A, AJC Bose Road, Kolkata – 700 017, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.10.1990
Com. Reg. No.:	21-050020
Capital Investment / Paid-up Capital :	Rs.27.577 Millions
CIN No.: [Company Identification No.]	L01113WB1990PLC050020
TAN No.: [Tax Deduction & Collection Account No.]	CALA03510D
PAN No.: [Permanent Account No.]	AACCA1757B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Seller of Industrial Hand Gloves, Garments and Safety Wears.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 860000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are fair. Business is active. Payments are reported as usually 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB (Withdrawal)
Rating Explanation	The term loan was fully paid up and no amount outstanding against the rated instrument.
Date	February, 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	817, Krishna Building, 224 A, AJC Bose Road, Kolkata – 700 017, West Bengal, India
Tel. No.:	91-33-22878293 / 22408247 / 22407617
Fax No.:	91-33-22408269
E-Mail :	acknit@vsnl.com
Website :	http://www.acknitindia.com

DIRECTORS

As on 31.03.2012

Name :

Mr. Samir Kumar Ghosh

Designation :

Director

Date of Birth/Age :

07.09.1938

Qualification :

MCOM, ACIS, ACS

Date of Appointment :

30.04.2005

DIN No.:

00129301

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	L01113WB1990PLC050020	ACKNIT INDUSTRIES LIMITED	Director	30-04-05	30-04-05	-	Active	NO
2	L99999MH1987PLC130521	PCI PAPERS LIMITED	Additional director	31-07-08	31-07-08	-	Active	NO

Name :

Mr. Deo Kishan Saraf

Designation :

Whole-Time Director

Date of Birth/Age :

11/08/1966

Qualification :

BSC

PAN No.:

ALCPS0460K

Date of Appointment :

01.04.2010

DIN No.:

00128804

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	L01113WB1990PLC050020	ACKNIT INDUSTRIES LIMITED	Whole-time director	01-04-10	12-10-90	-	Active	NO
2	U01132WB1995PTC072239	ORIENT TEA ESTATE PRIVATE LIMITED	Director	01-04-98	01-04-98	-	Active	NO
3	U67120WB2004PLC098755	SARAF CAPITAL MARKETS LIMITED	Director	04-06-05	04-06-05	-	Active	NO
4	U70101WB2006PTC110422	RAMNAGAR PROPERTIES PRIVATE LIMITED	Director	05-07-06	05-07-06	-	Active	NO
5	U52390WB2008PTC128779	CENTURY SAFETY WEARS PRIVATE LIMITED	Director	26-08-08	26-08-08	-	Active	NO

Name :

Mr. Krishan Saraf

Designation :

Managing Director

Date of Birth/Age :

04/04/1945

Qualification :

Bcom

PAN No.:

AKUPS4979C

Date of Appointment :

01.04.2010

DIN No.:

00128999

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	L01113WB1990PLC050020	ACKNIT INDUSTRIES LIMITED	Managing director	01-04-10	12-10-90	-	Active	NO
2	U52390WB2008PTC128779	CENTURY SAFETY WEARS PRIVATE LIMITED	Director	26-08-08	26-08-08	18-05-12	Active	NO

Name :

Mr. Manindra Kumar Nath

Designation :

Director

Date of Birth/Age :

20/10/1939

Qualification :

Bcom (HONS), LLM, MBA

Date of Appointment :

24.09.2009

DIN No.:

02666031

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1168349	46.36
Sub Total	1168349	46.36
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1168349	46.36
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	631269	25.05
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	434171	17.23
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	277965	11.03
Any Others (Specify)	8246	0.33
Non Resident Indians	8246	0.33
Sub Total	1351651	53.64
Total Public shareholding (B)	1351651	53.64
Total (A)+(B)	2520000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	2520000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Industrial Hand Gloves, Garments and Safety Wears.

Products :

ITC Code	Product Description
61169200	Gloves Mittens and Mitts Knitted / Croached of Cotton
42032901	Articles of Leather Gloves Other Than Sports

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, Kolkata, 24, Park Street, Kolkata - 700016, West Bengal, India

· Bank of Baroda

· HDFC Bank Limited

· United Bank of India

· IDBI Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from banks Term Loan Borrowings Repayable Current maturities of long-term debt Rs.4.282 Millions In the second year Rs.0.708 Million.	0.708	1.466
Term loans from others Term Loan Borrowings Repayable Current maturities of long-term debt 5.188 Millions In the second year 5.188 Millions In the third year 3.887 Millions.	9.075	14.263
Short-term borrowings
Foreign currency term loans from banks	65.942	26.008
Working capital loans from banks	170.099	186.070
Deposits Secured by way of Entire Fixed Assets, Raw material, Materials, Stock in Transit, etc. guarantees , engagements, securities, investment and right etc. both present and future and supply of bills	3.923	0.000
Total	249.747	227.807

Banking Relations :	--
Auditors :
Name :	R K Bajaj and Company Chartered Accountants
Address :	C/O R K Bajaj and Company, 3^rd Floor, 40/5 Strand Road, Kolkata – 700001, West Bengal, India
PAN.:	AECPB5262K
Associates :	· Acme Safety Wears Limited · Saraf Capital Markets Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed Capital :

No. of Shares	Type	Value	Amount
3000000	Equity shares	Rs.10/- each	Rs.30.000 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
2520000	Equity shares	Rs. 10/- each	Rs.25.200 millions
	Add: Share Forfeited		Rs. 2.377 millions
	Total		Rs.27.577 Millions

Disclosure of shareholding more than five per cent in company

Name of shareholder	Number of shares held in company	Percentage of shareholding in company
Shri Krishan Saraf	381458	15.14%
Deo Kishan Saraf	364832	14.48%
Kusum Saraf	158150	6.28%
Ritula Saraf	147696	5.86%
PBS Investments Private Limited	149900	5.95%

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		27.577	27.577	27.577
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		187.828	177.387	166.994
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		215.405	204.964	194.571
LOAN FUNDS
1] Secured Loans		249.747	227.807	221.818
2] Unsecured Loans		72.500	50.500	0.000
TOTAL BORROWING		322.247	278.307	221.818
DEFERRED TAX LIABILITIES		23.352	23.182	25.129
TOTAL		561.004	506.453	441.518
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		198.711	180.049	173.861
Capital work-in-progress		1.579	0.000	13.769
INVESTMENT		3.302	2.066	8.134
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	208.731	179.919	168.723
	Sundry Debtors	141.318	107.312	105.385
	Cash & Bank Balances	9.497	7.832	2.741
	Other Current Assets	3.023	1.822	0.000
	Loans & Advances	114.680	130.651	70.370
Total Current Assets		477.249	427.536	347.219
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	70.994	61.739	84.170
	Other Current Liabilities	44.450	37.066	1.938
	Provisions	4.393	4.393	15.357
Total Current Liabilities		119.837	103.198	101.465
Net Current Assets		357.412	324.338	245.754
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		561.004	506.453	441.518

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	890.414	650.291	434.918
		Other Income	2.252	17.121	9.586
		TOTAL (A)	892.666	667.412	444.504
Less	EXPENSES
		Cost of materials consumed	610.302	444.267
		Purchases of stock-in-trade	2.402	3.648
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(9.111)	(21.499)	404.907
		Employee benefit expense	18.283	16.660
		Other expenses	202.625	163.912
		Prior period items	0.162	(0.718)
		Exceptional items	0.000	2.941
		TOTAL (B)	824.663	609.211	404.907
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		68.003	58.201	39.597
Less	FINANCIAL EXPENSES (D)		29.749	25.948	13.746
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.254	32.253	25.851
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.150	15.384	15.156
	PROFIT BEFORE TAX (E-F) (G)		22.104	16.869	10.695
Less	TAX (H)		7.270	2.083	1.950
	PROFIT AFTER TAX (G-H) (I)		14.834	14.786	8.745
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.033	9.640	9.317
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	8.000	4.000
		Dividend & Dividend Tax	4.400	4.393	4.422
	BALANCE CARRIED TO THE B/S		12.467	12.033	9.640
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	693.262	513.938	341.275
	TOTAL EARNINGS		693.262	513.938	341.275
	Earnings Per Share (Rs.)		5.89	5.87	3.47

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	206.200	240.200	230.200	289.400
Total Expenditure	193.30	223.700	211.300	273.800
PBIDT (Excl OI)	13.000	16.500	18.800	15.600
Other Income	0.100	0.100	0.600	7.600
Operating Profit	13.100	16.600	19.500	23.200
Interest	6.900	7.500	8.200	8.300
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	6.300	9.200	11.200	14.900
Depreciation	4.000	4.200	4.100	4.800
Profit Before Tax	2.200	5.000	7.200	10.200
Tax	1.000	1.700	2.400	4.200
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	1.200	3.300	4.800	6.000
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	1.200	3.300	4.800	6.000

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.66	2.22	1.97
Net Profit Margin (PBT/Sales)	(%)	2.48	2.59	2.46
Return on Total Assets (PBT/Total Assets}	(%)	3.27	2.78	2.05
Return on Investment (ROI) (PBT/Networth)		0.10	0.08	0.05
Debt Equity Ratio (Total Debt /Networth)		1.50	1.36	1.14
Current Ratio (Current Asset/Current Liability)		3.98	4.14	3.42

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	----------------------
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	No
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	Yes

CORPORATE INFORMATION

Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The company is engaged in manufacturing and selling of Industrial Hand Gloves, Garments and Safety wears.

The company was first amongst the various units producing safety gloves in India. Because of approved international quality standards and its comparatively competitive sales price, the products of the company were accepted immediately in the European market.

Over the years the company has grown in its operation which has been multiplied continuously and in the process the company has diversified its products from gloves to garments and safety wears.

OPERATING PERFORMANCE

The year commenced with an optimistic note and the order book being sufficient with diverse enquiries and fresh orders.

The management succeeded in increasing the sales turnover after recovery of initial set back caused by fire in one of its unit at FSEZ at the end of the previous year and the Annual Turnover of the company was increased by about 37 % over the previous year and the directors are optimistic about sustaining the growth momentum.

The turnover of the company during the year was Rs.892.666 Millions as against Rs.667.412 Millions in the last year, the gross profit was also increased to Rs.68.000 Millions from Rs.61.100 Millions in the previous year and the net profit after tax was Rs.14.834 Millions which works out to an EPS of Rs.5.89 per share as against Rs.5.87 per share in the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis has been included in the Directors Report in adherence to the spirit enunciated in the code of Corporate Governance approved the Securities and Exchange Board of India (SEBI). The Report herein presents a brief discussion on the Industry structure and Development, Company’s Performance and outlook, SWOT analysis, Internal control systems and their adequacy, financial performance and Human Resource Development. This discussion is based on the assessment of the current environment which may vary due to future economic and other developments in the universal arena.

INDUSTRY STRUCTURE AND DEVELOPMENT

Industrial Safety measures has been made mandatory all over the world; And as part of the Industrial safety measurer different variants of Industrial Gloves and other safety gears are in increasing demands corresponding to further increases in Industrial activities across the world. On the other hand, increased cost of production in the Industrialised Developed countries of West, have resulted to close their own production units for safety gears in favour of job outsourcing to low cost Developing countries like India and other countries of the East with a view to cut down their own cost without compromising with the safety requirements. In this arena India with its abundant supply of raw materials and cheap labour associated with most advanced Technology and expertise occupies comparatively favoured position. Added to this the recent steps taken in liberalizing the Indian economy and overall improvement in business environment and a steady improvement in infrastructure developments across the country has given a positive impact to the growth of all types of business and manufacturing activities and export promotions.

Under this background, the future of production and Export of Industrial Safety Gloves in the country is extremely bright and in this arena Subject enjoys a privileged position because of its maintenance of Quality Standard confirming to ISO 9001-2000 and strict adherence to time schedules at the most competitive price over the decades.

COMPANY’S PERFORMANCE AND OUTLOOK

The company’s products cover wide range of Industrial safety requirements with different types of coatings, dottings, rubberized and of such materials as per specific requirements of the consumers. The company’s products have received wide acceptance across the world and the company is flooded with various trade enquiries from various types of Industries of the Developed countries. The booming Indian economy, the growth in infrastructure facilities and added to it the increased amount of Industrial Investments in the country has added to the growing needs of safety gears directly in conformity with the increasing pollution control measures. The Company’s products are well established in the market and its brand name Subject has a substantial recall value creating an edge over other competitors.

Although there had been an all round increase in production during the year, the inflationary trend in Indian Economy and with continued fluctuation of Indian currency as against US Dollars and Euros resulted in a favourable impact on the company’s turnover on the other hand, the Indian Economics because of its failure to maintained its progress in every directions has lost its competitive position amongst the fastest growing economics of the present day world. However, the International connections and Economic interactions would not allow the Indian Economy to be quarantined against the recessionary effect of the global Economy.

Inspite of all such restraints the demand for Industrial Safety can not be compromised at any cost. International demand for Industrial safety wears will continue increasing directly in proportion to increased activities in Industrial restructuring efforts in the west. Subject being exclusively engaged in the production and supply Industrial Safety wears, its activities are directly responsive to Industrial Activities of Developed countries.

The strength of the brand name Subject, the enhanced product range, excellent distribution network and market relations, projected booming conditions after the by-gone recession in European market- all these factors are expected to act as synergies having potential propelling the workings of the company in the immediate future.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Intercorporate borrowings	60.000	48.000
Loans and advances from related parties	10.000	0.000
Short-term borrowings
Intercorporate borrowings	2.500	2.500
Total	72.500	50.500

Fixed Assets

· Office Premises

· Land and Factory Building

· Plant and Machinery

· Wind Mill

· Electric Installation

· Fire Preservation and Equipment

· Furniture and Fixtures

· Air Conditioner

· Office Equipments

· Computer

· Refrigerator

· Vehicle

· Clicking Dies

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.56.42
UK Pound	1	Rs.86.54
Euro	1	Rs.73.86

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	5
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.