MIRA INFORM REPORT

Report Date :

29.06.2013

IDENTIFICATION DETAILS

Name :	PARLE ELIZABETH TOOLS PRIVATE LIMITED
Registered Office :	Plot No.9, Gala No.2, 102 and 202, Rajvidesh Building, Prime Industrial Complex, Sativali Road, Waliv, Vasai Road (East), Vasai – 401 208, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.06.2008
Com. Reg. No.:	11-184067
Capital Investment / Paid-up Capital :	Rs.0.800 Million
CIN No.: [Company Identification No.]	U51504MH2008PTC184067
TAN No.: [Tax Deduction & Collection Account No.]	PNEP12532C
PAN No.: [Permanent Account No.]	AAECP7357A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharma Tooling, Pharma Machinery Solutions, Packaging Machinery Solutions, Food and Beverage Machinery.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears drastic fall in its profitability during 2012. However, general financial strength seems to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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	CARE
Rating	Long Term Bank Facilities: BBB+
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation is carry moderate credit risk.
Date	November, 2011

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/ Tooling Division :	Plot No.9, Gala No.2, 102 and 202, Rajvidesh Building, Prime Industrial Complex, Sativali Road, Waliv, Vasai Road (East), Vasai – 401 208, Maharashtra, India
Tel. No.:	91-250-2451867/ 68/ 6456833 to 6456856/ 2452841
Fax No.:	91-250-2452842
E-Mail :	finance@parleglobal.com General inquiry: info@parle-elizabeth.com Customer Care: customercare@parle-elizabeth.com Sales: sales@parle-elizabeth.com
Website :	http://www.parle-elizabeth.com
Ahmedabad Unit :	10/407, New Ahmedabad Industrial Estate, Opposite Intas Biopharmaceuticals, Sarkhej-Bavla Road, Village: Moraiya, Taluka-Sanand, Ahmedabad – 382 213, Gujarat, India
Ahmedabad 2^nd Unit :	9-10, Ratnamani Estate, Opposite Chehar Mata Mandir, B/H. Bharat.Weigh Bridge, Sarkhej – Bavla Highway, Changodar, Ahmedabad – 382 213, Gujarat, India
Branch Office :	V-205, Venus Parkland, Near Vejalpur Bus Stand, Vejalpur, Ahmedabad, Gujarat, India

DIRECTORS

AS ON 08.09.2012

Name :

Mr. Rajmal Lavji Mehta

Designation :

Director

Address :

702, Prangan, TPS V, 15, Malviya Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India.

Date of Birth/Age :

14.04.1947

Date of Appointment :

07.07.2008

DIN No.:

00265958

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	U24239MH1983PTC031397	PARLE GLOBAL TECHNOLOGIES PRIVATE LIMITED	Managing director	01/11/2006	21/11/1983	-	Active	NO
2	U29297MH2005PTC158506	PARLE TOOLS INTERNATIONAL PRIVATE LIMITED	Director	30/12/2005	30/12/2005	-	Amalgamated	NO
3	U51504MH2008PTC184067	PARLE ELIZABETH TOOLS PRIVATE LIMITED	Director	07/07/2008	27/06/2008	-	Active	NO
4	U29253MH2013PTC242037	PARLE KOVAI MACHINERY PRIVATE LIMITED	Director	18/04/2013	18/04/2013	-	Active	NO

Name :

Mr. Mahendra Rajmal Mehta

Designation :

Managing Director

Address :

702, Prangan, TPS V, 15, Malviya Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India.

Date of Birth/Age :

26.12.1972

Date of Appointment :

07.07.2008

DIN No.:

00266038

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	U24239MH1983PTC031397	PARLE GLOBAL TECHNOLOGIES PRIVATE LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO
2	U29297MH2005PTC158506	PARLE TOOLS INTERNATIONAL PRIVATE LIMITED	Director	30/12/2005	30/12/2005	-	Amalgamated	NO
3	U51504MH2008PTC184067	PARLE ELIZABETH TOOLS PRIVATE LIMITED	Managing director	07/07/2008	27/06/2008	-	Active	NO
4	U29253MH2013PTC242037	PARLE KOVAI MACHINERY PRIVATE LIMITED	Director	18/04/2013	18/04/2013	-	Active	NO
5	U72900MH2013PTC244705	CNCTIMES PRIVATE LIMITED	Director	20/06/2013	20/06/2013	-	Active	NO

Name :

Mr. Alokchandra Abinashchandra Gupta

Designation :

Director

Address :

Flat No 2, 1^st Floor, Rasbh Avan, Plot No.159, Sector 28, Vashi, Navi Mumbai – 400 703, Maharashtra, India

Date of Birth/Age :

30.08.1965

Date of Appointment :

23.06.2009

DIN No.:

00764478

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	U24299GJ1987PLC009942	RUBAMIN LIMITED	Director	23/08/2007	01/09/2006	01/01/2008	Active	NO
2	U24119DL2005PTC203507	J AND K PIGMENTS PRIVATE LIMITED	Director	10/08/2007	16/01/2007	01/01/2008	Amalgamated	NO
3	U51504MH2008PTC184067	PARLE ELIZABETH TOOLS PRIVATE LIMITED	Director	23/06/2009	07/07/2008	-	Active	NO
4	U01120MP1996PTC010571	INDUS EXIMTECH PRIVATE LIMITED	Director	16/03/2009	16/03/2009	-	Active	NO
5	U15412MP2010PTC023473	PREMIYUM AAHAR PRIVATE LIMITED	Director	30/04/2010	30/04/2010	-	Active	NO

Name :

Mr. David Donald Keefer

Designation :

Director

Address :

412, Arden Drive, Monro Ville, 15146, U.S.A.

Date of Birth/Age :

18.09.1948

Date of Appointment :

23.06.2009

DIN No.:

02261308

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	U51504MH2008PTC184067	PARLE ELIZABETH TOOLS PRIVATE LIMITED	Director	23/06/2009	07/07/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 08.09.2012

Names of Shareholders	No. of Shares
Rajmal Lavji Mehta	5000
Mahendra Rajmal Mehta	5000
Elizabeth Carbide Die Co. Inc, USA	40000
Parle Global Technologies Private Limited , India	30000
Total	80000

As on 23.03.2013

Names of Allottees	No. of Shares
Elizabeth Carbide Die Co. Inc, USA	25379
Rajmal Lavji Mehta	3172
Mahendra Rajmal Mehta	3172
Parle Global Technologies Private Limited , India	19035
Total	50758

AS ON 08.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	38.00
Directors or relatives of directors	12.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharma Tooling, Pharma Machinery Solutions, Packaging Machinery Solutions, Food and Beverage Machinery.

Products :

Item Code No. (ITC Code)	82073000
Product Description	Dies and Punch

· Tablet Tooling

· Tablet Press

· Punch Polishing

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

• Bank of Baroda, Vile Parle (West) Branch, Somaiya Sadan, D.J. Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
From Banks:
Term Loan Terms of Repayment Terms of Repayment - 5 years	10.893	0.000
Working Capital Term Loan Terms of Repayment - 4 years	5.814	12.435
SHORT TERM BORROWINGS
Vehicle Loan Terms of Repayment - 3 years	0.000	0.328
Working Capital Loans
From Banks	10.576	22.660
Cash Credit	9.091	0.000
Total	36.374	35.423

Notes:

LONG TERM BORROWINGS

Term loan and Foreign Currency Loan – Buyers Credit from HDFC is secured by way of equitable mortgage of Plant and Machinery and Guarantee by Directors and Associates.

Repayment Schedule	1-2 year	2-3 year	3-4 year	4 and above
From Bank	9.879	10.953	5.149	0.605

SHORT TERM BORROWINGS

Vehicle Loan from Kotak Mahindra Prime Limited is secured against Hypothecation of respective Vehicle.

Working capital loans are secured by hypothecation of present and future stock of raw materials, stock in process, finished goods, stores and spares, book debts and guaranteed by Directors and Associates.

Foreign Currency Loan Buyers Credit from HDFC is secured by way of equitable mortgage of plant and machinery and guarantee by Directors and Associates.

Banking Relations :	--
Auditors :
Name :	M.L. Sharma and Company Chartered Accountants
Address :	Maheshwari Sadan, Behind Parasmani Mall, Jayendra Ganj, Gwalior – 474 009, Madhya Pradesh, India
Tel. No.:	91-751-2320120
E-Mail :	spect2576@rediffmail.com
PAN No.:	ACLPG8637Q

CAPITAL STRUCTURE

AFTER 08.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
130758	Equity Shares	Rs.10/- each	Rs.1.308 Millions

AS ON 08.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.10/- each	Rs.0.800 Million

The details of shareholders holding more than 5% Equity Shares

Name of the Shareholder	As at 31^st March, 2012
	No. of Shares	% of holding
Elizabeth Carbide Die Co. Inc, USA	40000	50.00
Parle Global Technologies Private Limited , India	30000	38.00
Rajmal Lavji Mehta	5000	6.00
Mahendra Rajmal Mehta	5000	6.00
	80000	100.00

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period:

Equity shares	As at 31^st March, 2012
	No. of Shares	Amount (Rs. in millions)
Shares outstanding at the beginning of the year	80000	0.800
Add: Shares Issued during the year	--	--
Less: Shares cancelled on buyback of shares	--	--
Shares outstanding at the end of the year	80000	0.800

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	0.800	0.800
(b) Reserves & Surplus	99.312	94.784
(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)	100.112	95.584
(3) Non-Current Liabilities
(a) Long-term borrowings	68.707	19.942
(b) Deferred tax liabilities (Net)	6.362	3.361
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	75.069	23.303
(4) Current Liabilities
(a) Short term borrowings	19.667	22.988
(b) Trade payables	54.061	29.204
(c) Other current liabilities	35.320	15.129
(d) Short-term provisions	5.200	23.095
Total Current Liabilities (4)	114.248	90.416
TOTAL	289.429	209.303
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	122.452	90.484
(ii) Intangible Assets	3.311	1.048
(iii) Capital work-in-progress	14.411	0.772
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	10.000	10.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.065	0.872
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	153.239	103.176
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	46.334	22.846
(c) Trade receivables	62.863	47.593
(d) Cash and cash equivalents	8.385	3.999
(e) Short-term loans and advances	18.608	31.689
(f) Other current assets	0.000	0.000
Total Current Assets	136.190	106.127
TOTAL	289.429	209.303

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.800
2] Share Application Money		0.000
3] Reserves & Surplus		79.682
4] (Accumulated Losses)		0.000
NETWORTH		80.482
LOAN FUNDS
1] Secured Loans		35.428
2] Unsecured Loans		2.500
TOTAL BORROWING		37.928
DEFERRED TAX LIABILITIES		1.784
TOTAL		120.194
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		83.196
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.165
	Sundry Debtors	55.421
	Cash & Bank Balances	3.523
	Other Current Assets	0.000
	Loans & Advances	21.870
Total Current Assets		96.979
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.605
	Other Current Liabilities	8.775
	Provisions	14.601
Total Current Liabilities		59.981
Net Current Assets		36.998
MISCELLANEOUS EXPENSES		0.000
TOTAL		120.194

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	280.670	230.654	225.978
		Other Income	10.355	3.382
		TOTAL	291.025	234.036	225.978
Less	EXPENSES
		Office Expenses	282.994	211.588	182.308
		Administrative Expenses
		Advertising Expenses
		TOTAL	282.994	211.588	182.308
	PROFIT BEFORE TAX		8.031	22.448	43.670
	TAX		4.372	7.378	14.892
	PROFIT AFTER TAX		4.676	15.251	28.778
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		49.772	35.521	8.119
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	1.000	1.000
	BALANCE CARRIED TO THE B/S		53.448	49.772	NA
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	122.828	79.746	75.863
		Commission on Sale	0.962	0.301	0.409
	TOTAL EARNINGS		123.790	80.047	76.272
	IMPORTS
		Raw Materials and Stock-in-trade	0.443	0.000	2.012
		Consumable Stores	0.469	0.851	0.236
		Capital Goods	14.470	8.882	10.672
	TOTAL IMPORTS		15.382	9.733	12.920
	Earnings Per Share (Rs.)		58.00	191.00	359.73

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.61	6.52	12.73
Net Profit Margin (PBT/Sales)	(%)	2.86	9.73	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.03	11.30	24.24
Return on Investment (ROI) (PBT/Networth)		0.08	0.23	0.54
Debt Equity Ratio (Total Debt/Networth)		0.88	0.45	0.47
Current Ratio (Current Asset/Current Liability)		1.19	1.17	1.62

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	No
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	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	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	No
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

TURNOVER AND PROFIT:

During the year ended 31.03.2012 gross turnover/ receipt achieved is Rs.291.025 millions. The increased demand can be attributed to increase in exports and increased demand in domestic market. The decision of the company to optimize the product mix, better capacity utilization and strengthening of marketing channel resulted in improvement in sale. Profit after tax Rs.4.676 millions.

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
From Directors	52.000	7.507
Total	52.000	7.507

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
A. Guarantees
i) Guarantees to Banks against Credit Facilities extended to PSM Engineering Industries	23.000	0.000
ii) Guarantees to Customs against the EPCG Licences	0.000	0.500
iii) Outstanding Guarantees furnished to banks in respect of Letter of Credit
- For Raw Materials	0.000	0.000
- For Capital Goods	8.849	7.813

Bankers Charges Report as per Registry

Corporate identity number of the company	U51504MH2008PTC184067
Name of the company	PARLE ELIZABETH TOOLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.9, Gala No.2, 102 and 202, Rajvidesh Building, Prime Industrial Complex, Sativali Road, Waliv, Vasai Road (East), Vasai – 401 208, Maharashtra, India E-Mail: finance@parleglobal.com
This form is for	Modification of charge
Charge identification number of the modified	10240291
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Supplementary Letter of Hypothecation.
Date of instrument Creating the charge	04.01.2013
Amount secured by the charge	Rs.158.715 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment: Working Capital facility shall be repayable on demand. Term Loan facility shall be repayable in suitable installments. Margin: As may be stipulated by the Bank from time to time. Extent and Operation of the charge: Hypothecation by way of First Charge on Company's Stocks, Book Debts, Plant and Machinery and Vehicles to secure as a continuing security as mentioned for the repayment of Rs.158.715 millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank. Others: Nil
Short particulars of the property charged	Stock-in-trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights The movable plant and machinery and vehicles, which may now or at any time hereafter belong to the Borrower or come to the Borrowers disposal
Date of latest modification prior to the present modification	16.08.2012
Particulars of the present modification	The Charge shall now stand increased from Rs.129.115 millions to Rs.158.715 millions against the security of Stocks, Book Debts, Plant and machinery and vehicles of the Company.

FIXED ASSETS:

Tangible Assets

· Plant and Machinery

· Revaluation - Plant and Machinery

· Electrical Installations

· Air Conditioner

· Generator

· Tools and Equipment

· Vehicle

· Office Equipment

· Computers

· Furniture and Fixtures

Intangible Assets

· Computer Software

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.59.70
UK Pound	1	Rs.91.14
Euro	1	Rs.77.98

INFORMATION DETAILS

Report Prepared by :

SMN

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.