MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	VIRGO POLYMERS INDIA LIMITED	Principal Name 1	Mr. Ram Awtar Ramsisaria
Status	Moderate	Principal Name 2	Mr. Vivek Ramsisaria
		Registration #	18-011622
Street Address	A1–A, MMDA Industrial Complex, Maraimalai Nagar Chennai – 603209, Tamilnadu
Established Date	05.03.1985	SIC Code	--
Telephone#	91-44-27452716	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	--
Homepage	Not Available	Product Name 1	PP Woven fabric
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 33,361,000/-	Product Name 3	--
Shareholders	Nationalished or other banks – 4.41% Mutual Funds – 1.86% Bodies corporate – 0.24% Directors or relatives of Directors – 56.06% Others – 37.43%	Banking	State Bank of India (SMC)
Public Limited Corp.	NA	Business Period	28 Years
IPO	NA	International Ins.	-
Public Enterprise	NA	Rating	B (29)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	120,101,000	Current Liabilities	57,724,000
Inventories	112,060,000	Long-term Liabilities	98,147,000
Fixed Assets	71,204,000	Other Liabilities	20,616,000
Deferred Assets	0,000	Total Liabilities	176,487,000
Invest& other Assets	0,000	Retained Earnings	93,517,000
		Net Worth	126,878,000
Total Assets	303,365,000	Total Liab. & Equity	303,365,000
Total Assets (Previous Year)	362,674,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	523,995,000	Net Profit	1,603,000
Sales(Previous yr)	546,843,000	Net Profit(Prev.yr)	2.469,000

MIRA INFORM REPORT

Report Date :

02.05.2013

IDENTIFICATION DETAILS

Name :	VIRGO POLYMERS INDIA LIMITED

Registered Office :	A1–A, MMDA Industrial Complex, Maraimalai Nagar Chennai – 603209, Tamilnadu

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	05.03.1985

Com. Reg. No.:	18-011622

Capital Investment / Paid-up Capital :	Rs. 33.361 Millions

CIN No.: [Company Identification No.]	L25200TN1985PLC011622

TAN No.: [Tax Deduction & Collection Account No.]	CHEV06416E

PAN No.: [Permanent Account No.]	AAACV8490Q

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturing PP Woven fabric.

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 500000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions. Note: The shares of the company are not traded on BSF for last 30 days.

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan (BB)
Rating Explanation	Moderate risk of default.
Date	15 June 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	A1–A, MMDA Industrial Complex, Maraimalai Nagar Chennai – 603209, Tamilnadu, India
Tel. No.:	91-44-27452716
Mobile No.:	91-9003048800 (Mr. Vivek Ramsisariya)
Fax No.:	Not Available
E-Mail :	info@virgopolymer.com
Website :	http://www.virgopolymer.com

DIRECTORS

As on 28.09.2012

Name :

Mr. Vivek Ramsisaria

Designation :

Director

Address :

37/12-1, Archana Complex 4^th Cross, Lalbagh Road, Bangalore – 560027, Karnataka, India

Date of Birth/Age :

16.01.1982

Date of Appointment :

18.01.2008

DIN No.:

01942187

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	U25209TN2003PTC051755	VIDHATA POLYMERS PRIVATE LIMITED	Director	13/10/2003	13/10/2003	01/11/2011	Active	NO
2	U36900WB2001PTC092957	KAMDHENU LABELS PRIVATE LIMITED	Director	01/01/2008	01/01/2008	13/08/2009	Active	NO
3	L25200TN1985PLC011622	VIRGO POLYMERS INDIA LIMITED	Director	18/01/2008	18/01/2008	-	Active	NO
4	U40101WB1997PLC083230	TOTAL ENERGY GROUP LIMITED	Director	01/03/2008	01/03/2008	10/08/2009	Active	NO
5	U25200KA2011PTC057339	ETIOS POLYMERS PRIVATE LIMITED	Director	06/02/2012	06/02/2012	27/06/2012	Active	NO

Name :

Mr. Varun Ramsisaria

Designation :

Director

Address :

37/12-1, Archana Complex 4^th Cross, Lalbagh Road, Bangalore – 560027, Karnataka, India

Date of Birth/Age :

30.09.1984

Date of Appointment :

28.08.2011

DIN No.:

01107837

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	U25209KA1993PTC014849	BIG BAGS (INDIA)PRIVATE LIMITED	Director	15/11/2006	15/11/2006	-	Amalgamated	NO
2	L25200TN1985PLC011622	VIRGO POLYMERS INDIA LIMITED	Director	28/09/2011	25/08/2011	-	Active	NO

Name :

Mr. Sunil Saraf

Designation :

Director

Address :

37/12-1, Archana Complex 4^th Cross, Lalbagh Road, Bangalore – 560027, Karnataka, India

Date of Birth/Age :

18.06.1976

Date of Appointment :

29.08.2004

DIN No.:

00388423

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	U85110KA1989PTC009774	SANJAY ALLOYS PRIVATE LIMITED	Director	29/09/2003	29/09/2003	-	Active	NO
2	U67120WB1996PTC076750	RGF FINCON PRIVATE LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
3	L25200TN1985PLC011622	VIRGO POLYMERS INDIA LIMITED	Director	29/08/2004	29/08/2004	-	Active	NO
4	U05190KA1999PTC024996	BASUDEO ENTERPRISES PRIVATE LIMITED	Director	13/11/2006	13/11/2006	02/09/2011	Active	NO
5	U51109WB2008PTC122294	SHRINATHJI TRADECOM PRIVATE LIMITED	Director	18/06/2010	18/06/2010	-	Active	NO

Name :

Mr. Mahesh Bohra

Designation :

Director

Address :

414/5, Residency, 2^nd Floor, 4^th Cross, Wilson Garden, Bangalore – 560027, Karnataka, India

Date of Birth/Age :

04.02.1979

Date of Appointment :

29.08.2004

DIN No.:

00186163

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	U25201WB1998PTC087099	KAMDHENU POLYMERS PRIVATE LIMITED	Director	01/09/2011	31/03/2004	-	Active	NO
2	U67120WB1996PTC076750	RGF FINCON PRIVATE LIMITED	Director	12/08/2004	12/08/2004	-	Active	NO
3	L25200TN1985PLC011622	VIRGO POLYMERS INDIA LIMITED	Director	29/08/2004	29/08/2004	-	Active	NO
4	U05190KA2005PTC036305	MURARI TRADING PRIVATE LIMITED	Director	13/05/2005	13/05/2005	24/07/2008	Active	NO
5	U51109WB2008PTC122294	SHRINATHJI TRADECOM PRIVATE LIMITED	Director	18/06/2010	18/06/2010	-	Active	NO
6	U14102KA2007PTC043203	P P GRANITES PRIVATE LIMITED	Director	30/09/2011	15/09/2010	-	Active	NO
7	U25209RJ2013PTC041219	SHREE RAJPUTANA PETROTECH PRIVATE LIMITED	Director	07/01/2013	07/01/2013	-	Active	NO

Name :

Mr. Alok Sethia

Designation :

Additional Director

Address :

37/12-1, Archana Complex 4^th Cross, Lalbagh Road, Bangalore – 560027, Karnataka, India

Date of Birth/Age :

18.06.1971

Date of Appointment :

01.11.2009

DIN No.:

01501035

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	U67120KA1977PTC003260	DEESONS PRIVATE LIMITED	Director	18/06/2007	18/06/2007	-	Active	NO
2	U51109WB1995PTC073676	CHAKRAPANI VYAPAR PRIVATE LIMITED	Director	01/09/2009	01/09/2009	-	Active	NO
3	L25200TN1985PLC011622	VIRGO POLYMERS INDIA LIMITED	Director	28/09/2010	01/11/2009	-	Active	NO
4	U51102KA2005PTC035897	SHYAM AGENCY PRIVATE LIMITED	Director	11/12/2009	11/12/2009	-	Active	NO
5	U51109WB2006PTC110902	ADHUNIK COMMODITIES PRIVATE LIMITED	Director	17/06/2010	17/06/2010	-	Active	NO
6	U51495KA2006PTC038198	KAMDHENU POLYTECH PRIVATE LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO
7	U51101WB2010PTC146306	ADVANCE TRADECOMM PRIVATE LIMITED	Additional director	05/03/2012	05/03/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Nationalished or other banks	4.41
Mutual Funds	1.86
Bodies corporate	0.24
Directors or relatives of Directors	56.06
Others	37.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing PP Woven fabric.

Products :

Item Code No.

Product Description

2520

Manufacture of

plastic products

PRODUCTION STATUS

Capacity	Mt Per annum (2009-2010)
Installed Capacity	4200 Tons/ Annum
Utilized Capacity	3005 Tons/ Annum

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India (SMC), No.97(Old No.136), Railway Parallel Road, Kumarapark West, Bangalore – 560020, Karnataka, India
State Bank of India (MCLAU), No.61, Residency Road, Residency Plaza, 3^rd Floor, Bangalore – 560025, Karnataka, India
The Lakshmi Vilas Bank Limited, 62, Cathedral Road, Madras – 600086, Tamilnadu, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans taken for fixed assets	0.519	1.017
Working Capital Loan from SBI	25.627	39.371
Total	26.146	40.388

Financial Intuitional:	Harita Finance Limited, 8, Haddows Road, Madras – 600006, Tamilnadu, India M/S. Sundaram Finance Limited, No.21, Patullos Raod, Madras – 600002, Tamilnadu, India


Banking Relations :	--

Auditors :
Name :	Venkat and Rangaa Chartered Accountant
Address :	Old No.6,New No.13,Flat No.5, Soundararaja street, 1st Floor, Majestic Apartments, Chennai-17, Tamilnadu, India
PAN No.:	AADFV1008N

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3400000	Equity Shares	Rs.10/- each	Rs.34.000 Millions
	Less Calls in Arrears		Rs.0.639 Million
	Total		Rs.33.361 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		33.361	33.361	33.361
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		93.517	91.915	89.446
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		126.878	125.276	122.807
LOAN FUNDS
1] Secured Loans		26.146	40.388	38.368
2] Unsecured Loans		72.001	70.300	90.025
TOTAL BORROWING		98.147	110.688	128.393
DEFERRED TAX LIABILITIES		16.410	17.748	21.253

TOTAL		241.435	253.712	272.453

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		71.204	75.652	79.256
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	112.060	128.956	134.660
	Sundry Debtors	25.176	40.600	52.376
	Cash & Bank Balances	8.310	10.120	13.622
	Other Current Assets	81.337	81.224	72.798
	Loans & Advances	5.278	27.122	25.982
Total Current Assets		232.161	288.022	299.438
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	54.595	85.327	95.504
	Other Current Liabilities	3.129	20.909	8.429
	Provisions	4.206	3.726	2.308
Total Current Liabilities		61.930	109.962	106.241
Net Current Assets		170.231	178.060	193.197

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		241.435	252.712	272.453

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	523.995	546.843	625.017
		Other Income	22.576	18.720	39.176
		TOTAL (A)	546.571	565.563	664.193

Less	EXPENSES
		Cost of materials consumed	379.529	471.989
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	35.871	(43.591)
		Employee benefit expense	21.336	10.677
		Other expenses	82.015	103.398
		TOTAL (B)	518.751	542.473	610.337

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		27.820	23.090	53.856

Less	FINANCIAL EXPENSES (D)		17.411	12.990	34.239

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.4069	10.100	19.617

Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.777	7.544	7.835

	PROFIT BEFORE TAX (E-F) (G)		2.632	2.556	11.782

Less	TAX (H)		1.029	0.087	4.179

	PROFIT AFTER TAX (G-H) (I)		1.603	2.469	7.603

	Earnings Per Share (Rs.)
	Basic		0.47	0.47	NA
	Diluted		0.73	0.73	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.29	0.44	1.14

Net Profit Margin (PBT/Sales)	(%)	0.50	0.47	1.89

Return on Total Assets (PBT/Total Assets}	(%)	1.13	0.89	3.93

Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.10

Debt Equity Ratio (Total Debt /Networth)		0.77	0.88	1.05

Current Ratio (Current Asset/Current Liability)		3.75	2.62	2.82

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	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loan

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

Loans and advances from related parties

72.001

70.300

Total

72.001

70.300

Note: Registered office of the company has been shifted from New No.10 (Old No.34) Arunachalam Road, Saligramam, Chennai – 600093, Tamilnadu, India to the present address w.e.f 01.02.2012

PERFORMANCE

The company’s Turnover has decreased by 3.36% compared to last year. This year the company has planned to improve the volume to compensate the decline in margin. The company has taken steps to reduce costs on all fronts and is expecting higher turnover in the next financial year. The company is not proposing payment of any dividend this year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	L25200TN1985PLC011622
Name of the company	VIRGO POLYMERS INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	A1–A, MMDA Industrial Complex, Maraimalai Nagar Chennai – 603209, Tamilnadu, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90308091
Type of charge	Immovable property Book debts Movable property (not being pledge) Other Stock, Receivables, Bills Discounted & Other CA
CIN, in case charge holder or ARC or assignee is a company	L25200TN1985PLC011622
Particular of charge holder	State Bank of India (SMC), No.97(Old No.136), Railway Parallel Road, Kumarapark West, Bangalore – 560020, Karnataka, India
Nature of instrument creating charge	Form C.2-A Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall Limit Form C-5 Letter regarding the grant of individual limits within the overall limit. Form C-10
Date of instrument Creating the charge	04.05.2011
Amount secured by the charge	Rs.165.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC: 4.75% above base rate rising and falling therewith at monthly rests. EPC/PCFC: As per applicable Scheme FBD/EBR: At standard rates (RBI/SBI directives) Term Loan: 5.25% above base rate. Terms of Repayment CC: on Demand Term Loan: As per Repayment Schedule. Margin CC: 25% LC and BG: 10% Extent and Operation of the charge Hypothecation of entire Raw material, Spares, SIP, FG, Book Debts, Receivables and other current assets, Term Loan Secured by Plant and Machinery to be purchased out of proposed Term Loan, First charge over plant and Machinery and further charge on collateral securities as given below to the extent of Rs.165.500 Millions (CC: 50.000 Millions, Term Loan: 10.000 Millions LC: Rs.87.500 Millions, BG: 10.000 Millions and Forward Contract: 8.000 Millions). Others 1) Personal Guarantee of the Directors as a) Mr Vivek Ramsisaria b) Mr Chandra Prakash Ramsisaria c) Mr Ramawtar Ramsisaria 2) Corporate Guarantee of M/s Bhavani Polymers Private Limited
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1) EM of Company's land and factory building on plot No. C-44, at SIDCO Indl. Complex, Maraimalainagar, situated in S. No. 360, part of Ninakarai Village, Chengalput Tq., Tamilnadu. 2) EM of Comapany's Land and Factory building on Plot No. A-1A at SIDCO Industrial Complex at M M Nagar, Chennai. 3) EM on immo. properties belonging to M/s. Bhavani Polymers Private Limited situated at Plot No. B-33, B-34, at SIDCO Indl. Complex, Maraimalainagar, Land measuring 18,000 Sft with built up area of 17,100 Sft
Particulars of the present modification	The Limits Revised from Rs.168.200 Millions to Rs. 165.500 Millions

FIXED ASSETS

Land
Building
Plant and Machinery
Furniture and Fixture
Computer
Vehicle
Cycle

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.54.21
UK Pound	1	Rs.84.00
Euro	1	Rs.70.97

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		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.

MIRA INFORM REPORT

112.060

25.176

8.310

81.337

5.278

232.161

54.595

3.129

4.206

61.930

170.231

0.29

0.50

1.13

0.02

0.77

3.75

Unit