MIRA INFORM REPORT

Report Date :

22.05.2013

IDENTIFICATION DETAILS

Name :	REGENT GRANITO (INDIA) LIMITED
Registered Office :	C - 304, Ganesh Meridian, Opposite Amiraj Farm, Near Gujarat High Court, S. G Highway, Ahmedabad - 380061, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.10.2003
Com. Reg. No.:	04-043039
Capital Investment / Paid-up Capital :	Rs. 84.000 Millions
CIN No.: [Company Identification No.]	U26933GJ2003PLC043039
TAN No.: [Tax Deduction & Collection Account No.]	AHMR02678E/ AHMR02372G
PAN No.: [Permanent Account No.]	AACCR5441B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Vitrified Tiles.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1081000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears a slight dip in the profitability of the company. The external borrowing seems to be increasing over years. However general financial position seems to be good. Trade relations are fair. Business is active. Payments are 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	CARE
Rating	Long Term Borrowings BB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	March, 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.

INFORMATION PARTED BY

Name :	Mr. Nitesh
Designation :	Account Department
Contact No.:	91-2772-304500
Date :	18.05.2013

LOCATIONS

Registered Office / Factory 1 :	C - 304, Ganesh Meridian, Opposite Amiraj Farm, Near Gujarat High Court, S. G Highway, Ahmedabad - 380061, Gujarat, India
Tel. No.:	91-79-40027286
Fax No.:	91-79-40035430
E-Mail :	madendrapatel_regent@yahoo.com reg_bank@yahoo.com rgil_account@yahoo.com info@regentgranito.com regent_ho@yahoo.com regent_tejas@yahoo.com
Website :	http://www.regentgranito.com
Location :	Owned
Head Office / Factory 2 :	At and Post Hajipur, Near Sabar Dairy, N.H. 8 Himatnagar – 383120, Gujarat, India
Tel. No.:	91-2772-304500
Fax No.:	91-2772-226468

Branch Office :

Located At: · Ahmedabad · Indore · Bangalore · Jaipur · Bhuvneshwar · Kolkata · Cochin · Lucknow · Calicut · Mumbai · Chennai · Mohali · Coimbatore · Nagpur · Delhi · Pune · Dehradun · Secundrabad · Goa · Vijaywada · Hubli · Guwahati

DIRECTORS

Name :

Mr. Kacharabhai Rajabhai Patel

Designation :

Managing Director

Address :

At – Rampur Nava, Post Ganthiyol, Ta-Idar, District – Sabarkantha, Rampur Nava – 383 410, Gujarat, India

Date of Birth/Age :

15.04.1966

Date of Appointment :

01.09.2009

Qualification

S.S.C

PAN No.:

AFZPP6291G

DIN No.:

00075029

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	U26999GJ2002PTC041112	CLASSIC MICROTECH PRIVATE LIMITED	Director	13-08-02	13-08-02	-	Active	NO
2	U24230GJ1995PTC025502	NEON PHARMACEUTICAL PRIVATE LIMITED	Managing director	10-10-03	10-10-03	02-07-10	Active	NO
3	U26933GJ2003PLC043039	REGENT GRANITO (INDIA) LIMITED	Managing director	01-09-09	10-10-03	-	Active	NO
4	U26914GJ2008PTC052518	RICASIL CERAMIC INDUSTRIES PRIVATE LIMITED	Director	02-01-08	02-01-08	-	Active	NO
5	U26933GJ2010PTC062398	SEAZONE GRANITO PRIVATE LIMITED	Director	23-09-10	23-09-10	23-12-11	Active	NO
6	U24100GJ2011PLC065904	SHAILON BIOTECH LIMITED	Director	14-06-11	14-06-11	-	Active	NO
7	U26933GJ2012PTC069878	FARRON CERAMICS PRIVATE LIMITED	Director	16-04-12	16-04-12	-	Active	NO
8	U26999GJ2012PTC071353	OZONE CERAMIC PRIVATE LIMITED	Director	30-07-12	30-07-12	-	Active	NO

Name :

Mr. Tejas Sureshchandra Gandhi

Designation :

Whole Time Director

Address :

C – 202, Chinmay Tower, Abhishek Row House, Vishrnu Bunglow, Memnagar, Ahmedabad – 380 052, Gujarat, India

Date of Birth/Age :

04.03.1972

Date of Appointment :

01.07.2011

Qualification

B.COM

PAN No.:

ABQPG3298R

DIN No.:

00048130

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	U24230GJ1995PTC025502	NEON PHARMACEUTICAL PRIVATE LIMITED	Whole-time director	16-01-06	16-01-06	02-07-10	Active	NO
2	U26933GJ2003PLC043039	REGENT GRANITO (INDIA) LIMITED	Whole-time director	01-07-11	16-01-06	-	Active	NO
3	U52100GJ2008PTC052862	SUMERU TRADELINK PRIVATE LIMITED	Director	08-02-08	08-02-08	-	Active	NO
4	U74999DL1990NPL038848	INDIAN COUNCIL OF CERAMIC TILES AND SANITARYWARE	Director	13-03-08	13-03-08	-	Active	NO
5	U51430GJ2009PTC056790	REGENT BUILDMART PRIVATE LIMITED	Director	01-05-09	01-05-09	-	Active	NO
6	U52190GJ2009PTC056788	REGENT RETAIL PRIVATE LIMITED	Director	01-05-09	01-05-09	-	Active	NO

Name :

Mr. Ramanbhai Keshabhai Patel

Designation :

Whole Time Director

Address :

At – Narsinhpura, Post – Kukadiya, Tauka- Idar, District – Sabarkantha, Narshinpura – 383 430, Gujarat, India

Date of Birth/Age :

01.06.1951

Date of Appointment :

01.09.2009

Qualification

S.S.C

PAN No.:

ABYPP7377A

DIN No.:

00048159

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	U24230GJ1995PTC025502	NEON PHARMACEUTICAL PRIVATE LIMITED	Whole-time director	10-10-03	10-10-03	02-07-10	Active	NO
2	U26933GJ2003PLC043039	REGENT GRANITO (INDIA) LIMITED	Whole-time director	01-09-09	10-10-03	-	Active	NO
3	U26914GJ2008PTC052518	RICASIL CERAMIC INDUSTRIES PRIVATE LIMITED	Director	02-01-08	02-01-08	-	Active	NO
4	U26933GJ2012PTC069878	FARRON CERAMICS PRIVATE LIMITED	Director	16-04-12	16-04-12	-	Active	NO

Name :

Mr. Shailesh Maganlal Patel

Designation :

Managing Director

Address :

At and Post Badoli, Idar, Sabarkantha – 383 430, Gujarat, India

Date of Birth/Age :

20.07.1975

Date of Appointment :

01.09.2009

Qualification

B.COM

PAN No.:

AICPP4278P

DIN No.:

01456380

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	U26921GJ2002PTC041094	SONATA CERAMICA PRIVATE LIMITED	Whole-time director	09-08-02	09-08-02	15-10-07	Active	NO
2	U26914GJ2008PTC052518	RICASIL CERAMIC INDUSTRIES PRIVATE LIMITED	Director	02-01-08	02-01-08	20-02-12	Active	NO
3	U26933GJ2003PLC043039	REGENT GRANITO (INDIA) LIMITED	Managing director	01-09-09	01-04-08	-	Active	NO
4	U52190GJ2009PTC056788	REGENT RETAIL PRIVATE LIMITED	Director	01-05-09	01-05-09	-	Active	NO
5	U51430GJ2009PTC056790	REGENT BUILDMART PRIVATE LIMITED	Director	01-05-09	01-05-09	-	Active	NO
6	U26999GJ2010PTC060591	SAVINO MICRON (INDIA) PRIVATE LIMITED	Director	08-05-10	08-05-10	-	Active	NO
7	U24100GJ2011PLC065904	SHAILON BIOTECH LIMITED	Director	14-06-11	14-06-11	-	Active	NO
8	U26933GJ2010PTC062398	SEAZONE GRANITO PRIVATE LIMITED	Managing director	16-01-12	08-11-11	-	Active	NO

Name :

Mr. Shantilal Ramabhai Patel

Designation :

Director

Address :

Hajipura, Himatnagar, Sabarkantha, Himatnagar – 383 120, Gujarat, India

Date of Birth/Age :

11.09.1954

Date of Appointment :

15.04.2008

DIN No.:

02260031

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	U26933GJ2003PLC043039	REGENT GRANITO (INDIA) LIMITED	Director	15-04-08	15-04-08	-	Active	NO
2	U26914GJ2007PTC050078	SINOMA CERAMICS PRIVATE LIMITED	Director	28-09-11	28-09-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitesh
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOTE: SHAREHOLDERS DETAILS NOT AVAILABLE

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Vitrified Tiles.

Products :

Item Code No. (ITC Code)	69071010
Product Description	Vitrified Tiles

Exports :

Products :

Finished Goods

Terms :

Selling :

L/C, Cash, Credit

Purchasing :

L/C, Cash, Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Vitrified Tiles	(Sq. Mtr)	14000 Per day	14000 Per Day

Particulars	Unit	Production (Qty)
Vitrified Tiles	Box	2424170

GENERAL INFORMATION

Customers :	Wholesalers, Retailers, and End Users
No. of Employees :	500 (Approximately)
Bankers :	· State Bank of India, Commercial Branch, 3^rd Floor, Paramsiddhi Complex, Opposite V.S. Hospital, Ellisbridge, Ahmedabad – 380 006, Gujarat, India · HDFC Bank Limited · AXIS Bank Limited · Union Bank of India · ICICI Bank Limited

Facilities :

Secured Loan	31.03.2012 (Rs. In millions)	31.03.2011 (Rs. In millions)
Term Loan from Bank	110.542	37.980
Loans Repayable on Demand from Bank	316.620	0.000
Foreign Currency Term Loans from Others	0.000	243.250
Total	427.162	281.230

Banking Relations :	--
Auditors :
Name :	K.K. Patel and Associates Chartered Accountants
Address :	F-51, 2^nd Floor, Akash Ganga Complex, Near S.T. Stand, Himatnagar – 383 001, Gujarat, India
Tel. No.:	91-2772-240499
Mobile No.:	91-9898044121
E-Mail :	kamleshpatel74@hotmail.com
PAN No.:	AGPPP6687D

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8500000	Equity Shares	Rs.10/- each	Rs.85.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8400000	Equity Shares	Rs.10/- each	Rs.84.000 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		84.000	84.000	84.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		186.381	171.593	141.825
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		270.381	255.593	225.825
LOAN FUNDS
1] Secured Loans		427.162	281.230	341.310
2] Unsecured Loans		114.736	89.462	76.400
TOTAL BORROWING		541.898	370.692	417.710
DEFERRED TAX LIABILITIES		28.638	22.256	23.395
TOTAL		840.917	648.541	666.930
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		405.052	322.702	286.836
Capital work-in-progress		0.000	0.000	9.104
INVESTMENT		13.710	12.998	0.030
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	448.398	290.472	329.513
	Sundry Debtors	187.503	191.449	140.660
	Cash & Bank Balances	18.630	24.247	15.826
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	30.637	45.267	47.245
Total Current Assets		685.168	551.435	533.244
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	203.126	161.146	127.001
	Other Current Liabilities	33.994	58.448	1.258
	Provisions	25.893	19.000	34.500
Total Current Liabilities		263.013	238.594	162.759
Net Current Assets		422.155	312.841	370.485
MISCELLANEOUS EXPENSES		0.000	0.000	0.475
TOTAL		840.917	648.541	666.930

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1307.748	1230.710	921.775
		Other Income	5.312	4.100	2.396
		TOTAL (A)	1313.060	1234.810	924.171
Less	EXPENSES
		Cost of material consumed	377.575	314.446
		Purchase of Stock-in-trade	143.161	58.491
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(124.525)	60.922
		Employee benefit	57.417	47.140
		Other expenses	738.572	624.811
		TOTAL (B)	1192.200	1105.810	796.317
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		120.860	129.000	127.854
Less	FINANCIAL EXPENSES (D)		57.971	39.719	42.701
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		62.889	89.281	85.153
Less/ Add	DEPRECIATION/ AMORTISATION (F)		42.488	41.913	43.258
	PROFIT BEFORE TAX (E-F) (G)		20.401	47.368	41.895
Less	TAX (H)		5.612	17.601	14.064
	PROFIT AFTER TAX (G-H) (I)		14.789	29.767	27.831
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		155.592	125.825	97.994
	BALANCE CARRIED TO THE B/S		170.381	155.592	125.825
	IMPORTS
		Raw Materials	NA	23.144	8.497
		Stores & Spares	NA	35.145	33.975
		Capital Goods	NA	5.792	29.548
	TOTAL IMPORTS		NA	64.081	72.020
	Earnings Per Share (Rs.)		1.76	3.54	3.31

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.13	2.40	4.53
Net Profit Margin (PBT/Sales)	(%)	1.56	3.85	4.54
Return on Total Assets (PBT/Total Assets}	(%)	1.87	5.42	5.11
Return on Investment (ROI) (PBT/Networth)		0.07	0.18	0.18
Debt Equity Ratio (Total Debt /Networth)		2.00	1.45	1.85
Current Ratio (Current Asset/Current Liability)		2.60	2.31	3.28

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN:

Particulars	31.03.2012 (Rs. In millions)	31.03.2011 (Rs. In millions)
Loans and Advances from Director	7.279	6.144
Loans and Advances from Others	107.457	83.318
Total	114.736	89.462

OPERATION:

Turnover of the Company during the year an increased from Rs.1230.700 millions to Rs.1307.700 millions registering a growth of 6.26% over the previous year. During the year the Company has earned net profit of Rs.14.800 millions as against net profit of Rs.29.800 millions in the previous year. To cater demand of customer for different type of ceramic tiles, the Company has entered into outsourcing agreement with other manufacturing Companies for different type of ceramic tiles which will give an additional business and market share in the industry. Barring unforeseen circumstances, the Directors are hopeful to get better performance in the current year.

BANKER CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U26933GJ2003PLC043039
Name of the company	REGENT GRANITO (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	C - 304, Ganesh Meridian, Opposite Amirraj Farm, Near Gujarat High Court, S. G Highway, Ahmedabad - 380061, Gujarat, India Email: rgil_account@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10283418
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Commercial Branch, 3^rd Floor, Paramsiddhi Complex, Opposite V.S. Hospital, Ellisbridge, Ahmedabad – 380 006, Gujarat, India Email: rm1.cbahm@sbi.co.in
Nature of instrument creating charge	1. Memorandum Relating to Deposit of Title Deeds for creation of further charge for term loan overall limit where the initial charges created by way of Mortgage by Deposit of Title Deeds in form C.10A 2. Letter Regarding the grant of Individual limits within the overall limit in form C.5
Date of instrument Creating the charge	09.04.2012
Amount secured by the charge	Rs. 787.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit: 3.50% + Base Rate (BR) SLC: 4.50% + BR., TL- of Rs. 135.000 Millions: 3.75% + BR, TL of Rs. 31.000 Millions: 4.25% +BR and TL of Rs. 92.500 Millions: 4.00% +BR , Presently BR is 10.00% p.a. Terms of Repayment Cash Credit: Payable on demand, TL-II of Rs. 135.000 Millions to be repaid in 20 equal quarterly instl.of Rs. 6.750 Millions each commencing from 1st April 2008, TL-III of Rs. 31.000 Millions to be repaid in 20 quarterly installments. Each of Rs.1.550 Millions and repayment shall start from the 2^nd quarter of F.Y 2010-11 i.e. from August 09 after moratorium of 6 months and TL IV of Rs.92.500 Millions to be repaid in 21 quarterly installments. And starting from December 12 in 20 equal installments of Rs.4.400 Millions and last install of Rs 4.500 Millions. Margin RM/SIP/FG : 25%, Book Debt (90 days cover) : 40% and LC/BG: 15% Extent and Operation of the charge Exclusive first charge over the immovable properties of the company situated at Block No./Survey No. 312, 355 and 352 of Village: Hajipur, Taluka Himatnager, District Sabarkantha, Gujarat.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable property admeasuring 56932 sq. meters situated at Block/Survey No. 355/p of Village: Hajipur, Taluka Himatnager, District Sabarkantha, and Gujarat. Immovable Property admeasuring 15276 sq. meters situated at Block No./Survey No.312, of Village: Hajipur, Taluka Himatnager, District Sabarkantha, Gujarat Immovable Property admeasuring 24251 sq. meters situated at Block No. 352 of Village: Hajipur, Taluka Himatnager, District Sabarkantha, and Gujarat.
Date of instrument modifying the charge	24.03.2011
Particulars of the present modification	Charge extended by way of extension of Equitable Mortgage created over immovable Property situated at Block No./S. No. 312 (15276 sq. meters), 355/p (56932 sq. meters) and 352 (24251 sq. meters) of Village: Hajipur, Taluka Himatnager, District Sabar Kantha ,Gujarat to secure total credit facilities of Rs. 787.600 Millions (additional of F.B. limit of Rs.50.000 Millions, N.FB of Rs.50.000 Millions and liquidation of T.L of Rs.90.000 Millions and reduction in CEL of Rs.11.600 Millions)

FIXED ASSETS:

· Factory Building

· Plant and Machinery

· Gasifier

· Computer

· Furniture and Fixture

· Vehicle

· Office Equipments

· Electric Installation

· Land

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.55.04
UK Pound	1	Rs. 83.95
Euro	1	Rs. 70.93

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.