MIRA INFORM REPORT

Report Date :

18.11.2013

IDENTIFICATION DETAILS

Name :	RITSPIN SYNTHETICS LIMITED
Registered Office :	Plot No. 2, Kheda Industrial Growth Centre, Pithampur, District Dhar-454778, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.12.1994
Com. Reg. No.:	10-008839
Capital Investment / Paid-up Capital :	Rs.479.269 Millions
CIN No.: [Company Identification No.]	U17124MP1994PLC008839
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has failed to file its financial with government department for the year 2013. As per available financial of 2012, there appears huge accumulated losses recorded by the company which has eroded the net worth of the company. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on safe and secured 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 – 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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

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 :	Plot No. 2, Kheda Industrial Growth Centre, Pithampur, District Dhar-454778, Madhya Pradesh, India
Tel. No.:	91-7292-404101/102
Fax No.:	91-7292-404111
E-Mail :	pdalmia@ritspin.com
Corporate Office :	229, A.J. Bose Road, Crescent Tower, 5^th Floor, Kolkata-700020, West Bengal, India
Tel No.:	91-33-40036164/5
Factory :	Located At: Mumbai Indore

DIRECTORS

AS ON 27.09.2012

Name :

Mr. Narendra Kumar

Designation :

Chairman

Address :

11, Ballygunge Park Road, Kolkata-700019, West Bengal, India

Date of Birth/Age :

08.05.1935

Date of Appointment :

07.12.1994

Pan No.:

AFYPK7988J

Din No.:

00121320

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	U22120MH1913PLC000391	BENNETT COLEMAN AND COMPANY LIMITED	Director	12/09/1964	12/09/1964	06/03/2009	Active	NO
2	U70101WB1990PTC048193	SPBP HOLDINGS PRIVATE LIMITED	Director	15/01/1990	15/01/1990	-	Active	NO
3	U65999WB1990PTC048535	SPBP INVESTMENTS PRIVATE LIMITED	Director	08/03/1990	08/03/1990	-	Active	NO
4	U17124MP1994PLC008839	RITSPIN SYNTHETICS LIMITED	Director	07/12/1994	07/12/1994	-	Active	NO
5	U70200WB1995PTC071258	ARYAVRAT TRADING PRIVATE LIMITED	Director	27/04/1995	27/04/1995	21/09/2009	Active	NO
6	L01132WB1977PLC031175	THE SCOTTISH ASSAM (INDIA) LIMITED	Director	20/02/1998	20/02/1998	-	Active	NO
7	L01132WB1981PLC197045	S P B P TEA ( INDIA ) LIMITED	Whole-time director	04/09/2010	01/04/2007	-	Active	NO
8	U40104WB2010PLC153957	WEARIT ENERGY LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO

Name :

Mr. Manish Kumar

Designation :

Managing Director

Address :

11, Ballygunge Park Road, Kolkata-700019, West Bengal, India

Date of Birth/Age :

17.06.1969

Date of Appointment :

07.12.1994

Pan No.:

AFWPK2451G

Din No.:

00121900

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	U17124MP1994PLC008839	RITSPIN SYNTHETICS LIMITED	Managing director	07/12/1994	07/12/1994	-	Active	NO
2	U70101WB1990PTC048193	SPBP HOLDINGS PRIVATE LIMITED	Director	14/06/2002	14/06/2002	-	Active	NO
3	U65999WB1990PTC048535	SPBP INVESTMENTS PRIVATE LIMITED	Director	14/06/2002	14/06/2002	-	Active	NO
4	U70101WB1990PLC049108	MANSION TRADING & INVESTMENTS PRIVATE LIMITED	Director	07/08/2002	07/08/2002	01/11/2008	Amalgamated	NO
5	U85100WB2001PTC093861	ADD LIFE FITNESS & SPA PRIVATE LIMITED	Director	05/08/2003	05/08/2003	01/11/2008	Active	NO
6	U91990WB1999NPL089828	YPO (CALCUTTA)	Director	12/07/2004	12/07/2004	-	Active	NO
7	U40107WB1999PLC089994	WEARIT GLOBAL LIMITED	Director	29/09/2011	27/05/2006	-	Active	NO
8	U52330WB2009PTC137799	FRESCO EARTH PRODUCTS PRIVATE LIMITED	Director	17/08/2009	17/08/2009	-	Active	NO
9	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	11/03/2013	19/11/2009	-	Active	NO
10	L01132WB1981PLC197045	S P B P TEA (INDIA ) LIMITED	Director	14/09/2010	01/03/2010	-	Active	NO
11	U70200WB1995PTC071258	ARYAVRAT TRADING PRIVATE LIMITED	Director	29/09/2011	04/10/2010	07/09/2012	Active	NO
12	U40104WB2010PLC153957	WEARIT ENERGY LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO
13	U51909WB2009PTC138716	DHANTERASH SALE PRIVATE LIMITED	Director	29/09/2011	10/11/2010	-	Active	NO
14	L17118MP1980PLC001697	HIND SYNTEX PRIVATE LIMITED	Additional director	23/03/2013	23/03/2013	-	Active	NO

Name :

Mr. Pawan Kumar Goenka

Designation :

Director

Address :

5A, Ballygunge Park Road, Kolkata-700019, West Bengal, India

Date of Birth/Age :

07.09.1953

Date of Appointment :

07.12.1994

Pan No.:

ADPPG5877R

Din No.:

00090809

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	Company/ LLP Status	Defaulting status
1	L20211AS1982PLC001969	KITPLY INDUSTRIES LIMITED	Managing director	25/07/2008	01/07/1986	Active	NO
2	L01409WB1981PLC033909	HANUMAN PLANTATIONS LIMITED	Director	19/02/1992	19/02/1992	Active	NO
3	U17124MP1994PLC008839	RITSPIN SYNTHETICS LIMITED	Director	07/12/1994	07/12/1994	Active	NO
4	U01132WB1999PTC089789	ASSAM POLOI TEA PLANTATION PRIVATE LIMITED	Director	20/06/2011	20/06/2011	Active	NO

Name :

Mr. Manadath Pillai Rajan

Designation :

Director

Address :

105/VII, Rail Road, Alwaye-683101, Kerala, India

Date of Birth/Age :

21.06.1951

Date of Appointment :

30.06.2000

Pan No.:

ABHPR5764L

Din No.:

00096432

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	Company/ LLP Status	Defaulting status
1	U74140MH2000PTC127125	STRATEGIC BUSINESS ADVISORY INDIA PRIVATE LIMITED	Director	12/06/2000	12/06/2000	Active	NO
2	U17124MP1994PLC008839	RITSPIN SYNTHETICS LIMITED	Director	30/06/2000	30/06/2000	Active	NO
3	L17118MP1980PLC001697	HIND SYNTEX LIMITED	Additional director	23/03/2013	23/03/2013	Active	NO

Name :

Mr. Vilas Agrawal

Designation :

Commercial Executive Director

Address :

69-A/3, Eight Bungalow-Unit, Goyal Nagar, Kanadia Road, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

01.01.1962

Date of Appointment :

18.08.2009

Pan No.:

AAZPA2391R

Din No.:

02754394

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	Company/ LLP Status	Defaulting status
1	U17124MP1994PLC008839	RITSPIN SYNTHETICS LIMITED	Director	18/08/2009	18/08/2009	Active	NO
2	L17118MP1980PLC001697	HIND SYNTEX LIMITED	Whole-time director	31/07/2013	23/03/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 27.09.2012

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]	8.10
Bodies corporate	5.34
Directors or relatives of directors	56.55
Other top fifty shareholders	1.69
Public financial companies	28.32
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Yarn.

PRODUCTION STATUS [AS ON 31.03.2011]

Registered/ Licensed	29,100 Spindles
Installed capacity (As certified by the management)	25,752 Spindles

Particular	Unit	Production
Polyester/Viscose/Blended yarn*	Kg.	8,100,546
Waste	Kg.	293,677

*Excludes Nil Kgs. (Previous year 911 Kgs.) used as samples

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, South Tukoganj Branch, Indore-452001, Madhya Pradesh, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term Loan From Banks	0.072	0.899
Loans and Advances From Others	200.000	200.000
TOTAL	200.072	200.899

Banking Relations :	--
Auditors :
Name :	V. Singhi and Associates Chartered Accountants
Address :	Four Mangoe Lane, Sunrendra Mohan Ghosh Sarani, Kolkata-700001, West Bengal, India
PAN No:	AABFV8971C
Associates/Subsidiaries :	Wearit Global Limited [U40107WB1999PLC089994] Aryavrat Trading Private Limited [U70200WB1995PTC071258] Dhanterash Sale Private Limited [U51909WB2009PTC138716]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
47924000	Equity Shares	Rs.10/- each	Rs.479.240 Millions
1207600	Preferences Shares	Rs.100/- each	Rs.120.760 Millions
	TOTAL		Rs.600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37079300	Equity Shares	Rs.10/- each	Rs.370.793 Millions
1084760	Preferences Shares	Rs.100/- each	Rs.108.476 Millions
	TOTAL		Rs.479.269 Millions

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	479.269	479.269
(b) Reserves & Surplus	(1276.595)	(1057.723)
(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)	(797.326)	(578.454)
(3) Non-Current Liabilities
(a) long-term borrowings	310.072	353.724
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	229.497	209.347
(d) long-term provisions	8.930	8.036
Total Non-current Liabilities (3)	548.499	571.107
(4) Current Liabilities
(a) Short term borrowings	438.665	272.254
(b) Trade payables	275.874	232.053
(c) Other current liabilities	71.208	57.701
(d) Short-term provisions	1.462	0.544
Total Current Liabilities (4)	787.209	562.552
TOTAL	538.382	555.205
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	338.711	377.965
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	78.925	10.712
(e) Other Non-current assets	2.969	2.969
Total Non-Current Assets	420.605	391.646
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	84.035	138.596
(c) Trade receivables	0.905	0.136
(d) Cash and cash equivalents	2.395	0.766
(e) Short-term loans and advances	26.475	17.043
(f) Other current assets	3.967	7.018
Total Current Assets	117.777	163.559
TOTAL	538.382	555.205

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		479.269
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(960.895)
NETWORTH		(481.626)
LOAN FUNDS
1] Secured Loans		222.797
2] Unsecured Loans		370.173
TOTAL BORROWING		592.970
DEFERRED TAX LIABILITIES		0.000
TOTAL		111.344
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		408.878
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	71.103
	Sundry Debtors	2.481
	Cash & Bank Balances	8.733
	Other Current Assets	0.000
	Loans & Advances	49.399
Total Current Assets		131.716
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	146.905
	Other Current Liabilities	272.678
	Provisions	9.667
Total Current Liabilities		429.250
Net Current Assets		(297.534)
MISCELLANEOUS EXPENSES		0.000
TOTAL		111.344

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1250.903	1018.796	768.454
		Other Income	2.195	2.010	23.088
		TOTAL (A)	1253.098	1020.806	791.542
Less	EXPENSES
		Cost of materials consumed	1018.127	803.214
		Employee benefit expense	115.028	100.323
		Other expenses	237.527	203.250	788.310
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	30.420	(64.170)
		TOTAL (B)	1401.102	1042.617	788.310
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(148.004)	(21.811)	3.232
Less	FINANCIAL EXPENSES (D)		23.453	27.742	43.829
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(171.457)	(49.553)	(40.597)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		47.472	47.275	46.755
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(218.929)	(96.828)	(87.352)
Less	TAX (H)		(0.056)	0.000	0.269
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(218.873)	(96.828)	(87.621)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1057.723)	(960.895)	(873.274)
	BALANCE CARRIED TO THE B/S		(1276.596)	(1057.723)	(960.895)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	2.815	NA
	IMPORTS
		Raw Materials	0.297	1.321	NA
		Components & Spares	6.077	2.310	NA
		Capital Goods	0.000	7.915	NA
	TOTAL IMPORTS		6.374	11.546	NA
	Earnings / (Loss) Per Share (Rs.)		(5.90)	(2.61)	(4.05)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(17.47)	(9.49)	(11.07)
Net Profit Margin (PBT/Sales)	(%)	(17.50)	(9.50)	(11.37)
Return on Total Assets (PBT/Total Assets}	(%)	(40.66)	(17.44)	(16.15)
Return on Investment (ROI) (PBT/Networth)		0.27	0.17	0.18
Debt Equity Ratio (Total Debt/Networth)		(0.94)	(1.08)	(1.23)
Current Ratio (Current Asset/Current Liability)		0.15	0.29	0.31

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	Yes
31]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10381309	19/03/2013 *	1,178,300,000.00	ALLAHABAD BANK	KOLKATA MAIN BRANCH, 14, INDIA EXCHANGE PLACE, KOLKATA - 700001, WEST BENGAL, INDIA	B72463003
2	10336300	06/07/2013 *	599,600,000.00	DENA BANK	BECK BAGAN BRANCH, 3 M L MITRA ROAD, KOLKATA - 700017, WEST BENGAL, INDIA	B82291410
3	10209040	18/12/2012 *	1,368,000,000.00	ALLAHABAD BANK	KOLKATA MAIN BRANCH, 14, INDIA EXCHANGE PLACE, KOLKATA - 700001, WEST BENGAL, INDIA	B66811712
4	90203890	07/01/2009 *	294,813,000.00	WEARIT GLOBAL LIMITED	CRESCENT TOWER, 5TH FLOOR, 229 A J C BOSE ROAD, KOLKATA - 700020, WEST BENGAL, INDIA	A55271829
5	90203211	07/01/2009 *	80,000,000.00	WEARIT GLOBAL LIMITED	CRESCENT TOWER, 5TH FLOOR, 229 A J C BOSE ROAD, KOLKATA - 700020, WEST BENGAL, INDIA	A55269849
6	90203133	07/01/2009 *	100,000,000.00	WEARIT GLOBAL LIMITED	CRESCENT TOWER, 5TH FLOOR, 229 A J C BOSE ROAD, KOLKATA - 700020, WEST BENGAL, INDIA	A55270698
* Date of charge modification

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Intercorporate borrowings	110.000	152.825
Short Term Borrowings
Intercorporate borrowings	4.500	67.900
Loans and Advances From Related Parties	434.165	204.354
TOTAL	548.665	425.079

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 records 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.63.06
UK Pound	1	Rs.101.15
Euro	1	Rs.84.95

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		13

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.