MIRA INFORM REPORT

Report Date :

26.11.2013

IDENTIFICATION DETAILS

Name :	BHAGIRATHI PACKAGING PRIVATE LIMITED
Registered Office :	21, Princep Street, Kolkata – 700072, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.03.1994
Com. Reg. No.:	21-062191
Capital Investment / Paid-up Capital :	Rs. 11.162 Millions
CIN No.: [Company Identification No.]	U74950WB1994PTC062191
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Products, HDPE Bags and LDPE Bags.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 234000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Latest financial of 2013 is not available with us. As per of 2012, there appears drastic dip in profit of the company in 2012. However, overall financial position of the company appears to be decent. Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered 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 – 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan : BBB
Rating Explanation	Moderate credit quality and average credit risk.
Date	September 2013

Rating Agency Name	ICRA
Rating	Letter of Credit : A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	September 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	21, Princep Street, Kolkata – 700072, West Bengal, India
Tel. No.:	91-33-22363849 / 22363055 / 40166100
Fax No.:	91-33-22219145
E-Mail :	kamakhya@foglagroup.com
Website :	http://www.foglagroup.com
Factory :	Located at: · Ambernath

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Kamalesh Mondal

Designation :

Director

Address :

2/2, Sudha Sindu Banerjee Lane, Kolkata – 700060, West Bengal, India

Date of Birth/Age :

07.04.1954

Date of Appointment :

11.06.2009

PAN No.:

ADLPM2909G

DIN No.:

01199098

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	U74950WB1994PTC062191	BHAGIRATHI PACKAGING PRIVATE LIMITED	Director	11/06/2009	19/05/1998	Active	NO
2	L18101WB1983PLC036702	KAMAKHYA (INDIA) LIMITED	Director	24/08/2004	24/08/2004	Active	NO
3	U24241WB1989PTC047923	SAI SURFACTANTS PRIVATE LIMITED	Director	11/06/2009	11/06/2009	Active	NO
4	U51909WB2011PTC164840	FIVESTAR DEALCOM PRIVATE LIMITED	Director	12/07/2011	12/07/2011	Active	NO

Name :

Mr. Rishi Fogla

Designation :

Director

Address :

38, Shibnath Sastri Sarani, New Alipore, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

25.06.1986

Date of Appointment :

11.09.2007

PAN No.:

AAIPF3647G

DIN No.:

00532906

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	U24111WB2004PTC099677	A R SULPHONATES PRIVATE LIMITED	Director	06/09/2004	06/09/2004	-	Active	NO
2	U74950WB1994PTC062191	BHAGIRATHI PACKAGING 11/06/2009	Director	11/09/2007	11/09/2007	-	Active	NO
3	U51109WB2007PTC117732	HAPPY SUPPLIERS PRIVATE LIMITED	Director	19/09/2007	19/09/2007	-	Active	NO
4	U29130WB1981PTC034249	SAI JUTE MILLS PRIVATE LIMITED	Director	10/05/2008	10/05/2008	-	Active	NO
5	U52601WB2008PTC128338	SAI BULK BAGS PRIVATE LIMITED	Director	08/08/2008	08/08/2008	-	Active	NO
6	U74999WB2011PTC162955	SAI FARM FRESH PRIVATE LIMITED	Director	24/05/2011	24/05/2011	-	Active	NO
7	U51909WB2011PTC164840	FIVESTAR DEALCOM PRIVATE LIMITED	Director	12/07/2011	12/07/2011	-	Active	NO
8	U17125WB2011PTC165791	SAI JUTE PARK PRIVATE LIMITED	Director	03/08/2011	03/08/2011	-	Active	NO
9	U70109WB2011PTC163810	BFS INFRASTRUCTURE PRIVATE LIMITED	Director	28/09/2011	28/09/2011	04/02/2013	Active	NO
10	U29294OR1989PTC002313	RAMA LAMINATORS PRIVATE LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO
11	U17222WB1994PTC061850	RISHI SECURITIES & FINANCE PRIVATE LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO
12	U14200WB2008PTC122116	SUBHLABH MINING AND MINERALS PRIVATE LIMITED	Director	20/12/2011	20/12/2011	04/02/2013	Active	NO
13	U65910KA1995PTC018242	ABHINANDAN PLASTICS INDIA PRIVATE LIMITED	Director	28/09/2012	15/03/2012	-	Active	NO
14	U74999WB2012PTC178678	LINKSTAR FINANCIAL ADVISORS PRIVATE LIMITED	Director	30/03/2012	30/03/2012	-	Active	NO
15	U74900WB2012PTC186803	BRICKLITE MANUFACTURERS PRIVATE LIMITED	Director	05/10/2012	05/10/2012	-	Active	NO
16	U26940WB2010PTC141963	SHREE SAISHRADDHA CEMENTS PRIVATE LIMITED	Director	12/03/2013	12/03/2013	-	Active	NO
17	U24241WB1989PTC047923	SAI SURFACTANTS PRIVATE LIMITED	Director	08/10/2013	08/10/2013	-	Active	NO
18	L18101WB1983PLC036702	KAMAKHYA (INDIA) LIMITED	Director	08/10/2013	08/10/2013	-	Active	NO

Name :

Mr. Vishnu Kumar Fogla

Designation :

Director

Address :

78/8, Block E, New Alipore, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

09.06.1949

Date of Appointment :

09.03.1994

Voter ID No.:

WB/23/150/012260

DIN No.:

00270779

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	U29130WB1981PTC034249	SAI JUTE MILLS PRIVATE LIMITED	Director	31/10/1981	31/10/1981	-	Active	NO
2	L18101WB1983PLC036702	KAMAKHYA (INDIA) LIMITED	Director	01/02/1984	01/02/1984	-	Active	NO
3	U24119WB1987PTC043183	SAI SULPHONATES PRIVATE LIMITED	Director	20/10/1987	20/10/1987	11/04/2011	Active	NO
4	U21010JH1989PTC003419	KAMAKHYA PACKAGING PRIVATE LIMITED	Director	16/05/1989	16/05/1989	-	Active	NO
5	U29294OR1989PTC002313	RAMA LAMINATORS PRIVATE LIMITED	Director	26/07/1989	26/07/1989	-	Active	NO
6	U17222WB1994PTC061850	RISHI SECURITIES & FINANCE PRIVATE LIMITED	Director	17/02/1994	17/02/1994	-	Active	NO
7	U74950WB1994PTC062191	BHAGIRATHI PACKAGING PRIVATE LIMITED	Director	09/03/1994	09/03/1994	-	Active	NO
8	U28920WB1955PLC022512	LAGAN ENGINEERING COMPANY LIMITED	Director	04/07/2000	04/07/2000	-	Active	NO
9	U24241WB1989PTC047923	SAI SURFACTANTS PRIVATE LIMITED	Director	01/03/2001	01/03/2001	-	Active	NO
10	U29296WB2001PTC093082	RAMA SPARES MANUFACTURING PRIVATE LIMITED	Director	04/04/2001	04/04/2001	-	Active	NO
11	L24117RJ1991PLC006307	PODDAR PIGMENTS LIMITED	Director	28/07/2003	28/07/2003	27/08/2011	Active	NO
12	U25202WB2003PTC095997	SAI INDUSTRIES PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
13	U24241WB1993PTC061113	SAI FERTILIZERS PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
14	U51109WB2007PTC117732	HAPPY SUPPLIERS PRIVATE LIMITED	Director	14/04/2009	14/04/2009	-	Active	NO
15	U24120WB2010PTC141550	SAI FERTILIZERS & PHOSPHATES PRIVATE LIMITED	Director	29/01/2010	29/01/2010	-	Active	NO
16	U24111WB2004PTC099677	A R SULPHONATES PRIVATE LIMITED	Director	20/06/2011	20/06/2011	-	Active	NO
17	U51909WB2011PTC164840	FIVESTAR DEALCOM PRIVATE LIMITED	Director	12/07/2011	12/07/2011	-	Active	NO
18	U74999WB2012PTC178678	LINKSTAR FINANCIAL ADVISORS PRIVATE LIMITED	Director	30/03/2012	30/03/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2012

Names of Shareholders	No. of Shares	% of holding
Kamakhya (India) Limited	15600	13.98
Sai Surfactants Private Limited	21500	19.26
Vishnu Kumar Fogla (HUF)	20000	17.92
Rishi Securities and Finance Private Limited	34500	30.91
Rama Laminators Private Limited	20000	17.92
Sanjeev Fogla	10	0.00
Vishnu Kumar Fogla	10	0.00
Total	111620	99.99

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	82.00
Directors or relatives of directors	18.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Plastic Products, HDPE Bags and LDPE Bags.

Products/ Services :

ITC Code No.	Product Descriptions
3924	HDPE Woven Sacks
3927	HDPE Laminated / Unlaminated Fabric

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Tape Plant	M.T.	NA	8000	4925 M.T. [Incl. Job work 1450 M.T.]
Lamination Plant	M.T.	NA	2200	844 M.T. [incl. Job work done 248 M.T.]

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

United Bank of India, Tivoli Park Branch, 225C, AJC Bose Road, Kolkata - 700020, West Bengal, India

ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loan from HDFC Bank Limited (Secured by hypothecation of Stock of Raw Material, Stores, Work-in-progress, Finished Goods, Debtors and Movable and Immovable Assets both present and future. Further secured by personal guarantee of directors and collaterally secured by equitable mortgage of Land & Buildings)	6.000	18.000
Car Loan from HDFC Bank Limited (Against hypothecation of Motor Car)	1.006	0.000
Car Loan from ICICI Bank Limited (Against hypothecation of Motor Car)	0.182	0.697
SHORT TERM BORROWINGS
Cash Credit from HDFC Bank Limited (Secured by hypothecation of Stock of Raw Material, Stores, Work-in-progress, Finished Goods, Debtors and Movable and Immovable Assets both present and future. Further secured by personal guarantee of directors and collaterally secured by equitable mortgage of Land and Buildings)	32.226	22.966
Car Loan from Tata Motors Finance Limited (Against hypothecation of Motor Car)	0.000	0.040
Car Loan from HDFC Bank Limited (Against hypothecation of Motor Car)	0.629	0.000
Car Loan from ICICI Bank Limited (Against hypothecation of Motor Car)	0.515	0.469
Total	40.558	42.172

Banking Relations :	--
Auditors :
Name :	Roy Subodh and Associates Chartered Accountants
Address :	9/12, Lal Bazar Street, Block - E, 2nd Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22318945/ 40661205
Mobile No.:	91-9433099926
Fax No.:	91-33-22420536
E-Mail :	subodh.roy@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	ADCPR4291D
Group/ Associate Companies:	· Sai Sulphonates Private Limited Sai Industries Private Limited Sai Surfactants Private Limited A.R. Stanchem Private Limited Sai Jute Mills Private Limited Starlite Vyapaar Private Limited Rama Laminators Private Limited Sai Fertlizers Private Limited Kamakhya (India) Limited Rishi Securities and Finance Private Limited A. R. Sulphonates Private Limited Sai Bulk Bags Private Limited Sai Fertilizers and Phosphates Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
115,000	Equity Shares	Rs. 100/- each	Rs. 11.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
111,620	Equity Shares	Rs. 100/- each	Rs. 11.162 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	11.162	11.162
(b) Reserves & Surplus	47.339	40.550
(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)	58.501	51.712
(3) Non-Current Liabilities
(a) long-term borrowings	7.188	18.697
(b) Deferred tax liabilities (Net)	3.226	3.270
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	10.414	21.967
(4) Current Liabilities
(a) Short term borrowings	43.885	33.007
(b) Trade payables	41.829	50.713
(c) Other current liabilities	12.311	12.992
(d) Short-term provisions	6.200	3.862
Total Current Liabilities (4)	104.225	100.574
TOTAL	173.140	174.253
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	83.530	84.817
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.092	3.389
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	3.878	3.877
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.659	0.659
Total Non-Current Assets	88.159	92.742
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	33.414	25.270
(c) Trade receivables	35.660	34.755
(d) Cash and cash equivalents	4.594	5.401
(e) Short-term loans and advances	7.992	7.829
(f) Other current assets	3.321	8.256
Total Current Assets	84.981	81.511
TOTAL	173.140	174.253

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		11.162
2] Share Application Money		0.000
3] Reserves & Surplus		26.182
4] (Accumulated Losses)		0.000
NETWORTH		37.344
LOAN FUNDS
1] Secured Loans		60.114
2] Unsecured Loans		1.373
TOTAL BORROWING		61.487
DEFERRED TAX LIABILITIES		1.457
TOTAL		100.288
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		72.755
Capital work-in-progress		14.825
INVESTMENT		2.500
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.754
	Sundry Debtors	35.149
	Cash & Bank Balances	0.912
	Other Current Assets	0.000
	Loans & Advances	13.009
Total Current Assets		57.824
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.982
	Other Current Liabilities	37.373
	Provisions	1.261
Total Current Liabilities		47.616
Net Current Assets		10.208
MISCELLANEOUS EXPENSES		0.000
TOTAL		100.288

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	308.520	297.993	116.475
		Other Income	2.393	3.518	4.211
		TOTAL (A)	310.913	301.511	120.686
Less	EXPENSES
		Cost of Materials Consumed	213.650	229.090
		Purchases of Stock-in-Trade	13.393	1.847
		Changes in Inventories of Finished Goods, Stock-in-Process and Stock-in-Trade	2.393	(10.227)
		Employee Benefits Expense	8.628	8.123
		Other Expenses	45.921	39.905
		TOTAL (B)	283.985	268.738	115.797
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		26.928	32.773	(Including Financial and Depreciation Expenses)
Less	FINANCIAL EXPENSES (D)		5.220	7.668
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.708	25.105
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.360	11.078
	PROFIT BEFORE TAX (E-F) (G)		10.348	14.027	4.889
Less	TAX (H)		3.559	4.414	1.069
	PROFIT AFTER TAX (G-H) (I)		6.789	9.613	3.820
	VALUE OF IMPORTS CALCULATED ON C.I.F. BASIS		28.497	26.780	0.000
	Earnings Per Share (Rs.)		61.00	86.12	34.23

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.18	3.19	3.17
Net Profit Margin (PBT/Sales)	(%)	3.35	4.71	4.20
Return on Total Assets (PBT/Total Assets}	(%)	6.12	8.40	3.74
Return on Investment (ROI) (PBT/Networth)		0.18	0.27	0.13
Debt Equity Ratio (Total Debt/Networth)		0.87	1.00	1.65
Current Ratio (Current Asset/Current Liability)		0.82	0.81	1.21

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	No
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	Yes
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10251228	24/09/2010	93,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA	A98738263

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
Foreign Currency Loan - Buyers Credit (From HDFC Bank Limited)	9.903	0.000
Loans from Bodies Corporates	0.612	9.532
Total	10.515	9.532

OPERATIONS

The directors inform that performance of the Company during the year is satisfactory. The directors expect that the turnover of the Company will further increase in near future and company will be able to show better results in coming year also.

FIXED ASSETS:

· Land

Factory Buildings

Plant and Machinery

Electrical Installations

Air Conditioner

Office Equipments

Generator Set

Tools and Equipments

Furniture and Fixtures

Tube Well

Goods Vehicle

Motor Car

Motor Cycle

Computers

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. 62.58
UK Pound	1	Rs. 101.42
Euro	1	Rs. 84.70

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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	--

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