MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	SAI INDUSTRIES PRIVATE LIMITED
Registered Office :	21, Princep Street, Kolkata – 700072, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.04.2003
Com. Reg. No.:	21-095997
Capital Investment / Paid-up Capital :	Rs. 7.205 Millions
CIN No.: [Company Identification No.]	U25202WB2003PTC095997
TAN No.: [Tax Deduction & Collection Account No.]	CALS11588D
PAN No.: [Permanent Account No.]	AAHCS5276L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of PP/HDPE Woven Sacks.
No. of Employees :	140 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 320000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of ‘Kamakhya Group’. It is a well established company having satisfactory track record. It has achieved a significant growth in its sale turnover during 2012 over last year. Trade relations are reported as fair. Business is active. Payments are reported to be 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB- (Long Term)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	06.09.2013

Rating Agency Name	CRISIL
Rating	A3 (Short Term)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	06.09.2013

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. P K Das
Designation :	Accounts Department
Contact No.:	91-33-40166900
Date :	16.10.2013

LOCATIONS

Registered Office :	21, Princep Street, Kolkata – 700072, West Bengal, India
Tel. No.:	91-33-22363055 / 40166900
Fax No.:	91-33-22219145
E-Mail :	navinayar.nnco@yahoo.com sai@foglagroup.com companyaffairssmailbox@rediffmail.com
Location :	Owned
Factory :	Special Economic Zone, Kolkata, West Bengal, India

DIRECTORS

AS ON 27.09.2012

Name :	Mr. Vishnu Kumar Fogla
Designation :	Director
Address :	78/8, Block-E New Alipore. Kolkata – 700053, West Bengal, India
Date of Appointment :	01.04.2004
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 AND 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 AND 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

Name :	Mr. Anand Jeloka
Designation :	Director
Address :	4, Lake View Road, Sarat Bose Road. Kolkata – 700029, West Bengal, India
Date of Appointment :	01.04.2003
DIN No.:	00498028

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	U24241WB1993PTC061113	SAI FERTILIZERS PRIVATE LIMITED	Director	15/12/1993	15/12/1993	31/01/2007	Active	NO
2	U24241WB1989PTC047923	SAI SURFACTANTS PRIVATE LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO
3	U25202WB2003PTC095997	SAI INDUSTRIES PRIVATE LIMITED	Director	01/04/2003	01/04/2003	-	Active	NO
4	U29268WB1996PTC079777	JUMAC MANUFACTURING PRIVATE LIMITED	Director	01/04/2007	01/04/2007	-	Active	NO
5	U17222WB1994PTC061850	RISHI SECURITIES AND FINANCE PRIVATE LIMITED	Director	03/04/2007	03/04/2007	-	Active	NO
6	U51109WB2007PTC117732	HAPPY SUPPLIERS PRIVATE LIMITED	Director	19/09/2007	19/09/2007	-	Active	NO
7	U29130WB1981PTC034249	SAI JUTE MILLS PRIVATE LIMITED	Director	10/05/2008	10/05/2008	-	Active	NO
8	U52601WB2008PTC128338	SAI BULK BAGS PRIVATE LIMITED	Director	08/08/2008	08/08/2008	-	Active	NO
9	U17232WB1993PTC060533	RAMINDIA EXPORTS PRIVATE LIMITED	Director	04/12/2012	04/12/2012	-	Active	NO

Name :	Mr. Sanjeev Fogla
Designation :	Director
Address :	Fogla Niwas, 38, Shibnath Shastri, New Alipore, Sarani. Kolkata – 700053, West Bengal, India
Date of Appointment :	01.04.2004
DIN No.:	00534212

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	U29294OR1989PTC002313	RAMA LAMINATORS PRIVATE LIMITED	Director	26/07/1989	26/07/1989	21/11/2011	Active	NO
2	U24241WB1989PTC047923	SAI SURFACTANTS PRIVATE LIMITED	Director	27/11/1989	27/11/1989	-	Active	NO
3	U17222WB1994PTC061850	RISHI SECURITIES AND FINANCE PRIVATE LIMITED	Director	17/02/1994	17/02/1994	21/11/2011	Active	NO
4	U74950WB1994PTC062191	BHAGIRATHI PACKAGING PRIVATE LIMITED	Director	09/03/1994	09/03/1994	-	Active	NO
5	U29130WB1981PTC034249	SAI JUTE MILLS PRIVATE LIMITED	Director	01/03/1996	01/03/1996	-	Active	NO
6	U28991WB2003PTC095996	BHAGWATI SPARES MANUFACTURING PRIVATE LIMITED	Director	01/04/2003	01/04/2003	01/11/2012	Active	NO
7	U17232WB1993PTC060533	RAMINDIA EXPORTS PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
8	U25202WB2003PTC095997	SAI INDUSTRIES PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
9	U24111WB2004PTC099677	A R SULPHONATES PRIVATE LIMITED	Managing director	01/04/2013	06/09/2004	-	Active	NO
10	U52601WB2008PTC128338	SAI BULK BAGS PRIVATE LIMITED	Director	08/08/2008	08/08/2008	-	Active	NO
11	U24241WB1993PTC061113	SAI FERTILIZERS PRIVATE LIMITED	Director	02/01/2009	02/01/2009	26/09/2012	Active	NO
12	U74140WB1994PTC061869	STARLITE VYAPAAR PRIVATE LIMITED	Director	02/02/2009	02/02/2009	01/11/2012	Active	NO
13	U24120WB2010PTC141550	SAI FERTILIZERS AND PHOSPHATES PRIVATE LIMITED	Director	29/01/2010	29/01/2010	-	Active	NO
14	U51909WB2011PTC160359	SHREE K.B. VINCOM PRIVATE LIMITED	Director	07/03/2011	07/03/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. P K Das
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

Names of Equity Shareholders	No. of Shares
Sanjeev Fogla	70000
Anand Jeloka	15000
Priyanka Jeloka	5000
Kamal Seth	500
Rishi Securities and Finance Private Limited, India	40000
Kamakhya Packaging Private Limited, India	30000
TOTAL	160500

Names of Preference Shareholders	No. of Shares
Kamakhya (India) Limited, India	20000
Rishi Securities and Finance Private Limited, India	8000
A R Sulphonates Private Limited, India	28000
TOTAL	56000

AS ON 27.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	43.62
Directors or relatives of Directors	56.38
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of PP/HDPE Woven Sacks.

Products :

Product Description	Items Code No
P.P. Woven Sacks, Plastic Lay Flat Tube	392329.90
Jute Shopping Bag	42022.04

Exports :

Products :

Finished Good

Countries :

· Singapore

Imports :

Products :

· Raw Material

Countries :

· Middle East Countries

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

140 (Approximately)

Bankers :

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

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Term Loan	10.119	26.202
Car Loan	1.631	1.181
Short Term Borrowings
Packing Credit Loan	1.501	47.701
Foreign Bill Purchase	2.447	0.000
Packing Credit in Foreign Currency	60.379	20.293
TOTAL	76.077	95.377
NOTES LONG TERM BORROWINGS a. Term loan from bank carries interest at Benchmark Prime Lending rate. The loan is repayable in 15 quarterly installments of Rs. 26 Lakhs each, from August 2011. The loan is secured by hypothecation of EMT of factory land and building, plant and machinery, stocks. Further the loan has been guaranteed by the personal guarantees of the directors of the company. b. Car loans carries interest @ 7.85% to 11% p.a. The loan is repayable in 36 installments from the date of loan and is secured by hypothecation of motor vehicles. SHORT TERM BORROWINGS a. Packing credit loans and packing credit in Foreign Currency carries interest @11.75% p.a. The loan is repayable in 90 days from the date of sanction. It is secured by 1^st charge on stock, plant and machinery and EMT of factory land and building and personal guarantee of directors. b. Foreign bill purchase carries interest @11.75% p.a. The amount is repayable in 120 days from the date of discounting. It is secured by hypothecation of title to the goods / book debts and personal guarantee of directors.

Banking Relations :	--
Auditors :
Name :	Roy Subodh and Associates Chartered Accountant
Address :	9/12, Lal Bazar Street, Mercantile Building, Block-E, 2^nd Floor, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22318945 / 40661205
Fax No.:	91-33-22420536
E-Mail :	subodh.roy@rediffmail.com
PAN No.:	AALFR6753Q

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions
80000	3% Redeemable Preference Shares	Rs.100/- each	Rs. 8.000 Millions
	TOTAL		Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
160500	Equity Shares	Rs.10/- each	Rs. 1.605 Millions
56000	3% Redeemable Preference Shares	Rs.100/- each	Rs. 5.600 Millions
	TOTAL		Rs. 7.205 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	7.205	7.205
(b) Reserves & Surplus	74.561	56.452
(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)	81.766	63.657
(3) Non-Current Liabilities
(a) long-term borrowings	11.750	27.382
(b) Deferred tax liabilities (Net)	1.363	0.845
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	13.113	28.227
(4) Current Liabilities
(a) Short term borrowings	66.054	70.722
(b) Trade payables	12.622	11.837
(c) Other current liabilities	20.823	22.399
(d) Short-term provisions	14.853	5.025
Total Current Liabilities (4)	114.352	109.983
TOTAL	209.231	201.867
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	94.961	71.787
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	2.458	0.000
(b) Non-current Investments	7.018	6.634
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.408	0.784
(e) Other Non-current assets	0.024	1.477
Total Non-Current Assets	105.869	80.682
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	38.570	46.198
(c) Trade receivables	35.971	23.760
(d) Cash and cash equivalents	10.467	37.050
(e) Short-term loans and advances	18.354	14.177
(f) Other current assets	0.000	0.000
Total Current Assets	103.362	121.185
TOTAL	209.231	201.867

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.205
2] Share Application Money		0.000
3] Reserves & Surplus		48.860
4] (Accumulated Losses)		0.000
NETWORTH		56.065
LOAN FUNDS
1] Secured Loans		39.816
2] Unsecured Loans		2.874
TOTAL BORROWING		42.690
DEFERRED TAX LIABILITIES		0.705
TOTAL		99.460
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.604
Capital work-in-progress		11.011
INVESTMENT		6.634
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	38.214
	Sundry Debtors	11.199
	Cash & Bank Balances	10.968
	Other Current Assets	0.000
	Loans & Advances	13.683
Total Current Assets		74.064
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.273
	Other Current Liabilities	4.329
	Provisions	2.251
Total Current Liabilities		14.853
Net Current Assets		59.211
MISCELLANEOUS EXPENSES		0.000
TOTAL		99.460

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	466.290	335.160	235.214
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Cost of Material Consumed	NA	NA	NA
		Purchase of Stock In Trade
		Employee benefits expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	23.157	16.426
Less	FINANCIAL EXPENSES (D)		NA	5.850	2.160
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	17.307	14.266
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	6.802	3.204
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		28.455	10.505	11.062
Less	TAX (H)		10.346	2.913	1.879
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		18.109	7.592	9.183
	EXPORT VALUE		NA	179.912	216.495
	IMPORTS VALUE		NA	141.154	85.403
	Earnings / (Loss) Per Share (Rs.)		112.83	47.30	68.91

Particulars	31.03.2013
Sales Turnover (Approximately)	500.000

The above information has been parted by Mr. P K Das.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	6.10	3.13	4.70
Return on Total Assets (PBT/Total Assets}	(%)	14.24	5.38	11.44
Return on Investment (ROI) (PBT/Networth)		0.35	0.17	0.20
Debt Equity Ratio (Total Debt /Networth)		0.95	1.54	0.76
Current Ratio (Current Asset/Current Liability)		0.90	1.10	4.99

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)	Yes
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	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
From Related Parties	1.500	2.500
From Others	0.227	0.227
TOTAL	1.727	2.727
NOTES SHORT TERM BORROWINGS Unsecured loans carries interest @14% and are repayable on demand

VIEW INDEX OF CHARGES

S. No	Charge ID	Date of Charge Creation /Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN
1	10428909	18/06/2013 *	180,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B78882230
2	90256168	12/10/2012 *	176,000,000.00	CANARA BANK	PRINCEP STREET BRANCH, 25, PRINCEP STREET, KOLKATA, WEST BENGAL - 700072, INDIA	B62303151
3	90254221	07/07/2003	2,025,000.00	CANARA BANK	25; PRINCEP STREET, KOLKATA, WEST BENGAL - 700072, INDIA	-
* Date of charge modification

PERFORMANCE REVIEW

The company in this year continues to perform very well by enhancing the business vertically with its existing customers and adding on new customers to its customer list. Sales increased from Rs. 335.160 Millions in 2010-2011 to Rs. 466.290 Millions in 2011-2012 showing a growth of 39% in turnover.

The directors are optimistic that the Company’s strategy to increase its market share as well as to maintain cost control measures on an ongoing basis will provide better financial results in future.

FUTURE OUTLOOK

The Directors have taken active steps for improved quality of their finished product. Which will reflect improved profitability in the coming year

FIXED ASSETS

· Computer

· Electric Installation

· Furniture and Fixture

· Laboratory Equipment

· Office Equipments

· Plant and Machinery

· Generator

· Building

· Bycle

· Vehicle

· Fire Equipment

· Air Conditioner

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. 61.58
UK Pound	1	Rs. 98.51
Euro	1	Rs. 83.49

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	DPT

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.