MIRA INFORM REPORT

Report Date :

21.10.2013

IDENTIFICATION DETAILS

Name :	SAI SECURITY PRINTERS PRIVATE LIMITED (w.e.f.01.03.2007) SAI PACKAGING COMPANY (A DIVISION OF SAI SECURITY PRINTERS PRIVATE LIMITED)
Formerly Known As :	SAI SECURITY PRINTERS LIMITED
Registered Office :	Village Dungerpur, PO Badarpur Syed, Kanwara Industrial Area, District Faridabad - Kanwara Industrial Area, District Faridabad, Haryana
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.03.1994
Com. Reg. No.:	05-048217
Capital Investment / Paid-up Capital :	Rs. 40.773 Millions
CIN No.: [Company Identification No.]	U74899HR1994PTC048217
TAN No.: [Tax Deduction & Collection Account No.]	RTKS17100G
PAN No.: [Permanent Account No.]	AABCS7363L
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Services of Security Printing, Print-Packaging, Book and Commercial Printing which includes manufacturing cartons and labels.
No. of Employees :	Not Divulged

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 2930000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. There appears slight dip in profit of the company during financial year 2012. However, overall fundamental of the company appears to be sound and healthy. Trade relations are fair. Business is active. Payment terms are regular. 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

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	Long term rating : A-
Rating Explanation	Adequate degree of safety and moderate credit risk.
Date	August 03, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	August 03, 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 DECLINED BY

Name :	Mr. Shiv
Designation :	General Manager of Finance
Contact No.:	91-129-4194800
Date :	19.10.2013

LOCATIONS

Registered Office :	Village Dungerpur, PO Badarpur Syed, Kanwara Industrial Area, District Faridabad - Kanwara Industrial Area, District Faridabad, Haryana, India
Tel. No.:	91-129-4194800
Fax No.:	Not Available
E-Mail :	shiv@saiprinters.com shashi@saiprinters.com
Website :	http://www.saiprinters.com
Corporate Office :	C- 40, Okhla Industrial Area, Phase - II, New Delhi – 110020, India
Tel. No.:	91-11-26385503
Fax No.:	91-11-26388571
E-Mail :	sspdel@saiprinters.com
Factory 1 :	152, DLF Industrial Area, Faridabad – 121003, Haryana, India
Tel. No.:	91-129-2276370/ 2272277
Fax No.:	91-129-2256239
E-Mail :	sspdel@saiprinters.com saipressindia@yahoo.com
Factory 2 :	256, 4th Phase, 8th Cross, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-28361171/ 28378266/ 41171388
Fax No.:	91-80-41170769/ 41170770/ 28363954
E-Mail :	sspblr@saiprinters.com saisecurity@touchtelindia.net sai@bgl.vsnl.net.in

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Vijay Ram Murthi Raghavan

Designation :

Managing director

Address :

704, Royale Retreat, Chamwood Village, Eros Garden, Suraj Kund Road, Faridabad - 121009, Haryana, India

Date of Birth/Age :

30.09.1947

Qualification :

MBA

Date of Appointment :

23.03.1994

DIN No.:

00362184

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	U74899HR1994PTC048217	SAI SECURITY PRINTERS PRIVATE LIMITED	Managing director	23/03/1994	23/03/1994	-	Active	NO
2	U22219DL2001PTC110295	SAI PRESS (INDIA) PRIVATE LIMITED	Director	03/04/2001	03/04/2001	-	Active	NO
3	U15122UR2009PTC032768	PATANJALI FOOD AND HERBAL PARK PRIVATE LIMITED	Director	27/01/2009	27/01/2009	25/02/2012	Active	NO
4	U74120UR2009PTC032909	PATANJALI FLEXIPAK PRIVATE LIMITED	Director	21/11/2009	21/11/2009	22/12/2011	Active	NO

Name :

Mr. Bharat Shashikumar Dighe

Designation :

Director

Address :

404, Garden View, Building No 26, Behind Shantrvan, Oshhifara. Andheri [West], Mumbai - 400053, Maharashtra, India

Date of Birth/Age :

15.08.1969

Date of Appointment :

28.09.2012

DIN No.:

00203056

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	U17309DL1995PLC070398	SONAL INTERTREND LIMITED	Director	23/09/2003	23/09/2003	19/03/2010	Active	NO
2	U34100MH1989PTC051360	RELIABLE TECHNOCRATS PRIVATE LIMITED	Nominee director	18/05/2009	18/05/2009	21/04/2010	Amalgamated	NO
3	U74994MH1996PTC101050	RELIABLE AUTOTECH PRIVATE LIMITED	Nominee director	18/05/2009	18/05/2009	21/04/2010	Active	NO
4	U72400TN2004PTC054226	NEWGEN KNOWLEDGE WORKS PRIVATE LIMITED	Nominee director	30/05/2011	30/05/2011	-	Active	NO
5	U74899HR1994PTC048217	SAI SECURITY PRINTERS PRIVATE LIMITED	Director	28/09/2012	27/01/2012	-	Active	NO
6	U40101TN2005PTC058237	AURO MIRA ENERGY COMPANY PRIVATE LIMITED	Nominee director	28/09/2012	24/07/2012	17/09/2013	Active	NO

Name :

Mr. Ravi Seth

Designation :

Director

Address :

G-2, Skyline Residency, No.5. Kingston Road, Richmond Town, Bangalore - 560025, Karnataka, India

Date of Birth/Age :

05.11.1961

Date of Appointment :

28.09.2012

DIN No.:

01069845

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	U24231TZ1986PLC008788	GLOBAL REMEDIES LIMITED	Director	19/06/2007	19/12/2006	16/03/2009	Amalgamated	NO
2	U24231TN1996PLC035068	GRANDIX PHARMACEUTICALS LIMITED	Director	28/09/2007	28/09/2007	16/03/2009	Amalgamated	NO
3	U24232TN2001PLC047875	GRANDIX LABORATORIES LIMITED	Director	28/09/2007	28/09/2007	16/03/2009	Amalgamated	NO
4	U24296KA2008PTC045588	QUANTUM REMEDIES PRIVATE LIMITED	Director	12/03/2008	12/03/2008	-	Amalgamated	NO
5	U74899HR1994PTC048217	SAI SECURITY PRINTERS PRIVATE LIMITED	Director	28/09/2012	01/11/2011	-	Active	NO

Name :

Priyata Raghavan

Designation :

Director

Address :

704, Royale Retreat, Chamwood Village, Eros Garden, Suraj Kund Road, Faridabad - 121009, Haryana, India

Date of Birth/Age :

15.11.1980

Date of Appointment :

13.09.2007

DIN No.:

01543577

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	U74899HR1994PTC048217	SAI SECURITY PRINTERS PRIVATE LIMITED	Director	13/09/2007	01/06/2007	-	Active	NO
2	U74999DL2009PTC193586	ROOTS INDIA RETAILING PRIVATE LIMITED	Director	26/08/2009	26/08/2009	-	Active	NO
3	U74120UR2009PTC032909	PATANJALI FLEXIPAK PRIVATE LIMITED	Director	21/11/2009	21/11/2009	22/12/2011	Active	NO

Name :

Mr. Arvind Sekhar

Designation :

Director

Address :

Flat No. 354, 5^th Floor, Block 3, Embassy Heritage Apartment, 8th Main, Mallrswanm, Bangalore - 560003, Karnataka, India

Date of Birth/Age :

26.07.1974

Date of Appointment :

13.09.2007

DIN No.:

01571685

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	U74899HR1994PTC048217	SAI SECURITY PRINTERS PRIVATE LIMITED	Director	13/09/2007	01/05/2007	Active	NO

KEY EXECUTIVES

Name :	Mr. Shiv
Designation :	General Manager of Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Equity Shareholders	No. of Shares
Vijay Ram Murthi Raghavan	466800
Vijaylakshmi Raghavan	466775
Sai Press India Private Limited, India	315000
Sweta Raghavan	374600
Priyata Raghavan	624300
Arvind Sekhar	249700
Aureos South Asia Fund L.L.C, Mauritius	1506916
Total	4004091

Names of Preference Shareholders	No. of Shares
Vijay Ram Murthi Raghavan	287142
Vijaylakshmi Raghavan	203818
Sai Press India Private Limited, India	92329
Sweta Raghavan	37518
Priyata Raghavan	37935
Arvind Sekhar	73189
Total	731931

AS ON 28.09.2012

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]	37.64
Bodies corporate	7.86
Directors or relatives of directors	54.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Services of Security Printing, Print-Packaging, Book and Commercial Printing which includes manufacturing cartons and labels.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity/ Annum	Actual Production
Printing Sheets	Nos. in Lakhs	NA	64950	37150

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Axis Bank Limited, 2nd Floor, Statesman House, 148, Barakhamba Road, New Delhi - 110001, India

· ING Vysya Bank Limited, 22, M G Road, Bangalore - 560001, Karnataka, India

· State Bank of India, Okhla Industrial Estate, New Delhi - 110020, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans from Banks [Against plant and Machinery and mortgage of Land and Building]	55.967	78.008
Against hypothecation of Vehicles [Term Loans are also secured against personal guarantee of all Directors]	0.386	1.960
SHORT TERM BORROWINGS
Loans repayable on demand From Banks – Working Capital Limits	74.068	89.880
Other secured short term loans from Banks	16.497	15.712
Total	146.918	185.560
LONG-TERM BORROWINGS Term Loans from Banks are secured against hypothecation of plant and machinery installed / yet to be installed and also guaranteed by some of directors in their personal capacities. Term Loan from others are secured against hypothecation of vehicles SHORT TERM BORROWINGS Loans repayable on demand (Cash Credit loan) from banks are secured against hypothecation of stocks and book debts.

Banking Relations :	--
Auditors :
Name :	P. K. Sangai and Company Chartered Accountants
Address :	24959/10, Beadon Pura, Gurudwara Road, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-28750091/ 28754161/ 47508597
E-Mail :	pawansangai@yahoo.cin manjeetsinghca@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	AAEFP3040R
Other Entities in which significant influence exist during the year :	· Sai Press (India) Private Limited · Roots India Retailing Private Limited · Patanjali Food and Herbal Park Private Limited · Patanjali Flexipak Private Limited · Sai Seva Trust · Shradha Saburi Printers Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4,010,000	Equity Shares	Rs. 10/- each	Rs. 40.100 Millions
800,000	Preference Shares	Rs. 10/- each	Rs. 8.000 Millions
	Total		Rs. 48.100 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
4,004,091	Equity Shares	Rs. 10/- each	Rs. 40.041 Millions
731,931	Preference Shares	Rs. 10/- each	Rs. 7.319 Millions
	Total		Rs. 47.360 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
4,004,091	Equity Shares	Rs. 10/- each	Rs. 40.041 Millions
731,931	Preference Shares	Re. 1/- each	Rs. 0.732 Millions
	Total		Rs. 40.773 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	40.773	24.972
(b) Reserves & Surplus	691.785	310.206
(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)	732.558	335.178
(3) Non-Current Liabilities
(a) long-term borrowings	84.521	109.869
(b) Deferred tax liabilities (Net)	48.562	38.841
(c) Other long term liabilities	0.300	0.300
(d) long-term provisions	1.783	0.791
Total Non-current Liabilities (3)	135.166	149.801
(4) Current Liabilities
(a) Short term borrowings	103.065	105.592
(b) Trade payables	130.995	223.497
(c) Other current liabilities	65.622	75.687
(d) Short-term provisions	1.502	1.653
Total Current Liabilities (4)	301.184	406.429
TOTAL	1168.908	891.408
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	524.616	440.387
(ii) Intangible Assets	0.809	1.038
(iii) Capital work-in-progress	0.184	91.841
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	11.500
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	8.153	6.862
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	533.762	551.628
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	149.769	112.170
(c) Trade receivables	176.299	180.234
(d) Cash and cash equivalents	278.372	28.383
(e) Short-term loans and advances	28.265	18.611
(f) Other current assets	2.441	0.382
Total Current Assets	635.146	339.780
TOTAL	1168.908	891.408

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		24.572
2] Share Application Money		4.000
3] Reserves & Surplus		236.496
4] (Accumulated Losses)		0.000
NETWORTH		265.068
LOAN FUNDS
1] Secured Loans		175.724
2] Unsecured Loans		12.076
TOTAL BORROWING		187.800
DEFERRED TAX LIABILITIES		24.136
TOTAL		477.004
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		301.698
Capital work-in-progress		44.580
INVESTMENT		2.180
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	83.964
	Sundry Debtors	160.581
	Cash & Bank Balances	15.018
	Other Current Assets	9.262
	Loans & Advances	17.851
Total Current Assets		286.676
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	137.527
	Other Current Liabilities	14.737
	Provisions	5.866
Total Current Liabilities		158.130
Net Current Assets		128.546
MISCELLANEOUS EXPENSES		0.000
TOTAL		477.004

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	952.159	911.322	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE EXTRAORDINARY ITEMS AND TAXATION		42.719	105.393	(Including Extraordinary Items )
	EXTRAORDINARY ITEMS		26.293	0.000
	PRIOR PERIOD ADJUSTMENT		(0.767)	0.422
	PROFIT BEFORE TAX		68.245	105.815	80.218
Less	TAX		21.597	35.705	27.654
	PROFIT AFTER TAX		46.648	70.110	52.564
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		286.303	216.193	163.629
	BALANCE CARRIED TO THE B/S		332.951	286.303	216.193
	IMPORTS
		Raw Materials	103.031	61.787	38.137
		Consumables Tools and Dies	4.162	0.130	0.087
		Stores & Spares	29.508	4.929	3.471
		Capital Goods	0.000	115.774	1.561
	TOTAL IMPORTS		136.701	182.620	43.256
	Earnings Per Share (Rs.)		11.66	28.08	21.39

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	5.84	13.43	13.63
Return on Investment (ROI) (PBT/Networth)		0.09	0.32	0.30
Debt Equity Ratio (Total Debt/Networth)		0.26	0.64	0.71
Current Ratio (Current Asset/Current Liability)		2.11	0.84	1.81

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two 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]	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10420417	23/05/2013 *	200,000,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B76979293
2	10084849	24/12/2012 *	450,665,000.00	ING VYSYA BANK LIMITED	5 E-1, NIT, GROUND FLOOR, RAILWAY ROAD, FARIADBAD, HARYANA - 121001, INDIA	B65610149

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Related Parties - Company	0.718	0.742
- Directors	0.000	24.900
- Members	8.950	0.717
Other - Company	18.500	1.042
- Members	0.000	2.500
SHORT TERM BORROWINGS
Related Parties - Directors	2.000	0.000
- Members	8.000	0.000
Other - Members	2.500	0.000
Total	40.668	29.901

Note:

The registered office of the company has been shifted from C-40, Phase-II, Okhla Industrial Area, New Delhi – 110020, India to the present w.e.f.17.01.2013

OPERATIONS REVIEW

The company has achieved turnover of Rs. 952.159 Millions during the current financial year as against 911.322 Millions in the financial year 2011-12, Company has consolidated its position in the growing business and now embarking on an expansion plan. During the current year, the company has increased it's capital base from 630.503 Millions to 742.701 Millions and plans to double it ATO in the next two years. The extended scale of operations will bring in a higher realization of value and economies of scale, is the management's view.

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Bank guarantees/ LC guarantee outstanding	4.566	70.076
Obligation for Capital goods purchased under EPCG schemes	47.975	32.582
Service Tax against which the company has preferred appeal	0.044	0.044

FIXED ASSETS:

· Buildings

· Land

· Electric Installation

· Generator

· Computer

· Sir Conditioners

· Vehicles

· Furniture and Fixture

· Computer Software

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. 61.28
UK Pound	1	Rs. 99.03
Euro	1	Rs. 83.80

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.