MIRA INFORM REPORT

Report Date :

22.10.2013

IDENTIFICATION DETAILS

Name :	ESSEM JUTE INDUSTRIES LIMITED (w.e.f. 11.10.2006)
Formerly Known As :	ESSEM JUTE TWINES LIMITED (w.e.f. 04.01.2001) BHARAT PAINTS LIMITED
Registered Office :	"Howrah House", 135, Foreshore Road, Howrah – 711102, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.11.1994
Com. Reg. No.:	21-065764
Capital Investment / Paid-up Capital :	Rs. 81.400 Millions
CIN No.: [Company Identification No.]	U17119WB1994PLC065764
TAN No.: [Tax Deduction & Collection Account No.]	CALE01777G
PAN No.: [Permanent Account No.]	AABCB0339A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Jute.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 326000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. However, trade relation are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some caution.

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 traqde 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “B+”
Rating Explanation	Risk prone credit quality and very high credit risk.
Date	12.04.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A4”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	12.04.2013

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 :	"Howrah House", 135, Foreshore Road, Howrah – 711102, West Bengal, India
Tel. No. :	91-33-26412796 / 2468 / 5258 / 4831
Fax No. :	91-33-23673611 / 26412402 / 4446 / 4159 / 2748
E-Mail :	essemjute2011@gmail.com tarunmall@hotmail.com
Website :	www.mjindia.com
Factory :	WBIIDC Industrial Growth Center, Chakchaka-6B, Coochbehar, West Bengal, India
E-Mail :	tarunmall@hotmail.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Kailash Kumar Jhawar

Designation :

Managing Director

Address :

159, Rabindra Sarani, 3rd Floor, Kolkata – 700007, West Bengal, India

Date of Birth/Age :

07.12.1964

Qualification :

B.Com

Date of Appointment :

01.02.2012

DIN No. :

00103350

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	U70101WB1999PTC090203	DYECHEM PROCESS PRIVATE LIMITED	Director	03/09/1999	03/09/1999	10/12/2010	Active	NO
2	U17119WB1994PLC065764	ESSEM JUTE INDUSTRIES LIMITED	Managing director	01/02/2012	09/08/2003	-	Active	NO
3	U65992WB2005PTC104041	ASHAMANGAL PORTFOLIO PRIVATE LIMITED	Director	06/07/2005	06/07/2005	-	Active	NO
4	U17119WB2001PTC093758	LOKNATH JUTE PRIVATE LIMITED	Director	02/09/2006	02/09/2006	21/02/2013	Active	NO
5	U51909WB2010PTC141105	MILESTONE VINTRADE PRIVATE LIMITED	Director	14/03/2012	14/03/2012	-	Active	NO

Name :

Mr. Ajay Mall

Designation :

Director

Address :

216, Mahatma Gandhi Road, Kolkata – 700007, West Bengal, India

Date of Birth/Age :

26.01.1977

Qualification :

B.Com

Date of Appointment :

19.10.2000

DIN No. :

00252948

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	U17119WB1994PLC065764	ESSEM JUTE INDUSTRIES LIMITED	Director	19/10/2000	19/10/2000	-	Active	NO
2	U45209WB2005PTC102487	ADHUNIK PROJECTS PRIVATE LIMITED	Director	24/03/2005	24/03/2005	-	Active	NO
3	U29307WB2006PLC110525	GAURUMARA PROJECTS LIMITED	Director	11/07/2006	11/07/2006	17/11/2008	Active	NO
4	U83522WB1997PTC083522	ADHUNIK NAVNIRMAN PRIVATE LIMITED	Director	25/07/2008	25/07/2008	-	Amalgamated	NO
5	U51109WB2005PTC101898	PYLON INFRASTRUCTURE DEVELOPERS PRIVATE LIMITED	Director	01/09/2008	01/09/2008	-	Active	NO
6	U01132WB1980PLC032867	CHAMURCHI AGRO(INDIA) LIMITED	Director	25/11/2008	25/11/2008	22/06/2010	Active	NO
7	U45400WB2008PLC124588	H. R. INFRACON LIMITED	Director	27/09/2010	10/03/2010	30/03/2013	Active	NO
8	U40102WB2010PLC155204	POWER ELECTRO-INFRA LIMITED	Director	30/11/2010	30/11/2010	-	Active	NO
9	U45201WB1995PTC067143	VIVEKANAND CONSTRUCTION PRIVATE LIMITED	Director	13/12/2011	13/12/2011	-	Active	NO
10	U24232WB1995PLC075698	STANDARD PHARMACEUTICALS LIMITED	Additional director	06/08/2013	27/03/2012	-	Active	NO

Name :

Mr. Shree Mohan Mall

Designation :

Director

Address :

216, Mahatma Gandhi Road, Kolkata – 700007, West Bengal, India

Date of Birth/Age :

08.12.1954

Date of Appointment :

08.12.2000

DIN No. :

00007010

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	U51909WB1965PTC026513	H R (TRADERS AND INVESTORS) PRIVATE LIMITED	Director	08/08/1979	08/08/1979	-	Amalgamated	NO
2	U10101WB1945PLC012800	ASHAKUTY COAL COMPANY LIMITED	Director	10/04/1981	10/04/1981	27/08/2010	Active	NO
3	U70109WB1986PTC040214	HOWRAH LAND AND HOLDING PRIVATE LIMITED	Director	20/02/1986	20/02/1986	-	Amalgamated	NO
4	U83522WB1997PTC083522	ADHUNIK NAVNIRMAN PRIVATE LIMITED	Director	13/11/1999	13/11/1999	-	Amalgamated	NO
5	U17119WB1994PLC065764	ESSEM JUTE INDUSTRIES LIMITED	Director	08/12/2000	08/12/2000	-	Active	NO
6	U65999WB1995PLC067446	H R GLOBAL FINANCE LIMITED	Managing director	01/04/2013	01/04/2005	-	Active	NO
7	U65992WB2005PTC104041	ASHAMANGAL PORTFOLIO PRIVATE LIMITED	Director	06/07/2005	06/07/2005	29/12/2009	Active	NO
8	U17119WB1992PLC055992	H.R. INTERNATIONAL LIMITED	Director	26/12/2006	26/12/2006	-	Active	NO
9	U70101WB2007PLC117899	BENGAL TECHNO INDUSTRIAL PROJECTS LIMITED	Director	20/08/2007	20/08/2007	-	Active	NO
10	U45400WB2008PLC124588	H. R. INFRACON LIMITED	Additional director	12/03/2013	28/03/2008	29/03/2013	Active	NO
11	U45203WB2009PLC131774	BENGAL HCCI INFRASTRUCTURE LIMITED	Director	07/01/2009	07/01/2009	-	Active	NO
12	U67120WB1996PTC080496	ABINANDAN HOLDINGS LIMITED	Director	27/02/2009	27/02/2009	-	Active	NO
13	U70101WB2008PLC130353	MURSHIDABAD JUTE PARKS INFRASTRUCTURE LIMITED	Director	29/06/2009	29/06/2009	-	Active	NO
14	U18104WB2009PLC139485	HMC JUTE PARK ENTERPRISES LIMITED	Director	18/11/2009	18/11/2009	-	Active	NO
15	U27106WB2009PTC140568	HCCI ROLLING MILLS CLUSTER PRIVATE LIMITED	Director	31/12/2009	31/12/2009	-	Active	NO
16	U40109WB2010PLC141204	HMC POWER COMPANIES LIMITED	Director	21/01/2010	21/01/2010	-	Active	NO
17	U25200WB2010PTC150471	H. R. POLYSACK PRIVATE LIMITED	Director	17/06/2010	17/06/2010	04/12/2012	Active	NO
18	U51909WB2010PTC149444	KUNDAN SUPPLIERS PRIVATE LIMITED	Director	05/06/2012	05/06/2012	-	Active	NO
19	U51909WB2010PTC149441	KALAKUNJ DISTRIBUTORS PRIVATE LIMITED	Director	05/06/2012	05/06/2012	-	Active	NO
20	U51909WB2010PTC149465	CARAVAN VINTRADE PRIVATE LIMITED	Director	05/06/2012	05/06/2012	-	Active	NO

Name :

Mr. Vinay Ram Nagar

Designation :

Director

Address :

Vikram Vihar, Banglow No. 47, 48, 493/B/19, G.T.Road South, Howrah – 711102, West Bengal, India

Date of Birth/Age :

09.02.1965

Date of Appointment :

19.10.2000

DIN No. :

00789263

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	U51909WB1991PTC052284	VEDANSH TRADERS PRIVATE LIMITED	Director	12/07/1991	12/07/1991	-	Active	NO
2	U24299WB1993PTC058985	SURYA TWINES PRIVATE LIMITED	Director	27/05/1993	27/05/1993	09/04/2010	Active	NO
3	U17119WB1994PLC065764	ESSEM JUTE INDUSTRIES LIMITED	Director	19/10/2000	19/10/2000	-	Active	NO
4	U52190WB2011PTC157531	SPV COMMOTRADE PRIVATE LIMITED	Director	18/01/2011	18/01/2011	26/03/2012	Active	NO

KEY EXECUTIVES

Name :	Deepika Srivastav
Designation :	Secretary
Address :	106, G.T. Road South, Howrah – 711101, West Bengal, India
Date of Birth/Age :	12.03.1988
Date of Appointment :	10.09.2011
PAN No.:	BAAPS6662P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	30.32
Directors or relatives of Directors	28.00
Other top fifty shareholders	41.68
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Jute.

Products :

Item Code No. (ITC Code)	Product Description
56.07/53.07	JUTE TWINE/ YARN

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Jute Products	Qty in M.T.	6500.00	5400.00	4647.264

Note : Installed capacity is certified by the management being technical matter, not verified by the auditors.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, Kolkata, 24, Park Street, Kolkata - 700016, West Bengal, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	14.615	24.215
Loans taken for vehicles	0.325	0.231
SHORT TERM BORROWINGS
Rupee term loans from banks	14.600	14.876
Loans taken for fixed assets	0.381	0.190
Other loans and advances, others	50.752	43.810
Total	80.673	83.322

Banking Relations :	--
Financial Institution :	West Bengal Industrial Development Corp. Limited, 5; Council House Street, Kolkata - 700001, West Bengal, India
Auditors :
Name :	B. Jain and Company Chartered Accountants
Address :	26, Strand Road, Kolkata – 700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AADFB4131C

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8250000	Equity Shares	Rs.10/- each	Rs. 82.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8140000	Equity Shares	Rs.10/- each	Rs. 81.400 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	81.400	81.400
(b) Reserves & Surplus	34.659	33.721
(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)	116.059	115.121
(3) Non-Current Liabilities
(a) long-term borrowings	14.940	24.446
(b) Deferred tax liabilities (Net)	1.642	1.642
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	16.582	26.088
(4) Current Liabilities
(a) Short term borrowings	68.958	59.443
(b) Trade payables	1.868	10.455
(c) Other current liabilities	36.000	33.412
(d) Short-term provisions	4.536	4.502
Total Current Liabilities (4)	111.362	107.812
TOTAL	244.003	249.021
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	104.448	117.508
(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	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	104.448	117.508
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	75.226	65.991
(c) Trade receivables	15.655	19.514
(d) Cash and cash equivalents	7.215	6.802
(e) Short-term loans and advances	41.459	39.206
(f) Other current assets	0.000	0.000
Total Current Assets	139.555	131.513
TOTAL	244.003	249.021

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		81.400
2] Share Application Money		0.000
3] Reserves & Surplus		28.969
4] (Accumulated Losses)		0.000
NETWORTH		110.369
LOAN FUNDS
1] Secured Loans		77.299
2] Unsecured Loans		0.568
TOTAL BORROWING		77.867
DEFERRED TAX LIABILITIES		1.642
TOTAL		189.878
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		105.954
Capital work-in-progress		5.574
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	60.260
	Sundry Debtors	26.743
	Cash & Bank Balances	6.328
	Other Current Assets	9.199
	Loans & Advances	13.900
Total Current Assets		116.430
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.422
	Other Current Liabilities	6.236
	Provisions	3.422
Total Current Liabilities		38.080
Net Current Assets		78.350
MISCELLANEOUS EXPENSES		0.000
TOTAL		189.878

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	226.766	238.971	198.661
		Other Income	0.996	0.288	0.404
		TOTAL (A)	227.762	239.259	199.065
Less	EXPENSES
		Cost of materials consumed	141.750	155.968
		Employee benefit expense	29.540	30.120
		Other expenses	30.847	28.799
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(3.000)	(3.426)
		TOTAL (B)	199.137	211.461	170.916
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.625	27.798	28.149
Less	FINANCIAL EXPENSES (D)		13.907	9.471	8.628
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.718	18.327	19.521
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.615	12.496	11.820
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1.103	5.831	7.701
Less	TAX (H)		0.165	1.080	1.320
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.938	4.751	6.381
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.827	14.077	7.696
	BALANCE CARRIED TO THE B/S		19.765	18.827	14.077
	Earnings / (Loss) Per Share (Rs.)		0.12	0.58	0.88

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.41	1.99	3.21
Net Profit Margin (PBT/Sales)	(%)	0.49	2.44	3.88
Return on Total Assets (PBT/Total Assets}	(%)	0.45	2.34	3.46
Return on Investment (ROI) (PBT/Networth)		0.01	0.05	0.07
Debt Equity Ratio (Total Debt/Networth)		0.72	0.73	0.71
Current Ratio (Current Asset/Current Liability)		1.25	1.22	3.06

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	No
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	80039322	05/07/2011 *	122,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA	B17629437
2	90246139	01/10/2003	4,000,000.00	WEST BENGAL INDUSTRIAL DEVELOPMENT CORP. LIMITED	5; COUNCIL HOUSE STREET, KOLKATA - 700001, WEST BENGAL, INDIA	-
3	90248223	05/07/2011 *	122,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA	B17582594
4	90245818	23/12/2004 *	17,500,000.00	WEST BENGAL INDUSTRIAL DEVELOPMENT CORP. LIMITED	5; COUNCIL HOUSE STREET, KOLKATA - 700001, WEST BENGAL, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans and advances from others	3.225	0.567
Total	3.225	0.567

FIXED ASSETS

· Land

· Buildings

· Other Building

· Plant and Equipment

· Other Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

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.61.49
UK Pound	1	Rs.99.41
Euro	1	Rs.84.12

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.