MIRA INFORM REPORT

Report Date :

22.10.2013

IDENTIFICATION DETAILS

Name :	RMG POLYVINYL INDIA LIMITED (w.e.f. 12.09.2003)
Formerly Known As :	PINE VIEW CONSTRUCTION AND TRADER PRIVATE LIMITED
Registered Office :	302, Elite House,3^rd Fllor, 36, Community Centre, Kailash Colony Extension, Zamrudpur, New Delhi – 110048
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.09.1998
Com. Reg. No.:	55-096206
Capital Investment / Paid-up Capital :	Rs.154.250 Millions
CIN No.: [Company Identification No.]	U74899DL1998PLC096206
IEC No.:	0598052674
TAN No.: [Tax Deduction & Collection Account No.]	DELR08012E / DELR09971D
PAN No.: [Permanent Account No.]	AAACG2886R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture and Seller of PVC films and sheets
No. of Employees :	Information declined by the management

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 1100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financials of the company appears to be decent. Trade relation reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing 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

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 = BBB
Rating Explanation	Moderate credit quality and average credit risk
Date	09.01.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	09.01.2013

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

Management Non-Cooperative (91-11-41632022)

LOCATIONS

Registered Office :	302, Elite House, 26, Community Centre, Kailash Colony Extension, Zamrudpur, New Delhi – 110048, India.
Tel. No.:	91-11-41632024 / 41632022
Fax No.:	91-11-66173679 / 29236482
E-Mail :	agoenka@premierpolly.com info@rmgpoly.com agoenka@rmgpoly.com
Website :	http://www.rmgpoly.com http://www.wonderfloor.com http://www.premierpolly.com
Area :	10000 sq. ft
Location :	Owned
Factory :	10/1, Industrial Area, Sikandrabad, District Bulandshar - 203205, Uttar Pradesh, India
Tel. No.:	91-05735-221877 91-120-3118801
Fax No.:	91-5735-221878
E-Mail :	info@rmgpoly.com
Area :	16 Acres
Location :	Owned

DIRECTORS

As on 24.09.2012

Name :

Mr. Arvind Goenka

Designation :

Director

Address :

No.1, Green Avenue, Sector D-3, Vasant Kunj, New Delhi-110070, India

Date of Birth/Age :

03.10.1964

Qualification :

B.Com (HONS)

Date of Appointment :

10.01.2004

DIN No. :

00061010

PAN No.:

ACTPG1708Q

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1983PTC016849	HARYANA WOVEN SACK PRIVATE LIMITED	Director	31/10/1991	31/10/1991	19/07/2008	Active	NO
2	U25209DL1988PLC030793	KAY ESS POLYMERS LIMITED	Director	1/5/1996	1/5/1996	-	Active	NO
3	U74899DL1998PLC096206	RMG POLYVINYL INDIA LIMITED	Whole-time director	1/2/2010	10/1/2004	-	Active	NO
4	U25200MH1955NPL009601	THE PLASTICS EXPORT PROMOTION COUNCIL	Whole-time director	10/1/2004	10/1/2004	-	Active	NO
5	L25209DL1992PLC049590	PREMIER POLYFILM LIMITED	Director	26/10/2007	15/11/2006	21/07/2008	Active	NO
6	L51491WB1929PLC006467	D L MILIAR AND COMPANY LIMITED	Director	23/09/2008	14/10/2007	31/03/2010	Active	NO

Name :

Mrs. Indira Goenka

Designation :

Director

Address :

No.1, Green Avenue, Sector D-3, Vasant Kunj, New Delhi-110070, India

Date of Birth/Age :

08.18.1946

Qualification :

B.A.

Experience :

35 Years

Date of Appointment :

07.05.2006

DIN :

00061078

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L74999DL1984PLC017713	PREMIER POLYPLAST AND PROCESSORS LIMITED	Director	3/1/1994	3/1/1994	Active	NO
2	U74899DL1998PLC096206	RMG POLYVINYL INDIA LIMITED	Director	5/7/2006	5/7/2006	Active	NO

Name :

Mr. Umesh Agarwal

Designation :

Director

Address :

B-705, Badrinath Apartment, Malad, Mumbai, Maharashtra, India

Date of Birth/Age :

13.10.1953

Qualification :

B.E.

Experience :

25 Years

Date of Appointment :

09.07.2003

DIN :

00231799

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U72900MH1982PLC028908	POLO QUEEN INFOTECH AND TEXTILE LIMITED	Director	12/6/1987	12/6/1987	Active	NO
2	L51900MH1984PLC094539	POLO QUEEN INDUSTRIAL AND FINTECH LIMITED	Whole-time director	1/4/2008	27/09/1993	Active	NO
3	U15500MH1996PLC100602	AAJIWAN INDUSTRIES LIMITED	Director	29/03/2000	29/03/2000	Active	NO
4	U70100MH1984PLC032898	ARJAY APPAREL INDUSTRIES LIMITED	Director	18/08/2001	18/08/2001	Active	NO
5	U18101MH1981PLC024335	R J KNIT WEARS LIMITED	Director	27/08/2001	27/08/2001	Active	NO
6	U74899DL1998PLC096206	RMG POLYVINYL INDIA LIMITED	Director	23/07/2002	23/07/2002	Active	NO
7	U18101DL1992PLC049502	SRI VISHVANATH ENTERPRISES LIMITED	Director	23/07/2002	23/07/2002	Active	NO
8	U51311MH1982PLC027820	BALAJI PRINTS LIMITED	Director	28/04/2003	28/04/2003	Active	NO
9	U45201MH1998PTC114282	BOW BALALESHWAR MININGS PRIVATE LIMITED	Director	14/12/2006	14/12/2006	Active	NO
10	U45400MH2007PTC174208	GYANESHWAR INFRASTRUCTURE PRIVATE LIMITED	Additional director	25/11/2010	25/11/2010	Active	NO

Name :

Mr. Gopal Gupta

Designation :

Whole-time Director

Address :

329, Sector - 7A, Faridabad, Haryana, India

Date of Birth/Age :

09.08.1952

Date of Appointment :

01.06.2004

DIN :

00120368

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1983PTC016849	HARYANA WOVEN SACK PRIVATE LIMITED	Director	1/4/1993	1/4/1993	19/07/2008	Active	NO
2	L74999DL1984PLC017713	PREMIER POLYPLAST AND PROCESSORS LIMITED	Director	1/9/1995	1/9/1995	-	Active	NO
3	U74899DL1998PLC096206	RMG POLYVINYL INDIA LIMITED	Whole-time director	1/4/2010	1/6/2004	-	Active	NO
4	U74899DL1995PTC072212	SUNHIL LEASING AND FINANCE PRIVATE LIMITED	Director	17/11/2009	17/11/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2012

Names of Shareholders	No. of Shares
Manvi Goneka	780500
Nisha Goneka	3118580
Arvind Goneka	1951480
Amitabh Goneka	750480
Arvind Goneka (HUF)	75000
Puran Dass Taneja	75000
Sri Vishwanath Enterprises Limited, India	1507500
D. L. Millar and Company Limited	360000
Indira Goenka	75750
Premier Polyplast and Processors Limited, India	30000
Vijay Chand Sukhani	376250
Amitabh Goenka (HUF)	37500
Jarella Baba Leasing and Finance Private Limited, India	105000
Archna Gupta	330000
Sunhil Leasing and Finance Private Limited, India	4876000
Manoj Kumar Gupta (HUF)	450960
Sankalp Finance and Investment Private Limited, India	525000
Total	15425000

As on 24.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	47.99
Directors or relatives of Directors	43.29
Other top fifty shareholders	8.72
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and Seller of PVC films and sheets

Products :

Description of product or service category	ITC Code
P V C Resins/Films/Sheets	39042210

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Centurion Bank of Punjab Limited, M-29, Outer Circle, Connaught Place, New Delhi-110001, India

· HDFC Bank Limited, H-39, Outer Circle, Connaught Place, New Delhi-110001, India

· State Bank of Indore, 354, Ganga Niwas, Chandni Chowk, Delhi – 110 006, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from banks	15.960	0.000
Loans taken for vehicles (The company has taken loans from Banks, which are secured by way of hypothecation of the vehicles)	0.000	0.089
Short-term borrowings	0	0
Working capital loans from banks (Credit Facility from SBI is secured by hypothecation of Raw Material, WIP, Finished Goods, Stores and Spares and Book Debts and by personal guarantee of Arvind Goenka and I Goenka, Directors of the Company	71.636	75.303
Total	87.596	75.392

Banking Relations :	---
Auditors :
Name :	M A R S and Associate Chartered Accountants
Address :	1003, Vikram Tower, Rajendra Place, Delhi-110008, India
PAN No.:	AAVFM1242M
Associates :	· Joemillars Aquatex Private Limited · Premier Poly Film Limited · D.L. Millar and Company Limited · G. B. and Company · 1000 Plus Trade Inc. · Sunhil Leasing and Finance Company Private Limited · Sri Viswanath Enterprises Limited

CAPITAL STRUCTURE

As on 24.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
17500000	Equity Shares	Rs.10/- each	Rs.175.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15425000	Equity Shares	Rs.10/- each	Rs.154.250 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	154.250	49.750
(b) Reserves & Surplus	141.618	132.202
(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)	295.868	181.952
(3) Non-Current Liabilities
(a) long-term borrowings	15.960	0.089
(b) Deferred tax liabilities (Net)	21.309	16.341
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	6.587	3.552
Total Non-current Liabilities (3)	43.856	19.982
(4) Current Liabilities
(a) Short term borrowings	129.263	176.807
(b) Trade payables	62.716	78.048
(c) Other current liabilities	41.615	34.959
(d) Short-term provisions	29.861	21.105
Total Current Liabilities (4)	263.455	310.919
TOTAL	603.179	512.853
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	231.031	191.574
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	7.737	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.607	1.607
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	7.770	5.982
(e) Other Non-current assets	1.767	1.390
Total Non-Current Assets	249.912	200.553
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	187.343	144.251
(c) Trade receivables	123.177	118.087
(d) Cash and cash equivalents	14.468	28.766
(e) Short-term loans and advances	27.397	21.192
(f) Other current assets	0.882	0.004
Total Current Assets	353.267	312.300
TOTAL	603.179	512.853

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		45.250
2] Share Application Money		0.000
3] Reserves & Surplus		92.789
4] (Accumulated Losses)		0.000
NETWORTH		138.039
LOAN FUNDS
1] Secured Loans		83.665
2] Unsecured Loans		87.838
TOTAL BORROWING		171.503
DEFERRED TAX LIABILITIES		12.286
TOTAL		321.828
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		128.682
Capital work-in-progress		55.980
INVESTMENT		1.607
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	104.226
	Sundry Debtors	67.075
	Cash & Bank Balances	12.877
	Other Current Assets	0.000
	Loans & Advances	26.546
Total Current Assets		210.724
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.786
	Other Current Liabilities	21.493
	Provisions	4.886
Total Current Liabilities		75.165
Net Current Assets		135.559
MISCELLANEOUS EXPENSES		0.000
TOTAL		321.828

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1016.409	875.872	630.448
		Other Income	14.647	7.996	12.239
		TOTAL (A)	1031.056	883.868	642.687
Less	EXPENSES
		Cost of materials consumed	706.992	619.645
		Purchases of stock-in-trade	50.754	26.778
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(8.924)	(20.130)	600.046
		Employee benefit expense	46.572	40.307
		Other expenses	158.085	148.374
		TOTAL (B)	953.479	814.974	600.046
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		77.577	68.892	42.641
Less	FINANCIAL EXPENSES (D)		18.552	19.647	16.016
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		59.025	49.245	26.625
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.695	10.131	7.109
	PROFIT BEFORE TAX (E-F) (G)		47.330	39.114	19.516
Less	TAX (H)		15.427	13.599	6.546
	PROFIT AFTER TAX (G-H) (I)		31.903	25.515	12.970
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		54.082	50.140	37.200
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	10.000	0.000
		Dividend	15.425	9.950	0.000
		Tax on Dividend	2.562	1.653	0.000
		Bonus Shares	49.750	0.000	0.000
	BALANCE CARRIED TO THE B/S		8.248	54.082	50.170
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	271.115	238.791	151.366
	TOTAL EARNINGS		271.115	238.791	151.366
	IMPORTS
		Raw Materials	237.333	136.804	114.247
		Capital Goods	21.043	5.511	1.265
	TOTAL IMPORTS		258.376	142.315	115.512
	Earnings Per Share (Rs.)		2.07	5.13	0.02

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.09	2.89	2.01
Net Profit Margin (PBT/Sales)	(%)	4.66	4.47	3.09
Return on Total Assets (PBT/Total Assets}	(%)	7.97	7.65	5.75
Return on Investment (ROI) (PBT/Networth)		0.16	0.21	0.14
Debt Equity Ratio (Total Debt /Networth)		0.49	0.97	1.24
Current Ratio (Current Asset/Current Liability)		1.34	1.00	2.80

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	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	No
34]	External Agency Rating, if available	Yes

FUTURE PROSPECTS

The products of the company are well received and have been accepted in the market. The Working Capital requirements have been met by the Banks. The Directors are hopeful that company will be able to achieve better results in the coming years.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Short-term borrowings
Loans and advances from directors	12.401	12.497
Loans and advances from others	12.026	46.407
Other loans and advances	33.200	42.600
Total	57.627	101.504

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10059278	18/08/2009 *	80,000,000.00	STATE BANK OF INDORE	394, GANGA NIWAS,, CHANDNI CHOWK, DELHI, Delhi - 110006, INDIA	A67898627
2	10059279	18/08/2009 *	100,000,000.00	STATE BANK OF INDORE	394, GANGA NIWAS,, CHANDNI CHOWK, DELHI, Delhi - 110006, INDIA	A67899047
3	10059281	14/12/2011 *	273,500,000.00	STATE BANK OF INDIA	SME, TOWN HALL, CHANDNI CHOWK, DELHI, Delhi - 110006, INDIA	B31754336
4	10059280	24/07/2007	20,000,000.00	STATE BANK OF INDORE	394, GANGA NIWAS,, CHANDNI CHOWK, DELHI, Delhi - 110006, INDIA	A18920678

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Office and Fire Fittings equipment
• Computers
• Vehicles
• Air Conditioners

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

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	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	NO
--AFFILIATION	YES/NO	YES
--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	--

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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.