MIRA INFORM REPORT

Report Date :

30.10.2013

IDENTIFICATION DETAILS

Name :	ALPHA PHARMA DAMAN PRIVATE LIMITED
Registered Office :	1, Jash Market, Ring Road, Surat – 395002, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.08.2007
Com. Reg. No.:	04-051482
Capital Investment / Paid-up Capital :	Rs. 4.760 Millions
CIN No.: [Company Identification No.]	U24232GJ2007PTC051482
TAN No.: [Tax Deduction & Collection Account No.]	SRTA03275G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Seller of PET and Preform Bottles.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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. There appears sharp dip in profitability of the company during the financial year 2012. However, overall fundaments of the company appear to be sound and healthy. Trade relations are fair. Business is active. Payment terms are 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 trade 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 = A (Suspended)
Rating Explanation	Adequate degree of safety and low credit risk
Date	18.07.2012

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1 (Suspended)
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	18.07.2012

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 / Corporate Office :	1, Jash Market, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2338100 / 200 / 300
Fax No.:	91-261-2338100 / 2331533
E-Mail :	alpha.radhagovind@gmail.com surat@alpha.in alphasurat@alphabagsindia.com
Website :	www.alpha.in
Factory :	Plot No. 374/1 to 15, Shed-D, Alpha Industrial Park, Athiawad, Daman – 396210, Union Territory in India
Tel. No.:	91-260-2242948 / 2242693 / 2242694
Fax No.:	91-260-2242978

DIRECTORS

As on 29.09.2012

Name :

Mr. Shyam Kanhaiyalal Agarwal

Designation :

Director

Address :

11/B, Ratna Milun Apartment, Near Panjara Pole, Ghod Do, Surat – 395007, Gujarat, India

Date of Birth/Age :

07.05.1959

Date of Appointment :

09.08.2007

DIN No.:

00382661

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	U24232GJ2007PTC051482	ALPHA PHARMA DAMAN PRIVATE LIMITED	Director	09-08-07	09-08-07	-	Active	NO
2	U25209GJ1989PTC011890	ALPHA PLASTOMER PRIVATE LIMITED (NEW NAME)	Director	01-10-09	01-10-09	-	Active	NO
3	U25209GJ1988PTC011241	ALPHA PACKAGING Private LIMITED	Director	03-05-10	03-05-10	-	Active	NO

Name :

Mr. Jugal K. Agarwal

Designation :

Director

Address :

B.No. 39, Maitri Row House, Near Sarjan Society, Umra, Surat – 395007, Gujarat, India

Date of Birth/Age :

22.10.1963

Date of Appointment :

01.06.2011

DIN No.:

00382706

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	U24232GJ2007PTC051482	ALPHA PHARMA DAMAN PRIVATE LIMITED	Director	01-06-11	09-08-07	-	Active	NO
2	U25209GJ1989PTC011890	ALPHA PLASTOMER PRIVATE LIMITED (NEW NAME)	Director	29-06-09	29-06-09	-	Active	NO
3	U25200GJ2006PTC077332	SPECIAL LAMPS AND COMPONENTS PRIVATE LIMITED	Director	15-01-10	15-01-10	-	Active	NO

Name :

Mr. Kamal Kanhaiyalal Agarwal

Designation :

Director

Address :

25, Maitri Raw House, B/H, Sarjan Society, Parle Point, Surat – 395007, Gujarat, India

Date of Birth/Age :

10.11.1961

Date of Appointment :

09.08.2007

DIN No.:

00382775

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	U24232GJ2004PTC044200	ALTHEA PHARMA PRIVATE LIMITED	Director	27-05-04	27-05-04	25-05-09	Active	NO
2	U25209GJ1989PTC011890	ALPHA PLASTOMER PRIVATE LIMITED (NEW NAME)	Director	27-05-04	27-05-04	-	Active	NO
3	U24134MH2005PTC151721	PRATHMESH POLYMERS PRIVATE LIMITED	Director	23-11-05	23-11-05	-	Active	NO
4	U25209GJ1988PTC011241	ALPHA PACKAGING Private LIMITED	Director	15-09-06	15-09-06	-	Active	NO
5	U24232GJ2007PTC051482	ALPHA PHARMA DAMAN PRIVATE LIMITED	Director	09-08-07	09-08-07	-	Active	NO
6	U85300GJ2010NPL061413	ALPHA FAMILY FOUNDATION	Director	01-07-10	01-07-10	-	Active	NO
7	U52110WB2006PTC110609	SRB VANIJYA PRIVATE LIMITED	Additional director	15-08-13	15-08-13	-	Active	NO

Name :

Mr. Nilaksh Shyam Agarwal

Designation :

Director

Address :

502, Prabhu Darshan Society, Lal Bunglow, Athwalines, Surat – 395007, Gujarat, India

Date of Birth/Age :

09.07.1982

Date of Appointment :

10.10.2008

DIN No.:

00577460

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	U25209GJ1988PTC011241	ALPHA PACKAGING Private LIMITED	Director	01-07-00	01-07-00	-	Active	NO
2	U24134MH2005PTC151721	PRATHMESH POLYMERS PRIVATE LIMITED	Director	23-11-05	23-11-05	-	Active	NO
3	U24232GJ2004PTC044200	ALTHEA PHARMA PRIVATE LIMITED	Director	15-09-06	15-09-06	25-05-09	Active	NO
4	U25209GJ1989PTC011890	ALPHA PLASTOMER PRIVATE LIMITED (NEW NAME)	Director	15-09-06	15-09-06	-	Active	NO
5	U24232GJ2007PTC051482	ALPHA PHARMA DAMAN PRIVATE LIMITED	Director	10-10-08	10-10-08	-	Active	NO
6	U85300GJ2010NPL061413	ALPHA FAMILY FOUNDATION	Director	01-07-10	01-07-10	-	Active	NO
7	U52110WB2006PTC110609	SRB VANIJYA PRIVATE LIMITED	Director	21-05-12	21-05-12	-	Active	NO

Name :

Mr. Saurabh Kamalkishore Agarwal

Designation :

Director

Address :

25, Maitri Raw House, B/H, Sarjan Society, Parle Point, Surat – 395007, Gujarat, India

Date of Birth/Age :

18.03.1985

Date of Appointment :

09.08.2007

DIN No.:

01519920

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	U24232GJ2004PTC044200	ALTHEA PHARMA PRIVATE LIMITED	Director	15-09-06	15-09-06	25-05-09	Active	NO
2	U25209GJ1989PTC011890	ALPHA PLASTOMER PRIVATE LIMITED (NEW NAME)	Director	01-05-07	01-05-07	-	Active	NO
3	U25209GJ1988PTC011241	ALPHA PACKAGING Private LIMITED	Director	24-05-07	24-05-07	-	Active	NO
4	U24134MH2005PTC151721	PRATHMESH POLYMERS PRIVATE LIMITED	Director	24-05-07	24-05-07	-	Active	NO
5	U24232GJ2007PTC051482	ALPHA PHARMA DAMAN PRIVATE LIMITED	Director	09-08-07	09-08-07	-	Active	NO
6	U85300GJ2010NPL061413	ALPHA FAMILY FOUNDATION	Director	01-07-10	01-07-10	-	Active	NO
7	U25200GJ2006PTC077332	SPECIAL LAMPS AND COMPONENTS PRIVATE LIMITED	Director	31-12-10	31-12-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Agarwal Shayam Kanhaiyalal	204000
Agarwal Sarita Shayam	48500
Agarwal Kamal Kanhaiyalal	35700
Agarwal Santosh Kamal	40700
Agarwal Jugal Kanhaiyalal	15700
Agarwal Kiran Jugal	17700
Agarwal Saurabh Kamal	45700
Alpha Packaging Private Limited, India	46000
Agarwal Nilaksh Shyam	22000
Total	476000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	9.66
Directors or relatives of Directors	90.34
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of PET and Preform Bottles.

Products :

Item Code No.	Product Description
313.2	Pet Bottles

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Oriental Bank of Commerce – Jash Market, Ring Road, Jash Market, Surat - 395002, Gujarat, India
• HDFC Bank Limited
• Kotak Mahindra Bank Limited
• SBI Singapore
• ICICI Bank Limited
• DBS Singapore

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG-TERM BORROWINGS
DBS Singapore	45.680	93.714
HDFC Bank Limited	1.641	2.568
ICICI Bank Limited	2.533	0.000
SHORT-TERM BORROWINGS
Working Capital Facilities From oriental Bank of Commerce	25.991	8.242
loan against Fixed Deposit From Oriental Bank of Commerce	0.000	0.001
Hira Purchase Loan From Oriental Bank of Commerce	0.000	0.202
Total	75.845	104.727
Buyer's Line of Credit from DBS Singapore is in arrangement with the Oriental Bank of Commerce Limited. The company has availed vehicle loan from HDFC Bank Limited and IClCI Bank against the security of vehicle purchased under Hire Purchase contract.

Banking Relations :	---
Auditors :
Name :	S N K and Company Chartered Accountants
Address :	‘SNK House’, 31-A, Adarsh Society, Opposite Seventh Day Adventiest High School Athwalines, Surat – 395001, Gujarat, India
Tel. No.:	91-261-2656273-4/6544791-2/3299540-47
Fax No.:	91-261-2656858
E-Mail :	snk@snkca.com snk@youtele.com
Website :	www.snkca.com
PAN No.:	AAJFS8455L
Associates :	Alpha Plastomers Private Limited Alpha Packaging Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
476000	Equity Shares	Rs.10/- each	Rs. 4.760 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	4.760	4.760
(b) Reserves & Surplus	285.449	246.102
(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)	290.209	250.862
(3) Non-Current Liabilities
(a) long-term borrowings	123.701	219.066
(b) Deferred tax liabilities (Net)	26.339	30.418
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	150.040	249.484
(4) Current Liabilities
(a) Short term borrowings	25.991	8.445
(b) Trade payables	32.084	11.269
(c) Other current liabilities	105.358	113.346
(d) Short-term provisions	14.821	18.261
Total Current Liabilities (4)	178.254	151.321
TOTAL	618.503	651.667
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	370.515	428.437
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	13.988	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	16.663	20.630
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	401.166	449.067
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	30.149	25.335
(c) Trade receivables	137.132	126.285
(d) Cash and cash equivalents	12.962	19.401
(e) Short-term loans and advances	36.084	26.020
(f) Other current assets	1.010	5.559
Total Current Assets	217.337	202.600
TOTAL	618.503	651.667

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.760
2] Share Application Money		0.000
3] Reserves & Surplus		189.828
4] (Accumulated Losses)		0.000
NETWORTH		194.588
LOAN FUNDS
1] Secured Loans		71.592
2] Unsecured Loans		92.152
TOTAL BORROWING		163.744
DEFERRED TAX LIABILITIES		24.919
TOTAL		383.251
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		341.062
Capital work-in-progress		32.718
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.869
	Sundry Debtors	109.486
	Cash & Bank Balances	37.794
	Other Current Assets	0.000
	Loans & Advances	63.577
Total Current Assets		233.726
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	130.613
	Other Current Liabilities	70.030
	Provisions	23.672
Total Current Liabilities		224.315
Net Current Assets		9.411
MISCELLANEOUS EXPENSES		0.061
TOTAL		383.251

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income	700.840	670.265	555.059
	Other Income
	TOTAL	700.840	670.265	555.059
EXPENSES
	Office Expenses
	Administrative Expenses	646.016	591.252	433.262
	Advertising Expenses
	Depreciation Expenses
	TOTAL	646.016	591.252	433.262
PROFIT BEFORE TAX		48.456	75.507	121.797
TAX		9.109	19.233	43.742
PROFIT AFTER TAX		39.347	56.274	78.055
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		210.642	154.368	79.144
PROVISION/ADJUSTMENTS FOR TAXATION		0.000	0.000	2.831
BALANCE CARRIED TO THE B/S		249.989	210.642	154.368
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	9.244	9.773	8.606
TOTAL EARNINGS		9.244	9.773	8.606
IMPORTS
	Raw Materials	9.690	0.899	0.724
	Stores & Spares	0.362	0.000	29.239
	Capital Goods	1.528	0.378	10.645
	Mould and Dies	0.000	0.000	12.105
TOTAL IMPORTS		11.580	1.277	52.713
Earnings Per Share (Rs.)		82.66	122.59	164.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.61	11.27	14.06
Return on Total Assets (PBT/Total Assets}	(%)	8.02	11.59	21.19
Return on Investment (ROI) (PBT/Networth)		0.17	0.30	0.63
Debt Equity Ratio (Total Debt /Networth)		0.52	0.91	0.84
Current Ratio (Current Asset/Current Liability)		1.22	1.34	1.04

LOCAL AGENCY FURTHER INFORMATION

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

Particular	As on 31.03.2012	As on 31.03.2011
LONG-TERM BORROWINGS
From Directors & Shareholders	73.847	122.784
Total	73.847	122.784

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10184388	05/11/2009	79,300,000.00	ORIENTAL BANK OF COMMERCE	JASH TEXTILE MARKET, RING ROAD, SURAT, Gujarat - 395002, INDIA	A73035206
2	10119428	11/01/2011 *	70,000,000.00	ORIENTAL BANK OF COMMERCE	JASH TEXTILE MARKET, RING ROAD, SURAT, Gujarat - 395002, INDIA	B04694121
3	10119475	18/08/2008	42,700,000.00	ORIENTAL BANK OF COMMERCE	RING ROAD, SURAT, Gujarat - 395002, INDIA	A44637775
4	10119487	18/08/2008	49,000,000.00	ORIENTAL BANK OF COMMERCE	JASH TEXTILE MARKET, RING ROAD, SURAT, Gujarat - 395002, INDIA	A44630903
5	10119476	18/08/2008	70,000,000.00	ORIENTAL BANK OF COMMERCE	RING ROAD, SURAT, Gujarat - 395002, INDIA	A44705564

* Date of charge modification

FIXED ASSETS

• Plant and machinery
• Electrical installations
• Accessories and utilities
• Moulds and dies
• Chilling plant
• Office equipment
• Furniture and fixtures
• Computer
• Vehicles
• Crane
• Weighing scale
• Delivery van

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.61.46
UK Pound	1	Rs.98.99
Euro	1	Rs.84.72

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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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