MIRA INFORM REPORT

Report Date :

06.09.2013

IDENTIFICATION DETAILS

Name :	BRITEX COTTON INTERNATIONAL LIMITED (w.e.f. 02.08.2007)
Formerly Known As :	BRITEX INTERNATIONAL LIMITED
Registered Office :	205, Majestic Building, 2^nd Floor, Opera House, Charni Road, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.07.1999
Com. Reg. No.:	11-120968
Capital Investment / Paid-up Capital :	Rs. 4.454 Millions
CIN No.: [Company Identification No.]	U51900MH1999PLC120968
TAN No.: [Tax Deduction & Collection Account No.]	MUMB18829G
PAN No.: [Permanent Account No.]	AABCB1805E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Exporter and Dealer of Textile, Cotton and Yarn and also acts as a Commission Agent.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 660000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The ratings take into consideration the subjects modest scale of operations and fluctuations in raw material prices. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of promoters extensive industry experience, the company can be considered for business dealings 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

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: “B”
Rating Explanation	High risk of default
Date	29.10.2012

Rating Agency Name	CRISIL
Rating	Short term rating: “A4”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	29.10.2012

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Chandrakant
Designation :	Accounts Department
Contact No.:	91-22-61505001
Date :	05.09.2013

LOCATIONS

Registered Office :	205, Majestic Building, 2^nd Floor, Opera House, Charni Road, Mumbai – 400004, Maharashtra, India
Tel. No. :	91-22-61505001 / 23800007
Fax No. :	91-22-24948404 / 23896467
E-Mail :	bhadresh@bom2.vsnl.net.in accounts@bhadreshindia.com service@bhadreshindia.com sandipcotton@gmail.com
Website :	www.bhadresh.india.com
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Bhadresh Vasantrai Mehta

Designation :

Director

Address :

402, Manju Veena Apartment, Narayan Dhabolkar Road, Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

28.10.1957

Qualification :

Diploma in Textile Engineering

Date of Appointment :

23.07.1999

DIN No. :

01206174

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	U29261MH1987PTC045725	KIN-TEX ENGINEERS PRIVATE LIMITED	Director	30/12/1987	30/12/1987	-	Active	NO
2	U51900MH1999PLC120968	BRITEX COTTON INTERNATIONAL LIMITED	Director	23/07/1999	23/07/1999	-	Active	NO
3	U17119GJ1994PTC023788	GALAXY COTTON AND TEXTILES PRIVATE LIMITED	Director	03/05/2002	03/05/2002	13/08/2013	Active	NO
4	U40105MH2008PLC182506	BHADRESH TRADING CORPORATION LIMITED	Managing director	01/06/2008	21/05/2008	-	Active	NO
5	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	31/12/2008	31/12/2008	-	Active	NO
6	U01111MH2009PTC195634	BHADRESH AGRO VENTURE PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO
7	U14200MH2009PTC195633	BHADRESH NATURAL RESOURCES PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO
8	U45202MH2009PTC195679	BHADRESH INFRA VENTURE PRIVATE LIMITED	Director	10/09/2009	10/09/2009	-	Active	NO
9	U63013MH2010PLC211200	BTC CASHCOT INDUSTRIES LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
10	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	-	Active	NO
11	U17119GJ1998PTC034650	GIRIRAJ GINNING AND PRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	-	Active	NO
12	U40104GJ2011PTC067670	CRUST POWER PRIVATE LIMITED	Director	07/06/2012	07/06/2012	-	Active	NO
13	U24298GJ2012PTC072140	LAVAN SALT PRIVATE LIMITED	Director	19/12/2012	19/12/2012	-	Active	NO
14	U14200GJ2009PTC057963	CRUST MINECHEM PRIVATE LIMITED	Director	01/04/2013	01/04/2013	-	Active	NO
15	U17120GJ2013PTC075448	NATURAL TEX YARN PRIVATE LIMITED	Additional director	24/06/2013	24/06/2013	-	Active	NO

Name :

Mr. Parth Bhadresh Mehta

Designation :

Director

Address :

402, Manju Veena Apartment, Narayan Dhabolkar Road, Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

30.04.1988

Qualification :

Degree in Computer Engineering

Date of Appointment :

15.12.2007

PAN No. :

ANWPM9376N

DIN No. :

01802821

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	U51900MH1999PLC120968	BRITEX COTTON INTERNATIONAL LIMITED	Director	15/12/2007	15/12/2007	-	Active	NO
2	U40105MH2008PLC182506	BHADRESH TRADING CORPORATION LIMITED	Whole-time director	01/06/2013	21/05/2008	-	Active	NO
3	U17119GJ1994PTC023788	GALAXY COTTON AND TEXTILES PRIVATE LIMITED	Director	26/05/2008	26/05/2008	17/08/2013	Active	NO
4	U01111MH2009PTC195634	BHADRESH AGRO VENTURE PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO
5	U14200MH2009PTC195633	BHADRESH NATURAL RESOURCES PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO
6	U45202MH2009PTC195679	BHADRESH INFRA VENTURE PRIVATE LIMITED	Director	10/09/2009	10/09/2009	-	Active	NO
7	U63013MH2010PLC211200	BTC CASHCOT INDUSTRIES LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
8	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	-	Active	NO
9	U17119GJ1998PTC034650	GIRIRAJ GINNING AND PRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	-	Active	NO
10	U40104GJ2011PTC067670	CRUST POWER PRIVATE LIMITED	Director	07/06/2012	07/06/2012	-	Active	NO
11	U17120GJ2013PTC075448	NATURAL TEX YARN PRIVATE LIMITED	Additional director	24/06/2013	24/06/2013	-	Active	NO

Name :

Heena Bhadresh Mehta

Designation :

Director

Address :

402, Manju Veena Apartment, Narayan Dhabolkar Road, Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

13.10.1958

Qualification :

Bachelors Degree in Arts

Date of Appointment :

23.07.1999

DIN No. :

00655763

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	U29261MH1987PTC045725	KIN-TEX ENGINEERS PRIVATE LIMITED	Director	30/12/1987	30/12/1987	-	Active	NO
2	U51900MH1999PLC120968	BRITEX COTTON INTERNATIONAL LIMITED	Director	23/07/1999	23/07/1999	-	Active	NO
3	U17119GJ1994PTC023788	GALAXY COTTON AND TEXTILES PVT LTD	Director	03/05/2002	03/05/2002	17/08/2013	Active	NO
4	U40105MH2008PLC182506	BHADRESH TRADING CORPORATION LIMITED	Director	21/05/2008	21/05/2008	-	Active	NO
5	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	-	Active	NO
6	U17120GJ2013PTC075448	NATURAL TEX YARN PRIVATE LIMITED	Additional director	24/06/2013	24/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Chandrakant
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Bhadresh Vasantrai Mehta	442000	99.24
Heena Bhadresh Mehta	1800	0.40
Vasantrai G. Mehta	133	0.03
Chandravati V. Mehta	133	0.03
Ramesh H. Mehta	133	0.03
Bharti Ramesh Mehta	133	0.03
Jogesh P. Jasani	133	0.03
Kinjal B. Mehta	935	0.21
Total	445400	100.00

Allottees as on 27.05.2013

Names of Allottees	No. of Shares
Kamlaben Navinbhai Harijan	100000
Kanna Deva Rabari	100000
Vishanji Madaiyar Ranchod	100000
Batuksingh Vaghela	100000
Khimji Danodar Thacker	100000
Hajiali Mamad hajihasan	100000
Saraswatiben Motiram	100000
Sumeet Promoters Private Limited	640000
Total	1340000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter and Dealer of Textile, Cotton and Yarn and also acts as a Commission Agent.

Products :

Item Code No. (ITC Code)	Product Description
52071000	Cotton Yarn (Other than Sewing Thread) put up for Retail Sale

Exports :

Products :

Finished Goods

Countries :

China

Imports :

Not Divulged

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

End users and OEM’s

No. of Employees :

10 (Approximately)

Bankers :

· Rajkot Nagrik Sahakari Bank Limited, Devkaran Mansion, 41, Shamaldas Gandhi Marg, Princess Street, Mumbai - 400002, Maharashtra, India

Union Bank of India, Lower Parel Branch, Yashwant Bhavan, P B Marg, Lower Parel, Mumbai, Maharashtra - 400013, India

Tel. No.: 91-22-24934314

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Working capital loans from banks	200.000	0.000
Intercorporate borrowings	20.000	20.000
Loans and advances from related parties	19.854	19.854
Total	239.854	39.854

Banking Relations :	--
Auditors :
Name :	James Shah and Company Chartered Accountants
Address :	Office No 230/231, Majestic Shopping Centre, 2^nd Floor, 144, JSS Road, Girgaum, Mumbai – 400004, Maharashtra, India
PAN No. :	AAFPS8223G
Enterprise in which KMP exercise significant influence :	· Bhadresh Agro Industries Private Limited CIN No.: U01111MH2009PTC195634 Bhadresh Trading Corporation Limited CIN No.: U51909MH2008PLC182506 Sumeet Promoters Private Limited CIN No.: U45202WB1990PTC050091

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1785400	Equity Shares	Rs.10/- each	Rs. 17.854 Millions

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
445400	Equity Shares	Rs.10/- each	Rs. 4.454 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	4.454	4.454
(b) Reserves & Surplus	25.554	16.402
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	134.000	131.500
Total Shareholders’ Funds (1) + (2)	164.008	152.356
(3) Non-Current Liabilities
(a) long-term borrowings	239.854	39.854
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	239.854	39.854
(4) Current Liabilities
(a) Short term borrowings	1.392	3.906
(b) Trade payables	844.643	441.466
(c) Other current liabilities	250.358	55.433
(d) Short-term provisions	0.000	1.997
Total Current Liabilities (4)	1096.393	502.802
TOTAL	1500.255	695.012
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.008
(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	100.625
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	203.006	14.598
(e) Other Non-current assets	74.165	0.000
Total Non-Current Assets	277.171	115.231
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	283.033	14.668
(c) Trade receivables	654.394	460.611
(d) Cash and cash equivalents	170.820	14.824
(e) Short-term loans and advances	114.837	89.678
(f) Other current assets	0.000	0.000
Total Current Assets	1223.084	579.781
TOTAL	1500.255	695.012

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.454
2] Share Application Money		80.200
3] Reserves & Surplus		9.152
4] (Accumulated Losses)		0.000
NETWORTH		93.806
LOAN FUNDS
1] Secured Loans		68.820
2] Unsecured Loans		5.500
TOTAL BORROWING		74.320
DEFERRED TAX LIABILITIES		0.000
TOTAL		168.126
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.019
Capital work-in-progress		0.000
INVESTMENT		102.413
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.965
	Sundry Debtors	151.525
	Cash & Bank Balances	3.141
	Other Current Assets	0.000
	Loans & Advances	48.094
Total Current Assets		203.725
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	135.771
	Other Current Liabilities	0.000
	Provisions	2.260
Total Current Liabilities		138.031
Net Current Assets		65.694
MISCELLANEOUS EXPENSES		0.000
TOTAL		168.126

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1666.502	1350.390	830.265
		Other Income	10.057	5.343	3.737
		TOTAL (A)	1676.559	1355.733	834.002
Less	EXPENSES
		Purchases of stock-in-trade	1901.519	1343.591
		Employee benefit expense	1.825	3.243
		Other expenses	10.663	1.873
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(268.365)	(13.703)
		TOTAL (B)	1645.642	1335.004	820.167
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.917	20.729	13.835
Less	FINANCIAL EXPENSES (D)		17.337	9.950	9.774
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.580	10.779	4.061
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.010	0.009	0.009
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		13.570	10.770	4.052
Less	TAX (H)		4.418	3.750	1.240
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		9.152	7.020	2.812
	EARNINGS IN FOREIGN CURRENCY
		Exports at FOB Value	1.338	21.836	NA
	TOTAL EARNINGS		1.338	21.836	NA
	Earnings / (Loss) Per Share (Rs.)		20.55	15.76	6.31

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.55	0.52	0.34
Net Profit Margin (PBT/Sales)	(%)	0.81	0.80	0.49
Return on Total Assets (PBT/Total Assets}	(%)	0.90	1.81	1.99
Return on Investment (ROI) (PBT/Networth)		0.08	0.07	0.04
Debt Equity Ratio (Total Debt/Networth)		1.47	0.29	0.79
Current Ratio (Current Asset/Current Liability)		1.12	1.15	1.48

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10292060	28/03/2012 *	500,000,000.00	UNION BNAK OF INDIA	LOWER PAREL BRANCH, YASHWANT BHAVAN, P B MARG, LOWER PAREL, MUMBAI, MAHARASHTRA - 400013, INDIA	B37239910

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
SHORT TERM BORROWINGS
Intercorporate borrowings	1.392	3.906
Total	1.392	3.906

CORPORATE INFORMATION

The company is a limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is dealing in Textile, Cotton and Yarn and also acts as a Commission Agent

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.66.04
UK Pound	1	Rs.103.11
Euro	1	Rs.86.99

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.