MIRA INFORM REPORT

Report Date :

10.09.2013

IDENTIFICATION DETAILS

Name :	GANGA ACROWOOLS LIMITED
Registered Office :	249, Industrial Area-‘A’, Ludhiana – 141 003, Punjab
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.02.1994
Com. Reg. No.:	16-014190
Capital Investment / Paid-up Capital :	Rs.191.974 Millions
CIN No.: [Company Identification No.]	U17117PB1994PLC014190
TAN No.: [Tax Deduction & Collection Account No.]	JLDG01474E
PAN No.: [Permanent Account No.]	AAACG8869Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of worsted acrylic yarn (grey and dyed) and other blended yarns.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1565000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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 : BB+
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligation.
Date	July 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/ Corporate Office :	249, Industrial Area-‘A’, Ludhiana – 141 003, Punjab, India
Tel. No.:	91-161-6608400/ 2223535/ 2222611
Fax No :	91-161-2600973/ 6608444
E-Mail :	sales@gangaacrowools.com
Website :	www.gangaacrwools.com
Delhi Office :	546, Sector – ‘A’, Pocket BC, Vasant Kunj, New Delhi, India
Factory :	G.T. Road, Village Kot Sekhon, Tehsil Khanna, Ludhiana – 141 003, Punjab, India
Tel. No.:	91-1628.304600 (30 Lines)
Fax No :	91-1628-304666

DIRECTORS

AS ON 29.09.2012

Name :

Dr. Ravinder Verma

Designation :

Managing Director

Address :

60, Sant Nagar, Civil Lines, Ludhiana – 141 003, Punjab, India

Date of Birth/Age :

09.11.1963

Date of Appointment :

26.07.2010

PAN No :

AAMPV8454H

DIN No.:

00517907

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	U17117PB1990PLC010479	GANGA SPINNING AND WEAVING MILLS LIMITED	Director	18-06-90	18-06-90	-	Active	NO
2	U67120PB1993PTC013171	RAHIL INVESTMENTS PVT LTD	Director	29-03-93	29-03-93	-	Active	NO
3	U65910PB1996PTC017971	MITUL FINANCE PRIVATE LIMITED	Director	03-04-96	03-04-96	-	Active	NO
4	U17117PB1994PLC014190	GANGA ACROWOOLS LTD	Managing director	26-07-10	26-07-99	-	Active	NO
5	U17290PB2011PTC035448	SOHANA ACROWOOLS PRIVATE LIMITED	Director	08-09-11	08-09-11	-	Active	NO

Name :

Mr. Suresh Kumar Singla

Designation :

Nominee Director

Address :

H. No. 52, Young Dwellers Society, Sector 49-A, Chandigarh – 160 047, India

Date of Birth/Age :

01.01.1962

Date of Appointment :

17.05.1999

DIN No.:

00051799

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	U17117PB1994PLC014190	GANGA ACROWOOLS LIMITED	Nominee director	17-05-99	17-05-99	-	Active	NO
2	U17115CH1991PLC011127	FERTICHEM COTSPIN LIMITED	Nominee director	26-07-99	26-07-99	-	Active	NO
3	L17115CH1990PLC010566	WINSOME YARNS LIMITED	Nominee director	13-06-00	13-06-00	-	Active	NO
4	U17111PB1992PLC012747	SATIA SYNTHETICS LIMITED	Director	09-11-00	09-11-00	-	Active	NO
5	U17111CH1993PLC013489	RANA POLYCOT LIMITED	Nominee director	22-12-00	22-12-00	-	Active	NO
6	U17116CH1994PLC015152	DEV SPINNERS LIMITED	Nominee director	11-06-01	11-06-01	-	Active	NO
7	U17115PB1984PLC019259	DWARIKADHISH SPINNERS LIMITED	Nominee director	27-06-01	27-06-01	-	Active	NO
8	U17115CH1994PLC015140	CHEEMA SPINTEX LIMITED	Nominee director	22-01-03	22-01-03	-	Active	NO
9	U17219CH1993PLC013038	VATIKA SPINNING LIMITED	Nominee director	28-12-05	28-12-05	-	Active	NO
10	L24232CH1994PLC014434	ASTER DRUGS AND PHARMACEUTICALS LIMITED	Nominee director	22-03-06	22-03-06	-	Active	NO
11	U34300CH1993PLC012930	BRAHMA STEYR TRACTORS LIMITED	Nominee director	02-05-08	02-05-08	01-07-10	Active	NO
12	L18101CH1994PLC015413	GLOBAL KNITFAB LIMITED	Nominee director	12-04-10	12-04-10	-	Active	NO
13	U30009PB1980PLC004276	ELECTRONICS SYSTEMS PUNJAB LIMITED	Managing director	24-01-13	24-01-13	-	Active	NO

Name :

Mr. Naresh Kumar Mukkar

Designation :

Director

Address :

7152, St. No.14, New Janta nagar, Ludhiana – 141 003, Punjab, India

Date of Birth/Age :

07.02.1974

Date of Appointment :

06.06.2005

DIN No.:

00558445

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	U17111PB1996PTC017968	MINAR SPINNERS PRIVATE LIMITED	Director	22-03-03	22-03-03	21-03-12	Active	NO
2	U17117PB1994PLC014190	GANGA ACROWOOLS LIMITED	Director	06-06-05	06-06-05	-	Active	NO
3	U65910PB1996PTC017971	MITUL FINANCE PRIVATE LIMITED	Director	30-08-06	30-08-06	-	Active	NO

Name :

Mr. Ajay Kumar Sharma

Designation :

Whole-time Director

Address :

62, Mall Road, jalandhar Cantt., Jalandhar – 144 104, Punjab, India

Date of Birth/Age :

11.08.1968

Date of Appointment :

12.03.2009

DIN No.:

01262459

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17117PB1994PLC014190	GANGA ACROWOOLS LIMITED	Whole-time director	12-03-09	01-02-07	Active	NO
2	U67120PB1993PTC012951	MINAR HOLDINGS PRIVATE LIMITED	Director	11-10-07	11-10-07	Active	NO

Name :

Mr. Inderjit Singh Bhatia

Designation :

Director

Address :

B-lll, 246/1, Purana Bazar, Gal Vakilan, Ludhiana – 141 003, India

Date of Birth/Age :

24.10.1968

Date of Appointment :

30.09.2008

DIN No.:

01870344

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17117PB1994PLC014190	GANGA ACROWOOLS LIMITED	Director	30-09-08	11-10-07	Active	NO

Name :

Mr. Dinesh Maheshwari

Designation :

Whole-time Director

Address :

H. No. 107, GK Estate, Chandigarh Road, Ludhiana – 141 001, Punjab, India

Date of Birth/Age :

02.03.1967

Date of Appointment :

24.12.2009

DIN No.:

02867380

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17117PB1994PLC014190	GANGA ACROWOOLS LIMITED	Whole-time director	24-12-09	26-11-09	Active	NO

Name :

Amrik Singh

Designation :

Director

Address :

H. No. 13624, St. No.7, Parbhat Nagar, Div. No.6, Ludhiana – 141 003, Punjab, India

Date of Birth/Age :

08.07.1974

Date of Appointment :

23.09.2011

DIN No.:

03439670

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17117PB1994PLC014190	GANGA ACROWOOLS LIMITED	Director	23-09-11	15-02-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajiv Khanna
Designation :	Secretary
Address :	369/12, Katra Parja, Inside Hathi Gate, Amritsar – 143 006, Punjab, India
Date of Birth/Age :	14.12.1973
Date of Appointment :	01.04.2010
PAN No. :	AGRPK0522C

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Note: Shareholding and Allotees Details File Attached.

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Public financial companies	4.00
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	1.00
Bodies corporate	36.00
Directors or relatives of Directors	14.00
Other top fifty shareholders	45.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of worsted acrylic yarn (grey and dyed) and other blended yarns.

Products :

Product or Services Category	ITC Code
Acrylic, Polyster, Wollen, Nylon, Visocose Yarn	55093200

PRODUCTION DETAILS (AS ON 31.03.2010):

Particulars	2009-10
Licensed Capacity	Not Applicable
Installed Capacity	5400 MTs
Production
Acrylic Yarn	3107.580 MTs
Nylon Yarn/ Woo; Blended Yarn	1305.414 MTs
Top	116.431 MTs
Acrylic Waste	441.019 MTs

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of India

· State Bank of Patiala

· Bank of Baroda, MCB Miller Ganj, Ludhiana – 141 003, Punjab, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
LONG TERM BORROWINGS
Rupee Term loan from Banks	562.497	377.299
SHORT TERM BORROWINGS
Working capital loans from Banks	409.246	282.245
Other loans and advances	4.333	4.637
TOTAL	976.076	664.181

Banking Relations :	--
Auditors :
Name :	Davinder Rekhi and company Chartered Accountants
Address :	Office No.4, First Floor, Carnival Shopping Centre, Mall Road, Ludhiana – 141 003, Punjab, India
PAN No.:	AEVPR5680L
Enterprise over which Key Management Personnel/ Directors/ Relatives have significant influence :	Ganga Spinning and weaving Mills Limited, India CIN No : U17117PB1990PLC010479

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25500000	Equity Shares	Rs. 10/- each	Rs.255.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22207650	Equity Shares	Rs. 10/- each	Rs.222.077 Millions

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs. 10/- each	Rs.220.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19197350	Equity Shares	Rs. 10/- each	Rs.191.974 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	191.974	134.369
(b) Reserves & Surplus	199.381	148.966
(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)	391.355	283.335
(3) Non-Current Liabilities
(a) long-term borrowings	565.699	383.772
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.854	1.129
Total Non-current Liabilities (3)	567.553	384.901
(4) Current Liabilities
(a) Short term borrowings	413.579	286.883
(b) Trade payables	96.911	101.639
(c) Other current liabilities	20.801	31.313
(d) Short-term provisions	22.967	33.851
Total Current Liabilities (4)	554.258	453.686
TOTAL	1513.166	1121.922
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	715.191	472.609
(ii) Intangible Assets	1.297	1.630
(iii) Capital work-in-progress	90.620	47.413
(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	1.500	1.500
(e) Other Non-current assets	32.668	27.416
Total Non-Current Assets	841.276	550.568
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	353.986	280.137
(c) Trade receivables	228.313	152.159
(d) Cash and cash equivalents	29.809	51.072
(e) Short-term loans and advances	34.492	58.667
(f) Other current assets	25.290	29.319
Total Current Assets	671.890	571.354
TOTAL	1513.166	1121.922

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		114.361
2] Share Application Money		0.000
3] Reserves & Surplus		86.659
4] (Accumulated Losses)		0.000
NETWORTH		201.020
LOAN FUNDS
1] Secured Loans		428.271
2] Unsecured Loans		8.372
TOTAL BORROWING		436.643
DEFERRED TAX LIABILITIES		0.000
TOTAL		637.663
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		350.571
Capital work-in-progress		4.355
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	210.677
	Sundry Debtors	78.584
	Cash & Bank Balances	73.876
	Other Current Assets	0.000
	Loans & Advances	65.268
Total Current Assets		428.405
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	94.764
	Other Current Liabilities	42.185
	Provisions	8.800
Total Current Liabilities		145.749
Net Current Assets		282.656
MISCELLANEOUS EXPENSES		0.081
TOTAL		637.663

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
			Income	1617.877	1421.234	1009.776
			Other Income	25.983	21.659	27.733
			TOTAL (A)	1643.860	1442.893	1037.509
Less	EXPENSES
			Cost of Material Consumed	1064.740	841.375	689.815
			Changes in inventories of finished goods, work-in-progress and stock-in-trade	(93.171)	(6.094)	0.000
			Contract cost			57.896
			Employee Benefit expense	129.982	110.960	80.540
			Other Expenses	326.047	298.024	64.340
			TOTAL (B)	1427.598	1244.265	892.591
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			216.262	198.628	144.918
Less	FINANCIAL EXPENSES (D)			106.345	62.754	51.810
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			109.917	135.874	93.108
Less/ Add	DEPRECIATION/ AMORTISATION (F)			44.736	35.817	33.647
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			65.181	100.057	59.461
Less	TAX (H)			13.419	29.000	8.922
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			51.762	71.057	50.539
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS			543.344	559.133	458.123
	IMPORTS
		Raw Materials		NA	NA	326.432
		Stores, Spares and Dyes and Chemicals				27.939
		Capital Goods				33.282
		Expenditure				5.585
		Earning in Foreign Exchange				458.123
	TOTAL IMPORTS			NA	NA	851.361
	Earning Per Share (Rs.)			2.70	5.29	4.42

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.63	4.92	4.87
Net Profit Margin (PBT/Sales)	(%)	15.21	7.04	5.89
Return on Total Assets (PBT/Total Assets}	(%)	4.69	9.57	7.63
Return on Investment (ROI) (PBT/Networth)		0.17	0.35	0.30
Debt Equity Ratio (Total Debt /Networth)		2.50	2.37	2.17
Current Ratio (Current Asset/Current Liability)		1.21	1.26	2.94

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONAL PERFORMANCE:

F Y 2011-12 has been a challenging year with unprecedented economic uncertainty in Europe, geopolitical upheaval in the Middle East and a slowing down of economic growth across Asia. These events had a profound effect on demand and margin outlook for industrial products across the world.

In this turbulent economic environment, The Company has recorded higher revenue from operations and other income of Rs.1643.900 Millions as compared to Rs.1442.900 Millions in proceeding financial year representing a growth of 14%. The Company has EBDIT of Rs.216.200 Millions as compared to Rs.198.600 Millions in previous year. Profit after tax is lower at Rs.52.200 Millions as compared to Rs.71.000 Millions mainly due to higher financial costs and sub-optimal utilization of expanded capacity. The management is hopeful of posting better results in this current year, because of optimum utilization of increased capacity and increased value addition.

The gross block of the fixed assets of the Company has risen by Rs.322.800 Millions, showing a 44% Increase. This is a result of increased installed capacity and higher value addition.

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
LONG TERM BORROWINGS
Other loans and Advances	3.202	6.473
Total	3.202	6.473

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10394649	12/12/2012	5,000,000.00	SBI GLOBAL FACTORS LIMITED	6TH FLOOR, METROPOLITAN BUILDING, BANDRA-KURLA, COMPLEX, BANDRA(EAST), MUMBAI – 400 051, MAHARASHTRA, INDIA	B65047417
2	10154339	19/03/2013 *	25,000,000.00	BANK OF BARODA	MCB MILLER GANJ, LUDHIANA – 141 003, PUNJAB, INDIA	B73623738
3	90182571	17/02/1999 *	104,300,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, MILLERGANJ, LUDHIANA – 141 003, PUNJAB, INDIA	-
4	90182566	19/03/2013 *	700,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, GOLDEN TOWER, G.T. ROAD, LUDHIANA – 141 003, PUNJAB, INDIA	B72990526
5	90182434	15/06/2011 *	910,500,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, AARTI COMPLEX, LUDHIANA – 141 003, PUNJAB, INDIA	B16138273

* Date of charge modification

FIXED ASSETS:

Tangible Assets:

· Land

· Building

· Plant and Machinery

· Office equipments

· Factory equipments

· Computer equipments

· Other equipments

· Furniture fixtures

· Motor vehicles

· Vehicles

Intangible Assets:

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.96
UK Pound	1	Rs.102.91
Euro	1	Rs.86.58

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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 unfavorable 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.