MIRA INFORM REPORT

Report Date :

10.09.2013

IDENTIFICATION DETAILS

Name :	MITTAL POLYPACKS PRIVATE LIMITED
Registered Office :	14, Bentinck Street, 2^nd Floor, Room No. 9, P S Hare Street, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.12.1985
Com. Reg. No.:	21-039809
Capital Investment / Paid-up Capital :	Rs. 24.653 Millions
CIN No.: [Company Identification No.]	U25202WB1985PTC039809
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of PP / HDPE woven bags.
No. of Employees :	130 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 330000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track. There appears a slight increase in its net profitability during 2012. The subject possesses a below average financial risk profile. Trade relations are reported as fair. Business is active. Payments are reported as usually correct. The company can be considered for business dealings 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

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 defaults.
Date	26 December 2012

Rating Agency Name	CRISIL
Rating	Short term rating: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	26 December 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

Name :	Mr. Om Prakash Dadhich
Designation :	Director
Contact No.:	91-9835142309
Date :	03.09.2013

LOCATIONS

Registered Office :	14, Bentinck Street, 2^nd Floor, Room No. 9, P S Hare Street, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22100419
Mobile No.:	91-9835142309 (Mr. Om Prakash Dadhich)
Fax No.:	91-33-22439307
E-Mail :	account@mittalpolypacks.in accounts@mittaltechnopack.com mtplho@mittaltechnopack.com
Website :	www.mittalpolypacks.in
Location :	Owned
Factory :	Kandra Industrial Area, P.O. Bhitia, Dhanbad – 829109, Jharkhand, India
Tel No.:	91- 6540 - 262802 / 262803
Administrative Office :	C/o. Diamond Engineering Katras Road, Matkuria, Dhanbad - 826 001 Jharkhand, India
Tel No.:	91- 326 - 2305768/2308382
Fax No.:	91- 326 - 2303058
E-Mail :	mittal03@sancharnet.in

DIRECTORS

As on 29.09.2012

Name :

Mr. Ram Prasad Agarwal

Designation :

Director

Address :

Grewal Colony, Bekarbandh, Dhanbad – 826001, Jharkhand, India

Date of Birth/Age :

30.06.1946

Date of Appointment :

04.12.1985

DIN No.:

00602959

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	U25202WB1985PTC039809	MITTAL POLYPACKS PRIVATE LIMITED	Director	04/12/1985	04/12/1985	-	Active	NO
2	U25209WB2002PTC094990	MITTAL TECHNOPACK PRIVATE LIMITED	Whole-time director	09/08/2002	09/08/2002	-	Active	NO

Name :

Mr. Om Prakash Dadhich

Designation :

Director

Address :

11, Karbala Road, Bank More, Dhanbad – 826001, Jharkhand, India

Date of Birth/Age :

26.07.1956

Date of Appointment :

08.01.2007

DIN No.:

00751939

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	U25202WB1985PTC039809	MITTAL POLYPACKS PRIVATE LIMITED	Director	08/01/2007	08/01/2007	-	Active	NO
2	U15312WB2009PTC136459	AARAV CASINGS PRIVATE LIMITED	Director	18/01/2010	18/01/2010	16/12/2010	Active	NO
3	U52392WB1994PTC062775	DALHOUSI DATAMATICS PRIVATE LIMITED	Additional director	23/02/2012	23/02/2012	-	Active	NO

Name :

Mr. Manoj Kumar Agarwal

Designation :

Director

Address :

Flat No. 1B, 1^st Floor, 25A, Sarat Bose Road, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

03.10.1973

Date of Appointment :

01.08.2005

DIN No.:

00569775

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	U25200WB1985PTC039810	F.C.POLYPACKS PRIVATE LIMITED	Director	30/09/1991	30/09/1991	-	Amalgamated	NO
2	U25209WB2002PTC094990	MITTAL TECHNOPACK PRIVATE LIMITED	Managing director	10/03/2004	10/03/2004	-	Active	NO
3	U25202WB1985PTC039809	MITTAL POLYPACKS PRIVATE LIMITED	Director	01/08/2005	01/08/2005	-	Active	NO
4	U51109WB1996PTC081235	J.K.SONS ENGINEERS PRIVATE LIMITED	Director	02/06/2008	02/06/2008	25/08/2009	Active	NO
5	L27104WB1986PLC040831	BURNPUR CEMENT LIMITED	Whole-time director	01/06/2012	30/07/2010	-	Active	NO
6	U52392WB1994PTC062775	DALHOUSI DATAMATICS PRIVATE LIMITED	Additional director	30/12/2010	30/12/2010	-	Active	NO
7	U51109WB1994PTC066168	BHAROSA DISTRIBUTORS PRIVATE LIMITED	Director	06/01/2012	06/01/2012	-	Active	NO

Name :

Ms. Suchitra Agarwal

Designation :

Director

Address :

Bekarbandh, Dhanbad – 826001, Jharkhand, India

Date of Birth/Age :

08.03.1974

Date of Appointment :

01.04.1996

DIN No.:

00597663

Name :

Mr. Birender Kumar Kejriwal

Designation :

Director

Address :

Ganga Sadan Near Amalapara, Lower Rajwari Road, Jharia – 828111, Jharkhand, India

Date of Birth/Age :

11.06.1972

Date of Appointment :

30.09.2008

DIN No.:

02200539

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	U25202WB1985PTC039809	MITTAL POLYPACKS PRIVATE LIMITED	Director	30/09/2008	04/06/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Ram Prasad Agarwal	75135
Om Prakash Dadhich	1720
Manoj Kumar Agarwal	33320
Suchitra Agarwal	9050
Sita Devi Agarwal	500
Arun Kumar Agarwal	500
Bhanumati Devi Agarwal	500
Premlata Devi Agarwal	2385
Ram Nath Sanwaria	2600
Shiv Kumar Khemka	50
Rash Bihari Dubey	7895
Jagdish Prasad Agarwal	3680
Shakntala Devi Agarwal	9840
Jitendra Kumar Lilha	1355
Vinit Kumar Agarwal	800
Akhl Kumar Shah	2000
Bharosa Distributors Private Limited, India	56785
Himansu Agarwal	6620
Gopal Kumar Agarwal	710
Naresh Singh	2040
Shambhunath Agarwal	1975
Ramji Lal Kaswa	1400
Uttam Kumar Dubey	870
Binay Kumar Prajapati	780
Birender Kumar Kejriwal	220
Mittal Technipack Private Limited, India	23800
Total	246530

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	32.69
Directors or relatives of Directors	54.34
Other top fifty shareholders	12.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of PP / HDPE woven bags.

Products :

Item Code No.	Product Description
39231009	HDPE/PP Woven Bags

Exports :

Products :

Finished Goods

Countries :

· Australia

· Algeria

· USA

· Europe

Imports :

Products :

Raw Material

Countries :

· Singapore

· UAE

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
HDPE/PP Bags and Fabric	Kgs.	Not Applicable	Not Determined	3363735
Rejections/Scrap Liner	Kgs.	Not Applicable	Not Determined	249569

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

130 (Approximately)

Bankers :

State Bank of India, Goodwill Properties, 2nd Floor, Katras Road, Bank More, Dhanbad - 826001, Jharkhand, India

Facilities :

Secured Loan	Non – Current Portion		Current Maturities
Long-term borrowings	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term Loans
Rupee Loans from Banks T/L I	31.354	45.122	13.800	13.800
Rupee Loans from Banks T/L II	7.500	0.000	1.500	0.000
Car Loan from Banks	0.202	0.330	0.133	0.128
Total Secured Borrowings	39.056	45.452	15.433	13.928
Amount disclosed under the head other current liabilities	15.433	13.928	--	--
Total	23.623	31.524	15.433	13.928

NOTE:

a) Term Loan from Bank

i. Nature of Security

Hypothecation of all fixed assets of the Company both present and future including Equitable Mortgage of Factory Land Approx 256 Decimal Leased to the company by BIADA, STDR of Rs.1.000 Million, and personal Guarentee by all the directors of the company and corporate guarentee of M/s. Mittal Technopack (Private) Limited a related company.

ii. Terms of Repayment and Interest Rate

Term Loan I : The total sanctioned loan of Rs.69000000 along with interest thereon is repayable in 60 monthly installments of Rs.1.150 Millions each, started from September 2009 and ending on August , 2014 and carry an interest rate of16.5%

Term Loan II : The total sanctioned loan of Rs.7.500 Million along with interest thereon is repayable in 60 monthly installments of Rs.0.125 Million each, started from April 2012 and ending on March 2016 and carry an interest rate of 16.5%

b) Car Loan from Banks

i. Nature of Security

Car Loan has been secured by hypothecation of the car.

ii. Terms of Repayment

The total sanctioned loan of Rs.0.400 Million along with interest thereon is repayable in 36 Equal monthly installments of Rs.12721 each month started from September 2010 ending on August 2013.

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Working Capital Borrowings from Bank	95.132	70.937
Total	95.132	70.937

NOTE:

Working Capital Borrowings from Bank Nature of Security

Hypothecation of entire stock, receivable, advances , other current assets equitable mortage of factory and approx 256 dicmals leased to the company by BIADA, and Personal gaurentee of all the directors of the company and corporate gaurentee of M/s. Mittal Technopack (Private) Limited, a related company and includes buyers credit of Rs.13.169 Millions. Previous Year NIL

Banking Relations :	--
Auditors :
Name :	S.P. Agarwal and Company Chartered Accountants
Address :	Lal Bazar, Jharia, Dhanbad – 828111, Jharkhand, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACXPA0571B
Entity having substantial interest in voting power of Company :	Bharosa Distributors Private Limited Mittal Technopack Pvt Limited
Associates:	Burnpur Cement Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.100/- each	Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
246530	Equity Shares	Rs.100/- each	Rs. 24.653 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	24.653	24.653
(b) Reserves & Surplus	57.363	52.339
(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)	82.016	76.992
(3) Non-Current Liabilities
(a) long-term borrowings	23.623	31.524
(b) Deferred tax liabilities (Net)	2.935	3.040
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.563	0.000
Total Non-current Liabilities (3)	28.121	34.564
(4) Current Liabilities
(a) Short term borrowings	109.382	91.805
(b) Trade payables	31.328	19.844
(c) Other current liabilities	16.517	15.110
(d) Short-term provisions	0.325	0.136
Total Current Liabilities (4)	157.552	126.895
TOTAL	267.689	238.451
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	101.748	100.720
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	1.615	0.868
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	10.228	9.728
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.928	1.904
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	115.519	113.220
(2) Current assets
(a) Current investments	1.000	1.000
(b) Inventories	57.905	53.165
(c) Trade receivables	74.708	48.007
(d) Cash and cash equivalents	6.904	6.043
(e) Short-term loans and advances	9.089	16.448
(f) Other current assets	2.564	0.568
Total Current Assets	152.170	125.231
TOTAL	267.689	238.451

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		24.653
2] Share Application Money		0.000
3] Reserves & Surplus		48.751
4] (Accumulated Losses)		0.000
NETWORTH		73.404
LOAN FUNDS
1] Secured Loans		93.558
2] Unsecured Loans		19.592
TOTAL BORROWING		113.150
DEFERRED TAX LIABILITIES		2.770
TOTAL		189.324
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		110.331
Capital work-in-progress		0.000
INVESTMENT		8.600
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.301
	Sundry Debtors	33.677
	Cash & Bank Balances	5.480
	Other Current Assets	0.169
	Loans & Advances	20.373
	Interest Accrues but not due	0.386
Total Current Assets		85.386
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.596
	Other Current Liabilities	0.000
	Provisions	2.455
Total Current Liabilities		15.051
Net Current Assets		70.335
MISCELLANEOUS EXPENSES		0.058
TOTAL		189.324

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	NA	307.497	217.379
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	302.223	208.384
	PROFIT BEFORE TAX		8.264	5.274	8.995
Less	TAX		2.370	1.686	2.629
	PROFIT AFTER TAX		5.894	3.588	6.366
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		23.008	19.420	13.054
	BALANCE CARRIED TO THE B/S		28.902	23.008	19.420
	EARNINGS IN FOREIGN CURRENCY		77.519	59.811	0.000
	Earnings Per Share (Rs.)		22.82	14.21	25.84

Particulars	31.03.2013
Sales Turnover (Approximately)	530.500

The above information has been parted by Mr. Om Prakash Dadhich (Director)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.17	2.93
Return on Total Assets (PBT/Total Assets}	(%)	3.23	2.31	4.60
Return on Investment (ROI) (PBT/Networth)		0.10	0.07	0.12
Debt Equity Ratio (Total Debt /Networth)		1.62	1.60	1.54
Current Ratio (Current Asset/Current Liability)		0.97	0.99	5.67

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	Yes
20]	Export / Import details (if applicable)	Yes
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

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Other Loans & Advances	14.250	20.868
Total	14.250	20.868

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10088040	12/03/2013 *	199,200,000.00	STATE BANK OF INDIA	GOODWILL PROPERTIES, 2ND FLOOR, KATRAS ROAD, BANK MORE, DHANBAD, JHARKHAND - 826001, INDIA	B73697732

Note: * Date of charge modification

CONTINGENT LIABILITIES NOT PROVIDED FOR (AS ON 31.03.2012):-

A) Outstanding Bank Guarantee as on Balance sheet date amounting to Rs Nil (Previous year Rs. Nil)

B) Corporate Guarantee Given to State Bank of India, SME Branch, Dhanbad amounting to Rs. 231.300 Millions

(Previous year Rs.231.300 Millions) on behalf of Mittal Technopack Private Limited

C) Bill discounted from Banks drawn on Foreign Buyers against Letter of Credit amounting to Rs. 7.068 Millions (previous Year Rs. 4.851 Millions)

D) Outstanding Inland Letter of Credit amounting to Rs. 9.050 Millions (Previous Year Rs. 7.100 Millions)

FIXED ASSETS

· Lease hold Land

· Office and other Building

· Factory Shed and Building

· Plant and Machinery

· Electrical Installation

· Motor Car

· Motorcycle

· Furniture and Fixtures

· Generator

· Communication Equipments

· Truck Purchase

· Computer

· Air Conditioner

· Fax Machine

· Laboratory Equipment

· EPBX Machine

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 records 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 proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

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

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	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		44

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.