MIRA INFORM REPORT

Report Date :

24.04.2014

IDENTIFICATION DETAILS

Name :	OVERSEAS POLYMERS PRIVATE LIMITED (w.e.f.20.02.2001)
Formerly Known As :	VINMAR POLYMERS PRIVATE LIMITED
Registered Office :	901, Ackruti Star, Central Road, MIDC, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.08.1995
Com. Reg. No.:	11-091368
Capital Investment / Paid-up Capital :	Rs.30.640 Millions
CIN No.: [Company Identification No.]	U25209MH1995PTC091368
TAN No.: [Tax Deduction & Collection Account No.]	MUMV04824B
PAN No.: [Permanent Account No.]	AAACV1895M
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Dyes, Chemicals and Fabrics.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 3800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well-established company having a satisfactory track record. General financial position of the company seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BBB+
Rating Explanation	Have moderate degree of safety and carry moderate credit risk
Date	24.12.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A2
Rating Explanation	Have strong degree of safety carry low credit risk.
Date	24.12.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Anish Purohit
Designation :	Assistance Finance Manager
Contact No.:	91-8879448377
Date :	23.04.2014

LOCATIONS

Registered Office/ Factory :	901, Ackruti Star, Central Road, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-33051900
Mobile No.:	91-8879448377 (Mr. Anish Purohit)
Fax No.:	91-22-33051900/ 28200022
E-Mail :	vinmarmumbai@vsnl.com mmehta@vinmar.com goberoi@vimar.com shobhakrishnan@hsbc.co.in sshah@vinmar.com apurohit@vinmar.com anaik@vinmar.com btrivedi@vinmar.com
Website :	http://www.vinmar.com
Area :	12,500 Sq. ft.
Location :	Rented
Corporate Office :	Vinmar Houston, 396 W. Greens Road, Suite 300 Houston, Texas, USA. 77067.
Tel. No.:	713 775 - 1300/ 1399/ 1390
Branch Office 1:	7-4-42(4), 1^st Floor, Chettivanipalem, Autonagar, Gajuwaka, Visakhapatnam – 530012, Andhra Pradesh, India
Branch Office 2:	A-41, Vinmar House, A-41, M.I.D.C Road No.2, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel No.:	91-22-66921201/ 67141905
Fax No.:	91-22-28365847
Warehouse :	Behind Maya Shree Compound, Godown No 6B, Sur 194, Hissa 3, Purna, Bhiwandi, Thane, Maharashtra, India
Administrative Office :	Office No.15, 2^nd Floor, Neelam Complex, Plot No.298, Ward No.12/B, Gandhidham – 370201, Gujarat, India
Tel No.:	91-2836-226097

DIRECTORS

(AS ON 25.07.2013)

Name :

Mr. Himanshu Kantilal Sanghvi

Designation :

Director

Address :

403 and 405, Ashish, Bapubhai Vashi Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India.

Date of Birth/Age :

30.12.1966

Qualification :

B.Com

Date of Appointment :

03.08.1995

PAN No.:

AABPS7888M

DIN No.:

00362709

Other Directorships :

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	U25209MH1995PTC091368	OVERSEAS POLYMERS PRIVATE LIMITED	Director	03-08-95	03-08-95	-	Active	NO
2	U23209GJ1996PLC030151	VINMAR PETROCHEMICALS (INDIA) LIMITED	Director	05-07-96	05-07-96	-	Active	NO
3	U24110MH1997PTC111270	GRSC INFOTECH PRIVATE LIMITED C/N	Director	14-10-97	14-10-97	-	Active	NO
4	U45200MH2007PTC173543	RACHANA HOMES PRIVATE LIMITED	Director	07-09-07	07-09-07	-	Active	NO
5	U24100MH2006PTC160994	VINMAR INDIA PRIVATE LIMITED	Director	22-01-08	22-01-08	-	Active	NO
6	U55101MH1995PTC093205	RIVERDALE PROPERTIES AND RESORTS PRIVATE LIMITED	Director	14-08-08	12-08-08	-	Active	NO
7	U45400MH2009PTC197296	RACHANA PROJECTS PRIVATE LIMITED	Director	25-11-09	25-11-09	-	Active	NO
8	U45400MH2011PTC220345	GPG BUILDERS PRIVATE LIMITED	Director	24-09-12	20-09-11	-	Active	NO
9	U24233MH2012FTC227968	PLASTICHEM INDIA PRIVATE LIMITED	Director	12-03-12	12-03-12	10-05-12	Active	NO

Name :

Mr. Ranjit Purshotamdas Isher

Designation :

Director

Address :

32, Dhawalgiri Off Film City Road, Megh Malhar Complex, Dindoshi, Goregaon (East) Mumbai 400063, Maharashtra, India

Date of Birth/Age :

15.01.1969

Date of Appointment :

30.09.2010

DIN No.:

00881262

Other Directorships :

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	U24110MH1997PTC111270	GRSC INFOTECH PRIVATE LIMITED C/N	Director	18-10-06	18-10-06	-	Active	NO
2	U74999MH2002PTC134614	INTEGRON ADVISORY SERVICES AND DEVELOPMENT PRIVATE LIMITED	Director	30-09-08	09-04-08	15-05-13	Active	NO
3	U74900MH2009PTC190262	INTEGRON PROPERTY MANAGEMENT SERVICES PRIVATE LIMITED	Director	09-09-09	15-04-09	12-12-09	Active	NO
4	U74140MH2003PTC140843	INTEGRON PROJECT SOLUTIONS PRIVATE LIMITED	Director	25-09-09	15-04-09	12-12-09	Active	NO
5	U25209MH1995PTC091368	OVERSEAS POLYMERS PRIVATE LIMITED	Director	30-09-10	15-12-09	-	Active	NO

Name :

Mr. Surendra Lavti

Designation :

Executive Director

Date of Birth/Age :

55 Years

Experience :

30 years

Date of Appointment :

01.08.2011

KEY EXECUTIVES

Name :	Mr. Anish Purohit
Designation :	Assistance Finance Manager
Name :	Mr. Sunil Shah
Designation :	Finance Head
Name :	Mr. Nilesh Gunventilal Shah
Designation :	Company Secretary
Name :	Mr. B. Trivedi
Designation :	Export Import Executive
Name :	Mr. Piyush Gala
Designation :	Business Head PVC and Rubber
Date of Birth/Age :	39 Years
Qualification :	B.E. (Chemicals)
Date of Appointment :	01.07.2011
Name :	Mr. Kalpesh Dalal
Designation :	Business Head PE and PP
Date of Birth/Age :	38 years
Qualification :	B. Tech Polymers, MBA – Marketing
Date of Appointment :	01.12.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 25.07.2013)

Names of Shareholders	No. of Shares
Himanshu Kantilal Sanghvi	14500
Vaishali Himanshu Sanghvi	14500
Vinmar Offshore Finance Limited – British Westindies	2871000
APG Chemie (India) Private Limited – India	20850
APG Capital Market Limited – India	143150
Total	3064000

(AS ON 30.09.2013)

Equity Shares Break – up

Category	Percentage of Holding
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	93.70
Bodies corporate	5.35
Directors or relatives of directors	0.95
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Dyes, Chemicals and Fabrics.

Products :

Products Description	Item Code No.
Mono Propylene Glycol (MPG)	99611715
Poly Vinyl Chloride (PVC)	99611715
Polyether Polyol	99611715

Imports :

Products :

Raw Materials

Countries :

· Singapore

· USA

· South Korea

Terms :

Selling :

Cash and Credit

Purchasing :

Cash, Credit and LC/ DP

GENERAL INFORMATION

Suppliers :

· AKZO Nobel

· Ray Shel Enterprises

Customers :

Wholesalers and Retailers

· Asian Paints

No. of Employees :

100 (Approximately)

Bankers :

· Corporation Bank

Amboli Branch, Andheri (West), Mumbai, Maharashtra, India

· Corporation Bank

Bangalore Branch Office, Karnataka, India

Tel. No.:91-824-2426416

· Corporation Bank

Mumbai Oversea Branch, 1^st Floor, Earnest House, Nariman Point, Mumbai – 400 021, Maharashtra, India

· The Hong Kong and Shanghai Banking Corporation Limited

52/60, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India.

· HSBC Bank

Fort, Mumbai, Maharashtra, India

· Axis Bank Limited

Fort Branch, Sir P.M. Road, Fort, Mumbai – 400001, Maharashtra, India

· Axis Bank Limited

Corporate Banking Branch, Axis House, Ground Floor, Wadia International Center, P.B. Marg, Worli, Mumbai - 400025, Maharashtra, India

· Yes Bank Limited

9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· ICICI Bank Limited

Facilities :

Secured Loans	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Long term borrowings
Loans Taken for Vehicles (Hypothecation of the respective Vehicle purchased)	0.000	0.732
Short term borrowings
Working Capital Loans from Banks (Hypothecation of revolving Stocks and other, movable assets and also present and future book debts)	17.266	66.168
Other Loan and advances (Hypothecation of revolving Stocks and other, movable assets and also present and future book debts)	1254.108	1012.797
Total	1271.374	1079.697

Banking Relations :	--
Auditors :
Name :	S. S. Kothari and Company Chartered Accountants
Address:	37, Hamam Street, 2^nd Floor, Fort, Mumbai – 400001, Maharashtra, India.
Tel No.:	91-22-22650264/ 22653555/ 22666219
Fax No.:	91-22-22654370
Email :	mail@vparekh.com
PAN No.:	AAAFS0524M
Holding Company :	· Vinmar Offshore Finance Limited, British Westindies
Associates:	· GRSC Infotech Private Limited · Vinmar Petrochemicals (India) Limited · Indian Petrovin Limited · Vinmar International Limited · Vinmar Overseas Limited · Vinmar India Private Limited · Vinmar Chemicals and Polymers B.V. · Vinmar International FZE

CAPITAL STRUCTURE

(AS ON 25.07.2013)

Authorised Capital:

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- Each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
3064000	Equity Shares	Rs.10/- Each	Rs.30.640 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.640	30.640	30.640
(b) Reserves & Surplus	922.396	840.277	644.032
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	953.036	870.917	674.672
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.732	1.468
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.732	1.468
(4) Current Liabilities
(a) Short term borrowings	1271.374	1078.965	1081.867
(b) Trade payables	2501.038	1930.273	1408.639
(c) Other current liabilities	62.777	55.716	45.290
(d) Short-term provisions	60.948	68.200	68.403
Total Current Liabilities (4)	3896.137	3133.154	2604.199
TOTAL	4849.173	4004.803	3280.339
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25.589	26.475	23.094
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.001	0.001	0.001
(c) Deferred tax assets (net)	10.538	7.258	7.157
(d) Long-term Loan and Advances	17.779	9.624	8.641
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	53.907	43.358	38.893
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1789.998	2094.349	1679.300
(c) Trade receivables	2759.680	1761.495	1420.119
(d) Cash and cash equivalents	25.081	9.496	40.316
(e) Short-term loans and advances	220.507	96.105	101.711
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	4795.266	3961.445	3241.446
TOTAL	4849.173	4004.803	3280.339

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	NA	NA	NA
	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		335.900	296.697	344.187
Less/ Add	DEPRECIATION/ AMORTISATION		4.044	3.622	2.904
	PROFIT BEFORE TAX		331.856	293.075	341.283
Less	TAX		107.295	96.830	117.479
	PROFIT AFTER TAX		224.561	196.245	223.804
	EARNINGS IN FOREIGN CURRENCY		36.634	36.888	20.855
	IMPORTS
		Raw Materials	16027.656	9621.293	7423.649
	TOTAL IMPORTS		16027.656	9621.293	7423.649
	Earnings Per Share (Rs.)		73.29	64.05	73.04

Particulars	31.03.2014
Sales Turnover (Approximately)	15000.000

The above information has been parted by Mr. Anish Purohit.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	6.86	7.33	10.43
Return on Investment (ROI) (PBT/Networth)		0.35	0.34	0.51
Debt Equity Ratio (Total Debt/Networth)		1.33	1.24	1.61
Current Ratio (Current Asset/Current Liability)		1.23	1.26	1.24

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	30.640	30.640	30.640
Reserves & Surplus	644.032	840.277	922.396
Net worth	674.672	870.917	953.036
long-term borrowings	1.468	0.732	0.000
Short term borrowings	1,081.867	1,078.965	1,271.374
Total borrowings	1,083.335	1,079.697	1,271.374
Debt/Equity ratio	1.606	1.240	1.334

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one 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	Yes
18]	Major customers	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS

The company has earned a net profit of Rs.224.561 Millions after providing provisions for Depreciation of Rs.4.044 Millions provision for Income Tax of Rs.110.574 Millions after adjusting Deferred Tax of Rs.3.280 Millions.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10376235	12/09/2012	150,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B57997728
2	10369155	12/07/2012	300,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B45126836
3	10112357	12/12/2011 *	500,000,000.00	CORPORATION BANK	MUMBAI OVERSEAS BRANCH, 1ST FLOOR, EARNEST HOUSE, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B30007264
4	10102008	21/09/2012 *	1,450,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, AXIS HOUSE, GR. FLOOR, WADIA INTERNATIONAL CENTER, P.B. MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B58339672
5	90354245	31/12/2009 *	700,000,000.00	THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED	52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A76739986
6	90364124	20/01/2000 *	110,000,000.00	CORPORATION BANK	OVERSEAS BRANCH, EARNEST BRANCH; NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA	-
7	90363887	09/02/1996	286,000.00	THE HONGKONG & SHANGHAI BANKING CORPORATION	SADAM SERVICE CENTRE, WORLI, MUMBAI, MAHARASHTRA, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Building

· Furniture and Fixture

· Vehicles

· Motor Vehicle

· Computers

· Office Equipment

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 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.60.34
UK Pound	1	Rs.101.41
Euro	1	Rs.83.38

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	NIT

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	6
--LIQUIDITY	1~10	5
--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		49

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.