MIRA INFORM REPORT

Report Date :

28.04.2014

IDENTIFICATION DETAILS

Name :	J THOMAS AND COMPANY PRIVATE LIMITED

Registered Office :	11 R N Mukherjee Road, Kolkata – 700001, West Bengal

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	24.04.1947

Com. Reg. No.:	21-015276

Capital Investment / Paid-up Capital :	Rs.19.200 Millions

CIN No.: [Company Identification No.]	U51909WB1947PTC015276

TAN No.: [Tax Deduction & Collection Account No.]	CALJ00097G

Legal Form :	Private Limited Liability Company

Line of Business :	Tea Auctioneers in the world.

No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 730000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

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.2453.2 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	CRISIL
Rating	Long Term Rating = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	12.07.2013

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 (GENERAL DETAILS)

Name :	Mr. Sabyasachi Choudhury
Designation :	Junior Assistant
Contact No.:	91-9830611582
Date :	10.04.2014

LOCATIONS

Registered Office :	11 R N Mukherjee Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22486201 / 6202
Mobile No.:	91-9830611582 (Mr. Sabyasachi Choudhury)
Fax No.:	91-33-22435342
E-Mail :	accounts@jthomas.in sabyasachi@jthomos.in kolkata@jthomas.in
Website :	http://www.jthomasindia.com

Branch Offices :	Located At: Bangalore Coimbatore Coonoor Dibrugarh Guwahati Kochi Siliguri

DIRECTORS

As on 12.08.2013

Name :

Mr. Krishan Katyal

Designation :

Managing Director

Address :

E-38, Willingdon Enclave, Thevara, Cochin – 682012, Kerala, India

Date of Birth/Age :

31.04.1956

Date of Appointment :

01.04.2013

DIN No.:

00765487

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	U51909WB1947PTC015276	J THOMAS AND COMPANY PRIVATE LIMITED	Managing director	01/04/2013	01/04/2001	-	Active	NO
2	U51226WB1972PTC028216	TEA CONSULTANCY AND PLANTATION SERVICES (INDIA) PRIVATE LIMITED	Additional director	28/03/2013	28/03/2013	-	Active	NO
3	U65921WB1995PTC073715	J. THOMAS FINANCE PRIVATE LIMITED	Additional director	28/03/2013	28/03/2013	21/10/2013	Active	NO
4	U51220WB1947PTC015285	TEA QUOTAS PRIVATE LIMITED	Additional director	28/03/2013	28/03/2013	-	Active	NO

Name :

Mr. Vijay Shankar

Designation :

Managing Director

Address :

E-38, Willingdon Enclave, Thevara, Cochin – 682012, Kerala, India

Date of Birth/Age :

14.01.1953

Date of Appointment :

01.04.2013

DIN No.:

00144489

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	U51909WB1947PTC015276	J THOMAS & COMPANY PRIVATE LIMITED	Managing director	01/04/2013	01/04/1998	-	Active	NO
2	U51909TZ2005PTC011526	J THOMAS AND COMPANY AUCTIONEERS TAMIL NADU PRIVATE LIMITED	Whole-time director	17/01/2005	17/01/2005	-	Active	NO
3	U91110KL1992NPL006873	TEA TRADE ASSOCIATION OF COCHIN	Director	29/09/2009	29/09/2009	-	Active	NO
4	U51220WB1947PTC015285	TEA QUOTAS PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
5	U01132TZ1982NPL001233	THE TEA TRADE ASSOCIATION OF COIMBATORE	Director	14/03/2014	14/03/2014	-	Active	NO

Name :

Mr. Chamacheril Abraham Mohan

Designation :

Managing Director

Address :

Flat – 32, Alipore Estates, 8/6/1 Alipore Eoad, Kolkata – 700027, West Bengal India

Date of Birth/Age :

01.06.1952

Date of Appointment :

01.04.2013

DIN No.:

00628107

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	U51909WB1947PTC015276	J THOMAS AND COMPANY PRIVATE LIMITED	Managing director	01/04/2013	01/04/2002	-	Active	NO
2	U51226WB1972PTC028216	TEA CONSULTANCY AND PLANTATION SERVICES (INDIA) PRIVATE LIMITED	Additional director	30/03/2010	30/03/2010	-	Active	NO
3	U22219WB1950PTC018897	J THOMAS TRADING AND INVESTMENTS PRIVATE LIMITED	Director	30/03/2010	30/03/2010	19/03/2012	Active	NO
4	U65921WB1995PTC073715	J. THOMAS FINANCE PRIVATE LIMITED	Director	30/03/2010	30/03/2010	21/10/2013	Active	NO
5	U51220WB1947PTC015285	TEA QUOTAS PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO

Name :

Mr. Mathew Cherukara George

Designation :

Whole Time Director

Address :

1/317 A, Rose Street, Fort Kochi, Ernakulam – 682001, Kerala, India

Date of Birth/Age :

08.09.1951

Date of Appointment :

01.04.2013

DIN No.:

00220476

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	U51909TZ2005PTC011526	J THOMAS AND COMPANY AUCTIONEERS TAMIL NADU PRIVATE LIMITED	Director	17/01/2005	17/01/2005	-	Active	NO
2	U65921WB1995PTC073715	J. THOMAS FINANCE PRIVATE LIMITED	Director	16/06/2006	16/06/2006	01/04/2010	Active	NO
3	U01132TZ1982NPL001233	THE TEA TRADE ASSOCIATION OF COIMBATORE	Director	21/09/2012	26/09/2008	14/03/2014	Active	NO
4	U51909WB1947PTC015276	J THOMAS AND COMPANY PRIVATE LIMITED	Whole-time director	01/04/2013	01/04/2010	-	Active	NO

Name :

Mr. Kothaneth Ashok

Designation :

Whole Time Director

Address :

21 D, Raja Santosh Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

10.12.1955

Date of Appointment :

01.04.2013

DIN No.:

02272068

Other Directorship:

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

U65921WB1995PTC073715

J. THOMAS FINANCE PRIVATE LIMITED

Director

04/01/2002

01/04/2010

Active

U51909WB1947PTC015276

J THOMAS AND COMPANY PRIVATE LIMITED

Whole-time director

01/04/2013

01/04/2010

Active

Name :

Mr. Ravindra Suchanti

Designation :

Whole Time Director

Address :

Flat – 23, Block B. Shyamkunj, 128, Lord Shnha Road, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

07.12.958

Date of Appointment :

01.04.2013

DIN No.:

00143116

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	U51226WB1972PTC028216	TEA CONSULTANCY AND PLANTATION SERVICES (INDIA) PRIVATE LIMITED	Director	01/04/2002	01/04/2002	01/11/2010	Active	NO
2	U51909TZ2005PTC011526	J THOMAS AND COMPANY AUCTIONEERS TAMIL NADU PRIVATE LIMITED	Director	17/01/2005	17/01/2005	31/03/2010	Active	NO
3	U51909WB1947PTC015276	J THOMAS AND COMPANY PRIVATE LIMITED	Whole-time director	01/04/2013	01/04/2010	-	Active	NO

Name :

Kavi Seth

Designation :

Whole Time Director

Address :

Block A, Flat No. 103, 7/1 A, Sunny Park, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

02.12.1963

Date of Appointment :

01.04.2013

DIN No.:

02079274

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	U15421WB1913PLC002430	AMARAWATI TEA CO LIMITED	Director	20/09/2008	25/01/2008	-	Active	NO
2	U74930WB2005PTC106658	RAI ENCLAVE FACILITIES MANAGEMENT PRIVATE LIMITED	Director	22/08/2008	22/08/2008	-	Active	NO
3	U65921WB1995PTC073715	J. THOMAS FINANCE PRIVATE LIMITED	Director	30/03/2010	30/03/2010	21/10/2013	Active	NO
4	U51909WB1947PTC015276	J THOMAS AND COMPANY PRIVATE LIMITED	Whole-time director	01/04/2013	01/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sabyasachi Choudhury
Designation :	Junior Assistant

MAJOR SHAREHOLDERS

As on 12.08.2013

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 12.08.2013

Category	Percentage
Bodies corporate	0.15
Directors or relatives of Directors	73.65
Other top fifty shareholders	26.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Tea Auctioneers in the world.

GENERAL INFORMATION

No. of Employees :

125 (Approximately)

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India
Indusind Bank Limited, Savitri Tower, 3a Upper Wood Street, Kolkata - 700017, West Bengal, India
The Federal Bank Limited, R N Mukherjee Road Branch, 1 R N Mukherjee Road, Kolkata - 700001, West Bengal, India
Kotak Mahindra Bank Limited, 7th Floor, Ambadeep Building, K G Marg, New Delhi - 110001, Delhi, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
From Bank
Cash credit and overdraft facilities	50.371	36.860
Total	50.371	36.860

Note:

Secured by way of first charge over the entire book debts and advances to sellers, both present and future.


Banking Relations :	--

Auditors :
Name :	Deloitee Haskins and Sells Chartered Accountants
Address :	Bengal Intelligent Park, Building Alpha, 1^st Floor, Block – EP and GP, Sector – V, Salt Lake Electronic Complex, Kolkata – 700092, West Bengal, India
Tel. No.:	91-33-66121000
Fax No.:	91-33-66121001
PAN No.:	AADFD5357J

Subsidiaries :	Tea Consultancy and Plantation Services (India) Private Limited Share Capital : Rs.0.200 Million J Thomos Trading and Investment Private Limited Share Capital : Rs.0.500 Million J Thomos Investment Services Private Limited Share Capital : Rs.5.001 Millions J Thomos Finance Private Limited Share Capital : Rs.5.001 Millions J Thomas and Company Auctioneers Tamil Nadu Private Limited Share Capital : Rs.0.500 Million

CAPITAL STRUCTURE

As on 12.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

160000	Equity Shares	Rs.10/- each	Rs.1.600 Millions
320	Founders shares	Rs.100/- each	Rs.0.032 Million
159360	Equity Shares	Rs.100/- each	Rs.15.936 Millions
16320	Deferred Equity Shares	Rs.100/- each	Rs.1.632 Millions
	Total		Rs.19.200 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

160000	Equity Shares	Rs.10/- each	Rs.1.600 Millions
320	Founders shares	Rs.100/- each	Rs.0.032 Million
159360	Equity Shares	Rs.100/- each	Rs.15.936 Millions
16320	Deferred Equity Shares	Rs.100/- each	Rs.1.632 Millions
	Total		Rs.19.200 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	19.200	19.200	19.200
(b) Reserves & Surplus	163.101	152.896	146.340
(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)	182.301	172.096	165.540

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	6.054	5.277	5.277
(d) long-term provisions	15.519	13.115	13.461
Total Non-current Liabilities (3)	21.573	18.392	18.738

(4) Current Liabilities
(a) Short term borrowings	50.371	36.860	52.159
(b) Trade payables	163.589	229.038	70.203
(c) Other current liabilities	20.570	19.922	34.763
(d) Short-term provisions	56.463	38.576	29.691
Total Current Liabilities (4)	290.993	324.396	186.816

TOTAL	494.867	514.884	371.094

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	72.520	54.194	55.876
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.600	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	16.468	31.468	21.468
(c) Deferred tax assets (net)	2.117	0.907	0.877
(d) Long-term Loan and Advances	9.310	18.672	11.925
(e) Other Non-current assets	5.075	20.294	11.321
Total Non-Current Assets	106.090	125.535	101.467

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	106.529	165.121	14.154
(d) Cash and cash equivalents	205.646	151.036	155.590
(e) Short-term loans and advances	68.899	65.632	92.804
(f) Other current assets	7.703	7.560	7.079
Total Current Assets	388.777	389.349	269.627

TOTAL	494.867	514.884	371.094

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011

INCOME	NA	NA	NA

EXPENSES	NA	NA	NA

PROFIT/(LOSS) BEFORE TAX	117.236	93.313	84.259

TAX	49.431	38.756	38.922

PROFIT/(LOSS) AFTER TAX	67.805	54.557	45.337

Earnings Per Share (Rs.)	201.80	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	24.65	19.34	24.16

Return on Investment (ROI) (PBT/Networth)		0.64	0.54	0.51

Debt Equity Ratio (Total Debt /Networth)		0.28	0.21	0.32

Current Ratio (Current Asset/Current Liability)		1.34	1.20	1.44

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	19.200	19.200	19.200
Reserves & Surplus	146.340	152.896	163.101
Net worth	165.540	172.096	182.301

long-term borrowings	0.000	0.000	0.000
Short term borrowings	52.159	36.860	50.371
Total borrowings	52.159	36.860	50.371
Debt/Equity ratio	0.315	0.214	0.276

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	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS:

During the year ended 31^st March 2013, the company sold 187.03 M. Kgs. tea at an average price of Rs.142.80 and 3.67 M. Kg. coffee at the average price of Rs.152.73 quantity of rubber handied was 23.11 M. Kgs.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10438289	09/07/2013	80,000,000.00	KOTAK MAHINDRA BANK LIMITED	7th Floor, Ambadeep Building, K G Marg, New Delhi, Delhi - 110001, India	B80227622
2	10381477	25/09/2012	100,000,000.00	HDFC BANK LIMITED	HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai, Maharashtra - 400013, India	B60063724
3	10370577	08/08/2012	50,000,000.00	THE FEDERAL BANK LIMITED	R N Mukherjee Road Branch, 1 R N Mukherjee Road, Kolkata, West Bengal - 700001, India	B45683828
4	80029658	27/02/2009 *	18,000,000.00	VIJAYA BANK	Brabourne Road Branch, 1 and 2 Old Court House Corner, Kolkata, West Bengal - 700001, India	A57708042

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.11
UK Pound	1	Rs.102.71
Euro	1	Rs.84.52

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	SUM

Report Prepared by :	VNT

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		47

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.