MIRA INFORM REPORT

Report Date :

13.08.2014

IDENTIFICATION DETAILS

Name :	SOPARIWALA EXPORTS PRIVATE LIMITED
Formerly Known As :	SO-EX INVESTMENT AND FINANCE PRIVATE LIMITED
Registered Office :	21^st Floor, Nirmal , Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.02.1992
Com. Reg. No.:	11-065576
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U16000MH1992PTC065576
PAN No.: [Permanent Account No.]	AACCS1620D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Leaf Tobacco, Tobacco Hookah Molasses and Herbal Hookah Molasses.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 4100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

NEWS

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Sarfaraz
Designation :	Office Executive
Contact No.:	91-22-66396666
Date :	12.08.2014

LOCATIONS

Registered Office / Factory:	21^st Floor, Nirmal , Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66396666
Mobile No.:	9820446277 (Mr. Asif Fazlani)
Fax No.:	91-22-66396677
E-Mail :	info@sopariwala.com
Website :	http://www.sopariwala.com http://www.sopariwalaexports.in

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Arif Fazlani

Designation :

Managing director

Address :

Flat No. 342, 34th Floor, Kalpataru Hieghts, Dr. Anandrao Nair Road, Mumbai - 400011, Maharashtra, India

Date of Birth/Age :

23.07.1971

Date of Appointment :

02.07.2008

DIN No. :

00086686

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	U16000MH1992PTC065576	SOPARIWALA EXPORTS PRIVATE LIMITED	Managing director	02/07/2008	25/02/1992	-	Active	NO
2	U16003MH1991PTC061695	BORSAD TOBACCO COMPANY PRIVATE LIMITED	Director	15/02/1993	15/02/1993	-	Active	NO
3	U74994MH1956PTC009776	RATIONAL ART AND PRESS PRIVATE LIMITED	Director	15/02/1993	15/02/1993	-	Active	NO
4	U70100MH1993PTC074448	SHERITON PROPERTIES PRIVATE LIMITED	Director	13/10/1993	13/10/1993	-	Active	NO
5	U15543MH1994PTC083260	SOEX AQUA PRIVATE LIMITED	Director	24/11/1994	24/11/1994	-	Active	NO
6	U01600MH1992PTC065544	SOPARIWALA INDIA PRIVATE LIMITED	Director	01/09/1995	01/09/1995	-	Active	NO
7	U16000MH2002PTC135666	SOEX INDIA PRIVATE LIMITED	Director	26/04/2002	26/04/2002	-	Active	NO
8	U45200MH2003PTC141059	FAZLANI EXPORTS PRIVATE LIMITED	Director	26/06/2003	26/06/2003	06/10/2009	Active	NO
9	U70100MH1993PTC075166	BLUE DIAMOND REALATORS P LTD	Director	10/10/2003	10/10/2003	01/04/2008	Active	NO
10	U74140MH2004PTC144338	MELLOW INDIA PRIVATE LIMITED	Director	03/02/2004	03/02/2004	-	Active	NO
11	U45200MH2004PTC145418	IMPERIAL REALTORS PRIVATE LIMITED	Director	30/03/2004	30/03/2004	-	Amalgamated	NO
12	U45200MH2004PTC145417	CAMBRIDGE REALTORS PRIVATE LIMITED	Director	30/03/2004	30/03/2004	-	Amalgamated	NO
13	U45200MH2004PTC145416	COLUMBIA REALTORS PRIVATE LIMITED	Director	30/03/2004	30/03/2004	-	Amalgamated	NO
14	U45200MH2004PTC145596	CRESENT REALTORS PRIVATE LIMITED	Director	08/04/2004	08/04/2004	-	Active	NO
15	U24245MH2005PTC153173	HIGH STREET TOBACCO PRIVATE LIMITED	Director	10/05/2005	10/05/2005	-	Active	NO
16	U80301MH2005PTC156731	Fazlani Altius Business School Private Limited	Director	14/10/2005	14/10/2005	-	Active	NO
17	U16009MH2006PTC162750	ARABIAN NIGHTS PRIVATE LIMITED	Director	20/06/2006	20/06/2006	-	Active	NO
18	U45201MH2006PTC162751	PASSION REALTORS PRIVATE LIMITED	Director	20/06/2006	20/06/2006	-	Active	NO
19	U45201MH2006PTC162752	GOLD CASTLE REALTORS PRIVATE LIMITED	Director	20/06/2006	20/06/2006	-	Active	NO
20	U16009MH2006PTC164610	ARABIAN NIGHTS SHISHA PRIVATE LIMITED	Director	15/09/2006	15/09/2006	-	Amalgamated	NO
21	U45201MH2006PTC164949	GOLDEN MOUNT REALTORS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
22	U45201MH2006PTC164948	OCEAN BLUE REALTORS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
23	U45201MH2006PTC164952	MARIE GOLD REALTORS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
24	U45201MH2006PTC164947	FIRST CAPITOL REALTORS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
25	U45202MH2007PTC169953	ORIENTAL REALTORS PRIVATE LIMITED	Director	13/04/2007	13/04/2007	-	Active	NO
26	U45202MH2007PTC169950	SEVEN SEAS REALTORS PRIVATE LIMITED	Director	13/04/2007	13/04/2007	-	Active	NO
27	U45202MH2007PTC169951	HIGH STREET REALTORS PRIVATE LIMITED	Director	13/04/2007	13/04/2007	-	Active	NO
28	U74999MH2007PTC169985	MATRIX AUTOMOBILES PRIVATE LIMITED	Director	16/04/2007	16/04/2007	-	Active	NO
29	U74999MH2008PTC181262	SOEX FLORA PRIVATE LIMITED	Director	17/04/2008	17/04/2008	-	Active	NO
30	U51219GJ2009PTC056541	BORSAD AGRO MARKETING PRIVATE LIMITED	Nominee director	06/04/2009	06/04/2009	-	Strike off	NO
31	U93000MH2012NPL234836	TOBACCO AND TOBACCO PRODUCTS MANUFACTURERS' ASSOCIATION	Director	23/08/2012	23/08/2012	-	Active	NO
32	U74999MH2013NPL250332	FAZLANI FOUNDATION	Director	23/11/2013	23/11/2013	-	Active	NO
33	U74999MH2014NPL254649	FLOWER GROWERS' AND MARKETEERS' ASSOCIATION	Director	19/03/2014	19/03/2014	-	Active	NO

Name :

Mr. Asif Abdul Kader Fazlani

Designation :

Director

Address :

Flat No. 352, 35th Floor, Kalpataru Hieghts, Dr. Anandrao Nair Road, Mumbai - 400011, Maharashtra, India

Date of Birth/Age :

12.03.1981

Date of Appointment :

19.08.2004

PAN No. :

ACRPA7796A

DIN No. :

00086542

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	U74994MH1956PTC009776	RATIONAL ART AND PRESS PRIVATE LIMITED	Director	01/09/2003	01/09/2003	28/03/2008	Active	NO
2	U16000MH2002PTC135666	SOEX INDIA PRIVATE LIMITED	Managing director	01/07/2013	01/09/2003	-	Active	NO
3	U16000MH1992PTC065576	SOPARIWALA EXPORTS PRIVATE LIMITED	Director	19/08/2004	19/08/2004	-	Active	NO
4	U16009MH2006PTC164610	ARABIAN NIGHTS SHISHA PRIVATE LIMITED	Director	15/09/2006	15/09/2006	-	Amalgamated	NO
5	U24245MH2005PTC153173	HIGH STREET TOBACCO PRIVATE LIMITED	Director	11/03/2008	11/03/2008	-	Active	NO
6	U45200MH2003PTC141059	FAZLANI EXPORTS PRIVATE LIMITED	Director	04/04/2008	04/04/2008	-	Active	NO
7	U80301MH2005PTC156731	Fazlani Altius Business School Private Limited	Director	10/09/2009	10/09/2009	31/05/2013	Active	NO
8	U16009MH2006PTC162750	ARABIAN NIGHTS PRIVATE LIMITED	Director	13/11/2009	13/11/2009	-	Active	NO
9	U16003MH1991PTC061695	BORSAD TOBACCO COMPANY PRIVATE LIMITED	Director	01/12/2011	01/12/2011	-	Active	NO
10	U93000MH2012NPL234836	TOBACCO AND TOBACCO PRODUCTS MANUFACTURERS' ASSOCIATION	Director	23/08/2012	23/08/2012	-	Active	NO
11	U74999MH2014NPL254649	FLOWER GROWERS' AND MARKETEERS' ASSOCIATION	Director	19/03/2014	19/03/2014	-	Active	NO
12	U74999MH2007PTC169985	MATRIX AUTOMOBILES PRIVATE LIMITED	Additional director	16/07/2014	16/07/2014	-	Active	NO

Name :

Mr. Faisal Yunus Fazlani

Designation :

Director

Address :

Flat No. 901, 9th Floor, United Arch, 65, Farooq Omer Street, Mumbai - 400008, Maharashtra, India

Date of Birth/Age :

09.01.1978

Date of Appointment :

03.04.2008

PAN No. :

AACPY6302M

DIN No. :

00182152

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	U16003MH1991PTC061695	BORSAD TOBACCO COMPANY PRIVATE LIMITED	Managing director	07/07/2008	07/10/2003	-	Active	NO
2	U24245MH2005PTC153173	HIGH STREET TOBACCO PRIVATE LIMITED	Director	11/03/2008	11/03/2008	-	Active	NO
3	U16000MH1992PTC065576	SOPARIWALA EXPORTS PRIVATE LIMITED	Director	03/04/2008	03/04/2008	-	Active	NO
4	U51219GJ2009PTC056541	BORSAD AGRO MARKETING PRIVATE LIMITED	Nominee director	06/04/2009	06/04/2009	-	Strike off	NO
5	U93000MH2012NPL234836	TOBACCO AND TOBACCO PRODUCTS MANUFACTURERS' ASSOCIATION	Director	23/08/2012	23/08/2012	-	Active	NO
6	U74999MH2013NPL250332	FAZLANI FOUNDATION	Director	23/11/2013	23/11/2013	-	Active	NO
7	U70100MH1993PTC074448	SHERITON PROPERTIES PRIVATE LIMITED	Additional director	18/02/2014	18/02/2014	-	Active	NO
8	U74999MH2014NPL254649	FLOWER GROWERS' AND MARKETEERS' ASSOCIATION	Director	19/03/2014	19/03/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sarfaraz
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Arif Fazlani	100
Abdul Kader Fazlani	100
Irfan Fazlani	100
Iqbal Fazlani	100
Asif Fazlani	100
Faisal Fazlani	120
Imran Fazlani	120
Nadeem Fazlani	110
Siddique Fazlani	150
Total	1000

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Leaf Tobacco, Tobacco Hookah Molasses and Herbal Hookah Molasses.
Products :	· Isfahan Tobacco ( Yellow) · Lal Chopdia Isfahan - R · Lal Chopdia LCLL-1 · Rustica Tobacco KKC · Rustica Tobacco Irll

GENERAL INFORMATION

No. of Employees :	Information declined by the management.
Bankers :	Not Divulged

Banking Relations :	---
Auditors :
Name :	Mayank J Shah and Company Chartered Accountants
Address :	18 Govind Building, 2^nd Floor, Near Round Building, 140/142 Princess Street , Mumbai-400002, Maharashtra, India
PAN No.:	ASXPS9734J
Associate :	· Sopariwala Exports · Soex India Private Limited [U16000MH2002PTC135666]
Subsidiary Company :	Borsad Tobacco Company Private Limited [U16003MH1991PTC061695]
Other Related Parties :	· Borsad Tobacco Company Private Limited · Sopariwala Exports · Fazlani Exports Private Limited · Soex India Private Limited · Aishabai and Haji Abdul Latif Chartiable Trust

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
29,600	Equity Shares	Rs. 100/- each	Rs 2.960 Millions
400	Preference Shares	Rs. 100/- each	Rs. 0.040 Million
	Total		Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000	Equity Shares	Rs. 100/- each	Rs. 0.100 Million

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	0.100	0.100	0.100
(b) Reserves & Surplus	1,012.656	722.946	506.752
(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)	1,012.756	723.046	506.852
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	109.200
(b) Deferred tax liabilities (Net)	9.025	7.794	7.768
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.378	3.541	0.000
Total Non-current Liabilities (3)	13.403	11.335	116.968
(4) Current Liabilities
(a) Short term borrowings	0.000	2.000	2.000
(b) Trade payables	148.894	195.038	101.292
(c) Other current liabilities	78.931	21.557	12.464
(d) Short-term provisions	527.883	391.113	281.133
Total Current Liabilities (4)	755.708	609.708	396.889
TOTAL	1,781.867	1,344.089	1,020.709
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	295.808	208.499	202.495
(ii) Intangible Assets	1.828	2.962	3.761
(iii) Capital work-in-progress	0.858	11.812	0.299
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8.000	8.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	348.411	158.125	10.984
(e) Other Non-current assets	0.461	0.597	0.629
Total Non-Current Assets	655.366	389.995	218.168
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	307.531	229.481	191.210
(c) Trade receivables	82.914	109.859	73.593
(d) Cash and cash equivalents	102.685	148.666	268.026
(e) Short-term loans and advances	615.811	450.804	256.043
(f) Other current assets	17.560	15.284	13.669
Total Current Assets	1,126.501	954.094	802.541
TOTAL	1,781.867	1,344.089	1,020.709

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	1,566.612	1,346.004	1,187.734
	Other Income	15.813	26.206	21.030
	TOTAL	1,582.425	1,372.210	1,208.764
Less	EXPENSES
	TOTAL	1,111.023	1,019.768	899.576
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	471.402	352.442	309.188
Less/ Add	DEPRECIATION/ AMORTISATION	36.386	29.143	25.501
	PROFIT/ (LOSS) BEFORE TAX	435.016	323.299	283.687
Less	TAX	145.306	107.105	98.761
	PROFIT/ (LOSS) AFTER TAX	289.710	216.194	184.926
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	722.946	506.752	321.826
	BALANCE CARRIED TO THE B/S	1,012.656	722.946	506.752
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1,523.593	1,322.949	1,162.981
	TOTAL EARNINGS	1,523.593	1,322.949	1,162.981
	Earnings / (Loss) Per Share (Rs.)	289710.00	216194.00	184926.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	18.31	15.76	15.30
Net Profit Margin (PBT/Sales)	(%)	27.77	24.02	23.88
Return on Total Assets (PBT/Total Assets)	(%)	24.54	24.41	27.80
Return on Investment (ROI) (PBT/Networth)		0.43	0.45	0.56
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.22
Current Ratio (Current Asset/Current Liability)		1.49	1.56	2.02

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	0.100	0.100	0.100
Reserves & Surplus	506.752	722.946	1,012.656
Net worth	506.852	723.046	1,012.756
long-term borrowings	109.200	0.000	0.000
Short term borrowings	2.000	2.000	0.000
Total borrowings	111.200	2.000	0.000
Debt/Equity ratio	0.219	0.003	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	1,187.734	1,346.004	1,566.612
		13.325	16.390

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	1,187.734	1,346.004	1,566.612
Profit/(Loss) After Tax	184.926	216.194	289.710
	15.57%	16.06%	18.49%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	------
22]	Litigations that the firm / promoter involved in	------
23]	Banking Details	No
24]	Banking facility details	No
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	No

INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

REVIEW OF OPERATION :

Revenue from operation increased by 16.29% from Rs. 1357. 359 Millions in 2011-2012 to Rs. 1578.499 Millions in 2012-2013. Other Income during the previous year i.e. 2011-2012, there was a remarkable gain in foreign exchange earning in comparison to current year's earning. As a result of which, other income decreased by 73.56% from Rs. 14.850 Millions in 2011-2012 to Rs. 3.926 Millions in 2012-2013. During the year Rs. 289.710 Millions has been transferred to Reserve and Surplus Account.

FIXED ASSETS

· Land

· Buildings

· Office building

· Factory building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

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 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.61.18
UK Pound	1	Rs.102.56
Euro	1	Rs.81.78

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUM
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	----
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		60

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.