MIRA INFORM REPORT

Report Date :

21.08.2014

IDENTIFICATION DETAILS

Name :	SPECTRUM INTERNATIONL PRIVATE LIMITED
Registered Office :	Lotus House, 5^th Floor, 33A, New Marine Lines, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	30.09.2012
Date of Incorporation :	07.02.1991
Com. Reg. No.:	11-060155
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U51900MH1991PTC060155
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of textile items of all types of Yarns, Grey and Finished Fabric, Bed Sheets, Shirting, Suiting, Towels etc.
No. of Employees :	88 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has failed to file its financials of 2013 with government department. As per financials of 2012, profitability of the company is low. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

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

N E W S

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 PARTED BY

Name :	Mr. Ashwin Chauhan
Designation :	Accounts and Finance Manager
Contact No.:	91-22-66315801
Date :	04.02.2013

LOCATIONS

Registered Office :	Lotus House, 5^th Floor, 33A, New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-66315801
Fax No.:	91-22-66315809
E-Mail :	ashwinc@amitgroup.com ashwin.chauhan@amitgroup.com
Website :	www.amitgroup.com
Location :	Rented
Branch Office 1:	No. 1, Ratna Sarita, Jintan Road, Surendra Nagar, Gujarat – 363 002, India
Location :	Owned
Branch Office 2:	29/2/, Jalaram Ward Block, Pandurna, District – Chhindwara, Madhya Pradesh, India
Branch Office:	Located at · Rajasthan · Madhya Pradesh · Odisha

DIRECTORS

As on 28.12.2012

Name :

Mr. Parantap Priyakant Dave

Designation :

Director

Address :

9, Bharat Mahal, 37, Lajpatrai Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

29.04.1961

Date of Appointment :

01.11.2006

DIN No.:

00019472

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	U74140MH1989PTC052009	DHANIPA MANAGEMENT SERVICES PRIVATE LIMITED	Director	06/06/1989	06/06/1989	-	Active	NO
2	L32109MH1986PLC040353	MULTI ARC INDIA LIMITED	Alternate director	30/10/2007	26/07/2001	03/06/2008	Active	YES
3	U74999GJ2005PLC047344	MULTI ARC COATING AND STRAPS LIMITED	Director	22/07/2006	30/01/2006	30/10/2007	Active	YES
4	U51900MH1991PTC060155	SPECTRUM INTERNATIONL PRIVATE LIMITED	Director	01/11/2006	01/11/2006	-	Active	NO
5	U74899DL1973PLC006950	MAS SERVICES LIMITED	Director	27/09/2008	30/10/2007	-	Active	NO
6	L80101MH2006PLC163028	TREE HOUSE EDUCATION AND ACCESSORIES LIMITED	Director	30/09/2009	13/08/2008	-	Active	NO
7	U01403MH2008PTC188810	SAJEEV AGRI PRIVATE LIMITED	Director	11/12/2008	11/12/2008	-	Active	NO
8	U74900MH2010PTC198331	CAPVITAL ADVISORS PRIVATE LIMITED	Director	02/01/2010	02/01/2010	-	Active	NO
9	U74999MH2000PTC128531	SANKALP SIDDHI CORPORATE ADVISORY PRIVATE LIMITED	Director	03/09/2012	29/12/2011	-	Active	NO
10	U74120MH2012PTC231035	A3 ENTERPRISES PRIVATE LIMITED	Additional director	25/10/2012	25/10/2012	18/02/2013	Active	NO

Name :

Mr. Amit Bharat Shah

Designation :

Director

Address :

223, Maker Tower ‘B’, Cuff Parade, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

16.11.1974

Date of Appointment :

01.04.2006

DIN No.:

00292794

PAN No.:

AAEPS9683B

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	U17119GJ1991PTC015914	AMIT GREEN ACRE PRIVATE LIMITED	Director	01/07/2002	01/07/2002	-	Active	NO
2	U51900MH1991PTC060155	SPECTRUM INTERNATIONL PRIVATE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
3	U17111MH1998PTC135139	RAJPAL COTTON INDUSTRIES PRIVATE LIMITED	Whole-time director	28/09/2007	28/09/2007	-	Active	NO
4	U01403MH2008PTC188810	SAJEEV AGRI PRIVATE LIMITED	Director	11/12/2008	11/12/2008	-	Active	NO

Name :

Mr. Amitabhkumar Umesh Singh

Designation :

Director

Address :

702, Ajramar Apartments, Jintan Road, Swastik Cross Road, Surendranagar – 363002, Gujarat, India

Date of Birth/Age :

15.10.1968

Date of Appointment :

10.01.2007

DIN No.:

01002188

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	U17119GJ1991PTC015914	AMIT GREEN ACRE PRIVATE LIMITED	Director	01/07/2002	01/07/2002	-	Active	NO
2	U51900MH1991PTC060155	SPECTRUM INTERNATIONL PRIVATE LIMITED	Director	10/01/2007	10/01/2007	-	Active	NO
3	U01403MH2008PTC188810	SAJEEV AGRI PRIVATE LIMITED	Director	11/12/2008	11/12/2008	-	Active	NO
4	U51900GJ2014PTC080443	SUSTAINABLE TEXTILE AND AGRICULTURE COMMODITIES (STAC) PRIVATE LIMITED	Director	12/08/2014	12/08/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashwin Chauhan
Designation :	Accounts and Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.12.2012

Names of Shareholders	No. of Shares
Bharat Punamchand Shah – HUF	1150
Smita Bharat Shah	115100
Nipa Amit Shah	210100
Amit Business Services Private Limited, India	297150
Punamchand Shah	10
Savita P Shah	10
Tejal M Shah	10
Varsha M Shah	10
S M Shenoy	10
Amit Bharat Shah Equity	14600
Aparna Bharat Shah	56700
Ashita Kantilal Sheth	305000
Tulsidas Vallabhji Shah – HUF	10
Yogendra Tulsidas Shah	10
Tarulata Gandhi	10
Yogendra Tulsidas Shah – HUF	10
Ashok Mehta	10
Madhukant Shah	10
Subhash Mehta	10
Surekha Mehta	10
Anjana Bipin Shah	10
Kishor Mehta	10
Nayan T Shah	10
Nisha Shah	10
Raxa Nayan Shah	10
Nemchand Kasturchand and Sons	10
RNA Builders (Proprietor Manju N Gupta)	10
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on 28.12.2012

Category	Percentage
Bodies corporate	29.71
Directors or relatives of Directors	39.77
Other top fifty shareholders	30.52
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of textile items of all types of Yarns, Grey and Finished Fabric, Bed Sheets, Shirting, Suiting, Towels etc.

Products :

Product Description	Item Code No.
Cotton Bales	52010013

Exports :

Products :

Finished Goods

Countries :

· Pakistan

· Bangladesh

· France

· China

· Indonesia

Terms :

Selling :

Cash

Purchasing :

Credit 30 days and 60 days

GENERAL INFORMATION

Customers :

End User

No. of Employees :

88 (Approximately)

Bankers :

• State Bank of India, Vashi -Turbhe Branch, Sector19-C, Vashi, Navi Mumbai – 400703, Maharashtra, India
• Centurion Bank of Punjab Limited, Durga Niwasm G Road, Panji – 403001, Goa, India

Facilities :

Secured Loan	30.09.2012 (Rs. in Millions)	30.09.2011 (Rs. in Millions)
Short-term borrowings
Loans taken for fixed assets	0.044	0.214
Other loans and advances, Others	48.149	45.453
Total	48.193	45.667

Banking Relations :	--
Financial Intuition :	3i Infotech Trusteeship Services Limited, 3^rd Floor to 6^th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400703, Maharashtra, India
Auditors :
Name :	Timbadia and Associates Chartered Accountants
Address :	5/ Sambava Chamers, 1^st Floor, Sir P. M. Road, Fort, Mumbai – 4000001, Maharashtra, India
PAN.:	AAAPT3710G
Associate Enterprises:	· Amit Green Acre Private Limited, India [U17119GJ1991PTC015914] · Rajpal Cotton Industries Private Limited, India [U17111MH1998PTC135139] · Amit Business Services Private Limited. · Sajeev Agri Private Limited, India [U01403MH2008PTC188810] · KT Cimpex Private Limited, India [U24239MH2001PTC131972] · Amni Cotton Private Limited, India [ U17121MH2001PTC132537]

CAPITAL STRUCTURE

As on 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.09.2012	30.09.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000
(b) Reserves & Surplus	23.263	19.582
(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)	33.263	29.582
(3) Non-Current Liabilities
(a) long-term borrowings	16.214	16.211
(b) Deferred tax liabilities (Net)	0.040	0.038
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.961	0.777
Total Non-current Liabilities (3)	17.215	17.026
(4) Current Liabilities
(a) Short term borrowings	77.193	68.081
(b) Trade payables	63.350	20.434
(c) Other current liabilities	6.358	9.729
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	146.901	98.244
TOTAL	197.379	144.852
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.796	3.605
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	4.796	3.605
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	18.901	13.820
(c) Trade receivables	90.613	29.171
(d) Cash and cash equivalents	11.417	20.169
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	71.652	78.087
Total Current Assets	192.583	141.247
TOTAL	197.379	144.852

SOURCES OF FUNDS		30.09.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000
2] Share Application Money		0.000
3] Reserves & Surplus		12.756
4] (Accumulated Losses)		0.000
NETWORTH		22.756
LOAN FUNDS
1] Secured Loans		45.264
2] Unsecured Loans		16.599
TOTAL BORROWING		61.863
DEFERRED TAX LIABILITIES		0.099
TOTAL		84.718
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.680
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.639
	Sundry Debtors	47.394
	Cash & Bank Balances	5.801
	Other Current Assets	0.000
	Loans & Advances	46.996
Total Current Assets		107.830
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.893
	Other Current Liabilities	0.520
	Provisions	1.379
Total Current Liabilities		26.792
Net Current Assets		81.038
MISCELLANEOUS EXPENSES		0.000
TOTAL		84.718

PROFIT & LOSS ACCOUNT

	PARTICULARS	30.09.2012	30.09.2011	30.09.2010
	SALES
	Income
	Other Income
	TOTAL (A)	1204.797	956.814	808.576
Less	EXPENSES (B)	1183.436	938.255	788.027
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	21.361	18.559	20.549
Less	FINANCIAL EXPENSES (D)	15.755	10.377	11.750
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	5.606	8.182	8.799
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.524	0.416	0.377
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	5.082	7.766	8.422
Less	TAX (I)	1.401	0.940	0.569
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	3.681	6.826	7.853
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	18.582	11.756	3.903
	Balance Carried to the B/S	22.263	18.582	11.756
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	288.803	16.313	42.867
	Earnings / (Loss) Per Share (Rs.)	3.68	6.83	7.85

Particulars	30.09.2014	30.09.2013
Sales Turnover (Approximately)	1600.000	1470.000

Expected Sales (2014-2015) : Rs.3000.000 Millions

The above information has been parted by Mr. Ashwin Chauhan (Accounts and Finance Manager)

KEY RATIOS

PARTICULARS		30.09.2012	30.09.2011	30.09.2010
PAT / Total Income	(%)	0.31	0.71	0.97
Return on Total Assets (PBT/Total Assets}	(%)	2.57	5.36	7.55
Return on Investment (ROI) (PBT/Networth)		0.15	0.26	0.37
Debt Equity Ratio (Total Debt /Networth)		2.81	2.85	2.72
Current Ratio (Current Asset/Current Liability)		1.31	1.44	4.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	30.09.2011	30.09.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.000	10.000
Reserves & Surplus	19.582	23.263
Net worth	29.582	33.263
long-term borrowings	16.211	16.214
Short term borrowings	68.081	77.193
Total borrowings	84.292	93.407
Debt/Equity ratio	2.849	2.808

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2010	30.09.2011	30.09.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	808.576	956.814	1204.797
		18.333	25.918

NET PROFIT MARGIN

Net Profit Margin	30.09.2010	30.09.2011	30.09.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	808.576	956.814	1204.797
Profit	7.853	6.826	3.681
	0.97%	0.71%	0.31%

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 five years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
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	No

UNSECURED LOAN

PARTICULARS	30.09.2012 (Rs. in Millions)	30.09.2011 (Rs. in Millions)
Long-term Borrowings
Deposits from shareholders	16.214	15.211
Intercorporate borrowings	0.000	1.000
Short-term borrowings
Deposits from shareholders	29.000	22.414
Total	45.214	38.625

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10325351	05/12/2013 *	111,200,000.00	STATE BANK OF INDIA	VASHI-TURBHE BRANCH, DEVGIRI COMPLEX, PHASE II, SECTOR 19, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA	B92990357
2	90152433	08/01/1998 *	8,700,000.00	BANK OF INDIA	MUMBAI CORPORATE BANKING BRANCH, 70/80; M. G. ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-
3	90152833	07/01/1998 *	2,000,000.00	BANK OF INDIA	MUMBAI CORPORATE BANKING BRANCH, M. G. ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible assets

· Buildings

· Plant and equipment

· 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 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.60.67
UK Pound	1	Rs.100.81
Euro	1	Rs.80.73

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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		33

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.