MIRA INFORM REPORT

Report Date :

25.08.2014

IDENTIFICATION DETAILS

Name :	CHHOTANAGPUR ROPE WORKS PRIVATE LIMITED
Registered Office :	Namaskar Building, 24-A, Anil Roy Road, Ground Floor, Kolkata – 700 029, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.09.1981
Com. Reg. No.:	21-034151
Capital Investment / Paid-up Capital :	Rs.20.000 Millions (Unaudited)
CIN No.: [Company Identification No.]	U17232WB1981PTC034151
IEC No. :	0298003902
TAN No.: [Tax Deduction & Collection Account No.]	RCHC00043B CALC08521C
PAN No.: [Permanent Account No.]	AABCC2153J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Fiber Ropes made from Sisal, Jute, and Jute Yarn.
No. of Employees :	130 (Approximately) (In Office =26, In Factory = 84 and In Branch = 20)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 240000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has not filed its latest financial (i.e.2013) with the government department. Mr. Siddharth Director provided with us all information and also provided audited financial for the year 2012-2013. The company seems to be performing well. General financial position of the company seems satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term Rating = BB+
Rating Explanation	Moderate risk of default
Date	14.08.2014

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. Siddharth Arun Kumar Jhawar
Designation :	Director
Contact No.:	91-9234668881

LOCATIONS

Registered Office :	Namaskar Building, 24-A, Anil Roy Road, Ground Floor, Kolkata – 700 029, West Bengal, India
Tel. No.:	91-33-24661654/ 24666607/ 24655005
Mobile No. :	91-9234668881/ 9431170124 (Mr. Siddharth Jhawar) 91-9798510945 (Mr. Deepak)
Fax No.:	91-33-24644631/ 24754857/ 24661654/ 24644631
E-Mail :	crw/ranchi@dartmail.dartnet.com crwcores@hotmail.com corerope@dte.vsnl.net.in reh-corerope@sancharnet.in anuragjhawar@yahoo.com rch_corerope@bsnl.in rch_crwcores@bsnl.in anuragjhawar@yahoo.com
Website :	www.coreropes.com
Area :	800 sq. ft.
Location :	Rented
Factory/ Corporate Office/ Branch Office :	P.O. Mahilong, Ranchi – 835 103, Jharkhand, India
Tel. No.:	91-651-2265124/ 2265832/ 6570978
Fax No.:	91-651-2233475/ 2265421
Area :	20000 sq. ft. (Factory) 22500 sq. ft. (Corporate Office) 10000 sq. ft. (Branch Office)
Location :	Owned (Factory and Corporate Office) Rented (Branch Office)

DIRECTORS

As on 29.09.2012

Name :

Mr. Siddharth Arun Kumar Jhawar

Designation :

Director

Address :

51/C, Gariahat Road, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

19.11.1954

Qualification :

B. Com (Hns.)

Experience :

41 Years

Date of Appointment :

24.09.1981

DIN No.:

00919664

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	U17232WB1981PTC034151	CHHOTANAGPUR ROPE WORKS PRIVATE LIMITED	Director	24/09/1981	24/09/1981	-	Active	NO
2	U51109WB1982PTC034614	CENTURY CORDAGE PRODUCTS PRIVATE LIMITED	Director	04/04/1988	04/04/1988	-	Under Process of Striking off	NO

Name :

Mr. Anurag Arun Kumar Jhawar

Designation :

Director

Address :

51/C, Gariahat Road, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

01.03.1958

Qualification :

B. Sc. (Hns)

Experience :

37 Years

Date of Appointment :

24.09.1981

DIN No.:

00919656

Voter ID No.:

WB/23/149/090360

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	U17232WB1981PTC034151	CHHOTANAGPUR ROPE WORKS PRIVATE LIMITED	Director	24/09/1981	24/09/1981	-	Active	NO
2	U51109WB1982PTC034614	CENTURY CORDAGE PRODUCTS PRIVATE LIMITED	Director	15/03/1993	15/03/1993	-	Under Process of Striking off	NO

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Siddharth Arun Kumar Jhawar	86320
Vaijayanti Siddharth Jhawar	13680
Anurag Arun Kumar Jhawar	86320
Pallavi Anurag Jhawar	13680
Total	200000

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Fiber Ropes made from Sisal, Jute, and Jute Yarn.
Products :	· Sisal and Twine Yarn · CRW Cores Yarn Manufacturing Plant · Sisal, Manila and Polypropylene Rope · Sisal Mat · Manila Rope · Twine Yarn · Steel Wire Ropes · Polypropylene Rope · Helideck Nets · Cargo Nets · Rodent Proof Rope Nets
Exports :
Products :	Fiber Ropes
Countries :	· Australia · Japan · USA · Israel · UK · Saudi Arabia · Colombia · Turkey · Malaysi, etc.
Imports :
Products :	Raw Materials
Countries :	· Kenya · Tanzania · Philippines · Brazil · Germany
Terms :
Selling :	L/C, Cash and Credit (90 Days to 150 Days)
Purchasing :	L/C, Cash and Credit (90 Days to 150 Days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	2010-2011
Jute, Sisal, Manila and P.P. Ropes
Installed Capacity (Annual) (As certified by the Management)	2952.00 MT
Actual Production (Including work done on Job Work Basis)	2629.58 MT

GENERAL INFORMATION

Suppliers :	· Wigglesworth and Company Limited, UK
Customers :	End User · Usha Martin Industries Limited
No. of Employees :	130 (Approximately) (In Office =26, In Factory = 84 and In Branch = 20)
Bankers :	· State Bank of India, S.M.E. (Commercial) Branch, Mecon Campus, Doranda, Ranchi – 834 002, Jharkhand, India (Tel. No.: 91-651-2482676/ 2482677) · State Bank of India, 38B, Chowringhee Road, Kolkata, West Bengal, India · ICICI Bank Limited, Kolkata, West Bengal, India · Standard Chartered Bank, Kolkata, West Bengal, India · The Hongkong and Shanghai Banking Corporation Limited, Kolkata, West Bengal, India · The Hongkong and Shanghai Banking Corporation Limited (Singapore) · Allahabad Bank · HDFC Bank Limited · State Bank of India, Goregaon, Mumbai, Maharashtra, India · Citibank, Chowringhee Road, Kolkata, West Bengal, India
Facilities :	Working Capital Limit: Rs.56.000 millions, Letter of Credit and Bank Guarantee: Rs.8.500 millions – From State Bank of India, S.M.E. (Commercial) Branch
Banking Relations :	--
Auditors :
Name :	R.K. Garodia and Company Chartered Accountants
Address :	202, Sai Apartment, Kutchery Road, Ranchi – 834 001, Jharkhand, India
Tel. No.:	91-651-2203343/ 4837
Fax No.:	91-651-2207744
E-Mail :	rkgco@icai.org
Income-tax PAN of auditor or auditor's firm :	AADFR6274J
Memberships :	ASSOCHAM,  J.S.I.A., F.J.C.C. and I and O.I.P.E.E.C. (Switzerland), Indo-German Chamber of Commerce (Germany), C.I.I., and F.I.C.C.I
Associates :	Chhotanagpur Lube Specialists Address: P.O. Mahilong, Ranchi – 835 103, Jharkhand, India Lines of Business: Manufacturer of Lubricants. Chhotanagpur Poly Products Address: P.O. Mahilong, Rachi – 835 103, Jharkhand, India Line of Business: Manufacturer of P.P. Tapes/ Films etc. Jharkhand Rope

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014 (Unaudited)
SHAREHOLDERS FUNDS
1] Share Capital		20.000
2] Share Application Money		46.706
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		66.706
LOAN FUNDS
1] Secured Loans		56.048
2] Unsecured Loans		0.000
TOTAL BORROWING		56.048
DEFERRED TAX LIABILITIES		0.689
TOTAL		123.443
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.787
Capital work-in-progress		1.398
INVESTMENT		0.256
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	58.375
	Sundry Debtors	33.854
	Cash & Bank Balances	6.054
	Other Current Assets	24.861
	Loans & Advances	2.500
Total Current Assets		125.644
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	26.642
	Provisions	5.000
Total Current Liabilities		31.642
Net Current Assets		94.002
MISCELLANEOUS EXPENSES		0.000
TOTAL		123.443

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	20.000	13.362	13.362
(b) Reserves & Surplus	40.231	36.855	33.471
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	2.000	0.000
Total Shareholders’ Funds (1) + (2)	60.231	52.217	46.833
(3) Non-Current Liabilities
(a) Long-term borrowings	1.656	2.472	6.373
(b) Deferred tax liabilities (Net)	0.689	0.638	0.564
(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)	2.345	3.110	6.937
(4) Current Liabilities
(a) Short term borrowings	49.557	48.030	39.191
(b) Trade payables	24.576	32.973	33.187
(c) Other current liabilities	7.812	9.002	10.667
(d) Short-term provisions	2.376	1.790	1.891
Total Current Liabilities (4)	84.321	91.795	84.936
TOTAL	146.897	147.122	138.706
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	31.052	33.772	35.958
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.398	1.368	0.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.256	0.087	0.087
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.712	1.403	1.231
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	34.418	36.630	37.576
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	60.488	81.645	61.853
(c) Trade receivables	23.693	6.529	16.058
(d) Cash and cash equivalents	7.686	2.536	1.616
(e) Short-term loans and advances	0.069	0.190	0.231
(f) Other current assets	20.543	19.592	21.372
Total Current Assets	112.479	110.492	101.130
TOTAL	146.897	147.122	138.706

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 (Unaudited)
	SALES
		Income	321.666
		Other Income	10.691
		TOTAL (A)	332.357
Less	EXPENSES
		Cost of materials consumed	214.466
		Administrative Expenses	21.925
		Manufacturer Expenses	31.906
		Other Expenses	39.948
		TOTAL (B)	308.245
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.112
Less	FINANCIAL EXPENSES (D)		5.661
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.451
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.667
	PROFIT BEFORE TAX (E-F) (G)		13.784
Less	TAX (H)		5.000
	PROFIT AFTER TAX (G-H) (I)		8.784
	EARNINGS IN FOREIGN CURRENCY		230.873
	IMPORTS
		Raw Materials	93.607
	TOTAL IMPORTS		93.607
	Earnings Per Share (Rs.)		43.92

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	289.038	248.555	215.912
		Other Income	3.210	3.220	3.658
		TOTAL (A)	292.248	251.775	219.570
Less	EXPENSES
		Cost of materials consumed	181.063	160.701	133.613
		Other Direct Expenses	33.717	24.288	19.734
		Changes in inventories of finished goods, work in progress and Stock-in-Trade	2.277	(1.197)	(0.614)
		Employee benefits expense	19.537	19.483	18.383
		Other Expenses	35.882	31.155	31.386
		TOTAL (B)	272.476	234.430	202.502
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.772	17.345	17.068
Less	FINANCIAL EXPENSES (D)		6.724	5.408	5.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.048	11.937	11.668
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.218	5.911	6.173
	PROFIT BEFORE TAX (E-F) (G)		7.830	6.026	5.495
Less	TAX (H)		2.427	1.865	1.752
	PROFIT AFTER TAX (G-H) (I)		5.403	4.161	3.743
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.934	14.549	11.585
Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares	1.000	0.668	0.668
		Corporate Tax on Dividend	0.155	0.108	0.111
	BALANCE CARRIED TO THE B/S		22.182	17.934	14.549
	EARNINGS IN FOREIGN CURRENCY		NA	174.392	143.418
	IMPORT VALUE		NA	120.389	NA
	Earnings Per Share (Rs.)		27.71	31.14	28.01

KEY RATIOS

PARTICULARS		31.03.2014 (Unaudited)
PAT / Total Income	(%)	2.64
Net Profit Margin (PBT/Sales)	(%)	4.29
Return on Total Assets (PBT/Total Assets}	(%)	8.98
Return on Investment (ROI) (PBT/Networth)		0.21
Debt Equity Ratio (Total Debt /Networth)		0.84
Current Ratio (Current Asset/Current Liability)		3.97

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.85	1.65	1.70
Net Profit Margin (PBT/Sales)	(%)	2.71	2.42	2.55
Return on Total Assets (PBT/Total Assets}	(%)	5.39	4.14	3.97
Return on Investment (ROI) (PBT/Networth)		0.13	0.12	0.12
Debt Equity Ratio (Total Debt/Networth)		0.85	0.97	0.97
Current Ratio (Current Asset/Current Liability)		1.33	1.20	1.19

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	13.362	13.362	20.000
Reserves & Surplus	33.471	36.855	40.231
Share Application money pending allotment	0.000	2.000	0.000
Net worth	46.833	52.217	60.231
long-term borrowings	6.373	2.472	1.656
Short term borrowings	39.191	48.030	49.557
Total borrowings	45.564	50.502	51.213
Debt/Equity ratio	0.973	0.967	0.850

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)
Sales	215.912	248.555	289.038
		15.119	16.287

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	215.912	248.555	289.038
Profit	3.743	4.161	5.403
	1.73%	1.67%	1.87%

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 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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80032773	29/03/2013 *	74,120,000.00	STATE BANK OF INDIA	SME BRANCH, MECON CAMPUS,DORANDA, RANCHI, JHARKHAND - 834002, INDIA	B75502112

* Date of charge modification

TRADE REFERENCES:

· Usha Martin Limited, Ranchi

· Usha Martin Limited, Hoshiapur

· BSC India Private Limited, Ludhiyana

FIXED ASSETS

v Land

v Building

v Plant and Equipment

v Furniture and Fixtures

v Vehicles

v Office Equipment

v Others

- Tube well

- Tools and Tackles

- Security System

- Computer System

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.60.44
UK Pound	1	Rs.100.24
Euro	1	Rs.80.35

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	DIV
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.