MIRA INFORM REPORT

Report Date :

28.08.2014

IDENTIFICATION DETAILS

Name :	APOLLO INTERNATIONAL LIMITED
Registered Office :	Office No. 303, Third Floor, DLF Courtyard, Saket, New Delhi - 110017
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.08.1994
Com. Reg. No.:	55-061080
Capital Investment / Paid-up Capital :	Rs.165.000 Millions
CIN No.: [Company Identification No.]	U74899DL1994PLC061080
PAN No.: [Permanent Account No.]	AAACA6447N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in export of diverse range of products and equipment’s in the field of steel, cement, water treatment plants and other infrastructure projects through its International Business Division, manufacturing and export of leather garments and accessories through its Tag Fashion Division and export of tyres, tubes and flaps through its Tyre Tech Global Division.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are 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	ICRA
Rating	Fund based facilities A2+
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	July, 2014

Rating Agency Name	ICRA
Rating	Non fund based facilities BBB+
Rating Explanation	Have moderate degree of safety and carry low credit risk.
Date	July, 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 31-03-2014.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (91-120-2588552)

LOCATIONS

Registered Office :	Office No. 303, Third Floor, DLF Courtyard, Saket, New Delhi – 110017, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	pramendrat@apolloindia.com secretariallggn@gmail.com
Website :	http://www.apolloleather.com
Factory :	C-48, Sector – 58, Noida – 201301, Uttar Pradesh, India
Tel. No :	91-120-2588552 / 4
Fax No.:	91-120-2588551
E-Mail :	info@apolloleather.com
Head Office :	Plot No.20, Sector 44, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-6740200

DIRECTORS

As on 30.09.2013

Name :

Mr. Raaja Kanwar

Designation :

Managing Director

Address :

1/30, Shanti Niketan, Near Moti Baugh, New Delhi – 110021, India

Date of Birth/Age :

04.02.1970

Qualification :

MBA

Date of Appointment :

06.06.2012

PAN No.:

AAJPK0819J

DIN No.:

00024402

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	U74899DL1994PLC061080	APOLLO INTERNATIONAL LIMITED	Managing director	06/06/12	15/12/94	-	Active	NO
2	U74899DL1995PLC068740	TRAVEL TRACKS LIMITED	Director	14/07/95	14/07/95	22/02/08	Active	NO
3	L25111KL1972PLC002449	APOLLO TYRES LIMITED.	Director	19/09/02	19/09/02	17/05/10	Active	NO
4	U72900DL2003PLC119786	ENCORP E-SERVICE LIMITED	Director	07/04/03	07/04/03	04/03/08	Active	NO
5	U19090DL2004PTC129691	AR SPA ENTERPRISES PRIVATE LIMITED	Director	06/10/04	06/10/04	-	Active	NO
6	U92120DL2005PLC135845	UFO MOVIEZ LIMITED	Nominee director	22/12/06	05/05/05	-	Amalgamated	NO
7	U22120DL2004PLC164728	UFO MOVIEZ INDIA LIMITED	Director	13/05/05	13/05/05	-	Active	NO
8	U72900MH2005PTC154979	MAC SOLUTIONS PRIVATE LIMITED	Director	02/08/05	02/08/05	12/08/05	Active	NO
9	U74899DL2005PTC140965	UFO SOFTWARE TECHNOLOGIES PRIVATE LIMITED	Director	20/09/05	20/09/05	29/09/10	Active	NO
10	U74999DL2007PLC158296	Apollo Logisolutions Limited	Additional director	03/03/07	03/03/07	-	Amalgamated	NO
11	U63000MH1999PTC121100	TREND CONTAINER SERVICES PRIVATE LIMITED	Director	29/09/08	19/07/07	15/12/09	Active	NO
12	U63012MH1999PTC121099	MODAL CONTAINER SERVICES PRIVATE LIMITED	Director	29/09/08	19/07/07	15/12/09	Active	NO
13	U63020DL1989PLC174286	APOLLO LOGISOLUTIONS LIMITED	Managing director	01/04/13	19/07/07	-	Active	NO
14	U85100DL2010PTC200694	SilverMaple Healthcare Services Private Limited	Director	29/09/12	03/09/12	-	Active	NO
15	U63090DL2012PTC244255	APOLLO FIEGE INTEGRATED LOGISTICS PRIVATE LIMITED	Director	27/09/13	03/11/12	21/11/13	Active	NO

Name :

Mr. Vivek Bharati

Designation :

Director

Address :

C-5/43, Safdarjung Development Area, Delhi – 110016, India

Date of Birth/Age :

28.08.1955

Qualification :

BA (Hons) Economics, MA Economics

Date of Appointment :

28.12.2005

DIN No.:

00035336

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	U74899DL1994PLC061080	APOLLO INTERNATIONAL LIMITED	Director	28/12/05	28/12/05	-	Active	NO
2	U15419PB1989PTC009114	PEPSI FOODS PRIVATE LIMITED	Director	29/09/08	27/03/08	-	Amalgamated	NO
3	U63020DL1989PLC174286	APOLLO LOGISOLUTIONS LIMITED	Director	24/09/12	27/07/12	-	Active	NO

Name :

Mr. Naveen Kapur

Designation :

Whole-time Director

Address :

A-20/1 GF, SFS Flats, Saket, New Delhi – 110017, India

Date of Birth/Age :

04.05.1958

PAN No.:

AAAPK0616L

Date of Appointment :

25.09.2012

DIN No.:

00024538

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	U74899DL1994PLC061080	APOLLO INTERNATIONAL LIMITED	Whole-time director	25/09/12	20/09/04	-	Active	NO
2	U25190DL2013PTC256064	CLASSIC RETREADING PRIVATE LIMITED	Director	30/07/13	30/07/13	-	Active	NO
3	U33111DL2005PLC144156	ARTEMIS HEALTH SCIENCES LIMITED	Additional director	06/11/13	06/11/13	-	Active	NO
4	U85110DL2004PLC126414	ARTEMIS MEDICARE SERVICES LIMITED	Additional director	06/11/13	06/11/13	-	Active	NO
5	U74140DL2014PLC267725	APOLLO INTERNATIONAL PROEX LIMITED	Director	30/05/14	30/05/14	-	Active	NO

Name :

Mr. Ugar Sain Anand

Designation :

Director

Address :

34/A, 4, Block, Paschim Vihar New Delhi – 110065, India

Date of Birth/Age :

15.01.1943

Date of Appointment :

30.09.2013

DIN No.:

02055913

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	U74890DL2005PTC144206	ANAND PLASTICIDES PRIVATE LIMITED	Director	29/12/05	29/12/05	25/03/14	Active	YES
2	U74899DL1994PLC061080	APOLLO INTERNATIONAL LIMITED	Director	30/09/13	14/10/09	-	Active	NO
3	L25111KL1959PLC009300	PTL ENTERPRISES LIMITED	Director	28/07/10	20/10/09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rakesh Gupta
Designation :	Secretary
Address :	88 I, South City II, Gurgaon - 122001, Haryana, India
Date of Birth/Age :	27.03.1965
Date of Appointment :	06.09.1994
PAN No.:	AAUPG0912H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age
Onkar S Kanwar	1408000	8.53
Raaja Kanwar	2055000	12.45
Apollo Finance Limited, India	10150000	61.52
Amit Dyechem Private Limited, India	2886700	17.50
Rakesh Gupta	100	0.00
Harish Bahadur	100	0.00
Kewal Krishan Malhotra	100	0.00
Total	16500000	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	79.02
Directors or relatives of Directors	20.98
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in export of diverse range of products and equipment’s in the field of steel, cement, water treatment plants and other infrastructure projects through its International Business Division, manufacturing and export of leather garments sand accessories through its Tag Fashion Division and export of tyres, tubes and flaps through its Tyre Tech Global Division.

Products :

Item Code No. (ITC Code)	Product Description
98010019	Supply, Erection & Commissioning and Civil Work
42031010	Leather Garments & Accessories
40112090	Automobile & Accesories

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of Mysore, 3,4 and 5 D, D.A, Building, Nehru Place, New Delhi – 110019, Delhi, India

· PNB Housing Finance Limited, 9th Floor, Antriksh Bhawan, 22 K G Marg, New Delhi – 110001, India

· Canara Bank, Parliament Street, New Delhi – 110001, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans from others	71.984	0.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	100.254	173.942
Term loans from others	100.000	0.000
Total	272.238	173.942

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	ASV N Ramanas Tower 52 , Venkatnarayana Road, T Nagar, Chennai, Tamilnadu, India
PAN No. :	AACFD3771D
Subsidiary company :	v Vinayak Infosys Private Limited v Encorp E-service Limited v Cosmic Investments Limited v Apollo Logisolutions Limited v Apollo Fiege Integrated Logistics Private Limited
Associate :	v UFO Moviez India Limited v Travel Tracks Limited v Sargam Consultants Private Limited v Apollo Tyres Limited v Apollo International Trading, LLC v Apollo International FZC, Sharjah
Holding company :	v Apollo Finance Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16500000	Equity Shares	Rs.10/- each	Rs.165.000 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	165.000	165.000	165.000
(b) Reserves & Surplus	962.993	950.495	1058.920
(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)	1127.993	1115.495	1223.920
(3) Non-Current Liabilities
(a) long-term borrowings	98.218	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	356.715	1.885	0.748
(d) long-term provisions	4.884	5.031	3.950
Total Non-current Liabilities (3)	459.817	6.916	4.698
(4) Current Liabilities
(a) Short term borrowings	200.254	173.942	453.650
(b) Trade payables	216.640	408.535	629.099
(c) Other current liabilities	672.059	318.047	26.125
(d) Short-term provisions	7.966	66.516	110.730
Total Current Liabilities (4)	1096.919	967.040	1219.604
TOTAL	2684.729	2089.451	2448.222
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	142.862	106.918	90.752
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	69.888	58.584	48.684
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	985.918	985.918	474.018
(c) Deferred tax assets (net)	23.609	27.656	7.452
(d) Long-term Loan and Advances	225.379	152.626	452.104
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1447.656	1331.702	1073.010
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	76.890	66.517	80.109
(c) Trade receivables	297.510	264.633	556.511
(d) Cash and cash equivalents	632.335	212.191	558.172
(e) Short-term loans and advances	230.338	214.408	180.420
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1237.073	757.749	1375.212
TOTAL	2684.729	2089.451	2448.222

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1110.568	1506.189	3647.230
		Other Income	189.763	48.611	254.430
		TOTAL	1300.331	1554.800	3901.660
Less	EXPENSES
		Cost of Materials Consumed	294.529	251.520	266.397
		Purchases of Stock-in-Trade	193.544	170.135	956.571
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(6.603)	19.731	53.371
		Employees benefits expense	164.612	161.323	201.283
		Other expenses	547.594	1072.446	2067.185
		TOTAL	1193.676	1675.155	3544.807
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		106.655	(120.355)	356.853
Less	FINANCIAL EXPENSES		72.196	28.531	89.697
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		34.459	(148.886)	267.156
Less/ Add	DEPRECIATION/ AMORTISATION		17.914	9.743	12.283
	PROFIT/ (LOSS) BEFORE TAX		16.545	(158.629)	254.873
Less	TAX		4.047	(50.204)	254.873
	PROFIT/ (LOSS) AFTER TAX		12.498	(108.425)	226.764
	Earnings / (Loss) Per Share (Rs.)		0.76	(6.57)	13.74

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.96	(6.97)	5.81
Net Profit Margin (PBT/Sales)	(%)	1.49	(10.53)	6.99
Return on Total Assets (PBT/Total Assets}	(%)	1.03	(15.59)	13.29
Return on Investment (ROI) (PBT/Networth)		0.01	(0.14)	0.21
Debt Equity Ratio (Total Debt/Networth)		0.26	0.16	0.37
Current Ratio (Current Asset/Current Liability)		1.13	0.78	1.13

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	165.000	165.000	165.000
Reserves & Surplus	1058.920	950.495	962.993
Net worth	1223.920	1115.495	1127.993
long-term borrowings	0.000	0.000	98.218
Short term borrowings	453.650	173.942	200.254
Total borrowings	453.650	173.942	298.472
Debt/Equity ratio	0.371	0.156	0.265

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	3647.230	1506.189	1110.568
		(58.703)	(26.266)

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	3647.230	1506.189	1110.568
Profit	226.764	(108.425)	12.498
	6.22%	(7.20%)	1.13%

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	No
10]	Designation of contact person	No
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	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

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans from others	26.234	0.000
Total	26.234	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10386681	25/03/2014 *	95,000,000.00	PNB HOUSING FINANCE LIMITED	9TH FLOORANTRIKSH BHAWAN, 22 K G MARG, NEW DELHI, Delhi - 110001, INDIA	C00899708
2	90043917	19/02/2014 *	2,492,500,000.00	STATE BANK OF MYSORE	3, 4 & 5 D. D. A. BUILDING, NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA	B98707128

* Date of charge modification

FIXED ASSETS

œ Buildings

œ Plant and equipment

œ Furniture and fixtures

œ Vehicles

œ Office equipment

œ Leasehold improvements

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.60.47
UK Pound	1	Rs.100.15
Euro	1	Rs.79.65

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.