MIRA INFORM REPORT

Report Date :

01.09.2014

IDENTIFICATION DETAILS

Name :	VIDEO WORKS STUDIO PRIVATE LIMITED
Registered Office :	216, 2^nd Floor, Vasupujya Estate, Laxmi Nagar, Village Pahadi, Off Link Road Goregaon (West), Mumbai – 400104, Maharashtra
Country :	India
Financials (as on) :	31.03.2014 (Provisional)
Date of Incorporation :	15.06.2011
Com. Reg. No.:	11-218690
Capital Investment / Paid-up Capital :	Rs. 0.398 Million
CIN No.: [Company Identification No.]	U74940MH2011PTC218690
TAN No.: [Tax Deduction & Collection Account No.]	MUMV18896D
PAN No.: [Permanent Account No.]	AADCV6958J
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Audio Video Equipments.
No. of Employees :	5 (Approximately) [In Office]

RATING & COMMENTS

MIRA’s Rating :

B (27)

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 a relatively new company. It is having a moderate track record. Mr. Ganesh Roy (Director) has provided us with all information. The company has achieved a minimal sales turnover from its operations. However, trade relations are improving. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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 that 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. Gangesh K Ray
Designation :	Director
Contact No.:	91-9004108983
Date :	30.08.2014

LOCATIONS

Registered Office :	216, 2^nd Floor, Vasupujya Estate, Laxmi Nagar, Village Pahadi, Off Link Road Goregaon (West), Mumbai – 400104, Maharashtra, India
Tel. No. :	91-22-28771270
Mobile No. :	91-9004108983 (Mr. Gangesh K Ray)
Fax No. :	Not Available
E-Mail :	keshavssound@rediffmail.com
Location :	Rented

DIRECTORS

Name :	Mr. Amrit Lal Gupta
Designation :	Director
Address :	603, C-1, Galaxy Classic, Mith Nagar, Goregaon (West), Mumbai – 400104, Maharashtra, India
Date of Birth/Age :	10.08.1984
Qualification :	Graduate
PAN No.:	AZMPG7770N
Name :	Mr. Gangesh K Ray
Designation :	Director
Address :	603, C-1, Galaxy Classic, Mith Nagar, Goregaon (West), Mumbai – 400104, Maharashtra, India
Date of Birth/Age :	18.02.1990
Qualification :	Graduate
PAN No.:	ATOPR6224Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Ravishankar Lolaraknath Gupta	5000	50.00
Dinesh Lolarakh Gupta	2500	25.00
Vinod Lolaraknath Gupta	2500	25.00
Total	10000	100.00

AS ON 29.09.2012

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 :	Service Provider of Audio Video Equipments.
Terms :
Selling :	Credit (30 Days - 60 Days)
Purchasing :	Credit (30 Days - 60 Days)

GENERAL INFORMATION

No. of Employees :	5 (Approximately) [In Office]
Bankers :	· Bank of India Churchgate Branch, Mumbai, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Anil Thakrar Chartered Accountant
Address :	B-104, Mrud Kishore Building, Dattapada Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABPT8134D

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 0.398 Million

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014 (Provisional)
SHAREHOLDERS FUNDS
1] Share Capital		0.398
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.398
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.600
TOTAL BORROWING		0.600
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.998
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.067
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.001
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	1.436
	Cash & Bank Balances	0.028
	Other Current Assets	0.004
	Loans & Advances	2.368
Total Current Assets		3.836
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.208
	Other Current Liabilities	0.306
	Provisions	0.402
Total Current Liabilities		2.916
Net Current Assets		0.920
MISCELLANEOUS EXPENSES		0.010
TOTAL		0.998

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	0.169	0.033
(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)	0.269	0.133
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.600	0.350
(b) Trade payables	1.408	0.000
(c) Other current liabilities	0.354	0.423
(d) Short-term provisions	0.472	0.498
Total Current Liabilities (4)	2.834	1.271
TOTAL	3.103	1.404
I. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.078	0.000
(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)	0.001	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	0.079	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.599	0.000
(d) Cash and cash equivalents	0.038	0.004
(e) Short-term loans and advances	2.368	1.380
(f) Other current assets	0.019	0.020
Total Current Assets	3.024	1.404
TOTAL	3.103	1.404

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 (Provisional)
	SALES
		Income	2.163
		Other Income	0.000
		TOTAL	2.163
Less	EXPENSES
		Direct Expenses
		Equipments Hire Charges	1.302
		Attendant Charges	0.279
		Indirect Expenses
		Conveyance Expenses	0.051
		Income Tax	0.057
		Business Promotion	0.015
		Miscellaneous Expenses	0.007
		Miscellaneous Expense W/off	0.005
		Printing and Stationery Charges	0.014
		Professional Fees	0.050
		Staff Welfare Charges	0.025
		Salary Expenses	0.218
		TOTAL	2.023
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.140
Less/ Add	DEPRECIATION/ AMORTISATION		0.011
	PROFIT/ (LOSS) BEFORE TAX		0.129

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	2.090	1.251
		Other Income	0.000	0.000
		TOTAL (A)	2.090	1.251
Less	EXPENSES
		Direct Expenses	1.492	0.940
		Employees benefits expense	0.228	0.186
		Other expenses	0.161	0.075
		TOTAL (B)	1.881	1.201
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.209	0.050
Less	FINANCIAL EXPENSES (D)		0.008	0.002
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.201	0.048
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.005	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.196	0.048
Less	TAX (H)		0.060	0.015
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.136	0.033
	Earnings / (Loss) Per Share (Rs.)		13.64	4.74

KEY RATIOS

PARTICULARS		31.03.2014 (Provisional)	31.03.2013	31.03.2012
PAT / Total Income	(%)	5.96	6.51	2.64
Net Profit Margin (PBT/Sales)	(%)	5.96	9.38	3.84
Return on Total Assets (PBT/Total Assets}	(%)	3.31	6.32	3.42
Return on Investment (ROI) (PBT/Networth)		0.32	0.73	0.36
Debt Equity Ratio (Total Debt/Networth)		1.51	2.23	2.63
Current Ratio (Current Asset/Current Liability)		1.32	1.07	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014 Provisional
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1.251	2.09	2.163
		67.066	3.493

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014 Provisional
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1.251	2.09	2.163
Profit	0.033	0.136	0.129
	2.64%	6.51%	5.96%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	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

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans taken	0.600
Total	0.600

------------------------------------------------------------------------------------------------------------------------------

VIDEO WORKS STUDIO PRIVATE LIMITED

COMPUTATION OF TOTAL INCOME

(RS. IN MILLIONS)

PARTICULARS			2013-2014
Profits and Gains from Business and Profession			0.326
Profit before tax as per profit and loss account		0.197
Add: Depreciation Disallowed	0.005
Disallowed U/S 43B	0.131	0.136
		0.333
Less: Deferred tax	0.001
Allowed Depreciation	0.006	(0.007)
		0.326
GROSS TOTAL INCOME			0.326
TOTAL INCOME			0.326
TOTAL INCOME Rounded Off U/S 288A			0.326
COMPUTATION OF TAX ON TOTAL INCOME
TAX ON RS. 0.326 Million @ 30%		0.098
		0.098
Add: Education Cess @ 2%		0.002
		0.100
Add: Secondary and higher Education Cess @ 1%		0.001
		0.101
CALCULATION OF BOOK PROFIT U/S 115JB
Net profit as shown in the profit and loss account		0.136
Add: Income Tax		0.061
		0.197
Deduct: Deferred Tax Asset		0.001
		0.196
TAX @ 18.5% ON BOOK PROFIT OF RS. 0.196 MILLION U/S 115JB		0.036
Add: Education Cess @ 2%		0.001
		0.037
Add: Secondary and Higher Education Cess @ 1%		0.001
		0.038
LESS TAX DEDUCTED AT SOURCE
Contractors and Sub-Contractors	0.002
Rent	0.002	0.004
		0.097
ADD INTEREST PAYABLE
INTEREST U/S 234A	0.003
INTEREST U/S 234B	0.010
INTEREST U/S 234C	0.005	0.017
		0.114
TAX PAYABLE		0.014
TAX ROUNDED OFF U/S 288B		0.014

------------------------------------------------------------------------------------------------------------------------------

GANGESH KARAN RAY

COMPUTATION OF TOTAL INCOME

(RS. IN MILLIONS)

INCOME FROM HOUSE PROPERTY		2013-2014
SELF OCCUPIED HOUSE
Address : 101/B, Haridham Building, Nilemore, Nalasopara (West), Thane, Maharashtra – 401203, Maharashtra, India
Annual Value	0.000
Less: Interest U/S 24(b)	(0.063)
PROFITS AND GAINS FROM BUSINESS AND PROFESSION		0.462
Profit Before Tax as per Profit and Loss Account	0.462
Add : Depreciation Disallowed	0.009
	0.472
Less : Allowed Depreciation	(0.009)
	0.462
INCOME FROM OTHER SOURCES		0.000
Interest from Saving Bank	0.000
TOTAL	0.000
INTER-HEAD ADJUSTMENT OF LOSSES U/S 71
House Property Loss Set Off From Business Income Rs.		(0.062)
GROSS TOTAL INCOME		0.400
LESS DEDUCTIONS UNDER CHAPTER-VIA
80C Deduction	0.036
80tta Interest on Deposits in Savings Account	0.000
Total deductions		0.036
TOTAL INCOME		0.364
TOTAL INCOME ROUNDED OFF U/S 288A		0.364
COMPUTATION OF TAX ON TOTAL INCOME
TAX ON RS. 0.200 Million	0.000
TAX ON RS. 0.164 Million (0.364 - 0.200) @ 10%	0.017
TAX ON RS. 0.364 Million		0.017
Less : Rebate U/S 87A		0.002
		0.015
Add: Education Cess @ 2%		0.000
		0.015
Add: Secondary and Higher Education Cess @ 1%		0.000
		0.015
LESS TAX DEDUCTED AT SOURCE
Fees for Professional or Technical Services	0.018	0.018
		(0.003)
REFUNDABLE		(0.003)
Tax rounded off U/S 288B		(0.003)
EXEMPTED INCOME
Income from Mutual Fund U/S U/S 10(35)	0.001
	0.001
DETAIL OF DEDUCTION U/S 80C
LIC	0.029
Repayment of Home Loan	0.007
TOTAL	0.036

------------------------------------------------------------------------------------------------------------------------------

AMRIT LAL GUPTA

COMPUTATION OF TOTAL INCOME

(RS. IN MILLIONS)

PARTICULARS		2013-2014
PROFITS AND GAINS FROM BUSINESS AND PROFESSION		2.415
Profit Before Tax as per Profit and Loss Account	2.415
	2.415
INCOME FROM OTHER SOURCES		0.002
Saving Bank Interest	0.001
Interest on RD	0.001
TOTAL	0.002
GROSS TOTAL INCOME		2.431
LESS DEDUCTIONS UNDER CHAPTER-VIA
80c Deduction	0.003
80tta Interest on Deposits in Savings Account	0.001
TOTAL DEDUCTIONS		0.004
TOTAL INCOME		2.391
TOTAL INCOME ROUNDED OFF U/S 288A		2.392
COMPUTATION OF TAX ON TOTAL INCOME
TAX ON RS. 0.200 Million	0.000
TAX ON RS. 0.039 Million (0.239 – 0.200) @ 10%	0.004
TAX ON RS. 0.239 Million		0.004
		0.004
LESS : Rebate U/S 87A		0.002
		0.002
ADD: Education Cess @ 2%		0.000
		0.002
ADD: Secondary and Higher Education Cess @ 1%		0.000
		0.002
Tax Rounded OFF U/S 288B		0.002
LESS SELF ASSESSMENT TAX U/S 140A
Canara Bank - 0242465 - 02003 - 31/07/2014	0.002	0.002
TAX PAYABLE		0.000
EXEMPTED INCOME
Dividend U/S U/S 10(34)	0.001
	0.001
DETAIL OF DEDUCTION U/S 80C
LIC of India	0.003
TOTAL	0.003

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF DCSR

(RS. IN MILLIONS)

PARTICULARS	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020
Net Profit after Tax	0.919	1.841	2.235	2.622	2.868	3.238
Interest	1.021	1.134	0.857	0.580	0.303	0.049
Depreciation	2.000	1.700	1.500	1.200	1.100	0.900
Net Profit (Before Tax) before Interest and Depreciation	3.940	4.676	4.592	4.401	4.271	4.187
Repayment Obligation	--	--	--	--	--	--
Loan	0.990	1.980	1.980	1.980	1.980	1.090
Interest	1.021	1.134	0.857	0.580	0.303	0.049
Total	2.011	3.114	2.837	2.560	2.283	1.139
DSCR	1.96	1.50	1.62	1.72	1.87	3.68
AVRG DSCR	1.87

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ASSESMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020
		Projections
1.	Gross Income
	l)Hire /Rent charges etc.	7.500	13.500	14.700	15.900	17.100	18.300
	ii) other reimbursement	0.300	0.000	0.000	0.000	0.000	0.000
	TOTAL	7.800	13.500	14.700	15.900	17.100	18.300
2.	Less : Excise/service tax	0.000	1.500	1.700	1.900	2.100	2.300
3.	Net Sales(item 1 minus item 2) (See Note xix)	7.800	12.000	13.000	14.000	15.000	16.000
4.	% age rise in net sales as compared to prev. year	260.61	53.85	8.33	7.69	7.14	6.67
5.	Cost of Sales:
	i) Raw-materials(including stores and other items used in the process of manufacture)
	(a) imported	0.000	0.000	0.000	0.000	0.000	0.000
	(b) Technical Services	2.000	3.500	4.000	4.500	5.000	5.500
	ii) Other spares
	(a) imported	0.000	0.000	0.000	0.000	0.000	0.000
	(b) indigenous	0.500	1.000	1.200	1.500	1.800	2.000
	iii) Power and fuel	0.060	0.075	0.100	0.125	0.150	0.175
	iv) Manpower cost	0.825	1.200	1.300	1.400	1.500	1.600
	v) Other operating cost	0.250	0.400	0.450	0.500	0.550	0.600
	vi) Depreciation	2.000	1.700	1.500	1.200	1.100	0.900
	vii) Sub-total(item i to vi)	5.635	7.875	8.550	9.225	10.100	10.775
	ix) Add: Opening stocks in process	0.000	0.000	0.000	0.000	0.000	0.000
	Sub-Total	5.635	7.875	8.550	9.225	10.100	10.775
	x) Deduct: Closing stocks in process	0.000	0.000	0.000	0.000	0.000	0.000
	xi) Sub-Total	5.635	7.875	8.550	9.225	10.100	10.775
	xii) Add: Opening stocks of finished goods	0.000	0.000	0.000	0.000	0.000	0.000
	Sub-Total	5.635	7.875	8.550	9.225	10.100	10.775
	xiii) Deduct: Closing stocks of finished goods	0.000	0.000	0.000	0.000	0.000	0.000
	xiv) Sub-Total (Total cost of sales)	5.635	7.875	8.550	9.225	10.100	10.775
6.	Selling, general and administrative expenses	0.225	0.360	0.400	0.450	0.500	0.550
7	SUB-TOTAL	5.860	8.235	8.950	9.675	10.600	11.325
8.	Operating Profit Before Interest (3-7)	1.940	3.765	4.050	4.325	4.400	4.675
9.	Interest	1.021	1.134	0.857	0.580	0.303	0.049
10.	Operating Profit /(Loss) after Interest (8-9)	0.919	2.631	3.193	3.745	4.097	4.626
11.	Other income/expenses	0.000	0.000	0.000	0.000	0.000	0.000
	Sub-Total (+/-)	0.000	0.000	0.000	0.000	0.000	0.000
12.	Profit before tax/(Loss) [10+11(iii)]	0.919	2.631	3.193	3.745	4.097	4.626
13.	Provision for taxes	0.000	0.789	0.958	1.124	1.229	1.388
14.	Net Profit/loss (12-13	0.919	1.841	2.235	2.622	2.868	3.238
15.	(a) Withdrawals	0.000	0.000	0.000	0.000	0.000	0.000
16.	Retained Profit(14-15)	0.919	1.841	2.235	2.622	2.868	3.238
17.	Retained Profit/Net Profit	100.00	100.00	100.00	100.00	100.00	100.00

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	CURRENT LIABILITIES	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020
1.	Short term borrowings from banks(including bills purchased and discounted and the excess borrowings placed on repayment basis)
	(i) From applicant bank	0.000	0.000	0.000	0.000	0.000	0.000
	(ii) From other banks	0.000	0.000	0.000	0.000	0.000	0.000
	(iii)(of which BP & BD)	0.000	0.000	0.000	0.000	0.000	0.000
	Sub-Total (A)	0.000	0.000	0.000	0.000	0.000	0.000
2.	Short-term borrowings from others	0.000	0.000	0.000	0.000	0.000	0.000
3.	Sundry Creditors(Trade)	0.500	0.300	0.300	0.300	0.300	0.300
4.	Advance/progress payments from customers/deposits from dealers	0.000	0.000	0.000	0.000	0.000	0.000
5.	Provision for taxation	0.000	0.789	0.958	1.124	1.229	1.388
6.	Dividend & Corp. Div. Tax payable	0.000	0.000	0.000	0.000	0.000	0.000
7.	Other statutory liabilities (due within one year)	0.000	0.000	0.000	0.000	0.000	0.000
8.	Installments of term loans/ deferred payments debentures/ redeemable preference shares due within one year)	1.980	1.980	1.980	1.980	1.091	0.000
9.	Other current liabilities and provisions(due within one year) (major items to be specified individually)	0.500	0.300	0.300	0.300	0.300	0.300
	Expenses	0.000	0.000	0.000	0.000	0.000	0.000
	Sub-Total (B)	2.980	3.369	3.538	3.704	2.920	1.988
10.	Total Current liabilities (Total of items 1 to 9)	2.980	3.369	3.538	3.704	2.920	1.988
	TERM LIABILITIES
11.	Debentures (not maturing within one year)	0.000	0.000	0.000	0.000	0.000	0.000
12.	Loans from associates and friends (not maturing within one year, but of maturity not exceeding 12 years)	2.000	2.000	2.000	2.000	2.000	2.000
13.	Term loans (exclusive of installments payable within one year)	7.030	5.050	3.070	1.090	0.000	0.000
14.	Term Deposits (repayable after one year)	0.000	0.000	0.000	0.000	0.000	0.000
15.	Other term liabilities etc.	0.000	0.000	0.000	0.000	0.000	0.000
16.	Total Term Liabilities	9.030	7.050	5.070	3.090	2.000	2.000
17.	Total outside Liabilities (item 10 plus item 17)	12.010	10.419	8.608	6.794	4.920	3.988
	NET WORTH
18	Share Capital	2.500	2.500	2.500	2.500	2.500	2.500
19	General Reserve	0.000	0.000	0.000	0.000	0.000	0.000
20	Unsecured loans from Relatives etc.	0.000	0.000	0.000	0.000	0.000	0.000
21	Other reserves (excluding provisions)	0.000	0.000	0.000	0.000	0.000	0.000
22	Surplus(+) or deficit(-)in Profit & Loss Account	1.217	3.058	5.293	7.915	10.783	14.021
23	Others (specify)	0.000	0.000	0.000	0.000	0.000	0.000
24	NET WORTH	3.717	5.558	7.793	10.415	13.283	16.521
25	TOTAL LIABILITIES	15.727	15.978	16.401	17.208	18.203	20.509
	CURRENT ASSETS
26.	Cash and Bank balance	0.160	0.121	0.276	0.118	0.407	0.254
27.	Investments (other than long term investments)
	(i) ICD/FD	0.000	0.000	0.000	0.000	0.000	0.000
	(ii) Term deposits ag. FD	0.000	0.000	0.000	0.000	0.000	0.000
28.	(i) Receivables other than deferred and export receivables (including bills purchased and discounted by bankers)	4.000	4.400	5.500	6.000	6.500	7.000
	(ii) Export receivables (including bills purchased and discounted by bankers)	0.000	0.000	0.000	0.000	0.000	0.000
29.	Installments of deferred receivables (due within one year)	0.000	0.000	0.000	0.000	0.000	0.000
30.	Inventory :
	(i) Raw materials(including stores & other items used in process of manufacture)
	(a) Imported	0.000	0.000	0.000	0.000	0.000	0.000
	(b) Indigenous (including packing material Packing material)	0.000	0.000	0.000	0.000	0.000	0.000
	(ii) Stocks-in-process	0.000	0.000	0.000	0.000	0.000	0.000
	(iii) Finished goods	0.000	0.000	0.000	0.000	0.000	0.000
	(iv) Other consumables
	a)Imported	--	--	--	--	--	--
	b)Indigenous	0.000	0.000	0.000	1.500	2.500	5.000
31.	Advances to suppliers	0.000	0.000	0.000	0.000	0.000	0.000
32.	Advance payment of taxes	0.000	1.089	1.458	1.624	1.929	2.288
33.	Other current assets	0.000	0.500	0.800	0.800	0.800	0.800
34	TOTAL CURRENT ASSETS (Total of items 26 to 33)	4.160	6.110	8.034	10.042	12.136	15.342
	FIXED ASSETS
35.	Gross block (land and building, machinery, constr. in progress etc.) construction-in-progress, etc.)	13.583	13.583	13.583	13.583	13.583	13.583
36.	Depreciation to Date	2.016	3.716	5.216	6.416	7.516	8.416
37	Net block (item 35-36)	11.567	9.867	8.367	7.167	6.067	5.167
	OTHER NON-CURRENT ASSETS
38	Investments/Book debts/ advances / deposits which are not current assets
	(i) (a) Investments in subsidiary companies/ affiliates	0.000	0.000	0.000	0.000	0.000	0.000
	(b) Other Deposits	0.000	0.000	0.000	0.000	0.000	0.000
	(c) Others	0.000	0.000	0.000	0.000	0.000	0.000
	(ii) Advances to suppliers of capital goods/ spares and contractors for capital expenditure	0.000	0.000	0.000	0.000	0.000	0.000
	(iii) Upgradation Reserves (other than those maturing within one year)	0.000	0.000	0.000	0.000	0.000	0.000
39.	Non-consumable stores and spares	--	--	--	--	--	--
40.	Other miscellaneous assets including dues from directors from directors	0.000	0.000	0.000	0.000	0.000	0.000
41.	TOTAL OTHER NON-CURRENT ASSETS	0.000	0.000	0.000	0.000	0.000	0.000
42.	Intangible Assets (Patents. Goodwill, Preliminary & formation expenses, bad & doubtful debts not provided for, etc.)	0.000	0.000	0.000	0.000	0.000	0.000
43.	TOTAL ASSETS (34+37+41+42)	15.727	15.977	16.401	17.209	18.203	20.509
44.	TANGIBLE NETWORTH (24-42)	3.717	5.558	7.793	10.415	13.283	16.521
45.	NET WORKING CAPITAL [(17+24)-(37+41+42)]	1.180	2.741	4.496	6.338	9.216	13.354
46	Current Ratio	1.40	1.81	2.27	2.71	4.16	7.72
47.	Total Outside Liabilities/ Tangible Net Worth	3.23	1.87	1.10	0.65	0.37	0.24
48.	Total Term Liabilities/ Tangible Net Worth	2.43	1.27	0.65	0.30	0.15	0.12
49	Net Sales / Total Tangible Assets	0.50	0.75	0.79	0.81	0.82	0.78
50	Return on Assets (PBT/Total Tangible Assets)	0.06	0.16	0.19	0.22	0.23	0.23
51	Operating Costs/Sales	0.17	0.17	0.17	0.18	0.18	0.18
52	Bank Finance /Current Assets	0.00	0.00	0.00	0.00	0.00	0.00
53	Inventory & Receivables / Sales	0.51	0.37	0.42	0.54	0.60	0.75
	IRR	9.19	26.31	31.93	37.45	40.97	46.26
	WORKING
25	TOTAL LIABILITIES	15.727	15.978	16.401	17.208	18.203	20.509
43	TOTAL ASSETS (34+37+41+42)	15.727	15.977	16.401	17.209	18.203	20.509

------------------------------------------------------------------------------------------------------------------------------

FUND FLOW STATEMENT

(RS. IN MILLIONS)

SOURCES	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020
Profit before tax	0.919	2.631	3.193	3.745	4.097	4.626
(item 10 part A of Form II)
Add : Depreciation	2.000	1.700	1.500	1.200	1.100	0.900
(item 4 (vii) of part of Form II)
Gross funds generated	2.919	4.331	4.693	4.945	5.197	5.526
Less : Taxes paid/payable (relating to the year)	0.000	0.789	0.958	1.124	1.229	1.388
Less : Withdrawals (relating to the year)	0.000	0.000	0.000	0.000	0.000	0.000
A. Sub-Total - Net funds generated	2.919	3.541	3.735	3.822	3.968	4.138
`
Increase in capital	2.400	0.000	0.000	0.000	0.000	0.000
Increase in Quasi capital	0.000	0.000	0.282	--	--	--
Decrease in Fixed Assets	0.000	0.000	0.000	0.000	0.000	0.000
Decrease in Intangible Assets	0.000	0.000	0.000	0.000	0.000	0.000
Increase in term loans/Debentures	10.710	0.000	2.305	0.000	0.000	0.000
Increase in Public Deposits	0.000	0.000	0.000	0.000	0.000	0.000
B. Sub-Total	13.110	0.000	2.587	0.000	0.000	0.000
Increase in short term bank borrowings(including bills purchased and discounted by bankers)	0.000	0.000	0.000	0.000	0.000	0.000
Increase in current liabilities cap.crs.	0.000	0.589	0.169	0.166	0.106	0.159
Increase in other current liabilities	0.098	0.000	0.000	0.000	0.000	0.000
Decrease in Inventory	0.000	0.000	0.000	0.000	0.000	0.000
Decrease in receivables (including bills purchased and discounted by bankers)	0.000	0.000	0.000	0.000	0.000	0.000
Decrease in other current assets (including cash and bank balances)	0.040	0.000	0.000	0.000	0.000	0.000
Decrease in other non-Current Assets	0.010	0.000	0.000	0.000	0.000	0.000
C. Sub-Total	0.148	0.589	0.169	0.166	0.106	0.159
Total funds available (A + B + C)	16.177	4.131	6.491	3.987	4.074	4.297
Increase in fixed assets	13.500	0.000	0.000	0.000	0.000	0.000
Decrease in term loan/Debentures	0.000	1.980	4.567	1.980	1.979	1.091
Decrease in public deposits	0.000	0.000	0.000	0.000	0.000	0.000
Increase in Intangible Assets etc. (share issue expenses)	0.000	0.000	0.000	0.000	0.000	0.000
Increase in other non-current assets	0.000	0.000	0.000	0.000	0.000	0.000
D. Sub-Total	13.500	1.980	4.567	1.980	1.979	1.091
Decrease in short term bank borrowings(including bills purchased and discounted by bankers)	0.000	0.000	0.000	0.000	0.000	0.000
Decrease in current liabilities	0.114	0.000	0.000	0.000	0.000	0.000
Decrease in other Current Liabilities	0.000	0.000	0.000	0.000	0.000	0.000
Increase in Inventory	0.000	0.000	0.000	1.500	1.000	2.500
Increase in receivables (including bills purchased and discounted by bankers)	2.563	0.400	1.100	0.500	0.500	0.500
Increase in other current assets (including cash and bank balances)	0.000	1.550	0.824	0.008	0.595	0.206
E. Sub-Total	2.677	2.150	1.924	2.008	2.095	3.206
S U M M A R Y
Long term sources (A + B)	16.029	3.541	6.322	3.822	3.968	4.138
Long term uses ( D )	13.500	1.980	4.567	1.980	1.979	1.091
Surplus[+]/Short fall(-)	2.529	1.561	1.755	1.842	1.989	3.047
Short term sources ( C )	0.148	0.589	0.169	0.166	0.106	0.159
Less short term uses (E)	2.677	2.150	1.924	2.008	2.095	3.206
Surplus [+] / Short fall [-]	(2.529)	(1.561)	(1.755)	(1.842)	(1.989)	(3.047)

------------------------------------------------------------------------------------------------------------------------------

POSITION REGARDING CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020
I	CURRENT ASSETS
i	Raw materials (including stores & other items used in the process of manufacture)
	(a) Imported	0.000	0.000	0.000	0.000	0.000	0.000
	(months' consumption)	0.00	0.00	0.00	0.00	0.00	0.00
	(b) Indigenous	0.000	0.000	0.000	0.000	0.000	0.000
	(months' consumption)	0.00	0.00	0.00	0.00	0.00	0.00
ii	Other consumable spares excluding those included under item (i)	0.000	0.000	0.000	1.500	2.500	5.000
	(% of total inventory and months' consumption) (See Note iv and vii)	0.00%	0.00%	0.00%	100.00%	100.00%	100.00%
iii	Stocks-in-process	0.000	0.000	0.000	0.000	0.000	0.000
	(months' cost of production) (See Note iv and v)	0.00	0.00	0.00	0.00	0.00	0.00
iv	Finished Goods	0.000	0.000	0.000	0.000	0.000	0.000
	(months' cost of sales) (See Note iv)	0.00	0.00	0.00	0.00	0.00	0.00
v	Receivables other than export and deferred receivables (including bills purchased and discounted by bankers)	4.000	4.400	5.500	6.000	6.500	7.000
	(months' domestic sales excluding deferred payment sales)	6.40	3.91	4.49	4.53	4.56	4.59
vi	Export receivables (including bills purchased and discounted by bankers)	0.000	0.000	0.000	0.000	0.000	0.000
	(months' export sales) (See Note iv & xvii)	0.00	0.00	0.00	0.00	0.00	0.00
vii	Advances to suppliers of raw materials etc.	0.000	0.000	0.000	0.000	0.000	0.000
	Other current assets including cash and bank balances and deferred receivables due within year (major items to be specified individually)	0.160	1.210	1.734	1.742	2.336	2.542
	TOTAL CURRENT ASSETS	4.160	5.610	7.234	9.242	11.336	14.542
	(to agree with item 34 in Form IIIA)
	LIABILITIES
II	CURRENT LIABILITIES
i	Creditors for purchases of raw materials and stores and consumable spares	0.500	0.300	0.300	0.300	0.300	0.300
	(months' purchases) (See Note iv)	1.80	0.63	0.55	0.49	0.43	0.40
	specified individually)
ii	Advances from customers	0.000	0.000	0.000	0.000	0.000	0.000
iii	Accrued expenses	0.000	0.000	0.000	0.000	0.000	0.000
iv	Statutory Liabilities	0.000	0.000	0.000	0.000	0.000	0.000
v	Other current liabilities	0.500	1.089	1.258	1.424	1.529	1.688
	(major items to be specified individually) (See Note xviii)
	Sub-Total (to agree with sub-total(B)in form IIIA)	1.000	1.389	1.558	1.724	1.829	1.988
III	Working capital gap (I minus II)	3.160	4.221	5.676	7.518	9.507	12.554
IV	Actual/projected bank borrowings for working capital including bills purchased and discounted and excess borrowings placed on repayment basis	0.000	0.000	0.000	0.000	0.000	0.000
	(to agree with sub-total (A) in form IIIA)
V	TOTAL CURRENT LIABILITIES	1.000	1.389	1.558	1.724	1.829	1.988
	(II + IV)(to agree with item 13 in Form IIIA)
VI	Net working capital	3.160	4.221	5.676	7.518	9.507	12.554
	(I minus V)(to agree with item 49 in Form IIIA)

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	31.03.2015	31.03.2016	31.03.2017	31.03.2018	31.03.2019	31.03.2020
1.	Working Capital Gap	3.160	4.221	5.676	7.518	9.507	12.554
2.	Minimum stipulated net working capital (25% of item 1)	0.790	1.055	1.419	1.880	2.377	3.139
3.	Actual/projected net working capital (item VI of Part B)	3.160	4.221	5.676	7.518	9.507	12.554
4.	Item 1 minus item 2 in net working capital) to	2.370	3.166	4.257	5.639	7.130	9.416
5.	Item 1 minus item 3 capital term loan (item 2	0.000	0.000	0.000	0.000	0.000	0.000
6.	Maximum permissible bank finance (item 4 or item 5 whichever is lower) (See Note XV)	0.000	0.000	0.000	0.000	0.000	0.000
7.	Excess borrowings (representing shortfall in net working capital) to be converted into working 'capital term loan (item 2 minus item 3) current assets i.e. item 2nd method of lending (See Note XV)	0.000	0.000	0.000	0.000	0.000	0.000
8.	Working capital gap (Item III of Part B)	3.160	4.221	5.676	7.518	9.507	12.554
9.	Minimum stipulated working capital (25% of total current assets i.e. item I of Part B (Excl. Export Receivables)	1.040	1.528	2.008	2.510	3.034	3.835
10.	Actual/projected net working capital (item VI of Part B)	3.160	4.221	5.676	7.518	9.507	12.554
11.	Item 8 minus Item 9	2.120	2.693	3.668	5.008	6.473	8.719
12.	Item 8 minus Item 10	0.000	0.000	0.000	0.000	0.000	0.000
13.	Maximum permissible bank finance (item 11 or item 12 whichever is lower)	0.000	0.000	0.000	0.000	0.000	0.000
14.	Excess borrowings	0.000	0.000	0.000	0.000	0.000	0.000
	(representing shortfall in net working capital) (item 9 minus item 10)

------------------------------------------------------------------------------------------------------------------------------

GANGESH KUMAR ROY

ABRIDGED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2014
SHAREHOLDERS FUNDS
1] Share Capital		1.672
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		1.672
LOAN FUNDS
1] Secured Loans		1.390
2] Unsecured Loans		0.000
TOTAL BORROWING		1.390
DEFERRED TAX LIABILITIES		0.000
TOTAL		3.062
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.751
Capital work-in-progress		0.000
INVESTMENT		0.030
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.090
	Cash & Bank Balances	0.047
	Other Current Assets	0.060
	Loans & Advances	1.093
Total Current Assets		1.290
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.009
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.009
Net Current Assets		1.281
MISCELLANEOUS EXPENSES		0.000
TOTAL		3.062

------------------------------------------------------------------------------------------------------------------------------

GANGESH KUMAR ROY

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2014
	SALES
		Income	0.000
		Other Income	0.565
		TOTAL	0.565
Less	EXPENSES
		Bank Charges	0.002
		Conveyance Charges	0.009
		Salaries	0.060
		Telephone and Mobile Charges	0.014
		Travelling Expenses	0.008
		TOTAL	0.093
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		0.472
Less/ Add	DEPRECIATION/ AMORTISATION		0.010
	NET PROFIT		0.462

------------------------------------------------------------------------------------------------------------------------------

AMRITLAL GUPTA

ABRIDGED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2014
SHAREHOLDERS FUNDS
1] Share Capital		0.985
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(0.025)
NETWORTH		0.960
LOAN FUNDS
1] Secured Loans		0.078
2] Unsecured Loans		0.200
TOTAL BORROWING		0.278
DEFERRED TAX LIABILITIES		0.000
TOTAL		1.238
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.549
Capital work-in-progress		0.000
INVESTMENT		0.003
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.057
	Other Current Assets	0.000
	Loans & Advances	0.686
Total Current Assets		0.743
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.040
	Other Current Liabilities	0.000
	Provisions	0.017
Total Current Liabilities		0.057
Net Current Assets		0.686
MISCELLANEOUS EXPENSES		0.000
TOTAL		1.238

------------------------------------------------------------------------------------------------------------------------------

AMRITLAL GUPTA

PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2014
	SALES
		Income	0.000
		Other Income	0.632
		TOTAL	0.632
Less	EXPENSES
		Direct Expenses	0.076
		Attendant Charges	0.085
		Commission Paid	0.040
		Electricity charges	0.003
		Interest on loan	0.028
		Petrol Expenses	0.008
		Professional Fees	0.006
		Salary Paid	0.020
		Telephone charges	0.011
		Travelling Expenses	0.030
		Other Expenses	0.004
		TOTAL	0.311
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		0.321
Less/ Add	DEPRECIATION/ AMORTISATION		0.080
	NET PROFIT		0.241

------------------------------------------------------------------------------------------------------------------------------

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

------------------------------------------------------------------------------------------------------------------------------

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. 60.47
UK Pound	1	Rs. 100.35
Euro	1	Rs. 79.86

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	BVA/ MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.