MIRA INFORM REPORT

Report Date :

02.12.2014

IDENTIFICATION DETAILS

Name :	MAHIMA FIBRES PRIVATE LIMITED MAHIMA PURESPUN (A UNIT OF MAHIMA FIBRES PRIVATE LIMITED)
Registered Office :	406, Corporate House, 4^th Floor, RNT Marg, Indore - 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.06.1998
Com. Reg. No.:	10-012885
Capital Investment / Paid-up Capital :	Rs. 72.907 Millions
CIN No.: [Company Identification No.]	U17111MP1998PTC012885
IEC No.:	1101000376
TAN No.: [Tax Deduction & Collection Account No.]	BPLM04156F
PAN No.: [Permanent Account No.]	AACCM4603N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Ginned Cotton, Cotton Seed, Cotton Yarn, Cloth, etc.
No. of Employees :	1200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1750000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s established position in the cotton trading and yarn manufacturing segment supported by sound financial base and fair liquidity profile of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities : “BBB-”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	04.02.2014

Rating Agency Name	CARE
Rating	Short term bank facilities : “A3”
Rating Explanation	Moderate degree of safety and high credit risk.
Date	04.02.2014

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 PARTED BY

Name :	Mr. Pramod Pathak
Designation :	Finance Department
Contact No.:	91-731-2521021
Date :	01.12.2014

LOCATIONS

Registered / Corporate Office:	406, Corporate House, 4^th Floor, RNT Marg, Indore - 452001, Madhya Pradesh, India
Tel No.:	91-731-2521021/ 4066642/ 43
Fax No.:	91-731-2529556
E-Mail :	mahima@gmail.com mahimaaccounts@gmail.com mahimaaccounts@yahoomail.com
Factory	Plot No.73-74, Sector II, Pitambur Industrial Estate, Dhar - 452001, Madhya Pradesh, India
Tel No.:	91-7292-252995/ 406228/ 415228/ 415229
Fax No.:	91-7292-252965

DIRECTORS

As on 30.09.2013

Name :

Mr. Rohit Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

09.12.1975

Date of Appointment :

31.10.2000

PAN No.:

AATPD3523C

DIN No.:

00126159

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	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	31-10-2000	31-10-2000	-	Active	NO
2	U17121MP2003PTC015833	MAHIMA COTEX PRIVATE LIMITED	Director	23-05-2003	23-05-2003	-	Active	NO
3	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-2007	26-06-2007	02-11-2009	Active	NO
4	U55100MP2008PTC021396	JUNEJA HEALTH CLUB AND RESORT PRIVATE LIMITED	Additional director	22-03-2010	22-03-2010	28-06-2010	Active	NO

Name :

Mr. Ashish Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

21.05.1977

Date of Appointment :

01.11.2005

PAN No.:

AHAPD4867B

DIN No.:

00486556

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	U17121MP1994PTC008690	RACHNA TEXTILES (INDIA) PRIVATE LIMITED	Director	05-10-1995	05-10-1995	-	Active	NO
2	U17121MP1997PTC011896	NIDHI COTTON INDUSTRIES PRIVATE LIMITED	Director	04-09-2003	04-09-2003	-	Active	NO
3	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	01-11-2005	01-11-2005	-	Active	NO
4	U17120MH2005PTC157268	POOJA FIBRES PRIVATE LIMITED	Director	11-11-2005	11-11-2005	-	Active	NO
5	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-2007	26-06-2007	01-12-2009	Active	NO

Name :

Mr. Ashok Kumar Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

08.09.1953

Date of Appointment :

11.06.1998

PAN No.:

ABLPD3507F

DIN No.:

00126380

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	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	11-06-1998	11-06-1998	-	Active	NO
2	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-2007	26-06-2007	01-12-2009	Active	NO

Name :

Mr. Abhishek Kumar Doshi

Designation :

Director

Address :

15/1, South Tukoganj, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

02.12.1979

Date of Appointment :

11.06.1998

PAN No.:

ABJPD2888B

DIN No.:

00961060

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	U17111MP1998PTC012885	MAHIMA FIBRES PRIVATE LIMITED	Director	11-06-1998	11-06-1998	-	Active	NO
2	U17120MH2005PTC157268	POOJA FIBRES PRIVATE LIMITED	Director	11-11-2005	11-11-2005	-	Active	NO
3	U01405MP2007PTC019638	DELIGHT COTTON PRIVATE LIMITED	Director	26-06-2007	26-06-2007	02-11-2009	Active	NO
4	U01403MH2009NPL194495	ECOCERT ORGANIC LIFESTYLE CLUB	Director	31-07-2009	31-07-2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pramod Pathak
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Ashok Kumar Doshi	1127000
Nirmal Kumar Doshi	239100
Vinod Kumar Doshi	175200
Ashish Doshi	266600
Abhishek Kumar Doshi	571760
Pawan Kumar Doshi	259000
Chanda Doshi	30000
Manju Doshi	181000
Rohit Doshi	887350
Rahul Doshi	240500
Rani Doshi	352660
Chhavi Doshi	104000
Shilpa Doshi	119500
Pooja Doshi	120500
Bafna Ginning and Pressing Private Limited, India	1000000
Alka Diamond Industries Limited, India	80000
Raghunandan Rayons Limited, India	40000
Triangular Infocom Limited, India	87000
Yash-V Jewels Limited, India	75000
Vanguard Jewels Limited, India	85000
Mahima Cotex Private Limited, India	500000
Pooja Fibres Private Limited, India	362000
Alpha Chemie Trade Agencies Private Limited, India	10000
Casper Enterprises Private Limited, India	57500
Javda India Impex Limited, India	100000
Kush Hindustan Entertainment Limited, India	90000
Nakshatra Business Private Limited, India	65000
Olive Overseas Private Limited, India	40000
Talent Infoway Limited, India	25000
TOTAL	7290670

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	35.89
Directors or relatives of Directors	64.11
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Ginned Cotton, Cotton Seed, Cotton Yarn, Cloth, etc.
Products :	· Ginned Cotton Cotton Seed Cotton Yarn Cloth
Exports :
Products :	Finished Goods
Countries :	· Pakistan China Bangkok Hong Kong Israel
Terms :
Selling :	Cash, Cheque and Credit
Purchasing :	Cash, Cheque and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Kapas Gining and Pressing	MT	17718	17718
Cotton Yarn	MT	6800	6800

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Wholesalers and Retailers

No. of Employees :

1200 (Approximately)

Bankers :

Bank Name:	NOT DIVULGED
Branch:
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

Central Bank of India, MID Corporate Branch, Phase 1, Palika Plaza, Second Floor, MTH Compound, Indore-452007, Madhya Pradesh, India

State Bank of India, Commercial Branch, Indore - 452001, Madhya Pradesh, India

State Bank of Indore, Bakaner Branch, Dhar, Madhya Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans from banks (Secured against Hypothecation of all tangible movable assets Plant and Machineries and Equitable mortgage of Factory Land and Building) FINANCIALS INSTITUTIONS (Secured against hypothecation of Vehicle)	544.188	634.117
SHORT TERM BORROWINGS
Loans repayable on demand from banks (Secured against Hypothecation of all stock, Book Debts and all movable assets)	346.041	388.621
Total	890.229	1022.738

Auditors :
Name :	Maheshwari and Gupta Chartered Accountant
Address :	312-314 Mans Bhawan Extension, 11/2 RNT Marg, Indore - 452001, Madhya Pradesh, India
Tel. No.:	91-731-2525771/73
Fax No.:	91-731-2525770
E-Mail :	maheshwarigupta@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	AABFM9020B
Related Parties :	· Rachna Textiles (India) Private Limited CIN No.: U17121MP1994PTC008690 Pooja Fibres Private Limited CIN No.: U17120MH2005PTC157268 Nidhi Cotton Industries Private Limited CIN No.: U17121MP1997PTC011896 Mahima Cotex Private Limited CIN No.: U17121MP2003PTC015833 Delight Cotton Private Limited CIN No.: U01405MP2007PTC019638 Bafna Ginning and Pressing Private Limited CIN No.: U17120MH1999PTC117869

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
80,00,000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7,290,670	Equity Shares	Rs.10/- each	Rs. 72.907 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	72.907	72.907	71.857
(b) Reserves & Surplus	538.732	413.428	295.797
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	10.500
Total Shareholders’ Funds (1) + (2)	611.639	486.335	378.154
(3) Non-Current Liabilities
(a) long-term borrowings	544.188	634.117	625.367
(b) Deferred tax liabilities (Net)	108.831	81.784	65.495
(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)	653.019	715.901	690.862
(4) Current Liabilities
(a) Short term borrowings	424.152	466.695	292.110
(b) Trade payables	465.879	562.484	362.130
(c) Other current liabilities	125.241	110.990	121.606
(d) Short-term provisions	13.791	6.792	5.978
Total Current Liabilities (4)	1029.063	1146.961	781.824
TOTAL	2293.721	2349.197	1850.840
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	962.523	956.216	886.891
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	18.999	12.530	11.032
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	981.522	968.746	897.923
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	578.642	503.396	531.361
(c) Trade receivables	496.859	469.530	210.152
(d) Cash and cash equivalents	59.970	75.590	45.840
(e) Short-term loans and advances	81.339	243.706	122.458
(f) Other current assets	95.389	88.229	43.106
Total Current Assets	1312.199	1380.451	952.917
TOTAL	2293.721	2349.197	1850.840

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		418.640	372.787	252.177
Less	FINANCIAL EXPENSES (D)		171.486	164.294	94.213
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		247.154	208.493	157.964
Less/ Add	DEPRECIATION/ AMORTISATION (F)		55.425	52.327	46.825
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		191.729	156.166	111.139
Less	TAX (H)		66.425	47.985	35.269
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		125.304	108.181	75.870
	EARNINGS IN FOREIGN CURRENCY		1526.678	3244.470	2922.057
	Earnings / (Loss) Per Share (Rs.)		17.19	14.84	10.56

Particulars	31.03.2014
Sales Turnover (Approximately)	5130.000

Expected Sales (2014-2015): Rs. 6000.000 Millions

The above information has been parted by Ms. Priyanka and Mr. Pramod Pathak (Finance Department).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	8.36	6.65	6.00
Return on Investment (ROI) (PBT/Networth)		0.31	0.32	0.29
Debt Equity Ratio (Total Debt/Networth)		1.58	2.26	2.43
Current Ratio (Current Asset/Current Liability)		1.28	1.20	1.22

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	71.857	72.907	72.907
Reserves & Surplus	295.797	413.428	538.732
Share Application money pending allotment	10.500	0.000	0.000
Net worth	378.154	486.335	611.639
long-term borrowings	625.367	634.117	544.188
Short term borrowings	292.110	466.695	424.152
Total borrowings	917.477	1100.812	968.340
Debt/Equity ratio	2.426	2.263	1.583

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 one year	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10299062	03/09/2012 *	126,000,000.00	CENTRAL BANK OF INDIA	MID CORPORATE BRANCH, PHASE-1, PALIKA PLAZA, SECOND FLOOR, MTH COMPOUND, INDORE, MADHYA PRADESH - 452007, INDIA	B57899882
2	10212495	29/03/2010	298,000,000.00	STATE BANK OF INDORE	INDUSTRIAL FINANCE BRANCH, KHEL PRASHAL, RACE COURCE ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	A83529024
3	10162013	03/05/2011 *	533,400,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, A.B.ROAD, NEAR G.P.O., INDORE, MADHYA PRADESH - 452001, INDIA	B13415989
4	10078091	21/05/2009 *	291,000,000.00	STATE BANK OF INDORE	KHANDELWAL CHAMBERS, MHOW- NEEMACH ROAD, PITHAMPUR, PITHAMPUR, MADHYA PRADESH - 454775, INDIA	A63328025
5	80033095	05/07/2011 *	480,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, G.P.O, INDORE, MADHYA PRADESH - 452001, INDIA	B17570078
6	80033096	21/05/2009 *	290,000,000.00	STATE BANK OF INDORE	KHANDELWAL CHAMBERS, MHOW- NEEMACH ROAD, PITHAMPUR, PITHAMPUR, MADHYA PRADESH - 454775, INDIA	A63327654

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Intercorporate deposits	62.000	58.063
Loans and advances from directors	16.111	20.011
Total	78.111	78.074

FIXED ASSETS

Tangible Assets

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

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.62.14
UK Pound	1	Rs.97.05
Euro	1	Rs.77.37

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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	--

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