MIRA INFORM REPORT

Report Date :

04.12.2014

IDENTIFICATION DETAILS

Name :	GOPINATH SPINNING PRIVATE LIMITED
Registered Office :	Yogin Flats”, Ground Floor, 63, Suvarnapuri Society, Chikuwadi, Jetalpur Road, Vadodara - 390007, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.12.2003
Com. Reg. No.:	04-054454
Capital Investment / Paid-up Capital :	Rs. 120.000 Millions
CIN No.: [Company Identification No.]	U17111GJ2003PTC054454
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Combed Cotton Yarn and Blended Yarn.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and Delayed
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There are accumulated losses recorded by the company which has eroded net worth of the company. Rating also takes into consideration delay in debt servicing due to the stretched liquidity position. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a safe and secured 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: D
Rating Explanation	Low Credit quality and very low prospects of recovery.
Date	03.09.2014

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. Darshan
Designation :	Accountant
Contact No.:	91-265-2321353
Date :	29.11.2014

LOCATIONS

Registered Office :	“Yogin Flats”, Ground Floor, 63, Suvarnapuri Society, Chikuwadi, Jetalpur Road, Vadodara - 390007, Gujarat, India
Tel. No.:	91-265-2321353/ 2669016
Fax No.:	91-265-2669017/ 2669017
E-Mail :	info@gopinathspinnig.com kamlesh_gopinathspin@yahoo.co.in
Website :	http://www.gopinathspinning.com
Factory :	Falguni's Compound, Survey No. 259 -22/2 and 23/1. Navi Nagri, Jindal Road, Near Raju Plastic, Damnl Road, Dadra - 396230, Dadra and Nagar Haveli
Tel. No.:	91-260-2669016/ 2669017
Fax No.:	91-260-2669017

DIRECTORS

As on 30.09.2013

Name :

Mr. Yoginkumar Ashokbhai Patel

Designation :

Managing Director

Address :

B-4, Laxmi Colony, Urmi Char Rasta, Akota, Baroda – 390007, India

Date of Birth/Age :

11.03.1980

Date of Appointment :

26.12.2003

DIN No.:

00459140

Pan No.:

AFTPP0410P

Name :

Mr. Paresh Babubhai Patel

Designation :

Director

Address :

1000, Shanudeep Building, 10^th Floor, Altamound Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

04.04.1979

Date of Appointment :

26.12.2003

DIN No.:

00940633

Pan No.:

AADPM9828R

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	U99999MH1997PTC105648	SHREEJI ALUMINIUM PRIVATE LIMITED	Director	02-04-97	02-04-97	-	Not Available for eFiling	NO
2	U70200DN1999PTC000135	SHREEJI ALUMINIUM PRIVATE LIMITED (Tr.from Maharastra toGuj)	Director	10-05-99	10-05-99	-	Active	NO
3	U51909GJ1991PTC015067	SHIV ENTERPRISES EXIMP PRIVATE LIMITED	Director	01-04-00	01-04-00	-	Active	NO
4	U17111GJ2003PTC054454	GOPINATH SPINNING PRIVATE LIMITED	Director	26-12-03	26-12-03	-	Active	NO
5	U27109DN2011PTC000367	SWAMI NARAYAN HARE METALS PRIVATE LIMITED	Director	28-04-11	28-04-11	-	Active	NO

Name :

Mr. Bharat Shantilal Shah

Designation :

Director

Address :

401, Guru Ashish, Bapubhai Vasi Road, Ville Parle (west), Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

03.03.1947

Date of Appointment :

30.09.2005

DIN No.:

01439910

Pan No.:

AMOPS5824N

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	U17111GJ2003PTC054454	GOPINATH SPINNING PRIVATE LIMITED	Director	30-09-05	21-03-05	-	Active	NO
2	U74120MH2010PTC199881	Arham Fashiontrade Private Limited	Director	30-09-13	20-03-13	-	Active	NO

Name :

Mr. Mahendra Ottamchand Avlani

Designation :

Director

Address :

1001, Kalindi Nilkanth Valley, Ghatkopr (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

20.07.1939

Date of Appointment :

30.09.2005

DIN No.:

01440010

Pan No.:

ADFPA3870A

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	U17111GJ2003PTC054454	GOPINATH SPINNING PRIVATE LIMITED	Director	30-09-05	21-03-05	-	Active	NO
2	U74120MH2010PTC199881	Arham Fashiontrade Private Limited	Director	20-03-13	20-03-13	-	Active	NO

Name :

Mr. Jinesh Avlani

Designation :

Director

Address :

1001, Kalindi Nilkanth Valley, Ghatkopr (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

06.11.1970

Date of Appointment :

21.03.2005

DIN No.:

01683618

Pan No.:

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	U17111GJ2003PTC054454	GOPINATH SPINNING PRIVATE LIMITED	Director	21-03-05	21-03-05	-	Active	NO
2	U74120MH2010PTC199881	Arham Fashiontrade Private Limited	Director	30-09-13	20-03-13	-	Active	NO

Name :

Mr. Kamlesh Vitthalbhai Patel

Designation :

Managing Director

Address :

102, Pramukh Complex, Sahajanand Kutir, Munjmuhad – 390 020, Baroda, India

Date of Birth/Age :

17.01.1973

Date of Appointment :

27.01.2005

DIN No.:

01942712

Pan No.:

AGDPP7296A

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	U17111GJ2003PTC054454	GOPINATH SPINNING PRIVATE LIMITED	Managing director	27-01-05	27-01-05	-	Active	NO
2	U17119GJ1994PTC021505	KRISHNA INTERTEX PRIVATE LIMITED	Director	17-09-12	20-08-11	-	Active	NO

Name :

Mr. Babubhai Kanjibhai Patel

Designation :

Director

Address :

401, Guru Ashish, Bapubhai Vasi Road, Ville Parle (west), Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

04.01.1947

Date of Appointment :

30.09.2005

DIN No.:

00940767

Pan No.:

AAFPP0447H

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	U51909GJ1991PTC015067	SHIV ENTERPRISES EXIMP PRIVATE LIMITED	Director	15-02-91	15-02-91	-	Active	NO
2	U99999MH1997PTC105648	SHREEJI ALUMINIUM PRIVATE LIMITED	Director	02-04-97	02-04-97	-	Not Available for eFiling	NO
3	U70200DN1999PTC000135	SHREEJI ALUMINIUM PRIVATE LIMITED (Tr.from Maharastra toGuj)	Director	10-05-99	10-05-99	-	Active	NO
4	U17111GJ2003PTC054454	GOPINATH SPINNING PRIVATE LIMITED	Director	30-09-05	01-06-05	-	Active	NO
5	U27109DN2011PTC000367	SWAMI NARAYAN HARE METALS PRIVATE LIMITED	Director	28-04-11	28-04-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Darshan
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Yogin Patel	10000
Paresh Patel	10000
Bharatbhai Shantilal Shah joint with Induben Shah and Amee Panchal	540000
Bharatbhai Shantilal Shah joint with Induben Shah	540000
Mahendrabhai Avlani joint with Kalpana Avlani and Jinesh Avlani	504000
Kalpana Avlani joint with Mahendrabhai Avlani and Jinesh Avlani	216000
Yogin Patel joint with Umaben Patel	590000
Umaben Patel joint with Yogin Patel	600000
Kinnerben Patel joint with Umaben Patel	300000
Falguniben Patel joint with Umaben Patel	300000
Paresh Patel joint with Chetanbhai Patel	590000
Babubhai Patel joint with Chetanbhai Patel	600000
Chetanbhai Patel joint with Babubhai Patel	600000
Kamlesh Patel joint with Nita Patel and Yogin Patel	200000
Kamlesh Patel joint with Nita Patel and Chetanbhai Patel	200000
Kamlesh Patel joint with Nita Patel and Bharatbhai Patel	120000
Kamlesh Patel joint with Nita Patel and Mahendrabhai Avlani	80000
TOTAL	6000000

PREFERENCE SHARE AS ON 30.09.2013

Names of Shareholders	No. of Shares
Yogin Patel	210000
Yogin Patel joint with Umaben Patel	590000
Umaben Patel joint with Yogin Patel	600000
Kinnerben Patel joint with Umaben Patel	300000
Falguniben Patel joint with Umaben Patel	300000
Paresh Patel	10000
Paresh Patel joint with Chetanbhai Patel	590000
Babubhai Patel joint with Chetanbhai Patel	600000
Chetanbhai Patel joint with Babubhai Patel	800000
Bharatbhai Shantilal Shah joint with Induben Shah and Amee Panchal	660000
Bharatbhai Shantilal Shah joint with Induben Shah	540000
Mahendrabhai Avlani joint with Kalpana Avlani and Jinesh Avlani	584000
Kalpana Avlani joint with Mahendrabhai Avlani and Jinesh Avlani	216000
TOTAL	6000000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Combed Cotton Yarn and Blended Yarn.

Products :

ITC Code	Product Description
2351	Cotton / Poly Yarn

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Good

Countries :

v Cuba Country

v Moresis Country

Imports :

Not Divulged

Terms :

Selling :

L/C

Purchasing :

L/C

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

150 (Approximately)

Bankers :

· Bank of Baroda, Khand Bazar Branch, 129/131, Kazi Sayed Street, Mumbai – 400003, Maharashtra, India

· Bank of Baroda, Khand Bazar Branch, Masjid Bunder, Khand Bazar, Mumbai – 400003, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
From bank of Baroda – term loan	26.000	34.000
From others	0.000	0.000
SHORT TERM BORROWING
Loans repayable on demand
From Bank of Baroda (Working Capital Facilities)	49.201	38.647
Total	75.201	72.647

Auditors :
Name :	Divyakant Zaveri and Company Chartered Accountants
Address :	101, Nyota Apartment, 6, Country Side Estate, Near Reliance Petrol Pump, Gotri, Vadodara – 390021, Gujarat, India
PAN No.:	AABPZ5582H
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions
6000000	Non-Convertible Redeemable Preference Shares	Rs.10/- each	Rs.60.000 Millions
	Total		Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions
6000000	Non-Convertible Redeemable Preference Shares	Rs.10/- each	Rs.60.000 Millions
	Total		Rs.120.000 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	120.000	30.000	30.000
(b) Reserves & Surplus	(197.500)	(177.949)	(134.706)
(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)	(77.500)	(147.949)	(104.706)
(3) Non-Current Liabilities
(a) long-term borrowings	259.704	350.562	313.989
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	259.704	350.562	313.989
(4) Current Liabilities
(a) Short term borrowings	58.901	39.672	20.199
(b) Trade payables	52.541	36.234	33.739
(c) Other current liabilities	25.192	31.624	32.353
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	136.634	107.530	86.291
TOTAL	318.838	310.143	295.574
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	219.489	232.204	244.767
(ii) Intangible Assets	0.202	0.225	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	1.894	1.594	1.326
(e) Other Non-current assets	0.000	0.000	0.250
Total Non-Current Assets	221.585	234.023	246.343
(2) Current assets
(a) Current investments
(b) Inventories	62.036	42.453	29.825
(c) Trade receivables	11.399	13.913	11.784
(d) Cash and cash equivalents	5.518	18.234	4.559
(e) Short-term loans and advances	18.300	1.518	3.038
(f) Other current assets	0.000	0.002	0.025
Total Current Assets	97.253	76.120	49.231
TOTAL	318.838	310.143	295.574

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	173.161	86.286	137.463
		Other Income	0.958	0.687	0.839
		TOTAL	174.119	86.973	138.302
Less	EXPENSES
		TOTAL	179.582	116.200	157.341
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(5.463)	(29.227)	(19.039)
Less/ Add	DEPRECIATION/ AMORTISATION		14.088	14.016	13.954
	PROFIT BEFORE TAX		(19.551)	(43.243)	(32.993)
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		(19.551)	(43.243)	(32.993)
	Earnings Per Share (Rs.)		(3.26)	(7.21)	(5.50)

Particulars	31.03.2014
Sales Turnover (Approximately)	50.000

Expected Sales (2014-15) : Rs. 300.000 Millions

The above information has been parted by Mr. Darshan

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	(11.29)	(50.12)	(24.00)
Operating Profit Margin (PBITD/Sales)	(%)	(3.15)	(33.87)	(13.85)
Return on Total Assets (PBT/Total Assets}	(%)	(6.13)	(13.94)	(11.16)
Return on Investment (ROI) (PBT/Networth)		0.25	0.29	0.32
Debt Equity Ratio (Total Debt /Networth)		(4.11)	(2.64)	(3.19)
Current Ratio (Current Asset/Current Liability)		0.71	0.71	0.57

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	30.000	30.000	120.000
Reserves & Surplus	(134.706)	(177.949)	(197.500)
Net worth	(104.706)	(147.949)	(77.500)
long-term borrowings	313.989	350.562	259.704
Short term borrowings	20.199	39.672	58.901
Total borrowings	334.188	390.234	318.605
Debt/Equity ratio	(3.192)	(2.638)	(4.111)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	137.463	86.286	173.161
		(37.230)	100.683

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	137.463	86.286	173.161
Profit	(32.993)	(43.243)	(19.551)
	(24.00%)	(50.12%)	(11.29%)

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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

(Rs. in Million)

Unsecured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Deposits
Loans and advance from related parties	226.992	308.679
From Others	6.711	7.883
SHORT TERM BORROWING
Loans and advance from related parties
Others (without interest)	9.700	1.025
Securities Deposits	0.000	0.000
Total	243.403	317.587

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10104613	30/08/2014 *	134,500,000.00	BANK OF BARODA	Khand Bazar Branch, SME Loan Factory(MMSR), Meher  Chambers, Mumbai, Maharashtra - 400001, INDIA	C24994675
2	10034595	02/08/2013 *	140,500,000.00	Bank of Baroda	Khand Bazar Branch, 129/131, Kazi Sayed Street,,  Khand Bazar,, Mumbai, Maharashtra - 400003, INDIA	B81742595

* Date of charge modification

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Electrical Installation

· DG Set

· Furniture and Fixtures

· Computer

· Safety Equipments

· Office Equipments

· Motor Cars

· Mobile Phones

· Vehicles

· Air Conditioners

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.61.97
UK Pound	1	Rs.97.36
Euro	1	Rs.77.16

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SMT
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		13

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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