MIRA INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	PREMIER MILLS PRIVATE LIMITED [w.e.f.18.01.2007]
Formerly Known As :	PREMIER FINE YARNS PRIVATE LIMITED PREMIER POLYYARNS LIMITED
Registered Office :	244, A.T.D. Street, Race Course, Coimbatore – 641018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.11.1994
Com. Reg. No.:	18-005511
Capital Investment / Paid-up Capital :	Rs. 2.664 Millions
CIN No.: [Company Identification No.]	U17111TZ1994PTC005511
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCP5924C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Cotton Yarn, Cotton Fabrics and Knitted Fabrics.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 4900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered good 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = AA-
Rating Explanation	Have high degree of safety and carry very low credit risk.
Date	October 29, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A1+
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	October 29, 2014

RBI DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTER’ 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. Sridharan
Designation :	Yarn Export Department
Contact No.:	91-422-2221223
Date :	06.12.2014

LOCATIONS

Registered Office :	244, A.T.D. Street, Race Course, Coimbatore – 641018, Tamilnadu, India
Tel. No.:	91-422-2221223
Fax No.:	91-422-2221225
E-Mail :	mail@premiermills.com yarn@premiermills.com
Website :	http://www.premiermills.com
Location :	Owned
Locality :	Commercial
Factory :	Pulankina, Udumalpet Taluka, Coimbatore – 642127, Tamilnadu, India

DIRECTORS

As on. 29.09.2014

Name :	Mr. Ramachandran Jagadish Chandran
Designation :	Managing director
Address :	245, A.T.D. Street, Race Course, Coimbatore – 641018, Tamilnadu, India
Date of Birth/Age :	06.03.1941
Date of Appointment :	12.08.2006
DIN No.:	00005205
Name :	Karadibhavi Varadarajan Srinivasan
Designation :	Managing director
Address :	#3 VP Naidu Street, Avanashi Road, Coimbatore – 641018, Tamilnadu, India
Date of Birth/Age :	13.03.1961
Date of Appointment :	16.11.1994
DIN No.:	00004103
Name :	Kavitha Varadaraj
Designation :	Managing director
Address :	#9 VP Naidu Street, Avanashi Road, Coimbatore – 641018, Tamilnadu, India
Date of Birth/Age :	03.01.1970
Date of Appointment :	04.08.2006
DIN No.:	00007412
Name :	Mr. Damotharan Rajendran
Designation :	Director
Address :	# 233, Tea Estate, Race Course, Coimbatore – 641018, Tamilnadu, India
Date of Birth/Age :	17.12.1948
Date of Appointment :	16.11.1994
DIN No.:	00003848
Name :	Sabitha Chandran
Designation :	Director
Address :	245, A.T.D. Street, Race Course, Coimbatore – 641018, Tamilnadu, India
Date of Birth/Age :	07.04.1942
Date of Appointment :	03.08.2002
DIN No.:	00003889
Name :	Mr. Sridhar Varadaraj
Designation :	Director
Address :	#3 VP Naidu Street, Avanashi Road, Coimbatore – 641018, Tamilnadu, India
Date of Birth/Age :	24.11.1969
Date of Appointment :	18.06.2003
DIN No.:	00007603
Name :	Shanthi Srinivasan
Designation :	Director
Address :	#3 VP Naidu Street, Avanashi Road, Coimbatore – 641018, Tamilnadu, India
Date of Birth/Age :	27.11.1965
Date of Appointment :	04.08.2006
DIN No.:	00004146
Name :	Mr. Rohit Rajendran
Designation :	Director
Address :	No. 13, Ward No. 18, Nethaji Road, Coimbatore – 641037, Tamilnadu, India
Date of Birth/Age :	04.07.1979
Date of Appointment :	02.12.2006
DIN No.:	00030631
Name :	Rangian Jayabal
Designation :	Director
Address :	304, Park View Apartment, 31-A, ATT Colony, Coimbatore – 641018, Tamilnadu, India
Date of Birth/Age :	19.11.1953
Date of Appointment :	30.11.2009
DIN No.:	00003830

KEY EXECUTIVES

Name :	Mr. Sridharan
Designation :	Yarn Export Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on. 29.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
PTL Textiles Coimbatore Private Limited, India	23970	89.98
R Jagadish Chandran	800	3.00
Sabitha Chandran	800	3.00
KV Srinivasan	535	2.01
Shanthi Srinivasan	535	2.01
Total	26640	100.00

Equity Share Break up (Percentage of Total Equity)

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	89.98
Directors or relatives of directors	10.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Cotton Yarn, Cotton Fabrics and Knitted Fabrics.

Products :

ITC Code No.	Product Descriptions
63079020	Bed Linens

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Products :

Finished Goods

Countries :

· Italy

· Switzerland

· Spain

· Taiwan

· Korea

Imports :

Products :

Raw Material

Countries :

• USA
• Egypt

Terms :

Selling :

L/C and Credit (30 Days)

Purchasing :

L/C and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

1000 (Approximately)

Bankers :

Banker Name	· Andhra Bank
Branch Address	17 Mill Road, Coimbatore - 641001, Tamilnadu, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	· Export-Import Bank of India
Branch Address	Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Bank of Baroda

· HDFC Bank Limited

· Indian Bank

· Punjab National Bank

· State Bank of India

· State Bank of Travancore

· The Bank of Nova Scotia

· Union Bank of India

· HSBC Limited

· ICICI Bank Limited

· Indian Overseas Bank

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from banks	428.728	650.862
Short Term Borrowing
Loans repayable on demand from banks	180.706	255.178
Total	609.434	906.040

Banking Relations :
Auditors :
Name :	M.S. Jagannathan and Visvanathan Chartered Accountants
Address :	67 A P&T Colony, Kavundampalayam, Coimbatore, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAEFM3256C
Memberships :	--
Holding company :	PTL Textiles Coimbatore Private Limited [U17111TZ1994PTC005512]
Subsidiaries :	· Glendale Holdings Private Limited [U65993TZ2002PTC010417] · Perungudi Wind Farms Private Limited [U40108TZ2003PTC010753] · Bagalur Holdings Private Limited [U70101TZ2002PTC010074] · Palladam Holdings Private Limited [U70101TZ2007PTC013414] · Bangalore Terrace Holdings Private Limited [U70100TZ2013PTC019294] · Irugur Holdings Private Limited Premier Fine Linens Private Limited [U17111TZ1995PTC005901]
Associates :	· Coimbatore Polytex Private Limited [U17111TZ2003PTC010452] Holiday Travels Private Limited [U63040TZ1978PTC000813] · Primero Intimates Private Limited [U74999TZ1981PTC001106] · Capricorn General Finance Private Limited · Lakshmi Narasimha Textiles Private Limited [U17111TZ2004PTC011073] · Premier Cotton Textiles · Premier Evolvics Private Limited [U02520TZ1981PTC001107] · Premier SPG & WVG Mills Private Limited [U17111TZ1945PTC000146] · Premier Fine Linens Private Limited [U17111TZ1995PTC005901] · Prima Products Private Limited [U17111TZ1987PTC001972] · Sree Narasimha Textiles Private Limited [U17111TZ1976PTC000755] · PTL Textiles Coimbatore Private Limited [U17111TZ1994PTC005512] · Coimbatore Twisters Private Limited [U74999TZ1981PTC001106 ] Esvee Consultants and Engineers Private Limited [U02919TZ1985PTC001672]

CAPITAL STRUCTURE

As on. 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 100/- each	Rs. 5.000 Millions
10,000	Preference Shares	Rs. 10/- each	Rs. 0.100 Million
	Total		Rs. 5.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26,640	Equity Shares	Rs. 100/- each	Rs. 2.664 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.664	2.664	2.664
(b) Reserves & Surplus	1739.791	1602.406	1615.413
(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)	1742.455	1605.070	1618.077
(3) Non-Current Liabilities
(a) long-term borrowings	428.808	650.942	1333.893
(b) Deferred tax liabilities (Net)	346.337	381.211	379.663
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.390	6.881	6.804
Total Non-current Liabilities (3)	782.535	1039.034	1720.360
(4) Current Liabilities
(a) Short term borrowings	180.706	255.178	37.308
(b) Trade payables	39.311	61.169	25.434
(c) Other current liabilities	277.168	237.987	266.868
(d) Short-term provisions	10.081	0.000	0.000
Total Current Liabilities (4)	507.266	554.334	329.610
TOTAL	3032.256	3198.438	3668.047
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1601.864	1747.344	1868.558
(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	274.186	224.252	224.252
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	65.703	186.117	252.193
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1941.753	2157.713	2345.003
(2) Current assets
(a) Current investments	3.138	0.000	0.000
(b) Inventories	587.003	457.067	575.407
(c) Trade receivables	93.614	55.973	115.153
(d) Cash and cash equivalents	287.910	309.938	355.228
(e) Short-term loans and advances	69.797	114.676	224.317
(f) Other current assets	49.041	103.071	52.939
Total Current Assets	1090.503	1040.725	1323.044
TOTAL	3032.256	3198.438	3668.047

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2369.185	2299.314	1985.333
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		901.960	676.254	434.542
Less	FINANCIAL EXPENSES (D)		73.493	89.899	142.194
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		828.467	586.355	292.348
Less/ Add	DEPRECIATION/ AMORTISATION (F)		206.254	207.615	215.765
	PROFIT BEFORE TAX (E-F) (G)		622.213	378.740	76.583
Less	TAX (H)		206.658	159.533	37.297
	PROFIT AFTER TAX (G-H) (I)		415.555	219.207	39.286
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1547.450	1582.377	1543.091
Less	APPROPRIATIONS
		Transfer to General Reserve	41.555	21.921	0.000
		Dividend	237.762	199.800	0.000
		Tax on Dividend	40.408	32.413	0.000
	BALANCE CARRIED TO THE B/S		1643.280	1582.377	1547.450
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings [FOB basis]	1290.671	1059.093	1094.144
	IMPORTS
		Raw Materials	559.241	570.969	426.690
		Capital Goods	15.231	86.257	51.072
		Components and Spares	5.865	12.993	15.105
	TOTAL IMPORTS		580.337	492.867	670.219
	Earnings Per Share (Rs.)		155.98	82.28	14.74

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	17.54	9.53	1.98
Operating Profit Margin (PBDIT/ Sales)	(%)	38.07	29.41	21.89
Return on Total Assets (PBT/Total Assets}	(%)	22.56	12.73	2.22
Return on Investment (ROI) (PBT/Networth)		0.36	0.24	0.05
Debt Equity Ratio (Total Debt /Networth)		0.35	0.56	0.85
Current Ratio (Current Asset/Current Liability)		2.15	1.88	4.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.664	2.664	2.664
Reserves & Surplus	1615.413	1602.406	1739.791
Net worth	1618.077	1605.070	1742.455
long-term borrowings	1333.893	650.942	428.808
Short term borrowings	37.308	255.178	180.706
Total borrowings	1371.201	906.120	609.514
Debt/Equity ratio	0.847	0.565	0.350

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1985.333	2299.314	2369.185
		15.815	3.039

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1985.333	2299.314	2369.185
Profit	39.286	219.207	415.555
	1.98%	9.53%	17.54%

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	No
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from Others	0.079	0.079
Total	0.079	0.079

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10348116	27/09/2012 *	400,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE  , CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDI  A	B59533547
2	10021068	06/08/2007 *	540,000,000.00	BANK OF BARODA	82 BANK ROAD, II FLOOR, COIMBATORE, Tamil Nadu -  641018, INDIA	A23676703
3	10009732	06/08/2007 *	262,400,000.00	ANDHRA BANK	17 MILL ROAD, COIMBATORE, Tamil Nadu - 641001, INDIA	A23626591
4	10010301	06/08/2007 *	313,600,000.00	ANDHRA BANK	17 MILL ROAD, COIMBATORE, Tamil Nadu - 641001, INDIA	A23625569
5	80000003	06/08/2007 *	400,000,000.00	BANK OF BARODA	82 BANK ROAD, II FLOOR, COIMBATORE, Tamil Nadu - 641018, INDIA	A23676448
6	90001803	06/08/2007 *	400,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	A23464662
7	90001687	06/08/2007 *	75,200,000.00	ANDHRA BANK	17 MILL ROAD, COIMBATORE, Tamil Nadu - 641001, INDIA	A23625924
8	90001564	03/02/2004	2,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING FLOOR-21, WORLD TRADE CENTRE,  MUMBAI, Maharashtra - 400005, INDIA	-
9	90001489	06/08/2003	100,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE WORLD TRADE CENTRE, CUFFE PARADE,MUMB I, Maharashtra - 400005, INDIA	-
10	90001304	06/08/2007 *	60,000,000.00	PUNJAB NATIONAL BANK	OPPANAKKARA STREET, COIMBATORE, Tamil Nadu - 64100  1, INDIA	A23679517
11	90001159	06/08/2007 *	210,000,000.00	ANDHRA BANK	17 MILL ROAD, COIMBATORE, Tamil Nadu - 641001, INDIA	A23624281
12	90001155	27/09/2012 *	170,000,000.00	The Bank of Nova Scotia	Classic Towers, 1547, Trichy Road, Coimbatore, Tamil Nadu - 641018, INDIA	B59897306
13	90001139	04/12/2000	46,400,000.00	THE BANK OF NOVA SCOTIA	CLASSIC TOWERS 1547, TRICHY ROAD, COIMBATORE, Tamil Nadu - 641001, INDIA	-
14	80000002	06/08/2007 *	170,000,000.00	BANK OF BARODA	82 BANK ROAD, II FLOOR, COIMBATORE, Tamil Nadu - 641018, INDIA	A23676067
15	80019543	06/08/2007 *	170,000,000.00	PUNJAB NATIONAL BANK	OPPANAKKARA STREET, COIMBATORE, Tamil Nadu - 64100  1, INDIA	A23679053
16	90000935	18/02/2014 *	269,900,000.00	ANDHRA BANK	17 MILL ROAD, COIMBATORE, Tamil Nadu - 641001, INDIA	B98483209

* Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· Office building

· Factory building

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

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.61.95
UK Pound	1	Rs.97.16
Euro	1	Rs.76.15

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RSM
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		66

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.