MIRA INFORM REPORT

Report Date :

19.12.2014

IDENTIFICATION DETAILS

Name :	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED (w.e.f. 12.04.1993)
Formerly Known As :	TECHNOVA PLATE MAKING SYSTEMS LIMITED
Registered Office :	Laxmi Mills Estate, Off. Dr. E. Moses Road, Mahalaxmi, Mumbai - 400011, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.08.1979
Com. Reg. No.:	11-021599
Capital Investment / Paid-up Capital :	Rs.119.637 Millions
CIN No.: [Company Identification No.]	U74999MH1979PTC021599
PAN No.: [Permanent Account No.]	AAACT2165J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Imaging Products.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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 :	Exist
Comments :	Subject is an established company having moderate track record. As per registrar of companies the date of Balance Sheet (i.e. Financial Filed) is shown as 31.03.2014 but the documents related to financials are not available from any source. As per available financial of 2013, the company has taken huge external borrowing, which acts as threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The subject can be considered for business dealings with some caution. Note: As confirmed by Mr. Atul Kulkarni, Finance manager that Technova Hichem Systems Private Limited was merged with Technova Imaging Systems Private Limited 10 years back.

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 = BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	September 18, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and carry higher credit risk.
Date	September 18, 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 (GENERAL DETAILS)

Name :	Mr. Atul Kulkarni
Designation :	Finance Manager
Contact No.:	91-22-27412463
Date :	18.12.2014

LOCATIONS

Registered office :	Laxmi Mills Estate, Off. Dr. E. Moses Road, Mahalaxmi, Mumbai - 400011, Maharashtra, India
Tel. No.:	91-22-42200300/ 27412463 / 27412464 (Extension - 480) / 27402589 / 24983390 / 24938844
Fax No.:	91-22-24950322/ 27410261
E-Mail :	corp@technovaworld.com atulk@technovaindia.com corp@technova.com sridhar@technovaindia.com pnp@technovaworld.com repro@technovaworld.com rk@technovaindia.com plates@technovaworld.com qps@technovaworld.com chem@technovaworld.com films@technovaworld.com inkjet@technovaworld.com
Website :	http://www.technovaworld.com
Corporate Office / Factory :	Plot No. E1/2/3, MIDC, Taloja, Raigad - 410208, Maharashtra, India
Tel. No.:	91-22-27412463
Fax No.:	91-22-27410261
Domestic Office :	Located At : Ahmedabad Chennai Hyderabad Bengaluru Delhi Kochi Kolkata Mumbai Indore lucknow
Oversees Office :	Located At : · Dubai · South Africa · East Africa · United Kingdom and Europe · South America · North America · Sri Lanka

DIRECTORS

AS ON 26.09.2014

Name :

Mr. Pranav Natvarlal Parikh

Designation :

Chairman and Managing Director

Address :

18 A, Manek, L. D. Ruparel Marg, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

18.02.1943

Qualification :

B.Com., MBA Havard

Date of Appointment :

30.11.2013

PAN No.:

AADPP7768H

DIN No.:

00318726

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	U35110MH1945PTC004675	LEE AND MUIRHEAD PRIVATE LIMITED	Director	01/02/1969	01/02/1969	-	Active	NO
2	U63040MH1961PLC012067	TRAVEL CORPORATION (INDIA) LIMITED	Director	10/02/1970	10/02/1970	28/12/2006	Active	NO
3	U28129MH1974PTC018030	LEMUIR CONTAINERS PRIVATE LIMITED	Director	31/12/1974	31/12/1974	-	Strike off	NO
4	U63040MH1974PTC018029	LEFA FREIGHT PRIVATE LIMITED	Director	31/12/1974	31/12/1974	-	Strike off	NO
5	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Managing director	30/11/2013	29/08/1979	-	Active	NO
6	U24110MH1952PTC008855	TECHNOVA GRAPHICS PRIVATE LIMITED	Director	28/01/1986	28/01/1986	-	Active	NO
7	U45202MH1957PLC010885	SHREE LAXMI WOOLLEN MILLS ESTATE LIMITED	Director	29/06/1994	29/06/1994	-	Active	NO
8	U63000MH1999PTC121101	AL MOVERS PRIVATE LIMITED	Alternate director	02/08/1999	02/08/1999	07/08/2012	Active	NO
9	L26100GJ1907PLC000033	ALEMBIC LIMITED	Director	28/03/2001	28/03/2001	31/03/2011	Active	NO
10	U74140MH2004PTC144831	A L MANAGEMENT PRIVATE LIMITED	Alternate director	28/08/2004	28/08/2004	07/08/2012	Active	NO
11	U74900DL2007PTC168260	TOYO INK BUSINESSNETWORK INDIA PRIVATE LIMITED	Director	17/09/2007	17/09/2007	29/10/2010	Active	NO
12	U63090MH1996PTC099340	DHL LOGISTICS PRIVATE LIMITED	Additional director	29/08/2008	29/08/2008	04/04/2012	Active	NO
13	L24230GJ2010PLC061123	ALEMBIC PHARMACEUTICALS LIMITED	Director	29/08/2011	31/03/2011	-	Active	NO

Name :

Mr. Arvind Natvarlal Parikh

Designation :

Director

Address :

241, 24^th Floor, Urvashi CHS Limited, 66 Petit Hall, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

19.10.1927

Date of Appointment :

29.08.1979

PAN No.:

AABPP7241B

DIN No.:

00319473

Name :

Mr. Jagdish Natvarlal Parikh

Designation :

Director

Address :

Ocean View, Flat No.104, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

07.02.1930

Date of Appointment :

29.08.1979

DIN No.:

00348650

Name :

Mr. Jivanlal Gulabrai Bhatt

Designation :

Whole Time Director

Address :

556/ A, Shriketan, Adenwala Road, Matunga, Mumbai – 400 019, Maharashtra, India

Date of Birth/Age :

23.10.1952

Qualification :

M.Sc. (North California State University, U.S.A.)

Date of Appointment :

01.01.1989

PAN No.:

AAAPB8767D

DIN No.:

00435182

Name :

Mrs. Snehal Arvind Parikh

Designation :

Director

Address :

5, Rushila Building, Carmichal Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

01.02.1955

PAN No.:

AGHPP7065K

Date of Appointment :

26.12.1988

DIN No.:

00467965

Name :

Mrs. Maya Pranav Parikh

Designation :

Whole Time-Director

Address :

18 A, Manek, L D Ruparel Marg, Malabar Hill Mumbai – 400006, Maharashtr\a, India

Date of Birth/Age :

27.01.1978

Date of Appointment :

14.12.2001

PAN No.:

AFSPP0124P

DIN No.:

00468051

Name :

Ms. Shelina P. Parikh

Designation :

Whole Time Director

Address :

18 A, Manek, L. D. Ruparel Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

25.07.1968

Qualification :

MBA-Harvard

Date of Appointment :

08.07.2014

PAN No.:

AFVPP8218F

DIN No.:

00468199

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	U24110MH1952PTC008855	TECHNOVA GRAPHICS PRIVATE LIMITED	Director	08/07/1994	08/07/1994	-	Active	NO
2	U74999MH1979PTC021599	TECHNOVA IMAGING SYSTEMS PRIVATE LIMITED	Whole-time director	08/07/2014	08/07/1994	-	Active	NO
3	U80904MH2013PTC242039	TOSG ART EDUCATION PRIVATE LIMITED	Additional director	10/09/2013	10/09/2013	-	Active	NO

Name :

Mr. Ramkrishnan Gayathri

Designation :

Director

Address :

B1402, Anmol, 14th Floor, Opposite Patel Auto, Off S.V. Road, Goregaon (West), Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

01.03.1963

Date of Appointment :

14.03.2007

DIN No.:

01733464

Name :

Mr. Mangesh Shripad Kulkarni

Designation :

Director

Address :

201, Moti Mahal, 28 Senapari Bapat Marg, Mahim, Mumbai - 400016, Maharashtra India

Date of Birth/Age :

10.06.1942

Date of Appointment :

18.04.2001

PAN No.:

AACPK7623H

DIN No.:

00347908

KEY EXECUTIVES

Name :	Mr. Atul Kulkarni
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2014

Names of Shareholders	No. of Equity Shares	No. of Preferences Shares
Arvind N Parikh	127600	--
Arvind N Parikh (HUF)	3600	--
Anuradha Benegal	105500	--
Jagdish N Parikh (HUF)	600	--
Maya P Parikh Jointly with Pranav N Parikh	100200	--
Maya P Parikh	563100	--
Natverlal Parikh (HUF)	4500	--
Poorvi A Parikh Jointly with Arvind N Parikh	3600	--
Pranav N Parikh Jointly with Salome Pranav Parikh	214325	--
Pranav N Parikh	1800	1000000
Savita S Parikh Jointly with Snehal A Parikh	3600	--
Shelina P Parikh Jointly with Pranav N Parikh	109800	--
Shelina P Parikh	553500	--
Snehal A Parikh Jointly with Savita S Parikh	64800	--
Jivan G Bhatt Jointly with Nilakshi Bhatt	1075	--
Neal Prashant Parikh	41300	--
Jagdish N Parikh Jointly with Shila J Parikh	64800	--
TOTAL	1963700	1000000

AS ON 26.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader, Exporter and Importer of Imaging Products.

Products :

ITEM CODE NO. (ITC CODE)	PRODUCT DESCRIPTION
84425020	Lithographics Plates
37079010	Chemical Products Mixed for Photo Uses
38140010	Organic Composite Solvent and Thinners

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :
Products :	Finished Goods
Countries :	Europe USA Middle East
Imports :
Products :	Raw Material
Countries :	Europe China Middle East Far East
Terms :
Selling :	Cash, Cheque and Credit
Purchasing :	Cash, Cheque and Credit

GENERAL INFORMATION

Supplier :

Not Divulged

Customer :

Not Divulged

No. of Employees :

1000 (Approximately)

Bankers :

· Corporation Bank, Corporate Financial Branch, 104, Bharat House, Ground Floor, Mumbai Samachar Marg, Mumbai – 400023, Maharashtra, India

· The Saraswat Co-Operative Bank

· Indian Bank

· Indian Overseas Bank

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long Term Borrowings
Rupee term loans from banks	92.500	241.500
Foreign currency term loans from banks	340.000	585.550
Long-term maturities of finance lease obligations	0.000	0.256
Other loans and advances	0.839	0.749
Short Term Borrowings
Loans repayable on demand from banks	1788.656	1600.632
TOTAL	2221.995	2428.687

Banking Relations :		--
Auditors :
Name :		N.A. Shah and Associates Chartered Accountants
Address :		B 41 - 45 , Paragon Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400013, Maharashtra, India
PAN No:		AAAFN5380N
Associate Company :	Lastra Niraj Private Limited, India CIN No.: U72900MH1980PTC022514
Subsidiary Company :	Technova Imaging Systems Inc*
Enterprises, where key management personnel and relatives exercise significant influence :	· A L Movers Private Limited CIN No.: U63000MH1999PTC121101 · TechNova Graphics Private Limited CIN No.: U24110MH1952PTC008855

CAPITAL STRUCTURE

AS ON 26.09.2014

Authorised Capital : Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.119.637 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1980000	Equity Shares	Rs.10/- each	Rs.19.800 Millions
1000000	Preferences Shares	Rs.100/- each	Rs.100.000 Millions
20000	Unclassified Shares	Rs.10/- each	Rs.0.200 Million
	TOTAL		Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1963700	Equity Shares	Rs.10/- each	Rs.19.637 Millions
1000000	Preferences Shares	Rs.100/- each	Rs.100.000 Millions
	TOTAL		Rs.119.637 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	119.637	119.637	119.637
(b) Reserves & Surplus	501.087	290.076	272.722
(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)	620.724	409.713	392.359
(3) Non-Current Liabilities
(a) long-term borrowings	1240.439	1635.155	1908.863
(b) Deferred tax liabilities (Net)	61.413	31.790	31.984
(c) Other long term liabilities	65.309	60.405	0.000
(d) long-term provisions	98.289	85.516	114.095
Total Non-current Liabilities (3)	1465.450	1812.866	2054.942
(4) Current Liabilities
(a) Short term borrowings	1788.656	1600.632	1412.925
(b) Trade payables	696.449	548.055	459.212
(c) Other current liabilities	1181.423	1215.765	1307.644
(d) Short-term provisions	77.568	62.971	61.815
Total Current Liabilities (4)	3744.096	3427.423	3241.596
TOTAL	5830.270	5650.002	5688.897
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1661.655	1789.197	2005.270
(ii) Intangible Assets	1.928	8.218	16.068
(iii) Capital work-in-progress	12.257	42.033	1.555
(iv) Intangible assets under development	25.079	19.640	8.666
(b) Non-current Investments	50.820	51.120	51.120
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	131.266	182.508	149.406
(e) Other Non-current assets	6.907	8.485	8.455
Total Non-Current Assets	1889.912	2101.201	2240.540
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2265.786	1974.330	2112.541
(c) Trade receivables	1313.905	1052.367	820.743
(d) Cash and cash equivalents	11.168	88.750	24.829
(e) Short-term loans and advances	315.046	369.222	463.137
(f) Other current assets	34.453	64.132	27.107
Total Current Assets	3940.358	3548.801	3448.357
TOTAL	5830.270	5650.002	5688.897

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	NA	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		226.964	17.354	199.652
	Earnings / (Loss) Per Share (Rs.)		76.58	3.51	96.34

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	4.88	7.90	8.47
Current Ratio (Current Asset/Current Liability)	1.05	1.04	1.06

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	119.637	119.637	119.637
Reserves & Surplus	272.722	290.076	501.087
Share Application money pending allotment	0.000	0.000	0.000
Net worth	392.359	409.713	620.724
long-term borrowings	1908.863	1635.155	1240.439
Short term borrowings	1412.925	1600.632	1788.656
Total borrowings	3321.788	3235.787	3029.095
Debt/Equity ratio	8.466	7.898	4.880

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	Yes
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	No
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	Yes
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]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth 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

LITIGATION DETAILS:

LITIGATION DETAILS
Bench:- Bombay
Lodging No:-	CEXAL/28/2009	Failing Date:-	23.04.2009		Reg. No.:-	CEXA/135/2013	Reg. Date:-	07.08.2013
Petitioner:-	THE COMMISIONER OF CENTRAL EXCISE		Respondent:-		TECHNOVA IMAGIN SYSTEMS PRIVATE LIMITED
Petn.Adv:-	R. ASOKAN (0)			Resp.Adv:-	PDS LEGAL
District:-	MUMBAI
Bench:-	DIVISION			Category:-	CENTRAL EXCISE APPEAL (CEXA)
Status:-	Admitted (Unready)		Stage:-		TAX APPEALS FOR REJECTION U/R 986 OF THE H.C. (O.S) RULES 1980
Last Date:-	24.07.2013
Last Coram:-	HON’BLE THE CHIEFJUSTICE HON;BLE SHRI JUSTICE M.S. SANKLECHA

INDEX OF CHARGE:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90213299	21/08/2014 *	3,880,700,000.00	CORPORATION BANK	CORPORATE BANKING BRANCH, BHARAT HOUSE NO.104,, G  ROUND FLOOR, MUMBAI SAMACHAR MARG, FORT, MUMBAI, M  AHARASHTRA - 400023, INDIA	C20097275
2	90213144	26/02/1998	415,000.00	THE SARASWAT CO-OP BANK LTD.	CENTRAL ADMN. OFFICE; APSARA CINEMA BLDG.; 2ND FLO  , GRANT ROAD; DR. D. B. MARG, MUMBAI, MAHARASHTRA  - 400007, INDIA	-
3	90212437	23/12/1993 *	2,000,000.00	IDBI BANK LIMITED	LAXMI ROAD, , PUNE, MAHARASHTRA - 411002, INDIA	-
4	90212157	17/05/1991 *	5,200,000.00	THE INDUSTRIAL CREDIT & INVSTMEN CORPORATION OF IN  DIA LTD.	163, BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 4  00020, INDIA	-
5	90211925	17/04/1989	168,900.00	CORPORATION BANK	VEENA CHAMBERS, DALAL STREET; FORT, BOMBAY, MAHAR  ASHTRA - 400023, INDIA	-

* Date of charge modification

UNSECURED LOAN

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long Term Borrowings
Loans and advances from related parties	807.100	807.100
TOTAL	807.100	807.100

FINANCIAL HIGHLIGHTS:

The Plate Business of the Company continued to experience tremendous challenges in the market place under overall economic climate including dumping of products from China which led to margin erosion. In response to the application by the Company, the Directorate General of Anti-Dumping and Allied Duties of Government of India has issued notification imposing anti-dumping duty on imports from China in October 2012 to remove injury to domestic industry. Further, the Company continues to focus aggressively on its initiatives to improve profitability through productivity improvement and cost optimization.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Factory Building

· Plant and Equipment

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

Intangible Assets

· Goodwill

· Computer software

· Copyrights, patents and other operating rights

· Patents

· Commercial contractual right

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.31
UK Pound	1	Rs.98.67
Euro	1	Rs.78.10

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	----
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		34

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.