MIRA INFORM REPORT

Report Date :

07.02.2014

IDENTIFICATION DETAILS

Name :	PRATAP SYNTHETICS LIMITED
Registered Office :	540, Marshall House, 33/1, N S Road, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.12.1984
Com. Reg. No.:	21-038273
Capital Investment / Paid-up Capital :	Rs. 15.000 Millions
CIN No.: [Company Identification No.]	U25201WB1984PLC038273
TAN No.: [Tax Deduction & Collection Account No.]	CALP00068F
PAN No.: [Permanent Account No.]	AABCP4794Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Woven / Non-woven Fabrics / Sacks and Renting of Warehouse.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 440000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears some dip in the turnover and profits of the company during the financial year 2013. However, net worth of the company is satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus on providing payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

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 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Sharma
Designation :	Accounts Department
Contact No.:	91-33-66141201
Date :	06.02.2014

LOCATIONS

Registered Office :	540, Marshall House, 33/1, N S Road, Kolkata – 700001, West Bengal, India
Tel. No. :	91-33-22200582
Fax No. :	Not Available
E-Mail :	pratap@yahoo.com
Location :	Owned
Administrative Office :	15A, Hemanta Basu Sarani, Continental Chamber, 5^th Floor, Kolkata - 700001, West Bengal, India
Tel. No.:	91-33-66141201/ 66141203
Factory :	Located at · Howrah, West Bengal, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Sunil Agarwal

Designation :

Managing director

Address :

11, Gurusaday Road, 96, Kusum Apartment, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

22.09.1965

Date of Appointment :

01.04.1991

DIN No. :

00314001

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	Company/ LLP Status	Defaulting status
1	U25201WB1984PLC038273	PRATAP SYNTHETICS LIMITED	Managing director	01/04/1991	01/04/1991	Active	NO
2	U25201WB1998PTC087991	HISSAR UDYOG PRIVATE LIMITED	Director	21/09/1998	21/09/1998	Active	NO
3	U70100WB2007PTC120203	HARSH INFRADEVELOPERS PRIVATE LIMITED	Director	05/11/2007	05/11/2007	Active	NO

Name :

Mr. Shyam Sunder Jindal

Designation :

Director

Address :

6/1A, Moira Street, 204, Mangaldeep, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

01.09.1944

Date of Appointment :

11.12.1984

DIN No. :

00372346

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	Company/ LLP Status	Defaulting status
1	L65993WB1981PLC033398	FLOWER TRADING AND INVESTMENT COMPANY LIMITED	Director	16/07/1984	16/07/1984	Active	NO
2	U25201WB1984PLC038273	PRATAP SYNTHETICS LIMITED	Director	11/12/1984	11/12/1984	Active	NO
3	U31103WB1987PLC041748	PRATAP POLYSACKS LIMITED	Managing director	01/04/2012	09/01/1987	Active	NO
4	U17119GJ1993PTC020304	PRATAP FILAMENTS PRIVATE LIMITED	Director	29/09/1993	29/09/1993	Amalgamated	NO
5	U70101WB2005PTC106035	HAPPY VALLEY REALTORS PRIVATE LIMITED	Director	31/10/2005	31/10/2005	Active	NO
6	U45201WB1973PTC028659	POONAM CONSTRUCTION COMPANY PRIVATE LIMITED	Director	31/01/2012	31/01/2012	Active	NO

Name :

Mr. Jagdish Chandra Agarwal

Designation :

Director

Address :

11, Gurusaday Road, 96, Kusum Apartment, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

01.04.1943

Date of Appointment :

29.08.2001

DIN No. :

00373349

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	Company/ LLP Status	Defaulting status
1	U31103WB1987PLC041748	PRATAP POLYSACKS LIMITED	Director	09/01/1987	09/01/1987	Active	NO
2	U17119GJ1993PTC020304	PRATAP FILAMENTS PRIVATE LIMITED	Director	29/09/1993	29/09/1993	Amalgamated	NO
3	U17111WB1998PTC087992	HARSH SYNTHETICS PRIVATE LIMITED	Director	21/09/1998	21/09/1998	Active	NO
4	U25201WB1984PLC038273	PRATAP SYNTHETICS LIMITED	Director	29/08/2001	29/08/2001	Active	NO
5	U17119GJ2002PTC041003	HARSH FILAMENTS PRIVATE LIMITED	Director	24/07/2002	24/07/2002	Active	NO
6	U91110WB1940NPL010249	BENGAL NATIONAL CHAMBER OF COMMERCE AND INDUSTRY	Director	20/09/2005	20/09/2005	Active	NO
7	L65993WB1981PLC033398	FLOWER TRADING AND INVESTMENT COMPANY LIMITED	Managing director	01/04/2012	01/04/2007	Active	NO
8	U51909WB2007PTC115493	NILGIRI VANIJYA PRIVATE LIMITED	Director	22/02/2011	29/05/2008	Active	NO
9	U51909WB2010PTC147536	DIVYA COMMOSALES PRIVATE LIMITED	Director	12/05/2010	12/05/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Sharma
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	51.49
Directors or relatives of Directors	47.97
Other top fifty shareholders	0.54
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Woven / Non-woven Fabrics / Sacks and Renting of Warehouse.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash, Credit and Depend

GENERAL INFORMATION

Customers :

End Users and OEM’s

· Birla Corporation Limited, Satna , Durgapur

Ambuja Cement, India

ACC Cement , India

No. of Employees :

100 (Approximately)

Bankers :

Bank of India, Kolkata SME Branch, 23A, Netaji Subhas Road, Kolkata - 700001, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan
From Bank of India	82.462	93.686
Other Loans and Advances
Finance Lease Obligation	0.000	0.000
SHORT TERM BORROWINGS
Loans Repayable on Demand
From Bank of lndia Cash Credit	123.595	92.279
Total	206.057	185.965

NOTE

LONG TERM BORROWINGS

· Term Loan from Bank of India is :

Secured against Hypothecation of Tangible Movable Plant and Machinery, Stock of Raw Materials, Stock in process, Store, spare parts and Finished Goods and Book Debts and personal gurantee of all the Directors and Flower Trading and Investment Company Limited and equitable mortage of land and factory building at Dhulagori, Sankrail, Howah and Equitable mortage of property situated at 21, Beneras Road, Salkia, Howrah beloneing to Flower Tarding and Investment Company Limited.

Finance Lease Obligation is secured against hypothecation of vehicle taken on Lease.

SHORT TERM BORROWINGS

Cash credit facilities from Bank of India is :

Secured against Hypothecation of Tangible Movable Plant and Machinery, Stock of Raw Materials, Stock in process, Store, spare parts and Finished Goods and Book Debts and personal gurantee of all the Directors and Flower Trading and Investment Company Limited and equitable mortage of land and factory building at Dhulagori, Sankrail, Howrah and Equitable monage of PmDW situated at 21, Beneras Road. Salkia, Howrah belonging to Flower Tarding and lnvestment Company Limited.

Banking Relations :	--
Auditors :
Name :	V.K.Patawari and Company Chartered Accountants
Address :	33, Brabourne Road, 3^rd and 4^th Floor, Kolkata – 700001, West Bengal, India
Tel. No. :	91-33-22434175/ 22422939
E-Mail :	vkpatawari_co12@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	AAFFV4830L
Associates :	· Hissar Udyog Private Limited Pratap Polysacks Limited Flower Trading and Investment Company Limited Harsh Synthetics Private Limited Harsh Filaments Private Limited Harsh Infra Developers Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs.10/- each	Rs. 15.000 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	15.000	15.000	15.000
(b) Reserves & Surplus	95.933	91.663	83.090
(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)	110.933	106.663	98.090
(3) Non-Current Liabilities
(a) long-term borrowings	94.311	103.455	69.547
(b) Deferred tax liabilities (Net)	1.157	2.159	2.614
(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)	95.468	105.614	72.161
(4) Current Liabilities
(a) Short term borrowings	125.355	92.847	124.811
(b) Trade payables	5.657	3.152	1.190
(c) Other current liabilities	20.059	25.956	21.396
(d) Short-term provisions	4.448	7.053	4.887
Total Current Liabilities (4)	155.519	129.008	152.284
TOTAL	361.920	341.285	322.535
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	176.747	180.268	108.457
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.335	4.128	49.361
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.110	2.110	2.110
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.892	3.134	0.770
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	188.084	189.640	160.698
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	55.363	58.642	74.240
(c) Trade receivables	102.343	74.608	64.983
(d) Cash and cash equivalents	3.639	3.537	1.343
(e) Short-term loans and advances	12.491	14.858	21.271
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	173.836	151.645	161.837
TOTAL	361.920	341.285	322.535

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	590.041	670.314	563.035
		Other Income	1.182	0.991	1.471
		TOTAL (A)	591.223	671.305	564.506
Less	EXPENSES
		Cost of materials consumed	477.503	543.037	481.700
		(Increase)/ Decrease in Inventories	(7.503)	15.842	(12.651)
		Purchase of traded goods	9.668	0.000	0.000
		Employee benefits Expense	5.418	6.126	5.584
		Excise duty expenses	0.130	0.098	0.000
		Other Expenses	64.109	54.380	58.248
		TOTAL (B)	549.325	619.483	532.881
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		41.898	51.822	31.625
Less	FINANCIAL EXPENSES (D)		22.006	23.965	10.439
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.892	27.857	21.186
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.604	14.113	13.374
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		6.288	13.744	7.812
Less	TAX (H)		1.249	4.261	2.534
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		5.039	9.483	5.278
	IMPORTS
		Fixed Assets	0.557	0.499	13.894
		Raw Materials	1.715	1.124	7.141
		Stores and Spares	0.176	0.217	0.013
	TOTAL IMPORTS		2.448	1.840	21.048
	Earnings / (Loss) Per Share (Rs.)		3.36	6.32	3.52

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.85	1.41	0.93
Net Profit Margin (PBT/Sales)	(%)	1.07	2.05	1.39
Return on Total Assets (PBT/Total Assets}	(%)	1.77	4.10	2.88
Return on Investment (ROI) (PBT/Networth)		0.06	0.13	0.08
Debt Equity Ratio (Total Debt/Networth)		1.98	1.84	1.98
Current Ratio (Current Asset/Current Liability)		1.12	1.18	1.06

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	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10108410	29/05/2008	21,000,000.00	BANK OF INDIA	KOLKATA CORPORATE BANKING BRANCH, 5, B.T.M. SARANI, 2ND FLOOR, KOLKATA - 700001, WEST BENGAL, INDIA	A39845623
2	10034375	08/01/2008 *	168,323,000.00	BANK OF INDIA	KOLKATA CORPORATE BANKING BRANCH, 5, B.T.M. SARANI, 2ND FLOOR, KOLKATA - 700001, WEST BENGAL, INDIA	A31244098
3	80022007	11/02/2011 *	290,780,000.00	BANK OF INDIA	KOLKATA SME BRANCH, 23A, NETAJI SUBHAS ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	B08940652
4	90247651	08/01/2008 *	168,323,000.00	BANK OF INDIA	KOLKATA CORPORATE BANKING BRANCH, 5, B.T.M. SARANI, 2ND FLOOR, KOLKATA - 700001, WEST BENGAL, INDIA	A31242886
5	90246540	08/01/2008 *	168,323,000.00	BANK OF INDIA	KOLKATA CORPORATE BANKING BRANCH, 5, B.T.M. SARANI, 2ND FLOOR, KOLKATA - 700001, WEST BENGAL, INDIA	A31243231
6	90248164	01/02/2011 *	290,780,000.00	BANK OF INDIA	KOLKATA SME BRANCH, 23A, NETAJI SUBHAS ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	B08940165
7	90245779	11/03/2005 *	59,400,000.00	BANK OF INDIA	KOLKATA CORPORATE BANKING BRANCH, 5, B.T.M. SARANI, 2ND FLOOR, KOLKATA - 700001, WEST BENGAL, INDIA	-
8	90248162	01/02/2011 *	290,780,000.00	BANK OF INDIA	KOLKATA SME BRANCH, 23A, NETAJI SUBHAS ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	B08939159
9	90245770	11/03/2005 *	59,400,000.00	BANK OF INDIA	KOLKATA CORPORATE BANKING BRANCH, 5, B.T.M. SARANI, 2ND FLOOR, KOLKATA - 700001, WEST BENGAL, INDIA	-
10	90245183	09/02/2004 *	62,100,000.00	BANK OF INDIA	KOLKATA CORPORATE BANKING BRANCH, 5, B.T.M. SARANI, 2ND FLOOR, KOLKATA - 700001, WEST BENGAL, INDIA	-
11	90245148	01/02/2011 *	290,780,000.00	BANK OF INDIA	KOLKATA SME BRANCH, 23A, NETAJI SUBHAS ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	B08938730

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loan from related parties
From Body Corporates	2.302	0.000
From Others	9.547	9.769
SHORT TERM BORROWINGS
Loans Repayable on Demand
From Body Corporates	0.000	0.046
From Others	1.760	0.522
Total	13.609	10.337

CORPORATE INFORMATION

The Company is a limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the manufacturing of Woven / Non-woven Fabrics / Sacks and Renting of Warehouse.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Central Sales Tax Liability against which the Company has preferred appeals	6.083	8.327
WBVAT liability against which the company has preferred appeals	0.465	2.098
Bank guarantee outstanding	24.040	13.540
Central excise duty liabilities against which the company has preferred appeals	15.255	15.255
Total	45.843	39.220

FIXED ASSETS

· Land – Freehold

Land – Leasehold

Factory Building

Plant and Machinery

Electric Installation

Vehicles

Computer

Furniture and Equipments

Warehouse

Office Premises

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.62.50
UK Pound	1	Rs.101.92
Euro	1	Rs.84.50

INFORMATION DETAILS

Information Gathered by :	PDT
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	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.