MIRA INFORM REPORT

Report Date :

03.07.2014

IDENTIFICATION DETAILS

Name :	PURBANCHAL LAMINATES PRIVATE LIMITED
t
Registered Office :	Third Floor, ‘Satyam Trade Tower’, S.R. Lohia Road, Tinsukia – 786125, Assam
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.02.2004
Com. Reg. No.:	02-007339
Capital Investment / Paid-up Capital :	Rs. 24.157 Millions
CIN No.: [Company Identification No.]	U36103AS2004PTC007339
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of plywood and laminates
No. of Employees :	200 (Approximetly)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 210000
Status :	Moderate
Payment Behaviour :	Slow but carrect
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and stretched liquidity position of the company. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term loan = B +
Rating Explanation	Risk Prone credit quality and carries very high credit risk
Date	February 2014

Rating Agency Name	ICRA
Rating	Bank Guarantee = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	February 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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Manoj
Designation :	Manager
Contact No.:	91-9727768505
Date :	28.06.2014

LOCATIONS

Registered Office :	Third Floor, ‘Satyam Trade Tower’, S.R. Lohia Road, Tinsukia – 786125, Assam, India
Tel. No.:	91-2836-231468
Mobile No.:	91-9727768505 ( Mr. Manoj)
Fax No.:	Not Available
E-Mail :	amulyamica@rediffmail.com monoj@amulyamica.com
Website :	http://www.anulyamica.com http://www.purbanchallaminates.in
Factory / Administrative office :	101-102, 1^st Floor, Goyal Avenue, Plot No.:318, Ward No.:12/B, Opp. LIC Block Kutch,Gandhidham – 370201, Gujarat, India
Tel. No.:	91-2836-231468

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Rakesh Kumar Agarwal

Designation :

Director

Address :

Plot No. 318, Ward 12B, Goyal Avenue, Room No. 13 Opposite Old LIC Building, Gandhidham -370202, Gujarat, India

Date of Birth/Age :

24.02.1970

Date of Appointment :

23.02.2004

DIN No.:

00223246

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	U21020GJ1997PTC032398	LANDMARK VENEERS PRIVATE LIMITED	Director	26/05/1997	26/05/1997	-	Active	NO
2	U01110GJ2000PTC038854	PURBANCHAL LUMBERS PRIVATE LIMITED	Director	25/10/2000	25/10/2000	-	Active	NO
3	U36103AS2004PTC007339	PURBANCHAL LAMINATES PRIVATE LIMITED	Director	23/02/2004	23/02/2004	-	Active	NO
4	U20299GJ2009PTC057348	ATULYA BOARDS PRIVATE LIMITED	Director	25/06/2009	25/06/2009	-	Active	NO
5	U20290AS2010PTC009941	AMULYA MICA (INDIA) PRIVATE LIMITED	Director	10/05/2010	10/05/2010	-	Active	NO
6	U20219GJ2011PTC064220	VARSANA LUMBERS PRIVATE LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO
7	U20219GJ2011PTC064258	SALASAR PLYWOOD PRIVATE LIMITED	Director	04/03/2011	04/03/2011	-	Active	NO
8	U20210GJ1998PTC034594	AMUL BOARDS PRIVATE LIMITED	Director	05/04/2012	05/04/2012	-	Active	NO
9	U45400DL2013PTC246941	SURFACE CONCEPTS PRIVATE LIMITED	Director	02/01/2013	02/01/2013	-	Active	NO
10	U70102WB2014PLC199452	SURPRISE PROJECTS LIMITED	Director	13/01/2014	13/01/2014	-	Active	NO
11	U51909WB2014PLC201170	CONCIOUS TREXIM LIMITED	Director	20/03/2014	20/03/2014	-	Active	NO

Name :

Mr. Mukesh Kumar Agarwal

Designation :

Director

Address :

43, DBZS, Gandhidham – 370201, Gujarat, India

Date of Birth/Age :

25.01.1975

Date of Appointment :

23.02.2004

DIN No.:

00223645

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	U20210GJ1998PTC034594	AMUL BOARDS PRIVATE LIMITED	Director	31/08/1998	31/08/1998	-	Active	NO
2	U01110GJ2000PTC038854	PURBANCHAL LUMBERS PRIVATE LIMITED	Director	25/10/2000	25/10/2000	-	Active	NO
3	U36103AS2004PTC007339	PURBANCHAL LAMINATES PRIVATE LIMITED	Director	23/02/2004	23/02/2004	-	Active	NO
4	U20299GJ2009PTC057348	ATULYA BOARDS PRIVATE LIMITED	Director	25/06/2009	25/06/2009	-	Active	NO
5	U20290AS2010PTC009941	AMULYA MICA (INDIA) PRIVATE LIMITED	Director	10/05/2010	10/05/2010	-	Active	NO
6	U20219GJ2011PTC064220	VARSANA LUMBERS PRIVATE LIMITED	Director	28/02/2011	28/02/2011	-	Active	NO
7	U20219GJ2011PTC064258	SALASAR PLYWOOD PRIVATE LIMITED	Director	04/03/2011	04/03/2011	-	Active	NO
8	U45400DL2013PTC246941	SURFACE CONCEPTS PRIVATE LIMITED	Director	02/01/2013	02/01/2013	-	Active	NO

Name :

Mr. Om Parkash Agrawal

Designation :

Director

Address :

Plot No. 211, Sector 4, Opposite Mataji Mandir, Gandhidham – 370201, Gujarat, India

Date of Birth/Age :

27.08.1946

Date of Appointment :

23.02.2004

DIN No.:

00292805

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	U21020GJ1997PTC032398	LANDMARK VENEERS PRIVATE LIMITED	Director	20/05/1998	20/05/1998	-	Active	NO
2	U01110GJ2000PTC038854	PURBANCHAL LUMBERS PRIVATE LIMITED	Director	25/10/2000	25/10/2000	-	Active	NO
3	U36103AS2004PTC007339	PURBANCHAL LAMINATES PRIVATE LIMITED	Director	23/02/2004	23/02/2004	-	Active	NO

Name :

Mr. Girdharilal Dokania

Designation :

Director

Address :

Plot No. 230, City Road, Scheme :VI M, Kolkata – 700054, West Bangal

Date of Birth/Age :

29.08.1954

Date of Appointment :

09.03.2004

DIN No.:

00527202

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	U36103AS2004PTC007339	PURBANCHAL LAMINATES PRIVATE LIMITED	Director	09/03/2004	09/03/2004	-	Active	NO
2	U65922WB1987PTC041975	SUBH SHREE INVESTMENT PVT. LTD.	Director	15/02/2005	15/02/2005	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Omprakash B. Agarwal	180000
Rakesh Omprakash Agarwal	270000
Mukesh Omprakash Agarwal	290000
Smt. Santoshidevi Agarwal	201500
Smt. Mamta Agarwal	119500
Smt. Seema Agarwal	101500
Anita Ajaykumar Agarwal	199000
Lokenath Solarpuria	70000
Smt. Radhadevi	80000
G L Dokania	500
Gunjan Dokania	147000
Komal Goenka	200000
Atulya Boards Pvt. Ltd.	463000
M/S Goldburn Commotrade Private Limited	75000
M/S Navnita Dealcom private Limited	18750
M/s Pearl Vinimay Private Limited	--
Total	2415750

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	23.05
Directors or relatives of directors	76.95
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of plywood and laminates
Exports :
Products :	Finished good
Countries :	Dubai Singapure
Imports :
Products :	Raw Material
Countries :	China Belgium Korea
Terms :
Purchasing :	Depend

GENERAL INFORMATION

Suppliers

• GMDC LTD
• Gujarat State Fertilizer and Chemicals Ltd
• Hangzhou Linan Clean Paper
• Hangzhou Jaydecor Decoration
• Hangzhou talent Decorative
• Kwang Sung Engraving Co Ltd – Korea
• Lian Nanyang Decorative – China
• Lian Fuma Decorative Mat Zhejiang Province
• Longer International Trading Co.
• Rajat Logistics
• Saraf Agencies
• Ambica Furniture Private Limited
• Spectratek Technologies Inc,LA
• Work Well Engineers
• Zhejiang Holley Internatonali-China
• Shree International
• Shree Shyam Ji Trading Company
• Orbitz Corporate and Leisure Travels (I) Private Limited
• Zhejiang Shenglong Decoration Material Company Limited
• Zhejiang Gko Decoration M Yiatao - China

Customers

• Ploneer Traders – Jammu
• Insta Exhibition Private Limited
• Shalimar Sunmica

No. of Employees :

200 (Approximetly)

Bankers :

• HDFC Bank
• Kotak Mahindra
• Corporation Bank DBZ North- 197 Talwar Building, Opposite Hotel Shiv Residency, Gandhidham- 370201.Gujarat, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short Term Borrowing
From Bank
Bank overdraft	17.039	6.179
F C Demand Loan	52.149	52.148
Long Term Borrowing
Share and Debenture	12.639	12.532
Term Loan From Bank	21.919	0.873
Total	103.746	71.732

Banking Relations :
Auditors :
Name :	Lahoti and Lahoti
Address :	1^st Floor, Akshat Hose, Plot No. 220, Sector No. 1 – A, Gandhidham - 370201, Gujarat, India
Tel. No.:	91-2836-226699 / 225386
Fax No.:	91-2836-225386
PAN No.:	AFAPK5287N
Sister Concerns:	Amul board Private Limited Landmark Ueneers Private Limited Purbanchal Ueneers

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2415750	Equity Shares	10/- each		Rs.24.158 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	24.158	24.158	24.158
(b) Reserves & Surplus	30.182	27.234	23.587
(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)	54.340	51.392	47.745
(3) Non-Current Liabilities
(a) long-term borrowings	103.527	73.135	44.151
(b) Deferred tax liabilities (Net)	4.160	5.213	5.974
(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)	107.687	78.348	50.125
(4) Current Liabilities
(a) Short term borrowings	69.188	58.327	59.442
(b) Trade payables	184.067	97.752	82.292
(c) Other current liabilities	0.389	0.616	0.685
(d) Short-term provisions	1.246	1.529	1.922
Total Current Liabilities (4)	254.890	158.224	144.341
TOTAL	416.917	287.964	242.211
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	83.383	69.540	58.879
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.689	3.093	2.424
(e) Other Non-current assets	0.000	0.000	0.016
Total Non-Current Assets	91.072	72.633	61.319
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	120.562	84.729	70.515
(c) Trade receivables	187.027	111.160	98.067
(d) Cash and cash equivalents	3.132	3.479	5.436
(e) Short-term loans and advances	15.124	15.963	6.874
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	325.845	215.331	180.892
TOTAL	416.917	287.964	242.211

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	412.439	319.004	248.645
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	409.123	307.251	237.583
			(Including Depriciation Expenses)
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			11.753	11.062
Less/ Add	DEPRECIATION/ AMORTISATION			8.868	8.487
	PROFIT / (LOSS) BEFORE TAX		3.316	2.885	2.575
Less	TAX		0.369	(0.762)	(0.574)
	PROFIT / (LOSS) AFTER TAX		2.947	3.647	3.149
	Earnings / (Loss) Per Share (Rs.)		1.22	1.51	1.30

Particulars	31.03.2014
Sales Turnover	490.000

The above information has been parted by Mr. Manoj

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.71	1.14	1.27
Return on Total Assets (PBT/Total Assets}	(%)	0.80	1.00	1.06
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.05
Debt Equity Ratio (Total Liability/Networth)		6.67	4.60	4.07
Current Ratio (Current Asset/Current Liability)		1.28	1.36	1.25

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	24.158	24.158	24.158
Reserves & Surplus	23.587	27.234	30.182
Net worth	47.745	51.392	54.340
long-term borrowings	44.151	73.135	103.527
Short term borrowings	59.442	58.327	69.188
Total borrowings	103.593	131.462	172.715
Debt/Equity ratio	2.170	2.558	3.178

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	248.645	319.004	412.439
		28.297	29.290

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	248.645	319.004	412.439
Profit	3.149	3.647	2.947
	1.27%	1.14%	0.71%

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	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

UNSECURED LOANS

Particular	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long Term Borrowing
Deposit
-Asiatic Surfaces Mumbai	1.000	1.000
Loans From Directors	13.001	10.886
Other Loans and Advances	54.968	47.844
Total	68.969	59.730

Note :

The Registered office of the company has been shifted Near Prakash Bazarpetrol Pump Tinsukia – 786125, Assam, India to the present address w.e.f. 16.02.2013

INDEX CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10262060	08/04/2013 *	381,500,000.00	CORPORATION BANK	DBZ NORTH- 197, TALWAR BUILDING ,, OPPOSITE HOTEL  SHIV RESIDENCY, GANDHIDHAM, Gujarat - 370201, IND  IA	B75998674
2	90266054	07/04/2010 *	88,947,000.00	CORPORATION BANK	DBZ NORTH 193, TALWAR BUILDING, OPP, HOTEL SHIV,  REGENCY., GANDHIDHAM, Gujarat - 370201, INDIA	A84648617

FIXED ASSETS:

• Air Conditioner
• Atlas Cycle
• City Office – Building
• Compressure Machine
• Computer and Softwares
• Electric Fittings
• Electronic Appliances
• Factory Building
• Fire Extinguisher
• Folder Rake
• Furniture and Fixture
• Lab Equipments
• Land
• Motor Car (Elantra)
• Office Equipment
• Plant and Machinery
• Trade Mark
• Vehicle – Bikes

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. 60.09
UK Pound	1	Rs. 102.32
Euro	1	Rs. 82.00

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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.