MIRA INFORM REPORT

Report Date :

19.07.2014

IDENTIFICATION DETAILS

Name :	A P FASHIONS PRIVATE LIMITED
Registered Office :	227, A J C Bose Road, Kolkata – 700020, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.06.1991
Com. Reg. No.:	21-051934
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U51909WB1991PTC051934
Legal Form :	Private Limited Liability Company
Line of Business :	Dealing in Fabric and Accessories.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1593000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems continuous dip in the profit of the company however net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually 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 – 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.

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 DENIED

Management Non Co-Operative (91-33-60050700)

LOCATIONS

Registered Office :	227, A J C Bose Road, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-22904611/ 22877378
Fax No.:	91-33-22818777
E-Mail :	mail@apfashions.net
Factory :	SY No. 5/8, Roopena Agrahara, Bommanhalli Nagara, Bangalore, Karnataka, India

DIRECTORS

As on: 27.09.2013

Name :

Mr. Amit Jhunjhunwala

Designation :

Whole-Time Director

Address :

16D, Judges Court Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

08.10.1976

Date of Appointment :

01.07.2008

DIN No.:

00520786

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	U65993WB1991PTC051696	P & A PROPERTIES & INVESTMENTS PRIVATE LIMITED	Director	13/04/1995	13/04/1995	-	Active	NO
2	U51909WB1991PTC051934	A P FASHIONS PRIVATE LTD	Whole-time director	01/07/2008	15/10/1998	-	Active	NO
3	U01122WB2000PLC091998	AMET & LADOUE BIOTECH LIMITED	Director	16/06/2000	16/06/2000	-	Strike off	NO
4	U72900WB2000PLC092122	A.P. SOFTWARE LIMITED	Director	10/07/2000	10/07/2000	-	Strike off	NO
5	U51909WB2000PTC092169	ARBUTUS MARKETING PRIVATE LIMITED	Director	30/08/2001	30/08/2001	-	Active	NO
6	U51909WB2000PTC092168	PANTHER COMMERCE PRIVATE LIMITED	Director	31/08/2001	31/08/2001	-	Active	NO
7	U70101WB1991PTC053651	A D EXPORTS PVT LTD	Director	16/11/2004	16/11/2004	-	Active	NO
8	U80903WB2000PTC091482	MILLENNIUM INFOWARE PRIVATE LIMITED	Director	25/09/2007	10/07/2007	-	Active	NO
9	U74999WB2011PTC165268	AMET & LADOUE APPARELS PRIVATE LIMITED	Director	23/07/2011	23/07/2011	-	Active	NO
10	U74900WB2012PTC188742	P & A BOTTLERS PRIVATE LIMITED	Director	29/04/2013	29/04/2013	-	Active	NO
11	U51909WB2011PTC157035	HIGHPOINT COMMOTRADE PRIVATE LIMITED	Director	24/09/2013	24/09/2013	-	Active	NO Bottom of Form
12	AAB-6730	P & A INFRACON LLP	Body corporate as Designated Partner	25/07/2013	25/07/2013	-	Active	NO
13	AAB-6732	P & A INFRADEVELOPERS LLP	Body corporate as Designated Partner	25/07/2013	25/07/2013	-	Active	NO
14	AAC-3367	JACKSON MERCANTILES LLP	Body corporate as Designated Partner	02/06/2014	02/06/2014	-	Active	NO

Name :

Mr. Ashok Kumar Jhunjhunwala

Designation :

Managing Director

Address :

16D, Judges Court Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

03.05.1949

Date of Appointment :

15.02.2009

DIN No.:

00520765

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	U51494WB1992PTC055134	BINA NATURAL PRODUCE PRIVATE LIMITED	Director	15/03/1999	15/03/1999	-	Active	NO
2	U51909WB1991PTC051934	A P FASHIONS PRIVATE LIMITED	Managing director	15/02/2009	15/03/1999	-	Active	NO
3	U65993WB1991PTC051696	P AND A PROPERTIES AND INVESTMENTS PRIVATE LIMITED	Director	28/01/2000	28/01/2000	-	Active	NO
4	U01122WB2000PLC091998	AMET AND LADOUE BIOTECH LIMITED	Director	16/06/2000	16/06/2000	-	Strike off	NO
5	U72900WB2000PLC092122	A.P. SOFTWARE LIMITED	Director	10/07/2000	10/07/2000	-	Strike off	NO
6	U80903WB2000PTC091482	MILLENNIUM INFOWARE PRIVATE LIMITED	Director	20/08/2002	20/08/2002	-	Active	NO
7	U70101WB1991PTC053651	A D EXPORTS PRIVATE LIMITED	Director	10/12/2003	10/12/2003	-	Active	NO
8	U18101WB2007PLC113961	VIKRAMSILA TEXTILE PARK LIMITED	Director	07/03/2007	07/03/2007	29/12/2009	Active	NO
9	U51909WB1984PTC037836	AMRIT BUSINESS PRIVATE LIMITED	Additional director	16/11/2007	16/11/2007	01/01/2011	Active	NO
10	U51909WB2000PTC092168	PANTHER COMMERCE PRIVATE LIMITED	Director	29/09/2008	30/11/2007	-	Active	NO
11	U01403WB2007PLC121268	BIHAR AGRO PROJECTS LIMITED	Director	29/12/2007	29/12/2007	04/02/2010	Active	NO
12	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	26/07/2013	27/06/2009	-	Active	NO
13	U73100WB2009NPL140419	SILK ASSOCIATION OF INDIA	Director	18/12/2009	18/12/2009	-	Active	NO
14	U74999WB2011PTC165268	AMET AND LADOUE APPARELS PRIVATE LIMITED	Director	23/07/2011	23/07/2011	-	Active	NO
15	U74900WB2012PTC188742	P AND A BOTTLERS PRIVATE LIMITED	Director	30/11/2012	30/11/2012	-	Active	NO
16	U51909WB2011PTC157035	HIGHPOINT COMMOTRADE PRIVATE LIMITED	Director	24/09/2013	24/09/2013	-	Active	NO
17	AAB-6730	P AND A INFRACON LLP	Body corporate as Designated Partner	25/07/2013	25/07/2013	-	Active	NO
18	AAB-6732	P AND A INFRADEVELOPERS LLP	Body corporate as Designated Partner	25/07/2013	25/07/2013	-	Active	NO
19	AAC-3367	JACKSON MERCANTILES LLP	Body corporate as Designated Partner	02/06/2014	02/06/2014	-	Active	NO

Name :

Mr. Raja Gopal Srinivasan

Designation :

Whole-Time Director

Address :

152, Lake East, 6^th Road, Flat D/3, Kolkata – 700075, West Bengal, India

Date of Birth/Age :

24.06.1956

Date of Appointment :

30.09.2009

DIN No.:

00520581

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	U51909WB1991PTC051934	A P FASHIONS PRIVATE LTD	Whole-time director	30/09/2009	22/09/1995	-	Active	NO
2	U01122WB2000PLC091998	AMET AND LADOUE BIOTECH LIMITED	Director	16/06/2000	16/06/2000	30/11/2007	Strike off	NO
3	U72900WB2000PLC092122	A.P. SOFTWARE LIMITED	Director	10/07/2000	10/07/2000	30/11/2007	Strike off	NO
4	U51909WB2000PTC092168	PANTHER COMMERCE PRIVATE LIMITED	Director	31/08/2001	31/08/2001	30/11/2007	Active	NO
5	U80903WB2000PTC091482	MILLENNIUM INFOWARE PRIVATE LIMITED	Director	20/08/2002	20/08/2002	30/11/2007	Active	NO

Name :

Nabanita Chatterjee

Designation :

Director

Address :

26, Mahatma Ghandhi Road, P. S. Muchipara, Kolkata – 700079, West Bengal, India

Date of Birth/Age :

10.12.1981

Date of Appointment :

29.09.2012

DIN No.:

03611992

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	U51909WB2000PTC092169	ARBUTUS MARKETING PRIVATE LIMITED	Director	29/09/2011	09/08/2011	-	Active	NO
2	U51909WB1991PTC051934	A P FASHIONS PRIVATE LIMITED	Director	29/09/2012	21/06/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.09.2013

Names of Shareholders	No. of Shares
Amit Jhunjhunwala	152555
Aaradhana Dalmia	5000
Ashok Kumar Jhunjhunwala	126285
Ashok Kumar Jhunjhunwala Karta of Ashok Kumar Jhunjhunwala (HUF)	103000
Bina Jhunjhunwala	106660
Divya Poddar	6500
Total	500000

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealing in Fabric and Accessories.
Exports :	Not Divulged
Imports :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

· Canara Bank, Overseas Branch, 2/1 Russel Street, Kolkata - 700071, West Bengal, India

· Standard Chartered Bank SME Banking, 19 N S Road, Kolkata - 700001, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWINGS
Packing Credit Loan-INR	75.924	58.439
Packing Credit Loan – Foreign Currency	129.819	128.468
Bill Discount with Banks - INR	21.258	3.970
Bill Discount with Banks – Foreign Currency	22.521	53.614
Total	249.522	244.491

Banking Relations :	--
Auditors :
Name :	Salarpuria and Partners Chartered Accountants
Address :	7, C.R. Avenue, Kolkata – 700072, West Bengal, India
E-Mail :	Salarpuria.jajodia@rediffmail.com
PAN No.:	AAMFS2483H
Where common control exist :	· Allpore Land Developers and Construction · Kall Creation Prop: - Goenka Land Developing Company · Ganpati Prints Prop: - Durga Construction Company · Panther Commerce Private Limited · Millennium Infoware Private Limited · Sexon Proprieties and Investments Private Limited · Arbutus Marketing Private Limited · Bina Natural Produce Private Limited · P and A Bottlers Private Limited · Amrit Business Private Limited · P and A Proprieties and Investments Private Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 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	5.000	5.000	5.000
(b) Reserves & Surplus	393.440	392.646	386.288
(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)	398.440	397.646	391.288
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	3.538
(b) Deferred tax liabilities (Net)	7.723	9.328	11.071
(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)	7.723	9.328	14.609
(4) Current Liabilities
(a) Short term borrowings	249.522	244.491	259.649
(b) Trade payables	47.441	56.669	58.293
(c) Other current liabilities	18.315	19.515	22.031
(d) Short-term provisions	10.511	10.019	6.608
Total Current Liabilities (4)	325.789	330.694	346.581
TOTAL	731.952	737.668	752.478
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	190.177	212.622	232.098
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.337	0.073	0.073
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	9.830	9.830	9.830
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	24.131	23.744	25.384
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	224.475	246.269	267.385
(2) Current assets
(a) Current investments	36.813	39.854	28.396
(b) Inventories	270.119	230.893	195.644
(c) Trade receivables	104.897	128.156	162.925
(d) Cash and cash equivalents	22.378	41.879	34.194
(e) Short-term loans and advances	54.493	34.294	31.304
(f) Other current assets	18.777	16.323	32.630
Total Current Assets	507.477	491.399	485.093
TOTAL	731.952	737.668	752.478

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	413.624	470.998	529.264
	Other Income	3.955	4.662	11.304
	TOTAL (A)	417.579	475.660	540.568
Less	EXPENSES
	Cost of Materials Consumed	252.794	281.922	336.289
	Purchases of Traded Goods	5.523	17.803	6.063
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(38.661)	(29.563)	(10.143)
	Employees benefits expense	47.909	44.757	40.793
	Other expenses	110.457	114.754	106.407
	TOTAL (B)	378.022	429.673	479.409
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	39.557	45.987	61.159
Less	FINANCIAL EXPENSES (D)	13.583	13.816	17.941
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	25.974	32.171	43.218
Less/ Add	DEPRECIATION/ AMORTISATION (F)	24.937	25.601	25.879
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1.037	6.570	17.339
Less	TAX (H)	0.243	0.212	1.471
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	0.794	6.358	15.868
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	340.678	334.320	318.452
	BALANCE CARRIED TO THE B/S	341.472	340.678	334.320
	Earnings / (Loss) Per Share (Rs.)	1.59	12.72	31.74

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.19	1.34	2.94
Net Profit Margin (PBT/Sales)	(%)	0.25	1.39	3.28
Return on Total Assets (PBT/Total Assets}	(%)	0.14	0.90	2.33
Return on Investment (ROI) (PBT/Networth)		0.00	0.02	0.04
Debt Equity Ratio (Total Debt/Networth)		0.63	0.61	0.67
Current Ratio (Current Asset/Current Liability)		1.56	1.49	1.40

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	5.000	5.000	5.000
Reserves & Surplus	386.288	392.646	393.440
Net worth	391.288	397.646	398.440
long-term borrowings	3.538	0.000	0.000
Short term borrowings	259.649	244.491	249.522
Total borrowings	263.187	244.491	249.522
Debt/Equity ratio	0.673	0.615	0.626

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	529.264	470.998	413.624
		(11.009)	(12.181)

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	529.264	470.998	413.624
Profit	15.868	6.358	0.794
	3.00%	1.35%	0.19%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
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

CURRENT YEAR’S OUTLOOK

The company was able to steer through Financial Year 2012-13, which was another challenging year. The sales revenue was down at Rs 413.624 Millions compared to Rs 470.998 Millions in the previous year. Although the margin of the company came under tremendous pressure due to decrease in demand and ever increasing cost of inputs, the company’s profit before tax and depreciation maintained at Rs 25.974 Millions as compared to Rs 32.171 Millions in the previous year. This could be achieved due to various cost control measures taken up by the company.

FUTURE OUTLOOK:

Unless there is an improvement in the demand for company’s products in overseas markets, the future outlook for the time being looks stagnant. However, the management is trying to change the product mix and lot of emphasis is being given to polyester, cotton, linen and other mixed textiles products of new design and textures. It is expected that these changes will bring in additional business and also improve the performance of the company. The company could make limited success in the supplies made in the domestic market and their are expecting it grow gradually over the years.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10337200	24/12/2012 *	75,000,000.00	Standard Chartered Bank	SME BANKING, 19 N S ROAD, KOLKATA, WEST BENGAL -  700001, INDIA	B65026809
2	90255894	30/10/2013 *	245,000,000.00	CANARA BANK	OVERSEAS BRANCH, 2/1 RUSSEL STREET, KOLKATA, WEST  BENGAL - 700071, INDIA	B89513865

* Date of charge modification

FIXED ASSETS

· Freehold Land

· Lease Hold Land

· Windmills Land

· Building

· Plant and Machinery

· Windmill Project

· Office Equipment

· EDP Machine

· Furniture and Fixture

· Motor Car and Van

· Weighting Scales

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.60.33
UK Pound	1	Rs.103.18
Euro	1	Rs.81.50

INFORMATION DETAILS

Information Gathered by :	NAY
Analysis Done by :	DIV
Report Prepared by :	VRN

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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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		47

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.