MIRA INFORM REPORT

Report Date :

12.06.2014

IDENTIFICATION DETAILS

Name :	AKASH PACK TECH PRIVATE LIMITED
Registered Office :	B-2, Ansal Chamber-I, 3, Bhikaji Kama Palace, New Delhi – 110066
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.11.2002
Com. Reg. No.:	55-117831
Capital Investment / Paid-up Capital :	Rs.11.711 Millions
CIN No.: [Company Identification No.]	U51909DL2002PTC117831
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Fully Automatic VFFS Pouch Filling Machines. Fully Automatic High Speed VFFS Multi Track Machine, Pouch-in-Pouch and Flow Wrap Machines
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 185900
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal business dealings at usual trade terms and condition.

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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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. Ankit Sehrawat
Designation :	Office Executive
Contact No.:	91-9555588884
Date :	06.06.2014

LOCATIONS

Registered Office :	B-2, Ansal Chamber-I, 3, Bhikaji Kama Palace, New Delhi – 110066, India
Tel. No.:	Not Available
Mobile No.:	91-9555588884 (Mr. Ankit Sehrawat)
Fax No.:	Not Available
E-Mail :	mohtagupta@rediffmail.com
Website :	http://www.akashpack.com
Factory :	Plot No. 68, 69 and 89, HSIDC Industrial Estate, Sector-59, Faridabad - 121 004, Haryana, India
Tel. No.:	91-129- 4297700/ 4155000/ 4155001/ 4010088
Fax No.:	91-129-2307610 / 4010088

DIRECTORS

As on: 28.09.2013

Name :

Mr. Samai Singh

Designation :

Director

Address :

Village Kakrali Tehsil, Palwal, Faridabad – 121102, Haryana, India

Date of Birth/Age :

30.04.1944

Date of Appointment :

28.11.2002

DIN No.:

00157179

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	U51909DL2002PTC117831	AKASH PACKTECH PRIVATE LIMITED	Director	28/11/2002	28/11/2002	-	Active	NO
2	U29220DL2011PTC213399	AKASH EQUIPMENTS & MACHINERIES PRIVATE LIMITED	Director	07/02/2011	07/02/2011	-	Active	NO
3	U50404DL2012PLC240792	AKASH FUELS LIMITED	Director	24/08/2012	24/08/2012	-	Active	NO
4	U50500DL2012PLC243230	AKASH FUEL STATIONS LIMITED	Director	05/10/2012	05/10/2012	-	Active	NO

Name :

Mrs. Gajna Devi

Designation :

Director

Address :

Village Kakrali Tehsil, Palwal, Faridabad – 121102, Haryana, India

Date of Birth/Age :

01.01.1976

Date of Appointment :

28.11.2002

DIN No.:

00157158

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	U51909DL2002PTC117831	AKASH PACKTECH PRIVATE LIMITED	Director	28/11/2002	28/11/2002	-	Active	NO
2	U74120HR2008PTC038482	AKASH PRATAP BUILDTECH PRIVATE LIMITED	Director	03/11/2008	03/11/2008	-	Active	NO
3	U15494DL2003PTC123585	AKASHYOG HEALTH PRODUCTS PRIVATE LIMITED	Director	01/06/2010	01/06/2010	-	Active	NO
4	U29220DL2011PTC213399	AKASH EQUIPMENTS & MACHINERIES PRIVATE LIMITED	Director	07/02/2011	07/02/2011	-	Active	NO
5	U29211PB2005PTC027834	ZIMIDARA TRACTORS PRIVATE LIMITED	Director	30/09/2011	03/07/2011	-	Active	NO
6	U50404DL2012PLC240792	AKASH FUELS LIMITED	Director	24/08/2012	24/08/2012	-	Active	NO

Name :

Mr. Pratap Singh

Designation :

Director

Address :

Village Kakrali Tehsil, Palwal, Faridabad – 121102, Haryana, India

Date of Birth/Age :

08.07.1971

Date of Appointment :

27.01.2014

DIN No.:

00157201

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	U51909DL2002PTC117831	AKASH PACKTECH PRIVATE LIMITED	Managing director	27/01/2014	28/11/2002	-	Active	NO
2	U15494DL2003PTC123585	AKASHYOG HEALTH PRODUCTS PRIVATE LIMITED	Director	18/12/2003	18/12/2003	-	Active	NO
3	U51909DL2006PTC145507	FOOTPRINTZ MARKETING PRIVATE LIMITED	Director	27/01/2006	27/01/2006	27/02/2013	Active	NO
4	U15400MH2007PTC171642	INDULGENCE FOOD PRIVATE LIMITED	Director	04/02/2008	04/02/2008	-	Active	NO
5	U74120HR2008PTC038482	AKASH PRATAP BUILDTECH PRIVATE LIMITED	Director	03/11/2008	03/11/2008	-	Active	NO
6	U29220DL2011PTC213399	AKASH EQUIPMENTS & MACHINERIES PRIVATE LIMITED	Managing director	07/02/2011	07/02/2011	-	Active	NO
7	U29211PB2005PTC027834	ZIMIDARA TRACTORS PRIVATE LIMITED	Director	30/09/2011	03/07/2011	-	Active	NO
8	U29253DL2012PTC235559	AAKASH PACK AUTOMATIONS PRIVATE LIMITED	Director	09/05/2012	09/05/2012	-	Active	NO
9	U50404DL2012PLC240792	AKASH FUELS LIMITED	Director	24/08/2012	24/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ankit Sehrawat
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2013

Names of Shareholders	No. of Shares
Samai Singh	47800
Gajna Devi	241318
Pratap Singh	508625
Kailash	1500
Hem Kumar	1000
Suman	1500
Shakuntla	1500
Brijan Devi	2000
Gulak	1500
Tekam	1500
Akashyog Health Products Private Limited, India	115000
USK Extm Private Limited, India	48000
Total	971243

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2013

Category	Percentage
Bodies corporate	16.78
Directors or relatives of directors	83.22
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Fully Automatic VFFS Pouch Filling Machines. Fully Automatic High Speed VFFS Multi Track Machine, Pouch-in-Pouch and Flow Wrap Machines

GENERAL INFORMATION

No. of Employees :

30 (Approximately)

Bankers :

• Indian Overseas Bank, 1-C/47-48, NIT, Faridabad - 121001, Haryana, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
From Banks:
HDFC Bank Limited.(Honda City)	0.160	0.290
HDFC Bank Limited.(Innova)	0.000	0.374
SIDBI –Sub Debt	10.000	0.000
SIDBI – MTL	0.000	2.021
ICICI Bank Car Loan (Porsche)	2.076	4.631
ICICI Bank Car Loan (Porsche-New)	4.844	0.000
IOB Car Loan (XUV)	0.615	0.798
From others:
Tata Capital Limited. (Ritz)	0.059	0.165
Tata Capital Finance Services Limited (Bolero)	0.241	0.000
Volkswagen Finance Private. Limited.	0.325	0.000
SHORT TERM BORROWINGS:
From Banks:
Indian Overseas Bank, NIT, FBD	52.712	45.764
Total	71.032	54.042

Banking Relations :	--
Financial Institutions:	S.E. Investments Limited, S-547, 2^nd Floor, Main Road, Shakar Pur, New Delhi – 110092, India
Auditors :
Name :	Mohta Gupta and Associates Chartered Accountants
Address :	E-1/76, YMCA Road, Sector-11, Faridabad – 121006, Haryana, India
Tel. No.:	91-129-2262774, 4008767
Fax No.:	91-129-4008767
E-Mail :	mohtagupta@rediffmail.com
PAN No.:	AAJFM2216R

CAPITAL STRUCTURE

As on: 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
971243	Equity Shares	Rs.10/- each	Rs. 9.712 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	9.712	9.712	9.712
(b) Reserves & Surplus	36.784	30.422	22.319
(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)	46.496	40.134	32.031
(3) Non-Current Liabilities
(a) long-term borrowings	26.625	11.141	5.287
(b) Deferred tax liabilities (Net)	0.759	0.811	0.993
(c) Other long term liabilities	1.913	1.758	4.116
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	29.297	13.710	10.396
(4) Current Liabilities
(a) Short term borrowings	52.712	45.764	34.954
(b) Trade payables	55.414	41.375	41.982
(c) Other current liabilities	143.273	22.378	12.382
(d) Short-term provisions	3.312	4.534	1.174
Total Current Liabilities (4)	254.711	114.051	90.492
TOTAL	330.504	167.895	132.919
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	53.060	34.467	34.428
(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	3.386	1.250	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.260	0.194	1.634
(e) Other Non-current assets	15.366	8.115	9.506
Total Non-Current Assets	72.072	44.026	45.568
(2) Current assets
(a) Current investments	21.108	2.785	0.000
(b) Inventories	64.666	14.668	31.569
(c) Trade receivables	80.227	65.365	43.531
(d) Cash and cash equivalents	6.073	3.333	1.230
(e) Short-term loans and advances	85.198	37.692	11.021
(f) Other current assets	1.160	0.026	0.000
Total Current Assets	258.432	123.869	87.351
TOTAL	330.504	167.895	132.919

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	270.317	230.748	196.856
		Other Income	2.824	1.977	0.00
		TOTAL (A)	273.141	232.725	196.856
Less	EXPENSES
		Cost of Materials Consumed		136.326	134.170
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	257.051	17.021	(3.047)
		Employee benefits expense		22.124	19.403
		Other Expenses		31.721	30.660
		TOTAL (B)	257.051 (including financial expenses)	207.192	181.186
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			25.533	15.670
Less	FINANCIAL EXPENSES (D)			7.535	6.472
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.090	17.998	9.198
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.693	5.826	4.397
	PROFIT BEFORE TAX (E-F) (G)		9.397	12.172	4.801
Less	TAX (H)		3.036	4.069	1.659
	PROFIT AFTER TAX (G-H) (I)		6.361	8.103	3.142
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.303	7.200	4.057
	BALANCE CARRIED TO THE B/S		21.664	15.303	7.199
	Earnings Per Share (Rs.)		6.55	8.34	3.24

Particulars	31.03.2014
Sales Turnover (Approximately)	300.000

The above information has been parted by Mr. Ankit Senarawat (Office Executive).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.33	3.48	1.60
Net Profit Margin (PBT/Sales)	(%)	3.48	5.28	2.44
Return on Total Assets (PBT/Total Assets}	(%)	2.87	7.30	3.61
Return on Investment (ROI) (PBT/Networth)		0.20	0.30	0.15
Debt Equity Ratio (Total Debt/Networth)		1.71	1.42	1.26
Current Ratio (Current Asset/Current Liability)		1.01	1.09	0.97

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	9.712	9.712	9.712
Reserves & Surplus	22.319	30.422	36.784
Net worth	32.031	40.134	46.496
long-term borrowings	5.287	11.141	26.625
Short term borrowings	34.954	45.764	52.712
Total borrowings	40.241	56.905	79.337
Debt/Equity ratio	1.256	1.418	1.706

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	196.856	230.748	270.317
		17.217	17.148

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	196.856	230.748	270.317
Profit	3.142	8.103	6.361
	1.60%	3.51%	2.35%

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	No
17]	Major suppliers	No
18]	Major customers	No
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

NOTE:

The registered office of the company has been shifted from D-619, Cr Park, New Delhi – 110019, India to present address w.e.f. 01.06.2010

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10487843	07/05/2014 *	80,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA, N.H.-  5-/R/2,NEELAM BADSHAH KHAN ROAD,NIT, FARIDABAD- 121001, HARYANA, INDIA	C03665973
2	10490370	06/03/2014	10,000,000.00	OTHERS	INDIAN OVERSEAS BANK, NIT, FARIDABAD-121001, HARYANA, INDIA	C02867760
3	10384083	20/09/2012	10,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA(SIDBI)	FARIDABAD BRANCH, NH.5-R/2, G.F,NEELAM BADSHAH, KHAN ROAD, N.I.T, FARIDABAD121001,HARYANA,INDIA	B61143665
4	10330825	25/11/2011	1,000,000.00	INDIAN OVERSEAS BANK	1-C/47-48, N.I.T., FARIDABAD- 121001, HARYANA, INDIA	B30252464
5	10228902	12/07/2010	10,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	N. H. -5-R/2, NEELAM BADSHAH KHAN ROAD ,NIT, FARIDABAD- 121001, HARYANA, INDIA	A89267041
6	10101109	25/05/2010 *	41,430,000.00	INDIAN OVERSEAS BANK	1-C/47-48, NIT, FARIDABAD- 121001, HARYANA, INDIA	A87350567
7	10027321	17/11/2009 *	3,100,000.00	INDIAN OVERSEAS BANK	1-C/47-48, N.I.T., FARIDABAD- 121001, HARYANA, INDIA	A74658485
8	10027389	25/05/2013 *	93,500,000.00	INDIAN OVERSEAS BANK	1-C/47-48, N.I.T., FARIDABAD- 121001, HARYANA, INDIA	B77661197

UNSECURED LOAN:

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
From Banks:
Deutsche Bank	2.381	0.000
From Others:
Bajaj Finance Limited	1.684	2.762
ECL Finance Limited	1.583	0.000
Fullerton India Credit Company Limited	0.965	0.000
Magma Finance corporation Limited	1.592	0.000
Loans and Advances from Other parties:
M.K. Engineering	0.100	0.100
Total	8.305	2.862

FIXED ASSETS:

• Building
• Land
• Plant and Machinery
• Crane
• Electrical Installation
• Generator
• Office Equipment
• Furniture and Fixtures
• Computer
• Fire Extinguisher
• Vehicles
• Air Conditioner
• Fan and Cooler
• Water Cooler
• Geyser
• Computer Software
• Fridge
• RO Water Purifier
• UPS
• Motor Cycle
• Camera
• Land at Sikri

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.59.33
UK Pound	1	Rs.99.42
Euro	1	Rs.80.32

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		45

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.