MIRA INFORM REPORT

Report Date :

18.06.2014

IDENTIFICATION DETAILS

Name :	SUNSHINE KITCHENS PRIVATE LIMITED
Registered Office :	202, R.K. Tower, Peetal Factory Area, Jhotwara, Jaipur – 302 016 Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.09.2008
Com. Reg. No.:	17-027442
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U31909RJ2008PTC027442
TAN No.: [Tax Deduction & Collection Account No.]	JPRS08914D
PAN No.: [Permanent Account No.]	AAMCS3897C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Kitchen Accessories, Kitchen Furniture and Trader of Kitchen Feetings.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Net worth of the company has been eroded due to continuous accumulated loss incurred from its operations. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings on safe and secured 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

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 (General Details)

Name :	Mr. Peeyush Dhanuka
Designation :	Director
Contact No.:	91-9314613814
Date :	13.06.2014

LOCATIONS

Registered Office	202, R.K. Tower, Peetal Factory Area, Jhotwara, Jaipur – 302 016 Rajasthan, India
Tel. No.:	91-141-4023237/ 2203192
Mobile No.:	91-9314613814 (Mr. Peeyush Dhanuka)
Fax No.:	91-141-2203192
E-Mail :	mpk927@gmail.com info@dhanukagroup.in
Website :	http://www.dhanukagroup.in
Location :	Owned
Factory :	G-1-21, Road No. 3, RIICO Industrial Area, Bindayaka, Sirsi Road, Jaipur – 302016, Rajasthan, India

DIRECTORS

As on: 30.09.2013

Name :

Mr. Yogesh Girish Chandra Dhanuka

Designation :

Director

Address :

C-23, Urmila Marg, Hanuman Nagar, Jaipur – 302 021, Rajasthan, India

Date of Birth/Age :

04.12.1975

Date of Appointment :

23.09.2008

DIN No.:

01437705

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U14101RJ1988PTC004406	Golchha Marbles Private Limited	Director	14-03-05	14-03-05	13-08-07	Active	NO
2	U45201RJ2005PTC021231	Dhanuka Coloniser and Builders Private Limited	Director	01-09-05	01-09-05	-	Active	NO
3	U45201RJ2005PTC021400	Sunshine Buildhome Private Limited	Director	05-10-05	05-10-05	-	Active	NO
4	U45201RJ2008PTC025705	Sunshine Buildmart Private Limited	Director	18-01-08	18-01-08	-	Active	NO
5	U24232RJ2008PTC027249	Stem Biosciences Private Limited	Director	26-08-08	26-08-08	-	Active	NO
6	U31909RJ2008PTC027442	Sunshine Kitchens Private Limited	Director	23-09-08	23-09-08	-	Active	NO
7	U45201RJ2010PTC032810	Shri Shyam Realmart Private Limited	Director	01-03-11	01-03-11	-	Active	NO
8	U36102RJ2011PTC036995	Premia Woodtech Private Limited	Director	14-11-11	14-11-11	-	Active	NO
9	U70101RJ2011PTC037025	Sunshine Realmart Private Limited	Director	16-11-11	16-11-11	-	Active	NO

Name :

Mr. Peeyush Girish Chandra Dhanuka

Designation :

Director

Address :

C-23, Urmila Marg, Hanuman Nagar, Jaipur – 302 021, Rajasthan, India

Date of Birth/Age :

18.10.1979

Date of Appointment :

23.09.2008

DIN No.:

01437706

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45201RJ2005PTC021231	Dhanuka Coloniser and Builders Private Limited	Director	01-09-05	01-09-05	Active	NO
2	U45201RJ2005PTC021400	Sunshine Buildhome Private Limited	Director	05-10-05	05-10-05	Active	NO
3	U45201RJ2008PTC025705	Sunshine Buildmart Private Limited	Director	18-01-08	18-01-08	Active	NO
4	U24232RJ2008PTC027249	Stem Biosciences Private Limited	Director	26-08-08	26-08-08	Active	NO
5	U31909RJ2008PTC027442	Sunshine Kitchens Private Limited	Director	23-09-08	23-09-08	Active	NO
6	U45201RJ2010PTC032810	Shri Shyam Realmart Private Limited	Director	01-03-11	01-03-11	Active	NO
7	U36102RJ2011PTC036995	Premia Woodtech Private Limited	Director	14-11-11	14-11-11	Active	NO
8	U70101RJ2011PTC037025	Sunshine Realmart Private Limited	Director	16-11-11	16-11-11	Active	NO

Name :

Mr. Girish Chandra Gajanand Dhanuka

Designation :

Director

Address :

C-23, Urmila Marg, Hanuman Nagar, Jaipur – 302 021, Rajasthan, India

Date of Birth/Age :

09.11.1948

Date of Appointment :

01.04.2009

DIN No.:

02679931

Other Directorship:

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45201RJ2005PTC021231	Dhanuka Coloniser and Builders Private Limited	Director	01-04-09	01-04-09	Active	NO
2	U24232RJ2008PTC027249	Stem Biosciences Private Limited	Director	01-04-09	01-04-09	Active	NO
3	U31909RJ2008PTC027442	Sunshine Kitchens Private Limited	Director	01-04-09	01-04-09	Active	NO
4	U45201RJ2008PTC025705	Sunshine Buildmart Private Limited	Director	01-04-09	01-04-09	Active	NO
5	U45201RJ2010PTC032810	Shri Shyam Realmart Private Limited	Director	01-03-11	01-03-11	Active	NO
6	U45201RJ2005PTC021400	Sunshine Buildhome Private Limited	Director	01-07-11	01-07-11	Active	NO
7	U36102RJ2011PTC036995	Premia Woodtech Private Limited	Director	14-11-11	14-11-11	Active	NO

Name :

Mr. Hitesh Girish Chandra Dhanuka

Designation :

Director

Address :

C-23, Urmila Marg, Hanuman Nagar, Jaipur – 302 021, Rajasthan, India

Date of Birth/Age :

12.04.1980

Date of Appointment :

23.09.2008

DIN No.:

01437707

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45201RJ2005PTC021231	Dhanuka Coloniser and Builders Private Limited	Director	01-09-05	01-09-05	Active	NO
2	U45201RJ2005PTC021400	Sunshine Buildhome Private Limited	Director	05-10-05	05-10-05	Active	NO
3	U45201RJ2008PTC025705	Sunshine Buildmart Private Limited	Director	18-01-08	18-01-08	Active	NO
4	U24232RJ2008PTC027249	Stem Biosciences Private Limited	Director	26-08-08	26-08-08	Active	NO
5	U31909RJ2008PTC027442	Sunshine Kitchens Private Limited	Director	23-09-08	23-09-08	Active	NO
6	U45201RJ2010PTC032810	Shri Shyam Realmart Private Limited	Director	01-03-11	01-03-11	Active	NO
7	U36102RJ2011PTC036995	Premia Woodtech Private Limited	Director	14-11-11	14-11-11	Active	NO
8	U70101RJ2011PTC037025	Sunshine Realmart Private Limited	Director	16-11-11	16-11-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Yogesh Dhanuka	12500
Peeyush Dhanuka	12500
Hitesh Dhanuka	12500
Girish Chandra Dhanuka	12500
Total	50000

As on: 30.09.2013

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Kitchen Accessories, Kitchen Furniture and Trader of Kitchen Feetings.
Products :	v Accessories/Kitchen Organizers: Below Counter Storage, Mid Level Accessories, Mass Storage Systems, Utilities and Miscellaneous, Wardrobe Accessories v Appliances: Cooker Hoods, Inbuilt Hobs, Cooktops, Cooking Range, Inbuilt Microwave Ovens
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

Suppliers :

• ABM Wood Decor Private Limited
• Akanksha Agencies Private Limited
• B. Fatehpuria and Sons
• Dezin Today
• Dot W Dash Graphics
• Elegant Electricals
• Evershine Appliances Private Limited
• Hettich India Private Limited
• Jaipur Glass House
• Jhalani Glass Agencies
• Jyoti (India) Metal Industries Private Limited
• Kamdhenu Industrial Service
• The Bath Collection
• Tirupati Trading Company
• Usha International Limited
• Vibrant Metaltech Private Limited

Customers :

Retailers and End Users

• Neha Plywood and Timbers
• Rajasthan Fitting House Private Limited
• Rajasthan Polymers
• Risabh Hardwares
• Shiv Plywood and Hardware (Alwar)
• Shiv Plywood Timber and Hardware
• Shri Om Entemrises
• Shri Ramdev Modular Kitchens and Furniture
• Shri Ram Plywood and Timbers
• Somani Tiles and Sanitarywares
• Subhga Enterprises
• Sukharam Surajmal
• Sun Moon Timber Plywood and Hardware

No. of Employees :

35 (Approximately)

Bankers :

• Bank of Baroda, Park Street Branch, M.I. Road, Jaipur – 302 016, Rajasthan, India
• Bank of Maharashtra, Unnati Towar, Vidhyadhar Nagar, Jaipur - 302016, Rajasthan, India
• HDFC Bank Limited, Jaipur - 302016, Rajasthan, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan
From Bank of Maharashtra	2.691	0.000
SHORT TERM BORROWINGS
Loan Repayable on demand Bank OD A/c	0.492	1.452
Total	3.183	1.452

Banking Relations :	--
Auditors :
Name :	Manish Borad and Company Chartered Accountants
Address :	208, Saraogi Mension, M.I. Road, Jaipur – 302 001, Rajasthan, India
Tel. No.:	91-141257199
Mobile No.:	91-9828061559/ 9829068558
E-Mail :	manishborad@hotmail.com
PAN No.:	ABVPB3454H
Sister Concerns :	Premia Wood Private Limited

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

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	0.500	0.100	0.100
(b) Reserves & Surplus	(5.552)	(3.957)	(3.763)
(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)	(5.052)	(3.857)	(3.663)
(3) Non-Current Liabilities
(a) Long-term borrowings	6.861	4.463	3.178
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	6.861	4.463	3.178
(4) Current Liabilities
(a) Short term borrowings	0.492	1.452	1.516
(b) Trade payables	0.311	0.645	0.618
(c) Other current liabilities	0.917	0.720	1.839
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	1.720	2.817	3.973
TOTAL	3.529	3.423	3.488
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.373	0.255	1.329
(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	0.003	0.003	0.003
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.376	0.258	1.332
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.437	2.674	1.685
(c) Trade receivables	0.050	0.342	0.252
(d) Cash and cash equivalents	0.024	0.119	0.044
(e) Short-term loans and advances	0.642	0.025	0.171
(f) Other current assets	0.000	0.005	0.004
Total Current Assets	3.153	3.165	2.156
TOTAL	3.529	3.423	3.488

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	10.000	9.834	9.382
		Other Income	(Approximately)	0.043	0.051
		TOTAL (A)	10.000	9.877	9.433
Less	EXPENSES
		Cost of Material consumed		0.000	0.000
		Purchase in stock- in-Trade		6.968	5.717
		Change in Inventories of finished goods work- in progress and stock in trade employee benefits expenses		(0.988)	0.217
		Employees benefits expense		1.432	1.231
		Other Expenses		2.241	3.128
		TOTAL (B)	NA	9.652	10.293
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	0.225	(0.860)
Less	FINANCIAL EXPENSES (D)		NA	0.219	0.294
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	0.006	(1.154)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	0.200	0.213
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		NA	(0.194)	(1.367)
Less	TAX (H)		NA	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(1.596)	(0.194)	(1.367)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(3.763)	(2.396)
	BALANCE CARRIED TO THE B/S		NA	(3.957)	(3.763)
	Earnings / (Loss) Per Share (Rs.)		(31.92)	(3.88)	(27.34)

Particulars	31.03.2014
Sales Turnover (Approximately)	10.000

The above information has been parted by Mr. Peeyush Dhanuka.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	(1.96)	(14.49)
Return on Total Assets (PBT/Total Assets}	(%)	0.00	(5.67)	(39.19)
Return on Investment (ROI) (PBT/Networth)		0.00	0.05	0.37
Debt Equity Ratio (Total Debt/Networth)		(1.45)	(1.53)	(1.28)
Current Ratio (Current Asset/Current Liability)		1.83	1.12	0.54

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100	0.500
Reserves & Surplus	(3.763)	(3.957)	(5.552)
Net worth	(3.663)	(3.857)	(5.052)
long-term borrowings	3.178	4.463	6.861
Short term borrowings	1.516	1.452	0.492
Total borrowings	4.694	5.915	7.353
Debt/Equity ratio	(1.281)	(1.534)	(1.455)

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)
Total Income	9.433	9.877	10.000
		4.707	1.245

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	9.433	9.877	10.000
Profit	(1.367)	(0.194)	(1.596)
	(14.49%)	(1.96%)	(15.96%)

LOCAL AGENCY FURTHER INFORMATION

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)	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

UNSECURED LOANS

(Rs. In Millions)

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Long Term Borrowings
Dhanuka colonizer and Building Private Limited	0.000	0.791
Girish Chandra Dhanuka	0.205	0.270
Hitesh Dhanuka	0.398	0.898
Peeyush Dhanuka (Loan A/c)	1.174	1.684
Yogesh Dhanuka	0.720	0.820
Shri Shyam Realmart Private Limited	0.272	0.000
Sunshine Buildmart Private Limited	1.400	0.000
Sunshine Realmart Private Limited	0.001	0.000
Total	4.170	4.463

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10366222	23/06/2012	6,000,000.00	BANK OF MAHARASHTRA	UNNATI TOWAR, VIDHYADHAR NAGAR, JAIPUR, Rajasthan  - 302016, INDIA	B44042398

FIXED ASSETS:

Machinery and Plant

• Electrical Equipments
• Computers

Furniture and Fittings

• Furniture and Fixture
• Furniture (Showroom)

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.60.36
UK Pound	1	Rs.102.48
Euro	1	Rs.81.86

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	RAS
Report Prepared by :	OKR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.