MIRA INFORM REPORT

Report Date :

07.05.2014

IDENTIFICATION DETAILS

Name :	MANJEET COTTON PRIVATE LIMITED

Registered Office :	318 , N-3, CIDCO, Jalna Road, Near Punjab National Bank, Aurangabad – 431003, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	21.11.2005

Com. Reg. No.:	10-246580

Capital Investment / Paid-up Capital :	Rs.20.586 Millions

CIN No.: [Company Identification No.]	U00171MH2005PTC246580

IEC No.:	1106004141

TAN No.: [Tax Deduction & Collection Account No.]	BPLM06684G

PAN No.: [Permanent Account No.]	AAECM5891Q

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Cotton and Cotton Yarn.

No. of Employees :	200 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 2626300

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating takes into consideration company’s moderate financial risk profile and increased in external borrowing of the company over previous year which acts as threatening to the 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

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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB+ [Term Loans]
Rating Explanation	Moderate risk of default and high credit risk.
Date	April 2014

Rating Agency Name	ICRA
Rating	A4+ [Short Term Interchangeable]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	April 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. Devender
Designation :	Export Manager
Contact No.:	91-9826700466
Date :	03.05.2014

LOCATIONS

Registered Office :	318 , N-3, CIDCO, Jalna Road, Near Punjab National Bank, Aurangabad – 431003, Maharashtra, India
Tel. No. :	91-240-2473363 / 2481763 / 2474463
Fax No. :	91-240-2473563 / 2486463
E-Mail :	allmanjeet@yahoo.com, prakashwohra@indiatimes.com, sanchitrajpal@manjeetgroup.com
Website :	http://www.manjeetgroup.com

Factory 1 :	Gut No. 196, Tehsil Sailu, Parbhani, Maharashtra, India
Tel. No.:	91-2451-223063
Fax No.:	91-2451-223063
E-Mail :	allmanjeet@yahoo.com

Factory 2 :	Gut No. 246, 247, 248, Umari Road, Bhokar, District Nanded, Maharashtra, India

Branch Office :	Located At: A B Road, Sendhwa-451666, Madhya Pradesh, India Dhar, Chalishgaon, Ahmedabad, Gujarat, India Majalgaon, Maharashtra, India Georai, Maharashtra, India Sonpeth, Maharashtra, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Bhupendra Singh Rajpal

Designation :

Director

Address :

3, Jawahar Ganj, Sendhwa District-Barwani, Madhya Pradesh, India

Date of Birth/Age :

05.06.1959

Qualification :

B .Com

Experience :

18 Years

Date of Appointment :

21.11.2005

DIN No :

00311202

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U72112MP1990PTC005851	SATYAM SPINNERS PRIVATE LIMITED	Director	15/01/1994	15/01/1994	Active	NO
2	U17121MH2003PTC246582	MAN COTT PRIVATE LIMITED	Director	21/07/2003	21/07/2003	Active	NO
3	U00171MH2005PTC246580	MANJEET COTTON PRIVATE LIMITED	Director	21/11/2005	21/11/2005	Active	NO
4	U45201MP2008PTC020297	RAJVANSH DEVELOPERS PRIVATE LIMITED	Director	05/02/2008	05/02/2008	Active	NO
5	U17121MH2009PTC246581	MANJEET GLOBAL PRIVATE LIMITED	Director	20/11/2009	20/11/2009	Active	NO

Name :

Mr. Rajendra Singh Rajpal

Designation :

Director

Address :

3, Jawahar Ganj, Sendhwa District-Barwani, Madhya Pradesh, India

Date of Birth/Age :

09.07.1961

Qualification :

M. Com

Experience :

16 Years

Date of Appointment :

21.11.2005

DIN No :

00311209

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17121MH2003PTC246582	MAN COTT PRIVATE LIMITED	Director	21/07/2003	21/07/2003	Active	NO
2	U00171MH2005PTC246580	MANJEET COTTON PRIVATE LIMITED	Director	21/11/2005	21/11/2005	Active	NO
3	U45201MP2008PTC020297	RAJVANSH DEVELOPERS PRIVATE LIMITED	Director	05/02/2008	05/02/2008	Active	NO
4	U17121MH2009PTC246581	MANJEET GLOBAL PRIVATE LIMITED	Director	20/11/2009	20/11/2009	Active	NO
5	U17300MP2010PTC023253	MANTRAM TECHNOFAB PRIVATE LIMITED	Director	19/03/2010	19/03/2010	Active	NO
6	U17110MH2002PTC136843	MAHESH COTTON PRESSING PRIVATE LIMITED	Director	17/01/2011	17/01/2011	Active	NO
7	U01405MH2001PTC134006	MAHESH AGRO PROCESSING (INDIA ) PRIVATE LIMITED	Director	17/01/2011	17/01/2011	Active	NO
8	U70101MH2011PTC246337	ARYAVANSH BUILDCON PRIVATE LIMITED	Director	08/08/2011	08/08/2011	Active	NO
9	U17121RJ2012PTC042056	MANJEET FIBERS PRIVATE LIMITED	Director	22/06/2012	22/06/2012	Active	NO
10	U40101MH2010PTC205619	GANRAJ STEELS AND POWER PRIVATE LIMITED	Director	27/09/2012	01/09/2012	Active	NO
11	AAA-8565	SIMAR PRIDE VENTURES LIMITED LIABILITY PARTNERSHIP	Designated Partner	28/03/2012	28/03/2012	Active	NO

Name :

Mr. Sanchit Bhupendra Singh Rajpal

Designation :

Director

Address :

3, Jawahar Ganj, Sendhwa District-Barwani, Madhya Pradesh, India

Date of Birth/Age :

24.01.1987

Qualification :

Post Graduate

Experience :

8 Years

Date of Appointment :

01.05.2011

DIN No :

00311190

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U00171MH2005PTC246580	MANJEET COTTON PRIVATE LIMITED	Director	01/05/2011	21/11/2005	Active	NO
2	U74120MH2011PTC217911	MARATHWADA SHETKARI KHAJAGI BAZAR PRIVATE LIMITED	Director	25/05/2011	25/05/2011	Active	NO
3	U70101MH2011PTC246337	ARYAVANSH BUILDCON PRIVATE LIMITED	Director	08/08/2011	08/08/2011	Active	NO
4	AAA-4052	AJANTA DISHA PRIDE CONSTRUCTIONS LIMITED LIABILITY PARTNERSHIP	Designated Partner	15/07/2013	15/07/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Devender
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders		No. of Shares
Rajendra Singh Rajpal		204000
Bhupendra Singh Rajpal		204125
Sanchit Rajpal		204000
Bhupendra Singh Dharamsingh Rajpal (HUF)		204000
Rajendra Singh Dharamsingh Rajpal (HUF)		204000
Satpal Kaur Rajpal		204000
Gurmeet Kaur Rajpal		204000
Bhupendra Singh Rajendra Singh Rajpal (HUF)		174000
Surya Prakash Agal		17500
Rakhi Agal		17500
Rajendra Singh Rajpal (Partner Manjeet Fibrh)		174000
Rasdeep Singh Chawla HUF		100000
KU Parneet Rajpal		25000
Manjeet Singh Chawla HUF		20000
Manjeet Kaur Rajpal		102500

TOTAL		2058625

AS ON 30.09.2013

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		98.30
Other top fifty shareholders		1.70
TOTAL		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Cotton and Cotton Yarn.

Products :

Pure Cotton
Cotton Yarn
Cotton Seed
Cotton Seed Cake
Organic Raw Cotton
Cotton Seed Oil
Raw Cotton
Raw Cotton Bales
Organic Raw Cotton Bales

PRODUCT DESCRIPTION	ITC CODE
Raw Cotton	520100
Cotton Lints	140420
Cotton Seed	120720

Exports :

Products :

Finished Goods

Countries :

Pakistan
China
Bangladesh
Hong Kong
North America
South America
Western Europe

Imports :

Products :

Raw Material

Countries :

South Africa

Terms :

Selling :

Cash and Credit [Advance Payment / Cheque]

Purchasing :

Cash and Credit [Advance Payment / Cheque]

GENERAL INFORMATION

No. of Employees :

200 [Approximately]

Bankers :

Bank of India, Indore Main Branch, Punglia Bhawan, Santha Bazar, Indore – 452001, Madhya Pradesh, India
State Bank of Indore, Indore, Madhya Pradesh, India
Bank of India, Indore MCB Branch, 345, PU-4, Sch. No.54, A B Road, Indore-452010
Andhra Bank, 335 Jawahar Marg, Indor – 452002, Madhya Pradesh, India
Punjab National Bank
IDBI Bank

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term loans from banks	81.280	116.436
Loans taken for fixed assets	1.964	0.000

Short Term Borrowings
Term loans from banks	34.623	27.682
Loans repayable on demand from banks	1505.326	843.313
TOTAL	1623.193	987.431


Banking Relations :	--

Auditors :
Name :	Prakash Wohra and Company Chartered Accountants
Address :	210, Royal Gold, 2^nd Floor, 4-A, Yeshwant Niwas Road, Opposite City Centre, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-2533955 / 4225525
PAN No:	AACFP7838F

Other Related Parties :	Man Cott Private Limited [U17121MH2003PTC246582] Mantram Technofab Private Limited [U17300MP2010PTC023253] Satyam Spinners Private Limited [U72112MP1990PTC005851] Mahesh Agro Processing (India) Private Limited [U01405MH2001PTC134006] Mahesh Cotton Pressing Private Limited [U17110MH2002PTC136843] Sukhmani Cotton Industries

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2058625	Equity Shares	Rs.10/- each	Rs.20.586 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	20.586	20.586	17.461
(b) Reserves & Surplus	635.970	552.784	439.925
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.250	0.250
Total Shareholders’ Funds (1) + (2)	656.556	573.620	457.636

(3) Non-Current Liabilities
(a) long-term borrowings	319.951	315.662	229.785
(b) Deferred tax liabilities (Net)	48.579	52.523	57.192
(c) Other long term liabilities	31.931	0.000	0.000
(d) long-term provisions	0.050	0.000	0.000
Total Non-current Liabilities (3)	400.511	368.185	286.977

(4) Current Liabilities
(a) Short term borrowings	1539.949	870.995	839.288
(b) Trade payables	193.606	205.785	269.660
(c) Other current liabilities	47.435	58.889	385.848
(d) Short-term provisions	83.149	84.091	56.186
Total Current Liabilities (4)	1864.139	1219.760	1550.982

TOTAL	2921.206	2161.565	2295.595

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	378.665	295.708	269.938
(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	19.520	17.520	17.520
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	128.843	143.093	11.980
(e) Other Non-current assets	66.487	48.965	2.953
Total Non-Current Assets	593.515	505.286	302.391

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	991.602	626.720	471.804
(c) Trade receivables	949.250	624.341	1236.663
(d) Cash and cash equivalents	172.931	89.475	79.992
(e) Short-term loans and advances	213.908	315.743	204.745
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2327.691	1656.279	1993.204

TOTAL	2921.206	2161.565	2295.595

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011

	TURNOVER		10881.200	8322.100	7227.800

Less	EXPENSES
		TOTAL	NA	NA	NA

	PROFIT / (LOSS) BEFORE TAX		128.154	91.389	114.498

Less	TAX		44.967	30.405	40.886

	PROFIT / (LOSS) AFTER TAX		83.187	60.984	73.612

	Earnings / (Loss) Per Share (Rs.)		40.41	29.62	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	4.42	4.26	5.03

Return on Investment (ROI) (PBT/Networth)		0.20	0.15	0.25

Debt Equity Ratio (Total Debt/Networth)		2.83	2.07	2.34

Current Ratio (Current Asset/Current Liability)		1.25	1.35	1.29

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	17.461	20.586	20.586
Reserves & Surplus	439.925	552.784	635.970
Net worth	457.386	573.370	656.556

long-term borrowings	229.785	315.662	319.951
Short term borrowings	839.288	870.995	1539.949
Total borrowings	1069.073	1186.657	1859.900
Debt/Equity ratio	2.337	2.070	2.833

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)
Turnover	7227.800	8322.100	10881.200
		15.140	30.751

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	7227.800	8322.100	10881.200
Profit	73.612	60.984	83.187
	1.02%	0.73%	0.76%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10466957	16/12/2013	288,000,000.00	BANK OF INDIA	INDORE MID CORPORATE BRANCH, INDORE - 452001, MADHYA PRADESH, INDIA	B92278019
2	10416971	15/03/2013	45,000,000.00	ANDHRA BANK	335,JAWAHAR MARG, INDORE - 452002, MADHYA PRADESH, INDIA	B72335169
3	10346658	15/03/2012	36,000,000.00	BANK OF INDIA	GROUND FLOOR, AIREN HEIGHTS, PLOT NO 14, PU-3,, S CHEME 54, A.B. ROAD, VIJAY NAGAR INDORE, INDORE - 452001, MADHYA PRADESH, INDIA	B36692812
4	10204590	08/08/2012 *	1,700,000,000.00	BANK OF INDIA	GROUND FLOOR, AIREN HEIGHTS, PLOT NO 14, PU-3,, S CHEME 54, A.B. ROAD, VIJAY NAGAR INDORE, INDORE - 452001, MADHYA PRADESH, INDIA	B58968637
5	10178713	08/05/2013 *	50,000,000.00	BANK OF INDIA	INDORE MAIN BRANCH, PUNGLIA BHAWAN. SANTHA BAZAR, INDORE - 452001, MADHYA PRADESH, INDIA	B75111419
6	10065735	25/03/2013 *	76,500,000.00	BANK OF INDIA	INDORE MAIN BRANCH, PUNGLIA BHAWAN. SANTHA BAZAR, INDORE - 452001, MADHYA PRADESH, INDIA	B75492363
* Date of charge modification

NOTE:

The registered office of the company has been shifted from Agra Bombay Road, Sendhwa District-Barwani, Barwani – 452001, Madhya Pradesh, India to the present address w.e.f. 16.07.2013.

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Loans and advances from related parties	99.195	0.000
Other loans and advances	137.512	199.226
TOTAL	236.707	199.226

OPERATIONS:

The Company has made a turnover of Rs. 10881.200 Millions (including export turnover of Rs. 3449.600 Millions) during the year as against turnover of Rs. 8322.100 Millions (including export turnover of Rs. 3423.200 Millions) in last year. This growth itself is self-explanatory of consistent profitability in all times to come.

FINANCE:

The Company is enjoying credit facilities from Bank of India, Sendhwa and Indore Branch, Andhra Bank and State Bank of India, Indore (Members of Consotium) and do not for see any problem in this regard.

FIXED ASSETS:

Land
Buildings
Plant and Equipment
Furniture and Fixtures
Vehicles
Computer Equipment’s

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.60.20
UK Pound	1	Rs.101.67
Euro	1	Rs.83.55

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	KAR

Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		34

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.

MIRA INFORM REPORT

4.42

0.20

2.83

1.25

Unit