MIRA INFORM REPORT

Report Date :

13.05.2014

IDENTIFICATION DETAILS

Name :	DIAMOND TEXTILE MILLS PRIVATE LIMITED
Registered Office :	210, Nikol Road, Opposite Thakkar Bapa Nagar, Ahmedabad – 382350, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.12.1978
Com. Reg. No.:	04-050552
Capital Investment / Paid-up Capital :	Rs. 78.330 Millions
CIN No.: [Company Identification No.]	U17120GJ1978PTC050552
TAN No.: [Tax Deduction & Collection Account No.]	AHMD00241D
PAN No.: [Permanent Account No.]	AAACD3997L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Textiles.
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 1730000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial with government department for the year 2013. As per available financial record of 2012, the rating is contrained on account of the company’s gearing is excepted to increase over the medium term because of working capital requirements and intense competition in textiles industry face by the company. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

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	CRISIL
Rating	Long term rating: “B”
Rating Explanation	Risk prone credit quality and high risk of default.
Date	12.05.2014

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. Devagna Shah
Designation :	Chartered Accountant
Contact No.:	91-79-65433997
Date :	12.05.2014

LOCATIONS

Registered Office :	210, Nikol Road, Opposite Thakkar Bapa Nagar, Ahmedabad – 382350, Gujarat, India
Tel. No. :	91-79-65433997/ 22702636/ 22702547/ 22704144/ 22702617/ 65433998
Fax No. :	91-79-22702777
E-Mail :	diamondtextilemills@gmail.com d.shah@dtmpl.com
Website :	www.dtmpl.com
Location :	Owned
Locality :	Commercial
Factory :	Changodar, Bavla Highway, Ahmedabad, Gujarat, India
Admin. Office :	8^th Floor, Rajvi Arcade, Near Guru Kul Temple, Drive in Road, Memnagar, Ahmedabad – 380052, Gujarat, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Narendra Maganlal Patel

Designation :

Whole-time Director

Address :

Dhruv Frm, Shilej Thaltej Road, Nr. Shilej Railway Crossing, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

27-10-1938

Qualification :

M.Sc.

Date of Appointment :

02.07.2007

PAN No.:

AEAPP9508G

DIN No. :

00020524

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	U17120GJ1978PTC050552	DIAMOND TEXTILE MILLS PRIVATE LIMITED	Whole-time director	02/07/2007	25/02/1981	Active	NO
2	U45201GJ2008PTC053036	JEKSON ENTERPRISES PRIVATE LIMITED	Director	30/09/2010	31/08/2010	Amalgamated	NO
3	U17120GJ2011PLC063939	UNIVISION TEXTILES (GUJARAT) LIMITED	Director	04/02/2011	04/02/2011	Active	NO

Name :

Mr. Rajendra Rajnikant Patel

Designation :

Whole-time Director

Address :

7, Suvarna Nagar Society, Near Loyala School, Memnagar, Ahmedabad – 380052, Gujarat, India

Date of Birth/Age :

18.02.1971

Qualification :

Diploma M. Eng.

Date of Appointment :

02.07.2007

PAN No. :

ADTPP3051A

DIN No. :

00020534

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	U17120GJ1978PTC050552	DIAMOND TEXTILE MILLS PRIVATE LIMITED	Whole-time director	02/07/2007	13/09/1996	-	Active	NO
2	U45201GJ2008PTC053036	JEKSON ENTERPRISES PRIVATE LIMITED	Additional director	01/10/2010	01/10/2010	-	Amalgamated	NO

Name :

Mr. Dhruv Narendrabhai Patel

Designation :

Whole-time Director

Address :

1, Chitranjan Society, Naranpura, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

18.06.1981

Date of Appointment :

02.07.2007

PAN No. :

AEXPP6818D

DIN No. :

01652667

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	U17120GJ1978PTC050552	DIAMOND TEXTILE MILLS PRIVATE LIMITED	Whole-time director	02/07/2007	02/07/2007	-	Active	NO
2	U70200GJ2007NPL051644	THE GUJARAT INSTITUTE OF HOUSING AND ESTATE DEVELOPERS	Director	15/10/2007	15/10/2007	-	Active	NO
3	L21093GJ1991PLC057244	SHREE RAJESHWARANAND PAPER MILLS LIMITED	Director	23/10/2008	23/10/2008	01/03/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Devagna Shah
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Narednrabhai M. Patel	378910	48.37
Kruti Narednrabhai Patel	78330	10.00
Shruti Narednrabhai Patel	78330	10.00
Meera Narednrabhai Patel	78330	10.00
Dhruv Narednrabhai Patel	78330	10.00
Anilaben Narednrabhai Patel	78330	10.00
Rajendra R. Patel	12600	1.61
Narednrabhai M. Patel	70	0.01
Rajendra R. Patel HUF	70	0.01
Total	783300	100.00

Allottees as on 25.10.2012

Names of Allottees	No. of Shares
Anilaben Narendrabhai Patel	35000
Dhruv Narendrabhai Patel	200000
Krutiben Narendrabhai Patel	14000
Meeraben Narendrabhai Pate1	50000
Narendrabhai M Patel	400000
Narendrabhai M Patel (HUF)	22000
Rajendrabhai R. Patel (HUF)	100000
Rajendrabhai R. Patel (HUF)	13500
Shruti Narendrabhai Patel	90000
Kamal Enterprise, India	230000
Bhargaviben R. Patel	60000
Nilesh Shah	50000
Shree Ami Infrastructure	50000
Total	1314500

Allottees as on 30.10.2012

Names of Allottees	No. of Shares
Bhupendrabhai J. Patel	151000
Total	151000

Allottees as on 28.01.2013

Names of Allottees	No. of Shares
Narendrabhai M. Patel	400000
Rajendrabhai R. Patel	134500
Total	534500

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Textiles.

Products :

Item Code No. (ITC Code)	Product Description
99882130	Textile finishing services: Processing of Cloth

Imports :

Products :

Machinery

Countries :

· Germany

Japan

China

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS

Particulars	Unit	Installed Capacity in Thousands	Actual Production
Cloth	Qty.in Meters	60000 per Annum	2024041

GENERAL INFORMATION

Customers :

Merchant Exporters

No. of Employees :

350 (Approximately)

Bankers :

· State Bank of India, Industrial Finance Branch, 1st Floor, Neptune, Tower Annexe, Near Gandhigram Railway Station,, Ahmedabad - 380009, Gujarat, India

· Dena Bank, Dena Laxmi Building, Ground Floor, Near City Gold Multiplex, Navrangpura, Ahmedabad - 380009, Gujarat, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Mortgage of land and hypothecation of plant and machinery and other fixed assets)	106.983	0.000
Loans repayable on demand from banks (Mortgage of land and hypothecation of plant and machinery and other fixed assets)	25.883	0.000
Loans taken for vehicles (Secured against hypothecation of vehicles financed.)	1.374	0.160
SHORT TERM BORROWINGS
Loans repayable on demand from banks	0.000	0.825
Total	134.240	0.985

Banking Relations :	--
Auditors :
Name :	Amrish J Patel and Company Chartered Accountants
Address :	3-1, Vardan Exclusive, Near Vimal House, Vithalbhai Patel Colony, Navarangpura, Ahmedabad - 380009, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAFFA4180Q

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs.100/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,783,300	Equity Shares	Rs.100/- each	Rs. 278.330 Millions

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.100/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
783,300	Equity Shares	Rs.100/- each	Rs. 78.330 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	78.330	78.330
(b) Reserves & Surplus	354.541	35.861
(c) Money received against Share Warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	432.871	114.191
(3) Non-Current Liabilities
(a) long-term Borrowings	316.811	38.225
(b) Deferred Tax Liabilities (Net)	3.378	3.296
(c) Other Long Term Liabilities	0.000	0.000
(d) long-term Provisions	0.000	0.000
Total Non-current Liabilities (3)	320.189	41.521
(4) Current Liabilities
(a) Short Term Borrowings	0.000	0.825
(b) Trade Payables	22.382	25.111
(c) Other Current Liabilities	112.617	190.505
(d) Short-term Provisions	3.586	3.944
Total Current Liabilities (4)	138.585	220.385
TOTAL	891.645	376.097
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible Assets	406.790	45.065
(ii) Intangible Assets	0.000	0.000
(iii) Capital Work-in-Progress	240.959	36.508
(iv) Intangible assets under Development	0.000	0.000
(b) Non-current Investments	5.187	36.141
(c) Deferred Tax Assets (net)	0.000	0.000
(d) Long-term Loan and Advances	159.083	197.333
(e) Other Non-current Assets	3.649	0.452
Total Non-Current Assets	815.668	315.499
(2) Current assets
(a) Current Investments	0.000	0.000
(b) Inventories	6.738	4.365
(c) Trade Receivables	30.836	43.334
(d) Cash and Cash Equivalents	35.706	10.929
(e) Short-term Loans and Advances	2.697	1.970
(f) Other Current Assets	0.000	0.000
Total Current Assets	75.977	60.598
TOTAL	891.645	376.097

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.595
2] Share Application Money		0.000
3] Reserves & Surplus		81.281
4] (Accumulated Losses)		0.000
NETWORTH		86.876
LOAN FUNDS
1] Secured Loans		20.058
2] Unsecured Loans		17.706
TOTAL BORROWING		37.764
DEFERRED TAX LIABILITIES		0.000
TOTAL		124.640
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		33.754
Capital work-in-progress		0.000
INVESTMENT		36.041
DEFERRED TAX ASSETS		0.508
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.338
	Sundry Debtors	38.699
	Cash & Bank Balances	2.002
	Other Current Assets	0.000
	Loans & Advances	58.387
Total Current Assets		107.426
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.148
	Other Current Liabilities	5.849
	Provisions	28.092
Total Current Liabilities		53.089
Net Current Assets		54.337
MISCELLANEOUS EXPENSES		0.000
TOTAL		124.640

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	403.400	347.300	325.300
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		122.452	51.353	47.761
Less/ Add	DEPRECIATION/ AMORTISATION		6.848	4.959	4.316
	PROFIT/ (LOSS) BEFORE TAX		115.604	46.394	43.445
Less	TAX		28.432	19.079	15.011
	PROFIT/ (LOSS) AFTER TAX		87.172	27.315	28.434
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		35.861	54.282	43.221
Add	EXCESS VALUE OF NET ASSETS OVER CONSIDERATION ON AMALGAMATION GENERAL RESERVE		231.508	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	45.736	4.281
		Proposed Dividend (Includes tax on dividend)	0.000	0.000	13.092
	BALANCE CARRIED TO THE B/S		354.541	35.861	54.282
	Earnings / (Loss) Per Share (Rs.)		111.29	34.87	36.30

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	28.66	13.36	13.36
Return on Total Assets (PBT/Total Assets}	(%)	17.91	15.29	30.77
Return on Investment (ROI) (PBT/Networth)		0.27	0.41	0.50
Debt Equity Ratio (Total Debt/Networth)		0.73	0.34	0.43
Current Ratio (Current Asset/Current Liability)		0.55	0.27	2.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	78.330	78.330
Reserves & Surplus	35.861	354.541
Net worth	114.191	432.871
long-term borrowings	38.225	316.811
Short term borrowings	0.825	0.000
Total borrowings	39.050	316.811
Debt/Equity ratio	0.342	0.732

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	325.300	347.300	403.400
		6.763	16.153

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	325.300	347.300	403.400
Profit	28.434	27.315	87.172
	8.74%	7.86%	21.61%

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)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	Yes
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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

HIGH COURT OF GUJARAT STAMP NUMBER No. 1362 of 2007
Status: PENDING CCIN No : 001087200701362
S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER, CENTRAL EXCISE, AHMEDABAD - II	MR YN RAVANI for: null 1
S.NO.	Name of the Respondant	Advocate On Record
1	DIAMOND TEXTILE MILLS PRIVATE LIMITED

Presented On	: 27/04/2007	Registered On	: 27/04/2007
Bench Category	: SINGLE BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 0 times
StageName	: FOR ADMISSION TAXATION MATTERS
Act	COMPANIES ACT, 1956

Office Details
S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2007	VAKALATNAMA	MR YN RAVANI ADVOCATE for PETITIONER(s) 1	-	MR YN RAVANI:1
2	10/11/2008	APPEARANCE NOTE	MR YN RAVANI ADVOCATE for PETITIONER(s) 1	-	MR YN RAVANI:1

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10309252	01/02/2013 *	1,411,200,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, NEPTUNE, TO WER ANNEXE, NR. GANDHIGRAM RAILWAY STATION,, AHMED ABAD, GUJARAT - 380009, INDIA	B68251172
2	90163459	03/12/1996	540,000.00	ANZ GRINDLAYS BANK LIMITED	270; DN RD; PB NO. 48, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from directors	154.702	25.730
Loans and advances from others	27.869	12.335
Total	182.571	38.065

AMALGAMATION

Jekson Enterprises Private Limited, has been amalgamated with the Company. The Scheme of Amalgamation was sanctioned by the Hon’ble High Court of Gujarat vide its Order dated 19th September, 2011. The Scheme became effective on 9th February, 2012, the appointed date of the Scheme being 1st January, 2011. Pursuant to the Scheme:

(i) The assets, liabilities, rights and obligations of erstwhile Jekson Enterprises Private Limited has been vested with the Company with effect from 1 st January, 2011 and have been recorded at their respective fair value, under the purchase method of accounting for amalgamation.

(ii) 10,019 Equity shares of Rs. 10/- each relating to the equity share capital of the erstwhile Jekson Enterprises Private Limited as on 1 st January, 2011 stands cancelled as all the shares were held by the Company.

(iii) Excess of the fair value of net assets taken over by the Company over the consideration, amounts to Rs. 2,315.08 lacs and the same has been credited to General Reserve as prescribed in the Scheme. Had the Scheme not prescribed this accounting treatment, the said amount would have been credited to Capital Reserve.

OPERATION :

The Company continued to see strong and profitable growth in the financial year 2011-12 across all markets driven by good performance in existing and new area of business. During the year, the turnover Rs 403.400 Millions as against turnover of Rs. 347.300 Millions in the previous year.

FIXED ASSETS

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Computer Equipments

Other Equipments

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 records 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 records 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.59.73
UK Pound	1	Rs.100.82
Euro	1	Rs.82.22

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	KAR
Report Prepared by :	MRI

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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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	--

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