MIRA INFORM REPORT

Report Date :

19.05.2014

IDENTIFICATION DETAILS

Name :	E-PACK POLYMERS PRIVATE LIMITED
Registered Office :	2584, Rohtagi Mansion, 2^nd Floor, Hamilton Road, Kashmere Gate, Delhi – 110006
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.02.1999
Com. Reg. No.:	55-098374
Capital Investment / Paid-up Capital :	Rs. 38.754 Millions
CIN No.: [Company Identification No.]	U74999DL1999PTC098374
TAN No.: [Tax Deduction & Collection Account No.]	DELE01935D DELE01934C
PAN No.: [Permanent Account No.]	AAACE5175D
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Importer and Exporter of EPS Packaging, Telecom Shelters, Pre-Fabricated Structure, Cold Chain Solution, Rooting and Cladding Sheets, EPS Sheets, EPS Packaging, EPS Pallets.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has failed to file its financial for the year 2013 with the government department. As per available financial 2012, financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

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

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

INDIAN ECONOMIC OVERVIEW

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. Narendra Singh
Designation :	Marketing Manager
Contact No.:	91-120-2569078
Date :	26.04.2014

LOCATIONS

Registered Office :	2584, Rohtagi Mansion, 2^nd Floor, Hamilton Road, Kashmere Gate, Delhi – 110 006, India
Tel. No.:	91-11-23916862 / 23974876
Mobile No.:	91-9958593021 (Mr. Sanjay Singhania)
Fax No.:	91-11-23953687
E-Mail :	sanjay@epackpolymers.com ajay@epackpolymers.com info@epackpolymers.com anand@epackpolymers.com
Website :	http://www.epackpolymers.com
Location :	Rented
Factory 1 :	61 B and C, Udyog Vihar, Surajpur Kasna Road, Greater Noida – 201 306, Uttar Pradesh, India
Tel. No.:	91-120-2569078 / 2569079
Fax No.:	91-120-2569836 / 2569079 / 2569078
E-Mail :	info@epackpolymers.com
Area :	18000 sq. ft.
Location :	Owned
Unit 2 :	B-13, Cotech 1^st Ext, District-Gautam Budh Nagar, Greater Noida-201 306, Uttar Pradesh, India

DIRECTORS

As on: 28.09.2013

Name :

Mr. Sanjay Sighania

Designation :

Director

Address :

A – 122, Sector – 40, Noida, Uttar Pradesh, India

Date of Birth/Age :

26.07.1973

Date of Appointment :

12.02.1999

DIN No.:

01291342

PAN No.:

ATEPS4866M

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	U50300AS1995PTC004521	EAST INDIA AUTO TRADERS PVT LTD	Director	27-07-95	27-07-95	-	Active	NO
2	U74999DL1999PTC098374	E-PACK POLYMERS PRIVATE LIMITED	Director	12-02-99	12-02-99	-	Active	NO
3	U32109DL2003PTC120952	E-DURABLES ELECTRONICS PRIVATE LIMITED	Director	17-06-03	17-06-03	-	Active	NO
4	U51109AS2000PTC005999	S D MERCANTILES PRIVATE LIMITED	Director	15-03-06	15-03-06	-	Active	NO
5	U29253DL2006PTC155466	ENNOV TECHNO TOOLS PRIVATE LIMITED	Director	14-11-06	14-11-06	-	Active	NO
6	U32107DL2008PTC174054	ENNOV INFRA SOLUTIONS PRIVATE LIMITED	Director	14-02-08	14-02-08	-	Active	NO
7	U25202DL2005PTC135762	KRISH PACKAGING PRIVATE LIMITED	Director	20-08-10	20-08-10	-	Active	NO
8	U27106DL2005PTC134579	RAKSHA TINPLATE PRIVATE LIMITED	Additional director	19-12-11	19-12-11	-	Active	NO

Name :

Mr. Ajay Singhania

Designation :

Director

Address :

A – 122, Sector – 40, Noida, Uttar Pradesh, India

Date of Birth/Age :

07.08.1974

Date of Appointment :

27.12.1999

DIN No.:

00107555

PAN No.:

ATNPS6678N

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	U74999DL1999PTC098374	E-PACK POLYMERS PRIVATE LIMITED	Director	27-12-99	27-12-99	-	Active	NO
2	U51109AS2000PTC005999	S D MERCANTILES PRIVATE LIMITED	Director	15-03-06	15-03-06	-	Active	NO
3	U29253DL2006PTC155466	ENNOV TECHNO TOOLS PRIVATE LIMITED	Director	14-11-06	14-11-06	-	Active	NO
4	U32107DL2008PTC174054	ENNOV INFRA SOLUTIONS PRIVATE LIMITED	Director	14-02-08	14-02-08	-	Active	NO
5	U70200DL2010PTC202248	MADHAV BUILDING SOLUTION PRIVATE LIMITED	Director	04-02-11	04-02-11	-	Active	NO

Name :

Mr. Laxmi Pat Bothra

Designation :

Director

Address :

B – 116, Golf Link, Sector – 40, Noida, Uttar Pradesh, India

Date of Birth/Age :

19.11.1961

Date of Appointment :

30.09.2008

DIN No.:

00130593

PAN No.:

AAGPB5838F

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	U74899DL1991PTC045850	BOTHRA MANUFACTURING COMPANY PRIVATE LIMITED	Director	30-09-91	30-09-91	-	Active	NO
2	U25202DL1996PTC077568	EAST INDIA TECHNOLOGIES PRIVATE LIMITED.	Director	26-03-96	26-03-96	-	Active	NO
3	U32109DL2003PTC120952	E-DURABLES ELECTRONICS PRIVATE LIMITED	Director	17-06-03	17-06-03	-	Active	NO
4	U74999DL1999PTC098374	E-PACK POLYMERS PRIVATE LIMITED	Director	30-09-08	02-06-08	-	Active	NO
5	U27106DL2005PTC134579	RAKSHA TINPLATE PRIVATE LIMITED	Additional director	19-12-11	19-12-11	-	Active	NO

Name :

Mr. Rajat Bothra

Designation :

Director

Address :

B – 114, Golf Link, Sector – 40, Noida, Uttar Pradesh, India

Date of Birth/Age :

29.08.1982

Date of Appointment :

15.10.2004

DIN No.:

01044231

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	U74999DL1999PTC098374	E-PACK POLYMERS PRIVATE LIMITED	Director	15-10-04	15-10-04	-	Active	NO
2	U25202DL1996PTC077568	EAST INDIA TECHNOLOGIES PRIVATE LIMITED.	Director	01-04-10	01-06-07	-	Active	NO
3	U31908DL2013PTC254178	SUN FAME (INDIA) PRIVATE LIMITED	Director	20-06-13	20-06-13	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Narendra Singh
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2013

Names of Shareholders	No. of Shares
Bajarang Lal Bothra	380500
Kankanwari Devi Bothra	186700
Punam Chand Bothra (HUF)	5000
Leela Devi Bothra	310950
Rajat Bothra	95000
Laxmi Pat Bothra	340900
Suman Devi Bothra	333400
Nitin Bothra	240000
Nikhil Bothra	45000
Sanjay Singhania	387500
Deen Dayal Sighania	352750
Ajay Sighania	387500
Pinki Sighania	302350
Preeti Sighania	305000
Divisha Sighania	50000
Lalita Devi Singhania	152350
Dinesh Bhuwalka	500
Total	3875400

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of EPS Packaging, Telecom Shelters, Pre-Fabricated Structure, Cold Chain Solution, Rooting and Cladding Sheets, EPS Sheets, EPS Packaging, EPS Pallets.
Products :	· Telecom Shelters · Pre-fabricated Structure · Cold Chain Solutions · Roofing and Cladding Sheets · EPS Sheets · EPS Packaging · EPS Pallets
Exports :
Products :	Prefabricated Structure
Countries :	· Sri Lanka · Kuwait · Middle East · South Africa · Gulf Countries
Imports :
Products :	Raw Material
Countries :	· China · Korea
Terms :
Selling :	L/C / Cash / Credit
Purchasing :	L/C / Cash / Credit

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

400 (Approximately)

Bankers :

v ICICI Bank

v Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr.An, Dr. Annie Besant Road, Worli., Mumbai-400018, Maharashtra, India.

v HDFC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from banks	97.978	14.399
Short-term borrowings
Working capital loans from banks	140.325	145.177
Total	238.303	159.576

Banking Relations :	---
Auditors :
Name :	Samrath M. Surana and Company Chartered Accountants
Address :	R. No.307, Sai Chamber, 783/16 D B Gupta Road, Karol Bagh, New Delhi-110 005, India
Tel. No.:	91-11-23550150
PAN No.:	AAQFS4882C
Related Party :	v E-Durables v Ennov Infra Solutions Private Limited v Ennov Techno Tools Private Limited v Evision v Raksha Tinplate Private Limited v Eas t India Technologies Private Limited
Sister Concern:	E nnov Infra Solutions Private Limited

CAPITAL STRUCTURE

As on: 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3875400	Equity Shares	Rs.10/- each	Rs.38.754 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		38.754	38.754	38.754
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		218.149	187.962	169.927
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		256.903	226.716	208.681
LOAN FUNDS
1] Secured Loans		238.303	159.576	163.760
2] Unsecured Loans		42.596	10.032	32.781
TOTAL BORROWING		280.899	169.608	196.541
DEFERRED TAX LIABILITIES		34.748	27.748	0.000
TOTAL		572.550	424.072	405.222
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		456.172	401.835	344.761
Capital work-in-progress		0.000	0.000	9.576
INVESTMENT		30.377	0.000	0.263
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	66.581	47.961	26.512
	Sundry Debtors	180.790	137.770	142.180
	Cash & Bank Balances	12.072	28.301	6.152
	Other Current Assets	8.744	11.101	0.000
	Loans & Advances	125.119	71.307	50.192
Total Current Assets		393.306	296.440	225.036
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	227.774	151.667	138.157
	Other Current Liabilities	67.677	109.312	34.407
	Provisions	11.854	13.224	1.850
Total Current Liabilities		307.305	274.203	174.414
Net Current Assets		86.001	22.237	50.622
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		572.550	424.072	405.222

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income			852.725
		Other Income			4.299
		TOTAL (A)	1122.097	966.086	857.024
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1074.040 (Including Financial and Depreciation Expense)	907.019 (Including Financial and Depreciation Expense)	801.407
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				55.617
Less	FINANCIAL EXPENSES (D)				17.280
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				38.337
Less/ Add	DEPRECIATION/ AMORTISATION (F)				16.731
	PROFIT BEFORE TAX (E-F) (G)		48.057	59.067	21.606
Less	TAX (H)		17.870	20.599	2.494
	PROFIT AFTER TAX (G-H) (I)		30.187	38.468	19.112
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		109.916	91.881	72.769
Less	APPROPRIATIONS		0.000	20.433	0.000
	BALANCE CARRIED TO THE B/S		140.103	109.916	91.881
	IMPORTS
		Raw Materials	NA	NA	2.523
		Stores & Spares	NA	NA	23.356
	TOTAL IMPORTS		NA	NA	25.879
	Earnings Per Share (Rs.)		7.79	NA	4.93

Particulars	31.03.2014	31.03.2013
Sales Turnover (Approximately)	2500.000	2000.000

The above information has been parted by Mr. Narendra Singh (Marketing Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.69	3.98	2.23
Net Profit Margin (PBT/Sales)	(%)	NA	NA	2.53
Return on Total Assets (PBT/Total Assets}	(%)	5.66	8.46	5.84
Return on Investment (ROI) (PBT/Networth)		0.19	0.26	0.10
Debt Equity Ratio (Total Debt /Networth)		1.09	0.75	0.94
Current Ratio (Current Asset/Current Liability)		1.28	1.08	1.29

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	38.754	38.754	38.754
Reserves & Surplus	169.927	187.962	218.149
Net worth	208.681	226.716	256.903
long-term borrowings	163.76	159.576	238.303
Short term borrowings	32.781	10.032	42.596
Total borrowings	196.541	169.608	280.899
Debt/Equity ratio	0.942	0.748	1.093

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)
Total Income	857.024	966.086	1122.097
		12.726	16.149

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	857.024	966.086	1122.097
Profit	19.112	38.468	30.187
	2.23%	3.98%	2.69%

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	Yes
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	No
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	No
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	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10432160	27/05/2013	60,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. AN  , DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharash  tra - 400018, INDIA	B77545853
2	10352009	30/03/2012	40,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B38314159
3	10352132	30/03/2012	120,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B38367025
4	10309353	18/08/2011	302,700,000.00	DHANLAXMI BANK LIMITED	DHANALAKSHMI BANK BUILDINGNAICKANAL, Naickanal, T  RICHUR, Kerala - 680001, INDIA	B22195168
5	10273142	04/03/2011	25,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	B08488322
6	10273141	04/03/2011	50,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	B08488017
7	10207107	20/04/2012 *	227,773,000.00	BANK OF BARODA	SME BRANCH, SECTOR 18, NOIDA, Uttar Pradesh - 2013  01, INDIA	B73925711
8	10198013	07/02/2011 *	75,000,000.00	KOTAK MAHINDRA BANK LIMITED	15-16, UGF, AMBADEEP BUILDING, K G MARG, NEW DELH  I, Delhi - 110001, INDIA	B05104963
9	10024962	11/01/2010 *	282,700,000.00	Corporation Bank	SME Branch, G-28/29,Sector-18, Noida, Uttar Prade  sh - 201301, INDIA	A78143195
10	80000652	11/01/2010 *	282,700,000.00	Corporation Bank	SME Branch, G-28/29, sector-18,, Noida, Uttar Pra  desh - 201301, INDIA	A78142429

* Date of charge modification

UNSECURED LOAN (Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long-term borrowings
Rupee term loans from others	42.596	10.032
Total	42.596	10.032

FIXED ASSETS

· Building

· Computer

· Dies and Moulds

· Furniture

· Land

· Office Equipment

· Plant and Machinery

· Light Com. Vehicle

· Vehicle

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.59.87
UK Pound	1	Rs.100.98
Euro	1	Rs.82.40

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RSH
Report Prepared by :	SBN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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.