MIRA INFORM REPORT

Report Date :

24.05.2014

IDENTIFICATION DETAILS

Name :	BAJAJ PROCESSORS LIMITED

Registered Office :	346, New Cloth Market, O/S Raipur Gate, Ahmedabad-380002, Gujarat

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	12.01.1979

Com. Reg. No.:	04-003268

Capital Investment / Paid-up Capital :	Rs.5.000 Millions

CIN No.: [Company Identification No.]	U17119GJ1979PLC003268

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Textile.

No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 85300

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Exists

Comments :	Subject is an established company having moderate track record. Profitability of the company seems to be low during 2013. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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.

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 DECLINED BY

Name :	Mr. Shankarbhai
Designation :	Accounts Executive
Contact No.:	91-79-22169650
Date :	21.05.2014

LOCATIONS

Registered Office :	346, New Cloth Market, O/S Raipur Gate, Ahmedabad-380002, Gujarat, India
Tel. No.:	91-79-22169650
Mobile No.:	91-9825007096 [Mr. Arun Bajaj]
Fax No.:	Not Available
E-Mail :	bajajprocessorltd@hotmail.com

Factory :	Located at Sarkhej Road, Narol, Ahmedabad-382405, Gujarat, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Sureshchand Devishai Bajaj

Designation :

Director

Address :

3, Apang Manav Mandal, Ambawadi, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

19.04.1951

Date of Appointment :

12.01.1979

Din No.:

01527242

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	U17119GJ1979PLC003268	BAJAJ PROCESSORS LIMITED	Director	12-01-1979	12-01-1979	Active	NO
2	U17119GJ1983PTC006397	BAJAJ SYNTHETICS MILLS PRIVATE LIMITED	Director	03-08-1983	03-08-1983	Active	NO

Name :

Mr. Nareshchand Devishai Bajaj

Designation :

Director

Address :

40, Sunrise Park, Opposite Drive-in-cinema, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

08.06.1953

Date of Appointment :

12.01.1979

Din No.:

01098774

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	U17119GJ1979PLC003268	BAJAJ PROCESSORS LIMITED	Director	12-01-1979	12-01-1979	Active	NO
2	U17119GJ1983PTC006397	BAJAJ SYNTHETICS MILLS PRIVATE LIMITED	Director	03-08-1983	03-08-1983	Active	NO

Name :

Mr. Anandswarup Devishai Bajaj

Designation :

Director

Address :

66, Sunrise Park, Opposite Drive-in-cinema, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

20.04.1956

Date of Appointment :

12.01.1979

Din No.:

01098919

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	U17119GJ1979PLC003268	BAJAJ PROCESSORS LIMITED	Director	12-01-1979	12-01-1979	Active	NO
2	U17119GJ1983PTC006397	BAJAJ SYNTHETICS MILLS PRIVATE LIMITED	Director	03-08-1983	03-08-1983	Active	NO

Name :

Mr. Ajaykumar Punamchand Bajaj

Designation :

Director

Address :

176, Sunrise Park, Opposite Drive-in-cinema, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

17.04.1969

Date of Appointment :

30.09.2002

Din No.:

01098816

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	U17119GJ1979PLC003268	BAJAJ PROCESSORS LIMITED	Director	30-09-2002	30-09-2002	Active	NO
2	U52100GJ2012PTC070521	S CUBE INTERNATIONAL PRIVATE LIMITED	Director	29-05-2012	29-05-2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Shankarbhai
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 30.09.2013

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Textile.

PRODUCTION STATUS [AS ON 31.03.2013]

Particular

31.03.2013

Processed Cloth [Self]

Cotton [Mtrs.]

6403314

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

· Oriental Bank of Commerce, Hotel Meghdoot Building, Station Road, Ahmedabad-380002, Gujarat, India

· United Bank of India, Ahmedabad Branch, laldarwaja, Ahmedabad-380001, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Oriental Bank of Commerce – Term Loan	0.000	1.125
Oriental Bank of Commerce – Term Loan	5.253	8.367
Oriental Bank of Commerce – UBI	0.132	0.138
Axis Bank Limited – Vehicle Loan	0.323	0.915
Axis Bank Limited – Vehicle Loan	0.110	0.245
Axis Bank Limited – Vehicle Loan	0.243	0.583
Current Maturity of Term Loan	(3.907)	(5.225)

Short Term Borrowings
Oriental Bank of Commerce – CC	50.681	34.461
TOTAL	52.835	40.609
NOTE: Long Term Borrowings: Term Loan from Oriental Bank of Commerce carrier’s interest rate of 14.75%. The loan is Primarily secured by Hypothecation of Plant and machineries. Further collateral security of EM of Private Plot No. 1 to 19 of survey No. 210/ Paiki and 215/ Paiki adneasuring about 968 Sq Yards of Mouje Isanpur Taluka City Registration District Ahmedabad and Sub District Ahmedabad belonging to Bajaj Process Limited. Further, the loan has been guaranteed by Personal guarantee of Shri Suresh Chandra D. Bajaj, Shri Anand Swaroop D. Bahah, Shri Nareshchandra D. Bajaj and Shri Ajay Kumar P. Bajaj. Vehicle Loan secured by Hypothecation of Vehicle. Installments falling due in respect of all the above term loans upto 31.03.2014 have been grouped under "Current maturities of long term borrowing." Short Term Borrowings: The Cash Credit Facility secured by Hypothecation of Raw Material , Stock in Process , Finished goods , consumables, Packing material and Book-Debts. It is further secured by collateral security of Hypothecation charge over entire Plant and machinery of the Company. EM over factory land and Building of Bajaj Processors Limited situated at Survey No. 210, 215 Opp. Ayurvedic Hospital, Narol, Sarkhej Highway, Isanpur, Ahmedabad and further secured by personal guarantee of Shri Suresh Chandra D. Bajaj, Shri Anand Swaroop D. Bajaj, Shri Naresh Chandra D. Bajaj and Shri Ajay Kumar P. Bajaj.


Banking Relations :	--

Auditors :
Name :	Nahta Jain and Associates Chartered Accountants
Address :	211, New Cloth Market, O/S, Raipur Gate, Ahmedabad-380002, Gujarat, India
Tel No.:	91-79-22161264/65
Mobile No.:	91-9714106383
Fax No.:	91-79-22161264/65
Email :	nahtajainandasociates@gmail.com
PAN No:	AABFN3524D

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.1000/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.1000/- each	Rs.5.000 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	5.000	5.000	5.000
(b) Reserves & Surplus	16.346	15.575	15.131
(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)	21.346	20.575	20.131

(3) Non-Current Liabilities
(a) long-term borrowings	64.804	60.297	54.928
(b) Deferred tax liabilities (Net)	1.462	1.031	0.655
(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)	66.266	61.328	55.583

(4) Current Liabilities
(a) Short term borrowings	50.681	34.461	33.244
(b) Trade payables	85.891	70.174	73.949
(c) Other current liabilities	30.590	25.513	15.197
(d) Short-term provisions	0.275	0.193	0.363
Total Current Liabilities (4)	167.437	130.341	122.753

TOTAL	255.049	212.244	198.467

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.524	60.862	53.910
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.775	2.825	6.450
(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	4.380	4.056	3.602
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	63.679	67.743	63.962

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	66.286	40.125	41.992
(c) Trade receivables	121.514	99.831	87.528
(d) Cash and cash equivalents	0.736	2.078	2.753
(e) Short-term loans and advances	2.834	2.467	2.232
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	191.370	144.501	134.505

TOTAL	255.049	212.244	198.467

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	508.365	462.361	411.573
	Other Income	1.300	1.226	2.809
	TOTAL (A)	509.665	463.587	414.382

Less	EXPENSES
	Cost of Materials Consumed	355.408	277.474	260.964
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(21.860)	2.783	(0.682)
	Employees benefits expense	11.299	10.787	10.647
	Other expenses	146.839	155.946	128.053
	TOTAL (B)	491.686	446.990	398.982

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	17.979	16.597	15.400

Less	FINANCIAL EXPENSES (D)	11.349	10.414	8.620

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	6.630	6.183	6.780

Less/ Add	DEPRECIATION/ AMORTISATION (F)	5.185	5.171	4.818

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1.445	1.012	1.962

Less	TAX (H)	0.675	0.568	0.507

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	0.770	0.444	1.455

	Earnings / (Loss) Per Share (Rs.)	154.05	88.82	290.93

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.15	0.10	0.35

Net Profit Margin (PBT/Sales)	(%)	0.28	0.22	0.48

Return on Total Assets (PBT/Total Assets}	(%)	0.58	0.48	1.02

Return on Investment (ROI) (PBT/Networth)		0.07	0.05	0.09

Debt Equity Ratio (Total Debt/Networth)		5.41	4.61	4.37

Current Ratio (Current Asset/Current Liability)		1.14	1.11	1.10

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	5.000	5.000	5.000
Reserves & Surplus	15.131	15.575	16.346
Net worth	20.131	20.575	21.346

long-term borrowings	54.928	60.297	64.804
Short term borrowings	33.244	34.461	50.681
Total borrowings	88.172	94.758	115.485
Debt/Equity ratio	4.380	4.605	5.410

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	411.573	462.361	508.365
		12.340	9.950

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	411.573	462.361	508.365
Profit	1.455	0.444	0.770
	0.35%	0.10%	0.15%

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	No
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	No
20]	Export / Import details (if applicable)	No
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	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	No

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10489064	12/04/2014	105,000,000.00	OTHERS	ORIENTAL BANK OF COMMERCE, STATION ROAD, AHMEDABAD - 380002, GUJARAT, INDIA	C03030061
2	10190689	15/12/2009	15,000,000.00	ORIETNAL BANK OF COMMERCE	HOTEL MEGHDOOT BUILDING, STATION ROAD, AHMEDABAD, GUJARAT - 380001, INDIA	A75328658
3	10075763	12/04/2014 *	276,900,000.00	OTHERS	ORIENTAL BANK OF COMMERCE, STATION ROAD, AHMEDABAD - 380002, GUJARAT, INDIA	C03014545
4	80014059	14/10/2006 *	15,000,000.00	ORIENTAL BANK OF COMMERCE	HOTEL MEGHDOOT BUILDING, STATION ROAD, AHMEDABAD - 380001, GUJARAT, INDIA	-
5	80014056	11/04/2014 *	47,500,000.00	OTHERS	ORIENTAL BANK OF COMMERCE, STATION ROAD, AHMEDABAD - 380002, GUJARAT, INDIA	C02934388

* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Loan From Other	62.650	54.149
TOTAL	62.650	54.149

CASE DETAILS:

HIGH COURT OF GUJARAT

CIVIL APPLICATION NO. 75 OF 2009

IN TAX APPEAL / 215 / 2009 ( PENDING )

STATUS: PENDING (CONVERTED FROM : ST/349/2009) CCIN NO : 001073200900075

LAST LISTING DATE: 13/07/2009

CORAM: HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN

HONOURABLE MR.JUSTICE AKIL KURESHI

NOT BEFORE: HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

S. NO.

NAME OF THE PETITIONER

ADVOCATE ON RECORD

COMMISSIONER OF CENTRAL EXCISE AHMEDABAD-I

MR DARSHAN M PARIKH for: Applicant(s) 1

S. NO.

NAME OF THE RESPONDENT

ADVOCATE ON RECORD

BAJAJ PROCESSORS LIMTIED

NOTICE SERVED for :Respondent(s) 1

PRESENTED ON: 04/02/2009 REGISTERED ON: 04/02/2009

BENCH CATEGORY: DIVISION BENCH DISTRICT: AHMEDABAD

CASE ORIGINATED FROM: THROUGH ADVOCATE LISTED: 2 TIMES

STAGE NAME: FOR ADMISSION TAXATION MATTERS

ACT: CENTRAL EXCISES AND SALT ACT, 1944

OFFICE DETAILS

S. NO.

FILING DATE

DOCUMENT NAME

ADVOCATE NAME

COURT FEE ON DOCUMENT

DOCUMENT DETAILS

04/02/2009

APPLICATION

MR DARSHAN M PARIKH ADVOCATE
for PETITIONER(s) 1

MR DARSHAN M PARIKH:1

15/08/2009

DOCUMENT

NOTICE SERVED
for RESPONDENT(s) 1

NOTICE SERVED:1

COURT PROCEEDINGS

S. NO.

NOTIFIED DATE

COURT CODE

BOARD SR. NO.

STAGE

ACTION

CORAM

13/07/2009

FOR ADMISSION TAXATION MATTERS

NEXT DATE

· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN

· HONOURABLE MR.JUSTICE AKIL KURESHI

AVAILABLE ORDERS

S. NO.

CASE DETAILS

JUDGE NAME

ORDER DATE

CAV

JUDGEMENT

O.J.APPEAL/71/2009

· HONOURABLE MS. JUSTICE R.M.DOSHIT

· HONOURABLE MR.JUSTICE SHARAD D.DAVE

29/09/2009

JUDGMENT

FIXED ASSETS:

· Land

· Building

· Building at Sapphire

· Plant and Machinery

· Electric Installation

· Furniture and Fixtures

· Trolly

· A.C. Refrigerator and Water Cooler

· Weight M/C

· Data Processing Machine

· Motor Car

· Cycle

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.58.48
UK Pound	1	Rs.98.67
Euro	1	Rs.79.81

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	RAS

Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		26

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.