MIRA INFORM REPORT

Report Date :

26.05.2014

IDENTIFICATION DETAILS

Name :	ROYALTOUCH ALUMINIUM PRIVATE LIMITED
Registered Office :	Saket Industrial Estate, Plot No. 30/31, Sarkhej, Bavala Road, Near Nova Petro Chemicals, Moriya Taluko Sanand, Ahmedabad – 382213, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.03.2004
Com. Reg. No.:	04-043848
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U26933GJ2004PTC043848
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Premium Grade Aluminum, Extrusions, Aluminum Extrusion Profiles and Sections etc.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 186000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company possesses an a acceptable financial profile marked by adequate networth base along with huge gearing as a result of working capital intensive operations. Management has reported a minimal net profitability during FY 2013. The rating also take into consideration, the several corporate guarantees provided by promoters. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of experienced promoters and their support, the subject can be considered for business dealings with slight 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	CARE
Rating	Long term bank facilities BBB+ (Structured Obligation)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	February 04, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities A2+(Structured Obligation)
Rating Explanation	Strong degree of safety and low credit risk.
Date	February 04, 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 :	Ms. Surbhi
Designation :	Finance Manager
Contact No.:	91-9374227503
Date :	26.05.2014

LOCATIONS

Registered Office / Factory :	Saket Industrial Estate, Plot No. 30/31, Sarkhej, Bavala Road, Near Nova Petro Chemicals, Moriya Taluko Sanand, Ahmedabad – 382213, Gujarat, India
Tel. No. :	91-79-40017979
Mobile No. :	91-9374227503 (Ms. Surbhi)
Fax No. :	91-79-40017900
E-Mail :	office@ranpuradesai.com marketing@royaletouche.com
Website :	www.royaltouche.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Jitendra Tulsidas Patel

Designation :

Director

Address :

11, “Shiv” Manekbaug Society, Near Nehru Nagar, Ahmedabad - 382214, Gujarat, India

Date of Appointment :

24.03.2004

DIN No. :

00204168

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	U20291GJ1987PTC009532	TOPPAN PLYWOOD PRIVATE LIMITED	Director	30/03/1987	30/03/1987	-	Strike off	NO
2	U20299GJ1999PTC035650	OLYMPIC LAMINATES PRIVATE LIMITED	Director	09/07/1999	09/07/1999	-	Active	NO
3	U26933GJ2004PTC043848	ROYALTOUCH ALUMINIUM PRIVATE LIMITED	Director	24/03/2004	24/03/2004	-	Active	NO
4	U20200GJ2006PTC047948	ROYAL TOUCH LAMINATES PRIVATE LIMITED	Director	17/03/2006	17/03/2006	-	Active	NO
5	U29308GJ1994PLC023531	AJANTA MANUFACTURING LIMITED	Director	30/09/2008	01/01/2008	26/04/2011	Active	NO
6	U26990GJ2009PTC058630	OLYMPIC GLASS PRIVATE LIMITED	Director	20/11/2009	20/11/2009	01/02/2012	Strike off	NO
7	U36101GJ2009PTC058631	CROWN LAMINATES PRIVATE LIMITED	Director	20/11/2009	20/11/2009	-	Active	NO
8	U40106GJ2013PTC073538	ROYAL TOUCH POWERTECH PRIVATE LIMITED	Director	12/02/2013	12/02/2013	-	Active	NO

Name :

Mr. Arvindkumar Ambalal Patel

Designation :

Director

Address :

“Rutuza” 8, Vasant Rajab Societyt, Jodhpur Char Rasta, Satellite Road, Ahmedabad - 382214, Gujarat, India

Date of Appointment :

24.03.2004

DIN No. :

00211536

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	U20291GJ1987PTC009532	TOPPAN PLYWOOD PVT LTD	Director	30/03/1987	30/03/1987	-	Strike off	NO
2	U20299GJ1999PTC035650	OLYMPIC LAMINATES PRIVATE LIMITED	Director	25/03/1999	25/03/1999	-	Active	NO
3	U26933GJ2004PTC043848	ROYALTOUCH ALUMINIUM PRIVATE LIMITED	Director	24/03/2004	24/03/2004	-	Active	NO
4	U20200GJ2006PTC047948	ROYAL TOUCH LAMINATES PRIVATE LIMITED	Director	22/09/2006	22/09/2006	-	Active	NO
5	U36101GJ2009PTC058631	CROWN LAMINATES PRIVATE LIMITED	Director	20/11/2009	20/11/2009	-	Active	NO
6	U26990GJ2009PTC058630	OLYMPIC GLASS PRIVATE LIMITED	Director	20/11/2009	20/11/2009	-	Strike off	NO
7	U26933GJ2010PTC060861	SUNWORLD VITRIFIED PRIVATE LIMITED	Director	12/06/2010	12/06/2010	10/10/2013	Active	NO
8	U26933GJ2010PTC062032	SILK TOUCH VITRIFIED PRIVATE LIMITED	Director	19/08/2010	19/08/2010	-	Active	NO
9	U40106GJ2013PTC073538	ROYAL TOUCH POWERTECH PRIVATE LIMITED	Director	12/02/2013	12/02/2013	-	Active	NO

Name :

Mr. Mitulkumar Maganlal Patel

Designation :

Director

Address :

A-903, Prestige Towers, B/h. Chief justice bunglow, Bodakdev, Ahmedabad - 380054, Gujarat, India

Date of Appointment :

06.08.2010

DIN No. :

03151868

Name :

Mr. Ishwarlal Jadavbhai Jagani

Designation :

Director

Address :

652 – Takshshila – 2, Phoolchhab Chowk, Rajkot, Gujarat, India

Date of Appointment :

15.01.2005

DIN No. :

00282849

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	U15142GJ1983PTC006532	GALAXY OILS PVT LTD	Director	28/10/1983	28/10/1983	-	Active	NO
2	U27109GJ1988PTC011569	STAR FORGING PVT LTD	Director	29/11/1988	29/11/1988	-	Active	NO
3	U45201GJ1994PTC021229	INNOVA TOWNSHIPS PRIVATE LIMITED	Director	04/02/1994	04/02/1994	-	Amalgamated	NO
4	U45201GJ1994PTC021233	JAGANI BUILDERS PVT LTD	Director	04/02/1994	04/02/1994	-	Amalgamated	NO
5	U45201GJ1994PTC021232	DIVINE APRTMENTS PRIVATE LIMITED	Director	04/02/1994	04/02/1994	-	Amalgamated	NO
6	U45201GJ1994PTC021234	SAURASHTRA TOWNSHIPS PVT LTD	Director	04/02/1994	04/02/1994	-	Amalgamated	NO
7	U45201GJ1994PTC021367	JAGANI ESTATES PRIVATE LIMITED	Director	23/02/1994	23/02/1994	-	Amalgamated	NO
8	U45201GJ1994PTC021366	JADAV BUILDERS PRIVATE LIMITED	Director	23/02/1994	23/02/1994	-	Amalgamated	NO
9	U45201GJ1994PTC021362	TAKSHSHILA APARTMENTS PRIVATE LIMITED	Director	23/02/1994	23/02/1994	-	Amalgamated	NO
10	U45201GJ1994PTC021363	TAKSHSHILA TOWNSHIPS PRIVATE LIMITED	Director	23/02/1994	23/02/1994	-	Active	NO
11	U45201GJ1994PTC021364	JADAV TOWNSHIPS PRIVATE LIMITED	Director	23/02/1994	23/02/1994	-	Amalgamated	NO
12	U45209GJ1995PTC024099	SAHIL ESTATE DEVELOPERS PRIVATE LIMITED	Director	05/01/1995	05/01/1995	-	Active	NO
13	U45209GJ1995PTC024098	RADHA BUILDCON PVT LTD	Director	05/01/1995	05/01/1995	-	Active	NO
14	U45201GJ1995PTC024097	PRIYANKA LAND DEVELOPERS PVT LTD	Director	05/01/1995	05/01/1995	-	Active	NO
15	U24299GJ1995PTC026834	RAVI BUILDCON PVT LTD	Director	24/07/1995	24/07/1995	-	Active	NO
16	U67120GJ1997PTC032633	RONAK SHARE AND STOCK BROKERS PRIVATE LIMITED	Director	01/04/1999	01/04/1999	-	Converted to LLP and dissolved	NO
17	U26933GJ2004PTC043848	ROYALTOUCH ALUMINIUM PRIVATE LIMITED	Director	15/01/2005	15/01/2005	-	Active	NO
18	U29299PN2005PTC020915	AMUL CRANKSHAFT PRIVATE LIMITED	Director	22/06/2005	22/06/2005	31/03/2009	Active	NO
19	AAA-5458	VISIONARY ENTREPRENEURS L L P	Designated Partner	06/07/2011	06/07/2011	-	Active	NO
20	AAA-8359	RONAK SHARE AND STOCK BROKERS LLP	Designated Partner	14/03/2012	14/03/2012	-	Active	NO

Name :

Mr. Rajkumar Dineshkumar Parsania

Designation :

Director

Address :

“Raj”, Nr. Vijay Transport, Surendranagar, Gujarat, India

Date of Appointment :

08.08.2005

DIN No. :

02565599

KEY EXECUTIVES

Name :	Ms. Surbhi
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

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 and Exporter of Premium Grade Aluminum, Extrusions, Aluminum Extrusion Profiles and Sections etc.
Exports :
Products :	Finished Goods
Countries :	Uganda
Imports :
Products :	Raw Material
Countries :	Dubai
Terms :
Selling :	Cash and L/C
Purchasing :	Cash and L/C

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

· ICICI bank, SG Road, Ahmedabad, Gujarat, India

· State Bank of India

· Kotak Mahindra Bank

· Standard Charted Bank, sAbhijeet II, Ground Floor, Mithakali Six Roads, Ahmedabad – 380006, Gujarat, India

· State Bank of Saurashtra, sGymkhana Branch, Rajkot – 360001, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans	0.725	0.000
SHORT TERM BORROWINGS
Working capital loans from banks	175.926	166.279
Total	176.651	166.279

NOTE:

LONG TERM BORROWINGS

Term loan from ICICI Bank is secured by hypothecation of Honda City Car, rate of interest is 10.57% and term loan from Kotak Mahindra Bank is secured by hypothecation of Skoda Car, rate of interest being 10.98% to be applied on Monthly balances on Term Loan.

Banking Relations :	--
Auditors :
Name :	Ranpura Desai and Compasny Chartered Accountants
Address :	1^st Floor, Star Avenue, Dr. Radhakrishnan Road, Rajkot – 360001, Gujarat, India
PAN No. :	AADFR3813P
Associates/Subsidiaries : (As confirmed by Management)	Olympic Laminates Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 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	30.000	30.000	30.000
(b) Reserves & Surplus	16.456	10.446	5.618
(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)	46.456	40.446	35.618
(3) Non-Current Liabilities
(a) long-term borrowings	86.830	65.376	41.000
(b) Deferred tax liabilities (Net)	4.554	4.771	2.857
(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)	91.384	70.147	43.857
(4) Current Liabilities
(a) Short term borrowings	175.926	166.279	159.573
(b) Trade payables	164.908	41.068	71.770
(c) Other current liabilities	14.770	13.652	15.622
(d) Short-term provisions	2.954	1.853	2.251
Total Current Liabilities (4)	358.558	222.852	249.216
TOTAL	496.398	333.445	328.691
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	104.477	98.715	85.061
(ii) Intangible Assets	0.001	0.001	0.002
(iii) Capital work-in-progress	0.000	6.263	13.560
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	104.478	104.979	98.623
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	208.191	85.312	115.896
(c) Trade receivables	147.569	113.471	87.938
(d) Cash and cash equivalents	11.542	7.773	10.240
(e) Short-term loans and advances	2.701	8.484	12.848
(f) Other current assets	21.917	13.426	3.146
Total Current Assets	391.920	228.466	230.068
TOTAL	496.398	333.445	328.691

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	866.287	758.272	576.810
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	843.144	737.606	560.040
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		23.143	20.666	16.770
Less/ Add	DEPRECIATION/ AMORTISATION		15.911	13.338	10.650
	PROFIT/ (LOSS) BEFORE TAX		7.232	7.328	6.120
Less	TAX		1.221	2.211	0.412
	PROFIT/ (LOSS) AFTER TAX		6.011	5.117	5.708
	PRIOR YEAR ADJUSTMENT		0.000	0.290	0.592
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.445	5.618	0.502
	BALANCE CARRIED TO THE B/S		16.456	10.445	5.618
	Earnings / (Loss) Per Share (Rs.)		2.00	1.70	1.90

Particulars	31.03.2014
Sales Turnover (Approximately)	1000.000

The above information has been parted by Ms. Surbhi

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.69	0.67	0.99
Return on Total Assets (PBT/Total Assets}	(%)	1.46	2.24	1.94
Return on Investment (ROI) (PBT/Networth)		0.16	0.18	0.17
Debt Equity Ratio (Total Debt/Networth)		5.66	5.73	5.63
Current Ratio (Current Asset/Current Liability)		1.09	1.03	0.92

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	30.000	30.000	30.000
Reserves & Surplus	5.618	10.446	16.456
Net worth	35.618	40.446	46.456
long-term borrowings	41.000	65.376	86.830
Short term borrowings	159.573	166.279	175.926
Total borrowings	200.573	231.655	262.756
Debt/Equity ratio	5.631	5.728	5.656

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	576.810	758.272	866.287
		31.460	14.245

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	576.810	758.272	866.287
Profit	5.708	5.117	6.011
	0.99%	0.67%	0.69%

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	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]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans from shareholders, directors and their relatives	86.105	65.376
Total	86.105	65.376

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10450310	26/09/2013	348,900,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B85480275
2	10439480	10/07/2013	10,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B80607070
3	10439482	10/07/2013	338,900,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B80607328

FIXED ASSETS

œ Land

œ Building

œ Plant and Machineries

œ Lab. Equipment

œ Furniture

œ Computer

œ Vehicles

œ Trade mark

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.58.48
UK Pound	1	Rs.98.67
Euro	1	Rs.79.80

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		31

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.