MIRA INFORM REPORT

Report Date :

31.05.2014

IDENTIFICATION DETAILS

Name :	FG GLASS INDUSTRIES PRIVATE LIMITED
Registered Office :	Flat No.4-A, 167-C, Poonewadi, Dr. B. A. Ambedkar Road, Dadar (East), Mumbai – 400014, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.01.2004
Com. Reg. No.:	11-143853
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U26101MH2004PTC143853
TAN No.: [Tax Deduction & Collection Account No.]	MUMF04158A
PAN No.: [Permanent Account No.]	AADCM7716R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Exporter and Importer of all Types of Glass and Glasswares.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 480000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems dip in the profit of the company during 2013. Hoverer, 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 normal business dealing 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	25.04.2014

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	25.04.2014

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 :	Mr. Sabir
Designation :	Accounts Manager
Contact No.:	91-22-64577734
Date :	24.05.2014

LOCATIONS

Registered Office :	Flat No.4-A, 167-C, Poonewadi, Dr. B. A. Ambedkar Road, Dadar (East), Mumbai – 400014, Maharashtra, India
Tel. No.:	91-22-24133100/ 24133000/ 64577735
Fax No.:	91-22-24133200
E-Mail :	accounts@fgglass.com
Website :	http://www.fgglass.com
Factory :	Plot No. L – 15 – 1, MIDC, Taloja Industrial Estate, Taloja – 410208, District: Raigad, Maharashtra, India
Tel. No.:	91-22-27410992 / 24133100 / 24133200/ 64577700 up to 31
Fax No.:	91-22-27402880 / 24133100
Location :	Owned

DIRECTORS

As on 01.09.2013

Name :

Mr. Suhel Fakhruddin Amravatiwala

Designation :

Managing Director

Address :

1401 Sarkar Tower No.1, Off. Nesbit Road, Mazgaon, Mumbai – 400 010, Maharashtra, India

Date of Birth/Age :

05.05.1976

Date of Appointment :

05.01.2004

DIN No.:

00420929

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	U26101MH2004PTC143853	FG GLASS INDUSTRIES PRIVATE LIMITED	Managing director	05/01/2004	05/01/2004	-	Active	NO
2	U93000DL2009NPL196090	FEDERATION OF SAFETY GLASS	Director	17/11/2009	17/11/2009	-	Active	NO

Name :

Mr. Fakhruddin Fidahusain

Designation :

Director

Address :

1401 Sarkar Tower No.1, Off. Nesbit Road, Mazgaon, Mumbai – 400 010, Maharashtra, India

Date of Birth/Age :

01.07.1946

Date of Appointment :

01.04.2011

DIN No.:

03177721

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	U26100MH1995PTC092145	FANCY GLASS INDUSTRIES PRIVATE LIMITED	Director	01/11/2010	01/11/2010	-	Dormant	NO
2	U26101MH2004PTC143853	FG GLASS INDUSTRIES PRIVATE LIMITED	Director	01/04/2011	01/04/2011	-	Active	NO

Name :

Mr. Tariq S. Amravatiwala

Designation :

Director

Address :

1303 Sarkar Tower II, 50-Nesbit Road, Mazgaon, Mumbai – 400 010, Maharashtra, India

Date of Birth/Age :

26.06.1981

Date of Appointment :

01.07.2005

DIN No.:

00421286

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	U26101MH2004PTC143853	FG GLASS INDUSTRIES PRIVATE LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
2	U20290MH2010PTC208216	ASIAN PRE-LAM INDUSTRIES PRIVATE LIMITED	Director	26/09/2010	26/09/2010	-	Active	NO

Name :

Nurul Hasan Erfan Shabbir Husain

Designation :

Director

Address :

92, Ajay Apartment, 16B, Hansraj Lane, Mumbai – 400 027, Maharashtra, India

Date of Birth/Age :

12.05.1971

Date of Appointment :

01.07.2005

DIN No.:

00421055

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	U26100MH1995PTC092145	FANCY GLASS INDUSTRIES PRIVATE LIMITED	Director	20/11/2003	20/11/2003	-	Dormant	NO
2	U26101MH2004PTC143853	FG GLASS INDUSTRIES PRIVATE LIMITED	Director	01/07/2005	01/07/2005	-	Active	NO
3	U20290MH2010PTC208216	ASIAN PRE-LAM INDUSTRIES PRIVATE LIMITED	Director	26/09/2010	26/09/2010	-	Active	NO

Name :

Mr. Sajjadhusain Fidahusain

Designation :

Director

Address :

1303 Sarkar Tower II, 50-Nesbit Road, Mazgaon, Mumbai – 400 010, Maharashtra, India

Date of Birth/Age :

20.03.1950

Date of Appointment :

01.04.2011

DIN No.:

03266524

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	U26100MH1995PTC092145	FANCY GLASS INDUSTRIES PRIVATE LIMITED	Director	01/11/2010	01/11/2010	-	Dormant	NO
2	U26101MH2004PTC143853	FG GLASS INDUSTRIES PRIVATE LIMITED	Director	01/04/2011	01/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sabir
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 01.09.2013

Names of Shareholders	No. of Shares
Suhel F. Amravatiwala	60000
Nurut S. Irfan	40000
Tariq S. Amravatiwala	40000
Fakhruddin Fidahusain	30000
Sajjad Husain Fidahus	30000
Total	200000

As on 01.09.2013

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 :	Manufacturers, Exporter and Importer of all Types of Glass and Glasswares.
Products :	· Levelled and Unlevelled Silvered Sheet · Wired Glass · Curved or Flat Laminated and Safety Glass · Coloured Glass · Float and Plate Glass · Scientific Glasswares · Toughened Glass · Fibre Glass · Glass Doors and Fittings · Mirrors · Looking Glass · Bangles · False Pearls · Bottles Phials · All kinds of Articles Prepared of Glass
Exports :
Products :	Glasswares
Countries :	· Bangladesh · Germany · Nigeria · Africa · Kenya · Sri Lanka
Imports :
Products :	Raw Materials
Countries :	· USA · Germany · Italy · China
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

· Union Bank of India, Null Bazar Branch, Haroon Manzil, 326 – 328, S V P Road, Null Bazar, Mumbai – 400003, Maharashtra, India

· Kotak Mahindra Bank

· ICICI Bank

· Standard Chartered Bank

Facilities :

CC Rs.50.000 Millions and LC Rs.30.000 Millions (From Union Bank of India)

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long term Borrowing
Term Loan form Bank (Union Bank of India)	44.975	47.790
Short term Borrowing
From Bank (Kotak Mahindra and ICICI Bank)	1.069	1.915
Cash Credit A/C Union Bank of India	84.746	80.213
Channel Finance A/c Standard Chartered Bank	40.347	40.302
Total	171.137	170.220

Banking Relations :	---
Auditors :
Name :	S R Dhariwal and Company Chartered Accountants
Address :	A/32, Haji Habib Building, 2^nd Floor, Dr. Ambedkar Road, Opposite Fire Brigade, Dadar (East), Mumbai – 400014, Maharashtra, India
Tel. No.:	91-22-24185609
Mobile No.:	91-9819911441
Fax No.:	91-22-24100349
E-Mail :	srdnco@gmail.com
PAN No.:	AHBPD1183D

CAPITAL STRUCTURE

As on 01.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 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	20.000	20.000	20.000
(b) Reserves & Surplus	100.197	81.647	60.471
(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)	120.197	101.647	80.471
(3) Non-Current Liabilities
(a) long-term borrowings	44.975	47.790	30.232
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	44.975	47.790	30.232
(4) Current Liabilities
(a) Short term borrowings	178.367	165.764	87.788
(b) Trade payables	51.084	73.220	113.978
(c) Other current liabilities	23.477	11.809	27.129
(d) Short-term provisions	10.030	5.104	8.238
Total Current Liabilities (4)	262.958	255.897	237.133
TOTAL	428.130	405.334	347.836
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	129.238	141.671	124.076
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.741	6.837	5.328
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	135.979	148.508	129.404
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	80.158	74.030	57.258
(c) Trade receivables	161.052	142.990	136.557
(d) Cash and cash equivalents	2.288	3.637	4.876
(e) Short-term loans and advances	5.871	5.564	0.617
(f) Other current assets	42.782	30.605	19.124
Total Current Assets	292.151	256.826	218.432
TOTAL	428.130	405.334	347.836

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	600.000 (Approximately)	590.296	542.865
		Other Income	NA	0.862	0.894
		TOTAL (A)	NA	591.158	543.759
Less	EXPENSES
		Office Expenses
		Administrative Expenses		513.613	475.353
		Advertising Expenses
		TOTAL (B)		513.613	475.353
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	77.545	68.406
Less	FINANCIAL EXPENSES (D)			24.219	18.707
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			53.326	49.699
Less/ Add	DEPRECIATION/ AMORTISATION (F)			22.150	19.296
	PROFIT BEFORE TAX (E-F) (G)			31.176	30.403
Less	TAX (H)			0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		28.550	31.176	30.403
	Earnings Per Share (Rs.)		142.75	155.88	152.02

Particulars	31.03.2014
Sales Turnover (Approximately)	650.000

The above information has been parted by Mr. Sabir.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	5.27	5.59
Net Profit Margin (PBT/Sales)	(%)	NA	5.28	5.60
Return on Total Assets (PBT/Total Assets}	(%)	NA	7.69	8.74
Return on Investment (ROI) (PBT/Networth)		NA	0.31	0.38
Debt Equity Ratio (Total Debt /Networth)		1.86	2.10	1.47
Current Ratio (Current Asset/Current Liability)		1.11	1.00	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	20.000	20.000	20.000
Reserves & Surplus	60.471	81.647	100.197
Net worth	80.471	101.647	120.197
long-term borrowings	30.232	47.790	44.975
Short term borrowings	87.788	165.764	178.367
Total borrowings	118.020	213.554	223.342
Debt/Equity ratio	1.467	2.101	1.858

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Sales	542.865	590.296
		8.737

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Sales	542.865	590.296
Profit	31.176	28.550
	5.74%	4.84%

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	----------------------
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	Yes
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

NOTE:

The registered Office of the company has been shifted from 1401/02, Sarkar Tower No.1, Off. Nesbit Road, Mazgaon, Mumbai – 400010, Maharashtra, India, to the present address w.e.f. 01.04.2007.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2013	As on 31.03.2012
Short term Borrowing
Loans repayable on Demand
From Directors	16.131	11.651
From Relatives	36.074	31.683
Total	52.205	43.334

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10458524	24/10/2013	50,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI  TED	52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B88863956
2	10388736	07/11/2012	22,000,000.00	UNION BANK OF INDIA	NULL BAZAR BRANCH, 326/328, HARUN MANZIL, S.V.P. ROAD, BHENDI BAZAR,, MUMBAI, MAHARASHTRA - 400003, INDIA	B62864392
3	10120179	09/08/2008	66,500,000.00	UNION BANK OF INDIA	NULL BAZAR BRANCH, 326/328, HARUN MANZIL, S.V.P. ROAD, BHENDI BAZAR,, MUMBAI, MAHARASHTRA - 400003, INDIA	A44581122
4	10051928	19/04/2007	65,000,000.00	UNION BANK OF INDIA	NULL BAZAR BRANCH, 326/328, HARUN MANZIL, S.V.P. ROAD, BHENDI BAZAR,, MUMBAI, MAHARASHTRA - 400003, INDIA	A15176654
5	80004131	30/01/2012 *	187,404,000.00	UNION BANK OF INDIA	NULL BAZAR BRANCH, 326/328, HARUN MANZIL, S.V.P. ROAD, BHENDI BAZAR,, MUMBAI, MAHARASHTRA - 400003, INDIA	B32294217
6	90145462	09/08/2008 *	25,000,000.00	UNION BANK OF INDIA	NULL BAZAR BRANCH, 326/328, HARUN MANZIL, S.V.P. ROAD, BHENDI BAZAR,, MUMBAI, MAHARASHTRA - 400003, INDIA	A44580611
7	80004126	30/01/2012 *	80,000,000.00	UNION BANK OF INDIA	NULL BAZAR BRANCH, 326/328, HARUN MANZIL, S.V.P. ROAD, BHENDI BAZAR,, MUMBAI, MAHARASHTRA - 400003, INDIA	B32292872
8	90146761	14/10/2004	20,000,000.00	UNION BANK OF INDIA	NULL BAZAR BRANCH, 326/328, HARUN MANZIL, S.V.P. ROAD, BHENDI BAZAR,, MUMBAI, MAHARASHTRA - 400003, INDIA	-

* Date of charge modification

FIXED ASSETS

· Air Condition

· Land and Building

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Computer

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.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.34

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	NTH

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	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.