MIRA INFORM REPORT

Report Date :

03.11.2014

IDENTIFICATION DETAILS

Name :	GARWARE BESTRETCH LIMITED (w.e.f. 24.06.2008)
Formerly Known As :	BESTRETCH ELASTOMERS INTERNATIONAL LIMITED
Registered Office :	Chowpaty Chambers, Ground Floor, Sandhurst Bridge, Mumbai – 400007, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.10.1994
Com. Reg. No.:	11-142451
Capital Investment / Paid-up Capital :	Rs. 51.036 Millions
CIN No.: [Company Identification No.]	U24130MH1994PLC142451
TAN No.: [Tax Deduction & Collection Account No.]	PNEB02886C
PAN No.: [Permanent Account No.]	AABCG8082C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Latex (Natural Rubber) and Latex-Free (Synthetic Polyisoprene) Elastic Rubber Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 3700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position of the company seems to be good. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and condition.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION DECLINED

Management non co- operative (91-20-305448333)

LOCATIONS

Registered Office :	Chowpaty Chambers, Ground Floor, Sandhurst Bridge, Mumbai – 400007, Maharashtra, India
Tel. No.:	91-22-23634696
Fax No.:	91-22-23631120
E-Mail :	sureshmarulkar@yahoo.com n.satare@garwarebeil.com
Website :	http://www.garwarebeil.com
Corporate Office / Mailing Address :	Amar Avinash Corporate Plaza, 4^th Floor, Bund Garden Road, Pune – 411011, Maharashtra, India
Tel. No.:	91-20-30548333/ 30548444/ 30548555 / 30780000
Fax No.:	91-20-66024140
E-Mail :	info@garwarebeil.com
Factory :	Plot No.C-2, MIDC Wai, District Satara, Maharashtra, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Ramesh Manjnath Telang

Designation :

Director

Address :

122/2, Om Radha Kunj, Opposite Kamla Nehru Park, Pune – 411004, Maharashtra, India

Date of Birth/Age :

04.04.1942

PAN No.:

AAIPT8789K

Date of Appointment :

04.10.2004

DIN No.:

00092103

Others 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	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Director	01/07/1989	01/07/1989	-	Active	NO
2	U65900MH1996PLC103544	VMIR INVESTMENT LIMITED	Director	28/10/1996	28/10/1996	02/11/2012	Active	NO
3	U24130MH1994PLC142451	GARWARE BESTRETCH LIMITED	Director	04/10/2004	04/10/2004	-	Active	NO
4	U29253PN2014PTC151046	OCEANIC FLOATS PRIVATE LIMITED	Director	18/03/2014	18/03/2014	-	Active	NO

Name :

Mrs. Diya Garware Inbanez

Designation :

Managing Director

Address :

Ramesh Garware Farm, NDA Road, P O Box No.3, Khadakwasla, Pune – 411023, Maharashtra, India

Date of Birth/Age :

25.09.1970

PAN No.:

ABEPG3017V

Date of Appointment :

27.06.2012

DIN No.:

00415841

Others 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	U65993PN1974PTC017349	CEEBEEGEE INVESTMENT CO. PVT. LTD.	Director	01/04/1991	01/04/1991	02/03/2012	Amalgamated	NO
2	U67120MH1975PTC018256	RSDV INVESTMENTS PRIVATE LIMITED	Director	01/04/1991	01/04/1991	02/03/2012	Amalgamated	NO
3	U51909MH1985PTC035770	SURAMEX EXIM PVT LTD	Additional director	29/03/2014	10/07/1993	31/03/2014	Active	NO
4	U73100PN1984PTC033694	VIMLABAI GARWARE RESEARCH INSTITUTE	Director	07/12/1999	07/12/1999	-	Active	NO
5	U73100PN1984PTC033693	GARWARE RESEARCH INSTITUTE	Director	07/12/1999	07/12/1999	-	Active	NO
6	U15203MH1974PTC017888	CONSOLIDATED AGRICULTURAL AND DAIRY FARMING CO PVT LTD	Additional director	28/02/2014	15/04/2000	-	Active	NO
7	U65995MH1981PTC025841	SUKUKAR HOLDINGS AND TRDG.CO PVT LTD	Director	15/04/2000	15/04/2000	02/03/2012	Active	NO
8	U65993MH1981PTC025842	SANAND INVESTMENTS AND TRADING CO PVT LTD	Director	15/04/2000	15/04/2000	02/03/2012	Active	NO
9	U65993MH1981PTC025839	STARSHINE INVESTMENTS AND TRDG CO PVT LTD	Director	15/04/2000	15/04/2000	02/03/2012	Active	NO
10	U65993MH1981PTC025845	MOONSHINE INVESTMENTS AND TRADING CO PVT LTD	Director	15/04/2000	15/04/2000	02/03/2012	Active	NO
11	U65993MH1981PTC025840	MANMIT INVESTMENTS AND TRADING CO PVT LTD	Director	15/04/2000	15/04/2000	02/03/2012	Active	NO
12	U65993MH1978PTC020857	RSDV FINANCE CO PVT LTD	Director	15/04/2000	15/04/2000	02/03/2012	Amalgamated	NO
13	U67120MH1994PLC076949	GARWARE SECURITIES BROKING LIMITED	Director	03/08/2000	03/08/2000	02/03/2012	Amalgamated	NO
14	U17113MH1975PLC018620	GARWARE ELASTOMERICS LIMITED	Director	15/07/2013	30/05/2003	-	Amalgamated	NO
15	U18101PN2004PTC019265	INVENTION TEXTILES PRIVATE LIMITED	Director	14/05/2004	14/05/2004	06/09/2009	Active	NO
16	U24130MH1994PLC142451	GARWARE BESTRETCH LIMITED	Managing director	27/06/2012	04/10/2004	-	Active	NO
17	U18109PN2005PLC021056	GARTEX INDUSTRIES LIMITED	Director	26/09/2009	05/09/2005	-	Active	NO
18	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Director	27/09/2008	25/01/2008	-	Active	NO
19	U50100PN2008PLC131409	GARWARE MOTORS LIMITED	Director	12/12/2011	26/09/2009	-	Active	NO
20	U18109PN2010PTC137642	GARWARE APPAREL PRIVATE LIMITED	Director	03/09/2011	29/10/2010	-	Under Process of Striking off	NO
21	U67190PN2013PLC146740	GARWARE HOLDINGS LIMITED	Managing director	28/02/2014	26/03/2013	-	Active	NO

Name :

Mr. Pradyumna Natvarlal Shah

Designation :

Director

Address :

5^th floor plot no 96, prabhat colony road no 1, santacruz (East), Mumbai – 400085, Maharashtra, India

Date of Birth/Age :

01.01.1929

Date of Appointment :

30.09.2013

DIN No.:

00096793

Others 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	L24211RJ1946PLC000469	PI INDUSTRIES LIMITED	Director	07/09/1990	07/09/1990	01/04/2014	Active	NO
2	L72200PN1988PLC068972	INDO COUNT INDUSTRIES LIMITED	Director	30/09/1992	30/09/1992	-	Active	NO
3	L99999MH1965PLC013392	TAPARIA TOOLS LIMITED	Director	12/01/1996	12/01/1996	-	Active	NO
4	U74899RJ1987PLC029106	SECURE METERS LIMITED	Director	29/09/2014	18/08/1997	-	Active	NO
5	U36007MH1992PLC066759	LIPI DATA SYSTEMS LIMITED	Director	15/05/1998	15/05/1998	01/04/2011	Active	NO
6	U29299RJ1971PLC001379	WOLKEM INDIA LIMITED	Director	10/09/2014	28/09/2002	-	Active	NO
7	U65992MH2003PTC139955	LIC NOMURA MUTUAL FUND TRUSTEE COMPANY PRIVATE LIMITED	Director	21/12/2003	21/12/2003	08/03/2011	Active	NO
8	L17119PN1990PLC058139	PRANAVADITYA SPINNING MILLS LIMITED	Additional director	31/07/2007	31/07/2007	-	Active	NO
9	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Director	03/09/2013	05/03/2013	01/07/2014	Active	NO
10	U24130MH1994PLC142451	GARWARE BESTRETCH LIMITED	Director	30/09/2013	06/03/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Ramesh Bhalchandra Garware	1880507
Diya Garware Inbanez	31818
Shripad Mukund Kuvelker	2
Moonshine Investments And Trading Company Private Limited, India	2
Gurukrupa Investments And Trading Company Private Limited, India	2
Starshine Investments And Trading Company Private Limited, India	2
Manmit Investments And Trading Company Private Limited, India	2
Sanand Investments And Trading Company Private Limited, India	2
Suramex Exim Private Limited, India	2379
Garware Holdings Limited, India	3188892
Total	5103608

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	62.53
Directors or relatives of Directors	37.47
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Latex (Natural Rubber) and Latex-Free (Synthetic Polyisoprene) Elastic Rubber Products.

Products :

Item Code No. (ITC Code)	Product Description
4008	Elastic Rubber Tapes

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

• Bank of India, 1162/6, Shivajinagar, University Road, Pune-411005, Maharashtra, India
• Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term Loans	4.929	2.671
SHORT TERM BORROWING
Rupee Term Loans from Bank	20.777	0.000
Total	25.706	2.671

Banking Relations :	---
Auditors :
Name :	Gokhale Tanksale and Ghatpande Chartered Accountants
Address :	102, R K Classic, New D P Road, Opposite Ashish Garden, Pune – 411029, Maharashtra, India
PAN No.:	AACFG4275H
Subsidiaries :	Garware Motors Limited CIN No.: U50100PN2008PLC131409 Single Point Distribution Limited CIN No.: U60232PN2005PLC020856 Elastomer Inc, USA
Other Related Parties :	Garware Elastomerics Limited Garware Capital Markets Limited Garware-Wall Ropes Limited Garware-Indus Consulting Limited Garware Utzon (Cordage) Limited Garware Securities Broking Limited Gartex Industries Limited Garware Environmental Services Private Limited Ceebeegee Investments and Trading Company (Private) Limited Consolidated Agriculture and Dairy Farming Company (Private) Limited RSDV Investment Company (Private) Limited RSDV Finance Company (Private) Limited Gurukrupa investment and Trading Company (Private) Limited Moonshine Investment and Trading Company (Private) Limited Starshine Investment and Trading Company (Private) Limited Sanand Investment Company (Private) Limited Sukukar holdings and Trading Company (Private) Limited Manmit Investment Company (Private) Limited Suramex Exim (Private) Limited Vimlabai Garware Research Institute Garware Research Institute Ramesh Trading Company Sunita Trading Company Diya Trading Company Vayu Trading Company Ram Corporation
Associates/Subsidiaries :

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5103608	Equity Shares	Rs.10/- each	Rs. 51.036 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4834999	Equity Shares	Rs.10/- each	Rs. 48.350 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	48.350	56.650	47.850
(b) Reserves & Surplus	1269.590	1056.137	896.595
(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)	1317.940	1112.787	944.445
(3) Non-Current Liabilities
(a) long-term borrowings	4.929	2.671	0.000
(b) Deferred tax liabilities (Net)	21.936	21.085	20.946
(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)	26.865	23.756	20.946
(4) Current Liabilities
(a) Short term borrowings	20.776	0.000	0.000
(b) Trade payables	15.324	0.393	13.044
(c) Other current liabilities	70.363	46.947	46.752
(d) Short-term provisions	226.490	200.329	142.692
Total Current Liabilities (4)	332.953	247.669	202.488
TOTAL	1677.758	1384.212	1167.879
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	289.150	204.529	199.315
(ii) Intangible Assets	4.132	0.694	0.939
(iii) Capital work-in-progress	2.570	2.843	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	207.584	172.584	157.226
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.403	3.403	1.861
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	506.839	384.053	359.341
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	77.942	60.367	71.154
(c) Trade receivables	516.583	468.007	361.377
(d) Cash and cash equivalents	271.998	135.600	75.519
(e) Short-term loans and advances	107.581	163.773	165.043
(f) Other current assets	196.815	172.412	135.445
Total Current Assets	1170.919	1000.159	808.538
TOTAL	1677.758	1384.212	1167.879

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1674.288	1511.025	1367.598
		Other Income	46.393	10.590	14.802
		TOTAL	1720.681	1521.615	1382.400
Less	EXPENSES
		Cost of Materials Consumed	1047.209	984.175	868.437
		Purchases of Stock-in-Trade	0.594	0.777	0.203
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(12.267)	9.343	(20.734)
		Employees benefits expense	88.816	64.853	46.260
		Other expenses	270.890	191.655	212.720
		Extraordinary items	2.350	12.927	0.000
		TOTAL	1397.592	1263.730	1106.886
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		323.089	257.885	275.514
Less	FINANCIAL EXPENSES		6.498	6.226	4.080
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		316.591	251.659	271.434
Less/ Add	DEPRECIATION/ AMORTISATION		13.644	12.314	11.483
	PROFIT BEFORE TAX		302.947	239.345	259.951
Less	TAX		92.271	83.149	54.253
	PROFIT AFTER TAX		210.676	156.196	205.698
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		977.500	833.600	662.600
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	(15.600)	0.000
		Proposed Dividend	0.000	(12.100)	0.000
		Tax on Dividend	0.000	(2.000)	0.000
	BALANCE CARRIED TO THE B/S		1190.000	1007.200	868.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1414.800	1329.900	1129.049
	TOTAL EARNINGS		1414.800	1329.900	1129.049
	Earnings Per Share (Rs.)		41.58	30.61	40.30

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	12.58	10.34	15.04
Operating Profit Margin (PBITD/Sales)	(%)	19.30	17.07	20.15
Return on Total Assets (PBT/Total Assets}	(%)	20.64	19.80	25.72
Return on Investment (ROI) (PBT/Networth)		0.23	0.22	0.28
Debt Equity Ratio (Total Debt /Networth)		0.02	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.52	4.04	3.99

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	47.850	56.650	48.350
Reserves & Surplus	896.595	1056.137	1269.590
Net worth	944.445	1112.787	1317.940
long-term borrowings	0.000	2.671	4.929
Short term borrowings	0.000	0.000	20.776
Total borrowings	0.000	2.671	25.705
Debt/Equity ratio	0.000	0.002	0.020

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	1367.598	1511.025	1674.288
		10.488	10.805

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	1367.598	1511.025	1674.288
Profit	205.698	156.196	210.676
	15.04%	10.34%	12.58%

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	No
10]	Designation of contact person	No
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	No
20]	Export / Import details (if applicable)	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	no
34]	External Agency Rating, if available

Merger:

The Board has decided to amalgamate Garware Elastomerics Limited with Garware Bestretch Limited with an appointed date from the close of the business hours as of 31st March, 2013. It is also decided to demerge the Finance Division of merged Garware Bestretch Limited into Garware Holdings Limited, which is the subsidiary of the Company, with an appointed date of 1st April, 2013. Thus it is expected that with this merger and demerger the operational efficiencies of the Company can be maximized.

INDEX OF CHARGES

No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80010053	09/09/2014 *	750,000,000.00	Bank of India	1162/6 SHIVAJINAGAR, UNIVERSITY ROAD, PUNE, Mahara shtra - 411005, INDIA	C24254229

* Date of charge modification

FIXED ASSETS

· Leasehold Property

· Building

· Plant and Machinery

· Office Equipment

· Vehicles

· Furniture and Fixtures

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 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.61.40
UK Pound	1	Rs.98.06
Euro	1	Rs.77.18

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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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