MIRA INFORM REPORT

Report Date :

03.11.2014

IDENTIFICATION DETAILS

Name :	MITTAL TECHNOPACK PRIVATE LIMITED
Registered Office :	14, Bentinck Street, 2^nd Floor, Room No. 9, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.08.2002
Com. Reg. No.:	21-094990
Capital Investment / Paid-up Capital :	Rs. 27.627 Millions
CIN No.: [Company Identification No.]	U25209WB2002PTC094990
IEC No.:	0203019148
TAN No.: [Tax Deduction & Collection Account No.]	CALM04123A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Jumbo Bays.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 345000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of Mittal Group. It is an established company having satisfactory track record. Management has filed Form 66 i.e., certificate for the FY 14, whereas failed to file Form 23AC and 23ACA depicting financial statements, with the statutory authorities. The company possesses an average financial profile marked by leveraged capital structure and moderate debt protection metrics along with slight working capital intensive operations. Management has reported a gradual improvement, albeit an acceptable net profitability during FY 13. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of extensive industry experience of the promoters and established client relations, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “BB+”
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	03.02.2014

Rating Agency Name	CRISIL
Rating	Short term rating: “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	03.02.2014

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Pritesh Pandit
Designation :	Export Department
Contact No.:	91-9831072962
Date :	31.10.2014

LOCATIONS

Registered Office :	14, Bentinck Street, 2^nd Floor, Gujarat Mansion, Room No. 9, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22570995 / 23252995 / 22100419 / 22439307 / 22100419
Mob. No.:	91-9831072962 (Mr. Pritesh Pandit) 91-9339839624 (Mr. Manoj Kumar Agarwal)
Fax No.:	91-33-22100419
E-Mail :	info@mittaltechnopack.com mtplho@mittaltechnopack.com manoj@mittaltechnopacks.com accounts@mittaletechnopack.com pritech@mittaltechnopack.com
Website :	www.mittaltechnopack.com
Factory :	Jalan Industrial Complex, Gate No. 3, Lane no. 5, Sankharidaha, Domjur, Howra-711411, West Bengal, India
Tel. No.:	91-33-32527388 / 32525005
Fax No.:	91-33-26418107
E-Mail :	mtplfac@mittaltechnopack.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Ram Prasad Agarwal

Designation :

Whole-time Director

Address :

Grewal Colony, Bekar Bandh, Dhanbad - 826001, Jharkhand, India

Date of Birth/Age :

30.06.1946

Qualification :

B.Com

Date of Appointment :

09.08.2002

DIN No. :

00602959

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	U25202WB1985PTC039809	MITTAL POLYPACKS PRIVATE LIMITED	Director	04-12-1985	04-12-1985	Active	NO
2	U25209WB2002PTC094990	MITTAL TECHNOPACK PRIVATE LIMITED	Whole-time director	09-08-2002	09-08-2002	Active	NO

Name :

Mr. Manoj Kumar Agarwal

Designation :

Managing Director

Address :

Gujarat Mansion, 14, Bentinck Street, 2^nd Floor, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

03.10.1973

Qualification :

B.Com

Date of Appointment :

10.03.2004

DIN No. :

00569775

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	U25200WB1985PTC039810	F.C.POLYPACKS PRIVATE LIMITED	Director	30-09-1991	30-09-1991	-	Amalgamated	NO
2	U25209WB2002PTC094990	MITTAL TECHNOPACK PRIVATE LIMITED	Managing director	10-03-2004	10-03-2004	-	Active	NO
3	U25202WB1985PTC039809	MITTAL POLYPACKS PRIVATE LIMITED	Director	01-08-2005	01-08-2005	-	Active	NO
4	U51109WB1996PTC081235	J.K.SONS ENGINEERS PRIVATE LIMITED	Director	02-06-2008	02-06-2008	25-08-2009	Active	NO
5	L27104WB1986PLC040831	BURNPUR CEMENT LIMITED	Whole-time director	01-06-2012	30-07-2010	-	Active	NO
6	U52392WB1994PTC062775	DALHOUSI DATAMATICS PRIVATE LIMITED	Additional director	30-12-2010	30-12-2010	-	Active	NO
7	U51109WB1994PTC066168	BHAROSA DISTRIBUTORS PRIVATE LIMITED	Director	06-01-2012	06-01-2012	-	Active	NO
8	U51909WB2010PTC151822	AKSHAY VINTRADE PRIVATE LIMITED	Director	22-10-2013	22-10-2013	-	Active	NO

Name :

Mr. Pramod Sahu

Designation :

Director

Address :

465, Subhash Nagar, Bye Lane, P. O. Rabindra Nagar, Kolkata – 700065, West Bengal, India

Date of Birth/Age :

02.01.1957

Qualification :

B.Com

Date of Appointment :

15.12.2003

DIN No. :

01149638

Name :

Mrs. Shakuntala Devi

Designation :

Director

Address :

Grewal Colony, Bekar Bandh, Dhanbad - 826001, Jharkhand, India

Date of Birth/Age :

13.07.1951

Qualification :

B.Com

Date of Appointment :

31.07.2008

DIN No. :

01087585

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	U28129WB2004PTC097733	POOJA POLYPACKAGING PRIVATE LIMITED	Director	04-12-2006	04-12-2006	03-10-2008	Active	NO
2	U25209WB2002PTC094990	MITTAL TECHNOPACK PRIVATE LIMITED	Director	31-07-2008	31-07-2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pritesh Pandit
Designation :	Export Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Manoj Kumar Agarwal	241100
Ram Prasad Agarwal	370100
Bharosha Distributors Private Limited, India	1009500
Akhil Kumar Shah	60000
Nikhil Kumar Shah	40000
Mittal Polypacks Private Limited, India	380000
Daya Shankar Singh	1000
Gaja Nand Agarwal	5500
Punch Deo Singh	5500
Rash Behari Dubey	1000
Shambhu Nath Agarwal	83500
Satendra Prasad Singh	5500
Sushil Kumar Agarwal	20000
Uttam Kumar Dubey	5500
Binay Kumar Prajapati	79500
Ram Prasad Agarwal (HUF)	140000
Naresh Singh	40000
Dalhousi Daramatics Private Limited, India	75000
Total	2562700

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	57.15
Directors or relatives of Directors	29.31
Other top fifty shareholders	13.54
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Jumbo Bays.

Products :

Item Code No. (ITC Code)	Product Description
39232100	HDPE / PP Woven sacks / FIBC Jumbo Bags

· Big Bags and Jumbo Bags

· Fabrics

· Bag / Sacks

Exports :

Products :

Jumbo Bags

Countries :

· Europe

· USA

· Israil

Imports :

Products :

Raw Material

Countries :

Saudi Arabia

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Installed Capacity	6000 MT per annum for the Manufacturer of PP/HDPE/Fabric/Woven Sacks/Jumbo bags
Actual Production	Fabric : 3387.839 MT (3271.164 MT used for further production) Bags : 4297.841 MT

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and Manufacturer

No. of Employees :

200 (Approximately)

Bankers :

· State Bank of India, SME Branch, 2^nd Floor, Goodwill Properties, Katras Road, Bank More, Dhanbad - 826001, Jharkhand, India

· UCO Bank, Mid Corporate Branch, 10, B. T. M. Sarani,(Brabourne Road), Kolkata - 700001, West Bengal, India

· State Bank of India, Commercial Branch, Kolkata 24; Park Street, Kolkata – 700016, West Bengal, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee Loans from Banks	20.292	27.852
Home Loan from Banks	32.985	7.311
Car Loan from Banks	0.000	1.013
Car Loan from other (Tata Capital Limited)	0.000	0.690
SHORT TERM BORROWINGS
Working Capital Borrowing	212.106	158.937
Total	265.383	195.803

NOTE:

LONG TERM BORROWINGS

Term Loan from Bank

Nature of Security

Hypothecation of all fixed assets of the Company both present and future and Equitable Mortgage of Factory Land Approx 137.398 Kottah in the name of Company at Domjur, Equitable Mortgage of Land Approx 319 Decimals in the name of one of Director- Mr Manoj Kumar Agarwal at Dhanbad

Home Loan from Bank

Nature of Security

Equitable Mortgage of immovable Property to be Acquired at Urbana Anandpur Kolkata & Ideal Exotica in the name of Company

Car Loan from Banks

Nature of Security

Car Loan has been secured by hypothecation of the car.

Car Loan from Others

Nature of Security

Car Loan has been secured by hypothecation of the car.

SHORT TERM BORROWINGS

Hypothecated against all fixed assets both present and future, Stock and Debtors not exceeding 3 months of the Company and Equitable Mortgage of Factory Land Approx 137.398 Kottah in the name of Company at Domjur, Equitable Mortgage of Land Approx 319 Decimals in the name of one of Director- Mr. Manoj Kumar Agarwal at Dhanbad.Working Capital Borrowings include buyer's credit of Rs. 70.821 Millions, P.Y Rs. 22.116 Millions.

Banking Relations :	--
Auditors :
Name :	J. Loyalka and Company Chartered Accountants
Address :	16, Mangoe Lane, Kolkata – 700001, West Bengal, India
Tel. No. :	91-33-22484796 / 22301380 / 30284333
Fax No. :	91-33-30285333
E-Mail :	loyalkacompany@gmail.com
Income-tax PAN of auditor or auditor's firm :	AABFJ8067H
Entity having substantial interest in voting power of Company	Bharosa Distributors Private Limited
Associates	Mittal Polypacks Private Limited

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital: 40.000 Millions

Issued, Subscribed & Paid-up Capital: 27.627 Millions

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,562,700	Equity Shares	Rs.10/- each	Rs. 25.627 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	25.627	25.627	25.292
(b) Reserves & Surplus	93.457	77.137	68.197
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
(3) Deferred Government Grant	1.745	2.890	4.319
Total Shareholders’ Funds (1) + (2)	120.829	105.654	97.808
(3) Non-Current Liabilities
(a) long-term borrowings	79.473	45.143	42.542
(b) Deferred tax liabilities (Net)	3.886	6.552	2.318
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.044	1.222	0.946
Total Non-current Liabilities (3)	84.403	52.917	45.806
(4) Current Liabilities
(a) Short term borrowings	212.106	158.937	142.245
(b) Trade payables	46.437	59.551	22.978
(c) Other current liabilities	4.677	2.708	4.447
(d) Short-term provisions	3.753	1.779	0.000
Total Current Liabilities (4)	266.973	222.975	169.670
TOTAL	472.205	381.546	313.284
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	84.679	96.454	109.038
(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	56.840	19.923	4.766
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.162	0.162	0.162
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	141.681	116.539	113.966
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	129.223	123.910	90.892
(c) Trade receivables	93.684	86.764	65.157
(d) Cash and cash equivalents	16.409	11.288	12.068
(e) Short-term loans and advances	89.847	42.685	30.631
(f) Other current assets	1.361	0.360	0.570
Total Current Assets	330.524	265.007	199.318
TOTAL	472.205	381.546	313.284

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income			460.745
		Other Income			14.884
		TOTAL	NA	NA	475.629
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		23.400	19.472	13.969
Less	TAX		7.080	12.877	-0.763
	PROFIT/ (LOSS) AFTER TAX		16.320	6.595	14.732
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		49.629	43.034	28.302
	BALANCE CARRIED TO THE B/S		65.949	49.629	43.034
	EARNINGS IN FOREIGN CURRENCY		444.364	454.320	332.175
	IMPORTS
		Raw Materials	228.138
		Components and Stores parts	0.000
		Plant and Machinery	0.155
	TOTAL IMPORTS		228.293	NA	NA
	Earnings / (Loss) Per Share (Rs.)		6.37	2.60	5.92

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	NA	NA	3.20
Return on Total Assets (PBT/Total Assets}	(%)	5.63	5.38	4.53
Return on Investment (ROI) (PBT/Networth)		0.19	0.18	0.14
Debt Equity Ratio (Total Debt/Networth)		2.41	1.93	1.89
Current Ratio (Current Asset/Current Liability)		1.24	1.19	1.17

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	25.292	25.627	25.627
Reserves & Surplus	68.197	77.137	93.457
Deferred Government Grant	4.319	2.890	1.745
Net worth	97.808	105.654	120.829
long-term borrowings	42.542	45.143	79.473
Short term borrowings	142.245	158.937	212.106
Total borrowings	184.787	204.080	291.579
Debt/Equity ratio	1.889	1.932	2.413

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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10413109	20/03/2013	23,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B71226013
2	10416039	20/03/2013	37,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B71898621
3	10310897	29/09/2011	32,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B22826499
4	10273386	15/04/2014 *	341,800,000.00	STATE BANK OF INDIA SME BRANCH	STATE BANK OF INDIA SME BRANCH, KATRAS ROAD, BANK MORE, DHANBAD, JHARKHAND - 826001, INDIA	C02841229

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Other Loans and Advances	26.196	8.277
Total	26.196	8.277

CONTINGENT LIABILITIES:

A) Outstanding Bank Guarantee to WBSEDCL and Mersk Line India Private Limited as on Balance sheet date amounting to Rs.15.833 Millions (Previous year Rs. 16.333 Millions)

B) Corporate Guarantee Given to State Bank of India, SME Branch, Dhanbad amounting to Rs. 184.949 Millions (Previous year Rs. 184.949 Millions)on behalf of Mittal Polypack Private Limited.

C) Bill discounted from Banks drawn on Foreign Buyers against Letter of Credit amounting to Rs. 35.792 Millions (previous Year Rs. 11.606 Millions)

E) Disputed Liability on account of Excise Duty amounting to Rs. 0.451 Millions (Previous year- 0.451 Millions) against which Appeal is Pending and Penalty of Rs. 0.050 Million (Previous year- Rs. 0.050 Million) against which appeal is pending.

F) Disputed Liability on account of Service Tax amounting to Rs. 0.126 Million (Previous year-0.126 Million) against which Appeal is Pending

FIXED ASSETS

· Land and Boundrywall

· Factory Building

· Plant and Machinery

· Electrical Installation

· Motor Car

· Motor Cycle

· Cycle

· Furniture and Fixture

· D.G. Set

· Computer and Peripherals

· Office Equipments

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.61.48
UK Pound	1	Rs.98.24
Euro	1	Rs.78.66

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.