MIRA INFORM REPORT

Report Date :

04.11.2014

IDENTIFICATION DETAILS

Name :	MCC PTA INDIA CORP. PRIVATE LIMITED
Registered Office :	22, Camac Street, Block ‘C’, 4^th Floor, Kolkata – 700 016, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.02.1997
Com. Reg. No.:	21-088796
Capital Investment / Paid-up Capital :	Rs.7392.830 millions
CIN No.: [Company Identification No.]	U24299wb1997ptc088796
TAN No.: [Tax Deduction & Collection Account No.]	CALM03777E
PAN No.: [Permanent Account No.]	AAACM9169K
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing and selling of Purified Terephthalic Acid ('PTA').
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of reputed company “Mitsubishi Chemical Corporation, Japan”. It is an established company having moderate track record. There are accumulated losses recorded by the company which has eroded networth of the company. The ratings take into consideration operational and financial support extended by the ultimate holding company i.e. Mitsubishi Chemical Holding Corporation, Japan. Company has made reference to Board for Industrial and Financial Reconstruction (BIFR) to reconstruct its financial debt for which status shows as pending to determine sickness. Trade relations are fair. Business is active. Payment terms are reported as slow. The company can be considered for business dealings with some 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 – 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: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	28.07.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	28.07.2014

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 DENIED

Management Non co – operative (Tel No.: 91-33-22836300)

LOCATIONS

Registered Office/ Head Office :	22, Camac Street, Block ‘C’, 4^th Floor, Kolkata – 700 016, West Bengal, India
Tel. No.:	91-33-22836300/ 22836301-6305/ 22462490-94/ 97-99
Fax No.:	91-33-22808470/ 22462467/ 9138/ 22836299
E-Mail :	ida0014@cc.m-kagaku.co.jp ida0007@cc.m-kagaku.co.jp
Websites :	www.mcpi.co.in
Factory 1 :	Haldia, Mouza Alichak, J L # 128, District Midnapore – 721 602, West Bengal, India
Tel. No.:	91-3244-275355/275572-73
Fax No.:	91-3244-275356/275574
Factory 2 :	Village and P.O. Bhuniaraichak, Via: Sutahata (Haldia), Purba Midnapore - 721 635, West Bengal, India
Tel. No.:	91-3224-275572/ 73
Fax No.:	91-3224-275574

DIRECTORS

As on: 11.07.2014

Name :

Manabu Chikumoto

Designation :

Managing director

Address :

3-9 Sunny Park, Flat No. 1 A, 1^st Floor, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

26.06.1964

Date of Appointment :

12.07.2013

PAN No.:

ACKPC0012G

DIN No.:

06455779

Name :

Takeshi Kawasaki

Designation :

Whole Time Director

Address :

Flat No. 2F, 1 Sunny Park, Kolkata – 700019, West Bengal, India

Date of Appointment :

11.07.2014

DIN No.:

06665800

Name :

Norihito Shiraishi

Designation :

Whole-time director

Address :

MCC PTA India Housing Complex, Azad Hind Nagar, P.O Haldia Township, Purba Medinipur – 721607, West Bengal, India

Date of Birth/Age :

18.12.1962

Date of Appointment :

12.07.2013

PAN No.:

CPAPS1876R

DIN No.:

05321986

Name :

Sajal Ghosh

Designation :

Whole-time director

Address :

56, Bose Pukur Purba Para Road, Kolkata – 700 107, West Bengal, India

Date of Birth/Age :

13.03.1959

Date of Appointment :

12.07.2013

PAN No.:

ADJPG7605H

DIN No.:

00223794

Name :

Mr. Debi Prasad Patra

Designation :

Whole-time director

Address :

CJ-332, Sector II, Salt Lake City, Kolkata – 700 091, West Bengal, India

Date of Birth/Age :

07.10.1955

Qualification :

MA in Political Science, IAS (Retired)

Experience :

36 Years

Date of Appointment :

01.07.2013

PAN No.:

AGCPP3380Q

DIN No.:

00067269

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	U24299WB1997PTC088796	MCC PTA INDIA CORP. PRIVATE LIMITED	Whole-time director	01/07/2013	02/07/2003	-	Active	NO
2	U67120WB1893NPL000761	THE BENGAL CHAMBER OF COMMERCE AND INDUSTRY	Director	02/01/2005	02/01/2005	22/09/2010	Active	NO
3	U45400WB2007PTC115719	SHANGHRILA INFRASTRUCTURE CONSULTANCY PRIVATE LIMITED	Director	26/09/2008	11/05/2007	-	Strike off	NO
4	U45400WB2007PTC116039	ASIA PACIFIC INFRASTRUCTURE ENTERPRISES PRIVATE LIMITED	Director	24/05/2009	24/05/2007	-	Active	NO
5	U72200WB2007PTC117070	ASCENT INFOCON PRIVATE LIMITED	Director	30/01/2009	11/07/2007	-	Active	NO
6	U70101WB2007PTC118782	KALINGA INFRASTRUCTURE CONSULTANCY PRIVATE LIMITED	Director	18/09/2007	18/09/2007	31/12/2007	Active	NO
7	U22300WB2007PTC121254	SHANGHRILA MEDIA COMMUNICATIONS PRIVATE LIMITED	Director	29/12/2007	29/12/2007	31/12/2007	Strike off	NO
8	U45400WB2008PTC124845	ASCENT INFRASTRUCTURE CONSULTANCY PRIVATE LIMITED	Director	09/04/2008	09/04/2008	-	Strike off	NO
9	U30009WB1999PTC090277	XENOLITH TECHNOLOGIES PRIVATE LIMITED	Director	18/06/2008	18/06/2008	-	Active	NO
10	U40105WB2008PLC125220	INDIA POWER CORPORATION (HALDIA) LIMITED	Director	23/09/2009	06/03/2009	31/03/2014	Active	NO
11	U40101WB2003PLC097340	INDIA POWER CORPORATION LIMITED	Director	01/07/2010	06/03/2009	-	Amalgamated	NO
12	U40102WB2008PTC126593	ORBIS POWER VENTURE PRIVATE LIMITED	Director	23/09/2009	30/03/2009	-	Amalgamated	NO
13	L40105WB1919PLC003263	INDIA POWER CORPORATION LIMITED	Director	01/08/2010	29/01/2010	-	Active	NO
14	U70102WB2010PLC150192	SPD CONSTRUCTIONS LIMITED	Director	04/06/2010	04/06/2010	-	Active	NO
15	U64202WB1995PLC075980	I-WIN ADVISORY SERVICES LIMITED	Director	29/09/2012	25/10/2011	04/03/2013	Active	NO
16	U65993OR1973SGC000585	INDUSTRIAL PROMOTION AND INVESTMENT CORPORATION OF ODISHA LIMITED	Nominee director	21/09/2013	21/09/2013	-	Active	NO

Name :

Yukitatsu Suenobu

Designation :

Director

Address :

93, Robertson Quay Rivergate, # 30-05, Singapore - 238255

Date of Birth/Age :

16.05.1959

Qualification :

Bachelor of Economics

Experience :

31 Years

Date of Appointment :

01.02.2013

PAN No.:

CRNPS0807D

DIN No.:

02978027

Name :

Nobuo Fukuda

Designation :

Director

Address :

9-4 Inokata 4 – Chome, Komae City, Tokyo – 2018251, Japan

Date of Birth/Age :

09.12.1958

Date of Appointment :

11.07.2014

DIN No.:

06851774

Name :

Akihiro Iwasaki

Designation :

Director

Address :

99 Robertson Quay, # 10-14 Rivergate, Singapore – 238258,Singapore

Date of Birth/Age :

13.01.1974

Date of Appointment :

11.07.2014

DIN No.:

06793922

Name :

Yoshio Ueminami

Designation :

Director

Address :

Midori Gaoka Cho, 3500-117, Yokkaichi MIE, Japan - 5100006

Date of Birth/Age :

18.01.1958

Date of Appointment :

12.07.2013

DIN No.:

05295966

KEY EXECUTIVES

Name :	Sajal Ghosh
Designation :	Secretary
Address :	56, Bose Pukur Purba Para Road, Kolkata – 700 107, West Bengal, India
Date of Birth/Age :	13.03.1959
Date of Appointment :	12.05.1998
PAN No.:	ADJPG7605H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 11.07.2014

Names of Shareholders	No of Shares
Mitsubishi Chemical Corporation, Japan	487926602
West Bengal Industrial Development Corporation Limited, India	36964137
Mitsubishi Corporation, Japan	73928273
Sojitz Corporation, Japan	59142618
Marubeni Corporation, Japan	44356964
Toyota Tsusho Corporation, Japan	36964137
Total	739282731

Equity Share Break up (Percentage of Total Equity)

As on: 11.07.2014

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	95.00
Government companies	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing and selling of Purified Terephthalic Acid ('PTA').

Products :

Item Code No. (ITC Code)	29173600
Product Description	Purified Terephthalic Acid

GENERAL INFORMATION

No. of Employees :

Information declined by the Management.

Bankers :

• State Bank of India, Corporate Accounts Group Branch, 34, J.L. Nehru Road, Kolkata – 700 071, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2014	As on 31.03.2013
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Buyers credit from SBI	0.000	339.360
Total	0.000	339.360

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	22 Camac Street, Block ‘C’, 4^th Floor, Kolkatta-700016, West Bengal, India
Tel. No.:	91-33-66153400
Fax No.:	91-33-22817750
PAN No.:	ACHFS9180N
Holding company:	Mitsubishi Chemical Corporation, Japan
Ultimate holding company:	Mitsubishi Chemical Holdings Corporation, Japan
Related parties with whom transactions have taken place during the year Holding company:	Mitsubishi Chemical Corporation, Japan
Fellow subsidiaries:	Mitsubishi Chemical Engineering Corp. Mitsubishi Chemical Singapore Pte Limited MCC PTA Asia Pacific PTE Limited Ryoka Systems Inc. Dia Nitrix Company Limited Dia Packaging Company Limited MEC Techno Company Limited Ningbo Mitsubishi Chemical Company Limited Mitsubishi Rayon Company Limited

CAPITAL STRUCTURE

After: 11.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs.10/- each	Rs.10000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
739282731	Equity Shares	Rs.10/- each	Rs.7392.827 Millions

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs.10/- each	Rs.10000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
739283000	Equity Shares	Rs.10/- each	Rs.7392.830 millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7392.830	7392.830	7392.830
(b) Reserves & Surplus	(19468.540)	(10154.090)	(2475.810)
(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)	(12075.710)	(2761.260)	4917.020
(3) Non-Current Liabilities
(a) long-term borrowings	5573.140	7041.680	11397.720
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	29.780	0.000
(d) long-term provisions	170.120	191.630	173.540
Total Non-current Liabilities (3)	5743.260	7263.090	11571.260
(4) Current Liabilities
(a) Short term borrowings	7318.480	4227.920	399.740
(b) Trade payables	28780.540	21938.320	16240.080
(c) Other current liabilities	4539.050	5587.660	2682.340
(d) Short-term provisions	8.590	4.480	6.870
Total Current Liabilities (4)	40646.660	31758.380	19329.030
TOTAL	34314.210	36260.210	35817.310
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23214.760	24059.370	24590.910
(ii) Intangible Assets	450.940	482.210	512.750
(iii) Capital work-in-progress	203.140	268.090	50.070
(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	1185.750	1059.990	1349.950
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	25054.590	25869.660	26503.680
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5381.390	6150.580	3574.230
(c) Trade receivables	334.560	284.070	1282.990
(d) Cash and cash equivalents	2771.800	1180.430	1459.500
(e) Short-term loans and advances	767.930	2279.430	2481.480
(f) Other current assets	3.940	496.040	515.430
Total Current Assets	9259.620	10390.550	9313.630
TOTAL	34314.210	36260.210	35817.310

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	68500.840	52140.990	51583.170
		Other Income	145.130	117.550	729.130
		TOTAL (A)	68645.970	52258.540	52312.300
Less	EXPENSES
		Cost of Materials Consumed	64333.100	49820.240	43507.560
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	659.760	(629.420)	(82.920)
		Employees benefits expense	558.460	537.100	667.110
		Other expenses	10003.400	7851.620	8650.330
		TOTAL (B)	75554.720	57579.540	52742.080
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(6908.750)	(5321.000)	(429.780)
Less	FINANCIAL EXPENSES (D)		327.730	337.500	393.930
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(7236.480)	(5658.500)	(823.710)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2077.970	1985.680	2338.770
	PROFIT BEFORE TAX (E-F) (G)		(9314.450)	(7644.180)	(3162.480)
Less	TAX (H)		0.000	34.100	(421.340)
	PROFIT AFTER TAX (G-H) (I)		(9314.450)	(7678.280)	(2741.140)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.100	2.100	9.990
	CIF VALUE OF IMPORTS		63862.570	63862.570	43370.260
	Earnings Per Share (Rs.)		(12.60)	(10.39)	(3.71)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(13.60)	(14.73)	(5.31)
Operating Profit Margin (PBDIT / Sales)	(%)	134.82	143.66	735.84
Return on Total Assets (PBT/Total Assets}	(%)	(27.31)	(21.24)	(8.84)
Return on Investment (ROI) (PBT/Networth)		0.77	2.77	(0.64)
Debt Equity Ratio (Total Debt/Networth)		(1.07)	(4.08)	2.40
Current Ratio (Current Asset/Current Liability)		0.23	0.33	0.48

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	7392.830	7392.830	7392.830
Reserves & Surplus	(2475.810)	(10154.090)	(19468.540)
Net worth	4917.020	(2761.260)	(12075.710)
long-term borrowings	11397.720	7041.680	5573.140
Short term borrowings	399.740	4227.920	7318.480
Total borrowings	11797.460	11269.600	12891.620
Debt/Equity ratio	2.399	(4.081)	(1.068)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	51583.170	52140.990	68500.840
		1.081	31.376

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	51583.170	52140.990	68500.840
Profit	(2741.140)	(7678.280)	(9314.450)
	(5.31%)	(14.73%)	(13.60%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	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	Yes

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
	(Rs. In Millions)
LONG TERM BORROWINGS:
Foreign currency term loans from banks	5573.140	7041.680
SHORT TERM BORROWINGS:
Buyers credit form Citi bank	3663.000	1031.560
Buyers credit form standard chartered	3655.480	2857.000
Total	12891.620	10930.240

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90248020	08/06/2007 *	2,500,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 34, J.L. NEHRU ROAD, KOLKATA, West Bengal - 700071, INDIA	A16373953

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Machinery

· Furniture Fixture and Office Equipments

· Vehicles

Intangible Assets

· PTA License Fee

· Computer Software

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 judgment 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.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.76.67

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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	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		29

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.