MIRA INFORM REPORT

Report Date :

10.11.2014

IDENTIFICATION DETAILS

Name :	GILL AND COMPANY PRIVATE LIMITED

Registered Office :	2^nd Floor, N T C House, N M Marg, Ballard Estate, Mumbai – 400038, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	26.02.1947

Com. Reg. No.:	11-005589

Capital Investment / Paid-up Capital :	Rs.9.000 Millions

CIN No.: [Company Identification No.]	U51491MH1947PTC005589

TAN No.: [Tax Deduction & Collection Account No.]	MUMG08500C

PAN No.: [Permanent Account No.]	AAACG3743M

Legal Form :	Private Limited Liability Company

Line of Business :	Trader and Exporter of Indian Raw Cotton and Other Agricommodities.

No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 1825400

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Exist

Comments :	Subject is an established company having satisfactory track record. There is a dip in profit of the company in 2013. However, liquidity position of the company is strong and healthy. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for 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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

India

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	BBB – [Long Term]
Rating Explanation	Moderate credit quality and average credit risk.
Date	13.12.2013

Rating Agency Name	CRISIL
Rating	A3 [Short Term]
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	13.12.2013

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 BY

Management non co-operative [91-22-22615001]

LOCATIONS

Registered Office :	2^nd Floor, N T C House, N M Marg, Ballard Estate, Mumbai 400038, Maharashtra, India, India
Tel. No.:	91-22-22615001/ 2/ 3/ 4
Fax No.:	91-22-22655069/ 22620598
E-Mail :	gillco@gillcot.com trading@gillcot.com lc@gillcot.com logistic@gillcot.com gillco@gillcot.com commodities@gillcot.com
Website :	http://www.gillcot.com
Location :	Owned

Branch Office :	Located At: · Adoni · Amravati · Ahmedabad · Aurangabad · Bhatinda · Hubli · Indore · Jalgoan · New Delhi

DIRECTORS

As on 30.09.2013

Name :

Mr. Jayant Bhogilal Shah

Designation :

Director

Address :

15, Hill Park, A G Bell Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

18.11.1947

Date of Appointment :

27.02.1990

DIN No.:

01426873

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	U51491MH1947PTC005589	GILL AND COMPANY PRIVATE LIMITED	Director	27/02/1990	27/02/1990	-	Active	NO
2	U65900MH1995PTC085226	GILL FINANCING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	3/2/1995	3/2/1995	-	Active	NO
3	L36910MH1980PLC023289	SHANTIVIJAY JEWELS LIMITED	Director	29/09/2014	26/07/2002	-	Active	NO
4	U36911MH2003PLC140629	G JEWELCRAFT LIMITED	Director	30/03/2004	30/03/2004	-	Active	NO
5	U17124MH2005PTC158013	MEGHJI THOBHAN EXPORT AND IMPORT COMPANY PVT LIMITED	Director	13/12/2005	13/12/2005	-	Active	NO
6	U51494MH2008PTC182070	GILL SHYAM FIBERS PRIVATE LIMITED	Director	10/5/2008	10/5/2008	-	Active	NO
7	U51494MH2008PTC182071	GILL SHYAM COTEX PRIVATE LIMITED	Director	10/5/2008	10/5/2008	-	Active	NO
8	U01405MH2003PTC140525	RADHIKA GINNING AND PRESSING PRIVATE LIMITED	Director	12/8/2008	12/8/2008	19/07/2011	Active	NO
9	U63090MH1965PTC013373	BOMBAY ALLIED CONTRACTORS PRIVATE LIMITED	Director	30/09/2009	29/11/2008	-	Active	NO
10	AAB-9770	G. K. AGRO COMMODITIES LLP	Body corporate as Designated Partner	2/1/2014	2/1/2014	-	Active	NO

Name :

Mr. Mohit Dhirajlal Shah

Designation :

Director

Address :

Yazad-E-Khursheed, Ground Floor, Altamount Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

15.09.1974

Date of Appointment :

11.11.1996

DIN No.:

02033178

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	U63090MH1965PTC013373	BOMBAY ALLIED CONTRACTORS PRIVATE LIMITED	Director	12/4/1993	12/4/1993	-	Active	NO
2	U67190MH1995PTC086932	SAMJAS FINANCE PRIVATE LIMITED	Director	26/04/1995	26/04/1995	-	Active	NO
3	U51491MH1947PTC005589	GILL AND COMPANY PRIVATE LIMITED	Director	11/11/1996	11/11/1996	-	Active	NO
4	U67120MH1994PTC082060	ZEJASMERNI INVESTMENTS PRIVATE LIMITED	Director	18/11/1996	18/11/1996	17/08/2013	Active	NO
5	U17124MH2005PTC158013	MEGHJI THOBHAN EXPORT AND IMPORT COMPANY PVT LIMITED	Director	13/12/2005	13/12/2005	-	Active	NO
6	U51494MH2008PTC182070	GILL SHYAM FIBERS PRIVATE LIMITED	Director	10/5/2008	10/5/2008	-	Active	NO
7	U51494MH2008PTC182071	GILL SHYAM COTEX PRIVATE LIMITED	Director	10/5/2008	10/5/2008	-	Active	NO
8	U65900MH1995PTC085226	GILL FINANCING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	30/09/2011	20/11/2010	-	Active	NO

Name :

Mr. Rishabh Jayant Shah

Designation :

Additional Director

Address :

15, Hill Park, A G Bell Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

15.04.1979

Date of Appointment :

02.12.2010

DIN No.:

01397806

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	U55201MH2006PTC166577	SHAKAS FOODS PRIVATE LIMITED	Director	28/12/2006	28/12/2006	2/5/2013	Active	NO
2	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	21/12/2007	21/12/2007	-	Active	NO
3	U51491MH1947PTC005589	GILL AND COMPANY PRIVATE LIMITED	Director	30/09/2011	2/12/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		72.86
Other top fifty shareholders		23.18
Bodies corporate		2.38
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		1.58
TOTAL		100.00

BUSINESS DETAILS

Line of Business :	Trader and Exporter of Indian Raw Cotton and Other Agricommodities.

Exports :	Not Divulged

Imports :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information denied by the management.

Bankers :

· Standard Chartered Bank Limited, 90, M.G. Road, Fort, Mumbai-400001, Maharashtra, India

· Union Bank of India, Industrial Finance Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India

· Indian Overseas Bank, Fort Branch, 2/10 Elphinstone Building, Veer Nariman Road, Fort, Mumbai-400023, Maharashtra, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai-400021, Maharashtra, India

· Bank of India, Mumbai, Maharashtra, India

· ICICI Bank Limited, Fort, Mumbai, Maharashtra, India

· Oriental Bank of Commerce

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term loans from banks	0.167	0.923
Term loans from others	3.467	0.918

Short Term Borrowings
Loans repayable on demand from banks	98.669	314.345
TOTAL	102.303	316.186


Banking Relations :	--

Auditors :
Name :	S. S. Jhunjhunwala and Company Chartered Accountants
Address :	306, Akruti Arcade Opposite, Wadia High School, J. P. Road, Andheri (East), Mumbai – 400053, Maharashtra, India
PAN No:	AAGFS6934F

Associates :	Gill Financing and Investment Company Private Limited Bombay Allied Contractors Private Limited Samjas Finance Private Limited Zejasmerni Investments Private Limited Meghji Thobhan and Company Meghji Thobhan Export and Import Company Private Limited Gill Shyam Fibers Private Limited Gill Shyam Cotex Private Limited

CAPITAL STRUCTURE

As on 30.9.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
18000	Equity Shares	Rs.500/- each	Rs.9.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18000	Equity Shares	Rs.500/- each	Rs.9.000 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	9.000	9.000	9.000
(b) Reserves & Surplus	447.354	449.009	437.919
(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)	456.354	458.009	446.919

(3) Non-Current Liabilities
(a) long-term borrowings	48.445	22.575	15.399
(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)	48.445	22.575	15.399

(4) Current Liabilities
(a) Short term borrowings	98.669	319.728	277.772
(b) Trade payables	39.712	111.571	197.722
(c) Other current liabilities	18.147	69.674	108.372
(d) Short-term provisions	4.240	4.220	3.832
Total Current Liabilities (4)	160.768	505.193	587.698

TOTAL	665.567	985.777	1050.016

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	109.893	116.549	124.983
(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	10.949	10.674	15.043
(c) Deferred tax assets (net)	2.433	2.167	1.836
(d) Long-term Loan and Advances	22.801	25.541	13.038
(e) Other Non-current assets	0.000	0.626	0.463
Total Non-Current Assets	146.076	155.557	155.363

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	78.341	337.349	578.137
(c) Trade receivables	37.860	62.648	56.296
(d) Cash and cash equivalents	39.467	79.390	37.549
(e) Short-term loans and advances	292.666	273.059	193.829
(f) Other current assets	71.157	77.774	28.842
Total Current Assets	519.491	830.220	894.653

TOTAL	665.567	985.777	1050.016

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		7404.035	5394.053
		Other Income		13.096	20.091
		TOTAL (A)	NA	7417.131	5414.144

Less	EXPENSES
		Purchase of Stock in Trade		6616.080	4583.087
		Changes in Inventories of finished goods, stock in process and stock in trade		240.788	99.299
		Employees Benefits Expense		47.182	66.783
		Other Expenses		391.752	461.610
		TOTAL (B)	NA	7295.802	5210.779

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			121.329	203.365

Less	FINANCIAL EXPENSES (D)			81.311	79.789

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.275	40.018	123.576

Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.155	14.182	15.446

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		9.120	25.836	108.130

Less	TAX (H)		6.563	10.562	46.421

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2.557	15.274	61.709

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	310.943

Less	APPROPRIATIONS
		Transfer to General Reserve	NA	NA	6.200
		Dividend	NA	NA	2.485
		Tax on Dividend	NA	NA	0.403
	BALANCE CARRIED TO THE B/S		NA	NA	363.564

	EARNINGS IN FOREIGN CURRENCY		2685.660	6662.417	NA

	Earnings / (Loss) Per Share (Rs.)		142.05	1430.00	4937.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	0.21	1.14

Net Profit Margin (PBT/Sales)	(%)	NA	0.35	2.00

Return on Total Assets (PBT/Total Assets}	(%)	1.40	2.66	10.47

Return on Investment (ROI) (PBT/Networth)		0.02	0.06	0.24

Debt Equity Ratio (Total Debt/Networth)		0.32	0.75	0.54

Current Ratio (Current Asset/Current Liability)		3.23	1.64	1.52

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	9.000	9.000	9.000
Reserves & Surplus	437.919	449.009	447.354
Net worth	446.919	458.009	456.354

long-term borrowings	15.399	22.575	48.445
Short term borrowings	277.772	319.728	98.669
Total borrowings	293.171	342.303	147.114
Debt/Equity ratio	0.656	0.747	0.322

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 two 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	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10290789	13/05/2011	300,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B14483861
2	10157376	15/05/2009	800,000,000.00	STANDARD CHARTERED BANK	90, M.G. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	A61869947
3	10066756	23/08/2007	500,000,000.00	BANK OF INDIA	MUMBAI CORPORATE BANKING BRANCH , 70/80 M G ROAD, 4TH FLOOR , FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	A22732275
4	10036207	26/11/2009 *	1,000,000,000.00	STANDARD CHARTERED BANK	90, M.G. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	A74649385
5	90240269	22/02/2007 *	775,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH,, 66/80, MUMBAI SAMAC HAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	-
6	80026316	22/02/2007 *	1,010,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI SAMAC HAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	-

* Date of charge modification

CASE DETAILS

BENCH: BOMBAY

PRESENTATION DATE: 18/11/2013

LODGING NO.: ITXAL/1930/2013 FILING DATE: 18/11/2013

REG. NO.: ITXA/597/2014 REG. DATE.: 15/03/2014

PETITIONER : THE COMMISSIONER OF INCOME TAX-3, MU	RESPONDENT : GILL AND COMPANY PRIVATE LIMITED

PENT. ADV.: PADMA DIVAKAR (I3287)	RESP. ADV.: ROHAN PRAFULLA MUNJ

DISTRICT: MUMBAI

BENCH: DIVISION

STATUS: PRE-ADMISSION	CATEGORY: TAX APPEALS

NEXT DATE: 23/04/2014	STAGE: FOR REJECTION [ORIGINAL SIDE MATTERS]

CORAM: ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST

ACT: INCOME TAX ACT, 1961	UNDER SECTION: 260A

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Loans and advances from related parties	44.811	20.734

Short Term Borrowings
Loans and advances from related parties	0.000	5.383
TOTAL	44.811	26.117

YEAR UNDER PROSPECTS:

Economic crisis in USA and in European countries had an adverse impact on the exports. The Indian economy also witnessed a slowdown throughout the year. Inspite of this odd situation, the Company was able to achieve higher exports compared to previous year. The domestic sales was adversely effected. However, pressure on margin adversely effected the profitability.

The total export income for the year was Rs.6678.183 Millions as against Rs.3889.009 Millions, an increase of about 72%. However, the domestic sales was lower at Rs.527.438 Millions as against Rs.1397.991 Millions in the previous year. However, the Company earned substantially lower pre-tax profit of Rs.25.836 Millions as against Rs.108.130 Millions a year ago.

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.61.52
UK Pound	1	Rs.97.39
Euro	1	Rs.76.15

INFORMATION DETAILS

Information Gathered by :	HEN

Analysis Done by :	SUM

Report Prepared by :	ANU

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	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		42

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.

MIRA INFORM REPORT

NA

0.21

NA

0.35

1.40

2.66

0.02

0.06

0.32

0.75

3.23

1.64

Unit