MIRA INFORM REPORT

Report Date :

28.11.2014

IDENTIFICATION DETAILS

Name :	GANGA ACROWOOLS LIMITED
Registered Office :	249, Industrial Area-‘A’, Ludhiana – 141 003, Punjab
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.02.1994
Com. Reg. No.:	16-014190
Capital Investment / Paid-up Capital :	Rs. 222.076 Millions
CIN No.: [Company Identification No.]	U17117PB1994PLC014190
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	JLDG01474E
PAN No.: [Permanent Account No.]	AAACG8869Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Worsted acrylic yarn and other blended yarns.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered 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	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	24.07.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	24.07.2014

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 PARTED BY

Name :	Mr. Pramod
Designation :	Assistant Manager
Contact No.:	91-1628-660660
Date :	24.11.2014

LOCATIONS

Registered/ Corporate Office :	249, Industrial Area-‘A’, Ludhiana – 141 003, Punjab, India
Tel. No.:	91-161-6608400/ 2223535/ 2222611/ 1628 - 660660
Mobile No.:	91-9216218005 (Mr. Prashant)
Fax No :	91-161-2600973/ 6608444
E-Mail :	sales@gangaacrowools.com
Website :	www.gangaacrwools.com
Delhi Office :	546, Sector – ‘A’, Pocket BC, Vasant Kunj, New Delhi, India
Factory :	G.T. Road, Village Kot Sekhon, Tehsil Khanna, Ludhiana – 141 003, Punjab, India
Tel. No.:	91-1628.304600 (30 Lines)
Fax No :	91-1628-304666

DIRECTORS

As on 30.09.2013

Name :

Dr. Ravinder Verma

Designation :

Managing Director

Address :

60, Sant Nagar, Civil Lines, Ludhiana – 141 003, Punjab, India

Date of Birth/Age :

09.11.1963

Date of Appointment :

26.07.2010

PAN No :

AAMPV8454H

DIN No.:

00517907

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	U17117PB1990PLC010479	GANGA SPINNING AND WEAVING MILLS LIMITED	Director	18/06/1990	18/06/1990	27/12/2013	Active	NO
2	U67120PB1993PTC013171	RAHIL INVESTMENTS PVT LTD	Director	29/03/1993	29/03/1993	27/12/2013	Active	NO
3	U65910PB1996PTC017971	MITUL FINANCE PRIVATE LIMITED	Director	03/04/1996	03/04/1996	-	Active	NO
4	U17117PB1994PLC014190	GANGA ACROWOOLS LTD	Managing director	26/07/2010	26/07/1999	-	Active	NO
5	U17290PB2011PTC035448	SOHANA ACROWOOLS PRIVATE LIMITED	Director	08/09/2011	08/09/2011	-	Active	NO

Name :

Mr. Suresh Kumar Singla

Designation :

Nominee Director

Address :

H. No. 52, Young Dwellers Society, Sector 49-A, Chandigarh – 160 047, India

Date of Birth/Age :

01.01.1962

Date of Appointment :

17.05.1999

DIN No.:

00051799

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	U17117PB1994PLC014190	GANGA ACROWOOLS LTD	Nominee director	17/05/1999	17/05/1999	-	Active	NO
2	U17115CH1991PLC011127	FERTICHEM COTSPIN LIMITED	Nominee director	26/07/1999	26/07/1999	-	Active	NO
3	L17115CH1990PLC010566	WINSOME YARNS LTD	Nominee director	13/06/2000	13/06/2000	-	Active	NO
4	U17111PB1992PLC012747	SATIA SYNTHETICS LIMITED	Director	09/11/2000	09/11/2000	-	Active	NO
5	U17111CH1993PLC013489	RANA POLYCOT LIMITED	Nominee director	22/12/2000	22/12/2000	-	Active	NO
6	U17116CH1994PLC015152	DEV SPINNERS LIMITED	Nominee director	11/06/2001	11/06/2001	-	Active	NO
7	U17115PB1984PLC019259	DWARIKADHISH SPINNERS LIMITED	Nominee director	27/06/2001	27/06/2001	-	Active	NO
8	U17115CH1994PLC015140	CHEEMA SPINTEX LTD	Nominee director	22/01/2003	22/01/2003	-	Active	NO
9	U17219CH1993PLC013038	VATIKA SPINNING LIMITED	Nominee director	28/12/2005	28/12/2005	14/07/2014	Active	NO
10	L24232CH1994PLC014434	ASTER DRUGS AND PHARMACEUTICALS LIMITED	Nominee director	22/03/2006	22/03/2006	-	Active	NO
11	U34300CH1993PLC012930	BRAHMA STEYR TRACTORS LIMITED	Nominee director	02/05/2008	02/05/2008	01/07/2010	Active	NO
12	L18101CH1994PLC015413	GLOBAL KNITFAB LIMITED	Nominee director	12/04/2010	12/04/2010	-	Active	NO
13	U30009PB1980PLC004276	ELECTRONICS SYSTEMS PUNJAB LTD	Managing director	24/01/2013	24/01/2013	-	Active	NO

Name :

Mr. Ajay Kumar Sharma

Designation :

Whole-time Director

Address :

62, Mall Road, jalandhar Cantt., Jalandhar – 144 104, Punjab, India

Date of Birth/Age :

11.08.1968

Date of Appointment :

12.03.2014

DIN No.:

01262459

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	U17117PB1994PLC014190	GANGA ACROWOOLS LTD	Whole-time director	12/03/2014	01/02/2007	-	Active	NO
2	U67120PB1993PTC012951	MINAR HOLDINGS PRIVATE LIMITED	Director	11/10/2007	11/10/2007	-	Active	NO

Name :

Mr. Inderjit Singh Bhatia

Designation :

Director

Address :

B-lll, 246/1, Purana Bazar, Gal Vakilan, Ludhiana – 141 003, India

Date of Birth/Age :

24.10.1968

Date of Appointment :

30.09.2008

DIN No.:

01870344

Name :

Mr. Dinesh Maheshwari

Designation :

Whole-time Director

Address :

H. No. 107, GK Estate, Chandigarh Road, Ludhiana – 141 001, Punjab, India

Date of Birth/Age :

02.03.1967

Date of Appointment :

24.12.2009

DIN No.:

02867380

Name :

Amrik Singh

Designation :

Director

Address :

H. No. 13624, St. No.7, Parbhat Nagar, Div. No.6, Ludhiana – 141 003, Punjab, India

Date of Birth/Age :

08.07.1974

Date of Appointment :

23.09.2011

DIN No.:

03439670

KEY EXECUTIVES

Name :	Mr. Rajiv Khanna
Designation :	Secretary
Address :	369/12, Katra Parja, Inside Hathi Gate, Amritsar – 143 006, Punjab, India
Date of Birth/Age :	14.12.1973
Date of Appointment :	01.04.2010
PAN No. :	AGRPK0522C
Name :	Mr. Pramod
Designation :	Assistant Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Note: Shareholding Details File Attached.

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Public financial companies	4.00
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	1.00
Bodies corporate	77.00
Directors or relatives of Directors	18.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Worsted acrylic yarn and other blended yarns.

Products :

Product	ITC Code
Acrylic Yarn	5509

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Yarn

Countries :

• USA
• Germany
• Australia

Imports :

Products :

Raw Material

Countries :

• Germany
• Thailand
• Taiwan

Terms :

Selling :

Cash and Credit (30 Days)

Purchasing :

Cash and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Not divulged

Customers :

Wholesalers, Retailers and Manufacturers

No. of Employees :

2000 (Approximately)

Bankers :

• State bank of India, Industrial Finance Golden Tower G.T.Road, Ludhiana – 141003, Punjab, India
• State Bank of Patiala, Commercial Branch, Aarti Complex, Miller Ganj, Ludhiana – 141003, Punjab, India
• Bank of India

Banker Name	Bank of Baroda
Branch Address	MID Corporate Branch, Opposite Fire Station Miller Ganj, Ludhiana – 141003, Punjab, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Rupee Term loan from Banks	595.009	498.096
SHORT TERM BORROWING
Other loan and advances	446.208	413.579
Total	1041.217	911.675

Financial Institution :	SBI Global Factors Limited, 6^th Floor, Metropolitan Building, Bandra – Kurla complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Auditors :
Name :	Davinder Rekhi and company Chartered Accountants
Address :	Office No.4, First Floor, Carnival Shopping Centre, Mall Road, Ludhiana – 141 003, Punjab, India
PAN No.:	AEVPR5680L
Enterprise over which Key Management Personnel/ Directors/ Relatives have significant influence :	Ganga Spinning and weaving Mills Limited, India CIN No : U17117PB1990PLC010479
Collaborators :	Not divulged
Associates/Subsidiaries :	Not divulged

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30500000	Equity Shares	Rs. 10/- each	Rs.305.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27237650	Equity Shares	Rs. 10/- each	Rs.272.376 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25500000	Equity Shares	Rs. 10/- each	Rs.255.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22207650	Equity Shares	Rs. 10/- each	Rs.222.077 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	222.076	191.973	134.368
(b) Reserves & Surplus	301.546	199.381	148.966
(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)	523.622	391.354	283.334
(3) Non-Current Liabilities
(a) long-term borrowings	598.237	501.298	383.772
(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	3.009	1.854	1.129
Total Non-current Liabilities (3)	601.246	503.152	384.901
(4) Current Liabilities
(a) Short term borrowings	446.208	413.579	286.883
(b) Trade payables	229.371	161.313	101.639
(c) Other current liabilities	29.353	20.801	31.313
(d) Short-term provisions	34.138	22.967	33.852
Total Current Liabilities (4)	739.070	618.660	453.687
TOTAL	1863.938	1513.166	1121.922
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	957.272	715.191	472.609
(ii) Intangible Assets	1.352	1.296	1.630
(iii) Capital work-in-progress	71.533	90.621	47.413
(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	29.254	33.904	1.500
(e) Other Non-current assets	0.154	0.263	27.416
Total Non-Current Assets	1059.565	841.275	550.568
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	376.050	353.986	280.137
(c) Trade receivables	331.737	228.313	152.159
(d) Cash and cash equivalents	17.289	29.809	51.072
(e) Short-term loans and advances	9.774	12.053	58.667
(f) Other current assets	69.523	47.730	29.319
Total Current Assets	804.373	671.891	571.354
TOTAL	1863.938	1513.166	1121.922

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	2303.571	1637.023	1442.900
	Other Income	5.639	2.991
	TOTAL (A)	2309.210	1640.014	1442.900
Less	EXPENSES
	Cost of Materials Consumed	1445.747	1070.788
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(46.911)	(93.171)
	Employees benefits expense	162.044	129.982
	Other expenses	422.513	322.201
	TOTAL (B)	1983.393	1429.800	1244.300
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	325.817	210.214	198.600
Less	FINANCIAL EXPENSES (D)	131.264	100.297	62.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	194.553	109.917	135.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)	66.148	44.736	35.800
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	128.405	65.181	100.000
Less	TAX (I)	26.240	13.419	29.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	102.165	51.762	71.000
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	678.243	543.344	559.133
	TOTAL EARNINGS	678.243	543.344	559.133
	Earnings / (Loss) Per Share (Rs.)	4.60	2.70	5.29

Particulars	31.03.2014
Sales Turnover (Approximately)	2750.000

Expected Sales (2014-15) : Rs. 3100.000 Millions

The above information has been parted by Mr. Pramod

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	4.44	3.16	4.92
Operating Profit Margin (PBDIT / Sales)	(%)	14.14	12.84	13.76
Return on Total Assets (PBT/Total Assets}	(%)	7.16	4.58	9.31
Return on Investment (ROI) (PBT/Networth)		0.25	0.17	0.35
Debt Equity Ratio (Total Debt /Networth)		1.99	2.34	2.37
Current Ratio (Current Asset/Current Liability)		1.09	1.09	1.26

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	134.368	191.973	222.076
Reserves & Surplus	148.966	199.381	301.546
Net worth	283.334	391.354	523.622
long-term borrowings	383.772	501.298	598.237
Short term borrowings	286.883	413.579	446.208
Total borrowings	670.655	914.877	1044.445
Debt/Equity ratio	2.367	2.338	1.995

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	1442.900	1637.023	2303.571
		13.454	40.717

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	1442.900	1637.023	2303.571
Profit	71.000	51.762	102.165
	4.92%	3.16%	4.44%

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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Other loan and advances	3.228	3.202
Total	3.228	3.202

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10520761	16/07/2014	49,170,000.00	HDFC BANK LIMITED	Plot No.- B/XIX/65/SE, The Mall, Lower Ground Floor 1, 1st Mall, Ludhiana, Punjab - 141001, INDIA	C21308226
2	10520760	16/07/2014	150,000,000.00	HDFC BANK LIMITED	Plot No.- B/XIX/65/SE, The Mall, Lower Ground Flo or 1, 1st Mall, Ludhiana, Punjab - 141001, INDIA	C21307780
3	10512855	28/05/2014	100,000,000.00	State Bank of India	SPECIALISED MID CORPORATE BRANCH, V.K. TOWER, KAI LASH NAGAR, FOCAL POINT ROAD, LUDHIANA, Punjab - 1 41003, INDIA	C14990550
4	10154339	19/03/2013 *	25,000,000.00	BANK OF BARODA	MCB MILLER GANJ, LUDHIANA, Punjab - 141003, INDIA	B73623738
5	90182571	17/02/1999 *	104,300,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, MILLER GANJ, LUDHI ANA, Punjab, INDIA	-
6	90182566	19/03/2013 *	700,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH GOLDEN TOWER G.T. ROAD, LUDHIANA, Punjab - 141003, INDIA	B72990526
7	90182434	28/08/2014 *	837,200,000.00	State Bank of India	COMMERCIAL BRANCH, FOCAL POINT ROAD, LUDHIANA, Punjab - 141003, INDIA	C33798513

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Office equipments

· Factory equipments

· Computer equipments

· Other equipments

· Furniture fixtures

· Motor vehicles

· Vehicles

· 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 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.61.86
UK Pound	1	Rs.97.69
Euro	1	Rs.77.37

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	ART

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.