MIRA INFORM REPORT

Report Date :

20.10.2014

IDENTIFICATION DETAILS

Name :	H. B. GUM INDUSTRIES PRIVATE LIMITED
Registered Office :	New Commercial Premise Co-operative Society Limited, Office No.1, Ground Floor, 82/84, Yusuf Meharali Road, Mumbai – 400003, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.02.1980
Com. Reg. No.:	11-022260
Capital Investment / Paid-up Capital :	Rs. 2.012 Millions
CIN No.: [Company Identification No.]	U15100MH1980PTC022260
TAN No.: [Tax Deduction & Collection Account No.]	MUMH07115D
PAN No.: [Permanent Account No.]	AAACH6988B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Guar Gum and Agro Products.
No. of Employees :	35 (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 340000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. The company possesses a favourable financial profile marked by adequate networth base. Comfortable coverage indicators and sound liquidity position. Management has witnessed an uneven increase in its revenue stream during financial year 2013. The ratings also take into consideration, the company’s exposure to agro climatic risk and raw material price volatility. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of long track record of operations, 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.

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. Kanaiyalal Devidas Shah
Designation :	Director
Contact No.:	91-2764-220053
Date :	17.10.2014

LOCATIONS

Registered Office :	New Commercial Premise Co-operative Society Limited, Office No.1, Ground Floor, 82/84, Yusuf Meharali Road, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-23478016/ 23454136
Fax No.:	91-22-23476505
E-Mail :	hb1@vsnl.com hbpl@mtnl.net.in
Website :	http://www.hbgum.com
Location :	Owned
Factory :	G.I.D.C., Plot No.11-B, Kalol – 382725, Gujarat, India
Tel. No.:	91-2764-220053/ 223198
Fax No.:	91-2764-220057

DIRECTORS

As on 25.09.2013

Name :

Mr. Kanaiyalal Devidas Shah

Designation :

Managing Director

Address :

Block B/27, Peerbhoy Mansion, 1^st Floor, 460, S.V.P. Road, Opposite Marwadi Vidhyalay Prathana Samaj, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

22.11.1937

PAN No.:

AACPS7153A

Date of Appointment :

26.02.1980

DIN No.:

00125567

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	U15100MH1980PTC022260	H B GUM INDUSTRIES PRIVATE LIMITED	Managing director	26/02/1980	26/02/1980	-	Active	NO
2	U15140MH1969PTC014338	MAHARASHTRA VEGETABLE PRODUCTS Private Limited	Director	08/09/1989	08/09/1989	16/07/2013	Active	NO
3	U02004MH1993GAP070383	GUM MANUFACTURERES' ASSOCIATION OF INDIA	Director	14/01/1993	14/01/1993	-	Active	NO
4	U51100MH1999PTC121531	HATHIBHAI BULAKHIDAS PRIVATE LIMITED	Managing director	31/08/1999	31/08/1999	-	Active	NO

Name :

Mr. Kiritkumar Navinchandra Shah

Designation :

Director

Address :

Vidhani Cottage CHS limited, Flat No. 37, 3^rd Floor, 244, Walkeshwar Road, Malbar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

14.02.1954

PAN No.:

AAGP8540M

Date of Appointment :

06.05.1981

DIN No.:

00125675

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	U15100MH1980PTC022260	H B GUM INDUSTRIES PRIVATE LIMITED	Director	06/05/1981	06/05/1981	-	Active	NO
2	U51100MH1999PTC121531	HATHIBHAI BULAKHIDAS PRIVATE LIMITED	Director	31/08/1999	31/08/1999	-	Active	NO

Name :

Mr. Harshadkumar Devidas Shah

Designation :

Director

Address :

2 A, New Building, Block No. 10, Jitekarwadi, Thakurdwar, Mumbai-400002, Maharashtra, India

Date of Birth/Age :

11.04.1954

PAN No.:

AACP7151C

Date of Appointment :

06.12.1998

DIN No.:

00126005

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	U15100MH1980PTC022260	H B GUM INDUSTRIES PRIVATE LIMITED	Director	06/12/1988	06/12/1988	-	Active	NO
2	U51100MH1999PTC121531	HATHIBHAI BULAKHIDAS PRIVATE LIMITED	Director	31/08/1999	31/08/1999	-	Active	NO

Name :

Mr. Rajeshkumar Navinchandra Shah

Designation :

Director

Address :

5/29, Shreeniketan, Chowpatty Band Stand, Mumbai400006, Maharashtra, India

Date of Birth/Age :

18.10.1963

PAN No.:

AACPS7636J

PAN No.:

AACP7636J

Date of Appointment :

18.05.2004

DIN No.:

00126106

Name :

Mr. Jayeshkumar Vinodchandra Shah

Designation :

Director

Address :

A/30, Milan Building, 8^th Floor, 87, Tardeo Road, Mumbai-400034, Maharashtra, India

Date of Birth/Age :

03.01.1968

Date of Appointment :

18.05.2004

DIN No.:

00126174

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	U51100MH1999PTC121531	HATHIBHAI BULAKHIDAS PRIVATE LIMITED	Director	31/08/1999	31/08/1999	-	Active	NO
2	U15100MH1980PTC022260	H B GUM INDUSTRIES PRIVATE LIMITED	Director	18/05/2004	18/05/2004	-	Active	NO

Name :

Mr. Bipinchandra Devidas Shah

Designation :

Director

Address :

28, New Buildings, Block No.5, Jitekarwadi, Takurdwar, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

20.03.1943

PAN No.:

AACPS7152B

Date of Appointment :

18.05.2004

DIN No.:

00156345

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	U51100MH1999PTC121531	HATHIBHAI BULAKHIDAS PRIVATE LIMITED	Director	31/08/1999	31/08/1999	-	Active	NO
2	U15100MH1980PTC022260	H B GUM INDUSTRIES PRIVATE LIMITED	Director	18/05/2004	18/05/2004	-	Active	NO

Name :

Mr. Deepak Bipinchandra Shah

Designation :

Director

Address :

2 A, New Building, Block No. 10, Jitekarwadi, Thakurdwar, Mumbai-400002, Maharashtra, India

Date of Birth/Age :

18.12.1970

Date of Appointment :

18.05.2004

DIN No.:

00156408

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	U51100MH1999PTC121531	HATHIBHAI BULAKHIDAS PRIVATE LIMITED	Director	31/08/1999	31/08/1999	-	Active	NO
2	U15100MH1980PTC022260	H B GUM INDUSTRIES PRIVATE LIMITED	Director	18/05/2004	18/05/2004	-	Active	NO

Name :

Kushikkumar Navinchandra Shah

Designation :

Director

Address :

5/29, Shreeniketan, Chowpatty Band Stand, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

06.12.1960

Date of Appointment :

31.08.1999

PAN No.:

AAGPS8539N

DIN No.:

00126073

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	U51100MH1999PTC121531	HATHIBHAI BULAKHIDAS PRIVATE LIMITED	Director	31/08/1999	31/08/1999	-	Active	NO
2	U15100MH1980PTC022260	H B GUM INDUSTRIES PRIVATE LIMITED	Director	01/12/2011	01/12/2011	-	Active	NO

Name :

Mr. Vinaykumar Devidas Shah

Designation :

Director

Address :

Block B/27, Peerbhoy Mansion, 1^st Floor, 460, S.V.P. Road, Opposite Marwadi Vidhyalay Prathana Samaj, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

20.09.1962

Date of Appointment :

31.08.1999

DIN No.:

00126135

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	U51100MH1999PTC121531	HATHIBHAI BULAKHIDAS PRIVATE LIMITED	Director	31/08/1999	31/08/1999	-	Active	NO
2	U15100MH1980PTC022260	H B GUM INDUSTRIES PRIVATE LIMITED	Director	01/12/2011	01/12/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2013

Names of Shareholders	No. of Shares
Kanaiyalal Devidas Shah	1050
Arvindaben Navinchandra Shah	1250
Bipinchandra Devidas Shah	1125
Rameshchandra Chandulal Shah	536
Harshadkumar Devidas Shah	1125
Kiritkumar Navinchandra Shah	1750
Kaushikkumar Navinchandra Shah	1750
Vinaykumar Kanaiyalal Shah	945
Kaliashben Kanaiyalal Shah	260
Manjulaben Sureschandra Shah	1150
Nainaben Harshakumar shah	275
Sushilaben Vinodchandra Shah	1555
Amritaben Kiritkumar Shah	500
Shakuntalaben Rameshchandra Shah	300
Rajeshkumar Navinchandra Shah	2250
Shailaben Kaushikkumar Shah	500
Hathibhai Bulakhidas Private Limited	11
Jayeshkumar Vinodchandra Shah	967
Deepak Bipinchandra Shah	536
Amit Bipinchandra Shah	519
Jay Harshadkumar Shah	779
Navinchandra Narnadas (HUF)	10
Kirit Navinchandra Shah (HUF)	303
Kaushik Navinchandra Shah (HUF)	303
Rajeshr Navinchandra Shah (HUF)	303
Sureshchandra Devidas (HUF)	10
Devidas Managal (HUF)	10
Bipinchandra Devidas (HUF)	10
Harshad Devidas (HUF)	10
Rajendra Devidas (HUF)	5
Pankaj Devidas (HUF)	5
Vinodchandra Chandulal (HUF)	10
Total	20121

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	0.05
Directors or relatives of Directors	95.04
Other top fifty shareholders	4.91
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Guar Gum and Agro Products.
Exports :
Products :	Guar Gum and Agro Products
Countries :	USA UK Europe Brazil Japan
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

35 (Approximately)

Bankers :

· Bank of Baroda, Kaloal Branch, M. G. Road, Kalol – 382721, Gujarat, India

Facilities :

PC / FBP 50.000 Millions

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWING
Working Capital Loans and Advance	59.600	36.882
Total	59.600	36.882

Banking Relations :	---
Auditors :
Name :	R. Chaturvedi and Associates Chartered Accountants
Address :	318, Dattani Trade Centre, Chandavarkar Road, Borivali (West), Mumbai-400092, Maharashtra, India
PAN No.:	AABFR1878E
Memberships :	APEDA, ATIRA, Export House
Parent Company :	· Hathibhai Bulakhidas Private Limited, Mumbai, Maharashtra, India

CAPITAL STRUCTURE

As on 25.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
22000	Equity Shares	Rs.100/- each	Rs. 2.200 Millions
2000	Preference Shares	Rs.100/- each	Rs. 0.200 Million
1000	Unclassified Shares	Rs.100/- each	Rs. 0.100 Million
	Total		Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20121	Equity Shares	Rs.100/- each	Rs. 2.012 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	2.012	2.001	2.001
(b) Reserves & Surplus	83.531	69.208	14.370
(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)	85.543	71.209	16.371
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.269	0.131	0.010
(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)	0.269	0.131	0.010
(4) Current Liabilities
(a) Short term borrowings	150.112	127.729	0.000
(b) Trade payables	6.517	1.057	1.064
(c) Other current liabilities	1.487	38.388	0.234
(d) Short-term provisions	29.586	15.228	0.070
Total Current Liabilities (4)	187.702	182.402	1.368
TOTAL	273.514	253.742	17.749
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	34.780	24.235	1.866
(ii) Intangible Assets	0.038	0.045	0.000
(iii) Capital work-in-progress	19.174	0.000	0.000
(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	13.135	7.307	0.428
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	67.127	31.587	2.294
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	128.596	141.141	9.090
(c) Trade receivables	50.208	25.252	0.532
(d) Cash and cash equivalents	20.678	52.213	5.046
(e) Short-term loans and advances	6.697	2.140	0.787
(f) Other current assets	0.208	1.409	0.000
Total Current Assets	206.387	222.155	15.455
TOTAL	273.514	253.742	17.749

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES TURNOVER	976.794	487.683	58.117
Less	EXPENSES	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	59.298	83.848	0.411
Less/ Add	DEPRECIATION/ AMORTISATION	2.279	0.909	0.328
	PROFIT BEFORE TAX	57.019	82.939	0.083
Less	TAX	19.298	28.101	0.060
	PROFIT AFTER TAX	37.721	54.838	0.023
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	63.755	8.709	8.686
Add	Transfer from General Reserve	0.000	0.207	0.000
	BALANCE CARRIED TO THE B/S	101.476	63.755	8.709
	Earnings Per Share (Rs.)	1874.71	2725.41	1.114

Particulars	31.03.2014
Sales Turnover (Approximately)	1000.000

The above information has been parted by Mr. Kanaiyalal Devidas Shah.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	22.42	32.69	0.47
Return on Investment (ROI) (PBT/Networth)		0.67	1.16	0.01
Debt Equity Ratio (Total Debt /Networth)		1.75	1.79	0.00
Current Ratio (Current Asset/Current Liability)		1.10	1.22	11.30

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	2.001	2.001	2.012
Reserves & Surplus	14.370	69.208	83.531
Net worth	16.371	71.209	85.543
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	127.729	150.112
Total borrowings	0.000	127.729	150.112
Debt/Equity ratio	0.000	1.794	1.755

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	58.117	487.683	976.794
		739.140	100.293

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	58.117	487.683	976.794
Profit	0.023	54.838	37.721
	0.04%	11.24%	3.86%

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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWING
Loans and Advance from related parties	90.512	90.847
Total	90.512	90.847

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10351210	27/07/2012 *	275,750,000.00	Bank of Baroda	Kalol Branch, M. G. Road, Kalol, Gujarat - 382721 , INDIA	B56953490

* Date of charge modification

FIXED ASSETS

• Plant and Machinery
• Land and Building
• Furniture and fixtures
• Vehicles
• Office equipment

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 records 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] 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.61.61
UK Pound	1	Rs.99.11
Euro	1	Rs.77.89

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	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	NO
--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	--

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.