MIRA INFORM REPORT

Report Date :

21.10.2014

IDENTIFICATION DETAILS

Name :	MYNAH INDUSTRIES LIMITED (w.e.f. 22.01.2009)
Formerly Known As :	RAMA QUALITEX LIMITED
Registered Office :	S. No. 66/2, Mugalapalli Village, Hosur TK, Dharmapuri – 635105, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.03.1993
Com. Reg. No.:	18-006729
Capital Investment / Paid-up Capital :	Rs. 316.146 Millions
CIN No.: [Company Identification No.]	U17111TZ1993PLC006729
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of fine Combed Cotton and Blended fabric.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 4550000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. As per Registrar of companies the date of Balance sheet i. e. Financials filed is shown as 31^st March, 2014 but the documents related to the financials for the year 2014 are not available from any sources. As per available financial of 2013, Profitability of the company seems to be low. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution. IMPORTANT NOTE: BANK – STATE BANK OF INDIA – Jayanagar branch, 8^th block, Bangalore. Spoke to Mr. Vinay Kulkarni (AGM) – mob – 09449866625 He asked to contact relationship mang Mr. Harekrishna – mob – 09880405948 Mr. Harekrishna rated company as very good, no issue in payments & operations.

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	ICRA
Rating	Term Loan Facilities=BB+ (Suspended)
Rating Explanation	Have moderate risk of default.
Date	December, 2012

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

Name :	Mr. Kumar
Designation :	Assistant General Manager Finance
Contact No.:	91-7259712266
Date :	15.10.2014

LOCATIONS

Registered Office/ Works :	S. No. 66/2, Mugalapalli Village, Hosur TK, Dharmapuri-635 105, Tamilnadu, India
Tel. No.:	91-4344-201282 / 201365
Fax No.:	91-4344-254477
E-Mail :	vasavisecretarial@rediffmail.com
Website :	www.mynah.co.in
Corporate Office :	Vajras # 1445,1st Floor, 28th main,South End (A) Cross, Jayanagar 9th Block East, Bangalore -560069, Karnataka, India.
Tel. No.:	91-80-40119999
Fax No.:	91-80-40119990
E-Mail :	textiles@mynah.co.in

DIRECTORS

As on: 27.09.2014

Name :

Mr. Prashant Boorugu

Designation :

Managing Director

Address :

130, 7^th Main, 4^th Block, Jayanagar, Bangalore – 560011, Karnataka, India

Date of Birth/Age :

07.01.1974

Date of Appointment :

10.10.2010

DIN No.:

00389225

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	U65990MH1982PLC026069	SATIDHAM SYNTEX LIMITED	Director	05/11/2003	05/11/2003	-	Active	NO
2	U72200TG1998PLC029491	ESOFT CONSULTING LIMITED	Additional director	01/04/2010	01/06/2005	22/08/2013	Active	NO
3	U17111TZ1993PLC006729	MYNAH INDUSTRIES LIMITED	Managing director	10/10/2010	10/10/2005	-	Active	NO
4	U40107TN2006PTC061362	B & G ENERGY PRIVATE LIMITED	Director	20/10/2006	20/10/2006	23/07/2007	Active	NO
5	U01403TN2006PTC061365	B & G LIFE SCIENCES PRIVATE LIMITED	Director	20/10/2006	20/10/2006	23/07/2007	Active	NO
6	U45200TG2007PTC056262	PENTACLE INFRASTRUCTURES AND TOWERS PRIVATE LIMITED	Director	08/11/2007	08/11/2007	10/02/2014	Active	NO
7	U40109KA1998PLC052000	SJK POWERGEN LIMITED	Director	29/09/2008	28/01/2008	12/01/2010	Active	NO
8	U40109MH2008PTC209064	SLS ENERGY PRIVATE LIMITED	Director	04/04/2008	04/04/2008	01/10/2009	Active	NO
9	U45209KA2008PTC045965	SLS PORTS AND INFRA PRIVATE LIMITED	Director	08/04/2008	08/04/2008	-	Active	NO
10	U40104KA2008PTC047618	GOOGLE ENERGY PRIVATE LIMITED	Director	28/08/2008	28/08/2008	-	Active	NO
11	U40104KA2008PTC047619	Widen Power Sources Private Limited	Director	28/08/2008	28/08/2008	-	Active	NO
12	U26943KA2008PTC047725	KENTUCKY CEMENT PRIVATE LIMITED	Director	09/09/2008	09/09/2008	-	Active	NO
13	U13100AP2008PTC061190	KROMITE MINING PRIVATE LIMITED	Director	24/09/2008	24/09/2008	-	Active	NO
14	U70200KA2009PTC050691	JEP Property Developers Private Limited	Director	20/08/2009	20/08/2009	-	Active	NO
15	U17120KA2009PTC051107	SLS TEXTILES PARK PRIVATE LIMITED	Director	06/10/2009	06/10/2009	-	Active	NO
16	L27101AP2006PLC049591	METKORE ALLOYS & INDUSTRIES LIMITED	Managing director	25/10/2010	17/12/2009	-	Active	NO
17	U18100TG1994PLC017367	SPS TEXTILES AND INDUSTRIES LIMITED	Director	20/12/2010	22/03/2010	-	Amalgamated	NO
18	U40106AS2013PTC011397	North Eastern Solar Power Equipments Private Limited	Director	15/01/2013	15/01/2013	-	Active	NO

Name :

Mr. Gajendran S

Designation :

Director

Address :

15 Ward N.141, Sriramanagar Colony, Chennai – 600113, Tamilnadu, India

Date of Birth/Age :

07.07.1944

Date of Appointment :

31.08.2011

DIN No.:

00250136

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	U15421TG1994PLC018859	NCS SUGARS (NELLORE) LIMITED	Director	01/11/2005	01/11/2005	29/09/2007	Active	NO
2	U15499TN1996PTC036060	OPG METALS PRIVATE LIMITED	Additional director	01/02/2008	01/02/2008	31/03/2008	Active	NO
3	L27100MH1984PLC034003	SUNFLAG IRON AND STEEL CO LTD	Director	23/09/2008	16/06/2008	-	Active	NO
4	U17111TZ1993PLC006729	MYNAH INDUSTRIES LIMITED	Director	31/08/2011	01/10/2008	-	Active	NO
5	U29301TG2000PLC065360	VIJAY HOME APPLIANCES LIMITED	Director	07/12/2009	09/10/2008	-	Active	NO
6	U40109KA1998PLC052000	SJK POWERGEN LIMITED	Director	22/07/2009	22/05/2009	14/12/2009	Active	NO
7	L27101AP2006PLC049591	METKORE ALLOYS & INDUSTRIES LIMITED	Director	29/09/2010	17/12/2009	-	Active	NO

Name :

Sri Y. K. Jhamb

Designation :

Whole Time Director

Address :

106 Block No. 34, Mantra Residency, Bannerghatta Road, Opposite Meenakshi Temple, Bangalore – 560076. Karnataka, India

Date of Birth/Age :

13.07.1955

Date of Appointment :

10.02.2014

DIN No.:

02478023

KEY EXECUTIVES

Name :	Mr. Kumar
Designation :	Assistant General Manager Finance
Name :	Ms. Chaitra K
Designation :	Secretary
Address :	No.28/1, 1st Main, 5th Cross, Mysore Road, Opposite Government School, Batrayanpura, Bangalore – 560026, Karnataka, India
Date of Birth/Age :	11.03.1984
Date of Appointment :	24.07.2013
PAN No.:	APPPC7868E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.09.2014

Names of Shareholders	No. of Shares
Satidham Syntex Limited, India	5976095
J T Poonja	100
Sangeeta Poonja	100
Aparna Poonja	100
Abhinay Poonja	100
Nirmala Mehra	100
Brij Mohan Mehra	250
Tamilnadu Industrial Development Corporation Limited	26600
Industrial Development Bank Of India	912900
B H Kapadia	250
JCT Limited	4000
Prashant Boorugu	22775945
Sarita Boorugu	7576150
Pentacle Infrastructure and Towers Private Limited , India	1215680
Bangalore Cables Private Limited, India	250000
Chamundi Gold Hill Estate	1000000
K Purshotham Reddy	500000
Kumari Laasya	75000
Kumari Saanvi	75000
Master Sathivk	99950
SVR Cables Private Limited, India	511680
Total	41000000

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2014

Category	Percentage
Government Companies	0.06
Public financial companies	2.23
Bodies corporate	19.42
Directors or relatives of directors	74.64
Others	3.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of fine Combed Cotton and Blended fabric.

Products :

· Cotton Grey Fabrics

· Polyester Fabrics

· Polyester Viscose

· Blended Fabrics

· Polyester Spun Yarn

Product Description	ITC Code
Cotton Grey Fabric	52091100

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

• Dhanlaxmi Bank Limited, Dhanlaxmi Bank Building Naickanal, Trichur – 680001, Kerala, India

• State Bank Of India, Jayanagar Branch, 8^th Block, Bangalore, Karnataka, India

Facilities :

(Rs. in Millions)

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans from Banks	246.846	279.343
Short Term Borrowings
Working Capital Loans from Banks	595.872	589.407
Total	842.718	868.750

Banking Relations :	--
Auditors :
Name :	Balaji Associates Chartered accountant
Address :	16-3/1/3 ‘Soughbhagya’, Anand Gajapathi Marg, Vizianagaram-535002, Andhra Pradesh, India
PAN No.:	AACFB2073N
Subsidiary Companies :	· Atlanta Natural Resources Pte Limited, Singapore · Atlanta Madencilik Ve Sanayi Ticaret A.S., Turkey · Cronimet Mercon Invest Limited, Dubai · Cronimet Alloys India Limited

CAPITAL STRUCTURE

As on: 27.09.2014

Authorised Capital: Rs. 410.000 Millions

Issued, Subscribed & Paid-up Capital: Rs. 410.000 Millions

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
41000000	Equity Shares	Rs.10/- each	Rs.410.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31614560	Equity Shares	Rs.10/- each	Rs.316.146 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	316.146	316.146	290.791
(b) Reserves & Surplus	267.676	374.966	272.978
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	553.000	493.000	343.000
Total Shareholders’ Funds (1) + (2)	1136.822	1184.112	906.769
(3) Non-Current Liabilities
(a) long-term borrowings	258.426	291.349	303.634
(b) Deferred tax liabilities (Net)	0.000	0.447	10.329
(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)	258.426	291.796	313.963
(4) Current Liabilities
(a) Short term borrowings	625.872	589.407	516.683
(b) Trade payables	292.888	240.309	121.894
(c) Other current liabilities	101.343	75.350	265.806
(d) Short-term provisions	2.204	3.454	1.970
Total Current Liabilities (4)	1022.307	908.520	906.353
TOTAL	2417.555	2384.428	2127.085
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	156.265	401.416	194.361
(ii) Intangible Assets	0.270	0.449	0.000
(iii) Capital work-in-progress	0.000	7.957	0.669
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	483.326	434.922	505.232
(c) Deferred tax assets (net)	0.857	0.000	0.000
(d) Long-term Loan and Advances	4.567	11.074	93.253
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	645.285	855.818	793.515
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	242.475	196.909	197.194
(c) Trade receivables	1021.509	890.460	644.219
(d) Cash and cash equivalents	13.714	24.722	61.060
(e) Short-term loans and advances	494.572	416.519	431.097
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1772.270	1528.610	1333.570
TOTAL	2417.555	2384.428	2127.085

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	9,727.912	7,684.674	6,644.441
		Other Income	9.828	10.334	18.846
		TOTAL (A)	9,737.740	7,695.008	6,663.287
Less	EXPENSES
		Cost of Materials Consumed	233.357	499.722	186.674
		Purchase of Stock-in-trade	9,262.877	6,800.384	5,969.849
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(61.106)	8.788	131.625
		Employee Benefits Expenses	54.738	63.142	32.357
		Other Expenses	40.469	53.128	110.141
		Expenditure on production, transportation and other expenditure pertaining to E&P activities	112.806	111.008	0.000
		Prior period items	(0.518)	7.826	(0.715)
		Exceptional items	(155.243)	0.000	0.000
		TOTAL (B)	9,487.380	7,543.998	6,429.931
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		250.360	151.010	233.356
Less	FINANCIAL EXPENSES (D)		143.846	124.721	140.338
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		106.514	26.289	93.018
Less	DEPRECIATION/ AMORTISATION (F)		25.137	42.496	15.885
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		81.377	(16.207)	77.133
Less	TAX (H)		9.839	(1.428)	(1.107)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		71.538	(14.779)	78.240
	Earnings Per Share (Rs.)		2.26	0.47	3.03

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.84	(0.21)	1.16
Net Profit Margin (PBT/Sales)	(%)	0.74	(0.19)	1.18
Return on Total Assets (PBT/Total Assets}	(%)	3.70	(0.76)	4.83
Return on Investment (ROI) (PBT/Networth)		0.06	(0.01)	0.09
Debt Equity Ratio (Total Debt/Networth)		0.78	0.74	0.90
Current Ratio (Current Asset/Current Liability)		1.73	1.68	1.47

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	290.791	316.146	316.146
Reserves & Surplus	272.978	374.966	267.676
Share Application money pending allotment	343.000	493.000	553.000
Net worth	906.769	1184.112	1136.822
long-term borrowings	303.634	291.349	258.426
Short term borrowings	516.683	589.407	625.872
Total borrowings	820.317	880.756	884.298
Debt/Equity ratio	0.905	0.744	0.778

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	6,644.441	7,684.674	9,727.912
		15.656	26.588

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	6,644.441	7,684.674	9,727.912
Profit	77.133	(16.207)	81.377
	1.16%	(0.21%)	0.84%

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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Deferred Payment Liabilities	11.580	12.006
Short Term Borrowings
Other Loans and Advances	30.000	0.000
Total	41.580	12.006

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10432041	22/05/2013	200,000,000.00	DHANLAXMI BANK LIMITED	DHANALAKSHMI BANK BUILDINGNAICKANAL, NAICKANAL, TRICHUR, KERALA - 680001, INDIA	B77492189
2	10423740	02/05/2013	300,000,000.00	VIJAYA BANK	OVERSEAS BRANCH, 19, PRIMROSE ROAD, SHRUTHA COMPLEX, BANGALORE, KARNATAKA - 560025, INDIA	B74434192
3	10356785	11/05/2012	3,749,000.00	RELIANCE CAPITAL LTD	NO.37, 3RD FLOOR, BRANMANANDA COURT,, LALBAGH ROAD,, BANGALORE, KARNATAKA - 560027, INDIA	B40017378
4	10299906	14/06/2011	1,232,000.00	RELIGARE FINVEST LIMITED	D3,P3B, DISTRICT CENTRE, SAKET, NEWDELHI, NEW DELHI, DELHI - 110017, INDIA	B17959255
5	10285700	30/03/2011	320,000,000.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	B11639614
6	10191391	26/07/2010 *	700,000,000.00	STATE BANK OF INDIA	SME JP NAGAR BRANCH, 5TH PHASE, JP NAGAR, BANGALORE, KARNATAKA - 560078, INDIA	A93071009

FIXED ASSETS:

· Land and Development

· Factory Building

· Plant and Machinery

· Office Equipment

· Motor Vehicles

· Furniture and Fixtures

· Lab Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a 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.61.29
UK Pound	1	Rs.98.62
Euro	1	Rs.78.15

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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		28

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.