MIRA INFORM REPORT

Report Date :

29.10.2014

IDENTIFICATION DETAILS

Name :	ALUDECOR LAMINATION PRIVATE LIMITED
Registered Office :	1, R N Mukherjee Road, 5^th Floor, Room No.52, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.07.2004
Com. Reg. No.:	21-099221
Capital Investment / Paid-up Capital :	Rs. 71.440 Millions
CIN No.: [Company Identification No.]	U27203WB2004PTC099221
IEC No.:	0204015294
TAN No.: [Tax Deduction & Collection Account No.]	CALA06799C
PAN No.: [Permanent Account No.]	AAECA8253G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Plastic Aluminium Panel Sheet and Coated/Pre-Treated Coil.
No. of Employees :	Not Divulged

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal for business dealings at usual 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 / Stable (Upgraded from BBB)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk
Date	September 12, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety. It carry higher credit risk
Date	September 12, 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 DECLINED

Management Non Co-operative (91-33-22103927)

LOCATIONS

Registered Office :	1 R N Mukherjee Road, 5^th Floor, Room No.52, Kolkata – 700001, West Bengal, India
Tel No.:	91-33-22488763 / 22103927 / 22106026 / 40276612
Fax No.:	91-33-22106026 / 22488763
Email:	rbc_client@yahoo.co.in saleskolkata@aludecor.com
Website :	www.aludecor.com
Area	1200 Sq. ft
Location :	Rented
Corporate Office :	Aludecor House, 3E/8, Jhandewalan Extn. New Delhi 110055, India
Tel. No.:	91-11-43537777 / 23535301 / 23535303
Fax No.:	91-11-43537799 / 23515301
E-Mail :	bfl@vsnl.com info@aludecor.com
Factory :	Plot No. 95-96-97, Sector -5, IIE, Sidcul, Ranipur, Bhel, Haridwar-249403, India
Tel. No.:	91-1334-239343 / 310050
Fax No.:	91-1334-239342
E-Mail :	haridwarfactor@aludecor.com info@aludecor.com
Area	5850 Sq. ft
Location :	Leased
Branch Office 1 :	Delhi Building No.41, 3^rd Floor, M. M. Road (Rani Jhansi Road), New Delhi-110055, India
Branch Office 2 :	Mumbai Suit No.218/219, 2^nd Floor, Corporate Avenue, Sonawala Compound, Sonawala Road (Near Udyog Bhavan), Goregaon (East), Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-26866633
Fax No.:	91-22-26860521
Branch Office 3 :	Bangalore 69/5A, Swamy Krupa Building, Flat No – 4, 2^nd Floor, Near Bhanu Nurshing Home, Begur Hobli, Bommanchalli Hosur Main Road, Bangalore-560068, Karnataka, India
Branch Office 4 :	Noida B-17, Sector 59, Noida-201301, Uttar Pradesh, India
Branch Office 5 :	Chennai 150/117, Montieth road, 4^th Floor, Cision Complex, Egmore, Chennai-600008, Tamilnadu, India
Branch Office 6 :	Haridwar Plot No.95, 95 and 97, Sector-V, IIE, SIDCUL, Ranipur, Bhel, Haridwar-249403, Uttaranchal, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Ashok Kumar Bhaiya

Designation :

Managing Director

Address :

1, Prince Gulam Mohammad Road, Lake Market, 3^rd Floor, Kolkata-700026, West Bengal, India

Date of Birth/Age :

02.01.1955

Qualification :

B. Com (Hons)

Experience :

33 years

PAN No.:

ADFPB3724B

Date of Appointment :

13.10.2006

DIN No. :

00562190

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	U51109WB1994PTC062622	SILVER FIBRES PVT. LTD.	Director	28/03/1994	28/03/1994	-	Active	NO
2	U51909WB1994PLC062621	BHAIYA FIBRES LTD.	Director	28/03/1994	28/03/1994	-	Active	NO
3	U65991DL1994PTC232355	RIDHI SIDHI FINANCIAL SERVICES PVT.LTD.	Director	31/10/1994	31/10/1994	26/11/2010	Active	NO
4	U24111WB2002PTC094542	SILVER INTERNATIONAL PRIVATE LIMITED	Director	23/04/2002	23/04/2002	-	Active	NO
5	U27203WB2004PTC099221	ALUDECOR LAMINATION PRIVATE LIMITED	Managing director	13/10/2006	10/02/2005	-	Active	NO
6	U51909WB2009PTC131852	SILVER APPARELS INDUSTRIES PRIVATE LIMITED	Director	12/01/2009	12/01/2009	-	Active	NO
7	U18109DL2009PTC225728	SILVER SIGN PRIVATE LIMITED	Director	19/06/2009	19/06/2009	26/11/2010	Active	NO
8	U51909WB2010PTC145844	SARLA VYAPAAR PRIVATE LIMITED	Director	22/04/2010	22/04/2010	-	Active	NO
9	U51101WB2008PTC123899	SILVERLINE COMMOTRADE PRIVATE LIMITED	Director	04/05/2010	04/05/2010	-	Active	NO
10	U45209WB1989PTC046791	MAYUKH CONSTRUCTION PVT LTD.	Additional director	22/05/2010	22/05/2010	26/11/2010	Active	NO
11	U51909WB2008PTC131035	SRI KRISHNA COMMOTRADE PRIVATE LIMITED	Director	18/10/2012	18/10/2012	-	Active	NO
12	U51109WB2008PTC122509	VATIKA TRADE-LINK PRIVATE LIMITED	Director	19/10/2012	19/10/2012	-	Active	NO
13	U45400WB2011PTC171046	SUBHVANI PROPERTIES PRIVATE LIMITED	Director	11/11/2013	11/11/2013	-	Active	NO
14	U70100WB2012PTC177577	SNOWBALL NIKETAN PRIVATE LIMITED	Additional director	29/03/2014	29/03/2014	-	Active	NO

Name :

Mrs. Sarla Bhaiya

Designation :

Director

Address :

1, R.N Mukherjee Road,5^th Floor, Room No. 52, Kolkata- 700001, West Bengal, India

Date of Birth/Age :

20.03.1960

Qualification :

B. Com (Hons)

Experience :

13 years

PAN No.:

ADEPB3757G

Date of Appointment :

11.08.2010

DIN No. :

00562227

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	U65991DL1994PTC232355	RIDHI SIDHI FINANCIAL SERVICES PVT.LTD.	Director	10/05/2005	10/05/2005	26/11/2010	Active	NO
2	U51909WB2010PTC145844	SARLA VYAPAAR PRIVATE LIMITED	Director	22/04/2010	22/04/2010	-	Active	NO
3	U51101WB2008PTC123899	SILVERLINE COMMOTRADE PRIVATE LIMITED	Director	09/06/2010	09/06/2010	-	Active	NO
4	U27203WB2004PTC099221	ALUDECOR LAMINATION PRIVATE LIMITED	Director	11/08/2010	11/08/2010	-	Active	NO
5	U51909WB2008PTC131035	SRI KRISHNA COMMOTRADE PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO
6	U24111WB2002PTC094542	SILVER INTERNATIONAL PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO
7	U51909WB2009PTC131852	SILVER APPARELS INDUSTRIES PRIVATE LIMITED	Director	11/12/2010	11/12/2010	-	Active	NO
8	U51109WB2008PTC122509	VATIKA TRADE-LINK PRIVATE LIMITED	Director	19/10/2012	19/10/2012	-	Active	NO
9	U45400WB2011PTC171046	SUBHVANI PROPERTIES PRIVATE LIMITED	Director	11/11/2013	11/11/2013	-	Active	NO
10	U70100WB2012PTC177577	SNOWBALL NIKETAN PRIVATE LIMITED	Additional director	29/03/2014	29/03/2014	-	Active	NO

Name :

Mrs. Trisha Bhaiya

Designation :

Director

Address :

J-122, Ashok Vihar (Phase -1), Delhi-1100052, India

Date of Birth/Age :

09.09.1989

Date of Appointment :

16.01.2012

DIN No. :

05173197

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	U51101WB2008PTC123899	SILVERLINE COMMOTRADE PRIVATE LIMITED	Director	16/01/2012	16/01/2012	-	Active	NO
2	U27203WB2004PTC099221	ALUDECOR LAMINATION PRIVATE LIMITED	Director	16/01/2012	16/01/2012	-	Active	NO
3	U51909WB2008PTC131035	SRI KRISHNA COMMOTRADE PRIVATE LIMITED	Director	16/01/2012	16/01/2012	-	Active	NO
4	U70100WB2012PTC177577	SNOWBALL NIKETAN PRIVATE LIMITED	Additional director	29/03/2014	29/03/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Ashok Kumar Bhaiya	51000
Sarla Bhaiya	1747000
Ashok Kumar Bhaiya HUF	700000
Sri Krishna Commotrade Private Limited, India	1700000
Silverline Commotrade Private Limited, India	2246000
Peace commosales private limited, India	400000
Valuetime Sales Private Limited, India	300000
Total	7144000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	65.03
Directors or relatives of Directors	25.17
Others	9.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Plastic Aluminium Panel Sheet and Coated/Pre-Treated Coil.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of India, Commercial Branch, 8, N S. Road, Kolkata-700001, West Bengal, India

· Tamilnadu Mercantile Bank Limited, 58-D, Netaji Subhash Road, 2nd floor, Kolkata 700001, West Bengal, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Rupee term loans from banks	0.407	0.765
Term loans from others	0.907	1.083
SHORT TERM BORROWING
Loans repayable on demand	150.314	0.000
Rupee term loans from banks	0.000	69.429
Total	151.628	71.277

Banking Relations :	---
Auditors :
Name :	R. Bhutra and Company Chartered Accountant
Address :	24, Netaji Subhas Road, 4^th Floor, Room No. 33, Kolkata0 700001, West Bengal, India
Tel. No.:	91-33-40060487
E-Mail :	rbc_kol@yahoo.co.in
PAN No.:	AAGFR1345F
Financial Institution :	Reliance Capital Limited, “H” Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai-400710, Maharashtra, India.
Associates/Subsidiaries :	Sri Krishna Commotrade Private Limited, India CIN No.: U51909WB2008PTC131035 Peace commosales private limited, India CIN No.: U51909WB2009PTC136230 Silver Fibres Private Limited, India CIN No.: U51101WB2008PTC123899

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7144000	Equity Shares	Rs.10/- each	Rs. 71.440 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	71.440	71.440	71.440
(b) Reserves & Surplus	152.709	129.026	107.756
(c) Money received against share warrants	30.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	254.149	200.466	179.196
(3) Non-Current Liabilities
(a) long-term borrowings	129.964	127.598	105.126
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	5.849	3.963	34.671
(d) long-term provisions	1.958	1.381	0.923
Total Non-current Liabilities (3)	137.771	132.942	140.720
(4) Current Liabilities
(a) Short term borrowings	250.664	137.279	103.321
(b) Trade payables	218.915	146.466	103.638
(c) Other current liabilities	52.167	49.768	0.000
(d) Short-term provisions	7.337	0.519	19.850
Total Current Liabilities (4)	529.083	334.032	226.809
TOTAL	921.003	667.440	546.725
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	109.547	124.340	131.118
(ii) Intangible Assets	0.126	0.130	0.174
(iii) Capital work-in-progress	2.205	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)	13.485	11.136	4.044
(d) Long-term Loan and Advances	15.345	6.247	4.699
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	140.708	141.853	140.035
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	506.504	357.635	276.123
(c) Trade receivables	218.693	155.304	100.562
(d) Cash and cash equivalents	35.663	12.018	18.939
(e) Short-term loans and advances	19.435	0.630	0.171
(f) Other current assets	0.000	0.000	10.895
Total Current Assets	780.295	525.587	406.690
TOTAL	921.003	667.440	546.725

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES		NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		59.168	44.020	41.406
Less/ Add	DEPRECIATION/ AMORTISATION		30.988	26.296	27.854
	PROFIT BEFORE TAX		28.180	17.724	13.552
Less	TAX		6.846	3.546	2.701
	PROFIT AFTER TAX		21.334	14.178	10.851
Add	DEFERRED TAX WRITTEN OFF		2.349	7.091	2.005
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		71.505	50.236	37.380
	BALANCE CARRIED TO THE B/S		95.188	71.505	50.236
	IMPORTS
		Raw Materials and Capital Goods	123.238	99.899	20.736
	TOTAL IMPORTS		123.238	99.899	20.736
	Earnings Per Share (Rs.)		2.99	1.98	1.52

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	3.11	2.70	2.50
Return on Investment (ROI) (PBT/Networth)		0.11	0.09	0.08
Debt Equity Ratio (Total Debt /Networth)		1.50	1.32	1.16
Current Ratio (Current Asset/Current Liability)		1.47	1.57	1.79

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	71.440	71.440	71.440
Reserves & Surplus	107.756	129.026	152.709
Money received against share warrants	0.000	0.000	30.000
Net worth	179.196	200.466	254.149
long-term borrowings	105.126	127.598	129.964
Short term borrowings	103.321	137.279	250.664
Total borrowings	208.447	264.877	380.628
Debt/Equity ratio	1.163	1.321	1.498

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	Yes
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 three years	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Intercorporate borrowings	123.850	0.000
Loans and advances from related parties	4.800	0.000
Rupee term loans from others	0.000	39.200
Other external commercial borrowing	0.000	86.550
SHORT TERM BORROWING
Intercorporate borrowings	96.200	0.000
Loans and advances from related parties	4.150	0.000
Rupee term loans from others	0.000	9.400
Other external commercial borrowing	0.000	58.450
Total	229.000	193.600

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10269767	27/01/2011	2,532,000.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, Dhirubhai Ambani Knowledge C ity, Koparkhairne, Navi Mumbai, Maharashtra - 4007 10, INDIA	B07552367
2	80039312	09/04/2014 *	391,000,000.00	State Bank of India	STATE BANK OF INDIA, 1,Middleton Street, Jeevande ep Building, 2nd Floor, Kolkata, West Bengal - 700 071, INDIA	C03130325

* Date of charge modification

FIXED ASSETS

• Plant and Equipment
• Land and Building
• Factory Equipments
• Other plant and Equipment
• Furniture and Fixtures
• Vehicles
• Computer Equipments
• office 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 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.61.35
UK Pound	1	Rs.98.93
Euro	1	Rs.77.92

INFORMATION DETAILS

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

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	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	--

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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.