MIRA INFORM REPORT

Report Date :

11.09.2014

IDENTIFICATION DETAILS

Name :	BINDALS PAPERS MILLS LIMITED (w.e.f 29.05.2012)
Formerly Known As :	BINDAL PAPERS LIMITED
Registered Office :	NP 151 B Maurya Enclave, Pitam Pura, Delhi – 110088
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.05.2006
Com. Reg. No.:	88-148926
Capital Investment / Paid-up Capital :	Rs. 334.943 Millions
CIN No.: [Company Identification No.]	U21011DL2006PLC148926
PAN No.: [Permanent Account No.]	AADCBO282B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is engaged in manufacturing of Writing and Printing Paper trading business of imported paper, waste paper, paper products, Agro products, Steel, Chemicals, Coal fuel and Lubricants etc.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 5100000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Profitability of the company seems to be low during 2013. However, trade relations are fair. Business is active. Payment terms are reported to be slow The company can be considered for business dealings with some caution.

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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Rating = C
Rating Explanation	Have very high risk of default
Date	March 20, 2014

Rating Agency Name	CARE
Rating	Short Term Rating = A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	March 20, 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. Varun Aggarwal
Designation :	Finance Manager
Contact No.:	91-9711114821
Date :	5.09.2014

LOCATIONS

Registered Office :	NP 151 B Maurya Enclave, Pitam Pura, Delhi – 110088, India
Tel. No.:	91-11-47527700
Mobile No.:	Not Available
Fax No.:	91-11-4752777
E-Mail :	csayushigarg@yahoo.com
Website :	http://www.bindalpapers.com
Branch:	8^th km., Bhopa Road, Muzaffarnagar – 251001 (U.P), India
Tel. No.:	91-131-246838-82
Fax No.:	91-131-2468382
E-Mail :	info@bindalpapers.com
Branch :	212, Agarwal City mall, Road No. 44, Opposite M2K Cinema, Pitampura, Delhi – 110034, India
Tel. No.:	91-11-47537700
Fax No.:	91-11-47537777
E-Mail :	marketing@bindalpapers.com ashok.vyas@bindalpapers.com tapish.bharadwaj@bindalpapers.com
Branch :	F – 38, Nand Dham Udyog Premises, Marol Maroshi Road, Marol, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-29201746 / 29206428
Fax No.:	91-22-29206427

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Rakesh Kumar

Designation :

Managing Director

Address :

122 South Bhopa Road, New Mandi, Muzzaffar Nagar - 251001, Uttar Pradesh, India

Date of Birth/Age :

06.10.1958

Date of Appointment :

02.06.2008

DIN No. :

00014691

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	L74899DL1995PLC066194	NEERAJ PAPER MARKETING LIMITED	Director	09/03/1995	09/03/1995	10/03/2008	Active	NO
2	U27109DL2003PLC119070	BINDALS SPONNGE INDUSTRIES LIMITED	Director	20/02/2003	20/02/2003	-	Active	NO
3	U21022DL1993PLC119328	TEHRI PULP AND PAPER LIMITED	Managing director	04/09/2012	07/03/2003	-	Active	NO
4	U00000CH2004PLC032585	GIANT SECURITIES LIMITED	Director	30/11/2004	30/11/2004	01/01/2008	Active	NO
5	U21011DL2006PLC148926	BINDALS PAPERS MILLS LIMITED	Managing director	02/06/2008	19/05/2006	-	Active	NO
6	U70101DL1996PTC082801	MANSI PROMOTERS PRIVATE LIMITED	Director	16/10/2006	16/10/2006	10/07/2008	Active	NO
7	U72200DL2005PTC133833	AESTHETIC SOFT-TECH SYSTEMS PRIVATE LIMITED	Director	22/07/2007	22/07/2007	31/03/2014	Active	NO
8	U36101DL2003PTC122374	GOLDEN EDGE FURNITECH PRIVATE LIMITED	Director	01/09/2008	01/09/2008	16/06/2010	Active	NO

Name :

Mr. Neeraj Goel

Designation :

Director

Address :

C-355 Saraswati Vihar Pitampura, New Delhi – 110088, India

Date of Birth/Age :

04.02.1959

Date of Appointment :

19.05.2006

DIN No. :

00017498

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	L74899DL1995PLC066194	NEERAJ PAPER MARKETING LIMITED	Managing director	09/03/1995	09/03/1995	10/03/2008	Active	NO
2	U99999DL1984PLC019052	AGARWAL DUPLEX BOARD MILLS LTD.	Director	19/08/2001	19/08/2001	-	Active	NO
3	U27109DL2003PLC119070	BINDALS SPONNGE INDUSTRIES LIMITED	Managing director	27/08/2012	20/02/2003	-	Active	NO
4	U21022DL1993PLC119328	TEHRI PULP AND PAPER LIMITED	Director	07/03/2003	07/03/2003	-	Active	NO
5	U74899DL1993PLC055903	MANSI FINANCE LIMITED	Director	30/09/2004	30/09/2004	02/08/2012	Active	NO
6	U00000CH2004PLC032585	GIANT SECURITIES LIMITED	Director	30/11/2004	30/11/2004	01/01/2008	Active	NO
7	U21011DL2006PLC148926	BINDALS PAPERS MILLS LIMITED	Director	19/05/2006	19/05/2006	-	Active	NO
8	U36101DL2003PTC122374	GOLDEN EDGE FURNITECH PRIVATE LIMITED	Director	01/09/2008	01/09/2008	16/06/2010	Active	NO

Name :

Mr. Mayank Bindal

Designation :

Whole-time director

Address :

122 South Bhopa Road, New Mandi, Muzzaffar Nagar - 251001, Uttar Pradesh, India

Date of Birth/Age :

21.06.1981

Date of Appointment :

02.06.2008

DIN No. :

00273133

Name :

Mr. Sachin Kumar Agarwal

Designation :

Director

Address :

122 South Bhopa Road, New Mandi, Muzzaffar Nagar - 251001, Uttar Pradesh, India

Date of Birth/Age :

16.11.75

Date of Appointment :

30.09.2010

DIN No. :

02310154

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	U21022DL1993PLC119328	TEHRI PULP AND PAPER LIMITED	Whole-time director	04/09/2012	01/03/2004	-	Active	NO
2	U72200WB2000PTC092593	V.R. DIGITAL PRIVATE LIMITED	Director	13/08/2008	13/08/2008	-	Active	NO
3	U21011DL2006PLC148926	BINDALS PAPERS MILLS LIMITED	Director	30/09/2010	01/02/2010	-	Active	NO

KEY EXECUTIVES

Name :	Ayushi Garg
Designation :	Secretary
Address :	A – 31/54, Bhatia Street Moujpur, Delhi – 110053, India
Date of Birth/Age :	18.07.1986
Date of Appointment :	07.11.2011
PAN No.:	ASQPG9580K
Name :	Mr. Varun Aggarwal
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

Shareholders filed attached

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	86.68
Directors or relatives of Directors	6.02
Other top fifty shareholders	4.92
Others	2.38
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in manufacturing of Writing and Printing Paper trading business of imported paper, waste paper, paper products, Agro products, Steel, Chemicals, Coal fuel and Lubricants etc.

Products :

Item Code No. (ITC Code)	Product Description
48025710	Uncoated paper and Paperboard of a Kind used for writing, Printing or other graphic

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Bank of Maharashtra, Garg trade Centre, Sector 11, Rohini, Delhi - 110085, Delhi, India

· Punjab National Bank, South Bhopa Road, Muzaffarnagar - 251001, Uttar Pradesh, India

· Allahabad Bank 17, Parliament Street, New Delhi - 110001, Delhi, India

· Oriental Bank of Commerce, 13-B, New Mandi, Muzaffarnagar - 251001, Uttar Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan from bank	2309.625	2079.867
Other Loans and advances	2.008	1.362
SHORT TERM BORROWINGS	0	0
Working capital loans from bank	1133.080	1145.005
Total	3444.713	3226.234

Banking Relations :	--
Auditors :
Name :	Goel Singhal and Associates Chartered Accountants
Address :	203/60, Upper Storey, Sadar Bazar, Muzaffarnagar
PAN No.:	AAFFG4832P
Associates	· Agarwal Duplex Board Mills Limited · Bindals Sponnge Industries Limited · Bindal Duplux Limited · Tehri Pulp and Paper Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions
1000000	Preference Shares	Rs.100/- each	Rs.100.000 Millions
	Total		Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23494300	Equity Shares	Rs.10/- each	Rs.234.943 Millions
1000000	Preference Shares	Rs.100/- each	Rs.100.000 Millions
	Total		Rs. 334.943 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	334.943	334.943	334.943
(b) Reserves & Surplus	945.564	1095.252	1091.712
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	6.029	6.029	0.000
Total Shareholders’ Funds (1) + (2)	1286.536	1436.224	1426.655
(3) Non-Current Liabilities
(a) long-term borrowings	2602.334	2188.442	2116.122
(b) Deferred tax liabilities (Net)	167.437	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2769.771	2188.442	2116.122
(4) Current Liabilities
(a) Short term borrowings	1133.080	1145.005	509.944
(b) Trade payables	1180.454	1067.753	618.140
(c) Other current liabilities	418.736	501.356	487.048
(d) Short-term provisions	10.247	6.856	5.439
Total Current Liabilities (4)	2742.517	2720.970	1620.571
TOTAL	6798.824	6345.636	5163.348
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3755.024	3492.399	3198.055
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	57.129	57.129	47.129
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.472	60.880	154.193
(e) Other Non-current assets	1.137	1.706	2.275
Total Non-Current Assets	3820.762	3612.114	3401.652
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1366.819	1198.422	1074.841
(c) Trade receivables	696.898	694.876	136.604
(d) Cash and cash equivalents	141.022	90.626	79.860
(e) Short-term loans and advances	773.323	749.598	470.391
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2978.062	2733.522	1761.696
TOTAL	6798.824	6345.636	5163.348

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	5544.863	4286.578	2632.457
	Other Income	47.527	44.762	33.891
	TOTAL	5592.390	4331.340	2666.348
Less	EXPENSES
	Cost of Materials Consumed	1003.268	959.701	755.988
	Purchases of Stock-in-Trade	1933.848	765.081	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(31.708)	15.731	(37.892)
	Employees benefits expense	72.189	70.638	49.078
	Other expenses	1889.184	1956.789	1431.989
	TOTAL	4866.781	3767.940	2199.163
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	725.609	563.400	467.185
Less	FINANCIAL EXPENSES	517.706	401.409	310.686
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	207.903	161.991	156.499
Less/ Add	DEPRECIATION/ AMORTISATION	164.462	132.760	135.683
	PROFIT BEFORE EXTRAORDINARY ITEMS AND TAX	43.441	29.231	20.816
Add	EXTRAORDINARY ITEMS	0.000	0.000	-0.233
	PROFIT/ (LOSS) BEFORE TAX (E-F)	43.441	29.231	20.583
Less	TAX	6.106	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	37.335	29.231	20.583
	Earnings / (Loss) Per Share (Rs.)	1.59	1.19	0.71

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.67	0.67	0.77
Net Profit Margin (PBT/Sales)	(%)	0.78	0.68	0.78
Return on Total Assets (PBT/Total Assets}	(%)	0.64	0.46	0.40
Return on Investment (ROI) (PBT/Networth)		0.03	0.02	0.01
Debt Equity Ratio (Total Debt /Networth)		2.90	2.32	1.84
Current Ratio (Current Asset/Current Liability)		1.09	1.00	1.09

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	334.943	334.943	334.943
Reserves & Surplus	1091.712	1095.252	945.564
Share Application money pending allotment	0.000	6.029	6.029
Net worth	1426.655	1436.224	1286.536
long-term borrowings	2116.122	2188.442	2602.334
Short term borrowings	509.944	1145.005	1133.080
Total borrowings	2626.066	3333.447	3735.414
Debt/Equity ratio	1.841	2.321	2.903

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	2632.457	4286.578	5544.863
		62.836	29.354

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	2632.457	4286.578	5544.863
Profit	20.583	29.231	37.335
	0.78%	0.68%	0.67%

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	No

CORPORATE INFORMATION

Bindals Papers Mills Limited (Formerly Known as Bindal Papers Limited) which has its Registered Office NP-151 B Maurya Enclave, Pitampura, Delhi and works at 8th Km Bhopa Road, Muzaffarnagar. The company is engaged in Manufacturing of Writing and Printing Paper.

The name of the company has been changed from Bindal Papers Limited to Bindals Papers Mills Limited w.e.f. 29.05.2012 vide Certificate of Incorporation issued by Registrar of Companies, NCT of Delhi and Haryana.

The company has also formed on dated 05.09.2011 a trading division in the name and Style of Bindal Merchandise for trading business of imported paper, waste paper, paper products, Agro products, steel, Chemicals, Coal, fuel and lubricants etc. Therefore the company is engaged in manufacturing of Writing and Printing Paper through its manufacturing division and trading business of imported paper, waste paper, paper products, Agro products, steel, Chemicals, Coal, fuel and lubricants etc. through its trading division in the name and style of Bindal Merchandise.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10481128	22/01/2014	40,000,000.00	Oriental Bank of Commerce	13-B, New Mandi, Muzaffarnagar, Uttar Pradesh - 251001, INDIA	B97846612
2	10464195	06/11/2013	390,000,000.00	Allahabad Bank	36A, New Mandi, Muzaffarnagar, Uttar Pradesh - 251001, INDIA	B91127142
3	10455248	25/09/2013	50,000,000.00	BANK OF MAHARASHTRA	GARG TRADE CENTRE, SECTOR 11, ROHINI, DELHI, Delhi - 110085, INDIA	B87613568
4	10455486	25/09/2013	260,000,000.00	Bank of Maharashtra	GARG TRADE CENTRE, SECTOR 11, ROHINI, DELHI, Delhi - 110085, INDIA	B87703716
5	10379065	07/09/2012	200,000,000.00	Bank of Maharashtra	GARG TRADE CENTRE, SECTOR 11, ROHINI, DELHI, Delhi - 110085, INDIA	B59115311
6	10353107	21/04/2012	250,000,000.00	Allahabad Bank	36A, New Mandi, Muzaffarnagar, New Delhi, Uttar Pradesh - 251001, INDIA	B38744322
7	10316885	21/03/2012 *	1,387,000,000.00	Oriental Bank of Commerce	13-B, New Mandi, Muzaffarnagar, Uttar Pradesh - 251001, INDIA	B36577633
8	10292179	26/08/2014 *	1,000,000,000.00	Allahabad Bank	17, Parliament Street, New Delhi, Delhi - 110001,  INDIA	C19119429
9	10279184	16/03/2011	300,000,000.00	ORIENTAL BANK OF COMMERCE	13B, NEW MANDI, MUZAFFARNAGAR, Uttar Pradesh - 25  1001, INDIA	B10283646
10	10224133	24/05/2010	200,000,000.00	BANK OF MAHARASHTRA	GARG TRADE CENTRE, SECTOR 11, ROHINI-110085, DELHI, Delhi - 110085, INDIA	A87416954

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from related parties	290.701	107.213
Total	290.701	107.213

FIXED ASSETS

· Land

· Buildings

· Factory building

· Other building

· Plant and equipment

· Factory Equipments

· Other plant and equipment

· Vehicles

· Motor vehicles

· Office equipment

· Computer 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. 60.82
UK Pound	1	Rs. 98.14
Euro	1	Rs. 78.65

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		27

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.