MIRA INFORM REPORT

Report Date :

11.09.2014

IDENTIFICATION DETAILS

Name :	SANATHAN TEXTILES PRIVATE LIMITED
Registered Office :	192, Jamunalal Bajaj Street, Kolkata – 700007, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.10.2005
Com. Reg. No.:	21-105863
Capital Investment / Paid-up Capital :	Rs. 119.905 Millions
CIN No.: [Company Identification No.]	u17299wb2005ptc105863
TAN No.: [Tax Deduction & Collection Account No.]	cals17128g
PAN No.: [Permanent Account No.]	AAJCS6021P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Textile Yarn.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration experience of the promoters in the textile industry supported by diversified products profile and fair profitability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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 Bank Facilities: “BBB-“
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	February 03, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: “A3”
Rating Explanation	Moderate degree of safety and higher credit risk
Date	February 03, 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 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Suhas Thakur
Designation :	Exporter Manager
Contact No.:	91-22-66343312
Date :	10.09.2014

LOCATIONS

Registered/ Head Office :	192, Jamunalal Bajaj Street, Kolkata – 700007, West Bengal, India
Tel. No.:	91-33-22686462
Fax No.:	Not Available
E-Mail :	pawancs.das@rediffmail.com jayant_bahety@sanathan.com info@sanathan.com suhas_thakur@sanathan.com
Website :	www.sanathan.com
Corporate/ Administrative Office :	B-6, Trade World, 1^st Floor, Kamla Mills Compound, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-66343312/ 13/ 14/ 15/ 16/ 30420121/ 22
Fax No.:	91-22-66663453
E-Mail :	contactus@sanathan.com
Factory :	Survey Plot No.187/4/1/2, Village Surangi, Dapada, Silvassa – 396230, Dadra and Nagar Haveli, Union Territory, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Paresh Kumar V. Dattani

Designation :

Director

Address :

Ridge Apartments, Ridge Road, Malabar Hills, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

24.07.1960

Date of Appointment :

10.10.2005

PAN No.:

AEAPD8148Q

DIN No.:

00163591

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	Company/ LLP Status	Defaulting status
1	U17299WB2005PTC105863	SANATHAN TEXTILES PRIVATE LIMITED	Director	10/10/2005	10/10/2005	Active	NO
2	U17299WB2006PTC108821	UNIVERSAL TEXTURISERS PRIVATE LIMITED	Director	31/03/2006	31/03/2006	Active	NO

Name :

Mr. Dineshkumar Vrajdas Dattani

Designation :

Director

Address :

Bhaveshwar Sagar, 20, Nepean Sea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

27.07.1948

Date of Appointment :

10.10.2005

PAN No.:

ADWPD3056C

DIN No.:

00163701

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	Company/ LLP Status	Defaulting status
1	U17219WB1987PTC043147	TEXCO FIBRES PRIVATE LIMITED	Director	16/10/1987	16/10/1987	Converted to LLP and dissolved	NO
2	U17118WB1984PTC038203	VAJUBHAI INVESTMENTS PVT LTD	Director	01/04/2004	01/04/2004	Active	NO
3	U17299WB2005PTC105863	SANATHAN TEXTILES PRIVATE LIMITED	Director	10/10/2005	10/10/2005	Active	NO
4	U17299WB2006PTC108821	UNIVERSAL TEXTURISERS PRIVATE LIMITED	Director	31/03/2006	31/03/2006	Active	NO
5	AAA-8629	TEXCO FIBRES LLP	Designated Partner	30/03/2012	30/03/2012	Active	NO

Name :

Mr. Ajay Kumar V. Dattani

Designation :

Director

Address :

F-70, Venus Apartment, R.G. Thadani Marg, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

23.07.1967

Date of Appointment :

10.10.2005

PAN No.:

AEAPD8147B

DIN No.:

00163739

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	Company/ LLP Status	Defaulting status
1	U17299WB2005PTC105863	SANATHAN TEXTILES PRIVATE LIMITED	Director	10/10/2005	10/10/2005	Active	NO
2	U17299WB2006PTC108821	UNIVERSAL TEXTURISERS PRIVATE LIMITED	Director	31/03/2006	31/03/2006	Active	NO

Name :

Mr. Vallabhdas Vrajdas Dattani

Designation :

Director

Address :

214, Walkeshwar Road, Sudama Buliding, 5^th Floor, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

22.08.1942

Date of Appointment :

17.04.2006

DIN No.:

00163794

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	Company/ LLP Status	Defaulting status
1	U17118WB1984PTC038203	VAJUBHAI INVESTMENTS PVT LTD	Director	28/11/1984	28/11/1984	Active	NO
2	U17219WB1987PTC043147	TEXCO FIBRES PRIVATE LIMITED	Director	14/10/1987	14/10/1987	Converted to LLP and dissolved	NO
3	U17299WB2006PTC108821	UNIVERSAL TEXTURISERS PRIVATE LIMITED	Director	17/04/2006	17/04/2006	Active	NO
4	U17299WB2005PTC105863	SANATHAN TEXTILES PRIVATE LIMITED	Director	17/04/2006	17/04/2006	Active	NO
5	AAA-8629	TEXCO FIBRES LLP	Designated Partner	30/03/2012	30/03/2012	Active	NO

Name :

Mr. Anilkumar Vrajdas Dattani

Designation :

Director

Address :

Sadhna Hillway, 5^th Floor, Gamadia Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

20.04.1958

Date of Appointment :

10.10.2005

PAN No.:

ADWPD3054A

DIN No.:

00164175

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	Company/ LLP Status	Defaulting status
1	U17219WB1987PTC043147	TEXCO FIBRES PRIVATE LIMITED	Director	28/02/1994	28/02/1994	Converted to LLP and dissolved	NO
2	U17118WB1984PTC038203	VAJUBHAI INVESTMENTS PRIVATE LIMITED	Director	31/12/1999	31/12/1999	Active	NO
3	U17299WB2005PTC105863	SANATHAN TEXTILES PRIVATE LIMITED	Director	10/10/2005	10/10/2005	Active	NO
4	U17100MH1954NPL009223	BOMBAY YARN MERCHANTS ASSOCIATION AND EXCHANGE LIMITED	Director	19/09/2008	19/09/2008	Active	NO
5	AAA-8629	TEXCO FIBRES LLP	Designated Partner	30/03/2012	30/03/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Suhas Thakur
Designation :	Exporter Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Ajay Kumar V. Dattani	3274650
Anil Kumar V. Dattani	1367450
Dinesh Kumar V. Dattani	3376300
Paresh Kumar V. Dattani	3792100
Vajubhai Investment Private Limited, India	3000
Vallabhdas V. Dattani (HUF)	3000
Sonali A. Dattani	28000
Dinesh Kumar V. Dattani (HUF)	3000
Geeta D. Dattani	1500
Samir D. Dattani	1500
Sweta Dattani	1500
Jayshree A. Dattani	1500
Jyotsna V. Dattani	3000
Vallabhdas V. Dattani	3000
Anil Kumar V. Dattani (HUF)	23000
Paresh Kumar V. Dattani (HUF)	38000
Beena P. Dattani	45000
Mikesh A. Dattani	25000
Total	11990500

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	0.03
Other top fifty shareholders	99.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Textile Yarn.

Products :

Item Code No. (ITC Code)	Product Description
54023300	Textured Yarn of Polyester

Exports :

Products :

Textile Yarn

Countries :

· Korea

Brazil

Colombia

Argentina

South Africa

Imports :

Products :

Raw Material

Countries :

· Korea

Thailand

China

Japan

Germany

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Licensed Capacity (Capacity under the Industrial Enterpreneurs memorandum filed with the Government of India and duly acknowledged under the scheme of de-licensing notified by the Government)

Particulars	Unit	Licensed Capacity	Installed Capacity
Tex Yarn	MT	200000	27000
Polyester Oriented Yarn	MT	190000	28000
F.D.Y	MT	90000	8000
Cotton Yarn	MT	9600	4800

Particulars	Unit	Actual Production
Tex Yarn	Kg.	24357357.245
Twist Yarn	Kg.	3006036.61
Polyester Oriented Yarn/ F.D.Y	Kg.	36731871.467
Cotton Yarn	Kg.	3736132.052

GENERAL INFORMATION

Suppliers :

· Itochu India (Private) Limited

Mitsui India

Customers :

End Users

Indusnor

Solsang, Korea

Arava Industries, Singapore

No. of Employees :

1000 (Approximately)

Bankers :

· Union Bank of India, Industrial Finance Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

Bank of Baroda, Crowford Market Branch, Dada Manzil 67/69, Mohammed Ali Road, Mumbai – 400 003, Maharashtra, India

Landebank Baden-Wurttemberg, Am Hauptbahnhof 2, 70173 Stuttgart, Federal Republic of Germany, Stuttgart DE Germany 70049

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	4628.940	1278.389
Loans repayable on demand	8.432	13.183
SHORT TERM BORROWINGS
Working capital loans from banks (Export bills, stock of raw materials, wip and finished goods both present and future)	1042.964	591.234
Total	5680.336	1882.806

Banking Relations :	--
Auditors :
Name :	K. Dattani and Company Chartered Accountants
Address :	37A, Bentinck Street, 4^th Floor, Room No.404, Bentinck Chambers, Kolkata – 700069, West Bengal, India
PAN No.:	AAEFK2583L
Associate:	Universal Texturisers Private Limited, India CIN No.: U17299WB2006PTC108821

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11990500	Equity Shares	Rs.10/- each	Rs. 119.905 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	119.905	119.905	117.405
(b) Reserves & Surplus	1481.959	1122.007	859.439
(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)	1601.864	1241.912	976.844
(3) Non-current liabilities
(a) Long-term borrowings	4755.811	1291.572	1193.298
(b) Deferred tax liabilities (Net)	23.434	29.013	42.044
(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)	4779.245	1320.585	1235.342
(4) Current liabilities
(a) Short term borrowings	1042.964	591.234	752.506
(b) Trade payables	278.968	36.277	209.499
(c) Other current liabilities	159.464	243.608	107.228
(d) Short-term provisions	36.353	2.410	1.646
Total Current Liabilities (4)	1517.749	873.529	1070.879
TOTAL	7898.858	3436.026	3283.065
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1524.031	1633.208	1509.639
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4180.338	289.961	189.556
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5704.369	1923.169	1699.195
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	810.979	558.947	838.643
(c) Trade receivables	509.255	437.817	349.525
(d) Cash and cash equivalents	130.961	72.274	165.427
(e) Short-term loans and advances	416.324	281.077	109.176
(f) Other current assets	326.970	162.742	121.099
Total Current Assets	2194.489	1512.857	1583.870
TOTAL	7898.858	3436.026	3283.065

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	6204.750	5960.911	4624.259
Less	EXPENSES
		TOTAL	5543.296	5497.978	4000.334
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		661.454	462.933	623.925
Less/ Add	DEPRECIATION/ AMORTISATION		199.824	210.209	205.350
	PROFIT / (LOSS) BEFORE TAX		461.630	252.724	418.575
Less	TAX		101.678	37.657	95.758
	PROFIT / (LOSS) AFTER TAX		359.952	215.067	322.817
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods calculated on F.O.B. basis	2779.215	199.759	314.980
	TOTAL EARNINGS		2779.215	199.759	314.980
	IMPORTS
		Capital Goods	NA	4.027	45.202
		Manufacturing Goods (Including raw-materials and spares)	NA	96.701	263.093
	TOTAL IMPORTS		NA	100.728	308.295
	Earnings Per Share (Rs.)		30.02	17.94	27.50

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.80	3.61	6.98
Return on Total Assets (PBT/Total Assets}	(%)	12.41	8.03	13.53
Return on Investment (ROI) (PBT/Networth)		0.29	0.20	0.43
Debt Equity Ratio (Total Debt/Networth)		3.62	1.52	1.99
Current Ratio (Current Asset/Current Liability)		1.45	1.73	1.48

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	117.405	119.905	119.905
Reserves & Surplus	859.439	1122.007	1481.959
Net worth	976.844	1241.912	1601.864
long-term borrowings	1193.298	1291.572	4755.811
Short term borrowings	752.506	591.234	1042.964
Total borrowings	1945.804	1882.806	5798.775
Debt/Equity ratio	1.992	1.516	3.620

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)
Total Income	4624.259	5960.911	6204.750
		28.905	4.091

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	4624.259	5960.911	6204.750
Profit	322.817	215.067	359.952
	6.98%	3.61%	5.80%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10464204	19/11/2013	1,500,000,000.00	BANK OF BARODA	CRAWFORD MARKET BRANCH, DADA MANZIL, 67/69 MOHAM MED ALI ROAD, MUMBAI - 400003, MAHARASHTRA, INDIA	B91131771
2	10452481	25/09/2013	750,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHA R MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B86443348
3	10426873	06/05/2013	140,760,000.00	LANDEBANK BADEN-WURTTEMBERG	AM HAUPTBAHNHOF 2, 70173 STUTTGART, FEDERAL REPUB LIC OF GERMANY, STUTTGART, - 70049, GERMANY	B75534297
4	10336098	05/01/2012	1,090,287,000.00	LANDESBANK BADEN-WURTTEMBERG	AM HAUPTBAHNHOF 2, STUTTGART, - 70173, GERMANY	B32327967
5	10089229	07/02/2008	291,915,000.00	LANDESBANK BADEN-WURTTEMBERG	AM HAUPTBAHNHOF 2, 70173 STUTTGART,, FEDERAL REPU BLIC OF GERMANY, STUTTGART, - 70049, GERMANY	A32880270
6	10026551	10/01/2013 *	8,322,300,000.00	BANK OF BARODA	CROWFORD MARKET BRANCH, "DADA MANZIL" 67/69 MOHAM MED ALI ROAD, MUMBAI - 400003, MAHARASHTRA, INDIA	B67558676

* 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	118.439	0.000
Total	118.439	0.000

FIXED ASSETS

v Tangible Assets

Land

Buildings

Plant and Equipment

Other pollution Reduction Equipment

Furniture and Fixtures

Vehicles

Motor vehicles

Office Equipment

Computer Equipments

Other 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.98.15
Euro	1	Rs.78.66

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by:	KAR
Report Prepared by :	ANK

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	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.