MIRA INFORM REPORT

Report Date :

16.09.2014

IDENTIFICATION DETAILS

Name :	N. C. JOHN AND SONS PRIVATE LIMITED
Registered Office :	W 16/329, Vazicherry, P.O.BOX 17, Alleppey – 688001, Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.08.1943
Com. Reg. No.:	09-000784
Capital Investment / Paid-up Capital :	Rs. 2.000 Millions
CIN No.: [Company Identification No.]	U17239KL1943PTC000784
TAN No.: [Tax Deduction & Collection Account No.]	TVDN00230G
PAN No.: [Permanent Account No.]	AABCN0264H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Coir Yarn, Coir goods, Rubber Mats, Jute Products, Handicrafts, Garments, Rubber Wood Mats.
No. of Employees :	400(Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 130000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk profile and fair profitability levels of the company. Trade relation are fair. Business is active. Payments terms are reported to be usually correct. The company can be considered for business dealing 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	ICRA
Rating	Fund based facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	July 2014

Rating Agency Name	ICRA
Rating	Non Fund based facilities = A3+
Rating Explanation	Moderate degree of safety and high credit risk
Date	July 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 (General details )

Name :	Mr. Alex Joseph
Designation :	Director
Contact No.:	91-477-2243796
Date :	30.08.2014

LOCATIONS

Registered Office / Factory Address :	W 16/329, Vazicherry, P.O.BOX 17, Alleppey – 688001, Kerala, India
Tel. No.:	91-477-2243796 / 98
Fax No.:	91-477-2242375 / 2242375
E-Mail :	ncj@vsnl.com enquiry@ncjohn.com
Website :	http://www.ncjohn.com
Factory :	Post Box No. 17, Alleppey – 688001, Kerala, India
Tel. No.:	91-477-2243796 / 98
Fax No.:	91-477-2243173 / 2242375

DIRECTORS

As on 28.09.2013

Name :

Mr. Alex Joseph

Designation :

Director

Address :

Neroth House, Power House Ward, Alleppey – 688007

Date of Birth/Age :

05.08.1962

Qualification :

B. Com., LLB

Date of Appointment :

29.01.1994

Din No.:

00361259

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	U17239KL1943PTC000784	N C JOHN AND SONS PRIVATE LIMITED	Director	29/01/1994	29/01/1994		Active	NO
2	U15143KL1949PTC000808	NEROTH OIL MILLS CO PRIVATE LTD	Director	27/09/2001	27/09/2001	-	Active	NO
3	U40108KL2013PTC034341	NCN VENTURES PRIVATE LIMITED	Nominee director	18/06/2013	18/06/2013	-	Active	NO
4	U01132KL1958PTC001767	NINANS PRIVATE LTD	Director	28/09/2013	28/09/2013	-	Active	NO

Name :

Mr. Chandy John Rajan

Designation :

Director

Address :

Neroth House, Jubilee Road, Alleppey – 688001

Date of Birth/Age :

16.05.1942

Date of Appointment :

29.01.1994

Din No.:

00361166

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	U63040KL1962PTC001982	JAI HIND TRAVELS PVT LTD	Managing director	27/01/1983	27/01/1983	14/01/2010	Active	NO
2	U01132KL1958PTC001767	NINANS PRIVATE LTD	Director	27/09/1991	27/09/1991	-	Active	NO
3	U17239KL1943PTC000784	N C JOHN AND SONS PRIVATE LIMITED	Director	29/01/1994	29/01/1994	-	Active	NO
4	U20221KL1994PLC008055	ECO WOOD LTD	Director	28/07/1994	28/07/1994	-	Active	NO
5	U17226KL2005PTC018026	COCO TUFTERS PRIVATE LIMITED	Director	21/03/2005	21/03/2005	-	Active	NO
6	U17119KL2005PTC018518	ALAPPUZHA NATURAL FIBRE INFRASTRUCTURE DEVELOPMENT COMPANY PRIVATE LIMITED	Managing director	30/03/2006	30/03/2006	-	Active	NO

Name :

Mr. John Neroth Chandy John

Designation :

Director

Address :

Neroth House, Jubilee Road, Alleppey – 688001

Date of Birth/Age :

21.09.1938

Date of Appointment :

29.01.1994

Din No.:

00363315

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	U01132KL1958PTC001767	NINANS PRIVATE LTD	Director	25/11/1968	25/11/1968	-	Active	NO
2	U17239KL1943PTC000784	N C JOHN AND SONS PRIVATE LIMITED	Director	29/01/1994	29/01/1994	-	Active	NO
3	U20221KL1994PLC008055	ECO WOOD LTD	Director	28/07/1994	28/07/1994	-	Active	NO
4	U91110KL1938NPL001413	COCHIN CHAMBER OF COMMERCE AND INDUSTRY	Director	26/07/2003	26/07/2003	30/11/2007	Active	NO
5	U17226KL2005PTC018026	COCO TUFTERS PRIVATE LIMITED	Director	21/03/2005	21/03/2005	-	Active	NO

Name :

Mr. N John Chacko

Designation :

Director

Address :

Neroth Gardens, Vattayal Ward, Alleppey – 688002

Date of Birth/Age :

02.05.1962

Qualification :

B. Sc., B.E., M. Ch. Engineer

Date of Appointment :

06.05.2005

Din No.:

00365727

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	U55102KL1991PTC006013	ALLEPPEY BACKWATER RESORTS PRIVATE LIMITED	Director	25/03/1991	25/03/1991	-	Active	NO
2	U63040KL1962PTC001982	JAI HIND TRAVELS PVT LTD	Director	12/10/1993	12/10/1993	14/01/2010	Active	NO
3	U01119KL1959PTC001829	NEROTH PLANTATIONS PVT LTD	Director	30/11/1993	30/11/1993	-	Active	NO
4	U20221KL1994PLC008055	ECO WOOD LTD	Director	28/07/1994	28/07/1994	-	Active	NO
5	U15143KL1949PTC000808	NEROTH OIL MILLS CO PRIVATE LTD	Director	19/09/2000	19/09/2000	-	Active	NO
6	U01132KL1958PTC001767	NINANS PRIVATE LTD	Director	06/05/2005	06/05/2005	-	Active	NO
7	U17239KL1943PTC000784	N C JOHN AND SONS PRIVATE LIMITED	Director	06/05/2005	06/05/2005	-	Active	NO
8	U91110KL1938NPL001413	COCHIN CHAMBER OF COMMERCE AND INDUSTRY	Director	30/11/2007	30/11/2007	28/10/2008	Active	NO
9	U40108KL2013PTC034341	NCN VENTURES PRIVATE LIMITED	Nominee director	18/06/2013	18/06/2013	-	Active	NO

Name :

Mr. John Chandy Neroth

Designation :

Director

Address :

Neroth House, Lejeneth Ward, Alleppey – 688001

Date of Birth/Age :

28.09.1945

Qualification :

B. E.

Date of Appointment :

29.01.1994

DIN No.:

00365698

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	U01132KL1958PTC001767	NINANS PRIVATE LTD	Director	27/09/1991	27/09/1991	28/09/2013	Active	NO
2	U17239KL1943PTC000784	N C JOHN AND SONS PRIVATE LIMITED	Director	29/01/1994	29/01/1994	-	Active	NO
3	U91200KL1939NPL000034	ASSOCIATED COTTAGE INDUSTRIES AND SHIPPERS UNION	Director	30/09/2003	30/09/2003	30/09/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Shareholders details files attached.

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	1.60
Directors or relatives of Directors	98.00
Other top fifty shareholders	0.40
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Coir Yarn, Coir goods, Rubber Mats, Jute Products, Handicrafts, Garments, Rubber Wood Mats

Products :

Product	Item Code
Coir Mats and Mattings	570220.00
Coir Yarn	530810.00
Sisal Mattings	530890.00

Imports :

Countries :

Europe and America

GENERAL INFORMATION

No. of Employees :	400(Approximately)
Bankers :	State Bank of India, Alleppey-688012, Kerala, India Indian Overseas Bank, V. S. V. Building, C.C N B Road, Alleppey – 688011, Kerala, India
Facilities :	--

Banking Relations :	---
Auditors :
Name :	Abdul Rahim and Company Chartered Accountant
Address :	New Bazar, Alleppey – 688001, Kerala, India
Office No.:	91-477-2231312
Resi. No.:	91-477-2251892 / 2264250
Fax No.:	91-477-2251312
E-Mail :	abdulrahim_co@yahoo.co.in
PAN No.:	AAFFA2712E
Sister Concern :	· Coco Tufters Private Limited · NOM Company Private Limited · Neroth Plantation Private Limited · Neroth Corporation · Neroth Estate · Eco Wood Private Limited · Ninans Private Limited
Subsidiaries :	COCO TUFTERS PRIVATE LIMITED U17226KL2005PTC018026

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Share	Rs.100/- Each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Share	Rs.100/- Each	Rs. 2.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.000	2.000	2.000
(b) Reserves & Surplus	370.092	349.740	346.397
(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)	372.092	351.740	348.397
(3) Non-Current Liabilities
(a) long-term borrowings	3.691	31.356	8.600
(b) Deferred tax liabilities (Net)	16.336	13.379	12.435
(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)	20.027	44.735	21.035
(4) Current Liabilities
(a) Short term borrowings	228.929	161.234	156.286
(b) Trade payables	6.100	19.036	4.480
(c) Other current liabilities	4.329	3.003	15.301
(d) Short-term provisions	54.689	37.727	36.954
Total Current Liabilities (4)	294.047	221.000	213.021
TOTAL	686.166	617.475	582.453
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	241.874	258.317	175.304
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	7.185	1.135	37.776
(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	7.726	9.218	0.000
(e) Other Non-current assets			0.000
Total Non-Current Assets	256.785	268.670	213.080
(2) Current assets
(a) Current investments	81.881	62.723	59.413
(b) Inventories	213.549	173.107	175.619
(c) Trade receivables	75.215	57.089	32.830
(d) Cash and cash equivalents	12.037	4.274	13.058
(e) Short-term loans and advances	15.424	28.728	24.788
(f) Other current assets	31.275	22.884	63.665
Total Current Assets	429.381	348.805	369.373
TOTAL	686.166	617.475	582.453

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	952.615	792.132	677.700
		Other Income	35.157	32.087	13.653
		TOTAL	987.772	824.219	691.353
Less	EXPENSES
		TOTAL	952.986	814.459	669.446
	PROFIT BEFORE TAX		34.786	9.760	21.907
Less	TAX		19.718	5.297	5.870
	PROFIT AFTER TAX (G-H)		15.068	4.463	16.037
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		183.042	183.206	167.812
Less	APPROPRIATIONS
		Final Dividend Proposed	4.000	3.000	5.000
		Tax on Dividend	0.648	0.463	2.000
		Deferred Tax Liability	2.956	0943	0.309
	BALANCE CARRIED TO THE B/S		191.060	183.042	183.206
	Earnings Per Share (Rs.)		753.4	223.15	801.85

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.53	0.54	2.32
Net Profit Margin (PBT/Sales)	(%)	3.65	1.23	3.23
Return on Total Assets (PBT/Total Assets}	(%)	5.12	1.58	4.02
Return on Investment (ROI) (PBT/Networth)		0.09	0.03	0.06
Debt Equity Ratio (Total Debt /Networth)		0.63	0.55	0.47
Current Ratio (Current Asset/Current Liability)		1.46	1.58	1.73

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.000	2.000	2.000
Reserves & Surplus	346.397	349.740	370.092
Net worth	348.397	351.740	372.092
long-term borrowings	8.600	31.356	3.691
Short term borrowings	156.286	161.234	228.929
Total borrowings	164.886	192.590	232.620
Debt/Equity ratio	0.473	0.548	0.625

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	677.700	792.132	952.615
		16.885	20.260

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	677.700	792.132	952.615
Profit	16.037	4.463	15.068
	2.37%	0.56%	1.58%

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	No
18]	Major customers	No
19]	Payments terms	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

(Rs. In Millions)

Unsecured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term Loans
- From Banks	3.691	31.355
SHORT TERM BORROWING
Loans repayable on demand
- From Banks	102.463	62.292
- From Other Parties	126.465	98.941
Total	232.619	192.588

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10350143	28/03/2012	120,000,000.00	STATE BANK OF TRAVANCORE	SME BRANCH, VAZHICHERRY, ALAPPUZHA, ALAPPUZHA, Ke  rala - 688001, INDIA	B37719713
2	10108249	15/02/2014 *	5,000,000.00	Indian Overseas Bank	Alleppey Branch, CCNB Road, Alleppey, Kerala - 68  8011, INDIA	B98672827
3	10108246	25/04/2008	499,200,000.00	INDIAN OVERSEAS BANK	C C N B ROAD, ALLEPPEY, Kerala - 688011, INDIA	A40245292
4	90022189	25/04/2008 *	1,000,000.00	INDIAN OVERSEAS BANK	V.S.V BUILDING, C C N B ROAD, ALLEPPEY, Kerala -  688011, INDIA	A40243420
5	80025137	01/11/1995	1,000,000.00	Indian Overseas Bank	C.C.N.B Road, Alleppey, Kerala - 688011, INDIA	-
6	90022105	15/02/2014 *	125,000,000.00	Indian Overseas Bank	Alleppey Branch, CCNB Road, Alleppey, Kerala - 68  8011, INDIA	B98672470
7	80025138	25/04/2008 *	33,000,000.00	INDIAN OVERSEAS BANK	C C N B ROAD, ALLEPPEY, Kerala - 688011, INDIA	A40242968
8	90021696	04/02/1986 *	2,000,000.00	INDIAN OVRSEAS BANK	C.C.N.B. ROAD, ALLEPPEY, Kerala - 688011, INDIA	-
9	90021694	11/01/1986 *	13,200,000.00	INDIAN OVRSEAS BANK	C.C.N.B. ROAD, ALLEPPEY, Kerala - 688011, INDIA	-
10	90021687	24/09/1985	1,000,000.00	INDIAN OVRSEAS BANK	C.C.N.B. ROAD, ALLEPPEY, Kerala - 688011, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Motor Cars

· Transport Vehicle

· Furniture and Fitting

· Computer System

· Scrap

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. 78.65

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KRN
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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.