MIRA INFORM REPORT

Report No. :	314939
Report Date :	01.04.2015

IDENTIFICATION DETAILS

Name :	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED
Registered Office :	Survey No.34, Movia Padadhari, Taluka Padadhari, District Rajkot – 360 110, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.01.2006
Com. Reg. No.:	04-047456
Capital Investment / Paid-up Capital :	Rs.47.110 million
CIN No.: [Company Identification No.]	U17110GJ2006PTC047456
IEC No.:	Not Available
TIN No.:	24092300311
TAN No.: [Tax Deduction & Collection Account No.]	RKTR01661C
PAN No.: [Permanent Account No.]	AADCR1961K
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of processing and trading in cotton.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to financials are not available from any sources. As per available financial of 2013, profitability of the company seems to be low. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BB
Rating Explanation	Have moderate risk of default.
Date	09.01.2015

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 BY

Name :	Mr. Gaurav Dineshbhai Selani
Designation :	Manager
Contact No.:	91-9879879499
Date :	31.03.2015

LOCATIONS

Registered Office :	Survey No.34, Movia Padadhari, Taluka Padadhari, District Rajkot – 360 110, Gujarat, India
Tel. No. :	Not Available
Mobile No. :	91-9879879499 (Mr. Gaurav Dineshbhai Selani)
Fax No. :	Not Available
E-Mail :	rcgp2006@yahoo.com
Factory :	Survey No.34/P/1-2-3, Rajkot-Jamnagar Highway, Near Bharat Hotel, Village Paddhari, District Rajkot, Gujarat, India
Tel. No. :	91-2820-233550/ 233551
Fax No. :	91-2820-233549
Office :	No.202 Shree Mahalaxmi Commercial Complex, 2^nd Floor Opposite Sant Mary School, Kalawad Road, Rajkot 360 005, Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :

Ms. Heena Bhadresh Mehta

Designation :

Director

Address :

402, Manju Veena Apartment, 2A Narayan Dabholkar Road, Off. Napean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

13.10.1958

Date of Appointment :

29.09.2012

DIN No. :

00655763

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	U29261MH1987PTC045725	KIN-TEX ENGINEERS PRIVATE LIMITED	Director	30/12/1987	30/12/1987	-	Active	NO
2	U51900MH1999PLC120968	BRITEX COTTON INTERNATIONAL LIMITED	Director	23/07/1999	23/07/1999	-	Active	NO
3	U17119GJ1994PTC023788	GALAXY COTTON AND TEXTILES PRIVATE LIMITED	Director	03/05/2002	03/05/2002	17/08/2013	Active	NO
4	U40105MH2008PLC182506	BHADRESH TRADING CORPORATION LIMITED	Director	21/05/2008	21/05/2008	-	Active	NO
5	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	-	Active	NO
6	U17120GJ2013PTC075448	NATURAL TEX YARN PRIVATE LIMITED	Director	30/09/2014	24/06/2013	-	Active	NO
7	U01111MH2009PLC195634	BHADRESH AGRO VENTURE LIMITED	Director	25/01/2014	25/01/2014	-	Active	NO

Name :

Mr. Bhadresh Vasantrai Mehta

Designation :

Director

Address :

402, Manju Veena Apartment, 2A Narayan Dabholkar Road, Off. Napean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

28.10.1957

Date of Appointment :

29.09.2012

DIN No. :

01206174

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	U29261MH1987PTC045725	KIN-TEX ENGINEERS PRIVATE LIMITED	Director	30/12/1987	30/12/1987	-	Active	NO
2	U51900MH1999PLC120968	BRITEX COTTON INTERNATIONAL LIMITED	Director	23/07/1999	23/07/1999	-	Active	NO
3	U17119GJ1994PTC023788	GALAXY COTTON AND TEXTILES PRIVATE LIMITED	Director	03/05/2002	03/05/2002	13/08/2013	Active	NO
4	U40105MH2008PLC182506	BHADRESH TRADING CORPORATION LIMITED	Managing director	01/06/2013	21/05/2008	-	Active	NO
5	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	31/12/2008	31/12/2008	-	Active	NO
6	U01111MH2009PLC195634	BHADRESH AGRO VENTURE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO
7	U14200MH2009PTC195633	BHADRESH NATURAL RESOURCES PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO
8	U45202MH2009PTC195679	BHADRESH INFRA VENTURE PRIVATE LIMITED	Director	10/09/2009	10/09/2009	-	Active	NO
9	U63013MH2010PLC211200	BTC CASHCOT INDUSTRIES LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
10	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	-	Active	NO
11	U17119GJ1998PTC034650	GIRIRAJ GINNING AND PRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	-	Active	NO
12	U40104GJ2011PTC067670	CRUST POWER PRIVATE LIMITED	Director	07/06/2012	07/06/2012	-	Active	NO
13	U24298GJ2012PTC072140	LAVAN SALT PRIVATE LIMITED	Director	19/12/2012	19/12/2012	-	Active	NO
14	U14200GJ2009PTC057963	CRUST MINECHEM PRIVATE LIMITED	Director	01/04/2013	01/04/2013	-	Active	NO
15	U17120GJ2013PTC075448	NATURAL TEX YARN PRIVATE LIMITED	Director	30/09/2014	24/06/2013	-	Active	NO
16	L31104KL1989PLC005478	ARTECH POWER PRODUCTS LTD	Additional director	14/02/2015	14/02/2015	-	Active	NO

Name :

Mr. Dineshkumar Dhirajlal Selani

Designation :

Director

Address :

A-24, Dwarkesh, Panchvati Society, Near Panchvati Hall, Rajkot – 360 005, Gujarat, India

Date of Birth/Age :

01.04.1965

Date of Appointment :

06.01.2006

DIN No. :

01601752

PAN No.:

AHDPS7722B

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	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	06/01/2006	06/01/2006	-	Active	NO
2	U01514GJ2006PTC049489	PRIME COTTEX PRIVATE LIMITED	Director	01/07/2008	01/07/2008	-	Active	NO
3	U17120GJ2013PTC075448	NATURAL TEX YARN PRIVATE LIMITED	Director	04/06/2013	04/06/2013	-	Active	NO
4	U51909GJ2013PTC076447	RGS IMPEX PRIVATE LIMITED	Director	16/08/2013	16/08/2013	-	Active	NO
5	U17111GJ2014PTC078412	RAGHUVANSHI INDUSTRIES PRIVATE LIMITED	Director	24/01/2014	24/01/2014	-	Active	NO
6	U17119GJ1998PTC034650	GIRIRAJ GINNING AND PRESSING PRIVATE LIMITED	Additional director	04/09/2014	04/09/2014	-	Active	NO

Name :

Ms. Pritiben Dineshbhai Selani

Designation :

Director

Address :

A-24, Dwarkesh, Panchvati Society, Near Panchvati Hall, Rajkot – 360 005, Gujarat, India

Date of Birth/Age :

06.05.1965

Date of Appointment :

08.02.2006

DIN No. :

01760332

PAN No.:

AKOPS1150P

Name :

Mr. Parth Bhadresh Mehta

Designation :

Director

Address :

402, Manju Veena Apartment, 2A Narayan Dabholkar Road, Off. Napean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

30.04.1988

Date of Appointment :

29.09.2012

DIN No. :

01802821

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	U51900MH1999PLC120968	BRITEX COTTON INTERNATIONAL LIMITED	Director	15/12/2007	15/12/2007	-	Active	NO
2	U40105MH2008PLC182506	BHADRESH TRADING CORPORATION LIMITED	Director	01/06/2013	21/05/2008	-	Active	NO
3	U17119GJ1994PTC023788	GALAXY COTTON AND TEXTILES PRIVATE LIMITED	Director	26/05/2008	26/05/2008	17/08/2013	Active	NO
4	U01111MH2009PLC195634	BHADRESH AGRO VENTURE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO
5	U14200MH2009PTC195633	BHADRESH NATURAL RESOURCES PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO
6	U45202MH2009PTC195679	BHADRESH INFRA VENTURE PRIVATE LIMITED	Director	10/09/2009	10/09/2009	-	Active	NO
7	U63013MH2010PLC211200	BTC CASHCOT INDUSTRIES LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO
8	U17110GJ2006PTC047456	RAGHUVANSHI COTTON GINNING AND PPRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	-	Active	NO
9	U17119GJ1998PTC034650	GIRIRAJ GINNING AND PRESSING PRIVATE LIMITED	Director	29/09/2012	30/01/2012	-	Active	NO
10	U40104GJ2011PTC067670	CRUST POWER PRIVATE LIMITED	Director	07/06/2012	07/06/2012	-	Active	NO
11	U17120GJ2013PTC075448	NATURAL TEX YARN PRIVATE LIMITED	Director	30/09/2014	24/06/2013	-	Active	NO
12	L31104KL1989PLC005478	ARTECH POWER PRODUCTS LTD	Additional director	14/02/2015	14/02/2015	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of holding
Dineshkumar Dhirajlal Selani	445000	9.45
Pritiben Dineshbhai Selani	500000	10.61
Gaurav Dineshbhai Selani	886000	18.81
Amita Bhaveshbhai Selani	55000	1.17
Hitesh Pravinchandra Selani	73000	1.55
Meghanaben Gopalbhai Selani	60000	1.27
Naynaben Harshbhai Selani	55000	1.17
Reena Hiteshbhai Selani	46000	0.97
Bhadresh Trading Corporation Limited, India	2591000	55.00
Total	4711000	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	55.00
Directors or relatives of Directors	38.87
Other top fifty shareholders	6.13
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of processing and trading in cotton.
Products :	Cotton Bales Cotton Seeds
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	State Bank if India
Branch Address	Commercial Branch, Nobel House, Kalawad Road, Rajkot – 360 001, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks	7.576	0.000
Loans taken for vehicles	0.065	0.171
SHORT TERM BORROWINGS
Working capital loans from banks	587.095	303.021
Other loans and advances
Corporation Bank CBCA	0.126	0.000
SBI SLC	50.488	0.000
Total	645.350	303.192

Banking Relations :	--
Auditors :
Name :	J.G. Unadakat and Company Chartered Accountants
Address :	702, King's Plaza, Ashtron Chowk, Sardar Nagar, Main Road
PAN No.:	AAIFJ6822D
Memberships :	Not Available
Collaborators :	Not Available
Holding Company (As on 31.03.2013) :	Bhadresh Trading Corporation Limited, India (CIN No.: U40105MH2008PLC182506)
Associates (As on 31.03.2013) :	Raghuvanshi Industries, India Tha. Dineshkumar Dhirajlal, India Raghuvanshi Oil Industries, India

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4711000	Equity Shares	Rs.10/- each	Rs.47.110 million

FINANCIAL DATA

[all figures are in Rupees Million]

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	47.110	47.110	21.200
(b) Reserves & Surplus	194.941	182.452	46.252
(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)	242.051	229.562	67.452
(3) Non-Current Liabilities
(a) Long-term borrowings	7.641	0.171	3.241
(b) Deferred tax liabilities (Net)	1.289	1.350	1.286
(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)	8.930	1.521	4.527
(4) Current Liabilities
(a) Short term borrowings	653.323	320.717	466.831
(b) Trade payables	17.513	18.583	25.458
(c) Other current liabilities	89.832	79.812	6.674
(d) Short-term provisions	7.569	3.334	2.161
Total Current Liabilities (4)	768.237	422.446	501.124
TOTAL	1019.218	653.529	573.103
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.236	74.427	70.464
(ii) Intangible Assets	0.007	0.011	0.006
(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	0.000	0.000	0.650
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.670	0.856	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	68.913	75.294	71.120
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	651.968	455.200	320.169
(c) Trade receivables	285.734	108.697	134.395
(d) Cash and cash equivalents	2.746	2.015	5.069
(e) Short-term loans and advances	5.392	10.817	42.350
(f) Other current assets	4.465	1.506	0.000
Total Current Assets	950.305	578.235	501.983
TOTAL	1019.218	653.529	573.103

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover	3976.687	2979.518	1516.399
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		29.050	18.912	13.881
Less/ Add	DEPRECIATION/ AMORTISATION		9.127	8.810	9.032
	PROFIT/ (LOSS) BEFORE TAX		19.923	10.102	4.849
Less	TAX		7.434	3.452	1.573
	PROFIT/ (LOSS) AFTER TAX		12.489	6.650	3.276
	EARNINGS IN FOREIGN CURRENCY		20.342	Nil	Nil
	Earnings / (Loss) Per Share (Rs.)		2.65	0.14	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.31	0.22	0.22
Return on Total Assets (PBT/Total Assets}	(%)	1.95	1.55	0.85
Return on Investment (ROI) (PBT/Networth)		0.08	0.04	0.07
Debt Equity Ratio (Total Debt/Networth)		2.73	1.40	6.97
Current Ratio (Current Asset/Current Liability)		1.24	1.37	1.00

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	21.200	47.110	47.110
Reserves & Surplus	46.252	182.452	194.941
Net worth	67.452	229.562	242.051
Long Term borrowings	3.241	0.171	7.641
Short Term borrowings	466.831	320.717	653.323
Total borrowings	470.072	320.888	660.964
Debt/Equity ratio	6.969	1.398	2.731

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Million)	(INR in Million)	(INR in Million)
Turnover	1,516.399	2,979.518	3,976.687
		96.486	33.467

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Million)	(INR in Million)	(INR in Million)
Turnover	1516.399	2979.518	3976.687
Profit	3.276	6.650	12.489
	0.22%	0.22%	0.31%

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	No
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 LOANS

PARTICULARS	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
SHORT TERM BORROWINGS
Loans and advances from directors	10.184	12.376
Loans and advances from others	5.430	5.320
Total	15.614	17.696

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10405775	07/02/2014 *	697,900,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, NOBEL HOUSE, KALAWAD ROAD, RAJKOT, GUJARAT - 360001, INDIA	B97894497
2	10390706	07/02/2014 *	697,900,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, NOBEL HOUSE, KALAWAD ROAD, RAJKOT, GUJARAT - 360001, INDIA	B97892889

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipments

Intangible Assets

· Computer Software

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 records 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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	RAS
Report Prepared by :	SMN

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
-- PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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