MIRA INFORM REPORT

Report No. :	313312
Report Date :	05.04.2015

IDENTIFICATION DETAILS

Name :	CONDOR FOOTWEAR (INDIA) LIMITED
Registered Office :	A-1, 3503, 3504, Road No. 3, Sub Road No. 35,Sachin GIDC, Surat – 394520, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.11.1995
Com. Reg. No.:	04-028221
Capital Investment / Paid-up Capital :	Rs.25.003 Million
CIN No.: [Company Identification No.]	U19129GJ1995PLC028221
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACC9540N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Subject is engaged in manufacturing of Footwear with PU sole.
No. of Employees :	750 (Office -250, Warehouse – 400) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by sound liquidity position and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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	Lang term Bank Facilities A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	23.03.2015

Rating Agency Name	CARE
Rating	Short-term Bank Facilities A2+
Rating Explanation	Strong degree of safety and low credit risk
Date	23.03.2015

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 PARTED BY

Name :	Mr. Nikil
Designation :	Export Marketing
Contact No.:	91-6778000
Date :	31.03.2015

LOCATIONS

Registered Office/ Factory:	A-1, 3503, 3504, Road No. 3, Sub Road No. 35,Sachin GIDC, Surat – 394520, Gujarat
Tel. No.:	91-3088700
Fax No.:	Not Available
E-Mail :	rakeshadani@condorinblu.com
Website :	http://www.condorinblu.com
Location :	Owned
Factory 2 :	Condor Footwear (U.P) Sikandra, 7KM, Agra, Mathura Road, Agra – 28007, Uttar Pradesh, India
Factory 3 :	Hojiwala industrial estate Main gate 2, Road No. 10, Plot No. B-19/7, Surat, Gujarat, India

DIRECTORS

As on 30.09.2014

Name :

Fidanza Virginio Abbandio

Designation :

Director

Address :

Via Lombardia, 16-25028, Verolanuova – B.S., Italy

Date of Appointment :

17.04.1997

DIN No.:

02544737

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	U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA ) LIMITED	Director	17/04/1997	17/04/1997	-	Active	NO
2	U19201GJ2005PLC051287	CONDOR FOOTWEAR (U.P.) Limited	Director	01/03/2013	01/03/2013	-	Active	NO

Name :

Adnani Jaikishan Sugnomal

Designation :

Whole Tome Director

Address :

11, Shakti Nagar Society, Opposite Gate Way Hotel, Parel Point, Athwalines, Surat – 395001, Gujarat, India

Date of Appointment :

01.04.2014

DIN No.:

00164890

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	U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA ) LIMITED	Whole-time director	01/04/2014	24/11/1995	-	Active	NO
2	U19200GJ1999PTC036805	CHIRAG FOOTCARE PRIVATE LIMITED	Director	03/07/2001	03/07/2001	28/08/2008	Active	NO
3	U19201GJ2005PLC051287	CONDOR FOOTWEAR (U.P.) Limited	Director	09/10/2010	06/10/2005	-	Active	NO
4	U19100GJ2006PTC048042	AERO WALK INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	10/04/2010	10/04/2010	09/08/2010	Active	NO
5	U19201GJ2012PTC070309	BLUFLEX INTERNATIONAL INDIA PRIVATE LIMITED	Director	14/05/2012	14/05/2012	28/03/2014	Active	NO
6	U19201GJ2012PLC071717	LA BELLA INTERNATIONAL LIMITED	Director	28/08/2012	28/08/2012	-	Active	NO

Name :

Adnani Rakesh Bhagwandas

Designation :

Whole Tome Director

Address :

303, Trishla Apartment, Parel Point, Athwalines, Surat – 395007, Gujarat, India

Date of Appointment :

01.04.2014

DIN No.:

00164785

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	U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA ) LIMITED	Whole-time director	01-04-2014	03-08-1998	-	Active	NO
2	U19115GJ2008PTC053853	AF FOOT-CARE PRIVATE LIMITED	Director	03-06-2008	03-06-2008	-	Active	NO

Name :

Adnani Dipak Jaikishan

Designation :

Whole Time Director

Address :

11, Shakti Nagar Society, Opposite gate Way Hotel, Parle Point, Athwalines, Surat – 395007, Gujarat, India

Date of Appointment :

01.10.2013

DIN No.:

02498627

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	U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA ) LIMITED	Whole-time director	01/10/2013	15/09/2008	-	Active	NO
2	U19201GJ2005PLC051287	CONDOR FOOTWEAR (U.P.) Limited	Director	30/09/2014	01/01/2009	-	Active	NO
3	U19201GJ2012PTC070309	BLUFLEX INTERNATIONAL INDIA PRIVATE LIMITED	Director	14/05/2012	14/05/2012	-	Active	NO
4	U19201GJ2012PLC071717	LA BELLA INTERNATIONAL LIMITED	Director	28/08/2012	28/08/2012	-	Active	NO

Name :

Abbiati Ruggero

Designation :

Whole Time Director

Address :

Via Bettengo 78 (Road) 25026, Pontevico (Village), Brescia (Province), Italy- 25026

Date of Birth/ Age :

15.05.1969

Date of Appointment :

21.01.2013

DIN No.:

06488056

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	U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA ) LIMITED	Whole-time director	21/01/2013	21/01/2013	-	Active	NO
2	U19201GJ2005PLC051287	CONDOR FOOTWEAR (U.P.) Limited	Director	01/03/2013	01/03/2013	-	Active	NO

Name :

Khanna Nivesh Kismatrai

Designation :

Director

Address :

101, Prasthan Appartments, Somanth Road, Umra Jakat Naka, Surat – 395007, Gujarat, India

Date of Birth/ Age :

14.06.1973

Date of Appointment :

30.09.2014

DIN No.:

00217822

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	U19201GJ2005PLC051287	CONDOR FOOTWEAR (U.P.) Limited	Director	06/12/2010	06/12/2010	14/03/2011	Active	NO
2	U19201GJ2012PTC070309	BLUFLEX INTERNATIONAL INDIA PRIVATE LIMITED	Director	28/03/2014	28/03/2014	-	Active	NO
3	U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA ) LIMITED	Director	30/09/2014	30/09/2014	-	Active	NO

Name :

Jain Shantilal Sanchilal

Designation :

Director

Address :

102, Monil Park Society, New City Light Road, Surat - 395007, Gujarat, India

Date of Birth/ Age :

12.07.1961

Date of Appointment :

30.09.2014

DIN No.:

05113636

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	U17120GJ2011PTC067828	KARTIKEYE TAPES PRIVATE LIMITED	Managing director	04/02/2014	15/11/2011	-	Active	NO
2	U19129GJ1995PLC028221	CONDOR FOOTWEAR (INDIA ) LIMITED	Director	30/09/2014	30/09/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Adnani Jaikishan Sugnomal	1224625
Adnani Deepa Jaikishan	100
Condor Trade S.R.L.	1225137
Sval SRL	50117
Adnani Divya Jaikishan	100
Adnani Deepak Jaikishan	100
Adnani Heer Dipak	100
Total	2500279

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	49.00
Bodies corporate	2.00
Directors or relatives of Directors	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Subject is engaged in manufacturing of Footwear with PU sole.
Products :	Footwear and parts thereof
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Countries :	UAE
Imports :
Countries :	China Tiwan
Terms :
Selling :	Cheque
Purchasing :	Cheque

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

750 (Approximately)

Bankers :

• Kotak Mahindra Bank Limited – Nariman Point, Mumbai, Maharashtra, India
• HDFC Bank Limited – Ghodhod Road, Surat, Gujarat, India
• Indusind Bank Limited

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	0.000	1.569
Short-term borrowings
Working capital loans from banks	50.762	46.983
Total	50.762	48.552

Auditors :
Name :	Surendra Gandhi and Associates Chartered Accountants
Address :	3005, World Trade Centre, Ring Road, Surat – 395002, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABPPG8411K
Memberships :	Not Available
Collaborators :	Not Available
Related party	Condor Footwear (U.P.) Private Limited – (U19201gj2005ptc051287) Aero Walk International (India) Private Limited – (U19100gj2006ptc048042) Condor Trade S.R.L. A E R O S International

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500279	Equity Shares	Rs.10/- each	Rs.25.002 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	25.003	25.003	25.003
(b) Reserves & Surplus	740.387	622.008	473.776
(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)	765.390	647.011	498.779
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	1.569	5.317
(b) Deferred tax liabilities (Net)	10.680	8.074	7.438
(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)	10.680	9.643	12.755
(4) Current Liabilities
(a) Short term borrowings	110.762	46.983	27.875
(b) Trade payables	187.022	210.917	125.077
(c) Other current liabilities	59.163	29.177	53.752
(d) Short-term provisions	67.303	94.886	135.654
Total Current Liabilities (4)	424.250	381.963	342.358
TOTAL	1200.320	1038.617	853.892
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	432.607	201.813	166.251
(ii) Intangible Assets	1.259	1.116	1.207
(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	0.002	42.902	42.902
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.885	38.988	16.215
(e) Other Non-current assets	7.289	6.454	0.301
Total Non-Current Assets	448.042	291.273	226.876
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	418.501	378.606	268.644
(c) Trade receivables	216.562	207.148	153.610
(d) Cash and cash equivalents	5.817	3.285	3.341
(e) Short-term loans and advances	111.398	158.305	201.421
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	752.278	747.344	627.016
TOTAL	1200.320	1038.617	853.892

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1344.100	1407.409	1065.046
	Other Income	66.334	12.852	20.382
	TOTAL (A)	1410.434	1420.261	1085.428
Less	EXPENSES
	Cost of Materials Consumed	737.437	698.747	496.318
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(69.4000	(48.973)	0.605
	Employees benefits expense	71.284	61.180	46.227
	Other expenses	428.452	426.886	290.933
	TOTAL (B)	1167.773	1137.840	834.083
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	242.661	282.421	251.345
Less	FINANCIAL EXPENSES (D)	7.785	3.847	4.735
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	234.876	278.574	246.610
Less/ Add	DEPRECIATION/ AMORTISATION (F)	33.908	30.568	26.148
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	200.968	248.006	220.462
Less	TAX (I)	53.338	79.772	72.320
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	147.630	168.234	148.142
	Earnings / (Loss) Per Share (Rs.)	59.05	67.29	59.25

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	10.98	11.95	13.91
Operating Profit Margin (PBIDT/Sales)	(%)	18.05	20.07	23.60
Return on Total Assets (PBT/Total Assets}	(%)	16.74	24.91	27.18
Return on Investment (ROI) (PBT/Networth)		0.26	0.38	0.44
Debt Equity Ratio (Total Debt /Networth)		0.14	0.08	0.07
Current Ratio (Current Asset/Current Liability)		1.77	1.96	1.83

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	25.003	25.003	25.003
Reserves & Surplus	473.776	622.008	740.387
Net worth	498.779	647.011	765.390
long-term borrowings	5.317	1.569	0.000
Short term borrowings	27.875	46.983	110.762
Total borrowings	33.192	48.552	110.762
Debt/Equity ratio	0.067	0.075	0.145

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1065.046	1407.409	1344.100
		32.145	-4.498

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1065.046	1407.409	1344.100
Profit	148.142	168.234	147.630
	13.91%	11.95%	10.98%

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

Notes:

Nature of Operations

Condor Footwear (India) Limited (hereinafter referred to as the Company is engaged in manufacturing of Footwear with PU sole. The main work focus is in manufacturing the footwear’s for ladies and girls. Our finished product is sold to domestic as well as international markets.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Other loans and advances	60.000	0.000
Total	60.000	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10556656	26/02/2015	120,000,000.00	INDUSIND BANK LIMITED	SHOP NO.2 AND 3, "PURV PRIME", NATUBHAI CIRCLE,,GOTRI MAIN ROAD, BARODA, Gujarat - 390007, INDIA	C47554431
2	10550944	25/11/2014	170,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C44510428
3	10532729	11/06/2014	170,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C34538272
4	10375694	11/06/2014 *	170,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C34538934
5	10347140	04/06/2014 *	170,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C34536532

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipment’s

Intangible assets

• Brands and trade marks

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 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 :	MAN
Analysis Done by :	KAR
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		54

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.