MIRA INFORM REPORT

Report No. :	318358
Report Date :	20.04.2015

IDENTIFICATION DETAILS

Name :	INTERNATIONAL PACKAGING PRODUCTS PRIVATE LIMITED (w.e.f. 31.03.2005)
Formerly Known As :	INTERNATIONAL PACKAGING PRIVATE LIMITED
Registered Office :	Unit No. 602, 6th Floor, Antrishk Thakoor House, CTS No. 773, Makwana Road, Marol, Andheri (East), Mumbai – 400093, Maharashtra
Tel. No.:	91-22-67416620/ 45
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.12.2000
Com. Reg. No.:	11-130009
Capital Investment / Paid-up Capital :	Rs. 2.454 Million
CIN No.: [Company Identification No.]	U21014MH2000PTC130009
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI7987D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Selling of Plastic Woven Fabric in roll form and converted Industrial Fabrics.
No. of Employees :	650 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 2600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal 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 – 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

Not Available

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. Vikram Shetty
Designation :	Accounts Department
Contact No.:	91-22-67416620

LOCATIONS

Registered Office :	Unit No. 602, 6th Floor, Antrishk Thakoor House, CTS No. 773, Makwana Road, Marol, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-67416620/ 45
Mobile No.:	91-9824732747 (Mr. Dharmesh)
Fax No.:	91-22-67416699
E-Mail :	dsrivastava@interwrap.com cs@skparekh.com hpawani@interwrap.com dprinters@interwrap.com vgupta@interwrap.com
Website :	http://www.interwrap.com
Area :	2378 sq. ft.
Location :	Owned
Factory 1 :	Survey No. 380/2, Dapada Village, Khanvel Silvassa Road - 396230, Union Territory of Dadra and Nagar Haveli, India
Tel. No.:	91-260-2699385-388
Fax No.:	91-260-2699390
Factory 2 :	Sayli Village, Silvassa, Union Territory of Dadra and Nagar Haveli, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Baldev Singh Shokar

Designation :

Director

Address :

3076 Yellow Cedar PL Coquitlasm BC V3E2ZY7, British Columbia, Canada, V3E2Y7

Date of Birth/Age :

03.02.1950

Date of Appointment :

10.01.2001

DIN No.:

00265320

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	U21014MH2000PTC130009	INTERNATIONAL PACKAGING PRODUCTS PRIVATE LIMITED	Director	10/01/2001	10/01/2001	-	Active	NO
2	U40100DN2005PTC000431	DARO ENERGY PRIVATE LIMITED	Director	27/06/2005	27/06/2005	14/01/2014	Active	NO
3	U45201GJ2002PTC041309	GANGOTRI INFRASTRUCTURE PRIVATE LIMITED	Director	19/07/2006	19/07/2006	07/08/2009	Active	NO
4	U25209MH2006PTC163837	MICROFIBER CORP PRIVATE LIMITED	Director	23/08/2006	23/08/2006	-	Active	NO
5	U26930MH2009PTC191915	INTERWRAP BUILDING SYSTEMS PRIVATE LIMITED	Director	22/04/2009	22/04/2009	14/01/2014	Active	NO
6	U20296MH1997PTC107904	SHUBH-NIL YARNS PRIVATE LIMITED	Whole-time director	01/07/2009	01/07/2009	14/01/2014	Active	NO
7	U18109MH2010PTC209110	INTERFLEX NETS & INFRASTRUCTURE PRIVATE LIMITED	Director	18/10/2010	18/10/2010	14/01/2014	Active	NO
8	U73100DN2011PTC000360	INDO CANADA PLASTIC TESTING LAB & INSTITUTE PRIVATE LIMITED	Director	11/03/2011	11/03/2011	14/01/2014	Active	NO
9	U45201DN2012PTC000389	SHRYANSH INFRACON PRIVATE LIMITED	Director	11/01/2012	11/01/2012	-	Active	NO
10	U74900MH2013PTC247170	InterWrap Corp Private Limited	Director	30/09/2014	21/08/2013	-	Active	NO
11	U74999MH2013PTC246836	DARO CORP PRIVATE LIMITED	Additional director	21/08/2013	21/08/2013	14/01/2014	Active	NO
12	U74900MH2013PTC246832	DARO POLY PRIVATE LIMITED	Additional director	21/08/2013	21/08/2013	14/01/2014	Active	NO

Name :

Mr. Robert Alexander Milne

Designation :

Director

Address :

2201, 323 Jervis St. Vancouver BC V6C3P8 Vancouver, V6V3P8, Canada

Date of Birth/Age :

01.10.1952

Date of Appointment :

10.01.2001

DIN No.:

00458105

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	U21014MH2000PTC130009	INTERNATIONAL PACKAGING PRODUCTS PRIVATE LIMITED	Director	10/01/2001	10/01/2001	-	Active	NO
2	U25209MH2006PTC163837	MICROFIBER CORP PRIVATE LIMITED	Director	23/08/2006	23/08/2006	-	Active	NO
3	U20296MH1997PTC107904	SHUBH-NIL YARNS PRIVATE LIMITED	Director	01/07/2009	01/07/2009	14/01/2014	Active	NO
4	U40100DN2005PTC000431	DARO ENERGY PRIVATE LIMITED	Director	29/09/2010	29/09/2010	14/01/2014	Active	NO
5	U73100DN2011PTC000360	INDO CANADA PLASTIC TESTING LAB & INSTITUTE PRIVATE LIMITED	Director	11/03/2011	11/03/2011	14/01/2014	Active	NO
6	U18109MH2010PTC209110	INTERFLEX NETS & INFRASTRUCTURE PRIVATE LIMITED	Director	30/11/2012	30/11/2012	14/01/2014	Active	NO
7	U26930MH2009PTC191915	INTERWRAP BUILDING SYSTEMS PRIVATE LIMITED	Director	30/11/2012	30/11/2012	14/01/2014	Active	NO
8	U74900MH2013PTC247170	InterWrap Corp Private Limited	Director	30/09/2014	21/08/2013	-	Active	NO
9	U74999MH2013PTC246836	DARO CORP PRIVATE LIMITED	Additional director	21/08/2013	21/08/2013	14/01/2014	Active	NO
10	U74900MH2013PTC246832	DARO POLY PRIVATE LIMITED	Additional director	21/08/2013	21/08/2013	14/01/2014	Active	NO

Name :

Thad M Jones

Designation :

Director

Address :

676 Ivy Lane, Charlottesville, VA22901, USA

Date of Birth/Age :

17.11.1971

Date of Appointment :

30.09.2014

DIN No.:

06794995

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	U21014MH2000PTC130009	INTERNATIONAL PACKAGING PRODUCTS PRIVATE LIMITED	Director	30/09/2014	23/01/2014	-	Active	NO
2	U74900MH2013PTC247170	InterWrap Corp Private Limited	Director	30/09/2014	23/01/2014	-	Active	NO

Name :

Stephen Martin Burns

Designation :

Director

Address :

980 Tanglewood Road, Charlottesville, VA22901, USA

Date of Birth/Age :

29.12.1961

Date of Appointment :

30.09.2014

DIN No.:

06794999

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	U21014MH2000PTC130009	INTERNATIONAL PACKAGING PRODUCTS PRIVATE LIMITED	Director	30/09/2014	23/01/2014	-	Active	NO
2	U74900MH2013PTC247170	InterWrap Corp Private Limited	Director	30/09/2014	23/01/2014	-	Active	NO

Name :

Opender Singh

Designation :

Director

Address :

Dg-III/3, Vikas Puri, DDA Flats, New Delhi -110 018

Date of Birth/Age :

17.12.1966

Date of Appointment :

23.01.2014

KEY EXECUTIVES

Name :	Mr. Vikram Shetty
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Equity Shareholders	No. of Shares
Inter Wrap Inc.	242930
0979301, British Columbia Limited	2454
Total	245384

As on 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Plastic Woven Fabric in roll form and converted Industrial Fabrics.

Products/ Services :

ITC Code No.	Product Descriptions
39269099	Other Article of Plastic Nes

Exports :

Products :

Finished Goods

Countries :

· Canada

· USA

Imports :

Products :

Raw Material and Machinery

Countries :

· Italy

· Thailand

· Singapore

· Canada

· US

· Belgium

Terms :

Selling :

Cash and Advance Payment

Purchasing :

Cash and Advance Payment

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 :

Others

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 :

650 (Approximately)

Bankers :

Banker Name :	Barclays Bank Plc
Branch Address :	601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

Banker Name :	HDFC Bank Limited
Branch Address :	1st Floor, Crossway Mall, Ghoddod Road, Surat - 395007, Gujarat, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand from banks [Credit facility comprises of Packing Credit facility / Post Shipment Finance which is secured against entire fixed assets of the Company located at Dapda, hypothecation of entire stocks and book debts (both present and future). These are repayable within 6-169 days from the date of drawdown and carries interest @ 2.56% to 4.84%]	274.260	342.273
Total	274.260	342.273

Auditors :
Name :	S.R. Batliboi and Company LLP Chartered Accountants
Address :	14th Floor, The Ruby 29, Senapati Bapat Marg, Dadar [West], Mumbai – 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Entities having significant influence over the companies with equal voting rights :	· 640713 British Columbia Limited · 640714 British Columbia Limited
Associate concerns / companies under control of key management personnel and relatives :	· Daro Energy Private Limited [U40100DN2005PTC000431] · IBCO SRL · InterWrap Converting Solutions · InterWrap Corporation · InterWrap Inc. · InterWrap Polymer Products Private Limited [U25209MH2006PTC163837] · InterWrap Quindago Trading · Milne Management Inc. · Quindago Novia Polymer Company Limited · Shubh-Nil Yarns Private Limited [U20296MH1997PTC107904]

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 10/- each	Rs. 5.000 Million
24,500,000	Preference Shares	Rs. 10/- each	Rs. 245.000 Million
	Total		Rs. 250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
245,384	Equity Shares	Rs. 10/- each	Rs. 2.454 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	2.454	247.429	247.429
(b) Reserves & Surplus	904.128	678.440	625.782
(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)	906.582	925.869	873.211
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	7.140	11.657
(c) Other long term liabilities	0.000	0.000	6.983
(d) long-term provisions	6.704	2.857	1.167
Total Non-current Liabilities (3)	6.704	9.997	19.807
(4) Current Liabilities
(a) Short term borrowings	274.260	342.273	311.024
(b) Trade payables	401.159	232.701	127.588
(c) Other current liabilities	39.206	110.469	65.456
(d) Short-term provisions	42.146	15.634	10.712
Total Current Liabilities (4)	756.771	701.077	514.780
TOTAL	1670.057	1636.943	1407.798
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	566.644	636.261	651.214
(ii) Intangible Assets	0.289	0.265	0.340
(iii) Capital work-in-progress	68.689	12.866	17.992
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	2.500	2.500
(c) Deferred tax assets (net)	0.283	0.000	0.000
(d) Long-term Loan and Advances	24.644	49.878	36.930
(e) Other Non-current assets	2.567	20.947	6.220
Total Non-Current Assets	663.116	722.717	715.196
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	499.973	439.278	330.447
(c) Trade receivables	270.492	324.331	220.313
(d) Cash and cash equivalents	110.791	19.396	45.808
(e) Short-term loans and advances	118.724	120.352	95.908
(f) Other current assets	6.961	10.869	0.126
Total Current Assets	1006.941	914.226	692.602
TOTAL	1670.057	1636.943	1407.798

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	3685.459	2639.024	2471.803
Less	EXPENSES
		TOTAL (B)	3357.335	2437.218	2275.496
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		328.124	201.806	196.307
Less	FINANCIAL EXPENSES (D)		19.775	20.132	20.204
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		308.349	181.674	176.103
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.306	96.129	94.762
	PROFIT BEFORE TAX (E-F) (G)		306.043	85.545	81.341
Less	TAX (H)		103.662	27.192	28.593
	PROFIT AFTER TAX (G-H) (I)		202.381	58.353	52.748
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	2219.715	2137.653
	Earnings Per Share (Rs.)		0.82	2.36	2.13

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.49	2.21	2.13
Operating Profit Margin (PBITD/Sales)	(%)	8.90	7.65	7.94
Return on Total Assets (PBT/Total Assets}	(%)	19.11	5.28	5.86
Return on Investment (ROI) (PBT/Networth)		0.34	0.09	0.09
Debt Equity Ratio (Total Debt/Networth)		0.30	0.37	0.36
Current Ratio (Current Asset/Current Liability)		1.33	1.30	1.35

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	247.429	247.429	2.454
Reserves & Surplus	625.782	678.440	904.128
Net worth	873.211	925.869	906.582
long-term borrowings	0.000	0.000	0.000
Short term borrowings	311.024	342.273	274.260
Total borrowings	311.024	342.273	274.260
Debt/Equity ratio	0.356	0.370	0.303

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	2471.803	2639.024	3685.459
		6.765	39.652

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	2471.803	2639.024	3685.459
Profit	52.748	58.353	202.381
	2.13%	2.21%	5.49%

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	Yes
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10368907	09/06/2012	400,000,000.00	HDFC BANK LIMITED	1ST FLOOR, CROSSWAY MALL, GHODDOD ROAD, SURAT, Gujarat - 395007, INDIA	B45046240
2	10345180	02/03/2012	400,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B36138444
3	10349210	23/02/2012	75,344,000.00	BANK OF BARODA	SILVASSA BRANCH, OPPOSITE PIONEER HOTEL, ADIVASIB  HAVAN, TOKARKHADA,, SILVASSA, Dadar Nagar Haveli - 396230, INDIA	B37416054
4	10156435	28/10/2010 *	250,000,000.00	Barclays Bank Plc	601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, INDIA	A97018618
5	10156434	23/04/2009	120,000,000.00	BARCLAYS BANK PLC.	CEEJAY HOUSE, SHIVSAGAR ESTATE,, DR.A.BEASANT ROAD, WORLI., MUMBAI, Maharashtra - 400018, INDIA	A61819165

* Date of charge modification

CORPORATE INFORMATION

Subject is a private company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the business of manufacturing and sale of plastic woven fabric in roll form and converted Industrial fabrics.

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Other building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

· 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. 62.34
UK Pound	1	Rs. 93.09
Euro	1	Rs. 67.13

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.