MIRA INFORM REPORT

Report No. :	336631
Report Date :	13.08.2015

IDENTIFICATION DETAILS

Name :	NAHAR POLY FILMS LIMITED (w.e.f. 15.06.2011)
Formerly Known As :	NAHAR INVESTMENTS AND HOLDING LIMITED
Registered Office :	376, Industrial Area A, Ludhiana – 141003, Punjab
Tel. No.:	91-161-2600701
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	11.11.1988
Com. Reg. No.:	16-008820
Capital Investment / Paid-up Capital :	Rs. 125.777 Million
CIN No.: [Company Identification No.]	L17115PB1988PLC008820
IEC No.:	3008006094
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Exporter and Importer of Polyfilms.
No. of Employees :	178 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 4300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Nahar Poly Films Limited is a part of Ludhiana (Punjab)-based "Nahar Group" of industries. It is well established company having a satisfactory track record. The ratings factor in the company's healthy financial flexibility, as it is of a large group, its healthy operational and profitability of the company backed by its comfortable debt protection metrics. The rating further dives strength on long track record of business and vast experience of the promoters as well as established market place. These rating strengths are partially offset by its exposure to the cyclical and commoditised nature of the packaging industry. However, trade relations are fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal for 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL
Rating	Long term bank facilities: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	March 2015

Rating Agency Name	CRISIL
Rating	Short term bank facilities: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	March 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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. P K Vashishth
Designation :	Finance Controller
Contact No.:	91-9876300110
Date :	11.08.2015

LOCATIONS

Registered Office :	376, Industrial Area A, Ludhiana – 141003, Punjab, India
Tel. No.:	91-161-2600701/705
Mobile No.:	91-9876300110 (Mr. P K Vashishth)
Fax No.:	91-161-2222942/2601956
E-Mail :	anilgarg@owmnahar.com secnsm@owmnhar.com smk@owmnahar.com
Website :	http://www.naharpolyfilms.com
Location :	Owned
Factory :	Village Simrai, Mandideep Dist. Raisen, Madhya Pradesh – 464993, India
Tel. No.:	91-7480-295447
Fax No.:	91-7480-233090
Corporate Office :	Nahar Tower 376 Industrial Area-A, Ludhiana – 141003, Punjab, India
Tel. No.:	91-161-2600701/705
Fax No.:	91-161-2222942/2601956

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Jawahar Lal Oswal
Designation :	Chairman
Name :	Mr. Dinesh Oswal
Designation :	Director
Name :	Mr. Kamal Oswal
Designation :	Director
Name :	Mr. Dinesh Gogna
Designation :	Director
Name :	Mr. Komal Jain
Designation :	Director
Name :	Dr. (Mrs.) H. K.Bal
Designation :	Director
Name :	Sh. Satish Kumar Sharma
Designation :	Executive Director
Name :	Mr. Kanwar Sain Maini
Designation :	Independent Director
Name :	Dr. Suresh Kumar Singla
Designation :	Independent Director
Name :	Dr. Yash Paul Sachdeva
Designation :	Independent Director
Name :	Dr. Amrik Singh Sohi
Designation :	Independent Director
Name :	Dr. Vijay Asdhir
Designation :	Independent Director

KEY EXECUTIVES

Name :	MR. Rakesh Kumar Jain
Designation :	Chief Financial Officer
Name :	Mr. Atul Sud
Designation :	Company Secretary
Name :	Mr. P K Vashishth
Designation :	Finance Controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	136773	0.56
Bodies Corporate	17060906	69.39
Sub Total	17197679	69.94
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	17197679	69.94
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2464	0.01
Financial Institutions / Banks	860	0.00
Sub Total	3324	0.01
(2) Non-Institutions
Bodies Corporate	823450	3.35
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	5794784	23.57
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	664515	2.70
Any Others (Specify)	104239	0.42
Non Resident Indians	100190	0.41
Trusts	140	0.00
Others	3909	0.02
Sub Total	7386988	30.04
Total Public shareholding (B)	7390312	30.06
Total (A)+(B)	24587991	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	24587991	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Polyfilms.
Products :	Polyfilms
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

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 :

End Users and OEMS

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 :

178 (Approximately)

Bankers :

Bank of Maharashtra, Link Road, Ludhiana - 141003, Punjab, India

Banker Name	Oriental Bank of Commerce
Branch Address	Overseas Branch, GT Road, Ludhiana - 141008, Punjab,
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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
From banks*
Oriental Bank of Commerce	NA	402.569
Bank of Maharashtra	NA	220.693
SHORT TERM BORROWING
Working Capital Loans from banks	NA	402.034
Total	NA	1025.296

NOTE: AS ON 31.03.2014

*The Term loan is secured by way of first charge (on pari passu basis) on factory land and building and hypothecation of Plant and Machinery and other movable / immovable fixed assets acquired / to be acquired under the project of BOPP plant at Mandideep, Bhopal. It is further secured by Second pari pasu charge on current assets of the company. The Term Loan is personally guaranted by a Director of the Company and corporate guarantee of Rs. 250.000 Million (Oriental Bank of Commerce) and Rs. 150.000 Million (To Bank of Maharashtra) given by M/s. Nahar Spinning Mills Limited. The above Term Loans are repayable in 32 equal quarterly installments starting from 31-12-2010.

Working capital facilities under consortium arrangement are secured by way of first pari pasu charge on Current Assets, second pari pasu charge on fixed assets including equitable mortgage of factory land and building of the company and is personally guaranteed by director of the company.

Auditors :
Name :	Gupta Vigg and Company Chartered Accountants
Address :	101-Kismat Complex, G.T. Road, Miller Ganj, Ludhiana-141 003, Punjab, India
Memberships :	Not Available
Collaborators :	Not Available
*Associates (AS ON 31.03.2014):	Nahar Spinning Mills Limited Nahar Capital and Financial Services Limited Nahar Industrial Enterprises Limited Oswal Woollen Mills Limited Vanaik Spinning Mills Limited Abhilash Growth Fund (Private) Limited Atam Vallabh Financers Limited Bermuda Insurance Brokers Private Limited Kovalam Investments and Trading Company Limited Ludhiana Holdings Limited Monica Growth Fund (Private) Limited Nagdevi Tradingand Investment Company Limited Nahar Growth Fund (Private) Limited Neha Credit and Investment (Private) Limited Ogden Trading and Investment Company Private Limited Ruchika Growth Fund (Private) Limited Sankeshwar Holding Company Limited Vanaik Investors Limited Vardhman Investments Limited J.L. Growth Fund Limited Jawahar Lal and Sons Monte Carlo Fashions Limited Hug foods (Private) Limited Simran and Shanaya Company Limited Sidhant and Mannat Company Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : NOT AVAILABLE

Issued, Subscribed & Paid-up Capital : Rs.125.777 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
90000000	Equity Shares	Rs.5/- each	Rs.450.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24587991	Equity Shares	Rs.5/- each	Rs.122.940 Million
	Share Forfeited Account		Rs. 2.837 Million
	Total		Rs.125.777 Million

Reconciliation of Shares Outstanding at the Beginning and at the end of the Reporting Period

Particulars	Equity Shares
	Number	Rs. In Million
Shares outstanding at the beginning of the year	24587991	122.939
Shares Issued during the year	--	--
Shares bought back during the year	--	--
Shares outstanding at the end of the year	24587991	122.939

Name of Shareholders holding more than 5% shares of the company

Name of Shareholder	Current Year No. of Shares held % of Holding	Previous Year
		No. of Shares held	% of Holding
M/s Nahar Capital & Financial	12087671 49.161	12087671	49.161
Services Limited
M/s Nahar Industrial Enterprises Limited	1264720 5.144	1264720	5.144

a) The company has not issued any shares in persuance to contract(s) without payment being received in cash during five year immediately preceding the date as at which the Balance Sheet is prepared.

b) The company has not issued any fully paid up Bonus Shares during five year immediately preceding the date as at which the Balance Sheet is prepared.

c) The company has not bought back any Shares during five year immediately preceding the date as at which the

Balance Sheet is prepared.

Aggregate value of calls unpaid

Unpaid Calls	Rs. In Million
By Directors	NIL
By Officers	NIL

Shares Forfeited

Number of shares	349336
Amount	2.837

The above shares are forfeited in financial year 2006-07 upon nonpayment of calls.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	125.777	125.777	125.777
(b) Reserves & Surplus	1362.186	1318.262	1315.302
(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)	1487.963	1444.039	1441.079
(3) Non-Current Liabilities
(a) long-term borrowings	434.454	623.262	783.229
(b) Deferred tax liabilities (Net)	10.345	0.000	0.000
(c) Other long term liabilities	0.000	1.888	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	444.799	625.150	783.229
(4) Current Liabilities
(a) Short term borrowings	299.143	402.034	342.799
(b) Trade payables	39.904	49.753	42.879
(c) Other current liabilities	209.018	230.142	212.884
(d) Short-term provisions	6.571	0.000	0.000
Total Current Liabilities (4)	554.636	681.929	598.562
TOTAL	2487.398	2751.118	2822.870
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	889.182	1069.758	1225.965
(ii) Intangible Assets		0.083	0.166
(iii) Capital work-in-progress		8.061	0.124
(iv) Intangible assets under development		0.000	0.000
(b) Non-current Investments	963.903	964.865	964.853
(c) Deferred tax assets (net)	0.000	8.271	8.271
(d) Long-term Loan and Advances	19.341	19.753	3.098
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1872.426	2070.791	2202.477
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	94.490	172.775	187.582
(c) Trade receivables	310.121	312.667	266.579
(d) Cash and cash equivalents	4.078	4.038	9.738
(e) Short-term loans and advances	198.250	183.153	151.365
(f) Other current assets	8.033	7.694	5.129
Total Current Assets	614.972	680.327	620.393
TOTAL	2487.398	2751.118	2822.870

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	3120.094	3013.163	2176.007
	Other Income	32.363	21.921	17.147
	TOTAL (A)	3152.457	3035.084	2193.154
Less	EXPENSES
	Cost of Materials Consumed	2132.262	2215.291	1667.570
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	57.314	10.474	-83.457
	Power and Fuel	163.726	--	--
	Selling Expenses	280.372	--	--
	Employees benefits expense	57.770	53.167	48.666
	Other expenses	36.722	469.615	362.054
	TOTAL (B)	2728.166	2748.547	1994.833
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	424.291	286.537	198.321
Less	FINANCIAL EXPENSES (D)	131.156	138.881	157.325
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	293.135	147.656	40.996
Less/ Add	DEPRECIATION/ AMORTISATION (F)	217.212	144.718	145.895
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	75.923	2.938	-104.899
Less	TAX (H)	30.549	0.000	-38.029
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	45.374	2.938	-66.870
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	453.095	254.416
	TOTAL EARNINGS	NA	453.095	254.416
	IMPORTS
	Raw Materials	NA	140.959	147.214
	Stores and Spares	NA	27.913	8.215
	TOTAL IMPORTS	NA	168.872	155.429
	Earnings / (Loss) Per Share (Rs.)	1.85	0.12	-2.72

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	176.882	174.056
Cash generated from operations	NA	NA	NA
Cash flow from the operating activities Net Profit before Tax and Extraordinary items	NA	2.937	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.45	0.10	-3.07
Operating Profit Margin (PBIDT/Sales)	(%)	13.60	9.51	9.11
Return on Total Assets (PBT/Total Assets}	(%)	4.98	0.17	-5.67
Return on Investment (ROI) (PBT/Networth)		0.05	0.00	-0.07
Debt Equity Ratio (Total Debt /Networth)		0.49	0.83	0.90
Current Ratio (Current Asset/Current Liability)		1.11	1.00	1.04

STOCK PRICES

Face Value	Rs.5.00/-
Market Value	Rs.37.00/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	125.777	125.777	125.777
Reserves & Surplus	1315.302	1318.262	1362.186
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1441.079	1444.039	1487.963
long-term borrowings	783.229	623.262	434.454
Short term borrowings	342.799	402.034	299.143
Total borrowings	1126.028	1025.296	733.597
Debt/Equity ratio	0.781	0.710	0.493

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2176.007	3013.163	3120.094
		38.472	3.549

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2176.007	3013.163	3120.094
Profit	(66.870)	2.938	45.374
	(3.07%)	0.10%	1.45%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10582552	15/07/2015	191,181,299.00	PUNJAB NATIONAL BANK	INTERNATIONAL BANKING BRANCH, LUDHIANA, PUNJAB - 1 41003, INDIA	C60078235
2	10234213	15/07/2015 *	630,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, G.T ROAD, LUDHIANA, PUNJAB - 141 008, INDIA	C60853942
3	10133219	15/10/2010 *	1,000,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, LUDHIANA, PUNJAB - 141003, INDIA	A96528666
4	10027840	23/11/2006	1,240,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, G T ROAD, LUDHIANA, PUNJAB - 141 003, INDIA	A07604390
5	80018877	05/12/2005	700,000,000.00	CANARA BANK	BHARAT NAGAR CHOWK, LUDHIANA, PUNJAB - 141001, IND IA	-

* Date of charge modification

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30^TH JUNE, 2015

Particulars	3 Months Ended 30.06.2015 (Unaudited)
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	837.459
Less: Excise Duty	86.452
Sales Net of Excise	751.007
b) Other operating income	14.301
Total income from Operations(net)	765.308
2.Expenditure
Cost of material consumed	503.087
Purchases of stock in trade	0.000
Changes in inventories of finished goods, work-in-progress and stock-in-trade	5.357
Power and Fuel	38.857
Selling Expenses	54.670
Employees benefit expenses	14.792
Depreciation and amortization expenses	54.718
Other expenditure	10.948
Total expenses	682.429
3. Profit from operations before other income and financial costs	82.879
4. Other income	2.399
5. Profit from ordinary activities before finance costs	85.278
6. Finance costs	26.643
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	58.635
8. Exceptional item	0.000
9. Profit from ordinary activities before tax Expense:	58.635
10.Tax expenses	17.337
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	41.298
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	41.298
14.Paid-up equity share capital (Face Value Rs.5/-)	122.940
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	1420.820
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic	1.68
(b) Diluted	1.68

Particulars	3 Months Ended 30.06.2015 (Unaudited)
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	7390312
- Percentage of shareholding	30.06%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	NIL
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	NA
Percentage of shares (as a % of total share capital of the company)	NA
b) Non Encumbered
Number of shares	17197679
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100%
	69.94%
Percentage of shares (as a % of total share capital of the company)
B. Investor Complaints
Pending at the beginning of the quarter	0
Receiving during the quarter	0
Disposed of during the quarter	0
Remaining unreserved at the end of the quarter	0

FIXED ASSETS

Tangible Assets

• Land and Building
• Plant and Machinery
• Furniture and Fixtures

Intangible Assets

• 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 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.64.83
UK Pound	1	Rs.101.00
Euro	1	Rs.71.82

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.