MIRA INFORM REPORT

Report No. :	352473
Report Date :	04.12.2015

IDENTIFICATION DETAILS

Name :	T.C. TERRYTEX LIMITED
Registered Office :	Village Sarsini, AMB-CHD Highway, Near Lalru, Tehsil Derabassi District S.A.S. Nagar, Mohali – 140501, Punjab
Tel. No.:	91-1762-506606 / 506607/ 506608
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.08.2005
Com. Reg. No.:	16-028877
Capital Investment / Paid-up Capital :	Rs.973.183 Million
CIN No.: [Company Identification No.]	U17220PB2005PLC028877
IEC No.:	3007003334
TIN No.:	03062024507
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCT3244L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Terry Towels mainly. (Registered Activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 2710000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2005 having moderate track. The company has incurred some accumulated losses. Further, the borrowings recorded by the company are huge and increasing during the under a review. Moreover, the rating weakness is partially offset by fair profit achieved by the company and favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments terms are reported as slow but correct. The company can be considered for business dealings with some caution.

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	CARE
Rating	Long Term Bank Facilities=BB+
Rating Explanation	Moderate risk of default.
Date	23.11.2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities=A4+
Rating Explanation	Minimal degree of safety and carry very high credit risk.
Date	23.11.2015

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 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE (Tel No.: 91-1762-506607)

LOCATIONS

Registered Office / Factory/ Head Office :	Village Sarsini, AMB-CHD Highway, Near Lalru, Tehsil Derabassi District S.A.S. Nagar, Mohali – 140501, Punjab, India
Tel. No.:	91-1762-506606 / 506607/ 506608
Mobile No.:	91-9317993173 (Mr. Rajiv Chopra)
Fax No.:	91-1762-506555
E-Mail :	admin@tctl.in tctl@tctl.in info@tctl.in
Website :	http://www.tctl.in
Location :	Owned
Branch Office 1 :	S.C.O. 90-92, Sector 8-C, Madhya Marg, Chandigarh-160018, India
Tel. No.:	91-172-4618377/ 2780023
Fax No.:	91-172-4648606
Branch Office 2 :	502, Navrang House, 21 KG Marg, Connaught Place, New Delhi - 110001, India
Tel. No.:	91-11-43542842
Fax No.:	91-11-43542843

DIRECTORS

As on 30.09.2014

Name :

Mr. Akhil Satia

Designation :

Managing Director

Address :

Railway Road, Muktsar – 152026, Punjab, India

Date of Birth/Age :

10.02.1983

Date of Appointment :

25.03.2014

PAN No.:

ASGPS2205K

DIN No.:

01138038

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	U45201DL2004PTC125076	BASE DEVELOPERS PRIVATE LIMITED	Director	10/03/2004	10/03/2004	01/12/2009	Active	NO
2	U17220PB2005PLC028877	T.C. TERRYTEX LIMITED	Managing director	25/03/2014	30/08/2005	-	Active	NO
3	U17115PB1991PTC011007	S D S COTTON PVT LTD	Director	25/05/2006	25/05/2006	09/03/2007	Active	NO
4	U17121PB2006PTC030623	T.C. SPINNERS Private Limited	Director	22/09/2006	22/09/2006	10/06/2010	Active	NO
5	U17111PB1992PLC012747	SATIA SYNTHETICS LIMITED	Additional director	18/07/2007	18/07/2007	26/02/2009	Active	NO
6	U17290PB2008PLC031599	T.C. FABRICS AND PAPERS LIMITED	Director	18/01/2008	18/01/2008	-	Strike off	NO
7	U55101CH2002PTC025117	DRIVE IN TOURIST RESORTS PRIVATE LIMITED	Director	30/09/2010	05/08/2010	14/02/2011	Active	NO

Name :

Mr. Sunil Kaura

Designation :

Whole-Time Director

Address :

House No. 1390, Pushpak Complex, Sector 49 – B, Chandigarh – 160017, India

Date of Birth/Age :

20.03.1967

Date of Appointment :

01.04.2014

DIN No.:

05126396

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	U51909PB1992PLC012274	BHANDARI EXPORT INDUSTRIES LTD	Director	23/08/2011	23/08/2011	28/03/2015	Active	NO
2	U17220PB2005PLC028877	T.C. TERRYTEX LIMITED	Whole-time director	01/04/2014	06/06/2012	-	Active	NO

Name :

Mr. Rajendra Prasad Sinha

Designation :

Director

Address :

D-1, Kinnelan Tower, 100A, Napeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

16.05.1950

Date of Appointment :

29.09.2012

DIN No.:

02129566

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	U72900MH2006PLC159038	C-EDGE TECHNOLOGIES LIMITED	Nominee director	02/06/2008	28/03/2008	07/09/2009	Active	NO
2	U74140CH1995PLC015952	EMBEE FINANCIAL SERVICES LIMITED	Director	31/03/2014	01/10/2010	-	Active	NO
3	L63040HP1994PLC019011	JAGSON AIRLINES LIMITED	Director	24/09/2011	28/04/2011	02/12/2013	Active	NO
4	U17220PB2005PLC028877	T.C. TERRYTEX LIMITED	Director	29/09/2012	12/10/2011	-	Active	NO
5	L29130HP1971PLC000904	GUJARAT AUTOMOTIVE GEARS LIMITED	Director	29/09/2015	12/09/2013	-	Active	NO

Name :

Mr. Sameer Vaid

Designation :

Director

Address :

32 Gujrat Vihar, Delhi - 110092, India

Date of Birth/Age :

19.09.1983

Date of Appointment :

12.12.2014

DIN No.:

03627370

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	U17220PB2005PLC028877	T.C. TERRYTEX LIMITED	Director	12/12/2014	02/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajeev Chopra
Designation :	Chief Financial Officer
Address :	# 131 Housing Board Colony, Ambala Cantt, Ambala - 133001, Haryana, India
Date of Appointment :	01.08.2014
PAN No.:	ADWPC2849N
Name :	Ms. Kimmy Midha
Designation :	Secretary
Address :	H.No. A-88, Block A, H.M.T. Pinjore, Tehsil Kalka, Pinjore - 134102, Haryana, India
Date of Appointment :	02.03.2015
PAN No.:	ATSPM2516J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Equity Shareholders	No. of Shares
Anil Satia	49770400
Saloni Satia	4160100
Akhil satia	39038380
Ankit Satia	100
Krishna Satia	100
Shakti Singh	100
Rakesh Doomra	100
Ajay Satia	1908750
T.C. Leasing and Investment Private Limited, India	440250
Total	95318280

Names of Preference Shareholders	No. of Shares
Anil Satia	2000000
Total	2000000

As on 15.05.2015

Names of Allottee (Equity Shares)	No. of Shares
Akhil Satia	500000
Total	500000

As on 23.05.2015

Names of Allottee (Equity Shares)	No. of Shares
Akhil Satia	1500000
Total	1500000

As on 30.09.2014

Category	Percentage of Holding
Bodies corporate	0.50
Directors or relatives of Directors	99.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Terry Towels mainly. (Registered Activity)

Products :

Item Code No. (ITC Code)	Product Description
52051130	Dyed Yarn

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
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 :

Information declined by the management

Bankers :

Bank Name	Punjab National Bank
Branch	SCO, 70-71, Sector 17-B, Chandigarh – 160017, 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

• State Bank of India, Industrial Finance Branch, L Golden Tower Dholewa Chowk, Ludhiana – 141003, Punjab, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from bank	507.696	451.467
Short-term borrowings
Term loans from bank	160.343	112.160
Working capital loans from bank	777.010	607.684
Total	1445.049	1171.311

Auditors :
Name :	Rakesh Bansal and Company Chartered Accountants
Address :	S.C.F.56, New Grain Market, Kernail Cinema Road, Muktsar – 152026, Punjab, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABJPB2567P
Memberships :	--
Collaborators :	--
Associates:	T.C. Spinners Private Limited, India (U17121PB2006PTC030623) Satia Synthetics Limited, India (U17121PB2006PTC030623)

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs.1015.000 Million

Issued, Subscribed & Paid-up Capital : Rs.998.183

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
95500000	Equity Shares	Rs.10/- each	Rs.955.000 Million
2000000	Preference shares	Rs.10/- each	Rs. 20.000 Million
	Total		Rs.975.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95318280	Equity Shares	Rs.10/- each	Rs.953.183 Million
2000000	Preference shares	Rs.10/- each	Rs.20.000 Million
	Total		Rs.973.183 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	973.183	962.183	650.040
(b) Reserves & Surplus	(24.586)	(73.836)	(120.056)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	56.243
Total Shareholders’ Funds (1) + (2)	948.597	888.347	586.227
(3) Non-Current Liabilities
(a) long-term borrowings	566.900	483.100	448.178
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	170.684	278.174	47.518
(d) long-term provisions	12.016	5.714	0.000
Total Non-current Liabilities (3)	749.600	766.988	495.696
(4) Current Liabilities
(a) Short term borrowings	943.834	729.403	568.347
(b) Trade payables	385.400	375.006	270.412
(c) Other current liabilities	60.319	53.226	22.390
(d) Short-term provisions	12.622	9.752	5.191
Total Current Liabilities (4)	1402.175	1167.387	866.340
TOTAL	3100.372	2822.722	1948.263
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1204.683	799.884	835.941
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	68.595	601.986	70.720
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	11.203	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	29.027	16.846	13.298
(e) Other Non-current assets	1.857	2.122	2.387
Total Non-Current Assets	1315.365	1420.838	922.346
(2) Current assets
(a) Current investments	0.450	0.450	0.450
(b) Inventories	1046.375	797.089	623.481
(c) Trade receivables	499.821	402.732	259.730
(d) Cash and cash equivalents	39.646	35.676	38.561
(e) Short-term loans and advances	0.487	0.381	0.513
(f) Other current assets	198.228	165.556	103.182
Total Current Assets	1785.007	1401.884	1025.917
TOTAL	3100.372	2822.722	1948.263

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3204.366	2395.903	1994.670
	Other Income	5.132	3.504	2.807
	TOTAL (A)	3209.498	2399.407	1997.477
Less	EXPENSES
	Cost of Materials Consumed	2332.354	1731.609	1440.790
	Purchases of Stock-in-Trade	11.849	20.518	4.338
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(147.029)	(104.712)	(136.057)
	Employees benefits expense	203.707	152.901	131.237
	Other expenses	424.701	308.668	295.892
	Prior Period Items	2.257	4.288	2.007
	TOTAL (B)	2827.839	2113.272	1738.207
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	381.659	286.135	259.270
Less	FINANCIAL EXPENSES (D)	193.980	150.002	130.210
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	187.679	136.133	129.060
Less/ Add	DEPRECIATION/ AMORTISATION (F)	138.426	89.671	85.335
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	49.253	46.462	43.725
Less	TAX (H)	0.000	0.242	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	49.253	46.220	43.725
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1230.952	766.480	721.981
	TOTAL EARNINGS	1230.952	766.480	721.981
	C.I.F. VALUE OF IMPORTS	82.728	177.392	9.373
	Earnings / (Loss) Per Share (Rs.)	0.52	0.52	0.69

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Cash From Operations	187.677	135.891	NA
Net cash flow from operating activity	(171.120)	133.400	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.54	1.93	2.19
Operating Profit Margin (PBIDT/Sales)	(%)	11.91	11.94	13.00
Return on Total Assets (PBT/Total Assets}	(%)	1.63	2.09	2.33
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.07
Debt Equity Ratio (Total Debt /Networth)		1.59	1.36	1.73
Current Ratio (Current Asset/Current Liability)		1.27	1.20	1.18

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	650.040	962.183	973.183
Reserves & Surplus	(120.056)	(73.836)	(24.586)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	56.243	0.000	0.000
Net worth	586.227	888.347	948.597
long-term borrowings	448.178	483.100	566.900
Short term borrowings	568.347	729.403	943.834
Total borrowings	1016.525	1212.503	1510.734
Debt/Equity ratio	1.734	1.365	1.593

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	1994.670	2395.903	3204.366
		20.115	33.744

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	1994.670	2395.903	3204.366
Profit	43.725	46.220	49.253
	2.19%	1.93%	1.54%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

NATURE OF OPERATIONS:

The Subject is a manufacturer of Terry Towels mainly.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans from others	58.014	30.368
Other Loans and Advances	1.190	1.265
Short-term borrowings
Term Loans from others	5.349	9.116
Other Loans and Advances	1.132	0.443
Total	65.685	41.192

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10577030	05/06/2015	77,900,000.00	PUNJAB NATIONAL BANK	SCO. 70-71, Sector 17-B, CHANDIGARH, Chandigarh -  160017, INDIA	C57514408
2	10518830	13/08/2014	35,000,000.00	Indian Overseas Bank	Sainik Rest House, CLOCK TOWER, KACHERI ROAD, LUDHIANA, Punjab - 141001, INDIA	C19699438
3	10530363	18/07/2014	300,000.00	Indian Overseas Bank	Main Branch, first floor,Sainik Rest House,, Kacheri Road, LUDHIANA, Punjab - 141008, INDIA	C33071218
4	10481126	06/01/2014	80,000,000.00	Union Bank of India	SECTOR 17 - B, CHANDIGARH, Chandigarh - 160017, INDIA	B97780068
5	10434803	22/05/2013	475,000.00	Union Bank of India	SECTOR 17 - B, CHANDIGARH, Chandigarh - 160017, INDIA	B78721594
6	10374338	06/09/2012	190,000,000.00	UNION BANK OF INDIA	CHANDIGARH MAIN BRANCH, SCO 64-65, SECTOR 17 - B,  CHANDIGARH, Chandigarh - 160017, INDIA	B57198467
7	10371909	20/07/2012	210,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH SCO 103-107, SECTOR 8 - C, CHAN  DIGARH, Chandigarh - 160008, INDIA	B56148679
8	10117733	03/03/2015 *	1,303,900,000.00	State Bank of India	INDUSTRIAL FINANCE BRANCH, GOLDEN TOWER, DHOLEWAL  CHOWK, LUDHIANA, Punjab - 141003, INDIA	C48269245
9	10051971	12/04/2007	250,000,000.00	STATE BANK OF HYDERABAD	74, JANPATH, NEW DELHI, Delhi - 110001, INDIA	A15585300
10	10023638	15/03/2012 *	234,600,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, PAHWA COMPLEX MILL  ER GANJ, LUDHIANA, Punjab - 141003, INDIA	B38661930

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory Equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer Equipments

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.66.74
UK Pound	1	Rs.99.61
Euro	1	Rs.70.66

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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		33

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.