MIRA INFORM REPORT

Report No. :	353430
Report Date :	09.12.2015

IDENTIFICATION DETAILS

Name :	SURESH TEXFAB PRIVATE LIMITED
Registered Office :	11, Nirman Industrial Estate, Fulpada, A.K. Road, Surat – 395008, Gujarat
Tel. No.:	91-261-2463031
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	30.05.2007
Com. Reg. No.:	04-050994
Capital Investment / Paid-up Capital :	Rs.13.326 Million
CIN No.: [Company Identification No.]	U17120GJ2007PTC050994
IEC No.:	5213009263
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AALCS0927Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Textile, Leather and Other Apparel Products. (Confirmed by management)
No. of Employees :	12 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Suresh Texfab Private Limited was incorporated in the year 2007. It is engaged into manufacturing of textile, leather and other apparel products. Rating is constrained by company’s modest scale of operation and the vulnerability of its revenue, profitability and foreign exchange fluctuation risk. The rating also takes into account the company’s thin profitability margins and moderate financial profile characterized by modest capital structure. The rating, however favourable factors in the decent track record of the promoter and steady growth witness by the company over the years. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Sanjaybhai B. Bhadani
Designation :	Director
Contact No.:	91-9825132828
Date :	07.12.2015

LOCATIONS

Registered Office/ Factory/ Warehouse :	11, Nirman Industrial Estate, Fulpada, A.K. Road, Surat – 395008, Gujarat, India
Tel. No.:	91-261-2463031
Mobile No.:	91-9825132828 (Mr. Sanjaybhai B. Bhadani)
Fax No.:	Not Available
E-Mail :	sureshtexfab@yahoo.com sbbhadani@gmail.com dmsvilkiassociates@yahoo.com
Locality:	Industrial

DIRECTORS

As on 30.09.2015

Name :

Mr. Rameshbhai Raghavbhai Bhadani

Designation :

Director

Address :

Plot No. 9, Dhanamal Compound, Varracha Road, Surat - 395006, Gujarat, India

Date of Appointment :

01.04.2008

DIN No.:

00007740

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	U17299GJ1993PTC020133	SURYA RAYON PRIVATE LIMITED	Director	02/04/2005	02/04/2005	-	Active	NO
2	U17110GJ2006PTC048058	CREATIVE TRENDZ Private Limited	Director	03/04/2006	03/04/2006	-	Active	NO
3	U17120GJ2007PTC050994	SURESH TEXFAB PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
4	U51109WB2005PTC103759	ROTECH MERCHANTS PRIVATE LIMITED	Director	11/09/2008	11/09/2008	-	Under Process of Striking off	NO
5	U24220GJ2009PTC055884	AMERI COATS INDIA PRIVATE LIMITED	Director	13/01/2009	13/01/2009	-	Active	NO
6	U17120GJ2009PTC057515	R J SQUARE LINK PRIVATE LIMITED	Director	13/07/2009	13/07/2009	-	Active	NO
7	U24134GJ2010PLC063117	CREATIVE POLYFILMS LIMITED	Director	02/12/2010	02/12/2010	-	Active	NO
8	U45400GJ2007PTC068034	BLLUE ORANGE DEVELOPERS PRIVATE LIMITED	Additional director	13/09/2012	13/09/2012	12/03/2014	Active	NO
9	U45203GJ2012PTC071979	MISBHA DEVELOPERS PRIVATE LIMITED	Director	17/09/2012	17/09/2012	-	Active	NO
10	U51109WB2008PTC122604	XAVIER SUPPLIERS PRIVATE LIMITED	Director	27/12/2012	27/12/2012	-	Active	NO
11	U55204GJ2013PTC076914	HOTEL SIFAT INTERNATIONAL PRIVATE LIMITED	Director	11/02/2014	11/02/2014	-	Active	NO

Name :

Mr. Pravinbhai Nagjibhai Bhadani

Designation :

Director

Address :

5, Sadhana Society, Varachha Road, Surat - 395006, Gujarat, India

Date of Appointment :

30.05.2007

DIN No.:

01449842

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	U17120GJ2007PTC050994	SURESH TEXFAB PRIVATE LIMITED	Director	30/05/2007	30/05/2007	-	Active	NO
2	U51109WB2005PTC105651	SMIRK COMMERCIAL PRIVATE LIMITED	Director	22/07/2008	22/07/2008	-	Active	NO
3	U45209GJ2002PTC040903	SHANTI INTEGRATED TEXTILE PARK PRIVATE LIMITED	Additional director	01/11/2014	01/11/2014	-	Active	NO

Name :

Mr. Sureshbhai Raghavbhai Bhadani

Designation :

Director

Address :

9, Green Park Society, Opposite Vaishali Cinema, Varachha Road, Surat - 395006, Gujarat, India

Date of Appointment :

30.05.2007

DIN No.:

01449926

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	U17120GJ2007PTC050994	SURESH TEXFAB PRIVATE LIMITED	Director	30/05/2007	30/05/2007	-	Active	NO
2	U52100WB2010PTC148186	LATEST AGENCIES PRIVATE LIMITED	Director	27/12/2012	27/12/2012	-	Active	NO

Name :

Mr. Sanjaybhai Balubhai Bhadani

Designation :

Director

Address :

10, Green Park Society, Opposite Vaishali Cinema, Varachha Road, Surat - 395006, Gujarat, India

Date of Appointment :

30.05.2007

DIN No.:

02165456

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	U17120GJ2007PTC050994	SURESH TEXFAB PRIVATE LIMITED	Director	30/05/2007	30/05/2007	-	Active	NO
2	U51109WB2005PTC105651	SMIRK COMMERCIAL PRIVATE LIMITED	Director	22/07/2008	22/07/2008	-	Active	NO
3	U18101GJ2003PTC042672	SHIVAM TEXOFAB PRIVATE LIMITED	Director	21/06/2013	21/06/2013	-	Active	NO

Name :

Mr. Vijaybhai Nagjibhai Bhadani

Designation :

Director

Address :

5, Sadhna Society, Varachha Road, Surat - 395008, Gujarat, India

Date of Birth/Age :

15.03.1979

Date of Appointment :

01.04.2008

DIN No.:

02189305

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	U17120GJ2007PTC050994	SURESH TEXFAB PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
2	U17110GJ2006PTC048058	CREATIVE TRENDZ Private Limited	Additional director	24/09/2010	24/09/2010	31/03/2012	Active	NO
3	U52100WB2010PTC148430	PRATHAM DEALTRADE PRIVATE LIMITED	Director	27/12/2012	27/12/2012	-	Active	NO
4	U18109GJ2010PTC059197	MEGA COLLECTIONS PRIVATE LIMITED	Director	30/09/2015	15/10/2014	-	Active	NO

Name :

Mr. Hareshbhai Balubhai Bhadani

Designation :

Director

Address :

10, Green Park, Opposite Vaishali Cinema, Varachha Road, Surat - 395008, Gujarat, India

Date of Appointment :

01.04.2008

DIN No.:

02189346

Name :

Mr. Hiteshbhai Balubhai Bhadani

Designation :

Director

Address :

10, Green Park, Opposite Vaishali Cin, Varachha Road, Surat - 395008, Gujarat, India

Date of Birth/Age :

07.11.1982

Date of Appointment :

01.04.2008

DIN No.:

02189427

Name :

Mr. Madhubhai Nagjibhai Bhadani

Designation :

Director

Address :

5, Sadhna Society, Varachha Road, Surat - 395008, Gujarat, India

Date of Birth/Age :

11.12.1972

Date of Appointment :

01.04.2008

DIN No.:

02189482

Name :

Mr. Ashwinbhai Raghavbhai Bhadani

Designation :

Director

Address :

9, Green Park, Oppoite Vaishali Cinemam, Varachha Road, Surat - 395008, Gujarat, India

Date of Birth/Age :

10.05.1975

Date of Appointment :

01.04.2008

DIN No.:

02204406

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	U17120GJ2007PTC050994	SURESH TEXFAB PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
2	U45201GJ2012PTC070123	R ROCK SOLID REALITY PRIVATE LIMITED	Director	28/04/2012	28/04/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2015

Category	Percentage
Bodies corporate	8.07
Directors or relatives of Directors	91.93
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Textile, Leather and Other Apparel Products. (Confirmed by management)

Products :

Item Code No.	Product Description
62114900	Grey Clothes

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• USA
• European Countries

Imports :

Products :

Raw Material

Countries :

• Taiwan
• Indonesia

Terms :

Selling :

Cash and Credit (30/ 60/ 90 Days)

Purchasing :

Cash and Credit (30/ 60/ 90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Anil Yarn Private Limited, Surat, Gujarat, India
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 OEM’s

Reference :	Ragvendra Textiles, Surat, Gujarat, India
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 :

12 (Approximately)

Bankers :

Bank Name	The Surat People's Co-Operative Bank Limited
Branch	Timaliyawad, Nanpura, Surat - 395001, Gujarat, India
Person Name (With Designation)	Not Available
Contact Number	91-261-2474946 (Number is continuously Ringing)
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Cash / Credit Rs.60.000 Million
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-Term Borrowings
Rangeela Fashion	NA	0.128
Short-Term Borrowings
HDFC Bank Limited	NA	2.040
ICICi Bank Limited	NA	4.684
The Surat Peoples Bank	NA	23.000
The Surat Peoples Bank	NA	34.669
Total	NA	64.521

Auditors :
Name :	D.M.S and Vilki Associates Chartered Accountants
Address :	UG, 1 and 2, Luxor Palace, Nanpura, Timaliawad, Surat – 395001, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFD9608C
Memberships :	--
Collaborators :	--
Sister Concern Companies: (Confirmed by the management)	R J Square Link Private Limited Him Tex Krishna Fashion Shivangi Twisters

CAPITAL STRUCTURE

As on 30.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1332576	Equity Shares	Rs.10/- each	Rs.13.326 Million

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	13.326	13.326	13.326
(b) Reserves & Surplus	61.216	61.093	57.788
(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)	74.542	74.419	71.114
(3) Non-Current Liabilities
(a) long-term borrowings	24.680	6.809	16.094
(b) Deferred tax liabilities (Net)	0.000	0.000	0.071
(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)	24.680	6.809	16.165
(4) Current Liabilities
(a) Short term borrowings	64.281	64.393	37.283
(b) Trade payables	46.460	55.584	46.123
(c) Other current liabilities	0.985	2.115	0.868
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	111.726	122.092	84.274
TOTAL	210.948	203.320	171.553
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.534	9.000	5.233
(ii) Intangible Assets	0.000	0.000	0.000
(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	81.360	81.360	81.360
(c) Deferred tax assets (net)	0.340	0.100	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	95.234	90.460	86.593
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	59.242	55.685	45.810
(c) Trade receivables	53.242	55.615	38.064
(d) Cash and cash equivalents	2.296	0.248	0.371
(e) Short-term loans and advances	0.934	1.312	0.715
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	115.714	112.860	84.960
TOTAL	210.948	203.320	171.553

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	274.007	304.854	216.088
	Other Income	2.733	5.001	2.046
	TOTAL (A)	276.740	309.855	218.134
Less	EXPENSES
	Cost of Materials Consumed	165.932	174.433	140.497
	Purchases of Stock-in-Trade	7.656	26.504	3.191
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(6.370)	(4.396)	(12.509)
	Employees benefits expense	4.236	4.108	4.858
	Other expenses	91.585	93.162	71.794
	Prior Period Items	0.018	(0.003)	0.000
	Exceptional items	0.000	0.059	0.000
	TOTAL (B)	263.057	293.867	207.831
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	13.683	15.988	10.303
Less	FINANCIAL EXPENSES (D)	10.272	9.812	8.213
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	3.411	6.176	2.090
Less/ Add	DEPRECIATION/ AMORTISATION (F)	3.028	1.377	0.946
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.383	4.799	1.144
Less	TAX (H)	0.260	1.494	0.375
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	0.123	3.305	0.769
	Earnings / (Loss) Per Share (Rs.)	0.10	2.48	0.58

Expected Sales (2015-2016) : Rs.Rs.300.000 Million

The above information has been parted by Mr. Sanjaybhai B. Bhadani (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	--	--
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.04	1.08	0.36
Operating Profit Margin (PBIDT/Sales)	(%)	4.99	5.24	4.77
Return on Total Assets (PBT/Total Assets}	(%)	0.30	3.94	1.27
Return on Investment (ROI) (PBT/Networth)		0.01	0.06	0.02
Debt Equity Ratio (Total Debt /Networth)		1.19	0.96	0.75
Current Ratio (Current Asset/Current Liability)		1.04	0.92	1.01

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	13.326	13.326	13.326
Reserves & Surplus	57.788	61.093	61.216
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	71.114	74.419	74.542
long-term borrowings	16.094	6.809	24.680
Short term borrowings	37.283	64.393	64.281
Total borrowings	53.377	71.202	88.961
Debt/Equity ratio	0.751	0.957	1.193

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	216.088	304.854	274.007
		41.079	(10.119)

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	216.088	304.854	274.007
Profit	0.769	3.305	0.123
	0.36%	1.08%	0.04%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
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

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Rameshbhai R. Bhadani	NA	1.023
Bhadani Textiles	NA	0.686
Hitesh Balubhai Bhadani	NA	0.233
Shiv Synthetics	NA	2.245
Vinayak Fashion	NA	0.709
Hareshbhai Balubhai Bhadani	NA	0.165
Pravinbhai N. Bhadani	NA	1.365
Sureshbhai Raghavbhai Bhadani	NA	0.065
Balubhai Devrajbhai Bhadani	NA	0.190
Total	NA	6.681

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10112100	07/08/2013 *	60,000,000.00	THE SURAT PEOPLE'S CO-OPERATIVE BANK LIMITED	TIMALIYAWAD, NANPURA, SURAT, Gujarat - 395001, INDIA	B82860412

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.66.79
UK Pound	1	Rs.100.49
Euro	1	Rs.72.51

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KSH
Report Prepared by :	SUD

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	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.