MIRA INFORM REPORT

Report No. :	353133
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	BANGALORE PAINTS LIMITED
Registered Office :	No.149/ 150, Bandapura Village, Marsur Post, Anekal, Taluka, Kasaba Hobli, Near Vakil Housing and Upkar Layout, Bangalore – 562106, Karnataka
Tel. No.:	91-80-27805526
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.08.1980
Com. Reg. No.:	08-003907
Capital Investment / Paid-up Capital :	Rs.7.500 Million
CIN No.: [Company Identification No.]	U85110KA1980PLC003907
IEC No.:	0789004801
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACB6085B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged into manufacturing of paints and also engaged into providing decorative painting, interior painting, exterior painting on contract basis. (Confirmed by Management)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 35000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1980. It has satisfactory track. For the financial year ended 2014, the company has healthy scale of operations marked by decent top line growth along with profitability margin of 3.2%. The company has satisfactory financial base marked by low debt levels along with favourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are usually correct. In view of long business track record, the company can be considered 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	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.

LOCATIONS

Registered Office :	No.149/ 150, Bandapura Village, Marsur Post, Anekal, Taluka, Kasaba Hobli, Near Vakil Housing and Upkar Layout, Bangalore – 562106, Karnataka, India
Tel. No.:	91-80-27805526
Fax No.:	Not Available
E-Mail :	legal@devmantra.com toughcoat@shroffinc.org
Administrative Office :	3^rdfloor, No.20, 6^th Cross, 8^th Main, Vasant Nagar, Bangalore – 560052, Karnataka, India
Tel. No.:	91-80-40733000

DIRECTORS

AS ON : 30.09.2014

Name :

Mr. Sanjay Shroff

Designation :

Director

Address :

42, Sampurna, 8, Palace Cross Road, Bangalore - 560020, Karnataka, India

Date of Birth/Age :

19.07.1961

Date of Appointment :

03.02.1987

DIN No.:

00548135

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	U51900MH1985PTC037694	TRILING MARKETING PRIVATE LIMITED	Director	09/10/1985	09/10/1985	-	Strike off	NO
2	U85110KA1980PLC003907	BANGALORE PAINTS LIMITED	Director	03/02/1987	03/02/1987	-	Active	NO
3	U01120MH1993PLC071052	DECCAN FLORA BASE LIMITED	Director	05/03/1993	05/03/1993	30/01/2007	Active	NO
4	U65990MH1993PTC074335	WOODSTOCK HOLDINGS PRIVATE LIMITED	Director	27/09/2004	27/09/2004	07/06/2013	Active	NO
5	U51909KA1989PTC010441	SAMPURNA MARKETING PRIVATE LIMITED	Director	06/06/2007	06/06/2007	-	Active	NO
6	U17118WB2007PTC165163	PERITO TESSILI DESIGNS PRIVATE LIMITED	Director	21/10/2009	21/10/2009	19/01/2011	Converted to LLP and dissolved	NO
7	U52399KA2011PTC056629	INTREPID ONLINE RETAIL PRIVATE LIMITED	Director	17/01/2011	17/01/2011	-	Active	NO

Name :

Mr. Rajesh Kumar Rai

Designation :

Director

Address :

102, Kristal Amber Apartment 8th Main, 14th Cross N S Palya, B T M Layout, 2nd Stage, Bangalore - 560076, Karnataka, India

Date of Birth/Age :

06.08.1961

Date of Appointment :

30.09.2011

DIN No.:

02862587

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	U85110KA1980PLC003907	BANGALORE PAINTS LIMITED	Director	30/09/2011	25/09/2008	-	Active	NO
2	U51909KA1989PTC010441	SAMPURNA MARKETING PRIVATE LIMITED	Additional director	25/03/2010	25/03/2010	-	Active	NO

Name :

Tarak Bhikhalal Madhan

Designation :

Nominee Director

Address :

22-A-42, Brindavan, Thane - 400601, Maharashtra, India

Date of Appointment :

18.05.2015

DIN No.:

00215657

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	U67190MH1995PTC087998	FINMAN CAPITAL SERVICES PRIVATE LIMITED	Director	03/05/1995	03/05/1995	-	Active	NO
2	U52399KA2011PTC056629	INTREPID ONLINE RETAIL PRIVATE LIMITED	Director	24/10/2012	24/10/2012	-	Active	NO
3	U27201KA1973PLC002307	MAINI PRECISION PRODUCTS Limited	Director	10/09/2015	31/10/2012	-	Active	NO
4	U60231KA1984PTC006017	MAINI MATERIALS MOVEMENT PRIVATE LIMITED	Nominee director	20/04/2015	20/04/2015	-	Active	NO
5	U85110KA1980PLC003907	BANGALORE PAINTS LIMITED	Nominee director	18/05/2015	18/05/2015	-	Active	NO

Name :

Mr. Rajesh Ramchand Bajaj

Designation :

Nominee Director

Address :

Apartment No 201 Embassy High Street, No -06, High Street Cooke Town, Bangalore - 560005, Karnataka, India

Date of Appointment :

18.05.2015

DIN No.:

00738227

Other Directorship :

Top of Form

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	U85110KA1994PTC016072	OASIS HOME HOLDINGS PRIVATE LIMITED	Director	20/01/2001	20/01/2001	-	Active	NO
2	U70200KA1997PTC022349	COSMOS CONSTRUCTION CONSULTANTS PRIVATE LIMITED	Director	20/01/2001	20/01/2001	01/06/2011	Strike off	NO
3	U74140KA2003PTC031477	SYNERGY PROPERTY DEVELOPMENT SERVICES PRIVATE LIMITED	Director	01/10/2005	01/10/2005	24/04/2008	Active	NO
4	U45201KA2007PTC042356	RG-LAKESIDE PROPERTIES PRIVATE LIMITED	Director	02/04/2007	02/04/2007	-	Active	NO
5	U85110KA1995PTC018887	EMBASSY SERVICES PRIVATE LIMITED	Director	23/09/2008	23/09/2008	-	Active	NO
6	U92100KA2010PTC052476	THREE IDIOTS ENTERTAINMENTS PRIVATE LIMITED	Director	11/02/2010	11/02/2010	-	Active	NO
7	U70101KA2004PTC033285	G.B. REALTORS PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
8	U70200KA2011PTC057054	Summit Developments Private Limited	Director	11/02/2011	11/02/2011	06/09/2011	Active	NO
9	U70109KA1988PTC069419	EMBASSY CONSTRUCTION PRIVATE LIMITED	Director	10/05/2011	10/05/2011	-	Active	NO
10	U70100KA2012PTC065183	Embassy Office Parks Private Limited	Director	03/08/2012	03/08/2012	31/07/2013	Active	NO
11	U85110KA1995PTC018519	SOLOMONDAVID HOLDINGS PRIVATE LIMITED	Director	18/01/2013	18/01/2013	-	Active	NO
12	U72900KA2006PTC039003	Babbler Marketing Private Limited	Director	30/09/2013	21/03/2013	-	Active	NO
13	U70100KA2014PTC073362	EMBASSY OFFICE PARKS MANAGEMENT SERVICES PRIVATE LIMITED	Director	31/01/2014	31/01/2014	-	Active	NO
14	U65993KA1994PTC015983	SWIRE HOLDINGS PRIVATE LIMITED	Additional director	27/03/2015	27/03/2015	-	Active	NO
15	U85110KA1995PTC018068	RAFFLES SQUARE DEVELOPMENT CORPORATION PRIVATE LIMITED	Director	29/09/2015	27/03/2015	-	Active	NO
16	U99999KA1995PTC018637	INFANTRY HOLDINGS PRIVATE LIMITED	Director	29/09/2015	27/03/2015	-	Active	NO
17	U45201KA2001PTC029834	DYNASTY PROPERTIES PRIVATE LIMITED	Director	29/09/2015	27/03/2015	-	Active	NO
18	U67120KA1995PTC035122	MORE-FINANSHARE INVESTMENTS PRIVATE LIMITED	Director	29/09/2015	27/03/2015	-	Active	NO
19	U45202TN2006PTC060010	DSRK HOLDINGS (CHENNAI) PRIVATE LIMITED	Director	29/09/2015	27/03/2015	-	Active	NO
20	U45200KA2008PTC045124	SWIRE TECH-PARK PROJECTS PRIVATE LIMITED	Additional director	27/03/2015	27/03/2015	-	Active	NO
21	U45200KA2009PTC051005	Golflinks Properties Private Limited	Additional director	27/03/2015	27/03/2015	-	Active	NO
22	U45205KA2010PTC054663	MK Embassy Land Developers Private Limited	Additional director	27/03/2015	27/03/2015	-	Active	NO
23	U85110KA1980PLC003907	BANGALORE PAINTS LIMITED	Nominee director	18/05/2015	18/05/2015	-	Active	NO
24	AAB-0725	RS-GK REAL ESTATES LLP	Designated Partner	17/08/2012	17/08/2012	-	Active	NO

Bottom of Form

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Sanjay Shroff and Yashodhara Shroff (Joint Holder)	50650
Yashodhara Shroff	6796
Rishi Shroff	17550
Rishi Shroff and Yashodhara Shroff (Joint Holder)	1
Sanjay Shroff and Rishi Shroff (Joint Holder)	1
Sanjay Shroff	1
Yashodhara Shroff and Rishi Shroff (Joint Holder)	1
Total	75000

AS ON 29.08.2015

Name of Allottee (Equity Share)	No. of Shares
JV Holding Private Limited, India	33733

AS ON 14.05.2015

Name of Allottee (Redeemable Preference Share)	No. of Shares
Sanjay Shroff	3100

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into manufacturing of paints and also engaged into providing decorative painting, interior painting, exterior painting on contract basis. (Confirmed by Management)
Products / Services :	· Interior Designing · Roof Interior Designers · Interior Design Consultants · Home Design Service · Architect Designer · Interior Architectural Consultant
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank Name	HDFC Bank Limited
Branch	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
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)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans
From KIADB	0.081	0.093
Deferred payment liabilities
HDFC Auto Car Loan (Secured By Hypotheciation of Car)	0.299	0.000
SHORT-TERM BORROWINGS
Loans Repayable On Demand
From Banks (secured by Fixed Deposit)	0.849	0.979
Total	1.229	1.072

Auditors :
Name :	K S Krishnan and Company Chartered Accountants
Address :	#14, 5^th Main, 9^th Cross, Malleswaram, Bangalore – 560003, Karnataka, India
E-Mail :	kskrishnanandco@yahoo.co.in
PAN No:	AAIFK5974D
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital: Rs. 16.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
108733	Equity Shares	Rs.100/- each	Rs.10.873 Million
3100	Redeemable Preference Shares	Rs.100/- each	Rs.0.310 Million
	Total		Rs.11.183 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 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	7.500	7.500	7.500
(b) Reserves & Surplus	4.872	2.375	0.369
(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)	12.372	9.875	7.869
(3) Non-Current Liabilities
(a) long-term borrowings	0.380	0.093	0.093
(b) Deferred tax liabilities (Net)	0.365	0.232	0.140
(c) Other long term liabilities	0.477	0.426	0.408
(d) long-term provisions	2.493	2.934	3.717
Total Non-current Liabilities (3)	3.715	3.685	4.358
(4) Current Liabilities
(a) Short term borrowings	3.536	2.337	0.504
(b) Trade payables	7.139	8.024	6.661
(c) Other current liabilities	7.885	10.323	6.021
(d) Short-term provisions	3.621	1.601	0.461
Total Current Liabilities (4)	22.181	22.285	13.647
TOTAL	38.268	35.845	25.874
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.073	3.700	3.112
(ii) Intangible Assets	0.077	0.028	0.037
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	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	4.150	3.728	3.149
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.758	14.247	8.616
(c) Trade receivables	10.406	6.827	4.878
(d) Cash and cash equivalents	3.113	1.967	1.443
(e) Short-term loans and advances	2.739	2.855	2.267
(f) Other current assets	5.102	6.221	5.521
Total Current Assets	34.118	32.117	22.725
TOTAL	38.268	35.845	25.874

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	80.804	49.028	46.015
		Other Income	0.678	1.622	0.261
		TOTAL (A)	81.482	50.650	46.276
Less	EXPENSES
		Cost of Materials Consumed	34.217	23.414	24.797
		Purchases of Stock-in-Trade	0.000	0.778	0.295
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.626	(4.580)	(0.892)
		Employees benefits expense	14.207	11.248	9.210
		Other expenses	27.083	17.146	9.974
		TOTAL (B)	77.133	48.006	43.384
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.349	2.644	2.892
Less	FINANCIAL EXPENSES (D)		0.345	0.136	0.179
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.004	2.508	2.713
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.448	0.409	0.339
	PROFIT BEFORE TAX (E-F) (G)		3.556	2.099	2.374
Less	TAX (H)		0.935	0.093	(0.566)
	PROFIT AFTER TAX (G-H) (I)		2.621	2.006	2.941
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.056	0.050	(2.891)
	BALANCE CARRIED TO THE B/S		4.677	2.056	0.050
	EARNINGS IN FOREIGN CURRENCY		0.064	0.035	0.053
	Earnings Per Share (Rs.)		34.95	26.76	39.21

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	--	--	--
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.24	4.09	6.39
Operating Profit Margin (PBIDT/Sales)	(%)	5.38	5.39	6.28
Return on Total Assets (PBT/Total Assets}	(%)	9.29	5.86	9.18
Return on Investment (ROI) (PBT/Networth)		0.29	0.21	0.30
Debt Equity Ratio (Total Debt /Networth)		0.32	0.25	0.08
Current Ratio (Current Asset/Current Liability)		1.54	1.44	1.67

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	7.500	7.500	7.500
Reserves & Surplus	0.369	2.375	4.872
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7.869	9.875	12.372
long-term borrowings	0.093	0.093	0.380
Short term borrowings	0.504	2.337	3.536
Current Maturities of Long-debts	0.000	0.000	0.000
Total borrowings	0.597	2.430	3.916
Debt/Equity ratio	0.076	0.246	0.317

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	46.015	49.028	80.804
		6.548	64.812

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	46.015	49.028	80.804
Profit	2.941	2.006	2.621
	6.39%	4.09%	3.24%

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	No
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	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	No
17	Details of sister concerns	No
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	No
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

REVIEW OF OPERATIONS:

During the year, the company has generated a total revenue of Rs.81.481 million as against Rs.50.650 million in the last year. The company has also earned a profit of Rs.2.621 million for the period ending on 31st March 2014 against Rs.2.006 million in the previous year from its business.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWING
Loans and advances from related parties	2.687	1.358
Total	2.687	1.358

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2014	31.03.2013
Contingent Liabilities	0.390	0.390

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90189556	27/06/2002	4,000,000.00	KARNATAKA STATE FINANCIAL CORPORTION	1/1; THIRMMAH ROAD, BANGALORE, KARNATAKA - 560052,  INDIA	-
2	90189765	02/03/1993 *	450,000.00	STATE BANK OF INDIA	WILSON GARDEN BRANCH, BANGALORE, KARNATAKA, INDIA	-

FIXED ASSETS

· Tenaments

· Plant and Machinery

· Electrical Fittings

· Lab Equipments

· Fire Extinguisher

· Weighing Scale

· Furniture and Fixture

· Type Writer

· Vehicle

· Computer

· Office Equipment

· Xerox Machine

· Painting Equipment

· Technical Know How

· Computer Software

· Scafolding

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.66.30
UK Pound	1	Rs.98.70
Euro	1	Rs.72.33

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	ASN

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	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.