MIRA INFORM REPORT

Report No. :	357054
Report Date :	28.12.2015

IDENTIFICATION DETAILS

Name :	MEENAKSHI INDIA LIMITED
Registered Office :	Old No.: 16, New No.: 29, Whites Road, 4^th Floor, Royapettah, Chennai - 600014, Tamilnadu
Tel. No.:	91-44-42636795
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	16.07.1987
Com. Reg. No.:	18-014678
Capital Investment / Paid-up Capital :	Rs. 37.500 Million
CIN No.: [Company Identification No.]	L74300TN1987PLC014678
IEC No.:	0488055539
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACM5386Q
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 Readymade Garments. [Confirmed by management]
No. of Employees :	100 (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 :	Usually correct
Litigation :	Clear
Comments :	Subject was established in the year 1987 and it is a manufacturer of readymade garments. The company primarily caters to premium brands in the European market. Besides, the company is involved in textile trading and plantation of coffee, pepper, and cardamom; however, the contribution of revenue from other business segments is minimal. For the financial year ended 2015, the company has achieved growth of 21.70% in its revenue profile but failed to maintain profit margin and reported low margin at 0.11% during the year under review. Rating continue to reflect the company's average financial risk profile, marked by a moderately leveraged capital structure. The ratings also factor in company's established relationships with reputed customers and the promoter's extensive industry experience in the ready-made garments (RMG) industry. Rating strengths is partially offset by the company's small scale of operations in an intensely fragmented RMG industry and exposure to customer concentration risks in the revenue profile. Trade relations are reported as fair. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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
Rating	Long Term Rating = BB+
Rating Explanation	Inadequate credit quality and high credit risk
Date	January 09, 2015

Rating Agency Name	CRISIL RATING
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	January 09, 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 PARTED BY

Name :	Ms. Rajlaxmi
Designation :	Accountant
Contact No.:	91-44-42636795
Date :	25.12.2015

LOCATIONS

Registered Office :	Old No.: 16, New No.: 29, Whites Road, 4^th Floor, Royapettah, Chennai - 600014, Tamilnadu, India
Tel. No.:	91-44-42636795
Fax No.:	Not Available
E-Mail :	accounts@milgroup.net contact@milgroup.net mundhara_co@yahoo.co.in
Website :	http://www.milgroup.net
Location :	Owned
Locality :	Commercial
Factory/ Administrative Office :	No. 77 (SP), Ambattur Industrial Estate, Chennai – 600058, Tamilnadu, India

DIRECTORS

AS ON 31.03.2015

Name :

Shyam Sunder Goenka

Designation :

Whole-Time Director

Address :

9-A, Venus Colony, 2nd Street. Alwarpet, Chennai - 600018, Tamil Nadu, India

Date of Birth/Age :

07.06.1940

Qualification :

B.Com

Experience :

49 Years

Date of Appointment :

01.04.2012

DIN No.:

00180875

PAN No.:

AAVPS9367D

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	U18101TN1979PTC008039	SRI BAJRANG TEXTILE PRIVATE LIMITED	Director	11/12/1979	11/12/1979	-	Active	NO
2	U65993TN1980PTC008466	BAJRANG INVESTMENT CO PRIVATE LIMITED	Director	28/10/1980	28/10/1980	-	Active	NO
3	U14299TN1990PTC019151	MEENAKSHI BIO -TECH Private Limited	Director	10/05/1990	10/05/1990	-	Active	NO
4	U74140MH1990PTC058925	GAIN FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	09/11/1990	09/11/1990	-	Active	NO
5	U65191TN1990PTC019044	MEENAKSHI FINANCE & PROPERTIES PRIVATE LIMITED	Director	26/11/1992	26/11/1992	-	Active	NO
6	U91990TN1994NPL080261	SREELAL GOENKA MEDICAL INSTITUTE	Director	17/05/1994	17/05/1994	-	Active	NO
7	U65191TN1997PLC039571	LIBRA CONSTRUCTIONS & FINANCE LIMITED	Director	29/04/1998	29/04/1998	-	Active	NO
8	U52321TN1985PTC011511	MILCOM SOFTWARE Private Limited	Director	31/03/2001	31/03/2001	-	Active	NO
9	U51109TN1999PTC043489	BHARAT INDUSTRIAL DEVELOPMENT COMPANY Private Limited	Director	25/12/2002	25/12/2002	-	Active	NO
10	L74300TN1987PLC014678	MEENAKSHI INDIA LIMITED	Whole-time director	01/04/2012	01/04/2005	-	Active	NO
11	U93090TN1985PTC011513	MAYFAIR ENTERPRISES PRIVATE LIMITED	Additional director	14/08/2008	14/08/2008	28/10/2011	Active	NO
12	U28910TN1985PLC012257	MIL STEEL AND POWER LIMITED	Director	30/09/2013	03/06/2013	-	Active	NO

Name :

Mr. Ashutosh Goenka

Designation :

Managing director

Address :

No.9A, Venus Colony, 2^nd Street, Alwarpet, Chennai - 600018, Tamilnadu, India

Date of Birth/Age :

22.09.1970

Qualification :

B.Com

Experience :

21 Years

Date of Appointment :

01.04.2012

PAN No.:

AAFPG4647L

DIN No.:

00181026

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	U65993TN1980PTC008466	BAJRANG INVESTMENT CO PRIVATE LIMITED	Director	01/03/1990	01/03/1990	-	Active	NO
2	U18101TN1979PTC008039	SRI BAJRANG TEXTILE PRIVATE LIMITED	Director	01/04/1990	01/04/1990	-	Active	NO
3	U91990TN1994NPL080261	SREELAL GOENKA MEDICAL INSTITUTE	Director	17/05/1994	17/05/1994	-	Active	NO
4	U14299TN1990PTC019151	MEENAKSHI BIO -TECH Private Limited	Director	27/03/1995	27/03/1995	-	Active	NO
5	U65191TN1990PTC019044	MEENAKSHI FINANCE & PROPERTIES PRIVATE LIMITED	Director	05/11/1999	05/11/1999	-	Active	NO
6	U52321TN1985PTC011511	MILCOM SOFTWARE Private Limited	Director	25/04/2000	25/04/2000	-	Active	NO
7	U93090TN1985PTC011513	MAYFAIR ENTERPRISES PRIVATE LIMITED	Director	16/07/2001	16/07/2001	06/06/2011	Active	NO
8	U65191TN1997PLC039571	LIBRA CONSTRUCTIONS & FINANCE LIMITED	Director	26/12/2002	26/12/2002	-	Active	NO
9	L74300TN1987PLC014678	MEENAKSHI INDIA LIMITED	Managing director	01/04/2012	01/04/2006	-	Active	NO
10	U51109TN1999PTC043489	BHARAT INDUSTRIAL DEVELOPMENT COMPANY Private Limited	Director	15/09/2010	25/11/2009	-	Active	NO
11	U28910TN1985PLC012257	MIL STEEL AND POWER LIMITED	Director	30/09/2013	15/05/2013	-	Active	NO

Name :

Mr. Inder Mohan Khosla

Designation :

Director

Address :

No.9, Framroz Court, Marine Drive, Mumbai - 400020, Maharashtra, India

Date of Birth/Age :

11.09.1938

Qualification :

B.Com

Date of Appointment :

28.10.1995

DIN No.:

00195806

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	U74140MH1990PTC058925	GAIN FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	09/11/1990	09/11/1990	-	Active	NO
2	U74120MH1975PTC018411	BEAM SERVICES PRIVATE LIMITED	Director	05/08/1995	05/08/1995	-	Active	NO
3	L74300TN1987PLC014678	MEENAKSHI INDIA LIMITED	Director	28/10/1995	28/10/1995	-	Active	NO

Name :

Mr. Kamal Chordia

Designation :

Director

Address :

No.89, Audiappa Naicken Street, 1^st Floor, Sowcarpet, Chennai - 600079, Tamilnadu, India

Date of Birth/Age :

21.07.1971

Qualification :

FCA

Date of Appointment :

29.01.2007

PAN No.:

AGKPK8897M

DIN No.:

01280853

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	L74300TN1987PLC014678	MEENAKSHI INDIA LIMITED	Director	29/01/2007	29/01/2007	-	Active	NO
2	U65991TN1991PTC021934	ASK INVESTMENT & FNANCIAL CONSULTANCY PRIVATE LIMITED	Director	15/06/2007	15/06/2007	-	Active	NO

Name :

Mr. Gopalan Rajendra Prasad

Designation :

Whole-time director

Address :

237A, III Cross, Brindavan Road, Fairlands, Salem – 636016, Tamilnadu, India

Date of Birth/Age :

28.05.1948

Qualification :

B.Com

Date of Appointment :

01.10.2015

PAN No.:

AAEPP8579R

DIN No.:

01793755

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	U51109TN1999PTC043489	BHARAT INDUSTRIAL DEVELOPMENT COMPANY Private Limited	Director	25/01/2005	25/01/2005	25/11/2009	Active	NO
2	U65191TN1997PLC039571	LIBRA CONSTRUCTIONS & FINANCE LIMITED	Director	29/09/2010	25/11/2009	-	Active	NO
3	L74300TN1987PLC014678	MEENAKSHI INDIA LIMITED	Whole-time director	01/10/2015	01/10/2010	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Rajlaxmi
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 31.03.2015

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	65.00
Directors or relatives of Directors	29.00
Other top fifty shareholders	3.00
Others	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Readymade Garments. [Confirmed by management]
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	USA European Countries
Terms :
Selling :	Cash, Cheque and Credit (60 days)
Purchasing :	Cash, Cheque and Credit (60 days)

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 :

Wholesalers and End Users

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 :

100 (Approximately)

Bankers :

· Canara Bank

Thousand Lights Branch, Greams Road, Chennai - 600006, Tamilnadu, India

· The Karur Vysya Bank Limited

Whites Road Branch, 16; Whites Road, Chennai - 600014, Tamilnadu, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Rupee term loans from banks	5.758	12.228
SHORT TERM BORROWING
Loans repayable on demand from banks	209.604	262.942
Total	215.362	275.170

Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	1, Philips Street, Chennai - 600001, Tamilnadu, India
E-Mail :	chennai@singhico.com
Website :	www.singhico.com
PAN N Income-tax PAN of auditor or auditor's firm :	AASFS9578D
Memberships :	Not Available
Collaborators :	Not Available
Associate :	· Meenakshi Finance and Properties Private Limited · Sri Bajrang Textiles Private Limited · Milcom Software Private Limited · Meenakshi Bio Tech Private Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Libra Constructions and Finance Limited · Bharat Industrial Development Company Private Limited · Bajrang Investment Company Private Limited
Other Related Parties :	· Kanishk Ferrous And Energy Limited · Meenakshi Sundaram · Goenka Public School

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3750000	Equity Shares	Rs.10/- each	Rs. 37.500 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	37.500	37.500	37.500
(b) Reserves & Surplus	97.879	99.299	87.146
(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)	135.379	136.799	124.646
(3) Non-Current Liabilities
(a) long-term borrowings	5.758	12.228	19.045
(b) Deferred tax liabilities (Net)	8.256	12.334	12.536
(c) Other long term liabilities	6.114	2.350	2.350
(d) long-term provisions	7.662	4.737	3.860
Total Non-current Liabilities (3)	27.790	31.649	37.791
(4) Current Liabilities
(a) Short term borrowings	209.661	263.687	129.335
(b) Trade payables	26.508	19.801	10.062
(c) Other current liabilities	23.865	30.093	37.692
(d) Short-term provisions	1.938	0.856	2.064
Total Current Liabilities (4)	261.972	314.437	179.153
TOTAL	425.141	482.885	341.590
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	140.808	154.849	159.723
(ii) Intangible Assets	0.000	0.767	1.040
(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	47.763	37.763	10.005
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.660	4.832	3.903
(e) Other Non-current assets	0.000	0.000	3.000
Total Non-Current Assets	194.231	198.211	177.671
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	105.895	107.746	48.224
(c) Trade receivables	51.221	108.624	67.657
(d) Cash and cash equivalents	1.759	15.326	19.664
(e) Short-term loans and advances	49.367	29.758	17.570
(f) Other current assets	22.668	23.220	10.804
Total Current Assets	230.910	284.674	163.919
TOTAL	425.141	482.885	341.590

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	631.441	533.706	558.700
	Other Income	25.324	5.812	5.373
	TOTAL	656.765	539.518	564.073
Less	EXPENSES
	Cost of Materials Consumed	327.663	226.837	265.296
	Purchases of Stock-in-Trade	3.546	12.869	39.215
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(11.284)	(9.893)	(20.534)
	Employees benefits expense	159.164	144.261	127.900
	Other expenses	152.389	130.567	103.733
	TOTAL	631.478	504.641	515.610
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	25.287	34.877	48.463
Less	FINANCIAL EXPENSES	11.856	13.309	12.959
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	13.431	21.568	35.504
Less/ Add	DEPRECIATION/ AMORTISATION	13.977	8.867	7.885
	PROFIT/ (LOSS) BEFORE TAX	(0.546)	12.701	27.619
Less	TAX	(1.323)	0.548	6.148
	PROFIT/ (LOSS) AFTER TAX	0.777	12.153	21.471
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	0.000	415.859	460.468
	TOTAL EARNINGS	0.000	415.859	460.468
	IMPORTS
	Raw Materials	0.000	26.382	31.732
	Capital Goods	0.000	0.620	4.116
	TOTAL IMPORTS	0.000	27.002	35.848
	Earnings Per Share (Rs.)	0.21	3.24	5.73

Expected Sales (2015-16) : Rs. 750.000 Million

The above information has been parted by Mr. Rajlaxmi (Accountant)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	65.092	(69.046)	50.795

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.12	2.28	3.84
Operating Profit Margin (PBIDT/Sales)	(%)	4.00	6.53	8.67
Return on Total Assets (PBT/Total Assets}	(%)	(0.14)	2.85	8.33
Return on Investment (ROI) (PBT/Networth)		0.00	0.09	0.22
Debt Equity Ratio (Total Debt /Networth)		1.59	2.02	1.19
Current Ratio (Current Asset/Current Liability)		0.88	0.91	0.91

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	37.500	37.500	37.500
Reserves & Surplus	87.146	99.299	97.879
Net worth	124.646	136.799	135.379
long-term borrowings	19.045	12.228	5.758
Short term borrowings	129.335	263.687	209.661
Total borrowings	148.380	275.915	215.419
Debt/Equity ratio	1.190	2.017	1.591

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	558.700	533.706	631.441
		(4.474)	18.313

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	558.700	533.706	631.441
Profit	21.471	12.153	0.777
	3.84%	2.28%	0.12%

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	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)	Yes
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	Yes
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

OPERATIONS

The company achieved a turnover of Rs. 656.766 Million (Previous year Rs. 539.518 Million). The performance of the company for the year has been affected due to advance market conditions.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
Intercorporate borrowings	0.057	0.745
Total	0.057	0.745

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80039204	10/05/2006	84,000,000.00	CANARA BANK	THOUSANDLIGHTS BRANCH, GREAMS ROAD, CHENNAI, Tamil Nadu - 600006, INDIA	-
2	80033911	09/10/2015 *	325,400,000.00	Canara Bank	Thousand Lights Branch, Greams Road, Chennai, Tamil Nadu - 600006, INDIA	C72976061

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Furniture and Fixture
• Vehicles
• Motor Car
• 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 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. 66.20
UK Pound	1	Rs. 98.30
Euro	1	Rs. 72.41

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	JYO

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	4
--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		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	--

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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.