MIRA INFORM REPORT

Report No. :	305611
Report Date :	05.02.2015

IDENTIFICATION DETAILS

Name :	Tommy Hilfiger Arvind Fashion PRIVATE LIMITED (w.e.f. 06.01.2012)
Formerly Known As :	ARVIND MURJANI BRANDS PRIVATE LIMITED
Registered Office :	The Arvind Mills Premisesnaroda Road, Ahmedabad – 380025, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.09.2003
Com. Reg. No.:	04-146421
Capital Investment / Paid-up Capital :	Rs. 229.237 Millions
CIN No.: [Company Identification No.]	U18101GJ2003PTC046421
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECA3768J
Legal Form :	Private Limited Liability Company
Line of Business :	The Subject is engaged in marketing and wholesale trading activity of Tommy Hilfiger brand apparels, accessories and other products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 2100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having a fine track record. The rating reflects company’s established track record of business operations supported by decent brand name, fair profitability levels and healthy financial risk profile of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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: “A (SO)”
Rating Explanation	Adequate degree of safety and low credit risk.
Date	12.08.2014

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 31-03-2014.

LOCATIONS

Registered Office :	The Arvind Mills Premisesnaroda Road, Ahmedabad – 380025, Gujarat
Tel. No.:	91-79-22203030 /30138108
Fax No.:	91-79-30138668
E-Mail :	lipi.jha@th-india.com
Corporate Office:	No.4 Brunton 1st Cross Road Bangalore – 560025 , Karnataka, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Shailesh Shyamsundar Chaturvedi

Designation :

Director

Address :

807 Olympus 3 Prestige Acropolis Hosur, Bangalore, Karnataka, India

Date of Birth/Age :

05.06.1968

Date of Appointment :

15.03.2012

PAN No.:

AAIPC4561G

DIN No.:

03023079

Name :

Mr. Kattur Eswaran Venkatachalapathy

Designation :

Director

Address :

Flat No553/554 5th Floor, 5th Block Ranka Heights 314/9 7th Cross 4th Main Domlur Layout Bangalore – 560071, Karnataka, India

Date of Birth/Age :

29.10.1962

Date of Appointment :

28.09.2012

DIN No.:

00968667

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	U45201KA1995PTC017371	ARUDRAMA DEVELOPMENTS PRIVATE LIMITED	Director	01/06/2005	01/06/2005	-	Active	NO
2	U18101GJ2003PTC046421	Tommy Hilfiger Arvind Fashion Private Limited	Director	28/09/2012	21/12/2011	-	Active	NO

Name :

Mr. Jagdish Gajanand Dalal

Designation :

Director

Address :

5B, Malay Society, Opposite Hunel Flats Manak Bagh, Ambawadi – 380015, Gujarat, India

Date of Birth/Age :

04.06.1961

Date of Appointment :

12.01.2004

DIN No.:

00009785

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	U65990GJ1982PTC013276	SONA LANK INVESTMENT AND TRADING PVT.LTD.	Director	16/07/1993	16/07/1993	-	Active	NO
2	U65929WB1994PTC066241	AKSHAR SECURITIES PRIVATE LIMITED	Director	03/03/1999	03/03/1999	-	Strike off	NO
3	U65910GJ1981PLC004408	ASMAN INVESTMENTS LIMITED	Director	10/06/1999	10/06/1999	-	Active	NO
4	U30006GJ1985PLC008289	SYNTEL TELECOM LIMITED	Director	20/06/2000	20/06/2000	-	Active	NO
5	U72102KA1994PTC015331	EGOSITE PROPERTIESANDINVESTMENTS PRIVATE LIMITED	Director	05/09/2001	05/09/2001	-	Active	NO
6	U65990GJ1991PTC016640	MADHUVAN INSURANCE BROKING SERVICES PRIVATE LIMITED	Director	20/08/2003	20/08/2003	-	Active	NO
7	U18101GJ2003PTC046421	Tommy Hilfiger Arvind Fashion Private Limited	Director	12/01/2004	12/01/2004	-	Active	NO
8	U18101MH2003PTC142108	ARVIND MURJANI BRANDS PRIVATE LIMITED	Director	12/01/2004	12/01/2004	-	Not Available for eFiling	NO
9	U55101DL2001PTC110846	ANMOL SPINTEX PRIVATE LIMITED	Director	12/06/2004	12/06/2004	26/06/2013	Active	NO
10	U65910GJ1994PTC039882	LALBHAI REALTY FINANCE PRIVATE LIMITED	Director	12/06/2004	12/06/2004	-	Active	NO
11	U18100GJ1982PTC005662	AMBER APPARELS PRIVATE LIMITED	Director	23/08/2004	23/08/2004	03/11/2008	Converted to LLP and dissolved	NO
12	U45201KA1995PTC017371	ARUDRAMA DEVELOPMENTS PRIVATE LIMITED	Director	01/06/2005	01/06/2005	-	Active	NO
13	U17110KA2006PTC067548	VF Brands India Private Limited	Director	05/04/2006	05/04/2006	02/11/2011	Active	NO
14	U18101GJ2007PLC050217	ARVIND RETAIL LIMITED	Director	14/03/2007	14/03/2007	31/10/2009	Amalgamated	NO
15	U18101GJ2007PTC050985	DIESEL FASHION INDIA RELIANCE PRIVATE LIMITED	Director	30/05/2007	30/05/2007	11/06/2008	Active	NO
16	U52609GJ2007PLC051974	ARVIND BRANDS & RETAIL LIMITED	Director	16/10/2007	16/10/2007	22/02/2011	Active	NO
17	U29100GJ2008PLC053226	ARVIND ACCEL LIMITED	Director	20/04/2008	20/04/2008	21/11/2011	Active	NO
18	U45201GJ2008PLC055771	ARVIND INFRASTRUCTURE LIMITED	Director	27/01/2009	27/01/2009	-	Active	NO
19	U65923GJ2009PLC058506	ANAGRAM i-BROKING LIMITED	Director	06/11/2009	06/11/2009	-	Strike off	NO
20	U67120GJ1997PTC032271	SHRUTI TRADELINK PRIVATE LIMITED	Director	01/12/2009	01/12/2009	-	Active	NO
21	U80212GJ2008PLC052901	ANAGRAM KNOWLEDGE ACADEMY LIMITED	Director	29/09/2010	03/08/2010	20/09/2013	Active	NO
22	U51909GJ2000PTC038248	AURA SECURITIES PRIVATE LIMITED	Director	26/09/2011	25/05/2011	31/03/2012	Active	NO
23	U17120GJ2011PTC066160	ARVIND PD COMPOSITES PRIVATE LIMITED	Director	02/07/2011	02/07/2011	21/11/2011	Active	NO
24	U74140GJ2011PTC068131	AMPLUS CAPITAL ADVISORS PRIVATE LIMITED	Director	08/12/2011	08/12/2011	-	Active	NO
25	U64120PN2003PTC018154	ARYA OMNITALK RADIO TRUNKING SERVICES PRIVATE LIMITED	Director	30/06/2012	26/03/2012	-	Active	NO
26	U17121GJ2012PTC071968	ARVIND GOODHILL SUIT MANUFACTURING PRIVATE LIMITED	Director	14/09/2012	14/09/2012	29/03/2013	Active	NO
27	U45200GJ2011PTC066023	ARVIND HEBBAL HOMES PRIVATE LIMITED	Director	15/10/2012	15/10/2012	-	Active	NO
28	U17120GJ2013PTC073597	ARVIND GARMENTS PARK PRIVATE LIMITED	Director	18/02/2013	18/02/2013	06/12/2013	Active	NO
29	U17120GJ2013PTC073596	DHOLKA TEXTILE PARK PRIVATE LIMITED	Director	18/02/2013	18/02/2013	-	Active	NO
30	U70102MH2011PTC220895	AMPLUS REAL ESTATE PRIVATE LIMITED	Director	23/09/2014	23/09/2014	-	Active	NO
31	AAB-1906	ARVIND ALTURA LLP	Designated Partner	30/10/2012	30/10/2012	-	Active	NO
32	AAB-1983	ARVIND ALCOVE LLP	Designated Partner	01/11/2012	01/11/2012	-	Active	NO
33	AAB-5241	ARVIND INFRABUILD LLP	Body corporate as Designated Partner	14/05/2013	14/05/2013	01/01/2014	Active	NO
34	AAB-7374	AMPLUS BANGALORE PROJECTS LLP	Body corporate as Designated Partner	30/08/2013	30/08/2013	-	Active	NO
35	AAB-8464	AMPLUS REALTY LLP	Body corporate as Designated Partner	29/10/2013	29/10/2013	-	Active	NO
36	AAC-1446	ARVIND INFRACON LLP	Body corporate as Designated Partner	04/03/2014	04/03/2014	-	Active	NO
37	AAC-3674	ARVIND BEYOND FIVE CLUB LLP	Body corporate as Designated Partner	12/06/2014	12/06/2014	-	Active	NO

Name :

Mr. Daniel Heinrich Grieder

Designation :

Director

Address :

Prinsengracht 468 1017KG Amsterdam, The Netherlands

Date of Birth/Age :

06.11.1961

Date of Appointment :

30.09.2014

DIN No. :

06979658

Name :

Mr. Michiel Rubenkamp Alfons

Designation :

Director

Address :

Stommeerweg 78, 1431EZ, Aaalsmeer, Netherlands – 1431

Date of Birth/Age :

18.03.1968

Date of Appointment :

30.09.2013

DIN No.:

06477590

KEY EXECUTIVES

Name :	Ms. Lipi Jha
Designation :	Secretary
Address :	G 01 Laa Paradise Apartment Hal 3^rd Stage Bangalore, Karnataka, Idnia
Date of Birth/Age :	16.07.1978
Date of Appointment :	19.03.2012
PN No.:	AHJPJ0214D

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Arvind Brands and Retail Limited, India	11461839	50.00
Tommy Hilfiger Europe B. V., Netherlands	2063131	9.00
Tommy Hilfiger B.V, Netherlands	9398708	41.00
Total	22923678	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Subject is engaged in marketing and wholesale trading activity of Tommy Hilfiger brand apparels, accessories and other products.

Products :

Item Code No. (ITC Code)	Product Description
62052000	Men's or Boy's Shirts of Cotton

Brand Names :

Not Available

Agencies Held :

Not Available

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
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	State Bank Of India
Branch Address	Industrial Finance Branch, Residency Plaza, Residency Road,, Bangalore - 560025, Karnataka, India
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

Banker Name	The Lakshmi Vilas Bank Limited
Branch Address	Jayanagar Branch, No.460/2, 8th B Main Road, 4th Block Jayanagar, Bangalore - 560011, Karnataka, India
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 LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Working Capital Loans from Banks	181.480	218.940
Total	181.480	218.940

Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	12^th and 13th Floor, UB City, Canberra Block, No. 24, VittalMallya Road, Bengaluru -560 001, Karnataka, India
PAN No.:	AABFS3421N
Memberships :	Not Available
Collaborators :	Not Available
Other Related Party:	Aura Securities Private Limited Arvind Limited Tommy Hilfiger Europe BV PVH B.V. Arvind Lifestyle Brands Limited Tommy Hilfiger USA Inc GVM International Limited Tommy Hilfiger Global Sourcing Tommy Hilfiger (HK) Limited Tommy Hilfiger Licensing LLC

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22923678	Equity Shares	Rs.10/- each	Rs.229.237 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	229.240	229.240	179.590
(b) Reserves & Surplus	529.140	425.280	53.590
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	151.530
Total Shareholders’ Funds (1) + (2)	758.380	654.520	384.710
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	13.880	20.220	16.010
(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)	13.880	20.220	16.010
(4) Current Liabilities
(a) Short term borrowings	181.480	218.940	328.090
(b) Trade payables	467.840	271.800	138.180
(c) Other current liabilities	60.610	74.890	241.960
(d) Short-term provisions	5.860	6.210	4.500
Total Current Liabilities (4)	715.790	571.840	712.730
TOTAL	1488.050	1246.580	1113.450
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	91.780	85.710	50.070
(ii) Intangible Assets	323.570	349.590	363.690
(iii) Capital work-in-progress	1.020	0.000	0.090
(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	96.110	109.200	88.340
(e) Other Non-current assets	5.250	5.100	5.870
Total Non-Current Assets	517.730	549.600	508.060
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	610.700	483.910	410.530
(c) Trade receivables	277.830	153.580	134.320
(d) Cash and cash equivalents	7.330	6.350	3.790
(e) Short-term loans and advances	70.760	50.410	39.110
(f) Other current assets	3.700	2.730	17.640
Total Current Assets	970.320	696.980	605.390
TOTAL	1488.050	1246.580	1113.450

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2342.250	1889.770	1378.300
	Other Income	10.660	5.730	11.270
	TOTAL (A)	2352.910	1895.500	1389.570
Less	TOTAL EXPENSES (B)	2117.170	1734.850	1263.130
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	235.740	160.650	126.440
Less	FINANCIAL EXPENSES (D)	31.050	40.330	28.030
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	204.690	120.320	98.410
Less/ Add	DEPRECIATION/ AMORTISATION (F)	47.430	40.250	22.230
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	157.260	80.070	76.180
Less	TAX (H)	53.400	19.720	22.530
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	103.860	60.350	53.650
	Earnings / (Loss) Per Share (Rs.)	4.53	2.63	2.34

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Sales)	(%)	4.43	3.19	3.89
Operating Profit Margin (PBDIT/Sales)	(%)	10.06	8.50	9.17
Return on Total Assets (PBT/Total Assets}	(%)	10.58	6.42	6.84
Return on Investment (ROI) (PBT/Networth)		0.21	0.12	0.20
Debt Equity Ratio (Total Debt /Networth)		0.24	0.33	0.85
Current Ratio (Current Asset/Current Liability)		1.36	1.22	0.85

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	179.590	229.240	229.240
Reserves & Surplus	53.590	425.280	529.140
Share Application money pending allotment	151.530	0.000	0.000
Net worth	384.710	654.520	758.380
long-term borrowings	0.000	0.000	0.000
Short term borrowings	328.090	218.940	181.480
Total borrowings	328.090	218.940	181.480
Debt/Equity ratio	0.853	0.335	0.239

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1378.300	1889.770	2342.250
		37.109	23.944

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1378.300	1889.770	2342.250
Profit	53.650	60.350	103.860
	3.89%	3.19%	4.43%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	------------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

REVIEW OF OPERATIONS

The Company has completed another impressive year of performance showing continued growth in earning in financial year. The Company has posted a sales turnover of Rs. 2342.250 Million during the year against the previous year figure of Rs. 1889.770 Million showing an increase of 23.94% over the previous year. The operating profit before interest, tax, depreciation & amortization stands at Rs. 235.740 Million during the period against the previous year figure of Rs. 160.650 Million.

The brand Tommy Hilfiger showed an impressive growth in the financial year both in retail sales and wholesale sales continuing to establish its strength in the Indian market. The Company is planning to continue its efforts to grow the business rapidly in the coming financial year.

The directors are continuously looking for avenues for future growth of the Company.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90361326	17/09/2014 *	460,000,000.00	State Bank of India	INDUSTRIAL FINANCE BRANCH, RESIDENCY PLAZA, RESIDENCY ROAD, BANGALORE, Karnataka - 560025, INDIA	C28811172

* Date of charge modification

CONTINGENT LIABILITIES

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

FIXED ASSETS

• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other 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. 61.68
UK Pound	1	Rs. 93.53
Euro	1	Rs. 70.75

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		52

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.