MIRA INFORM REPORT

Report No. :	306719
Report Date :	09.02.2015

IDENTIFICATION DETAILS

Name :	TEX CORP LIMITED (w.e.f. 21.08.2001)
Formerly Known As :	GAPP’S DRUGS AND PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Mohammadpur, Khandsa Road, Gurgaon – 122 004, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.11.1982
Com. Reg. No.:	05-014609
Capital Investment / Paid-up Capital :	Rs.29.208 millions
CIN No.: [Company Identification No.]	U27205HR1982PLC014609
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Zips, Zip Fastener and Component thereof.
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 654300
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a fine track record. Financial positions of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

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 31-03-2014.

LOCATIONS

Registered Office/ Factory 1	Mohammadpur, Khandsa Road, Gurgaon – 122 004, Haryana, India
Tel. No.:	91-124-4629100-99/ 4836100-99
Fax No.:	91-124-2371462
E-Mail :	tex@texzipper.com
Website :	www.texzipper.com
Factory 2 :	C-11-12, Dev Bhoomi Industrial Estate, Roorkee, District Haridwar – 247 667 Uttrakhand, India
Tel. No.:	91-1332-231061/63,
Fax No.:	91-1332-231060
E-Mail :	sanjay@texzipper.com
Factory 3 :	Plot No.180, Adamjee EPZ, Adamjee Nagar, Shiddirganj, Narayanganj, Bangladesh, India
E-Mail :	bd@texzipper.com
Factory 4 :	Tex Corp Tekstil Sanjayi Ve Ticaret A.S Abdi Ypekci Caddesi No.150/439 Bayrampasa, Istanbul, Turkey
Tel. No.:	90-212-5014532,+90-543-8316201
E-Mail :	turkey@texzipper.com
Overseas Office :	Located at: · USA · France · Pakistan

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Vikram Nair

Designation :

Director

Address :

LCG-03, Pent House-C, Laburnum, Condominium Complex, Sector-28, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

31.12.1953

Date of Appointment :

05.07.1989

DIN No.:

00085114

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	U74899HR1977PTC037242	MATRIX CLOTHING PRIVATE LIMITED	Director	16/08/1977	16/08/1977	-	Active	NO
2	U27205HR1982PLC014609	TEX CORP LIMITED	Director	05/07/1989	05/07/1989	-	Active	NO
3	U74899HR1991PTC037186	BASKO FINANCE AND LEASING PRIVATE LIMITED	Director	06/04/1994	06/04/1994	-	Active	NO
4	U74899DL1995PTC072669	MATRIX ZIPPERS PRIVATE LIMITED	Director	22/09/1995	22/09/1995	-	Active	NO
5	U55101DL2003PTC119678	SAHSHA FOODS PRIVATE LIMITED	Director	01/04/2003	01/04/2003	-	Active	NO
6	U74900MH2009PTC195408	IB & W COMMUNICATIONS PRIVATE LIMITED	Director	01/09/2009	01/09/2009	04/03/2011	Active	NO
7	U74900DL2010PLC203085	SHIBHUMI VENTURES LIMITED	Director	24/05/2010	24/05/2010	-	Active	NO

Name :

Mr. Vijay Toley

Designation :

Director

Address :

1027, Sector-A Pocket-A, Vasantkunj, New Delhi – 110 070, India

Date of Birth/Age :

10.04.1952

Date of Appointment :

16.05.1994

DIN No.:

00089370

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	U27205HR1982PLC014609	TEX CORP LIMITED	Director	16/05/1994	16/05/1994	-	Active	NO
2	U74140DL2006PTC145615	ANVI MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	31/01/2006	31/01/2006	-	Active	NO
3	U74900DL2010PLC203085	SHIBHUMI VENTURES LIMITED	Director	24/05/2010	24/05/2010	-	Active	NO

Name :

Mr. Anil Tandon

Designation :

Managing Director

Address :

H. No.9/407, Heritage City, M.G. Road Gurgaon – 122 001 Haryana, India

Date of Birth/Age :

02.09.1953

Date of Appointment :

01.02.1995

DIN No.:

00089404

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	U27205HR1982PLC014609	TEX CORP LIMITED	Managing director	01/02/1995	01/02/1995	-	Active	NO
2	U18101HR1989PTC030774	SHIBUMI ACCESSORIES PRIVATE LIMITED	Director	22/09/1995	22/09/1995	-	Active	NO
3	U74899HR1977PTC037242	MATRIX CLOTHING PRIVATE LIMITED	Director	29/09/2007	17/02/2002	-	Active	NO
4	U74140DL2006PTC145615	ANVI MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	31/01/2006	31/01/2006	-	Active	NO
5	U74900DL2010PLC203085	SHIBHUMI VENTURES LIMITED	Director	24/05/2010	24/05/2010	-	Active	NO
6	U93000DL2012PTC236126	J56 VENTURES PRIVATE LIMITED	Director	18/05/2012	18/05/2012	01/11/2012	Active	NO

Name :

Mr. Rajeev Dhawan

Designation :

Director

Address :

408-B, Beverly Park-I, DLF City-II, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

03.06.1953

Date of Appointment :

05.07.1989

DIN No.:

00089432

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	U74899HR1977PTC037242	MATRIX CLOTHING PRIVATE LIMITED	Director	01/07/1981	01/07/1981	-	Active	NO
2	U27205HR1982PLC014609	TEX CORP LIMITED	Director	05/07/1989	05/07/1989	-	Active	NO
3	U74899HR1991PTC037186	BASKO FINANCE AND LEASING PRIVATE LIMITED	Director	06/04/1994	06/04/1994	-	Active	NO
4	U74899DL1995PTC072669	MATRIX ZIPPERS PRIVATE LIMITED	Director	22/09/1995	22/09/1995	-	Active	NO
5	U74900DL2010PLC203085	SHIBHUMI VENTURES LIMITED	Director	24/05/2010	24/05/2010	-	Active	NO
6	AAB-2861	TRICORP INTERFACE LLP	Designated Partner	27/12/2012	27/12/2012	-	Active	NO

Name :

Mr. Gautam Nair

Designation :

Director

Address :

H.No.107-B, Beverly Park, DLF Qutab Enclave, Phase-II, Gurgaon – 122 001, Haryana, India

Date of Birth/Age :

09.11.1956

Date of Appointment :

02.11.1982

DIN No.:

00089455

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	U74899HR1977PTC037242	MATRIX CLOTHING PRIVATE LIMITED	Director	01/07/1980	01/07/1980	-	Active	NO
2	U27205HR1982PLC014609	TEX CORP LIMITED	Director	02/11/1982	02/11/1982	-	Active	NO
3	U74899HR1991PTC037186	BASKO FINANCE AND LEASING PRIVATE LIMITED	Director	06/04/1994	06/04/1994	-	Active	NO
4	U74899DL1995PTC072669	MATRIX ZIPPERS PRIVATE LIMITED	Director	22/09/1995	22/09/1995	-	Active	NO
5	L51909DL1988PLC034472	CREW B.O.S. PRODUCTS LIMITED	Director	17/09/2007	15/12/2006	29/05/2012	Under liquidation	NO
6	U19100DL2007PLC167727	CENTRE OF EXCELLENCE IN DESIGN LIMITED	Director	20/09/2008	19/02/2008	-	Active	NO
7	U74900DL2010PLC203085	SHIBHUMI VENTURES LIMITED	Director	24/05/2010	24/05/2010	-	Active	NO
8	U80211DL2008NPL185825	WWF INDIA FOUNDATION	Director	13/08/2010	13/08/2010	31/12/2014	Dormant under section 455	NO
9	U70101HR2010PLC041559	RAJASTHAN INTEGRATED APPAREL CITY LIMITED	Director	18/11/2010	18/11/2010	-	Active	NO
10	U74899DL1978NPL008877	APPAREL EXPORT PROMOTION COUNCIL.	Additional director	22/11/2013	08/12/2012	26/09/2014	Active	NO
11	U74900HR2013PTC052899	TANGERINE DESIGN PRIVATE LIMITED	Director	28/08/2013	28/08/2013	-	Active	NO
12	AAB-2861	TRICORP INTERFACE LLP	Designated Partner	27/12/2012	27/12/2012	-	Active	NO

Name :

Mr. Pravash Patnaik

Designation :

Director

Address :

B-50, Sushant Lok, Gurgaon – 122 009, Haryana, India

Date of Birth/Age :

03.11.1938

Date of Appointment :

29.09.2007

DIN No.:

01362086

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	U27205HR1982PLC014609	TEX CORP LIMITED	Director	29/09/2007	17/03/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Anil Tandon	1002955
Gautam Nair	654979
Rajeev Dhawan	654979
Mudit Tandon	98247
Vijay Toley	291102
Urvashi Nair	9763
Nirmala Tandon	208757
Total	2920782

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Zips, Zip Fastener and Component thereof.
Products :	· Zips · Zip Fastener · Component, etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	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	Canara Bank
Branch Address	Mayapuri, New Delhi – 110 064, 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

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India

· Standard Chartered Bank, 10, Parliament street, New Delhi – 110 001, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Vehicle Loans	3.963	1.472
SHORT TERM BORROWINGS
Working Capital Loans from Banks	41.957	9.841
Bills Discounting	3.286	4.522
Total	49.206	15.835

Banking Relations :	--
Auditors :
Name :	Khattar Khanna and Company Chartered Accountants
Address :	M-126, Greater Kailash-II, New Delhi – 110 048,India
PAN No.:	AABFK2323H
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Tex Zippers (BD) Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2920782	Equity Shares	Rs.10/- each	Rs.29.208 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	29.208	29.208	29.208
(b) Reserves & Surplus	199.805	191.912	180.516
(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)	229.013	221.120	209.724
(3) Non-Current Liabilities
(a) Long-term borrowings	3.963	1.472	1.579
(b) Deferred tax liabilities (Net)	23.847	24.176	23.487
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	19.990	23.459	36.391
Total Non-current Liabilities (3)	47.800	49.107	61.457
(4) Current Liabilities
(a) Short term borrowings	45.243	14.363	37.130
(b) Trade payables	39.029	48.871	36.455
(c) Other current liabilities	12.785	16.929	21.671
(d) Short-term provisions	31.043	20.934	3.847
Total Current Liabilities (4)	128.100	101.097	99.103
TOTAL	404.913	371.324	370.284
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	137.482	134.629	128.998
(ii) Intangible Assets	0.344	0.541	0.691
(iii) Capital work-in-progress	0.000	0.000	19.044
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	33.452	29.856	13.077
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16.432	26.190	40.334
(e) Other Non-current assets	7.216	6.169	8.340
Total Non-Current Assets	194.926	197.385	210.484
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	53.786	44.545	42.155
(c) Trade receivables	97.818	104.186	87.130
(d) Cash and cash equivalents	27.180	10.649	3.737
(e) Short-term loans and advances	29.597	13.486	25.890
(f) Other current assets	1.606	1.073	0.888
Total Current Assets	209.987	173.939	159.800
TOTAL	404.913	371.324	370.284

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations (Net)	540.522	468.001	386.616
		Other Income	70.919	18.347	5.861
		TOTAL (A)	611.441	486.348	392.477
Less	EXPENSES
		Cost of Materials Consumed	278.368	221.919	190.938
		Increase/ Decrease in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.725)	1.104	1.896
		Employees benefits expense	95.950	85.303	80.058
		Other expenses	125.133	125.228	92.486
		TOTAL (B)	495.726	433.554	365.378
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		115.715	52.794	27.099
Less	FINANCIAL EXPENSES (D)		4.827	9.241	11.744
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		110.888	43.553	15.355
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.965	10.619	10.057
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		99.923	32.934	5.298
Less	TAX (H)		22.171	12.189	2.566
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		77.752	20.745	2.732
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		170.231	162.649	161.714
Less	APPROPRIATIONS
		Interim Dividend	62.272	0.000	0.000
		Proposed Dividend	7.302	7.302	1.460
		Dividend Tax	1.241	1.241	0.237
		Transfer to General Reserve	8.000	2.500	0.100
		Excess/ (Short) Provision of Tax	0.655	2.120	0.000
	BALANCE CARRIED TO THE B/S		168.513	170.231	162.649
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	63.398	46.081	81.963
	TOTAL EARNINGS		63.398	46.081	81.963
	Earnings/ (Loss) Per Share (Rs.)		26.62	7.10	0.94

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	14.38	4.43	0.71
Operating Profit Margin (PBDIT/ Sales)	(%)	21.41	11.28	7.01
Return on Total Assets (PBT/Total Assets}	(%)	26.90	9.64	1.57
Return on Investment (ROI) (PBT/Networth)		0.44	0.15	0.03
Debt Equity Ratio (Total Debt/Networth)		0.21	0.07	0.18
Current Ratio (Current Asset/Current Liability)		1.64	1.72	1.61

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	29.208	29.208	29.208
Reserves & Surplus	180.516	191.912	199.805
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	209.724	221.120	229.013
Long Term borrowings	1.579	1.472	3.963
Short Term borrowings	37.130	14.363	45.243
Total borrowings	38.709	15.835	49.206
Debt/Equity ratio	0.185	0.072	0.215

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations (Net)	386.616	468.001	540.522
		21.051	15.496

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations (Net)	386.616	468.001	540.522
Profit	2.732	20.745	77.752
	0.71%	4.43%	14.38%

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	No

OPERATIONAL PERFORMANCE

During the year 2013-14 the total income for the year stood at Rs.611.441 millions as against Rs.486.348 millions during last year, showing increase of 25.72%. The Profit before Finance Charges, Depreciation and Provision for Tax increased to Rs.115.715 millions as compared to Rs.52.794 millions during last year, an increase of 119.18%.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10513434	08/08/2014	59,095,081.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C15389356
2	10216859	27/05/2014 *	248,500,000.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI, DELHI - 110001,  INDIA	C06579775
3	10212912	27/05/2014 *	228,500,000.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI, DELHI - 110001,  INDIA	C06638316

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land-Freehold

· Factory Buildings

· Office Flat

· Plant and Machinery

· Office Equipments

· Computers

· Furniture and Fixtures

· Vehicles

Intangible Assets

· Software

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.61.74
UK Pound	1	Rs.94.65
Euro	1	Rs.70.79

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

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

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