MIRA INFORM REPORT

Report No. :	307626
Report Date :	12.02.2015

IDENTIFICATION DETAILS

Name :	THIAGARAJAR MILLS PRIVATE LIMITED (w.e.f. 25.08.2008)
Formerly Known As :	THIAGARAJAR MILLS LIMITED
Registered Office :	Kappalur, Madurai – 625008, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.06.1935
Com. Reg. No.:	18-002515
Capital Investment / Paid-up Capital :	Rs.10.802 Millions
CIN No.: [Company Identification No.]	U27209TN1935PTC002515
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MRIT00759D
PAN No.: [Permanent Account No.]	AAACT4304R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cotton Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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 :	Exist
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported as usually correct. The company can be considered good for normal 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

Rating Agency Name	CRISIL
Rating	Long term rating BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	May 30, 2014

Rating Agency Name	CRISIL
Rating	Short term rating A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	May 30, 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.

INFORMATION DENIED BY

Name :	Mr. Vijay
Designation :	General Manager
Contact No.:	91-9894061069
Date :	12.02.2015

LOCATIONS

Registered Office :	Kappalur , Madurai – 625008, Tamilnadu, India
Tel. No.:	91-452-2482595 (4 Lines) 91-4549-280620 / 280592 / 280919
Fax No.:	91-452-2482590 / 2486085
E-Mail :	securities@tmills.com office@tmills.com thiagarajar@gmail.com
Website :	www.tmills.com

DIRECTORS

As on 25.06.2014

Name :

Mr. Thiagarajan Chettiar Kannan

Designation :

Managing Director

Address :

Thiagarajar Mills Premises, Kappalur, Madurai - 625008, Tamilnadu, India

Date of Birth/Age :

09.05.1953

Date of Appointment :

25.08.2008

PAN No.:

AAQPK8713Q

DIN No.:

00040674

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	L17111TN1946PLC003270	VTM LIMITED	Director	23-03-1973	23-03-1973	-	Active	NO
2	U27209TN1935PTC002515	THIAGARAJAR MILLS Private LIMITED	Managing director	25-08-2008	01-07-1976	-	Active	NO
3	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	01-09-1986	01-09-1986	-	Active	NO
4	U17115TN1990PLC018665	COLOUR YARNS LTD	Director	10-06-1992	10-06-1992	-	Active	NO
5	L34300TN1974PLC006703	SUNDARAM BRAKE LININGS LIMITED	Director	16-07-1999	16-07-1999	-	Active	NO
6	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	14-07-2014	27-01-2000	-	Active	NO
7	U17111TN1960PLC004340	SUNDARAM TEXTILES LIMITED	Director	23-08-2005	23-08-2005	-	Active	NO
8	U01712TZ2005PLC012329	SIMA TEXTILE PROCESSING CENTRE LIMITED	Director	01-12-2005	01-12-2005	-	Active	NO
9	U93000TZ2007PLC013588	SIMA TEXTILE PARK COMPANY LIMITED	Director	30-03-2007	30-03-2007	-	Strike off	NO
10	U74990TN2010PLC076714	THIAGARAJAR TELEKOM SOLUTIONS LIMITED	Director	23-07-2010	23-07-2010	-	Active	NO
11	U25111MH2007PTC172456	ATC TIRES PRIVATE LIMITED	Director	16-09-2011	15-11-2010	12-06-2013	Active	NO

Name :

Mr. Kannan Thiagarajan

Designation :

Whole-time Director

Address :

Thiagarajar Mills Premises, Kappalur, Madurai - 625008, Tamilnadu, India

Date of Birth/Age :

02.08.1988

Date of Appointment :

24.10.2011

PAN No.:

AEAPT3548N

DIN No.:

03638370

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	U27209TN1935PTC002515	THIAGARAJAR MILLS Private LIMITED	Whole-time director	24-10-2011	24-10-2011	-	Active	NO
2	U01119TN1975PTC006882	KARUMUTTU FARMS PRIVATE LIMITED	Director	10-07-2013	10-07-2013	-	Active	NO
3	L17111TN1946PLC003270	VTM LIMITED	Director	23-08-2013	23-08-2013	-	Active	NO
4	U91110MH1954NPL009385	THE COTTON TEXTILES EXPORT PROMOTION COUNCIL	Director	30-09-2013	30-09-2013	-	Active	NO

Name :

Mr. Thiru A. Maraippan

Designation :

Whole-time director

Address :

92/2, Thangavel Rastha (South) Meenakshipuram, Aruppukkottai Road, Madurai – 625012, Tamilnadu, India

Date of Birth/Age :

19.06.1937

Date of Appointment :

20.10.1999

DIN No.:

00051370

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	U17111TN1979PTC007748	PARAMOUNT TEXTILE MILLS PRIVATE LIMITED	Director	29-12-1983	29-12-1983	19-07-2010	Active	NO
2	U25190TN1985PTC012234	THIAGARAJAR RUBBERS PRIVATE LIMITED	Director	30-09-1985	30-09-1985	-	Active	NO
3	U01119TN1975PTC006882	KARUMUTTU FARMS PRIVATE LIMITED	Director	24-08-1987	24-08-1987	-	Active	NO
4	U65991TN1988PTC015298	THIAGARAJAR LEASING PRIVATE LIMITED	Director	21-01-1988	21-01-1988	-	Active	NO
5	U17115TN1990PLC018665	COLOUR YARNS LTD	Director	28-03-1991	28-03-1991	-	Active	NO
6	U27209TN1935PTC002515	THIAGARAJAR MILLS Private LIMITED	Whole-time director	20-10-1999	20-10-1999	-	Active	NO
7	L17111TN1946PLC003270	VTM LIMITED	Director	01-11-1999	01-11-1999	-	Active	NO
8	U74990TN2010PLC076714	THIAGARAJAR TELEKOM SOLUTIONS LIMITED	Director	23-07-2010	23-07-2010	-	Active	NO
9	U18101TN1990PTC019054	PENGUIN APPARELS PRIVATE LIMITED	Director	01-09-2011	01-09-2011	-	Active	NO

Name :

Mr. Thannirpalli Rajagopalan Venkatakrishnan

Designation :

Director

Address :

Flat J - 3, Swarnakamal, 69 Arcot Road, Saligramam, Chennai – 600093, Tamilnadu, India

Date of Birth/Age :

31.03.1934

Date of Appointment :

20.10.1999

DIN No.:

00044608

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	U27209TN1935PTC002515	THIAGARAJAR MILLS Private LIMITED	Director	20-10-1999	20-10-1999	-	Active	NO

Name :

Mr. Kasinathan Vethachalam

Designation :

Director

Address :

6, alagarsamy Naidu II Lane, South Veli Street, Madurai – 625001, Tamilnadu, India

Date of Birth/Age :

22.12.1942

Date of Appointment :

18.10.2013

DIN No.:

00381667

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	U65191TN1974PTC006732	THIRUMAGAL FINANCE PRIVATE LIMITED	Director	24-05-1993	24-05-1993	-	Active	NO
2	U67120TN1975PTC006873	SIVAKAMI TEXTILE TRADERS PRIVATE LIMITED	Director	24-05-1993	24-05-1993	-	Active	NO
3	U67120TN1975PTC006874	KANNAPPAN TRADERS PRIVATE LIMITED	Director	24-05-1993	24-05-1993	-	Active	NO
4	U65191TN1974PTC006741	SREE DEVI KARUMARI FINANCE PRIVATE LIMITED	Director	24-05-1993	24-05-1993	-	Active	NO
5	U65191TN1974PTC006729	SREE THIAGARAJA FINANCE PRIVATE LIMITED	Director	24-05-1993	24-05-1993	-	Active	NO
6	U65191TN1974PTC006735	TAMARAI SELVI FINANCE Private Limited	Director	24-05-1993	24-05-1993	-	Active	NO
7	U27209TN1935PTC002515	THIAGARAJAR MILLS Private LIMITED	Director	18-10-2013	18-10-2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.06.2014

Names of Shareholders	No. of Shares
Thirupathy Venkatachalapathy	120
Thiru T. Kannan	526390
Thiru T. Kannan HUF A/c	32000
VTM Limited, India	70140
Radha Kannan	154340
K. Thiagarajan	147520
Thiagarajar Leasing Private Limited, India	3800
Uma Kannan	72800
Thiru T. Kannan, Trustee, Karumuttu Family Trust	72800
Sree Thiagaraja Finance Private Limited, India	50
Sree Devi Karumari Finance Private Limited, India	50
Thiru RM. Somasundaram Chettiar	100
Karumuttu Farms Private Limited, India	50
Tirumagal Finance Private Limited, India	50
Total	1080210

As on 25.06.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	6.86
Directors or relatives of Directors	93.13
Other	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Cotton Yarn.

Products :

Item Code No. (ITC Code)	Product Description
520710-00	Yarn

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, 6A West Veli Street, Madurai – 625001, Tamilnadu, India

· Standard Chartered Bank, No.19, Rajaji Salai, Chennai – 600001, Tamilnadu, India

· IDBI Bank Limited, LIC Building, No.3, West Marret Street, Madurai – 625001, Tamilnadu, India

· Axis Bank Limited, No. 4, Goods Shed Street, Madurai – 625001, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	169.299	300.406
Working capital loans from banks	20.000	20.000
SHORT TERM BORROWINGS
Loans repayable on demand from others	0.000	38.894
Total	189.299	359.300

Auditors :
Name :	B Purushottam and Co Chartered Accountants
Address :	38 Bharathi Street, K K Nagar, Madurai, Tamilnadu, India
PAN No. :	AADFB9589N
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management	v VTM Limited v Colour Yarns Limited v Thiagarajar Telekom Solutions Limited v Tamaraiselvi Finance Private Limited v Sree Devi Karumari Finance Private limited v Sree Thiagaraja Finance Private Limited v Thirumagal Finance Private Limited v Thiagarajar Leasing Private Limited v Thiagarajar Rubbers Private Limited v Karumuttu Farms Private Limited v Kannappan Traders Private Limited v Sivakami Textile Traders Private Limited v Celebrate Madurai Committee

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1080210	Equity Shares	Rs.10/- each	Rs.10.802 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	10.806	10.806	10.806
(b) Reserves & Surplus	1645.011	1449.550	1318.415
(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)	1655.817	1460.356	1329.221
(3) Non-Current Liabilities
(a) long-term borrowings	189.299	320.406	432.012
(b) Deferred tax liabilities (Net)	41.717	61.231	87.466
(c) Other long term liabilities	19.575	17.489	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	250.591	399.126	519.478
(4) Current Liabilities
(a) Short term borrowings	0.000	38.894	419.404
(b) Trade payables	115.525	76.060	27.706
(c) Other current liabilities	131.158	159.460	0.203
(d) Short-term provisions	92.740	15.618	24.920
Total Current Liabilities (4)	339.423	290.032	472.233
TOTAL	2245.831	2149.514	2320.932
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1166.399	1207.514	1300.085
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	1.836
(iv) Intangible assets under development	6.802	0.000	0.000
(b) Non-current Investments	1.019	1.019	4.019
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	33.876	65.039	73.928
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1208.096	1273.572	1379.868
(2) Current assets
(a) Current investments	0.274	0.000	0.000
(b) Inventories	738.990	590.370	640.450
(c) Trade receivables	172.955	189.929	230.005
(d) Cash and cash equivalents	55.156	27.458	12.142
(e) Short-term loans and advances	70.360	68.185	58.467
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1037.735	875.942	941.064
TOTAL	2245.831	2149.514	2320.932

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	2200.000	2202.600	1982.300
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	1792.100	1735.600
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	410.500	246.700
Less/ Add	DEPRECIATION/ AMORTISATION		NA	222.900	229.100
	PROFIT/ (LOSS) BEFORE TAX		NA	187.600	17.600
Less	TAX		NA	16.300	(45.600)
	PROFIT/ (LOSS) AFTER TAX		258.700	171.300	63.200
	Earnings / (Loss) Per Share (Rs.)		239.49	158.58	58.51

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	NA	8.73	0.76
		NA
Return on Investment (ROI) (PBT/Networth)			0.13	0.01
Debt Equity Ratio (Total Debt/Networth)		0.11	0.25	0.64
Current Ratio (Current Asset/Current Liability)		3.06	3.02	1.99

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	10.806	10.806	10.806
Reserves & Surplus	1318.415	1449.550	1645.011
Net worth	1329.221	1460.356	1655.817
long-term borrowings	432.012	320.406	189.299
Short term borrowings	419.404	38.894	0.000
Total borrowings	851.416	359.300	189.299
Debt/Equity ratio	0.641	0.246	0.114

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)
Total Income	1982.300	2202.600	2200.000
		11.113	(0.118)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1982.300	2202.600	2200.000
Profit	63.200	171.300	258.700
	3.19%	7.78%	11.76%

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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

CHENNAI COURT
CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:
Case No.:	752
Year :	2014
Petitioner :	VTX Industry Limited
Respondent :	Thiagarajar Mills Private Limited
Pet's Advocate :	For Stay
Res's Advocate :	Official Liquidator
Category :	No Category Mentioned
	Last Listed on: Monday, December 15
Case Updated on :	Monday, January 12, 2015

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10286639	06/05/2011	200,000,000.00	STANDARD CHARTERED BANK	NO.19, RAJAJI SALAI, CHENNAI, Tamil Nadu - 600001, INDIA	B12865523
2	10235013	09/08/2010	83,400,000.00	IDBI BANK LIMITED	LIC BUILDING, I FLOOR, NO.3, WEST MARRET STREET, MADURAI, Tamil Nadu - 625001, INDIA	A92640309
3	10218722	07/05/2010	140,000,000.00	IDBI BANK LIMITED	KARTHIK RAJA COMPLEX, 1/1, VINAYAGANAGAR, MELUR ROAD, K.K. NAGAR, MADURAI, Tamil Nadu - 625020, INDIA	A85714640
4	10016134	21/08/2006	300,000,000.00	IDBI BANK LIMITED	KARTHIK RAJA COMPLEX, 1/1, VINAYAGANAGAR, MELUR ROAD, K.K. NAGAR, MADURAI, Tamil Nadu - 625020, INDIA	A03704921
5	90297877	01/07/2014 *	924,600,000.00	State Bank of India	Commercial Branch,IInd Floor, 6-A,West Veli Street, Madurai, Tamil Nadu - 625001, INDIA	C12165411
6	90297864	18/08/2011 *	814,000,000.00	STATE BANK OF INDIA	6A WEST VELI STREET, MADURAI, Tamil Nadu - 625001, INDIA	B20566170
7	90296490	19/01/2000	749,000,000.00	M/SSTATE BANK OF INDIA	INDUSATRIAL FINANCE BRANCH, 6A WEST VELI STREET, MADURAI, Tamil Nadu, INDIA	-
8	90297842	02/05/2000 *	749,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, MADURAI, Tamil Nadu - 625001, INDIA	-
9	90296746	07/10/1993 *	7,200,000.00	STATE BANK OF INDIA	WEST VELI STREET, MADURAI, Tamil Nadu - 625001, INDIA	-

* Date of charge modification

FIXED ASSETS

v Land

v Buildings

v Plant and equipment

v Furniture and fixtures

v Vehicles

v Office equipment

v Livestock

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.62.15
UK Pound	1	Rs.94.72
Euro	1	Rs.70.33

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--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	YES
--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		51

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.