MIRA INFORM REPORT

Report Date :

03.01.2015

IDENTIFICATION DETAILS

Name :	IPF – VIKRAM INDIA LIMITED
Registered Office :	F – 87, G.H. No. 3, Sector 5, Mansa Devi Complex, Panchkula - 134109, Haryana
Country :	31.03.2013
Financials (as on) :	31.03.2014
Date of Incorporation :	22.07.1985
Com. Reg. No.:	55-021469
Capital Investment / Paid-up Capital :	Rs. 22.500 Millions
CIN No.: [Company Identification No.]	U52110HR1985PLC021469
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI3719F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Detergent Cake, Dish Washing Bar, Bathing Bar
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per registrar of companies the date of Balance Sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to financials are not available for any source. As per available financial record of 2013, the rating takes into consideration company’s healthy operational risk profile marked by decent liquidity position and fair profitability margins of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

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.

INFORMATION PARTED BY

Name :	Mr. Pravin
Designation :	Accountant
Contact No.:	91-8146722778
Name :	Mr. H. S. Raina
Designation :	Head Quality and Safely
Contact No.:	91-9317585112
Date :	31.12.2014

LOCATIONS

Registered Office :	F – 87, G.H. No. 3, Sector 5, Mansa Devi Complex, Panchkula - 134109, Haryana, India
Tel. No.:	Not Available
Mobile No.:	91-8146722778 (Mr. Pravin) 91-9317585112 (Mr. H. S. Raina)
Fax No.:	Not Available
E-Mail :	bs.raina@ipf.co.in pjsingh@therajpals.com
Location :	Rented
Factory :	Near Seema Boiler, District Rup Nagar, Kurali Market, Kurali Punjab, India
Location :	Owned
Branch :	Located at Indore

DIRECTORS

As on 30.09.2014

Name :

Mr. Paramjit Singh

Designation :

Chairman cum Managing director

Address :

House No. 334, Sector 33A, Chandigarh – 160020, Uttar Pradesh, India

Date of Birth/Age :

01.03.1956

Date of Appointment :

01.04.2014

DIN No.:

00047488

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	U74899DL1977PTC008475	SHIVALIK APPARELS PRIVATE LIMITED	Managing director	02/02/2009	06/07/1987	-	Active	NO
2	U52110HR1985PLC021469	IPF - VIKRAM INDIA LIMITED	Managing director	01/04/2014	01/02/1990	-	Active	NO
3	U74899DL1995PTC068976	MRIG MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	11/08/1995	11/08/1995	28/08/2010	Active	NO
4	U72200PB1999PTC023140	CYRUS SURFACTANTS PRIVATE LIMITED	Managing director	02/02/2009	01/10/2002	-	Active	NO
5	U74140CH2004PTC027573	P P PERFECT MANAGEMENT SERVICES PRIVATE LIMITED	Director	30/09/2008	13/10/2004	-	Active	NO
6	U74899DL1985PTC020728	HARJAS MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	30/08/2005	30/08/2005	-	Active	NO
7	U74899DL1988PTC033557	VIKRAM URETHANE PRIVATE LIMITED	Director	01/02/2013	30/08/2005	-	Active	NO
8	U70109CH2009PTC031721	IPF INFRASTRUCTURES PRIVATE LIMITED	Director	17/08/2009	17/08/2009	-	Active	NO
9	U63012CH2009PTC031726	IPF LOGISTICS PRIVATE LIMITED	Director	21/08/2009	21/08/2009	-	Active	NO
10	U45201CH1990PTC010220	AVS BUILDINGS AND PROPERTIES PVT LTD	Director	30/09/2011	17/04/2010	-	Active	NO

Name :

Mr. Rajinder Kaur

Designation :

Director

Address :

House No. 334, Sector 33A, Chandigarh – 160020, Uttar Pradesh, India

Date of Birth/Age :

22.01.1955

Date of Appointment :

28.09.2013

DIN No.:

02150412

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	U74140CH2004PTC027573	P P PERFECT MANAGEMENT SERVICES PRIVATE LIMITED	Director	30/09/2008	10/05/2008	-	Active	NO
2	U74899DL1988PTC033557	VIKRAM URETHANE PRIVATE LIMITED	Managing director	01/02/2014	04/06/2008	-	Active	NO
3	U74899DL1977PTC008475	SHIVALIK APPARELS PRIVATE LIMITED	Director	30/09/2008	04/06/2008	-	Active	NO
4	U52110HR1985PLC021469	IPF - VIKRAM INDIA LIMITED	Director	28/09/2013	15/10/2012	-	Active	NO
5	U72200PB1999PTC023140	CYRUS SURFACTANTS PRIVATE LIMITED	Director	15/10/2012	15/10/2012	-	Active	NO
6	U45201CH1990PTC010220	AVS BUILDINGS AND PROPERTIES PVT LTD	Director	28/09/2013	04/01/2013	-	Active	NO
7	U70109CH2009PTC031721	IPF INFRASTRUCTURES PRIVATE LIMITED	Additional director	10/10/2014	10/10/2014	-	Active	NO

Name :

Mr. Gurvinder Singh

Designation :

Director

Address :

604, Sector 10, Chandigarh – 160010, Uttar Pradesh, India

Date of Birth/Age :

05.10.1953

Date of Appointment :

14.01.2005

DIN No.:

00497221

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	U52110HR1985PLC021469	IPF - VIKRAM INDIA LIMITED	Director	14/01/2005	14/01/2005	-	Active	NO
2	U85190CH2008PTC031168	G.P. MEDICOS CENTRE PRIVATE LIMITED	Whole-time director	01/01/2009	01/04/2008	-	Active	NO

Name :

Mr. Bikram Singh

Designation :

Whole Time director

Address :

334, Sector 33A, Chandigarh – 160020, Uttar Pradesh, India

Date of Birth/Age :

28.04.1986

Date of Appointment :

01.04.2014

DIN No.:

01735825

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	U72200PB1999PTC023140	CYRUS SURFACTANTS PRIVATE LIMITED	Director	30/09/2007	10/08/2007	-	Active	NO
2	U74899DL1985PTC020728	HARJAS MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	29/09/2007	10/08/2007	-	Active	NO
3	U74140CH2004PTC027573	P P PERFECT MANAGEMENT SERVICES PRIVATE LIMITED	Director	30/09/2008	08/03/2008	-	Active	NO
4	U52110HR1985PLC021469	IPF - VIKRAM INDIA LIMITED	Whole-time director	01/04/2014	30/08/2008	-	Active	NO
5	U74899DL1988PTC033557	VIKRAM URETHANE PRIVATE LIMITED	Director	30/09/2009	02/02/2009	-	Active	NO
6	U74899DL1977PTC008475	SHIVALIK APPARELS PRIVATE LIMITED	Director	30/09/2009	02/02/2009	-	Active	NO
7	U70109CH2009PTC031721	IPF INFRASTRUCTURES PRIVATE LIMITED	Director	17/08/2009	17/08/2009	-	Active	NO
8	U63012CH2009PTC031726	IPF LOGISTICS PRIVATE LIMITED	Director	21/08/2009	21/08/2009	-	Active	NO
9	U45201CH1990PTC010220	AVS BUILDINGS AND PROPERTIES PVT LTD	Director	30/09/2011	17/04/2010	-	Active	NO

Name :

Mr. Sukhmani Phoolka

Designation :

Director

Address :

House no. 6064, M.H.C. Manimaijra, chandigarh – 160101, Uttar Pradesh, India

Date of Birth/Age :

30.01.1986

Date of Appointment :

19.07.2014

DIN No.:

06929865

KEY EXECUTIVES

Name :	Mr. Pravin
Designation :	Accountant
Name :	Mr. H. S. Raina
Designation :	Head Quality and Safely

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Singh Paramjit	120000
Rajindr Kaur	82000
Karan Singh	10000
Bikram Singh	10000
Cyrus Surfactants Private Limited	1000
Shivalik Apparels Private Limited	1000
Harjas Management Consultants Private Limited	1000
Total	225000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	1.33
Directors or relatives of Directors	98.67
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Detergent Cake, Dish Washing Bar, Bathing Bar

Products :

Product Description	Item Code No. (ITC Code)
Synthetic Detergent Powder and Cake	3401

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS = Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Neha Industries
Name of the Person :	Not Divulged
Contact No.:	Denied to provide contact details
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

• Wholesalers and Retailers

Reference :	Hindustan Unilever Limited, Mumbai
Name of the Person :	Not Divulged
Contact No.:	Denied to provide contact details
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

400 (Approximately)

Bankers :

Banker Name	HDFC Bank
Branch Address	Sector 8, Chandigarh Branch
Person Name (With Designation)	Not Divulged
Contact Number	91-172-6160616
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Constantly ringing

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Other Loans and Advances	3.618	99.507
Term loan from banks	89.741	0.000
Total	93.359	99.507

Auditors :
Name :	Pawan Trehan and Company Chartered Accountant
Address :	C-28, Flatted Factories complex, Jhandewalan Rani, Jhansi Road, Delhi, India
PAN No.:	AAJEP8948F
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Vikram Urethane Private Limited Harjas Management Consultants Private Limited P P Perfect Management Services Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
225000	Equity Shares	Rs.100/- each	Rs. 22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
225000	Equity Shares	Rs.100/- each	Rs. 22.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	22.500	22.500	22.500
(b) Reserves & Surplus	329.003	270.878	195.799
(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)	351.503	293.378	218.299
(3) Non-Current Liabilities
(a) long-term borrowings	238.590	208.650	244.931
(b) Deferred tax liabilities (Net)	12.466	5.349	(0.442)
(c) Other long term liabilities	43.474	38.202	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	294.530	252.201	244.489
(4) Current Liabilities
(a) Short term borrowings	50.601	54.883	54.258
(b) Trade payables	327.710	319.469	297.359
(c) Other current liabilities	28.917	22.460	15.733
(d) Short-term provisions	24.607	20.714	4.900
Total Current Liabilities (4)	431.835	417.526	372.250
TOTAL	1077.868	963.105	835.038
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	549.015	476.149	369.361
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	5.916
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	73.583	73.583	109.583
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	622.598	549.732	484.860
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	153.297	136.100	124.064
(c) Trade receivables	175.572	173.895	70.714
(d) Cash and cash equivalents	38.254	9.487	85.875
(e) Short-term loans and advances	37.382	41.213	42.009
(f) Other current assets	51.765	52.678	27.516
Total Current Assets	456.270	413.373	350.178
TOTAL	1077.868	963.105	835.038

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	3407.732	3299.292	3221.001
	Other Income	0.657	3.994	3.514
	TOTAL (A)	3408.389	3303.286	3224.515
Less	EXPENSES
	Cost of Materials Consumed	2884.846	2826.592	2866.960
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(28.067)	8.881	(24.897)
	Employees benefits expense	41.258	35.815	36.832
	Other expenses	307.285	247.733	201.654
	Exceptional Item before tax	6.469	5.096
	TOTAL (B)	3211.791	3124.117	3080.549
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	196.598	179.169	143.966
Less	FINANCIAL EXPENSES (D)	84.079	85.274	56.606
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	112.519	93.895	87.360
Less/ Add	DEPRECIATION/ AMORTISATION (F)	34.418	31.809	21.703
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	78.101	62.086	65.657
Less	TAX (I)	26.992	22.033	18.123
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	51.109	40.053	47.534
Less	APPROPRIATIONS
	Transfer to General Reserve	6.470	5.094	4.887
	Total (M)	6.470	5.094	4.887
	Earnings / (Loss) Per Share (Rs.)	255.91	200.65	195.48

Particulars	31.03.2014
Sales Turnover (Approximately)	3750.000

Expected Sales (2014-15) : Rs. 4000.000 Million

The above information has been parted by Mr. Pravin

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	1.50	1.21	1.48
Operating Profit Margin (PBDIT / Sales)	(%)	5.77	5.43	4.47
Return on Total Assets (PBT/Total Assets}	(%)	7.78	6.98	9.12
Return on Investment (ROI) (PBT/Networth)		0.22	0.21	0.30
Debt Equity Ratio (Total Debt /Networth)		0.82	0.90	1.37
Current Ratio (Current Asset/Current Liability)		1.05	0.99	0.94

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	22.500	22.500	22.500
Reserves & Surplus	195.799	270.878	329.003
Net worth	218.299	293.378	351.503
long-term borrowings	244.931	208.650	238.590
Short term borrowings	54.258	54.883	50.601
Total borrowings	299.189	263.533	289.191
Debt/Equity ratio	1.371	0.898	0.823

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3221.001	3299.292	3407.732
		2.431	3.287

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3221.001	3299.292	3407.732
Profit	47.534	40.053	51.109
	1.48%	1.21%	1.50%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
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

REVIEW OF OPERATIONS

Total turnover during the year for Majra and Ban Majra Detergent Units, Sulphonation Unit, Pithampur Detergent Units and Sulphonation Unit was Rs.3408.390 Millions as against Rs.3303.272 Millions in the previous year, an increase of 3.18% as compared to last year.

The Company has processed 66538 MTs of detergent Powder during the year under review against 65866 MTs in the previous year a increase of over 1.02% over the last year. The Company has also processed 140242 MTs of detergent Bars during the year under review against 140214MTs in the previous year- an increase of over 0.02% over the last year.

The processing of LABSA was at 27019 MTs during the year as against 26824 MTs. in the last year, an increase of around 0.72% as compared to the last year.

The Profit before taxes during the year was Rs.84.571 Millions. as against Rs.67.181, an increase of 25.88% as compared to last year.

PROJECTS and FUTURE PLANS

The company during the year constructed additional area of 8,000 sq ft at Pithampur Unit for storage of finished goods and installed end of line packing system for Vim and Polycoat bars.

At Kurali Unit,the capacity expansion was completed in its existing Labsa Plant by increasing the capacity from 10,000 MT PA to 20,000 MT PA by installing bigger capacity reactors and vessels.

The company is proposing to diversify in Green Energy by installing Solar Power Plant in Madhya Pradesh with capacity of 1.25 M.W. for self-consumption at a cost of Rs. 92.500 Millions. Further, the company is also planning to install Flow wrap packing machines for packing of Vim and Polycoat Bars both at Kurali and Pithampur Units.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term loans from others	145.232	109.143
SHORT TERM BORROWING
Working capital loans from banks	50.600	54.883
Total	195.832	164.026

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10504149	09/06/2014	64,700,000.00	YES BANK LIMITED	YES BANK LIMITED, 9TH FLOOR, NEHRU CENTR DR ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - 400018, INDIA	C07290836
2	10504146	09/06/2014	70,000,000.00	YES BANK LIMITED	YES BANK LIMITED, 9TH FLOOR, NEHRU CENTR DR ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - 400018, INDIA	C07289440
3	10436721	16/09/2013 *	191,700,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B84978048
4	10219254	27/12/2013 *	138,834,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B93787836

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Furniture and Fixture
• Vehicle
• Office Equipment

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.63.29
UK Pound	1	Rs.98.39
Euro	1	Rs.76.31

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KRN
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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