MIRA INFORM REPORT

Report No. :	302293
Report Date :	13.01.2015

IDENTIFICATION DETAILS

Name :	GANPATI PLASTFAB LIMITED
Registered Office :	334-Shekhawat Mansingh Block, Nemi Sagar Colony, Queens Road, Vaishali Nagar, Jaipur- 302016, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.12.1984
Com. Reg. No.:	17-003152
Capital Investment / Paid-up Capital :	Rs. 28.341 Millions
CIN No.: [Company Identification No.]	L25209RJ1984PLC003152
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACG6255E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of HDPE/PP Woven Fabric/ Bags.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 380000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct and as per commitment. 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

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	7 October , 2014
Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	7 October , 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 :	334-Shekhawat Mansingh Block, Nemi Sagar Colony, Queens Road, Vaishali Nagar, Jaipur- 302016, Rajasthan, India
Tel. No.:	91-141-2361984
Fax No.:	91-141-2321716
E-Mail :	mail@gpl.co.in
Administrative Office :	UL-7, Amber Tower, S.C. Road, Jaipur – 302 001, Rajasthan, India
Tel. No.:	91-141-2361984/4001716/2321716
Fax No.:	91-141-2373371
Factory 1 :	C-58 (B), Road No.2D, RIICO Industrial Area, Bindayaka, Jaipur, Rajasthan, India
Factory 2 :	A-200, RIICO Industrial Area, Extension-II, Bagru, Jaipur, Rajasthan, India

DIRECTORS

As on: 26.09.2014

Name :

Mr. Ashok Kumar Pabuwal

Designation :

Managing Director

Address :

334, Nemi Sagar, Vaishali Nagar, Jaipur, Rajasthan, India

Date of Birth/Age :

07.09.1954

Qualification :

Graduate

Date of Appointment :

04.12.1984

DIN No.:

00183513

PAN No.:

ACGPP1660H

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 Bottom of Form Bottom of Form
1	L25209RJ1984PLC003152	GANPATI PLASTFAB LIMITED	Managing director	01-08-2013	04-12-1984	-	Active	NO
2	U45201RJ2006PTC022531	GANESHKRIPA LAND DEVELOPERS PRIVATE LIMITED	Director	19-05-2006	19-05-2006	29-02-2012	Active	NO

Name :

Mr. Pradeep Saraf

Designation :

Director

Address :

R-6, Tilak Marg, C Scheme, Jaipur – 302 001, Rajasthan, India

Date of Birth/Age :

11.04.1955

Qualification :

Graduate

Date of Appointment :

03.12.1994

DIN No.:

00183606

Name :

Mr. Mahendra R. Saraf

Designation :

Director

Address :

R-6, Tilak Marg, C Scheme, Jaipur – 302 001, Rajasthan, India

Date of Birth/Age :

15.08.1947

Qualification :

Graduate

Date of Appointment :

08.10.1994

DIN No.:

00183642

Name :

Mr. Satish Chand Gupta

Designation :

Director

Address :

A-513, Malviya Nagar, Opposite to Engineering College, Jaipur – 302 017, Rajasthan, India

Date of Birth/Age :

05.06.1949

Qualification :

Graduate

Date of Appointment :

01.06.2010

DIN No.:

01552279

PAN No.:

ACSPG2297B

Name :

Mr. Ankur Pabuwal

Designation :

Whole-Time director

Address :

334, Shekhawat Mansingh Block, Nemi Sagar Colony, Queens Road, Jaipur – 302 016, Rajasthan, India

Date of Birth/Age :

26.11.1979

Qualification :

Graduate

Date of Appointment :

20.09.2010

DIN No.:

02956493

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	U17124RJ1994PLC008743	ZEST GARTEX LIMITED	Whole-time director	01-09-2011	06-10-1999	-	Active	NO
2	L25209RJ1984PLC003152	GANPATI PLASTFAB LIMITED	Director	26-09-2014	01-06-2010	-	Active	NO

Name :

Mr. Deepak Bhargava

Designation :

Director

Address :

D-197,Hanuman Nagar, Vaishali Nagar, Jaipur – 302 021, Rajasthan, India

Date of Birth/Age :

25.01.1964

Qualification :

Graduate

Date of Appointment :

01.06.2010

DIN No.:

03020789

PAN No.:

ACGPB4927R

Name :

Mr. Mukund Agarwal

Designation :

Director

Address :

236, Nemi Sagar, Vaishali Nagar, Khatipura Road, Ward No.3, Jaipur – 302 021, Rajasthan, India

Date of Birth/Age :

25.07.1976

Qualification :

Graduate

Date of Appointment :

01.06.2010

DIN No.:

03129019

PAN No.:

AAXPA9366J

Name :

Mrs. Devika Arora

Designation :

Director

Address :

104, Prithvi Raj Road, C-scheme, Jaipur – 302001, Rajasthan, India

Date of Birth/Age :

03.03.1976

Date of Appointment :

26.09.2014

DIN No.:

06950141

Name :

Mr. Mahendra R Saraf

Designation :

Director

Address :

R-6, Tilak Marg, C Scheme, Jaipur – 302 001, Rajasthan, India

Date of Birth/Age :

15.08.1947

Date of Appointment :

31.07.2014

DIN No.:

00183642

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

NOTE:

SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

As on: 26.09.2014

Category	Percentage
Mutual fund	2.57
Foreign holdings( Foreign institutional investor(s), Foreign companies(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	4.38
Bodies corporate	14.18
Directors or relatives of Directors	59.49
Other top fifty shareholders	7.00
Other	12.38
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of HDPE/PP Woven Fabric/ Bags.

Products :

Item Code No. (ITC Code)	3923
Product Description	PP Woven Circular Bags/Sacks

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• State Bank of Bikaner and Jaipur, Industrial Finance Branch, 2^nd Floor, Tambi Tower, S.C. Road, Jaipur – 302 001, Rajasthan, India
• The Bank of Rajasthan Limited, Parivahan Marg, Branch, Parivahan Marg, Jaipur - 320001, Rajasthan, India

Facilities :

Secured Loans	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG-TERM BORROWINGS
From Bank
Term Loans	44.318	55.293
SHORT-TERM BORROWINGS
Loans repayable on demand from banks (Equitable Mortgage of Land and Building and hypothecation)	55.402	43.017
Loans repayable on demands
From Banks (Working capital loan Secured by Equitable Mortgage of Land and Building and hypothecation of all tangible moveable machineries and stock of finished goods raw materials and work in process and book debts and also personally guaranteed by directors.)
Total	99.720	98.310

Nature of Security and terms of repayment for Long Term secured borrowings:

Nature of Security	Terms of Repayment
Term loan amounting to Rs.31.026 Million (March 31, 2013 Rs.38.418 Million) is secured by pari passu charge on the entire immovable assets at Bagru, Jaipur Plant and exclusive first charge on the entire movables assets acquired out of the loans and also personally guaranteed by directors.	Repayable in 32 Quarterly installments commencing from Oct-2011 to Aug-2019
Term loan amounting to Rs.6.859 Million (March 31, 2013: Rs.83.220 Millions) is secured by Exclusive and specific charge on the assets acquired under the loan for plant at Bagru, Jaipur and also personally guaranteed by directors.	Repayable in 29 Quarterly installments commencing from Dec-2012 to Dec-2019.
Term loan amounting to Rs.6.000 Millions /-(March 31, 2013: Rs.7.334 Millions) is secured by Exclusive and specific charge on the assets acquired under the loan for plant at Bagru, Jaipur and also personally guaranteed by directors.	Repayable in 24 Quarterly installments commencing from Nov-2013 to Aug-2019.
Term loan amounting to Rs NIL/- (March 31,2013 :Rs.0.202 Millions) is secured by hypothecation of Vehicle	Repayable in 36 Monthly installments commencing from Mar-2012 to Feb-2015.
Term loan amounting to Rs.0.105 Million (March 31,2013: Rs.0.390 Millions) is secured by hypothecation of Vehicle	Repayable in 36 Monthly installments commencing from Aug-2012 to July-2015.
Term loan amounting to Rs.0.3289 Million (March 31,2012 :Rs.0.627 Millions) is secured by hypothecation of Vehicle	Repayable in 36 Monthly installments commencing from Apr-2013 to Mar-2016.

Auditors :
Name :	Jain Sharma and Company Chartered Accountants
Address :	303, Shyam Anukampa, O-11, Ashok Marg, C-Scheme, Jaipur, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AAAFJ7542A
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs. 35.000 Millions

Issued Capital:

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs. 35.000 Millions

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2660600	Equity Shares	Rs.10/- each	Rs.26.606 Millions
	Add: Forfeited Share		Rs. 1.735 Millions
	Total		Rs.28.341 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	28.341	28.341	28.341
(b) Reserves & Surplus	105.198	84.464	63.428
(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)	133.539	112.805	91.769
(3) Non-Current Liabilities
(a) long-term borrowings	44.318	55.293	55.643
(b) Deferred tax liabilities (Net)	8.071	8.539	8.510
(c) Other long term liabilities	5.219	12.202	16.082
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	57.608	76.034	80.235
(4) Current Liabilities
(a) Short term borrowings	59.261	48.504	37.171
(b) Trade payables	42.521	39.614	26.864
(c) Other current liabilities	22.321	19.528	13.745
(d) Short-term provisions	6.541	5.804	4.204
Total Current Liabilities (4)	130.644	113.450	81.984
TOTAL	321.791	302.289	253.988
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	126.854	135.178	134.207
(ii) Intangible Assets	0.027	0.023	0.037
(iii) Capital work-in-progress	1.315	0.000	2.572
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.957	1.957	1.957
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.925	5.560	4.216
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	136.078	142.718	142.989
(2) Current assets
(a) Current investments	0.120	0.112	0.092
(b) Inventories	49.481	36.935	32.079
(c) Trade receivables	127.973	112.911	67.559
(d) Cash and cash equivalents	1.189	0.452	5.498
(e) Short-term loans and advances	5.992	8.359	5.230
(f) Other current assets	0.958	0.802	0.541
Total Current Assets	185.713	159.571	110.999
TOTAL	321.791	302.289	253.988

PROFIT & LOSS ACCOUNT

	PARTICULARS		1011.449	31.03.2013	31.03.2012
	SALES
		Revenue from operations	1004.828	912.838	707.971
		Other Income	6.621	4.869	0.303
		TOTAL (A)	1011.449	917.707	708.274
Less	EXPENSES
		Cost of materials consumed	765.446	671.683	522.013
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(17.057)	2.132	1.169
		Employee benefit expense	32.518	28.908	24.125
		Other expenses	172.130	159.032	117.540
		TOTAL (B)	953.037	861.755	664.847
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		58.412	55.952	43.427
Less	FINANCIAL EXPENSES (D)		11.350	10.355	11.286
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		47.062	45.597	32.141
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.241	14.475	12.921
	PROFIT BEFORE TAX (E-F) (G)		31.821	31.122	19.220
Less	TAX (H)		11.087	10.087	6.055
	PROFIT AFTER TAX (G-H) (I)		20.734	21.035	13.165
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		70.997	49.962	36.797
	BALANCE CARRIED TO THE B/S		91.731	70.997	49.962
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	139.994	97.833	105.103
	TOTAL EARNINGS		139.994	97.833	105.103
	CIF VALUE OF IMPORT		0.094	14.459	3.468
	Earnings Per Share (Rs.)		7.79	7.91	4.95

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.06	2.30	1.86
Operating Profit Margin (PBDIT/Sales)	(%)	5.81	6.13	6.13
Return on Total Assets (PBT/Total Assets}	(%)	9.99	10.36	7.70
Return on Investment (ROI) (PBT/Networth)		0.24	0.28	0.21
Debt Equity Ratio (Total Debt /Networth)		0.78	0.92	1.01
Current Ratio (Current Asset/Current Liability)		1.42	1.41	1.35

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	28.341	28.341	28.341
Reserves & Surplus	63.428	84.464	105.198
Net worth	91.769	112.805	133.539
long-term borrowings	55.643	55.293	44.318
Short term borrowings	37.171	48.504	59.261
Total borrowings	92.814	103.797	103.579
Debt/Equity ratio	1.011	0.920	0.776

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)
Revenue from operations	707.971	912.838	1004.828
		28.937	10.077

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	707.971	912.838	1004.828
Profit	13.165	21.035	20.734
	1.86%	2.30%	2.06%

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

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT -TERM BORROWINGS
Intercorporate borrowings	1.500	1.500
Borrowing from government semi-government bodies	2.359	2.359
Loans and advances from related parties
- From Director	0.000	1.628
Total	3.859	5.487

OPERATIONS:

The Company for the first time in its history has crossed the net of excise turnover of Rs.1000.000 Millions. The turnover for the year was Rs 1011.400 Millions as compared to Rs.917.700 Millions in last year. There was growth of 10.07% on a year on year basis. Profit after tax was Rs.20.734 Millions as against Rs.21.035 Millions in previous year. The profit was reduced due to increase in depreciation and interest cost and reduction in profit margin. The company is expecting better results in current year as the company is focusing on the overseas market.

EXPANSION PROJECT:

Presently company is engaged in manufacturing of bags for packing 25-50 Kgs of Cement, Sugar, Cattle feed, Food grains and chemicals. Looking to the growing competition in the bags segment and frequent enquiries of jumbo bags from overseas customers your directors has decided to install manufacturing facilities of Jumbo Bags. Further due to atomization of stitching section the consumption of PP MF yarn in industry has increased. Looking to the growing demand and own consumption of PP MF yarn your director has also decided to install in house manufacturing of the same. This will also help Company to increase the product mix. The total cost of project is Rs.43.100 Millions. The company has availed term loan of Rs. 28.000 Millions from companies Bankers. The project is under implementation and expected to complete by September-2014.

LISTING OF SHARES:

Presently the share of the company are listed on Regional Stock Exchanges. As the regional stock exchanges are about to close due the new Directive of SEBI , for the benefit of its shareholder Company has started the process of getting itself listed with Mumbai Stock Exchange.

CONTINGENT LIABILITIES NOT PROVIDED FOR: (AS ON 31.03.2014)

(a) Claims against the company not acknowledged as debt Rs.9.648 millions

(b) Guarantee given to Excise Department of Rs.11.000 million.

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10479942	06/02/2014	28,000,000.00	STATE BANK OF BIKANER AND JAIPUR	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, TAMBI TOWER, SC ROAD, JAIPUR, RAJASTHAN - 302001, INDIA	B97353262
2	10399653	27/11/2012	8,000,000.00	STATE BANK OF BIKANER & JAIPUR	IFB, TAMBI TOWER, SANSAR CHANDRA ROAD, JAIPUR, RAJASTHAN - 302001, INDIA	B66378118
3	10327291	30/11/2011	10,500,000.00	STATE BANK OF BIKANER AND JAIPUR	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, TAMBI TOWER, S.C. ROAD, JAIPUR, RAJASTHAN - 302001, INDIA	B29314721
4	10237062	14/08/2010	75,000,000.00	STATE BANK OF BIKANER AND JAIPUR	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, TAMBI TOWER S, S. C. ROAD, JAIPUR, RAJASTHAN - 302003, INDIA	A93909646
5	10140886	06/02/2014 *	90,000,000.00	STATE BANK OF BIKANER AND JAIPUR	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR, TAMBI TOWER, SC ROAD, JAIPUR, RAJASTHAN - 302001, INDIA	B97354179
6	90066190	25/08/1993 *	4,190,000.00	RAJASTHAN FINANCIAL CORPORATION	UDYOG BHAWAN, TILAK MARG, JAIPUR, RAJASTHAN - 302005, INDIA	-

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Leasehold Land

· Building

· Plant and Machinery

· Office Equipments

· Furniture and Fixture

· Vehicles

Intangible Assets

· Computer 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.62.16
UK Pound	1	Rs.94.28
Euro	1	Rs.73.73

INFORMATION DETAILS

Analysis Done by :	RSM
Report Prepared by :	MTN

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	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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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

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

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

RATING EXPLANATIONS

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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.