MIRA INFORM REPORT

Report No. :	302499
Report Date :	14.01.2015

IDENTIFICATION DETAILS

Name :	EXTRAWEAVE PRIVATE LIMITED (w.e.f.29.06.2005)
Formerly Known As :	EXTRATUFT PRIVATE LIMITED
Registered Office :	Building No. 264, Bsaktheeswaram Junction, Cherthala, P O, Alleppey – 688524, Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.01.2005
Com. Reg. No.:	09-017785
Capital Investment / Paid-up Capital :	Rs. 256.634 Millions
CIN No.: [Company Identification No.]	U17226KL2005PTC017785
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	TVDE00222F
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Spinning Equipments.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 430000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has failed to file the latest financial statements for Fy14, with the statutory authorities. However, as per available of FY13, the company seems to have reported huge accumulated losses which are further mitigated by infusion of funds as equity. However, trade relations seems to be fair. Business is active. Payment terms are unknown. In view of lack of latest financials of FY 2014, the company can be considered for business dealings with caution.

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. Unnikrishnan
Designation :	Finance Manager
Contact No.:	91-9446338233
Date :	10.01.2015

LOCATIONS

Registered Office/Factory :	Building No. 264, Bsaktheeswaram Junction, Cherthala, P O, Alleppey – 688524, Kerala
Tel. No.:	91-478-2812528
Fax No.:	91-478-2822906
E-Mail :	finance@extraweave.com marketing@extraweave.com ewpl@extraweave.com
Website :	www.extraweave.com

DIRECTORS

As on 29.09.2013

Name :

Mr. Veliyil Velayudhan Pavithran

Designation :

Director

Address :

Lakshmi Sadanam, Marathorvattom, Cherthala, Alleppey– 688524, Kerala, India

Date of Birth/Age :

16.01.1932

Date of Appointment :

13.01.2005

DIN No.:

00026418

PAN No.:

ABFPV3925M

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	U18101KL1995PLC008865	TRAVANCORE TRENDS LIMITED	Director	31-03-95	31-03-95	-	Active	NO
2	U17117KL1995PTC009503	TRAVANCORE WOOLS AND WEAVES PRIVATE LIMITED	Director	10-10-95	10-10-95	-	Under liquidation	NO
3	U17115KL1999PTC013276	WILTON WEAVERS PRIVATE LIMITED	Director	06-09-99	06-09-99	-	Active	NO
4	U17214KL2000PTC013734	TRAVANCORE COCOTUFT PRIVATE LIMITED	Managing director	03-03-00	03-03-00	-	Active	NO
5	U17226KL2005PTC017785	EXTRAWEAVE PRIVATE LIMITED	Director	13-01-05	13-01-05	-	Active	NO
6	U17119KL2005PTC018518	ALAPPUZHA NATURAL FIBRE INFRASTRUCTURE DEVELOPMENT COMPANY PRIVATE LIMITED	Director	30-03-06	30-03-06	-	Active	NO
7	U17117KL2006PTC019853	United Spinners Private Limited	Director	18-09-06	18-09-06	-	Active	NO
8	U91200KL1939NPL000034	ASSOCIATED COTTAGE INDUSTRIES AND SHIPPERS UNION	Director	29-09-07	29-09-07	13-07-13	Active	NO
9	U91900KL2009NPL024281	FEDERATION OF INDIAN COIR EXPORTERS' ASSOCIATIONS	Nominee director	08-06-09	08-06-09	-	Active	NO

Name :

Mr. Velayudhan Ravindra Prasad

Designation :

Director

Address :

Asha Bhavan, Veloorvattom, Cherthala, Alleppey – 6885247, Kerala, India

Date of Birth/Age :

01.10.1934

Date of Appointment :

13.01.2005

DIN No.:

00026426

PAN No.:

ABFPV3927K

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	U18101KL1995PLC008865	TRAVANCORE TRENDS LIMITED	Managing director	03-05-95	03-05-95	-	Active	NO
2	U17117KL1995PTC009503	TRAVANCORE WOOLS AND WEAVES PRIVATE LIMITED	Director	10-10-95	10-10-95	-	Under liquidation	NO
3	U17115KL1999PTC013276	WILTON WEAVERS PRIVATE LIMITED	Director	06-09-99	06-09-99	-	Active	NO
4	U17214KL2000PTC013734	TRAVANCORE COCOTUFT PRIVATE LIMITED	Director	03-03-00	03-03-00	-	Active	NO
5	U17226KL2005PTC017785	EXTRAWEAVE PRIVATE LIMITED	Director	13-01-05	13-01-05	-	Active	NO
6	U17117KL2006PTC019853	United Spinners Private Limited	Director	18-09-06	18-09-06	-	Active	NO
7	U35999KL2011PTC028293	India Metal Construction Private Limited	Director	03-05-11	03-05-11	-	Strike off	NO
8	U55101KL2011PTC028391	Lucky Lake Resorts Private Limited	Director	13-05-11	13-05-11	01-10-13	Active	NO

Name :

Mr. Santosh Veliyil Velayudhan

Designation :

Director

Address :

Jovilal Bunglow, Veloorvattom, Cherthala, Alleppey – 688524, Kerala, India

Date of Birth/Age :

13.09.1956

Date of Appointment :

13.01.2005

DIN No.:

00465132

PAN No.:

ABFPV0906Q

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	U18101KL1995PLC008865	TRAVANCORE TRENDS LIMITED	Whole-time director	31-03-95	31-03-95	-	Active	NO
2	U17117KL1995PTC009503	TRAVANCORE WOOLS AND WEAVES PRIVATE LIMITED	Managing director	10-10-95	10-10-95	-	Under liquidation	NO
3	U17115KL1999PTC013276	WILTON WEAVERS PRIVATE LIMITED	Managing director	06-09-99	06-09-99	26-10-13	Active	NO
4	U17214KL2000PTC013734	TRAVANCORE COCOTUFT PRIVATE LIMITED	Director	03-03-00	03-03-00	-	Active	NO
5	U17226KL2005PTC017785	EXTRAWEAVE PRIVATE LIMITED	Director	13-01-05	13-01-05	-	Active	NO
6	U17117KL2006PTC019853	United Spinners Private Limited	Director	18-09-06	18-09-06	-	Active	NO
7	U85199KL2006PTC019152	KINDER MEDICAL SERVICES PRIVATE LIMITED	Director	25-06-09	25-06-09	05-09-14	Active	NO
8	U70100KL2011PTC028229	Nihanta Realities Private Limited	Director	26-04-11	26-04-11	-	Active	NO
9	U35999KL2011PTC028293	India Metal Construction Private Limited	Director	03-05-11	03-05-11	-	Strike off	NO
10	U45200KL2012PTC031794	NIHANTA CONTRACTING PRIVATE LIMITED	Whole-time director	31-07-12	31-07-12	-	Active	NO

Name :

Mr. Veliyil Velayudhan Pyarelal

Designation :

Director

Address :

Saraswatham, Cherthala P. O, Cherthala, Alappuzha - 688524, Kerala, India

Date of Birth/Age :

19.10.1943

Date of Appointment :

29.01.2007

DIN No.:

02095050

PAN No.:

ABFPV3926J

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	U18101KL1995PLC008865	TRAVANCORE TRENDS LIMITED	Director	31-03-95	31-03-95	-	Active	NO
2	U17226KL2005PTC017785	EXTRAWEAVE PRIVATE LIMITED	Director	29-01-07	29-01-07	-	Active	NO

Name :

Mr. Veliyil Velayudhan Haridas

Designation :

Director

Address :

Krishna AMC – 17, Sherthallai, Cherthala, Alappuzha – 688524, Kerala, India

Date of Birth/Age :

12.09.1942

Date of Appointment :

29.01.2007

DIN No.:

01862690

PAN No.:

ABFPV0905P

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	U18101KL1995PLC008865	TRAVANCORE TRENDS LIMITED	Director	31-03-95	31-03-95	-	Active	NO
2	U17226KL2005PTC017785	EXTRAWEAVE PRIVATE LIMITED	Director	29-01-07	29-01-07	-	Active	NO
3	U85110KL2008PTC021642	Kinder Womens Hospital and Fertility Centre Private Limited	Director	07-01-08	07-01-08	14-01-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Unnikrishnan
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2013

Names of Shareholders	No. of Shares	Percentage
Veliyil Velayudhan Pavithran	449115	17.50
Velayudhan Ravindra Prasad	449115	17.50
Santosh Veliyil Velayudhan	449115	17.50
Veliyil Velayudhan Haridas	449115	17.50
Veliyil Velayudhan Pyarelal	449115	17.50
Prasann Kumari	160383	6.25
Girija Kumar	160383	6.25
Total	2566341	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Spinning Equipments.
Products :	Spinning Equipments
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Spinning Equipments
Countries :	v European Countries
Imports :
Products :	v Raw Material v Dying Machines v Coating Machines
Countries :	v Italy v USA v Belgium
Terms :
Selling :	Cash and Credit (30,60,90 Days)
Purchasing :	Cash and Credit (30,60,90 Days)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

300 (Approximately)

Bankers :

Banker Name	State Bank of Travancore
Branch Address	Cherthala Branch, Court Junction, Cherthala, Alappuzha – 688524, Kerala, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
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)	Not Divulged

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans from banks (Secured loan from Kerala Financial Corporation are repayable in equal monthly installment up to 31st March 2020 with applicable annual interest)	107.470	122.675
SHORT TERM BORROWINGS
Working capital loans from banks	120.698	94.674
Total	228.168	217.349

Auditors :
Name :	G. Sreenivasacharya Chartered Accountant
Address :	T.C.25/2987, Malloor Road, Vanchiyoor, Trivandrum- 695 035, India
Tel No.:	91-471-2469314
Mob No.:	91-9446060011
PAN No.:	ADPPG8305G
Memberships :	Not Available
Collaborators :	Not Available
Associates :	v Travancore Cocotuft Private Limited, India CIN No.: U17214KL2000PTC013734 v Travancore Mats and Matting Company, India v United Spinners Private Limited CIN No.: U17117KL2006PTC019853 v Wilton Weavers Private Limited, India CIN No.: U17115KL1999PTC013276

CAPITAL STRUCTURE

As on 29.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3600000	Equity Shares	Rs.10/- each	Rs. 360.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2566341	Equity Shares	Rs.10/- each	Rs. 256.634 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	256.634	0.100	0.100
(b) Reserves & Surplus	(147.455)	(73.907)	(3.856)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	42.173	256.534	254.134
Total Shareholders’ Funds (1) + (2)	151.352	182.727	250.378
(3) Non-Current Liabilities
(a) long-term borrowings	115.191	124.508	139.373
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	6.043	4.176	3.253
Total Non-current Liabilities (3)	121.234	128.684	142.626
(4) Current Liabilities
(a) Short term borrowings	120.699	94.673	78.548
(b) Trade payables	45.357	62.268	26.837
(c) Other current liabilities	16.923	16.876	28.213
(d) Short-term provisions	2.471	2.348	1.630
Total Current Liabilities (4)	185.450	176.165	135.228
TOTAL	458.036	487.576	528.232
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets
(ii) Intangible Assets	177.134	224.972	207.399
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	5.439	17.121
(b) Non-current Investments	10.200	10.200	10.200
(c) Deferred tax assets (net)	7.285	3.889	2.821
(d) Long-term Loan and Advances	3.403	4.773	28.982
(e) Other Non-current assets	0.000	0.414	0.827
Total Non-Current Assets	198.022	249.687	267.350
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	108.160	110.872	79.287
(c) Trade receivables	82.637	55.517	42.910
(d) Cash and cash equivalents	7.176	6.067	83.334
(e) Short-term loans and advances	22.000	25.207	21.582
(f) Other current assets	40.041	40.226	33.769
Total Current Assets	260.014	237.889	260.882
TOTAL	458.036	487.576	528.232

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		230.955	474.131
		Other Income		16.904	5.080
		TOTAL	301.919	247.859	479.211
Less	EXPENSES
		Cost of Materials Consumed		145.248	266.880
		Purchases of Stock-in-Trade		(0.732)	6.304
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(9.299)	7.821
		Employees benefits expense		37.836	37.602
		Prior Period Expense		0.346	0.000
		Other expenses		75.244	72.747
		TOTAL (B)	304.880	248.643	391.354
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(2.961)	(0.784)	87.857
Less	FINANCIAL EXPENSES		Including finance and Depreciation Expense	31.623	28.673
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			(32.407)	59.184
Less/ Add	DEPRECIATION/ AMORTISATION		73.982	38.712	45.929
	PROFIT BEFORE TAX		(76.943)	(71.119)	13.255
Less	TAX		(3.396)	(1.068)	(3.773)
	PROFIT AFTER TAX		(73.547)	(70.051)	17.028
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	269.400	217.824	45.352
	TOTAL EARNINGS		269.400	217.824	45.352
	Earnings Per Share (Rs.)		(28.66)	(27.30)	6.64

Particulars	31.03.2014
Sales Turnover (Approximately)	300.000

Expected Sales (2014-15) : Rs.500.000 Millions

The above information has been parted by Mr. Unnikrishnan.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	(24.36)	(30.33)	3.59
Operating Profit Margin (PBDIT/Sales)	(%)	(0.98)	(0.34)	18.53
Return on Total Assets (PBT/Total Assets}	(%)	(17.47)	(15.19)	2.66
Return on Investment (ROI) (PBT/Networth)		(0.51)	(0.39)	0.05
Debt Equity Ratio (Total Debt /Networth)		1.56	1.20	0.87
Current Ratio (Current Asset/Current Liability)		1.40	1.35	1.93

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	0.100	0.100	256.634
Reserves & Surplus	(3.856)	(73.907)	(147.455)
Net worth	(3.756)	(73.807)	109.179
long-term borrowings	139.373	124.508	115.191
Short term borrowings	78.548	94.673	120.699
Total borrowings	217.921	219.181	235.890
Debt/Equity ratio	(58.019)	(2.970	2.161

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	474.131	230.955	301.919
		(51.289)	30.726

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	474.131	230.955	301.919
Profit	17.028	(70.051)	(73.547)
	3.59%	(30.33%)	(24.36%)

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 Four 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	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from related parties	7.721	1.833
Total	7.721	1.833

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10215721	24/04/2010	150,000,000.00	KERALA FINANCIAL CORPORATION	KERALA FINANCIAL CORPORATION, VELLAYAMBALAM, TRIV  ANDRUM, KERALA - 695033, INDIA	A84576008
2	10162697	06/05/2010 *	495,500,000.00	STATE BANK OF TRAVANCORE	CHERTHALA BRANCH,, CHERTHALA, ALAPPUZHA, KERALA -  688524, INDIA	A85573178

* Date of charge modification

OPERATIONS AND FUTURE PROSPECTS:

The year witnessed steep decline in the industrial activity in the domestic market and consumption demand continued to weaken. Raw material price was also high and the availability was less while comparing that of the last financial year. In a highly competitive scenario where new brands and companies are entering into market day by day The Company tried its level best to perform well.

The Company has earned a turnover of Rs. 301.919 Millions during this financial year and the company is confident that it will be able to achieve better prospectus in coming years.

FIXED ASSETS

• Building
• Furniture and Fittings
• Material Handling Equipments
• Computer and Accessories
• Office Equipment
• Plant and Machinery
• Motor Car
• Motor Cycle and Scooters
• Land and Land Development

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 records 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.62.16
UK Pound	1	Rs.94.28
Euro	1	Rs.73.73

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YES
--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		28

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.