MIRA INFORM REPORT

Report No. :	302657
Report Date :	15.01.2015

IDENTIFICATION DETAILS

Name :	SHRI GOVINDARAJA TEXTILES PRIVATE LIMITED
Registered Office :	258, Thiruchuli Road, Virudhunagar District, Aruppukottai – 626101, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.04.1999
Com. Reg. No.:	18-042314
Capital Investment / Paid-up Capital :	Rs.240.000 Millions
CIN No.: [Company Identification No.]	U17111TN1999PTC042314
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of cotton and polyester blended cotton yarn used for knitting and weaving.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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. Management of the company has failed to file its financials for the year 2014 with the government department. As per available financial of 2013, external borrowings of the company. However, the rating takes into consideration established market position in the cotton yarn segment supported by the extensive industry experience of its promoters, its long standing customer relationships and healthy operating efficiencies. Trade relations are fair. Business is active. Payment terms are slow but 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

Rating Agency Name	CRISIL
Rating	Long term rating: BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	01.08.2014

Rating Agency Name	CRISIL
Rating	Short term rating: A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	01.08.2014

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 DECLINED BY

Name :	Mr. Palani Kumar
Designation :	Accountant
Contact No.:	91-4566-240263
Date :	14.01.2015

4566-240263LOCATIONS

Registered Office :	258, Thiruchuli Road, Virudhunagar District, Aruppukottai – 626101, Tamilnadu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	accounts@sgmills.com
Corporate Office:	No. 12, Conrasmith Road, Gopalapuram, Chennai – 600086, Tamilnadu, India
Tel. No.:	91-44-28353191
Fax No.:	91-44-28350969
E-Mail :	corpoffice@sgmills.com
Factory:	Madathupatti Tamilpadi (PO) Aruppukottai District, Virudhunagar – 626129, Tamilnadu, India
Tel No.:	91-4566-282256/282345
Admin Office:	No. 1 Sayalgudi Road, Savvaspuram, Aruppukottai – 626159, Tamilnadu, India
Tel. No.:	91-4566-240844/329777
Fax No.:	91-4566-240263/240342
E-Mail :	sgm@sgmills.com

DIRECTORS

As on 21.02.2014

Name :

Mr. Thathi Naicker Ramasamy Varadarajan

Designation :

Director

Address :

No.1 T.Ramanaicker Street, Vadugarkottai, Aruppukottai – 626101, Tamilnadu, India

Date of Birth/Age :

25.07.1940

Date of Appointment :

01.11.2006

DIN No.:

00077433

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	U17111TN1951PLC002746	SHRI RAMALINGA MILLS LTD	Director	17-06-65	17-06-65	-	Active	NO
2	U60210TN1979PTC007793	SRI VAIGAI TRANSPORTS PRIVATE LIMITED	Director	12-04-79	12-04-79	-	Active	NO
3	U27104TN1961PTC004402	KOVILPATTI STEEL ROLLING INDUSTRIES PRIVATE LIMITED	Director	07-05-79	07-05-79	31-08-13	Active	NO
4	U65191TN1980PTC008152	ARUPPUKOTTAI SRI JAYAVILAS FINANCE PRIVATE LIMITED	Director	01-03-80	01-03-80	-	Active	NO
5	U51102TN1981PLC008702	SRI JAYAJOTHI & COMPANY LIMITED	Director	07-04-81	07-04-81	07-09-11	Active	NO
6	U27104TN1982PTC009175	SREE JAYA VILAS MALLEABLE CASTINGS PRIVATE LIMITED	Director	18-01-82	18-01-82	-	Active	NO
7	U27200TN1984PTC011013	ARUPPUKOTTAI SRI JAYAVILAS INVESTMENTS PRIVATE LIMITED	Director	12-07-84	12-07-84	-	Active	NO
8	U24294TN1985PTC011584	SRI JAYASAKTHI POLYMERS PRIVATE LIMITED	Managing director	21-02-85	21-02-85	-	Active	NO
9	U65991TN1986PLC012678	SRI JAYAVILAS FINANCE COMPANY LTD	Director	14-02-86	14-02-86	-	Active	NO
10	U17111TN1989PLC018267	TAMILNADU JAI BHARATH MILL LIMITED	Director	02-11-89	02-11-89	04-10-12	Active	NO
11	U17111TN1989PTC017318	JAI JAGADHAMBIGA TEXTILE MILLS PRIVATE LIMITED	Director	16-07-90	16-07-90	24-03-11	Active	NO
12	U35111TN1983PTC010041	JESUDASONS PRIVATE LIMITED	Director	27-11-91	27-11-91	-	Active	NO
13	U17111TN1992PTC022526	SHRI JAYAVARTHAN SPINNING MILL PRIVATE LIMITED	Director	22-04-92	22-04-92	-	Amalgamated	NO
14	U17111TN1992PTC022984	SRI SATHU SPINNING MILLS PRIVATE LTD	Director	01-07-92	01-07-92	-	Amalgamated	NO
15	U17112TN1980PLC008155	SHRI GOVINDARAJA MILLS LIMITED	Director	30-03-95	30-03-95	-	Amalgamated	NO
16	U17111TN1995PTC033832	SRI RAMALINGA TEXTILES P LTD	Director	12-12-95	12-12-95	-	Active	NO
17	U60210TN1995PTC033833	ARUPPUYKOTTAI SRIJAYAVILAS TRANSPORT P LTD	Managing director	12-12-95	12-12-95	-	Active	NO
18	U01119TN1996PTC036343	SRI SATHU AGRO FARMS PRIVATE LIMITED	Director	19-08-96	19-08-96	-	Active	NO
19	U45401TN1996PTC036342	ARUPPUKOTTAI BRICKS WORKS AND BUILDING CONSTRUCTION PRIVATE LIMITED	Director	19-08-96	19-08-96	-	Active	NO
20	U17111TN1997PTC037769	JAYADEVI MILLS PRIVATE LIMITED	Director	20-03-97	20-03-97	-	Amalgamated	NO
21	U17111TN1999PTC042314	SHRI GOVINDARAJA TEXTILES PRIVATE LIMITED	Director	01-11-06	21-04-99	-	Active	NO
22	U28112TN2011PTC083672	SRI JAYAVILAS GREEN POWER PRIVATE LIMITED	Additional director	02-05-12	02-05-12	-	Active	NO

Name :

Mr. Ramkumar Varadarajan

Designation :

Managing director

Address :

No.1,Ramasamy Naicker Street Vadugarkottai Aruppukottai-626101, Tamilnadu, India

Date of Birth/Age :

16.02.1975

Date of Appointment :

01.11.2006

DIN No.:

00875616

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	U17111TN1997PTC037769	JAYADEVI MILLS PRIVATE LIMITED	Director	13-05-98	13-05-98	-	Amalgamated	NO
2	U17111TN1992PTC022984	SRI SATHU SPINNING MILLS PRIVATE LTD	Director	24-09-98	24-09-98	-	Amalgamated	NO
3	U17111TN1992PTC022526	SHRI JAYAVARTHAN SPINNING MILL PRIVATE LIMITED	Director	09-12-98	09-12-98	-	Amalgamated	NO
4	U17112TN1980PLC008155	SHRI GOVINDARAJA MILLS LIMITED	Whole-time director	22-01-09	22-01-99	-	Amalgamated	NO
5	U67120TN1987PLC015141	KELLYS BENEFIT NIDHI LIMITED	Director	18-08-00	18-08-00	18-08-10	Active	NO
6	U60210TN1979PTC007793	SRI VAIGAI TRANSPORTS PRIVATE LIMITED	Director	28-08-00	28-08-00	-	Active	NO
7	U27104TN1982PTC009175	SREE JAYA VILAS MALLEABLE CASTINGS PRIVATE LIMITED	Director	16-06-06	16-06-06	-	Active	NO
8	U17111TN1999PTC042314	SHRI GOVINDARAJA TEXTILES PRIVATE LIMITED	Managing director	01-11-06	01-11-06	-	Active	NO
9	U85320TN1999NPL041989	YOUNG PRESIDENTS ORGANISATION (CHENNAI CHAPTER)	Director	30-09-11	14-09-11	07-10-13	Active	NO
10	U28112TN2011PTC083672	SRI JAYAVILAS GREEN POWER PRIVATE LIMITED	Director	20-12-11	20-12-11	-	Active	NO
11	U65922TN2012PTC089025	CHEMPAKADEVI HOLDINGS PRIVATE LIMITED	Director	18-12-12	18-12-12	-	Active	NO
12	U62200TN2014PTC095125	GARUDA JETS PRIVATE LIMITED	Director	20-02-14	20-02-14	-	Active	NO

Name :

Mr. Suhasini Lakshminarayanaswamy

Designation :

Director

Address :

Old No.7, New No.15, Nethaji Street, Coimbatore (North), Coimbatore- 641044, Tamilnadu, India

Date of Birth/Age :

16.08.1976

Date of Appointment :

01.11.2006

DIN No.:

01462072

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	U17111TN1997PTC037769	JAYADEVI MILLS PRIVATE LIMITED	Director	18-03-00	18-03-00	-	Amalgamated	NO
2	U17111TN1999PTC042314	SHRI GOVINDARAJA TEXTILES PRIVATE LIMITED	Director	01-11-06	01-11-06	-	Active	NO
3	U62200TN2014PTC095125	GARUDA JETS PRIVATE LIMITED	Director	20-02-14	20-02-14	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Palani Kumar
Designation :	Accountant
Name :	Mr. A G Balakrishnan
Designation :	Secretary
Address :	T- 12, Mangala Jyothi, 43rd 4th Trust Cross Street Mandaveli, Chennai-600028, Tamilnadu, India
Date of Birth/Age :	08.10.1942
Date of Appointment :	01.07.2010
PAN No.:	AAAPB4789P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.02.2014

Names of Shareholders	No. of Shares	%age holding
Thathi Naicker Ramasamy Varadarajan	750000	31.25
Chmpakadevi	400000	16.67
Ramkumar Varadarajan	650000	27.08
T.R.V. Venkatalakshmi	200000	8.33
T. R. V. Pavarna	200000	8.33
R.Suhasini	200000	8.33
Total	2400000	100.00

As on 28.03.2014

Names of Allottees	No. of Shares
T R Varadarajan	44675879
R Chempakadevi	13824923
T R V Ramkumar	9505485
T R V Venkatalakshmi	5560168
V Pavarna	3449883
R Shuhasini	32134
T R Dhinakaran	205160
D Senthilkumar	1871584
D Nirmala	50284
T R D Kothai	7500
Sri Ramalinga Textiles Private Limited	33000
Total	79216000

Equity Share Break up (Percentage of Total Equity)

As on 21.02.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of cotton and polyester blended cotton yarn used for knitting and weaving.

Products :

Item Code No.	Product Description
52053390	Cotton Yarn

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

• Canara Bank, Prime Corporate Branch, Spencer Tower 1, Ground Floor, 770 Anna Salai, Chennai - 600002, Tamil Nadu, India
• Tamilnad Mercantile Bank Limited, Aruppukottai Branch, 25, Virudhunagar Road, Aruppukottai - 626101, Tamil Nadu, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	1569.394	1167.587
Short-term borrowings
Rupee term loans from banks	2464.514	1082.225
Rupee term loans from others	19.197	0.250
Total	4053.105	2250.062

Banking Relations :	--
Auditors :
Name :	G.Jeyaraman Chartered Accountants
Address :	5-A, Gowsika Mansion North Gate ,S.S.Colony, Madurai – 625010, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAWPJ2929D
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	NIL

CAPITAL STRUCTURE

As on 21.02.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
817160000	Equity Shares	Rs.100/- each	Rs. 8171.600 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
81616000	Equity Shares	Rs.100/- each	Rs. 8161.600 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
7660000	Equity Shares	Rs.100/- each	Rs. 766.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2400000	Equity Shares	Rs.100/- each	Rs. 240.000 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	240.000	250.000	210.000
(b) Reserves & Surplus	141.549	110.193	85.024
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	7921.600	0.000	0.000
Total Shareholders’ Funds (1) + (2)	8303.149	360.193	295.024
(3) Non-Current Liabilities
(a) long-term borrowings	2322.122	1976.969	1624.355
(b) Deferred tax liabilities (Net)	181.327	67.532	61.499
(c) Other long term liabilities	603.691	102.305	21.788
(d) long-term provisions	170.269	41.215	32.529
Total Non-current Liabilities (3)	3277.409	2188.021	1740.171
(4) Current Liabilities
(a) Short term borrowings	2505.857	1082.475	992.590
(b) Trade payables	414.476	47.802	103.724
(c) Other current liabilities	577.182	172.912	73.082
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	3497.515	1303.189	1169.396
TOTAL	15078.073	3851.403	3204.591
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4816.757	1673.234	1718.808
(ii) Intangible Assets	0.415	0.099	0.235
(iii) Capital work-in-progress	237.858	264.116	22.474
(iv) Intangible assets under development	5655.739	0.000	0.000
(b) Non-current Investments	38.473	0.005	0.005
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	434.495	257.371	221.063
(e) Other Non-current assets	27.165	14.917	19.424
Total Non-Current Assets	11210.902	2209.742	1982.009
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2285.294	882.606	644.769
(c) Trade receivables	784.171	519.552	242.093
(d) Cash and cash equivalents	157.325	10.213	28.334
(e) Short-term loans and advances	640.381	229.290	307.386
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3867.171	1641.661	1222.582
TOTAL	15078.073	3851.403	3204.591

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	938.914	470.332	412.192
Less	FINANCIAL EXPENSES	494.602	231.361	145.070
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	444.312	238.971	267.122
Less/ Add	DEPRECIATION/ AMORTISATION	395.057	198.880	174.344
	PROFIT/ (LOSS) BEFORE TAX	49.255	40.091	92.778
Less	TAX	17.899	14.922	57.127
	PROFIT/ (LOSS) AFTER TAX	31.356	25.169	35.651
	Earnings / (Loss) Per Share (Rs.)	13.07	NA	NA

Particulars	31.03.2014
OPERATING INCOME	8.070 Billions
PROFIT AFTER TAX	253.700 Millions

Note: Above information has been taken from indirect sources i.e CRISIL

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.54	1.12	2.92
Return on Investment (ROI) (PBT/Networth)		0.01	0.11	0.31
Debt Equity Ratio (Total Debt /Networth)		0.58	8.49	8.87
Current Ratio (Current Asset/Current Liability)		1.11	1.26	1.05

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	210.000	250.000	240.000
Reserves & Surplus	85.024	110.193	141.549
Share Application money pending allotment	0.000	0.000	7921.600
Net worth	295.024	360.193	8303.149
long-term borrowings	1624.355	1976.969	2322.122
Short term borrowings	992.590	1082.475	2505.857
Total borrowings	2616.945	3059.444	4827.979
Debt/Equity ratio	8.870	8.494	0.581

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 one year	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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	Yes

WORKING

The working of the company for the year has resulted in a net Profit of Rs. 31.356 Millions after providing for depreciation and Financial Expenses of Rs. 889.659 Millions. This working results have to be taken as satisfactory in view of the power cut prevailed both in Tamilnadu and Andhrapradesh. The economic depression prevailing in Europe and U.S.A. are also affecting our Indian economy.

They have taken steps to consolidate by merger of five companies under their Govindaraja Group to take advantage of large scale procurement of raw materials, stores, machinery large scale expansion, diversion by availing of financial facilities from banks and financial institutions. This consolidation will also give strength in times of stress and strain. For this consolidation / merger, lot of work has been done by approaching, Registrar of Companies, Madras High Court, convening of meetings of share holders, secured creditors etc. Finally the High court has give their approval by their communication dated 28.01.2014 taking effect from 10 th January 2014. For this the merger is taking effect from 01.04.2012 and the financial statements are for the year from 01.04.2012 to 31.03.2013.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Intercorporate borrowings	510.638	772.259
Public deposits	53.017	0.000
Loans and advances from related parties	154.432	30.496
Other loans and advances, others	34.641	6.427
Short-term borrowings
Public deposits	22.146	0.000
Total	774.874	809.182

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other equipments

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.62.15
UK Pound	1	Rs.94.24
Euro	1	Rs.73.30

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	3
--RESERVES	1~10	3
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.