MIRA INFORM REPORT

Report No. :	304392
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	AND DESIGNS INDIA LIMITED
Formerly Known As :	AND DESIGNS INDIA PRIVATE LIMITED (w.e.f.08.01.2001) MASQUE CLOTHING COMPANY PRIVATE LIMITED
Registered Office :	Plot No.88, Marol Co-operative Industrial Estate, M.V. Road, Marol, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.03.1995
Com. Reg. No.:	11-086449
Capital Investment / Paid-up Capital :	Rs. 44.132 Millions
CIN No.: [Company Identification No.]	U17116MH1995PLC086449
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21262D
PAN No.: [Permanent Account No.]	AADCA2325A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Designing, Manufacturing and Retailing of Apparel like Women’s and Men’s wears category.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. Financially company seems to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. Management has failed to file latest financial of financial year 2014 with mandatory authorities. The company can be considered for normal business dealings at usual trade terms and condition.

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	ICRA
Rating	Long Term Fund Based Limits “A”
Rating Explanation	Adequate degree of safety and low credit risk
Date	February 2014

Rating Agency Name	ICRA
Rating	Short Term Fund Based Limits “A2+”
Rating Explanation	Strong degree of safety and low credit risk.
Date	February 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 PARTED BY

Name :	Ms. Sujata
Designation :	Finance Department
Contact No.:	91-22-40353333
Date :	22.01.2015

LOCATIONS

Registered Office :	Plot No.88, Marol Co-operative Industrial Estate, M.V. Road, Marol, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-40353333/ 32/ 321
Fax No.:	91-22-40261631
E-Mail :	mukesh@andindia.com and@andindia.com geetam@andindia.com
Website :	http://www.andindia.com
Stores :	Located at : · Ahmedabad · Bangalore · Belgaum · Chennai · Coimbatore · Delhi · Goa · Gurgaon · Hyderabad · Kolkata · Lucknow · Ludhiana · Mumbai · Pune

DIRECTORS

AS ON 30.09.2014

Name :

Mrs. Anita Pravin Dongre

Designation :

Director

Address :

204, Ocena View, Union Park, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

03.10.1963

Date of Appointment :

14.03.1995

DIN No.:

00980491

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	U17116MH1995PLC086449	AND DESIGNS INDIA LIMITED	Director	14/03/1995	14/03/1995	-	Active	NO
2	U51900MH1979PTC021088	ANIRA EXPORTS PRIVATE LIMITED	Director	21/02/1999	21/02/1999	-	Active	NO
3	U18100MH2005PTC151989	SUVIDA DESIGNS PRIVATE LIMITED	Director	16/03/2005	16/03/2005	-	Active	NO
4	U51100MH2005PTC155520	YASH COMMODITIES PRIVATE LIMITED	Director	22/08/2005	22/08/2005	16/09/2008	Active	NO

Name :

Mukesh Kischinchand Salwani

Designation :

Director

Address :

E/1, Emly Apartment, 7^th Floor, 15^th Road, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

06.08.1970

Date of Appointment :

14.03.1995

DIN No.:

00980418

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	U51900MH1979PTC021088	ANIRA EXPORTS PRIVATE LIMITED	Director	11/07/1994	11/07/1994	-	Active	NO
2	U17116MH1995PLC086449	AND DESIGNS INDIA LIMITED	Director	14/03/1995	14/03/1995	-	Active	NO
3	U18100MH2005PTC151989	SUVIDA DESIGNS PRIVATE LIMITED	Director	16/03/2005	16/03/2005	-	Active	NO
4	U18109MH2011PTC220919	EastHill Designs Private Limited	Director	12/08/2011	12/08/2011	-	Active	NO

Name :

Meena Yadvinder Sehra

Designation :

Director

Address :

9^th Bharat Mahal, 1^st Floor, Marine Drive, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

05.03.1965

Date of Appointment :

02.05.2003

DIN No.:

00136459

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	U51900MH1979PTC021088	ANIRA EXPORTS PRIVATE LIMITED	Director	21/02/1999	21/02/1999	-	Active	NO
2	U17116MH1995PLC086449	AND DESIGNS INDIA LIMITED	Director	02/05/2003	02/05/2003	-	Active	NO
3	L28129MH1986PLC040482	SPENTA INTERNATIONAL LIMITED	Director	08/09/2005	08/09/2005	30/05/2014	Active	NO
4	U18100MH2005PTC151989	SUVIDA DESIGNS PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Active	NO
5	U18109MH2011PTC220919	EastHill Designs Private Limited	Director	12/08/2011	12/08/2011	-	Active	NO

Name :

Sandeep Achyut Naik

Designation :

Director

Address :

A-203/204, Krishna Residency, Sunder Nagar, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

26.03.1979

Date of Appointment :

12.11.2013

DIN No.:

02057989

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	L85110TN1979PLC008035	APOLLO HOSPITALS ENTERPRISE LIMITED	Nominee director	26/07/2010	19/11/2007	09/11/2012	Active	NO
2	U65993MH2006PTC165142	APAX PARTNERS INDIA ADVISERS PRIVATE LIMITED	Whole-time director	27/09/2010	15/10/2009	26/11/2012	Active	NO
3	U93030MH2011NPL212930	TOOLBOX INDIA FOUNDATION	Director	20/09/2012	30/08/2012	06/02/2014	Active	NO
4	U74210MH2002PTC137746	GENERAL ATLANTIC PRIVATE LIMITED	Director	27/09/2013	22/01/2013	-	Active	NO
5	U17116MH1995PLC086449	AND DESIGNS INDIA LIMITED	Director	12/11/2013	12/11/2013	-	Active	NO
6	U72100MH2005PTC153862	CITIUS IT SOLUTIONS PRIVATE LIMITED	Alternate director	20/03/2014	20/03/2014	-	Active	NO

Name :

Shantanu Rastogi

Designation :

Director

Address :

C-43, Sector B, Aliganj, Lucknow – 226024, Uttar Pradesh, India

Date of Birth/Age :

26.03.1979

Date of Appointment :

12.11.2013

DIN No.:

06732021

KEY EXECUTIVES

Name :	Ms. Sujata
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares	Percentage of Holding
Anita P Dongre	848976	22.00
Mukesh K Salwani	907415	23.51
Meena Y Shera	848977	22.00
Hari K Salwani	1	0.00
Sangita Rohira	62500	1.62
General Atlantic Singapore Fund Pte. Limited, Singapore	1191131	30.86
Deepikesh Hira	380	0.01
Total	3859380	100.00

Names of Preference Shareholders	No. of Shares	Percentage of Holding
Anita P Dongre	24	24.00
Mukesh K Salwani	24	24.00
Meena Y Shera	24	24.00
Hari K Salwani	2	2.00
Sangita Rohira	3	3.00
Future Lifestyles Fashions Limited	23	23.00
Total	100	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	30.86
Directors or relatives of Directors	67.51
Other top fifty shareholders	1.63
Total	100.00

BUSINESS DETAILS

Line of Business :	Designing, Manufacturing and Retailing of Apparel like Women’s and Men’s wears category.
Products :	Women’s and Men’s Wear
Brand Names :	“ANITA DONGRE – TIMELESS“ “ANITA DONGRE – IINTERPRET” “ANITA DONGRE – GRASSROOT” “AND” “GLOBAL DESI”
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Singapore Dubai Mauritius
Imports :	Not Divulged
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

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

• Wholesalers
• Retailers
• End Users

No. of Employees :

2000 (Approximately)

Bankers :

• Development Credit Bank Limited, 601 and 602, Peninsula Business Park, 6th Floor, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, India
• Development Credit Bank Limited, 154, S.V. Road (East), Dongri, Credit Administration Departments, Mumbai - 400 009, Maharashtra, India
• Development Credit Bank Limited, 301, Delta Plaza Branch, 414, Prabhadevi, Mumbai – 400 025, Maharashtra, India
• HDFC Bank Limited
• State Bank of India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loan from banks	97.743	89.294
Other loans and advances	2.762	2.673
SHORT TERM BORROWINGS
Working capital loans from banks	196.617	170.328
Total	297.122	262.295

Auditors :
Name :	Rohira Mehta and Associates Chartered Accountants
Address :	B-202, 2^nd Floor, Grand Bella Vista, Near Jari Mari Temple, S.V. Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Tel. No.:	91-22-42084500
Fax No.:	91-22-42084501
E-Mail :	info@rohiramehta.com
PAN No.:	AAIPR8005L
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	East Hill Designs Private Limited Future Ventures India Limited

CAPITAL STRUCTURE

AS ON 15.12.2014

Name of Allottees	No. of Shares
Mukesh Salwani	220
Anita Dongre	220
Meena Sehra	220
Hari K. Salwani	10
Sangita Rohira	20
General Atlantic Singapore Fund Pte. Limited, Singapore	31
Total	100

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,859,380	Equity Shares	Rs. 10/- each	Rs. 48.594 Millions
140,620	Preference Shares	Rs. 10/- each	Rs. 1.406 Millions
	Total		Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 44.132 Millions

No. of Shares	Type	Value	Amount
4,413,058	Equity Shares	Rs. 10/- each	Rs. 44.131 Millions
100	Preference Shares	Rs. 10/- each	Rs. 0.001 Million
	Total		Rs. 44.132 Millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,859,380	Equity Shares	Rs. 10/- each	Rs. 48.594 Millions
140,620	Preference Shares	Rs. 10/- each	Rs. 1.406 Millions
	Total		Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,859,380	Equity Shares	Rs. 10/- each	Rs. 38.593 Millions
100	Preference Shares	Rs. 10/- each	Rs. 0.001 Million
	Total		Rs. 38.594 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	38.594	38.594
(b) Reserves & Surplus	467.860	275.694
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	506.454	314.288
(3) Non-Current Liabilities
(a) long-term borrowings	100.505	91.967
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	12.497	6.562
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	113.002	98.529
(4) Current Liabilities
(a) Short term borrowings	216.617	290.328
(b) Trade payables	95.785	74.204
(c) Other current liabilities	103.018	73.720
(d) Short-term provisions	42.466	36.486
Total Current Liabilities (4)	457.886	474.738
TOTAL	1077.342	887.555
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	130.614	116.702
(ii) Intangible Assets	5.370	1.104
(iii) Capital work-in-progress	239.025	162.365
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.160	0.160
(c) Deferred tax assets (net)	4.946	2.037
(d) Long-term Loan and Advances	142.888	121.207
(e) Other Non-current assets	10.007	8.266
Total Non-Current Assets	533.010	411.841
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	242.701	164.620
(c) Trade receivables	237.673	145.878
(d) Cash and cash equivalents	4.981	2.385
(e) Short-term loans and advances	28.647	146.700
(f) Other current assets	30.330	16.131
Total Current Assets	544.332	475.714
TOTAL	1077.342	887.555

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		19.297
2] Share Application Money		0.000
3] Reserves & Surplus		183.212
4] (Accumulated Losses)		0.000
NETWORTH		202.509
LOAN FUNDS
1] Secured Loans		152.431
2] Unsecured Loans		1.402
TOTAL BORROWING		153.833
DEFERRED TAX LIABILITIES		(0.677)
TOTAL		355.665
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		147.546
Capital work-in-progress
INVESTMENT		0.060
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	100.243
	Sundry Debtors	92.171
	Cash & Bank Balances	7.888
	Other Current Assets	0.000
	Loans & Advances	149.756
Total Current Assets		350.058
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	81.981
	Other Current Liabilities	60.018
	Provisions	0.000
Total Current Liabilities		141.999
Net Current Assets		208.059
MISCELLANEOUS EXPENSES		0.000
TOTAL		355.665

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1814.712	1188.044	417.450
		Other Income	4.265	1.142	1.026
		TOTAL (A)	1818.977	1189.186	418.476
Less	EXPENSES
		Cost of Materials Consumed	306.835	209.011	104.913
		Purchases of Stock-in-Trade	332.463	167.890	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(69.864)	(63.398)	(0.839)
		Operating Expenses	0.000	0.000	3.167
		Manufacturing Expenses	0.000	0.000	54.198
		Selling and Distributions Expenses	0.000	0.000	52.815
		Administrative Expenses	0.000	0.000	65.669
		Employees benefits expense	245.909	171.317	60.948
		Other expenses	630.615	472.230	0.000
		TOTAL (B)	1445.958	957.050	340.871
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		373.019	232.136	77.605
Less	FINANCIAL EXPENSES (D)		40.740	25.551	9.774
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		332.279	206.585	67.831
Less/ Add	DEPRECIATION/ AMORTISATION (F)		29.077	19.200	8.216
Less	EXCEPTIONAL ITEMS BEFORE TAX		1.167	2.409	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		302.035	184.976	59.615
Less	TAX (H)		98.527	61.003	20.207
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		203.508	123.973	39.408
	Earnings / (Loss) Per Share (Rs.)		52.73	32.12	10.21

Particulars	31.03.2014
Sales Turnover (Approxmiately)	2750.000

The above information has been parted by Ms. Sujata (Finance Department)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales	(%)	11.21	10.43	9.44
Operating Profit Margin (PBDIT/Sales)	(%)	20.55	19.54	18.59
Return on Total Assets (PBT/Total Assets}	(%)	36.25	25.58	16.76
Return on Investment (ROI) (PBT/Networth)		0.60	0.59	0.29
Debt Equity Ratio (Total Debt/Networth)		0.63	1.22	0.76
Current Ratio (Current Asset/Current Liability)		1.19	1.00	2.47

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	38.594	38.594
Reserves & Surplus	275.694	467.860
Net worth	314.288	506.454
long-term borrowings	91.967	100.505
Short term borrowings	290.328	216.617
Total borrowings	382.295	317.122
Debt/Equity ratio	1.216	0.626

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	417.450	1188.044	1814.712
		184.596	52.748

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	417.450	1188.044	1814.712
Profit	39.408	123.973	203.508
	9.44%	10.44%	11.21%

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

Note: Registered office of the company has been shifted from 4 Kedarnath Mishra Chawl P M Road, Khotwadi, Santacruz West, Mumbai – 400054, Maharashtra, India ot the present address w.e.f.01.05.2010.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10131075	17/02/2012 *	200,000,000.00	DEVELOPMENT CREDIT BANK LIMITED	601 & 602, Peninsula Business Park, 6th floor, Tower A, Senapati Bapat Marg, Lower Parel,, Mumbai,  Maharashtra - 400013, INDIA	B33456310
2	90159154	04/03/2003	500,000.00	CITI BANK	CITI 61DR SS RAO MARG, PAREL, MUMBAI, Maharashtra - 400012, ] INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Intercorporate borrowings	20.000	120.000
Total	20.000	120.000

FIXED ASSETS

• Buildings
• Factory Buildings
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments

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. 61.50
UK Pound	1	Rs. 92.16
Euro	1	Rs. 69.62

INFORMATION DETAILS

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

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	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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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