MIRA INFORM REPORT

Report No. :	334194
Report Date :	28.05.2015

IDENTIFICATION DETAILS

Name :	KABRA EXTRUSION TECHNIK LIMITED
Registered Office :	Kolsite House, Off Veera Desai Road, Andheri (West), Mumbai-400053, Maharashtra
Tel. No.:	91-22-26734822
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	21.10.1982
Com. Reg. No.:	11-028535
Capital Investment / Paid-up Capital :	Rs. 159.512 Million
CIN No.: [Company Identification No.]	L28900MH1982PLC028535
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMK11319A
PAN No.: [Permanent Account No.]	AAACK4289L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing, Exporting and Importing of Extrusion Machinery.
No. of Employees :	560 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (68)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of the “Kolsite group”. It is a well-established company having fine track. The company possesses a good financial profile marked by favourable networth base along with healthy capital structure and debt protection metrics backed by efficient working capital management. Management has witnessed a decent revenue base as well as net profitability during FY 14. The ratings also take into consideration, the susceptibility to competition from imports and to cyclicality in investments in the plastic products industry However, trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of experienced promoters and established market position of the subject in the industry, it can be considered good 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 “AA-“
Rating Explanation	High degree of safety and very low credit risk
Date	December 04, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	December 04, 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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Jayant Sarpodar
Designation :	Chief Executive Officer
Contact No.:	91-77-38333092

LOCATIONS

Registered Office / Head Office :	Kolsite House, Off Veera Desai Road, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-26734822-24 / 56952681 / 26367551 / 26330272
Mobile No.:	91-9322302755 (Mr. Anand Kabra)
Fax No.:	91-22-26735041/56952680/26367512/26326336
E-Mail :	sales@kolsitegroup.com sales@kmfm.kolsitegroup.com secretarial@kolsitegroiup.com
Website :	http://www.kolsite.com
Factory 1 :	Kachigam, Daman Industrial Estate, Plot No. 14 and 15, Kachigam, Daman - 396210, Gujarat, India
Tel. No.:	91-260-2241401-3/2242616
Fax No.:	91-260-2241965
E-Mail :	ket@kolsitegroup.com
Website:	http://www.kolsitegroup.com
Factory 2 :	259/260/265 (lll), Costal Highway, Dunetha, Daman – 396210, Gujarat, India
Ahmedabad Office :	402 Lalita Complex, Jain Mandir Road, Opposite HDFC Bank, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-2656 4828, 91-79-2642 7281
Fax No.:	91-79-2642 7281
E-Mail :	ahmedabad@kolsitegroup.com
Regional Office / Branch Office :	Located at: · Delhi · Kolkatta · Chennai · Bangalore · Hyderabad

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Shreevallabh G. Kabra
Designation :	Chairman and Managing Director
Address :	46, Vithal Nagar Co-Op Hsg, Soc. Limited, Gopikunj 11^th Road JVPD Scheme Vile Parle (W), Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	13.02.1937
Date of Appointment :	01.04.2014
DIN No. :	00015415
Name :	Mr. Satyanarayan Gopilal Kabra
Designation :	Vice Chairman and Managing Director
Address :	46, Vithal Nagar Co-Op Hsg, Soc. Limited, Gopikunj 11^th Road JVPD Scheme Vile Parle (W), Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	09.01.1944
Date of Appointment :	01.07.2013
DIN No. :	00015930
Name :	Mr. Anand Shreevallabh Kabra
Designation :	Technical Director
Address :	46, Vithal Nagar Co-Op Hsg, Soc. Limited, Gopikunj 11^th Road JVPD Scheme Vile Parle (W), Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	16.09.1974
Date of Appointment :	01.08.2013
DIN No. :	00016010
Name :	Mr. Mahavir Prasad Taparia
Designation :	Independent Director
Address :	Girikunj 71, Marine drive, Churchgarte, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	21.11.1937
Date of Appointment :	09.09.2014
DIN No. :	00112461
Name :	Mr. Yagnesh Kumar Bhagwati Prasad Desai
Designation :	Independent Director
Address :	Flat No. 321/322, Raheja Crest – 3, off New Link Road, Lokhandwala, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	14.04.1941
Date of Appointment :	09.09.2014
DIN No. :	00021202
Name :	Mr. Nihalchand Chunilal Chauhan
Designation :	Director
Address :	Shree Patil Arcade 20^th Floor Flat No. 4, August Kranti Marg E, Nana Chowk, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	20.11.1935
Date of Appointment :	09.09.2014
DIN No. :	00021782
Name :	Varun Satyanarayan Kabra
Designation :	Additional Director
Address :	Gopikunj, 46 Vithal Nagar CHS Limited, Road No. 11, J V P D Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India
Date of Appointment :	13.02.2015
DIN No. :	03376617
Name :	Jyoti Varun Kabra
Designation :	Additional Director
Address :	Gopi Kunj, 46, Vithal Nagar CHSL, 11th Road, JVPD Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India
Date of Appointment :	13.02.2015
DIN No. :	07088904

KEY EXECUTIVES

Name :	Mr. Jayant Sarpodar
Designation :	Chief Executive Officer
Name :	Yogesh Dhirajlal Sanghavi
Designation :	Company Secretary
Address :	34 Nagardas Park Old Nagardas Road, Andheri East, Mumbai – 400069, Maharashtra, India
Date of Appointment :	16.10.1996
PAN No. :	AABPS3804M

SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	10830800	33.95
Bodies Corporate	7089660	22.22
Sub Total	17920460	56.17
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	17920460	56.17
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4400	0.01
Financial Institutions / Banks	600	0.00
Sub Total	5000	0.02
(2) Non-Institutions
Bodies Corporate	833078	2.61
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	4984789	15.63
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3279787	10.28
Any Others (Specify)	4879206	15.29
Non Resident Indians	412886	1.29
Others	4466320	14.00
Sub Total	13976860	43.81
Total Public shareholding (B)	13981860	43.83
Total (A)+(B)	31902320	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	31902320	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing, Exporting and Importing of Extrusion Machinery.
Products :	Extrusion Machinery
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Extrusion Machinery
Countries :	South America African Countries etc.
Imports :
Products :	Raw Material
Countries :	European Countries Asian Countries
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

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
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 :

560 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	IFB, World trade center Kolasa
Person Name (With Designation)	Mr. Ajay Mahtole (Relationship Manager)
Contact Number	91-22-22160915 91-9004577344
Name of Account Holder	Kabra Extrusion Technik Private Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	10 Year More than
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	CC/BG/BD/LC – Rs.130 Million
Account Operation	60 to 70 Ulilisation
Remarks (If any)	Having Satisfactory trade Record in banking transactions having good future

Banker Name	Kotak Mahindra Bank
Branch Address	Lokhandwala Andheri (W)
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)	BD/BG/CC/LC Rs. 100.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2015	31.03.2014 (Rs. in Million)
SHORT TERM BORROWINGS
Loans repayable on demand
Cash Credit From Banks		169.580
Bills Discounted		1.146
Total	NA	170.726

Auditors :
Name :	Kirtane and Pandit Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Associate Companies or Promoter Companies (As on 31.03.2014)	Plastiblends India Limited
Enterprise over which key management personnel exercise significant influence (As on 31.03.2014)	Kolsite Industries Maharashtra Plastics and Industries Kolsite Corporation LLP Smartech Global Solutions Limited Rambalab Ramnaran Kabra Gloucester Engineering Limited Kolsite Packaging Systems Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :Not Available

Issued, Subscribed & Paid-up Capital : Rs.159.512 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.5/- each	Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31902320	Equity Shares	Rs.5/- each	Rs.159.512 Million

Of the above shares 23180160 Shares of Rs. 5/- each were allotted as fully paid up bonus shares without payment being received in cash.

Reconciliation of number of equity shares outstanding at the beginning and at the end of the year

Particular	As at 31 March 2014
Number of shares outstanding as at the beginning of the year	31.902
Number of shares outstanding as at the end of the year	31.902

The company has only one class of share having par value of Rs. 5/-.

Each holder of equity share is entitled to one vote per share.

Shares in the company held by each shareholder holding more than 5% shares

Name of the share holder	Number of Shares held in The company	% of shares held
Anand Kabra	2557018	8.02
Satyanarayan G Kabra	2073528	6.50
Saritadevi S Kabra	1670988	5.24
Varun S Kabra	1670988	5.24
Battenfeld Extrusiontechnik Gmbh	3600000	11.28
Kolsite Corporation LLP	6262288	19.63

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	159.512	159.512	159.512
(b) Reserves & Surplus	1266.493	1128.679	1042.536
(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)	1426.005	1288.191	1202.048
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	48.809	52.973	56.444
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	48.809	52.973	56.444
(4) Current Liabilities
(a) Short term borrowings	209.927	173.301	155.464
(b) Trade payables	328.978	208.219	228.613
(c) Other current liabilities	453.647	335.652	224.096
(d) Short-term provisions	143.716	180.888	129.516
Total Current Liabilities (4)	1136.268	898.060	737.689
TOTAL	2611.082	2239.224	1996.181
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	699.978	396.926	418.920
(ii) Intangible Assets	0.000	51.945	78.125
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	277.065	368.190	274.170
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	31.762	134.131	134.208
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1008.805	951.192	905.423
(2) Current assets
(a) Current investments	139.912	209.780	250.000
(b) Inventories	620.016	580.606	544.075
(c) Trade receivables	537.025	254.688	155.654
(d) Cash and cash equivalents	17.222	10.521	12.752
(e) Short-term loans and advances	288.102	232.437	128.277
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1602.277	1288.032	1090.758
TOTAL	2611.082	2239.224	1996.181

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	2712.754	2231.629	1799.416
	Other Income	85.152	21.242	50.516
	TOTAL	2797.906	2252.871	1849.932
Less	EXPENSES
	Cost of Materials Consumed	1760.693	1458.773	1184.681
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(20.142)	(22.014)	(6.850)
	Employees benefits expense	256.209	200.067	176.736
	Other expenses	420.138	363.575	280.801
	TOTAL	2416.898	2000.401	1635.368
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	381.008	252.470	214.564
Less	FINANCIAL EXPENSES	34.408	18.430	27.781
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	346.600	234.040	186.783
Less/ Add	DEPRECIATION/ AMORTISATION	76.095	59.286	58.394
	PROFIT/ (LOSS) BEFORE TAX	270.505	174.754	128.389
Less	TAX	46.517	32.625	19.771
	PROFIT/ (LOSS) AFTER TAX	223.988	142.129	108.618
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	592.886	521.043	460.649
Less	APPROPRIATIONS
	Transfer to General Reserve	22.500	14.300	10.900
	Proposed Dividend	63.804	47.853	31.902
	Tax on Dividend	13.351	8.133	5.422
	Depreciation Transitional Provision Effect	9.020	0.000	0.000
	Balance Carried to the B/S	708.199	592.886	521.043
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	750.770	631.812
	Interest	NA	0.000	8.826
	TOTAL EARNINGS	NA	750.770	640.638
	IMPORTS
	Purchase of stores, spares and Raw Materials	NA	261.300	161.567
	TOTAL IMPORTS	NA	261.300	161.567
	Earnings / (Loss) Per Share (Rs.)	7.02	4.46	3.40

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Cash Flow from Operating Activities	NA	254.613	215.345

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/ Sales)	(%)	8.26	6.37	6.04
Operating Profit Margin (PBDIT/Sales)	(%)	14.05	11.31	11.92
Return on Total Assets (PBT/Total Assets}	(%)	11.59	9.34	7.46
Return on Investment (ROI) (PBT/Networth)		0.19	0.14	0.11
Debt Equity Ratio (Total Debt /Networth)		0.15	0.13	0.13
Current Ratio (Current Asset/Current Liability)		1.41	1.43	1.48

STOCK PRICE

Face Value :	5.00/-
Market Value :	109.10/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	159.512	159.512	159.512
Reserves & Surplus	1042.536	1128.679	1266.493
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1202.048	1288.191	1426.005
long-term borrowings	0.000	0.000	0.000
Short term borrowings	155.464	173.301	209.927
Total borrowings	155.464	173.301	209.927
Debt/Equity ratio	0.129	0.135	0.147

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1799.416	2231.629	2712.754
		24.020	21.559

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1799.416	2231.629	2712.754
Profit	108.618	142.129	223.988
	6.04%	6.37%	8.26%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

LITIGATION DETAILS
Bench:- Bombay
Lodging No:-	ARBPL/1305/2012	Failing Date:-	03.10.2012		Reg. No.:-	ARBP/1212/2012	Reg. Date:-	05.11.2012
Petitioner:-	NATIONAL INSURANCE COMPANY LIMITED		Respondent:-		KABRA EXTRUSIONTECHNIK LIMITED
Petn.Adv:-	ASIM S. VIDYARTHI (0)			Resp.Adv.:	MS. PURNIMA G. BHATIA (0)
District:-	OUTSIDE MAHARASHTRA
Bench:-	SINGLE			Category:	ARBITRATION ACT
Status:-	Admitted (Unready)		Stage:-		ARBP FOR HEARING AND FINAL DISPOSAL U/S 34
Next Date:-	28.07.2015		Stage:-		ARBP FOR HEARING AND FINAL DISPOSAL U/S 34
Coram:-	HON’BLE SHRI JUSTICE R.D. DHANUKA
Last Date:-	21.07.2015
Last Coram	HON’BLE SHRI JUSTICE R.D. DHANUKA
Act:-	Arbitration and Conciliation Act 1996
Under Section	34

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10445921	13/03/2014 *	100,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN,, 227 D NARIMAN POINT,, MU  MBAI, MAHARASHTRA - 400021, INDIA	C04651683
2	90222571	13/03/2014 *	344,700,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR,,  WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI  , MAHARASHTRA - 400005, INDIA	C04672754

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
SHORT TERM BORROWINGS
Loans and advances from related parties
Inter Corporate Deposits	NA	2.575
Total	NA	2.575

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
Bank Guarantee and Counter guarantees / Letter of Credit given by the Company for the guarantees issued by Company’s bankers	NA	64.053
Fixed deposits shown under the head cash and bank balances include deposits pledged with the banks as margins to secure letters of credit and guarantees issued by banks	NA	4.653
Net amount	NA	59.400
Service Tax matter under dispute	NA	12.447
	NA	140.553

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Furniture and Fixture
• Vehicles
• Office Equipments
• Computer

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 64.00
UK Pound	1	Rs. 99.43
Euro	1	Rs. 70.61

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		68

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.