MIRA INFORM REPORT

Report No. :	333970
Report Date :	30.07.2015

IDENTIFICATION DETAILS

Name :	ARVIND ACCEL LIMITED
Registered Office :	Arvind Mill Premises, Naroda Road, Ahmedabad – 380025, Gujarat
Tel. No.:	91-79-2203030
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.03.2008
Com. Reg. No.:	04-053226
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U29100GJ2008PLC053226
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Clothes.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Arvind Accel Limited is a Public Company incorporated on 12 March 2008. It is classified as Indian Non-Government Company and is registered at Registrar of Companies, Ahmedabad. Its authorized share capital is Rs. 10.000 Million and its paid up capital Rs. 0.500 Million. Subject is 100% subsidiary of ARVIND LIMITED. Arvind the flagship company of the Ahmedabad-based Lalbhai group which was founded by the Late Shri Kasturbhai Lalbhai in 1931, is a diversified conglomerate having presence in textiles, apparel retailing, chemicals, engineering, and real estate and construction business amongst others. Profitability of the company is under pressure. Company has incurred huge accumulated losses which have eroded the net worth of the company, leading to its weak financial risk profile. Rating takes into consideration, subjects weak financial risk profile marked by weak net worth base, huge deterioration in cash reserves and weak profitability. However, the subject has strong managerial, financial and operational support from group. Business is active. Payment terms are reported to be slow and delayed. In the view of strong support from group and experienced promoters, the subject can be considered for business dealings on fully safe and secured business 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION DENIED

Management non co-operative (Tel. No.: 91-79-22203030)

LOCATIONS

Registered Office :	Arvind Mill Premises, Naroda Road, Ahmedabad – 380025, Gujarat, India
Tel. No.:	91-79-22203030
Fax No.:	91-79-30138668
E-Mail :	rv.bhimani@arvind.in

DIRECTORS

AS ON 23.09.2014

Name :

Jayesh Kantilal Shah

Designation :

Director

Address :

26, Amaltas Bungalows, Vastrapur, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

25.05.1960

Qualification :

B.Com, C.A.

Date of Appointment :

20.04.2008

PAN No.:

00008349

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	U30006GJ1985PLC008289	SYNTEL TELECOM LIMITED	Director	22/11/1993	22/11/1993	01/04/2010	Active	NO
2	U70102KA1994PTC015339	FIRENZE PROPERTIESANDINVESTMENTS PRIVATE LIMITED	Director	03/08/1994	03/08/1994	-	Active	NO
3	U31100GJ1995PTC024599	ARYA OMNITALK WIRELESS SOLUTIONS PRIVATE LIMITED	Director	01/08/1996	01/08/1996	01/06/2011	Active	NO
4	L51505HP1993PLC031724	LS INDUSTRIES LIMITED	Director	27/08/1997	27/08/1997	07/05/2009	Active	NO
5	U65910GJ1981PLC004408	ASMAN INVESTMENTS LIMITED	Director	21/03/2001	21/03/2001	01/04/2010	Active	NO
6	L17119GJ1931PLC000093	ARVIND LIMITED	Whole-time director	01/10/2014	20/11/2002	-	Active	NO
7	U72200GJ1988PLC010830	e-INFOCHIPS LIMITED	Director	27/03/2015	03/12/2004	-	Active	NO
8	U67120GJ1995PLC025303	ANAGRAM SHARES REGISTRY LIMITED	Director	01/08/2007	01/08/2007	01/04/2010	Amalgamated	NO
9	U66990GJ1995PLC025267	EDELWEISS COMTRADE LIMITED	Director	01/01/2008	01/01/2008	15/12/2010	Active	NO
10	U65920MH1989PLC053909	Edel Finance Company Limited	Director	01/01/2008	01/01/2008	06/12/2010	Active	NO
11	U67120GJ1994PLC022633	Edelweiss Stock Broking Limited	Director appointed in casual vacancy	21/01/2008	21/01/2008	29/12/2010	Amalgamated	NO
12	U65910GJ1993PLC020228	EDELWEISS FINANCIAL ADVISORS LIMITED	Director	29/09/2008	19/02/2008	15/02/2011	Amalgamated	NO
13	U80212GJ2008PLC052901	ANAGRAM KNOWLEDGE ACADEMY LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
14	U29100GJ2008PLC053226	ARVIND ACCEL LIMITED	Director	20/04/2008	20/04/2008	-	Active	NO
15	U45201GJ2008PLC055771	ARVIND INFRASTRUCTURE LIMITED	Director	27/01/2009	27/01/2009	29/03/2013	Active	NO
16	U64120PN2003PTC018154	ARYA OMNITALK RADIO TRUNKING SERVICES PRIVATE LIMITED	Director	05/09/2009	05/09/2009	26/03/2012	Active	NO
17	U18101GJ2007PLC050217	ARVIND RETAIL LIMITED	Director	24/09/2010	31/10/2009	-	Amalgamated	NO
18	U64201GJ1995PLC024598	ARVIND LIFESTYLE BRANDS LIMITED	Director	24/09/2010	31/10/2009	-	Active	NO
19	U65923GJ2009PLC058506	ANAGRAM i-BROKING LIMITED	Director	06/11/2009	06/11/2009	01/04/2010	Strike off	NO
20	L17110GJ1986PLC008886	ARVIND PRODUCTS LIMITED	Director	25/09/2010	25/01/2010	-	Amalgamated	NO
21	U25119MH2010FTC200484	Bayer Sheets India Private Limited	Director	26/02/2010	26/02/2010	16/03/2013	Amalgamated	NO
22	L15140GJ1985PLC007845	ADI FINECHEM LIMITED	Director	30/08/2010	01/04/2010	-	Active	NO
23	U52609GJ2007PLC051974	ARVIND BRANDS & RETAIL LIMITED	Director	23/09/2011	22/02/2011	-	Active	NO
24	U74140GJ2011PTC068131	AMPLUS CAPITAL ADVISORS PRIVATE LIMITED	Additional director	29/06/2015	08/12/2011	-	Active	NO
25	U37200GJ2011PTC068339	ARVIND ENVISOL PRIVATE LIMITED	Director	22/12/2011	22/12/2011	05/03/2012	Active	NO
26	U17120GJ2011PTC066160	ARVIND PD COMPOSITES PRIVATE LIMITED	Director	28/09/2012	09/04/2012	-	Active	NO
27	U17121GJ2012PTC071968	ARVIND GOODHILL SUIT MANUFACTURING PRIVATE LIMITED	Director	23/09/2013	11/03/2013	-	Active	NO
28	U72400GJ2013PLC074576	ARVIND INTERNET LIMITED	Director	23/09/2014	12/08/2013	-	Active	NO
29	U52190MH2011PTC215598	Premium Garments Wholesale Trading Private Limited	Director	24/03/2014	24/03/2014	-	Active	NO
30	U52100GJ2015PLC082095	ARVIND SPORTS LIFESTYLE LIMITED	Director	02/02/2015	02/02/2015	-	Active	NO
31	U52100GJ2015PLC082094	ARVIND FASHION BRANDS LIMITED	Director	02/02/2015	02/02/2015	-	Active	NO
32	U17120GJ2013PTC073597	ARVIND GARMENTS PARK PRIVATE LIMITED	Additional director	07/04/2015	07/04/2015	-	Active	NO

Name :

Punit Sanjay Lalbhai

Designation :

Director

Address :

Lalbaug, Shahii Baug, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

12.03.1982

Date of Appointment :

21.11.2011

PAN No.:

05125502

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	U17120GJ2011PTC066160	ARVIND PD COMPOSITES PRIVATE LIMITED	Director	28/09/2012	21/11/2011	-	Active	NO
2	U29100GJ2008PLC053226	ARVIND ACCEL LIMITED	Director	28/09/2012	21/11/2011	-	Active	NO
3	U37200GJ2011PTC068339	ARVIND ENVISOL PRIVATE LIMITED	Director	22/12/2011	22/12/2011	-	Active	NO
4	L17119GJ1931PLC000093	ARVIND LIMITED	Whole-time director	28/09/2012	26/07/2012	-	Active	NO
5	U17120GJ2013PTC073807	ARVIND OG NONWOVENS PRIVATE LIMITED	Director	01/03/2013	01/03/2013	-	Active	NO
6	U72400GJ2013PLC074576	ARVIND INTERNET LIMITED	Director	23/09/2014	12/08/2013	-	Active	NO
7	U52100GJ2015PLC082095	ARVIND SPORTS LIFESTYLE LIMITED	Director	02/02/2015	02/02/2015	-	Active	NO
8	U52100GJ2015PLC082094	ARVIND FASHION BRANDS LIMITED	Director	02/02/2015	02/02/2015	-	Active	NO

Name :

Naishadh Indrakant Parikh

Designation :

Director

Address :

Krishna Kunj, Opposite Police Stadium, Shahi Baug, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

15.03.1954

Qualification :

B.Sc., MBA

Date of Appointment :

20.04.2008

PAN No.:

00009314

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	U24110GJ1980PLC003865	AMTREX AMBIENCE LIMITED	Director	02/08/1980	02/08/1980	-	Active	NO
2	U29190GJ1984PLC007317	EQUINOX SOLUTIONS LIMITED	Managing director	21/08/2013	08/10/1984	-	Active	NO
3	U65910GJ1983PTC006639	AVIKAL TRADELINK PRIVATE LIMITED	Director	01/02/1985	01/02/1985	-	Active	NO
4	U25202GJ1990PLC014594	AMOL PACKIN LIMITED	Director	06/11/1990	06/11/1990	-	Strike off	NO
5	L17110GJ1986PLC008886	ARVIND PRODUCTS LIMITED	Director	16/01/1999	16/01/1999	-	Amalgamated	NO
6	U29190GJ1986PTC008760	EQUINOX BRANDS PVT LTD	Director	31/03/2003	31/03/2003	-	Amalgamated	NO
7	U31100GJ1977PTC003035	SUVIK ELECTRONICS PRIVATE LIMITED	Director	20/07/2003	20/07/2003	-	Active	NO
8	U65910GJ1986PTC008964	KRUPA HOLDINGS PRIVATE LIMITED	Director	09/08/2003	09/08/2003	-	Amalgamated	NO
9	U74140GJ1994PLC023765	PERFECT CONNECTIONS LIMITED	Director	21/08/2003	21/08/2003	-	Active	NO
10	L14100GJ1979PLC003439	AMOL DICALITE LIMITED	Director	26/10/2004	26/10/2004	-	Active	NO
11	L15140GJ1985PLC007845	ADI FINECHEM LIMITED	Director	28/10/2005	28/10/2005	01/04/2010	Active	NO
12	U67120GJ1994PLC022633	Edelweiss Stock Broking Limited	Director	09/06/2006	09/06/2006	29/12/2010	Amalgamated	NO
13	U65920MH1989PLC053909	Edel Finance Company Limited	Director	17/07/2007	17/07/2007	11/01/2011	Active	NO
14	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	26/09/2007	26/09/2007	-	Active	NO
15	U29100GJ2008PLC053226	ARVIND ACCEL LIMITED	Director	20/04/2008	20/04/2008	-	Active	NO
16	U91110MH1954NPL009385	THE COTTON TEXTILES EXPORT PROMOTION COUNCIL	Director	18/10/2012	18/10/2012	13/09/2014	Active	NO
17	U73100GJ2013NPL075833	CEPT RESEARCH & DEVELOPMENT FOUNDATION	Director	01/07/2013	01/07/2013	-	Active	NO
18	U93000GJ2012NPL071906	AHMEDABAD UNIVERSITY SUPPORT FOUNDATION	Director	02/06/2014	02/06/2014	-	Active	NO
19	U93000HR2013NPL051406	APPAREL MADE-UPS AND HOME FURNISHING SECTOR SKILL COUNCIL	Director	25/09/2014	25/09/2014	-	Active	NO
20	AAB-8880	ASHINI REALTY LLP	Designated Partner	27/11/2013	27/11/2013	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 23.09.2014

Names of Shareholders	No. of Shares
Arvind Limited, India	49994
Ramnik V. Bhimani	1
Prakash B. Makwana	1
Devanshu S. Desai	1
Jayesh N. Thakkar	1
Bharat P. Patel	1
Rohit S. Jani	1
Total	50000

Equity Share Break up (Percentage of Total Equity)

AS ON 23.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Clothes.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Not Divulged

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 :

Information declined by the management

Bankers :

State Bank of India, Commercial Branch, “Paramsiddhi” Complex, Near Mahakant Building, Ellisbridge, Ahmedabad – 380006, Gujarat, India

Facilities :

--

Auditors :
Name :	G.K. Chokshi and Company Chartered Accountants
Address :	Madhuban ,Near Madalpur, Underbridge,Ellisbridge, Ahmedabad – 380006, Gujarat, India
PAN No.:	AAAFG7623H
Memberships :	--
Collaborators :	--
Holding company:	Arvind Limited [L17119GJ1931PLC000093]
Subsidiary company :	Arvind Envisol Private Limited [U37200GJ2011PTC068339]
Fellow Subsidiary Company :	The Anup Engineering Limited [L99999GJ1962PLC001170]

CAPITAL STRUCTURE

AS ON 23.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	0.500	0.500	0.500
(b) Reserves & Surplus	(156.369)	(127.426)	(49.350)
(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)	(155.869)	(126.926)	(48.850)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.566
(c) Other long term liabilities	0.204	0.294	0.862
(d) long-term provisions	0.000	0.250	0.774
Total Non-current Liabilities (3)	0.204	0.544	2.202
(4) Current Liabilities
(a) Short term borrowings	30.157	111.416	190.430
(b) Trade payables	6.765	6.268	10.566
(c) Other current liabilities	195.185	197.250	75.738
(d) Short-term provisions	0.024	0.107	0.162
Total Current Liabilities (4)	232.131	315.041	276.896
TOTAL	76.466	188.659	230.248
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.314	13.797	10.886
(ii) Intangible Assets	0.231	112.143	0.418
(iii) Capital work-in-progress	0.000	0.000	124.242
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.200	0.100	0.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.280	4.468	6.796
(e) Other Non-current assets	0.010	0.010	0.010
Total Non-Current Assets	13.035	130.518	142.452
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.912	1.425	10.665
(c) Trade receivables	14.810	16.079	28.606
(d) Cash and cash equivalents	3.005	8.543	6.831
(e) Short-term loans and advances	15.220	7.599	17.179
(f) Other current assets	24.484	24.495	24.515
Total Current Assets	63.431	58.141	87.796
TOTAL	76.466	188.659	230.248

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	67.897	48.210	174.018
		Other Income	0.681	1.774	0.533
		TOTAL	68.578	49.984	174.551
Less	EXPENSES
		Cost of Materials Consumed	0.000	13.414	0.000
		Purchases of Stock-in-Trade	68.909	4.341	6.447
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.513)	(1.380)	0.000
		Employees benefits expense	13.877	18.015	16.343
		Other expenses	6.238	49.315	189.635
		TOTAL	84.511	83.705	212.425
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(15.933)	(33.721)	(37.874)
Less	FINANCIAL EXPENSES		35.877	30.981	11.225
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(51.810)	(64.702)	(49.099)
Less/ Add	DEPRECIATION/ AMORTISATION		1.318	13.812	0.716
	PROFIT BEFORE TAX		(53.128)	(78.514)	(49.815)
Less	TAX		(0.111)	(0.439)	0.222
	PROFIT AFTER TAX		(53.017)	(78.075)	(50.037)
	IMPORTS
		Raw Materials	2.246	3.152	0.000
	TOTAL IMPORTS		2.246	3.152	0.000
	Earnings Per Share (Rs.)		(1060.34)	(1561.50)	(1000.74)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(78.08)	(161.95)	(28.75)
Operating Profit Margin (PBIDT/Sales)	(%)	(23.47)	(69.95)	(21.76)
Return on Total Assets (PBT/Total Assets}	(%)	(69.66)	(41.64)	(47.04)
Return on Investment (ROI) (PBT/Networth)		0.34	0.62	1.02
Debt Equity Ratio (Total Debt /Networth)		(0.19)	(0.88)	(3.90)
Current Ratio (Current Asset/Current Liability)		0.27	0.18	0.32

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.500	0.500	0.500
Reserves & Surplus	(49.350)	(127.426)	(156.369)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(48.850)	(126.926)	(155.869)
long-term borrowings	0.000	0.000	0.000
Short term borrowings	190.430	111.416	30.157
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	190.430	111.416	30.157
Debt/Equity ratio	(3.898)	(0.878)	(0.193)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	174.018	48.210	67.897
		(72.296)	40.836

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	174.018	48.210	67.897
Profit	(50.037)	(78.075)	(53.017)
	(28.75%)	(161.95%)	(78.08%)

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	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
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	No
32	Litigations that the firm/promoter involved in	----
33	Market information	----
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Intercorporate deposits	30.157	111.416
Total	30.157	111.416

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10185442	26/09/2009	70,000,000.00	State Bank of India	Commercial Branch, "Paramsiddhi" Complex, Near Mahakant Building, Ellisbridge, Ahmedabad, Gujarat - 380006, INDIA	A73166175

FIXED ASSETS

· Plant and Equipments

· Furniture and Fixture

· Vehicles

· Office Equipments

· Computer Equipments

· Other E quipoments

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 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. 63.89
UK Pound	1	Rs. 99.71
Euro	1	Rs. 70.63

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	SAN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		16

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.