MIRA INFORM REPORT

Report No. :	322813
Report Date :	02.06.2015

IDENTIFICATION DETAILS

Name :	BAGPOLY INTERNATIONAL PRIVATE LIMITED

Registered Office :	Progressive Chamber, Centerl Market, Prasant Vihar, New Delhi – 110088
Tel. No.:	91-9896076246 (Mr. Amit)

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	12.05.1994

Com. Reg. No.:	55-059002

Capital Investment / Paid-up Capital :	Rs.139.955 Million

CIN No.: [Company Identification No.]	U74899DL1994PTC059002

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACB3905G

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Packing bags, bags body storage canal lining, crop protective net, fencing, material covers protective sleeves mosquitoes net, HDPE sheets etc.

No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 510000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is well established private limited company having satisfactory track. Company has increase its profit in FY 14, but trade payables are much more than trade receivables. However, trade relations are fair. Business is active. Payment terms are reported to be regular. The company can be considered for business dealing 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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Amit Mittal
Designation :	Director
Contact No.:	91-9896076246
Date :	15.05.2015

LOCATIONS

Registered Office :	Progressive Chamber, Centerl Market, Prasant Vihar, New Delhi – 110088
Tel. No.:	Not Available
Mobile No.:	91-9896076246 (Mr. Amit)
Fax No.:	Not Available
E-Mail :	info@bagpoly.com

Factory :	95Km Stone, Alipur Khalsa Road, Post Box No. 30, Ghaurnda, Karnal – 132114, Haryana, India
Location :	Owned

DIRECTORS

As on 28.09.2013

Name :

Mr. Ved Parkash Gupta

Designation :

Director

Date of Birth/Age :

25.05.1955

Date of Appointment :

12.05.1994

DIN No.:

00547766

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	U74899DL1994PTC059002	BAGPOLY INTERNATIONAL PRIVATE LIMITED	Director	12/05/1994	12/05/1994	-	Active	NO
2	U25209DL2002PTC118136	SHREERADHEY POLY FAB PRIVATE LIMITED	Director	18/06/2007	18/06/2007	22/02/2008	Active	NO
3	U17119HR1994PTC032281	RAJINDRA SPINNERS PRIVATE LIMITED	Director	15/11/2007	15/11/2007	09/11/2009	Active	NO
4	U51909DL2007PTC159635	P T INFRASTRUCTURES PRIVATE LIMITED	Director	09/05/2008	09/05/2008	06/08/2009	Active	NO
5	U01122HR2008PTC038119	N. K. MEMORIAL HORTICULTURE FARMS PRIVATE LIMITED	Director	02/07/2008	02/07/2008	-	Active	NO

Name :

Mr. Parmod Kumar Mittal

Designation :

Director

Date of Birth/Age :

01.01.1972

Date of Appointment :

12.05.1994

DIN No.:

00547795

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	U74899DL1994PTC059002	BAGPOLY INTERNATIONAL PRIVATE LIMITED	Director	12/05/1994	12/05/1994	-	Active	NO
2	U01122HR2008PTC038119	N. K. MEMORIAL HORTICULTURE FARMS PRIVATE LIMITED	Director	02/07/2008	02/07/2008	-	Active	NO

Name :

Mr. Susheel Mittal

Designation :

Director

Date of Birth/Age :

10.06.1967

Date of Appointment :

12.05.1994

DIN No.:

00547852

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	U74899DL1994PTC059002	BAGPOLY INTERNATIONAL PRIVATE LIMITED	Director	12/05/1994	12/05/1994	-	Active	NO
2	U74899DL1990PTC040344	GOLDEN YARNS PRIVATE LIMITED	Director	16/11/2013	13/09/2007	-	Active	NO
3	U17119HR1994PTC032281	RAJINDRA SPINNERS PRIVATE LIMITED	Director	16/11/2013	15/11/2007	-	Active	NO
4	U01122HR2008PTC038119	N. K. MEMORIAL HORTICULTURE FARMS PRIVATE LIMITED	Director	02/07/2008	02/07/2008	-	Active	NO
5	U17220DL2007PTC163633	MAHARAJA AGGARSAIN RUGS PRIVATE LIMITED	Director	07/11/2008	07/11/2008	-	Active	NO

Name :

Mr. Aman Mittal

Designation :

Director

Date of Birth/Age :

29.01.1981

Date of Appointment :

12.05.1994

DIN No.:

00547874

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	U74899DL1994PTC059002	BAGPOLY INTERNATIONAL PRIVATE LIMITED	Director	12/05/1994	12/05/1994	-	Active	NO
2	U25209DL2002PTC118136	SHREERADHEY POLY FAB PRIVATE LIMITED	Director	20/12/2002	20/12/2002	25/04/2008	Active	NO
3	U17291DL2007PTC167705	SHREE LADDU GOPALAN INFRASTRUCTURE PRIVATE LIMITED	Director	03/09/2007	03/09/2007	09/03/2012	Active	NO
4	U24233DL2007PTC170324	GIRDHAR PHARMACEUTICALS PRIVATE LIMITED	Director	12/11/2007	12/11/2007	20/01/2013	Active	NO
5	U74899DL2005PTC142872	AJS DIAMONDS PRIVATE LIMITED	Director	08/01/2008	08/01/2008	09/11/2009	Active	NO
6	U25200DL2008PTC174509	SHREE RADHE POLYTEX PRIVATE LIMITED	Director	26/02/2008	26/02/2008	-	Active	NO
7	U01111HR2008PTC038108	S. R. MEMORIAL HORTICULTURE FARMS PRIVATE LIMITED	Director	01/07/2008	01/07/2008	-	Active	NO
8	U17121DL2007PTC163806	TAYAL HANDLOOM PRIVATE LIMITED	Director	01/09/2008	01/09/2008	11/01/2011	Active	NO

Name :

Mr. Amit Mittal

Designation :

Director

Date of Birth/Age :

20.09.1980

Date of Appointment :

12.05.1994

DIN No.:

00547905

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	U74899DL1994PTC059002	BAGPOLY INTERNATIONAL PRIVATE LIMITED	Director	12/05/1994	12/05/1994	-	Active	NO
2	U25209DL2002PTC118136	SHREERADHEY POLY FAB PRIVATE LIMITED	Director	20/12/2002	20/12/2002	25/04/2008	Active	NO
3	U74899DL1990PTC040344	GOLDEN YARNS PRIVATE LIMITED	Director	13/09/2007	13/09/2007	09/11/2009	Active	NO
4	U25200DL2008PTC174509	SHREE RADHE POLYTEX PRIVATE LIMITED	Director	26/02/2008	26/02/2008	-	Active	NO
5	U64202DL2004PTC124579	FATEH INFOCOMM PRIVATE LIMITED	Additional director	01/03/2008	01/03/2008	-	Active	YES
6	U01122HR2008PTC038119	N. K. MEMORIAL HORTICULTURE FARMS PRIVATE LIMITED	Director	02/07/2008	02/07/2008	-	Active	NO
7	U17220DL2007PTC163633	MAHARAJA AGGARSAIN RUGS PRIVATE LIMITED	Director	10/11/2008	10/11/2008	-	Active	NO

Name :

Mr. Manish Mittal

Designation :

Director

Date of Birth/Age :

25.02.1984

Date of Appointment :

06.12.2010

DIN No.:

02081769

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	U25209DL2002PTC118136	SHREERADHEY POLY FAB PRIVATE LIMITED	Director	20/12/2002	20/12/2002	31/03/2011	Active	NO
2	U64202DL2004PTC124579	FATEH INFOCOMM PRIVATE LIMITED	Additional director	01/03/2008	01/03/2008	-	Active	YES
3	U01122HR2008PTC038119	N. K. MEMORIAL HORTICULTURE FARMS PRIVATE LIMITED	Director	02/07/2008	02/07/2008	-	Active	NO
4	U17121DL2007PTC163806	TAYAL HANDLOOM PRIVATE LIMITED	Director	01/09/2008	01/09/2008	11/01/2011	Active	NO
5	U18101DL1997PTC090679	RUCHIRAJ FIBRES PRIVATE LIMITED	Director	04/09/2008	04/09/2008	-	Active	NO
6	U74899DL1994PTC059002	BAGPOLY INTERNATIONAL PRIVATE LIMITED	Director	06/12/2010	06/12/2010	-	Active	NO
7	U31908DL2007PTC163658	AGGARSAIN AUTOMOBILES PRIVATE LIMITED	Director	06/12/2010	06/12/2010	03/09/2012	Active	NO
8	U45400DL2013PTC257371	REAL HEIGHT DEVELOPERS PRIVATE LIMITED	Director	07/09/2013	07/09/2013	-	Active	NO

Name :

Shakuntala Gupta

Designation :

Director

Date of Birth/Age :

15.06.1960

Date of Appointment :

01.03.2012

DIN No.:

05264510

MAJOR SHAREHOLDERS

As on As on 28.09.2013

Names of Shareholders		No. of Shares
Ved Prakash Gupta		523670
Sushil Kumar Mittal		520460
Shakuntla Mittal		841130
Pramod Kumar Mittal		921400
Aman Mittal		919500
Amit Mittal		838000
Renu Mittal		200000
Shipra Mittal		295000
Pinki Mittal		200000
Sunanda Mittal		450000
Krishan Lal Garg		40000
Satya Lal Mittal		21120
Pramod Kumar Mittal HUF		90000
Ved Prakash Mittal HUF		15000

As on As on 28.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	79.00
Others	21.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Packing bags, bags body storage canal lining, crop protective net, fencing, material covers protective sleeves mosquitoes net, HDPE sheets etc.

Products :	· Packing Bags · Bags Body Storage Canal Lining · Crop Protective Net · HDPE Sheets

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Cash, Advance Payment and Cheque

Purchasing :	Cash, Advance Payment and Cheque

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 :

200 (Approximately)

Bankers :

Banker Name	Oriental Bank of Commerce
Branch Address	G.T. Road, Panipat – 132103, Haryana, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from banks	0.790	7.628
Other loans and advances	2.719	0.799
SHORT TERM BORROWING
Other loans and advances	147.154	156.674
Total	150.663	165.101

Auditors :
Name :	H.K.Goel and Associates Chartered Accountants
Address :	Goel Complex, Khanna Road, Panipat-132103, Haryana, India
PAN No.:	AAYPG9573G

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital:

No. of Shares	Type	Value	Amount

8250000	Equity Shares	Rs.10/- each	Rs.82.500 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

7604370	Equity Shares	Rs.10/- each	Rs.76.043 Million

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

14000000	Equity Shares	Rs.10/- each	Rs.140.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

13995570	Equity Shares	Rs.10/- each	Rs.139.955 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	139.955	46.043	46.043
(b) Reserves & Surplus	41.267	20.947	16.709
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	36.456	31.485
Total Shareholders’ Funds (1) + (2)	181.222	103.446	94.237

(3) Non-Current Liabilities
(a) long-term borrowings	133.037	113.011	74.419
(b) Deferred tax liabilities (Net)	3.222	2.940	2.976
(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)	136.259	115.951	77.395

(4) Current Liabilities
(a) Short term borrowings	147.154	163.082	186.544
(b) Trade payables	151.772	115.492	91.097
(c) Other current liabilities	0.000	45.004	0.000
(d) Short-term provisions	18.902	5.621	4.571
Total Current Liabilities (4)	317.828	329.199	282.212

TOTAL	635.309	548.596	453.844

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	87.216	67.608	69.853
(ii) Intangible Assets	0.000	0.000	0.000
(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	10.858	5.667	64.094
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	98.074	73.275	133.947

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	181.724	190.073	161.300
(c) Trade receivables	286.106	246.694	111.154
(d) Cash and cash equivalents	10.784	11.985	8.191
(e) Short-term loans and advances	7.430	3.748	17.680
(f) Other current assets	51.191	22.821	21.572
Total Current Assets	537.235	475.321	319.897

TOTAL	635.309	548.596	453.844

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1137.053	938.068	822.975
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA

Less	EXPENSES	NA	NA	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	NA	NA	NA

Less/ Add	DEPRECIATION/ AMORTISATION	11.100	16.166	0.673

	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA

Less	TAX	NA	NA	NA

	PROFIT/ (LOSS) AFTER TAX	5.759	2.301	1.839

	Earnings / (Loss) Per Share (Rs.)	0.41	0.16	0.13

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt/Networth)	1.55	2.67	2.77

Current Ratio (Current Asset/Current Liability)	1.69	1.44	1.13

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	46.043	46.043	139.955
Reserves & Surplus	16.709	20.947	41.267
Net worth	94.237	103.446	181.222

long-term borrowings	74.419	113.011	133.037
Short term borrowings	186.544	163.082	147.154
Total borrowings	260.963	276.093	280.191
Debt/Equity ratio	2.769	2.669	1.546

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	822.975	938.068	1137.053
		13.985	21.212

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	822.975	938.068	1137.053
Profit	1.839	2.301	5.759
	0.22%	0.25%	0.51%

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)	No
16	No. of employees	Yes
17	Details of sister concerns	No
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	No
32	Litigations that the firm/promoter involved in	----------------------
33	Market information	----------------------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and Advances from related parties	129.528	104.584
SHORT TERM BORROWING
Rupee term loans from banks	0.000	6.408
Total	129.528	110.992

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10476834	31/01/2014	1,000,000.00	ORIENTAL BANK OF COMMERCE	G.T. ROAD, PANIPAT - 132103, Haryana, INDIA	B96051859
2	10396416	26/12/2012	7,000,000.00	ORIENTAL BANK OF COMMERCE	G.T. ROAD, PANIPAT - 132103, Haryana, INDIA	B65694887
3	10344817	15/02/2012	6,500,000.00	ORIENTAL BANK OF COMMERCE	G.T. ROAD, PANIPAT - 132103, Haryana, INDIA	B35987486
4	10264305	06/01/2011 *	28,500,000.00	ORIENTAL BANK OF COMMERCE	G. T. ROAD, PANIPAT - 132103, Haryana, INDIA	B05962725
5	10034398	09/01/2007	5,000,000.00	ORIENTAL BANK OF COMMERCE	G T ROAD, PANIPAT - 132103, Haryana, INDIA	A09682881
6	80067335	28/05/2005	2,000,000.00	PUNJAB NATIONAL BANK	DELHI GATE, NAHAN, Himachal Pradesh - 173001, INDIA	-
7	80067336	28/05/2005	2,500,000.00	PUNJAB NATIONAL BANK	DELHI GATE, , NAHAN, Himachal Pradesh - 173001, INDIA	-
8	80067337	16/11/2005 *	10,000,000.00	PUNJAB NATIONAL BANK	DELHI GATE, , NAHAN, Himachal Pradesh - 173001, INDIA	-
9	90040111	28/05/2005	8,000,000.00	PUNJAB NATIONAL BANK	DELHI GATE, NAHAN, DELHI, Delhi, INDIA	-
10	80016036	08/09/2014 *	447,000,000.00	ORIENTAL BANK OF COMMERCE	G.T. ROAD, PANIPAT - 132103, Haryana, INDIA	C20901708

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

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.63.60
UK Pound	1	Rs.97.26
Euro	1	Rs.69.62

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	KIL

Report Prepared by :	PNM

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	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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		41

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.

MIRA INFORM REPORT

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