MIRA INFORM REPORT

Report No. :	324913
Report Date :	03.06.2015

IDENTIFICATION DETAILS

Name :	SANGAM (INDIA) LIMITED
Registered Office :	Outside Octroi Post, Chittorgarh Road, Atun, Bhilwara – 311001, Rajasthan
Tel. No.:	91-1482-249071
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	29.12.1984
Com. Reg. No.:	17-003173
Capital Investment / Paid-up Capital :	Rs.394.200 Million
CIN No.: [Company Identification No.]	L17118RJ1984PLC003173
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	Manufacturer, Exporter and Importer of Synthetic and blended dyed/grey spun yarn, cotton yarn and fabrics.
No. of Employees :	7000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 10600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of Sangam Group of companies, Rajasthan. It is an established company having satisfactory track record. The company’s products are well received in the market. It has fair profit margin and good networth position. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered normal 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	INDIA RATING
Rating	Long term rating = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	15.09.2014

Rating Agency Name	INDIA RATING
Rating	Short term rating = A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	15.09.2014

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 :	Mr. Manish
Designation :	G M – Commercial
Contact No.:	91-1482-3040107
Date :	28.05.2015

LOCATIONS

Registered Office / Weaving Unit ( Fabrics) and Sangam Processors :	Outside Octroi Post, Chittorgarh Road, Atun, Bhilwara – 311001, Rajasthan
Tel. No.:	91-1482-304000 / 304188 / 267150
Fax No.:	91-1482-304120
E-Mail :	info@sangamgroup.com
Website :	http://www.sangamgroup.com
Principal and Head Office / Corporate Office :	B/306-309, Dynasty Business Park, A. K. Road, J. B. Nagar, Andheri (East), Mumbai - 400059, Maharashtra, India
Tel. No.:	91-22-61115222
Fax No.:	91-22-28227865
E-Mail :	info@sangamgroup.com
Spinning Unit I / Denim Unit :	Spinning Unit (PV Dyed Yarn) Village Biliya, Chittorgarh Road, Bhilwara - 311001, Rajasthan, India
Tel. No.:	91-1482-249071 / 75
Fax No.:	91-1482-249077
E-Mail :	bhilwara@sangamgroup.com
Spinning Unit II :	Spinning Unit (PV Dyed/Cotton/Knitting) Village Sareri, 91, Km Stone, N.H No. 79, Bhilwara - 311024, Rajasthan, India
Tel. No.:	91-1483-236981 / 84
Fax No.:	91-1483-236985
E-Mail :	bhilwara@sangamgroup.com
Weaving and Processing :	Village Atun, Chittorgarh Road, Bhilwara - 311001, Rajasthan, India

DIRECTORS

AS ON 31.03.2014

Name :	Mr. R. P. Soni
Designation :	Chairman
Name :	Mr. S. N. Modani
Designation :	Managing Director and CEO
Name :	Mr. V. K. Sodani
Designation :	Executive Director
Name :	Mr. Ramawatar Jaju
Designation :	Director
Name :	Mr. A. Karati
Designation :	Director
Name :	Mr. T. K. Mukhopadhyay
Designation :	Director

KEY EXECUTIVES

MANAGEMENT TEAM
Name :	Anurag Soni
Designation :	Chief Business Strategist
Name :	G. C. Jain
Designation :	President
Name :	Anil Sharma
Designation :	President (Works - Processing)
Name :	Sanjeev Joshi
Designation :	President (Domestic Marketing - Fabric)
Name :	Anil Jain
Designation :	Chief Finance Officer and Company Secretary
Name :	L. L. Soni
Designation :	Jt. President (Finance and Investor Relations)
Name :	K. M. Rathi
Designation :	Jt. President (Commercial)
Name :	S. K. Pandey
Designation :	Jt. President (Works – Spinning Unit-II)
Name :	S. K. Bagela
Designation :	Executive Vice President (Technical - Spinning Unit-I)
Name :	Sunil Rathi
Designation :	Executive Vice President (Denim)
Name :	P. R. Khator
Designation :	Sr. Vice President (Commercial)
Name :	Lalit Jain
Designation :	Sr. Vice President (Accounts)
Name :	M. Bhanu Pratap
Designation :	Sr. Vice President (TPP)

Name :	Mr. Manish
Designation :	G M – Commercial

SHAREHOLDING PATTERN

AS ON 31.03.2015

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	3169433	8.04
Bodies Corporate	13701703	34.76
Sub Total	16871136	42.80
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	16871136	42.80
(B) Public Shareholding
(1) Institutions
Insurance Companies	2034160	5.16
Sub Total	2034160	5.16
(2) Non-Institutions
Bodies Corporate	16072538	40.77
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2344801	5.95
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	807191	2.05
Any Others (Specify)	1291733	3.28
Clearing Members	1063413	2.70
Non Resident Indians	217839	0.55
Trusts	10481	0.03
Sub Total	20516263	52.04
Total Public shareholding (B)	22550423	57.20
Total (A)+(B)	39421559	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)	39421559	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Synthetic and blended dyed/grey spun yarn, cotton yarn and fabrics.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Fabric, Yarn, Garmenting
Countries :	Egypt Dubai UAE Soria
Imports :
Products :	Machinery and Spare Parts
Countries :	Belgium China Japan Italy
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Mohit Dyestuff Private Limited
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 :	B S F
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 :

7000 (Approximately)

Bankers :

• State Bank of India
• IDBI Bank Limited
• State Bank of Patiala
• Oriental Bank of Commerce
• State Bank of Hyderabad
• Union Bank of India
• State Bank of Bikaner and Jaipur
• Central Bank of India
• Bank of Baroda
• Exim Bank
• Corporation Bank

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
LONG TERM BORROWINGS
Term Loans From Banks	NA	2746.500
Vehicle Loans From Banks	NA	12.100
SHORT TERM BORROWINGS
Loans Repayable on Demand	NA
From Banks (Rupee)	NA	2217.800
Total	NA	4976.400

NOTES:

LONG TERM BORROWINGS

All Term Loans from banks (including current maturities) except vehicle loan are secured by a joint equitable mortgage by deposit of title deeds in respect of immovable properties and first hypothecation of the entire moveable properties of the company , both present and future (save and except book debts) subject to prior charges created/ to be created in favour of bankers for securing working capital borrowing, ranking pari-passu with the charges created/to be created in favour of other participating institutions and banks. The above Term Loans are further secured by personal guarantee of two directors of the company.

Vehicle Loans (including current maturities) are secured by hypothecation of respective vehicle(s) and are repayable over the term of the loan ranging from 2 to 7 years.

Maturity Profile of Secured Term Loans are as set out below:

Particulars	Maturity Profile
	1-2 years	2-3 years	3-4 years	Beyond 4 years
Term Loans - from banks (Excluding current maturities)	801.500	595.200	315.600	1034.200

SHORT TERM BORROWINGS

Borrowings from Banks for working capital are secured by hypothecation of inventories and charge on book debts both present and future and second charge on all the immovable and movable fixed assets of the company. The above borrowing are further secured by personal guarantee of two directors of the company.

Auditor 1 :
Name :	R Kabra and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Auditor 2 :
Name :	B L Chordia and Company Chartered Accountants
Address :	Bhilwara, Rajasthan, India
Associate Company :	Sangam Infratech Limited Marigold Investments Private Limited Sangam Business Credit Limited Sangam Suitings Private Limited Mahalaxmi TMT Private Limited Raj Rajeshwar Enterprises Private Limited Nikita Credits Private Limited
Joint Venture :	Keti Sangam Infrastructure (India) Limited PKSS Infrastructure Private Limited Kalyan Sangam Infratech Limited

CAPITAL STRUCTURE

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.394.200 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
64000000	Equity Shares	Rs.10/- each	Rs.640.000 Million
18500000	Non - Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.185.000 Million
	Total		Rs.825.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
39421559	Equity Shares	Rs.10/- each	Rs.394.200 Million

Out of above Shares 1250062 Equity shares of Rs.10/- each at par were issued pursuant to scheme of amalgamation in earlier years without payment being received in cash.

Reconciliation of the number of shares

Equity Shares	Number of Shares	Rs. In Million
Shares outstanding at the beginning of the year	39421559	394.200
Shares issued during the year	--	--
Shares outstanding at the end of the year	39421559	394.200

Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	As on 31.03.2014
	Number of Shares	% holding
Nidhi Mercantiles Limited	4898833	12.43
Mentor Capital Limited (formerly known as Pacific Corporate Services Limited)	6414018	16.27
Sangam Business Credit Limited	3155793	8.01
Sangam Fincap Limited	2216145	5.62
Hawamahal Finance Private Limited	2335500	5.92
Total	19020289	48.25

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	394.200	394.200	394.200
(b) Reserves & Surplus	3322.800	2920.100	2584.300
(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)	3717.000	3314.300	2978.500
(3) Non-Current Liabilities
(a) long-term borrowings	2577.800	2758.600	3448.600
(b) Deferred tax liabilities (Net)	403.500	449.600	476.100
(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)	2981.300	3208.200	3924.700
(4) Current Liabilities
(a) Short term borrowings	2769.300	2217.800	2195.700
(b) Trade payables	750.500	707.000	644.400
(c) Other current liabilities	1428.300	1429.700	1486.900
(d) Short-term provisions	119.700	94.300	80.600
Total Current Liabilities (4)	5067.800	4448.800	4407.600
TOTAL	11766.100	10971.300	11310.800
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5656.900	5371.600	5828.000
(ii) Intangible Assets	0.000	4.500	4.400
(iii) Capital work-in-progress	0.000	137.700	84.100
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	58.500	78.500	78.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	145.100	170.100	115.800
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5860.500	5762.400	6110.800
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2650.900	2337.300	2135.500
(c) Trade receivables	2517.100	2008.500	1754.600
(d) Cash and cash equivalents	39.100	32.800	81.700
(e) Short-term loans and advances	577.200	626.800	1066.900
(f) Other current assets	121.300	203.500	161.300
Total Current Assets	5905.600	5208.900	5200.000
TOTAL	11766.100	10971.300	11310.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	14686.600	14326.100	14788.400
		Other Income	110.200	131.000	125.600
		TOTAL (A)	14796.800	14457.100	14914.000
Less	EXPENSES
		Cost of Materials Consumed	8306.400	8272.700	8343.400
		Purchase stock in trade	247.000	0.000	0.000
		Changes in Inventories of Finished Goods, Stock-in-Process and Stock-in-Trade	(73.700)	(111.200)	(168.400)
		Employee Benefits Expense	1186.200	1052.500	942.200
		Power and Fuel	1555.200	1385.800	1426.400
		Toll Contract Fee	0.000	564.500	881.700
		Other Expenses	1374.400	1274.500	1279.400
		Exceptional Items	3.500	3.000	4.500
		TOTAL (B)	12599.000	12441.800	12709.200
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2197.800	2015.300	2204.800
Less	FINANCIAL EXPENSES (D)		672.200	660.600	686.700
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1525.600	1354.700	1518.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		804.000	743.200	769.800
	PROFIT BEFORE TAX (E-F) (G)		721.600	611.500	748.300
Less	TAX (H)		205.900	206.500	235.300
	PROFIT AFTER TAX (G-H) (I)		515.700	405.000	513.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		785.800	750.000	592.300
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	300.000	300.000
		Dividend	NA	59.100	47.300
		Tax on Dividend	NA	10.100	8.000
	BALANCE CARRIED TO THE B/S		NA	785.800	750.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	3377.400	2952.600
	TOTAL EARNINGS		NA	3377.400	2952.600
	IMPORTS
		Raw Materials	NA	61.500	106.600
		Stores & Spares	NA	39.400	62.900
		Capital Goods	NA	54.400	15.600
	TOTAL IMPORTS		NA	155.300	185.100
	Earnings Per Share (Rs.)		13.08	10.27	13.01

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	942.300	993.700
Cash generated from operations	NA	1832.900	1698.300

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	3.51	2.83	3.47
Operating Profit Margin (PBDIT/Sales)	(%)	14.96	14.07	14.91
Return on Total Assets (PBT/Total Assets}	(%)	6.16	5.69	6.71
Return on Investment (ROI) (PBT/Networth)		0.19	0.18	0.25
Debt Equity Ratio (Total Debt /Networth)		1.44	1.50	1.90
Current Ratio (Current Asset/Current Liability)		1.17	1.17	1.18

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	394.200	394.200	394.200
Reserves & Surplus	2584.300	2920.100	3322.800
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2978.500	3314.300	3717.000
long-term borrowings	3448.600	2758.600	2577.800
Short term borrowings	2195.700	2217.800	2769.300
Total borrowings	5644.300	4976.400	5347.100
Debt/Equity ratio	1.895	1.501	1.439

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	14788.400	14326.100	14686.600
		(3.126)	2.516

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	14788.400	14326.100	14686.600
Profit	513.000	405.000	515.700
	3.47%	2.83%	3.51%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	Yes
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	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGE:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10522111	03/09/2014	2,659,200,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1, TOLSTOY MARG, NEW D  ELHI, DELHI - 110001, INDIA	C22564199
2	10519751	18/03/2015 *	570,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTE  R COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400  005, INDIA	C48167852
3	10473788	03/09/2014 *	325,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTER  COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 4000  05, INDIA	C21860150
4	10344811	06/03/2012	4,479,200,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, JAWAHAR VYAPAR BHAWAN,  1- TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B35985555
5	10320324	21/08/2012 *	120,000,000.00	STATE BANK OF BIKANER AND JAIPUR	BHOPAL GANJ, BHILWARA, RAJASTHAN - 311001, INDIA	B58006073
6	10295177	14/12/2011 *	1,000,000,000.00	STATE BANK OF BIKANER AND JAIPUR	BHOPAL GANJ, BHILWARA, RAJASTHAN - 311001, INDIA	B29286663
7	10294474	14/12/2011 *	350,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING,, FLOOR 21, WORLD TRADE CENTR  E COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400  005, INDIA	B28906543
8	10218404	04/02/2011 *	230,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA  RASHTRA - 400005, INDIA	B07502800
9	10021497	30/06/2008 *	1,250,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, ATLANTA, NARIMAN POINT, MUMBAI  , MAHARASHTRA - 400021, INDIA	A42655803
10	10006134	30/06/2008 *	200,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, BHARAT HOUSE, MUMBAI S  AMACHAR MARG, MUMBAI, MAHARASHTRA - 400001, INDIA	A42234922

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.83
UK Pound	1	Rs.97.10
Euro	1	Rs.69.74

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.