MIRA INFORM REPORT

Report No. :	325731
Report Date :	05.06.2015

IDENTIFICATION DETAILS

Name :	UMASREE TEXPLAST PRIVATE LIMITED
Formerly Known As :	MEENAXI FASHIONS PRIVATE LIMITED
Registered Office :	728/1, Village Motibhuyan, Taluka Kalol, Gandhinagar, Ahmedabad- 382721, Gujarat
Tel. No.:	91-2764-281232
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.12.1994
Com. Reg. No.:	04-023882
Capital Investment / Paid-up Capital :	Rs.22.847 Million
CIN No.: [Company Identification No.]	U99999GJ1994PTC023882
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PP Woven Fabric, Sacks, FIBC (Jumbo Bags), Single Loop Bags, Double Loop Bags, Tunnel Lift Bags, Ventilated Tarpaulins and BOPP Woven Sack.
No. of Employees :	600 (Approximately) [150 - Permanent / 450 - Contract ]

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 470000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well-established company incorporated in the year 1994, having satisfactory track record. As per financials of the year 2014, company has increased its profit and sales turnover as compare to FY 13. The net worth of the company recorded as strong overall financial position appears to be decent. Trade relations are fair. Business is active. Payment terms are usually correct as per commitments. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 PARTED BY

Name :	Mr. Mitesh
Designation :	Accounts Manager
Contact No.:	91-9979886840
Date :	03.06.2015

LOCATIONS

Registered Office/ Factory :	728 /1, Village Motibhuyan, Taluka Kalol, Gandhinagar, Ahmedabad- 382721, Gujarat, India
Tel. No.:	91-2764-281232
Mobile No.:	91-9979886840 (Mr. Mitesh)
Fax No.:	91-2764-281574
E-Mail :	info@umasree.com
Website :	http://www.umasree.com
Corporate Office :	309, Safal Prelude, Corporate Road, Opposite Prahladnagar AUDA Garden, Off S.G. Highway, Ahmedabad-380015, Gujarat, India
Tel. No.:	91-79-29296114
Fax No.:	91-79-40030002

DIRECTORS

As on 30.09.2014

Name :

Mr. Anup Mahendra Gopalka

Designation :

Director

Address :

8, Tejal Apartments, Gulbai Tekra, Ahmedabad-380015, Gujarat, India

Date of Appointment :

20.10.2003

DIN No.:

01114195

Name :

Mr. Mahendra Kumar Gopalka

Designation :

Director

Address :

8, Tejal Apartments, Gulbai Tekra, Ahmedabad-380015, Gujarat, India

Date of Appointment :

20.10.2003

DIN No.:

01589127

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	U99999GJ1994PTC023882	UMASREE TEXPLAST PRIVATE LIMITED	Director	20/10/2003	20/10/2003	-	Active	NO
2	U25202GJ2004PTC043946	UMG Export Private Limited	Director	12/04/2004	12/04/2004	-	Active	NO

Name :

Mr. Vishwanath Sreenivasan

Designation :

Additional Director

Address :

11/C, Nandigram Society, No.1, Sindhwaimata Road, Praqtapnagar, Vadodara-390004, Gujarat, India

Date of Appointment :

10.12.2009

DIN No.:

00367350

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	U24299GJ1970PTC003451	VIJAY CHEMICALS AND PLASTICS PRIVATE LIMITED	Managing director	17/06/1998	17/06/1998	-	Strike off	NO
2	U99999GJ1994PTC023882	UMASREE TEXPLAST PRIVATE LIMITED	Additional director	10/12/2009	10/12/2009	-	Active	NO

Name :

Mr. Ajay Kumar Jagnani

Designation :

Director

Address :

Shanker and Company, 301, Sudama Place, Kankarbagh, Patna-800020, Bihar, India

Date of Appointment :

11.07.2005

DIN No.:

02029560

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	U99999GJ1994PTC023882	UMASREE TEXPLAST PRIVATE LIMITED	Director	11/07/2005	11/07/2005	-	Active	NO
2	U67190BR1996PTC007159	SHANKAR TREXIM PRIVATE LIMITED	Director	08/02/2008	08/02/2008	-	Active	NO
3	U51109BR2005PTC022337	DEVJYOTI VYAPAAR PVT LTD	Director	19/04/2010	19/04/2010	-	Active	NO
4	U27106BR2010PTC016131	BHAGWATI METALLOYS PRIVATE LIMITED	Director	15/02/2013	15/02/2013	-	Active	NO

Name :

Mr. Sanjay Jain

Designation :

Director

Address :

46-B, Keshav Path, Suraj Nagar(West), Civil Lines, Jaipur-302006, Rajasthan, India

Date of Appointment :

02.04.2010

DIN No.:

01273163

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	U17100RJ1995PTC009255	SUPREME POLYMERS PRIVATE LIMITED	Managing director	22/09/1997	22/09/1997	-	Active	NO
2	U74220RJ1998PTC015014	A AND J INDUSTRIAL AND FINANCIAL CONSULTANCY PRIVATE LIMITED	Director	31/07/1998	31/07/1998	-	Active	NO
3	U15437RJ1999PTC015437	SIDHARTH POLYSACKS PRIVATE LIMITED	Director	13/11/1999	13/11/1999	-	Active	NO
4	U74992RJ2005PTC020567	SUMS EXIM PRIVATE LIMITED	Director	11/04/2005	11/04/2005	24/01/2009	Active	NO
5	U00069RJ2006PTC022388	WHISPERING MEADOWS CLUB AND RESORTS PRIVATE LIMITED	Director	12/04/2006	12/04/2006	24/01/2009	Active	NO
6	U55101RJ2006PTC023007	PANTHER VALLEY RESORTS PRIVATE LIMITED	Director	29/08/2006	29/08/2006	24/01/2009	Active	NO
7	U25208RJ2009PTC028498	ALLIANCE POLYSACKS PRIVATE LIMITED	Director	18/03/2009	18/03/2009	-	Active	NO
8	U25209RJ2009PLC029641	STAR GLOBAL ENDURA LIMITED	Director	20/08/2009	20/08/2009	-	Active	NO
9	U99999GJ1994PTC023882	UMASREE TEXPLAST PRIVATE LIMITED	Director	02/04/2010	02/04/2010	-	Active	NO
10	U22219RJ2010PTC031561	PRINTBINDAAS PRIVATE LIMITED	Director	22/04/2010	22/04/2010	-	Active	NO
11	U40106RJ2008PTC027257	FIRST CHOICE REALMART PRIVATE LIMITED	Director	29/09/2010	29/06/2010	26/12/2013	Active	NO
12	U40106RJ2008PTC027258	FALCON PROGRESSIVE VENTURES PRIVATE LIMITED	Director	30/09/2010	29/06/2010	06/10/2014	Active	NO
13	U51102RJ1997PTC013539	SHREYA'S INDIA PRIVATE LIMITED	Director	30/09/2014	03/02/2014	-	Active	NO

Name :

Mrs. Varsha Anup Gopalka

Designation :

Additional Director

Address :

8, Tejal Apartments, Gulbai Tekra, Ahmedabad-380015, Gujarat, India

Date of Appointment :

15.07.2009

DIN No.:

02662210

Name :

Mr. Ankit Fogla

Designation :

Director

Address :

8,Sovaram Bysack Street, Kolkata, Kolkata-700007, West Bengal, India

Date of Appointment :

01.06.2013

DIN No.:

06620069

KEY EXECUTIVES

Name :	Mr. Mitesh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Anup Gopalka	162800
Mahendra Kumar Gopalka	198700
Sunil Ranasaria	62000
Devjyoti Vyapaar Private Limited, India	215000
Bansidhar Mahendra Kumar (HUF)	50900
Uma Gopalka	156200
Varsha Gopalka	156500
Mahendra Kumar Gopalka-HUF	33900
Punit Gopalka	95000
Vishakha Gopalka	32500
Anupriya Gopalka	7500
Manekchand Duggar	500
Anil Kumar Gopalka	20
Sharda Devi Gopalka	20
Swiss Polyplast	205000
R.K.Bhojnagarwalla	76000
Chaturbhuj Agencies Private Limited, India	120000
Ranisati Creation Traders Private Limited, India	90000
Manikala Agencies Private Limited, India	50000
Starlight Debcon Private Limited, India	100000
Exxon Distributors Private Limited, India	60000
Pearl Vintrade Private Limited, India	50000
Ranisati Creation Traders Private Limited, India	45200
Sheen Developers Private Limited, India	31000
Total	1998740

LIST OF NON VOTING SHARES HELD AT THE DATE OF AGM DATED 31.03.2014

Names of Shareholders	No. of Shares
Archer Financial Services Private Limited, India	3000
Astha Stock Broking Private Limited, India	5000
Green Star Financial Services Private Limited, India	2000
Jasmine Conclave Private Limited, India	11200
Sparking Star Infradev Private Limited, India	4000
Starlight Debcon Private Limited, India	7000
Veemotech Exim Private Limited, India	3000
Manikala Agencies Private Limited, India	50000
Doreman Distributors Private Limited, India	90000
Ranisati Creation Traders Private Limited, India	60000
	14800
Total	250000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of PP Woven Fabric, Sacks, FIBC (Jumbo Bags), Single Loop Bags, Double Loop Bags, Tunnel Lift Bags, Ventilated Tarpaulins and BOPP Woven Sack.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished goods
Countries :	USA Canada UK Germany France
Imports :
Products :	Raw Materials
Countries :	UAE
Terms :
Selling :	Cash / L/C / Credit
Purchasing :	Cash / L/C / Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Reliance, Jamnagar, Gujarat
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Tata Chemicals, Mithapur, Gujarat
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

600 (Approximately) [150 - Permanent / 450 - Contract ]

Bankers :

Bank Name	ING Vysya Bank Limited
Branch	P.B.No.4038,Chanakya Building,, Near Dinesh Hall,Off Ashram Road,, Ahmedabad - 380009,Gujarat, 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

Central Bank of India, Gulbai Tekra Branch, Sears Tower, Panchvati, Ambawadi, Ahmedabad - 380006, Gujarat, India

Auditors :
Name :	Jain Jitendra and Company Chartered Accountants
Address :	303, Hari Krishna Complex, Behind City Gold Cinema, Off, Ashram Road, Ahmedabad- 380009, Gujarat, India
Tel. No.:	91- 79-26582272
Fax No.:	91- 79-26583476
E-Mail :	cajjain4@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAKPJ5067C
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,750,000	Equity Shares	Rs.10/- each	Rs. 27.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,248,740	Equity Shares	Rs.10/- each	Rs. 22.487 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	22.487	21.077	14.877
(b) Reserves & Surplus	143.490	124.223	86.981
(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)	165.977	145.300	101.858
(3) Non-Current Liabilities
(a) long-term borrowings	128.679	132.814	36.954
(b) Deferred tax liabilities (Net)	16.291	11.801	8.163
(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)	144.970	144.615	45.117
(4) Current Liabilities
(a) Short term borrowings	174.475	139.862	107.705
(b) Trade payables	77.975	43.362	12.883
(c) Other current liabilities	51.930	45.934	18.412
(d) Short-term provisions	6.123	5.516	4.058
Total Current Liabilities (4)	310.503	234.674	143.058
TOTAL	621.450	524.589	290.033
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	238.420	244.073	76.555
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	14.113
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.046	5.019	16.350
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	243.466	249.092	107.018
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	163.892	105.731	76.976
(c) Trade receivables	116.967	120.113	69.414
(d) Cash and cash equivalents	13.535	14.601	8.516
(e) Short-term loans and advances	48.820	19.577	28.023
(f) Other current assets	34.770	15.475	0.086
Total Current Assets	377.984	275.497	183.015
TOTAL	621.450	524.589	290.033

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	684.050	528.553	420.624
	Other Income	30.963	15.839	8.176
	TOTAL (A)	715.013	544.392	428.800
Less	EXPENSES
	Cost of Materials Consumed	571.854	400.236	333.795
	Purchases of Stock-in-Trade	4.231	1.553	0.126
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(51.551)	(15.526)	(14.083)
	Employees benefits expense	13.626	11.645	9.098
	Other expenses	105.420	98.442	71.111
	Exceptional Items	(0.094)	0.000	0.000
	TOTAL (B)	643.486	496.350	400.047
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	71.527	48.042	28.753
Less	FINANCIAL EXPENSES (D)	38.652	22.984	12.851
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	32.875	25.058	15.902
Less/ Add	DEPRECIATION/ AMORTISATION (F)	13.593	7.096	5.066
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	19.282	17.962	10.836
Less	TAX (H)	5.655	5.520	3.727
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	13.627	12.442	7.109
	Earnings / (Loss) Per Share (Rs.)	6.46	7.71	4.78

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	31.728	24.788	11.082
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.99	2.35	1.69
Operating Profit Margin (PBIDT/Sales)	(%)	10.46	9.09	6.84
Return on Total Assets (PBT/Total Assets}	(%)	3.10	3.42	3.93
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.11
Debt Equity Ratio (Total Debt /Networth)		2.02	2.05	1.53
Current Ratio (Current Asset/Current Liability)		1.22	1.17	1.28

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	14.877	21.077	22.487
Reserves & Surplus	86.981	124.223	143.490
Net worth	101.858	145.300	165.977
long-term borrowings	36.954	132.814	128.679
Short term borrowings	107.705	139.862	174.475
Current maturities of long-term debts	11.082	24.788	31.728
Total borrowings	155.741	297.464	334.882
Debt/Equity ratio	1.529	2.047	2.018

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	420.624	528.553	684.050
		25.659	29.419

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	420.624	528.553	684.050
Profit	7.109	12.442	13.627
	1.69%	2.35%	1.99%

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	No
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	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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10553395	11/12/2014	23,100,000.00	Hero FinCorp Limited	34, COMMUNITY CENTRE, BASANT LOK, VASANT VIHAR, NEW DELHI, Delhi - 110057, INDIA	C42012021
2	10472752	12/03/2014 *	348,100,000.00	ING Vysya Bank Limited	P.B.NO.4038,CHANAKYA BUILDING,, NEAR DINESH HALL, OFF ASHRAM ROAD,, AHMEDABAD, Gujarat - 380009, INDIA	C00599217

FIXED ASSETS

• Land and Site Development
• Factory Building
• Plant and Machinery
• Electrification
• Office Equipments
• Vehicle
• Computers
• Furniture and Fixtures

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.69.18
UK Pound	1	Rs.98.30
Euro	1	Rs.72.25

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KIN
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.