MIRA INFORM REPORT

Report No. :	326236
Report Date :	11.06.2015

IDENTIFICATION DETAILS

Name :	PRATIBHA SYNTEX LIMITED (w.e.f. 05.05.2011)
Formerly Known As :	PRATIBHA SYNTEX PRIVATE LIMITED (w.e.f. 19.06.2007) PRATIBHA SYNTEX LIMITED
Registered Office :	301, Acme Plaza, Andheri-Kurla Road, Opposite Sangam Cinema, Andheri (East), Mumbai - 400059, Maharashtra
Tel. No.:	91-22-66921428/28314850/28314853
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.10.1982
Com. Reg. No.:	11-118017
Capital Investment / Paid-up Capital :	Rs.235.177 Million
CIN No.: [Company Identification No.]	U17111MH1982PLC118017
IEC No.:	0889009350
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
VAT TIN:	23041201919-V
CST TIN:	23041201919-C
PAN No.: [Permanent Account No.]	AABCP4207C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Knitting, Dyeing, Garmenting, Yarn, Fabrics.
No. of Employees :	8000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1600000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well-established company incorporated in the year 1982 having moderate track record. The company possesses a weak financial profile, due to continuous losses reported during FY 12, FY13 and FY 14 on account of the unfavourable industry scenario. However company has restricted losses in FY14 as compare to FY13. Rating also takes into consideration the leveraged financial condition backed by huge external borrowings. There seems improvement in overall financials in the year under review. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with some caution.

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	CARE
Rating	Long term: BB-
Rating Explanation	Inadequate credit quality and high credit risk
Date	January, 2015

Rating Agency Name	CARE
Rating	Short term : “A4”
Rating Explanation	Minimal degree of safety and very high credit risk
Date	January, 2015

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. P.K. Verma
Designation :	Chief Financial Officer
Contact No.:	91-9303278151
Date :	10.06.2015

LOCATIONS

Registered Office :	301, Acme Plaza, Andheri-Kurla Road, Opposite Sangam Cinema, Andheri (East), Mumbai - 400059, Maharashtra, India
Tel. No.:	91-22-28361464 / 28314850 / 28314853 / 66921428/ 28314850
Fax No.:	91-22-28361464
E-Mail :	mumbai@pratibhasyntex.com sjh@pratibhasyntex.com sales@pratibhasyntex.com info@pratibhasyntex.com
Website :	www.pratibhasyntex.com
Factory :	Plot No.4, Industrial Growth Centre Kheda, Pitampur, District Dhar - 454774, Madhya Pradesh, India
Tel. No.:	91-7292-404362-64 / 404363 / 404357
Fax No.:	91-7292-256340-1
E-Mail :	info@pratibhasyntex.com
Branch Office :	Indore Office 301, Apollo Avenue, 30-B, Old Palasia, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2562228/2562229
Fax No.:	91-731-2562227
E-Mail :	info@pratibhasyntex.com

DIRECTORS

AS ON 10.06.2014

Name :

Mr. Shiv Kumar Chaudhary

Designation :

Whole Time Director

Address:

80-A, Manishpuri, Indore - 452018, Madhya Pradesh, India

Date of Birth/ Age :

28.08.1962

Qualification :

B. Com

Date of Appointment:

01.02.2015

PAN No.:

ACMPC5347G

DIN No.:

00071955

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	L65993WB1982PLC035564	VIKRAM FINANCIAL SERVICES LTD	Director	30/05/1992	30/05/1992	05/12/2009	Active	NO
2	U17111MH1982PLC118017	PRATIBHA SYNTEX LIMITED	Whole-time director	01/02/2015	11/08/1992	-	Active	NO
3	U52209WB2004PTC100274	NAVRANG BIO FOOD PRIVATE LIMITED	Director	10/12/2004	10/12/2004	30/12/2008	Active	NO
4	U17110GJ2005PLC046159	INDIA DENIM LIMITED	Director	31/05/2005	31/05/2005	25/06/2011	Active	NO
5	U67120MH2006PTC166192	BRCM Holdings Private Limited	Additional director	20/05/2007	20/05/2007	-	Active	NO
6	U01100MH2000PTC147289	PRATIBHA GREEN TECHNOLOGIES PRIVATE LIMITED	Additional director	01/10/2007	01/10/2007	-	Active	NO
7	U74900MH2007PTC176749	PSL ENTERPRISES PRIVATE LIMITED	Director	13/12/2007	13/12/2007	-	Active	NO

Name :

Mr. Shreyaskar Chaudhary

Designation :

Managing Director

Address:

80-A, Manishpuri, Indore - 452018, Madhya Pradesh, India

Date of Birth/ Age :

05.04.1976

Qualification :

B.Tech

Date of Appointment:

01.02.2015

PAN No.:

ACQPC6860Q

DIN No.:

00059059

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	U17111MH1982PLC118017	PRATIBHA SYNTEX LIMITED	Managing director	01/02/2015	26/02/2003	-	Active	NO
2	U67120MH2006PTC166192	BRCM Holdings Private Limited	Director	13/12/2006	13/12/2006	-	Active	NO
3	U01100MH2000PTC147289	PRATIBHA GREEN TECHNOLOGIES PRIVATE LIMITED	Additional director	01/10/2007	01/10/2007	-	Active	NO
4	U74900MH2007PTC176749	PSL ENTERPRISES PRIVATE LIMITED	Director	13/12/2007	13/12/2007	-	Active	NO

Name :

Mr. Krishna Kant Gangwar

Designation :

Whole Time Director

Address:

402, Shekhar Avenue, 15, Sanghi Colony, Indore – 452018, Madhya Pradesh, India

Date of Birth/ Age :

27.07.1974

Date of Appointment:

01.02.2015

DIN No.:

05305709

Name :

Mr. Ram Kishan Sharma

Designation :

Director

Address:

306, Suryalok Apartment, Near Dhadra Hospital, Kim Kudead Road, Kim, Surat – 396001, Gujarat, India.

Date of Birth/ Age :

07.07.1941

Qualification :

M.Com/ M.B.A.

Date of Appointment:

01.02.2014

DIN No.:

00084971

Name :

Mr. Asit Kumar Basu

Designation :

Director

Address:

Plot No.61, Row House, Sector – 8, Kopar Khairane, Navi Mumbai – 400709, Maharashtra, India

Date of Birth/ Age :

24.08.1949

Qualification :

M.E. (Mech.)

Date of Appointment:

01.02.2015

DIN No.:

01382260

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	U72900WB1999PLC109180	ICRA ONLINE LIMITED	Director	23/02/2001	23/02/2001	-	Active	NO
2	L27100MH1973PLC016617	SARDA ENERGY & MINERALS LIMITED	Director	31/01/2003	31/01/2003	-	Active	NO
3	U17111MH1982PLC118017	PRATIBHA SYNTEX LIMITED	Director	01/02/2015	16/07/2010	-	Active	NO
4	U45400MH2009PTC193016	SIMPLEX PREFAB INFRASTRUCTURE ( INDIA ) PRIVATE LIMITED	Director	23/10/2012	23/10/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. P.K. Verma
Designation :	Chief Financial Officer
Name :	Mr. Narendra Kumar Joshi
Designation :	Secretary
Address :	302, Rakhee, E-Wing, Vasant Utsav, Thakur Village, Kandivali (East), Mumbai - 400101, Maharashtra, India
Date of Birth/Age :	05.09.1962
Date of Appointment :	01.12.1994
PAN No.:	ABXPJ0038P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.06.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Shiv Kumar Chaudhary	1892067	8.05
Shreyaskar Chaudhary	1874529	7.97
S.K. Chaudhary and Sons (HUF)	615282	2.62
Sushma Chaudhary	4058237	17.26
Prerna Chaudhary	4202748	17.87
BRCM Holdings Private Limited, India	7501252	31.90
Darkin Commodeal Private Limited, India	3373627	14.35
Total	23517742	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 10.06.2014

Category	Percentage
Bodies corporate	46.25
Directors or relatives of Directors	53.75
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Knitting, Dyeing, Garmenting, Yarn, Fabrics.

Products :

Item Code No. (ITC Code)	Product Description
54075409	Fabrics

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished goods

Countries :

• UAE
• Spain
• Mauritius
• UK
• Israel
• European countries
• US

Imports :

Products :

Raw Material

Countries :

• China
• Germany
• Korea
• US

Terms :

Selling :

Cash, Credit (30,60,90 days)

Purchasing :

Cash, Credit (30,60,90 days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Manjit Fibers
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 :

End Users, OEMs

• C and A Buying GmbH, Germany
• NIKE, Bangalore, Karnataka, India
• Patagonia
• Mountain Equipment coop
• Roots
• S. Oliver
• Umbro
• Decathion
• Carrefour
• Wool Worths
• Coop Italia
• Kathmandu
• Kataherine Hamnett
• Esprit
• Wal- Mart

No. of Employees :

8000 (Approximately)

Bankers :

• Axis Bank Limited, Kamal Palace, 1 Yeshwant Colony, Y.N Road, Indore - 452003, Madhya Pradesh, India
• IDBI Bank Limited, IDBI Tower Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India
• State Bank of Patiala, 20, Usha Nagar Extn., Indore - 452009, Madhya Pradesh, India

• Industrial Development Bank Of India Limited, IDBI Towerwtc Complex,

Cuffe Parade, Mumbai - 400005, Maharashtra, INDIA

• Dena Bank, Navlakha Branch, A.B. Road,, Indore - 452001, Madhya Pradesh, India

• Bank of Baroda, Siyaganj Branch, 15/16, Jawahar Marg,Indore - 452007, Madhya Pradesh, India

• Madhya Pradesh Finance Corporation, A.B. Road, Indore - 452001, Madhya Pradesh, India

• ING Vysya Bank Limited, Hotel Embassy Building, 9/1/3, M.G. Road, Indore - 452001, Madhya Pradesh, India

Bank Name	State Bank of India
Branch	Industrial Finance Branch, The Arcade, World Trade Center, Cuffe Parade, Mumbai - 400005, Maharashtra, India
Person Name (With Designation)	Mr. Vivekanand Singh (Relationship Manager)
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)	Cash/Credit Rs 120.000 Million
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 Loan	4243.395	4565.343
Total	4243.395	4565.343

Auditors :
Name :	Kanji Agrawal and Company Chartered Accountants
Address :	F-H. 42, Scheme No. 54, Pithampur, Dhar, Madhya Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	ADKPA7481J
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Konkan Roadways Private Limited, India Chhogmal Chaudhary Charitable Trust, India

CAPITAL STRUCTURE

AS ON 10.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25510000	Equity Shares	Rs.10/- each	Rs. 255.100 Million
7300000	Preference Shares	Rs.113/- each	Rs. 824.900 Million
	Total		Rs. 1080.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23517742	Equity Shares	Rs.10/- each	Rs. 235.177 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	235.177	235.177	206.647
(b) Reserves & Surplus	341.197	495.481	1147.735
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	150.000
Total Shareholders’ Funds (1) + (2)	576.374	730.658	1504.382
(3) Non-Current Liabilities
(a) long-term borrowings	4245.174	4567.952	3325.866
(b) Deferred tax liabilities (Net)	207.379	246.997	229.114
(c) Other long term liabilities	5.404	1.355	2.136
(d) long-term provisions	16.416	3.013	8.062
Total Non-current Liabilities (3)	4474.373	4819.317	3565.178
(4) Current Liabilities
(a) Short term borrowings	2560.977	2384.040	2992.278
(b) Trade payables	421.824	322.510	312.121
(c) Other current liabilities	493.652	210.983	114.394
(d) Short-term provisions	194.196	140.497	117.990
Total Current Liabilities (4)	3670.649	3058.030	3536.783
TOTAL	8721.396	8608.005	8606.343
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4412.644	4649.180	5011.635
(ii) Intangible Assets	12.575	8.071	0.871
(iii) Capital work-in-progress	40.102	34.115	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	16.546	16.546	16.549
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	62.267	53.572	49.540
(e) Other Non-current assets	16.126	18.142	0.000
Total Non-Current Assets	4560.260	4779.626	5078.595
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2495.859	2241.965	2119.481
(c) Trade receivables	844.022	840.431	693.323
(d) Cash and cash equivalents	188.574	167.925	194.477
(e) Short-term loans and advances	516.230	486.162	369.451
(f) Other current assets	116.451	91.896	151.016
Total Current Assets	4161.136	3828.379	3527.748
TOTAL	8721.396	8608.005	8606.343

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	8195.477	7586.830	8380.802
	Other Income	17.173	18.708	16.377
	TOTAL	8212.650	7605.538	8397.179
Less	EXPENSES
	Cost of Materials Consumed	4844.569	4647.388	5207.260
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(160.841)	(161.710)	104.096
	Employees benefits expense	1040.878	844.050	884.595
	Other expenses	1521.795	1952.470	1908.700
	TOTAL	7246.401	7282.198	8104.651
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	966.249	323.340	292.528
Less	FINANCIAL EXPENSES	786.460	823.522	816.147
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	179.789	(500.182)	(523.619)
Less/ Add	DEPRECIATION/ AMORTISATION	373.690	375.855	381.593
	PROFIT/ (LOSS) BEFORE TAX	(193.901)	(876.037)	(905.212)
Less	TAX	(39.618)	17.912	30.195
	PROFIT/ (LOSS) AFTER TAX	(154.283)	(893.949)	(935.407)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(483.549)	410.400	N.A
	Balance Carried to the B/S	(637.832)	(483.549)	(935.407)
	Earnings / (Loss) Per Share (Rs.)

Particulars	31.03.2015
Sales Turnover (Approximately)	9000.000

The above information has been parted by Mr. P.K. Verma (Chief Financial Officer).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	433.532	168.182	45.400
Cash generated from operations	N.A	N.A	N.A

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(1.88)	(11.78)	(11.16)
Operating Profit Margin (PBIDT/Sales)	(%)	11.79	4.26	3.49
Return on Total Assets (PBT/Total Assets}	(%)	(2.24)	(10.24)	(10.54)
Return on Investment (ROI) (PBT/Networth)		(0.34)	(1.20)	(0.60)
Debt Equity Ratio (Total Debt /Networth)		12.56	9.74	4.23
Current Ratio (Current Asset/Current Liability)		1.13	1.25	1.00

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	206.647	235.177	235.177
Reserves & Surplus	1147.735	495.481	341.197
Share Application money pending allotment	150.000	0.000	0.000
Net worth	1504.382	730.658	576.374
long-term borrowings	3325.866	4567.952	4245.174
Short term borrowings	2992.278	2384.040	2560.977
Current Maturities of Long-Term Debts	45.400	168.182	433.532
Total borrowings	6363.544	7120.174	7239.683
Debt/Equity ratio	4.230	9.745	12.561

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	8380.802	7586.830	8195.477
		(9.474)	8.022

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	8380.802	7586.830	8195.477
Profit	(935.407)	(893.949)	(154.283)
	(11.16)%	(11.78)%	(1.88)%

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	Yes
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	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan	1.779	2.609
SHORT TERM BORROWING
Working capital loans from banks	2560.977	2384.040
Total	2562.756	2386.649

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10507544	30/04/2014	73,500,000.00	DENA BANK	Navlakha Branch, Navlakha, Choraha, Agra Bombay  Road, Indore, Madhya Pradesh - 452001, India	C10186708
2	10406133	26/11/2014 *	8,483,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, Maker Tower- E, Cuffe parade,Mumbai, Maharashtra - 400005, India	C38247748
3	10119587	28/08/2008	150,000,000.00	State Bank of Indore	IFB Branch, Khel Prashal, Indore, Madhya Pradesh  -452003, India	A44544187
4	10020402	16/03/2012 *	550,000,000.00	State Bank of India	Industrial Finance Branch, The Arcade, World Trade Centre, Cuffe Parade,Mumbai, Maharashtra - 400005, India	B36867109
5	80028462	16/03/2012 *	941,000,000.00	State Bank of India	Industrial Finance Branch, The Arcade, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B36867364
6	80025713	16/03/2012 *	100,000,000.00	State Bank of India	Industrial Finance Branch, The Arcade, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B36866978
7	80008757	29/01/2014 *	120,000,000.00	State Bank of India	Industrial Finance Branch, 2nd Floor, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B96371471
8	80036623	26/03/2009 *	207,000,000.00	State Bank of Indore	IFB Branch, Khel Prashal, Indore, MadhyaPradesh 452003, India	A60088507

FIXED ASSETS

Tangible Assets

· Land

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Bridges Roads Ports Culverts

Intangible Assets

· Computer Software

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.63.90
UK Pound	1	Rs.98.16
Euro	1	Rs.69.73

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KIN
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.