MIRA INFORM REPORT

Report No. :	327874
Report Date :	20.06.2015

IDENTIFICATION DETAILS

Name :	MONAD TECHNOLOGIES PRIVATE LIMITED

Registered Office :	Plot No. 40-49, EPIP – IIVILL. Thana, P.O. Baddi, Tehsil – Nalagarh, District Solan - 173205, Himachal Pradesh
Tel. No.:	91-1795-274166

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	29.09.2003

Com. Reg. No.:	06-026412

Capital Investment / Paid-up Capital :	Rs. 30.000 Million

CIN No.: [Company Identification No.]	U21093HP2003PTC026412

IEC No. :	0306065215

TAN No.: [Tax Deduction & Collection Account No.]	PTLM13066E

PAN No.: [Permanent Account No.]	AAECM1635N

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Supplier of corrugated paper boxes.

No. of Employees :	250 (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 990000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject belongs to Horizonpacks Group. Subject is a private limited company incorporated in the year 2003 having good track record. As per registrar of companies the date of balance sheet (i.e. financial field) is shown as 31.03.2014 but documents related to financial for the year ending 2014 is not available. However, as per indirect sources, sales turnover is Rs. 4.04 billion and profit after tax of Rs. 327.000 million in financial year 2013-14 against profit of Rs. 236.300 million and net sales of Rs. 3.45 billion for 2012-13. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The concern can be considered for business dealings with 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

Rating Agency Name	CRISIL
Rating	Long Term Rating : A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	29.01.2015

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 (GENERAL DETAILS)

Name :	Mr. Sameer
Designation :	General Manager
Contact No.:	91-1795-274166
Date :	18.06.2015

LOCATIONS

Registered Office :	Plot No. 40-49, EPIP – IIVILL. Thana, P.O. Baddi, Tehsil – Nalagarh, District Solan - 173205, Himachal Pradesh, India
Tel. No.:	91-1795-274166
Fax No.:	Not Available
E-Mail :	horizon@horizonpacks.com
Website :	http://www.horizonpacks.com
Location :	Owned
Locality :	Industrial

Corporate Office :	205/206, Veena Killedar Industrial Estate, 10/14, Pais Street, Byculla (West), Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-23074652/ 23075042
Fax No.:	91-22-23073414

Factory :	Khasara No. 69, 70G, 72, Village-Jafferpur, Tehsil-Gadarpur, District Udham Singh Nagar - 263153, Uttarkhand, India

DIRECTORS

AS ON 20.09.2014

Name :

Mrs. Kirit Natvarlal Modi

Designation :

Director

Address :

Q3-Q4, 17-B, Eden Hall,, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

09.03.1949

PAN No. :

ABDFS5812Q

Date of Appointment :

18.02.2005

DIN No.:

00167607

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	Company/ LLP Status	Defaulting status
1	U21017MH1990PTC055275	FORTUNE PACKAGING PRIVATE LIMITED	Director	31/01/1990	31/01/1990	Active	NO
2	U25202MH1999PTC121847	CORRUKRAFT PACKAGING PRIVATE LIMITED	Director	10/08/2000	10/08/2000	Active	NO
3	U51909MH1985PTC036605	INDPRO DISTRIBUTORS (BOMBAY) PRIVATE LIMITED	Director	24/07/2001	24/07/2001	Active	NO
4	U21014MH2001PTC133116	HORIZON PACKS PRIVATE LIMITED	Director	20/08/2001	20/08/2001	Active	NO
5	U25209WB2002PTC095143	EVEREST LAMINATORS PRIVATE LIMITED	Director	01/12/2002	01/12/2002	Active	NO
6	U99999MH1969PTC014398	LAXMI BOARD AND PAPER MILLS Private Limited	Director	27/05/2003	27/05/2003	Active	NO
7	U21010MH1990PTC054917	PYRAMID PACKAGING PRIVATE LIMITED	Director	01/12/2003	01/12/2003	Active	NO
8	U21022HP2003PTC026023	COSY PACKAGERS PRIVATE LIMITED	Director	11/02/2004	11/02/2004	Active	NO
9	U21093HP2003PTC026412	MONAD TECHNOLOGIES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	Active	NO
10	U93000MH2009NPL196517	INDIAN CORRUGATED CASE MANUFACTURERS ASSOCIATION	Director	16/10/2009	16/10/2009	Active	NO
11	U19202KA1989PTC010562	ESJAY PLASTOMERS PRIVATE LIMITED	Director	30/09/2011	14/07/2011	Active	NO
12	U21098MH2011PTC224280	SIGMA CORRU BOX PRIVATE LIMITED	Director	22/11/2011	22/11/2011	Active	NO
13	U21022KA2009PTC051161	JAGDAMBA CARTONS PRIVATE LIMITED	Additional director	27/12/2011	27/12/2011	Active	NO
14	U74999DL1980PTC122583	SECURIPAX PACKAGING PRIVATE LIMITED	Director	18/09/2014	17/07/2014	Active	NO

Name :

Mr. Sachin Kirit Modi

Designation :

Director

Address :

Q3-Q4, 17-B,Eden Hall, Dr. A. B. Road, Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

31.12.1973

Date of Appointment :

18.02.2005

PAN No. :

AFYPM8727M

DIN No.:

00701561

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	Company/ LLP Status	Defaulting status
1	U74950MH1993PTC072879	MOPRA PACKAGING PRIVATE LIMITED	Director	15/07/1993	15/07/1993	Active	NO
2	U21099PY1985PTC000356	SWATHI PACKERS PRIVATE LIMITED	Director	10/11/1995	10/11/1995	Active	NO
3	U25202MH1999PTC121847	CORRUKRAFT PACKAGING PRIVATE LIMITED	Director	10/08/2000	10/08/2000	Active	NO
4	U21010MH1990PTC054917	PYRAMID PACKAGING PRIVATE LIMITED	Director	02/04/2001	02/04/2001	Active	NO
5	U51909MH1985PTC036605	INDPRO DISTRIBUTORS (BOMBAY) PRIVATE LIMITED	Director	24/07/2001	24/07/2001	Active	NO
6	U21014MH2001PTC133116	HORIZON PACKS PRIVATE LIMITED	Director	20/08/2001	20/08/2001	Active	NO
7	U21017MH1990PTC055275	FORTUNE PACKAGING PRIVATE LIMITED	Director	26/10/2001	26/10/2001	Active	NO
8	U25209WB2002PTC095143	EVEREST LAMINATORS PRIVATE LIMITED	Director	01/12/2002	01/12/2002	Active	NO
9	U21022HP2003PTC026023	COSY PACKAGERS PRIVATE LIMITED	Managing director	01/03/2013	11/02/2004	Active	NO
10	U21093HP2003PTC026412	MONAD TECHNOLOGIES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	Active	NO
11	U19202KA1989PTC010562	ESJAY PLASTOMERS PRIVATE LIMITED	Director	30/09/2011	14/07/2011	Active	NO
12	U21098MH2011PTC224280	SIGMA CORRU BOX PRIVATE LIMITED	Director	22/11/2011	22/11/2011	Active	NO
13	U21022KA2009PTC051161	JAGDAMBA CARTONS PRIVATE LIMITED	Managing director	01/03/2013	25/02/2013	Active	NO
14	U74999DL1980PTC122583	SECURIPAX PACKAGING PRIVATE LIMITED	Director	18/09/2014	17/07/2014	Active	NO

Name :

Mr. Swapnil Kirit Modi

Designation :

Director

Address :

Q3-Q4, 17-B,Eden Hall, Dr. A.B.Road,Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

27.11.1979

Date of Appointment :

18.02.2005

DIN No.:

00701614

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	Company/ LLP Status	Defaulting status
1	U19202KA1989PTC010562	ESJAY PLASTOMERS PRIVATE LIMITED	Director	01/04/2003	01/04/2003	Active	NO
2	U21022HP2003PTC026023	COSY PACKAGERS PRIVATE LIMITED	Director	11/02/2004	11/02/2004	Active	NO
3	U21093HP2003PTC026412	MONAD TECHNOLOGIES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	Active	NO
4	U21010MH1990PTC054917	PYRAMID PACKAGING PRIVATE LIMITED	Director	10/12/2012	10/12/2012	Active	NO
5	U21022KA2009PTC051161	JAGDAMBA CARTONS PRIVATE LIMITED	Director	01/03/2013	01/03/2013	Active	NO
6	U21098MH2011PTC224280	SIGMA CORRU BOX PRIVATE LIMITED	Director	29/03/2014	29/03/2014	Active	NO
7	U21014MH2001PTC133116	HORIZON PACKS PRIVATE LIMITED	Additional director	31/03/2015	31/03/2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Sameer
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Kirit Natvarlal Modi	6000	0.20
Nandini Kirit Modi	1074000	35.80
Sachin Kirit Modi	960000	32.00
Swapnil Kirit Modi	960000	32.00
Total	3000000	100.00

AS ON 20.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of corrugated paper boxes.

Products :

ITC Code No.

Product Descriptions

99883220

Corrugated paper and paperboard manufacturing service

Brand Names :

Agencies Held :

Exports :

Imports :

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers and Retailers

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

250 (Approximately)

Bankers :

Bank Name:	Union Bank of India
Branch:	Fauzi Complex, Sai Road, Baddi - 173205, Himachal Pradesh, India
Person Name (With Designation):	Not Divulged
Contact Number:	Not Divulged
Name Of Account Holder:	Not Divulged
Account Number:
Account Since (Date/ Year Of A/C Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (Cc/Od/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Small Industries Development Bank of India, SCO 145-146, 1st And 2nd Floor Sector 17 C, Chandigarh - 160017, Chandigarh, India

· Citibank N. A., Trent House, 2nd Floor, G Block, Plot No. C-60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term Loans from Banks (Secured against Debtors/ Stock and Personal Guarantee of directors)	228.921	243.101
Loans Repayable on Demand from Banks (Secured against Debtors/ stock and Personal Guarantee of Directors)	56.383	70.000
Loans taken for Vehicles	2.544	3.699
Total	287.848	316.800

Banking Relations :	--

Auditors :
Name :	Sood Ajay and Company Chartered Accountants
Address :	H.O :- Near Aay Kay Industrial , Rebon,Saproon Solan,Near Chand Building, Hospital Road, Solan, Himachal Pradesh, India
Tel. No.:	91-1792-220612/ 227616
Income-tax PAN of auditor or auditor's firm :	ABDFS5812Q

Related Party :	Cosy Packagers Private Limited, India CIN No. : U21022HP2003PTC026023

CAPITAL STRUCTURE

AS ON 20.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	30.000	30.000
(b) Reserves & Surplus	316.502	149.420	65.089
(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)	346.502	179.420	95.089

(3) Non-Current Liabilities
(a) Long-term borrowings	368.494	415.059	449.132
(b) Deferred tax liabilities (Net)	19.141	13.824	8.863
(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)	387.635	428.883	457.995

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	79.573	50.676	33.195
(c) Other current liabilities	10.834	22.767	27.744
(d) Short-term provisions	61.034	22.787	10.406
Total Current Liabilities (4)	151.441	96.230	71.345

TOTAL	885.578	704.533	624.429

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	378.394	373.988	314.939
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.865	14.446	51.076
(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	112.414	49.144	25.019
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	492.673	437.578	391.034

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	144.770	62.686	97.162
(c) Trade receivables	234.178	194.178	123.207
(d) Cash and cash equivalents	10.970	4.374	5.636
(e) Short-term loans and advances	0.467	0.861	0.756
(f) Other current assets	2.520	4.856	6.634
Total Current Assets	392.905	266.955	233.395

TOTAL	885.578	704.533	624.429

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL (A)	NA	NA	709.752

Less	EXPENSES		NA	NA	663.653

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		NA	NA	46.099

Less	FINANCIAL EXPENSES (D)		NA	NA	28.054

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	18.045

Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	38.640

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		191.161	67.808	(20.595)

Less	TAX (H)		43.564	0.000	3.764

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		147.597	67.808	(24.359)

	Earnings (Loss) Per Share (Rs.)		49.20	22.60	(8.12)

Particulars	31.03.2014

Sales Turnover (Approximately)	4040.000

Profit/ (Loss) After Tax	327.000

(NOTE: Sales and profit figures for FY 14 has taken from indirect source i.e. CRISIL rating)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA

Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	21.63	9.83	0.00

Return on Investment (ROI) (PBT/Networth)		0.55	0.38	0.00

Debt Equity Ratio (Total Liability/Networth)		1.06	2.31	4.72

Current Ratio (Current Asset/Current Liability)		2.59	2.77	3.27

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	30.000	30.000	30.000
Reserves & Surplus	65.089	149.420	316.502
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	95.089	179.420	346.502

Long-term borrowings	449.132	415.059	368.494
Short term borrowings	0.000	0.000	0.000
Total borrowings	449.132	415.059	368.494
Debt/Equity ratio	4.723	2.313	1.063

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)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
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 four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last four 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 CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10517270	18/07/2014	250,000,000.00	CITI BANK N.A.	FIRST INTERNATIONAL FINANCIAL CENTRE (FIFC), PLO T NO.C54 AND C55, BANDRA KURLA COMPLEX,BANDRA (EAST), M UMBAI - 400051, MAHARASHTRA, INDIA	C18690149
2	10377495	21/08/2012	351,500,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	145-146,FIRST AND SECOND FLOOR, SECTOR 17 C, CHANDI GARH - 160017, CHANDIGARH, INDIA	B58472200
3	10348225	28/03/2012	40,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 145-146, 1ST AND 2ND FLOOR SECTOR 17C, CHANDIGARH - 160017, CHANDIGARH, INDIA	B37153129
4	10255693	22/12/2010	54,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 145-146, 1ST AND 2ND FLOOR SECTOR 17C, CHANDIG ARH - 160017, CHANDIGARH, INDIA	B01767151
5	10234957	26/07/2010	30,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 145-146, 1ST AND 2ND FLOOR SECTOR 17C, CHANDIG ARH - 160017, CHANDIGARH, INDIA	A91255638
6	10156391	08/05/2009	170,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SCO 145-146, 1ST AND 2ND FLOOR, SECTOR 17C, CHANDIGARH - 160017, CHANDIGARH, INDIA	A61935243
7	10130234	30/09/2008	9,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	H.O.15, ASHOK MARG, SIDBI TOWER, LUCKNOW PRADESH - 226001, UTTAR , INDIA	A51092062
8	10034625	17/01/2007	20,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	H.O.15, ASHOK MARG, SIDBI TOWER, LUCKNOW - 226001, UTTAR PRADESH, INDIA	A09833823

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and Advances from Directors	79.953	97.418
Loans and Advances from Others	0.693	0.841
Total	80.646	98.259

FINANCIAL RESULTS

The working result of the company for the year ended 31st March 2013 shows a profit of Rs.191.161 Million (PBT) which has been taken to Balance Sheet.

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Factory Equipment’s

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment’s

· Other Equipment’s

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.82
UK Pound	1	Rs.101.26
Euro	1	Rs.72.36

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	KIN

Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--LISTED	YES/NO	NO
--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.

MIRA INFORM REPORT

Unit