MIRA INFORM REPORT

Report No. :	329529
Report Date :	27.06.2015

IDENTIFICATION DETAILS

Name :	SANATHAN TEXTILES PRIVATE LIMITED

Registered Office :	192, Jamunalal Bajaj Street, Kolkata – 700007, West Bengal
Tel. No.:	91-33-22686462

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	10.10.2005

Com. Reg. No.:	105863

Capital Investment / Paid-up Capital :	Rs. 119.905 Million

CIN No.: [Company Identification No.]	U17299WB2005PTC105863

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	cals17128g

PAN No.: [Permanent Account No.]	AAJCS6021P

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Textile Yarn

No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Rating derives strength from the extensive experience of the promoters in the textile business. However rating also takes into consideration increase in debt level in the past two years and declining profitability margin. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. Subject can be considered 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

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 Rating :- CARE BBB-
Rating Explanation	Moderate degree of safety and high credit risk.
Date	08 April 2015

Rating Agency Name	CARE
Rating	Short Term Rating CARE A3-
Rating Explanation	Moderate degree of safety and higher credit risk
Date	08 April 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) DEFAILTERS’ 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. Suhas Thakur
Designation :	Export Manager
Contact No.:	91-22-66343312
Date :	27.06.2015

LOCATIONS

Registered/ Head Office :	192, Jamunalal Bajaj Street, Kolkata – 700007, West Bengal, India
Tel. No.:	91-33-22686462
Fax No.:	Not Available
E-Mail :	pawancs.das@rediffmail.com jayant_bahety@sanathan.com info@sanathan.com suhas_thakur@sanathan.com
Website :	www.sanathan.com

Corporate/ Administrative Office :	15^th Floor, D Wing, Trade World, Building Kamla Mill Compound, Senapati Bapat Marg, Lower Parel West Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-66343312/ 13/ 14/ 15/ 16/ 30420121/ 22
Fax No.:	91-22-66663453
E-Mail :	contactus@sanathan.com

Factory :	Survey Plot No.187/4/1/2, Village Surangi, Dapada, Silvassa – 396230, Dadra and Nagar Haveli, Union Territory, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Paresh Kumar V. Dattani

Designation :

Director

Address :

Ridge Apartments, Ridge Road, Malabar Hills, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

24.07.1960

Date of Appointment :

10.10.2005

PAN No.:

AEAPD8148Q

DIN No.:

00163591

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	U17299WB2005PTC105863	SANATHAN TEXTILES PRIVATE LIMITED	Director	10/10/2005	10/10/2005	-	Active	NO
2	U17299WB2006PTC108821	UNIVERSAL TEXTURISERS PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
3	U17120MH1972GAT016028	ASSOCIATION OF SYNTHETIC FIBRE INDUSTRY	Nominee director	25/03/2014	25/03/2014	-	Active	NO

Name :

Mr. Dineshkumar Vrajdas Dattani

Designation :

Director

Address :

Bhaveshwar Sagar, 20, Nepean Sea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

27.07.1948

Date of Appointment :

10.10.2005

PAN No.:

ADWPD3056C

DIN No.:

00163701

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	U17219WB1987PTC043147	TEXCO FIBRES PRIVATE LIMITED	Director	16/10/1987	16/10/1987	-	Converted to LLP and dissolved	NO
2	U17118WB1984PTC038203	VAJUBHAI INVESTMENTS PVT LTD	Director	01/04/2004	01/04/2004	-	Active	NO
3	U17299WB2005PTC105863	SANATHAN TEXTILES PRIVATE LIMITED	Director	10/10/2005	10/10/2005	-	Active	NO
4	U17299WB2006PTC108821	UNIVERSAL TEXTURISERS PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
5	AAA-8629	TEXCO FIBRES LLP	Designated Partner	30/03/2012	30/03/2012	-	Active	NO

Name :

Mr. Ajay Kumar V. Dattani

Designation :

Director

Address :

F-70, Venus Apartment, R.G. Thadani Marg, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

23.07.1967

Date of Appointment :

10.10.2005

PAN No.:

AEAPD8147B

DIN No.:

00163739

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	U17299WB2005PTC105863	SANATHAN TEXTILES PRIVATE LIMITED	Director	10/10/2005	10/10/2005	-	Active	NO
2	U17299WB2006PTC108821	UNIVERSAL TEXTURISERS PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO

Name :

Mr. Vallabhdas Vrajdas Dattani

Designation :

Director

Address :

214, Walkeshwar Road, Sudama Buliding, 5^th Floor, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

22.08.1942

Date of Appointment :

17.04.2006

DIN No.:

00163794

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	U17118WB1984PTC038203	VAJUBHAI INVESTMENTS PVT LTD	Director	28/11/1984	28/11/1984	-	Active	NO
2	U17219WB1987PTC043147	TEXCO FIBRES PRIVATE LIMITED	Director	14/10/1987	14/10/1987	-	Converted to LLP and dissolved	NO
3	U17299WB2006PTC108821	UNIVERSAL TEXTURISERS PRIVATE LIMITED	Director	17/04/2006	17/04/2006	-	Active	NO
4	U17299WB2005PTC105863	SANATHAN TEXTILES PRIVATE LIMITED	Director	17/04/2006	17/04/2006	-	Active	NO
5	AAA-8629	TEXCO FIBRES LLP	Designated Partner	30/03/2012	30/03/2012	-	Active	NO

Name :

Mr. Anilkumar Vrajdas Dattani

Designation :

Director

Address :

Sadhna Hillway, 5^th Floor, Gamadia Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

20.04.1958

Date of Appointment :

10.10.2005

PAN No.:

ADWPD3054A

DIN No.:

00164175

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	U17219WB1987PTC043147	TEXCO FIBRES PRIVATE LIMITED	Director	28/02/1994	28/02/1994	-	Converted to LLP and dissolved	NO
2	U17118WB1984PTC038203	VAJUBHAI INVESTMENTS PVT LTD	Director	31/12/1999	31/12/1999	-	Active	NO
3	U17299WB2005PTC105863	SANATHAN TEXTILES PRIVATE LIMITED	Director	10/10/2005	10/10/2005	-	Active	NO
4	U17100MH1954NPL009223	BOMBAY YARN MERCHANTS ASSOCIATION AND EXCHANGE LIMITED	Director	19/09/2008	19/09/2008	-	Active	NO
5	AAA-8629	TEXCO FIBRES LLP	Designated Partner	30/03/2012	30/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Suhas Thakur
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Ajay Kumar V. Dattani	3274650
Anil Kumar V. Dattani	1367450
Dinesh Kumar V. Dattani	3376300
Paresh Kumar V. Dattani	3792100
Vajubhai Investment Private Limited, India	3000
Vallabhdas V. Dattani (HUF)	3000
Sonali A. Dattani	28000
Dinesh Kumar V. Dattani (HUF)	3000
Geeta D. Dattani	1500
Samir D. Dattani	1500
Sweta Dattani	1500
Jayshree A. Dattani	1500
Jyotsna V. Dattani	3000
Vallabhdas V. Dattani	3000
Anil Kumar V. Dattani (HUF)	23000
Paresh Kumar V. Dattani (HUF)	38000
Beena P. Dattani	44400
Mikesh A. Dattani	25000
Ajay Kumar V. Dattani (HUF)	100
Tanvi Dattani	100
Anjana Dattani	100
Varun P Dattani	100
Samir Dattani (HUF)	100
Mikesh A. Dattani (HUF)	100
Total	11990500

As on 30.09.2014

Category	Percentage
Bodies corporate	0.03
Directors or relatives of Directors	99.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Textile Yarn.

Products :

Item Code No. (ITC Code)	Product Description
54023300	Textured Yarn of Polyester

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Textile Yarn

Countries :

· Korea

· Brazil

· Colombia

· Argentina

· South Africa

Imports :

Products :

Raw Material

Countries :

· Korea

· Thailand

· China

· Japan

· Germany

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS : Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Itochu India (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

Mitsui India

Customers :

End Users

Reference :	Indusnor
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

· Solsang, Korea

· Arava Industries, Singapore

No. of Employees :

2000 (Approximately)

Bankers :

Banker Name	Landebank Baden-Wurttemberg
Branch Address	Am Hauptbahnhof 2, 70173 Stuttgart, Federal Republic of Germany, Stuttgart DE Germany 70049
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

· Bank of Baroda, Crowford Market Branch, Dada Manzil 67/69, Mohammed Ali Road, Mumbai – 400 003, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	4701.525	4628.940
Loans repayable on demand	9.375	8.432

SHORT TERM BORROWINGS
Working capital loans from banks	2014.116	1042.964
Total	6725.016	5680.336


Auditors :
Name :	Narendra Kochar and Company Chartered Accountant
Address :	86 Canning Street , Kolkata-700001, West Bengal, India
PAN No.:	AACFN7795B

Memberships :	Not Available

Collaborators :	Not Available

Associate :	Universal Texturisers Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

12000000	Equity Shares	Rs.10/- each	Rs. 120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

11990500	Equity Shares	Rs.10/- each	Rs. 119.905 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	119.905	119.905	119.905
(b) Reserves & Surplus	1617.567	1481.959	1122.007
(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)	1737.472	1601.864	1241.912

(3) Non-Current Liabilities
(a) long-term borrowings	5103.176	4755.811	1291.572
(b) Deferred tax liabilities (Net)	0.000	23.434	29.012
(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)	5103.176	4779.245	1320.584

(4) Current Liabilities
(a) Short term borrowings	2014.116	1042.964	591.234
(b) Trade payables	1092.163	278.968	36.277
(c) Other current liabilities	554.209	159.464	243.609
(d) Short-term provisions	5.406	36.353	2.410
Total Current Liabilities (4)	3665.894	1517.749	873.530

TOTAL	10506.542	7898.858	3436.026

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6850.110	1524.031	1633.208
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	4180.338	289.961
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6850.110	5704.369	1923.169

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1514.414	810.979	558.947
(c) Trade receivables	1096.479	509.255	437.817
(d) Cash and cash equivalents	375.170	130.961	72.274
(e) Short-term loans and advances	128.530	416.324	281.077
(f) Other current assets	541.839	326.970	162.742
Total Current Assets	3656.432	2194.489	1512.857

TOTAL	10506.542	7898.858	3436.026

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	16390.196	6201.244
	Other Income	NA	3.506
	TOTAL	NA	6204.750	5960.911

Less	TOTAL EXPENSES	NA	5543.296	5497.978

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	626.393	661.454	462.933

Less/ Add	DEPRECIATION/ AMORTISATION	484.415	199.824	210.209

	PROFIT/ (LOSS) BEFORE TAX	141.978	461.630	252.724

Less	TAX	6.370	101.679	37.657

	PROFIT/ (LOSS) AFTER TAX	135.608	359.951	215.067

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	1481.959	1122.008	906.941

	Balance Carried to the B/S	1617.567	1481.959	1122.008

	EARNINGS IN FOREIGN CURRENCY	1572.973	2779.215	199.759

	Earnings / (Loss) Per Share (Rs.)	11.31	30.02	17.94

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

421.934

0.000

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.83	5.80	NA

Return on Total Assets (PBT/Total Assets}	(%)	1.35	12.41	8.03

Return on Investment (ROI) (PBT/Networth)		0.08	0.29	0.20

Debt Equity Ratio (Total Liability/Networth)		4.34	3.62	1.52

Current Ratio (Current Asset/Current Liability)		1.00	1.45	1.73

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	119.905	119.905	119.905
Reserves & Surplus	1122.007	1481.959	1617.567
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1241.912	1601.864	1737.472

long-term borrowings	1291.572	4755.811	5103.176
Short term borrowings	591.234	1042.964	2014.116
Current Maturities of Long Term Debt	0.000	0.000	421.934
Total borrowings	1882.806	5798.775	7539.226
Debt/Equity ratio	1.516	3.620	4.339

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	6201.244	16390.196
		164.305

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	6201.244	16390.196
Profit	359.951	135.608
	5.80%	0.83%

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 LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans and advances from related parties	392.276	118.439
Total	392.276	118.439

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10464204	19/11/2013	1,500,000,000.00	BANK OF BARODA	CRAWFORD MARKET BRANCH, DADA MANZIL, 67/69 MOHAM MED ALI ROAD, MUMBAI, MAHARASHTRA - 400003, INDIA	B91131771
2	10426873	06/05/2013	140,760,000.00	LANDEBANK BADEN-WURTTEMBERG	AM HAUPTBAHNHOF 2, 70173 STUTTGART, FEDERAL REPUB LIC OF GERMANY, STUTTGART, - 70049, GERMANY	B75534297
3	10336098	05/01/2012	1,090,287,000.00	LANDESBANK BADEN-WURTTEMBERG	AM HAUPTBAHNHOF 2, STUTTGART, - 70173, GERMANY	B32327967
4	10089229	07/02/2008	291,915,000.00	LANDESBANK BADEN-WURTTEMBERG	AM HAUPTBAHNHOF 2, 70173 STUTTGART, FEDERAL REPUBLIC OF GERMANY, STUTTGART, - 70049, GERMANY	A32880270
5	10026551	26/03/2014 *	9,696,900,000.00	BANK OF BARODA	CROWFORD MARKET BRANCH, "DADA MANZIL" 67/69 MOHAM MED ALI ROAD, MUMBAI, MAHARASHTRA - 400003, INDIA	C03798030

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory equipments

· Other pollution reduction equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

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. 63.60
UK Pound	1	Rs. 100.09
Euro	1	Rs. 71.23

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	SAN

Report Prepared by :	TRU

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	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		New Business

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

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