MIRA INFORM REPORT

Report No. :	310186
Report Date :	02.03.2015

IDENTIFICATION DETAILS

Name :	DHVANI TEREFABS EXPORTS LIMITED (w.e.f. 22.05.2009 )
Formerly Known As :	DHVANI TEREFABS EXPORTS PRIVATE LIMITED
Registered Office :	Niranjan, Ground Floor, 99, Marine Drive, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.07.1984
Com. Reg. No.:	11-033468
Capital Investment / Paid-up Capital :	Rs. 70.000 Million
CIN No.: [Company Identification No.]	U24110MH1984PLC033468
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACD3057F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Textile, Fabrics and towel.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 390000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. A reserves of the company is low. However, the rating takes into consideration company’s sound operational risk profile and fair profitability margins of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Ramesh Jain
Designation :	Commercial Manager
Contact No.:	91-9303245621
Date :	27.02.2015

LOCATIONS

Registered Office :	Niranjan, Ground Floor, 99, Marine Drive, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-2818432
Mobile No.:	91-9303245621 (Mr. Ramesh Jain)
Fax No.:	Not Available
E-Mail :	vindharabs@rediffmail.com dhvani.f@skumar.com
Factory 1 :	4-B, Industrial Area, A B Road, Dewas- 455001, Madhya Pradesh, India
Tel. No.:	91-7272-258657, 258656
Factory 2 :	Located At : Dewas

DIRECTORS

As on 30.09.2014

Name :

Rajkumari Shambhukumarji Kasliwal

Designation :

Director

Address :

17/1, Padam, A B Ment, Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

27.10.1941

Date of Appointment :

30.07.1984

DIN No.:

00555202

Name :

Bharatkumar Somchand Vindhara

Designation :

Director

Address :

204, Hiral Apartments, Achole Road, Nallasopara (East), Thane, Maharashtra, India

Date of Birth/Age :

10.05.1945

Date of Appointment :

30.06.2008

DIN No.:

00700293

Name :

Rajendra Kumar Mehta

Designation :

Director

Address :

27, New Palasia, Indore – 452001, Madhya Pradesh, India

Date of Birth/Age :

19.10.1946

Date of Appointment :

19.07.2004

DIN No.:

01680549

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	U17124MP1984PTC002398	SHREE LAXMI SYNTEX PVT LTD	Director	01/05/1989	01/05/1989	-	Active	NO
2	U17110MH1993PLC071051	MANORS TEXTILES LIMITED	Director	30/12/1993	30/12/1993	-	Active	NO
3	U99999MH1986PLC115659	S.KUMARS TYRE MANUFACTURING COMPANY LIMITED	Director	01/12/1998	01/12/1998	-	Active	NO
4	U17121MH1993PTC071979	PROGARD TEXTILES (INDIA) Private Limited	Director	28/02/2000	28/02/2000	-	Amalgamated	NO
5	U18101MH1999PLC123293	S K M FABRICS (AMANA) LIMITED	Director	31/01/2001	31/01/2001	28/03/2011	Active	NO
6	U70109MH2001PLC131631	K U ENTERPRISES LIMITED	Director	17/04/2001	17/04/2001	11/11/2013	Active	NO
7	U24110MH1984PLC033468	DHVANI TEREFABS EXPORTS LTD	Director	19/07/2004	19/07/2004	-	Active	NO
8	U99999MH1997PTC107137	CHAMUNDESHWARI TRADING AND FINANCE PRIVATE LIMITED	Director	23/07/2005	23/07/2005	-	Active	NO
9	U17100MH1972PLC015956	S. KUMARS LIMITED	Director	24/09/2010	26/03/2010	-	Active	NO

Name :

Gaurav Jagmohan Kaul

Designation :

Additional director

Address :

809, Sind Co-operative Housing Society, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

22.01.1981

Date of Appointment :

11.11.2013

DIN No.:

01683199

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	U74200PN2007PTC130633	VERISPRING ENGINEERING SOLUTIONS (INDIA) PRIVATE LIMITED	Director	31/08/2007	31/08/2007	-	Active	NO
2	U72400PN2008PTC132536	VERISPRING AIRFINS TECHNOLOGY PRIVATE LIMITED	Director	31/07/2008	31/07/2008	-	Active	NO
3	U45400MH1999PLC123290	S. K. M. REAL INFRA LIMITED	Director	30/09/2009	01/09/2009	-	Active	NO
4	U45202MH2010PTC206556	ANSHIKA DEVELOPERS PRIVATE LIMITED	Director	12/08/2010	12/08/2010	-	Active	NO
5	U40106MH2010PTC206530	Anay Solar Energy Private Limited	Director	12/08/2010	12/08/2010	04/12/2010	Active	NO
6	U45200MH2009PTC196057	PRODUCTIVE DEVELOPERS PRIVATE LIMITED	Director	30/09/2011	25/04/2011	-	Active	NO
7	U45202MH2009PTC195120	CARING BUILDERS PRIVATE LIMITED	Director	30/09/2011	12/05/2011	-	Active	NO
8	U45400MH2007PTC172324	FORD CONSTRUCTIONS PRIVATE LIMITED	Director	29/09/2012	18/10/2011	-	Active	NO
9	U24110MH1984PLC033468	DHVANI TEREFABS EXPORTS LTD	Additional director	11/11/2013	11/11/2013	-	Active	NO

Name :

Anjani Nitin Kasliwal

Designation :

Director

Address :

Flat No.1, Kanta Little Gibbs Road, Mumbai – 400006, Maharashtra, India

Date of Appointment :

30.06.2008

DIN No.:

02139087

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	U65990MH1995PTC088586	NATTY FINANCE AND INVESTMENT PRIVATE LIMITED	Director	26/09/2008	18/04/2008	29/08/2012	Active	NO
2	U24110MH1984PLC033468	DHVANI TEREFABS EXPORTS LTD	Director	30/06/2008	30/06/2008	-	Active	NO
3	U52100MH2009PLC194418	BRANDHOUSE OVIESSE LIMITED	Director	12/05/2010	18/12/2009	28/05/2012	Under liquidation	NO

Name :

Subhash Kataria

Designation :

Additional director

Address :

14/BF, Subh Villa, Sch No.74, Vijay Nagar, Indore 452010, Madhya Pradesh, India

Date of Birth/Age :

14.11.1959

Date of Appointment :

11.11.2013

DIN No.:

05259116

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	U17110MH1993PLC071051	MANORS TEXTILES LIMITED	Director	20/04/2012	20/04/2012	-	Active	NO
2	U99999MH1986PLC115659	S.KUMARS TYRE MANUFACTURING COMPANY LIMITED	Director	14/05/2012	14/05/2012	-	Active	NO
3	U24110MH1984PLC033468	DHVANI TEREFABS EXPORTS LTD	Additional director	11/11/2013	11/11/2013	-	Active	NO

Name :

Dhruv Vikas Kasliwal

Designation :

Additional director

Address :

17/1, Padam, 4 B, Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

10.05.1994

Date of Appointment :

28.05.2014

DIN No.:

05303986

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	U55101MH2009PTC195082	DETERMINED HOSPITALITY PRIVATE LIMITED	Director	30/09/2013	14/06/2012	08/02/2014	Active	NO
2	U55101MH2003PTC143621	MANDAKINI HOSPITALITY PRIVATE LIMITED	Director	29/09/2012	14/06/2012	23/12/2013	Active	NO
3	U45200MH2003PTC142542	Akhilesh Developers Private Limited	Director	29/09/2012	14/06/2012	23/12/2013	Active	NO
4	U74900MH2010PTC200752	AKHILESH INVESTFIN PRIVATE LIMITED	Director	30/09/2013	25/03/2013	-	Active	NO
5	U45202MH2010PTC200332	AURA REALTORS PRIVATE LIMITED	Director	30/09/2013	25/03/2013	21/12/2013	Active	NO
6	U24110MH1984PLC033468	DHVANI TEREFABS EXPORTS LTD	Additional director	28/05/2014	28/05/2014	-	Active	NO
7	U70109MH2001PLC131631	K U ENTERPRISES LIMITED	Additional director	28/05/2014	28/05/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramesh Jain
Designation :	Commercial Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
K A Kaslliwal Ambuj A Kasliwal Warij A Kasliwal	554650
K A Kasliwal Warij A Kasliwal Ambuj A Kasliwal	554650
Abhaykumar S Kasliwal (HUF) Ambuj A Kasliwal Warij A Kasliwal	100
Ambuj A Kasliwal Leena A Kasliwal	40000
Ambuj A Kasliwal (HUF) Ambuj A Kasliwal Aniruddh A Kasliwal	100
Warij A Kasliwal Pratibha W Kasliwal	40000
Warij A Kasliwal (HUF) Warij A Kasliwal Utkarsh W Kasliwal	100
S S Kasliwal R S Kasliwal	1190000
R S Kasliwal S S Kasliwal	3200000
Shambhukumar S Kasliwal (HUF) S SKasliwal Vikas S Kasliwal	100
Vikas S Kasliwal Anuradha V Kasliwal	40000
Vikas S Kasliwal (HUF) Vikas S Kasliwal Arnav VikasKasliwal	100
Kartikeya N. Kasliwal	40000
Nitin S Kasliwal (HUF) Nitin S Kasliwal Kartikeya N Kasliwal	100
Mukul S Kaslliwal Uravi M Kasliwal	40000
Mukul S Kasliwal (HUF) Mukul S Kasliwal Vrishan M Kasliwal	100
S.Kumar and Company(Trades) Limited, India	1300000
Total	7000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	18.57
Directors or relatives of Directors	81.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Textile, Fabrics and Towel.

Products :

Item Code No.	Product Description
55151130	Towel and Fabric

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	RFMW Limited
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 :

Wholesalers, Retailers and End Users

Reference :	S. Kumar and Company
Name of the Person :	Mr. Daga
Contact No.:	91-22-22818432
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Axis Bank

01, Kamal Palace,

1, Y. N. Road, Indore - 452003,

Madhya Pradesh, INDIA

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks [FD, hypothecation of current assets and vehicles]	21.553	30.136
Short-term borrowings
Working capital loans from banks	43.914	49.755
Total	65.467	79.891

Banking Relations :
Auditors :
Name :	M. Mehta and Company Chartered Accountants
Address :	11/5, South Tukoganj, Nath Mandir Road, Indore, Madhya Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFM2167A
Memberships :	--
Collaborators :	--
Associates :	Shri Laxmi Syntex Private Limited S. Kumar and Company (Trades) Limited REID and Taylor India Limited Raavee Fabrics Private Limited U51310MP2011PTC025859 P and A Event Factory and Entertainment Limited K. U. Enterprises Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs.10/- each	Rs. 70.000 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	70.000	70.000	70.000
(b) Reserves & Surplus	65.802	54.722	43.529
(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)	135.802	124.722	113.529
(3) Non-Current Liabilities
(a) long-term borrowings	21.553	30.136	40.418
(b) Deferred tax liabilities (Net)	13.238	12.753	10.933
(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)	34.791	42.889	51.351
(4) Current Liabilities
(a) Short term borrowings	131.953	131.503	126.799
(b) Trade payables	38.838	33.358	52.892
(c) Other current liabilities	39.759	67.465	48.461
(d) Short-term provisions	2.750	2.197	3.892
Total Current Liabilities (4)	213.300	234.523	232.044
TOTAL	383.893	402.134	396.924
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	125.607	129.636	134.234
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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	125.607	129.636	134.234
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	117.148	125.079	103.753
(c) Trade receivables	46.159	94.011	114.612
(d) Cash and cash equivalents	38.674	25.973	36.805
(e) Short-term loans and advances	54.949	26.574	6.606
(f) Other current assets	1.356	0.861	0.914
Total Current Assets	258.286	272.498	262.690
TOTAL	383.893	402.134	396.924

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	900.611	913.303	919.968
	Other Income	4.061	4.634	3.679
	TOTAL (A)	904.672	917.937	923.647
Less	EXPENSES
	Cost of Materials Consumed	581.183	583.050	625.745
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.855)	(0.074)	(13.185)
	Employees benefits expense	31.484	25.492	14.925
	Other expenses	249.746	263.931	259.097
	TOTAL (B)	859.558	872.399	886.582
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	45.114	45.538	37.065
Less	FINANCIAL EXPENSES (D)	21.903	21.465	13.637
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	23.211	24.073	23.428
Less/ Add	DEPRECIATION/ AMORTISATION (F)	8.101	8.161	7.324
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	15.110	15.912	16.104
Less	TAX (H)	4.030	6.695	4.302
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	11.080	9.217	11.802
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	37.672	28.455	19.094
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	0.000	0.000
	Dividend	0.000	0.000	2.100
	Tax on Dividend	0.000	0.000	0.341
	BALANCE CARRIED TO THE B/S	48.752	37.672	28.455
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.000	0.000	0.000
	TOTAL EARNINGS	0.000	0.000	0.000
	IMPORTS
	Components and Stores parts	0.284	1.341	1.529
	Capital Goods	0.000	0.000	24.501
	TOTAL IMPORTS	0.284	1.341	26.030
	Earnings / (Loss) Per Share (Rs.)	1.58	1.32	1.69

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.23	1.01	1.28
Operating Profit Margin (PBIDT/Sales)	(%)	5.01	4.99	4.03
Return on Total Assets (PBT/Total Assets}	(%)	3.94	3.96	4.06
Return on Investment (ROI) (PBT/Networth)		0.11	0.13	0.14
Debt Equity Ratio (Total Debt /Networth)		1.13	1.30	1.47
Current Ratio (Current Asset/Current Liability)		1.21	1.16	1.13

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	70.000	70.000	70.000
Reserves & Surplus	43.529	54.722	65.802
Share Application money pending allotment	0.000	0.000	0.000
Net worth	113.529	124.722	135.802
long-term borrowings	40.418	30.136	21.553
Short term borrowings	126.799	131.503	131.953
Total borrowings	167.217	161.639	153.506
Debt/Equity ratio	1.473	1.296	1.130

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	919.968	913.303	900.611
		(0.724)	(1.390)

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	919.968	913.303	900.611
Profit	11.802	9.217	11.080
	1.28%	1.01%	1.23%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Intercorporate borrowings	60.706	69.711
Loans and advances from directors	12.383	11.187
Loans and advances from others	0.850	0.850
Other loans and advances	14.100	0.000
Total	88.039	81.748

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10315122	20/11/2013 *	66,249,000.00	AXIS BANK	01, KAMAL PALACE, 1, Y. N. ROAD, INDORE, MADHYA P  RADESH - 452003, INDIA	B93567063
2	90215407	06/09/1994	500,000.00	STATE BANK OF INDORE	STERLING CENTRE, WORLI, BOMBAY, MAHARASHTRA, INDI  A	-
3	90214365	04/07/1998 *	1,100,000.00	STATE BANK OF INDORE	STERLING CENTRE; DR. ANNIE BESANT ROAD, WORLI, MU  MBAI, MAHARASHTRA - 400018, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer 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 records 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.61.29
UK Pound	1	Rs.95.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		43

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.