MIRA INFORM REPORT

Report No. :	310979
Report Date :	10.03.2015

IDENTIFICATION DETAILS

Name :	SUMILON INDUSTRIES LIMITED
Registered Office :	Vairagini Wadi, Delhi Gate, Surat – 395003, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.06.1996
Com. Reg. No.:	04-030056
Capital Investment / Paid-up Capital :	Rs. 123.608 Million
CIN No.: [Company Identification No.]	U29199GJ1996PLC030056
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	SRTS00153G
PAN No.: [Permanent Account No.]	AADCS3567L
Legal Form :	A Closely Held Public Limited liability Company
Line of Business :	Subject is engaged in the business of manufacturing of Plain Polyester Film, Metallized and Lacqured Polyester Film and Badla (Imm Jari and Kasab) and Power Generation.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is a part of Sumilon Group. It is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

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	CRISIL
Rating	Long Term Rating = BB+
Rating Explanation	Have moderate risk of default
Date	July 18, 2014

Rating Agency Name	CRISIL
Rating	Short Term rating = A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk
Date	July 18, 2014

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.

LOCATIONS

Registered / Head Office :	Vairagini Wadi, Delhi Gate, Surat – 395003, Gujarat, India
Tel. No.:	91-261-2441122 / 55/ 66/ 2443340 / 6797979 /2423586
Fax No.:	91-261-2442952
E-Mail :	sumilon@sumilon.com sumilon@bom6.vsnl.net.in sumilon@drdcs.net msingh@sumilon.com
Website :	http://www.sumilon.com
Location :	Owned
Factory 1 :	43/1 46/2, Village Varsana, National Highway No. 8A, Gandhidham-370110, Gujarat, India
Factory 2 :	Dadra and Nagar Haveli, India
Factory 3 :	Plot No. 161, Near G.E.B Sub Station, Mota Borasara, Surat – 395003, Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Maheshchandra Sumanlal Jariwala

Designation :

Managing Director

Address :

97, Adarsh Society, Athwalines, Surat - 395007, Gujarat, India

Date of Birth/Age :

13.08.1961

Date of Appointment :

01.04.2010

PAN No :

ABWPJ1843M

DIN No.:

01103754

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	U17110GJ1991PTC015147	SUMILON TEX PRIVATE LIMITED	Managing director	04/03/1991	04/03/1991	-	Amalgamated	NO
2	U29199GJ1996PLC030056	SUMILON INDUSTRIES LIMITED	Managing director	01/04/2010	27/06/1996	-	Active	NO
3	U17199GJ2006PLC047894	SHREE KAPIL YARN LIMITED	Managing director	06/03/2006	06/03/2006	-	Amalgamated	NO

Name :

Mr. Nikunj Maheshchandra Jariwala

Designation :

Whole-time Director

Address :

97, Adarsh Society, Athwalines, Surat - 395007, Gujarat, India

Date of Appointment :

15.06.2013

DIN No. :

01103760

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	U29199GJ1996PLC030056	SUMILON INDUSTRIES LIMITED	Whole-time director	15/06/2013	15/04/2003	-	Active	NO
2	U17199GJ2006PLC047894	SHREE KAPIL YARN LIMITED	Director	06/03/2006	06/03/2006	-	Amalgamated	NO
3	U17290GJ2008PLC053619	SUMILON POLYESTER LIMITED	Managing director	15/06/2013	01/09/2010	-	Active	NO

Name :

Mr. Jitendra Sumanlal Jariwala

Designation :

Whole - time Director

Address :

97, Adarsh Society, Athwalines, Surat - 395007, Gujarat, India

Date of Birth/Age :

25.09.1966

Date of Appointment :

01.04.2010

PAN No :

ABUPJ7851M

DIN No.:

01265242

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	U17110GJ1991PTC015147	SUMILON TEX PRIVATE LIMITED	Director	04/03/1991	04/03/1991	-	Amalgamated	NO
2	U29199GJ1996PLC030056	SUMILON INDUSTRIES LIMITED	Whole-time director	01/04/2010	27/06/1996	-	Active	NO
3	U17199GJ2006PLC047894	SHREE KAPIL YARN LIMITED	Director	06/03/2006	06/03/2006	-	Amalgamated	NO

KEY EXECUTIVES

Name :	Mr. Jignesh Maheshbhai Jariwala
Designation :	CFO
Address :	97, Adarsh Society, Athwalines, Surat - 395007, Gujarat, India
Date of Birth/Age :	07.03.1986
Date of Appointment :	01.07.2014
PAN :	AFGPJ3017H
Name :	Mrs. Priya Lakhmichand Bhamwani
Designation :	Secretary
Address :	97, Adarsh Society, Athwalines, Surat - 395007, Gujarat, India
Date of Appointment :	04.01.2014
PAN No.:	AWDPB3082E
Name :	Mr. Dhiren R Dave
Designation :	Secretary
Address :	D-412 International Trade Center, Majura Gate, Ring Road, Surat - 395002, Gujarat, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Equity Shareholders (Rs. 5/- each)	No. of Shares
Mahesh Sumanlal Jariwala	60354
Jitendra Sumanlal Jariwala	58825
Bhagwatiben Sumanlal Jariwala	121481
Hansaben Mahesh Jariwala	82890
Daxaben Jitendra Jariwala	72073
Sumanlal Atmaram Jariwala HUF	14432
Mahesh Sumnalal Jariwala HUF	32416
Jitendra Sumanlal Jariwal HUF	46605
Nikunj Mahesh Jariwala	18027
Jignesh Mahesh Jariwala	18027
Alok Jitendra Jariwala	18027
Purvi Nikunj Jariwala	96843
Total	640000

Names of Equity Shareholders (Rs. 10/- each)	No. of Shares
Mahesh Sumanlal Jariwala	1065388
Jitendra Sumanlal Jariwala	1039722
Bhagwatiben Sumanlal Jariwala	915402
Hansaben Mahesh Jariwala	1036269
Daxaben Jitendra Jariwala	1067106
Ushaben Jitendra Jariwala	2050
Jayshreeben nareshchandra Solanki	2050
Sumanlal Atmaram Jariwala HUF	593700
Mahesh Sumnalal Jariwala HUF	1060157
Jitendra Sumanlal Jariwal HUF	1021204
Nikunj Mahesh Jariwala	1221316
Jignesh Mahesh Jariwala	1047560
Alok Jitendra Jariwala	1046989
Purvi Nikunj Jariwala	921872
Total	12040785

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	78.00
Other top fifty shareholders	22.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of manufacturing of Plain Polyester Film, Metallized and Lacqured Polyester Film and Badla (Imm Jari and Kasab) and Power Generation.
Products :	Plain Polyester Film Metallized and Lacqured Polyester Film Badla (Imm Jari and Kasab) Power Generation.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS : Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Bank of Baroda
Branch Address	Branch Sufi Baug, Shramjivi Sevalaya, Near Alankar Cinema, Opposite Railway Station, Surat – 395003, Gujarat, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	256.542	208.227
SHORT TERM BORROWINGS
Rupee term loans from banks	200.665	222.783
Total	457.207	431.010

Auditors :
Name :	SNK and Company Chartered Accountants
Address :	SNK House, 31-A, Adarsh Society, Opposite Seventhday Advenest School, Athwalines, Surat -395001, Gujarat, India
PAN No.:	AAJFS8455L
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	Shree Ganesh Exports Sumilon Polyester Limited
Relatives of Key management personnel	Shree Vinayank Metalics Riddhi Moulding Works Siddhi Moulding Works Shree Ganesh Textiles Vignaraj Corporation Ekdant Textiles

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
13250000	Equity Shares	Rs.10/- each	Rs.132.500 Million

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
12680785	Equity Shares	Rs.10/- each	Rs. 126.808 Million

Paid-up Capital :

No. of Shares	Type	Value	Amount
12040785	Equity Shares	Rs.10/- each	Rs. 120.408 Million
640000	Equity Shares	Rs.5/- each	Rs. 3.200 Millions
	Total		Rs. 123.608 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
13250000	Equity Shares	Rs.10/- each	Rs.132.500 Million

Issued Capital :

No. of Shares	Type	Value	Amount
11750785	Equity Shares	Rs.10/- each	Rs. 117.508 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11110785	Equity Shares	Rs.10/- each	Rs. 111.108 Million
640000	Equity Shares	Rs.5/- each	Rs. 3.200 Million
			Rs. 114.308 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	114.308	114.308	114.308
(b) Reserves & Surplus	658.183	633.385	631.182
(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)	772.491	747.693	745.490
(3) Non-Current Liabilities
(a) long-term borrowings	286.542	238.227	375.691
(b) Deferred tax liabilities (Net)	20.120	28.868	32.765
(c) Other long term liabilities	185.579	15.821	51.155
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	492.241	282.916	459.611
(4) Current Liabilities
(a) Short term borrowings	200.665	222.783	72.996
(b) Trade payables	258.200	142.968	64.284
(c) Other current liabilities	280.220	251.435	90.174
(d) Short-term provisions	20.416	10.753	3.332
Total Current Liabilities (4)	759.501	627.939	230.786
TOTAL	2024.233	1658.548	1435.887
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	746.581	531.848	599.979
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	125.438	129.236	6.496
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	282.668	233.646	90.301
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	24.739	25.611	26.416
(e) Other Non-current assets	3.694	2.067	0.000
Total Non-Current Assets	1183.120	922.408	723.192
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	431.659	408.739	337.457
(c) Trade receivables	193.122	119.845	115.013
(d) Cash and cash equivalents	17.869	10.373	9.083
(e) Short-term loans and advances	198.463	197.183	251.142
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	841.113	736.140	712.695
TOTAL	2024.233	1658.548	1435.887

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1647.916	1187.531	980.914
	Other Income	21.662	34.323	15.695
	TOTAL (A)	1669.578	1221.854	996.609
Less	EXPENSES
	Cost of Materials Consumed	962.453	802.985	564.633
	Purchases of Stock-in-Trade	8.071	1.946	2.035
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	44.704	(92.987)	(31.922)
	Employees benefits expense	75.959	54.083	50.890
	Other expenses	347.797	279.254	301.364
	Prior period items	0.000	0.013	0.000
	Exceptional items	0.000	0.190	0.000
	TOTAL (B)	1438.984	1045.484	887.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	230.594	176.370	109.609
Less	FINANCIAL EXPENSES (D)	76.894	65.347	53.100
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	153.700	111.023	56.509
Less/ Add	DEPRECIATION/ AMORTISATION (F)	123.691	105.241	142.854
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	30.009	5.782	(86.345)
Less	TAX (H)	5.212	3.580	(31.139)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	24.797	2.202	(55.206)
	Earnings / (Loss) Per Share (Rs.)	2.17	0.19	4.70

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Sales)	(%)	1.50	0.19	(5.63)
Operating Profit Margin (PBDIT/Sales)	(%)	13.99	14.85	11.17
Return on Total Assets (PBT/Total Assets}	(%)	1.86	0.45	(6.45)
Return on Investment (ROI) (PBT/Networth)		0.04	0.01	(0.12)
Debt Equity Ratio (Total Debt /Networth)		0.63	0.62	0.60
Current Ratio (Current Asset/Current Liability)		1.11	1.17	3.09

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	114.308	114.308	114.308
Reserves & Surplus	631.182	633.385	658.183
Net worth	745.490	747.693	772.491
long-term borrowings	375.691	238.227	286.542
Short term borrowings	72.996	222.783	200.665
Total borrowings	448.687	461.010	487.207
Debt/Equity ratio	0.602	0.617	0.631

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	980.914	1187.531	1647.916
		21.064	38.768

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	980.914	1187.531	1647.916
Profit	(55.206)	2.202	24.797
	(5.63%)	0.19%	1.50%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
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	Yes

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

STAMP NUMBER No. 1137 of 2013

Status : PENDING

CCIN No : 001087201301137

Last Listing Date:

-

Coram

ADDITIONAL REGISTRAR ( JUDICIAL)

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX (CENTRAL) I	MRS MAUNA M BHATT for: null  1

S.NO.	Name of the Respondant	Advocate On Record
1	SUMILON INDUSTRIES LIMITED

Presented On	: 20/04/2013	Registered On	: 20/04/2013
Bench Category	: DIVISION BENCH	District	: SURAT
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 0 times
Stage Name	: OFFICE OBJECTION REMOVED

Classification	· DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	· INCOME-TAX ACT, 1961

Other Forums

S. No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	ITA/1549/AHD/2010	INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH	JUDICIAL MEMBER AND ACCOUNTANT MEMBER	26/10/2012	SURAT

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Intercorporate borrowings	30.000	30.000
Total	30.000	30.000

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10462034	27/08/2014 *	2,324,800,000.00	BANK OF BARODA	SUFIBAUG BRANCH, SHRAMJIVI SEVALAYA, NEAR ALANKAR CINEMA, OPP. RAILWAY STATION, SURAT, GUJARAT -  395003, INDIA	C18960898
2	10248531	09/11/2012 *	1,118,300,000.00	BANK OF BARODA	SUFIBAUG BRANCH, SHRAMJIVI SEVALAYA, NEAR ALANKA  R CINEMA, OPP. RAILWAY STATION, SURAT, GUJARAT -  395003, INDIA	B63934418
3	90100038	09/05/2005	88,200,000.00	BANK OF BARODA	SUFI BAUG BRANCH, SURAT, GUJARAT, INDIA	-
4	90099672	28/06/2003	315,000,000.00	BANK OF BARODA	SUFI BAUG BRANCH, SURAT, GUJARAT, INDIA	-
5	90096841	09/11/2012 *	1,118,300,000.00	BANK OF BARODA	SUFIBAUG BRANCH, SHRAMJIVI SEVALAYA, NEAR ALANKAR CINEMA, OPP. RAILWAY STATION, SURAT, GUJARAT -  395003, INDIA	B63933089
6	90099589	25/11/2002	130,000,000.00	BANK OF BARODA	SUFI BAUG BRANCH, SURAT, GUJARAT, INDIA	-
7	90099416	29/08/2001	111,000,000.00	BANK OF BARODA	SUFI BAUG BRANCH, SURAT, GUJARAT, INDIA	-
8	90096494	09/11/2012 *	1,118,300,000.00	BANK OF BARODA	SUFIBAUG BRANCH, SHRAMJIVI SEVALAYA, NEAR ALANKAR CINEMA, OPP. RAILWAY STATION, SURAT, GUJARAT -  395003, INDIA	B63932685
9	90098651	09/05/2005 *	11,500,000.00	BANK OF BARODA	SUFI BAUG BRANCH, SURAT, GUJARAT, INDIA	-
10	90096479	08/11/2012 *	1,118,300,000.00	BANK OF BARODA	SUFIBAUG BRANCH, SHRAMJIVI SEVALAYA, NEAR ALANKAR CINEMA, OPP. RAILWAY STATION, SURAT, GUJARAT -  395003, INDIA	B63933881

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Office equipment

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. 62.62
UK Pound	1	Rs. 94.39
Euro	1	Rs. 67.96

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		47

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	--

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