MIRA INFORM REPORT

Report No. :	319325
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	SUPREME NONWOVEN INDUSTRIES PRIVATE LIMITED (w.e.f.02.01.2008)
Formerly Known As :	BHILAD TEXTILE INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. 110, 8th Floor, 16th Road, Chembur, Mumbai – 400071, Maharashtra
Tel No.:	91-22-25208822
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.06.1984
Com. Reg. No.:	11-033072
Capital Investment / Paid-up Capital :	Rs. 5.882 Million
CIN No.: [Company Identification No.]	U17120MH1984PTC033072
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACB1673P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Non-Woven Items such as Interlinings, Disposable Fabrics and Fabrics for Industrial Applications.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2700000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profits of the company has continuously declined from its years of operation. However reserves position of the company is sound. General financial position of the company is decent Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal 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	CRISIL
Rating	Long term rating = BBB+
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	May 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A2+
Rating Explanation	Strong degree of safety it carry low credit risk.
Date	May 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 Office :	Supreme House, Plot No. 110, 8th Floor, 16th Road, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-25208822
Fax No.:	91-22-25208092
E-Mail :	amit.kavrie@supremegroup.co.in mumbai@supremegroup.co.in
Website :	http://www.supremegroup.co.in
Factory 1 :	National Highway No.8, Bhilad, District Valsad – 396105, Gujarat , India
Tel. No.:	91-260-2784169/ 4669
Fax No.:	91-260-2784170
Factory 2 :	Next to Dalwada Substation, Kadaiya Village, Airport Road, Daman – 396210, India
Tel. No.:	91-260-2221706/ 2220943/ 2220998
Fax No.:	91-260-2220706
Factory 3 :	Plot No.83, Phase I, Near Zandupharma, GIDC, Vapi – 396195, Gujarat, India
Tel. No.:	91-260-2420441/ 3948420
Fax No.:	91-260-2401332
Branches :	Located at: · Bawal · Bidadi · Chennai · Daman · Dharwad · Halol · Mumbai · Ranjangaon · Rudrapur · Sanand · Thailand · Vapi

DIRECTORS

As on 29.09.2014

Name :

Mr. Mohan Mahadev Kavrie

Designation :

Whole Time Director

Address :

E-25, Matru Krupa, Nandadeep Everest Society, Sahakar Nagar, Road No-4, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

24.05.1948

Qualification :

B. Tech, M.S.

Experience :

41 Years

Date of Appointment :

02.05.2000

PAN No.:

AADPK5561F

Voter ID No.:

MT/07/047/0264230

DIN No.:

00243269

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	U51900MH1981PTC025149	SUPREME NONWOVENS PRIVATE LIMITED	Whole-time director	01/09/1986	01/09/1986	-	Active	NO
2	U34200MH1996PTC103764	SUPREME-TREVES PRIVATE LIMITED	Managing director	05/11/1996	05/11/1996	-	Active	NO
3	U17120MH1984PTC033072	SUPREME NONWOVEN INDUSTRIES PRIVATE LIMITED	Director	02/05/2000	02/05/2000	-	Active	NO
4	U17110MH2003PTC140428	SUPREME POLYFIBRES PRIVATE LIMITED	Director	13/05/2003	13/05/2003	-	Dormant	NO
5	U28302MH1985PTC038122	MATRU FABRICS PVT LTD	Director	25/01/2005	25/01/2005	-	Active	NO
6	U17123MH2007PTC170781	ERWO WOOLLENS PRIVATE LIMITED	Additional director	12/05/2007	12/05/2007	-	Strike off	NO
7	U17121MH2010NPL199093	INDIAN TECHNICAL TEXTILE ASSOCIATION	Director	20/01/2010	20/01/2010	27/09/2013	Active	NO

Name :

Mr. Amit Mohan Kavrie

Designation :

Director

Address :

E-25, Matru Krupa, Nandadeep Everest Society, Sahakar Nagar, Road No.4, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

21.08.1977

Qualification :

B.S., M.S.

Experience :

15 Years

Date of Appointment :

10.07.2006

PAN No.:

AAIPK3917E

DIN No.:

00153017

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	U51900MH1981PTC025149	SUPREME NONWOVENS PRIVATE LIMITED	Director	31/12/2003	31/12/2003	-	Active	NO
2	U34200MH1996PTC103764	SUPREME-TREVES PRIVATE LIMITED	Director	04/03/2005	04/03/2005	-	Active	NO
3	U34101MH2006PTC159745	CERA TECHNOLOGIES PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
4	U17120MH1984PTC033072	SUPREME NONWOVEN INDUSTRIES PRIVATE LIMITED	Director	10/07/2006	10/07/2006	-	Active	NO
5	U17123MH2007PTC170781	ERWO WOOLLENS PRIVATE LIMITED	Additional director	12/05/2007	12/05/2007	-	Strike off	NO
6	U28302MH1985PTC038122	MATRU FABRICS PVT LTD	Director	14/09/2011	14/09/2011	-	Active	NO

Name :

Mr. Harald Lothar Stini

Designation :

Director

Address :

Neue Plauensche Str 92, Plauen Ot Oderlosa, Germany

Date of Birth/Age :

29.03.1958

Date of Appointment :

26.06.2006

DIN No.:

02864818

Name :

Mr. Christine Marieluise Kogler

Designation :

Director

Address :

Wernher-Von-Braun-Str. 23, Oberkotzau, Germany

Date of Birth/Age :

06.01.1964

Date of Appointment :

30.09.2011

DIN No.:

03269542

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Mohan Kavrie and Jaya Kavrie	8751
Mohan Kavrie	5503
Jaya Mohan Kavrie	2001
Leela Mahadev Kavrie	2000
Supreme Nonwovens Private Limited, India	3750
Tenowo GmbH (Formerly known as Eswegee Vliesstoff Gmbh)	28824
Amit Kavrie	5495
Smita Kavrie	2500
Total	58824

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	55.38
Directors or relatives of Directors	44.62
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Non-Woven Items such as Interlinings, Disposable Fabrics and Fabrics for Industrial Applications.

Products :

Product Description	Item Code No. (ITC Code)
Felt, whether or not Impregnated, Coated, Covered or Laminated	5602
Nonwovens, whether or not Impregnated, Coated, Covered or Laminated	5603
Parts and Accessories of the Motor Vehicles of Headings 8701 to 8705	8708

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

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	Not Available
Branch Address	Not Available
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 Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	212.384	176.442
Short-term borrowings
Working capital loans from banks	242.582	221.813
Total	454.966	398.255

Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountants
Address :	Kalpataru Heritage, 127 Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-61587200
Fax No.:	91-22-22673964
PAN No.:	AAAFK7554R
Memberships :	--
Collaborators :	--
Enterprises with substantial interest in the Company:	Tenowo GmbH ( Formerly known as Eswegee Vlisstoff GMBH ) (holds 49.0 % [previous year - 49.0%] of the equity share capital of the Company).
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Supreme Nonwovens Private Limited [U51900MH1981PTC025149] · Supreme Polyfibres Private Limited [U17110MH2003PTC140428] · Supreme-Treves Private Limited [U34200MH1996PTC103764] · Matru Fabrics Private Limited [U28302MH1985PTC038122] · Cera Technologies Private Limited [U34101MH2006PTC159745] · Supreme Treves Pelzers Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60,000	Equity Shares	Rs.100/- each	Rs. 6.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
58,824	Equity Shares	Rs.100/- each	Rs. 5.882 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	5.882	5.882	5.882
(b) Reserves & Surplus	947.706	920.774	865.183
(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)	953.588	926.656	871.065
(3) Non-Current Liabilities
(a) long-term borrowings	212.384	176.442	243.02
(b) Deferred tax liabilities (Net)	101.879	93.748	84.194
(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)	314.263	270.190	327.214
(4) Current Liabilities
(a) Short term borrowings	268.157	231.813	159.881
(b) Trade payables	124.396	139.372	106.092
(c) Other current liabilities	188.732	215.395	204.197
(d) Short-term provisions	11.424	12.355	6.728
Total Current Liabilities (4)	592.708	598.935	476.898
TOTAL	1860.560	1795.781	1675.177
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1028.889	941.494	904.394
(ii) Intangible Assets	1.431	2.7	3.331
(iii) Capital work-in-progress	18.959	46.096	67.745
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.048	1.049	1.049
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	58.874	59.942	51.258
(e) Other Non-current assets	3.916	3.487	2.084
Total Non-Current Assets	1113.117	1054.768	1029.861
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	427.939	383.171	314.634
(c) Trade receivables	231.669	246.098	195.694
(d) Cash and cash equivalents	24.010	20.906	22.171
(e) Short-term loans and advances	59.647	83.237	112.817
(f) Other current assets	4.178	7.601	0.000
Total Current Assets	747.442	741.013	645.316
TOTAL	1860.560	1795.781	1675.177

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2113.857	2034.308	1711.759
		Other Income	N.A	NA	N.A
		TOTAL	N.A	NA	N.A
Less	EXPENSES		N.A	N.A	N.A
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		204.129	236.535	241.108
Less	FINANCIAL EXPENSES		70.400	61.575	51.698
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		133.729	174.960	189.410
Less/ Add	DEPRECIATION/ AMORTISATION		88.309	82.856	77.570
	PROFIT BEFORE TAX		45.420	92.104	111.840
Less	TAX		13.360	28.593	28.842
	PROFIT AFTER TAX		32.060	63.511	82.998
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		305.629	251.887	200.775
Less	APPROPRIATIONS
		Transfer to General Reserve	3.206	6.351	8.300
		Proposed Dividend	2.941	2.941	0.000
		Interim dividend	0.000	0.000	20.294
		Tax on Dividend	0.523	0.477	3.292
	Total		6.670	9.769	31.886
	BALANCE CARRIED TO THE B/S		331.019	305.629	251.887
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.745	0.887	1.248
	TOTAL EARNINGS		0.745	0.887	1.248
	Earnings Per Share (Rs.)		545.02	1079.68	1410.95

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.52	3.12	4.85
Operating Profit Margin (PBDIT/Sales)	(%)	9.66	11.63	14.09
Return on Total Assets (PBT/Total Assets}	(%)	2.47	5.27	6.96
Return on Investment (ROI) (PBT/Networth)		0.05	0.10	0.13
Debt Equity Ratio (Total Debt /Networth)		0.50	0.44	0.46
Current Ratio (Current Asset/Current Liability)		1.26	1.24	1.35

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	5.882	5.882	5.882
Reserves & Surplus	865.183	920.774	947.706
Net worth	871.065	926.656	953.588
long-term borrowings	243.020	176.442	212.384
Short term borrowings	159.881	231.813	268.157
Total borrowings	402.901	408.255	480.541
Debt/Equity ratio	0.463	0.441	0.504

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1711.759	2034.308	2113.857
		18.843	3.910

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1711.759	2034.308	2113.857
Profit	82.998	63.511	32.060
	4.85%	3.12%	1.52%

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	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	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	----------------------
23]	Banking Details	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

Notes:

The Registered Office of the company has been shifted from Centre Point, 7^th Floor, 18^th Road, Chembur, Mumbai – 400071, Maharashtra, India to the present address w.e.f.29.11.2010.

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Intercorporate borrowings	21.500	10.000
Loans and advances from directors	4.075	0.000
Total	25.575	10.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10490378	12/03/2015 *	510,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU MBAI, MAHARASHTRA - 400005, INDIA	C46676755
2	10480453	18/02/2014	134,488,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU MBAI, MAHARASHTRA - 400005, INDIA	B97543342
3	10480693	20/09/2013	856,170,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU MBAI, MAHARASHTRA - 400005, INDIA	B91138958
4	10381504	12/03/2015 *	735,456,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU MBAI, MAHARASHTRA - 400005, INDIA	C46677597
5	10380964	19/05/2014 *	856,170,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU MBAI, MAHARASHTRA - 400005, INDIA	C03834991
6	10263197	06/01/2011	14,180,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LTD.( LEAD BA NKERS)	CHEMBUR 913 BRANCH, NATASHA PLAZA,, D.K. SANDHU M ARG, CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA	B03661741
7	10269206	30/12/2010	4,590,000.00	THE SARASWAT CO-OPERATIVE BANK LTD	RASEC DADAR BRANCH, LAXMAN ZULLA, 1ST FLOOR, 50, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	B06214233
8	10239742	13/08/2010	710,000.00	THE SARASWAT CO-OPERATIVE BANK LTD	RASEC DADAR BRANCH, LAXMAN ZULLA, 1ST FLOOR, 50, RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, INDIA	A94155934
9	10151437	16/03/2009	610,507.00	THE SARASWAT CO-OP BANK LTD	RASEC DADAR BRANCH, RANADE ROAD, DADAR WEST, MUMB AI, MAHARASHTRA - 400028, INDIA	A59545764
10	90213980	11/07/2003	400,000.00	THE SARASAWAT CO-OPERATIVE BANK LTD	CST BRANCH; AK NAIK MARG, MUMBAI, MAHARASHTRA - 40 0001, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Residential building

· Office building

· Factory building

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

Intangible assets

· Computer software

· Know-how

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] 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.63.20
UK Pound	1	Rs.91.01
Euro	1	Rs.69.34

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	KVT

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
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		49

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.