MIRA INFORM REPORT

Report No. :	324074
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	PEARL BOTTLING PRIVATE LIMITED (w.e.f. 26.03.2002)
Formerly Known as :	KRISHNA MOHAN BEVERAGES AND CONTRUCTIONS PRIVATE LIMITED
Registered Office :	802, Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi-110001.
Tel. No.:	91-11-46470200
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.05.1988
Com. Reg. No.:	55-170355
Capital Investment / Paid-up Capital :	Rs.164.973 Million
CIN No.: [Company Identification No.]	U15541DL1988PTC170355
TAN No.: [Tax Deduction & Collection Account No.]	VPNP00520C
PAN No.: [Permanent Account No.]	AABCK2911Q
Legal Form :	Private Limited Liability Company
Line of Business :	Subject holds franchisee agreement with PepsiCo (PepsiCo India Holdings Limited) for manufacturing producing, Selling, distributing and bottling of Pepsi’s beverage products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 31000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a private limited company established in May-1988, having moderate track record. Subject holds franchisee agreement with PepsiCo (PepsiCo India Holding Limited) for manufacturing, producing, selling, distributing and bottling of Pepsi’s beverage products. The company has been incurring losses continuously since last 5 years. As per directors report the company has restricted its losses to Rs. 23.872 million in FY 14 as Rs. 96.262 Million in FY13. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for the business dealings with some caution.

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	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	CARE
Rating	Long term Rating (BB-)
Rating Explanation	Inadequate credit quality and high credit risk
Date	24.04.2015

Rating Agency Name	CARE
Rating	Short Term Rating (A4)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	24.04.2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. G. Haranatha Reddy
Designation :	Managing Director
Contact No.:	91-9848191291
Date :	23.05.2015

LOCATIONS

Registered Office :	802, Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi-110001, India.
Tel. No.:	91-11-46470200
Mobile No.:	91-9848191291 (Mr. G.Haranatha Reddy)
Fax No.:	91-11-23327747
E-Mail :	vishal.goyal@ckjpearl.com manoj.kumar@ckjpearl.com
Factory Address :	Chandra Palem, Madurwada, Vishakapatnam, Andhra Pradesh

DIRECTORS

As on : 29.09.2014

Name :

Mr. Ruchirans Jaipuraia

Designation :

Managing Director

Address :

8, Prithviraj Road, New Delhi – 110011, India

Date of Birth/Age :

20.03.1980

Date of Appointment :

01.04.2013

PAN No.:

ABVPJ8558Q

DIN No.:

00355291

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	U15541DL1988PTC170355	PEARL BOTTLING PRIVATE LIMITED	Managing director	01/04/2013	28/10/2000	-	Active	NO
2	U74899DL1995PTC064090	ROHIT PROMOTORS PRIVATE LIMITED	Director	14/09/2001	14/09/2001	-	Active	NO
3	U74899DL1985PTC020316	RAJPUTANA STORES(BOMBAY) PRIVATE LIMITED	Director	29/10/2001	29/10/2001	-	Active	NO
4	U22122DL2002PTC114238	JRC PRINTERS PRIVATE LIMITED	Director	15/02/2002	15/02/2002	27/01/2012	Active	NO
5	U45403AP2002PTC039235	SIMPLY SLEEK INTERIORS PRIVATE LIMITED	Director	02/07/2002	02/07/2002	-	Strike off	NO
6	U55101DL1998PTC091666	UNIVERSAL DAIRY PRODUCTS PRIVATE LIMITED	Director	30/11/2002	30/11/2002	04/07/2008	Active	NO
7	U31909DL2004PTC127126	RRJ INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	24/06/2004	24/06/2004	01/08/2014	Active	NO
8	U15532DL1982PLC014664	PEARL DRINKS LIMITED	Managing director	01/10/2011	03/08/2004	25/08/2014	Active	NO
9	U74899DL1988PTC033705	C A PROCESS INDUSTIRES PRIVATE LIMITED	Director	16/10/2004	16/10/2004	-	Active	NO
10	U74140AP2005PTC047105	JAIPURIA BREAKTHROUGH SOLUTIONS PRIVATE LIMITED	Director	10/08/2005	10/08/2005	-	Strike off	NO
11	U15311KA2005PTC056622	UB NIZAM BREWERIES PRIVATE LIMITED	Director	14/09/2005	14/09/2005	19/05/2009	Amalgamated	NO
12	U40101DL2005PTC139910	JAVA ENERGY PRIVATE LIMITED	Director	28/06/2006	28/06/2006	-	Active	NO
13	U40105DL2006PTC154851	PEARL ENERGY PRIVATE LIMITED	Director	18/10/2006	18/10/2006	-	Strike off	NO
14	U51101DL2007PTC160063	GAMMA PIZZAKRAFT (OVERSEAS) PRIVATE LIMITED	Director	05/03/2007	05/03/2007	-	Active	NO
15	U74140DL1999PLC098529	YOUNG ENTERPRENEURS ORGANISATION (DELHI CHAPTER)	Director	27/08/2007	27/08/2007	08/04/2010	Active	NO
16	U21029DL2004PTC128333	J C PACKAGING PRIVATE LIMITED	Director	18/11/2008	18/11/2008	-	Strike off	NO
17	U00060DL2005PTC138821	GAMMA PIZZAKRAFT PRIVATE LIMITED	Director	29/09/2009	25/02/2009	-	Active	NO

Name :

Mr. Kishan Tirathi Lalwani

Designation :

Director

Address :

SD 205, Tower Apartments, Pitampura, Delhi – 110092, India

Date of Birth/Age :

05.09.1947

Date of Appointment :

07.12.2006

DIN No.:

00343876

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	U74899DL1987PTC026771	GANPATIE TRADERS PRIVATE LIMITED	Director	27/02/1993	27/02/1993	-	Active	NO
2	U74899DL1962PTC043791	JAIPURIA BEVERAGES & FOOD INDUSTRIES PRIVATE LIMITED.	Director	08/11/1996	08/11/1996	-	Active	NO
3	U15532DL1982PLC014664	PEARL DRINKS LIMITED	Director	07/03/1997	07/03/1997	25/08/2014	Active	NO
4	U74140AP2005PTC047105	JAIPURIA BREAKTHROUGH SOLUTIONS PRIVATE LIMITED	Director	10/08/2005	10/08/2005	-	Strike off	NO
5	U40101DL2005PTC139910	JAVA ENERGY PRIVATE LIMITED	Director	28/06/2006	28/06/2006	-	Active	NO
6	U15541DL1988PTC170355	PEARL BOTTLING PRIVATE LIMITED	Director	07/12/2006	07/12/2006	-	Active	NO
7	U15311KA2005PTC056622	UB NIZAM BREWERIES PRIVATE LIMITED	Director	21/11/2007	01/08/2007	19/05/2009	Amalgamated	NO
8	U00060DL2005PTC138821	GAMMA PIZZAKRAFT PRIVATE LIMITED	Director	29/09/2009	25/02/2009	-	Active	NO
9	U40105DL2006PTC154851	PEARL ENERGY PRIVATE LIMITED	Director	24/09/2009	10/08/2009	-	Strike off	NO

Name :

Mr. Sameer Kaiwar

Designation :

Director

Address :

2-14-109 E, 2^nd Floor Main Road, Syamlal Nagar, Guntur – 522019, Andhra Pradesh, India

Date of Birth/Age :

07.08.1953

Date of Appointment :

28.09.2012

PAN No.:

AANPK1323K

DIN No.:

05101611

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2014

Names of Equity Shareholders	No. of Shares
Pearl Drinks Limited, India	99000
Pepsico India Holdings Private Limited, Gurgaon, India.	1000
Total	100000
Name of Preferences Shareholders (Cumulative Redeemable Preference Shares)	No. of Shares
Pepsico India Holdings Private Limited, India	3634610
Rajpurana Stores (Bombay) Private Limited, Delhi, India	1000000
Total	4634610
Name of Preferences Shareholders (Compulsory convertible Preference Shares)	No. of Shares
Pepsico Drinks Limited, India	10862684
Total	10862684

Equity Share Break up (Percentage of Total Equity)

As on : 29.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject holds franchisee agreement with PepsiCo (PepsiCo India Holdings Limited) for manufacturing producing, Selling, distributing and bottling of Pepsi’s beverage products.
Products :	Aluminium Bottles Beverage Bottle Oil Bottle Transparent plastic bottle Humidifier bottles Shaker Bottle
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

Reference :	Not Divulged
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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Oriental Bank of Commerce
Branch	Overseas Branch, 85-A Rishyamook Building Panchkuian Road, Delhi, India.
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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loan from Bank	45.485	80.808
Other loans and advances	7.337	2.897
Short-term borrowings
Working Capital loans from banks	87.049	74.617
Loans repayable on demand from banks	155.766	80.000
Total	295.637	238.322

Auditors :
Name :	O.P. Bagla and Company Chartered Accountant
Address :	8/12, Kalkaji Extension, New Delhi-110019, India.
Tel. No.:	91-11-26436190/26412939/26239913
Fax No.:	91-11-26239912
E-Mail :	opbco@vsnl.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFO1030A
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding Company :	Pearl Drink Limited, India U15532DL1982PLC014664
Associates :	Pearl Beverages Limited, India U15549DL1996PLC079678

CAPITAL STRUCTURE

As on : 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million
15600000	Preference Shares	Rs.10/- each	Rs.156.000 Million
			Rs.157.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million
15497294	Preference Shares	Rs.10/- each	Rs.154.973 Million
			Rs.155.973 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	164.973	164.973	164.973
(b) Reserves & Surplus	(153.925)	(132.552)	(36.290)
(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)	11.048	32.421	128.683
(3) Non-Current Liabilities
(a) long-term borrowings	136.340	207.630	158.872
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	9.638	7.833	6.783
Total Non-current Liabilities (3)	145.978	215.463	165.655
(4) Current Liabilities
(a) Short term borrowings	242.815	191.967	175.315
(b) Trade payables	208.059	160.993	181.946
(c) Other current liabilities	277.512	291.286	322.182
(d) Short-term provisions	3.668	2.801	4.993
Total Current Liabilities (4)	732.054	647.047	684.436
TOTAL	889.080	894.931	978.774
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	696.350	658.137	750.477
(ii) Intangible Assets	4.939	4.926	5.221
(iii) Capital work-in-progress	1.498	1.519	1.498
(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	10.129	9.784	8.803
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	712.916	674.366	765.999
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	73.338	94.191	74.512
(c) Trade receivables	68.213	80.641	89.508
(d) Cash and cash equivalents	11.089	14.621	16.823
(e) Short-term loans and advances	3.740	3.990	5.323
(f) Other current assets	19.784	27.122	26.609
Total Current Assets	176.164	220.565	212.775
TOTAL	889.080	894.931	978.774

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1397.422	1237.994	1285.767
	Other Income	NA	NA	NA
	TOTAL (A)	1397.422	1237.994	1285.767
Less	EXPENSES
	Exceptional and Extraordinary items	0.000	0.898	1.737
	Other expenses	1341.560	1174.208	1148.938
	TOTAL (B)	1341.560	1175.106	1150.675
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	55.862	62.888	135.092
Less/ Add	DEPRECIATION/ AMORTISATION (F)	79.729	159.085	123.771
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(23.867)	(96.197)	11.321
Less	TAX (H)	0.005	0.065	2.277
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(23.872)	(96.262)	9.044
	Earnings / (Loss) Per Share (Rs.)	(23.872)	(96.262)	9.044

The above information has been denied by Mr. G, Haranatha Reddy (Managing Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	80.612	79.947	76.973
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(1.71)	(7.78)	0.70
Return on Total Assets (PBT/Total Assets}	(%)	(2.69)	(10.77)	1.16
Return on Investment (ROI) (PBT/Networth)		(2.16)	(2.97)	0.09
Debt Equity Ratio (Total Debt /Networth)		41.62	14.79	3.20
Current Ratio (Current Asset/Current Liability)		0.24	0.34	0.31

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	164.973	164.973	164.973
Reserves & Surplus	(36.290)	(132.552)	(153.925)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	128.683	32.421	11.048
long-term borrowings	158.872	207.630	136.340
Short term borrowings	175.315	191.967	242.815
Current Maturities of Long-Term Debts	76.973	79.947	80.612
Total borrowings	411.160	479.544	459.767
Debt/Equity ratio	3.195	14.791	41.615

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	1285.767	1237.994	1397.422
		(3.716)	12.878

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	1285.767	1237.994	1397.422
Profit	9.044	(96.262)	(23.872)
	0.70%	(7.78%)	(1.71%)

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	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last 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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan from other	83.518	123.925
Short-term borrowings
Working Capital loans from banks	0.000	37.350
Total	83.518	161.275

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10550961	28/01/2015	3,466,800.00	India Infoline Finance Limited	12A-10, 13th Floor, Parinee Crescenzo, G Block,,  C-38&39, Bandra Kurla Complex, Bandra- East, Mumbai, Maharashtra - 400051, INDIA	C44523934
2	10550962	28/01/2015	3,466,800.00	India Infoline Finance Limited	12A-10, 13th Floor, Parinee Crescenzo, G Block, C-38&39, Bandra Kurla Complex, Bandra- East, Mumbai - 400051, Maharashtra INDIA	C44524429
3	10550963	28/01/2015	3,466,800.00	India Infoline Finance Limited	12A-10, 13th Floor, Parinee Crescenzo, G Block, C-38&39, Bandra Kurla Complex, Bandra- East, Mumbai - 400051, Maharashtra INDIA	C44524825
4	10549349	31/12/2014	20,000,000.00	Oriental Bank of Commerce	85A OVERSEAS BRANCH,RISHYAMOOK BUILDING, PANCHKUI  AN ROAD, NEW DELHI, - 110001, INDIA	C43736164
5	10338512	28/01/2012	4,400,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI- 400001,, Maharashtra - INDIA	B33408782
6	10191183	14/11/2014 *	240,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI-400018, Maharashtra -  INDIA	C40005316
7	10140433	24/12/2008	22,500,000.00	ORIENTAL BANK OF COMMERCE	85-A,RISYMOOK BUILDING,, PANCHKUIAN ROAD, NEW DELHI, Delhi - 110001, INDIA	A56020274
8	10106165	23/05/2008	15,000,000.00	PEPSICO INDIA HOLDINGSS PVT LTD	3B DLF CORPORATE PARK 'S'BLOCKQUTAB ENCLAVE PHASE-  , GURGAON-122002, GURGAON, Haryana - 122002, INDIA	A39691183
9	10041677	08/02/2007	3,750,000.00	PEPSICO INDIA HOLDINGSS PVT LTD	3B DLF CORPORATE PARK 'S', BLOCKQUTAB ENCLAVE PHA  SE, GURGAON, Haryana - 122002, INDIA	A12100970
10	80033473	14/11/2014 *	150,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -400018,  INDIA	C39998620

FIXED ASSETS

• Land
• Building
• Plant and equipment
• Furniture and Fixture
• Vehicles
• Office equipment
• Computer 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.63.62
UK Pound	1	Rs.98.50
Euro	1	Rs.69.93

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	KIN
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		26

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.