MIRA INFORM REPORT

Report No. :	348041
Report Date :	30.10.2015

IDENTIFICATION DETAILS

Name :	FALPAR MULTITRADE PRIVATE LIMITED

Registered Office :	Building No. 2, Savitri Kunj, Near Nitin Industrial Complex, S.P. Road, Dahisar (East), Mumbai – 400068, Maharashtra
Tel. No.:	91-22-25601741

Country :	India

Financials (as on) :	31.03.2015 (Provisional)

Date of Incorporation :	24.02.2011

Com. Reg. No.:	11-214024

Capital Investment / Paid-up Capital :	Rs.10.000 Million

CIN No.: [Company Identification No.]	U51109MH2011PTC214024

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	MUMF07043B

PAN No.: [Permanent Account No.]	AACCF1115E

Legal Form :	Private Limited Liability Company

Line of Business :	Trader of Textiles.

No. of Employees :	4 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company and it is having moderate track. As per the financial FY-14, the company possesses moderated financial risk profile along with moderate networth and debt protection metrics. The rating takes consideration on company significant growth into its total revenue from its previous FY-13, although its profitability margins are low during years. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some cautions. Note: The financials for the year ended 31^st March 2015 of the company provided by the management has not been stamped and signed by the relevant authority.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Nitin
Designation :	Accountant
Contact No.:	91-9833955355
Date :	30.10.2015

LOCATIONS

Registered Office :	Building No. 2, Savitri Kunj, Near Nitin Industrial Complex, S.P. Road, Dahisar (East), Mumbai – 400068, Maharashtra, India
Tel. No.:	91-22-25601741
Mobile No.:	91-9833955355 (Mr. Nitin) 91-9820130392 (Mr. Sandeep Manekar)
Fax No.:	91-22-25923991
E-Mail :	jainulhas@gmail.com ashishkanodia@yahoo.co.in corporate.ausholidays@gmail.com apex.acc1998@gmail.com
Location :	Rented
Locality :	Commercial / Residential

Corporate Office :	4-42, Juhu Garthan, Juhu Church Road, Juhu, Mumbai – 400049, Maharashtra, India
Tel. No.:	91-22-22908441
Location :	Rented
Locality :	Residential

Warehouse :	Located At : Bhiwandi

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Sandeep Prabhat Mankame

Designation :

Additional director

Address :

B- 25 Pethe Nagar, Kedarmal Road, Malad (East), Mumbai - 400097, Maharashtra, India

Date of Birth/Age :

25.06.1967

Date of Appointment :

03.12.2012

DIN No.:

00860947

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	U31909MH1998PTC116515	APEX ELECTROMEC PHARMA PRIVATE LIMITED	Additional director	26/03/2014	10/09/1998	-	Active	NO
2	U42000MH2005PTC152054	AMBROSIA CONSTRUCTION PRIVATE LIMITED	Director	18/03/2005	18/03/2005	-	Active	NO
3	U45200MH2005PTC156356	US HOLIDAYS BUILDCON PRIVATE LIMITED	Managing director	26/09/2005	26/09/2005	-	Active	NO
4	U70100MH2006PTC160529	A US HOLIDAYS REALTY PRIVATE LIMITED	Director	16/03/2006	16/03/2006	21/01/2014	Active	NO
5	U22110MH2006PTC160549	ASB PHARMA PUBLICATION PRIVATE LIMITED	Director	17/03/2006	17/03/2006	-	Active	NO
6	U85110KA1995PTC019170	APEX SHELTERS PRIVATE LIMITED	Director	18/04/2006	18/04/2006	-	Active	NO
7	U45200MH2006PTC161205	APEX SHELTERS PRIVATE LIMITED	Managing director	18/04/2006	18/04/2006	-	Active	NO
8	U72900MH2008PTC185617	ACCURATE TECHNOPOINT PRIVATE LIMITED	Director	25/11/2008	25/11/2008	-	Active	NO
9	U55101MH2009PTC190000	ALP LAKE RESORTS PRIVATE LIMITED	Director	30/01/2009	30/01/2009	-	Active	NO
10	U31500MH2009PTC190037	LUXMEE LUMENS PRIVATE LIMITED	Director	02/02/2009	02/02/2009	-	Active	NO
11	U55101MH2009PTC190244	PICTURESQUE HOLIDAYS AND RESORTS PRIVATE LIMITED	Director	10/02/2009	10/02/2009	-	Strike off	NO
12	U55101MH2009PTC195312	KSHITIJ HOLIDAYS RESORTS PRIVATE LIMITED	Director	29/08/2009	29/08/2009	-	Strike off	NO
13	U55101MH2009PTC195316	AMBER RESORTS PRIVATE LIMITED	Director	29/08/2009	29/08/2009	-	Strike off	NO
14	U55101MH2009PTC195318	HOLIDAY EVENT RESORTS PRIVATE LIMITED	Director	29/08/2009	29/08/2009	-	Active	NO
15	U55101MH2009PTC195319	RAVES TRADERS AND MANUFACTURERS PRIVATE LIMITED	Director	29/08/2009	29/08/2009	-	Strike off	NO
16	U55101MH2009PTC195313	SPECTRUM VIEW AND LEISURE RESORTS PRIVATE LIMITED	Director	29/08/2009	29/08/2009	27/10/2010	Active	NO
17	U74900MH2010PTC201178	DORF KATEL BUSINESS SOLUTION'S PRIVATE LIMITED	Director	09/04/2010	09/04/2010	-	Active	NO
18	U51109MH2011PTC214024	Falpar Multitrade Private Limited	Additional director	03/12/2012	03/12/2012	-	Active	NO
19	U33111MH2013PTC244793	HEALTH 2000 (INDIA) PRIVATE LIMITED	Director	24/06/2013	24/06/2013	-	Active	NO

Name :

Ms. Amita Sandeep Mankame

Designation :

Additional director

Address :

B- 25 Pethe Nagar, Kedarmal Road, Malad (East), Mumbai - 400097, Maharashtra, India

Date of Birth/Age :

29.01.1968

Date of Appointment :

18.12.2012

DIN No.:

01545340

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	U31909MH1998PTC116515	APEX ELECTROMEC PHARMA PRIVATE LIMITED	Additional director	26/03/2014	10/09/1998	-	Active	NO
2	U42000MH2005PTC152054	AMBROSIA CONSTRUCTION PRIVATE LIMITED	Additional director	01/03/2012	18/03/2005	29/08/2014	Active	NO
3	U45200MH2005PTC156356	US HOLIDAYS BUILDCON PRIVATE LIMITED	Director	26/09/2005	26/09/2005	30/11/2012	Active	NO
4	U70100MH2006PTC160529	A US HOLIDAYS REALTY PRIVATE LIMITED	Director	16/03/2006	16/03/2006	21/01/2014	Active	NO
5	U22110MH2006PTC160549	ASB PHARMA PUBLICATION PRIVATE LIMITED	Director	17/03/2006	17/03/2006	-	Active	NO
6	U85110KA1995PTC019170	APEX SHELTERS PRIVATE LIMITED	Director	18/04/2006	18/04/2006	-	Active	NO
7	U45200MH2006PTC161205	APEX SHELTERS PRIVATE LIMITED	Director	18/04/2006	18/04/2006	-	Active	NO
8	U55101MH2009PTC195316	AMBER RESORTS PRIVATE LIMITED	Director	28/09/2012	12/01/2012	-	Strike off	NO
9	U55101MH2009PTC190244	PICTURESQUE HOLIDAYS AND RESORTS PRIVATE LIMITED	Director	28/09/2012	12/01/2012	-	Strike off	NO
10	U55101MH2009PTC195319	RAVES TRADERS AND MANUFACTURERS PRIVATE LIMITED	Additional director	12/01/2012	12/01/2012	-	Strike off	NO
11	U55101MH2009PTC190000	ALP LAKE RESORTS PRIVATE LIMITED	Director	29/09/2012	12/01/2012	-	Active	NO
12	U55101MH2009PTC195312	KSHITIJ HOLIDAYS RESORTS PRIVATE LIMITED	Director	28/09/2012	12/01/2012	-	Strike off	NO
13	U51109MH2011PTC214024	Falpar Multitrade Private Limited	Additional director	18/12/2012	18/12/2012	-	Active	NO
14	U33111MH2013PTC244793	HEALTH 2000 (INDIA) PRIVATE LIMITED	Director	24/06/2013	24/06/2013	-	Active	NO
15	U72900MH2008PTC185617	ACCURATE TECHNOPOINT PRIVATE LIMITED	Additional director	19/11/2013	19/11/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitin
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	%age holding
Amita Sandeep Mankame	500000	50.00
Sandeep Prabhat Mankame	500000	50.00
Total	1000000	100.00

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Textiles.

Products :	Textiles

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

R & A Enterprise

Name of the Person :

Ms. Prithi Soni (Accountant)

Contact No.:

91-8286257591

Since How Long Known :

3 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

She informed that we have very good relation with this company. Payment behaviour are good, no complaints.

Customers :

End Users and OEMs

Reference :

Bombay Rayon Fashions Limited

Name of the Person :

Mr. Kottiyan (Sr. General Manager – Finance and Account)

Contact No.:

91-9819377856

Since How Long Known :

4 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

He informed that we are very much satisfied by their product quality and delivery behaviour.

No. of Employees :

4 (Approximately)

Bankers :

Bank Name	Punjab National Bank
Branch	Zaver Road, Mulund (West), Mumbai - 400080, Maharashtra, 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)	Cash Credit : Rs.40.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

UCO Bank, Nariman Point, Mumbai – 400021, Maharashtra, India

Auditors :
Name :	Kulkarni Dhuri and Company Chartered Accountants

Name :	ABNJ and Company Chartered Accountants
Address :	Room No-5,Hetal Apartment, Above Arti Scan Centre, N.S. Road, Mulund-West Mumbai – 400083, Maharashtra, India
PAN No. :	AASFA0439K
Tel. No.:	91-22 2444 92 58
Email:	ashishkanodia@yahoo.co.in

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015 (Provisional)

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 10.000 Million

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Million

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10,000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015 (Provisional)	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	0.100
(b) Reserves & Surplus	5.342	3.268	1.562
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	9.900
Total Shareholders’ Funds (1) + (2)	15.342	13.268	11.562

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.005	0.009	0.005
(c) Other long term liabilities	38.298	30.274	59.602
(d) long-term provisions	1.551	0.767	0.811
Total Non-current Liabilities (3)	39.854	31.050	60.418

(4) Current Liabilities
(a) Short term borrowings	39.962	40.529	23.963
(b) Trade payables	25.265	28.023	1.577
(c) Other current liabilities	1.761	2.536	1.017
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	66.988	71.088	26.557

TOTAL	122.184	115.406	98.537

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.022	0.054	0.074
(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	0.005	0.008	0.011
Total Non-Current Assets	0.027	0.062	0.085

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	70.589	71.768	20.037
(c) Trade receivables	16.838	17.913	54.412
(d) Cash and cash equivalents	1.192	7.182	1.156
(e) Short-term loans and advances	33.464	18.033	11.500
(f) Other current assets	0.074	0.448	11.347
Total Current Assets	122.157	115.344	98.452

TOTAL	122.184	115.406	98.537

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015 (Provisional)	31.03.2014	31.03.2013
	SALES
	Income	1790.804	2462.283	508.106
	Other Income	2.611	0.068	0.000
	TOTAL	1793.415	2462.351	508.106
		(Due to less order received)

Less	EXPENSES
	Cost of Materials Consumed	1761.277	2475.061	520.913
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.179	(51.730)	(20.038)
	Employees benefits expense	1.010	1.003	0.222
	Other expenses	2.593	4.826	4.103
	TOTAL	1766.059	2429.160	505.200

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	27.356	33.191	2.906

Less	FINANCIAL EXPENSES	24.209	30.641	0.518

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3.147	2.550	2.388

Less/ Add	DEPRECIATION/ AMORTISATION	0.032	0.031	0.011

	PROFIT/ (LOSS) BEFORE TAX	3.115	2.519	2.377

Less	TAX	1.040	0.778	0.815

	PROFIT/ (LOSS) AFTER TAX	2.075	1.741	1.562

	Earnings / (Loss) Per Share (Rs.)	2.07	1.74	156.16

Expected Sales ( 2015-2016 ) : Rs.2500.000 Million

The above information has been parted by Mr. Nitin (Accountant).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015 (Provisional)	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net Cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015 (Provisional)	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.12	0.07	0.31

Operating Profit Margin (PBIDT/Sales)	(%)	1.53	1.35	0.57

Return on Total Assets (PBT/Total Assets}	(%)	2.55	2.18	2.41

Return on Investment (ROI) (PBT/Networth)		0.20	0.19	0.21

Debt Equity Ratio (Total Liability/Networth)		2.60	3.05	2.07

Current Ratio (Current Asset/Current Liability)		1.82	1.62	3.71

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015 (Provisional)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	10.000	10.000
Reserves & Surplus	1.562	3.268	5.342
Share Application money pending allotment	9.900	0.000	0.000
Net worth	11.562	13.268	15.342

long-term borrowings	0.000	0.000	0.000
Short term borrowings	23.963	40.529	39.962
Total borrowings	23.963	40.529	39.962
Debt/Equity ratio	2.073	3.055	2.605

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015 (Provisional)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	508.106	2462.283	1790.804
		384.600	(27.271)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015 (Provisional)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	508.106	2462.283	1790.804
Profit	1.562	1.741	2.075
	0.31%	0.07%	0.12%

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%	Yes
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE

The registered office of the company has been shifted from Building No. 2, Savitri Kunj, Near Nitin Industrial Complex, S.P. Road, Dahisar (West), Mumbai – 400068, Maharashtra, India to the present w.e.f.26.02.2013.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10504655	31/05/2014	40,000,000.00	UCO BANK	1ST FLOOR, MAFATLAL CENTRE, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	C07740277
2	10420600	25/03/2013	40,000,000.00	PUNJAB NATIONAL BANK	ZAVER ROAD, MULUND (WEST), MUMBAI - 400080, MAHARASHTRA, INDIA	B73431330

FIXED ASSETS

Tangible Assets

Land
Buildings
Plant and Machinery
Furniture and Fixtures
Computer
Office Equipment
Vehicles

Tangible Assets

Computer Software

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.65.15
UK Pound	1	Rs.99.36
Euro	1	Rs.71.25

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	SAN

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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

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

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

RATING EXPLANATIONS

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

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

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

MIRA INFORM REPORT

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