MIRA INFORM REPORT

Report No. :	352025
Report Date :	28.11.2015

IDENTIFICATION DETAILS

Name :	PAPER PACKAGING PRIVATE LIMITED
Registered Office :	No. 197, 2^nd Cross, 7^th Main, Ist Block, Koramangala, Bangalore – 560034, Karnataka
Tel. No.:	91-80-25533085/25533406
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.10.1975
Com. Reg. No.:	11-002890
Capital Investment / Paid-up Capital :	Rs. 55.937 Million
CIN No.: [Company Identification No.]	U21012KA1975PTC002890
IEC No.:	0799015318
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACP6093P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing and supplying of paper board, packaged bags and packaging paper.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is well-established company incorporated in the year 1975. For the financial year ended 2014, the company has shown healthy operational activity marked by decent top line growth of 21.6% along with profitability margin of 4.12%. The company has healthy financial base marked by adequate networth Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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	CRISIL
Rating	Long term Bank Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	08.04.2015

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 31-03-2015.

INFORMATION DECLINED

Management non - cooperative (Tel No. 91-8182-220681)

LOCATIONS

Registered Office :	No. 197, 2^nd Cross, 7^th Main, Ist Block, Koramangala, Bangalore – 560034, Karnataka, India
Tel. No.:	91-80-25533085
Fax No.:	91-80-25533406
E-Mail :	paperpkg@vsnl.com
Website:	www.recyledkraft.in
Factory:	KIADB Industrial Area, Mandli, Kallur Road, Mandli, Shimoga – 577 202, Karnataka, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Noor Ahmed Jaffer

Designation :

Managing Director

Address :

No. 3, I Cross, 8th Main,, 4th Block, Koramangala, Bangalore - 560034, Karnataka, India

Date of Birth/Age :

12.11.1949

Date of Appointment :

21.06.1978

PAN No.:

ABMPJ8062C

DIN No.:

00027646

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	U21012KA1975PTC002890	PAPER PACKAGING PRIVATE LIMITED	Managing director	21/06/1978	21/06/1978	-	Active	NO
2	U21022KA1984PTC006570	ACCUPAK PRIVATE LIMITED	Director	13/12/1984	13/12/1984	-	Active	NO
3	U21020MH1975PTC018062	TIS THERMO INSTRUMENT SYSTEMS PRIVATE LIMITED	Director	10/05/1985	10/05/1985	05/09/2008	Active	NO
4	U74999MH1996PTC099995	ENSOURCE ENERGY (INDIA) PRIVATE LIMITED	Director	04/06/1996	04/06/1996	05/09/2008	Active	NO
5	U40108KA1997PLC022726	KUTUB POWER CO. LIMITED	Director	02/09/1997	02/09/1997	-	Strike off	NO
6	U72200KA2006PTC040458	CAREER VAULT BPO SERVICES PRIVATE LIMITED	Director	08/09/2006	08/09/2006	-	Strike off	NO
7	U70101MH1994PTC081400	Shimoga Infrastructure Private Limited	Director	17/11/2008	17/11/2008	-	Active	NO
8	L07010KA1997PLC022322	PRESTIGE ESTATES PROJECTS LIMITED	Director	25/09/2014	24/11/2009	-	Active	NO
9	U21022KA2011PTC060233	ACCUPAK CARTONS PRIVATE LIMITED	Director	05/09/2011	05/09/2011	-	Active	NO

Name :

Mr. Zaki Aziz Hajeebhoy

Designation :

Director

Address :

Gulmarg Building., Flat No.5, 1st Floor, Near Petit Hall, Nepeansea Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

06.07.1947

Date of Appointment :

10.02.2005

PAN No.:

AAAPH2635N

DIN No.:

00480679

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	U21020MH1975PTC018062	TIS THERMO INSTRUMENT SYSTEMS PRIVATE LIMITED	Director	30/01/1975	30/01/1975	-	Active	NO
2	U21022KA1984PTC006570	ACCUPAK PRIVATE LIMITED	Director	13/12/1984	13/12/1984	-	Active	NO
3	U45200MH1977PLC019533	H M G ENGINEERING LIMITED	Director	23/07/1986	23/07/1986	-	Active	NO
4	U99999MH1971PTC015254	HMG INVESTMENTS AND TRADING PRIVATE LIMITED	Director	11/08/1986	11/08/1986	-	Active	NO
5	U24110MH1987PLC044801	HMG INDUSTRIES LIMITED	Managing director	28/09/1987	28/09/1987	-	Active	NO
6	U67120MH1991PLC060809	ENSOURCE FINANCE LIMITED	Director	18/03/1991	18/03/1991	-	Active	NO
7	U10100MH1991PTC062284	ENSOURCE COAL SERVICES PRIVATE LIMITED	Director	28/06/1991	28/06/1991	-	Active	NO
8	U24200MH1975PTC018622	MARVEL PHARMACHEM PRIVATE LIMITED	Director	02/03/1992	02/03/1992	-	Active	NO
9	U24100MH1986PLC040069	HMG ESTATES AND HOUSING LIMITED	Director	31/08/1993	31/08/1993	-	Active	NO
10	U65990MH1991PTC062543	MARZDI FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	01/04/1994	01/04/1994	-	Strike off	NO
11	U70100MH1994PTC081505	GERDIE CONSTRUCTIONS PRIVATE LIMITED	Director	01/12/1994	01/12/1994	-	Active	NO
12	U45200MH1994PTC081608	HASITA DEVELOPERS PRIVATE LIMITED	Director	02/01/1995	02/01/1995	-	Active	NO
13	U65990MH1994PTC077375	BIRCH INVESTMENT AND FINANCE PRIVATE LIMITED	Director	17/06/1995	17/06/1995	-	Active	NO
14	U45201MH1995PTC092408	BROADMAX CONSTRUCTION PRIVATE LIMITED	Director	05/09/1995	05/09/1995	-	Active	NO
15	U70100MH1995PTC088020	COURTYARD CONSTRUCTIONS PRIVATE LIMITED	Director	25/09/1995	25/09/1995	18/06/2010	Active	NO
16	U17200MH1991PTC062623	RAGHU TEXTILES PRIVATE LIMITED	Director	04/06/1996	04/06/1996	-	Active	NO
17	U74999MH1996PTC099995	ENSOURCE ENERGY (INDIA) PRIVATE LIMITED	Director	04/06/1996	04/06/1996	-	Active	NO
18	U45200MH1995PTC092009	CONVENTRY CONSTRUCTION PRIVATE LIMITED	Director	10/06/1996	10/06/1996	-	Active	NO
19	U70101MH1994PTC081400	Shimoga Infrastructure Private Limited	Director	05/06/1997	05/06/1997	-	Active	NO
20	U21012KA1975PTC002890	PAPER PACKAGING PRIVATE LIMITED	Director	10/02/2005	10/02/2005	-	Active	NO
21	U21024DL1992PTC134103	CPP THERMO DEVICES PRIVATE LIMITED	Director	21/01/2007	21/01/2007	26/03/2015	Active	NO
22	U74900MH1991PTC062281	GH LOGISTIC SERVICES PRIVATE LIMITED	Director	28/06/2007	28/06/2007	-	Active	NO
23	U51900MH1988PTC047384	INTIME EXPORTS PRIVATE LIMITED	Additional director	23/11/2009	23/11/2009	-	Active	NO
24	U21022KA2011PTC060233	ACCUPAK CARTONS PRIVATE LIMITED	Director	05/09/2011	05/09/2011	-	Active	NO

Name :

Mr. Shridhar Shankar Naik

Designation :

Additional director

Address :

HIG 25, KHB Colony, C Block, 2nd Phase, Kallahalli, Vinobanagar, Shimoga - 577204, Karnataka, India

Date of Birth/Age :

01.06.1951

Date of Appointment :

20.12.2010

PAN No.:

ABDPN5699Q

DIN No.:

02470851

Other Directorship:

.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	U70101MH1994PTC081400	Shimoga Infrastructure Private Limited	Director	17/11/2008	17/11/2008	-	Active	NO
2	U21012KA1975PTC002890	PAPER PACKAGING PRIVATE LIMITED	Additional director	20/12/2010	20/12/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Zaki Aziz Hajeebhoy	250
Noor Ahmed Jaffer	141088
Tanya Goel	6250
Tishya Goel	6250
Anisaa Jaffer	25375
Niloufer Hajeebhoy	69050
Methoo Hajeebhoy	124907
Renuka Goel	181705
S.S. Naik	4500
Total	559375

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing and supplying of paper board, packaged bags and packaging paper.

Products :

Item Code No.	Product Description
Craft Paper	48043100

Brand Names :

Not Available

Agencies Held :

Not Available

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	Canara Bank
Branch	Nehru Road (Main Branch), Shimoga- 577201, Karnataka, 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

Auditors :
Name :	Rajagopal and Badrinarayan Chartered Accountants
Address :	Padmashree Mansions, 2nd Floor, 1st Cross, Sampige Road, Malleswaram, Bangalore - 560003, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFR5386A
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Accupak Private Limited U21022KA1984PTC006570 Shimoga Infrastructure Private Limited U70101MH1994PTC08140

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
990000	Equity Shares	Rs.100/- each	Rs. 99.000 Million
10000	Preference Share	Rs.100/- each	Rs. 1.000 Million
	Total		Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
559375	Equity Shares	Rs.100/- each	Rs. 55.937 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	55.937	55.862	55.787
(b) Reserves & Surplus	330.756	274.136	217.519
(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)	386.693	329.998	273.306
(3) Non-Current Liabilities
(a) long-term borrowings	13.142	7.640	2.293
(b) Deferred tax liabilities (Net)	0.683	0.000	0.000
(c) Other long term liabilities	2.140	1.656	1.684
(d) long-term provisions	27.447	21.986	21.986
Total Non-current Liabilities (3)	43.412	31.282	25.963
(4) Current Liabilities
(a) Short term borrowings	108.895	56.435	91.398
(b) Trade payables	33.573	31.314	21.798
(c) Other current liabilities	20.055	17.591	17.227
(d) Short-term provisions	27.070	27.608	0.153
Total Current Liabilities (4)	189.593	132.948	130.576
TOTAL	619.698	494.228	429.845
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	148.197	118.654	130.206
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	24.983	5.615
(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	0.679	1.411
(d) Long-term Loan and Advances	42.164	32.327	33.346
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	190.361	176.643	170.578
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	141.671	88.280	98.530
(c) Trade receivables	214.351	172.244	135.325
(d) Cash and cash equivalents	39.363	19.224	12.625
(e) Short-term loans and advances	33.952	37.837	12.787
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	429.337	317.585	259.267
TOTAL	619.698	494.228	429.845

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	GROSS TURNOVER	1371.400	1127.276	1056.476
Less	TOTAL XPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	98.768	98.908	80.964
Less/ Add	DEPRECIATION/ AMORTISATION	11.482	11.688	9.309
	PROFIT/ (LOSS) BEFORE TAX	87.286	87.220	71.655
Less	TAX	30.686	30.603	26.490
	PROFIT/ (LOSS) AFTER TAX	56.600	56.617	45.165
	Earnings / (Loss) Per Share (Rs.)	101.18	101.21	80.74

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	5.219	95.869	21.677
Net cash flows from (used in) operating activities	(30.562)	56.892	8.312

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Gross Turnover)	(%)	4.13	5.02	4.28
Return on Total Assets (PBT/Total Assets}	(%)	14.09	18.61	16.95
Return on Investment (ROI) (PBT/Networth)		0.23	0.26	0.26
Debt Equity Ratio (Total Debt /Networth)		0.32	0.19	0.34
Current Ratio (Current Asset/Current Liability)		2.26	2.39	1.99

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	55.787	55.862	55.937
Reserves & Surplus	217.519	274.136	330.756
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	273.306	329.998	386.693
long-term borrowings	2.293	7.640	13.142
Short term borrowings	91.398	56.435	108.895
Total borrowings	93.691	64.075	122.037
Debt/Equity ratio	0.343	0.194	0.316

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)
Gross Turnover	1056.476	1127.276	1371.400
		6.702	21.656

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Gross Turnover	1056.476	1127.276	1371.400
Profit	45.165	56.617	56.600
	4.28%	5.02%	4.13%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10051089	26/12/2014 *	200,000,000.00	CANARA BANK	NEHRU ROAD (MAIN BRANCH), SHIMOGA - 577201, KARNATAKA, INDIA	C39494166
2	10007294	08/06/2006	5,000,000.00	CANARA BANK	NEHRU ROAD, SHIMOGA - 577201, KARNATAKA, INDIA	A01984285
3	90192950	15/02/2005	12,000,000.00	CANARA BANK	NEHRU ROAD, SHIMOGA, KARNATAKA, INDIA	-
4	90192409	13/06/2001	2,500,000.00	CANARA	NEHRU ROAD, SHIMOGA, KARNATAKA, INDIA	-
5	90192043	31/03/1999 *	10,000,000.00	KARNATAKA STATE INDUSTRIAL DEVELOPMENT CORPORATION LIMITED	MSIL HOUSE. 36, CUNNINGHAM ROAD, BANGALORE- 560052, KARNATAKA, INDIA	-
6	90191964	22/06/1998	700,494.00	CANARA BANK	MAIN BRANCH, NEHRU ROAD, SHIMOGA, KARNATAKA, INDIA	-
7	90191963	22/06/1998 *	25,000,000.00	KARNATAKA STATE INDUSTRIAL DEVELOPMENT CORPORATION LIMITED	MSIL HOUSE. 36, CUNNINGHAM ROAD, BANGALORE - 560052, KARNATAKA, INDIA	-
8	90189457	31/03/1998	34,000,000.00	CANAA BANK FACTORS LTD.	NO. 17; SESHADRI ROAD, BANGALORE- 560009, KARNATAKA, INDIA	-
9	90191937	31/03/1998 *	5,900,000.00	KARNATAKA STATE INDUSTRIAL INVESTMENT AND DEVELOPMENT CORPORATION LIMITED	MSIL HOUSE. 36, CUNNINGHAM ROAD, BANGALORE- 560052, KARNATAKA, INDIA	-
10	90196197	06/07/1999 *	34,000,000.00	CANARA BANK	SHIMOGA MAIN BRANCH, NEHRU ROAD, SHIMOGA, KARNATAKA, INDIA	-

FIXED ASSETS

• Vehicles
• Land
• Office building
• Factory building
• Plant and equipment
• Furniture and fixtures

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.66.75
UK Pound	1	Rs.100.67
Euro	1	Rs.70.87

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	TRI
Report Prepared by :	RKI

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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		51

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