MIRA INFORM REPORT

Report No. :	344407
Report Date :	09.10.2015

IDENTIFICATION DETAILS

Name :	GPI TEXTILES LIMITED
Registered Office :	Bharatgarh Road, Nalagarh, District Solan – 174101, Himachal Pradesh
Tel. No.:	91-1795-222283
Country :	India
Financials (as on) :	30.09.2011
Date of Incorporation :	29.09.2000
Com. Reg. No.:	06-026391
Capital Investment / Paid-up Capital :	Rs. 1687.541 Million
CIN No.: [Company Identification No.]	U17117HP2000PLC026391
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing of cotton yarn, polyester yarn and blended yarns.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Poor
Payment Behaviour :	--
Litigation :	Exist
Comments :	Subject was incorporated in the year 2000 it is a manufacturer of 'cotton, polyester, and blended yarns. Its products include cotton combed yarns, polyester, cotton blended combed ring spun yarns, polyester yarns and open end yarns. Management has not filed its financial record with government department after 2011. As per the financial record of 2011, company has incurred huge accumulated losses which has eroded net worth of the company. The management has register case (Case No. 50/2011) with Board for Industrial and Financial Reconstruction under sick industrial companies act 1985. The order on which for approval for rehabilitation proposal is pending. The Company has also found under RBI defaulter and defaulted hefty amount of Rs. 139.200 million with state bank of Indian. As per the registrar of companies business is active. Payments are reported to be unknown. In view of aforesaid, absolute credit risk lies with the subject company and we do not recommend any business dealings with the subject company.

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under :

Suit-filed accounts of Rs. 1 Cr. and above as on 09-Oct-2015

Borrower Containing - GPI TEXTILES 

BANK	BRANCH	QUARTER	BORROWER NAME	DIRECTORS NAME	OUTSTANDING AMOUNT ( RS. IN MILLION)
STATE BANK OF INDIA	SAMB CHANDIGARH	31-03-15	GPI TEXTILES LTD.	Lalan Kumar Singh	139.200
STATE BANK OF INDIA	SAMB CHANDIGARH	30-06-15	GPI TEXTILES LTD.	Lalan Kumar Singh	139.200
STATE BANK OF INDIA	SAMB, CHANDIGARH	31-12-14	GPI TEXTILES LTD.	LALAN KUMAR SINGH	139.200

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 CO-OPERATIVE (91-1795-222283)

LOCATIONS

Registered Office :	Bharatgarh Road, Nalagarh, District Solan – 174101, Himachal Pradesh, India
Tel. No.:	91-1795-222283
Fax No.:	Not Available
E-Mail :	rgupta@gpitextiles.com

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Lalan Kumar Singh
Designation :	Whole-time director
Address :	House No. 1330/1, Sector-34, Chandigarh - 160023, Chandigarh, India
Date of Birth/Age :	05.01.1966
Date of Appointment :	12.09.2008
DIN No.:	00140452
Name :	Mr. Suresh Subramanian Vaigalthur
Designation :	Director
Address :	702/703, Onyx Building,Nirmal Life Style, Nahur Village, L.B.S. Road, Mulund (West), Mumbai - 400080, Maharashtra, India
Date of Appointment :	21.03.2014
DIN No.:	00053998
Name :	Mr. Jagdish Prasad Khemka
Designation :	Director
Address :	401-B Juhu Abhishek Apartment, Juhu Versova Link Road Andheri (West), Mumbai - 400053, Maharashtra, India
Date of Appointment :	21.03.2014
DIN No.:	00364352
Name :	Mr. Arun Kumar Aggarwal
Designation :	Additional director
Address :	MIG, 58, Sector-1, Parwanoo - 173220, Himachal Pradesh, India
Date of Appointment :	23.09.2015
DIN No.:	01975892
Name :	Mr. Tejinder Parkash
Designation :	Additional director
Address :	House No. 104, Sector 15, Panchkula - 134109, Haryana, India
Date of Appointment :	23.09.2015
DIN No.:	07298481
Name :	Mr. Ashok Kumar Mittal
Designation :	Additional director
Address :	House No-536, Sector-16, Panchkula - 139106, Haryana, India
Date of Appointment :	23.09.2015
DIN No.:	01381631
Name :	Mr. Rajeev Bansal
Designation :	Additional director
Address :	House No 1076/1, Sector 38-B, Chandigarh - 160036, Chandigarh, India
Date of Appointment :	23.09.2015
DIN No.:	07186412
Name :	Mr. Sanjeev Chaudhary
Designation :	Additional director
Address :	H No 1256, Peer Baba Road, Saini Vihar, Baltana, Mohali - 140604, Punjab, India
Date of Appointment :	23.09.2015
DIN No.:	07299062
Name :	Mr. Krishnadas Valliyaveetil Balan
Designation :	Additional director
Address :	Sukh Shanti Chs, Flat No. 606, Plot No-8 Sector-8, Airoli Navi Mumbai - 400708, Maharashtra, India
Date of Appointment :	11.04.2015
DIN No.:	05225069

KEY EXECUTIVES

Name :	Mr. Rajesh Gupta
Designation :	Secretary
Address :	House No. 94, Sector-16, Panchkula - 134109, Haryana, India
Date of Appointment :	18.08.2014
PAN No:	ABJPG6978R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.12.2011

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.12.2011

Category	Percentage
Public financial companies	3.32
Nationalised or other banks	13.34
Mutual funds	0.04
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	52.14
Bodies corporate	29.83
Directors or relatives of Directors	0.30
Other top fifty shareholders	0.25
Other	0.78
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing of cotton yarn, polyester yarn and blended yarns.
Products :	Cotton yarn Polyester yarn Blended yarns
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: (AS ON 30.09.2011)

Particulars	Unit	Licensed Capacity*	Installed Capacity**	Actual Production***
Yarn	Spindles	N.A.*	90,432	20,001

Note:

* Not applicable in view of the delicensing policy of the Government.

** Including 960 Rotors equivalent to 5760 Spindles.

*** Including goods produced on Job work basis.

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 :

• Industrial Development Bank of India, IDBI Tower, Cuffe Parade, Mumbai - 400005, Maharashtra, India
• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015,
• Gujarat, India

Banker Name	State Bank of India
Branch Address	Specialised Commercial Branch, SCO 103-106, Sector 17B, Chandigarh - 160017, Chandigarh, 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 :

(Rs. In Million)

SECURED LOAN	As on 30.09.2011	As on 30.09.2010
Rupee term loans banks secured	1290.200	1290.200
Rupee term loans others secured	0.000	16.361
Working capital loans banks secured	49.811	62.128
Interest accrued due other debt secured	11.836	0.138
Total	1351.847	1368.827

Banking Relations :
Financial Institute:	Phoenix ARC Private Limited, Dani Corporate Park, 7th Floor, 158 Cst Road, Kalina, Santacruz (East), Mumbai - 400098, Maharashtra, India
Auditors :
Name :	S V Ghatalia and Associates Chartered Accountants
Address :	Golf View Corporate Tower B, Near DLF Golf Course, Sector 42, Sector Road, Gurgaon - 122002, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFS6921Q
Memberships :	Not Available
Collaborators :	Not Available
Enterprises owned or significantly influenced by Key Management Personnel or their relatives::	Ispat Industries Limited Gontermann-Peipers (India) Limited Kanoria Plastokem Private Limited
Joint Venture Partner:	GL Asia Mauritius II Limited

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
260000000	Equity Shares	Rs.5/- each	Rs. 1300.0000 Million
540000000	Preference Shares	Rs.5/- each	Rs. 2700.000 Million
	Total		Rs. 4000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
166261848	Equity Shares	Rs.5/- each	Rs. 831.309 Million
171246496	Preference Shares	Rs.5/- each	Rs. 856.232 Million
	Total		Rs. 1687.541 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2011 (12 Months)	30.09.2010 (18 Months)	31.03.2009 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		1687.541	1687.541	1687.541
2] Share Application Money		0.120	0.120	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(2145.569)	(1800.285)	(1570.264)
NETWORTH		(457.908)	(112.624	117.277
LOAN FUNDS
1] Secured Loans		1351.847	1368.827	1407.765
2] Unsecured Loans		209.896	71.813	19.103
TOTAL BORROWING		1561.743	1440.640	1426.868
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1103.835	1328.016	1544.145
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1695.305	1794.685	1904.830
Capital work-in-progress		0.000	1.247	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	73.089	187.758	132.052
	Sundry Debtors	70.548	86.456	125.814
	Cash & Bank Balances	12.868	11.681	18.171
	Other Current Assets	1.489	1.051	2.060
	Loans & Advances	74.723	82.010	68.797
Total Current Assets		232.717	368.956	346.894
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	642.905	550.937	493.741
	Other Current Liabilities	163.615	270.042	198.266
	Provisions	17.667	15.893	15.572
Total Current Liabilities		824.187	836.872	707.579
Net Current Assets		(591.470)	(467.916)	(360.685)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1103.835	1328.016	1544.145

PROFIT & LOSS ACCOUNT

	PARTICULARS	30.09.2011 (12 Months)	30.09.2010 (18 Months)	31.03.2009 (12 Months)
	SALES
	Income	3187.389	4252.500	2350.080
	Other Income	66.695	71.197	21.048
	TOTAL (A)	3254.084	4323.697	2371.128
Less	EXPENSES
	Consumption materials changes inventories	2658.110	3113.298
	Manufacturing service costs	319.451	487.170	2254.045
	Employee related expenses	145.667	214.365
	Administrative selling other expenses	132.548	226.159
	TOTAL (B)	3255.776	4040.992	2254.045
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(1.692)	282.705	117.083
Less	FINANCIAL EXPENSES (D)	235.727	356.571	239.532
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(237.419)	(73.866)	(122.449)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	107.865	156.155	105.406
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(345.284)	(230.021)	(227.855)
Less	TAX (H)	0.000	0.000	1.101
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(345.284)	(230.021)	(228.956)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	(1800.285)	(1570.264)	(1341.308)
	Balance Carried to the B/S	(2145.569)	(1800.285)	(1570.264)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1172.519	1502.007	610.822
	TOTAL EARNINGS	1172.519	1502.007	610.822
	IMPORTS
	CIF Value of Imports of raw material, components & spare parts	16.534	3.209	22.326
	Stores parts		26.332	32.851
	TOTAL IMPORTS	16.534	29.541	55.177
	Earnings / (Loss) Per Share (Rs.)	(2.70)	(1.88)	(2.16)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	30.09.2011 (12 Months)	30.09.2010 (18 Months)	31.03.2009 (12 Months)
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	387.639	230.484
Net cash flows from operating activities	NA	386.008	230.406

KEY RATIOS

PARTICULARS		30.09.2011 (12 Months)	30.09.2010 (18 Months)	31.03.2009 (12 Months)
Net Profit Margin (PAT / Sales)	(%)	(10.83)	(5.41)	(9.74)
Operating Profit Margin (PBIDT/Sales)	(%)	(0.05)	6.65	4.98
Return on Total Assets (PBT/Total Assets}	(%)	(17.91)	(10.63)	(10.12)
Return on Investment (ROI) (PBT/Networth)		0.75	2.04	(1.94)
Debt Equity Ratio (Total Debt /Networth)		(3.41)	(12.79)	12.17
Current Ratio (Current Asset/Current Liability)		0.23	0.41	0.48

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2009	30.09.2010	30.09.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1687.541	1687.541	1687.541
Reserves & Surplus	0.000	0.000	0.000
(Accumulated Losses)	(2145.569)	(1800.285)	(1570.264)
Share Application Money	0.000	0.120	0.120
Net worth	(458.028)	(112.624)	117.397
Secured Loans	1407.765	1368.827	1351.847
Unsecured Loans	19.103	71.813	209.896
Total borrowings	1426.868	1440.640	1561.743
Debt/Equity ratio	(3.115)	(12.792)	13.303

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	30.09.2010	30.09.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2350.080	4252.500	3187.389
		80.951	-25.047

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	30.09.2010	30.09.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2350.080	4252.500	3187.389
Profit	(228.956)	(230.021)	(345.284)
	(9.74%)	(5.41%)	(10.83%)

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	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	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	No
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	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CASE DETAILS

Filing Type	Original Side Appeal			Register Type	Original Side Appeal
Stamp No.	OSAST/20001/2015	Filling Date	23/02/2015	Reg. No	OSA/1/2015	Reg. Date	13/03/2015
Petitioner	Sekhsaria Impex

	Respondent : GPI TEXTILES LIMITED
Petn. Adv. : Surinder Parkash S
	Resp. Adv. NEMO
District		OTHER STATE
Bench	DIVISION
Status	Pre-Admission
Last Date	31/08/2015		Stage	ORDER MATTERS
Last Coram	ADDITIONAL REGISTRAR(J)-I
Act	CODE OF CIVIL PROCEDURE, 1908

COMPANY STATUS

Case No.:	Company Name	Address	Status	Date of last Order
50/2011	GPI TEXTILES LIMITED	Bharat Garh Road, Nalagarh, District Solan – 174101, Himachal Pradesh, India	Declared Sick/ DRS Awaited	19.01.2015

FINANCIAL RESULTS

Income from operations during the period was Rs. 3240.483 Million and net loss was Rs. 345.284 Million. Export turnover for the financial year ended September 2011 increased by 23.27% (annualized) to Rs. 1369.272 Million as against Rs. 1666.161 Million during the eighteen months period ended 30th September 2010.

First half of the financial year was extremely good and the Company was able to meet its whole interest expenses, part of depreciation and was inching towards net profits. However all these gains were wiped out in the second half due to unprecedented downtrend in the Textile market wherein raw material prices and consequent yarn prices have crashed. It resulted in huge pile up of inventories with the spinners and the demand of yarn was adversely affected due to expectations of further reduction in yarn prices.

FINANCIAL ANALYSIS AND REVIEW OF OPERATIONS

Production of yarn at 20001 MTs was decreased by 16.67% compared to the previous eighteen months period on annualized basis and Income from operations also increased by 12.88% on annualized basis.

In spite of cost cutting measure, the Company remained in net loss due to unprecedented volatility in the second half of the Current financial year and accumulated losses were Rs. 2145.569 Million as on 30th September 2011.

FUTURE OUTLOOK

The Indian Textile Industry has been facing unprecedented period of difficulty, due to slowing down in the demand especially from April 2011 onwards. The uncertainties in the export policy of Government of India related to cotton fibre and cotton yarn have added to the woes of the Textile Industry.

The restriction imposed by the Government on cotton yarn exports during Jan to March 2011, led to huge accumulation of cotton yarn inventory with mills leading to crashing of yarn prices even after exports allowed from April 2011.

The financial stress caused by the aforesaid circumstances has adversely affected the profitability of the Textile Industry in the financial year beginning from April 2011. The financial year 2011-12 is likely to be turbulent and may have adverse impact on the operations of the Industry at large.

However, they are confident about the bright future of Textile Industry in long term. At present, Textile Industry in India is one of the most modern as compared to their competitors such as Pakistan and China.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 30.09.2011	As on 30.09.2010
Other debt unsecured	201.628	65.313
Interest accrued due debentures unsecured	8.268	6.500
Total	209.896	71.813

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10204179	12/11/2011 *	160,000,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, SCO 103-106, SECTO R 17B, CHANDIGARH, CHANDIGARH - 160017, INDIA	B25754524
2	10201039	21/03/2012 *	1,290,200,000.00	PHOENIX ARC PRIVATE LIMITED	DANI CORPORATE PARK, 7TH FLOOR,, 158 CST ROAD, KA LINA, SANTACRUZ (E), MUMBAI, MAHARASHTRA - 400098, INDIA	B36924116
3	10150497	21/03/2012 *	1,290,200,000.00	PHOENIX ARC PRIVATE LIMITED	DANI CORPORATE PARK, 7TH FLOOR,, 158 CST ROAD, KA LINA, SANTACRUZ (E), MUMBAI, MAHARASHTRA - 400098, INDIA	B36979979
4	80047712	16/09/2005 *	270,000,000.00	STATE BANK OF INDIA	SECTOR 17-B, CHANDIGARH, CHANDIGARH - 160017, INDI A	-

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant machinery
• Furniture fixtures
• Vehicles

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.65.18
UK Pound	1	Rs.99.78
Euro	1	Rs.73.33

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	KVT

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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