MIRA INFORM REPORT

Report No. :	339096
Report Date :	03.09.2015

IDENTIFICATION DETAILS

Name :	INDO AFRIQUE PAPER MILLS PRIVATE LIMITED
Registered Office :	Village Pande, P.O. Sarole, Pune Satara Road, Taluka Bhor, Pune-412205, Maharashtra
Tel. No.:	91-20-26345364
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.02.1981
Com. Reg. No.:	11-023970
Capital Investment / Paid-up Capital :	Rs. 212.140 Million
CIN No.: [Company Identification No.]	U21099MH1981PTC023970
IEC No.:	3195002477
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI3913K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Writing Print Paper, News Print Paper, Kraft Paper, etc.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 1981. It has a satisfactory track record. For the financial year 2014, the company possesses good operational activity and earned good profit in comparison with previous year losses. Further, it has healthy financial risk profile and decent net worth position along with favourable gap between trade payables and receivables. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. In view of improved operational activity, 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

NOT AVAILABLE

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ashok Jain
Designation :	Senior Finance Manager
Contact No.:	91-9923405795
Date :	03.09.2015

LOCATIONS

Registered Office/ Factory :	Village Pande, P.O. Sarole, Pune Satara Road, Taluka Bhor, Pune-412205, Maharashtra, India
Tel. No.:	91-20-26345364
Mobile No.:	91-9923405795 (Mr. Ashok Jain)
Fax No.:	Not Available
E-Mail :	jitupatel.indo@gmail.com ashokjain.indo@gmail.com contact@iapaper.com
Website :	http://www.iapaper.com
Location :	Owned
Locality :	Industrial
Marketing Office :	Ground Floor, Samruddhi Apartments, Bandra Station Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Tel. No.:	91-22-26552952/ 53
Fax No.:	91-22-26552956
E-Mail :	contact@iapaper.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Jitendra Ambalal Patel

Designation :

Managing director

Address :

70 Sopanbaug Co-Operative Housing Society, Ghorpuri, Pune-411001, Maharashtra, India

Date of Birth/Age :

02.05.1948

Date of Appointment :

02.01.1985

PAN No.:

AAAAJ2427K

DIN No.:

00248302

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	Company/ LLP Status	Defaulting status
1	U21099MH1981PTC023970	INDO AFRIQUE PAPER MILLS PRIVATE LIMITED	Managing director	02-01-1985	02-01-1985	Active	NO
2	U99999MH1969PTC014398	LAXMI BOARD AND PAPER MILLS PRIVATE LIMITED	Director	25-06-2004	25-06-2004	Active	NO
3	L85110KA1959PLC001352	THE SOUTH INDIA PAPER MILLS LIMITED	Director	19-09-2013	27-09-2012	Active	NO

Name :

Mr. Rajesh Modi

Designation :

Managing Director

Address :

701, Neel Sagar, 23/B, Perry Cross Road,, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

24.02.1951

Date of Appointment :

01.11.2011

PAN No.:

AAAAR5264L

DIN No.:

00167599

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	Company/ LLP Status	Defaulting status
1	U99999MH1969PTC014398	LAXMI BOARD AND PAPER MILLS PRIVATE LIMITED	Managing director	01-12-2010	24-08-2000	Active	NO
2	U21099MH1981PTC023970	INDO AFRIQUE PAPER MILLS PRIVATE LIMITED	Managing director	01-11-2011	30-09-2011	Active	NO

Name :

Mr. Manish Mahendra Patel

Designation :

Director

Address :

12, 13th Cross, Vani Vilas Mohalla, Jayalakshmi Puram, Mysore-570002, Karnataka, India

Date of Birth/Age :

18.05.1959

Date of Appointment :

18.10.1994

PAN No.:

AAAAM5264L

DIN No.:

00128179

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	U99999MH1969PTC014398	LAXMI BOARD AND PAPER MILLS PRIVATE LIMITED	Director	26-03-1990	26-03-1990	-	Active	NO
2	L85110KA1959PLC001352	THE SOUTH INDIA PAPER MILLS LIMITED	Managing director	09-10-1990	09-10-1990	-	Active	NO
3	U85110KA1984PTC006140	BHADRA PACKAIDS PRIVATE LIMITED	Managing director	30-03-1994	30-03-1994	14-10-2011	Active	NO
4	U21099MH1981PTC023970	INDO AFRIQUE PAPER MILLS PRIVATE LIMITED	Director	18-10-1994	18-10-1994	-	Active	NO
5	U02102KA1999PTC025847	SAI CARTON MANUFACTURING COMPANY PRIVATE LIMITED	Director	03-04-2002	03-04-2002	25-03-2009	Active	NO
6	U17232TN1985PLC012126	GLOBAL WASTE RECYCLERS LIMITED	Director	24-11-2014	28-09-2012	-	Active	NO
7	U93000MH2009NPL196517	INDIAN CORRUGATED CASE MANUFACTURERS ASSOCIATION	Director	30-09-2014	19-06-2014	-	Active	NO

Name :

Mr. Ajay Dineshchandra Patel

Designation :

Whole-time Director

Address :

Aurum, Lala Jamnadas Gupta Marg,, Deonar Farm Road, Deonar, Behind Tata School,, Mumbai-400088, Maharashtra, India

Date of Birth/Age :

10.12.1968

Date of Appointment :

01.11.2011

PAN No.:

AAAAA2427L

DIN No.:

00466905

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	L85110KA1959PLC001352	THE SOUTH INDIA PAPER MILLS LIMITED	Director	31-08-1996	31-08-1996	-	Active	NO
2	U74999MH2002NPL135009	KALYAN BHIWANDI INDUSTRIAL CETP	Director	26-02-2002	26-02-2002	-	Active	NO
3	U99999MH1969PTC014398	LAXMI BOARD AND PAPER MILLS PRIVATE LIMITED	Whole-time director	01-07-2014	01-06-2003	-	Active	NO
4	U85110KA1984PTC006140	BHADRA PACKAIDS PRIVATE LIMITED	Director	29-09-2004	29-09-2004	29-09-2011	Active	NO
5	U21099MH1981PTC023970	INDO AFRIQUE PAPER MILLS PRIVATE LIMITED	Whole-time director	01-11-2011	16-05-2010	-	Active	NO
6	U85191MH2013NPL250969	CHEMBUR GOLF WELFARE FOUNDATION	Director	12-12-2013	12-12-2013	-	Active	NO

Name :

Mr. Mishir Rajesh Modi

Designation :

Whole-time director

Address :

701, Neel Sagar, 23/B, Perry Cross Road,, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

09.11.1981

Date of Appointment :

01.11.2011

PAN No.:

AJOPM1796N

DIN No.:

00167594

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	U99999MH1969PTC014398	LAXMI BOARD AND PAPER MILLS PRIVATE LIMITED	Director	17-08-2001	17-08-2001	26-03-2010	Active	NO
2	U21099MH1981PTC023970	INDO AFRIQUE PAPER MILLS PRIVATE LIMITED	Whole-time director	01-11-2011	30-09-2011	-	Active	NO

Name :

Mr. Rachit Rajesh Modi

Designation :

Director

Address :

701, Neel Sagar, 23 B, Perry Cross Road,, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

01.03.1986

Date of Appointment :

29.09.2012

PAN No.:

AJOPM1797P

DIN No.:

02850945

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	Company/ LLP Status	Defaulting status
1	U99999MH1969PTC014398	LAXMI BOARD AND PAPER MILLS PRIVATE LIMITED	Director	29-09-2010	26-03-2010	Active	NO
2	U21099MH1981PTC023970	INDO AFRIQUE PAPER MILLS PRIVATE LIMITED	Director	29-09-2012	30-09-2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashok Jain
Designation :	Senior Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	8.17
Directors or relatives of directors	62.46
Other top fifty shareholders	29.37
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Writing Print Paper, News Print Paper, Kraft Paper, etc.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	· Dubai · African Countries
Imports :
Products :	Raw Material
Countries :	Dubai
Terms :
Selling :	Cash, Advance Payment and Cheque
Purchasing :	Cash, Advance Payment and Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Retailers and End Users

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

150 (Approximately)

Bankers :

Bank Name:	HDFC Bank Limited
Branch:	Kalyan, Mumbai, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Canara Bank

Industrial Finance Branch, Camp, Pune - 411001, Maharashtra, India

· State Bank of India

Corporation Diviosion, Commercial Branch, N.G.N. Vaidya Marg, Mumbai-400023, Maharashtra, India

· ICICI Bank Limited

· Central Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	0.358	0.661
SHORT TERM BORROWINGS
Term loans from banks	44.525	35.195
Total	44.883	35.856

Banking Relations :	--
Auditors :
Name :	D. R. Barve and Company Chartered Accountants
Address :	461/1, Sadashiv Peth, Tilak Road, Pune-411030, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ABGPB3910K
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
21250000	Equity Shares	Rs. 10/- each	Rs. 212.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21213980	Equity Shares	Rs. 10/- each	Rs. 212.140 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	212.140	212.140	212.140
(b) Reserves & Surplus	66.506	53.509	78.819
(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)	278.646	265.649	290.959
(3) Non-Current Liabilities
(a) Long-term borrowings	33.210	25.711	9.822
(b) Deferred tax liabilities (Net)	12.878	7.070	18.334
(c) Other long term liabilities	3.813	3.929	14.965
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	49.901	36.710	43.121
(4) Current Liabilities
(a) Short term borrowings	44.525	35.195	2.438
(b) Trade payables	37.932	55.643	22.607
(c) Other current liabilities	4.533	6.611	4.342
(d) Short-term provisions	12.776	10.341	11.709
Total Current Liabilities (4)	99.766	107.790	41.096
TOTAL	428.313	410.149	375.176
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	222.258	202.772	223.603
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.213	28.088	5.436
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.030	0.030	0.030
(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	0.000	0.000	0.000
Total Non-Current Assets	225.501	230.890	229.069
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	101.374	62.456	48.039
(c) Trade receivables	63.590	86.601	53.342
(d) Cash and cash equivalents	4.430	5.901	23.623
(e) Short-term loans and advances	30.086	21.391	18.746
(f) Other current assets	3.332	2.910	2.357
Total Current Assets	202.812	179.259	146.107
TOTAL	428.313	410.149	375.176

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Turnover	NA	NA	391.159
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	NA	(14.736)
Less/ Add	DEPRECIATION/ AMORTISATION		NA	NA	23.821
	PROFIT BEFORE TAX		18.824	(36.574)	(38.557)
Less	TAX		5.808	(11.264)	(11.902)
	PROFIT AFTER TAX		13.016	(25.310)	(26.655)
	Earnings Per Share (Rs.)		0.61	(1.19)	1.82

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	3.077	3.073	0.000
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operations	10.607	(37.903)	(115.005)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	NA	(6.81)
Return on Total Assets (PBT/Total Assets}	(%)	4.43	(9.57)	(10.43)
Return on Investment (ROI) (PBT/Networth)		0.07	(0.14)	(0.13)
Debt Equity Ratio (Total Liability/Networth)		0.29	0.24	0.04
Current Ratio (Current Asset/Current Liability)		2.03	1.66	3.56

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	212.140	212.140	212.140
Reserves & Surplus	78.819	53.509	66.506
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	290.959	265.649	278.646
Long-term borrowings	9.822	25.711	33.210
Short term borrowings	2.438	35.195	44.525
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	3.073	3.077
Total borrowings	12.260	63.979	80.812
Debt/Equity ratio	0.042	0.241	0.290

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	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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10557774	23/03/2015	108,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W EST , MUMBAI- 400013, MAHARASHTRA, INDIA	C48182794
2	10537518	13/11/2014	108,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W EST , MUMBAI- 400013, MAHARASHTRA, INDIA	C37456720
3	10121811	19/05/2009 *	4,500,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, RED CROSS BUILDING 11, M.G.ROAD, PUNE- 411001, MAHARASHTRA, INDIA	A63820427
4	10086916	22/07/2008 *	9,000,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, CAMP,, PUNE- 411001, MAHARASHTRA, INDIA	A45221140
5	10011373	22/07/2008 *	2,500,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, CAMP,, PUN- 411001E, MAHARASHTRA, INDIA	A45222072
6	80047457	22/07/2008 *	2,400,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, CAMP,, PUNE- 411001, MAHARASHTRA, INDIA	A45212560
7	90086778	08/04/2004	660,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, CAMP, PUNE, MAHARASHTRA, INDIA	-
8	90086085	18/04/2002	7,100,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, M.G. ROAD, PUNE- 411001, MAHARASHTRA, INDIA	-
9	90085915	02/11/2001	1,200,000.00	CANARA BANK	M.G. ROAD BRANCH, PUNE- 411001, MAHARASHTRA, INDIA	-
10	80047456	19/05/2009 *	20,000,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, CAMP, PUNE- 411001, MAHARASHTRA, INDIA	A63821086

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from others	30.000	20.000
Deferred payment liabilities	2.852	5.050
Total	32.852	25.050

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from Aditi Commerce Centre 2406 East Street, Pune-411001, Maharashtra, India to the present address w.e.f 14.07.2010

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Other Equipments

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. 66.16
UK Pound	1	Rs. 101.22
Euro	1	Rs. 74.61

INFORMATION DETAILS

Information Gathered by :	MAN
Analysis Done by :	TRI
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.