MIRA INFORM REPORT

Report No. :	341693
Report Date :	22.09.2015

IDENTIFICATION DETAILS

Name :	CELLO PENS AND STATIONERY PRIVATE LIMITED
Registered Office :	Survey No. 66, Ringanwada, Daman – 396210, Daman and Diu (U.T.)
Tel. No.:	91-260-2242451/ 2243596
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.10.1998
Com. Reg. No.:	56-002614
Capital Investment / Paid-up Capital :	Rs. 50.000 Million
CIN No.: [Company Identification No.]	U36991DD1998PTC002614
IEC No.:	0398049980
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCC1808J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Writing Instruments such as Ball Pens, Gel Pens and Refills.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated on 12^th October 1998. It is part of Cello Group. It manufactured writing instruments such as ball pens, gel pens and refills. It is actively managed by Mr. G.D. Rathod along with his sons Mr. Pradeep G. Rathod and Mr. Pankaj G. Rathod. It has fine track record. The rating reflects its robust financial risk profile marked by large networth, zero debt and ample liquidity. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. In view of leading market position in the writing instrument’s industry, the company can be considered normal 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	Short term Debt Issue = A1
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	December 29, 2014

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 PARTED BY

Name :	Mr. Jay Prakash
Designation :	Chief Accountant
Contact No.:	91-22-26852333
Date :	19.09.2015

LOCATIONS

Registered Office/ Factory 1 :	Survey No. 66, Ringanwada, Daman – 396210, Daman and Diu (U.T.), India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	shreyas.jain@celloworld.com cellopens@cellopens.com
Website :	http://www.cellowriting.com
Location :	Owned
Locality :	Industrial
Factory 2 :	Plot No. D-7, Ringanwada, O.I.D.C., Daman – 396210, Daman and Diu (U.T.), India
Tel. No.:	91-260-2242451/ 2243596
Fax No.:	91-260-2242461
Corporate Office :	Cello House, 4th Floor, Corporate Avenue, B Wing, Sonawala Road, Goregaon-East, Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-26852333/ 2888/ 2999
Fax No.:	91-22-26852025
E-Mail :	marketing@cellopens.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Pradeep Ghisulal Rathod

Designation :

Director

Address :

120, Jawahar Nagar, Goregaon (West), Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

23.01.1965

Date of Appointment :

30.09.2009

PAN No.:

AAAPR5520Q

DIN No.:

00027527

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	L25209DD1988PLC001544	WIM PLAST LIMITED	Managing director	29-06-2014	07-10-1988	-	Active	NO
2	U25209PN1990PTC056237	SUNKIST MOULDERS PRIVATE LIMITED	Director	18-04-1990	18-04-1990	-	Active	NO
3	U25209DD1991PTC001277	CELLO INTERNATIONAL PRIVATE LIMITED	Additional director	30-03-2015	21-01-1991	-	Active	NO
4	U36991DD1999PTC002772	CELLO PENS PRIVATE LIMITED	Director	09-09-2014	22-11-1999	-	Active	NO
5	U24246DD2003PTC003234	HEALTH AND BEAUTY CARE PRIVATE LIMITED	Director	20-05-2003	20-05-2003	-	Active	NO
6	U45201MH2006PLC165921	CELLO INFRASTRUCTURE LIMITED	Director	01-12-2006	01-12-2006	-	Active	NO
7	U45201MH2006PTC166182	CELLO WRITING AIDS PRIVATE LIMITED	Director	09-09-2014	13-12-2006	-	Active	NO
8	U25209MH2008PTC180662	CELLO STATIONERY PRODUCTS PRIVATE LIMITED	Director	09-09-2014	01-04-2008	-	Active	NO
9	U51495DD2008PTC004668	CELLO PLASTIC PRODUCTS PRIVATE LIMITED	Director	09-09-2014	01-04-2008	-	Active	NO
10	U25209DD2008PTC004669	CELLO TIPS AND PENS PRIVATE LIMITED	Director	09-09-2014	01-04-2008	-	Active	NO
11	U80301MH2008NPL185420	JITO ADMINISTRATIVE TRAINING FOUNDATION	Director	04-08-2008	04-08-2008	-	Active	NO
12	U36991DD2008PTC004672	PENTEK PEN AND STATIONERY PRIVATE LIMITED	Director	09-09-2014	12-11-2008	-	Active	NO
13	U36991DD1995PTC001821	CELLO WRITING INSTRUMENTS AND CONTAINERS PRIVATE LIMITED	Director	09-09-2014	08-12-2008	-	Active	NO
14	U36991DD1998PTC002614	CELLO PENS AND STATIONERY PRIVATE LIMITED	Director	30-09-2009	08-12-2008	-	Active	NO
15	U65999MH2008PTC189077	CELLO CAPITAL PRIVATE LIMTIED	Director	22-12-2008	22-12-2008	-	Active	NO
16	U93090MH2009PTC191367	CELLO SALES AND MARKETING PRIVATE LIMITED	Director	01-04-2009	01-04-2009	-	Active	NO
17	U25190MH2010PTC203209	R & T HOUSEWARE PRIVATE LIMITED	Director	14-05-2010	14-05-2010	-	Active	NO
18	U25209MH1984NPL032701	ORGANIZATION OF PLASTICS PROCESSORS OF INDIA	Director	08-09-2011	08-09-2011	-	Active	NO
19	U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	Director	27-10-2012	27-10-2012	20-09-2014	Active	NO

Name :

Mr. Pankaj Ghisulal Rathod

Designation :

Director

Address :

120, Jawahar Nagar, Goregaon (West), Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

16.06.1967

Date of Appointment :

12.10.1998

PAN No.:

AAAPR5522N

DIN No.:

00027572

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	L25209DD1988PLC001544	WIM PLAST LIMITED	Director	18-09-2010	07-10-1988	Active	NO
2	U25209PN1990PTC056237	SUNKIST MOULDERS PRIVATE LIMITED	Director	12-03-1991	12-03-1991	Active	NO
3	U36991DD1998PTC002614	CELLO PENS AND STATIONERY PRIVATE LIMITED	Director	12-10-1998	12-10-1998	Active	NO
4	U45201MH2006PLC165921	CELLO INFRASTRUCTURE LIMITED	Director	01-12-2006	01-12-2006	Active	NO
5	U45201MH2006PTC166182	CELLO WRITING AIDS PRIVATE LIMITED	Director	08-07-2014	13-12-2006	Active	NO
6	U25209DD2008PTC004669	CELLO TIPS AND PENS PRIVATE LIMITED	Director	08-07-2014	01-04-2008	Active	NO
7	U25209MH2008PTC180662	CELLO STATIONERY PRODUCTS PRIVATE LIMITED	Director	08-07-2014	01-04-2008	Active	NO
8	U51495DD2008PTC004668	CELLO PLASTIC PRODUCTS PRIVATE LIMITED	Director	08-07-2014	01-04-2008	Active	NO
9	U36991DD2008PTC004672	PENTEK PEN AND STATIONERY PRIVATE LIMITED	Director	08-07-2014	12-11-2008	Active	NO
10	U36991DD1999PTC002772	CELLO PENS PRIVATE LIMITED	Director	08-07-2014	08-12-2008	Active	NO
11	U36991DD1995PTC001821	CELLO WRITING INSTRUMENTS AND CONTAINERS PRIVATE LIMITED	Director	08-07-2014	08-12-2008	Active	NO
12	U65999MH2008PTC189077	CELLO CAPITAL PRIVATE LIMTIED	Director	22-12-2008	22-12-2008	Active	NO
13	U93090MH2009PTC191367	CELLO SALES AND MARKETING PRIVATE LIMITED	Director	01-04-2009	01-04-2009	Active	NO
14	U25190MH2010PTC203209	R & T HOUSEWARE PRIVATE LIMITED	Director	14-05-2010	14-05-2010	Active	NO
15	U25209DD1991PTC001277	CELLO INTERNATIONAL PRIVATE LIMITED	Additional director	30-03-2015	26-03-2015	Active	NO

Name :

Mr. Gaurav Pradeep Rathod

Designation :

Whole-time director

Address :

120, Jawahar Nagar, Goregaon (West), Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

28.02.1988

Date of Appointment :

01.10.2013

PAN No.:

AAAPR5523P

DIN No.:

06800983

KEY EXECUTIVES

Name :	Mr. Jay Prakash
Designation :	Chief Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Ghisulal D. Rathod	588300
Pradeep Ghisulal Rathod	999500
Pankaj Ghisulal Rathod	999500
Pannalal J. Sharma	100
Jayantilal W. Jain	100
Sangeeta P. Rathod	495000
Babita P. Rathod	495000
Gaurav Rathod	220500
Karishma P. Rathod	85000
Sneha P. Rathod	90000
Ghisulal D. Rathod HUF	80000
Pradeep Ghisulal Rathod HUF	50000
Pankaj Ghisulal Rathod HUF	47000
Cello International Private Limited, India	355000
Pampuben G. Rathod	495000
Total	5000000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	92.89
Other top fifty shareholders	7.11
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Writing Instruments such as Ball Pens, Gel Pens and Refills.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Metal Caps, Plastic Ball Pens, etc.
Countries :	· Korea · Taiwan · Gulf Countries · European Countries
Imports :
Products :	Metal Caps, Plastic Ball Pens, etc.
Countries :	· Thailand · Singapore · Korea · Japan · France
Terms :
Selling :	Cash and Credit (30 Days, 60 Days and 90 Days)
Purchasing :	Cash and Credit (30 Days, 60 Days and 90 Days)

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 :

End Users and OEMs

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 :

1000 (Approximately)

Bankers :

Bank Name:	HDFC Bank Limited
Branch:	Malad (East), 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):	No Facilities
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Citibank N. A.

3rd Floor, Birla Towers, 25, Barakhamba Road, New Delhi - 110001, Delhi, India

· State Bank of India

Industrial Finance Branch, Malad (West), Mumbai, Maharashtra, India

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Centre. Tower 3, 27^th - 32^nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFD7919A
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Cello Writing Aids Private Limited [U45201MH2006PTC166182]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 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	50.000	50.000	50.000
(b) Reserves & Surplus	5255.122	4818.530	4190.260
(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)	5305.122	4868.530	4240.260
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	2.150
Total Non-current Liabilities (3)	0.000	0.000	2.150
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	4.501	0.147	286.481
(c) Other current liabilities	0.171	0.195	120.131
(d) Short-term provisions	0.840	8.986	3.903
Total Current Liabilities (4)	5.512	9.328	410.515
TOTAL	5310.634	4877.858	4652.925
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.074	0.124	182.003
(ii) Intangible Assets	0.000	0.000	0.069
(iii) Capital work-in-progress	0.000	0.000	6.026
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	841.075	582.575	427.053
(c) Deferred tax assets (net)	0.645	0.028	5.562
(d) Long-term Loan and Advances	2385.240	1719.761	961.756
(e) Other Non-current assets	0.000	0.000	11.252
Total Non-Current Assets	3227.034	2302.488	1593.721
(2) Current assets
(a) Current investments	308.093	303.646	47.003
(b) Inventories	0.000	0.000	370.263
(c) Trade receivables	0.000	0.000	79.396
(d) Cash and cash equivalents	330.062	376.895	179.633
(e) Short-term loans and advances	1183.302	1864.563	2337.673
(f) Other current assets	262.143	30.266	45.236
Total Current Assets	2083.600	2575.370	3059.204
TOTAL	5310.634	4877.858	4652.925

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales	0.000	2304.289	1335.605
		Other Income	0.000	21.007	0.098
		Investment Income	718.773	707.604	465.647
		TOTAL	718.773	3032.900	1801.350
Less	EXPENSES
		TOTAL	99.871	1825.775	1085.283
	PROFIT BEFORE TAX		618.902	1207.125	716.067
Less	TAX		182.310	390.972	244.474
	PROFIT AFTER TAX		436.592	816.153	471.593
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4818.529	4190.260	3718.667
Less	ASSETS TRANSFERRED PURSUANT TO SCHEME OF DEMERGER		0.000	187.884	0.000
	BALANCE CARRIED TO THE B/S		5255.121	4818.529	4190.260
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.012	0.000
	CIF VALUE OF IMPORTS		0.000	0.001	0.001
	Earnings Per Share (Rs.)		87.32	163.23	94.32

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	1250.000

The above information has been parted by Mr. Jay Prakash (Chief Accountant)

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 flow from (used in) Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.00	35.42	35.31
Return on Total Assets (PBT/Total Assets}	(%)	13.85	28.10	16.99
Return on Investment (ROI) (PBT/Networth)		0.12	0.25	0.17
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		378.01	276.09	7.45

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	50.000	50.000	50.000
Reserves & Surplus	4190.260	4818.530	5255.122
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4240.260	4868.530	5305.122
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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)
Total Income	1801.350	3032.900	718.773
		68.368	(76.301)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	1801.350	3032.900	718.773
Profit	471.593	816.153	436.592
	26.18%	26.91%	60.74%

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	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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10058910	16/12/2008 *	250,000,000.00	CITIBANK N. A.	3RD FLOOR, BIRLA TOWERS, 25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	A52836608

* Date of charge modification

FINANCIAL OPERATIONS:

During the year, the Company has earned Revenue of Rs. 718.773 Million as compared to Rs. 3032.901 Million in the preceding year. The Net Profit after Tax for the current year is Rs. 436.592 Million as compared to Rs. 816.153 Million in the preceding year.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Leasehold improvements

· Brands and trade marks

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. 65.75
UK Pound	1	Rs. 102.17
Euro	1	Rs. 74.38

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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.