MIRA INFORM REPORT

Report No. :	341915
Report Date :	23.09.2015

IDENTIFICATION DETAILS

Name :	GANGA ACROWOOLS LIMITED
Registered Office :	249, Industrial Area-‘A’, Ludhiana – 141 003, Punjab
Tel. No.:	91-161-6608400/ 2223535/ 2222611/ 1628 - 660660
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.02.1994
Com. Reg. No.:	16-014190
Capital Investment / Paid-up Capital :	Rs.272.077 Million
IEC No.:	3097010254
CIN No.: [Company Identification No.]	U17117PB1994PLC014190
TAN No.: [Tax Deduction & Collection Account No.]	JLDG01474E
PAN No.: [Permanent Account No.]	AAACG8869Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing, Exporting and Importing of Worsted acrylic yarn and other blended yarns.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1994 and it is the manufacturer, exporter and importer of worsted acrylic yarns and other blended yarns. It has satisfactory track. As per financial of the year 2014, company possesses good operational performance with decent profit margins. Further, rating also takes into account of company’s healthy financial risk profile supported by good net worth base, favourable liquidity position and low debt balance sheet profile of the company. Trade relations are fair. Business is active. Payments are reported to be usually correct. In view of good financial position and experienced promoters, subject 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	CARE
Rating	Long Term Bank Rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	August, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Rating = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	August, 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. Pramod
Designation :	Assistant Manager
Contact No.:	91-1628-660660
Date :	22.09.2015

LOCATIONS

Registered/ Corporate Office :	249, Industrial Area-‘A’, Ludhiana – 141 003, Punjab, India
Tel. No.:	91-161-6608400/ 2223535/ 2222611/ 1628 - 660660
Mobile No.:	91-9216218005 (Mr. Prashant)
Fax No :	91-161-2600973/ 6608444
E-Mail :	sales@gangaacrowools.com cfo@gangaacrowools.com
Website :	www.gangaacrwools.com
Location :	Rented
Locality:	Industrial
Delhi Office :	546, Sector – ‘A’, Pocket BC, Vasant Kunj, New Delhi, India
Factory :	G.T. Road, Village Kot Sekhon, Tehsil Khanna, Ludhiana – 141 003, Punjab, India
Tel. No.:	91-1628-660660
Fax No :	91-1628-660666
E-Mail :	sales@gangaacrowools.com
Website :	www.gangaacrwools.com

DIRECTORS

As on 30.09.2014

Name :

Dr. Ravinder Verma

Designation :

Managing Director

Address :

60, Sant Nagar, Civil Lines, Ludhiana – 141 003, Punjab, India

Date of Birth/Age :

09.11.1963

Date of Appointment :

26.07.2015

PAN No.:

AAMPV8454H

DIN No.:

00517907

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	U17117PB1990PLC010479	GANGA SPINNING AND WEAVING MILLS LIMITED	Director	18/06/1990	18/06/1990	27/12/2013	Active	NO
2	U67120PB1993PTC013171	RAHIL INVESTMENTS PVT LTD	Director	29/03/1993	29/03/1993	27/12/2013	Active	NO
3	U65910PB1996PTC017971	MITUL FINANCE PRIVATE LIMITED	Director	03/04/1996	03/04/1996	-	Active	NO
4	U17117PB1994PLC014190	GANGA ACROWOOLS LTD	Managing director	26/07/2015	26/07/1999	-	Active	NO
5	U17290PB2011PTC035448	SOHANA ACROWOOLS PRIVATE LIMITED	Director	08/09/2011	08/09/2011	-	Active	NO

Name :

Mr. Suresh Kumar Singla

Designation :

Nominee Director

Address :

H. No. 52, Young Dwellers Society, Sector 49-A, Chandigarh – 160 047, India

Date of Birth/Age :

01.01.1962

Date of Appointment :

17.05.1999

DIN No.:

00051799

Name :

Mr. Ajay Kumar Sharma

Designation :

Whole-time Director

Address :

H. No. 481/29, Guru Harkrishan Nagara, Malerkotla Road, Khanna – 141402, Punjab, India

Date of Birth/Age :

11.08.1968

Date of Appointment :

12.03.2014

DIN No.:

01262459

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	U17117PB1994PLC014190	GANGA ACROWOOLS LTD	Whole-time director	12/03/2014	01/02/2007	-	Active	NO
2	U67120PB1993PTC012951	MINAR HOLDINGS PRIVATE LIMITED	Director	11/10/2007	11/10/2007	-	Active	NO

Name :

Mr. Inderjit Singh Bhatia

Designation :

Director

Address :

B-lll, 246/1, Purana Bazar, Gal Vakilan, Ludhiana – 141 003, India

Date of Birth/Age :

24.10.1968

Date of Appointment :

30.09.2008

DIN No.:

01870344

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	U17117PB1994PLC014190	GANGA ACROWOOLS LTD	Director	30/09/2008	11/10/2007	-	Active	NO

Name :

Mr. Dinesh Maheshwari

Designation :

Whole-time Director

Address :

H. No. 107, GK Estate, Chandigarh Road, Ludhiana – 141 001, Punjab, India

Date of Birth/Age :

02.03.1967

Date of Appointment :

26.11.2009

DIN No.:

02867380

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	U17117PB1994PLC014190	GANGA ACROWOOLS LTD	Whole-time director	24/12/2014	26/11/2009	-	Active	NO

Name :

Mr. Vijay Kumar Gupta

Designation :

Additional director

Address :

House No. 4152, Sector B, Pocket 5 and 6, Vasant Kunj, Vasant Vihar, South West Delhi, Delhi, 110070, India

Date of Appointment :

06.12.2014

DIN No.:

07036814

Name :

Bal Krishan Bindal

Designation :

Additional director

Address :

House No. 27, Ranjit Nagar, Bhadson Road, Patiala - 147004, Punjab, India

Date of Appointment :

06.12.2014

DIN No.:

07036913

KEY EXECUTIVES

Name :	Mr. Rajiv Khanna
Designation :	Chief Financial Officer/ Secretary
Address :	House No. 62, Street No. 9, New Pawan Nagar, Batala Road, Amritsar - 143001, Punjab, India
Date of Birth/Age :	14.12.1973
Date of Appointment :	03.09.2014
PAN No.:	AGRPK0522C
Name :	Mr. Gaurav Kapoor
Designation :	Secretary
Address :	7050/1, S.No.5, New Shakti Nagar, Ludhiana – 141008, Punjab, India
Date of Birth/Age :	20.04.1990
Date of Appointment :	03.09.2014
Name :	Mr. Pramod
Designation :	Assistant Manager
Name :	Mr. Sumit Jain
Designation :	Secretary
Address :	Flat No. 187, Vijay Inder Nagar, Daba Road, Sherpur, Ludhiana - 141003, Punjab, India
Date of Appointment :	05.08.2015
PAN No.:	AEYPJ6742G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Shareholding Details File Attached.

As on 30.09.2014

Category	Percentage
Public Financial Companies	3.01
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	1.13
Bodies corporate	81.35
Directors or relatives of Directors	9.38
Other top fifty shareholders	5.13
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Exporting and Importing of Worsted acrylic yarn and other blended yarns.

Products :

Item Code No.	Product Description
Acrylic Yarn	55093200

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Yarn

Countries :

• USA
• Germany
• Taiwan

Imports :

Products :

Raw Material

Countries :

• Germany
• Thailand
• Taiwan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Pasupati Acrylon Limited
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 :

Wholesalers, Retailers and Manufacturers

Reference :	Mahesh Trading Company
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 :

2000 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Industrial Finance Golden Tower G.T.Road, Ludhiana – 141003, Punjab, 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

• State Bank of Patiala, Commercial Branch, Aarti Complex, Miller Ganj, Ludhiana – 141003, Punjab, India
• Bank of India
• Bank of Baroda, MID Corporate Branch, Opposite Fire Station Miller Ganj, Ludhiana – 141003, Punjab, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans from Banks	587.071	595.009
Short-term borrowings
Working Capital loans from Banks	496.750	442.396
Total	1083.821	1037.405

Financial Institution :	SBI Global Factors Limited, 6^th Floor, Metropolitan Building, Bandra – Kurla complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Auditors :
Name :	Davinder Rekhi and company Chartered Accountants
Address :	Office No.4, First Floor, Carnival Shopping Centre, Mall Road, Ludhiana – 141 003, Punjab, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFD3965D
Memberships :	--
Collaborators :	--
Associate:	Ganga Spinning and Weaving Mills Limited India (U17117PB1990PLC010479)

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs.305.000 Million

Issued, Subscribed & Paid-up Capital : Rs.280.937 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30500000	Equity Shares	Rs.10/- each	Rs.305.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27237650	Equity Shares	Rs.10/- each	Rs.272.376 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30500000	Equity Shares	Rs.10/- each	Rs.305.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27207650	Equity Shares	Rs.10/- each	Rs.272.077 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	272.077	222.077	191.974
(b) Reserves & Surplus	441.319	301.546	199.381
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.300	0.000	0.000
Total Shareholders’ Funds (1) + (2)	713.696	523.623	391.355
(3) Non-Current Liabilities
(a) long-term borrowings	590.298	598.237	501.298
(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	6.098	3.008	1.853
Total Non-current Liabilities (3)	596.396	601.245	503.151
(4) Current Liabilities
(a) Short term borrowings	496.750	446.208	413.579
(b) Trade payables	275.862	229.371	161.312
(c) Other current liabilities	44.094	29.353	20.801
(d) Short-term provisions	43.929	34.138	22.967
Total Current Liabilities (4)	860.635	739.070	618.659
TOTAL	2170.727	1863.938	1513.165
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1121.983	957.272	715.191
(ii) Intangible Assets	2.302	1.353	1.297
(iii) Capital work-in-progress	12.679	71.534	90.620
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	34.430	29.253	33.904
(e) Other Non-current assets	0.365	0.154	0.263
Total Non-Current Assets	1171.759	1059.566	841.275
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	464.182	376.050	353.986
(c) Trade receivables	329.165	331.737	228.313
(d) Cash and cash equivalents	15.217	17.289	29.809
(e) Short-term loans and advances	39.218	9.774	12.052
(f) Other current assets	151.186	69.522	47.730
Total Current Assets	998.968	804.372	671.890
TOTAL	2170.727	1863.938	1513.165

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2777.189	2295.599	1637.024
	Other Income	4.776	5.431	2.991
	TOTAL (A)	2781.965	2301.030	1640.015
Less	EXPENSES
	Cost of Materials Consumed	1619.704	1445.748	1070.788
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(61.648)	(46.912)	(93.171)
	Employees benefits expense	211.664	158.770	129.983
	Other expenses	596.230	417.607	322.201
	TOTAL (B)	2365.950	1975.213	1429.801
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	416.015	325.817	210.214
Less	FINANCIAL EXPENSES (D)	152.541	131.264	100.297
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	263.474	194.553	109.917
Less/ Add	DEPRECIATION/ AMORTISATION (F)	81.220	66.148	44.736
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	182.254	128.405	65.181
Less	TAX (H)	42.482	26.240	13.419
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	139.772	102.165	51.762
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1132.917	684.982	543.344
	TOTAL EARNINGS	1132.917	684.982	543.344
	Earnings / (Loss) Per Share (Rs.)	5.14	4.60	2.70

Particulars	31.03.2015
Sales Turnover (Approximately)	2830.000

The above information has been parted by Mr. Pramod (Assistant Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	220.779	220.875	61.327

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.03	4.45	3.16
Operating Profit Margin (PBIDT/Sales)	(%)	14.98	14.19	12.84
Return on Total Assets (PBT/Total Assets}	(%)	8.45	7.16	4.58
Return on Investment (ROI) (PBT/Networth)		0.26	0.25	0.17
Debt Equity Ratio (Total Debt /Networth)		1.52	1.99	2.34
Current Ratio (Current Asset/Current Liability)		1.16	1.09	1.09

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	191.974	222.077	272.077
Reserves & Surplus	199.381	301.546	441.319
Share Application money pending allotment	0.000	0.000	0.300
Net worth	391.355	523.623	713.696
long-term borrowings	501.298	598.237	590.298
Short term borrowings	413.579	446.208	496.750
Total borrowings	914.877	1044.445	1087.048
Debt/Equity ratio	2.338	1.995	1.523

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)
Sales	1637.024	2295.599	2777.189
		40.230	20.979

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1637.024	2295.599	2777.189
Profit	51.762	102.165	139.772
	3.16%	4.45%	5.03%

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	Yes
19	Major customers	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

RESULTS OF OPERATIONS

The operating revenue of the Company during the year increased to Rs.2777.100 Million as compared to Rs.2295.600 Million, showing an impressive growth of 21 percent over the previous year. The operating Profit (EBDITA) for the year has been Rs.416.000 Million as against Rs.325.800 Million in the previous year, an increase of about 28 percent. After providing depreciation of Rs.81.200 Million (Previous Year Rs.66.100 Million) and provision for taxation of Rs.42.500 Million (Previous Year Rs.26.200 Million), the net profit from operations worked out to Rs.139.800 Million as compared to Rs.102.200 Million in the previous year, registering an impressive increase of 36.8%. The production of yarn has increased from 6112.869 MT to 7210.763 MT during the year 2013-14 hence an increase of 18% as compared to last year.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Other Loans and Advances	3.227	3.228
Short-term borrowings
Other Loans and Advances	0.000	3.812
Total	3.227	7.040

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10520760	16/07/2014	150,000,000.00	HDFC BANK LIMITED	Plot No.- B/XIX/65/SE, The Mall, Lower Ground Floor 1, 1st Mall, Ludhiana, Punjab - 141001, INDIA	C21307780
2	10520761	16/07/2014	49,170,000.00	HDFC BANK LIMITED	Plot No.- B/XIX/65/SE, The Mall, Lower Ground Floor 1, 1st Mall, Ludhiana, Punjab - 141001, INDIA	C21308226
3	10512855	28/05/2014	100,000,000.00	State Bank of India	SPECIALISED MID CORPORATE BRANCH, V.K. TOWER, KAILASH NAGAR, FOCAL POINT ROAD, LUDHIANA, Punjab - 1  41003, INDIA	C14990550
4	10154339	19/03/2013 *	25,000,000.00	BANK OF BARODA	MCB MILLER GANJ, LUDHIANA, Punjab - 141003, INDIA	B73623738
5	90182571	17/02/1999 *	104,300,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, MILLER GANJ, LUDHIANA, Punjab, INDIA	-
6	90182566	13/10/2014 *	794,500,000.00	State Bank of India	Commercial Branch, Focal Point Road, Ludhiana, Punjab - 141003, INDIA	C36121275
7	90182434	28/08/2014 *	837,200,000.00	State Bank of India	COMMERCIAL BRANCH, FOCAL POINT ROAD, LUDHIANA, Punjab - 141003, INDIA	C33798513

FIXED ASSETS

• Land
• Buildings
• Office building
• Factory building
• Other building
• Plant and equipment
• Factory equipments
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments
• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.62
UK Pound	1	Rs.101.73
Euro	1	Rs.73.26

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	HNA
Report Prepared by :	SUD

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	6
--PROFITABILITY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.