MIRA INFORM REPORT

Report No. :	502098
Report Date :	05.04.2018

IDENTIFICATION DETAILS

Name :	THE PRINTERS (MYSORE) PRIVATE LIMITED
Registered Office :	Plot No.7-12, Kumbal Godu Industrial Area, Mysore Road, Bangalore – 560074, Karnataka
Tel. No.:	91-836-2272351
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	04.02.1948
Com. Reg. No.:	08-000521
Capital Investment / Paid-up Capital :	INR 64.000 Million
CIN No.: [Company Identification No.]	U22110KA1948PTC000521
IEC No.: [Import-Export Code No.]	0788002431
GSTN : [Goods & Service Tax Registration No.]	29AABCT2065N1ZY
TAN No.: [Tax Deduction & Collection Account No.]	BLRT00125G
PAN No.: [Permanent Account No.]	AABCT2065N
Legal Form :	Private Limited Liability Company
Line of Business :	Printing and Publishing of Newspapers. [Registered Activity]
No. of Employees :	Information denied by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 3130000
Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1948. It is engaged in printing and publishing of newspapers. It has 3,300,000 readers in print, 12,000,000 unique users per month, 391 journalists, 359 contributors and 1200+ stories published a day. For the financial year 2017, the revenue of the company has decreased by 3.11% and has incurred operational loss. The healthy financial profile of the company is marked by strong networth base along with negligible debt level. The rating takes into consideration the subject’s long track record of company’s publications, Deccan Herald and Prajavani in the Karnataka Newspaper market. However, rating strength are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payment seems to be usually correct. In view of aforesaid, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 05.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

91-80-25880340 / 25880000 - Continuously Ringing

Management Non-Cooperative (91-836-2272351)

LOCATIONS

Registered Office :	Plot No.7-12, Kumbal Godu Industrial Area, Mysore Road, Bangalore – 560074, Karnataka, India
Tel. No.:	91-80-25880340 91-836-2272351
Fax No.:	91-80-25880426
E-Mail :	vijayamg@printersmysore.co.in
Head/ Corporate/ Administrative Office :	No. 75, Mahatma Gandhi Road, Post Box No. 5331, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-25588999 / 25880000
Fax No.:	91-80-25587179 / 25587096 / 25880165
Branch Offices:	Located at: · Belgaum · Devanagari · Mangalore · Gulbarga · Hassan · New Delhi · Mumbai · Mysore · Hugli · Secunderabad · Kolkata · Mangalore · Chennai · Pune · Bangalore

DIRECTORS

AS ON 31.03.2018

Name :

Mr. Kanekal Nettakallappa Tilak Kumar

Designation :

Joint Managing Director

Address :

173, Subbarama Chetty Road, Basavana Gudi, Bangalore – 560004, Karnataka, India

Date of Birth/Age :

11.10.1953

Qualification :

BA. (Hons)

Date of Appointment :

30.11.1983

PAN No.:

ACLPT8935E

DIN No.:

00509397

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51909KA1970PTC001887	K N GURUSWAMY AND COMPANY PRIVATE LIMITED	24/04/1970	-
U99999DL1951PLC002023	THE INDIAN NEWSPAPER SOCIETY.	21/06/2007	-

Name :

Mr. Kanekal Nettakallappa Shanth Kumar

Designation :

Director

Address :

No. 289/A, 1^st Main Road, 8th Block Jaya Nagar, Bangalore – 560082, Karnataka, India.

Date of Birth/Age :

14.02.1961

Qualification :

B.A.

Date of Appointment :

30.07.1986

PAN No.:

APWPS3002F

DIN No.:

00487956

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51909KA1970PTC001887	K N GURUSWAMY AND COMPANY PRIVATE LIMITED	16/10/1979	-
U74300TN2001PTC046414	WAN - IFRA SOUTH ASIA PRIVATE LIMITED	04/06/2002	-
U74899DL1947PLC103246	THE PRESS TRUST OF INDIA LIMITED	17/06/2004	-
U67120KA2008PTC047482	ANURADHA SHANTHKUMAR HOLDINGS PRIVATE LIMITED	18/08/2008	-

Name :

Mrs. Parul Anant Shah

Designation :

Director

Address :

No. 22, 1^st Main Road, 1th Block, RMV 2^nd Stage, Bangalore – 560094, Karnataka, India.

Date of Birth/Age :

19.03.1954

Qualification :

M.A

Date of Appointment :

10.11.2006

PAN No.:

APYPP3955Q

DIN No.:

01023071

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29195KA1990PTC011122	DHARINI BIOTECH PRIVATE LIMITED	09/08/1990	-
U03190KA1995PTC018753	GANGA MICRO ELECTRONICS PRIVATE LIMITED	12/09/1995	-
U92200KA1995PTC019043	KAVERI COMMUNICATIONS PRIVATE LIMITED	25/10/1995	-

Name :

Mr. Kuldip Nayar

Designation :

Director

Address :

D-No. 7/2, Vasant Vihar, New Delhi – 110 057, Delhi, India

Date of Birth/Age :

14.10.1923

Date of Appointment :

12.05.2008

DIN No.:

02261291

Name :

Mr. Sondekoppa Sundaraswamy Naganand

Designation :

Director

Address :

Naman, IA Cross, Raj Mahal Vilas Extension, Meshri Circle, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

06.09.1957

Date of Appointment :

21.08.2010

DIN No.:

00454719

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U70102KA1991PTC012092	SHREE SUMANA DEVELOPERS PRIVATE LIMITED	28/06/1991	-

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Estate of Late Khan Bahdur Bedan Saheb	64
S.D. Shivaji	52
K.N. Guruswamy and Company Private Limited, India	320
M. Shashikala	4
M. Anuradha	4
S.D. Eswarasa	52
S.D. Muniswamy	48
K.N. Hari Kumar, K.N. Tilak Kumar and K.N. Shanth Kumar	4
Rekha Parashram, Giriia Vijay, Usha Krishna Murthy and Vinutha Gurudati	11
M.P. Manjunath	49
K.N. Hari Kumar	516
K.N. Tilak Kumar	516
K.N. Hari Kumar HUF	21
K.N. Tilak Kumar HUF	21
K.N. Shanth Kumar HUF	21
M. Bhaktavatsala, Prema B. Moola, Anand Ranga Moola, Ved Mand Moola and Dev Siri Moola	48
Pratibha S. Moola, Siddartha S. Moola, Lakshmi S. Moola and Aparna S. Moola	48
M. Ramesh, Anuradha R. Moola, Sharuna R. Moola, Vivesh R. Moola and Bhavana R. Mooia	48
K.N. Shanth Kumar	516
S.D. Aswathnarayanasa, S.D. Nageshwar, S.D. Shivaram, S.D. Krishna Murthy and S.N. Raghavendra	52
Dechu R. Moola, Vishnu R. Moola, Brinda Devi Moola and Maya R. Moola	48
M. Sachin	3
S P Sreenivas Naik	3
Geetha Gowtham, Vaishali, Murari Saranath and Sri Harsha	1
Estate of Late Mkpani	1
Suven M.	1
Urmila Roopkumar	2
Jagadeesh K. Moola	4
M.K. Govardhan Kumar jointly with M. Dharma Vijeth	24
M. Shashikala	3
M. Anuradha	3
S.N. Srinivasa Murthy and S.N. Shiva Shankar	52
Total	2560

Equity Share Break up (Percentage of Total Equity)

AS ON 09.09.2017

Category	Percentage
Promoters [Individual/Hindu Undivided Family (Indian)]	63.09
Public/Other than promoters [Individual/Hindu Undivided Family (Indian)]	24.41
Public/Other than promoters [Body corporate]	12.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Printing and Publishing of Newspapers. [Registered Activity]

Products / Services :

Name and Description of main products / services	ITC Code
Publishing of newspaper and journals	49021010

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	ICICI Bank Limited
Branch :	ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara – 390007, Gujarat, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Rupee term loans from banks	200.731	212.359
SHORT TERM BORROWINGS
Rupee term loans from banks	351.878	185.149
Total	552.609	397.508

Auditors :
Name :	K.P. Rao and Company Chartered Accountants
Address :	Poornima, IInd Floor, 25, State Bank Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-25587385/25586814
Fax No.:	91-80-25594861
E-Mail :	kprao@airtelmail.in
PAN No.:	AAAFK7720M
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· K N Guruswamy and Company Private Limited [U51909KA1970PTC001887] · K N Shanth Kumar (HUF) · K N Tilak Kumar (HUF)

CAPITAL STRUCTURE

AS ON 09.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
2560	Equity Shares	INR 25000/- each	INR 64.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2560	Equity Shares	INR 25000/- each	INR 64.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	64.000	64.000	64.000
(b) Reserves & Surplus	1030.888	1058.869	941.789
(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)	1094.888	1122.869	1005.789
(3) Non-Current Liabilities
(a) Long-term borrowings	200.731	212.359	141.072
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	126.211	123.319	119.391
(d) Long-term provisions	163.734	183.745	245.245
Total Non-current Liabilities (3)	490.676	519.423	505.708
(4) Current Liabilities
(a) Short term borrowings	351.878	185.149	144.083
(b) Trade payables	236.254	172.234	180.887
(c) Other current liabilities	154.526	177.082	95.978
(d) Short-term provisions	33.668	80.485	70.646
Total Current Liabilities (4)	776.326	614.950	491.594
TOTAL	2361.890	2257.242	2003.091
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	729.661	841.469	581.160
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	88.328	1.713	2.152
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	330.300	320.451	320.451
(c) Deferred tax assets (net)	147.702	125.977	131.370
(d) Long-term Loan and Advances	160.412	84.328	90.727
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1456.403	1373.938	1125.860
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	271.938	197.149	190.455
(c) Trade receivables	542.121	587.567	495.405
(d) Cash and cash equivalents	73.560	64.162	152.619
(e) Short-term loans and advances	17.868	34.426	37.148
(f) Other current assets	0.000	0.000	1.604
Total Current Assets	905.487	883.304	877.231
TOTAL	2361.890	2257.242	2003.091

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	2861.354	2953.448	2842.014
	Other Income	12.530	22.411	30.371
	TOTAL	2873.884	2975.859	2872.385
Less	EXPENSES
	Cost of Materials Consumed	1362.734	1291.965	1399.640
	Employee benefit expense	662.355	622.274	573.935
	CSR expenditure	1.099	2.009	0.900
	Other expenses	681.458	691.742	582.571
	TOTAL	2707.646	2607.990	2557.046
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	166.238	367.869	315.339
Less	FINANCIAL EXPENSES	61.771	59.564	39.812
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	104.467	308.305	275.527
Less	DEPRECIATION/ AMORTISATION	154.172	130.935	145.428
	PROFIT/ (LOSS) BEFORE TAX	(49.705)	177.370	130.099
Less	TAX	(21.724)	48.739	8.453
	PROFIT/ (LOSS) AFTER TAX	(27.981)	128.631	121.646
	IMPORTS
	Raw Materials	1087.683	980.305	1080.603
	Components and spare parts	8.181	9.768	4.348
	Capital Goods	9.194	16.316	0.000
	TOTAL IMPORTS	1105.058	1006.389	1084.951
	Earnings / (Loss) Per Share (INR)	(10930.00)	50246.84	47517.87

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	74.585	62.237	30.524
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	116.125	239.861	232.721
Net cash flows from (used in) operating activities	96.869	188.002	229.460

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	69.15	72.61	63.62
Account Receivables Turnover (Income / Sundry Debtors)	5.28	5.03	5.74
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	63.28	48.66	47.17
Inventory Turnover (Operating Income / Inventories)	0.61	1.87	1.66
Asset Turnover (Operating Income / Net Fixed Assets)	0.20	0.44	0.54

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.45	0.39	0.33
Debt Equity Ratio (Total Liability / Networth)	0.57	0.41	0.31
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.71	0.55	0.49
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.75	0.75	0.58
Interest Coverage Ratio (PBIT / Financial Charges)	2.69	6.18	7.92

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
PAT to Sales ((PAT / Sales) * 100)	%	(0.98)	4.36	4.28
Return on Total Assets ((PAT / Total Assets) * 100)	%	(1.18)	5.70	6.07
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(2.56)	11.46	12.09

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.17	1.44	1.78
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.82	1.12	1.40
G-Score Ratio Financial (Networth / Total Assets)	0.46	0.50	0.50
G-Score Ratio Debt (Debts / Equity Capital)	9.80	7.18	4.93
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.17	1.44	1.78

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	64.000	64.000	64.000
Reserves & Surplus	941.789	1058.869	1030.888
Net worth	1005.789	1122.869	1094.888
Long-term borrowings	141.072	212.359	200.731
Short term borrowings	144.083	185.149	351.878
Current maturities of long-term debts	30.524	62.237	74.585
Total borrowings	315.679	459.745	627.194
Debt/Equity ratio	0.314	0.409	0.573

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	2842.014	2953.448	2861.354
		3.921	(3.118)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	2842.014	2953.448	2861.354
Profit/ (Loss)	121.646	128.631	(27.981)
	4.28 %	4.36 %	(0.98 %)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF PERFORMANCE:

During the financial year 2016-17, the Company's total turnover for the year was INR 2873.884 million (previous year was INR 2975.859 million) comprising of INR 1981.615 million (previous year INR 2075.099 million) from Advertisement and INR 843.265 million (previous year INR 842.638 million) from Circulation. Balance of INR 49.004 million (previous year INR 58.122 million) constituted other revenue.

The company's total revenue declined by 3.43% during the year 2016-17 as compared to the previous year. Advertisement revenue declined by 4.51% (INR 93.484 million) compared to the previous year 2015-16. Circulation revenue posted a growth of 0.07% (INR 0.627 million) compared to the previous year 2015-16.

INDEX OF CHARGES:

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G77848158	100129257	DEUTSCHE BANK	22/09/2017	15/02/2018	-	205000000.0	DEUTSCHE BANK HOUSE, HAZARIMAL SONAMI MARGFORTMUMBAIMH400001IN
2	G38526794	100083744	ICICI BANK LIMITED	10/03/2017	-	-	85000000.0	ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROADVADODARAGU390007IN
3	C54219845	10570562	CANARA BANK	28/04/2015	-	-	2500000.0	CANTONMENT BRANCHNO 86, MG ROADBANGALOREKA560001IN
4	C47010996	10555648	CANARA BANK	20/02/2015	-	-	2500000.0	CANTONMENT BRANCHNO 86 M G ROADBANGALOREKA560001IN
5	C47009683	10555647	CANARA BANK	01/10/2014	-	-	2500000.0	CANOTNMENT BRANCHNO 86 M G ROADBANGALOREKA560001IN
6	G40433666	10377017	ICICI BANK LIMITED	16/08/2012	10/03/2017	-	283500000.0	ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROADVADODARAGU390007IN
7	G80883358	80002932	CANARA BANK	31/03/1976	03/03/2018	-	415000000.0	CANTONMENT BRANCHNO 86 M G ROADBANGALOREKA560001IN

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· 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 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	INR
US Dollar	1	INR 65.02
UK Pound	1	INR 91.46
Euro	1	INR 80.09

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	VAR
Report Prepared by :	NKT

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.