MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	488209
Report Date :	16.02.2018

IDENTIFICATION DETAILS

Name :	HOLOGRAPHIC SECURITY MARKING SYSTEM PRIVATE LIMITED

Registered Office :	109, Blue Rose Industrial Estate, Western Highway, Borivali (West), Mumbai – 400066, Maharashtra
Tel. No.:	91-22-67351000

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	05.01.1993

Com. Reg. No.:	11-070298

Capital Investment / Paid-up Capital :	INR 9.911 Million

CIN No.: [Company Identification No.]	U74999MH1993PTC070298

IEC No.:	0394032314

GSTIN :	27AAACH2039M1ZJ

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACH2039M

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacture of Security Holograms, Holographic Stickers, Labels, Shrink Sleeves, Pharmaceutical Foils and Security Paper with Holograms including other Sophisticated Authentication Marking Products. (Registered Activity)

No. of Employees :	60 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company incorporated in the year 1993 having moderate track record. Financial position of the company is weak. The company has registered huge accumulated losses which has eroded entire net worth of the company. Payment are slow. In view of aforesaid, the company can be considered for business dealings on safe and secured 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

(30.06.2017)

Current Rating

(30.09.2017)

India

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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 16.02.2018

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 PARTED BY

Name :	Mr. Vasant Mhatre
Designation :	Finance Head
Contact No.:	91-22-67351000
Date :	02.02.2018

LOCATIONS

Registered Office :	109, Blue Rose Industrial Estate, Western Highway, Borivali (West), Mumbai – 400066, Maharashtra, India
Tel. No.:	91-22-67351000
Mobile No.:	91-9820011569 (Mr. Rohit Mistry)
Fax No.:	Not Available
E-Mail :	sales@holotechonline.com accounts@holotechonline.com rohit@holotechonline.com holographic@vsnl.com
Website :	www.holotechonline.com
Area :	5000 Sq.ft
Location :	Owned
Locality :	Commercial

Factory :	Gala No.1 To 5, Kirtisagar Industrial Estate, Sagar Industrial Complex, Chichpad, Vasai, Thane – 401202, Maharashtra, India

DIRECTORS

As on 31.03.2017

Name :	Mr. Rohit Dhansuk Mistry
Designation :	Director
Address :	Flat 1107, 11th Floor, Parkside I Kulupwadi Lane, Raheja Estate, Borivali Mumbai – 400066, Maharashtra, India
Date of Birth/Age :	13.01.1950
Date of Appointment :	05.01.1993
DIN No.:	00108785

Name :	Mrs. Rupa Rohit Mistry
Designation :	Director
Address :	Flat 1107, 11th Floor, Parkside I Kulupwadi Lane, Raheja Estate, Borivali Mumbai – 400066, Maharashtra, India
Date of Birth/Age :	10.10.1952
Date of Appointment :	28.01.1993
DIN No.:	00108815

KEY EXECUTIVES

Name :	Mr. Vasant Mhatre
Designation :	Finance Head

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares	%age holding
Rohit D. Mistry	221070	22.31
Rupa R. Mistry	570000	57.51
Industrial Development Bank of India Limited	200000	20.18
Total	991070	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	79.82
Public – (Individual/ Hindu Undivided Family – Indian)	20.18
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of Security Holograms, Holographic Stickers, Labels, Shrink Sleeves, Pharmaceutical Foils and Security Paper with Holograms including other Sophisticated Authentication Marking Products. (Registered Activity)

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Finished Goods
Countries :	Brazil Sri Lanka Dubai United Arab Emirates Philippines

Imports :
Products :	Raw Material
Countries :	United Kingdom

Terms :
Selling :	Depend on sales

Purchasing :	Depend on Purchase

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	V. Consultancy
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Akshta Enterprises
Blue Rose Industries Premises Limited
Alfa Waste Supplier
Buddhi Sagar Premises Cooperative
Gemini Printers
Jyoti Fabricators

Customers :

End Users

Reference :	Glaxo Smith
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Albert Abbott India
UNICAN
Abott Healthcare Private Limited
Acme Formulation Private Limited
Ajanta Pharma Limited
Deejay Distributors
JB Chemical and Pharma

No. of Employees :

60 (Approximately)

Bankers :

Banker Name :	Axis Bank Limited
Branch :	Lata Apartments, Kulu Wadi, Western Express Highway, Borivali (East), Mumbai - 400066, Maharashtra, India
Person Name (With Designation) :	--
Contact Number :	91-22-28465010 (Ringing)
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 Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
A). Bassein Catholic Co-Op Bank Ltd - LC - 25/2011 / 2235 (Secured Against Mortgage of Gala, Plant & Machineries. Rate of Interest is 13% p.a.)	0.147	0.669
C). BCCB Loan for New Machinery -HLN/2486 (Secured Against Hypothecation of Machinery, Repayable In 75 Monthly EMI of INR 0.235 million, Rate of Interest 13% p.a. Collateral Security of Galas at Vasai)	3.516	5.153
D). BCCB Loan for Factory Renovation-SSLN/2248 (Secured Against Legal Mortgage of Gala at Vasai, Repayable In 75 Monthly EMI of INR 0.088 million Rate of Interest 13% p.a. Collateral Security of Galas at Vasai)	1.099	1.702
E). Bassein Catholic Co-Op Bank Ltd - CC - 08 20,329,531 20,496,148 (Secured Against Hypothecation of Stock Book Debts Mortgage of Factory Premises & Existing Machinery Rate of Interest Is 13% pa. Maximum Limit of INR 17.500 million)	20.291	20.168
F). Axis Bank OD A/C 2445 (Secured Against Pledge of Fixed Deposits of Son of One of the Directors)	13.128	12.539
Loan from Directors
-Rohit D. Mistry	30.206	30.466
-Rupa R Mistry	0.100	0.250

Short-term borrowings
A) Bassein Catholic Co-Op Bank Ltd - LC - 25/2011 (Secured Against Mortgage of Gala, Plant & Machineries Rate of Interest is 13%)	0.653	0.653
B) Yes Bank Ltd (Secured Against the Property of One of the Directors Repayable in Monthly EMI of INR 0.132 million, Last Repayment Due in December 2020 Rate of Interest 13%)	0.000	5.663
C) BCCB Loan for New Machinery -HLN/2486 (Secured Against Hypothecation of Machinery, Repayable In 75 Monthly EMI of INR 0.235 million, Rate of Interest 13% p.a. Collateral Security of Galas at Vasai)	2.814	2.814
D)BCCB Loan for Factory Renovation-SSLN/2248 (Secured Against Legal Mortgage of Gala at Vasai, Repayable In 75 Monthly EMI of INR 0.088 Rate of Interest 13% p.a. Collateral Security of Galas at Vasai)	0.968	0.968
Total	72.922	81.045

Auditors :
Name :	Rashmi Zaveri and Company Chartered Accountants
Address :	Arham Suit No 2, Ground Floor, Plot No 66, Near Gandhi Market, Sion East, Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-24042032 / 24042033
E-Mail :	zaveri@vsnl.com
Income-tax PAN of auditor or auditor's firm :	AAAPZ0102A

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	INR 10/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

991070	Equity Shares	INR 10/- each	INR 9.911 Million

FINANCIAL DATA

[all figures are 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	9.911	9.911	9.911
(b) Reserves & Surplus	(36.160)	(25.317)	(15.205)
(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	(26.249)	(15.406	(5.294)

(3) Non-Current Liabilities
(a) long-term borrowings	76.147	70.947	76.020
(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	0.000
Total Non-current Liabilities	76.147	70.947	76.020

(4) Current Liabilities
(a) Short term borrowings	5.191	10.098	5.258
(b) Trade payables	14.500	12.401	7.377
(c) Other current liabilities	0.295	0.582	0.021
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities	19.986	23.081	12.656

TOTAL	69.884	78.622	83.382

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	28.513	33.569	40.581
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.500	0.500	0.525
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.743	2.923	2.962
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	31.756	36.992	44.068

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.230	20.934	20.672
(c) Trade receivables	8.406	11.495	9.659
(d) Cash and cash equivalents	0.227	0.688	0.372
(e) Short-term loans and advances	8.265	8.513	8.611
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	38.128	41.630	39.314

TOTAL	69.884	78.622	83.382

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	51.596	45.603	40.396
	Other Income	1.138	1.142	1.598
	TOTAL	52.734	46.745	41.994

Less	EXPENSES
	Cost of Materials Consumed	23.983	25.965	15.266
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.553	(4.635)	(0.827)
	Employees benefits expense	9.970	9.892	10.146
	Other expenses	14.797	11.435	13.572
	TOTAL	51.303	42.657	38.157

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1.431	4.088	3.837

Less	FINANCIAL EXPENSES	5.995	5.992	6.937

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(4.564)	(1.904)	(3.100)

Less	DEPRECIATION/ AMORTISATION	6.279	7.957	9.953

	PROFIT/ (LOSS) BEFORE TAX	(10.843)	(9.861)	(13.053)

Less	TAX	0.000	0.250	0.000

	PROFIT/ (LOSS) AFTER TAX	(10.843)	(10.111)	(13.053)

	Earnings / (Loss) Per Share (INR)	(10.94)	(10.20)	(13.17)

Expected Sales (2017-2018) : INR 55.000 Million (Due to business growth)

The above information has been parted by Mr. Vasant Mhatre (Finance Head)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA
Net cash flows from (used in) operating activity	NA	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	59.47	92.00	87.27

Account Receivables Turnover (Income / Sundry Debtors)	6.14	3.97	4.18

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	220.68	174.33	176.38

Inventory Turnover (Operating Income / Inventories)	0.07	0.20	0.19

Asset Turnover (Operating Income / Net Fixed Assets)	0.05	0.12	0.09

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.38	1.20	1.06

Debt Equity Ratio (Total Liability / Networth)	(3.10)	(5.26)	(15.35)

Current Liabilities to Networth (Current Liabilities / Net Worth)	(0.76)	(1.50)	(2.39)

Fixed Assets to Networth (Net Fixed Assets / Networth)	(1.09)	(2.18)	(7.67)

Interest Coverage Ratio (PBIT / Financial Charges)	0.24	0.68	0.55

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(21.02)	(22.17)	(32.31)

Return on Total Assets ((PAT / Total Assets) * 100)	%	(15.52)	(12.86)	(15.65)

Return on Investment (ROI) ((PAT / Networth) * 100)	%	41.31	65.63	246.56

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.91	1.80	3.11

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.85	0.90	1.47

G-Score Ratio Financial (Networth / Total Assets)	(0.38)	(0.20)	(0.06)

G-Score Ratio Debt (Debts / Equity Capital)	8.21	8.18	8.20

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.91	1.80	3.11

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	9.911	9.911	9.911
Reserves & Surplus	(15.205)	(25.317)	(36.160)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(5.294)	(15.406)	(26.249)

long-term borrowings	76.020	70.947	76.147
Short term borrowings	5.258	10.098	5.191
Total borrowings	81.278	81.045	81.338
Debt/Equity ratio	(15.353)	(5.261	(3.099)

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	40.396	45.603	51.596
		12.890	13.142

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	40.396	45.603	51.596
Profit / (Loss)	(13.053)	(10.111)	(10.843)
	(32.31%)	(22.17%)	(21.02%)

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	Yes
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	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	Yes
16]	No. of employees	Yes
17]	Details of sister concerns	No
18]	Major suppliers	Yes
19]	Major customers	Yes
20]	Banking Details	Yes
21]	Banking facility details	No
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%	Yes
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	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

STATE OF COMPANY’S AFFAIRS

The company had not been able to procure certain orders as a result the overall performance of the company was not as per expectation. During the year the turnover has increased by 15.94% from INR 46.725 Million to INR 52.734 Million and has incurred losses to the tune of INR 10.843 Million. The directors are in talks to reduce the costs to increase the profitability of the Company

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Non Banking Financial Institution	7.660	0.000
Short Term Borrowing
Non Banking Financial Institution	0.756	0.000
Total	8.416	0.000

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	G59273706	100130126	BASSEIN CATHOLIC CO-OPERATIVE BANK LIMITED	12/10/2017	-	6500000.0	GOKHIVARE BRANCH, GOKHIVARE NAKA ABOVE PUNJAB NATIONAL BANK, VASAI EAST PALGHARMH401208IN
2	B62167051	10386810	BASSEIN CATHOLIC CO-OPERATIVE BANK LIMITED	10/11/2012	-	12000000.0	GOKHIVARE BRANCH, GOKHIVARE NAKAABOVE PUNJAB NATIONAL BANK, VASAI (EAST) THANEMH401208IN
3	B58918830	10378542	THE BASSEIN CATHOLIC CO-OPERATIVE BANK LIMITED	11/09/2012	-	14500000.0	GOKHIVARE BRANCH, GOKHIVARE NAKAABOVE PUNJAB NATIONAL BANK, VASAI (EAST)THANEMH401208IN
4	B21161062	10307619	BASSEIN CATHOLIC CO-OPERATIVE BANK LIMITED	09/08/2011	-	3780000.0	GOKHIVARE BRANCH, NEAR GOKHIVARE TALAOVASAI (EAST) THANEMH401207IN
5	A75712463	10193095	THE BASSEIN CATHOLIC CO-OPERATIVE BANK LIMITED	04/12/2009	-	2000000.0	GOKHIVARE BRANCH, NEAR GOKHIVARE TALAOVASAI (EAST), VASAI THANE-MH401207IN
6	B58915760	90157351	THE BASSEIN CATHOLIC CO-OPERATIVE BANK LIMITED	01/12/1999	12/09/2012	17500000.0	GOKHIVARE BRANCH, NEAR GOKHIVARE TALAOVASAI (EAST), VASAI THANE-MH401207IN
7	B88010780	90156168	BASSEIN CATHOLIC CO-OPERATIVE BANK LIMITED	22/09/1995	08/10/2013	20000000.0	GOKHIVARE BRANCH, GOKHIVARE NAKAABOVE PUNJAB NATIONAL BANK, VASAI (EAST)VASAIMH401207IN
8	Y10255706	90155936	INDUSTIRAL DEVELOPMENT BANK OF INDIA LTD.	01/07/1994	-	10000000.0	IDBI TOWER]CUFFE PARADE; COLABA BOMBAY- MH400005IN
9	C58368440	10008967	BASSEIN CATHOLIC CO-OPERATIVE BANK LIMITED	23/06/2006	-	500000.0	PAPDYBASSEINTHANEMH401201IN

FIXED ASSETS

Factory Premises
Motor Car
Plant and Machinery
Fax Machine
Refrigerator
Computer
Fire Fighting Equipment
Air Conditioner
Furniture and Fixture
Trolly
Electric Installation
Weight Scale
Office Equipments
EPABX System
Water Cooler
Power Back Controller
Boiler

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	INR
US Dollar	1	INR 63.92
UK Pound	1	INR 89.54
Euro	1	INR 79.68

INFORMATION DETAILS

Information Gathered by :	AKS

Analysis Done by :	DIV

Report Prepared by :	TRUP

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	YES
--AFFILIATION	YES/NO	NO
--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.