MIRA INFORM REPORT

Report No. :	488267
Report Date :	27.01.2018

IDENTIFICATION DETAILS

Name :	ARVIND PD COMPOSITES PRIVATE LIMITED
Registered Office :	Arvind Mills Premises, Naorda Road, Ahmedabad - 380025, Gujarat
Tel. No.:	91-79-30138108
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	02.07.2011
Com. Reg. No.:	04-066160
Capital Investment / Paid-up Capital :	INR 2.542 Million
CIN No.: [Company Identification No.]	U17120GJ2011PTC066160
IEC No.:	Not Divulged
GSTIN No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCA7958D
Legal Form :	Private Limited Liability Company
Line of Business :	The subject is primarily engaged in the business of manufacturing and Exporting of Glass Fabric. (Registered Activity and also Confirmed by management)
No. of Employees :	500 (Approximately)

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 501600
Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in July 2011 and it is a 51:49 joint venture (JV) between Ahmedabad based textile major Arvind and Germany based PD. The company is primarily engaged in the business of manufacturing and Exporting of Glass Fabric. For the financial year ended 2016, the company has achieved 61.75% growth in its revenue as compared to the previous year revenue and has maintained average profit margin of 1.56%. Rating also takes into account of strong financial and managerial support that company receives from its joint venture entity backed by its well experienced management team. The satisfactory financial risk profile of the company is marked by its sound net worth base and low debt balance sheet profile. However, rating strength is partially offset by susceptibility of its margins to volatile raw material price and forex rates. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: As per Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources.

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	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

Rating Agency Name	CARE
Rating	Long Term Borrowing = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	18.10.2017

Rating Agency Name	CARE
Rating	Short Term Borrowing = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	18.10.2017

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 27.01.2018

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 [GENERAL DETAILS]

Name :	Mr. Jatin Thakkar
Designation :	Chief Finance Officer
Contact No.:	91-79-30138000
Date :	25.01.2018

LOCATIONS

Registered Office :	Arvind Mills Premises, Naorda Road – Ahmedabad - 380025, Gujarat, India
Tel. No.:	91-79-30138000/ 30138108
Mobile No.:	91-9574422288 (Mr. Rajesh Patel)
Fax No.:	91-79-30138680
E-Mail :	rv.bhimani@arvind.in
Website :	www.arvind.in
Location :	Owned
Locality :	Commercial
Factory :	Survey No. 1288 – P, Post Moti Bhoyan Taluka Kalol Gandhinagar - 382721, Gujarat, India
Tel. No.:	91-2764-395000
Fax No.:	91-2764-396220

DIRECTORS

AS ON 2017

Name :

Mr. Punit Sanjay Lalbhai

Designation :

Director

Address :

Lalbaug, Shahibaug, Ahmedabad -380004, Gujarat, India

Date of Birth/Age :

12.03.1982

Qualification :

MBA

Date of Appointment :

28.09.2012

DIN No.:

05125502

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L17119GJ1931PLC000093	ARVIND LIMITED	01/08/2012	-
U99999GJ1962PLC001170	THE ANUP ENGINEERING LIMITED	29/09/2017	-
U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	20/09/2017	-
U29100GJ2008PLC053226	ARVIND ENVISOL LIMITED	28/09/2012	-
U17120GJ2013PTC073807	ARVIND OG NONWOVENS PRIVATE LIMITED	01/03/2013	-
U72400GJ2013PLC074576	ARVIND INTERNET LIMITED	23/09/2014	-
U37200GJ2011PTC068339	ARVIND ENVISOL PRIVATE LIMITED	22/12/2011	-
U74999TG2016NPL109557	HEARTFULNESS INSTITUTE	10/11/2017	-
U25111GJ2017PTC096807	ARVIND TRANSFORMATIONAL SOLUTIONS PRIVATE LIMITED	11/04/2017	-
U29306GJ2017PLC099085	ANVESHAN HEAVY ENGINEERING LIMITED	25/10/2017	-

Name :

Mr. Jayesh Kanitlal Shah

Designation :

Director

Address :

26, Amaltas Bungalows, Vasrapur, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

25.05.1960

Qualification :

B.Com, ACA

Date of Appointment :

28.09.2012

DIN No.:

00008349

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999MH2015PTC261420	CENTERAC EMARKET PLACES PRIVATE LIMITED	30/09/2016	-
U74140GJ2013PTC076035	AURA BUSINESS ENTERPRISE PRIVATE LIMITED	28/09/2017	-
U85300GJ2015NPL084020	ARVIND FOUNDATION	03/08/2015	-
U72400GJ2013PLC074576	ARVIND INTERNET LIMITED	23/09/2014	-
U52399GJ2016PLC085595	ARVIND FASHIONS LIMITED	04/08/2017	-
U17120GJ2013PTC073597	ARVIND GARMENTS PARK PRIVATE LIMITED	23/09/2015	-
U17121GJ2012PTC071968	ARVIND GOODHILL SUIT MANUFACTURING PRIVATE LIMITED	23/09/2013	-
U74140GJ2011PTC068131	AMPLUS CAPITAL ADVISORS PRIVATE LIMITED	29/09/2015	-
U52190GJ2011PTC084513	CALVIN KLEIN ARVIND FASHION PRIVATE LIMITED	24/03/2014	-
L17119GJ1931PLC000093	ARVIND LIMITED	01/10/2008	-
U99999GJ1962PLC001170	THE ANUP ENGINEERING LIMITED	29/09/2017	-
U18101GJ2007PLC050217	ARVIND RETAIL LIMITED	24/09/2010	-
U51909GJ1985PTC008269	AURA SECURITIES PRIVATE LIMITED	01/12/2017	-
L17110GJ1986PLC008886	ARVIND PRODUCTS LIMITED	25/09/2010	-
U70102KA1994PTC015339	FIRENZE PROPERTIESANDINVESTMENTS PRIVATE LIMITED	03/08/1994	-
U72200GJ1988PLC010830	E-INFOCHIPS LIMITED	03/12/2004	-
U64201GJ1995PLC024598	ARVIND LIFESTYLE BRANDS LIMITED	24/09/2010	-

Name :

Mr. Joeran Pfuhl

Designation :

Director

Address :

Am Wasserhaeuschen 23, Wilsdruff - 01723, Germany

Date of Birth/Age :

07.01.1975

Date of Appointment :

26.09.2014

DIN No.:

06619672

Name :

Mr. Stefan Alexander Preiss Daimler

Designation :

Director

Address :

Tannenstr 28 B, Dresden – 01095, Germany

Date of Birth/Age :

18.09.1981

Date of Appointment :

26.09.2014

DIN No.:

06822046

KEY EXECUTIVES

Name :	Mr. Jatin Thakkar
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Arvind Limited, India	145303
Jagdish Dalal (Nominee of Arvind Limited, India)	1
P-D Glasseiden GmbH Oschatz, Germany	139605
Total	284909

List of Allottees

AS ON 14.04.2017

Names of Allottees	No. of Shares
Arvind Limited, India	15147
P-D Glasseiden GmbH Oschatz, Germany	14553
Total	29700

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2017

Category	Percentage
Promoters (Body corporate)	99.99964901
Promoters (Others-Nominee of Body Corporate)	0.00035099
Total	100.00

BUSINESS DETAILS

Line of Business :

The subject is primarily engaged in the business of manufacturing and Exporter of Glass Fabric. (Registered Activity and also Confirmed by management)

Products :

Item Code No.	Product Description
70194000	Woven Fabrics of Glass Roving

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished goods

Countries :

• Germany
• United States of America

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

L/C, Cheque and Credit [30 Days]

Purchasing :

L/C, Cheque and Credit [30 Days]

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 :

End Users and OEMs

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

No. of Employees :

500 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Naroda, Ahmedabad, Gujarat, India
Person Name (With Designation)	-
Contact Number	-
Name of Account Holder	-
Account Number	-
Account Since (Date/Year of Account Opening)	-
Average Balance Maintained (If Possible)	-
Credit Facilities Enjoyed (If any)	--
Account Operation	-
Remarks (If any)	-

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2016	As on 31.03.2015
LONG TERM BORROWING
Rupee term loans from banks	40.232	64.232
SHORT TERM BORROWING
Working capital loans from banks	0.000	20.675
Total	40.232	84.907

Auditors :
Name :	Sorab S. Engineer and Company Chartered Accountants
Address :	909, Atma, House, Opposite, Old RBI , Ashram Road, Ahmedabad, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFS5191E
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Arvind Limited, India (CIN No.: L17119GJ1931PLC000093)
Associate [As On 31.03.2016] :	P-D Glasseiden GmbH Oschatz-Germany
Fellow Subsidiary company [As On 31.03.2016] :	Arvind OG Nonwovens Private Limited, India (CIN No.: U17120GJ2013PTC073807)

CAPITAL STRUCTURE

After 25.09.2017

Authorised Capital:

No. of Shares	Type	Value	Amount
400000	Equity Shares	INR 10/- each	INR 4.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
314609	Equity Shares	INR 10/- each	INR 3.146 Million

AS ON 25.09.2017

Authorised Capital:

No. of Shares	Type	Value	Amount
400000	Equity Shares	INR 10/- each	INR 4.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
284909	Equity Shares	INR 10/- each	INR 2.849 Million

AS ON 31.03.2016

Authorised Capital:

No. of Shares	Type	Value	Amount
400000	Equity Shares	INR 10/- each	INR 4.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
254194	Equity Shares	INR 10/- each	INR 2.542 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.542	2.542	1.76
(b) Reserves & Surplus	148.010	141.914	93.599
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	25.000	0.000	43.500
Total Shareholders’ Funds (1) + (2)	175.552	144.456	138.859
(3) Non-Current Liabilities
(a) long-term borrowings	40.232	64.232	84.232
(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	0.490	0.297	0.289
Total Non-current Liabilities (3)	40.722	64.529	84.521
(4) Current Liabilities
(a) Short term borrowings	0.000	20.675	37.909
(b) Trade payables	125.293	73.426	22.404
(c) Other current liabilities	34.401	25.809	16.323
(d) Short-term provisions	0.008	0.005	0.007
Total Current Liabilities (4)	159.702	119.915	76.643
TOTAL	375.976	328.900	300.023
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	147.508	172.206	178.424
(ii) Intangible Assets	0.041	0.058	0.077
(iii) Capital work-in-progress	8.375	0.000	12.875
(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	4.306	4.414	4.721
(e) Other Non-current assets	2.388	0.150	11.337
Total Non-Current Assets	162.618	176.828	207.434
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	119.980	58.299	35.012
(c) Trade receivables	66.869	70.758	41.836
(d) Cash and cash equivalents	9.053	6.949	4.705
(e) Short-term loans and advances	12.130	11.626	3.541
(f) Other current assets	5.326	4.440	7.495
Total Current Assets	213.358	152.072	92.589
TOTAL	375.976	328.900	300.023

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Revenue from Operations	390.339	241.315	92.683
	Other Income	13.465	1.914	1.827
	TOTAL	403.804	243.229	94.510
Less	EXPENSES
	Cost of Materials Consumed	321.917	191.967	70.439
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(26.086)	(7.759)	(1.612)
	Employees benefits expense	17.201	15.519	12.600
	Other expenses	52.194	36.126	29.685
	TOTAL	365.226	235.853	111.112
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	38.578	7.376	(16.602)
Less	FINANCIAL EXPENSES	6.734	12.459	10.654
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	31.844	(5.083)	(27.256)
Less	DEPRECIATION/ AMORTISATION	25.748	24.014	17.888
	PROFIT/ (LOSS) BEFORE TAX	6.096	(29.097)	(45.144)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	6.096	(29.097)	(45.144)
	F.O.B. Value of Exports	150.737	70.979	37.835
	IMPORTS
	Raw Materials	218.238	78.128	28.346
	components and spare parts	7.398	2.105	1.839
	Capital Goods	3.597	2.855	16.057
	TOTAL IMPORTS	229.233	83.088	46.242
	Earnings / (Loss) Per Share (INR)	23.98	(143.20)	(335.09)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	24.000	20.000	12.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	39.204	10.104	(86.093)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days [Sundry Debtors / Income * 365]	62.53	107.02	164.76
Account Receivables Turnover [Income / Sunday Debtors]	5.84	3.41	2.22
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	142.06	139.61	116.09
Inventory Turnover (Operating Income / Inventories)	0.32	0.13	(0.47)
Asset Turnover (Operating Income / Net Fixed Assets)	0.25	0.04	(0.09)

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.60	0.62	0.58
Debt Equity Ratio (Total Liability / Networth)	0.37	0.73	0.97
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.91	0.83	0.55
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.89	1.19	1.38
Interest Coverage Ratio (PBIT / Financial Charges)	5.73	0.59	(1.56)

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
PAT to Sales ((PAT / Sales) * 100)	%	1.56	(12.06)	(48.71)
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.62	(8.85)	(15.05)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	3.47	(20.14)	(32.51)

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.34	1.27	1.21
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.58	0.78	0.75
G-Score Ratio Financial (Networth / Total Assets)	0.47	0.44	0.46
G-Score Ratio Debt (Debts / Equity Capital)	25.27	41.27	76.22
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.34	1.27	1.21

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	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	1.760	2.542	2.542
Reserves & Surplus	93.599	141.914	148.010
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	43.500	0.000	25.000
Net worth	138.859	144.456	175.552
Long-term borrowings	84.232	64.232	40.232
Short term borrowings	37.909	20.675	0.000
Current Maturities of Long term debt	12.000	20.000	24.000
Total borrowings	134.141	104.907	64.232
Debt/Equity ratio	0.966	0.726	0.366

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	92.683	241.315	390.339
		160.366	61.755

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	92.683	241.315	390.339
Profit/ (Loss)	(45.144)	(29.097)	6.096
	(48.71%)	(12.06%)	1.56%

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	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	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	No
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

INDEX OF CHARGES

S NO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	AMOUNT	ADDRESS
1	G09404419	10385214	State Bank of India	16/10/2012	19/07/2016	325400000.0	COMMERCIAL BRANCH, "PARAMSIDDHI" COMPLEXNEAR MAHAKANT BUILDING, ELLISBRIDGE AHMEDABAD GUJARAT 380006 INDIA

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2016	31.03.2015
Claims against company not acknowledged as debt	0.781	0.143
Other money for which company is contingently liable	58.845	26.414

FIXED ASSETS

• Factory Equipments
• Furniture and Fixture
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Leasehold Improvements
• Plant and 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 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 63.50
UK Pound	1	INR 90.92
Euro	1	INR 79.07

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	PRI
Report Prepared by :	GEET

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	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.