MIRA INFORM REPORT

Report No. :	516163
Report Date :	26.06.2018

IDENTIFICATION DETAILS

Name :	POLYOLS AND POLYMERS PRIVATE LIMITED
Registered Office :	C1/ 58-59, 100 Shed Area, Chanod, G.I.D.C., Vapi – 396195, Gujarat
Tel. No.:	91-260-2970333
Country :	India
Financials (as on) :	31.03.2018 (Provisional)
Date of Incorporation :	15.09.2016
CIN No.: [Company Identification No.]	U24303GJ2016PTC093748
Capital Investment / Paid-up Capital :	INR 33.668 Million
IEC No.: [Import-Export Code No.]	5216924353
GSTN : [Goods & Service Tax Registration No.]	24AAICP7783N1ZM
PAN No.: [Permanent Account No.]	AAICP7783N
Legal Form :	Private Limited Liability Company
Line of Business :	· Manufacturer of Rubber and Plastic Products. (Registered Activity) · Manufacturer and Exporter of Ketonic Resin, Alkyl Phenolic Resin, Modified Phenolic Resin, Maleic Resin, Polyamide Resin, Uria Aldehyde Resin (Confirmed by management)
No. of Employees :	Approximately 48 (In Office : 6, In Factory :42)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established during the year 1989 as partnership firm with the name of “Polyols and Polymers” and later in September 2016 it got converted into private limited with the name of “Polyols and Polymers Private Limited”. For the available financials of upto March 2017, the company has achieved decent revenue from its operation and reported average profitability margin of 1.05%. Rating takes into consideration company sound financial profile along with adequate networth base and low debt balance sheet. As per available provisional financial for the year 2018, the company has increased its revenue as compared to previous year and maintained average profitability margin of 3.73% Further, rating also reflects from its long track record of the business operation and extensive experience of the promoters. However, rating strength is partially offset by intense competition form organized and unorganized players in the industry. Trade relations are reported as fair. Business is active. Payments terms are seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. (Note: Available provisional financials of 2018 are provided for mere reference.)

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 (31.12.2017)	Current Rating (01.04.2018)
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	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 31-03-2018.

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 26.06.2018

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. R. P. Mukherjee
Designation :	Manager (F& A)
Contact No.:	91-7096115159
Date :	22.06.2018

LOCATIONS

Registered Office/ Factory :	C1/ 58-59, 100 Shed Area, Chanod, G.I.D.C., Vapi – 396195, Gujarat, India
Tel. No.:	91-260-2970333/ 2452108
Fax No.:	91-260-2402985/ 2452108
E-Mail :	info@polyolsandpolymers.net sdutt@polyolsandpolymers.net pradeep@polyolsnadpolymers.net accounts@polyolsandpolymers.net
Website :	www.polyolsandpolymers.com
Area :	18962 Sq. ft.
Location :	Owned
Locality :	Industrial

DIRECTORS

AS ON 31.03.2018

Name :	Mr. Supratik Dutt
Designation :	Managing Director
Address :	Sunshine Bunglow, Plot No-81, Bhagyoday Society, Next To Jain Temple, Vapi Daman Road, Chala, Vapi, Taluka Pardi, District Valsad – 396191, Gujarat, India
Date of Birth/Age :	20.02.1987
Qualification :	BE, MBA
Experience :	10 Years
Date of Appointment :	15.09.2016
DIN No.:	06994988
PAN No.:	AKIPD0783F
Name :	Mr. Pradeep Vasudeo Bulchandani
Designation :	Whole-time Director
Address :	10, Gurukrupa Krishna Society, Bunatpada, Sanjan, Umbergaon, Valsad Sanjan -396150, Gujarat, India
Date of Birth/Age :	19.06.1963
Qualification :	MSc. (Organic chemistry)
Experience :	30 Years
Date of Appointment :	15.09.2016
DIN No.:	07060459
PAN No.:	ABOPB8534F
Name :	Ms. Archana Dutt
Designation :	Whole-time Director
Address :	Sunshine Bunglow, Plot No-81,Bhagyoday Society Next To Jain Temple, Vapi Daman Road, Chala, Vapi Taluka Pardi, District Valsad – 396191, Gujarat, India
Date of Birth/Age :	03.04.1952
Qualification :	B.Com
Experience :	30 Years
Date of Appointment :	07.11.2016
PAN No.:	ABHPD0045N
DIN No.:	07579990
Name :	Mr. Trushitkumar Navnitlal Patel
Designation :	Director
Address :	468, Hanuman Faliya, Kalwada, Kalwada – 396045, Gujarat, India
Date of Birth/Age :	02.09.1992
Qualification :	B. Pharma
Experience :	2 Years
Date of Appointment :	15.09.2016
DIN No.:	07514081
PAN No.:	BNUPP2493N

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares	% of Holding
Supratik Dutt	336676	10.00
Pradeep Vasudeo Bulchandani	16834	0.50
Trushitkumar Navnitlal Patel	336676	10.00
Archana Dutt	2003222	59.50
Navnitlal Durlabhbhai Patel	336676	10.00
Gitaben Navnitbhai Patel	336676	10.00
Total	3366760	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

· Manufacturer of Rubber and Plastic Products. (Registered Activity)

· Manufacturer and Exporter of Ketonic Resin, Alkyl Phenolic Resin, Modified Phenolic Resin, Maleic Resin, Polyamide Resin, Uria Aldehyde Resin (Confirmed by management)

Products / Services :

ITC Code	Product/ Services Description
38249090	Other Chemical Products
NIC Code	Product/ Services Description
22208	Manufacturer of Rubber and Plastic Products

· Ketonic Resin

· Alkyl Phenolic Resin

· Modified Phenolic Resin

· Maleic Resin

· Polyamide Resin

· Uria Aldehyde Resin

Brand Names :

“POLYTONE”

Agencies Held :

· Worlee Chemie GmbH, Germany

· Pagliara Prodotti Chimici, Italy

· Ricardo Molina S.A., Spain

· Zicrom De Elsalvador, Elsalvador

Exports :

Products :

Polymers

Qualification :

· Germany

· Italy

· United States of America

· Malaysia

· Thailand

· Indonesia

· Spain

· Pakistan

· Iran

· Bangladesh

Imports :

Products :

· PTBP

· Cyclohexanone

Qualification :

· Russia

· Korea

Terms :

Selling :

Cash, Credit (30/60 Days)

Purchasing :

Credit (90/120 Days)

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

· PTBP, Cyclohexanone

· Skystep Trading Limited

· S. I. Group

Customers :

· Toyo Ink India Limited, Noida

· Jaimaruti Polychem LLP, Kolkata

· Siegwerk India Limited

· Worlee Chemie GmbH, Germany

· Pagliara Prodotti Chimici, Italy

· PT. Siegwerk Indonesia

No. of Employees :

Approximately 48 (In Office : 6, In Factory :42)

Bankers :

Bank Name	State Bank of India
Branch	Specialized Commercial Branch, Plot No. 135, GIDC, CHAR Rasta, Vapi, Valsad -396195, Gujarat, India
Person Name (With Designation)	Mr. Amit Kumar (Relationship Manager)
Contact Number	91-7600605582
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	1990
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	Cash Credit INR 0.220 million Letter of Credit INR 0.190 million Securities INR 1.000 million
Account Operation	--
Remarks (If any)	We spoke to Mr. Amit Kumar (Relationship Manager) who gave us positive response about subject company they are satisfied with their banking transaction.

· State Bank of India, Silvasa Road, Near Globe Chamber, GIDC Char Rasta, Phase 2, GIDC, Vapi-396195, Gujarat, India

Auditors :
Name :	Kakaria and Associates Chartered Accountants
Address :	Kakaria's Excellenza, Royal Fortune Complex, Daman Road, Chala, Vapi - 396191, Gujarat, India
Tel. No.:	91-260-3981000 (30 Lines)
E-mail :	ho@kakariaassociates.com
Website :	www.kakariaassociates.com
Income-tax PAN of auditor or auditor's firm :	AAHFK2571P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

AS ON 31.03.2018 (Provisional)

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : INR 33.668 million

AS ON 27.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	INR 10/- each	INR 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3366760	Equity Shares	INR 10/- each	INR 33.668 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2018 (Provisional)
EQUITY AND LIABILITIES
1] Share Capital		33.668
2] Share Application Money		0.000
3] Reserves & Surplus		9.899
4] (Accumulated Losses)		0.000
NETWORTH		43.567
LOAN FUNDS
1] Secured Loans		2.249
2] Unsecured Loans		11.495
3] Bank OD A/c		12.385
TOTAL BORROWING		26.129
DEFERRED TAX LIABILITIES		0.000
TOTAL		69.696
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.851
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.486
	Sundry Debtors	32.004
	Cash & Bank Balances	0.045
	Other Current Assets	20.489
	Loans & Advances	11.324
Total Current Assets		69.348
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.580
	Other Current Liabilities and Provisions	7.398
Total Current Liabilities		34.978
Net Current Assets		34.370
MISCELLANEOUS EXPENSES		3.475
TOTAL		69.696

SOURCES OF FUNDS	31.03.2017 (Consolidated)
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	33.668
(b) Reserves & Surplus	2.085
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	35.753
(3) Non-Current Liabilities
(a) long-term borrowings	14.261
(b) Deferred tax liabilities (Net)	0.130
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	14.391
(4) Current Liabilities
(a) Short term borrowings	9.067
(b) Trade payables	38.152
(c) Other current liabilities	8.704
(d) Short-term provisions	0.876
Total Current Liabilities (4)	56.799
TOTAL	106.943
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.357
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	21.912
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	3.885
(e) Other Non-current assets	0.000
Total Non-Current Assets	35.154
(2) Current assets
(a) Current investments	4.199
(b) Inventories	15.608
(c) Trade receivables	21.994
(d) Cash and cash equivalents	8.980
(e) Short-term loans and advances	18.148
(f) Other current assets	2.860
Total Current Assets	71.789
TOTAL	106.943

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2018 (Provisional)
	SALES
	Income	209.363
	Other Income	6.782
	TOTAL	216.145
Less	EXPENSES
	Cost of Goods Sold	133.615
	Direct expenses	43.192
	Indirect expenses	26.588
	TOTAL	203.395
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	12.750
Less	FINANCIAL EXPENSES	1.104
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	11.646
Less/ Add	DEPRECIATION/ AMORTISATION	0.659
	PROFIT/ (LOSS) BEFORE TAX	10.987
Less	TAX	3.174
	PROFIT/ (LOSS) AFTER TAX	7.813

	PARTICULARS	31.03.2017 (Consolidated)
	SALES
	Income	185.434
	Other Income	3.580
	TOTAL	189.014
Less	EXPENSES
	Cost of Materials Consumed	125.501
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.406
	Employees benefits expense	16.255
	Other expenses	32.483
	TOTAL	174.645
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	14.369
Less	FINANCIAL EXPENSES	2.512
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	11.857
Less/ Add	DEPRECIATION/ AMORTISATION	0.998
	PROFIT/ (LOSS) BEFORE TAX	10.859
Less	TAX	3.336
	PROFIT/ (LOSS) AFTER TAX	7.523
Less	Distributed among partners in partnership firm	5.437
	Undistributed Profit/(Loss) for the period from continuing operations	2.086
	Earnings / (Loss) Per Share (INR)	2.23

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2018 (Provisional)	31.03.2017 (Consolidated)
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net cash flow from operating activities	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2018 (Provisional)	31.03.2017 (Consolidated)
Average Collection Days [Sundry Debtors / Income * 365]	55.80	43.29
Account Receivables Turnover [Income / Sunday Debtors]	6.54	8.43
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	75.34	110.96
Inventory Turnover (Operating Income / Inventories)	0.00	0.92
Asset Turnover (Operating Income / Net Fixed Assets)	0.40	0.46

LEVERAGE RATIOS

PARTICULARS	31.03.2018 (Provisional)	31.03.2017 (Consolidated)
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.58	0.66
Debt Equity Ratio (Total Liability / Networth)	0.60	0.65
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.07	1.59
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.73	0.87
Interest Coverage Ratio (PBIT / Financial Charges)	11.55	5.72

PROFITABILITY RATIOS

PARTICULARS		31.03.2018 (Provisional)	31.03.2017 (Consolidated)
PAT to Sales ((PAT / Sales) * 100)	%	3.73	4.06
Return on Total Assets ((PAT / Total Assets) * 100)	%	7.46	7.03
Return on Investment (ROI) ((PAT / Networth) * 100)	%	17.93	21.04

SOLVENCY RATIOS

PARTICULARS	31.03.2018 (Provisional)	31.03.2017 (Consolidated)
Current Ratio (Current Assets / Current Liabilities)	1.49	1.26
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.49	0.99
G-Score Ratio Financial (Networth / Total Assets)	0.42	0.33
G-Score Ratio Debt (Debts / Equity Capital)	0.78	0.69
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.49	1.26

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

POLYOLS AND POLYMERS (PARTNERSHIP FIRM)

BALANCE SHEET

SOURCES OF FUNDS		31.03.2016	31.03.2015
EQUITY AND LIABILITIES
1] Share Capital		45.937	38.163
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		45.937	38.163
LOAN FUNDS
1] Secured Loans		25.189	25.484
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		25.189	25.484
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		71.126	63.647
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.283	31.464
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories		13.240
	Sundry Debtors		24.622
	Cash & Bank Balances		10.740
	Other Current Assets		5.312
	Loans & Advances		1.824
Total Current Assets		67.418	55.738
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.913	21.636
	Other Current Liabilities and Provisions	2.022	1.919
Total Current Liabilities		29.935	23.555
Net Current Assets		37.483	32.183
MISCELLANEOUS EXPENSES		2.360	0.000
TOTAL		71.126	63.647

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Income	188.331	218.261
	Other Income	8.062	8.737
	TOTAL	196.393	226.998
Less	EXPENSES
	Cost of Materials Consumed	122.580	160.826
	Carriage inwards	2.807	1.948
	C.E.T.P. Expense	0.348	0.232
	Electricity Charges (Power)	0.987	0.866
	Employer's Contro to ESIC	0.203	0.172
	E.T.P. Expense	2.117	1.694
	Excise Duty	9.103	9.712
	Factory Expense	0.058	0.155
	Insurance	0.000	0.100
	Job Work Charges	10.927	7.468
	laboratory Expense	1.039	0.068
	Logistic Support	0.636	0.387
	Leave Wages/ Salary A/c	0.011	0.000
	Oils and Lubricants	0.024	0.012
	Overtime Wages	0.942	0.938
	RM-Clearing Charges for Import	2.012	1.670
	Tools and Spare Parts	0.788	0.834
	Wages	4.196	3.197
	Water Charges	0.457	0.399
	Bonus	0.581	0.503
	Couriers Charges (expense)	0.035	0.197
	Employer's Contro to P.F	0.619	0.492
	Foreign bank charges	0.283	0.298
	Forwarding Charges	4.069	6.134
	Generator Expenses	0.070	0.143
	Group Gratuity Scheme	0.002	0.170
	Insurance Premium Paid (ECGC)	0.302	0.392
	Keyman Insurance Premium	0.233	0.234
	License Application Fees	0.359	0.238
	Printing and Stationery	0.306	0.330
	Professional Fees	0.491	0.299
	Insurance Marine (Transit)	0.330	0.469
	Rates and Taxes	0.060	0.123
	Reach Regulation License fees w/off	0.801	0.237
	Repair and Maintenance	0.787	0.820
	Salary	2.936	2.335
	Sales Commission	0.186	0.102
	Sales Commission (Export)	0.022	0.601
	Staff welfare	0.475	0.354
	Telephone Expense	0.173	0.139
	Vehicle Expenses of Partners	0.091	0.110
	Other expenses	13.118	9.894
	TOTAL	185.564	215.292
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	10.829	11.706
Less	FINANCIAL EXPENSES	2.133	3.699
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	8.696	8.007
Less/ Add	DEPRECIATION/ AMORTISATION	1.631	1.659
	NET PROFIT	7.065	6.348

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	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	No
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 about two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last about two 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

CORPORATE INFORMATION:

Subject was incorporated on 15.09.2016 by conversion partnership firm named Polyols and Polymers. Company having its registered office at C-1/58-59, 100 shed Area, G.I.D.C, Vapi – 396195 in the state of Gujarat. Company is engaged in the business of manufacturing processing of chemicals, plastics and polymers and other ancillary activities.

INDEX OF CHARGE:

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G86143047	100080347	State Bank of India	10/02/2017	03/04/2018	-	47900000.0	Silvasa Road, Near Globe Chamber, GIDC Char Rasta, Phase 2, GIDC, Vapi Vapi Gujarat 396195 India

FIXED ASSETS:

Tangible Assets

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer Software

· Vehicles

· Office Equipment

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 68.15
UK Pound	1	INR 90.27
Euro	1	INR 79.35

INFORMATION DETAILS

Information Gathered by :	SHW
Analysis Done by :	PSD
Report Prepared by :	JYTK

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	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.

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