MIRA INFORM REPORT

Report No. :	509978
Report Date :	24.05.2018

IDENTIFICATION DETAILS

Name :	FIRST GARMENT MANUFACTURING COMPANY (INDIA) PRIVATE LIMITED
Registered Office :	No.4/135, Aruppukottai Main Road, Valayankulam, Madurai – 625022, Tamilnadu
Tel. No.:	91-452-2690792/ 2690791
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	04.03.1997
Com. Reg. No.:	18-037649
Capital Investment / Paid-up Capital :	INR 86.841 Million
CIN No.: [Company Identification No.]	U18101TN1997PTC037649
IEC No.: [Import-Export Code No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAACF1447M
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of all types of textile garments and clothing accessories (Registered Activity)
No. of Employees :	Not Divulged

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 540000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1997 and it is having satisfactory track records. For the financial year ended 2017, the revenue of the company has increased by 25.17% as compared to previous year and maintained average profitability margin at 4.83%. Rating takes into consideration sound financial profile of the company marked by adequate networth base and average debt balance sheet. Further, rating also derives strength from its established track record of business operations and improvement in the revenue as well as profitability profile during the year. Trade relations are reported as fair. Business is active. Payment terms are seems to be usually correct. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: Site visit was conducted at the address which you have provided. Our executive has successfully traced the company on the given address. Our executive met to Mr. Karupan (Security Guard) of the company but he did not allow to enter into the premises. As per our executive observation, location of the company is easy to find. Landmark is near Perungudi police station. Locality appears to be industrial. Area seems to be upmarket. Our executive has sighted name board of the company at the given address. Further, our executive also enquired from neighbouring entity i.e. Postal Training Centre (Mr. Vanam - Security Guard)” and Sri Gunam Store (Mr. Kesavan) they were also confirmed that company exists on given address.

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

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 24.05.2018

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 DECLINED

Management non-cooperative (Tel No.: 91-452-2690792)

Tel No.: 91-452-2690791 - Continuously Ringing

Mobile No.: 91-9894369021 – Switched Off

Mobile No.: 91-9894187378 – Invalid No.

LOCATIONS

Registered Office :	No. 4/135 Aruppukottai Main Road, Valayankulam, Madurai – 625022, Tamilnadu, India
Tel. No.:	91-452-2690792/ 2690791
Fax No.:	91-452-671649
E-Mail :	accounts@fgmc.in
Locality :	Industrial (As per site visit)

DIRECTORS

As on 31.03.2017

Name :

Mr. Haridoss Karthikeyan

Designation :

Managing Director

Address :

No.9, Viswanathan Street, Srinivasa Avenue, R .A. Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

05.12.1979

Date of Appointment :

18.07.2008

DIN No.:

00892659

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U17111TN2005PTC056604	AMMAYAPPER TEXTILES PRIVATE LIMITED	02/03/2009	-

Name :

Mr. Veluchamy Haridoss

Designation :

Director

Address :

No.9, Viswanathan Street, Srinivasa Avenue, R .A. Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

05.06.1945

Date of Appointment :

18.07.2008

DIN No.:

00892649

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U17111TN2005PTC056604	AMMAYAPPER TEXTILES PRIVATE LIMITED	02/03/2009	-

Name :

Mr. Haridoss Senthilvelu

Designation :

Director

Address :

No.9, Viswanathan Street, Srinivasa Avenue, R .A. Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

05.01.1984

Date of Appointment :

18.07.2008

DIN No.:

00892670

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U17111TN2005PTC056604	AMMAYAPPER TEXTILES PRIVATE LIMITED	14/06/2005	-
U63090TN2009PTC072975	TRIO TRANSPORTERS AND TRADERS INDIA PRIVATE LIMITED	22/09/2009	-
U45200TN2011PTC079027	RAYLIAH CONSTRUCTIONS PRIVATE LIMITED	02/02/2011	-

Name :

Ramya Karthikeyan

Designation :

Director

Address :

No: 15, Viswanathan Street, R. A. Puram, Chennai 600028, Tamilnadu, India

Date of Appointment :

30.09.2017

DIN No.:

07570559

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U17111TN2005PTC056604	AMMAYAPPER TEXTILES PRIVATE LIMITED	30/09/2017	-

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares	% of Holding
V Haridoss	828411	95.40
H Karthikeyan	20000	2.30
H Senthilvelu	20000	2.30
Total	868411	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

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

BUSINESS DETAILS

Line of Business :

Manufacturer of all types of textile garments and clothing accessories (Registered Activity)

Products :

Item Code No.	Products/Services Description
61130000	Garments

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers (Not confirmed by the management) :

Reference :	Vardhman Threads
Name of the Person :	Mr. Bhaskar (Purchase Manager)
Contact No.:	91-9380246155
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	He denied to part feed back

· Haren Textile

· Indeca

· Mainetti India Private Limited

Customers (Not confirmed by the management) :

Reference :	Desipro Pte. Limited
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Not Divulged

Bankers :

Banker Name :	Indian Overseas Bank
Branch :	Commercial and Institutional Credit Branch, No.98A, Dr. Radhakrishnan Salai, Mylapore Chennai-600004, Tamilnadu, India
Person Name (With Designation) :	--
Contact Number :	91-44-28478634/35
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 :	Management non-cooperative

· Axis Bank Limited, Corporate Banking Branch, No.192, Anna Salai, Chennai -600002, Tamilnadu, India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term loans from banks (Secured by First charge on entire fixed assets including hypothecation of plant and Machinery and land and Building, Hypothecation of Vehicle purchased and also include director’s personal assets.)	108.912	71.548
Term loans from others (Secured by Hypothecation of Plant & Machinery purchased against this loan Secured by Hypothecation of Vehicle Purchased)	62.953	1.921
Short-term borrowings
Term loans from banks (Secured by Advance against Export collection bills for FDDBP and Documents of Titled goods, accepted Hundies)	137.506	68.867
Total	309.371	142.336

Auditors :
Name :	R Sundar Chartered Accountant
Address :	NO 3/ 1 4^th Street II Floor, Venkateswara Nagar, Adyar, Chennai-600020, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	ANUPS7165B
Memberships :	Not Available
Collaborators :	Not Available
Other related party :	Ammayapper Textiles Private Limited CIN No.: U17111TN2005PTC056604

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	INR 100/- each	INR 120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
868411	Equity Shares	INR 100/- each	INR 86.841 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	86.841	86.841	86.841
(b) Reserves & Surplus	102.316	63.704	30.322
(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)	189.157	150.545	117.163
(3) Non-Current Liabilities
(a) long-term borrowings	171.865	73.469	51.746
(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 (3)	171.865	73.469	51.746
(4) Current Liabilities
(a) Short term borrowings	137.771	68.867	58.293
(b) Trade payables	116.830	83.819	45.843
(c) Other current liabilities	1.475	1.935	1.385
(d) Short-term provisions	45.362	48.294	29.152
Total Current Liabilities (4)	301.438	202.915	134.673
TOTAL	662.460	426.929	303.582
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	315.332	190.257	89.916
(ii) Intangible Assets	0.000	0.000	0.003
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	315.332	190.257	89.919
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	109.941	45.627	42.172
(c) Trade receivables	157.388	109.926	88.054
(d) Cash and cash equivalents	6.841	12.658	1.025
(e) Short-term loans and advances	37.871	49.879	63.764
(f) Other current assets	35.087	18.582	18.648
Total Current Assets	347.128	236.672	213.663
TOTAL	662.460	426.929	303.582

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	799.321	638.610	494.769
	Other Income	3.259	8.579	18.216
	TOTAL	802.580	647.189	512.985
Less	EXPENSES
	Cost of Materials Consumed	475.892	359.583	280.678
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(38.775)	(2.564)	(1.901)
	Employees benefits expense	190.234	158.858	99.295
	Other expenses	72.735	56.509	61.805
	TOTAL	700.086	572.386	439.877
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	102.494	74.803	73.108
Less	FINANCIAL EXPENSES	26.379	11.804	17.329
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	76.115	62.999	55.779
Less/ Add	DEPRECIATION/ AMORTISATION	22.059	13.980	20.075
	PROFIT/ (LOSS) BEFORE TAX	54.056	49.019	35.704
Less	TAX	15.445	15.637	11.125
	PROFIT/ (LOSS) AFTER TAX	38.611	33.382	24.579
	Value of Import on CIF basis
	Raw materials – Fabrics	107.631	14.578	8.105
	Accessories	31.860	18.601	15.188
	Capital Goods	223.338	24.646	15.936
	TOTAL IMPORTS	362.829	57.825	39.229
	Earnings / (Loss) Per Share (INR)	44.00	38.00	28.00

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	(5.456)	104.250	28.726

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	71.87	62.83	64.96
Account Receivables Turnover (Income / Sundry Debtors)	5.08	5.81	5.62
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	89.61	85.08	59.62
Inventory Turnover (Operating Income / Inventories)	0.93	1.64	1.73
Asset Turnover (Operating Income / Net Fixed Assets)	0.33	0.39	0.81

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.71	0.65	0.61
Debt Equity Ratio (Total Liability / Networth)	1.64	0.95	0.94
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.59	1.35	1.15
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.67	1.26	0.77
Interest Coverage Ratio (PBIT / Financial Charges)	3.89	6.34	4.22

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	4.83	5.23	4.97
Return on Total Assets ((PAT / Total Assets) * 100)	%	5.83	7.82	8.10
Return on Investment (ROI) ((PAT / Networth) * 100)	%	20.41	22.17	20.98

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.15	1.17	1.59
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.79	0.94	1.27
G-Score Ratio Financial (Networth / Total Assets)	0.29	0.35	0.39
G-Score Ratio Debt (Debts / Equity Capital)	3.57	1.64	1.27
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.15	1.17	1.59

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	86.841	86.841	86.841
Reserves & Surplus	30.322	63.704	102.316
Net worth	117.163	150.545	189.157
long-term borrowings	51.746	73.469	171.865
Short term borrowings	58.293	68.867	137.771
Total borrowings	110.039	142.336	309.636
Debt/Equity ratio	0.939	0.945	1.637

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	494.769	638.610	799.321
		29.072	25.166

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	494.769	638.610	799.321
Profit	24.579	33.382	38.611
	4.97%	5.23%	4.83%

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	Yes
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)	No
16]	No. of employees	No
17]	Details of sister concerns	Yes
18]	Major suppliers	Yes
19]	Major customers	Yes
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	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

OBSERVATION POINTS

Name of Company :	FIRST GARMENT MANUFACTURING COMPANY (INDIA) PRIVATE LIMITED
Address :	No.4/135, Aruppukottai Main Road, Valayankulam, Madurai – 625022, Tamilnadu, India
Tel No.:	91-44-28478634/35
Person to whom we met:	Mr. Karupan (Security Guard)
Name Board :	Sighted
Location:	Easy
Landmark (If Any):	Near Perungudi Police Station
Locality:	Industrial
Area :	Upmarket
Neighbour Interview :	Name of Company : Postal Training Centre Contact Person Name : Mr. Vanam (Security Guard) Name of Company : Sri Gunam Store Contact Person Name : Mr. Kesavan Neighbour Overview : Existence Confirmed
Proof of visit:	Photographs

PICTURES

UNSECURED LOAN

PARTICULAR	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Loans repayable on demand from others	0.265	0.000
Total	0.265	0.000

INDEX OF CHARGES

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G84033265	100169415	Axis Bank Limited	18/11/2017	-	-	100000000.0	CORPORATE BANKING BRANCH NO.192 ANNA SALAI CHENNAI TAMILNADU 600002 INDIA
2	B68650100	10346032	INDIAN OVERSEAS BANK	29/03/2012	24/01/2013	-	250900000.0	COMMERCIAL AND INSTITUTIONAL CREDIT BRANCHNO.98A, DR. RADHAKRISHNAN SALAI, MYLAPORE CHENNAI TAMILNADU 600004 INDIA
3	B36479491	10346030	INDIAN OVERSEAS BANK	29/03/2012	-	-	42300000.0	COMMERCIAL AND INSTITUTIONAL CREDIT BRANCHNO.98A, DR. RADHAKRISHNAN SALAI, MYLAPORE CHENNAI TAMILNADU 600004 INDIA
4	B01753672	10255267	SUNDARAM FINANCE LIMITED	19/11/2010	-	-	6583000.0	21 PATULLOS ROAD CHENNAI TAMILNADU 600002 INDIA
5	G82872276	10141770	Indian Overseas Bank	06/02/2009	01/12/2017	-	669700000.0	COMMERCIAL AND INSTITUTIONAL CREDIT BRANCHNO.98A, DR. RADHAKRISHNAN SALAI, MYLAPORE CHENNAI TAMILNADU 600004 INDIA
6	A69231710	80054627	CNARA BANK	02/07/1999	-	11/09/2009	35000000.0	GRAND CENTRAL BRANCH WEST PERUMAL STREET MADURAI TAMILNADU 625001 INDIA
7	A69230373	90293351	CANARA BANK	13/12/1999	13/12/1999	11/09/2009	18900000.0	GRAND CENTRAL BRANCH WEST PERUMAL STREET MADURAI TAMILNADU 625001 INDIA
8	A69232841	90293358	CANARA BANK	12/11/1998	20/12/1999	11/09/2009	189000000.0	GRAND CENTRAL BRANCH WEST PERUMAL STREET MADURAI TAMILNADU 625001 INDIA
9	A69232361	80054626	CANARA BANK	18/01/1999	-	11/09/2009	25000000.0	GRAND CENTRAL BRANCH WEST PERUMAL STREET MADURAI TAMILNADU 625001 INDIA
10	A63608673	90291294	CANARA BANK	16/03/1999	-	12/06/2009	20000000.0	GRAND CENTRAL BRANCH WEST PERUMAL STREET MADURAI TAMILNADU 625001 INDIA

FIXED ASSETS

· Land

· Building

· Furniture and Fixture

· Computer

· Plant and Machinery

· Vehicles

· Computer equipments

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 68.02
UK Pound	1	INR 91.25
Euro	1	INR 80.07

INFORMATION DETAILS

Information Gathered by :	SAV
Analysis Done by :	PRA
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	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.