MIRA INFORM REPORT

Report Date :

08.01.2007

IDENTIFICATION DETAILS

Name :	TRIVEDI CORP PRIVATE LIMITED
Registered Office :	68 Premanjali Bodakdev, Ahmedabad – 380015
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	10.10.1991
Com. Reg. No.:	04-16391
CIN No.: [Company Identification No.]	U14101GJ1991PTC016391
TAN No.: [Tax Deduction & Collection Account No.]	AHMT00667C
Legal Form :	Private Limited Liability Company
Line of Business :	Cutting, Polishing and Carving of Marbles.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	The Company’s major business is manufacturing of marbles and other stone tiles, carved stone products and Architectural products for export as well as local sales. It is also in the business of providing consultancy services in technical and financial areas. Though there has a downturn in its business, its financial position is satisfactory. Directors are experienced and resourceful businessmen. Trade relations are reported as fair. Payments are slow, but correct. The company can be considered normal for business dealings at usual trade terms & conditions.

LOCATIONS

Registered Office :	68 Premanjali Bodakdev, Ahmedabad – 380015
Tel. No.:	91-79-26873666
Fax No.:	91-79-26870220
E-Mail :	info@trivedi-marble.com trivedicrafts@vsnl.com
Website :	http://www.trivedi-marble.com
Area :	1000 Sq.ft
Location :	Owned
Factory 1 :	Block No. 350, 351 and 354, Changodar Industrial Area, Taluka Sanand, Ahmedabad-382213, Gujarat, India
Tel. No.:	91-79-23750230/23750236/23750386/23750387
Fax No.:	91-79-23750231
Group Mines :	At D. K. Trivedi and Sons Premises, Ambaji, Gujarat

DIRECTORS

Name :	Mr. Kiran Jitendra Trivedi
Designation :	Chairman and Managing Director
Address :	Plot No. 384, Lane No. 18, Satyagrah Chhawani, Near Bhav Nirjhar, Satellite Road, Ahmedabad – 380015
Tel. No. :	91-79-26860666
Date of Birth/Age :	14^th August, 1955
Date of Appointment :	29.09.1991
Name :	Mrs. Heena Kiran Trivedi
Designation :	Director
Address :	Plot No. 384, Lane No. 18, Satyagrah Chhawani, Near Bhav Nirjhar, Satellite Road, Ahmedabad – 380015
Tel. No. :	91-79-26860666
Date of Birth/Age :	15^th December, 1962
Date of Appointment :	20^th September, 2001
Name :	Mr. Virendra K. Trivedi
Designation :	Director
Address :	5B, Het Prabha Society, Near Chanakyapuri, Ghatlodia, Ahmedabad - 380061, Gujarat, India
Tel. No. :	91-79-27496953
Date of Birth/Age :	20^th October, 1959
Date of Appointment :	15^th September, 2000
Name :	Mr. Sushil Pandey
Designation :	Executive Director
Address :	C-206, Sumey Apartments, Near St. Xavier’s School, Loyolla Hall, Memnagar Road, Ahmedabad – 380052, Gujarat
Date of Birth/Age :	11^th August, 1948
Date of Appointment :	28^th September, 2002
Name :	Mr. Manan Kiran Trivedi
Designation :	Additional Director
Address :	384, Sector – 4, Plot – 14, Lane – 18, Satyagrah Society, Near Bhavnirjar, Bodakdev, Ahmedabad – 380015
Date of Birth/Age :	24.05.1988
Date of Appointment :	20.06.2006
Tel. No. :	91-79-26873666
Fax No. :	91-79-26870220
E-mail :	info@trivedi-marble.com

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Mr. Kiran J. Trivedi	17490
Mrs. Heena K. Trivedi	17490
Trivedi Impex Private Limited	12500
Mr. Pradhyumna V. Sompura	13550
Mr. Jesing D. Gohel	13550
Mr. Govind M. Patel	11150
Mr. Gababhai B. Patel	11150
Mr. Chatur A. Patel	11150
Mr. Pasabhai U. Patel	11150
Mr. Vallabh K. Patel	11150
Mr. Natubhai R. Patel	11150
Mr. Manibhai S. Patel	11150
Mr. Kanti B. Patel	11150
Mr. Dhula H. Patel	11220
TOTAL	175000

BUSINESS DETAILS

Line of Business :

Cutting, Polishing and Carving of Marbles.

Products :

Item Code No.	Product Description
2515	Marble Slabs, Tiles & Blocks
2516	Granite / Sand Stone Blocks, Slabs & Tiles
6802	Carved Marble, Granite & Sand Stone Product

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production
Slabs and Tiles	222500 sq. mtrs	50.399 sq. mtrs
Worked and Carved Stone for Monumental Building	NA	24,000 c. ft.

GENERAL INFORMATION

Suppliers :	· Offcine B. M. Srl Italy · Pellegrin Mechanica Spa. Italy · Korfmann Machinen Fabrik GmbH of Germany · Diamond Board of Belgium
No. of Employees :	100
Bankers :	Bank of Baroda, Gandhi Road Branch, Ahmedabad-380001, Gujarat
Facilities :	Subject enjoys Cash Credit limit of Rs. 81.800 millions from its bankers

Banking Relations :	Satisfactory
Auditors :	Ravi and Dev Chartered Accountants, 377 – B, 1^st Floor, JSS Road, Chira Bazar, Mumbai – 400002, Maharashtra, India PAN No. : AAAFR4409C
Tel. No.:	91-141-2375212/2375272
Fax No.:	91-141-2363426
Associates/Subsidiaries :	D. K. Trivedi and Sons D. K. Trivedi and Co. J. D. Trivedi and Sons Trivedi Marbles D. K. Trivedi Marbles Private Limited Ambika Mineals Trivedi Impex Private Limited Trivedi Crafts The concern’s own its own fully mechanised quarries like the Ambaji White quarries at Ambaji. The group also owns Rajasthan Green Marble quarries in Udaipur and the Abu Black Marbel quarries in Abu Road.

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 100/- Each	Rs. 20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17,500,000	Equity Shares	Rs. 100/- Each	Rs. 17.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		17.500	17.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		43.289	39.936
4] (Accumulated Losses)		0.000	0.000
NETWORTH		60.789	57.436
LOAN FUNDS
1] Secured Loans		33.673	35.088
2] Unsecured Loans		0.076	0.076
TOTAL BORROWING		33.749	35.164
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		94.538	92.600
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		74.183	73.859
Capital work-in-progress		0.000	0.089
INVESTMENT		0.250	0.250
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.597	23.635
	Sundry Debtors	14.481	14.381
	Cash & Bank Balances	0.753	3.418
	Other Current Assets	33.831	33.908
	Loans & Advances	0.000	0.000
Total Current Assets		68.662	75.342
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	38.310	46.031
	Provisions	10.257	10.924
Total Current Liabilities		48.567	56.955
Net Current Assets		20.095	18.387
MISCELLANEOUS EXPENSES		0.010	0.015
TOTAL		94.538	92.600

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2005	31.03.2004
Sales Turnover [including other income]	100.573	88.738
Profit/(Loss) Before Tax	3.895	9.394
Provision for Taxation	0.542	3.682
Profit/(Loss) After Tax	3.353	5.712
Export Value	23.971	N.A.
Total Expenditure	96.678	79.344

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004
PAT / Total Income	(%)	3.33	6.43
Net Profit Margin (PBT/Sales)	(%)	3.87	10.58
Return on Total Assets (PBT/Total Assets}	(%)	2.72	6.29
Return on Investment (ROI) (PBT/Networth)		0.06	0.16
Debt Equity Ratio (Total Liability/Networth)		1.35	1.60
Current Ratio (Current Asset/Current Liability)		1.41	1.32

LOCAL AGENCY FURTHER INFORMATION

Name of the company

TRIVEDI CRAFTS PRIVATE LIMITED

Presented By

SUSHIL PANDEY, Director

1) Date and description of instrument creating the change

Hypothecation Agreement

Dated : 03.07.1997

2) Amount secured by the charge/amount owing on the securities of charge

Packing credit cum FBP limit Rs. 2.800 millions cash credit hypothecation stock limit Rs. 1.800 millions agg. To Rs. 4.600 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

1. All stock of raw materials, semi finished and finished goods, both present and future, and more particularly described in Item I of the second schedule annexed with hypothecation agreement dated 03.07.97

2. All the present and future book debts, outstanding monies, receivables, claims, bills chosen in auction, contracts, engagements and securities of the company more particularly described in item II of the second schedule annexed with hypothecation agreement dated 03.07.97

3. The specific item of movable machinery / vehicles/crafts etc. as more particularly described in item III of the second schedule annexed herewith to secure the cash credit / loan / deferred payment guarantees facility granted / agreed to be granted by the bank of the company

4. subject to the exclusive / prior charge created / agreed to be created o the specific items of movable machinery / vehicles/crafts in respect of the cash credit /loan/s/deferred payment guarantees facility sanctioned to / availed by the company with the consent of the bank [details of which specific movable machinery / vehicles / crafts the borrower hereby undertake to provide to the bank], all the movable machinery/vehicles/crafts of the company, both present and future, and more particularly described in Item III of the second schedule annexed with hypothecation agreement dated 3.7.97 [all of which stocks, book-detbs, movable machinery/vehicle/crafts of the company are hereinafter collectively referred to as the hypothecated premises] as security by way of first charge for due payment on demand of the balance due to the bank in respect of account / accounts of the facilities / accommodation granted to the company by the bank as aforesaid.

4) Gist of the terms and conditions and extent and operation of the charge.

The securities mentioned in Col. No. 3 here in above is held us bank’s exclusive property and the company shall not create any mortgage, charge or lien or encumbrance upon or over the same or permit thereof except to the bank and the present goods are free from any charge etc.

Limit	Packing Credit Rs. 2.800 millions	Cash Credit Rs. 1.800 millions
Margin	20%	25%
Rate of Interest	13%	16.25% + Int. Tax

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda

Gandhi Road, Ahmedabad

6) Date and brief description of instrument modifying the charge

Modification through composite instrument of hypothecation of goods, book debts, movable machinery & vehicle dated 31^st March, 2000

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Instrument of hypothecation agreement dated 3.7.97 has been modified through supplemental composite instrument of hypothecation agreement dated 31^st March, 2000 to modify the limits as under

Limit	Packing Credit Rs. 4.000 millions	Cash Credit Rs. 0.600 millions
Margin	25%	25%
Rate of Interest	4% OBR Minimum	16.00% + Int. Tax

Name of the company

TRIVEDI CRAFTS PRIVATE LIMITED

Presented By

SUSHIL PANDEY, Director

1) Date and description of instrument creating the change

Hypothecation Agreement

Dated : 03.07.1997

2) Amount secured by the charge/amount owing on the securities of charge

Packing credit cum FBP limit Rs. 2.800 millions cash credit hypothecation stock limit Rs. 1.800 millions agg. To Rs. 4.600 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

1. All stock of raw materials, semi finished and finished goods, both present and future, and more particularly described in Item I of the second schedule annexed with hypothecation agreement dated 03.07.97

2. All the present and future book debts, outstanding monies, receivables, claims, bills chosen in auction, contracts, engagements and securities of the company more particularly described in item II of the second schedule annexed with hypothecation agreement dated 03.07.97

3. The specific item of movable machinery / vehicles/crafts etc. as more particularly described in item III of the second schedule annexed herewith to secure the cash credit / loan / deferred payment guarantees facility granted / agreed to be granted by the bank of the company

4. subject to the exclusive / prior charge created / agreed to be created o the specific items of movable machinery / vehicles/crafts in respect of the cash credit /loan/s/deferred payment guarantees facility sanctioned to / availed by the company with the consent of the bank [details of which specific movable machinery / vehicles / crafts the borrower hereby undertake to provide to the bank], all the movable machinery/vehicles/crafts of the company, both present and future, and more particularly described in Item III of the second schedule annexed with hypothecation agreement dated 3.7.97 [all of which stocks, book-detbs, movable machinery/vehicle/crafts of the company are hereinafter collectively referred to as the hypothecated premises] as security by way of first charge for due payment on demand of the balance due to the bank in respect of account / accounts of the facilities / accommodation granted to the company by the bank as aforesaid.

4) Gist of the terms and conditions and extent and operation of the charge.

The securities mentioned in Col. No. 3 here in above is held us bank’s exclusive property and the company shall not create any mortgage, charge or lien or encumbrance upon or over the same or permit thereof except to the bank and the present goods are free from any charge etc.

Limit	Packing Credit Rs. 2.800 millions	Cash Credit Rs. 1.800 millions
Margin	20%	25%
Rate of Interest	13%	16.25% + Int. Tax

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda

Gandhi Road, Ahmedabad

6) Date and brief description of instrument modifying the charge

Modification through composite instrument of hypothecation of goods, book debts, movable machinery & vehicle dated 31^st March, 2000

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Instrument of hypothecation agreement dated 3.7.97 has been modified through supplemental composite instrument of hypothecation agreement dated 31^st March, 2000 to modify the limits as under

Limit	Packing Credit Rs. 4.000 millions	Cash Credit Rs. 0.600 millions
Margin	25%	25%
Rate of Interest	4% OBR Minimum	16.00% + Int. Tax

Name of the company	TRIVEDI CRAFTS PRIVATE LIMITED
Presented By	SUSHIL PANDEY, Director
1) Date and description of instrument creating the change	11^th January, 2001, hypothecation agreement executed, by the company in favour of Bank of Baroda. A copy of the said hypothecation is enclosed.
2) Amount secured by the charge/amount owing on the securities of charge	The Term Loan of Rs. 27.000 millions. Agreed to be lent and advanced by BOB to the company
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of plant and machinery for slab & CSP division B M Gangsaw, Single frame saw M/c Bridge Cutting Machine, CNC machine etc. All the tangible movable machinery and plant and cranes, boats and crafts and the vehicles, both present and future, the furniture & fitting and office equipments whether installed or not and company’s stock of raw material, stock in process, finished goods and book debts at factory at Changodar, Taluka Sanand, District Ahmedabad
4) Gist of the terms and conditions and extent and operation of the charge.	The charge operates as security, for the due repayment by the company to BOB of its term loan of Rs. 27.000 millions together with interest Margin : 33% Interest : 15% p.a.
5) Name and Address and description of the person entitled to the charge.	Bank of Baroda Gandhi Road, Ahmedabad
6) Date and brief description of instrument modifying the charge	Nil
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Nil

Name of the company	TRIVEDI CRAFTS PRIVATE LIMITED
Presented By	SUSHIL PANDEY, Director
1) Date and description of instrument creating the change	On 14^th day of July 1997 Deed of mortgage executed by the company in favour of Gujarat Industrial Investment Corporation Limited [hereinafter referred to as GIIC] and Bank of Baroda situated at Gandhi Road, Ahmedabad – 1, hereinafter referred to as ‘BOB’.
2) Amount secured by the charge/amount owing on the securities of charge	The working capital limit of Rs. 17.600 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Second charge on land together with the building and other structures, erections and godowns and fixed plant and machinery fixtures & fitting now or hereafter both present and future installed at Block No. 350, 351 & 354 village Changodar, Taluka : Sanand, District Ahmedabad
4) Gist of the terms and conditions and extent and operation of the charge.	The charge operates as security, for the dues repayment by the company to BOB of its working capital loan of Rs. 17.600 millions together with interest. Subject to first charge in favour for its term loan of Rs. 10.900 millions
5) Name and Address and description of the person entitled to the charge.	Bank of Baroda Gandhi Road, Ahmedabad
6) Date and brief description of instrument modifying the charge	Modified through creation of equitable mortgage by memorandum of deposit of title deeds dated 02.03.2001
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The first charge in favour of GIIC Limited for its term loan of Rs. 10.900 millions has been satisfied accordingly modification through creation of equitable mortgage by memorandum of deposit of title deeds dated 2^nd March, 2001 to secure the overall working capital limit of Rs. 38.000 millions. A copy of memorandum of title deed is enclosed.

Name of the company	TRIVEDI CRAFTS PRIVATE LIMITED
Presented By	SUSHIL PANDEY, Director
1) Date and description of instrument creating the change	11^th January, 2001, hypothecation agreement executed, by the company in favour of Bank of Baroda.
2) Amount secured by the charge/amount owing on the securities of charge	The Term Loan of Rs. 27.000 millions.
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of plant and machinery for slab & CSP division B M Gangsaw, Single frame saw M/c Bridge Cutting Machine, CNC machine etc. All the tangible movable machinery and plant and cranes, boats and crafts and the vehicles, both present and future, the furniture & fitting and office equipments whether installed or not and company’s stock of raw material, stock in process, finished goods and book debts at factory at Changodar, Taluka Sanand, District Ahmedabad
4) Gist of the terms and conditions and extent and operation of the charge.	The charge operates as security, for the due repayment by the company to BOB of its term loan of Rs. 27.000 millions together with interest Margin : 33% Interest : 15% p.a.
5) Name and Address and description of the person entitled to the charge.	Bank of Baroda Gandhi Road, Ahmedabad
6) Date and brief description of instrument modifying the charge	Modified through creation of equitable mortgage by memorandum of deposit of title deeds dated 02.03.2001
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Modification through create of equitable mortgage by memorandum of deposit of title deeds dated 2^nd March, 2001 to further secure the Term Loan of Rs. 27.000 millions. A copy of memorandum of title deeds is enclosed.

WEBSITE DETAILS

Trivedi Crafts Private Limited, Ahmedabad, is the flagship company of the Trivedi Marble Group of India. It was established by the late Mr D.K. Trivedi back in 1937. He was a temple architect who was awarded the prestigious project of renovating the ancient and well known Indian temples at Ranakpur in Gujarat and Delwara in Rajasthan. Mr Trivedi located the source of the white marble used in the construction of those temples. They were the hills at Ambaji, and Mr. Trivedi started quarrying Ambaji White Marble for the reconstruction of the temples on a modest scale.

Today the Group has come a long way. Besides the Ambaji White quarries at Ambaji, the Group now owns Rajasthan Green Marble quarries in Udaipur, and the Abu Black Marble Quarries in Abu Road. All the three quarries are highly mechanized.

The Group manufacturers mirror polished, calibrated and chamfered marble tiles on its Pedrini tiling plant at Ambaji.

At Ahmedabad three gangsaws and supporting polishing and cutting machines are turning out mirror polished marble slabs.

And also at Ahmedabad, the Carved Stone Products Division, equipped with the state of the art CNC Stone Working Centre from Brembana, Italy, equipped with a 3-d Laser Scanning Attachment from Scan Technology, Denmark, Computer controlled Stone Profiling Bridge saw with Lathe and Drilling attachment from GMM Italy, and other computer controlled machines is producing intricately carved marble and sandstone products for temples, private residences, hotels, commercial buildings.

This division manufactures sculpture, grilles, carved panels, carved columns, arches, domes, fire place surrounds, designer floors, border tiles, listels, mouldings, solid marble wash basins, wash basin counters, vanity tops, table tops with inlay work, and ANY other item in marble or sandstone.

The company exports complete projects in marble and sandstone to USA, UK, Belgium. The company also exports carved stone products to customer drawings and specifications. Also exported are mirror polished marble tiles, mirror polished marble slabs, and dressed marble blocks to Italy, USA, Australia, Malaysia, South Korea, Saudi Arabia, Dubai, Oman, Sharjah, Kenya and Mauritius.

TURNKEY PROJECTS

The company undertakes to execute turnkey projects relating to temples, private residences, and commercial buildings such as hotels.

Temple Projects

Computer Aided Design

The company has in-house architects for designing temples as per traditional Indian Shilp-Shastra and Vastu-Shastra. These architects are supported by Computer Aided Design specialists who digitize and convert the traditional drawings into AutoCad-14 drawings. The entire temple is done on AutoCad-14. And we produce individual drawings for each and every stone which goes into making the temple with a distinctive number.

Computer Aided Manufacture

The AutoCad-14 drawings are fed to computer controlled machines for profiling, copying, and carving, all imported from Italy. They also have a state of the art CNC Stone Work Center from Brembana, Italy for high precision carving of marble and other stones. The machine also processes glass, for clients specifying the use of glass in certain areas.

High precision diamond tools specially imported from Italy are used on all the machines.
The machines fabricate the stone to an extent of about 90 to 95%. Highly skilled artisans impart the final finish by hand.

3 D Laser Scanning

The company has a facility for 3 dimensional laser scanning of any object for the purposes of reproducing the same in large quantities on the CNC Carving Machine. Any replica or model can be scanned. The 3 dimensional images, including all dimensions, are stored in the computer, and can be used to reproduce the item in marble or any other stone.

The images can also be scaled up or down.

Since many stones in a temple are repeated this facility helps the company manufacture extremely accurate replicas very quickly, drastically cutting down on the manufacturing time.

Pre-assembly
After the individual stones are manufactured and finished we pre-assemble every level at their factory. In this way they practically check for a possible misfit or mismatch, which may have crept in, in-spite of highly accurate machining by computer controlled machinery.

If any misfits or mismatches are found, they are rectified by hand immediately. Thereafter each stone is numbered and crated for dispatch.

The overseas clients are supplied with detailed assembly drawings to help them erect the temple without much difficulty using only semiskilled labor. Each stone is numbered on the drawings, and the client simply has to ensure that proper stones are installed at the location shown on the drawings.

The Stones for Temples

The company uses Ambaji White Marble and Pink Sandstone to construct temples, depending on the customer choice and budget.

Ambaji White Marble is produced in captive quarries at Ambaji. This marble has been used to construct temples in India since a long time. Over 100 temples in India have been constructed from Ambaji White Marble, including many famous temples such as Delwara (1200 years old) and Ambaji (800 years old)
The Swaminarayan Temple at Neasdon near London has been constructed from the same marble.

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	Indian Rupees
US Dollar	1	Rs.44.30
UK Pound	1	Rs.85.83
Euro	1	Rs.57.92

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
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
TOTAL		45

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

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