MIRA INFORM REPORT

Report Date :

30.08.2007

IDENTIFICATION DETAILS

Name :	PERMASTEELISA [INDIA] PRIVATE LIMITED
Registered Office :	# 9/1, 4^th and 5^th Floor, Dhondusa Complex, Residency Road, Richmond Circle, Bangalore – 560025, Karnataka
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	28.04.1995
Com. Reg. No.:	08-17712
CIN No.: [Company Identification No.]	U27101KA1995PTC017712
Legal Form :	Private Limited Liability Company
Line of Business :	Design, Construction and Installation of Architectural Envelopes.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	--
Status :	New Company
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a new operation in India and as such a part of multi-national operations. Trade relations are fair. Financial position is moderate. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions with slight caution, initially.

LOCATIONS

Registered Office :	# 9/1, 4^th and 5^th Floor, Dhondusa Complex, Residency Road, Richmond Circle, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-41121021 to 23
Fax No.:	91-80-41121020
E-Mail :	info@permasteelisaind.com shirley@permasteelisaind.com
Website :	http://www.permasteelisa.com
Corporate Office :	15/16, Primrose road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-25590633
Fax No.:	91-80-22106412

DIRECTORS

Name :	Mr. Bir Mohan Singh
Designation :	Director
Address :	Embassy Casabella, 28/1 Kasturba Cross Road, Bangalore – 560001, Karnataka, India
Date of Birth/Age :	18.01.1934
Date of Appointment :	25.03.1999
Name :	Mr. Gian Luigi Formelli
Designation :	Director
Address :	# 35, Hume Avenue, # 6-03, Singapore
Date of Birth/Age :	17.01.1958
Date of Appointment :	23.08.2002
Name :	Mr. Lucio Mafessanti
Designation :	Director
Address :	13-15, Governor, Maquire Frive, Moore Bank, New Douth Wales 2170, Australia
Date of Birth/Age :	16.03.1948
Date of Appointment :	28.04.1995
Name :	Mr. Singh Satpal
Designation :	Director
Address :	B – 203, Poornima Apartments, 23 Peddar Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	02.11.1957
Date of Appointment :	21.09.2000
Name :	Mr. Loh Raymond
Designation :	Director
Address :	Block 419 # 09 215, Woodlands St 41, Singapore – 730419
Date of Appointment :	04.04.2003
Date of Ceasing :	27.08.2004
Name :	Mr. Franco Guiseppe
Designation :	Director
Address :	38/F, MLC Towers, 248, Queens Road, East Wanchai NA
Date of Birth/Age :	03.12.1965
Date of Appointment :	27.08.2004
Name :	Mr. Selvan Ramanathan
Designation :	Director
Address :	# 22, Clive Street, Cuddalore – 607003, Tamilnadu, India
Date of Birth/Age :	27.08.1971
Date of Appointment :	06.11.2006

KEY EXECUTIVES

Name :	Mr. S Viswanathan
Designation :	Company Secretary
Address :	No. 9, Sai Bhavan, I-B, Main, 7^th Cross, B M P Mico Layout, BTM II, Stage, Bangalore – 560076, Karnataka, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Permasteelisa Pacific Holdings Limited	75999
ECIE Impact Private Limited	23950
Rangan Venkat	25
Singh Bir	25
Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	76.00
Bodies corporate	23.95
Directors or relatives of directors	0.03
Other top fifty shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Design, Construction and Installation of Architectural Envelopes.

GENERAL INFORMATION

Bankers :	Not Available
Facilities :	--

Banking Relations :	-
Auditors :
Name :	K P Rao and Company Chartered Accountants
Address :	Poornima, 25, State Bank Road, Bangalore – 560001, Karnataka, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99,999	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		[22.983]	[28.937]
NETWORTH		[12.983]	[18.937]
LOAN FUNDS
1] Secured Loans		0.000	43.000
2] Unsecured Loans		16.080	11.849
TOTAL BORROWING		16.080	54.849
DEFERRED TAX LIABILITIES
TOTAL		3.097	35.912
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.014	22.560
Capital work-in-progress		0.000	0.000
INVESTMENT		0.008	0.008
DEFERREX TAX ASSETS		19.630	15.738
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	153.334	29.806
	Sundry Debtors	105.555	84.268
	Cash & Bank Balances	0.116	0.757
	Other Current Assets	0.000	0.000
	Loans & Advances	34.783	15.147
Total Current Assets		293.788	129.978
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	331.820	131.792
	Provisions	15.523	0.580
Total Current Liabilities		347.343	132.372
Net Current Assets		[53.555]	[2.394]
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		3.097	35.912

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2006	31.03.2005
Sales Turnover Including Other Income	399.762	244.981
Total Income	399.762	244.981
Profit/(Loss) Before Tax	3.162	[35.394]
Provision for Taxation	[2.792]	[10.916]
Profit/(Loss) After Tax	5.954	[24.478]
Imports :
Total Imports	92.401	62.433
Expenditures :
Total Expenditure	396.600	280.375

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005
PAT / Total Income	(%)	1.49	[9.99]
Net Profit Margin (PBT/Sales)	(%)	0.79	[14.45]
Return on Total Assets (PBT/Total Assets}	(%)	0.96	[23.20]
Return on Investment (ROI) (PBT/Networth)		[0.24]	[1.87]
Debt Equity Ratio (Total Liability/Networth)		[27.99]	[9.89]
Current Ratio (Current Asset/Current Liability)		0.85	0.98

LOCAL AGENCY FURTHER INFORMATION

AS PER WEBSITE

The Group operates in four continents through more than 60 companies located in 27 countries and 20 directly and indirectly owned plants.

The Group has four operative sub-holdings, located in Europe, in America and in Asia: three held by Permasteelisa Spa and one by Gartner. The Asia Pacific Holding Company, owned 80% by Permasteelisa International B.V., was listed on the Singapore Stock Exchange in October 1997. The parent company Permasteelisa S.p.A. was listed on the Italian Stock Exchange (Piazza Affari Milan) on 23 July 1999. In December 2000 it acquired the German company Josef Gartner & Co KG, a leader in the aluminium and steel architectural envelopes.

The Group is controlled by Holding Bau (a company owned by the management of Permasteelisa) and Invest industrial, that have acquired approximately a 15% stake of Permasteelisa from Holding Bau. This shareholders agreement represents the relative majority of Permasteelisa share capital, equal to 30%, while the remaining is public.

Progressive worldwide expansion has always been one of Permasteelisa's primary goals. A global presence enables the Group to take full advantage of business opportunities and compensate for the cyclical trends in individual markets, allowing it to maximize efficiency in the management of resources and investment in new technology. Permasteelisa principal centers are in Italy in Vittorio Veneto (in the province of Treviso), in Germany (Gundelfingen), in the Netherlands (Middelburg), in the USA (Windsor CT), in Singapore, in China, Hong Kong (Donguan) and in Thailand (Bangkok). These head offices include research laboratories and product test centers. All operations related to the management and execution of contracts take place here, from assisting the architect in the preliminary architectural design phase through to the production and the testing, from the assembly of components in the factories through to onsite installation.

The Group's organizational structure consists in a network of companies all over the world. Thus it can offer local clients a flexible allocation of resources and an efficient management of contracts, with all the advantages of a global operation which has developed high experience and know-how internationally.

History

1985 - Permasteelisa starts its expansion by taking over and integrating into the Group over more and more companies specializing in the engineering and production of curtain walls and internal partitions, with the consequence that orders started to be no longer limited to the Italian market, but were extended to the whole of Europe.

1986 - The first important step towards international markets took place with the acquisition of a minority interest in the Australian company, Permasteel Industries Pty Ltd., which produced steel doors and windows. The name Permasteelisa results from the combination of the name Permasteel and ISA.

1988 - Incorporation of Permasteelisa Spa, ultimate Parent company of the Permasteelisa Group. The company implemented worldwide growth strategies during the Nineties, achieving a significant presence in Europe and Asia, thanks to the creation of several companies with local partners.

1990/1992 - The Group undertook a corporate reorganization and continued the process of international expansion. Permasteelisa UK Ltd. and Permasteelisa Benelux S.A. were established to create a stable presence in the important English market and later on the acquisition of significant contracts in Belgium. The Singapore company Permasteelisa Pacific Pte. Ltd. was also established in order to develop a significant presence in the Asian market.

In Italy, Steelbenetton and Alcom were taken over and integrated into the Group.

1993/1995 - The Company's growth in Europe and Asia continued with the creation of numerous subsidiaries in different countries, such as Thailand, Taiwan, China, France and Spain.

1995/1997 - Scheldebouw (Holland), Belgometal (Belgium) and Permasteelisa Hong Kong was established. Permasteelisa Pacific Holdings was listed on the Singapore Stock Exchange.

1998/2000 - Permasteelisa Cladding Technologies Inc. was established in order to create a stable presence in the important U.S. market, where it operates with two divisions, for internal furnishings and external facades respectively.

The parent company Permasteelisa S.p.A. was listed on the Italian Stock Exchange (Piazza Affari Milan).

2001/2002 - The Group acquired Gartner, the German leader in the market of aluminium and steel architectural envelopes.

Allied Bronze Inc. was acquired in order to complete the range of products and services in the US market.
Permasteelisa España and Permasteelisa Japan were established.

2003 - In March 2003, Permasteelisa S.p.A. has purchased the entire share capital of Glassalum Holding Corporation, a Miami based US company, specialized in claddings for monumental buildings, allowing the Group to become leader in the engineering, manufacturing and installation of architectural envelopes also in the US market.

PRESS RELEASE

Publication exemption for financial report related to the second quarter results:

01/04/2007 – 30/06/2007

Vittorio Veneto, July 23, 2007 - Permasteelisa S.p.A., as in previous years, will follow the exemption provided for by the Art. 82, paragraph 2/a of Consob Resolution n° 11971 of May 14 1999, Implementation Rules of Legislative Decree n° 58 of February 24 1998, which exempts the company from publishing the second quarter financial

report related to the period 01/04/2007 – 30/06/2007.

Permasteelisa S.p.A. also informs that the half-year Report, related to the period 01/01/2007 - 30/06/2007, will be available at the registered office and at Borsa Italiana S.p.A, within 75 days from end of the semester.

For further information, please contact :

Elisabetta Floccari Giorgio Zambeletti, Sara Balzarotti

Permasteelisa S.p.A. Ad Hoc CommunicatioAdvisors

Tel. +39 0438 505115 Tel. +39 02 7606741

Fax +39 0438 694506 Mob. +39 335 1415584

e.floccari@permasteelisa.it sara.balzarotti@adhoccommunication.com

http://www.permasteelisa.com

The Permasteelisa Group is one of the world’s leading operators in the design, construction and installation of architectural envelopes. The Group provides solutions with a high technological content and works closely with the leading names in contemporary architecture.

Active on four continents, with a network of more than 60 companies in 27 nations. Decentralised production and project management enables Permasteelisa to be effective locally, while maintaining high quality standards in all markets.

Via four research centres and collaboration with the most prestigious international universities, Permasteelisa promotes the development and application of innovative eco-compatible technologies which ensure significant levels of energy saving and improve the living conditions experienced in internal environments.

The many hundreds of major architectural works completed by Permasteelisa, or under construction around the world, include the Sydney Opera House, various European Parliament buildings in Brussels and Strasbourg, the Canary Wharf development in London, the headquarters of France Télévision in Paris, the headquarters of ABN AMRO in Amsterdam, the Guggenheim in Bilbao, the principal buildings in the financial heart of Frankfurt, the headquarters of Deutsche Post in Bonn, the airports serving Munich, Brussels and Venice, the Suntec City complex, Vob Towers and the headquarters of the Stock Exchange in Singapore, the airports serving Hong Kong (interior fittings), Bangkok and Singapore, the Cheung Kong Center, the Bank of China and the International Financial Center in Hong Kong, the Taipei Financial Center in Taiwan, Jin Mao in Shanghai, the headquarters of Telekom Malesia in Kuala Lumpur, the Walt Disney Concert Hall in Los Angeles, the Museum of Modern Art in

New York and the headquarters of many leading financial institutions.

Board of directors approves 2006 results, up sharply on 2005 thanks partly to major restructuring.

Dividend of EUR 0.30 per share proposed Board approves ambitious business plan for 2007-2010 that will cover both the core business of external cladding for large buildings and the promising interiors sector.

CONSOLIDATED HIGHLIGHTS

	2006 (€/000)	2005 (€/000)	Change
Sales	1.095.688	986.840	+ 108.848
EBITDA	32.376	-296	+ 32.672
%	2,95 %	-0,03 %
EBIT	20.472	-12.487	+ 32.959
%	1,87 %	-1,27 %
Results before taxation	7.024	-22.167	+ 29.191
Net results	330	-26.263	+ 26.593

	December 2006 (€/000)	December 2005 (dati in €/000)	Change
Net Financial Position	-34.316	-57.498	+23.182
Shareholders’ equity	175.029	186.091	-11.062
Debt/Equity	0,20	0,31

COMPANY HIGHLIGHTS

	2006 (€/000)	2005 (€/000)	Change
Sales	106.625	80.450	+26.175
Net results	4.343	2.182	+2.161

Milan, 27 March 2007 – Today, Permasteelisa SpA’s board of directors approved the draft results of Permasteelisa SpA and the consolidated results for 2006.

Group revenues reached an all-time high, after recording an increase of approximately 11% versus 2005. The growth was significant not only by its quantity, but also in terms of quality, given the markets in which it was achieved: for the exterior walls business, the rise was recorded mainly in the traditionally strong regions of northern Europe (UK and Ireland + 32.5%) and North America (New York +31.9%). This made up for the loss of business in the west coast region of the US, where the company has decided to suspend operations, at least temporarily. The interiors business made a significant contribution: sales in this business shot up by more than 40%, thanks to interior walls and shopfitting.

2006 was a record year for new orders too: the company acquired orders worth EUR 1,064 million, up 16.7% on the previous year. As with revenues, orders are increasingly concentrated in those markets and products that have made the group’s name over the years. North America is still a core market, with growth of around 34%, while Europe saw an increase of more than 9%, thanks mainly to the long-awaited recovery in the German market (34%). In Asia, Hong Kong did particularly well, more than doubling its orders in the space of a year. Note that this performance came in the wake of the decision to dramatically reduce activity in steel and glass façades, where new orders fell from EUR 59 million to EUR 37 million.

Orders in the interiors business shot up by over 23%, thanks mainly to shopfitting. The excellent orders trend continued into the first quarter of 2007, and the outlook remains excellent for the next few months, thanks to good prospects for the group’s main markets.

EBIT came in at more than EUR 20 million, or 1.87% of sales, thanks to an improvement in both the production mix and in general operating efficiency. This is an important result: although the margin is not yet in line with past results and expected profitability, it nonetheless shows a definite turnaround compared with 2005, and confirms the company’s expectations of a rapid recovery. In this respect, note that the EBIT margin for the last quarter was higher than the average annual figure, confirming the positive outlook for 2007.

Pre-tax profit included one-off costs totaling over EUR 3 million; nevertheless the figure was positive to the tune of more than EUR 7 million, versus a loss of around EUR 22 million in 2005. Financial charges stood at 0.9% of sales, the same percentage as in 2005.

Net profit stood at break-even level, as a result of high tax charges due to negative results from subsidiaries operating in low-tax countries, and to the failure to record deferred tax assets in regions where such assets

are not yet recoverable in view of current conditions.

The group’s net debt stood at EUR 34.3 an improvement on the EUR 57.4 million recorded at 31 December 2005. It should be noted that, given revenue volumes and payment methods within Permasteelisa, the group’s financial position can be significantly affected by individual receipts and payments.

Business plan

Permasteelisa’s management, with the help of an international consultancy firm, has drawn up a business plan for 2007-2010, which today was approved by the board of directors.

Under the plan, the group will focus on developing its core business of external façades and cladding, as well as its interiors business.

In the external cladding business, the group plans to consolidate its leadership further. Here, revenues are expected to grow steadily thanks partly to a positive market environment. At the same time, the company will begin improving efficiency in its order selection and management processes, with the aim of maintaining the profitability of its orders.

The interiors business is also expected to grow: the group plans to focus on the shops segment, which is considered to have the best future growth rates.

Organic revenue growth may also be accompanied by external growth; the group will examine any acquisition opportunities that may arise.

As a result of the above strategies, the group aims to generate revenues of around EUR 1.8 billion by 2010, of which EUR 450 million will come from the interiors business. The EBIT margin is forecast at around 8%.

Permasteelisa SpA

The non-consolidated results show revenues of EUR 106.6 million, with net profit of EUR 4.3 million.

In light of this performance, the board of directors has voted to propose the distribution of a gross dividend of EUR 0.30 per share (the same as in 2005), payable from 5 July 2007 (coupon number 8, ex-date 2 July 2007). The proposal will be submitted to the shareholders' meeting, scheduled for 30 April 2007, with a second session on 8 May 2007 if necessary.

The board also voted to schedule an extraordinary session of the shareholders’ meeting for 30 April 2007, with a second session on 2 May 2007 and a third session on 8 May 2007 if necessary. This meeting will vote on amendments to the group’s articles of association, in particular on the proposal to increase the number of board members, and on the chairman’s casting vote.

Presentation to the financial community

The group’s 2006 results and its three-year business plan will be presented at 2 pm today, 27 March 2007, by the Chairman Davide Croff and the Chief Executives, in the Auditorium of Banca IMI, Corso Matteotti 6, Milan.

The Permasteelisa Group is one of the world’s leading operators in the engineering, manufacturing and installation of architectural envelopes. The Group provides solutions with a high technological content and works closely with the leading names in contemporary architecture.

Active on four continents, with a network of more than 60 companies in 27 nations. Decentralised production and project management enables Permasteelisa to be effective locally, while maintaining high quality standards in all markets.

Via four research centres and collaboration with the most prestigious international universities, Permasteelisa promotes the development and application of innovative eco-compatible technologies which ensure significant levels of energy saving and improve the living conditions experienced in internal environments.

The many hundreds of major architectural works completed by Permasteelisa, or under construction around the world, include the Sydney Opera House, various European Parliament buildings in Brussels and Strasbourg, the Canary Wharf development in London, the headquarters of France Télévision in Paris, the headquarters of ABN AMRO in Amsterdam, the Guggenheim in Bilbao, the principal buildings in the financial heart of Frankfurt, the headquarters of Deutsche Post in Bonn, the airports serving Munich, Brussels and Venice, the Suntec City complex, Vob Towers and the headquarters of the Stock Exchange in Singapore, the airports serving Hong Kong (interior fittings), Bangkok and Singapore, the Cheung Kong Center, the Bank of China and the International Financial Center in Hong Kong, the Taipei Financial Center in Taiwan, Jin Mao in Shanghai, the headquarters of Telekom Malesia in Kuala Lumpur, the Walt Disney Concert Hall in Los Angeles, the Museum of Modern Art in New York and the headquarters of many leading financial institutions.

Profit And Loss Account

For the year ended 31 December 2006

	2006	2005
In thousand of euro
Revenues	99.140	76.378
Other income	7.486	4.072
Total operating revenues	106.626	80.450
Raw material costs	[58.350]	[46.753]
Costs for services and use of third-party assets	[23.107]	[16.218]
Payroll costs	[20.781]	[16.231]
Depreciation and amortization	[2.903]	[3.042]
Receivables write-downs	0	[122]
Provisions for risks and charges	0	0
Other operating costs	[260]	[541]
Costs for capitalised in-house work	36	106
Total operating costs	[105.366]	[82.801]
Operating result before non recurring costs	1.260	[2.351]
Non recurring costs	[3.275]	0
Operating result	[2.015]	[2.351]
Financial income	16.525	11.051
Financial expenses	[10.268]	[6.787]
Net financing income (expenses)	6.257	4.264
Revaluation of equity investments	0	0
Write-downs of equity investments	0	[172]
Profit/(loss) before tax	4.242	1.741
Income tax expense	101	441
Profit/(loss) after tax	4.343	2.182

Balance sheet

As at 31 December 2006

In thousand of euro

	31 December 2006	31 December 2005
Assets
Intangible fixed assets	1.400	788
Tangible fixed assets	33.075	34.883
Equity investments in subsidiaries	100.140	59.638
Financial receivables from subsidiaries	2.000	3.000
Other non-current assets	83	0
Deferred tax assets	2.486	4.179
Total non-current assets	139.184	102.488
Contract works in progress and inventories	26.584	17.120
Trade receivables	10.830	6.339
Amounts receivable from consolidated subsidiaries	25.175	17.772
Financial receivables from subsidiaries	49.680	69.500
Tax receivables	4.111	7.892
Other current assets	1.292	485
Cash and cash equivalents	3.423	210
Total current assets	121.093	119.318
Total assets	260.277	221.806
Equity
Share capital	6.900	6.900
Legal reserve	1.653	1.653
Share premium	26.790	26.790
Revaluation reserve	3.523	3.523
Extraordinary reserve	33.378	39.601
Foreign Exchange Risk Hedging Reserve	[270]	175
Other reserves	5.101	1.298
Retained earnings	4.367	1.997
Total equity	81.441	81.937
Liabilities
Amounts payables to banks and other financial creditors	52.607	0
Severance indemnity fund	2.579	2.348
Deferred tax liabilities	277	303
Provisions for risks and charges	207	256
Total non-current liabilities	55.670	2.907
Amounts payables to banks and other financial creditors	43.157	80.346
Excess of progress billings over work-in-progress	2.194	3.855
Trade payables to third parties	31.202	21.651
Amounts payable to subsidiaries	2.090	4.253
Financial payables to subsidiaries	38.687	22.619
Tax payables	932	791
Other current liabilities	4.903	3.447
Total current liabilities	123.165	136.962
Total net equity and liabilities	260.277	221.806

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	Indian Rupees
US Dollar	1	Rs.40.96
UK Pound	1	Rs.82.55
Euro	1	Rs.55.96

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	-
--CREDIT LINES	1~10	6
--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		33

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 EXPLANATIONS

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.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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