MIRA INFORM REPORT

Report Date :

01.12.2008

IDENTIFICATION DETAILS

Name :	DIANA IMPEX PRIVATE LIMITED
Registered Office :	T-135/5/A/1, Murry Road, Metiabruj, Kolkata-700018, West Bengal
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	23.02.2006
Com. Reg. No.:	108270
CIN No.: [Company Identification No.]	U51909WB2006PTC108270
IEC No.:	0206011326
PAN No.: [Permanent Account No.]	AACCD3873H
Legal Form :	Private Limited Liability Company
Line of Business :	Importer of Computerised Embroidery Machines from China

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track records. Directors are reported as experienced, respectable and having satisfactory means. Trade relations are fair. Business is active. No complaints have been heard. It would be available to take adequate securities while dealing with subject.

INFORMATION PARTED BY

Name :	Md. Nasir Hossain
Designation :	Director
Contact No.:	91-9830167448
Date :	29.11.2008

LOCATIONS

Registered Office :	T-135/5/A/1, Murry Road, Metiabruj, Kolkata-700018, West Bengal, India
Tel. No.:	91-33-24694066
Mobile No.:	91-9830167448
Fax No.:	91-33-24690857
E-Mail :	Asraful.islam@rediffmail.com dianembro@yahoo.co.in
Website :	http://www.dianaimpex.com
Area :	Rented

DIRECTORS

Name :	Md. Nasir Hossain
Designation :	Director
Address:	T-135/5/A/1, Murry Road, Metiabruj, Kolkata-700018, West Bengal, India
Mobile No.:	91-9830167448
Name :	Mr. Sajjad Hossain
Designation :	Director
Address:	T-135/5/A/1, Murry Road, Metiabruj, Kolkata-700018, West Bengal, India
Name :	Mrs. Suraiya Begum
Designation :	Director
Address:	T-135/5/A/1, Murry Road, Metiabruj, Kolkata-700018, West Bengal, India
Name :	Mrs. Jasmina Parveen
Designation :	Director
Address:	T-135/5/A/1, Murry Road, Metiabruj, Kolkata-700018, West Bengal, India
Name :	Mrs. Khatiza Bibi
Designation :	Director
Address:	T-135/5/A/1, Murry Road, Metiabruj, Kolkata-700018, West Bengal, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2008

Names of Shareholders	No. of Shares
Nasir Hossain	500
Sajjad Hossain	500
Suraiya Bagum	500
Jasmina Parveen	500
Khatiza Bibi	500
Total	2500

BUSINESS DETAILS

Line of Business :	Importer of Computerised Embroidery Machines from China
Brand Names :	DYNAMIC
Exports :
Products :	Jute and Paper bags
Countries :	Singapore
Imports :
Products :	Computerised Embroidery Machines
Countries :	China
Terms :
Selling :	Cash and Credit ( 60 Days)
Purchasing :	Cash

GENERAL INFORMATION

Suppliers :

Name of the Suppliers and their contact numbers	Zhuji Maya Electric Appliance Machinery company Limited
Contact:	Mr. Ping – 008613216767818
Location	China
Relationship (No. of Years)	3 Years
Credit Period Allowed	No Credit

Customers :

Name of the Customers and their contact numbers	Location	Relationship (No. of Years)	Credit Period Allowed
Sk. Atibar Rahman Mobile No. 91-9830325805	Akra/ Maheshtala	19 Months	No Credit
Sk. Sahabuddin Mobile No.: 91-9830065864	Dhulagori/ Howrah	2 Years	No Credit

No. of Employees :

6

Bankers :

Corporation Bank

Banking Relations :

--

Auditors :

Name :

Asraful Islam and Company

Chartered Accountant

Address :

1, Pemantle Street, Kolkata-700016, West Bengal, India

Mobile No.:

91-9830511924

Associates/Subsidiaries :

Name of The Associates/ Group Companies	Diana Enterprises, Prop Md. Nasir Hussain
Nature of Activity	Trading of Embroidery Threads
Bankers	Corporation Bank/ Burtolla
Name of The Associates/ Group Companies	Diana Garments, Prop Sajjad Hossain
Nature of Activity-	Manufacturer and sale Readymade Garments
Bankers	Corporation Bank/ Burtolla
Name of The Associates/ Group Companies	L Madona Garments, Prop. Suraiya Begun
Nature of Activity	Computerised Embrodery Jobwork
Bankers	Corporation Bank/ Burtolla
Name of The Associates/ Group Companies	J.P. Embro Arts, Prop. Jasmina Parveen
Nature of Activity	Computerised Embroidery Jobwork
Bankers	Corporation Bank/ Burtolla
Name of The Associates/ Group Companies	K.B. Diana Garments: Khatiza Bibi
Nature of Activity	Manufacturer and Sale Readymade Garments
Bankers	Corporation Bank / Burtolla
Name of The Associates/ Group Companies	L Diana Garments

CAPITAL STRUCTURE

As on 31.03.2008

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs. 10/- each	Rs. 0.250 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		0.250	0.250
2] Share Application Money		0.300	0.000
3] Reserves & Surplus		0.077	0.010
4] (Accumulated Losses)		0.000	0.000
NETWORTH		0.627	0.260
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		0.627	0.260
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.072	0.068
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	3.929	1.506
	Sundry Debtors	0.998	0.676
	Cash & Bank Balances	0.166	0.455
	Other Current Assets	0.748	0.000
	Loans & Advances	0.059	0.539
Total Current Assets		5.900	3.176
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	5.311	2.979
	Provisions	0.034	0.005
Total Current Liabilities		5.345	2.984
Net Current Assets		0.555	0.192
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		0.627	0.260

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007
Sales Turnover		11.221	1.768
Other Income		0.000	0.000
Total Income		11.221	1.768
Profit/(Loss) Before Tax		0.100	0.015
Provision for Taxation		0.000	0.000
Profit/(Loss) After Tax		0.100	0.015
Expenditures :
	Cost of Goods Sold	8.114	1.156
	General Charges	0.008	0.006
	Printing and Stationery	0.003	0.003
	After sales services	0.016	0.007
	Exhibition and Conference	0.087	0.106
	Salaries, Wages, Bonus, etc.	0.036	0.036
	Depreciation & Amortization	0.025	0.012
	Other Expenditure	2.832	0.427
Total Expenditure		11.121	1.753

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007
PAT / Total Income	(%)	0.89	0.85
Net Profit Margin (PBT/Sales)	(%)	0.89	0.85
Return on Total Assets (PBT/Total Assets}	(%)	1.67	0.46
Return on Investment (ROI) (PBT/Networth)		0.16	0.06
Debt Equity Ratio (Total Liability/Networth)		8.52	11.48
Current Ratio (Current Asset/Current Liability)		1.10	1.06

LOCAL AGENCY FURTHER INFORMATION

Business Activities:

Profile:	Import and Export
Products	Import of Computerised Embroidery Machine and Export of Paper and Jute Bags
Installed Capacity	N.A
Details of Fixed Assets	Rs. 0.071 Million
· Land and Building · Plant and Machinery · Furniture and Fixture · Other Assets	Rs. 0.081 Million Rs. 0.063 Million
Premises · Owned · Leased (if so, monthly rent to be stated)	Rented – Rs. 500/- per month

PERSONAL ASSETS OF THE DIRECTORS:

Name	Description of the Assets owned by them	Amount (Rs. In Millions)	Whether offered as security
1. All directors Together	1. Land (Free Hold)	0.845	NO
2. Md. Nasir Hossain and Sajjad Hossain	2. Land and Building	8.000	YES
3. All Directors including	3. 2 Car (Scorpio and Santro) NSC KBP etc.	2.000	NO

Payment Track Record shall be stated: No Credit availed from the supplier as they import the machines from abroad/ China

FINANCIAL ANALYSIS:

Last available financial statement

(Year ended dd/mm/yyyy)

31.03.2008

Recent summary financials

(upto a period not more than two months old)

Purchased from China in August to September USD 69700

Sold to Customer in August to September R.s 4.444 Millions

Advance Taxed Paid

Rs. 0.030 Million (For Financial Year 2007-08)

Change in borrowing

From FY ….. to FY…..)

No Borrowings from Bank, only un-secured loan from directors

Debtor Position

(At Last month end _ Specify amount> 90 Days)

Rs. 1.050 Million

Stock Position (At last month end)

Rs. 1.420 Million

Drawing Power

N.A. as no facilities availed

Any other material development

N.A

Whether the critical ratios conforms to the bench mark stipulation

Current Ratio	1.25
Debt-Equity Ratio	2.00: 1
DSCR	1.50
TOL/ TNW	4 : 1
Promoter’s Contribution	25%

REVIEW OF BANK STATEMENTS FOR THE LAST SIX MONTHS :

Number of Credit/ Debits, month-wise	All Bank Statement submitted in Bank, Please go through the same
Month-wise Credits into the Account (Block credits and bounces/ reversals to be ignored)	NIL
Cheque bounces	NIL
Evidence of servicing existing debt obligations	No debt availed from Bank
Line Utilisation – any evidence of perennial overdrawing	NO
Evidence of statutory dues being paid on time	VAT Paid Rs. 0.020 Million on 18.09.2008 For the month August 2008
PF and employee related	NIL
Municipal and Corporation Taxes	Paid in Time
Last utility payment made (electricity)	Paid in time.

THE VALUATION REPORT OF THE PROPERTY

As per instruction form Manager, Corporation Bank, Burtolla Branch, the valuation of the property is to be ascertained on the basis of papers and information available at the site.

SITUATION:

This property is situated in a commercial area of Murray Road. It is within half kilometer form UCO Bank and 1.5 kilometer form Corporation Bank, Burtolla Branch. It is within the vicinity of Dhobapara Primary Schol.

THE SITE:

The site contains the area of 1- Cottah 14-Ch. 0-sft. Plot of land with the road frontage on Municipal Road vide Deed No. 1 Vol. 356, pages 113 to 118 being No. 1296 of 1991. The proposed site is to be developed with second floor over existing storeyed building. The sanction plan No. is 56 B-XV/2003 dated 19.11.2003 from Garden Reach Municipality.

GENERAL DESCRIPTION OF THE BUILDING:

The ground floor is provided with two rooms, toilet, storing space. The plinth are is 1300 sft. There is one room at mezzanine floor covering an area of 200 sft. The first floor is mainly hall space. The area and arrangement of rooms at second floor is identical to that of first floor. The total covered are is 4100 sft.

THE NATURAL OF STRUCTURE:

The building is a R.C.C column structure. The brick wall thickness is partly 8”, partly 5” and partly 3”. The columns, beam, slab intel etc. are all R.C. Concrete. There is lintel along the upper level of doors and windows of the walls. The plastering works are sand cement mortar. The sun sheds are provided at the outside walls.

THE FITTINGS AND FINISHING:

The flooring is treated with mosaic casting. The inside walls are finished with plaster of paris. The grills are fitted in window opening. The doors opening are fitted with wooden panel shutters. The glass windows are fitted inside steel frames.

THE SERVICES:

The building is provided with one sanitary privy whose sewer line is connected with stepic tank. The water is obtained from municipal supply which is lifted to overhead reservoir and water is supplied to said building. The electrical installation is concealed wiring with necessary fan points, light points and power points etc.

VALUATION:

The valuation of the floor space or land property depends upon the civic amenities like School, College, Hospital, Bank, Market, Police Station and Post Office etc. The said site is facilitated with these amenities within one kilometer. The said site is also facilitated with surface communication like several bus routes and train services.

The sale of the property may be restricted among the local people as informed. The sale value may be reduced to a considerable extent if the sale procedure is adopted to outsider. The valuation is calculated after considering the property to be free form all encumbrances as per legal opnion. However the realizable value by the Bank at the time of need is 20% less than the market value.

After considering the aforesaid facts and also as per local opinion and the commercial importance of the said area, the unit rate of land are may be valued between Rs. 0.350 Million to Rs. 0.400 Million i.e. mean Rs. 0.375 Million per cottah including land development by boundary wall.

PROPERTY VALUATION REPOORT

1. GENERAL INFORMATION
Name /s of the reported Owner/ Name/s of persons in whose name/s the property registered and address	Md. Nasir Hossain and Md. Sajjad Hossain
Purpose of Valuation	To ascertain market value
List of Documents produced for perusal	Copy of agreement
Date of Inspection	06.09.2008
Date of Valuation	10.09.2008
Approximate distance form the branch to the property	1.5 KMs.
Situation/ Location/ Brief description of the land/ site and brief description of the building	Pre. No. T-135/5/A/1, Murray Road, P.S. Metiaburz, Kolkata-700018
Boundaries of the property	As stated in the enclosed report
Assuming the entire property is let out, the probable monthly rent and advance building rent.	Rs. 0.030 Million
VALUATION DETAILS
LAND
The total Area (Extent) of the site / land	1-Cottah 14 – Ch. 0-Sft. Plot of land
Description of the site/ land
Character of locality:	Residential
Classification :	Middle Class
Development of Surrounding areas :	Developing area
Is the locality subjected to frequent flooding:	Low Land
Feasibility to the civic amenities like School, Hospital, Offices, Markets etc.	Within short distance
Shape of the land:	Rectangular
Types of use to which it can be put:	Residential
Any other restriction of usage:	As per legal opinion
Nature of right, whether leasehold / freehold:	As per legal opinion
Road Facility:	Yes
Is it Corner plot :	No
Water Supply / Potentiality	Yes
Prevailing Unit market rate:	Rs. 0.350 Million to Rs. 0.400 Million per Cottah
Unit rate adopted in this Valuation	Rs. 0.375 Million per cottah
Valuation of the site/ land	Rs. 0.703 Million
BUILDING
Type of construction	R.C. Frame
Quality of Construction	Fair
Appearance of the Building	Faire
Number of Floors	Three Storeyed
Maintenance of the builidng	Fiar
Description of the building
Foundation	R.C. Column foundation
Superstructure	R.C. frame
Roof	R.C. roof
Doors	Wooden Door
Windows	Glass shutter inside steel frame
Sanitary fittings	Installed
Flooring	Marble finishing
Electricity Supply	Conceal
Total Plinth Area:	4100 sft.
Total Life of the building estimated	60 years
Replacement rate of construction with the existing condition and specification	Rs. 600/- per sft.
Replacement value	Rs. 2.460 Millions
Depreciation Value	Rs. 0.144 Million
Present value of the Building	Rs. 2.316 Millions
TOTAL VALUATION
Valuation of the Land	Rs. 0.703 Million
Valuation of the Building	Rs. 2.316 Million
Total:	Rs. 3.019 Million
DECLARATION
1. The facts furnished above are true and correct to the best of my knowledge and belief
2. I have no direct or indirect interest in the property valued.
3. Inspected the site/ property on 06.09.2008

DIANA IMPEX PRIVATE LIMITED

PROJECTED BALANCE SHEET

(Rs. In Millions)

SOURCES OF FUNDS		31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.250
2] Share Application Money		0.600
3] Reserves & Surplus		0.172
4] (Accumulated Losses)		0.000
NETWORTH		1.022
LOAN FUNDS
1] Secured Loans		2.623
2] Unsecured Loans		0.000
TOTAL BORROWING		2.623
DEFERRED TAX LIABILITIES		0.000
TOTAL		3.645
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.037
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.520
	Sundry Debtors	1.225
	Cash & Bank Balances	0.103
	Other Current Assets	0.000
	Loans & Advances	0.786
Total Current Assets		5.634
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1.943
	Provisions	0.083
Total Current Liabilities		2.026
Net Current Assets		3.608
MISCELLANEOUS EXPENSES		0.000
TOTAL		3.645

PROJECTED PROFIT & LOSS ACCOUNT

(Rs. In Millions)

PARTICULARS		31.03.2009
Sales Turnover		15.016
Other Income		4.144
Total Income		19.160
Profit/(Loss) Before Tax		0.146
Provision for Taxation		0.050
Profit/(Loss) After Tax		0.096
Expenditures :
	Cost of Goods Sold	10.870
	Printing Stationery	0.005
	General Charges	0.010
	Electricity Charges	0.009
	Carriage outwards (Load and Unload)	0.129
	Depreciation & Amortization	0.033
	Other Expenditure	7.958
Total Expenditure		19.014

L. MADONA GARMENTS

(Associates/ Group Company)

PROP: MRS. SURAIYA BEGUM

BALANCE SHEET

(Rs. In Millions)

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		1.084	0.929	0.805
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.084	0.929	0.805
LOAN FUNDS
1] Secured Loans		0.151	0.221	0.265
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.151	0.221	0.265
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.235	1.150	1.070
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.525	0.417	0.491
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.302	0.279	0.258
Un-Secured Loans and advances		0.225	0.224	0.225
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.031	0.046	0.044
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.114	0.196	0.118
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.050	0.000	0.000
Total Current Assets		0.195	0.242	0.162
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.012	0.012	0.066
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.012	0.012	0.066
Net Current Assets		0.183	0.230	0.096
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.235	1.150	1.070

PROFIT & LOSS ACCOUNT

(Rs. In Millions)

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		0.021	0.938	1.466
Other Income		0.661	0.628	0.588
Total Income		0.682	1.566	2.054
Profit/(Loss) Before Tax		0.205	0.177	0.200
Provision for Taxation		0.000	0.000	0.000
Profit/(Loss) After Tax		0.205	0.177	0.200
Expenditures :
	Cost of Goods Sold	0.206	1.024	1.419
	Salaries, Wages, Bonus, etc.	0.144	0.064	0.007
	Interest	0.022	0.001	0.001
	Depreciation & Amortization	0.062	0.073	0.123
	Other Expenditure	0.043	0.227	0.304
Total Expenditure		0.477	1.389	1.854

L DIANA GARMENTS

(Associates/ Group Company)

PROP: MD NASIR HOSSAIN

BALANCE SHEET

(Rs. In Millions)

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		1.495	1.258	1.001
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.495	1.258	1.001
LOAN FUNDS
1] Secured Loans		0.280	1.050	0.075
2] Unsecured Loans		0.075	0.075	0.678
TOTAL BORROWING		0.355	1.125	0.753
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.850	2.383	1.754
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.613	0.472	0.477
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.337	0.994	1.038
Unsecured Loans and Advances		0.582	0.516	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.156	0.117
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.275	0.204	0.234
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.052	0.050	0.000
Total Current Assets		0.327	0.410	0.351
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.009	0.009	0.112
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.009	0.009	0.112
Net Current Assets		0.318	0.401	0.239
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.850	2.383	1.754

PROFIT & LOSS ACCOUNT

(Rs. In Millions)

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		1.992	1.983	1.665
Other Income		0.262	0.241	0.172
Total Income		2.254	2.224	1.837
Profit/(Loss) Before Tax		0.370	0.357	0.285
Provision for Taxation		0.000	0.000	0.000
Profit/(Loss) After Tax		0.370	0.357	0.285
Expenditures :
	Cost of Goods Sold	1.475	1.483	1.291
	Carriage inward	0.004	0.003	0.003
	Cutting and Stitching Charges	0.221	0.211	0.130
	Salaries, Wages, Bonus, etc.	0.036	0.036	0.036
	Interest	0.002	0.006	0.043
	Depreciation & Amortization	0.004	0.006	0.009
	Other Expenditure	0.142	0.122	0.040
Total Expenditure		1.884	1.867	1.552

DIANA GARMENTS

(Associates/ Group Company)

PRO: SAJJAD HOSSAIN

BALACE SHEET

(Rs. In Millions)

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		1.274	1.159	0.954
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.274	1.159	0.954
LOAN FUNDS
1] Secured Loans		0.039	0.088	0.129
2] Unsecured Loans		0.075	0.075	0.075
TOTAL BORROWING		0.114	0.163	0.204
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.388	1.322	1.158
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.635	0.470	0.475
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.700	0.603
Unsecured Loans and Advances		0.289	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.090	0.036	0.050
	Sundry Debtors	0.119	0.000	0.000
	Cash & Bank Balances	0.253	0.190	0.111
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.015	0.005	0.000
Total Current Assets		0.477	0.231	0.161
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.013	0.079	0.081
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.013	0.079	0.081
Net Current Assets		0.464	0.152	0.080
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.388	1.322	1.158

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		1.914	1.215	1.328
Other Income		0.163	0.170	0.151
Total Income		2.077	1.385	1.479
Profit/(Loss) Before Tax		0.281	0.259	0.257
Provision for Taxation		0.000	0.000	0.000
Profit/(Loss) After Tax		0.281	0.259	0.257
Expenditures :
	Cost of Goods Sold	1.286	0.906	1.000
	Carriage Inward	0.341	0.003	0.003
	Salaries, Wages, Bonus, etc.	0.036	0.036	0.036
	Interest	0.006	0.009	0.011
	Depreciation & Amortization	0.004	0.005	0.008
	Other Expenditure	0.123	0.167	0.164
Total Expenditure		1.796	1.126	1.222

J. P. AMBRO ARTS

(Associate / Group Company)

PROP: MRS. JASMINA PARVIN

BALACE SHEET

(Rs. In Millions)

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		1.085	0.929	0.812
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.085	0.929	0.812
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.085	0.929	0.812
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.406	0.277	0.326
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.413	0.292	0.272
Unsecured Loans and Advances		0.074	0.075	0.075
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.056	0.099	0.051
	Sundry Debtors	0.000	0.036	0.030
	Cash & Bank Balances	0.099	0.163	0.070
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.050	0.000	0.000
Total Current Assets		0.205	0.298	0.151
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.013	0.013	0.012
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.013	0.013	0.012
Net Current Assets		0.192	0.285	0.139
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.085	0.929	0.812

PROFIT & LOSS ACCOUNT

(Rs. In Millions)

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Embroidery charges		0.561	0.702	0.420
Other Income		0.173	0.044	0.020
Total Income		0.734	0.746	0.440
Profit/(Loss) Before Tax		0.206	0.167	0.107
Provision for Taxation		0.000	0.000	0.000
Profit/(Loss) After Tax		0.206	0.167	0.107
Expenditures :
	Cost of Goods Sold	0.334	0.373	0.223
	Carriage Inward	0.003	0.004	0.003
	Salaries, Wages, Bonus, etc.	0.108	0.108	0.063
	General Charges	0.005	0.006	0.003
	Depreciation & Amortization	0.041	0.048	0.030
	Other Expenditure	0.037	0.004	0.011
Total Expenditure		0.528	0.579	0.333

K.B. DIANA DRESSES

(Associates/ Group Company)

PROP: MRS. KHATIZA BIBI

BALACE SHEET

(Rs. In Millions)

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		0.258	0.206	0.192
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.258	0.206	0.192
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		0.258	0.206	0.192
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.004	0.004	0.004
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.050	0.050	0.050
Un-Secured Loans and advances		0.100	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.080	0.010	0.064
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.031	0.158	0.146
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		0.111	0.168	0.210
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.007	0.016	0.072
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.007	0.016	0.072
Net Current Assets		0.104	0.152	0.138
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		0258	0.205	0.192

PROFIT & LOSS ACCOUNT

(Rs. In Millions)

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		0.811	1.402	1.579
Other Income		0.153	0.027	0.004
Total Income		0.964	1.429	1.583
Profit/(Loss) Before Tax		0.191	0.153	0.156
Provision for Taxation		0.000	0.000	0.000
Profit/(Loss) After Tax		0.191	0.153	0.156
Expenditures :
	Cost of Goods Sold	0.607	1.041	1.182
	Salaries, Wages, Bonus, etc.	0.048	0.048	0.048
	General Expenses	0.003	0.003	0.003
	Depreciation & Amortization	0.000	0.001	0.001
	Other Expenditure	0.115	0.183	0.193
Total Expenditure		0.773	1.276	1.427

DIANA ENTERPRISES

(Associates/ Group Company)

(Rs. In Millions)

SOURCES OF FUNDS		31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		0.313	1.336
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		0.313	1.336
LOAN FUNDS
1] Secured Loans		0.678	0.834
2] Unsecured Loans		0.700	0.700
TOTAL BORROWING		1.378	1.534
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1.691	2.870
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.567	0.664
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.005
Un-Secured Loans and advances		1.006	0.830
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.227	1.850
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.080	0.410
	Other Current Assets	0.000	0.000
	Loans & Advances	0.020	0.070
Total Current Assets		0.327	2.330
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.208	0.959
	Provisions	0.000	0.000
Total Current Liabilities		9.862	0.959
Net Current Assets		0.118	1.371
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1.691	2.870

PROFIT & LOSS ACCOUNT

(Rs. In Millions)

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		0.820	6.088	5.236
Other Income		2.427	0.000	0.243
Total Income		3.247	6.088	5.479
Profit/(Loss) Before Tax		0.095	0.197	0.280
Provision for Taxation		0.000	0.000	0.000
Profit/(Loss) After Tax		0.095	0.197	0.280
Expenditures :
	Cost of Goods Sold	2.790	4.518	3.399
	Salaries, Wages, Bonus, etc.	0.036	0.072	0.120
	General Expenses	0.002	0.007	0.015
	Depreciation & Amortization	0.099	0.118	0.229
	Other Expenditure	0.225	1.176	1.436
Total Expenditure		3.152	5.891	5.199

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.49.84
UK Pound	1	Rs.76.81
Euro	1	Rs.64.38

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 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

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