MIRA INFORM REPORT

BUSINESS INFORMATION REPORT

Summary Information

Company Name	PHENIXVP VARCO (DIVISION OF M AND B ENGINEERING PRIVATE LIMITED)	Principal Name 1	MR. MANIBHAI SHIVABHAI PATEL
Status	GOOD	Principal Name 2	MR. HASMUKHBHAI SHIVABHAI PATEL
Street Address	MB HOUSE, 51 CHANDRODAYA SOCIETY, OPPOSITE GOLDEN TRIANGLE STADIUM ROAD, POST NAVJIVAN, AHMEDABAD – 380 014, GUJARAT
Established Date	16.06.1981	SIC Code	--
Telephone#	91-79-26405563	Business Style 1	MANUFACTURER
Fax #	91-79-26400828	Business Style 2	--
Homepage	www.mbproflex.com www.phenixvp.com	Product Name 1	PROFLEX ROOFING SYSTEMS
# of employees	600	Product Name 2	PHENIX PRE ENGINEERED METAL BUILDING
Paid up capital	Rs.80,000,000/-	Product Name 3	--
Shareholders	DIRECTORS OR RELATIVES OF DIRECTORS-100%	Banking	BANK OF BARODA
Public Limited Corp.	NO	Business Period	29 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (54)
Related Company
Relation	Country	Company Name	CEO
ASSOCIATES/ SUBSIDIARIES	INDIA	M B ENTERPRISE	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2009		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	571,361,000	Current Liabilities	419,913,000
Inventories	405,792,000	Long-term Liabilities	1,010,659,000
Fixed Assets	721,307,000	Other Liabilities	56,232,000
Deferred Assets	0,000	Total Liabilities	1,486,804,000
Invest& other Assets	455,000	Retained Earnings	132,111,000
		Net Worth	212,111,000
Total Assets	1,698,915,000	Total Liab. & Equity	1,698,915,000
Total Assets (Previous Year)	1,216,276,000
P/L Statement as of	31.03.2009		(Unit: Indian Rs.)
Sales	1,874,185,000	Net Profit	36,508,000
Sales(Previous yr)	453,170,000	Net Profit(Prev.yr)	38,290,000

MIRA INFORM REPORT

Report Date :

07.08.2010

IDENTIFICATION DETAILS

Name :	M AND B ENGINEERING PRIVATE LIMITED PHENIXVP VARCO (DIVISION OF M AND B ENGINEERING PRIVATE LIMITED)

Formerly Known As :	MANIBHAI AND BROTHERS [CONSTRUCTION] PRIVATE LIMITED

Registered Office :	MB House, 51 Chandrodaya Society, Opposite Golden Triangle Stadium Road, Post Navjivan, Ahmedabad – 380 014, Gujarat

Country :	India

Financials (as on) :	31.03.2009

Date of Incorporation :	16.06.1981

Com. Reg. No.:	04-004437

CIN No.: [Company Identification No.]	U45200GJ1981PTC004437

TAN No.: [Tax Deduction & Collection Account No.]	AHMM00926C

PAN No.: [Permanent Account No.]	AAACM7430Q

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Proflex Roofing Systems and Phenix Pre Engineered Metal Building.

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 848000

Status :	Good

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a well established company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Keyur Shah
Designation :	General Manager in Finance
Contact No.:	91-9327547188

LOCATIONS

Registered/ Corporate Office :	MB House, 51 Chandrodaya Society, Opposite Golden Triangle Stadium Road, Post Navjivan, Ahmedabad – 380 014, Gujarat, India
Tel. No.:	91-79-26405563/ 26405572/ 26461314
Fax No.:	91-79-26400828/ 26400826/ 26568433/ 26561588
E-Mail :	gmfin@mbproflex.com pmsystem@sancharnet.in keyus@mbproflex.com info@mbproflex.com
Website :	www.mbproflex.com www.phenixvp.com
Area :	15000 sq. ft.
Location :	Owned

Factory :	Plot No.30 P, Naranpura Sanand, Ahmedabad – 382 213, Gujarat, India
Tel. No.:	91-2717-273051-52-53-54-55-56
Fax No.:	91-2717-273052
Area :	20 Acers
Location :	Owned

Marketing Office :	Located at: Mumbai Ahmedabad Chennai Pune Hyderabad Delhi Bangalore Kolkata

DIRECTORS

Name :	Mr. Manibhai Shivabhai Patel
Designation :	Director
Address :	7, Friends Colony, Naranpura, Ahmedabad -380013, Gujarat, India
Date of Birth/Age :	03.08.1924
PAN No. :	AATPP0123E
Date of Appointment:	16.06.1981

Name :	Mr. Hasmukhbhai Shivabhai Patel
Designation :	Director
Address :	7, Friends Colony, Naranpura, Ahmedabad -380013, Gujarat, India
Date of Birth/Age :	24.09.1935
Qualification :	B.E. Civil and Electrical
PAN No. :	ACVPP7829P
Date of Appointment:	16.06.1981

Name :	Mr. Manubhai Shivabhai Patel
Designation :	Director
Address :	61, Krishna Housing Society, Station Road, Anand-38001, Gujarat, India
Date of Birth/Age :	17.04.1926
PAN No. :	AAMPP3668H
Date of Appointment:	16.06.1981

Name :	Mr. Girishbhai Manibhai Patel
Designation :	Director
Address :	7, Friends Colony, Naranpura, Ahmedabad-380013, Gujarat, India
Date of Birth/Age :	31.08.1947
Qualification :	Diploma in Hydraulic Engineering
PAN No. :	AAWPP1120E
Date of Appointment:	31.12.1984

Name :	Mr. Vipinbhai Kantilal Patel
Designation :	Director
Address :	9-A, Sureshwari Society, Naranpura, Ahmedabad – 380013, Gujarat, India
Date of Birth/Age :	17.03.1948
Qualification :	B. Com. Inter CA
PAN No. :	AEQPP4916C
Date of Appointment:	31.12.1984

Name :	Mr. Chirag hasmukhbhai Patel
Designation :	Managing Director
Address :	7, Friends Colony, Naranpura, Ahmedabad -380013, Gujarat, India
Date of Birth/Age :	26.03.1971
Qualification :	B.E. Civil
PAN No. :	AEHPP8762P
Date of Appointment:	01.05.1993

Name :	Mr. Dr. V R Rajan
Designation :	Director
Address :	B/ 32, Shaligram, Near Umiya Vijay, Setelite, Ahmedabad
Date of Birth/Age :	60 Years
Qualification :	BE Hons, MBA – Business Management; Ph.D.
Experience :	35 Years

Name :	Mr. Malav Girishbhai Patel
Designation :	Managing Director
Address :	7, Friends Colony, Naranpura, Ahmedabad -380013, Gujarat, India
Date of Birth/Age :	20.10.1976
Date of Appointment:	01.03.2001

Name :	Mr. Rangarajan Krishnan Vijaya Raghavan
Designation :	Managing Director
Address :	Plot No. 38, 8-2-120/86/9/A/35, Rao And Raju Colony, Road No. 14, Banjara Hills, Hyderabad-500034, Andhra Pradesh, India
Date of Birth/Age :	07.08.1948
Date of Appointment:	01.09.2007

KEY EXECUTIVES

Name :	Mrs. Briva Chiragbhai Patel
Designation :	Secretary
Address :	7, Friends Colony, Naranpura, Ahmedabad -380013, Gujarat, India
Date of Birth/Age :	02.06.1973
Date of Appointment:	01.11.2008

Name :	Mr. Keyur Shah
Designation :	General Manager in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2008

Names of Shareholders		No. of Shares
Manibhai S Patel		1120000
Hasmukhbhai S Patel		1120000
Girishbhai M Patel		1040000
Umaben G Patel		320000
Malav G Patel		1120000
Chirag H Patel		1680000
Vipinbhai K Patel		400000
Leenaben V Patel		160000
Aditya V Patel		240000
Birvaben C Patel		800000
Total		8000000

Equity Share Breakup (Percentage of Total Income)

As on 30.09.2008

Category

Percentage

Directors or relatives of directors

100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Proflex Roofing Systems and Phenix Pre Engineered Metal Building.

Products:	Pre Engineered Metal Building

Exports :
Products :	Pre Engineered buildings
Countries :	Dare Salam

Imports :
Products :	Steel Coils H R Plates Insulation Material
Countries :	Korea, Australia, Singapore, Thailand

Terms :
Selling :	L/C, Cash and Credit (30 Days)

Purchasing :	L/C, Cash and Credit (0 to 180 Days)

PRODUCTION STATUS (As on 31.03.2009):-

Particulars	Unit	Actual Production
Pre Engineered Metal Buildings	MT	15000
Proflex Steel Roofings	Sq.mtrs	566512

GENERAL INFORMATION

Customers :

End Users, Corporate and Others.

No. of Employees :

600 (100 in Office, 400 in Factory and 100 in Branches)

Bankers :

· Bank of Baroda, Bhadra Branch, Opposite Dinubhai Tower, Lal Darwaja, Ahmedabad – 380001, Gujarat, India

· Standard Chartered Bank, Ground Floor, Abhijeet II, Near Mithakhali Six Roads, Ahmedabad-380006, Gujarat, India

Facilities:

Secured Loans	31.03.2008 Rs. In Millions
Term Loan (Secured by Mortgage on Land and Building, hypothecation of Plant and Machinery, hypothecation of current assets of the company and guaranteed by directors and corporate guarantee of associates)	343.802
Cash Credit From Bank (Secured by hypothecation of current assets of the company and second charge on land and building and plant and machinery and guaranteed by directors and corporate guarantee of associates)	124.780
Interest Accrued on Term Loan	2.245
Short Term Loan	6.037
Car Loans	2.025
Total	478.889

Banking Relations :

Satisfactory

Auditors :

Name :

Talati and Talati

Chartered Accountants

Address :

Ambika Chambers, Near Old High Court, Navarangpura, Ahmedabad – 380009, Gujarat, India

Tel. No.:

91-79-30084523

Associates/Subsidiaries :

Name of the Company :	M B Enterprise
Address :	MB House, 51 Chandoday Society, Opposite Golden, Triangle Stadium Road, Ahmedabad – 380014, Gujarat, India
Tel No. :	91-79-26405563
Fax No.:	91-79-26461314
Line of Business :	Trading of Steel Coil
Bankers :	Bank of Baroda
Facility :	LC Rs. 210.000 Millions
Auditor :	Talati and Talati, Chartered Accountants, Ahmedabad

Name of the Company :	Manibhai and Brothers
Address :	MB House, 51 Chandoday Society, Opposite Golden, Triangle Stadium Road, Ahmedabad – 380014, Gujarat, India
Tel No. :	91-79-26405563
Fax No.:	91-79-26461314
Line of Business :	Construction
Bankers :	Bank of Baroda, Bhadra Branch, Ahmedabad
Facility :	CC Rs. 20.000 Millions
Auditor :	Talati and Talati, Chartered Accountants, Ahmedabad

Name of the Company :	Manibhai and Brothers [Sleepers]
Address :	MB House, 51 Chandoday Society, Opposite Golden, Triangle Stadium Road, Ahmedabad – 380014, Gujarat, India
Tel No. :	91-79-26405563
Fax No.:	91-79-26461314
Line of Business :	Manufacturing of Railway Sleepers
Bankers :	Bank of Baroda, Bhadra Branch, Ahmedabad
Facility :	CC Rs. 25.000 Millions
Auditor :	Talati and Talati, Chartered Accountants, Ahmedabad

Name of the Company :	Usha Prestressed Sleeper Udyog
Address :	MB House, 51 Chandoday Society, Opposite Golden, Triangle Stadium Road, Ahmedabad – 380014, Gujarat, India
Tel No. :	91-79-26405563
Fax No.:	91-79-26461314
Line of Business :	Manufacturing of Railway Sleepers
Bankers :	Bank of Baroda, Bhadra Branch, Ahmedabad
Facility :	CC Rs. 25.000 Millions
Auditor :	Talati and Talati, Chartered Accountants, Ahmedabad

Name of the Company :	Manibhai and Brothers Finance Corporation
Address :	MB House, 51 Chandoday Society, Opposite Golden, Triangle Stadium Road, Ahmedabad – 380014, Gujarat, India
Tel No. :	91-79-26405563
Fax No.:	91-79-26461314
Line of Business :	Group Financing
Bankers :	Bank of Baroda, Bhadra Branch, Ahmedabad
Auditor :	Talati and Talati, Chartered Accountants, Ahmedabad

Name of the Company :	Phenix Building Solutions Private Limited
Address :	MB House, 51 Chandoday Society, Opposite Golden, Triangle Stadium Road, Ahmedabad – 380014, Gujarat, India
Tel No. :	91-79-26405563
Fax No.:	91-79-26461314
Line of Business :	Supply and erection of pre Engineered Building
Bankers :	Bank of Baroda, Bhadra Branch, Ahmedabad
Facilities :	Nil
Auditor :	Talati and Talati, Chartered Accountants, Ahmedabad

CAPITAL STRUCTURE

As on 30.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		80.000	80.000	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		132.111	95.604	62.167
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		212.111	175.604	62.667
LOAN FUNDS
1] Secured Loans		654.393	478.889	43.387
2] Unsecured Loans		356.266	207.256	16.212
TOTAL BORROWING		1010.659	686.145	59.599
DEFERRED TAX LIABILITIES		37.607	19.560	0.000

TOTAL		1260.377	881.309	122.266

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		721.307	510.658	110.823
Capital work-in-progress		0.000	0.170	0.000

INVESTMENT		0.455	0.455	0.358
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	405.792	212.798	0.014
	Sundry Debtors	282.507	205.596	21.148
	Cash & Bank Balances	82.886	134.562	18.058
	Other Current Assets	33.376	7.457	17.963
	Loans & Advances	172.592	144.580	8.812
Total Current Assets		977.153	704.993	65.995
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	419.913	325.453	31.435
	Provisions	18.625	9.514	23.475
Total Current Liabilities		438.538	334.967	54.910
Net Current Assets		538.615	370.026	11.085

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1260.377	881.309	122.266

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
Sales Turnover		1874.185	453.170	117.820
Other Income		15.102	1.758	0.366
Total Income		1889.287	454.928	118.186

Profit/(Loss) Before Tax		63.575	64.241	48.017
Provision for Taxation		27.067	25.951	17.118
Profit/(Loss) After Tax		36.508	38.290	30.899

Imports :
	Raw Materials	171.800	41.795	0.000
	Capital Goods	100.655	98.513	21.114
Total Imports		272.455	140.308	21.114

Expenditures :
	Direct Expenses	1407.182	335.478	25.146
	Interest Expenses	120.004	20.272	3.397
	Increase/(Decrease) in Finished Goods	0.000	(56.727)	0.000
	Administrative and Other Expenses	253.924	69.128	32.814
	Depreciation	44.602	14.344	6.666
	Other Expenses	0.000	8.192	2.146
Total Expenditure		1825.712	390.687	70.169

Earnings Per Share (Rs.)		4.56	4.79	NA

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	1.93	8.42	26.14

Net Profit Margin (PBT/Sales)	(%)	3.39	14.18	40.75

Return on Total Assets (PBT/Total Assets}	(%)	3.74	5.28	27.16

Return on Investment (ROI) (PBT/Networth)		0.29	0.37	0.77

Debt Equity Ratio (Total Liability/Networth)		6.80	5.81	1.83

Current Ratio (Current Asset/Current Liability)		2.23	2.10	1.20

LOCAL AGENCY FURTHER INFORMATION

Operations:

During the year, the company had strengthened its brand “Proflex Systems” for roofing. It focused on broad – basing the network and marketing the best quality products with Consumer Service Orientation at competitive rates. The Company in fact excelled the projections and has strengthened the market position. There were both qualitative improvement and quantitative growth through out the year. The Company had also increased its capacity by adding one more machine MIC – 240.

The company has adopted strategic and professional management with adoption of modern information technology and computer based monitoring and review programmes.

INTRODUCTION OF NEW PROJECT:

The Company had successfully implemented the plant for manufacturing of Pre Engineered Building under license form VP Holdings INC U.S.A – one of the leading Company in U.S.A in Pre-Engineerid Building sector. The Company has set up a most modern manufacturing plant and Sanand, Ahmedabad with a capacity of 40000 TPA at a project cost of Rs. 450.000 Millions. The Company had started the Commercial production from 1^st February, 2008 and during the first two months of operations under report, the Company had produced 3000 MTs and achieved the sales of 2405 MTs. For the Financial year 2008-09, the company projects the turnover of more than Rs. 1500.000 Millions form its PEB business. The Company also proposes also proposes to increase the production capacity to 60000 TPA by the end of next financial year.

Name of the company

MANIBHAI AND BROTHERS [CONSTRUCTION] PRIVATE LIMITED

Presented By

Vipin K Patel, Director

1) Date and description of instrument creating the change

Agreement of Hypothecation of all the borrower Raw Materials, Stock in process, finished goods, both present and future and also of Hypothecation Plant and Machinery, furniture, office equipments / vehicles / Crafts consumable stores and spares both present and future dated 20.01.2006.

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

Foreign Import L/C	Rs.60.000 Millions
Inland Guarantee	Rs.0.739 Million

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

Raw Materials, Stock in process, finished goods, both present and future also of Hypothecation of plant and machinery, furniture, office equipments / vehicles / crafts consumable stores and spares and book debts both present and future.

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

Sanction of various credit facility of Rs. 60.739 Millions to MB Enterprises

Terms and conditions as per sanction letter dated 11.10.2005 to MB Enterprises by Bank of Baroda, Bandra Branch

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

Bank of Baroda,

Bandra Branch, Opposite Dinubhai Tower, Lal Darwaja, Ahmedabad – 380001

This form is for	Creation of charge
Corporate identity number of the company	U45200GJ1981PTC004437
Name of the company	M AND B ENGINEERING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	MB House, 51 Chandoday Society, Opposite Golden Triangle Stadium Road, Ahmedabad – 380014, Gujarat
Type of charge	Book Debts Movable Property
Particular of charge holder	Standard Chartered Bank, Ground Floor, Abhijeet II, Near Mithakhali Six Roads, Ahmedabad-380006, Gujarat, India
Nature of description of the instrument creating or modifying the charge	Unattested Memorandum of Hypothecation
Date of instrument Creating the charge	27.06.2008
Amount secured by the charge	Rs.183.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest At the rate as Negotiated and Agreed by The Bank Terms of repayment Letter of Credit: Maximum Usance 180 Days Overdraft : One Day Sales Bill Discounting : Maximum 120 Days Bank Guarantee: 12 Months Or the Terms as may be changed by the bank from time to time Margin Import/ Inland Letter of Credit and Bank Guarantee As May be negotiated and agreed by the bank At Present the margins is 15% in the form fixed deposit to be furnished at the time of opening of letter of credit and bank guarantee Extent operation of the charge Total Financial assistance fo Rs. 183.000 Millions secured by way of first pari passu charge on current assets and second pari passu charge over the fixed assets of the PEB project
Short particulars of the property charged	First pari passu charge over the current assets of the company wheresoever situated and second pari passu charge over the fixed assets of the PEB Project

WEBSITE DETAILS:

Press Release:

Manibhai and Brothers Construction Private Limited (PROFLEX SYSTEMS)

Ahmedabad, Gujarat, India

Construction Products - Services,

Private Limited Firm Since 1951

And a graceful future is what they at PROFLEX SYSTEMS endeavor to endlessly work towards. With products that are destined to change the face of Roofing in the country, they provide ideal roofing solutions catering to the precise needs of each industry.

PROFLEX SYSTEMS is a venture taken up by Manibhai and Brothers Construction Private Limited, a part of the MandB group of companies. Founded in 1951 by Shri Manibhai S Patel, the company holds expertise in Heavy Civil projects and construction activities that include Hydro power Station, Bridges, Irrigation, Dams, Mining, Thermal Power Stations, Industrial Sheds, Roads and Breakwaters.

As a part of the renowned MB Group, they take up the task of augmenting the fast growing need of extremely safe, durable, cost effective, aesthetically appealing and easy to install Roofing Profiles. They take pride in bringing forth in the country an innovation with steel that's all set to revolutionize the purpose and panorama of large scale roofing.

PROFLEX SYSTEMS, an American technology, proves to be an ideal cover for FACTORIES, WAREHOUSES and other INDUSTRIAL, AGRICULTURAL and DEFENCE STRUCTURES. They have successfully provided complete roofing solutions to some of the biggest names in these application areas and aim to develop a broader base by creating more and more satisfied clientele across the country.

Talking about the mission, M and B has always endeavoured to make good better. The group holds an ideology that for an organization, the one factor that is indispensable to success is its ability to harness and organize the creative energies of its people to unleash technological breakthrough and innovation: an innovation that sets the course for evolution and individuality during the lifetime of the organization.

This has always been the driving force behind all activities undertaken, amongst which, the latest includes the introduction of PROFLEX SYSTEMS, a superior roofing technology, by Manibhai and Brothers Construction Private Limited

Products:

The company holds expertise in Heavy Civil projects and construction activities that include Hydro power Station, Bridges, Irrigation, Dams, Mining, Thermal Power Stations, Industrial Sheds, Roads and Breakwaters. They have successfully provided complete roofing solutions to some of the biggest names in these application areas and aim to develop a broader base by creating more and more satisfied clientele across the country.

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.46.02
UK Pound	1	Rs.73.21
Euro	1	Rs.60.70

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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	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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

BUSINESS INFORMATION REPORT

MIRA INFORM REPORT

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