MIRA INFORM REPORT

Report Date :

18.08.2011

IDENTIFICATION DETAILS

Name :	SHRISTI INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED
Registered Office :	Plot No.X-1, 2 and 3, Block- EP, Sector V, Salt Lake City, Kolkata-700091, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.08.1990
Com. Reg. No.:	21-049541
Capital Investment / Paid-up Capital :	Rs. 222.000 millions
CIN No.: [Company Identification No.]	L65922WB1990PLC049541
TAN No.: [Tax Deduction & Collection Account No.]	CALP04532D
PAN No.: [Permanent Account No.]	AABCP5074F
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Subject is engaged in infrastructure construction business.
No of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 3900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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	A1	A1

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. Pankanj Prabhat
Designation :	Account Manager
Date :	17.08.2011

LOCATIONS

Registered Office :	Plot No.X-1, 2 and 3, Block- EP, Sector V, Salt Lake City, Kolkata-700091, West Bengal, India
Tel. No.:	91-33-24541892 /93
Fax No.:	91-33-40202099
E-Mail :	contact@shristicorp.com
Website :	www.shristicorp.com
Location :	Owned

DIRECTORS

AS ON 31.03.2010

Name :	Mr. Dipak Kumar Banerjee
Designation :	Chairman
Name :	Mr. Kailash Nath Bhandari
Designation :	Director
Name :	Mr. Vinod Juneja
Designation :	Director
Name :	Mr. Sakti Prasad Ghosh
Designation :	Director
Name :	Mr. Sujit Kanoria
Designation :	Managing Director

KEY EXECUTIVES

Name :	Mr. Sanjay Kumar Garodia
Designation :	Chief Financial Officer
Name :	Mr. Hari Prasad Kanoria
Designation :	Chief Mentor
Name :	Mr. Manoj Aganval
Designation :	Company Secretary
SHAREHOLDERS/INVESTORS GRIEVANCE COMMITTEE :	Mr. Sakti Prasad Ghosh Mr. Dipak Kumar Banerjee Mr. Kailash Nath Bhandari Mr. Sujit Kanoria
REMUNERATION COMMITTEE :	Mr. Dipak Kumar Banerjee Mr. Kailash Nath Bhandari Mr. Vinod Juneja

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2011

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	100600	0.45
Bodies Corporate	10895990	49.08
Sub Total	10996590	49.53
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	10996590	49.53
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	20680	0.09
Financial Institutions / Banks	20	--
Foreign Institutional Investors	24950	0.11
Sub Total	45650	0.21
(2) Non-Institutions
Bodies Corporate	533814	2.40
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	572312	2.58
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	93506	0.42
Any Others (Specify)	9958128	44.86
Non Resident Indians	5175	0.02
Trusts & Foundation	9952953	44.83
Sub Total	11157760	50.26
Total Public shareholding (B)	11203410	50.47
Total (A)+(B)	22200000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	--	-
Total (A)+(B)+(C)	22200000	-

BUSINESS DETAILS

Line of Business :	Subject is engaged in infrastructure construction business.
Terms :
Selling :	Cash, Credit (30 days, 60 days)
Purchasing :	Cash, Credit (30 days, 60 days)

GENERAL INFORMATION

Customers :

· Corporate

· Industries

No. of Employees :

100 (Approximately)

Bankers :

· UCO Bank

· Indian Bank

· Yes Bank

· Oriental Bank of Commerce

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Working Capital Loan from Banks	460.613	281.396
Term Loan from Bank	1.468	0.129
Total	462.081	281.525
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Public Deposits
- Unclaimed	0.312	0.535
- Unclaimed Interest Accrued and Due	0.324	0.773
Other Loans	0	0
- Bodies Corporate	386.137	399.006
Total	386.773	400.314

Note:

(i) Working Capital Loan from Banks are secured by first Charge on the Company’s Current Assets and Fixed Assets

(ii) Term Loan is secured against the asset purchased from the loan

Banking Relations :	--
Auditors :
Name :	S. S. Kothari and Company Chartered Accountant
AUDIT COMMITTEE :	Mr. Dipak Kumar Banerjee Mr. Kailash Nath Bhandari Mr. Sakti Prasad Ghosh
Subsidiaries :	Shrivasa Infra Private Limited (Now Known as Shristi Housing Development Private Limited)

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
30500000	Equity Shares	Rs.10/- each	Rs. 305.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22200000	Equity Shares	Rs.10/- each	Rs. 222.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		222.000	222.000	222.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		768.762	764.971	64.349
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		990.762	986.971	286.349
LOAN FUNDS
1] Secured Loans		462.081	281.525	262.709
2] Unsecured Loans		386.773	400.314	245.446
TOTAL BORROWING		848.854	681.839	508.155
DEFERRED TAX LIABILITIES		0.128	0.041	0.024
TOTAL		1839.744	1668.851	794.528
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		730.499	729.189	10.971
Capital work-in-progress		274.608	0.000	0.000
INVESTMENT		0.200	0.200	224.481
DEFERREX TAX ASSETS		0.000	0.000	0.000
GOOD WILL		40.000	60.000	80.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	82.469	71.883	136.828
	Sundry Debtors	781.901	485.158	202.248
	Cash & Bank Balances	14.251	19.209	24.242
	Other Current Assets	0.471	1.345	1.514
	Loans & Advances	223.467	506.631	488.079
Total Current Assets		1102.559	1084.226	852.911
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	88.724	81.659	170.831
	Other Current Liabilities	172.632	83.085	162.425
	Provisions	46.766	40.020	40.737
Total Current Liabilities		308.122	204.764	373.993
Net Current Assets		794.437	879.462	478.918
MISCELLANEOUS EXPENSES		0.000	0.000	0.158
TOTAL		1839.744	1668.851	794.528

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Operating Income	938.917	876.875	856.271
		Other Income	9.633	5.075	10.372
		TOTAL (A)	948.550	881.950	866.643
Less	EXPENSES
		Construction Expenses	728.047	553.427	691.661
		Personal Expenses	26.072	26.991	29.111
		Administrative, Selling and Other Expenses	39.053	72.249	60.059
		(Increase) / Decrease in Work in Progress	(19.262)	62.879	(84.694)
		TOTAL (B)	773.910	715.546	696.137
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		174.640	166.404	170.506
Less	FINANCIAL EXPENSES (D)		128.508	123.747	72.683
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		46.132	42.657	97.823
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.772	2.198	2.632
	PROFIT BEFORE TAX (E-F) (G)		44.360	40.459	95.191
Less	Goodwill Written Off		20.000	20.000	20.000
Less	TAX (I)		7.625	14.187	11.591
	PROFIT AFTER TAX (G-I) (J)		16.735	6.272	63.600
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	3.800
		Proposed Dividend	11.100	11.100	22.200
		Provision Tax on Dividend	1.843	1.886	3.773
	BALANCE CARRIED TO THE B/S		3.792	(6.714)	33.827
	Earnings Per Share (Rs.)		0.75	0.28	2.86

Particulars	31.03.2011
Sales Turnover (Approximately)	1090.000

The above information has been parted by Mr. Pankaj Prabhat.

QUARTERLY RESULTS

(Rs. In Millions)

PARTICULARS	30.06.2010	30.09.2010	31.12.2010	31.03.2011	30.06.2011
Net Sales	175.470	248.060	125.100	539.840	168.360
Total Expenditure	136.110	198.860	109.020	434.870	129.190
PBIDT (Excl OI)	39.360	49.200	16.080	104.970	39.170
Other Income	0.140	0.170	0.140	0.570	1.610
Operating Profit	39.500	49.370	16.220	105.540	40.780
Interest	25.150	29.230	31.640	36.430	24.670
Exceptional Items	(5.000)	(5.000)	(5.000)	(5.000)	(5.000)
PBDT	9.350	15.140	(20.420)	64.110	11.110
Depreciation	0.600	0.680	0.670	0.700	0.530
Profit Before Tax	8.750	14.460	(21.090)	63.410	10.590
Tax	2.340	3.310	(2.230)	24.810	5.060
Provisions and contingencies	0.000	0.000	0.000	0.000	0.000
Profit After Tax	6.410	11.160	(18.860)	38.600	5.530
Extraordinary Items	0.000	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000	0.000
Net Profit	6.410	11.160	(18.860)	38.600	5.530

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.76	0.71	7.34
Net Profit Margin (PBT/Sales)	(%)	4.72	4.61	11.12
Return on Total Assets (PBT/Total Assets}	(%)	2.42	2.23	11.02
Return on Investment (ROI) (PBT/Networth)		0.04	4.10	0.33
Debt Equity Ratio (Total Liability/Networth)		1.17	0.89	3.08
Current Ratio (Current Asset/Current Liability)		3.58	5.30	2.28

LOCAL AGENCY FURTHER INFORMATION

OPERATIONAL REVIEW

The Company specializes in infrastructure construction business and is consolidating its construction operation in Roads and Urban Infrastructure. The Revenue of the Company for the year increased from Rs. 882.000 millions in 2008-09 to Rs. 948.500 millions in 2009-10. The Company's net profit for the year was Rs. 16.800 millions compared to Rs. 6.300 millions last year, thereby registering an annual growth of 167%. The consolidated revenues and PAT for the year ended March 31, 2010 was Rs. 1206.000 millions and Rs. 45.900 millions respectively, as against Rs. 972.200 millions and Rs. 9.900 millions respectively in the last year.

It is heartening to note that during the year, the company was chosen as one of the Top-500 Companies and also one of the Best-400 Mid-cap Companies by Capital Market and Dalai Street Journal’s respectively

SHIFTING OF REGISTERED OFFICE OF THE COMPANY

In view of greater administrative advantage, the registered office of the Company has been shifted from' Ganga Jamuna Building' 28/1 Shakespeare Sarani, Kolkata- 70017 to a premium office at Plot No. X-1,2 and 3, Block-EP, Sector-V, Salt Lake City, Kolkata- 700091, which is the new CBD Area of Kolkata.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENTS

The fiscal year 2009-10 was a challenging year for the Indian economy. The significant deceleration in the second half of 2008-09, brought the real GDP growth down to 6.7 percent, from an average of over 9 percent in the preceding three years. The poor monsoon also affected the agricultural sector and further compounded the problem during the year. The Government to counter the cascading effect continued its effort to revive the economy with the various fiscal and monetary measures introduced from time to time. The effectiveness of these policy measures became evident with fast paced recovery. The economy stabilized in the first quarter of 2009-10 itself, when it clocked a GDP growth of 6.1 percent as against 5.8 percent in the fourth quarter of the preceding year. The Indian economy proved its resilience by registering a growth rate of 7.2% for the year 2009-10. 'The very high rate of inflation and the fiscal deficit remain a cause of concern and if the Government can address these concerns suitably, India is expected to have a robust economic growth.

The role of infrastructure development in the projected growth story of India is absolutely central. The Prime Minister has said that they need to target total investment of $1 trillion in infrastructure in the 12th plan as against $500 billion in the 11th plan. The Indian Construction sector has benefitted most from the sizeable investments in the infrastructure sector and it is set to clock even greater gains from the impending investment boom.

Infrastructure construction is the second largest economic activity in India after agriculture, and has been growing

rapidly. The investment in construction accounts for nearly 11% of India Gross Domestic Product (GDP) and nearly 50% of its Gross Fixed Capital Formation (GFCF). It accounts for more than 50% of the total investment in infrastructure and is expected to be the biggest beneficiary of the surge in infrastructure investment over the next five years.

The development of physical infrastructure in the country and, consequently, the construction sector has been in focus during the last decade. It is well established that the influence of the construction industry spans across several sub-sectors of the economy as well as the infrastructure development, such as industrial and mining infrastructure, highways, roads, ports, railways, airports, power systems, irrigation and agriculture systems, telecommunication systems, hospitals, schools, townships, offices, houses and other buildings; urban infrastructure, including water supply, sewerage, and drainage, and rural infrastructure. Thus, it becomes the basic input for socio-economic development. The construction sector is set to grow at a 15 percent growth rate and anything from $320bn to $485bn has been suggested as the figure that is needed to build a viable infrastructure and replace, upgrade and renew India's roads, railways, ports, airports and power stations.

BUSINESS SEGMENTS

Subject is operating in the infrastructure segment, which consists of the Construction division and Infrastructure

Development division. Since both the divisions have tremendous growth and profitability potential and are at a stage where they require focused leadership and management attention, pursuant to the and other regulatory bodies/ High Courts' approval, the Company has demerged its. Infrastructure Development division to it’s wholly owned subsidiary. The said divisions have differing financial needs and strategic imperatives which could be better addressed by separation of the said divisions under two entities, thereby helping each businesse to grow

independently and the Group to group collectively without any conflict of interest.

The transfer of the Infrastructure Development Division of Shristi Infrastructure Development Corporation Limited

(SIDCL) to Shristi Housing Development Private Limited (SHDPL; formerly Shrivasa Infra Private Limited) will have a number of benefits which will promote increased value for shareholders of each of the companies i.e. SIDCL and SHDPL, by unveiling the profitability and future growth potential in each of the divisions. This will enable the Construction and Infrastructure Development lines of business to be pursued and carried on more conveniently and advantageously through SIDCL and SHPL respectively with independent administrative set up and greater focus, attention and specialization. The same will facilitate the business considerations and factors peculiar to the respective activities to-be addressed more effectively and adequately through such two separate companies. It will also allow each company to align future management initiatives and incentives with the performance of the underlying businesses more closely, which is likely to be of benefit to shareholders.

Subject is present across various construction verticals, which include roads and highways, power plants, buildings and housing, urban infrastructures and utilities. The Company, achieved a top line growth of 7.5% as compared to last year with turnover rising from Rs. 882.000 millions in 2008-09 to Rs. 948.500 millions in 2009-10.

Construction of dwelling units comprising over 10 lakh square feet area with complete external services, roads, drainage, sewerage, transformers etc. spread over 30 acres of land in Bareilly and 35 acres of land in Bhopal for Ministry of Defense was completed during the year and will be handed over , next year. The Company's strategy has helped it come out of the uncertain economic period unscathed and is, thus well poised to execute its strategic plan.

OUTLOOK

The India's macro-economic fundamentals together with its domestic demand led model of economic growth looks promising. As a result of this, the GDP growth rates for the next couple of years are being estimated at 8% and 9%. Furthermore with the Union Budget 2010-11 sustained stress in building physical infrastructure development, it is bound to become one of the key catalysts in maintaining and driving the economic growth of the country. The Finance Minister provided 46% of the total plan allocation for infrastructure development in line with the yearly targets. IIFCL, a Government established Infra Finance Company, has been authorized to refinance bank. Moreover, in the long run with the economy expected to be on a roll it is expected that the infrastructure sector will be the star attraction for funds not only from the domestic sector but also for the international players. Other factors including political stability and structural and procedural reforms are also expected to contribute to the Indian infrastructure growth story ahead. Since the construction sector accounts for more than 50% of the total investment in infrastructure, it has benefitted most from the sizeable investments in the infrastructure sector and it is set to clock even greater gains from the impending investment boom.

However, with the revival of the economy, the government's focus has now shifted to the high fiscal deficit. On the other hand, in view of the risk of rising food inflation shifting to other sectors, the Reserve Bank of India (RBI) has

already exercised its fiscal prudence on the supply side by announcing increase in cash reserve ratio. The Government has in its budget 2010-11 also taken steps to partially roll back the fiscal stimulus. The government and the RBI are still faced with the task of raising interest rates in the near future. The complete exit of the stimulus and the increase in interest rates in the near future may adversely impact the revival of the economy. They therefore, look at the year ahead with cautious optimism.

FIXED ASSETS

· Building

· Plant and Machinery

· Office Equipment

· Computers

· Vehicles

· Furniture and Fixture

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE, 2011

(Rs. in millions)

Particulars	QUARTER ENDED		YEAR ENDED
	30.06.2011 (Unaudited)	30.06.2010 (Unaudited)	31.03.2011 (Audited)
Net Sales/Income from Operations	168.361	175.468	1088.465
Expenditure
(Increase)/decrease in stock in trade and work in progress	(14.260)	(11.948)	(49.811)
Consumption of raw materials	35.216	25.315	36.810
Construction Expenses	63.537	104.860	603.605
Employee Cost	21.725	8.011	53.286
Depreciation	0.525	0.597	2.648
Bad Debts Written Off	0.000	0.000	168.631
Other Expenditure	22.972	9.874	66.331
Total Expenditure	129.716	136.709	881.500
Profit from Operations before Other Income and Interest	38.646	38.759	206.964
Other Income	1.607	0.140	1.017
Profit Before Interest	40.252	38.899	207.981
Interest	24.666	25.146	122.448
Profit after interest but before exceptional Items	15.587	13.753	85.533
Exceptional Items	5.000	5.000	20.000
Profit / (Loss) from ordinary activities before tax	10.587	8.753	65.533
Tax Expenses	5.057	2.337	28.227
Net Profit for the period	5.530	6.416	37.306
Paid- up Equity Share Capital (Face value of the share – Rs. 10)	222.000	222.000	222.000
Reserves excluding revaluation reserves	----	---	793.125
Earning Per Share – Diluted (Rs.)	0.25	0.29	1.68
Public shareholding
Number of Shares	11203410	11227301	11203410
Percentage of Shareholding	50.47	50.57	50.47
Promoters and promoter group shareholding
(a) Pledged / Encumbered (b) Non – encumbered - Number of Shares - Percentage of Shares (as a % of the total shareholding of promoter and promoter group) - Percentage of Shares (as a % of the total share capital of the company)	Nil 10996590 100% 49.53%	Nil 10972699 100% 49.43%	Nil 10996590 100% 49.53%

Notes:·

1. The above Unaudited Quarterly Financial Results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 30th July, 2011.

2. The business of the Company falls within a single primary segment viz., "Construction and allied services" and hence the disclosure requirement of Accounting Standard (AS 17) 'Segment Reporting' notified by the Central Government under Companies (Accounting Standards) Rules, 2006 is not applicable.

3. Details of investor complaints for the quarter ended 30.06.2011: Beginning - Nil; Received - 2; Disposed off - 2 and Pending - NIL.

4. Figures pertaining to previous year/periods have been rearranged/regrouped, reclassified and restated, wherever considered necessary, to confirm to the classification adopted in the current year.

WEB SITE DETAILS

OVERVIEW

Subject is an ISO 9001:2000 certified leading Civil and Infrastructural Development Company.

It has highly qualified team of professional and access to large pool of state of the art equipment and plant essentially required for construction of civil structures. The company is presently engaged in the construction and development of Townships, Highways, Hydro-electric Power Sector and other external services.

Supported by the able management and committed employees, the company has joined hands with the Union Government of India and various State Government entities in the endeavours towards the enhancement of urban infrastructure including Tourism and Hospitality, Housing, Power, Water, Sewerage, etc. on a pan-India basis.

Subject has joint venture with Housing and Urban Development Corporation Limited (HUDCO), Asansol Durgapur Development Authority, West Bengal and host of other State Government agencies for development of various housing as well as other infrastructure projects based on the model of Public Private Partnership.

The company also has a number of upcoming projects in Civil Engineering, Construction and Hospitality Industry.

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. 45.36
UK Pound	1	Rs. 74.55
Euro	1	Rs. 65.33

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--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	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
-	NB	New Business	-

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.