MIRA INFORM REPORT

Report Date :

22.04.2011

IDENTIFICATION DETAILS

Name :	VINAYAK COLD STORAGE

Registered Office :	Khasra No. 491, 490, 489 and 502, Village- Keetham, Agra

Country :	India

Financials (as on) :	15.02.2011 (Provisional)

Date of Incorporation :	15.05.2008

Legal Form :	Partnership Concern with an unlimited liability of the partners.

Line of Business :	Commodity Storage.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is just a 3 years old concern having moderate track. The networth statement provided seems to be satisfactory. However no valuation report has been provided. No further details or payment records could be made available. It would be advisable to take adequate securities while dealing with the subject.

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. Madhav Ganpati Dixit
Designation :	Partner
Contact No.:	91-9258591681
Date :	15.04.2011

LOCATIONS

Registered Office/ Factory :	Khasra No. 491, 490, 489 and 502, Village- Keetham, Agra, India
Mobile No.:	91-9258591681 (Mr. Madhav Dixit)
Fax No.:	91-562-4041345
E-Mail :	sst_finance@yahoo.co.in
Area :	11750 Sq.ft. (Leased)

PARTNERS

Name :	Mr. Madhav Ganpati Dixit
Designation :	Partner
Address :	276, Maharishi Puram, Nar Sikandara, Agra, Uttar Pradesh, India
Date of Birth/Age :	15.11.1976
Qualification :	M.A.
Experience :	13 Years

Name :	Mrs. Veera Devi Ghanshyam Dixit
Designation :	Partner
Address :	Village and Mauza Keetham, Tahsil Kiraoli, District Agra, Uttar Pradesh, India
Date of Birth/Age :	60 Years

Name :	Mrs. Premvatim Devi Madhav Dixit
Designation :	Partner
Address :	276, Maharishi Puram, Nar Sikandara, Agra, Uttar Pradesh, India
Date of Birth/Age :	08.07.1978
Qualification :	F.A

BUSINESS DETAILS

Line of Business :

Commodity Storage.

PRODUCTION STATUS AS ON 31.03.2010

Particulars			Installed Capacity	Actual Production
Storage of Potatoes			121204 bags of 50 Kg	85000 Bags in First year

GENERAL INFORMATION

No. of Employees :	Approximately 11 (Office 3, Factory 8)

Bankers :	Corporation Bank, Belangaj Agra

Facilities :	Credit Limited Term Loan Rs. 20.000 Millions and C/ C Rs. 5.000 Millions


Banking Relations :	--

Auditors :
Name :	S.S. Tamrsliya and Company Chartered Accountant
Address :	8, Raghuveer Kunj, Agra, Uttar Pradesh, India
Mobile No.:	91-9319102497
Fax No.:	91-562-40410345
E-Mail :	sst_finance@yahoo.co.in

CAPITAL STRUCTURE

As on 15.02.2011

Capital Investment :
Owned :	Rs. 6.570 Millions
Borrowed :	Rs. 10.331 Millions
Total :	Rs. 16.901 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		15.02.2011 (Provisional)	31.03.2010
SHAREHOLDERS FUNDS
1] Partner’s Capital		6.570	0.747
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		6.570	0.747
LOAN FUNDS
1] Secured Loans		5.713	0.000
2] Unsecured Loans		4.618	0.000
TOTAL BORROWING		10.331	0.000
DEFERRED TAX LIABILITIES		0.000	0.000

TOTAL		16.901	0.747

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		15.413	0.632
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	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.160	0.073
	Other Current Assets	0.128	0.042
	Loans & Advances	1.200	0.000
Total Current Assets		1.488	0.115
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	0.000	0.000
	Provisions	0.000	0.000
Total Current Liabilities		0.000	0.000
Net Current Assets		1.488	0.115

MISCELLANEOUS EXPENSES		0.000	0.000

TOTAL		16.901	0.747

KEY RATIOS

PARTICULARS	15.02.2011 (Provisional)	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	1.57	0.00

Current Ratio (Current Asset/Current Liability)	0.00	0.00

LOCAL AGENCY FURTHER INFORMATION

OPERATING STATEMENT

(Rs. in Millions)

Particulars	31.03.2011 Current year Estimated	31.03.2012 Following Year Projection	31.03.2013 Following Year Projection	31.03.2014 Following Year Projection	31.03.2015 Following Year Projection
1. Gross Sales

I) Domestic Sales (Hire Charges)	5.450	8.005	8.005	8.005	8.005
II) Export Sale	--	--	--	--	--
Total	5.450	8.005	8.005	8.005	8.005

2. Less Excise Duty	--	--	--	--	--

3. Net Sales (1-2)	5.450	8.005	8.005	8.005	8.005

4. % age rise (+) or Fall (-) in Net Sales (1-2)	--	--	--	--	--

5. Cost of Sales	--	--	--	--	--

I) Raw Materials (Including stores and other items used in the process of manufacture
a) Imported	--	--	--	--	--
b) Indigenous	--	--	--	--	--

II) Others Spares
a) Imported	--	--	--	--	--
b) Indigenous	--	--	--	--	--

III) Power and Fuel	0.247	1.479	1.479	1.479	1.479

IV) Direct Labour (Factory wages and Salaries)	0.240	0.584	0.697	0.697	0.697

V) Other Manufacturing Expenses	0.000	0.000	0.000	0.000	0.000

VI) Depreciation and M.E. W/ off	3.608	2.963	1.888	1.667	1.474

VII) Sub Total (I to VI)	4.095	5.026	4.064	3.843	3.650

VIII) Add: Opening Stock in process	0.000	0.000	0.000	0.000	0.000

Sub Total	4.095	5.026	4.064	3.843	3.650

IX) Deduct: Closing Stock in Process	0.000	0.000	0.000	0.000	0.000

X) Cost of Production	4.095	5.026	4.064	3.843	3.650

XI) Add: Opening Stock of Finished Goods	0.000	0.000	0.000	0.000	0.000

Sub Total	4.095	5.026	4.064	3.843	3.650

XII) Deduct Closing Stock of finished goods	0.000	0.000	0.000	0.000	0.000

XIII) Sub-Total (Cost of Sales)	4.095	5.026	4.064	3.843	3.650

6. Selling, General and Administrative Expenses	0.107	0.567	0.592	0.597	0.602

7. Sub Total ( 5+6)	4.202	5.593	4.656	4.440	4.252

8. Operating Profit Before Interest (3-7)	1.248	2.412	3.349	3.565	3.753

9. Interest	0.096	1.771	1.380	1.150	1.009

10. Operating Profit After Interest (8-9)	1.152	0.641	1.969	2.415	2.744

11. i) Add Other Non-operating Income
a) Interest	0.000	0.000	0.000	0.000	0.000
b) Other Receipts	0.000	0.000	0.000	0.000	0.000
Sub Total (Income)	0.000	0.000	0.000	0.000	0.000

ii) Deduct Other non-operating expenses
a)	--	--	--	--	--
b)	--	--	--	--	--

iii) Net of other non- operating income/ expenses (Net of 11(I) and 11(ii)	0.000	0.000	0.000	0.000	0.000

12. Profit before tax/ loss (10+11(iii)	1.152	0.641	1.969	2.415	2.744

13. Provision for taxes	0.052	0.000	0.152	0.207	0.227

14. Net Profit/ Loss (12-13)	1.100	0.641	1.817	2.208	2.517

15. a) Equity Dividend Paid Draw	0.000	0.000	0.000	0.000	0.000
b) Dividedn Rate	--	--	--	--	--

16. Retained Profit (14-15) Draw	1.100	0.641	1.817	2.208	2.517

17. Retained Profit/ Net Profit (% age)	100.00%	100.00%	100.00%	100.00%	100.00%

ANALYSIS OF BALANCE SHEET

(Rs. in Millions)

Particulars	31.03.2011 Current year Estimated	31.03.2012 Following Year Projection	31.03.2013 Following Year Projection	31.03.2014 Following Year Projection	31.03.2015 Following Year Projection
LIABILITIES

1. Short – term borrowings from bank (including bills purchased discounted and excess borrowings placed on repayment on basis)

i) From application bank	5.000	5.000	5.000	5.000	5.000
ii) From other bank	0.000	0.000	0.000	0.000	0.000
iii) (Of which BP and BD)	--	--	--	--	--
Sub Total (A)	5.000	5.000	5.000	5.000	5.000

2. Short term borrowings from others	--	--	--	--	--

3. Sundry Creditors (Trade)	0.000	0.000	0.000	0.000	0.000

4. Advance payment form customer/ deposits from dealers	0.000	0.000	0.000	0.000	0.000

5. Provision for taxation	0.000	0.000	0.000	0.000	0.000

6. Dividend payable	0.000	0.000	0.000	0.000	0.000

7. Other Statutory Liabilities (due within one year)	0.000	0.000	0.000	0.000	0.000

8. Deposits / Installment of term Loans/ DPGs/ debentures etc. (due within one year)	0.800	1.600	1.600	1.800	1.800

9 Other current Liabilities and provisions (due within one year) (Specify Major Items)	0.200	0.500	0.500	0.500	0.500
(Sub Total) (B)	1.000	2.100	2.100	2.300	2.300

10. Total Current Liabilities (total of 1 to 9)	6.000	7.100	7.100	7.300	7.300

11. Debentures (not maturing within one year)	--	--	--	--	--

12. Preference Shares (Redeemable after one year)	--	--	--	--	--

13. Term Loans (excluding installment payable with in one year)	16.310	17.600	16.000	14.200	12.400

14. Deferred payment credits excluding installment due within one year	--	--	--	--	--

15. Term Deposits (repayable after one year) (Unsecured Loans)	0.000	0.000	0.000	0.000	0.000

16. Other Term Liabilities	--	--	--	--	--

17. (Total of 11 to 16)	16.310	17.600	16.000	14.200	12.400

18. Total out side liabilities (10+17)	22.310	24.700	23.100	21.500	19.700

NET WORTH

19. Ordinary Share Capital	6.770	6.770	6.770	6.770	6.770

20. General Reserve (Subsidy)	0.000	6.000	12.000	12.000	12.000

21. Revaluation Reserve	0.000	0.000	0.000	0.000	0.000

22. Other Reserve (Excluding provisions)	0.000	0.000	0.000	0.000	0.000

Unsecured Loans	12.000	12.000	12.000	12.000	12.000

23. Surplus (+) or default in profit and loss account	1.100	1.742	3.559	5.767	8.285

24. NET WORTH	19.870	26.512	34.329	36.537	39.055

25. Total Liabilities ( 18+24)	42.180	51.212	57.429	58.037	58.755

ASSETS

CURRENT ASSETS

26. Cash and Bank Balance	1.838	0.024	2.130	4.405	6.596

27. Investment (Other than long term investment)

I) Government and other Trustee Securities	--	--	--	--	--

II) Fixed Deposit with banks (Subsidy FDR)	0.000	0.000	0.000	0.000	0.000

28. I) Receivables other than deferred and discounted by bank	5.450	8.005	8.005	8.005	8.005

ii) Export Receivables (including bills purchased / discounted by banks.	--	--	--	--	--

29. Installment of deferred receivables (due within one year)	--	--	--	--	--

30. Inventory

I) Raw Material (Including stores and other items uses in the process of manufacture)
a) Imported	--	--	--	--	--
b) Indigenous	--	--	--	--	--

II) Stock in process	--	--	--	--	--

III)l Finished Goods	--	--	--	--	--

IV) Other Consumable spares
a) Imported	--	--	--	--	--
b) Indigenous	0.000	0.000	0.000	0.000	0.000

31. Advances to suppliers of raw materials and stores/ spares (Advance to Farmers)	8.120	8.120	8.120	8.120	8.120

32. Advance payment of taxes	0.000	0.000	0.000	0.000	0.000

33. Other current assets (specify major items)	0.300	0.300	0.300	0.300	0.300

34. Total current assets (total of 26 to 33)	15.708	16.449	18.555	20.830	23.021

FIXED ASSETS

35. Gross Block (Land and Building, Machinery Work in Progress)	30.080	35.333	35.333	35.333	35.333

36. Depreciation to date	3.608	6.571	8.458	10.126	11.599

37. NET BLOCK (35-36)	26.472	28.762	26.875	25.207	23.734

Other Non-current Assets

38. Investment / books debt/ advances/

I) a) Investment in Subsidiary Companies / affiliates	--	--	--	--	--

b) Others (Subsidy FDR)	0.000	0.000	0.000	0.000	0.000

ii) Advances to supplier of capital goods and contractors	--	--	--	--	--

iii) Deferred receivables (maturity exceeding one year)	--	--	--	--	--

iv) Others (Security)	0.000	0.000	0.000	0.000	0.000

39. Non-Consumables stores and spares	--	--	--	--	--

40. Other non-current assets including Dues form directors	--	--	--	--	--

41. Total other non-current assets (Total of 38 to 40)	0.000	0.000	0.000	0.000	0.000

42. Intangible Assets (Patents, Goodwill, Preliminary Expenses/ Bad / Doubtful debts not provided for etc.	0.000	0.000	0.000	0.000	0.000

43. Total Assets (Total of 34, 37, 41 and 42)	42.180	51.211	57.430	58.036	58.754

44. Tangible net worth (24-42)	19.870	26.512	34.329	36.537	39.055

45. Net Working Capital (17+24) – (37+41+42) To tally with (34-10)	9.708	9.350	11.454	13.530	15.721

46. Current Ratio (Item 34/10)	2.62	2.32	2.61	2.85	3.15

47. Total out side liabilities/ tangible net worth (18/44)	1.12	0.93	0.67	0.59	0.50

BANK FINANCE WORKING CAPITAL

(Rs. in Millions)

Particulars	31.03.2011 Current year Estimated	31.03.2012 Following Year Projection	31.03.2013 Following Year Projection	31.03.2014 Following Year Projection	31.03.2015 Following Year Projection
1. Total current assets	15.708	16.449	18.555	20.830	23.021

2. Other Current Liabilities (Other than bank borrowings)	1.000	2.100	2.100	2.300	2.300

3. Working Capital Gap (WCG) (1-2)	14.708	14.349	16.455	18.530	20.721

4. Minimum stipulated net working capital i.e. 25% of WCG/ 25% of total current assets as the case may be depending upon the method of lending being applied (export receivable to be excluding under both method)	3.927	4.112	4.639	5.208	5.755

5. Actual/ Projected net working capital	9.708	9.350	11.454	13.530	15.721

6. Items 3 minus Item 4	10.781	10.237	11.816	13.323	14.966

7. Items 3 minus item 5	5.000	4.999	5.001	5.000	5.000

8. Maximum permissible bank finance (item 6 or 7 which is lower)	5.000	5.000	5.000	5.000	5.000

9. Excess borrowings representing short fall in NWC (4-5)	--	--	--	--	--

COMPARATIVE STATEMENT OF CURRENT ASSETS AND LIABILITIES

(Rs. in Millions)

Particulars	31.03.2011 Current year Estimated	31.03.2012 Following Year Projection	31.03.2013 Following Year Projection	31.03.2014 Following Year Projection	31.03.2015 Following Year Projection
ASSETS

CURRENT ASSETS
1. Raw Materials (Including stores and others items used in the process of manufacture)

a) Imported	--	--	--	--	--
Months consumption	--	--	--	--	--

b) Indigenous	--	--	--	--	--
Months consumption	--	--	--	--	--

2. Other consumable spares excluding those included in 1 above
a) Imported	0.000	0.000	0.000	0.000	0.000
Months consumption	0.000	0.000	0.000	0.000	0.000
b) Indigenous	0.000	0.000	0.000	0.000	0.000
Months consumption	0.000	0.000	0.000	0.000	0.000

3. Stock in progress	--	--	--	--	----
Months cost of production	--	--	--	--	--

4. Finished goods	--	--	--	--	--
Months cost of sales	--	--	--	--	--

5. Receivables other than export and deferred receivables (Including bills purchased and discounted by bankers)	5.450	8.005	8.005	8.005	8.005
Months domestic sales : Excluding deferred payment sales	--	--	--	--	--

6. Export Receivables (including bills purchased and discounted)	--	--	--	--	--

7. Advances to suppliers of raw materials and stores/ spares, consumables	8.120	8.120	8.120	8.120	8.120

8. Other current assets including cash and bank balances to deferred receivables due within one year (specify major itmes)	2.138	0.324	2.430	4.705	6.896

9. Total current Assets	15.708	16.449	18.555	20.830	23.021

10. Creditors for purchase of raw material stores and consumables spares	0.000	0.000	0.000	0.000	0.000
Months purchase	--	--	--	--	--

11. Advances from customers installment TL (within one year)	0.000	0.000	0.000	0.000	0.000

12. Statutory Liabilities	0.000	0.000	0.000	0.000	0.000

13. Other current liabilities specify major items (Short term borrowings unsecured loans, dividend payable, installment of TL, DPG, Public deposits, debentures etc.	1.000	2.100	2.100	2.300	2.300

14. Total	1.000	2.100	2.100	2.300	2.300

FUNDS FLOW STATEMENT

(Rs. in Millions)

Particulars	31.03.2011 Current year Estimated	31.03.2012 Following Year Projection	31.03.2013 Following Year Projection	31.03.2014 Following Year Projection	31.03.2015 Following Year Projection
1. SOURCES

a) Net Profit (after tax)	1.100	0.641	1.817	2.208	2.517
b) Depreciation	3.608	2.963	1.88	1.667	1.474
c) Increase in Capital	6.770	0.000	0.000	0.000	0.000
d) Increase in Term Liabilities	0.000	0.000	0.000	0.000	0.000
Bank Term Loan	17.110	2.890	0.000	0.000	0.000
Unsecured Loans (Including public Deposits)	12.000	0.000	0.000	0.000	0.000
e) Increase in Working Capital Loan	0.000	0.000	0.000	0.000	0.000
f) Decrease in	0.000	0.000	0.000	0.000	0.000
i) Fixed Assets	0.000	0.000	0.000	0.000	0.000
ii) Other non- current assets	0.000	0.000	0.000	0.000	0.000
g) Others (Subsidy Received)	0.000	0.000	0.000	0.000	0.000
h) Total	40.588	12.494	9.705	3.875	3.991

2. USES

a) Net Loss	0.000	0.000	0.000	0.000	0.000
b) Decrease in Term Liabilities (Including Public Deposits)	0.000	0.800	1.600	1.600	1.800
c) Increase in
i) Fixed Assets	30.080	5.253	0.000	0.000	0.000
ii) Other Non-current assets	0.000	6.000	6.000	0.000	0.000
d) Dividend Payment	0.000	0.000	0.000	0.000	0.000
e) Others	0.000	0.000	0.000	0.000	0.000
f) Total	30.080	12.053	7.600	1.600	1.800

Long term Surplus (+) or deficit (-)	10.508	0.442	2.104	2.276	2.191

Increase/ Decrease in current assets (as per details given below)	15.708	0.741	2.106	2.275	2.191

Increase/ decrease in current liabilities other than bank borrowings	0.200	0.300	0.000	0.000	0.000

Increase / Decrease in Working Capital	15.508	0.441	2.106	2.275	2.191

Net Surplus (+) Deficit (-)	[5.000]	0.001	[0.002]	0.001	0.000

Increase/ Decrease in Bank Borrowings	5.000	0.000	0.000	0.000	0.000

Increase/ Decrease in Net Sales	5.450	2.555	0.000	0.000	0.000

BREAKUP

1. Increase/ Decrease in Raw Material	0.000	0.000	0.000	0.000	0.000

2. Increase/ Decrease in Stock in progress	0.000	0.000	0.000	0.000	0.000

3. Increase/ Decrease in Finished Goods	0.000	0.000	0.000	0.000	0.000

4. Increase/ Decrease in Receivables
a) Domestic	5.450	2.555	0.000	0.000	0.000
b) Exports

5. Increase/ decrease in Stores and Spares	0.000	0.000	0.000	0.000	0.000

6. Increase/ Decrease in other Current Assets	10.258	[1.814]	2.106	2.275	2.191
	15.708	[1.814]	2.106	2.275	2.191
Note: Increase/ Decrease items 4 to 6 as also under breakup of (4) should be indicated by (+) (-)

------------------------------------------------------------------------------------------------------------

PERSONAL BIO-DATA AS ON 31.03.2009

MR. MADHAV PRASAD DIXIT

(Partner)

DETAILS OF PROPERTY

Immovable Property
Residential House at Village (Pakka)	Rs. 1.000 Million
Total Value of Immovable Property	Rs. 1.000 Million

Movable Property
Cash and Bank	Rs. 0.300 Million
Investment in business	Rs. 2.500 Millions
Jewelery	Rs. 0.400 Million
House holds	Rs. 0.080 Million
Total Value of Movable Property	Rs. 3.280 Millions

TOTAL VALUE	RS. 4.280 MILLIONS

LIABILITIES	NIL

TOTAL NET WORTH	RS. 4.280 MILLIONS

----------------------------------------------------------------------------------------------------------------------------

PERSONAL BIO-DATA AS ON 31.03.2009

MRS. PREWATI DEVI MADHAV PRASAD DIXIT

(Partner)

DETAILS OF PROPERTY

Immovable Property	Nil
Total Value of Immovable Property	Nil

Movable Property
Cash and Bank	Rs. 0.100 Million
Investment in business	Rs. 1.500 Millions
Jewelery	Rs. 0.400 Million
Total Value of Movable Property	Rs. 2.000Millions

TOTAL VALUE	RS. 2.000 MILLIONS

LIABILITIES	NIL

TOTAL NET WORTH	RS. 2.000 MILLIONS

------------------------------------------------------------------------------------------------------------------------------

PERSONAL BIO-DATA AS ON 31.03.2009

MRS. VEERO DEVI MADHAV PRASAD DIXIT

(Partner)

DETAILS OF PROPERTY

Immovable Property
Abdi Land at Khasra No. 489, 90, 91 and 502, Mauza and Village Keetham, Tahsil- Kiroli District Agra Measuring 11750 sq mtr. Leased to cold storage market value of	Rs. 18.000 Millions
Other Agricultural Land 5 Beegha	Rs. 12.000 Millions
Residential House at Village (Pakka)	Rs. 2.000 Millions

Total Value of Immovable Property	Rs. 32.000 Millions

Movable Property
Cash and Bank	Rs. 0.300 Million
Investment in business	Rs. 2.500 Millions
Jewelery	Rs. 0.600 Million
Total Value of Movable Property	Rs. 3.400 Millions

TOTAL VALUE	RS. 35.400 MILLIONS

LIABILITIES	NIL

TOTAL NET WORTH	RS. 35.400 MILLIONS

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.44.30
UK Pound	1	Rs.72.92
Euro	1	Rs.64.69

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.

MIRA INFORM REPORT

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