MIRA INFORM REPORT

Report Date :

05.12.2011

IDENTIFICATION DETAILS

Name :	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED
Registered Office :	7/330A, VKC Tower,  P O Kolathara, Calicut – 673 655, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.10.2010
Com. Reg. No.:	026934
Capital Investment / Paid-up Capital :	Rs.8.743 millions
CIN No.: [Company Identification No.]	U19200KL2010PTC026934
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Footwear, Soles, Straps, Footwear Components, Microcellular Sheets and related products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
-	NB	New Business	-

Maximum Credit Limit :	USD 35000
Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is relatively new company and yet to commence its commercial business activities. Payments are unknown. The company can be considered for business dealings on a safe and secured 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	7/330-A, VKC Tower,  P.O. Kolathara, Calicut – 673 655, Kerala, India
Tel. No.:	91-495-2482112
Fax No.:	91-495-2481412
E-Mail :	vkcfootsteps@vkcgroup.com veekesy@gmail.com
Factory :	Plot No.2911 and 2912, J Type, Phase – 1, FIDC, Vapi, Valsad Disctrict – 396 195, Gujarat, India

DIRECTORS

As on 29.09.2011

Name :

Mammed Koya VKC

Designation :

Director

Address :

PRABHA, Kodinattumukku, Post Olavanna, Kozhikode – 673 025, Kerala, India

Date of Birth/Age :

05.02.1940

Date of Appointment :

28.10.2010

DIN No.:

00309339

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24134KL1994PTC007912	Caltech Polymers Private Limited	Director	13-05-94	13-05-94	-	Active	NO
2	U19201KL2002PTC015170	Califer Footcare (India) Private Limited	Director	06-06-08	09-01-02	10-10-08	Active	NO
3	U25191KL2002PTC015519	Veekesy Rubber Industries Private Limited	Director	05-07-02	05-07-02	-	Active	NO
4	U19201KL2005PTC018011	Dimesco Footcare India Private Limited	Director	19-03-05	19-03-05	-	Active	NO
5	U45309KL1961SGC001937	Kerala State Industrial Development Corporation Limited	Director	14-05-07	14-05-07	-	Active	NO
6	U91990KL2002NPL015838	Norka-Roots (Sec 25 Company)	Director	18-08-07	18-08-07	29-08-11	Active	NO
7	U25199KL1998PTC012185	Veekesy Elastomers Private Limited	Director	29-09-07	29-09-07	-	Active	NO
8	U45200KL2007PLC021389	Buildcon Construction Company Limited	Director	19-12-07	09-11-07	-	Active	NO
9	U91110KL1931NPL001527	The Malabar Chamber of Commerce	Director	25-09-08	25-09-08	12-11-10	Active	NO
10	U19201KL2004PTC017111	Diadora Shoes Private Limited	Director	30-09-08	30-09-08	-	Active	NO
11	U19202KL2002PTC015715	Slipons India Private Limited	Director	30-09-08	30-09-08	-	Active	NO
12	U65929KL1975SGC002736	Kerala Small Industries Development Corporation Limited	Director	20-11-08	20-11-08	18-10-11	Active	YES
13	U19201KA2008PTC048381	Veekesy Sandals (India) Private Limited	Director	21-11-08	21-11-08	-	Active	NO
14	U24134KL1996PTC009856	Veekesy Polymers Private Limited	Director	29-06-09	29-06-09	-	Active	NO
15	U19202TZ2006PTC012811	Veekesy Footcare (India) Private Limited	Director	03-08-09	03-08-09	-	Active	NO
16	U19202KL2006PTC019643	Smartak Footcare Private Limited	Director	18-08-10	09-09-09	-	Active	NO
17	U18104KL2002PTC015839	Sandlon Technologies Private Limited	Director	29-09-09	29-09-09	-	Active	NO
18	U19201TZ2004PTC011325	Ferrari Shoes India Private Limited	Director	29-09-09	29-09-09	-	Active	NO
19	U67110KL2009PLC025082	AL Barakah Financial Services Limited	Director	23-05-11	30-11-09	-	Active	NO
20	U19200KL2010PTC025679	Veekesy Shoes and Allied Products India Private Limited	Director	13-03-10	13-03-10	-	Active	NO
21	U19200KL2010PTC026340	VKC Footwear International Private Limited	Director	13-07-10	13-07-10	-	Active	NO
22	U19200KL2010PTC026934	VKC Footsteps (India) Private Limited	Director	28-10-10	28-10-10	-	Active	NO
23	U15400KL2011PTC027626	Malabar Mega Food Park Private Limited	Director	09-02-11	09-02-11	-	Active	NO
24	U19200KL2011PTC029663	VKC Foot Prints Global Private Limited	Director	25-10-11	25-10-11	-	Active	NO

Name :

Veluthedath Noushad

Designation :

Managing Director

Address :

PRABHA, Kodinattumukku, Post Olavanna, Kozhikode – 673 025, Kerala, India

Date of Birth/Age :

11.05.1970

Date of Appointment :

28.10.2010

DIN No.:

00083945

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24134KL1996PTC009856	Veekesy Polymers Private Limited	Director	21-01-97	21-01-97	-	Active	NO
2	U25209KL1998PTC012195	Emerald Plastomers Private Limited	Director	30-09-00	30-09-00	-	Active	NO
3	U19201TZ2004PTC011325	Ferrari Shoes India Private Limited	Managing director	29-09-09	14-09-04	-	Active	NO
4	U19201KL2005PTC018043	Ferrero Vinyl Technologies Private Limited	Director	26-03-05	26-03-05	-	Active	NO
5	U19202TZ2006PTC012811	Veekesy Footcare (India) Private Limited	Managing director	03-08-09	07-06-06	-	Active	NO
6	U25191KL2002PTC015519	Veekesy Rubber Industries Private Limited	Director	29-09-07	29-09-07	-	Active	NO
7	U18104KL2002PTC015839	Sandlon Technologies Private Limited	Director	10-12-07	10-12-07	-	Active	NO
8	U24134KL1994PTC007912	Caltech Polymers Private Limited	Director	30-09-08	06-06-08	-	Active	NO
9	U19201KA2008PTC048381	Veekesy Sandals (India) Private Limited	Managing director	21-11-08	21-11-08	-	Active	NO
10	U19202KL2009PTC024871	Fayiz Foots Private Limited	Director	14-10-09	14-10-09	-	Active	NO
11	U19200TZ2009PTC015640	Coimbatore Footwear Stitching Works Private Limited	Director	30-11-09	30-11-09	-	Active	NO
12	U25199KL1998PTC012185	Veekesy Elastomers Private Limited	Managing director	17-09-10	15-04-10	-	Active	NO
13	U19200KL2010PTC026340	VKC Footwear International Private Limited	Managing director	13-07-10	13-07-10	-	Active	NO
14	U19200KL2010PTC026934	VKC Footsteps (India) Private Limited	Managing director	28-10-10	28-10-10	-	Active	NO
15	U19121KA2010PTC055821	Nanjangud Stitching Works Private Limited	Director	10-11-10	10-11-10	-	Active	NO
16	U91110KL1931NPL001527	The Malabar Chamber of Commerce	Director	12-11-10	12-11-10	-	Active	NO
17	U19200KL2010PTC027072	North Kerala Footwear Consortium Private Limited	Managing director	13-01-11	23-11-10	-	Active	NO
18	U19200KL2011PTC029663	VKC Foot Prints Global Private Limited	Managing director	25-10-11	25-10-11	-	Active	NO

Name :

Veluthedath Abdul Rasheed

Designation :

Director

Address :

Veluthedath House, Kuzhiyandi Paramba, P.O. Nallalam, Kozhikode – 673 027, Kerala, India

Date of Birth/Age :

19.11.1975

Date of Appointment :

28.10.2010

DIN No.:

00081804

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25199KL1998PTC012185	Veekesy Elastomers Private Limited	Director	23-02-02	23-02-02	-	Active	NO
2	U19201TZ2004PTC011325	Ferrari Shoes India Private Limited	Director	04-08-06	04-08-06	-	Active	NO
3	U19202KL2005PTC018521	Morbido Vinyl Private Limited	Director	29-09-07	29-09-07	-	Active	NO
4	U18104KL2002PTC015839	Sandlon Technologies Private Limited	Director	30-09-10	26-12-09	-	Active	NO
5	U19200TZ2009PTC015640	Coimbatore Footwear Stitching Works Private Limited	Director	30-09-10	20-05-10	-	Active	NO
6	U19200KL2010PTC026340	VKC Footwear International Private Limited	Director	13-07-10	13-07-10	-	Active	NO
7	U19201KA2008PTC048381	Veekesy Sandals (India) Private Limited	Director	02-09-10	02-09-10	-	Active	NO
8	U19202TZ2006PTC012811	Veekesy Footcare (India) Private Limited	Director	30-09-10	30-09-10	-	Active	NO
9	U19200KL2010PTC026934	VKC Footsteps (India) Private Limited	Director	28-10-10	28-10-10	-	Active	NO
10	U19121KA2010PTC055821	Nanjangud Stitching Works Private Limited	Director	24-10-11	24-10-11	-	Active	NO
11	U19200KL2011PTC029663	VKC Foot Prints Global Private Limited	Director	25-10-11	25-10-11	-	Active	NO

Name :

Mohammed Kunhayin Veluthedath

Designation :

Director

Address :

Jashi Mahal, West Bazar, Nallalam P.O., Kozhikode – 673 027, Kerala, India

Date of Birth/Age :

20.05.1954

Date of Appointment :

28.10.2010

DIN No.:

00306002

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25191KL2002PTC015519	Veekesy Rubber Industries Private Limited	Director	05-07-02	05-07-02	-	Active	NO
2	U19202KL2006PTC019643	Smartak Footcare Private Limited	Director	01-12-06	01-12-06	-	Active	NO
3	U19201KL2005PTC018043	Ferrero Vinyl Technologies Private Limited	Director	29-09-07	29-09-07	-	Active	NO
4	U18104KL2002PTC015839	Sandlon Technologies Private Limited	Director	10-12-07	10-12-07	-	Active	NO
5	U19201KA2008PTC048381	Veekesy Sandals (India) Private Limited	Director	21-11-08	21-11-08	-	Active	NO
6	U24134KL1996PTC009856	Veekesy Polymers Private Limited	Director	29-06-09	29-06-09	-	Active	NO
7	U19202TZ2006PTC012811	Veekesy Footcare (India) Private Limited	Director	03-08-09	03-08-09	-	Active	NO
8	U19201TZ2004PTC011325	Ferrari Shoes India Private Limited	Director	29-09-09	29-09-09	-	Active	NO
9	U19202KL2009PTC024938	Essefsy Footwears Private Limited	Director	27-10-09	27-10-09	-	Active	NO
10	U25199KL1998PTC012185	Veekesy Elastomers Private Limited	Director	17-09-10	15-04-10	-	Active	NO
11	U19200TZ2009PTC015640	Coimbatore Footwear Stitching Works Private Limited	Director	30-09-10	20-05-10	-	Active	NO
12	U19200KL2010PTC026340	VKC Footwear International Private Limited	Director	13-07-10	13-07-10	-	Active	NO
13	U19200KL2010PTC026934	VKC Footsteps (India) Private Limited	Director	28-10-10	28-10-10	-	Active	NO
14	U19121KA2010PTC055821	Nanjangud Stitching Works Private Limited	Director	24-10-11	24-10-11	-	Active	NO
15	U19200KL2011PTC029663	VKC Foot Prints Global Private Limited	Director	25-10-11	25-10-11	-	Active	NO

Name :

Rafeeque Mohammed Kutty Veluthedath

Designation :

Director

Address :

Rafeeq, Kolathara P.O., Kozhikode – 673 655, Kerala, India

Date of Birth/Age :

15.05.1977

Date of Appointment :

28.10.2010

DIN No.:

00305950

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24134KL1996PTC009856	Veekesy Polymers Private Limited	Managing director	02-05-02	02-05-02	-	Active	NO
2	U18104KL2002PTC015839	Sandlon Technologies Private Limited	Director	04-01-03	04-01-03	-	Active	NO
3	U19202KL2006PTC019643	Smartak Footcare Private Limited	Director	01-12-06	01-12-06	-	Active	NO
4	U19201KA2008PTC048381	Veekesy Sandals (India) Private Limited	Director	21-11-08	21-11-08	-	Active	NO
5	U19202TZ2006PTC012811	Veekesy Footcare (India) Private Limited	Director	03-08-09	03-08-09	-	Active	NO
6	U19201TZ2004PTC011325	Ferrari Shoes India Private Limited	Director	29-09-09	29-09-09	-	Active	NO
7	U19200TZ2009PTC015640	Coimbatore Footwear Stitching Works Private Limited	Director	30-09-10	20-05-10	-	Active	NO
8	U19200KL2010PTC026340	VKC Footwear International Private Limited	Director	13-07-10	13-07-10	-	Active	NO
9	U19200KL2010PTC026934	VKC Footsteps (India) Private Limited	Director	28-10-10	28-10-10	-	Active	NO
10	U19121KA2010PTC055821	Nanjangud Stitching Works Private Limited	Director	10-11-10	10-11-10	-	Active	NO
11	U19200KL2010PTC027072	North Kerala Footwear Consortium Private Limited	Director	13-01-11	13-01-11	-	Active	NO

Name :

Jamshad Ithan Kutty Veluthedath

Designation :

Additional Director

Address :

Veluthedath House, Nallalam P.O., Kozhikode – 673 027, Kerala, India

Date of Birth/Age :

14.09.1984

Date of Appointment :

06.11.2010

DIN No.:

00536752

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U25199KL1998PTC012185	Veekesy Elastomers Private Limited	Director	20-11-03	20-11-03	15-04-10	Active	NO
2	U19201TZ2004PTC011325	Ferrari Shoes India Private Limited	Director	15-09-10	15-09-10	-	Active	NO
3	U19200KL2010PTC026934	VKC Footsteps (India) Private Limited	Director	29-09-11	06-11-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
VKC Mammed Koya	144000
V. Noushad	199800
V. Mohammed	47700
V, Rafeeque	36000
V. Abdul Rasheed	36000
V. Jamshad	9450
V. Abdul Razak	156600
V. Mohammed Kutty	47700
Sajna Razak	14400
Soja Noushad	14400
K.M. Hameed Ali	27000
V. Mumthaj	13500
K. Ummer Farook	22500
P. Abdul Salam	18000
V. Selmabi	13500
N.P. Mustafa Yasin	13500
K.C. Chacko	9000
M. Babu	6750
A.V. Sunil Nath	3600
A.V. Sudheer	3150
V.P. Azeez	6750
V. Mohammed Abdul Kareem	4500
M.V. Venugopal	9000
V. Abdul Saleem	4500
Jayaraj Aroli Veetil	1000
Manoj P. Bastion	9000
K.K. Abdul Gafoor	3000
Total	874300

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	89.00
Other top fifty shareholders	11.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Footwear, Soles, Straps, Footwear Components, Microcellular Sheets and related products.

GENERAL INFORMATION

Suppliers :	v Bengal Sewing Mart (Private) Limited v Ferran Shoes (India) Private Limited v Razdan Group v Shreeji Cranes v Payal Electricals v Veer Ceramics v Grace Printers v Royal Cartons v Faiz Industries v Mayur Uniquoters Limited v Khurana and Company v Mahalaxmi Enterprises v Threads India Limited v Swastik Cargo Handling Services v Sky Industries Limited v Polynova Industries Limited v Polynova Industries Limited (Valsad) v Glorious Security Force v Super Pack v Nemi Electricals v Admark
No. of Employees :	Not Available
Bankers :	Federal Bank Limited, Cheruvanoor Branch, Cheruvanoor, Feroke – 673 631, Kerala, India

Banking Relations :	--
Auditors :
Name :	Kapadia Shah and Company Chartered Accountants
Address :	CM-20, Above State Bank of Indore, Silvassa Road, G.I.D.C, Vapi – 396 195, Gujarat, India
Tel. No.:	91-260-2421392/ 2421329
Fax No.:	91-260-2428851
Income-tax PAN of auditor or auditor's firm :	ABTPK3227B
Related Party :	v Ferrari Shoes (India) Private Limited v Veekesy Elastomers v Veekesy Footcare (India) Private Limited v Veekesy Sandals

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
874300	Equity Shares	Rs.10/- each	Rs.8.743 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		8.743
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		8.743
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		48.590
TOTAL BORROWING		48.590
DEFERRED TAX LIABILITIES		0.000
TOTAL		57.333
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		54.615
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.477
	Sundry Debtors	0.000
	Cash & Bank Balances	1.369
	Other Current Assets	0.000
	Loans, Advances & Deposits	3.667
Total Current Assets		8.513
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.812
	Other Current Liabilities & Provisions	0.244
Total Current Liabilities		8.056
Net Current Assets		0.457
MISCELLANEOUS EXPENSES		2.261
TOTAL		57.333

KEY RATIOS

PARTICULARS	31.03.2011
Debt Equity Ratio (Total Liability/Networth)	6.48
Current Ratio (Current Asset/Current Liability)	1.06

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL HIGHLIGHTS:

The company was incorporated on 28.10.2010 and has not started Commercial production in the year. The first accounting period is from 28.10.2010 to 31.03.2011.

FORM 8:

Corporate identity number of the company	U19200KL2010PTC026934
Name of the company	VKC FOOTSTEPS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	7/330A, VKC Tower,  P O Kolathara, Calicut – 673 655, Kerala, India E-Mail: veekesy@gmail.com
This form is for	Creation of charge
Type of charge	Immovable Property Movable Property (not being pledge) Floating Charge
Particular of charge holder	Federal Bank Limited, Cheruvanoor Branch, Cheruvanoor, Feroke – 673 631, Kerala, India E-Mail: cbr@federalbank.co.in
Nature of description of the instrument creating or modifying the charge	1. Term Loan Agreement 2. Agreement to Create Floating Charge 3. Letter Confirming Deposit of Title Deeds
Date of instrument Creating the charge	02.05.2011
Amount secured by the charge	Rs.30.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 3% above the base rate of the bank subject to minimum interest of 12.25% p a. with monthly rest and compounded. Terms of Repayment: 60 months commencing from the date of disbursal of the loan or any part thereof in monthly installments of Rs.0.556 million each Margin: Rs.10.930 millions (Invoice Value Rs.40.930 millions Loan amount Rs.30.000 millions) Extent and Operation of the charge: The above charge operates as security in due payment of interest and repayable of Principal.
Short particulars of the property charged	All Current assets and fixed assets of the company. 4014 sqmts of land in SN 1015/P and 1016/P (Plot No: 2911) situated in VAPI Notified Industrial Area, Vapi Village, Pardi Taluk and Valsad District in Gujarat State. 6371 sqmts of land in SN 1014/P and 1015/P and 1016/P in Plot No.2912 situated in VAPI Notified Industrial Area, Vapi Village, Pardi Taluk and Valsad District in Gujarat State.

FIXED ASSETS:

v Land

v Factory Premises

v Staff Quarters

v Plant and Machinery

v Electrification

v Furniture and Fixtures

v Motor Car

v Motor Bike

v Office and Other IT Equipment

v Generators

v Tools and Equipment

v Dies and Moulds

v Computer

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 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.51.35
UK Pound	1	Rs.80.50
Euro	1	Rs.69.14

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.