MIRA INFORM REPORT

Report Date :

06.12.2011

IDENTIFICATION DETAILS

Name :	CALTECH PLOYMERS PRIVATE LIMITED (w.e.f. 01.04.2009)
Formerly Known As :	CALIFER POLYMERS PRIVATE LIMITED
Registered Office :	V/60, Kakkanchery, Chelembra Post, Malappuram – 673634, Kerela
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.05.1994
Com. Reg. No.:	09-007912
Capital Investment / Paid-up Capital :	Rs. 2.600 Millions
CIN No.: [Company Identification No.]	U24134KL1994PTC007912
TAN No.: [Tax Deduction & Collection Account No.]	CHNC00964F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Footwear
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 120000
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 – 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 :	V/60, Kakkanchery, Chelembra Post, mallappuram – 673634, Kerala, India
Tel. No.:	91-494-2401165
Fax No.:	91-494-2401796
E-Mail :	califerploymers@yahoo.co.in

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Veluthedath Noushad
Designation :	Director
Address :	Prabha, Nallalam, Calicut, Kozhikkode – 673027, Kerala, India
Date of Birth/Age :	11.05.1970
Date of Appointment :	06.06.2008
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 FOOTPRINTS GLOBAL PRIVATE LIMITED	Managing director	25-10-11	25-10-11	-	Active	NO

Name :	Mr. Ambaly Vadakekandy Sunilnath
Designation :	Director
Address :	Chandrika Ho, Kolathara, Kozhikkode – 673655, Kerala, India
Date of Birth/Age :	29.03.1971
Date of Appointment :	26.12.2008
DIN No.:	00088311

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	U19201KL2005PTC018043	FERRERO VINYL TECHNOLOGIES PRIVATE LIMITED	Managing director	14-07-05	14-07-05	-	Active	NO
2	U24134KL1994PTC007912	CALTECH POLYMERS PRIVATE LIMITED	Director	18-06-09	26-12-08	-	Active	NO
3	U25209KL1998PTC012195	EMERALD PLASTOMERS PRIVATE LIMITED	Director	03-07-09	03-07-09	-	Active	NO
4	U19200KL2010PTC027072	NORTH KERALA FOOTWEAR CONSORTIUM PRIVATE LIMITED	Director	23-11-10	23-11-10	-	Active	NO

Name :	Mr. Mammed Koya VKC
Designation :	Director
Address :	Prabha, Nallalam, Calicut, Kozhikkode – 673027, Kerala, India
Date of Birth/Age :	05.02.1940
Date of Appointment :	13.05.1994
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 CORPN LTD	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 FOOTPRINTS GLOBAL PRIVATE LIMITED	Director	25-10-11	25-10-11	-	Active	NO

Name :	Mr. Venugopal Madalath Vasudevan
Designation :	Director
Address :	Sreelakam, 1/4745, B, Andakkavu Po. Arangil Damodaran Road, Calicut – 673011, Kozhikkode – 673011, Kerala, India
Date of Birth/Age :	16.03.1949
Date of Appointment :	06.06.2008
DIN No.:	00330624

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	U19201KL2002PTC015170	CALIFER FOOTCARE (INDIA) PRIVATE LIMITED	Director	09-01-02	09-01-02	10-10-08	Active	NO
2	U19202KL2002PTC015715	SLIPONS INDIA PRIVATE LIMITED	Director	02-12-03	02-12-03	-	Active	NO
3	U55103KL2007PTC021116	SEASHELLS HOMESTAY PRIVATE LIMITED	Director	14-08-07	14-08-07	-	Strike off	NO
4	U24134KL1994PTC007912	CALTECH POLYMERS PRIVATE LIMITED	Director	30-09-08	06-06-08	-	Active	NO
5	U25209KL1998PTC012195	EMERALD PLASTOMERS PRIVATE LIMITED	Director	03-07-09	03-07-09	-	Active	NO
6	U19200KL2010PTC025679	VEEKESY SHOES AND ALLIED PRODUCTS INDIA PRIVATE LIMITED	Director	13-03-10	13-03-10	-	Active	NO
7	U19200KL2010PTC027072	NORTH KERALA FOOTWEAR CONSORTIUM PRIVATE LIMITED	Director	23-11-10	23-11-10	13-01-11	Active	NO

Name :	Mr. Chacko Kakkassery Chummar
Designation :	Director
Address :	Flat No. A6, Alsa Palm, Springs R.C. Road, Calicut – 673032, Kozhikkode, Kerala
Date of Birth/Age :	16.11.1952
Date of Appointment :	13.05.1994
DIN No.:	00536391

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	U25209KL1998PTC012195	EMERALD PLASTOMERS PRIVATE LIMITED	Director	03-04-98	03-04-98	-	Active	NO
3	U19202TZ2006PTC012811	VEEKESY FOOTCARE (INDIA) PRIVATE LIMITED	Director	04-08-06	04-08-06	-	Active	NO
4	U19202KL2005PTC018521	MORBIDO VINYL PRIVATE LIMITED	Director	29-09-07	29-09-07	-	Active	NO

Name :	Mr. Babu Moothedath
Designation :	Director
Address :	Moothedath House, Mannur Po, Kozhikode District – 673328, Kerala, India
Date of Birth/Age :	01.05.1960
Date of Appointment :	26.12.2008
DIN No.:	01772069

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	U19202KL2005PTC018521	MORBIDO VINYL PRIVATE LIMITED	Managing director	10-08-05	10-08-05	-	Active	NO
2	U24134KL1994PTC007912	CALTECH POLYMERS PRIVATE LIMITED	Director	18-06-09	26-12-08	-	Active	NO
3	U25209KL1998PTC012195	EMERALD PLASTOMERS PRIVATE LIMITED	Director	03-07-09	03-07-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
VKC Mamed Koya	16840
KC Chacko	42000
V Noushed	44660
T K Hamsa	20000
M V Venugopal	8620
V Mumthaz	11640
V Selma	13280
Calin Chacko	3820
V Abdul Razak	36160
Mymooona	5000
Mallika Venugopal	25000
Sherin Chacko	7470
A V Sunil Natu	8450
M Babu	8450
M Fathimabi	3280
Shobha Chacko	4510
Jacob	820
Total	260000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	85.00
Other top fifty shareholders	15.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Footwear

Products :

Item Code No.	6402-19-90
Product Description	Plastical Footwear
Item Code No.	6402-20-90
Product Description	Footwear with Upper Strap

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
EVA	Pairs / Annum	NA	96,00,000	8,51,780
PVC	Pairs / Annum	NA	96,00,000	2,13,600
PU	Pairs / Annum	NA	49,80,000	7,43.356

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank Of Travancore, Rasmeccc, Tavot Place, Kannur Road, Kozhikode – 673001, Kerala, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
SBT CC	9.647	3.389
SBT MTL 67208709629	1.112	2.229
HDFC Bank Car Loan	0.499	1.045
Total	11.259	6.664

Banking Relations :	----
Auditors :
Name :	Mr. Ajit Bharathan Chartered Accountant
Pan No.:	AAFYPK6799P

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
360000	Equity Shares	Rs.10/- each	Rs. 3.600 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
260000	Equity Shares	Rs.10/- each	Rs. 2.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.600	2.600	2.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.989	13.620	7.940
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.589	16.220	10.540
LOAN FUNDS
1] Secured Loans		11.259	6.664	7.386
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		11.259	6.664	7.386
DEFERRED TAX LIABILITIES		0.254	0.156	0.073
TOTAL		38.102	23.040	17.999
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.006	18.789	14.583
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.030	0.030	0.030
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.728	11.237	9.374
	Sundry Debtors	7.267	2.318	3.191
	Cash & Bank Balances	0.094	0.107	1.012
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.921	0.823	1.094
Total Current Assets		38.010	14.485	14.671
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.273	0.296	1.061
	Other Current Liabilities	14.259	3.705	2.556
	Provisions	6.434	6.353	7.674
Total Current Liabilities		21.966	10.354	11.291
Net Current Assets		16.044	4.131	3.380
MISCELLANEOUS EXPENSES		0.022	0.090	0.006
TOTAL		38.102	23.040	17.999

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES		188.454	123.934	85.085
	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	173.955	102.469	74.407
		Interest
		Depreciation
		TOTAL	173.955	102.469	74.407
	PROFIT BEFORE TAX		24.786	22.993	10.678
Less	TAX		8.389	8.138	4.463
	PROFIT AFTER TAX		16.397	14.855	6.215
	IMPORTS
		Raw Materials	0.266	NIL	NA
		Capital Goods	3.420	2.797	NA
	TOTAL IMPORTS		3.686	2.797	NA
	Earnings Per Share (Rs.)		63.07	57.13	27.36

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	8.70	18.55	12.54
Return on Total Assets (PBT/Total Assets}	(%)	41.29	69.10	36.50
Return on Investment (ROI) (PBT/Networth)		0.93	1.41	1.01
Debt Equity Ratio (Total Liability/Networth)		1.24	1.04	1.77
Current Ratio (Current Asset/Current Liability)		1.73	1.39	1.29

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

During the financial year 2010-2011 the company has achieved a sale of Rs. 188.454 millions compared to the previous year’s figure of Rs. 123.933 millions. Profit after tax for the financial year is Rs. 16.397 millions compared to the previous year’s figure of Rs. 14.855 millions.

PROSPECTUS OF THE CURRENT YEAR:

By taking up the production of PVC footwear we have achieved a standing in the footwear market and it is hoped to make better result in the coming year.

FORM 8

Corporate identity number of the company	U24134KL1994PTC007912
Name of the company	CALTECH POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	V/60, Kakkanchery, Chelembra post Malappuram – 673634, Kerala, India
This form is for	Modification of charge Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	State Bank Of Travancore, Rasmeccc, Tavot Place, Kannur Road, Kozhikode – 673001, Kerala, India
Nature of instrument creating charge	Agreement of Hypothecation of Goods and Assets Memorandum of Extension of Equitable Mortgage - 3 sets
Date of instrument Creating the charge	11/03/2011
Amount secured by the charge	Rs. 15.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 4.50% above SBT BASE RATE effective rate 13% p a with monthly rest. Terms of repayment On demand Margin Stock - 25%, SIP - 40% FG - 25% Receivables - 50% Extent and operation of the charge The above charge operates as security for the due payment of interest and repayment of principal Other Nil
Short particulars of the property charged (Including location of the property)	EM of 42centsof land in Sy No 451Block No. II 126/4 in Chelembra Amsom Tirurangadi Taluk Thenjipalamsub- Dt, Malappuram Dt together with all improvements including the buildings existing and/or to be constructed 58 cents of land in Sy No 451Block No.II 126/4 in Chelembra Amsom Tirurangadi Taluk Thenjipalam sub-Dt, Malappuram Dt together with all improvements including the buildings existing and/or to be constructed 34.50 cents of land in Sy No 451BlockNo.II 126/3 in Chelembra Amsom Tirurangadi Taluk Thenjipalam sub-Dt, Malappuram Dt together with all improvements including the buildings existing and/or to be constructed All present and future goods, Book debts all other movable assets of the company
Date of instrument modifying the charge	10/01/2007
Particulars of the present modification	By virtue of the above modification the Cash Credit limit of Rs. 7.000 millions was enhanced to Rs. 15.000 millions.

FIXED ASSETS :

• Land
• Building
• Electrical Fittings
• Clicking Die
• Furniture
• Tools and Equipments
• Scooter
• Jeep
• Computer
• Generator
• Machinery
• Fax Machine
• Motor Bike
• Honda City
• TATA ACE
• Corolla Altis Car

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. 51.39
UK Pound	1	Rs. 80.20
Euro	1	Rs. 68.92

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	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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	-

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