MIRA INFORM REPORT

Report Date :

10.12.2011

IDENTIFICATION DETAILS

Name :	MAN FORCE TRUCKS PRIVATE LIMITED
Registered Office :	Mumbai – Pune Road, Akurdi, Pune – 411035, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.03.2006
Com. Reg. No.:	11-022147
Capital Investment / Paid-up Capital :	Rs. 1115.942 Millions
CIN No.: [Company Identification No.]	U34102PN2006PTC022147
TAN No.: [Tax Deduction & Collection Account No.]	PNEM10978C
PAN No.: [Permanent Account No.]	AAECM6932E
Legal Form :	Private Limited Liability Company
Line of Business :	Proving Trucking Solutions. They offer a full range of vehicles, Starting from 16 tones GVW to 49 tones GCW as regular haulage trucks, tractor heads and tippers.
No. of Employees :	3000 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 700000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Force Motors Limited. It is an established company having moderate track. There appears some accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of Strong Holding Company, the subject can be considered normal for business dealings at usual trade terms and conditions, with some caution on accounts of accumulated losses.

NOTES :

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

INFORMATION PARTED BY

Name :	Mr. Abhijeet
Designation :	Purchasing Head
Contact No.:	91-9552597990
Date :	09.12.2011

LOCATIONS

Registered Office :	Mumbai- Pune Road, Akurdi, Pune-411035, Maharashtra, India
Tel. No.:	91-20-27476381
Mobile No.:	91-9552597990 [Mr. Abhijeet]
Fax No.:	91-20-27475984
E-Mail :	voak@manforcetrucks.com afirodia@manforcetrucks.com
Website :	http://www.manforcetrucks.com
Area:	80 acre
Location:	Owned
Factory :	Pithampur Industrial Area, Pithampur-454775, District Dhar, Madhya Pradesh, India
Tel. No.:	91-7292-253004

DIRECTORS

As on 24.09.2011

Name :

Mr. Sudhir Sukhsampatraj Mehta

Designation :

Managing Director

Address :

Plot No. 26, Yeshwant Nagar, Pune-411007, Maharashtra, India

Date of Birth/Age :

05.06.1969

Date of Appointment :

10.11.2009

Din No.:

00056867

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U50300PN1996PLC100600	PINNACLE INDUSTRIES LIMITED	Director	10-11-09	27-06-96	Active	NO
2	U17214PN1999PTC014308	RIZHOME INDUSTRIES PRIVATE LIMITED	Additional director	05-08-11	28-12-99	Active	NO
3	U74999MP2004SGC020090	PITHAMPUR AUTO CLUSTER LIMITED	Nominee director	05-09-05	05-09-05	Active	NO
4	U34102PN2006PTC022147	MAN FORCE TRUCKS PRIVATE LIMITED	Managing director	10-11-09	18-07-06	Active	NO
5	L34102PN1958PLC011172	FORCE MOTORS LIMITED	Director	30-09-06	30-09-06	Active	NO
6	U29299PN2008PTC131927	PERFORM FITNESS SOLUTIONS PRIVATE LIMITED	Director	02-05-08	02-05-08	Active	NO

Name :

Georg Zaver Hubert Holzmann

Designation :

Managing Director

Address :

Fahenzhausen Weng, Hirtenanger-11, Germany

Date of Birth/Age :

05.10.1953

Date of Appointment :

10.11.2009

Din No.:

02628475

Name :

Mr. Prasan Abhay Firodia

Designation :

Director

Address :

Sanmitra 132, B/2A, Ganesh Khind Road, Pune-411007, Maharashtra, India

Date of Birth/Age :

16.02.1979

Date of Appointment :

08.03.2006

Din No.:

00029664

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	U74999PN1947PLC005480	JAYA HIND INDUSTRIES LIMITED	Managing director	07-10-07	24-09-04	-	Active	NO
2	U34102PN2006PTC022147	MAN FORCE TRUCKS PRIVATE LIMITED	Director	08-03-06	08-03-06	-	Active	NO
3	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	08-09-06	08-09-06	06-09-11	Active	NO
4	L34102PN1958PLC011172	FORCE MOTORS LIMITED	Managing director	06-11-09	30-09-06	-	Active	NO

Name :

Mr. Sakharam Khargonkar

Designation :

Director

Address :

AH-213, Scheme 54, Vijaynagar AB Road,, Indore-452010, Madhya Pradesh, India

Date of Birth/Age :

18.08.1949

Date of Appointment :

18.02.2011

Din No.:

02627396

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U34102PN2006PTC022147	MAN FORCE TRUCKS PRIVATE LIMITED	Director	24-09-11	18-02-11	Active	NO

Name :

Rolf Adam Johann Bacher

Designation :

Director

Address :

91781, We 188, Enburg / Bayern, Nue Rnbergerstr, 31, Weisstnburg-91781, Germany

Date of Birth/Age :

30.12.1948

Date of Appointment :

18.02.2011

Din No.:

00409043

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U34102PN2006PTC022147	MAN FORCE TRUCKS PRIVATE LIMITED	Director	24-09-11	18-02-11	Active	NO

Name :

Karl Konrad Hans Gadesmann

Designation :

Director

Address :

Vobstr 51, Hannover-51, Germany

Date of Birth/Age :

29.08.1962

Date of Appointment :

18.02.2011

Din No.:

03062599

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U34102PN2006PTC022147	MAN FORCE TRUCKS PRIVATE LIMITED	Director	24-09-11	18-02-11	Active	NO

Name :

Mr. Abhay Navalmal Firodia

Designation :

Director

Address :

Sanmitra 132, B/2A, Ganesh Khind Road, Pune-411007, Maharashtra, India

Date of Birth/Age :

05.11.1944

Date of Appointment :

08.03.2006

Din No.:

00025179

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	L74899DL1981PLC011274	BHARAT HOTELS LIMITED	Director	13-11-87	13-11-87	-	Active	NO
2	L51900MH1978PLC020725	DHOOT INDUSTRIAL FINANCE LIMITED	Director	24-09-94	24-09-94	-	Active	NO
3	U63031MH1978PLC020841	DHOOT COMPACK LTD	Director	22-02-95	22-02-95	-	Active	NO
4	L29130PN1981PLC023734	Z F STEERING GEAR (INDIA) LIMITED	Director	26-03-96	26-03-96	23-05-09	Active	NO
5	U74999MH1984PTC031856	RAN CHEMICALS PRIVATE LIMITED	Director	25-03-97	25-03-97	-	Active	NO
6	L24119PN1951PLC008409	SUDARSHAN CHEMICAL INDUSTRIES LIMITED	Director	31-01-02	31-01-02	13-06-08	Active	NO
7	L34102PN1958PLC011172	FORCE MOTORS LIMITED	Director	25-09-10	01-07-02	-	Active	NO
8	U74999PN1947PLC005480	JAYA HIND INDUSTRIES LTD	Managing director	24-09-04	24-09-04	-	Active	NO
9	U34102PN2006PTC022147	MAN FORCE TRUCKS PRIVATE LIMITED	Director	08-03-06	08-03-06	-	Active	NO

Name :

Frank Martin Hiller

Designation :

Director

Address :

Thurn-Und-Taxis-SH-32, Feldaring-32, Germany

Date of Birth/Age :

23.05.1966

Date of Appointment :

18.02.2011

Din No.:

02987998

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U34102PN2006PTC022147	MAN FORCE TRUCKS PRIVATE LIMITED	Director	24-09-11	18-02-11	Active	NO

Name :

Allan Lars Uno Karl Wrebo

Designation :

Director

Address :

Ehrengutster-27, Munchen-80469, Germany

Date of Birth/Age :

04.08.1961

Date of Appointment :

29.01.2010

Din No.:

02979276

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U34102PN2006PTC022147	MAN FORCE TRUCKS PRIVATE LIMITED	Director	20-09-10	29-01-10	Active	NO

Name :

Bernd Andreas Maierhoper

Designation :

Director

Address :

Guenter-Eich-Strabe, 7, Munich-81927, Germany

Date of Birth/Age :

05.05.1960

Date of Appointment :

29.01.2010

Din No.:

02811407

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U34102PN2006PTC022147	MAN FORCE TRUCKS PRIVATE LIMITED	Director	20-09-10	29-01-10	Active	NO

KEY EXECUTIVES

Name :	Ms. Vrushali Chinmay Oak
Designation :	Secretary
Address :	Flat No. 4, Sukhwani Udyan, Link Road, Chinchwad, Pune-411033, Maharashtra, India
Date of Birth/Age :	01.12.1982
Date of Appointment :	01.10.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2011

Names of Shareholders	No. of Shares
Abhay Navalmal Firodia	1
Prasan Abhay Firodia	1
Force Motors Limited, India	55797095
Sudhir Sukhsampatraj Mehta	1
Mohanlal Girdharilal Chopda	1
Venkataiah Veeraiah M.	1
Vinay Mohanlal Mundada	1
Man Nutzfahrzeuoe Aktienuesellschaft, Germany	55797101
Total	111594202

As on 24.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Proving Trucking Solutions. They offer a full range of vehicles, Starting from 16 tones GVW to 49 tones GCW as regular haulage trucks, tractor heads and tippers.

Products :

Products Description	Item code No.
Commercial Vehicles	87042290
Commercial Vehicles	87042390

Exports :

Countries :

· Africa

· Asia

Terms :

Selling :

Advance

Purchasing :

Advance

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Commercial Vehicles	Nos.	24000	24000	4027

Notes: The installed capacity is on triple shift basis as estimated by the Directors and accepted by the Auditors without verification. During the financial year, the factory operated on single shift basis.

GENERAL INFORMATION

Suppliers :

· Accel Indian

· ZXF

Customers :

Retailers and End Users

· Ambuja Cement

· Bharat Petroleum Corporation Limited

No. of Employees :

3000 [Approximately]

Bankers :

State Bank of India, Corporate Accounts Group, Voltas House, Ballard Estate, Mumbai-400001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
	[RS. IN MILLIONS]
Rupee Term Loan	460.726	999.903
Foreign Currency Loans	249.625	282.403
Working Capital Loans	110.482	264.255
Total	820.833	1546.561
Unsecured Loan
Public Deposits
Other Debt	880.000	500.000
Total	880.000	500.000

Banking Relations :	--
Auditors :
Name :	P. G. Bhagwat Chartered Accountant
Address :	Suit No.101, 102, Orchard, Dr. Pai Marg, Baner, Pune – 411045, Maharashtra, India
Pan No.:	AAAFB0762E
Joint Venture:	· Force Motors Limited · Man Trucks and Bus AG [Formerly known as Man Nutzfahrzeuge AG]
Other Related Parties:	· Jaya Hind Industries Limited · Man Nutzfahrzeuge Osterrieich AG · Pinnacle Industries Limited · Jayahind Investments Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
112000000	Equity Shares	Rs.10/- each	Rs.1120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
111594202	Equity Shares	Rs.10/- each	Rs.1115.942 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		1115.942	1115.942	1000.000
2] Share Application Money		0.000	0.000	2600.000
3] Reserves & Surplus		2484.058	2484.058	0.000
4] (Accumulated Losses)		(3422.521)	(2680.679)	(2377.353)
NETWORTH		177.479	919.321	1222.647
LOAN FUNDS
1] Secured Loans		820.833	1546.561	1432.018
2] Unsecured Loans		880.000	500.000	0.000
TOTAL BORROWING		1700.833	2046.561	1432.018
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1878.312	2965.882	2654.665
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1644.178	2361.943	1670.223
Capital work-in-progress		12.158	6.980	589.269
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2676.545	2343.916	2683.310
	Sundry Debtors	489.463	541.642	169.019
	Cash & Bank Balances	149.368	158.816	64.681
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	847.441	915.958	774.560
Total Current Assets		4162.817	3960.332	3691.570
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3179.983	2721.469	2755.099
	Other Current Liabilities	654.871	584.497	497.480
	Provisions	105.987	57.407	43.818
Total Current Liabilities		3940.841	3363.373	3296.397
Net Current Assets		221.976	596.959	395.173
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1878.312	2965.882	2654.665

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	3908.746	1620.214
		Other Income	223.376	184.707	42.746
		TOTAL (A)	NA	4093.453	1662.960
Less	EXPENSES
		Cost of Material Consumed	7467.843	3267.100	1946.524
		Other Expenses	NA	802.036	635.214
		TOTAL (B)	NA	4069.136	2581.738
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(319.745)	24.317	(918.778)
Less	FINANCIAL EXPENSES (D)		205.363	151.500	188.218
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(525.108)	(127.183)	(1106.996)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		216.750	176.143	155.685
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(741.858)	(303.326)	(1262.681)
Less	TAX (H)		(0.016)	0.000	0.701
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(741.842)	(303.326)	(1263.382)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2680.679)	(2377.353)	(1113.971)
	BALANCE CARRIED TO THE B/S		(3422.521)	(2680.679)	(2377.353)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1832.697	1407.743	538.065
	IMPORTS
		Raw Materials	0.000	0.000	8.620
		Components	1069.232	260.443	1632.281
		Capital Goods	0.110	1.908	276.989
		Machinery, Spares, Tools and Others	10.996	8.104	0.690
	TOTAL IMPORTS		1080.338	270.455	1918.580
	Earnings / (Loss) Per Share (Rs.)		(6.65)	(2.72)	(12.63)

Expected Sales (2011-12) : Rs.1500.000 Millions.

The above information has been parted by Mr. Abhijeet.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	(7.41)	(75.99)
Net Profit Margin (PBT/Sales)	(%)	NA	(7.76)	(77.93)
Return on Total Assets (PBT/Total Assets}	(%)	(12.77)	(4.80)	(23.55)
Return on Investment (ROI) (PBT/Networth)		(4.18)	(0.33)	(1.03)
Debt Equity Ratio (Total Liability/Networth)		31.79	5.88	3.87
Current Ratio (Current Asset/Current Liability)		1.06	1.18	1.12

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	3179.983	2721.469	2755.099

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	--
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

OPERATIONS:

· During the year, the Company achieved a turnover of Rs.9290.000 Millions, which is higher by 115% of the turnover for the Financial Year 2009-10.

· The Company sold 3,970 numbers of Heavy Commercial Vehicles compared to 1,869 numbers sold during the year 2009-10.

· The Company’s effort to develop Tippers of 16 to 31 tons range met with success and the Company’s market share in this segment increased from 2% to 4.30% during the year

· The Company’s performance in the haulage segment of the domestic market could not be improved due to non-availability of vehicles with low power density compared to similar products offered by the competition.

· The domestic turnover for the year was Rs.6730.000 Millions (3,161 vehicles) compared to Rs.2510.000 Millions (1,202 vehicles), a growth of 168% percent over the previous year. Due to the reasons as set out under item (d) above, the Company could not achieve the envisaged domestic levels.

· The export turnover, for the year under report, was Rs.1790.000 Millions (809 vehicles) compared to Rs. 1440.000 Millions (667 vehicles), a growth of 24% for the previous year. Due to various reasons, including quality and service issues and uncertainties in the export market, the Company could not achieve the envisaged export levels.

· Considering the low volumes of sales, intense efforts are required to be made by the Company to develop its distribution network.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10025251
Corporate identity number of the company	U34102PN2006PTC022147
Name of the company	Man Force Trucks Private Limited
Address of the registered office or of the principal place of business in India of the company	Mumbai Pune Road, Akurdi, Pune, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Corporate Accounts Group, Voltas House, Ballard Estate, Mumbai – 400001, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Memorandum of Deposit of Title Deeds Executed on 28.06.2007.
Date of instrument Creating the charge	28.06.2007
Amount secured by the charge	Rs.2170.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1.25% Below the State Bank Advance Rate (SBAR) to a minimum of 9.75% p.a. Terms of Repayment 1. Door to door tenure loan for 7 years and 3 months. 2. Moratorium period of 1 year. 3. The repayment of loan is spread over 5 years commencing from June 2008 to March 2013 in 20 equal quarterly installments. Margin Overall project Debt Equity Ratio has been 1.27:1 Extent and Operation of the charge The charge as modified and in addition to the charge of hypothecation of movable properties operates as the first charge by way of Joint Equitable Mortgage of the Immovable properties on pari passu basis to the lenders.
Short particulars of the property charged	Leasehold Industrial Land bearing Plot No.3(B)1 admeasuring 1,55,739.00 sq. meters (i.e.15.57 Hectare) formed out of Plot No.3 admeasuring 5,90,000.00 sq. meters (i.e.59.00 Hectare) in Industrial Area No.1 of Pithampur, Tal and Dist: Dhar (Madhya Pradesh) of M. P. Audyogik Kendra Vikas Nigam (Indore) Limited
Particulars of the present modification	Leasehold Industrial Land bearing Plot No.3(B)1 admeasuring 1,55,739.00 sq. meters (i.e.15.57 Hectare) formed out of Plot No.3 admeasuring 5,90,000.00 sq. meters (i.e.59.00 Hectare) in Industrial Area No.1 of Pithampur, Tal and Dist: Dhar (Madhya Pradesh) of M. P. Audyogik Kendra Vikas Nigam (Indore) Limited

CONTINGENT LIABILITIES IN RESPECT OF:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Taxes and Duties	52.683	15.400
Others	2.700	4.619
Total	55.383	20.019

FIXED ASSETS:

· Lease Hold Land

· Building

· Plant and Machinery and Equipments

· Dies and Jigs

· Electric Installation

· Furniture and Fixture

· Vehicles

TRADE REFERENCES:

· Accel Indian

· ZXF

· Ambuja Cement

· Bharat Petroleum Corporation Limited

· Mumbai Fire Brigade

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.52.23
UK Pound	1	Rs.81.55
Euro	1	Rs.69.60

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.