1. Summary Information

		Country	INDIA
Company Name	HT BURDA MEDIA LIMITED	Principal Name 1	MR. PRIYAVRAT BHARTIA
Status	MODERATE	Principal Name 2	MR. SHARAD SAXENA
		Registration #	55-181208
Street Address	2^ND FLOOR, HINDUSTAN TIMES HOUSE, 18-20, KASTURBA GANDHI MARG, NEW DELHI - 110 001
Established Date	22.07.2008	SIC Code	--
Telephone#	91-11-66561608	Business Style 1	--
Fax #	91-11-66561445	Business Style 2	--
Homepage	www.hindustantimes.com	Product Name 1	BUSINESS OF PRINTING
# of employees	NOT AVAILABLE	Product Name 2	PRE-PRESS
Paid up capital	Rs.1,010,000,000/-	Product Name 3	RELATED SERVICES
Shareholders	FOREIGN HOLDINGS 49.00%, BODIES CORPORATE 51.00%	Banking	HDFC BANK LIMITED
Public Limited Corp.	NO	Business Period	3 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	B (26)
Related Company
Relation	Country	Company Name	CEO
HOLDING COMPANY	INDIA	HT MEDIA LIMITED	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	292,851,000	Current Liabilities	483,798,000
Inventories	200,988,000	Long-term Liabilities	418,276,000
Fixed Assets	1,115,020,000	Other Liabilities	1,420,000
Deferred Assets	000	Total Liabilities	903,494,000
Invest& other Assets	100,352,000	Retained Earnings	000
		Net Worth	805,717,000
Total Assets	1,709,211,000	Total Liab. & Equity	1,709,211,000
Total Assets (Previous Year)	1,210,531,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	579,919,000	Net Profit	(142,844,000)
Sales(Previous yr)	69,620,000	Net Profit(Prev.yr)	(13,858,000)

MIRA INFORM REPORT

Report Date :

22.12.2011

IDENTIFICATION DETAILS

Name :	HT BURDA MEDIA LIMITED
Registered Office :	2^nd Floor, Hindustan Times House, 18-20, Kasturba Gandhi Marg, New Delhi - 110001
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.07.2008
Com. Reg. No.:	55-181208
Capital Investment / Paid-up Capital :	Rs.1010.000 Millions
CIN No.: [Company Identification No.]	U74120DL2008PLC181208
TAN No.: [Tax Deduction & Collection Account No.]	DELH06837F
PAN No.: [Permanent Account No.]	AACCH0854L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is engaged in the Business of Printing, Pre-Press and Related Services.
No. of Employees :	Not Available

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 3200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a joint venture between HT Media Limited and Burda Druck GmbH. The company has moderate track. There appears some accumulated losses recorded by the company. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 :	2^nd Floor, Hindustan Times House, 18-20, Kasturba Gandhi Marg, New Delhi -110001, India
Tel. No.:	91-11-66561608
Fax No.:	91-11-66561445
E-Mail :	secretarial@hindustatimes.com rahul.gupta@hindustantimes.com
Website :	www.hindustantimes.com
Corporate Office :	Plot No. 8, Udyog Vihar, Greater Noida-201306, Uttar Pradesh, India
Tel. No.:	91-120-2569862/63/64/6770500/01/02
Fax No.:	91-120-2569056/6770504
E-Mail :	biswajit.majumdar@hindustantimes.com ravi.sharma@hindustantimes.com

DIRECTORS

As on 26.07.2011

Name :

Mr. Sharad Saxena

Designation :

Whole-Time Director

Address :

204 - B, Beverly Park I, M.G. Road, Gurgaon - 122 001, Haryana, India

Date of Birth/Age :

28.07.1960

Date of Appointment :

11.09.2009

Din No.:

02239469

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	U74120DL2008PLC181208	HT BURDA MEDIA LIMITED	Whole-time director	11-09-09	22-07-08	Active	NO
2	U24246DL2011PTC215417	SHARADS ENTERPRISES PRIVATE LIMITED	Director	08-03-11	08-03-11	Active	NO
3	U74210DL2011PLC216529	HTB LIEBERT ENGINEERING SOLUTIONS LIMITED	Director	25-03-11	25-03-11	Strike off	NO

Name :

Mr. Christophe Francois Barth

Designation :

Director

Address :

22, Rue de Dieppe, Diebolsheim - 67230

Date of Birth/Age :

21.06.1973

Date of Appointment :

11.09.2009

Din No.:

02248844

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	U74120DL2008PLC181208	HT BURDA MEDIA LIMITED	Director	11-09-09	03-09-08	Active	NO
2	U74210DL2011PLC216529	HTB LIEBERT ENGINEERING SOLUTIONS LIMITED	Director	25-03-11	25-03-11	Strike off	NO
3	U74200DL2011FTC220760	BL ENGINEERING SOLUTIONS PRIVATE LIMITED	Director	13-06-11	13-06-11	Active	NO
4	U74999DL2011FTC227823	HUBERT BURDA MEDIA INDIA PRIVATE LIMITED	Director	23-11-11	23-11-11	Active	NO

Name :

Mr. Peter Brain Kennedy

Designation :

Director

Address :

32/ 7, Supreme Residence, Nang-Ling-Chi 4, Tung Mahamek, S Sathom-10120, Bangkok

Date of Birth/Age :

09.06.1949

Date of Appointment :

11.09.2009

Din No.:

02248893

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	U74120DL2008PLC181208	HT BURDA MEDIA LIMITED	Director	11-09-09	03-09-08	Active	NO

Name :

Mr. Egon Weimer

Designation :

Director

Address :

Blochlestr-2 Offenburg 77654

Date of Birth/Age :

07.05.1952

Date of Appointment :

11.09.2009

Din No.:

02249126

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	U74120DL2008PLC181208	HT BURDA MEDIA LIMITED	Director	11-09-09	21-07-09	Active	NO
2	U74200DL2011FTC220760	BL ENGINEERING SOLUTIONS PRIVATE LIMITED	Director	13-06-11	13-06-11	Active	NO

Name :

Mr. Rajiv Verma

Designation :

Director

Address :

S - 441, Greater Kailash-II, Delhi - 110 048, India

Date of Birth/Age :

16.09.1958

Date of Appointment :

22.07.2008

Name :

Mr. Priyavrat Bhartia

Designation :

Director

Address :

19, Friends Colony (West), Delhi – 110 065, India

Date of Birth/Age :

04.10.1976

Date of Appointment :

22.07.2008

KEY EXECUTIVES

Name :	Mr. Rahul Gupta
Designation :	Secretary
Address :	H.No.115-116, III Floor, Packet D-13, Sector – 7, Rohini, Delhi – 110 085, India
Date of Birth/Age :	22.05.1981
Date of Appointment :	06.09.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.07.2011

Names of Shareholders	No. of Shares
Shobhana Bhartia	1
Priyavrat Bhartia	1
Shamit Bhartia	1
Rajiv Verma	1
Sharad Saxena	1
HT Media Limited, India	51509994
Piyush Gupta	1
Burda Druck GmbH, Germany	49490000
Total	101000000

As on 26.07.2011

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]	49.00
Bodies corporate	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the Business of Printing, Pre-Press and Related Services.

GENERAL INFORMATION

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee Term Loan	118.276	0.000
Total	118.276	0.000
Unsecured Loan
Deposits related parties	300.000	150.000
Interest accrued due other debts	0.000	0.444
Total	300.000	150.444

Banking Relations :	--
Auditors :
Name :	S.V. Ghatalia and Associates Chartered Accountants
Address :	Golf View Corporate Tower – B, Sector – 42, Sector Road, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
Holding Company:	HT Media Limited
Subsidiaries:	HTB Liebert Engineering Solutions Limited
Fellow Subsidiaries:	· Hindustan Media Ventures Limited · HT Music and Entertainment Company Limited · Firefly e-Ventures Limited · HT Digital Media Holdings Limited · HT Mobile Solutions Limited · Shradhanjali Investment and Trading Company Limited · HTL Investment and Trading Company Limited · HT Interactive Media Properties Limited · Go4i.com (Mauritius) Limited · Go4i.com (India) Private Limited · HT Films Limited · White Tide Amusement Limited · HT Education Limited · HT Learning Centers Limited · HT Overseas Pte Limited
Parties having direct or indirect control over the company:	Burda Druck GmbH

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
101000000	Equity Shares	Rs.10/- each	Rs.1010.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
101000000	Equity Shares	Rs.10/- each	Rs.1010.000 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		1010.000	780.000	132.500
2] Share Application Money		0.000	0.000	39.200
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(204.283)	(61.439)	(47.581)
NETWORTH		805.717	718.561	124.119
LOAN FUNDS
1] Secured Loans		118.276	0.000	0.000
2] Unsecured Loans		300.000	150.444	0.000
TOTAL BORROWING		418.276	150.444	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1223.993	869.005	124.119
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1115.020	9.282	5.548
Capital work-in-progress		0.000	941.374	165.514
INVESTMENT		100.352	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	200.988	92.097	0.409
	Sundry Debtors	123.053	37.379	5.759
	Cash & Bank Balances	114.340	118.110	61.862
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	55.458	12.289	0.323
Total Current Assets		493.839	259.875	68.353
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	476.113	334.674	106.989
	Other Current Liabilities	7.685	6.232	7.682
	Provisions	1.420	0.620	0.625
Total Current Liabilities		485.218	341.526	115.296
Net Current Assets		8.621	(81.651)	(46.943)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1223.993	869.005	124.119

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	579.919	69.620	5.759
		Other Income	42.462	20.271	0.195
		TOTAL (A)	622.381	89.891	5.954
Less	EXPENSES
		Consumption Material Changes Inventories	451.677	13.014
		Manufacturing Service Costs	130.742	0.910
		Employee Related Expenses	87.737	38.725	53.008
		Administrative Selling Other Expenses	94.325	48.969
		TOTAL (B)	764.481	101.618	53.008
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(142.100)	(11.727)	(47.054)
Less	FINANCIAL EXPENSES (D)		29.878	0.493	0.008
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(171.978)	(12.220)	(47.062)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		71.218	1.638	0.358
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(243.196)	(13.858)	(47.420)
Less	TAX (H)		(100.352)	0.000	0.161
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(142.844)	(13.858)	(47.581)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(61.439)	(47.581)	0.000
	BALANCE CARRIED TO THE B/S		(204.283)	(61.439)	(47.581)
	EARNINGS IN FOREIGN CURRENCY
		Printing Charges	507.129	1.927	0.000
		Pre-Press Services	10.605	22.744	0.000
	TOTAL EARNINGS		517.734	24.671	0.000
	IMPORTS
		Raw Materials & Consumables	339.272	90.742	0.000
		Components & Spare Parts	15.843	15.843	0.000
		Capital Goods	25.528	288.846	0.000
	TOTAL IMPORTS		380.643	395.431	0.000
	Earnings / (Loss) Per Share (Rs.)		(1.72)	(0.36)	(21.83)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(22.95)	(15.42)	(799.14)
Net Profit Margin (PBT/Sales)	(%)	(41.94)	(19.90)	(823.41)
Return on Total Assets (PBT/Total Assets}	(%)	(15.12)	(5.15)	(64.17)
Return on Investment (ROI) (PBT/Networth)		(0.30)	(0.02)	(0.38)
Debt Equity Ratio (Total Liability/Networth)		1.12	0.68	0.93
Current Ratio (Current Asset/Current Liability)		1.02	0.76	0.59

LOCAL AGENCY FURTHER INFORMATION

BUSINESS AND OPERATIONS:

The Company commenced the commercial production at its printing facility at Greater Noida from June, 2010. In the first 9 months of commercial production, Subject has registered total revenues of Rs.620.000 Millions. A significant part of the same came from exports, which accounted for nearly 80% of the total revenues. The Company printed and exported about 132 million copies of high quality catalogues for a wide variety of clients across Europe, as a result of which the Company earned foreign exchange to the tune of Euro 9.4 Million.

INCREASE OF AUTHORIZED SHARE CAPITAL

During the year, the Authorized Share Capital of the Company was increased from Rs.780.000 Millions divided into 78000000 Equity Shares of Rs.10/- each, to Rs.1010.000 Millions divided into 101000000 Equity Shares of Rs.10/- each, with effect from 10^th September, 2010.

ISSUE OF FRESH CAPITAL

During the year, the two existing shareholders of the Company namely, HT Media Limited and Burda Druck GmbH, were allotted 1,17,30,000 and 1,12,70,000 Equity Shares of Rs.10/- each, respectively. Accordingly, as at the end of the year, the paid-up equity share capital stood at Rs.1010.000 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10226570
Corporate identity number of the company	U74120DL2008PLC181208
Name of the company	HT BURDA MEDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	2^nd Floor, Hindustan Times House, 18-20, Kasturba Gandhi Marg, New Delhi -110001, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Email	preeti.rana@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Supplementary Letter of Hypothecation of Stocks and Book Debts dated 28th July, 2011
Date of instrument Creating the charge	28.07.2011
Amount secured by the charge	Rs.350.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Bank PLR - 675 BPS (HDFC Bank PLR is currently at 17.75%) or as may be communicated by the Bank to the Company from time to time Terms of Repayment As stipulated by the Bank from time to time Margin As stipulated by the Bank from time to time Extent and Operation of the charge Hypothecate by way of first charge all the stock in trade and book debts both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise and all the book debts.
Short particulars of the property charged	Hypothecation by way of first charge on all the stock and book debts of the client both present and future
Particulars of the present modification	Revision in the said working capital facilities, by including in the fund-based limit thereof, borrowings by way of "Export Packing Credit (EPC), Pre-shipment Credit in foreign Currency (PCFC) and Post Shipment Facility" and LC/BG limits increased to Rs.350.000 Millions.

FIXED ASSETS:

· Plant and Machinery

· Office Equipments

· IT Equipments

· Computers

· Vehicles

· Furniture and Fixtures

· Software

WEBSITE DETAILS:

Introduction:

Subject is a Joint Venture between HT Media Limited, India and Burda Druck GmbH. Both the partners bring together over 100 years of experience in printing. HT Media Limited is primarily into the business of Newspaper publishing and printing in India and Burda Druck GmbH is one of Europe’s leading Media companies, engaged primarily in the business of magazine publishing and commercial printing.

Subject started its Pre-Press operations last year and is now aligned to start its Printing and Finishing operations at Greater Noida by the end of year 2009.

With the completion of state-of-the-art Print Facility, subject will be in a position to capture a substantial share of the commercial printing business in India.

Subject intends to bring International quality standards and services to its Customers through proven technology of Gravure Printing.

HT Media Limited

HT Media had its beginning in 1924 when its flagship newspaper, Hindustan Times was inaugurated by Mahatma Gandhi. Hindustan Times (English) and Hindustan (Hindi), have a combined daily circulation of 2.25 million copies and a readership base of 12.4 million readers to their credit. Bothdailies enjoy strong brand recognition among readers as well as advertisers.

To cater to the large readership base, HT Media operates more than 21 printing facilities across India with an installed capacity of 1.5 million copies per hour.

HT Media also publishes a national business newspaper, Mint. It is a one-of-its-kind newspaper wherein HT Media Limited has an exclusive agreement with the Wall Street Journal. HT Media through its subsidiaries has also made its foray into Electronic Media, i.e. FM Radio in partnership with “Virgin Radio” and in Internet Business, incorporated under Firefly E-ventures.

Burda Druck GmbH

Burda Druck Gmbh is a part of the Hubert Burda Media Group. Hubert Burda Media has its presence in various segments such as Print, Publishing, TV Channels, Radio, Mobile, Online, E- Commerce, Events, Direct Marketing, Promotions, and Research etc.

Burda Druck GmbH has enjoyed a respectable position in the European Gravure Printing Industry with a rich experience of over 100 years.

Burda Druck GmbH has an employee strength of over 1200, with printing locations spread across Germany, France and Slovakia and having an annual printing output of 3.3 lac tons of paper (equivalent to 600 million pages per day) using the high speed Gravure Printing Machine. Burda Druck GmbH prints some of the world’s leading magazines, catalogues and brochures like Elle, Playboy, Focus, Lisa, Ikea etc. which reflects the level of quality of printing and services being offered.

Operations at HT Burda

Subject operates on the philosophy of building strategic partnership with its customers by addressing their expectations and needs.

They also broaden the customers’ vision by apprising them of the latest trends across the globe. Understanding these trends would widen customer’s perspective and provide them with a competitive advantage.

Pre-Press, Printing and Finishing are three major operations involved in the production of a high quality product.

Pre-Press:

Good Quality Pre-Press is a predecessor of a high quality print. Pre-Press involves a huge range of digital services which services, which can be used to manipulate images according to customer’s requirement. It can actively participate in the designing of catalogues, advertisement material, and magazine’s page layouts etc.

Pre-Press of Subject is operational since March’2008 and is excellently catering Indian clients. Maintaining international standards, timely delivery of quality products, efficient and skilled manpower etc. are some of the key factors giving them a clear edge.

They are in the process of increasing the employee base by over 500, exclusively for Pre-Press to cater to the increasing customer set-up built across the Globe.

Pre-Press at Subject means “Reduced Turnaround Time, Uniform and High Quality Work, Maintaining schedules, Calibrated Process and Cost Effectiveness”

Printing:

Once the document passes through Pre-Press, it becomes digitally correct for printing on paper and subsequently the Print Press realizes a high quality print product. Subject brings to the Customer, Gravure process to enable a high quality print.

Gravure is an established process and acknowledged by customers across the world for its consistency and better color management to install high speed, Rotogravure Printing Presses to cater to the time sensitive, high quality commercial print market. Cylinder engraving and preparation is in-house with advanced Engravers and Polishers ensuring perfect image transfer on Copper Cylinder and thereafter its reproduction on paper.

The Presses are designed to handle a web width of 2.45 meter which allows higher and economical Print runs.

The extra wide press allows for a simultaneous print of upto 96 pages (A4 Size) in one go, thus reducing turnaround time. 4 colour to 5 colour printing guarantees superlative quality and that too in a shorter turnaround time. Printing Operations at Subject, Greater Noida will commence by Dec’09.

Fishing:

Subject have the capacity to produce over 3,50,000 copies of magazines and catalogues daily and – in line with customers’ requirements – adding supplements, product samples, CD’s, inserts or affixing postcards before binding, etc. are addressable operations.

High speed saddle stitcher and the fully automated feeding of finishing equipment enable economic runs. Reduced manual handling of products ensures a consistent and better quality product and adherence to time limits. HT Media’s wide and established circulation network across India can be leveraged by the customers for their new product launches/pan India advertising.

Special Features:

Ongoing investments in cutting-edge technology, expertly handled by trained professional staff, guarantee a smooth production flow.

They attach equal importance to continuous process optimization and compliance with environmental standards.

Subject believes in sustainable development and thus utilizes every form of technology that reconciles economic growth with the preservation of the environment.

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.52.67
UK Pound	1	Rs.82.53
Euro	1	Rs.69.13

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS		YES
--BANK CHARGES	YES/NO	NO
--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.