MIRA INFORM REPORT

Report Date :

10.03.2011

IDENTIFICATION DETAILS

Name :	SHINE FIBER GLASS
Registered Office :	Village Kanoi, Sunam Road, Sangrur – 148001, Punjab, India
Country :	India
Financials (as on) :	12.01.2011
Year of Establishment :	2007
Legal Form :	Sole Proprietory Concern.
Line of Business :	Manufacturers of Fiber Sheets and Fiber Glass.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Small Concern
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject seems to be a relatively small concern in its field. Trade relations are fair. Scale of activity is limited. The valuation report and networth statement provided seems to be satisfactory. No complaints have been heard from indirect sources. It would be advisable to take adequate securities while dealing with the subject.

NOTES:

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

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

-

INFORMATION PARTED BY

Name :	Mr. Prashant Gaur
Designation :	Branch Manager
Contact No.:	91-9872989786
Date :	04.03.2011

LOCATIONS

Registered Office/ Factory :	Village Kanoi, Sunam Road, Sangrur – 148001, Punjab, India
Tel. No.:	91-1672-230563
Mobile No.:	91-9216630565 (Mrs. Asha Rani) 91-9872989786 (Mr. Prashant Gaur)
E-Mail :	shinefiberglass11@yahoo.com
Location :	Owned
Branch Office :	Plot No.147, New Grain Market, Sangrur, Punjab, India
Tel. No.:	91-1672-230563
Location :	Owned

SOLE PROPRIETOR

Name :	Mrs. Asha Rani
Designation :	Proprietor
Address :	Plot No.147, New Grain Market, Sangrur, Punjab, India
Date of Birth/Age :	16.09.1955
Qualification :	Xth
Experience :	3 years
Pan No.:	ADVPR0391M

KEY EXECUTIVES

Name :	Mr. Prashant Gaur
Designation :	Branch Manager

BUSINESS DETAILS

Line of Business :	Manufacturers of Fiber Sheets and Fiber Glass.
Brand Name :	SHINE
Terms :
Selling :	Cash
Purchasing :	Credit (30 days)

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

Name of the Customers & their contact numbers	Location	Relationship (No. of years)	Credit Period Allowed
M/s. Jagdamba Enterprises 91-1676-242572	Dibra	3 years	Cash
M/s Kuldeep Singh 91-9464348480	Sangrur	1 year	Cash

· Avani textile Limited, Bhindraan

· Deepak Iron store Sangrur

· Garg Iron Traders Sangrur

· Goyal Fiber Glass Indst., Patiala

· Mittal Cement Stores

· Super Impex Industries, Sangrur

· The Sng. Distt Co-op Milk Prod Union Limited

Suppliers :

Name of the Suppliers & their contact numbers	Location	Relationship (No. of years)	Credit Period Allowed
M/s. Goel Fiber Glass Industries 91-9815757310	Focal Point Patiala	4 years	15 Days

· Hero Polyvins

· Jagdambay Enterprise Dirba

· Kewal Garg Bathinda

· Ralla Ram Atma Ram

· Savdesh Pal and Company, Sangrur

· Vishnu Steels (India) M.G.

No. of Employees :

8 (Office – 3 and Factory – 5)

Bankers :

· Bank of Baroda

Kaula Park, Sangrur, Punjab, India

· Corporation Bank

Facilities :

Bank	Nature of Credit facility	Sanctioned Loan Amount (Rs. In Millions)	Outstanding balance
Bank of Baroda	CC and term Loan	0.335 and 0.665	0.303 and 0.133

Banking Relations :	--
Auditors :	Not Available

CAPITAL STRUCTURE

Capital Investment :
Owned :	Rs.1.405 Million
Borrowed :	Rs.0.590 Million
Total :	Rs.1.995 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		12.01.2011 (10 Month)	31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.405	1.263	1.104	0.984
2] Share Application Money		0.000	0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.095	0.000
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		1.405	1.263	1.199	0.984
LOAN FUNDS
1] Secured Loans		0.450	0.570	0.646	1.058
2] Unsecured Loans		0.140	0.140	0.000	0.000
TOTAL BORROWING		0.590	0.710	0.646	1.058
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000
TOTAL		1.995	1.973	1.845	2.042
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.442	0.442	0.497	0.477
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.721	0.584	0.430	0.118
	Sundry Debtors	0.527	0.006	0.002	0.000
	Cash & Bank Balances	0.243	0.080	0.138	0.628
	Other Current Assets	0.007	0.008	0.000	0.011
	Loans & Advances	0.996	1.086	1.030	0.919
Total Current Assets		2.494	1.764	1.600	1.676
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.827	0.135	0.229	0.016
	Other Current Liabilities	0.114	0.098	0.023	0.095
	Provisions	0.000	0.000	0.000	0.000
Total Current Liabilities		0.941	0.233	0.252	0.111
Net Current Assets		1.553	1.531	1.348	1.565
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
TOTAL		1.995	1.973	1.845	2.042

PROFIT & LOSS ACCOUNT

	PARTICULARS		12.01.2011 (10 Month)	31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2.268	0.762	1.149	0.000
		Other Income	0.085	0.246	0.110	0.000
		TOTAL	2.353	1.008	1.259	0.000
Less	EXPENSES
		Cost of Goods Sold	2.015	0.588	0.896	0.031
		Wages	0.052	0.043	0.045	0.000
		Bank Commission and Charges	0.002	0.003	0.006	0.000
		Bank Expenses	0.002	0.001	0.000	0.000
		Bank Interests A/c	0.047	0.084	0.100	0.000
		Freight A/c	0.017	0.001	0.002	0.000
		Insurance of Bank of Baroda	0.005	0.005	0.005	0.000
		Labour Unloading TMT	0.003	0.000	0.000	0.000
		Land Lease Expenses	0.000	0.012	0.012	0.000
		Legal and Professional Charges	0.000	0.002	0.005	0.000
		Misc. Expenses A/c	0.005	0.000	0.004	0.000
		Printing and Stationery A/c	0.000	0.002	0.000	0.000
		Salary Expenses	0.032	0.042	0.042	0.000
		TOTAL	2.180	0.783	1.117	0.031
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.173	0.225	0.142	(0.031)
Less/ Add	DEPRECIATION/ AMORTISATION		0.000	0.054	0.061	0.000
	NET PROFIT		0.173	0.171	0.081	(0.031)

KEY RATIOS

PARTICULARS		12.01.2011 (10 Month)	31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.35	16.96	6.43	0.00
Net Profit Margin (PBT/Sales)	(%)	7.63	22.44	7.05	0.00
Return on Total Assets (PBT/Total Assets}	(%)	5.89	7.75	3.86	(1.44)
Return on Investment (ROI) (PBT/Networth)		0.12	0.14	0.07	(0.03)
Debt Equity Ratio (Total Liability/Networth)		1.09	0.75	0.75	1.19
Current Ratio (Current Asset/Current Liability)		2.65	7.57	6.35	15.10

LOCAL AGENCY FURTHER INFORMATION

PROJECTED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2011	31.03.2012
		(Projected)
SHAREHOLDERS FUNDS
1] Proprietor’s Capital Account		1.450	1.687
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.450	1.687
LOAN FUNDS
1] Secured Loans		1.614	2.585
2] Unsecured Loans		0.140	0.140
TOTAL BORROWING		1.754	2.725
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		3.204	4.412
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.376	0.361
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.026	1.218
	Sundry Debtors	1.211	1.560
	Cash & Bank Balances	0.056	0.102
	Other Current Assets	0.009	0.011
	Loans & Advances	1.012	1.598
Total Current Assets		3.314	4.489
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.380	0.410
	Other Current Liabilities	0.106	0.028
	Provisions	0.000	0.000
Total Current Liabilities		0.486	0.438
Net Current Assets		2.828	4.051
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		3.204	4.412

PROJECTED PROFIT & LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2011	31.03.2012
			(PROJECTED)
	SALES
		Income	4.865	10.250
		Other Income	0.113	0.360
		TOTAL	4.978	10.610
Less	EXPENSES
		Cost of Goods Sold	4.523	9.833
		Direct Expenses	0.066	0.255
		Indirect Expenses	0.190	0.225
		TOTAL	4.779	10.313
	NET PROFIT		0.199	0.297

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OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	31.03.2011
	(Estimated)
Gross Sales
Gross Sales – Domestic	3.000
Gross Sales – Exports	0.000
Total Gross Sales	3.000
Less : Excise Duty	--
Net Sales	3.000
% rise [+] or fall [-] in net sales as compared to previous year	293.70
Other Operating Income
Export Incentives	0.000
Others	0.300
Other Operating Income - Total	0.300
Total Operating Income	3.300
Cost of Sales
Raw Materials Consumed (Including Stores and Other Items Used in the Process of Manufacture)
Imported	0.000
Indigenous	4.200
Others Stores and Spares	0.000
Power and Fuel	0.000
Direct Labour	0.060
Other Manufacturing Expenses	0.000
Depreciation	0.048
Sub Total	4.308
Add: Opening Stock of WIP	0.000
Less: Closing Stock of WIP	0.000
Total Cost of Production	4.308
Add: Opening Stock of Finished Goods	0.617
Less: Closing Stock of Finished Goods	2.100
Total Cost of Sales	2.825
Selling, General and Administrative Expenses	0.100
Cost of Sales + SGA	2.925
Operating Profit Before Interest	0.375
Interest	0.060
Operating Profit after Interest	0.315
Add : Non- Operating income	0.000
Deduct Non –Operating Expenses	0.000
Net of other non operating Income / Expenses	0.000
Profit before Tax/ Loss [PBT]	0.315
Provision for taxes	0.013
Net Profit / Loss [PAT]	0.302
Adjusted PAT (Extraordinary Items)	0.302
Retained profit	0.302
Cash Accruals	0.350

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BALANCE SHEET

(RS. IN MILLIONS)

Particulars	31.03.2011
	(Estimated)
CURRENT LIABILITIES
Short term borrowings from banks (Including bills purchased, discounted and excess borrowings placed on repayment bases)
From applicant bank	1.500
From other banks	0.000
Of which BP&BD	0.000
Sub Total (A)	1.500
Short term borrowings from others	0.000
Sundry creditors(trade)	0.250
Advance payments from customers/deposits from dealers	0.000
Provision for taxation	0.025
Dividend payable/expenses payable	0.000
Other statutory liabilities(payable within one year)	0.000
Deposits/ Installments of term loans/ DPGs/ debentures, etc.(due within one year)	0.146
Other current liabilities and provisions(due within one year)--specify major items	0.000
Creditors for expenses	0.000
TOTAL CURRENT LIABILITIES	1.921
TERM LIABILITIES
Debentures [not maturing within one year]	0.000
Preference Shares [Redeemable after 1 year]	0.000
Term loans [excluding installments  payable within one year]	0.000
Loans (Unsecured from Promoters)	0.000
Deferred Sales Tax / Deferred Loan Deferred Payment Credit [Excluding installments due within one year]	0.000
Term deposit [repayable after one year]	0.300
Other Term Liabilities	0.000
TOTAL TERM LIABILITIES	0.300
TOTAL OUT LIABILITIES	2.221
NET WORTH
Proprietor’s Capital	1.592
Preference Shares capital	0.000
Share Application Money	0.000
General Reserve	0.000
Shares Premium	0.000
Other reserve	0.000
Surplus [+] or deficit [-] in Profit and Loss Account	0.000
Other (Specify)	0.000
TOTAL NET WORTH	1.592
TOTAL LIABILITIES	3.813
CURRENT ASSETS
Cash and Bank Balance	0.119
Investments	0.000
Receivable	1.200
INVENTORY
Raw Material Consumed
Imported/ Indigenous	0.000
Stock in Process	0.000
Finished Goods	2.100
Other Consumable Spares	0.000
Advances Suppliers of Stores and Spares	0.000
Advances Payment of Taxes	0.000
Other Current Assets	0.000
TOTAL CURRENT ASSETS	3.419
FIXED ASSETS
Gross Block (Land and Building, Machinery, Work-In-Progress)	0.558
Depreciation to date	0.164
NET BLOCK	0.394
OTHER NON – CURRENT ASSETS
Investments/ book/ debts/ advances/ deposits which are not Current Assts
a. Deposits	0.000
b. FD for Margin Money with Bank for L/C and B/ G	0.000
ii] Advances to suppliers of capital goods and contractors	0.000
iii] Deferred receivables [maturity exceeding one year]	0.000
iv] Others	0.000
Miscellaneous Deposits	0.000
Non consumables Stores and Spares	0.000
Other non – current assets including dues from directors (Deferred Tax Assets)	0.000
TOTAL OTHER NON – CURRENT ASSETS	0.000
Intangible assets [Patents, goodwill, prelim, expenses, bad/ doubtful expenses Not provided for etc.]	0.000
TOTAL ASSETS	3.813
TANGIBLE NET WORTH	1.592

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COMPUTATION OF INCOME

(RS. IN MILLIONS)

Particulars				2010-2011
Income from Business/ Profession					0.139
SHINE FIBER GLASS
Net profit as per Profit and Loss A/c				0.204
Ass: Item Inadmissible/ for Separate Consideration				0.054
Depreciation Separately Considered - 0.054
Sub Total				0.258
Less: Items Admissible / for separate consideration				(0.119)
Interest Received – 0.065
Depreciation as admissible – 0.054
Business Income				0.139
Income From Other sources					0.065
Bank Interests
Saving Bank Interests				0.000
Other Interests
Interests from Garg Iron Traders, Sangrur				0.008
Interests from Hero Polyvins Sangrur				0.013
Interests from Super Impex Industries				0.002
Interests from Garg Plastic, Kanoi				0.042
Total Income from Other Sources				0.065
Total Income					0.204
Tax on Total Income of Rs.0.204 at Normal Rates					0.001
Add: education cess @ 3%					0.000
Tax Payable					0.001
Less: TDS					(0.006)
Date	Sec.	TAN	Name	Amount	TDS
31.03.2010	194 A	PTLM12295D	Hero Polyvins	0.013	0.001
31.03.2010	194 A	PTLA13396F	Annu Garg	0.042	0.004
31.03.2010	194 A	PTLB12604E	Brij Lal	0.008	0.001
Total				0.063	0.006
Refund Due					(0.005)

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STATEMENT OF ASSETS AND LIABILITIES

MRS. ASHA RANI

(RS. IN MILLIONS)

ASSETS

INVESTMENT IN BUSINESS CAPITAL

Amount Invested

1.500

IMMOVABLE PROPERTY

Name of the Owner	Description of Property	Type of Property	Date of Purchases of Property	Present Market Value (Rs. In Millions)
Mrs. Asha Rani	2 Shop	Commercial	1996	7.000

OTHER ASSETS

INCLUDING MOVABLE ASSETS LIKE FURNITURE AND FIXTURE/ PLANT AND MACHINERY/ VEHICLES / JEWELS ETC

Nature/ Details of Assets	Market Value of Assets
Jewellery	0.500
Others	0.075
Total	0.575

TOTAL ASSETS

RS.7.575 MILLIONS

LIABILITIES

CREDIT LIMITS/ FACILITIES WITH FINANCIAL INSTITUTION AND BANK

Name of the Institution/ Bank	Nature of Credit facility	Extent (Rs. In Millions)
Bank of Baroda	CC TC	0.311 0.133

TOTAL LIABILITIES

RS.0.444 MILLION

NET WORTH

RS.7.131 MILLIONS

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STATEMENT OF ASSETS AND LIABILITIES

MRS. SAVITA GOYAL

(RS. IN MILLIONS)

ASSETS

IMMOVABLE PROPERTY

Name of the Owner	Description of Property	Present Market Value (Rs. In Millions)
Mrs. Savita Goyal	Shop	2.823
Mrs. Savita Goyal	Shop	2.823
Mrs. Savita Goyal	Shop	7.000
Total		12.646

OTHER ASSETS

INCLUDING MOVABLE ASSETS LIKE FURNITURE AND FIXTURE/ PLANT AND MACHINERY/ VEHICLES / JEWELS ETC

Nature/ Details of Assets	Market Value of Assets
Jewellery	0.300
Others	0.150
Total	0.450

TOTAL ASSETS

RS.13.096 MILLIONS

NET WORTH

RS.13.096 MILLIONS

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VALUATION REPORT IN RESPECT OF IMMOVABLE PROPERTY

Purpose for which valuation is made.

Banking

Date of inspection:

14.02.2011

Name and address of the valuer:

M. Vivek Gupta, C/o Gupta Architects and Associates

List of documents handed over to the valuer by the branch

Sale Deed in favour of Mrs. Savita Goyal W/o Mr. Ram Goyal S/o Mr. Satpal R/o Dirba As per Sale Deed

Vasika No.	Area	Dated
147	33 sq. yds	15.05.2009

Details of enquiries made/ Visited to govt. Offices for

arriving fair market value

a. Office of the Sub-Registrar

b. Market Survey

Sub-Registrar Value/Guide Line Value/Rate

--

Fair Market Value of the Property

Rs.2.823 Millions

Factors for determining its market value

Shape, Size and Location

Realizable market value of the property

Rs.2.540 Millions

Distress value of the property

Rs.2.250 Millions

Present /Expected income from the property

--

Any critical aspects associated with the property

--

Property Details

Situated at W. No. 4, Booth No. 8, Shere Punjab Market, Taj Complex, Inside Patran Road, Near Gopal Sweets and Fast Foods, Dirba, Tehsil -Sunam (Distt. Sangrur)

Name and Address of the Owners

Mr. Savita Goyal W/o Mr. Ram Goyal, Situated at W. No. 4, Booth No. 8, Shere Punjab Market, Taj Complex, Inside Patran Road, Near Gopal Sweets and Fast Foods, Dirba, Tehsil-Sunar (Distt. Sangrur)

Contact No.-98152-01222, 92566-30565 94630-17227 (M)

If the property is under joint ownership co-ownership share of each such owner/are the share is undivided

Single Ownership

Brief description of the property

(Whether open land, house property, land area, built-up area, No. of floors etc.)

Commercial Shop

Dimension of the site

(As per Site)

North: 11’-0”

South: 11’-0”

East: 27’-0”

West: 27’-0”

Location of the property

(Plot/Door No., Survey No. etc.)

Situated at W. No. 4, Booth No.8, Shere Punjab Market, Taj Complex, Inside Patran Road, Near Gopal Sweets and Fast Foods, Dirba, Tehsil- Sunam (Distt. Sangrur)

Boundaries of the property (As per deed)

North: Road

South: Godown of Mr. Ram Goyal

East: Plot of Jeetu Real Estate

West: Shop of Ram Goyal

Whether covered under Corporation Panchayat/ Municipality

Municipality

Whether covered under any land ceiling of State/ Central Government

No

Is the land Freehold/ Leasehold

Freehold

Are there any restrictive covenants regard to use of Land?

No

Type of property

1. Agriculture:

2. Industrial:

3. Commercial:

4. Intuitional:

5. Government:

6. Non-Government:

7. Other( Specify):

Whether

Commercial Shop

In case of Agricultural Land

NA

Year of acquisition / purchase

15-05-2009

Value of purchase price

Rs.2,05,000/- + Regn. Exp.( As per Deed)

Whether the property is Occupied by Owner or tenant. If occupied by tenant Since how long he is staying and the Amount of rent being paid

Owner

Classification of the site

a. Population group:

Metro/ Urban/ Semi Urban/ Rural

b. High/ Middle/ poor class:

c. Residential / Non residential:

d. Development of Surrounding area:

e. Possibility of any threat to the property:

Urban

Middle

Non-Residential

Average

--

Level of the land (plain, rock, etc.)

Plain

Terrain of the Land

Smooth

Shape of the land (Square/ rectangles.)

Rectangular

Type of use to which it can be put (for construction of house, factory, etc.):

Commercial Shop

Whether the plot is under town planning approved layout?

--

Whether the plot is intermittent or corner?

Intermittent

Whether any road facility is available?

Yes

Type of road available (B.T./ Cement Road etc.)

Road

Front width of the Road?

Road

Availability of power supply

Yes

Is the building owner occupied! Tenant/ both?

Building Owner

VALUATION OF THE PROPERTY:

PART I (VALUATION OF LAND)

1. Dimensions of the plot:

2. Total area of the plot:

3. Prevailing market rate:

4. Guideline rate obtained from the Registrar Office:

11’-0”x 27’-0”

297 sq. ft. = 33 Sq. yds.

Rs.81,500/- sq. yds.

--

Assessed / adopted rate of Valuation @

Rs.81,500/-Sq. Yds.

Estimated Value of the land

Rs.2.690 Millions

The realizable value of the land

Rs.2.400 Millions

PART -2 (VALUATION OF BUILDING PROPERTY)

TECHNICAL DETAILS OF THE BUILDING

Type of building (Residential/ Commercial / Industrial)

Commercial Shop

Year of Construction

Year - 2008

Future life of the property

30 Years

Type of Construction (Load bearing/ RCC/ Steel framed)

R.C.C. Construction

Condition of the building

External (excellent / good/ normal/ poor)

Internal (excellent/ good/ normal/ poor)

Normal

Normal

SPECIFICATION OF CONSTRUCTION

Foundation

Brick-Work in cement Sand Mortar

Superstructure

Brick-Work in Superstructure

Joinery/ Doors and Windows

Wooden Work Doors and Windows, Rolling Shutter

Plastering

Plastering work Complete

Flooring, skirting

Terrazzo Flooring

Electric Installation (Type of wire, Class of fittings)

Concealed

DETAILS OF VALUATION:

Particulars of Item	Plinth area	Estimated replacement After Depreciation Rate	Replacement Cost (Rs. in Millions)	Net Value (Rs.)
Construction Work (Including all Amenities )	297 Sq. Ft.	@ Rs.450/- Sq Ft.	0.134	0.134
Total				0.134

SUMMARY OF VALUATION

Part 1 Land	2.690
Part 2 Building	0.134
TOTAL (FAIR MARKET VALUE)	2.824

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PERSONAL ASSETS OF THE PROPRIETOR

Description of the Assets owned by them	Amount (Rs. In Millions)
Mrs. Asha Rani	8.631

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

TRADE REFERENCE:

· Jagdamba Enterprises

Patran Road, Dirba

Mr. Ram Goyal

Tel No.: 91-1676-242572

· Kuldeep Singh Agriculture Workers

Nankian Chowk, Sangrur, India

Mr. Kuldeep Singh

Mobile No.: 91-9464348480

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.45.03
UK Pound	1	Rs.72.98
Euro	1	Rs.62.94

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.