MIRA INFORM REPORT

Report Date :

11.03.2011

IDENTIFICATION DETAILS

Name :	FLYJAC LOGISTICS PRIVATE LIMITED

Registered Office :	Ashok Vatika, Vaibhav Apartments, First Floor, Sahar Pipe Line Road, Sahar, Andheri (East), Mumbai 400099, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	27.03.2008

Com. Reg. No.:	180548

CIN No.: [Company Identification No.]	U63000MH2008PTC180548

Legal Form :	Private Limited Liability Company

Line of Business :	Acts as Shipping, freight Forwarding Agents and Offers Logistics Services.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Business Transferred

Payment Behaviour :	--

Litigation :	--

Comments :	The company’s business has been taken over by Hitachi Transport Systems w.e.f. 30^th April, 2010. During our interaction with the company no information could be made available. As per Government the status of the company is Active. It would be advisable to deal with the company on full safe and secured terms only.

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

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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Venkatesh
Designation :	Finance Department
Contact No.:	91-22-30904900
Date :	05.03.2011

LOCATIONS

Registered Office :	Ashok Vatika, Vaibhav Apartments, First Floor, Sahar Pipe Line Road, Sahar, Andheri (East), Mumbai 400099, Maharashtra, India
Tel. No.:	91-22-28329758 / 30909900
Fax No.:	91-22-28366609
E-Mail :	bcmehta@flyjac.com info@flyjac.com sales@flyjac.com
Website :	www.flyjaclogistics.com
Area :	3500 sq.ft
Location :	Owned

Air / Ocean Import Office:	Vaibhav Apartments, Sahar Pipe line Road, Sahar, Andheri (East), Mumbai-400099, Maharashtra, India
Tel. No.:	91-22-28322103 / 28329758 / 28371267
Fax No.:	91-22-28366609 / 28362563
E-Mail :	flyjac@bom3.vsnl.net.in fjlbom@flyjac.com
Website :	http://www.flyjac.com

Air / Ocean Export & Clearance Office:	102, Awas Apartments, Sahar Pipe line Road, Sahar, Andheri (East), Mumbai-400099, Maharashtra, India
Tel. No.:	91-22-28315494/97/28306244/45/47
Fax No.:	91-22-28315512
E-Mail :	flyjac@bom3.vsnl.net.in fjlbom@flyjac.com

BRANCHES:

Address:	No. 3, Davidson Street, 1^st Floor, Off Broadway, Chennai-600001, Tamilnadu, India
Tel. No.:	91-44-25234009 (5 lines)
Fax No.:	91-44-252222401/25261536
E-Mail:	flymaa@vsnl.com
Contact Person:	Mr. Ravikumar, Mr. Ramdass, Mr. Unni, Mr. Sethu
Area :	7000 Sq.ft
Location :	Owned

Address:	Jay Towers, Office No. 22/23, Kalbhor Nagar, Chinchwad, Pune-411019, Maharashtra, India
Tel. No.:	91-9520-27489715
Fax No.:	91-9520-27485969
E-Mail:	flyjac@pn.vsnl.net.in fjlpnq@flyjac.com
Contact Person:	Mr. Jayesh Vora
Area :	7000 Sq.ft
Location :	Owned

Address:	20/11E, Roche Colony, Second Street, Tuticorin-628001, Tamilnadu, India
Tel. No.:	91-461-2329874/75/2326460
Fax No.:	91-461-2323499
E-Mail:	Ttn_flytuti@sancharnet.in fjltut@flyjac.com
Contact Person:	Mr. Renjith Thomas, Mr. Harikumar
Area :	7000 Sq.ft
Location :	Owned

Address:	2A, Shivam Society, Near Chani Jakat Naka, Vadodara-390002, Gujarat, India
Tel. No.:	91-265-2761774
Fax No.:	91-265-2774244
E-Mail:	flyjac@sify.com
Contact Person:	Mr. J D Shah
Area :	7000 Sq.ft
Location :	Owned

Address:	3A, Mezzanine Floor, Rippon Street, Kolkatta-700016, West Bengal, India
Tel. No.:	91-33-22160403/22295874/22295890
Fax No.:	91-33-22469584
E-Mail:	fjfccuu@cal.vsnl.net.in
Contact Person:	Mr. A Rajesh, Mr. Mahesh
Area :	7000 Sq.ft
Location :	Owned

Address:	210, Sakar V, Behind Natraj Cinema, Ashram Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26584101/6586554
Fax No.:	91-79-26586961
E-Mail:	fjfamd@icenet.net fjlamd@flyjac.com
Contact Person:	Mr. Minesh Oza
Area :	7000 Sq.ft
Location :	Owned

Address:	414, Connection Point, Next to MSIL Cargo Complex, Airport Road, Bangalora-560017, Karnataka, India
Tel. No.:	91-80-5228047/49/50/5225048
Fax No.:	91-80-5229643
E-Mail:	flyjac@mantraonline.com fjlblr@flyjac.com
Contact Person:	Wg. Cdr. Shankar
Area :	7000 Sq.ft
Location :	Owned

Address:	Door Nn. 8, Kerithika Apartment, Near AEPC, Indira Nagar, Tirupur-5660003, India
Tel. No.:	91-421-2244716/2208641/2208207
Fax No.:	91-421-2245982
E-Mail:	flupr@md3.vsnl.net.in
Contact Person:	Mr. Suresh
Area :	7000 Sq.ft
Location :	Owned

Address:	516/517, Vishal Towers, 10, District Centre, Janakpuri, New Delhi-110058, India
Tel. No.:	91-11-25502731/25502750/25528992
Fax No.:	91-11-25526004
E-Mail:	fjfdel@ndf.vsnl.net.in fjfdel@del6.vsnl.net.in fjldel@flyjac.com
Contact Person:	Mr. Manoj Kumar, Venkat, Mr. Rajesth A, Mr. Srijit, Mr. Sanjeev (Branch Manager)
Area :	7000 Sq.ft
Location :	Owned

Address:	306, 3^rd Floor, Jabbar Building, Beside Shoppers Stop, Begumpet, Hyderabad-500016, Andhra Pradesh, India
Tel. No.:	91-40-27765687
Fax No.:	91-40-27761671
E-Mail:	nsvkrishnarao@eudoramail.com
Contact Person:	Mr. Krishna Rao
Area :	7000 Sq.ft
Location :	Owned

Address:	Peirce Leslie Building, B. Ristow Road, Willingdon Island, Cochin-682003, Kerela, India
Tel. No.:	91-484-2669896/2669905
Fax No.:	91-484-2668787
E-Mail:	flycok@md4.vsnl.net.in
Contact Person:	Mr. Ajit Kumar
Area :	7000 Sq.ft
Location :	Owned

Address:	Laksh Jyot Complex Housing Society, II Floor, Flat No. 3, Near Rebello Hotel, Vasco-403802, Goa, India
Tel. No.:	91-832-2516006/2517266
Fax No.:	91-832/2501528
E-Mail:	flyjac@goatelecom.com fjlgoi@flyjac.com
Contact Person:	Mr. D Manojkumar
Area :	7000 Sq.ft
Location :	Owned

Address:	B-8, Pelican Park, Plot No. 87A, N-3, Cidco, Aurangabad-431003, Maharashtra, India
Tel. No.:	91-240-2476591
Mobile No.:	91-9823054070
E-Mail:	sundaresan@flyjac.com
Contact Person:	Mr. Sundaresan. E
Area :	7000 Sq.ft
Location :	Owned

Address:	203, Manan Complex, Opposite Dhara Hospital, Gotri Road, Baroda 390 021, Gujarat, India
Tel. No.:	91-265 2356948
Mobile No.:	91-9879114622
E-Mail:	Fjlbdq@Flyjac.Com

Address:	23-A, Royd Street, Room: 103, 1st Floor,Calcutta-700 016, West Bengal, India
Tel. No.:	91-33-2229 5874/5890,2227 0881/82
Fax No.:	91-33-2246 9584
E-Mail:	Fjlccu@Flyjac.Com
Contact Person:	Mr. K.J. Mahesh, Branch Manager

Address:	11, Easwaran Nagar, First Floor, State Bank Colony, Gandhi Nagar P.O., Tirupur-641 603 , India
Tel. No.:	91-421 248 2659/60/61
Fax No.:	91-421 247 6562
E-Mail:	Fjltpr@Flyjac.Com
Contact Person:	Mr. Sethumadhavan, Branch In Charge

Address:	24/508 TMMC Building, G.V. Iyer Road, Willingdon Islands, Cochin - 3 , India
Tel. No.:	91-484 3018711 To 16
Fax No.:	91-484 3018717
E-Mail:	Fjlcok@Flyjac.Com
Contact Person:	Mr. Harikumar, Branch Manager

Address:	Plot No. 175, House No. 10-3-56/4, East Marredpally, Secundarabad - 500046 , India
E-Mail:	Fjlhyd@Flyjac.Com
Contact Person:	Mr. Mathew Jacob, Branch Manager

Address:	Tenement No.67, Hig, Shraddha Colony, Opp. Nandlal Dhoot Hospital, N-2, Cidco, New Aurangabad-431 210 , India
Tel. No.:	91-240-2476111
E-Mail:	Fjlixu@Flyjac.Com
Contact Person:	Mr. Ramanlal G. Jaiswal, Branch In Charge

Address:	Visava Bungalow, 680/2b/2 Subash Chandra Nagar , 3rd Cross, R.C. Nagar Extension, Belgaum 590 006 , India
Mobile No.:	91-9986918015
E-Mail:	Fjlgoi@Flyjac.Com; Vin9625@Rediffmail.Com
Contact Person:	Mr. Vinod C. Naik, Branch In Charge

Address:	210, Sakar V. , Behind Natraj Cinema, Ashram Road, Ahmedabad 380 009 , India
Tel. No.:	91-79-2658 4101/2658 6554
Fax No.:	91-79-2658 6961
E-Mail:	Fjlamd@Flyjac.Com
Contact Person:	Mr.Minesh Oza, Branch Manager

Address:	401, 4th Floor, Sapphire Square , Tower Chaurahha, Above Canara, Bank, Indore (Mp) 452 001, India
Tel. No.:	91-731-2460600
Mobile No.:	91-9827080801
E-Mail:	Fjlind@Flyjac.Com
Contact Person:	Mr. Manish Jaiswal, Branch In Charge

Address:	4, West View Apartments, Near Donde Bridge, Untawadi, Nasik , India
Tel. No.:	91-253-2370903
Mobile No.:	91-9326180355
E-Mail:	Csthuse@Rediffmail.Com
Contact Person:	Mr. Chaitanya S. Thuse

Address:	No-1, 11 Cross , Motilal Nagar, Moolakumam, Ponducherry-605010 , India
Mobile No.:	91-98419 08802
E-Mail:	Sivaraj.Pny@Flyjac.Com
Contact Person:	Mr. Shivaraj Kumar

Address:	1st Floor, Door No. 1140 , Opp. Indo Shell Tvs Showroom , Chungam, Trichy Road, Coimbatore -641 045, India
Tel. No.:	91-422-2319217
Fax No.:	91-422-2319347
E-Mail:	Vadivel.Cbe@Flyjac.Com
Contact Person:	Mr. Vadivel, Branch In Charge

Address:	Plot 1 32, Ward 12/B, Near Jain Temple, Gandhidham (Kutch) 370 201, Kandla , India
Mobile No.:	91-94269 65510
Contact Person:	Mr. Sunil Nahata, Branch In Charge

Address:	No.483, Ennar Plaza, Industrial Suburb, Near Sterling Theatre, Mysore 5700 008 , India
Tel. No.:	91-821-4242412
Mobile No.:	91-9886794768
E-Mail:	Hidayathulla.Blr@Flyjac.Com
Contact Person:	Mr. Hidayathulla, Branch In Charge

Address:	Plot No.87-A, Sarthak Apt. Opp. Salphekar Hospital, Shivaji Nagar, Nagpur 440 010 , India
Mobile No.:	91-9850607175
E-Mail:	Sandeepchandak77@Rediffmail.Com
Contact Person :	Mr. Sandeep Chandak

Address:	92-93, Deep Complex, 1st Floor, Court Road, Amritsar- 143 001 , India
Tel No.;	91-183-500 5643/ 500 5082
Mobile No.:	91-98784 45900 / 91-98783 45900
E-Mail:	Fjlatq@Hotmail.Com
Contact Person:	Mr. Manish Suyal - Mr. N. K. Sharma

DIRECTORS

AS ON 03.10.2009

Name :	Mr. Lalit Chhabildas Jobanputra
Designation :	Director
Address :	Manas 25 – Friend’s society, N S road, No. 6, Juhu Scheme Mumbai – 400 056, Maharashtra, India
Date of Birth/Age :	11.08.1952
Date of Appointment:	27.03.2008

Name :	Mr. Sethu Madhavan Athrasseri
Designation :	Director
Address :	503/504, Powai Vihar, B wing Building No. 4, 5^th Floor, Powai, Mumbai – 400 076, Maharashtra, India
Date of Birth/Age :	01.07.1950
Date of Appointment:	27.03.2008

Name :	Mr. Ravikumar Athrassery Varriath
Designation :	Director
Address :	No. 556, 14^th Street, 4^th Sector, K K Nagar, Chennai – 600 078, Tamil Nadu, India
Date of Birth/Age :	31.05.1960
Date of Appointment:	27.03.2008

KEY EXECUTIVES

Name :	Mr. Sarang
Designation :	Accounts Manager

Name :	Mr. Venkatesh
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 03.10.2009

Names of Shareholders	No. of Shares
Lalit C Jobanputra	9875000
A S Madhavan	9875000
A V Ravikumar	3250000
Geeta Madhavan	750000
Ambili Ravikumar	500000
Raj Lalit Jobanputra	250000
Karishma Lalit Jobanputra	250000
Kruti lalit Jobanputra	250000
Total	25000000

AS ON 03.10.2009

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Acts as Shipping, freight Forwarding Agents and Offers Logistics Services.

Terms :
Selling :	Cash, Credit (30 days, 60 days, 90 days)

Purchasing :	Cash, Credit (30 days, 60 days, 90 days)

GENERAL INFORMATION

Customers :

End Users
OEM’s

No. of Employees :

2500

Bankers :

Indusind Bank, CTS No. 32, Acme Plaza, Andheri Kurla Road, Mumbai 400059, Maharashtra, India
HDFC Bank
Indian Overseas Bank
State Bank of India
Bank of India
Vijaya Bank
Axis Bank
ICICI Bank

Facilities :

SECURED LOAN

31.03.2010

Rs. In Millions

Motor Car Loan from Banks/Institution are secured against the specific motor cars.

1.828


Banking Relations :	--

Auditors :
Name :	Bharat C Mehta Chartered Accountant
Address :	13 Raj Ratan Palace, 60 Shankar Lane, Kandivali (West), Mumbai 400067, Maharashtra, India

Associates/Subsidiaries :	Ø Jac Air Services Private Limited Ø JWC Logistics Park Private Limited

CAPITAL STRUCTURE

AS ON 03.10.2009

Authorised Capital :

No. of Shares	Type	Value	Amount

25000000	Equity Shares	Rs. 10 each	Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

25000000	Equity Shares	Rs. 10 each	Rs.250.000millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		250.000	250.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		209.327	96.953
4] (Accumulated Losses)		0.000	0.000
NETWORTH		459.327	346.953
LOAN FUNDS
1] Secured Loans		1.828	49.757
2] Unsecured Loans		0.000	76.083
TOTAL BORROWING		1.828	125.840
DEFERRED TAX LIABILITIES		7.918	5.295

TOTAL		469.073	478.088

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		135.699	129.615
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	0.000	0.000
	Sundry Debtors	584.097	662.552
	Cash & Bank Balances	124.611	49.095
	Other Current Assets	0.000	0.000
	Loans & Advances	228.264	150.689
Total Current Assets		936.972	862.336
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	466.980	394.372
	Provisions	137.771	121.026
Total Current Liabilities		604.751	515.398
Net Current Assets		332.221	346.938

MISCELLANEOUS EXPENSES		1.153	1.535

TOTAL		469.073	478.088

Expected Sales (2010-2011) : Rs.3500.000 Millions

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	3131.000	3685.900
		Other Income	0.000	0.000
		TOTAL (A)	3131.000	3685.900

Less	EXPENSES
		Office Expenses
		Administrative Expenses	2942.321	3445.999
		Advertising Expenses
		TOTAL (B)	2942.321	3445.999

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		188.679	239.901

Less	FINANCIAL EXPENSES (D)		6.237	8.704

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		182.442	231.197

Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.444	5.510

	PROFIT BEFORE TAX (E-F) (G)		174.998	225.687

Less	TAX (H)		62.623	84.861

	PROFIT AFTER TAX (G-H) (I)		112.375	140.826

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA

Less	APPROPRIATIONS
		Transfer to General Reserve	11.238	14.083
		Dividend	0.000	37.500
		Tax on Dividend	0.000	6.373
	BALANCE CARRIED TO THE B/S		101.137	82.870

	Earnings Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	3.58	3.82

Net Profit Margin (PBT/Sales)	(%)	5.58	6.12

Return on Total Assets (PBT/Total Assets}	(%)	16.31	22.75

Return on Investment (ROI) (PBT/Networth)		0.38	0.65

Debt Equity Ratio (Total Liability/Networth)		1.34	1.86

Current Ratio (Current Asset/Current Liability)		1.54	1.67

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The company management has confirmed that the company still exists as per Government Departments and the brand name Flyjac is also active.

SUNDRY CREDITORS DETAILS:

Sundry Creditors details are not available

NOTE:

The World giant Hitachi Transport System has took over the business of Flyjac Logistics Private Limited from 30^th April, 2010.

OPERATION:

The gross total income for the year ended 31.03.2010 stood at Rs. 3131.000 millions comparing with Rs. 3685.900 millions for the previous year. Due to global slow down in the logistics sector there is a decrease of 15.05%.

The gross profits before interest, depreciation and social responsibility cost stood at Rs. 188.700 millions vis a vis Rs. 239.900. which shows a decrease of 21.34% even after such deflation the company has contributed Rs. 10.900 millions towards social responsibilities and donations vis avis Rs. 11.000 millions for previous year.

TRADE REFERENCE:

Cisco Systems, USA
Cmc Limited
Crompton Greaves Limited

FIXED ASSETS:

Computer and Accessories and System Development
Furniture and Fittings
Software Development
Racking System
Wooden Pallet
Industrial Locker
Indital Reach Stackers Cranes
Generator Set
Electrical Fitting
Weighting Machine
Fax Machine
Building
Air Conditioner
Typewriter
Photocopier Machine
EPABX
UPS
Cold Storage CTP Logi Fixed Asset Technova
Telex Machine
Pager Equipments
Mobile Instrument
Water Cooler
Referigeator
Hand Pallet Truck
Office Equipments
Motor Car
Land

FORM 8

Corporate identity number of the company	U63000MH2008PTC180548
Name of the company	FLYJAC LOGISTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Ashok Vatika, Vaibhav Apartments, First Floor, Sahar Pipe Line Road, Sahar, Andheri (East), Mumbai 400099, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Indusind Bank, CTS No. 32, Acme Plaza, Andheri Kurla Road, Mumbai 400059, Maharashtra, India Email: vlaxman@vsnl.com
Nature of instrument creating charge	Letter No. IBL/CAD/127A/2010-11 Dated 20.4.2010 from IndusInd Bank Limited
Date of instrument Creating the charge	20.04.2010
Amount secured by the charge	Rs. 110.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at Prime Lending Rate, which is presently 16.75% p.a. subject to minimum of 10% p.a. with applicable interest tax at monthly rests. Terms of repayment On Demand Margin As may be stipulated by Bank from time to time. Extent and operation of the charge The Bank has confirmed that term loan of Rs. 18.200 millions has since been repaid and consequently the overall charge stands reduced/revised upto Rs. 110 millions together with all interest, costs, charges, expenses and other monies due and payable under the said facilities granted by the Bank to the Company.
Short particulars of the property charged (Including location of the property)	Hypothecation of entire current assets of the Company, including stocks and book debts, both present and future. Hypothecation of plant and machinery of the Company
Particulars of the present modification	Upon repayment of term loan of Rs. 18.200 millions by the Company, the overall charge now stands reduced/revised upto Rs.110.000 millions which is continued to be secured against the current assets and plant and machinery of the Company in favour of the Bank.

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.45.11
UK Pound	1	Rs.72.90
Euro	1	Rs.62.56

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.

MIRA INFORM REPORT

584.097

124.611

228.264

466.980

137.771

Unit