MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	CHOWGULE AND COMPANY PRIVATE LIMITED	Principal Name 1	Mr. Ashok Vishwasrao Chowgule
Status	Good	Principal Name 2	Mr. Suresh Laxmanrao Chowgule
		Registration #	24 - 000041
Street Address	Chowgule House, Mormugao Harbour, Goa – 403 803
Established Date	24.06.1965	SIC Code	--
Telephone#	91-832-2521010/ 2525061/ 2525000/ 2525004	Business Style 1	Mining,
Fax #	91-832-2521011	Business Style 2	Beneficiation
Homepage	www.chowgule.co.in	Product Name 1	Iron Ore
# of employees	3,000 (Approximately) (includes contract labourers)	Product Name 2	Iron Ore Pellets
Paid up capital	Rs.50.042 Millions	Product Name 3	Ore Raising
Shareholders	Bodies corporate - 84% Directors – 16%	Banking	State Bank of India
Public Limited Corp.	NO	Business Period	46 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	A (67)
Related Company
Relation	Country	Company Name	CEO
Subsidiary	India	Chowgule Engineers and Machines Limited	---
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	3,393,859,000	Current Liabilities	1,850,257,000
Inventories	3,373,317,000	Long-term Liabilities	616,046,000
Fixed Assets	2,945,181,000	Other Liabilities	55,660,000
Deferred Assets	0	Total Liabilities	2,521,963,000
Invest& other Assets	8,614,762,000	Retained Earnings	15,755,114,000
		Net Worth	15,805,156,000
Total Assets	18,327,119,000	Total Liab. & Equity	18,327,119,000
Total Assets (Previous Year)	16,574,865,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales (Turnover)	10,703,018,000	Net Profit	2,916,046,000
Sales(Previous yr)	12,191,545,000	Net Profit(Prev.yr)	6,550,304,000

MIRA INFORM REPORT

Report Date :

17.05.2011

IDENTIFICATION DETAILS

Name :	CHOWGULE AND COMPANY PRIVATE LIMITED

Registered Office :	Chowgule House, Mormugao Harbour, Goa – 403 803

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	24.06.1965

Com. Reg. No.:	24 - 000041

Capital Investment / Paid-up Capital :	Rs.50.042 Millions

CIN No.: [Company Identification No.]	U63031GA1965PTC000041

Legal Form :	Private Limited Liability Company

Line of Business :	Mining, Beneficiation and Export of Iron Ore, Shipbuilding and Manufacture of Industrial Salt

No. of Employees :	3,000 (Approximately) (includes contract labourers)

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 600000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a part of Chowgule Group, a well known industrial house of Goa. It is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

LOCATIONS

Registered Office :	Chowgule House, Mormugao Harbour, Goa – 403 803, India
Tel. No.:	91-832-2521010/ 2525061/ 2525000/ 2525004
Fax No.:	91-832-2521011
E-Mail :	ccl@chowgule.co.in
Website :	www.chowgule.co.in

Ship Yard :	Near Borim bridge, Loutlim – 403718, Goa, India
Tel. No.:	91-832-2777010/2777343/34/639/638
Fax No.:	91-832-2858058
E-Mail :	ccl@goatelecom.com, cclsbd@sancharnet.in

Mumbai Office :	4^th Floor, Bhaktawar, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66202500

DIRECTORS

Name :	Mr. Ashok Vishwasrao Chowgule
Designation :	Whole Time Director
Address :	Kanchanjunaga 5^th Floor, Peddar Road, Kemps Corner, Mumbai – 400026, Mahrashtra, India
Date of Birth :	25.01.1948
Date of Appointment :	16.08.1974
DIN No.:	00018970

Name :	Mr. Suresh Laxmanrao Chowgule
Designation :	Director
Address :	Flat No.181, 8^th Floor, Jolly Maker Apartments No.3, Cuffe Parade Colaba, Mumbai – 400005, Maharashtra, India
Date of Birth :	30.10.1940
Date of Appointment :	01.12.1972
DIN No.:	00100065

Name :	Mr. Ramesh Laxmanrao Chowgule
Designation :	Managing Director
Address :	House No 678, La Citadel Colony, Caranzale Dona Paula, North Goa, Goa – 403004, India
Date of Birth :	08.06.1942
Date of Appointment :	01.12.1972
DIN No.:	00018910

Name :	Mr. Vijay Vishwasrao Chowgule
Designation :	Chairman cum Managing Director
Address :	Chowgule Bunglow, House No 189-A, Baina, Vasco-Da-Gama, South Goa , Goa – 403802, India
Date of Birth :	22.08.1946
Date of Appointment :	16.08.1974
DIN No.:	00018903

Name :	Mr. Pradeep Prabhakar Mahatme
Designation :	Director
Address :	House No.8/65/A, Near Telephone Exchange, Altinho Panaji, North Goa, Goa – 403001, India
Date of Birth :	03.11.1951
Date of Appointment :	14.02.1989
DIN No.:	00019106

Name :	Mr. Suresh Narsappa Talwar
Designation :	Director
Address :	10, Shivshanti Bhuvan, 146 Maharshi Karve Road, Churchgate Reclamation, Mumbai – 400020, Maharasahtra, India
Date of Birth :	21.11.1937
Date of Appointment :	27.03.1992
DIN No.:	00001456

Name :	Mr. Jaywant Yeshwantrao Chowgule
Designation :	Director
Address :	Chowgule Bunglow, Chicalim, Vasco D a Gama, South Goa – 403711, India
Date of Birth :	28.02.1958
Date of Appointment :	24.09.2004
DIN No.:	00019008

Name :	Mr Umaji Vishwasrao Chowgule
Designation :	Director
Address :	Regina Mundi Road, , Airport Road, Chicalim, South Goa, Goa – 403711, India
Date of Birth :	27.12.1953
Date of Appointment :	25.08.2005
DIN No.:	00018993

Name :	Ms. Padma Vishwasrao Chowgule
Designation :	Director
Address :	91, Advent 9^th Floor, Gen Jaggannath Bhosle, Mumbai – 400021, Maharashtra, India
Date of Birth/Age :	22.08.1955
Qualification :	26.02.2009
DIN No.:	00006969

KEY EXECUTIVES

Name :	Mr Rama Bhima Bilguche
Designation :	Company Secretary
Address :	A-1, Ankur Mother Teresa Colony, Near Mes College, Zuari Nagar Sancoale, South Goa, Goa - 403726
Date of Birth :	09.07.1951
Date of Appointment :	24.05.2001
PAN.:	ACLPB8348M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 15.07.2009

Names of Shareholders		No. of Shares
V D Chowgule		309714
V D Chowgule		6454
S V Chowgule		128094
S V Chowgule		1332
V V Chowgule		22483
V V Chowgule		25837
A V Chowgule		47866
V D Chowgule Jtly Y D Chowgule		2000
Y D Chowgule		12814
Y D Chowgule		9506
Y D Chowgule		9506
Y D Chowgule		4746
Y D Chowgule		4754
Y D Chowgule		4754
S Y Chowgule		4747
S Y Chowgule		4746
S Y Chowgule		4747
L D Chowgule		9480
L D Chowgule		4746
I L Chowgule		9506
I L Chowgule		4754
S L Chowgule		58880
S L Chowgule		3166
S S Chowgule		2934
S S Chowgule		1586
R L Chowgule		61814
R L Chowgule		1114
Bonnie R Chowgule		3640
Bharti Dilip Naik		9508
Bharti Dilip Naik		4752
Chowgule Real Estate and Const. Company Private Limited, Goa, India		66
Dolphin Ore Extraction Private Limited		1626446
Dolphin Mining Services Private Limited		1197578
Dolphin Extrusion Private Limited		1400098
Total		5004168

As On 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	84.00
Directors or relatives of Directors	16.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Mining, Beneficiation and Export of Iron Ore, Shipbuilding and Manufacture of Industrial Salt

Products :

Item Code No. (ITC Code)	Product Description
260111.00	Iron Ore
260112.10	Iron Ore Pellets
NA	Ore Raising

PRODUCTION STATUS (As on 31.03.2009)

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

MINING

Ores

Iron

Tonnes

3291559

SHIPYARDS

Barges and ships new constructions upto vessels 5000 DWT tonnes

Number of Vessels

TRADING

Cranes

Services for Cranes

Number

PELLETISATION

Iron ore pellets Tonnes

Tonnes

6000 Tones Per Day

296766

Ore raising

Installed capacity is certified by the Managing Director and is not verified by the auditors, this being a technical matter.

Footnote:

According to practice followed in mining industry, the figures of production of ores and minerals are derived from quantities purchased, sold and quantities used for captive consumption [356,619 Wet Metric Tonnes (previous year 651,999 Wet Metric Tonnes)
Sale of pellets exclude loss on shipping 492 Dry Metric Tonnes (Previous year 1,032 Dry Metric Tonnes)
Figures in brackets relate to the previous year.(For current & previous years)

GENERAL INFORMATION

No. of Employees :

3,000 (Approximately) (includes contract laborers)

Bankers :

v State Bank of India, Commercial Branch, 1548-A, Sadashiv Peth, Tilak Road, Pune – 411030, Maharashtra, India

v State Bank of India, Commercial Branch, Shree Vidhyadhiraj Bhavan, Francisco Luis Gomes Road, Vasco Da Gama – 403802, Goa, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From banks Cash credit / export packing credit: Secured by hypothecation of stocks of Shipbuilding division (guaranteed by certain directors)	433.726	718.947
Total	433.726	718.947

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Other than short term From entities other than banks and subsidiaries 3 20,880 Others (See footnote:	182.320	308.700
Total	182.32	308.700
Footnote: Includes amounts payable within a year Rs.91.160 Millions (previous year Rs.102.900 Millions


Banking Relations :	--

Auditors :
Name :	S. B. Billimoria and Company Chartered Accountants
Address :	Chartered Accountants, 12, Annie Basant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharasahtra, India
PAN.:	AAAFS7376P

Associates :	Chowgule Steamships Limited Chowgule Industries Private Limited Keltech Energies Limited Chowgule Brothers Private Limited

Subsidiaries :	Chowgule and Company (Salt) Private Limited (U14220GA1996PTC002176) Chowgule Engineers and Machines Limited Chowgule Shipbuilding Private Limited (U3511GA2002PTC003085) Yatch Haven (Goa) Private Limited (U16005GA2008PTC005549) Sri Santhipriya Minerals Private Limited (U99999GA1991PTC005564) Chowgule Ports and Infrastructure Private Limited (U45203PN2007PTC130582) Rudra Shipping and Trading Limited Guernsey Nilgiri Shipping and Trading Limited Nandi Trading Private Limited Ross Chemical II AS Lavgan Dockyard Private Limited (U35203PN1999PTC020817) Jaigad Ports Infrastructure Private Limited (U63032PN2003PTC018005)

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5499580	Equity Shares	Rs.10/- each	Rs.54.996 Millions
15006220	8% Redeemable Cumulative Preference Shares	Rs.10/- each	Rs.150.062 Millions
	Total		Rs. 205.058 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

5004168

Equity Shares

Rs.10/- each

Rs.50.042 Millions

Total

Rs. 50.042

Millions

Note:

5004168 Equity shares of Rs. 10 each Fully Paid up

Including 3502917 bonus share issued by capitalization of reserve

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		50.042	50.042	50.042
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		15755.114	12946.754	8698.330
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15805.156	12996.796	8748.372
LOAN FUNDS
1] Secured Loans		433.726	718.947	683.774
2] Unsecured Loans		182.320	308.700	320.880
TOTAL BORROWING		616.046	1027.647	1004.654
DEFERRED TAX LIABILITIES		55.660	80.837	111.106

TOTAL		16476.862	14105.280	9864.132

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		2945.181	3174.480	3020.973
Capital work-in-progress		39.455	26.084	109.655

INVESTMENT		8575.307	6046.052	3193.214
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Interest accrued on investment	0.129	8.327	8.327
	Inventories	3373.317	4314.628	3006.672
	Sundry Debtors	839.660	638.997	215.882
	Cash & Bank Balances	747.436	695.650	984.269
	Other Current Assets	0.529	0.913	7.229
	Loans & Advances	1806.105	1669.734	1810.894
Total Current Assets		6767.176	7328.249	6033.273
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	508.561	514.151	851.018
	Other Current Liabilities	1179.254	1792.225	1440.001
	Provisions	162.442	163.209	201.964
Total Current Liabilities		1850.257	2469.585	2492.983
Net Current Assets		4916.919	4858.664	3540.290

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		16476.862	14105.280	9864.132

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	10703.018	12191.545	9379.551

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	6444.949	5641.241	3380.618

	PROFIT BEFORE TAX		4258.069	6550.304

Less	TAX		1342.023	2210.851	1409.121

	PROFIT AFTER TAX		2916.046	4339.453	2552.465

Add	PRIOR YEAR ADJUSTMENTS: PRIOR YEAR TAXES – (NET)		0.000	26.062	18.048

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		349.676	348.252	333.589

Less	ACCUMULATED LOSSES OF ERSTWHILE MAINLAND DOCKS PRIVATE LIMITED		0.000	0.000	8.758

Less	APPROPRIATIONS
		Transfer to General Reserve	2810.000	4247.000	2430.000
		Dividend	100.083	100.083	100.083
		Tax on Dividend	16.623	17.009	17.009
	BALANCE CARRIED TO THE B/S		339.016	349.676	348.252

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT/ Total Income		27.25	35.59	27.21

Return on Total Assets (PBT/Total Assets}	(%)	43.84	62.37	43.75

Return on Investment (ROI) (PBT/Networth)		0.27	0.50	0.45

Debt Equity Ratio (Total Liability/Networth)		0.16	0.27	0.40

Current Ratio (Current Asset/Current Liability)		3.66	2.97	2.42

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

Mining Division:

The production of iron ore during the year has been 3880 thousands tons as against 3292 thousands tons during the previous year.

Exports of iron ore were at a level of 3,171 thousand tons realizing Rs.6431.591 Millions. This was against export of 3,053 thousand tons of iron ore realizing Rs.7709.745 Millions during the previous year.

The Company has also sold in the domestic market during the year, iron and other mineral ores realizing Rs.756.660 Millions as against Rs.438.041 Millions in the previous year.

During the year there have been some external changes affecting the operations. Royalty charges on iron ore have been changed from specific duty to ad-valorem (10%) basis from August 2009 and export duty for iron ore lumps was increased from 5% to 10% along with the introduction of export duty on iron ore fines @ 5% from December 2009.

II. Shipbuilding Division:

Shipbuilding Division is presently executing orders for 20 numbers 4450 DWT Multipurpose Cargo Vessels for export to Europe. During the year the Division has delivered 5 numbers of vessels and one more vessel is ready for delivery. It is expected that the delivery of the remaining vessels will be completed by the end of 2011.

III. Mandovi Pellets Division

During the year, Pellet Plant has produced 254 thousand tones of pellets and sold 282 thousand tones, realizing in aggregate Rs.807,308 thousand. The plant has achieved its full rated capacity when in operation. However, production for the year was adversely affected due to non-availability of desired quality iron ore required for the plant.

IV. Crane Division:

During the year 32 cranes were sold as against 44 in previous year. This division is looking at increasing its product portfolio, with the introduction of related material handling equipments that can be installed on trucks and tractors. The Division has started hiring crane mounted vehicles for clients; revenue on this account during the year was Rs.15.487 Millions.

V. Uptopping:

The vessel ‘Maratha Deep” uptopping activity for other Exporters in Goa realized revenue of Rs.38.724 Millions as against Rs. 32.420 Millions in the previous year.

VI. Tudou Mines and 100% Export Oriented Unit at Tudou:

The operations at Tudou plant continued to be affected by the orders passed under the Wildlife Laws. The Company is pursuing the matter and expects positive results shortly. In the meantime, the efforts are on to utilize the resources in every possible manner.

Contingent liabilities not provided for:

Claims against the Company not acknowledged as debts:

Particulars of Appeal		Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Claim By	Claim Towards
Mormugao	Rate revision on imposition of special levy	8.585	8.585
Trust	Levy of differential charges	2.815	2.815
Excise Authorities	Difference in quantity on account of shipping losses (pellets)	0.806	0.806

Custom Authorities	Custom duty claim on stores and spares.	28.100	28.100

ESI Corporation Regional Provident Fund Commissioner	Interest on ESI contribution Applicability of Employees Provident Fund and Miscellaneous Act, 1952 (the Act), to the employees of the Pelletisation division	1.857 4.000	1.257 4.000

Private Party	Compensation for loss due to sinking of barge stranded over the wreck of Company’s Transhipper	20.000	20.000

Employees	Claims for differential pay by contract workers Industrial dispute claims	0.391 45.613	0.391 39.901

Miscellaneous	Motor accident claims Claims against alleged execution	1.630 --	1.630 0.653

Guarantees/undertakings issued to banks, lending institutions and others in respect of facilities granted to other companies and parties Rs.81.556 Millions (previous year Rs.116.468 Millions).

Other guarantees given to Government authorities for which the Company is contingently liable to Rs.8.939 Millions (previous year Rs.26.628 Millions).

The Company does not expect any liability to devolve in respect of the claims listed in (i), (ii) and (iii) above and therefore no provision has been held in the accounts.

Form 8:

Corporate identity number of the company	U63031GA1965PTC000041
Name of the company	CHOWGULE AND COMPANY Private LIMITED.
Address of the registered office or of the principal place of business in India of the company	Chowgule House, Mormugao Harbour, Goa – 403803, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80029037
Type of charge	Immovable Property Book Debts Movable Property Floating Charge Ship
Particular of charge holder	State Bank of India, Commercial Branch, Shree Vidhyadhiraj bhavan, Francisco Luis Gomes Road, Vasco Da Gama – 403802, Goa, India
Nature of instrument creating charge	1) Form C.9 – Memorandum of Deposit for creation of charge for term loan/ overall credit limit (Reduction in overall credit limit from Rs. 4980.000 Millions to Rs. 4930.000 Millions) dated 24.03.2011 2) Form C.5 – Letter regarding the grant of individual limit within the overall limit dated 24.03.2011 (Reduction in credit limit from Rs. 4980.000 Millions to Rs. 4930.000 Millions)
Date of instrument Creating the charge	24.03.2011
Amount secured by the charge	Rs.4930.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge Deposit of Title Deeds (Form C.9) with intent to create a mortgage of the immovable properties mentioned therein in favour of the bank as additional continuing security to secure fund based and Non –Fund based limit of Rs. 4930.000 Millions
Short particulars of the property charged	Memorandum of Deposit for creation of charge for Term Loan/ Overall Limit of Rs. 4930.000 Millions.
Date of instrument modifying the charge	26.02.2009
Particulars of the present modification	Charge created on the office premises and parking lots situated in the building Bhaktawar, and office premises on 7^th Floor at Maker Chambers VI, Nariman Point, Mumbai is vacated and replaced by the properties viz.” Gingur Naique” situated at Raia, Salcete, Goa and “Figredalem Moroda” and “Aforamento Cantor Salgueiral” situated at Village Loutulim. Existing and Revised properties charged is attached as annexure I. There is also Reduction in Credit limit from Rs. 4980.00 Millions to Rs. 4930.000 Millions.

Fixed Assets:

Temple

- Structures and Buildings

- Adoration of Deities

Freehold Land Leasehold Land
Structures and Buildings

(Footnote)

Plant and Machinery
Railway Siding
River Fleet
Ship
Motor Vehicles
Furniture, fittings and office
Equipment

Web Details:

Profile:

From modest beginnings in 1916, The subject has burgeoned into an industrial empire. Looking outward, it blazed a technological trail, transforming itself from a trading outfit into a profitable conglomerate where technological and management sophistication co-exist with a simple traditional people-oriented outlook, gleaned from its beginnings.

Diversification into strategic fields is the driving force behind subject. It is closely linked to the needs of a fast developing nation. Today, subject are leaders in a range of critical activities in the core sector of India’s Industry: Iron Ore Mining, Pelletization, Exports, Shipbuilding, Cranes, Ship owners operating in the International Tramp Trade, Industrial Explosives, Industrial Salt, Industrial Gases, Waterproofing products, Agency, Logistics, Insurance Services and Marketing Agencies.

A Group built on foundations of ceaseless endeavor and foresight besides speeding up the pace of industrialization, creates employment opportunities, respects environment and, most important, discharges social responsibility.

Today, subject Group is advancing ahead contributing immensely to the Socio-Economic Developement of Goa and the Country.

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.45.07
UK Pound	1	Rs.72.97
Euro	1	Rs.63.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		67

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.

MIRA INFORM REPORT

0.129

8.327

3373.317

4314.628

839.660

638.997

747.436

695.650

0.529

0.913

1806.105

1669.734

6767.176

508.561

514.151

1179.254

1792.225

162.442

163.209

1850.257

4916.919

43.84

62.37

0.27

0.50

0.16

0.27

3.66

2.97

Unit