MIRA INFORM REPORT

Report Date :

31.05.2011

IDENTIFICATION DETAILS

Name :	S T FASHIONS
Registered Office :	3/121-2 Ganapathy Nagar, Perumal Nagar, Kondalampatty, Salem-636010, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011 (Provisional)
Date of Incorporation :	01.04.2007
Capital Investment/ Paid-up Capital:	Rs. 1.004 Millions
TIN No.:	33062705146
IEC No.:	3210022895
PAN No.: [Permanent Account No.]	BJYPS1786B
Legal Form :	Sole Proprietory Concern
Line of Business :	Manufacturer of Chudidhars.
No. of Employees:	Approximately 8 (Office 3, Factory 5)

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Small Concern
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject is a relatively small concern in its field. Trade relations are reported as fair. The valuation report and networth statement provided seems to be satisfactory. No complaints have been heard from indirect or market 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. V Bhaskaran
Designation :	Accountant
Contact No.:	91-9894224940
Date :	26.05.2011

LOCATIONS

Registered Office :	3/121-2 Ganapathy Nagar, Perumal Nagar, Kondalampatty, Salem-636010, Tamilnadu, India
Tel. No.:	91-427-3199990
Mobile No.:	91-9344492550 (Mr. D Senthil)
E-Mail :	stfashionssenthil@gmail.com
Area :	1015 sq.ft. (Owned)
Factory :	Ganapathy Nagar, N. Meetu Street, Kondalampatty, Salem-636010, Tamilnadu, India
Tel. No.:	91-427-3199990
E-Mail :	stfashionssenthil@gmail.comst.
Area :	1600 sq.ft. (Owned)

SOLE PROPRIETOR

Name :	Mr. D Senthil
Designation :	Proprietor
Address :	Ganpathy Nagar, N Meetu Street, Salem-636010, Tamilnadu, India
Date of Birth/Age :	05.06.1984
Qualification :	10^th Standard
Experience :	10 Years

KEY EXECUTIVES

Name :	Mr. V Bhaskaran
Designation :	Accountant

BUSINESS DETAILS

Line of Business :

Manufacturer of Chudidhars.

Products :

Product Description/ Product Code	ITC Code
Chaddar, Cotton/ 63414	17116

Brand Names :

“ST. Chudi “

Terms :

Selling :

Credit (45 Days)

Purchasing :

Credit ( 30 Days)

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Chudidhars	Pcs per shift	120	3000

GENERAL INFORMATION

Suppliers :	Syam Tex Fabric Private Limited V.S. Tex Private Limited Sunkalp Cotton Craft Private Limited
Customers :	Wholesalers EMAR Textiles Thirupathi Srinivasa Tex Easwari Silks Balaji Silks A.P. Tex Sri Murgan Thunlkadal Ravichandran Textiles C R Kumarsan J. R. Tex A.S. Cutplace Bhagyalakshmi Silks Sri Valli Tex Sumanalal Silks Gajetha Sarees New Fashion Park
No. of Employees :	Approximately 8 (Office 3, Factory 5)
Bankers :	IDBI Bank, Salem Branch, Four Road, KTT Tower, Salem, Tamilnadu, India

Banking Relations :	--
Auditors :
Name :	Vishwanathan Chartered Accountant
Address :	Dr. Radhakrishnan Road, Opposite Town Railway Station Road, Salem, Tamilnadu, India
Tel. No.:	91-427-2452819/ 2452521
Mobile No.:	91-9842902521

CAPITAL STRUCTURE

CAPITAL ACCOUNT

As on 31.03.2011

Particulars	Amount Rs. in Millions
D Senthil’s Capital	0.536
Add: Net Profit	0.468
Total	1.004

FINANCIAL DATA

[all figures are in Rupees Millions]

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (Provisional)	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.004	0.535	0.759
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.004	0.535	0.759
LOAN FUNDS
1] Secured Loans		0.000	0.030	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.030	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.004	0.565	0.759
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.186	0.154	0.507
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.622	0.000	0.312
	Sundry Debtors	1.277	1.140	0.089
	Cash & Bank Balances	0.046	0.032	0.017
	Other Current Assets	0.000	0.984	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		1.945	2.156	0.418
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.127	0.000	0.166
	Other Current Liabilities	0.000	1.727	0.000
	Provisions	0.000	0.018	0.000
Total Current Liabilities		1.127	1.745	0.166
Net Current Assets		0.818	0.411	0.252
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.004	0.565	0.759

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009
	SALES
		Income	9.936	9.706	3.664
		Other Income	0.000	0.009	0.000
		TOTAL	9.936	9.715	3.664
Less	EXPENSES
		Cost of Goods Sold	8.459	8.937	3.235
		Salary and Bonus Paid	0.235	0.418	0.049
		Shop Rent	0.030	0.000	0.024
		Bank Charges	0.007	0.000	0.006
		Remuneration Charges	0.015	0.000	0.000
		Electricity Charges	0.008	0.000	0.007
		Other Expenses	0.687	0.000	0.069
		TOTAL	9.441	9.355	3.390
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.495	0.360	0.274
Less/ Add	DEPRECIATION/ AMORTISATION		0.027	0.027	0.031
	NET PROFIT		0.468	0.333	0.243

KEY RATIOS

PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.71	3.43	6.63
Net Profit Margin (PBT/Sales)	(%)	4.71	3.43	6.63
Return on Total Assets (PBT/Total Assets}	(%)	21.96	14.42	26.27
Return on Investment (ROI) (PBT/Networth)		0.47	0.62	0.32
Debt Equity Ratio (Total Liability/Networth)		1.12	3.32	0.22
Current Ratio (Current Asset/Current Liability)		1.73	1.24	2.52

LOCAL AGENCY FURTHER INFORMATION

STATEMENT OF ASSETS AND LIABILITIES

MR. D SENTHIL

(PROPRIETOR)

DETAILS OF ASSETS OWNED

INVESTMENT IN BUSINESS CAPITAL:

Name of the Company/ firm/ concern in which investment is made	Amount Invested (Rs. in Millions)
S.T. Fashions	1.251

IMMOVABLE PROPERTIES

Name of the Owner	Description of the property	Location/ Address of property (Please furnish full details with survey No., door no. etc.)	Extent of Land	Extent of Building Area constructed	Type of Property, i.e. whether residential/ agricultural/ industrial/ commercial etc.
D Senthil	SNo. 164/3	Naikarapatty	540 s.f.	1080 sf.	Residential
D Senthil	SNo. 166/B, 166/4, 166/15	N. Mettur, Perumal Nagar, Kodandalam Patty	1015 sf.	2400 sf	Residential

Details of Documents conferring right	Date of Purchase of Property	Original Purchase Cost (Rs. in Millions)	Present Market Value As on 31.03.2011 (Rs. in Millions)	Details of encumbrances, if any, on the property
Freehold	08.03.2007	0.700	1.390	Nil
Freehold	25.05.2007	0.470	3.410	Home loan Rs. 1.216 Millions sundaram BNP Paribas, Home Finance Limited, Salem

TOTAL ASSETS

RS. 6.051 MILLIONS

LIABILITIES

CREDIT LIMITS/ FACILITIES WITH FINANCIAL INSTITUTIONS AND BANKS:

Name of the Institution/ Bank	Details of Nature and extent o credit limits/ facilities enjoyed		Details of Securities furnished
	Nature of Credit Facility	Extent (Rs. in Millions)
Sundaram BND Paribas	Home Loan	Loan Amount Rs. 1.216	Land at N. Mettur
Home Finance Limited	Home Loan	Outstanding As on 31.03.2011 Rs. 1.185	Kondalampatty

TOTALLIABILITIES

RS. 1.185 MILLIONS

NETWORTH

RS. 4.866 MILLIONS

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STATEMENT OF ASSETS AND LIABILITIES

MRS. D SULOCHANA

(GUARANTOR)

IMMOVABLE PROPERTIES	GUARANTOR
Address of the property with Survey No./ Door No. etc.	Neikarapatty Sno. 163/132, 171/B
Description: Land/ Site/ Building	Land and Building
Whether free hold/ Lease hold	Free Hold
Type of property: Commercial/ Residential/ Agricultural	Vacant Land, Commercial Building
Area/ Extent of Land	675 sf and 3090 sf.
Present Market/ Assessed Value	Rs. 2.973 Millions
INVESTMENT IN BUSINESS CAPITAL
Name of the Company/ firm/ Concern in which investment is made	Sulochana Textiles
Date of Investment	01.04.2011
Present value of investment	Rs 1.002 Millions
OTHER ASSETS
Furniture and Fixtures	Rs. 0.008 Million
Cash in hand	Rs. 0.063 Million
Jewellery	Rs. 0.620 Million
Plant and Machinery	Rs. 0.589 Million
Total Value of Other Assets	Rs. 1.281 Millions
TOTAL ASSETS	RS. 5.256 MILLIONS
TOTAL LIABILITIES	NIL
NETWORTH	RS. 5.256 MILLIONS

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STATEMENT OF INCOME

FOR THE YEAR ENDED 31.03.2010

(Rs. in Millions)

Particulars	Amount	Amount
I. INCOME FROM HOUSE PROPERTY:-
Dwelling house at D. No. 2/139, Neikarpatty, Salem	0.024
Less: Repairs and Maintanance @ 30%	0.007	0.017
II. INCOME FROM BUSINESS:-
Net Profit as per Statement		0.333
III. INCOME FROM CAPITAL GAINS:-
Long Term Capital Gains
Sale of Sundaram BNP Paribas on 20.03.2010	0.033
Purchase value of Sundaram BNP Paribas on 27.02.2007	0.025
Long Term Capital Gains	0.008
Less: Exempt u/s 10(38)	0.008
Total Income		0.350
Less: Deductions u/s 80-C
Bajaj Allianz Insurance	0.002
ICICI Prudential	0.075	0.077
Taxable Income		0.273
Tax on above Income		0.011
Add: 3% Education Cess		0.000
		0.011
Less: Advance Tax paid on 15.03.2010		0.010
Tax Due		0.001
Add: 234-B Interest	0.000
Add: 234-C Interest	0.000	0.000
140-A Paid		0.002

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VALUE OF FRINGE BENEFITS IN TERMS OF SECTION 115 WC READ WITH SECTION 115WB FOR THE ASSESMENT YEAR 2010-11

(Rs. In Millions)

Section under which chargeable to Fringe Benefit Tax	Name	Amount of expenditure incurred or payment made	Percentage expenditure/ Payment being fringe benefits	Value of fringe benefits
1. 115WB(1)(b)	Free or concessional ticket provided by the employer for private journeys of this employees or their family members	Nil	100%	Nil
20. 115WB(1)(c)	Any contribution by the employer to any approved Superannuation fund for employees	Nil	100%	Nil
3. 115WB(2)(A)	Entertainment	Nil	20%	Nil
4. 115WB(2)(B)	Provision of Hospitality of every kind by the employer to any person	Nil	20%	Nil
5. 115WB(2)(C)	Conference (Other than fee for participation by the employees in any conference)	Nil	20%	Nil
6. 115WB(2)(D)	Sales promotion including publicity	Nil	20%	Nil
7. 115WB(2)(E)	Employees’ Welfare	Nil	20%	Nil
8A. 115WB(2)(F)	Conveyance,	Nil	5%	Nil
8B. 115WB(2)(F)	Conveyance,	Nil	20%	Nil
9A 115WB(2)(G)	Use of hotel, boarding and lodging facilities	Nil	5%	Nil
9B. 115WB(2)(G)	Use of hotel, boarding and lodging facilities	Nil	20%	Nil
10A. 115WB(2)(H)	Repair, Running (including fuel), maintenance of motor cars and the amount of depreciation thereon	Nil	5%	Nil
10B. 115WB(2)(H)	Repair, Running (including fuel), maintenance of motor cars and the amount of depreciation thereon	Nil	20%	Nil
11A. 115WB(2)(I)	Repair, Running ( Including Fuel) and maintenance of aircraft and the amount of depreciation thereon	Nil	0.00%	Nil
11B . 115WB(2)(I)	Repair, Running ( Including Fuel) and maintenance of aircraft and the amount of depreciation thereon	Nil	20%	Nil
12. 115WB(2)(J)	Use of Telephone (Including mobile phone) other than expenditure on leased telephone lines	Nil	20%	Nil
13. 115WB(2)(K)	Maintenance of any accommodation in the nature of guest house other than accommodation used for training purpose	Nil	20%	Nil
14. 115WB(2)(L)	Festival Celebrations	Nil	50%	Nil
15. 115WB(2)(M)	Use of health club and similar facilities	Nil	50%	Nil
16. 115WB(2)(N)	Use of any other club facilities	Nil	50%	Nil
17. 115WB(2)(O)	Gifts	Nil	50%	Nil
18. 115WB(2)(P)	Scholarships	Nil	50%	Nil
19. 115WB(2)(Q)	Tour and Travel (Including foreign travel) (see Note 12)	Nil	5%	N.A
Total		1.508		0.302

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MR. D SENTHIL

(PROPRIETOR)

PERSONAL CAPITAL ACCOUNT

As on 31.03.2012 (Projected)

(Rs. in Millions)

Particulars	Amount	Amount
Opening Balance	1.251
Rental Income	0.036
Gift From Mother	0.700
Drawings		0.048
	1.987	0.048
Total	1.939

PERSONAL BALANCE SHEET

(Rs. in Millions)

SOURCES OF FUNDS		31.03.2012 (Projected)	31.03.2011 (Provisional)	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.939	1.251	1.263
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.939	1.251	1.263
LOAN FUNDS
1] Secured Loans		1.000	1.185	0.419
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1.000	1.185	0.419
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2.939	2.436	1.682
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.426	1.426	0.921
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.499	1.004	0.535
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.024	0.016	0.016
	Other Current Assets	0.000	0.000	0.220
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		0.024	0.016	0.236
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	0.010	0.010	0.010
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.010	0.010	0.010
Net Current Assets		0.014	0.006	0.226
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2.939	2.436	1.682

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PROJECTED BALANCE SHEET

(Rs. in Millions)

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		1.499
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		1.499
LOAN FUNDS
1] Secured Loans		2.000
2] Unsecured Loans		0.000
TOTAL BORROWING		2.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		3.499
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.159
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.500
	Sundry Debtors	1.700
	Cash & Bank Balances	0.087
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		5.287
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.947
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		1.947
Net Current Assets		3.340
MISCELLANEOUS EXPENSES		0.000
TOTAL		3.499

PROJECTED PROFIT & LOSS ACCOUNT

(Rs. in Millions)

	PARTICULARS		31.03.2012
	SALES
		Income	14.000
		Other Income	0.000
		TOTAL	14.000
Less	EXPENSES
		Cost of Goods Sold	12.722
		Salary and Bonus Paid	0.150
		Audit Fees	0.008
		Interest Paid to Bank	0.240
		General Expenses	0.017
		Other Expenses	0.340
		TOTAL	13.477
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.523
Less/ Add	DEPRECIATION/ AMORTISATION		0.028
	NET PROFIT		0.495

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VALUATION REPORT

PART – I

GENERAL DETAILS

Name of the title holder and address

Mrs. D. Sulaochana, w/o Mr. Devaraj

Neikarapatty Village and Panchayath, Kondalampatty, Salem TK and Dt.

Purpose of Valuation

To know the present market value

Brief Description of the Property

Vacant land and AC sheet roof factory building

Date of Inspection

07.03.2011

Date of Valuation

19.03.2011

Approximate distance from the branch to the property

12 km

Situation/ Location/ brief Description of the land/ site and brief description of the building

R.S. No. 171/8, Nikarapatty Village, Sandai Post, Kondalampatty, Salem, POanamarathu union, salem district.

Boundaries of the Property

As on Document and Site (Measurement)

Boundaries

North	30’0”
South	30’0”
East	51’9”
West	52’6”

S.F. No.: 171/6 land

25’ wide Road

Plot No.: 16

Plot No.: 13

As on Document and Site (Measurement)

Boundaries

North	30’0”
South	30’0”
East	50’0”
West	51’9”

S.F. No.: 171/6 land

25’ wide Road

Plot No.: 16

Plot No.: 14

Total Extent of Land as on Site

1563.75 + 1526.25 = 3090.00 sft.

Property Tax Details

Not Produced for my perusal

Assuming the entire property is let out, the probable monthly Rent and advance Building Rent

Not produced my perusal

Whether the Building Plant has been approved?

Not produced my perusal

Character of Locality

Mixed residential area

Classification

Mixed

Development of surrounding Areas

Slowly developed

Feasibility to the Civic amenities like school, Hospital, Offices, Market etc.

By Transaction

Nature of right, whether Lease hold/ free hold

Free hold

Water Supply/ Potentiality

Available

PART-II

LAND AND BUILDING VALUATION

Prevailing Unit market rate

Rs. 350/ to Rs 450/- per sq.ft.

Unit Rate adopted in this valuation

Rs. 400/ sft.

Valuation of the Site/ Land

3090.00 sft X 400/ sft = Rs. 1.236 Millions

DETAILS OF THE BUILDING

Foundation

RR Masonry in CM

Super Structure

Brick masonry in CM

Roofing

AC Sheet lean to roof

Flooring

Cement Flooring

Joineries

Country wood and steel fabrications

Plastering

Normal cement plastering

Finishing

White Washing only

Class of Construction

Average

Considering the material used for Construction, Amenities available, Road Approach, Water and Electricity the followings rates were adopted.

VALUATION DETAILS

Description of the building	Area in Sft.	Rate/ Sft	Present Construction Cost (Rs. in Millions)
RCC Roof house building	1574.50	750	1.181
Total construction cost of the building			1.181

DEPRECIATION VALUE OF THE BUILDING

Description of the building	Age of the building A	Residual age of the building B	Depreciation Percentage A/(A+B) X (100-F)	Present Construction Cost of the Building D	Depreciated value of the building D X (100-C)/ 100
Present construction cost of the building	2	33	4.85	1180875	Rs. 1.124 Millions
Total Say					Rs. 1.124 Millions

Amenities:

Value of the Electrical Arrangements

Rs. 0.015 Million

Total

Rs. 0.015 Million

TOTAL VALUATION

Present market value of the land

Rs. 1.236 Millions

Present Market Value of the RCC house building

Rs. 1.123 Millions

Value of Amenities

Rs. 0.015 Million

TOTAL VALUE OF THE PROPERTY

2.374 MILLIONS

FORCED SALE VALUE OF THE PROPERTY

RS. 1.781 MILLIONS

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Trade References:

· Sarvana Stores, 129, Usman Road, Chennai

· A.P. Tex, No. 11, Kothwalchawai East Street, Opposite Arunalandam Hotel, Madurai-1

· The Chennai Silks Corporate Office, Tirupur Head Office, Tirupur, Chennai, Coimatore, Karur, Trichy

· E.M. A. R Textiles Private Limited, 647, Main Road, Kovilpatty

Fixed Assets:

· Furniture

· Maruti Omni Van

· Honda Shine

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.45.10
UK Pound	1	Rs.74.27
Euro	1	Rs.64.35

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.