MIRA INFORM REPORT

Report Date :

02.11.2011

IDENTIFICATION DETAILS

Name :	LEE COOPER (INDIA) LIMITED (w.e.f. 20.11.2008)
Formerly Known As :	LEE COOPER INDIA PRIVATE LIMITED (w.e.f. 26.02.2007) APPARELS AND ACCESSORIES RETAIL (INDIA) PRIVATE LIMITED
Registered Office :	16/2, Ali Asker Road, Bangalore – 560052, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.04.2006
Com. Reg. No.:	08-39068
Capital Investment / Paid-up Capital :	Rs.100.000 Millions
CIN No.: [Company Identification No.]	U18101KA2006PLC039068
TAN No.: [Tax Deduction & Collection Account No.]	BLRA08241C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of footwear

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Mr. Sandip Atta
Designation :	Finance Department
Date :	01.11.2011

LOCATIONS

Registered Office :	16/2, Ali Asker Road, Bangalore – 560052, Karnataka, India
E-Mail :	sanu.kapoor@leecooper.in roc.info@pantaloon.com
Corporate Office :	Bekalene House, F – 21 Central Road, MIDC, Andheri [East], Mumbai – 400073, Maharashtra, India
Tel. No.:	91-22-67706770 / 67706700
Fax No.:	91-22-67706799
Branch Office :	Bhiawandi Dapada Village AWH No. 8, 1st Main Floor Mari Har Industries Compound, Bhiwandi, Maharashtra, India

DIRECTORS

As on : 30.09.2010

Name :

Mr. Kailash Mahesh Anand Bhatia

Designation :

Director

Address :

2603 Odysscy, II Hiranandani Garden, Powai, Mumbai – 400076

Date of Birth/Age :

01.01.1956

Date of Appointment :

15.05.2007

Din No.:

00859957

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U85110KA1998PLC024450	INDUS-LEAGUE CLOTHING LIMITED	Director	29-11-07	26-03-07	-	Active	NO
3	U51909MH2006PTC164092	EDMON TRADING PRIVATE LIMITED	Director	18-06-07	18-06-07	01-10-09	Active	NO
4	U74994MH2008PLC181891	CELIO FUTURE FASHION LIMITED	Director	05-05-08	05-05-08	-	Active	NO
5	L52399MH1987PLC044954	PANTALOON RETAIL (INDIA) LIMITED	Whole-time director	03-11-10	01-04-10	-	Active	NO

Name :

Mr. P.M. Devaih

Designation :

Director

Address :

No. 315, 4^th A Cross, 3^rd Block, HRBR Layout, Opp. Juv Kamanahalli Post, Bangalore – 560084, Karnataka, India

Date of Birth / Age :

15.02.1965

Date of Appointment :

27.05.2008

Name :

Harsha Saksena

Designation :

Director

Address :

2 C – 1111 Brindban CHS, Poonam Nagar, Andheri (E), Mumbai – 400093, Maharashtra, India

Date of Birth / Age :

03.05.1971

Date of Appointment :

30.12.2008

Din No.:

01736469

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65900MH2006PLC159526	FUTURE IDEAS COMPANY LIMITED	Director	01-02-07	01-02-07	03-08-07	Active	NO
2	U70200MH2007PTC168047	MAHABAL REALTY PRIVATE LIMITED	Additional director	31-12-07	31-12-07	21-08-08	Active	NO
3	U45200MH2007PTC168052	VAYUPUTRA REALTY PRIVATE LIMITED	Additional director	31-12-07	31-12-07	21-08-08	Active	NO
4	U18101MH1997PTC109676	STITCHWELL GARMENTS PRIVATE LIMITED	Director	26-02-08	26-02-08	08-04-08	Active	NO
5	U52100MH2008PLC179919	FUTURE CONSUMER ENTERPRISES LIMITED	Director	10-03-08	10-03-08	-	Active	NO
6	U45400MH2008PLC179914	AGRE DEVELOPERS LIMITED	Director	10-03-08	10-03-08	24-09-10	Active	NO
7	U45201MH2008PLC179913	AGRE PROPERTIES & SERVICES LIMITED	Director	10-03-08	10-03-08	17-10-10	Active	NO
8	U52100MH2008PTC180235	DOWNTOWN RETAIL PRIVATE LIMITED	Director	18-03-08	18-03-08	09-04-08	Active	NO
9	U74999MH2008PLC181051	FUTURE LEARNING AND DEVELOPMENT LIMITED	Director	10-04-08	10-04-08	29-06-11	Active	NO
10	U22300MH2008PLC181041	FUTURE OUTDOOR MEDIA SOLUTIONS LIMITED	Director	10-04-08	10-04-08	18-04-11	Active	NO
11	U74999MH2007PTC166866	STAPLES FUTURE OFFICE PRODUCTS PRIVATE LIMITED	Director	30-09-09	16-08-08	06-04-11	Active	NO
12	U51109MH2008PLC189032	FSC BRAND DISTRIBUTION SERVICES LIMITED	Director	19-12-08	19-12-08	29-06-11	Active	NO
14	U51110MH2005PTC156855	CHASTE INVESTRADE PRIVATE LIMITED	Additional director	01-06-09	01-06-09	10-07-09	Amalgamated	NO
15	U51109MH2009PLC195415	RURAL FAIRPRICE WHOLESALE LIMITED	Director	01-09-09	01-09-09	-	Active	NO

Name :

Mr. K. K. Rathi

Designation :

Director

Address :

B-72, Dakshina Park, Plot No. 15, N.S. Road, 10^th JVPD Scheme, Santacruz (West), Mumbai – 400049, Maharashtra, India

Date of Birth / Age :

30.12.1961

Date of Appointment :

19.08.2010

Din No.:

00040094

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U52330MH2004PLC148956	HOME SOLUTIONS RETAIL (INDIA) LIMITED	Director	01-08-05	01-08-05	28-01-08	Active	NO
2	U67190MH2005PLC155095	FCH SECURITIES AND ADVISORS LIMITED	Director	03-08-05	03-08-05	25-03-08	Active	NO
3	U51909MH2005PLC157355	FOOT- MART RETAIL INDIA LIMITED	Director	17-11-05	17-11-05	31-01-08	Active	NO
4	U67190MH2005PLC157444	FUTURE CAPITAL INVESTMENT ADVISORS LIMITED	Director	21-11-05	21-11-05	28-03-08	Active	NO
5	U51900MH2006PLC159197	FUTUREBAZAAR INDIA LIMITED	Director	23-01-06	23-01-06	05-02-08	Active	NO
6	U99999MH2006PTC159513	FUTURE CAPITAL INVESTMENT PRIVATE LIMITED	Director	06-02-06	06-02-06	31-01-08	Active	NO
7	U65900MH2006PLC159526	FUTURE IDEAS COMPANY LIMITED	Director	06-02-06	06-02-06	31-01-08	Active	NO
8	U52110MH2006PLC159581	FUTURE AXIOM TELECOM LIMITED	Director	07-02-06	07-02-06	15-05-08	Active	NO
9	U74300MH2006PLC160375	FUTURE MEDIA (INDIA) LIMITED	Director	08-03-06	08-03-06	31-03-08	Active	NO
10	U63030MH2006PLC160376	FUTURE SUPPLY CHAIN SOLUTIONS LIMITED	Director	08-03-06	08-03-06	01-06-08	Active	NO
11	U51909MH2005PTC151869	SPRINT ADVISORY SERVICES PRIVATE LIMITED	Director	31-08-06	21-03-06	-	Active	NO
12	L29120MH2005PLC156795	FUTURE CAPITAL HOLDINGS LIMITED	Director	09-08-10	15-04-06	-	Active	NO
13	U45200MH2005PTC157267	SHENDRA ADVISORY SERVICES PRIVATE LIMITED	Director	29-09-06	19-05-06	-	Active	NO
14	U51909MH2006PTC164092	EDMON TRADING PRIVATE LIMITED	Director	26-08-06	26-08-06	10-03-08	Active	NO
16	U51909MH2006PTC164209	CENTRAL DEPARTMENTAL STORES PRIVATE LIMITED	Director	31-08-06	31-08-06	31-01-08	Active	NO
17	U45200GJ2006PTC048776	RATNABHUMI DEVELOPERS PRIVATE LIMITED	Director	25-09-06	25-09-06	18-03-09	Active	NO
18	U66010MH2006PLC165288	FUTURE GENERALI INDIA LIFE INSURANCE COMPANY LIMITED	Director	30-10-06	30-10-06	-	Active	NO
19	U66030MH2006PLC165287	FUTURE GENERALI INDIA INSURANCE COMPANY LIMITED	Director	30-10-06	30-10-06	-	Active	NO
20	U93090MH2006PTC165612	AIRPORT RETAIL PRIVATE LIMITED	Director	17-11-06	17-11-06	16-05-08	Active	YES
21	U74999MH2006PLC165722	FUTURE BRANDS LIMITED	Director	22-11-06	22-11-06	14-07-07	Active	NO
22	U74999MH2007PTC166866	STAPLES FUTURE OFFICE PRODUCTS PRIVATE LIMITED	Additional director	10-01-07	10-01-07	16-08-08	Active	NO
23	U74999MH2007PLC167122	FUTURE KNOWLEDGE SERVICES LIMITED	Director	18-01-07	18-01-07	31-01-08	Active	NO
24	U67190MH2004PLC150329	KSHITIJ INVESTMENT ADVISORY COMPANY LIMITED	Director	06-09-07	31-03-07	27-03-08	Active	NO
25	U74995MH2005PLC151073	IDIOM DESIGN AND CONSULTING LIMITED	Director	13-06-07	13-06-07	31-01-08	Active	NO
26	U45200MH2005PTC157219	GUPTA INFRASTRUCTUR ( INDIA ) PRIVATE LIMITED	Director	28-09-07	09-07-07	14-11-08	Active	NO
27	U67120MH1996PLC192090	FUTURE VENTURES INDIA LIMITED	Additional director	14-07-07	14-07-07	20-02-08	Active	NO
28	U36911RJ1996PTC011381	AU FINANCIERS (INDIA) PRIVATE LIMITED	Director	23-09-08	18-03-08	-	Active	NO
29	U32101RJ1993PTC007159	DIXON TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	29-08-08	03-06-08	-	Active	NO
30	U72900DL2008PTC179167	MY BOX TECHNOLOGIES PRIVATE LIMITED	Director	29-09-09	24-10-08	24-03-10	Active	NO
31	U72100DL2001PLC109841	INTARVO TECHNOLOGIES LIMITED	Director	30-09-09	10-11-08	10-03-10	Active	NO
32	L31300DN1961PLC000232	IMP POWERS LIMITED	Nominee director	24-08-09	24-08-09	29-04-10	Active	NO
33	U45309MH2009PTC195801	SILVEX CONSTRUCTIONS PRIVATE LIMITED	Director	30-07-10	15-01-10	-	Active	NO
34	U52110MH2006PLC160440	AADHAAR RETAILING LIMITED	Director	10-08-10	17-02-10	-	Active	NO
35	U65933MH1991PLC192261	FUTURE FINANCE LIMITED	Director	15-07-10	03-05-10	-	Active	NO
36	U52190MH2006PLC160415	MYRA MALL MANAGEMENT COMPANY LIMITED	Director	15-07-10	03-05-10	01-10-10	Active	NO
37	U52599MH2007PLC167292	FUTURE CAPITAL FINANCIAL SERVICES LIMITED	Additional director	03-05-10	03-05-10	-	Amalgamated	NO
38	U93090MH2007PTC168048	HOLII ACCESSORIES PRIVATE LIMITED	Director	20-09-10	29-05-10	-	Active	NO
39	U66010MH2007PLC169687	FUTURE CAPITAL SECURITIES LIMITED	Director	31-12-10	30-06-10	18-05-11	Active	NO
40	U67190MH1999PLC119009	CENTRUMDIRECT LIMITED	Director	31-12-10	30-06-10	29-03-11	Active	NO
41	U45400MH2008PLC179914	AGRE DEVELOPERS LIMITED	Director	28-09-11	23-09-10	-	Active	NO
42	U74994MH2008PLC181891	CELIO FUTURE FASHION LIMITED	Director	09-06-11	27-10-10	-	Active	NO
43	U17219WB1992PLC056339	TURTLE LIMITED	Additional director	10-11-10	10-11-10	-	Active	NO
44	U18100MH2002PTC136468	BIBA APPARELS PRIVATE LIMITED	Additional director	14-03-11	14-03-11	20-05-11	Active	NO
45	U51396MH1980PTC023421	AMAR CHITRA KATHA PRIVATE LIMITED	Director	22-07-11	22-07-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Equity Shares
Indus – League Clothing Limited, India	1799994
Indus – League Clothing Limited Jointly with Ashutosh Vidwans, India	1
Indus – League Clothing Limited Jointly with Neeta Singh, India	1
Indus – League Clothing Limited Jointly with Manoj Gagvani, India	1
Indus – League Clothing Limited Jointly with Abhishek Jalan, India	1
Indus – League Clothing Limited Jointly with Subodh More, India	1
Indus – League Clothing Limited Jointly with Vimal Dhruve, India	1
Total	1800000
Names of Shareholders	No. of Preference Shares
Indus – League Clothing Limited, India	8200000
Total	8200000

AS ON 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Readymade Garments Apparels and Accessories such as Jeans, Shirts, etc.

Products :

Generic Names of principal Products of Company

Item Code No. (ITC Code)	Product Description
620462.21	Jeans
620520.02	Shirts

GENERAL INFORMATION

Bankers :

• Central Bank of India, Corporate Finance Branch, MMO Building, 1^st Floor, M.G. Road, Mumbai – 400023, Maharashtra, India

Facilities :

Secured Loan (Rs. In Millions)	31.03.2010	31.03.2009
Working Capital Loans from Banks – Rupee Loan (Secured by way of hypothecation of stocks and debtors)	147.981	190.471
Term Loan – Rupee Loan Secured by way of hypothecation of fixed assets	16.962	68.305
Total	164.944	258.453
Unsecured Loan (Rs. In Millions)	31.03.2010	31.03.2009
Inter Corporate Deposits	135.000	115.000
Total	135.000	115.000

Banking Relations :	--
Auditors :
Name :	NGS and Company Chartered Accountants
Address :	B / 46, Parvasi Industrial Estste, Vishweshwar Nagar Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel No. :	91-22-28766446 / 4157
Fax No. :	91-22-28760882
Pan No.:	AABFS3313D
Associates :	Manz Retail Private Limited (MRPL) PFH Entertainment Limited (PHF) Future Ventures India Limited (FVIL) Indus League Clothing Limited (ILCL)
Holding Company	Indus League Clothing Limited Future Ventures India Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs. 10/- each	Rs.18.000 Millions
16200000	2% Non Cumulative Preference Shares redeemable with 20 years.	Rs. 10/- each	Rs.162.000 Millions
	Total		Rs.180.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs. 10/- each	Rs.18.000 Millions
8200000	2% Non Cumulative Preference Shares redeemable with 20 years.	Rs. 10/- each	Rs.82.000 Millions
	Total		Rs.100.000 Millions

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		100.000	100.000	100.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(127.231)	(142.998)	(87.881)
NETWORTH		(27.231)	(42.998)	12.119
LOAN FUNDS
1] Secured Loans		164.944	258.453	241.985
2] Unsecured Loans		135.000	115.000	102.597
TOTAL BORROWING		299.944	373.453	344.582
DEFERRED TAX LIABILITIES		2.506	1.216	0.000
TOTAL		275.219	331.671	356.701
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		89.462	141.916	140.424
Capital work-in-progress		0.000	0.599	8.144
INVESTMENT		0.058	0.058	0.180
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	55.207	87.360	189.282
	Sundry Debtors	236.754	242.459	197.433
	Cash & Bank Balances	0.374	2.047	1.626
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.150	42.812	51.572
Total Current Assets		303.485	374.678	439.913
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	19.357	17.571	226.783
	Sundry Creditors	96.217	166.610	22.139
	Provisions	2.212	1.399	5.177
Total Current Liabilities		117.786	185.580	231.960
Net Current Assets		185.699	189.098	207.953
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		275.219	331.671	356.701

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	800.690	687.837	384.216
		Other Income	14.323	0.983	0.315
		TOTAL (A)	815.013	688.820	384.531
Less	EXPENSES
		Cost of traded good	610.183	469.577	267.548
		Personnel Expenses	8.530	36.406	45.189
		Operating and Other expenses	133.819	188.326	98.306
		TOTAL (B)	752.532	694.309	411.043
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		62.481	(5.489)	(26.512)
Less	FINANCIAL EXPENSES (D)		27.622	30.776	14.265
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34.859	(36.265)	(40.777)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.868	17.285	10.329
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		18.991	(53.550)	(51.106)
Less	TAX (H)		1.306	1.566	9.941
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		17.685	(55.116)	(61.047)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(142.997)	(87.881)	(26.834)
	BALANCE CARRIED TO THE B/S		(127.231)	(142.997)	(87.881)
	IMPORTS
		Traded Goods	65.950	14.821	2.116
	TOTAL IMPORTS		65.950	14.821	2.116
	Earnings Per Share (Rs.)		8.76	(30.62)	(33.92)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.16	(8.00)	(15.88)
Net Profit Margin (PBT/Sales)	(%)	2.37	(7.79)	(13.30)
Return on Total Assets (PBT/Total Assets)	(%)	4.83	(10.37)	(8.81)
Return on Investment (ROI) (PBT/Networth)		(0.69)	1.25	(4.22)
Debt Equity Ratio (Total Liability/Networth)		(15.34)	(13.00)	47.57
Current Ratio (Current Asset/Current Liability)		2.57	2.02	1.90

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U18101KA2006PLC039068
Name of the company	LEE COOPER INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	16/2, Ali Asker Road, Bangalore – 560052, Karnataka, India
Type of charge	Book Debts Movable Property Others
Particular of charge holder	Central Bank of India, Corporate Finance Branch, MMO Building, 1^st Floor, M.G. Road, Mumbai – 400023, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Deed Term Loan Agreement [All the above agreement constitute a single charge]
Date of instrument Creating the charge	09.08.2007
Amount secured by the charge	Rs. 350.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR – 1 % and as stipulated by bank from time to time Terms of Repayment Repayable in 5 years after a moratorium period of 1 year i.e. 16 quarterly installments and as stipulated by Bank from time to time Margin 25 % fro cash credit and WCDL facility and as stipulated by Bank from time to time Extent and Operation of the charge As stipulated by Bank from time to time limit = Rs. 350.000 Millions [Fund based] [1] Cash Credit : Rs. 40.000 Millions [2] WCDL = Rs. 160.000 Millions [3] Term Loan = Rs. 150.000 Millions FB = Rs. 350.000 Millions [Sub Limit = Inland / Import] LC = Rs. 50.000 Millions within Term Loa Facility of Rs. 150.000 Millions Others As stipulated by Bank from Time to time and as per agreement
Short particulars of the property charged	For CC/WCDL = First Charge on [1] Hypothecation of all stock and book debts [2] Hypothecation of all current assets second charge = On [1] Hypothecation of all the assets created out of term loan For Term Loan = First charge = on [Hypothecation of all the assets created out of term loan second charge = on [1] Hypothecation of all current assets ] For LC [Import/Inland] = Hypothecation of all goods under LC and Documents under LC.

FIXED ASSETS:

· Leasehold Improvements

· Motor Car

· Computers

· Office Equipments

· Furniture and Fixtures

· Air Conditioner

· Plant and Machinery

· Trade Mark

· Computer Software

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. 49.07
UK Pound	1	Rs. 78.78
Euro	1	Rs. 67.75

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.