MIRA INFORM REPORT

Report Date :

04.11.2011

IDENTIFICATION DETAILS

Name :	ROOTS CAST PRIVATE LIMITED (w.e.f. 10.05.2000)
Formerly Known As :	ARUNA AUTO CASTINGS PRIVATE LIMITED
Registered Office :	R K G Industrial Estate, Ganapathy, Coimbatore – 641006, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.05.1999
Com. Reg. No.:	18-008854
Capital Investment / Paid-up Capital :	Rs.27.500 millions
CIN No.: [Company Identification No.]	U27310TZ1999PTC008854
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of High Pressure Die Cast Aluminium and Zinc Components
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 – September 30, 2011

Country Name

Previous Rating (30.06.2011)

Current Rating (30.09.2011)

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. Suresh Babu
Designation :	Finance Head
Date :	03.11.2011

LOCATIONS

Registered Office :	R K G Industrial Estate, Ganapathy, Coimbatore – 641006, Tamilnadu, India
Tel. No.:	91-422-4330330
Fax No.:	91-422-2332107
E-Mail :	info@roots.co.in karthikn@roots.co.in
Website :	http://www.rootsindia.com http://www.roots.co.in
Factory :	Arugampalayam, Coimbatore – 641 107, Tamilnadu, India

DIRECTORS

As on 07.09.2011

Name :

Mr. Krishnaswamy Gounder Ramasamy

Designation :

Managing Director

Address :

14-A, Anbagam, Ganapathy, Coimbatore – 641 006, Tamilnadu, India

Date of Birth/Age :

01.08.1948

Date of Appointment :

03.05.1999

DIN :

00034360

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	U34300TZ1984PTC001458	ROOTS AUTO PRODUCTS PRIVATE LIMITED	Managing director	1/10/2011	30/07/1984	-	Active	NO
2	U65921TZ1990PTC002589	ROOTS LEASING AND FINANCE PRIVATE LIMITED	Director	17/01/1990	17/01/1990	-	Strike off	NO
3	U02520TZ1990PLC002987	ROOTS INDUSTRIES INDIA LIMITED	Managing director	1/10/2011	27/12/1990	-	Active	NO
4	U36999TZ1992PLC003662	ROOTS MULTI CLEAN LIMITED	Whole-time director	1/7/2010	24/02/1992	-	Active	NO
5	U00112TZ1995PTC006795	NAYAKI HORTICULTURE PRIVATE LIMITED	Managing director	21/12/1995	21/12/1995	28/06/2011	Active	NO
6	U27310TZ1999PTC008854	ROOTS CAST PRIVATE LIMITED	Director	1/10/2011	3/5/1999	-	Active	NO
7	U17233TZ2000PTC009300	ECOTS BIO PRODUCTS PRIVATE LIMITED	Director	7/6/2000	7/6/2000	-	Active	NO
8	U29199TZ2000PTC009385	ROOTS DIGITAL ENGINEERING SERVICES PRIVATE LIMITED	Managing director	12/6/2000	12/6/2000	-	Under liquidation	NO
9	U34300TZ2001PTC009711	ROOTS BRAKE SYSTEM PRIVATE LIMITED	Managing director	9/4/2001	9/4/2001	-	Under Process of Striking off	NO
10	U02429TZ2005PTC011527	ENERGY SPECIFIC INDIA PRIVATE LIMITED	Director	19/01/2005	19/01/2005	-	Under Process of Striking off	NO
11	U34300TZ2007PTC013350	AMERICAN AUTO SERVICE PRIVATE LIMITED	Director	1/10/2011	10/1/2007	-	Active	NO
12	U29220TZ2007PTC013694	ROOTS PRECISION PRODUCTS PRIVATE LIMITED	Director	1/10/2011	7/5/2007	-	Active	NO
13	U29199TZ2011PTC017118	ROOTS ELECTROTECH PRIVATE LIMITED	Director	28/05/2011	28/05/2011	-	Active	NO

Name :

Mr. Odayakulam Arumugham Balasubramaniam

Designation :

Managing Director

Address :

45A Periyasamy Layout, 2^nd Street, Sanganoor Road, Rathinapuri, Coimbatore – 641 027, Tamilnadu, India

Date of Birth/Age :

06.05.1957

Date of Appointment :

03.07.2007

DIN :

01554204

Name :

Mr. Varun Karthikeyan Ramaswamy

Designation :

Director

Address :

14-A, Anbagam, Ganapathy, Coimbatore – 641 006, Tamilnadu, India

Date of Birth/Age :

03.07.1982

Date of Appointment :

08.07.2006

DIN :

00585158

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27310TZ1999PTC008854	ROOTS CAST PRIVATE LIMITED	Director	29/09/2006	8/7/2006	Active	NO
2	U36999TZ1992PLC003662	ROOTS MULTI CLEAN LIMITED	Whole-time director	1/7/2010	4/8/2006	Active	NO
3	U02520TZ1990PLC002987	ROOTS INDUSTRIES INDIA LIMITED	Director	29/09/2006	24/08/2006	Active	NO
4	U34300TZ2007PTC013350	AMERICAN AUTO SERVICE PRIVATE LIMITED	Director	10/1/2007	10/1/2007	Active	NO
5	U29220TZ2007PTC013694	ROOTS PRECISION PRODUCTS PRIVATE LIMITED	Director	7/5/2007	7/5/2007	Active	NO
6	U34300TZ1984PTC001458	ROOTS AUTO PRODUCTS PRIVATE LIMITED	Director	29/09/2007	2/7/2007	Active	NO
7	U29199TZ2011PTC017118	ROOTS ELECTROTECH PRIVATE LIMITED	Director	28/05/2011	28/05/2011	Active	NO

Name :

Mr. Selvanayagam Chandrasekar

Designation :

Director

Address :

No. 20, Alamelu Nagar, Upplipalayam, Coimbatore – 641 015, Tamilnadu, India

Date of Birth/Age :

28.09.1955

Date of Appointment :

28.08.2007

DIN :

01773256

Name :

Mr. Gopal Damodaran Gopalakrishnan

Designation :

Director

Address :

11, Rayappa Nagar, Ganapathy, Coimbatore – 641 006, Tamilnadu, India

Date of Birth/Age :

10.09.1963

Date of Appointment :

06.09.1999

DIN :

00145332

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	U00112TZ1995PTC006795	NAYAKI HORTICULTURE PRIVATE LIMITED	Director	21/12/1995	21/12/1995	10/6/2011	Active	NO
2	U27310TZ1999PTC008854	ROOTS CAST PRIVATE LIMITED	Director	31/08/2009	6/9/1999	-	Active	NO
3	U34300TZ1984PTC001458	ROOTS AUTO PRODUCTS PRIVATE LIMITED	Director	31/08/2009	17/01/2003	-	Active	NO
4	U40106TZ2009PTC015445	EVERGREEN SOLAR SYSTEMS INDIA PRIVATE LIMITED	Managing director	7/9/2009	4/9/2009	-	Active	NO

Name :

Mr. Duraisamy Sivaprakasam

Designation :

Director

Address :

5/4, Gokulam Velavan Nagar Extension, M K P Road, Ganapathy, Coimbatore – 600 006, Tamilnadu, India

Date of Birth/Age :

15.12.1961

Date of Appointment :

01.11.2009

DIN :

02815902

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27310TZ1999PTC008854	ROOTS CAST PRIVATE LIMITED	Director	10/9/2010	1/11/2009	Active	NO
2	U29220TZ2007PTC013694	ROOTS PRECISION PRODUCTS PRIVATE LIMITED	Whole-time director	1/7/2010	1/7/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Manimekala V Raj
Designation :	Company Secretary
Address :	286-A, Sathyamoorthi Street, NSR Road, Sai Baba Colony, Coimbatore – 641 025, Tamil Nadu, India
Qualification :	M.Com, FCS
Name :	Mr. Suresh Babu
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 07.09.2011

Names of Shareholders	No. of Shares
K Ramasamy	868100
R Varun Karthikeyan	837555
R K Umaadhevi	30000
K Ramasamy (HUF)	103000
Roots Auto Products Private Limited, India	670000
Roots Industries India Limited, India	107218
Roots Multiclean Limited , India	134127
Total	2750000

l

As on 07.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	33.00
Directors or relatives of directors	67.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of High Pressure Die Cast Aluminium and Zinc Components

Products :

Products Description	ITC Code No.
Aluminium Die Casting	76042909
Zinc Die Casting	79070009

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Non-Ferrous Castings	Tonnes	NA	NA	2151
Dies	Nos.	NA	NA	47

*includes 1268 tonnes production on job work basis

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, 1443, Trichy Road, Coimbatore – 641 018, Tamilnadu, India

· Indian Bank, Ram Nagar Branch, 22 and 23, Sarojini Street, Coimbatore – 641 009, Tamilnadu, India

· Axis Bank Limited, 1095, Vigneshwar Cresta, Avinashi Road, Pappanaickenpalayam, Coimbatore – 641 037, Tamilnadu, India

· Citi Bank N.A.

· ICICI Bank

Facilities :

Secured Loans	31.03.2011 Rs. in millions	31.03.2010 Rs. in millions
Term Loans
Indian Bank (Secured by the Paripassu first charge on the fixed assets and Paripassu second charge on the current assets of the company)	18.973	11.242
Axis Bank Limited (Secured by the Paripassu first charge on the current assets and the fixed assets of the company)	0.000	5.337
Working Capital Loans
State Bank of India (Secured by the Paripassu first charge on the current assets and the fixed assets of the company)	46.166	35.265
Axis Bank (Secured by the Paripassu first charge on the current assets and the fixed assets of the company)	27.420	27.458
Citi Bank (Secured by the Paripassu first charge on the current assets and the fixed assets of the company)	19.632	19.667
ICICI Bank (Secured by the hypothecation of vehicle purchased out of the loan)	0.025	0.329
Total	112.216	99.298

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
From Directors / Shareholders / Relatives	5.316	4.816
Total	5.316	4.816

Banking Relations :	--
Auditors :
Name :	R Gurubatham Chartered Accountant
Address :	10A, Iyer Hospital Road, Singanallur Post, Coimbatore – 641 005, Tamilnadu, India
PAN :	ACLPG0253A
Group Companies :	· Roots Industries India Limited · Roots Auto Products Private Limited · Roots Multiclean Limited · Roots Cast Private Limited · Roots Precision Products Private Limited · Roots Metrology Laboratory · Roots Polycraft · R K Nature Cure Home · Satchidananda Jothi Nikethan · Integral Yoga Institute · Roots Industries Malaysia Sdn. Bhd. · American Auto Service Private Limited

CAPITAL STRUCTURE

As on 07.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,750,000	Equity Shares	Rs.10/- each	Rs.27.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		27.500	27.500	27.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		72.900	59.353	49.825
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		100.400	86.853	77.325
LOAN FUNDS
1] Secured Loans		112.216	99.298	113.591
2] Unsecured Loans		5.316	4.816	4.816
TOTAL BORROWING		117.532	104.114	118.407
DEFERRED TAX LIABILITIES		7.837	7.081	8.403
TOTAL		225.769	198.048	204.135
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		113.486	98.962	96.692
Capital work-in-progress		0.152	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	80.298	70.055	59.426
	Sundry Debtors	100.121	121.581	76.793
	Cash & Bank Balances	4.588	3.615	3.861
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.214	14.315	17.871
Total Current Assets		199.221	209.566	157.951
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	76.395	100.906	42.774
	Other Current Liabilities	2.093	4.601	1.302
	Provisions	8.602	4.973	6.432
Total Current Liabilities		87.090	110.480	50.508
Net Current Assets		112.131	99.086	107.443
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		225.769	198.048	204.135

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	368.188	225.784	171.299
		Labour charges received	96.565	73.856	60.297
		Other Income	4.389	1.255	3.578
		Stock Adjustment (Increase / Decrease)	2.121	5.515	5.565
		TOTAL (A)	471.263	306.410	240.739
Less	EXPENSES
		Office Expenses
		Administrative Expenses	422.536	266.545	201.885
		Advertising Expenses
		TOTAL (B)	422.536	266.545	201.885
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		48.727	39.865	38.854
Less	INTEREST (D)		16.062	13.846	16.701
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.665	26.019	22.153
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.200	12.204	12.854
	PROFIT BEFORE TAX (E-F) (G)		20.465	13.815	9.299
Less	TAX (H)		6.918	4.287	4.063
	PROFIT AFTER TAX (G-H) (I)		13.547	9.528	5.236
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		59.353	49.825	44.589
	BALANCE CARRIED TO THE B/S		72.900	59.353	49.825
	EARNINGS IN FOREIGN CURRENCY		169.798	118.808	113.000
	IMPORTS		0.000	0.000	0.879
	Earnings Per Share (Rs.)		4.93	3.46	1.90

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.87	3.11	2.17
Net Profit Margin (PBT/Sales)	(%)	5.56	6.12	5.43
Return on Total Assets (PBT/Total Assets}	(%)	6.54	4.48	3.65
Return on Investment (ROI) (PBT/Networth)		0.20	0.16	0.12
Debt Equity Ratio (Total Liability/Networth)		2.04	2.47	2.18
Current Ratio (Current Asset/Current Liability)		2.29	1.90	3.13

LOCAL AGENCY FURTHER INFORMATION

ECONOMIC AND MARKET SITUATION

After a good year 2009-10 during which economies across the world showed signs of recovery, the economic conditions globally continued to be strong and positive in 2010-11, resulting in a strong growth for the automotive sector. The Indian economy continued to do well, driven by a good performance from the agricultural and the industrial sector with a GDP growth of 8.6%. The automotive sector recorded a growth of over 27% in India on the back of a robust economy.

In line of the above, the company posted a growth of 55% in top line, which is much higher than the industry growth rate. The Turnover for the financial year 2010-11 stands at Rs. 464.753 Millions as against Rs. 299.640 Millions.

The Company's Domestic Turnover has increased from 180.843 Millions in the year 2009-10 to Rs.199.859 Millions in 2010-11 showing a consistent and steady growth of 10.5% and Export Turnover has increased from Rs.118.808 Millions in the year 2009-10 to Rs.168.329 Millions in the year 2010-11 representing a remarkable growth of 41.68%.

The Profit Before Tax has increased from Rs.13.815 Millions (2009-2010) to Rs.20.465 Millions in the year 2010-2011 and more thrust was given to Cost control and Cost reduction measures to improve the profitability. At the same time, the PAT of the company has grown from Rs.9.528 Millions to to Rs.13.547 Millions registering a whopping growth of 42 %.

CONTINGENT LIABILITIES

Particulars	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Bank guarantee furnished	7.313	4.983

Bankers Charges Report as per Registry

Corporate identity number of the company	U27310TZ1999PTC008854
Name of the company	ROOTS CAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	RKG Industrial Estateganapathy, Coimbatore – 641006, Tamilnadu, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80007193
Type of charge	Book Debts Movable Property Floating Charge Immovable Property
Particular of charge holder	Axis Bank Limited, 1095, Vigneshwar Cresta, Avinashi Road, Pappanaickenpalayam, Coimbatore – 641 037, Tamilnadu, India Email : Ajith.Prabhakaran@axisbank.com
Nature of instrument creating charge	AMENDMENTCUM LINK AGREEMENT
Date of instrument Creating the charge	17.06.2011
Amount secured by the charge	Rs.33.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest – Cash Credit : BR+4.25% i.e.13.75%p.a. EPC/FBD (Sub Limit to CC) : BR+3.25% i.e.12.75% for the disbursement upto 180 days. Bill Discounting : BR+4.25% i.e.13.75%p.a. (at present base rate being 9.50%) Terms of Repayment - As determined by the bank from time to time. Margin – Cash Credit : 25.00% on Stock 50.00% on Receivables Letter of Credit : 15.00% Bank Guarantee : 15.00% Cash Margin
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary Security : Hypothecation by way of Pari Passu First Charge on all the current assets of the company along with SBI and CITI Bank Collateral Security : Pari passu First Charge on the entire fixed assets of the company (including factory land comprising 1.30 acres with building thereon) with SBI, Indian Bank, CITI Bank.
Date of instrument modifying the charge	11.03.2010
Particulars of the present modification	(i) The amount secured by charge has been modified from Rs.60.200 millions to Rs.33.500 millions more fully detailed in annexure attached (ii) By this modification the limits were renewed and the interest rates were revised and linked to Base Rate . (iii) All other terms and conditions of the original charge and the subsequent modification remains unchanged.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90008735
Corporate identity number of the company	U27310TZ1999PTC008854
Name of the company	ROOTS CAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	R K G Industrial Estate, Ganapathy, Coimbatore – 641 006, Tamilnadu, India
Type of charge	· Immovable Property · Movable Property · Others Plant and Machinery
Particular of charge holder	State Bank of India, Commercial Branch, 1443, Trichy Road, Coimbatore – 641 018, Tamilnadu, India
Nature of description of the instrument creating or modifying the charge	1. Supplemental Agreement of Loan for increase in the overall limit (Form C.1-A) 2. Supplemental Agreement of Hypothecation of Goods and Assets (Form C.2-A) 3. Letter regarding the grant of individual limits within the overall limit (Form C.5) 4. Memorandum of Deposit for creation of further charge (Form C.10)
Date of instrument Creating the charge	18.03.2011
Amount secured by the charge	Rs.70.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 6.75% above Base Rate Present effective rate 15% per annum Terms of Repayment Repayable on demand Margin 25% for EPC, raw materials, stock in process, finished goods and stores. 40% over Receivables with a cover period of 90 days and 10% for LC and BG Extent and Operation of the charge Primary: CC with EPC and FBD/FBP sub limit - charge over Current assets on paripassu basis with other Member Banks in MBA. FBD/FBP sub limit: Document of title to goods. LC - Goods coverered by LC and charge over Current assets on pari passu basis with other Member Banks. BG - Counter guarantee of the company and charge over Current assets on pari passu basis with other Member Banks in MBA. Collateral: Pari passu first charge on entire Fixed Assets of the company with other Member Banks in MBA Others Total limits of Rs.70.000 millions consist of CC/WCDL Rs.50.000 millions (with DDP cheque sublimit of Rs.5.000 millions and EPC/FBD sub limit of Rs.40.000 millions), LC(WC) Rs.10.000 millions and Bank Guarantee Rs.10.000 millions.
Short particulars of the property charged	1. Stock of Raw materials, Stock in process, Finished goods and other movable assets 2. Receivables/Book debts 3. Receivables/Book debts, Plant and Machinery (present and future) 4. immovable properties of the company admeasuring 1.30 acres out of 3.52 acres under SF No.98/3 (now subdivided as SF No.98/3C) situated at Kunnathur village (Arugampalayam), Avinashi Tk
Particulars of the present modification	Aggregate limits increased from Rs.64.000 millions to Rs.70.000 millions secured by Stock of raw materials, stock in process, finished goods, movable assets, book debts/receivables, plant and machinery and Equitable mortgage on the immovable properties of the company at Kunnathur village (Arugampalayam), Avinashi Taluk admeasuring 1.30 acres out of 3.52 acres under SF No.98/3 (now subdivided as SF No.98/3C)

FIXED ASSETS

· Land

· Buildings

· Machinery

· Dies and Tools

· Electrical Machinery

· Computers

· Furniture and Office Equipments

· Vehicles

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.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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	-

Maximum Credit Limit : USD 401000

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.