1. Summary Information

		Country	India
Company Name	Kusumgar Corporates Private Limited	Principal Name 1	Mr. Yogesh K Kusumgar
Status	Satisfactory	Principal Name 2	Mr. Siddhart Y Kusumgar
		Registration #	11-56871
Street Address	101, Manjushree, V. M. Road, Corner of N. S. Road No.5, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Established Date	15.06.1990	SIC Code	--
Telephone#	91-22-26184341/ 26184350/ 61125100	Business Style 1	Manufacturer
Fax #	91-22-26115651	Business Style 2	--
Homepage	http://www.kusumgar.com	Product Name 1	Textile Materials
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.19,900,000/-	Product Name 3	--
Shareholders	Director / Relatives of Directors – 100%	Banking	Bank of Baroda
Public Limited Corp.	No	Business Period	21 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	149,920,000	Current Liabilities	61,072,000
Inventories	75,406,000	Long-term Liabilities	309,563,000
Fixed Assets	503,413,000	Other Liabilities	23,652,000
Deferred Assets	0,000,000	Total Liabilities	394,287,000
Invest& other Assets	26,088,000	Retained Earnings	320,640,000
		Net Worth	360,540,000
Total Assets	754,827,000	Total Liab. & Equity	754,827,000
Total Assets (Previous Year)	545,722,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	Not Available	Net Profit	Not Available
Sales(Previous yr)	Not Available	Net Profit(Prev.yr)	Not Available

MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	KUSUMGAR CORPORATES PRIVATE LIMITED
Formerly Known As :	KUSUMGAR FINSTOCKS PRIVATE LIMITED
Registered Office :	101, Manjushree, V. M. Road, Corner of N. S. Road No.5, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.06.1990
Com. Reg. No.:	11-56871
Capital Investment / Paid-up Capital :	Rs.19.900 Millions
CIN No.: [Company Identification No.]	U65990MH1990PTC056871
TAN No.: [Tax Deduction & Collection Account No.]	MUMM19576E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Textile Materials.
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

Maximum Credit Limit :	USD 1440000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. 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. Profit and Loss Accounts of the company is not available.

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

LOCATIONS

Registered Office :	101, Manjushree V M Road, Corner of N S Road No 5, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-26184341/ 26184350/ 61125100
Fax No.:	91-22-26115651
E-Mail :	vjbhatt@kusumgar.com jjkandco@gmail.com info@kusumgar.com
Website :	http://www.kusumgar.com
Factory 1	Vasundhara Canin, Near Pardi Railway Station, Valsad – 396125, Gujarat, India
Factory 2	Plot No.2834, Phase-3, G.I.D.C., Umbergaon, District Valsad 396171, Gujarat, India

DIRECTORS

(AS ON 28.09.2010)

Name :

Mr. Yogesh K Kusumgar

Designation :

Director

Address :

Pransu 22 Jaihind Society East-West Road No.2, Vile Parle Development Scheme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

26.12.1940

Date of Appointment :

15.06.1990

PAN No.:

AADPK8396G

DIN No.:

01080769

Other Directorship :

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	U29262MH1984PTC033194	SHUBITA FABRICS PRIVATE LIMITED	Director	26-06-84	26-06-84	Active	NO
2	U17100MH1985PTC036626	PRIYA FABRICS PRIVATE LIMITED	Director	19-06-85	19-06-85	Active	NO
3	U17114GJ1990PTC013251	KUSUMGAR TECHNOMIC FABRICS PRIVATE LIMITED	Director	18-01-90	18-01-90	Active	NO
4	U65990MH1990PTC056871	KUSUMGAR CORPORATES PRIVATE LIMITED	Director	15-06-90	15-06-90	Active	NO
5	U34201GJ1921PTC000055	V.B.KUSUMGAR AND COMPANY PRIVATE LIMITED	Director	16-07-90	16-07-90	Active	NO
6	U17120MH2009PTC191201	SAATI KUSUMGAR INDIA PRIVATE LIMITED	Director	24-03-09	24-03-09	Active	NO

Name :

Mr. Siddhart Y Kusumgar

Designation :

Director

Address :

Pransu 22 Jaihind Society East-West Road No.2, Vile Parle Development Scheme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

07.05.1976

Date of Appointment :

01.08.2000

PAN No.:

AACPK3938M

DIN No.:

01676799

Other Directorship :

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	U29262MH1984PTC033194	SHUBITA FABRICS PRIVATE LIMITED	Director	02-06-97	02-06-97	Active	NO
2	U17100MH1985PTC036626	PRIYA FABRICS PRIVATE LIMITED	Director	20-02-98	20-02-98	Active	NO
3	U65990MH1990PTC056871	KUSUMGAR CORPORATES PRIVATE LIMITED	Director	01-08-00	01-08-00	Active	NO
4	U34201GJ1921PTC000055	V.B.KUSUMGAR AND COMPANY PRIVATE LIMITED	Director	01-08-01	01-08-01	Active	NO
5	U17120MH1984PTC034862	CONCORD SILK MILLS PRIVATE LIMITED	Director	03-09-03	03-09-03	Active	NO
6	U17120MH1985PTC037950	CONCORD WEAVING PREPARATORY PRIVATE LIMITED	Director	03-09-03	03-09-03	Active	NO
7	U17120MH2009PTC191201	SAATI KUSUMGAR INDIA PRIVATE LIMITED	Managing director	01-01-10	24-03-09	Active	NO

Name :

Mr. Kiran N Shah

Designation :

Director

Address :

377 Smit Kiran, SV Road, Vile Parle (West), Juhu Scheme, Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

05.09.1950

Date of Appointment :

22.09.2008

PAN No.:

AAFPS2322C

DIN No.:

01082755

Other Directorship :

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	U29262MH1984PTC033194	SHUBITA FABRICS PRIVATE LIMITED	Director	26-06-84	26-06-84	Active	NO
2	U17100MH1985PTC036626	PRIYA FABRICS PRIVATE LIMITED	Director	19-06-85	19-06-85	Active	NO
3	U17120MH1985PTC037950	CONCORD WEAVING PREPARATORY PRIVATE LIMITED	Director	03-09-03	03-09-03	Active	NO
4	U65990MH1990PTC056871	KUSUMGAR CORPORATES PRIVATE LIMITED	Director	22-09-08	22-09-08	Active	NO

Name :

Mr. Jayant Gosalia

Designation :

Director

Address :

A/31, 7^th Floor, Laxman Building, Azad Road, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

11.04.1950

Date of Appointment :

22.09.2008

PAN No.:

AAKPG7794F

DIN No.:

02394264

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2010)

Names of Shareholders	No. of Shares
Yogesh K Kusumgar (HUF)	102166
Yogesh K Kusumgar	28667
Siddhart Y Kusumgar	26667
Indu Y Kusumgar	24000
Sapna S Kusumgar	9000
Siddhart Y Kusumgar (HUF)	8500
TOTAL	199000

(AS ON 30.09.2010)

Equity shares Break – Up

Category	Percentage
Director / Relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Textile Materials.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· Bank of Baroda Vile Parle (West) Branch, Somaiya Sadan, D J Road, Mumbai – 400056, Maharashtra, India · Saraswat Co-Operative Bank Limited · State Bank of India, MID Corporate Loan Administration Unit, Andheri (West), Mumbai – 400053, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	K B Mehta and Company Chartered Accountants
Address :	106, Unique Apartment, Irla, SV Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
PAN No.:	AABFM9871E
Name :	Chaturvedi Sohan and Company Chartered Accountants
Address :	320, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
PAN No.:	AABFC7158A

CAPITAL STRUCTURE

(AS ON 28.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Share	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
199000	Equity Share	Rs.100/- each	Rs.19.900 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		19.900	9.900	0.103
2] Share Application Money		20.000	60.000	0.000
3] Reserves & Surplus		320.640	249.389	17.713
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		360.540	319.289	17.816
LOAN FUNDS
1] Secured Loans		229.061	59.473	5.759
2] Unsecured Loans		80.502	94.485	8.370
TOTAL BORROWING		309.563	153.958	14.129
DEFERRED TAX LIABILITIES		15.962	5.026	0.119
TOTAL		686.065	478.273	32.064
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		503.413	299.247	11.215
Capital work-in-progress		26.078	39.959	0.000
INVESTMENT		0.010	0.010	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.406	89.274	11.789
	Sundry Debtors	99.908	84.643	12.290
	Cash & Bank Balances	10.990	7.110	0.384
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	39.022	25.479	10.206
Total Current Assets		225.326	206.506	34.669
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	61.072	53.865	8.167
	Other Current Liabilities	7.690	13.584	0.357
	Provisions			5.296
Total Current Liabilities		68.762	67.449	13.820
Net Current Assets		156.564	139.057	20.849
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		686.065	478.273	32.064

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	1.05	0.69	1.57
Current Ratio (Current Asset/Current Liability)	3.28	3.06	2.51

LOCAL AGENCY FURTHER INFORMATION

NOTE:

Registered office of the company has been shifted from 14/15, Aradhana Apartments, Besant Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India, to the present address w.e.f. 14.01.2010.

FORM 8:

Name of the company

KUSUMGAR FINSTOCKS PRIVATE LIMITED

Presented By

Bank of Baroda – Vile Parle (West) Branch, Mumbai – 400056.

1) Date and description of instrument creating the change

Hypothecation Agreement Dated : 23.03.1998

2) Amount secured by the charge/amount owing on the securities of charge

Rs.2.000 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

The whole of the Borrower’s stocks both present and future and including but without prejudice to the generally of the foregoing words all stocks of the raw materials, work in progress, semi finished goods and finished goods such as yarn chemicals, semi finished and finished cotton and synthetic fabrics packing materials and stores, etc. whatsoever and whosesoever situate and / or in transit whether now belonging to or that may at any time during the continuance of this security belong to the by any party anywhere to the order and disposition of the Borrower.

All the present and future book-debts outstanding monies, receivables, claims, bills, contracts, engagements and securities which may at any time hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, firm, company or body corporate or the government or Indian Railways or any Government Department or office or any Municipal or Local or Public or Semi-Government body or authority whatsoever including those relating to the assets leased out and/or given on hire purchase basis.

All the tangible movable machinery and plant and cranes, boats and craft and the vehicles of the borrower together with spares, tools and accessories and other movables both future and present, and the furniture fixtures and fittings and office equipments whether lying loose or in cases which are now lying or stored in or about or shall be brought into or be stored or be in or upon or about the borrower’s premises and Godowns or whether else the same may be or be held by any party to the order or disposition of the borrower relating or pertaining to the Borrower’s works at Vasundhara Canning Compound, Pardi, District, Bulsar.

4) Gist of the terms and conditions and extent and operation of the charge.

The charge is created to secure following credit facilities together with interest / commission and margin:

Nature of Facility	Interest/ Commission	Margin
Cash Credit (Hypothecation of Stocks – Rs.0.700 Million)	PLR + 4%	25%
Cash Credit (Hypothecation of Book-debts – Rs.0.800 Million)	PLR + 4%	30%
Import L/C (sight) – Rs.0.500 Million	Commission as per Banks FEDAI guidelines	25%

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda – Vile Parle (W) Branch, Mumbai – 400056.

6) Date and brief description of instrument modifying the charge

Hypothecation Agreement dated 25.01.2005

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

The charge is modify to secure following credit facilities together with interest/commission and margin :

Nature of Facility	Interest/ Commission	Margin
Cash Credit (Hypothecation of Stocks and Book-Debts – Rs.1.500 Millions) [Cash Credit (Hypothecation of Stocks – Rs.0.700 Million) and Book-debts – Rs.0.800 Million merged together ]	0.50% OBPLR Min – 11.00%p.a. with monthly rest	25%
Inland / Import L/C (DP/DA 90 Circulars days – Rs.3.500 Millions (increased from Rs.0.500 Million)	As per circulars	25%

The overall increase of Rs.3.000 Millions i.e. the charge is increased from Rs.2.000 Millions to Rs.5.000 Millions

Corporate identity number of the company	U65990MH1990PTC056871
Name of the company	KUSUMGAR CORPORATES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	101, Manjushree, V.M. Road, Corner of N.S.Road No.5,JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India vjbhatt@kusumgar.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10176203
Type of charge	Immovable Property
Particular of charge holder	State Bank of India Industrial Finance Branch, Snehal Chambers, Telli Gally, Andheri (East), Mumbai – 400069, Maharashtra, India kanchan.nevgi@sbi.co.in
Nature of instrument creating charge	Memorandum of deposit for creation of further charge for term loan/overall limit where the initial charge is created by way of mortgage by deposit of title deeds.
Date of instrument Creating the charge	07.01.2011
Amount secured by the charge	Rs.493.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: DCC- At 4.75% above BR ie 12.35% pa with mon rests as against the app pricing to a unit rated SB-5 (ie 6% above BR ie 13.60% p.a. and existing pricing of 2.50% above SBRA ie 15% pa. Term of Repayment: Demand for Banks. The term loan of Rs.230.000 Millions (Reduction in TLII i.e. from Rs.250.000 Millions to Rs.230.000 Millions). Margin: RM Domestic - 25%, RM Imported - 25%, SIP - 40%, FG - 33%, BD (Cover period 90 days) - 30%, BG - 15%, LC - 15%, EPC - 10%, LC (Inland/Import) - 15% Note - RBI's directives on margin import LC and Margin on and holding of imported raw materials will be adhered to. Extent and Operation of the charge: Security to cover principal amount together with interest, costs, charges and expenses etc. Others: FB - DCC - Rs.135.000 Millions, EPC/PCFC - (Rs.20.000 Millions), EBD/ EBR - (Rs.20.000 Millions), Total FBWC Limit - Rs.135.000 Millions, TL I - Rs.24.400 Millions, TL II (TUFs) - Rs.230.000 Millions, Total FB - Rs.389.400 Millions, NFB - LC - Rs.50.000 Millions, BG - Rs.50.000 Millions Total NFB - Rs.100.000 Millions, Total Off Balance Sheet Exposure - Rs.4.000 Millions, Total FB + NFB + Off B/S - Rs.493.400 Millions. All other terms and conditions as per the sanctioned letter and loan agreement.
Particulars of the property charged	Plot No. 2724 - All that piece and parcel of Industrial Plot No. 2724, bearing Survey No. 126/P, adm / (1408 sq. mtrs) on situated a Village Umbergaon GIDC, Tal Umbergaon, District Valsad. Plot No. 2834 - All that piece and parcel of Industrial Plot No. 2834, bearing Survey No. 185/p, adm/ (2717 sq. mtrs) on situated a Village Umbergaon GIDC, Tal Umbergaon, District Valsad. Plot No. 1809 All that piece and parcel of Industrial Plot No. 1809, bearing Survey No. 22/P, and 23/P adm / (5000 sq. mtrs) on situated a Village Vapi Ind Area, Village Chhiri, Taluka Pardi, District Valsad Plot No. 901 Vasundhara Compound Pardi All that piece and parcel of adm (H.0-16-81 sq. mtrs) on land of Survey No. 901/2, situated a Village Umarsadi, Taluka Pardi, District Valsad Plot No. 40/P4 All that piece and parcel of bearing Survey No. 40/P4, adm (H.2-08-59 sq. mtrs) on situated a Village Palgam, Taluka Umbergaon, District Valsad Plot No. 40/P6 All that piece and parcel of bearing Survey No. 40/P6, adm (H.1-94-02 sq. mtrs) on situated a Village Palgam, Taluka Umbergaon, District Valsad Plot No. 40/p7 All that piece and parcel of bearing Survey No. 40/p6, adm (H.2-12-58 sq. mtrs) on situated a Village Palgam, Taluka Umbergaon, District Valsad Plot No. 40/P7 All that piece and parcel of bearing Survey No. 40/P6, adm (0-12-02 sq. mtrs) on situated a Village Palgam, Taluka Umbergaon, District Valsad
Particulars of the present modification	The Borrowers by way of equitable mortgage by deposit of title deeds of Immovable properties at Described Point No. 15 has provided further security to secure the Loan Facility of Rs.493.400 Millions.

WEBSITE DETAILS

ABOUT US

Kusumgar Corporates has over 200 technical highly-skilled and experienced employees. This includes R and D personnel, floor technicians, field workers, as well as a managing staff engaged in production planning, marketing, sales administration and account representatives, to bring you the finest quality technical textiles in India.

They use only the most advanced conventional shuttle looms, Dornier Rigid Rapier Looms, as well as Sulzer Flexible Rapier Looms and Sulzer Projectile Weaving Machines. It all begins with a wide variety of specialty textiles and fabric materials including: synthetic filament yarns ranging from conventional polyamide and polyester yarns to specialty rayon, polyamide and polyester filament yarns to poly-aramid yarns.

Kusumgar weaves fine denier from 30D to as coarse as 3000D yarns.They can also weave widths up to 5 meters and supply fabric rolls of 2000 meters without joints and supply fabrics in slitted form with heat sealed selvedges in desired widths to meet specific client needs.

The plant is equipped with a processing facility for scouring, bleaching, dyeing and printing with open and closed jiggers, jet dyeing machines and stenters with both pin and clip facilities. Coating and laminating are available for various polymers such as: vinyl, acrylics, urethanes, silicones, etc. Coatings are imparted by air knife, knife-over-roll and gravure system. A quality control lab, equipped with a yarn and fabric tensile tester, air porosity machine, fire retardant tester, hydrostatic dome and head tester, to name a few, ensure every customer's satisfaction.

Kusumgar Corporates recognizes that continuous infrastructural development is a key to success in any industry. Over the years they have implemented a full-scale R and D laboratory, manufacturing/weaving facilities along with a processing and finishing plant, redefining the role from a weaver and coater to a total textile solution provider.

PROFILE

Subject is a ISO 9001: 2008 certified Indian icon in The Technical Textiles and Specialty Textiles genre, encompassing a wide spectrum of industrial fabrics products and technical applications.

A team of diverse capabilities in research and development, production, marketing, quality assurance and operating systems at Kusumgar Corporates work cohesively to achieve total customer satisfaction.

We are a leading manufacturer in Specailty Textiles and Industrial Fabrics that include cordura fabrics, custom fabrics, geo-synthetics, recreational fabrics, parachute fabrics, protective fabrics, ballistic fabrics, filter fabrics, parasail fabrics, impression fabrics, medical textile fabrics,

With diversity and dynamism as the fundamental features, the company has redefined its role from being a weaver and coater of niche, value added Technical Textiles to a Knowledge Provider and a Total Solutions provider in the complexed Technical Textiles Manufacturing business in India.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Motor Cycle

· Office Equipment

· Computer

· Cwip – Mumbai

· Air Conditioner

· Building

· Electrical Installation

· Furniture and Fixtures

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] 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	No
--AFFILIATION	YES/NO	No
--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	-

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.