MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	PRATIBHA SHIPPING COMPANY LIMITED
Registered Office :	1201/02, Arcadia Building, 12^th Floor, NCPA Road, Nariman Point, Mumbai-400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.02.1995
Com. Reg. No.:	11-85742
Capital Investment / Paid-up Capital :	Rs.19.999 millions
CIN No.: [Company Identification No.]	U35110MH1995PLC085742
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Service Provider of Cargo Shipping
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 10000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for 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.

INFORMATION DECLINED BY

Name :	Mr. Barare
Designation :	Accounts Manager
Date :	07.11.2011

LOCATIONS

Registered Office :	1201/02, Arcadia Building, 12^th Floor, NCPA Road, Nariman Point, Mumbai-400 021, Maharashtra, India
Tel. No.:	91-22-22886002 / 3 / 4 / 22822224 / 5
Fax No.:	91-22-22886001
E-Mail :	pscl@pscl.org corporate@pscl.org accounts@pscl.org chartering@pcls.org operation@pscl.org technical@pscl.org purchase@pscl.org vetting@pscl.org personnel@pscl.org snp@pscl.org projects@pscl.org supprt@pscl.org
Website :	http://www.pscl.org

DIRECTORS

AS ON 30.08.2011

Name :	Mr. Sunil Anandrao Pawar
Designation :	Chairman and Managing Director
Address :	501, Laxmi Gopal CHS, Hatiskar Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India
Date of Birth/Age :	28.05.1963
Date of Appointment :	16.12.2002
DIN No. :	01195242

OTHER DIRECTORSHIP

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	U35110MH1995PLC085742	PRATIBHA SHIPPING COMPANY LIMITED	Managing director	11/07/2007	20/02/1995	-	Active	NO
2	U27107MH2007PTC171786	PRATIBHA STEEL PRIVATE LIMITED	Director	19/06/2007	19/06/2007	-	Active	NO
3	U45400MH2007PTC171847	PRATIBHA BUILDCON PRIVATE LIMITED	Director	20/06/2007	20/06/2007	-	Active	NO
4	U63013MH2007PTC171848	PRATIBHA LOGISTICS PRIVATE LIMITED	Nominee director	25/03/2008	20/06/2007	-	Active	NO
5	U91990MH1979GAP021664	INDIAN NATIONAL SHIPOWNERS ASSOCIATION	Director	28/09/2007	28/09/2007	-	Active	NO
6	U61200MH2008PTC182874	PRATIBHA OFFSHORE PRIVATE LIMITED	Director	30/05/2008	30/05/2008	-	Active	NO
7	U15425MH2008PTC183032	CHANDRABHAGA SUGARS PRIVATE LIMITED	Director	02/06/2008	02/06/2008	-	Active	NO
8	U11102MH2008PTC183901	PRATIBHA OIL AND NATURAL GAS PRIVATE LIMITED	Director	24/06/2008	24/06/2008	-	Active	NO
9	U35110MH1996PTC099344	PRATIBHA MARINE PRIVATE LIMITED	Nominee director	26/08/2010	15/12/2009	-	Active	NO
10	U45202MH2010PTC204930	PRATIBHA AIRPORT DEVELOPERS PRIVATE LIMITED	Director	28/06/2010	28/06/2010	-	Active	NO

Name :	Mr. Madan Anandrao Pawar
Designation :	Whole Time Director
Address :	At Post Pawarwad, Phaltan, Satara – 415 001, Maharashtra, India
Date of Birth/Age :	10.02.1957
Date of Appointment :	16.12.2002
DIN No. :	02313436

OTHER DIRECTORSHIP

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	U35110MH1995PLC085742	PRATIBHA SHIPPING COMPANY LIMITED	Whole-time director	21/11/2008	16/12/2002	-	Active	NO
2	U63013MH2007PTC171848	PRATIBHA LOGISTICS PRIVATE LIMITED	Nominee director	26/09/2009	15/07/2009	-	Active	NO

Name :	Mr. Sachin Keshav Chavan
Designation :	Director
Address :	2B-404, Devratna Nagar, Shrirang CHSL, Swadeshi Mills Road, Chunabhatti, Mumbai-400022, Maharashtra, India
Date of Birth/Age :	31.07.1965
Date of Appointment :	16.12.2002
DIN No. :	00182226

OTHER DIRECTORSHIP

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	U63032MH1996PTC097424	FLEET PERSONNEL PRIVATE LIMITED	Director	29/09/1997	29/09/1997	-	Active	NO
2	U35110MH1995PLC085742	PRATIBHA SHIPPING COMPANY LIMITED	Director	16/12/2002	16/12/2002	-	Active	NO
3	U35110MH1996PTC099344	PRATIBHA MARINE PRIVATE LIMITED	Nominee director	15/12/2009	30/03/2005	-	Active	NO
4	U63013MH2007PTC171848	PRATIBHA LOGISTICS PRIVATE LIMITED	Nominee director	25/03/2008	25/03/2008	-	Active	NO
5	U01400MH2010PTC206452	ANAND AGRO FARMS PRIVATE LIMITED	Director	10/08/2010	10/08/2010	-	Active	NO
6	U11102MH2008PTC183901	PRATIBHA OIL AND NATURAL GAS PRIVATE LIMITED	Director	30/08/2011	01/03/2011	-	Active	NO
7	U72900MH2011PTC219838	JACKFRUIT AND MANGO MEDIA PRIVATE LIMITED	Additional director	01/09/2011	01/09/2011	-	Active	NO

Name :	Mr. Nikanth Balkrishna Vidwans
Designation :	Director
Address :	14 Marathi Asmita CHS, 22 RDP 1, Sector – II, Charkop, Kandivali West, Mumbai-400067, Maharashtra, India
Date of Birth/Age :	12.01.1953
Date of Appointment :	16.12.2002
DIN No. :	00181828

OTHER DIRECTORSHIP

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	U35110MH1995PLC085742	PRATIBHA SHIPPING COMPANY LIMITED	Director	16/12/2002	16/12/2002	-	Active	NO
2	U35110MH1996PTC099344	PRATIBHA MARINE PRIVATE LIMITED	Nominee director	15/12/2009	30/03/2005	-	Active	NO
3	U27107MH2007PTC171786	PRATIBHA STEEL PRIVATE LIMITED	Director	19/06/2007	19/06/2007	-	Active	NO
4	U45400MH2007PTC171847	PRATIBHA BUILDCON PRIVATE LIMITED	Director	20/06/2007	20/06/2007	-	Active	NO
5	U63013MH2007PTC171848	PRATIBHA LOGISTICS PRIVATE LIMITED	Nominee director	25/03/2008	20/06/2007	-	Active	NO
6	U61200MH2008PTC182874	PRATIBHA OFFSHORE PRIVATE LIMITED	Director	30/05/2008	30/05/2008	-	Active	NO
7	U15425MH2008PTC183032	CHANDRABHAGA SUGARS PRIVATE LIMITED	Director	02/06/2008	02/06/2008	-	Active	NO
8	U11102MH2008PTC183901	PRATIBHA OIL AND NATURAL GAS PRIVATE LIMITED	Director	24/06/2008	24/06/2008	-	Active	NO
9	U01400MH2010PTC206452	ANAND AGRO FARMS PRIVATE LIMITED	Director	10/08/2010	10/08/2010	-	Active	NO

Name :	Mr. Suhas Anandrao Pawar
Designation :	Whole Time Director
Address :	1194/24, Chintamani Apartments, Ghole Road, Shivajinagar, Pune – 411 005, Maharashtra, India
Date of Birth/Age :	10.05.1961
Date of Appointment :	21.11.2008
DIN No. :	02479867

OTHER DIRECTORSHIP

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	U35110MH1995PLC085742	PRATIBHA SHIPPING COMPANY LIMITED	Director	12/02/2009	21/11/2008	-	Active	NO

Name :	Mr. Suresh Anandrao Pawar
Designation :	Whole Time Director
Address :	1, Chintamani Apartments, 1194/24, Shivajinagar, Ghole Road, Pune – 411 005, Maharashtra, India
Date of Birth/Age :	17.08.1959
Date of Appointment :	14.11.2009
DIN No. :	01752226

OTHER DIRECTORSHIP

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	U63012PN2004PTC020040	RHEA SHIPPING PRIVATE LIMITED	Director	17/12/2004	17/12/2004	-	Dormant	NO
2	U35110MH1995PLC085742	PRATIBHA SHIPPING COMPANY LIMITED	Whole-time director	26/08/2010	14/11/2009	-	Active	NO
3	U45202MH2010PTC204930	PRATIBHA AIRPORT DEVELOPERS PRIVATE LIMITED	Director	28/06/2010	28/06/2010	-	Active	NO
4	U35110MH1996PTC099344	PRATIBHA MARINE PRIVATE LIMITED	Nominee director	26/08/2010	26/08/2010	-	Active	NO
5	U11102MH2008PTC183901	PRATIBHA OIL AND NATURAL GAS PRIVATE LIMITED	Director	30/08/2011	01/03/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vitthal Maruti Chavan
Designation :	Company Secretary
Address :	205, R S M Boys Hostel, Near Bank of India, Bandra East, Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	20.08.1984
Date of Appointment :	16.07.2010
PAN No. :	AHVPC3216G
Name :	Mr. Barare
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.08.2011

Names of Shareholders	No. of Shares
Pratibha Madan Pawar	1
Sunil Anandrao Pawar	1099944
Suresh Anandrao Pawar	499974
Madan Anandrao Pawar	299984
Suhas Anandrao Pawar	99995
Nikanth Balkrishna Vidwans	1
Sachin Keshav Chavan	1
Total	1999900

AS ON 30.08.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of Cargo Shipping

GENERAL INFORMATION

Customers :

In the Indian Market

· Indian Oil Corporation

· Bharat Petroleum Corporation Limited

· Hindustan Petroleum Corporation Limited

· Mangalore Refinery and Petrochemicals Limited

· Haldia Petrochemicals Limited

· Reliance Industries Limited

· ESSAR Oil Limited

In the World Market

· VITOL Energy

· Iran Petrochemical Commercial Company, Tehran

· Winsway International Petroleum and Chemicals Limited

· Glencore - Crude Oil and Oil Products

· Abu Dhabi National Oil Company

· Chemoil

· Hinchest Energy Pte. Limited, Singapore

· Galana Petroleum

· Shell global

· State Trading Corporation – Mauritius

· Petrosummit

· Mansel Oil Limited, Bermuda

No. of Employees :

Not Available

Bankers :

· Corporation Bank

Overseas Branch, I Floor, Earnest House, NCPA Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India

· The Saraswat Co-operative Bank Limited

1^st Floor, A Wing, Mittal Court, Mumbai – 400 021, Maharashtra, India

· The Cosmos Co Operative Bank Limited, Neelkanth Society, 32/34, D L Vaidya Road, Dadar (West), Mumbai 400028, Maharashtra, India

· State Bank of India

· State Bank of Hyderabad

· Axis Bank Limited

· The Cosmos Co-op. Bank Limited

· Yes Bank Limited

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Term Loans from Banks (Secured by mortgage of a specific ships and lien of Fixed Deposit)	2741.911	3049.518
Interest Accrued and due on term loans	6.075	22.392
Total	2747.986	3071.910

Banking Relations :	--
Auditors :
Name :	L V Srinivasan and Associates Chartered Accountant
Address :	Building No. 38, A Wing, Flat No. 106, Kripanilaya CHS, Tilak Nagar, Chembur, Mumbai – 400 089, Maharashtra, India
Subsidiaries :	· Pratibha Logistics Private Limited CIN No. : U63013MH2007PTC171848 · Pratibha Offshore Private Limited CIN No. : U61200MH2008PTC182874 · Pratibha Oil and Natural Gas Private Limited CIN No. : U11102MH2008PTC183901 · Chandrabhaga Sugars Private Limited CIN No. : U15425MH2008PTC183032 · Pratibha Marine Private Limited CIN No. : U35110MH1996PTC099344

CAPITAL STRUCTURE

AS ON 26.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1999900	Equity Shares	Rs.10/- each	Rs.19.999 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		19.999	19.999	19.999
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2519.615	1969.493	1211.737
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2539.614	1989.492	1231.736
LOAN FUNDS
1] Secured Loans		2747.986	3071.910	1754.962
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2747.986	3071.910	1754.962
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5287.600	5061.402	2986.698
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4320.885	4677.300	2479.475
Capital work-in-progress		100.576	0.000	28.270
INVESTMENT		174.944	174.924	170.425
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	40.807	68.406	55.270
	Sundry Debtors	158.584	234.023	101.613
	Cash & Bank Balances	283.066	217.480	193.176
	Other Current Assets	6.564	11.716	22.509
	Loans & Advances	627.602	442.185	297.999
Total Current Assets		1116.623	973.810	670.567
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	219.350	450.550	251.482
	Other Current Liabilities	193.229	305.080	78.478
	Provisions	12.849	9.002	32.079
Total Current Liabilities		425.428	764.632	362.039
Net Current Assets		691.195	209.178	308.528
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5287.600	5061.402	2986.698

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income from Operations	2949.436	2829.876	1709.331
		Other Income	50.836	21.988	17.910
		Profit on Sale of Assets	0.000	0.000	199.367
		TOTAL (A)	3000.272	2851.864	1926.608
Less	EXPENSES
		Operating Expenses	1261.543	1173.905	886.123
		Administrative and Other Expenses	132.618	129.804	73.917
		Drydock Expenses	254.799	0.000	0.000
		TOTAL (B)	1648.960	1303.709	960.040
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1351.312	1548.155	966.568
Less	INTEREST ON TERM LOANS (D)		278.645	308.605	223.146
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1072.667	1239.550	743.422
Less/ Add	DEPRECIATION/ AMORTISATION (F)		519.694	472.792	305.156
	PROFIT BEFORE TAX (E-F) (G)		552.973	766.758	438.266
Less	TAX (H)		8.169	4.323	27.173
	PROFIT AFTER TAX (G-H) (I)		544.804	762.435	411.093
Add	PRIOR PERIOD ADJUSTMENT		9.998	0.000	0.000
Less	TRANSFERRED TO TONNAGE TAX RESERVE		110.594	153.351	47.780
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1251.641	723.480	406.182
Less	APPROPRIATIONS
		Transfer to General Reserve	54.480	76.243	41.109
		Proposed Dividend on Equity Shares	4.000	4.000	4.000
		Tax on Dividend	0.680	0.680	0.906
	BALANCE CARRIED TO THE B/S		1636.689	1251.641	723.480
	EARNINGS IN FOREIGN CURRENCY		723.500	750.900	724.300
	Earnings Per Share (Rs.)		272.42	381.24	205.56

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	18.16	26.73	21.34
Net Profit Margin (PBT/Sales)	(%)	18.75	27.10	25.64
Return on Total Assets (PBT/Total Assets}	(%)	10.17	13.57	13.91
Return on Investment (ROI) (PBT/Networth)		0.22	0.39	0.36
Debt Equity Ratio (Total Liability/Networth)		1.25	1.93	1.72
Current Ratio (Current Asset/Current Liability)		2.62	1.27	1.85

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs. In Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	219.350	450.550	251.482

NOTE

The Registered Office of the company has been shifted from Nariman Point, Mumbai – 400 021, Maharashtra, India to the present address w.e.f. 28.08.2006.

FINANCIAL PERFORMANCE

During the financial year, the performance of the Company was satisfactory. The income from operations has increased from Rs.2829.876 millions to Rs.2949.436 millions registering growth of 4.22% over the previous year. During the year, the operating expenses increased to Rs.1261.543 millions from Rs.1173.905 millions in the previous year. The profit after tax decreased to Rs.554.802 millions against Rs.762.435 millions - in the previous year. The amount of Depreciation provided during financial year is Rs.519.694 millions against Rs.472.792 millions - in the previous year. The Directors are confident of maintaining the path of progress in the current year.

OPERATIONS

The Company presently owns and/operates eight vessels namely Pratibha Cauvery, Pratibha Indrayani, Pratibha Chandrabhaga, Pratibha Warna, Pratibha Tapi, Pratibha Neera, Pratibha Koyna and Pratibha Bheema. The vessel Pratibha Narmada is owned by Pratibha Logistics Private Limited, a Wholly Owned Subsidiary of the Company and she is undergoing conversion from oil tanker in to bulk carrier at COSCO (Lianyungang) Shipyard Co. Limited, Lianyungang, China.

During the year, Pratibha Tapi, Pratibha Neera and Pratibha Warna successfully completed dry-docking at Colombo Shipyard. Pratibha Cauvery completed dry-docking in June 2010 at Colombo Shipyard.

SUBSIDIARY COMPANIES

The Company has the following Wholly Owned Subsidiaries as on March 31, 2010:

· Pratibha Logistics Private Limited

· Pratibha Offshore Private Limited

· Pratibha Oil and Natural Gas Private Limited

· Chandrabhaga Sugars Private Limited

· Pratibha Marine Private Limited

During the year, Pratibha Logistics Private Limited, a Wholly Owned Subsidiary Company has allotted 1,25,000 equity shares at Rs.40/- per share and 41,25,000 0% Redeemable Preference Shares at Rs.40/- per share to the Company against the share application money.

The Company has acquired the balance 80% shares of Pratibha Marine Private Limited. Thus, Pratibha Marine Private Limited has become 100% subsidiary of Pratibha Shipping Company Limited.

FORM 8

Corporate identity number of the company	U35110MH1995PLC085742
Name of the company	PRATIBHA SHIPPING COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	1201/02, Arcadia Building, 12^th Floor, NCPA Road, Nariman Point, Mumbai-400 021, Maharashtra, India
This form is for	Creation of charge
Type of charge	Ship
Particular of charge holder	The Cosmos Co Operative Bank Limited, Neelkanth Society, 32/34, D L Vaidya Road, Dadar (West), Mumbai 400028, Maharashtra, India Email: jitendra.amberkar@cosmosbank.in
Nature of instrument creating charge	Deed of Mortgage dated 03/10/2011
Date of instrument Creating the charge	03.10.2011
Amount secured by the charge	Rs. 250.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest @ 13.00 % p.a.(floating) Terms of repayment Monthly installment of Rs.59,01,600/- (period 57 months + 3 months moratorium period) Margin Extent and operation of the charge Additional first charge on vessel Pratibha Cauvery, Additional 2nd pari passu charge on vessel Pratibha Chandrabhaga and 2nd charge on vessel Pratibha Indrayani.
Short particulars of the property charged (Including location of the property)	MT PRATIBHA CAUVERY official no.2840, MT PRATIBHA CHANDRABHAGA official no.3157 and MT PRATIBHA INDRAYANI official no. 3158

FIXED ASSETS

· Ships

· Furniture and Fixtures

· Computers

· Office Equipments

· Vehicles

· Electrical Installation

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	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		52

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.