MIRA INFORM REPORT

Report Date :

07.10.2011

IDENTIFICATION DETAILS

Name :	BLS ECOTECH LIMITED (w.e.f. 29.10.2010)

Registered Office :	910 Indraprakash Building, 21 Barashamba Road, New Delhi-110001, Delhi

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	21.01.1999

Com. Reg. No.:	55-098024

Capital Investment / Paid-up Capital :	Rs.116.816 millions

CIN No.: [Company Identification No.]	U74899DL1999PLC098024

TAN No.: [Tax Deduction & Collection Account No.]	DELB06913E

PAN No.: [Permanent Account No.]	AABC1732A

Legal Form :	A closely held public limited liability company

Line of Business :	Supplier high-quality, re-processed plastic raw materials to the manufacturing industry.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 759000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

LOCATIONS

Registered Office :	910 Indraprakash Building, 21 Barashamba Road, New Delhi-110001, Delhi
Tel. No.:	91- 11- 23765017/18 / 23730252
Fax No.:	91- 11- 23755264
E-Mail :	CSDHARM@GMAIL.COM MKAGGA@GMAIL.COM info@blsecotech.com
Website :	http://www.blsecotech.com

DIRECTORS

As on 29.09.2010

Name :

Mr. Vinod Aggarwal

Designation :

Director

Address :

04 Shankaracharya Marg, Civil Lines, New Delhi- 110054, Delhi, India

Date of Birth/Age :

25.06.1954

Date of Appointment :

21.01.2003

Din No:

00135390

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	U74899DL1994PLC059337	VINSUL MAKARDI LIMITED	Director	6/11/1994	6/11/1994	-	Active	NO
2	U24111DL1991PLC042745	BLS POLYMERS LIMITED	Director	1/1/2009	1/4/1995	-	Active	NO
3	U74899DL1995PLC073710	B. L. AND SONS LIMITED	Director	9/11/1995	9/11/1995	-	Active	NO
4	L51909DL1985PLC021396	BASANT INDIA LIMITED	Director	28/03/2000	28/03/2000	-	Active	NO
5	U74899DL1999PLC098024	BLS ECOTECH LIMITED	Director	21/01/2003	21/01/2003	-	Active	NO
6	U74999DL2003PLC118836	BLS INFRASTRUCTURE LIMITED	Director	6/2/2003	6/2/2003	-	Active	NO
7	L51909DL1983PLC016907	BLS INTERNATIONAL SERVICES LIMITED	Director	15/03/2005	15/03/2005	-	Active	NO
8	U65910DL2006PTC153893	BLS DIGITAL CINEMATICS PRIVATE LIMITED	Director	16/09/2006	16/09/2006	-	Active	NO
9	U63000DL2010PTC198248	BLS TRAVEL AND LOGISTICS PRIVATE LIMITED	Director	21/01/2010	21/01/2010	-	Active	NO
10	U93000DL2010PTC211064	BLS DETECTIVES SERVICES PRIVATE LIMITED	Director	3/12/2010	3/12/2010	-	Active	NO

Name :

Mr. Madhukar Aggarwal

Designation :

Director

Address :

04 Shankaracharya Marg, Civil Lines, New Delhi- 110054, Delhi, India

Date of Birth/Age :

13.03.1961

Date of Appointment :

21.01.2003

Din No:

00144736

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	U24111DL1991PLC042745	BLS POLYMERS LIMITED	Whole-time director	1/1/2009	20/06/1991	-	Active	NO
2	U74899DL1994PLC059337	VINSUL MAKARDI LIMITED	Director	1/6/1994	1/6/1994	-	Active	NO
3	U74899DL1995PLC073710	B. L. AND SONS LIMITED	Director	9/11/1995	9/11/1995	-	Active	NO
4	U74899DL1994PTC057140	ALPHA PLUS CREDIT AND SECURITIES PRIVATE LIMITED	Director	7/11/1996	7/11/1996	-	Active	NO
5	L51909DL1985PLC021396	BASANT INDIA LIMITED	Director	28/03/2000	28/03/2000	-	Active	NO
6	U45400DL1993PTC052277	HILLMAN PROPERTIES PRIVATE LIMITED	Director	29/09/2001	29/09/2001	-	Active	NO
7	U74899DL1999PLC098024	BLS ECOTECH LIMITED	Managing director	1/1/2009	21/01/2003	-	Active	NO

Name :

Mr. Sushil Aggarwal

Designation :

Director

Address :

04 Shankaracharya Marg, Civil Lines, New Delhi- 110054, Delhi, India

Date of Birth/Age :

09.03.1957

Date of Appointment :

21.01.1999

Din No:

00144645

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	U24111DL1991PLC042745	BLS POLYMERS LIMITED	Director	20/06/1991	20/06/1991	-	Active	NO
2	U74899DL1994PTC057139	FRAGRENCE CREDITS AND SECURITIES PRIVATE LIMITED	Director	11/4/1994	11/4/1994	29/12/2008	Active	NO
3	U74899DL1994PLC059337	VINSUL MAKARDI LIMITED	Director	1/6/1994	1/6/1994	-	Active	NO
4	U74899DL1995PLC073710	B. L. AND SONS LIMITED	Director	9/11/1995	9/11/1995	-	Active	NO
5	U74899DL1999PLC098024	BLS ECOTECH LIMITED	Director	21/01/1999	21/01/1999	-	Active	NO
6	U74899DL1989PTC035684	V S ESTATES PRIVATE LIMITED	Director	29/09/2001	29/09/2001	-	Active	NO
7	U74999DL2003PLC118836	BLS INFRASTRUCTURE LIMITED	Director	6/2/2003	6/2/2003	-	Active	NO Bottom of Form

Name :

Mr. Diwakar Aggarwal

Designation :

Director

Address :

04 Shankaracharya Marg, Civil Lines, New Delhi- 110054, Delhi, India

Date of Birth/Age :

25.02.1963

Date of Appointment :

27.08.2001

Din No:

00144645

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	U24111DL1991PLC042745	BLS POLYMERS LIMITED	Managing director	1/1/2009	20/06/1991	-	Active	NO
2	U74899DL1994PLC059337	VINSUL MAKARDI LIMITED	Director	1/6/1994	1/6/1994	-	Active	NO
3	U74899DL1995PLC073710	B. L. AND SONS LIMITED	Director	9/11/1995	9/11/1995	-	Active	NO
4	U74899DL1994PTC057140	ALPHA PLUS CREDIT AND SECURITIES PRIVATE LIMITED	Director	7/11/1996	7/11/1996	-	Active	NO
5	U74899DL1999PLC098024	BLS ECOTECH LIMITED	Director	27/08/2001	27/08/2001	-	Active	NO
6	U65921DL1993PTC052477	WONDER ROCK FINANCE AND INVESTMENT PRIVATE LIMITED	Director	29/09/2001	29/09/2001	-	Active	NO
7	U74999DL2003PLC118836	BLS INFRASTRUCTURE LIMINTED	Director	6/2/2003	6/2/2003	-	Active	NO
8	L51909DL1983PLC016907	BLS INTERNATIONAL SERVICES LIMITED	Director	1/1/2009	15/03/2005	-	Active	NO

Name :

Mr. Karan Aggarwal

Designation :

Director

Address :

04 Shankaracharya Marg, Civil Lines, New Delhi- 110054, Delhi, India

Date of Birth/Age :

08.10.1986

Date of Appointment :

10.06.2010

Din No:

02030873

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	U74999DL2003PLC118836	BLS INFRASTRUCTURE LIMITED	Director	25/09/2008	12/2/2008	-	Active	NO
2	U67190DL1996PLC076567	BLS FINVEST LIMITED	Director	24/08/2009	1/10/2008	-	Active	NO
3	U24111DL1991PLC042745	BLS POLYMERS LIMITED	Whole-time director	1/1/2009	7/10/2008	-	Active	NO
4	U74899DL1995PTC073996	GRB FINVEST PRIVATE LIMITED	Director	24/08/2009	24/08/2009	-	Active	NO
5	U74899DL1995PTC073856	JU FINVEST PRIVATE LIMITED	Director	24/08/2009	24/08/2009	-	Active	NO
6	U74899DL1999PLC098024	BLS ECOTECH LIMITED	Director	29/09/2010	10/6/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders		No. of Shares
Vinod Aggarwal S/o Late Shri. J.P. Aggarwal		724200
Sushil Aggarwal S/o Late Shri. J.P. Aggarwal		750500
Diwakar Aggarwal S/o Late Shri. J.P. Aggarwal		715100
Madhukar Aggarwal S/o Late Shri. J.P. Aggarwal		1405200
Gaurav Aggarwal S/o Shri. Vinod Aggarwal		100
M/s R.M. Electricals Private Limited, India		120000
M/s Sahil Agency Private Limited, India		100000
M/s Saphire Entrade Limited, India
M/s Satwant Singh Sodhi Cons. Private Limited, India		300000
M/s Satyam Hi Fab Limited, India		100000
M/s Scud Marketing Private Limited, India		100000
M/s Shikhar Marketing (P) private Limited, India		50000
M/s S.J. Hosiery Private Limited, India		100000
M/s Swek High Tech. Engg. Private Limited, India		100000
M/s Tidy Textile private Limited, India		250000
M/s T.M. Advertiser Private Limited, India		50000
M/s Toshna Investment Private Limited, India		100000
M/s Transpan Financial Services, India		100000
M/s Treasure House exports Private Limited, India		100000
M/s Vardhman Holding and Trading Private Limited, India		100000
M/s Vardhman Finlease Investment Private Limited, India		100000
M/s VRP Consultants Private limited, India		100000
M/s Welcare Realestate Private Limited, India		200000
M/s Woodcraft Footware (India) Private Limited, India		200000
M/s Zest Securities Private Limited, India		100000
Binkey Bihari Corporation Limited, India		275000
B L and Sons Limited, India		875000
Ganex Power Limited, India		275000
Ganex Fertilizers Limited, India		175000
Hopewin Admark and Consultancy Private Limited, India		50000
JCD Finlease Limited, India		100000
Kobli Exim Private Limited, India		100000
Krishna Cinema Llimited, India		50000
Laser Sound Systems Private Limited, India		275000
Maa Shadumbhari Stone Crushers Private Limited, India		50000
Mahavir Electronics Private Limited, India		50000
Mithilianchal Investment and Finance Private Limited, India		50000
Nice Electronics Private Limited, India		250000
Onyx Exim and Sales Limited, India		50000
Shimmer Exim and Sales Limited, India		50000
Umesneh Securities private Limited, India		50000
VRN Securities Limited, India		275000
BLS Detectives Limited, India		375000
Vieshu Finance and Investment Private Limited, India		100000
Mr. Karan Aggarwal		275000
Total		9715100

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		60.16%
Directors or relatives of directors		39.84%
Total		100%

BUSINESS DETAILS

Line of Business :

Supplier high-quality, re-processed plastic raw materials to the manufacturing industry.

GENERAL INFORMATION

No. of Employees :	Not available

Bankers :	Sate Bank of India, Overseas branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi- 110001, Delhi, India

Banking Relations :	--

Auditors :
Name :	Ram Niwas Jalan Chartered Accountant
Address :	ED – 58B, Madhuban Chowk, Pitam Pura, New Delhi- 110088, Delhi, India
PAN No:	AAAFG5993N

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

17000000	Equity Shares	Rs.10/- each	Rs.170.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

9715100	Equity Shares	Rs.10/- each	Rs.97.151 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		97.151	97.151	97.151
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		41.836	38.655	38.700
4] (Accumulated Losses)		0.000	0.000	0.000
5] Others		51.000	0.000	0.000
NETWORTH		189.987	135.806	135.851
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		27.100	6.600	5.600
TOTAL BORROWING		27.100	6.600	5.600
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		217.087	142.406	141.451

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		107.925	43.883	35.272
Capital work-in-progress		12.056	11.272	4.658

INVESTMENT		62.381	78.084	78.084
SECURITY DEPOSITS			0.869	0.919
DEFERREX TAX ASSETS		0.431	0.344	1.185

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.749	17.768	17.059
	Sundry Debtors	7.024	5.169	2.423
	Cash & Bank Balances	13.307	1.294	0.948
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.314	1.974	7.188
Total Current Assets		36.393	26.205	27.618
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.061	2.590	4.160
	Other Current Liabilities	2.334	15.629	2.177
	Provisions	0.310	0.032	0.000
Total Current Liabilities		3.705	18.251	6.337
Net Current Assets		32.689	7.954	21.281

MISCELLANEOUS EXPENSES		1.605	0.000	0.052

TOTAL		217.087	142.406	141.451

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income	106.677	77.675	44.396
		TOTAL	106.677	77.675	44.396

Less	EXPENSES
		Raw material consumed	61.555	42.664	34.705
		Packing material consumed	1.498	0.534	0.414
		Manufacturing Expenses	12.851	9.784	4.279
		Administrative expenses	3.067	3.471	1.789
		Increase / (Decrease) of stock	4.488	3.746	(2.094)
		Other Expenses	14.372	11.476	1.705
		TOTAL	97.831	71.675	40.798

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.846	6.000	3.598

Less/ Add	DEPRECIATION/ AMORTISATION		5.403	5.062	3.580

	PROFIT BEFORE TAX		3.443	0.938	0.184

Less	TAX		0.350	0.143	0.018

	PROFIT AFTER TAX		3.093	0.795	0.166

	Deferred Tax Liabilities		0.087	(0.840)	(0.373)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.905	3.950	4.158

	BALANCE CARRIED TO THE B/S		7.085	3.905	3.951

	Earnings Per Share (Rs.)		0.32	0.08	0.02

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	2.90	1.02	0.37

Net Profit Margin (PBT/Sales)	(%)	0.03	1.21	0.41

Return on Total Assets (PBT/Total Assets}	(%)	2.38	1.34	0.29

Return on Investment (ROI) (PBT/Networth)		0.02	0.01	0.00

Debt Equity Ratio (Total Liability/Networth)		9.82	1.44	4.36

Current Ratio (Current Asset/Current Liability)		0.16	0.18	0.09

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

During the period under review, the company has achieved a Sales and other income of Rs.106.677 millions and incurred a profit after tax Rs.3.093 millions as against previous year Sales and other income of Rs.77.674 millions and Profit of Rs.0.795 millions. They have appreciate that company has improved the position as compare to previous year and making vigorous efforts to perform better.

CHANGE OF NAME AND INSERTED NEW OBJECTS OF THE COMPANY:

Their Directors are pleased to inform that the company has some assignment, which is eco-friendly and its consonance with the main object of the Company. It is proposed to change the name of the Company from BLS Ethanol to BLS Ecotech limited the company is in the process of changing its name to subject and also adding new objects to its Main Object Clause subject to the approval of members and MCA, Registrar of Companies, NCT Delhi and Haryana.

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1999PLC098024
Name of the company	BLS ECOTECH LIMITED
Address of the registered office or of the principal place of business in India of the company	910 Indraprakash Building, 21 Barashamba Road, New Delhi-110001, Delhi
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10247466
Type of charge	Immoveable property Any interest in immoveable property Book debts
Particular of charge holder	Sate Bank of India, Overseas branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi- 110001, Delhi, India E-mail: ashok.gulla@sbi.co.in
Nature of instrument creating charge	i) Supplemental Agreement of Loan for increase in the Overall limit sated 29.07.2011 ii) Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit dated 29.07.2011 iii) Letter regarding the grant of individual limits within the overall limit dated 29.07.2011 iv) Confirmatory letter regarding deposits of Title Deeds
Date of instrument Creating the charge	29.07.2011
Amount secured by the charge	Rs.310.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: CC – 375bps above Base Rate, present 13.25%p.a. with monthly rests, TL – 500bps above Base, present effective rate being 14.50%p.a.., LC/BG – At Bank’s Card Rate. Terms of Repayment: Working Capital – Payable on demand. Term loan of Rs.1.800 millions will be repaid in 72 equal monthly installments of Rs.2.500 millions each starting from September 2011 and last installment due on August 2017. Margin: Raw Materials/Stock-in-process/Finished Goods/Stores and Spares-25%, Receivables (cover period 90 days)-35%, Letter of Credit (Maximum usance 45 days) – 20%, Bank Guarantee – 20%, However, 100% margin will be retained for disputed Bank Guarantee. Extent and Operation of the charge: i) WC: 1^st charge on entire Current Assets and Extn. Of charge on entire Fixed assets of the company which are changed to the Bank for securing TL ii) TL: EM of factory Land B of unit- 1 at RIICO Industrial Area, Bhiwadi and 1^st charge over entire Fixed Assets and 2^nd charge over land of proposed unit- II at Plot No. SP- 179, Industrial Area Kaharni, Bhiwadi Extension, Rajasthan including 1^st charge over the Building and entire plant and machinery and extension of charge on entire Current Assets of the Company. Others: i) The above is to secure the credit capital facilities provided by the bank as under: Cash Credit- Rs.100.000 millions, Term Loan- Rs,180.000 millions, Letter of credit- Rs.25.000 millions, Bank Guarantee- Rs.5.000 millions, Totalling Rs.310.000 millions ii) Other terms and conditions as per sanction Letter No. SBI/OBND/RM-V/2011-12/85 dated 06.07.2011
Short particulars of the property or asset(s) charged (including complete address and location of the property)	(i) SECURITY CHARGED FOR SECURING WORKING CAPTIAL FACILITIES: i) First charge on entire Current Assets of the company (both present and future) including stocks of raw material, stores, spares. Finished goods including goods-in-transit and all receivables / book debts. (ii) Extension of charge on the entire Fixed Assets of the company which are charged to SBI for securing TL. B.SECURITY CHARGED FOR SECURING TERM LOAN: i) Equitable Mortgage of factory Land and Building of Unit- 1 Located at E-43 C, E-43 D, E-43 E-1, sector 6, RIICO Industrial Area, Khushkhera, Bhiwadi, Rajasthan and First charge on the entire Fixed assets appearing thereon. iii)Second charge over Land and Building of proposed unit- II at Plot No. SP- 179, Industrial Area, Kaharni, Bhiwadi Extension, Rajasthan (this Land admeasuring 20000sq mtr. Is exclusively mortgaged to RIICO for its Term Loan of Rs.51.000 millions) and First charge over the Buildings to be constructed thereon and Entire Plant and Machinery to be acquired for the unit. Iii0 Extension of charge on the entire current assets of the company (both Present and Future).
Particulars of the present modification	The amount of enhanced from Rs.210.000 millions to Rs.310.000 millions. The credit facilities are/shall continue to be secured by: i) WC: 1^st charge on entire Current Assets and Extension Of charge on entire Fixed assets of the company ii) TL: EM of factory Land B of unit- 1 at RIICO Industrial Area, Bhiwadi and 1^st charge over entire Fixed Assets and 2^nd charge over land of proposed unit- II at Plot No. SP- 179, Industrial Area Kaharni, Bhiwadi Extension, Rajasthan including 1^st charge over the Building and entire plant and machinery and extension of charge on entire Current Assets of the Company

FIXED ASSETS:

Land
Building
Plant and Machinery
Air conditioners
Computers
Electrical Equipments
Furniture and Fixtures
Other Equipments
Vehicle

Website Details:

Profile:

Subject is a Delhi based plastic reprocessing company, offering recycled PET, PP, HDPE, LDPE granuels, flakes and chips in different grades, used in the production of quality strapping-bands, fibre, films, plastic bins, lids, automobile bumbers and other automotive parts, plastic pipes, monofilament and polyester staple fibre. They also manufacture High Quality PET Strap, used in the making of cotton bales, PSF bales and in other packaging applications.

They work closely with waste service providers to source material and have the capability to reprocess 12000 MT/A. Their plant has been designed to assure best quality products that meet international standards. A strict quality control system is in place to guarantee the best final product.

They have a modern laboratory to test the final product before it leaves the factory so that the finished products have consistent and uniform chemical and physical properties.

They supply high-quality, re-processed plastic plastic, raw materials to the plastic manufacturing industry. Only high grade feedstock is used, all material received is processed to the same exacting high standards, including melt filteration, de-gassing and blending to achieve a pellet of regular consistency, which they are sure, will meet with the customer's specifications. The materials can be further modified to match the desired specification.

FIXED ASSETS:

Land
Building
Plant and Machinery
Air conditioners
Computers
Electrical Equipments
Furniture and Fixtures
Other Equipments
Vehicle

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.49.19
UK Pound	1	Rs.75.92
Euro	1	Rs.65.44

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.

MIRA INFORM REPORT

11.749

7.024

13.307

0.000

4.314

36.393

1.061

2.334

0.310

3.705

32.689

2.90

0.03

2.38

0.02

9.82

0.16

Unit