MIRA INFORM REPORT

Report Date :

16.09.2011

IDENTIFICATION DETAILS

Name :	CCL OPTOELECTRONICS PRIVATE LIMITED
Registered Office :	EL-38, M.I.D.C. Electronics Zone, M.I.D.C., Mahape, Navi Mumbai – 400 710, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.06.2000
Com. Reg. No.:	11-127515
Capital Investment / Paid-up Capital :	Rs.0.250 Million
CIN No.: [Company Identification No.]	U33200MH2000PTC127515
IEC No.:	0300044631
TAN No.: [Tax Deduction & Collection Account No.]	MUMC13650A
PAN No.: [Permanent Account No.]	AABCC4411H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Fiber Optic Products, Active Optical Components, Optical Instruments and Parts.
No. of Employees :	Approximately 45 [In Office – 15, In Factory – 30 (Permanent + Contract)]

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 130000
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.

INFORMATION PARTED BY

Name :	Mr. Sujit
Designation :	Accounts Manager
Contact No.:	91-9820505548
Date :	15.09.2011

LOCATIONS

Registered Office/ Factory 1 :	EL-38, M.I.D.C. Electronics Zone, M.I.D.C., Mahape, Navi Mumbai – 400 710, Maharashtra, India
Tel No:	91-22-65218496/ 24922402
Mobile No.:	91-9322129674 (Mr. Vishal Gujar) 91-9820505548 (Mr. Sujit)
Fax No.:	91-22-27685691
E-Mail :	info@cclopto.com dipti.samant@chembondindia.com sujit.yeragi@cclopto.com
Website :	http://www.cclopto.com
Area :	5000 sq. ft.
Location :	Owned
Corporate Office:	Chembond Centre, EL-71, Electronics Zone, MIDC Mahape, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-7611354 / 7618799
Fax No.:	91-22-27681294
E-Mail :	yeshrao@cclopto.com geetab@cclopto.com sameer.shah@chembondindia.com info@cclopto.com vinod.shah@chembondindia.com dipti.samant@chembondindia.com
Website :	www.cclopto.com
Factory 2:	EL-90, Electronics Zone, MIDC Mahape, Navi Mumbai – 400 710, Maharashtra, India
Area :	2500 sq. ft.
Location :	Leased

DIRECTORS

As on 29.09.2010

Name :

Dr. Vinod Dahyalal Shah

Designation :

Director

Address :

701, Phalguni Apartment, 1/11 Sarojini Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/ Age:

23.04.1932

Qualification :

B.E., PHD. Masters

Date of Appointment :

14.02.2001

DIN No.:

00096124

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	L24100MH1975PLC018235	Chembond Chemicals Limited	Whole-time director	01-08-10	22-03-75	-	Active	NO
2	U25202GJ1985PLC008209	Finor Piplaj Chemicals Limited	Director	22-10-85	22-10-85	-	Active	NO
3	U67190MH1994PTC076807	Visan Holdings and Financial Services Private Limited	Director	25-02-94	25-02-94	-	Active	NO
4	U24243MH1996PLC103091	Henkel Chembond Surface Technologies Limited	Director	07-10-96	07-10-96	12-03-11	Active	NO
5	U33200MH2000PTC127515	CCL Optoelectronics Private Limited	Director	14-02-01	14-02-01	-	Active	NO
6	U24110MH1984PLC143564	Chembond Ashland Water Technologies Limited	Director	26-04-01	26-04-01	-	Active	NO
7	U24117MH2006PLC166224	Chembond Enzyme Company Limited	Director	14-12-06	14-12-06	-	Active	NO
8	U24117MH2007PLC166639	S and N Ventures Limited	Director	02-01-07	02-01-07	-	Active	NO
9	U73100MH2008PLC188852	Chembond Habio Bioengineering Company Limited	Director	12-12-08	12-12-08	-	Active	NO
10	U29248MH2010PLC202124	H2O Innovation India Limited	Director	17-04-10	17-04-10	-	Active	NO
11	U24100MH2011PLC219324	Chembond Inver Coatings Limited	Director	01-07-11	01-07-11	-	Active	NO

Name :

Mr. Sameer Vinod Shah

Designation :

Managing Director

Address :

A-101, Jagat Vidya, Kala Nagar, Bandra-Kurla Complex Road, Bandra (west), Mumbai - 410 051, Maharashtra, India

Date of Birth/Age :

16.02.1960

Qualification :

Chemicals Engineer, BB Finance

Date of Appointment :

30.06.2000

DIN No.:

00105721

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	U67190MH1994PTC076807	Visan Holdings and Financial Services Private Limited	Director	25-02-94	25-02-94	-	Active	NO
2	U25202GJ1985PLC008209	Finor Piplaj Chemicals Limited	Director	10-05-94	10-05-94	-	Active	NO
3	U24243MH1996PLC103091	Henkel Chembond Surface Technologies Limited	Director	12-03-11	11-02-97	-	Active	NO
4	L24100MH1975PLC018235	Chembond Chemicals Limited	Managing director	01-08-10	10-01-00	-	Active	NO
5	U33200MH2000PTC127515	CCL Optoelectronics Private Limited	Director	30-06-00	30-06-00	-	Active	NO
6	U72200MH1996PTC102653	Shree Mahalasa Electronics Private Limited	Director	23-10-03	23-10-03	-	Active	YES
7	U24117MH2006PLC166227	Chembond Distribution Limited	Director	14-12-06	14-12-06	-	Active	NO
8	U24117MH2006PLC166224	Chembond Enzyme Company Limited	Director	14-12-06	14-12-06	-	Active	NO
9	U24117MH2007PLC166639	S and N Ventures Limited	Director	02-01-07	02-01-07	-	Active	NO
10	U32109GJ1992PLC039667	Arraycom (India) Limited	Director	17-08-07	27-03-07	-	Active	NO
11	U32109MH1995PTC087279	Malkar Electronics Private Limited	Director	09-08-08	09-08-08	-	Active	NO
12	U73100MH2008PLC188852	Chembond Habio Bioengineering Company Limited	Director	12-12-08	12-12-08	-	Active	NO
13	U24200MH2000PTC125231	Protochem Industries Private Limited	Director	30-09-09	26-03-09	-	Active	NO
14	U29248MH2010PLC202124	H2O Innovation India Limited	Director	17-04-10	17-04-10	-	Active	NO
15	U74120MH2011PTC213548	Lauren CCL Engineers Private Limited	Director	15-02-11	15-02-11	-	Active	NO
16	U24100MH2011PLC219324	Chembond Inver Coatings Limited	Director	01-07-11	01-07-11	-	Active	NO

Name :

Mr. Ashwin Ratilal Nagarwadia

Designation :

Director

Address :

Bharti Niwas Society, Ellis Bridge, Ahmedabad – 380 006, Gujarat, India

Date of Birth/Age :

20.09.1937

Qualification :

ME

Date of Appointment :

14.02.2001

DIN No.:

00466681

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	L28992MH1991PLC168235	Hitech Plast Limited	Director	30-07-11	09-07-93	-	Active	NO
2	L24100MH1975PLC018235	Chembond Chemicals Limited	Director	10-05-94	10-05-94	-	Active	NO
3	U24243MH1996PLC103091	Henkel Chembond Surface Technologies Limited	Director	07-10-96	07-10-96	-	Active	NO
4	U25202GJ1985PLC008209	Finor Piplaj Chemicals Limited	Director	10-05-98	10-05-98	-	Active	NO
5	U33200MH2000PTC127515	CCL Optoelectronics Private Limited	Director	14-02-01	14-02-01	-	Active	NO
6	U29199KA1990PTC011149	Equipments and Spares Engineering (India) Private Limited	Director	01-07-02	01-07-02	-	Active	NO

Name :

Mr. Yeshwant Prafulla Rao

Designation :

Director

Address :

A-401, Yallawa Smruti, Chagla Road, Bamanwada, Andheri (East), Mumbai – 400 099, Maharashtra, India

Date of Birth/Age :

15.04.1968

Qualification :

B.E, MBA Marketing

Date of Appointment :

30.06.2000

DIN No.:

00978880

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	U33200MH2000PTC127515	CCL Optoelectronics Private Limited	Director	30-06-00	30-06-00	-	Active	NO
2	U32109MH1995PTC087279	Malkar Electronics Private Limited	Director	09-08-08	09-08-08	-	Active	NO
3	U74120MH2011PTC213548	Lauren CCL Engineers Private Limited	Director	15-02-11	15-02-11	-	Active	NO

Name :

Mr. Raghunath Kashinath Shegaonkar

Designation :

Director

Address :

A-13, I.I.T., Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

11.05.1954

Qualification :

PHD, Post Doctoral Work at University of Maryland

Date of Appointment :

28.05.2001

DIN No.:

01500448

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	U33200MH2000PTC127515	CCL Optoelectronics Private Limited	Director	30-06-00	30-06-00	-	Active	NO
2	U32109MH1995PTC087279	Malkar Electronics Private Limited	Director	09-08-08	09-08-08	-	Active	NO
3	U74120MH2011PTC213548	Lauren CCL Engineers Private Limited	Director	15-02-11	15-02-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sujit
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Vinod D. Shah	20750
Padma V. Shah	1250
Sameer V. Shah	99238
Shilpa S. Shah	1250
Malika S. Shah jointly with Shipa Shah	4375
Amrita S. Shah jointly with Shipa Shah	4375
Rounaq S. Shah jointly with Shipa Shah	3125
Mamta N. Shah	1500
Kshitija N. Shah jointly with Mamta Shah	3500
Rahil N. Shah jointly with Mamta Shah	3500
Jyoti N. Mehta jointly with Nikhil J. Mehta	1750
Karishma N. Mehta jointly with Nikhil J. Mehta	1500
Gauri N. Mehta jointly with Nikhil J. Mehta	1500
Alpana S. Shah	1250
Aditi S. Shah jointly with Sandeep Shah	1250
Mohit S. Shah jointly with Sandeep Shah	1250
Ashwin R. Nagarwadia	28625
Kumud A. Nagarwadia	31250
Yeshwant P. Rao	28000
Raghunath K. Shegaonkar	6250
Virendra G. Bhatt	12
Chandan Rao	2500
Rahual Rao jointly with Yashwant Rao	2000
Total	250000

As on 29.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Fiber Optic Products, Active Optical Components, Optical Instruments and Parts.
Products :	v G Semiconductor v Corning v New Pore Industrial Glass
Imports :
Products :	v Raw Materials
Countries :	v Korea v China v Middle East
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2008)

Licensed and Installed Capacity – Not Applicable

Particulars	Actual Production
Patchcord	168274
Adaptor	6276
ATN	13160
MEN I	3000
MEN II	2000
PIM	2500
Convertors	26

GENERAL INFORMATION

Suppliers :

Major Suppliers:

v Star Winkle

v Camexoptic Private Limited

Customers :

Wholesalers and Retailers

Major Customers:

v Tata Communication Limited

v Reliance Communication Limited

v Ericsson India Limited

v Emerson

No. of Employees :

Approximately 45 [In Office – 15, In Factory – 30 (Permanent + Contract)]

Bankers :

v Bank of India, Worli Naka Branch, Pankaj Mansion, Opposite Podar Hospital, Mumbai – 400 018, Maharashtra, India

v HDFC Bank, Sector – 17, Vashi, Navi Mumbai, Maharashtra, India

v State Bank of India, Opposite Poddar Hospital, Mumbai, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Bank Cash Credit (Secured against Hypothecation of Stock and Debtors)	2.779	(0.533)
Term Loan (Due within one year Rs.4.800 millions, Previous Year Rs.4.800 millions) (Secured against Hypothecation of Malkar Land and Building)	15.840	20.640
Total	18.619	20.107

Banking Relations :	--
Auditors :
Name :	Kastury and Talati Chartered Accountants
Address :	202, Kapole Bank Building, 19/21, R.C. Mama Path, Picket Cross Road, Mumbai – 400 002, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAOFS5053K
Subsidiary Company :	Malkar Electronics Private Limited CIN No.: U32109MH1995PTC087279
Group Company :	Chembond

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Re.1/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Re.1/- each	Rs.0.250 Million

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		0.250	0.250	0.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		32.167	27.391	22.632
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32.417	27.641	22.832
LOAN FUNDS
1] Secured Loans		18.619	20.107	3.084
2] Unsecured Loans		0.000	0.000	0.704
TOTAL BORROWING		18.619	20.107	3.788
DEFERRED TAX LIABILITIES		0.240	0.218	0.098
TOTAL		51.276	47.966	26.718
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.822	3.126	1.822
Capital work-in-progress		1.466	1.327	0.000
INVESTMENT		31.040	31.040	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.610	4.246	2.894
	Sundry Debtors	11.620	4.669	30.505
	Cash & Bank Balances	6.185	6.244	4.056
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.495	2.510	14.622
Total Current Assets		23.910	17.669	52.077
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.673	4.911	14.934
	Other Current Liabilities	0.000	0.000	0.297
	Provisions	0.292	0.292	11.961
Total Current Liabilities		7.965	5.203	27.192
Net Current Assets		15.945	12.466	24.885
MISCELLANEOUS EXPENSES		0.003	0.007	0.011
TOTAL		51.276	47.966	26.718

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2010	31.03.2009
TOTAL TURNOVER	44.206	50.325
PROFIT	5.068	3.601
EARNINGS IN FOREIGN CURRENCY	2.562	NA

	PARTICULARS		31.03.2008
	SALES
		Income	116.475
		Other Income	1.408
		TOTAL (A)	117.883
Less	EXPENSES
		Cost of Goods Sold	69.394
		Manufacturing and Other Expenses	19.499
		TOTAL (B)	88.893
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.990
Less	FINANCIAL EXPENSES (D)		0.882
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		28.108
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.064
	PROFIT BEFORE TAX (E-F) (G)		28.044
Less	TAX (H)		10.118
	PROFIT AFTER TAX (G-H) (I)		17.926
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.992
Less	APPROPRIATIONS
		General Reserve	1.850
		Proposed Dividend	0.400
		Tax on Proposed Dividend	0.068
	BALANCE CARRIED TO THE B/S		17.600
	EARNINGS IN FOREIGN CURRENCY		0.676
	IMPORT VALUE		35.176
	Earnings Per Share (Rs.)		89.63

Particulars	31.03.2011
Sales Turnover (Approximately)
	59.800

The above information has been parted by Mr. Sujit (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	NA	15.21
Net Profit Margin (PBT/Sales)	(%)	NA	NA	24.08
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	52.03
Return on Investment (ROI) (PBT/Networth)		NA	NA	1.29
Debt Equity Ratio (Total Liability/Networth)		0.82	0.92	1.36
Current Ratio (Current Asset/Current Liability)		3.00	3.40	1.92

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors for Goods	5.502	2.930	13.019
Sundry Creditors for Expenses	2.171	1.981	1.915
	7.673	4.911	14.934

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	No
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	--
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	Yes
21) Market information	No
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	They don’t take any Facilities – No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Note:

The Registered Office of the company has been shifted from B-23, Todi Industrial Estate, 2^nd Floor, New Sun Mills Compound, Lower Parel, Mumbai – 400 013, Maharashtra, India, to the present address w.e.f. 25.09.2009.

FINANCIAL RESULT:

During the financial year ended 31^st March 2010, the total turnover of the Company is Rs.44.206 millions as compared to Rs.50.325 millions of the previous year. The company has made a Profit of Rs.5.068 millions during the year as compared to Rs.3.601 millions of the previous year.

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U33200MH2000PTC127515
Name of the company	CCL Optoelectronics Private Limited
Address of the registered office or of the principal place of business in India of the company	B-23, Todi Industrial Estate, 2^nd Floor New Sun Mill Compound, Lower Parel, Mumbai – 400 013, Maharashtra, India
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of India, Worli Naka Branch, Pankaj Mansion, Opposite Podar Hospital, Mumbai – 400 018, Maharashtra, India E-Mail: WorliNaka.MumbaiSouth@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	Hypothecation Cum Loan Agreement (Plant and Machinery, Stocks and Book Debts)
Date of instrument Creating the charge	20.11.2008
Amount secured by the charge	Rs.10.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 0.50% over BPLR presently 13.75% p.a. with monthly rests or such other rates of interest as may be notified by the Bank from time to time. Terms of Repayment On Demand Margin 30% against raw materials, finished goods and stores; 40% against book debts outstanding of 2 or 3 months or as specifies by Bank from time to time. Extent and Operation of the charge Security and charge hereby created shall be by way of first charge on all the said hypothecated assets for the due payment as provided in this deed of all moneys, including the principal sums interest/commission costs, charges and expenses and all other moneys, whatsoever due owing and payable by the Borrower to the Bank, under or in respect of or in connection with or in anywise concerning or relating to the said facilities agreed to be granted and/or granted by the Bank Others Borrower and also for due repayment of all present and future indebtedness and liabilities of the Borrower to the Bank of any kind in any manner whether solely or jointly, primary or collateral, accrued or accruing with all relative interest/commission, charges, costs (between Advocate and client) and expenses. Limits: 1. CC Stock Rs.5.000 Millions, 2. CC Book Debts Rs.5.000 Millions, Total Rs.10.000 Millions
Short particulars of the property charged	a) All tangible movable machineries and plants both present and future wherever situated b) All tangible movable properties and assets of whatsoever nature (both present and future) at Mumbai , Navi Mumbai or wherever else c) All the present and future book debts, outstanding, moneys receivables, claims, bills which are now due and owing or which may any time hereafter during the continuance of this security become due and owing to the Borrower.

TRADE REFERENCES:

v Tata Communication Limited

v Reliance Communication Limited

v Aricson India Limited

FIXED ASSETS:

v Air Conditioner

v Computer

v Furniture

v Motor Car

v Office Equipments

v Plant and Machinery

v Solar Project – CWP

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.47.84
UK Pound	1	Rs.75.40
Euro	1	Rs.65.68

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	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	-

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.