MIRA INFORM REPORT

Report Date :

30.09.2011

IDENTIFICATION DETAILS

Name :	BILTUBE INDUSTRIES LIMITED (w.e.f. 28.05.2008)
Formerly Known As :	BILTUBE CORE BOARDS LIMITED (w.e.f. 31.03.2007) SIDDHARTH CORE BOARDS LIMITED
Registered Office :	1102, 11^th Floor, Sai Capital Building Senapati Bapat Road, Pune – 411016, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.03.2004
Com. Reg. No.:	11-18983
Capital Investment / Paid-up Capital :	Rs.619.417 Millions
CIN No.: [Company Identification No.]	U21093PN2004PLC018983
TAN No.: [Tax Deduction & Collection Account No.]	PNES15070G
PAN No.: [Permanent Account No.]	AAHCS9883K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Paper Packing Materials.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 6000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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. Ganesh Rakshe
Designation :	Accounts Manager
Contact No.:	91-20-25662010
Date :	29.09.2011

LOCATIONS

Registered Office / Corporate Headquarters :	1102, 11^th Floor, Sai Capital Building Senapati Bapat Road, Pune – 41016, Maharashtra, India.
Tel No.:	91-20-25662010
Fax No.:	91-20-25660763
E-Mail :	rajni@biltube.com rkaran@biltube.com
Website :	http://www.biltube.com
Location :	Owned
Administrative Office :	401, K G Mansion, 4^th Floor, 1233/C Apte Road, Shivajinagar, Pune – 41 004, Maharashtra
Tel. No.:	91-20-25662010
Fax No.:	91-20-25660763
Corporate Office :	A 3, Abhimanshree Society, Dr. Homi, Bhabha Road, Pune – 411008, Maharashtra
Tel. No.:	91-20-25662010
Fax No.:	91-20-25660763
E-Mail :	contact@biltube.com pendse@biltube.com direct@biltube.com rajni@biltube.com
Website :	http://www.biltube.com
Area :	6500 sq. ft.
Location :	Leased
Factory :	Waranangar, Taluka Panhala, District Kolkapur – 416113, Maharashtra. India Shiroli, Near Kolhapur Patargang, Near Khopoli Hazirali, Surat
Branch Office :	1099 B, Model Colony, Pune 411016, Maharashtra, India
Tel. No.:	91-20-5662010
Fax No.:	91-20-5660763
Overseas Office :	Kota Bukit Indah, D – II 24-25, Purwakarta 41181 Indonesia
Tel. No.:	+ 62 264 351 315 / 316
Fax No.:	+ 62 264 351 317
Branch Office :	Located at: · Kodoli – Kolhapur · Warana · Patalganga · Sangli · Ghotwade

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Kiran Harakchand Bhandari

Designation :

Managing Director

Address :

605-A/B, Wing C, Mantri Lawas Co-op Housing Society, Anand Park, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

19.01.1962

Qualification :

M. Com, Business Administration

Date of Appointment :

01.06.2007

Email :

kiran@biltube.com

Name :

Mrs. Promodini Kiran Bhandari

Designation :

Whole Time Director

Address :

605-A/B, Wing C, Mantri Lawas Co-op Housing Society, Anand Park, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

26.08.1964

Qualification :

B. Com

Date of Appointment :

05.03.2004

DIN No.:

01176456

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	U21093PN2004PLC018983	BILTUBE INDUSTRIES LIMITED	Whole-time director	01/04/2008	05/03/2004	-	Active	NO
2	U21029PN2004PLC019015	ANAND PAPER CONVERSION LIMITED	Director	15/03/2004	15/03/2004	25/07/2011	Active	NO
3	U21019PN2003PLC018305	BILTUBE INDIA LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
4	U24295PN2004PLC019741	RENUKA ADHESIVES LIMITED	Director	04/02/2006	04/02/2006	-	Active	NO

Name :

Mrs. Meena Prakash Bhandari

Designation :

Executive Director

Address :

House No.404, Mantri Lawas Co-op Housing Society, Anand Park, Aundh, Pune-411007, Maharashtra, India

Date of Birth/Age :

02.03.1965

Qualification :

B. Com

Date of Appointment :

01.04.2005

Email :

prakash@biltube.com

DIN No.:

01176594

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	U24295PN2004PLC019741	RENUKA ADHESIVES LIMITED	Director	24/03/2005	24/03/2005	Active	NO
2	U21093PN2004PLC018983	BILTUBE INDUSTRIES LIMITED	Director	25/03/2009	01/04/2005	Active	NO

Name :

Mr. Rajendra Popatlal Bora

Designation :

Director

Address :

A/P Karjat District Ahmednagar, Pune – 414 402, Maharashtra, India

Date of Birth/Age :

17.01.1968

Date of Appointment :

29.09.2007

DIN No.:

01130689

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	U21019PN2003PLC018305	BILTUBE INDIA LIMITED	Director	03/03/2006	03/03/2006	Active	NO
2	U70102PN2005PLC020342	FINESSE INFRASTRUCTURE LIMITED	Director	04/03/2006	04/03/2006	Active	NO
3	U21093PN2004PLC018983	BILTUBE INDUSTRIES LIMITED	Director	27/09/2008	29/09/2007	Active	NO

Name :

Mr. Prakash Harakchand Bhandari

Designation :

Director

Address :

404 Wing C, mantra Lawns Co-op Housing Society, anand Park, Aundh, Pune - 411007, Maharashtra, India

Date of Birth/Age :

16.07.1963

Date of Appointment :

29.09.2007

DIN No.:

00153068

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	U70102PN2005PLC020342	FINESSE INFRASTRUCTURE LIMITED	Director	25/02/2005	25/02/2005	-	Active	NO
2	U21029PN2004PLC019015	ANAND PAPER CONVERSION LIMITED	Director	30/03/2005	30/03/2005	25/07/2011	Active	NO
3	U21093PN2004PLC018983	BILTUBE INDUSTRIES LIMITED	Whole-time director	01/04/2009	29/09/2007	-	Active	NO
4	U74900PN2008PLC133159	RAJARSHI SHAHU TRADE LINKS LIMITED	Director	05/12/2008	05/12/2008	-	Active	NO

Name :

Mr. Ravi Ghanshyamdas Lekhrajani

Designation :

Director

Date of Appointment :

09.11.2009

DIN No.:

01759409

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	U34300PN1985PTC035877	INDO SCHOTTLE AUTO PARTS PVT LTD	Nominee director	28/11/2005	28/11/2005	13/08/2008	Active	NO
2	U24110MH1991PTC063399	PHTHALO COLOURS AND CHEMICALS (INDIA) LIMITED	Nominee director	23/07/2007	23/07/2007	-	Active	NO
3	U60100WB2004PTC100396	VENKATESH LOGISTICS PRIVATE LIMITED	Nominee director	01/12/2008	01/12/2008	-	Active	NO
4	U21093PN2004PLC018983	BILTUBE INDUSTRIES LIMITED	Nominee director	09/11/2009	09/11/2009	-	Active	NO
5	U26941AP2007PLC053611	BHAVYA CEMENTS LIMITED	Nominee director	08/12/2009	08/12/2009	-	Active	NO
6	U67190MH2010PTC202800	WIP (INDIA) PRIVATE LIMITED	Additional director	07/05/2010	07/05/2010	-	Active	NO
7	U74999MH1955PTC009593	S H KELKAR AND COMPANY PRIVATE LIMITED	Director	04/09/2010	27/08/2010	-	Active	NO
8	U99999MH1990PLC056461	TOPACK FITTINGS LIMITED	Director	08/06/2011	08/06/2011	-	Active	NO
9	U27100MH2005PTC153462	TEKNO STEELS AND FORGINGS PRIVATE LIMITED	Director	08/06/2011	08/06/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ganesh Rakshe
Designation :	Accounts Manager
Name :	Mr. Karan Rajkumar Ramchandani
Designation :	Company Secretary
Address :	Plot No.182, Sindhi Colony, Jalna Road, Aurangabad, India
Date of Birth/Age :	01.04.1987
Date of Appointment :	23.07.2010
PAN No.:	AOMPR7756L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares (Equity)
Promodini Kiran Bhandari	3910093
Shashikant Balkrishna Parasnis	1
Sharmishta Shashikant Parasnis	1
Kiran Harakchand Bhandari	4181073
Meena Prakash Bhandari	3910093
Harakchand Jethmal Bhandari	18
Prakash Harakchand Bhandari	3910093
Sharad Bhatewara	560000
Meshwell Auto Company Private Limited, India	44000
Shobha Dhakad	426283
Total	16941655
Names of Shareholders	No. of Shares (Preference)
Wayzala Indian Ocean Limited, Mauritius	4500000
Total	4500000

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	0.26
Directors or relatives of directors	93.92
Other top fifty shareholders	5.82
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Paper Packing Materials.

Products :

Products Descriptions	Item Code No.
Kraft Paper /Core Boards	48045100
Paper Tubes	48221090
Adhesives	35069190

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS AS ON 31.03.2009

Particulars	Installed Capacity	Actual Production
Core Boards	35000	29244.118
Paper Tubes	25000	6585.848

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

200 (Approximately)

Bankers :

· State Bank of India,

Industrial Finance Branch, India

· The Vishweshwar Sahakari Bank Limited,

471/472, Gultekdi, Market Yard, Pune - 411037, Maharashtra, India

· Central Bank of India,

Camp Branch, Pune-411001, Maharashtra, India

· Indian Bank

· The Saraswat Co-operative Bank Limited

· Centurion Bank of Punjab Limited

· State Bank of India

Tara Chambers, 2^nd Floor Near Maariaai Police Chowky, Pune Mumbai Highway Wakdewadi, Pune – 411 003, Maharashtra, India.

· Axis Bank Limited,

Sai Capital Building, 2^nd Floor, Opposite ICC Senapati Bapat Marg, Pune-411016, Maharashtra, India.

· IDBI Band Limited,

IDBI House, Dnyaneshwar Paduka Chowk, F.C. Road, Pune-411004, Maharashtra, India.

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Banks	890.403	625.832
Deferred Creditors Against LC	809.550	662.350
Total	1699.953	1288.182
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Others	115.077	136.849
Total	115.077	136.849

Banking Relations :	--
Financial Institution :	· Axis Trustee Services Limited Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, India
Auditors :
Name :	D D Karve and Company Chartered Accountant
Address :	Chintamani, Natu Baug, 1876, Sadashiv Peth, Off Bajirao Road, Pune – 411030, Maharashtra, India
Tel No.:	91-20-24486769
Associates:	· Biltube India Limited · B. B. Paper Recycling Company
Subsidiary Company :	· PT Biltube Indonesia · Biltube Mauritius Limited · Biltube Europe Limited

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Shares	Rs.10/- each	Rs.170.000 Millions
4500000	10% Cumulative Compulsory Convertible Preference Shares	Rs.100/- each	Rs.450.000 Millions
	Total		Rs.620.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16941655	Equity Shares	Rs.10/- each	Rs.169.417 Millions
4500000	10% Cumulative Compulsory Convertible Preference Shares	Rs.100/- each	Rs.450.000 Millions
	Total		Rs.619.417 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		619.417	166.040	140.000
2] Share Application Money		0.000	147.182	75.500
3] Reserves & Surplus		938.900	740.605	95.933
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1558.317	1053.827	311.433
LOAN FUNDS
1] Secured Loans		1699.953	1288.182	657.275
2] Unsecured Loans		115.077	136.849	108.991
TOTAL BORROWING		1815.030	1425.031	766.266
DEFERRED TAX LIABILITIES		93.156	59.072	47.571
TOTAL		3466.503	2537.930	1125.270
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2301.724	1844.832	694.533
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		575.930	172.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	226.779	186.895	180.855
	Sundry Debtors	367.828	293.231	259.665
	Cash & Bank Balances	61.848	102.842	3.561
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	70.178	30.929	44.193
Total Current Assets		726.633	613.897	488.274
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	35.274	23.499	44.238
	Other Current Liabilities	38.774	45.130	6.401
	Provisions	63.736	24.170	14.560
Total Current Liabilities		137.784	92.799	65.199
Net Current Assets		588.849	521.098	423.075
MISCELLANEOUS EXPENSES		0.000	0.000	7.662
TOTAL		3466.503	2537.930	1125.270

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1032.168	803.743	585.174
		Other Income	11.992	6.076	3.502
		TOTAL (A)	1044.160	809.819	588.676
Less	EXPENSES
		Cost of material consumed / sold	514.262	392.508	289.537
		Increase or decrease in stock	4.591	4.270	(5.651)
		Payments to and provision for employees	40.246	32.481	23.940
		Overheads	166.162	136.530	114.230
		Preliminary expenses written off	0.000	2.267	0.739
		TOTAL (B)	725.261	568.056	422.795
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		318.899	241.763	165.881
Less	FINANCIAL EXPENSES (D)		87.834	82.454	57.508
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		231.065	159.309	108.373
Less/ Add	DEPRECIATION/ AMORTISATION (F)		60.786	49.993	33.899
	PROFIT BEFORE TAX (E-F) (G)		170.279	109.316	74.474
Less	TAX (H)		34.083	24.104	21.124
	PROFIT AFTER TAX (G-H) (I)		136.196	85.212	53.350
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		141.145	75.933	50.773
Less	APPROPRIATIONS
		Transfer to General Reserve	50.000	20.000	20.000
		Dividend	17.630	0.000	7.000
		Tax on Dividend	2.996	0.000	1.190
	BALANCE CARRIED TO THE B/S		206.715	141.145	75.933
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	46.905	36.043	91.332
	TOTAL EARNINGS		46.905	36.043	91.332
	IMPORTS
		Raw Materials	250.294	800.542	64.648
	TOTAL IMPORTS		250.294	800.542	64.648
	Earnings Per Share (Rs.)		6.87	5.78	3.81

Particulars	31.03.2011
Sales Turnover (Approximately)	1360.000

The above information has been parted by Mr. Ganesh Rakshe.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	13.04	10.52	9.06
Net Profit Margin (PBT/Sales)	(%)	16.50	13.60	12.73
Return on Total Assets (PBT/Total Assets}	(%)	5.62	4.45	6.30
Return on Investment (ROI) (PBT/Networth)		0.11	0.10	0.24
Debt Equity Ratio (Total Liability/Networth)		1.25	1.44	2.67
Current Ratio (Current Asset/Current Liability)		5.27	6.62	7.49

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors	35.274	23.499	44.238

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	----------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	No
Market Information	----------
Litigations that the firm/ Promoters Involved in	----------
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	----------
Buyer visit details	----------
Financials, if provided	No
Incorporation details is applicable	----------
Last Accounts filed at ROC	----------
Major Shareholders, if available	----------

FUTURE PLAN OF ACTION

The Company has its manufacturing activities at Warna, Patalganga, Kodoli and Surat and Adhesives unit near Pirungut, District Pune. The Company has expanded its operations overseas, by establishing subsidiaries and units at Indonesia and France to increase its overseas market share. The Company is in the process of expanding its existing capacities in respect of Core Board, paper tubes and other allied paper products enabling it to increase its market share. It also plans to establish more paper conversion units. However the Company has raised funds by private placement of shares for augmenting future growth.

SUBSIDIARIES

Biltube Mauritius Limited has become its Subsidiary Company during the year by virtue of investment and Biltube Europe Limited, Malta has become Subsidiary of the company as it is the Subsidiary of Biltube Mauritius Limited. PT Biltube Indonesia, is also the Subsidiary of the Company.

NOTE:

The registered office of the company has been shifted from 401, K G Mansion, 4^th Floor, 1233/C Apte Road, Shivajinagar, Pune – 41 004, Maharashtra to present address w.e.f 10.08.2009.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10239642
Corporate identity number of the company	U21093PN2004PLC018983
Name of the company	BILTUBE INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	1102, 11^th Floor, Sai Capital Building Senapati Bapat Road, Pune-411016, Maharashtra, India. rkaran@biltube.com
Type of charge	Immovable Property Book debts Movable Property (Not Being Pledge)
Axis Trustee Services Limited	Axis Trustee Services Limited Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India debenturetrustee@axistrustee.com
Nature of description of the instrument creating or modifying the charge	Deed of Accession dated July 5, 2011
Date of instrument Creating the charge	05.07.2011
Amount secured by the charge	Rs.1500.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per respective Sanction Letters Terms of Repayment As per respective Sanction Letters Margin As per respective Sanction Letters Extent and Operation of the charge (i) First Pari Passu charge on the entire Current Assets of the Borrower including stocks and Book debts both present and future (ii) Second Pari Passu Charge on the immoveable properties and entire moveable Fixed Assets of the Borrower both present and future. Security is created in favour of the Security Trustee for the benefit of the Lenders for Secured Debt aggregating upto a maximum of Rs.1500.000 Millions
Short particulars of the property charged	All the Current Assets of the Company both present and future including but not limited to all the stock in trade, including raw material, stock in process, finished goods, book debts, cash etc. All that piece and parcel of property situated and lying at The Landed property Gat no. 1174, admeasuring 0H. 18 R, of village K II Kodoli, Tal. Panhala, District. Kolhapur All that piece and parcel of property situated and lying at The Landed property Gat no. 1172, adm 0.6R & Gat No. 1173 adm 0.41R total adm 1H.1R of village K II Kodoli, Tal. Panhala, District. Kolhapur All that piece and parcel of property situated and lying at The Landed property Gat no. 1177, admeasuring 1H. 62 R, of village K II Kodoli, Tal. Panhala, District. Kolhapur. All that piece and parcel of property situated and lying at The Landed property Gat no. 1175, admeasuring 0H. 25 R, of village K II Kodoli, Tal. Panhala, District. Kolhapur. Landed properties adm 2H.11R out of Gat No. 1176/1, adm 1H.1R,out of Gat No.1176/2, of village K II Kodoli, Tal. Panhala, District. Kolhapur Landed properties adm 1H.9R out of Gat No. 1178/1, adm 0H.14.3R,out of Gat No.1178/2, of village K II Kodoli, Tal. Panhala, District. Kolhapur The Landed property adm 2H.10.3R, out of Gat no. 1176/1 and adm 1H.41.6R, out of Gat No. 1178/1 of village K II Kodoli, Tal. Panhala, District. Kolhapur. All the Land adm 57424 sq. ft i.e 5336.87 sq mts out of Gat No. 520 B total adm 1H.34R situate at village mouze Ghotawade, Tal Mulshi, District Pune within Grampanchayat Ghotawade. Whole of the Borrowers plant and Machinery both tangible and intangible as also all its rights, title, interest and benefit in all tangible and intangible assets (both present and future).
Particulars of the present modification	By this modification, the Working capital facility of Rs.200.000 Millions granted by State Bank of India in terms of its Sanction Letter dated June 23, 2011 has been secured with Axis Trustee Services Limited i.e State Bank of India has acceded to the security held by Axis Trustee Services Limited, in its capacity as Security Trustee for Working Capital Loan Lenders upto Rs.1500 Millions.

Fixed Assets:

· Land

· Building

· Plant and machinery

· Electrical Installation

· Furniture and Fixture

· Office Equipment

· Patents and Rights

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.48.93
UK Pound	1	Rs.76.52
Euro	1	Rs.66.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		48

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.