1. Summary Information

		Country	India
Company Name	TRACTOR ENGINEERS LIMITED	Principal Name 1	Mr. Natrajan Kannan
Status	Satisfactory	Principal Name 2	Mr. Vishesh Parasram Jethmalani
		Registration #	11 – 008893
Street Address	L and T House, Ballard Estate, Mumbai – 400 001, Maharashtra, India.
Established Date	18.09.1952	SIC Code	--
Telephone#	91-22-67525656	Business Style 1	Manufacturer
Fax #	91-22-67525893	Business Style 2	--
Homepage	http://www.tenglindia.com	Product Name 1	Parts of Earth Moving Machinery Material Handling equipment Oil equipment
# of employees	150 (Approximately)	Product Name 2	--
Paid up capital	Rs.68,000,000	Product Name 3	--
Shareholders	Bodies Corporate -100.00%	Banking	Canara Bank
Public Limited Corp.	No	Business Period	60 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (50)
Related Company
Relation	Country	Company Name	CEO
Holding Company	--	Larsen and Toubro Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	454,435,000	Current Liabilities	376,122,000
Inventories	454,690,000	Long-term Liabilities	522,295,000
Fixed Assets	340,171,000	Other Liabilities	--
Deferred Assets	--	Total Liabilities	898,417,000
Invest& other Assets	3,062,000	Retained Earnings	285,941,000
		Net Worth	353,941,000
Total Assets	1,252,358,000	Total Liab. & Equity	1,252,358,000
Total Assets (Previous Year)	1,409,239,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	1,709,075,000	Net Profit	87,616,000
Sales(Previous yr)	1,329,225,000	Net Profit(Prev.yr)	6,749,000

MIRA INFORM REPORT

Report Date :

14.04.2012

IDENTIFICATION DETAILS

Name :	TRACTOR ENGINEERS LIMITED
Registered Office :	L and T House, Ballard Estate, Mumbai - 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.09.1952
Com. Reg. No.:	11 – 008893
Capital Investment / Paid-up Capital :	Rs.68.000 Millions
CIN No.: [Company Identification No.]	U28920MH1952PLC008893
TAN No.: [Tax Deduction & Collection Account No.]	MUMT08847G
PAN No.: [Permanent Account No.]	AAACT4499B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Parts of Earth Moving Machinery, Oil Material Handling Equipments and Field Equipments.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1420000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Larsen and Toubro Limited, country’s premier industries house having excellent track records. The company has improved its performance in the year 2010-11. 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 good for normal 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	L and T House, Ballard Estate, Mumbai – 400 001, Maharashtra, India.
Tel. No.:	91-22-67525656
Mobile No.:	91-9011012480 (Mr. Sanjay Jakatia)
Fax No.:	91-22-67525893
E-Mail :	marketing@tengl.ltindia.com ab-sec@ith.itindia.com ss-sec@lth.india.com subhodh.shetty@larsentoubro.com
Website :	http://www.tenglindia.com
Area :	15000 sq. ft
Location :	Owned
Corporate Office / Factory 1 :	Krislon House, 4^th Floor, Krishnalal Marwah Marg, Off Saki Vihar Road, Saki Naka, P. O. Box 8913, Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22- 1-022-6770 1605 / 25 / 27
Fax No.:	91-22- -022- 6770 1635
Area :	31215 sq. fts
Location :	Owned
Factory 2 :	A-600, TTC Industrial Area, MIDC, Shil- Mahape Road, Navi Mumbai – 400 701, Maharashtra, India (Non Operational Since September, 2000)
Area :	20000 sq. fts
Location :	Owned
Factory 3 :	A-8, Talegaon Ind. Area, MIDC, Village Nav Lakh Umbre, Taluka Mawal, Dist. Pune, Talegaon Dabhade – 410 507, Maharashtra, India.
Area :	20 Acres
Location :	Leased

DIRECTORS

As on 19.05.2011

Name :

Mr. Jagdish Pandurang Nayak

Designation :

Director

Address :

Gilder House 67-F, Bhulabhai Desai Road, Mumbai, Maharashtra, India

Date of Birth/Age :

13.11.1943

Date of Appointment :

19.08.1999

Din No.:

00001644

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	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Whole-time director	13/11/2008	3/3/1995	31/03/2011	Active	NO
2	U29119MH1997PLC109700	LANDT-KOMATSU LIMITED	Director	29/07/1997	29/07/1997	-	Active	NO
3	U74999MH1961PLC012188	AUDCO INDIA LIMITED	Director	29/07/1999	29/07/1999	-	Active	NO
4	U74999MH1962PLC012315	EWAC ALLOYS LIMITED	Director	10/8/1999	10/8/1999	-	Active	NO
5	U28920MH1952PLC008893	TRACTOR ENGINEERS LIMITED	Director	19/08/1999	19/08/1999	-	Active	NO
6	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	24/08/2000	24/08/2000	15/06/2009	Active	NO
7	U45200AP2003PLC041893	NAC INFRASTRUCTURE EQUIPMENT LIMITED	Director	17/11/2003	17/11/2003	21/08/2010	Active	NO
8	U25209MH2000PLC127268	L&T PLASTICS MACHINERY LIMITED	Director	7/6/2004	7/6/2004	17/12/2010	Active	NO
9	U22111WB2000PTC162530	VOITH PAPER TECHNOLOGY (INDIA) Private Limited	Director	12/5/2006	12/5/2006	30/09/2009	Active	NO
10	U31501MH2007PLC176667	L&T ELECTRICALS AND AUTOMATION LIMITED	Director	12/12/2007	12/12/2007	2/8/2010	Active	NO
11	U74900MH2008PLC182601	L and T NATURAL RESOURCES LIMITED	Director	23/05/2008	23/05/2008	6/12/2010	Active	NO

Name :

Mr. Vipin.J. Shukla

Designation :

Director

Address :

501 Palm Beach CHS, Ghandigram Road, Juhu, Vili Parle(W), Mumbai, Maharashtra, India

Date of Birth/Age :

21.04.1950

Date of Appointment :

15.09.2005

Din No.:

00010544

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	U91110MH2004PLC146416	LANDT WELFARE COMPANY LIMITED	Director	31/08/2004	31/08/2004	-	Active	NO
2	U74999MH2004PTC146428	L&T EMPLOYEES WELFARE FOUNDATION PRIVATE LIMITED	Director	31/08/2004	31/08/2004	-	Active	NO
3	U74999MH1962PLC012315	EWAC ALLOYS LIMITED	Director	14/07/2005	14/07/2005	-	Active	NO
4	U28920MH1952PLC008893	TRACTOR ENGINEERS LIMITED	Director	25/04/2008	15/09/2005	-	Active	NO
5	U67190TN2006PLC059527	L&T INFRASTRUCTURE FINANCE COMPANY LIMITED	Alternate director	20/10/2009	17/02/2007	24/04/2010	Active	NO
6	U67190MH2000PLC125653	L AND T CAPITAL COMPANY LIMITED	Director	26/04/2011	23/12/2010	-	Active	NO

Name :

Mr. Sadagopan T. Raghavan

Designation :

Director

Address :

T2/302, Emerald Green Apts, 108, 6^th Main, 8^th Cross, Bangalore, India

Date of Birth/Age :

25.03.1946

Date of Appointment :

23.12.2006

Din No.:

00002647

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	U29240MH1998PTC117183	CASE NEW HOLLAND CONSTRUCTION EQUIPMENT (INDIA) PRIVATE LIMITED	Director	22/03/2004	22/03/2004	31/03/2011	Active	NO
2	U65990MH1994PLC083147	L AND T FINANCE LIMITED	Director	4/5/2006	4/5/2006	-	Active	NO
3	U29119MH1997PLC109700	LANDT-KOMATSU LIMITED	Director	23/06/2006	12/5/2006	-	Active	NO
4	U28920MH1952PLC008893	TRACTOR ENGINEERS LIMITED	Director	20/04/2007	23/12/2006	-	Active	NO
5	U22111WB2000PTC162530	VOITH PAPER TECHNOLOGY (INDIA) Private Limited	Director appointed in casual vacancy	31/07/2007	31/07/2007	30/09/2009	Active	NO
6	U25209MH2000PLC127268	L&T PLASTICS MACHINERY LIMITED	Director	23/09/2009	18/09/2007	-	Active	NO
7	U74999MH1961PLC012188	AUDCO INDIA LIMITED	Director	27/05/2008	27/05/2008	-	Active	NO
8	U74999MH1962PLC012315	EWAC ALLOYS LIMITED	Director	25/04/2009	30/08/2008	-	Active	NO
9	U29253MH2010PTC210325	L AND T KOBELCO MACHINERY PRIVATE LIMITED	Director	25/11/2010	25/11/2010	-	Active	NO

Name :

Mr. Sunil Kumar Mittra

Designation :

Director

Address :

A003/A004, Victorian Heaven, 139/27, Petelrama Reddy Road, Bangalore – 560071, Karnataka, India

Date of Birth/Age :

01.10.1949

Date of Appointment :

23.09.2009

KEY EXECUTIVES

Name :	Mr. Natrajan Kannan
Designation :	Manager
Address :	A-405, Oberoi Park View, Thakur Villege, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	16.11.1960
Date of Appointment :	08.04.2011
Name :	Mr. Vishesh Parasram Jethmalani
Designation :	Manager
Address :	301, Florentine, Hiranandani Gardens, Powai, Mumbai – 400072
Date of Birth/Age :	03.02.1951
Date of Appointment :	15.09.2005
Pan No.:	AACPJ1606M
Name :	Mr. Kumar Manoj Harlalka
Designation :	Company Secretary
Address :	C-302, The residency, Dadaji Hickson Colony, Vishweshwar, Nagar, Goregaon East, Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	13.09.1973
Date of Appointment :	18.12.2009
Pan No.:	AANP3174M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.05.2011

Names of Shareholders	No. of Shares
Larsen and Toubro Limited, Mumbai	67994
Nayak Pandurang Jagdish and Larsen and Toubro Limited, Mumbai	1
Shukla Jyotindra Vipin and Larsen and Toubro Limited, Mumbai	1
Raghavendra Thathachi Sadgopan and Larsen and Toubro Limited, Mumbai	1
Ramamurthi Shankat Raman and Larsen and Toubro Limited, Mumbai	1
Narayanswamy Hariharan and Larsen and Toubro Limited, Mumbai	1
Mittra Sunil Kumar and Larsen and Toubro Limited, Mumbai	1
Total	68000

As on 19.05.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Parts of Earth Moving Machinery, Oil Material Handling Equipments and Field Equipments.
Products :	Item Code No	Product Description
	84.31	Parts of Earth Moving Machinery Material Handling equipment Oil equipment

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	*Installed Capacity	Actual Production
Under Carriage Parts	Sets	20000*	--
Form of Sets		--	58580
Loose Parts		--	239661

* As certified by a Director on which certificate the auditors have placed reliance

GENERAL INFORMATION

Customers :

• Larsen and Toubro Limited, Bangalore
• L and T Komatsu Limited., Bangalore
• TELCO Construction Equipment Company Limited Jamshedpur and Dharwad
• Stanford / Eder
• Hyderabad Industries Limited, Kolkata
• Ingersoll-Rand India Limited
• Revathi Equipment Limited, Coimbatore
• imco Elecon India Limited, Vallabh Vidyanagar
• Unipave Engineering Products, Ahmedabad
• Gujarat Apollo Equipments Company Limited. Mehsana
• Bharat Earthmovers Ltd, Kolar Gold Fields Karnataka
• TRF Limited, Jamshedpur
• Simplex Engg and Foundry Works Limited., Bhilai
• Chennai Port Trust
• TISCO, Sukhinda
• Cement Corporation of India
• Birla Cement Works
• TISCO, Jamshedpur

No. of Employees :

150 (Approximately)

Bankers :

• Canara Bank, Prime Corporate Branch - II, Varma Chambers, 2nd Floor, Homji Street, Fort, Mumbai - 400001, Maharashtra, India
• ABN Amro Bank N. V., 7th Floor, Sakhar Bhavan, Nariman Point,, Mumbai - 400021, Maharashtra, India

Facilities :

CC : Rs.350.000 Millions – Non Fund Base

Fun Base : Rs.190.000 millions

(Rs. In Millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
From Banks
External Commercial Borrowings	166.099	252.338
Cash Credit	398.461	573.210
Total	564.560	825.548
Unsecured Loan	As on 31.03.2010	As on 31.03.2009
Fixed Deposits
Due for not than one year	0.037	0.057
Inter Corporate Deposits	290.000	310.000
Total	290.037	310.057

Banking Relations :	--
Auditors :
Name :	Sharp and Tannan Chartered Accountants
Address:	Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22047722/23
Fax No.:	91-22-66338352
E-Mail :	sharp@bom3.vsnl.net.in
Holding Company (2010):	Larsen and Toubro Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
70000	Equity Shares	Rs.1000/- each	Rs.70.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
68000	Equity Shares	Rs.1000/- each	Rs.68.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		68.000	68.000	68.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		285.941	198.324	191.575
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		353.941	266.324	259.575
LOAN FUNDS
1] Secured Loans		32.282	564.560	825.548
2] Unsecured Loans		490.013	290.037	310.057
TOTAL BORROWING		522.295	854.597	1135.605
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		876.236	1120.921	1395.180
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		340.171	372.521	384.372
Capital work-in-progress		2.925	2.926	22.055
INVESTMENT		0.137	0.137	0.137
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	454.690	501.261	777.435
	Sundry Debtors	367.684	496.734	348.430
	Cash & Bank Balances	1.296	10.213	3.379
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	85.455	177.754	256.206
Total Current Assets		909.125	1185.962	1385.450
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	366.326	429.254	326.261
	Others Current Liabilities		0.102	24.266
	Provisions	9.796	11.269	46.458
Total Current Liabilities		376.122	440.625	396.985
Net Current Assets		533.003	745.337	988.465
MISCELLANEOUS EXPENSES		0.000	0.000	0.151
TOTAL		876.236	1120.921	1395.180

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1709.075	1329.225	1669.229
		Other Income	7.144	74.850	4.222
		TOTAL (A)	1716.219	1404.075	1673.451
Less	EXPENSES
		Materials, manufacturing and operating expenses	1359.732	1130.276	1475.606
		Staff expenses	91.891	66.735	167.619
		Sales, administration and other expenses	97.597	115.602	142.225
		Amortization of Intangible Assets	0.822	0.864	1.544
		TOTAL (B)	1550.042	1313.477	1786.994
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		166.177	90.598	(113.543)
Less	FINANCIAL EXPENSES (D)		35.699	52.622	92.631
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		130.478	37.976	(206.174)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		26.662	31.227	33.025
	PROFIT BEFORE TAX (E-F) (G)		103.816	6.749	(239.199)
Less	TAX (H)		16.200	0.000	(1.199)
	PROFIT AFTER TAX (G-H) (I)		87.616	6.749	(238.000)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.865	11.116	249.116
	BALANCE CARRIED TO THE B/S		105.482	17.865	11.116
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	73.634	388.214
		Service Fees	NA	9.524	NA
	TOTAL EARNINGS		NA	83.158	388.214
	IMPORTS
		Raw Materials	NA	99.769	312.856
	TOTAL IMPORTS		NA	99.769	312.856
	Earnings Per Share (Rs.)		1.288	99.00	(3500.00)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.10	0.48	(14.22)
Net Profit Margin (PBT/Sales)	(%)	6.07	0.51	(14.32)
Return on Total Assets (PBT/Total Assets}	(%)	8.30	0.43	(13.51)
Return on Investment (ROI) (PBT/Networth)		0.29	0.03	(0.92)
Debt Equity Ratio (Total Liability/Networth)		2.53	4.86	5.90
Current Ratio (Current Asset/Current Liability)		2.41	2.69	3.48

LOCAL AGENCY FURTHER INFORMATION

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	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
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

YEAR IN RETROSPECT/ PERFORMANCE OF THE COMPANY (2010) :

Sales and other income for the financial year under review were Rs.1404.100 Millions as against Rs.1673.500 Millions for the previous financial year.

The Company has shifted its entire manufacturing operation from Powai works to Taiegaon works subsequently to closure of its Powai works on 17^th April, 2009. During the year company has taken suitable action for shifting /disposal of its plant and machinery and inventory. Adequate provisions for write down in value of fixed assets related to Powai have been provided.

NOTE :

As Confirmed by Mr. Saraf, Accounts Manager their Navi Mumbai Factory is not currently working which was located at MIDC, Shilmahape Road, Navi Mumbai – 400701.

FORM 8:

Corporate identity number of the company	U28920MH1952PLC008893
Name of the company	TRACTOR ENGINEERS LIMITED
Address of the registered office or of the principal place of business in India of the company	L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book Debts Others
Particular of charge holder	CANARA BANK
Nature of instrument creating charge	Supplemental Common Hypothecation Agreement
Date of instrument Creating the charge	04/03/2011
Amount secured by the charge	Rs.540.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 18.5% OR as decided by the bank from time to time Terms of Repayment On Demand Margin As agreed by the bank from time to time Extent and Operation of the charge 100% Others Above is to secure OCC / ODBD limit of rs.350.000 millions (sub limit BE /CDB Rs.200.000 millions and PC / PCFC / FDB/ FBE / BRD Rs.50.000 millions) and ILC / FLC (DA / DP) BG limit of Rs.190.000 millions aggregating to Rs.540.000 millions
Short particulars of the property charged	First charge on all stocks and book debts both present and future
Particulars of the present modification	Extent of operation of charge reduced from Rs.620.000 millions to Rs.540.000 millions i.e. OCC / ODBD limit of Rs.350.000 millions (sub limit BE/ CDB Rs.200.000 millions and PC / PCFC / FBD / FBE / BRDRS.Rs.50.000 millions and ILC/ FLC ( DA/ DP ) / BG limit of Rs.190.000 millions

FIXED ASSETS:

• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Land – Leasehold
• Specialised Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.42
UK Pound	1	Rs.81.93
Euro	1	Rs.67.67

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.