MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	HOSMAC INDIA PRIVATE LIMITED
Registered Office :	120, Udyog Bhavan, Saonavala Road, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.06.1996
Com. Reg. No.:	11-100446
Capital Investment / Paid-up Capital :	Rs.4.470 Millions
CIN No.: [Company Identification No.]	U85101MH1996PTC100446
TAN No.: [Tax Deduction & Collection Account No.]	MUMH04567D
PAN No.: [Permanent Account No.]	AAACH5463R
Legal Form :	Private Limited Liability Company
Line of Business :	Hospital Planning and Management Consultancy.
No. of Employees :	Not Available

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 400000
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.

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 :	120, Udyog Bhavan, Saonavala Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-67237000/ 26867120
Fax No.:	91-22-26863465
E-Mail :	accounts@hosmac.com sumedha.sen@hosmac.com
Website :	www.hosmac.com
Hosmac Middle East FZ LLC	PO Box 505064, DHCC, Dubai, UAE
Tel No.:	+9714 4298345
North Region :	1016, Galleria, DLF City, Phase IV, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4235967
Fax No.:	91-124-4043707
South Region :	95, Sai Dham, 4th Main HAL (2nd Stage), Behind Leela Palace Hotel, Kodihalli, Bengaluru - 560 008, Karnataka, India
Tel. No.:	91-80-25213486 / 87
Fax No.:	91-80-25204141
East Region :	5B, BB-99, V.I.P Park, Prafulla Kanan, Kolkata – 700101, West Bengal, India
Tel. No.:	91-33-64551246
Fax No.:	91-33-25768301/ 02
North East Region :	Eureka Tower, 1st Floor, Near Chandmari Flyover, Uturn, Guwahati – 781003, Assam, India
Tel. No.:	91-361-2130911

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Sanjay Chandratan Kothari

Designation :

Director

Address :

Flat No.1402, 14^th Floor, Gundecha Garden, D Wing, Bombay Gas Compound, Lalbaug, Mumbai – 400012, Maharashtra, India

Date of Birth/Age :

04.11.1963

Date of Appointment :

26.12.2006

DIN No.:

00258316

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	L65910MH1991PLC062067	FORTUNE FINANCIAL SERVICES (INDIA) LIMITED	Director	28-08-10	28-03-03	-	Active	NO
2	U67120MH1995PLC089509	SOUND CAPITAL MARKETS LIMITED	Director	13-10-03	13-10-03	-	Active	NO
3	U65999WB1994PLC065635	CHARTERED FINANCE AND LEASING LIMITED	Director	08-10-04	08-10-04	-	Active	NO
4	U72200MH1989PTC055436	SYSTEM INTERNATIONAL PRIVATE LIMITED	Director	30-03-05	30-03-05	-	Active	NO
5	U51909MH2005PTC155915	PUNDRIKAKSH TRADING PRIVATE LIMITED	Director	06-09-05	06-09-05	-	Amalgamated	NO
6	U51909MH2005PTC155970	ANANTROOP FINANCIAL ADVISORY SERVICES PRIVATE LIMITED	Director	09-09-05	09-09-05	-	Active	NO
7	U51909MH2005PTC156476	SAKSHINE TRADING PRIVATE LIMITED	Director	30-09-05	30-09-05	-	Amalgamated	NO
8	U51909MH2005PTC156571	AKSHRAY TRADING PRIVATE LIMITED	Director	06-10-05	06-10-05	-	Amalgamated	NO
9	U67120MH2006PTC158972	DWARKADHISH TRADING PRIVATE LIMITED	Director	18-01-06	18-01-06	-	Active	NO
10	U51990MH2006PTC158991	BRIJKISHOR TRADING PRIVATE LIMITED	Director	18-01-06	18-01-06	28-09-09	Active	NO
11	U51900MH2006PTC159140	KAIZEN ADVISORY SERVICES PRIVATE LIMITED	Director	20-01-06	20-01-06	07-05-07	Active	YES
12	U74140MH2006PLC164912	RADHA MADHAV ADVISORY SERVICES LIMITED	Whole-time director	26-10-06	26-10-06	-	Amalgamated	NO
13	U65990MH1980PLC023151	GACL FINANCE LIMITED	Director	04-12-06	04-12-06	16-07-07	Active	NO
14	U85101MH1996PTC100446	HOSMAC INDIA PRIVATE LIMITED	Director	26-12-06	26-12-06	16-03-12	Active	NO
15	U70102MH2007PTC171537	MADHAV REALTY HOLDINGS PRIVATE LIMITED	Director	11-06-07	11-06-07	29-12-08	Active	NO
16	U67190MH2007PTC171659	DCA HOLDINGS PRIVATE LIMITED	Director	14-06-07	14-06-07	29-12-08	Active	NO
17	U65993MH2007PTC173589	BRIJRAJ HOLDINGS PRIVATE LIMITED	Director	29-08-07	29-08-07	29-12-08	Active	NO
18	U65993MH2007PTC173588	NILYAM HOLDINGS PRIVATE LIMITED	Director	29-08-07	29-08-07	29-12-08	Active	NO
19	U74140KA2006PTC040410	IRUNWAY INDIA PRIVATE LIMITED	Alternate director	19-09-07	19-09-07	19-12-07	Active	NO
20	U67120MH2007PTC174411	GOPI VALLABH HOLDINGS PRIVATE LIMITED	Director	24-09-07	24-09-07	29-12-08	Active	NO
21	U80904MH2007PTC174410	KNOWLEDGE AND TALENT HUB PRIVATE LIMITED	Director	24-09-07	24-09-07	29-12-08	Active	NO
22	U67120MH2007PTC174455	MADHURIMA INTERNATIONAL PRIVATE LIMITED	Director	25-09-07	25-09-07	29-12-08	Active	NO
23	U65923MH1995PTC088811	SIDDHESH CAPITAL MARKET SERVICES PRIVATE LIMITED	Additional director	29-07-08	29-07-08	29-12-08	Active	NO
24	U72200TN2000PTC044560	SHRIRAM PROPERTIES PRIVATE LIMITED	Director	30-09-09	29-09-09	13-07-11	Active	NO
25	U24114PN2003PTC018532	CLEAN SCIENCE AND TECHNOLOGY PRIVATE LIMITED	Director	29-09-10	20-12-09	-	Active	NO
26	L02101KA1955PLC001936	THE WEST COAST PAPER MILLS LIMITED	Director	31-07-10	27-01-10	-	Active	NO
27	U74210MH2002PTC136510	SINGHI ADVISORS PRIVATE LIMITED	Director	19-08-10	08-07-10	21-11-11	Active	NO
28	U67190MH2010PTC207790	GOLDEN QUADRILATERAL FINANCIAL ADVISORY SERVICES PRIVATE LIMITED	Director	17-09-10	17-09-10	-	Active	NO
29	U67190MH2007PTC172555	PARTHASARATHI FINANCIAL ADVISORY SERVICES PRIVATE LIMITED	Director	30-09-11	24-07-11	-	Active	NO
30	U67190MH2007PLC175180	FORTUNE CREDIT CAPITAL LIMITED	Director	01-08-11	01-08-11	09-02-12	Active	NO
31	U74120MH1994PLC077946	FORTUNE EQUITY BROKERS (INDIA) LIMITED	Director	01-08-11	01-08-11	-	Active	NO
32	L51109WB1934PLC088167	J L MORISON (INDIA) LIMITED	Additional director	05-08-11	05-08-11	-	Active	NO
33	U74900MH2011PTC221786	KARTAVYA FINANCIAL ADVISORY SERVICES PRIVATE LIMITED	Director	10-09-11	10-09-11	-	Active	NO

Name :

Mr. Sandeep Prakash Sinha

Designation :

Director

Address :

389, Gagan Vihar, Delhi – 110051, India

Date of Birth/Age :

30.12.1972

Date of Appointment :

26.12.2006

DIN No.:

00616358

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	U74996DL2006PTC153944	LUMIS CONSULTING PARTNERS INDIA PRIVATE LIMITED	Director	16-09-06	16-09-06	-	Active	NO
2	U85101MH1996PTC100446	HOSMAC INDIA PRIVATE LIMITED	Director	26-12-06	26-12-06	-	Active	NO
3	U74140KA2006PTC040410	IRUNWAY INDIA PRIVATE LIMITED	Director	15-09-08	10-08-07	-	Active	NO
4	U72900MH1992PLC065539	KARROX TECHNOLOGIES LIMITED	Nominee director	22-02-08	22-02-08	23-02-12	Active	NO
5	U72200DL2005PTC133349	NEXTGEN ESOLUTIONS PRIVATE LIMITED	Director	30-09-08	07-07-08	24-04-09	Active	NO
6	U72900WB2000PTC091231	GOPI VALLABH SOLUTIONS PRIVATE LIMITED	Nominee director	25-03-09	25-03-09	-	Active	NO
7	U74910DL2006PTC146269	PEOPLESTRONG HR SERVICES PRIVATE LIMITED	Director	21-09-11	07-02-11	-	Active	NO
8	U67120MH2007PTC174455	MADHURIMA INTERNATIONAL PRIVATE LIMITED	Director	19-07-11	18-07-11	-	Active	NO
9	U67120MH2007PTC174411	GOPI VALLABH HOLDINGS PRIVATE LIMITED	Additional director	07-11-11	07-11-11	-	Active	NO
10	U80301MH2012PTC225975	ARRINA EDUCATION SERVICES PRIVATE LIMITED	Additional director	17-01-12	17-01-12	19-02-12	Active	NO

Name :

Mr. Vivek Vishwanath Desai

Designation :

Director

Address :

1-C, Sanket Pandurang Wadi, Lane No.4, Goregaon (East), Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

14.03.1966

Date of Appointment :

24.06.1996

DIN No.:

01667553

Name :

Mr. Narendra Seena Karkera

Designation :

Whole time Director

Address :

20, Gyaneshwari, Peru Baug Aarey Road, Goregaon (East), Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

08.09.1951

Date of Appointment :

01.08.2010

DIN No.:

01916929

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	L24239AP1992PLC014775	DOLPHIN MEDICAL SERVICES LIMITED	Director	31-12-05	31-12-05	Active	NO
2	U85101MH1996PTC100446	HOSMAC INDIA PRIVATE LIMITED	Whole-time director	01-08-10	01-08-10	Active	NO

Name :

Mr. Samir Kakulal Mehta

Designation :

Whole Time Director

Address :

1704, Green Rose Link Road, Shimpoli, Ansal Vihar, Front Mumbai, Borivali, Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

01.03.1970

Date of Appointment :

01.08.2010

DIN No.:

03202616

Name :

Mrs. Sumedha Sen

Designation :

Whole Time Director

Address :

E-13/23, DLF City – I, Gurgaon – 122002,, Haryana, India

Date of Birth/Age :

09.06.1947

Date of Appointment :

01.08.2010

DIN No.:

03258177

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Vivek Vishwanath Desai	24401
Sunita Vivek Desai	1250
Vimal Vishwanath Desai	1350
Sunita Vivek Desai Joint With Vivek Vishwanath Desai	2799
GACL Finance Limited, India	14900
Total	44700

(AS ON 30.09.2011)

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	33.33
Directors or relatives of directors	59.96
Other top fifty shareholders	6.71
Total	100.00

BUSINESS DETAILS

Line of Business :

Hospital Planning and Management Consultancy.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India

12, Jayprakash Nagar, Road No.2, Goregaon (East), Mumbai – 400063, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credit From Bank	33.005	16.275
Hire Purchases Finance	1.404	0.187
Total	34.409	16.462
NOTE: Secured Loans comprising of Cash Credit facility is secured against future stocks, Book Debts, Vehicles, all other movable assets, Investments and all future machinery and future secured by equitable of immovable property situated at Gala No. 47,48,49,107,119 & 120, Udyog Bhavan, Goregaon (East) Mumbai - 400063, %No 95, 4^th Main HAL 2^nd Stage, (Kodihalli), Jeevan Bima Nagar, Bangalore 560008 and by personal guarantee of 3 directors. Hire Purchase Finance is secured against hypothecation of respective assets, taken under all scheme, amount due within a year Rs.0.113 Million.

Banking Relations :
Auditors :
Name :	Kanu Doshi Associates Chartered Accountant
Address :	Unit 158, Udyog Bhavan, Sonawala Road, Goregaon East, Mumbai – 400063, Maharashtra, India
Tel No.:	91-22-26863011/ 32914648/ 32016745
Telefax :	91-22-26864385
PAN No.:	AAFK1583C
Email :	kda@kanudoshigroup.com
Website :
Subsidiaries :	· Hosmac Middle East LZ FFC
Holding Company :	· Hosmac India Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
44700	Equity Shares	Rs.100/- each	Rs.4.470 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		4.470	4.470	4.470
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		94.043	89.859	86.558
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		98.513	94.329	91.028
LOAN FUNDS
1] Secured Loans		34.409	16.462	16.728
2] Unsecured Loans		0.000	0.000	2.400
TOTAL BORROWING		34.409	16.462	19.128
DEFERRED TAX LIABILITIES		2.616	2.348	2.226
TOTAL		135.538	113.139	112.382
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.516	53.122	61.395
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.217	1.217	1.217
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	110.772	54.046	44.769
	Cash & Bank Balances	3.728	0.854	0.967
	Other Current Assets	9.766	1.404	4.304
	Loans & Advances	34.329	28.506	21.690
Total Current Assets		158.595	84.810	71.730
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	55.034	13.701	10.249
	Other Current Liabilities	20.756	12.309	11.661
	Provisions	0.000	0.000	0.050
Total Current Liabilities		75.790	26.010	21.960
Net Current Assets		82.805	58.800	49.770
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		135.538	113.139	112.382

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Domestic	78.907	69.853	73.341
		Exports	3.007	3.246	7.869
		Civil Contract	232.171	79.073	49.137
		Other Income	2.575	2.911	2.753
		TOTAL (A)	316.660	155.083	133.100
Less	EXPENSES
		Materials Cost	194.705	56.894	38.808
		Employees Cost	40.065	35.078	37.986
		Administrative, Selling and General Expenses	65.948	50.386	44.817
		TOTAL (B)	300.718	142.358	121.611
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.942	12.725	11.489
Less	FINANCIAL EXPENSES (D)		5.565	3.016	2.309
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.377	9.709	9.180
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.911	5.661	6.487
	PROFIT BEFORE TAX (E-F) (G)		5.466	4.048	2.693
Less	TAX (H)		1.283	0.746	1.330
	PROFIT AFTER TAX (G-H) (I)		4.183	3.302	1.363
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.942	12.640	11.277
Less	APPROPRIATIONS
		Transfer to General Reserve	--	--	--
	BALANCE CARRIED TO THE B/S		20.125	15.942	12.640
	EARNINGS IN FOREIGN CURRENCY		3.007	3.246	7.869
	Earnings Per Share (Rs.)		93.59	73.86	30.50

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.32	2.13	1.02
Net Profit Margin (PBT/Sales)	(%)	1.74	2.66	2.07
Return on Total Assets (PBT/Total Assets}	(%)	2.60	2.93	2.02
Return on Investment (ROI) (PBT/Networth)		0.06	0.04	0.03
Debt Equity Ratio (Total Liability/Networth)		1.12	0.45	0.45
Current Ratio (Current Asset/Current Liability)		2.09	3.26	3.27

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three 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 involved in	------
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

FINANCIAL HIGHLIGHTS

The company has earned net profit after tax of Rs.4.183 Millions as against net profit after tax of Rs.3.302 Millions for the corresponding previous year.

THE CONTINGENT LIABILITIES TO THE EXTENT NOT PROVIDED FOR: (AS ON 31.03.2011)

· Guarantees given by bank on their behalf amounting to Rs.45.282 Millions (Previous year Rs.5.552 Millions)

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10035949
Corporate identity number of the company	U85101MH1996PTC100446
Name of the company	HOSMAC INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	120, Udyog Bhavan Saonavala Road, Goregaon East, Mumbai – 400063, Maharashtra, India accounts@hosmac.com
Type of charge	Immovable property
Particular of charge holder	State Bank of India 12, Jayprakash Nagar, Goregaon East Branch, Goregaon East, Mumbai – 400063, Maharashtra, India kamalax_saraf@hotmail.com
Nature of description of the instrument creating or modifying the charge	No instruments. memorandum for recording extension of mortgage by deposit of title deeds covering enhanced limits and creation of equitable mortgage on additional properties
Date of instrument Creating the charge	31.12.2010
Amount secured by the charge	Rs.130.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As would be determined by the bank from time to time Terms of Repayment As per sanction term Margin As per sanction term Extent and Operation of the charge Not Applicable Others Not Applicable
Short particulars of the property charged	Hypothecation of unit’s receivables, book debts and other actionable claims arising out of genuine trade transactions.
Particulars of the present modification	Now by the present modification the company offered security by way of an equitable mortgage by deposit of title deeds over the immovable properties to secure its credit facilities of Rs.130.000 Millions

FIXED ASSETS:

· Motor Vehicles

· Office Premises

· Computer and printers

· Software

· Furniture

· Furniture

· Plant and Machinery

· Office Equipment

· Electrical Infrastructure

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.51.63
UK Pound	1	Rs.81.94
Euro	1	Rs.67.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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	YES
--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.