MIRA INFORM REPORT

Report Date :

20.04.2012

IDENTIFICATION DETAILS

Name :	BIRLA SURYA LIMITED
Registered Office :	Dalamal House, 1^st Floor, J.B. Marg, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	30.09.2010
Date of Incorporation :	25.09.2008
Com. Reg. No.:	11-187077
Capital Investment / Paid-up Capital :	Rs.2243.375 Millions
CIN No.: [Company Identification No.]	U74999MH2008PLC187077
TAN No.: [Tax Deduction & Collection Account No.]	MUMB19274D
PAN No.: [Permanent Account No.]	AADCB6434H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing Multi Crystalline Silicon Solar Photovoltaic Cells and Fabrication of Multi-Crystalline Silicon Wafers and Other Related Products using Solar Grade Silicon.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 9100000
Status :	Yet to commence business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company incorporated in the year 2008, it is yet to commence its commercial operations. Payments are unknown. The company can be considered for business dealings on a safe and secured 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 :	Dalamal House, 1^st Floor, J.B. Marg, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-61184800/6118482766168400
Fax No.:	91-22-22047835
E-Mail :	meghana@yashbirlagroup.com
Website :	http://www.yashbirlagroup.com

DIRECTORS

As on 31.03.2011

Name :

Mr. Yashovardhan Ashok Birla

Designation :

Chairman

Address :

Birla House, 21, Mount Pleasant Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

29.09.1967

Date of Appointment :

25.09.2008

Din No.:

00005804

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	U65990MH1962PTC014209	ASIAN DISTRIBUTORS PRIVATE LIMITED	Director	26-03-87	26-03-87	-	Active	NO
2	L31101MH1984PLC032773	BIRLA POWER SOLUTIONS LIMITED	Director	05-06-87	05-06-87	-	Active	NO
3	L29220MH1986PLC041214	BIRLA PRECISION TECHNOLOGIES LIMITED	Director	19-03-90	19-03-90	-	Active	NO
4	L31300KA1987PLC013543	3M INDIA LIMITED	Director	23-03-90	23-03-90	18-06-07	Active	NO
5	L99999MH1965PLC013198	BIRLA MACHINING AND TOOLINGS LIMITED	Director	30-03-90	30-03-90	-	Active	NO
6	L29220MH1960PLC011773	ZENITH BIRLA (INDIA) LIMITED	Director	30-03-90	30-03-90	-	Active	NO
7	U67120MH1989PTC054227	SHEARSON INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	31-10-90	31-10-90	-	Active	NO
8	U51109WB1918PTC003010	BIRLA BROTHERS PRIVATE LIMITED	Director	27-12-91	27-12-91	-	Active	NO
9	U63040MH1976PLC019250	BIRLA VIKING TRAVELS LIMITED	Director	28-01-92	28-01-92	-	Active	NO
10	L17110MH1941PLC003429	BIRLA COTSYN (INDIA) LIMITED	Director	16-05-95	16-05-95	-	Active	NO
11	U99999MH1923PTC001084	BIRLA BOMBAY PRIVATE LIMITED	Director	25-05-95	25-05-95	-	Active	NO
12	U26942AP1996PLC025831	RENUKA CEMENT LIMITED	Managing director	29-11-96	29-11-96	15-01-11	Active	NO
13	U45200MH1932PLC001850	LAKSHMI PROPERTIES LTD	Director	18-07-06	18-07-06	-	Active	NO
14	U85120MH2006PTC161718	BIRLA WELLNESS AND HEALTHCARE PRIVATE LIMITED	Director	20-07-07	20-07-07	-	Active	NO
15	U24100MH2008PLC177694	BIRLA RESEARCH AND LIFESCIENCES LIMITED	Director	10-01-08	10-01-08	-	Active	NO
16	L85100MH2008PLC184689	BIRLA PACIFIC MEDSPA LIMITED	Director	15-07-08	15-07-08	-	Active	NO
17	U51310MH2008PLC185850	BIRLA INTEGRATED TEXTILE PARK LIMITED	Director	14-08-08	14-08-08	-	Active	NO
18	U85110MH2008PTC187084	ASHOK BIRLA APOLLO HOSPITAL PRIVATE LIMITED	Director	25-09-08	25-09-08	-	Active	NO
19	U74999MH2008PLC187077	BIRLA SURYA LIMITED	Director	25-09-08	25-09-08	-	Active	NO
20	U80301MH2008PLC188043	BIRLA EDUTECH LIMITED	Director	07-11-08	07-11-08	-	Active	NO
21	L99999MH1986PLC040604	MELSTAR INFORMATION TECHNOLOGIES LIMITED	Director	18-09-09	22-04-09	-	Active	NO
22	L74999MH1992PLC066910	BIRLA SHLOKA EDUTECH LIMITED	Director	26-09-09	25-05-09	-	Active	NO
23	U80900MH2009PTC196032	BIRLA AYURVEDA PRIVATE LIMITED	Director	24-09-09	24-09-09	-	Active	NO
24	U40101MH2010PLC201054	BIRLA URJA LIMITED	Director	16-09-11	09-06-10	-	Active	NO

Name :

Mr. Palaparthy Venkataramana Murthy

Designation :

Director

Address :

Flat No. 401, Claton Apartment, Rizvi Complex, Near Rizvi College, Bandra (West), Mumbai-4000050, Maharashtra, India

Date of Birth/Age :

21.04.1951

Date of Appointment :

25.09.2008

Din No.:

00232048

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	U26942AP1996PLC025831	RENUKA CEMENT LIMITED	Director	16-08-05	16-08-05	15-01-11	Active	NO
2	L31101MH1984PLC032773	BIRLA POWER SOLUTIONS LIMITED	Managing director	12-11-10	06-10-05	-	Active	NO
3	L74210TN1995PLC032921	SANGUINE MEDIA LIMITED	Director	19-08-06	28-10-05	18-08-10	Active	NO
4	L17110MH1941PLC003429	BIRLA COTSYN (INDIA) LIMITED	Managing director	10-08-11	01-06-06	-	Active	NO
5	U85120MH2006PTC161718	BIRLA WELLNESS AND HEALTHCARE PRIVATE LIMITED	Director	20-07-07	20-07-07	-	Active	NO
6	L29220MH1986PLC041214	BIRLA PRECISION TECHNOLOGIES LIMITED	Director	18-09-08	02-05-08	-	Active	NO
7	U27107AP2008PTC059409	ABHIRAMA STEELS PRIVATE LIMITED	Director	29-05-08	29-05-08	-	Active	NO
8	U51310MH2008PLC185850	BIRLA INTEGRATED TEXTILE PARK LIMITED	Director	14-08-08	14-08-08	-	Active	NO
9	U85110MH2008PTC187084	ASHOK BIRLA APOLLO HOSPITAL PRIVATE LIMITED	Director	25-09-08	25-09-08	-	Active	NO
10	U74999MH2008PLC187077	BIRLA SURYA LIMITED	Director	25-09-08	25-09-08	-	Active	NO
11	U80301MH2008PLC188043	BIRLA EDUTECH LIMITED	Director	07-11-08	07-11-08	-	Active	NO
12	U24233MH2008PTC188123	BIRLA KERALA VAIDYASHALA PRIVATE LIMITED	Director	11-11-08	11-11-08	-	Active	NO
13	L85100MH2008PLC184689	BIRLA PACIFIC MEDSPA LIMITED	Director	13-01-10	08-12-08	-	Active	NO
14	L99999MH1986PLC040604	MELSTAR INFORMATION TECHNOLOGIES LIMITED	Director	18-09-09	22-04-09	-	Active	NO
15	L29220MH1960PLC011773	ZENITH BIRLA (INDIA) LIMITED	Director	24-09-09	27-07-09	-	Active	NO
16	U55101AP2007PTC054687	ABHIRAMA HOTELS AND RESORTS PRIVATE LIMITED	Whole-time director	26-12-09	26-12-09	-	Active	NO
17	U51900MH1977PLC110245	BIRLA INFRASTRUCTURE LIMITED	Director	11-02-10	11-02-10	-	Active	NO
18	U40101MH2010PLC201054	BIRLA URJA LIMITED	Director	19-03-10	19-03-10	-	Active	NO
19	U40101MH2010PLC201110	BIRLA ENERGY INFRA LIMITED	Director	22-03-10	22-03-10	-	Active	NO
20	U24100MH2008PLC177694	BIRLA RESEARCH AND LIFESCIENCES LIMITED	Director	30-09-10	19-07-10	-	Active	NO
21	U45203MH2010PTC208928	BIRLA AIRCON INFRASTRUCTURE PRIVATE LIMITED	Additional director	11-04-11	11-04-11	-	Active	NO
22	U14220AP2011PTC072107	VIJAY PURANJAY MINERALS PRIVATE LIMITED	Additional director	30-01-12	30-01-12	-	Active	NO
23	U40300MH2012PTC228954	BIRLA TERRAJOULE PRIVATE LIMITED	Director	29-03-12	29-03-12	-	Active	NO

Name :

Mr. Upkar Singh Kohli

Designation :

Director

Address :

Flat No. 202, 2^nd Floor, Chinar Building, 21^st TPS Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

18.08.1947

Date of Appointment :

06.08.2010

Din No.:

02528045

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	U74900DL2007PLC167329	UV ASSET RECONSTRUCTION COMPANY LIMITED	Director	22-08-09	07-02-09	Active	NO
2	L31101MH1984PLC032773	BIRLA POWER SOLUTIONS LIMITED	Director	30-09-10	28-07-09	Active	NO
3	L27105MP1984PLC002521	STI INDIA LIMITED	Nominee director	26-05-10	26-05-10	Active	NO
4	U01110MH1980PLC022710	C AND M FARMING LIMITED	Nominee director	09-07-10	09-07-10	Active	YES
5	U74999MH2008PLC187077	BIRLA SURYA LIMITED	Director	31-03-11	06-08-10	Active	NO
6	L17110MH1941PLC003429	BIRLA COTSYN (INDIA) LIMITED	Director	20-09-10	10-08-10	Active	NO
7	U65923MH2009PTC198198	UNION KBC TRUSTEE COMPANY PRIVATE LIMITED	Director	25-05-11	03-09-10	Active	NO
8	L85100MH2008PLC184689	BIRLA PACIFIC MEDSPA LIMITED	Director	13-10-11	23-11-10	Active	NO
9	L24110AP1993PLC016112	AVON ORGANICS LIMITED	Director	29-07-11	22-01-11	Active	NO
10	L65990MH1985PLC037697	WEIZMANN FOREX LIMITED	Director	04-03-11	04-03-11	Active	NO
11	L31101MH2007PLC168823	KARMA ENERGY LIMITED	Additional director	09-11-11	09-11-11	Active	NO

Name :

Mr. Ramprakash Murlidhar Mishra

Designation :

Director

Address :

C/702, Poonam Pragati CHS, Ponam Nagar, Off Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra, India

Date of Birth/Age :

05.05.1955

Date of Appointment :

06.08.2010

Din No.:

00228438

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	U51410MH1998PTC115139	SAHAYOG SUPER GAS PRIVATE LIMITED	Director	30-12-06	30-12-06	Active	YES
2	U74999MH2008PLC187077	BIRLA SURYA LIMITED	Director	31-03-11	06-08-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Mohan Rao Datari
Designation :	Manager
Address :	Flat No. 13, 7ht Floor, Balgovind CHS, Plot No. 11, Chembur (East), Mumbai-400071, Maharashtra, India
Date of Birth/Age :	07.09.1958
Date of Appointment :	01.03.2011
Pan No.:	AKZPD7679R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2011

Names of Shareholders	No. of Shares
S Jagmohan	155440
Vijay Kothandaraman Gudluru	155440
Niranjana Manharlal Rajani	131579
Dileep K Ranjekar	129533
Laxman Kumar Badiga	129533
Ayyagari Lakshmana Rao	129533
Soji Joseph	103626
Sanganna S Huddar	102040
Judy Manners	77720
Sandeep Ramesh Mohile	77720
Bhanumurthy Ballapuram Muni	77720
Shankar J.	77720
Rumi M Gyara	77720
Sheenam Ohrie	51813
Vaishali Vijay Khandekar	51813
Ramamurthy Sriram	51813
Kayomarz B Shroff	51813
GC Bhaskar	51813
Suryakala	51813
Vandana Malaiya	51813

As on 30.03.2012

Names of Shareholders	No. of Shares
Vinit Sudhakar Chopade	27777
Vijayand Vadrevu	27777
Ravi Kumar Srinivas Kalidinadi	22222
Rita Goel	27777
K V Laxminarayan	55555
Total	161108

As on 31.03.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.47
Bodies corporate	97.16
Directors or relatives of directors	0.02
Other top fifty shareholders	2.35
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing Multi Crystalline Silicon Solar Photovoltaic Cells and Fabrication of Multi-Crystalline Silicon Wafers and Other Related Products using Solar Grade Silicon.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India

Facilities :

Secured Loan	As on 30.09.2010 [Rs. in Millions]	As on 30.09.2009 [Rs. in Millions]
From Banks and Financial Institutions
Rupee Term Loan [Against first charge on project fixed assets and current assets]	2594.701	0.000
Interest accrued and due thereon	13.974	0.000
Total	2608.675	0.000

Financial Institution:	SBICAP Trustee Company Limited, 202, Maker Tower, ‘E’ Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
Banking Relations :	--
Auditors :
Name :	A.P. Rajgopalan and Company Chartered Accountants
Address :	No. 8, First Floor, Neelkanth Shopping Arcade, R.C. Marg, Chembur, Mumbai-400071, Maharashtra, India
Pan No.:	AAAFA3952B
Associate :	Shearson Invest and Trade Private Limited
Related parties :	· Nirved Trader Private Limited · Birla Power Solutions Limited · Shearson Investment and Trading Company Private Limited · Birla Global Corporate Limited · Birla Shloka Edutech Limited · Birla Viking Travels Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
400000000	Equity Shares	Rs.10/- each	Rs.4000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
225679579	Equity Shares	Rs.10/- each	Rs.2256.796 Millions

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.10/- each	Rs.2500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
224337579	Equity Shares	Rs.10/- each	Rs.2243.375 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2010	30.09.2009
SHAREHOLDERS FUNDS
1] Share Capital		2243.375	0.500
2] Share Application Money		20.178	202.708
3] Reserves & Surplus		51.038	0.000
4] (Accumulated Losses)		(25.749)	(0.044)
NETWORTH		2288.842	203.164
LOAN FUNDS
1] Secured Loans		2608.675	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		2608.675	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		4897.517	203.164
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.304	0.240
Capital work-in-progress		2899.772	29.440
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	1798.162	3.027
	Other Current Assets	0.000	0.000
	Loans & Advances	252.623	171.186
Total Current Assets		2050.785	174.213
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.280	0.000
	Other Current Liabilities	48.064	0.729
	Provisions	0.000	0.000
Total Current Liabilities		64.344	0.729
Net Current Assets		1986.441	173.484
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		4897.517	203.164

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2010	30.09.2009
	SALES
		Income	0.000	0.000
		Other Income	0.000	0.000
		TOTAL	0.000	0.000
Less	EXPENSES
		Advertisement	0.039	0.000
		Books and Periodicals	0.010	0.000
		Brokerage	0.397	0.000
		Computer Expenses	0.155	0.000
		Courier Charges	0.011	0.000
		Donation	1.201	0.000
		Office and Administration Expenses	0.192	0.000
		Payment to Auditors	0.377	0.000
		Preliminary Expenses Written Off	23.323	0.044
		TOTAL	25.705	0.044
	PROFIT / (LOSS) BEFORE TAX		(25.705)	(0.044)
Less	TAX		0.000	0.000
	PROFIT / (LOSS) AFTER TAX		(25.705)	(0.044)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.044)	0.000
	BALANCE CARRIED TO THE B/S		(25.749)	(0.044)
	Earnings / (Loss) Per Share (Rs.)		(0.59)	(0.88)

KEY RATIOS

PARTICULARS		30.09.2010	30.09.2009
PAT / Total Income	(%)	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(1.25)	(0.03)
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.00
Debt Equity Ratio (Total Liability/Networth)		1.17	0.00
Current Ratio (Current Asset/Current Liability)		31.87	238.97

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	No
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	No
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	No
30) Major Shareholders, if available	Yes

FINANCIAL RESULTS:

During the period the company did not have any business / manufacturing activity. A sum of Rs.25.705 millions was incurred as loss.

STATUS OF THE PROJECT:

During the year, there has been substantial progress in the solar photovoltaic wafering and cell project which is currently under implementation. The status of major activities are follows:

FINANCIAL CLOSURE:

The project, for the manufacturing of Multicrystalline Silicon Wafers and Photovoltaic Cells, has been appraised by SBI and the project cost is estimated to be Rs.14930.000 Millions. Company has achieved financial closure of the project by tieing up term loans aggregating to Rs.9705.000 millions and balance would be equity contribution from promoters and others.

PROJECT LAND:

Land for the project, has been acquired by the company at Rajewadi, Taluk Khandala, District Satara.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10238109
Corporate identity number of the company	U74999MH2008PLC187077
Name of the company	BIRLA SURYA LIMITED
Address of the registered office or of the principal place of business in India of the company	Dalamal House, 1^st Floor, J.B. Marg, Nariman Point, Mumbai-400021, Maharashtra, India
Type of charge	Book Debts Movable Property Floating Charge Uncalled share capita Immovable property Any interest in immovable property Others
Particular of charge holder	SBICAP Trustee Company Limited, 202, Maker Tower, ‘E’ Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
Email	corporate@sbicaptrustee.com
Nature of description of the instrument creating or modifying the charge	Indenture of Mortgage dated 15.06.2011 executed by the Company in favour of SBICAP Trustee Company Limited, acting as Security Trustee on behalf of Lenders for securing the Rupee facility of Rs. 9705.000 Millions, by creating charge over property at Village Rajewadi, Khandala in place of property at Mouje Pali, Sudhagad, Raigad, Maharashtra.
Date of instrument Creating the charge	15.06.2011
Amount secured by the charge	Rs.9705.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the terms and conditions mentioned in the Facility Agreement dated 15.07.2010 and other financing documents. Terms of Repayment As per the terms and conditions mentioned in the Facility Agreement dated 15.07.2010 and other financing documents. Margin As per the terms and conditions mentioned in the Facility Agreement dated 15.07.2010 and other financing documents. Extent and Operation of the charge The charge operates as security for the due repayment by the Company of the Loans together with payment of all interest, additional interest, additional interest in case of non creation of security, premium on prepayment, reimbursement of all costs, charges and expenses and all other amounts payable by the Company to the lenders and Security Trustee in respect of the Loans in accordance with the terms and conditions of the financing documents.
Short particulars of the property charged	Immovable property situated at the village Rajewadi, Taluka Khandala, District Satara, Maharashtra as given in the Indenture of Mortgage. All the Borrowers Plant and Machinery, whether immovable or movable, all tangible and intangible movable assets and in particular all movable plant and machinery and current assets. Project Documents All rights, interest, claims and benefits in the Accounts All insurance proceeds, book debts, all cash flows, all bills etc General Assets
Date of latest modification prior to the present modification	20.08.2010
Particulars of the present modification	Indenture of Mortgage executed on 15th June, 2011 for creating charge over Immovable Property situated at the village Rajewadi, Taluka Khandala, District Satara, Maharashtra in replacement of property situated at Mouje Pali, Taluka Sudhagad, District Raigad, Maharashtra and there is no other modification.

FIXED ASSETS:

· Freehold Land

· Leasehold Improvements

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computers

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 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.51.89
UK Pound	1	Rs.83.18
Euro	1	Rs.68.06

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.