MIRA INFORM REPORT

Report Date :

26.04.2012

IDENTIFICATION DETAILS

Name :	EURO DÉCOR PRIVATE LIMITED SUBHNEN VENEERS PRIVATE LIMITED AMALGAMATED WITH SUBHNEN EURO DÉCOR PRIVATE LIMITED
Formerly Known As :	SUBHNEN DECORE PRIVATE LIMITED
Registered Office :	Euro House CTS No. 1406, A 25-6, Chincholi Bunder Road, Behind Inorbit Mall, Malad (W), Mumbai – 400064, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.06.1997
Com. Reg. No.:	11-109078
Capital Investment / Paid-up Capital :	Rs. 34.063 Millions
CIN No.: [Company Identification No.]	U20200MH1997PTC109078
TAN No.: [Tax Deduction & Collection Account No.]	MUMS39551B
PAN No.: [Permanent Account No.]	AABCS4248L
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Decorative Veneers Plywood’s
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 600000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. 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 dealing at usual trade terms and condition. Note: Subhnen Veneers Private Limited was amalgamation with Subhnen Décor Private Limited in the year 2007. Later, the name of the company was changed from Subhnen Décor Private Limited to Euro Décor Private Limited

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

INFORMATION PARTED BY

Name :	Mr. Jadhav
Designation :	Accounts Department
Contact No.:	91-22-40194019
Date :	21.04.2012

LOCATIONS

Registered Office / Head office :	Euro House CTS No. 1406, A 25-6, Chincholi Bunder Road, Behind Inorbit Mall, Malad (W), Mumbai – 400064, Maharashtra, India
Tel. No.:	91-22-40605000 (60 Lines)
Fax No.:	91-22-40605001
E-Mail :	mca@mgca.in subhnen@vsnl.com accounts@eurodecor.in jdsonics@eurovitrified.com info@eurodecor.co.in jdsoni@rediffmail.com
Website :	www.subhnen.com www.eurodecor.co.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Hansraj Karsan Gala

Designation :

Director

Address :

601 – A, Priti Palace, Dadabhai Cross Road No. 3, Vile Parle (W), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

26.11.1964

Qualification :

SYBSc

Date of Appointment :

23.07.1998

DIN No. :

00289503

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	U20200MH1997PTC109078	EURO DECOR PRIVATE LIMITED	Whole-time director	1/4/2008	23/07/1998	-	Active	NO
2	U51909MH2005PTC154308	GURUKUL ENTERPRISES PRIVATE LIMITED	Director	28/06/2005	28/06/2005	-	Active	NO

Name :

Mr. Jitendra Popatlal Nandu

Designation :

Director

Address :

52, Chandraprabha Nehru Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

12.08.1973

Qualification :

MS

Date of Appointment :

01.09.2003

DIN No. :

00197392

Name :

Mr. Subhash laljibhai Shah

Designation :

Director

Address :

Flat No.403, Prime Avenue, 4^th Floor, S.V. Road, Near Nanavati Hospital, Vile Parle (West) Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

01.06.1972

Qualification :

HSC

Date of Appointment :

01.04.2008

DIN No. :

00189982

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	U25200MH1996PTC101695	SUBHNEN VENEERS PRIVATE LIMITED	Director	15/07/1997	15/07/1997	-	Amalgamated	NO
2	U31400MH2004PTC149319	EURO-SOLO ENERGY SYSTEMS Private LIMITED	Director	5/5/2005	5/5/2005	21/11/2011	Active	NO
3	U51909MH2005PTC154285	Disti MULTIMEDIA AND COMMUNICATION PRIVATE LIMITED	Director	28/06/2005	28/06/2005	-	Active	NO
4	U51909MH2005PTC155105	NLS ENTERPRISES PRIVATE LIMITED	Director	3/8/2005	3/8/2005	-	Active	NO
5	U51430KA2005PTC049951	EURO FLOORING PRIVATE LIMITED	Director	30/04/2007	30/04/2007	-	Active	NO
6	U74900MH2008PTC179727	TIA MANAGEMET AND CONSULTANCY PRIVATE LIMITED	Director	5/3/2008	5/3/2008	-	Active	NO
7	U20200MH1997PTC109078	EURO DECOR PRIVATE LIMITED	Director	30/09/2008	1/4/2008	-	Active	NO
8	U13200MH2009PTC198098	EURO NATURAL RESOURCES PRIVATE LIMITED	Director	29/09/2011	10/8/2011	-	Active	NO

Name :

Mr. Dhiraj Popatlal Nandu

Designation :

Director

Address :

52, Chandraprabha Nehru Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

19.10.1966

Qualification :

B.Com

Date of Appointment :

01.04.2008

DIN No. :

00197687

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	U25200MH1996PTC101695	SUBHNEN VENEERS PRIVATE LIMITED	Director	7/8/1996	7/8/1996	-	Amalgamated	NO
2	U20200MH1997PTC109078	EURO DECOR PRIVATE LIMITED	Director	30/09/2008	1/4/2008	-	Active	NO

Name :

Mr. Mukesh Bharatiya

Designation :

Additional Director

Address :

Opposite Pabuji Temple Station Road, Sihor – 364240, Gujarat, India

Date of Birth/Age :

17.10.1970

Qualification :

B.Com

Date of Appointment :

15.11.2009

DIN No. :

01111700

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	U20101AS1983PTC002108	DIAMOND TIMBER INDUSTRIES PRIVATE LIMITED	Director	30/09/1997	30/09/1997	31/03/2010	Active	NO
2	U20101WB1998PTC130655	MAYUR PLY INDUSTRIES PRIVATE LIMITED	Director	17/03/2008	17/03/2008	31/03/2010	Active	NO
3	U20200MH1997PTC109078	EURO DECOR PRIVATE LIMITED	Director	30/09/2010	15/11/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jadhav
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Nenshi L. Shah joint with Gunvanti N. Shah	14446
Subhash L. Shah joint with Daksha S. Shah	19546
Nenshi L. Shah HUF	12727
Shantilal L. Shah joint with Sonal S. Shah	16546
Shantilal L. Shah (HUF)	3227
Hitesh S. Shah joint with Sonalben S. Shah	14818
Lalji K. Shah joint with Shantaben .L. Shah	24546
Lalji K. Shah HUF	10055
Hansraj K. Gala joint with Sushila H. Gala	550
Sushila H. Gala joint with Hansraj K. Gala	500
Daksha Subhash Shah	21079
Sonalben Shantilal Shah	11818
Rekha J. Nishar	500
Kirti D. Shah	500
Subhash L. Shah HUF	500
Meghiben L. Shah	1900
Dhiraj P. Nandu joint with Jyoti D. Nandu	4564
Kokila L. Shah	7200
Rinkal S. Shah	8150
Shantaben L. Shah	2827

Names of Preferences Shareholders	No. of Shares
Hetal Nandu	320000
Jyoti Nandu	86000
Rekha Nishar	60000
Hansraj Gala	360000
Jayantilal Nishar	104000
Meghiben Shah	360000
Lycons Technologies Limited – India	1767500
Total	3057500

As on: 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	6.57
Directors or relatives of Directors	33.97
Other top fifty shareholders	59.46
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Decorative Veneers Plywood’s

Products :

ITC Code No.	Product Descriptions
4406.90	Prelam MDF Boards
4407.90	Prelam Particle Boards
4823.90	Decorative Laminates

GENERAL INFORMATION

Customers :

• Glaxo India Limited, Mumbai
• TATA Consultancy Services
• Mphasis India Limited, Bangalore
• ABN AMRO Bank, Mumbai
• Credit Agricole Indosuez
• KLES, Belgaon
• Hindustan Lever Limited
• Mascon Global Limited, Bangalore
• Accenture
• CNBC
• Crissil
• IBM
• East India Hotel (Oberoi)
• Godrej Group Companies
• HDFC Bank
• Hyatt Group of Hotels
• ICICI Bank
• Infosys
• Larsen and Toubra
• Microsoft
• MTNL
• Reliance Industries Limited
• Relince Info
• Religare
• Satyam Computers
• Yes Bank
• State Bank of India
• Tata Group Companies
• UCO Bank
• United Bank of India

No. of Employees :

Not Available

Bankers :

• The Cosmos Co-operative Bank Limited, Pratik Avenue, 1^st Floor, Nehru Road, Vile Parle (E), Mumbai – 400057, Maharashtra, India
• HDFC Bank Limited
• ICICI Bank Limited
• Union Bank of India, Branch Vile Parle (E), Mumbai, Maharashtra, India
• Syndicate Bank

(Rs. in

Millions)

Facilities :

SECURED LOAN	As on 31.03.2011	As on 31.03.2010
Rupee term loans bank secured	102.707	324.332
Loan taken for vehicles secured	2.936	5.073
Other debt secured	(A) 733.236	(B) 398.503
Total	838.879	727.908

Notes:

(A) Buyers Credit : Rs.220.285 cash Credit facilities : Rs.512.951 Millions

(B) Buyers Credit : Rs.NIL cash Credit facilities : Rs.398.504 Millions

UNSECURED LOAN	As on 31.03.2011	As on 31.03.2010
Rupee term loans bank unsecured	0.366	2.829
Loan taken for vehicles secured	32.962	56.229
Other debt unsecured	(A) 251.454	(B) 257.082
Total	284.782	316.14

Notes:

(A) From Shareholders and Others : Rs.226.035 Millions From Companies Rs.25.419 Millions

(B) From Shareholders and Others : Rs.246.314 Millions From Companies Rs.10.767 Millions

Banking Relations :	--
Auditors :
Name :	Deepak Maru and Company Chartered Accountants
Address :	2/5, Gajanan Colony, Jawahar Nagar, Goregaon (West), Mumbai – 400062, Maharashtra, India
Tel. No.:	91-22-28791349/32489840
PAN.:	AAFFD1247F
Related Party :	· Euro Flooring Private Limited · Gurukul Enterprises Private Limited · Laxmi Ply and Laminates · Janata Industries · National Ply and Laminates · Euro Multivision Limited · Disti Multimedia and communication Private Limited · Euro Solo Energy Systems Private Limited · Kevin Impex Private Limited · Nls Enterprises Private Limited · Neelam Metal & Hardware · National Laminates Corporation · Vaman International Private Limited · Euro Ceramics Limited. · Euro Merchandise (Industries) Limited. · Laxmi Ply Agency · Subhnen Ply Private Limited · Canbara Construction Private Limited · Kanch Ghar

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1295000	Equity Shares	Rs. 10 /- each	Rs. 12.950 Millions
405000	6% Non Cumulative Redeemable Preferences Shares	Rs. 10 /- each	Rs. 4.050 Millions
4700000	14% Non Cumulative Redeemable Preferences Shares	Rs. 10 /- each	Rs. 47.000 Millions
	Total		Rs. 64.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
348823	Equity Shares	Rs. 10 /- each	Rs. 3.488 Millions
375500	6% Non Cumulative Redeemable Preferences Shares	Rs. 10 /- each	Rs. 3.755 Millions
2682000	14% Non Cumulative Redeemable Preferences Shares	Rs. 10 /- each	Rs. 26.820 Millions
	Total		Rs. 34.063 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		34.063	34.063	34.063
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		122.519	109.796	104.105
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		156.582	143.859	138.168
LOAN FUNDS
1] Secured Loans		838.879	727.908	457.579
2] Unsecured Loans		284.782	316.140	232.587
TOTAL BORROWING		1123.661	1044.048	690.166
DEFERRED TAX LIABILITIES		4.143	8.882	4.841
TOTAL		1284.386	1196.789	833.175
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		545.943	541.352	378.713
Capital work-in-progress		0.000	0.000	137.126
INVESTMENT		2.953	2.953	2.953
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	614.544	496.732	377.524
	Sundry Debtors	272.875	344.686	189.959
	Cash & Bank Balances	82.209	59.621	39.036
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	162.065	64.754	53.661
Total Current Assets		1131.693	965.793	660.180
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	317.762	219.686	316.575
	Other Current Liabilities	78.441	90.358	25.898
	Provisions	0.000	3.265	3.324
Total Current Liabilities		396.203	313.309	345.797
Net Current Assets		735.490	652.484	314.383
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1284.386	1196.789	833.175

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1153.778	822.429	672.573
		Other Income	2.422	20.561	0.443
		TOTAL	1156.200	842.990	673.016
Less	EXPENSES
		Office Expenses	1114.704	806.862	628.734
		Administrative Expenses
		Advertising Expenses
		TOTAL	1114.704	806.862	628.734
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		41.496	36.128	44.282
Less/ Add	DEPRECIATION/ AMORTISATION		32.028	26.396	18.737
	PROFIT BEFORE TAX		9.468	9.732	25.545
Less	TAX		(4.738)	4.041	1.830
	PROFIT AFTER TAX		14.207	5.691	23.715
	Earnings Per Share (Rs.)		40.73	32.45	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.23	0.67	3.52
Net Profit Margin (PBT/Sales)	(%)	0.82	1.18	3.80
Return on Total Assets (PBT/Total Assets}	(%)	0.56	0.01	2.46
Return on Investment (ROI) (PBT/Networth)		0.06	0.07	0.18
Debt Equity Ratio (Total Liability/Networth)		9.71	9.44	7.50
Current Ratio (Current Asset/Current Liability)		2.86	3.08	1.91

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	Yes
10) Designation of contact person	Yes
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	Yes
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

NOTE:

The Registered Address of the company has been shifted from Boston House, Unit No. 2, Suren Road, Next to Cinemax, Chakala, Andheri (E), Mumbai – 400093, Maharashtra, India to the present address w.e.f 01.07.2010.

CONTINGENT LIABILITIES

(Rs. In Millions)
Particulars	31.03.2011	31.03.20101
Letter of Credit	158.000	108.206
Bank Guarantees	1.734	1.734
Joint Guarantee Given To The Banks For The Loans Taken By The Euro Merchandise (India) Limited., (A Group Company)	162.000	162.000
Collateral Guarantee Given To The Banks For The Loans Taken By The Euro Ceramics Limited., (A Group Company	3490.278	3490.278
Sales Tax demand raised by Kerala Sales Tax Department pertaining to financial years 1999-00 and 2000-01 for which writ petition is filed before Honble High Court of Kerala.	0.966	0.966

· Income Tax demand raised by CIT(A) pertaining to financial year 2004-05 for which writ petition was filed with Honble ITAT Rs.20.524 Millions has been set aside by the Honble ITAT and the same is referred back to CIT(A) for fresh adjudication.

· Excise Duty demand raised by Commissioner Central Excise Vapi along with penalty for the period April 2002 to May 2005 Rs.205.113 Millions which was pending before Honble CESTAT has been set aside by the Honble CESTAT and the same is referred back to the Commissioner for fresh adjudication.

· The Company has imported various Capital Goods under the Export Promotion Capital Goods Scheme (EPCG), of the Government of India, through various licenses, at concessional rates of Custom Duty on an Under taking to fulfill quantified exports within a period of eight years from the date of the respective licenses. The Custom Duty so saved amounts to Rs.24.075 Millions and the corresponding Export Obligation to be fulfilled is Rs.24.075 Millions as on the Balance Sheet date. If the said export is not made within the stipulated time period, the company is required to pay the said saved Custom Duty together with interest @15% p.a. Formal discharge from the obligation by the appropriate authorities is in progress in respect of the Licenses of which Export Obligation is entirely fulfilled by the close of the year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U20200MH1997PTC109078
Name of the company	EURO DECOR PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Euro House, CTS No. 1406, A25/6, Chincholi Bunder Road,Behind Inorbit Mall, Malad (W), Mumbai - 400064, Maharashtra, India Email : mca@mgca.in
This form is for	Creation of charges
Type of charge	Movable Property (not being pledge )
Particular of charge holder	The Cosmos Co-Operative Bank Limited Pratik Avenue, Nehru Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India e-mail id: suhas.chikode@cosmosbank.in
Nature of instrument creating charge	Letter of Hypothecation of Vehicles
Date of instrument Creating the charge	31.05.2011
Amount secured by the charge	Rs. 0.855 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12.00 % p.a. Terms of Repayment 60 Months Margin 10.00% Extent and Operation of the charge The charge will operate to the extent of Rs.0.855 Million by way of first charge in favors of the Bank on the said vehicles.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecated vehicle namely tractor and including its spares, tools and accessories, software, whether installed or not and whether in the possession or under the control of the Borrower or not, whether now lying loose or in cases or which are now lying or stored or during the continuance of these presents brought in or about the Borrowers factories, premises and godowns or wherever else the same may be held by any party to the order or disposition of the borrowers or in the course of transit.

Fixed Assets:

• Land - Freehold
• Building
• Plant and Machinery
• Electrical Installations
• Office Equipments
• Computers
• Vehicle
• Furniture and Fixtures
• Office Premises

AS PER WEB SITE DETAILS:

PROFILE:

A leading renowned and amongst most trusted brand in Decorative product industry of India since last two decades.

EURO's unparallel product portfolio in timber industry includes the following products:

• Decorative Laminates or popularty known as Mica In India
• Decorative Veneers
• Prelaminated Particle and MDF Boards (Prelam Boards)
• Plywood (Marine and Commercial)
• Flush Doors
• Block Boards
• Veneerd Particle and MDF Boards
• Border Patties and Inlay Marquetery
• Dyed Veneers

Silvassa Manufacturing Unit

First of EURO's manufacturing facility is situated at Silvassa [160 Kms. away from Mumbai] was established in 1998 and is spread across 2,50,000 Square Feet (6 acres) and is equipped with the following capacities for manufacturing of various products.

Installed Capacity

· 1.00 Million Square Meters/Year Prelaminated Boards

· 1.00 Million Square Meters/Year Decorative Veneers

· 9,00,000 Pcs./Year of Decorative Laminates

Kutch's State of The art Plywood Manufacturing Unit

The Latest feather in EURO's cap has been their manufacturing facility situated at Bhachau, Kutch, Gujarat established in 2008 and is spread across 2 Million Square Feet (45 acres) and hosts a single largest shade of 250,000 Sq. Ft. for manufacturing of plywood.

The latest state-of-the-art plant is capable of manufacturing following products.

• Marine and Commercial Plywood
• Block Boards
• Flush Door
• Flexi Ply
• Fireproof Plywood
• Teak Ply
• Commercial Face Veneer

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.52.49
UK Pound	1	Rs.84.66
Euro	1	Rs.69.25

INFORMATION DETAILS

Report Prepared by :

BSN

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.