1. Summary Information

		Country	India
Company Name	CONTINENTAL INDIA LIMITED	Principal Name 1	Mr. Alok Kumar Modi
Status	Moderate	Principal Name 2	Mr. Peter Maria Fidelius Cornelis Verbruggen
		Registration #	55-153993
Street Address	1012 -1015, 10^th Floor, Devika Towers, 6, Nehru Place, New Delhi -110019, India
Established Date	16.09.2006	SIC Code	--
Telephone#	91-11-43744600	Business Style 1	Manufacturer
Fax #	91-11-43744667	Business Style 2
Homepage	Not Available	Product Name 1	tyres and related components for heavy vehicles
# of employees	Not Available	Product Name 2	-
Paid up capital	Rs.560,466,800/-	Product Name 3	-
Shareholders	Bodies corporate 100%	Banking	Yes Bank Limited
Public Limited Corp.	No	Business Period	6 Years
IPO	No	International Ins.	CEO
Public Enterprise	No	Rating	Ca (20)
Related Company
Relation	Country	Company Name	CEO
Fellow Subsidiary	India	Spin Investment India Limited
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	716,471,000	Current Liabilities	1,326,186,000
Inventories	621,888,000	Long-term Liabilities	1,663,472,000
Fixed Assets	536,519,000	Other Liabilities	155,658,000
Deferred Assets	0,000	Total Liabilities	3,145,316,000
Invest& other Assets	287,000	Retained Earnings	0,000
		Net Worth	(1270,151,000)
Total Assets	1,875,165,000	Total Liab. & Equity	1,875,165,000
Total Assets (Previous Year)	2,474,160,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	6,149,683,000	Net Profit	(1,468,136,000)
Sales(Previous yr)	3,579,493,000	Net Profit(Prev.yr)	(246,016,000)

MIRA INFORM REPORT

Report Date :

14.08.2012

IDENTIFICATION DETAILS

Name :	CONTINENTAL INDIA LIMITED (w.e.f.23.09.2011)
Formerly Known As :	MODI TYRES COMPANY LIMITED (w.e.f.12.03.2011) MODI TYRES PRIVATE LIMITED
Registered Office :	1012 -1015, 10^th Floor, Devika Towers, 6, Nehru Place, New Delhi -110019
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.09.2006
Com. Reg. No.:	55-153993
Capital Investment/ Paid-up Capital:	Rs.560.466 Millions
CIN No.: [Company Identification No.]	U25203DL2006PLC153993
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing tyres and related components for heavy vehicles
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (20)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of Modi Rubber Limited. It is an established company having moderate track. Financial position of the company is under pressure. Even though the company has achieved an increase in its sales turnover, it has incurred heavy loss during the year 2011. Accumulated losses recorded by the company appears to be increasing. Trade relations are reported as fair. Business is active. Payments are reported to be slow. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	1012 -1015, 10^th Floor, Devika Towers, 6, Nehru Place, New Delhi -110019, India
Tel. No.:	91-11-43744600
Fax No.:	91-11-43744667
E-Mail :	sthakur@mtcpl.in saroj.kumar-thakur@contl.in

DIRECTORS

As on 29.09.2011

Name :

Mr. Alok Kumar Modi

Designation :

Director

Address :

55-A, Friends Colony East, New Delhi - 110025

Date of Birth/Age :

18.06.1966

Date of Appointment :

16.09.2006

Din No.:

00174374

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1989FLC050332	MAN Diesel & Turbo India Limited	Director	10/07/1989	10/07/1989	03/04/2012	Active	NO
2	U17110GJ1990PLC013397	GUJARAT GUARDIAN LIMITED	Whole-time director	25/05/2012	21/02/1990	-	Active	NO
3	U24100GJ1994PTC023655	GUJARAT ACRYLICS PRIVATE LIMITED	Director	24/11/1994	24/11/1994	23/01/2009	Strike off	NO
4	U40101DL1995PLC070750	ELECTRIC SUPPLY CO. (I) LIMITED	Director	13/07/1995	13/07/1995	28/12/2001	Strike off	NO
5	U80211DL1997PTC084659	MODI EDUTECH PRIVATE LIMITED	Director	24/01/1997	24/01/1997	21/07/2009	Active	NO
6	U74899DL1983PTC017023	LOMBARD STREET (ESTATES) PRIVATE LIMITED	Director	09/09/1998	09/09/1998	30/09/2009	Active	NO
7	U91110DL1998PLC097217	INDIAN GLASS MANUFACTURERS' ASSOCIATION	Director	26/11/1998	26/11/1998	-	Active	NO
8	U93090DL1998NPL097629	YPO (DELHI CHAPTER) U/S25	Director	13/11/2004	13/11/2004	-	Active	NO
9	U25203DL2006PLC153993	Continental India Limited	Director	15/07/2011	16/09/2006	-	Active	NO
10	U74899DL1994PTC061041	COMECON AVIATION PRIVATE LIMITED	Director	01/06/2007	01/06/2007	14/08/2010	Active	NO
11	L25199UP1971PLC003392	MODI RUBBER LIMITED	Managing director	31/10/2011	14/06/2008	-	Active	NO
12	U80302DL2004PTC126788	MAPLE BEAR EDUCATION PRIVATE LIMITED	Additional director	27/09/2011	27/09/2011	-	Active	NO

Name :

Mr. Peter Maria Fidelius Cornelis Verbruggen

Designation :

Director

Address :

Kuilenstraat 51 Genk 3600

Date of Birth/Age :

22.04.1960

Date of Appointment :

15.07.2011

Din No.:

01730049

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74900HR2008PTC037519	Continental Automotive Brake Systems (I) Private Limited	Nominee director	03/01/2008	03/01/2008	23/02/2010	Active	NO
2	U29130TN2007PLC064471	AUTOMOTIVE INFOTRONICS LIMITED	Director	30/09/2008	21/06/2008	24/03/2010	Active	NO
3	U72900KA2007PTC043146	Continental Automotive Components (India) Private Limited	Additional director	02/11/2009	02/11/2009	31/12/2009	Active	NO
4	U25203DL2006PLC153993	Continental India Limited	Director	29/09/2011	15/07/2011	-	Active	NO

Name :

Mr. Benoit Henri Ghislain Marie Henry

Designation :

Director

Address :

90 JlN Setia Murini 6 Bukit Damansara 50490 Kaula Lumpur

Date of Birth/Age :

17.11.1961

Date of Appointment :

15.07.2011

Din No.:

03534144

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25203DL2006PLC153993	Continental India Limited	Director	29/09/2011	15/07/2011	-	Active	NO

Name :

Mr. Nikolai Setzer

Designation :

Director

Address :

Hinter Der Gartnerei 14, 31515, Wunstorf OT Kolenfeld, Wunstrof

Date of Birth/Age :

20.04.1971

Date of Appointment :

15.07.2011

Din No.:

03552400

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25203DL2006PLC153993	Continental India Limited	Director	29/09/2011	15/07/2011	-	Active	NO

Name :

Mr. Burkhardt Koeller

Designation :

Additional Director

Address :

Sperlingsweg 24 ST Berenbostel Garbsen - 30827

Date of Birth/Age :

26.12.1951

Date of Appointment :

09.03.2012

Din Number:

05215542

KEY EXECUTIVES

Name :	Mr. Saroj Kumar Thakur
Designation :	Secretary
Address :	House No.1082, Sector -3, Ballabgarh, Faridabad – 121004, Haryana, India
Date of Birth/Age :	04.06.1984
Date of Appointment :	20.01.2010
Pan No.:	AIXPT2670A

Name :	Mr. Claude D Gama Rose
Designation :	Manager
Address :	Flat No. 111, The Embassy No.15, Ali Askar Road, Bangalore – 560052, Karnataka, India
Date of Birth/Age :	29.10.1956
Date of Appointment :	15.07.2011
Pan No.:	ABFPD2556C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Continental Aktiengeesllschaft, Germany	1
Continental Reifen Deutschland Gmbh, Germany	1
Continental Caoutchouc –Export, Germany	1
Cas –One Holdinggehsellchaft mbh, Germany	1
Conti Tech Universe Verwaltungs –Gmbh, Germany	1
CGH Holdings B.V ,Netherlands	1
Continental Global Holdings Neitherland, Netherlands	132065584
Total	132065590

As on 25.01.2012

Names of Allottees	No. of Shares
Continental Capital Holding Netherlands, B.V	49928571

As on 29.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing tyres and related components for heavy vehicles

Products :

PRODUCT DESCRIPTION	ITEM CODE NUMBER
Tyres	3000
Tubes	3000
Flaps	3000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Beasnt Road, Worli, Mumbai – 400018, Maharashtra, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
Working capital loans banks secured	(A)1482.952	995.943
Other debt secured	0.000	4.923
Total	1482.952	1000.866

Note: (A)Finance lease obligation

UNSECURED LOAN	31.03.2011	31.03.2010
Rupee term loans others unsecured	(A)80.000	0.000
Other debt unsecured	(B)100.000	0.000
Interest accrued due other debt unsecured	(C)0.520	0.000
Total	180.520	0.000

Note:

(A)Short Term Loan From holding company

(B)From fellow subsidiary

(C)Interest accrued and due on Short Term Loans

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Building No. 10, 8th Floor, Tower – B, DLF Cyber City, Phase – IInd, Gurgaon, Haryana – 122 002, India
Pan No. :	AAIFB0630K
Holding Company/ Ultimate holding Company :	Modi Rubber Limited
Fellow Subsidiary:	Spin Investment India Limited CIN No.: U74899DL1982PLC013733

CAPITAL STRUCTURE

After 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.10/- each	Rs.2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
181994161	Equity Shares	Rs.10/- each	Rs.1819.941 Millions

As On 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs.750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
56046680	Equity Shares	Rs.10/- each	Rs.560.466 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		560.466	560.466	560.466
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(1830.617)	(362.481)	(116.466)
NETWORTH		(1270.151)	197.985	444.000
LOAN FUNDS
1] Secured Loans		1482.952	1000.866	14.769
2] Unsecured Loans		180.520	0.000	0.000
TOTAL BORROWING		1663.472	1000.866	14.769
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		393.321	1198.851	458.769
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		536.519	587.695	93.457
Capital work-in-progress		0.287	71.259	543.598
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	621.888	913.712	85.065
	Sundry Debtors	499.120	592.695	0.000
	Cash & Bank Balances	15.776	45.134	2.896
	Other Current Assets	68.371	65.454	0.000
	Loans & Advances	133.204	198.209	2.004
Total Current Assets		1338.359	1815.204	89.965
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	390.369	374.606
	Other Current Liabilities	935.817	801.914	194.551
	Provisions	155.658	98.789	73.700
Total Current Liabilities		1481.844	1275.309	268.251
Net Current Assets		(143.485)	539.897	(178.286)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		393.321	1198.851	458.769

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6149.683	3579.493	0.000
		Other Income	32.003	96.846	0.000
		TOTAL (A)	6181.686	3676.339	0.000
Less	EXPENSES
		Consumption materials changes inventories	5442.550	2563.910
		Manufacturing service costs	647.116	465.282
		Employee related expenses	443.348	329.570
		Administrative selling other expenses	659.853	338.134
		TOTAL (B)	7192.867	3696.896	108.205
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1011.181)	(20.557)	(108.205)
Less	FINANCIAL EXPENSES (D)		383.401	164.245	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1394.582)	(184.802)	(108.205
Less/ Add	DEPRECIATION/ AMORTISATION (F)		73.554	61.214	(6.559)
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(1468.136)	(246.016)	(114.764)
Less	TAX (H)		0.000	0.000	1.702
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(1468.136)	(246.016)	(116.466)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(362.482)	(116.466)	NA
	BALANCE CARRIED TO THE B/S		(1830.618)	(362.482)	NA
	Earnings Per Share (Rs.)		(26.19)	(4.39)	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(23.75)	(6.70)	0.00
Net Profit Margin (PBT/Sales)	(%)	(23.87)	(6.87)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	78.31	(10.24)	(62.57)
Return on Investment (ROI) (PBT/Networth)		(2.62)	(1.24)	(0.26)
Debt Equity Ratio (Total Liability/Networth)		2.48	11.50	0.64
Current Ratio (Current Asset/Current Liability)		0.90	1.42	0.34

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

FORM 8

Corporate identity number of the company	U25203DL2006PLC153993
Name of the company	MODI TYRES COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	4/7C, DDA Shopping Centre, New Friends Colony, New Delhi – 110025, India Email: sthakur@modigroup.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10157353
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge · Others
Particular of charge holder	Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Beasnt Road, Worli, Mumbai – 400018, Maharashtra, India Email: delhicadmidoffice@yesbank.in
Nature of instrument creating charge	1 Supplemental Deed of hypothecation dated March 23, 2011 for enhancement of facilities to Rs 140.000 Millions 2 Supplemental Deed of hypothecation dated March 23, 2011 for enhancement of facilities from Rs 140.000 Millions to Rs 160.000 Millions
Date of instrument Creating the charge	23.03.2011
Amount secured by the charge	Rs. 1600.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest LC/ FBG: 3% p.a. CC/WCDL: YBL Base rate plus 8% p.a. EPC: YBL Base rate plus 8% p.a. PCFC/PSFC:LIBOR plus 2%pa STL: Base Rate plus 5.50% pa TL A: Base Rate plus 3% pa TL B: Base Rate plus 8% pa Term of Payment: 1 Letter of Credit (LC)(Rs 1300 Million): NA Sub Limit of 1 1a Cash Credit / Working Capital Demand Loan: Payable on Demand 1b Export Packing Credit In Rupee (EPC)/ Post Shipment in Foreign Currency (PSFC)/ Packing Credit in Foreign Currency (PCFC)/ Bank Guarantee (Financial) (BG): NA 1d Short Term Loan: 9 monthly installment after moratorium of 3 months 2 Term Loan A (Rs 200 Million): Bullet repayment on December 31,2011 3 Term Loan B (Rs 100 Million): Bullet repayment on December 31,2011 Margin 1 Cash Credit (CC)/ Working Capital Demand Loan (WCDL): 25% of Debtors (not more than 90 days old) plus 25% of Raw Material plus 20% of work in progress and finished goods plus 33.37% of stores and spares less creditors (Good covered under unpaid bills under LC will be excluded from the total value of stocks) 2 LC/BG: 10% Cash Margin 3 EPC/PCFC/PSFC: Nil 4 Term Loan A (TL A): Nil 5 Term Loan B (TL B): Nil Extent and operation of the charge Exclusive charge by way of Hypothecation on all Current assets and Movable Fixed Assets of the Borrower (both present and future) Exclusive charge by way of Equitable mortgage on properties: 1. Plot of land bearing Khasra No. 1M(0-17-7), 4M(174-11-3), 6M(5-5-10), vill. Mukurrabpur Palhera and Khasra Bearing No. 1699M(4-12-0), 1700M (1-18-0) vill.Pabil Khas, Parghana Daurala, Tehsil Sardhana, Meerut Total admeasuring(admg) 117Acres(approx). 2. Plot of land admg 12045 Sq.Mtrs. Ved Vyas Puri, Meerut.
Short particulars of the property charged (Including location of the property)	Exclusive Charge on whole of the Current Assets of the Borrower's stock of raw material, semi-finished and finished goods, stores and spares, bills receivables and book debts (both present and future) Exclusive Charge on whole of the Movable Fixed Assets of the Borrower located anywhere in India (both present and future) Equitable mortgage on Plot bearing Khasra no.1M(0-17-7),4M(174-11-3),6M(5-5-10) at Mukurrabpur Palheraand Khasra bearing 1699M(4-12-0),1700M(1-18-0) at Pabil khas,Parghana Daurala, Tehsil Sardhana, Meerut Equitable mortgage on Plot of land admeasuring 12045 Sq.Mts. at Ved Vyas Puri, Meerut.
Date of last modification prior to the present modification	06.09.2010
Particulars of the present modification	Modification is pursuant to enhancement in the facility amount from INR 1300.000 Millions to INR 1600.000 Millions pursuant to sanction of fresh TL A of INR 200 Million and fresh TL B of INR 100 Million charge on the immovable property is only on the Facility Amount Of Inr 1300 Million. Charge on the current and movable fixed assets is on the facility amount of inr 1600 million. Total charge on the Current Assets, Movable fixed Assets and Immovable Property shall not exceed Rs. 1600.000 Millions

INDIAN ECONOMY and FUTURE OUTLOOK

Indian Economy is growing at a rapid pace having recorded a growth of around 8.5% for the year 2010-2011. Inflation remains a matter of challenge for the entire corporate world and had tremendous effect on the raw material costs across the country. The price of Natural Rubber has almost doubled during the year. The Industrial production reflected some down trends during second half of the year due changes in the Government policy led to rise in interest costs.

The Automotive sector had achieved a growth rate of near around 27% of production with increased in the production Truck and Buses by 38% and that of Passenger Car by 28%. This increase in growth rate has resulted in robust demand of Tyres.

Indian Economy is directing towards growth at healthy pace and with the automobile industry making rapid strides, the demand of tyres is expected to increase sizably. The Company was ramping up its operations in both the replacement market and in the OEM category. The Company believes that radialisation will be the driving force in the Indian truck tyre market and hence plans to manufacture and prepare a solid base to meet the demand in radial tyres category. The Company plans to start production of radial tyres for passenger and commercial vehicles in the coming years.

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.55.42
UK Pound	1	Rs.86.78
Euro	1	Rs.68.03

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--CREDIT LINES	1~10	3
--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		20

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.