MIRA INFORM REPORT

Report Date :

08.12.2012

IDENTIFICATION DETAILS

Name :	INARCO LIMITED
Registered Office :	B2 - 801, 8th Floor, B2 Wing, Marathon Innova, Opposite Peninsula Corporate Park, Off Ganapatrao Kadam Marg, Lower Parel, Mumbai - 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.12.1958
Com. Reg. No.:	11-011233
Capital Investment / Paid-up Capital :	Rs. 9.500 Millions
CIN No.: [Company Identification No.]	U74999MH1958PLC011233
TAN No.: [Tax Deduction & Collection Account No.]	PNEI04164G
PAN No.: [Permanent Account No.]	AAACI2897Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Cots, Aprons and Vinyl Floor Coverings.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 257000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Latest financials i.e.2011-2012 are missing from the government department. From the available financials of 2011 the company seems to be doing well. 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 – 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit : BBB-
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	September 13, 2012

Rating Agency Name	CRISIL
Rating	Bank Guarantee : A3
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	September 13, 2012

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 :	B2 - 801, 8th Floor, B2 Wing, Marathon Innova, Opposite Peninsula Corporate Park, Off Ganapatrao Kadam Marg, Lower Parel, Mumbai - 400013, Maharashtra, India
Tel. No.:	91-22-43152200/ 43152230
Fax No.:	91-22-24919187
E-Mail :	vpoddar@inarco.com
Website :	www.inarco.com
Location :	Owned
Head Office :	118, Vardhaman Industrial Complex, Gokul Nagar, L B S Road, Thane – 400601, Maharashtra, India
Tel. No.:	91-22-21722900 / 05
Fax No.:	91-22-21721855 / 21720935
E-Mail :	orderexpo@inarco.com
Location :	Owned
Factory:	Located at Bhavnagar, Gujarat, India
Location :	Owned

DIRECTORS

AS ON 30.05.2012

Name :

Mr. Arvind Bhandari Kewalkishan

Designation :

Managing director

Address :

203, Panorama, Walkeshwar Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

12.04.1947

Qualification :

CA

Date of Appointment :

12.07.2007

DIN No.:

00708080

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	Company/ LLP Status	Defaulting status
1	U74999MH1958PLC011233	INARCO LIMITED	Managing director	12/07/2007	01/10/2005	Active	NO

Name :

Mr. Bahram Navroz Vakil

Designation :

Director

Address :

Neptune Court, First Floor, Nepeansea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

12.09.1958

Qualification :

LLM

Date of Appointment :

22.08.2006

DIN No.:

00283980

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	U55101MH1996PTC097667	DEGUSTIBUS HOSPITALITY PRIVATE LIMITED	Director	01/06/1998	01/06/1998	20/06/2009	Active	NO
2	U25110MH1996PTC098147	GOLD SEAL AVON POLYMERS PRIVATE LIMITED	Alternate director	26/08/2008	13/03/2001	07/06/2011	Active	NO
3	U67190MH1997PTC109777	STRATEGIC PARTNERS (INDIA) PRIVATE LIMITED	Director	09/04/2001	09/04/2001	-	Active	NO
4	U29111MH2001PTC131781	LOMBARDINI INDIA PRIVATE LIMITED	Director	14/05/2001	14/05/2001	22/06/2007	Active	NO
5	U55101TN2002PTC048331	WILD INDIA CAMPS PRIVATE LIMITED	Director	10/03/2004	10/03/2004	-	Active	NO
6	U25209MH1997PTC110354	GOLDSEAL-SAARGUMMI INDIA PRIVATE LIMITED	Alternate director	16/02/2005	16/02/2005	03/12/2009	Active	NO
7	U74999MH2003PTC149854	THE WALT DISNEY COMPANY (INDIA) PRIVATE LIMITED	Director	09/12/2005	09/12/2005	03/02/2009	Active	NO
8	U65991MH2005PLC158045	PENINSULA TRUSTEE LIMITED	Director	12/07/2007	06/03/2006	-	Active	NO
9	U72900PN2006PTC129658	BODHI GLOBAL SERVICES PRIVATE LIMITED	Director	22/03/2006	22/03/2006	-	Active	NO
10	U74999MH1958PLC011233	INARCO LIMITED	Director	22/08/2006	22/08/2006	-	Active	NO
11	U73100AP2006PTC051414	BVUD RESEARCH (INDIA) PRIVATE LIMITED	Director	16/10/2006	16/10/2006	29/03/2007	Under liquidation	NO
12	U65990MH2005PLC154276	EDELWEISS WEB SERVICES LIMITED	Director	02/11/2006	02/11/2006	-	Active	NO
13	U92130MH2004PTC143978	UNITED HOME ENTERTAINMENT Private LIMITED	Director	12/12/2006	12/12/2006	27/08/2007	Active	NO
14	U65923MH2007PLC168721	GRAMEEN CAPITAL INDIA LIMITED	Director	14/03/2007	14/03/2007	-	Active	NO
15	U67190MH2007FTC175891	BABCOCK AND BROWN INDIA PRIVATE LIMITED	Director	14/11/2007	14/11/2007	22/08/2008	Under liquidation	NO
16	U74900KA2008PTC050780	UNITUS CAPITAL PRIVATE LIMITED	Director	03/03/2008	03/03/2008	07/11/2008	Active	NO
17	U40106MH2008PTC180689	SUNNIGHT SOLAR PRIVATE LIMITED	Director	01/04/2008	01/04/2008	08/07/2011	Strike off	NO
18	U65999MH2008NPL188370	PREMANAND MICRO FINANCING	Director	20/11/2008	20/11/2008	08/07/2011	Active	YES
19	U93090MH2010NPL201145	INDIAN COUNCIL ON GLOBAL RELATIONS	Director	28/09/2011	25/08/2010	-	Active	NO
20	U74900MH2011PTC215129	GE-HITACHI NUCLEAR ENERGY INDIA PRIVATE LIMITED	Director	22/03/2011	22/03/2011	-	Active	NO
21	U73100MH2011FTC216670	COLUMBIA RESEARCH AND CONSULTANCY SERVICES PRIVATE LIMITED	Alternate director	31/05/2011	31/05/2011	-	Active	NO
22	L74140PN1986PLC041033	ACCELYA KALE SOLUTIONS LIMITED	Director	08/11/2011	07/07/2011	-	Active	NO
23	L24240MH1952PLC008951	TRENT LIMITED	Director	10/08/2012	25/06/2012	-	Active	NO

Name :

Mr. Manmohan Krishan Mahajan

Designation :

Director

Date of Birth/Age :

10.08.1949

Date of Appointment :

16.12.2008

DIN No.:

00290208

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	Company/ LLP Status	Defaulting status
1	U74140MH1998PTC114225	MAHAJAN AND AIBARA CONSULTING PRIVATE LIMITED	Director	30/03/1998	30/03/1998	Active	NO
2	U74999MH1958PLC011233	INARCO LIMITED	Director	16/12/2008	16/12/2008	Active	NO

Name :

Mr. Kavas Dara Patel

Designation :

Director

Address :

C-33, River Nest, 311, North Main Road, Koregaon Park, Pune – 411001, Maharashtra, India

Date of Birth/Age :

02.02.1947

Date of Appointment :

31.03.1999

DIN No.:

00002634

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	L33208GA1983PLC000520	PHIL CORPORATION LIMITED	Director	18/08/1993	18/08/1993	-	Active	NO
2	U24300MH1989PLC052085	INDIAN OXIDES AND CHEMICALS LIMITED	Director	27/06/1997	27/06/1997	-	Active	NO
3	U45309PN1991PTC063598	ZINNIA PROPERTIES PRIVATE LIMITED	Director	14/03/1998	14/03/1998	-	Active	NO
4	U74999MH1958PLC011233	INARCO LIMITED	Director	31/03/1999	31/03/1999	-	Active	NO
5	L24100MH1960PLC011681	DAI-ICHI KARKARIA LIMITED	Director	26/04/2001	26/04/2001	-	Active	NO
6	L17110MH1943PLC010052	ARI CONSOLIDATED INVESTMENTS LIMITED	Director	15/10/2001	15/10/2001	-	Active	NO
7	U31909MH1983PLC029134	UNI KLINGER LIMITED	Director	02/12/2002	02/12/2002	-	Active	NO
8	U24110MH1990PLC055089	CHAMPION DAI-ICHI TECHNOLOGIES INDIA LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
9	U72900PN2005PTC020816	MIMOSA DATA SYSTEMS (INDIA) PRIVATE LIMITED	Additional director	20/09/2006	20/09/2006	01/08/2007	Strike off	NO
10	L15419PN1985PLC037347	TASTY BITE EATABLES LIMITED	Director	27/08/2009	29/05/2009	-	Active	NO

Name :

Mr. Nani Byram Javeri

Designation :

Director

Address :

Flat # 9, Ivorine, , M. K. Road, Mumbai- 400020, Maharashtra, India

Date of Birth/Age :

04.04.1946

Qualification :

B.A. - Economics

Date of Appointment :

27.02.2001

DIN No.:

02731854

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	Company/ LLP Status	Defaulting status
1	U74999MH1958PLC011233	INARCO LIMITED	Director	27/02/2001	27/02/2001	Active	NO
2	L17110MH1943PLC010052	ARI CONSOLIDATED INVESTMENTS LIMITED	Director	30/09/2009	30/06/2009	Active	NO
3	L29308MH1954PLC009371	VOLTAS LIMITED	Director	16/08/2010	29/10/2009	Active	NO
4	U52190KA1997PTC046775	LIFE STYLE INTERNATIONAL PRIVATE LIMITED	Director	30/08/2010	04/08/2010	Active	NO
5	U65923MH2009PTC198201	UNION KBC ASSET MANAGEMENT COMPANY PRIVATE LIMITED	Director	31/05/2011	16/09/2010	Active	NO
6	U74140MH2008FTC187025	HANNOVER RE CONSULTING SERVICES INDIA PRIVATE LIMITED	Director	31/10/2011	31/10/2011	Active	NO
7	U29193DN2001PLC000159	UNIVERSAL COMFORT PRODUCTS LIMITED	Director	11/08/2012	01/11/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.05.2012

Names of Shareholders	No. of Shares
ARI Consolidated Investment Limited, India	94500
Arvind K. Bhandari and ARI Consolidated Investment Limited, India	500
Total	95000

AS ON 30.05.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Cots, Aprons and Vinyl Floor Coverings.

Products :

ITC Code	Product Descriptions
401590	Aprons
401699	Cots

Ø Cots and Apron

Ø Adhesives

Ø Top Roller

Ø Floor Covering of Plastics

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Cots and Aprons	R.Mtrs	Not Applicable	1680000	28477
Cots and Aprons including Clearer Tubes	R.Mtrs	Not Applicable	--	1594182

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, Bank Street, Bomaby – 400023, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working capital loans banks secured	8.589	0.000
Loans taken for vehicles secured	0.576	1.155
Total	9.165	1.155
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans others unsecured	10.000	25.000
Total	10.000	25.000

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shivsagar Estate, Worli, Mumbai - 400018 Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABED7919A
Holding Company :	ARI Consolidated Investment Limited CIN NO.: L17110MH1943PLC010052 Address: B2 - 801, 8th Floor, Marathon Innova, Opposite Peninsula Corporate Park, Off Ganapatrao Kadam Marg, Lower Parel, Mumbai - 400013, Maharashtra, India
Enterprise over which the relative of the Key Management Personnel is able to exercise significant influence :	Ø Sankhil Investments Private Limited (SIPL) Ø Odin Capital Holdings Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95,000	Equity Shares	Rs. 100/- each	Rs. 9.500 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		9.500	9.500	9.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		54.784	43.803	37.817
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		64.284	53.303	47.317
LOAN FUNDS
1] Secured Loans		9.165	1.155	25.973
2] Unsecured Loans		10.000	25.000	17.350
TOTAL BORROWING		19.165	26.155	43.323
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		83.449	79.458	90.640
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.575	36.028	28.736
Capital work-in-progress		6.598	4.051	1.677
Capital Advances		0.000	0.000	0.018
INVESTMENT		4.244	1.945	0.000
DEFERREX TAX ASSETS		8.311	6.403	8.826
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	54.236	49.145	66.832
	Sundry Debtors	53.172	45.176	36.850
	Cash & Bank Balances	9.829	11.722	5.051
	Other Current Assets	0.169	0.202	0.502
	Loans & Advances	20.558	20.919	27.285
Total Current Assets		137.964	127.164	136.520
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	86.615	71.744	54.110
	Other Current Liabilities	12.415	10.614	8.145
	Provisions	19.213	13.775	22.982
Total Current Liabilities		118.243	96.133	85.237
Net Current Assets		19.721	31.031	51.283
MISCELLANEOUS EXPENSES		0.000	0.000	0.100
TOTAL		83.449	79.458	90.640

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	508.502	411.003	347.674
		Other Income	8.638	7.103	3.759
		TOTAL	517.140	418.106	351.433
Less	EXPENSES
		Consumption material changes inventories	202.281	167.229
		Manufacturing service cost	62.550	43.047
		Employee related expenses	87.684	72.559
		Administrative selling other expenses	115.515	93.156
		TOTAL	468.030	375.991	324.687
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		49.110	42.115	(Including Financial Expenses)
Less	FINANCIAL EXPENSES		4.018	3.757
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		45.092	38.358	26.746
Less/ Add	DEPRECIATION/ AMORTISATION		11.845	8.024	10.787
Add / Less	PRIOR PERIOD ITEMS BEFORE TAX		0.000	0.100	0.100
	PROFIT BEFORE TAX		33.247	30.234	15.859
Less	TAX		11.225	15.386	4.839
	PROFIT AFTER TAX		22.022	14.848	11.020
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		36.069	31.653	28.254
Less	APPROPRIATIONS
	Proposed Dividend		9.500	7.600	5.510
	Tax on distributes profits		1.540	1.262	0.936
	Transferred to General Reserve		3.330	1.570	1.175
	BALANCE CARRIED TO THE B/S		43.721	36.069	31.653
	EARNINGS IN FOREIGN CURRENCY
		Export of goods at F.O.B. Value (Including in Indian Rs.4.019 Millions (Previous year Rs.4.117 Millions)	134.866	108.501	90.006
		Freight and Insurance	1.849	2.047	1.737
		Exchange Gain	1.543	1.450	0.000
	TOTAL EARNINGS		138.258	111.998	91.743
	IMPORTS
		Raw Materials	77.687	56.616	65.506
	Earnings Per Share (Rs.)		231.81	156.30	116.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.26	3.55	3.14
Net Profit Margin (PBT/Sales)	(%)	6.54	7.36	4.56
Return on Total Assets (PBT/Total Assets}	(%)	18.21	18.53	9.60
Return on Investment (ROI) (PBT/Networth)		0.52	0.57	0.34
Debt Equity Ratio (Total Liability/Networth)		2.14	2.29	2.72
Current Ratio (Current Asset/Current Liability)		1.17	1.32	1.60

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note: The registered office of the company has been shifted from “M-3, Court Chamber, Sir V Thalkersey Marg, Mumbai – 400020, Maharashtra, India” to the present address w.e.f.01.04.2011

FINANCIAL RESULTS:

The turnover for the year stood at Rs.508.500 Millions – an increase of 24% over the previous year. The company made a profit of Rs.37.260 Millions before interest and tax.

The performance for the year showed improvement of 9% in spite of steep increase in raw material prices.

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Estimated amount id contracts remaining to be executed on capital account and not provided for (net of advances)	9.526	7.703
Contingent liabilities in respect of Income Tax matter in appeal	0.830	0.000

FIXED ASSETS:

Ø Roads

Ø Buildings

Ø Plant and Machinery

Ø Furniture and Fixtures

Ø Vehicles  

Ø Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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. 54.02
UK Pound	1	Rs. 87.00
Euro	1	Rs. 70.22

INFORMATION DETAILS

Report Prepared by :

BVA

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	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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.