MIRA INFORM REPORT

Report Date :

14.02.2012

IDENTIFICATION DETAILS

Name :	ABG-LDA BULK HANDLING PRIVATE LIMITED (w.e.f.17.08.2009)
Formerly Known As :	ABG BULK HANDLLING PRIVATE LIMITED
Registered Office :	5^th Floor, Bhupati Chambers, 13 Mathew Road, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.11.2008
Com. Reg. No.:	11-188282
Capital Investment / Paid-up Capital :	Rs.1.961 Millions
CIN No.: [Company Identification No.]	U63012MH2008PTC188282
TAN No.: [Tax Deduction & Collection Account No.]	MUMA34147B
PAN No.: [Permanent Account No.]	AAHCA4096Q
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provided of Bulk Cargo Handling Services
No. of Employees :	50 (approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 6100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some losses incurred by the company in the current year (i.e.2010-11). However, Net Worth appears to be satisfactory. 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Sagar
Designation :	Senior Executive
Contact No.:	91-22-66563000
Date :	13.02.2012

LOCATIONS

Registered Office :	5^th Floor, Bhupati Chambers, 13 Mathew Road, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-66563000
Mobile No.:	91-9930810046 (Mr. Jean Michel Pap)
Fax No.:	91-22-23649236
E-Mail :	hq@abginfra.com accounts@abg-lda.com
Area :	3500 sq. ft.
Location :	Owned

DIRECTORS

As on 02.09.2011

Name :	Mr. Saket Kamleshkumar Agarwal
Designation :	Director
Address :	7A/B, Somerset Place, 61 D Bulabhai Desai Rd, Mumbai 400026, Maharashtra, India
Date of Birth/Age :	07.05.1964
Date of Appointment :	18.11.2008
DIN No. :	00162608

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	L63010MH1983PLC031578	ABG Infralogistics Limited	Managing director	11-06-84	11-06-84	-	Active	NO
2	L61200GJ1985PLC007730	ABG Shipyard Limited	Director	11-02-89	11-02-89	29-07-11	Active	NO
3	U61100MH1994PLC083429	PFS Shipping (India) Limited	Director	02-12-94	02-12-94	25-09-08	Active	NO
4	U31200MH1994PTC083435	ABG Power Private Limited	Director	02-12-94	02-12-94	-	Active	NO
5	U29150MH1995PTC093086	ABG Cranes Private Limited	Director	26-09-95	26-09-95	-	Active	NO
6	U36941MH1996PLC185707	ABG Cement Limited	Director	26-02-96	26-02-96	01-11-08	Active	NO
7	U45203GA1997PLC002369	South West Port Limited	Director	26-06-97	26-06-97	07-09-09	Active	NO
8	U05004MH1991PLC064540	Onaway Industries Limited	Director	24-03-00	24-03-00	-	Active	NO
9	U26101TN1975PTC006929	Agbros Glass Works (India) Private Limited	Director	26-10-01	26-10-01	10-08-05	Active	NO
10	U63010MH2003PTC140433	ABG Kolkata Container Terminal Private Limited	Managing director	01-04-09	11-03-04	-	Active	NO
11	U63012MH2006PLC162584	ABG Kandla Container Terminal Limited	Director	13-06-06	13-06-06	-	Active	NO
12	U63090MH2008PTC181450	ABG Ports Private Limited	Director	23-04-08	23-04-08	-	Active	NO
13	U63012MH2008PTC188282	ABG-LDA Bulk Handling Private Limited	Director	18-11-08	18-11-08	-	Active	NO
14	U29253MH2009PTC192574	Haldia Bulk Terminals Private Limited	Director	22-05-09	22-05-09	-	Active	NO
15	U29268MH2009PTC195525	ABG Turnkey Private Limited	Director	04-09-09	04-09-09	-	Active	NO
16	U29253MH2009PTC196894	ABG Container Handling Private Limited	Director	06-11-09	06-11-09	-	Active	NO
17	U74990MH2010PTC199707	ABG-LDA Marine Private Limited	Director	04-02-10	04-02-10	-	Active	NO
18	U74900MH2010PTC204755	West Quay Multiport Private Limited	Director	23-06-10	23-06-10	-	Active	NO
19	U61200MH2010PTC206696	Tuticorin Coal Terminal Private Limited	Director	17-08-10	17-08-10	-	Active	NO
20	U61200MH2011FTC223011	Bharat Global Ports Private Limited	Director	14-10-11	14-10-11	-	Active	NO

Name :	Mr. Ravishankar Gopalan
Designation :	Additional Director
Address :	3, Venkateshwara, E 6th Road, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	29.02.1964
Date of Appointment :	24.06.2011
DIN No. :	02559630

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	U74140MH2009PTC192671	Sairam Corporate Advisors Private Limited	Director	25-05-09	25-05-09	-	Active	NO
2	L63010MH1983PLC031578	ABG Infralogistics Limited	Director	30-09-09	11-08-09	-	Active	NO
3	U29253MH2009PTC192574	Haldia Bulk Terminals Private Limited	Director	02-09-11	24-06-11	-	Active	NO
4	U63012MH2008PTC188282	ABG-LDA Bulk Handling Private Limited	Director	02-09-11	24-06-11	-	Active	NO
5	U63010MH2003PTC140433	ABG Kolkata Container Terminal Private Limited	Director	29-06-11	29-06-11	-	Active	NO
6	U63012MH2006PLC162584	ABG Kandla Container Terminal Limited	Director	29-06-11	29-06-11	-	Active	NO
7	U63090MH2008PTC181450	ABG Ports Private Limited	Director	30-08-11	30-06-11	-	Active	NO
8	U72900MH1998PLC114091	IT Source Technologies Limited	Director	02-09-11	19-08-11	-	Active	NO

Name :	Mr. Babu Rajeev Chandrasekharan
Designation :	Director
Address :	C-II/69, Shajahan Road, New Delhi - 110011, Delhi, India
Date of Birth/Age :	18.05.1947
Date of Appointment :	10.11.2009
DIN No. :	02481763

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	U71120MH2003PTC140436	Aspen Material Handling Private Limited	Director	30-09-09	06-12-08	-	Active	NO
2	U63090MH2008PTC181450	ABG Ports Private Limited	Director	29-09-09	29-06-09	-	Active	NO
3	U63012MH2008PTC188282	ABG-LDA Bulk Handling Private Limited	Director	14-09-10	10-11-09	-	Active	NO
4	U29253MH2009PTC192574	Haldia Bulk Terminals Private Limited	Director	14-09-10	10-11-09	-	Active	NO
5	U67120MH1995PLC095136	ABG Capital Limited	Director	29-09-10	20-03-10	-	Active	NO
6	U61200MH2010PTC206696	Tuticorin Coal Terminal Private Limited	Director	02-09-11	14-09-10	-	Active	NO
7	U74900MH2010PTC204755	West Quay Multiport Private Limited	Director	02-09-11	14-09-10	-	Active	NO
8	U74990MH2010PTC199707	ABG-LDA Marine Private Limited	Director	02-09-11	14-09-10	-	Active	NO
9	U31200MH1994PTC083435	ABG Power Private Limited	Director	30-09-11	05-10-10	-	Active	NO
10	U29253MH2009PTC196894	ABG Container Handling Private Limited	Director	30-08-11	26-10-10	-	Active	NO
11	U29268MH2009PTC195525	ABG Turnkey Private Limited	Director	30-08-11	26-10-10	-	Active	NO

Name :	Mr. Gildas Patrick Michel Maire
Designation :	Director
Address :	13, Rue Jean, Mermoz, Letang La Ville, 78620, Paris
Date of Birth/Age :	20.02.1965
Date of Appointment :	16.09.2009
DIN No. :	02729588

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	U29253MH2009PTC192574	Haldia Bulk Terminals Private Limited	Director	14-09-10	16-09-09	-	Active	NO
2	U63012MH2008PTC188282	ABG-LDA Bulk Handling Private Limited	Director	29-09-09	16-09-09	-	Active	NO
3	U74990MH2010PTC199707	ABG-LDA Marine Private Limited	Director	04-02-10	04-02-10	-	Active	NO
4	U61200MH2010PTC206696	Tuticorin Coal Terminal Private Limited	Director	02-09-11	14-09-10	-	Active	NO
5	U74900MH2010PTC204755	West Quay Multiport Private Limited	Director	02-09-11	14-09-10	-	Active	NO

Name :	Mr. Alain Andrele Guillard
Designation :	Director
Address :	35, Rue Singer 75016, Paris
Date of Birth/Age :	12.06.1957
Date of Appointment :	16.09.2009
DIN No. :	02729663

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	U63012MH2008PTC188282	ABG-LDA Bulk Handling Private Limited	Director	29-09-09	16-09-09	-	Active	NO
2	U29253MH2009PTC192574	Haldia Bulk Terminals Private Limited	Director	14-09-10	16-09-09	-	Active	NO
3	U61200MH2010PTC206696	Tuticorin Coal Terminal Private Limited	Director	17-08-10	17-08-10	-	Active	NO
4	U74900MH2010PTC204755	West Quay Multiport Private Limited	Director	02-09-11	14-09-10	-	Active	NO
5	U74990MH2010PTC199707	ABG-LDA Marine Private Limited	Director	02-09-11	14-09-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sagar
Designation :	Senior Executive
Name :	Mr. Gurpreet Singh Malhi
Designation :	Chief Executive Officer
Name :	Mr. N. Gopala Krishnan
Designation :	Chief Financial Officer
Name :	Mr. Jean Michel Pap
Designation :	Operation Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 02.09.2011

Names of Shareholders	No. of Shares
ABG Ports Private Limited – India	99990
C Babu Rajeev	10
Louis Dreyfus Armateurs, SAS – India	96078
Total	196078

Equity Share Break up (Percentage of Total Equity)

As on 02.09.2011

Category		Percentage of Holding
Bodies corporate		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Service Provided of Bulk Cargo Handling Services
Exports :
Products :	Crane Parts
Countries :	Australia
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Suppliers :

· Agromach Spares Corporation

· Indian Oil Corporation

Customers :

OEM’s

· ABG Infralogistics Limited

No. of Employees :

50 (approximately)

Bankers :

• Axis Bank – Credit Management Center, Unit No, 6, Corporate Park, Sion-Trombay Road, Chembur, Mumbai - 400071, Maharashtra, India

Facilities :

Cash Credit: Rs. 910.000 Millions (From Axis Bank)

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loan Bank Secured	502.784	552.250
Loans Taken for Vehicles Secured	3.016	0.000
Total	505.800	552.250
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other Debt Unsecured	90.024	0.000
Total	90.024	0.000

Banking Relations :	-
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	16^th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
Pan No. :	AALFS0506L
Ultimate Holding Company :	ABG Infralogistics Limited
Holding Company :	ABG Ports Private Limited CIN: U63090MH2008PTC181450
Subsidiaries :	ABG-LDA Marine Private Limited CIN: U74990MH2010PTC199707 Address: 5^th Floor, Bhupati Chambers, 13 Mathew Road, Mumbai – 400004, Maharashtra, India ABG Haldia Bulk Terminals Private Limited CIN: U29253MH2009PTC192574 Address: 5^th Floor, Bhupati Chambers, 13 Mathew Road, Mumbai – 400004, Maharashtra, India Tuticorin Coal Terminal Private Limited
Associates :	ABG Project and Services Limited ABG Kolkata Container Terminal Private Limited ABG Kandla Container Terminal Limited ABG Container Handling Private Limited ABG Coastal Private Limited West Quay Multiport Private Limited Louis Drefus Armateurs S.A.S.

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs. 10/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
196078	Equity Shares	Rs. 10/- each	Rs. 1.961 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		1.961	1.961	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1523.821	1540.103	0.014
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1525.782	1542.064	0.114
LOAN FUNDS
1] Secured Loans		505.800	552.250	0.000
2] Unsecured Loans		90.024	0.000	0.052
TOTAL BORROWING		595.824	552.250	0.052
DEFERRED TAX LIABILITIES		37.723	10.798	0.000
TOTAL		2159.329	2105.112	0.166
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		692.013	739.245	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		387.439	387.316	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.157	0.000	0.000
	Sundry Debtors	20.810	22.788	0.222
	Cash & Bank Balances	633.534	926.402	0.041
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	459.342	40.942	0.038
Total Current Assets		1127.843	990.132	0.301
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.789	2.683	0.086
	Other Current Liabilities	43.674	6.501	0.000
	Provisions	1.503	2.397	0.050
Total Current Liabilities		47.966	11.581	0.135
Net Current Assets		1079.877	978.551	0.166
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2159.329	2105.112	0.166

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	289.871	235.371	0.250
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	132.637	85.109	0.186
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		157.234	150.262	0.064
Less	FINANCIAL EXPENSES		68.227	45.790	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		89.007	104.472	0.064
Less/ Add	DEPRECIATION/ AMORTISATION		60.392	40.936	0.000
	PROFIT BEFORE PRIOR ITEMS		28.615	63.536	0.064
Less	PRIOR PERIOD ITEMS		15.042	0.000	0.000
	PROFIT BEFORE TAX		13.573	63.536	0.064
Less	TAX		29.855	21.586	0.050
	PROFIT AFTER TAX		(16.282)	41.950	0.014
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		41.964	0.014	0.000
	BALANCE CARRIED TO THE B/S		25.682	41.964	0.014
	IMPORTS
		Stores & Spares	NA	3.783	0.000
	TOTAL IMPORTS		NA	3.783	0.000
	Earnings Per Share (Rs.)		(83.04)	303.53	1.36

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(5.62)	17.82	5.60
Return on Total Assets (PBT/Total Assets}	(%)	0.75	3.67	21.26
Return on Investment (ROI) (PBT/Networth)		0.01	0.04	0.12
Debt Equity Ratio (Total Liability/Networth)		0.42	0.37	1.64
Current Ratio (Current Asset/Current Liability)		23.51	85.50	2.23

LOCAL AGENCY FURTHER INFORMATION

The Details of Sundry Creditors

Rs. In Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	2.789	2.683	0.086
Total	2.789	2.683	0.086

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	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

OPERATIONS:

During the year, the company has achieved gross receipts of Rs.289.871 Millions as compared to Rs.235.365 Millions in the previous financial year 2009-2010. The company has incurred a net loss after tax of Rs.16.282 Millions as compared to profit Rs.41.950 Millions in the previous financial year 2009-2010.

The main reason for the decrease in the net profit for the year is due to reduced volumes handled at Mangalore and reduction in tariff fixed by the Tariff Authority for major Ports.

FORM 8:

Corporate identity number of the company	U63012MH2008PTC188282
Name of the company	ABG-LDA BULK HANDLING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5th Floor, Bhupati Chambers, 13 Mathew Road, Mumbai – 400004, Maharashtra, India E-Mail : hq@abginfra.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10180172
Type of charge	Book Debts Movable Property Others(Stock, Current Assets, Plant and Machineries, etc.)
Particular of charge holder	Axis Bank Limited - Credit Management Centre, Unit No. 6, Corporate, Park, Sion- Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India e-mail id: payal.sabharwal@axisbank.com
Nature of instrument creating charge	Supplement Deed of Hypothecation (SDH) dated 13.08.2010
Date of instrument Creating the charge	13.08.2010
Amount secured by the charge	Rs. 910.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction letter or as stipulated by Bank from time to time. Terms of Repayment As per Sanction letter or as stipulated by Bank from time to time. Margin As per Sanction letter or as stipulated by Bank from time to time. Extent and Operation of the charge Credit Facilities granted by Bank enhanced from Rs. 710.000 Millions. to Rs. 910.000 Millions to secure Term Loan (TL)-Rs.710.000 Millions, Letter of Credit (LC) (sublimit of TL)-Rs. 180.000 Millions and Bank Guarantee-Rs. 200.000 Millions. The security by way of Hypothecation on entire Fixed assets and Current Assets and Movable properties, etc both present and future given earlier des. In Sch to SDH extended as security for the enhanced facilities.
Particulars of the property charged	All tangible movable machinery, Plant machinery, fixtures, fittings, cranes, furniture and all other articles financed by the bank and lying in the borrower's premises warehouses and Godowns or elsewhere All the present and future book-debts, outstanding monies, receivables claims bills, contracts, engagements due or which may become due by any person, firm, company, or by Government authority, etc. The whole of the Borrower's movable goods and assets both present and future, all stocks of raw materials, work in progress, finished goods, packing materials, consumable stores and spares etc.
Particulars of the present modification	Now vide modi., Credit. facilities granted by the Bank enhanced from Rs.710.000 Millions. to Rs.910.000 Millions, to secure TL-Rs.710.000 Millions, LC (sublimit of TL)-Rs.180.000 Millions. and BG-Rs.200.000 Millions. The security by way of charge on entire fixed and current assets- plant and machinery, book debts, stocks, furniture and fixtures etc. given earlier, des. in Sch. to SDH shall continue as security to secure the enhanced limits.

Trade References:

· Agromach Spares Corporation

· Indian Oil Corporation

· ABG Infralogistics Limited

Fixed Assets:

• Mobile Harbor Cranes
• Computers
• Furniture and Fixture
• Office equipments
• Goodwill an acquisition

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.49.32
UK Pound	1	Rs.77.84
Euro	1	Rs.65.35

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.