MIRA INFORM REPORT

Report Date :

18.02.2012

IDENTIFICATION DETAILS

Name :	ELASTREX POLYMERS PRIVATE LIMITED
Registered Office :	No. 8, Gangadharana, Palayakasaba Hobli, Nelamngala, Bangalore – 562123, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.11.1988
Com. Reg. No.:	08-009613
Capital Investment / Paid-up Capital :	Rs. 6.913 Millions
CIN No.: [Company Identification No.]	U00311KA1988PTC009613
TAN No.: [Tax Deduction & Collection Account No.]	BLRE03547F BLRE00383F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Rubber Footwear and V Strap.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 2300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office / Factory :	No. 8, Gangadharana, Palayakasaba Hobli, Nelamngala, Bangalore – 562123, Karnataka, India
Tel. No.:	91-80-28396004
Fax No.:	91-80-28396013
E-Mail :	admin@paragonfootwear.com
Website :	www.paragonfootwear.com
Corporate Office :	P.B. No. 5801, 45 – A, 2^ndPhase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-28396004
Fax No.:	91-80-28396013

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Joseph Zachariah
Designation :	Managing Director
Address :	No. 8, Gangadharana, Palayakasaba Hobli, Nelamngala, Bangalore – 562123, Karnataka, India
Date of Birth/Age :	01.01.1960
Date of Appointment :	01.10.1991
DIN No.:	00051866

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U00311KA1988PTC009613	ELASTREX POLYMERS PRIVATE LIMITED	Managing director	01-10-91	01-10-91	Active	NO
2	U19202KA2001PTC028831	PARAGON FOOTWEARS PRIVATE LIMITED	Managing director	28-03-01	28-03-01	Active	NO
3	U01920KA2000PTC026834	PRESTON INDIA PRIVATE LIMITED	Director	31-08-06	31-08-06	Active	NO
4	U24134KL1990PTC005761	PARAGON POLYMER PRODUCTS PRIVATE LIMITED	Director	30-09-10	27-04-10	Active	NO
5	U52323KL1987PTC004915	FALCON AGENCIES PRIVATE LIMITED	Director	30-09-10	16-06-10	Active	NO

Name :	Mr. Abraham Mathew
Designation :	Director
Address :	Pattukalathil, Muttambalam, Kottayam – 686001, Kerala, India
Date of Birth/Age :	21.03.1943
Date of Appointment :	30.09.2006
DIN No.:	00322208

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25191KL1988PTC004991	LEO RUBBERS PRIVATE LIMITED	Director	17-03-88	17-03-88	Strike off	NO
2	U01920KA1988PTC009223	PRESTON POLYMERS PRIVATE LIMITED	Director	27-06-88	27-06-88	Amalgamated	NO
3	U01920KA2000PTC026834	PRESTON INDIA PRIVATE LIMITED	Director	01-04-00	01-04-00	Active	NO
4	U00311KA1988PTC009613	ELASTREX POLYMERS PRIVATE LIMITED	Director	30-09-06	30-09-06	Active	NO
5	U24134KL1990PTC005761	PARAGON POLYMER PRODUCTS PRIVATE LIMITED	Director	30-09-10	27-04-10	Active	NO
6	U52323KL1987PTC004915	FALCON AGENCIES PRIVATE LIMITED	Director	30-09-10	16-06-10	Active	NO

Name :	Mr. Mani Kodunvrachra Thomas
Designation :	Director
Address :	404, Silver Palace 5, 1^st main, Vasant Nagar, Bangalore – 5600052, Karnataka, India
Date of Birth/Age :	26.11.1951
Date of Appointment :	24.04.1997
DIN No.:	00052008

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U00311KA1988PTC009613	ELASTREX POLYMERS PRIVATE LIMITED	Director	24-04-97	24-04-97	Active	NO
2	U01920KA2000PTC026834	PRESTON INDIA PRIVATE LIMITED	Managing director	01-04-00	01-04-00	Active	NO
3	U19202KA2001PTC028831	PARAGON FOOTWEARS PRIVATE LIMITED	Director	28-03-01	28-03-01	Active	NO
4	U24134KL1990PTC005761	PARAGON POLYMER PRODUCTS PRIVATE LIMITED	Director	30-09-10	27-04-10	Active	NO
5	U52323KL1987PTC004915	FALCON AGENCIES PRIVATE LIMITED	Director	30-09-10	16-06-10	Active	NO

Name :	Mr. Vijoo Zachariah
Designation :	Director
Address :	407, Silver Palace 5, 1^st main, Vasant Nagar, Bangalore – 5600052, Karnataka, India
Date of Birth/Age :	30.10.1963
Date of Appointment :	01.10.1991
DIN No.:	00053037

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01920KA1988PTC009223	PRESTON POLYMERS PRIVATE LIMITED	Managing director	27-06-88	27-06-88	Amalgamated	NO
2	U00311KA1988PTC009613	ELASTREX POLYMERS PRIVATE LIMITED	Director	01-10-91	01-10-91	Active	NO
3	U01920KA2000PTC026834	PRESTON INDIA PRIVATE LIMITED	Director	01-04-00	01-04-00	Active	NO
4	U24134KL1990PTC005761	PARAGON POLYMER PRODUCTS PRIVATE LIMITED	Director	30-09-10	27-04-10	Active	NO
5	U52323KL1987PTC004915	FALCON AGENCIES PRIVATE LIMITED	Director	30-09-10	16-06-10	Active	NO

Name :	Mr. Joseph Koduvirachira Thomas
Designation :	Director
Address :	Koduvirachira, Mallossery PO, Kottayam-686041, Kerala, India
Date of Birth/Age :	16.05.1949
Date of Appointment :	03.04.2010
DIN No.:	00318521

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U52323KL1987PTC004915	FALCON AGENCIES PRIVATE LIMITED	Director	30-09-89	30-09-89	Active	NO
2	U24134KL1990PTC005761	PARAGON POLYMER PRODUCTS PRIVATE LIMITED	Managing director	27-07-90	27-07-90	Active	NO
3	U01920KA2000PTC026834	PRESTON INDIA PRIVATE LIMITED	Director	03-04-10	03-04-10	Active	NO
4	U00311KA1988PTC009613	ELASTREX POLYMERS PRIVATE LIMITED	Director	03-04-10	03-04-10	Active	NO

Name :	Mr. Sajan Koduvirachira Thomas
Designation :	Director
Address :	Koduvirachira, Puthenagady, Kottayam-686001, Kerala, India
Date of Birth/Age :	08.11.1958
Date of Appointment :	03.04.2010
DIN No.:	00322126

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U52323KL1987PTC004915	FALCON AGENCIES PRIVATE LIMITED	Director	30-09-89	30-09-89	Active	NO
2	U24134KL1990PTC005761	PARAGON POLYMER PRODUCTS PRIVATE LIMITED	Director	27-07-90	27-07-90	Active	NO
3	U01920KA2000PTC026834	PRESTON INDIA PRIVATE LIMITED	Director	03-04-10	03-04-10	Active	NO
4	U00311KA1988PTC009613	ELASTREX POLYMERS PRIVATE LIMITED	Director	03-04-10	03-04-10	Active	NO

Name :	Mr. Reji Abraham
Designation :	Director
Address :	Murattupoovathinkal, Pattukalathil, Muttambalam PO, Kottayam-686004, Kerala, India
Date of Birth/Age :	12.03.1955
Date of Appointment :	03.04.2010
DIN No.:	00418423

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U52323KL1987PTC004915	FALCON AGENCIES PRIVATE LIMITED	Director	24-11-87	24-11-87	Active	NO
2	U24134KL1990PTC005761	PARAGON POLYMER PRODUCTS PRIVATE LIMITED	Director	22-12-93	22-12-93	Active	NO
3	U01920KA2000PTC026834	PRESTON INDIA PRIVATE LIMITED	Director	03-04-10	03-04-10	Active	NO
4	U00311KA1988PTC009613	ELASTREX POLYMERS PRIVATE LIMITED	Director	03-04-10	03-04-10	Active	NO

Name :	Mr. Reju Koduvirachira Joseph
Designation :	Director
Address :	Koduvirachira, Aishwarya Road, Multirambalam, Kottayam, Kerala, India
Date of Birth/Age :	06.05.1957
Date of Appointment :	24.04.1997
DIN No.:	00418455

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25191KL1988PTC004991	LEO RUBBERS PRIVATE LIMITED	Director	17-03-88	17-03-88	Strike off	NO
2	U00311KA1988PTC009613	ELASTREX POLYMERS PRIVATE LIMITED	Director	24-04-97	24-04-97	Active	NO
3	U24134KL1990PTC005761	PARAGON POLYMER PRODUCTS PRIVATE LIMITED	Director	01-10-99	01-10-99	Active	NO
4	U52323KL1987PTC004915	FALCON AGENCIES PRIVATE LIMITED	Director	20-04-06	20-04-06	Active	NO
5	U01920KA2000PTC026834	PRESTON INDIA PRIVATE LIMITED	Director	03-04-10	03-04-10	Active	NO

Name :	Mr. Thomas Koduvirachira Thomas
Designation :	Director
Address :	6/Windsor Villa, 89, 2^nd Main, Defence Colony, Indira Nagar, Bangalore-560038, Karnataka, India
Date of Birth/Age :
Date of Appointment :	03.04.2010
DIN No.:	00467883

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U52323KL1987PTC004915	FALCON AGENCIES PRIVATE LIMITED	Managing director	24-11-87	24-11-87	Active	NO
2	U24134KL1990PTC005761	PARAGON POLYMER PRODUCTS PRIVATE LIMITED	Director	22-12-93	22-12-93	Active	NO
3	U01920KA2000PTC026834	PRESTON INDIA PRIVATE LIMITED	Director	31-08-06	31-08-06	Active	NO
4	U91100MH1951GAT008683	ALL INDIA RUBBER INNDUSTRIES ASSOCIATION	Director	26-09-06	26-09-06	Active	NO
5	U00311KA1988PTC009613	ELASTREX POLYMERS PRIVATE LIMITED	Director	03-04-10	03-04-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Vijoo Zachariah	42375
Bindu Joseph	34970
Reji Abraham	43259
Reji K Joseph	38150
Mani Thomas	44804
Joseph Thomas	37970
Navin Thomas	23125
Joseph Zachariah	34150
Nimmy Joseph	3012
Annu Reji Joseph	30965
Abraham Mathew	44275
Rebecca Mathew	24840
Sherly Mani	27768
Sosamma Joseph	34602
K. T. Thomas	37777
Susheela Thomas	35094
Sajan Thomas	44781
Thara Thomas	27789

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Rubber Footwear and V Strap.

Products :

ITC Code No.	Product Description
301101000	Rubber Footwear
303953000	V Strap

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Hawai Chappals (including Walkie)	Lakhs pa	150	9680549
Shoes and Sandals	Lakhs pa	80	7442885
Eva Footwear	Lakhs pa	20	1917438
Fabricated Footwear	Lakhs pa	7.5	334055
PVC Footwear	Lakhs pa	10	838519

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The South Indian Bank Limited

· Sreenivasa Prasanna Complex, Triveni Road, Yeshwanthpur, Bangalore-560022, Karnataka, India

· 33/1, 1^st Cross HMT Main Road, Mattikere, Bangalore-560054, Karnataka, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	48.284	0.000
Working capital loans secured
Working capital loans banks secured	290.764	84.147
Total	339.048	84.147
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loans directors unsecured	0.000	12.950
Other debt unsecured	0.000	39.660
Total	0.000	52.610

Banking Relations :	--
Auditors :
Name :	Varma and Varma Chartered Accountant
Address :	3525, 1^st Cross Hal 2^nd Stage, Bangalore – 560008, Karnataka, India
Pan No.:	AABFV9555E
Companies /Firms under same Management/ Common Control :	· Preston India Private Limited · Paragon Footwear Private Limited · Paragon Rubber Industries · Paragon Polymer Products Private Limited · Falcon Agencies Private Limited · Leo Rubbers · K.U. Thomas and Company

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs. 7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
691250	Equity Shares	Rs.10/- each	Rs. 6.913 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		6.913	6.688	6.688
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		570.398	453.926	303.344
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		577.311	460.614	310.032
LOAN FUNDS
1] Secured Loans		339.048	84.147	45.827
2] Unsecured Loans		0.000	52.610	52.610
TOTAL BORROWING		339.048	136.757	98.437
DEFERRED TAX LIABILITIES		8.618	7.876	4.658
TOTAL		924.977	605.247	413.127
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		282.315	192.576	103.002
Capital work-in-progress		3.604	22.318	10.707
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	566.814	373.177	166.336
	Sundry Debtors	186.056	106.180	90.904
	Cash & Bank Balances	22.129	34.585	19.989
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	84.897	49.119	109.680
Total Current Assets		859.896	563.061	386.909
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	191.496	137.144	63.422
	Other Current Liabilities	25.704	16.686	12.784
	Provisions	3.638	18.878	11.285
Total Current Liabilities		220.838	172.708	87.491
Net Current Assets		639.058	390.353	299.418
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		924.977	605.247	413.127

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income	2097.996	1380.149	914.395
	Other Income
	TOTAL	2097.996	1380.149	914.395
EXPENSES
	Office Expenses	1860.906	1118.106	808.084
	Administrative Expenses
	Advertising Expenses
	TOTAL	1860.906	1118.106	808.084
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		237.090	262.043	106.311
DEPRECIATION/ AMORTISATION		61.442	36.383	16.058
PROFIT BEFORE TAX		175.648	225.660	81.899
TAX		59.177	78.732	29.314
PROFIT AFTER TAX		116.471	146.928	52.585
IMPORTS
	Raw Materials	28.153	31.359	28.320
	Capital Goods	105.888	72.983	29.784
TOTAL IMPORTS		134.041	104.342	58.104
Earnings Per Share (Rs.)		168.48	219.70	78.63

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.55	10.65	5.75
Return on Total Assets (PBT/Total Assets}	(%)	15.38	29.86	16.72
Return on Investment (ROI) (PBT/Networth)		0.30	0.49	0.17
Debt Equity Ratio (Total Liability/Networth)		0.98	0.69	0.61
Current Ratio (Current Asset/Current Liability)		3.89	3.26	4.42

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL PERFORMANCE

During the financial year 2010-11, there was a drastic increase in prices of natural rubber, synthetic rubber and other major raw materials. However, the company could increase the selling price of the Hawai products only marginally to be able to continue to compete successfully with their competitors. During the end of the F.Y, they have increased the selling prices of Hawai Products for which the company would benefit fully only during 2011-12. However they were able to perform better in the P.U range of products. There was some increase in the cost of raw material of P.U products also during the middle of the financial year, but this increase was not as pronounced as in the case of Hawai Products. Due to the competition in the market, they could increase the selling price of P.U products only by May’2011. Mainly due to the increase in the cost of raw materials of Hawai products, there was a decrease of profit by nearly 8% of the turnover compared to the margins available in the last financial year. As a result, the profits of the year are lower than that of the previous year inspite of a smart increase in turnover.

OPERATIONS

The company is adopting various measures such as quality control, product development, new marketing methods, working capital management and cost reduction to increase performance and profitability.

CONTINGENT LIABILITIES NOT PROVIDED FOR

(Rs. In Millions)

Sr. No.	Contingent Liabilities	2011	2010
1.	Tax on disallowed expenses during the AY 2007-08	Nil	0.700
2.	Letter of credit outstanding.	21.287	17.839

FORM 8

Corporate identity number of the company

U00311KA1988PTC009613

Name of the company

ELASTREX POLYMERS PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

No. 8, Gangadharana, Palayakasaba Hobli, Nelamngala, Bangalore – 562123, Karnataka, India

This form is for

Modification of charge

Type of charge

Immovable property

Book debts

Movable property (not being pledge)

Floating charge

Particular of charge holder

The South Indian Bank Limited, 33/1, 1^st Cross HMT Main Road, Mattikere, Bangalore-560054, Karnataka, India

Nature of instrument creating charge

Supplemental Deed of Hypothecation.

Agreement of Hypothecation.

Letter of deposit of title deeds.

Date of instrument Creating the charge

23.07.2011

Amount secured by the charge

Rs. 634.954 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

CCOL : 12.90%p.a.

ILC(Sub limit to CCOL) : Commission 0.25% commitment charges for every quarter.

FSL(M) Fresh : 12.90%p.a.

FSL(Existing) : 12.90%p.a.

Terms of repayment

CCOL : On Demand

ILC(Sub limit to CCOL) : Usance up to 90 days.

FSL(M) Fresh : Repayable in 36 monthly installments of Rs.1.027 Millions

FSL(Existing) : No Change

Margin

CCOL : 25% for stocks and 40% for book debts not older than 90 days.

ILC(Sub limit to CCOL) : Nil

FSL(M) Fresh : 25%

FSL(Existing) : No Change

Extent and operation of the charge

First charge on of stock and book debts of the company both present and future.

First charge on the machinery of the company.

First charge on the immovable property of the company.

Short particulars of the property charged (Including location of the property)

All the stock and book debts of the company both present and future.

All the machineries of the company both present and future.

Industrial land with factory building situated at No.397 and 398, Sy No. 46, III Main Road,11th Cross,4th Phase, Peenya Nallakaderanahalli, Bangalore - 58.

Industrial land with factory building situated at Sy No.8,Old No.8,Kasaba Hobli, Gangadharana Palya, Bangalore-Rural District

Charge identification number of the charge to be modified

10247343

Particulars of the present modification

The total limit has been enhanced from Rs.398.000 Millions to Rs.634.954 Millions as follows:

Limit	Existing	Modifies (amount in millions)
CCOL	350.000	550.000
ILC(Sub limit to CCOL)	(100.000)	--
FSL(M) (Fresh)	0.000	36.954
FSL(Existing	48.000	48.000

All other terms and conditions are remain same.

FIXED ASSETS:

• Freehold Land
• Building
• Plant and Machinery
• Electrical Installation
• Furniture and Fittings
• Crates
• Motor Vehicle
• Office Equipments

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. 49.21
UK Pound	1	Rs. 77.75
Euro	1	Rs. 64.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		58

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.