MIRA INFORM REPORT

Report Date :

24.02.2012

IDENTIFICATION DETAILS

Name :	NANDED CITY DEVELOPMENT AND CONSTRUCTION COMPANY LIMITED
Registered Office :	13, Megaspace Solapur Bazar Road, Off East St, Pune Road, Pune– 411 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.02.2006
Com. Reg. No.:	11-022073
Capital Investment / Paid-up Capital :	Rs.182.502 Millions
CIN No.: [Company Identification No.]	U45209PN2006PLC022073
PAN No.: [Permanent Account No.]	AACCN2613H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in construction Activity.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 550000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 :	13, Megaspace Solapur Bazar Road, Off East St, Pune Road, Pune – 411 001, Maharashtra, India
Tel. No.:	91-20-26342797 / 26341940
Fax No.:	91-20-26345541
E-Mail :	magar@bom5.vsnl.net.in
Website :	http://www.nandedcitypune.com
Site Office :	Nanded City, Sinhgad Road, Pune – 411 001, Maharashtra, India
Tel. No.:	91-20-24391222 / 23 / 24 / 25 / 26
E-Mail :	sales@nandedcitypune.com

DIRECTORS

As on 29.09.2011

Name :	Mr. Umesh Dattatray Magar
Designation :	Whole-time director
Address :	13, Megaspace, Solapur Bazar Road, Pune -411001, Maharashtra, India
Date of Birth/Age :	16.10.1959
Date of Appointment :	08.03.2006
DIN No.:	00007594

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	U45201PN1994PTC079065	MODERN ENRICA CONSTRUCTIONS PRIVATE LIMITED	Director	01-04-96	01-04-96	-	Active	NO
2	U55102PN1998PTC012941	MAGARPATTA CLUBS AND RESORTS PRIVATE LIMITED	Director	12-10-98	12-10-98	-	Active	NO
3	U74999PN1998PTC012940	MAGARPATTA PROPERTY MANAGEMENT SERVECES PRIVATE LIMITED	Director	12-10-98	12-10-98	-	Active	NO
4	U45201MH1994PLC082257	MAGARPATTA TOWNSHIP DEVELOPMENT AND CONSTRUCTION COMPANY LIMITED	Whole-time director	01-10-09	01-08-04	-	Active	NO
5	U45209PN2005PTC021513	MAGARPATTA CITY DEVELOPMENT COMPANY PRIVATE LIMITED	Director	08-11-05	08-11-05	-	Active	NO
6	U55101PN2006PTC021836	WATERFRONT RESORTS PRIVATE LIMITED	Director	13-01-06	13-01-06	-	Active	NO
7	U92419PN2006PTC022072	MAGARPATTA SPORTS AND RECREATION COMPANY PRIVATE LIMITED	Director	23-02-06	23-02-06	-	Active	NO
8	U45209PN2006PLC022073	NANDED CITY DEVELOPMENT AND CONSTRUCTION COMPANY LIMITED	Whole-time director	01-04-11	08-03-06	-	Active	NO
9	U55101PN2006PTC022238	MEGAMEALS HOSPITALITY AND CATERING PRIVATE LIMITED	Director	28-03-06	28-03-06	-	Amalgamated	NO
10	U01111PN1983PTC030715	MAGAR ESTATES PRIVATE LIMITED	Director	30-09-06	01-08-06	-	Active	NO
11	U45202PN2007PLC129440	RIVERVIEW CITY CONSTRUCTIONS LIMITED	Director	08-01-07	08-01-07	-	Active	NO
12	U45202PN2007PTC129826	SOUTH EXTENSION CITY CONSTRUCTIONS PRIVATE LIMITED	Director	21-03-07	21-03-07	-	Active	NO
13	U52190PN2007PTC129885	MAGARPATTA RETAIL PRIVATE LIMITED	Director	28-03-07	28-03-07	-	Active	NO
14	U45203PN2007PLC130734	GOLDEN GATE INFRASTRUCTURE COMPANY LIMITED	Director	20-09-07	20-09-07	-	Active	NO
15	U74900PN2008PLC131393	URBAN LINK CONSULTING LIMITED	Director	07-02-08	07-02-08	23-04-08	Active	NO
16	U45200PN2009PTC135032	MAGARPATTA INFRASTRUCTURE PRIVATE LIMITED	Director	24-11-09	24-11-09	-	Active	NO
17	U55101PN2007PTC129923	MAGARPATTA HOTELS PRIVATE LIMITED	Director	13-09-10	31-03-10	-	Active	NO

Name :	Mr. Satish Dattatray Magar
Designation :	Managing director
Address :	13, Megaspace, Solapur Bazar Road, Pune -411001, Maharashtra, India
Date of Birth/Age :	19.02.1958
Date of Appointment :	08.03.2006
DIN No.:	00007613

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	U45201MH1994PLC082257	MAGARPATTA TOWNSHIP DEVELOPMENT AND CONSTRUCTION COMPANY LIMITED	Managing director	01-10-09	21-10-94	-	Active	NO
2	U45201PN1994PTC079065	MODERN ENRICA CONSTRUCTIONS PRIVATE LIMITED	Director	23-01-95	23-01-95	-	Active	NO
3	U74999PN1998PTC012940	MAGARPATTA PROPERTY MANAGEMENT SERVECES PRIVATE LIMITED	Director	12-10-98	12-10-98	-	Active	NO
4	U45209PN2005PTC021513	MAGARPATTA CITY DEVELOPMENT COMPANY PRIVATE LIMITED	Director	08-11-05	08-11-05	-	Active	NO
5	U55101PN2006PTC021836	WATERFRONT RESORTS PRIVATE LIMITED	Director	13-01-06	13-01-06	-	Active	NO
6	U92419PN2006PTC022072	MAGARPATTA SPORTS AND RECREATION COMPANY PRIVATE LIMITED	Director	23-02-06	23-02-06	-	Active	NO
7	U45209PN2006PLC022073	NANDED CITY DEVELOPMENT AND CONSTRUCTION COMPANY LIMITED	Managing director	01-04-07	08-03-06	-	Active	NO
8	U01111PN1983PTC030715	MAGAR ESTATES PRIVATE LIMITED	Director	30-09-06	01-08-06	-	Active	NO
9	U45202PN2007PLC129440	RIVERVIEW CITY CONSTRUCTIONS LIMITED	Director	01-04-09	08-01-07	-	Active	NO
10	U45202PN2007PTC129826	SOUTH EXTENSION CITY CONSTRUCTIONS PRIVATE LIMITED	Director	21-03-07	21-03-07	-	Active	NO
11	U55101PN2007PTC129923	MAGARPATTA HOTELS PRIVATE LIMITED	Director	05-04-07	05-04-07	-	Active	NO
12	U45203PN2007PLC130734	GOLDEN GATE INFRASTRUCTURE COMPANY LIMITED	Director	20-09-07	20-09-07	-	Active	NO
13	U45209PN2006PLC021791	PREFERRED BUILDERS AND PROMOTERS REALTY LIMITED	Director	01-12-07	01-12-07	-	Under liquidation	NO
14	U74900PN2008PLC131393	URBAN LINK CONSULTING LIMITED	Director	07-02-08	07-02-08	23-04-08	Active	NO
15	U45200MH2008PTC182696	SRUSHTI ERECTORS and DEVELOPERS PRIVATE LIMITED	Director	26-05-08	26-05-08	-	Active	NO
16	U01409MH1974PLC017803	MAHRATTA CHAMBER OF COMMERCE INDUSTRIES AND AGRICULTURE	Director	30-10-09	03-10-08	-	Active	NO
17	U45200PN2009PTC135032	MAGARPATTA INFRASTRUCTURE PRIVATE LIMITED	Director	24-11-09	24-11-09	-	Active	NO

Name :	Mr. Yogesh Martand Magar
Designation :	Director
Address :	13, Megaspace, Solapur Bazar Road, Pune -411001, Maharashtra, India
Date of Birth/Age :	27.11.1973
Date of Appointment :	08.03.2006
DIN No.:	00007694

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	U74140PN1999PTC014104	C DAM CONSULTANTS PRIVATE LIMITED	Director	30-10-99	30-10-99	29-08-08	Active	NO
2	U55102PN1998PTC012941	MAGARPATTA CLUBS AND RESORTS PRIVATE LIMITED	Director	30-09-02	30-09-02	-	Active	NO
3	U45209PN2005PTC021513	MAGARPATTA CITY DEVELOPMENT COMPANY PRIVATE LIMITED	Director	08-11-05	08-11-05	-	Active	NO
4	U45209PN2006PLC022073	NANDED CITY DEVELOPMENT AND CONSTRUCTION COMPANY LIMITED	Director	08-03-06	08-03-06	-	Active	NO
5	U55101PN2006PTC022238	MEGAMEALS HOSPITALITY AND CATERING PRIVATE LIMITED	Director	28-03-06	28-03-06	-	Amalgamated	NO
6	U01111PN1983PTC030715	MAGAR ESTATES PRIVATE LIMITED	Director	30-09-06	01-08-06	-	Active	NO
7	U45202PN2007PLC129440	RIVERVIEW CITY CONSTRUCTIONS LIMITED	Director	08-01-07	08-01-07	-	Active	NO
8	U45202PN2007PTC129826	SOUTH EXTENSION CITY CONSTRUCTIONS PRIVATE LIMITED	Director	21-03-07	21-03-07	-	Active	NO
9	U45203PN2007PLC130734	GOLDEN GATE INFRASTRUCTURE COMPANY LIMITED	Director	20-09-07	20-09-07	-	Active	NO

Name :	Mr. Swastik Sirsikar
Designation :	Director
Address :	759/70, Vatsala Bhavan, Prabhat Road, Lane No. 1, Pune, 411004, Maharashtra, India
Date of Birth/Age :	02.10.1960
Date of Appointment :	01.04.2011
DIN No.:	00552722

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	U28999MH1993PTC074050	SWANK ENGINEERS PRIVATE LIMITED	Director	21-09-93	21-09-93	-	Active	NO
2	L28910PN1990PLC056985	RAJKUMAR FORGE LIMITED	Director	25-11-05	25-11-05	-	Active	NO
3	U92419PN1931PLC001769	THE POONA CLUB LIMITED	Director	29-09-07	29-09-07	27-09-08	Active	NO
4	U45209PN2006PLC022073	NANDED CITY DEVELOPMENT AND CONSTRUCTION COMPANY LIMITED	Director	29-09-11	01-04-11	-	Active	NO

Name :	Mr. Jayprakash Jagannath Girme
Designation :	Director
Address :	759/70, Vatsala Bhavan, Prabhat Road, Lane No. 1, Pune, 411004, Maharashtra, India
Date of Birth/Age :	02.02.1958
Date of Appointment :	01.04.2011
DIN No.:	03607215

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	U45201PN1994PTC079065	MODERN ENRICA CONSTRUCTIONS PRIVATE LIMITED	Director	01-04-96	01-04-96	-	Active	NO
2	U45209PN2006PLC022073	NANDED CITY DEVELOPMENT AND CONSTRUCTION COMPANY LIMITED	Director	29-09-11	01-04-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Equity Shares

Names of Shareholders	No. of Shares
Satish Dattatray Magar	112800
Dattatray Dhondo Magar	11750
Umesh Dattatray Magar	112800
Yogesh Martand Magar	169200
Vikas Pandharinath Lagad	100
Narking Sambhujirao Lagad	100
Samir Vikramsinha Jadhavrao	100
Manik Dattatray Magar	11750
Rekha Satish Magar	75200
Sandhya Umesh Magar	75200
Vivek Dattatray Magar	112800
Ashwini Vivek Magar	75200
Murlidhar Dhondo Magar	11750
Sushila Murlidhar Magar	11750
Shirish Murlidhar Magar	169200
Shailaja Shirish Magar	112800
Karuna Yogesh Magar	112800
Magarpatta Township Development and Construction Company Limited, India	8824700
Total	10000000

Preference Shares

Names of Shareholders	No. of Shares
Magarpatta Township Development and Construction Company Limited, India	8250230
Total	8250230

As on 29.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	88.24
Directors or relatives of Directors	11.75
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in construction Activity.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Tamilnad Mercantile Bank Limited, 13 Sholapur Bazar Road, Opposite Pune New Bazar Post Office, Off East Street, Pulgate Camp Branch, Pune - 411001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans financial institutions secured	(A)1263.817	425.000
Total	1263.817	425.000

Note:

(A) 1. Secured against mortgage of project land at Nanded City, Sinhagad Road, Pune and guaranteed by promoter directors.

2. Secured against mortgage of flats at Magarpatta City, Hadapsar, Pune and guaranteed by directors.

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans others unsecured	0.000	(A)360.876
Working capital loans banks unsecured	(B)372.131	0.000
Total	372.131	360.876

Note:

(A) Loan from Holding Company [Magarpatta Township Devlopment and Construction Company Limited]

(B) Loan from HDFC [Advance for disbursment Facility]

Banking Relations :	--
Auditors :
Name :	D. R. Barve and Company Chartered Accountants
Address :	461/1, Sadashiv Peth, Tilak Road, Pune – 411030, Maharashtra, India
PAN.:	ABGPB3910K
Holding Company :	Magarpatta Township Development and Construction Company Limited CIN No.: U45201MH1994PLC082257

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
17000000	Preference Shares	Rs.10/- each	Rs.170.000 Millions
	Total		Rs.270.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
8250230	Preference Shares	Rs.10/- each	Rs.82.502 Millions
	Total		Rs.182.502 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions
17000000	Preference Shares	Rs.10/- each	Rs.170.000 Millions
	Total		Rs.220.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2405300	Equity Shares	Rs.10/- each	Rs.24.053 Millions
15844930	Preference Shares	Rs.10/- each	Rs.158.449 Millions
	Total		Rs.182.502 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		182.502	182.502	182.502
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(44.854)	(7.221)	(3.089)
NETWORTH		137.648	175.281	179.413
LOAN FUNDS
1] Secured Loans		1263.817	425.000	0.000
2] Unsecured Loans		372.131	360.876	125.130
TOTAL BORROWING		1635.948	785.876	125.130
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1773.596	961.157	304.543
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		509.252	151.819	37.513
Capital work-in-progress		0.185	0.000	0.000
INVESTMENT		23.931	0.000	0.000
DEFERREX TAX ASSETS		20.362	2.129	0.282
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2096.446	441.268	112.167
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	853.252	(5.927)	(28.027)
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2305.925	1247.782	675.734
Total Current Assets		5255.623	1683.123	759.874
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	175.485	55.969	39.135
	Other Current Liabilities	3860.272	819.945	453.991
	Provisions	0.000	0.000	0.000
Total Current Liabilities		4035.757	875.914	493.126
Net Current Assets		1219.866	807.209	266.748
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1773.596	961.157	304.543

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.313	0.096	0.061
		TOTAL (A)	0.313	0.096	0.061
Less	EXPENSES
		Consumption materials changes inventories	(909.802)	(221.039)
		Manufacturing service costs	0.000	(2.971)
		Contract cost	(6.324)	0.000
		Employee related expenses	100.094	32.208
		Administrative selling other expenses	588.137	170.875
		TOTAL (B)	(227.895)	(20.927)	0.500 (Including Financial Expenses)
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		228.208	21.023
Less	FINANCIAL EXPENSES (D)		227.894	20.967
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.314	0.056	(0.439)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		56.180	6.034	0.915
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(55.866)	(5.978)	(1.354)
Less	TAX (H)		(18.232)	(1.847)	2.759
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(37.634)	(4.131)	(1.405)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(7.221)	(3.090)	(1.685)
	BALANCE CARRIED TO THE B/S		44.855	(7.221)	(3.090)
	Earnings / (Loss) Per Share (Rs.)		(15.65)	(1.72)	(0.58)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(12023.64)	(4303.125)	(2303.28)
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.97)	(0.33)	(0.17)
Return on Investment (ROI) (PBT/Networth)		(0.41)	(0.03)	(0.01)
Debt Equity Ratio (Total Liability/Networth)		41.19	9.48	3.45
Current Ratio (Current Asset/Current Liability)		1.30	1.92	1.54

LOCAL AGENCY FURTHER INFORMATION

Form 8:

Corporate identity number of the company	U45209PN2006PLC022073
Name of the company	NANDED CITY DEVELOPMENT AND CONSTRUCTION COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	13, Megaspace Solapur Bazar Road, Off East St, Pune Road, Pune– 411 001, Maharashtra, India E-mail : magar@bom5.vsnl.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10115608
Type of charge	Immovable property
Particular of charge holder	Tamilnad Mercantile Bank Limited, 13 Sholapur Bazar Road, Opposite Pune New Bazar Post Office, Off East Street, Pulgate Camp Branch, Pune - 411001, Maharashtra, India E-Mail : manojshah123@vsnl.net
Nature of instrument creating charge	Deed of Further Mortgage
Date of instrument Creating the charge	05.11.2011
Amount secured by the charge	Rs.45.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Bank Policy Terms of Repayment On demand Margin As per bank policy Extent and Operation of the charge Mortgage of Total Area of 23029 sq ft in the Bldg No. 'S' Destination Centre, Magarpatta Township Situated at Plot No. MPT A-1 of Survey No. 147 and 148 of village Hadapsar, taluka haveli, District Pune belonging to Mgarpatta Township Development and Construction Company Limited.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All that piece and parcel of 1) Marketing office on the upper ground floor admeasuring 5764 sq. ft. 2) PMS Division on the upper ground floor admeasuring 3485 sq.ft. 3) Premises of the HDFC Bank on the upper ground floor admeasuring 2308 sq.ft 4) Technical office on the first floor admeasuring 8073 sq ft. 5) Stores and lobby on the lower ground floor admeasuring 3399sq ft. Total Area of 23029 sq ft in the Bldg No. 'S' Destination Centre, Magarpatta Township Situated at Plot No. MPT A-1 of Survey No. 147 and 148 of village Hadapsar, taluka haveli, District Pune.
Particulars of the present modification	By way of this modification the amount of charge of the company for Cheque/DD Purchase Limits has been enhanced from Rs. 20.000 Millions to Rs. 45.000 Millions. Other terms and conditions remaining the same.

Fixed Assets:

· Furniture

· Building

· Computer

· Plant and Machinery

· Centering Material

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.49.25
UK Pound	1	Rs.77.19
Euro	1	Rs.65.29

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		26

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.