MIRA INFORM REPORT

Report Date :

25.02.2012

IDENTIFICATION DETAILS

Name :	SAMSONITE SOUTH ASIA PRIVATE LIMITED [w.e.f. 08.09.2004]
Formerly Known As:	SAMSONITE INDIA PRIVATE LIMITED
Registered Office :	Gat Nos. 159 to 163, Mumbai - Nashik Highway, Nashik Village-Gonde (Dumala), Igatpuri, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	08.11.1995
Com. Reg. No.:	11-94287
Capital Investment / Paid-up Capital :	Rs.354.912 Millions
CIN No.: [Company Identification No.]	U19120MH1995PTC094287
TAN No.: [Tax Deduction & Collection Account No.]	NSKS02903F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Travel Accessories like Suitcases and Briefcase, etc
No. of Employees :	1000 [300 in factory] Approximately

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 2200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of Samsonite Group worldwide. It is an established company having satisfactory track. 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 – 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

INFORMATION PARTED BY

Name :	Mr. Vishnu
Designation :	Assistant Manager – Finance
Contact No.:	91-2553-229700

LOCATIONS

Registered Office / Factory :	Gat Nos. 159 to 163, Mumbai- Nashik Highway, Nashik Village-Gonde (Dumala), Igatpuri, Maharashtra, India
Tel. No.:	91-2553- 225131, 32, 34 / 229700, 229701, 229702 / 229826
Fax No.:	91-2553- 225133
Email :	Sumeeta.sharma@samsonite.co.in mahesh@samsonite.co.in shrimati@samsonite.co.in
Website :	www.samsonite.co.in
Head Office :	401 / B, Elegant Business Park, MIDC Cross Road ‘B’, Andheri (E), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-30800000 / 11
Fax No.:	91-22-28352510
Head Office :	402, Akruti Star, Opposite Akruti Centre Point, MIDC, Andheri (E), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-33212600 / 11

DIRECTORS

As on 30.06.2011

Name :

Mr. Mahesh S Makhijani

Designation :

Director

Address :

5A, Space Venus Apartment, Mahatma Nagar, Nashik-422005, Maharashtra, India

Date of Birth/Age :

26.01.1959

Date of Appointment :

26.06.2008

DIN :

00322226

Other Directorship :

Top of Form S.No. Bottom of Form	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	U19120MH1995PTC094287	SAMSONITE SOUTH ASIA PRIVATE LIMITED	Director	26/06/2008	31/05/2005	-	Active	NO
2	U19120MH1995PTC094287	SAMSONITE SOUTH ASIA PRIVATE LIMITED	Whole-time director	31/05/2005	31/05/2005	1/9/2006	Active	NO
3	U52190RJ1999PTC015993	PLANET RETAIL HOLDINGS PRIVATE LIMITED	Additional director	8/3/2010	8/3/2010	-	Active	NO
4	U74994MH2008PTC188558	Bagzone Lifestyles Private Limited	Additional director	21/07/2010	21/07/2010	1/9/2010	Active	NO

Name :

Mr. Trimothy Charles Parker

Designation :

Director

Address :

Trotton Place, Trotton, Petersfield, United Kingdom- GU315EN

Date of Birth/Age :

19.06.1955

Date of Appointment :

26.03.2009

DIN :

02796800

Name :

Mr. Kyle Gendreau

Designation :

Director

Address :

4, Pearly Lane, Lot 6, Franklin, Massachusetts, USA - 02038

Date of Birth/Age :

30.05.1969

Date of Appointment :

11.09.2009

DIN :

03299058

Name :

Mr. John Bayard Livingston

Designation :

Director

Address :

25, Grantland Road, Wellesley, Massachusetts, USA - 02481

Date of Birth/Age :

31.07.1967

Date of Appointment :

25.09.2010

DIN :

03304474

Name :

Mr. Yashwant Muktinath Singh

Designation :

Director

Address :

A/P- Flat No. 25, Viraj, Co-Op Hsg Society, Behind Rane Nagar, Nashik, Maharashtra – 422009, India

Date of Birth/Age :

07.06.1963

Date of Appointment :

25.09.2010

DIN :

03287145

Other Directorship :

Top of Form S.No. Bottom of Form	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	U19120MH1995PTC094287	SAMSONITE SOUTH ASIA PRIVATE LIMITED	Director	25/09/2010	25/09/2010	Active	NO
2	U25209MH2011PTC217267	WELLON PLASTOPACK PRIVATE LIMITED	Director	10/5/2011	10/5/2011	Active	NO

Name :

Mr. Rajendra V Agarwal

Designation :

Director

Address :

408, Shantivan, 2-B, Raheja Township, Malad (East), Mumbai-400097, Maharashtra, India

Date of Birth/Age :

19.09.1962

Date of Appointment :

31.05.2000

DIN :

00227233

Other Directorship :

Top of Form S.No. Bottom of Form	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	L99999MH1987PLC042076	DONEAR INDUSTRIES LIMITED	Managing director	29/09/1993	29/09/1993	Active	NO
2	U19120MH1995PTC094287	SAMSONITE SOUTH ASIA PRIVATE LIMITED	Director	31/05/2000	31/05/2000	Active	NO
3	U17120MH2009PTC192154	DONEAR FASHION LINK PRIVATE LIMITED	Director	1/5/2009	1/5/2009	Active	NO

Name :

Mr. Subrata S Dutta

Designation :

Managing Director

Address :

A 403 / 404, Dosti Elite, Sion (E), Mumbai, Maharashtra, India

Date of Birth/Age :

18.09.1963

Date of Appointment :

13.03.2008

DIN :

02004997

Other Directorship :

Top of Form S.No. Bottom of Form	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	U19120MH1995PTC094287	SAMSONITE SOUTH ASIA PRIVATE LIMITED	Managing director	13/03/2008	13/03/2008	Active	NO
2	U52190RJ1999PTC015993	PLANET RETAIL HOLDINGS PRIVATE LIMITED	Additional director	8/3/2010	8/3/2010	Active	NO
3	U22219PN2010PLC135861	SMART CARD IT SOLUTIONS LIMITED	Additional director	2/8/2011	2/8/2011	Active	NO

Name :

Mr. Ramesh Tainwala

Designation :

Alternate Director

Address :

71,Kalptaru,Nutan Laxmi Co-Op. Hsg. Society, J.V.P.D.S, Juhu, Vile-Parle(West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

08.09.1959

Date of Appointment :

25.01.2011

DIN :

00234109

Other Directorship :

Top of Form S.No. Bottom of Form	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	L24100MH1985PLC037387	TAINWALA CHEMICALS AND PLASTICS (INDIA) LTD	Director	4/10/1985	4/10/1985	30/04/2008	Active	NO
2	U65990MH1982PTC027073	TAINWALA TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	4/3/1987	4/3/1987	-	Active	NO
3	L99999MH1987PLC042076	DONEAR INDUSTRIES LIMITED	Director	20/04/1990	20/04/1990	-	Active	NO
4	U67120MH1991PTC060867	TAINWALA HOLDINGS PRIVATE LIMITED	Director	29/03/1991	29/03/1991	-	Active	NO
5	U45200MH1988PTC049046	KATYAYAN CONSTRUCTION AND DEVELOPERS PRIVATE LIMITED	Director	26/12/1991	26/12/1991	-	Active	NO
6	U70102MH1995PTC087967	CONCEPT REALITY AND SECURITIES PRIVATE LIMITED	Director	3/5/1995	3/5/1995	-	Active	NO
7	U24239GA2001PLC003048	NOBEL HYGIENE LIMITED	Director	15/12/2003	15/12/2003	-	Active	NO
8	L24120MH1990PLC058560	BASANT AGRO TECH (INDIA) LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
9	U28129MH2003PTC139261	ABHISHRI PACKAGING PRIVATE LIMITED	Director	20/03/2006	20/03/2006	2/5/2008	Active	NO
10	U25203MH2007PTC167349	VISTA BUILDING SYSTEMS PRIVATE LIMITED	Director	15/02/2007	15/02/2007	14/04/2011	Active	NO
11	U74994MH2004PTC144846	PERIWINKLE FASHIONS PRIVATE LIMITED	Additional director	31/10/2007	31/10/2007	6/2/2008	Active	NO
12	U19120MH1995PTC094287	SAMSONITE SOUTH ASIA PRIVATE LIMITED	Alternate director	25/01/2011	11/9/2009	-	Active	NO
13	U52190RJ1999PTC015993	PLANET RETAIL HOLDINGS PRIVATE LIMITED	Alternate director	17/02/2011	17/02/2011	-	Active	NO

Name :

Mr. Mahendra Singhania

Designation :

Alternate Director

Address :

Flat No. 9, Dharmaraj Plazza, Old Gangapur Naka, Nashik – 422005, Maharashtra, India

Date of Birth/Age :

19.09.1965

Date of Appointment :

25.09.2010

DIN :

00830792

Other Directorship :

Top of Form S.No. Bottom of Form	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	U67120MH1991PTC060867	TAINWALA HOLDINGS PRIVATE LIMITED	Director	10/6/2002	10/6/2002	Active	NO
2	U65990MH1982PTC027073	TAINWALA TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	10/6/2002	10/6/2002	Active	NO
3	U74994MH2004PTC144846	PERIWINKLE FASHIONS PRIVATE LIMITED	Director	4/3/2004	4/3/2004	Active	NO
4	U74994MH2008PTC188558	Bagzone Lifestyles Private Limited	Director	2/12/2008	2/12/2008	Active	NO
5	U19120MH1995PTC094287	SAMSONITE SOUTH ASIA PRIVATE LIMITED	Alternate director	25/09/2010	26/03/2009	Active	NO
6	U52190RJ1999PTC015993	PLANET RETAIL HOLDINGS PRIVATE LIMITED	Alternate director	19/08/2010	19/08/2010	Active	NO
7	U70109DL2011PTC213000	SATYA BUILDMART PRIVATE LIMITED	Additional director	30/04/2011	30/04/2011	Active	NO
8	U25209MH2011PTC217267	WELLON PLASTOPACK PRIVATE LIMITED	Director	10/5/2011	10/5/2011	Active	NO
9	U74994DL2008PTC178447	NEWCON INTERIORS PRIVATE LIMITED	Additional director	4/7/2011	4/7/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Vishnu
Designation :	Assistant Manager – Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Names of Shareholders	No. of Shares
Dr. Ramesh D Tainwala	1807020
Samonite Mauritius Limited, Mauritius	21294740
Tainwala Chemicals and Plastics India Limited, India	3069873
Tainwala Personal Care Products Private Limited, India	1795000
Tainwala Holdings Private Limited, India	556000
Rakesh D Tainwala	1433000
Mr. Rajkumar D Tainwala	226600
Katyayan Constructions and Developers Private Limited, India	2500000
Amishi R Tainwala	620000
Periwinkle Fashions Private Limited, India	2189000
Total	35491233

Equity Share Break up as on 30.06.2011

Equity Share Break-up	Percentage of Holding
Foreign Holdings	60.00
Bodies Corporate	28.49
Other	11.51
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Travel Accessories like Suitcases and Briefcase, etc

Products :

Product Description	ITC Code
Plastic Moulded Suitcase	42021220
Plastic Moulded Briefcase	42021230
Other Travel Goods	42021250

PRODUCTION STATUS AS ON 31.12.2010

Particulars	Unit	Licensed Capacity	Installed Capacity
Luggage	Nos.	Delicensed	312,000
Actual Production - 661050 Nos.

GENERAL INFORMATION

No. of Employees :

1000 [300 in factory] Approximately

Bankers :

• State Bank of India, MID Corporate Loan Administration Unit 1-5, B Wing, Shri Hari Building, RTO Lane, Andheri (W), Mumbai – 400053, Maharashtra, India
• ICICI Bank Limited, ICICI Towers, Bandra Kurla Complex, Mumbai – 400051, Maharashtra, India
• Indusind Bank Limited, ACME Plaza, Opp. Sangam Talkies
• HSBC Bank
• State Bank Of India, Industrial Finance Branch, Snehal Chambers, Teli Gally, Andheri (East),, Mumbai - 400069, Maharashtra, India

Facilities :

Secured Loans [Rs.in millions]	31.12.2010	31.12.2009
Export Packing Credit (EPC)	185.016	83.701
Security : EPC and cash credit from banks are secured by way of hypothecation of the company’s inventories and book debts and first charge over the fixed assets of the company in favor of the consortium of banks on a pari passu basis
Total	185.016	83.701
Unsecured Loans [Rs.in millions]	31.12.2010	31.12.2009
Working Capital Loan, Repayable on demand	8.766	39.951
Total	8.766	39.951

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	KPMG House, Kamala Mills Compounds, 448, Senapati Bapat Marg, Lower Parel, Mumbai-400013, India
Tel. No.:	91-22-24913030, 3131, 91-22-24988368
Fax No.:	91-22-24913132
Ultimate Holding Company	Samsonite Corporation, USA
Holding Company :	Samsonite Mauritius Limited, Mauritius
Associates/Subsidiaries :	Samsonite Asia Limited - Hong Kong Ningbo Samsonite Luggage Company, China Samsonite Canada inc. Samsonite Hungary Samsonite SA de CV Mexico Samsonite Argentina Samsonite UK Samonite Sail IP Holdings Samsonite Middle East FZCO Samsonite Traveller SA, Chile Samsonite Pacific Limited, Taiwan Samsonite SPA. Italy Samsonite Brazil Samsonite LLC, P-usita Samsonite Australia Pty. Longberg Express S A Uruguay
Joint Venture:	Tainwaln Chemicals and Plastics Limited Tainwaln Holdings Private Limited Tainwaln Trading and Investment Co Private Limited Tainwala Personal Care Products Limited Tainwala Group Katyayan Constructions and Developers Private Limited Periwinkle Fashion Private Limited
Other Related Parties	Abhishri Polycontainer Private Limited Abhishri Packagers Private Limited Samtain Sales Private Limited Bagznne Lifestyles Private Limited Planet Retail Holdings Private Limited

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
36,000,000	Equity Shares	Rs. 10/- each	Rs. 360.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
35,491,233	Equity Shares	Rs. 10/- each	Rs. 354.912 Millions

Note: Of the above 21294740 share are held by the holding company Samsonite Mauritius Limited and 14196493 shares are held by Tainwala Group and its nominees.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		354.912	354.912	354.912
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		196.948	205.620	331.461
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		551.860	560.532	686.373
LOAN FUNDS
1] Secured Loans		185.016	83.701	255.754
2] Unsecured Loans		8.766	39.951	50.000
TOTAL BORROWING		193.782	123.652	305.754
DEFERRED TAX LIABILITIES		11.775	26.277	37.683
TOTAL		757.417	710.461	1029.810
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		423.193	447.187	486.314
Capital work-in-progress		42.707	16.811	35.442
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	778.380	482.474	456.820
	Sundry Debtors	654.330	585.596	755.562
	Cash & Bank Balances	106.813	77.835	66.032
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	441.952	250.566	274.555
Total Current Assets		1981.475	1396.471	1552.969
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1141.881	834.012	776.456
	Other Current Liabilities	496.760	271.963	218.600
	Provisions	51.317	44.033	49.859
Total Current Liabilities		1689.958	1150.008	1044.915
Net Current Assets		291.517	246.463	508.054
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		757.417	710.461	1029.810

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	4240.642	2753.214	3216.180
		Export Incentives	49.195	24.707	54.370
		Other Income	46.432	23.837	5.520
		TOTAL (A)	4336.269	2801.758	3276.070
Less	EXPENSES
		Cost of Goods Sold	2305.350	1465.040
		Personnel Expenses	414.285	261.480
		Selling, General and Administrative Expenses	1165.161	705.440
		TOTAL (B)	3884.796	2431.960	2609.720
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		451.472	369.798	666.350
Less	FINANCIAL EXPENSES (D)		25.105	29.595	30.800
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		426.367	340.203	635.550
Less/ Add	DEPRECIATION/ AMORTISATION (F)		84.889	96.935	72.570
	PROFIT / LOSS BEFORE TAX (E-F) (G)		341.478	243.268	562.980
Less	TAX (I)		121.774	78.449	191.260
	PROFIT / LOSS AFTER TAX (G-I) (J)		219.704	164.819	371.720
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		109.255	251.797	415.850
Less	APPROPRIATIONS
		Transfer to General Reserve	22.800	16.700	37.500
		Dividend	195.202	248.439	425.900
		Tax on Dividend	33.174	42.222	72.373
	BALANCE CARRIED TO THE B/S		77.783	109.255	251.797
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	908.453	539.419	1184.694
	TOTAL EARNINGS		908.453	539.419	1184.694
	IMPORTS
		Raw Materials	253.109	116.119	183.994
		Consumable and Spares	1.265	0.883	1.859
		Capital Goods	4.192	2.260	12.968
		Trading goods	684.169	368.391	362.198
	TOTAL IMPORTS		942.735	487.653	561.019
	Earnings Per Share (Rs.)		6.19	4.64	--

Particulars	31.12.2011
Sales Turnover [Approximately]	3907.100

Expected Sales (2012) : Rs.6000.000 millions

The above information has been parted by Mr. Vishnu [Assistant Manager – Finance]

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	5.07	5.88	11.35
Net Profit Margin (PBT/Sales)	(%)	8.05	8.83	17.50
Return on Total Assets (PBT/Total Assets}	(%)	14.20	13.19	27.61
Return on Investment (ROI) (PBT/Networth)		0.62	0.43	0.82
Debt Equity Ratio (Total Liability/Networth)		3.41	2.27	1.97
Current Ratio (Current Asset/Current Liability)		1.17	1.21	1.49

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS :

Rs. In millions

PARTICULARS	31.12.2010	31.12.2009	31.12.2008
Sundry Creditors
Total Outstanding dues of micro and small enterprises	0.000	0.000	0.000
Total Outstanding dues of creditors other than micro and small enterprises	1141.881	834.012	776.456
Total	1141.881	834.012	776.456

OPERATIONS :

The year has been a very successful year for the company. The exports have grown by over 68% as compared to the last year. Domestic sales too have registered a growth of 49% as compared to the previous year.

The gross sales for the year have increased to Rs.420.150 millions from Rs.2793.100 millions last year thereby registering an increase of about 53.6% profits after tax have also shown an increase of around 38.32% from Rs.164.820 million last year to Rs.219.700 millions for the year.

BACKGROUND :

The company was incorporated on 8^th November 1995. the company is a joint venture between Samsonite Mauritius Limited, a wholly owned subsidiary of Samsonite Corporation, USA, which holds 60% of the equity share capital and Tainwala group and its nominees, which hold 40% of the share capital.

The company is engaged in manufacture, purchase, sale and distribution of travel goods such as suitcase, briefcase and accessories in the domestic and export market and also trading in footwear. The company’s manufacturing facility is located at Nashik.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U19120MH1995PTC094287
Name of the company	SAMSONITE SOUTH ASIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gat Nos 159 To 163 village Gonde (Dumala), Taluka Igatpuri Nashik – 422403, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90156589
Type of charge	Book Debts Movable Property
Particular of charge holder	State Bank Of India, Industrial Finance Branch, Snehal Chambers, Teli Gally, Andheri (East),, Mumbai - 400069, Maharashtra, India
Nature of instrument creating charge	Letter regarding the grant of individual limits within the overall limit
Date of instrument Creating the charge	13.04.2011
Amount secured by the charge	Rs.357.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Adhoc Cash Credit Limit : As Per Terms Of Sanction. Terms of Repayment - as per sanction terms Margin - as per sanction terms Extent and Operation of the charge - adhoc cash credit limit : Rs. 50.000 millions Others – NA
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Borrowers current assets such as stock of raw materials, semi finished and finished goods, stores and spares not relating to plant and machinery (consumable stores and spares) receivables and book debts and all other pertaining to the said division both present and future excluding such movables as permitted by bank.
Date of instrument modifying the charge	04.02.2010
Particulars of the present modification	Now by the present modification Dt. 13.4.2011 at the outside of the consortium, state bank of India with the request of the borrower has agreed to grant an adhoc cash credit limit of Rs. 50.000 millions therefore the total cash credit limit increased to Rs.72.000 millions so the overall limit of the consortium banks stands to Rs. 35.700 millions (as per annexure)

FIXED ASSETS:

• Land
• Factory Building
• Plant and Machinery
• Electrical Installation
• Computers
• Office Equipments
• Furniture and Fixtures
• Vehicles

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.47.84
UK Pound	1	Rs.75.40
Euro	1	Rs.65.67

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	yes
--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.