1. Summary Information

		Country	India
Company Name	GIRNAR FOOD AND BEVERAGES (PRIVATE) LIMITED	Principal Name 1	Mr. Harendra S. Shah
Status	Good	Principal Name 2	Mr. Viduit N. Shah
		Registration #	11-45118
Street Address	Girnar Complex, Kureshi Nagar, Kurla (East), Mumbai – 400070, Maharashtra, India
Established Date	29.09.2004	SIC Code	--
Telephone#	91-22-24056400/03	Business Style 1	Wholesalers
Fax #	91-22-24056511	Business Style 2	--
Homepage	http://www.girnar.com	Product Name 1	Tea
# of employees	Not Available	Product Name 2	Coffee
Paid up capital	Rs.22,430,000/-	Product Name 3	S M P
Shareholders	Directors Relatives – 100%	Banking	Canara Bank
Public Limited Corp.	No	Business Period	7 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (49)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	276,967,000	Current Liabilities	147,932,000
Inventories	215,074,000	Long-term Liabilities	394,513,000
Fixed Assets	206,663,000	Other Liabilities	14,000,000
Deferred Assets	0,000	Total Liabilities	556,445,000
Invest& other Assets	5,755,000	Retained Earnings	125,584,000
		Net Worth	148,014,000
Total Assets	704,459,000	Total Liab. & Equity	704,459,000
Total Assets (Previous Year)	418,452,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	2,363,798,000	Net Profit	26,369,000
Sales(Previous yr)	1,505,612,000	Net Profit(Prev.yr)	10,859,000

MIRA INFORM REPORT

Report Date :

05.01.2012

Tel. No.:

+91 22 43437000

IDENTIFICATION DETAILS

Name :	GIRNAR FOOD AND BEVERAGES PRIVATE LIMITED
Registered Office :	Girnar Complex, Kureshi Nagar, Kurla (East), Mumbai – 400070, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.09.2004
Com. Reg. No.:	11-45118
Capital Investment / Paid-up Capital :	Rs.22.430 Millions
CIN No.: [Company Identification No.]	U15100MH2004PTC045118
TAN No.: [Tax Deduction & Collection Account No.]	MUMG08002B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged as wholesalers of Tea, S M P and Coffee
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2170000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed 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

LOCATIONS

Registered Office :	Girnar Complex, Kureshi Nagar, Kurla (East), Mumbai – 400070, Maharashtra, India
Tel. No.:	91-22-24056400/03
Fax No.:	91-22-24056511
E-Mail :	info@girnar.com girnar@girnar.com exports@girnar.com marketing@girnar.com viduit@girnar.com
Website :	http://www.girnar.com
Corporate office:	401, Centre Point, Dr. B. Ambedkar Marg, Parel, Mumbai 400 012, Maharashtra, India
Tel. No.:	91-22-43437000
Fax No.:	91-22-43437070
Branches :	Located at : Pune Ahmedabad Coimbatore Colombo Cotton Green Kolkata

DIRECTORS

As on 29.09.2010

Name :

Mr. Harendra S. Shah

Designation :

Director

Address :

354/355, Shanti Krupa, Central Avenue Road, Chembur, Mumbai – 400070, Maharashtra, India

Date of Birth/Age :

27.08.1943

Date of Appointment :

27.10.1987

DIN No.:

00755158

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	U51900MH1991PTC063036	Shantilal and Bhansali Private Limited	Director	22-08-91	22-08-91	-	Active	NO
2	U01110MH1995PTC084466	Redcup Foods Private Limited	Director	19-01-95	19-01-95	-	Active	NO
3	U51900MH1995PTC084941	Hiltop Marketing and Distributors Private Limited	Director	06-04-95	06-04-95	-	Active	NO
4	U70100MH1998PTC116949	Gardenia Properties Private Limited	Director	16-11-98	16-11-98	-	Active	NO
5	U45202GJ2000PTC037311	Shanti Build-Well Private Limited	Director	04-02-00	04-02-00	-	Active	NO
6	U65990MH1994PTC081177	Chalukya Investments Private Limited	Director	27-08-01	27-08-01	14-05-10	Active	NO
7	U15201GJ2001PTC040219	Shantikrupa Foods Private Limited	Director	28-11-01	28-11-01	-	Active	YES
8	U15100MH2004PTC045118	Girnar Food and Be Erages Private Limited	Director	27-10-04	27-10-04	-	Active	NO

Name :

Mr. Viduit N. Shah

Designation :

Director

Address :

354/355, Shanti Krupa, Central Avenue Road, Chembur, Mumbai – 400070, Maharashtra, India

Date of Birth/Age :

09.09.1963

Date of Appointment :

27.10.1987

DIN No.:

00755258

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	U05110TZ1984PTC001471	Nilgiri Tea Brokers Private Limited	Director	21-08-84	21-08-84	-	Active	NO
2	U51900MH1991PTC063036	Shantilal and Bhansali Private Limited	Director	22-08-91	22-08-91	-	Active	NO
3	U28920MH1981PTC024675	E C Engineers Private Limited	Director	16-06-93	16-06-93	-	Active	NO
4	U05110TZ1991PTC003536	Saisha Commodities Private Limited	Director	14-10-94	14-10-94	-	Active	NO
5	U01110MH1995PTC084466	Redcup Foods Private Limited	Director	19-01-95	19-01-95	-	Active	NO
6	U45202GJ2000PTC037311	Shanti Build-Well Private Limited	Director	04-02-00	04-02-00	-	Active	NO
7	U65990MH1994PTC081177	Chalukya Investments Private Limited	Director	27-08-01	27-08-01	14-05-10	Active	NO
8	U15100MH2004PTC045118	Girnar Food And Be Erages Private Limited	Director	27-10-04	27-10-04	-	Active	NO

Name :

Mr. Milind J. Shah

Designation :

Director

Address :

354/355, Shanti Krupa, Central Avenue Road, Chembur, Mumbai – 400070, Maharashtra, India

Date of Birth/Age :

31.05.1963

Date of Appointment :

12.01.1992

DIN No.:

00755238

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	U28920MH1981PTC024675	E C Engineers Private Limited	Director	16-06-93	16-06-93	-	Active	NO
2	U05110TZ1995PTC006347	Kamalshanthi Trading and Exports Private Limited	Director	26-05-98	26-05-98	-	Active	NO
3	U45202GJ2000PTC037311	Shanti Build-Well Private Limited	Director	01-11-00	01-11-00	-	Active	NO
4	U65990MH1994PTC081177	Chalukya Investments Private Limited	Director	27-08-01	27-08-01	-	Active	NO
5	U15100MH2004PTC045118	Girnar Food and Be Erages Private Limited	Director	27-10-04	27-10-04	-	Active	NO
6	U74300MH1973PTC016631	Alpha Kamara Private Limited	Additional director	11-07-11	11-07-11	-	Active	NO

Name :

Mr. Pravin K. Bhansali

Designation :

Director

Address :

101, Miami Apartments, 70-A, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

05.11.1934

Date of Appointment :

27.10.1987

DIN No.:

00755068

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	U51900MH1991PTC063036	Shantilal and Bhansali Private Limited	Director	22-08-91	22-08-91	-	Active	NO
2	U28920MH1981PTC024675	E C Engineers Private Limited	Director	16-06-93	16-06-93	-	Active	NO
3	U01110MH1995PTC084466	Redcup Foods Private Limited	Director	19-01-95	19-01-95	-	Active	NO
4	U15100MH2004PTC045118	Girnar Food and Be Erages Private Limited	Director	27-10-04	27-10-04	-	Active	NO

Name :

Mr. Sachin P. Bhansali

Designation :

Director

Address :

101, Miami Apartments, 70-A, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

20.01.1969

Date of Appointment :

27.10.1987

DIN No.:

00755118

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	U51900MH1991PTC063036	Shantilal and Bhansali Private Limited	Director	22-08-91	22-08-91	-	Active	NO
2	U28920MH1981PTC024675	E C Engineers Private Limited	Director	16-06-93	16-06-93	-	Active	NO
3	U65990MH1994PTC081177	Chalukya Investments Private Limited	Director	05-10-94	05-10-94	14-05-10	Active	NO
4	U05110TZ1991PTC003536	Saisha Commodities Private Limited	Director	14-10-94	14-10-94	05-08-10	Active	NO
5	U01110MH1995PTC084466	Redcup Foods Private Limited	Director	19-01-95	19-01-95	-	Active	NO
6	U15100MH2004PTC045118	Girnar Food and Be Erages Private Limited	Director	27-10-04	27-10-04	-	Active	NO
7	U51900MH1995PTC084941	Hiltop Marketing and Distributors Private Limited	Director	31-07-10	31-07-10	-	Active	NO
8	U74300MH1973PTC016631	Alpha Kamara Private Limited	Additional director	11-07-11	11-07-11	-	Active	NO

Name :

Mr. Hemant J. Shah

Designation :

Director

Address :

354/355, Shanti Krupa, Central Avenue Road, Chembur, Mumbai – 400070, Maharashtra, India

Date of Birth/Age :

03.01.1961

Date of Appointment :

01.08.2000

DIN No.:

00755198

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	U05110TZ1984PTC001471	Nilgiri Tea Brokers Private Limited	Director	21-08-84	21-08-84	-	Active	NO
2	U51900MH1991PTC063036	Shantilal and Bhansali Private Limited	Director	12-01-92	12-01-92	-	Active	NO
3	U65990MH1994PTC081177	Chalukya Investments Private Limited	Director	05-10-94	05-10-94	-	Active	NO
4	U05110TZ1991PTC003536	Saisha Commodities Private Limited	Director	14-10-94	14-10-94	05-08-10	Active	NO
5	U05110TZ1995PTC006347	Kamalshanthi Trading And Exports Private Limited	Director	17-07-95	17-07-95	-	Active	NO
6	U70100MH1998PTC116949	Gardenia Properties Private Limited	Director	16-11-98	16-11-98	-	Active	NO
7	U91110TZ2002NPL010271	The South India Tea Exporters Association	Director	26-07-02	26-07-02	-	Active	NO
8	U01132TZ1982NPL001233	The Tea Trade Association of Coimbatore	Director	27-08-04	27-08-04	-	Active	NO
9	U15100MH2004PTC045118	Girnar Food and Be Erages Private Limited	Director	27-10-04	27-10-04	-	Active	NO
10	U01132TZ1999NPL008817	Tea Buyers Association of Coimbatore	Director	29-09-06	29-09-06	-	Active	NO

Name :

Mr. Utpal N. Shah

Designation :

Director

Address :

354/355, Shanti Krupa, Central Avenue Road, Chembur, Mumbai – 400070, Maharashtra, India

Date of Birth/Age :

31.12.1980

Date of Appointment :

01.08.2000

DIN No.:

00755298

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	U51900MH1991PTC063036	Shantilal and Bhansali Pvt Ltd	Director	12-01-92	12-01-92	-	Active	NO
2	U05110TZ1984PTC001471	Nilgiri Tea Brokers Private Limited	Director	14-10-94	14-10-94	-	Active	NO
3	U05110TZ1995PTC006347	Kamalshanthi Trading And Exports Private Limited	Director	17-07-95	17-07-95	28-10-09	Active	NO
4	U15100MH2004PTC045118	Girnar Food And Be Erages Private Limited	Director	27-10-04	27-10-04	-	Active	NO
5	U91110TZ1993NPL004625	Coonoor Tea Trade Association	Director	23-09-06	23-09-06	-	Active	NO
6	U05110TZ1991PTC003536	Saisha Commodities Private Limited	Director	05-08-10	05-08-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders (Equity Share)	No. of Shares
Pravin K. Bhansali	499
Sachin P. Bhansali	6060
Sarmista P. Bhansali	5575
Harendra S. Shah	1514
Manjula H. Shah	2534
Jagdishchandra S. Shah	100
Nirmala H Shah	100
Milind J. Shah	1824
Rekha M Shah	100
Hemant J. Shah	609
Charulata H. Shah	1315
Sudha N Shah	48
Viduit N. Shah	1000
Dipti V Shah	1000
Utpal N. Shah	1000
E.C. Engineers Private Limited, India	2
Chalukya Investments Private Limited, India	1
Girnar Commodities Private Limited, India	1
Girnar Exports, India	1
SB Enterprise, Formerly GIrnar Tea, India	1
H. Jitendrakumar and Company	1
Hilltop marketing and Distribution Private Limited, India	1
Redcup Food Private Limited, India	1
Shah Shantilal and Company, India	1
Shantilal and Bhansali Private Limited, India	1
Sachin P Bhansali (HUF)	10
Monisha S Bhansali	1
Deepali U Shah	1000
TOTAL	24300

As on 29.09.2010

Names of Shareholders (Preferences Share)	No. of Shares
E.C. Engineering Private Limited, India	70800
Shantilal and Bhansali Private Limited, India	129200
TOTAL	200000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged as wholesalers of Tea, S M P and Coffee.
Products :	v Tea – 67 v S M P v Coffee v Tea Masala

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Canara Bank, Abdul Rahman Street, Mumbai – 400003, Maharashtra, India
• Vijaya Bank, Kurla
• Bank of Baroda, Mumbai
• ICICI Bank
• United Bank of India
• HDFC Bank
• Axis Bank
• IDBI Bank
• INDUSIND Bank Limited
• Union Bank of India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Canara Bank (O.C.C)	110.184	99.115
Packing Credit	49.399	74.652
FDB Account – Discounting	8.463	8.587
FDB Account – Negotiable	53.238	16.537
FDB Account – Purchases	23.635	2.066
Term Loan – Centre Point	100.935	0.000
Total	345.854	200.957
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Directors and Shareholder
Long Term	0.000	13.003
Short Term	47.359	0.000
From Others	1.300	0.000
Total	48.659	13.003

Banking Relations :	--
Auditors :
Name :	Kirir B Shah and Company Chartered Accountant
Address :	A-602, Kailash Jyot No.2, 6^th Floor, Derasar Lane, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
PAN.:	AAQPS3268L

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions
200000	Preference Shares	Rs.100/- each	Rs.20.000 Millions
	TOTAL		Rs.22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24300	Equity Shares	Rs.100/- each	Rs.2.430 Millions
100000	Preference Shares (97-98 Series)	Rs.100/- each	Rs.10.000 Millions
100000	Preference Shares (98-99 Series)	Rs.100/- each	Rs.10.000 Millions
	TOTAL		Rs.22.430 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		22.430	22.430	22.430
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		125.584	99.215	100.043
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		148.014	121.645	122.473
LOAN FUNDS
1] Secured Loans		345.854	200.957	207.484
2] Unsecured Loans		48.659	13.003	4.116
TOTAL BORROWING		394.513	213.960	211.600
DEFERRED TAX LIABILITIES		0.00	0.000	0.000
TOTAL		542.527	335.605	334.073
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		206.663	55.044	57.210
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.755	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	215.074	163.857	90.668
	Sundry Debtors	228.201	136.788	193.462
	Cash & Bank Balances	10.423	34.092	12.109
	Other Current Assets	3.113	27.169	26.750
	Loans & Advances	35.230	1.502	1.357
Total Current Assets		492.041	363.408	324.346
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	147.932	77.267	44.918
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	14.000	5.580	2.565
Total Current Liabilities		161.932	82.847	47.483
Net Current Assets		330.109	280.561	276.863
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		542.527	335.605	334.073

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales (Gross)	2363.798	1505.612	1417.711
		Other Income	20.378	8.182	5.030
		TOTAL	2384.176	1513.794	1422.741
Less	EXPENSES
		Selling and Administrative Expenses	340.833	252.422	255.098
		Other Expenditure	1979.860	1236.054	1153.689
		TOTAL	2320.693	1488.476	1408.787
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		63.483	25.318	13.954
Less/ Add	DEPRECIATION/ AMORTISATION		23.114	8.879	9.798
	PROFIT BEFORE TAX		40.369	16.439	4.156
Less	TAX		14.000	5.580	2.565
	PROFIT AFTER TAX		26.369	10.859	1.591
	EARNINGS IN FOREIGN CURRENCY		375.803	198.766	NA
	Earnings Per Share (Rs.)		1179.00	484.00	65.47

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.11	0.72	0.11
Net Profit Margin (PBT/Sales)	(%)	1.71	1.09	0.29
Return on Total Assets (PBT/Total Assets}	(%)	5.78	3.93	1.09
Return on Investment (ROI) (PBT/Networth)		0.27	0.14	0.03
Debt Equity Ratio (Total Liability/Networth)		3.76	2.44	2.12
Current Ratio (Current Asset/Current Liability)		3.04	4.39	6.83

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULT:

During financial year ended 31/03/2010 all the divisions of the company performed quite satisfactorily, the sales have shown huge increase of 57% and the profit has increased to Rs 26.369 millions Though Tea markets continued to be very tight all though the year, steps taken by the company for cost reduction and by better product mix to improved margins have very well contributed to the overall rise in profits

FORM 8

Corporate identity number of the company	U15100MH2004PTC045118
Name of the company	GIRNAR FOOD AND BE ERAGES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Girnar Complex, Kureshi Nagar, Kurla (East), Mumbai – 400070, Maharasahtra, India Email: info@girnar.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90186740
Type of charge	Immovable Property Movable Property (not being pledge) Other
Particular of charge holder	Canara Bank, Abdul Rahman Street, Mumbai – 400003, Maharasahtra, India Email: shahjindal@gmail.com
Nature of instrument creating charge	Supplemental common hypothecation agreement, letter evidencing deposit of title deed
Date of instrument Creating the charge	26.04.2011
Amount secured by the charge	Rs.634.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest @ 12.75% or at other such rate as may be specified by bank from time to time Terms of Repayment: As per agreement Margin : 25% for stock, 40%books debts, 50% packing credit Extent and operation of the charge: 100% Others: The aboce is to secure cash credit Rs.150.000 millions, term loan Rs.109.200 millions, packing credit Rs.375.000 million aggregating to Rs.634.200 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stock and books debts Hypothecation of p/m with wdv of Rs.0.108 millions as per abs as on 31.3.2010 Hypothecation of computers / f and f with wdv as on 31.3.2010 Rs.0.244 millions as per abs as on 31.3.2010 Emt of company lease hold plot no. 154 measuring 9404 sq. Mtr. At GLDC, Umbergoan, Gujarat in the name at company valued Rs.1.054 millions as per VR 23.05.2008. Emt of office premises at no. 401 at centre point building situated at b. Ambedkar road, parel Mumbai
Particulars of the present modification	Extent of operation of charge over stock books debts, plant and machinery and EMT of company lease hold plot no.154 measuring 9404 sq. Mtr. At GLDC, Umbergoan, Gujarat and EMT of office premises at no. 401 at centre point building situated at b. Ambedkar road, parel Mumbai stand enhanced to RS.634.200 millions i.e. Cash credit Rs.150.000 millions , term loan Rs.109.200 millions , packing credit Rs.375.000 millions

FIXED ASSETS

• Land
• Trademark
• Building
• Office Equipment
• Computer
• Air Conditioner
• Type Writer
• Water Cooler
• Fax Machine
• Telephone
• Vehicle

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.53.14
UK Pound	1	Rs.83.08
Euro	1	Rs.69.25

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.