1. Summary Information

		Country	India
Company Name	CONTINENTAL INDIA LIMITED	Principal Name 1	Mr. Alok Modi
Status	Moderate	Principal Name 2	Mr. Devendra Nath Lohani
		Registration #	55-153993
Street Address	1012-1015, 10^th Floor, Devika Towers, 6 Nehru Place, New Delhi – 110019
Established Date	16.09.2006	SIC Code	--
Telephone#	91-11-43744600 / 26848416	Business Style 1	Manufacturer
Fax #	91-11-43744667 / 26837530	Business Style 2	-
Homepage	http://www.mtcpl.in	Product Name 1	Tyres
# of employees	Not Available	Product Name 2	Related Components for Heavy Vehicles.
Paid up capital	Rs.560,466,800/-	Product Name 3	-
Shareholders	Bodies corporate – 100%	Banking	Yes Bank Limited
Public Limited Corp.	No	Business Period	6 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ca [17]
Related Company
Relation	Country	Company Name	CEO
Holding company	-	Modi Rubber Limited	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	716,472,000	Current Liabilities	1,326,185,000
Inventories	621,888,000	Long-term Liabilities	1,663,473,000
Fixed Assets	536,519,000	Other Liabilities	155,658,000
Deferred Assets	0	Total Liabilities	3,145,316,000
Invest& other Assets	286,000	Retained Earnings	0
		Net Worth	(1,270,151,000)
Total Assets	1,875,165,000	Total Liab. & Equity	1,875,165,000
Total Assets (Previous Year)	2,474,160,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	6,149,683,000	Net Profit	(1,468,136,000)
Sales(Previous yr)	3,579,493,000	Net Profit(Prev.yr)	(246,015,000)

MIRA INFORM REPORT

Report Date :

09.01.2012

IDENTIFICATION DETAILS

Name :	CONTINENTAL INDIA LIMITED [w.e.f. 23.09.2011]
Formerly Known As :	MODI TYRES COMPANY LIMITED
Registered Office :	1012-1015, 10^th Floor, Devika Towers, 6 Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.09.2006
Com. Reg. No.:	55-153993
Capital Investment / Paid-up Capital :	Rs.560.466 Millions
CIN No.: [Company Identification No.]	U25203DL2006PLC153993
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Tyres and Related Components for Heavy Vehicles.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge 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 on a secured 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 :	1012-1015, 10^th Floor, Devika Towers, 6 Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-43744600 / 26848416
Fax No.:	91-11-43744667 / 26837530
E-Mail :	vkmodi@modigroup.com skbajpai@modigroup.net sthakur@modigroup.net sthakur@mtcpl.in
Website :	http://www.mtcpl.in
Corporate Office :	NH-58, Meerut – Roorkee Road, Modipuram – 250110, Uttar Pradesh, India
Email :	info@mtcpl.in

DIRECTORS

AS ON 29.09.2011

Name :

Mr. Alok Kumar Modi

Designation :

Director

Address :

55-A, Friends Colony, New Delhi – 110025, Delhi, India

Date of Birth/Age :

18.06.1966

Date of Appointment :

16.09.2006

DIN :

00174374

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	U74999MH1989FLC050332	MAN DIESEL AND TURBO INDIA LIMITED	Director	10/7/1989	10/7/1989	-	Active	NO
2	U17110GJ1990PLC013397	GUJARAT GUARDIAN LIMITED	Managing director	21/02/1990	21/02/1990	-	Active	NO
3	U24100GJ1994PTC023655	GUJARAT ACRYLICS PRIVATE LIMITED	Director	24/11/1994	24/11/1994	23/01/2009	Strike off	NO
4	U40101DL1995PLC070750	ELECTRIC SUPPLY COMPANY (INDIA) LIMITED	Director	13/07/1995	13/07/1995	28/12/2001	Strike off	NO
5	U80211DL1997PTC084659	MODI EDUTECH PRIVATE LIMITED	Director	24/01/1997	24/01/1997	21/07/2009	Active	NO
6	U74899DL1983PTC017023	LOMBARD STREET (ESTATES) PRIVATE LIMITED	Director	9/9/1998	9/9/1998	30/09/2009	Active	NO
7	U91110DL1998PLC097217	INDIAN GLASS MANUFACTURERS' ASSOCIATION	Director	26/11/1998	26/11/1998	-	Active	NO
8	U93090DL1998NPL097629	YPO (DELHI CHAPTER) U/S25	Director	13/11/2004	13/11/2004	-	Active	NO
9	U25203DL2006PLC153993	CONTINENTAL INDIA LIMITED	Director	15/07/2011	16/09/2006	-	Active	NO
10	U74899DL1994PTC061041	COMECON AVIATION PRIVATE LIMITED	Director	1/6/2007	1/6/2007	14/08/2010	Active	NO
11	L25199UP1971PLC003392	MODI RUBBER LIMITED	Managing director	31/10/2011	14/06/2008	-	Active	NO
12	U80302DL2004PTC126788	MAPLE BEAR EDUCATION PRIVATE LIMITED	Additional director	27/09/2011	27/09/2011	-	Active	NO

Name :

Mr. Peter Maria Fidelius Cornelis Verbruggen

Designation :

Director

Address :

Kuilenstraat 51, Genk - 3600

Date of Birth/Age :

22.04.1960

Date of Appointment :

15.07.2011

DIN :

01730049

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	U74900HR2008PTC037519	CONTINENTAL RICO HYDRAULIC BRAKES INDIA PRIVATE LIMITED	Nominee director	3/1/2008	3/1/2008	23/02/2010	Active	NO
2	U29130TN2007PLC064471	AUTOMOTIVE INFOTRONICS LIMITED	Director	30/09/2008	21/06/2008	24/03/2010	Active	NO
3	U72900KA2007PTC043146	CONTINENTAL AUTOMOTIVE COMPONENTS (INDIA) PRIVATE LIMITED	Additional director	2/11/2009	2/11/2009	31/12/2009	Active	NO
4	U25203DL2006PLC153993	CONTINENTAL INDIA LIMITED	Director	29/09/2011	15/07/2011	-	Active	NO

Name :

Mr. Benoit Henri Ghislain Marie Henry

Designation :

Director

Address :

90, JLN Setia Murni 6, Bukit Damansara – 50490, Kuala Lumpur

Date of Birth/Age :

17.11.1961

Date of Appointment :

15.07.2011

DIN :

03534144

Name :

Mr. Nikolai Setzer

Designation :

Director

Address :

Hinter Der Gartnere 114, 31515, Wumstorfot Kolenfeld, Wunstorf.

Date of Birth/Age :

20.04.1971

Date of Appointment :

15.07.2011

DIN :

03552400

Name :

Mr. Pennert Hugo Andreas

Designation :

Director

Address :

George Krauss St.28, Erlangen

Date of Birth/Age :

02.02.1964

Date of Appointment :

30.09.2011

DIN :

03541610

Name :

Mr. Devendra Nath Lohani

Designation :

Director

Address :

Espace – 74, Nirvana Country, Sector – 54, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

14.06.1964

Date of Appointment :

30.09.2011

DIN :

03426600

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	U29253HR2011FTC042639	PETKUS INDIA PRIVATE LIMITED	Director	8/4/2011	8/4/2011	29/08/2011	Active	NO
2	U25203DL2006PLC153993	CONTINENTAL INDIA LIMITED	Alternate director	30/09/2011	15/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Saroj Kumar Thakur
Designation :	Company Secretary
Address :	House No.1082, Sector 3, Ballabgarh, Faridabad – 121004, Haryana, India
Date of Birth/Age :	04.06.1984
Date of Appointment :	20.01.2010
PAN :	AIXPT2670A
Name :	Mr. Claude D Gama Rose
Designation :	Manager
Address :	Flat No.111, The Embassy No.15, Ali Askar Road, Bangalore – 560052, Karnataka, India
Date of Birth/Age :	29.10.1956
Date of Appointment :	15.07.2011
PAN :	ABFPD2556C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
Continental Aktiengesellschaft, Germany	1
Continental Reifen Deutschland GmbH, Germany	1
Continental Caoutchouc – Export, Germany	1
Cas-One Holdinggesellschaft, Germany	1
Conti Tech Universe Verwaltungs – GmbH, Germany	1
CGH Holding B.V., Netherlands	1
Continental Global Holding Neitherland B V, Netherlands	132065584
Total	132065590

(AS ON 29.09.2011)

Equity Share Breakup Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Tyres and Related Components for Heavy Vehicles.

Products :

Item Code No.	Product Description
40112000	Automobile Tyres
40131002	Automobile Tubes
40129004	Automobile Flaps
40112090	Manufacturer of Tyres and Related Components for Heavy Vehicles.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Tyres	No.	1140000	469350
Tubes	No.	1200000	495600
Flaps	No.	240000	154876

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Yes Bank Limited

9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

· Yes Bank Limited

Ved Vyaspuri, Industrial Area – II, Partapur, Meerut, Uttar Pradesh, India

Facilities :

Secured Loan	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Banks
Cash Credit Facility	1482.953	995.943
Other Loans:
Finance lease obligation	0.000	4.923
Total	1482.953	1000.866
Unsecured Loan	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Short term loans from holding company	80.000	0.000
From Fellow Subsidiary	100.000	0.000
Interest accrued and due on short term loans	0.520	0.000
Total	180.520	0.000

Banking Relations :	--
Auditors :
Name 1 :	BSR and Company Chartered Accountants
Address :	Building No.10, 8^th Floor, Tower-B, DLF City, Phase – IIND, Gurgaon – 122002, Haryana, India
PAN :	AAIFB0630K
Ultimate Holding Company/ Holding Company :	· Modi Rubber Limited CIN : L25199UP1971PLC003392
Fellow Subsidiary Company :	· Spin Investment (India) Limited CIN : U74899DL1982PLC013733

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75,000,000	Equity Shares	Rs.10/- each	Rs.750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
56,046,680	Equity Shares	Rs.10/- each	Rs.560.466 Millions

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000,000	Equity Shares	Rs.10/- each	Rs.2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
132,065,590	Equity Shares	Rs.10/- each	Rs.1320.656 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		560.466	560.466	560.466
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(1830.617)	(362.481)	(116.466)
NETWORTH		(1270.151)	197.985	444.000
LOAN FUNDS
1] Secured Loans		1482.953	1000.866	14.768
2] Unsecured Loans		180.520	0.000	0.000
TOTAL BORROWING		1663.473	1000.866	14.768
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		393.322	1198.851	458.768
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		536.519	587.695	93.457
Capital work-in-progress		0.286	71.259	543.597
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	621.888	913.712	85.064
	Sundry Debtors	499.120	592.695	0.000
	Cash & Bank Balances	15.776	45.135	2.896
	Other Current Assets	68.371	65.454	0.000
	Loans & Advances	133.205	198.209	2.004
Total Current Assets		1338.360	1815.205	89.964
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	390.369	374.606	161.397
	Other Current Liabilities	935.816	801.914	33.153
	Provisions	155.658	98.789	73.700
Total Current Liabilities		1481.843	1275.309	268.250
Net Current Assets		(143.483)	539.897	(178.286)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		393.322	1198.851	458.768

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
	Income		6149.683	3579.493	-
	Other Income		32.003	96.847	-
		TOTAL (A)	6181.686	3676.340	Nil
Less	EXPENSES
		Consumption material changes inventories	5442.550	2563.910	0.000
		Manufacturing service costs	647.116	465.282	0.000
		Employee related expenses	443.348	329.570	68.715
		Administrative selling other expenses	659.853	338.134	33.298
		Stores and spares consumed	0.000	0.000	1.429
		TOTAL (B)	7192.867	3696.896	103.442
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1011.181)	(20.556)	(103.442)
Less	FINANCIAL EXPENSES (D)		383.401	164.245	4.761
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1394.582)	(184.801)	(108.203)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		73.554	61.214	6.560
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		(1468.136)	(246.015)	(114.763)
Less	TAX (H)		0.000	0.000	1.703
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		(1468.136)	(246.015)	(116.466)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(362.481)	(116.466)	0.000
	BALANCE CARRIED TO THE B/S		(1830.617)	(362.481)	(116.466)
	IMPORT VALUE
	Raw Materials		-	157.100	0.000
	Stores & Spares		-	0.111	0.000
	Capital Goods		-	2.469	1.088
	TOTAL IMPORTS		NA	159.680	1.088
	EXPORT VALUE		NA	755.411	-
	Earnings Per Share (Rs.)		(26.19)	(4.39)	(2.75)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(23.75)	(6.69)	NA
Net Profit Margin (PBT/Sales)	(%)	(23.87)	(6.87)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(78.30)	(10.24)	(62.57)
Return on Investment (ROI) (PBT/Networth)		(1.16)	(1.24)	(0.26)
Debt Equity Ratio (Total Liability/Networth)		(2.48)	11.50	0.64
Current Ratio (Current Asset/Current Liability)		0.90	1.42	0.33

LOCAL AGENCY FURTHER INFORMATION

NOTE: The Registered Office of the company has been shifted from, 4/7C DDA Shopping Centre, New Friends colony, New Delhi – 110025, India, to the present address w.e.f. 15.07.2011.

Indian Economy and Outlook

Indian Economy is growing at a rapid pace having recorded a growth of around 8.5% for the year 2010-2011. Inflation remains a matter of challenge for the entire corporate world and had tremendous effect on the raw material costs across the country. The price of Natural Rubber has almost doubled during the year. The Industrial production reflected some down trends during second half of the year due changes in the Government policy led to rise in interest costs. The Automotive sector had achieved a growth rate of near around 27% of production with increased in the production Truck and Buses by 38% and that of Passenger Car by 28%. This increase in growth rate has resulted in robust demand of Tyres. Indian Economy is directing towards growth at healthy pace and with the automobile industry making rapid strides, the demand of tyres is expected to increase sizably. The Company was ramping up its operations in both the replacement market and in the OEM category. The Company believes that radialisation will be the driving force in the Indian truck tyre market and hence plans to manufacture and prepare a solid base to meet the demand in radial tyres category. The Company plans to start production of radial tyres for passenger and commercial vehicles in the coming years.

FIXED ASSETS:

· Freehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Computers

· Software License

· Assets

· Vehicles

FORM: 8

Corporate identity number of the company	U25203DL2006PLC153993
Name of the company	MODI TYRES COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	4/7C DDA Shopping Centre, New Friends Colony, New Delhi – 110025, India sthakur@modigroup.net
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10157353
Type of charge	Immovable Property Book Debts Movable Property Floating Charge Others : All Current and Movable Fixed Assets
Particular of charge holder	Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India Email : delhicadmidoffice@yesbank.in
Nature of instrument creating charge	1 Supplemental Deed of hypothecation dated March 23, 2011 for enhancement of facilities to Rs.140.000 Millions 2 Supplemental Deed of hypothecation dated March 23, 2011 for enhancement of facilities from Rs.140.000 Millions to Rs.160.000 Millions
Date of instrument Creating the charge	23.03.2011
Amount secured by the charge	Rs.1600.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : LC/ FBG: 3% p.a. CC/WCDL: YBL Base rate plus 8% p.a. EPC: YBL Base rate plus 8% p.a. PCFC/PSFC:LIBOR plus 2%pa STL: Base Rate plus 5.50% pa TL A: Base Rate plus 3% pa TL B: Base Rate plus 8% pa Terms of Repayment : 1 Letter of Credit (LC) (Rs.1300 Million): NA Sub Limit of 1 1a Cash Credit / Working Capital Demand Loan: Payable on Demand 1b Export Packing Credit In Rupee (EPC)/ Post Shipment in Foreign Currency (PSFC)/ Packing Credit in Foreign Currency (PCFC)/ Bank Guarantee (Financial) (BG): NA 1d Short Term Loan: 9 monthly installment after moratorium of 3 months 2 Term Loan A (Rs.200 Million): Bullet repayment on December 31, 2011 3 Term Loan B (Rs.100 Million): Bullet repayment on December 31, 2011 Margin : 1 Cash Credit (CC)/ Working Capital Demand Loan (WCDL): 25% of Debtors (not more than 90 days old) plus 25% of Raw Material plus 20% of work in progress and finished goods plus 33.37% of stores and spares less creditors (Good covered under unpaid bills under LC will be excluded from the total value of stocks) 2 LC/BG: 10% Cash Margin 3 EPC/PCFC/PSFC: Nil 4 Term Loan A (TL A): Nil 5 Term Loan B (TL B): Nil Extent and operation of the charge : Exclusive charge by way of Hypothecation on all Current assets and Movable Fixed Assets of the Borrower (both present and future) Exclusive charge by way of Equitable mortgage on properties: 1. Plot of land bearing Khasra No. 1M (0-17-7), 4M(174-11-3), 6M(5-5-10), vill. Mukurrabpur Palhera and Khasra Bearing No. 1699M(4-12-0), 1700M (1-18-0) vill. Pabil Khas, Parghana Daurala, Tehsil Sardhana, Meerut Total admeasuring(admg) 117Acres(approx). 2. Plot of land admg 12045 Sq. Mtrs. Ved Vyas Puri, Meerut.
Short Particulars of the property charged	Exclusive Charge on whole of the Current Assets of the Borrower's stock of raw material, semi-finished and finished goods, stores and spares, bills receivables and book debts (both present and future) Exclusive Charge on whole of the Movable Fixed Assets of the Borrower located anywhere in India (both present and future) Equitable mortgage on Plot bearing Khasra No.1M(0-17-7), 4M (174-11-3),6M (5-5-10) at Mukurrabpur Palhera and Khasra bearing 1699M(4-12-0),1700M (1-18-0) at Pabil khas, Parghana Daurala, Tehsil Sardhana, Meerut Equitable mortgage on Plot of land admeasuring 12045 Sq. Mts. at Ved Vyas Puri, Meerut.
Date of last modification prior to the present modification	06.09.2010
Particulars of the present modification	Modification is pursuant to enhancement in the facility amount from Rs.1300.000 Millions to Rs.1600.000 Millions pursuant to sanction of fresh TL A of INR 200 Million and fresh TL B of Rs.100 Million Charge on the immovable property is only on the facility amount of Rs.1300 million. Charge on the current and movable fixed assets is on the facility amount of Rs.1600 million. Total charge on the Current Assets, Movable fixed Assets and Immovable Property shall not exceed Rs.1600.000 Millions

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.52.78
UK Pound	1	Rs.81.79
Euro	1	Rs.67.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	-
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		17

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.