MIRA INFORM REPORT

Report Date :

09.01.2012

IDENTIFICATION DETAILS

Name :	JITF WATER INFRASTRUCTURE LIMITED [w.e.f. 02.11.2010]
Formerly Known As :	JINDAL WATER INFRASTRUCTURE LIMITED
Registered Office :	28, Shivaji Marg, New Delhi-110015
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.10.2006
Com. Reg. No.:	55-154995
Capital Investment / Paid-up Capital :	Rs.33.240 Millions
CIN No.: [Company Identification No.]	U41000DL2006PLC154995
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Service Provider of Innovative Solutions, Project Development Solutions, Project Evaluation Solutions, Project Ownership Solutions, Water Distribution Solutions, Water Management Solutions, Water Transportation Solutions, Water Treatment Plants Solutions, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 880000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Directors are reported as experienced and respectable businessmen. 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 :	28, Shivaji Marg, New Delhi-110015, India
Tel. No.:	91-11-45021983
Fax No.:	91-11-45021982
E-Mail :	info@jindalaquasource.com
Website :	http://www.jindalaquasource.com
Branch Office :	Located At: · Mumbai · Bangalore · Hyderabad · Chennai

DIRECTORS

As on 28.09.2011

Name :

Mr. Prithvi Raj Jindal

Designation :

Director

Address :

6, Prithvi Raj Road, New Delhi-110011, India

Date of Birth/Age :

27.12.1951

Date of Appointment :

27.10.2006

Din No.:

00005301

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	L27104UP1984PLC023979	JINDAL SAW LIMITED	Director	31-10-84	31-10-84	-	Active	NO
2	U15491WB1983PLC036898	SONABHEEL TEA LIMITED	Director	07-12-89	07-12-89	-	Active	NO
3	L27104GJ1979PLC066476	JINDAL SEAMLESS TUBES LIMITED	Director	02-02-95	02-02-95	03-12-07	Active	NO
4	U74899DL1995PTC074107	NALWA FARMS PRIVATE LIMITED	Director	23-11-95	23-11-95	-	Active	NO
5	U74899DL1988PLC033588	JINDAL INTELLICOM LIMITED	Director	28-02-00	28-02-00	-	Active	NO
6	U74999DL2004PLC128194	IUP JINDAL METALS AND ALLOYS LIMITED	Director	09-08-04	09-08-04	-	Active	NO
7	U70101DL1971PLC005675	ROHIT TOWER BUILDING LIMITED	Director	30-09-05	30-09-05	-	Active	NO
8	U65993DL2006PTC145570	STAINLESS FINANCE AND INVESTMENT PRIVATE LIMITED	Director	30-01-06	30-01-06	-	Active	NO
9	U65993DL2006PTC145576	JINDAL SOUTH WEST FINANCE INVESTMENTS PRIVATE LIMITED	Director	30-01-06	30-01-06	-	Active	NO
10	U65993DL2006PTC145575	JINDAL MANSAROVER INVESTMENTS PRIVATE LIMITED	Director	30-01-06	30-01-06	-	Active	NO
11	U65993DL2006PTC145571	SUN FINTRADE PRIVATE LIMITED	Director	30-01-06	30-01-06	-	Active	NO
12	U65993DL2006PTC145574	HISAR FINCAP PRIVATE LIMITED	Director	30-01-06	30-01-06	-	Active	NO
13	U65997DL2006PLC145999	VRINDAVAN FINTRADE LIMITED	Director	07-02-06	07-02-06	-	Active	NO
14	U65993DL2006PLC145961	OPJ INVESTMENTS AND HOLDINGS LIMITED	Director	07-02-06	07-02-06	-	Active	NO
15	U65923DL2006PLC145962	NALWA FINCAP LIMITED	Director	07-02-06	07-02-06	-	Active	NO
16	U65993DL2006PLC146007	SALASAR FINVEST LIMITED	Director	07-02-06	07-02-06	-	Active	NO
17	U65993DL2006PLC145991	JINDAL SYNERGY INVESTMENTS LIMITED	Director	07-02-06	07-02-06	-	Active	NO
18	L72900MH2000PLC124729	ORBIT CORPORATION LIMITED	Director	29-09-06	16-02-06	-	Active	NO
19	U74899DL1989PLC035212	NALWA STEEL AND POWER LIMITED	Director	02-05-06	02-05-06	-	Active	NO
20	U41000DL2006PLC154995	JITF WATER INFRASTRUCTURE LIMITED	Director	27-10-06	27-10-06	-	Active	NO
21	U40109DL2006PLC156463	JINDAL COULUMBS LIMITED	Director	12-12-06	12-12-06	01-05-08	Active	NO
22	U35122DL2007PLC158373	JITF WATERWAYS LIMITED	Director	24-01-07	24-01-07	-	Active	NO
23	U12000DL2007PLC163469	QUALITY IRON AND STEEL LIMITED	Director	16-05-07	16-05-07	24-06-11	Active	NO
24	U74900DL2007PLC168338	JINDAL ITF LIMITED	Director	18-12-07	18-12-07	-	Active	NO
25	U65923DL2008PLC177707	NALWA FINANCIAL SERVICES LIMITED	Director	06-05-08	06-05-08	-	Active	NO
26	U51101UP2010PLC042382	HEXA TRADEX LIMITED	Additional director	01-10-11	01-10-11	-	Active	NO

Name :

Mr. Indresh Batra

Designation :

Director

Address :

A-5, Anand Niketan, New Delhi-110021, India

Date of Birth/Age :

27.12.1971

Date of Appointment :

27.10.2006

Din No.:

00093471

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	U72900DL2000PTC106406	JAISHILA INFOTECH PRIVATE LIMITED	Director	22-06-00	22-06-00	-	Active	NO
2	U74899DL1988PLC033588	JINDAL INTELLICOM LIMITED	Director	09-01-04	09-01-04	-	Active	NO
3	U74999DL2004PLC128194	IUP JINDAL METALS AND ALLOYS LIMITED	Managing director	09-08-04	09-08-04	-	Active	NO
4	U41000DL2006PLC154995	JITF WATER INFRASTRUCTURE LIMITED	Director	27-10-06	27-10-06	-	Active	NO
5	U40109DL2006PLC156463	JINDAL COULUMBS LIMITED	Director	12-12-06	12-12-06	-	Active	NO
6	U13203DL2006PLC156894	ARJAN AROMATICS LIMITED	Director	21-12-06	21-12-06	-	Active	NO
7	U35122DL2007PLC158373	JITF WATERWAYS LIMITED	Director	24-01-07	24-01-07	-	Active	NO
8	U70102DL2007PLC161216	JITF URBAN INFRASTRUCTURE LIMITED	Director	28-03-07	28-03-07	-	Active	NO
9	U34109DL2007PLC161264	JITF SHIPYARDS LIMITED	Director	29-03-07	29-03-07	-	Active	NO
10	U70102DL2007PTC160879	TRINETRA BUILDCON PRIVATE LIMITED	Director	19-09-08	17-04-07	-	Active	NO
11	L27104UP1984PLC023979	JINDAL SAW LIMITED	Director	27-03-08	28-04-07	-	Active	NO
12	U45400DL2007PLC163946	JINDAL RAIL INFRASTRUCTURE LIMITED	Director	25-05-07	25-05-07	-	Active	NO
13	U27310DL2007PLC165361	JINDAL METSTEEL LIMITED	Director	29-06-07	29-06-07	-	Strike off	NO
14	U74900DL2007PLC168338	JINDAL ITF LIMITED	Director	18-09-07	18-09-07	-	Active	NO
15	U60231DL2008PLC172241	JITF INFRALOGISTICS LIMITED	Director	03-01-08	03-01-08	-	Active	NO
16	U37100DL2005PTC135146	TIMARPUR-OKHLA WASTE MANAGEMENT COMPANY PRIVATE LIMITED	Director	25-09-08	18-03-08	21-01-11	Active	NO
17	U41000DL2010PLC202231	JITF MANILA WATER DEVELOPMENT COMPANY LIMITED	Director	03-05-10	03-05-10	-	Active	NO
18	U40300DL2010PLC205340	JITF URBAN INFRASTRUCTURE SERVICES LIMITED	Director	06-07-10	06-07-10	-	Active	NO
19	U41000DL2011PLC214943	JINDAL ITF KOBELCO ECO LIMITED	Director	28-02-11	28-02-11	-	Active	NO

Name :

Sminu Jindal

Designation :

Director

Address :

6, Prithvi Raj Road, New Delhi-110011, India

Date of Birth/Age :

18.01.1973

Date of Appointment :

27.10.2006

Din No.:

00005317

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L27104GJ1979PLC066476	JINDAL SEAMLESS TUBES LIMITED	Director	28-05-97	28-05-97	Active	NO
2	L27104UP1984PLC023979	JINDAL SAW LIMITED	Managing director	01-02-11	01-09-97	Active	NO
3	U74899DL1988PLC033588	JINDAL INTELLICOM LIMITED	Director	28-02-00	28-02-00	Active	NO
4	U74999DL2004PLC128194	IUP JINDAL METALS AND ALLOYS LIMITED	Director	09-08-04	09-08-04	Active	NO
5	U41000DL2006PLC154995	JITF WATER INFRASTRUCTURE LIMITED	Director	27-10-06	27-10-06	Active	NO
6	U40109DL2006PLC156463	JINDAL COULUMBS LIMITED	Director	12-12-06	12-12-06	Active	NO
7	U13203DL2006PLC156894	ARJAN AROMATICS LIMITED	Director	21-12-06	21-12-06	Active	NO
8	U35122DL2007PLC158373	JITF WATERWAYS LIMITED	Director	24-01-07	24-01-07	Active	NO
9	U70102DL2007PLC161216	JITF URBAN INFRASTRUCTURE LIMITED	Director	28-03-07	28-03-07	Active	NO
10	U34109DL2007PLC161264	JITF SHIPYARDS LIMITED	Director	29-03-07	29-03-07	Active	NO
11	U70102DL2007PTC160879	TRINETRA BUILDCON PRIVATE LIMITED	Director	19-09-08	17-04-07	Active	NO
12	U45400DL2007PLC163946	JINDAL RAIL INFRASTRUCTURE LIMITED	Director	25-05-07	25-05-07	Active	NO
13	U27310DL2007PLC165361	JINDAL METSTEEL LIMITED	Director	29-06-07	29-06-07	Strike off	NO
14	U74900DL2007PLC168338	JINDAL ITF LIMITED	Director	18-09-07	18-09-07	Active	NO
15	U72900DL2000PTC106406	JAISHILA INFOTECH PRIVATE LIMITED	Director	28-12-07	28-12-07	Active	NO
16	U60231DL2008PLC172241	JITF INFRALOGISTICS LIMITED	Director	03-01-08	03-01-08	Active	NO
17	U51101UP2010PLC042382	HEXA TRADEX LIMITED	Managing director	01-10-11	01-10-11	Active	NO

Name :

Savitri Jindal

Designation :

Director

Address :

Jindal House, Model Town, Delhi Road, New Delhi-125001, Haryana, India

Date of Birth/Age :

30.03.1949

Date of Appointment :

19.12.2008

Din No.:

00101427

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U70101DL1971PLC005675	ROHIT TOWER BUILDING LIMITED	Director	15-06-77	15-06-77	Active	NO
2	U15491WB1983PLC036898	SONABHEEL TEA LIMITED	Director	01-08-07	03-09-00	Active	NO
3	L26922HR1980PLC010901	JINDAL STAINLESS LIMITED	Director	21-04-05	21-04-05	Active	NO
4	U25207HR1971PLC006005	JINDAL INDUSTRIES LIMITED	Director	22-04-05	22-04-05	Active	NO
5	L27104UP1984PLC023979	JINDAL SAW LIMITED	Director	28-04-05	28-04-05	Active	NO
6	L27105HR1979PLC009913	JINDAL STEEL AND POWER LIMITED	Director	28-07-11	25-07-05	Active	NO
7	U74900DL2007PLC168338	JINDAL ITF LIMITED	Director	28-04-09	16-12-08	Active	NO
8	U41000DL2006PLC154995	JITF WATER INFRASTRUCTURE LIMITED	Director	27-04-09	19-12-08	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Prithvi Raj Jindal	100
Sminu Jindal	100
Indresh Batra	100
Sunil Kumar Jain	100
Renuka Financial Services Limited, India	100
Manjula Finances Limited, India	100
Goswamis Credits and Investments Limited, India	100
Jindal ITF Limited, India	3323313
Total	3324013

As on 28.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of Innovative Solutions, Project Development Solutions, Project Evaluation Solutions, Project Ownership Solutions, Water Distribution Solutions, Water Management Solutions, Water Transportation Solutions, Water Treatment Plants Solutions, etc.

GENERAL INFORMATION

Bankers :

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India · Punjab National Bank, Bhikaji Cama Place Branch, New Delhi-110066, India

Banking Relations :	--
Auditors :
Name :	N.C. Aggarwal and Company Chartered Accountants
Address :	102, Harsha House, Karampura Commercial Complex, New Delhi-110015, India
Tel. No.:	91-11-25920555/56 [Office] 91-11-25410561 [Residential]
E-Mail :	nc.a@rediffmail.com nc.aggarwal@gmail.com
Holding Company:	· Jindal ITF Limited (Direct holding) · Jindal Saw Limited (Indirect holding through Jindal ITF Limited)
Subsidiary Company:	· JITF ESIPL CETP (Sitarganj) Limited (Formerly known as Jindal ESIPL CETP (Sitarganj) Limited CIN No.: U41000DL2007PLC172005 · JITF Water Infra (Naya Raipur) Limited (Formerly known as Jindal Water Infra (Naya Raipur) Limited CIN No.: U41000DL2009PLC194745
Fellow Subsidiary Company:	· JITF Waterways Limited (Formerly known as Jindal Waterways Limited) · JITF Shipyards Limited (Formerly known as Jindal Shipyard Limited) · JITF Urban Infrastructure Limited (Formerly known as Jindal Urban Infrastructure Limited) · JITF Infralogistics Limited (Formerly known as Jindal Infralogistics Limited) · Jindal Intellicom Limited · Timarpur-Okhla Waste Management Company Private Limited (Indirect) · Jindal Rail Infrastructure Limited (Indirect) · JITF Urban Infrastructure Services Limited (Indirect) (Formerly Known as Jindal Urban Infrastructure Services Limited) · Hexa Securities and Finance Company Limited (Indirect) · IUP Jindal Metals and Alloys Limited (Indirect) · SV Trading Limited (Indirect) · Jindal Saw USA, LLC (Indirect) · Jindal Saw Holding FZE (Indirect) · Jindal Saw Middle East FZC (Indirect) · Jindal Saw Gulf LLC (Indirect) · Intellicom Insurance Advisors Limited (Indirect) · Hexa Tradex Limited (Indirect) · Ralael Holding Limited (Indirect) · Jindal Saw ITALIA S.r.l (Indirect)
Joint Venture:	JITF Manila Water Development Company Limited (Indirect) (Formerly Known as Jindal Manila Water Development Company Limited)

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3324013	Equity Shares	Rs.10/- each	Rs.33.240 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 [12^th Months]	31.03.2010 [15^th Months]	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		33.240	33.240	10.500
2] Share Application Money		4.500	0.000	56.220
3] Reserves & Surplus		184.107	158.469	68.587
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		221.847	191.709	135.307
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		221.847	191.709	135.307
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.982	13.864	2.760
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		92.644	205.320	13.662
DEFERREX TAX ASSETS		0.036	0.176	6.031
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	150.823	1.542	2.395
	Sundry Debtors	641.276	917.526	819.499
	Cash & Bank Balances	252.455	49.549	1.177
	Other Current Assets	0.964	0.054	0.000
	Loans & Advances	186.587	94.889	80.562
Total Current Assets		1232.105	1063.560	903.633
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	870.627	926.165	697.321
	Other Current Liabilities	243.146	158.890	79.125
	Provisions	5.244	6.350	14.648
Total Current Liabilities		1119.017	1091.405	791.094
Net Current Assets		113.088	(27.845)	112.539
MISCELLANEOUS EXPENSES		0.097	0.194	0.315
TOTAL		221.847	191.709	135.307

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 [12^th Months]	31.03.2010 [15^th Months]	31.12.2008
	SALES
		Income	1267.683	1321.683	1918.503
		Other Income	10.027	21.823	1.180
		TOTAL (A)	1277.710	1343.506	1919.683
Less	EXPENSES
		Consumption Materials Changes Inventories	704.171	794.557
		Manufacturing Service Costs	308.890	284.460	1855.534
		Employee Related Expenses	147.254	84.944
		Administrative Selling and Other Expenses	73.725	100.995
		TOTAL (B)	1234.040	1264.956	1855.534
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		43.670	78.550	61.419
Less	FINANCIAL EXPENSES (D)		5.725	10.234	11.706
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		37.945	68.316	52.443
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.955	1.110	0.226
	PROFIT BEFORE TAX (E-F) (G)		35.990	67.206	52.217
Less	TAX (H)		10.353	22.804	18.549
	PROFIT AFTER TAX (G-H) (I)		25.638	44.402	33.668
	BALANCE CARRIED TO THE B/S		118.626	92.989	48.587
	Earnings Per Share (Rs.)			42.09	111.89

KEY RATIOS

PARTICULARS		31.03.2011 [12^th Months]	31.03.2010 [15^th Months]	31.12.2008
PAT / Total Income	(%)	2.00	3.31	1.75
Net Profit Margin (PBT/Sales)	(%)	2.84	5.08	2.72
Return on Total Assets (PBT/Total Assets}	(%)	2.88	6.23	5.76
Return on Investment (ROI) (PBT/Networth)		0.16	0.35	0.39
Debt Equity Ratio (Total Liability/Networth)		5.04	5.69	5.85
Current Ratio (Current Asset/Current Liability)		1.10	0.97	1.14

LOCAL AGENCY FURTHER INFORMATION

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10063768
Corporate identity number of the company	U41000DL2006PLC154995
Name of the company	JITF WATER INFRASTRUCTURE LIMITED
Address of the registered office or of the principal place of business in India of the company	28, Shivaji Marg, New Delhi-110015, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Others
Particular of charge holder	Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
Email	delhicadmidoffice@yesbank.in
Nature of description of the instrument creating or modifying the charge	Revised Sanction Letter dated November 17, 2011.
Date of instrument Creating the charge	17.11.2011
Amount secured by the charge
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Commission @ 1.50% per annum plus applicable taxes Extent and Operation of the charge First pari-passu charge on all present and future current assets (including receivables) and all movable fixed assets of the Borrower situated anywhere in India.
Short particulars of the property charged	First pari-passu charge on all present and future current assets (including receivables) and all movable fixed assets of the Borrower situated anywhere in India.
Particulars of the present modification	Amount of Bank Guarantee Facility now stands reduced to Rs.10.000 Millions from Rs.85.000 Millions vide revised Sanction Letter No. YBL/DEL/FL/643/2011-12 dated November 17, 2011.

FIXED ASSETS:

· Temporary Structure

· Vehicles

· Computers

· Furniture and Fixtures

· Plant and Machinery

· Office Equipments

WEBSITE DETAILS:

PROFILE:

O.P. Jindal Group is a US$ 15 bn conglomerate headquartered in India. As part of its diversification plan, the group has floated Subject, a services company, for designing sustainable and innovative solutions to manage public utilities for government bodies in public- private partnership, businesses, industries and SEZs in water and wastewater management.

Subject draws strength from its international associations. On the home turf, it possesses a rare combination of financial power that the Jindal Group wields, and the benefit of having one of the group companies, Jindal SAW Limited, catering to its requirements of DI pipes, which is the mainstay of any water management project.

Subject has formed associations with reputed international utility operators/service providers to bridge the gap of pre-qualification and past experience in service sector.

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	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	NO
--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		44

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.