MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	BRAND MARKETING (INDIA) PRIVATE LIMITED
Registered Office :	Metro Dome, 4^th Floor, Metro Theatre, M.G. Road, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.03.2006
Com. Reg. No.:	11-160686
Capital Investment / Paid-up Capital :	Rs.217.683 Millions
CIN No.: [Company Identification No.]	U51900MH2006PTC160686
TAN No.: [Tax Deduction & Collection Account No.]	MUMB16159D
PAN No.: [Permanent Account No.]	AACCB8257D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Branded Clothes.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1900000
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. It has incurred heavy loss during the year 2011. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great caution.

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 :	Metro Dome, 4^th Floor, Metro Theatre, M.G. Road, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-66181000
Mobile No.:	91-9833421257 (Mr. Ganesh)
E-Mail :	ganesh.nar@bmindia.com statutory@bmindia.com customercare@frenchconnection.in
Website :	www.bmindia.com
Area :	2000 Sq. ft. (Approximately)
Location :	Rented
Showrooms :	Located at : Delhi Hyderabad Mumbai Chennai

DIRECTORS

As on 30.09.2010

Name :	Mr. Vijay Mohan Murjani
Designation :	Director
Address :	New Usha Kiran, Flat 29C, No. 15, Carmichael Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	18.10.1970
Qualification :	B. Arts
Date of Appointment :	23.03.2006
DIN No.:	00107129

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U52311MH2000PTC125280	BRAND HOLDINGS (INDIA) PRIVATE LIMITED	Director	24/03/2000	24/03/2000	13/05/2009	Active	NO
2	U18101GJ2003PTC046421	TOMMY HILFIGER ARVIND FASHION PRIVATE LIMITED	Director	9/9/2003	9/9/2003	18/05/2009	Active	NO
3	U18101MH2003PTC142108	ARVIND MURJANI BRANDS PRIVATE LIMITED	Director	9/9/2003	9/9/2003	18/05/2009	Not Available for eFiling	NO
4	U54131MH2005PTC157347	BRAND RETAIL PRIVATE LIMITED	Director	17/11/2005	17/11/2005	-	Active	NO
5	U52190MH2005PTC157856	LUXURY BRANDS RETIL PRIVATE LIMITED	Director	1/12/2005	1/12/2005	-	Active	NO
6	U51909MH2005PTC158048	MURJANI RETAIL PRIVATE LIMITED	Director	14/12/2005	14/12/2005	-	Active	NO
7	U51900MH2006PTC160686	BRAND MARKETING (INDIA) PRIVATE LIMITED	Director	23/03/2006	23/03/2006	-	Active	NO
8	U51311MH2006PTC162428	LUXURY GOODS RETAIL PRIVATE LIMITED	Director	23/05/2006	23/05/2006	30/07/2009	Active	NO
9	U51311MH2006PTC162430	MC RETAIL PRIVATE LIMITED	Director	23/05/2006	23/05/2006	-	Active	NO
10	U51494MH2006PTC162686	MK RETAIL PRIVATE LIMITED	Director	16/06/2006	16/06/2006	-	Active	NO
11	U51494MH2006PTC162688	MJ RETAIL PRIVATE LIMITED	Director	16/06/2006	16/06/2006	-	Active	NO
12	U51494MH2006PTC162687	MB RETAILING PRIVATE LIMITED	Director	16/06/2006	16/06/2006	-	Active	NO
13	U51494MH2006PTC162846	MT RETAIL PRIVATE LIMITED	Director	26/06/2006	26/06/2006	-	Strike off	NO
14	U52599MH2007PTC167177	ML RETAIL PRIVATE LIMITED	Director	22/01/2007	22/01/2007	-	Active	NO
15	U70102MH2007PTC170410	MV RETAIL PRIVATE LIMITED	Director	28/04/2007	28/04/2007	-	Strike off	NO
16	U52100MH2007PTC172910	VM RETAIL PRIVATE LIMITED	Director	7/8/2007	7/8/2007	-	Active	NO
17	U52300MH2011PTC215601	PREMIUM APPAREL BRANDS PRIVATE LIMITED	Director	31/03/2011	31/03/2011	-	Active	NO
18	U52190MH2011PTC215598	PREMIUM GARMENTS WHOLESALE TRADING PRIVATE LIMITED	Managing director	5/5/2011	31/03/2011	-	Active	NO
19	U52300MH2011PTC215886	AVM RETAIL PRIVATE LIMITED	Director	7/4/2011	7/4/2011	-	Active	NO

Name :	Mr. Vipul Amritlal Gala
Designation :	Director
Address :	Flat No. 206, G – Wing, Marigold, Valley of Flowers, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	19.03.1975
Qualification :	B. Com, ACA
Date of Appointment :	10.10.2008
DIN No.:	02696024

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51311MH2006PTC162428	LUXURY GOODS RETAIL PRIVATE LIMITED	Director	30/09/2008	30/09/2008	30/07/2009	Active	NO
2	U70102MH2007PTC170410	MV RETAIL PRIVATE LIMITED	Director	1/10/2008	1/10/2008	-	Strike off	NO
3	U54131MH2005PTC157347	BRAND RETAIL PRIVATE LIMITED	Director	1/10/2008	1/10/2008	29/03/2012	Active	NO
4	U51494MH2006PTC162687	MB RETAILING PRIVATE LIMITED	Director	1/10/2008	1/10/2008	29/03/2012	Active	NO
5	U52599MH2007PTC167177	ML RETAIL PRIVATE LIMITED	Director	1/10/2008	1/10/2008	29/03/2012	Active	NO
6	U52190MH2005PTC157856	LUXURY BRANDS RETIL PRIVATE LIMITED	Director	1/10/2008	1/10/2008	29/03/2012	Active	NO
7	U51494MH2006PTC162846	MT RETAIL PRIVATE LIMITED	Director	1/10/2008	1/10/2008	-	Strike off	NO
8	U51494MH2006PTC162688	MJ RETAIL PRIVATE LIMITED	Director	30/09/2009	10/10/2008	29/03/2012	Active	NO
9	U51311MH2006PTC162430	MC RETAIL PRIVATE LIMITED	Director	30/09/2009	10/10/2008	29/03/2012	Active	NO
10	U51494MH2006PTC162686	MK RETAIL PRIVATE LIMITED	Director	30/09/2009	10/10/2008	29/03/2012	Active	NO
11	U51900MH2006PTC160686	BRAND MARKETING (INDIA) PRIVATE LIMITED	Director	30/09/2009	10/10/2008	29/03/2012	Active	NO
12	U52100MH2007PTC172910	VM RETAIL PRIVATE LIMITED	Director	30/09/2009	10/10/2008	29/03/2012	Active	NO
13	U51909MH2005PTC158048	MURJANI RETAIL PRIVATE LIMITED	Director	30/09/2009	10/10/2008	29/03/2012	Active	NO

Name :	Mr. Rishi Omprakash Navani
Designation :	Director
Address :	7, Om Ratan, 70, Pochkhanawala Road, Worli – 400025, Maharashtra, India
Date of Birth/Age :	17.04.1973
Date of Appointment :	31.07.2007
DIN No.:	01758427

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67190MH2006PTC162457	MATRIX INDIA ASSET ADVISORS PRIVATE LIMITED	Managing director	29/05/2006	29/05/2006	-	Active	NO
2	U09211KA2005PTC037003	SEVENTYMM SERVICES PRIVATE LIMITED	Director	1/9/2006	1/9/2006	13/03/2008	Active	NO
3	U51900MH2006PTC160686	BRAND MARKETING (INDIA) PRIVATE LIMITED	Director	31/07/2007	31/07/2007	20/07/2011	Active	NO
4	U80101MH2006PLC163028	TREE HOUSE EDUCATION AND ACCESSORIES LIMITED	Director	13/08/2008	13/08/2008	-	Active	NO
5	U80211DL1997PLC090156	FIITJEE LIMITED	Nominee director	9/7/2009	9/7/2009	24/02/2011	Active	NO
6	U72200KA2007PTC042493	VER SE INNOVATION PRIVATE LIMITED	Nominee director	2/9/2010	29/09/2009	-	Active	NO
7	U63040KA2005PLC037834	SIESTA HOSPITALITY SERVICES LIMITED	Additional director	12/11/2009	12/11/2009	-	Active	NO
8	U52190MH2011PTC215598	PREMIUM GARMENTS WHOLESALE TRADING PRIVATE LIMITED	Additional director	13/05/2011	13/05/2011	31/03/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Preference Shares	No. of Equity Shares
Vijay Mohan Murjani, New Usha Kiran, Flat 29C, No. 15, Carmichael Road, Mumbai – 400026, Maharashtra, India	--	5798278
Retail India Limited, Rogers House, 5, President John Kennedy Street, Port Louis, Mauritius	--	6622354
Matrix Partners India Investment Holding LLC, Rogers House, 5, President John Kennedy Street, Port Louis, Mauritius	7290448	989974
Total	7290448	13410606

List of Allottees

As on 26.05.2011

Names of Allottees	No. of Preference Shares Allotted	No. of Equity Shares Allotted
Retail India Limited, Rogers House, 5, President John Kennedy Street, Port Louis, Mauritius	--	212547
Matrix Partners India Investment Holding LLC, Rogers House, 5, President John Kennedy Street, Port Louis, Mauritius	5068226	--
Total	5068226	212547

List of Allottees

As on 29.12.2010

Names of Allottees	No. of Equity Shares Allotted
Matrix Partners India Investment Holding LLC, Rogers House, 5, President John Kennedy Street, Port Louis, Mauritius	1067236
Total	1067236

As on 30.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	56.76
Directors or relatives of Directors	43.24
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Branded Clothes.
Brand Names :	Calvin Klein French Connection

GENERAL INFORMATION

No. of Employees :

70 (Approximately)

Bankers :

• IDBI Bank, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
• HDFC Bank, Fort Branch, Mumbai, Maharashtra, India
• ABN Amro Bank, N. V., 74, Sakhar Bhavan, 7^th Floor, nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee Term Loans Banks Secured	227.039	301.549
Other Debt Secured	4.997	2.155
Total	232.036	303.704
Notes: · Term Loan (Secured by the first charge on the fixed assets and corporate guarantees of 4enterprises under the same management)+Term Loan(Secured by pledge of entire shareholding of promoter group in the company, corporate guarantees of 2 enterprises under the same management and personal guarantee of a Director of the Company) · Finance lease liabilities (Secured by hypothecation of vehicle financed )
Unsecured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans Directors Unsecured	0.000	4.000
Total	0.000	4.000

Banking Relations :	--
Auditors :
Name :	Chandabhoy and Jassobhoy Chartered Accountant
Address :	208 – A, Phoenix House, 2^nd Floor, 462, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
PAN No.:	AAAFC5274
Group Concerns :	Murjani Group
Subsidiaries:	Luxury Brands Retail Private Limited CIN No. : U52190MH2005PTC157856 MC Retail Private Limited CIN No. : U51311MH2006PTC162430 MB Retailing Private Limited CIN No. : U51494MH2006PTC162430 MJ Retail Private Limited CIN No. : U51494MH2006PTC162688 MK Retail Private Limited CIN No. : U51494MH2006PTC162686 ML Retail Private Limited CIN No. : U52599MH2007PTC167177 MT Retail Private Limited (up-to 27^th August, 2010) CIN No. : U51494MH2006PTC162846 MV Retail Private Limited (up-to 27^th August, 2010) CIN No. : U70102MH2007PTC170410 Murjani Retail Private Limited CIN No. : U51909MH2005PTC158048 VM Retail Private Limited

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs.882.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.741.670 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
78200000	Equity Shares	Rs.10/- each	Rs.782.000 Millions
10000000	Preference Shares	Rs.10/- each	Rs.100.000 Millions
	Total		Rs.882.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14477842	Equity Shares	Rs.10/-each	Rs.144.778 Millions
7290448	Preference Shares	Rs.10/- each	Rs.72.904
	Total		Rs.217.682 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		217.683	207.010	841.910
2] Share Application Money		19.916	0.000	17.843
3] Reserves & Surplus		1418.592	1329.265	664.004
4] (Accumulated Losses)		(1175.108)	(443.543)	(359.056)
NETWORTH		481.083	1092.732	1164.701
LOAN FUNDS
1] Secured Loans		232.036	303.704	146.318
2] Unsecured Loans		0.000	4.000	0.000
TOTAL BORROWING		232.036	307.704	146.318
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		713.119	1400.436	1311.019
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.371	137.554	136.775
Capital work-in-progress		0.000	0.110	0.000
INVESTMENT		19.800	55.702	58.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.082	0.000	0.000
	Sundry Debtors	4.824	26.468	54.523
	Cash & Bank Balances	51.141	52.348	59.376
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	643.538	1154.789	1039.154
Total Current Assets		700.585	1233.605	1153.053
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.771	8.178	18.500
	Other Current Liabilities	33.836	17.519	16.922
	Provisions	0.030	0.838	1.387
Total Current Liabilities		49.637	26.535	36.809
Net Current Assets		650.948	1207.070	1116.244
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		713.119	1400.436	1311.019

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	10.089	16.292	44.823
		Other Income
		TOTAL	10.089	16.292	44.823
Less	EXPENSES
		Office Expenses	738.903	71.589	125.998
		Administrative Expenses
		Advertising Expenses
		TOTAL	738.903 (Including Depreciation)	71.589	125.998
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			(55.297)	(81.175)
Less/ Add	DEPRECIATION/ AMORTISATION			28.397	14.444
	PROFIT BEFORE TAX		(728.814)	(83.694)	(95.619)
Less	TAX		0.000	0.000	0.660
	PROFIT AFTER TAX		(728.814)	(83.694)	(96.279)
Less	Prior Period Items		2.751	0.793	0.061
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(443.543)	(359.056)	(262.716)
	BALANCE CARRIED TO THE B/S		(1175.108)	(443.543)	(359.056)
	Earnings Per Share (Rs.)		(33.48)	(4.04)	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(7223.85)	(513.71)	(214.79)
Return on Total Assets (PBT/Total Assets}	(%)	(98.10)	(6.10)	(7.41)
Return on Investment (ROI) (PBT/Networth)		(1.51)	(0.08)	(0.08)
Debt Equity Ratio (Total Liability/Networth)		0.59	0.30	0.16
Current Ratio (Current Asset/Current Liability)		14.11	46.49	31.32

LOCAL AGENCY FURTHER INFORMATION

NOTE:

Registered office of the company has been shifted from 36B, Tamrind House, Tamrind Lane, Fort, Mumbai – 400001, Maharashtra, India to the present address w.e.f. 07.02.2008

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U51900MH2006PTC160686
Name of the company	BRAND MARKETING (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Metro Dome, 4^th Floor, Metro Theatre, M.G. Road, Mumbai – 400020, Maharashtra, India E-Mail Id: statutory@bmindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10168223
Type of charge	Book debts Movable property Others (Fixed Assets)
Particular of charge holder	IDBI Bank, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India E-mail Id : himanshu.hembram@idbi.co.in
Nature of instrument creating charge	Supplemental deed of Hypothecation
Date of instrument Creating the charge	28.06.2010
Amount secured by the charge	Rs.275.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : Interest is linked to the BPLR(currently at 12.75%), which may be revised upwards / downwards by the bank from time to time. Terms of repayment : As agreed by and with the bank from time to time Margin : 1. Cash Credit - 25% on Stock and 25% on Book Debts upto 90 days. 2. LC/Buyers Credit - 10% by way of FD. 3. LER – NIL Extent and operation of the charge : IDBI Bank Limited will hold exclusive charge on Fixed Assets(both present and future). The charge on the entire Current Assets (Inventory, Book debts and other Current Assets) of the Company (both Present and future) will be a Pari Passu Charge amongst IDBI Bank Limited and ABN Amro Bank (now Royal Bank of Scotland).
Short particulars of the property or asset(s) charged (including complete address and location of the property)	IDBI Bank Limited will hold exclusive charge on Fixed Assets (both present and future). The charge on the entire Current Assets(Inventory, Book debts and other Current Assets) of the Company(both Present and future) will be a Pari Passu Charge among IDBI Bank Limited and ABN Amro Bank (now RBS)
Particulars of the present modification	Cancellation of Rupee Term Loan of Rs. 125.000 Millions (and thereby reducing the same from Rs. 250.000 Millions to Rs. 125.000 Millions) and enhancement of cash credit facility from Rs. 100.000 Millions to Rs. 150.000 Millions

FIXED ASSETS:

• Air Conditioner
• Computers and Accessories
• Furniture and Fixtures
• Leasehold Improvements
• Office Equipments
• Motor Car
• Software

WEB SITE DETAILS

PROFILE

Brand Marketing India (BMI) is the holding company for the Calvin Klein Jeans, Calvin Klein Underwear and French Connection businesses in India. Within a short span of over 3 years, BMI has opened over 100 points of sales across 13 Indian cities. An ever expanding geographical and retail presence, coupled with an in-depth understanding of the Indian retail environment, positions BMI as the preferred partner for international brands looking to foray into India.

Vijay Murjani, the Managing Director, moved to India in 2002 with a vision to be the leader in the International premium retail segment. In 2004, he spearheaded the launch of Tommy Hilfiger, which became the most successful premium lifestyle designer brand within 2 years of its launch in the country. The next step was to secure long term and exclusive relationships with Calvin Klein Jeans, Calvin Klein Underwear and French Connection.

BMI’s strategy is to constantly push the envelope by introducing innovative retailing and management approaches into the business, with an emphasis on executing global standards across retail operations, training, buying, merchandising and marketing. In order to ensure the most efficient management on inventory, BMI has partnered with the leading warehousing and logistics service provider in India and incorporated the premier retail point of sale system  across every point of sale in the country, allowing for real time tracking of inventory.

All of BMI’s stores are designed to global standards and present in prime high street, mall and department store locations, thereby completing a truly world class shopping experience.

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.55.66
UK Pound	1	Rs.85.89
Euro	1	Rs.67.88

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.