MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	COTMAC PRIVATE LIMITED
Registered Office :	Survey No. 169/2, , Above Central Bank of India, Mumbai – Pune Road, Akrudi, Pune – 411035, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.02.1955
Com. Reg. No.:	11-131061
Capital Investment/ Paid-up Capital:	Rs.7.430 Millions
CIN No.: [Company Identification No.]	U01132PN1955PTC131061
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of electrical products, engineering goods, electronic products and consumer durables.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 81000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is associated with ‘The Cotmac Group of Companies’. It is an old established company having satisfactory track. The profitability of the company appears to be very low. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions. Note: Latest Profit and loss statements is not available

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/Head Office :	Survey No. 169/2, , Above Central Bank of India, Mumbai – Pune Road, Akrudi, Pune – 411035, Maharashtra, India
Tel. No.:	91-20-27482383/27244983
Fax No.:	91-20-27243801
E-Mail :	shyam@cotmac.com arjun@cotmac.com
Overseas Office:	Cotmac Middle East, FZE Po Box No.21231, D79, Ajman Free zone, Ajman, UAE
Tel. No.:	971-6-7452924
Fax No.:	971-6-7452925
E-Mail :	sales@cotmac.ae

DIRECTORS

As on 26.09.2011

Name :

Mr. Shyam M Sirur

Designation :

Whole Time Director

Address :

A8/2 HDFC Colony, Chinchwad, Pune – 411019, Maharashtra, India

Date of Birth/Age :

09.08.1948

Date of Appointment :

02.04.2007

Din No.:

00134226

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	U01132PN1955PTC131061	COTMAC PRIVATE LIMITED	Whole-time director	02/04/2007	01/12/1972	-	Active	NO
2	U01113KA1976PTC003027	MIPRO INTERNATIONAL PRIVATE LIMITED	Director	01/11/1976	01/11/1976	-	Active	NO
3	U31102PN1989PTC016572	SUNNY WELD PRIVATE LIMITED	Director	15/09/1989	15/09/1989	07/02/2011	Active	NO
4	U31200PN1992PTC016377	COTMAC ELECTRONICS PRIVATE LIMITED	Whole-time director	01/04/2006	15/03/1993	-	Active	NO
5	U72200MH1995PTC087911	MOMIC TECHNOLOGIES PRIVATE LIMITED	Director	01/05/1995	01/05/1995	-	Active	NO
6	U31909MH1997PTC107161	COTMAC ELECTRONICS (SURAT) PRIVATE LIMITED	Director	09/04/1997	09/04/1997	-	Active	NO
7	U17111KA1981PTC004382	N A SIRUR(HUBLI)PRIVATE LIMITED	Director	13/04/1998	13/04/1998	-	Active	NO
8	U51101KA1919ULL001442	SIBELLA PRIVATE LIMITED	Director	13/04/1998	13/04/1998	-	Active	NO
9	U72200PN1999PTC013498	COTMAC INFOTECH PRIVATE LIMITED	Director	01/04/1999	01/04/1999	-	Active	NO
10	U31200PN2000PTC014637	COTMAC SYNERGY AUTOMATION PRIVATE LIMITED	Director	23/03/2000	23/03/2000	-	Under Process of Striking off	NO
11	U31909PN2000PTC014803	SOFTECH CONTROLS PRIVATE LIMITED	Director	25/04/2000	25/04/2000	-	Active	NO
12	U32204PN2000PTC015258	COTMAC TELECOM PRIVATE LIMITED	Director	25/08/2000	25/08/2000	-	Under Process of Striking off	NO
13	U29194PN2000PTC015657	COTMAC GASTEC PRIVATE LIMITED	Director	21/12/2000	21/12/2000	-	Active	NO
14	L29220KA1985PLC007036	MIVEN MACHINE TOOLS LIMITED	Director	30/03/2002	30/03/2002	-	Active	NO
15	U72200PN2001PTC016204	PRO-EX SOLUTIONS PRIVATE LIMITED	Nominee director	20/03/2006	20/03/2006	20/09/2011	Active	NO
16	U72200PN2007PTC130625	SIBELLA TECHNOLOGIES PRIVATE LIMITED	Director	29/08/2007	29/08/2007	-	Active	NO
17	U51909PN2010PTC136352	COTMAC INDUSTRIAL TRADING PRIVATE LIMITED	Director	19/05/2010	19/05/2010	-	Active	NO
18	U51101KA1960PTC001408	MOGORA COSMIC PRIVATE LIMITED	Director	07/02/2011	07/02/2011	-	Active	NO
19	U74999PN2012PTC142497	COTMAC DTM EXIM PRIVATE LIMITED	Director	12/03/2012	12/03/2012	-	Active	NO
20	U27320PN2012PTC142854	COTMAC PRECISION CASTINGS PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO

Name :

Mr. Vivek Raghavesh Sirur

Designation :

Director

Address :

3058/59, Lamington Road, Hubli – 580020, Karnataka, India

Date of Birth/Age :

16.06.1939

Date of Appointment :

01.12.1972

Din No.:

00312929

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	U51101KA1960PTC001408	MOGORA COSMIC PRIVATE LIMITED	Director	12/01/1968	12/01/1968	-	Active	NO
2	U01132PN1955PTC131061	COTMAC PRIVATE LIMITED	Director	01/12/1972	01/12/1972	-	Active	NO
3	U51101KA1919ULL001442	SIBELLA PRIVATE LIMITED	Director	03/11/1977	03/11/1977	-	Active	NO
4	U17111KA1981PTC004382	N A SIRUR(HUBLI)PRIVATE LIMITED	Director	09/09/1981	09/09/1981	-	Active	NO
5	U31200PN1992PTC016377	COTMAC ELECTRONICS PRIVATE LIMITED	Director	06/07/1993	06/07/1993	-	Active	NO
6	U01113KA1976PTC003027	MIPRO INTERNATIONAL PRIVATE LIMITED	Managing director	10/08/2001	10/08/2001	-	Active	NO

Name :

Mr. Arjun Shyam Sirur

Designation :

Managing Director

Address :

A 8/2 HDFC Colony, Chinchwad, Pune – 411019, Maharashtra, India

Date of Birth/Age :

09.07.1978

Date of Appointment :

07.04.2003

Din No.:

00480951

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	U31200PN1992PTC016377	COTMAC ELECTRONICS PRIVATE LIMITED	Director	07/04/2003	07/04/2003	-	Active	NO
2	U01132PN1955PTC131061	COTMAC PRIVATE LIMITED	Director	01/01/2012	07/04/2003	-	Active	NO
3	U32109KA2006PTC038221	STAR WELD MACHINE PRIVATE LIMITED	Director	12/01/2006	12/01/2006	-	Active	NO
4	U72200PN2007PTC130625	SIBELLA TECHNOLOGIES PRIVATE LIMITED	Director	29/08/2007	29/08/2007	-	Active	NO
5	U51909PN2010PTC136352	COTMAC INDUSTRIAL TRADING PRIVATE LIMITED	Managing director	31/05/2012	19/05/2010	-	Active	NO
6	U31102PN1989PTC016572	SUNNY WELD PRIVATE LIMITED	Director	07/02/2011	07/02/2011	-	Active	NO
7	U27320PN2012PTC142854	COTMAC PRECISION CASTINGS PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO

Name :

Mr. Suman Shyam Sirur

Designation :

Director

Address :

A 8/2 HDFC Colony, Chinchwad, Pune – 411019, Maharashtra, India

Date of Birth/Age :

17.04.1955

Date of Appointment :

01.10.1996

Din No.:

00480962

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	U01132PN1955PTC131061	COTMAC PRIVATE LIMITED	Director	01/10/1996	01/10/1996	-	Active	NO
2	U72200PN1999PTC013498	COTMAC INFOTECH PRIVATE LIMITED	Director	01/04/1999	01/04/1999	-	Active	NO
3	U72200PN2007PTC130625	SIBELLA TECHNOLOGIES PRIVATE LIMITED	Director	29/08/2007	29/08/2007	-	Active	NO
4	U31200PN1992PTC016377	COTMAC ELECTRONICS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO

Name :

Mr. Kishore Bhalachandrs Sirur

Designation :

Director

Address :

22-3552 Sirur Park Vidyanagar, Hubli – 580031, Dharwad, Karnataka, India

Date of Birth/Age :

21.10.1949

Date of Appointment :

01.09.1982

Din No.:

00610666

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	U01132PN1955PTC131061	COTMAC PRIVATE LIMITED	Director	01/09/1982	01/09/1982	-	Active	NO
2	U51101KA1919ULL001442	SIBELLA PRIVATE LIMITED	Director	01/02/1985	01/02/1985	-	Active	NO
3	U15493KA1991PTC012376	RURIS TECNAL EXTRACTION SYSTEMS PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO

Name :

Mr. Preetam Mohan Sirur

Designation :

Director

Address :

Sirur Compound, Hubli – 580020, Dharwad, Karnataka, India

Date of Birth/Age :

23.05.1959

Date of Appointment :

09.10.2000

Din No.:

02611268

Name :

Mr. Prahlad S Maralihalli

Designation :

Whole Time Director

Address :

Matrukrupa, No. 1278, 9^th Ward Sadasiva Nagar A.S. Gudi Hospet, Karnataka, India

Date of Birth/Age :

01.06.1956

Date of Appointment :

24.08.2009

Din No.:

02540548

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Sunita M. Lotlikar	33
Vinaya P Kittur	33
Aparna A. Nadkarni	100
Geetha S. Upponi	66
Indumati S. Sirur J/w Shaila Sirur	3386
Jyothi K. Palekar	50
Nirmal Y Pai	32
Suman D Upponi	32
Vivek R Sirur J/w Sunila Sirur	4037
Vikram R Sirur J/w Alka Sirur	2200
Shyam M Sirur J/w SUman Sirur	3809
Gautam M Sirur J/w Lopa Sirur	940
Preeetam M Sirur J/w Ashwini Sirur	940
Sharda Sirur J/w Kisore Sirur	3384
Uttam M Sirur J/w Shabnum Sirur	940
Vrinda Mantri J/w Rohit Mantri	1905
Indumati S Sirur	760
N. A. Siru (Hubil) Private Limited – India	28003
Kishore B Sirur J/w Sharda Sirur	760
Gautam M Sirur J/w Lopa Sirur	284
Uttam M Sirur J/w Shabunum Sirur	284
Kishore B Sirur J/w Vinaya Sirur	342
Mipro Internatioanl Private Limited – India	17670
Shalini G Sirur J/w Deshmukh Kanchan	2155
Shalini G Sirur J/w Neeta Sirur	2155
Total	74300

As on 26.09.2011

Category	Percentage
Bodies corporate	61.47
Directors or relatives of directors	21.13
Other top fifty shareholders	17.40
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of electrical products, engineering goods, electronic products and consumer durables.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Corporation Bank, Pimpri Chinchwad Branch, Raka Chambers, Chinchwad, Pune – 411019, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	P.G. Bhagwat Chartered Accountant
Address :	302, 3^rd Floor, Navneet Apartments, Behind KPTCL Office, Sattur Colony, Vidyagiri, Dharwad – 580004, Karnataka, India
Tel. No.:	91-20-27791772/3
Fax No.:	91-20-27290774
E-Mail :	pgbhagwat@.vsnl.com
Pan No.:	AAAFB0762E
Associates: (As on 31.03.2010)	· Cotmac Company · Sibella Infotech Private Limited · N.A. Sirur Hubli Private Limited · Miven Mayfran Conveyors Private Limited · Mogara Eng Private Limited · Cotmac Infotech Private Limited · Mipro International Private Limited · Sibella Private Limited · Sisri Weldaids Private Limited · Mogora Cosmic Private Limited · Cotmac Telecom Private Limited · Cotmac Gastech Private Limited · Cotmac Electronics Private Limited
Group Companies:	Cotmac Electronics Private limited 168-’s’-Block,MIDC, Bhosari, Pune- 411026, Maharashtra, India
Tel. No.:	91-20-30687200/30687120
Fax No.:	91-20-27119871
E-Mail :	info@cotmacelctronics.com
	MEMF Cotmac Automation Systems Company Po Box No 61891, Riyadh 11575, Kingdom of Saudi Arabia
Tel. No.:	966-1-2650515
Fax No.:	966-1-2655424
E-Mail :	switchgear@memf.com.sa rizwan@memf.com.sa
	Cotmac Electronics (Surat) Private limited # 7011, World Trade Center, Surat -395002, Gujarat, India
Tel. No.:	91-261-2352588
Fax No.:	91-261-2331306
E-Mail :	sales.surat@cotmac.com

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Share	Rs.100/- each	Rs.7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
74300	Equity Share	Rs.100/- each	Rs.7.430 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		7.430	7.430	7.430
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.836	10.641	9.140
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20.266	18.071	16.570
LOAN FUNDS
1] Secured Loans		69.506	42.219	31.862
2] Unsecured Loans		10.600	8.060	4.094
TOTAL BORROWING		80.106	50.279	35.956
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		100.372	68.350	52.526
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.544	4.338	4.142
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.014	0.014	0.015
DEFERREX TAX ASSETS		0.774	0.216	0.570
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.973	24.058	24.342
	Sundry Debtors	90.193	54.321	46.659
	Cash & Bank Balances	4.328	4.852	2.859
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.138	15.180	8.251
Total Current Assets		148.632	98.411	82.111
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor		29.239	28.031
	Other Current Liabilities	50.269	2.830	3.832
	Provisions	3.323	2.561	2.449
Total Current Liabilities		53.592	34.630	34.312
Net Current Assets		95.040	63.781	47.799
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		100.372	68.350	52.526

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income		272.237
		Other Income		3.540
		TOTAL (A)	295.459	275.777
Less	EXPENSES
		Cost of Sales and Material Consumed		230.622
		Manufacturing Expenses		0.380
		Sales Administrative Expenses		31.367
		Remuneration to Directors		3.874
		TOTAL (B)	291.972	266.243
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Including Interest and Deprecation	9.534
Less	FINANCIAL EXPENSES (D)			6.476
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			3.058
Less/ Add	DEPRECIATION/ AMORTISATION (F)			1.040
	PROFIT BEFORE TAX (E-F) (G)		3.487	2.018
Less	TAX (H)		1.553	0.990
	PROFIT AFTER TAX (G-H) (I)		1.934	1.028
	Short / Excess Provision for Tax		0.000	0.015
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.767	8.158
Less	APPROPRIATIONS
		Proposed Dividend	0.372	0.372
		Tax on Dividend	0.062	0.063
	BALANCE CARRIED TO THE B/S		10.267	8.766
	Earnings Per Share (Rs.)		26.03	14.04

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.65	0.37
Net Profit Margin (PBT/Sales)	(%)	NA	NA	0.74
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.39	2.34
Return on Investment (ROI) (PBT/Networth)		NA	0.19	0.12
Debt Equity Ratio (Total Liability/Networth)		6.59	4.70	4.24
Current Ratio (Current Asset/Current Liability)		2.77	2.84	2.39

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last two years	Yes
Profitability for last two years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	-
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Bankers Charges Report as per Registry

Corporate identity number of the company	U01132PN1955PTC131061
Name of the company	COTMAC PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 169/2, , Above Central Bank of India, Akrudi, Pune – 411035, Maharashtra, India Email: shyam@cotmac.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80004877
Type of charge	· Immovable Property · Book Debts · Movable Property
Particular of charge holder	Corporation Bank Pimpri Chinchwad Branch, Raka Chambers, Chinchwad, Pune – 411019, Maharashtra, India E-mail : cb0445@corpbank.co.in
Nature of instrument creating charge	9TH supplemental common deed of hypothecation of moveables/ assets/ book debts dated 23.09.2011
Date of instrument Creating the charge	23.09.2011
Amount secured by the charge	Rs.114.578 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: CC - 13.00% PA, i.e., BASE RATE + 3.60% Inland/ Import Lc, Bank Guarantee, Corpmobile -Commission At Bank Prescribed Rates FCDL - 6 Month LIBOR + 7% Terms of repayment: CC - One Year, Subject To Renewal Margin: Cc - inventory 25%, debts - 40% Letters of credit/ bank guarantee - 10% cash margin Extent and operation of the charge:. First And Exclusive Charge
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation Of Inventory, Book Debts And Current Assets Hypothecation Of Vehicles Financed Hypothecation Of Plant And Machinery And Othe Moveable Assets Owned By The Company EMG Of Land and Building At D No 55/2 Davangere and Adjacent Plot Owned By The Company
Date of last modification prior to the present modification	27.09.2010
Particulars of the present modification	Cash credit - enhanced from 52.000 Millions to 64.000 Millions Inland/import l.c. - enhanced from 15.000 Millions to 24.000 Millions Bank guarantee - reduced from 3.000 Millions to 2.000 Millions Corp mobile - reduced from 0.729 Millions to 0.578 Millions Forward sale contract - enhanced from 0.150 Millions to 0.240 Millions

Fixed Assets :

• Computers
• Furniture and Fixture
• Office Equipments
• Plant and Machinery
• Building
• Workshop Equipments
• Motor Car
• Motor Cycle and Bicycle

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.55.56
UK Pound	1	Rs.85.89
Euro	1	Rs.67.87

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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	-

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