Business information report

1. Summary Information

		Country	India
Company Name	EUREKA FORBES LIMITED	Principal Name 1	Mr. Shapoor Mistry
Status	Excellent	Principal Name 2	Mr. Suresh Lal Goklaney
		Registration #	21-007010
Street Address	7 Chakraberia Road, (South), Kolkata – 700 025, West Bengal
Established Date	05.02.1931	SIC Code	--
Telephone#	91-363-4741892	Business Style 1	Manufacturer
Fax #	91-33-2474 9341	Business Style 2	Supplier
Homepage	http://www.eurekaforbes.com	Product Name 1	Vacuum Cleaners
# of employees	Not Available	Product Name 2	Water Filter cum Purifiers
Paid up capital	Rs. 37,280,000/-	Product Name 3	Electronic Air Cleaning Systems
Shareholders	Bodies corporate – 100%	Banking	Axis Bank Limited
Public Limited Corp.	No	Business Period	81 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Aa (74)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Forbes and Company Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	3,371,827,000	Current Liabilities	3,361,041,000
Inventories	1,127,810,000	Long-term Liabilities	1,371,869,000
Fixed Assets	777,661,000	Other Liabilities	365,609,000
Deferred Assets	24,232,000	Total Liabilities	5,098,519,000
Invest& other Assets	777,547,000	Retained Earnings	943,278,000
		Net Worth	980,558,000
Total Assets	6,079,077,000	Total Liab. & Equity	6,079,077,000
Total Assets (Previous Year)	4,820,714,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	10,601,395,000	Net Profit	104,611,000
Sales(Previous yr)	9,610,764,000	Net Profit(Prev.yr)	191,730,000

MIRA INFORM REPORT

Report Date :

27.07.2012

IDENTIFICATION DETAILS

Name :	EUREKA FORBES LIMITED
Registered Office :	7 Chakraberia Road, (South), Kolkata – 700 025, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.02.1931
Com. Reg. No.:	21-007010
Capital Investment / Paid-up Capital :	Rs. 37.280 Millions
CIN No.: [Company Identification No.]	U27109WB1931PLC007010
TAN No.: [Tax Deduction & Collection Account No.]	CALE01670E
PAN No.: [Permanent Account No.]	AAACE5767F
Legal Form :	A Closely Public Limited Liability Company
Line of Business :	Manufacturing and Selling of Vacuum Cleaners, Water Filter cum Purifiers and Electronic Air Cleaning Systems.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Aa (74)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3900000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of 80 years old Forbes Gokak Limited, a diversified company having good track. Subject is a well established and reputed company having good track. Financial company seems to be strong. Payments are regular and as per commitments. The company can be considered normal for business dealing 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	AA
Rating Explanation	‘AA’ having high degree of safety regarding timely servicing of financial obligations. It carries very low credit risk.
Date	10.02.2012

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	7, Chakraberia Road (South), Kolkata – 700 025, West Bengal, India
Tel. No.:	91-363-4741892 / 24749340-42 / 9708 / 24762324 / 6033-34 / 24767386 / 24757954 / 91-33-24749342
Fax No.:	91-33-2474 9341
E-Mail :	eflservice@eurekaforbes.co.in natrajanv@eurekaforbes.co.in ramesh@aquamall.co.in
Website :	http://www.eurekaforbes.com
Corporate Office :	B1/B2, 701, Marathon Innova, Off Ganpatrao Kadam Marg, Lower Parel, Mumbai-400013, Maharashtra, India
Tel. No.:	91-22-30449803

DIRECTORS

AS ON 02.09.2011

Name :	Mr. Shapoor Mistry
Designation :	Chairman Cum Managing Director
Address :	Sterling Bay, 103, Walkeshwar Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	06.09.1964
Date of Appointment :	15.03.2002
DIN No.:	00010114

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	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	16/03/1983	16/03/1983	10/11/2011	Active	NO
2	U01211MH1939PTC003017	THE MANJRI STUD FARM PRIVATE LIMITED	Director	21/07/1986	21/07/1986	11/03/2009	Active	NO
3	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Managing director	29/09/2009	22/04/1987	-	Active	NO
4	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	04/04/1994	04/04/1994	-	Active	NO
5	U31100MH1995PLC084278	SHAPOORJI PALLONJI POWER COMPANY LIMITED	Director	16/01/1995	16/01/1995	-	Active	NO
6	U65920MH1923PTC001053	CYRUS INVESTMENTS PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
7	U70100MH1943PTC003997	STERLING INVESTMENT CORPORATION PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
8	U45200MH1951PTC008529	PALLONJI SHAPOORJI AND COMPANY PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
9	U99999MH1942PTC019618	SHAPOORJI PALLONJI AND COMPANY (RAJKOT) PRIVATE LIMITED	Director	20/11/1995	20/11/1995	-	Amalgamated	NO
10	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	06/11/1997	06/11/1997	-	Active	NO
11	U40109TN1995PTC033944	SAMALPATTI POWER COMPANY PRIVATE LIMITED	Director	04/12/1999	04/12/1999	-	Active	NO
12	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	03/09/2001	03/09/2001	-	Active	NO
13	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Director	15/03/2002	15/03/2002	-	Active	NO
14	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	28/03/2003	28/03/2003	20/06/2011	Active	NO
15	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Director	17/04/2003	17/04/2003	-	Active	NO
16	U24232PN2003PTC017981	SOVEREIGN PHARMA PRIVATE LIMITED	Director	28/05/2003	28/05/2003	-	Active	NO
17	U11200MH2005PTC154716	S P OIL EXPLORATION PRIVATE LIMITED	Director	12/07/2005	12/07/2005	-	Active	NO
18	U55100MH1977PLC019660	FORVOL INTERNATIONAL SERVICES LIMITED	Director	19/08/2006	19/08/2006	-	Active	NO
19	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	13/08/2007	29/11/2006	-	Active	NO
20	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	23/03/2012	20/12/2006	-	Active	NO
21	U35100MH2006PLC159958	FORBES BUMI ARMADA LIMITED	Director	28/09/2007	28/09/2007	18/12/2008	Active	NO
22	U74120MH2010PTC205291	SOVEREIGNTY PHARMA PRIVATE LIMITED	Director	06/07/2010	06/07/2010	-	Active	NO
23	U40103KA2012PLC062107	GOKAK POWER AND ENERGY LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO

Name :	Mr. Suresh Lal Goklaney
Designation :	Managing Director
Address :	2, Sital Sagar, Sital Building, 64, Walkeshwar Road, Mumbai – 400006, Maharashtra
Date of Birth/Age :	06.04.1947
Qualification :	B. Sc.
Date of Appointment :	12.03.1996
PAN No.:	AAFPG7334J
DIN No.:	00041048

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	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Whole-time director	01/06/2010	12/03/1996	-	Active	NO
2	U29219AP1980PLC002851	AQUAMALL WATER SOLUTIONS LIMITED	Director	18/03/1996	18/03/1996	-	Active	NO
3	U29197UR2002PLC033315	FORBES AQUAMALL LIMITED	Director	28/08/2002	28/08/2002	-	Amalgamated	NO
4	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	28/03/2003	28/03/2003	23/07/2010	Active	NO
5	U28122KA2003PLC032492	FORBES AQUATECH LIMITED	Director	29/06/2004	29/06/2004	27/09/2007	Active	NO
6	U74930MH2004PTC147742	FORBES FACILITY SERVICES PRIVATE LIMITED	Additional director	30/07/2004	30/07/2004	-	Active	NO
7	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	11/09/2006	26/07/2006	-	Active	NO
8	U55101MH2006PTC162855	FORBES CONCEPT HOSPITALITY SERVICES PRIVATE LIMITED	Additional director	16/08/2006	16/08/2006	01/04/2010	Active	NO
9	U74999TN2008PTC066939	INNONANO RESEARCH PRIVATE LIMITED	Director	24/03/2008	24/03/2008	02/02/2009	Active	NO
10	U74999MH2008PTC180918	INFINITE WATER SOLUTIONS PRIVATE LIMITED	Director	07/04/2008	07/04/2008	-	Active	NO
11	U73100KA2008PLC045994	AQUADIAGNOSTICS WATER RESEARCH AND TECHNOLOGY CENTRE LIMITED	Director	09/04/2008	09/04/2008	14/10/2011	Active	NO
12	U80903MH2008PLC185015	E4 DEVELOPMENT AND COACHING LIMITED	Director	23/07/2008	23/07/2008	01/04/2010	Active	NO
13	U51900MH1968NPL013966	COUNCIL FOR FAIR BUSINESS PRACTICES	Director	28/08/2008	28/08/2008	-	Active	NO
14	U27310MH2008PLC188478	FORBES ENVIRO SOLUTIONS LIMITED	Director	26/11/2008	26/11/2008	-	Active	NO
15	U85100MH1946GAP005082	BREACH CANDY HOSPITAL TRUST	Additional director	20/03/2012	20/03/2012	-	Active	NO

Name :	Mr. Jagdish Chandar Chopra
Designation :	Director
Address :	Flat No. 4, Revilles, 45 Cuffe Parade, Mumbai – 400 005, Maharashtra
Date of Birth/Age :	04.03.1931
Date of Appointment :	12.01.1994
DIN No.:	00041143

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	Company/ LLP Status	Defaulting status
1	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Director	02/01/1994	02/01/1994	Active	NO
2	U74899DL1991PTC044361	INFOGAIN INDIA PRIVATE LIMITED	Director	17/08/1998	17/08/1998	Active	NO
3	U72900DL2003PTC122115	INFOGAIN INDIA BPO PRIVATE LIMITED	Director	24/11/2005	24/11/2005	Active	NO
4	U74300MH1952GAP008859	THE INDIAN SOCIETY OF ADVERTISERS	Director	13/09/2006	13/09/2006	Active	NO
5	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Director	11/08/2007	17/10/2006	Active	NO
6	L61100MH1976PLC019229	GLOBAL OFFSHORE SERVICES LIMITED	Additional director	15/05/2007	22/11/2006	Active	NO

Name :	Mr. Nawshir Dara Khurody
Designation :	Director
Address :	12-A, Darbhanga Mansioon, M L Dahanukar Marg, Mumbai – 400 026, Maharashtra
Date of Birth/Age :	26.10.1936
Date of Appointment :	28.05.1999
DIN No.:	00007150

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	U74100MH1977PTC019472	KHURODY TECHNICAL SERVICES PRIVATE LIMITED	Director	08/04/1983	08/04/1983	-	Active	NO
2	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Director	28/05/1999	28/05/1999	-	Active	NO
3	U22120MH1978PLC020849	SAMRAT HOLDINGS LIMITED	Director	24/09/2001	24/09/2001	-	Amalgamated	NO
4	U67120MH1983PLC029632	VANTECH INVESTMENTS LIMITED	Director	22/10/2001	22/10/2001	-	Amalgamated	NO
5	L29308MH1954PLC009371	VOLTAS LIMITED	Director	28/01/2002	28/01/2002	16/08/2011	Active	NO
6	U74140MH2001PTC134220	HSBC ASSET MANAGEMENT (INDIA) PRIVATE LIMITED	Director	07/02/2002	07/02/2002	01/09/2008	Active	NO
7	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	17/03/2004	17/03/2004	-	Active	NO
8	U22100MH2004PLC149173	NEXT GEN PUBLISHING LIMITED	Director	31/01/2005	31/01/2005	22/06/2009	Active	NO
9	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	04/02/2005	04/02/2005	08/04/2008	Active	NO
10	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	23/01/2006	23/01/2006	01/10/2011	Active	NO
11	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	30/09/2008	22/12/2006	-	Active	NO
12	U67190MH2005PLC153819	MILESTONE CAPITAL ADVISORS LIMITED	Director	29/08/2007	17/04/2007	-	Active	NO
13	U29219AP1980PLC002851	AQUAMALL WATER SOLUTIONS LIMITED	Director	26/09/2008	26/09/2008	-	Active	NO
14	U29197UR2002PLC033315	FORBES AQUAMALL LIMITED	Director	26/09/2008	26/09/2008	-	Amalgamated	NO
15	U74900MH2008PTC182240	ECOFIRST SERVICES PRIVATE LIMITED	Director	09/09/2009	08/10/2008	-	Active	NO
16	U93090MH2009PTC191515	MILESTONE RELIGARE INVESTMENT ADVISORS PRIVATE LIMITED	Director	20/05/2010	08/04/2009	-	Active	NO
17	U74999HR2000PLC035269	GROW TALENT COMPANY LIMITED	Additional director	19/04/2012	19/04/2012	-	Active	NO

Name :	Mr. Darius Erachshaw Udwadia
Designation :	Director
Address :	Empress Court, 17, Maharashri Karve Road, Churchgate, Mumbai – 400 020, Maharashtra
Date of Birth/Age :	27.09.1939
Date of Appointment :	08.02.1989
DIN No.:	00009755

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	L24231KA1979PLC003563	ASTRAZENECA PHARMA INDIA LIMITED	Director	11/07/1979	11/07/1979	-	Active	NO
2	L61000MH1978PLC020435	ITD CEMENTATION INDIA LIMITED	Director	09/02/1983	09/02/1983	-	Active	NO
3	U67120MH1973PTC016844	J M FINANCIAL AND INVESTMENT CONSULTANCY SERVICES PRIVATE LIMITED	Director	01/10/1984	01/10/1984	-	Active	NO
4	L85190MH1947PLC005963	WYETH LIMITED	Director	10/01/1985	10/01/1985	-	Active	NO
5	L99999MH1863PLC000002	BOMBAY BURMAH TRADING CORPORATION LIMITED	Director	28/01/1986	28/01/1986	-	Active	NO
6	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	02/12/1987	02/12/1987	24/06/2009	Active	NO
7	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Director	08/02/1989	08/02/1989	-	Active	NO
8	U65991MH1994PTC078880	JM FINANCIAL TRUSTEE COMPANY PRIVATE LIMITED	Director	07/11/1994	07/11/1994	-	Active	NO
9	L22122TN1970PLC005795	MPS LIMITED	Director	29/11/1994	29/11/1994	-	Active	NO
10	U05110TZ1992PTC004072	HABASIT IAKOKA PRIVATE LIMITED	Director	14/03/1996	14/03/1996	-	Active	NO
11	U20103MH1971PTC015441	JEHANGIR LENTIN ESTATES PRIVATE LIMITED	Director	11/01/1999	11/01/1999	25/06/2008	Active	NO
12	U65192MH1995PTC092522	JM FINANCIAL INSTITUTIONAL SECURITIES PRIVATE LIMITED	Director	31/08/2000	31/08/2000	30/01/2012	Active	NO
13	L15400GJ1990PLC014265	ADF FOODS LIMITED	Director	13/09/2000	13/09/2000	21/10/2010	Active	NO
14	U73100KA1998PLC030671	AVESTHAGEN LIMITED	Director	12/04/2002	12/04/2002	07/11/2008	Active	NO
15	L32202KA1949PLC032923	ABB LIMITED	Director	21/07/2005	21/07/2005	-	Active	NO
16	U67120MH1962PLC012283	IRD MECHANALYSIS LIMITED	Director	28/10/2005	28/10/2005	-	Active	NO
17	U65990MH1990PTC055279	QUANTUM ADVISORS PRIVATE LIMITED	Director	07/11/2005	07/11/2005	-	Active	NO
18	U73100KA2005PTC035887	AVESTA NORDIC RESEARCH PRIVATE LIMITED	Director	21/09/2006	29/05/2006	25/06/2008	Active	NO
19	L67120MH1986PLC038784	JM FINANCIAL LIMITED	Director	07/09/2006	01/06/2006	-	Active	NO
20	L24120AP1961PLC000892	COROMANDEL INTERNATIONAL LIMITED	Director	18/07/2006	18/07/2006	21/07/2009	Active	NO
21	U72200TN2004PLC054408	MPS TECHNOLOGIES LIMITED	Director	04/06/2007	22/01/2007	22/04/2008	Amalgamated	NO
22	L99999MH1995PLC089008	DEVELOPMENT CREDIT BANK LIMITED	Director	18/09/2009	27/01/2007	-	Active	NO
23	L07010KA2004PLC033412	NITESH ESTATES LIMITED	Director	17/07/2007	27/03/2007	-	Active	NO
24	U29130TZ2007PTC013844	ROSSI GEARMOTORS (INDIA) PRIVATE LIMITED	Director	06/07/2007	06/07/2007	-	Active	NO
25	L34103TN2004PLC054667	WABCO INDIA LIMITED	Director	29/09/2008	07/05/2008	-	Active	NO
26	U51109MH2008PTC180143	CONSERVATION CORPORATION OF INDIA PRIVATE LIMITED	Additional director	25/12/2008	25/12/2008	-	Amalgamated	NO
27	U55101MH2008PTC186772	CONSERVATION CORPORATION OF INDIA PRIVATE LIMITED	Director	24/07/2009	09/04/2009	-	Active	NO
28	U74140MH1993PTC071100	EDELMAN INDIA PRIVATE LIMITED	Director	19/02/2010	19/02/2010	26/11/2010	Active	NO
29	U74140MH1984PLC033397	JM FINANCIAL PRODUCTS LIMITED	Additional director	14/05/2012	14/05/2012	-	Active	NO
30	U17253MH2012FTC231579	SCA HYGIENE PRODUCTS INDIA PRIVATE LIMITED	Director	28/05/2012	28/05/2012	-	Active	NO

Name :	Mr. Indu Ranjit Shahani
Designation :	Director
Address :	Flat 56, Hill Park, A. G. Bell Raod, Malabar Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	17.07.1951
Date of Appointment :	25.06.2008
DIN No.:	00112289

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	Company/ LLP Status	Defaulting status
1	U28920MH1993PTC073668	OCTOPUS STEEL PRIVATE LIMITED	Director	23/01/2003	23/01/2003	Active	NO
2	L31500MH1938PLC009887	BAJAJ ELECTRICALS LIMITED	Director	27/07/2006	31/03/2006	Active	NO
3	L23201MH1959GOI011388	INDIAN OIL CORPN. LIMITED	Director	19/09/2008	01/06/2008	Active	NO
4	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Director	25/06/2008	25/06/2008	Active	NO
5	U65991MH1995PTC095500	FRANKLIN TEMPLETON TRUSTEE SERVICES PRIVATE LIMITED	Director	27/01/2010	09/09/2009	Active	NO
6	L24200MH1937PLC002700	COLGATE-PALMOLIVE (INDIA) LIMITED	Additional director	23/01/2012	23/01/2012	Active	NO
7	AAA-1664	THINKEDUCATION ADVISORY SERVICES LLP	Designated Partner	25/06/2010	25/06/2010	Active	NO

Name :	Mr. Reinhard Von Der Becke
Designation :	Director
Address :	Rohrliweg 2, 8803, Ruschlikon, Switzerland
Date of Birth/Age :	09.12.1941
Date of Appointment :	24.02.2009
DIN No.:	02660568

KEY EXECUTIVES

Name :	Mr. Dattaram Pandurang Shinde
Designation :	Secretary
Address :	302, Krishna Niwas, Naneada, Mulund (East), Mumbai-400081, Maharashtra, India
Date of Birth/Age :	01.06.1978
Date of Appointment :	22.10.2009
PAN No.:	AVOPS4980N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 02.09.2011

Names of Shareholders	No. of Shares
Forbes and Company Limited, India	2437994
Forbes and Company Limited, India	1290000
Forbes and Company Limited, India Jointly with Mr. C A Karnik	1
Forbes and Company Limited, India Jointly with Mr. Ashok Barat	1
Forbes and Company Limited, India Jointly with Mr. Amit Mittal	1
Forbes and Company Limited, India Jointly with Mr. A T Shah	1
Forbes and Company Limited, India Jointly with Mrs. Sunetra Ganesan	1
Forbes and Company Limited, India Jointly with Mr. S P Kadakia	1
TOTAL	3728000

AS ON 02.09.2011

Equity Shares Break Up	Percentage of Holding
Bodies corporate	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Vacuum Cleaners, Water Filter cum Purifiers and Electronic Air Cleaning Systems.

Products :

Items Code No. (ITC Code)	Product Description
850910.00	Vacuum Cleaners
842121.00	Water Filter cum Purifiers
842139.00	Electronic Air Cleaning Systems

Brand Name :

“EUREKA FORBES”

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited, Fort Branch, Universal Insurance Building, Sir P M Road, Fort, Mumbai-400001, Maharashtra, India

· State Bank of India, Commercial Branch, N. G. N Vaidya Marg, Fort, Mumbai-400023, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	458.928	573.048
Working capital loans secured
Working capital loans banks secured	412.941	211.788
TOTAL	871.869	784.836
Notes: (A) Term Loan Rs. 141.428 Millions (Secured by mortgage of immovable property at Mumbai - Marathon Innova), Short Term loan Rs. 317.500 Millions (Secured by first mortgage charge on company's immovable properties and hypothecation of stock-in-trade and book debts) (B) Cash Credit - Secured by first mortgage charge on company's immovable properties and hypothecation of stock-in-trade and book debts
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans unsecured
Rupee term loans banks unsecured	500.000	100.000
Interest accrued due unsecured loans
Interest accrued due other debt unsecured	0.000	0.062
TOTAL	500.000	100.062

Banking Relations :	--
Auditors :
Name :	Batliboi and Purohit Chartered Accountant
Address :	National Insurance Building, 204, Dadabhoy Naoroji Road, Fort, Mumbai-400001, Maharashtra, India
PAN No.:	AAAFB0915F
Holding Company :	Forbes and Company Limited CIN No.: L17110MH1919PLC000628
Ultimate Holding Company :	· Shapoorji Pallonji and Company Limited CIN No.: U45200MH1943PLC003812
Subsidiaries :	· Aquadignostics Water Research and Technology Center CIN No.: U73100KA2008PLC045994 · Aquamall Water Solutions Limited CIN No.: U29219AP1980PLC002851 · E4 Development and Coaching Limited CIN No.: U80903MH2008PLC185015 · Forbes Aquamall Limited CIN No.: U29197UR2002PLC033315 · Forbes Enviro Solutions Limited CIN No.: U27310MH2008PLC188478 · Forbes Facility Services Private Limited (formerly known as Forbes Abans Cleaning Solutions Private Limited) CIN No.: U74930MH2004PTC147742 · Radiant Energy Systems Private Limited CIN No.: U31200MH1988PTC045887 · Waterwings Equipments Private Limited CIN No.: U29299PN2006PTC128460 · EFL Mauritius Limited · Euro Forbes International Pte. Limited
Enterprises that are under common control :	· Forbes Bumi Armada Limited CIN No.: U35100MH2006PLC159958 · Forbes Bumi Armada Offshore Limited CIN No.: U11102MH2010PLC209600 · Forbes Campbell Finance Limited CIN No.: U51103TN1977PLC007310 · Forbes Campbell Services Limited CIN No.: U74140MH1975PLC018077 · Forbes Edumetry Limited CIN No.: U72900MH2005PLC157375 · Forbes Smart Data Limited CIN No.: U72100MH2006PLC161311 · Forbes Technosys Limited CIN No.: U29290MH1991PLC062425 · Volkart Fleming Shipping and Services Limited CIN No.: U63090MH1920PLC000808 · Forbes Container Lines Limited
Associates :	· Euro P2P Direct (Thailand) Company Limited · Forbes Lux FZE · Forbes Lux Group AG
Joint Ventures :	· Forbes Aquatech Limited CIN No.: U28122KA2003PLC032492 · Forbes Concept Hospitality Services Private Limited CIN No.: U55101MH2006PTC162855 · Infinite Water Solutions Private Limited CIN No.: U74999MH2008PTC180918

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3728000	Equity Shares	Rs.10/- each	Rs. 37.280 Millions

NOTES

(A) [Of the above Shares,

(i) 34,58,000 (Previous Year 36,85,000) Shares are allotted as fully paid up Bonus Shares by capitalization of General Reserve

(ii) 37,27,994 (Previous Year 39,54,994) Shares are held by the Holding Company, Forbes and Company Limited (formerly known as Forbes Gokak Limited); and 6 (Previous Year 6) shares are held jointly with Forbes and Company Limited by nominees of Forbes and Company Limited.] During the year Company has made buy back of 2,27,000 nos. (Previous year 3,05,000 nos.) Shares of face value Rs.10/- each from the holding company.

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		37.280	39.550	42.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		943.278	1016.181	1001.351
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		980.558	1055.731	1043.951
LOAN FUNDS
1] Secured Loans		871.869	784.836	438.026
2] Unsecured Loans		500.000	100.062	0.000
TOTAL BORROWING		1371.869	884.898	438.026
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2352.427	1940.629	1481.977
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		777.661	826.725	411.703
Capital work-in-progress		7.948	0.000	0.000
INVESTMENT		769.599	234.523	358.167
DEFERREX TAX ASSETS		24.232	22.298	21.562
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1127.810	1018.511	1160.263
	Sundry Debtors	996.614	762.976	602.595
	Cash & Bank Balances	514.247	470.350	520.900
	Other Current Assets	0.177	4.940	0.000
	Loans & Advances	1860.789	1480.391	1052.888
Total Current Assets		4499.637	3737.168	3336.646
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	425.212	320.988	355.811
	Other Current Liabilities	2935.829	2254.544	1837.671
	Provisions	365.609	304.553	452.619
Total Current Liabilities		3726.650	2880.085	2646.101
Net Current Assets		772.987	857.083	690.545
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2352.427	1940.629	1481.977

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	10601.395	9610.764	8752.373
		Other Income	356.722	298.871
		TOTAL (A)	10958.117	9909.635	8752.373
Less	EXPENSES
		Consumption materials changes inventories	5613.973	5070.381	--
		Manufacturing service costs	176.457	120.532	--
		Employees related expense	1669.967	1458.514	--
		Administrative, selling other expense	3156.055	2844.567	8277.706
		Extraordinary Item	--	--	7.684
		TOTAL (B)	10616.452	9493.994	8285.390
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		341.665	415.641	466.983
Less	FINANCIAL EXPENSES (D)		74.720	45.003	49.178
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		266.945	370.638	417.805
Less/ Add	DEPRECIATION/ AMORTISATION (F)		125.532	112.027	89.982
	PROFIT BEFORE TAX (E-F) (G)		141.413	258.611	327.823
Less	TAX (H)		36.802	66.881	126.642
	PROFIT AFTER TAX (G-H) (I)		104.611	191.730	201.181
Less	Prior year’s tax adjustments		--	--	4.544
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		253.727	151.947	194.830
Less	APPROPRIATIONS
		Transfer to General Reserve	59.784	89.950	90.000
		Dividend	--	--	127.800
		Tax on Dividend	--	--	21.720
	BALANCE CARRIED TO THE B/S		298.554	253.727	151.947
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	20.067	2.278	19.959
		Commission Earnings	5.939	4.068	7.824
		Interest On Inter Corporate Deposit To Subsidiary Company	14.020	68.448	47.678
		Sale of Investment in Joint Venture	0.000	29.057	0.000
	TOTAL EARNINGS		40.026	103.851	75.461
	IMPORTS
		Finished goods, components & Spares parts	261.817	263.071	205.500
	TOTAL IMPORTS		261.817	263.071	205.500
	Earnings Per Share (Rs.)		26.46	45.03	46.16

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.95	1.93	2.30
Net Profit Margin (PBT/Sales)	(%)	1.33	2.69	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.67	5.64	8.70
Return on Investment (ROI) (PBT/Networth)		0.14	0.24	0.31
Debt Equity Ratio (Total Liability/Networth)		5.20	3.57	2.95
Current Ratio (Current Asset/Current Liability)		1.21	1.30	1.26

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----
26]	Buyer visit details	----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

OPERATIONS

The year gone by witnessed strong resilience power of the global economy amidst fears of high recession, sovereign debt crisis in euro currency zones and rising crude prices. India, inspite of inflation at highest level in recent times with RBI taking steps to curb inflation with monetary policy measures, maintained its growing trend aided by strong fundamentals of the economy.

With this backdrop, the Company has performed commendably well with a growth in revenue by 10% over previous year. However, net profit after tax of Rs.104.600 Millions is lower than previous year due to additional spends on Information Technology at Corporate level, Sales promotion and Advertising in Consumer Vertical to counter stiff competition and new initiatives.

The performance of Verticals is an indication of significant contribution by each of them towards the growth of the Company.

Direct Sales, the parent division of the Company, truly lived up to the theme of the year "Rise and Rule" with an 5% growth in value terms. Aquaguard water transformed itself into "Paani Ka Doctor", a campaign that helped the Eurochamps receive a record number of enquiries that helped them close sales. Euroclean, the vacuum cleaner business, recorded the highest ever revenue turnover for the category. The new businesses "Euroair" air purification system got a fillip through introduction of four new models towards the end of the year and the "EuroVigil" electronic security business grew by over 50%.

Transformation truly was the mantra in Direct Sales which evolved to focus on the digital medium becoming very active on the "social media" helping generate leads, improving word of mouth and making access to consumers easier with the click to call facility both on the website as well as print advertisements. Strong focus on bringing down the "Cost per unit" and steps to manage the customer database better with Data Validation helped this division achieve its budgeted sales and profits.

In the Consumer Division, the Retail channel crossed for the first time the land mark of Rs. 2000.000 Millions, with a value growth of 18%, inspite of stiff competition in the retail environment. This retail success was on the back of strong distribution network across 1550 towns and brand availability in over 14000 retailers. The new growth engine of the division namely Packaged Drinking Water (PDW) Division, has made a rapid foray throughout India with a value growth of 61%.

The Forbes Pro Division has ended the year 2010-11 with a growth of 34% on top of a growth of 42% in the previous year. Forbes Pro has introduced on line material indenting and processing and has successfully monitored inventory within approved norms.

Forbes Pro has launched a new retail range of cleaning solutions under the brand name of Eurostar and also the range of professional cleaning equipments and consumables in collaboration with an Italian company and a German company for dust extraction systems.

The Water Projects Division has made a significant progress in obtaining recognition in the market place and registration with some renowned consultants, thereby procuring few prestigious orders and also repeat orders. Water Project division has signed a MOU for technical tie-up on desalination plants and high end waste water treatment plants with a U.K based company.

The Forbes Pro Water Solutions has moved up the value chain by providing skid mounted large capacities RO and UV water treatment plants.

Forbes Pro Railways has distinction of obtaining an Integrated Management System by getting ISO 9001 : 2008, ISO 14001 : 2004 and OHSAS 1801 : 2007 certifications. This is the first ever service organization to get all three certifications in this project space.

The initiative taken in the operations management, lead management and brand building of Forbes Pro would catapult the business to greater heights in the years to come.

The Company achieved awards and recognition, as in previous years, in the current year also -

Richard Ivey School of Business: Top business schools in Canada choose to teach Eureka Forbes case to their students.

BestPrax Benchmark Award for Leadership Governance (Global Benchmarking Network- GBN)

Eureka Forbes features in DSN Global 100: The Top Direct Sales Companies in the World

India s Best Companies to Work For - 2010 Study By Great Place to Work Institute and Economic Times (43rd among the top 50)

Aquaguard once again wins The Readers Digest Platinum Trusted Brand Award in the Water Purifier category for the fifth year in succession.

Aquamall Dosti manufacturing facility at Dehradun received ISO 14001:2004 certification

The Most Admired Knowledge Enterprise MAKE India 2010 (6th time) and The Most Admired Knowledge Enterprise MAKE Asia 2010 (3rd time)

EFL won "Special Recognition Award" by the Business Continuity Institute (BCI) in association with KPMG India, in recognition of work done in the area of public awareness. BCI, appreciated the Company’s efforts in creating awareness in the area of Water, Air, cleaning. Most importantly for Jagrut Mumbaikar initiative

Partner - Intrusion 2010 at Partner of Choice event, by Honeywell Security at Mumbai

Frost and Sullivan Award - Best company of the year Award - Indian Residential Point-of-use Water Treatment Systems Market -2^nd time.

Prestigious (4th time) UNESCO-Water Digest Awards in the following categories:

1. Best Domestic RO Water Purifier - Aquaguard Total Enhance

2. Best Domestic UV Water Purifier - Aquaguard Total Infiniti

3. Best Domestic Non - Electric Water Purifier - AquaSure 3PCTi

4. Distinguished Complete Domestic Water Solutions Provider - Eureka Forbes

5. Distinguished Water R&D and Technological Breakthrough for Aquaguard Total Duo

6. Human Resource Development, Industrial Relations and CSR :

The Company continues to take various initiatives for the development of its human resources.

During the year, the Company has set up a state of the art call centre "EuroAble" in association with NASEOH, India (National Society for Equal Opportunities for the Handicapped) at Chembur, Mumbai (India). This unique initiative will be manned by differently abled people.

For the Project EuroAble, the Company has set-up a 5000 sq ft modern facility at NASEOH in Mumbai especially designed for people with physical disabilities and aims to facilitate integration of their abilities into the mainstream of society. The call centre will initially employ 80 such people to cater to the needs of over 8 million customers of the Company.

Once the call centre is fully functional with 140 people, it will cater to about 10,000 customer calls in a day. The Company has invested its management resources to provide training to the people with special needs right from speaking in English to product training and handling customer calls.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

During the year, the Company’s subsidiary, Aquamall Water Solutions Limited (AWSL), continued its impressive growth with increase in sales of 13% over previous year, profit before tax grew 16% over the previous year, i.e, from Rs.309.000 Millions to Rs.369.400 Millions. During the year the Company has developed and added various new models of Water Purifier to the Company's range of models.

Forbes Aquamall Limited (FAML), a wholly owned subsidiary of AWSL has maintained satisfactory results with a turnover of Rs. 783.200 Millions and a profit before tax of Rs. 36.000 Millions. Since FAML is involved in the manufacture of the same major product line as AWSL, the Directors of AWSL proposed a vertical merger of the business of both the Companies. Accordingly, during the year, the Board of Directors had approved amalgamation of both the companies with effect from 1st April 2010 or such date as the Honble High Court may approve in order to bring efficiency in the operations of the Company and improve its profitability. A petition was filed with Honble High Courts of Uttarakhand and Andhra Pradesh respectively to this effect and final judgement is expected during the course of the year 2011-12.

Another subsidiary of AWSL, Aquadiagnostics Water Research and Technology Centre Limited, which was set up to cater to the needs of complete water analysis and evaluation of water purifiers in accordance with national and international specifications has grown and has recorded a turnover of Rs. 3.200 Millions. Looking at the growing demand for the Company's services, the Directors are confident that the Company would break-even in the near future.

During the year, the Company’s subsidiary, Forbes Facility Services Private Limited (FFSPL) has grown by over 50% over the previous year. The Company has its presence in 39 cities across the country and operations ranging from Hospital, Hotel, Manufacturing, Guest Houses to Corporate offices. It has successfully forayed into the catering business. During the year, the Company successfully approached all its past customers of its sister concern M/s. Forbes Concept Hospitality Services Private Limited. It has entered into fresh agreements of catering business with all these customers. In addition to this, the Company has acquired new customers for its catering business. It has successfully expanded its business to existing customers for providing housekeeping and catering services together. The Company is also looking into entering the Operations and Maintenance sector with a dedicated team. The year gone by has witnessed the Company strengthening its operations in North India where the business has more than doubled. Its Southern region has also shown impressive growth of over 100%.

Forbes Concept Hospitality Services Private Limited (FCHSPL), a 50:50 joint venture of the Company, had to discontinue its business operations by the end of March 2011 in view of its accumulated loss of Rs. 64.000 Millions. Since there are no plans for restructuring the business of FCHSPL in the near future, resulting in an impairment in the value of the Company’s investment, a provision for diminution in the value of investment in FCHSPL has been made in the accounts for the year of Rs. 26.200 Millions, including loans granted to FCHSPL of Rs. 6.500 Millions.

The Company’s subsidiary, E4 Development and Coaching Limited has shown better performance as compared to the previous year. This Company plans to build its efficiency in the education vertical, with many more learning modules for academic interventions in next year. It will enable the Company to maintain a steady and sustainable growth rate in the future.

Forbes Enviro Solutions Limited, (formerly known as Forbes Water Limited), a wholly subsidiary, has not commenced its commercial operations since, in the ensuing year 2011-12, the Company will take over the operations of two of the subsidiary companies of its parent company Eureka Forbes Limited, namely Radiant Energy Systems Private Limited and Waterwings Equipment Private Limited. This company plans to become a flagship company for the Water Projects business of the Company.

During the year, the Company increased its stake to 88% of the Equity shares in each of the two companies, Radiant Energy Systems Private Limited (RESPL) and Waterwings Equipments Private Limited (WEPL). These two companies were acquired with a strategic intent to expand the water projects division, since both these companies are in the water projects business. The Company has acquired the balance equity of 12% also on April 01, 2011. With the acquisition of balance equity of 12%, both the companies hence become wholly owned subsidiaries of the Company with effect from April 01, 2011. During the year, RESPL has recorded excellent results with turnover of Rs. 51.535 Millions, a growth of 70% over the previous year and has made a profit after tax of Rs. 5.201 Millions, a growth of 46% over the previous year. WEPL has also recorded excellent results with turnover of Rs. 145.269 Millions, a growth of 98% over the previous year and has made a profit after tax of Rs. 8.156 Millions, a growth of 50% over the previous year.

During the year, the Company’s wholly owned subsidiary, Euro Forbes International Pte. Limited (EFIPL), Singapore, has reported a loss net of tax, of Rs. 9.233 Millions. The process of transfer of business of this company to Forbes Lux FZE at Dubai, which is a 100% subsidiary of Forbes Lux Group AG, Switzerland commenced in the year 2009-10 and will be completed in the year 2011-12. The company had therefore no business operations during the year.

During the year, the Company incorporated and subscribed to the 100% of the equity capital of EFL Mauritius Limited, Mauritius

The Company, along with EFL Mauritius Limited (wholly owned subsidiary), has entered into a Share Purchase Agreement with the promoters of Lux International AG for acquiring 25% stake in Lux International AG, Switzerland.

During the year, the Company’s 50:50 joint venture, Forbes Aquatech Limited, improved its turnover from Rs. 536.000 Millions in 2009-10 to Rs. 552.000 Millions in 2010-11 and maintained its profit before tax at Rs. 24.200 Millions (previous year Rs. 21.600 Millions) inspite of rising costs and inflation. This year saw the introduction of a new generation product for water purification in storage water category. This new product has an innovative technology that does not use any chemicals in the disinfection process.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computers

· Furniture and Fixtures

· Vehicles

· Computer Software

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. 55.94
UK Pound	1	Rs. 86.55
Euro	1	Rs. 67.95

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--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		74

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.