MIRA INFORM REPORT

Report Date :

30.07.2012

IDENTIFICATION DETAILS

Name :	BEST IT WORLD (INDIA) PRIVATE LIMITED(w.e.f.10.07.2000)
Formerly Known As :	PITRANI COMPUTERS PRIVATE LIMITED
Registered Office :	87, Mistry Industrial Complex, MIDC Cross Road 'A', Andheri (East), Mumbai 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.12.1996
Com. Reg. No.:	11-104553
Capital Investment / Paid-up Capital :	Rs.7.500 Millions
CIN No.: [Company Identification No.]	U30000MH1996PTC104553
TAN No.: [Tax Deduction & Collection Account No.]	MUMB09573E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Computer Peripherals and mobile handsets.
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears some dip in profitability of the company. However, general financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business leading 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A2+ (Short term facilities)
Rating Explanation	This rating are considered to have strong degree of safety regarding timely payment of financial obligations such instrument carry low credit risk.
Date	December 2011

Rating Agency Name	CARE
Rating	BBB+ (Long term bank facilities)
Rating Explanation	This rating are considered to have moderate degree of safety regarding timely servicing of financial such instruments carry moderate credit risk.
Date	December 2011

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.

INFORMATION PARTED BY

Name :	Mr. S.J. Shah
Designation :	Finance Manager
Contact No.:	91-22-28250505
Date :	27.07.2012

LOCATIONS

Registered Office / Factory 1:	87, Mistry Industrial Complex, MIDC Cross Road ‘A’, Andheri East, Mumbai 400 093, Maharashtra, India
Tel. No.:	91-22-30815100/67745100
Fax No.:	91-22- 66936262
E-Mail :	agarwalkala@gmail.com sandeep@bestitworld.com sjshah@bestitworld.com sales@iball.co.in
Website :	http://www.iball.co.in
Location :	Owned
Factory 2:	Survey No.91/2, Building No.282, Purnikpada, Shirawala Village, Vajreshwari Road, Vasai, District Thane, Maharashtra, India
Tel No.:	91-22-3294744
Branches :	Located at: Ahmedabad Bangalore Bhubaneshwar Chandigarh Cochin Chennai Dehradun Guwahati Indore Jaipur Kolkata New Delhi Lucknow Nagpur Nashik Pune Raipur Secunderabad
Service Center :	Located at: Andhra Pradesh Assam Chattisgarh Goa Gujarat Karnataka Kerala Madhya Pradesh Maharashtra New Delhi Orrisa Punjab Rajasthan Tamil Nadu Uttar Pradesh Uttaranchal West Bengal

DIRECTORS

As on 30.09.2011

Name :	Mr. Sunil Babulal Kedia
Designation :	Director
Address :	B-204, Neptune, Vasant, Galaxy, Goregaon West, Mumbai - 400062, Maharashtra, India
Date of Birth/Age :	30.10.1959
Qualification:	B.Com, FCA
Experience:	29 Years
Date of Appointment :	10.05.2000
DIN No.:	00140275
Name :	Mr. Sandeep Sitaram Parasrampuria
Designation :	Director
Address :	402, Resort View, Thakur Complex, Kandiwali [East], Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	20.07.1965
Qualification:	B.Com, ACA
Experience:	24 Years
Date of Appointment :	17.12.1996
DIN No.:	00140120
Voter ID No.:	MT/08/040/0783405
Name :	Mr. Anil Jagdishprasad Parasrampuria
Designation :	Director
Address :	303, Glory, Vasant Marvel, C-Wing, Kandivali West, Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	06.09.1967
Qualification:	B.Com
Experience:	22 Years
Date of Appointment :	17.12.1996
DIN No.:	00140235
Voter ID No.:	KNF1165976
Name :	Mr. Rakesh Yogeshkumar Shah
Designation :	Director
Address :	A-408, Bhoomi Enclave Mahavir Nagar, Kandivali (West) Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	20.11.1965
Qualification:	B.Com
Experience:	24 Years
Date of Appointment :	21.05.1998
DIN No.:	00140338
Name :	Mr. Vijay Kumar Dalmia
Designation :	Director
Address :	603 / 604, Highland Park, Lokhandwala Complex, Andheri [East], Mumbai, Maharashtra, India
Date of Birth/Age :	28.12.1956
Date of Appointment :	07.06.2000
DIN No.:	00209719

KEY EXECUTIVES

Name :	Mr. S.J. Shah
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sandeep  S  Parasrampuria	41000
Anil  J  Parasrampuria	52850
Sunil  Kedia	20290
Rakesh shah	122500
Anita Parasrampuria	82500
Sudha Parasrampuria	48000
Ami Shah	35000
Bharti Kedia	54700
Vljay Dalmia	57200
Sangeeta Dalmia	100200
Jagdish Parasrampuria	1000
Vidyadevi Dalmia	100
Sitaram Parasrampuria	500
Draupadi parasrampuria	500
Nimisha Parasrampuria	50
Bennett Coleman and Company Limited	10
Sandeep Parasrampuria	78000
Anil Parasrampuria	55600
Total	750000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Computer Peripherals and mobile handsets.
Imports :
Products :	Computer Peripherals
Countries :	· China · Taiwan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Perica Industries

Customers :

Wholesalers and Retailers

· Bcom Computer

No. of Employees :

1500 (Approximately)

Bankers :

· Axis Bank Limited, Corporate Banking Branch, Barakhamba Road, Statesman House, 2^nd Floor, New Delhi – 110001, India

• IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

· Axis Bank

· Cosmos Bank

· The Grater Bank, Baldta Bhavan, Mumbai, Maharashtra, India

· Barclays Bank PLC, 601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Facilities :

CC and LE – Rs. 1150.000 Millions From IDBI Bank

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans financial institutions secured	0.000	35.000
Loans taken for vehicles secured	8.108	3.340
Other debt secured	263.490	79.769
Total	271.598	118.109
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	4.068	26.502
Other debt unsecured	16.130	32.270
Total	20.198	58.772

Banking Relations :	--
Auditors :
Name :	V. B. Goel and Company Chartered Accountants
Address :	Flat no. 2 and 3, Ajay Apts, Kasturba Cross Road Malad West Mumbai – 400064, Maharashtra, India
PAN.:	AACPG6633R
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their Relatives.	· Dalmia Polytex Private Limited, India · Anil Rajesh Caps Manufacturer Private Limited, India · Saanwaria Polyster Private Limited, India · Centos Synthetics, India · Gajanan Tubes, India · Sharp Infrastructure Private Limited, India (CIN: U14107MP2004PTC016442) · Kamal Cotspin Private Limited, India · Shree Jeenmata Dyeing And Printing Mills Private Limited, India (CIN: U17110MH2002PTC138312)
Associates :	· Pitrani Investment and Trading, India · Natasha Industries, India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 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		7.500	7.500	7.500
2] Share Application Money		13.000	0.000	0.000
3] Reserves & Surplus		444.569	325.065	156.195
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		465.069	332.565	163.695
LOAN FUNDS
1] Secured Loans		271.598	118.109	93.600
2] Unsecured Loans		20.198	58.772	47.916
TOTAL BORROWING		291.796	176.881	141.516
DEFERRED TAX LIABILITIES		8.144	6.122	4.386
TOTAL		765.009	515.568	309.597
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		112.348	89.689	82.836
Capital work-in-progress		14.837	4.379	4.076
INVESTMENT		0.128	0.129	0.128
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	587.664	386.213	246.031
	Sundry Debtors	204.788	227.292	181.652
	Cash & Bank Balances	80.926	65.524	54.899
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	134.054	103.996	72.439
Total Current Assets		1007.432	783.025	555.021
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	285.373	284.541	272.610
	Current Liabilities	78.984	52.730	48.089
	Provisions	5.379	24.383	11.765
Total Current Liabilities		369.736	361.654	332.464
Net Current Assets		637.696	421.371	222.557
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		765.009	515.568	309.597

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3292.475	2966.489	2241.362
		Other Income			35.122
		TOTAL (A)	3292.475	2966.489	2276.484
Less	EXPENSES
		Cost of Goods Sold			1866.116
		Employees Cost			121.732
		Administrative and other Expenses			57.183
		Selling and Promotional Expenses			132.176
		TOTAL	3100.934	2695.310	2177.207
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including financial)	(Including financial)	99.277
Less	FINANCIAL EXPENSES (D)				34.980
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		191.541	271.179	64.297
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.952	4.674	3.878
	PROFIT BEFORE TAX (E-F) (G)		185.589	266.505	60.419
Less	TAX (I)		60.860	92.371	22.738
	PROFIT AFTER TAX (G-I) (J)		124.729	174.134	37.681
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		25.065	26.195	22.023
Less	APPROPRIATIONS
		Transfer to General Reserve	120.000	170.000	30.000
		Dividend	4.500	4.499	2.999
		Tax on Dividend	0.747	0.764	0.509
	BALANCE CARRIED TO THE B/S		24.547	25.065	26.195
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	Nil	Nil	0.664
	TOTAL EARNINGS		Nil	Nil	0.664
	IMPORTS
		FOB Value of Import	1721.356	1249.911	857.604
	TOTAL IMPORTS		1721.356	1249.911	857.604
	Earnings Per Share (Rs.)		166.30	232.20	50.24

Particulars	31.03.2012
Sales Turnover (Approximately)	3900.000

Expected Sales (2012-2013) : Rs.4500.000 Millions

The above information has been parted by Mr. S.J. Shah - Finance Manager

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.79	5.87	1.66
Net Profit Margin (PBT/Sales)	(%)	5.64	8.98	2.70
Return on Total Assets (PBT/Total Assets}	(%)	18.42	30.55	9.47
Return on Investment (ROI) (PBT/Networth)		0.40	0.80	0.37
Debt Equity Ratio (Total Liability/Networth)		1.42	1.61	2.90
Current Ratio (Current Asset/Current Liability)		2.72	2.16	1.67

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Rs. In Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Micro, Small and Medium Enterprise and others	13.158	21.935	53.912
Others	272.215	262.606	218.698
Total	285.373	284.541	272.610

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes

MACRO ECONOMIC SCENARIO:

Following two years of economic downturn, economic stability seems to be returning specially in the developing countries like India, China and other Asian economies as well as certain Latin American countries. In the developed world also there are definite signs of recovery, albeit a bitslow. As reported by IMF the Indian economy grew by about 10.4% during calendar year 2010, resulting in higher consumption and demand. Inflation has now emerged as the new economic challenge globally, driven by a significant rise in the prices of all commodities and high fuel prices. This has had a significant impact on almost all sectors of the economy. RBI has already effected several increases in interest rates affecting access to credit having consequential adverse impact on consumption and investment. Good fiscal and economic management is the need of the hour to sustain the projected growth levels for the Indian economy. Corporate sustainability has also become an important agenda across industry segments. Looking ahead, Information Technology will continue to be an essential part of the growth engine for national development.

COMPANY’S ACTIVITIES

They concluded fiscal 2011 with an excellent year that confirmed the return of growth for their customers, products and us. Their consolidated revenues for fiscal 2011 stood at Rs. 3292.400 Millions, a year-on-year growth of about 11%. The profit after tax and exceptional item for the year stood at Rs. 124.700 Millions against Rs. 174.100 Millions in the previous year. An unfavorable INR – USD Exchange Rate has also resulted in lower profits of the company during the year.

Communication has been and will be one of the basic foundations for national growth and this industry will continue to be an important ingredient for achieving the estimated GDP growth to 8 % during the year.The Indian cellular phone market has been witnessing unprecedented growth during the last few years and is expected to continue to do so. As part of the corporate growth strategy, the company entered this market by launching a range of mobile cellular handsets. The company expects to achieve a significant volume of business from this activity during the year.

Looking ahead, they foresee a highly challenging new business environment. They would like to emphasize and request for support from all constituent stakeholders as the company strives to venture into uncharted territories and achieve higher levels of performance, operational excellence and add value.

The company has initiated the process of implementing SAP ERP (Enterprise Resource Planning) software across the organization for achieving better internal control and discipline, efficient utilization of resources and a robust MIS system to support the decision making process.

REVIEW OF OPERATIONS

The Company continues its endeavor in providing customers quality products, services and delivery efficiency, thereby ensuring their continued patronage for the company's products and services.

The Company is gearing up all its resources to take maximum benefits of the economic growth and is studying various markets across India to ensure adequate reach in all corners of the country with vigorous marketing efforts and ceaseless cost reduction exercises. The Directors are fully seized of the fact that the need of the hour is to enhance the Revenue and Profit to higher levels and to achieve this end efforts have been initiated for adding value to products and services.

Efforts are also being intensified to maintain leadership position by constant up gradation of products to keep pace with advancing technology trends and maintaining the superiority in quality of products and services.

The Directors are hopeful that all the above, coupled with continuous monitoring of inventory, receivables and overheads, would result in healthier profits in future.

Products under the brand name ‘iBall’ are getting more and more acceptability.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

a) Guarantee given by the company to The Cosmos Co-Operative Bank Limited for securing credit facility to M/s. Natasha Industries a partnership firm where in some of the Directors are partners:

Cash Credit Facility: Rs. 20.000 Millions (Previous Year Rs.20.000 Millions)

Letter of Credit Facility: Rs. 10.000 Millions (Previous Year Rs.40.000 Millions)

b) The Co-Operative Bank Limited. has issued Bank Guarantee as follows for which company has given counter guarantee:

(i) Bank Guarantee to the Sales Tax Department, Delhi for Rs. 0.200 Million (Prev. Year Rs. 0.200 Million)

(ii) Bank Guarantee to Sales Tax Department, Bihar for Rs. 0.200 Millions (Prev. Year Rs.0.200 Millions)

c) The Union Bank of India has issued Bank Guarantee as follows for which company has given counter guarantee:

(i) Bank Guarantee to The Sales Tax Department, Haryana for VAT of Rs. 0.050 Million Previous year Rs. Nil) and for CST of Rs. 0.050 Million Previous Year Rs. Nil).

d) Letters of credit outstanding Rs. 151.279 Millions (Previous Year Rs. 164.761 Millions)

e) Liability on account of unexpired warranty on systems, components and peripherals sold. However liability on account of local purchases is backed by counter warranty from the supplier. The gross amount of unexpired warranty is not quantifiable.

f) Disputed Sales Tax Liability of Rs 0.136 Million and Rs 0.378 Million in respect of A.Y. 2007-08 and 2008-09 respectively. The Company has preferred an appeal before the Tribunal. Disputed Sales Tax Liabilty of Rs. 0.244 Million in respect of A.Y 2008-09 where stay order has been passed by High Court of Kerala. Disputed Sales tax liability of Rs. 0.171 Million in respect of F.Y 2007-08 (West Bengal)

g) Sales Tax Liability in respect of Show cause-cum-demand notice of Rs 0.009 Million A.Y. 2006-07), Rs 0.976 Million A.Y. 2007-08), Rs 4.257 Million (A.Y. 2008-09)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U30000MH1996PTC104553
Name of the company	BEST IT WORLD (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	87, Mistry Industrial Complex, MIDC Cross Road 'A', Andheri, Mumbai – 400093, Maharashtra, India Email: agarwalkala@gmail.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge) Stock of goods procured under the adhoc LC limit.
CIN, in case charge holder or ARC or assignee is a company	Stock of goods procured under the adhoc LC limit.
Particular of charge holder	Axis Bank Limited, Corporate Banking Branch, Barakhamba Road, Statesman House, 2^nd Floor, New Delhi – 110001, India Email: suyashri@vsnl.com
Nature of instrument creating charge	Deed of hypothecation of machinery and other movable fixed assets {DOH} dated 30.05.2012
Date of instrument Creating the charge	30.05.2012
Amount secured by the charge	Rs.50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction Letter No. AXISB/CO/MCII/VS/0111/12-13 dated 29.05.2012 or as stipulated by bank from time to time. Terms of Repayment As per sanction Letter No. AXISB/CO/MCII/VS/0111/12-13 dated 29.05.2012 or as stipulated by bank from time to time. Margin As per sanction Letter No. AXISB/CO/MCII/VS/0111/12-13 dated 29.05.2012 or as stipulated by bank from time to time. Extent and Operation of the charge The Bank granted Adhoc One Time Import Letter of Credit facility of Rs. 50.000 Millions. The said facility is secured by hypothecation of present and future movable Plant and machinery, Furnitures, Fixtures etc. consisting of goods procured under the Adhoc LC limit, being movable properties, stored at or being stored or brought into or at present installed at the company's factories and units at various locations or elsewhere.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of present and future movable P and M, Furnitures, Fixtures etc. consisting of goods procured under the Adhoc LC limit lying or stored at Co's premises or elsewhere or in transit.

TRADE REFERENCE:

· Perica Industries

· Bcom Computer

FIXED ASSETS

• Building
• Land
• Plant and Machinery

• Office Premises
• Computer Systems
• Electrical Fittings
• Dies and Moulds
• Office Equipment
• Furniture and Fixture
• Vehicles

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 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.55.41
UK Pound	1	Rs.86.93
Euro	1	Rs.68.10

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	KVT

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		49

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	-

MIRA INFORM REPORT

Report Date :

31.07.2012

Tel. No.:	+971 4 709 4700
Fax No.:	+971 4 347 1440

IDENTIFICATION DETAILS

Name :	EMIRATES GLASS LLC (EGL)
Registered Office :	Plot No. 840B, Sheikh Zayed Road, Al Quoz Industrial Area 29769 Dubai
Country :	United Arab Emirates
Financials (as on) :	31.12.2011
Date of Incorporation :	28.08.1996
Com. Reg. No.:	47454, Dubai
Legal Form :	Limited Liability Company - LLC
Line of Business :	Processors of sheet glass, safety glass and mirrors
No. of Employees :	200

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	No complaints
Litigation :	Clear

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
United Arab Emirates	A2	A2

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

SUMMARY

Company Name : EMIRATES GLASS LLC (EGL)

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 28^th August 1996

Commercial Registration Number : 47454, Dubai

Trade Licence Number : 301205

Chamber Membership Number : 40175

Issued Capital : UAE Dh 35,425,000

Paid up Capital : UAE Dh 35,425,000

Total Workforce : 200

Activities : Processors of sheet glass, safety glass and mirrors

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Ziad Yazbeck, General Manager

COMPANY NAME

EMIRATES GLASS LLC (EGL)

ADDRESS

Registered & Physical Address

Location : Plot No. 840B

Street : Sheikh Zayed Road

Area : Al Quoz Industrial Area

PO Box : 29769

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 3471515 / 7094700

Facsimile : (971-4) 3471440

Email : emiglass@emirates.net.ae / nabil@glass-llc.com

Premises

Subject operates from a suite of offices and a factory, covering 18,000 m2 that are rented and located in the Industrial Area of Dubai.

Branch Offices

Location Description

· Jebel Ali Free Zone Office premises

Dubai

Tel: (971-4) 8122700

Fax: (971-4) 8122701

KEY PRINCIPALS

Name Position

· Ziad Yazbeck General Manager

· Hassan Hamadeh Sales Manager

· Rizwan Khan Manufacturing Manager

· Rahul Jain Projects Manager

LEGAL FORM & OWNERS

Date of Establishment : 28^th August 1996

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 47454, Dubai

Trade Licence No. : 301205 (Expires 27/08/2012)

Chamber Member No. : 40175

Issued Capital : UAE Dh 35,425,000

Paid up Capital : UAE Dh 35,425,000

Name of Shareholder (s) Percentage

· Glass LLC 99%

Dubai

· Dubai Investment PJSC 1%

Dubai

OPERATIONS

Activities: Engaged in the processing of sheet glass, safety glass and mirrors.

EGL buy their requirements of tinted float glass from Europe and North America from Saint-Gobain,

Pilkington, Libby-Owens-Ford, Ford Glass and Pittsburg Plate Glass. The clear glass is procured from Gulf

Guardian, Saint Gobain and Pilkington.

EGL processes the glass by cutting it to size, heat strengthening or tempering it and thereafter applying

Solar Control and Low Emissivity coatings through Magnetic Vacuum Sputtering Deposition process, to

provide the client with finished glass of their choice of colour and transmissions with corresponding

reflective and insulating properties.

The EGL range includes 11 different colour substrates and 11 different coatings with light transmission

ranging from 3% to 40% for Solar Control glass and 20% to 73% for Low Emissivity coating.

In March 2012, subject announced the opening of a UAE Dh 160 million post-toughening coating line that aims to boost production capacity to over 3.5 million square metres.

Import Countries: Europe and GCC countries.

Brand Names: EMICOOL

Operating Trend: Steady

Subject has a workforce of 200 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/10: Year Ending 31/12/11:

Total Sales UAE Dh 98,845,616 UAE Dh 103,500,138

Local sources consider subject’s financial condition to be Good.

The above figures were provided by Mr Ziad Yazbeck, General Manager. He projected that the turnover for 31/12/12 would be UAE Dh 190,000,000.

BANKERS

· Commercial Bank of Dubai

Mankhool Street

PO Box: 2668

Dubai

Tel: (971-4) 3523355

Fax: (971-4) 3527655 / 2524796

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.80
UK Pound	1	Rs.87.66
Euro	1	Rs.68.45

INFORMATION DETAILS

Report Prepared by :

PDT

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	--

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%)

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.