MIRA INFORM REPORT

Report Date :

20.03.2012

IDENTIFICATION DETAILS

Name :	INDUS INTERNATIONAL SCHOOL (PUNE) PRIVATE LIMITED (w.e.f. 07.01.2007)
Formerly Known as:	AQUARIUS EDUCATIONAL ACADEMY PRIVATE LIMITED
Registered Office :	#41, Vittal Mallya Road, Bangalore – 560001, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.09.2005
Com. Reg. No.:	037233
Capital Investment / Paid-up Capital :	Rs.143.591 Millions
CIN No.: [Company Identification No.]	U80302KA2005PTC037233
Legal Form :	Private Limited Liability Company
Line of Business :	The entity is engaged in the activities of running and maintaining educational Institutions.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability of the company is under severe pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	#41, Vittal Mallya Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-22895900
Fax No.:	91-80-22895990
E-Mail :	Vs.kumar@indusschool.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Sushil Mantri
Designation :	Director
Address :	Mantri House, 41, Vittal Mallya Road, Bangalore – 560001, Karnataka, India
Date of Birth/Age :	07.02.1963
Date of Appointment :	15.09.2005

Other Directorship:

Top of Form

Bottom of Form

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U70102KA1993PTC015069	SHIVASHAKTHI ESTATES AND INVESTMENTS PRIVATE LIMITED	Director	23/10/1995	23/10/1995	-	Active	NO
2	U45201KA2000PTC026181	HAMARA SHELTERS PRIVATE LIMITED	Director	06/07/2000	06/07/2000	03/12/2007	Active	NO
3	U51399KA2000PTC026365	PLAZA AGENCIES PRIVATE LIMITED	Director	06/07/2000	06/07/2000	-	Active	NO
4	U74140KA2001PTC028742	Propcare Real Estate Management Private Limited	Director	15/03/2001	15/03/2001	03/12/2007	Active	NO
5	U04520KA1988PTC009606	CLASSIC REALTY PRIVATE LIMITED	Director	18/09/2001	18/09/2001	20/08/2008	Active	NO
6	U51311KA2002PTC030545	RAFFLES ENTERPRISES PRIVATE LIMITED	Director	24/05/2002	24/05/2002	15/04/2010	Active	NO
7	U74140KA2002PTC030161	INDUS SCHOLASTIC AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	17/01/2003	17/01/2003	-	Active	NO
8	U74210KA2004PTC033991	MANTRI HOMES PRIVATE LIMITED	Director	28/05/2004	28/05/2004	03/12/2007	Active	NO
9	U74210KA2004PTC033992	JASMINE ENTERPRISES PRIVATE LIMITED	Director	28/05/2004	28/05/2004	05/12/2007	Active	NO
10	U45201KA2003PLC033023	MANIPAL ETA INFOTECH LIMITED	Managing director	05/12/2007	29/09/2004	-	Active	NO
11	U64202KA2004PTC035071	PROJENCO SOFTWARE SYSTEMS PRIVATE LIMITED	Director	23/11/2004	23/11/2004	22/12/2008	Active	NO
12	U80302KA2005PTC037233	Indus International School (Pune) Private limited	Director	12/09/2008	15/09/2005	-	Active	NO
13	U07010KA2004PTC035167	PRATIBHA REALTORS PRIVATE LIMITED	Director	29/09/2005	29/09/2005	04/12/2007	Active	NO
14	U72200AP2004PTC044097	LANCO HILLS TECHNOLOGY PARK PRIVATE LIMITED	Director	20/12/2005	20/12/2005	19/05/2008	Active	NO
15	U70102KA2000PTC027924	MANTRI DEVELOPERS PRIVATE LIMITED	Managing director	27/02/2006	27/02/2006	-	Active	NO
16	U45201KA2005PTC037698	Mantri Cornerstone Holding Private Limited	Director	30/04/2006	30/04/2006	-	Active	NO
17	U45201KA2006PTC039175	BRAHMAGIRI REALTORS PRIVATE LIMITED	Director	20/10/2006	20/10/2006	15/04/2010	Active	NO
18	U07010KA2004PTC035169	VISMAY REALTORS PRIVATE LIMITED	Director	25/01/2007	25/01/2007	01/06/2007	Active	NO
19	U80222KA2007PTC043242	NORTH EDUCATIONAL ACADEMY (INDIA) PRIVATE LIMITED	Director	26/06/2007	26/06/2007	15/04/2010	Active	NO
20	U45201KA2007PTC043435	MANTRI SIERRA STRUCTURE PRIVATE LIMITED	Director	23/07/2007	23/07/2007	20/09/2007	Active	NO
21	U45202KA2007PTC043433	MANTRI GEO STRUCTURES PRIVATE LIMITED	Director	23/07/2007	23/07/2007	20/09/2007	Active	NO
22	U45201KA2007PTC043436	MANTRI TECHNOLOGY CONSTELLATIONS PRIVATE LIMITED	Director	10/06/2011	23/07/2007	-	Active	NO
23	U45201KA2007PTC043434	MANTRI TECHNOLOGY PARKS PRIVATE LIMITED	Director	15/04/2008	23/07/2007	-	Active	NO
24	U45201KA2007PTC043458	MANTRI INFRASTRUCTURE PRIVATE LIMITED	Director	24/07/2007	24/07/2007	20/09/2007	Active	NO
25	U74140KA2007PTC044006	Mantri Dwellings Private Limited	Director	08/05/2008	10/10/2007	14/04/2009	Active	NO
26	U55101KA2008PTC047021	SURAJ Inn Private Limited	Director	02/07/2008	02/07/2008	-	Active	NO
27	U70109KA2009PTC051228	PropCare Mall Management (India) Private Limited	Director	16/10/2009	16/10/2009	19/07/2010	Active	NO
28	U70102KA2009PTC051227	Avant-Garde Shelters Private Limited	Director	16/10/2009	16/10/2009	15/04/2010	Active	NO
29	U70102KA2010PTC054176	3D MEGACITY PRIVATE LIMITED	Director	23/06/2010	23/06/2010	-	Active	NO
30	U70102KA2010PTC055639	Mantri Mansion Private Limited	Director	26/10/2010	26/10/2010	-	Active	NO
31	U70102KA2010PTC055722	Mantri Habitats Private Limited	Director	02/11/2010	02/11/2010	-	Active	NO
32	U70102KA2010PTC055789	Mantri Abodes Private Limited	Director	09/11/2010	09/11/2010	-	Active	NO
33	U70100KA2010PTC056156	Mantri Property Developers Private Limited	Director	07/12/2010	07/12/2010	-	Active	NO
34	U01119AP2006PTC051831	HYDERABAD EDUCATIONAL INSTITUTIONS PRIVATE LIMITED	Additional director	27/12/2010	27/12/2010	29/06/2011	Active	NO
35	U70102KA2010PTC056387	Mantri Resi Structures Private Limited	Director	29/12/2010	29/12/2010	-	Active	NO
36	U70100KA2011PTC056480	Lakeview Development Corporation Private Limited	Director	04/01/2011	04/01/2011	-	Active	NO
37	U45203KA2011PTC060228	Devadatta Build Tech Private Limited	Director	02/09/2011	02/09/2011	-	Active	NO
38	U70100KA2011PTC060335	Panchajanya Realtors Private Limited	Director	09/09/2011	09/09/2011	-	Active	NO

Name :	Ms. Snehal Mantri
Designation :	Director
Address :	Mantri House, 41, Vittal Mallya Road, Bangalore – 560001, Karnataka, India
Date of Birth/Age :	12.11.1963
Date of Appointment :	24.12.2005

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51399KA2000PTC026365	PLAZA AGENCIES PRIVATE LIMITED	Director	06/07/2000	06/07/2000	-	Active	NO
2	U45201KA2000PTC026181	HAMARA SHELTERS PRIVATE LIMITED	Director	06/07/2000	06/07/2000	03/12/2007	Active	NO
3	U70102KA1993PTC015069	SHIVASHAKTHI ESTATES AND INVESTMENTS PRIVATE LIMITED	Director	21/08/2000	21/08/2000	05/12/2007	Active	NO
4	U70102KA2000PTC027924	MANTRI DEVELOPERS PRIVATE LIMITED	Whole-time director	01/01/2001	01/01/2001	-	Active	NO
5	U74140KA2001PTC028742	Propcare Real Estate Management Private Limited	Director	15/03/2001	15/03/2001	03/12/2007	Active	NO
6	U51311KA2002PTC030545	RAFFLES ENTERPRISES PRIVATE LIMITED	Director	24/05/2002	24/05/2002	04/12/2007	Active	NO
7	U74210KA2004PTC033991	MANTRI HOMES PRIVATE LIMITED	Director	28/05/2004	28/05/2004	03/12/2007	Active	NO
8	U74210KA2004PTC033992	JASMINE ENTERPRISES PRIVATE LIMITED	Director	28/05/2004	28/05/2004	05/12/2007	Active	NO
9	U45201KA2003PLC033023	MANIPAL ETA INFOTECH LIMITED	Director	05/12/2007	29/09/2004	-	Active	NO
10	U80302KA2005PTC037233	Indus International School (Pune) Private limited	Director	25/09/2006	15/09/2005	-	Active	NO
11	U07010KA2004PTC035167	PRATIBHA REALTORS PRIVATE LIMITED	Director	29/09/2005	29/09/2005	04/12/2007	Active	NO
12	U45201KA2006PTC039175	BRAHMAGIRI REALTORS PRIVATE LIMITED	Director	20/10/2006	20/10/2006	04/12/2007	Active	NO
13	U80222KA2007PTC043242	NORTH EDUCATIONAL ACADEMY (INDIA) PRIVATE LIMITED	Director	26/06/2007	26/06/2007	15/04/2010	Active	NO
14	U45201KA2007PTC043436	MANTRI TECHNOLOGY CONSTELLATIONS PRIVATE LIMITED	Director	23/07/2007	23/07/2007	20/09/2007	Active	NO
15	U45201KA2007PTC043435	MANTRI SIERRA STRUCTURE PRIVATE LIMITED	Director	23/07/2007	23/07/2007	20/09/2007	Active	NO
16	U45201KA2007PTC043434	MANTRI TECHNOLOGY PARKS PRIVATE LIMITED	Director	23/07/2007	23/07/2007	20/09/2007	Active	NO
17	U45202KA2007PTC043433	MANTRI GEO STRUCTURES PRIVATE LIMITED	Director	23/07/2007	23/07/2007	20/09/2007	Active	NO
18	U45201KA2007PTC043458	MANTRI INFRASTRUCTURE PRIVATE LIMITED	Director	24/07/2007	24/07/2007	20/09/2007	Active	NO
19	U55101KA2008PTC047021	SURAJ Inn Private Limited	Director	02/07/2008	02/07/2008	14/04/2009	Active	NO
20	U70102KA2010PTC054176	3D MEGACITY PRIVATE LIMITED	Director	23/06/2010	23/06/2010	-	Active	NO
21	U70102KA2010PTC055639	Mantri Mansion Private Limited	Director	26/10/2010	26/10/2010	-	Active	NO
22	U70102KA2010PTC055722	Mantri Habitats Private Limited	Director	02/11/2010	02/11/2010	-	Active	NO
23	U70102KA2010PTC055789	Mantri Abodes Private Limited	Director	09/11/2010	09/11/2010	-	Active	NO
24	U70100KA2010PTC056156	Mantri Property Developers Private Limited	Director	07/12/2010	07/12/2010	-	Active	NO
25	U70102KA2010PTC056387	Mantri Resi Structures Private Limited	Director	29/12/2010	29/12/2010	-	Active	NO
26	U45203KA2011PTC060228	Devadatta Build Tech Private Limited	Director	02/09/2011	02/09/2011	-	Active	NO
27	U70100KA2011PTC060335	Panchajanya Realtors Private Limited	Director	09/09/2011	09/09/2011	-	Active	NO

Name :	Mr. Shivaram Malavalli
Designation :	Director
Address :	Hig 27, Sudhamrita I Main, Bogadi II Stage, Mysore – 570026, Karnataka, India
Date of Birth/Age :	21.11.1949
Date of Appointment :	12.09.2008

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U80302KA2001PTC029740	DHVANYALOKA ACADEMY FOUNDATION PRIVATE LIMITED	Director	07/11/2001	07/11/2001	-	Active	NO
2	U72200KA2002PTC031402	TELEVITAL INDIA PRIVATE LIMITED	Director	27/12/2002	27/12/2002	-	Active	NO
3	U72900KA2002PTC030257	ESELVEE PROCESS LINKS PRIVATE LIMITED	Director	10/08/2005	10/08/2005	-	Active	NO
4	U32104KA1992PTC012863	APARA ENTERPRISE SOLUTIONS PRIVATE LIMITED	Director	23/05/2006	23/05/2006	18/04/2009	Active	NO
5	U02423KA2005PTC035749	BIOPURE HEALTHCARE PRIVATE LIMITED	Director	12/04/2007	12/04/2007	-	Active	YES
6	U72200KA2007PTC044204	EMTUTIVE TECHNOLOGIES PRIVATE LIMITED	Director	24/10/2007	24/10/2007	-	Active	YES
7	U01119AP2006PTC051831	HYDERABAD EDUCATIONAL INSTITUTIONS PRIVATE LIMITED	Director	18/09/2008	12/12/2007	-	Active	NO
8	U33110KA2008NPL045817	EHEALTH TECHNOLOGY BUSINESS INCUBATOR (INDIA)	Director	28/03/2008	28/03/2008	-	Active	YES
9	U80302KA2005PTC037233	Indus International School (Pune) Private limited	Director	12/09/2008	12/09/2008	-	Active	NO
10	U74140KA2002PTC030161	INDUS SCHOLASTIC AND MANAGEMENT SERVICES PRIVATE LIMITED	Alternate director	25/05/2010	25/05/2010	-	Active	NO

Name :	Mr. Kumar Malavalli
Designation :	Director
Address :	24289, Hill View Road, Los Altos Hills, C A 94024, United States of America
Date of Birth/Age :	09.02.1943
Date of Appointment :	12.09.2008

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65991KA2001PTC028827	UTI VENTURE FUNDS MANAGEMENT COMPANY PRIVATE LIMITED.	Director	11/05/2001	11/05/2001	15/08/2008	Active	NO
2	U72900KA2000PTC026506	PEARSON EDUCATION SERVICES PRIVATE LIMITED	Director	04/09/2001	04/09/2001	21/11/2007	Active	NO
3	U74140KA2002PTC030161	INDUS SCHOLASTIC AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	25/02/2002	25/02/2002	-	Active	NO
4	U72200KA2002PTC031402	TELEVITAL INDIA PRIVATE LIMITED	Director	27/12/2002	27/12/2002	-	Active	NO
5	U32104KA1992PTC012863	APARA ENTERPRISE SOLUTIONS PRIVATE LIMITED	Director	11/03/2003	11/03/2003	02/02/2009	Active	NO
6	U72200KA2003PTC032521	TIDALDATA SOLUTIONS PRIVATE LIMITED	Director	11/12/2003	11/12/2003	23/02/2009	Active	NO
7	U72900KA2002PTC030257	ESELVEE PROCESS LINKS PRIVATE LIMITED	Director	10/08/2005	10/08/2005	-	Active	NO
8	U01119AP2006PTC051831	HYDERABAD EDUCATIONAL INSTITUTIONS PRIVATE LIMITED	Director	18/09/2008	12/12/2007	-	Active	NO
9	U80302KA2005PTC037233	Indus International School (Pune) Private limited	Director	12/09/2008	12/09/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. V S Kumar
Designation :	Company Secretary
Address :	81, Ground Floor, Bhuvaneshwari Nagar, C V Raman Nagar, Bangalore – 500096, Karnataka, India
Date of Birth/Age :	09.02.1958
Date of Appointment :	22.06.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Sushil Mantri	455857
Snehal Mantri	5000
Kumar Malavalli	460857
Sushil Mantri and Snehal Mantri	13437432
	14359146

AS ON 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The entity is engaged in the activities of running and maintaining educational Institutions.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Axis Bank Limited – Vehicle Loan (Secured against five force traveler school buses and personal guarantee of director Mr. Sushil Mantri)	2.628	3.578
Term Loans – Andhra Bank (Secured against Mortgage of land and building)	477.006	407.388
TOTAL	479.634	410.966
UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	119.765	109.765
From Associates	0.812	0.000
TOTAL	120.577	109.765

Banking Relations :	--
Auditors :
Name :	H.S. Jagadeesh and Associates Chartered Accountant
Address :	No. 22/1, Police Station Road, Basavanagudi, Bangalore – 560004, Karnataka, India
Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1382571	Equity Shares	Rs.10/- each	Rs.13.826 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		13.826	13.826	13.826
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		123.531	123.531	123.531
4] (Accumulated Losses)		(142.789)	(97.402)	(50.616)
NETWORTH		(5.432)	39.955	86.741
LOAN FUNDS
1] Secured Loans		479.634	410.966	257.363
2] Unsecured Loans		120.577	109.765	74.766
TOTAL BORROWING		600.211	520.731	332.129
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		594.779	560.686	418.870
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.612	38.483	9.445
Capital work-in-progress		470.264	387.884	128.321
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.795	0.352	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	9.048	34.767	168.923
	Other Current Assets	140.216	136.660	144.969
	Loans & Advances	1.970	1.600	0.432
Total Current Assets		152.029	173.379	314.324
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.554	9.289	7.194
	Other Current Liabilities	47.596	27.766	22.570
	Provisions	2.976	2.005	3.460
Total Current Liabilities		66.126	39.060	33.224
Net Current Assets		85.903	134.319	281.100
MISCELLANEOUS EXPENSES		0.000	0.000	0.004
TOTAL		594.779	560.686	418.870

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	28.743	NA	NA
Less	EXPENSES
		TOTAL	74.129	NA	NA
	PROFIT BEFORE TAX		(45.386)	(46.786)	(28.816)
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		(45.386)	(46.786)	(28.816)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(157.90)	NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(23.81)	(22.08)	(8.90)
Return on Investment (ROI) (PBT/Networth)		(8.35)	(1.17)	(0.33)
Debt Equity Ratio (Total Liability/Networth)		(122.66)	14.01	4.21
Current Ratio (Current Asset/Current Liability)		2.30	4.43	9.46

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U80302KA2005PTC037233
Name of the company	Indus International School (Pune) Private limited
Address of the registered office or of the principal place of business in India of the company	#41, Vittal Mallya Roadbangalore, Bangalore -560001, Karnataka, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	YES BANK LIMITED
Nature of instrument creating charge	DOH dated 22-08-2011
Date of instrument Creating the charge	22/08/2011
Amount secured by the charge	Rs.250.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest TL - 6.25% p.a. above YBL base rate plus applicable tax or any other statutory levy, if any. Currently YBL BR is 10.25%. Hence applicable rate as on date is 16.50% p.a. LC Sight / Usance - 2.00% Terms of Repayment Tenor: - Term Loan - Door to door tenor of 72 months LC Sight (Sub limit to TL) - Validity: 12 months LC Usance (Sub limit to TL) - Usance plus validity not to exceed 180 days TL Repayment - Repayment in 16 quarterly structured installments after a moratorium of 24 months from the date of first disbursement. Margin LC (Sight) and LC (Usance) - 10% lien marked fixed deposit placed with YBL in the name of the borrower Extent and Operation of the charge First pari-passu charge on all the current assets, moveable fixed assets and on all of the fees receivables of the Pune school (both present and future) of the borrower
Short particulars of the property charged	First pari-passu charge on all the current assets (both present and future) of the borrower - As described in schedule of DOH dated 22-08-2011 First pari-passu charge on all the moveable fixed assets (both present and future) of the borrower - As described in schedule of DOH dated 22-08-2011 First pari-passu charge on all the fees receivables of the Pune school (both present and future) of the borrower - As described in schedule of DOH dated 22-08-2011

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.50.12
UK Pound	1	Rs.79.37
Euro	1	Rs.66.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		18

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.