1. Summary Information

Reference #	135-284540-02-020(20120308018)	Country	India
Company Name	Inani Marbles and Industries Limited	Principal Name 1	Mr. Suresh Kumar Inani
Status	Satisfactory	Principal Name 2	Mr. Nand Lal Inani
Our Reference #	172727	Registration #	17-008930
Street Address	F – 17 and 58, RICO Industrial Area, Chittorgarh – 312001, Rajasthan, India
Established Date	18.10.1994	SIC Code	--
Telephone#	91-1472-256711 to 256714	Business Style 1	Processors
Fax #	91-1472-256717	Business Style 2	Exporters
Homepage	www.inanimarbles.com	Product Name 1	Marble Blocks
# of employees	Not Available	Product Name 2	Slabs
Paid up capital	Rs.32,525,000/-	Product Name 3	Tiles and Monuments
Shareholders	Shareholding of Promoter and Promoter Group-59.91%, Public Shareholding-40.09%	Banking	ICICI Bank Limited
Public Limited Corp.	Yes	Business Period	18 years
IPO	Yes	International Ins.	--
Public Enterprise	Yes	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Group Company	--	Inani Marbles Private Limited
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	166,524,000	Current Liabilities	54,988,000
Inventories	77,678,000	Long-term Liabilities	219,894,000
Fixed Assets	203,805,000	Other Liabilities	14,913,000
Deferred Assets	3,730,000	Total Liabilities	289,795,000
Invest& other Assets	28,604,000	Retained Earnings	158,021,000
		Net Worth	190,546,000
Total Assets	480,341,000	Total Liab. & Equity	480,341,000
Total Assets (Previous Year)	412,057,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	453,809,000	Net Profit	43,956,000
Sales(Previous yr)	353,503,000	Net Profit(Prev.yr)	30,205,000

MIRA INFORM REPORT

Report Date :

22.03.2012

IDENTIFICATION DETAILS

Name :	INANI MARBLES AND INDUSTRIES LIMITED
Registered Office :	F – 17 and 58, RICO Industrial Area, Chittorgarh – 312001, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.10.1994
Com. Reg. No.:	17-008930
Capital Investment / Paid-up Capital :	Rs.32.525 Millions
CIN No.: [Company Identification No.]	L14101RJ1994PLC008930
TAN No.: [Tax Deduction & Collection Account No.]	JDHI00996C
PAN No.: [Permanent Account No.]	AAACI1190C
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Processors and Exporters of Marble Blocks, Slabs, Tiles and Monuments
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 760000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. 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 dealings 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 – 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/ Factory :	F – 17 and 58, RICO Industrial Area, Chittorgarh – 312001, Rajasthan, India
Tel. No.:	91-1472-256711 to 256714
Fax No.:	91-1472-256717
E-Mail :	info@inanimarble.com inanimarble@dataone.in inani@sancharnet.in
Website :	www.inanimarbles.com
Factory 2 :	Post- Paloda, Tah. Gadhi, Banswara, Rajasthan, India
Factory 3 :	Post- Masaron Ki Obri, Tah. Kerwada, Udaipur District, Rajasthan, India
Factory 4 :	Araji No. 1312, Mataji Ki Pandoli, Tehsil and District, Chittorgarh, Rajasthan, India
Administrative Office:	Green Woods 501, Andheri Kurla, Mathuradas Vasanji Road, Mumbai – 400093, Maharashtra - India

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Nand Lal Inani

Designation :

Chairman

Address :

Old Subji Mandi, Chittorgarh – 312001, Rajasthan, India

Date of Birth/Age :

12.08.1934

Date of Appointment :

18.10.1994

DIN No.:

00322889

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U14101RJ1987PTC003859	INANI MARBLES PRIVATE LIMITED	Director	06-12-87	06-12-87	Active	NO
2	U45201RJ1992PTC007051	INANI INFRAPROJECTS PRIVATE LIMITED	Director	18-11-92	18-11-92	Active	NO
3	L14101RJ1994PLC008930	INANI MARBLES AND INDUSTRIES LIMITED	Director	18-10-94	18-10-94	Active	NO

Name :

Mr. Suresh Kumar Inani

Designation :

Managing Director

Address :

32-A, Kumbha Nagar, Chittorgarh – 312001, Rajasthan, India

Date of Birth/Age :

25.08.1955

Date of Appointment :

18.10.1994

DIN No.:

00219702

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U14101RJ1988PTC004715	INANI TILES PRIVATE LIMITED	Director	07-12-88	07-12-88	Active	NO
2	L14101RJ1994PLC008930	INANI MARBLES AND INDUSTRIES LIMITED	Managing director	01-03-10	18-10-94	Active	NO
3	U55101RJ1995PTC009471	ARAVALI ASSOCIATES PRIVATE LIMITED (PART IX)	Director	09-02-95	09-02-95	Active	NO

Name :

Mr. Harish Kumar Inani

Designation :

Director

Address :

32-A, Kumbha Nagar, Chittorgarh – 312001, Rajasthan, India

Date of Birth/Age :

02.02.1969

Date of Appointment :

18.10.1994

DIN No.:

00219679

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L14101RJ1994PLC008930	INANI MARBLES AND INDUSTRIES LIMITED	Director	18-10-94	18-10-94	Active	NO
2	U67120RJ1994PLC009017	INANI SECURITIES AND INVESTMENTS LIMITED	Managing director	11-11-94	11-11-94	Active	NO

Name :

Mr. Rajesh Kumar Inani

Designation :

Director

Address :

Old Subji Mandi, Chittorgarh – 312001, Rajasthan, India

Date of Birth/Age :

21.11.1965

Date of Appointment :

28.09.2002

DIN No.:

00410591

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U14101RJ1989PTC005156	INANI MARMO AND GRANITE P LTD	Director	13-10-89	13-10-89	Active	NO
2	L14101RJ1994PLC008930	INANI MARBLES AND INDUSTRIES LTD.	Director	28-09-02	28-09-02	Active	NO
3	U45201RJ2004PTC019516	ROOP RAJAT BUILDERS PRIVATE LIMITED	Director	23-07-04	23-07-04	Active	NO

Name :

Mr. Prem Narayan Sharma

Designation :

Director

Address :

C-28, Sita Ram Sadan, Senthi, Chittorgarh – 312001, Rajasthan, India

Date of Birth/Age :

16.01.1963

Date of Appointment :

30.09.2003

DIN No.:

01179163

Name :

Mr. Ravi Birla

Designation :

Director

Address :

77-C, Kumbha Nagar, Chittorgarh – 312001, Rajasthan, India

Date of Birth/Age :

31.07.1974

Date of Appointment :

30.09.2005

DIN No.:

01110766

Name :

Mr. Dinesh Kumar Inani

Designation :

Joint Managing Director

Address :

32-A, Kumbha Nagar, Chittorgarh – 312001, Rajasthan, India

Date of Birth/Age :

25.08.1959

Date of Appointment :

18.10.1994

DIN No.:

00410688

Other Directorship :

Top of Form S.No. Bottom of Form	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U14101RJ1987PTC003859	INANI MARBLES PRIVATE LIMITED	Director	22-01-87	22-01-87	Active	NO
2	L14101RJ1994PLC008930	INANI MARBLES AND INDUSTRIES LIMITED	Whole-time director	01-10-07	18-10-94	Active	NO
3	U67120RJ1994PLC009017	INANI SECURITIES AND INVESTMENTS LIMITED	Director	11-11-94	11-11-94	Active	NO
4	U55101RJ1995PTC009471	ARAVALI ASSOCIATES PRIVATE LIMITED (PART IX)	Director	09-02-95	09-02-95	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.12.2011)

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1,248,000	38.37
Bodies Corporate	700,650	21.54
Sub Total	1,948,650	59.91
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1,948,650	59.91
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	82,400	2.53
Sub Total	82,400	2.53
(2) Non-Institutions
Bodies Corporate	148,894	4.58
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	656,368	20.18
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	411,682	12.66
Any Others (Specify)	4,506	0.14
NRIs/OCBs	1,835	0.06
Clearing Members	2,671	0.08
Sub Total	1,221,450	37.55
Total Public shareholding (B)	1,303,850	40.09
Total (A)+(B)	3,252,500	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	3,252,500	100.00

BUSINESS DETAILS

Line of Business :

Processors and Exporters of Marble Blocks, Slabs, Tiles and Monuments

Products :

Products Description	Item Code No.
Marble and Granite	6802

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Marble Slabs	Sq. Mtrs.	--	--	98520
Stone Slabs Including Out side Job	Sq. Mtrs.	--	--	57026
Granite Slabs	Sq. Mtrs.	--	--	37313
Marble Blocks	C. Ft.	--	--	584585
Stone Blocks	C. Ft.	--	--	--
Slabs / Tiles	Sq. Mtrs.	557414	44200	--
Quartzide Stone and Other Natural Stone Slabs/ Tile	Sq. Mtrs.	222966	80000	--
Granite Slabs/ Tiles	Sq. Mtrs.	222966	80000	--

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Hong Kong and Shanghai Banking Corporation Limited

Hong Kong House, 31 B B D Bag, Kolkata – 700001, West Bengal, India

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Banks Secured	74.213	104.332
Rupee Term Loans Others Secured	106.084	60.559
Other Debt Secured	20.863	16.045
Total	201.160	180.936
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other debt unsecured	18.734	3.058
Total	18.734	3.058

Banking Relations :	--
Auditors :
Name :	Jagdish Rathi and Associates Chartered Accountant
Address :	Rathi Bhawan, Bundi Road, Chittorgarh- 312001, Rajasthan, India
PAN No.:	ABLPR7282D
Name :	Nyati Mundra and company Chartered Accountant
Address :	2-3, Ashutosh Nagar Chittorgarh- 312001, Rajasthan, India
PAN No.:	AAGFN5101M
Inani Group companies :	· Inani Marbles and Industries Limited · Inani Marbles Private Limited · Inani Marmo and Granite Private Limited · Inani Tiles Private Limited · Action Marbles and Granites Private Limited · Inani Marbles International · Inani Marbles and Granites Tradi, Sharjah.

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3252500	Equity Shares	Rs.10/- each	Rs.32.525 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		32.525	32.525	32.525
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		158.021	117.870	91.471
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		190.546	150.395	123.996
LOAN FUNDS
1] Secured Loans		201.160	180.936	93.058
2] Unsecured Loans		18.734	3.058	0.000
TOTAL BORROWING		219.894	183.994	93.058
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		410.440	334.389	217.054
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		203.805	207.817	83.097
Capital work-in-progress		24.604	2.525	66.010
INVESTMENT		4.000	4.000	5.000
DEFERREX TAX ASSETS		3.730	1.708	0.759
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	77.678	64.737	23.266
	Sundry Debtors	103.222	75.114	41.190
	Cash & Bank Balances	14.198	15.991	11.923
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	49.104	39.165	33.178
Total Current Assets		244.202	195.007	109.557
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	36.212	42.779	32.976
	Other Current Liabilities	18.776	23.502	4.549
	Provisions	14.913	11.387	12.449
Total Current Liabilities		69.901	77.668	49.974
Net Current Assets		174.301	117.339	59.583
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Advance to supplier of capital Goods		0.000	0.000	2.605
TOTAL		410.440	334.389	217.054

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	453.809	353.503	230.691
		Other Income	2.786	0.705	8.737
		TOTAL (A)	456.595	354.208	239.428
Less	EXPENSES
		Consumption Materials Changed Inventories	109.854	59.692
		Manufacturing Services Cost	157.890	159.067	207.995
		Employee Related Expenses	51.516	29.773
		Administrative, Selling and Other Expenses	37.979	37.625
		TOTAL (B)	357.239	286.157	207.995
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		99.356	68.051	31.433
Less	FINANCIAL EXPENSES (D)		18.548	13.565	1.066
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		80.808	54.486	30.367
Less/ Add	DEPRECIATION/ AMORTISATION (F)		28.436	17.768	6.244
	PROFIT BEFORE TAX (E-F) (G)		52.372	36.718	24.123
Less	TAX (H)		8.416	6.513	8.226
	PROFIT AFTER TAX (G-H) (I)		43.956	30.205	15.897
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	87.071	76.180
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	1.200	1.200
		Proposed Dividend	NA	3.253	3.253
		Tax on Dividend	NA	0.553	0.553
	BALANCE CARRIED TO THE B/S		NA	112.270	87.071
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	200.288	199.796	124.227
	TOTAL EARNINGS		200.288	199.796	124.227
	IMPORTS
		Raw Materials	13.375	7.450	NA
		Traveling	1.192	0.635	NA
		Fair and Exhibition	1.727	1.177	NA
		Plant and Machinery	17.442	1.526	NA
	TOTAL IMPORTS		33.736	10.788	NA
	Earnings Per Share (Rs.)		13.51	9.29	4.89

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	103.100	119.670	118.810
Total Expenditure	80.990	94.910	100.360
PBIDT (Excl OI)	22.110	24.760	18.450
Other Income	2.280	1.540	4.790
Operating Profit	24.390	26.300	23.240
Interest	5.230	5.070	6.620
Exceptional Items	0.000	0.000	0.000
PBDT	19.160	21.230	16.620
Depreciation	6.640	7.000	7.040
Profit Before Tax	12.520	14.230	9.570
Tax	4.160	4.730	3.180
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	8.360	9.500	6.390
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	8.360	9.500	6.390

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.63	8.53	6.64
Net Profit Margin (PBT/Sales)	(%)	11.54	10.39	10.46
Return on Total Assets (PBT/Total Assets}	(%)	11.69	9.12	12.52
Return on Investment (ROI) (PBT/Networth)		0.27	0.24	0.19
Debt Equity Ratio (Total Liability/Networth)		1.52	1.74	1.15
Current Ratio (Current Asset/Current Liability)		3.49	2.51	2.19

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS AND FUTURE OUT LOOK

The Turnover of the company has increased by 28.37 % and profit before tax increased by 42.63% in comparison to previous year.

Turnover of the Company was increased mainly due to execution of Material handling work and Full Year working of EOU unit.

FINANCE

The Company has taken Loan of Rs. 17.950 Millions and 4.162 Millions from Systamatix Securities Limited, Tata Capital Limited and ICICI Bank Limited respectively during the year. Company is regular in paymentof Installment and Interest on Loan Taken earlier from State bank of Bikaner and Jaipur, HDFC Bank Limited, Tata Capital Limited, and ICICI Bank Limited.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF : (Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Guarantee Furnished to Banks and Govt. Dept. including in respect of letter of credit.	14.128	30.488
Differential amount of Excise duty in respect of equipment purchased under EPCG scheme and interest thereon	Nil	3.217
Excise and Custom Duty Foregone Against Bond	26.297	13.608
Excise and Custom Duty Foregone Under 100% EOU Svheme	9.394	11.283

The Company has not generally called for balance confirmations of Creditors, Debtors, Loans, Advances and Deposits. The Management has however scrutinised the accounts and confirm that these are current and are payable/recoverable.

FORM 8:

Corporate identity number of the company	L14101RJ1994PLC008930
Name of the company	INANI MARBLES AND INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	F-17&58, RIICO Industrial Area, Chittorgarh - 312001, Rajasthan, India inani@sancharnet.in
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India sunil.kirplani@icicibank.com
Nature of description of the instrument creating or modifying the charge	Unattsted deed of hypothecation (borrower)
Date of instrument Creating the charge	25/11/2011
Amount secured by the charge	Rs.4.185 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Rate of interest @ 9.87% p.a. Terms of Repayment Repayable in 35 Emi of Rs.1,38,100/- Each. Margin Nil Extent and Operation of the charge Against Doosan Excavator S-225LC-7
Short particulars of the property charged	Doosan Excavator S-225LC-7

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Other equipment

· Vehicles

· Furniture and Fixture

WEBSITE DETAILS:

PROFILE:

Subject is established in 1984 has witnessed a tremendous growth in volume and variety. Started in a small way, today Inani owns a large factory at Chittorgarh, Rajasthan, with a huge capacity and state of the art technology for Marble processing, capturing a large segment of the Marble market of India. To its credential Inani Marbles is one of the largest prouder of Green, White and Pink Marble slabs, Blocks and Tiles in India. Joint efforts of Inani Family and Capt. S. K.Inani, who is the Managing Director whose vision and adoption of latest technology, have driven the group where it stands today.

· Inani Marbles and Industries Limited

· Inani Marbles Private Limited

· Inani Marmo and Granite Private Limited

· Inani Tiles Private Limited

· Action Marbles and Granites Private Limited

· Inani Marbles International

· Inani Marbles and Granites Tradi, Sharjah.

The group has mechanized quarries of:

· Dark Green at Kesariyaji, Udaipur

· Red Coral, Fantasy Brown, Raymond Silver at Paloda

· White at Banswara

· Panther White at Daroli

· White at Rajsamand

Right from the commencement of its activities, Inani Marbles has been a reliable natural stone source filling the needs of architects, designers, contractors and builders. Today Organization is proud of its tradition and its commitment to quality and service in the stone industry. This strategy has helped the company in registering a steep growth in both volume and its varieties.

Inani Marble's plants are well equipped with modern gang saws (Five in a single row), slab polisher, tiling plant and heavy lifting equipment which offers the finest quality marble directly from their sources. Standard sizes and finishes are nearly always in stock, ready for delivery. With its specialization and volume production, the company generates efficiencies which translates into cost effective services for its clients aiming at prompt delivery, consistent quality and responsive client service.

The company has organized all trades and export services with the utmost efficiency, the success of which is demonstrated by a long list of satisfied and highly valued customers.

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.50.59
UK Pound	1	Rs.80.34
Euro	1	Rs.67.14

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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

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

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

RATING EXPLANATIONS

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

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