MIRA INFORM REPORT

Report Date :

02.05.2012

IDENTIFICATION DETAILS

Name :	FLEMINGO DUTYFREE SHOP PRIVATE LIMITED
Registered Office :	No. D-73/1, TTC Industrial Area, MIDC Turbhe, Navi Mumbai - 400 705, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.03.2004
Com. Reg. No.:	11-144881
Capital Investment / Paid-up Capital :	Rs. 400.333 Millions
CIN No.: [Company Identification No.]	U74999MH2004PTC144881
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in setting up duty free shops at various airports in India and at such other places as the Government of India or any other appropriate authority may sanction.
No. of Employees :	350 (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 5400000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be 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 :	D-73/1 TTC Industrial Area, MIDC, Turbhe, Navi Mumbai- 400705, Maharashtra, India
Tel. No.:	91-22-27619126/27672719-20/66269999
Fax No.:	91-22-27630624/27672718
E-Mail :	sbhatjiwale@flemingo-intl.com vivek@flemingointl.com mumbaioffice@flemingo.intl.com
Branch office :	Located At: Ahmedabad Calicut Goa Kolkata Amirtsar Chennai Jaipur Lucknow Mangalore Trichy Chennai Sea Port Haldia Sea Port Pune Trivandrum Goa Sea Port Mangalore Sea Port Mumbai Sea Port Mundra Sea Port Vizag Sea Port

DIRECTORS

As on 30.09.2011

Name :

Mr. Rasiklala Rattilal Thakker

Designation :

Director

Address :

Villa No. 3, Alavi, Villas AL Rashid Road, Deira, Dubai, UAE

Date of Birth/Age :

13/03/1954

Date of Appointment :

05/03/2004

DIN No.:

00539051

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	U25209GJ1993PTC020444	ACCURA POLYTECH PRIVATE LIMITED	Director	18-10-93	18-10-93	-	Active	NO
2	U99999MH2003PTC157291	FLEMINGO (DFS) PRIVATE LIMITED	Director	05-03-04	05-03-04	-	Active	NO
3	U74999MH2004PTC144881	FLEMINGO DUTYFREE SHOP PRIVATE LIMITED	Director	05-03-04	05-03-04	-	Active	NO

Name :

Mr. Mahandra Kumar Parashothamdas Thakar

Designation :

Director

Address :

302 C, Ashirwi Building, Alwahdha Street, Sharjah, UAE

Date of Birth/Age :

20.02.1952

Date of Appointment :

05/03/2004

DIN No.:

00547983

Other Directorship:

o.	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	U74999MH2004PTC144881	FLEMINGO DUTYFREE SHOP PRIVATE LIMITED	Director	5/3/2004	5/3/2004	-	Active	NO
2	U99999MH2003PTC157291	FLEMINGO (DFS) PRIVATE LIMITED	Director	5/3/2004	5/3/2004	-	Active	NO

Name :

Mr. Viren Vini Ahuja

Designation :

Director

Address :

Bungalow No. 1, Neelkanth Theerth, Road No-6, Chembur, Mumbai, Maharashtra – 400088, India

Date of Birth/Age :

21/08/1964

Date of Appointment :

05/03/2004

DIN No.:

00016317

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	U27200MH1981PTC025625	CHISHTIYA CONTAINERS PRIVATE LIMITED	Director	13/11/1981	13/11/1981	-	Active	NO
2	U67120MH1992PTC067187	OLEANDER FARMS PRIVATE LIMITED	Director	10/6/1992	10/6/1992	-	Active	NO
3	U40100MH1996PLC096424	MSW POWER (INDIA) LIMITED	Director	19/01/1996	19/01/1996	14/10/2009	Active	NO
4	U40100MH1996PLC097035	BERMACO ENERGY SYSTEMS LIMITED	Additional director	4/10/2011	8/2/1996	-	Active	NO
5	U29120MH1974PLC017444	BERMACO INDUSTRIES LIMITED	Director	1/5/1998	1/5/1998	-	Active	NO
6	U45204TN1999PLC042436	KINGS INDIA POWER CORPORATION LIMITED	Director	27/09/2002	27/09/2002	-	Active	NO
7	U15127TN1989PTC017215	MEENAM INDIA (EXPORTS) PRIVATE LIMITED	Director	29/01/2003	29/01/2003	-	Active	NO
8	U99999MH2003PTC157291	FLEMINGO (DFS) PRIVATE LIMITED	Director	19/02/2003	19/02/2003	-	Active	NO
9	U70101PN1995PTC091575	AVINASH BHOSALE POWER PRIVATE LIMITED	Director	31/03/2003	31/03/2003	9/2/2009	Active	NO
10	U45200MH2003PTC142409	SMARNIYA PROPERTIES PRIVATE LIMITED	Director	29/09/2003	29/09/2003	-	Active	NO
11	U74999MH2004PTC144881	FLEMINGO DUTYFREE SHOP PRIVATE LIMITED	Director	5/3/2004	5/3/2004	-	Active	NO
12	U72900DL2004PTC148185	MATRIX ENERGY SOLUTIONS PRIVATE LIMITED (TRANSFERED FROM MAHARASHTRA)	Director	13/07/2005	13/07/2005	-	Active	NO
13	U40102MH2005PLC156127	BERMACO ENERGY LIMITED	Director	17/09/2005	17/09/2005	-	Active	NO
14	U72900KA2005PTC035807	APPLIED DIGITAL SIGNAL PROCESSING PRIVATE LIMITED	Director	3/11/2005	3/11/2005	24/05/2011	Active	NO
15	L15520TN1989PLC017034	KINGS INDIA CHEMICALS CORPORATION LIMITED	Director	27/08/2010	28/04/2006	-	Active	NO
16	U27205MH2006PTC165406	FLEMINGO JEWELLERY INDIA PRIVATE LIMITED	Director	7/11/2006	7/11/2006	-	Active	NO
17	U51101MH2007PTC171279	DUTYFREE DISTRIBUTION SERVICES PRIVATE LIMITED	Director	4/6/2007	4/6/2007	-	Active	NO
18	U15500TN2007PTC065023	GOLDEN VATS PRIVATE LIMITED	Director	11/10/2007	11/10/2007	5/9/2008	Active	NO
19	U52100MH2007PTC176164	FLEMINGO GOA RETAIL PRIVATE LIMITED	Director	26/11/2007	26/11/2007	-	Active	NO
20	U52100MH2008PTC180235	DOWNTOWN RETAIL PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
21	U40107MH2008PLC186623	PTC BERMACO GREEN ENERGY SYSTEMS LIMITED	Director	10/9/2008	10/9/2008	30/03/2010	Active	NO
22	U51410MH2007FTC176802	DFS INDIA PRIVATE LIMITED	Director	30/09/2009	6/2/2009	-	Active	NO
23	U74210MH1985PTC036214	MODERN HYDRAULIC AND INDUSTRIAL ENGINEERING PRIVATE LIMITED	Director	25/02/2009	25/02/2009	-	Active	NO
24	U45202MH2008PTC187273	VISUAL INFRA PROJECTS PRIVATE LIMITED	Director	24/04/2009	24/04/2009	-	Active	NO
25	U45202MH2008PTC187265	AIRSPACE INFRASTRUCTURE PRIVATE LIMITED	Director	24/04/2009	24/04/2009	-	Active	NO
26	U65990MH1995PTC088591	MILJUL INVESTRADE PRIVATE LIMITED	Director	21/09/2009	21/09/2009	-	Active	NO
27	U62200MH2009PTC195971	SPARES SUPPORT SOLUTIONS INDIA PRIVATE LIMITED	Director	23/09/2009	23/09/2009	21/12/2009	Active	NO
28	U45200MH2008PTC187270	GEO PROPERTIES PRIVATE LIMITED	Director	17/05/2010	17/05/2010	-	Active	NO
29	U45400MH2008PTC187242	RARE INFRA PROJECTS PRIVATE LIMITED	Director	24/06/2010	24/06/2010	-	Active	NO
30	U61100MH2008PTC187249	FLEMINGO LINERS PRIVATE LIMITED	Director	30/09/2011	23/02/2011	-	Active	NO
31	U93000MH2011PTC218702	SYDNEY FILMS PRIVATE LIMITED	Director	15/06/2011	15/06/2011	-	Active	NO

Name :

Mr. Atul Vini Ahuja

Designation :

Director

Address :

Gulmohar Lal J D Gupta Marg Deonar, Mumbai-400088, Maharashtra, India

Date of Birth/Age :

07/08/1962

Date of Appointment :

05/03/2004

DIN No.:

00015713

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	U74999MH2004PTC144881	FLEMINGO DUTYFREE SHOP PRIVATE LIMITED	Director	5/3/2004	5/3/2004	-	Active	NO
2	U99999MH2003PTC157291	FLEMINGO (DFS) PRIVATE LIMITED	Director	8/7/2004	8/7/2004	-	Active	NO
3	U27205MH2006PTC165406	FLEMINGO JEWELLERY INDIA PRIVATE LIMITED	Director	7/11/2006	7/11/2006	-	Active	NO
4	U52100MH2007PTC176164	FLEMINGO GOA RETAIL PRIVATE LIMITED	Director	26/11/2007	26/11/2007	-	Active	NO
5	U51101MH2007PTC171279	DUTYFREE DISTRIBUTION SERVICES PRIVATE LIMITED	Director	31/01/2008	31/01/2008	-	Active	NO
6	U52100MH2008PTC180235	DOWNTOWN RETAIL PRIVATE LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
7	U51410MH2007FTC176802	DFS INDIA PRIVATE LIMITED	Director	30/09/2009	6/2/2009	-	Active	NO
8	U62200MH2009PTC195971	SPARES SUPPORT SOLUTIONS INDIA PRIVATE LIMITED	Director	23/09/2009	23/09/2009	-	Active	NO
9	U45202MH2008PTC187265	AIRSPACE INFRASTRUCTURE PRIVATE LIMITED	Additional director	19/12/2009	19/12/2009	-	Active	NO
10	U61100MH2008PTC187249	FLEMINGO LINERS PRIVATE LIMITED	Director	30/09/2011	23/02/2011	-	Active	NO

Name :

Mr. Sumeet Chandra Narang

Designation :

Director

Address :

M-11, Hari Nagar, Mayapuri, New Delhi-110064, Uttar Pradesh, India

Date of Birth/Age :

11.01.1976

Date of Appointment :

07.08.2008

DIN No.:

01874599

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	U99999MH1995PLC087498	SHAREKHAN LIMITED	Director	12/9/2007	17/08/2007	-	Active	NO
2	U63000MH2005PTC156922	HUMAN VALUE DEVELOPERS PRIVATE LIMITED	Director	24/09/2008	17/08/2007	-	Active	NO
3	U72200MH2000PLC126357	TVC SKY SHOP LIMITED	Nominee director	29/10/2007	29/10/2007	29/09/2008	Active	NO
4	U74140DL2006PTC156551	SAMARA INDIA ADVISORS PRIVATE LIMITED	Director	25/05/2010	3/1/2008	-	Active	NO
5	L23200GJ1992PLC017254	ASIAN OILFIELD SERVICES LIMITED	Nominee director	30/01/2008	30/01/2008	-	Active	NO
6	U52311DL2004PTC127661	GUARDIAN NUTRITION AND HEALTH SUPPLEMENTS PRIVATE LIMITED	Alternate director	2/8/2008	2/8/2008	-	Active	NO
7	U74999MH2004PTC144881	FLEMINGO DUTYFREE SHOP PRIVATE LIMITED	Director	24/09/2008	7/8/2008	-	Active	NO
8	U99999MH2003PTC157291	FLEMINGO (DFS) PRIVATE LIMITED	Director	24/09/2008	7/8/2008	-	Active	NO
9	U93000MH2009PTC195573	STEINBERG INDIA ADVISORS PRIVATE LIMITED	Director	8/9/2009	8/9/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders (Equity Shares)	No. of Shares
Viren Vini Ahuja	8187
Atul Vini Ahuja	8187
Flemingo International Limited, UAE	15000
Symbolic Infra Projects Private Limited, India	642
Site Infra Projects Private Limited, India	1284
Total	33300

Names of Shareholders (Preference Shares)	No. of Shares
Walker Investment, Mauritius	4000000
Total	4000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	45.04
Bodies corporate	5.79
Directors or relatives of Directors	49.17
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in setting up duty free shops at various airports in India and at such other places as the Government of India or any other appropriate authority may sanction.

GENERAL INFORMATION

No. of Employees :

350 (Approximately)

Bankers :

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

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans banks secured	562.977	50.271
Total	562.977	50.271
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans banks unsecured	0.000	250.668
Working capital loans others unsecured	137.391	89.655
Loans taken for vehicles unsecured	12.398	6.705
Total	149.789	347.028

Banking Relations :	--
Auditors :
Name :	Uberoi Sood and Kapoor Chartered Accountants
Address :	606, Vishal Bhavan, 95-Nehru Place, New Delhi-110019, India
PAN.:	AAASU1674L
Holding Company:	Flemingo International, Dubai
Subsidiaries :	Flemingo Jewellery India Private Limited Bermaco Energy Private Limited Bermaco Industies Limited Bermaco Petrolium Industries Smareniya Properties Oleander Farm Private Limited Chithiya Containers Private Limited Down Town Retail Private Limited Flemingo DFS Private Limited (CIN: U99999MH2003PTC157291) Venus Designs

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
4000000	Preference Shares	Rs.100/- each	Rs. 400.000
	Total		Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33300	Equity Shares	Rs.10/- each	Rs. 0.333 Million
4000000	Preference Shares	Rs.100/- each	Rs. 400.000 Millions
	Total		Rs. 400.333 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		400.333	400.250	400.254
2] Share Application Money		0.000	0.004	74.500
3] Reserves & Surplus		951.910	539.329	460.107
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1352.243	939.583	934.861
LOAN FUNDS
1] Secured Loans		562.977	50.271	0.000
2] Unsecured Loans		149.789	347.028	20.490
TOTAL BORROWING		712.766	397.299	20.490
DEFERRED TAX LIABILITIES		7.115	5.972	4.456
TOTAL		2072.124	1342.854	959.807
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		151.206	79.235	77.864
Capital work-in-progress		2.108	3.169	0.000
INVESTMENT		1546.436	19.364	9.364
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	444.849	390.838	485.318
	Sundry Debtors	17.597	299.119	119.671
	Cash & Bank Balances	288.013	239.507	222.237
	Other Current Assets	0.000	0.000	6.337
	Loans & Advances	246.665	620.363	455.108
Total Current Assets		997.124	1549.827	1288.671
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	513.982	123.806	14.398
	Other Current Liabilities	79.404	156.865	124.027
	Provisions	31.364	28.070	277.667
Total Current Liabilities		624.750	308.741	416.092
Net Current Assets		372.374	1241.086	872.579
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2072.124	1342.854	959.807

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES		1578.330	1385.564	1401.628
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		274.388	137.490	209.579
Less/ Add	DEPRECIATION/ AMORTISATION		14.919	11.083	9.271
	PROFIT BEFORE TAX		259.469	126.407	200.308
Less	TAX		54.305	47.184	76.038
	PROFIT AFTER TAX		205.164	79.223	124.270
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		535.269	456.046	331.776
	BALANCE CARRIED TO THE B/S		740.433	535.269	456.046
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	1325.958	1342.467
	IMPORTS
		Raw Materials	NA	355.167	579.743
	Earnings Per Share (Rs.)		47.34	3169.00	4971.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	16.43	9.12	14.29
Return on Total Assets (PBT/Total Assets}	(%)	26.07	8.15	15.54
Return on Investment (ROI) (PBT/Networth)		0.19	0.08	0.15
Debt Equity Ratio (Total Liability/Networth)		0.46	0.32	0.44
Current Ratio (Current Asset/Current Liability)		1.59	5.01	3.09

LOCAL AGENCY FURTHER INFORMATION

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	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)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

PERFORMANCE

The Sales during the year is Rs.1578.330 Millions as against Rs.1385.564 Millions in the previous year. The Company during the year earned profit after tax of Rs.205.163 Millions as against Rs.79.222 Millions in the previous year.

CONTINGENT LIABILITY (31.03.2011)

Bank Guarantees issued by the bank on behalf of the company in normal course of business Rs.923.771 Millions (Previous Year Rs.498.849 Millions)

Double Duty Bond aggregating to Rs. 459.400 Millions (Previous Year Rs.459.400 Millions) in favour of the Customs departmentfor obtaining the warehouse licence forduty free business at Airports of Pune,Goa, Ahmedabad , Kolkata, Mangalore, Paradip, Calicut, Trichy, Mundra , Mumbai Portand Chennai.

Commercial Tax Officer, Chennai videnotice dated 05.07.2005 has issued a Pre-assessment notice proposing to charge Tamilnadu General Sales Tax amounting to Rs. 20.080 Millions and surcharge of Rs.1.004 Millions and penalty of Rs. 31.626 Millions. The Company had filed a Writ Petition against the notice with the High Court of Tamilnadu. The argument washeard by the Honourable High Court and pending for the final decision.

Commissioner of Customs, Marmagoa , Goavide letter dated F.NO S/14-08/08-B had Claimeda sum of Rs. 96,66,209/-together with interest on non-duty paid warehouse goods valued at Rs. 6.297 Millions for the period 2007-2008. The company has gone in appeal against this order andthe matter is pending before Joint Commissioner of Central Excise and Custom Goa, Marmagoa. A sum ofRs.3.000 Millions has been deposited under protest.

An additional amount of Euro Rs. 5.000 Millions is payable to the transferors of the Rs. 0.255 Million Fully Paid up Equity shares of TL 1each of Turkish Subsidiary company 'Iris Ekspree Gumruksuz Satis Magazalari Ticaret A.S.', is payable upon certain pending litigation against the company being settled in favour of the company. Equity shares of Rs. 0.130 Million out of the Rs. 0.255 Million Equity shares are pledged with the Transferors of the Equity shares as security.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74999MH2004PTC144881
Name of the company	FLEMINGO DUTYFREE SHOP PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D-73/1 TTC Industrial Area, MIDC, Turbhe, Navi Mumbai, Maharashtra- 400705, India Email: vivek@flemingointl.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai- 400018, Maharashtra, India Email: shareholders@yesbank.in
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	29.10.2011
Amount secured by the charge	Rs. 100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest LC:1% p.a. (all inclusive) payable annually in advance BC: 2%p.a. payable upfront BG: 9% p.a. (all inclusive) payable Upfront Cash Credit- YBL Base rate + 4% Terms of Repayment LC-Usance: Usance: 3 months, Validity: 3 months LC-Sight: Validity: 6 months BC: Tenor:Door to Door maturity for LoU for Buyers Credit not to exceed 12 months. BG-Performance/Financial: Tenor: 60 months CC: Tenor: 12 months WCDL: Tenor: 180 days Margin 25% on (Book debts < 90 days + stocks - creditors) Extent and Operation of the charge Extent and operation of the charge First Pari Passu Charge of Entire Current Assets And Movable Fixed Assets of The Borrower
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Pari Passu Charge Of Entire Current Assets And Movable Fixed Assets of The Borrower

FIXED ASSETS:

Ø Furniture and Fixture

Ø Air conditioner

Ø Computer

Ø Bar code scanner and printer

Ø Fire Extinguisher

Ø Mobile Phone

Ø Vehicles

Ø Fax Machines

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.52.93
UK Pound	1	Rs.85.85
Euro	1	Rs.69.94

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	NO
--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	-

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