1. Summary Information

		Country	India
Company Name	INDO THAI FLEXIBLE TUBES LIMITED	Principal Name 1	Champalal Choudhary
Status	Moderate	Principal Name 2	Mr. Pawan Kumar Ganeriwala
		Registration #	21-074872
Street Address	1, KYD Street, 17 B, Palace Court, Kolkata -700016, West Bengal
Established Date	16.10.1995	SIC Code	--
Telephone#	91-33-22295099	Business Style 1	Manufacturer
Fax #	91-33-22498942	Business Style 2	Exporter
Homepage	http://www.indothai.org.in	Product Name 1	Hose
# of employees	Not Available	Product Name 2	Hose Assemblies
Paid up capital	Rs.37,206,100/-	Product Name 3	Flanges
Shareholders	Bodies corporate - 89.39% Directors or relatives of directors – 10.61%	Banking	UCO Bank
Public Limited Corp.	No	Business Period	17 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (29)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	174,264,000	Current Liabilities	51,718,000
Inventories	213,595,000	Long-term Liabilities	238,505,000
Fixed Assets	95,330,000	Other Liabilities	9,666,000
Deferred Assets	0,000	Total Liabilities	299,889,000
Invest& other Assets	0.000	Retained Earnings	131,594,000
		Net Worth	183,300,000
Total Assets	483,189,000	Total Liab. & Equity	483,189,000
Total Assets (Previous Year)	524,299,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	320,386,000	Net Profit	4,799,000
Sales(Previous yr)	517,429,000	Net Profit(Prev.yr)	6,185,000

MIRA INFORM REPORT

Report Date :

02.05.2012

IDENTIFICATION DETAILS

Name :	INDO THAI FLEXIBLE TUBES LIMITED
Registered Office :	1, KYD Street, 17 B, Palace Court, Kolkata -700016, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.10.1995
Com. Reg. No.:	21-074872
Capital Investment / Paid-up Capital :	Rs.37.206 Millions
CIN No.: [Company Identification No.]	U25191WB1995PLC074872
TAN No.: [Tax Deduction & Collection Account No.]	CAL101363F
PAN No.: [Permanent Account No.]	AAACI5374E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Hose and Hose Assemblies, Flanges / Fittings for Hoses and Hose Assemblies, Metallic Expansion Joints etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 730000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability appears to be low. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 :	1, KYD Street, 17 B, Palace Court, Kolkata -700016, West Bengal
Tel. No.:	91-33-22295099/22170035
Fax No.:	91-33-22498942
E-Mail :	tiflex@cal.vsnl.net.in ankitchoudhary@yahoo.co.uk
Website :	http://www.indothai.org.in
Area :	2600 sq. ft
Location :	Rented Commercial
Factory / Warehouse-1 :	J – 51, Howrah Industrial Estate, Batlikui, Howrah – 711402, West Bengal, India
Area :	15000 sq. ft.
Location :	Leased Industrial
Factory / Warehouse-2 :	Budged Trunk Road, Maheshtala, South 24 Parganas, West Bengal, India
Area :	25000 sq. ft.
Location :	Owned Industrial
Factory / Warehouse-3:	39/9, Makardaha Road, P. S. Bantra, District. Howrah, West Bengal, India

DIRECTORS

As on 30.09.2010

Name :

Champalal Choudhary

Designation :

Director

Address :

106, Girish Ghosh Road, Belurmath Howrah – 711202, West Bengal, India

Date of Birth/Age :

17.06.1937

Date of Appointment :

01.09.1999

DIN No.:

02668739

Name :

Mr. Pawan Kumar Ganeriwala

Designation :

Director

Address :

82, Sarat Bose Road, Samarpan, Kolkata – 700026, West Bengal, India

Date of Birth/Age :

24.02.1958

Date of Appointment :

25.09.2001

DIN No.:

00624435

Others 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	U51109WB1997PTC083778	RADHIKA DEALERS PRIVATE LIMITED	Director	03-08-99	03-08-99	-	Active	NO
2	U25191WB1995PLC074872	INDO THAI FLEXIBLE TUBES LIMITED	Director	25-09-01	25-09-01	-	Active	NO
3	U28910WB2007PTC115061	CORE COIL FOILS PRIVATE LIMITED	Director	09-04-07	09-04-07	-	Active	NO

Name :

Mr. Vineet Chowdhary

Designation :

Director

Address :

5, Madan Chatterjee Lane, 2^nd Floor, Kolkata – 700007, West Bengal

Date of Birth/Age :

04.05.1976

Date of Appointment :

25.02.2010

DIN No.:

00182931

Others 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	U51909WB1996PTC079206	REXTILE TRADERS PRIVATE LIMITED	Director	06-07-98	06-07-98	-	Active	NO
2	U51909WB1996PTC079213	NARIGATION ELECTRODE PRIVATE LIMITED	Director	23-03-04	23-03-04	19-01-12	Active	NO
3	U74140WB1994PLC062379	MORGAN ADVISORY SERVICES LIMITED	Director	01-04-05	01-04-05	19-01-12	Active	NO
4	U51109WB2005PTC102212	SATHI VINIMAY PRIVATE LIMITED	Director	03-06-05	03-06-05	13-04-12	Active	NO
5	U51109WB1996PTC079185	HANPOT TRADERS PRIVATE LIMITED	Director	25-05-06	25-05-06	22-06-07	Active	NO
6	U67120WB1995PTC075342	RISHIVANSH VINIYOG PRIVATE LIMITED	Director	28-01-07	28-01-07	18-07-08	Active	NO
7	U01132WB1997PTC085185	RAN INTERNATIONAL PRIVATE LIMITED	Director	28-01-07	28-01-07	17-07-08	Active	NO
8	U28999WB1999PTC090552	WILMAN ASSOCIATES (INDIA) PRIVATE LIMITED	Director	05-02-07	05-02-07	11-12-08	Active	NO
9	U51909MH2007PTC222299	JEALOUS VINCOM PRIVATE LIMITED	Director	05-03-07	05-03-07	05-01-09	Active	NO
10	U51909WB2007PTC113546	STYLISH VINCOM PRIVATE LIMITED	Director	05-03-07	05-03-07	-	Amalgamated	NO
11	U51109WB2007PTC120326	LUV KUSH VANIJYA PRIVATE LIMITED	Director	13-11-07	13-11-07	30-10-10	Active	NO
12	U51109WB1995PTC070888	PUSPAK SERVICES PRIVATE LIMITED	Director	13-03-08	13-03-08	12-12-08	Active	NO
13	U51909WB1990PTC048913	PARROT AGENCIES ANDCREDIT PRIVATE LIMITED	Director	17-04-08	17-04-08	27-05-08	Active	NO
14	U23100WB2008PTC126028	JUPITAR COKE AND ENERGY PRIVATE LIMITED	Director	27-06-08	27-06-08	28-12-09	Active	NO
15	U67100WB2008PTC126467	RIDHISIDHI FINANCIAL ADVISORY PRIVATE LIMITED	Director	02-07-08	02-07-08	07-12-11	Active	NO
16	U51109WB2005PTC102162	MORNING VINIMAY PRIVATE LIMITED	Director	20-01-09	20-01-09	-	Active	NO
17	U25191WB1994PTC063702	SHIVASTU METALLIC TUBES PRIVATE LIMITED	Director	01-12-09	01-12-09	01-03-10	Active	NO
18	U74120WB2009PTC138209	EASTERN NAVIGATION & LOGISTICS PRIVATE LIMITED	Director	18-12-09	18-12-09	-	Active	NO
19	U29309WB1994PLC063524	M R B FOILS LIMITED	Director	12-02-10	12-02-10	16-08-11	Active	NO
20	U25191WB1995PLC074872	INDO THAI FLEXIBLE TUBES LIMITED.	Director	25-02-10	25-02-10	-	Active	NO
21	U52100WB2010PTC153404	SUNBRIGHT COMMODITIES TRADE PRIVATE LIMITED	Director	24-09-10	24-09-10	-	Active	NO
22	U52390WB2010PTC153403	STARWINGS FASHION TRADING PRIVATE LIMITED	Director	24-09-10	24-09-10	-	Active	NO
23	U74999WB2011PTC164629	GRIHALAKSHMI SALES PRIVATE LIMITED	Director	07-07-11	07-07-11	-	Active	NO
24	U15143WB1944PLC024824	BRAHMAPUTRA MILLS LIMITED	Director	09-03-12	09-03-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Pawan Kr Ganeriwala	201110
Kusum Ganeriwala	41000
Champa Lal Choudhary	17000
Pista Devi Choudhary	35000
Suman Choudhary	25000
Radhika Dealers Private Limited, India	521700
Damodar Prasad Sutodia	52800
Gultamine Consultants Private Limited, India	10000
Izone Marketing Private Limited, India	20000
Kalani Financers Private Limited, India	22000
Mansa Dealers Private Limited, India	30000
Prasad Trading Company Private Limited, India	20000
Sanchi Traders Private Limited, India	40000
Century Commotrade Private Limited, India	100000
Ganpati Vincom Private Limited, India	40000
BNA Commerce Private Limited, India	10000
Angles Trading Private Limited, India	20000
Wattkins Commerce Private Limited, India	20000
Fedder Tie-up Private Limited, India	20000
Ranjit Distributors Private Limited, India	20000
Starshine Management Private Limited, India	70000
Mahak Tracon Private Limited, India	30000
Neogrowth Vyapaar Private Limited, India	70000
Shoka Tradelink Private Limited, India	30000
Dicord Commercial Private Limited, India	40000
Magnate Capital Marketing Limited	40000
Darkin Distributors Private Limited, India	40000
Diwakar Marketing Private Limited, India	120000
Blue Stone Readymade G. Private Limited, India	60000
Gauravrose Realestate Private Limited, India	50000
Scionara Finvest Private Limited, India	80000
K. B. Combines Private Limited, India	115000
Bigot Suppliers Private Limited, India	50000
Orbital Contractors and Finance Private Limited, India	50000
Best Commodities Private Limited, India	60000
Satbichar Commercial Private Limited, India	280000
BM Graphics Private Limited, India	200000
Girdhar Syntex Private Limited, India	320000
Mephisto Traders Private Limited, India	100000
EPS Financial Services Private Limited, India	90000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	89.39
Directors or relatives of directors	10.61
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Hose and Hose Assemblies, Flanges / Fittings for Hoses and Hose Assemblies, Metallic Expansion Joints etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• UCO Bank, Flagship House No.3, Netaji Subhas Road, Kolkata – 700001, West Bengal, India
• Canara Bank

Facilities :

SECURED LOAN	AS ON 31.03.2010 (Rs. In millions)	AS ON 31.03.2009 (Rs. In millions)
Term Loan from UCO Bank	52.456	56.864
UCO Bank (CC A/C)	53.138	71.917
Canara Bank CC A/C	30.987	26.197
Canara Bank PC A/C	10.261	14.194
UCO Bank PC A/C	0.000	9.159
UCO Bank TI(CC and TL)	0.000	10.973
UCO Bank FITL	5.254	0.000
UCO Bank WCTL	40.990	0.000
TOTAL	193.086	189.304
UNSECURED LOAN	AS ON 31.03.2010 (Rs. In millions)	AS ON 31.03.2009 (Rs. In millions)
Unsecured Loan	45.419	47.100
TOTAL	45.419	47.100

Banking Relations :	--
Auditors :
Name :	NRV and Associates Chartered Accountants
Address :	4A, N. C. Dutta Sarani, 5^th Floor, Room No.502, Kolkata – 700001, West Bengal, India
PAN No.:	AAEFN0361P

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital : Rs.55.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.40.406 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3850000	Equity Shares	Rs.10/- each	Rs.38.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3720610	Equity Shares	Rs.10/- each	Rs.37.206 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		37.206	34.266	12.866
2] Share Application Money		14.500	29.800	10.600
3] Reserves & Surplus		131.594	124.319	33.888
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		183.300	188.385	57.354
LOAN FUNDS
1] Secured Loans		193.086	189.304	148.173
2] Unsecured Loans		45.419	47.100	47.735
TOTAL BORROWING		238.505	236.404	195.908
DEFERRED TAX LIABILITIES		7.075	0.000	0.000
TOTAL		428.880	424.789	253.262
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		95.330	100.158	102.120
Capital work-in-progress		0.000	0.000	2.445
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	2.208	3.562
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	213.595	272.636	112.157
	Sundry Debtors	155.932	102.464	84.829
	Cash & Bank Balances	5.771	7.255	3.631
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.561	39.574	15.692
Total Current Assets		387.859	421.929	216.309
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.835	48.073	33.352
	Other Current Liabilities	10.883	49.723	37.047
	Provisions	2.591	1.714	0.784
Total Current Liabilities		54.309	99.510	71.183
Net Current Assets		333.550	322.419	145.126
MISCELLANEOUS EXPENSES		0.000	0.004	0.009
TOTAL		428.880	424.789	253.262

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	320.386	517.429	273.246
		Other Income	0.283	0.633	0.090
		TOTAL (A)	320.669	518.062	273.336
Less	EXPENSES
		Cost of Goods sold	264.863	463.753	232.848
		Operating Expenses	3.034	2.037	2.141
		Administrative, Selling Expenses	12.350	18.079	7.465
		TOTAL (B)	280.247	483.869	242.454
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		40.422	34.193	30.882
Less	INTEREST (D)		29.592	21.968	19.725
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.830	12.225	11.157
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.152	5.109	4.829
	PROFIT BEFORE TAX (E-F) (G)		5.678	7.116	6.328
Less	TAX (H)		0.879	0.931	0.721
	PROFIT AFTER TAX (G-H) (I)		4.799	6.185	5.607
Less/ Add	Deferred Tax		(9.284)	(1.354)	0.579
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.354	0.523	(5.663)
	BALANCE CARRIED TO THE B/S		0.869	5.354	0.523
	Earnings Per Share (Rs.)		1.29	1.80	N.A.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.50	1.19	2.05
Net Profit Margin (PBT/Sales)	(%)	1.77	1.38	2.32
Return on Total Assets (PBT/Total Assets}	(%)	1.18	1.36	1.99
Return on Investment (ROI) (PBT/Networth)		0.03	0.04	0.11
Debt Equity Ratio (Total Liability/Networth)		1.60	1.78	4.66
Current Ratio (Current Asset/Current Liability)		7.14	4.24	3.04

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. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	Yes
8. No. of Employees	No
9. Name of person contacted	No
10. Designation of contact person	No
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	--
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	No
18. Major customers	No
19. Payments terms	No
20. Export / Import details	No
21. Market information	--
22. Litigations that the firm / promoter involved	--
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	No
30. Major Shareholders, if available	Yes

WORKING RESULTS:

The working results for the year ended 31^st March, 2010 shows Net Profit of Rs.4.799 millions against Profit of Rs.6.185 millions after tax for last year and a net debit balance of Rs.0.870 million is carried to the Balance Sheet.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90246183
Corporate identity number of the company	U25191WB1995PLC074872
Name of the company	INDO THAI FLEXIBLE TUBES LTD.
Address of the registered office or of the principal place of business in India of the company	1, KYD Street,17B, Palace Court, Kolkata – 700016, West Bengal, India
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others (Movable Plant and Machinery etc.)
Particular of charge holder	UCO Bank, Flagship Corporate Branch, McLeod House, 3, Netaji Subhas Road, Kolkata – 700001, West Bengal, India Email: bo.ifbcal@ucobank.co.in
Nature of description of the instrument creating or modifying the charge	(1) Deed of hypothecation of goods. (2) Deed of hypothecation of books debts. (3) Agreement for extension of charge by way of hypothecation over current assets to secure non-fund based facilities. (4) Deed of hypothecation of movable plant and machinery. (5) Agreement - FBP and Packing Credit. (6) Letter confirming extension of equitable mortgage by deposit of title deeds.
Date of instrument Creating the charge	28.09.2011
Amount secured by the charge	Rs.200.789 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: CC: UCO Bank, Base Rate (10.75%) + 5.00% i.e. 15.75% p.a. WCTL & FITL: Base Rate + 5.50% i.e. 16.25% p.a. with monthly rests subject to change by the bank/RBI from time to time. Terms of Repayment: Cash Credit/EPC/FBP/FBD: Repayable on Demand. WCTL: 24 equal monthly instalments of Rs.1.875 millions each commencing from October 2009. FITL: To be repaid in 23 equal monthly instalments of Rs.0.250 million and 24^th instalments of Rs.0.050 million commencing from October 2009. Margin: Cash Credit: 25% on stocks and 40% on bad debts. Export Packing Credit : 10% Extent and Operation of the charge: Cash Credit/EPC/FBP/FBD, L/C and B/G: First charge over currents assets (ranking pari passu with Canara Bank) 2^nd pari passu charge over fixed assets both over movable and immovable of the company . WCTL and FITL: 2^nd charge over currents assets and 1^st charge over fixed assets both over movable and immovable of the company Others: The Hypothecated and Mortgaged assets shall be insured against loss or damage under bank clause.
Short particulars of the property charged	(i) Hypothecation of stocks of raw materials, work in process, finished goods etc and other movables which now or hereafter from time to time stored or to be stored at the borrowers premises/godowns/factories situated at J - 51, Baltikuri Industrial Estate, Howrah, West Bengal and at Maheshtola, District 24 PGS(S), West Bengal and at 39/9, Makardaha Road, P.S.Bantra, District. Howrah, West Bengal or whichever is less. (ii) Hypothecation of all present and future debts, outstanding moneys, receivables, claims etc of the borrower. (iii) Hypothecation of all plant and machinery, equipments, tools and accessories etc. and other movable fixed assets installed or to be installed at the borrowers said factory premises at Howrah and 24 Parganas, West Bengal. (iv) Equitable mortgage of all that piece and parcel of leasehold land admeasuring 11997 sq. ft. together with J type sheds, structures, errection etc. situated at J – 51, Bultikuri Industrial Estate, Mauza - Baltikuri, District, . Howrah, West Bengal. (v) Equitable mortgage of all that piece and parcel of land containing an area of 41.50 acres be the same a little more or less situate lying at Mauza Maheshtolla, West Bengal. under Khatian nos, 722, 883, 415 and 524, DAG NO. 432, 433 and 434 together with all building, structures, sheds etc. constructed or to be constructed thereon. (vi) Equitable mortgage of all that piece and parcel of leasehold land admeasuring more or less 2 cottahs 2 chittacks 30 sq. ft. lying and situate at Holding No.39/9, Makardaha Road, P.S. Bantra, District, Howrah, West Bengal together with buildings, structures constructed or to be constructed thereon.
Date of latest modification prior to the present modification	09.10.2010
Particulars of the present modification	The overall working capital limit has been enhanced from Rs.130.630 millions to Rs.200.789 millions comprising of Cash Credit/EPC/FBP/FBD: Rs.109.600 millions, EPC (Special) Rs.20.000 millions. WCTL (Rundown) Rs.12.178 millions, FITL (Rundown) Rs.1.411 millions and Letter of Credit: Rs.57.600 millions. All other terms, conditions and properties charged and mortgaged as security remain unaltered.

FIXED ASSETS

· Plant and Machinery

· Air Conditioner

· Motor Vehicle

· Electronic Typewriter

· Furniture and Fixture

· Fax Machine

· E.P.B.X

· Computers and UPS

· Mobile Phone

· Testing Equipment

· Xerox Machine

· Patent and Drawing

· Land

· Tools and Tracles

· Shed and Building

· Electrical Installation

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.52.52
UK Pound	1	Rs.85.49
Euro	1	Rs.69.61

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.