MIRA INFORM REPORT

Report Date :

07.05.2012

IDENTIFICATION DETAILS

Name :	MINDA INVESTMENTS LIMITED (w.e.f. 22.09.2004)
Formerly Known As :	LATTU FINANCE AND INVESTMENTS LIMITED (w.e.f. 12.11.2001) LATTU FINANCE AND INVESTMENTS PRIVATE LIMITED
Registered Office :	B-64/1, Wazipur Indl Area, New Delhi – 110052
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.12.1994
Com. Reg. No.:	55-063761
Capital Investment / Paid-up Capital :	Rs. 51.423 Millions
CIN No.: [Company Identification No.]	U74899DL1994PLC063761
TAN No.: [Tax Deduction & Collection Account No.]	DELL02369D
PAN No.: [Permanent Account No.]	AAACL1433F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Investment Company
No. of Employees :	Not Available

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 1500000
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 regular 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 :	B-64/1, Wazipur Indl Area, New Delhi – 110052, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	arustagi@mindagroup.com

DIRECTORS

Name :

Mr. Anand Kumar Minda

Designation :

Director

Address :

8, Harsh Vihar, Pitam Pura, Delhi – 110034, India

Date of Birth/Age :

06.04.1952

Date of Appointment :

10.02.2004

DIN No.:

00007964

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	U70101DL1992PLC047656	DELHI SHELTERS LIMITED	Director	01-04-92	01-04-92	29-03-08	Active	NO
2	U65920DL1996PTC081214	AMV INVESTMENT AND FINANCIAL SERVICES PRIVATE LIMITED	Director	16-08-96	16-08-96	-	Amalgamated	NO
3	U51311DL1997PLC089363	ASM EXIM LIMITED.	Director	01-09-97	01-09-97	16-08-10	Active	NO
4	U29199DL1999PLC102387	MAA RUKMANI DEVI AUTO LIMITED	Director	11-11-99	11-11-99	-	Active	NO
5	U29111DL1999PLC102709	SHANKAR MOULDING LIMITED	Director	07-12-99	07-12-99	-	Active	NO
6	U31909DL2000PTC104378	ENERGY LIGHTINGS PRIVATE LIMITED.	Director	13-03-00	13-03-00	-	Amalgamated	NO
7	U74899DL1995PTC073692	MINDARIKA PRIVATE LIMITED	Director	01-01-03	01-01-03	-	Active	NO
8	U74899DL1994PLC063761	MINDA INVESTMENTS LIMITED	Director	01-05-08	10-02-04	-	Active	NO
9	U74899DL1985PTC020507	SWITCH AUTO PRIVATE LIMITED	Director	12-09-05	12-09-05	-	Amalgamated	NO
10	U34300DL2004PLC127424	MINDA FIAMM ACOUSTIC LIMITED	Alternate director	24-06-08	10-03-06	19-11-08	Amalgamated	NO
11	U70109DL2006PTC149378	SHREEAUMJI CONSTRUCTIONS PRIVATE LIMITED	Director	01-06-06	01-06-06	-	Active	NO
12	U70109DL2006PTC149379	SHREEAUMJI PROMOTERS AND BUILDERS PRIVATE LIMITED	Director	01-06-06	01-06-06	-	Active	NO
13	U70109DL2006PTC150430	SHREEAUMJI ESTATE DEVELOPERS PRIVATE LIMITED	Director	30-06-06	30-06-06	-	Active	NO
14	U70109DL2006PTC150429	SHREEAUMJI HABITATION PRIVATE LIMITED	Director	30-06-06	30-06-06	-	Active	NO
15	U70101DL2004PTC127204	CALIBRE BUILDWELL PRIVATE LIMITED	Director	17-08-07	28-09-06	-	Active	NO
16	U45201DL2004PTC127039	AKSHAY BUILDWELL PRIVATE LIMITED	Director	17-08-07	28-09-06	-	Active	NO
17	U45200DL2006PTC155326	UNIQUE TECHNOPARKS PRIVATE LIMITED	Director	08-11-06	08-11-06	-	Active	NO
18	U45200DL2006PTC155342	SPECTRUM TECHNOCONSTRUCTIONS PRIVATE LIMITED	Director	09-11-06	09-11-06	-	Active	NO
19	U45200DL2006PTC155883	MIDWAY INFRASTRUCTURE PRIVATE LIMITED	Director	23-11-06	23-11-06	-	Active	NO
20	U45201DL2006PTC144716	SHREEAUMJI BUILDWELL PRIVATE LIMITED	Director	29-11-06	29-11-06	-	Active	NO
21	U45200DL2007PTC160632	SHILPALAYA CONSTRUCTIONS PRIVATE LIMITED	Director	16-03-07	16-03-07	-	Active	NO
22	U45200DL2007PTC160629	PAMPOSH TOWN PLANNERS PRIVATE LIMITED	Director	16-03-07	16-03-07	-	Active	NO
23	U45200DL2007PTC160630	AVANTIKA CONSTRUCTION COMPANY PRIVATE LIMITED	Director	16-03-07	16-03-07	-	Active	NO
24	U45200DL2007PTC160649	MULTIVISION CONSTRUCTIONS PRIVATE LIMITED	Director	16-03-07	16-03-07	30-06-08	Active	NO
25	U45200DL2007PTC162075	GREEN LAND TECHNOBUILDERS PRIVATE LIMITED	Director	16-04-07	16-04-07	-	Active	NO
26	U51909DL1985PLC021049	MINDA AUTOMOTIVE SOLUTIONS LIMITED	Director	07-07-07	02-06-07	15-01-09	Active	NO
27	U23201DL2001PLC111781	MINDA AUTOGAS Limited	Director	18-08-08	17-12-07	-	Amalgamated	NO
28	U34300DL2004PLC127423	MINDA ACOUSTIC LIMITED	Alternate director	24-06-08	24-06-08	19-11-08	Amalgamated	NO
29	U74300DL1996PLC083437	MINDA PROJECTS LIMITED	Director	30-09-09	15-09-08	-	Active	NO
30	U45400DL2008PLC185619	Minda Realty and Infrastructure Limited	Director	09-06-10	10-12-08	-	Active	NO
31	U74900DL2009PLC186740	MINDA MINDPRO LIMITED	Director	16-01-09	16-01-09	-	Active	NO
32	L67120DL1985PLC021349	MINDA FINANCE LIMITED	Director	14-07-10	20-05-10	-	Active	NO
33	U31900DL2011PLC217478	Minda NexGenTech Limited	Director	13-04-11	13-04-11	-	Active	NO
34	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director	11-08-11	14-04-11	-	Active	NO
35	U35122DL2011PLC223819	MINDA KYORAKU LIMITED	Director	17-08-11	17-08-11	-	Active	NO
36	U35900DL2011PLC228383	Minda Batteries Limited	Director	07-12-11	07-12-11	-	Active	NO

Name :

Mr. Shyam Sunder Wadhwa

Designation :

Director

Address :

C – 502, Millaneum Apartments Sector – 18, Rohini, Delhi – 110088, India

Date of Birth/Age :

28.04.1969

Date of Appointment :

20.08.2002

DIN No.:

00012340

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	U74899DL1994PLC063761	MINDA INVESTMENTS LIMITED	Director	20-08-02	20-08-02	-	Active	NO
2	U74899DL1994PLC057330	PIONEER FINEST LIMITED	Director	10-11-04	10-11-04	-	Active	NO
3	U74300DL1996PLC083437	MINDA PROJECTS LIMITED	Director	28-07-08	11-02-08	-	Active	NO
4	U67120DL1994PLC234444	BHAIRAV TRADELINK LIMITED	Director	03-09-09	29-05-09	-	Active	NO
5	U01400WB1987PLC076518	SHEETAL FARMS LIMITED	Director	29-08-09	10-08-09	-	Active	NO
6	U34300DL2011PLC227272	MINDA DISTRIBUTION AND SERVICES LIMITED	Additional director	12-12-11	12-12-11	26-03-12	Active	NO

Name :

Mr. Ishwar Chand Sharma

Designation :

Director

Address :

15, Gopal Park, Delhi – 110051, India

Date of Birth/Age :

05.12.1949

Date of Appointment :

01.12.2009

DIN No.:

00195840

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	U31300DL1996PTC083838	SM TRANSMISSION PRODUCTS PRIVATE LIMITED	Director	12-11-04	12-11-04	-	Amalgamated	NO
2	U65993DL2003PLC123784	SINGHAL FINCAP LIMITED	Director	01-12-04	01-12-04	-	Active	NO
3	U74899DL1994PLC063761	MINDA INVESTMENTS LIMITED	Director	20-09-10	01-12-09	-	Active	NO

Name :

Mr. Narendra Singh

Designation :

Director

Address :

H. No. 9, Police Line, Gurgaon Haryana – 122004, India

Date of Birth/Age :

06.06.1965

Date of Appointment :

21.01.2010

DIN No.:

03017697

KEY EXECUTIVES

Name :	Mr. Anil Rustagi
Designation :	Secretary
Address :	A – 426 Padav Nagar, New Delhi – 110008, India
Date of Birth/Age :	25.08.1965
Date of Appointment :	01.07.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Suman Minda	488390
Nirmal Minda	342500
N.K. Minda (HUF)	402950
Shyam Sunder Wadhwa	10
Amit Agarwal	10
Maa Vaishno Devi Endowment, India	369000
Pramod Kumar Garg	5790
Palak Minda	291500
M.G. Portfolio Limited, India	419600
Singal Fincap Limited, India	483000
Minda Projects Limited, India	481000
Pioneer Finest Limited, India	465500
Bhairav Tradelinks Limited, India	480000
Sheetal Farms Limited, India	495000
Shivmani barter Private Limited, India	420000
Total	5144250

List of Allottee as on 31.01.2012

Names of Allottee	No. of Shares
Bar Investment and Finance Private Limited, India	200000

List of Allottee as on 05.01.2012

Names of Allottee	No. of Shares
Nirmal Kumar Minda	600000
Bar Investment and Finance Private Limited, India	250000
Puneet Kishan Jakhodia	13230
Kishan Jakhodia	21720
Bina Devi	35160
Bhairav Trade Link Limited, India	80000
Sheetal Farms Limited, India	80000
SBR Auto Components Limited, India	251000
Suman Minda	300000
Eden Motors Limited, India	270000
Shivmani Barter Private Limited, India	250000
Total	2151110

List of Allottee as on 04.02.2012

Names of Allottee	No. of Shares
Bar Investment and Finance Private Limited, India	150000

List of Allottee as on 09.02.2012

Names of Allottee	No. of Shares
Singhal Fincap Limited, India	25000
M.G. Portfolio Limited, India	25000
Total	50000

List of Allottee as on 10.02.2012

Names of Allottee	No. of Shares
Sheetal Farms Limited, India	50000
Pioneer Finest Limited, India	50000
Total	100000

List of Allottee as on 11.02.2012

Names of Allottee	No. of Shares
Singhal Fincap Limited, India	12500
M.G. Portfolio Limited, India	12500
Total	25000

List of Allottee as on 02.03.2012

Names of Allottee	No. of Shares
Bar Investment and Finance Private Limited, India	50000
Total	100000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	63.06
Other top fifty shareholders	36.94
Total	100.00

BUSINESS DETAILS

Line of Business :

Investment Company

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Kotak Mahindra Bank Limited, 15-16 Upper Ground Floor, Ambadeep Building,14, Kasturba Gandhi Marg, New Delhi – 110001, India

Facilities :

Secured Loan	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Term Loan:-
From Kotak Mahindra Bank Limited	66.267	94.667
Vehicle Loan:-
From Maruti Suzuki India Limited	0.000	0.097
Total	66.267	94.764
Notes: 1. Term Loan From Kotak Mahindra Bank Limited is Secured by way of exclusive charge on all existing and future assets/movable fixed assets and immovable property being land and building situated in and around Village Naharpur Kasam, Tehsil and District Gurgaon, Haryana, Further personally guaranteed by Mr. N.K. Minda. 2. Vehicle Loan secured by hypothecation of vehicle financed by it. 3. Term Loan/ Vehicle Loan payable within one year.
Unsecured Loan	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Companies	74.993	296.686
Total	74.993	296.686

Banking Relations :	--
Auditors :
Name :	R N Saraf and Company Chartered Accountants
Address :	2659/2 Gurdwara Road, Karol Bagh, New Delhi – 110005, India
Income-tax PAN of auditor or auditor's firm :	AATPS5918C
Tel. No.:	91-11- 28755210, 28752651
Associates :	· Deepak Manufacturing Limited · PT Minda Asean Automotives · Minda Accoustic Limited · Minda Automotives Limited · Suman Auto Parts Limited

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 222.954 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs. 10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5144250	Equity Shares	Rs. 10/- each	Rs. 51.443 Millions

Notes:

Above includes 1303760 Equity Shares of Rs.10 each fully paid up issued on 20.08.2002 for consideration other than cash to the shareholders of PJPS Finance and Investment Private Limited and Sopan Investment and Agro Farms Private Limited

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		51.443	51.443	44.393
2] Share Application Money		52.011	20.000	31.500
3] Reserves & Surplus		274.890	215.018	119.467
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		378.344	286.461	195.360
LOAN FUNDS
1] Secured Loans		66.266	94.763	123.229
2] Unsecured Loans		74.993	296.686	235.500
TOTAL BORROWING		141.259	391.449	358.729
DEFERRED TAX LIABILITIES		12.325	11.721	10.392
TOTAL		531.928	689.631	564.481
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		189.537	191.348	175.067
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		136.875	514.408	327.627
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	4.742	4.305	1.837
	Cash & Bank Balances	170.183	7.304	14.820
	Other Current Assets	0.000	0.000	0.577
	Loans & Advances	109.089	67.635	137.015
Total Current Assets		284.014	79.244	154.249
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.384	3.098	2.406
	Other Current Liabilities	50.685	71.145	72.890
	Provisions	25.468	21.204	17.283
Total Current Liabilities		78.537	95.447	92.579
Net Current Assets		205.477	(16.203)	61.670
MISCELLANEOUS EXPENSES		0.039	0.078	0.117
TOTAL		531.928	689.631	564.481

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Sale of trade securities	102.985	0.000	0.000
		Dividend form Long term investments	13.369	9.655	6.947
		Interest
		-On Loans	0.567	1.534	7.749
		-On Deposit with Bank	10.979	0.961	0.433
		-On Income Tax Refund	0.750	0.842	1.415
		Lease income	63.616	61.396	59.516
		Management fee	0.121	0.000	0.000
		Profit on Sale of Shares	57.971	22.389	0.000
		Foreign Exchange Fluctuation	0.000	1.701	0.000
		Other Income	3.508	2.716	0.000
		TOTAL (A)	253.866	101.194	76.060
Less	EXPENSES
		Purchase of Trade Securities	111.827	0.000	0.000
		Establishment and Administrative Expenses	19.108	13.984	11.908
		Preliminary Expenses	0.039	0.039	0.039
		TOTAL (B)	130.974	14.023	11.947
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		122.892	87.171	64.113
Less	FINANCIAL EXPENSES (D)		33.173	37.305	34.628
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		89.719	49.866	29.485
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.481	8.783	7.792
	PROFIT BEFORE TAX (E-F) (G)		80.238	41.083	21.693
Less	TAX (H)		20.366	8.982	11.271
	PROFIT AFTER TAX (G-H) (I)		59.872	32.101	10.422
Less	Statutory Reserve under RBI Act		12.000	6.421	2.085
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		103.085	77.405	69.068
	BALANCE CARRIED TO THE B/S		150.957	103.085	77.405
	EARNINGS IN FOREIGN CURRENCY
		-Interest	0.000	1.401	2.376
		-Dividend	8.578	5.345	0.000
	TOTAL EARNINGS		8.578	6.746	2.376
	Earnings Per Share (Rs.)		11.64	7.01	2.35

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	23.58	31.72	13.70
Net Profit Margin (PBT/Sales)	(%)	32.05	41.72	28.52
Return on Total Assets (PBT/Total Assets}	(%)	16.94	15.18	6.59
Return on Investment (ROI) (PBT/Networth)		0.21	0.14	0.11
Debt Equity Ratio (Total Liability/Networth)		0.58	1.70	2.31
Current Ratio (Current Asset/Current Liability)		3.62	0.83	1.67

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	No
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	Yes
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	No
27. Financials, if provided	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10111139
Corporate identity number of the company	U74899DL1994PLC063761
Name of the company	MINDA INVESTMENTS LIMITED
Address of the registered office or of the principal place of business in India of the company	B-64/1, Wazipur Indl Area, Delhi – 11005, India
Type of charge	Immovable property
Particular of charge holder	Kotak Mahindra Bank Limited, 15-16 Upper Ground Floor, Ambadeep Building, 14, Kasturba Gandhi Marg, New Delhi – 110001, India Email ID: vivek.saraogi@kotak.com
Nature of instrument creating charge	Memorandum of Constructive Delivery of the Title Deeds dated 20.12.2011
Date of instrument Creating the charge	20.12.2011
Amount secured by the charge	Rs. 260.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: As per Sanction Letter Terms of repayment: As per Sanction Letter Margin: As per Sanction Letter Extent and operation of the charge: Term Loan-I Facility of Rs. 150.000 Millions Term Loan-II Facility of Rs. 100.000 Millions Term Loan-III Facility of Rs. 10.000 Millions Aggregate amount secured Rs. 260.000 Millions
Short particulars of the property charged (Including location of the property)	All that Piece and Parcel of Industrial Land Bearing measuring 96 Kanal and 13 Marla and falling in Rectangle No. 35, Killa No. 10 (8-0); 11 (8-0); 12/1 (6-16); 19/2 (6-16); 20(8-0); 22/1 (6-16); and Rectangle No. 36, Killa No. 6 (1-13); 15 (6-12) , 15 (6-12), 25 (6-12) and Rectangle No. 38, Killa No. 5 (8-0) and Rectangle No. 39, Killa No. 1 (8-0) and 2/1 (6-16) situated in and around Village Nathupur Kasan, Tehsil and District Gurgaon, Haryana, Together with all Buildings, Structures, Installations, Fitments, Plant and Machinery, if any, Affixed to the Earth or Permanently Affixed to something attached to the Earth.
Date of instrument modifying the charge	16.07.2008
Particulars of the present modification	Term Loan Facility has been enhanced from Rs. 150.000 Millions to Rs. 260.000 Millions and secured by way of all that piece and parcel of Industrial Land bearing measuring 96 Kanal and 13 Marla, together with all Buildings, Structures, Installations, Fitments, Plant and Machinery, if any, affixed to the Earth or permanently affixed to something attached to the Earth.

REVIEW OF OPERATIONS:

During the year, the realization on account of Interest and other Income has been Rs. 253.866 millions as compared to Rs. 101.194 millions for the previous year and the company has earned Profit after Tax Rs. 59.872 millions as compared to Rs. 32.100 millions for the previous year

Fixed Assets:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Computer

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.65

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--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	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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.