MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	GOYAL FASHIONS PRIVATE LIMITED	Principal Name 1	Mr. Mukund Goyal
Status	Satisfactory	Principal Name 2	Mr. Sanjay Goyal
		Registration #	17-018803
Street Address	Goyal House, 24, Ajmer Road, Jaipur – 302006, Rajasthan, India
Established Date	06.03.1981	SIC Code	--
Telephone#	91-141-2223059	Business Style 1	Manufacturer
Fax #	91-141-2222192	Business Style 2	Readymade Garments and Madeups ladies and Children wear
Homepage	www.goyalfashions.net	Product Name 1	--
# of employees	150 (Approximately)	Product Name 2	--
Paid up capital	Rs.1,600,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors – 100%	Banking	Bank of Baroda,
Public Limited Corp.	No	Business Period	31 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (50)
Related Company
Relation	Country	Company Name	CEO
Subsidiaries :	--	Goyal Retreat Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	299,542,000	Current Liabilities	199,247,000
Inventories	19,291,000	Long-term Liabilities	41,313,000
Fixed Assets	238,165,000	Other Liabilities	842,000
Deferred Assets	8,618,000	Total Liabilities	241,402,000
Invest& other Assets	104,429,000	Retained Earnings	427,043,000
		Net Worth	428,643,000
Total Assets	670,045,000	Total Liab. & Equity	670,045,000
Total Assets (Previous Year)	437,479,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	168,713,000	Net Profit	41,806,000
Sales(Previous yr)	8,193,000	Net Profit(Prev.yr)	11,262,000

MIRA INFORM REPORT

Report Date :

12.05.2012

IDENTIFICATION DETAILS

Name :	GOYAL FASHIONS PRIVATE LIMITED

Registered Office :	Goyal House, 24, Ajmer Road, Jaipur – 302006, Rajasthan

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	06.03.1981

Com. Reg. No.:	17-018803

Capital Investment / Paid-up Capital :	Rs.1.600 Millions

CIN No.: [Company Identification No.]	U18101RJ1981PTC018803

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Readymade Garments and Madeups ladies and Children wear

No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1700000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a well established company having satisfactory track. General financial position of the company is good. 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

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

INFORMATION PARTED BY

Name :	Mr. Ashish Goyal
Designation :	Director
Contact No.:	91-9829059001
Date :	11.05.2012

LOCATIONS

Registered Office / Factory :	Goyal House, 24, Ajmer Road, Jaipur – 302006, Rajasthan, India
Tel. No.:	91-141-2223059
Mobile No.:	91-9829059001(Mr. Ashish Goyal)
Fax No.:	91-141-2222192
E-Mail :	mail@goyalfashions.net rajneeshpandya@rediffmail.com
Website :	www.goyalfashions.net
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Mukund Goyal

Designation :

Director

Address :

Avadh 303, Queens Road, Jaipur – 302021, Rajasthan, India

Date of Birth/Age :

26.09.1943

Date of Appointment :

06.03.1981

DIN No.:

00131218

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	U18101RJ1981PTC018803	GOYAL FASHIONS PRIVATE LIMITED ( TRANSFERRED FROM MAHARASHTRA)	Managing director	6/3/1981	6/3/1981	-	Active	NO
2	U74994RJ1987PTC004203	ASHISH APPARELS PRIVATE LIMITED	Director	11/12/1987	11/12/1987	-	Amalgamated	NO
3	U18101RJ1989PTC005005	ANUPAM EXPORTS PRIVATE LIMITED	Director	15/06/1989	15/06/1989	-	Amalgamated	NO
4	U14102RJ1991PTC006011	MANGALSHRI GRANITES PRIVATE LIMITED	Director	29/05/1991	29/05/1991	22/10/2010	Active	NO
5	U17124RJ1991PTC006389	GOYAL TEX PROCESSORS PRIVATE LIMITED	Director	19/12/1991	19/12/1991	-	Active	NO
6	U45201RJ1992PTC006798	VINAYAKA COLONISERS AND DEVELOPERS PRIVATE LIMITED	Director	23/06/1992	23/06/1992	-	Active	NO
7	U45201RJ1993PTC007604	ANUKAMPA DEVELOPERS PRIVATE LIMITED	Director	30/11/1993	30/11/1993	-	Active	NO
8	U70101RJ1993PTC007555	TRIMURTI REAL ESTATES PRIVATE LIMITED	Director	30/11/1993	30/11/1993	-	Active	NO
9	U55102RJ1995PTC009818	MOHIT RESORTS PRIVATE LIMITED	Director	4/4/1995	4/4/1995	-	Active	NO
10	U15209RJ1995PTC009817	MOHIT FARMS PRIVATE LIMITED	Director	4/4/1995	4/4/1995	-	Active	NO
11	U67120RJ1995PTC010276	GOYAL FINCAP PRIVATE LIMITED	Director	27/06/1995	27/06/1995	-	Active	NO
12	U70101RJ1995PTC011151	SHIPRA COMPLEX PRIVATE LIMITED	Director	29/11/1995	29/11/1995	-	Active	NO
13	U45201RJ1995PTC010293	POOJA BUILDCON PRIVATE LIMITED	Director	24/01/1996	24/01/1996	-	Active	NO
14	U45201RJ1996PTC011985	SANJAY COMPLEX PRIVATE LIMITED	Director	1/5/1996	1/5/1996	-	Active	NO
15	U45201RJ1996PTC012063	GOYAL COMPLEX PRIVATE LIMITED	Director	20/05/1996	20/05/1996	23/04/2012	Active	NO

Name :

Mr. Sanjay Goyal

Designation :

Director

Address :

Avadh 303, Queens Road, Jaipur – 302021, Rajasthan, India

Date of Birth/Age :

02.05.1964

Date of Appointment :

01.09.1985

DIN No.:

00131167

Other Director

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
1	U18101RJ1981PTC018803	GOYAL FASHIONS PRIVATE LIMITED.( TRANSFERRED FROM MAHARASHTRA)	Director	1/9/1985	1/9/1985	-	Active
2	U74994RJ1987PTC004203	ASHISH APPARELS PRIVATE LIMITED	Director	11/12/1987	11/12/1987	-	Amalgamated
3	U18101RJ1989PTC005011	SHUBHAM EXPORTS PRIVATE LIMITED	Director	16/06/1989	16/06/1989	-	Amalgamated
4	U70101RJ1993PTC007555	TRIMURTI REAL ESTATES PRIVATE LIMITED	Director	30/11/1993	30/11/1993	-	Active
5	U45201RJ1992PTC006798	VINAYAKA COLONISERS AND DEVELOPERS PRIVATE LIMITED	Director	19/12/1994	19/12/1994	-	Active
6	U15209RJ1995PTC009817	MOHIT FARMS PRIVATE LIMITED	Director	4/4/1995	4/4/1995	-	Active
7	U67120RJ1995PTC010276	GOYAL FINCAP PRIVATE LIMITED	Director	27/06/1995	27/06/1995	-	Active
8	U45201RJ1995PTC010290	KOHINOOR BUILDCON PRIVATE LIMITED	Director	24/01/1996	24/01/1996	-	Active
9	U45201RJ1996PTC011985	SANJAY COMPLEX PRIVATE LIMITED	Director	1/5/1996	1/5/1996	-	Active
10	U45201RJ1996PTC012366	RACHNA COMPLEX PRIVATE LIMITED	Director	24/07/1996	24/07/1996	-	Active
11	U45201RJ1996PTC012367	MOHIT TOWERS PRIVATE LIMITED	Director	24/07/1996	24/07/1996	-	Active
12	U17124RJ1991PTC006389	GOYAL TEX PROCESSORS PRIVATE LIMITED	Director	27/04/1998	27/04/1998	-	Active
13	U55101RJ1987PTC004202	RACHNA CREATIONS PRIVATE LIMITED	Director	1/3/2000	1/3/2000	-	Amalgamated
14	U70101RJ2000PTC016251	GOYAL RETREAT PRIVATE LIMITED	Director	28/03/2000	28/03/2000	-	Active
15	U45201RJ1996PTC011664	SHIVANI ENCLAVES PRIVATE LIMITED	Director	24/09/2001	24/09/2001	-	Active
16	U45201RJ2004PTC020077	SUDARSHAN BUILDCON PRIVATE LIMITED	Director	31/12/2004	31/12/2004	-	Active
17	U45201RJ2005PTC020389	CITYPULSE MAINTENANCE SERVICES PRIVATE LIMITED	Director	7/3/2005	7/3/2005	-	Active
18	U01122RJ2005PTC021429	MOHIT AGROTECH PRIVATE LIMITED	Director	11/10/2005	11/10/2005	-	Active
19	U45201RJ2005PTC020480	GOLDSTAR BUILDCON PRIVATE LIMITED	Director	30/09/2006	8/4/2006	-	Active

Name :

Mr. Ashish Goyal

Designation :

Director

Address :

Avadh 303, Queens Road, Jaipur – 302021, Rajasthan, India

Date of Birth/Age :

31.01.1970

Date of Appointment :

08.04.1991

DIN No.:

00131136

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	U18101RJ1989PTC005011	SHUBHAM EXPORTS PRIVATE LIMITED	Director	16/06/1989	16/06/1989	-	Amalgamated	NO
2	U18101RJ1981PTC018803	GOYAL FASHIONS PRIVATE LIMITED ( TRANSFERRED FROM MAHARASHTRA)	Director	8/4/1991	8/4/1991	-	Active	NO
3	U14102RJ1991PTC006011	MANGALSHRI GRANITES PRIVATE LIMITED	Director	29/05/1991	29/05/1991	22/10/2010	Active	NO
4	U17124RJ1991PTC006389	GOYAL TEX PROCESSORS PRIVATE LIMITED	Director	19/12/1991	19/12/1991	-	Active	NO
5	U45201RJ1993PTC007604	ANUKAMPA DEVELOPERS PRIVATE LIMITED	Director	30/11/1993	30/11/1993	-	Active	NO
6	U18101RJ1989PTC005005	ANUPAM EXPORTS PRIVATE LIMITED	Director	27/09/1994	27/09/1994	-	Amalgamated	NO
7	U55102RJ1995PTC009818	MOHIT RESORTS PRIVATE LIMITED	Director	4/4/1995	4/4/1995	-	Active	NO
8	U67120RJ1995PTC010276	GOYAL FINCAP PRIVATE LIMITED	Director	27/06/1995	27/06/1995	-	Active	NO
9	U45201RJ1992PTC006798	VINAYAKA COLONISERS AND DEVELOPERS PRIVATE LIMITED	Director	10/10/1995	10/10/1995	-	Active	NO
10	U70101RJ1995PTC011151	SHIPRA COMPLEX PRIVATE LIMITED	Director	29/11/1995	29/11/1995	-	Active	NO
11	U45201RJ1995PTC010290	KOHINOOR BUILDCON PRIVATE LIMITED	Director	24/01/1996	24/01/1996	-	Active	NO
12	U45201RJ1996PTC011985	SANJAY COMPLEX PRIVATE LIMITED	Director	1/5/1996	1/5/1996	-	Active	NO
13	U45201RJ1996PTC012063	GOYAL COMPLEX PRIVATE LIMITED	Director	20/05/1996	20/05/1996	23/04/2012	Active	NO
14	U45201RJ1996PTC012366	RACHNA COMPLEX PRIVATE LIMITED	Director	20/06/1997	20/06/1997	-	Active	NO
15	U45201RJ1996PTC012367	MOHIT TOWERS PRIVATE LIMITED	Director	20/06/1997	20/06/1997	-	Active	NO
16	U70101RJ1996PTC012598	MUKUND ESTATES PRIVATE LIMITED	Director	5/10/1999	5/10/1999	-	Active	NO
17	U70101RJ2000PTC016251	GOYAL RETREAT PRIVATE LIMITED	Director	28/03/2000	28/03/2000	-	Active	NO
18	U70101DL1985PLC020397	MANGAL SHRI ESTATES LIMITED	Director	1/9/2001	1/9/2001	-	Active	NO
19	U55102RJ1993PTC007365	VRINDAVAN VATIKA PRIVATE LIMITED	Director	20/11/2003	20/11/2003	1/9/2010	Active	NO
20	U45201RJ1996PTC011664	SHIVANI ENCLAVES PRIVATE LIMITED	Director	17/12/2003	17/12/2003	-	Active	NO
21	U45201RJ2004PTC020077	SUDARSHAN BUILDCON PRIVATE LIMITED	Director	31/12/2004	31/12/2004	-	Active	NO
22	U01122RJ2005PTC021429	MOHIT AGROTECH PRIVATE LIMITED	Director	11/10/2005	11/10/2005	-	Active	NO
23	U45201RJ2005PTC020480	GOLDSTAR BUILDCON PRIVATE LIMITED	Director	30/09/2006	8/4/2006	-	Active	NO
24	U80302RJ2011NPL037480	MUKUND GOYAL EDUCATION AND RESEARCH FOUNDATION	Director	31/12/2011	31/12/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Mukund Goyal		5825 *
Sanjay Goyal		4295
Ashish Goyal		3550
Rekha Goval		1920
Rachna Goyal		110
Goyal HUF		300
Total		16000

* 100 Equity shares held for beneficial interest of Radhey Shyam Tulsa Devi Goyal Charitable Trust.

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Readymade Garments and Madeups ladies and Children wear

Exports :
Products :	Readymade Garments and Madeups ladies and Children wear
Countries :	Europe America

Terms :
Selling :	L/C

Purchasing :	L/C

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

150 (Approximately)

Bankers :

Bank of Baroda, Johari Bazar, Jaipur, Rajasthan, India
IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India
HDFC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009

HDFC Bank Limited (Car Loan) (Secured by way of Hypothecation of Motor car)	0.513	0.950
1CICI Bank Limited (Car Loan) (Secured by way of Hypothecation of Motor car)	0.800	0.000
IDBI Bank ( Term Loan) (Against first charge on all movable and immovable assets present and future of the company and further guaranteed by Directors)	40.000	26.250
Bank of Baroda (Term Loan Secured against Hypothecation Tractor, other agriculture equipments and plants including accured interest)	0.000	0.526
Total	41.313	27.726


Banking Relations :	--

Auditors :
Name :	Akhilesh kumar Jain Chartered Accountants
Address :	A-411, Triveni Nagar, Gopalpura Bye-pass Road, Jaipur – 202018, Rajasthan, India
Tel. No.:	91-141-3234462
Mobile No.:	91-9414794478
E-Mail :	ajainak@rediffmail.com
PAN.:	ABMPJ3827F

Subsidiaries :	Goyal Retreat Private Limited CIN No.: U70101RJ2000PTC016251

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

41000	Equity Shares	Rs.100/- each	Rs.4.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

16000	Equity Shares	Rs.100/- each	Rs.1.600 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		1.600	1.600	1.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		427.043	386.031	374.768
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		428.643	387.631	376.368
LOAN FUNDS
1] Secured Loans		41.313	27.726	20.111
2] Unsecured Loans		0.000	0.000	5.280
TOTAL BORROWING		41.313	27.726	25.391
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		469.956	415.357	401.760

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		238.165	59.814	57.088
Capital work-in-progress		32.574	91.303	29.113

INVESTMENT		71.855	113.826	160.488
DEFERREX TAX ASSETS		8.618	9.449	8.280

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.291	17.098	4.241
	Sundry Debtors	35.132	12.733	5.421
	Cash & Bank Balances	8.316	2.655	3.736
	Other Current Assets	0.000	0.544	0.167
	Loans & Advances	256.094	130.059	137.894
Total Current Assets		318.833	163.089	151.459
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	199.247	22.042	4.647
	Other Current Liabilities		0.080	0.020
	Provisions	0.842	0.000	0.000
Total Current Liabilities		200.089	22.122	4.667
Net Current Assets		118.744	140.965	146.792

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		469.956	415.357	401.760

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	168.713	8.193	7.680
		Other Income		18.253	10.434
		TOTAL (A)	168.713	26.446	18.114

Less	EXPENSES
		Cost of Good Sold		(1.160)	8.015
		Stitching & Embroidery Expenses		5.517	0.675
		Label Purchases		0.429	0.032
		Washing Pressing and Finishing Expenses		0.301	0.139
		Salaries, Wages Bonus and Ex- Gratia		1.241	1.437
		Water & Electricity Expenses		0.337	0.000
		Telephone Expenses		0.201	0.242
		Business Promotion		0.416	0.419
		Export Expenses		0.584	0.967
		Vehicle Running and Maintenance Expenses		0.557	0.481
		Directors Remuneration		0.324	0.324
		Agriculture Expenses		0.562	0.307
				3.757	8.646
		TOTAL (B)	(125.907 Including Depreciation Expenses)	13.066	21.684

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			13.380	(3.570)

Less/ Add	DEPRECIATION/ AMORTISATION (F)			2.286	1.859

	PROFIT BEFORE TAX (E-F) (G)		42.806	11.094	(5.429)

Less	TAX (H)		1.794	(0.168)	(2.183)

	PROFIT AFTER TAX (G-H) (I)		41.012	11.262	(3.246)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		11.262	0.000	1.410
Add	Balance of Profit / Loss A/c of Merged		0.000	0.000	1.010

Less	APPROPRIATIONS
		Transfer to General Reserve	25.231	0.000	0.826
	BALANCE CARRIED TO THE B/S		27.043	11.262	0.000

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	107.392	6.889	3.569
		Good Exported	0.510	0.000	0.109
	TOTAL EARNINGS		107.902	6.889	3.678

	Earnings Per Share (Rs.)			NA	NA

Particulars

31.03.2012

Sales Turnover (Approximately)

170.000

Expected Sales (2012-13) : Rs.200.000 Millions

The above information has been parted by Mr. Ashish Goyal

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	24.31	42.58	(0.18)

Net Profit Margin (PBT/Sales)	(%)	NA	135.41	(70.69)

Return on Total Assets (PBT/Total Assets}	(%)	7.69	4.48	(2.60)

Return on Investment (ROI) (PBT/Networth)		0.10	0.03	(0.01)

Debt Equity Ratio (Total Liability/Networth)		0.56	0.13	0.08

Current Ratio (Current Asset/Current Liability)		1.59	7.37	32.45

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	Yes
10) Designation of contact person	Yes
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	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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

Note:

The registered office of the company has been shifted from 301, Sin Industrial Estate, Sun Mill Road, Lower Parel, Mumbai, Maharashtra, India to present address w.e.f. 06.11.2003

Financial Results

Total Export Sales of Readymade Garments, Made Ups and Fabric etc. for the year under consideration aggregated to Rs.107.392 Millions as compared to Rs.6.889 Millions for the previous accounting year. The net profit before appropriations for the period were Rs.4.281 Millions as compared to previous year Profit of Rs.11.094 Millions.

During the year the company also started its hotel cum resorts at pushkar (Rajasthan) and the response of the hotel is also very good. The financial results of the hotel are also included in above financial figures.

Fixed Assets

Land
Tube Well
Furniture and Fixture
Motor Car
Scooter
Fans
Electric Iron
Stitching Machine
Cleaning Machine
Cutting Machine
Overlook Machine
Fascimile Machine
Paper Cutting Machine
Plastic Strapping Machine
Weighting Machine
Air Conditioners
Coolers
Water Cooler
Water Filter Machine
Vaccum Cleaner
Photostat-Machine
Computer
Transformer
Generator Set
Firefighters
Epabx and Telephone
Tele Pager
Cellular Phone

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.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Information Gathered by :	PJA

Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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

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

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

RATING EXPLANATIONS

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

MIRA INFORM REPORT

19.291

35.132

8.316

0.000

256.094

318.833

199.247

0.842

200.089

118.744

24.31

NA

7.69

0.10

0.56

1.59

Unit