MIRA INFORM REPORT

Report Date :

15.05.2012

IDENTIFICATION DETAILS

Name :	SOCIEDADE DE FOMENTO INDUSTRIAL PRIVATE LIMITED
Registered Office :	Villa Flores Da Silva, Erasmo Carvalho Street Post Box No. 31, Margao, Goa – 403 601, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.08.1967
Com. Reg. No.:	11-000075
Capital Investment / Paid-up Capital :	Rs.2.500 millions
CIN No.: [Company Identification No.]	U31200GA1967PTC000075
TAN No.: [Tax Deduction & Collection Account No.]	BLRS08606D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Iron Ore, Ferro Manganese Ore.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (69)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 75000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well established company having fine track records. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 :	Villa Flores Da Silva, Erasmo Carvalho Street Post Box No. 31, Margao-403601 Goa India
Tel. No.:	91-832-2732346 - 49 /2512856 / 2730651 / 2731573
Mobile No.:	91- 9822487570 (Ms. Shilpa K Dhulapkar)
Fax No.:	91-832-2730651
E-Mail :	fomento@fomento.com accounts@fomento.com shiplap.acs@gmail.com
Website :	www.fomento.com
Location :	Owned

DIRECTORS

As on 05.12.2011

Name :

Mr. Auduth Modu Timblo

Designation :

Chairman

Address :

La Marvel Colony, Dona Paula, North Goa-403004, Maharashtra, India

Date of Birth/Age :

01.03.1949

Date of Appointment :

01.02.1993

DIN No.:

00181589

Other Directorship :

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U73100GA1971PTC000121	FOMENTO ENGINEERING AND CONSTRUCTIONS PRIVATE LIMITED	Director	12-08-74	12-08-74	Active	NO
2	L55101GA1971PLC000113	FOMENTO RESORTS AND HOTELS LIMITED	Director	20-07-76	20-07-76	Active	NO
3	U31200GA1967PTC000075	SOCIEDADE DE FOMENTO INDUSTRIAL PRIVATE LIMITED	Managing director	01-02-93	01-02-93	Active	NO
4	U35111GA1971PTC000107	FOMENTO BARGES PRIVATE LIMITED	Director	27-09-94	27-09-94	Active	NO
5	U31200GA1957PLC000127	MORMUGAO MARITIMA LIMITED	Director	02-02-01	02-02-01	Active	NO
6	U63023GA2000PLC002903	SHELVONA RIVERSIDE RAILWAY TERMINAL LIMITED	Director	02-02-01	02-02-01	Active	NO
7	U70109GA1997PTC002282	FOMAR PRIVATE LIMITED	Director	02-08-02	02-08-02	Active	NO
8	U90001GA2009PTC006241	FOMENTO GREEN AND WASTE MANAGEMENT SERVICES PRIVATE LIMITED	Director	18-12-09	18-12-09	Active	NO

Name :

Mr. Prashant Modu Timblo

Designation :

Director

Address :

29, Parijat, 95 Marine Drive, Nariman Point, Mumbai-400020, Maharashtra, India

Date of Birth/Age :

16.05.1955

Date of Appointment :

13.09.1994

DIN No.:

00563621

Other Directorship :

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31200GA1967PTC000075	SOCIEDADE DE FOMENTO INDUSTRIAL PRIVATE LIMITED	Director	30-09-94	30-09-94	Active	NO
2	U65990MH1997PTC107948	SHUBHARAMBH INCON PRIVATE LIMITED	Director	05-12-02	05-12-02	Active	YES
3	U51900MH2004PTC149418	FOMENTO TRADING PRIVATE LIMITED	Director	08-11-04	08-11-04	Active	YES

Name :

Francisco Pereira Lume

Designation :

Director

Address :

33, Senaulim, Verna, South Goa-403722, Maharashtra, India

Date of Birth/Age :

04.02.1950

Date of Appointment :

23.05.2005

DIN No.:

00347874

Other Directorship :

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31200GA1957PLC000127	MORMUGAO MARITIMA LIMITED	Director	19-09-91	19-09-91	Active	NO
2	U17119GA1973PTC000158	CRYSTAL TEXTILES PRIVATE LIMITED	Director	16-09-93	16-09-93	Active	NO
3	U17111GA1972PTC000155	PRATIMA TEXTILES PRIVATE LIMITED	Director	16-09-93	16-09-93	Active	NO
4	U73100GA1971PTC000122	CIMLA LABORATORIES PRIVATE LIMITED	Director	29-09-93	29-09-93	Active	NO
5	U17100MH1966PTC013536	SUSHMA FABRICS PRIVATE LIMITED	Director	26-09-94	26-09-94	Active	NO
6	U35111GA1971PTC000107	FOMENTO BARGES PRIVATE LIMITED	Director	27-09-94	27-09-94	Active	NO
7	U73100GA1971PTC000121	FOMENTO ENGINEERING AND CONSTRUCTIONS PRIVATE LIMITED	Director	19-09-96	19-09-96	Active	NO
8	U13207GA1999PTC002691	FOMENTO (KARNATAKA) MINING COMPANY PRIVATE LIMITED	Director	21-05-99	21-05-99	Active	NO
9	U63023GA2000PLC002903	SHELVONA RIVERSIDE RAILWAY TERMINAL LIMITED	Director	02-02-01	02-02-01	Active	NO
10	U13209GA1967PTC000074	M S TALAULICAR AND SONS PRIVATE LIMITED	Director	25-09-03	25-09-03	Active	NO
11	U14299GA1971PTC000110	HARDESH ORES PRIVATE LIMITED	Director	27-09-04	27-09-04	Active	NO
12	U31200GA1967PTC000075	SOCIEDADE DE FOMENTO INDUSTRIAL PRIVATE LIMITED	Director	23-05-05	23-05-05	Active	NO
13	U14299GA1972PTC000152	RAINBOW MINERALS PRIVATE LIMITED	Director	29-09-05	29-09-05	Active	NO
14	U25206GA2006PTC004355	PERNEM MOULDERS PRIVATE LIMITED	Director	18-01-06	18-01-06	Strike off	NO
15	U65923GA1991PTC001151	FOMENTO FINANCE AND INVESTMENTS PRIVATE LIMITED	Nominee director	30-09-06	30-09-06	Active	NO
16	U13209GA2010PTC006440	FOMENTO RESOURCES PRIVATE LIMITED	Director	08-07-10	08-07-10	Active	NO
17	U90001GA2009PTC006241	FOMENTO GREEN AND WASTE MANAGEMENT SERVICES PRIVATE LIMITED	Additional director	19-02-11	19-02-11	Active	NO

Name :

Mr. Yeluri Srinivas Reddy

Designation :

Director

Address :

H No.318/3, Sasanmoddi, Cacoda, Curchorem, South Goa-403706, Maharashtra, India

Date of Birth/Age :

10.05.1942

Date of Appointment :

23.05.2005

DIN No.:

00349657

Other Directorship :

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U70109GA1997PTC002282	FOMAR PRIVATE LIMITED	Director	21-02-97	21-02-97	Active	NO
2	U65923GA1991PTC001151	FOMENTO FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	29-09-04	29-09-04	Active	NO
3	U31200GA1967PTC000075	SOCIEDADE DE FOMENTO INDUSTRIAL PRIVATE LIMITED	Director	23-05-05	23-05-05	Active	NO
4	U90001GA2009PTC006241	FOMENTO GREEN AND WASTE MANAGEMENT SERVICES PRIVATE LIMITED	Director	18-12-09	18-12-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.12.2011

Names of Shareholders	No. of Shares
Auduth Modu Timblo	18334
Dilip Modu Timblo	6666
Total	25000

As on 05.12.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Iron Ore, Ferro Manganese Ore.

Products :

ITC CODE	PRODUCTS
26011101	Iron Ore Lumps
26011103	Iron Ore Fines
26011105	Iron Ore Concentrates

GENERAL INFORMATION

No. of Employees :	600 (Approximately)
Bankers :	State Bank of India, Commercial Branch, Shri Vidyadhiraj Bhavan, Francisco Luis Gomes Road, Vasco Da Gama, Goa-403802, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	H K Aparanji Chartered Accountant
Address :	2^nd Floor, Corporation Building, Chitaguppi Park, Lamington Road, Hubli-580020, Karnataka, India
Tel. No.:	91-836-2210650 / 2210850
Pan No.:	AACFH3813Q
Subsidiaries :	· Fomento Finance and Investments Private Limited CIN No.: U65923GA1991PTC001151
Associates:	· Fomento Barges Private Limited (FBPL) · M.S.Talaulikar and Sons Private Limited (MST) · Fomento Resorts and Hotels Limited. (FRHL) · Cimla Laboratories Private Limited. (CIMLA) · Fomento Finance and Investments Company Private Limited (FFIPL) · Maina Ore Transport Private Limited (MOT) · Hardesh Ores Private Limited (HOPL) · Mormugao Maritima. (MM) · Fomento Karnataka Private Limited (FKPL) · Marine Infrastructure (Goa) Private Ltd.* (MIG) · Infrastructure Logistics (P) Limited, * (ILPL) · Fomento Green and Waste Management Company Private Limited (FGWM) · Prime Mineral Exports Private Limited* (PMEPL) · Fomento Resources Private Limited (FKPL) NOTE: * An associate in which a relative of Key Management Personnel is having significant influence.

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		18802.045	13235.508	8901.995
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18804.545	13238.008	8904.495
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
DEFERRED PAYMENT LIABILITIES		9.269	8.177	8.099
TOTAL		18813.814	13246.185	8912.594
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1518.025	894.555	832.274
Capital work-in-progress		51.931	0.000	0.000
INVESTMENT		4356.291	569.414	4097.002
DEFERREX TAX ASSETS		58.524	49.897	34.642
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1020.287	580.394	529.130
	Sundry Debtors	3393.374	567.734	243.531
	Cash & Bank Balances	9516.761	9746.784	3674.051
	Other Current Assets	0.000	1067.986	80.182
	Loans & Advances	2460.239	780.651	596.203
Total Current Assets		16390.661	12743.549	5123.097
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2798.467	569.567	281.754
	Other Current Liabilities	763.151	111.663	52.167
	Provisions	0.000	330.000	840.500
Total Current Liabilities		3561.618	1011.230	1174.421
Net Current Assets		12829.043	11732.319	3948.676
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		18813.814	13246.185	8912.594

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	NA	NA	7425.112
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	2445.160
		Advertising Expenses
		TOTAL	NA	NA	2445.160 [Including Financial Expenses and Depreciation]
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		8506.975	6110.198
Less	FINANCIAL EXPENSES		0.186	0.288
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		8506.789	6109.910
Less/ Add	DEPRECIATION/ AMORTISATION		155.984	154.671
	PROFIT / (LOSS) BEFORE TAX		8350.805	5955.239	4979.952
Less	TAX		2784.268	1621.726	1633.303
	PROFIT / (LOSS) AFTER TAX		5566.537	4333.513	3346.649
	EARNINGS IN FOREIGN CURRENCY
		On Account of Export of Goods on FOB Basis by Direct Export	14381.184	6367.705	6990.851
		Dispatch Earned	5.000	1.992
	TOTAL EARNINGS		14386.184	6369.697	6990.851
	IMPORTS
		Components and Spare Parts	14.364	32.347	20.109
		Capital Goods	226.882	2.777	136.931
	TOTAL IMPORTS		241.246	35.124	157.040
	Earnings / (Loss) Per Share (Rs.)		222661.48	173341.56	133865.97

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	45.07
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	46.63	43.67	83.62
Return on Investment (ROI) (PBT/Networth)		0.44	0.45	0.55
Debt Equity Ratio (Total Liability/Networth)		0.19	0.08	0.20
Current Ratio (Current Asset/Current Liability)		4.60	12.60	4.36

LOCAL AGENCY FURTHER INFORMATION

CASE INFORMATION SYSTEM

Reg. No. : - MCA/ 301/ 2012 Stamp No. :- STA/ 752/ 2012

Main Matter TXA / 25 / 2012

Cast Status: PENDING (FINAL HERING)

Petitioner: 1. ASSISTANT COMMISSIONER INCOME TAX

Respondent: 1. M/S. SOCIEDADE DE FOMENTO INDUSTRIES PRIVATE LIMITED

Petitioner Adv: ASHA A. DESAI

District: North Goa

Bench: Division

Act: Income Tax Act, 1961

Category: FOR PRODUCTION OF DOCUMENTS

Case Stage: FOR FINAL HEARING

Hearing Date: Thursday, March 22, 2012

Application Maters	Connected Maters
No Application Matters	No Connected Matters

This case is updated on: Monday, April 30, 2012

CASE INFORMATION SYSTEM

Reg. No. : - MCA/ 303/ 2012 Stamp No. :- STA/ 754/ 2012

Main Matter TXA / 23 / 2012

Cast Status: PENDING (FINAL HERING)

Petitioner: 1. THE COMMISSIONER OF INCOME TAX

Respondent: 1. M/S. SOCIEDADE DE FOMENTO INDUSTRIES PRIVATE LIMITED

Petitioner Adv: ASHA A. DESAI

District: North Goa

Bench: Division

Act: Income Tax Act, 1961

Category: FOR PRODUCTION OF DOCUMENTS

Case Stage: FOR FINAL HEARING

Hearing Date: Thursday, March 22, 2012

Application Maters	Connected Maters
No Application Matters	No Connected Matters

This case is updated on: Monday, April 30, 2012

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 one year	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 involved in	Yes
23) Banking Details	Yes
24) Banking facility details	No
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 OF THE COMPANY:

During the year your Company has made a net profit of Rs. 5566.537 Millions as against the net profit of Rs. 4333.513 Millions in the previous year. Net profit of the year is carried over in the Profit and Loss A/c. to subsequent year. The aggregate value of Iron Ore exported by the company during the year is Rs. 14383.838 Millions as against Rs. 6367.705 Millions in the previous year.

Company has exported during the year 5,113,354 W.M.T. of Iron Ore as against 2,910,500 W.M.T. in the previous year.

OPERATIONAL REVIEW:

Regular suppliers of ore to our company where we have no lease hold rights are all along insisting for judicious, fair and equitable prices for their supplies while giving due wheightage to the market price. These matters are yet to be addressed by us to resolve the issues raised by the suppliers/extraction contractors/lessees etc., which will have additional/adverse/substantial impact on the financials of the company, the quantum of which is being ascertained. It is expected that within a reasonable time in the foreseeable future all these issues will be resolved on equitable basis and then implemented.

CONTINGENT LIABILITIES:

a) Guarantees amounting to Rs. 416.316 Millions (Previous year Rs. 898.016 Millions) given by bankers to various Govt. Departments, against which the company has kept fixed deposits amounting to Rs.953.215 Millions (Previous year Rs. 919.175 Millions) Including guarantees given by the bankers in the name of Hardesh Ores Private Limited, Margao and M.S. Talaulikar and Sons Private Limited (associate Companies) amounting to Rs.17.608 Millions (Previous Year Rs.17.608 Millions)

b) With the application of the Goa, Daman and Diu mining concession (abolition and declaration of mining leases) Act, 1987 with effect from 23.5.87 dead rent becomes payable with retrospective effect from 20.12.1961. Approximate liability on this account for the period upto 31.3.1990 is Rs. 1.028 Millions No provision for the same has been made in view of representation made by the industry to the Government against the provision for recovery of dead rent with retrospective effect and stay has been granted by Bombay High Court Bench, Panjim, not to enforce the recovery.

c) Estimated amount of contracts (including net of advances) remaining to be executed on capital account Rs.37.883 Millions (Previous Year Rs. Nil).

d) Disputed Income Tax Liability for the Asst. year 2002-03 amounting to Rs.1.728 Millions including interest of Rs. 1.153 Millions (Previous Year Rs.890.400 Millions)

e) Letter of Credits issued in favour of suppliers – NIL (Previous year Rs. 2.709 Millions USD 60168.24)

f) Regular suppliers of ore to our company where we have no lease hold rights are all along insisting for judicious, fair and equitable prices for their supplies while giving due wheightage to the market price. These matters are yet to be addressed by us to resolve the issues raised by the suppliers/extraction contractors/lessees etc., which will have additional/adverse/substantial impact on the financials of the company, the quantum of which is unascertained.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U31200GA1967PTC000075
Name of the company	SOCIEDADE DE FOMENTO INDUSTRIAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Villa Flores Da Silva, Erasmo Carvalho Street Post Box No. 31, Margao-403601 Goa India
Type of charge	Others
Particular of charge holder	State Bank of India, Commercial Branch, Shri Vidyadhiraj Bhavan, Francisco Luis Gomes Road, Vasco Da Gama, Goa-403802, Maharashtra, India
Email	sbi.04116@sbi.co.in
Nature of description of the instrument creating or modifying the charge	1. Sanction of working capital facilities of State Bank of India vide their letter no. AGM/CBV/KES/08-09/026 dated 12.08.2008 2. Agreement of loan cum hypothecation dated 30.10.2008
Date of instrument Creating the charge	30.10.2008
Amount secured by the charge	Rs.396.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction of working capital facilities by State Bank of India vide their letter no. AGM/CBV/KES/08-09/026 dated 12.08.2008 under SBI exporters gold card scheme under multiple banking Terms of Repayment As per sanction of working capital facilities by State Bank of India vide their letter no. AGM/CBV/KES/08-09/026 dated 12.08.2008 under SBI exporters gold card scheme under multiple banking Margin As per sanction of working capital facilities by State Bank of India vide their letter no. AGM/CBV/KES/08-09/026 dated 12.08.2008 under SBI exporters gold card scheme under multiple banking Extent and Operation of the charge As per sanction of working capital facilities by State Bank of India vide their letter no. AGM/CBV/KES/08-09/026 dated 12.08.2008 under SBI exporters gold card scheme under multiple banking and agreement of loan cum hypothecation dated 30.10.2008
Short particulars of the property charged	As per sanction of working capital facilities by State Bank of India vide their letter no. AGM/CBV/KES/08-09/026 dated 12.08.2008 under SBI exporters gold card scheme under multiple banking and agreement of loan cum hypothecation dated 30.10.2008

FIXED ASSETS:

· Land

· Building

· Jetties

· Barges

· Plant and Machinery

· Aerial Camera System

· Railway Siding

· Truck and Mini Bus

· Garage Equipment

· Mining Equipment

· Furniture and Fixtures

· Computers

· Office Equipment

· Laboratory Equipment

· Electrical Equipment

· Canteen Equipment

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] 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.53.71
UK Pound	1	Rs.86.34
Euro	1	Rs.69.23

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		69

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.