MIRA INFORM REPORT

Report Date :

28.05.2012

IDENTIFICATION DETAILS

Name :	IAL INDIA LIMITED (w.e.f. 06.06.2008)
Formerly Known As :	IAL CONTAINER LINE PRIVATE LIMITED
Registered Office :	6^th Floor, Metro Plaza, Market Road, Ernakulam – 682 014, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.01.1997
Com. Reg. No.:	09-011110
Capital Investment / Paid-up Capital :	Rs.50.010 millions
CIN No.: [Company Identification No.]	U63012KL1997PLC011110
TAN No.: [Tax Deduction & Collection Account No.]	CHNI00256E
PAN No.: [Permanent Account No.]	AAACI5751P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Logistics and Shipping Services.
No. of Employees :	300 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 933632
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has incurred some losses in the current year. However, 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	A1	A1

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. Kuruvilla
Designation :	Fiancé Manager
Contact No.:	91-9995300944
Date :	10.05.2012

LOCATIONS

Registered Office :	6^th Floor, Metro Plaza, Market Road, Ernakulam – 682 014, Kerala, India
Tel. No.:	91-484-2396830 - 31/ 2395119
Fax No.:	91-484-2397164
E-Mail :	ial@ial.com kutty@ial.com

DIRECTORS

AS ON 15.09.2011

Name :	Mr. Thazhathu Valiaveettil Narayanan Kutty
Designation :	Director
Address :	C1, GCDA Apartments, Gandhi Nagar, Kochi, Ernakulam – 682 020, Kerala, India
Date of Birth/Age :	08/08/1950
Date of Appointment :	13/01/1997

Other Directorship:

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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	U63090TN1992PLC022902	IAL SHIPPING AGENCIES (CHENNAI)LIMITED	Director	29/11/1993	29/11/1993	-	Active	NO
2	U01119KL1994PTC007742	MAKAYIRAM PLANTATIONS PVT LTD	Director	25/02/1994	25/02/1994	-	Active	NO
3	U63012KL1997PLC011110	IAL India Limited	Managing director	01/10/2009	13/01/1997	-	Active	NO
4	U63090MH1990PLC055607	PENGUIN SHIPPING AGENCIES LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
5	U63090MH1986PLC040370	IAL LOGISTICS INDIA LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
6	U63090GJ1999PLC042497	IAL SHIPPING AGENCIES (KANDLA) LIMITED ( TR. CO.)	Director	24/03/1999	24/03/1999	-	Active	NO
7	U85110KA1999PLC025583	IAL SHIPPING AGENCIES (BANGALORE ) LIMITED	Director	10/08/1999	10/08/1999	-	Active	NO
8	U63090KL1999PLC013193	IAL SHIPPING AGENCIES KOCHI LIMITED	Director	15/08/1999	15/08/1999	-	Amalgamated	NO
9	U61100DL2003PLC119956	IAL SHIPPING AGENCIES ( NEW DELHI) LIMITED	Director	25/02/2003	25/02/2003	-	Active	NO
10	U60231WB2003PLC095977	IAL SHIPPING AGENCIES (CALCUTTA) LIMITED	Director	28/03/2003	28/03/2003	-	Active	NO
11	U51909TN2006PTC059231	NAYATI ENTERPRISES PRIVATE LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
12	U70101TN2006PTC059457	NAYATI PROPERTIES PRIVATE LIMITED	Director	07/04/2006	07/04/2006	-	Active	NO

Name :	Ms. Vimala Narayan
Designation :	Director
Address :	C1, GCDA Apartments, Gandhi Nagar, Kochi, Ernakulam – 682 020, Kerala, India
Date of Birth/Age :	15/11/1951
Date of Appointment :	13/01/1997

Other Directorship:

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Bottom of Form

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	U63090TN1992PLC022902	IAL SHIPPING AGENCIES (CHENNAI)LIMITED	Director	29/11/1993	29/11/1993	-	Active	NO
2	U01119KL1994PTC007742	MAKAYIRAM PLANTATIONS PVT LTD	Director	25/02/1994	25/02/1994	-	Active	NO
3	U63012KL1997PLC011110	IAL India Limited	Director	13/01/1997	13/01/1997	-	Active	NO
4	U63090MH1990PLC055607	PENGUIN SHIPPING AGENCIES LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
5	U63090MH1986PLC040370	IAL LOGISTICS INDIA LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
6	U63090GJ1999PLC042497	IAL SHIPPING AGENCIES (KANDLA) LIMITED ( TR. CO.)	Director	24/03/1999	24/03/1999	-	Active	NO
7	U85110KA1999PLC025583	IAL SHIPPING AGENCIES (BANGALORE ) LIMITED	Director	10/08/1999	10/08/1999	-	Active	NO
8	U63090KL1999PLC013193	IAL SHIPPING AGENCIES KOCHI LIMITED	Director	15/08/1999	15/08/1999	-	Amalgamated	NO
9	U61100DL2003PLC119956	IAL SHIPPING AGENCIES ( NEW DELHI) LIMITED	Director	25/02/2003	25/02/2003	-	Active	NO
10	U60231WB2003PLC095977	IAL SHIPPING AGENCIES (CALCUTTA) LIMITED	Director	28/03/2003	28/03/2003	-	Active	NO

Name :	Mr. Arjun Narayan Menon
Designation :	Director
Address :	C1, GCDA Apartments, Gandhi Nagar, Kochi, Ernakulam – 682 020, Kerala, India
Date of Birth/Age :	27/11/1979
Date of Appointment :	23/06/1999

Other Directorship:

Top of Form

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	U63090MH1990PLC055607	PENGUIN SHIPPING AGENCIES LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
2	U63090MH1986PLC040370	IAL LOGISTICS INDIA LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
3	U63012KL1997PLC011110	IAL India Limited	Director	23/06/1999	23/06/1999	-	Active	NO
4	U63090TN1992PLC022902	IAL SHIPPING AGENCIES (CHENNAI)LIMITED	Director	27/11/2000	27/11/2000	-	Active	NO
5	U63090GJ1999PLC042497	IAL SHIPPING AGENCIES (KANDLA) LIMITED ( TR. CO.)	Director	27/11/2000	27/11/2000	-	Active	NO
6	U85110KA1999PLC025583	IAL SHIPPING AGENCIES (BANGALORE ) LIMITED	Director	27/11/2000	27/11/2000	-	Active	NO
7	U63090KL1999PLC013193	IAL SHIPPING AGENCIES KOCHI LIMITED	Director	14/09/2002	14/09/2002	-	Amalgamated	NO
8	U61100DL2003PLC119956	IAL SHIPPING AGENCIES ( NEW DELHI) LIMITED	Director	25/02/2003	25/02/2003	-	Active	NO
9	U60231WB2003PLC095977	IAL SHIPPING AGENCIES (CALCUTTA) LIMITED	Director	28/03/2003	28/03/2003	-	Active	NO
10	U51909TN2006PTC059231	NAYATI ENTERPRISES PRIVATE LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
11	U70101TN2006PTC059457	NAYATI PROPERTIES PRIVATE LIMITED	Director	07/04/2006	07/04/2006	-	Active	NO

Bottom of Form

Name :	Ms. Prema Jayakumar
Designation :	Director
Address :	39, 2984, Krishna Mandhir, Diwas Road, Ernakulam, Kerala, India
Date of Birth/Age :	28/08/1952
Date of Appointment :	14/07/2000

Other Directorship:

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Bottom of Form

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	U63012KL1997PLC011110	IAL India Limited	Director	14/07/2000	14/07/2000	-	Active	NO

Name :	Mr. Mypalli Ravindran Nair
Designation :	Director
Address :	Govardhanam Tirchambalam, Taliparamba, Kannur – 670 141, Kerala, India
Date of Birth/Age :	18/02/1942
Date of Appointment :	02/08/2001

Other Directorship:

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Bottom of Form

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	U63012KL1997PLC011110	IAL India Limited	Director	02/08/2001	02/08/2001	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Balaji
Designation :	Assistant Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2011

Names of Shareholders	No. of Shares
Thazhathu Valiaveettil Narayanan Kutty	1953406
Vimala Narayan	1544760
Arjun Narayan Menon	1502416
IAL Shipping Agencies (Mumbai) Limited, Mumbai, Maharashtra, India	14
IAL Shipping Agencies (Calcutta) Limited, Kolkata, West Bengal, India	11
IAL Shipping Agencies (New Delhi) Limited, New Delhi, India	13
Nayati Enterprises Private Limited, Chennai, Tamilnadu, India	125
Nayati Properties Private Limited, Chennai, Tamilnadu, India	125
Makayiram Plantations Private Limited, Kerala, India	125
Total	5000995

AS ON 15.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.01
Directors or relatives of directors	99.99
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Logistics and Shipping Services.

Services :

Item Code No. (ITC Code)	63090
Product/ Service Description	Logistics and Shipping Services

• In-Country Logistics
• International Supply Chain Solutions By Air, Sea and Land, etc.

The complete range of services includes:

• Liner Shipping Services
• Shipping Agency
• Supply Chain Management
• International Logistics:

- Global Freight Forwarding (Air/Sea/Land)

- Warehousing and Distribution

- Value Addition services

• Customs Clearance
• Project Logistics
• Exhibition and Events logistics
• Fine Art Logistics
• Container Conversion

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

GENERAL INFORMATION

Customers :

Corporates

No. of Employees :

300 Approximately

Bankers :

State Bank of India, Overseas Branch, Willingdon Island, Kochi – 682 003, Kerala, India

Facilities :

Cash Credit – Rs.45.000 Millions

Term Loan – Rs.40.000 Millions

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Banks
Rupee term loans banks secured	39.062	11.055
Working capital loans banks secured	48.945	55.373
Hire purchase installment payable secured	1.530	2.145
Other Debt Secured	0.000	54.255
Total	89.537	122.828

Banking Relations :	--
Auditors :
Name :	Venkit and Hari Chartered Accountants
Address :	4^th Floor, Metroplaza, Market Road, Ernakulam – 682 014, Kerala, India
Subsidiaries :	IAL Shipping Agencies (Mumbai) Limited CIN No.: U63090MH1986PLC040370 Penguin Shipping Agencies Limited CIN No.: U63090MH1990PLC055607 IAL Shipping Agencies (New Delhi) Limited CIN No.: U99999MH1999PTC119075 IAL Shipping Agencies (Calcutta) Limited CIN No.: U60231WB2003PLC095977 IAL Shipping Agencies (Kandla) Limited (Tr. Company) CIN No.: U63090GJ1999PLC042497 IAL Shipping Agencies (Bangalore ) Limited CIN No.: U85110KA1999PLC025583 IAL Shipping Agencies (Chennai) Limited CIN No.: U63090TN1992PLC022902

CAPITAL STRUCTURE

AS ON 15.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000995	Equity Shares	Rs.10/- each	Rs.50.010 millions

(Of the above 976198 shares of Rs.10/- each fully paid up issued as bonus shares by capitalization of profits.)

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2012
Sales Turnover (Approximately)	360.000

The above information has been parted by Mr. Kuruvilla (Finance Manager)

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		50.010	50.010	50.010
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		183.398	164.308	177.209
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		233.408	214.318	227.219
LOAN FUNDS
1] Secured Loans		89.537	122.828	69.446
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		89.537	122.828	69.446
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		322.945	337.146	296.665
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		254.614	271.292	279.624
Capital work-in-progress		1.123	0.885	1.527
INVESTMENT		15.737	16.539	11.537
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	83.709	59.211	46.795
	Cash & Bank Balances	40.625	25.710	21.280
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	125.068	124.984	125.486
Total Current Assets		249.402	209.905	193.561
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	55.084	59.563	51.744
	Other Current Liabilities	91.088	59.006	86.386
	Provisions	51.759	42.906	51.454
Total Current Liabilities		197.931	161.475	189.584
Net Current Assets		51.471	48.430	3.977
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		322.945	337.146	296.665

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	431.294	372.200	580.845
		Agency Commission	0.000	0.000	34.367
		Other Income	78.142	86.270	84.883
		TOTAL (A)	509.436	458.470	700.095
Less	EXPENSES
		Manufacturing service costs	354.964	310.292	0.000
		Employee related expenses	59.594	78.241	0.000
		Administrative selling other expenses	37.805	49.302	0.000
		GFF and Logistics Expenses	0.000	0.000	489.301
		Salaries & Allowances	0.000	0.000	94.774
		Establishment Expenses	0.000	0.000	61.626
		TOTAL (B)	452.363	437.835	645.701
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		57.073	20.635	54.394
Less	FINANCIAL EXPENSES (D)		12.999	11.116	8.934
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		44.074	9.519	45.460
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.848	14.949	11.898
	PROFIT BEFORE TAX (E-F) (G)		31.226	(5.430)	33.562
Less	TAX (H)		7.161	(0.126)	16.100
	PROFIT AFTER TAX (G-H) (I)		24.065	(5.304)	17.462

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.72	(1.15)	2.49
Net Profit Margin (PBT/Sales)	(%)	7.24	(1.50)	5.78
Return on Total Assets (PBT/Total Assets}	(%)	6.19	(1.12)	7.09
Return on Investment (ROI) (PBT/Networth)		0.13	(0.03)	0.15
Debt Equity Ratio (Total Liability/Networth)		1.23	1.32	1.14
Current Ratio (Current Asset/Current Liability)		1.26	1.30	1.02

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

FORM 8

Corporate identity number of the company	U63012KL1997PLC011110
Name of the company	IAL INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	6^th Floor, Metro Plaza, Market Road, Ernakulam – 682 014, Kerala, India E-Mail: ial@ial.com
This form is for	Modification of charge
Charge identification number of the modified	90022853
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	State Bank of India, Overseas Branch, Willingdon Island, Kochi – 682 003, Kerala, India E-Mail: sbi.00967@sbi.co.in
Nature of description of the instrument creating or modifying the charge	1) Letter dated 15.02.2010 evidencing deposit of title deeds on 13.02.2010 2) 11 letters dated 15.02.2010 evidencing extension of equitable mortgage by deposit of title deeds on 13.02.2010 3) Supplemental Agreement of Loan for increase in the overall limit 4) Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit 5) Letter regarding the grant of individual limits within the overall limit
Date of instrument Creating the charge	13/02/2010
Amount secured by the charge	Rs.141.400 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As stipulated by the bank from time to time Terms of Repayment: As stipulated by the bank from time to time Margin: As stipulated by the bank from time to time Extent and Operation of the charge: This is a charge on specific immovable properties of the Company and on all present and future goods, book debts and other movable assets of the Company
Short particulars of the property charged	0.6273 hectares of plain land facing NH47 at Walayar Palakkad (Re Sy Nos.78/5,78/9 in Block No.32 of Pudussery Village, Palakkad Taluk Office space No.305 of super built up area1490 Sq.Ft,3rd Floor, with permanent and exclusive right to use 2 parking space 1 and 2 on 2nd floor of parking block in Eros Corporate Tower, Nehru Place, New Delhi Office unit 515/516 of 116.023 Sq. Mt, 5^th Floor, Car parking space 7,8,9,10, Monarch Plaza, Plot 56, Sector 11, CBD Belapur Office premise 213, 2^nd Floor, Prijay Corporate House, Chikoti Gardens, Begumpet, Hyderabad with 21.53 Sq. Yards of undivided share in 3678.28 Sq. Yards in premises bearing No.01-10-63 and 64. 75C Park Street, Apartment 1B,1st Floor, 1075 Sq. Ft with car parking space and 2.07% undivided space of land at 75C at Park Street, Calcutta 2.125 acres of land -Manjabakkam Village, Ambattur Taluk, Thiruvallur District, North Chennai in different S.Nos; Residential Apt 412,IV Floor, Block 11, Athena, Plot C-2, Swai Jai Singh Highway, Jaipur Residential Space 918,VII Floor, Anchor Mall, Ajmer Road, Jaipur admeasuring 830.40 Sq.Feet; Residential /Space 411,IV Floor, Block 11, Athena, PlotC-2, Swai Jai Singh Highway 150.18 Sq.Ft Jaipur Sy.No.317/9, SRO 3538/99, Sy.No.317/9, SRO No.3583/99, Sy.No.317/9, SRO No.3584/99, Kanayannur Taluk, Ernakulam Village joined together for office space of 5452.05 Sq. Ft, 6^th Floor, Metro Plaza Site No.9,TS No.8/692 (Old No.7/3862),1717 Sq. Ft in Red Rose Towers, New ward No.8,New Block No.19 admeasuring undivided share 531.50 Sq. Ft in 8950 Sq. Ft, R S Puram, Coimbatore Office no.306 having area 2608 sq ft on 3^rd Floor, along with exclusive right to use car parking space 03,04,05 on second floor of parking block on Eros Corporate Tower, Nehru Place, New Delhi
Date of latest modification prior to the present modification	25/01/2010
Particulars of the present modification	1) The limits have been enhanced to Rs.141.400 millions 2) The existing charge on all present and future goods, book debts and other movable assets of the borrower have been extended to the enhanced limits 3) The existing charge on specific immovable properties as specified in the EM Letters 2 to 12, extended to the enhanced limits 4) 0.6273 hectares of plain land facing NH47 at Walayar Palakkad (Re Sy Nos.78/5,78/9 in Block No.32 of Pudussery Village, Palakkad Taluk given as additional security

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Computer
• Vehicles
• Software

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.55.73
UK Pound	1	Rs.87.26
Euro	1	Rs.69.84

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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	Be	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Be	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	Be	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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