MIRA INFORM REPORT

Report Date :

16.11.2012

IDENTIFICATION DETAILS

Name :	MOTHI SPINNER LIMITED (w.e.f. 09.10.2000)
Formerly Known As :	MOTHI SPINNER PRIVATE LIMITED
Registered Office :	100, Komarapalayam Road, Pallipalayam, Erode – 638 006, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.01.2000
Com. Reg. No.:	181-009143
Capital Investment / Paid-up Capital :	Rs.152.830 Millions
CIN No.: [Company Identification No.]	U17111TZ2000PLC009143
TAN No.: [Tax Deduction & Collection Account No.]	CHEM06114D/ CHEM06270F
PAN No.: [Permanent Account No.]	AACCM2560Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1947000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
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 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Short Term Fund Based Facilities: A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	27.09.2012

Rating Agency Name	ICRA
Rating	Long Term Fund Based Facilities: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	27.09.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	100, Komarapalayam Road, Pallipalayam, Erode – 638 006, Tamilnadu, India
Tel. No.:	91-4288-243295/ 395920
Fax No.:	91-4288-244704
E-Mail :	office@tnramadossco.com
Website :	http://www.mothispinner.com
Mill :	Anangur Road, Athikattor, Anangur P.O., Thiruchengode – 637 304, Tamilnadu, India
Tel. No.:	91-4288-324333
Fax No.:	91-4288-278003
E-Mail :	mothispinner@yahoo.co.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Muthusamy Chandrasekaran

Designation :

Managing Director

Address :

234, Sankari Main Road, Vediarasampalayam Pallipalayam, Erode – 638 008, Tamilnadu, India

Date of Birth/Age :

07.07.1962

Date of Appointment :

01.01.2005

DIN No.:

01758454

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17111TZ2000PLC009143	MOTHI SPINNER LIMITED	Managing director	01/01/2005	19/01/2000	-	Active	NO
2	U17111TZ2006PTC012740	SHREE SAKTHI VINAYAGAR WEAVES PRIVATE LIMITED	Director	27/04/2006	27/04/2006	-	Active	NO

Name :

Mr. Gurusami Doraisamy

Designation :

Director

Address :

3/336, Pappathi Kadu, Vediarasampalayam, Pallipalayam, Erode, Namakkal – 638 008, Tamilnadu, India

Date of Birth/Age :

10.05.1966

Date of Appointment :

19.01.2000

DIN No.:

00215231

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17111TZ2000PLC009143	MOTHI SPINNER LIMITED	Director	19/01/2000	19/01/2000	-	Active	NO
2	U17111TZ2006PLC013103	LUCKYYARN TEX INDIA LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
3	U75302BR2011PTC016683	SIENN SECURITY PRIVATE LIMITED	Director	04/03/2011	04/03/2011	-	Active	NO

Name :

Mr. Ganesan Rajamanickam

Designation :

Director

Address :

33-KRP Nagar, Komarapalayam Road, Pallipalayam, Namakkal – 638 006, Tamilnadu, India

Date of Birth/Age :

23.09.1966

Date of Appointment :

19.01.2000

DIN No.:

01162709

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17111TZ2000PLC009143	MOTHI SPINNER LIMITED	Director	19/01/2000	19/01/2000	-	Active	NO
2	U60231TZ2005PTC012227	LUCKY LOGISTICS PRIVATE LIMITED (Part IX)	Director	19/10/2005	19/10/2005	-	Active	NO
3	U17111TZ2006PLC013103	LUCKYYARN TEX INDIA LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO

Name :

Mr. Kandaami Subramani

Designation :

Director

Address :

122, Poolakkattur Pallipalayam Erode, Namakkal – 638 008, Tamilnadu, India

Date of Birth/Age :

22.02.1961

Date of Appointment :

19.01.2000

DIN No.:

02556812

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17111TZ2000PLC009143	MOTHI SPINNER LIMITED	Director	19/01/2000	19/01/2000	-	Active	NO
2	U17111TZ2011PLC016859	BHARATHI SPINTEX INDIA LIMITED	Director	16/03/2011	16/03/2011	-	Active	NO

Name :

Mr. Velappan Srinvasan

Designation :

Director

Address :

2/28, Palayoor Street, Vediarasampalayam, Pallipalyam Erode, Namakkal – 638 006, Tamilnadu, India

Date of Birth/Age :

10.05.1964

Date of Appointment :

19.01.2000

DIN No.:

02556817

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17111TZ2000PLC009143	MOTHI SPINNER LIMITED	Director	19/01/2000	19/01/2000	-	Active	NO
2	U17111TZ2011PTC016823	V.P. TEX PRIVATE LIMITED	Director	07/03/2011	07/03/2011	-	Active	NO

Name :

Mr. Kandappa Palanisamy Balakrishnan

Designation :

Director

Address :

Sembaari Kadu, Vediarasampalayam, Pallipalayam, Erode, Namakkal – 638 008, Tamilnadu, India

Date of Birth/Age :

23.09.1966

Date of Appointment :

19.01.2000

DIN No.:

02556819

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Note: Shareholders and Allottees Details File Attached

As on 30.09.2011

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Yarn.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Year ended 31.03.2010
Capacity:
Registered capacity (spindles)	50000
Installed capacity (spindles)	43344
Actual Production:
Viscose fibre yarn (Kgs)	7132341
Cotton Cone Yarn (Kgs)	0
Cotton Flax/Viscose Yarn (Kgs)	534380
Viscose Flax Yarn (Kgs)	21652

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Corporation Bank, Gandhiji Road, Erode – 638 001, Tamilnadu, India

v State Bank of India, Commercial Branch, 78/79 Park Road, C D Building, Erode – 638 003, Tamilnadu, India

v IDBI Bank Limited

v Indian Bank, Chennai

Facilities :

Secured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	258.397	204.415
Working capital loans banks secured	196.676	151.880
Hire purchase installment payable secured	0.000	0.246
Total	455.073	356.541

Banking Relations :	--
Auditors :
Name :	T.N. Ramadoss and Company Chartered Accountants
Address :	54, Town Railway Station Road, Salem, Tamilnadu, India
PAN No.:	AAAFT9046R

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2100000	Equity Shares	Rs.100/- each	Rs.210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2031993	Equity Shares	Rs.100/- each	Rs.203.199 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1600000	Equity Shares	Rs.100/- each	Rs.160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1528296	Equity Shares	Rs.100/- each	Rs.152.830 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		152.830	152.830	152.830
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		334.041	266.120	224.042
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		486.871	418.950	376.872
LOAN FUNDS
1] Secured Loans		455.073	356.541	334.300
2] Unsecured Loans		0.000	0.000	1.208
TOTAL BORROWING		455.073	356.541	335.508
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		941.944	775.491	712.380
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		529.603	470.454	478.726
Capital work-in-progress		4.178	0.086	4.087
INVESTMENT		2.700	0.925	0.025
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	307.695	136.226	93.346
	Sundry Debtors	183.863	206.206	152.140
	Cash & Bank Balances	44.504	51.341	32.859
	Other Current Assets	34.098	20.860	17.440
	Loans & Advances	47.322	35.155	59.690
Total Current Assets		617.482	449.788	355.475
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	162.215	103.201	96.076
	Other Current Liabilities	41.404	32.621	25.769
	Provisions	8.400	9.940	5.568
Total Current Liabilities		212.019	145.762	127.413
Net Current Assets		405.463	304.026	228.062
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Deferred Revenue Expenditure		0.000	0.000	1.480
TOTAL		941.944	775.491	712.380

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1470.702	1239.228	979.693
		Other Income	58.266	39.160	22.222
		TOTAL (A)	1528.968	1278.388	1001.915
Less	EXPENSES
		Consumption materials changes inventories	1084.147	932.310	861.221
		Manufacturing service costs	98.968	88.824
		Employee related expenses	39.738	33.214
		Administrative selling other expenses	100.129	59.064
		TOTAL (B)	1322.982	1113.412	861.221
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		205.986	164.976	140.694
Less	INTEREST FINANCIAL EXPENSES (D)		48.128	35.463	45.703
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		157.858	129.513	94.991
Less/ Add	DEPRECIATION/ AMORTISATION (F)		79.699	72.461	70.169
	PROFIT BEFORE TAX (E-F) (G)		78.159	57.052	24.822
Less	TAX (H)		10.238	14.975	10.227
	PROFIT AFTER TAX (G-H) (I)		67.921	42.077	14.595
	EARNINGS IN FOREIGN CURRENCY		229.323	178.913	46.013
	IMPORTS
		Raw Materials	35.413	37.961	14.440
		Spares	0.000	0.000	0.078
		Plant and Machinery	28.430	52.444	0.000
	TOTAL IMPORTS		63.843	90.405	14.518
	Earnings Per Share (Rs.)		44.44	27.53	10.29

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.44	3.29	1.46
Net Profit Margin (PBT/Sales)	(%)	5.31	4.60	2.53
Return on Total Assets (PBT/Total Assets}	(%)	6.81	6.20	2.98
Return on Investment (ROI) (PBT/Networth)		0.16	0.14	0.07
Debt Equity Ratio (Total Liability/Networth)		1.37	1.20	1.23
Current Ratio (Current Asset/Current Liability)		2.91	3.09	2.79

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE

During the year the performance of the Company was excellent. In the Current year, turnover of the company has been increased from Rs.1239.228 Millions to Rs.1470.702 Millions with a rise of 18.68. During the year production of the Company was 6872 Quintals. Resultantly the profit before depreciation and interest has been increased by Rs.41.010 Millions. Increase in Depreciation and interest the company able to increase its profit before tax of Rs.21.107 Millions as against the previous year. Reduction in interest costs has made the company to gain an upsurge in profit to an amount of Rs.32.230 Millions. During the year the company earned cash profit of Rs.147.620 Millions as against Rs.114.537 Millions in the previous year.

FINANCE:

The Company has availed term loans for Rs.111.601 Millions from State Bank of India.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90001184
Corporate identity number of the company	U17111TZ2000PLC009143
Name of the company	MOTHI SPINNER LIMITED
Address of the registered office or of the principal place of business in India of the company	100, Komarapalayam Road, Pallipalayam, Erode – 638 006, Tamilnadu, India E-Mail: office@tnramadossco.com
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	Corporation Bank, Gandhiji Road, Erode – 638 001, Tamilnadu, India E-Mail: cbo54@corpback.co.in
Nature of description of the instrument creating or modifying the charge	1. Common Deed of Hypothecation of Movables/ Assets/ Debts. 2. Agreement Ceding of Pari Passu Charge.
Date of instrument Creating the charge	31.12.2011
Amount secured by the charge	Rs.307.900 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Term Loan - Base Rate + 3.85% at present 14.50% Margin Term Loan - I and II - 25% Term Loan III, IV ad VII - 29% Term Loan V - 29.80% Term Loan - VI - 30.20% Extent and Operation of the charge First Charge on the entire Fixed Assets of the Company (Present and Future) and Second Charge on the entire Current Assets of the Company on pari-passu basis with State Bank of India, Commercial Branch, Erode. Extn and Creation of EM of properties on pari passu basis with Corporation bank. EM (in Acres) 4.00, 3.03.3/ 4, 6.68, 7.52.1/ 2, 2.08.3/ 4,0.77.1/ 2, 0.63, 1.30.1/ 4, 0.39, 2.00, 1.78, 2.88.3/ 4, 1.23.3/ 4, 1.17, 2.63.3/ 4, 6.15.1/4 and exclusive Charged to SBI over EM of properties (in acres) 1.37, 1.16, 1.60, 2.20. Others The charge operates as security for the due payment of all liabilities in respect of the limits/ loans including costs, charges and expenses and all other monies due to the Bank.
Short particulars of the property charged	First Charge on the entire Fixed Assets of the Company (Present and Future) and Second Charge on the entire Current Assets of the Company on pari-passu basis with SBI, Commercial Branch, Erode. Extension and Creation of the following Equitable Mortgage of properties on pari passu basis with SBI, Commercial Branch, Erode. a) Extension of EM on pari passu basis with SBI, Commercial Branch, Erode over 4 acres of Land at SF.No.5/2 part, 559/2B1 part, 282 part and 2A part at Dhanakkarkulam, Radhapuram TK, Tirunelveli District b) Extension of EM on pari passu basis with SBI, Commercial Branch, Erode over 3.03.3/4 acres of Land at SF.No.930/1B1, 1B2,1B3, 927/2A,2B, 929/2A,2B at Perugudi, Radhapuram TK, Tirunelveli District c) Extension of EM over land of 6.68 acres at SF.No.46/3A, 3B, 3C, 5, 6, 7A,8, 9A and 51/1A and 7.52.1/2 acres at S.F.No.47/1, 1B, 1B2 at Anangur, Tiruchengode TK, Namakkal District d) Creation of EM 2.08.3/4, 0.77.1/2 Acres at S. F. No :45/1A, 14/3A, 15/1A, 1B Anangur, 0.63 acres at S.F.429/2,6 at Pallipalayam Agraharam, 1.30.1/4 acres at Anangur, all at Tiruchengode TK, Namakkal District e) Creation of EM 0.39 acres at S.F.No.429/4, 5, Pallipalayam Agraharam, 2.00, 1.78 acres at S.F.No.1079/6, 7, 1090 at Kambaneri Pudukudi. f) Creation of EM 2.88.3/4, 1.23.3/4, 1.17,2.63.3/4, 6.15.1/4 acres at S. F. No.27/1, 3, 39/1, 2, 3A, 3B, 4,5 at Anangur, Tiruchengode SRO, Namakkal Road. Exclusive Charge to SBI on ext. of EM of 1.37, 1.16, 1.60, 2.20 acres of land at S. F. Nos.1358/10, 1358/14, 15, 16, 18, 19, 1319/13, 1333/1A, 1B, 1C, 1532/7B, 7D, 6B, 6D, 7A, 7C and 1304/2 at Keelapavoor, Pavoorchatram SR
Date of latest modification prior to the present modification	14.05.2008
Particulars of the present modification	Creating a Pari Passu Agreement with State Bank of India, Commercial Branch, Erode. The Overall Limit is Rs.307.900 Millions. Term Loan-I- Rs.2.200 Millions, Term Loan - II - Rs.32.700 Millions, Term Loan- III-Rs.43.600 Millions, Term Loan - IV -Rs.80.000 Millions, Term Loan - V - Rs.23.900 Millions, Term Loan - VI - Rs.37.000 Millions and Term Loan - VII - Rs.88.500 Millions.

FIXED ASSETS:

v Land

v Building

v Plant and Machinery

v Electrical Machinery

v Transformer

v Generator

v Humidification Plant

v Weighing Machinery

v Fire Extinguisher

v Furniture and Fittings

v Diesel Tank

v Vehicles

v Office Equipments

v Computer

v Wind Mill Land

v Wind Turbine Generator

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 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.54.96
UK Pound	1	Rs.87.10
Euro	1	Rs.70.03

INFORMATION DETAILS

Report Prepared by :

NIT / SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.