MIRA INFORM REPORT

Report Date :

23.11.2012

1. Summary Information

		Country	India
Company Name	INTEK TAPES PRIVATE LIMITED	Principal Name 1	Sharavu Raghavendra Shastry
Status	Satisfactory	Principal Name 2	Mr. Santhanam Natarajan
		Registration #	08-008117
Street Address	No. 38, Road No. 5, Bommasandra Industrial Area, Bangalore – 562158, Karnataka
Established Date	23.01.1987	SIC Code	--
Telephone#	91-80-26655691	Business Style 1	Manufacturer
Fax #	91-80-26648984	Business Style 2	Exporter
Homepage	www.intektapes.co.in	Product Name 1	Variety of Tapes
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 3044000/-	Product Name 3	--
Shareholders	Bodies corporate - 10.68% Directors or relatives of Directors - 76.07% Other top fifty shareholders - 13.25%	Banking	State Bank of Mysore
Public Limited Corp.	NO	Business Period	25 Years
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (49)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	115,016,000	Current Liabilities	39,706,000
Inventories	76,224,000	Long-term Liabilities	0,000
Fixed Assets	85,865,000	Other Liabilities	16,988,000
Deferred Assets	0,000	Total Liabilities	56,694,000
Invest& other Assets	42,208,000	Retained Earnings	259,575,000
		Net Worth	262,619,000
Total Assets	319,313,000	Total Liab. & Equity	319,313,000
Total Assets (Previous Year)	305,124,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	312,944,000	Net Profit	25,966,000
Sales(Previous yr)	327,827,000	Net Profit(Prev.yr)	17,468,000

IDENTIFICATION DETAILS

Name :	INTEK TAPES PRIVATE LIMITED
Registered Office :	No. 38, Road No. 5, Bommasandra Industrial Area, Bangalore – 562158, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.01.1987
Com. Reg. No.:	08-008117
Capital Investment / Paid-up Capital :	Rs. 3.044 Millions
CIN No.: [Company Identification No.]	U52100KA1987PTC008117
TAN No.: [Tax Deduction & Collection Account No.]	BLRI01797F
PAN No.: [Permanent Account No.]	AAACI5571P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pressure Sensitive Adhesive Tapes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1000000
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

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 :	No. 38, Road No. 5, Bommasandra Industrial Area, Bangalore – 562158, Karnataka, India
Tel. No.:	91-80-26655691
Fax No.:	91-80-26648984
E-Mail :	venkat@intektapes.com sales@intektapes.com intek@vsnl.com
Website :	www.intektapes.co.in

DIRECTORS

AS ON 28.09.2012

Name :

Sharavu Raghavendra Shastry

Designation :

Director

Address :

Sri Sahravu Mahaganpathy Temple, Mangalore – 575000, Karnataka, India

Date of Birth/Age :

11.06.1954

Date of Appointment :

30.10.2002

DIN No.:

01235244

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	Company/ LLP Status	Defaulting status
1	U55101KA1983PTC005284	SHARVU HOTELS PRIVATE LIMITED	Managing director	27/04/1983	27/04/1983	Active	NO
2	U52100KA1987PTC008117	INTEK TAPES PRIVATE LIMITED	Director	30/10/2002	30/10/2002	Active	NO

Name :

Mr. Santhanam Natarajan

Designation :

Director

Address :

401, NGEF Layout, Sadanandanaga, 1 CRS, 6 MN, Bangalore – 560082, Karnataka, India

Date of Birth/Age :

10.11.1953

Date of Appointment :

01.04.1996

DIN No.:

01235413

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	Company/ LLP Status	Defaulting status
1	U52100KA1987PTC008117	INTEK TAPES PRIVATE LIMITED	Director	01/04/1996	01/04/1996	Active	NO
2	U22219KA1982PTC004768	DECAL PRINT (INDIA) PRIVATE LIMITED	Director	24/08/2000	24/08/2000	Active	NO

Name :

Mr. Hudrali Subbanna Ramakrishna

Designation :

Director

Address :

# 31/1, 6^th C Main Road, 4^th Block, Jayanagar, Bangalore – 560011, Karnataka, India

Date of Birth/Age :

11.06.1940

Date of Appointment :

23.01.1987

DIN No.:

01235372

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	U51909KA1968PTC001724	DURANO PROCESS PRIVATE LIMITED	Director	06/05/1968	06/05/1968	06/03/2008	Converted to LLP and dissolved	NO
2	U52100KA1987PTC008117	INTEK TAPES PRIVATE LIMITED	Director	23/01/1987	23/01/1987	-	Active	NO
3	U22219KA1982PTC004768	DECAL PRINT (INDIA) PRIVATE LIMITED	Director	30/06/1999	30/06/1999	-	Active	NO

Name :

Niddodi Jairaj

Designation :

Director

Address :

# 4, 1^st Cross, Sarakki, Main Road, C R Layout, J P Nagar, 1^st Phase, Bangalore – 560078, Karnataka, India

Date of Birth/Age :

20.10.1958

Date of Appointment :

27.03.1989

DIN No.:

01248339

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	Company/ LLP Status	Defaulting status
1	U52100KA1987PTC008117	INTEK TAPES PRIVATE LIMITED	Director	27/03/1989	27/03/1989	Active	NO
2	U22219KA1982PTC004768	DECAL PRINT (INDIA) PRIVATE LIMITED	Director	24/08/2000	24/08/2000	Active	NO

KEY EXECUTIVES

Name :	S.P. Nagarajan
Designation :	Company Secretary
Address :	S-818, Eighth Floor, Manipal Centre-South Block 47, Dickenson Road, Bangalore – 560042, Karnataka, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Ramakrishna H.S.	400
Krishnamurthy R.	70
Decal Print (India) Private Limited, India	325
Dr. Sudesh Shastry Mrs. Susheela Shastry	40
Balachandra Rao P.	35
P. Raghuram Mrs. Padma Raghuram	100
Srinivas H.S.	134
Rohini Jairaj	50
Malini Kumar	34
Nagaraj H. S.	13
Jairaj N.	200
Rahul Shastry Sri Raghavendra Shastry	200
Dr. Vidya Sharma	300
Dinesh Kurji Vithalani	121
Chandrakanth Amritlal Lakhani	121
Mahendra Maganlal Thakkar	161
Bhaskar T. Achar	100
Devi D Somaiya	40
Padmavathy S. Shastry	10
Suman Babu	10
Raghavendra Shastry Mr. S Ramakrishna Shastry	50
Prameela Srinivas	25
Krishna Srinivas	25
Anusuya H.	25
Bharathi Iraniraya	10
Ramakrishna H. S. (HUF)	40
Dr. Raghuprasad N. Mrs. Meenakshi Hari	95
Ashwini Pejawar P. Balachandra	35
Mrs. Anjana K. Murali Mrs. Vandana Roa	20
Mrs. Anjana K. Murali Sri K. N. Ramdas	50
H.S. Ramakrishna and Saralaya Ramakrishna	180
Sarala Ramakrishna and R. Shyam	25
Total	3044

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	10.68
Directors or relatives of directors	76.07
Other top fifty shareholders	13.25
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pressure Sensitive Adhesive Tapes.

Products :

ITC Code	Product Descriptions
39.19.10	Pressure Sensitive Adhesive Tapes

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of Mysore, SME City Credit Centre, 2nd Floor, Rangarao Road, Shankarpuram, Bangalore - 560004, Karnataka, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
A>Working Capital Loans State Bank of Mysore (Cash Credit) (Secured by hypothecation of raw materials, stock in process and finished goods, book debts not more than 90 days old. In addition 1^st charge on plant and machinery and guaranteed by three directors of the company)	0.000	10.784
Total	0.000	10.784
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Rent Deposit (Adarsha Residency)	0.000	0.350
Total	0.000	0.350

Banking Relations :	--
Financial Institution :	Karnataka State Financial Corporation, Thimmaiah Road, Bangalore – 560052, Karnataka, India
Auditors :
Name :	C. P. Ethirajan Chartered Accountants
Address :	N. 38, 1st Floor, Nehru Circle, Bangalore – 560020, Karnataka, India
Tel. No.:	91-80-23342566
Fax No.:	91-80-23465695
E-Mail :	ethirajan@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	AAAPE4631M

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 1000/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,044	Equity Shares	Rs. 1000/- each	Rs. 3.044 Millions

Reconciliation of number of shares outstanding at the beginning and end of the reporting period

Particulars	As on 31.03.2011	Allotment/ Buy back during the period	As on 31.03.2012
Equity Shares	3044	--	3044

Name of shareholders holding in excess of 5% of shares and number of shares held by them

Particulars	% of shares	As on 31.03.2012
Ramakrishna H.S.	13.14	400
Decal Print (India) Private Limited, India	10.68	325
Vidya Sharma	9.86	300
Rahul Shastry	6.57	200
Jairaj N.	6.57	200
H.S. Ramakrishna and Sarala Ramakrishna	5.91	180
Mahendra Maganlal Thakkar	5.21	161

Rights and restrictions in respect of equity shares: The rights, preference and restrictions of holders of equity shares are governed by / in terms of their issue under the provisions of the Companies Act, 1956.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.044	3.044	3.044
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		259.575	236.652	222.218
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		262.619	239.696	225.262
LOAN FUNDS
1] Secured Loans		0.000	10.784	9.783
2] Unsecured Loans		0.000	0.350	0.350
TOTAL BORROWING		0.000	11.134	10.133
DEFERRED TAX LIABILITIES		0.387	1.109	0.721
TOTAL		263.006	251.939	236.116
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		85.865	92.910	121.187
Capital work-in-progress		11.168	0.000	0.000
INVESTMENT		31.040	18.365	16.835
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.224	85.688	53.715
	Sundry Debtors	57.827	45.986	55.004
	Cash & Bank Balances	31.716	37.690	20.077
	Other Current Assets	0.339	0.000	0.000
	Loans & Advances	25.134	24.485	18.676
Total Current Assets		191.240	193.849	147.472
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.810	36.885	34.454
	Other Current Liabilities	19.896	0.000	0.000
	Provisions	16.601	16.300	14.924
Total Current Liabilities		56.307	53.185	49.378
Net Current Assets		134.933	140.664	98.094
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		263.006	251.939	236.116

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	312.944	327.827	266.969
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	278.362	288.398	223.856
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial and Depreciation Expenses)	39.429	43.113
Less	FINANCIAL EXPENSES (D)			0.914	0.883
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			38.515	42.230
Less/ Add	DEPRECIATION/ AMORTISATION (F)			7.203	6.357
	PROFIT BEFORE TAX (E-F) (G)		34.582	31.312	35.873
Less	TAX (H)		8.616	13.844	12.060
	PROFIT AFTER TAX (G-H) (I)		25.966	17.468	23.813
	BALANCE AVAILABLE FOR APPROPRIATION		--	18.823	24.384
Less	APPROPRIATIONS
		Transfer to General Reserve	22.993	15.000	20.000
		Dividend	3.044	3.044	3.040
	BALANCE CARRIED TO THE B/S		0.708	0.779	1.327
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings (FOB Value)	32.494	38.013	28.239
	IMPORTS
		Raw Materials	N.A.	55.221	39.012
		Capital Goods/ Spare Parts	N.A.	0.000	0.053
	TOTAL IMPORTS		N.A.	55.221	39.065
	Earnings Per Share (Rs.)		8.53	5.73	7.82

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.30	5.33	8.92
Return on Total Assets (PBT/Total Assets}	(%)	12.48	10.92	13.35
Return on Investment (ROI) (PBT/Networth)		0.13	0.13	0.16
Debt Equity Ratio (Total Liability/Networth)		0.21	0.27	0.26
Current Ratio (Current Asset/Current Liability)		3.40	3.64	2.99

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	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
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	No

BUSINESS OPERATIONS OVERVIEW

During the year 2010-2011 the Company was able to sustain its growth momentum through operational excellence, high quality products, innovation and by providing customer-centric product solutions to satisfy customer requirements.

The turnover (Current year turnover- Rs. 307.490 Millions) from sales of the Company’s products depicted an downward trend by 5.07% as compared to the previous year (Previous year turnover Rs. 323.932 Millions). The reduction of only 5% during recession time in the economy shows the stabilized sales of the Company’s products conforming to international standards are a clear affirmation of the Company’s channel initiatives implemented through consolidation, employee engagement, performance management and customer focus to create an efficient and robust system of operation.

The gross profit earned by the Company during the year (Profit before tax-Rs. 34.581 Millions during 2011-2012) depicted an enhancement as compared to the previous year (Profit before Tax-Rs. 30.787 Millions during 2010- 2011) owing to the reduction of financial costs. The Directors are confident of further improving the performance of the Company by implementation of conservative operating plans for the year ahead with continued focus on cost management to meet the challenges posed by the competitive business environment.

For the year 2012-13, the Company expects the sales growth and related incremental income, in addition to expected productivity improvements. This expected sales growth and related incremental operating income is considered after taking into account factors such as price increase initiative and increase in productivity.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U52100KA1987PTC008117
Name of the company	INTEK TAPES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 38, Road No. 5, Bommasandra Industrial Area, Bangalore – 562158, Karnataka, India Email: intek@vsnl.com
This form is for	Modification of charge
Charge identification number of the modified	10169160
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	State Bank of Mysore, SME City Credit Centre, 2nd Floor, Rangarao Road, Shankarpuram, Bangalore - 560004, Karnataka, India Email: surevict@gmail.com
Nature of description of the instrument creating or modifying the charge	Agreement of loan cum hypothecation form adv-2
Date of instrument Creating the charge	20.08.2010
Amount secured by the charge	Rs. 20.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC - at 4.25% above the base rate, present eff rate is 12.00% per annum at monthly rests. Penal int: max 2% p.a. Over the normal rate. Terms of Repayment Cash credit - repayable on demand. Advance is for a period of 12 months. Margin Stocks/RM/SIP/FG/Consumables : 25% Book Debts : 50% LC : 10% Extent and Operation of the charge Exclusive first charge on the assets of the company and to the full extent. Others Cash credit Rs 5.000 Millions; advance against export bills under collection Rs 5.000 Millions; Flc limit Rs 10.000 Millions; total Rs 20.000 Millions.
Short particulars of the property charged	Hypothecation of company's present and future movable fixed assets and current assets like stocks, raw materials, semi finished and finished goods, book debts, receivables, outstanding monies, bills, rights, stores, components, furniture and fittings; other movables, plant and machinery, vehicles and assets to be purchased out of bank finance.
Particulars of the present modification	The amount secured by the charge stands modified to Rs. 20.000 Millions. All other terms and conditions remain unchanged.

FIXED ASSETS

Tangible assets:

Ø Land

Ø Building

Ø Staff Quarters

Ø Plant and Machinery (Imported)

Ø Plant and Machinery (Indigenous)

Ø Electrical Installations

Ø Vehicles

Ø Office Equipments

Ø Fire Fighting Equipments

Ø Staff Quarters

Ø Furniture and Fittings

Ø Air Conditioners

Ø Computers

Ø Borewell

Ø Solar Electrical Fittings

Intangible assets:

Ø Computer 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 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. 55.34
UK Pound	1	Rs. 88.30
Euro	1	Rs. 71.37

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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

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

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

RATING EXPLANATIONS

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

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.