MIRA INFORM REPORT

Report Date :

28.11.2012

IDENTIFICATION DETAILS

Name :	ORIX AUTO INFRASTRUCTURE SERVICES LIMITED
Registered Office :	Plot No. 94, Marol Co-operative Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.03.1995
Com. Reg. No.:	11-086014
Capital Investment / Paid-up Capital :	Rs. 642.857 Millions
CIN No.: [Company Identification No.]	U63032MH1995PLC086014
PAN No.: [Permanent Account No.]	AAACO2563P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Financial Legal Services
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 5000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an integrated Financial service group based in Tokyo. It is well established and reputed company worldwide. The latest financial is missing from the government department. And from previous year their appear some loss. However, general financial position is satisfactory. Fundamentals are healthy and strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealing at usual trade terms and condition.

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	FITCH
Rating	(FITCH) A : NATIONAL LONG TERM RATING
Rating Explanation	Expectations of low default risk. The capacity for payment of financial commitments are considered strong.
Date	July, 2011

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/ Head Offices :	Plot No. 94, Marol Co-operative Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-67070258/67070100/67070222/67070216/28509576/28528677
Fax No.:	91-22-28528549
E-Mail :	jay.gandhi@orixindia.com jonathan.dsilva@orixindia.com info@orixindia.com
Website :	www.orixindia.com
Branches :	Plot No. 11-A, Shivaji Marg, Moti Nagar, New Delhi – 110015, Delhi, India
Tel. No.:	91-11-45628200/45628242/41023285
Branches :	No. 10-3-164/A, St Johns Road SD Road, Adjacent Lane Behind Naidu Motors, Secunderabad, Hyderabad, Andhra Pradesh, India
Tel. No.:	91-40-27822730
E-Mail :	info@orixindia.com
Branches :	Located At : · Chandigarh · Ludhiana · Gurgaon · Moradabad · Bikainer · Jodhpur · Kanpur · Nagpur · Pune · Indore · Chennai · Cochin · Udaipur · Jaipur · Agra
Regional Offices :	· Bangalore · Kolkata · Delhi

DIRECTORS

As on: 29.09.2011

Name :

Mr. Koichi Nakayama

Designation :

Director

Address :

W-78, Greater Kailash Part – 1, New Delhi – 1100048, Delhi, India

Date of Birth/Age :

16.02.1953

Date of Appointment :

29.09.2011

DIN No.:

03534073

Name :

Mr. Makoto Shioda

Designation :

Director

Address :

The Grand Hyatt Service Apartments, Santacruz (East), Mumbai – 400055, Maharashtra, India

Qualification :

BA

Date of Birth/Age :

03.03.1956

Date of Appointment :

26.06.2008

DIN No.:

02158375

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	U63032MH1995PLC086014	ORIX AUTO INFRASTRUCTURE SERVICES LIMITED	Director	26-06-08	26-12-07	-	Active	NO
2	U74992MH2006PLC163337	IL and FS SECURITIES SERVICES LIMITED	Alternate director	28-04-11	17-03-08	-	Active	NO
3	U80220MH1997PLC112535	IL and FS EDUCATION and TECHNOLOGY SERVICES LIMITED	Alternate director	09-02-09	24-06-08	21-01-10	Active	NO
4	U65990MH1987PLC044571	INFRASTRUCTURE LEASING AND FINANCIAL SERVICES LIMITED	Alternate director	22-04-09	11-07-08	-	Active	NO
5	U74900MH2006PLC163937	OAIS AUTO FINANCIAL SERVICES LIMITED	Director	10-12-10	09-02-10	-	Active	NO
6	U63000MH2008PTC178289	FOR-SHE TRAVELS and LOGISTICS PRIVATE LIMITED	Additional director	22-02-12	22-02-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jay Niranjan Gandhi
Designation :	Secretary
Address :	804, Maitri Residency CHS, Opposite Kamala Vihar Sports Club, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	23.02.1971
Date of Appointment :	16.07.2002
PAN No.:	AFBPG4135N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2011

Names of Shareholders	No. of Shares
ORIX Corporation, Japan	19500000
Infrastructure Leasing and Financial Services Limited, India	31785710
Ravi Parthasarathy	1
Arun Kumar Saha	1
Anil jain	4000
Rohit Modi.	5000
S Thaiyagarajan Iyer	2500
Ulhas Sinnarkar	2500
Arun. k. Saha (Trustee of IL AND FS Employees Welfare Trust)	12976002
Amarpal Singh	500
Anil Wad	5000
Hemlata Suvarna	2500
Ravi Bharagwaj	2000
Total	64285714

As on: 20.01.2012

Names of Allottee	No. of Shares Allotted
ORIX Corporation, Japan	8333333
Total	8333333

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	30.33
Bodies corporate	49.44
Other top fifty shareholders	20.19
Others	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Financial Legal Services

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Sakinaka, Andheri Kurla Road, Andheri (East), Mumbai – 400072, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	2334.166	1235.074
Rupee term loans others secured	336.089	191.803
Total	2670.255	1426.877
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans unsecured
Rupee term loans banks unsecured	1150.000	932.000
Rupee term loans others unsecured	0.000	255.687
Total	1150.000	1187.687

Banking Relations :	--
Auditors :
Name :	Mehta Kalpesh Janakray Chartered Accountantsx
Address :	Heritage, 3rd Floor, Near Gujrath Vidyapith, Off Ashram Road, Ahmedabad -380014, Gujarat, India
PAN No.:	AABFD7919A
Promoter :	· Infrastructure Leasing and Financial Services Limited ( IL&FS), India CIN No: U65990MH1987PLC044571 · Orix Corporation , Japan
Subsidiary :	OAIS Auto Financial Services Limited, India CIN No: U74900MH2006PLC163937
Associate :	For-She Travels & Logistics Private Limited, India CIN No: U63000MH2008PTC178289

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
90000000	Equity Shares	Rs.10/- each	Rs. 900.000 Millions
10000000	Preferences Shares	Rs.10/- each	Rs. 100.000 Millions
	Total		Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
64285714	Equity Shares	Rs.10/- each	Rs. 642.857 Millions

As on: 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72619047	Equity Shares	Rs.10/- each	Rs. 726.190 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		642.857	642.857
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		812.855	827.411
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1455.712	1470.268
LOAN FUNDS
1] Secured Loans		2670.255	1426.877
2] Unsecured Loans		1150.000	1187.687
TOTAL BORROWING		3820.255	2614.564
DEFERRED TAX LIABILITIES		0.000	104.730
TOTAL		5275.967	4189.562
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3221.635	2213.847
Capital work-in-progress		64.012	108.564
INVESTMENT		522.498	22.499
DEFERREX TAX ASSETS		58.555	0.000
OTHER NON CURRENT ASSETS		315.000	815.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.197	5.459
	Sundry Debtors	524.729	422.964
	Cash & Bank Balances	102.951	112.639
	Other Current Assets	0.000	0.000
	Loans & Advances	1028.843	842.583
Total Current Assets		1662.720	1383.645
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	327.444	252.177
	Other Current Liabilities	221.555	86.997
	Provisions	19.454	14.819
Total Current Liabilities		568.453	353.993
Net Current Assets		1094.267	1029.652
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		5275.967	4189.562

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	2256.639	1692.476
		Other Income	207.813	183.810
		TOTAL (A)	2464.452	1876.286
Less	EXPENSES
		Consumption materials changes inventories	75.571	44.906
		Manufacturing service costs	14.631	13.195
		Contract cost	413.556	289.211
		Employee related expenses	443.501	351.460
		Administrative selling other expenses	589.447	605.008
		TOTAL (B)	1536.706	1303.780
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		927.746	572.506
Less	FINANCIAL EXPENSES (D)		347.881	262.509
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		579.865	309.997
Less/ Add	DEPRECIATION/ AMORTISATION (F)		523.618	386.802
	PROFIT BEFORE TAX (E-F) (G)		56.247	(76.805)
Less	TAX (H)		64.683	7.980
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(8.436)	(84.785)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		76.298	161.083
	BALANCE CARRIED TO THE B/S		67.862	76.298
	Earnings Per Share (Rs.)		0.13	1.32

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.34)	(4.52)
Net Profit Margin (PBT/Sales)	(%)	2.49	(4.54)
Return on Total Assets (PBT/Total Assets}	(%)	1.15	(2.13)
Return on Investment (ROI) (PBT/Networth)		0.04	(0.05)
Debt Equity Ratio (Total Liability/Networth)		3.02	2.02
Current Ratio (Current Asset/Current Liability)		2.93	3.91

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 two years	Yes
12]	Profitability for last two 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	--
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
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U63032MH1995PLC086014
Name of the company	ORIX AUTO INFRASTRUCTURE SERVICES LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 94, Marol Co. Op. Industrial Estate, Andheri Kurla Road, Andheri (East) Mumbai. 400059, Maharashtra, India jay.gandhi@orixindia.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Bank of Baroda, Sakinaka, Andheri Kurla Road, Andheri (East), Mumbai – 400072, Maharashtra, India sakina@bankofbaroda.com
Nature of instrument creating charge	Unattested Deed of Hypothecation dated March 22,2012
Date of instrument Creating the charge	22.03.2012
Amount secured by the charge	Rs. 250.000 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest 1.5% above Base Rate i.e. 12.25% p.a. (fixed) till due date of review i.e. August 22, 2012, after that annual reset. Terms of repayment In 48 months with initial moratorium of 3 months, in 45 monthly installments of Rs. 5.556 Millions each (last installment being Rs. 5.536 Millions) Margin 10% Extent and operation of the charge On the assets of the Borrower as more particularly describe in the Schedule II to said Unattested Deed of Hypothecation
Short particulars of the property or assets charged (including complete address and location of the property)	· First Exclusive Charge (Floating) by way of hypothecation of Unencumbered own assets. · First Exclusive Charge (Floating) by way of hypothecation of Lease Receivables under operating lease with underlying assets. · First Exclusive Charge (Floating) by way of hypothecation of the receivables of loan extended by the Company to different borrowers with beneficial interest on underlying assets. · First Exclusive Charge (Floating) by way of hypothecation of receivables from the company's other business activities. · All of the above assets are charged in favour of the bank as per the drawing power statement to be provided by the Company to Bank, from time to time, to the extent of o/s debit balance in TL account.

OPERATING ENVIRONMENT:

The Indian economy is at an interesting phase where it has fully recovered from the impact of the global economic meltdown and firmly placed itself on the growth trajectory of over 8% growth in the GDP. This momentum is likely to continue for the next few years. However, there are inflationary pressures on the economy which is lead by food and consumer inflation. RBI is working along with the government to rein in the inflationary pressures giving rise to a higher interest rate regime which is likely to continue in the first half of FY 2012.

Automobile Industry, to which the Company is closely related, has registered strong growth momentum during the year under review. Rising income levels and favourable liquidity scenario pushed the growth in domestic passenger vehicles sales. Whereas strong growth in construction and infrastructure, increase in freight movement owing to healthy consumer spending, increased demand from different State Transport Undertakings pushed the growth in commercial vehicle domestic sales during the said period.

Tourism and Indian hotel Industry, which also plays an influential role in the robust growth of the Company's income, witnessed healthy growth after the global recession and slowdown in the Indian economy during 2009-10. As per the market report, the hotel industry in India is slated to grow by at least 11% during the next five years.

The inflationary pressure and rising assets price had resurfaced a challenge in FY 2012. The growth momentum in the economy with price stability will be prime challenge and key focus area of the Government as well as RBI during the coming days of the year.

RE-ORGANISATION:

During the period, the Company had carried out the Scheme of Re-organisation u/s 391 to 394 of the Companies Act, 1956 pursuant to which the Financial Services Business consisting Finance Lease, Corporate Loan and Commercial Vehicle Loan financing Business were transferred to and domiciled in OAIS Auto Financial Services Limited (OAFS), a subsidiary Company, along with all related assets and attendant liabilities effective April 01, 2009 whereas all Operating Businesses are retained in the Company. The Hon'ble High Court of Bombay vide its order dated July 09, 2010 had sanctioned the Scheme

The said re-organisation process undertaken by the Company, in order to ensure continuing regulatory compliance and the growth of all its businesses to its potential, was completed during the end of the 3rd quarter of the year and accordingly your Company ceased to function as Non Banking Finance Company (NBFC) and surrendered NBFC registration held by it to the Reserve Bank of India. The Final letter from RBI, cancelling Certificate of Registration is expected shortly

INVESTMENT:

(1) OAIS Auto Financial Services Limited (the Subsidiary Company):

During the year, the Company has made further capital investment aggregating to Rs. 799,999,970/- (Rupees Seven Ninety Nine Million Nine Ninety Nine Thousand and Nine Hundred and Seventy Only) by subscribing to 22,857,142 Equity Shares of Rs 10/- each of OAIS Auto Financial Services Limited (Formerly known as IL and FS Real Estate Services Limited).

(2) For-she Travels and Logistics Pvt. Limited:

The Company has made an Investment aggregating to Rs. 2,499,400 /- (Rupees Two Million Four Ninety Nine Thousand and Four Hundred Only) by subscribing to 64285 Equity Shares of Rs. 10/- each in For-She Travels and Logistics Private Limited in FY 2008

REVIEW OF BUSINESS OPERATIONS:

(1) OAIS Auto Financial Services Limited.

During the year, the Company received the Certificate of Registration on December 8, 2010 from Reserve Bank of India. However, no fresh business was booked in this Company and OAIS was acting on behalf of OAFS as Trustee up to March 31, 2011. From April 1, 2011 OAFS has started functioning on standalone basis as Non Banking Finance Company

During FY 2011, OAFS has been able to report satisfactory results, despite high inflation and increasing interest rate prevailing during the entire year.

(2) ORIX Auto Infrastructure Services Limited (Operating Business)

Pursuant to Scheme of Re-organisation, OAIS has separated Financial Service Business and domiciled the same in OAFS whereas it has retained following Operating Business with it, which are based around automobiles and auto related value added services:

(i) Operating Lease

(ii) Rent-a-car

(iii) Radio Taxi

(iv) Equipment Banking

(v) Business Transport Solution

(vi) Service Centre

During the year, OAIS, which is a Holding Company after the re-organization, and where the operating businesses of OAIS have been domiciled, continued with the product lines which are based around automobiles and auto related value added services.

Hertz Corporation (NYSE: HTZ) and its subsidiary Hertz Europe Limited, one of the World Leader in the industry had, during the year, signed up with ORIX Auto Infrastructure Services Limited (OAIS), to provide a reciprocal, comprehensive Customer Referral Program in India for Hertz vehicle rental customers.

During FY 2011 the Company had started a new product namely Mobile Banking. As an extension of technology integrated asset based services business and with commitment to facilitate financial inclusion, your company have forayed into provisioning of vehicle mounted mobile ATM services and vehicle mounted mobile banking services to Banks in India.

The operations started in July 2010 with Bank of Baroda on Pilot basis and by the end of March 2011 has grown in to 13 vehicles (8 to Bank of Baroda, 3 to Allahabad Bank, 2 to Central Bank of India).Under the scheme the Company procures vehicle, custom build body of the vehicle to specification so of client Banks and depending upon requirement, provide in vehicle assets and infrastructure with capability to seamlessly transact business with Bank's branches. Operations Management is undertaken by your company leaving the Bankers to concentrate on their core areas of competence.

OUTLOOK:

Looking forward, the strategy of the Company will be to keep its focus on high yielding transactions, to leverage existing relationship for exploring new business lines and to increase its fee based income.

The company, during the coming years aims at higher level of growth and profitability and plans:

(1)To increase its market share in all product lines in India's expanding service industry

(2)To leverage its technology platform and to become more customer friendly

(3)To stay ahead of the Curve and remain front runner

(4)To lead the development of transport infrastructure service sector by innovations leading to total alignment with the client requirements and providing cost effective solutions

(5) To bring about paradigm shift in the Indian Transport Infrastructure System based on state of the art technology platform and unparallel service level

FIXED ASSETS

· Building

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Vehicles

· Motor

· Computer Software

ORIX buys out IL&FS in auto joint venture

OUR BUREAU

MUMBAI, SEPT. 21

ORIX Corporation, Japan and IL&FS have entered into a share purchase agreement wherein ORIX will acquire IL and FS' shares in the jointly promoted ORIX Auto Infrastructure Services Limited (OAISL).

OAISL has assets of Rs 8500.000 Millions its various verticals and offers a full range of auto infrastructure services business.

Pursuant to the agreement, ORIX will acquire the shares of IL and FS and its affiliates in OAISL and hold 99.95 per cent of the paid-up equity share capital of OAISL. ORIX is a diversified financial conglomerate with assets over $ 80 billion and is listed on the Tokyo and New York Stock Exchanges.

ORIX has been a partner with IL and FS. Since 1993, and is currently the second largest shareholder of IL and FS.

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 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. 55.70
UK Pound	1	Rs. 89.34
Euro	1	Rs. 72.35

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	4
--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		42

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.