MIRA INFORM REPORT

Report Date :

12.10.2012

IDENTIFICATION DETAILS

Name :	SAI INDUSTRIES PRIVATE LIMITED

Registered Office :	21, Princep Street, Kolkata – 700072, West Bengal

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	01.04.2003

Com. Reg. No.:	21-095997

Capital Investment / Paid-up Capital :	Rs.7.205 Millions

CIN No.: [Company Identification No.]	U25202WB2003PTC095997

TAN No.: [Tax Deduction & Collection Account No.]	CALS11588D

PAN No.: [Permanent Account No.]	AAHCS5276L

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing activities in Linear Alkyl Benzene Sulphonic Acid (LABSA), PP/HDPE Woven Sacks/Bags, Jumbo Bags, Jute and textile Mills Machinery and Spares, Industrial Jute Bags and Jute Diversified Products including Shopping Bags, Detergents, Fertilizers.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 250000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a part of ‘Kamakhya Group’. It is a well established company having satisfactory track. It has achieved a better growth in its sale turnover during 2011 over last year. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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

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	CRISIL
Rating	(Long Term Rating) BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	27.04.2012

Rating Agency Name	CRISIL
Rating	(Short Term Rating) A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	27.04.2012

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 :	21, Princep Street, Kolkata – 700072, West Bengal, India
Tel. No.:	91-33-22363055
Fax No.:	91-33-22219145
E-Mail :	navinayar.nnco@yahoo.com sai@foglagroup.com companyaffairssmailbox@rediffmail.com

DIRECTORS

(AS ON 23.09.2011)

Name :

Mr. Vishnu Kumar Fogla

Designation :

Director

Address :

78/8, Block-E New Alipore. Kolkata – 700053, West Bengal, India

Date of Appointment :

01.04.2004

DIN No.:

00270779

Other Directorships :

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	U29130WB1981PTC034249	SAI JUTE MILLS PRIVATE LIMITED	Director	31/10/1981	31/10/1981	-	Active	NO
2	U18101WB1983PLC036702	KAMAKHYA (INDIA) LTD	Director	01/02/1984	01/02/1984	-	Active	NO
3	U24119WB1987PTC043183	SAI SULPHONATES PVT LTD	Director	20/10/1987	20/10/1987	11/04/2011	Active	NO
4	U21010JH1989PTC003419	KAMAKHYA PACKAGING PRIVATE LIMITED	Director	16/05/1989	16/05/1989	-	Active	NO
5	U29294OR1989PTC002313	RAMA LAMINATORS PRIVATE LIMITED	Director	26/07/1989	26/07/1989	-	Active	NO
6	U17222WB1994PTC061850	RISHI SECURITIES & FINANCE PVT LTD	Director	17/02/1994	17/02/1994	-	Active	NO
7	U74950WB1994PTC062191	BHAGIRATHI PACKAGING PVT LTD	Director	09/03/1994	09/03/1994	-	Active	NO
8	U28920WB1955PLC022512	LAGAN ENGINEERING COMPANY LIMITED	Director	04/07/2000	04/07/2000	-	Active	NO
9	U24241WB1989PTC047923	SAI SURFACTANTS PVT LTD	Director	01/03/2001	01/03/2001	-	Active	NO
10	U29296WB2001PTC093082	RAMA SPARES MANUFACTURING PVT LTD	Director	04/04/2001	04/04/2001	-	Active	NO
11	L24117RJ1991PLC006307	PODDAR PIGMENTS LIMITED	Director	28/07/2003	28/07/2003	27/08/2011	Active	NO
12	U25202WB2003PTC095997	SAI INDUSTRIES PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
13	U24241WB1993PTC061113	SAI FERTILIZERS PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
14	U51109WB2007PTC117732	HAPPY SUPPLIERS PRIVATE LIMITED	Director	14/04/2009	14/04/2009	-	Active	NO
15	U24120WB2010PTC141550	SAI FERTILIZERS & PHOSPHATES PRIVATE LIMITED	Director	29/01/2010	29/01/2010	-	Active	NO
16	U24111WB2004PTC099677	A R SULPHONATES PRIVATE LIMITED	Director	20/06/2011	20/06/2011	-	Active	NO
17	U51909WB2011PTC164840	FIVESTAR DEALCOM PRIVATE LIMITED	Director	12/07/2011	12/07/2011	-	Active	NO
18	U74999WB2012PTC178678	Linkstar Financial Advisors Private Limited	Director	30/03/2012	30/03/2012	-	Active	NO

Name :

Mr. Anand Jeloka

Designation :

Director

Address :

4, Lake View Road, Sarat Bose Road. Kolkata – 700029, West Bengal, India

Date of Appointment :

01.04.2003

DIN No.:

00498028

Other Directorships :

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	U24241WB1993PTC061113	SAI FERTILIZERS PRIVATE LIMITED	Director	15/12/1993	15/12/1993	31/01/2007	Active	NO
2	U24241WB1989PTC047923	SAI SURFACTANTS PVT LTD	Director	01/04/1995	01/04/1995	-	Active	NO
3	U25202WB2003PTC095997	SAI INDUSTRIES PRIVATE LIMITED	Director	01/04/2003	01/04/2003	-	Active	NO
4	U29268WB1996PTC079777	JUMAC MANUFACTURING PVT LTD	Director	01/04/2007	01/04/2007	-	Active	NO
5	U17222WB1994PTC061850	RISHI SECURITIES & FINANCE PVT LTD	Director	03/04/2007	03/04/2007	-	Active	NO
6	U51109WB2007PTC117732	HAPPY SUPPLIERS PRIVATE LIMITED	Director	19/09/2007	19/09/2007	-	Active	NO
7	U29130WB1981PTC034249	SAI JUTE MILLS PRIVATE LIMITED	Director	10/05/2008	10/05/2008	-	Active	NO
8	U52601WB2008PTC128338	SAI BULK BAGS PRIVATE LIMITED	Director	08/08/2008	08/08/2008	-	Active	NO

Name :

Mr. Sanjeev Fogla

Designation :

Director

Address :

Fogla Niwas, 38, Shibnath Shastri, New Alipore, Sarani. Kolkata – 700053, West Bengal, India

Date of Appointment :

01.04.2004

DIN No.:

00534212

Other Directorships :

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	U29294OR1989PTC002313	RAMA LAMINATORS PRIVATE LIMITED	Director	26/07/1989	26/07/1989	21/11/2011	Active	NO
2	U24241WB1989PTC047923	SAI SURFACTANTS PVT LTD	Director	27/11/1989	27/11/1989	-	Active	NO
3	U17222WB1994PTC061850	RISHI SECURITIES & FINANCE PVT LTD	Director	17/02/1994	17/02/1994	21/11/2011	Active	NO
4	U74950WB1994PTC062191	BHAGIRATHI PACKAGING PVT LTD	Director	09/03/1994	09/03/1994	-	Active	NO
5	U29130WB1981PTC034249	SAI JUTE MILLS PRIVATE LIMITED	Director	01/03/1996	01/03/1996	-	Active	NO
6	U28991WB2003PTC095996	BHAGWATI SPARES MANUFACTURING PVT LTD	Director	01/04/2003	01/04/2003	-	Active	NO
7	U17232WB1993PTC060533	RAMINDIA EXPORTS PVT LTD	Director	01/04/2004	01/04/2004	-	Active	NO
8	U25202WB2003PTC095997	SAI INDUSTRIES PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
9	U24111WB2004PTC099677	A R SULPHONATES PRIVATE LIMITED	Director	06/09/2004	06/09/2004	-	Active	NO
10	U52601WB2008PTC128338	SAI BULK BAGS PRIVATE LIMITED	Director	08/08/2008	08/08/2008	-	Active	NO
11	U24241WB1993PTC061113	SAI FERTILIZERS PRIVATE LIMITED	Director	02/01/2009	02/01/2009	-	Active	NO
12	U74140WB1994PTC061869	STARLITE VYAPAAR PVT. LTD.	Director	02/02/2009	02/02/2009	-	Active	NO
13	U24120WB2010PTC141550	SAI FERTILIZERS & PHOSPHATES PRIVATE LIMITED	Director	29/01/2010	29/01/2010	-	Active	NO
14	U51909WB2011PTC160359	SHREE K.B. VINCOM PRIVATE LIMITED	Director	07/03/2011	07/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 23.09.2011)

Names of Shareholders		No. of Shares (Equity)


Sanjeev Fogla		70000
Anand Jeloka		15000
Priyanka Jeloka		5000
Kamal Seth		500
Rishi Securities and Finance Private Limited, India		40000
Kamakhya Packaging Private Limited, India		30000

Total		160500

Names of Shareholders		No. of Shares (Preference)

Kamakhya (India) Limited, India		20000
Rama Spares Mfg. Private Limited, India		3000
Jumac Mfg. Private Limited, India		4000
Starlite Vyapaar Private Limited, India		21000
Rishi Securities and Finance Private Limited, India		8000

Total		56000

(AS ON 23.09.2011)

Equity Shares Break – up

Category		Percentage

Bodies corporate		43.62
Directors or relatives of directors		56.38

Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturing activities in Linear Alkyl Benzene Sulphonic Acid (LABSA), PP/HDPE Woven Sacks/Bags, Jumbo Bags, Jute and textile Mills Machinery and Spares, Industrial Jute Bags and Jute Diversified Products including Shopping Bags, Detergents, Fertilizers.

Products :

Product Description	Items Code No

P.P. Woven Sacks, Plastic Lay Flat Tube	392329.90
Jute Shopping Bag	42022.04

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank

Princep Street Branch, 25 Princep Street, Kolkata – 700072, West Bengal, India

· HDFC Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)

From Canara Bank, Princep Street Branch, Kolkata (Secured against hypothecation of plant and machinery and entire current assets, relevant export invoice and personal guarantee of foreign bill purchases		--
Packing Credit Loan		34.386
Term Loan		5.430
Cash Credit Account		--
ICICI Bank Car Loan		--

Total	101.997	39.816

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)

Starline Vaypaar Private Limited		2.647
Tonganagaon Tea Company Private Limited		0.227

Total	2.727	2.874


Banking Relations :	--

Auditors :
Name :	Navin Nayar and Company Chartered Accountant
Address :	Suite 4-E, 34-A, Metcalfe Street, Kolkata – 700013, West Bengal, India
Tel No.:	91-33-22114467/22119818
PAN No.:	AADFN6775C
Email :	navinayar.nnco@yahoo.com

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount

200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions
80000	Preference Shares	Rs.100/- each	Rs.8.000 Millions

	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

160500	Equity Shares	Rs.10/- each	Rs.1.605 Millions
56000	Preference Shares	Rs.100/- each	Rs.5.600 Millions

	Total		Rs.7.205 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		7.205	7.205	7.205
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		56.452	48.860	39.676
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		63.657	56.065	46.881
LOAN FUNDS
1] Secured Loans		101.997	39.816	10.842
2] Unsecured Loans		2.727	2.874	6.372
TOTAL BORROWING		104.724	42.690	17.214
DEFERRED TAX LIABILITIES		0.845	0.705	0.707

TOTAL		169.226	99.460	64.802

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		71.787	22.604	18.792
Capital work-in-progress		0.000	11.011	0.648

INVESTMENT		6.634	6.634	6.874
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.198	38.214	12.457
	Sundry Debtors	23.760	11.199	12.896
	Cash & Bank Balances	37.109	10.968	11.064
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.380	13.683	10.841
Total Current Assets		123.447	474.064	47.258
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	27.617	8.273	7.123
	Other Current Liabilities		4.329	1.275
	Provisions	5.025	2.251	0.372
Total Current Liabilities		32.642	14.853	8.770
Net Current Assets		90.805	59.211	38.488

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		169.226	99.460	64.802

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010

	GROSS SALES		335.160	235.214

	EXPENSES
		TOTAL	NA	NA

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		23.157	16.426

Less	FINANCIAL EXPENSES		5.850	2.160

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		17.307	14.266

Less/ Add	DEPRECIATION/ AMORTISATION		6.802	3.204

	PROFIT BEFORE TAX		10.505	11.062

Less	TAX		NA	1.879

	PROFIT AFTER TAX		NA	9.183

	EXPORTS VALUE		179.912	216.495

	IMPORTS VALUE		141.154	85.403

	Earnings Per Share (Rs.)		NA	68.91

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	5.38	2.23	NA

Return on Investment (ROI) (PBT/Networth)		0.17	0.20	NA

Debt Equity Ratio (Total Liability/Networth)		2.16	1.03	0.55

Current Ratio (Current Asset/Current Liability)		3.78	31.92	5.39

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	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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

OPERATIONS

This year the company has increased exports of different product, the success of which has been achieved with goods returns, the directors are hopeful that in the next year the turnover and exports should be at least three times than that achieved this year.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90256168
Corporate identity number of the company	U25202WB2003PTC095997
Name of the company	SAI INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	21 Princep Street, Kolkata – 700072, West Bengal, India companyaffairssmailbox@rediffmail.com
Type of charge	Immovable Property Book Debts Movable Property Others: Cut back deposit, Personal Guarantee
Particular of charge holder	Canara Bank Princep Street Branch, 25 Princep Street, Kolkata – 700072, West Bengal, India vaskardas@rediffmail.com
Nature of description of the instrument creating or modifying the charge	1) Sanction letter dated 11/12/2010 to secure overall credit facilities of Rs.166.000 Millions. 2) Supplemental Common Hypothecation Agreement dated 14/12/2010 to secure overall credit facility of Rs 166.000 Millions. 3) Letter evidencing deposit of title deeds dated 14/12/2010 along with details of properties to secure overall credit facility of Rs 166.000 Millions.
Date of instrument Creating the charge	14/12/2010
Amount secured by the charge	Rs.166.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Working Capital Loan PC/PCFC- As applicable to export credit (Presently 9.5% p.a floating) FDB/FBE/BRD- As applicable to export credit (Presently 9.5% p.a floating) Term Loan as per existing terms. Terms of Repayment The Working Capital is repayable on demand as per existing terms. Term loan to be repaid as per existing terms. Margin Working capital PC/PCFC - 10% BG - As per existing terms. ILC / FLC - As per existing terms. FDB/FBE/BRD- As per existing terms. Term Loan- As per existing terms. Extent and Operation of the charge Primary Security 1) Hypothecation of entire stock of raw material, WIP, semi finished goods, finished goods, book debts, plant and machinery including plant and machinery to be purchased out of fresh term loan ,equipment, accessories, other current assets and movable fixed assets both present and future. 2) EMT of land and building admeasuring 330 sq. mtrs and 1177.60 sq. mtrs. standing in the name of the company. Others Collateral Security 1. Cut back deposits @2% on all export bills. 2. Existing Plant and Machinery valued at 12.182 Millions. 3. EMT of factory land and building admeasuring 2850 square feet standing in the name of the company. 4. EMT of land and building admeasuring 2148.07 sq. mtrs, standing in the name of the company. 5. EMT of land and building admeasuring 200 sq. mtrs and 462 sq. mtrs. standing in the name of the company. 6 Personal guarantee of Sri Sanjeev Fogla and Mr. Anand Fogla.
Short particulars of the property charged	First charge on borrowers entire stock of raw material, WIP, semi finished goods, finished goods, book debts, plant and machinery including plant and machinery to be purchased out of fresh term loan, equipment, accessories, other current assets and movable fixed assets both present and future lying at the borrowers Registered office/ godown/ factory/ premises or anywhere else. EMT of land and building admeasuring 330 sq. mtrs, 1177.60 sq. mtrs. standing in the name of the company located at Sector I, Falta Special Economic Zone, 24 Parganas (South), West Bengal EMT of factory land and building admeasuring 2850 square feet standing in the name of the company located at Sector I, Falta Special Economic Zone, 24 Parganas (South), West Bengal EMT of land and building admeasuring 2148.07 sq. mtrs, standing in the name of the company located at Sector I, Falta Special Economic Zone, 24 Parganas (South), West Bengal. EMT of land and building admeasuring 200 sq. mtrs, 462 sq. mtrs. standing in the name of the company located at Sector I, Falta Special Economic Zone, 24 Parganas (South), West Bengal.
Date of latest modification prior to the present modification	06/03/2010
Particulars of the present modification	By this modification the overall credit facility is increased from Rs.106.000 Million to Rs 166.000 Millions details of which is given below 1) PC/PCFC- 70.000 Millions 2) FDB/FBE/BRD- 25.000 Millions 3) ILC/FLC ( DA/DP)- 30.000 Millions 4) BG- 2.000 Millions 5) TL 39.000 Millions _________ Total 166.000 Millions __________ Other terms and condition remains unchanged.

FIXED ASSETS:

· Computer

· Electric Installation

· Furniture and Fixture

· Laboratory Equipment

· Office Equipments

· Plant and Machinery

· Generator

· Building

· Bycle

· Vehicle

· Fire Equipment

· Air Conditioner

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 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.52.38
UK Pound	1	Rs.84.00
Euro	1	Rs.67.99

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--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		47

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.

MIRA INFORM REPORT

46.198

23.760

37.109

0.000

16.380

123.447

27.617

5.025

32.642

90.805

5.38

0.17

2.16

3.78

Unit