MIRA INFORM REPORT

Report Date :

15.10.2012

IDENTIFICATION DETAILS

Name :	BULLOWS PAINT EQUIPMENT PRIVATE LIMITED (w.e.f 01.04.1982)
Formerly Known As :	SARAIYA INDUSTRIAL AND CONTAINER COMPANY PRIVATE LIMITED (w.e.f 27.06.1968) SPEEDTOOLS PRIVATE LIMITED
Registered Office :	Plot No. R-580, MIDC, TTC Industrial Area, Rabale, Navi Mumbai-400701, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.10.1963
Com. Reg. No.:	11-012756
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U29221MH1963PTC012756
TAN No.: [Tax Deduction & Collection Account No.]	MUMB19067G, PNEB03305B
PAN No.: [Permanent Account No.]	AAACB5489M, AAACB5489M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Painting Equipment and Painting System
No. of Employees :	65 (Approximately)

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 600000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old established company having satisfactory track. It has recorded a healthy growth in its sales turnover and profits during 2011. Liquidity position of the company appears to be strong. Trade relations are reported as trustworthy. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered 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.

INFORMATION PARTED BY

Name :	Mr. Rajesh Nile
Designation :	Account Manager
Contact No.:	91-9881895630
Date :	10.10.2012

LOCATIONS

Registered Office/Factory :	Plot No. R-580, MIDC, TTC Industrial Area, Rabale, Navi Mumbai 400701, Maharashtra, India
Tel. No.:	91-22-25821838
Mobile No.:	91-9819405185 (Mr. Prashant Waghulade)
Fax No.:	91-22-25820854
E-Mail :	bpep@bom2.vsnl.net.in rnnile@bullows.com
Website :	www.bullows.com
Location :	Owned
Branch Office :	Bangalore Krishna Vilas, 1/3 Palace Road, Bangalore-560001, Karnataka, India Telephone : 91-80-22263707, 22263708, 22284522 , 22201123, 22201125 Fax : 91-80- 2225 871 E-mail : salesblr@josts.in Kolkata 19, British Indian Street, Post Box 64, Kolkata-700069, West Bengal, India Telephone : 91-33-22482257, 22429510, 22105001 Fax : 91-33-2248 0861 E-mail : salescal@josts.in Pune Plot No.3 , Serve No.126, Paud Road, Pune-411038, Maharashtra, India Telephone : 91-20-25434350, 25434390 Fax :91-20-25434393 E-mail : salespune@josts.in Secunderabad Plot No. 9-1-91/1, Flat No.101, Sri Raghava Apartments, Beside Sangeet Theatre, Sarojini Devi Road, Secunderabad-500003, Andhra Pradesh, India Telephone : 91-40-27714934, 27714944 Fax : 91-40- 27712655 E-mail : saleshyd@josts.in Chennai, India Hyderabad, India

DIRECTORS

As on: 27.08.2012

Name :

Mr. Burjor Hormusji Reporter

Designation :

Director

Address :

24 C, Bal Gangadhar Kher Marg, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

13.02.1924

Date of Appointment :

05.11.1973

DIN No.:

00282711

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	L28100MH1907PLC000252	JOSTS ENGINEERING COMAPNY LIMITED	Director	27-08-53	27-08-53	-	Active	NO
2	L29112PN1962PLC012276	CUMMINS INDIA LIMITED	Director	15-03-62	15-03-62	-	Active	NO
3	U13519MH1966PTC013519	BULLOWS INDIA PRIVATE LIMITED	Director	21-06-66	21-06-66	-	Active	NO
4	U29221MH1963PTC012756	BULLOWS PAINT EQUIPMENT PRIVATE LIMITED	Director	05-11-73	05-11-73	-	Active	NO
5	U25209MH1975PTC018396	PHIROZE SETHNA PRIVATE LIMITED	Director	13-01-81	13-01-81	-	Active	NO Bottom of Form
6	U32109MH1985PTC036088	REBA ELECTRONICS PRIVATE LIMITED	Director	03-09-91	03-09-91	-	Strike off	NO
7	U51909MH1952PLC014972	CUMMINS SALES AND SERVICE INDIA LIMITED	Director	24-12-03	24-12-03	-	Amalgamated	NO
8	U99999MH1985PTC035486	GRAMOS CHEMICALS INDIA PRIVATE LIMITED	Director	07-09-09	07-09-09	-	Active	NO

Name :

Mr. Govind Guno Desai

Designation :

Director

Address :

Kedar Apartments, Bhandar Lande, Mahim Mumbai-400016, Maharashtra, India

Date of Birth/Age :

04.06.1935

Date of Appointment :

21.09.1982

DIN No.:

00140853

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	U29221MH1963PTC012756	BULLOWS PAINT EQUIPMENT PRIVATE LIMITED	Director	21-09-82	21-09-82	-	Active	NO
2	U13519MH1966PTC013519	BULLOWS INDIA PRIVATE LIMITED	Director	21-09-82	21-09-82	-	Active	NO
3	U74300MH1969PTC014297	CONTRACT ADVERTISING (INDIA) PRIVATE LIMITED	Director	31-07-84	31-07-84	-	Active	NO
4	L24230MH1984PLC034771	BLISS GVS PHARMA LIMITED	Director	21-12-84	21-12-84	-	Active	NO
5	L74999MH1985PLC037618	INDAGE VINTNERS LIMITED	Director	04-01-86	04-01-86	09-12-09	Active	NO
6	U99999MH1986PLC134021	FERMENTA BIOTECH LIMITED	Director	03-03-87	03-03-87	19-03-10	Active	NO
7	L24223MH1946PLC005434	KOKUYO CAMLIN LIMITED	Director	16-03-88	16-03-88	28-07-08	Active	NO
8	U02411KA1980PTC004053	FOSROC CHEMICALS (INDIA) PRIVATE LIMITED	Director	09-08-89	09-08-89	30-11-07	Active	NO
9	U74999MH1987PTC044849	CLASSIC STRIPES Private Limited	Director	01-01-97	01-01-97	29-06-11	Active	NO
10	L15520MH1982PLC028415	INDAGE RESTAURANTS AND LEISURE LIMITED	Director	14-02-98	14-02-98	09-12-09	Active	NO
11	U24100MH1981PTC025661	CENTAUR CHEMICALS PRIVATE LIMITED	Director	06-02-01	06-02-01	-	Amalgamated	NO
12	U65910MH1991PLC063461	ALTA LEASING AND FINANCE LIMITED	Director	30-04-01	30-04-01	-	Active	NO
13	L99999MH1951PLC008485	DIL LIMITED	Director	29-11-01	29-11-01	-	Active	NO
14	U45200MH1995PLC084766	AEGEAN PROPERTIES LIMITED	Director	27-02-02	27-02-02	-	Active	NO
15	U28933MH2004PTC148152	DURABUILD TECHNOLOGIES PRIVATE LIMITED	Director	05-05-05	05-05-05	08-06-11	Active	NO
16	U24110MH1962PLC012526	LONA INDUSTRIES LIMITED	Director	30-09-05	30-09-05	-	Active	NO
17	U36930MH1994PTC082020	PRO-TECH SPORTS AND SAFETY PRODUCTS PRIVATE LIMITED	Director	24-06-06	24-04-06	08-06-11	Active	NO
18	U25208MH1995PTC093753	FORMA SPORTS PRIVATE LIMITED	Director	24-06-06	24-04-06	08-06-11	Active	NO
19	L65910MH1998PLC115967	IRB INFRASTRUCTURE DEVELOPERS LIMITED	Director	07-09-07	03-08-07	-	Active	NO
20	U24230MH1980PTC023291	CENTAUR PHARMACEUTICALS PRIVATE LIMITED	Director	23-10-08	23-10-08	-	Active	NO
21	U74130MH2004PTC145141	EVOTEC (INDIA) PRIVATE LIMITED	Additional director	20-02-09	20-02-09	31-08-09	Active	NO

Name :

Mr. Pratap Ramanlal Saraiya

Designation :

Director

Address :

K. K. Chambers, 2^nd Floor, P. T. Marg, Mumbai – 400001, Maharashtra, India

Date of Birth/Age :

04.10.1926

Date of Appointment :

25.09.1987

DIN No.:

01191353

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	U29221MH1963PTC012756	BULLOWS PAINT EQUIPMENT PRIVATE LIMITED	Director	25-09-87	25-09-87	-	Active	NO
2	U13519MH1966PTC013519	BULLOWS INDIA PRIVATE LIMITED	Director	25-09-87	25-09-87	-	Active	NO

Name :

Mr. Farokh Kekhushroo Banatwalla

Designation :

Director

Address :

603, Neel Sagar, TPS III, 28^TH Road, Bandra (West), Mumbai 400050, Maharashtra, India

Date of Birth/Age :

19.04.1949

Date of Appointment :

24.10.2011

DIN No.:

02670802

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	L28100MH1907PLC000252	JOSTS ENGINEERING COMAPNY LIMITED	Director	21-04-09	21-04-09	-	Active	NO
2	U11201MH2000PTC129960	OIL FIELD INSTRUMENTATION (INDIA) Private Limited	Director	21-07-09	27-06-09	-	Active	NO
3	L29299PN1960PLC011645	SIMMONDS MARSHALL LIMITED	Director	28-07-09	28-07-09	-	Active	NO
4	U72200PN2000PTC014922	CLOVER INFOTECH PRIVATE LIMITED	Director	30-09-10	10-08-09	-	Active	NO
5	U99999MH1985PTC035486	GRAMOS CHEMICALS INDIA PRIVATE LIMITED	Director	07-09-09	07-09-09	-	Active	NO
6	U45201MH2006PTC163287	SAMEERA DEVELOPERS PRIVATE LIMITED	Director	30-09-11	12-07-11	-	Active	NO
7	U45201MH2006PTC165708	CLOVER REALTY AND INFRASTRUCTURE PRIVATE LIMITED	Whole-time director	12-07-11	12-07-11	-	Active	NO
8	U13519MH1966PTC013519	BULLOWS INDIA PRIVATE LIMITED	Director	24-10-11	24-10-11	-	Active	NO
9	U29221MH1963PTC012756	BULLOWS PAINT EQUIPMENT PRIVATE LIMITED	Director	24-10-11	24-10-11	-	Active	NO
10	U70102MH2009PTC195569	WORTHWHILE PROPERTIES PRIVATE LIMITED	Additional director	15-04-12	15-04-12	-	Active	NO
11	L27100MH1972PLC015950	UNI-ABEX ALLOY PRODUCTS LIMITED	Director	23-08-12	29-05-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh Nile
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.08.2012

Names of Shareholders	No. of Shares
Bullows India Private Limited, India	9970
Bullows India Private Limited, India	10
Burjor H Reporter	10
Pratap R Saraiya	10
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on: 27.08.2012

Category	Percentage
Bodies corporate	99.80
Directors or relatives of directors	0.20
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Painting Equipment and Painting System
Products :	Bullows Spray Painting Booths Bullows Re-finishing (Spray cum Bake) Booths Bullows Industrial Parts Cleaning Machines Bullows Spray Painting Equipments State of Art Equipments From World leaders ITW Finishing System representing Binks, Devilbiss and Ransburg, Hubner and Hosco
Imports :
Products :	Raw Materials
Countries :	Switzerland
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Bhagvati Enterprises

Customers :

· End User’s (dealers)

· Ashok Lay land

No. of Employees :

65 (Approximately)

Bankers :

· Thane Janata Sahakari Bank, Behind TMA House, Wagale Estate, Thane, Maharashtra, India

· HDFC Bank, Thane, Maharashtra, India

· State Bank of India, 381 D. N Road, Mumbai-400001, Maharashtra, India

· Central Bank of India, Overdraft Department, Mahatma Gandhi Road, Fort, Mumbai 400023, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Secured Loan	0.404	0.656
Total	0.404	0.656

Banking Relations :	--
Auditors :
Name :	Sorab .S. Engineer and Company Chartered Accountants
Address :	Ismail Building, 4^th Floor, 381 D N Road, Mumbai 400001, Maharashtra, India
PAN No.:	AAFS5191E
Holding Company :	Bullows India Private Limited CIN No.: U13519MH1966PTC013519
Sister Concern :	Josts Engineering Company Limited Address : Thane, Maharashtra, India Line of Business : Manufacturer of material handling

CAPITAL STRUCTURE

As on: 27.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,0	Equity Shares	Rs.100/- each	Rs. 2.000 Millions
250,0	Preference Shares	Rs.100/- each	Rs. 0.250 Million
250,0	Unclassified Shares	Rs.100/- each	Rs. 0.250 Million
	Total		Rs. 2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,000,0	Equity Shares	Rs.100/- each	Rs. 1.000 Million

.

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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		150.165	145.770	158.249
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		151.165	146.770	159.249
LOAN FUNDS
1] Secured Loans		0.404	0.656	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.404	0.656	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		151.569	147.426	159.249
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.187	3.673	2.814
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		27.897	29.605	57.468
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.971	10.144	5.693
	Sundry Debtors	66.723	31.442	53.161
	Cash & Bank Balances	105.149	101.462	94.662
	Other Current Assets	2.558	1.836	4.127
	Loans & Advances	67.329	63.026	63.957
Total Current Assets		248.730	207.910	221.600
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	49.439	38.199	43.671
	Other Current Liabilities
	Provisions	78.806	55.563	78.962
Total Current Liabilities		128.245	93.762	122.633
Net Current Assets		120.485	114.148	98.967
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		151.569	147.426	159.249

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES		178.147	96.196	171.372
	EXPENSES		NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		27.638	(12.479)	292.165
Less	TAX		5.810	0.000	55.165
	PROFIT / (LOSS) AFTER TAX		21.828	(12.479)	237.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		121.970	134.449	(54.507)
	Short Provision of Income Tax of Earlier Year		0.000	0.000	0.844
Less	APPROPRIATIONS
		Transfer to General Reserve	2.183	0.000	23.800
		Dividend	15.000	0.000	20.000
		Tax on Dividend	2.433	0.000	3.400
	BALANCE CARRIED TO THE B/S		124.182	121.970	134.449
	Earnings / (Loss) Per Share (Rs.)		2182.80	(1247.90)	23700.00

Particulars	31.03.2012
Sales Turnover (Approximately)	180.000

Expected Sales (2012-2013): Rs. 290.000 Millions

The above information has been parted by Mr. Rajesh Nile

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	15.51	(12.97)	170.48
Return on Total Assets (PBT/Total Assets}	(%)	10.97	(5.89)	130.19
Return on Investment (ROI) (PBT/Networth)		0.18	(0.08)	1.83
Debt Equity Ratio (Total Liability/Networth)		0.85	0.64	0.77
Current Ratio (Current Asset/Current Liability)		1.94	2.21	1.80

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No

NOTE: Registered office has been shifted from Plot No. B-17, MIDC, TTC Industrial Area, Opposite Sandoz Company, Digha, Navi Mumbai 400701, Maharashtra, India, to the present address w.e.f. 01.10.2011

REVIEW OF THE YEAR’S WORKING:

Sales are Rs. 178.147 Millions as against Rs. 96.196 Millions for the last year, while profit before tax is Rs. 27.638 Millions as against loss before tax Rs. 12.479 Millions for the last year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29221MH1963PTC012756
Name of the company	BULLOWS PAINT EQUIPMENT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Great Social Building 60, Sir p. m .Road, Mumbai 400001, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	The Thane Janta Sahakari Bank Limited. Tip Top Plaza, Wagle Industrial Estate, Thane – 400604, Maharashtra, India tjsb@bom5.vsnl.net.in
Nature of instrument creating charge	Record of Mortgage Bu Deposit of Title Deeds
Date of instrument Creating the charge	09.04.2007
Amount secured by the charge	Rs. 10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 13.5%p.a. (at monthly rest) i.e. 1.00% p.a. above PLR Terms of repayment Rs. 0.339 Millions Interest for moratorium period to be recovered separately Margin 30% Extent and operation of the charge Rs. 10.000 Millions
Short particulars of the property charged (Including location of the property)	Plot No D-3, 11536 sq. meters. Along with structure standing thereon at village Panchpakadi, Road No 16, MIDC, Wagle Industrial Estate, Thane.

TRADE REFERENCES

· Ashok Lay land

· Bhagvati Enterprises

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. 52.70
UK Pound	1	Rs. 84.51
Euro	1	Rs. 68.16

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
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	6
--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	YES
--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.