MIRA INFORM REPORT

Report Date :

26.10.2012

IDENTIFICATION DETAILS

Name :	JAYASHREE POLYMERS PRIVATE LIMITED
Registered Office :	21/4, D-1 Block, MIDC, Chinchwad, Pune 411019, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.02.1996
Com. Reg. No.:	11-096879
Capital Investment / Paid-up Capital :	Rs.16.742 Millions
CIN No.: [Company Identification No.]	U24134PN1996PTC096879
TAN No.: [Tax Deduction & Collection Account No.]	PNEJ04748C
PAN No.: [Permanent Account No.]	AAACJ4677K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Rubber Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 940000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track record. There appears slight down side in the profitability. However, the sales of the company increases. Company performance seems good. 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 normal for 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	ICRA
Rating	Fund Based Bank Facilities = BBB-
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk
Date	November 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 :	21/4, D-1 Block, MIDC, Chinchwad, Pune 411019, Maharashtra, India
Tel. No.:	91-20-30691402 / 03/ 04 / 7477638
Fax No.:	91-20-27440237
E-Mail :	iut@eth.net info@jayashreepolymers.com
Website :	http://www.jayashreepolymers.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Ramdhari Surajbhan Agarwal

Designation :

Director

Address :

174/24, A, P.C.N.T., Nigdi, Pune 411044, Maharashtra, India

Date of Birth/Age :

11.03.1944

Date of Appointment :

02.02.1996

DIN No.:

01185393

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	U24134PN1996PTC096879	JAYASHREE POLYMERS PRIVATE LIMITED	Whole-time director	02-02-96	02-02-96	-	Active	NO
2	U51495PN2006PTC022010	JAYASHREE POLYMER EXPORTS PRIVATE LIMITED	Director	15-02-06	15-02-06	-	Active	NO
3	U24100PN2011PTC138533	JAYASHREE POLYMERS EXTRUSION PRIVATE LIMITED	Director	13-02-11	13-02-11	-	Active	NO

Name :

Mr. Rajeev Ramdhari Bansal

Designation :

Whole-time director

Address :

174/24, A, P.C.N.T., Nigdi, Pune 411044, Maharashtra, India

Date of Birth/Age :

15.07.1975

Date of Appointment :

11.09.2002

DIN No.:

01521770

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	U24134PN1996PTC096879	JAYASHREE POLYMERS PRIVATE LIMITED	Whole-time director	11-09-02	11-09-02	-	Active	NO
2	U72900PN2010PTC138030	JAYASHREE TUBESTECH COMPONENT PRIVATE LIMITED	Director	20-12-10	20-12-10	-	Active	NO
3	U24100PN2011PTC138533	JAYASHREE POLYMERS EXTRUSION PRIVATE LIMITED	Director	13-02-11	13-02-11	-	Active	NO

Name :

Mr. Vinodkumar Surajbhan Bansal

Designation :

Whole-time director

Address :

427/27, A, P.C.N.T., Nigdi, Pune 411044, Maharashtra, India

Date of Birth/Age :

05.10.1959

Date of Appointment :

02.02.1996

DIN No.:

01678799

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	U24134PN1996PTC096879	JAYASHREE POLYMERS PRIVATE LIMITED	Whole-time director	02-02-96	02-02-96	-	Active	NO
2	U01112PN1998PTC013165	PREMIER SEALS (INDIA) PRIVATE LIMITED	Director	28-12-98	28-12-98	-	Active	NO
3	U29299PN1998PTC012577	POKHARKAR ENGINEERING PRODUCTS PRIVATE LIMITED	Director	15-02-02	15-02-02	-	Active	NO
4	U45202PN2005PTC021485	PREMIER ERECTORS PRIVATE LIMITED	Director	27-10-05	27-10-05	-	Active	NO
5	U51495PN2006PTC022010	JAYASHREE POLYMER EXPORTS PRIVATE LIMITED	Director	15-02-06	15-02-06	-	Active	NO
6	U72900PN2010PTC138030	JAYASHREE TUBESTECH COMPONENT PRIVATE LIMITED	Director	20-12-10	20-12-10	-	Active	NO
7	U24100PN2011PTC138533	JAYASHREE POLYMERS EXTRUSION PRIVATE LIMITED	Director	13-02-11	13-02-11	-	Active	NO

Name :

Mr. Rahul Ramdhari Bansal

Designation :

Additional director

Address :

174/24, A, P.C.N.T., Nigdi, Pune 411044, Maharashtra, India

Date of Birth/Age :

01.08.1977

Date of Appointment :

01.10.2009

DIN No.:

02988683

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	U24134PN1996PTC096879	JAYASHREE POLYMERS PRIVATE LIMITED	Additional director	01-10-09	01-10-09	-	Active	NO
2	U36999WB1988PTC045341	MKK ZIP FASTENERS PRIVATE LIMITED	Director	18-05-10	18-05-10	-	Under Process of Striking off	NO
3	U65929MH1993PTC074708	PIMPRI FINANCE PRIVATE LIMITED	Director	30-09-10	18-05-10	-	Active	NO

Name :

Mr. Ajay Yashwant Pande

Designation :

Additional director

Address :

H No. 88, kiwale Dehu Road, Tal Haveli, Pune – 412101, Maharashtra, India

Date of Birth/Age :

04.05.1958

Date of Appointment :

30.09.2011

DIN No.:

03441421

Name :

Varun Vinodkumar Bansal

Designation :

Additional director

Address :

427/27, A, P.C.N.T., Nigdi, Pune 411044, Maharashtra, India

Date of Birth/Age :

03.02.1989

Date of Appointment :

29.12.2011

DIN No.:

05227793

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ramdhar1 Surajbhan Agarwal	533657
Ramdhari Surajbhan Agarwal (HUF)	120700
Kaushalya Ramdhari Agarwal	201957
Rajiv Ramdhari Agarwal	66000
Shweta Rajiv Bansal	86057
Rahul Ramdhari Bansal	75331
Vinod Surajbhan Bansal	279050
Vinod Surajbhan Bansal (HUF)	40002
Shakuntala Vinod Bansal	152229
Varun Vinod Bansal	29143
Shruti Vinod Bansal	90000
Mittal Narendra	5
Mittal Jogindra	5
Mittal Pallavl	2
Mittal Arvind	3
Agarwal Mukesh	2
Agarwal Usha Vijay	2
Bansal M.S.	8
Bansal S.V.	2
Bansal V.S. (HUF)	2
Rokade V.M.	3
Bimladevi Garg	2
Gupta A.P.	3
Kantilal Dalvi	2
Thorat A.N.	2
Pande Ajay Y	4
Jhaveri Hemang	2
Agarwal Nanakram	1
Garg Surekha	1
Subhash Shah	2
Ramesh K Jhaveri (HUF)	3
Naina R Jhaveri	1
Hemang Jhaveri (HUF)	2
Agarwal Raghunath	1
Mamta Hemang Jhaveri	1
Bhavana R. Shah	1
Ramesh J. Fofani	1
Ramesh Jhaveri	1
Manish H. Bansali	1
B.S. Goel	1
B.S. Goel (HUF)	1
Reena Mittal	1
Shantidevi Agarwal	1
Agarwal S. T.	1
Agarwal S. T. (HUF)	1
Sujata Mikesh Agarwal	1
Poonam Rani	1
Raghunath Agarwal (HUF)	1
Bansal Enterprises	1
Hiten Kotecha	1
Tiramati Kotecha	1
Dipt1jatania	1
Hitesh Jatania	11
Total	1674215

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Rubber Products
Products :	· Rubber Hoses · Rubber Profiles · Moulded Rubber Parts · Fuel Tubes · Sub Assemblies · Metal to Rubber Bonded

GENERAL INFORMATION

Customers :

· Whirlpool

· Videocon

· MTS Group

· Panasonic

· Honeywell

· Hero Honda

· Yamaha

· Tata

· TVS Motor Company

· Kinetic

· John Deere

· Piagglo

· Mahindra

· Delphi

No. of Employees :

Not Available

Bankers :

· Citibank N. A., First Floor, Onyx Tower, Near Westin Hotel, North Main Road, Koregaon Park, Pune - 411001, Maharashtra, India

· Citibank N. A., Trent House, 2^nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

· Axis Bank Limited, Survey No.186, CTS No.3189, Opposite PCMC Auditorium, Near Tata Motors, Station Road, Chinchwad, Pune - 411033, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	(A)162.186	97.052
Rupee term loans others secured	(B) 0.435	0.793
Working capital loans banks secured	(C)237.072	118.873
Loans taken for vehicles secured	0.000	0.310
Deferred sales tax loan secured	52.097	52.097
Total	451.790	269.125
Note: (A) Term Loan From Axis Bank : Rs.137.699 Millions Citi Bank Buyers Credit (Capex) : Rs.24.487 Millions (B) Axis Bank Limited- Car Loan (C) As Per Audit Report of Even Date Cash Credit From Axis Bank : Rs.91060 Millions For L B Laddha and Company (Reg No 105500W) : Rs.146.011 Millions
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Debts bonds other instruments unsecured	6.000	6.000
Loans directors unsecured	142.644	76.612
Total	148.644	82.612

Banking Relations :	--
Auditors :
Name :	L B Laddha and Company Chartered Accountants
Address :	Flat No. 7 and 8, Secound Floor, Sukhwani Chambers, Station Road, Pimpri, Pune 411 018, Maharashtra, India
Tel. No.:	91-20-27426966 / 27420547
E-Mail :	laddhalb@dataone.in
PAN.:	AAJPL1258Q
Other Related Parties :	· Premier Seals (India) Private Limited · Pokharkar Engg. Products Private Limited · Jayashree Tubestech Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1674215	Equity Shares	Rs.10/- each	Rs.16.742 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		16.742	16.742	16.742
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		219.041	185.201	148.499
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		235.783	201.943	165.241
LOAN FUNDS
1] Secured Loans		451.790	269.125	221.378
2] Unsecured Loans		148.644	82.612	72.570
TOTAL BORROWING		600.434	351.737	293.948
DEFERRED TAX LIABILITIES		2.328	1.814	0.000
TOTAL		838.545	555.494	459.189
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		458.099	371.529	218.682
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		62.543	41.722	35.558
DEFERREX TAX ASSETS		0.000	0.000	1.912
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	187.821	67.541	47.235
	Sundry Debtors	248.257	161.616	176.890
	Cash & Bank Balances	7.588	1.145	8.546
	Other Current Assets	32.520	18.320	50.459
	Loans & Advances	28.821	17.516	0.000
Total Current Assets		505.007	266.138	283.130
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	162.319	98.742	63.798
	Other Current Liabilities	10.334	11.578	9.513
	Provisions	14.451	13.575	6.782
Total Current Liabilities		187.104	123.895	80.093
Net Current Assets		317.903	1452.243	203.037
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		838.545	555.494	459.189

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1232.897	827.237	676.500
		Other Income
		TOTAL (A)	1232.897	827.237	676.500
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1088.347	696.797	570.261
		Advertising Expenses
		TOTAL (B)	1088.347	696.797	570.261
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		144.550	130.440	106.239
Less	FINANCIAL EXPENSES (D)		40.399	23.073	28.890
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		104.151	107.367	77.349
Less/ Add	DEPRECIATION/ AMORTISATION (F)		45.119	37.090	30.336
	PROFIT BEFORE TAX (E-F) (G)		59.032	70.277	47.013
Less	TAX (H)		20.327	28.694	22.012
	PROFIT AFTER TAX (G-H) (I)		38.705	41.583	25.001
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.001	1.299	1.196
	APPROPRIATIONS
		Transfer to General Reserve	34.000	35.000	20.000
		Proposed Dividend	4.186	4.186	4.186
		Corporate Dividend Tax	0.679	0.695	0.711
	BALANCE CARRIED TO THE B/S		2.841	3.001	1.300
	EARNINGS IN FOREIGN CURRENCY		248.358	193.451	164.196
	IMPORTS
		Raw Materials	183.772	96.814	66.199
		Stores, Spares and Others	0.419	0.475	0.132
		Capital Goods	17.904	37.819	6.573
	TOTAL IMPORTS		202.095	135.108	72.904
	Earnings Per Share (Rs.)		23.12	24.84	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.14	5.03	3.70
Return on Total Assets (PBT/Total Assets}	(%)	6.13	11.02	9.37
Return on Investment (ROI) (PBT/Networth)		0.25	0.35	0.28
Debt Equity Ratio (Total Liability/Networth)		3.34	2.36	2.26
Current Ratio (Current Asset/Current Liability)		2.70	2.15	3.54

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	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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

OPERATIONS

The turnover of their company for the year 2010-11 was Rs. 1232.800 Millions as compared to Rs. 827.200 Millions registering a growth of 49%. Though profitability could not keep pace with the growth due to manufacturing expenses, depreciation and interest charges having gone up due to major investment in Haridwar Plant. With Haridwar plant on full steam now, current year will see the benefits and increase in profitability.

Their Haridwar plant has started the production and sale for the year 2010-11 was Rs.143.403 Millions which is expected to cross Rs.300.000 Millions in 2011-12. During the year 2010-11 they have supplied from Haridwar Plant to customer like Hero Honda Limited and its ancillary and Tata motors Limited. They have also done expansion at Manesar and they have added some few customers like NCR Belt which will give them some added revenue in the current year.

The exports are also doing well and they expect to have some decent growth in current year.

The windmill division is also performing well.

CONTINGENT LIABILITIES (As on 31.03.2010)

There is contingent liability of Rs.81.393 Millions as on 31^st March 2010 towards corporate guarantee give to associate concerns Rs.49.837 Millions against Letter of Credit issued import purchase and Rs.7.322 Millions for DEPB claim of DGFT.

No.	Name of Concern	Rs. In Millions	Purpose
1	Premier Seals (India) Private Limited	61.893	Cash Credit and Term Loan
2	Pokharkar Engg. Products Private Limited	19.500	Cash Credit and Term Loan
3	CITI Bank N.A	49.837	Letter of Credit
4	DGFT (Customs)	7.322	DEPB Claim

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24134PN1996PTC096879
Name of the company	JAYASHREE POLYMERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	21/4, D-1 Block, MIDC, Chinchwad, Pune 411019, Maharashtra, India iut@eth.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10052041
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Citibank N. A., First Floor, Onyx Tower, Near Westin Hotel, North Main Road, Koregaon Park, Pune - 411001, Maharashtra, India vlaxman@vsnl.com
Nature of instrument creating charge	Deed of Modification.
Date of instrument Creating the charge	31.08.2012
Amount secured by the charge	Rs.195.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rate/s as may be determined by the Bank from time to time. Terms of Repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation of Current Assets and Movable fixed assets on first pari passu basis to Citibank NA as security with Bank, as security for the repayment of the loan together with all interest, liquidated damages, premia on prepayment or on redemption, costs, charges and other expenses payable by Company to Citibank N.A. Others The charge created herein for Rs.195.000 Millions in favour of Citibank shall rank pari passu on first charge basis over current assets and movable fixed assets, with the charges created in favour of Axis Bank Limited for their Fund Based facilities of Rs.95.000 Millions.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first pari passu charge on Current Assets and movable fixed assets of the Company both present and future. Immovable Properties of the Company situated at Pune, Haryana, Dhule and Haridwar.
Date of instrument modifying the charge	07.07.2012
Particulars of the present modification	In addition to the existing securities of Immovable Properties of the Company situated at Pune, Haryana, Dhule and Haridwar, the charge of Rs.195.000 Millions shall also now secure against the Current Assets and Movable Fixed Assets of the Company.

FIXED ASSETS

· Land and Land Improvements

· Building

· Plant Machinery

· Office Equipments

· Factory Equipments

· Furniture Fixtures

· Vehicles

· Computer

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 n 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.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.75

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.