MIRA INFORM REPORT

Report Date :

30.10.2012

IDENTIFICATION DETAILS

Name :	H B GUM INDUSTRIES PRIVATE LIMITED

Registered Office :	New Commercial Premise Co-operative Society Limited, Office No.1, Ground Floor, 82/84, Yusuf Meharali Road, Mumbai – 400003, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	26.02.1980

Com. Reg. No.:	11-022260

Capital Investment / Paid-up Capital :	Rs.2.001 Millions

CIN No.: [Company Identification No.]	U15100MH1980PTC022260

TAN No.: [Tax Deduction & Collection Account No.]	MUMH07115D

PAN No.: [Permanent Account No.]	AAACH6988B

Legal Form :	Private Limited Liability Company.

Line of Business :	Manufacturers and exporters of Guar Gum and various types of other products which find application in the sectors like food, printing, explosives and paints.

No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

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

Satisfactory

Maximum Credit Limit :	USD 65000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. There appears a drastic dip in the profitability of the company. However, networth of the company appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealing 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

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. Deepak Shah
Designation :	Director
Contact No.:	91-9879610774
Date :	27.10.2012

LOCATIONS

Registered Office :	New Commercial Premise Co-operative Society Limited, Office No.1, Ground Floor, 82/84, Yusuf Meharali Road, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-23478016/ 23454136
Mobile No.:	91-9879610774 (Mr. Deepak)
Fax No.:	91-22-23476505
E-Mail :	hb1@vsnl.com h.bgum@dataone.in hbpl@mtnl.net.in
Website :	http://www.hbgum.com
Location :	Owned

Factory :	G.I.D.C., Plot No.11-B, Kalol – 382725, Gujarat, India
Tel. No.:	91-2764-220053/ 223198
Fax No.:	91-2764-220057

DIRECTORS

(AS ON 29.09.2011)

Name :

Mr. Kanaiyalal Devidas Shah

Designation :

Managing Director

Address :

Block B/27, Peerbhoy Mansion, 1^st Floor, 460, S.V.P. Road, Opposite Marwadi Vidhyalay Prathana Samaj, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

22.11.1937

Date of Appointment :

26.02.1980

DIN No.:

00125567

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U15100MH1980PTC022260	H B GUM INDUSTRIES PRIVATE LIMITED	Managing director	26/02/1980	26/02/1980	Active	NO
2	U15140MH1969PLC014338	MAHARASHTRA VEGETABLE PRODUCTS LIMITED	Director	08/09/1989	08/09/1989	Active	NO
3	U02004MH1993GAP070383	GUM MANUFACTURERES' ASSOCIATION OF INDIA	Director	14/01/1993	14/01/1993	Active	NO
4	U51100MH1999PTC121531	HATHIBHAI BULAKHIDAS PRIVATE LIMITED	Managing director	31/08/1999	31/08/1999	Active	NO

Name :

Mr. Kiritkumar Navinchandra Shah

Designation :

Director

Address :

Vidhani Cottage CHS limited, Flat No. 37, 3^rd Floor, 244, Walkeshwar Road, Malbar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

14.02.1954

Date of Appointment :

06.05.1981

DIN No.:

00125675

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U15100MH1980PTC022260	H B GUM INDUSTRIES PRIVATE LIMITED	Director	06/05/1981	06/05/1981	Active	NO
2	U51100MH1999PTC121531	HATHIBHAI BULAKHIDAS PRIVATE LIMITED	Director	31/08/1999	31/08/1999	Active	NO

Name :

Mr. Harshadkumar Devidas Shah

Designation :

Director

Address :

2 A, New Building, Block No. 10, Jitekarwadi, Thakurdwar, Mumbai-400002, Maharashtra, India

Date of Birth/Age :

11.04.1954

Date of Appointment :

06.12.1998

DIN No.:

00126005

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U15100MH1980PTC022260	H B GUM INDUSTRIES PRIVATE LIMITED	Director	06/12/1988	06/12/1988	Active	NO
2	U51100MH1999PTC121531	HATHIBHAI BULAKHIDAS PRIVATE LIMITED	Director	31/08/1999	31/08/1999	Active	NO

Name :

Mr. Rajeshkumar Navinchandra Shah

Designation :

Director

Address :

5/29, Shreeniketan, Chowpatty Band Stand, Mumbai400006, Maharashtra, India

Date of Birth/Age :

18.10.1963

Date of Appointment :

18.05.2004

DIN No.:

00126106

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51100MH1999PTC121531	HATHIBHAI BULAKHIDAS PRIVATE LIMITED	Director	31/08/1999	31/08/1999	Active	NO
2	U15100MH1980PTC022260	H B GUM INDUSTRIES PRIVATE LIMITED	Director	18/05/2004	18/05/2004	Active	NO

Name :

Mr. Jayeshkumar Vinodchandra Shah

Designation :

Director

Address :

A/30, Milan Building, 8^th Floor, 87, Tardeo Road, Mumbai-400034, Maharashtra, India

Date of Birth/Age :

03.01.1968

Date of Appointment :

18.05.2004

DIN No.:

00126174

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51100MH1999PTC121531	HATHIBHAI BULAKHIDAS PRIVATE LIMITED	Director	20/04/2004	20/04/2004	Active	NO
2	U15100MH1980PTC022260	H B GUM INDUSTRIES PRIVATE LIMITED	Director	18/05/2004	18/05/2004	Active	NO

Name :

Mr. Bipinchandra Devidas Shah

Designation :

Director

Address :

28, New Buildings, Block No.5, Jitekarwadi, Takurdwar, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

20.03.1943

Date of Appointment :

18.05.2004

DIN No.:

00156345

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51100MH1999PTC121531	HATHIBHAI BULAKHIDAS PRIVATE LIMITED	Director	31/08/1999	31/08/1999	Active	NO
2	U15100MH1980PTC022260	H B GUM INDUSTRIES PRIVATE LIMITED	Director	18/05/2004	18/05/2004	Active	NO

Name :

Mr. Deepak Bipinchandra Shah

Designation :

Director

Address :

2 A, New Building, Block No. 10, Jitekarwadi, Thakurdwar, Mumbai-400002, Maharashtra, India

Date of Birth/Age :

18.12.1970

Date of Appointment :

18.05.2004

DIN No.:

00156408

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51100GJ1995PTC026128	ARROW SALES PRIVATE LIMITED	Director	25/06/2001	25/06/2001	Active	NO
2	U51100MH1999PTC121531	HATHIBHAI BULAKHIDAS PRIVATE LIMITED	Director	20/04/2004	20/04/2004	Active	NO
3	U15100MH1980PTC022260	H B GUM INDUSTRIES PRIVATE LIMITED	Director	18/05/2004	18/05/2004	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders		No. of Shares

Kanaiyalal Devidas Shah		1050
Kirankumar Chandulal Shah		1209
Arvindaben Navinchandra Shah		1250
Bipinchandra Devidas Shah		1125
Rameshchandra Chandulal Shah		536
Harshadkumar Devidas Shah		1125
Kiritkumar Navinchandra Shah		1750
Kaushikkumar Navinchandra Shah		1750
Vinaykumar Kanaiyalal Shah		690
Kaliashben Kanaiyalal Shah		260
Manjulaben Sureschandra Shah		1150
Surekaben Bipinchandra Shah		275
Nainaben Harshadkumar Shah		275
Sushilaben Vinodchandra Shah		1555
Dakshaben Kirankumar Shah		700
Amritaben Kiritkumar Shah		500
Shakuntalaben Rameshchandra Shah		300
Rajeshkumar Navinchandra Shah		2250
Shailaben Kaushikkumar Shah		500
Hathibhai Bulakhidas Private Limited		11
Jayeshkumar Vinodchandra Shah		700
Deepak Bipinchandra Shah		270
Amit Bipinchandra Shah		255
Jay Harshadkumar Shah		525

Total		20011

(AS ON 30.09.2011)

Equity Shares Break – up

Category		Percentage

Bodies corporate		0.05
Directors or relatives of directors		99.95

Total		100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and exporters of Guar Gum and various types of other products which find application in the sectors like food, printing, explosives and paints.

Exports :
Products :	Different types of Gum
Countries :	· USA · Japan · Europe · Brazil

Imports :
Products :	Raw Materials
Countries :	China

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production

Guargum Treated and Pulverised (Powder)	M.T.	NA	NA	770.88

GENERAL INFORMATION

Customers :

End Users and Dealers

No. of Employees :

45 (Approximately)

Bankers :

· Bank of Baroda

Kaloal Branch, M. G. Road, Kalol – 382721, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)

From Bank of Baroda Secured by Equitable Mortgage all present, future immovable properties and movable machinery including stock and spare parts packing credit	0.000	0.990

Total	0.000	0.990


Banking Relations :	--

Auditors :
Name :	R. Chaturvedi and Associates Chartered Accountants
Address :	318, Dattani Trade Centre, Chandavarkar Road, Borivali (West), Mumbai-400092, Maharashtra, India
PAN No.:	AABFR1878E

Memberships :	APEDA, ATIRA, Export House

Parent Company :	· Hathibhai Bulakhidas Private Limited, Mumbai, Maharashtra, India

CAPITAL STRUCTURE

(AS ON 29.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount

22000	Equity Shares	Rs.100/- each	Rs.2.200 Millions
2000	Preference Shares	Rs.100/- each	Rs.0.200 Million
1000	Unclassified Shares	Rs.100/- each	Rs.0.100 Million

	Total		Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

20011	Equity Shares	Rs.100/- each	Rs.2.001 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		2.001	2.001	2.001
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.370	14.346	32.425
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.371	16.347	34.426
LOAN FUNDS
1] Secured Loans		0.000	0.990	3.975
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.990	3.975
DEFERRED TAX LIABILITIES		0.010	0.031	0.060

TOTAL		16.381	17.368	38.461

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1.866	2.162	2.567
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.090	5.602	6.356
	Sundry Debtors	0.532	2.749	4.341
	Cash & Bank Balances	5.047	5.906	3.757
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.215	22.372	25.199
Total Current Assets		15.884	36.629	39.653
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1.064	0.529	1.013
	Other Current Liabilities	0.305	20.123	1.474
	Provisions	0.000	0.771	1.272
Total Current Liabilities		1.369	21.423	3.759
Net Current Assets		14.515	15.206	35.894

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		16.381	17.368	38.461

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	58.118	42.650	44.305
		Other Income	1.548	7.301	5.871
		TOTAL (A)	59.666	49.951	50.176

Less	EXPENSES
		Increase in Stock of Finished Goods	(3.046)	(0.719)	1.426
		Raw Materials Consumed	48.183	32.329	32.176
		Purchased of Finished Goods	0.000	0.230	0.432
		Manufacturing and Other Expenses	11.789	10.937	11.025
		Payment to and provision for employees	1.866	1.888	1.859
		TOTAL (B)	58.792	44.665	46.918

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.874	5.286	3.258

Less	FINANCIAL EXPENSES (D)		0.463	0.424	0.389

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.411	4.862	2.869

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.328	0.405	0.503

	PROFIT BEFORE TAX (E-F) (G)		0.083	4.457	2.366

Less	TAX (H)		0.060	1.531	0.878

	PROFIT AFTER TAX (G-H) (I)		0.023	2.926	1.488

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.686	27.058	26.890

Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.293	0.149
		Interim Dividend	0.000	1.001	0.000
		Proposed Dividend	0.000	17.009	1.001
		Tax on Dividend	0.000	2.995	0.170
	BALANCE CARRIED TO THE B/S		8.709	8.686	27.058

	EARNINGS IN FOREIGN CURRENCY		51.834	30.611	NA

	Earnings Per Share (Rs.)		1.19	146.20	--

Particulars

31.03.2012

Sales Turnover (Approximately)

740.000

Expected Sales (2012-13): Rs.1000.000 Millions

The above information has been parted by Mr. Deepak Shah.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.04	5.86	2.97

Net Profit Margin (PBT/Sales)	(%)	0.14	10.45	5.34

Return on Total Assets (PBT/Total Assets}	(%)	0.47	11.49	5.60

Return on Investment (ROI) (PBT/Networth)		0.01	0.27	0.07

Debt Equity Ratio (Total Liability/Networth)		0.08	1.37	0.22

Current Ratio (Current Asset/Current Liability)		11.60	1.71	10.55

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	No
18]	Major customers	No
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

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10351210
Corporate identity number of the company	U15100MH1980PTC022260
Name of the company	H B GUM INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	New Commercial Premises Co-operative Society Limited, Office No.1, Ground Floor, 82/84, Yusuf Meharali Road, Mumbai – 400003, Maharashtra, India hb1@vsnl.com
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Baroda Kalol Branch, M. G. Road, Kalol – 382721, Gujarat, India kalol@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Supplemental Composite Agreement of Hypothecation of Goods, Book-Debts, Movable Machinery and Vehicle
Date of instrument Creating the charge	27/07/2012
Amount secured by the charge	Rs.275.750 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Interest: 1% OBR i.e. 11.50% p.a. on PC Cum FBP/FBP Limit of Rs.250.000 Millions and SME gold Card, limit Rs.25.000 Millions 00203.75% OBR. i.e. 14.25% on Sub Limit of CC of Rs.0.500 Millions as per bank norms form time to time Terms of Repayment Repayment: on demand/As per Agreement Margin Cash Credit :30% on RM., WIP., FG., Stores, spares, Book-debts:90 days Packing Credit/FBP/FBD: 10% on FOB Value of export L/C, BG: 10% Extent and Operation of the charge Packing Credit cum FBP/FBD (PC-Rs. 250.000 Millions (Sub Limit of Rs.100.000 Millions with Mandvi Branch) SME Gold Card Standby limit 10% of assessed limit Rs.25.000 Millions, Sub Limit CC (Hypothecation Stock) Rs.0.500 Million. Import L/C Rs.0.500 Million and Bank Guarantee Limit Rs.0.250 Million secured on goods/ book-debts
Short particulars of the property charged	Whole stocks both present and future such as Guar Gum splite, packing bags, guargam powder etc. All present and future book-debts, outstanding monies receivable, claims bills, contracts,
Date of latest modification prior to the present modification	28/12/2011
Particulars of the present modification	Existing Limit of Rs.53.250 Millions modified/ revised/ increased upto Rs.275.750 Millions inclusive of Packing Credit cum FBP/FBD/ PC- to Rs.250.000 Millions (Sub Limit-CC Stock Rs.0.500 Million) (Sub limit with Mandvi Branch Mumbai Rs.100.000 Millions) Sub Limit SME Gold Card Standby Limit 10% of assessed limit Rs.25.000 Millions), Import L/C Rs.0.500 Million and Indland/ Foreing Guarantee Rs.0.250 Million} secured on goods/ book-debts/movable property as per Agreement.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Factory Equipment

· Air Conditioner

· Furniture and Fixture

· Motor Car

· Refrigerator

· Cycle

· Laboratory Equipment

· Fire Extinguisher

· Typewriter

· Weighing Scale

· Fax Machine

· Exhaust Fan

· Scooter

· Computer

· Water cooler

· Intercom

· Water Pollution Tank

· Aqua Guard

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.53.81
UK Pound	1	Rs.86.52
Euro	1	Rs.69.50

INFORMATION DETAILS

Information Gathered by :	SVA

Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--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	--

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

9.090

0.532

5.047

1.215

15.884

1.064

0.305

0.000

1.369

14.515

0.04

0.14

0.47

0.01

0.08

11.60

Unit