MIRA INFORM REPORT

Report Date :

09.09.2012

IDENTIFICATION DETAILS

Name :	Pairs Retail India Private Limited (w.e.f. 27.06.2012)
Formerly Known as:	PAIRS RETAIL INDIA LIMITED
Registered Office :	10/11, Mehar Tiles Compound, Subhash Road, Jogeshwari (East), Mumbai – 400060, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.01.2007
Com. Reg. No.:	167268
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U52100MH2007PTC167268
TAN No.: [Tax Deduction & Collection Account No.]	MUMH10258D
PAN No.: [Permanent Account No.]	AABCH8008B
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in selling of Footwear and Apparel
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 58948
Status :	Moderate
Payment Behavior :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Financial position resent to be under pressure. There appears huge dip in the sales turnover during 2011. The company has incurred loss also accumulated losses recorded by the company appears to be increasing. Business is active. Payments are reported to be low. The company can be considered for business dealings with some caution.

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 DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	10/11, Mehar Tiles Compound, Subhash Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
Tel. No.:	91-22-28363167
E-Mail :	Roc.info@futuregroup.in

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Mukesh Chetram Agrawal
Designation :	Director
Address :	1 Dutt Digambar, R C Patel Road, Chandavarkar Lane, Borivali (W), Mumbai – 400 092, Maharashtra, India.
Date of Birth/Age :	10.04.1963
Date of Appointment :	04.01.2010
DIN No.:	01245840

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	U18101MH1994PTC078305	LOYAL APPARELS P LTD	Director	16/09/2002	16/09/2002	-	Active	NO
2	U67120MH1996PTC098198	CHARTERED TRADERS PRIVATE LIMITED	Director	16/09/2002	16/09/2002	-	Active	NO
3	U52190MH2003PTC141083	INVENTION REALTORS PRIVATE LIMITED	Director	27/06/2003	27/06/2003	-	Active	NO
4	U99999MH1984PTC033628	RAJDERKAR AND CO BIO-ENGINEERING PRIVATE LIMITED	Director	14/09/2004	14/09/2004	-	Active	NO
5	U45200MH2002PTC137874	SHRAVAN DEVELOPERS PRIVATE LIMITED	Director	01/11/2004	01/11/2004	15/11/2006	Active	NO
6	U45200MH2004PTC150320	MARUTI DWELLERS PRIVATE LIMITED	Director	31/12/2004	31/12/2004	-	Active	NO
7	U45200MH2005PTC157930	SHREE MARUTI RESIDENCY & MALL DEVELOPERS PRIVATE LIMITED	Director	09/12/2005	09/12/2005	17/01/2011	Active	NO
8	U51900MH1960PTC011775	RUSHANK CLOTHIERS PRIVATE LIMITED	Director	24/09/2007	24/09/2007	-	Active	NO
9	U74999MH2006PTC162507	Divya Business Concepts Private Limited	Additional director	13/03/2009	13/03/2009	-	Active	NO
10	U74999MH2007PTC171557	Barkha Enterprises Private Limited	Director	30/09/2009	13/03/2009	-	Active	NO
11	U74999MH2007PTC171556	Aksi Wholesalers Private Limited	Director	30/09/2009	13/03/2009	-	Active	NO
12	U52100MH2007PTC167268	Pairs Retail India Private Limited	Director	21/09/2010	04/01/2010	-	Active	NO
13	U17120MH2005PTC151362	REGAL SYNTHETICS PRIVATE LIMITED	Director	05/04/2010	05/04/2010	19/12/2011	Active	NO
14	U70100MH2011PTC214734	TOPLLER HOUSING PRIVATE LIMITED	Director	14/03/2011	14/03/2011	-	Active	NO
15	U70102MH2011PTC214719	TOPLLER REALTY PRIVATE LIMITED	Director	14/03/2011	14/03/2011	-	Active	NO
16	U15122MH2012PTC226132	SHUBH SURUCHI FOODS PRIVATE LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO
17	U45200MH2010PTC210290	ARLETTE INFRASTRUCTURE PRIVATE LIMITED	Director	27/02/2012	27/02/2012	-	Active	NO

Name :	Mr. Swaroopchand Shobagchand Lodha
Designation :	Director
Address :	Plot No.97/1, J B Nagar, Andheri (E), Mumabi – 400 006, Maharashtra, India.
Date of Birth/Age :	18.04.1952
Date of Appointment :	04.01.2010
DIN No.:	00074335

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	U65921KA1996PTC020352	ASUTI TRADING PRIVATE LIMITED	Director	23/04/1996	23/04/1996	13/03/2008	Active	NO
2	U18101MH1997PTC109676	STITCHWELL GARMENTS PRIVATE LIMITED	Director	29/07/1997	29/07/1997	05/03/2008	Active	NO
3	U65921KA1996PTC020353	OPPORTUNE TRADING PRIVATE LIMITED	Director	29/05/1998	29/05/1998	-	Active	NO
4	U74140MH2002PTC136505	Peach Mercantile Private Limited	Director	14/12/2005	14/12/2005	-	Active	NO
5	U74999MH2007PTC166931	Anika Merchants & Traders Private Limited	Director	30/09/2009	13/03/2009	-	Active	NO
6	U55101MH2007PTC172953	Future Hospitality Private Limited	Director	30/09/2009	30/03/2009	29/09/2011	Active	NO
7	U70109MH2006PTC160395	Shivam Mall Management Company Private Limited	Director	30/09/2009	30/03/2009	05/03/2010	Active	NO
8	U70109MH2006PTC160388	Nirvana Mall Management Company Private Limited	Director	30/09/2009	30/03/2009	05/03/2010	Active	NO
9	U52190MH2006PTC160414	PAVITRA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	30/09/2009	30/03/2009	23/03/2010	Active	NO
10	U70109MH2007PTC166935	ACME REALTY DEVELOPERS PRIVATE LIMITED	Director	30/09/2009	30/03/2009	27/11/2009	Active	YES
11	U74900MH2007PTC172956	Integrated Food Park Private Limited	Director	30/09/2009	30/03/2009	16/10/2010	Active	NO
12	U52100MH2007PTC167268	Pairs Retail India Private Limited	Director	21/09/2010	04/01/2010	-	Active	NO
13	U74999MH2007PTC167999	Aman Syntex Private Limited	Director	30/09/2010	27/02/2010	-	Active	NO
14	U15316MH2010ULT204160	MAYS FOODS PRIVATE LIMITED	Director	14/06/2010	14/06/2010	-	Active	NO
15	U45200MH2004PTC150320	MARUTI DWELLERS PRIVATE LIMITED	Director	09/05/2011	09/05/2011	-	Active	NO
16	U51909DL2012PTC234193	SKECHERS SOUTH ASIA PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO

Name :	Mr. Sanjay Shyamsunder Seksaria
Designation :	Director
Address :	31, Maheshwar Niketan, 7th Floor, G.Deshmukh Marg, Pedder Road, Mumbai – 400 026, Maharashtra, India.
Date of Birth/Age :	06.01.1961
Date of Appointment :	21.09.2010
DIN No.:	00111096

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	U92100MH1977PTC019733	ANURADHA FILMS PRIVATE LIMITED	Director	27/02/1980	27/02/1980	-	Active	NO
2	U74990MH1973PTC016995	GOURI STUDIO PRIVATE LIMITED	Director	26/06/1980	26/06/1980	-	Active	NO
3	U32200MH1982PTC028754	SPECTRA VIDEO PVT LTD	Director	04/06/1984	04/06/1984	-	Under liquidation	NO
4	U92100MH1948PTC006194	SELECT TRADING AND CINE FILMS PRIVATE LIMITED	Director	30/05/1989	30/05/1989	-	Active	NO
5	U18100MH1991PTC063857	IMAGE APPARELS PRIVATE LIMITED	Director	14/07/1994	14/07/1994	-	Active	NO
6	U92114MH1996PTC101167	IMAGE ENTERTAINMENT PRIVATE LIMITED	Director	17/07/1996	17/07/1996	-	Strike off	NO
7	U92112WB2002PLC094816	BOMBAY TALKIES ENTERTAINMENT LIMITED	Director	17/07/2002	17/07/2002	-	Active	NO
8	U70200MH2005PTC152322	ABACUS REALTY LOGISTICS PRIVATE LIMITED	Director	31/03/2005	31/03/2005	-	Active	NO
9	L51900MH1981PLC024988	GALAXY ENTERTAINMENT CORPORATION LIMITED	Whole-time director	30/07/2005	30/07/2005	30/06/2009	Active	NO
10	U15130MH2005PTC156326	RAIN FRUITS AND MORE PRIVATE LIMITED	Nominee director	26/09/2005	26/09/2005	30/03/2010	Active	NO
11	U72100MH2000PTC125840	GALAXY RAIN RESTAURANTS PRIVATE LIMITED	Director	30/09/2005	30/09/2005	30/06/2009	Active	NO
12	U15110MH2000PLC125868	GALAXY LIFESTYLE RESTAURANTS LIMITED	Director	30/09/2005	30/09/2005	-	Amalgamated	NO
13	U93020MH2006PTC166332	Splendor Fitness Private Limited	Director	30/09/2008	09/07/2008	-	Active	NO
14	U70102MH2010PTC198299	SECOND LIFE PROJECTS PRIVATE LIMITED	Director	02/01/2010	02/01/2010	-	Active	NO
15	U52100MH2007PTC167268	Pairs Retail India Private Limited	Director	21/09/2010	04/01/2010	-	Active	NO
16	U70102MH2006PTC161883	Ishbhoomi Mall Management Private Limited	Director	28/09/2011	05/01/2011	-	Active	NO
17	U74999MH2011PTC219645	Counseled Mercantile Private Limited	Additional director	19/07/2011	19/07/2011	-	Active	NO
18	U65993MH1984PTC219556	AIGL HOLDING AND INVESTMENTS PRIVATE LIMITED	Additional director	13/09/2011	13/09/2011	-	Amalgamated	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	ADDRESS	No. of Shares
Anant Developers Private Limited	10/11, Mehar Tiles Compound, Subhash Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India	2999994
Anant Developers Private Limited Jointly with Rampal Laddha	10/11, Mehar Tiles Compound, Subhash Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India	1
Anant Developers Private Limited Jointly with Sunil Mundra	10/11, Mehar Tiles Compound, Subhash Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India	1
Anant Developers Private Limited Jointly with Mukesh Agarwal	10/11, Mehar Tiles Compound, Subhash Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India	1
Anant Developers Private Limited Jointly with Atul Mandalia	10/11, Mehar Tiles Compound, Subhash Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India	1
Anant Developers Private Limited Jointly with Vijay Rathi	10/11, Mehar Tiles Compound, Subhash Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India	1
Anant Developers Private Limited Jointly with Akshay Gupta	10/11, Mehar Tiles Compound, Subhash Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India	1
Total		3000000

AS ON 30.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in selling of Footwear and Apparel

Products:

PRODUCTION DESCRIPTION	ITEM CODE NO.
Footwear with outer soles of rubber, plastics, leather or composition leather and tippers of leather	6403
Other Footwears	6505

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loans from banks Cash credit facilities (Secured by hypothecation of Stock and debtors)	0.000	0.282
Inter Corporate Loan - Short Term (Pledge of 5,69,169 shares of Pantatoon Industries Limited" held by a body corporate)	511.016	456.325
TOTAL	511.016	456.607

Banking Relations :	--
Auditors :
Name :	NGS and Company Chartered Accountant
Address :	B/46, 3rd Floor, Pravasi Industrial Estate, Vishweshwar Nagar Road, Goregaon ( E), Mumbai – 400063, Maharashtra, India
Holding Company :	Anant Developers Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

(of the above 3,000,000 shares are held by Anant Developers Private Limited Liability Company Limited, holding Company)

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		30.000	30.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.359
4] (Accumulated Losses)		(15.263)	(0.884)	0.000
NETWORTH		14.737	29.116	30.359
LOAN FUNDS
1] Secured Loans		511.016	456.607	31.150
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		511.016	456.607	31.150
DEFERRED TAX LIABILITIES		0.003	0.000	0.032
TOTAL		525.756	485.723	61.541
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.467	0.000	3.266
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.020	0.020	0.000
DEFERREX TAX ASSETS		0.000	0.001	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.906	0.000	32.991
	Sundry Debtors	61.132	36.074	61.077
	Cash & Bank Balances	3.020	0.939	4.810
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	507.835	456.036	3.699
Total Current Assets		601.893	493.049	102.577
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	68.545	5.005	7.661
	Other Current Liabilities	8.049	2.342	36.590
	Provisions	0.030	0.000	0.051
Total Current Liabilities		76.624	7.347	44.302
Net Current Assets		525.269	485.702	58.275
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		525.756	485.723	61.541

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	45.406	1384.260	132.468
		Other Income	50.103	5.177	0.015
		TOTAL (A)	95.509	1389.437	132.483
Less	EXPENSES
		Cost of Goods Sold	34.352	1381.951	126.337
		Personal Expenses	2.954	0.000	6.038
		Administrative and Selling Expenses	11.805	1.724	6.510
		Increased / (Decreased) In Inventories	0.000	0.000	(9.746)
		TOTAL (B)	49.111	1383.675	129.139
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		46.398	5.762	3.344
Less	FINANCIAL EXPENSES (D)		60.768	7.039	2.855
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(14.370)	(1.277)	0.489
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.003	0.000	0.157
	PROFIT BEFORE TAX (E-F) (G)		(14.373)	(1.277)	0.332
Less	TAX (I)		0.005	(0.034)	0.066
	PROFIT AFTER TAX (G-I) (J)		(14.378)	(1.243)	0.266
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.884)	0.359	0.093
	BALANCE CARRIED TO THE B/S		(15.262)	(0.884)	0.359
	IMPORTS
		Traded Goods	2.150	0.000	61.819
	TOTAL IMPORTS		2.150	0.000	61.819
	Earnings Per Share (Rs.)		(4.79)	(0.41)	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(15.05)	(0.09)	0.25
Net Profit Margin (PBT/Sales)	(%)	(31.65)	(0.09)	0.25
Return on Total Assets (PBT/Total Assets}	(%)	(2.39)	(0.26)	0.32
Return on Investment (ROI) (PBT/Networth)		0.97	0.04	0.01
Debt Equity Ratio (Total Liability/Networth)		39.87	15.93	2.48
Current Ratio (Current Asset/Current Liability)		7.86	67.10	2.32

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	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	No
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	No
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

MAJOR ACTIVITIES & FINANCIAL REVIEW:

During the year total Income has been Rs.95.509 Millions as against Rs.13,89.438 Millions during the previous financial year. The Company has incurred loss of Rs.14.378 Millions during the year. As members are aware the Company entered in business of footwear, shoes, branded goods, fashion, body care and lifestyle products. The Company distribute SKECHERS brands footwear and apparels to leading retailers like Central, Pantaloons, Planet Sports of Future Group, Lifestyle, Kapsons, Reliance Footprints and dedicated Footwear Chain Stores in India.

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 records 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.55.52
UK Pound	1	Rs.88.49
Euro	1	Rs.70.20

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		29

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.