MIRA INFORM REPORT

Report Date :

22.09.2012

IDENTIFICATION DETAILS

Name :	SARA INTERNATIONAL LIMITED
Formerly Known As :	SARA TECHNICAL SERVICES PRIVATE LIMITED
Registered Office :	A-31 Hauz Khas, New Delhi – 110016
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.09.1973
Com. Reg. No.:	55-006854
Capital Investment / Paid-up Capital :	Rs. 197.997 Millions
CIN No.: [Company Identification No.]	U74140DL1973PLC006854
TAN No.: [Tax Deduction & Collection Account No.]	DELS28442B
PAN No.: [Permanent Account No.]	AAACS1878B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	International Trading of Agro Commodities, Steel and its Raw Materials, Textiles, Garments, Precious Metals and Petro-Chemical Products.
No. of Employees :	1500 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 2600000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Term loan : (CRISIL) BB-
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	April 12, 2010

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 :	A-31, Hauz Khas, New Delhi – 110016, India
Tel. No.:	91-11-26851340 / 26517134 / 26517138 / 26517127
Fax No.:	91-11-26517127 / 26517241
E-Mail :	pgupta@sara-intl.com sara@sara-intl.com deepit@sara-intl.com
Website :	http://www.sara-intl.com http://www.saragroup.co.in
Sara Group :	Sara House, B – 8, Sector – 4, Noida – 201301, Uttar Pradesh, India
Tel No.:	91-120-4667272
Fax No.:	91-120-4667299
Email :	info@sara-intl.com
Website :	http://www.saragroup.co.in
Branches :	Located at : · Ludhiana, Punjab · Mumbai, Maharashtra · Chandigarh · Visakhapatnam, Andhra Pradesh · Kandla · Karur, Tamilnadu · New Delhi · Panipat, Haryana · Ahmedabad, Gujarat · Surat, Gujarat
Overseas Offices:	Located at : · Zagreb · Dubai · Melbourne
Overseas Associates Offices:	Located at: · Muscat · Cleveland · Budapest · Sharjah · Belgrade · HongKong

DIRECTORS

AS ON 31.08.2011

Name :

Mr. Devinder Pal Singh

Designation :

Managing director

Address :

S -99, Panchsheel Park, New Delhi – 110 017, India

Date of Birth/Age :

07.10.1952

Qualification :

BA (H), MA and IIFT Post Graduate

Date of Appointment :

05.11.1988

DIN No.:

00035519

PAN No.:

ABHPS8478A

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	U74140DL1973PLC006854	SARA INTERNATIONAL LIMITED	Managing director	05/11/1988	05/11/1988	-	Active	NO
2	U51399DL2000PTC103130	SARA UNIVERSAL PRIVATE LIMITED	Director	06/01/2000	06/01/2000	-	Active	NO
3	U18101DL2003PLC123708	SARA TEXTILES LIMITED	Director	26/12/2003	26/12/2003	-	Active	NO
4	U72900DL2003PTC122949	SMART COLLABORATIVE SOLUTIONS INDIA PRIVATE LIMITED	Director	30/09/2004	30/09/2004	01/11/2008	Active	NO
5	U63032OR2006PLC008831	GOPALPUR PORTS LIMITED	Director	24/07/2006	24/07/2006	-	Active	NO
6	U52392DL2002PTC114825	MAGNUM RESOURCES PRIVATE LIMITED	Director	30/09/2006	26/08/2006	-	Active	NO
7	U63090DL2008PLC179603	SARA STAR SHIPPING AND LOGISTICS LIMITED	Director	17/06/2008	17/06/2008	-	Active	NO
8	U17210DL2011PLC225661	SARA TEXTILES UNIT 2 (HOME TEXTILES DIVISION) LIMITED	Director	29/09/2011	29/09/2011	-	Active	NO

Name :

Mr. Deepit Singh

Designation :

Director

Address :

S -99, Panchsheel Park, New Delhi – 110 017, India

Date of Birth/Age :

13.10.1978

Qualification :

MBA, Mechanical Engineer Graduate

Date of Appointment :

01.11.1997

DIN No.:

00035623

PAN No.:

AAYPS3374H

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	U74140DL1973PLC006854	SARA INTERNATIONAL LIMITED	Director	01/11/1997	01/11/1997	-	Active	NO
2	U74999DL2003PTC122131	SARA BREWERS PRIVATE LIMITED	Director	05/09/2003	05/09/2003	-	Strike off	NO
3	U18101DL2003PLC123708	SARA TEXTILES LIMITED	Managing director	01/01/2012	26/12/2003	-	Active	NO
4	U72900DL2003PTC122949	SMART COLLABORATIVE SOLUTIONS INDIA PRIVATE LIMITED	Director	30/09/2004	30/09/2004	01/11/2008	Active	NO
5	U52392DL2002PTC114825	MAGNUM RESOURCES PRIVATE LIMITED	Director	30/09/2006	26/08/2006	-	Active	NO
6	U63090DL2008PLC179603	SARA STAR SHIPPING AND LOGISTICS LIMITED	Director	17/06/2008	17/06/2008	-	Active	NO
7	U63032OR2006PLC008831	GOPALPUR PORTS LIMITED	Director	30/09/2008	30/09/2008	-	Active	NO
8	U51399DL2000PTC103130	SARA UNIVERSAL PRIVATE LIMITED	Additional director	01/08/2010	01/08/2010	-	Active	NO
9	U67120DL2011PTC223198	SARA CAPITAL SERVICES PRIVATE LIMITED	Director	03/08/2011	03/08/2011	-	Active	NO
10	U17210DL2011PLC225661	SARA TEXTILES UNIT 2 (HOME TEXTILES DIVISION) LIMITED	Director	29/09/2011	29/09/2011	-	Active	NO

Name :

Mrs. Abha Singh

Designation :

Director

Address :

S -99, Panchsheel Park, New Delhi – 110 017, India

Date of Birth/Age :

20.09.1956

Qualification :

BA(H) and MA(ECO)

Date of Appointment :

30.09.1992

DIN No.:

00035566

PAN No.:

AMNPS5780Q

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	U74140DL1973PLC006854	SARA INTERNATIONAL LIMITED	Director	30/09/1992	30/09/1992	Active	NO
2	U51399DL2000PTC103130	SARA UNIVERSAL PRIVATE LIMITED	Director	06/01/2000	06/01/2000	Active	NO
3	U63090DL2008PLC179603	SARA STAR SHIPPING AND LOGISTICS LIMITED	Additional director	25/08/2012	17/06/2008	Active	NO
4	U51909DL2011PTC223967	BATH BOUTIQUE PRIVATE LIMITED	Director	23/08/2011	23/08/2011	Active	NO

Name :

Mr. Chandan Singh

Designation :

Director

Address :

1030, Sector 8-C, Chandigarh – 160009, Punjab, India

Date of Birth/Age :

06.03.1921

Qualification :

IAS

Date of Appointment :

28.06.1996

DIN No.:

00035699

PAN No.:

AKRPS1320E

Name :

Mr. Tushar Singh

Designation :

Whole-time director

Address :

S -99, Panchsheel Park, New Delhi – 110 017, India

Date of Birth/Age :

15.04.1983

Qualification :

MBA

Date of Appointment :

01.11.2007

DIN No.:

02274509

PAN No.:

ARHPS9242C

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	U74140DL1973PLC006854	SARA INTERNATIONAL LIMITED	Whole-time director	01/11/2007	01/11/2007	Active	NO
2	U51399DL2000PTC103130	SARA UNIVERSAL PRIVATE LIMITED	Additional director	01/08/2010	01/08/2010	Active	NO
3	U52300DL2011PTC217368	WEBMART RETAILS PRIVATE LIMITED	Director	11/04/2011	11/04/2011	Active	NO
4	U67120DL2011PTC223198	SARA CAPITAL SERVICES PRIVATE LIMITED	Director	03/08/2011	03/08/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Krishan Kant Gupta
Designation :	Secretary
Address :	A-C/114-C, Keshav Puram, New Delhi – 110035, India
Date of Birth/Age :	24.09.1978
Date of Appointment :	15.11.2010
PAN No.:	AETPG5857Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.08.2011

Names of Shareholders	No. of Shares	Percentage of Shares
Devinder Pal Singh	12417080	62.71
Abha Singh	4905190	24.77
Chandan Singh	17600	0.09
Deepit Singh	35200	0.18
H S Banga	13200	0.07
Tushar Singh	2200	0.01
Indra Banga	327200	1.65
Anand Julka	303054	1.53
Appriciated Exim Private Limited, India	416500	2.10
In Style Infrastructure Private Limited, India	446500	2.26
Celebration Infrabuild Private Limited, India	523500	2.64
Sarthi Infrabuild Private Limited	392500	1.98
Total	19799724	100.00

AS ON 31.08.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	3.26
Bodies corporate	8.98
Directors or relatives of directors	87.76
Total	100.00

BUSINESS DETAILS

Line of Business :

International Trading of Agro Commodities, Steel and its Raw Materials, Textiles, Garments, Precious Metals and Petro-Chemical Products.

Products :

ITC Code	Product Descriptions
2601.11.30	Trading of Iron Ore Fines
2701.19.10	Trading of Met Coke
7226.99.52	Trading of Prime Cold Rolled Steel Strips

GENERAL INFORMATION

No. of Employees :

1500 Approximately

Bankers :

· Punjab National Bank, CC 21, Nehru Enclave, Opposite Nehru Place, New Delhi – 110019, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	127.974	188.974
Working capital loans banks secured	1067.588	1059.851
Loans taken for vehicles secured	0.778	0.965
Total	1196.340	1249.790
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks unsecured	154.594	0.000
Total	154.594	0.000

Banking Relations :	--
Auditors :
Name :	Sunil K Khannna and Company Chartered Accountants
Address :	606, Chirajiv Tower, 43, Nehru Place, New Delhi-110019, India
Income-tax PAN of auditor or auditor's firm :	AIHPK2572J
Joint Venture :	Gopalpur Ports Limited [U63032OR2006PLC008831]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Sara Textiles Limited [U18101DL2003PLC123708] Gopalpur Ports Limited [U63032OR2006PLC008831] Sara Universal Private Limited [U51399DL2000PTC103130] Magnum Resources Private Limited [U52392DL2002PTC114825] Sara Star Shipping and Logistics Limited [U63090DL2008PLC179603] Kirti International Sara Developers

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs. 10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19,799,724	Equity Share	Rs.10/- each	Rs. 197.997 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		197.997	165.275	165.275
2] Share Application Money		0.000	32.722	137.426
3] Reserves & Surplus		446.131	436.258	424.931
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		644.128	634.255	727.632
LOAN FUNDS
1] Secured Loans		1196.340	1249.790	849.419
2] Unsecured Loans		154.594	0.000	0.000
TOTAL BORROWING		1350.934	1249.790	849.419
DEFERRED TAX LIABILITIES		2.707	3.298	0.000
TOTAL		1997.769	1887.343	1577.051
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		328.276	359.884	317.401
Capital work-in-progress		0.000	0.000	38.735
INVESTMENT		439.258	380.340	359.070
DEFERREX TAX ASSETS		0.000	0.000	0.389
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	591.497	671.142	674.353
	Sundry Debtors	488.909	862.423	233.377
	Cash & Bank Balances	185.159	405.376	108.636
	Other Current Assets	0.115	1.860	0.587
	Loans & Advances	501.760	320.289	294.638
Total Current Assets		1767.440	2261.090	1311.591
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	498.180	863.880	341.281
	Other Current Liabilities	31.525	243.306	105.928
	Provisions	7.500	6.785	2.926
Total Current Liabilities		537.205	1113.971	450.135
Net Current Assets		1230.235	1147.119	861.456
MISCELLANEOUS EXPENSES		0.000	0.000	0.00
TOTAL		1997.769	1887.343	1577.051

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6036.913	4975.381	4015.349
		Other Income	39.346	160.678	32.776
		TOTAL	6076.259	5136.059	4048.125
Less	EXPENSES
		Consumption materials changes inventories	5021.388	4355.613
		Employee related expenses	43.043	24.863
		Administrative selling other expenses	826.490	563.554
		TOTAL	5890.921	4944.030	3818.897
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		185.338	192.029	229.228
Less	FINANCIAL EXPENSES		133.511	112.613	176.129
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		51.827	79.416	53.099
Less/ Add	DEPRECIATION/ AMORTISATION		36.924	39.769	38.919
	PROFIT BEFORE TAX AND PRIOR PERIOD ITEMS		14.903	39.647	14.180
Less	PRIOR PERIOD ITEMS		0.001	1.051	0.112
	PROFIT BEFORE TAX		14.902	38.596	14.068
Less	TAX		5.029	27.269	8.727
	PROFIT AFTER TAX		9.873	11.327	5.341
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		38.995	27.668	22.327
Less	APPROPRIATIONS		35.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		13.868	38.995	27.668
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4637.247	3425.391	967.190
	IMPORTS
		Purchase of Goods	2086.966	2070.911	173.094
	Earnings Per Share (Rs.)
	Basic		0.5	0.69	0.33
	Diluted		0.59	0.67	0.30

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.16	0.22	0.13
Net Profit Margin (PBT/Sales)	(%)	0.25	0.78	0.35
Return on Total Assets (PBT/Total Assets}	(%)	0.71	1.47	0.86
Return on Investment (ROI) (PBT/Networth)		0.02	0.06	0.02
Debt Equity Ratio (Total Liability/Networth)		2.93	3.73	1.79
Current Ratio (Current Asset/Current Liability)		3.29	2.03	2.91

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	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74140DL1973PLC006854
Name of the company	SARA INTERNATIONAL LIMITED
Address of the registered office or of the principal place of business in India of the company	A-31, Hauz Khas, New Delhi - 110016, India Email ID: pgupta@sara-intl.com
This form is for	Modification of charge
Charge identification number of the modified	10197684
Type of charge	Immovable Property Movable Property Others (Current and Movable Assets)
Particular of charge holder	Punjab National Bank, CC 21, Nehru Enclave, Opposite Nehru Place, New Delhi – 110019, India Email ID: pnbnehru@yahoo.com
Nature of description of the instrument creating or modifying the charge	Agreement of hypothecation of moveable assets forming part of fixed/block assets (second charge) and letter of continuity
Date of instrument Creating the charge	18.07.2012
Amount secured by the charge	Rs. 2,160.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Sanction Terms Terms of Repayment On Demand Margin The Current Assets Coverage shall not be less than 1.33 Times Extent and Operation of the charge The charge operates as security as pari passu Ist charge amongst consortium members on assets as mentioned in annexure "a" except land and building situated at B8, sector 4 Noida (U.P.) On which PNB has Ist charge. Beside this, PNB fund and non fund limits of Rs. 1220.000 Millions is additionally secured by Ist charge on movable fixed assets of railway racks acquired out of finance by PNB and IInd charge on movable fixed assets on which other banks have exclusive Ist charge. Others Above is to Secure Total Fund and Non Fund Based Limits Aggregating 2160.000 Millions
Date of latest modification prior to the present modification	22.11.2010
Particulars of the present modification	The extent of operation of charge stands revised as under: As pari passu Ist charge amongst consortium members on assets as mentioned in ANN "a" except land and building situated at b8, sector 4 Noida (U.P.) On which PNB has Ist charge. Beside this, PNB fund and non fund limits of Rs. 1220.000 Millions is additionally secured by Ist charge on movable fixed assets of railway racks acquired out of finance by PNB and IIND charge on movable fixed assets on which other banks have exclusive Ist charge.

FIXED ASSETS

· Land

· Building

· Residential Flat

· Vehicles

· Furniture and Fixtures

· Computers

· Office Equipments

· Electricity and Fittings

· Railway Rakes / Wagons

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. 53.91
UK Pound	1	Rs. 87.60
Euro	1	Rs. 70.01

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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

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.