MIRA INFORM REPORT

Report Date :

28.08.2013

IDENTIFICATION DETAILS

Name :	VEMB LIFESTYLE PRIVATE LIMITED (w.e.f 07.01.2011)
Formerly Known As :	VAISHALI GARMENTS PRIVATE LIMITED
Registered Office :	Flat No 15/16 4^th Floor, A Wing Krishna Co-operative Housing Society Off Subhash Road Next to Iflex, Vile Parle East, Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.07.2005
Com. Reg. No.:	11-154498
Capital Investment / Paid-up Capital :	Rs.28.185 Millions
CIN No.: [Company Identification No.]	U1810MH2005PTC154498
TAN No.: [Tax Deduction & Collection Account No.]	MUMV12719A
PAN No.: [Permanent Account No.]	AACCV0704F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Hand Embroidered Fashion Garments.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 380000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. 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.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	15.07.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	15.07.2013

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. Gopal Singhania
Designation :	Accounts Manager
Contact No.:	91-9833593910
Date :	27.08.2013

LOCATIONS

Registered Office :	Flat No 15/16 4^th Floor, A Wing Krishna Co-op Hsg Society Off Subhash Road Next to Iflex, Vile Parle East, Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-26841694/ 1653/ 40350707
Mobile No.:	91-9820329144 (Mr. Punit Agarwal) 91-9833593910 (Mr. Gopal Singhania)
Fax No.:	91-22-26841790
E-Mail :	punit@vemb.biz vse@mtnl.net.in gopal.singhania@vemg.biz vemb@vemb.biz
Website :	www.vemb.biz
Area :	3000 sq. ft (approximately)
Location :	Owned
Workshop :	D-13 and 14, Ansa Industrial Estate, Sakivihaqr, Sakinaka, Andheri (East), Mumbai, Maharashtra, India
Branch Office :	Located at: Pune

DIRECTORS

(AS ON 29.09.2012)

Name :	Mr. Punit Shivkumar Agarwal
Designation :	Director
Address :	2 Shweta Building, Plot No 42, 1^st Gulmohar Road, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	19.03.1977
Date of Appointment :	05.07.2005
DIN No.:	00325616
Name :	Mrs. Neetu Punit Agarwal
Designation :	Director
Address :	2 Shweta Building, Plot No 42, 1^st Gulmohar Road, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	08.07.1976
Date of Appointment :	05.07.2005
DIN No.:	01506024

KEY EXECUTIVES

Name :	Mr. Gopal Sanghania
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Punit Agarwal	1685100
Neetu Agarwal	318400
Usha Agarwal	2500
Punit Agarwal HUF	42500
Kushal Bajaj	10000
Tanaya Enterprises Private Limited, India	760000
Total	2818500

(AS ON 30.03.2013)

Names of Allottee	No. of Shares Allotted
Punit Agarwal	694000
Neetu Agarwal	401000
Punit Agarwal HUF	113000
Athang Trader Private Limited, India	428000
Hulas Textiles Private Limited, India	428000
Total	2064000

(AS ON 29.09.2012)

Equity Shares Break – up

Category	Percentage
Bodies corporate	26.96
Directors or relatives of directors	71.18
Others	1.86
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Hand Embroidered Fashion Garments.
Exports :
Products :	Fashion Garments
Countries :	· Hong Kong · Germany · UK · US
Imports :
Products :	Raw Material
Countries :	· China · Europe
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit (Depend)

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

150 (Approximately)

Bankers :

· Punjab National Bank

MID Corporate Branch, Brady House, V.N. Road, Fort, Mumbai - 400023, Maharashtra, India

· Union Bank of India

Juhu Branch, Mumbai, Maharashtra, India

· Janata Sahakari Bank Limited

Pune – 24 Shrikunj Primises Chs Limited, Hanuman Road, Vile Parle East, Mumbai – 400057, Maharashtra, India

· Lord Krishna Bank Limited

Sahar Plaza, J. B. Nagar, Andheri Kurla Road, Andheri, Mumbai – 400059, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Long Term Borrowings
Vehicles Loans	1.250	1.907
Less: Current Maturities of Long Term Debt (disclosed under other current liabilities)	0.590	0.657
Total	0.660	1.250
Term Loans
From Banks	3.840	4.386
Less: Current Maturities of Long Term Debt (disclosed under other current liabilities)	0.948	0.711
Total	2.892	3.675
Short Term Borrowings
Loans Repayment on Demand
From Banks	117.311	78.441
Total	120.863	83.366
NOTE: Long Term Borrowings Vehicle Loans {a) Includes Rs. Nil (PY Rs.0.129 Million) taken from Tata Capital Limited. The Loan is Secured by the Vehicle Financed. The Loan carries Interest rate of 12.60% p.a. The Loan was repayable in 36 equal Installments starting from 23^rd December, 2006. The Loan is repaid fully during the year. (b) Includes Rs.1.250 Millions (PY Rs.1.778 Millions) taken from HDFC Bank, The Loan is Secured by (he Vehicle Financed. The Loan carries Interest rate of 10.68% p.a. The Loan is repayable in 60 equal Installments starting from 5th April, 2009. Term Loans Secured Loan from Banks Rs.3.840 Millions (PY Rs.4.386 Millions) is taken from Punjab National Bank. Loan is Secured by hypothecation of Furniture and Fixture of a store and collaterally secured by mortgage of property belonging to the Company, Director, and their Relative. The Loan carries interest rate of 14.50% (BR + 4,50% + 0.50% Term Premia). The Loan is repayable in 57 equal Installments starting from 8^th July 2011. Short Term Borrowings Secured Loans from Punjab National Bank Includes Cash Credit of Rs.45.628 Millions (PY Rs.38.461 Millions), which is secured by hypothecation of stocks and book debts. The Interest/ commission will be charged as per bank guidelines. The Loan carries interest rate of BR + 4.50%. Includes Packing Credit of Rs.29.968 Millions (PY Rs.20.993 Millions), which is secured by hypothecation of stocks. The Loan carries Interest rate of BR+0.75% Includes Post Shipment Credit of Rs.41.716 Millions {PY Rs.16.988 Millions), which is secured by DA /DP bills accompanied with export documents evidencing shipment of readymade garments drawn on foreign buyers, The Interest/commission will be charged as per bank guidelines. All the above facilities are collaterally secured by mortgage of property belonging to Directors and their relatives, Personal Guarantee of Directors and their relatives and Corporate Guarantee of an Associate Company.

Banking Relations :	--
Auditors :
Name :	Singrodia Goyal and Company Chartered Accountant
Address :	4A, Kaledonia-HDIL, 2^nd Floor, Sahar Road, Near Andheri Station, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-42256363
Fax No.:	91-22-42256364
E-Mail :	info@sgco.co.in
Website :	www.sgco.co.in
PAN No.:	AAAFS7106D
Related Parties :	· Geetavin Enterprise Private Limited · Tanaya Enterprise Private Limited · Vaishali Sarees Emporium · Promart Retail India Private Limited

CAPITAL STRUCTURE

(AS ON 29.09.2012)

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2818500	Equity Shares	Rs.10/- each	Rs.28.185 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	28.185	14.800
(b) Reserves & Surplus	66.311	23.515
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	8.800
Total Shareholders’ Funds (1)+(2)	94.496	47.115
(3) Non-Current Liabilities
(a) long-term borrowings	20.084	16.782
(b) Deferred tax liabilities (Net)	2.073	2.056
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	22.157	18.838
(4) Current Liabilities
(a) Short term borrowings	117.312	78.577
(b) Trade payables	97.503	13.241
(c) Other current liabilities	20.432	14.575
(d) Short-term provisions	8.177	2.393
Total Current Liabilities (4)	243.424	108.786
TOTAL	360.077	174.739
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	31.959	33.720
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.202	1.345
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	4.924	3.779
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	37.085	38.844
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	100.585	98.685
(c) Trade receivables	191.111	31.972
(d) Cash and cash equivalents	0.972	1.732
(e) Short-term loans and advances	3.766	3.097
(f) Other current assets	26.558	0.409
Total Current Assets	322.992	135.895
TOTAL	360.077	174.739

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		13.300
2] Share Application Money		0.000
3] Reserves & Surplus		15.356
4] (Accumulated Losses)		0.000
NETWORTH		28.656
LOAN FUNDS
1] Secured Loans		35.788
2] Unsecured Loans		5.237
TOTAL BORROWING		41.025
DEFERRED TAX LIABILITIES		1.175
TOTAL		70.856
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.326
Capital work-in-progress		0.000
INVESTMENT		1.345
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	80.067
	Sundry Debtors	25.853
	Cash & Bank Balances	1.365
	Other Current Assets	0.000
	Loans & Advances	9.082
Total Current Assets		116.367
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	37.238
	Other Current Liabilities	30.326
	Provisions	1.618
Total Current Liabilities		69.182
Net Current Assets		47.185
MISCELLANEOUS EXPENSES		0.000
TOTAL		70.856

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	884.946	401.457	182.599
		Other Income	0.714	0.411	0.253
		TOTAL (A)	885.660	401.868	182.852
Less	EXPENSES
		Cost of raw materials consumed/ goods sold	133.271	64.548	25.580
		Purchases of Stock in Trade	623.856	305.734	111.384
		Changes in Inventories of Finished Goods and stock in Trade	11.808	(40.468)	(10.759)
		Employee Benefit Expenses	14.578	13.466	9.209
		Other Expenses	48.844	35.831	33.772
		TOTAL (B)	832.357	379.111	169.186
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		53.303	22.757	13.666
Less	FINANCIAL EXPENSES (D)		19.342	10.035	6.071
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		33.961	12.722	7.595
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.398	1.597	1.332
	PROFIT BEFORE TAX (E-F) (G)		31.563	11.125	6.263
Less	TAX (H)		10.183	3.716	2.251
	PROFIT AFTER TAX (G-H) (I)		21.380	7.409	4.012
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	13.127	9.115
	BALANCE CARRIED TO THE B/S		NA	20.536	13.127
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	149.405	114.321	66.179
	TOTAL EARNINGS		149.405	114.321	66.179
	IMPORTS
		Finished Goods	43.802	7.434	NA
	TOTAL IMPORTS		43.802	7.434	NA
	Earnings Per Share (Rs.)
	- Basic		13.63	5.54	3.71
	- Diluted		13.63	5.54	3.71

Particulars	31.03.2013
Sales Turnover (Approximately)	3500.000

The above information has been parted by Mr. Gopal Singhania.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.41	1.84	2.19
Net Profit Margin (PBT/Sales)	(%)	3.57	2.77	3.43
Return on Total Assets (PBT/Total Assets}	(%)	8.77	6.42	4.52
Return on Investment (ROI) (PBT/Networth)		0.33	0.24	0.22
Debt Equity Ratio (Total Debt/Networth)		1.45	2.02	1.43
Current Ratio (Current Asset/Current Liability)		1.33	1.25	1.68

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITY OF LONG TERM DEBTS DETAIL:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Current Maturity of Long Term Debts	10.841	7.718	NA

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	Yes
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	No
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	Yes

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Long Term Borrowings
Term Loans
From Banks	6.833	7.958
Less: Current Maturities of Long Term debt (disclosed under other current liabilities)	3.004	2.915
Total	3.829	5.043
Intercorporate Loans	19.003	10.250
Less: Current Maturities of Long Term Debt (disclosed under other current liabilities)	6.299	3.435
Total	12.704	6.815
Short Term Borrowings
Interests free loan from related parties repayable on demand	0.000	0.135
Total	16.533	11.993
NOTE: Long Term Borrowings From Banks Includes Rs. Nil (PY Rs.0.966 Millions) taken from HDFC Bank. The Loan caries Interest rate of 16.92% p.a. The Loan was repayable in 36 equal installments starting from 4th January, 2010. The Loan is repaid fully during the year. Includes Rs,2.239 Millions (PY Rs. Nil) taken from HDFC Bank. The Loan carries Interest rate of 16.92 % p.a The Loan is repayable in 36 equal installments starting from 4th May, 2011, Includes Rs.3.014 Millions (PY Rs. 4.000 Millions) taken from Kotak Mahindra Bank Limited, The Loan carries Interest rate of 19.08 % p.a. The Loan is repayable in 36 equal installments starting from 1s| May, 2011 Includes Rs.1.580 Millions (PY Rs.2.200 Millions) taken from Standard Chartered Bank, The Loan carries Interest rate of 17,50 % p.a, The Loan is repayable in 36 equal installments starling from 1st April, 2011, Includes Rs. Nil (PY Rs. 605,178) taken from Barclays Bank PLC. The Loan carries Interest rate of 16.00% p.a. The Loan was repayable in 36 equal installments starting from 5th September 2008. The Loan is repaid fully during the year. Includes Rs. Nil {PY Rs.0.188 Millions) taken from Citibank The Loan carries Interest rate of 18,00% p.a. The Loan was repayable in 36 equal installments starting from 31^st August 2008. The Loan is repaid fully during the year. Intercorporate Loans Includes Rs.1.991 Millions (PY Rs.2.750 Millions) taken from Barclays Investments and Loans (India) Private Limited The Loan carries Interest rate of 18.00% p.a. The Loan is repayable in 36 equal installments starting from 3rd April, 2011. Includes Rs.1.883 Millions (PY Rs.2.500 Millions) taken from Magma Fincorp Limited. The Loan carries Interest rate of 19.50% p.a. The Loan is repayable in 36 equal installments starting from 7^th May, 2011. Includes Rs.2.940 Millions (PY Rs.5.000 Millions) taken from Religare Finvest Limited, The Loan carries Interest rate of 19,00% p.a. The Loan is repayable in 24 equal installments starting from 1^st May, 2011 Includes Rs.2.066 Millions (PY Rs. Nil) taken from Tata Capital Limited. The Loan carries Interest rate of 19.00% p.a. The Loan is repayable in 24 equal installments starting from 3rd May, 2011. Includes Rs.10.122 Millions {PY Rs. Nil) taken from Jetspeed Tradecom Private Limited. The Loan carries interest rate of 12.00% p a, The Loan is repayable after 31st March, 2013.

CONTINGENT LIABILITIES

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Bank Guarantee	0.124	0.126
Bill Discounting	50.817	0.000
Total	50.941	0.126

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10441287	12/06/2013	68,000,000.00	PUNJAB NATIONAL BANK (MID CORPORATE BRANCH)	BRADY HOUSE, V.N.ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B81310906
2	10414875	07/06/2013 *	650,000,000.00	PNB INVESTMENT SERVICES LIMITED	10, RAKESH DEEP BUILDING, YUSUF SARAI COMMERCIAL COMPLEX, GULMOHAR ENCLAVE, NEW DELHI - 110 049, INDIA	B78832060

* Date of charge modification

FIXED ASSETS:

· Property – Shop

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Computers

· Vehicles

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 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.65.67
UK Pound	1	Rs.102.20
Euro	1	Rs.87.75

INFORMATION DETAILS

Information Gathered by :	PDT
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	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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.