MIRA INFORM REPORT

Report Date :

14.02.2013

IDENTIFICATION DETAILS

Name :	MAHAJAN OVERSEAS PRIVATE LIMITED
Registered Office :	B – 1/F – 8 Mohan Co- Operative Industrial Estate, New Delhi – 110049
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.09.1981
Com. Reg. No.:	55-012364
Capital Investment / Paid-up Capital :	Rs.47.391 Millions
CIN No.: [Company Identification No.]	U52110DL1981PTC012364
TAN No.: [Tax Deduction & Collection Account No.]	DELM09224F
PAN No.: [Permanent Account No.]	AAACM8032B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Cushions and Throw Pillow, Kitchen Lines, Table Top Cines etc
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 470000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears some dip in sales turnover during 2012. The external borrowing of the company appears to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with slight 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Short term Rating = A4+
Rating Explanation	Having minimal degree of safety regarding timely payment of financial obligation it carry very high credit risk and are susceptible to default.
Date	May 2012

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 / Corporate Office :	B – 1/F – 8 Mohan Co- Operative Industrial Estate, New Delhi – 110049, India
Tel. No.:	91-11-40605000
Fax No.:	91-11-26959146
E-Mail :	amitsehgalcs@gmail.com mahajan@mahajan.co.in
Factory :	P O Box 15, Near Blind School, Industrial Area, Panipat – 132103, Haryana, India
Tel. No.:	91-180-2650845
Fax No.:	91-180-2650396
E-Mail :	manu.garg@mahajan.co.in
Area :	8000 Sq. ft
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Pranab Mahajan

Designation :

Director

Address :

C-4, New Friends Colony (East), New Delhi, 110065, India

Date of Birth/Age :

08.05.1980

Date of Appointment :

18.06.2003

DIN No.:

00166258

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	U52110DL1981PTC012364	MAHAJAN OVERSEAS PRIVATE LIMITED	Director	18-06-03	18-06-03	-	Active	NO
2	U17111DL2001PTC112032	MASPAR INDUSTRIES PRIVATE LIMITED	Director	11-11-03	11-11-03	-	Active	NO
3	U26102DL1977PTC008593	GOODWILL ELECTRONICS AND ENGINEERING COMPANY PRIVATE LIMITED	Director	11-11-03	11-11-03	-	Active	NO
4	U72200DL1998PTC092861	MASPAR HOLDINGS PRIVATE LIMITED	Director	14-12-08	14-12-08	-	Active	NO

Name :

Mr. Rajesh Mahajan

Designation :

Director

Address :

C-4, New Friends Colony (East), New Delhi, 110065, India

Date of Birth/Age :

30.07.1956

Date of Appointment :

17.02.1993

DIN No.:

00166290

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	U52110DL1981PTC012364	MAHAJAN OVERSEAS PRIVATE LIMITED	Director	17-02-93	17-02-93	-	Active	NO
2	U72200DL1998PTC092861	MASPAR HOLDINGS PRIVATE LIMITED	Director	20-03-98	20-03-98	-	Active	NO
3	U17111DL2001PTC112032	MASPAR INDUSTRIES PRIVATE LIMITED	Director	14-08-01	14-08-01	-	Active	NO
4	U26102DL1977PTC008593	GOODWILL ELECTRONICS AND ENGINEERING COMPANY PRIVATE LIMITED	Director	28-09-01	28-09-01	-	Active	NO
5	U45202DL2003PTC121634	R S D ESTATES PRIVATE LIMITED	Director	05-08-03	05-08-03	-	Active	NO
6	U74899HR2005PTC035961	PANIPAT COLLEGE OF TEXTILE TECHNOLOGY PRIVATE LIMITED	Director	14-12-05	14-12-05	03-04-09	Active	NO

Name :

Mr. Sangeeta Mahajan

Designation :

Director

Address :

C-4, New Friends Colony (East), New Delhi, 110065, India

Date of Birth/Age :

11.05.1958

Date of Appointment :

04.12.1999

DIN No.:

00166333

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	U72200DL1998PTC092861	MASPAR HOLDINGS PRIVATE LIMITED	Director	20-03-98	20-03-98	-	Active	NO
2	U52110DL1981PTC012364	MAHAJAN OVERSEAS PRIVATE LIMITED	Director	04-12-99	04-12-99	-	Active	NO
3	U17111DL2001PTC112032	MASPAR INDUSTRIES PRIVATE LIMITED	Director	14-08-01	14-08-01	-	Active	NO
4	U26102DL1977PTC008593	GOODWILL ELECTRONICS AND ENGINEERING COMPANY PRIVATE LIMITED	Director	28-09-01	28-09-01	-	Active	NO

Name :

Mr. Abhinav Mahajan

Designation :

Director

Address :

C-4, New Friends Colony (East), New Delhi, 110065, India

Date of Birth/Age :

16.09.1982

Date of Appointment :

14.12.2008

DIN No.:

00754979

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	U17111DL2001PTC112032	MASPAR INDUSTRIES PRIVATE LIMITED	Director	22-08-05	22-08-05	-	Active	NO
2	U52110DL1981PTC012364	MAHAJAN OVERSEAS PRIVATE LIMITED	Director	14-12-08	14-12-08	-	Active	NO
3	U72200DL1998PTC092861	MASPAR HOLDINGS PRIVATE LIMITED	Director	14-12-08	14-12-08	-	Active	NO
4	U26102DL1977PTC008593	GOODWILL ELECTRONICS AND ENGINEERING COMPANY PRIVATE LIMITED	Director	09-04-09	09-04-09	-	Active	NO

Name :

Mr. Aman Gulati

Designation :

Director

Address :

141/2, Kamla Street, Panipat - 132103, Haryana, India

Date of Birth/Age :

02.10.1976

Date of Appointment :

08.05.2008

DIN No.:

02202421

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	U52110DL1981PTC012364	MAHAJAN OVERSEAS PRIVATE LIMITED	Director	08-05-08	08-05-08	-	Active	NO
2	U17111DL2001PTC112032	MASPAR INDUSTRIES PRIVATE LIMITED	Director	08-05-08	08-05-08	-	Active	NO
3	U26102DL1977PTC008593	GOODWILL ELECTRONICS AND ENGINEERING COMPANY PRIVATE LIMITED	Director	12-03-09	12-03-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Rajesh Mahajan (HUF)	1440000
Sangeeta Mahajan	1200000
Abhinav Mahajan	375680
Pranab Mahajan	284141
Rajesh Mahajan	1248640
Pranab Mahajan (HUF)	100000
Aman Gulati	32723
Gaganbir Singh Kular	22723
Krishnendu Ghorai	16991
Mamta Hans	1484
Munish Jha	1484
Bhaju Ram Chauhan	1696
Rajeev Gautam	254
Balwinder Singh Riat	509
Manjeet Puri	297
S.C Srivastava	1272
Sanjeev Sethi	509
Rakesh Dua	933
Manoj Narula	509
Himanshu Mishra	2545
Chandan Vohra	4714
Parminder Ji	2036
Total	4739140

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Cushions and Throw Pillow, Kitchen Lines, Table Top Cines etc
Products :	Cushions and Throw Pillows Kitchen Linens Tabletop Linens Fashion Bedding Window Fashions Floor Coverings

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of Patiala, MID Corporate Branch, N K Tower, G T Road, Panipat - 132103, Haryana, India.

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
From Bank	40.604	45.008
Short Term Borrowings	0	0
Working Capital Limits form State Bank of India	90.039	75.552
Overdraft Facility from	15.126	30.283
Total	145.769	150.843
Details of secured against Hypothecation of Stock and Debtors

Banking Relations :	--
Auditors :
Name :	Mehta Khanna and Company Chartered Accountants
Address :	1591, 3rd Floor, Outram Lines, Kingsway Camp, Delhi – 110009, India
Telefax	91-11-47082155 / 27602156
Mobile No.:	91-9212259050 / 9812044811
E-Mail :	mehrakhanna@yahoo.co.in
PAN.:	AAGFM6729G

CAPITAL STRUCTURE

As on 28.09.2012

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
6269140	Equity Shares	Rs.10/- each	Rs.62.691 Millions

As on 31.03.2012

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
4739140	Equity Shares	Rs.10/- each	Rs.47.391 Millions

Details of Shareholding more than 5% in the Company

	As At 31.03.2012
Name of Shareholder	No. of Shares	% of Holding
Equity Shares
Rajesh Mahajan	1,246,640	28.00%
Sangeeta Mahajan	1,200,000	25.00%
Rajesh Mahajan (HUF)	1,440,000	30.00%
Pranab Mahajan	284,141	6.00%
Abhinav Mahajan	375,680	8.00%

Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Particular	Opening Balance	Fresh Issue	Closing Balance
Number of Share	4,4540,000	199,140	4,739,140
Rs. In Millions	454.000	19.914	473.914

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		47.391	45.400	45.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		71.098	62.547	57.852
4] (Accumulated Losses)		0.000	0.000	0.000
5] Money received against share warrants		0.000	1.400	0.000
NETWORTH		118.489	109.347	103.252
LOAN FUNDS
1] Secured Loans		145.770	150.843	167.108
2] Unsecured Loans		129.563	75.951	56.626
TOTAL BORROWING		275.333	226.794	223.734
DEFERRED TAX LIABILITIES		8.917	8.693	9.593
TOTAL		402.739	344.834	336.579
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		147.806	140.980	128.765
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.924	5.924	7.324
DEFERREX TAX ASSETS		0.000	0.000	0.000
Other Non-Current Assets		8.873	6.336	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	197.934	167.934	132.513
	Sundry Debtors	92.012	88.257	121.377
	Cash & Bank Balances	15.510	14.475	13.933
	Other Current Assets	4.057	3.232	0.000
	Loans & Advances	43.027	59.342	42.550
Total Current Assets		352.540	333.240	310.373
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	87.594	127.568	94.813
	Other Current Liabilities	22.186	11.311	17.633
	Provisions	2.624	2.767	2.972
Total Current Liabilities		112.404	141.646	115.418
Net Current Assets		240.136	191.594	194.955
MISCELLANEOUS EXPENSES		0.000	0.000	5.535
TOTAL		402.739	344.834	336.579

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	532.871	545.939	380.714
		Other Income	15.534	20.270	19.744
		TOTAL (A)	548.405	566.209	400.458
Less	EXPENSES
		Cost of Materials Consumed	240.033	263.902
		Purchases of Stock-in-trade	15.575	34.016
		Changes in inventories of finished goods, work0in0progress and stock-in-trade	5.003	(8.712)	367.892
		Employee benefits expenses	44.150	41.362
		Others Expenses	196.549	198.914
		TOTAL (B)	501.310	529.482	367.892
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		47.095	36.727	32.566
Less	FINANCIAL EXPENSES (D)		31.802	23.400	24.946
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.293	13.327	7.620
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.168	8.281	6.011
	PROFIT BEFORE TAX (E-F) (G)		6.125	5.046	1.609
Less	TAX (H)		0.278	(0.714)	0.054
	PROFIT AFTER TAX (G-H) (I)		5.847	5.760	1.555
	Earnings Per Share (Rs.)		1.23	1.27	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.07	1.02	0.39
Net Profit Margin (PBT/Sales)	(%)	1.15	0.92	0.42
Return on Total Assets (PBT/Total Assets}	(%)	1.22	1.06	0.37
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.02
Debt Equity Ratio (Total Debt /Networth)		2.32	2.07	2.17
Current Ratio (Current Asset/Current Liability)		3.14	2.35	2.69

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

PERFORMANCE:

During the year, the company a turnover of Rs. 548.405 Millions as compare to last year Rs. 574.922 Millions. The net profit after charging depreciation has been increased from Rs. 5.760 Millions to 5.847 Millions.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
From Other parties	0.200	0.751
Loans and Advances from related parties	129.363	75.200
Total	129.563	75.951
a) Loan of Rs.13.250 Millions taken 2009 will be squared up in 2019 b) Loan of Rs.10.000 Millions taken 2008 will be squared up in 2015 c) Loan of Rs.6.000 Millions taken 2007 and will be squared in 2017 d) Loan of Rs.4.597 Millions taken 2011 and will be squared up in 2013

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U52110DL1981PTC012364
Name of the company	MAHAJAN OVERSEAS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B – 1/F – 8 Mohan Co- Operative Industrial Estate, New Delhi – 110049, India amitsehgalcs@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90043941
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · Others
Particular of charge holder	State Bank of Patiala, MID Corporate Branch, N K Tower, G T Road, Panipat - 132103, Haryana, India. sbp_ssi@rediffmail.com
Nature of instrument creating charge	1. Letter regarding grant of individual limit with in overall limit 2. Agreement of hypothecation of goods and assets 3. Agreement of loan for overall limit 4. Agreement of pledge of goods and assets 5. Letter of arrangement
Date of instrument Creating the charge	20.11.2012
Amount secured by the charge	253.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Terms of Repayment FBWC-repayable on demand, term loan repayable on installments Margin Raw Material, Stock In Process, Finished Goods : 25%., Term Loan Fresh : 45.51%. Book Debts/Receivable : 50% Extent and Operation of the charge 100%
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all current assets of the firm i.e. RMS, SIP/FGS and receivables 1st charge on entire fixed assets of the company present and future except vehicle and other movables specifically financed and hypothecated to ICICI Bank and other agencies. EM of property situated at Plot No 686, Industrial Estate, Barhi, Phase-Ii, Sonepat (Area 14850 sq mts) in the name of the company. Documents to title to goods viz. Bill of landing, bill of lading covering dispatch/ documents equitable mortgage of commercial property measuring 146.60 sq mtr situated at CS-0010, Upper Ground Floor, City Centre, Gurgaon, Vide Deed No-13938 date-12.01.2004 in the name of maspar stores
Date of instrument modifying the charge	07.07.2012
Particulars of the present modification	Credit facility enhaced to Rs. 253.500 Millions as follows : CC(H) 30.000 Millions., CC(BD) (15.000) Millions EPC (PCFC) 55.000 Millions, PSC (FBD/FBP/ODBC) Rs.35.000 Millions, total FBWC 120.000 Millions. Car loan : 0.600 Millions Term loan Rs.15.400 Millions., fresh term loan : Rs. 85.000 Millions total FB Rs.221.000 Millions Letter of credit-Rs.30.000 Millions (LC is only for inland LC) BG : 2.500 Millions, total NFB Rs.32.500 Millions Total exposure to the company Rs.253.500 Millions

FIXED ASSETS

· Land

· Office Building

· Wireless

· Factory Building

· Plant and Machinery

· Generator

· Vehicles

· AC and Cooler

· Furniture and Fixture

· Office Equipment

· Computer

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.53.85
UK Pound	1	Rs.84.43
Euro	1	Rs.72.40

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		36

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.