MIRA INFORM REPORT

Report Date :

19.02.2013

IDENTIFICATION DETAILS

Name :	ACREAGE BUILDERS PRIVATE LIMITED
Registered Office :	1^st Floor, Block C, Chimes, Institutional Plot No.59-62, SP Sector-44, Gurgaon-122003, Haryana
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.06.2010
Com. Reg. No.:	05-047012
Capital Investment / Paid-up Capital :	Rs. 5.050 Millions
CIN No.: [Company Identification No.]	U70101HR2010PTC047012
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of real estate and related infrastructure projects.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (39)

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

Maximum Credit Limit :	USD 9800000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a part of TS Mauritius I. It is a well established company having a moderate track record. There appears some losses recorded by the company. However, the net worth of the company papers to be strong, the subject gets good financial support from its holding company. 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

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 :	1^st Floor, Block C, Chimes, Institutional Plot No.59-62, SP Sector-44, Gurgaon-122003, Haryana, India
Tel. No.:	91-124-6156000
Fax No.:	Not Available
E-Mail :	acreage.builders@gmail.com kkoppu@tishmanspeyer.com

DIRECTORS

AS ON 24.09.2012

Name :	Mr. Satish Kumar Maheshwari
Designation :	Director
Address :	A-202, Satellite Gardens, Film City Road, Goregaon (East), Mumbai-400063, Maharashtra, India
Date of Birth/Age :	26.01.1972
Date of Appointment :	18.10.2011
DIN No.:	00121310

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	U45200AP2006PTC051559	ADITYA HOUSING AND INFRASTRUCTURE DEVELOPMENT CORPORATION PRIVATE LIMITED	Director	01/10/2009	01/10/2009	19/01/2011	Active	NO
2	U45201MH2006PTC166469	LIGHTHOUSE DEVELOPERS PRIVATE LIMITED	Director	01/10/2009	01/10/2009	19/01/2011	Active	NO
3	U70102MH2006PTC164030	NEELKANTH TOWNSHIP AND CONSTRUCTION PRIVATE LIMITED	Director	01/10/2009	01/10/2009	19/01/2011	Active	NO
4	U70100MH2006PTC161745	ODYSSEY DEVELOPERS PRIVATE LIMITED	Director	23/09/2010	01/10/2009	19/01/2011	Active	NO
5	U70101MH1994PTC080944	SKYLINE MANSIONS PRIVATE LIMITED	Nominee director	01/10/2009	01/10/2009	19/01/2011	Active	NO
6	U45201MH2008PTC177235	MAYFAIR URBAN DEVELOPERS PRIVATE LIMITED	Director	29/09/2010	10/03/2010	28/02/2011	Active	NO
7	U45400MH2007PTC171815	AKANGSHA REALTORS PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
8	U45400MH2007PTC171872	REHAN REALTORS PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
9	U45200MH2007PTC168287	URBAN RITI INFRASTRUCTURE PRIVATE LIMITED	Director	30/08/2010	12/03/2010	13/01/2011	Active	NO
10	U70109MH2007PTC168844	AVAKASH LAND INFRASTRUCTURE PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
11	U45200MH2007PTC168284	URBAN SHIVA INFRASTRUCTURE PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
12	U70101MH2007PTC172026	ANACRON REALTORS PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
13	U45400MH2007PTC172047	ASHITEE REALTORS PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
14	U45201MH2006PTC165021	VIDHANT LAND INFRASTRUCTURE PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
15	U45201MH2006PTC164987	URBAN LAND INFRASTRUCTURE PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
16	U45400MH2007PTC171875	ADWAIYA REALTORS PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
17	U74140MH2008PLC187622	UI WEALTH ADVISORS LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
18	U70100PB2005PTC029238	SUKHM INFRASTRUCTURES PRIVATE LIMITED	Director	30/09/2010	30/03/2010	19/01/2011	Active	NO
19	U45201GJ2007PTC052343	APPLEWOODS ESTATE PRIVATE LIMITED	Director	30/09/2010	31/03/2010	19/01/2011	Active	NO
20	U55103KA2006PTC040751	SANMATI INFRADEVELOPERS PRIVATE LIMITED	Director	20/08/2010	25/06/2010	07/03/2011	Active	NO
21	U45209PY2006PLC001966	PONDICHERRY SPECIAL ECONOMIC ZONE COMPANY LIMITED	Director	28/09/2010	25/06/2010	28/03/2011	Active	NO
22	U45400AP2007PTC053720	TELLAPUR TECHNOCITY PRIVATE LIMITED	Nominee director	29/04/2011	29/04/2011	10/06/2011	Active	NO
23	U45201AP2006PTC072536	TSI BUSINESS PARKS (HYDERABAD) PRIVATE LIMITED	Managing director	20/06/2011	14/06/2011	-	Active	NO
24	U70101HR2010PTC047012	ACREAGE BUILDERS PRIVATE LIMITED	Director	24/09/2012	18/10/2011	-	Active	NO

Name :	Mr. George Robert Hatzmann
Designation :	Director
Address :	467, Centralpark West 9 B, Newyork-010025, USA
Date of Birth/Age :	23.01.1968
Date of Appointment :	18.10.2011
DIN No.:	00265552

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	U45201AP2006PTC072536	TSI BUSINESS PARKS (HYDERABAD) PRIVATE LIMITED	Nominee director	26/09/2011	05/08/2006	Active	NO
2	U70101HR2010PTC047012	ACREAGE BUILDERS PRIVATE LIMITED	Director	24/09/2012	18/10/2011	Active	NO

Name :	Mr. Sanjay Malhotra
Designation :	Director
Address :	Block – H, Flat No 38 C, Saket, New Delhi-110017, India
Date of Birth/Age :	04.09.1965
Date of Appointment :	25.03.2011
DIN No.:	00732180

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	U74899DL1995PTC069546	DIMENSIONS CONSULTING PRIVATE LIMITED	Director	11/02/2000	11/02/2000	05/08/2007	Active	NO
2	U74899DL2001PLC111997	PVR PICTURES LIMITED	Director	29/08/2007	31/10/2006	06/09/2007	Active	NO
3	U70109DL2006PTC154556	EMAAR MGF CONSTRUCTION PRIVATE LIMITED	Director	07/08/2007	07/08/2007	-	Active	NO
4	U45400DL2007PTC163125	TCI PROJECT MANAGEMENT PRIVATE LIMITED	Director	01/09/2007	01/09/2007	-	Active	NO
5	U74930DL2006PTC154644	EMAAR MGF SERVICES PRIVATE LIMITED	Director	05/11/2007	05/11/2007	25/03/2011	Active	NO
6	U45400DL2007PTC161948	ENAMEL PROPBUILD PRIVATE LIMITED	Director	05/11/2007	05/11/2007	-	Active	NO
7	U20296DL2007PTC162117	EASEL PROPBUILD PRIVATE LIMITED	Director	05/11/2007	05/11/2007	-	Active	NO
8	U45400DL2007PTC164852	EMAAR MGF PROJECTS PRIVATE LIMITED	Director	05/11/2007	05/11/2007	-	Active	NO
9	U45400DL2007PTC162103	EDENIC PROPBUILD PRIVATE LIMITED	Director	05/11/2007	05/11/2007	-	Active	NO
10	U45201DL2006PTC147831	PRAYAS BUILDCON PRIVATE LIMITED	Director	07/11/2007	07/11/2007	31/12/2009	Active	NO
11	U45201DL2006PTC147839	WEMBLEY ESTATES PRIVATE LIMITED	Director	07/11/2007	07/11/2007	-	Active	NO
12	U70109DL2006PTC150197	VITALITY CONBUILD PRIVATE LIMITED.	Director	07/11/2007	07/11/2007	-	Active	NO
13	U45201DL2006PTC147799	PRATHAM PROMOTERS PRIVATE LIMITED	Director	07/11/2007	07/11/2007	-	Active	NO
14	U45201DL2006PTC147811	NANDITA PROMOTERS PRIVATE LIMITED	Director	07/11/2007	07/11/2007	-	Active	NO
15	U45200DL2007PTC172066	BROOKFIELD MULTIPLEX (INDIA) PRIVATE LIMITED	Director	06/05/2008	06/05/2008	30/03/2009	Active	NO
16	U55101DL2007PTC161614	PREMIER INN INDIA PRIVATE LIMITED	Director	31/12/2008	31/12/2008	18/02/2010	Active	NO
17	U45200DL2006PTC155677	LEIGHTON CONSTRUCTION (INDIA) PRIVATE LIMITED	Director	29/09/2009	01/05/2009	-	Active	NO
18	U70101HR2010PTC047012	ACREAGE BUILDERS PRIVATE LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO

Name :	Mr. Aman Kapoor
Designation :	Director
Address :	F 2201, Uniworld City, Sector -31, Gurgaon-122001, Haryana, India
Date of Birth/Age :	25.12.1967
Date of Appointment :	25.03.2011
DIN No.:	02261073

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	U70109CH2006PTC030644	FLUME REALTORS PRIVATE LIMITED	Director	05/11/2007	05/11/2007	30/12/2010	Strike off	NO
2	U45400DL2007PTC161693	FLINT CONBUILD PRIVATE LIMITED	Director	05/11/2007	05/11/2007	30/12/2010	Strike off	NO
3	U45200DL2007PTC157709	FOAL PROPBUILD PRIVATE LIMITED	Director	05/11/2007	05/11/2007	-	Active	NO
4	U70102DL2007PTC157297	FLUKE PROPBUILD PRIVATE LIMITED	Director	05/11/2007	05/11/2007	-	Active	NO
5	U45200DL2006PTC156937	FLUFF PROPBUILD PRIVATE LIMITED	Director	05/11/2007	05/11/2007	-	Active	NO
6	U45200DL2006PTC157001	FLUE PROPBUILD PRIVATE LIMITED	Director	05/11/2007	05/11/2007	-	Active	NO
7	U45200DL2007PTC157275	FONDANT PROPBUILD PRIVATE LIMITED	Director	05/11/2007	05/11/2007	-	Active	NO
8	U45200DL2007PTC157509	FOYER PROPBUILD PRIVATE LIMITED	Director	06/11/2007	06/11/2007	-	Active	NO
9	U45200DL2007PTC157512	FORAY PROPBUILD PRIVATE LIMITED	Director	06/11/2007	06/11/2007	-	Active	NO
10	U45200DL2007PTC157505	FOUNT PROPBUILD PRIVATE LIMITED	Director	06/11/2007	06/11/2007	-	Active	NO
11	U45200DL2007PTC157485	FRAY PROPBUILD PRIVATE LIMITED	Director	06/11/2007	06/11/2007	-	Active	NO
12	U45200DL2007PTC157785	FORSYTHIA PROPBUILD PRIVATE LIMITED	Director	06/11/2007	06/11/2007	-	Active	NO
13	U45201DL2006PTC147520	SARVPRIYA REALTORS PRIVATE LIMITED	Director	07/11/2007	07/11/2007	-	Active	NO
14	U45201DL2006PTC147460	PUKHRAJ REALTORS PRIVATE LIMITED	Director	07/11/2007	07/11/2007	-	Active	NO
15	U70102DL2006PTC149136	KAMDHENU PROJECTS PRIVATE LIMITED.	Director	07/11/2007	07/11/2007	-	Active	NO
16	U70101HR2010PTC047012	ACREAGE BUILDERS PRIVATE LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO

Name :	Mr. Gautam Hora
Designation :	Director
Address :	D-9, New Rising Sun Building, Juhutara Road, Santacruz (West), Mumbai-400049, Maharashtra, India
Date of Birth/Age :	17.08.1978
Date of Appointment :	12.06.2012
DIN No.:	05136098

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	U45201AP2006PTC072536	TSI BUSINESS PARKS (HYDERABAD) PRIVATE LIMITED	Alternate director	02/12/2011	02/12/2011	28/02/2012	Active	NO
2	U45202KA2006PTC038465	TSI TECH PARK (PUNE) PRIVATE LIMITED	Director	24/09/2012	12/06/2012	-	Active	NO
3	U70101HR2010PTC047012	ACREAGE BUILDERS PRIVATE LIMITED	Director	24/09/2012	12/06/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.09.2012

Names of Shareholders	No. of Shares
Tishman Speyer India (Extension) Master Fund, Mauritius	1
TS Mauritius I, Mauritius	340659
Emaar Mgf Land Limited, India	164380
TOTAL	505040

AS ON 24.09.2012

Equity Shares Break Up	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	67.00
Bodies corporate	33.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of real estate and related infrastructure projects.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	BSR and Associates Chartered Accountant
Address :	Maruthi Info-Tech Center,11-12/1 Inner Ring Road, Koramangala- Bangalore-560071, Karnataka, India
PAN No.:	AAIFB7355D
Holding Company :	TS Mauritius I
Fellow Subsidiaries :	Tishman Speyer India (Extension) Master Fund
Other Related Parties :	Emaar Mgf Land Limited CIN No.:- U45201DL2005PLC133161

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
505040	Equity Shares	Rs.10/- each	Rs. 5.050 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		5.050	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		2466.538	(0.011)
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2471.588	0.089
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		2471.588	0.089
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		141.526	0.000
Capital work-in-progress		2547.960	0.000
INVESTMENT		78.047	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	5.465	0.082
	Other Current Assets	0.000	0.000
	Loans & Advances	2.176	0.023
Total Current Assets		7.641	0.105
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.497	0.000
	Other Current Liabilities	303.089	0.016
	Provisions	0.000	0.000
Total Current Liabilities		303.586	0.016
Net Current Assets		(295.945)	0.089
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		2471.588	0.089

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	2.547	0.000
		Other Income
		TOTAL	2.547	0.000
Less	EXPENSES
		Office Expenses	6.246	0.012
		Administrative Expenses
		Advertising Expenses
		TOTAL	6.246	0.012
	PROFIT / (LOSS) BEFORE TAX		(3.699)	(0.012)
Less	TAX		0.000	0.000
	PROFIT / (LOSS) AFTER TAX		(3.699)	(0.012)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.012)	0.000
	BALANCE CARRIED TO THE B/S		(3.711)	(0.012)
	Earnings Per Share (Rs.)		(15.92)	(1.50)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	(145.23)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(2.48)	(11.43)
Return on Investment (ROI) (PBT/Networth)		0.00	(0.13)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.03	6.56

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 two years	Yes
12]	Profitability for last two 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	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE

Registered office has been shifted from S-405, Lff Greater Kailash-II, New Delhi-110048, India to the present address w.e.f.06.08.2012.

BACKGROUND

Subject was incorporated on 18 June 2010. The Company is engaged in the business of real estate and related infrastructure projects.

PROJECT GREEK

LOCATION OF THE PROJECT

The Project Greek is located at Sector 65, Golf Course Extension Road, Gurgaon, with a Site Area of 7.15 acres/311,454 sft. The site is located off the 90m wide Golf Course extension road. It is bounded by a 60 m Sector road on the East and a 24m wide road on the south. Access to the site can be provided from either or both of these roads.

PROGRESS OF THE PROJECT

This project is for construction of Commercial office space in Gurgaon. Currently, Design process is underway.

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. 54.28
UK Pound	1	Rs. 84.09
Euro	1	Rs. 72.44

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		39

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.