MIRA INFORM REPORT

Report Date :

20.02.2013

IDENTIFICATION DETAILS

Name :	MARVEL REALTORS AND DEVELOPERS LIMITED
Registered Office :	Office No. 301-302, Jewel Tower, Survey No 25/H, Lane No. 5, Koregaon Park, Pune – 411001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.05.2006
Com. Reg. No.:	11-128506
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U70102PN2006PLC128506
TAN No.: [Tax Deduction & Collection Account No.]	PNEM11257B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Developers of Residential and Commercial Property.
No. of Employees :	5 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 31000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management of the company has failed to file its financial with the government department for the year 2012. As per previous year’s record, there appears huge external borrowings. Profitability of the company is under severe pressure. There appear some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great caution.

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

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Bhushan Bharambe
Designation :	Accounts Department
Contact No.:	91-20-66878700
Date :	18.02.2013

LOCATIONS

Registered Office/ Corporate Office :	Office No. 301-302, Jewel Tower, Survey No 25/H, Lane No. 5, Koregaon Park, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-66878700/ 66878800/ 32900573/ 26052507/ 26052920
Fax No.:	91-20-66201389
E-Mail :	office@chandakcs.com info@marvelrealtors.com sales@marvelrealtors.com vendors@marvelrealtors.com
Website :	http://www.marvelrealtors.com
Area :	10000 Sq. ft
Location :	Owned

DIRECTORS

As on: 29.09.2011

Name :	Mr. Vishwajeet Subhash Jhavar
Designation :	Director
Address :	A 10 Flat No. 1, Meera Nagar, Koregaon Park, Pune - 411001, Maharashtra, India
Date of Birth/Age :	03.05.1969
Date of Appointment :	24.05.2007
DIN No.:	00158203
Name :	Mr. Vinay Mahavirprasad Chudiwal
Designation :	Whole Time Director
Address :	Flat No. A 204, Sujay Garden, Mukund Nagar, Pune - 411037, Maharashtra, India
Date of Birth/Age :	03.03.1971
Date of Appointment :	24.05.2006
DIN No.:	00158193
Name :	Mr. Mahesh Bansilal Laddha
Designation :	Whole Time Director
Address :	Flat No. 1, Novelty Co-Operative Housing Society, Behind Maruti Care Point, Near Chatusrung, Temple, Pune - 411016, Maharashtra, India
Date of Birth/Age :	10.08.1965
Date of Appointment :	24.05.2006
DIN No.:	00158212
Name :	Mr. Nikhil Madhukar Bhave
Designation :	Director
Address :	A10, Flat No.9, Meera Nagar, Koregaon Park, Pune - 411001, Maharashtra, India
Date of Birth/Age :	18.01.1969
Date of Appointment :	24.05.2006
DIN No.:	00158171

KEY EXECUTIVES

Name :	Mr. Bhushan Bharambe
Designation :	Accounts Department
Name :	Pawan G. Chandak and Associates
Designation :	Company Secretaries
Address :	Office No. 203, Mangalmurti Complex, 990, Shukrawar Peth, Tilak Road, Next to Pandit, Automotive, Pune – 411002, Maharashtra, India
Tel. No.:	91-20-24463486/ 87
Mobile No.:	91-9552561299/ 9822202890
Fax No.:	91-20-24463486/ 87
E-Mail :	pawang@chandakcs.com kuldeep@chandakcs.com
Website :	www.chandakcs.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2011

Names of Shareholders	No. of Shares
Vinay Mahavirprasad Chudiwal	112500
Mahesh Bansilal Laddha	125000
Veena Vishwajeet Jhavar	300000
Prithviraj Prakash Solanke	50000
Nikhil Madhukar Bhave	100000
Subhash Shivchandra Jhavar	50000
Sachin Subhash Jhavar	50000
Sachin Subhash Bohara	12500
Vishwajeet Subhash Jhavar	200000
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2011

Category	Percentage
Directors or relatives of directors	93.75
Other top fifty shareholders	6.25
Total	100.00

BUSINESS DETAILS

Line of Business :

Developers of Residential and Commercial Property.

Products/ Services :

ITC Code	Product Description
403	Builder – Property Developers

Imports :

Products :

Tiles

Countries :

Italy

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

5 (Approximately)

Bankers :

· Axis Bank Limited, 1262/B, Sterling Plaza, Jangli Maharaj Road, Deccan Gymkhana, Pune - 411004, Maharashtra, India

Tel. No.: 91-20-66295000

· Oriental Bank of Commerce

· Kotak Mahindra Bank

· IDBI Bank Limited

· HDFC Bank Limited

· ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011
Optionally Convertible Redeemable Debenture – HDFC Assets Management Company Limited	800.000
Term Loan from Axis (Secured by mortgage of office premise in ‘Artha Vishwa’, Jewel Tower, personal guarantee of director and guarantee of Marvel Realtors)	45.551
From Others
Term Loan from Reliance Capital (Secured by charge on the property together with all buildings and structure of ‘Coronet’ project, receivable, escrow account, TDR rights and personal guarantee of Vishwajeet Jhavar, Mahesh Laddha and Venna Jhavar)	6.600
Equipment Loan from Reliance Capital (Secured by hypothecation of Machineries financed)	6.298
Vehicles Loans (Secured by cars purchased)	0.475
Total	858.924

Secured Loan	Rs. In Millions 31.03.2010
Reliance Capital Limited
Loan Amount	80.000
Interest for the M/o March.10	1.117
Less TDS Payable (Jan to Mar.10 Int.)	(0.459)
Development Credit Bank Loan	0.000
Axis Bank Term Loan	40.632
Axis Bank Term Loan	9.528
Tata Capital (Innova Car Loan)	0.793
ICICI Bank Limited (Pajero Car Loan)	0.747
Total	132.358

Banking Relations :	--
Auditors :
Name :	BBSR and Company Chartered Accountants
Address :	703, 7th Floor, Godrej Castlemaine, Next To Ruby Hall Clinic, Bund Garden Road, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-30504000
Fax No.:	91-20-20504100
PAN No.:	AAKFB4397F
Entities where key management personal have significant influence and transaction have taken place :	· Marvel Landmarks Private Limited · Marvel Promoters and Developers (Pune) Private Limited · Marvel Edge Realtors Private Limited · Marvel Sigma Homes Private Limited · Marvel Realtors · Marvel Bharucha Realtors · Hallmark Marvel Realtors · Mapcon · Ananya Enterprises · Prithvi Marvel Developers

CAPITAL STRUCTURE

As on: 31.03.2011

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
1000000	Equity Shares	Rs.10/- each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(2.224)	(70.525)	(11.008)
NETWORTH		7.776	(60.525)	(1.008)
LOAN FUNDS
1] Secured Loans		858.924	132.358	57.294
2] Unsecured Loans		112.573	10.600	48.695
TOTAL BORROWING		971.497	142.958	105.989
DEFERRED TAX LIABILITIES		0.748	0.036	0.479
TOTAL		980.021	82.469	105.460
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		72.637	76.903	76.103
Capital work-in-progress		61.868	0.000	0.000
INVESTMENT		690.815	(14.170)	83.464
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	999.194	32.319	11.243
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	4.167	(18.270)	4.369
	Other Current Assets	0.000	1043.956	705.688
	Loans & Advances	186.374	81.527	38.677
Total Current Assets		1189.735	1139.532	759.977
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	111.544	83.772	129.802
	Other Current Liabilities	916.730	1035.797	683.737
	Provisions	6.760	0.227	0.545
Total Current Liabilities		1035.034	1119.796	814.084
Net Current Assets		154.701	19.736	(54.107)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		980.021	82.469	105.460

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	281.293
		Other Income	4.421
		TOTAL (A)	285.714
Less	EXPENSES
		Project Expenditure	199.067
		Personal Cost	0.927
		Administrative and Other Expenses	18.467
		TOTAL (B)	218.461
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		67.253
Less	FINANCIAL EXPENSES (D)		19.376
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		47.877
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.586
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		40.291
Less	TAX (H)		41.055
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.764)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.460)
	BALANCE CARRIED TO THE B/S		(2.224)
	Earnings/ (Loss) Per Share (Rs.)		(0.76)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Closing work in progress	650.769	328.345
		Other receipts	4.940	5.444
		TOTAL (A)	655.709	333.789
Less	EXPENSES
		Site and infrastructure development expenses	502.052	258.044
		Advertising, marketing expenses and others direct cost	6.576	9.126
		Operating expenses	149.900	58.576
		Other cost and expenses	51.022	22.308
		TOTAL (B)	709.550	348.054
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(53.841)	(14.265)
Less	FINANCIAL EXPENSES (D)		0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(53.841)	(14.265)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.118	5.321
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(59.959)	(19.586)
Less	TAX (H)		(0.442)	0.297
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(59.517)	(19.883)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(11.008)	8.875
	BALANCE CARRIED TO THE B/S		(70.525)	(11.008)
	Earnings Per Share (Rs.)		(70.52)	(11.01)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.27)	(9.08)	(5.96)
Net Profit Margin (PBT/Sales)	(%)	14.32	(9.21)	(5.96)
Return on Total Assets (PBT/Total Assets}	(%)	3.19	(4.93)	(2.34)
Return on Investment (ROI) (PBT/Networth)		5.18	0.99	19.43
Debt Equity Ratio (Total Debt/Networth)		124.94	(2.36)	(149.79)
Current Ratio (Current Asset/Current Liability)		1.15	1.02	0.93

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Dues to Micro and Small Enterprises	--
Others	111.544
Total	111.554	83.772	129.802

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	No
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

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2011
Loan from Director (Repayable on demand)	100.215
Interest Accrued and Due on the above loan	9.358
From others (Repayable on demand)	3.000
Total	112.573

UNSECURED LOAN

(Rs. In Millions)

Unsecured Loan	As on 31.03.2010
Unsecured Loan from Director
Vishwajeet Jhavar	7.548
Nikhil Bhave	2.984
Mahesh B Laddha	0.027
Pandoo P Naig	0.000
Vinay M Chudiwal	0.041
Total	10.600

OPERATIONS AND FUTURE PROSPECTS:

The Company is in the process of completing various projects shortly, and has reported tremendous growth in all its endeavors. During the financial year; as per the accounting policy adopted by the Company the revenue is recognized as per the percentage of completion method and will be recognizing the revenue in coming years upon the significant completion of the projects.

During the year, the Company had issued Secured Optionally Convertible Redeemable Debentures worth Rs. 800.000 Millions with tenure of 44 months Owing to the loss after tax incurred during the financial year the Company has not provided for debenture redemption reserve for the purpose of redemption as per the provisions of the Companies Act, 1956

BACKGROUND

Subject was incorporated on 24 May 2006 under the Companies Act, 1956. The Company is developing approximately 0.6 million square feet of residential and commercial space at Pune.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particular	31.03.2011
Income Tax	14.663

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U70102PN2006PLC128506
Name of the company	MARVEL REALTORS AND DEVELOPERS LIMITED
Address of the registered office or of the principal place of business in India of the company	Office No. 301-302, Jewel Tower, Survey No 25/H, Lane No. 5, Koregaon Park, Pune – 411001, Maharashtra, India E-mail: office@chandakcs.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10096892
Type of charge	· Any interest in immovable property · Immovable property · Others (Hypothecation of Rent receivables)
Particular of charge holder	Axis Bank Limited, Corporate Banking Branch 214/215,City Mall, II Floor, University(Ganesh Khind ) Road, Pune – 411007, Maharashtra, India E-mail: niranjan.sonawane@axisbank.com
Nature of instrument creating charge	Amendment cum link agreement dated 18th June 2012
Date of instrument Creating the charge	18.06.2012
Amount secured by the charge	Rs.13.800 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate + 4.75% p.a.i.e. presently at 14.75% p.a. payable monthly (present Bank's Base Rate being 10% p.a.) or the rate as may be prescribed by Bank from time to time Terms of Repayment As per Agreement with the Bank Margin NIL Extent and Operation of the charge First and Exclusive Charge of Axis Bank. The charge on mortgaged assets continues till full repayment of Loan. Extends to all amount due under the loan and also includes charges, fees, cost, expenses incurred and all other amounts due to the bank Others Penal Rate of Interest - 2% Other terms and Conditions as per Earlier Agreements executed at the time of creation of charge. All the charges constitutes a Single Charge.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Extn of Equitable Mortgage of - Office No F4-1 upto F4-4, Arth Vishwa, 4th Floor, Final Plot No 353, S.No 26/3+4+5+6/1, Koregaon Park, Pune-411001 Extn of Equitable Mortgage of - Office No 301-302 Third Floor, Final Plot No 354-355-356, Koregaon Park, Pune-411001 Hypothecation of Rent Receivables Personal Guarantee of Mr. Vishwajeet Jhavar, Mr. Mahesh Laddha, Mr. Vinay Chudiwal, Mr. Nikhil Bhave, Veena Jhavar, and Marvel Realtors in the capacity of the co-borrower. Loan Service Reserve FDR of Rs. 1.000 Million
Particulars of the present modification	By this First Modification, the base for charging rate of interest is changed and it is now linked to Base Rate rather than Bank PLR as per RBI directives, accordingly, at present, the rate of interest is Base Rate + 4.75%, = @14.75% p.a.

FIXED ASSETS:

· Leasehold Property Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Computers and Spares

· Motor Vehicles

AS PER WEBSITE DETAILS:

Press Release:

MARVEL REALTORS LAUNCHES ‘SELVA RIDGE ESTATE’

August 29, 2012

Spread across 22 acres of land, the project elegantly combines considered architecture and the beauty of nature.

Living amidst the greenery in a spacious apartment offering luxury and lifestyle amenities is today considered as a future lifestyle trend and aspiration. Considering this trend, Marvel Realtors – the premium luxury real estate developer, has launched its first gated community project, ‘Selva Ridge Estate’ in Pune located at Bavdhan.

It has innovatively conserved a forest reserve inside the project offering tranquil and blissful living experience to the residents.

Spread across 22 acres of land, the project elegantly combines considered architecture and the beauty of nature. Marvel ‘Selva Ridge Estate’ project offers an ultimate mix of lavish villas (Mango, Emerald and Jade) and luxury mid-rise apartments. The project consists of one Mango Villa of 5BHK (22000 sq.ft area with 8500 sq.ft. garden), seven Emerald villas of 4BHK (ranging from 12000 sq.ft. to 13000 sq.ft.), eight Jade villas of 4BHK (ranging from 9000 sq.ft. to 9800 sq.ft.) and apartments of 3.5 and 4.5 BHK (ranging from 3025 sq.ft. to 4810 sq.ft.). Nestled in the midst of nature, the project is equipped with amenities of international standards. The project offers various leisure facilities such as clubhouse surrounded by water, wellness deck, agricultural farmhouse, lush-green landscape gardens and open space, barbecue area, sun-decks and daybed cabana, lounge chair deck, spa bed, clubhouse, wading, lap, reflecting pool and toddler’s pool and Jacuzzi. To balance and maintain the sustainability, many green initiatives has been undertaken in the project such as rainwater harvesting, renewable energy via solar heating systems, effective irrigation system, use of energy efficient fixtures. Also, efficient use of advanced home automation technology in the project contributes to save maximum resources.

‘Selva Ridge Estate’ project is the best example of thoughtful design and architecture. The villas and apartments in this project are designed and planned in such a fashion, so that utmost care can be taken for the privacy of all residents. All homes enjoy mesmerizing view of forest reserve from one side and the central landscaped area from the other. Its unique planning also enables easy access to forest reserves.

Talking about the project, Mr. Vishwajeet Jhavar said, “Selva Ridge Estate is the one-of-its-kind project that offers luxury with a lifetime experience of living amidst a reserved forest. The project is strategically located at Bavdhan, which has become one of the most preferred residential areas in western Pune because of its ideal location and steady development. Bavdhan is centrally located destination that offers good connectivity to well-developed suburbs and Mumbai We are already seeing strong customer interest for the project given the strategic location, distinctive project planning with lifestyle amenities.”

The project is the reflection of natural surroundings with superior design that offers an ultra-luxurious living experience.

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.54.29
UK Pound	1	Rs.84.09
Euro	1	Rs.72.44

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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