MIRA INFORM REPORT

Report Date :

02.01.2013

IDENTIFICATION DETAILS

Name :	KOTAK COMMODITY SERVICES LIMITED KOTAK GINNING AND PRESSING INDUSTRIES DIVISION OF KOTAK COMMODITY SERVICES LIMITED
Registered Office :	1^st Floor, Nirlon House, Dr. Annie Besant Road, Worli, Mumbai-400025, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.01.1987
Com. Reg. No.:	11-042230
Capital Investment / Paid-up Capital :	Rs.24.272 Millions
CIN No.: [Company Identification No.]	U65910MH1987PLC042230
TAN No.: [Tax Deduction & Collection Account No.]	MUMK10755D
PAN No.: [Permanent Account No.]	AAACK1581D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Cotton.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 523000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of Kotak Group. It is a well established and reputed company having a satisfactory track record. The latest financials are not made available with the government department. As per previous year’s record, the company performance seems to be high. Financially appears to be strong. Subject gets good from its group companies. Fundamental seems to be healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A1+ [Short Term Debt]
Rating Explanation	Having very strong degree of safety regarding timely payment of financial obligations. It carry lowest credit risk.
Date	December 2011

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, Nirlon House, Dr. Annie Besant Road, Worli, Mumbai-400025, Maharashtra, India
Tel. No.:	91-22-66528989/66528800/66528815
Fax No.:	91-22-24924696/24924689
E-Mail :	shripal.shah@kotakcommodities.com kcs.response@kotakcommodities.com
Branch Office :	· Located At: · Gandhidham · Jabalpur · Raipur · Bhubaneswar · Ludhiana · Ongole · Agra · Ahmedabad · Bangalore · Chandigarh · Coimbatore · Hubli · Indore · Jaipur · Kanpur · Kolkata · Lucknow · Mattanchery · Meerut · New Delhi · Nagpur · Pune · Surat · Varanasi · Vijaywada · Tirupur

DIRECTORS

AS ON 28.09.2012

Name :

Sumanlal Babulal Shah

Designation :

Director

Address :

51, Solitaire, Central Avenue, Santacruz (West), Mumbai-400054, Maharashtra, India

Date of Birth/Age :

27.11.1949

Date of Appointment :

18.12.2002

Din No.:

00019473

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	U51900MH1995PLC094071	KOTAK AND COMPANY LIMITED	Director	22/02/2000	22/02/2000	-	Active	NO
2	L17119PN1990PLC058139	PRANAVADITYA SPINNING MILLS LIMITED	Director	27/11/2001	27/11/2001	24/07/2007	Active	NO
3	U65910MH1987PLC045544	KOMAF FINANCIAL SERVICES LIMITED	Director	18/12/2002	18/12/2002	22/09/2008	Active	NO
4	U65910MH1987PLC042230	KOTAK COMMODITY SERVICES LIMITED	Director	18/12/2002	18/12/2002	-	Active	NO
5	U67120MH1996PTC098584	INFINA FINANCE PRIVATE LIMITED	Director	30/06/2004	30/06/2004	-	Active	NO
6	U51900MH1985PTC035419	HARISIDDHA TRADING AND FINANCE PRIVATE LIMITED	Director	06/04/2005	06/04/2005	-	Active	NO
7	U74999MH2003PLC140009	KOTAK MAHINDRA ASSET RECONSTRUCTION COMPANY LIMITED	Director	30/06/2005	30/06/2005	-	Strike off	NO
8	U67190MH2007PTC168303	PHOENIX ARC PRIVATE LIMITED	Director	02/03/2007	02/03/2007	29/06/2007	Active	NO
9	U00000DL1970PLC100242	BUSINESS STANDARD LIMITED	Director	25/09/2008	23/08/2008	-	Active	NO

Name :

Mr. Rajesh Harkishan Doshi

Designation :

Director

Address :

4, Rambaug, S.V. Patel Road, Borivali (West), Mumbai-400092, Maharashtra, India

Date of Birth/Age :

01.01.1959

Date of Appointment :

18.12.2002

Din No.:

00019502

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	U65910MH1987PLC045544	KOMAF FINANCIAL SERVICES LIMITED	Director	17/08/1994	17/08/1994	-	Active	NO
2	U99999MH1996PTC098713	CUMULUS TRADING COMPANY PRIVATE LIMITED	Director	18/12/2002	18/12/2002	15/12/2006	Active	NO
3	U65910MH1987PLC042230	KOTAK COMMODITY SERVICES LIMITED	Director	18/12/2002	18/12/2002	-	Active	NO
4	U51900MH1985PTC035419	HARISIDDHA TRADING AND FINANCE PRIVATE LIMITED	Director	28/09/2007	01/11/2006	11/07/2008	Active	NO
5	U67190MH2007PTC168303	PHOENIX ARC PRIVATE LIMITED	Director	02/03/2007	02/03/2007	29/06/2007	Active	NO

Name :

Mr. Suresh Amritlal Kotak

Designation :

Director

Address :

Shakti Villa, 14, Laburnum Road, Gamdevi, Mumbai-400007, Maharashtra, India

Date of Birth/Age :

02.10.1933

Date of Appointment :

06.11.2003

Din No.:

00019333

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	U34300MH1968PTC013997	ALLIED AUTO ACCESSORIES PRIVATE LIMITED	Director	27/04/1968	27/04/1968	-	Active	NO
2	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	22/07/1985	22/07/1985	13/12/2008	Active	NO
3	U24100MH1968PLC014141	KOTAK CHEMICALS LIMITED	Director	07/04/1990	07/04/1990	-	Active	NO
4	U74999MH1969PLC014218	INDIAN MERCHANTS CHAMBER	Director	29/04/1993	29/04/1993	-	Active	NO
5	U51900MH1995PLC094071	KOTAK AND COMPANY LIMITED	Director	01/11/1995	01/11/1995	-	Active	NO
6	U74110MH1995PTC094748	KOTAK TRUSTEE COMPANY PRIVATE LIMITED	Director	23/11/1995	23/11/1995	-	Active	NO
7	U51900MH1959PTC011548	ASIAN MACHINERY AND EQUIPMENT PRIVATE LIMITED	Director	04/01/2000	04/01/2000	-	Active	NO
8	U17120MH1994PLC082794	KOTAK GINNING AND PRESSING INDUSTRIES LIMITED	Director	04/01/2000	04/01/2000	-	Active	NO
9	U67120MH2001PTC131527	INSUREKOT INVESTMENTS PRIVATE LIMITED	Director	09/04/2001	09/04/2001	-	Active	NO
10	U65910MH1987PLC045544	KOMAF FINANCIAL SERVICES LIMITED	Director	18/12/2002	18/12/2002	15/12/2006	Active	NO
11	L15420MH1931PLC001797	BAJAJ HINDUSTHAN LIMITED	Director	27/12/2002	27/12/2002	23/09/2008	Active	NO
12	U72900MH2000PLC129228	ESUGARINDIA LIMITED	Director	28/03/2003	28/03/2003	26/12/2008	Active	NO
13	U65910MH1987PLC042230	KOTAK COMMODITY SERVICES LIMITED	Director	06/11/2003	06/11/2003	-	Active	NO
14	U91990MH2004NPL144896	INSUREKOT RESEARCH FOUNDATION	Director	08/03/2004	08/03/2004	-	Active	NO
15	U67120MH1996PTC098584	INFINA FINANCE PRIVATE LIMITED	Director	19/01/2006	19/01/2006	-	Active	NO
16	U91990MH2004GAP147894	FEDERATION OF INDIAN COMMODITY EXCHANGES	Director	01/02/2006	01/02/2006	-	Active	NO
17	U99999MH1938GAP002843	THE BOMBAY COMMODITY EXCHANGE LIMITED	Director	04/09/2006	04/09/2006	-	Active	NO
18	U99999MH1996PTC098713	CUMULUS TRADING COMPANY PRIVATE LIMITED	Director	28/09/2007	15/12/2006	-	Active	NO
19	U70102MH2007PTC176965	PUMA PROPERTIES Private Limited	Additional director	11/06/2012	11/06/2012	-	Active	NO

Name :

Mr. Vinay Narottamdas Kotak

Designation :

Whole Time Director

Address :

Seksarla House, 28, Babulnath Road, Mumbai-400007, Maharashtra, India

Date of Birth/Age :

20.05.1958

Date of Appointment :

01.07.2011

Din No.:

00019439

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	U17120MH1994PLC082794	KOTAK GINNING AND PRESSING INDUSTRIES LIMITED	Director	10/11/1994	10/11/1994	Active	NO
2	U51900MH1995PLC094071	KOTAK AND COMPANY LIMITED	Director	01/11/1995	01/11/1995	Active	NO
3	U51900MH1959PTC011548	ASIAN MACHINERY AND EQUIPMENT PRIVATE LIMITED	Director	04/01/2000	04/01/2000	Active	NO
4	U91110MH1921NPL000940	COTTON ASSOCIATION OF INDIA	Director	31/12/2008	31/12/2008	Active	NO
5	U65910MH1987PLC042230	KOTAK COMMODITY SERVICES LIMITED	Whole-time director	01/07/2011	01/07/2011	Active	NO

Name :

Mr. Kannan S. Devarajan

Designation :

Director

Address :

41, 4^th Floor, Shubhangan CTS, G/4, VP Road, Santacruz (West), Mumbai-400054, Maharashtra, India

Date of Birth/Age :

08.06.1961

Date of Appointment :

05.08.2009

Din No.:

00498935

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	U99999MH1994PLC134051	KOTAK SECURITIES LIMITED	Managing director	01/04/2012	11/08/2006	Active	NO
2	U65910MH1987PLC042230	KOTAK COMMODITY SERVICES LIMITED	Director	29/09/2009	05/08/2009	Active	NO

Name :

Mr. Shripal Kumar Shah

Designation :

Director

Address :

B-601, Sahyadri Tower, Upper Govind Nagar, Near Upvan Tower, Mlad, Mumbai-400097, Maharashtra, India

Date of Birth/Age :

01.01.1971

Date of Appointment :

08.04.2010

Din No.:

03055553

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	U65910MH1987PLC042230	KOTAK COMMODITY SERVICES LIMITED	Whole-time director	01/12/2011	08/04/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
Cumulus Trading Company Private Limited, India		395843
Dipak B Gupta		10
Zuber A Kazi		10
Rajiv Gurnani		10
Raman Sundar A R		10
Sachin Samant		10
Krishnan V Manian		10
Suresh Amritlal Kotak		31250
Komaf Financial Services Limited, India	200000	--
Kotak and Company Limited, India		3551
TOTAL	200000	430704

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	92.74
Directors or relatives of directors	7.26
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Cotton.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Borrowing From Bank Overdraft [Secured by way of first charge on specified movable / immovable assets of the company]	0.152	0.074
TOTAL	0.152	0.074
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Debenture	283.584	111.600
Short Term Loan From Others Inter Corporate Deposit	128.437	80.000
TOTAL	412.021	191.600

Banking Relations :	--
Auditors :
Name :	V.C. Shah and Company Chartered Accountants
Address :	3^rd Floor, Rajgir Chambers, 12/14, Shahid Bhagat Singh Road, Opposite Old Custom House, Fort, Mumbai-400001, Maharashtra, India
PAN No:	AADFV8088N
Holding Company :	Cumulus Trading Company Private Limited
Subsidiaries :	Kotak Commodities Consultancy FZE

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1150000	Equity Shares	Rs.10/- each	Rs.11.500 Millions
220000	Preferences Shares	Rs.100/- each	Rs.22.000 Millions
1650000	Unclassified Shares	Rs.10/- each	Rs.16.500 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
430704	Equity Shares	Rs.10/- each	Rs.4.307 Millions
200000	Preferences Shares	Rs.100/- each	Rs.20.000 Millions
	Total		Rs.24.307 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1150000	Equity Shares	Rs.10/- each	Rs.11.500 Millions
220000	Preferences Shares	Rs.100/- each	Rs.22.000 Millions
1650000	Unclassified Shares	Rs.10/- each	Rs.16.500 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
427153	Equity Shares	Rs.10/- each	Rs.4.272 Millions
200000	Preferences Shares	Rs.100/- each	Rs.20.000 Millions
	Total		Rs.24.272 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		24.272	24.272	4.272
2] Share Application Money		0.000	0.000	0.000
3] Share Capital Suspense		0.035	0.000	0.000
4] Reserves & Surplus		106.611	59.072	39.770
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		130.918	83.344	44.042
LOAN FUNDS
1] Secured Loans		0.152	0.074	0.000
2] Unsecured Loans		412.021	191.600	82.169
TOTAL BORROWING		412.173	191.674	82.169
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		543.091	275.018	126.211
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.226	4.288	7.382
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.108	1.248	1.225
DEFERREX TAX ASSETS		38.822	17.894	10.851
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	304.489	102.166	4.833
	Sundry Debtors	262.277	137.136	86.097
	Cash & Bank Balances	939.675	558.381	451.370
	Other Current Assets	7.216	3.584	4.204
	Loans & Advances	73.405	34.980	39.728
Total Current Assets		1587.062	836.247	586.232
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		496.335	413.765
	Other Current Liabilities	1097.557	74.368	58.598
	Provisions	24.570	13.956	7.116
Total Current Liabilities		1122.127	584.659	479.479
Net Current Assets		464.935	251.588	106.753
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		543.091	275.018	126.211

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	141.968	98.752	71.698
		Interest Income	54.580	42.987	37.260
		Other Income	9.083	22.137	3.419
		TOTAL (A)	205.631	163.876	112.377
Less	EXPENSES
		Personnel Expenses	62.606	57.196	48.182
		Administrative and Operating Expenses	70.057	54.331	41.794
		TOTAL (B)	132.663	111.527	89.976
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		72.968	52.349	22.401
Less	FINANCIAL EXPENSES (D)		27.652	11.527	5.989
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		45.316	40.822	16.412
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.710	6.287	11.038
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		37.606	34.535	5.374
Less	TAX (H)		(8.929)	14.243	1.750
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		46.534	20.292	3.624
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.940	15.940	15.940
Less	APPROPRIATIONS
		Transfer to Debenture Redemption Reserves	44.785	18.922	3.624
		Preferences Dividend	1.500	1.175	0.000
		Tax on Preferences Dividend	0.249	0.195	0.000
	BALANCE CARRIED TO THE B/S		15.940	15.940	15.940
	Earnings / (Loss) Per Share (Rs.)		104.84	44.30	8.48

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	22.63	12.38	3.22
Net Profit Margin (PBT/Sales)	(%)	26.49	34.97	7.50
Return on Total Assets (PBT/Total Assets}	(%)	2.32	4.11	0.90
Return on Investment (ROI) (PBT/Networth)		0.29	0.41	0.12
Debt Equity Ratio (Total Liability/Networth)		11.72	9.31	12.75
Current Ratio (Current Asset/Current Liability)		1.41	1.43	1.22

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FIXED ASSETS:

· Freehold Land

· Furniture and Fixtures

· Computer and Software

· Office Equipment

· Motor Vehicles

· Plant and Machinery

· Factory and Other Building

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.54.83
UK Pound	1	Rs.89.23
Euro	1	Rs.72.48

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		50

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.