MIRA INFORM REPORT

Report Date :

26.07.2013

IDENTIFICATION DETAILS

Name :	SURYA EXIM LIMITED
Formerly Known As :	PRESTIGE MARKETING PRIVATE LIMITED
Registered Office :	3040, Jash Textile and Yarn Market, Ring Road, Surat-395002, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.06.1989
Com. Reg. No.:	04-12428
Capital Investment / Paid-up Capital :	Rs.55.000 Millions
CIN No.: [Company Identification No.]	U51100GJ1989PLC012428
IEC No.:	5299004150
TAN No.: [Tax Deduction & Collection Account No.]	SRTS05536G
PAN No.: [Permanent Account No.]	AABCP4158J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of Non Coking Steam Coal, Paper Board and Polyester Yarn and Transportation Services.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears a drastic increase in the sales turnover as well as net profitability during 2012. Short term borrowings have increased over previous year which may affect the working capital cycle of the company. Liquidity position seems to be weak. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB (Long Term Rating)
Rating Explanation	Moderate risk of default.
Date	16.10.2012

Rating Agency Name	CRISIL
Rating	A4+ (Short Term Rating)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	16.10.2012

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.

INFORMATION PARTED BY

Name :	Ms. Nancy
Designation :	Accounts Department
Contact No.:	91-261-2328842
Date :	22.07.2013

LOCATIONS

Registered Office :	3040, Jash Textile and Yarn Market, Ring Road, Surat-395002, Gujarat, India
Tel. No.:	91-261-2325005 / 2328839 / 23255008 / 2326040 / 4083101 /4083102 / 4083103/ 2328842
Fax No.:	91-261-2328842 / 2328858 / 4083120
E-Mail :	jpsabooandco@gmil.com nancy_suryaexim@hotmil.com jpaboo@hotmil.com saboo-ad1@sancharnet.in jpsabooandco@gmail.com jpsaboo@hotmail.com info@surya-exim.com
Website :	http://www.surya-exim.com
Location :	Owned
Plant and Warehouse 1 :	SURYA COAL SURAT Survey No. 51, Moje Gavier, ABG Shipyard Road, Magdalla Port, Surat-395 007, Gujarat, India
Plant and Warehouse 2 :	AMW WAREHOUSE Prahash Estate, Opposite, Hojiwala Estate, Mojevanz Road, Sachin Palsana Road, Surat, Gujarat, India
Plant and Warehouse 3 :	SILVASSA Standard House, 40/2, Near Naman Plastics Piparia, Silvassa Dadra Nagar Haveli – 396230, India
E-Mail :	sil@surya-exim.com
Plant and Warehouse 4 :	DAMAN Plot No. 39/A, Survey No. 483/3, Diamond Industrial Estate, Village Dabhel Taluka, District Daman, Daman and Diu, India
E-Mail :	daman@surya-exim.com
Plant and Warehouse 5 :	BHIWANDI Gala No. 5, A-Wing, Patil Compound, Village Val, Taluka Bhiwandi, District Thane, Maharashtra, India
E-Mail :	mumbai@surya-exim.com
Plant and Warehouse 6 :	KOLKATA Shyamkunj, 12A, Lord Sinha Road, 4th Floor, Room 402, Kolkata 400071, West Bengal, India
Plant and Warehouse 7 :	SURYA COAL NAGPUR R-101, Jagat Plaza, Nagpur – 440010, Maharashtra, India
Export Department :	Mr. Sahjad Malek (Textile) Tele. No.: 91-261-4083118 (D) Fax : 91-261-2328842/ 4083120 Email : sahjad@surya-exim.com Mr. Vipul Padshala (Agriculture) Tele. No.: 91-261-4083126 (D) Fax : 91-261-2328842/ 4083120 Email : vipul@surya-exim.com

DIRECTORS

As on: 29.09.2012

Name :

Mrs. Archana Jagdish Saboo

Designation :

Director

Address :

3/A, Nidhiwan Estate, B/H Gokul Row House, Umra, Surat, Gujarat, India

Qualification :

B. Com

Date of Appointment :

13.03.2013

DIN No.:

01711391

PAN No.:

ACMPS5771Q

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	U51101RJ1992PTC006610	SASHANK COMMERCIAL PRIVATE LIMITED	Director	17/01/1996	17/01/1996	18/02/2008	Active	NO
2	U65910GJ1993PTC019582	SHREE JPSCO CONSULTANTS PVT. LTD.	Director	28/08/1996	28/08/1996	-	Active	NO
3	U17297GJ1991PTC016026	VIVEK SYNTHETICS PRIVATE LIMITED	Director	02/06/1997	02/06/1997	18/06/2008	Active	NO
4	U51100GJ1989PLC012428	SURYA EXIM LIMITED	Whole-time director	13/03/2013	07/08/2000	-	Active	NO
5	U51101MH1992PTC236412	URJITA COMMERCE PRIVATE LIMITED	Director	18/02/2001	18/02/2001	29/04/2009	Active	NO
6	U51101MH1992PTC236410	PARITOSH COMMERCE PVT. LTD.	Director	18/02/2001	18/02/2001	29/04/2009	Active	NO

Name :

Mr. Bhalesh Rasiklal Mehta

Designation :

Director

Address :

8/B, Chandan Park Society, Near Sardar Bridge Adajan, Surat, Gujarat, India

Qualification :

B.Com

Date of Appointment :

05.10.2003

DIN No.:

00004707

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	U17119GJ1977PTC003021	RACHNA ART PRINTS PRIVATE LIMITED	Director	07/02/1996	07/02/1996	-	Active	NO
2	U17110GJ1991PTC014851	SHREE SOMNATH FABRICS PVT LTD	Director	01/04/2000	01/04/2000	23/08/2012	Active	NO
3	U17110GJ1991PTC016017	DIGANT SYNTHETICS PRIVATE LIMITED	Director	05/10/2003	05/10/2003	-	Active	NO
4	U51100GJ1989PLC012428	SURYA EXIM LIMITED	Director	05/10/2003	05/10/2003	-	Active	NO
5	U50100GJ2012PTC073073	DESIGNER DRIVE PRIVATE LIMITED	Director	21/12/2012	21/12/2012	-	Active	NO

Name :

Mr. Jagdish Prasad Saboo

Designation :

Director

Address :

3/A, Nidhiwan Estate, B/H Gokul Row House, Umra, Surat, Gujarat, India

Qualification :

Chartered Accountants

Date of Appointment :

13.03.2013

DIN No.:

01711507

PAN No.:

ABNPS7077B

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	U51100GJ1989PLC012428	SURYA EXIM LIMITED	Managing director	13/03/2013	27/12/1990	-	Active	NO
2	U65910GJ1993PTC019582	SHREE JPSCO CONSULTANTS PVT. LTD.	Director	01/06/1993	01/06/1993	-	Active	NO
3	U51101MH1992PTC236412	URJITA COMMERCE PRIVATE LIMITED	Director	18/02/2001	18/02/2001	29/04/2009	Active	NO
4	U51101MH1992PTC236410	PARITOSH COMMERCE PVT. LTD.	Director	18/02/2001	18/02/2001	29/04/2009	Active	NO
5	U51101RJ1992PTC006610	SASHANK COMMERCIAL PRIVATE LIMITED	Director	20/07/2002	20/07/2002	18/02/2008	Active	NO
6	U17110GJ1991PTC014851	SHREE SOMNATH FABRICS PVT LTD	Director	10/10/2002	10/10/2002	23/08/2012	Active	NO
7	U17297GJ1991PTC016026	VIVEK SYNTHETICS PRIVATE LIMITED	Director	15/03/2004	15/03/2004	18/06/2008	Active	NO

KEY EXECUTIVES

Name :	Ms. Nancy
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on: 29.09.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

As on: 23.03.2013

Names of Allottees	No. of Shares
Shreeji Global Pte. Limited, Singapore	275000
Total	275000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	9.00
Bodies corporate	44.00
Directors or relatives of Directors	43.00
Other top fifty shareholders	4.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Non Coking Steam Coal, Paper Board and Polyester Yarn and Transportation Services.
Exports :
Products :	Finished Goods
Countries :	Singapore
Imports :
Products :	Finished Goods
Countries :	Dubai
Terms :
Selling :	Credit/ Depend
Purchasing :	Credit/ Depend

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

50 (Approximately)

Bankers :

· State Bank of India, Specialized Commercial Branch, Kiran Chamber, Opposite, J.K. Tower, Ring Road,, Surat - 395002, Gujarat, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

· State Bank of Maysore, 62 A, Uppal Towers, Near Vaishali Cinema Varacha Road, Surat, Gujarat, India

· Canara Bank, Korsafil Main Road Branch, Surat-395003, Gujarat, India

· Canara Bank, K.M. Road Branch, Annapurna Building, Opposite Air India, Kotsafil Main Road, Surat-395002, Gujarat, India

· ICICI Bank Limited, CIBD Branch , Athwalines, Surat – 395007, Gujarat, India

· Bank of Baroda, International Business branch, Kanaknidhi complex, Opposite Gandhi Smruti Bhavan, Nanpura Surat – 395001, Gujarat , India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Loans taken for fixed assets	28.750	22.563
Other loans and advances	63.827	0.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	85.934	42.738
Total	178.511	65.301

Banking Relations :	--
Auditors :
Name 1:	Khadaria and Associates Chartered Accountants
Address :	607, Ajanta Shopping Centre, Ring Road, Surat- 395002, Gujarat, India
Tel. No.:	91-261-2344116
E-Mail :	khadaria@vsnl.net
PAN No :	AAFFK4707Q
Name 2:	Sutarwala and Associates Chartered Accountants
Address :	2^nd Floor, above Lg Electronics, Opposite, Saher Bakery, Makai Pool, Nanpura, Surat, Gujarat, India
Tel. No.:	91-261-6454421
E-Mail :	mnsuratarwala@indiatimes.com
PAN No :	APRPS1314F
Others :	· Shree Somnath Fabrics Private Limited · Surya Corporation

CAPITAL STRUCTURE

After 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5775000	Equity Shares	Rs.10/- each	Rs.57.750 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs.10/- each	Rs.55.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	55.000	55.000
(b) Reserves & Surplus	245.609	157.151
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	300.609	212.151
(3) Non-Current Liabilities
(a) long-term borrowings	92.577	101.751
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	92.577	101.751
(4) Current Liabilities
(a) Short term borrowings	85.934	42.738
(b) Trade payables	1089.998	996.924
(c) Other current liabilities	15.314	20.735
(d) Short-term provisions	30.849	13.037
Total Current Liabilities (4)	1222.095	1073.434
TOTAL	1615.281	1387.336
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	95.128	54.455
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2.508	2.508
(c) Deferred tax assets (net)	0.233	0.646
(d) Long-term Loan and Advances	0.146	0.244
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	98.015	57.853
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	231.875	426.300
(c) Trade receivables	839.576	546.017
(d) Cash and cash equivalents	369.512	295.288
(e) Short-term loans and advances	15.489	7.890
(f) Other current assets	60.814	53.988
Total Current Assets	1517.266	1329.483
TOTAL	1615.281	1387.336

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		55.000
2] Share Application Money		110.283
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		165.283
LOAN FUNDS
1] Secured Loans		44.804
2] Unsecured Loans		100.873
TOTAL BORROWING		145.677
DEFERRED TAX LIABILITIES		0.125
TOTAL		311.085
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.601
Capital work-in-progress		0.000
INVESTMENT		0.508
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	371.940
	Sundry Debtors	323.083
	Cash & Bank Balances	130.416
	Other Current Assets	0.623
	Loans & Advances	54.473
Total Current Assets		880.535
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.779
	Other Current Liabilities	569.679
	Provisions	9.101
Total Current Liabilities		607.559
Net Current Assets		272.976
MISCELLANEOUS EXPENSES		0.000
TOTAL		311.085

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	8713.301	6099.357	2020.700
		Other Income	0.023	47.265	0.005
		TOTAL (A)	8713.324	6146.622	2020.705
Less	EXPENSES
		Purchases of stock-in-trade	8039.572	5903.063	1962.748
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	194.425	(54.359)
		Employee benefit expense	17.727	12.116
		Other expenses	231.046	196.156
		Exceptional items before tax	0.000	(0.001)
		TOTAL (B)	8482.770	6056.975	1962.748
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		230.554	89.647	57.957
Less	FINANCIAL EXPENSES (D)		71.904	1.005	21.150
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		158.650	88.642	36.807
Less/ Add	DEPRECIATION/ AMORTISATION (F)		26.708	18.692	4.809
	PROFIT BEFORE TAX (E-F) (G)		131.942	69.950	31.998
Less	TAX (H)		43.484	14.126	10.953
	PROFIT AFTER TAX (G-H) (I)		88.458	46.824	21.045
Add/ Less	Deferred Tax Adjustment		0.000	0.000	(0.009)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	39.246
	BALANCE CARRIED TO THE B/S		NA	NA	60.282
	EARNINGS IN FOREIGN CURRENCY		NA	NA	214.000
	IMPORTS		NA	NA	362.299
	Earnings Per Share (Rs.)		16.08	8.51	3.82

Particulars	31.03.2013
Sales Turnover (Approximately)	9000.000

The above information has been parted by Ms. Nancy.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.02	0.76	1.04
Net Profit Margin (PBT/Sales)	(%)	1.51	1.15	1.58
Return on Total Assets (PBT/Total Assets}	(%)	8.18	5.05	3.48
Return on Investment (ROI) (PBT/Networth)		0.44	0.33	0.28
Debt Equity Ratio (Total Debt /Networth)		0.59	0.68	0.88
Current Ratio (Current Asset/Current Liability)		1.24	1.24	1.45

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

UNSECURED LOAN

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Other loans and advances	0.000	79.188
Total	0.000	79.188

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured (Rs. in Millions)	Charge Holder	Address	Service Request Number (SRN)
1	10320343	11/03/2013 *	350.000	STATE BANK OF INDIA	SME Branch, Kiran Chamber, Opposite, J K Tower, Ring  Road, Surat, Gujarat - 395002, India	B71359228
2	10298278	01/07/2011	9.560	HDFC BANK LIMITED	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India	B17228560
3	10298279	01/07/2011	9.560	HDFC BANK LIMITED	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India	B17229147
4	10298280	01/07/2011	9.560	HDFC BANK LIMITED	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India	B17229501
5	10298498	01/07/2011	9.560	HDFC BANK LIMITED	HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai, Maharashtra - 400013, India	B17319856
6	90113004	14/12/2012 *	1.600	CANARA BANK	Kotsafil Main Road Branch, Annapurna Building,, Opposite Air India, Kotsafil Main Road, Surat, Gujarat - 395002, India	B65038796

* Date of charge modification

FIXED ASSETS:

· Furniture and Fixture

· Vehicles

· Cycle

· Car

· Computer

· Coal Warehouse

· Electrical Installation

· Land

· Plant and Machinery

· Weightment Machines

· Factory Shed

· Pipeline and Fitting

· Screening Plant

· Neon Sine Board

· Generator

· Pay Loader

· Tea / Coffee Machine

· Cell Phone

· Air Conditioners

· Time Control Machine

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 records 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] 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.58.94
UK Pound	1	Rs.90.48
Euro	1	Rs.77.87

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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

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

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

RATING EXPLANATIONS

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

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.