MIRA INFORM REPORT

Report Date :

23.05.2013

IDENTIFICATION DETAILS

Name :	NCUBATE LOGISTIC AND WAREHOUSING PRIVATE LIMITED (w.e.f.08.11.2011)
Formerly Known As :	NCUBATE LOGISTIC AND WAREHOUSING LIMITED (w.e.f. 19.10.2011) WYNN TELECOM LIMITED
Registered Office :	WZ-106/109, Rajouri Garden Extension, New Delhi-110027
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.12.2009
Com. Reg. No.:	55-196480
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U74900DL2009PTC196480
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in business of manufacturing/assembling, distribution and trading of Mobile Handsets
No. of Employees :	89 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The latest financial are not available. As per previous year’s record there appear huge accumulated losses. The external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown. 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ (Long Term Rating)
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	May 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Nandan Singh
Designation :	Accounts Department
Contact No.:	91-124-4987400
Date :	22.05.2013

LOCATIONS

Registered Office :	WZ-106/109, Rajouri Garden Extension, New Delhi-110027, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	legal@sar-group.com
Corporate Office :	Plot No.221, Phase-I, Udyog Vihar, Gurgaon-122016, Haryana, India
Tel. No.:	91-124-4987400
Fax No.:	91-124-4987499

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Navneet Kapoor
Designation :	Managing Director
Address :	B-311, Panchwaiti Apartment, Vikas Puri, New Delhi-110018, India
Date of Birth/Age :	05.10.1970
Date of Appointment :	01.12.2009
DIN No.:	00034357

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	U72200DL1992PTC048438	LUMINIOUS ELECTRONICS Private LIMITED	Managing director	23-04-92	23-04-92	-	Amalgamated	NO
2	U74899DL2000PLC105629	NOQSERVICE COM LIMITED	Director	10-05-00	10-05-00	-	Active	NO
3	U31104UP2006PLC032149	HYUNDAI POWER PRODUCTS LIMITED	Director	12-08-11	14-07-06	-	Active	NO
4	U72100DL1997PTC089522	LETS ENGINEERING AND TECHNOLOGY SERVICES PRIVATE LIMITED	Director	16-11-06	16-11-06	28-11-11	Active	NO
5	U74899DL1988PTC032019	LUMINOUS POWER TECHNOLOGIES PRIVATE LIMITED	Director	30-05-11	09-07-07	-	Active	NO
6	U32204DL2008PLC177383	LUMINOUS TELEINFRA LIMITED.	Director	29-04-08	29-04-08	-	Active	NO
7	U74999HR2009PTC043460	ADIT INFRATEL PRIVATE LIMITED	Director	17-07-09	17-07-09	28-02-11	Active	NO
8	U74900DL2009PTC196480	NCUBATE LOGISTIC AND WAREHOUSING PRIVATE LIMITED	Managing director	30-06-12	01-12-09	-	Active	NO
9	U74900DL2011PTC219688	LUMINOUS MOBILE ACCESSORIES PRIVATE LIMITED	Director	28-09-12	09-08-11	-	Active	NO
10	U29307WB2007PTC112358	LUMINOUS RENEWABLE ENERGY SOLUTIONS PRIVATE LIMITED	Additional director	24-08-11	24-08-11	-	Active	NO
11	U41000DL2011PTC219758	LUMINOUS WATER TECHNOLOGIES PRIVATE LIMITED	Director	27-09-12	17-09-11	-	Active	NO
12	U64204DL2011PTC222032	FLY MOBILES PRIVATE LIMITED	Director	04-12-12	10-10-11	-	Active	NO
13	U93000DL2011PTC222104	NCUBATE INDIA SERVICES PRIVATE LIMITED	Director	29-12-12	10-10-11	-	Active	NO
14	U74120DL2011PTC222033	WYNNCOM DIGITAL DEVICES PRIVATE LIMITED	Director	28-09-12	10-10-11	-	Active	NO
15	U74900DL2011PTC229081	NAVITAS GREEN POWER PRIVATE LIMITED	Director	30-06-12	21-12-11	-	Active	NO
16	U74900DL2012PTC229974	NAVITAS SOLAR POWER PRIVATE LIMITED	Director	14-01-12	14-01-12	-	Active	NO
17	U52201DL2012PTC230308	GOURMANTE FINE FOODS INDIA PRIVATE LIMITED	Director	20-01-12	20-01-12	-	Active	NO
18	U74999DL2012PTC232807	NAVITAS GREEN POWER (FUEL MANAGEMENT) PRIVATE LIMITED	Director	30-06-12	13-03-12	-	Active	NO
19	U61200DL2012PTC232806	MLM WATER PURIFIERS PRIVATE LIMITED	Director	13-03-12	13-03-12	-	Active	NO
20	U51103DL2007PLC162453	LECTRIX MOTORS LIMITED	Director	29-09-12	30-06-12	-	Active	NO
21	U45202DL2011PTC225837	NAVITAS DEVELOPERS PRIVATE LIMITED	Director	20-12-12	30-06-12	-	Active	NO

Name :	Mr. Rakesh Malhotra
Designation :	Director
Address :	D-4/32, DLF Phase, Gurgaon-122002, Haryana, India
Date of Birth/Age :	09.06.1962
Date of Appointment :	01.12.2009
DIN No.:	00322648

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	U74899DL1988PTC032019	LUMINOUS POWER TECHNOLOGIES PRIVATE LIMITED	Director	30-05-11	28-03-01	-	Active	NO
2	U72100DL1997PTC089522	LETS ENGINEERING AND TECHNOLOGY SERVICES PRIVATE LIMITED	Director	30-09-03	30-09-03	28-11-11	Active	NO
3	U74899DL1991PTC045438	GBES DISTRIBUTIONS PRIVATE LIMITED	Director	28-12-06	28-12-06	04-01-12	Active	NO
4	U51103DL2007PLC162453	LECTRIX MOTORS LIMITED	Director	23-04-07	23-04-07	-	Active	NO
5	U32204DL2008PLC177383	LUMINOUS TELEINFRA LIMITED.	Director	29-04-08	29-04-08	12-08-11	Active	NO
6	U45200DL2008PTC178058	TELENERGY TECHNOLOGIES PRIVATE LIMITED	Director	13-05-08	13-05-08	22-01-13	Active	NO
7	U74999HR2009PTC043460	ADIT INFRATEL PRIVATE LIMITED	Director	17-07-09	17-07-09	28-02-11	Active	NO
8	U74900DL2009PTC196480	NCUBATE LOGISTIC AND WAREHOUSING PRIVATE LIMITED	Director	30-06-12	01-12-09	-	Active	NO
9	U64200DL2010PTC198278	WORLD ONE SOLUTIONS PRIVATE LIMITED	Director	21-01-10	21-01-10	12-05-10	Active	NO
10	U67190DL2010PTC201906	DOO HOLDINGS PRIVATE LIMITED	Director	23-04-10	23-04-10	-	Active	NO
11	U74900DL2011PTC219688	LUMINOUS MOBILE ACCESSORIES PRIVATE LIMITED	Additional director	05-10-12	23-05-11	-	Active	NO
12	U41000DL2011PTC219758	LUMINOUS WATER TECHNOLOGIES PRIVATE LIMITED	Director	24-05-11	24-05-11	-	Active	NO
13	U74120DL2011PTC222033	WYNNCOM DIGITAL DEVICES PRIVATE LIMITED	Director	06-07-11	06-07-11	30-06-12	Active	NO
14	U64204DL2011PTC222032	FLY MOBILES PRIVATE LIMITED	Director	06-07-11	06-07-11	-	Active	NO
15	U93000DL2011PTC222104	NCUBATE INDIA SERVICES PRIVATE LIMITED	Director	30-06-12	08-07-11	-	Active	NO
16	U74900DL2011PTC229081	NAVITAS GREEN POWER PRIVATE LIMITED	Director	21-12-11	21-12-11	01-05-12	Active	NO
17	U74900DL2012PTC229974	NAVITAS SOLAR POWER PRIVATE LIMITED	Director	14-01-12	14-01-12	-	Active	NO
18	U52201DL2012PTC230308	GOURMANTE FINE FOODS INDIA PRIVATE LIMITED	Director	20-01-12	20-01-12	30-06-12	Active	NO
19	U74999DL2012PTC232807	NAVITAS GREEN POWER (FUEL MANAGEMENT) PRIVATE LIMITED	Director	13-03-12	13-03-12	01-05-12	Active	NO
20	U65910DL2003PTC119314	SAR CAPITAL PRIVATE LIMITED	Director	29-09-12	15-06-12	-	Active	NO

Name :	Ms. Alka Goswami
Designation :	Director
Address :	9/32, Sector-3, Rajinder Nagar, Sahibabad, Ghaziabad-201005, Uttar Pradesh, India
Date of Birth/Age :	12.02.1962
Date of Appointment :	30.06.2012
DIN No.:	01879342

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	U64201DL1998PLC096685	SU-KAM POWER SYSTEMS LIMITED	Director	30-10-07	04-10-07	16-10-10	Active	NO
2	U33111DL2005PLC132824	SU-KAM HEALTH AND FITNESS LIMITED	Additional director	29-12-07	29-12-07	16-10-10	Strike off	NO
3	U31109HR2010PLC040985	SU-KAM BATTERIES LIMITED	Director	30-07-10	30-07-10	16-10-10	Active	NO
4	U31500HR2010PLC040982	SU-KAM SOLAR ENERGY SOLUTIONS LIMITED	Director	30-07-10	30-07-10	16-10-10	Active	NO
5	U74899DL1991PTC045438	GBES DISTRIBUTIONS PRIVATE LIMITED	Director	29-09-12	30-06-12	-	Active	NO
6	U74900DL2009PTC196480	NCUBATE LOGISTIC AND WAREHOUSING PRIVATE LIMITED	Director	29-09-12	30-06-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nandan Singh
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Navneet Kapoor	15000
Rakesh Malhotra	85000
TOTAL	100000

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in business of manufacturing/assembling, distribution and trading of Mobile Handsets
Brand Names :	"Wynncom"
Exports :
Countries :	Sri Lanka Nepal
Imports :
Products :	Raw Material
Countries :	China Hong Kong
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Mobile Handsets (Assembling)	Nos.	1000000 per Month	1000000 per Month	1680

GENERAL INFORMATION

Customers :

• End Users

No. of Employees :

89 (Approximately)

Bankers :

• Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23, Barakhamba Road, New Delhi-110001, India
• Dena Bank, Shivpuri, Old Railway Road, Gurgaon-122001, Haryana, India
• Indusind Bank Limited, Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi-110001, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loan from banks
Cash Credit Facilities	56.041	0.000
Buyers Credit	57.057	0.000
Vehicle Loan (Secured against hypothecation of car)	0.629	0.920
TOTAL	113.727	0.920
Note Amount repayable within one year	113.413	0.292

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountant
Address :	Golf View Corporate Tower-B Sector-42, Sector Road, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
PAN No.:	AALFS0506L
Subsidiaries :	World One Solutions Private Limited CIN No.:- U64200DL2010PTC198278 Doo Teleholding Pte. Limited
Other Related Parties :	SAR Capital Private Limited Luminous Power Technologies Private Limited Luminous Teleinfra Limited Luminous Engineering and Technology Services Private Limited LTI Vapel Power Supply Private Limited Lectrix Motors Limited Sar Adventure Tourism and Holidays Private Limited Lenergy Teleinfra Private Limited Adroit Infosoft Private Limited
Enterprises owned or significantly influenced by key management personnel :	Raga Associates Private Limited Bissol Information System Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50040	Equity Shares	Rs.10/- each	Rs. 0.500 Million

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500
2] Share Application Money		162.450	57.500
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(282.081)	(18.625)
NETWORTH		(119.131)	39.375
LOAN FUNDS
1] Secured Loans		113.727	0.920
2] Unsecured Loans		159.360	5.089
TOTAL BORROWING		273.087	6.009
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		153.956	45.384
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.461	10.141
Capital work-in-progress		0.000	5.249
INVESTMENT		1.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	124.089	0.676
	Sundry Debtors	34.950	0.309
	Cash & Bank Balances	99.065	40.298
	Other Current Assets	0.669	0.007
	Loans & Advances	44.516	58.092
Total Current Assets		303.289	99.382
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	174.530	8.028
	Other Current Liabilities	5.262	61.193
	Provisions	5.002	0.167
Total Current Liabilities		184.794	69.388
Net Current Assets		118.495	29.994
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		153.956	45.384

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2011	01.12.2009 to 31.03.2010
	SALES
		Income		690.402	0.294
		Other Income		7.780	0.007
		TOTAL (A)		698.182	0.301
Less	EXPENSES
		Raw Material Consumed and Direct Costs		946.163	0.239
		Personnel Expenses			7.240
		Operating and Other Expenses			10.417
		Decreased / (Increase) in Finished Goods			(0.071)
		TOTAL (B)		946.163	17.825
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			[Including Financial	(17.524)
				Expenses]
Less	FINANCIAL EXPENSES (D)				0.323
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(247.981)	(17.847)
Less/ Add	DEPRECIATION/ AMORTISATION (F)			15.475	0.779
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)			(263.456)	(18.626)
Less	TAX (H)			0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)			(263.456)	(18.626)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			(18.626)	0.000
	BALANCE CARRIED TO THE B/S			(282.082)	(18.626)
	IMPORTS
		Raw Materials		2.928	0.696
		Finished Goods (Mobile)		656.656	0.000
		Stores & Spares		3.730	0.000
		Capital Goods		12.179	0.000
	TOTAL IMPORTS			675.493	0.696
	Earnings Per Share (Rs.)			(5264.91)	(372.22)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	(37.73)	(6188.04)
Net Profit Margin (PBT/Sales)	(%)	(38.16)	(6335.37)
Return on Total Assets (PBT/Total Assets}	(%)	(78.00)	(17.01)
Return on Investment (ROI) (PBT/Networth)		2.21	(0.47)
Debt Equity Ratio (Total Debt /Networth)		(2.29)	0.15
Current Ratio (Current Asset/Current Liability)		1.64	1.43

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 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	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	Yes

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Other loans and advances
From Shareholders	154.000	0.000
From Others	5.000	5.000
Add : Interest accrued and due (repayable on demand)	0.360	0.089
TOTAL	159.360	5.089

NOTE

Registered office has been shifted from C-8 and C-9, Community Centre, Janakpuri, New Delhi-110058, India to the present address w.e.f. 30.08.2012.

BACKGROUND

Subject was incorporated on December 1, 2009 as a public limited Company within the meaning of section 3(iv) of the Companies Act, 1956. The Company is engaged in business of manufacturing/assembling, distribution and trading of Mobile Handsets under the brand "Wynncom".

The Company has started commercial operations during 2009. The accumulated losses exceed the paid up share capital of the Company by Rs. 281.581 Millions. The Company's ability to continue as a going concern is dependent on success of operations and its ability to arrange recurring funding for the project to meet expected losses over the next year. The promoter director of the Company has committed to provide financial and operational support to the Company to ensure that it continues to operates as a going concern and meet all of its' liabilities over next twelve months. Accordingly, these financial statements have been prepared on a going concern basis.

FORM 8

Corporate identity number of the company	U74900DL2009PTC196480
Name of the company	Ncubate Logistic And Warehousing Private Limited
Address of the registered office or of the principal place of business in India of the company	WZ-106/109, Rajouri Garden Extension, New Delhi-110027, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10324656
Type of charge	Book debts Others
Particular of charge holder	Indusind Bank Limited, Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi-110001, India
Nature of instrument creating charge	Supplemental Deed of Hypothecation by the Borrower dated
Date of instrument Creating the charge	02.01.2013
Amount secured by the charge	Rs. 850.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As may be stipulated by the bank from time to time. Terms of repayment As may be stipulated by the bank from time to time. Margin As may be stipulated by the bank from time to time. Extent and operation of the charge First Pari Passu charge by way of hypothecation on entire current assets of the company both present and future for securing credit facilities of Rs. 850.000 Millions.
Short particulars of the property charged (Including location of the property)	First pari passu charge by way of hypothecation on entire current assets of the company, both present and future.
Date of instrument modifying the charge	29.02.2012
Particulars of the present modification	The overall credit facilities has been enhanced from Rs. 580.000 Millions to Rs. 850.000 Millions. Other terms and conditions remain the same.

FIXED ASSETS

• Software’s
• Leasehold Improvements
• Plant and Machinery
• Computers
• Furniture and Fittings
• Office Equipments
• Vehicles

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 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. 55.52
UK Pound	1	Rs. 84.09
Euro	1	Rs. 71.67

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.