MIRA INFORM REPORT

Report Date :

25.10.2013

IDENTIFICATION DETAILS

Name :	RASHI PERIPHERALS PRIVATE LIMITED
Registered Office :	5^th Floor, Ariisto House, Junction of N. S. Phadke Road, Telli Galli, Andheri (East), Mumbai - 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.03.1989
Com. Reg. No.:	11-051039
Capital Investment / Paid-up Capital :	Rs. 9.949 Millions
CIN No.: [Company Identification No.]	U30007MH1989PTC051039
IEC No.:	0389007285
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14063A
PAN No.: [Permanent Account No.]	AAACR2162H
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer and Distributor of Computer Peripherals.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2670000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Overall financial position of the company appears to be above average. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct, The company can be considered for 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 – 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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BBB
Rating Explanation	Moderate credit quality and average credit risk.
Date	March 26, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	March 26, 2013

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. Navin Agarwal
Designation :	Finance Manager
Contact No.:	91-22-61771788
Date :	24.10.2013

LOCATIONS

Registered / Corporate Office :	5^th Floor, Ariisto House, Junction of N. S. Phadke Road, Telli Galli, Andheri (East), Mumbai - 400069, Maharashtra, India
Tel. No.:	91-22-61771788/ 61771771/ 72
Mobile No. :	91-9819556533 (Mr. Navin Agarwal)
Fax No.:	91-22-61771999/ 67090999
E-Mail :	navina@rptechindia.com ho@rptecindia.com contactus@rptechindia.com
Website:	www.rptechindia.com
Location :	Owned
Warehouse :	Rashi Complex, 186, Dongri Pada, Poman Village, Bhiwandi Road, Vasai (East), District Thane, Maharashtra, India
RMA Department :	101, Shubh Building, Sagar Manthan Industrial Complex, Bhoidarpada, Vasai Road (East), District Thane, Maharashtra, India
Mumbai Sales :	C-205, Cinthofine Industrial Estate, Behind Virwani Industrial Area, Goregoan (East), Mumbai-400063, Maharashtra, India
Lamington :	52/C, Chotani Bldg, 2^nd Floor, Proctor Road, Jyoti Estate, Grandroad (East), Mumbai-400007, Maharashtra, India
Branch Office :	Located at · Ahmednagar Ahmedabad Amravati Aurangabad Bangalore Baroda Belgaum Bhopal Bhubaneswar Chennai Chandigarh Calicut Cochin Coimbatore Dehradun Durgapur Gandhidham Ghaziabad Goa Gurgaon Guwahati Hubli Indore Jabalpur Jaipur Jalgaon Jammu Kolhapur Kolkata Kottayam Lucknow Ludhiana Madurai Mangalore Mumbai Mysore Nagpur Nasik New Delhi Parwanoo Patna Pimpri Pondicherry Pune Rajahmundry Rajkot Raipur Ranchi Sangli Secunderabad Solapur Siliguri Surat Tiruchi Trivandrum Vashi Vijaywada Vizag

DIRECTORS

AS ON 28.06.2013

Name :

Mr. Sureshkumar Pansari

Designation :

Director

Address :

801, Shubh Angan, 5th Floor, N S Road, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

11.06.1954

Qualification :

B. Com. and FCA

Date of Appointment :

15.12.1989

PAN No.:

AFKPP1118B

DIN No.:

00215712

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	U30007MH1989PTC051039	RASHI PERIPHERALS PRIVATE LIMITED	Director	15/12/1989	15/12/1989	Active	NO
2	AAB-2023	PV LUMENS LLP	Designated Partner	03/11/2012	03/11/2012	Active	NO

Name :

Krishna Kumar Choudhary

Designation :

Director

Address :

401, Shubh Angab, 5th Floor, N S Road, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

28.10.1955

Qualification :

B. Com. and FCA

Date of Appointment :

28.02.1997

DIN No.:

00215919

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	U30007MH1989PTC051039	RASHI PERIPHERALS PRIVATE LIMITED	Director	28/02/1997	28/02/1997	Active	NO
2	U70102MH2008PTC181471	R.C. REALTORS PRIVATE LIMITED	Director	30/01/2010	30/01/2010	Active	NO
3	U72900MH2010PTC209028	KUBERA INFOTECH PRIVATE LIMITED	Director	14/10/2010	14/10/2010	Active	NO
4	U93030MH2013NPL239265	TECHNOLOGY DISTRIBUTION ASSOCIATION OF INDIA	Director	03/01/2013	03/01/2013	Active	NO

Name :

Kapal Suresh Pansari

Designation :

Director

Address :

801, Shubh Angan, 5th Floor, S V Road, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

21.12.1983

Qualification :

B. Com and MBA

Date of Appointment :

07.09.2007

PAN No.:

AJVPP4956G

DIN No.:

00215510

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	U28920MH1996PTC100013	KAIZEN MACHINE WORKS PRIVATE LIMITED	Director	01/04/2006	01/04/2006	01/10/2012	Converted to LLP and dissolved	NO
2	U30007MH1989PTC051039	RASHI PERIPHERALS PRIVATE LIMITED	Director	07/09/2007	01/07/2007	-	Active	NO
3	U24248MH2011PTC222542	CEEKAY HEALTHCARE PRIVATE LIMITED	Director	15/07/2013	01/05/2013	-	Active	NO
4	U24239MH2010PTC209695	CEEPEE PHARMA PRIVATE LIMITED	Director	13/05/2013	13/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Navin Agarwal
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.06.2013

Names of Shareholders	No. of Shares
Manju Pansari	116875
K.K. Choudhary jointly Meena Choudhary	95000
Meena Choudhary jointly Manju Pansari, K.K. Choudhary HUF Suresh Pansari HUF	116500
Suresh Pansari	124375
Meena Choudhary	68375
K.K. Choudhary Karta of K.K. Choudhary HUF	7500
Suresh Pansari Karta of Suresh Pansari HUF	4400
Kapal Pansari	73500
Chaman Pansari	57000
Keshav Choudhary	176000
Krishna Kumar Choudhary	30875
Rajesh Attal	122855
Priyanka Kapal Pasari	1600
Total	994855

AS ON 28.06.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	12.00
Others	88.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealer and Distributor of Computer Peripherals.

Products/ Services :

ITC Code No.	Product Descriptions
84711310	Computer Peripherals/ Media/ Systems/ Softwares/ Mobiles

Imports :

Products :

Computer Peripherals

Countries :

· China

Singapore

Thailand

Terms :

Selling :

Cash and Credit

Purchasing :

Cash, Credit and Depend

GENERAL INFORMATION

Customers :

Others

No. of Employees :

1000 (Approximately)

Bankers :

· HDFC Bank Limited, 2^nd Floor, Process House, Kamala Mills, Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India

Standard Chartered Bank, 90, M.G. Road, Fort, Mumbai - 400001, Maharashtra, India

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

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans taken for other fixed assets [Home Loan from India Bulls Housing Finance Limited Rs.1118.592 Millions (Amt Sanctioned Rs.126.182 Millions) is secured by Mortgage of Property from India Bulls Real Estate under construction for which loan is acquired]	118.592	118.592
SHORT TERM BORROWINGS
Working capital loans from banks [Secured against pari passu charge over stock, book debts and other current assets and personal guarantee of two Directors]	1007.273	1118.606
Total	1125.865	1237.198

Banking Relations :	--
Financial Institution :	Indiabulls Housing Finance Limited, F-60, Malhotra Building, 2^nd Floor, Connaught Place, New Delhi – 110001, India
Auditors :
Name :	ASL and Company Chartered Accountants
Address :	102, Gauresh Apartments, Agarkar Chowk, Old Police Lines, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel No. :	91-22-26841173
Fax No. :	91-22-26842206
E-Mail :	choudhary.pansari@mtnl.net.in
Income-tax PAN of auditor or auditor's firm :	AAAFC1257B
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Cee Pee Consultants Ceepee Pharma Private Limited International Ribbon Manufacturing Company R C Realtors Private Limited Sanwaria Texpro Private Limited Technology Distribution Association of India Uni Product India
Subsidiary Company :	Rashi Peripherals Pte Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
994,855	Equity Shares	Rs. 10/- each	Rs. 9.949 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.949	9.949	9.949
(b) Reserves & Surplus	659.002	545.184	443.831
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	668.951	555.133	453.780
(3) Non-Current Liabilities
(a) long-term borrowings	118.592	118.592	0.000
(b) Deferred tax liabilities (Net)	10.111	8.079	4.510
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	6.334	10.163	18.189
Total Non-current Liabilities (3)	135.037	136.834	22.699
(4) Current Liabilities
(a) Short term borrowings	1162.155	1131.632	652.223
(b) Trade payables	1683.597	1996.313	1376.513
(c) Other current liabilities	139.949	123.237	119.694
(d) Short-term provisions	7.900	12.259	11.348
Total Current Liabilities (4)	2993.601	3263.441	2159.778
TOTAL	3797.589	3955.408	2636.257
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	271.703	267.374	215.861
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	14.684	2.818
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.261	9.811	9.810
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	207.206	212.359	61.898
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	480.170	504.228	290.387
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1708.160	1927.746	1210.961
(c) Trade receivables	1574.733	1450.661	1026.615
(d) Cash and cash equivalents	3.013	1.870	3.500
(e) Short-term loans and advances	31.513	70.903	104.794
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3317.419	3451.180	2345.870
TOTAL	3797.589	3955.408	2636.257

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	17917.200	15019.200	10976.000
Less	EXPENSES
		TOTAL	17748.401	14867.349	10845.732
	PROFIT BEFORE TAX		168.799	151.851	130.268
Less	TAX		53.817	49.342	43.814
	PROFIT AFTER TAX		114.982	102.509	86.454
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.850	6.497	11.203
Less	APPROPRIATIONS
		Proposed Dividend	0.995	0.995	0.995
		Tax on Dividend	0.169	0.161	0.165
		Transfer to General Reserve	115.000	100.000	90.000
	BALANCE CARRIED TO THE B/S		6.668	7.850	6.497
	EARNINGS IN FOREIGN CURRENCY
		Exports-Goods (F.O.B.)	290.223	44.708	40.580
		For Services	58.749	81.930	59.187
		Reimbursement of Expenses	37.212	2.621	2.996
	TOTAL EARNINGS		386.184	129.259	102.763
	Earnings Per Share (Rs.)		115.58	103.04	86.90

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.64	0.68	0.79
Return on Total Assets (PBT/Total Assets}	(%)	4.45	3.86	4.97
Return on Investment (ROI) (PBT/Networth)		0.25	0.27	0.29
Debt Equity Ratio (Total Debt/Networth)		1.91	2.25	1.44
Current Ratio (Current Asset/Current Liability)		1.11	1.06	1.09

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10323977	09/12/2011	220,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA	B28166858
2	10332810	03/12/2011	126,182,362.00	INDIABULLS HOUSING FINANCE LIMITED	F-60, MALHOTRA BUILDING, 2ND FLOOR, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA	B30929574
3	10055336	07/06/2011 *	550,000,000.00	STANDARD CHARTERED BANK	CRESCENZO, 3A/F, PLOT NO.C-38 & 39, G-BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA	B25204298
4	10024338	22/09/2012 *	490,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA	B61306296
5	10010390	22/09/2012 *	122,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA	B60207859
6	90222309	28/03/1994	1,000,000.00	THE SARASWAT CO OPERATIVE BANK LIMITED	DR CINEMA MARG GRANT ROAD, BOMBAY - 400007, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Deposits from shareholders	117.534	13.026
Intercorporate deposits	37.348	0.000
Total	154.882	13.026

Note:

The Registered office of the company has been shifted from 102, Dhanthak Plaza, Makwana Road, Marol, Andheri (East), Mumbai - 400059, Maharashtra, India to the present address w.e.f. 16.04.2012

OPERATIONS:

During the year, the turnover of the Company stood at Rs.17920.000 Millions as against Rs.15020.000 Millions in the previous year, registering an annual growth of over 19%. Profit before taxation increased by 11% from Rs. 151.900 Millions to Rs. 168.800 Millions. The Profit after Taxation increased by 12% from Rs. 102.800 Millions to Rs. 115.300 Millions. The Industry has registered a growth of merely 2.5% in 2012 against 2011 (Gartner)

During the year, the Company has added new product line of distribution of Toshiba products and have been consolidating the existing brands. Therefore its growth was purely attributed from existing brands.

Foreign exchange was unfavorable this year again. However during a large period it was range bound and the Company could avert significant losses.

Their endeavor is to constantly strive towards brand building with right set of products and brands continued this year too. Today with their constant efforts by holding of various National and International Channel Training Programs, Conferences and Seminars, the Company has a strong presence not only in the trade media but also in the mainstream through cutting edge technology products for the end users. The Company has also been recognized as best Distributor by various Vendors and rated very high by trade media. A recent survey conducted by GFK also endorses similar views.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
i) Counter guarantee given to Bank against their bank guarantee	105.048	68.720
ii) Letter of Credit Discounted with Banks	5.978	11.205
iii) Guarantee to Banks against Credit facilities extended to third parties:
- In respect of related party	50.000	0.000
- In respect of Others	150.000	0.000
iv) Claims not acknowledged as debts (Rs. 0.225 Million deposited against above demand)	6.692	0.381

FIXED ASSETS:

· Buildings

Office building

Plant and equipment

Factory equipments

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

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. 61.41
UK Pound	1	Rs. 99.53
Euro	1	Rs. 84.82

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.