MIRA INFORM REPORT

Report Date :

10.09.2013

IDENTIFICATION DETAILS

Name :	NTF (INDIA) PRIVATE LIMITED
Registered Office :	Flat No.2-D, G.F., 4819/24, Mathur Lane, Ansari Road, Darya Ganj, New Delhi – 110 002
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.04.1996
Com. Reg. No.:	55-078410
Capital Investment / Paid-up Capital :	Rs.28.224 Millions
CIN No.: [Company Identification No.]	U26102DL1996PTC078410
TAN No.: [Tax Deduction & Collection Account No.]	DELN05631D
PAN No.: [Permanent Account No.]	AAACN3195N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and selling OEM products for the automobile industry.
No. of Employees :	Not Available

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 568000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	Flat No.2-D, G.F., 4819/24, Mathur Lane, Ansari Road, Darya Ganj, New Delhi – 110 002, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	akjain05@rediffmail.com info@ntfindia.net jaskansal@yahoo.co.in
Website :	http://www.ntfindia.com
Corporate Office/ Factory :	Plot No.49, Sector-3, IMT Manesar, Gurgaon – 122 050, Haryana, India
Tel. No.:	91-124-4369441/ 2/ 3/ 4/ 4840453/ 444/ 4840445 thru 61
Fax No.:	91-124-4369462
Germany Office :	Obengönrath 7, 42655 Solingen, Germany
Tel. No.:	91-49-212 6458771
Fax No.:	91-49-212 6458773
E-Mail :	lmcger@aol.com
Website :	www.glocalworld.com
Italy Office:	Strada ai Losani 10064 Pinerolo (TO), Italy
Tel. No.:	91-39 0121 376955
Fax No.:	91-39 0121 376955
E-Mail :	elda.priotti@eppartners.it

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Mahesh Kumar Jain

Designation :

Managing Director

Address :

III-B, 46-C, Nehru Nagar, Ghaziabad – 201 001, Uttar Pradesh, India

Date of Birth/Age :

01.01.1938

Qualification :

A.M.I.E

Experience :

49 Years

Date of Appointment :

25.04.1996

DIN No.:

00032220

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	U74899DL1984PTC018125	NAV TEXFAB PRIVATE LIMITED	Director	15/01/1986	15/01/1986	-	Active	NO
2	U26102DL1996PTC078410	NTF (INDIA) PRIVATE LIMITED	Director	25/04/1996	25/04/1996	-	Active	NO
3	U25517DL2006PTC152634	NTF TECHNIK INDIA PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO

Name :

Mr. Naveen Jain

Designation :

Director

Address :

87, Arjun Marg, DLF Phase - I, Gurgaon – 122 001, Haryana, India

Date of Birth/Age :

14.02.1965

Qualification :

B.E

Experience :

26 Years

Date of Appointment :

25.04.1996

DIN No.:

01112683

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	U74899DL1984PTC018125	NAV TEXFAB PRIVATE LIMITED	Director	01/09/1987	01/09/1987	-	Active	NO
2	U26102DL1996PTC078410	NTF (INDIA) PRIVATE LIMITED	Director	25/04/1996	25/04/1996	-	Active	NO
3	U25517DL2006PTC152634	NTF TECHNIK INDIA PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
4	U72200HR2000PTC034562	DIGITAL MODEL (3D) PRIVATE LIMITED	Director	29/09/2012	31/03/2012	-	Active	NO

Name :

Mrs. Neeta Jain

Designation :

Director

Address :

87, Arjun Marg, DLF Phase - I, Gurgaon – 122 001, Haryana, India

Date of Appointment :

25.01.2007

DIN No.:

01916326

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	U72200HR2000PTC034562	DIGITAL MODEL (3D) PRIVATE LIMITED	Director	25/01/2007	25/01/2007	-	Active	NO
2	U26102DL1996PTC078410	NTF (INDIA) PRIVATE LIMITED	Director	25/01/2007	25/01/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Note:

SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	23.45
Directors or relatives of directors	67.35
Other top fifty shareholders	9.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing and selling OEM products for the automobile industry.

Products :

Products Description	Item Code No.
Frphard Top	87089900
Frptray	87089900

• Rear Parcel Tray 
• Spoiler 
• Door Trim and Inserts
• Mud Flap
• Car Styling Kits

PRODUCTION STATUS (As on 31.03.2011)

Registered Capacity	Manesar Unit
2010-11	806000

Particulars	Unit	Installed Capacity	Actual Production
RTM (Equivlant to 1 Hard Top)	Nos. / Set.	6000	4109
RTM (Others)	Nos. / Set.	50000	0.000
TCM (Equivalent I Tray)	Nos. / Set.	600000	877789
Injection Moulding	Nos. / Set.	100000	52908
PU RRIM	Nos. / Set.	50000	82048

GENERAL INFORMATION

Customers :

• Maruti Suzuki
• Ford
• Honda
• Mahindra
• Fiat
• Hindustan Motors
• Toyota
• Hispacold
• GE Transportation
• Krishna Maruti
• Avanti
• Bharat Electronics
• Caterpillar
• Sumi Motherson
• Rail Coach Factory
• New Holland Construction
• Logan Renault

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, SME Branch, Gurgaon (Main) 42, Old Judicial Complex, Jharsa Road, Gurgaon – 122 001, Haryana, India
• HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term Loans
From Banks
Bank of Baroda – Term Loan (Secured by hypothecation of land, building, plant and machinery)	128.071	20.186
HSIIDC – Term Loan (Secured by hypothecation of land, plant and machinery)	12.085	31.795
HDFC Bank Car Loan (Secured by hypothecation of Cars)	3.368	2.324
SHORT TERM BORROWINGS
Bank of Baroda CC-77	204.407	24.000
Bank of Baroda CC 05/29	24.956	25.287
Bank of Baroda FCDL A/C No. 06/162	0.000	128.846
Bank of Baroda Buyers Credit Euro	19.175	0.000
Bank of Baroda - Term Loan (Secured by hypothecation of land, building, plant and machinery)	19.560	35.554
HSIIDC – Term Loan (Secured by hypothecation of land, plant and machinery)	19.092	19.231
HDFC Bank Car Loan (Secured by hypothecation of Cars)	3.005	1.412
Total	433.719	288.635

Banking Relations :	--
Auditors :
Name :	K.C. Jain and Company Chartered Accountants
Address :	4812/24, Ansari Road, Darya Ganj, New Delhi - 110002, India
Tel. No.:	91-11-23282884-86
Fax No.:	91-11-2322881
E-Mail :	office@kcjain.co.in
PAN.:	AAEFK4992K

CAPITAL STRUCTURE

After: 28.09.2012

Authorised Capital : Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.30.000 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2822400	Equity Shares	Rs.10/- each	Rs.28.224 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	28.224	26.191
(b) Reserves & Surplus	113.785	81.671
(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)	142.009	107.862
(3) Non-Current Liabilities
(a) Long-term borrowings	151.023	71.319
(b) Deferred tax liabilities (Net)	11.615	10.327
(c) Other long term liabilities	3.099	39.598
(d) Long-term provisions	13.138	6.704
Total Non-current Liabilities (3)	178.875	127.948
(4) Current Liabilities
(a) Short term borrowings	393.517	285.567
(b) Trade payables	88.243	62.016
(c) Other current liabilities	7.628	68.430
(d) Short-term provisions	50.556	37.362
Total Current Liabilities (4)	539.944	453.375
TOTAL	860.828	689.185
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	255.200	165.115
(ii) Intangible Assets	16.500	0.000
(iii) Capital work-in-progress	30.496	17.158
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.400	0.400
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	6.928	8.789
(e) Other Non-current assets	5.073	3.283
Total Non-Current Assets	314.597	194.745
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	375.110	292.262
(c) Trade receivables	89.837	146.377
(d) Cash and cash equivalents	6.559	9.801
(e) Short-term loans and advances	33.968	26.441
(f) Other current assets	40.757	19.559
Total Current Assets	546.231	494.440
TOTAL	860.828	689.185

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		23.681
2] Share Application Money		0.000
3] Reserves & Surplus		48.126
4] (Accumulated Losses)		0.000
NETWORTH		71.807
LOAN FUNDS
1] Secured Loans		292.252
2] Unsecured Loans		87.891
TOTAL BORROWING		380.143
DEFERRED TAX LIABILITIES		25.593
TOTAL		477.543
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		204.414
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	299.211
	Sundry Debtors	97.701
	Cash & Bank Balances	6.583
	Other Current Assets	0.000
	Loans & Advances	30.653
Total Current Assets		434.148
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.775
	Other Current Liabilities	90.918
	Provisions	0.000
Total Current Liabilities		164.693
Net Current Assets		269.455
MISCELLANEOUS EXPENSES		3.674
TOTAL		477.543

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	823.741	650.451
		Other Income	5.513	6.246
		TOTAL	829.254	656.697	492.615
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	709.008	553.919	452.456 (Including Financial Expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		120.246	102.778
Less	FINANCIAL EXPENSES		52.687	48.028
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		67.559	54.750	40.159
Less/ Add	DEPRECIATION/ AMORTISATION		40.512	36.000	28.089
	PROFIT BEFORE TAX		27.047	18.750	12.070
Less	TAX		13.229	7.142	1.907
	PROFIT AFTER TAX		13.818	11.608	10.163
	EARNINGS IN FOREIGN CURRENCY		34.679	22.691	13.018
	IMPORTS
		Raw Materials	58.690	96.665	72.545
		Moulds Purchase	0.000	10.311	6.631
		Stores & Spares	2.426	1.748	1.023
		Capital Goods	9.773	4.818	14.778
		Scale Car Model Purchase	0.000	6.849	0.000
	TOTAL IMPORTS		70.889	120.391	94.977
	Earnings Per Share (Rs.)		5.00	4.66	4.29

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.67	3.28	2.06
Net Profit Margin (PBT/Sales)	(%)	1.77	2.88	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.26	2.79	1.89
Return on Investment (ROI) (PBT/Networth)		0.19	0.17	0.17
Debt Equity Ratio (Total Debt/Networth)		3.83	3.31	5.29
Current Ratio (Current Asset/Current Liability)		1.01	1.09s	2.64

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	No
17]	Major suppliers	No
18]	Major customers	Yes
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The registered office of the company has been shifted from 4812/24, Ansari Road, Darya Ganj, Delhi – 110002, India to the present address w.e.f. 02.07.2013

CORPORATE INFORMATION

Subject is a private limited company domiciled in India and incorporated under the provisions of the company Act. 1956. The company is engaged in the manufacturing and selling OEM products for the automobile industry. The company is manufacturing FRP Hard Tops, Rear Trays, door trimming and Injection moulded products. The company caters to both domestics and international markets.

REVIEW OF OPERATIONS

The sound performance of the Company is manifested in the net profit posted for the year. During the year ended on 31st Match, 2012. The Company has earned a total net profit of Rs. 13.818 Millions as against Rs. 11.608 Millions for the corresponding previous year, registering a growth of 19 % New production unit II at Neemarana

(Rajasthan) is now fully functional and operating at their full efficiency.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Deferred tax liabilities	0.000	13.244
Other loans and advances customers advance	7.500	3.770
SHORT TERM BORROWINGS
loans and advances from related parties
From Shareholder and directors	90.959	25.342
Other loans and advance – Customer Advance	12.362	25.895
Total	110.821	68.251

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Claim against the company not acknowledged as debt:
Guarantees	13.527	23.983
Other money for which the company is contingently liable	0.000	19.724

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10437195	12/07/2013	4,828,000.00	BANK OF BARODA	SME BRANCH, GURGAON (MAIN) 42, OLD JUDICIAL COMP  LEX, JHARSA ROAD, GURGAON, HARYANA - 122001, INDIA	B79761854
2	10389594	24/11/2012	25,000,000.00	Bank of Baroda	42, OLD JUDICIAL COMPLEX, JHRASA ROAD, GURGAON,  HARYANA - 122001, INDIA	B63191076
3	10389597	24/11/2012	50,000,000.00	Bank of Baroda	42, OLD JUDICIAL COMPLEX, JHRASA ROAD, GURGAON,  HARYANA - 122001, INDIA	B63191753
4	10312259	24/11/2012 *	149,900,000.00	Bank of Baroda	42, OLD JUDICIAL COMPLEX, JHARSA ROAD, GURGAON,  HARYANA - 122001, INDIA	B63192389
5	10248691	24/11/2012 *	14,700,000.00	Bank of Baroda	42, OLD JUDICIAL COMPLEX, JHARSA ROAD, GURGAON,  HARYANA - 122001, INDIA	B63187173
6	10148931	07/03/2009	34,500,000.00	Bank of Baroda	IMT, MANESAR, GURGAON, HARYANA - 122050, INDIA	A59335984
7	10137065	05/06/2013 *	567,400,000.00	BANK OF BARODA	42, OLD JUDICIAL COMPLEX, JHARSA ROAD, GURGAON, HARYANA - 122001, INDIA	B76614643
8	10069701	28/09/2007	6,870,000.00	Maruti Suzuki India Limited.	11 TH FLOOR JEEVAN PRAKASH 25 KASTURBA, GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA	A23974082
9	10069703	28/09/2007	18,000,000.00	Maruti Suzuki India Limited.	11 TH FLOOR JEEVAN PRAKASH 25 KASTURBA, GANDHI  MARG, NEW DELHI, DELHI - 110001, INDIA	A23974033
10	10042601	24/11/2012 *	3,400,000.00	Bank of Baroda	42, OLD JUDICIAL COMPLEX, JHARSA ROAD, GURGAON,  HARYANA - 122001, INDIA	B63189005
11	10042602	24/11/2012 *	4,400,000.00	Bank of Baroda	42, OLD JUDICIAL COMPLEX, JHARSA ROAD, GURGAON, HARYANA - 122001, INDIA	B63190375
12	80000655	24/11/2012 *	250,000,000.00	Bank of Baroda	42, OLD JUDICIAL COMPLEX, JHRASA ROAD, GURGAON, HARYANA - 122001, INDIA	B63192959
13	90036050	16/09/2011 *	20,000,000.00	BANK OF BARODA	42, OLD JUDICIAL COMPLEX, JHARSA ROAD, GURGAON,  HARYANA - 122001, INDIA	B23284466
14	90034662	24/11/2012 *	30,000,000.00	Bank of Baroda	42, OLD JUDICIAL COMPLEX, JHRASA ROAD, GURGAON, HARYANA - 122001, INDIA	B63188189
15	90034494	27/04/2007 *	143,775,000.00	HARYANA STATE INDUSTRIAL AND INFRASTRUCTUR DEVELOP  MENT CORPORATION LIMITED	C-13 AND 14INSTITUTIONAL AREA, SECTOR 6 PANCHKULA,  HARYANA, HARYANA - 134112, INDIA	-

Note: * Date of charge modification

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· D G Sets

· Tools, Jigs and Fixtures

· Furniture and Fixtures

· Office Equipments

· Moulds

· Moulds Work in Progress

· Tube Well and Pumps

· Car / Commercial Vehicle

· Computers

· Air Conditioners

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.65.96
UK Pound	1	Rs.102.91
Euro	1	Rs.86.58

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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		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	-

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