MIRA INFORM REPORT

Report Date :

11.09.2013

IDENTIFICATION DETAILS

Name :	E-CITY REAL ESTATES PRIVATE LIMITED (w.e.f. 08.09.2006)
Formerly Known As :	SATH SAI CONTRACTORS PRIVATE LIMITED
Registered Office :	Plot No. 844/4, Shah Industrial Estate, Off. New Link Road, Andheri (West), Mumbai – 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.04.2005
Com. Reg. No.:	11-152912
Capital Investment / Paid-up Capital :	Rs. 277.730 Millions
CIN No.: [Company Identification No.]	U45200MH2005PTC152912
TAN No.: [Tax Deduction & Collection Account No.]	MUME06964G
PAN No.: [Permanent Account No.]	AAJCS5879F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of acquiring immovable properties and constructing, developing and building Family Entertainment Centre cum malls and leasing (short term and long term), licensing, renting and managing, operating and running the same for commercial use and setting up necessary infrastructure.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 690000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Latest financial are not available with us. As per previous, there appears losses recorded by the company. Trade relations are fair. Business is active. Payment terms are unknown. The company can be considered for business dealing 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

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.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-66755700)

LOCATIONS

Registered Office :	Plot No. 844/4, Shah Industrial Estate, Off. New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No. :	91-22-66755700 / 06
Fax No. :	91-22-26732079 / 80
E-Mail :	jigna.sanghvi@ecity.esselgroup.com Sharon.pereira@ecity.esselgroup.com info@ecity.esselgroup.com
Website :	http://esselgroup.com

DIRECTORS

As on 28.09.2012

Name :

Mr. Girish Chandra Pande

Designation :

Director

Address :

48, Janpath, New Delhi – 110001, India

Date of Birth/Age :

19.05.1968

Qualification :

Masters in Sociology and Hotel Management

Date of Appointment :

30.09.2010

DIN No. :

00478028

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	U45201DL2006PTC144390	TYAGI ANAND MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	03/01/2006	03/01/2006	-	Active	NO
2	U52190MH2005PTC155492	E-CITY PROPERTY MANAGEMENT AND SERVICES PRIVATE LIMITED	Director	11/01/2008	11/01/2008	31/03/2010	Active	NO
3	U65923MH2005PTC153012	SUNCITY EQUIFIN PIVATE LIMITED	Director	09/01/2009	09/01/2009	01/06/2010	Active	NO
4	U45200MH2005PTC152912	E-CITY REAL ESTATES PRIVATE LIMITED	Director	30/09/2010	24/03/2010	-	Active	NO
5	U45200MH2005PTC153860	E-CITY PROJECTS CONSTRUCTION PRIVATE LIMITED	Director	30/09/2010	31/03/2010	-	Active	NO
6	U74899DL1961PTC003507	TYAGI ANAND AND COMPANY PRIVATE LIMITED	Director	30/09/2010	28/05/2010	-	Active	NO
7	U92100MH2008PTC180696	FUN CINEMAS PRIVATE LIMITED	Director	15/07/2013	15/07/2013	-	Active	NO
8	U72200MH2005PTC158398	E-CITY SCHOOL OF CINEMA HOSPITALITY AND RETAIL PRIVATE LIMITED	Director	15/07/2013	15/07/2013	-	Active	NO
9	U45200MH2005PTC152917	E-CITY REALTY HOLDINGS PRIVATE LIMITED	Director	15/07/2013	15/07/2013	-	Active	NO
10	U51900MH1982PTC028163	BRIGGS TRADING COMPANY PRIVATE LIMITED	Director	15/07/2013	15/07/2013	-	Active	NO

Name :

Mr. Srijit Mullick

Designation :

Director

Address :

204, Esha Akta Apartment, 16 BG, Kher Road, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

14.05.1955

Qualification :

I.C.W.A, C.A

Date of Appointment :

30.09.2010

DIN No. :

00581678

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	U52190MH2005PTC155492	E-CITY PROPERTY MANAGEMENT AND SERVICES PRIVATE LIMITED	Director	15/02/2008	15/02/2008	30/03/2010	Active	NO
2	U92190MH2005PTC154152	E-CITY MEDIA PRIVATE LIMITED	Director	30/04/2008	30/04/2008	30/03/2010	Active	NO
3	U70102MH2008PTC183725	E-CITY ESTATES PRIVATE LIMITED	Director	15/09/2008	15/09/2008	02/08/2013	Active	NO
4	U74999MH2008PTC180823	E-CITY HI-TECH PROJECTS PRIVATE LIMITED	Director	15/09/2008	15/09/2008	02/08/2013	Active	NO
5	U14200MH2008PTC181960	HI-TECH MINES AND MINERALS PRIVATE LIMITED	Director	15/09/2008	15/09/2008	02/08/2013	Active	NO
6	U92100MH2008PTC180696	FUN CINEMAS PRIVATE LIMITED	Director	15/09/2008	15/09/2008	02/08/2013	Active	NO
7	U74900MH2008PTC180821	E-CITY TITANS PRIVATE LIMITED	Director	15/09/2008	15/09/2008	02/08/2013	Active	NO
8	U51900MH1982PTC028163	BRIGGS TRADING COMPANY PRIVATE LIMITED	Director	30/09/2009	01/11/2008	02/08/2013	Active	NO
9	U45200MH2005PTC152917	E-CITY REALTY HOLDINGS PRIVATE LIMITED	Director	02/12/2008	02/12/2008	02/08/2013	Active	NO
10	U92190MH1999PTC119879	E-CITY ENTERTAINMENT (INDIA) PRIVATE LIMITED	Director	05/03/2009	05/03/2009	02/08/2013	Active	NO
11	U72900MH2001PTC130456	E CITY PUBLISHING AND DISTRIBUTING INDIA PRIVATE LIMITED	Director	19/03/2009	19/03/2009	02/08/2013	Active	NO
12	U92112MH2001PTC130457	E-CITY DIGITAL CINEMAS PRIVATE LIMITED	Director	24/03/2009	24/03/2009	28/05/2010	Active	NO
13	U51217MH2001PTC194721	FUN MULTIPLEX PRIVATE LIMITED	Alternate director	24/09/2009	24/09/2009	05/10/2009	Active	NO
14	U45200MH2005PTC152912	E-CITY REAL ESTATES PRIVATE LIMITED	Director	30/09/2010	24/09/2009	-	Active	NO
15	U45200MH2005PTC153860	E-CITY PROJECTS CONSTRUCTION PRIVATE LIMITED	Director	30/09/2010	31/03/2010	-	Active	NO
16	U74899DL1961PTC003507	TYAGI ANAND AND COMPANY PRIVATE LIMITED	Director	30/09/2010	28/05/2010	02/08/2013	Active	NO
17	U72200MH2005PTC158398	E-CITY SCHOOL OF CINEMA HOSPITALITY AND RETAIL PRIVATE LIMITED	Director	31/01/2012	31/01/2012	02/08/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Sharon Reshma Pereira
Designation :	Secretary
Address :	B-6/21, Greenfields, J.V. Link Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	22.04.1987
Date of Appointment :	09.07.2012
PAN No.:	AWWPP4881A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Atul Laxminarain Goel	100
E-City Reality Holdings Private Limited, India	410000
E-City Investments and Holdings Company Private Limited, India	27362900
Total	27773000

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of acquiring immovable properties and constructing, developing and building Family Entertainment Centre cum malls and leasing (short term and long term), licensing, renting and managing, operating and running the same for commercial use and setting up necessary infrastructure.
Products / Services :	· Income from commercial Complex · Advertising and Sponorship Income · Parking Income

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

SECURED LOANS	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	(A)1397.806	1105.322
Total	1397.806	1105.322

NOTES (A): a) Secured by way of first charge on land, building and other structures at Lucknow and Coimbatore and also cross securities of moveable and immovable properties of other group companies situated at Andheri and Ahmedabad for the loan of Rs.597.800 millions (P.Y. Rs.630.600 millions) financed by Housing Development Finance Corporation Limited, corporate guarantee by E-City Investments and Holdings Company Private Limited, the Holding Company., and assignment of receivables from the project at Lucknow. Charge in respect of part of the loan is being created. b) Secured by way of first charge on land, building and other structures at Lucknow and Coimbatore and also cross securities of moveable and immovable properties of other group companies situated at Andheri and Ahmedabad for the loan of Rs.800.000 millions for Coimbatore project (P.Y. Rs.470.000 millions) financed by Housing Development Finance Corporation Limited, corporate guarantee by E-City Investments and Holdings Company Private Limited, the Holding Company,and pledge of 20 lacs shares of Fun Multiplex Private Limited .

Banking Relations :	--
Financial Institution :	Housing Development Finance Corporation Limited, Ramon House 169, Backbay Reclamation, H T Parekh Marg, Mumbai - 400020, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr Annie Besant Road, Opposite Shivsagar Estate, Worli, Mumbai – 400018, Maharashtra, India
PAN No. :	AADFD2337G
Holding Company :	E-City Investments and Holdings Company Private Limited CIN No.: U65990MH2000PTC128935
Subsidiaries :	· E-City Projects Lucknow Private Limited CIN No.: U92199UP2003PTC027748 · E-City Infrastructure Private Limited CIN No.: U45200MH2005PTC152382 · E-City Contractors Private Limited CIN No.: U45200MH2005PTC152940
Fellow Subsidiaries :	· Fun Multiplex Private Limited · E-City Projects Construction Private Limited · E-City Property Management and Services Private Limited · E-City Entertainment (India) Private Limited · E-City Films (India) Private Limited · E-City Media Private Limited
Associates :	· E-City Giant Screen (India) Private Limited · Suncity Equifin Private Limited · Hi Tech Mines and Minerals Private Limited
Related party due to Control :	E-City School of Cinema Hospitality Retail Private Limited

CAPITAL STRUCTURE

As on 28.09.2012

Authorised Capital : Rs. 350.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 285.760 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs. 350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27773000	Equity Shares	Rs.10/- each	Rs. 277.730 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		277.730	246.151	246.151
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		148.421	0.000	0.000
4] (Accumulated Losses)		(252.500)	(245.135)	(215.877)
NETWORTH		173.651	1.016	30.274
LOAN FUNDS
1] Secured Loans		1397.806	1105.322	1175.446
2] Unsecured Loans		179.720	274.630	370.566
TOTAL BORROWING		1577.526	1379.952	1546.012
DEFERRED TAX LIABILITIES		0.000	0.000	3.107
TOTAL		1751.177	1380.968	1579.393
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		875.677	915.764	954.356
Capital work-in-progress		457.138	357.880	259.238
Expenditure pending allocation, net		229.853	164.521	0.000
INVESTMENT		310.427	0.525	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.133	0.000	0.000
	Sundry Debtors	50.336	38.323	39.480
	Cash & Bank Balances	24.883	10.208	11.226
	Other Current Assets	0.000	0.000	117.702
	Loans & Advances	121.930	249.928	499.223
Total Current Assets		197.282	298.459	667.631
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	58.898	114.255	16.431
	Other Current Liabilities	256.419	239.289	280.653
	Provisions	3.883	2.639	4.752
Total Current Liabilities		319.200	356.183	301.836
Net Current Assets		(121.918)	(57.724)	365.795
MISCELLANEOUS EXPENSES		0.000	0.002	0.004
TOTAL		1751.177	1380.968	1579.393

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	241.680	231.026	252.055
Less	EXPENSES
		TOTAL (B)	83.661	75.267	125.180
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		158.019	155.759	126.875
Less	FINANCIAL EXPENSES (D)		128.206	151.020	170.398
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		29.813	4.739	(43.523)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.177	37.105	37.138
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(7.364)	(32.366)	(80.661)
Less	TAX (H)		0.000	(3.108)	(15.142)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(7.364)	(29.258)	(65.519)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(256.520)	(227.262)	(161.743)
	BALANCE CARRIED TO THE B/S		(263.884)	(256.520)	(227.262)
	Earnings / (Loss) Per Share (Rs.)		(0.30)	(1.19)	(2.66)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(3.05)	(12.66)	(25.99)
Return on Total Assets (PBT/Total Assets}	(%)	(0.69)	(2.67)	(4.97)
Return on Investment (ROI) (PBT/Networth)		(0.04)	(31.86)	(2.66)
Debt Equity Ratio (Total Debt/Networth)		9.08	1358.22	51.07
Current Ratio (Current Asset/Current Liability)		0.62	0.84	2.21

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10441900	01/08/2013	560,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169, BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	B81616138
2	10347458	21/10/2011	1,000,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169, BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	B31091143
3	10295267	26/09/2009	140,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169, BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	B01773092
4	10278733	28/03/2008	180,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169, BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	B01729789
5	10278756	28/03/2008	300,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169, BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	B01731264
6	10278758	28/03/2008	385,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169, BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	B01732478
7	10340208	28/03/2008	450,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169, BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	B28255578
8	10288867	28/03/2008	700,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169, BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	B01732783

UNSECURED LOANS

PARTICULARS	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Other debt unsecured	179.720	274.630
Total	179.720	274.630

COMPANY OVERVIEW

Subject is engaged in the business of acquiring immovable properties and constructing, developing and building Family Entertainment Centre cum malls across India and leasing (short term and long term), licensing, renting and managing, operating and running the same for commercial use and setting up necessary infrastructure.

COMPANIES AFFAIR

The Company has incurred a loss of Rs. 7.364 millions during the year under review as compared to loss of Rs.29.258 millions in the previous year. The Company has achieved a 5% growth in income over the previous year. Steps have been taken to reduce the operating costs resulting in 12.5% reduction in personnel costs. Interest costs have also reduced by 15% over the previous year. The above factors have contributed to the substantial reduction in losses over the previous year .The directors are confident that the profitability of the company could improve further in the years to come

FIXED ASSETS

· Free Hold Land

· Lease Hold Land

· Land and Land Improvements

· Building

· Plant Machinery

· Computer Equipments

· Equipments

· Furniture Fixtures

· Vehicles

· Computer Software

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] 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.64.22
UK Pound	1	Rs.100.83
Euro	1	Rs.85.21

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.