MIRA INFORM REPORT

Report Date :

13.09.2013

IDENTIFICATION DETAILS

Name :	SPERRY PLAST LIMITED
Registered Office :	BM House, H – 88, Kirti Nagar, New Delhi – 110015
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.04.1992
Com. Reg. No.:	55-048504
Capital Investment / Paid-up Capital :	Rs.78.960 Millions
CIN No.: [Company Identification No.]	U25209DL1992PLC048504
TAN No.: [Tax Deduction & Collection Account No.]	DELS09441F
PAN No.: [Permanent Account No.]	AAACS2623L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Shoe Components.
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 1990000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears some dip in the profitability of the company during current year. However, 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 – 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

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 :	BM House, H – 88, Kirti Nagar, New Delhi – 110015, India
Tel. No.:	91-11-25454063/ 25442310/ 25412717/ 51424370
Fax No.:	91-11-25455113/ 25117362/ 51424375
E-Mail :	dhananjaymgr@gmail.com cs@sperryplastlimited.net sperry@del2.vsnl.in marketing@sperryplastlimited.com info@sperryplaslimited.net accountsbg@sperryplastlimited.net riteshmalhotra@sperryplastlimited.net imm@sperryplastlimited.net adhesive@sperryplastlimited.net
Website :	http://www.sperryplastlimited.com http://www.sperryplastlimited.net
Factory 1 :	1121, M. I. E. Bahadurgarh – 124507, Haryana, Uttar Pradesh, India
Tel. No.:	91-1276-367154, 367552, 367553, 368040, 368552
Factory 2 :	Unit II, Plot No. 16, Udyog Vihar, Greater Noida – 201306, Uttar Pradesh, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Vikram Jain

Designation :

Managing Director

Address :

A – 41 and 42, Kirti Nagar, New Delhi – 110015, India

Date of Birth/Age :

03.10.1969

Qualification :

Graduate

Date of Appointment :

01.10.2006

PAN No.:

AAAPJ3846R

DIN No.:

00110704

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	U25209DL1992PLC048504	SPERRY PLAST LIMITED	Managing director	01/10/2006	28/04/1992	-	Active	NO
2	U45201DL2004PTC131298	SPERRY INTERNATIONAL PRIVATE LIMITED	Director	16/12/2004	16/12/2004	-	Active	NO
3	U45200DL2008PTC179845	SPERRY BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	20/06/2008	20/06/2008	-	Active	NO
4	U74899DL1982PTC013091	UTTAR BHARAT NEEL MANUFACTURING CO PVT LTD	Additional director	05/10/2009	05/10/2009	-	Active	NO
5	U74140DL2010PTC203183	AMAZON CORPORATE SERVICES PRIVATE LIMITED	Director	26/05/2010	26/05/2010	20/11/2012	Active	NO
6	U74950DL1999PTC101225	VINEET THERMOPACK PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
7	U29300DL2011PTC215780	SPERRY HOME APPLIANCES PRIVATE LIMITED	Director	14/03/2011	14/03/2011	-	Active	NO
8	U74996DL2006PTC149782	Sperry Techno Solutions Private Limited	Director	30/09/2011	01/06/2011	-	Active	NO
9	U25200DL2013PTC250645	S. V. Technocrats Private Limited	Director	11/04/2013	11/04/2013	06/05/2013	Active	NO

Name :

Mr. Nawal Mal Jain

Designation :

Director

Address :

A – 41 and 42, Kirti Nagar, New Delhi – 110015, India

Date of Birth/Age :

07.11.1941

Qualification :

Graduate

Date of Appointment :

28.04.1992

DIN No.:

00235990

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	U25209DL1992PLC048504	SPERRY PLAST LIMITED	Director	28/04/1992	28/04/1992	-	Active	NO
2	U45201DL2004PTC131298	SPERRY INTERNATIONAL PRIVATE LIMITED	Director	16/12/2004	16/12/2004	-	Active	NO
3	U74996DL2006PTC149782	SPERRY TECHNO SOLUTIONS PRIVATE LIMITED	Director	16/06/2006	16/06/2006	-	Active	NO
4	U70109DL2006PTC150026	SPERRY REAL ESTATES PRIVATE LIMITED	Director	23/06/2006	23/06/2006	-	Active	NO
5	U74899DL1982PTC013091	UTTAR BHARAT NEEL MANUFACTURING COMPANY PRIVATE LIMITED	Additional director	05/10/2009	05/10/2009	-	Active	NO

Name :

Shitul Dhirajlal Patel

Designation :

Director

Address :

303, Pushpak, 10th Road, JVPD Scheme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

11.11.1964

Qualification :

BE/ MBA

Date of Appointment :

29.09.2007

DIN No.:

00506534

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	U45201GJ1980PTC003715	ADVANCE CONSTRUCTION COMPANY PRIVATE LIMITED	Whole-time director	21/01/1989	21/01/1989	-	Active	NO
2	U29290MH1992PTC067306	ADVANCE EQUIPMENT FINANCE PRIVATE LIMITED	Director	19/06/1992	19/06/1992	-	Active	NO
3	U26954MH1992PLC068841	ADVANCE PRECAST PRODUCTS LIMITED	Director	30/09/1992	30/09/1992	-	Active	NO
4	U45202MH1993PTC070885	ADVANCE HOUSING DEVELOPMENT PVT LTD	Director	22/02/1993	22/02/1993	-	Active	NO
5	U45201DL2005PTC136501	AMRAPALI GREEN BUILDCON PRIVATE LIMITED	Director	20/05/2005	20/05/2005	01/04/2008	Active	NO
6	U70101DL2005PTC141852	ERA ADVANCE DEVELOPERS PRIVATE LIMITED	Director	18/10/2005	18/10/2005	-	Active	NO
7	U25209DL1992PLC048504	SPERRY PLAST LIMITED	Director	29/09/2007	01/05/2007	-	Active	NO
8	U45200MH2007PTC172404	AABHA LAND PROJECTS PRIVATE LIMITED	Director	01/01/2008	01/01/2008	-	Active	NO
9	U70101DL2009PTC193609	PAN REALTORS PRIVATE LIMITED	Managing director	01/04/2013	26/08/2009	-	Active	NO
10	U45400DL2011PTC228032	EUPHORIA SPORTS CITY PRIVATE LIMITED	Director	28/11/2011	28/11/2011	-	Active	NO
11	U70200DL2013PTC254824	SAI NAMO NAMAH CONSTRUCTION PRIVATE LIMITED	Director	02/08/2013	02/08/2013	-	Active	NO
12	U70109DL2013PTC254993	DEVSAI CONSTRUCTION PRIVATE LIMITED	Director	02/08/2013	02/08/2013	-	Active	NO
13	U45200DL2013PTC255875	MISTIQUE CONSTRUCTION PRIVATE LIMITED	Director	02/08/2013	02/08/2013	-	Active	NO
14	U45200DL2013PTC255911	SEIKOM INFRACOM PRIVATE LIMITED	Director	02/08/2013	02/08/2013	-	Active	NO
15	U45400DL2013PTC255871	MICRA INFRATECH PRIVATE LIMITED	Director	02/08/2013	02/08/2013	-	Active	NO
16	U45204DL2013PTC256535	CLOVER PROBUILD PRIVATE LIMITED	Director	13/08/2013	13/08/2013	-	Active	NO
17	U45200DL2013PTC256534	IRISH INFRASTRUCTURE PRIVATE LIMITED	Director	13/08/2013	13/08/2013	-	Active	NO
18	U45400DL2013PTC256891	GODAVARI DWELLING PRIVATE LIMITED	Director	23/08/2013	23/08/2013	-	Active	NO
19	U45208DL2013PTC256890	FLORAL REALCON PRIVATE LIMITED	Director	23/08/2013	23/08/2013	-	Active	NO
20	U45201DL2013PTC256877	PINE PROBUILD PRIVATE LIMITED	Director	23/08/2013	23/08/2013	-	Active	NO
21	U45300DL2013PTC256843	PALM DEVELOPERS PRIVATE LIMITED	Director	23/08/2013	23/08/2013	-	Active	NO
22	U45400DL2013PTC256967	MAPLE REALCON PRIVATE LIMITED	Director	27/08/2013	27/08/2013	-	Active	NO

Name :

Mr. Deepak Sharma

Designation :

Director

Address :

H-69, Kirti Nagar, New Delhi – 110015, India

Date of Birth/Age :

26.08.1964

Qualification :

MBA/ LLB/ BE

Date of Appointment :

30.09.2008

DIN No.:

01980029

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	U25209DL1992PLC048504	SPERRY PLAST LIMITED	Director	30/09/2008	07/01/2008	-	Active	NO
2	U25203DL2008PTC182666	SPERRY WICTOR ADHESIVES INDIA PRIVATE LIMITED	Nominee director	01/09/2008	01/09/2008	-	Strike off	NO
3	U74950DL1999PTC101225	VINEET THERMOPACK PRIVATE LIMITED	Director	30/09/2011	18/01/2011	-	Active	NO
4	U29300DL2011PTC215780	SPERRY HOME APPLIANCES PRIVATE LIMITED	Director	14/03/2011	14/03/2011	-	Active	NO
5	U45201DL2004PTC131298	SPERRY INTERNATIONAL PRIVATE LIMITED	Additional director	18/07/2012	18/07/2012	-	Active	NO

Name :

Mr. Hemanshu Shah

Designation :

Director

Address :

R N 36, 4^th Floor, New Mumbadevi, CHS 48, Khadilkar Road, Girgaum, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

16.02.1973

Qualification :

Graduate

Date of Appointment :

30.09.2008

DIN No.:

02092440

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	U25209DL1992PLC048504	SPERRY PLAST LIMITED	Director	30/09/2008	07/04/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dhananjay Kumar
Designation :	Secretary
Address :	A – 5, II ND Floor, Shakarpur, Main Market, New Delhi – 110092, India
Date of Birth/Age :	01.06.1983
Date of Appointment :	15.06.2010
PAN No.:	BCIPK0899N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Chander Mohan Gandhi	10
Sharda Gandhi	10
Seema Gandhi	10
Chaya Jain	10
Vikram Jain	4818938
Naina Jain	1421900
Nawal Mal Jain	423500
Damyanti Jain	821820
Speery Builders and Developers Private Limited, India	409800
Total	7895998

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage of Holding
Bodies corporate	5.18
Directors or relatives of Directors	66.39
Other top fifty shareholders	28.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of Shoe Components.

Products :

Item Code No.	Product Description
99611111	Wholesale Trade Services

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Actual Production
TPR Compound	Kgs	8183023
HIPS Compound	Kgs	394450
P. P. Filled	Kgs	810606
CPVC Pipe and Fittings	Kgs	1850174
Moulding	Kgs	3609748
EPS and Others	Kgs	4417590

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank Of India, Industrial Complex Branch, Bahadurgarh - 124507, Haryana, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term loans from banks	292.014	351.356
Rupee term loans from banks	10.139	7.031
Term loans from banks	102.505	0.000
Working capital loans from banks	493.758	456.070
Total	898.416	814.457

Banking Relations :	--
Auditors :
Name :	GSK and Associates Chartered Accountants
Address :	Delhi, India
PAN No.:	AADFG5824B
Subsidiaries :	· Sperry International Private Limited (Formerly known as Sperry Infrastructure and Developers Private Limited) · Vineet Thermopack Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7895998	Equity Shares	Rs.10/- each	Rs.78.960 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		78.960	78.960	76.512
2] Share Application Money		36..543	0.000	22.030
3] Reserves & Surplus		381.602	369.302	280.028
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		497.105	448.262	378.570
LOAN FUNDS
1] Secured Loans		898.416	814.457	484.209
2] Unsecured Loans		262.651	128.967	148.302
TOTAL BORROWING		1161.067	943.424	632.511
DEFERRED TAX LIABILITIES		74.360	53.865	42.004
TOTAL		1732.532	1445.551	1053.085
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		966.873	718.967	677.171
Capital work-in-progress		0.000	100.692	0.000
INVESTMENT		32.940	32.989	21.499
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	539.490	335.502	216.383
	Sundry Debtors	419.276	364.459	300.528
	Cash & Bank Balances	37.580	56.895	54.793
	Other Current Assets	6.518	1.968	0.000
	Loans & Advances	245.008	250.422	151.976
Total Current Assets		1247.872	1009.246	723.680
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	302.241	221.483	185.434
	Other Current Liabilities	208.996	174.574	176.204
	Provisions	3.916	20.286	12.142
Total Current Liabilities		515.153	416.343	373.780
Net Current Assets		732.719	592.903	349.900
MISCELLANEOUS EXPENSES		0.000	0.000	4.515
TOTAL		1732.532	1445.551	1053.085

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2177.656	1632.240	1063.207
		Other Income	20.917	13.924	1.685
		TOTAL (A)	2198.573	1646.164	1064.892
Less	EXPENSES
		Cost of materials consumed	1816.899	1229.540
		Purchases of stock-in-trade	82.152	78.023	919.923
		Employee benefit expense	44.481	35.132
		Other expenses	222.952	195.129
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(174.407)	(100.983)
		TOTAL (B)	1992.077	1436.841	919.923
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		206.496	209.323	144.969
Less	FINANCIAL EXPENSES (D)		120.036	89.212	73.718
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		86.460	120.111	71.251
Less/ Add	DEPRECIATION/ AMORTISATION (F)		42.072	36.077	20.802
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		44.388	84.034	50.449
Less	TAX (H)		15.620	14.253	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		28.768	69.781	50.449
Less	Adjustment for Previous Year		NA	NA	1.950
Add	Adjustment of Advance Income tax		NA	NA	1.879
Add	Tax Provision (Income Tax/ Wealth Tax/ FBT) for the financial year 2008-09 written back		NA	NA	0.000
Less	Tax Provision (Income Tax/ Wealth Tax/ FBT)		NA	NA	0.000
Less	Gratuity Provision for current year		NA	NA	0.865
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	139.983
	BALANCE CARRIED TO THE B/S		NA	NA	176.567
	EARNINGS IN FOREIGN CURRENCY		124.106	117.398	88.272
	Earnings / (Loss) Per Share (Rs.)		3.64	8.84	10.64

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.31	4.24	4.74
Net Profit Margin (PBT/Sales)	(%)	2.04	5.15	4.74
Return on Total Assets (PBT/Total Assets}	(%)	2.00	8.17	3.60
Return on Investment (ROI) (PBT/Networth)		0.09	0.19	0.13
Debt Equity Ratio (Total Debt/Networth)		2.34	2.10	1.67
Current Ratio (Current Asset/Current Liability)		2.42	2.42	1.94

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	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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10376502	22/05/2013 *	197,500,000.00	STATE BANK OF INDIA	INDUSTRIAL COMPLEX BRANCH, BAHADURGARH - 124507, HARYANA, INDIA	B79789939
2	10249505	26/05/2012 *	114,250,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B40118879
3	90043507	05/07/2013 *	1,583,400,000.00	STATE BANK OF INDIA	INDUSTRIAL COMPLEX BRANCH, BAHADURGARH - 124507, HARYANA, INDIA

* Date of charge modification

OPERATION

During the year, the Company has performed beyond the targeted results in terms of turnover and profitability despite of the volatile prices of raw materials and recession in the international economy. The main reason behind it is that the Company has expanded its customer base and diversion its business prospect. The Company has entered in manufacturing of adhesives for shoe industry and CPVC/UPVC Pipes and Fittings. The company has entered into a joint venture with Italian company to start a new business of adhesives as per the prospective demand in the industry. Company achieved instant growth through keeping its operational cost under control.

Subject is today one of the Largest Thermo Plastic Rubber Compounds Company in India.

FUTURE PROSPECTS

The Companies vision to enter in the adhesives and diversified pipes business comes in reality and its Greater Noida unit is in full swing. Units in Jammu and Chennai are also performing well. There Bahadurgarh Plant is also performing upto mark. Being masters of Compounds and molding, now they have entered into manufacturing the complete range of pipes & fittings and adhesives for industrial uses. To start with, they are successful in launching high end product CPVC (Chlorinated Poly Vinyl Chloride) pipes and fittings.

UNSECURED LOAN

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Term loans from banks	6.229	10.558
Deposits	51.878	4.434
Loans and advances from related parties	204.544	113.975
Total	262.651	128.967

FIXED ASSETS

• Land
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer 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 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.63.67
UK Pound	1	Rs.100.71
Euro	1	Rs.84.72

INFORMATION DETAILS

Report Prepared by :

MRI

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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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

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

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

RATING EXPLANATIONS

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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