MIRA INFORM REPORT

Report Date :

26.09.2013

IDENTIFICATION DETAILS

Name :	CELEBI NAS AIRPORT SERVICES INDIA PRIVATE LIMITED
Registered Office :	2nd Floor, Terminal 2B, Chhatrapati Shivaji International Airport, Mumbai – 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.12.2008
Com. Reg. No.:	11-188882
Capital Investment / Paid-up Capital :	Rs. 552.000 Millions
CIN No.: [Company Identification No.]	U63033MH2008FTC188882
TAN No.: [Tax Deduction & Collection Account No.]	MUMC6502D
PAN No.: [Permanent Account No.]	AADCC5379G
Legal Form :	Private Limited Liability Company
Line of Business :	The Company provides ground handling services (representation, traffic, ramp, cargo, flight operations etc) to foreign airlines, domestic airlines, business jets and private cargo companies.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 2200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary company of “CELEBI HAVA SERVISI A.S., Turkey”. It is an established company having moderate track record. Reserves of the company appear to be low. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considering 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB-
Rating Explanation	Moderate credit quality and average credit risk
Date	27.08.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and high credit risk
Date	27.08.2013

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.

LOCATIONS

Registered Office :	2nd Floor, Terminal 2B, Chhatrapati Shivaji International Airport, Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-65220577
Fax No.:	91-22-66859399
E-Mail :	Laxman.Prasad@celebinas.in
Website :	http://www.celebinas.in

DIRECTORS

As on 30.09.2012

Name :

Mr. Sahil Sohan Mehta

Designation :

Director

Address :

1203, Casa Grande, Tulsi Pipe Road, Lower Parel, Mumbai – 400013, Maharashtra, India

Date of Birth/Age :

07.09.1976

Date of Appointment :

17.01.2011

DIN No.:

00348720

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	U24100MH1980PTC023118	SOVIKA CHEMICALS PRIVATE LIMITED	Director	20-04-94	20-04-94	-	Active	NO
2	U70101MH1994PTC084149	SAHIL REAL ESTATE PRIVATE LIMITED	Director	29-12-94	29-12-94	-	Active	NO
3	U62200MH1992PLC069455	SOVIKA AIRLINE SERVICES LIMITED	Whole-time director	01-04-10	02-01-00	-	Active	NO
4	U65990MH1994PTC080444	CARTIER LEAFIN PRIVATE LIMITED	Director	31-03-04	31-03-04	01-07-10	Active	NO
5	U80302MH1995PTC092766	NAS AVIATION SERVICES INDIA PRIVATE LIMITED	Director	05-05-09	20-12-04	03-09-09	Active	YES
6	U65910MH1996PTC096519	NAS LEASING INDIA PRIVATE LIMITED	Director	20-02-07	20-02-07	03-09-09	Active	YES
7	U74910MH2007PTC175582	SOVIKA AVIATION SERVICES PRIVATE LIMITED	Director	01-11-07	01-11-07	-	Active	NO
8	U63033MH2008FTC188882	CELEBI NAS AIRPORT SERVICES INDIA PRIVATE LIMITED	Director	17-01-11	12-12-08	-	Active	NO
9	U72900MH2011PTC212059	IP AVENUE INTEGRATED SERVICES PRIVATE LIMITED	Director	09-01-11	09-01-11	-	Active	NO
10	U63000MH2012PTC229857	NEXUS FLIGHT OPERATIONS INDIA PRIVATE LIMITED	Director	18-04-12	18-04-12	-	Active	NO
11	AAA-7168	IP AVENUE FACILITY MANAGEMENT LLP	Designated Partner	07-12-11	07-12-11	-	Active	NO

Name :

Mr. Jungbir Singh

Designation :

Director

Address :

A-13.,Nili Bagh, New Delhi - 110049, India

Date of Birth/Age :

30.01.1970

Date of Appointment :

12.12.2008

DIN No.:

01206815

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	U74899DL1995PTC069059	SALWAN LEASING AND FINANCE PRIVATE LIMITED	Director	25-05-95	25-05-95	20-07-10	Active	NO
2	U63033MH2008FTC188882	CELEBI NAS AIRPORT SERVICES INDIA PRIVATE LIMITED	Director	12-12-08	12-12-08	-	Active	NO
3	U74900DL2009FTC191359	CELEBI DELHI CARGO TERMINAL MANAGEMENT INDIA PRIVATE LIMITED	Director	18-06-09	18-06-09	-	Active	NO
4	U63090DL2009PTC196128	CELEBI GROUND HANDLING DELHI PRIVATE LIMITED	Director	18-11-09	18-11-09	-	Active	NO
5	U74120MH2012FTC238884	CELEBI MUMBAI CARGO TERMINAL MANAGEMENT INDIA PRIVATE LIMITED	Director	17-12-12	17-12-12	-	Active	NO

Name :

Mr. Atilla Korkmazoglu

Designation :

Director

Address :

Osveny Utca 5 - 2, Budakeszi, 2092, Hungary

Date of Appointment :

20.12.2010

DIN No.:

02819438

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	U24233DL2007PTC165308	DELHI AVIATION SERVICES PRIVATE LIMITED	Additional director	28-07-10	28-07-10	28-04-11	Active	NO
2	U63090DL2009PTC196128	CELEBI GROUND HANDLING DELHI PRIVATE LIMITED	Director	30-09-11	08-09-10	-	Active	NO
3	U63033MH2008FTC188882	CELEBI NAS AIRPORT SERVICES INDIA PRIVATE LIMITED	Director	20-12-10	24-11-10	-	Active	NO
4	U74900DL2009FTC191359	CELEBI DELHI CARGO TERMINAL MANAGEMENT INDIA PRIVATE LIMITED	Director	21-07-11	21-07-11	-	Active	NO

Name :

Mr. Hassan El Houry

Designation :

Director

Address :

Block 6, Building 45, Jabriya, Kuwait, 0000. Kuwait

Date of Appointment :

04.10.2010

DIN No.:

03144789

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	U80302MH1995PTC092766	NAS AVIATION SERVICES INDIA PRIVATE LIMITED	Director	04-10-10	04-10-10	-	Active	YES
2	U65910MH1996PTC096519	NAS LEASING INDIA PRIVATE LIMITED	Director	04-10-10	04-10-10	-	Active	YES
3	U63033MH2008FTC188882	CELEBI NAS AIRPORT SERVICES INDIA PRIVATE LIMITED	Director	20-12-10	24-11-10	-	Active	NO
4	U62200MH2009PTC192961	D J AVIATION SERVICES PRIVATE LIMITED	Additional director	25-11-10	25-11-10	-	Active	NO
5	U74990MH2011PTC215136	NAS GROUND SUPPORT INDIA PRIVATE LIMITED	Director	23-03-11	23-03-11	-	Active	NO

Name :

Mr. Husnu Tanzer Gucumen

Designation :

Director

Address :

Acarlar Mahallesi 5 Caddesi 28 Sokak, Acarkent Sitesi, No:20 Daire, C-114, Istanbul 34800, Turkey

Date of Appointment :

20.12.2010

DIN No.:

03269090

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	U74900DL2009FTC191359	CELEBI DELHI CARGO TERMINAL MANAGEMENT INDIA PRIVATE LIMITED	Director	15-11-10	09-11-10	-	Active	NO
2	U63033MH2008FTC188882	CELEBI NAS AIRPORT SERVICES INDIA PRIVATE LIMITED	Director	20-12-10	24-11-10	-	Active	NO

Name :

Mr. Mohamed Galaleldin Mohamed Hassan Saleh

Designation :

Director

Address :

Block 5 Building 16, Salmiya, Kuwait, 0000, Kuwait

Date of Appointment :

20.12.2010

DIN No.:

03334606

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	U63033MH2008FTC188882	CELEBI NAS AIRPORT SERVICES INDIA PRIVATE LIMITED	Director	20-12-10	24-11-10	-	Active	NO
2	U65910MH1996PTC096519	NAS LEASING INDIA PRIVATE LIMITED	Director	02-03-11	02-03-11	-	Active	YES
3	U62200MH2009PTC192961	D J AVIATION SERVICES PRIVATE LIMITED	Director	02-03-11	02-03-11	-	Active	NO
4	U74990MH2011PTC215136	NAS GROUND SUPPORT INDIA PRIVATE LIMITED	Director	23-03-11	23-03-11	-	Active	NO

Name :

Zeynep Candan Cetiner

Designation :

Director

Address :

Akat District, Altay Road 4b/ 1 Besiktas Istanbul 34335

Date of Birth/Age :

04.01.1965

Date of Appointment :

31.07.2013

DIN No.:

02787301

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	U63033MH2008FTC188882	CELEBI NAS AIRPORT SERVICES INDIA PRIVATE LIMITED	Director	31-07-13	08-07-13	-	Active	NO
2	U63090DL2009PTC196128	CELEBI GROUND HANDLING DELHI PRIVATE LIMITED	Director	18-07-13	18-07-13	-	Active	NO
3	U74900DL2009FTC191359	CELEBI DELHI CARGO TERMINAL MANAGEMENT INDIA PRIVATE LIMITED	Additional director	22-07-13	22-07-13	-	Active	NO

KEY EXECUTIVES

Name :	Cem Zeki Sensoz
Designation :	Manager
Address :	Flat No 701, Casablanca, Zig Zag Road, Pab Hill, Bandra (West), Mumbai - 400050, Maharashtra, India
Date of Appointment :	16.01.2012
PAN No.:	CHPPS2600Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Names of Shareholders	No. of Shares
Celebi Hava Servisi Anonim Serketi, Istanbul	30360000
Sovika Aviation Services Private Limited, India	2208000
Nas Aviation Services India Private Limited, India	22632000
Total	55200000

As on 30.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	55.00
Bodies corporate	45.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company provides ground handling services (representation, traffic, ramp, cargo, flight operations etc) to foreign airlines, domestic airlines, business jets and private cargo companies.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India, Andheri (East) Branch, Mayani Manor, Sir M V Road, (Andheri East), Mumbai - 400069, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long-term borrowings
Rupee term loans from banks	101.413	271.013
Short-term borrowings
Other loans and advances	96.525	40.584
Total	197.938	311.597

Banking Relations :	---
Auditors :
Name :	S.R. Batliboi and Company LLP Chartered Accountants
Address :	14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar, Mumbai - 400028, Maharashtra, India
PAN No.:	AABFS3421N
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	IP Avenue Integrated Services Private Limited Sovika Aviation Services Private Limited
Fellow Subsidiary Company :	Celebi Ground Handling Delhi Private Limited
Holding Company :	Celebi Hava Servisi Anonim Sirketi

CAPITAL STRUCTURE

As on 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
55200000	Equity Shares	Rs.10/- each	Rs.552.000 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	552.000	552.000	400.000
(b) Reserves & Surplus	13.276	6.401	(149.824)
(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)	565.276	558.401	250.176
(3) Non-Current Liabilities
(a) long-term borrowings	101.413	271.013	450.613
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.378	8.433	5.411
Total Non-current Liabilities (3)	109.791	279.446	456.024
(4) Current Liabilities
(a) Short term borrowings	96.525	40.584	66.576
(b) Trade payables	29.925	24.252	46.688
(c) Other current liabilities	237.508	235.201	426.673
(d) Short-term provisions	0.608	0.667	0.537
Total Current Liabilities (4)	364.566	300.704	540.474
TOTAL	1039.633	1138.551	1246.674
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	550.282	681.387	625.866
(ii) Intangible Assets	1.699	2.449	2.651
(iii) Capital work-in-progress	0.00	0.148	31.117
(iv) Intangible assets under development	0.000	0.105	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	210.461	206.567	200.862
(e) Other Non-current assets	81.550	90.252	87.654
Total Non-Current Assets	843.992	980.908	948.150
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	147.147	97.573	187.126
(d) Cash and cash equivalents	18.434	24.224	16.381
(e) Short-term loans and advances	30.060	35.846	95.017
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	195.641	157.643	298.524
TOTAL	1039.633	1138.551	1246.674

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Gross Income	981.405	930.954	772.727
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		142.892	40.893	63.428
Less/ Add	DEPRECIATION/ AMORTISATION		136.017	112.675	88.439
	PROFIT / (LOSS) BEFORE TAX		6.875	(71.782)	(25.011)
Less	TAX		0.000	(0.007)	(19.327)
	PROFIT / (LOSS) AFTER TAX		6.875	(71.775)	(5.684)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(221.599)	(149.824)	(144.140)
	BALANCE CARRIED TO THE B/S		(214.724)	(221.599)	(149.824)
	EARNINGS IN FOREIGN CURRENCY
		Ground handling services	58.720	77.153	67.582
	TOTAL EARNINGS		58.720	77.153	67.582
			55200000
	Earnings / (Loss) Per Share (Rs.)		1.25	(1.30)	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	0.53	(4.71)	(0.37)
Return on Investment (ROI) (PBT/Networth)		0.01	(0.13)	(0.02)
Debt Equity Ratio (Total Debt /Networth)		0.35	0.56	2.07
Current Ratio (Current Asset/Current Liability)		0.54	0.52	0.55

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NATURE OF OPERATIONS

Subject was incorporated on 12 December 2008 and got the contract from Mumbai International Airport Private Limited (MIAL) to provide the Ground Handling Services at Chhatrapati Shivaji International Airport (CSIA) for 11 years. The Company provides ground handling services (representation, traffic, ramp, cargo, flight operations etc) to foreign airlines, domestic airlines, business jets and private cargo companies.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10204339	28/01/2010	100,000,000.00	UNION BANK OF INDIA	Andheri (East) Branch, Mayani Manor, Sir M V Road, Andheri (East), Mumbai, Maharashtra - 400069, INDIA	A80148745
2	10204341	28/01/2010	640,000,000.00	UNION BANK OF INDIA	Andheri (East) Branch, Mayani Manor, Sir M V Road, Andheri (East), Mumbai, Maharashtra - 400069, INDIA	A80149867

* Date of charge modification

FIXED ASSETS

• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer

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.62.70
UK Pound	1	Rs.100.27
Euro	1	Rs.84.46

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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
--AFFILIATIO	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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

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.