1. Summary Information

		Country	India
Company Name	VALUE PLUS RETAIL PRIVATE LIMITED	Principal Name 1	Mr. Chandan Tejwani
Status	Moderate	Principal Name 2	Mr. Manoj Agarwal
		Registration #	21-122406
Street Address	18, British Indian Street, 3^rd Floor Kolkata – 700069, West Bengal, India
Established Date	05.02.2008	SIC Code	-
Telephone#	91-522-2207226	Business Style 1	Retail Trade
Fax #	Not Available	Business Style 2	-
Homepage	http://www.valueplusretail.com	Product Name 1	Consumer Durables
# of employees	Not divulged	Product Name 2	-
Paid up capital	Rs. 15,106,000/-	Product Name 3	-
Shareholders	Directors or relatives of Directors 100%	Banking	Union Bank of India
Public Limited Corp.	No	Business Period	8 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (32)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	91,179,000	Current Liabilities	45,004,000
Inventories	198,318,000	Long-term Liabilities	192,391,000
Fixed Assets	24,843,000	Other Liabilities	19,305,000
Deferred Assets	788,000	Total Liabilities	256,700,000
Invest& other Assets	0	Retained Earnings	43,322,000
		Net Worth	58,428,000
Total Assets	315,128,000	Total Liab. & Equity	315,128,000
Total Assets (Previous Year)	252,989,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	NA	Net Profit	12,631,000
Sales (Previous Year)	NA	Net Profit (Previous Year)	12,568,000

MIRA INFORM REPORT

Report Date :

26.04.2014

IDENTIFICATION DETAILS

Name :	VALUE PLUS RETAIL PRIVATE LIMITED
Registered Office :	18, British Indian Street, 3^rd Floor Kolkata – 700069, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.02.2008
Com. Reg. No.:	21-122406
Capital Investment / Paid-up Capital :	Rs.15.106 Millions
CIN No.: [Company Identification No.]	U51109WB2008PTC122406
TAN No.: [Tax Deduction & Collection Account No.]	CALV02727E
PAN No.: [Permanent Account No.]	AACCV6349N
Legal Form :	Private Limited Liability Company.
Line of Business :	Retail Trade of Consumer Durables
No. of Employees :	Not divulged

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 233000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Borrowing of the company has increased during 2013. The rating also takes into consideration highly competitive market in the Retail Industry However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits=BB+
Rating Explanation	Moderate risk of defualt
Date	January 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED

Management Non co- operative (91-522-2207226)

LOCATIONS

Registered Office :	18, British Indian Street, 3^rd Floor Kolkata – 700069, West Bengal India
Tel. No.:	91-522-2207226
Fax No.:	Not Available
E-Mail :	cfclko@gmail.com gaurang.agarwal@valueplusretail.com
Website :	http://www.valueplusretail.com
Godown :	Dafti Mill Compound, Yogeshwar Math Marg, Lucknow, Lucknow - 226001, Uttar Pradesh, India
Branch Office 1 :	1/6, Gokhale Marg, Kucknow - 226001, Uttar Pradesh, India
Branch Office 2 :	Krishan Kunj, Gandhi Nagar, Golghar, Gorakhpur – 273001, Uttar Pradesh, India

DIRECTORS

As On 30.09.2013

Name :

Mr. Chandan Tejwani

Designation :

Director

Address :

Su-Ganga Bhawan, D-30, Rajajipuram, Lucknow – 226017, Uttar Pradesh, India

Date of Birth/Age :

04.12.1984

Date of Appointment :

03.08.2009

DIN No.:

00149830

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	U15342UP1990PTC011921	DINA NATH OIL TRADERS PRIVATE LIMITED	Director	07/11/2003	07/11/2003	28/11/2007	Active	NO
2	U51109WB2008PTC122406	VALUE PLUS RETAIL PRIVATE LIMITED	Director	03/08/2009	01/07/2008	-	Active	NO

Name :

Mr. Manoj Agarwal

Designation :

Director

Address :

1/6, Gokhley Marg, Lucknow - 226001, Uttar Pradesh, India

Date of Birth/Age :

12.07.1966

Date of Appointment :

05.02.2008

DIN No.:

01812682

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	U65991UP1996PTC020496	MALTI INVESTMENT PRIVATE LIMITED	Director	14/08/1996	14/08/1996	-	Active	NO
2	U31200UP1997PTC021847	VISHAL VIDEO & APPLIANCES PRIVATE LIMITED	Director	30/04/1997	30/04/1997	-	Active	NO
3	U45402UP1997PTC022748	COSMIC DESIGNS PRIVATE LIMITED	Director	23/11/1997	23/11/1997	08/03/2012	Active	NO
4	U45101UP1995PTC018566	ABHYUDAYA HOUSING AND CONSTRUCTIONS PRIVATE LIMITED	Director	31/03/2000	31/03/2000	-	Active	NO
5	U51109WB2008PTC122406	VALUE PLUS RETAIL PRIVATE LIMITED	Director	05/02/2008	05/02/2008	-	Active	NO
6	U52390DL2008PTC175902	FLYKING IMPEX PRIVATE LIMITED	Director	26/03/2008	26/03/2008	-	Strike off	NO
7	U45400WB2007PTC114759	ELEGANT SHELTERS PRIVATE LIMITED	Director	09/05/2008	09/05/2008	10/08/2009	Active	NO
8	U45200DL2010PTC204952	BHOPAL SANCHI HIGHWAYS PRIVATE LIMITED	Director	29/06/2010	29/06/2010	-	Active	NO
9	U45400UP2011PTC045683	BAWANA INFRA DEVELOPMENT PRIVATE LIMITED	Director	11/07/2011	11/07/2011	-	Active	NO
10	U74999UP2006PTC031747	ARYAVART SALES COMPANY PRIVATE LIMITED	Director	12/12/2013	12/12/2013	-	Active	NO

Name :

Mr. Ashish Kumar Ladia

Designation :

Director

Address :

Ck 13/95, Phatak Sukh Lal Shah, Lakhi Chautra, Varanasi - 221001, Uttar Pradesh, India

Date of Birth/Age :

11.10.1978

Date of Appointment :

03.08.2009

DIN No.:

00697111

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	U17299WB1992PTC055744	L.B.SAREES PVT LTD	Director	13/10/1997	13/10/1997	-	Active	NO
2	U51109WB2008PTC122406	VALUE PLUS RETAIL PRIVATE LIMITED	Director	03/08/2009	01/07/2008	-	Active	NO

Name :

Mr. Saurabh Agrawal

Designation :

Director

Address :

Abhaioli Company, Chauri Chaura, Gorakhpur – 273201, Uttar Pradesh, India

Date of Birth/Age :

15.12.1982

Date of Appointment :

03.08.2009

DIN No.:

01691376

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	U27109WB1994PTC065874	MORGAN FINANCIAL SERVICES PVT LTD	Director	02/07/2002	02/07/2002	30/09/2013	Active	NO
2	U70109WB1992PTC057137	E COM INFOTECH Private LIMITED	Director	16/12/2008	16/12/2008	-	Active	NO
3	U51909WB2008PTC131483	WOODLAND TRADE-LINK PRIVATE LIMITED.	Director	05/01/2009	05/01/2009	-	Active	NO
4	U51109WB2008PTC122406	VALUE PLUS RETAIL PRIVATE LIMITED	Director	03/08/2009	01/08/2009	-	Active	NO

Name :

Mr. Anand Kumar Agarwal

Designation :

Director

Address :

C/o Vishal Trades, Gorakhpur – 273005, Uttar Pradesh, India

Date of Birth/Age :

04.07.1963

Date of Appointment :

30.09.2010

DIN No.:

00046630

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	U31200UP1997PTC021847	VISHAL VIDEO & APPLIANCES PRIVATE LIMITED	Director	22/01/1999	22/01/1999	-	Active	NO
2	U45201UP2005PTC030441	BANKE BIHARI DEVELOPERS PRIVATE LIMITED	Director	01/08/2005	01/08/2005	-	Active	NO
3	U51109WB2008PTC122406	VALUE PLUS RETAIL PRIVATE LIMITED	Director	30/09/2010	15/07/2010	-	Active	NO
4	U74999UP2006PTC031747	ARYAVART SALES COMPANY PRIVATE LIMITED	Director	30/08/2012	30/08/2012	-	Active	NO

Name :

Mr. Mayur Agarwal

Designation :

Director

Address :

New Building, Hasratganj Charri Farizabad Road, Lucknow-226020, Uttarpradesh

Date of Birth/Age :

07.03.1980

Date of Appointment :

01.07.2008

DIN No.:

02267044

Name :

Mr. Karan Agarwal

Designation :

Director

Address :

2^nd Floor, 1/6, Opposite Red Hill School, Gokhle Marg, Lucknow-226001

Date of Birth/Age :

01.06.1987

Date of Appointment :

01.01.2011

DIN No.:

02908171

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2013

Names of Shareholders	No. of Shares
Manoj Kumar Agarwal	5000
Girdhari Lal Goenka	5000
Chandan Tejwani	250000
Manoj Agarwal and Mudit Agarwal (HUF)	250000
Mayur Agarwal	250000
Ashish Ladia	200000
Bharat Lal Ladia	50000
Anand Aruna Kanar Agarwal (HUF)	100
Amit Kumar Ladia	100
Hitesh Tejwani	100
Ahsa Bhugra	100
Mausam Ladia	100
Rupali Agarwal	100
Anand Kumar Agarwal (HUF)	120000
Aruna Karan Agarwal (HUF)	50000
Karan Agarwal	30000
Kunal Agarwal	50000
Ankit Agarwal	250000
Total	1510600

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Retail Trade of Consumer Durables

GENERAL INFORMATION

No. of Employees :

Not divulged

Bankers :

• Union Bank of India, Lucknow Main Branch, 29 Hazratganj, Lucknow - 226001, Uttar Pradesh, India
• ICICI Bank Limited
• HDFC Bank Limited
• Axis Bank

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Term Loans From Bank	142.179	95.649
Total	142.179	95.649

Banking Relations :	-
Auditors :
Name :	Khanna Thaker And Company Chartered Accountants
Address :

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 MIllions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1510600	Equity Shares	Rs.10/- each	Rs.15.106 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.106	15.106
(b) Reserves & Surplus	43.322	30.690
(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)	58.428	45.796
(3) Non-Current Liabilities
(a) long-term borrowings	50.200	10.868
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	50.200	10.868
(4) Current Liabilities
(a) Short term borrowings	142.191	95.699
(b) Trade payables	39.396	85.271
(c) Other current liabilities	5.608	2.102
(d) Short-term provisions	19.305	13.253
Total Current Liabilities (4)	206.500	196.325
TOTAL	315.128	252.989
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.843	19.938
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.788	0.739
(d) Long-term Loan and Advances	11.759	11.624
(e) Other Non-current assets	0.000	0.044
Total Non-Current Assets	37.390	32.345
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	198.318	146.747
(c) Trade receivables	27.612	43.154
(d) Cash and cash equivalents	25.089	15.666
(e) Short-term loans and advances	26.719	15.077
(f) Other current assets	0.000	0.000
Total Current Assets	277.738	220.644
TOTAL	315.128	252.989

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		15.106
2] Share Application Money		0.000
3] Reserves & Surplus		18.123
4] (Accumulated Losses)		0.000
NETWORTH		33.229
LOAN FUNDS
1] Secured Loans		101.206
2] Unsecured Loans		15.894
TOTAL BORROWING		117.100
DEFERRED TAX LIABILITIES		0.000
TOTAL		150.329
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.282
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.433
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	140.148
	Sundry Debtors	34.658
	Cash & Bank Balances	20.114
	Other Current Assets	0.000
	Loans & Advances	25.628
Total Current Assets		220.548
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	82.436
	Other Current Liabilities	1.352
	Provisions	7.233
Total Current Liabilities		91.021
Net Current Assets		129.827
MISCELLANEOUS EXPENSES		0.087
TOTAL		150.329

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	NA	NA	931.905
		Other Income	NA	NA	42.927
		TOTAL (A)	NA	NA	974.832
				NA
Less	EXPENSES			NA
		Purchase	NA	NA	959.707
		Employees Remuneration & Benefits	NA	NA	12.469
		Administrative & Other Expenses	NA	NA	40.022
		Selling & Distribution Expenses	NA	NA	2.564
		Miscellaneous Expenses written off	NA	NA	0.043
		(Increase) Decrease in Stock	NA	NA	(66.760)
		TOTAL (B)	NA	NA	948.045
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		48.696	39.063	26.787
Less	FINANCIAL EXPENSES (D)		26.871	16.939	13.083
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		21.825	22.124	13.704
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.125	3.572	2.925
	PROFIT BEFORE TAX (E-F) (G)		18.700	18.552	10.779
Less	TAX (H)		6.069	5.984	3.570
	PROFIT AFTER TAX (G-H) (I)		12.631	12.568	7.209
	Earnings Per Share (Rs.)		8.36	8.31	4.61

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	NA	0.74
Net Profit Margin (PBT/Sales)	(%)	NA	NA	1.16
Return on Total Assets (PBT/Total Assets}	(%)	5.95	7.35	4.48
Return on Investment (ROI) (PBT/Networth)		0.32	0.41	0.32
Debt Equity Ratio (Total Liability/Networth)		3.29	2.33	6.26
Current Ratio (Current Asset/Current Liability)		1.34	1.12	2.42

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	15.106	15.106
Reserves & Surplus	30.690	43.322
Net worth	45.796	58.428
long-term borrowings	10.868	50.200
Short term borrowings	95.699	142.191
Total borrowings	106.567	192.391
Debt/Equity ratio	2.327	3.293

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	NO

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans From Others	0.012	0.012
Other Loans And Advances	0.000	0.898
Loans And Advances From Others	50.188	9.958
Total	50.200	10.868

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10213299	13/12/2013 *	200,000,000.00	UNION BANK OF INDIA	LUCKNOW MAIN BRANCH, 29 HAZRATGANJ, LUCKNOW, Utta  R Pradesh - 226001, INDIA	B91692830

FIXED ASSETS

• Furniture and Fixtures
• Computer
• Printer
• UPS
• Close Circuit Camera
• Vehicle
• Submersible Pump
• Invertor and Battery
• Aqua Guard
• Fire Extinguishers
• Generator
• Eiectric Chimney
• Air Conditioner
• Dish T V
• Water Cooler
• Stablizer
• Mobile Phone
• Machinery and Tools
• Coffee Machine
• Kodak Camera
• Tata Photon Plus
• Land and Building
• Lift
• Locker

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.11
UK Pound	1	Rs.102.70
Euro	1	Rs.84.52

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	PRTT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.