Country	India
Company Name	DIVYAM EXIM LIMITED	Principal Name 1	Ms. Renu Jain
Status	Moderate	Principal Name 2	Mr. Satish Jain
		Registration #	05-035958
Street Address	338, Sector – 24, Faridabad – 121005, Haryana, India
Established Date	13.12.2005	SIC Code	--
Telephone#	91-129-4020837	Business Style 1	Manufacturer
Fax #	91-129-4028212 / 402282	Business Style 2	High Quality Equestrian Clothing
Homepage	http://www.divyamknitwears.com	Product Name 1	Fine Riding Apparels.
# of employees	Not Divulged	Product Name 2	-
Paid up capital	Rs. 14,024,600/-	Product Name 3	-
Shareholders	Bodies corporate – 16.50% Directors or relatives of Directors – 83.50%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	9 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (27)
Related Company
Relation	Country	Company Name	CEO
Related Party	--	Indo Autotech Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	19,126,000	Current Liabilities	2,216,000
Inventories	4,890,000	Long-term Liabilities	4,256,000
Fixed Assets	4,544,000	Other Liabilities	912,000
Deferred Assets	175,000	Total Liabilities	7,384,000
Invest& other Assets	0,000	Retained Earnings	7,327,000
		Net Worth	21,351,000
Total Assets	28,735,000	Total Liab. & Equity	28,735,000
Total Assets (Previous Year)	30,227,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	39,680,000	Net Profit	1,411,000
Sales(Previous yr)	57,498,000	Net Profit(Prev.yr)	3,121,000

MIRA INFORM REPORT

Report Date :

25.02.2014

IDENTIFICATION DETAILS

Name :	DIVYAM EXIM LIMITED (w.e.f. 03.12.2013)
Formerly Known As :	DIVYAM KNITWEARS LIMITED
Registered Office :	338, Sector - 24, Faridabad - 121005, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.12.2005
Com. Reg. No.:	05-035958
Capital Investment / Paid-up Capital :	Rs.14.024 Millions
CIN No.: [Company Identification No.]	U74899HR2005PLC035958
TAN No.: [Tax Deduction & Collection Account No.]	RTKD03434E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of High Quality Equestrian Clothing and Fine Riding Apparels.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 85000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating constrained due to sharp dip in profitability of the company during financial year 2013 and low reserves of the company. However, trade relations are fair. Business is active. Payment terms are 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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 BY

Name :	Mr. Satish Jain
Designation :	Director
Contact No.:	91-9811107772
Date :	22.02.2014

LOCATIONS

Registered Office :	338, Sector – 24, Faridabad – 121005, Haryana, India
Tel. No.:	91-129-4020837
Mobile No.:	91-9811107772 (Mr. Satish Jain)
Fax No.:	91-129-4028212 / 402282
E-Mail :	srinivasan@divyamknitwears.com info@divyamknitwears.com savita_trehan@yahoo.com ankush@divyamknitwears.com s.jain@divyamkniwears.com
Website :	http://www.divyamknitwears.com
Location :	Rented
Overseas Office :	28 Wheatsheaf Close, Docklands, London – E14 9UU (U.K.)
Tel. No.:	+447956838009

DIRECTORS

As on 30.09.2013

Name :

Ms. Renu Jain

Designation :

Director

Address :

House No. 1443, Sector 14, Faridabad – 121007, Haryana, India

Date of Birth/Age :

05.08.1975

Date of Appointment :

13.12.2005

DIN No.:

00059319

 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	U74899HR1995PLC038416	SHINE GUARD (INDIA) LIMITED	Director	03/09/2001	03/09/2001	-	Active	NO
2	U29120HR1991PLC031407	SARVO TECHNOLOGIES LIMITED	Director	01/07/2003	01/07/2003	-	Active	NO
3	U74899HR2005PLC035958	Divyam Exim Limited	Director	13/12/2005	13/12/2005	-	Active	NO
4	U34300HR2006PLC036369	INDO AUTOTECH LIMITED	Whole-time director	01/07/2013	01/07/2013	-	Active	NO

Name :

Mr. Satish Jain

Designation :

Director

Address :

House No. 1443, Sector 14, Faridabad – 121007, Haryana, India

Date of Birth/Age :

05.06.1972

Date of Appointment :

13.12.2005

DIN No.:

00110033

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	U74899HR1995PLC038416	SHINE GUARD (INDIA) LIMITED	Whole-time director	27/08/2007	24/03/1998	-	Active	NO
2	U29120HR1991PLC031407	SARVO TECHNOLOGIES LIMITED	Managing director	27/08/2007	02/04/2001	-	Active	NO
3	U74899HR2005PLC035958	Divyam Exim Limited	Director	13/12/2005	13/12/2005	-	Active	NO
4	U34300HR2006PLC036369	INDO AUTOTECH LTD.	Whole-time director	01/12/2012	15/09/2006	-	Active	NO
5	U35999HR2010PLC040313	ELAN AUTO INDIA LIMITED	Director	30/03/2010	30/03/2010	07/10/2013	Active	NO

Name :

Mr. Sajan Kumar Jain

Designation :

Director

Address :

House No. 1443, Sector 14, Faridabad, – 121007 Haryana, India

Date of Birth/Age :

13.03.1948

Date of Appointment :

13.12.2005

DIN No.:

00061401

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	U74999HR1989PTC030515	MICRONICS INSTRUMENTS PRIVATE LIMITED	Director	27/03/1989	27/03/1989	-	Active	NO
2	U34300HR1993PTC031897	TECHNO SPRINGS INDIA PRIVATE LIMITED	Director	18/01/1993	18/01/1993	-	Active	NO
3	U74899HR1995PLC038416	SHINE GUARD (INDIA) LIMITED	Director	03/04/1995	03/04/1995	-	Active	NO
4	U18204DL1983PTC185012	A. E. FASHIONS PRIVATE LIMITED	Director	01/01/1996	01/01/1996	21/09/2007	Active	NO
5	U74999HR1988PTC030385	SCIENTIFIC KNITS PROCESSORS PRIVATE LIMITED	Director	25/01/1999	25/01/1999	22/12/2006	Active	NO
6	U29120HR1991PLC031407	SARVO TECHNOLOGIES LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
7	U45201DL2005PTC135974	ANANDA PROJECTS PRIVATE LIMITED	Director	07/11/2005	07/11/2005	30/09/2011	Active	NO
8	U74899HR2005PLC035958	Divyam Exim Limited	Director	13/12/2005	13/12/2005	-	Active	NO
9	U34300HR2006PLC036369	INDO AUTOTECH LIMITED	Whole-time director	01/05/2007	15/09/2006	-	Active	NO
10	U52190DL2001PLC110580	MAGPPIE INTERNATIONAL LIMITED	Director	29/09/2007	02/04/2007	-	Active	NO
11	U70109HP2010PTC031312	ANANDA VEDIC PROJECTS PRIVATE LIMITED	Director	15/04/2010	15/04/2010	-	Active	NO
12	U70109HP2010PTC031313	MANON VEDIC VALLEY PROJECTS PRIVATE LIMITED	Director	15/04/2010	15/04/2010	-	Active	NO
13	U70109HP2011PTC031533	KHAJRETH HILLS PROJECT PRIVATE LIMITED	Director	12/01/2011	12/01/2011	-	Active	NO
14	U70109HP2011PTC031545	DHARAMPUR VEDIC VALLEY PROJECT PRIVATE LIMITED	Director	19/01/2011	19/01/2011	-	Active	NO
15	U70109HP2011PTC031548	JANGESHU HILLS SIDE PROJECT PRIVATE LIMITED	Director	21/01/2011	21/01/2011	-	Active	NO
16	U70109HP2011PTC031557	MASHOBRA HILLS SIDE PROJECTS PRIVATE LIMITED	Director	07/02/2011	07/02/2011	-	Active	NO
17	U34300HR1993PLC031927	ADMACH AUTO INDIA LIMITED	Director	11/04/2011	11/04/2011	-	Active	NO
18	U70109HP2011PTC031643	SANAWAR HILLS PROJECTS PRIVATE LIMITED	Director	13/05/2011	13/05/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Sajan Kumar Jain	301000
Anand Kumar Jain	15000
Satish Jain	550000
Trishla Jain	5000
Babita Jain	5000
Nisha Jain	5000
Renu Jain	265000
Divyam Jain	25000
Deo Jewellers Limited, (India)	50000
Brij Packing Limited, (India)	50000
Archit Fincap Limited, (India)	14000
Juneja Nagpal Construction private Limited (India)	22460
Shineguard India	95000
Total	1402460

As on 15.12.2013

Names of Allottee	No. of Shares
Renu Jain	6000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	16.50
Directors or relatives of Directors	83.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of High Quality Equestrian Clothing and Fine Riding Apparels.

GENERAL INFORMATION

Supplier :

Ø Ams Narula Lables Private Limited

Ø AA zippers Private Limited

Ø ADS Power System Private Limited

Ø Ambika Knit Fab

Ø BCL Fabrics Private Limited

Ø Arihant Metal Corp

Ø Chawla textiles

Ø HP IP international

Ø Guru Dev Tex Print

Ø Krishna Computers

Ø Radhika Rayon Private Limited

Ø Stitch Aid

No. of Employees :

Not Divulged

Bankers :

· State Bank of India, SIB Branch, 65, Neelam Bata Road, Faridabad -121001, Haryana, India

· ICICI Bank Limited

· Punjab National Bank

· Duetsche Bank

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Working capital loan
Bank OD	4.256	1.382
Total	4.256	1.382

Banking Relations :	--
Auditors :
Name :	Sudhir Chaudhary and Associates Chartered Accountants
Address :	205, Om Shubham Tower, Neelam Bata Road, Faridabad – 121 002, Haryana, India
Tel. No.:	91-129-4004129 / 4038429
Fax No.:	91-129-4004428
E-Mail :	Scaff8@airtelmail.in
PAN No.:	ABCFS6938E
Related Party :	¨ Indo Autotech Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1402460	Equity Shares	Rs.10/- each	Rs.14.024 Millions

After 30.09.2013

Authorised Capital : Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 14.625 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	14.024
(b) Reserves & Surplus	7.327
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	21.351
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	0.000
(4) Current Liabilities
(a) Short term borrowings	4.256
(b) Trade payables	1.790
(c) Other current liabilities	0.426
(d) Short-term provisions	0.912
Total Current Liabilities (4)	7.384
TOTAL	28.735
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.721
(ii) Intangible Assets	1.823
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.175
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.000
Total Non-Current Assets	4.719
(2) Current assets
(a) Current investments	0.000
(b) Inventories	4.890
(c) Trade receivables	14.438
(d) Cash and cash equivalents	1.403
(e) Short-term loans and advances	3.285
(f) Other current assets	0.000
Total Current Assets	24.016
TOTAL	28.735

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		12.025	12.024
2] Share Application Money		1.800	0.000
3] Reserves & Surplus		5.916	2.795
4] (Accumulated Losses)		0.000	0.000
NETWORTH		19.741	14.819
LOAN FUNDS
1] Secured Loans		1.382	3.642
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		1.382	3.642
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		21.123	18.461
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.804	3.171
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	1.823
DEFERREX TAX ASSETS		0.148	0.116
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.233	10.605
	Sundry Debtors	11.686	4.268
	Cash & Bank Balances	3.053	2.273
	Other Current Assets	1.823	0.000
	Loans & Advances	4.480	0.675
Total Current Assets		27.275	17.821
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.535	3.983
	Other Current Liabilities	0.866	0.381
	Provisions	1.703	0.106
Total Current Liabilities		9.104	4.470
Net Current Assets		18.171	13.351
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		21.123	18.461

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	39.680	57.498	29.252
		Other Income	1.531	1.925	0.636
		TOTAL (A)	41.211	59.423	29.888
Less	EXPENSES
		Manufacturing Expenses	--	--	24.713
		Cost of materials consumed	22.972	36.198	--
		Administrative Expenses	--	--	5.306
		Increase (Decrease) In stock	0.143	1.560	(1.213)
		Personnel expenses	8.187	3.827	--
		Other Expenses	6.631	12.016	--
		Preliminary Expenses	--	--	0.047
		TOTAL (B)	37.933	53.601	28.853
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.278	5.822	1.035
Less	FINANCIAL EXPENSES (D)		0.668	0.594	0.294
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.610	5.228	0.741
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.459	0.511	0.566
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2.151	4.717	0.175
Less	TAX (H)		0.740	1.596	0.132
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1.411	3.121	0.043
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.458	1.337	1.294
	BALANCE CARRIED TO THE B/S		5.869	4.458	1.337
	EARNINGS IN FOREIGN EXCHANGES		0.516	0.969	19.992
	CIF VALUE OF IMPORT		9.583	10.169	9.332
	Earnings / (Loss) Per Share (Rs.)		1.01	2.60	0.04

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.42	5.25	0.14
Net Profit Margin (PBT/Sales)	(%)	5.42	8.20	0.59
Return on Total Assets (PBT/Total Assets}	(%)	7.53	15.68	0.83
Return on Investment (ROI) (PBT/Networth)		0.10	0.24	0.01
Debt Equity Ratio (Total Debt /Networth)		0.20	0.07	0.25
Current Ratio (Current Asset/Current Liability)		3.25	3.00	3.99

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	29.252	57.498	39.680
		96.561	(30.989)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	29.252	57.498	39.68
Profit	0.043	3.121	1.411
	0.15%	5.43%	3.56%

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	Yes
10]	Designation of contact person	Yes
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	Yes
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10025914	27/08/2007 *	6,100,000.00	STATE BANK OF INDIA SIB BRANCH	65, NEELAM BATA ROAD, FARIDABAD - 121001, HARYANA, INDIA	A22856579

* Date of charge modification

FIXED ASSETS

· Furniture Fixture

· Computer and software

· Two Wheelers

· Plant and Machinery

· Electrical Equipment

· Car

· Trade Mark

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 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] 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.62.12
UK Pound	1	Rs.103.38
Euro	1	Rs.85.32

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	ANK

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	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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		27

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