MIRA INFORM REPORT

Report Date :

15.07.2014

IDENTIFICATION DETAILS

Name :	EMERGENCY ELECTRONIC SECURITY (INDIA) PRIVATE LIMITED
Registered Office :	A-302, Rizvi House Hill Road, Bandra (West), Mumbai – 400050, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.10.1999
Com. Reg. No.:	11-122419
Capital Investment / Paid-up Capital :	Rs.8.601 Millions
CIN No.: [Company Identification No.]	U31200MH1999PTC122419
TIN No.:	27790021581
Legal Form :	Private Limited Liability Company
Line of Business :	They are system integrator of security products like CCTV cameras etc.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Management of the company has failed to file its financial after 2010 with the government department. As per available financial 2010, finance positon of the company seems to be decent. However, trade relations are reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings on safe and secured 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 – 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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 PARTED BY

Name :	Ms. Komal
Designation :	Account Head
Contact No.:	91-9167223420
Date :	12.07.2014

Name :	Mr. Animesh
Designation :	Director
Date :	12.07.2014

LOCATIONS

Registered Office :	A-302, Rizvi House Hill Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9167223420 (Ms. Komal)
Fax No.:	Not Available
E-Mail :	komal@emnetindia.com emnet_accounts@rediffmail.com
Area :	1000 Sq ft
Location :	Owned
Corporate Office:	29 Chani's, Opposite Mhada Office Kalanagar, Bandra (East), Mumbai – 400051, Maharashtra, India
Area :	2000 Sq ft
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Suyash Murlidhar Chaini

Designation :

Director

Address :

29, Kalanagar, Bandra West, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

25.06.1975

Date of Appointment :

28.10.1999

DIN No.:

00274782

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	U31200MH1999PTC122419	EMERGENCY ELECTRONIC SECURITY (INDIA) PRIVATE LIMITED	Director	28/10/1999	28/10/1999	-	Active	NO
2	U24100MH1981PTC024187	MANDAR CHEMICALS PRIVATE LIMITED	Director	21/09/2004	21/09/2004	-	Active	NO
3	U93090MH2006PTC165991	EMNET SAMSARA MEDIA PRIVATE LIMITED	Director	04/01/2007	04/01/2007	-	Active	NO
4	U74920MH2008PLC179260	ENSO EMNET LIMITED	Director	21/02/2008	21/02/2008	-	Strike off	NO
5	U74900MH2008PTC180431	TINTA MEDIA CREATIONS PRIVATE LIMITED	Director	25/03/2008	25/03/2008	-	Active	NO
6	U74940TN2008PTC069494	ARIHANT TINTA MEDIYACOM PRIVATE LIMITED	Director	06/10/2008	06/10/2008	-	Active	YES
7	U70102MH2010PTC207798	EMNET INFRAVENTURES PRIVATE LIMITED	Director	17/09/2010	17/09/2010	-	Active	NO
8	U74999MH2011PTC212004	ESPL MEDIA PRIVATE LIMITED	Director	08/01/2011	08/01/2011	-	Strike off	NO

Name :

Ms. Priya Murlidhar Chaini

Designation :

Director

Address :

29, Kalanagar, Bandra West, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

14.11.1947

Date of Appointment :

29.10.1999

DIN No.:

02009909

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	U24100MH1981PTC024187	MANDAR CHEMICALS PRIVATE LIMITED	Director	04/04/1981	04/04/1981	-	Active	NO
2	U51900MH1994PTC081412	CHAINMARK OVERSEAS PRIVATE LIMITED	Director	23/09/1994	23/09/1994	-	Active	NO
3	U31200MH1999PTC122419	EMERGENCY ELECTRONIC SECURITY (INDIA) PRIVATE LIMITED	Director	29/10/1999	29/10/1999	-	Active	NO
4	U63030MH2005PLC158017	DRAGON KING CONTAINER HANDLING SERVICES LIMITED	Director	13/12/2005	13/12/2005	-	Active	NO
5	U93090MH2006PTC165991	EMNET SAMSARA MEDIA PRIVATE LIMITED	Director	05/12/2006	05/12/2006	05/04/2013	Active	NO

Name :

Mr. Animesh Murlidhar Chaini

Designation :

Director

Address :

29, Kalanagar, Bandra West, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

12.11.1978

Date of Appointment :

30.09.2008

DIN No.:

00631412

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	U93090MH2006PTC165991	EMNET SAMSARA MEDIA PRIVATE LIMITED	Director	04/01/2007	04/01/2007	04/11/2008	Active	NO
2	U45203MH2007PTC172002	MARIS INFRASTRUCTURE INDIA PRIVATE LIMITED	Director	29/09/2008	08/01/2008	02/01/2012	Active	NO
3	U74920MH2008PLC179260	ENSO EMNET LIMITED	Director	21/02/2008	21/02/2008	-	Strike off	NO
4	U74900MH2008PTC180431	TINTA MEDIA CREATIONS PRIVATE LIMITED	Director	25/03/2008	25/03/2008	-	Active	NO
5	U31200MH1999PTC122419	EMERGENCY ELECTRONIC SECURITY (INDIA) PRIVATE LIMITED	Director	30/09/2008	30/09/2008	-	Active	NO
6	U70102MH2010PTC207798	EMNET INFRAVENTURES PRIVATE LIMITED	Director	17/09/2010	17/09/2010	-	Active	NO
7	U74120MH2013PTC241511	EMNET LIGHTING SOLUTIONS PRIVATE LIMITED	Director	29/03/2013	29/03/2013	-	Active	NO
8	U74999MH2013PTC242232	EMNET ELECTRONIC SECURITY SOLUTIONS PRIVATE LIMITED	Director	21/04/2013	21/04/2013	-	Active	NO

Name :

Mr. Murlidhar Narayan Chaini

Designation :

Director

Address :

29, Kalanagar, Bandra West, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

27.09.1942

Date of Appointment :

26.03.2009

DIN No.:

01347945

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	U24111AS1994PLC004277	RELIANCE ASSAM PETROCHEMICALS LIMITED	Director	25/10/1994	25/10/1994	04/06/2009	Strike off	NO
2	U74999MH1969PLC014218	INDIAN MERCHANTS CHAMBER	Director	09/05/1998	09/05/1998	26/02/2012	Active	NO
3	U24240MH1987PLC044538	MIRASU MARKETING LIMITED	Director	30/01/2004	30/01/2004	-	Amalgamated	NO
4	L74999MH1985PLC037618	INDAGE VINTNERS LIMITED	Director	30/09/2004	30/09/2004	14/01/2010	Under liquidation	NO
5	U63030MH2005PLC158017	DRAGON KING CONTAINER HANDLING SERVICES LIMITED	Director	13/12/2005	13/12/2005	-	Active	NO
6	L24246MH1986PLC040817	FEM CARE PHARMA LIMITED	Director	28/09/2006	28/09/2006	25/06/2009	Amalgamated	NO
7	U40102MH2007PTC173536	AMBAI POWER COMPANY PRIVATE LIMITED	Director	28/08/2007	28/08/2007	13/09/2008	Active	YES
8	U01403MH2007PLC174372	BIOTOR CONTRACT FARMING LIMITED	Director	21/09/2007	21/09/2007	28/02/2008	Active	YES
9	U85100MH2007PTC174816	RUSHICOOL HEALTHCARE PRIVATE LIMITED	Director	08/10/2007	08/10/2007	13/09/2008	Active	YES
10	U31200MH1999PTC122419	EMERGENCY ELECTRONIC SECURITY (INDIA) PRIVATE LIMITED	Additional director	26/03/2009	26/03/2009	-	Active	NO
11	U51900MH1994PTC081412	CHAINMARK OVERSEAS PRIVATE LIMITED	Additional director	01/09/2010	01/09/2010	-	Active	NO
12	U70102MH2010PTC207798	EMNET INFRAVENTURES PRIVATE LIMITED	Director	17/09/2010	17/09/2010	-	Active	NO
13	U24233MH2011PTC215633	THINQ DRUG DISCOVERY PRIVATE LIMITED	Director	01/04/2011	01/04/2011	26/02/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Komal
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Suyash Murlidhar Chaini	1510
Saraj Investments	43000
Priya Murlidhar Chaini	27000
Murlidhar Narayan Chaini	9600
Animesh Murlidhar Chaini	1000
Chainmarko Overseas Private Limited, India	3900
Total	86010

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

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	49.99
Bodies corporate	4.53
Directors or relatives of Directors	45.48
Total	100.00

BUSINESS DETAILS

Line of Business :	They are system integrator of security products like CCTV cameras etc.
Brand Name:	EMNET
Imports :
Products :	CCTV Camera as and Security products
Countries :	· Belgium · Israel
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers

No. of Employees :

30 (Approximately)

Bankers :

· The Saraswat Cooperative Bank Limited, SME Vile Parle Branch, Bholanath Cooperative Housing Society, Subhash Road, Vile Parle East, Mumbai - 400057, Maharashtra, India

· ICICI Bank, Bandra East, Mumbai, Maharashtra, India

Facilities :

Secured Loan	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Overdraft Facilities Sarawat Bank (Secured against hypothecation of stock in trade book debts)	24.096	14.926
Bill Discounting Facility Sarawat Bank (Secured against hypothecation of stock in trade book debts)	1.994	1.609
Secured Loans	28.000	0.000
Total	54.090	16.535

Banking Relations :	--
Auditors :
Name :	RAR and Associates Chartered Accountants
Address :	Room No.3-314,3rd Floor, Yaswant Shopping Center, Carter Road No-7, Borivali (East), MUMBAI – 400066, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAJFR8990D

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
86010	Equity Shares	Rs.100/- each	Rs. 8.601 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
1] Share Capital		8.601	8.601	8.601
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.825	14.675	6.007
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		31.426	23.276	14.608
LOAN FUNDS
1] Secured Loans		54.090	16.535	14.532
2] Unsecured Loans		19.944	10.176	2.647
TOTAL BORROWING		74.034	26.711	17.179
DEFERRED TAX LIABILITIES		0.095	0.165	0.095
TOTAL		105.555	50.152	31.882
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.710	12.742	1.607
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.557	3.557	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.400	8.900	6.773
	Sundry Debtors	241.775	189.072	44.525
	Cash & Bank Balances	0.223	0.582	0.858
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.064	15.067	7.876
Total Current Assets		265.462	213.621	60.032
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	162.877	176.684	23.747
	Other Current Liabilities	9.170	1.877	4.004
	Provisions	3.249	1.207	2.006
Total Current Liabilities		175.296	179.768	29.757
Net Current Assets		90.166	33.853	30.275
MISCELLANEOUS EXPENSES		0.122	0.000	0.000
TOTAL		105.555	50.152	31.882

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009	31.03.2008
	SALES
	Income	273.073	211.388	157.324
	Other Income
	TOTAL (A)	273.073	211.388	157.324
Less	EXPENSES
	Material Purchase	196.159	177.004	134.488
	Site Overheads	40.263	4.124	4.430
	Selling and distribution overhead	5.679	4.299	3.665
	Personal Overhead	4.113	4.010	2.903
	Administrative Overhead	6.429	8.640	3.110
	Key Man insurance Premium	0.378	0.000	0.000
	Loss on the sale of motor car	0.000	0.425	0.000
	TOTAL (B)	253.021	198.502	148.596
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	20.052	12.886	8.728
Less	FINANCIAL EXPENSES (D)	7.609	2.384	1.076
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	12.443	10.502	7.652
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.044	1.144	0.228
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	11.399	9.358	7.424
Less	TAX (I)	3.249	0.691	2.493
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	8.150	8.667	4.931
	Earnings / (Loss) Per Share (Rs.)	94.76	100.77	5.73

Particulars	31.03.2014	31.03.2013
Sales Turnover (Approximately)	100.000	100.000

The above information has been parted by Ms. Komal (Account Head)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.98	4.10	3.13
Return on Total Assets (PBT/Total Assets}	(%)	4.11	4.13	12.04
Return on Investment (ROI) (PBT/Networth)		0.36	0.40	0.51
Debt Equity Ratio (Total Debt /Networth)		2.36	0.40	0.51
Current Ratio (Current Asset/Current Liability)		1.51	1.88	2.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2008	31.03.2009	31.03.2010
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	8.601	8.601	8.601
Reserves & Surplus	22.825	14.675	6.007
Net worth	31.426	23.276	14.608
Secured Loans	14.532	16.535	54.09
Unsecured Loans	2.647	10.176	19.944
Total borrowings	17.179	26.711	74.034
Debt/Equity ratio	0.547	1.148	5.068

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2008	31.03.2009	31.03.2010
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	157.324	211.388	273.073
		34.365	29.181

NET PROFIT MARGIN

Net Profit Margin	31.03.2008	31.03.2009	31.03.2010
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	157.324	211.388	273.073
Profit	4.931	8.667	8.150
	3.13%	4.10%	2.98%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last five 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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

PARTICULARS	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
J D Sales Corporation	1.350	0.00
Karuna Goyal	0.000	3.700
D S Mittle and Sons	2.000	2.000
Standard Charted Loan	1.183	1.976
Ferrari Marble	0.000	2.500
HDFC Bank Limited	2.411	0.000
Karmas Reality	9.500	0.000
Magma Finance Limited	2.500	0.000
Reliance Finvest	1.000	0.000
Total	19.944	10.176

FIXED ASSETS

· Office Equipment’s

· Furniture and Fixture

· Motor and Vehicles

· Computer Systems

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.60.01
UK Pound	1	Rs.102.72
Euro	1	Rs.81.60

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.