1. Summary Information

		Country	India
Company Name	Mulder (India) Private Limited	Principal Name 1	Mr. Praveen Kumar Singhvi
Status	Satisfactory	Principal Name 2	Mr. Fatheraj R. Singhvi
		Registration #	08-13599
Street Address	No.196/A1, Bommasandra Industrial Area, Attibele Hobli, Anekal Taluq, Bangalore – 560099, Karnataka
Established Date	13.10.1992	SIC Code	--
Telephone#	91-80-27833314/ 27833523	Business Style 1	Merchants
Fax #	91-80-27833411	Business Style 2	Traders
Homepage	www.mulderindia.com	Product Name 1	Decals
# of employees	60 (Approximately)	Product Name 2	Dues
Paid up capital	Rs.12,500,000/-	Product Name 3	Chemicals
Shareholders	Directors or relatives of directors -83.26%, Other top fifty shareholders- 16.74%	Banking	Standard Chartered Bank
Public Limited Corp.	No	Business Period	22 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (47)
Related Company
Relation	Country	Company Name	CEO
Subsidiary	--	R.A.K. Mulder Porcelain Private Limited	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	27,280,000	Current Liabilities	6,369,000
Inventories	16,108,000	Long-term Liabilities	11,858,000
Fixed Assets	20,450,000	Other Liabilities	8,363,000
Deferred Assets	0	Total Liabilities	26,590,000
Invest& other Assets	1,955,000	Retained Earnings	26,703,000
		Net Worth	39,203,000
Total Assets	65,793,000	Total Liab. & Equity	65,793,000
Total Assets (Previous Year)	65,099,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Total Income	96,015,000	Net Profit	1,864,000
Sales (Previous yr)	83,370,000	Net Profit(Prev.yr)	1,944,000

MIRA INFORM REPORT

Report Date :

03.03.2014

IDENTIFICATION DETAILS

Name :	MULDER (INDIA) PRIVATE LIMITED
Registered Office :	No.196/A1, Bommasandra Industrial Area, Attibele Hobli, Anekal Taluq, Bangalore – 560099, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.10.1992
Com. Reg. No.:	08-13599
Capital Investment / Paid-up Capital :	Rs.12.500 Millions
CIN No.: [Company Identification No.]	U02693KA1992PTC013599
TAN No.: [Tax Deduction & Collection Account No.]	BLRM01515D
Legal Form :	Private Limited Liability Company
Line of Business :	Merchants and Traders of Decals, Dues and Chemicals.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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.

LOCATIONS

Registered Office :	No.196/A1, Bommasandra Industrial Area, Attibele Hobli, Anekal Taluq, Bangalore – 560099, Karnataka, India
Tel. No.:	91-80-27833314/ 27833523
Fax No.:	91-80-27833411
E-Mail :	mulder@blr.vsnl.com mulder@mulerindia.com mulder@blr.vsnl.net.in
Website :	www.mulderindia.com
Area :	3500 sq.ft
Location :	Owned
Delhi Branch Office :	No.90/27, Okhla Industrial Area, Phase I, New Delhi – 110020, India
Tel. No.:	91-11-26819863/ 26812576
Overseas Office:	Bailey Decal Limited, Trent House, Dunning Street, Stoke On Trent, ST6, 5AP, England
Tel No.:	01782-524400
Fax No.:	01782-524414

DIRECTORS

AS ON 23.09.2013

Name :

Mr. Praveen Kumar Singhvi

Designation :

Managing Director

Address :

No. 4041, 128^th Main, 21^th Cross, Banashankari, 2^nd Stage, Bangalore – 560070 Karnataka, India

Date of Birth/Age :

17.07.1960

Date of Appointment :

13.10.1992

DIN No.:

00237723

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	U02693KA1992PTC013599	MULDER (INDIA)PRIVATE LIMITED	Managing director	13/10/1992	13/10/1992	-	Active	NO
2	U74999KA2006PTC040111	R.A.K. MULDER PORCELAIN PRIVATE LIMITED	Director	03/08/2006	03/08/2006	-	Active	NO
3	U74900KA2011PTC056928	EFF N' BEE HOSPITALITY PRIVATE LIMITED	Director	04/02/2011	04/02/2011	-	Active	NO
4	U51109KA2012PTC065155	MULDER TRADING PRIVATE LIMITED	Director	02/08/2012	02/08/2012	-	Active	NO

Name :

Mr. Fatheraj R. Singhvi

Designation :

Director

Address :

Shanthi No.232, Vishranti Enclave, Doddakalsandr Kanakapura Road, Bangalore, Karnataka, India

Date of Birth/Age :

14.04.1955

Date of Appointment :

13.10.1992

DIN No.:

00233146

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	U34103KA1981PTC004542	SANSERA ENGINEERING PRIVATE LIMITED	Managing director	26/02/2008	01/03/1991	-	Active	NO
2	U02693KA1992PTC013599	MULDER (INDIA)PRIVATE LIMITED	Director	13/10/1992	13/10/1992	-	Active	NO
3	U28991KA1999PTC026145	GEAROCK FORGE PRIVATE LIMITED	Director	29/12/1999	29/12/1999	-	Active	NO
4	U74999KA2006PTC040111	R.A.K. MULDER PORCELAIN PRIVATE LIMITED	Director	03/08/2006	03/08/2006	-	Active	NO
5	U29299KA2007PTC043270	Streparava India Private Limited	Director	28/06/2007	28/06/2007	15/07/2013	Active	NO
6	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	03/09/2008	03/09/2008	-	Active	NO
7	U74900KA2011PTC056928	EFF N' BEE HOSPITALITY PRIVATE LIMITED	Director	04/02/2011	04/02/2011	-	Active	NO
8	U29220KA1983PTC005690	FITWELL TOOLS AND FORGINGS PRIVATE LIMITED	Director	30/09/2011	24/06/2011	-	Active	NO
9	U51109KA2012PTC065155	MULDER TRADING PRIVATE LIMITED	Director	02/08/2012	02/08/2012	-	Active	NO

Name :

Mr. Unni Rajagopal Kothenath

Designation :

Director

Address :

Tarawad, Palenahalli, Velahanka. Bangalore – 560094, Karnataka, India

Date of Birth/Age :

17.07.1954

Date of Appointment :

24.09.1997

DIN No.:

00229915

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	U34103KA1981PTC004542	SANSERA ENGINEERING PRIVATE LIMITED	Director	01/03/1991	01/03/1991	-	Active	NO
2	U02693KA1992PTC013599	MULDER (INDIA)PRIVATE LIMITED	Director	24/09/1997	24/09/1997	-	Active	NO
3	U74140MH1998PTC116442	DFK CONSULTING SERVICES (INDIA) PRIVATE LIMITED	Director	04/09/1998	04/09/1998	17/02/2010	Active	NO
4	U29299KA2007PTC043270	Streparava India Private Limited	Director	09/08/2010	09/08/2010	15/07/2013	Active	NO

Name :

Mr. Nikhail Devidas Tejuja

Designation :

Director

Address :

14, Sadhna Enclave, New Delhi-110017, India

Date of Birth/Age :

12.03.1967

Date of Appointment :

24.09.1997

DIN No.:

02792115

Name :

Mr. Jayaraj Singhvi

Designation :

Director

Address :

13/ 10, P. M. K. Road, Shankapuram, Bangalore – 560004, Karnataka, India

Date of Birth/Age :

10.11.1964

Date of Appointment :

06.10.2004

DIN No.:

02704443

KEY EXECUTIVES

Name :	Shashidhara G. S. and Company
Designation :	Company Secretory
Address :	No. 993A, “Secretariat” 37^th cross, 22^nd main, 4^th T Block, Jayanagr, Banglore - 560041
Email :	gasscomsecy@gmail.com
Tel. No,	91-80-22455141 / 26534024
Mobile :	91-9880461710 / 9844061710

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.09.2013

Names of Shareholders	No. of Shares
Praveen Kumar Singhvi	87890
Lalitha Singhvi	50920
Jayraj Singhvi HUF	50920
Tara Singhvi	50920
D.K. Tejuja and Savita Tejuja	50000
Nikhail Tejuja and Rohit Tejuja	87500
Rohit Tejuja and Nikhail Tejuja	25000
Unni Rajagopal	30000
F.R. Singhvi	68420
D. Devaraj	30000
F.R. Singhvi HUF	50920
Bela Singhvi	50920
Akshay Singhvi	50920
Shweta Singhvi	50920
Karan Singhvi	50920
Jayaraj Singhvi	50920
Praveen Kumar Singhvi HUF	31450
Latha Singhvi	50920
Meera Singhvi	50920
S. Premraj and Sons	75940
Ajay Singhvi	50920
Arjun Singhvi	50920
Prashanth Singhvi	50920
Indira Singhvi	50920
Total	1250000

AS ON 23.09.2013

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	83.26
Other top fifty shareholders	16.74
Total	100.00

BUSINESS DETAILS

Line of Business :

Merchants and Traders of Decals, Dues and Chemicals.

GENERAL INFORMATION

No. of Employees :

60 (Approximately)

Bankers :

· State Bank of India, C and I Division; Bangalore City Branch, J. C. Road, Bangalore – 560002, Karnataka, India

· Standard Chartered Bank, SME Credit, 112, 2^nd Floor, Serenity, West Wing, 5^th Block, Koramangala Industrial Area, Koramangala, Bangalore – 560095, Karnataka, India

· HDFC Bank Limited

Facilities :

Secured Loans	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Long Term Borrowing
Term Loans
From Banks	0.000	1.584
From Others	0.000	0.000
Rate of interest (HDFC Bank)	0.064	0.000
Short Term Borrowing
Loan repayable on demand from banks	11.724	10.796
Total	11.788	12.380

Rate of interest (HDFC Bank)

Principal outstanding (non-current) Rs. 0.064 Million

Term loans from banks are availed for purchase of vehicles and are secured by the hypothecation of such vehicles.

Banking Relations :	--
Auditors :
Name :	K. S. Muralidhar Chartered Accountant
Address :	No. 3, Pranava Complex, 5^th Cross, Malleshwaram Bangalore – 560003, Karnataka, India
PAN No.:	AAJPM9678M
Subsidiaries :	· R.A.K. Mulder Porcelain Private Limited CIN No.: U74999KA2006PTC040111
Other Related Parties :	· Ceramic Designs, Bangalore · Ceramic Designs, Kochi · Eff N Bee Hospitality Private Limited

CAPITAL STRUCTURE

AS ON 23.09.2013

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
1250000	Equity Shares	Rs.10/- each	Rs.12.500 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	12.500
(b) Reserves & Surplus	26.703
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	39.203
(3) Non-Current Liabilities
(a) long-term borrowings	0.064
(b) Deferred tax liabilities (Net)	2.954
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	3.018
(4) Current Liabilities
(a) Short term borrowings	11.794
(b) Trade payables	5.026
(c) Other current liabilities	5.409
(d) Short-term provisions	1.343
Total Current Liabilities (4)	23.572
TOTAL	65.793
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.450
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	1.955
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	1.241
(e) Other Non-current assets	0.000
Total Non-Current Assets	23.646
(2) Current assets
(a) Current investments	0.000
(b) Inventories	16.108
(c) Trade receivables	23.033
(d) Cash and cash equivalents	1.499
(e) Short-term loans and advances	0.635
(f) Other current assets	0.872
Total Current Assets	42.147
TOTAL	65.793

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		12.500	12.500
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		23.957	22.013
4] (Accumulated Losses)		0.000	0.000
NETWORTH		36.457	34.513
LOAN FUNDS
1] Secured Loans		12.380	11.230
2] Unsecured Loans		0.079	0.079
TOTAL BORROWING		12.459	11.309
DEFERRED TAX LIABILITIES		3.837	3.567
TOTAL		52.753	49.389
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.901	20.693
Capital work-in-progress		0.000	0.000
INVESTMENT		1.955	0.370
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.731	16.816
	Sundry Debtors	18.272	16.190
	Cash & Bank Balances	0.641	1.025
	Other Current Assets	0.796	0.041
	Loans & Advances	1.803	3.475
Total Current Assets		40.243	37.547
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6.756	6.413
	Other Current Liabilities	4.711	1.208
	Provisions	0.879	1.600
Total Current Liabilities		12.346	9.221
Net Current Assets		27.897	28.326
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		52.753	49.389

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	96.015	83.370	91.707
		Other Income		0.276
		TOTAL	96.015	83.646	91.707
Less	EXPENSES
		Other Expenses	90.137	77.629	84.559
		Accretion/ Decretion to Stocks			0.825
		TOTAL	90.137	77.629	85.384
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.878	6.017	6.323
Less/ Add	DEPRECIATION/ AMORTISATION		2.591	2.581	2.300
	PROFIT BEFORE TAX		3.287	3.436	4.023
Less	TAX		1.423	1.492	1.303
	PROFIT AFTER TAX		1.864	1.944	2.720
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	11.049	7.976	12.417
	TOTAL EARNINGS		11.049	7.976	12.417
	IMPORTS
		Raw Materials	25.571	20.642	25.619
	TOTAL IMPORTS		25.571	20.642	25.619
	Earnings Per Share (Rs.)		1.49	1.56	2.17

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.94	2.32	2.97
Net Profit Margin (PBT/Sales)	(%)	NA	4.12	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.15	5.44	6.91
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	0.12
Debt Equity Ratio (Total Debt/Networth)		0.30	0.34	0.33
Current Ratio (Current Asset/Current Liability)		1.79	3.26	4.07

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)
Total Income	91.707	83.646	96.015
		(8.790)	14.787

NET PROFIT MARGIN

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	91.707	83.646	96.015
Profit After Tax	2.720	1.944	1.864
	2.97%	2.32%	1.94%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	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	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

NOTE:

The Registered office of the company has been shifted form, No.12, Race Course Road, Madhav Nagar, Bangalore, Karnataka, India, to the present address w.e.f. 01.06.2009.

UNSECURED LOANS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Short Term Borrowing
Loan from related Parties	0.070	0.079
Total	0.070	0.079

FIXED ASSETS:

· Buildings

· Electrical fittings

· Plant and machinery – imported

· Plant and machinery – indigenous

· Office equipment

· Vehicles

· Furniture and Fixtures

· Land

· Computer and Software

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10200653	26/05/2011 *	18,000,000.00	Standard Chartered Bank	SME Credit, 112, 2nd Floor, Serenity, West Wing,  5th Block, Koramangala Indl Area, Koramangala, Ban  galore, Karnataka - 560095, INDIA	B16818890
2	10200668	30/05/2011 *	18,000,000.00	Standard Chartered Bank	SME Credit, 112, 2nd Floor, Serenity, West Wing,  5th Block, Koramangala Indl Area, Koramangala, Ban  galore, Karnataka - 560095, INDIA	B16819195

* Date of charge modification

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.62.07
UK Pound	1	Rs.103.61
Euro	1	Rs.85.03

INFORMATION DETAILS

Report Prepared by :

SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.