MIRA INFORM REPORT

Report Date :

05.03.2014

IDENTIFICATION DETAILS

Name :	SANRAA GLOBAL GREEN ENERGY LIMITED
Registered Office :	No. 9, Kanaga Sri Nagar, Cathedral Road, Goplapuram, Chennai – 600086, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.12.2009
Com. Reg. No.:	18-074012
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U40102TN2009PLC074012
IEC No.:	0410047376
TAN No.: [Tax Deduction & Collection Account No.]	CHES34668E
PAN No.: [Permanent Account No.]	AAOCS6090F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Coco and Coir Products.
No. of Employees :	50 (Approximately)

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 90000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There are accumulated losses recorded by the company. However, performance of the company has improved as it has achieved profit from its operation in the year 2013. 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. K. Raman
Designation :	Director
Contact No.:	91-9884042196
Date :	03.03.2014

LOCATIONS

Registered/ Corporate Office :	No. 9, Kanaga Sri Nagar, Cathedral Road, Goplapuram, Chennai – 600086, Tamilnadu, India
Tel. No.:	91-44-28116911
Mobile No.:	91-9884042196 (Mr. K. Raman)
Fax No.:	91-44-28116911
E-Mail :	raman@cocogreen.in indar@cocogreen.in raman@orientgreenpower.com arul@sanraamedia.com sridhar@cocogreen.in
Website :	http://www.cocogreen.in
Factory :	Vadikadu, Punalvasal, Pattukkottai Taluk, District Thanjavur – 614803, Tamilnadu, India
E-Mail :	sabapathy@cocogreen.in

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Raman Kuppurao

Designation :

Whole-time director

Address :

No. 18, Natesan Colony, Alwarpet, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

11.11.1972

Date of Appointment :

05.08.2010

PAN No.:

AEHPR4885B

DIN No.:

02982911

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	Company/ LLP Status	Defaulting status
1	U45309TN2007PTC065408	POWER PLAY CONSTRUCTION PRIVATE LIMITED	Director	30/09/2010	13/07/2010	Active	NO
2	U40102TN2009PLC074012	SANRAA GLOBAL GREEN ENERGY LIMITED	Whole-time director	05/08/2010	05/08/2010	Active	NO
3	U70102TN2007PTC065409	TRIPLE ENCLAVE INFRA DEVELOPERS PRIVATE LIMITED	Additional director	21/10/2010	21/10/2010	Active	NO
4	U45200TN2007PLC065170	KAASHYAP INFRA DEVELOPERS LIMITED	Additional director	22/02/2011	22/02/2011	Active	NO
5	L74999TN1993PLC026312	GEMMIA OILTECH (INDIA) LIMITED	Additional director	12/08/2011	12/08/2011	Active	NO
6	U80301TN2011PTC082280	MEGHDOT EDUTECH PRIVATE LIMITED	Director	09/09/2011	09/09/2011	Active	NO
7	U74999TN2012PTC088701	SARA BIO GLOBAL ENTERPRISES PRIVATE LIMITED	Director	29/11/2012	29/11/2012	Active	NO
8	U74999TN2013PTC090922	SARA BIO GLOBAL (GUJARAT) PRIVATE LIMITED	Director	02/05/2013	02/05/2013	Active	NO

Name :

Havenhalli Keshavamurthy Sowmya

Designation :

Additional director

Address :

33/15, Sriram Colony, Abhiram Puram, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

05.08.1977

Date of Appointment :

30.09.2013

DIN No.:

06403183

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	Company/ LLP Status	Defaulting status
1	U74999TN2012PTC088701	SARA BIO GLOBAL ENTERPRISES PRIVATE LIMITED	Director	29/11/2012	29/11/2012	Active	NO
2	U74999TN2013PTC090922	SARA BIO GLOBAL (GUJARAT) PRIVATE LIMITED	Director	02/05/2013	02/05/2013	Active	NO
3	U40102TN2009PLC074012	SANRAA GLOBAL GREEN ENERGY LIMITED	Director	30/09/2013	07/08/2013	Active	NO

Name :

Mr. Vijay Kumar Ramanlal Vakharia

Designation :

Director

Address :

Old No.81, New No.102, Chamiers Road, Raja Annamalai Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

02.05.1960

Date of Appointment :

22.12.2009

DIN No.:

02078523

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	Company/ LLP Status	Defaulting status
1	U67190MH1981PTC024050	ABHINANDAN FINANCIAL AND CHEMICAL PRIVATE LIMITED	Director	12/03/1981	12/03/1981	Active	NO
2	U52599TN1993PTC024591	VAKHARIA FOREX PRIVATE LIMITED	Director	11/03/1993	11/03/1993	Active	NO
3	U65991TN1993PTC024592	AASMAN FINANCIAL SERVICES PRIVATE LIMITED	Director	11/03/1993	11/03/1993	Active	NO
4	U45201TN1997PTC038859	ARROWAIR EXPRESS PRIVATE LIMITED	Director	02/05/2001	02/05/2001	Active	NO
5	U70101TN2005PTC058044	ZEAL REALTORS PRIVATE LIMITED	Director	18/11/2005	18/11/2005	Active	NO
6	U45202TN2006PTC059262	ZEAL WAREHOUSE PRIVATE LIMITED	Director	22/03/2006	22/03/2006	Active	NO
7	U85194TN2006PTC061273	PARAMA HEALTHCARE PRIVATE LIMITED	Additional director	23/02/2009	23/02/2009	Active	NO
8	U40102TN2009PLC074012	SANRAA GLOBAL GREEN ENERGY LIMITED	Director	22/12/2009	22/12/2009	Active	NO
9	L72300TN1995PLC031194	SANRAA MEDIA LIMITED	Director	10/03/2010	10/03/2010	Active	YES
10	U45400TN2013PTC091529	ZEAL INFRACON PRIVATE LIMITED	Director	06/06/2013	06/06/2013	Active	NO

Name :

Mr. Sukumar Subramanian

Designation :

Director

Address :

No.1, Parthasarathy Street, MC Road, Old Washermanpet, Chennai – 600021, Tamilnadu, India

Date of Birth/Age :

01.11.1974

Date of Appointment :

22.12.2009

DIN No.:

01835134

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	Company/ LLP Status	Defaulting status
1	U72900TN2004PTC052562	PIX AALAYA STUDIOS PRIVATE LIMITED	Director	18/02/2004	18/02/2004	Active	NO
2	U72200AP2004PLC043131	DRUSHYA ENTERTAINMENT BROADCAST STREAMS LIMITED	Director	20/06/2006	20/06/2006	Active	NO
3	L72300TN1995PLC031194	SANRAA MEDIA LIMITED	Whole-time director	28/09/2007	28/09/2007	Active	YES
4	U40102TN2009PLC074012	SANRAA GLOBAL GREEN ENERGY LIMITED	Director	22/12/2009	22/12/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Sara Bio Global Enterprises Private Limited, India	2549500
K. Raman	100
Sukumar Subramanian	100
K. Lakshmanan	100
K. Venkatesh	100
L. Indrakumar	50
A. Thafsir Basha	50
Total	2550000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.98
Directors or relatives of directors	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Coco and Coir Products.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

50 (Approximately)

Bankers :

· Bank of Maharashtra

Broadway Branch, 116, Sri Gujurati Mandal Bhawan, Broadway, Chennai - 600108, Tamilnadu, India

· State Bank of India

· Kotak Mahindra Bank Limited

· Axis Bank Limited

· Canara Bank

· Punjab National Bank

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans Banks	14.399	20.486
SHORT TERM BORROWINGS
Loans repayable on demand Cash Credit from Banks	15.197	6.705
Total	29.596	27.191
LONG-TERM BORROWINGS Term loans Bank of Maharashtra Secured by first charges by way of hypothecation of specific plant and machinery and other movable assets also mortgage of factory land admeasuring 7.05 acres al Punal Vassal. Pattukotta taluk and as specified In the sanctioned letter dt.16-06-2011. The Loan is repayable in 66 equated monthly instalments of Rs.0.417 Million each. Floating interest @13.50% p.a. (base rate 10% + 3.5% as on March 31, 2012) is applicable on the said loan. There is no default in repayment of principal loan or interest thereon SHORT TERM BORROWINGS Cash Credit Limits Primary Security Cash Credit from bank is secured by hypothecation of inventories and trade receivables of less than 90 days dues. Cash Credit loan is payable on demand.

Banking Relations :	--
Auditors :
Name :	R. Ravindran And Associates Chartered Accountants
Address :	No 14, Ashtalakshmi Street, Muthulakshmi Nagar, Chitlapakkam, Chennai – 600064, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAJPR6640L
Holding Company :	Sara Bio Global Enterprises Private Limited [U74999TN2012PTC088701]
Associates/Subsidiaries :	· Sanraa Bio Enterprises Private Limited · Sanraa Holding Media Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,550,000	Equity Shares	Rs. 10/- each	Rs. 25.500 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	(2.151)	(3.560)	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	24.514	18.700	7.500
Total Shareholders’ Funds (1) + (2)	22.863	15.640	8.000
(3) Non-Current Liabilities
(a) long-term borrowings	14.399	20.486	0.000
(b) Deferred tax liabilities (Net)	0.318	0.266	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	14.717	20.752	0.000
(4) Current Liabilities
(a) Short term borrowings	32.141	7.744	4.855
(b) Trade payables	1.512	1.929	3.803
(c) Other current liabilities	5.004	5.004	0.000
(d) Short-term provisions	2.844	0.774	0.553
Total Current Liabilities (4)	41.501	15.451	9.211
TOTAL	79.081	51.843	17.211
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	35.044	32.388	5.548
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	4.388
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.687	0.604	0.025
(e) Other Non-current assets	4.090	5.274	3.542
Total Non-Current Assets	39.821	38.266	13.503
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.681	6.783	0.155
(c) Trade receivables	15.593	4.796	0.000
(d) Cash and cash equivalents	7.981	0.062	0.014
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	3.005	1.936	3.539
Total Current Assets	39.260	13.577	3.708
TOTAL	79.081	51.843	17.211

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	30.300	9.287	0.000
		Other Income	0.042	0.043	0.000
		TOTAL (A)	30.342	9.330	0.000
Less	EXPENSES
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	8.221	1.612	0.000
		Employees benefits expense	5.507	2.586	0.000
		Other expenses	4.935	4.196	0.000
		TOTAL (B)	18.663	8.394	0.000
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.679	0.936	0.000
Less	FINANCIAL EXPENSES (D)		5.459	2.433	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.220	(1.497)	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.753	1.797	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.467	(3.294)	0.000
Less	TAX (H)		1.058	0.266	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.409	(3.560)	0.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.848	0.410	NA
	Earnings/ (Loss) Per Share (Rs.)		28.00	(71.20)	0.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.64	(38.16)	0.00
Net Profit Margin (PBT/Sales)	(%)	8.14	(35.47)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	3.12	(6.35)	0.00
Return on Investment (ROI) (PBT/Networth)		0.11	(0.21)	0.00
Debt Equity Ratio (Total Debt/Networth)		2.04	1.80	0.61
Current Ratio (Current Asset/Current Liability)		0.95	0.87	0.40

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	0.500	0.500
Reserves & Surplus	0.000	(3.560)	(2.151)
Share Application money pending allotment	7.500	18.700	24.514
Net worth	8.000	15.640	22.863
long-term borrowings	0.000	20.486	14.399
Short term borrowings	4.855	7.744	32.141
Total borrowings	4.855	28.230	46.540
Debt/Equity ratio	0.607	1.805	2.036

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	9.287	30.300
			226.263

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	9.287	30.300
Profit	0.000	(3.560)	1.409
		(38.33%)	4.65%

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	Yes
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	No
18]	Major customers	No
19]	Payments terms	Yes
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	Yes
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	10301142	16/06/2012 *	40,000,000.00	BANK OF MAHARASHTRA	BROADWAY BRANCH, 116, SRI GUJURATI MANDAL BHAWAN, BROADWAY, CHENNAI - 600108, TAMILNADU, INDIA	B45395803

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from related parties	0.000	0.137
Other loans and advances	16.944	0.902
Total	16.944	1.039

COMPANY OVERVIEW

Subject was incorporated in 2009, starting active business in the year 2011. The company manufactures, exports, supplies, coco and coir products. The company's product range from coco saw dust blocks, coir husk chips, coco peat blocks, coco small fiber blocks and coconut husk chips. The company supports greenery development and green energy. The company supports green houses and power generation by supplying and processing its agricultural wastes. The company exports the products to Middle East and South East Asian countries.

BUSINESS PROSPECTS

The Business in which the Company is going to operate has huge potential in terms of Global Greenery especially in the field of Landscaping, Gardening and Vegetable Growth etc. One of the products being produced by the company are widely used in entire Globe in more than 50 countries and as of now the company is exporting to 9 countries including Greece, Turkey, Poland etc. The company will be expanding its market in US /Canada and other European countries during the current financial year.

The company is producing another product called Biomass Fuel Briquettes and this product comes under renewable fuel and being widely used in various industries both domestically and in foreign countries especially in European territory. At present the company is aiming at domestic market and supplying this fuel to various business houses which include Shriram Group, Pepsi, TVS group etc. The company is planning to expand it production capacity within the existing land and infrastructure available at Pattukotai.

The company is studying the market of Wood pellets and has decided to go for production of Biomass Fuel Pellets especially for Export purposes. The production is expected to start around January, 20l4

FIXED ASSETS:

· Plant and Machinery

· Office Equipments

· Furniture

· Computer and Software

· Building

· Vehicles

· Land

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. 61.90
UK Pound	1	Rs. 103.26
Euro	1	Rs. 85.14

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	BVA

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	3
--LIQUIDITY	1~10	2
--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
DEFAULTERS
--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 its officials.