MIRA INFORM REPORT

Report Date :

13.05.2014

IDENTIFICATION DETAILS

Name :	VGN INFRA INDIA PRIVATE LIMITED
Registered Office :	15, Wallace Garden, 2nd Street, Nungambakkam, Chennai - 600006, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.11.2009
Com. Reg. No.:	18-073680
Capital Investment / Paid-up Capital :	Rs. 150.000 Millions
CIN No.: [Company Identification No.]	U70102TN2009PTC073680
TAN No.: [Tax Deduction & Collection Account No.]	CHEV09994F
PAN No.: [Permanent Account No.]	AADCV1283E
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of construction of residential buildings and undertaking infrastructure projects such as laying of Roads and Construction of Bridge.
No. of Employees :	Information Declined By The Management.

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 880000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of “VGN Group”. It is a well-established company having moderate track record. The company possesses a moderate financial position marked by low position of reserves as well as a huge gap between trade receivables and payable during 2013. Moreover, the ratings also take into consideration the long standing track record and receivables from the proposed as well as other existing projects. Trade relations seems to be fair. Business is active. Payment terms are reported as slow but correct. In view of well experienced promoters and their on time financial support extended towards the company, the subject can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

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

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

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

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

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

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

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

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

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

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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

Management Non Co-operative

Contact No.: 91-44-43439900

LOCATIONS

Registered Office :	15, Wallace Garden, 2nd Street, Nungambakkam, Chennai-600006, Tamil Nadu, India
Tel. No.:	91-44-43439900 / 43439966
Fax No.:	91-44-43439988
E-Mail :	sales@vgn.in info@vgn.in enquiry@vgn.in durgaprasad.t@vgn.in careers@vgn.in
Website :	http://www.vgn.in

DIRECTORS

AS ON 30.09.2013

Name :

Devadoss Padma

Designation :

Director

Address :

Old No.11, Chellammal, Street, Shenoy Nagar, Chennai – 600030, Tamil Nadu, India

Date of Birth/Age :

09.03.1957

Date of Appointment :

26.11.2009

DIN No.:

01670644

Name :

Devadoss Pratish

Designation :

Director

Address :

64, 1^st floor, Poes Garden, Chennai-600086, Tamil Nadu, India

Date of Birth/Age :

05.05.1982

Date of Appointment :

26.11.2009

DIN No.:

01670690

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	U45201TN2004PTC053071	V.G.N.HOMES PRIVATE LIMITED	Director	26/04/2004	26/04/2004	11/07/2008	Active	NO
2	U70101TN2004PTC053070	V.G.N.ENTERPRISES PRIVATE LIMITED	Director	26/04/2004	26/04/2004	11/07/2008	Active	NO
3	U45200TN2007PTC063133	BRAVO HOUSING PRIVATE LIMITED	Director	17/04/2007	17/04/2007	11/07/2008	Active	NO
4	U45209TN2007PTC063126	SEA HAWK HOUSING PRIVATE LIMITED	Director	17/04/2007	17/04/2007	11/07/2008	Active	NO
5	U45200TN2007PTC063129	SUBPROPULSION HOUSING PRIVATE LIMITED	Director	17/04/2007	17/04/2007	11/07/2008	Active	NO
6	U45200TN2007PTC065432	KIMBERLY PROPERTIES PRIVATE LIMITED	Director	20/11/2007	20/11/2007	11/07/2008	Active	NO
7	U70101TN2007PTC065587	V.G.N. WELL BUILT PROPERTIES PRIVATE LIMITED	Director	03/12/2007	03/12/2007	11/07/2008	Active	NO
8	U70101TN2007PTC065580	EIFFEL HOUSING PRIVATE LIMITED	Director	03/12/2007	03/12/2007	11/07/2008	Active	NO
9	U45200TN2007PTC065591	V.G.N. PEARL SQUARE PROPERTIES PRIVATE LIMITED	Director	03/12/2007	03/12/2007	11/07/2008	Active	NO
10	U45200TN2007PTC065645	AZTEC PROPERTIES PRIVATE LIMITED	Director	06/12/2007	06/12/2007	11/07/2008	Active	NO
11	U70102TN2008PTC066714	PRATISH HOUSING PRIVATE LIMITED	Director	06/03/2008	06/03/2008	11/07/2008	Active	NO
12	U70102TN2008PTC066713	PRATISHA HOMES PRIVATE LIMITED	Director	06/03/2008	06/03/2008	11/07/2008	Active	NO
13	U70102TN2008PTC066788	VGN DEVELOPERS PRIVATE LIMITED	Managing director	18/03/2009	13/03/2008	10/11/2011	Active	NO
14	U45201TN2008PTC067115	VEDAPUDI HOUSING PRIVATE LIMITED	Director	31/03/2008	31/03/2008	11/07/2008	Active	NO
15	U45201TN2008PTC067195	SHIVANI HOUSING PRIVATE LIMITED	Director	03/04/2008	03/04/2008	11/07/2008	Active	NO
16	U45200TN2009PTC072127	VGN CONSTRUCTIONS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	-	Active	NO
17	U67190TN2009PTC072158	VGN ONE HOLDINGS PRIVATE LIMITED	Director	03/07/2009	03/07/2009	-	Active	NO
18	U74900TN2009PTC072149	VGN FACILITY MANAGEMENT SERVICES PRIVATE LIMITED	Director	03/07/2009	03/07/2009	-	Active	NO
19	U70102TN2009PTC073680	VGN Infra India Private Limited	Director	26/11/2009	26/11/2009	-	Active	NO
20	U70102TN2010PTC074458	Hazel Realty Private Limited	Director	02/02/2010	02/02/2010	-	Active	NO
21	U74900TN2011PTC083533	STAFFORDS RETAIL PRIVATE LIMITED	Director	12/12/2011	12/12/2011	-	Active	NO
22	U70109TN2012PTC087125	VGN Property Management Services Private Limited	Director	08/08/2012	08/08/2012	-	Active	NO
23	U72200TN2014PTC095200	VGN Infotech Private limited	Director	27/02/2014	27/02/2014	-	Active	NO

Voter ID No.:

Name :

Chanmougananda Vijay Ambalavanan

Designation :

Director

Address :

2, Bharat Hidasan Nagar, Pandicherry – 605004.

Date of Birth/Age :

23.01.1976

Date of Appointment :

28.09.2012

DIN No.:

05335824

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	U70102TN2009PTC073680	VGN Infra India Private Limited	Director	28/09/2012	30/07/2012	-	Active	NO
2	U74999TN2012PTC087135	BRISTOL INDUSTRIES PRIVATE LIMITED	Director	08/08/2012	08/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Korlepara Srinivasa Rao
Designation :	Secretory
Address :	55, Giri Road, T Nagar, , Chennai-600017, Tamil Nadu, India
Date of Birth/Age :	04.06.1985
PAN No.:	CFMPK0886H
Date of Appointment :	06.03.2013

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Devadoss Pratish	4800000
Devadoss Padma	450000
Divya Pratish	900000
VGN One Holding Private Limited, India	8850000
Total	15000000

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	59.00
Directors or relatives of Directors	41.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Provider growing construction solutions.

Products :

Item Code No. (ITC Code)	Product Description
99531121	Multi-dwelling residential building

GENERAL INFORMATION

No. of Employees :

Information Declined By The Management.

Bankers :

· Reliance Capital Limited, "H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 400710, India

· Andhra Bank, Shenoy nagar Branch, Chennai- 600030, Tamil Nadu, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai, Maharashtra - 400013, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from Bank [Secured against equipment financed and personal guarantee of directors]	127.436	144.737
Total	127.436	144.737

Banking Relations :	--
Financial Institutions :	SREI Equipment Finance Private Limited, 'Vishwakarma', 86C, Topsia Road,, Kolkata - 700046, West Bengal, India
Auditors :
Name :	M Gopal and Company Chartered Accountants
Address :	No 43, Pantheon Road, Room no 2TA, 3rd Floor, Amar Sindur, Egmore, Chennai, Tamil Nadu, India
PAN No.:	AAVFM2563R
Holding company :	VGN One Holding Private Limited.
Associates / Enterprises / Joint Ventures over which Key management personnel have significant influence :	· VGN Developers Private limited · VGN Pragnya Realty Private Limited · Hemisphere Facility Management India Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

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	150.000	80.000	50.000
(b) Reserves & Surplus	69.964	32.483	5.861
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	219.964	112.483	55.861
(3) Non-Current Liabilities
(a) long-term borrowings	127.435	144.737	3.123
(b) Deferred tax liabilities (Net)	0.000	2.284	0.546
(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)	127.435	147.021	3.669
(4) Current Liabilities
(a) Short term borrowings	1.500	0.000	0.000
(b) Trade payables	220.458	123.596	36.192
(c) Other current liabilities	123.512	285.874	58.758
(d) Short-term provisions	13.400	11.225	2.625
Total Current Liabilities (4)	358.870	420.695	97.575
TOTAL	706.269	680.199	157.105
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	301.311	244.085	36.719
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	93.546	101.254	7.437
	0.000	0.000	0.000
(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)	3.657	0.000	0.000
(d) Long-term Loan and Advances	4.268	4.768	1.830
(e) Other Non-current assets	0.012	0.025	0.037
Total Non-Current Assets	402.794	350.132	46.023
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	118.361	94.685	58.604
(c) Trade receivables	49.402	138.438	13.991
(d) Cash and cash equivalents	14.305	16.230	5.330
(e) Short-term loans and advances	120.814	80.381	33.157
(f) Other current assets	0.593	0.333	0.000
Total Current Assets	303.475	330.067	111.082
TOTAL	706.269	680.199	157.105

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1616.691	1077.945	242.968
		Other Income
		TOTAL	1616.691	1077.945	242.968
Less	EXPENSES
		Office Expenses	1501.976	1008.325	229.775
		Administrative Expenses
		Advertising Expenses
		Financial Expenses
		TOTAL	1501.976	1008.325	229.775
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		114.715	69.620	13.193
Less/ Add	DEPRECIATION/ AMORTISATION		69.775	30.036	4.733
	PROFIT/ (LOSS) BEFORE TAX		44.940	39.584	8.460
Less	TAX		7.459	12.961	2.616
	PROFIT/ (LOSS) AFTER TAX		37.481	26.623	5.844
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		32.483	5.860	0.016
	BALANCE CARRIED TO THE B/S		69.964	32.483	5.860
	Earnings / (Loss) Per Share (Rs.)		4.12	3.94	34.97

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.32	2.47	2.41
Return on Total Assets (PBT/Total Assets}	(%)	7.38	6.84	5.65
Return on Investment (ROI) (PBT/Networth)		0.20	0.35	0.15
Debt Equity Ratio (Total Liability/Networth)		0.58	1.29	0.06
Current Ratio (Current Asset/Current Liability)		0.85	0.78	1.14

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	50.000	80.000	150.000
Reserves & Surplus	5.861	32.483	69.964
Net worth	55.861	112.483	219.964
long-term borrowings	3.123	144.737	127.435
Short term borrowings	0.000	0.000	1.500
Total borrowings	3.123	144.737	128.935
Debt/Equity ratio	0.056	1.287	0.586

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	242.968	1077.945	1616.691
		343.657	49.979

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Total Income	242.968	1077.945	1616.691
Profit After Tax	5.844	26.623	37.481
	2.41%	2.47%	2.32%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	No
16]	Details of sister concerns	No
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

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10443403	07/08/2013	14,900,000.00	RELIANCE CAPITAL LTD	"H" Block 1st Floor, Dhirubhai Ambani Knowledge C  Ity, Koparkhairne, Navi Mumbai, Maharashtra - 4007  10, India	B82283425
2	10399157	07/01/2013	30,000,000.00	ANDHRA BANK	Shenoy nagar Branch, Chennai, Tamil Nadu - 600030,  India	B66523440
3	10389136	11/10/2012	2,882,000.00	HDFC BANK LIMITED	Hdfc Bank Housesenapati Bapat Marg, Lower Parel W  , Mumbai, Maharashtra - 400013, India	B63033716
4	10371984	04/08/2012	11,200,000.00	ANDHRA BANK	Shenoy Nagar Branch, Chennai, Tamil Nadu - 600030,  India	B56184062
5	10368399	05/07/2012	10,440,000.00	HDFC BANK LIMITED	Hdfc Bank Housesenapati Bapat Marg, Lower Parel W  , Mumbai, Maharashtra - 400013, India	B44845246
6	10355666	26/03/2012	1,300,000.00	Axis Bank Limited	Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad, Gujarat - 380006, India	B39616339
7	10333634	15/01/2012	1,142,400.00	SREI Equipment Finance Private Limited	'Vishwakarma', 86c, Topsia Road,, Kolkata, West Bengal - 700046, India	B31278054
8	10330241	19/12/2011	37,700,000.00	Andhra Bank	Dr. Pattabhi Bhavan, Saifabad, Hyderabad, Andhra Pradesh - 500004, India	B30045256
9	10325295	15/12/2011	8,950,393.00	SREI Equipment Finance Private Limited	'Vishwakarma', 86c, Topsia Road,, Kolkata, West Bengal - 700046, India	B28619005
10	10331078	12/12/2011	42,750,000.00	RELIANCE CAPITAL LTD	"H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 400710, India	B30346936

UNSECURED LOANS

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORTTERM BORROWINGS
Loans and advances from related parties	1.500	0.000
Total	1.500	0.000

FINANCIAL HIGHLIGHTS

During the year, the Company has witnessed almost 50% growth, both in the revenue and profits. The company’s share capital increased by Rs. 70.000 Millions during the year. The Company registered its growth, both in monetary terms as well as service satisfaction to its clients/customers.

There have been no material changes and commitments affecting the financial position of the company, which have occurred between the close of financial year of the company to which the accounts are made up and the date of this report.

PROJECTS DURING THE YEAR

During the year, the Company has been successful in the works of the residential projects for VGN group and extended its operations to Government projects in Buildings, Roads and Bridges sector. VGN FERNDALE has reached handing over stage. The Year 2013 began on a promising note with VGN INFRA bagging the first CPWD project worth Rs. 70.000 Millions in NITTR, Taramani campus and NCTP awarding its residential quarters to VGN INFRA worth Rs.100.000 Millions, With successful completion of two bridge projects, 3rd one was awarded by Tamil Nadu Highways and NABARD, to be constructed at Kiliyanur across Bharma desamriverwhich will provide a huge relief for several villages.

There was considerable progress in the project implementation of - VGN BRIXTON, VGN KRONA and VGN PLATINA and VGN STAFFORD- The second phase of – KRONA has been started during the year. To name a few, new projects at their initial phase of construction are - VGN Coasta, VGN Temple Town.

FUTURE PROSPECTS

During the year, the company achieved a revenue of Rs.1616.700 Millions. With the increase in the on-going residential and infrastructure projects on hand, the company is expecting to have assured growth prospects in the next financial year, alongside its expected entry into power plant projects in the near future. The Company is hoping to establish itself as one of the prime contractors in the infrastructure industry.

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.59.73
UK Pound	1	Rs.100.82
Euro	1	Rs.82.22

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		36

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.