MIRA INFORM REPORT

Report No. :	317126
Report Date :	14.04.2015

IDENTIFICATION DETAILS

Name :	NINA CONCRETE SYSTEMS PRIVATE LIMITED
Registered Office :	54, Mani Bhuvan, 3rd Floor, Hughes Road, Chowpatty, Mumbai – 400 007, Maharashtra
Tel. No.:	91-22-23692462
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.06.2002
Com. Reg. No.:	11-136356
Capital Investment / Paid-up Capital :	Rs. 7.113 Million
CIN No.: [Company Identification No.]	U26940MH2002PTC136356
IEC No.:	0303003570
TAN No.: [Tax Deduction & Collection Account No.]	MUMN10681G
PAN No.: [Permanent Account No.]	AABCN6179P
Legal Form :	Private Limited Liability Company
Line of Business :	Providing water proofing, retrofitting, civil finishing works, exterior cladding, and finishing systems.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has not filed its financial with the government department for the year 2014. As per available financial of 2013, general financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but 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 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: BB+
Rating Explanation	Moderate risk of default.
Date	10.04.2015

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON COOPERATIVE (91-22-66166000)

LOCATIONS

Registered Office :	54, Mani Bhuvan, 3rd Floor, Hughes Road, Chowpatty, Mumbai – 400 007, Maharashtra, India
Tel. No.:	91-22-23692462 / 23683276
Fax No.:	91-22-23691894
E-Mail :	ninaind@bom5.vsnl.net.in info_support@ninaindia.com kaushal.parikh@ninaindia.com
Website :	http://www.ninaindia.com
Area :	1500 Sq. ft.
Location :	Rented
Branches :	Located at : Pune New Delhi Bangalore Hyderabad Chennai Goa Kolkata Ahmedabad

DIRECTORS

As on 30.09.2013

Name :

Mrs. Hetal Mehul Parikh

Designation :

Director

Address :

54, Mani Bhuvan, 3rd Floor, Hughes Road, Chowpatty, Mumbai – 400 007, Maharashtra, India.

Date of Birth :

12.09.1974

Qualification :

MBA

Date of Appointment :

28.06.2002

PAN No.

AAEPK6755C

Voter ID No :

IS4237301

DIN No.:

01088397

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	U26940MH2002PTC136356	NINA CONCRETE SYSTEMS PRIVATE LIMITED	Director	28-06-02	28-06-02	-	Active	NO
2	U26940MH2002PTC136355	MEKAUL CONSTRUCTION TECHNOLOGIES PRIVATE LIMITED	Director	28-06-02	28-06-02	-	Active	NO
3	U45200MH1995PTC086434	VIJAY PROJECT CONSULTANTS AND LAND DEVELOPERS PRIVATE LIMITED	Director	30-08-06	30-08-06	-	Active	NO
4	U01110MH1987PTC045727	USHA FARMING PRIVATE LIMITED	Director	12-04-07	12-04-07	-	Active	NO
5	U01100MH1988PTC049127	SHAILESH FARMING PRIVATE LIMITED	Director	12-04-07	12-04-07	-	Active	NO
6	U01110MH1988PTC049214	RANJAN FARMING PRIVATE LIMITED	Director	12-04-07	12-04-07	-	Active	NO
7	U01110MH1987PTC045729	NAMRATA FARMING PRIVATE LIMITED	Director	12-04-07	12-04-07	-	Active	NO
8	U51909MH2008PTC182502	IMPACT FLOORS INDIA PRIVATE LIMITED	Director	21-05-08	21-05-08	-	Active	NO
9	U45202MH2008PTC183682	MITCHELLS CONSTRUCTION TECHNOLOGIES PRIVATE LIMITED	Director	07-10-08	07-10-08	-	Active	NO
10	U74120MH2014PTC259216	NINA WATERPROOFING SYSTEMS PRIVATE LIMITED	Director	11-11-14	11-11-14	-	Active	NO
11	AAD-2603	JUPITER WATERPROOFING SERVICES LLP	Designated Partner	27-01-15	27-01-15	-	Active	NO

Name :

Mr. Kaushal Kirit Parikh

Designation :

Director

Address :

54, Mani Bhuvan, 3rd Floor, Hughes Road, Chowpatty, Mumbai – 400 007, Maharashtra, India.

Date of Birth :

08.04.1976

Qualification :

MBA

Date of Appointment :

28.06.2002

PAN No.

AGVPP5827F

Voter ID No :

MT/04/023/0168363

DIN No.;

00902185

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	U26940MH2002PTC136356	NINA CONCRETE SYSTEMS PRIVATE LIMITED	Director	28-06-02	28-06-02	-	Active	NO
2	U26940MH2002PTC136355	MEKAUL CONSTRUCTION TECHNOLOGIES PRIVATE LIMITED	Director	28-06-02	28-06-02	-	Active	NO
3	U45200MH1995PTC086434	VIJAY PROJECT CONSULTANTS AND LAND DEVELOPERS PRIVATE LIMITED	Director	30-08-06	30-08-06	-	Active	NO
4	U51909MH2008PTC182502	IMPACT FLOORS INDIA PRIVATE LIMITED	Director	21-05-08	21-05-08	-	Active	NO
5	U45202MH2008PTC183682	MITCHELLS CONSTRUCTION TECHNOLOGIES PRIVATE LIMITED	Director	07-10-08	07-10-08	-	Active	NO
6	U52399MH2009PTC196305	TREND SETTER TRADING PRIVATE LIMITED	Director	04-02-10	04-02-10	-	Active	NO
7	U24100MH2009PTC193773	PENETRON INDIA PRIVATE LIMITED	Director	21-06-11	21-06-11	-	Active	NO

Name :

Mr. Mehul Kirit Parikh

Designation :

Director

Address ;

Mani Bhuvan, 3rd Floor, 54, Hughes Road, Chowpatty, Mumbai – 400 007, Maharashtra, India.

Qualification :

BBA

Date of Appointment :

05.10.2009

PAN No.

AFUPP4575Q

Voter ID No :

MT/04/023/0168430

DIN No.:

01088837

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	U26940MH2002PTC136356	NINA CONCRETE SYSTEMS PRIVATE LIMITED	Director	05-10-09	05-10-09	-	Active	NO
2	U52399MH2009PTC196305	TREND SETTER TRADING PRIVATE LIMITED	Director	04-02-10	04-02-10	-	Active	NO
3	U24100MH2009PTC193773	PENETRON INDIA PRIVATE LIMITED	Director	21-06-11	21-06-11	-	Active	NO
4	U74120MH2014PTC259216	NINA WATERPROOFING SYSTEMS PRIVATE LIMITED	Director	11-11-14	11-11-14	-	Active	NO
5	AAD-2603	JUPITER WATERPROOFING SERVICES LLP	Designated Partner	27-01-15	27-01-15	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Kaushal Kirit Parikh	110000
Hetal Mehul Parikh	110000
Mekuaul Construction Technologies Private Limited, India	166000
Vijay Project Consultants and Land Development Limited, India	156000
Atlantic Dealers Private Limited	169333
Total	711333

As on 25.03.2014

Names of Allottees	No. of Shares
Kaushal Kirit Parikh	2750
Hetal Mehul Parikh	2750
Total	5500

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	69.08
Directors or relatives of Directors	30.92
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing water proofing, retrofitting, civil finishing works, exterior cladding, and finishing systems.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

• Bank of Maharashtra, Senior Citizen Branch, 85-E Wing, Maker Tower, Cuffe Parade, Mumbai - 400005, Maharashtra, India
• Citibank N. A., 8th Floor, Nirlon Knowledge Park, Block No.B-7, Off Western Express Highway, Goregaon (East), Mumbai - 400063, Maharashtra, India

Bank Name	HDFC Bank Limited
Branch	HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Term loans from banks	150.086	110.109
Short-term borrowings
Loans repayable on demand from banks	128.353	122.706
Total	278.439	232.815

Auditors :
Name :	D. Kothary and Company Chartered Accountants
Address :	75/76, C Wing, 7th Floor, Mittal Court, Nariman Point, Mumbai - 400002, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFD2013L
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives (As on 31.03.2013):	Mekaul Construction Technologies Private Limited, India [U26940MH2002PTC136355] Impact Floors India Private Limited, India [U51909MH2008PTC182502] Pyramid Construction Technologies Nina Industries
Associate Company (As on 31.03.2013):	Impact Floors India Private Limited, India [U51909MH2008PTC182502]

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
716833	Equity Shares	Rs.10/- each	Rs. 7.168 Million

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
711333	Equity Shares	Rs.10/- each	Rs. 7.113 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	7.113	7.113	4.320
(b) Reserves & Surplus	557.591	481.763	298.189
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.055	0.055	0.055
Total Shareholders’ Funds (1) + (2)	564.759	488.931	302.564
(3) Non-Current Liabilities
(a) long-term borrowings	162.119	125.516	222.240
(b) Deferred tax liabilities (Net)	6.759	0.789	0.660
(c) Other long term liabilities	4.120	4.083	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	172.998	130.388	222.900
(4) Current Liabilities
(a) Short term borrowings	128.353	122.706	124.514
(b) Trade payables	174.681	215.519	250.909
(c) Other current liabilities	207.382	213.490	114.265
(d) Short-term provisions	105.200	107.004	80.104
Total Current Liabilities (4)	615.616	658.719	569.792
TOTAL	1353.373	1278.038	1095.256
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	266.174	22.672	19.912
(ii) Intangible Assets	1.721	1.125	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.870	0.870	0.870
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	183.509	367.780	310.201
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	452.274	392.447	330.983
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	245.093	220.395	205.362
(c) Trade receivables	430.729	401.363	344.541
(d) Cash and cash equivalents	63.859	90.222	52.693
(e) Short-term loans and advances	149.227	160.969	150.431
(f) Other current assets	12.191	12.642	11.246
Total Current Assets	901.099	885.591	764.273
TOTAL	1353.373	1278.038	1095.256

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
SALES
Income	1158.894	1063.262	1000.420
Other Income	11.006	23.923	16.817
TOTAL	1169.900	1087.185	1017.237
EXPENSES	1006.452	968.163	948.523
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	163.448	119.022	106.707
FINANCIAL EXPENSES	37.296	32.630	38.008
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	126.152	86.392	66.699
DEPRECIATION/ AMORTISATION	6.978	3.613	1.980
PROFIT/ (LOSS) BEFORE TAX	119.174	82.779	66.719
TAX	42.470	27.029	21.779
PROFIT/ (LOSS) AFTER TAX	76.704	55.750	44.940
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	NA	171.723	113.796
APPROPRIATIONS
Transfer to General Reserve	NA	NA	4.494
Dividend	NA	NA	2.160
Tax on Dividend	NA	NA	0.359
Balance Carried to the B/S	NA	NA	171.723
Earnings / (Loss) Per Share (Rs.)	107.83	78.37	104.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	6.62	5.24	4.49
Operating Profit Margin (PBIDT/Sales)	(%)	14.10	11.19	10.67
Return on Total Assets (PBT/Total Assets}	(%)	8.81	6.48	6.10
Return on Investment (ROI) (PBT/Networth)		0.21	0.17	0.22
Debt Equity Ratio (Total Debt /Networth)		0.51	0.51	1.15
Current Ratio (Current Asset/Current Liability)		1.46	1.34	1.34

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	4.320	7.113	7.113
Reserves & Surplus	298.189	481.763	557.591
Share Application money pending allotment	0.055	0.055	0.055
Net worth	302.564	488.931	564.759
long-term borrowings	222.240	125.516	162.119
Short term borrowings	124.514	122.706	128.353
Total borrowings	346.754	248.222	290.472
Debt/Equity ratio	1.146	0.508	0.514

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1000.420	1063.262	1158.894
		6.282	8.994

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1000.420	1063.262	1158.894
Profit	44.940	55.750	76.704
	4.49%	5.24%	6.62%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Million)	31.03.2012 (Rs. in Million)
Long-term Borrowings
Term loans from banks	12.033	15.407
Total	12.033	15.407

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10538173	10/12/2014	56,280,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	C37798972
2	10538180	15/09/2014	14,905,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	C37801644
3	10483127	28/02/2014	100,000,000.00	BANK OF MAHARASHTRA	SENIOR CITIZEN BRANCH, 85-E WING, MAKER TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B98689664
4	10485709	17/02/2014	130,100,000.00	FULLERTON INDIA CREDIT COMPANY LIMITED	MEGH TOWERS, THIRD FLOOR, OLD NO-307,, NEW NO-165, POONAMALLEE HIGH ROAD, MADURAVOYAL, CHENNAI, TAMIL NADU - 600095, INDIA	C00779173
5	10420339	18/04/2013	65,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B73356255
6	10334634	30/01/2012	9,999,000.00	CITIBANK N. A.	8TH FLOOR, NIRLON KNOWLEDGE PARK, BLOCK NO.B-7, OFF WESTERN EXPRESS HIGHWAY, GOREGAON (E), MUMBAI, MAHARASHTRA - 400063, INDIA	B31707318
7	10322638	30/11/2011	46,200,000.00	STANDARD CHARTERED BANK	STANDARD CHARTERED TOWER, 201, B/1, WESTERN EXPRESS HIGHWAY, GOREGAON(E), MUMBAI, MAHARASHTRA - 400063, INDIA	B27679638
8	10276213	03/03/2011	10,000,000.00	STATE BANK OF INDIA	SMECCC CENTRE, SYNERGY, GROUND FLOOR, C-6, 'G' B LOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	B09200759
9	10233281	02/07/2010	44,600,000.00	RELIANCE CONSUMER FINANCE PRIVATE LIMITED	570, RECTIFIER HOUSE, NAIGAUM CROSS ROAD, NEXT TO ROYAL INDUSTRIAL ESTATE, WADALA, MUMBAI, MAHARASHTRA - 400031, INDIA	A90908849
10	10124452	27/10/2009 *	350,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	6TH FLOOR, AKRUTI CENTRE POINT, MIDC CENTRAL ROAD, ANDHERI (E), MUMBAI, MAHARASHTRA - 400093, INDIA	A72775968

* Date of charge modification

FIXED ASSETS

Tangible assets

• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

Intangible assets

• Computer software

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.62.39
UK Pound	1	Rs.91.06
Euro	1	Rs.66.16

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		42

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.