MIRA INFORM REPORT

Report No. :	337760
Report Date :	25.08.2015

IDENTIFICATION DETAILS

Name :	AROMA ENTERPRISES (INDIA) LIMITED
Formerly Known As :	SIRHIND ENTERPRISE LIMITED
Registered Office :	88 Ajanta Commercial Center, Near Income Tax Circle Ashram Road, Ahmedabad – 380009, Gujarat
Tel. No.:	91-79-26423759
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	4.03.1994
Com. Reg. No.:	04-021482
Capital Investment / Paid-up Capital :	Rs.49.404 Million
CIN No.: [Company Identification No.]	L51909GJ1994PLC021482
TAN No.: [Tax Deduction & Collection Account No.]	AHMA12324E
PAN No.: [Permanent Account No.]	AADCS0854J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged into Finance Investment Business
No. of Employees :	3 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 230000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Aroma Enterprises (India) Limited originally incorporated as Sirhind Enterprise Limited as on 4^th March 1994. Company has changed its name from Sirhind Enterprises Limited to Aroma Enterprises (India) Limite with the approval of its shareholders and Registrar of the Company with effected from 20^th May 2011. It is established company having satisfactory track record. The company has reported strong operation efficiencies marked by healthy financial risk profile, profitability, negligible debt and strong liquidity. Rating further, drive strength from the promoter vast experience and established track record of the business. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at its usual trade terms and conditions. Note : Company’s Shares are being not traded on BSE since last 30 Days

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Amar
Contact No.:	91-79-26423759
Date :	20.08.2015

LOCATIONS

Registered Office :	88 Ajanta Commercial Center, Near Income Tax Circle Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26423759
Fax No.:	91-79-26423759
E-Mail :	compliance.mgc@gmail.com info@monarchproject.com it.aromaenterprises@gmail.com
Website :	http://www.aromaenterprises.in
Location :	Owned

DIRECTORS

As on 31.03.2014

Name :	Mr. Ritesh Baldevbhai Patel
Designation :	Director
Address :	24-A Lalbaug Society Sbi Bank, Nawa Wadaj, Ahmedabad - 380013, Gujarat, India
Date of Appointment :	10.06.2013
DIN No.:	06593713
Name :	Mr. Jalpaben Riteshkumar Patel
Designation :	Additional Director
Address :	24 - A, Lalbaug Society, Near. SBI Bank, Nava Wadaj, Ahmedabad, 380013, Gujarat, India
Date of Appointment :	30.03.2015
DIN No.:	07143626
Name :	Mr. Chirag Harikant Rawal
Designation :	Director
Address :	A-1-19, Komal Enclave PT College Road, Paldi, Ahmedabad, 380007, Gujarat, India
Date of Appointment :	10.06.2013
DIN No.:	06560139
Name :	Mr. Miten Bharatbhai Shah
Designation :	Director
Address :	A/15, Anisha Appt, Mahalakshmi Cross Road, Paldi, Ahmedabad - 380007, Gujarat, India
Date of Appointment :	10.06.2013
DIN No.:	06592149

KEY EXECUTIVES

Name :	Mr. Keshava Kalidas Kannan
Designation :	Chief Executive Officer
Address :	61/6, Mullai Veethi, Nehru Nagar,, Thiruvaidaimarudhur Taluk, Thepperumanallur,, Thanjavur, 612204, Tamilnadu, India
Date of Appointment :	30.03.2015
PAN No.:	ANCPK0834F
Name :	Mr. Ritesh Baldevbhai Patel
Designation :	Chief Executive Officer
Address :	24 - A, Lalbaug Society, SBI Bank, Nawa Wadaj, Ahmedabad - 380013, Gujarat, India
Date of Appointment :	30.03.2015
PAN No.:	AOXPP6306D
Name :	Ms. Ankit Shaileshbhai Shukla
Designation :	Secretary
Address :	B/14, Anand Mangal Flats, Near Shyamal Cross Road,, Satellite, Ahmedabad - 380015, Gujarat, India
Date of Appointment :	30.03.2015
PAN No.:	BFYPS5278E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1219900	24.99
Sub Total	1219900	24.99
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1219900	24.99
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	210406	4.31
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	340874	6.98
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2753030	56.41
Any Others (Specify)	356590	7.31
Hindu Undivided Families	345789	7.08
Non Resident Indians	10800	0.22
Clearing Members	1	0.00
Sub Total	3660900	75.01
Total Public shareholding (B)	3660900	75.01
Total (A)+(B)	4880800	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	4880800	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into Finance Investment Business
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Advance Payment, Cheque and Credit
Purchasing :	Advance Payment, Cheque and Credit

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 :

3 (Approximately)

Bankers :

Bank Name	Axis Bank
Branch	Not Divulged
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

Auditors :

(As on 31.03.2014)

Name :

S. D. Motta and Associates

Chartered Accountants

Address :

3, Shanivar Nivas, Chincholi Pada, Subhash Road, Dombivli (West) – 421202, Maharashtra, India

Memberships :

Not Available

Collaborators :

Not Available

Sister Concern :

(As on 31.03.2014)

Name :	Skyline Financial Services Private Limited
Address :	D-153 A, 1^st Floor, Okhla Industrial Area, Phase – I, New Delhi – 110020, India

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed Share Capital: Rs. 49.404 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 Million

Issued, Subscribed Share Capital

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Paid-up Share Capital :

No. of Shares	Type	Value	Amount
4880800	Equity Shares	Rs.10/- each	Rs.48.808 Million
	Add : Forfeited Shares (119200 shares)		Rs.0.596 Million
			Rs.49.404 Million

Particulars	Figures as at 31st March 2014
Par Value per Share (Rs.)	10.00
Number of Equity Shares at the Beginging of the Year	4880800
Add - Right Issue	--
Add - Bonus Issue	--
Less - Buy Back	--
Number of Equity Shares at the End of the Year	4880800
Number of shares held by shareholders more 5% of total shares
Ravi Malhotra	24.99%
No of shares Forfeited :	119,200.00
Amount Originally Paid Up :	596,000.00

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	49.404	49.404	49.404
(b) Reserves & Surplus	30.962	27.995	23.763
(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)	80.366	77.399	73.167
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.009	0.000	0.000
(c) Other long term liabilities	0.000	4.302	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.009	4.302	0.000
(4) Current Liabilities
(a) Short term borrowings	1.160	1.160	1.060
(b) Trade payables	3.678	0.019	0.100
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	5.698	2.043	4.948
Total Current Liabilities (4)	10.536	3.222	6.108
TOTAL	90.911	84.923	79.275
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.655	0.000	0.000
(ii) Intangible Assets	0.000	0.000	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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	72.750	83.548	75.186
(e) Other Non-current assets	1.703	0.000	0.000
Total Non-Current Assets	76.108	83.548	75.186
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.650	0.000	0.000
(c) Trade receivables	1.182	0.000	0.000
(d) Cash and cash equivalents	5.452	0.153	0.032
(e) Short-term loans and advances	0.050	0.007	0.000
(f) Other current assets	1.469	1.215	4.057
Total Current Assets	14.803	1.375	4.089
TOTAL	90.911	84.923	79.275

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	17.207	0.000	0.000
	Other Income	0.004	6.513	6.260
	TOTAL (A)	17.211	6.513	6.260
Less	EXPENSES
	Purchases of Stock-in-Trade	9.059	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(6.649)	0.000	0.000
	Employees benefits expense	0.813	0.000	0.000
	Other expenses	8.771	0.370	0.536
	Miscellaneous Expenses	0.000	0.018	0.013
	TOTAL (B)	11.994	0.388	0.549
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	5.217	6.125	5.711
Less	FINANCIAL EXPENSES (D)	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	5.217	6.125	5.711
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.196	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	5.021	6.125	5.711
Less	TAX (H)	2.054	1.892	4.349
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	2.967	4.233	1.362
	Earnings / (Loss) Per Share (Rs.)	0.60	0.87	0.28

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	(4.600)	(6.686)
Net cash flow from operating activity	NA	(6.492)	(6.686)

QUARTERLY RESULTS

Particulars	June 2015
Audited / UnAudited	UnAudited
Net Sales	47.020
Total Expenditure	43.700
PBIDT (Excl OI)	3.320
Other Income	NA
Operating Profit	3.320
Interest	NA
Exceptional Items	NA
PBDT	3.320
Depreciation	NA
Profit Before Tax	3.330
Tax	0.630
Provisions and contingencies	NA
Profit After Tax	2.690
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	2.690

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	17.24	NA	NA
Operating Profit Margin (PBIDT/Sales)	(%)	30.32	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.52	7.21	7.20
Return on Investment (ROI) (PBT/Networth)		0.06	0.08	0.08
Debt Equity Ratio (Total Debt /Networth)		0.01	0.01	0.01
Current Ratio (Current Asset/Current Liability)		1.40	0.43	0.67

STOCK PRICES

Face Value	--
Market Value	--

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	49.404	49.404	49.404
Reserves & Surplus	23.763	27.995	30.962
Net worth	73.167	77.399	80.366
long-term borrowings	0.000	0.000	0.000
Short term borrowings	1.060	1.160	1.160
Total borrowings	1.060	1.160	1.160
Debt/Equity ratio	0.014	0.015	0.014

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE REVIEW: (As on 31.03.2014)

The Company has earned total income of Rs. 6.513 Million as compared to Rs. 6.260 Million in previous year. During the year the Company has earned Net Profit of Rs. 4.232 Million as compared to Rs. 1.362 Million.

MANAGEMENT DISCUSSION ANALYSIS REPORT: (As on 31.03.2014)

GLOBAL OVERVIEW:

The global economy in the financial year 2013 – 2014, has been quite a roller – costar ride. Many of the economies were performing average growth rate, while some of the economies were under the aftershock of the recession impact. Several European economies and U. S. economy has have survived the recession and has started to propel at the average growth rate. While some of the developing economies are struggling to achieve the optimum growth rate. India being an emerging market, is struggling with the inflationary pressure and political instability. The average growth and slow recovery from the global recession is hampering the business growth.

COMPANIES OUTLOOK:

The Company is currently engaged in the areas of Enterprise Business. The Company is confident in spite of the inflationary pressure and political instability in the economy it will perform better in view of the strong fundamentals of the Indian companies and hope to improve. Your company is already equipped with the strategies and strong fund base which will help company to plan and improve its business activities more efficiently.

INTERNAL CONTROLS

Aroma has a well-established internal control system, which is commensurate with the size and nature of its business and complexity of its operations. The Company strives to maintain a dynamic system of internal controls and procedures — including internal control over financial reporting designed to ensure reliable financial record keeping, transparent financial reporting and disclosures. The Company has an internal audit function which conducts regular internal audits to examine the adequacy and compliance with policies, plans and statutory requirements. The management duly considers and takes appropriate action on the recommendations made by the statutory auditors, internal auditors and the independent Audit Committee of the Board of Directors.

ESTABLISHMENT OF INTERNAL MANAGEMENT INFORMATION SYSTEMS:

Any problems requiring policy decisions are being intimated to Audit Committee for redressed or amendments in the policy and procedure. The progress reports are being regularly on monthly basis intimated to the Audit committee through the Financial Officers of the company who in turn put the same to Audit Committee. All the Investors grievances officer or share department related queries are addressed to the compliance officer who in turn put the same before the investors Grievances Committee.

INFORMATION SYSTEM BETWEEN COMMITTEE AND THE BOARD:

Both Audit committee and Investors Grievances Committees receive periodical regular information from the concerned function heads, and after resolution of all the problems re-communicate the same to functional heads for further communications and implementation of any suggestions. The progress report and minutes of all meetings held of both the committees are being placed before the Board for information and taking the same on.

INFORMATION SYSTEM BETWEEN THE COMPANY AND INVESTORS:

The Company is regularly taking on record the unaudited financial results on quarterly basis as per requirements of the Clause 41 of the listing Agreement and the same are published in English and Gujarati News Papers in time. The Audited Financial Balance Sheet is being dispatched to every shareholder in time at their registered addresses in Compliance with the Companies Act, 1956 and ensures to maintain the same policy with the Companies Act, 2013.

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Loan from Director	NA	1.160
Total	NA	1.160

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2015

(Rs. In Million)

Sr. No	Particulars
		Quarter ended
		30.06.2015
		Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)	47.023
	b. Other Operating Income	0.000
	Total Income from Operations (Net)	47.023
2	Expenditure
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade	3.282
	e. Employees Benefit Expenses	1.758
	f. Depreciation and Amortization Expenses	0.000
	g. Administrative Expenses	0.921
	h. Other expenses	9.173
	Total Expenses	43.695
3	Profit from Operations before Other Income, Interest and Exceptional Items	3.328
4	Other Income	0.000
5	Profit from ordinary activities before finance cost & exceptional items	3.328
	Finance costs	0.000
	Profit from ordinary activities after finance cost & exceptional items	3.328
9	Exceptional items	0.000
10	Profit from ordinary activities before tax	3.328
11	Tax Expense	0.634
12	Net profit from ordinary Activities after tax	2.694
13	Extra Ordinary Items (Net of tax expenses)	0.000
14	Net Profit After Tax	2.694
15	Paid-up equity share capital (face value of Rs.10 per share)	49.404
16	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year	0.000
17	Earning Per Share (of Rs.10 each) (not annualized)
	Before extraordinary items
	Basic EPS	0.55
	Diluted EPS	0.55
A	PARTICULARS OF SHAREHOLDING
17	Public Shareholding
	- No. of shares	3660900
	- Percentage of shareholding	75.01%
18	Promoter & Promoter Group Shareholding
	a) Pledged/Encumbered
	- No. of shares	Nil
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	Nil
	- Percentage of shareholding (as a % of the total share capital of the company)	Nil
	b) Non-encumbered
	- No. of shares	1219900
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100.00%
	- Percentage of shareholding (as a % of the total share capital of the company)	24.99%

	Particulars	3 MONTHS ENDED
B	Investor Complaints	(30.06.2015)
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed off during the quarter	Nil
	Remaining unresolved at the end of the quarter	Nil

Note:

1. The above results have been taken on record in the meeting of the Board of Directors of the Company held on August 14, 2015.

2. Figures are provisional and have been regrouped wherever necessary.

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 records 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.66.70
UK Pound	1	Rs.105.10
Euro	1	Rs.77.10

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAS
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.