MIRA INFORM REPORT

Report No. :	354444
Report Date :	12.12.2015

IDENTIFICATION DETAILS

Name :	BEST IT WORLD (INDIA) PRIVATE LIMITED (w.e.f.10.07.2000)
Formerly Known As :	PITRANI COMPUTERS PRIVATE LIMITED
Registered Office :	87/93, Mistry Industrial Complex, MIDC Cross Road ‘A’, Andheri East, Mumbai - 400093, Maharashtra
Tel. No.:	91-22-30815100/67745100
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	17.12.1996
Com. Reg. No.:	11-104553
Capital Investment / Paid-up Capital :	Rs.7.500 Million
CIN No.: [Company Identification No.]	U30000MH1996PTC104553
IEC No.:	0300055536
TAN No.: [Tax Deduction & Collection Account No.]	MUMB09573E
PAN No.: [Permanent Account No.]	AAACP6597N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the distribution and marketing of computer hardware and peripherals, mobile handsets and tablets. (Confirmed by management)
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established in 1996, Best IT World (India) Private Limited (Best IT) is engaged in the distribution and marketing of computer hardware and peripherals, mobile handsets and tablets. Since 2001, Best IT is engaged in the marketing of its own products under the brand “iBall”. During FY11, the company entered into the mobile handset segment and also diversified into the tablet segment during FY12. The mobile handsets and tablets were also marketed under same the brand name. Presently, the company has 25 branches spread across the country to facilitate distribution of its products. For the financial year ended 2015, company has achieved 26.68% growth in its revenue profile but failed to maintained profit margin and reported low margin at 0.65% during the year under review. Rating continue to derive strength from company’s professionally qualified and experienced promoters supported by company’s established brand image of “iBall” and continued brand strengthening initiatives undertaken, diversified product-offerings and wide distribution network. Rating also takes into account of its satisfactory financial profile marked by sound net worth base along with favourable gap between trade payables to its receivables and above average debt coverage indicators. However, rating strength is partially offset by company’s high dependence on imports, which in turn exposes it to the risk of adverse foreign exchange fluctuation, low profitability margins, working capital intensity of the business, limited ability to competitive pass on the hike in prices of its purchased products and the competitive intensity of the computer peripherals and mobile handsets business. Trade relations reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities (BBB)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	October 16, 2015
Rating Agency Name	CARE
Rating	Short Term Bank Facilities (A3+)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	October 16, 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 31-03-2015.

INFORMATION DENIED

Management non-co-operative (91-22-30815100)

LOCATIONS

Registered Office/ Head Office :	87/93, Mistry Industrial Complex, MIDC Cross Road ‘A’, Andheri East, Mumbai - 400093, Maharashtra, India
Tel. No.:	91-22-30815100/67745100/ 28235360/ 28251820/ 30815216
Fax No.:	91-22-66436262/ 28375458
E-Mail :	agarwalkala@gmail.com sandeep@bestitworld.com sjshah@bestitworld.com sales@iball.co.in sunil@iball.co.in thebest@bestitworld.com
Website :	www.iball.co.in
Branches :	Located at: · Ahmedabad · Bangalore · Bhubaneshwar · Chandigarh · Cochin · Chennai · Dehradun · Guwahati · Indore · Jaipur · Kolkata · New Delhi · Lucknow · Nagpur · Nashik · Pune · Raipur · Secundrabad
Service Centers :	Located at: · Andhra Pradesh · Assam · Chhattisgarh · Goa · Gujarat · Karnataka · Kerala · Madhya Pradesh · Maharashtra · New Delhi · Orissa · Punjab · Rajasthan · Tamil Nadu · Uttar Pradesh · Uttaranchal · West Bengal

DIRECTORS

As on: 31.03.2015

Name :	Mr. Sunil Babulal Kedia
Designation :	Director
Address :	B-204, Neptune, Vasant, Galaxy, Goregaon West, Mumbai - 400062, Maharashtra, India
Date of Birth/Age :	30.10.1959
Qualification:	B.Com, FCA
Experience:	29 Years
Date of Appointment :	10.05.2000
PAN No.:	AADPK9566E
DIN No.:	00140275
Name :	Mr. Sandeep Sitaram Parasrampuria
Designation :	Director
Address :	402, Resort View, Thakur Complex, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	20.07.1965
Qualification:	B.Com, ACA
Date of Appointment :	17.12.1996
PAN No.:	AADPP9122H
Voter ID No.:	MT/08/040/0783405
DIN No.:	00140120
Name :	Mr. Anil Jagdishprasad Parasrampuria
Designation :	Director
Address :	303, Glory, Vasant Marvel, C-Wing, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	06.09.1967
Qualification:	B.Com
Experience:	22 Years
Date of Appointment :	17.12.1996
PAN No.:	AACPP2312G
Voter ID No.:	KNF1165976
DIN No.:	00140235
Name :	Mr. Rakesh Yogeshkumar Shah
Designation :	Director
Address :	A-408, Bhoomi Enclave Mahavir Nagar, Kandivali (West) Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	20.11.1965
Qualification:	B.Com
Experience:	24 Years
Date of Appointment :	21.05.1998
PAN No.:	ACXPS6801J
DIN No.:	00140338
Name :	Mr. Vijay Kumar Dalmia
Designation :	Director
Address :	603, Highland Park, Lakhandwala Complex, Andheri (East), Mumbai - 400053, Maharashtra, India
Date of Birth/Age :	28.12.1956
Date of Appointment :	07.06.2000
PAN No.:	AAAPD4448H
DIN No.:	00209719
Name :	Mr. Rajesh Kumar
Designation :	Nominee Director
Address :	Flat No 211, Chitrashila Apartment, 2/GH/101, Near Shekhar Hospital, Indira Nagar, Lucknow, 226016, Uttar Pradesh, India
Date of Appointment :	10.06.2015
DIN No.:	00240988

KEY EXECUTIVES

Name :	Kala Agarwal
Designation :	Practicing Company Secretary
Address :	KD Enterprises, 2, Swami Sadan, M.G. Road, Kandivali West, Near Swimming pool Bus Stop, Mumbai – 400067, Maharashtra, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2015

Names of Shareholders	No. of Shares
Sandeep S. Parasrampuria	26000
Anil J. Parasrampuria	52850
Sunil Kedia	20250
Rakesh Y. Shah and Ami R. Shah	122500
Anita S. Parasrampuria and Sandeep S Parasrampuria	82500
Sudha A. Parasrampuria and Anil J. Parasrampuria	48000
Ami R. Shah and Rakesh Y. Shah	35000
Bharti S. Kedia	54700
Vijay Dalmia Karta	57200
Sangeeta V. Dalmia	100200
Amit N. Banka and Pooja A. Banka	15000
Jagdish Parasrampuria	1000
Vidyadevi Dalmia	100
Sitaram Parasrampuria and Draupadi Parasrampuria	500
Draupadi Parasrampuria and Sitaram Parasrampuria	500
Nimisha Parasrampuria	50
Bennett Colemn and Company Limited, India	10
Sandeep S. Parasrampuria and Anita S. Parasrampuria	78000
Anil J Parasrampuria and Sudha A Parasrampuria	55500
Kanishk Saraogi and Shaily Saraogi	10
Surendra Saraogi	10
Geeta Devi Goel	10
Mala Tulsidas Bileye	10
Rajani A. Parasrampuria	100
Total	750000

As on 25.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the distribution and marketing of computer hardware and peripherals, mobile handsets and tablets. (Confirmed by management)

Products :

Item Code No.	Product Description
46524	Mobile Handsets
46511	Computers and Computer peripheral

Brand Names :

iBall

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 denied by management

Bankers :

• Cosmos Bank, Pratik Avenue, 1st Floor, Opposite Hotel Shivsagar, Vile Parle (East), Mumbai - 400057, Maharashtra, India

• Small Industries Development Bank of India, Show Room No 1&2, Upper Ground Floor, Samruddhi, Venture Park, MIDC Road, Marol, Andheri (West), Mumbai - 400093, Maharashtra, India

• IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

• Barclays Bank PLC, 601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, INDIA

• Axis Bank Limited, Credit Management Centre, Unit No.6,, Corporate Park, Sion Trombay Road, Chembur, Mumbai - 400071, Maharashtra, INDIA

Facilities :

SECURED LOAN	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from others	2.227	1.295
Rupee term loans from others	0.000	0.527
SHORT-TERM BORROWINGS
Working capital loans from banks	225.000	200.000
Rupee term loans from banks	461.641	306.026
Other loans and advances, others	231.044	0.000
Total	919.912	507.848

Auditors :
Name :	V. B. Goel and Company Chartered Accountants
Address :	Flat no. 2 and 3, Ajay Apts, Kasturba Cross Road Malad West Mumbai – 400064, Maharashtra, India
PAN No.:	AACPG6633R
Email:	vikas.goel100@gmail.com
Memberships :	Not Available
Collaborators :	Not Available
Associate :	Natasha Industries
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	· Vijay Dalmia HUF · Dalmia Polytex Private Limited CIN No.: U17120MH1997PTC106952 · Quality Product · Saanwaria Polyster Private Limited · Centos Synthetics · Anil Rajesh and Trading Company · Sharp Infrastructure Private Limited CIN No.: U14107MP2004PTC016442 · Strata Geosystems (India) Private Limited CIN No.: U17299MH2004PTC148625

CAPITAL STRUCTURE

As on 31.03.2015

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Million

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	7.500	7.500	7.500
(b) Reserves & Surplus	701.201	640.796	567.173
(c) Money received against share warrants	13.000	13.000	13.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	721.701	661.296	587.673
(3) Non-Current Liabilities
(a) long-term borrowings	149.102	151.822	76.818
(b) Deferred tax liabilities (Net)	24.213	25.170	12.573
(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)	173.315	176.992	89.391
(4) Current Liabilities
(a) Short term borrowings	1092.609	579.436	725.675
(b) Trade payables	908.237	764.007	529.129
(c) Other current liabilities	459.987	278.737	180.159
(d) Short-term provisions	62.378	46.257	34.734
Total Current Liabilities (4)	2523.211	1668.437	1469.697
TOTAL	3418.227	2506.725	2146.761
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	207.099	195.718	170.140
(ii) Intangible Assets	29.785	38.278	34.462
(iii) Capital work-in-progress	0.144	0.133	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.127	0.127	0.127
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	98.631	93.873	72.083
(e) Other Non-current assets	140.896	87.862	117.821
Total Non-Current Assets	476.682	415.991	394.633
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2117.595	1429.647	1043.233
(c) Trade receivables	578.622	449.595	402.126
(d) Cash and cash equivalents	86.753	92.954	153.253
(e) Short-term loans and advances	153.542	115.789	152.559
(f) Other current assets	5.033	2.749	0.957
Total Current Assets	2941.545	2090.734	1752.128
TOTAL	3418.227	2506.725	2146.761

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	10452.344	8258.860
		Other Income	51.344	19.910
		TOTAL (A)	10503.688	8278.770	6122.934
Less	EXPENSES
		CSR Expenditure	0.400	0.000
		Purchases of Stock-in-Trade	8043.731	6485.130
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(401.183)	(273.613)
		Employees benefits expense	836.787	593.197
		Other expenses	1748.640	1216.014
		TOTAL (B)	10228.375	8020.728	5888.667
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		275.313	258.042	234.267
Less	FINANCIAL EXPENSES (D)		136.231	120.513	92.336
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		139.082	137.529	141.931
Less/ Add	DEPRECIATION/ AMORTISATION (F)		34.559	19.239	16.045
	PROFIT BEFORE TAX (E-F) (G)		104.523	118.290	125.886
Less	TAX (H)		35.690	39.403	40.273
	PROFIT AFTER TAX (G-H) (I)		68.833	78.887	85.613
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		40.774	37.151	26.803
Less	APPROPRIATIONS
		Transfer to General Reserve	50.000	70.000	70.000
		Interim / Proposed Dividend	4.500	4.500	4.500
		Tax on Dividend	0.916	0.765	0.765
	BALANCE CARRIED TO THE B/S		51.179	40.774	37.151
	EARNINGS IN FOREIGN CURRENCY		11.963	1.635	0.549
	IMPORTS
		FOB Value of Import	7205.522	5738.606	4170.706
	TOTAL IMPORTS		7205.522	5738.606	4170.706
	Earnings Per Share (Rs.)		91.78	105.184	114.15

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	6.103	2.297	3.759
Net cash flows from (used in) operations	(311.428)	196.958	(19.252)
Net cash flows from (used in) operating activities	(352.807)	169.075	(69.817)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.66	0.96	1.40
Operating Profit Margin (PBIDT/Sales)	(%)	2.63	3.12	3.83
Return on Total Assets (PBT/Total Assets}	(%)	3.06	4.72	5.86
Return on Investment (ROI) (PBT/Networth)		0.14	0.18	0.21
Debt Equity Ratio (Total Debt /Networth)		1.73	1.11	1.37
Current Ratio (Current Asset/Current Liability)		1.17	1.25	1.19

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	7.500	7.500	7.500
Reserves & Surplus	567.173	640.796	701.201
Money received against share warrants	13.000	13.000	13.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	587.673	661.296	721.701
long-term borrowings	76.818	151.822	149.102
Short term borrowings	725.675	579.436	1092.609
Current maturities of long-term debts	3.759	2.297	6.103
Total borrowings	806.252	733.555	1247.814
Debt/Equity ratio	1.372	1.109	1.729

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	6122.934	8278.770	10503.688
		35.209	26.875

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	6122.934	8278.770	10503.688
Profit	85.613	78.887	68.833
	1.40%	0.95%	0.66%

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	No
7	Name of the person contacted	No
8	Designation of contact person	No
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	Yes
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	Yes
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

REVIEW OF OPERATIONS

The Company continues its endeavor in providing customers quality products, services and delivery efficiency, thereby ensuring their continued patronage for the company's products and services. The Company continues to gear up all its resources to derive the maximum benefits in the present economic scenario and is taking adequate steps to ensure adequate reach in all corners of the country with vigorous marketing efforts and ceaseless cost reduction exercises. The Directors are fully seized of the fact that the need of the hour is to enhance the Revenue and Profit to higher levels and to achieve this end efforts have been initiated for adding value to products and services.

Efforts are also being intensified to maintain leadership position by constant up gradation of products to keep pace with advancing technology trends and maintaining the superiority in quality of products and services. The Directors are hopeful that all the above, coupled with continuous monitoring of inventory, receivables and overheads, would result in healthier profits in future.

Products under the brand name ‘iBall’ continued to get more and more acceptability.

UNSECURED LOAN

Particular	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	146.875	150.000
Short term Borrowing
Rupee term loans from others	174.924	73.410
Total	321.799	223.410

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10604943	07/11/2015	30,000,000.00	THE COSMOS CO- OPERATIVE BANK LIMITED	VILE PARLE, PRATIK AVENUE, 1ST FLOOR, MUMBAI, MUMBAI - 400057, MAHARASHTRA, INDIA	C71527717
3	10414303	04/02/2014 *	150,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	SHOW ROOM NO 1&2, UPPER GROUND FLOOR, SAMRUDDHI,  VENTURE PARK, M I D C ROAD, MAROL, ANDHERI (W), MUMBAI -400093, MAHARASHTRA, INDIA	B95608485
4	10406302	31/03/2015 *	2,540,000,000.00	IDBI BANK LIMITED	IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	C51517852

* Date of charge modification

FIXED ASSETS

· Building

· Land

· Plant and Machinery

· Office Premises

· Computer Systems

· Electrical Fittings

· Dies and Molds

· Office Equipment

· Furniture and Fixture

· Vehicles

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.66.79
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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.