MIRA INFORM REPORT

Report No. :	334027
Report Date :	28.07.2015

IDENTIFICATION DETAILS

Name :	CHANGODAR INDUSTRIAL INFRASTRUCTURE (ONE) LLP
Registered Office :	24, Government Servant's Society, Near Municipal Market, Off. C G Road, Navrangpura, Ahmedabad – 380009, Gujarat
Tel. No.:	91-79-30137057
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	21.11.2013
Capital Investment / Paid-up Capital :	Rs.0.100 Million
LLPIN No.: [Limited Liability Partnership Identification No.]	AAB-8772
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Limited Liability Partnership
Line of Business :	Subject is engaged into Real estate activities.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a limited liability partnership concern established in the year 2013. It is engaged into real estate. Mr. Mehul Shah, the Finance Head has provided the information and said that the concern will commence its business activities from December 2015. Payment terms are unknown. In view of no business operationa, the concern can be considered for business dealings on fully safe and secure 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 – 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. Mehul Shah
Designation :	Finance Head
Contact No.:	91-79-30137057
Date :	28.07.2015

LOCATIONS

Registered Office :	24, Government Servant's Society, Near Municipal Market, Off. C G Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-30137057 / 30137000
Mobile No.:	91-9825577885 (Mr. Mehul)
Fax No.:	Not Available
E-Mail :	vicky.sindhi@arvind.in mehul.shah@arvind.in

PARTNERS

Name :

Jagdish Gajanand Dalal

Designation :

Designated Partner

Address :

5-B, Malay Soc., Manekbag Hall, Ambawadi - 380015, Gujarat, India

Date of Birth/Age :

04.06.1961

Date of Appointment :

13.02.2014

DPIN No.:

00009785

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	U65990GJ1982PTC013276	SONA LANK INVESTMENT AND TRADING PVT.LTD.	DIRECTOR	16/07/1993	16/07/1993	-	ACTIVE	NO
2	U65929WB1994PTC066241	AKSHAR SECURITIES PRIVATE LIMITED	DIRECTOR	03/03/1999	03/03/1999	-	STRIKE OFF	NO
3	U65910GJ1981PLC004408	ASMAN INVESTMENTS LIMITED	DIRECTOR	10/06/1999	10/06/1999	-	ACTIVE	NO
4	U30006GJ1985PLC008289	SYNTEL TELECOM LIMITED	DIRECTOR	20/06/2000	20/06/2000	-	ACTIVE	NO
5	U72102KA1994PTC015331	EGOSITE PROPERTIESANDINVESTMENTS PRIVATE LIMITED	DIRECTOR	05/09/2001	05/09/2001	-	ACTIVE	NO
6	U65990GJ1991PTC016640	MADHUVAN INSURANCE BROKING SERVICES PRIVATE LIMITED	DIRECTOR	20/08/2003	20/08/2003	-	ACTIVE	NO
7	U18101GJ2003PTC046421	TOMMY HILFIGER ARVIND FASHION PRIVATE LIMITED	DIRECTOR	12/01/2004	12/01/2004	-	ACTIVE	NO
8	U18101MH2003PTC142108	ARVIND MURJANI BRANDS PRIVATE LIMITED	DIRECTOR	12/01/2004	12/01/2004	-	NOT AVAILABLE FOR EFILING	NO
9	U55101GJ2001PTC082661	ANMOL SPINTEX PRIVATE LIMITED	DIRECTOR	12/06/2004	12/06/2004	26/06/2013	ACTIVE	NO
10	U65910GJ1994PTC039882	LALBHAI REALTY FINANCE PRIVATE LIMITED	DIRECTOR	12/06/2004	12/06/2004	-	ACTIVE	NO
11	U18100GJ1982PTC005662	AMBER APPARELS PRIVATE LIMITED	DIRECTOR	23/08/2004	23/08/2004	03/11/2008	CONVERTED TO LLP AND DISSOLVED	NO
12	U45201KA1995PTC017371	ARUDRAMA DEVELOPMENTS PRIVATE LIMITED	DIRECTOR	01/06/2005	01/06/2005	-	ACTIVE	NO
13	U17110KA2006PTC067548	VF BRANDS INDIA PRIVATE LIMITED	DIRECTOR	05/04/2006	05/04/2006	02/11/2011	ACTIVE	NO
14	U18101GJ2007PLC050217	ARVIND RETAIL LIMITED	DIRECTOR	14/03/2007	14/03/2007	31/10/2009	AMALGAMATED	NO
15	U18101GJ2007PTC050985	DIESEL FASHION INDIA RELIANCE PRIVATE LIMITED	DIRECTOR	30/05/2007	30/05/2007	11/06/2008	ACTIVE	NO
16	U52609GJ2007PLC051974	ARVIND BRANDS & RETAIL LIMITED	DIRECTOR	16/10/2007	16/10/2007	22/02/2011	ACTIVE	NO
17	U29100GJ2008PLC053226	ARVIND ACCEL LIMITED	DIRECTOR	20/04/2008	20/04/2008	21/11/2011	ACTIVE	NO
18	U45201GJ2008PLC055771	ARVIND INFRASTRUCTURE LIMITED	DIRECTOR	27/01/2009	27/01/2009	28/03/2015	ACTIVE	NO
19	U65923GJ2009PLC058506	ANAGRAM I-BROKING LIMITED	DIRECTOR	06/11/2009	06/11/2009	-	STRIKE OFF	NO
20	U67120GJ1997PTC032271	SHRUTI TRADELINK PRIVATE LIMITED	DIRECTOR	01/12/2009	01/12/2009	-	ACTIVE	NO
21	U80212GJ2008PLC052901	ANAGRAM KNOWLEDGE ACADEMY LIMITED	DIRECTOR	29/09/2010	03/08/2010	20/09/2013	ACTIVE	NO
22	U51909GJ2000PTC038248	AURA SECURITIES PRIVATE LIMITED	DIRECTOR	26/09/2011	25/05/2011	31/03/2012	ACTIVE	NO
23	U17120GJ2011PTC066160	ARVIND PD COMPOSITES PRIVATE LIMITED	DIRECTOR	02/07/2011	02/07/2011	21/11/2011	ACTIVE	NO
24	U74140GJ2011PTC068131	AMPLUS CAPITAL ADVISORS PRIVATE LIMITED	DIRECTOR	08/12/2011	08/12/2011	-	ACTIVE	NO
25	U64120PN2003PTC018154	ARYA OMNITALK RADIO TRUNKING SERVICES PRIVATE LIMITED	DIRECTOR	30/06/2012	26/03/2012	18/04/2015	ACTIVE	NO
26	U17121GJ2012PTC071968	ARVIND GOODHILL SUIT MANUFACTURING PRIVATE LIMITED	DIRECTOR	14/09/2012	14/09/2012	29/03/2013	ACTIVE	NO
27	U45200GJ2011PTC066023	ARVIND HEBBAL HOMES PRIVATE LIMITED	DIRECTOR	15/10/2012	15/10/2012	-	ACTIVE	NO
28	U17120GJ2013PTC073597	ARVIND GARMENTS PARK PRIVATE LIMITED	DIRECTOR	18/02/2013	18/02/2013	06/12/2013	ACTIVE	NO
29	U17120GJ2013PTC073596	DHOLKA TEXTILE PARK PRIVATE LIMITED	DIRECTOR	18/02/2013	18/02/2013	-	ACTIVE	NO
30	U70102MH2011PTC220895	AMPLUS REAL ESTATE PRIVATE LIMITED	DIRECTOR	23/09/2014	23/09/2014	-	ACTIVE	NO
31	U52100GJ2015PTC082996	ARVIND BEAUTY BRANDS RETAIL PRIVATE LIMITED	DIRECTOR	24/04/2015	24/04/2015	-	ACTIVE	NO
32	AAB-1906	ARVIND ALTURA LLP	DESIGNATED PARTNER	30/10/2012	30/10/2012	-	ACTIVE	NO
33	AAB-1983	ARVIND ALCOVE LLP	DESIGNATED PARTNER	01/11/2012	01/11/2012	-	ACTIVE	NO
34	AAB-5241	ARVIND INFRABUILD LLP	BODY CORPORATE AS DESIGNATED PARTNER	14/05/2013	14/05/2013	01/01/2014	ACTIVE	NO
35	AAB-7374	AMPLUS BANGALORE PROJECTS LLP	BODY CORPORATE AS DESIGNATED PARTNER	30/08/2013	30/08/2013	-	ACTIVE	NO
36	AAB-8464	AMPLUS REALTY LLP	BODY CORPORATE AS DESIGNATED PARTNER	29/10/2013	29/10/2013	19/03/2015	ACTIVE	NO
37	AAA-1786	AHMEDABAD EAST INFRASTRUCTURE LLP	BODY CORPORATE AS DESIGNATED PARTNER	01/12/2013	01/12/2013	-	ACTIVE	NO
38	AAC-1446	ARVIND INFRACON LLP	BODY CORPORATE AS DESIGNATED PARTNER	04/03/2014	04/03/2014	-	ACTIVE	NO
39	AAC-3674	ARVIND BEYOND FIVE CLUB LLP	BODY CORPORATE AS DESIGNATED PARTNER	12/06/2014	12/06/2014	-	ACTIVE	NO

Name :

Kamal Singal

Designation :

Designated Partner

Address :

E-1103, Safal Parivesh, Near Prahaladnagar Garden, 100 Foot Road, Vejalpur, Ahmedabad - 380051, Gujarat, India

Date of Birth/Age :

02.03.1972

Qualification :

Service

DPIN No.:

02524196

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	U45201GJ2008PLC055771	ARVIND INFRASTRUCTURE LIMITED	MANAGING DIRECTOR	01/06/2015	04/02/2009	-	ACTIVE	NO
2	U52609GJ2007PLC051974	ARVIND BRANDS & RETAIL LIMITED	DIRECTOR	10/02/2009	10/02/2009	22/02/2011	ACTIVE	NO
3	U45200GJ2011PTC066023	ARVIND HEBBAL HOMES PRIVATE LIMITED	DIRECTOR	15/10/2012	15/10/2012	-	ACTIVE	NO
4	AAA-2005	ARVIND BSAFAL HOMES LLP	BODY CORPORATE AS DESIGNATED PARTNER	10/08/2010	10/08/2010	-	ACTIVE	NO
5	AAA-2005	ARVIND BSAFAL HOMES LLP	BODY CORPORATE AS DESIGNATED PARTNER	28/03/2011	28/03/2011	-	ACTIVE	NO
6	AAA-8895	KAUSALYA REALSERVE LLP	DESIGNATED PARTNER	23/04/2012	23/04/2012	-	ACTIVE	NO
7	AAB-0742	ARVIND FIVE HOMES LLP	BODY CORPORATE AS DESIGNATED PARTNER	21/08/2012	21/08/2012	-	ACTIVE	NO
8	AAB-1906	ARVIND ALTURA LLP	BODY CORPORATE AS DESIGNATED PARTNER	30/10/2012	30/10/2012	-	ACTIVE	NO
9	AAB-1983	ARVIND ALCOVE LLP	BODY CORPORATE AS DESIGNATED PARTNER	01/11/2012	01/11/2012	-	ACTIVE	NO
10	AAB-5240	KARNAVATI INFRACON LLP	DESIGNATED PARTNER	14/05/2013	14/05/2013	-	ACTIVE	NO
11	AAB-5241	ARVIND INFRABUILD LLP	BODY CORPORATE AS DESIGNATED PARTNER	14/05/2013	14/05/2013	28/11/2013	ACTIVE	NO
12	AAB-8247	AHMEDABAD INDUSTRIAL INFRASTRUCTURE (ONE) LLP	BODY CORPORATE AS DESIGNATED PARTNER	17/10/2013	17/10/2013	-	ACTIVE	NO
13	AAB-8772	CHANGODAR INDUSTRIAL INFRASTRUCTURE (ONE) LLP	BODY CORPORATE AS DESIGNATED PARTNER	21/11/2013	21/11/2013	-	ACTIVE	NO
14	AAA-4587	ARVIND AND SMART VALUE HOMES LLP	BODY CORPORATE AS DESIGNATED PARTNER	26/09/2013	26/09/2013	01/12/2014	ACTIVE	NO
15	AAA-1786	AHMEDABAD EAST INFRASTRUCTURE LLP	BODY CORPORATE AS DESIGNATED PARTNER	12/12/2013	12/12/2013	-	ACTIVE	NO
16	AAB-5241	ARVIND INFRABUILD LLP	DESIGNATED PARTNER	12/12/2013	12/12/2013	28/11/2013	ACTIVE	NO
17	AAC-1446	ARVIND INFRACON LLP	BODY CORPORATE AS DESIGNATED PARTNER	04/03/2014	04/03/2014	-	ACTIVE	NO
18	AAC-3674	ARVIND BEYOND FIVE CLUB LLP	BODY CORPORATE AS DESIGNATED PARTNER	12/06/2014	12/06/2014	-	ACTIVE	NO

Name :

Arvind Infrastructure Limited

Designation :

Partner

Address :

Arvind Premises, Naroda Road, Ahmedabad – 380025, Gujarat, India

CIN No.:

U45201GJ2008PLC055771

Name :

Arvind Hebbal Homes Private Limited

Designation :

Partner

CIN No.:

U45200GJ2011PTC066023

KEY EXECUTIVES

Name :	Mr. Mehul Shah
Designation :	Finance Head

Obligation of contribution

AS ON 31.03.2015

Names of Shareholders	Amount
Arvind Hebbal Homes Private Limited, India	0.001
Arvind Infrastructure Limited, India	0.099
Total	0.100

BUSINESS DETAILS

Line of Business :	Subject is engaged into Real estate activities.
Services :	Real estate activities
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

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 :

End Users

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 :

10 (Approximately)

Bankers :

Bank Name	HDFC 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 :
Name :	G. K. Choksi and Company Chartered Accountants
Memberships :	--
Collaborators :	--
Related Party :	Arvind Infrastructure Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

TOTAL OBLIGATION OF CONTRIBUTION  : RS.0.100 MILLION

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	21.11.2013 to 31.03.2014
(1) Partner's Funds
(a) Partner's Initial Contribution	0.100	0.100
(b) Undistributed Profit and Loss	(0.018)	0.000
(c) Money received against share warrants	0.000	0.000
(2) Parners Additional Contribution	0.179	(0.021)
Total Shareholders’ Funds (1) + (2)	0.261	0.079
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.017	0.021
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	0.017	0.021
TOTAL	0.278	0.100
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	0.276	0.000
(e) Short-term loans and advances	0.002	0.000
(f) Other current assets	0.000	0.100
Total Current Assets	0.278	0.100
TOTAL	0.278	0.100

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	21.11.2013 to 31.03.2014
	SALES
	Income	0.000	0.000
	Other Income	0.000	0.000
	TOTAL	0.000	0.000
Less	EXPENSES
	Administrative and Other expenses	0.018	0.021
	TOTAL	0.018	0.021
	PROFIT/ (LOSS) BEFORE TAX	(0.018)	(0.021)
Less	TAX	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(0.018)	(0.021)

KEY RATIOS

PARTICULARS		31.03.2015	21.11.2013 to 31.03.2014
Net Profit Margin (PAT / Sales)	(%)	0.00	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(6.47)	(21.00)
Return on Investment (ROI) (PBT/Networth)		(0.07)	(0.27)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		16.35	4.76

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	21.11.2013 - 31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Partner's Initial Contribution	0.100	0.100
Undistributed Profit and Loss	0.000	(0.018)
Parners Additional Contribution	(0.021)	0.179
Net worth	0.079	0.261
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

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	No
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	No
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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two 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

INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

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 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.64.00
UK Pound	1	Rs.99.43
Euro	1	Rs.70.61

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	TRS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		11

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.