MIRA INFORM REPORT

Report No. :	320263
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	CHERRYHILL INTERIORS LIMITED (w.e.f. 16.05.2006)
Formerly Known As :	CHERRYHILL INTERIORS PRIVATE LIMITED
Registered Office :	E-36, East of Kailash, New Delhi – 110065
Tel. No.:	91-11-41426101
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.01.2003
Com. Reg. No.:	55-118310
Capital Investment / Paid-up Capital :	Rs. 9.990 Million
CIN No.: [Company Identification No.]	U36101DL2003PLC118310
IEC No.:	0503055051
TAN No.: [Tax Deduction & Collection Account No.]	DELC0597B
PAN No.: [Permanent Account No.]	AACCC2197C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is a leading Corporate Interiors Company offering Turnkey Interior Solutions, Imported Office Furniture, Interior Designs, Modular Office Furniture and all kinds of Interior Designing Solutions.
No. of Employees :	230 (Approximately) (In Office : 145 + In Branch : 85)

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1260000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. The company’s products are well received in the market. Overall fundamentals are good. The rating takes into account healthy finanacial risk profile marked by good net worth, low gearing and comfortable liquidity position of the company. The rating also takes into consideration excellent profit margin marked by increasing revenue and good operational performance during FY 2014. Further, it takes note of good liquidity position backed by favorable gap between trade receivable and payables of the company. Trade relations are good. Payment terms are reported to be regular and as per commitment. In the view of experienced promoters and management, subject can be considered good 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	CARE
Rating	Long Term Rating : A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	June 24, 2014

Rating Agency Name	CARE
Rating	Short Term Rating : A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	June 24, 2014

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Balkrishna
Designation :	Accountant
Contact No.:	91-80-49046100
Date :	29.04.2015

LOCATIONS

Registered Office :	E-36, East of Kailash, New Delhi – 110065, India
Tel. No.:	91-11-41426101/ /02 /04/ 46594372/46576487
Mobile No.:	91-9871360012 (Mr. Pankaj)
Fax No.:	91-11-26220483
E-Mail :	sukant@cherryhill.in pakaj.p@cherryhill.in contact@cherryhill.in nitin@cherryhill.in
Website :	http://www.cherryhill.in
Corporate Office :	E-25, East of Kailash, New Delhi – 110065, India
Tel. No.:	91-11-49201900
Fax No.:	91-11-26220483
E-Mail :	childelhi@cherryhill.in
Branch Office :	No. 1, First Floor, Aashraya, 14^th A-Main, HAL, 2^nd Stage, Bangalore – 560008, Karnataka, India
Tel. No.:	91-80-49046100
Fax No.:	91-80-41676649
E-Mail :	chilbangalore@cherryhill.in
Display Office :	Unit No. G 001, Core 1, Ground Floor, BPTP Park Centra, Silokhera, Sector 30, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-4240914
Other Branch Office :	Located at : · Chennai · Mumbai · Hyderabad

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rajiv Mohan

Designation :

Managing Director

Address :

C-22, Pamposh Enclave, New Delhi – 110048, India

Date of Birth/Age :

31.05.1963

Qualification :

MBA

Date of Appointment :

18.02.2013

PAN No.:

AAAPM5565G

DIN No.:

00117262

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	U45201DL1998PTC097564	REALISTIC REALTORS PRIVATE LIMITED	Director	18/12/1998	18/12/1998	10/03/2010	Active	NO
2	U36101DL2003PLC118310	CHERRYHILL INTERIORS LIMITED	Managing director	18/02/2013	06/01/2003	-	Active	NO
3	U70109DL2006PTC150938	REACH PROMOTERS PRIVATE LIMITED	Director	14/07/2006	14/07/2006	06/04/2015	Active	NO
4	U40106DL2010PTC204647	CHERRYHILL ENERGY INDIA PRIVATE LIMITED	Director	24/06/2010	24/06/2010	-	Active	NO
5	U65921DL2010PTC205557	SHINING STAR HOLDINGS PRIVATE LIMITED	Director	09/07/2010	09/07/2010	-	Active	NO
6	U74999DL2010PTC206562	CHERRYHILL INTERNATIONAL PRIVATE LIMITED	Director	02/08/2010	02/08/2010	-	Active	NO
7	U70102DL2012PTC232940	FOREMONTE INFRA PRIVATE LIMITED	Director	15/03/2012	15/03/2012	-	Active	NO

Name :

Mr. Rajesh Khanna

Designation :

Whole-time Director

Address :

C-455, Fist Floor, Yojana Vihar, New Delhi – 110092, India

Date of Birth/Age :

29.10.1967

Qualification :

Civil Engineer

Date of Appointment :

31.03.2015

DIN No.:

00117335

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	Company/ LLP Status	Defaulting status
1	U36101DL2003PLC118310	CHERRYHILL INTERIORS LIMITED	Whole-time director	31/03/2015	24/03/2006	Active	NO

Name :

Mr. Satyajit Swaminathan

Designation :

Director

Address :

C-003, Mayur Dwaj Apartments, 60 IP Extension, Patparganj, New Delhi – 110092, India

Date of Birth/Age :

22.03.1965

Qualification :

PGDBM

Date of Appointment :

29.09.2012

PAN No.:

03143747

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	U40106DL2010PTC204647	CHERRYHILL ENERGY INDIA PRIVATE LIMITED	Director	23/12/2011	02/09/2010	-	Active	NO
2	U74300DL2007PLC168636	NETLINK BLUE SIGNAGE LIMITED	Additional director	14/12/2011	14/12/2011	-	Active	NO
3	U74899DL2005PTC139502	EPAISA SERVICES PRIVATE LIMITED	Additional director	14/12/2011	14/12/2011	09/01/2012	Active	NO
4	U36101DL2003PLC118310	CHERRYHILL INTERIORS LIMITED	Director	29/09/2012	01/08/2012	-	Active	NO
5	U74899DL1998PLC097449	NETLINK INFORMATION SYSTEMS LIMITED	Additional director	12/08/2013	12/08/2013	-	Active	NO
6	U70102DL2012PTC232940	Foremonte Infra Private Limited	Additional director	03/09/2013	03/09/2013	-	Active	NO

Name :

Mr. Rahul Bhat

Designation :

Director

Address :

210, Mahagun Manor F-30, Sector 50, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

01.11.1974

Qualification :

Architect

Date of Appointment :

31.03.2015

PAN No.:

02591652

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	Company/ LLP Status	Defaulting status
1	U36101DL2003PLC118310	CHERRYHILL INTERIORS LIMITED	Whole-time director	31/03/2015	14/01/2010	Active	NO

Name :

Mr. Narinder Bahl

Designation :

Director

Address :

EC 255, Maha Enclave, Hari Nagar, New Delhi – 110064, India

Date of Birth/Age :

09.12.1963

Qualification :

PGDBM

Date of Appointment :

31.03.2015

PAN No.:

03315830

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	Company/ LLP Status	Defaulting status
1	U36101DL2003PLC118310	CHERRYHILL INTERIORS LIMITED	Whole-time director	31/03/2015	01/08/2012	Active	NO
2	U74140HR2015PTC054457	RADIANCE SPACE SOLUTIONS PRIVATE LIMITED	Director	02/02/2015	02/02/2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Pankaj
Designation :	Assistant Manager
Name :	Mr. Balkrishna
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Rajiv Mohan	97500	97.60
Rajesh Khannna	160	0.16
Nariner Bahl	160	0.16
B.M. Handoo	160	0.16
Bimla Handu	160	0.16
Satyajit Swaminathan	160	0.16
Dishank Mohan	1600	1.60
Total	99900	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.51
Other top fifty shareholders	0.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is a leading Corporate Interiors Company offering Turnkey Interior Solutions, Imported Office Furniture, Interior Designs, Modular Office Furniture and all kinds of Interior Designing Solutions.

Products/ Services :

Item Code No. (ITC Code)	Product Description
99839110	Corporate Interiors

Turnkey Interior Solutions, Imported Office Furniture, Interior Designs, Modular Office Furniture and all kinds of Interior Designing Solutions.

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

Products :

Raw Material

Countries :

· Belgium

· Dubai

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Emmvee Photo World Tech Private Limited, Bangalore
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Retailers and End Users

· Dell, Bangalore

Reference :	Armstrong – Delhi, India
Name of the Person :	Mr. Subhash Shobhit M. (Business Development Manager)
Contact No.:	91-9560455440
Since How Long Known :	8 Years
Experience :	Good
Maximum Limit Dealt :	Yearly Rs. 40.000 Million
Remark :	As claimed by Mr. Subhas that subject is good company they are satisfied with subject company.

No. of Employees :

230 (Approximately) (In Office : 145 + In Branch : 85)

Bankers :

Banker Name	HDFC Bank
Branch Address	Greater Kailash 1, Delhi, India
Person Name (With Designation)	Madhav Kaushik (Business Banking Group)
Contact Number	91-9910898443
Name of Account Holder	Cherryhill Interiors Limited
Account Number	009281800000060; 01842320000753
Account Since (Date/Year of Account Opening)	03/09/2009
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Overdraft and Cash Credit Facility
Account Operation	Satisfactory
Remarks (If any)	Account couduct as well as banking is satisfactory.

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

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans taken for vehicles (Vehicle loans amounting to Rs. 10.390 Million (Previous year Rs 0.546 Million) (including current maturities of long term debt as referred to note 8) is secured by hypothecation of Vehicles)	6.404	0.030
SHORT TERM BORROWINGS
Working Capital loans from banks ((a) Details of security for short-term borrowings from bank. Overdraft facility from HDFC Bank carrying interest rate of 10.00% is secured (a) first charge of Stocks (b) Book Debts (c) FDR's with the bank and (d) Personal guarantee of Mr. Rajiv Mohan (Managing Director).)	0.000	40.740
Total	6.404	40.770

Auditors :
Name :	Kishore and Kishore Chartered Accountants
Address :	D-3, IInd Floor, Alaknanda, Shopping Complex, New Delhi – 110019, India
Income-tax PAN of auditor or auditor's firm :	AAAFK2966P
Memberships :	Not Available
Collaborators :	Not Available
Associate :	Geo Designs

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 100/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99900	Equity Shares	Rs. 100/- each	Rs. 9.990 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.990	9.990	9.990
(b) Reserves & Surplus	431.392	284.977	184.087
(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)	441.382	294.967	194.077
(3) Non-Current Liabilities
(a) long-term borrowings	6.404	0.030	1.110
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	6.404	0.030	1.110
(4) Current Liabilities
(a) Short term borrowings	0.000	40.740	80.999
(b) Trade payables	286.909	298.169	286.026
(c) Other current liabilities	34.548	51.164	20.951
(d) Short-term provisions	215.421	116.200	97.312
Total Current Liabilities (4)	536.878	506.273	485.288
TOTAL	984.664	801.270	680.475
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43.458	35.078	25.972
(ii) Intangible Assets	0.531	0.000	0.000
(iii) Capital work-in-progress	2.474	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.027	0.025	0.023
(c) Deferred tax assets (net)	1.828	2.804	2.289
(d) Long-term Loan and Advances	89.000	89.000	84.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	137.318	126.907	112.284
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	34.480	94.414
(c) Trade receivables	492.902	387.551	267.280
(d) Cash and cash equivalents	262.453	148.270	130.904
(e) Short-term loans and advances	20.766	40.421	27.234
(f) Other current assets	71.225	63.641	48.359
Total Current Assets	847.346	674.363	568.191
TOTAL	984.664	801.270	680.475

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1747.141	1600.422	1330.780
		Other Income	14.269	17.448	16.599
		TOTAL (A)	1761.410	1617.870	1347.379
Less	EXPENSES
		Cost of Materials Consumed	1295.447	1293.225	825.965
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	(2.582)
		Employees benefits expense	77.764	78.443	63.773
		Other expenses	98.821	82.476	362.351
		TOTAL (B)	1472.032	1454.144	1249.507
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		289.378	163.726	97.872
Less	FINANCIAL EXPENSES (D)		2.865	3.398	8.877
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		286.513	160.328	88.995
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.096	6.220	6.026
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		276.417	154.108	82.969
Less	TAX (H)		93.967	50.076	26.979
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		182.450	104.032	55.990
	EARNINGS IN FOREIGN CURRENCY		9.231	2.077	3.645
	Earnings / (Loss) Per Share (Rs.)		1826.33	1041.36	560.46

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	10.44	6.50	4.21
Operating Profit Margin (PBDIT/Sales)	(%)	16.56	10.23	7.35
Return on Total Assets (PBT/Total Assets}	(%)	28.20	19.30	12.23
Return on Investment (ROI) (PBT/Networth)		0.63	0.52	0.43
Debt Equity Ratio (Total Debts/Networth)		0.01	0.14	0.42
Current Ratio (Current Asset/Current Liability)		1.58	1.33	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	9.990	9.990	9.990
Reserves & Surplus	184.087	284.977	431.392
Net worth	194.077	294.967	441.382
Long-term Borrowings	1.110	0.030	6.404
Short term Borrowings	80.999	40.740	0.000
Total borrowings	82.109	40.770	6.404
Debt/Equity ratio	0.423	0.138	0.015

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1330.780	1600.422	1747.141
		20.262	9.168

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1330.780	1600.422	1747.141
Profit	55.990	104.032	182.450
	4.21%	6.50%	10.44%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
26]	Buyer visit details	------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10052130	27/02/2015 *	550,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA	C51384824

* Date of charge modification

GENERAL INFORMATION ABOUT COMPANY

Company was incorporated at National capital Territory of Delhi on 06 January, 2003. The Company is a leading Corporate Interiors Company in India offering Turnkey Interior Solutions, Imported Office Furniture, Interior Designs, Modular Office Furniture and all kinds of Interior Designing Solutions.

FINANCIAL RESULTS

During the financial year, the Company has carried to Balance Sheet, Net Profit of Rs. 389.763 Million as compared to the previous year profit of Rs. 261.593 Million. The company has decided to take up new clients and more attention is being paid on reducing the amount of credit to customers and enlarging client base. The company is also strengthening its debt collection system. This would improve the position of the company in terms of increased volume of business and reduction of the bad debts. The Board of Directors are continuously exploring various avenues towards the best interest of the Company.

FIXED ASSETS

Tangible Assets

· Land

· Building and Leasehold Development

· Computer

· Machineries and Office Equipments

· Furniture and Fixtures

· Vehicles

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 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. 62.37
UK Pound	1	Rs. 92.49
Euro	1	Rs. 66.55

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		60

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.