MIRA INFORM REPORT

Report No. :	321724
Report Date :	23.05.2015

IDENTIFICATION DETAILS

Name :	FURTADOS MUSIC (INDIA) PRIVATE LIMITED
Registered Office :	IT Office Premises No.201, 2nd Floor, Town Centre-II, Andheri Kurla Road, of Village Marol, Andheri (East), Mumbai – 400059, Maharashtra
Tel No.:	91-22-42875050 / 42875060 / 66715000
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.05.2007
Com. Reg. No.:	11-170700
Capital Investment / Paid-up Capital :	Rs.37.425 Million
CIN No.: [Company Identification No.]	U51909MH2007PTC170700
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMF04973D
PAN No.: [Permanent Account No.]	AABCF0974C
Legal Form :	Private Limited Liability Company
Line of Business :	The company carries on the business of Retail of Musical instruments and related products.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has filed Form 20B for FY 2014, whereas failed to file latest financial for the same with the statutory authorities. The company has reported consecutive losses leading to accumulation of the same during FY 2013. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow. In view of lack of requisite latest financial, the company can be considered for business dealings with caution.

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

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 31-03-2014.

INFORMATION DENIED

Management Non Co-Operative (Tel No.: 91-22-42875050)

LOCATIONS

Registered Office :	IT Office Premises No.201, 2nd Floor, Town Centre-II, Andheri Kurla Road, of Village Marol, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-42875050 / 42875060 / 66715000
Fax No.:	91-22-42875012
E-Mail :	anthonyg@furtados.in response@furtadosonline.com
Website :	http://www.furtadosonline.com

DIRECTORS

As on 30.09.2014

Name :

Christopher Gomes

Designation :

Director

Address :

F B1, Rosilda Apartments,, Near Nirmala Institute, Altinho, Panaji, 403001, Goa, India

Date of Birth/Age :

19.07.1972

Date of Appointment :

17.07.2007

DIN No.:

00343387

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	U24246GA1990PTC001044	TRINITY COSMETICS PRIVATE LIMITED	Director	20/04/1990	20/04/1990	-	Active	NO
2	U51909MH2007PTC170700	Furtados Music (India) Private Limited	Director	07/11/2008	17/07/2007	-	Active	NO
3	U74920MH2007PTC170654	GF Global Ventures Private Limited	Director	06/11/2008	31/12/2007	-	Active	NO

Name :

Mr. Anthony Louis Gomes

Designation :

Director

Address :

Picardie, 23, Carmichael Road, Chuballa Hill, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

24.07.1971

Date of Appointment :

09.05.2007

DIN No.:

00343428

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	U24246GA1990PTC001044	TRINITY COSMETICS PRIVATE LIMITED	Director	20/04/1990	20/04/1990	-	Active	NO
2	U74920MH2007PTC170654	GF Global Ventures Private Limited	Director	08/05/2007	08/05/2007	-	Active	NO
3	U51909MH2007PTC170700	Furtados Music (India) Private Limited	Director	09/05/2007	09/05/2007	-	Active	NO
4	U22300MH2010PTC204117	MUSIC SALES FURTADOS (INDIA) PRIVATE LIMITED	Director	12/06/2010	12/06/2010	-	Active	NO
5	U80904MH2013PTC250889	FSM EDUCATION PRIVATE LIMITED	Director	09/12/2013	09/12/2013	-	Active	NO
6	AAA-2948	FURTADOS SCHOOL OF MUSIC LLP	Body corporate as Designated Partner	30/11/2010	30/11/2010	-	Active	NO

Name :

Mrs. Antoinette Georges Gomes

Designation :

Director

Address :

Picardie, 23, Carmichael Road, Chuballa Hill, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

25.12.1945

Date of Appointment :

09.05.2007

DIN No.:

00343483

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	U24246GA1990PTC001044	TRINITY COSMETICS PRIVATE LIMITED	Director	20/04/1990	20/04/1990	-	Active	NO
2	U74920MH2007PTC170654	GF Global Ventures Private Limited	Director	08/05/2007	08/05/2007	-	Active	NO
3	U51909MH2007PTC170700	Furtados Music (India) Private Limited	Director	09/05/2007	09/05/2007	-	Active	NO

Name :

Mrs. Nonabel John Gomes

Designation :

Director

Address :

'Picardie', 23 Carmichael Road, Cumballa Hill, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

11.08.1973

Date of Appointment :

07.11.2008

DIN No.:

01532027

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	U51909MH2007PTC170700	Furtados Music (India) Private Limited	Director	07/11/2008	17/07/2007	-	Active	NO
2	U74920MH2007PTC170654	GF Global Ventures Private Limited	Director	06/11/2008	31/12/2007	-	Active	NO
3	U22300MH2010PTC204117	MUSIC SALES FURTADOS (INDIA) PRIVATE LIMITED	Director	12/06/2010	12/06/2010	-	Active	NO

Name :

Mr. Joseph John Gomes

Designation :

Director

Address :

'Picardie', 23 Carmichael Road, Cumballa Hill, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

19.03.1975

Date of Appointment :

07.11.2008

DIN No.:

01532094

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	U51909MH2007PTC170700	Furtados Music (India) Private Limited	Director	07/11/2008	17/07/2007	-	Active	NO
2	U74920MH2007PTC170654	GF Global Ventures Private Limited	Director	06/11/2008	31/12/2007	-	Active	NO
3	U80904MH2013PTC250889	FSM EDUCATION PRIVATE LIMITED	Director	28/08/2014	13/02/2014	-	Active	NO

Name :

Mr. Murali Giridardas Haricharandas

Designation :

Director

Address :

O No:- N No :145, Walajah Road Chepauk, Chennai - 600002, Tamilnadu, India

Date of Birth/Age :

27.10.1937

Date of Appointment :

07.11.2008

DIN No.:

01673615

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	U52399TN2001PTC047112	MUSEE MUSICAL PRIVATE LIMITED	Managing director	14/05/2001	14/05/2001	-	Active	NO
2	U51909MH2007PTC170700	Furtados Music (India) Private Limited	Director	07/11/2008	17/07/2007	-	Active	NO

Name :

Mr. Harichandas Sachin

Designation :

Director

Address :

Plot No 145 Narayani Arihdant Towers, Walajah Salai Chepauk, Chennai - 600005, Tamilnadu, India

Date of Birth/Age :

22.02.1974

Date of Appointment :

07.11.2008

DIN No.:

01805713

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	U52399TN2001PTC047112	MUSEE MUSICAL PRIVATE LIMITED	Director	05/09/2004	05/09/2004	-	Active	NO
2	U51909MH2007PTC170700	Furtados Music (India) Private Limited	Director	07/11/2008	27/12/2007	-	Active	NO
3	U80301TN2012PTC088420	CLOUD THEATRE COMPANY PRIVATE LIMITED	Director	08/11/2012	08/11/2012	17/03/2014	Active	NO

Name :

Vere John Carneiro

Designation :

Director

Address :

303 Tulips Apartment, Rebello Road, Bandra West, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

12.12.1950

Date of Appointment :

30.03.2013

DIN No.:

06412710

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	U70101MH1924NPL001149	BOMBAY EDUCATION SOCIETY	Director	28/09/2012	28/09/2012	-	Active	NO
2	U51909MH2007PTC170700	Furtados Music (India) Private Limited	Director	30/09/2013	30/03/2013	-	Active	NO
3	U72200MH2004PTC146704	IN-SOLUTIONS GLOBAL PRIVATE LIMITED	Additional director	04/08/2013	04/08/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
GF Global Ventures Private Limited, India	231250
Musee Musical Private Limited, India	108000
Phillip Rodrigues	40250
Mr. Anthony Louis Gomes (As a Partner of B X Furtado and Sons)	230000
Antoinette Georges Gornes (As a Partner of B X Furtado and Sons)	230000
Nonabel John Gomes (As a Partner of B X Furtado and Sons)	230000
Joseph Carlos Gornes (As a Partner of B X Furtado and Sons)	230000
Christopher Gomes(As a Partner of B X Furtado and Sons)	230000
Total

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	22.18
Other top fifty shareholders	77.82
Total	100.00

BUSINESS DETAILS

Line of Business :	The company carries on the business of Retail of Musical instruments and related products.
Products :	Musical Instruments
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

No. of Employees :

Information denied by management

Bankers :

Banker Name	Citizencredit Co-Operative Bank Limited
Branch Address	Marol Branch, St. John The Evangelist High School, Marol, Andheri (East), Mumbai - 400059, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
SHORT TERM BORROWINGS
Bank Overdraft (Secured against Stock and Debtors and Personal Guarantee of Directors)	60.000	60.000
Total	60.000	60.000

Auditors :
Name :	M. K. Dandeker and Company Chartered Accountants
Address :	No.244, 2nd Floor, Angappa Naicken Street, Chennai – 600001, Tamilnadu, India
Tel. No.:	91-44-25222100 / 25220721
E-Mail :	dandeker@eth.net
PAN No.:	AAAFM0865H
Memberships :	--
Collaborators :	--
Entities having common control (As on 31.03.2013)	B X Furtado and Sons L.M. Furtado and Co. Furtab Institute of Piano Technology (Division of G F Global Ventures Private Limited) Musee Musical Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1600000	Equity Shares	Rs.100/- each	Rs.160.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1529500	Equity Shares	Rs.100/- each	Rs.152.950 Million

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.100/- each	Rs.45.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
374250	Equity Shares	Rs.100/- each	Rs.37.425 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	37.425	37.425	36.900
(b) Reserves & Surplus	(90.301)	(72.974)	(45.796)
(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)	(52.876)	(35.549)	(8.896)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.808	1.717	1.405
(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)	1.808	1.717	1.405
(4) Current Liabilities
(a) Short term borrowings	60.000	60.000	59.957
(b) Trade payables	142.842	101.196	73.005
(c) Other current liabilities	7.002	9.686	4.990
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	209.844	170.882	137.952
TOTAL	158.776	137.050	130.461
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.245	27.769	23.746
(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	0.001	0.001	0.001
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.677	7.497	11.965
(e) Other Non-current assets	0.061	0.781	0.911
Total Non-Current Assets	33.984	36.048	36.623
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	104.934	85.450	81.034
(c) Trade receivables	10.593	7.046	7.915
(d) Cash and cash equivalents	4.986	4.214	1.830
(e) Short-term loans and advances	4.279	4.292	3.059
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	124.792	101.002	93.838
TOTAL	158.776	137.050	130.461

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	238.238	192.575	204.414
		Other Income	3.266	2.958	1.709
		TOTAL	241.504	195.533	206.123
	EXPENSES		NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX		NA	NA	NA
	TAX		NA	NA	NA
	PROFIT/(LOSS) AFTER TAX		(17.328)	(27.178)	(21.006)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(72.974)	(45.796)	(24.790)
	BALANCE CARRIED TO THE B/S		(90.302)	(72.974)	(45.796)
	Earnings / (Loss) Per Share (Rs.)		(46.30)	(72.62)	(56.93)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	(7.27)	(14.11)	(10.28)
Debt Equity Ratio (Total Debt /Networth)		(1.13)	(1.69)	(6.74)
Current Ratio (Current Asset/Current Liability)		0.59	0.59	0.68

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	36.900	37.425	37.425
Reserves & Surplus	(45.796)	(72.974)	(90.301)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(8.896)	(35.549)	(52.876)
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	59.957	60.000	60.000
Total borrowings	59.957	60.000	60.000
Debt/Equity ratio	(6.740)	(1.688)	(1.135)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	204.414	192.575	238.238
		(5.792)	23.712

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	204.414	192.575	238.238
Profit	(21.006)	(27.178)	(17.328)
	(10.28%)	(14.11%)	(7.27%)

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	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	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	No
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	No
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

COMPANY INFORMATION (AS on 31.03.2013)

The company Headquartered in Mumbai, carries on the business of Retail of Musical instruments and related products. The Retia network is supposed by store across the country and a growing Ecommerce site. The company has a well supposed logistic network to cater to its customers in all parts of the country.

SALES AND OPERATIONS (AS on 31.03.2013)

During the year, the sales have grown from Rs.195.500 Million to Rs.231.500 Million registering a growth of 23.51 % on annual basis. The Company has consciously focused on increasing the sales of its existing stores and improving the stores contribution. The Company discontinued its stores at Ludhiana and Amritsar as the sales did not justify the cost.

During the year, the Company has added a new store in Mumbai which contributed around Rs.5.500 Million of turnover during the year.

WEBSITE (AS on 31.03.2013)

The company's E-commerce site launched in February, 2011, has grown in leaps and bounds in a short period of lime and has emerged to be a standalone store with a turnover of Rs.23.900 Million (Previous Year : Rs.9.800 Million).

MUSIC SCHOOL (AS on 31.03.2013)

The music school set up as an extension to the Company's Bangalore Store in February, 2010 has grown to a fully-fledged school with classes in all disciplines. The school income has doubled in the current year.

FINANCIAL RESULTS (AS on 31.03.2013)

During the year ended March 31, 2013, the Company has reported a loss of Rs.17.300 Million after a provision of Rs. 0.091 Million for Deferred Tax Liability. The Company is on the path to achieve its break even turnover in the near future.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10179750	22/09/2009	60,000,000.00	CITIZENCREDIT CO-OPERATIVE BANK LTD.-MAROL BRANCH	ST.JOHN THE EVANGELIST HIGH SCHOOL, MAROL, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400059, INDIA	A70530043
2	10124132	27/01/2015 *	60,000,000.00	CITIZENCREDIT CO-OPERATIVE BANK LTD.-DHOBI TALAO BRANCH	ST.XAVIER'S HIGH SCHOOL, 289, L.T. MARG,DHOBI TALAO, MUMBAI, MAHARASHTRA - 400001, INDIA	C44322337

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.57
UK Pound	1	Rs.99.67
Euro	1	Rs.70.83

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		27

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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.