MIRA INFORM REPORT

Report No. :	340018
Report Date :	05.09.2015

IDENTIFICATION DETAILS

Name :	MAN GLOBAL LIMITED (W.E.F. 20.07.2009)
Formerly Known As :	MAN GLOBAL PRIVATE LIMITED (W.E.F. 09.06.2009) MANSUKHANI BUILDERS PRIVATE LIMITED
Registered Office :	101,Man House II, Opposite Pawan Hans,  S. V. Road, Vile Parle (West), Mumbai – 400056, Maharashtra
Tel. No.:	91-22-66477629
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.05.1986
Com. Reg. No.:	11-039845
Capital Investment / Paid-up Capital :	Rs.99.000 Million
CIN No.: [Company Identification No.]	U65990MH1986PLC039845
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCM2980J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is engaged primarily in the business of real estate development for commercial and residential purposes and also engaged in trading and investment in shares, securities and various other financial instruments.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 410000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by huge external borrowing along with low reserves and cyclical nature of the real estate industry. However, rating weakness partially offset by extensive industry experience of promoters in real estate industry and sound operational performance of the company. Trade relations are reported fair. Payments are reported to be slow but correct. In view of leverage balance sheet profile, the company can be considered for business dealing with some 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

Rating Agency Name	CARE
Rating	Long term bank facilities = BB
Rating Explanation	Inadequate credit quality and high credit risk.
Date	September 15, 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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Manoj Vibhakar
Designation :	Assistant General Manager (Purchase)
Contact No.:	91-9870986211

LOCATIONS

Registered Office :	101,Man House II, Opposite Pawan Hans,  S. V. Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-66477629 / 66477591 / 28783818 / 66477500
Mobile No.:	91-9870986211 (Mr. Manoj Vibhakar)
Fax No.:	91-22-66477677 / 66477600
E-Mail :	rachana.kokal@maninds.org rishikesh@vyas@maninds.org

DIRECTORS

As on 30.09.2014

Name :

Mr. Rameshchandra Jhamaklal Mansukhani

Designation :

Director

Address :

1st Floor, Plot No. 43, Jai Hind Co. Op. Housing Society, 10th Road, JVPD Scheme, Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

26.07.1956

Date of Appointment :

16.05.1986

PAN No.:

AACPM2146H

DIN No.:

00012033

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	U65990MH1986PLC039845	MAN GLOBAL LIMITED	Director	16/05/1986	16/05/1986	-	Active	NO
2	L99999MH1988PLC047408	MAN INDUSTRIES (INDIA) LIMITED	Whole-time director	26/09/2013	19/05/1988	-	Active	NO
3	L30007DL2003PLC214485	Maan Aluminium Limited	Director	31/05/2006	31/05/2006	25/12/2009	Active	NO
4	U70101MH2006PLC164930	Man Infraprojects Limited	Director	26/09/2006	26/09/2006	15/09/2013	Active	NO
5	U45200MH2005PTC155215	MERINO SHELTERS PRIVATE LIMITED	Director	06/02/2008	06/02/2008	-	Active	NO
6	U45400MH2010PLC205802	Man Realty Limited	Director	22/07/2010	22/07/2010	25/03/2015	Active	NO
7	U11100MH2011PLC213835	Man Natural Resources Limited	Director	21/02/2011	21/02/2011	-	Active	NO
8	U70109MH2011PTC214143	Limitless Contracting Private Limited	Director	28/02/2011	28/02/2011	26/02/2013	Active	NO
9	U65900MH2012PTC225793	Man Finance Private Limited	Director	26/03/2013	26/03/2013	-	Active	NO
10	AAA-3897	MAN SRL CONSTRUCTIONS LLP	Designated Partner	23/02/2011	23/02/2011	31/03/2013	Active	NO

Name :

Mrs. Heena Vinay Kalantri

Designation :

Director

Address :

21, Wahedna Apartment, 75, Hill Road, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

31.12.1982

Date of Appointment :

30.09.2009

PAN No.:

AACPM2144F

DIN No.:

00149407

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	L30007DL2003PLC214485	Maan Aluminium Limited	Director	31/05/2006	31/05/2006	16/05/2007	Active	NO
2	U70101MH2006PLC164930	Man Infraprojects Limited	Director	26/09/2006	26/09/2006	04/04/2008	Active	NO
3	U45200MH2005PTC155215	MERINO SHELTERS PRIVATE LIMITED	Director	06/02/2008	06/02/2008	26/06/2008	Active	NO
4	U51900MH1986PTC038737	MKM ADVISORY SERVICES PRIVATE LIMITED	Director	02/03/2009	02/03/2009	-	Active	NO
5	U45200MH1998PLC114567	BALAJI INFRASTRUCTURE AND DEVELOPMENT COMPANY LIMITED	Director	30/03/2009	30/03/2009	-	Active	NO
6	U65990MH1986PLC039845	MAN GLOBAL LIMITED	Director	30/09/2009	24/06/2009	-	Active	NO
7	U45400MH2010PLC205802	Man Realty Limited	Director	22/07/2010	22/07/2010	25/03/2015	Active	NO
8	U11100MH2011PLC213835	Man Natural Resources Limited	Director	21/02/2011	21/02/2011	-	Active	NO
9	U65900MH2012PTC225793	Man Finance Private Limited	Director	06/01/2012	06/01/2012	-	Active	NO
10	U70109MH2011PTC214143	Limitless Contracting Private Limited	Director	26/02/2013	26/02/2013	-	Active	NO
11	U64120MH2012PTC232038	TRUMP TELE VENTURE PRIVATE LIMITED	Director	27/09/2013	27/09/2013	-	Active	NO
12	L99999MH1988PLC047408	MAN INDUSTRIES (INDIA) LIMITED	Additional director	30/03/2015	30/03/2015	-	Active	NO
13	AAA-1607	M.CONCEPTS RETAIL LLP	Designated Partner	17/06/2010	17/06/2010	-	Active	NO
14	AAA-3897	MAN SRL CONSTRUCTIONS LLP	Designated Partner	31/03/2013	31/03/2013	-	Active	NO

Name :

Mr. Nikhil Rameshchandra Mansukhani

Designation :

Director

Address :

Plot No. 43, Jai Hind Co. Op. Housing Society, 10th Road, JVPD Scheme, Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Birth/Age :

21.12.1981

Date of Appointment :

30.09.2009

PAN No.:

AACPM2145E

DIN No.:

02257522

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	U70101MH2006PLC164930	Man Infraprojects Limited	Director	04/04/2008	04/04/2008	15/09/2013	Active	NO
2	U65990MH1986PLC039845	MAN GLOBAL LIMITED	Director	30/09/2009	24/06/2009	-	Active	NO
3	U45200MH2005PTC155215	MERINO SHELTERS PRIVATE LIMITED	Director	15/07/2010	30/09/2009	-	Active	NO
4	U45400MH2010PLC205802	Man Realty Limited	Director	22/07/2010	22/07/2010	25/03/2015	Active	NO
5	U11100MH2011PLC213835	Man Natural Resources Limited	Director	21/02/2011	21/02/2011	-	Active	NO
6	U70109MH2011PTC214143	Limitless Contracting Private Limited	Director	28/02/2011	28/02/2011	09/01/2015	Active	NO
7	L99999MH1988PLC047408	MAN INDUSTRIES (INDIA) LIMITED	Whole-time director	03/10/2013	23/11/2011	-	Active	NO
8	U65900MH2012PTC225793	Man Finance Private Limited	Director	30/09/2012	21/03/2012	-	Active	NO
9	U74900MH2013PTC244701	Ardeuir Apparel Private Limited	Director	20/06/2013	20/06/2013	-	Active	NO
10	AAA-3897	MAN SRL CONSTRUCTIONS LLP	Designated Partner	23/02/2011	23/02/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Vibhakar
Designation :	Assistant General Manager (Purchase)

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Rameshchandra Jhamaklal Mansukhani	27288
Nikhil Rameshchandra Mansukhani	504900
Heena Vinay Kalantri	350
Deepa Mansukhani	457450
Vinay Vijay Kalantri	10
Krishna Gopal Mantri	1
Ashok Kumar Gupta	1
Total	990000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged primarily in the business of real estate development for commercial and residential purposes and also engaged in trading and investment in shares, securities and various other financial instruments.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
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

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Allahabad Bank
Branch Address	Industrial Finance Branch, Allahabad Bank Building, 2nd Floor, 37, Mumbai Samachar Marg, Fort, Mumbai – 400023, 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

• Union Bank of India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Other Loans and Advances	322.990	278.717
Total	322.990	278.717

Financial Institution:	Dewan Housing Finance Corporation Limited
Auditors :
Name :	Rohira Mehta and Associates Chartered Accountants
Address :	B 202, 2Nd Floor, Grand Bella Vista Near Jari Mari Temple, S. V. Road, Bandra West, Mumbai – 400050, Maharashtra, India
Tel. No.:	91-22-42084500
PAN No.:	AAFFR0198H
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives :	Man Natural Resources Limited, India Man Realty Limited, India Man Finance Private Limited, India M Concept Retail LLP, India Man S R L Constructions LLP, India Limitless Contracting Private Limited, India

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.100/- each	Rs.250.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
990000	Equity Shares	Rs.100/- each	Rs.99.000 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	99.000	99.000	99.000
(b) Reserves & Surplus	46.352	27.391	20.852
(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)	145.352	126.391	119.852
(3) Non-Current Liabilities
(a) long-term borrowings	322.990	278.717	721.473
(b) Deferred tax liabilities (Net)	0.236	0.339	0.140
(c) Other long term liabilities	4.908	1.101	14.292
(d) long-term provisions	0.715	0.506	0.384
Total Non-current Liabilities (3)	328.849	280.663	736.289
(4) Current Liabilities
(a) Short term borrowings	375.106	340.829	219.245
(b) Trade payables	36.373	19.280	91.456
(c) Other current liabilities	469.097	528.602	207.446
(d) Short-term provisions	12.293	7.231	7.485
Total Current Liabilities (4)	892.869	895.942	525.632
TOTAL	1367.070	1303.000	1381.770
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.163	7.757	7.068
(ii) Intangible Assets	0.413	0.494	0.000
(iii) Capital work-in-progress	1.433	0.238	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	168.430	168.430	180.198
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	245.409	224.286	217.677
(e) Other Non-current assets	0.000	0.000	0.592
Total Non-Current Assets	417.848	401.205	405.535
(2) Current assets
(a) Current investments	0.000	6.646	2.508
(b) Inventories	615.227	659.101	583.028
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	17.279	2.257	60.867
(e) Short-term loans and advances	316.221	233.118	328.498
(f) Other current assets	0.495	0.669	1.337
Total Current Assets	949.222	901.791	976.238
TOTAL	1367.070	1303.000	1,381.770

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	419.395	237.841	400.245
	Other Income	36.279	7.246	6.182
	TOTAL	455.674	245.087	406.427
Less	EXPENSES
	Cost of Materials Consumed	386.211	166.641	331.944
	Extraordinary items	1.069	0.000	0.000
	Other Expenses	35.073	67.320	59.595
	TOTAL	422.353	233.961	391.539
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	33.321	11.126	14.888
Less	FINANCIAL EXPENSES	0.015	0.564	1.107
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	33.306	10.562	13.781
Less/ Add	DEPRECIATION/ AMORTISATION	1.069	0.759	0.813
	PROFIT/ (LOSS) BEFORE TAX	32.237	9.803	12.968
Less	TAX	13.276	3.264	2.930
	PROFIT/ (LOSS) AFTER TAX	18.961	6.539	10.038
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	27.101	20.562	10.935
Less	Expenses for increase in authorized capital	0.000	0.000	1.050
Add	Excess provision of tax written back	0.000	0.000	0.639
	Balance Carried to the B/S	46.062	27.101	20.562
	Earnings / (Loss) Per Share (Rs.)	19.15	6.60	10.13

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	450.500	517.860	120.025
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(22.792)	373.611	(393.649)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.52	2.75	2.51
Operating Profit Margin (PBDIT / Sales)	(%)	7.95	4.68	3.72
Return on Total Assets (PBT/Total Assets}	(%)	2.69	0.86	1.08
Return on Investment (ROI) (PBT/Networth)		0.22	0.08	0.11
Debt Equity Ratio (Total Debt/Networth)		7.90	9.00	8.85
Current Ratio (Current Asset/Current Liability)		1.06	1.01	1.86

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	99.000	99.000	99.000
Reserves & Surplus	20.852	27.391	46.352
Net worth	119.852	126.391	145.352
long-term borrowings	721.473	278.717	322.990
Short term borrowings	219.245	340.829	375.106
Current Maturities of Long Term Debt	120.025	517.860	450.500
Total borrowings	1060.743	1137.406	1148.596
Debt/Equity ratio	8.850	8.999	7.902

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	400.245	237.841	419.395
		(40.576)	76.334

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	400.245	237.841	419.395
Profit	10.038	6.539	18.961
	2.51%	2.75%	4.52%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	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	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	No
35	Negative Reporting by Auditors in the Annual Report	No

Note:

Registered address has been shifted from the 102, Man House, Opposite Pawan Hans, S.V. Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India to the present address w.e.f. 14.03.2011

RESULTS OF OPERATIONS

The Company has earned income of Rs. 455.674 Million for financial year ended 31^st March, 2014 as against Rs 245.087 Million earned in previous year ended 31^st March 2013. The company’s profit after tax is Rs. 18.990 Million for financial year ended 31^st March 2014 as compared to Rs. 6.538 Million for financial year ended 2013

BACKGROUND AND NATURE OF OPERATIONS

Subject is a Company domiciled in India and incorporated under the provisions of the Companies Act, 1956 as on May 16, 1986 as a limited company. The Company is engaged primarily in the business of real estate development for commercial and residential purposes. The company is also engaged in trading and investment in shares, securities and various other financial instruments.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans and advances from related parties	375.106	340.829
Total	375.106	340.829

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10508236	07/07/2014 *	300,000,000.00	UNION BANK OF INDIA	Dahisar Branch,Shiv Om Apartments,, Swami Vivekan and Marg, Dahisar (East), Mumbai - 400068, Maharashtra, INDIA	C10952406
2	10503581	27/02/2014	9,798,832.00	DEWAN HOUSING FINANCE CORPORATION LIMITED	WARDEN HOUSE 2ND FLOORSIR P M ROAD, FORT, MUMBAI - 400001,  Maharashtra, INDIA	C06942437
3	10299425	26/07/2014 *	499,800,000.00	Allahabad Bank	Industrial Finance Branch, Allahabad Bank Building, 2nd Floor, 37, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, INDIA	C16229189

* Date of charge modification

FIXED ASSETS

• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment

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.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.