MIRA INFORM REPORT

Report Date :

13^th May 2006

IDENTIFICATION DETAILS

Name :	KAMDAR BROTHER OVERSEAS PRIVATE LIMITED
Registered Office :	19/B, Satyam Shopping Centre, Ground Floor, M. G. Road, Ghatkopar (East), Mumbai - 400 077, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	24^th January 1995
CIN No.:	U51420MH1995PTC084902
Com. Reg. No.:	11-84902
IEC No.:	0395006066
TAN No.: (Tax Deduction & Collection Account No.)	MUMK05756C
Legal Form :	A Private Limited Liability Company.
Line of Business :	Importers, exporters, representative and traders of Ferro Alloys and Non-Ferrous Metals. Subject also acts as dealer, exporter and importer of Die Steel Blocks, Alloy Steel Blocks, Carbon Steel and High Speed Steel.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD12500
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established importers and traders of metal and metal products. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	19/B, Satyam Shopping Centre, Ground Floor, M. G. Road, Ghatkopar (East), Mumbai - 400 077, Maharashtra, India
Tel. No.:	91-22-25094286/87/25169410/23073426
Mobile No.:	91-9821875898
Fax No.:	91-22-25150110
E-Mail :	kamdar@mantraonline.com kbopl@im.eth.net kamdardieblocks@sify.com
Area :	600 sq. ft.
Location :	Owned
Administrative office:	5, Amar Chamber, 97, Kazi Sayed Street, Mumbai - 400 003, Maharashtra
Tel. No.:	91-22-23442193
Fax No.:	91-22-23442193/25150110
Area :	300 sq. ft.
Location :	Owned

DIRECTORS

Name :	Mr. Viresh B. Kamdar
Designation :	Chairman and Managing Director
Address :	Kailash Tower, Flat No. 403 /4, A-Wing, V. B. Lane, Ghatkopar (East), Mumbai - 400 077, Maharashtra
Date of Birth/Age :	21^st November, 1953
Qualification :	G. C. D.
Experience :	30 years
Date of Appointment :	24^th January, 1995
Name :	Mrs. Asha V. Kamdar
Designation :	Director
Address :	Kailash Tower, Flat No. 403 /4, A-Wing, V. B. Lane, Ghatkopar (East), Mumbai - 400 077, Maharashtra
Date of Birth/Age :	26^th September, 1960
Qualification :	B. Com.
Experience :	20 years
Date of Appointment :	24^th January, 1995
Name :	Ms. Neelam Vyas
Designation :	Company Secretary
Address :	Mumbai, Maharashtra

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Mr. Viresh B. Kumdar	8950
Ms. Asha V. Kamdar	3050
Mr. Harsh V. Kamdar	1900
Mr. Smit V. Kamdar	2000
Mr. Viresh B. Kamdar (HUF)	6900

BUSINESS DETAILS

Line of Business :	Importers, exporters, representative and traders of Ferro Alloys and Non-Ferrous Metals. Subject also acts as dealer, exporter and importer of Die Steel Blocks, Alloy Steel Blocks, Carbon Steel and High Speed Steel.
Agencies Held :	Edelstabl Witten Krefeld GmbH
Exports to :	Die/alloy steel, carbon, steel and high-speed steel to Dubai.
Imports from :	Die/alloy steel, carbon, steel and high-speed steel from Germany, UK and China.
Terms :
Selling :	Credit (120 days)
Purchasing :	Credit (180 days)

GENERAL INFORMATION

Customers :

End users and forging manufacturers

· Ahmednagar Forging Limited (Amtech Auto Limited)

· Pradeep Metals Limited

· BCL Forging Limited

· Amber Forage Private Limited

· B K Steel Company

· Britex Engineers Works

· Forge and Forge Private Limited

· Goel Steel Company

· Hillman Forging Limited

· Jkew Forging Limited

· Western India Forging Limited

· Kran Rader Private Limited

· Fine Forge Limited

· Kadwani forage Limited

· Panchmahal Steel Limited

· Prachi Forege Limited

· Sri Forege Private Limited

· Veltech Foreging Private Limited

· Vico Forge Private Limited

· Vulcan Ind. Engg. Company Private Limited

· Scaffolding and Formworks (Dubai)

No. of Employees :

10

Bankers :

Ø Bank of India, Ghatkopar (E) Branch, Kiran Niketan, Tilak Road, Ghatkopar (E),Mumbai-400077

Ø Union Bank of India, Kasarwadi, Mumbai

Ø Global Trust Bank, Ghatkopar, Mumbai

Ø Bank of Madura, Ghatkopar, Mumbai

Ø State Bank of Hyderabad, Andhra Pradesh

Ø Punjab National Bank

Ø ICICI Bank Limited

Ø Shamrao Vithal Co-operative Bank, Ghatkopar, Mumbai

Facilities :

Secured Loan	(Rs in millions)
Bank of India - Cash Credit Against Book debts and Stock	2.367
Unsecured Loan
Directors	2.417

Banking Relations :	Satisfactory
Auditors :	Sutaria Associates Chartered Accountants B-2 & 3, Satyam Shopping Centre, Mezzanine Floor, M. G. Road, Mumbai - 400 077, Maharashtra
Tel. No.:	91-22-25116060/25106161/62
Fax No.:	91-22-25116062
E-Mail :	Sutaria2@vsnl.com sutaria@mtnl.net.in
Associates/Subsidiaries :	Ø Kamdar Brothers 97, Kazi Street, Mumbai-77 --Trading of Alloy/Die/Carbon Steel Ø Shravak Overseas Private Limited 19/B, Satyam M. G. Road, Ghatkopar (East), Mumbai - 400 077, Maharashtra, India -- Import and Export

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000	Equity Shares	Rs. 100/- each	Rs. 2.000 millions
5,000	12% Redeemable Shares	Rs. 100/- each	Rs. 0.500 millions
	Total		Rs. 2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,000	Equity Shares	Rs. 100/- each	Rs. 2.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006 (Un-audited)	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		2.500	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.665	0.143	0.000
4] (Accumulated Losses)		0.000	0.000	(0.045)
NETWORTH		3.165	2.143	1.955
LOAN FUNDS
1] Secured Loans		5.729	2.367	2.428
2] Unsecured Loans		2.732	2.417	8.166
TOTAL BORROWING		8.461	4.784	10.594
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		11.626	6.927	12.549
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.477	0.207	0.238
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.070	0.070	0.070
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.169	6.530	5.213
	Sundry Debtors	8.669	4.348	6.351
	Cash & Bank Balances	0.439	0.320	0.226
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.523	5.744	0.909
Total Current Assets		17.800	16.942	12.699
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	10.721	10.292	0.462
	Provisions
Total Current Liabilities		10.721	10.292	0.462
Net Current Assets		7.079	6.650	12.237
MISCELLANEOUS EXPENSES		0.000	0.000	0.004
TOTAL		11.626	6.927	12.549

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2006 (Un-audited)	31.03.2005	31.03.2004
Sales Turnover [including other income]	75.022	45.334	29.636
Profit/(Loss) Before Tax	0.783	0.336	0.086
Provision for Taxation	0.261	0.218	0.020
Profit/(Loss) After Tax	0.522	0.118	0.066
Total Expenditure	74.239	44.999	29.550

KEY RATIOS

PARTICULARS		31.03.2006 (Un-audited)	31.03.2005	31.03.2004
PAT / Total Income	(%)	0.70	0.26	0.22
Net Profit Margin (PBT/Sales)	(%)	1.04	0.74	0.29
Return on Total Assets (PBT/Total Assets}	(%)	3.51	1.96	0.66
Return on Investment (ROI) (PBT/Networth)		0.25	0.16	0.04
Debt Equity Ratio (Total Liability/Networth)		6.06	7.03	5.66
Current Ratio (Current Asset/Current Liability)		1.66	1.65	27.48

LOCAL AGENCY FURTHER INFORMATION

Business :

The company is going to establish job-work plant i.e. (cutting house) at Panvel. The Job-work plant is under progress. The company has already invested Rs. 5.000 millions for purchase of land, constructions of building, purchase of machinery and etc. Also inform the job work plant will be start shortly.

Operations :

The directors would like to inform that the Company has achieved a turnover of Rs. 4394.600 millions form Rs. 2709.200 millions in the last year. The Company has performed well during the year under review as compared to previous year.

Fixed assets

Ø Air conditioner

Ø Furniture

Ø Motorcar

Ø Computer

Ø Cycle

Ø Typewriter

Ø Mobile phone

Ø Pager

The company is shortly starting die block cutting plant at Mumbai, Chennai, Delhi, Kolkata and Rajkot.

The company is in trade terms with :

Ø Forge & Forge Limited, Rajkot, Gujarat

Ø Echjay Forgings Limited, Mumbai

Ø Ahmednagar Forgings Limited, Pune, Maharashtra

Ø Ahmednagar Forgings Limited, Ahmednagar, Maharashtra

Ø Amforge Industries Limited, Mumbai

Ø Amforge Industries Limited, Pune, Maharashtra

Ø Steel and Industrial Forgings Limited, Thrissure, Tamilnadu

Ø Trinity Engineers Limited, Pune, Maharashtra

Name of the company	KAMDAR BROTHER OVERSEAS PRIVATE LIMITED
Presented By	Bank of India, Ghatkopar (e) Branch, Mumbai
1) Date and description of instrument creating the change	Memorandum of Equitable Mortgage by Deposit of Title Deeds on 9^th November, 2004
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 5.000 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Equitable Mortgage by Deposit of Title Deeds in respect of Company’s immovable Properties as detailed below. Location : At that piece of land with building sheds and structure standing thereon situate at Industrial Unit No 211 A, 2^nd Floor in Kailash Industrial Complex, Building No. 2, Wing E, Ghatkopar Mumbai Survey No 136 CTS No. 1 and Village Ghatkopar Area 261 sq. ft. Boundaries : East : By boundary of Village Vikhroli West : By 90’ D P Road South : By Property Belonging to Godrej North : By Boundary of Village Powai Together with (land and building and other structures now or hereafter to be and fixed Machinery and Plant and fixture and fitting now installed or hereafter to be installed thereon)
4) Gist of the terms and conditions and extent and operation of the charge.	The Security as stated in column No. 3 above has been taken to secure due repayment to the Bank for the due repayments of Import L/C, D/P and D/A 90 days facility of Rs. 5.000 millions granted by the Bank to the Company together with interest at the agreed rate of 2 % over the PLR Minimum 12.75 % per a. or at such other rate of interest as may be notified to the company by the Bank from time to time.
5) Name and Address and description of the person entitled to the charge.	Bank of India, Ghatkopar (E) Branch, Kiran Niketan, Tilak Road, Ghatkopar (E), Mumbai-400077
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA
Name of the company	KAMDAR BROTHER OVERSEAS PRIVATE LIMITED
Presented By	Bank of India, Ghatkopar (e) Branch, Mumbai
1) Date and description of instrument creating the change	Hypothecation of Book debts Dated : 19^th October, 2001
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 1.200 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All the book debts, outstanding, money receivable, claims and bills which are now due and owing the which may at any time hereafter during the continuance of this course of its business by any person company or be the Government or any local or public body or authority
4) Gist of the terms and conditions and extent and operation of the charge.	Interest @ 4 % p.a. OPLR Minimum @ 16 % p.a.
5) Name and Address and description of the person entitled to the charge.	Bank of India, Ghatkopar (E) Branch, Kiran Niketan, Tilak Road, Ghatkopar (E), Mumbai-400077
6) Date and brief description of instrument modifying the charge	Memorandum of Equitable Mortgage On 9^th November, 2004
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The original charge dated 19/10/2001 for Rs. 1.200 millions has been modified from time to time as under: On 22/04/2004 an additional sum of Rs. 0.300 millions was granted by the Bank enhancing the Book debts limit from Rs. 1.200 millions to Rs. 1.500 millions against the same security as stated in column No. 3 above. Vide this modification an Equitable Mortgage by Deposit of Title Deeds in respect of Company’s immovable Properties as detailed below. Location : At that piece of land with building sheds and structure standing thereon situate at Industrial Unit No 211 A, 2^nd Floor in Kailash Industrial Complex, Building No. 2, Wing E, Ghatkopar Mumbai Survey No 136 CTS No. 1 and Village Ghatkopar Area 261 sq. ft. Boundaries : East : By boundary of Village Vikhroli West : By 90’ D P Road South : By Property Belonging to Godrej North : By Boundary of Village Powai Together with (land and building and other structures now or hereafter to be and fixed Machinery and Plant and fixture and fitting now installed or hereafter to be installed thereon) as security for bank for the repayment of Book debts facility of Rs. 1.500 millions as sub limit within the overall cash credit facility of Rs. 5.000 millions granted by the Bank to the Company together with interest at the agreed rate of 2 % over the PLR Minimum 12.75 % per a. or at such other rate of interest as may be notified to the company by the Bank from time to time.
Name of the company	KAMDAR BROTHER OVERSEAS PRIVATE LIMITED
Presented By	Bank of India, Ghatkopar (e) Branch, Mumbai
1) Date and description of instrument creating the change	Hypothecation of Tangible Movable property Dated : 19^th October, 2001
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.800 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All the tangible movable assets of the Borrower including in particular all stocks or raw material such as Alloys Steel, Die Steel, bar Steel, Bar Steel, Bar Block, AISIH-13 Steel etc and finished goods such as Stock Furniture ect wherever situate and/or in transit.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest @ 4 % p.a. OPLR Minimum @ 16 % p.a.
5) Name and Address and description of the person entitled to the charge.	Bank of India, Ghatkopar (E) Branch, Kiran Niketan, Tilak Road, Ghatkopar (E), Mumbai-400077
6) Date and brief description of instrument modifying the charge	Memorandum of Equitable Mortgage On 9^th November, 2004
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The original charge dated 19/10/2001 for Rs. 0.800 millions has been modified from time to time as under: On 22/04/2004 an additional sum of Rs. 4.200 millions was granted by the Bank enhancing the Book debts limit from Rs. 0.800 millions to Rs. 5.000 millions against the same security as stated in column No. 3 above. Vide this modification an Equitable Mortgage by Deposit of Title Deeds in respect of Company’s immovable Properties as detailed below. Location : At that piece of land with building sheds and structure standing thereon situate at Industrial Unit No 211 A, 2^nd Floor in Kailash Industrial Complex, Building No. 2, Wing E, Ghatkopar Mumbai Survey No 136 CTS No. 1 and Village Ghatkopar Area 261 sq. ft. Boundaries : East : By boundary of Village Vikhroli West : By 90’ D P Road South : By Property Belonging to Godrej North : By Boundary of Village Powai Together with (land and building and other structures now or hereafter to be and fixed Machinery and Plant and fixture and fitting now installed or hereafter to be installed thereon) as security for bank for the repayment of Book debts facility of Rs. 1.500 millions as sub limit within the overall cash credit facility of Rs. 5.000 millions granted by the Bank to the Company together with interest at the agreed rate of 2 % over the PLR Minimum 12.75 % per a. or at such other rate of interest as may be notified to the company by the Bank from time to time.
Name of the company	KAMDAR BROTHER OVERSEAS PRIVATE LIMITED
Presented By	Bank of India, Ghatkopar (e) Branch, Mumbai
1) Date and description of instrument creating the change	Hypothecation of Book debts Dated : 19^th October, 2001
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 1.200 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All the book debts, outstanding, money receivable, claims and bills which are now due and owing the which may at any time hereafter during the continuance of this course of its business by any person company or be the Government or any local or public body or authority
4) Gist of the terms and conditions and extent and operation of the charge.	Interest @ 4 % p.a. OPLR Minimum @ 16 % p.a.
5) Name and Address and description of the person entitled to the charge.	Bank of India, Ghatkopar (E) Branch, Kiran Niketan, Tilak Road, Ghatkopar (E), Mumbai-400077
6) Date and brief description of instrument modifying the charge	Supplemental Agreement of Hypothecation On 9^th November, 2004
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The original charge dated 19/10/2001 for Rs. 1.200 millions is hereby modified by granting an additional sum of Rs. 0.300 millions was granted by the Bank enhancing the Book debts limit from Rs. 1.200 millions to Rs. 1.500 millions against the same security as stated in column No. 3 above. Thus the total charge amount stood at the level of Rs. 1.500 millions.
Name of the company	KAMDAR BROTHER OVERSEAS PRIVATE LIMITED
Presented By	Bank of India, Ghatkopar (e) Branch, Mumbai
1) Date and description of instrument creating the change	Hypothecation of Tangible Movable property Dated : 19/10/2001
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.800 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All the tangible movable assets of the Borrower including in particular all stocks or raw material such as Alloys Steel, Die Steel, bar Steel, Bar Steel, Bar Block, AISIH-13 Steel etc and finished goods such as Stock Furniture ect wherever situate and/or in transit.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest @ 4 % p.a. OPLR Minimum @ 16 % p.a.
5) Name and Address and description of the person entitled to the charge.	Bank of India, Ghatkopar (E) Branch, Kiran Niketan, Tilak Road, Ghatkopar (E), Mumbai-400077
6) Date and brief description of instrument modifying the charge	Supplemental Agreement of Hypothecation On 22^nd April 2004
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	The original charge dated 19/10/2001 for Rs. 0.800 millions is hereby modified by granting an additional sum of Rs. 4.200 millions was granted by the Bank enhancing the Book debts limit from Rs. 0.800 millions to Rs. 5.000 millions against the same security as stated in column No. 3 above. Thus the total charge amount stood at the level of Rs. 5.000 millions.
Name of the company	KAMDAR BROTHER OVERSEAS PRIVATE LIMITED
Presented By	Bank of India, Ghatkopar (e) Branch, Mumbai
1) Date and description of instrument creating the change	Hypothecation of Book debts Dated : 19^th October, 2001
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 1.200 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All the book debts, outstanding, money receivable, claims and bills which are now due and owing the which may at any time hereafter during the continuance of this course of its business by any person company or be the Government or any local or public body or authority
4) Gist of the terms and conditions and extent and operation of the charge.	Interest @ 4 % p.a. OPLR Minimum @ 16 % p.a.
5) Name and Address and description of the person entitled to the charge.	Bank of India, Ghatkopar (E) Branch, Kiran Niketan, Tilak Road, Ghatkopar (E), Mumbai-400077
6) Date and brief description of instrument modifying the charge	Not Available
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Available
Name of the company	KAMDAR BROTHER OVERSEAS PRIVATE LIMITED
Presented By	Bank of India, Ghatkopar (e) Branch, Mumbai
1) Date and description of instrument creating the change	Hypothecation of Tangible Movable property Dated : 19.10.2001
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.800 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All the tangible movable assets of the Borrower including in particular all stocks or raw material such as Alloys Steel, Die Steel, bar Steel, Bar Steel, Bar Block, AISIH-13 Steel etc and finished goods such as Stock Furniture ect wherever situate and/or in transit.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest @ 4 % p.a. OPLR Minimum @ 16 % p.a.
5) Name and Address and description of the person entitled to the charge.	Bank of India, Ghatkopar (E) Branch, Kiran Niketan, Tilak Road, Ghatkopar (E), Mumbai-400077
6) Date and brief description of instrument modifying the charge	Not Available
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Available

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. 45.61
UK Pound	1	Rs. 85.76
Euro	1	Rs. 58.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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		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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

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