MIRA INFORM REPORT

Report Date :

16.12.2011

IDENTIFICATION DETAILS

Name :	HARSHADRAY PRIVATE LIMITED
Registered Office :	JIJI House, Damordas Sukhadwala Marg, Fort, Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.01.1953
Com. Reg. No.:	11-008985
Capital Investment / Paid-up Capital :	Rs. 1.971 Millions
CIN No.: [Company Identification No.]	U74999MH1953PTC008985
Legal Form :	Private Limited Liability Company
Line of Business :	Subject as an indenting house to meet the requirements of importers and exporters – mainly of commodities.
No. of Employees :	Not Divulged by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profitability of the company is under pressure. However, networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

INFORMATION DECLINED BY

Name :	Mr. Sunjettu
Designation :	General Manager Finance
Date :	14.12.2011

LOCATIONS

Registered Office :	JIJI House, Damordas Sukhadwala Marg, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-56519900/ 66519900
Fax No.:	91-22-22073497/ 22070078
E-Mail :	admin@harshadray.com hpltd@bom5.vsnl.net.in
Regional Offices :	Located At : · Kolkata · New Delhi · Chennai

DIRECTORS

As on : 30.09.2011

Name :

Mr. Premal N Kapadia

Designation :

Director

Address :

Haveli, Flat No.6, 19, L D Ruparel Marg, Mumbai-400006, Maharashtra

Date of Birth/Age :

05.06.1949

Date of Appointment :

30.09.1974

Din No.:

00042090

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24110MH1970PTC014770	FARM CHEMICALS PRIVATE LIMITED	Director	27/12/1972	27/12/1972	-	Strike off	NO
2	U74999MH1953PTC008985	HARSHADRAY PRIVATE LIMITED	Director	30/09/1974	30/09/1974	-	Active	NO
3	U67120MH1975PTC018243	HARSHADRAY INVESTMENT PRIVATE LIMITED	Director	27/12/1978	27/12/1978	-	Active	NO
4	U74140MH1958PTC013544	TECNIMONT ICB PRIVATE LIMITED	Additional director	6/7/2010	1/5/1982	8/7/2010	Active	NO
5	U27100MH1952PTC021224	DRYDEN PRIVATE LIMITED	Director	26/07/1984	26/07/1984	-	Active	NO
6	U74140MH1989PTC052930	TUV INDIA PRIVATE LIMITED	Director	8/8/1989	8/8/1989	-	Active	NO
7	L02101KA1955PLC001936	THE WEST COAST PAPER MILLS LIMITED	Director	7/8/1992	7/8/1992	-	Active	NO
8	U72200MH1992PTC068156	SILICON INTERFACES PRIVATE LIMITED	Director	13/08/1992	13/08/1992	-	Active	NO
9	U74140MH1994PTC078107	INTEGRATED INDUSTRIAL QUALITY MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	2/5/1994	2/5/1994	-	Active	NO
10	L28129MH1962PLC012289	KAIRA CAN COMPANY LIMITED	Director	1/7/1994	1/7/1994	-	Active	NO
11	U29220MH1949PTC007221	PROTOS ENGINEERING COMPANY PRIVATE LIMITED	Director	30/06/1999	30/06/1999	-	Active	NO
12	U74210PN1989PTC129569	SORTIMAT TECHNOLOGY PRIVATE LIMITED	Director	8/7/1999	8/7/1999	-	Active	NO
13	U74999MH1947PTC005508	THYSSENKRUPP INDUSTRIES INDIA PRIVATE LIMITED	Director	20/07/1999	20/07/1999	-	Active	NO
14	L99999MH1979PLC021796	ALKYL AMINES CHEMICALS LIMITED	Director	20/07/1999	20/07/1999	-	Active	NO
15	U74999MH1992PTC068790	BIJUR DELIMON INDIA PRIVATE LIMITED	Director	20/07/1999	20/07/1999	29/03/2007	Active	NO
16	U72200MH2000PTC128517	FIRSTESERVICE INDIA PRIVATE LIMITED	Director	11/9/2000	11/9/2000	-	Active	NO
17	L31200GA1993PLC001335	DE NORA INDIA LIMITED	Director	14/10/2002	14/10/2002	-	Active	NO
18	U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	Director	20/03/2007	20/03/2007	-	Active	NO
19	U70102MH2007PLC176965	PUMA PROPERTIES LIMITED	Director	19/12/2007	19/12/2007	-	Active	NO
20	U13203MH2008PTC177763	SUJATA RESOURCES PRIVATE LIMITED	Director	11/1/2008	11/1/2008	-	Active	NO
21	U13100MH2008PTC177764	RATA IRON ORE AND MINERALS EXPORTS PRIVATE LIMITED	Director	11/1/2008	11/1/2008	-	Active	NO
22	U70100MH2002PTC134643	VIRMAN REAL ESTATE PRIVATE LIMITED	Additional director	7/6/2009	7/6/2009	-	Active	NO
23	U45201MH2002PTC134642	VIRNEESH PROPERTIES DEVELOPERS PRIVATE LIMITED	Additional director	7/6/2009	7/6/2009	-	Active	NO
24	U70102MH2011PTC223266	SUPROHA PROPERTIES PRIVATE LIMITED	Director	19/10/2011	19/10/2011	-	Active	NO

Name :

Mr. Utsav R Kapadia

Designation :

Director

Address :

131, Mehr-Naz, Cuffe Parade, Mumbai-400005, Maharashtra

Date of Birth/Age :

06.03.1952

Date of Appointment :

31.07.1984

Din No.:

00034154

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74140MH1958PTC013544	TECNIMONT ICB PRIVATE LIMITED	Director	30/09/1974	30/09/1974	29/01/2008	Active	NO
2	U27100MH1952PTC021224	DRYDEN PRIVATE LIMITED	Director	30/09/1980	30/09/1980	-	Active	NO
3	U74999MH1953PTC008985	HARSHADRAY PRIVATE LIMITED	Director	31/07/1984	31/07/1984	-	Active	NO
4	U67120MH1975PTC018243	HARSHADRAY INVESTMENT PRIVATE LIMITED	Director	19/01/1989	19/01/1989	-	Active	NO
5	U24110MH1970PTC014770	FARM CHEMICALS PRIVATE LIMITED	Director	30/04/1990	30/04/1990	-	Strike off	NO
6	U67120MH1990PTC059149	ANNAKRISH INVESTMENT AND TRADING PRIVATE LIMITED	Director	28/02/1992	28/02/1992	-	Active	NO
7	L28129MH1962PLC012289	KAIRA CAN COMPANY LIMITED	Director	15/06/2007	1/7/1994	-	Active	NO
8	U99999MH1962PLC012424	BALMAR LAWRIE-VAN LEER LIMITED	Director	2/9/1997	2/9/1997	18/01/2008	Active	NO
9	U29220MH1949PTC007221	PROTOS ENGINEERING COMPANY PRIVATE LIMITED	Director	29/04/1998	29/04/1998	-	Active	NO
10	U72200MH1992PTC068156	SILICON INTERFACES PRIVATE LIMITED	Director	5/7/1999	5/7/1999	-	Active	NO
11	U72200MH2000PTC128517	FIRSTESERVICE INDIA PRIVATE LIMITED	Director	11/9/2000	11/9/2000	-	Active	NO
12	U91990WB2005GAP106167	TINPLATE PROMOTION COUNCIL	Director	5/12/2005	5/12/2005	22/09/2011	Active	NO
13	U74140MH1989PTC052930	TUV INDIA PRIVATE LIMITED	Managing director	22/08/2006	22/08/2006	-	Active	NO
14	L99999MH1960PLC011879	GEE LIMITED	Director	6/10/2007	6/10/2007	-	Active	NO
15	U70102MH2007PLC176965	PUMA PROPERTIES LIMITED	Director	19/12/2007	19/12/2007	-	Active	NO
16	U70102MH2011PTC223266	SUPROHA PROPERTIES PRIVATE LIMITED	Director	19/10/2011	19/10/2011	-	Active	NO

Name :

Mr. Aditya P Kapadia

Designation :

Director

Address :

Haveli, Flat No.6, 19, L D Ruparel Marg, Mumbai-400006, Maharashtra

Date of Birth/Age :

14.10.1973

Date of Appointment :

24.12.1998

Din No.:

00087520

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72200MH1992PTC068156	SILICON INTERFACES PRIVATE LIMITED	Director	26/03/1993	26/03/1993	-	Active	NO
2	U74999MH1953PTC008985	HARSHADRAY PRIVATE LIMITED	Director	24/12/1998	24/12/1998	-	Active	NO
3	U29220MH1949PTC007221	PROTOS ENGINEERING COMPANY PRIVATE LIMITED	Director	18/10/2000	18/10/2000	-	Active	NO
4	U74999MH1992PTC068790	BIJUR DELIMON INDIA PRIVATE LIMITED	Director	31/12/2001	31/12/2001	29/03/2007	Active	NO
5	U74140MH1989PTC052930	TUV INDIA PRIVATE LIMITED	Director	14/06/2005	14/06/2005	-	Active	NO
6	U70102MH2007PLC176965	PUMA PROPERTIES LIMITED	Director	19/12/2007	19/12/2007	-	Active	NO
7	U13203MH2008PTC177763	SUJATA RESOURCES PRIVATE LIMITED	Director	11/1/2008	11/1/2008	-	Active	NO
8	U13100MH2008PTC177764	RATA IRON ORE AND MINERALS EXPORTS PRIVATE LIMITED	Director	10/6/2009	18/01/2008	-	Active	NO
9	U70100MH2002PTC134643	VIRMAN REAL ESTATE PRIVATE LIMITED	Additional director	7/6/2009	7/6/2009	-	Active	NO
10	U45201MH2002PTC134642	VIRNEESH PROPERTIES DEVELOPERS PRIVATE LIMITED	Director	7/6/2009	7/6/2009	-	Active	NO
11	U70102MH2011PTC223266	SUPROHA PROPERTIES PRIVATE LIMITED	Director	19/10/2011	19/10/2011	-	Active	NO

Name :

Mr. Nanak G Sheth

Designation :

Director

Address :

D 2A/4, Vasant Vihar, New Delhi-110057

Date of Birth/Age :

05.07.1941

Date of Appointment :

27.12.1978

Din No.:

00034057

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120MH1975PTC018243	HARSHADRAY INVESTMENT PRIVATE LIMITED	Director	27/12/1978	27/12/1978	-	Active	NO
2	U74999MH1953PTC008985	HARSHADRAY PRIVATE LIMITED	Whole-time director	1/11/2011	27/12/1978	-	Active	NO
3	U27100MH1952PTC021224	DRYDEN PRIVATE LIMITED	Director	26/07/1984	26/07/1984	-	Active	NO
4	U74899DL1990PTC041405	REMIER ENERGY TECHNOLOGIES PRIVATE LIMITED	Director	6/9/1990	6/9/1990	-	Active	NO
5	U74140MH1958PTC013544	TECNIMONT ICB PRIVATE LIMITED	Whole-time director	26/12/1991	26/12/1991	6/7/2010	Active	NO
6	U70101DL1991PTC044419	GOLDSTAR ESTATES PRIVATE LIMITED	Director	21/04/1993	21/04/1993	-	Active	NO
7	U51109DL1994PTC059591	POWERPARTS AND ENERGY INDIA PRIVATE LIMITED	Director	13/06/1994	13/06/1994	-	Active	NO
8	U29193DL1984PTC018081	UT PUMPS AND SYSTEMS PRIVATE LIMITED	Director	28/08/1996	28/08/1996	-	Active	NO
9	U24110MH1970PTC014770	FARM CHEMICALS PRIVATE LIMITED	Director	4/7/1997	4/7/1997	-	Strike off	NO
10	U29220MH1949PTC007221	PROTOS ENGINEERING COMPANY PRIVATE LIMITED	Director	30/06/1999	30/06/1999	-	Active	NO
11	L28129MH1962PLC012289	KAIRA CAN COMPANY LIMITED	Director	27/04/2000	27/04/2000	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Arun S Shah
Designation :	Secretary
Address :	203, Sonmarg, Main Kasturba Road, Borivli (East), Mumbai-400066, Maharashtra
Date of Birth/Age :	08.09.1936
Date of Appointment :	01.07.1993

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2011

Names of Shareholders	No. of Shares
Mrs. Rekha H Kapadia And Mrs. Nini Y Kothari	1348
Mrs. Nini Y Kothari and Rekha H Kapadia	1200
Mrs. Priti V Chandaria and Mrs. Nini Y Kothari	1000
Mrs. Gouri B Mistry and Mrs. Nini Y Kothari	1000
Mrs. Nini Y Kothari	350
Mrs. Gouri B Mistry	350
Mrs. Priti V Chandaria	350
Ms. Shefali N Kapadia	1551
Mr. P N Kapadia	587
Mrs. Premal N. Kapadia and Mrs. Sujata P. Kapadia	1105
Ms. Shefali N Kapadia	238
Mrs. Lalan A Kapadia	1105
Mrs. Premal N. Kapadia	683
Mr. Bharat A. Kapadia	684
Ms. Anandi Vangal and Mr. U R Kapadia	1
Mr. Utsav R Kapadia and Mrs. Sushila U Kapadia	638
Mr. Utsav R Kapadia and Mrs. Sushila U Kapadia	3264
Mr. U.P. Kapadia, Karta and R.M. Kapadia - HUF	1027
Mrs. Nirmala H Kapadia	1626
Ms. Raju H Kapadia and Mr. P N Kapadia	1605
Total	19712

As on : 30.09.2011

Names of Shareholders	Percentage of Holding
Foreign holdings	7.00
Directors or their relatives	93.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject as an indenting house to meet the requirements of importers and exporters – mainly of commodities.

GENERAL INFORMATION

No. of Employees :

Not Divulged by the management

Bankers :

· Corporation Bank, Fort Branch, Veena Chambers, 21, Dalal Street, Fort, Mumbai – 400023, Maharashtra, India

· Citi Bank N.A., CITI Tower, Dr. S.S. Rao Road, Parel, Mumbai – 400012, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
HP Finance from Banks (secured against hypothecation of Specified Cars) (amount repayable within next 12 months Rs. Nil)	0.000	0.056
Term Loan (of the above loan of Rs. 5.092 millions secured against mortgage of property at Ballard Estate)	5.093	6.728
Overdraft facility with a bank (secured to equitable mortgage on building )	3.029	3.534
Total	8.122	10.318
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Shareholders	67.500	8.500
Total	67.500	8.500

Banking Relations :	Good
Auditors :
Name :	Anand Mehta and Associates Chartered Accountants
Address :	Mulratna, First Floor, 334, Narshi Natha Street, Masjid, Mumbai – 400009, Maharashtra, India
Pan No.:	AAMFA9112F
Holding / Subsidiaries :	v Harshadray Investment Private Limited Cin No.: U67120MH1975PTC018243 v Hame Agencies Private Limited Cin No.: U99999MH1979PTC020994
Associates / Joint Ventures / Investing Parties :	v TUV India Private Limited v Farn Chemicals Private Limited v Protos Engineering Private Limited v First E-Services Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19712	Equity Shares	Rs.100/- each	Rs. 1.971 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.971	1.971	1.971
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		356.376	363.799	401.987
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		358.347	365.770	403.958
LOAN FUNDS
1] Secured Loans		8.122	10.318	14.053
2] Unsecured Loans		67.500	8.500	11.000
TOTAL BORROWING		75.622	18.818	25.053
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		433.969	384.588	429.011
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		52.549	61.207	63.313
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		239.294	263.954	312.747
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.910	4.093	4.205
	Sundry Debtors	11.212	6.051	20.526
	Cash & Bank Balances	47.891	6.529	1.764
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	94.018	47.905	35.985
Total Current Assets		157.031	64.578	62.480
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.539	1.584	1.140
	Other Current Liabilities	13.492	2.539	7.177
	Provisions	0.874	1.028	1.212
Total Current Liabilities		14.905	5.151	9.529
Net Current Assets		142.126	59.427	52.951
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		433.969	384.588	429.011

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.057	0.080	0.279
		Commission and Fees	23.735	39.999	48.509
		Other Income	43.665	47.998	19.934
		TOTAL (A)	67.457	88.077	68.722
Less	EXPENSES
		Cost of Goods Sold	0.059	0.470	0.286
		Operating and Other Expenses	45.361	57.814	49.437
		Loss on sale of investment	11.761	51.156	12.571
		Statutory Provisions	3.430	3.059	(10.291)
		TOTAL (B)	60.611	112.499	52.003
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.846	(24.422)	16.719
Less	FINANCIAL EXPENSES (D)		4.093	2.491	3.424
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.753	(26.913)	13.295
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.935	11.187	11.745
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(7.182)	(38.100)	1.550
Less	TAX (H)		0.058	0.079	0.809
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(7.240)	(38.179)	0.741
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		275.132	313.320	312.632
Less	APPROPRIATIONS
		Tax on Dividend	0.000	0.197	0.492
		Transfer to General Reserve	0.000	0.000	0.075
		Transfer to Reserve Fund	0.000	0.000	0.150
	BALANCE CARRIED TO THE B/S		267.710	275.132	313.320
	EARNINGS IN FOREIGN CURRENCY
		Commission	23.735	39.999	NA
	TOTAL EARNINGS		23.735	39.999	NA
	Earnings Per Share (Rs.)		(376.53)	(1927.29)	71.32

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(10.73)	(43.34)	1.07
Net Profit Margin (PBT/Sales)	(%)	(12600.00)	(47625.00)	(555.55)
Return on Total Assets (PBT/Total Assets}	(%)	(3.42)	(30.28)	1.23
Return on Investment (ROI) (PBT/Networth)		(0.02)	(0.10)	0.00
Debt Equity Ratio (Total Liability/Networth)		0.25	0.06	0.08
Current Ratio (Current Asset/Current Liability)		10.53	12.53	6.55

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Due to small and Micro Enterprises	0.000	0.000	0.000
Due to Others	0.539	1.584	1.140
Total	0.539	1.584	1.140

FINANCIAL RESULTS AND APROPRIATION :

During the year, the global economy was regaining economic Stability after the recession of 2008. Comparatively, the Indian economy performed well with the GDP growth of 9% during the fiscal 2010-11. The company's financial results in overall loss during the year compared to the previous year, on account of loss on the sale of Long Term Investments amounting to Rs. 11.761 millions as part of portfolio restructuring exercise. The commission income in the current year has decreased by 15% as compared to the previous Year.

During the current year, despite the high inflationary pressure leading to a tight monetary policy along with rising, interest cost, the company managed to generate a marginal saving by curtailing operating expenses by 23%. The finance cost is burdened with high interest rate and has increased as high as 60%, which has in turn adversely affected their net profit margin. They are gearing up for the next year with a significant increase in their commission income and, their continuous drive to reduce operating cost to a sizable level.

CONTINGENT LIABILITIES NOT PROVIDED FOR :

(Rs. In Millions)

Particulars	31.03.2011
TVS Shriram Growth Fund	0.110
Zephyr Peacock India Fund II	9.820

FORM 8

Corporate identity number of the company	U74999MH1953PTC008985
Name of the company	HARSHADRAY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	JIJI House, Damordas Sukhadwala Marg, Fort, Mumbai-400001, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	Corporation Bank, Fort Branch, Veena Chambers, 21, Dalal Street, Fort, Mumbai – 400023, Maharashtra, India
Nature of instrument creating charge	1. 4^th supplemental common deed of hypothecation of movables/assets/debts 2. continuity letter (all the above agreement constitute a single charge)
Date of instrument Creating the charge	10/11/2010
Amount secured by the charge	Rs. 35.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As stipulated by bank from time to time Terms of repayment As stipulated by bank from time to time Margin As stipulated by bank from time to time Extent and operation of the charge First Charge (Present And Future) = Total Limit Rs.35.000 millions (Overdraft = Rs.5.000 millions, Import Lc =Rs.30.000 millions = Rs.35.000 millions) And/or as stipulated by bank from time to time Other As stipulated by bank from time to time and as per agreement attached and as per sanction letter of the bank
Short particulars of the property charged (Including location of the property)	First Charge(Present And Future)-Hypothecation of All Plant And Machinery And Other Movable Assets of The Company Emg of Land and Building Known As J J House, Raveline Street, Fort, Mumbai
Particulars of the present modification	By This Modification Limit Enhanced To Rs.35.000 millions (Overdraft=Rs.5.000 millions, Import LC Rs.30.000 millions), Securities Are Continued As Given By Original Charge As Well As By Modifications, Terms And Conditions As Per Agreement Attached And As Per Sanction Letter of The Bank

FIXED ASSETS :

· Buildings

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Computer

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 records 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. 54.23
UK Pound	1	Rs. 83.76
Euro	1	Rs. 70.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.