MIRA INFORM REPORT

Report Date :

19.12.2011

IDENTIFICATION DETAILS

Name :	INDRAJIT POWER PRIVATE LIMITED (w.e.f. 28.04.2011)
Formerly Known As :	INDRAJIT INFRASTRUCTURE PRIVATE LIMITED (w.e.f. 11.04.2007) INDRAJIT PROPERTIES PRIVATE LIMITED
Registered Office :	1, Pearl Mansion (N), 91, M. Karve Road, Mumbai – 400 020, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.09.1994
Com. Reg. No.:	11-081267
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U45200MH1994PTC081267
TAN No.: [Tax Deduction & Collection Account No.]	MUMI06505C
PAN No.: [Permanent Account No.]	AAACI8656B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in generation and distribution of power and construction activities.
No. of Employees :	Approximately 800 (In Office – 10, In Factory – 790)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 10447000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 PARTED BY

Name :	Mr. Pankaj
Designation :	Assistant Accounts Manager
Contact No.:	91-22-30418111
Date :	17.12.2011

LOCATIONS

Registered Office/ Corporate Office :	1, Pearl Mansion (N), 91, M. Karve Road, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-30418111/ 22006969
Fax No.:	91-22-22008246
E-Mail :	indrajit.infrastructure@rediffmail.com r.shaikh@indrainfra.in rmalegavi@indrainfra.in mpareek@indrainfra.in
Website :	http://indrainfra.in
Location :	Owned
Factory :	Power Plant : Lloyds Nagar, Bhugaon Link Road, Wardha – 442 001, Maharashtra, India
Tel. No.:	91-7152-305000
Fax No.:	91-7152-305300

DIRECTORS

As on 12.09.2011

Name :

Mr. Vinodkumar Subkaran Jatia

Designation :

Director

Address :

Damodar Bhawan, 3^rd Floor, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

02.04.1957

Date of Appointment :

15.01.2004

DIN No.:

00091115

Other Directorship :

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	U51900MH1981PLC024687	Makalu Trading Limited	Director	02-02-07	24-06-81	-	Active	NO
2	U70101MH1989PTC050776	Delaware Properties Private Limited	Director	21-04-89	21-04-89	-	Active	NO
3	U74899DL1981PTC012009	Asian Holdings Private Limited	Director	29-08-92	29-08-92	15-05-08	Active	NO
4	U51109WB1993PTC060631	Bridhi Commercial Private Limited	Director	01-11-93	01-11-93	-	Active	NO
5	U00776MH1994PLC081224	Helmet Traders Limited	Director	19-09-94	19-09-94	-	Active	NO
6	U65990MH1988PTC048910	Yardley Investment and Trading Company Private Limited	Director	21-09-94	21-09-94	-	Active	NO
7	L67120MH1982PLC026924	Supreme Holdings and Hospitality (India) Limited	Managing director	01-07-11	27-11-95	-	Active	NO
8	U65990MH1989PTC050675	Superways Enterprises Private Limited	Director	28-10-98	28-10-98	-	Active	NO
9	U51900MH2000PTC123802	Ogardhani Exports Private Limited	Director	04-06-01	04-06-01	-	Active	NO
10	U51909MH2002PTC134615	Shrilekha Trading Private Limited	Director	25-02-02	25-02-02	-	Active	NO
11	U45200MH1994PTC081267	Indrajit Power Private Limited	Director	15-01-04	15-01-04	-	Active	NO
12	U55101MH2005PTC151196	Grandeour Hotels Private Limited	Director	10-02-05	10-02-05	-	Active	NO
13	U74300MH1988PTC046932	Gopani Iron and Power (India) Private Limited	Director	10-10-05	10-10-05	-	Active	NO
14	U55101KA2005PTC036952	New India Hotels And Resorts Private Limited	Director	26-10-05	26-10-05	06-04-09	Active	NO
15	U55100MH2005PTC157086	Jatia Hotels and Resorts Private Limited	Managing director	10-06-09	27-10-05	-	Amalgamated	NO
16	U51909MH2006PTC163344	Royalways Trading and Investment Services Private Limited	Director	29-09-07	11-12-06	-	Amalgamated	NO
17	U65910MH1987PTC042110	Prawas Leasing and Finance Private Limited	Additional director	06-05-09	06-05-09	30-09-09	Active	NO
18	U70100MH1982PTC027614	Parishram Properties Private Limited	Director	10-08-09	06-05-09	25-11-11	Active	NO
19	U65921KA1996PTC020353	Opportune Trading Private Limited	Director	30-09-10	30-06-10	-	Active	NO
20	U45200MH1994PLC081233	Insco Steels Limited	Director	22-08-11	16-09-10	-	Active	NO
21	U51101MH1994PTC081163	Duli Trade and Commodities Private Limited	Director	05-09-11	28-09-10	24-10-11	Active	NO

Name :

Mr. Kailash Madanlal Parihar

Designation :

Director

Address :

Sai Nath Apartments, Flat No.10, Babhai Naka, Borivli (West), Mumbai – 400 092, Maharashtra, India

Date of Birth/Age :

10.06.1961

Date of Appointment :

23.02.2008

DIN No.:

00015545

Other Directorship :

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	U45200MH1987PTC042547	Ellkay Constructions Private Limited	Director	06-06-94	06-06-94	-	Amalgamated	NO
2	U45200MH1994PTC081317	Babhari Properties Private Limited	Director	21-09-94	21-09-94	-	Active	NO
3	U70102MH1994PTC081268	Vajra Properties Private Limited	Director	16-11-99	16-11-99	-	Amalgamated	NO
4	U70100MH1994PLC082190	Vedisa Properties Limited	Director	16-11-99	16-11-99	06-10-09	Active	NO
5	U45200MH1994PLC081365	Simon Developers and Infrastructure Limited	Managing director	01-04-07	15-11-01	-	Active	NO
6	U51101MH1994PTC081163	Duli Trade and Commodities Private Limited	Director	05-09-11	15-11-01	-	Active	NO
7	U51909MH1989PTC054649	Vertex Trade and Interchange Private Limited	Director	08-02-02	08-02-02	15-11-10	Active	NO
8	U45200MH1994PLC081161	Cikura Properties Limited	Director	03-08-02	03-08-02	06-10-09	Active	NO
9	L27100MH1986PLC041252	Shree Global Tradfin Limited	Director	31-10-03	31-10-03	31-07-08	Active	NO
10	U74140MH2008PTC178821	Talent Discoveri Consulting India Private Limited	Director	12-02-08	12-02-08	13-10-10	Active	NO
11	U45200MH1994PTC081267	Indrajit Power Private Limited	Director	30-08-08	23-02-08	-	Active	NO
12	U70102MH2009PLC189952	Prasoon Properties Limited	Director	29-01-09	29-01-09	30-10-09	Active	NO
13	U45200MH1994PLC081233	Insco Steels Limited	Director	22-08-11	16-09-10	-	Active	NO
14	U70200MH2011PTC215074	Indrajit Properties Private Limited	Director	21-03-11	21-03-11	-	Active	NO

Name :

Mr. Riyaz Nisar Shaikh

Designation :

Director

Address :

603, Mitha Tower, Sector-17, Plot No.41, Vashi, Navi Mumbai – 400 703, Maharashtra, India

Date of Birth/Age :

17.09.1973

Date of Appointment :

04.07.2009

DIN No.:

00016646

Other Directorship :

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	U65910MH1987PTC042110	Prawas Leasing and Finance Private Limited	Director	20-11-01	20-11-01	-	Active	NO
2	U80100MH2002PTC135039	Aaren Educare Private Limited	Director	28-02-02	28-02-02	-	Active	NO
3	U67120MH1992PLC066402	Ragini Trading and Investments Limited	Director	04-12-04	04-12-04	22-02-10	Active	NO
4	U67120MH1993PLC073593	Trump Investments Limited	Director	15-07-05	15-07-05	-	Active	NO
5	U74999MH2007PTC167476	Indrajit Power Technology Private Limited	Director	02-02-07	02-02-07	-	Active	NO
6	U45200MH1994PTC081267	Indrajit Power Private Limited	Director	04-07-09	06-05-09	-	Active	NO
7	U45200MH1994PLC081233	Insco Steels Limited	Director	22-08-11	16-09-10	-	Active	NO
8	U51101MH1994PTC081163	Duli Trade and Commodities Private Limited	Director	05-09-11	28-09-10	-	Active	NO
9	U70200MH2011PTC215074	Indrajit Properties Private Limited	Director	21-03-11	21-03-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pankaj
Designation :	Assistant Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.09.2011

Names of Shareholders	No. of Shares
Pankaj Desai	10
Kailash Parihar	10
Parishram Properties Private Limited, India	3842
Prawas Leasing and Finance Private Limited, India	3538
Lloyds Steel Industries Limited, India	2600
Total	10000

As on 12.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.80
Directors or relatives of directors	0.10
Other top fifty shareholders	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in generation and distribution of power and construction activities.
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

End Users and Corporate

No. of Employees :

Approximately 800 (In Office – 10, In Factory – 790)

Bankers :

v Allahabad Bank, Industrial Finance Branch, Allahabad Bank Building, 37, Mumbai Samachar Marg, Fort, Mumbai – 400 023, Maharashtra, India

v Andhra Bank

v Corporation Bank

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Scheduled Banks
(i) Term Loan	1804.271	2367.542
(ii) Cash Credit	222.183	296.976
Total	2026.454	2664.518

Notes:

(i) Term loans from banks are secured by first pari passu charge on all the movable and immovable assets of power plant (except Steam Turbine Generators taken on lease) including land there on, in Wardha. The loans are further secured by securitization of entire receivables from sale of power for a period of five years through escrow mechanism, charge on all project contracts of the unit, personal guarantee of a director and corporate guarantees provided by two corporates.

(ii) Cash credit facilities from banks are secured by exclusive first charge on the company’s current assets (except receivables) both present and future, second charge on the company’s movable and immovable fixed assets including land there on in Wardha and second charge on entire receivables of the company.

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
a) From Body Corporates	120.000	0.000
b) From Others	128.009	0.000
c) Debentures (Convertible) 5000, 0% Privately Placed Unsecured Compulsory Convertible Debentures of Rs.0.100 million each	500.000	500.000
Total	748.009	500.000

Notes:

Privately placed unsecured compulsory convertible debentures of Rs. 100,000/- each are to be converted into equity shares of the face value of Rs.10/- each at any time within a period of 18 months, from September 4, 2009 at a premium to be decided at the time of conversion and subject to the provisions of Memorandum and Articles of Association of the company. Conversion of the same has been further extended by 18 months from March 3, 2011.

Banking Relations :	--
Auditors :
Name :	Todarwal and Todarwal Chartered Accountants
Address :	112, Maker Bhavan No.3, 21, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFT6047N
Subsidiaries :	v Indrajit Power Technology Private Limited (CIN No.: U74999MH2007PTC167476) v Insco Steels Limited (CIN No.: U45200MH1994PLC081233) v Duli Trade and Commodities Private Limited (CIN No.: U51101MH1994PTC081163)
Related Parties :	v Lloyds Steel Industries Limited v Parisharm Properties Private Limited v Prawas Leasing and Finance Private Limited

CAPITAL STRUCTURE

As on 12.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2611.548	2109.557	658.971
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2611.648	2109.657	659.071
LOAN FUNDS
1] Secured Loans		2026.454	2664.518	0.000
2] Unsecured Loans		748.009	500.000	1922.214
TOTAL BORROWING		2774.463	3164.518	1922.214
DEFERRED TAX LIABILITIES		111.221	82.834	54.510
TOTAL		5497.332	5357.009	2635.795
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2783.459	2947.735	3112.365
Capital work-in-progress		3.572	1597.153	0.000
INVESTMENT		1075.491	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	448.938	1221.968	652.311
	Sundry Debtors	122.404	76.260	6.959
	Cash & Bank Balances	379.824	416.873	75.854
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2084.099	990.252	87.912
Total Current Assets		3035.265	2705.353	823.036
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	781.801	334.036	378.483
	Other Current Liabilities	402.655	1148.841	817.780
	Provisions	215.999	410.355	103.343
Total Current Liabilities		1400.455	1893.232	1299.606
Net Current Assets		1634.810	812.121	(476.570)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5497.332	5357.009	2635.795

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3782.405	3626.562	1568.152
		Other Income	27.445	6.819	0.010
		Power Stock (RETL)	0.000	45.263	0.000
		TOTAL (A)	3809.850	3678.644	1568.162
Less	EXPENSES
		Opening Stock of Electricity	45.263	0.000	675.876
		Cost of Fuel	1579.327	1216.178
		Generation & Distribution Expenses	240.904	187.202
		Administration & Other Expenses	80.984	52.432
		Construction & Development Expenses	682.422	46.236
		TOTAL (B)	2628.900	1502.048	675.876
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1180.950	2176.596	892.286
Less	INTEREST & OTHER FINANCE CHARGES (D)		332.557	198.877	0.044
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		848.393	1977.719	892.242
Less/ Add	DEPRECIATION/ AMORTISATION (F)		166.515	166.378	78.866
	PROFIT BEFORE TAX (E-F) (G)		681.878	1811.341	813.376
Less	TAX (H)		179.887	360.755	154.210
	PROFIT AFTER TAX (G-H) (I)		501.991	1450.586	659.166
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2109.557	658.971	(0.195)
	BALANCE CARRIED TO THE B/S		2611.548	2109.557	658.971
	Earnings Per Share (Rs.)
	- Basic		50199.00	145059.00	65916.59
	- Diluted		10.00	51.00	NA

Expected Sales (2011-2012): More than Rs.5000.000 millions

The above information has been parted by Mr. Pankaj (Assistant Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	13.18	39.43	42.03
Net Profit Margin (PBT/Sales)	(%)	18.03	49.95	51.87
Return on Total Assets (PBT/Total Assets}	(%)	11.72	32.04	20.67
Return on Investment (ROI) (PBT/Networth)		0.26	0.86	1.23
Debt Equity Ratio (Total Liability/Networth)		1.60	2.40	4.89
Current Ratio (Current Asset/Current Liability)		2.17	1.43	0.63

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	--
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	--
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	781.801	334.036	378.483

Note:

The registered office of the company has been shifted from Modern Centre, 'B' Wing, 2^nd Floor, Sane Guruji Marg, Mahalaxmi, Mumbai- 400 011, Maharashtra to the present address w.e.f. 06.05.2009.

OPERATION AND OVERALL PERFORMANCE

The Total Income of the company stood at Rs.3809.800 millions during the year as compared to Rs.3678.600 millions for the previous year showing a marginal growth. The company has reported Net Profit Before Tax of Rs.681.800 millions (Previous Year Rs.1811.300 millions) during the year.

CHANGE OF NAME OF THE COMPANY

The Company is operating in two segments, real estate activities and Power generation. However, during last 2 years, power generation activities has gained predominance and in view thereof, it was proposed to change the name of the Company from ‘Indarjit Infrastructure Private Limited to Indrajit Power Private Limited’. The members of the Company at their EGM held on 5^th April, 2011 has passed the Special Resolution approving the change of name and the Registrar of Companies, Maharashtra, Mumbai has issued fresh Certificate of Incorporation for change of name w.e.f. 28^th April, 2011.

Contingent Liability:-

Contingent Liabilities not provided are disclosed in the accounts by way of notes giving the nature and quantum of such liabilities.

PARTICULARS	31.03.2011 (Rs. in millions)
Contingent Liabilities not provided for :
Claims against the company not acknowledged as debt	0.000
Corporate Guarantee	1750.000

FORM 8:

Corporate identity number of the company	U45200MH1994PTC081267
Name of the company	INDRAJIT INFRASTRUCTURE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1, Pearl Mansion (N), 91, M. Karve Road, Mumbai – 400 020, Maharashtra, India E-Mail: indrajit.infrastructure@rediffmail.com
This form is for	Creation of charge
Type of charge	Immovable Property Book Debts Movable Property Others (Current and Fixed Assets)
Particular of charge holder	Allahabad Bank, Industrial Finance Branch, Allahabad Bank Building, 37, Mumbai Samachar Marg, Fort, Mumbai – 400 023, Maharashtra, India E-Mail: adlalwani@rediffmail.com
Nature of description of the instrument creating or modifying the charge	1. Supplemental deed of mortgage (since Allahabad Bank has given working capital first time the charge filed as creation of charge)
Date of instrument Creating the charge	16.02.2010
Amount secured by the charge	Rs.430.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As stipulated by bank's in sanction letter issued to the company Terms of Repayment: On demand Margin: As stipulated in sanction letter Extent and Operation of the charge: Pari-passu charge (present and future) = Total Limit Rs.430.000 millions (Allahabad Bank = Working Capital = Cash Credit = Rs.300.000 millions Bank Guarantee = Rs.130.000 millions) Others: As stipulated by bank from time to time and as per agreement and as per sanction letter of the Bank
Short particulars of the property charged	first paripassu charge(present and future)-hypothecation of all that stock of raw material fuel, stores, spares, including machine spares and all other related inventory at the factory site or in transit or at any other place stored for and on behalf of the borrower but shall expressly exclude receivables (as duly described in schedule) second paripassu charge(present and future) (3 to 7)-EMG of all land underneath and appurtenant thereto bearing survey no 105/1, 107/1, 107/2 and 125/1 admeasuring 13.18 hectares lying and located at Mauza Barbadi, Mauze No 93, PC 25, Tehsil Wardha, District Wardha, Registration District and Sub-District Wardha Maharashtra (first mortgaged property -immovable assets; second mortgaged property-movable assets) including all movable and immovable assets of the power plant (except steam turbine generators taken on lease) Securitization of entire receivables from sale of power interalia to reliance energy trading ltd for a period of five years through escrow mechanism(second mortgaged property) Hypothecation by way of charge on all project contracts of the power plant(third mortgaged property) Hypothecation of all other present and future assets including rights, interest and title in all project contracts etc of the borrower (fourth mortgaged property)

FIXED ASSETS:

v Land

v Factory Building

v Non - Factory Building

v Plant and Machinery

v Furniture and Fixtures

v Computers

v Office Equipments

v Motor Vehicles

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.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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.