MIRA INFORM REPORT

Report Date :

21.11.2011

IDENTIFICATION DETAILS

Name :	LIZER CYLINDERS LIMITED
Registered Office :	205, 2^nd Floor, Samarpan Complex, New Link Road, Chakala, Andheri (East), Mumbai-400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.08.2007
Com. Reg. No.:	11-173538
Capital Investment / Paid-up Capital :	Rs.112.817 Millions
CIN No.: [Company Identification No.]	U28121MH2007PLC173538
TAN No.: [Tax Deduction & Collection Account No.]	MUML06772D
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Empty Cylinders.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2150000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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 – September 30, 2011

Country Name

Previous Rating (30.06.2011)

Current Rating (30.09.2011)

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	205, 2^nd Floor, Samarpan Complex, New Link Road, Chakala, Andheri (East), Mumbai-400009, Maharashtra, India
Tel. No.:	91-22-28390195/96
Fax No.:	91-22-28390197
E-Mail :	admin@lizercyl.com account@lizercylinders.com
Website :	http://www.lizercyl.com
Factory :	Plot No. 377, Sector IV, Kandla Sez, Gandhidham, Kutch - 370230, Gujarat, India

DIRECTORS

As on 27.09.2010

Name :

Ms. Pyarali I Firasta

Designation :

Director

Address :

Rang Mahal, 2, Mount Mary Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

29.07.1943

Date of Appointment :

02.01.2008

DIN :

01272434

Name :

Mr. Jaideo Prasad Minda

Designation :

Director

Address :

A-9, Ashok Vihar, Phase-I, New Delhi-110052, India

Date of Birth/Age :

08.09.1931

Date of Appointment :

29.03.2010

DIN :

00045623

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	U72190DL1986PLC024134	ANU INDUSTRIES LIMITED	Director	6/5/1986	6/5/1986	-	Active	NO
2	L52110DL1986PLC025118	JAY USHIN LIMITED	Whole-time director	1/10/2010	14/08/1986	-	Active	NO
3	U02001DL1996PTC076056	JPM FARMS PRIVATE LIMITED	Director	5/2/1996	5/2/1996	-	Active	NO
4	U74899DL1998PLC094894	JNS INSTRUMENTS LIMITED	Director	9/7/1998	9/7/1998	-	Active	NO
5	U74899DL1995PLC071138	JPM TOOLS LIMITED	Director	4/10/2002	4/10/2002	-	Active	NO
6	U27102OR2003PLC007293	JAY IRON AND STEELS LIMITED	Director	1/9/2003	1/9/2003	-	Active	NO
7	U74899DL1994PTC062424	ANUSHA ESTATES PRIVATE LIMITED	Director	21/02/2005	21/02/2005	-	Active	NO
8	U34300DL2005PLC139206	JAY AUTOCOMPONENTS LIMITED	Director	1/8/2005	1/8/2005	-	Active	NO
9	U32101DL2005PLC142345	J N J ELECTRONICS LIMITED	Director	8/11/2005	8/11/2005	-	Active	NO
10	U74899DL1995PTC070210	BRILLIANT JEWELS PRIVATE LIMITED	Additional director	8/6/2007	8/6/2007	-	Active	NO
11	U27103OR2004PTC007572	MAA SAMLESWARI INDUSTRIES PRIVATE LIMITED	Director	22/09/2007	22/09/2007	-	Active	NO
12	U74899DL1983PTC014947	PAWAR TEXTILES PRIVATE LIMITED	Director	30/09/2008	15/02/2008	-	Active	NO
13	U11200DL2008PLC183011	JAY NIKKI INDUSTRIES LIMITED	Director	8/9/2008	8/9/2008	-	Active	NO
14	U40200DL2008PLC183041	JAY FE CYLINDERS LIMITED	Director	9/9/2008	9/9/2008	-	Active	NO
15	U51102DL2008PLC185567	JAY SMELTER LIMITED	Director	8/12/2008	8/12/2008	12/6/2011	Active	NO
16	U24100DL2009PLC192692	JAY ACE TECHNOLOGIES LIMITED	Director	29/07/2009	29/07/2009	-	Active	NO
17	U40200DL2010PLC199801	JPM GAS LIMITED	Director	8/3/2010	8/3/2010	-	Active	NO
18	U28121MH2007PLC173538	LIZER CYLINDERS LIMITED	Director	27/09/2010	29/03/2010	-	Active	NO
19	U31900DL2010PLC207377	JPM RENEWABLE ENERGY LIMITED	Director	20/08/2010	20/08/2010	-	Active	NO
20	U40106DL2011PLC220899	JPM POWER AND MINERALS LIMITED	Director	14/06/2011	14/06/2011	-	Active	NO
21	U35990DL2011PLC226344	JAY IBER MEDIOR LIMITED	Director	17/10/2011	17/10/2011	-	Active	NO

Name :

Mr. Anil Minda

Designation :

Director

Address :

A-9, Ashok Vihar, Phase-I, New Delhi-110052, India

Date of Birth/Age :

12.12.1956

Date of Appointment :

29.03.2010

DIN :

00321553

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	U72190DL1986PLC024134	ANU INDUSTRIES LIMITED	Director	6/5/1986	6/5/1986	-	Active	NO
2	L52110DL1986PLC025118	JAY USHIN LIMITED	Whole-time director	1/10/2010	1/3/1988	-	Active	NO
3	U74899DL1998PLC094894	JNS INSTRUMENTS LIMITED	Director	9/7/1998	9/7/1998	-	Active	NO
4	U74899DL1995PLC071138	JPM TOOLS LIMITED	Director	7/6/2002	7/6/2002	-	Active	NO
5	U15314WB1997PTC084218	NALHATI FOOD PRODUCTS PRIVATE LIMITED	Director	3/1/2003	3/1/2003	-	Active	NO
6	U27102OR2003PLC007293	JAY IRON AND STEELS LIMITED	Director	1/9/2003	1/9/2003	-	Active	NO
7	U72200DL2005PLC136246	JANASIS INFOTECH LIMITED	Director	16/05/2005	16/05/2005	-	Active	YES
8	U34300DL2005PLC139206	JAY AUTOCOMPONENTS LIMITED	Director	1/8/2005	1/8/2005	-	Active	NO
9	U32101DL2005PLC142345	J N J ELECTRONICS LIMITED	Director	8/11/2005	8/11/2005	-	Active	NO
10	U74899DL1995PTC070210	BRILLIANT JEWELS PRIVATE LIMITED	Additional director	8/6/2007	8/6/2007	-	Active	NO
11	U27103OR2004PTC007572	MAA SAMLESWARI INDUSTRIES PRIVATE LIMITED	Director	22/09/2007	22/09/2007	-	Active	NO
12	U74899DL1983PTC014947	PAWAR TEXTILES PRIVATE LIMITED	Director	30/09/2008	29/02/2008	-	Active	NO
13	U11200DL2008PLC183011	JAY NIKKI INDUSTRIES LIMITED	Director	8/9/2008	8/9/2008	-	Active	NO
14	U40200DL2008PLC183041	JAY FE CYLINDERS LIMITED	Director	9/9/2008	9/9/2008	-	Active	NO
15	U51102DL2008PLC185567	JAY SMELTER LIMITED	Director	8/12/2008	8/12/2008	12/6/2011	Active	NO
16	U24100DL2009PLC192692	JAY ACE TECHNOLOGIES LIMITED	Director	29/07/2009	29/07/2009	-	Active	NO
17	U40200DL2010PLC199801	JPM GAS LIMITED	Director	8/3/2010	8/3/2010	-	Active	NO
18	U28121MH2007PLC173538	LIZER CYLINDERS LIMITED	Director	27/09/2010	29/03/2010	-	Active	NO
19	U31900DL2010PLC207377	JPM RENEWABLE ENERGY LIMITED	Director	20/08/2010	20/08/2010	-	Active	NO
20	U40106DL2011PLC220899	JPM POWER AND MINERALS LIMITED	Director	14/06/2011	14/06/2011	-	Active	NO
21	U35990DL2011PLC226344	JAY IBER MEDIOR LIMITED	Director	17/10/2011	17/10/2011	-	Active	NO

Name :

Ms. Ashwani Minda

Designation :

Director

Address :

A-9, Ashok Vihar, Phase-I, New Delhi-110052, India

Date of Birth/Age :

17.07.1959

Date of Appointment :

29.03.2010

DIN :

00049966

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	U72190DL1986PLC024134	ANU INDUSTRIES LIMITED	Director	6/5/1986	6/5/1986	-	Active	NO
2	L52110DL1986PLC025118	JAY USHIN LIMITED	Managing director	1/10/2010	14/08/1986	-	Active	NO
3	U74899DL1998PLC094894	JNS INSTRUMENTS LIMITED	Managing director	1/9/2011	9/7/1998	-	Active	NO
4	U74899DL1995PLC071138	JPM TOOLS LIMITED	Director	7/6/2002	7/6/2002	-	Active	NO
5	U15314WB1997PTC084218	NALHATI FOOD PRODUCTS PRIVATE LIMITED	Director	3/1/2003	3/1/2003	-	Active	NO
6	U27102OR2003PLC007293	JAY IRON AND STEELS LIMITED	Director	1/9/2003	1/9/2003	-	Active	NO
7	U74899DL1994PTC062424	ANUSHA ESTATES PRIVATE LIMITED	Director	21/02/2005	21/02/2005	-	Active	NO
8	U72200DL2005PLC136246	JANASIS INFOTECH LIMITED	Director	16/05/2005	16/05/2005	1/3/2010	Active	YES
9	U34300DL2005PLC139206	JAY AUTOCOMPONENTS LIMITED	Director	1/8/2005	1/8/2005	-	Active	NO
10	U74899DL1995PLC068910	J P M AUTOMOBILES LIMITED	Director	26/08/2005	26/08/2005	-	Active	NO
11	U32101DL2005PLC142345	J N J ELECTRONICS LIMITED	Director	8/11/2005	8/11/2005	-	Active	NO
12	U74899DL1987PLC028050	J A BUILDERS LIMITED	Director	12/7/2006	12/7/2006	1/3/2010	Active	NO
13	U74899DL1995PTC070210	BRILLIANT JEWELS PRIVATE LIMITED	Additional director	8/6/2007	8/6/2007	-	Active	NO
14	U27103OR2004PTC007572	MAA SAMLESWARI INDUSTRIES PRIVATE LIMITED	Director	22/09/2007	22/09/2007	-	Active	NO
15	U74899DL1983PTC014947	PAWAR TEXTILES PRIVATE LIMITED	Director	30/09/2008	15/02/2008	-	Active	NO
16	U11200DL2008PLC183011	JAY NIKKI INDUSTRIES LIMITED	Director	8/9/2008	8/9/2008	-	Active	NO
17	U40200DL2008PLC183041	JAY FE CYLINDERS LIMITED	Director	9/9/2008	9/9/2008	-	Active	NO
18	U51102DL2008PLC185567	JAY SMELTER LIMITED	Director	8/12/2008	8/12/2008	12/6/2011	Active	NO
19	U24100DL2009PLC192692	JAY ACE TECHNOLOGIES LIMITED	Director	29/07/2009	29/07/2009	-	Active	NO
20	U40200DL2010PLC199801	JPM GAS LIMITED	Director	8/3/2010	8/3/2010	-	Active	NO
21	U28121MH2007PLC173538	LIZER CYLINDERS LIMITED	Director	27/09/2010	29/03/2010	-	Active	NO
22	U02001DL1996PTC076056	JPM FARMS PRIVATE LIMITED	Additional director	1/6/2010	1/6/2010	-	Active	NO
23	U31900DL2010PLC207377	JPM RENEWABLE ENERGY LIMITED	Director	20/08/2010	20/08/2010	20/07/2011	Active	NO
24	U40106DL2011PLC220899	JPM POWER AND MINERALS LIMITED	Director	14/06/2011	14/06/2011	-	Active	NO
25	U35990DL2011PLC226344	JAY IBER MEDIOR LIMITED	Director	17/10/2011	17/10/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders	No. of Shares
Dalpatsinh A Damor	2000
Pramod Chandra Mahapatro	1000
Heaven Suppliers Private Limited, India	3639275
Ashwani Minda	1780000
Jaideo Prasad Minda	1173790
Electrical and Electronics (India) Limited, India	2578002
Jay Iron and Steels Limited	1400444
JPM Automobiles limited	157907
JPM Tools Limited	280000
Vandana Minda	269357
Total	11281775

As on 27.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	71.40
Directors or relatives of directors	26.18
Other top fifty shareholders	2.42
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Empty Cylinders.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Plot No.10, Sector 9, Gandhidham-370201, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Banks
Rupee Term Loan		99.019
Foreign Currency Loan (ECB)	253.545	220.359
Working Capital Loan		97.175
Total	253.545	416.553

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountant
Address :	KPM House, Kamala Mills Compound, 488, Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India

CAPITAL STRUCTURE

As on 27.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
11,500,000	Equity Shares	Rs.10/- each	Rs.115.000 Millions
4,000	Preferences Shares	Rs.100,000/- each	Rs.400.000 Millions
	Total		Rs.515.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,281,775	Equity Shares	Rs.10/- each	Rs.112.817 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		112.817	476.425	326.425
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		446.907	105.059	83.700
4] (Accumulated Losses)		(19.812)	0.000	(4.967)
NETWORTH		539.912	581.484	405.158
LOAN FUNDS
1] Secured Loans		253.545	416.553	389.908
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		253.545	416.553	389.908
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		793.457	998.037	795.066
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		420.792	430.641	400.515
Capital work-in-progress		10.655	59.936	7.228
INVESTMENT		81.179	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	101.964	256.232	129.457
	Sundry Debtors	21.549	8.042	27.221
	Cash & Bank Balances	259.846	347.108	252.571
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.896	19.905	5.876
Total Current Assets		403.255	631.287	415.125
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	106.556	17.721
	Other Current Liabilities	121.375	16.382	9.413
	Provisions	1.049	0.889	0.668
Total Current Liabilities		122.424	123.827	27.802
Net Current Assets		280.831	507.460	387.323
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		793.457	998.037	795.066

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	412.190	335.568	30.655
		Other Income	29.450	35.888	1.270
		TOTAL (A)	441.640	371.456	31.925
Less	EXPENSES
		Materials Consumed	273.463	225.331	56.448
		Personnel Expenses	28.208	25.559	6.300
		Manufacturing and Other Administrative Expenses	74.570	59.024	15.764
		Decrease / Increase in Inventory	52.863	(39.644)	(54.741)
		TOTAL (B)	429.104	270.270	23.771
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.536	101.186	8.154
Less	FINANCIAL EXPENSES (D)		26.128	49.115	8.397
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(13.592)	52.071	(0.243)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.428	22.682	4.534
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		(41.020)	29.389	(4.777)
Less	TAX (H)		0.152	3.063	0.190
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		(41.172)	26.326	(4.967)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.359	(4.967)	0.000
	BALANCE CARRIED TO THE B/S		(19.813)	21.359	(4.967)
	Earnings/[Loss] Per Share (Rs.)		(3.95)	3.44	(0.65)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(9.32)	7.09	(15.56)
Net Profit Margin (PBT/Sales)	(%)	(9.95)	8.76	(15.58)
Return on Total Assets (PBT/Total Assets}	(%)	(4.97)	2.77	(0.59)
Return on Investment (ROI) (PBT/Networth)		(0.07)	0.05	(0.01)
Debt Equity Ratio (Total Liability/Networth)		0.70	0.93	1.03
Current Ratio (Current Asset/Current Liability)		3.29	5.10	14.93

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10115772
Corporate identity number of the company	U28121MH2007PLC173538
Name of the company	LIZER CYLINDERS LIMITED
Address of the registered office or of the principal place of business in India of the company	124, Free Press House, 215, Nariman Point, Mumbai – 400 021, Maharashtra, India
Type of charge	Book Debts Immovable Property Others
Particular of charge holder	State Bank of India, Plot No.10, Sector 9, Gandhidham-370201, Gujarat, India
Email	accounts@lizertech.com
Nature of description of the instrument creating or modifying the charge	Supplemental agreement of hypothecation of goods and assets for increase in overall limits, supplemental agreement of loan for increase in overall limit Memorandum of deposit for creation of charge for term loan/overall limit
Date of instrument Creating the charge	11.02.2009
Amount secured by the charge	Rs.861.400 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit (Rs 125.000 Millions ): 0.75% below SBAR present effective rate 12.25% EPC (Sub Limit to Cash Credit) Rs 125.000 Millions : Card rate as per SBI exporter's Gold Card Scheme Term Loan (Rs 326.400 Millions ) : As per the earlier Rate Commission on LC (Rs 410.000 Millions ): 50% concession on LC opening charges Terms of Repayment Cash Credit: Repayable on demand EPC: Repayable on demand Term Loan: Repayable as per earlier schedule Tenor of the Bill : Not to exceed Margin Raw Material- Indigenous 25%, Imported 20% Stock in process-40% Finished goods- 30% EPC/FBD/FBP/PCFC: 10% Receivable(cover period 30 days)- 40% Imported LC- 15% Extent and Operation of the charge The charge shall operate as First and exclusive charge in favour of State Bank of India on Book debts and stock and as second charge on plant and machinery and immovable properties to secure the CC and LC of Rs 125.000 Millions and Rs 410.000 Millions s respectively and first and exclusive charge on immovable properties and plant and machinery and as second charge on Book debts and stock to secure the Term Loan of Rs 326.400 Millions. Others The limit of Rs 86,14,00,000 is bifurcated as follow: Cash Credit of Rs 12,50,00,000/- EPC (Sub Limit) Rs 12,50,00,000/-, Term Loan Rs 32,64,00,000/- (Including US$ 5.00 Million (FCLT) financed by SBI Behrain) LC Rs 410.000 Millions
Short particulars of the property charged	First and exclusive charge by way of Hypothecation of entire stock, work in progress, Finished goods, receivables, book debts, movable plant and machinery and other current assets of the company both present and future. Equitable Mortgage over factory, shed and building , office premises, fixed plant and machinery, other fixed assets situate at Plot no. 377-381-386-390 & 437a, Kandla Special Economic Zone both present and future.
Particulars of the present modification	The amount secured by the charge is enhanced from Rs 584.100 Millions s to Rs 861.400 Millions.

FIXED ASSETS:

• Factory Building
• Office Premises
• Plant and Machinery
• Furniture and Fixtures
• Office and General Equipment
• Computers, Printers and Software
• Vehicles

WEBSITE DETAILS:

Profile:

Subject is a part of JPM Group Companies.

JPM Group is a major entity on the corporate scene having diversified business interests in automotive electrical and body parts, alternative fuels energy, sponge iron, etc. The group is growing at a rapid pace and is an industry leader in most part of manufactured group. Quality is their essence and they, at JPM Group, have always stressed on the Customer Satisfaction. Consequently in this run for quality, quantity has always pursued them. Group has ambitious plans to consolidate its position in India and abroad.

SUBJECT produces High Pressure Seamless Cylinders to address major challenges of oil shortages, air pollution, global warming and infrastructural growth particularly in the third world. The Plant has installed capacity of 200,000 Cyliinders per annum from its latest state – of – the art Technology Plant at KANDLA SPECIAL ECONOMIC ZONE (KaSEZ), Gujarat, India.

LIZER’s high quality CNG Cylinders are the most appropriate answers for Cars, Buses, Trucks, 3-Wheelers and for other type of Vehicles.

LIZER also offers High Pressure Industrial Gas Cylinders for Fire Fighting Systems, Industrial Gases like Oxygen, Hydrogen and other Gases, and Defense Applications.

All Cylinders are manufactured on the German Machines loaded with latest technology. Seamless Pipes conforming to International Standards procured from some of the most reputed world plants are used in the manufacturing process. LIZER’s Cylinder Conforms to the prevailing Indian Standards as well as International Standards, passing though various rigid tests.

LIZER’s Cylinder is the best choice for safety, reliability, durability and untiring fatigue strength under any climatic conditions.

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.51.35
UK Pound	1	Rs.80.97
Euro	1	Rs.69.25

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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
TOTAL		27

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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.