MIRA INFORM REPORT

Report Date :

03.10.2011

IDENTIFICATION DETAILS

Name :	BEKAERT MUKAND WIRE INDUSTRIES PRIVATE LIMITED
Registered Office :	Sai Trinity Building, Unit No 9 and 10, 5^th Floor , Central Wing, S No 146, Pashan, Pune – 411021, Maharasahtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.08.2007
Com. Reg. No.:	11-130605
Capital Investment / Paid-up Capital :	Rs. 950.000 Millions
CIN No.: [Company Identification No.]	U27104PN2007PTC130605
TAN No.: [Tax Deduction & Collection Account No.]	PNEM12289E
PAN No.: [Permanent Account No.]	AAFCM1972K
Legal Form :	Private Limited Liability Company
Line of Business :	The company had made an entry in Domestic and Export market For Stainless Steel Wires
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1410000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a joint venture between Bekaert Holding B.V., The Netharland and Mukand limited, India. It is a 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. 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.

INFORMATION PARTED BY

Name :	Mr. Nilesh Jagtap
Designation :	Accountant
Date :	29.09.2011

LOCATIONS

Registered Office :	Sai Trinity Building, Unit No 9 and 10, 5^th Floor , Central Wing, S No 146, Pashan, Pune – 411021, Maharasahtra, India
Tel. No.:	91-20-66276600
Fax No.:	91-20-66276601
E-Mail :	nileshjagtap@bekaert.com mitil.birla@mukandbekaert.com Arnold.camelbeke@bekaert.com

DIRECTORS

As on 14.09.2010

Name :

Mr. Niraj Ramkrishna Bajaj

Designation :

Director

Address :

Mount Unique, 13^th Floor, 62. Peddar Road, Mumbai – 400026, Maharasahtra, India

Date of Birth/Age :

10.10.1954

Date of Appointment :

15.11.2007

DIN No.:

00028261

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	U17100MH1949PTC007467	BARODA INDUSTRIES PRIVATE LIMITED	Director	22-09-86	22-09-86	-	Active	NO
2	L99999MH1937PLC002726	MUKAND LIMITED	Managing director	05-07-11	03-07-89	-	Active	NO
3	U67120MH1992PTC065185	NIRAJ HOLDINGS PVT LTD	Director	31-01-92	31-01-92	-	Active	NO
4	L45200MH1987PLC042378	MUKAND ENGINEERS LIMITED	Director	27-07-92	27-07-92	-	Active	NO
5	U67120MH1979PLC021418	MUKAND GLOBAL FINANCE LIMITED	Director	13-11-92	13-11-92	27-09-07	Active	NO
6	U18101MH1927PTC001298	BACHHRAJ AND COMPANY PRIVATE LIMITED	Director	15-03-93	15-03-93	-	Active	NO
7	U74999MH1969PLC014218	INDIAN MERCHANTS CHAMBER	Director	29-04-93	29-04-93	-	Active	NO
8	U67120MH1992PTC065189	SHEKHAR HOLDINGS PVT LTD	Director	15-02-95	15-02-95	-	Active	NO
9	U67120MH1992PTC065184	RAHUL SECURITIES PVT LTD	Director	20-02-95	20-02-95	-	Active	NO
10	U67120MH1992PTC065183	MADHUR SECURITIES PVT LTD	Director	25-02-95	25-02-95	-	Active	NO
11	U85110KA1995PLC018735	MUKAND VIJAYANAGAR STEEL LIMITED	Director	14-09-95	14-09-95	-	Active	NO
12	U27100MH1988PLC049731	KALYANI MUKUND LIMITED	Director	29-04-96	29-04-96	-	Active	NO
13	U51900MH1937PLC002724	JEEWAN LIMITED	Director	14-08-97	14-08-97	-	Active	NO
14	U17110MH1938PTC010292	JAMNALAL SONS PRIVATE LIMITED	Director	26-09-97	26-09-97	-	Active	NO
15	L28900MH1958PLC011077	HIND RECTIFIERS LIMITED	Director	24-03-98	24-03-98	-	Active	NO
16	U85110KA1998PLC023759	HOSPET STEELS LIMITED	Director	20-05-98	20-05-98	-	Active	NO
17	L24239MH1967PLC013739	Brabourne Enterprises Limited	Director	29-10-98	29-10-98	12-06-08	Amalgamated	NO
18	L15420MH1931PLC001797	BAJAJ HINDUSTHAN LIMITED	Director	29-10-99	29-10-99	31-12-08	Active	NO
19	U66010PN2000PLC015329	BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LIMITED	Director	16-05-01	16-05-01	-	Active	NO
20	L35911PN1945PLC004656	Bajaj Holdings & Investment Limited.	Director	12-07-07	09-09-06	20-02-08	Active	NO
21	U65990MH1992PLC067166	PRIMUS INVESTMENTS AND FINANCE LIMITED	Director	13-09-07	08-12-06	26-10-07	Active	NO
22	U65990MH1992PLC067162	FUSION INVESTMENTS AND FINANCIAL SERVICES LIMITED	Director	13-09-07	08-12-06	26-10-07	Active	NO
23	U65990MH1992PLC067165	CATALYST FINANCE LIMITED	Director	13-09-07	08-12-06	26-10-07	Active	NO
24	U27104PN2007PTC130605	BEKAERT MUKAND WIRE INDUSTRIES PRIVATE LIMITED	Director	20-08-08	15-11-07	28-03-11	Active	NO
25	L65993PN2007PLC130076	BAJAJ AUTO LIMITED.	Director	10-07-08	30-01-08	-	Active	NO
26	L24232MH2007PLC169354	RPG Life Sciences Limited	Director	27-08-08	06-02-08	01-10-10	Active	NO
27	U66010PN2001PLC015959	BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED	Director	26-09-08	06-03-08	-	Active	NO
28	U67120MH2008PTC180620	SANRAJ NAYAN INVESTMENTS PRIVATE LIMITED	Director	05-08-09	05-07-08	-	Active	NO
29	U92413GJ2001NPL040023	FOUNDATION FOR PROMOTION OF SPORTS AND GAMES	Additional director	01-11-08	01-11-08	-	Active	NO
30	U24239MH1953PTC029952	BAJAJ SEVASHRAM PRIVATE LIMITED	Director	08-04-09	15-01-09	-	Active	NO
31	L45200MH1934PLC002346	HINDUSTAN HOUSING COMPANY LIMITED	Director	17-09-09	15-01-09	-	Active	NO
32	U99900MH1991NPL060142	BHOOPATI SHIKSHAN PRATISTHAN	Additional director	25-09-09	23-03-09	-	Active	NO
33	U99900MH1991NPL060141	MAHAKALPA AROGYA PRATISTHAN	Additional director	25-09-09	23-03-09	-	Active	NO
34	L72200PN1963PLC012621	ZENSAR TECHNOLOGIES LIMITED	Director	20-07-11	21-10-10	-	Active	NO

Name :

Mr. Rajesh Viren Shah

Designation :

Director

Address :

7, Janki Kutir, Juhu Tara Road, Juhu, Mumbai – 400049, Maharasahtra, India

Date of Birth/Age :

01.01.1951

Date of Appointment :

15.11.2007

DIN No.:

00033371

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	U67120MH1982PTC026490	RAJVI ENGINEERING AND INVESTMENTS PVT LTD	Director	26-02-82	26-02-82	-	Active	NO
2	U65920MH1982PTC027800	JYOTI SHAH PREMISES AND INVESTMENTS PVT LTD	Director	14-07-82	14-07-82	-	Active	NO
3	U01110MH1982PTC029008	ANANT JEEWAN AGRO CO PVT LTD	Director	10-01-83	10-01-83	-	Active	NO
4	U01100MH1982PTC029005	AMAR JYOTI AGRO CO PVT LTD	Director	26-03-83	26-03-83	-	Active	NO
5	U01100MH1982PTC029007	SUNNYDAYS AGRO COMPANY PRIVATE LIMITED	Director	19-12-85	19-12-85	-	Active	NO
6	U67120MH1982PTC026493	AKHIL INVESTMENTS & TRADES PRIVATE LIMITED	Director	13-11-87	13-11-87	-	Active	NO
7	U67120MH1982PTC026494	KSHITIJ HOLDINGS AND ENGINEERING PVT LTD	Director	13-11-87	13-11-87	-	Active	NO
8	U01100MH1982PTC029006	AMIVIR AGRO CO PVT LTD	Director	28-07-88	28-07-88	-	Active	NO
9	L99999MH1937PLC002726	MUKAND LIMITED	Managing director	05-07-11	03-07-89	-	Active	NO
10	L45200MH1987PLC042378	MUKAND ENGINEERS LIMITED	Director	23-10-89	23-10-89	-	Active	NO
11	U04010MH1993PLC171444	INDIA THERMAL POWER LIMITED	Director	06-08-93	06-08-93	-	Active	NO
12	U85110KA1995PLC018735	MUKAND VIJAYANAGAR STEEL LIMITED	Director	14-09-95	14-09-95	-	Active	NO
13	U27100MH1988PLC049731	KALYANI MUKUND LIMITED	Director	29-04-96	29-04-96	-	Active	NO
14	L23201MH1952GOI008858	HINDUSTAN PETROLEUM CORPORATION LIMITED	Director	22-01-99	22-01-99	23-08-07	Active	NO
15	U35114WB1995PTC069392	BENGAL PORT PRIVATE LIMITED	Director	14-11-00	14-11-00	-	Active	NO
16	U51900MH1937PLC002724	JEEWAN LIMITED	Director	16-06-01	16-06-01	-	Active	NO
17	U51909MH2004PTC144053	KULPI TRADING COMPANY PRIVATE LIMITED	Director	19-01-04	19-01-04	20-01-11	Active	NO
18	U24210MH2003PTC138528	KULPI PORT HOLDING PRIVATE LIMITED	Director	22-03-04	22-03-04	-	Active	NO
19	U45201MH2006PTC162970	EASTERN GATEWAY TERMINALS PRIVATE LIMITED	Director	27-09-07	02-08-06	-	Active	NO
20	U01119MH2006PTC163398	RAJPRIYA AGRO CO. PVT. LTD.	Director	14-08-06	14-08-06	-	Active	NO
21	U51909MH2006PTC165181	KVS ENERGY PRIVATE LIMITED	Director	18-10-06	18-10-06	-	Active	NO
22	U27104PN2007PTC130605	BEKAERT MUKAND WIRE INDUSTRIES PRIVATE LIMITED	Director	20-08-08	15-11-07	28-03-11	Active	NO
23	L24231PB1961PLC003747	RANBAXY LABORATORIES LTD	Director	29-05-09	19-12-08	-	Active	NO

Name :

Mr. Arvind Madhav Kulkarni

Designation :

Director

Address :

504, Swastic Apartments, Khopat, Thane – 400601, Maharasahtra, India

Date of Birth/Age :

19.08.1951

Date of Appointment :

24.08.2007

DIN No.:

01656086

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	U27104PN2007PTC130605	BEKAERT MUKAND WIRE INDUSTRIES PRIVATE LIMITED	Director	24-08-07	24-08-07	-	Active	NO
2	U27107RJ1995PLC010920	STAINLESS INDIA LTD	Director	25-09-08	10-03-08	-	Active	NO

Name :

Mr. Bruno Rene Cluydts

Designation :

Director

Address :

Leieriggestraat 44, Gent, 9051, Belguim

Date of Birth/Age :

13.11.1960

Date of Appointment :

15.11.2007

DIN No.:

01741987

Name :

Mr. Henri Jean Velge

Designation :

Director

Address :

Riute Gouvernement Ale 75, Brussels, 1150, Belguim

Date of Birth/Age :

10.10.1956

Date of Appointment :

15.11.2007

DIN No.:

01792002

Name :

Mr. Kevin Mansell

Designation :

Director

Address :

Apartment No.501, Building No.A1, Brahma Suncity, Vadgaonsheri, Pune – 411014, Maharshtra, India

Date of Birth/Age :

06.06.1960

Date of Appointment :

15.12.2008

DIN No.:

02423271

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	U27104PN2007PTC130605	BEKAERT MUKAND WIRE INDUSTRIES PRIVATE LIMITED	Director	30-09-09	15-12-08	-	Active	NO
2	U99999PN1997PTC108867	BEKAERT CARDING SOLUTIONS PRIVATE LIMITED	Director	16-09-09	19-12-08	-	Active	NO
3	U27104PN1996PTC102569	BEKAERT INDUSTRIES PRIVATE LIMITED	Managing director	05-01-09	05-01-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mitil Kumar Birla
Designation :	Secretary
Address :	B-103, Lunkad Heritage ll, Near Dutta Mandir, Viman Nagar, Pune – 411014, Maharasahtra, India
Date of Birth/Age :	16.04.1979
Pan No:	AJOPB2698G
Date of Appointment :	25.08.2008
Name :	Mr. Nilesh Jagtap
Designation :	Accountant
Name:	Mr. Roopak Karnik
Designation:	Chief Executive Officer
Date of Birth/Age :	39 Years
Experience :	18 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.09.2010

Names of Shareholders	No. of Shares
Mukund Limited, India	13000000
Bekaert Holding B.V., Netharland	36999999
Bekaert Investments NV, Netherland	1
TOTAL	50000000

As on 31.03.2012

Names of Allottee	No. of Shares allotted
Bekaert Holding B.V Netharlands	45000000
TOTAL	45000000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	74.00
Bodies corporate	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company had made an entry in Domestic and Export market For Stainless Steel Wires

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

--

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term Loan in foreign currency from Bekaert Holding B.V., (Term loan is secured by first charge on all present and future intangible assets including inventories , Books Debts, Claims, Outstanding, Immovable Fixed Assets, (Excluding Land from MIDC with a provision for grant of lease).Movable plant and machinery	681.711	459.776
Short Term Loans From Bank Short term loan from bank is secured by corporate guarantee from N.V Bekaert SA Belgium	230.000	0.000
Export Packing Credit Export Packing Credit is secured by corporate Guarantee From N.V Bakaert SA, Belguim	11.585	0.000
Total	923.296	459.776
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
--	0.000	0.000
Total	0.000	0.000

Banking Relations :
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	706, B-Wing, 7^th Floor, ICC Trade Tower, International Convention Centre, Senapati Bapat Road, Pune – 411016, Maharashtra
PAN.:	AABFD07919A
Holding Company :	Bekaert Holding B.V, Netharland
Investing Company :	Mukand Limited, India
Associates/Subsidiaries :	N.V Bakaert SA., Belgium Bekaert (china) Technology and Research and Development Company Limited, China Bekaert Corporation, USA Bekaert Industries Private Limited., India Leon Bekaert S.P.A., Italy Bekaert Ginbh, Germany Bekaert Hlohovee, a.s., Slovakia Industries Del Ubiema, S.A., Spain Bekaert A/S Denmark Bekaert Coordinatiecentrum N.V., Belgium Bekaert Svenska AB, Sweden Bekaert (Schweiz) AG, Switzerland

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Millions

Authorised Capital Rs. 500.000 Millions After as on 30.03.2010 Paid up Capital Rs. 950.000 Million

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		500.000	360.000	20.000
2] Share Application Money		0.000	8.700	100.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(145.393)	(30.935)	0.000
NETWORTH		354.607	337.775	120.000
LOAN FUNDS
1] Secured Loans		923.296	459.776	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		923.296	459.776	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1277.903	797.541	120.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1052.897	12.125	6.220
Capital work-in-progress		0.825	777.340	19.922
INVESTMENT		0.000	0.000	28.920
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	106.636	13.694	0.000
	Sundry Debtors	61.818	0.073	0.000
	Cash & Bank Balances	31.959	234.548	73.654
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	125.991	70.909	3.490
Total Current Assets		326.404	319.224	77.144
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	91.846	303.380	14.165
	Other Current Liabilities	8.804	6.408	1.672
	Provisions	1.573	1.360	0.000
Total Current Liabilities		102.223	311.148	15.837
Net Current Assets		224.181	8.076	61.307
MISCELLANEOUS EXPENSES		0.000	0.000	3.631
TOTAL		1277.903	797.541	120.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	100.798	--
		Other Income	2.086	--
		TOTAL (A)	102.884	--
Less	EXPENSES
		Raw Material Finished Goods and Semi Finished Goods	86.496	4.844
		Employee Costs	13.230	0.556
		Operating and Other Expenses	73.800	24.543
		TOTAL (B)	173.526	29.943
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(70.642)	(29.943)
Less	Interest (D)		22.914	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(93.956)	(29.943)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.347	0.494
	PROFIT/ LOSS BEFORE TAX (E-F) (G)		(113.903)	(30.437)
Less	TAX (H)		0.555	0.498
	PROFIT/ LOSS AFTER TAX (G-H) (I)		(114.458)	(30.935)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(30.935)	--
	BALANCE CARRIED TO THE B/S		145.393	(30.935)
	EARNINGS IN FOREIGN CURRENCY		70.127	--
	IMPORTS
		Raw Materials	7.753	--
		Packing Material	2.619	--
		Tools and Spares	5.758	--
		Consumables	9.629	--
	TOTAL IMPORTS		25.759	--
	Earnings Per Share (Rs.)		(2.29)	(0.62)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(111.25)	NA	NA
Net Profit Margin (PBT/Sales)	(%)	(113.00)	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(8.26)	(9.19)	NA
Return on Investment (ROI) (PBT/Networth)		(0.32)	(0.09)	NA
Debt Equity Ratio (Total Liability/Networth)		2.89	2.28	0.13
Current Ratio (Current Asset/Current Liability)		3.19	1.03	1.26

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Total Outstanding dues of micro and small enterprise	-	-
Total Outstanding dues of creditors other than micro and small operation	91.846	p303.380	14.165
TOTAL	91.846	303.38	14.165

FORM 8:

Corporate identity number of the company	U27104PN2007PTC130605
Name of the company	MUKAND BEKAERT WIRE INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Sai Trinity Building, Unit No 9 and 10, 5^th Floor , Central Wing, S No 146, Pashan, Pune – 411021, Maharasahtra, India
This form is for	Creation of Charge
Type of charge	Book Debts Movable Propert (not being pledge) Goodwill Patent, License under a patent Trademark Copyright or License under a copyright
Particular of charge holder	Bekaert Holding BV J.C Van Markenstraat, 19. Assen, NA, NL-9403, Email id : bcc-frontoffice@bekaert.com
Nature of instrument creating charge	Special Hypothecation Agreement
Date of instrument Creating the charge	31.03.2009
Amount secured by the charge	Rs. 950.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : 1) If loan is drawn in INR – The offer side INR non-deliverable swap rate for the applicable period i.e from each drawdown date until the repayment Date: 31.12.2014 two business days before the relevant drawdown date plus a margin of 1.50% 2) If the loan is drawn in Euro or USD – The applicable EURIBOR or LIBOR plus a margin of 5% or such other lower margin as may be agreed by the lender. Terms of Repayment : The Loan shall be repaid in one installment on the repayment date being December 31,2014 Margin: NIL Extent and Operation of the charge: First charge on the assets hypothecated
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Intangible Assets , Current assets including inventories , receivables, book debts, claims , outstanding , immovable fixed assets (excluding land), both present and future, movable machinery and plant (including without prejudice to the generally of the foregoing all stocks of raw material and finished goods, stock in process, spare parts, components) whether installed or not.

FIXED ASSETS:

• Leasehold Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Office equipment
• 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.48.92
UK Pound	1	Rs.76.51
Euro	1	Rs.66.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	-
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.