1. Summary Information

		Country	India
Company Name	STELMEC LIMITED	Principal Name 1	Mrs. Dolly Hamza Arsiwala
Status	Satisfactory	Principal Name 2	Mr. Hamza Esmial Ariswala
		Registration #	11-124565
Street Address	Sea Queen 43 A, H K Bhabha Road, Bandstand, Bandra (West), Mumbai-400050, Maharashtra
Established Date	29.02.2000	SIC Code	--
Telephone#	91-22-26436127/ 28/ 29	Business Style 1	Manufacturer
Fax #	91-22-26436139	Business Style 2	--
Homepage	http://www.stelmec.com	Product Name 1	Switches
# of employees	Not Available	Product Name 2	Sockets Relays
Paid up capital	Rs.65,760,000/-	Product Name 3	Power Transformers
Shareholders	Bodies corporate (4.56%), Directors or relatives of Directors (95.42%), Other top fifty shareholders (0.02%)	Banking	Canara Bank
Public Limited Corp.	YES	Business Period	12 Years
IPO	YES	International Ins.	--
Public Enterprise	YES	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
	--		--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	773,459,000	Current Liabilities	672,682,000
Inventories	142,289,000	Long-term Liabilities	64,048,000
Fixed Assets	84,932,000	Other Liabilities	33,305,000
Deferred Assets	0,000	Total Liabilities	770,035,000
Invest& other Assets	998,000	Retained Earnings	165,883,000
		Net Worth	231,643,000
Total Assets	1,001,678,000	Total Liab. & Equity	1,001,678,000
Total Assets (Previous Year)	1,083,395,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Total Income	1,061,047,000	Net Profit	13,015,000
Total Income (Previous yr)	1,050,548,000	Net Profit(Prev.yr)	23,313,000

MIRA INFORM REPORT

Report Date :

18.04.2012

IDENTIFICATION DETAILS

Name :	STELMEC LIMITED (w.e.f. 17.07.2007)
Formerly Known As :	STELMEC PRIVATE LIMITED (w.e.f. 16.08.2005) STELMEC (INDIA) PRIVATE LIMITED
Registered Office :	Sea Queen 43 A, H K Bhabha Road, Bandstand, Bandra (West), Mumbai-400050, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.02.2000
Com. Reg. No.:	11-124565
Capital Investment / Paid-up Capital :	Rs.65.760 Millions
CIN No.: [Company Identification No.]	U31200MH2000PLC124565
TAN No.: [Tax Deduction & Collection Account No.]	MUMS47807E
PAN No.: [Permanent Account No.]	AAECS5686B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Switches, Sockets Relays and Power Transformers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 920000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office/ Project Division/ Marketing and Sales Office :	Sea Queen 43 A, H K Bhabha Road, Bandstand, Bandra (West), Mumbai-400050, Maharashtra, India
Tel. No.:	91-22-26436127/ 28/ 29
Fax No.:	91-22-26436139
E-Mail :	akmishra@stelmec.com corporate@stelmec.com
Website :	http://www.stelmec.com
Strategic Business Units :
Medium Voltage Switchgear Division:	Ahmedabad-Sanand Road, Ullaria, Taluka Sanand, Ahmedabad-382110, Gujarat, India
Tel. No.:	91-2717-237640/329 65556
Fax No.:	91-2717-237726
E-Mail :	dcparekh@stelmec.com
Panels and Instrument Transformer Division:	Virar-Vajreshwari Road, Usgaon, P.O. Bhatana, Vasai (East), District-Thane-401303, Maharashtra, India
Tel. No.:	91-250-6456432 / 33 / 34
Fax No.:	91-250-2571650
E-Mail :	rbchhasatia@stelmec.com
Central R and D :	Plot No. 14/15, W. E. Highway No. 8, Sativali, Vasai (East), District-Thane-401202, Mahrashtra, India
Tel. No.:	91-250-2480097 /3255415
Fax No.:	91-250-2480671
E-Mail :	rsselvam@stelmec.com
Residential Office :	A-403, Sunder Nagar, Mohinder Singh Kabal Singh Road, Kalyan (West)-421301, Maharashtra, India
Residential Offices :	Also Located at: · Bhopal · Chennai · Jodhpur · Kolkata
Regional Offices :	Located at: · Mumbai · Bangalore · Ghaziabad
Branches :	Located at: · Vadodara · Ahmedabad · Hyderabad · Jaipur · Panchkula

DIRECTORS

As on 30.09.2010

Name :

Mrs. Dolly Hamza Arsiwala

Designation :

Director

Address :

Sea Queen 43-A, H. K. Bhabha Road, Bandstand, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

15.11.1958

Date of Appointment :

01.03.2005

DIN No.:

00378517

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	U29100MH1986PTC041160	ESPRIT SWITCHGEAR PRIVATE LIMITED	Director	19/03/2004	19/03/2004	-	Amalgamated	NO
2	U31200MH2000PLC124565	STELMEC LIMITED	Director	1/03/2005	1/03/2005	-	Active	NO
3	U65990MH2000PTC126219	LAA-AMAR ENTERPRISES PRIVATE LIMITED	Director	1/04/2005	1/04/2005	-	Active	NO
4	U31200MH1996PTC101796	HAMES INDUSTRIES PRIVATE LIMITED	Director	5/11/2005	5/11/2005	-	Amalgamated	NO
5	U31200MH1997PTC112467	SCADY INDUSTRIES PRIVATE LIMITED	Director	1/12/2005	1/12/2005	-	Amalgamated	NO
6	U70100MH2002PTC158098	RUCHIKA DEVELOPERS PRIVATE LIMITED (TRF.)	Director	26/05/2006	26/05/2006	-	Active	NO
7	U45200MH2002PTC157513	DEVANSHI BUILDERS PRIVATE LIMITED (TRF.)	Director	26/05/2006	26/05/2006	-	Active	NO

Name :

Mr. Hamza Esmial Ariswala

Designation :

Managing Director

Address :

Sea Queen 43-A, H. K. Bhabha Road, Bandstand, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

17.06.1959

Date of Appointment :

29.02.2000

DIN No.:

00378521

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	U29100MH1986PTC041160	ESPRIT SWITCHGEAR PRIVATE LIMITED	Director	7/10/1986	7/10/1986	-	Amalgamated	NO
2	U31200MH1996PTC101796	HAMES INDUSTRIES PRIVATE LIMITED	Managing director	12/08/1996	12/08/1996	-	Amalgamated	NO
3	U31200MH1997PTC112467	SCADY INDUSTRIES PRIVATE LIMITED	Director	2/11/1998	2/11/1998	-	Amalgamated	NO
4	U31200MH2000PLC124565	STELMEC LIMITED	Managing director	1/10/2008	29/02/2000	-	Active	NO
5	U65990MH2000PTC126219	LAA-AMAR ENTERPRISES PRIVATE LIMITED	Director	28/04/2000	28/04/2000	-	Active	NO
6	U72900MH2001PTC132109	HIGH SPARK TRADING COMPANY PRIVATE LIMITED	Director	18/12/2001	18/12/2001	10/08/2011	Active	NO
7	L34100MH1995PLC088525	NISCO AUTO CORPORATION LIMITED	Director	25/11/2002	25/11/2002	-	Amalgamated	NO
8	U70100MH2002PTC158098	RUCHIKA DEVELOPERS PRIVATE LIMITED (TRF.)	Director	26/05/2006	26/05/2006	-	Active	NO
9	U45200MH2002PTC157513	DEVANSHI BUILDERS PRIVATE LIMITED (TRF.)	Director	26/05/2006	26/05/2006	-	Active	NO

Name :

Mr. Lameeya Hamza Arsiwala

Designation :

Director

Address :

Sea Queen 43-A, H. K. Bhabha Road, Bandstand, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

14.10.1988

Date of Appointment :

21.07.2008

DIN No.:

02264323

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	U31200MH2000PLC124565	STELMEC LIMITED	Director	30/09/2008	21/07/2008	-	Active	NO
2	U70100MH2002PTC158098	RUCHIKA DEVELOPERS PRIVATE LIMITED (TRF.)	Director	26/09/2009	21/07/2008	-	Active	NO
3	U65990MH2000PTC126219	LAA-AMAR ENTERPRISES PRIVATE LIMITED	Director	30/09/2008	21/07/2008	-	Active	NO
4	U45200MH2002PTC157513	DEVANSHI BUILDERS PRIVATE LIMITED (TRF.)	Director	26/09/2009	21/07/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sudhir
Designation :	Deputy General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Hamza E Arsiwala	6176163
Dolly H Arsiwala	2495
Esmail E Ariswala	96380
Lameeya H Aesiwala	80
Dinesh Salian	80
Valthaly V Mohan	80
Paresh Doshi	80
Poonam M Bhanushali	30
Neeta P Dama	30
Suryakant M Vora	30
Maljil K Bhanushali	180
Rekha M Bhanushali	180
Jitendra R Dama	180
Subhankamna Commercial Private Limited, India	214667
Shree Sigotar Metalchem Private Limited, India	85333
Total	6575988

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	4.56
Directors or relatives of Directors	95.42
Other top fifty shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Switches, Sockets Relays and Power Transformers.

Products :

MV Products

· 3.3 KV to 11 KV Outdoor Vaccum Circuit Breaker Kiosks

· 3.3 KV to 33 KV Outdoor Porcetain Clad Vaccum Circuit Breaker

· 3.3 KV to 33 KV Indoor Vacuum Circuit Breaker Panels

· 1/22 KV SF6 Ring Main Unit with VCB Tea Off

· 11 KV Vacuum Ring Main Unit

Product Description	ITC Code
Vacuum Circuit Breaker	85.35
Isolator, Fuse etc.	85.36
L.T. Distribution Boxes, Board	85.37

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Actual Production
200/500 KV LTDBS	Nos.	11306
11, 12 33, 66KV CRP Pannel	Nos.	345
11,12,33,36 KVVCB	Nos.	1973
CT OPRATED ENGRY 100/5A, 50/5A Metering Cabinet	Nos.	3664
Current / Potential Transformers	Nos.	2444
11,66 KV Isolator	Nos.	329
VCB Pannel	Nos.	0
MCCB 100 and 50A	Nos.	2429
Antipumping Relays	Nos.	0
Numerical Relay	Nos.	0
Self Power Device	Nos.	0
Timer	Nos.	0
VCB Kiosk	Nos.	362
11 / 33 22 KV PCVCB	Nos.	695
11 /22/36 KV VCB	Nos.	46
11/63 100 KV LTDBS	Nos.	0
11 KV Bay Set and Connector	Nos.	49
11 and 22 KV Metering Cubical	Nos.	150
11 KV 250 MVA OD Switch	Nos.	16

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank, 50, Hill Road, Bandra (West), Mumbai-400050, Maharashtra, India

· ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
1) lClCl Bank Limited (Secured against Motor Car Tata lnnova)	0.000	0.175
2) T ML Finance Limited (Secured against Tata Truck)	0.135	0.301
3) Sundram Finance Limited (Secured against Mahendra Beloro )	0.109	0.197
4) lClCl Bank Limited (Secured against Toyota Car)	0.466	0.648
5) lClCl Bank Limited ( HIPL Honda CRV Car)	0.000	0.432
6) lClCl Bank Limited ( Tata Sumo Car)	0.245	0.335
7) lClCl Bank Limited (Secured Against Indigo Car)	0.332	0.406
8) Canara Bank Open Cash Credit A/c .No 5712 (Secured against hypothecation of stocks and books debts)	8.831	13.430
9) lClCl BANK ( Mercides Benz)	1.757	0.000
10) lClCl BANK (Ritz ZXI Black)	0.392	0.000
11) Canara Bank - Term Loan A/c (Secured against Plant and Machinery)	8.100	0.000
12) Canara Bank (Bill Discounting Against LC)	34.029	0.000
Total	54.396	15.924
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
1) Short Term Loans and Advances From Directors	2.282	2.282
2) Loan From Share Holders	7.370	7.220
Total	9.652	9.502

Banking Relations :	--
Auditors :
Name :	O K Malpani and Associates Chartered AccountantS
Address :	B-104, Upvan Tower, Upper Govind Nagar, Malad (East), Mumbai-400097, Maharashtra, India
PAN.:	AAEPM2399A

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6575988	Equity Shares	Rs.10/- each	Rs.65.760 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		65.760	63.760	62.760
2] Share Application Money		0.000	24.400	15.000
3] Reserves & Surplus		165.883	124.868	92.067
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		231.643	213.028	169.827
LOAN FUNDS
1] Secured Loans		54.396	15.924	6.552
2] Unsecured Loans		9.652	9.502	9.502
TOTAL BORROWING		64.048	25.426	16.054
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		295.691	238.454	185.881
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		84.932	82.414	54.193
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	142.289	144.046	131.304
	Sundry Debtors	541.169	684.845	538.303
	Cash & Bank Balances	153.787	92.099	82.202
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	78.503	78.952	67.482
Total Current Assets		915.748	999.942	819.291
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	630.115	776.615	611.359
	Other Current Liabilities	42.567	39.618	49.840
	Provisions	33.305	28.708	27.860
Total Current Liabilities		705.987	844.941	689.059
Net Current Assets		209.761	155.001	130.232
MISCELLANEOUS EXPENSES		0.998	1.039	1.456
TOTAL		295.691	238.454	185.881

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1050.751	1042.128	962.386
		Other Income	10.296	8.420	7.413
		TOTAL (A)	1061.047	1050.548	969.799
Less	EXPENSES
		Cost of Materials consumed	787.851	812.336	762.669
		Employee remuneration and benefits	53.082	40.746	26.375
		Manufacturing and other services	144.897	108.249	84.901
		Excise duty	29.655	33.261	42.312
		TOTAL (B)	1015.485	994.592	916.257
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.562	55.956	53.542
Less	FINANCIAL EXPENSES (D)		12.312	9.884	8.814
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		33.250	46.072	44.728
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.388	9.077	7.170
	PROFIT BEFORE TAX (E-F) (G)		20.862	36.995	37.558
Less	TAX (H)		7.847	13.682	11.662
	PROFIT AFTER TAX (G-H) (I)		13.015	23.313	25.896
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		56.406	39.936	31.578
Add	Surplus in P and L a/C for amalgamating companies		0.000	0.000	5.981
Less	Utilized for issue of bonus shares		0.000	0.000	20.930
Less	Excess Transfer of Surplus in P and L A/C of Amalgamating Co’s Last year		0.000	4.512	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	1.302	2.331	2.590
	BALANCE CARRIED TO THE B/S		68.119	56.406	29.935
	IMPORTS
		Import Value	NA	1.322	2.597
	TOTAL IMPORTS		NA	1.322	2.597
	Earnings Per Share (Rs.)		1.98	3.66	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.23	2.22	2.67
Net Profit Margin (PBT/Sales)	(%)	1.98	3.55	3.90
Return on Total Assets (PBT/Total Assets}	(%)	2.08	3.42	4.30.
Return on Investment (ROI) (PBT/Networth)		0.09	0.17	0.22
Debt Equity Ratio (Total Liability/Networth)		3.35	3.97	4.15
Current Ratio (Current Asset/Current Liability)		1.30	1.18	1.19

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

OPERATIONS

During the year the total revenue of your company was Rs. 20.862 Millions (Rs. 36.995 Millions of previous year). The annual sales of the company was Rs.1050.751 Millions as compared to the previous year of Rs.1042.128 Millions. The net profit after tax for the current year was Rs. 13.000 Millions as compared to the net profit after tax for the previous year of Rs. 23.300 Millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U31200MH2000PLC124565
Name of the company	STELMEC LIMITED
Address of the registered office or of the principal place of business in India of the company	Sea Queen, 43 A, H K Bhabhard Bandstand, Bandra (West), Mumbai-400050, Maharashtra, India Email : akmishra@stelmec.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10052870
Type of charge	Immovable property Book Debts Movable Property Floating Charge Plant and Machinery
Particular of charge holder	Canara Bank, Bandra (West), Mumbai-400050, Maharashtra, India Email : shahjindal@gmail.com
Nature of instrument creating charge	Supplemental common hypothecation agreement
Date of instrument Creating the charge	11.02.2012
Amount secured by the charge	Rs.729.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at such rates as may be specified by the bank from time to time Terms of Repayment As per agreement Margin As per agreement Extent and Operation of the charge 100% Others The above is to secure CC/ODBD LIMIT of Rs.30.000 Millions, TL-I of Rs.9.000 Millions, TL-II Rs.50.000 Millions, ILC/FLC of Rs.30.000 Millions, BG of Rs.500.000 Millions, BE(BPLC) of Rs.80.000 Millions and BE(SE) of Rs.30.000 Millions. Aggregating to RS. 729.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Raw materials, semi finished/finished goods such as transformers, switchgears, electrical spare parts stored at the godowns or in the factory premises or in transit EMT of Plot No.31,39-46, 52-62, Block No.109 and 129 at Ularia Taluka Sanand, Ahmedabad Sanand Road, Ahmedabad, Gujarat, India EMT of Survey No.90, R-62, Prati - I, Usgaon, Vasai, Thane EMT of Plot No.15, 7, 8 (Hissa No.3) 10, 11, 12 and 67 and Plot No.14, 7, 8 (Hissa No.3) 10, 11, 12 and 67 Sativali Vasai Thane, Maharashtra, India All the plant and machinery situated at factory premises
Date of instrument modifying the charge	07.03.2011
Particulars of the present modification	Extent of operation of charge over stock and book debts and EMT of properties stands enhanced from Rs.539.000 Millions to Rs.729.000 Millions i.e CC/ODBD limit of RS.300.00 LACS, TL-I of Rs.9.000 Millions, TL-II Rs.50.000 Millions, ILC/FLC of Rs.30.000 Millions, BG of Rs.500.000 Millions, BE (BPLC) of Rs.80.000 Millions and BE (SE) of Rs.30.000 Millions. Other terms and conditions remains the same

Fixed Assets:

· Land and Building

· Plant and Machinery

· Furniture and Fixture

· Motor Car

· Computer

· Silver Utensil

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.51.63
UK Pound	1	Rs.81.94
Euro	1	Rs.67.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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

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

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

RATING 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.