MIRA INFORM REPORT

Report Date :

25.04.2012

IDENTIFICATION DETAILS

Name :	ABC GAS (INTERNATIONAL) LIMITED (w.e.f. 01.12.2004)
Formerly Known as :	BRASSCO EXTRUSIONS LIMITED
Registered Office :	1, Mahesh Villa, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.01.1980
Com. Reg. No.:	11-022118
Capital Investment / Paid-up Capital :	Rs.19.800 Millions
CIN No.: [Company Identification No.]	U27100MH1980PLC022118
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of non-ferrous metals.
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 64000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having satisfactory 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.

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 :	1, Mahesh Villa, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-24938697/ 24935508
Fax No.:	91-22-24937758
E-Mail :	abcind@hathway.com abcind@vsnl.com

DIRECTORS

As on 30.09.2009

Name :

Mr. Chandraprakash Keshardeo Singhania

Designation :

Director

Address :

Flat 39, Vishnu Mahal, D Road, Churchgate, Mumbai – 400020, Maharashtra, India

Date of Appointment :

25.07.2001

DIN No.:

00020251

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	U51109MH1946PTC004955	C AGARWAL AND COMPANY PRIVATE LIMITED	Director	6/06/1962	6/06/1962	-	Active	YES
2	U67120MH1995PTC090730	RASHI EQUISEARCH PRIVATE LIMITED	Director	18/07/1995	18/07/1995	-	Active	NO
3	U67120MH1994PTC083366	VOCATION INVESTMENT AND FINANCE COMPANY PRIVATE LIMITED	Director	28/12/1998	28/12/1998	-	Active	NO
4	U27100MH1980PLC022118	ABC GAS (INTERNATIONAL) LIMITED	Director	25/07/2001	25/07/2001	-	Active	NO
5	U65944MH1993PTC072877	GANITA LEASING AND FINANCE PRIVATE LIMITED	Director	6/07/2006	6/07/2006	-	Active	NO
6	U74999MH1921GAP000906	WESTERN INDIA AUTOMOBILE ASSOCIATION	Director	26/09/2006	26/09/2006	-	Active	NO
7	U92100MH1993NPL071488	GARWARE CLUB HOUSE	Director	15/12/2008	12/12/2007	29/09/2009	Active	NO

Name :

Mr. Satish Shorewala

Designation :

Managing Director

Address :

22, Vijay Villa, 79, Worli Seaface, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

24.03.1957

Date of Appointment :

17.01.1980

DIN No.:

00055358

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	U27100MH1980PLC022118	ABC GAS (INTERNATIONAL) LIMITED	Managing director	29/09/2008	17/01/1980	-	Active	NO
2	U74210MH1991PLC060312	ABC TUBE INDUSTRIES LIMITED	Managing director	14/02/1991	14/02/1991	-	Active	NO
3	U27310MH2010PTC210105	DELTA PIPE FITTINGS PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO

Name :

Mr. Shyamlal Prasad Shorewala

Designation :

Director

Address :

22, Vijay Villa, 79, Worli Seaface, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

24.08.1934

Date of Appointment :

17.01.1980

DIN No.:

00088077

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	U27100MH1980PLC022118	ABC GAS (INTERNATIONAL) LIMITED	Director	17/01/1980	17/01/1980	-	Active	NO
2	U74210MH1991PLC060312	ABC TUBE INDUSTRIES LIMITED	Director	14/02/1991	14/02/1991	-	Active	NO
3	U51900MH1997PTC108070	SINCERE DISTRIBUTORS PRIVATE LIMITED	Director	15/07/1997	15/07/1997	-	Active	NO
4	U27310MH2010PTC210105	DELTA PIPE FITTINGS PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO

Name :

Mr. Paras Khimraj Gandhi

Designation :

Director

Address :

601, Bhagya Apartment, Dadar Galli, Kumbharwada Lane, Dadar, Mumbai – 400028, Maharashtra, India

Date of Appointment :

25.07.2001

DIN No.:

03204302

Name :

Mr. Arun Satyanarayan Ganeriwal

Designation :

Director

Address :

Mahavir Sadan, Plot No. C 1, N S Road, Juhu Vile Parle, Mumbai – 400049, Maharashtra, India

Date of Appointment :

24.01.1980

DIN No.:

03205177

Name :

Mr. Rohith Satish Shorewala

Designation :

Director

Address :

22, Vijay Villa, 79, Worli Seaface, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

25.02.1981

Date of Appointment :

30.09.2009

DIN No.:

01650221

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	U51900MH1997PTC108070	SINCERE DISTRIBUTORS PRIVATE LIMITED	Director	10/12/2000	10/12/2000	-	Active	NO
2	U74210MH1991PLC060312	ABC TUBE INDUSTRIES LIMITED	Director	28/02/2002	28/02/2002	-	Active	NO
3	U27100MH1980PLC022118	ABC GAS (INTERNATIONAL) LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO
4	U27310MH2010PTC210105	DELTA PIPE FITTINGS PRIVATE LIMITED	Director	16/11/2010	16/11/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2011

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	535,550	27.05
Bodies Corporate	13,100	0.66
Sub Total	548,650	27.71
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	548,650	27.71
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	134,200	6.78
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	967,890	48.88
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	140,400	7.09
Any Others (Specify)	188,860	9.54
Any Other	188,860	9.54
Sub Total	1,431,350	72.29
Total Public shareholding (B)	1,431,350	72.29
Total (A)+(B)	1,980,000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	1,980,000	-

BUSINESS DETAILS

Line of Business :

Manufacturer of non-ferrous metals.

Products :

PRODUCT DESCRIPTION	ITC CODE NO.
Copper, Rods and Profile	7407.10
Copper Alloys, Rods and Profile	7412.10
Copper Tube and Pipe Fitting	744.10 and 7412.11
Gas Meter and Acessories	9028.10 and 8414.90

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited

Facilities :

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Corporate Bodies	3.178	0.000
From Promoters/ Directors	0.175	0.000
Total	3.353	0.000

Banking Relations :	--
Auditors :
Name :	Bhuwania and Agarwal Associates Chartered Accountants
Address :	503/505, J R Road, Chirabazar, Mumbai – 400002, Maharashtra, India
PAN.:	AAAFB5922E
Related Party :	· ABC Tubes Industries Limited · Sincere Distributors Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1980000	Equity Shares	Rs.10/- each	Rs.19.800 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		19.800	19.800	19.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.268	2.357	2.429
4] (Accumulated Losses)		(4.977)	(6.648)	(6.768)
NETWORTH		16.091	15.509	15.461
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		3.353	0.000	0.000
TOTAL BORROWING		3.353	0.000	0.000
DEFERRED TAX LIABILITIES		0.436	0.478	0.497
TOTAL		19.880	15.987	15.958
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.972	2.121	2.159
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.675	5.578	5.579
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.676	12.166	9.346
	Sundry Debtors	32.392	12.155	1.111
	Cash & Bank Balances	3.188	1.140	0.335
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.900	0.993	1.295
Total Current Assets		53.156	26.454	12.087
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.106	15.688	2.156
	Other Current Liabilities	7.547	2.423	1.553
	Provisions	0.270	0.055	0.158
Total Current Liabilities		40.923	18.166	3.867
Net Current Assets		12.233	8.288	8.220
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		19.880	15.987	15.958

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	135.357	30.071	9.518
		Other Income	1.114	0.252	1.769
		TOTAL (A)	136.471	30.323	11.287
Less	EXPENSES
		Cost of Goods Sold	131.251	27.978	6.438
		Labour Charges	0.434	0.147	0.786
		Payment and Benefit to Employees	1.447	0.844	0.584
		Administrative Selling and Other Expenses	1.519	1.115	1.524
		Loss on Derivatives of Commodity	0.000	0.000	0.345
		TOTAL (B)	134.651	30.084	9.677
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.820	0.239	1.610
Less	FINANCIAL EXPENSES (D)		0.669	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.151	0.239	1.610
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.176	0.163	0.178
	PROFIT BEFORE TAX (E-F) (G)		0.975	0.076	1.432
Less	TAX (H)		0.321	(0.044)	0.330
	PROFIT AFTER TAX (G-I) (I)		0.654	0.120	1.102
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(6.648)	(6.768)	(7.870)
Add	APPROPRIATIONS
		Transfer to General Reserve	1.018	0.000	0.000
	BALANCE CARRIED TO THE B/S		(4.976)	(6.648)	(6.768)
	Earnings Per Share (Rs.)		0.33	0.06	0.56

QUARTERLY RESULTS

PARTICULARS	30.06.2010 1^st Quarter	30.09.2010 2^nd Quarter	31.12.2010 3^rd Quarter	31.03.2011 4^th Quarter	30.06.2011 5^th Quarter	30.09.2011 6^th Quarter	31.12.2011 7^th Quarter
Type	UnAudited	UnAudited	UnAudited	UnAudited	UnAudited	UnAudited	UnAudited
Net Sales	14.460	27.330	49.890	146.750	109.900	193.520	242.790
Total Expenditure	14.630	27.730	49.880	146.610	109.770	193.450	240.090
PBIDT (Excl OI)	(0.170)	(0.400)	0.010	0.140	0.130	0.070	2.700
Other Income	0.600	0.940	0.600	0.670	0.600	0.600	0.620
Operating Profit	0.430	0.540	0.600	0.810	0.730	0.670	3.320
Interest	0.000	0.000	0.000	0.020	0.000	0.000	0.000
Exceptional Items	0.000	0.000	0.000	0.000	0.000	0.000	0.000
PBDT	0.430	0.540	0.600	0.790	0.730	0.670	3.320
Depreciation	0.040	0.050	0.050	0.020	0.040	0.030	0.040
Profit Before Tax	0.390	0.490	0.550	0.770	0.690	0.630	3.290
Tax	0.120	0.060	0.110	0.200	0.160	0.110	0.960
Provisions and contingencies	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Profit After Tax	0.270	0.430	0.430	0.570	0.530	0.520	2.330
Extraordinary Items	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Net Profit	0.270	0.430	0.430	0.570	0.530	0.520	2.330

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.48	0.40	9.76
Net Profit Margin (PBT/Sales)	(%)	0.72	0.25	15.04
Return on Total Assets (PBT/Total Assets}	(%)	1.77	0.27	10.05
Return on Investment (ROI) (PBT/Networth)		0.06	0.01	0.09
Debt Equity Ratio (Total Liability/Networth)		2.75	1.17	0.25
Current Ratio (Current Asset/Current Liability)		1.30	1.46	3.13

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	Yes
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	Yes
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	No

OPERATIONS AND CURRENT YEAR PROSPECTS

During the year the company undertook installation of Reticulated Gas System at various sites. Having gained in experience for providing MEP services the company is now bidding for various projects in plumbing, firefighting Electrical and HUAC. The Company is also exploring the possibility of manufacturing various gas related products and have had discussions with several European companies for possible Joint Ventures.

AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31^ST MARCH, 2011

(Rs. in Millions)

PARTICULARS	31.03.2011 Audited
Income
a) Net Sales / Income from Operations	236.563
b) Other Operating Income	0.453
Total Income	237.016
Expenditure
(a) (Increase)/decrease in Stock in Trade	(4.225)
(b) Consumption of Raw Materials	0.849
(c) Purchase of traded goods	234.647
(d) Employees Cost	1.337
(e) Depreciation	0.073
(f) Other Expenditure	4.538
Total Expenditure	237.219
Profit / (Loss) From Operations before other Income Interest & Exceptional Items	(0.203)
Other Income	2.400
Profit/(Loss) before Interest and Exceptional items	2.197
Interest	0.004
Profit / (Loss) after interest before Exceptional items	2.193
Exceptional Items	(0.309)
Profit / (Loss) From Ordinary activities before Tax	1.884
Taxation expense	0.415
Net Profit/(Loss) From Ordinary activities after Tax	1.469
Extraordinary Items	0.007
Net Profit/(Loss) for the period	1.462
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )	19.800
Reserves (Excluding Revaluation Reserves)	--
Earning Per Share (EPS) (not annualised)
Basic and diluted EPS before Extraordinary items for the previous year (not to be annualised)	0.71
Basic and diluted EPS after Extraordinary items for the previous year (not to be annualised)	0.71
Public Share Holding
- Number of Shares	1444300
- Percentage of shareholding	72.94%
Promoters and Promoter group share holding
a) Pledged / Encumbered
- Number of Shares	--
- Percentage of share (as a % of the total shareholding of promoter and promoter group)	--
- Percentage of shares(as a % of the total share capital of the company)	--
b) Non-encumbered
- Number of Shares	535700
- Percentage of Share (as a % of the total shareholding of promoter and promoter group)	100%
- Percentage of Share (as a % of the total share capital of the company)	27.06%

STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2011

(Rs. in Millions)

PARTICULARS	31.03.2011 Audited
Shareholder’s Fund
Capital	19.800
Reserves and Surplus	1.197
	20.997
Loan Funds
Secured Loan	--
Unsecured Loan	0.344
Deffered Tax Liability	0.382
Total	21.723
Fixed Assets (Net)	1.852
Investments	5.675
Current Assets, Loans and Advance
Inventories	17.111
Sundry Debtors	96.553
Cash and Bank Balances	1.640
Other Current Assets	--
Loans and Advances	15.064
	130.368
Less: Current Liabilities and Provisions
Current Liabilities	119.219
Provisions	0.468
	119.687
Net Current Assets	10.681
Miscellaneous Expenditure
(not written off/ Adjusted)
Profit and Loss A/c	3.515
Total	21.723

Notes:

1. The above results have been subjected to a Limited Review by the statutory Auditors in accordance with the requirement of clause 41 of the listing agreement and have also been reviewed by the Audit committees of the Company on 28.09.2011. The Above results have been taken on records and approved by the Board of Directors of the Company at its meeting held on 28.09.2011.

2. The Accounting standard (As-17) relating to "Segment Reporting" is not applicable as the company has only one business segment.

3. Status of Investor complaints for the quarter ended 30th June, 2011.

As the beginning of the quarter - Nil, Received during the quarter - Nil, pending at the end of the quarter- Nil

4. Figures for the previous period have been regrouped / rearranged where necessary.

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30 JUNE 21011

(Rs. in Millions)

PARTICULARS	30.06.2011 Unaudited	31.03.2011 Unaudited
Income
a) Net Sales / Income from Operations	109.900	238.265
b) Other Operating Income	0.000	0.032
Total Income	109.900	238.297
Expenditure
(a) (Increase)/decrease in Stock in Trade	(0.055)	(1.201)
(b) Consumption of Raw Materials	0.000	0.849
(c) Purchase of traded goods	109.390	234.647
(d) Employees Cost	0.097	1.399
(e) Depreciation	0.038	0.170
(f) Other Expenditure	0.338	3.159
Total Expenditure	109.808	239.023
Profit / (Loss) From Operations before other Income Interest & Exceptional Items	0.092	(0.726)
Other Income	0.600	2.805
Profit/(Loss) before Interest and Exceptional items	0.692	2.079
Interest	0.000	0.020
Profit / (Loss) after interest before Exceptional items	0.692	2.059
Exceptional Items	0.000	0.000
Profit / (Loss) From Ordinary activities before Tax	0.692	2.059
Taxation expense	0.158	0.491
Net Profit/(Loss) From Ordinary activities after Tax	0.534	1.568
Extraordinary Items	0.000	0.000
Net Profit/(Loss) for the period	0.534	1.568
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )
Reserves (Excluding Revaluation Reserves)	--	--
Earning Per Share (EPS) (not annualised)
Basic and diluted EPS before Extraordinary items for the previous year (not to be annualised)	0.27	0.79
Basic and diluted EPS after Extraordinary items for the previous year (not to be annualised)	0.27	0.79
Public Share Holding
- Number of Shares	1457400	1457400
- Percentage of shareholding	73.61%	73.61%
Promoters and Promoter group share holding
a) Pledged / Encumbered
- Number of Shares	--	--
- Percentage of share (as a % of the total shareholding of promoter and promoter group)	--	--
- Percentage of shares(as a % of the total share capital of the company)	--	--
b) Non-encumbered
- Number of Shares	522600	522600
- Percentage of Share (as a % of the total shareholding of promoter and promoter group)	100%	100%
- Percentage of Share (as a % of the total share capital of the company)	26.39%	26.39%

Notes:

1. The above results have been subjected to a Limited Review by the statutory Auditors in accordance with the requirement of clause 41 of the listing agreement and have also been reviewed by the Audit committees of the Board as its meeting held on 10th August 2011 The Above results have been taken on records and approved by the Board of Directors of the Company at its meeting held on 10th August 2011.

2. The Accounting standard (As-17) relating to "Segment Reporting" is not applicable as the company has only one business segment.

3. Status of Investor complaints for the quarter ended 30th June, 2011.

At the beginning of the quarter - Nil, Received during the quarter - Nil, pending at the end of the quarter- Nil

4. Figures for the previous period have been regrouped / rearranged where necessary.

FIXED ASSETS

· Land

· Factory Building

· Furniture and Fixture

· Office Equipment

· Boreweell

· Computer

· Vehicles

· Mobile Phone

· Tools and Equipments

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.52.79
UK Pound	1	Rs.85.17
Euro	1	Rs.69.53

INFORMATION DETAILS

Report Prepared by :

CTI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	NO
--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		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.